德州儀器 (TXN) 2025 Q1 法說會逐字稿

Welcome to the Texas Instruments first quarter 2025 earnings conference call. I'm Dave Pahl, and I'm joined by our Chief Executive Officer Haviv Ilan and our Chief Financial Officer Rafael Lizardi. In addition, Mike Beckman has joined us. As you may know, I will be retiring, and Mike will replace me as vice president of Investor Relations. Mike has worked at TI for nearly two decades and has worked directly with me in Investor Relations for five years. Mike will moderate today's call. And with that, let me turn it over to Mike.

歡迎參加德州儀器 2025 年第一季財報電話會議。我是戴夫·帕爾 (Dave Pahl)，與我一起出席的還有我們的首席執行官哈維夫·伊蘭 (Haviv Ilan) 和首席財務官拉斐爾·利扎爾迪 (Rafael Lizardi)。此外，Mike Beckman 也加入了我們。你們可能知道，我即將退休，麥克將接替我擔任投資人關係副總裁。Mike 在 TI 工作了近二十年，並在投資者關係方面與我直接合作了五年。麥克將主持今天的電話會議。現在，讓我把話題交給麥克。

Thanks, Dave. I'm looking forward to the opportunity.

謝謝，戴夫。我期待著這個機會。

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 will be available via replay on our website.

對於錯過此次發布的人，您可以在我們的網站 ti.com/ir 上找到它。本次通話正在網路直播，您可以透過我們的網站存取。此外，今天的通話內容已被錄音，並可透過我們的網站重播。

This call will include forward-looking statements that involve risks and uncertainties that could cause TI's results to differ materially from management's current expectations. We encourage you to review the notice regarding forward-looking statements contained in the earnings release published today as well as TI's most recent SEC filings for a more complete description.

本次電話會議將包括前瞻性陳述，其中涉及風險和不確定性，可能導致 TI 的績效與管理層目前的預期有重大差異。我們鼓勵您查看今天發布的收益報告中包含的前瞻性聲明的通知以及 TI 最新的 SEC 文件，以獲得更完整的描述。

Today, we'll provide the following updates. First, Haviv will start with a quick overview of the quarter, including insight into first quarter revenue results and some details of what we're seeing with respect to our end markets. Next, he'll share how we are approaching the overall market environment and provide guidance for second quarter 2025. Lastly, Rafael will cover the financial results and give an update on capital management.

今天，我們將提供以下更新。首先，Haviv 將簡要概述本季的情況，包括對第一季營收結果的了解以及我們對終端市場的一些細節。接下來，他將分享我們如何看待整體市場環境並為 2025 年第二季提供指導。最後，拉斐爾將介紹財務結果並更新資本管理。

With that, let me turn it over to Haviv.

說完這些，讓我把它交給哈維夫。

Thanks, Mike. Let me start with a quick overview of the first quarter. Revenue came in at $4.1 billion, an increase of 2% sequentially and an increase of 11% year over year. Analog revenue grew 13% year over year, and Embedded Processing was about flat. And both segments grew sequentially. Our Other segment grew 23% from the year-ago quarter.

謝謝，麥克。首先讓我簡單回顧一下第一季的情況。營收達到 41 億美元，季增 2%，年增 11%。模擬收入年增 13%，嵌入式處理收入基本持平。這兩個部分都實現了連續成長。我們的其他部門較去年同期成長了 23%。

Now, I'll provide some insight into our first quarter revenue by end market. We continued to see recovery across our end markets, with industrial showing broad recovery across sectors and geographies. We believe customer inventories are at low levels across all end markets. Similar to last quarter, I'll focus on sequential performance, as it is more informative at this time.

現在，我將按終端市場介紹我們第一季的收入。我們繼續看到終端市場的復甦，工業領域各個產業和地區都呈現廣泛復甦。我們相信所有終端市場的客戶庫存都處於低水準。與上一季類似，我將專注於連續表現，因為此時它更具參考價值。

First, the industrial market increased upper-single digits, after seven consecutive quarters of sequential decline. The automotive market increased low-single digits. Personal electronics declined mid-teens, in line with typical seasonal trends. Enterprise systems grew mid-single digits, and communications equipment was up about 10%.

首先，工業市場在連續七個季度下滑之後，實現了高個位數成長。汽車市場實現了低個位數成長。個人電子產品銷售量下降了十幾歲，與典型的季節性趨勢一致。企業系統成長了中等個位數，通訊設備成長了約 10%。

Before I go to our second quarter guidance, let me take a minute to frame how we are approaching the current environment. It is a time of high uncertainty in the world, as tariffs and geopolitics are disrupting global supply chains and creating unpredictable economic conditions. Adding to that, semiconductors are highly visible as it is broadly understood that people and economies are increasingly dependent on chips.

在介紹第二季指引之前，請容許我花一點時間來概述我們如何應對當前環境。這是一個世界充滿高度不確定性的時期，關稅和地緣政治正在擾亂全球供應鏈並造成難以預測的經濟狀況。此外，半導體備受關注，因為人們普遍認為人們和經濟越來越依賴晶片。

To navigate in this environment, we will continue to rely on our three key ambitions: We will act like owners who will own the company for decades. We will adapt and succeed in a world that is ever-changing. And we will be a company that we are proud to be part of and would be proud to have as our neighbor.

為了在這種環境下生存，我們將繼續依靠我們的三個主要目標：我們將像擁有公司幾十年的所有者一樣行事。我們將適應不斷變化的世界並取得成功。我們將成為一家令我們感到自豪的公司，並為我們作為鄰居而感到自豪。

These guiding ambitions are not new. They have served us well for decades, and they are enormously valuable in times like these.

這些指導性目標並不新鮮。幾十年來，它們一直為我們服務，在這樣的時刻，它們的價值是巨大的。

We look at the current environment in two important categories: 1 where we are in the phase of the semiconductor cycle, and 2 providing geopolitically dependable capacity and navigating in a world that is changing.

我們從兩個重要面向來看待當前環境：1 我們處於半導體週期的哪個階段；2 提供地緣政治上可靠的產能並在不斷變化的世界中航行。

To help understand where we are in the cycle, we spent some time looking at previous events, including Y2K, the global financial crisis and the COVID-19 pandemic. While no two scenarios are identical, these recent examples help inform our decisions as we prepare for a range of market scenarios. What may be unique right now is that we are at the bottom of the semiconductor cycle, and customer inventories are at low levels across all end markets.

為了幫助了解我們處於週期的哪個階段，我們花了一些時間回顧先前的事件，包括千年蟲問題、全球金融危機和新冠肺炎疫情。雖然沒有兩種情況是完全相同的，但這些最近的例子有助於我們在為一系列市場情況做準備時做出決策。目前的獨特之處在於，我們正處於半導體週期的底部，所有終端市場的客戶庫存都處於低水準。

So relative to where we are, history says it is important to have capacity and inventory in times like these, and we are well positioned.

因此，相對於我們所處的位置，歷史表明，在這樣的時期擁有產能和庫存非常重要，而我們已做好充分準備。

In addition, geopolitically dependable capacity will matter more, and it is increasingly critical and valuable to our customers. We have flexibility and are prepared to navigate the evolving supply chain dynamics.

此外，地緣政治上可靠的產能將變得更加重要，並且對我們的客戶來說越來越重要和有價值。我們具有靈活性，並準備好應對不斷變化的供應鏈動態。

Translating all this to second quarter guidance, I would like to make three points:

將所有這些轉化為第二季的指導，我想提出三點：

First, we remain cautious, as there are many things still changing, and we are working with our customers to understand and support their needs. As such, potential impact on our customers, suppliers, and TI is unclear and will likely evolve.

首先，我們保持謹慎，因為許多事情仍在變化，我們正在與客戶合作，了解並支持他們的需求。因此，對我們的客戶、供應商和 TI 的潛在影響尚不明確，並且可能會持續演變。

Second, at this time, we don't see near-term impact to second quarter, and we expect TI's revenue in the range of $4.17 billion to $4.53 billion and earnings per share to be in the range of $1.21 to $1.47.

其次，目前，我們認為這不會對第二季度產生短期影響，我們預計 TI 的營收將在 41.7 億美元至 45.3 億美元之間，每股收益將在 1.21 美元至 1.47 美元之間。

Finally, we will have to see what happens in second half 2025 and going into 2026, and we are prepared for a range of scenarios. We are, and will remain, flexible to navigate, especially in the immediate term.

最後，我們必須觀察 2025 年下半年和 2026 年會發生什麼，我們已經為一系列情況做好了準備。我們現在並將繼續保持靈活的航行方式，特別是在短期內。

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

說到這裡，讓我把責任交給拉斐爾來審查獲利能力和資本管理。

Thanks, Haviv, and good afternoon, everyone.

謝謝，哈維夫，大家下午好。

As Haviv mentioned, first quarter revenue was $4.1 billion. Gross profit in the quarter was $2.3 billion, or 57% of revenue. Sequentially, gross profit margin decreased 90 basis points.

正如哈維夫所提到的，第一季的營收為 41 億美元。本季毛利為 23 億美元，佔營收的 57%。毛利率季減 90 個基點。

Operating expenses in the quarter were $989 million, up 6% from a year ago and about as expected. On a trailing 12-month basis, operating expenses were $3.8 billion, or 24% of revenue.

本季營運費用為 9.89 億美元，比去年同期成長 6%，與預期大致相符。過去 12 個月，營運費用為 38 億美元，佔營收的 24%。

Operating profit was $1.3 billion in the quarter, or 33% of revenue, and was up 3% from the year-ago quarter.

本季營業利潤為 13 億美元，佔營收的 33%，比去年同期成長 3%。

Net income in the quarter was $1.2 billion, or $1.28 per share. Earnings per share included a 5-cent benefit not in our original guidance.

本季淨收入為 12 億美元，即每股 1.28 美元。每股收益包括我們最初指導中未包含的 5 美分收益。

Let me now comment on our capital management results, starting with our cash generation. Cash flow from operations was $849 million in the quarter and $6.2 billion on a trailing 12-month basis. Capital expenditures were $1.1 billion in the quarter and $4.7 billion over the last 12 months. Free cash flow on a trailing 12-month basis was $1.7 billion.

現在讓我評論一下我們的資本管理結果，首先從我們的現金產生開始。本季經營現金流為 8.49 億美元，過去 12 個月經營現金流為 62 億美元。本季資本支出為 11 億美元，過去 12 個月資本支出為 47 億美元。過去 12 個月的自由現金流為 17 億美元。

In the quarter, we paid $1.2 billion in dividends and repurchased $653 million of our stock. In total, we returned $6.4 billion to our owners in the past 12 months.

本季度，我們支付了 12 億美元的股息並回購了價值 6.53 億美元的股票。總體而言，在過去的 12 個月中，我們向股東返還了 64 億美元。

Our balance sheet remained strong, with $5 billion of cash and short-term investments at the end of the first quarter. In the quarter, we repaid $750 million of debt. Total debt outstanding is $12.95 billion with a weighted average coupon of 3.93%.

我們的資產負債表依然強勁，第一季末擁有 50 億美元的現金和短期投資。本季度，我們償還了 7.5 億美元的債務。未償還債務總額為 129.5 億美元，加權平均票面利率為 3.93%。

Inventory at the end of the quarter was $4.7 billion, up $160 million from the prior quarter, and days were 240, down 1 day sequentially.

本季末庫存為 47 億美元，較上一季增加 1.6 億美元，庫存天數為 240 天，較上一季減少 1 天。

For second quarter, we now expect our effective tax rate to be about 12% to 13%.

對於第二季度，我們目前預計有效稅率約為 12% 至 13%。

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.

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、廣泛的產品組合、通路覆蓋範圍以及多元化和長期的地位。

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.

我們將透過嚴格的資本配置和關注最佳機會來繼續加強這些優勢，我們相信這將使我們能夠長期繼續實現每股自由現金流的成長。

With that, let me turn it back to Mike.

說完這些，讓我把話題轉回給麥克。

Thanks, Rafael. Operator, you can now open the line 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.

謝謝，拉斐爾。接線員，您現在可以開通熱線來回答問題了。為了讓盡可能多的人有機會提問，請將問題限制在一個範圍內。

After our response, we'll provide you an opportunity for an additional follow-up. Operator?

我們回覆後，會提供您進一步跟進的機會。操作員？

(Operator Instructions) Timothy Arcuri, UBS.

（操作員指示）瑞銀 (UBS) 的 Timothy Arcuri。

Thanks much. So the guidance is up 7%. That's even better than normal, seasonal. I know this is a hard question to answer, but is there any way for you to know how much of this is pull-ins ahead of the tariffs? I mean, is there any way your discussions with customers, any of the tonality that's changed? Thanks.

非常感謝。因此指導價上漲了 7%。這甚至比正常的、季節性的還要好。我知道這個問題很難回答，但是您有辦法知道其中有多少是在關稅之前徵收的嗎？我的意思是，您與客戶的討論的語氣有什麼變化嗎？謝謝。

Tim, thanks for the question. So first, before I talk about our approach into the second quarter, just as I said in my prepared remarks, we are looking at two different categories of change in front of us. One is related to the cycle. And the cycle, we saw in Q1, a continued recovery. I think we mentioned before, I think it was in the last, in the previous call, that we have three markets now growing year over year and recovering. It was the PE -- or personal electronics -- market, enterprise, and comms.

提姆，謝謝你的提問。首先，在我談論我們第二季的策略之前，正如我在準備好的發言中所說的那樣，我們正在考慮面臨的兩種不同類別的變化。一是與週期有關。我們在第一季看到了週期的持續復甦。我想我們之前提到過，我想是在上次電話會議中，我們有三個市場現在逐年增長並且正在復蘇。它是 PE（即個人電子產品）市場、企業和通訊市場。

It's very obvious to us now that industrial is really joining the pack, and it's a large market for us. We've seen some evidence in Q4, but based on what we've seen in Q1, I think this is a real recovery rather than the way I see it right now related to tariffs, at least not for the first quarter. And the cycle has hit a bottom because we are seeing more and more evidence from customers that they are really, really short on inventory. They have sometimes a few days of inventory. We've seen that age-in phenomena, or orders within the quarter, turns, as we call it, strengthening in Q4. It continued to do the same in 1Q. So more and more evidence and signals that across all channels, all geographies, a recovery of the industrial market is here.

現在我們非常明顯地看到，工業正在真正加入這個行列，這對我們來說是一個巨大的市場。我們在第四季度看到了一些證據，但根據我們在第一季看到的情況，我認為這是一次真正的復甦，而不是我現在看到的與關稅相關的復甦，至少在第一季不是。而且這個週期已經觸底，因為我們從客戶那裡看到越來越多的證據表明，他們的庫存確實非常短缺。他們有時會有幾天的庫存。我們已經看到，第四季的老化現象（或稱季度內訂單）開始加強。第一季也延續了同樣的走勢。越來越多的證據和訊號表明，各個通路、各個地區的工業市場正在復甦。

But the automotive market was always correcting in a very shallow manner. So you can kind of say that the markets are now pointing pre the trade challenges all up and to the right.

但汽車市場總是以非常淺顯的方式進行調整。因此，你可以說，市場現在正指向貿易挑戰的上方和右邊。

Now, when you look at the second quarter, I think we have to stay very cautious, as we said, about the forecast. So we are seeing that many things are still changing. It's a very, very dynamic environment, and I say sometimes by the day. And there is a potential impact on our customers and our suppliers and also on our revenues. So it is unclear, and it will evolve. But as I need to call, and we spent a lot of time on it, looking at past examples, understanding where the cycle is, and looking at the data we have in front of us, we don't see an immediate near-term impact.

現在，當你看第二季時，我認為我們必須對預測保持非常謹慎，正如我們所說的那樣。所以我們看到很多事情仍在改變。這是一個非常、非常有活力的環境，我有時說這是每天都有的。這可能會對我們的客戶、供應商以及我們的收入產生影響。所以它還不清楚，而且還會不斷發展。但正如我需要的那樣，我們花了很多時間，查看過去的例子，了解週期在哪裡，並查看我們面前的數據，我們沒有看到立即的近期影響。

Of course, the customers wouldn't tell us why we see the orders coming in. But I would guess that a time like this, when there is a little bit of anxiety, and do you want to have a little bit of more inventory on your shelves or less? So my guess is more. And that's maybe why we are seeing kind of -- I would call it a seasonal, maybe a little bit, a pretty typical seasonal second quarter forecast.

當然，客戶不會告訴我們為什麼會看到訂單。但我猜想，在這種時候，當有一點點焦慮的時候，你是想讓貨架上的庫存多一點還是少一點呢？所以我的猜測更多。這也許就是我們看到的——我稱之為季節性的，也許有點，相當典型的季節性第二季預測。

And Mike, you've looked at some more data on the second quarter. Maybe you can add a little bit more information on what we're seeing specifically for the second quarter.

麥克，你查看了第二季的更多數據。也許您可以添加一些關於我們具體看到的第二季度情況的資訊。

Yeah, so quarter to date, the revenue linearity we've seen has started out about as we'd expect, and it shouldn't be too surprising, just given the low inventory levels across the customer base. And also, we see diversity across the end markets and geographies, so consistent with what Haviv shared. You have a follow-up, Tim?

是的，所以到目前為止，我們看到的收入線性已經開始符合我們的預期，而且這並不太令人驚訝，因為整個客戶群的庫存水準都很低。此外，我們也看到終端市場和地理的多樣性，這與 Haviv 分享的觀點一致。提姆，你還有後續問題嗎？

I do, yeah. Is there a way to handicap sort of what your exposure is in China to these retaliatory tariffs? I know you report 19% as companies into China, but there's probably some added exposure from other companies that are domiciled beyond China that are building product in China. And I guess, can you offset some of that by having product on consignment? Do you have a lot of inventory on consignment in China to sort of offset some of that? Thanks.

是的，我知道。有沒有辦法減少中國對這些報復性關稅的影響？我知道您報告說有 19% 的公司進入了中國市場，但可能還有一些在中國以外註冊並在中國生產產品的公司也參與其中。我想，您可以透過寄賣產品來抵消其中的一些損失嗎？你們在中國有大量寄售庫存來抵消其中的一些損失嗎？謝謝。

Yeah, and again, Tim, as I've said in my prepared remarks, we are providing geopolitically dependable capacity to our customers, and we are working every hour with them right now to navigating the changing world. So as you said, we have a lot of capabilities.

是的，提姆，正如我在準備好的發言中所說的那樣，我們正在為客戶提供地緣政治上可靠的產能，我們現在每時每刻都在與他們合作，以應對不斷變化的世界。正如你所說，我們有很多能力。

I think it is important to start and focus first on our China-headquartered customers. You know, as you said, it's a little bit, maybe it was 19% of our revenue last year. I think it was 20% in Q1. Aligned with our GDP share, so nothing very special here. And I think we said many times it's an important market.

我認為首先關注我們總部位於中國的客戶非常重要。你知道，正如你所說，這有一點，也許占我們去年收入的 19%。我認為第一季是 20%。與我們的 GDP 份額一致，所以這裡沒有什麼特別的。我認為我們已經多次說過這是一個重要的市場。

And our customers, we have a long-term relationship with them, right? They value our product breadth. They value our quality. They also value our scale and service. To your point, part of the service we provide is having inventory on hand, some of it consigned, some of it very close to their manufacturing plant. So all of that is part of the way we serve our customers and have been serving them for years, especially in the last several years where we've taken more customers direct in China and worldwide.

我們與我們的客戶有著長期的合作關係，對嗎？他們重視我們的產品廣度。他們重視我們的品質。他們也重視我們的規模和服務。正如您所說，我們提供的服務的一部分是擁有庫存，其中一些是寄售的，還有一些非常靠近他們的製造工廠。因此，所有這些都是我們服務客戶的方式的一部分，多年來我們一直為他們提供服務，特別是在過去幾年中，我們直接在中國和世界各地接待了更多的客戶。

Now, you also remember, Tim, that these guys -- they are and want to continue to be and even further grow their global play. They are making end equipments that are sold into China, but they're also making end equipments that are sold worldwide.

現在，提姆，你也記得，這些人——他們是並且希望繼續發展甚至進一步擴大他們的全球影響力。他們生產的終端設備銷往中國，但他們也生產的終端設備銷往世界各地。

And again, this is where our geopolitically dependable capacity is very, very important and valuable. This is where our immediate focus is right now. And this is where -- I'm sure we'll have some follow-up questions on that. I'll just say at a high level, we do have flexibility. And it's a case-by-case, but we are working with the customers. Everyone has different requirements of how we can support them on an immediate basis and alleviate some of their concerns on what's going to happen in the second half of 2025 or even into 2026.

再次強調，這正是我們的地緣政治可靠能力非常非常重要和寶貴的地方。這是我們目前關注的重點。這就是——我相信我們會對此提出一些後續問題。我只想說，從高層次來看，我們確實具有彈性。這是一個具體問題，但我們正在與客戶合作。每個人對我們如何能夠立即為他們提供支持以及如何減輕他們對 2025 年下半年甚至 2026 年將會發生什麼的擔憂都有不同的要求。

Thanks, Tim. Let's move on to the next caller, please.

謝謝，蒂姆。請讓我們繼續接聽下一位來電。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thanks so much. First, just wanted to say thanks and best wishes to Dave and his next ventures, and also good wishes to Mike. For my first question, maybe for Rafael, so inventory was up again, and I think on the last call you suggested that factory loadings would go down, so it seemed like maybe they did not.

非常感謝。首先，我只想對戴夫和他的未來事業表示感謝和良好的祝愿，同時也向邁克致以良好的祝愿。對於我的第一個問題，也許是對於拉斐爾來說，所以庫存再次上升，並且我認為在上次通話中您暗示工廠裝載量會下降，所以看起來可能並沒有下降。

So how much was the gross margin benefit from that? And then how are you thinking about the direction of loadings and the pace of gross margins from here?

那麼，毛利率收益是多少？那麼，您如何看待未來的裝載方向和毛利率速度？

Yeah, sure. Let me give you a few pieces of information on that. Gross margin did better than expected. Most of that was due to higher revenue and the greater mix of industrial in the quarter, but also our loadings, they were down versus fourth quarter, but they were higher than originally expected, the base case that we originally had, and that was, of course, revenue did better than the midpoint, and what we're seeing, as Haviv described, the current environment with customers running pretty lean on inventory and demand being pretty strong and age-ins, et cetera.

是的，當然。讓我向你提供一些有關此方面的資訊。毛利率優於預期。其中大部分是由於本季度收入增加和工業產品組合增加，而且我們的負荷也下降了，與第四季度相比，但高於最初的預期，也就是我們最初的基本情況，當然，收入比中點要好，正如哈維夫所描述的，我們看到當前的環境是客戶庫存相當緊張，需求相當強勁，而且老化等等。

On a forward-looking basis, our base case right now at the midpoint, we expect factory loadings to increase slightly into second quarter and gross margin to be up versus first quarter. So first quarter to second quarter, gross margin up. Do you have a follow-up?

從前瞻性角度來看，根據我們目前的中點基準情況，我們預計第二季工廠負載將略有增加，毛利率也將較第一季上升。因此，第一季到第二季度，毛利率上升。你有後續行動嗎？

Yes, thank you. So maybe for Q2, I think you mentioned that it is perhaps right in the range of seasonality or perhaps at the upper end. I know it tends to be a stronger quarter for your other calculator business, but when you look at your core segment, could you help us get a feel for what is going to be better or lower than the 7% or so sequential rate, whether it is by industrial or automotive or consumer markets or whether it's by analog or embedded, just so we get a better feel for what is driving Q2 to be at kind of the upper end of seasonality despite all these macro and tariff-related headwinds. Thank you.

是的，謝謝。因此，對於第二季度，我想您提到它可能正好處於季節性範圍內，或者可能處於上限。我知道對於您的其他計算器業務來說，這往往是一個更強勁的季度，但是當您看您的核心部門時，您能否幫助我們了解哪些方面會比 7% 左右的環比增長率更好或更低，無論是工業、汽車或消費市場，無論是模擬還是嵌入式，這樣我們就能更好地了解是什麼推動第二季度在所有這些宏觀和關稅相關的季節性和成本上仍處於季節性和關稅相關的季節性因素。謝謝。

Thank you, Vivek. First, I would say when we are in a normal environment and we are in an up cycle, just to go back to trendline, you need to have some of these quarters running a little bit above seasonality. That's the only way to get back to trendline. So I think we've started to see some of it in terms of the demand signals we're seeing.

謝謝你，維韋克。首先，我想說，當我們處於正常環境並且處於上升週期時，只是為了回到趨勢線，你需要讓其中一些季度的運行略高於季節性。這是回到趨勢線的唯一方法。因此我認為我們已經開始從需求訊號中看到一些這樣的情況。

And I think there is nothing I would call specifically versus Q1 other than the continued strength in industrial. I think the industrial signal is now -- I would say, probably five months or so. I mean, we've seen some above industrial seasonality in Q4. Typically, it goes like mid-single digits down in Q4. I think it went down low single, I think, Mike. And then, again, an above seasonal industrial in 1Q, close to that 10% mark. And I don't see right now, at least, any slowdown there. And that's also very -- and I think it's also very intuitive, as I said. When there is a little bit of anxiety and unknown, I think customers want to have a little bit more inventory than less. So if I have to call the second quarter, I would expect it to behave very similarly to Q1.

我認為，除了工業持續強勁之外，與第一季相比沒有什麼特別之處。我認為現在的工業訊號是──我想說，大概是五個月左右。我的意思是，我們在第四季看到了一些高於工業季節性的現象。通常情況下，第四季的銷售額會下降個位數左右。我認為它是低落的，我認為，麥克。然後，第一季工業產出再次高於季節性水平，接近 10% 大關。至少目前我沒有看到那裡有任何放緩的跡象。這也非常——而且我認為這也非常直觀，正如我所說的。當存在一些焦慮和未知因素時，我認為客戶希望庫存多一點而不是少一點。因此，如果我必須預測第二季的表現，我預計它的表現將與第一季非常相似。

Remember, the automotive cycle was the last one to join the pack, just kind of a late comer, both on the way up in COVID and down. So I do expect it to come in last. But it was always very, very shallow. Even in Q1, I think we've seen automotive growing sequentially, and I think even growing year-over-year. So the automotive cycle has been very, very shallow, kind of a mid- to high-single digit. That was what we've seen on a trailing 12-month basis. Also that would be my read into the second quarter.

請記住，汽車週期是最後一個加入的，只是有點遲到，無論是在 COVID 的上升過程還是下降過程中。所以我確實希望它排在最後。但它總是非常非常淺薄。即使在第一季度，我認為我們已經看到汽車銷量在環比增長，甚至同比增長。因此，汽車產業的周期非常非常淺，處於中高個位數的水平。這是我們在過去 12 個月中看到的情況。這也是我對第二季的解讀。

Thanks, Vivek. Let's move on to the next caller.

謝謝，維韋克。讓我們接聽下一位來電者。

Stacy Rasgon, Bernstein Research.

拉斯貢（Stacy Rasgon），伯恩斯坦研究公司。

Hi, guys. Thanks for taking my questions. You know, Haviv, you said at first that you didn't see any pull forward, but then you talked about customers wanting to hold more, which sort of seems like the definition of pull forward, and you seemed concerned about the second half.

嗨，大家好。感謝您回答我的問題。你知道，哈維夫，你一開始說你沒有看到任何向前的拉動，但後來你談到客戶想要持有更多，這似乎是向前拉動的定義，你似乎對下半年感到擔憂。

I mean, I guess my question is, if there was pull forward going on, would you care, or would you just ship? Like, is your typical plan -- I always thought it was if you can fulfill it, you ship it, and it doesn't really matter more than that. Is that how we should be thinking about how you're living in this environment right now, given some of the upside that you are seeing or clearly seeing?

我的意思是，我想我的問題是，如果發生向前拉動的情況，你會關心嗎，還是只會發貨？就像，這是你的典型計劃——我一直認為，如果你能完成它，你就發貨，這並不比這更重要。考慮到您看到或清楚地看到的一些好處，我們是否應該這樣看待您目前在這種環境中的生活？

Yes, Stacy. Thanks for the question. Let me first clarify the first point I've made. Maybe I was a little bit not clear enough. I would guess that what we've seen in the first quarter, okay, the dominant signal I've seen in the first quarter -- and we've seen it across channels, across geographies, was very consistent -- is just a return of industrial. We've seen that in a broad way across the channels, on our online business. It's just been very, very broad. Nothing that looked anxious or nothing that looked like huge orders or whatever, just an acceleration of the age-in trend we saw in Q4. So very consistent with what we've seen in Q4, but accelerated, right? So that's my comment on the first quarter.

是的，史黛西。謝謝你的提問。首先讓我澄清一下我提出的第一點。我可能有點不夠清楚。我猜想，我們在第一季看到的主導訊號——我們在各個通路、各個地區看到的訊號非常一致——就是工業的回歸。我們在各個管道和線上業務中都廣泛看到了這一點。它的範圍非常非常廣泛。沒有什麼看起來令人焦慮的事情，也沒有什麼看起來像是巨額訂單之類的事情，只是我們在第四季度看到的老化趨勢的加速。這與我們在第四季度看到的情況非常一致，但速度有所加快，對嗎？這就是我對第一季的評論。

For the second quarter, we have data only for -- I mean, it's not even been -- it's not even a month yet, right? Our lead times are very short, and the signals we see right now are nothing that signals anxiety or something very, very weird, but kind of a continuation of the cycle. My guess is, again, that's when I think about industrial customers, running low volumes, exposed to all this news, I think that you would want to have a little bit more than less. And that's also my anecdotal discussion with customers. They do have a wish to maybe replenish some of their empty shelves. So I think we are seeing now, maybe in the matter of industrial, just a little bit. And that's what I would say is a typical cycle behavior.

對於第二季度，我們只有——我的意思是，甚至還沒有——還不到一個月，對吧？我們的準備時間非常短，我們現在看到的訊號並不表示焦慮或非常非常奇怪的事情，而是一種週期的延續。我的猜測是，當我想到工業客戶、運行量低、接觸所有這些新聞時，我認為你會希望多一點而不是少一點。這也是我與客戶的軼事討論。他們確實希望補充一些空貨架。所以我認為我們現在看到的，也許在工業方面，只是一點點。這就是我所說的典型的循環行為。

Now, when I say we have to prepare to any scenario, that thing can develop both ways. The second half could turn into -- I don't know, slowdown and just no end demand. And we will see that in our orders at a certain point of time. We haven't seen it yet. But, you know, as anxiety builds -- and we've seen sometimes situations like that. Think about COVID. In COVID -- and we looked at that cycle very, very carefully -- the economy stopped. I mean, people were not building end equipment. People were not showing up to factories. So everything stopped. But then there was this period after that anxiety has built, and we've seen orders, three years worth of orders on our books. And we are not right now there.

現在，當我說我們必須為任何情況做好準備時，事情可能會朝兩個方向發展。下半年可能會變成——我不知道，經濟放緩，而且沒有最終需求。我們會在某個時間點的訂單中看到這一點。我們還沒看到它。但是，你知道，隨著焦慮的增加——我們有時會看到這樣的情況。想想新冠病毒。在 COVID 疫情中——我們非常仔細地觀察了這個週期——經濟停滯了。我的意思是，人們並沒有建造終端設備。人們不再去工廠。於是一切都停止了。但在這種焦慮情緒逐漸累積之後，我們迎來了訂單，訂單量達到了三年。而我們現在還沒有到達那裡。

But we do have to think about what happens if customers get into this anxious mode. And then we need to support them. And to your question, a specific one, we are not going to just flood them with stuff that we don't think they need. We have a playbook that we have written over the last several years of what happens in an up cycle. And we'll manage customers according to their demand in a very structured and organized way.

但我們確實必須考慮如果顧客陷入這種焦慮模式會發生什麼事。然後我們需要支持他們。對於您的具體問題，我們不會向他們灌輸我們認為他們不需要的東西。我們在過去幾年中編寫了一本關於上升週期中會發生什麼情況的劇本。我們將根據客戶的需求，以結構化和有組織的方式管理客戶。

Stacy, do you have a follow-up?

史黛西，你還有後續消息嗎？

I do, thank you. Maybe the follow-up on that, again, I know it's only been less than a month in the quarter. I know we're 23 days in. I think we're, what, about two weeks or so since Liberation Day. Just what have you seen on -- I guess, any acceleration in the order rate, you know, during those, kind of two weeks post-tariff versus, say, what you saw exiting Q1? Like, have orders, like, materially accelerated, the pace of orders materially accelerated over the last couple of weeks? Or is it consistent?

我願意，謝謝。也許是對此的後續行動，我知道本季才過去不到一個月。我知道我們已經 23 天了。我想，距離解放日已經過了大約兩週左右。您看到了什麼？我想，與第一季結束時相比，關稅上調後的兩週內訂單率是否有提高？例如，過去幾週訂單量是否有實質的加快，訂單速度是否有實質的加快？還是一致的？

I'll say a very high-level comment, and, Mike, you can use some more color. In general, Stacy, our forecast represents what we're seeing right now. I mean, we, of course, want to give you the best data when we come to this call, and that's our best estimate of what the quarter will do according to what we see right now.

我會給出一個非常高水準的評論，而且，麥克，你可以使用更多的顏色。總的來說，史黛西，我們的預測代表了我們現在所看到的情況。我的意思是，我們當然希望在這次電話會議上為您提供最好的數據，這是我們根據目前看到的情況對本季表現的最佳估計。

Yeah, I think it's difficult to rule out any specific reason, for a given order. But, again, as we mentioned before, what we have seen since the beginning of the quarter, the linearity so far is about what you'd expect to see from a first to second transition, and also in an environment where you're having end markets that are in recovery. So not unusual what we've seen so far.

是的，我認為對於給定的命令，很難排除任何特定原因。但是，正如我們之前提到的，自本季度初以來我們所看到的，到目前為止的線性與您期望看到的從第一次到第二次的轉變有關，也是在終端市場正在復甦的環境中。到目前為止我們所看到的並不罕見。

All right. With that, I'll move on to the next caller.

好的。這樣，我就可以接聽下一位來電了。

Thank you.

謝謝。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes, thank you, and congratulations to Dave on his retirement. Tremendous career, and you'll be sorely missed.

是的，謝謝，並祝賀戴夫退休。你的職業生涯非常輝煌，我們會非常想念你的。

My first question is on some of the activity that you've seen here the last few weeks. Is there any regional disparity here? I mean, I'm asking the question because, obviously there's variances on the potential tariffs by region. So is that also very consistent with what you typically would see?

我的第一個問題是關於過去幾週您在這裡看到的一些活動。這裡是否存在地區差異？我的意思是，我之所以問這個問題，是因為不同地區的潛在關稅顯然有差異。那麼這是否也與您通常看到的一致？

Yes, I'll take that and maybe provide a little bit more color. I think Tim went there, and I can provide a little bit more color on what's happening. As we said in the prepared remarks and also in my response to team, we are working very closely with our customers because, of course, they are reading the situation. They are studying their supply chains. And we are a large supplier of them, very broad supplier. And of course, they want to have flexibility. And by the way, the rules are changing every day, and they could continue to change. They are attacking and thinking about what can they do right now. And of course, if you think about, Tore, about the way our market works, the way cycle times are built for semis, nothing can be fixed immediately, right?

是的，我會接受，也許會提供更多一點的顏色。我認為蒂姆去過那裡，我可以提供更多關於發生的事情的詳細資訊。正如我們在準備好的演講中以及我在對團隊的回覆中所說的那樣，我們正在與客戶密切合作，因為他們當然正在了解情況。他們正在研究他們的供應鏈。我們是它們的大型供應商，非常廣泛的供應商。當然，他們希望擁有靈活性。順便說一句，規則每天都在變化，而且可能會繼續變化。他們正在進攻並思考現在能做什麼。當然，托爾，如果你想想我們的市場運作方式，半導體的週期時間是如何建構的，沒有什麼是可以立即解決的，對嗎？

Everybody is kind of preparing for what the second half of the year could be, and they want to have a very robust and what we like to call a geopolitically dependable capacity supplier on their side. So if you go and -- I'll go a little bit of more specificity why we think and why we can say that our discussions are going well, because we do have flexibility.

每個人都在為下半年可能發生的情況做準備，他們希望擁有一個非常強大且我們稱之為地緣政治上可靠的產能供應商。所以如果你去——我會更具體地說明我們為什麼這麼想，以及為什麼我們可以說我們的討論進展順利，因為我們確實具有靈活性。

If you think about the -- let's just take, for example, our main focus is our China-headquartered customers. For the majority of our portfolio, we have already an internal dual flow capability, right? This was put together back in -- actually in the Japan earthquake more than a decade ago that we want to have a disaster recovery framework when supply chain gets shut and what customers can do. And that's also a very big requirement for customers to buy high volume from TI.

如果你考慮一下——舉個例子，我們的主要關注點是總部位於中國的客戶。對於我們大部分的產品組合，我們已經具備內部雙流能力，對嗎？這是在十多年前的日本地震中提出的，我們希望在供應鏈中斷時有一個災難復原框架，以便客戶可以採取相應措施。這對於客戶從 TI 大量購買來說也是一個很大的要求。

So that is something that we now have to work immediately on some logistics because now to optimize potential cost for customers, we have to adapt our manufacturing flow and our logistics in order to get the right parts to the right customers, okay?

所以我們現在必須立即進行一些物流工作，因為現在為了優化客戶的潛在成本，我們必須調整我們的製造流程和物流，以便將正確的零件送到正確的客戶手中，好嗎？

And we have inventory. Sometimes we have inventory from both flavors on our shelves right now. But we just have to make sure that the machine because we have more than 100,000 customers, and they are buying sometimes hundreds of different parts per customer. We have to make sure that logistically, our machine has to adapt and optimize the right path for the customer.

我們有庫存。有時我們現在的貨架上有兩種口味的庫存。但我們必須確保機器，因為我們有超過 100,000 名客戶，而且每個客戶有時會購買數百個不同的零件。我們必須確保從邏輯上來說，我們的機器能夠適應並優化適合客戶的正確路徑。

We also have external partners, right? So if you think about -- I can give a very easy example from our Embedded business. Our Embedded business is in the process of shifting manufacturing from foundries -- in this case in Taiwan -- to our fab in Lehi.

我們也有外部合作夥伴，對嗎？所以如果你想想——我可以從我們的嵌入式業務中舉一個非常簡單的例子。我們的嵌入式業務正在將製造業務從代工廠（這裡是台灣）轉移到位於李海的工廠。

So by definition, the parts are double -- they have a dual flow, one internal, one external. And we just have to, again, get the right wafers to the right customers. That is something that we are busy doing with the customers who need that. And just a reminder, we are coming from a very deep cycle way below the trend line.

因此，根據定義，這些部分是雙重的——它們具有雙重流動，一個是內部的，一個是外部的。我們只需要再次將正確的晶圓送到正確的客戶手中。我們正忙著為有需要的客戶做這件事。需要提醒的是，我們正處於趨勢線以下的一個非常深的周期。

And we have four fabs outside of the U.S. We have two in Japan, one in China, one in Germany. And we have most of the parts that we have running on -- in the U.S. also running there, right? So maybe these fabs are not as cost efficient as our 300mm wafer fabs, but they are competitive. And this is where the control of our technology allows us to shift some of our supply into these fabs where needed. Obviously, these fabs are underutilized because at the down cycle, you optimize your capacity to your lower cost rather than to your 200mm wafer fab.

我們在美國以外有四家工廠，其中兩家在日本，一家在中國，一家在德國。我們在美國運行的大部分零件也在那裡運行，對嗎？因此，這些晶圓廠可能不如我們的 300 毫米晶圓廠具有成本效益，但它們具有競爭力。正是透過對技術的控制，我們才能夠將部分供應轉移到所需的晶圓廠。顯然，這些晶圓廠未充分利用，因為在下行週期，您會優化產能以降低成本，而不是優化 200 毫米晶圓廠。

So the bottom line, it's a complex execution plan that we have. The teams are engaged, working closely with customers. And we are prepared to navigate the evolving supply chain dynamics into the second quarter, but also into the second half of '25 into next year.

所以歸根結底，我們有一個複雜的執行計劃。團隊積極參與並與客戶密切合作。我們已準備好應對不斷變化的供應鏈動態，並將其帶入第二季度，同時也將帶入 2025 年下半年乃至明年。

Thanks, Tore. Let's move on to the next caller, please.

謝謝，托爾。請讓我們繼續接聽下一位來電。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Hey, guys. Thanks for letting me ask a question. And again, I want to pass along the thanks to Dave. You will be missed.

嘿，大家好。感謝您允許我提問。我再次向戴夫表示感謝。我們會想念你的。

My first is just on the China -- for China strategy. So if you look at your global footprint versus your peers, clearly, you guys are really well positioned from the ability to serve different geographies with different capacity. But maybe just one on your China facility. If you were to look at demand that is coming from China specifically, can you meet all of that demand with your China facility in country? Or could you help me just understand how much of that demand you can meet with that facility? Is that something that you could entirely support with your footprint there?

我首先想談談中國戰略。因此，如果將貴公司的全球影響力與同業進行比較，就會發現貴公司確實具備以不同能力服務不同地區的良好條件。但也許只有一個在中國的工廠。如果您特別關注來自中國的需求，您能否利用中國國內的工廠來滿足所有需求？或者您能否幫助我了解該設施可以滿足多少需求？你能憑藉你的足跡完全支持那裡的事情嗎？

Yes. Let me -- I think I said before that I think customers, they don't ask for domestic manufacturing plant. They ask us for a dependable capacity footprint. And that's what we have. Look, the tariffs could change three more times in the next two weeks, okay? And that's something that we can't forecast and also nor our customers. But I will say that when we look at our footprint of manufacturing between the U.S. and between Asia and Europe, and also look at the work we do with our external partners and foundries, we are well positioned.

是的。讓我——我想我之前說過，我認為客戶並不要求國內製造工廠。他們要求我們提供可靠的容量足跡。這就是我們所擁有的。你看，未來兩週關稅可能會再改三次，好嗎？這是我們和我們的客戶都無法預測的。但我要說的是，當我們審視我們在美國和亞洲與歐洲之間的製造足跡，以及我們與外部合作夥伴和代工廠所做的工作時，我們處於有利地位。

The issue is not on the capacity side. The issue is how quickly you can get your logistics and also the cycle time of starting new wafers landing at customers to optimize the cost of the supply. I think TI is very, very well prepared for that. So when you have a part that is already running on the board and it's already qualified and all you need to do is right now ship it instead of from Dallas, from Japan, that's not a big deal, okay? It works in the system. It is dual qualified. It's just a matter of cycle time of starting wafers and getting the supply in front of our customers. So that's the kind of challenges we deal with. It is going well. Our team is working 24/7 on it, and I'm very pleased with our reaction time and the urgency that the team is showing.

問題不在於容量方面。問題在於您能多快獲得物流以及新晶圓到達客戶的周期時間，以優化供應成本。我認為 TI 對此已經做好了充分的準備。因此，當您擁有一個已在電路板上運行的部件並且它已經合格時，您需要做的就是立即將其發貨，而不是從達拉斯或日本發貨，這不是什麼大問題，好嗎？它在系統中起作用。它具有雙重資格。這只是啟動晶圓並將供應提供給客戶的周期時間問題。這就是我們所面臨的挑戰。一切進展順利。我們的團隊正在全天候工作，我對我們的反應時間和團隊所表現出的緊迫感感到非常滿意。

I will say on the China supply, in general, we have a decent fab in - an 8-inch fab in China. We also have a large AT facility over there. And in general, I think the footprint that TI has is very, very -- is a good answer to what our customers in China need, but beyond that, what our customers need worldwide.

我想說的是，關於中國的供應，總體而言，我們在中國有一座不錯的晶圓廠——一座 8 吋晶圓廠。我們在那裡還有一個大型 AT 設施。總的來說，我認為 TI 的足跡非常非常好地回答了我們中國客戶的需求，但除此之外，也回答了我們全球客戶的需求。

Do you have a follow-up, Tom?

湯姆，你還有後續問題嗎？

Yes, super helpful. This may be a silly question, but I just want to understand, too, because in your filings, you talk about front-end and back-end manufacturing at your different facilities. When you're doing production of a certain chip in a geography, is the back end always associated with that same foundry? Or are you shipping that to different places before it meets the end customer?

是的，非常有幫助。這可能是一個愚蠢的問題，但我也只是想了解一下，因為在您的文件中，您談到了不同工廠的前端和後端製造。當您在某個地區生產某種晶片時，後端是否總是與同一家代工廠相關聯？或者在它到達最終客戶之前，您是否將其運送到不同的地方？

Okay, where is the back end done? Is it pretty much aligned with your foundry footprint? Just because they're listed similarly in the filings. I just want to understand a little better.

好的，後端在哪裡完成？它與您的代工廠足跡基本一致嗎？只是因為它們在文件中的列出方式類似。我只是想更好地理解一點。

The short answer is no, but I'll let Rafael -- we have full flexibility, but Rafael, maybe you can comment.

簡短的回答是“不”，但我會讓拉斐爾——我們有充分的靈活性，但拉斐爾，也許你可以發表評論。

Yes. No. So there's almost unlimited amount of permutations of how this -- the fabs and the ATs and processes in between a bump and probe, if you will, that happens. So a fab can be -- a wafer can be fabbed in the United States and then be assembled and tested. Be assembled in Malaysia and then tested in Taiwan, for example. So it's not all in one geography.

是的。不。因此，對於晶圓廠、AT 以及碰撞和探測之間的工藝，如果願意的話，這種情況的發生方式幾乎有無限的排列組合。因此，晶圓廠可以在美國製造晶圓，然後進行組裝和測試。例如在馬來西亞組裝，然後在台灣進行測試。所以它並不全都位於同一地理區域。

And some of that, by the way, can be changed immediately. Some of that can take time, but a lot of that is actually -- can be moved pretty quickly.

順便說一句，其中一些可以立即改變。有些工作可能需要一些時間，但很多工作實際上可以很快完成。

Yes I think the most important point is there are things that can happen immediately and then things that have taken a little bit of a longer time. So if you think about them in order of -- the easiest thing to do is just to route. That's a logistic comment I have. I have to route the right part to the right customers. That's an IT thing. Again, we are a massive supplier, okay? We run well above 10 billion units a year -- sorry, a quarter -- to our customers. So that's not something you could do manually on an Excel sheet, right? So logistics and IT has to be put together, and we are.

是的，我認為最重要的一點是，有些事情可以立即發生，而有些事情則需要更長的時間。因此，如果您按順序考慮它們——最簡單的事情就是進行路由。這是我的邏輯評論。我必須將正確的零件發送給正確的客戶。這是 IT 的事。再說一遍，我們是一家大型供應商，好嗎？我們每年向客戶銷售超過 100 億台設備——抱歉，是四分之一。所以這不是您可以在 Excel 表上手動完成的事情，對嗎？因此，物流和 IT 必須結合在一起，而我們就是這樣做的。

The second thing that you are doing is just on the AT. AT is a very easy permutation to Rafael's point, and it's very simple to take a wafer from a certain fab and run it quickly on a new assembly and test factory, just because the cycle time is lower. And of course, there is -- when we go to the base layer, the chip, the chip just has longer cycle time, and this is where we are gathering information from our customers so we can solve their problems as soon as possible.

您要做的第二件事就是在 AT 上。AT 是 Rafael 觀點的一個非常簡單的排列，從某個晶圓廠取出晶圓並在新的組裝和測試工廠快速運行它非常簡單，因為週期時間較短。當然，當我們進入基礎層，晶片時，晶片的周期時間更長，這就是我們從客戶那裡收集資訊的地方，以便我們能夠盡快解決他們的問題。

Thanks, Tom. Let's move on to the next caller, please.

謝謝，湯姆。請讓我們繼續接聽下一位來電。

William Stein, Truist Securities.

威廉·斯坦（William Stein），Truist Securities。

Great. Thanks for taking my question. I wonder if you could talk to us about the breakup between -- in growth between pricing and volume, specifically as it relates to tariffs. Was there anything that helped, for example, the new tariff, you're passing the price along, and so you see some price benefit either in the Q1 results or in the Q2 guidance? Anything that we can quantify?

偉大的。感謝您回答我的問題。我想知道您是否可以與我們談談價格和數量增長之間的差異，特別是與關稅相關的差異。有什麼幫助嗎？例如，新的關稅，您將價格轉嫁出去，因此您會在第一季業績或第二季指引中看到一些價格優勢嗎？有什麼我們可以量化的嗎？

No, I can -- that's an easy answer. It's based on just shipping more volume to customers. That's what we're seeing, the recovery of the cycle.

不，我可以——這是一個簡單的答案。它僅基於向客戶運送更多數量貨物。這就是我們所看到的，週期的復甦。

Do you have a follow-up, Will?

威爾，你還有後續消息嗎？

I wonder if you could give us an update on the competition in China. I think some people have observed greater competition there. One of your somewhat smaller competitors in Analog and Embedded with sort of similar product profile, perhaps a bit more narrow, but similar product profile, talked about no longer competing in standard products in China and instead of selling dies and having customers assemble, test, support, et cetera, which seems like a strange approach, but they said that the Chinese are becoming more intense or more capable competitors now. And I wonder if you could update that -- update us relative to what you see.

我想知道您能否向我們介紹中國比賽的最新情況。我認為有些人已經注意到那裡競爭更加激烈。你們在模擬和嵌入式領域有一家規模較小的競爭對手，其產品配置與中國類似，可能範圍更窄一些，但產品配置也類似，他們表示不再在中國的標準產品領域競爭，而是銷售晶片，讓客戶進行組裝、測試、支持等，這似乎是一種奇怪的做法，但他們表示，中國企業現在正成為更強大或更有能力的競爭對手。我想知道您是否可以更新一下——根據您所看到的情況更新一下。

Yes. Thanks for the question. This is something that we've been watching, as you know, for years. This is not a 2025 phenomenon. And as I said before, and we said many times, the competition in China is intensifying. And by the way -- and I was in China just last quarter, okay? And no discussion on trade. It was all about supply and expanding positions on boards and design-ins. So just a regular visit across more than 20 customers.

是的。謝謝你的提問。正如你所知，這是我們多年來一直在關注的事情。這不是 2025 年才會出現的現象。正如我之前說過的，我們也說過很多次，中國的競爭正在加劇。順便一提──我上個季度剛去過中國，好嗎？並且沒有討論貿易問題。這一切都是為了供應和擴大電路板和設計方面的位置。因此，只需定期拜訪 20 多個客戶即可。

And in general, the competition is intensifying across the board. It's in general purpose, but it's also in a more application-specific part. I will tell you, our largest competitor on a 77 gigahertz chip in China is a Chinese competitor. That's where we fight, and that's where we -- and I won't call that a general-purpose part, okay? That's a very, very unique, large die size, four channels of transmit and receive, running at very high frequency. This is not a general-purpose part, very application specific, very complex.

總體而言，競爭正在全面加劇。它具有通用用途，但也有更特定於應用的部分。我告訴你，我們在中國77千兆赫晶片上最大的競爭對手是中國的競爭對手。這就是我們戰鬥的地方，這就是我們——我不會稱之為通用部分，好嗎？這是一個非常非常獨特的產品，其晶片尺寸很大，具有四個發送和接收通道，運行頻率非常高。這不是一個通用部件，非常特定於應用，非常複雜。

And we are not surprised. We've seen those folks working for more than five years and just very, very good companies and very aggressive, very urgent, moving fast. And I like to call it our conditioning room because that's where you can strengthen your muscle, your muscle of competitiveness of urgency. China is the best landscape to do that.

我們對此並不感到驚訝。我們看到那些人已經工作了五年多，他們都是非常好的公司，非常積極、非常緊迫、行動迅速。我喜歡稱它為我們的調理室，因為在那裡你可以增強你的肌肉，你的緊迫競爭力。中國是實現這一目標的最佳國家。

I think we can compete on both. And even now and especially now when we show the scale and power of TI. We have a lot of options for our customers, not only the breadth of the product, the high level of quality.

我認為我們可以在這兩方面展開競爭。甚至現在，尤其是當我們展示 TI 的規模和實力時。我們為客戶提供許多選擇，不僅產品種類繁多，而且品質水準高。

The number one discussion point I had a quarter ago is about supply and the fact that we had inventory and we have capacity. It's super important for our customers. They are feeling -- they are always - the Chinese, or the China market, is always a little bit ahead in the phase of any cycle, any recovery. We saw it on the way up in COVID and the way down, and now we see it on the way up. They always like almost the early indicator.

我上個季度討論的首要問題是供應，以及我們有庫存和產能的事實。這對我們的客戶來說非常重要。他們一直認為，中國人或中國市場在任何週期、任何復甦階段總是領先一步。我們在新冠疫情的上升和下降過程中都看到了這一點，現在我們又看到它正在上升。他們總是喜歡早期的指標。

And that was the discussion. It was all about how can we get more quicker. And also a lot of thanks to the level of support of TI, simply having inventory for them ready to go with very short lead times. So that would be my high-level comment on the competition. I think we need to assume that the competition will continue to intensify.

這就是討論的內容。這一切都是為了我們如何更快地獲得更多。同時也非常感謝 TI 的支持，他們有充足的庫存，交貨週期非常短。這就是我對這場比賽的高層評論。我認為我們需要假設競爭將繼續加劇。

I will say that our competitive advantages, especially on the breadth of the portfolio, the fact that we can solve many problems on the boards, we can solve it with one company rather than with 20. And the fact that we have this diverse supply chain or diverse manufacturing plan, which is geopolitically dependable for their China business, but also for their export business is super important. I think it will continue to stay important at this time.

我想說的是，我們的競爭優勢，尤其是產品組合的廣度，以及我們可以解決董事會的許多問題，我們可以用一家公司而不是 20 家公司來解決。事實上，我們擁有多樣化的供應鏈或多樣化的製造計劃，這對他們的中國業務以及他們的出口業務來說都是地緣政治可靠的，這一點非常重要。我認為它在此時仍將保持重要性。

Okay. We'll move on to our last caller.

好的。我們將繼續接聽最後一位來電者。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great. Thank you. I wonder if you could talk about the share repurchases in the quarter. I saw that $600 million-plus number. You've got $1.7 billion of trailing free cash and $5 billion dividend. I know the free cash is getting better, but can you just talk about what drives the timing of your buybacks? And how much are you willing to take on more debt to buy back more? Thank you.

偉大的。謝謝。我想知道您是否可以談談本季的股票回購情況。我看到了6億多美元這個數字。您有 17 億美元的流動現金和 50 億美元的股息。我知道免費現金正在變得越來越好，但你能談談是什麼決定了你回購的時機嗎？您願意承擔多少債務來回購更多商品？謝謝。

Yeah. Our objective when it comes to buybacks and in general just cash return is to return all free cash flow via dividends and repurchases. But you got to recognize that there's times to build and drain cash. So if you look at our cash balance, for example, we're at a very comfortable $5 billion, and our balance sheet is really strong with that.

是的。當談到回購和一般現金回報時，我們的目標是透過股利和回購返還所有自由現金流。但你必須認識到，有時需要累積現金，有時需要消耗現金。例如，如果你看看我們的現金餘額，你會發現我們的現金餘額達到了非常舒適的 50 億美元，我們的資產負債表非常強勁。

But a year ago, it was at $10 billion, and that's because we had so much more of our CapEx ahead of us. Right now, we're at 70% -- we're 70% through the elevated investments. So we're in the -- approaching the last innings of the elevated CapEx period. So we felt more comfortable operating at lower levels of cash. But having $5 billion of cash that still gives us plenty of room.

但一年前，這數字是 100 億美元，這是因為我們的資本支出遠遠超過這個數字。目前，我們已經完成了 70%——透過增加投資我們已經完成了 70%。因此，我們正處於資本支出增加期的最後階段。因此，我們覺得在較低的現金水準下營運更為舒服。但擁有 50 億美元現金仍然為我們留下了足夠的空間。

And on your question on debt, we've taken debt before. We still have plenty of room on our balance sheet to take on more debt as it makes sense, when it makes sense.

關於您提到的債務問題，我們以前也曾藉過債。我們的資產負債表上仍有足夠的空間來在合理的時候承擔更多債務。

Joe, you have a follow-up?

喬，你還有後續消息嗎？

Yes, I do. And thank you for that. I guess with regards to the Chinese tariffs, I've talked to some of the customers, and people don't seem to have clarity on what exactly the tariff rate is. And yet I think the tariff is already being charged. Like do you have clarity on that? Are people immediately paying those tariffs?

是的，我願意。對此我表示感謝。關於中國關稅，我已經與一些客戶進行了交談，他們似乎不清楚具體的關稅稅率是多少。但我認為關稅已經開始徵收了。您對此清楚嗎？人們會立即支付這些關稅嗎？

Is there just any way to sort of tell how much impact there is? Or is that something where the actual tariff is kind of calculated later? Just what are the mechanics of this being implemented so rapidly?

有沒有什麼方法可以知道影響有多大？或者實際關稅是稍後計算的？那麼，這項計畫得以如此迅速實施的機制究竟是什麼呢？

Yeah. Thanks for the question. And I'd first start with and reiterate that there's a lot still changing. It's a dynamic environment. And our customers are looking at their supply chains, and they're working, and we're working with them to understand and help support their needs.

是的。謝謝你的提問。首先我要重申的是，還有很多事情在改變。這是一個動態的環境。我們的客戶正在關注他們的供應鏈，他們正在努力，我們也在與他們合作以了解並幫助支持他們的需求。

And as Haviv mentioned, we have the flexibility to navigate those evolving dynamics. In terms of how that, who pays that, really the question is, are you able to be competitive. And with our competitive advantages, the flexibility that we have, our geopolitically dependable footprint, we do have the ability to be competitive and to support our customers where they are. Haviv, do you have anything to add?

正如哈維夫所提到的，我們可以靈活地應對這些不斷變化的動態。至於如何支付、由誰支付，真正的問題是，你是否具有競爭力。憑藉我們的競爭優勢、靈活性以及可靠的地緣政治影響力，我們確實有能力保持競爭力並為客戶提供支援。Haviv，您還有什麼要補充的嗎？

Yes. Just the last point on that, Joe, and this is where we need -- we just need to let this quarter play out. And so many things can change in the next few weeks, and I actually expect them to change, right? So it's very hard to answer the question. I will just say that the way we learn about what our customers need is through their orders, through their backlog, and of course, if we see a change, we will -- if we would see a change, we will let you know.

是的。喬，這只是最後一點，這也是我們需要的——我們只需要讓這個季度發揮作用。未來幾週內很多事情都可能改變，我實際上也預期它們會發生變化，對嗎？所以這個問題很難回答。我只想說，我們了解客戶需求的方式是透過他們的訂單、透過他們的積壓訂單，當然，如果我們看到變化，我們會——如果我們看到變化，我們會告訴你。

But that's the only way for us to gauge demand -- is what our customers are asking us to do. And our objective is to serve them, serve them well at high quality and deliver the parts they want, not only right now in second quarter, but also towards the second half of the year and also next year.

但這是我們衡量需求的唯一方法——這就是我們的客戶要求我們做的事情。我們的目標是為他們提供服務，高品質地為他們提供他們想要的零件，不僅是現在第二季度，而且是今年下半年和明年。

Okay. So with that, let me wrap up with what we've said previously. At our core, we are engineers and technology is the foundation of our company. But ultimately, our objective and best metric to measure progress and generate value for our owners is the long-term growth of free cash flow per share. Thank you, everyone, for joining the call. Congratulations to Dave, and have a great evening. Thank you.

好的。因此，讓我總結一下我們之前所說的內容。從本質上講，我們是工程師，技術是我們公司的基礎。但最終，我們的目標以及衡量進步和為股東創造價值的最佳指標是每股自由現金流的長期成長。感謝大家參加此次電話會議。恭喜戴夫，祝他有個愉快的夜晚。謝謝。

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

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。