德州儀器 (TXN) 2025 Q2 法說會逐字稿

Welcome to the Texas Instruments second quarter 2025 earnings conference call. I'm Mike Beckman, head of Investor Relations, and I'm joined by our Chief Executive Officer Haviv Ilan and our Chief Financial Officer Rafael Lazardi.

歡迎參加德州儀器 2025 年第二季財報電話會議。我是投資者關係主管 Mike Beckman，與我一起出席的還有我們的執行長哈維夫伊蘭 (Haviv Ilan) 和財務長拉斐爾拉扎迪 (Rafael Lazardi)。

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.

如果您錯過了此次發布會，歡迎您來到我們的網站 ti.com/ir。本次電話會議將透過網路直播，您可以透過我們的網站觀看。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. Next, he will provide insight into second quarter revenue results, with some details of what we are seeing with respect to our end markets. Lastly, Rafael will cover financial results, give an update on capital management, as well as share the guidance for third quarter 2025.

今天，我們將提供以下更新。首先，Haviv 將簡要概述本季的情況。接下來，他將深入介紹第二季的收入結果，並提供一些有關終端市場的詳細資訊。最後，拉斐爾將介紹財務業績、資本管理最新情況，並分享 2025 年第三季的指導。

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 second quarter. Revenue came in about as expected at $4.4 billion, an increase of 9% sequentially and an increase of 16% year over year. Both Analog and Embedded grew year on year and sequentially. Analog revenue grew 18% year over year, and Embedded Processing grew 10%. Our Other segment grew 14% from the year-ago quarter.

謝謝，麥克。首先讓我簡單回顧一下第二季的情況。營收大致符合預期，達到 44 億美元，季增 9%，年增 16%。模擬和嵌入式均實現逐年和連續的成長。模擬收入年增 18%，嵌入式處理收入成長 10%。我們的其他部門較去年同期成長了 14%。

Let me provide some comments on the current environment and what we saw in the second quarter. We continue to see two distinct dynamics at play. First, tariffs and geopolitics are disrupting and reshaping global supply chains. As we work closely with our customers, we are leveraging our global manufacturing capabilities to support their needs. We have flexibility and are prepared to navigate as things evolve. Second, the semiconductor cycle is playing out. Cyclical recovery is continuing, while customer inventories remain at low levels. In times like this, it is important to have capacity and inventory, and we are well positioned.

讓我對當前的環境以及我們在第二季度看到的情況發表一些評論。我們繼續看到兩種截然不同的動態在發揮作用。首先，關稅和地緣政治正在擾亂和重塑全球供應鏈。透過與客戶密切合作，我們利用全球製造能力來滿足他們的需求。我們具有靈活性，並準備好隨著事態的發展做出調整。其次，半導體週期正在結束。週期性復甦仍在繼續，而客戶庫存仍處於低水準。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。

Now, I'll share some additional insights into second quarter revenue by end market. First, the industrial market increased upper-teens year on year and mid-teens sequentially, with recovery across all sectors. The automotive market increased mid-single digits year on year and decreased low-single digits sequentially. Personal electronics grew around 25% year on year and grew upper-single digits sequentially. Enterprise systems grew about 40% year on year and grew about 10% sequentially. And lastly, communications equipment grew more than 50% year on year and was up about 10% sequentially.

現在，我將分享一些有關第二季度終端市場收入的額外見解。一是工業市場年增速達15%以上，季增速達15%左右，各行業呈現復甦態勢。汽車市場年增中個位數，較上季降低個位數。個人電子產品年增約 25%，較上季成長 10%。企業系統較去年成長約40%，較上季成長約10%。最後，通訊設備年增超過50％，季增約10％。

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，Haviv，大家下午好。

As Haviv mentioned, second quarter revenue was $4.4 billion. Gross profit in the quarter was $2.6 billion, or 58% of revenue. Sequentially, gross profit margin increased 110 basis points.

正如哈維夫所提到的，第二季的收入為 44 億美元。本季毛利為 26 億美元，佔營收的 58%。毛利率季增110個基點。

Operating expenses in the quarter were $1.0 billion, up 5% from a year ago and about as expected. On a trailing 12-month basis, operating expenses were $3.9 billion, or 23% of revenue.

本季營運費用為 10 億美元，比去年同期成長 5%，與預期大致相符。過去 12 個月，營運費用為 39 億美元，佔營收的 23%。

Operating profit was $1.6 billion in the quarter, or 35% of revenue, and was up 25% from the year-ago quarter.

本季營業利潤為 16 億美元，佔營收的 35%，比去年同期成長 25%。

Net income in the quarter was $1.3 billion, or $1.41 per share. Earnings per share included a 2-cent benefit not in our original guidance.

本季淨收入為 13 億美元，即每股 1.41 美元。每股收益包括我們最初指導中未包含的 2 美分收益。

Let me now comment on our capital management results, starting with our cash generation. Cash flow from operations was $1.9 billion in the quarter and $6.4 billion on a trailing 12-month basis. Capital expenditures were $1.3 billion in the quarter and $4.9 billion over the last 12 months. Free cash flow on a trailing 12-month basis was $1.8 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 19 億美元，過去 12 個月經營現金流為 64 億美元。本季資本支出為 13 億美元，過去 12 個月資本支出為 49 億美元。過去 12 個月的自由現金流為 18 億美元。

In the quarter, we paid $1.2 billion in dividends and repurchased $302 million of our stock. In total, we returned $6.7 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 3.02 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 67 億美元。

Our balance sheet remains strong with $5.4 billion of cash and short-term investments at the end of the second quarter. In the quarter, we issued $1.2 billion of debt. Total debt outstanding is $14.15 billion with a weighted average coupon of 4%.

我們的資產負債表依然強勁，第二季末現金和短期投資為 54 億美元。本季度，我們發行了 12 億美元的債務。未償還債務總額為 141.5 億美元，加權平均票面利率為 4%。

Inventory at the end of the quarter was $4.8 billion, up $125 million from the prior quarter, and days were 231, down 9 days sequentially.

本季末庫存為 48 億美元，較上一季增加 1.25 億美元，庫存天數為 231 天，較上一季減少 9 天。

Turning to our outlook for the third quarter, we expect TI's revenue in the range of $4.45 billion to $4.80 billion and earnings per share to be in the range of $1.36 to $1.60. Our earnings per share outlook does not include changes related to recently enacted U.S. tax legislation and assumes an effective tax rate of about 12% to 13%.

展望第三季度，我們預計德州儀器 (TI) 的營收將在 44.5 億美元至 48 億美元之間，每股收益將在 1.36 美元至 1.60 美元之間。我們的每股盈餘預期未考慮近期美國稅法相關的變化，並假設實際稅率約為 12% 至 13%。

In closing, as we transition into the second half of 2025 and going into 2026, we are prepared for a range of scenarios. We are, and will remain, flexible to navigate, especially in the immediate term.

最後，隨著我們進入 2025 年下半年和 2026 年，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。

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

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。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。

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

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。我們回覆後，會提供您進一步跟進的機會。操作員？

(Operator Instructions) Stacy Rasgon, Bernstein Research.

（操作員指示）Stacy Rasgon，伯恩斯坦研究公司。

Hi, guys. So thanks for taking my questions. First, if I think how your tone sounded last quarter and frankly even how you sounded mid quarter, you seemed really confident that the cyclical recovery was here, and we were off to the races. And now I'm hearing you saying you're staying flexible like to go after a range of scenarios. And like even in the quarter, like auto was down sequentially. I guess, like what's going on? Like how is your, I guess, outlook and feeling about where things are? How's that changed like over the last three months, because you sound -- I guess, just based on tone and everything else, it doesn't sound maybe quite exuberant as maybe you sounded a few months ago. Like what's going on?

嗨，大家好。感謝您回答我的問題。首先，如果我想想您上個季度的語氣，坦白說，甚至您在季度中期的語氣，您似乎真的有信心週期性復甦已經到來，我們已經開始了比賽。現在我聽到您說您要保持靈活性，以便應對各種情況。即使在本季度，汽車銷量也環比下降。我猜，發生了什麼事？我猜，您對事物的看法和感受是怎麼樣的呢？在過去三個月裡，情況有什麼改變嗎？因為你的聲音——我想，只是基於語氣和其他一切，聽起來可能不像幾個月前那麼興奮。發生什麼事了？

Hey, Stacy, I'll take this one. So first, as we -- as I said in my prepared remarks, we are seeing two dynamics at play, and one of them is the cyclical recovery. I think we talked through it in the second quarter call back in April. And the discussion was all about industrial is joining the pack. We are now one more quarter in. And this is the third quarter that we see a signal of industrial recovering. It's actually accelerated. So I can say we support five markets. We now have -- it started with PE and then enterprise and comms joined, and industrial is already in. So we have four out of five markets recovering in a nice pace. And this is part of the reason we've added the commentary on year-over-year performance, to just show the dynamics over there.

嘿，史黛西，我要這個。首先，正如我在準備好的發言中所說，我們看到兩種動態在發揮作用，其中之一就是周期性復甦。我想我們在四月的第二季電話會議上討論過這個問題。討論的焦點都是工業界如何加入這一行列。現在我們又進入了一個季度。我們已經看到工業復甦的訊號，這是第三季。它實際上加速了。所以我可以說我們支持五個市場。現在我們有了——它從 PE 開始，然後企業和通訊加入，工業也已經加入。因此，我們有五分之四的市場正在以良好的速度復甦。這就是我們添加同比表現評論的部分原因，只是為了展示那裡的動態。

In terms of automotive, to your question, look, automotive, let's just remember that it's a year delayed versus industrial. Industrial peaked, for us at least, in the third quarter of 2022. Automotive peaked one year later in the third quarter of 2023. So one could expect automotive to be joining last.

就汽車而言，對於您的問題，看，汽車，我們只需記住它與工業相比延遲了一年。至少對我們來說，工業在 2022 年第三季達到頂峰。一年後的 2023 年第三季度，汽車業達到頂峰。因此，人們可以預期汽車產業將最後加入。

The automotive recovery has been shallow, meaning we are running single digits versus the peak. We are running year over year -- we are actually having some growth in the second quarter from a year-over-year perspective, but at a very low level. So I will say that automotive is not recovered yet. But because of content growth, I think the cycle here is going to be less pronounced and more shallow.

汽車產業的復甦一直很緩慢，這意味著與高峰相比，我們的成長速度僅為個位數。我們的業績與去年同期相比有所增長——從同比角度來看，第二季度我們確實實現了一定增長，但增長水平非常低。所以我想說汽車業還沒復甦。但由於內容的成長，我認為這裡的循環將變得不那麼明顯，也更淺。

The second point related to getting ready, look, we had some taste of it in the beginning of the second quarter, and we talked through it a lot during the call. But I think all the situation of tariffs and geopolitics disrupting supply chains, I think that's not over. It's true that there is pause right now on the semiconductor tariffs, both in the U.S. and in China. But we have to be prepared for what the future may hold. So we want to make sure, and this is also the message to our customers, that we'll remain flexible and we'll know how to support our customers, whatever the environment is moving forward.

第二點與準備有關，你看，我們在第二季初就對此有了一些了解，並且在通話中對此進行了很多討論。但我認為關稅和地緣政治擾亂供應鏈的所有情況還沒結束。確實，美國和中國目前都暫停了半導體關稅。但我們必須為未來可能發生的事情做好準備。因此，我們希望確保這一點，這也是向我們的客戶傳達的訊息，無論環境如何發展，我們都會保持靈活性，並且知道如何支持我們的客戶。

Do you have a follow-up?

你有後續行動嗎？

I do, thanks. Maybe just to follow up on -- actually, I think I want to ask you about gross margins, so we'll go there. If I just back into the guidance for the next quarter, it seems like you're guiding gross margins probably down sequentially implicitly on revenue growth. I guess is that the case? And like what is that? Is that just depreciation? I know depreciation went up in the quarter. Is it just depreciation going up further? Or is something else going on the gross margin line or what?

我願意，謝謝。也許只是為了跟進——實際上，我想問您有關毛利率的問題，所以我們就討論這個問題。如果我回顧下一季的業績指引，似乎您預測的毛利率可能會因營收成長而較上季下降。我想是這樣的吧？那是什麼？那隻是折舊嗎？我知道本季折舊額有所增加。這只是貶值進一步加劇嗎？或者毛利率上還有其他變化？

Yeah, Stacy, so I'll take that. So to help you and everyone with their models, what you should be -- where you should be landing given our guidance is GPM percent about flat despite the higher depreciation that we're going to have going into third quarter. OpEx about flat. And then what you probably missing is the net of other income and expense and interest expense. That's going to be unfavorable about $20 million as we have lower cash levels, interest is lower, while debt interest expense has continued to increase. So that's the part that's probably missing to round out your model.

是的，史黛西，我接受。因此，為了幫助您和每個人建立他們的模型，您應該——根據我們的指導，您應該達到的水平是，儘管進入第三季度我們將面臨更高的折舊，但毛利率百分比應該基本持平。營運支出基本持平。然後，您可能缺少的是其他收入和支出以及利息支出的淨額。由於我們的現金水平較低，利息較低，而債務利息支出卻持續增加，因此這將造成約 2000 萬美元的不利影響。所以這可能是完善模型所缺少的部分。

All right. Thanks, Stacy.

好的。謝謝，史黛西。

That's helpful. Thank you.

這很有幫助。謝謝。

Move on to our next caller.

請繼續接聽下一位來電。

Harlan Sur, J.P. Morgan.

哈蘭‧蘇爾 (Harlan Sur)，J.P. 摩根大通。

Good afternoon. Thanks for taking my question. One of the signs of cyclical recovery is improvement in your turns business. Did the team see turns business grow sequentially in Q2, both in dollars and percent of revenues? And was it a broad-based across both your industrial and auto businesses?

午安.感謝您回答我的問題。週期性復甦的標誌之一是營業額的改善。團隊是否看到第二季的業務量（金額和收入百分比）持續成長？它是否廣泛涵蓋了您的工業和汽車業務？

Yeah, let me start and maybe, Mike, you can comment right after. So I think, yeah, from a turns perspective, we see a continuation of that dynamic. We saw again acceleration in the second quarter. We continue to invest in our inventory. Our lead times are at the lowest level. Customer inventories are very low, so we've seen that continuing. Mike, maybe you want to provide some more color here.

是的，讓我開始吧，也許，麥克，你可以在之後發表評論。所以我認為，是的，從轉變的角度來看，我們看到了這種動態的延續。我們在第二季度再次看到了加速。我們繼續投資我們的庫存。我們的交貨時間處於最低水準。客戶庫存非常低，因此我們看到這種情況持續下去。麥克，也許你想在這裡提供更多顏色。

Yeah, I think as we've talked about in previous quarters, that's something that late last year and in the first quarter, began to build. We continue to see that into second quarter as well.

是的，我認為正如我們在前幾個季度所討論的那樣，這是去年年底和第一季開始形成的。我們在第二季也繼續看到這種情況。

Great. And then for my follow-up question, good to see the continued sequential and year-over-year recovery in the industrial segment. It's quite diverse, right? 10 subsegments, but the largest subsegment, industrial automation, which is tied to manufacturing activity, is pretty sensitive to trade and tariffs. So just wondering if the segment is relatively weaker due to tariff concerns, or are you seeing shipment and order recovery here as well, especially among your China-based industrial customers?

偉大的。然後，對於我的後續問題，很高興看到工業領域持續環比和同比復甦。相當多樣化吧？10 個子領域，但最大的子領域是工業自動化，它與製造業活動相關，對貿易和關稅非常敏感。所以我想知道這個部門是否因為關稅問題而相對較弱，或者您是否也看到這裡的出貨量和訂單復甦，特別是在中國的工業客戶中？

Yeah, maybe I'll take that one. What we actually saw in industrial was recovery was broad, and it was across all sectors. So I'd say, yeah, it's continuation of the recovery we saw in first quarter. And that's where we are. So we'll move on to the next caller. Thank you.

是的，也許我會選擇那個。我們實際上看到的是工業復甦是廣泛的，並且遍及所有行業。所以我想說，是的，這是我們在第一季看到的復甦的延續。這就是我們現在的處境。那我們就繼續接聽下一位來電者。謝謝。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Okay, thanks for letting me ask a question. Haviv, going back to the first question just in the tone and seems like a little bit of a tone change on our side, maybe not so much to you, but maybe I'll try to ask it a different way. You highlighted the uncertainties about the tariff side of things, but then endorsed the cycle was coming. Last quarter, you got significantly above normal seasonality, you seemed to lean in on the cycle side and didn't really say that tariffs were doing much. So did something change on either the strength of the cycle or the uncertainty around the tariff to lead you to guide to more of a typical seasonal quarter for 3Q?

好的，感謝您允許我提問。Haviv，回到第一個問題，只是語氣上，似乎我們這邊的語氣有點變化，也許對你來說不是那麼多，但也許我會嘗試用不同的方式來問。您強調了關稅方面的不確定性，但隨後又確認週期即將到來。上個季度，季節性因素明顯高於正常水平，似乎傾向於週期性因素，並沒有真正說明關稅發揮了多大作用。那麼，週期強度或關稅的不確定性是否發生了一些變化，導致您預測第三季將更像典型的季節性季度？

Yeah, let me put some more color into it, Ross. I think it's a great question. So remember, when we met here in April, we dealt with reciprocal tariffs on both sides. U.S. was exempting semis, but China had a 125% tariff rate on semi during the call. So just a different situation versus where we are now. Now tariffs are put on hold, so a little bit of a different environment.

是的，讓我給它添加一些色彩，羅斯。我認為這是一個很好的問題。所以請記住，當我們四月在這裡開會時，我們討論了雙方的互惠關稅問題。美國豁免了半成品關稅，但通話期間中國對半成品徵收了125%的關稅。所以與我們現在的情況相比，這只是一種不同情況。現在關稅被暫停，因此環境略有不同。

I will say that we, and I think I mentioned it also during the last call -- when there is a change of dynamics, like tariffs are being added, and I go back to April, customers are sitting on very low inventories, I think it's a good assumption to make that customers will want to have a little bit more inventory. And we did see that phenomena.

我想說的是，我認為我在上次電話會議中也提到過這一點——當情況發生變化時，例如增加關稅，回到四月份，客戶的庫存非常低，我認為可以很好地假設客戶會想要多一點庫存。我們確實看到了這種現象。

We did see that in the early part of the quarter, there was an acceleration of demand, and as expected when customers are sitting on no inventory and there is a lot of noise around tariffs. That has normalized through the quarter, and we are kind of back to right now what drives our day-to-day is just a cyclical recovery.

我們確實看到，在本季度初，需求有所加速，而且正如預期的那樣，當時客戶沒有庫存，關稅方面有很多噪音。這種情況在本季度已經恢復正常，我們現在有點回到了推動我們日常工作的只是周期性復甦。

Now, if we forecast into Q3 and given the fact that we have a lot of real-time turns business that we have to assess for the future, I think it's prudent to have a little bit of -- or to remember that what we saw in Q2 is probably a combination of customers wanting to have a little bit more inventory because of tariffs and also the cyclical recovery. When customers make orders, they don't tell us why they want more parts. And I would assume that some of it was for building a little bit of inventory on the shelves to protect themselves from tariffs, if you will. So that is my assumption. Again, I don't know how the third quarter will play out. But that's part of the way we are forecasting Q3.

現在，如果我們預測第三季度，考慮到我們有很多實時週轉業務需要評估未來，我認為謹慎的做法是 - 或者記住我們在第二季度看到的情況可能是由於關稅和周期性復甦，客戶希望擁有更多庫存。當客戶下訂單時，他們不會告訴我們為什麼他們想要更多零件。如果你願意的話，我認為其中一些是為了在貨架上建立一些庫存，以保護自己免受關稅的影響。這就是我的假設。再說一次，我不知道第三季將會如何發展。但這是我們預測第三季的一部分。

Ross, you have a follow-up?

羅斯，你還有後續消息嗎？

I do. Switching over to Rafael. Just on the CapEx side of things, how should we think or is there any update on the CapEx and depreciation framework that you've given us for the annual numbers for this year and next year, especially given where you are in Phase 2, maybe going to Phase 3 on the CapEx side. Just wanted to see if there's any incremental color there.

我願意。切換到拉斐爾。僅就資本支出方面而言，我們應該如何看待，或者您對今年和明年的年度數字提供的資本支出和折舊框架是否有任何更新，特別是考慮到您處於第二階段，在資本支出方面可能進入第三階段。只是想看看那裡是否有任何增量顏色。

Yeah, I know, happy to do that. The bottom line, there's no change. But let me go through those so that everybody has those. On CapEx for this year, 2025, we continue to expect to spend $5 billion. And for 2026, it's going to be between $2 billion and $5 billion, depending on revenue and growth expectations at that time. And we will update you on those -- on narrowing that CapEx window, most likely later this year. On depreciation, switching to depreciation, for 2025, we continue to expect $1.8 billion to $2 billion. And for 2026, we continue to expect $2.3 billion to $2.7 billion and likely to be at the lower side of that range.

是的，我知道，我很樂意這麼做。底線是，沒有變化。但讓我來介紹一下這些內容，以便每個人都能了解它們。今年（2025年）的資本支出，我們預計仍將花費50億美元。到 2026 年，這一數字將在 20 億美元至 50 億美元之間，具體取決於當時的收入和成長預期。我們將向您通報這些情況——縮小資本支出窗口，最有可能在今年稍後。關於折舊，轉到折舊，到 2025 年，我們繼續預計折舊額為 18 億美元至 20 億美元。對於 2026 年，我們繼續預計其收入將達到 23 億美元至 27 億美元，並且可能處於該範圍的較低水平。

Okay, we'll move on to our next caller.

好的，我們繼續接聽下一位來電者。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

Thanks for taking my question. Haviv, sorry to go back to this tone change. Because it's not just from the last earnings call, it's at the end of a conference, at the end of May, I think, you had suggested that every remaining quarter of '25 will accelerate from the first half up 13%, but your Q3 sales guide is up only 11%. So my question is that versus that reference point, which end market has softened? Is it that the industrial normalization is done? Is it that auto was a little weaker? Or is that just extra conservatism on TI's part? Because the tone changes, as I mentioned, not just from earnings but from the end of May.

感謝您回答我的問題。Haviv，很抱歉再次改變語氣。因為這不僅僅是來自上次財報電話會議，而是在 5 月底的一次會議結束時，我想，您曾表示，25 年剩餘的每個季度的銷售額都將比上半年增長 13%，但您的第三季度銷售預期僅增長了 11%。所以我的問題是，與該參考點相比，哪個終端市場已經疲軟？是不是產業正常化已經完成了？是不是自動功能弱了一點？或者這只是 TI 的過度保守？因為正如我所提到的，基調的變化不僅來自收益，而且來自五月底。

Yeah. And again, I don't control probably tone level, but that's -- you guys are hearing that.

是的。再說一次，我可能無法控制音調水平，但那是——你們聽到了。

No, but you quantified it, Haviv. You quantified it; it wasn't just tone.

不，但是你量化了它，哈維夫。你將其量化；它不僅僅是語氣。

Sorry. Directly to your question, Vivek, I would say that in the second quarter, we have seen industrial, in my opinion, running very hot. What were the numbers sequentially, Mike? It was up mid-teens, I think.

對不起。直接回答你的問題，維韋克，我想說，在第二季度，我們看到工業運作非常火爆。麥克，這些數字的順序是什麼？我認為那是十幾歲的時候。

[Mid-teens, yeah.] (corrected by company after the call)

[是的，十幾歲。 ]（通話後公司糾正）

And it grew significantly year over year, in the second quarter close to 20%. So in that sense, I do believe it ran a little hot. This is where I want it to be a little bit more cautious into Q3. And we also saw, and I’ll let them -- Mike -- comment about geographies. We also saw a little bit of higher pull from China in the second quarter. We will have it in the 10-Q when it comes out. But Mike, maybe you can give a little bit of a China by region -- maybe not only China -- behavior in 2Q.

且較去年同期成長顯著，第二季成長接近 20%。所以從這個意義上來說，我確實認為它有點熱。這就是我希望在第三季更加謹慎的地方。我們還看到了，我會讓他們——麥克——評論一下地理位置。我們也看到第二季來自中國的拉力略有增加。當它發佈時，我們將在 10-Q 中介紹它。但是麥克，也許您可以稍微介紹一下中國各地區（也許不只是中國）第二季的表現。

Sure. So China, it was up about 19% sequentially. It grew about 32% year over year. And all end markets grew there, with the exception of automotive. And auto is pretty consistent with our overall results there. And industrial did lead the growth there in China. And just as a reminder, our China-headquartered customers represent about 20% of our overall revenue.

當然。中國環比成長約 19%。年成長約32%。除汽車市場外，所有終端市場均實現了成長。而且汽車與我們的整體結果非常一致。工業確實引領了中國的成長。需要提醒的是，我們總部位於中國的客戶約占我們總收入的 20%。

And Vivek, that information gives you a little bit of why I want to be cautious for Q3. We have seen China running again a little bit hot in Q2. It was not across all markets, meaning, on the automotive side, it behaved very similarly to the rest of the world. It was not across the board.

維韋克，這些資訊稍微解釋了為什麼我要對第三季保持謹慎。我們看到中國經濟在第二季再次略有升溫。它並未涵蓋所有市場，這意味著，在汽車方面，它的表現與世界其他地區非常相似。這並不是全面的。

So we give you the data. That -- it's how to decipher what exactly or to decouple what was related to quote, unquote pull-ins or what was related to cyclical recovery. I think both are happening, and that's the data we have right now, and that's what guides our third quarter as we plan for Q3.

因此我們向您提供數據。那就是如何確切地解釋什麼或分離與引號、取消引號的引入或與週期性復甦相關的內容。我認為兩者都在發生，這就是我們目前掌握的數據，也是我們在規劃第三季時指導我們第三季工作的內容。

Do you have a follow-up, Vivek?

維韋克，您還有後續問題嗎？

Yes. Thank you, Mike. For my follow-up, given everything they have heard, Haviv -- I know you typically don't guide the quarter out, but how would you advise us to start thinking about Q4 that should we assume a similar conservative tone and assume something that is -- usually your seasonality is, I think, down sequentially or flat sequentially, if you could remind us of that in Q4. And given everything we have heard, how should we just conceptually think about the move into Q4? Thank you.

是的。謝謝你，麥克。針對我的後續問題，鑑於他們所聽到的一切，哈維夫——我知道您通常不會對本季度做出指導，但您建議我們如何開始考慮第四季度，我們是否應該採取類似的保守態度並假設一些事情——通常您的季節性因素，我認為，會環比下降或環比持平，如果您能在第四季度提醒我們這一點的話。考慮到我們所聽到的一切，我們應該如何從概念上思考進入第四季？謝謝。

Vivek, as you know, we are a one-quarter-at-a-time company specifically on guidance. So I will just say let’s let the third quarter play out. Mike, do you want to comment about seasonality?

Vivek，如你所知，我們是一家以一個季度為單位進行專門指導的公司。所以我只想說，讓我們看看第三季的表現。麥克，你想評論一下季節性嗎？

Yeah. So historically, second and third are typically stronger quarters. Fourth and first are typically seasonally lower. But yeah, we'll have to let third quarter play out to -- before we're going to be ready to talk about fourth. So we'll go on to move on to our next caller. Thanks, Vivek.

是的。因此從歷史上看，第二季和第三季通常表現更為強勁。第四和第一季的銷售額通常會因季節因素而較低。但是的，我們必須等到第三季結束後才能準備談論第四季。因此我們將繼續接聽下一位來電者。謝謝，維韋克。

Thank you, Mike.

謝謝你，麥克。

C.J. Muse, Cantor.

C.J. Muse，領唱者。

Yeah, good afternoon. Thank you for taking the question. I was hoping to revisit gross margins. You indicated flat roughly sequentially. And I guess within that, could you speak to your plans for utilization? Are there any changes in mix? And if we were to normalize to your more typical 80% fall-through, that would be an incremental maybe $25 million, $27 million. So is the pause in gross margin uplift a 100% due to that increase in depreciation? Or are there other factors that we should be thinking about?

是的，下午好。感謝您回答這個問題。我希望重新審視毛利率。您大致按順序表示平坦。我想您能談談其中的利用計畫嗎？混合方面有什麼變化嗎？如果我們將其標準化為更典型的 80% 跌幅，那麼增量可能是 2500 萬美元或 2700 萬美元。那麼，毛利率成長暫停 100% 是否是由於折舊增加造成的？或者我們還應該考慮其他因素嗎？

Yeah. No. Just to give you a few more information there. As I said earlier and you've restated, we expect third quarter gross margin to be about flat to second quarter. That is with higher revenue but also higher depreciation. In terms of loadings and inventory, we expect to run loadings about the same in third quarter as we did in second quarter, as we are well positioned with inventory to support a wide range of cyclical recovery scenarios.

是的。不。只是為了給你更多資訊。正如我之前所說，您也重申過，我們預計第三季的毛利率將與第二季持平。這意味著收入更高，但折舊也更高。在裝載量和庫存方面，我們預計第三季的裝載量與第二季大致相同，因為我們的庫存狀況良好，可以支援各種週期性復甦情境。

Inventory expect to grow, but at a slower rate than the growth we just had in second quarter. So hopefully that gives you -- and then on the fall-through, we guide 75% to 85%. That's over the long term; that's over a year on year and not any one quarter. But we should be close to that fall-through. We'll speak more about that when we have actuals, and we have better information to provide. But you should continue to think of 75%, 85% as a good number to use over the long term.

庫存預計會成長，但成長速度將低於第二季的成長速度。所以希望這能帶給你——然後在下降過程中，我們引導 75% 到 85%。這是長期的數據；是逐年的數據，而不是某一季度的數據。但我們應該已經接近那個失敗了。當我們有實際情況並且有更好的資訊提供時，我們會更多地談論這一點。但您應該繼續認為 75%、85% 是一個適合長期使用的數字。

C.J., do you have a follow-up?

C.J.，您還有後續消息嗎？

I do. Thank you. With the ITC going from 25% to 35%, curious if you can comment on your thoughts on impact to your net CapEx into '26, '27? And is there any movement or thought process that we should have around the impact of depreciation? Thanks so much.

我願意。謝謝。隨著 ITC 從 25% 上升到 35%，您是否可以評論一下這對 26、27 年淨資本支出的影響？我們是否應該針對貶值的影響採取任何行動或思考？非常感謝。

Okay. No. Thanks for that question. So let's talk about that legislation that just passed. First, we're very pleased with the changes resulting from the passage of the recently enacted U.S. federal tax law. It includes expensing of U.S. R&D and eligible capital expenditures, an increase to the ITC from 25% to 35% and changes to other tax provisions such as the making FDII permanent.

好的。不。謝謝你的提問。那麼讓我們來談談剛剛通過的立法。首先，我們對最近頒布的美國聯邦稅法通過後所帶來的改變感到非常高興。其中包括將美國研發和合格資本支出作為費用，將 ITC 從 25% 提高到 35%，以及改變其他稅收條款，例如將 FDII 永久化。

We are -- the effects of the new tax law are not reflected in the statement that we just released, in the financials that we just released in the passage of -- that law happened in July. We are currently evaluating the changes on the legislation are going to have on future financial statements. That's why in the guide that we gave, we did not incorporate it. We want -- we need additional time to do a full evaluation.

我們剛剛發布的聲明中沒有反映出新稅法的影響，也沒有反映出我們剛剛發布的財務數據中——該稅法是在 7 月通過的。我們目前正在評估立法變化對未來財務報表的影響。這就是為什麼在我們提供的指南中我們沒有將其納入。我們希望——我們需要更多時間進行全面評估。

However, I would tell you that based on our initial assessment, what we expect, what would likely happen is our GAAP tax rate will increase in third quarter and in 2025. However, it will decrease in 2026 and beyond. More importantly, the cash -- from a cash flow standpoint, we expect significantly lower cash tax rates for the next several years. So again, we're very pleased with that legislation.

但是，我想告訴大家，根據我們的初步評估，我們預計，很可能發生的是，我們的 GAAP 稅率將在第三季和 2025 年增加。然而，2026 年及以後這一數字將會下降。更重要的是，從現金流的角度來看，我們預計未來幾年的現金稅率將大幅下降。所以，我們對這項立法感到非常滿意。

Let me speak real quickly. You mentioned, you asked about CapEx plans specifically. Our CapEx plans remain consistent with what we shared in February and will depend on revenue.

讓我快速講一下。您提到，您具體詢問了資本支出計畫。我們的資本支出計畫與我們二月分享的計畫保持一致，並將取決於收入。

All right. Move on to our next caller.

好的。請繼續接聽下一位來電。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good afternoon. Thanks for taking my question. Maybe following up on some of the other questions that were asked, can you maybe comment on some of the end markets, whether it be personal electronics or enterprise systems or otherwise that you think may have gotten a little bit ahead of themselves or run a little bit hotter into Q2 and which ones do you think are at risk of reverting a little bit in Q3 and in Q4? Thank you.

午安.感謝您回答我的問題。也許可以跟進其他一些問題，您能否對一些終端市場發表評論，無論是個人電子產品還是企業系統，或者其他您認為可能已經有點超前或在第二季度運行得更熱的市場，以及您認為哪些市場在第三季度和第四季度有回落的風險？謝謝。

Yeah. Let take that. Remember that when we talk about PE market and also enterprise and CE, they're all they're all running at different phases on their cyclical recovery. It started with really PE, then followed by enterprise and comms, and then industrial joined later. As I mentioned before, the automotive market, again, is very shallow cycle. But we haven't seen enough signs of true broad recovery over there.

是的。就拿這個吧。請記住，當我們談論 PE 市場以及企業和 CE 時，它們都處於週期性復甦的不同階段。它最初是 PE，然後是企業和通信，後來工業也加入。正如我之前提到的，汽車市場再次呈現非常淺的週期。但我們還沒有看到足夠的真正廣泛復甦的跡象。

Now regarding the -- if you go back to second quarter where we saw a little bit, I would say, market that ran higher than expected, it was on the industrial. We did expect a cyclical recovery in the industrial. It did grow 15% sequentially, which is a little bit unnatural. When you add the -- on top of it, the geography footprint, this is where I have a little bit of a more cautiousness. I wouldn't mark anything else that behaved differently in second quarter. Mike, would you agree?

現在關於——如果你回顧第二季度，我想說我們看到市場表現比預期要高一些，這是在工業領域。我們確實預期工業將出現週期性復甦。它確實環比增長了 15%，這有點不自然。當你添加——在其之上，地理足跡，這就是我更加謹慎的地方。我不會標記第二季度表現不同的任何其他事物。麥克，你同意嗎？

That's the right assessment.

這是正確的評估。

Yeah. That's a market that we saw a little bit of, I think -- I wouldn't say anxiety, but customers just preferring to just have more parts. And we did see normalization through the quarter. So think about the front end of the quarter was running faster than the second half of the quarter. We think we left the quarter at a normal rate, but it's very hard to assess right now. So we keep watching it. And that's the market where I want to be more cautious when I think about Q3.

是的。我認為，我們看到了這個市場——我不會說是焦慮，但客戶只是更喜歡擁有更多的零件。我們確實看到了本季的正常化。因此，想想本季的前端運行速度比本季的後半段更快。我們認為本季的業績表現正常，但現在很難評估。所以我們繼續關注。當我考慮第三季時，我希望對這個市場更加謹慎。

Do you have a follow-up?

你有後續行動嗎？

Yes. I do. Thank you. Relative to capital allocation, you mentioned about the cash tax benefits that you expect that will positively impact free cash flow next year and beyond. You reiterated the CapEx guidance, but can you maybe speak to the capital return portion of this? Obviously, your free cash flow is better than -- what might you do differently or more on buybacks or dividends?

是的。我願意。謝謝。相對於資本配置，您提到了預計現金稅收優惠將對明年及以後的自由現金流產生正面影響。您重申了資本支出指導，但您能否談談其中的資本回報部分？顯然，您的自由現金流比——您在回購或分紅方面會採取哪些不同或更多的措施？

Yeah. No. That's a good question. It's going to depend. And it's going to depend on a number of factors. For instance, right now, we're still in the middle of a high CapEx environment. And we'll see how long that lasts. As we said, next year, we do have a range of 2 to 5. So that's still a -- even at the low end, it's still a meaningful amount of CapEx. And we need to be ready for that. And there are other factors, cash on the balance sheet, the price of the stock price, of the stock, that also plays into our decision. So we'll take that into, all into account. But at the end of the day, our objective remains the same when it comes to returning capital to owners, and that is to return all free cash flow through dividends and buybacks.

是的。不。這是個好問題。這得看情況。這將取決於許多因素。例如，目前我們仍處於高資本支出環境。我們將看看這種情況能持續多久。正如我們所說，明年我們的範圍確實在 2 到 5 之間。所以，即使在低端，這仍然是一筆有意義的資本支出。我們需要為此做好準備。還有其他因素，資產負債表上的現金、股票價格，這些也會影響我們的決定。所以我們會把這一切都考慮進去。但最終，在向所有者返還資本方面，我們的目標仍然是一樣的，那就是透過股息和回購返還所有自由現金流。

All right. Thanks, Jim. Let's move on to our next caller.

好的。謝謝，吉姆。讓我們繼續接聽下一位來電者。

Chris Caso, Wolfe Research.

克里斯·卡索（Chris Caso），沃爾夫研究公司。

Yeah. Thank you. Good afternoon. The question is about fab loading. And what your intentions are as we go through the back end of the year into next year. Or I guess in light of some of the caution that you expressed, any changes you're making to fab loading? And basically, where you want your internal inventories to sit as you exit the year?

是的。謝謝。午安.問題是關於晶圓廠的裝載。當我們從今年年底進入明年時，您的打算是什麼？或者我猜考慮到您所表達的一些警告，您會對 fab 載入做出什麼改變？那麼，基本上，您希望在年底時內部庫存處於什麼位置？

Yeah. So I tell you, in an ideal world, what we would want to do -- and of course, the world is not ideal, then we'll have to navigate to that. But in an ideal world, what we would do is hold -- manage the operation so that the loadings are relatively stable, relatively flat over time.

是的。所以我告訴你，在理想的世界中，我們想要做什麼——當然，如果這個世界並不理想，那麼我們就必須朝著理想的方向前進。但在理想情況下，我們要做的是保持——管理操作，以便負載隨著時間的推移相對穩定、相對平穩。

And what happens during a cyclical upturn, we actually drain some inventory. And then during a cyclical downturn, we actually build some inventory. And that's how you get the factory to run effectively constant over that time. Of course, it's not an ideal environment. You never quite know when you're at peak, when you're at trough. So we'll have to add some guardrails to that to make sure that we maximize the opportunity and maintain flexibility. But at a high level, that's how we would like to run the company.

在周期性上升期間，我們實際上會消耗一些庫存。然後在周期性衰退期間，我們實際上會建立一些庫存。這就是讓工廠在這段時間內持續有效運作的方法。當然，這不是一個理想的環境。你永遠不知道何時處於巔峰，何時處於低谷。因此，我們必須增加一些防護措施，以確保我們最大限度地利用機會並保持靈活性。但從高層次來看，這就是我們希望經營公司的方式。

All right. Do you have a follow-up, Chris?

好的。克里斯，你還有後續消息嗎？

I do. Thanks. And my follow-up is, if I could dig into auto a little bit more deeply. And it sounds like what you're saying there is auto hasn't really changed but hasn't recovered yet. That's a market where you got a few customers that you speak to there. What's their tone right now, given all the macro uncertainty? What are they doing with inventory levels and preparing now? Is it just in a holding pattern right now with regard to auto?

我願意。謝謝。我的後續問題是，如果我可以更深入地研究汽車的話。聽起來您說的是汽車實際上並沒有改變，只是還沒有恢復。在那個市場，你可以與一些客戶溝通。考慮到所有宏觀不確定性，他們現在的基調是什麼？他們現在對庫存水準做了哪些準備？就汽車而言，它現在是否處於等待狀態？

Yeah. I think that's a good description. In a way, the -- and again, I look at my graph here in front of me. So automotive, again, peaked for us in the third quarter of 2023. And in the last, I would say, sixth quarter, a little bit up, a little bit down, but hovering around a certain level of high-single digit down versus that number.

是的。我認為這是一個很好的描述。在某種程度上，——我再次看著我面前的圖表。因此，汽車產業在 2023 年第三季再次達到頂峰。最後，我想說，第六季度，有一點上升，有一點下降，但相對於這個數字，下降幅度徘徊在某個高個位數左右。

And think about the automotive customers, they -- those who ship into the U.S., they have tariffs to deal with. So I don't think they want to -- I think they're being cautious right now. And I think the orders we get is only when they really need it. I don't think there is any inventory replenishment there, not only at the OEMs, but also at the Tier 1 level. So everything is almost real time. And we'll just -- we have -- our lead times are so low, and most our automotive customers are on consignment. So we just get it real time. So to your point, we haven't seen yet the recovery.

想想汽車客戶，那些將產品運往美國的客戶，他們需要處理關稅。所以我不認為他們想這樣做——我認為他們現在很謹慎。我認為我們只有在他們真正需要的時候才會接到訂單。我認為那裡沒有任何庫存補充，不僅在 OEM 廠商，而且在 Tier 1 級別也是如此。所以一切幾乎都是即時的。而且我們的交貨時間非常短，而且我們的大多數汽車客戶都是寄售的。所以我們只是即時取得資訊。所以正如你所說，我們還沒有看到復甦。

But remember, industrial peaked in the third quarter of '22, and we saw the recovery starting in Q4 of '24. So you can argue that automotive could be maybe a year later, if you just keep the same duration. So is it going to be some time in the second half of the year? We'll just have to see real time.

但請記住，工業在 2022 年第三季達到頂峰，而我們看到復甦始於 2024 年第四季。因此，你可以說，如果保持相同的持續時間，汽車行業可能要晚一年。那麼這會是下半年的某個時候嗎？我們只需要觀察即時情況。

Okay. Chris, thanks for the questions. Let's move on to the next caller.

好的。克里斯，謝謝你的提問。讓我們接聽下一位來電者。

Joshua Buchalter, TD Cowan.

約書亞·布查爾特（Joshua Buchalter），考恩（Cowan）TD。

Hey, guys, thank you for taking my question. Maybe following up on Chris's previous one. When you spoke about China, it was clear that auto was the outlier there and was down in line with your broader auto business. I mean, it seems like China auto trends have been positive year-to-date, including in 2Q. It doesn't sound like there's destocking going on. Can you maybe explain what's going on specifically in China auto? Is there any element of share loss happening there? Or do you think it's more inventory dynamics? Thank you.

嘿，夥計們，謝謝你們回答我的問題。也許是對克里斯之前作品的延續。當您談到中國時，很明顯汽車是那裡的異類，並且與您的整體汽車業務保持一致。我的意思是，今年迄今為止，包括第二季度，中國汽車趨勢似乎一直呈現積極態勢。聽起來似乎沒有出現去庫存的情況。您能解釋一下中國汽車產業的具體情況嗎？那裡是否存在份額損失的因素？或者您認為這更多的是庫存動態？謝謝。

Yeah. I think it's a good question. I think it's more the latter. Automotive ran very hot last year in China. And there was enough news out there that there was a little bit of caution coming, or guidance, they slow down, some of the price wars over there. So I think we saw some of the dynamics.

是的。我認為這是個好問題。我認為後者更甚。去年，中國汽車市場十分熱門。並且有足夠多的消息表明，出現了一些謹慎或指導，他們放慢了那裡的一些價格戰。所以我認為我們看到了一些動態。

I think our automotive business in China is doing well. I think from a year-over-year perspective, it's a -- we grew the automotive business in Q2, but China was ahead of the rest of the market simply because, again, first in, first out. So we saw the recovery in China starting in 2024. I think it takes a little bit of a breather right now, but I think it's related to inventory correction on their side.

我認為我們在中國的汽車業務做得很好。我認為從同比角度來看，我們在第二季度實現了汽車業務的成長，但中國市場領先其他市場，原因同樣是先進先出。因此，我們看到中國經濟從 2024 年開始復甦。我認為現在需要稍事休息，但我認為這與他們方面的庫存調整有關。

And I'll just add, if you look across the major regions for us in auto -- U.S., Europe, China -- they more or less performed pretty similarly on a sequential basis. They weren't vastly one stuck out differently than the others. When you look on a year on year, that for China now is going to be leading.

我還要補充一點，如果你看看我們汽車產業的主要地區——美國、歐洲、中國——它們的連續表現或多或少相當相似。他們並沒有與其他人有太大的不同。如果全年回顧的話，中國現在將處於領先地位。

Yeah, I would say it's China and Asia ahead, and then you go to Europe and Japan behind. It's very coherent with what we've seen in other markets.

是的，我認為中國和亞洲領先，歐洲和日本落後。這與我們在其他市場看到的情況非常一致。

Do you have a follow-up, Josh?

喬希，你還有後續消息嗎？

Yes, please. It's a link -- similarly, when you talked about China, it sounds like there was some element of potential pull-ins that were impacting 2Q. You guys have talked for a while about having geopolitically dependable supply for the West. Are you seeing that on your customers outside of China at all? Or have they changed their behaviors? And when should we expect the share gains that you expect because of your U.S.-based manufacturing to start to flow through the model? Thank you.

是的，請。這是一個聯繫——同樣，當您談到中國時，聽起來好像有一些潛在的吸引力在影響第二季度。你們已經談論過一段時間要為西方提供地緣政治上可靠的供應。您在中國以外的客戶身上看到過這種情況嗎？還是他們的行為已經改變了？那麼，我們什麼時候可以預期，由於你們在美國製造而帶來的份額成長將開始透過這個模型體現出來？謝謝。

Yeah. So let me start with just -- you mentioned the pull-in. We don't know. I just want to repeat that point. We just have to make assumptions. Customers don't tell us why they order. We just go through the data and try to decipher it. So we just can't rule out the possibility. And we say there was likely could have been some. When you see such a strong behavior in Q2 versus Q1, you have to attribute some of it to tariff environment.

是的。那麼讓我先從你提到的拉入開始。我們不知道。我只是想重複這一點。我們只需要做出假設。顧客沒有告訴我們他們訂購的原因。我們只是查看數據並嘗試對其進行解讀。所以我們不能排除這種可能性。我們說，很可能存在一些。當你看到第二季相對於第一季表現如此強勁時，你必須將部分原因歸因於關稅環境。

Also, remember that in China, we have -- the automotive market is more like what you call assigned accounts. We talk to the customers. We can explain to them the options. We have many industrial customers. It's just hard to get to everyone at once. And I think it just takes longer to let customers know that TI has a diverse manufacturing footprint, and we've got their back. So I think that's part of what we've seen during the second quarter, plus the tariffs that took a breather after a month or so.

另外，請記住，在中國，我們的汽車市場更像是所謂的指定帳戶。我們與顧客交談。我們可以向他們解釋這些選擇。我們有很多工業客戶。只是很難同時聯絡到所有人。我認為，我們只需要花更長的時間才能讓客戶知道 TI 擁有多元化的製造足跡，並且我們會為他們提供支援。所以我認為這是我們在第二季度看到的情況的一部分，再加上一個月左右後關稅有所緩和。

Now regarding the overall discussion on tariffs and our U.S. manufacturing footprint, I think that's an important point. We've spent a lot of time during the last call talking about the challenges maybe in China and how we are we are navigating it. But remember that the environment is dynamic. Things are changing regularly, and tariffs and geopolitics will continue to evolve, and as I said in the prepared remarks, reshape the supply chain.

現在關於關稅和美國製造業足跡的整體討論，我認為這是一個重要的觀點。我們在上次電話會議上花了很多時間討論中國可能面臨的挑戰以及我們如何應對這些挑戰。但請記住，環境是動態的。事情總是在不斷變化，關稅和地緣政治將繼續演變，正如我在準備好的演講中所說的那樣，重塑供應鏈。

I think some of it is going to be a little bit more permanent. So our customers are increasingly valuing our geopolitically dependable capacity. And in the U.S., I think TI -- I think, first, let me say our global manufacturing footprint is optimized to support all of our customers worldwide. But if you go into the U.S., I do believe that the U.S. will make semis be – U.S. semis will be increasingly incentivized in the U.S. And we do have a unique position.

我認為其中一些將會變得更加持久。因此，我們的客戶越來越重視我們在地緣政治上的可靠性。在美國，我認為 TI——首先，我想說的是，我們的全球製造足跡已經過優化，可以支援我們全球的所有客戶。但如果你去美國，我確實相信美國會讓半導體產業——美國半導體產業在美國受到的誘因將越來越大。而我們確實擁有獨特的地位。

These are not investments that were made during the last quarter. We have been working on it for the past five years. Again, not because we have foreseen tariffs. We just wanted to control our destiny, and the best way for us or the best efficiency for us to build a manufacturing footprint was in the U.S. And I think that hasn't played out yet. We do have a few customers -- you could probably count them on one hand -- that are savvy and knowing what the plan, how the plans could evolve. And they're already shifting and getting closer to us. But I think there is a lot of confusion at the broad customer base. People don't exactly understand the difference of reciprocal tariffs and sectoral tariffs and what's gonna come and when. So there is a little bit of a wait and see.

這些不是上個季度進行的投資。過去五年來我們一直致力於此。再說一遍，這並不是因為我們已經預見了關稅。我們只是想掌控自己的命運，對我們來說，建立製造基地的最佳方式或最有效的方法就是在美國。但我認為這還沒有實現。我們確實有一些客戶——你可能一隻手就能數過來——他們很精明，知道計劃是什麼，也知道計劃如何發展。它們已經開始移動並越來越靠近我們。但我認為廣大客戶群存在著許多困惑。人們並不完全了解互惠關稅和部門關稅之間的區別，以及它們何時會出現。因此還需要等待一段時間才能看到結果。

And by the way, we don't know as well how things will evolve in the second half of the year. I will say that I believe our opportunity is greater than our challenge.

順便說一句，我們也不知道下半年的情況會如何發展。我想說，我相信我們的機會大於挑戰。

While we are well equipped and well -- the diversity of our supply, of our manufacturing footprint and supply chain is high, and we have proven it to our customers in Asia, specifically in China in the second quarter, I think TI is unique in the fact that we have a manufacturing footprint in the U.S. And if U.S. chips are indeed becoming incentivized in whatever ways they choose to do that, TI has a unique answer. Not only that we have the scale and the size of the required capacity, it's also very affordable, it's low cost, very competitive. And again, that opportunity has not played out yet, but we are ready for whatever changes we are going to meet in the second half of the year and beyond.

雖然我們裝備精良，而且我們的供應、製造足跡和供應鏈的多樣性很高，而且我們已經向亞洲客戶（特別是第二季的中國客戶）證明了這一點，但我認為 TI 的獨特之處在於我們在美國擁有製造足跡。如果美國晶片確實以他們選擇的任何方式受到激勵，那麼 TI 有一個獨特的答案。我們不僅擁有所需的規模和產能，而且價格也非常實惠，成本低，非常有競爭力。再次強調，這個機會還沒有實現，但我們已經為今年下半年及以後將要遇到的任何變化做好了準備。

All right. Thanks, Josh. We'll move on to the last caller.

好的。謝謝，喬希。我們接下來接聽最後一位來電者。

William Stein, Truist Securities.

威廉·斯坦（William Stein），Truist Securities。

Great. Thanks for taking my question. It's variation on the theme that we've listened to tonight. I think it was the past call, and if not, certainly during the quarter, Haviv, I think you characterized the environment as cyclical recovery as the signal and that tariffs and geopolitics are more noise, and that the signal-to-noise ratio is very high. And I think there was an expectation that the momentum that we saw in the first half of the year was going to extend, and yet the guidance is confusing in light of that view. Specifically, you just delivered a plus 16.5% result year over year, and I think you're guiding to 11.5% plus. So how do I reconcile this? Is the environment just much more noisy than what you would characterize a quarter ago? Or did something else change? Is there another way to describe what happened in the last quarter?

偉大的。感謝您回答我的問題。這是我們今晚聽到的主題的變奏。我認為這是過去的呼籲，如果不是，肯定是在本季度，哈維夫，我認為你將環境描述為週期性復甦作為信號，而關稅和地緣政治更多的是噪音，信噪比非常高。我認為人們預期今年上半年的成長動能將會延續，但從這種觀點來看，指引令人困惑。具體來說，你們剛剛實現了同比增長 16.5% 的業績，我認為你們的預期增長幅度將達到 11.5% 以上。那我該如何調和這一點呢？與一個季度前相比，環境是否更加吵雜？或有其他變化嗎？有其他方式來描述上個季度發生的事情嗎？

No. I think regarding, Bill, what happened -- Will, sorry. What happened in Q2, I think we were very open about it. As I said, we did see some dynamics within the quarter. It was more noisy, if you will, in the second half of the quarter. And it's very hard for us to, as I said to Vivek and others, to quantify how much of what we saw in the second quarter was tariff related or cyclical recovery or both. I will say that I think both played.

不。比爾，我想到了發生的事——威爾，對不起。我認為我們對於第二季度發生的事情非常坦誠。正如我所說，我們確實看到了本季的一些動態。如果你願意的話，本季的後半段會更加喧鬧。正如我對維韋克和其他人所說的那樣，我們很難量化第二季我們看到的現像有多少是與關稅相關的，還是週期性復甦，或者兩者兼而有之。我想說的是，我認為兩人都上場了。

And when you make guidance into the third quarter, with the data we see right now, we just want to take a responsible approach. That's the data we have right now. That's the way we call it. I think during the last call, everybody was pushing back how could it be that TI will grow 7% sequentially, and I think we’ve upsided there.

當你對第三季做出預測時，根據我們現在看到的數據，我們只是想採取負責任的態度。這就是我們現在擁有的數據。我們就是這麼稱呼它的。我認為在上次電話會議中，每個人都在質疑德州儀器如何能夠實現連續 7% 的成長，而我認為我們已經實現了成長。

So I think right now, maybe the expectations were higher, which we are just calling the forecast the way we see it. We have to let it play out. I will reiterate that I believe the cyclical recovery is strong. Even if it's masked a little bit by this tariff environment, I think we now have four out of the five markets already in. I expect automotive to join. I just don't see it yet.

所以我認為現在，也許預期更高，我們只是按照我們所看到的方式稱之為預測。我們必須讓它發揮作用。我要重申，我相信週期性復甦是強烈的。即使受到這種關稅環境的一點掩蓋，我認為我們現在已經進入了五個市場中的四個。我希望汽車產業能夠加入。我只是還沒看到。

And once we have all five markets pointing in the right direction, we'll be complete. This recovery is very, very different from any previous one. You can see it also at the slope of the recovery when you look at the overall WSTS without memory trend, you can see a not very sharp return to trend line. We are still running 12% or 13%, I believe, below trend line. And there is a lot of -- usually, when a cycle establishes itself, you first have to get a trend line, and then you have to establish the next peak. We are still running double digits percentage-wise on units below trend line.

一旦五個市場都朝著正確的方向發展，我們的目標就完成了。這次復甦與以往任何一次復甦都截然不同。當您查看沒有記憶趨勢的整體 WSTS 時，您還可以在復甦的斜率上看到它，您可以看到回歸趨勢線的趨勢不是非常明顯。我認為，我們仍然低於趨勢線 12% 或 13%。還有很多——通常，當一個週期建立起來時，你首先必須得到一條趨勢線，然後你必須確定下一個高峰。我們在趨勢線以下的單位數量仍以兩位數的百分比成長。

So I think that's what we're seeing. We are not different than the rest of the market, I believe. And we'll just have to continue to let it play out. So that would be my answer to your question, Will.

所以我認為這就是我們所看到的。我相信，我們與市場上的其他公司沒有什麼不同。我們只需要繼續讓它發揮作用。這就是我對你的問題的回答，威爾。

Do you have a follow-up?

你有後續行動嗎？

Yeah. If I can follow-up one area that I hope might be a little bit more optimistic. In enterprise, I think you had a good quarter. And I'm wondering if you can remind us, or update us as to your current and maybe future anticipated exposure to the rapid growth AI markets? Thank you.

是的。如果我可以跟進一個領域，我希望可能會更樂觀一些。在企業方面，我認為你們度過了一個不錯的季度。我想知道您是否可以提醒我們，或向我們介紹您目前以及未來對快速成長的人工智慧市場的預期？謝謝。

Yeah. Very well. Our enterprise market is mainly -- I think the largest sector over there for us is data center. Data center is compute. But it's not only data center. We also have, for example, large printers or enterprise printers over there and also projection devices. So we probably want to clarify that over time.

是的。很好。我們的企業市場主要是—我認為我們最大的市場是資料中心。資料中心就是計算。但它不僅僅是數據中心。例如，我們那裡還有大型印表機或企業印表機，還有投影設備。因此我們可能希望隨著時間的推移澄清這一點。

But if I just focus on data center, and it's mainly today inside the enterprise market for TI, but also a little bit of the optical communication inside comms. When I cut out and I look at our data center story, that's behaving very well this year. It's growing very nicely. It's a very high level, above that 50% that I've mentioned before. And the future has a large opportunity for TI because we are seeing ourselves playing in more sockets over time.

但如果我只專注於資料中心，那麼今天它主要涉及 TI 的企業市場，但也涉及通訊領域的光通訊。當我切入並回顧我們的資料中心故事時，我發現今年它的表現非常好。它長得很好。這是一個非常高的水平，高於我之前提到的50％。TI 的未來充滿機遇，因為我們看到自己隨著時間的推移在更多的插槽中發揮作用。

Currently, our footprint on the data center side is more with our general-purpose parts. We have a large share over there. But we're also working closely with some key customers to expand our positions there to more application-specific opportunities. This is based on our new technology that is ramping right now in Sherman, Texas. We already have samples, and we are competing to win share over there. That's more of a tailwind, a potential tailwind for us in 2026 and beyond. So that's our data center story. And thanks for that question, Will.

目前，我們在資料中心方面的足跡更集中在通用部件上。我們在那裡佔有很大的份額。但我們也與一些關鍵客戶密切合作，以擴大我們在這些領域的地位，並獲得更多特定應用的機會。這是基於我們目前正在德克薩斯州謝爾曼大力推廣的新技術。我們已經有樣品，並且正在競爭贏得那裡的份額。這對我們來說更像是一種順風，一種 2026 年及以後的潛在順風。這就是我們的資料中心的故事。謝謝你的提問，威爾。

Thank you.

謝謝。

Okay. So 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 to owners is the long-term growth of free cash flow per share.

好的。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度和為所有者創造價值的最佳指標是每股自由現金流的長期成長。

With that, thank you, and have a good evening.

謝謝您，祝您晚上愉快。

Thank you. This does conclude today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，大家可以斷開線路了。感謝您的參與。