德州儀器 (TXN) 2021 Q3 法說會逐字稿

Good day and welcome to the Texas Instruments Q3 2021 Earnings Release Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加德州儀器 2021 年第三季度收益發布電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Dave Pahl. Please go ahead.

在這個時候，我想把會議交給 Dave Pahl。請繼續。

Good afternoon, and thank you for joining our third quarter 2021 earnings conference call. For any of you who missed the release, you can find it on our website at ti.com/ir. This call is being broadcast live over the web and can be accessed through our website. A replay will be available through the web.

下午好，感謝您參加我們的 2021 年第三季度收益電話會議。對於錯過發布的任何人，您可以在我們的網站 ti.com/ir 上找到它。該電話正在網絡上進行現場直播，可以通過我們的網站訪問。重播將通過網絡提供。

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

本次電話會議將包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致 TI 的結果與管理層當前的預期存在重大差異。我們鼓勵您查看今天發布的財報中包含的有關前瞻性陳述的通知以及 TI 最近提交給 SEC 的文件，以獲得更完整的描述。

Our Chief Financial Officer Rafael Lizardi is with me today, and we'll provide the following updates. First, I'll start with a quick overview of the quarter. Next, I'll provide insight into third quarter revenue results with some details of what we're seeing in respect to the customers and markets. And I'll also provide details by end market, including some sequential performance, as we have the last few quarters. As sequential data begins to be less insightful, we'll move back to reporting only year over year, per our normal practice. And lastly, Rafael will cover the financial results, an update of our capacity expansion plans and our guidance for fourth quarter 2021.

我們的首席財務官 Rafael Lizardi 今天與我同在，我們將提供以下更新。首先，我將從本季度的快速概覽開始。接下來，我將提供對第三季度收入結果的洞察，以及我們所看到的有關客戶和市場的一些細節。我還將按終端市場提供詳細信息，包括一些連續的表現，就像我們過去幾個季度一樣。隨著順序數據開始變得不那麼有洞察力，我們將根據我們的常規做法，轉而僅逐年報告。最後，Rafael 將介紹財務業績、我們的產能擴張計劃更新以及我們對 2021 年第四季度的指導。

Starting with a quick overview of the quarter. Revenue in the quarter was $4.6 billion, an increase of 1% sequentially and 22% year over year, driven by demand in industrial, automotive and personal electronics. On a sequential basis, Analog grew 2% and Embedded Processing declined 5%. On a year-over-year basis, Analog revenue grew 24% and Embedded Processing grew 13%. Our "Other" segment grew 19% from the year-ago quarter.

從本季度的快速概覽開始。在工業、汽車和個人電子產品需求的推動下，本季度收入為 46 億美元，環比增長 1%，同比增長 22%。在連續的基礎上，模擬增長 2%，嵌入式處理下降 5%。與去年同期相比，模擬收入增長 24%，嵌入式處理增長 13%。我們的“其他”部門比去年同期增長了 19%。

Now let me comment on the current environment to provide some context of what we're seeing with our customers and markets. Overall, the quarter came in generally as we expected across the product segments, end markets and geographies.

現在讓我對當前環境發表評論，以提供一些我們在客戶和市場中看到的情況。總體而言，本季度在產品領域、終端市場和地區的表現總體上符合我們的預期。

Lead times for the majority of our products remain stable, but hot spots continue to exist. However, customers are becoming more selective in their expedite requests, focusing on products that complete a "matched set" rather than expediting products across the board. This behavior is not specific to any product family, end market or geography.

我們大多數產品的交貨時間保持穩定，但熱點仍然存在。然而，客戶在他們的加急請求中變得更加挑剔，專注於完成“匹配集”的產品，而不是全面加急產品。這種行為並不特定於任何產品系列、終端市場或地域。

Discussions with customers confirm a high level of interest in our commitment to expanding our internal manufacturing capacity roadmap, including 300-millimeter wafer fabs RFAB2 and Lehi -- or what we call LFAB -- and the associated assembly test expansions. These investments to strengthen our manufacturing and technology competitive advantage will provide lower costs and greater control of our supply chain. And while there is a growing recognition that the near-term supply/demand imbalance will end at some point, the secular growth of semiconductor content per system will continue to grow, and this requires a robust manufacturing capacity roadmap for 2025 and beyond.

與客戶的討論證實了我們對擴大內部製造能力路線圖的承諾高度感興趣，包括 300 毫米晶圓廠 RFAB2 和 Lehi（我們稱之為 LFAB）以及相關的組裝測試擴展。這些加強我們製造和技術競爭優勢的投資將降低成本並更好地控制我們的供應鏈。儘管人們越來越認識到短期供需失衡將在某個時候結束，但每個系統的半導體含量的長期增長將繼續增長，這需要一個強大的 2025 年及以後的製造能力路線圖。

Moving on, I'll provide some insight into our third quarter revenue by end market.

接下來，我將按終端市場對我們第三季度的收入提供一些見解。

First, the industrial market was down mid-single digits sequentially and up about 40% from a year ago. The changes both sequentially and from the year ago were generally consistent across the diverse set of sectors.

首先，工業市場環比下降中個位數，同比增長約 40%。不同行業的連續變化和一年前變化大體上是一致的。

The automotive market again grew sequentially and was up more than 20% from the year ago. When comparing to pre-pandemic levels of Q4 2019, revenue is up almost 30%.

汽車市場再次環比增長，同比增長超過 20%。與 2019 年第四季度大流行前的水平相比，收入增長了近 30%。

Personal electronics grew low-double digits sequentially and was up low-double digits compared to a year ago. The strength sequentially and the year ago was due to mobile phones, PC/notebooks and tablets.

個人電子產品環比增長低至兩位數，與一年前相比增長低至兩位數。與去年同期相比，手機、個人電腦/筆記本電腦和平板電腦的增長勢頭強勁。

Next, communications equipment was down mid-single digits sequentially and was down upper teens from a year ago.

接下來，通信設備連續下降中個位數，比一年前下降了十幾歲。

Enterprise systems grew sequentially and from the year-ago quarter.

企業系統與去年同期相比連續增長。

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

Rafael 現在將審查盈利能力、資本管理和我們的前景。

Thanks, Dave, and good afternoon, everyone. As Dave mentioned, third quarter revenue was $4.6 billion, up 22% from a year ago. Gross profit in the quarter was $3.2 billion, or 68% of revenue. From a year ago, gross profit margin increased 360 basis points.

謝謝，戴夫，大家下午好。正如戴夫所說，第三季度收入為 46 億美元，同比增長 22%。本季度毛利潤為 32 億美元，佔收入的 68%。與一年前相比，毛利率提高了 360 個基點。

Operating expenses in the quarter were $800 million, up 1% from a year ago and about as expected. On a trailing 12-month basis, operating expenses were 18% of revenue. Over the last 12 months, we have invested $1.6 billion in R&D.

本季度的運營費用為 8 億美元，同比增長 1%，與預期相符。在過去 12 個月的基礎上，運營費用佔收入的 18%。在過去的 12 個月裡，我們在研發上投入了 16 億美元。

Acquisition charges, a noncash expense, were $47 million in the third quarter and will go to zero beginning in fourth quarter of 2021.

收購費用是一項非現金支出，第三季度為 4700 萬美元，將從 2021 年第四季度開始降至零。

Operating profit was $2.3 billion in the quarter, or 50% of revenue. Operating profit was up 43% from the year-ago quarter.

本季度營業利潤為 23 億美元，佔收入的 50%。營業利潤較去年同期增長 43%。

Net income in the third quarter was $1.9 billion, or $2.07 per share.

第三季度淨收入為 19 億美元，合每股 2.07 美元。

Let me now comment on our capital management results, starting with our cash generation.

現在讓我評論一下我們的資本管理結果，從我們的現金產生開始。

Cash flow from operations was $2.4 billion in the quarter. Capital expenditures were $486 million in the quarter. Free cash flow on a trailing 12-month basis was $7.1 billion.

本季度運營現金流為 24 億美元。本季度的資本支出為 4.86 億美元。過去 12 個月的自由現金流為 71 億美元。

In September, we announced we would increase our dividend by 13% effective this month, marking our 18th consecutive year of dividend increases. In the quarter, we paid $942 million in dividends and repurchased $139 million of our stock. In total, we have returned $4.2 billion in the past 12 months. Over the same period, our dividend represented 53% of free cash flow, underscoring its sustainability.

9 月，我們宣布將從本月起將股息提高 13%，這是我們連續第 18 年提高股息。本季度，我們支付了 9.42 億美元的股息，並回購了 1.39 億美元的股票。在過去的 12 個月中，我們總共返還了 42 億美元。同期，我們的股息佔自由現金流的 53%，凸顯了其可持續性。

Our balance sheet remains strong with $9.8 billion of cash and short-term investments at the end of the third quarter. In the quarter, we've issued $1.5 billion of debt in three tranches of $500 million each. The first has a coupon of 1.125%, which is due in five years; the second a 1.9% due in 10 years; and the last, a 2.7% due in 30 years. This resulted in total debt of $7.8 billion with a weighted average coupon of 2.6%.

我們的資產負債表保持強勁，截至第三季度末有 98 億美元的現金和短期投資。在本季度，我們分三期發行了 15 億美元的債務，每期 5 億美元。第一個有 1.125% 的票息，五年後到期；第二個 1.9% 的 10 年到期；最後一個，2.7% 30 年後到期。這導致總債務為 78 億美元，加權平均票面利率為 2.6%。

Regarding inventory, TI inventory dollars were up $7 million from the prior quarter, and days were 112, up one day sequentially but still below desired levels.

在庫存方面，TI 庫存美元比上一季度增加了 700 萬美元，天數為 112 天，比上一季度增加了一天，但仍低於預期水平。

For the fourth quarter, we expect TI revenue in the range of $4.22 billion to $4.58 billion and earnings per share to be in the range of $1.83 to $2.07. The Lehi acquisition closed last Friday, but the costs are not included in our guidance. We will provide those details when we report fourth quarter results. Just as a reminder, the purchase price was about $900 million, and we expect ongoing cost of about $75 million per quarter through 2022.

對於第四季度，我們預計 TI 收入在 42.2 億美元至 45.8 億美元之間，每股收益在 1.83 美元至 2.07 美元之間。 Lehi 收購於上週五結束，但成本未包含在我們的指導中。我們將在報告第四季度業績時提供這些細節。提醒一下，購買價格約為 9 億美元，我們預計到 2022 年每季度的持續成本約為 7500 萬美元。

We continue to expect our annual operating tax rate for 2021 to be about 14% and our effective tax rate to be about 13%. As you are looking at your models for 2022, without any changes to tax law, we would expect our annual operating and effective tax rates to remain about what they are this year with a similar quarterly profile of discrete tax benefits that are higher in the first quarter compared to the rest of the year.

我們繼續預計 2021 年的年營業稅率約為 14%，有效稅率約為 13%。當您查看 2022 年的模型時，在稅法沒有任何變化的情況下，我們預計我們的年度運營稅率和有效稅率將保持在今年的水平，並具有類似的離散稅收優惠的季度概況，在第一季度更高季度與今年其他時間相比。

In closing, we continue to invest to strengthen our competitive advantages and in making our business stronger. Our investments in our long-term roadmap for capacity expansion both in LFAB and RFAB2 are great examples. As a reminder, our CapEx will be higher on an absolute level as well as a percentage of revenue as we strengthen this advantage. We are working through detailed plans of our long-term roadmap, and we'll have specifics of timing and CapEx spending in our capital management call in February. We continue to believe owning and controlling our supply chain will be of growing strategic importance.

最後，我們將繼續投資以增強我們的競爭優勢並讓我們的業務更加強大。我們對 LFAB 和 RFAB2 產能擴張長期路線圖的投資就是很好的例子。提醒一下，隨著我們加強這一優勢，我們的資本支出將在絕對水平和收入百分比上更高。我們正在製定長期路線圖的詳細計劃，我們將在 2 月份的資本管理電話會議中詳細說明時間安排和資本支出支出。我們仍然相信擁有和控制我們的供應鏈將具有越來越重要的戰略意義。

With that, let me turn it back to Dave.

有了這個，讓我把它轉回戴夫。

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

謝謝，拉斐爾。接線員，您現在可以打開排隊提問。 （操作員說明）操作員？

(Operator Instructions) And we will go first to John Pitzer of Credit Suisse.

（操作員說明）我們將首先聯繫瑞士信貸的約翰·皮策。

Dave, I know in this sort of environment, seasonality doesn't make a lot of sense. But when you look at the September quarter, I'm just kind of curious, the June quarter came in well above your guidance range. September was well above the midpoint but still within the guidance range. We're hearing of logistical constraints and supply constraints across the economy. I'm kind of curious, when you look at sort of the lower level of upside in the September quarter versus the June quarter, to what extent might have there been supply constraints outside of your control? To what extent do you think it's customers just being more selective about what they're pulling from you? Any color there would be helpful.

戴夫，我知道在這種環境下，季節性沒有多大意義。但是，當您查看 9 月季度時，我有點好奇，6 月季度遠高於您的指導範圍。 9 月遠高於中點，但仍在指導範圍內。我們聽到整個經濟體的物流限制和供應限制。我有點好奇，當您查看 9 月季度與 6 月季度相比較低的上行空間時，供應限制可能在多大程度上超出您的控制？您認為客戶在多大程度上對他們從您那裡獲得的東西更加挑剔？那裡的任何顏色都會有幫助。

Sure, John, and thanks for the question. Yes, I really think it depends on the customers' bill of material. I think that there are supply constraints that are widely reported across different components. And as we mentioned in our prepared remarks, the behavior that we're seeing that's different, our customers are showing up and requesting we have meetings with them rather than showing up with long list of devices that they're asking us to expedite. They're really just short lists. So they're looking for particular parts that complete those matched sets so that they can complete those builds for them. So it is a different behavior that we're seeing this quarter versus the prior quarters. So do you have a follow-on?

當然，約翰，謝謝你的問題。是的，我真的認為這取決於客戶的材料清單。我認為在不同的組件中廣泛報導了供應限制。正如我們在準備好的評論中提到的那樣，我們看到的行為有所不同，我們的客戶出現並要求我們與他們會面，而不是出現他們要求我們加快處理的一長串設備。它們實際上只是短名單。因此，他們正在尋找能夠完成這些匹配集的特定部件，以便他們可以為他們完成這些構建。因此，我們在本季度看到的行為與前幾個季度不同。那你有後續嗎？

Yes. Just as a follow-on, I know you're going to give us more color about LFAB expenses and RFAB expenses as we get into next year. But I'm wondering if you could just help us set the stage a little bit. Next year is obviously going to be kind of a capacity build-out year for you. And I guess all else being equal, how should we think about the gross margin impact on calendar year '22 as you layer in these investments?

是的。作為後續，我知道你會在我們進入明年時給我們更多關於 LFAB 費用和 RFAB 費用的信息。但我想知道你是否可以幫我們搭建一點舞台。明年對你來說顯然是一種能力建設的一年。我想在其他條件相同的情況下，當您在這些投資中分層時，我們應該如何考慮對 22 日曆年的毛利率影響？

Yes. I'll take that one. First, as you know, you've known us for a long time, we don't manage the business to gross margins. We manage for the long-term growth of free cash flow per share, and that starts with driving the top line. And that's why we're making these investments, right, to support revenue growth, and as we do that, it is extending our low-cost manufacturing advantage that gives us the great structural cost advantage with 300-millimeter. And in addition to that, we're controlling the supply chain.

是的。我會拿那個。首先，如您所知，您已經認識我們很長時間了，我們不會將業務管理到毛利率。我們管理每股自由現金流的長期增長，這從推動收入開始。這就是為什麼我們進行這些投資以支持收入增長，並且在我們這樣做的同時，它正在擴展我們的低成本製造優勢，從而為我們提供了 300 毫米的巨大結構成本優勢。除此之外，我們還在控制供應鏈。

And specifically on your question, take RFAB2, all in, that's about a $6 billion expense. About a billion of that is a building which depreciates over 30 years or so. The balance of the rest is equipment, and we're going to be putting in that equipment starting next year and over the coming years.

特別是關於你的問題，以 RFAB2 為例，這大約是 60 億美元的費用。其中大約 10 億是一座在 30 年左右貶值的建築物。其餘部分是設備，我們將在明年和未來幾年內投入這些設備。

With LFAB, obviously, a $900 million purchase price. And that -- some of that is building, some of that is equipment. And then on top of that, we'll put about $3 billion of CapEx over a number of years as we ramp that up. So we'll give you additional details on that and the bigger longer-term picture of how we're going to support the longer-term growth. We'll give you those details in February at the capital management call.

顯然，LFAB 的收購價格為 9 億美元。那——其中一些是建築，其中一些是設備。最重要的是，我們將在幾年內投入大約 30 億美元的資本支出，因為我們會增加這一點。因此，我們將向您提供有關這方面的更多詳細信息，以及我們將如何支持長期增長的更大長期圖景。我們將在 2 月份的資本管理電話會議上向您提供這些細節。

And we'll go next to Timothy Arcuri of UBS.

我們將在瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）旁邊。

Rafael, I was wondering if you can talk about pricing. Obviously, you're seeing some increases in your input costs. Can you talk about whether you're passing those on to customers and sort of how ubiquitous any price increases on your side might be?

Rafael，我想知道你是否可以談談定價。顯然，您看到投入成本有所增加。你能談談你是否將這些轉嫁給客戶，以及你身邊的任何價格上漲可能有多普遍嗎？

Yes. What I would tell you, our strategy on pricing has not changed. We regularly monitor that, and our goal is to be competitive. And it's really, frankly, independent of the input cost to the largest degree. But our goal is to be competitive. And if prices move higher, we adjust those over time, and we have been adjusting those over time.

是的。我要告訴你的是，我們的定價策略沒有改變。我們定期對此進行監控，我們的目標是保持競爭力。坦率地說，它在很大程度上獨立於投入成本。但我們的目標是具有競爭力。如果價格走高，我們會隨著時間的推移進行調整，而且我們一直在隨著時間的推移進行調整。

Follow-on, Tim?

跟進，蒂姆？

I did, Dave. And I guess I'll ask the same question that I've asked the last, I think, three calls about share repo. It was pretty low again. I guess is there sort of -- can you help us think through maybe what the triggers might be for you to start to buy back more stock? Is there a target cash level where maybe you'd say that the balance sheet is getting a little bit overcapitalized and you'd start to buy back more stock? I'm just kind of -- obviously, you're not buying back much, but I'm just kind of wondering if you can talk us through what triggers you might be looking for to start that back again.

我做到了，戴夫。我想我會問我上次問過的同樣的問題，我想，關於股票回購的三個電話。它又很低了。我想有什麼——你能幫助我們思考一下你開始回購更多股票的觸發因素嗎？是否有一個目標現金水平，你可能會說資產負債表有點過度資本化，你會開始回購更多股票？我只是 - 顯然，你不會回購太多，但我只是想知道你是否可以告訴我們你可能正在尋找什麼觸發器來重新開始。

Yes. Stepping back and just to remind everybody how we think about returns, our objective is to return all free cash flow to the owners of the company over the long term, and we do that through dividends and buybacks. If you look at our 18-year history on that, it's really consistent. In fact, we've -- many years -- most years, we've averaged well over 100% of return.

是的。退一步，提醒大家我們如何看待回報，我們的目標是長期將所有自由現金流返還給公司所有者，我們通過股息和回購來做到這一點。如果你看看我們 18 年的歷史，那真的是一致的。事實上，我們已經 - 許多年 - 大多數年，我們的平均回報率遠遠超過 100%。

During that time, we have -- I would remind you, we have increased the proportion of the return that comes into dividends. So that also plays into that. But as long as we think the buybacks are accretive to our long-term owners, we're going to have some buybacks. And as you have seen, as you pointed out, in the last three quarters, we have -- in fact, I don't think there's been a single quarter in the last 18 years or so that we have not purchased -- returned cash to the owners through buybacks in one form or another.

在那段時間裡，我們 - 我要提醒你，我們增加了股息回報的比例。所以這也起到了作用。但只要我們認為回購對我們的長期所有者來說是增值的，我們就會進行一些回購。正如你所看到的，正如你所指出的，在過去三個季度中，我們 - 事實上，我認為在過去 18 年左右的時間裡，我們沒有一個季度沒有購買 - 退回現金通過以一種或另一種形式回購給所有者。

We'll go next to Harlan Sur of JPMorgan.

我們將在摩根大通的 Harlan Sur 旁邊。

On finished goods inventory, most of which I assume is sitting at customer consignment hubs, this has come down faster than overall inventories, right? Finished goods dropped 8% sequentially in Q3, dropped 9% in Q2. They're down 25% from the beginning of this year and down 33% pre-COVID-19, I assume, due to the strong demand profile from your direct customers. So how far below normal are consignment inventories relative to your customers' target levels? And is part of the muted Q4 outlook to replenish these very low inventories? Or does the demand profile backlog and forecast actually reflect a sequential decline here in the fourth quarter?

在成品庫存方面，我認為其中大部分位於客戶寄售中心，這比整體庫存下降得更快，對吧？製成品第三季度環比下降 8%，第二季度下降 9%。我認為，由於直接客戶的強勁需求，它們比今年年初下降了 25%，在 COVID-19 之前下降了 33%。那麼，寄售庫存相對於客戶的目標水平低了多少？補充這些非常低的庫存是否是第四季度前景黯淡的一部分？還是需求概況積壓和預測實際上反映了第四季度的連續下降？

Yes. So I'll start and, Dave, you want to chime in after that. But I think where you're going with that -- let me maybe step back. Yes, obviously, inventory levels are below desired levels, right? We're at 112 days. Our target is 130 to 190 days. So clearly, we're well below where we want to be.

是的。所以我會開始，戴夫，你想在那之後插話。但我認為你的目標是——讓我退後一步。是的，很明顯，庫存水平低於預期水平，對吧？我們有 112 天。我們的目標是 130 到 190 天。很明顯，我們遠低於我們想要的水平。

And inside of that, as you pointed out, finished goods -- all finished goods, whether it's in consignment or at our product distribution centers, are the ones that are decreasing most. In fact, even though inventory -- total inventory levels stayed about flat, slightly up second to third quarter, finished goods decreased. And then raw materials increased a little bit to offset that.

正如你所指出的，在其中，成品——所有成品，無論是寄售還是在我們的產品配送中心，都是下降最多的。事實上，儘管庫存——總庫存水平基本持平，第二至第三季度略有上升，但製成品卻有所下降。然後原材料增加一點來抵消這一點。

So our goal, as soon as capacity increases, if there's an adjustment in demand, we will build those inventory levels back up to be at more healthy levels. And given our business model, it's just a great bet just given the low obsolescence of our inventory, the diversity of positions, diversity of products that we can afford. Not only we can afford, it makes sense for us to build that inventory, have it ready for the secular growth that we're confident will happen beyond that.

因此，我們的目標是，一旦產能增加，如果需求出現調整，我們將把這些庫存水平恢復到更健康的水平。考慮到我們的商業模式，考慮到我們的庫存過時率低、職位的多樣性、我們能負擔得起的產品的多樣性，這只是一個很好的選擇。不僅我們負擔得起，而且建立庫存，為長期增長做好準備對我們來說是有意義的，我們相信在此之後會發生。

And I think maybe tactically where you were going on consignment inventory, frankly, those tend to be pretty lean to begin with. That's how that process is designed to just keep a couple of weeks. So I wouldn't expect that by itself to build significantly purely consignment. Where I would expect the build to happen is more at our product distribution centers, and that gives us more flexibility to then ship where the demand is most needed. Dave, do you have...

而且我認為，坦率地說，從戰術上講，這些寄售庫存往往一開始就很精簡。這就是該過程被設計為僅保留幾週的方式。所以我不指望它本身會產生明顯的純粹寄售。我希望在我們的產品配送中心更多地進行構建，這給了我們更大的靈活性，然後將其運送到最需要需求的地方。戴夫，你有沒有...

I think that's well said. I think just tactically, where we -- whether we keep it in our hubs where we would prefer it or if we push it out to a consignment center, that will just be reflective of our expectation that a customer will pull it. So that's just a tactical decision.

我覺得說的很好。我認為只是在戰術上，我們 - 無論是我們將它保存在我們更喜歡它的中心還是我們將它推到寄售中心，這將反映我們對客戶會拉它的期望。所以這只是一個戰術決定。

I'd also point out that, as you said, Rafael, we do plan to bring on more capacity incrementally as we have each quarter through this year and through the middle of next year. And in the back half of 2022, RFAB2 will come online and then that will be followed by LFAB. It's been -- as Rafael pointed out, we did close on that factory on Friday of last week. And so that is on target to come online in early 2023 to support growth in the future.

我還要指出，正如你所說，Rafael，我們確實計劃逐步增加產能，因為我們在今年和明年年中的每個季度都有。在 2022 年下半年，RFAB2 將上線，然後是 LFAB。正如拉斐爾指出的那樣，我們確實在上週五關閉了那家工廠。因此，它的目標是在 2023 年初上線，以支持未來的增長。

So did you have a follow-on, Harlan?

那麼你有後續嗎，哈倫？

Yes. I appreciate the insightful answer. So exiting last year, the direct business, which includes consignment, that was about 65% of revenues. Where does that mix roughly sit today? And did the team drive a positive book-to-bill ratio in Q3, if you could maybe quantify?

是的。我很欣賞有見地的回答。去年退出後，包括寄售在內的直接業務約佔收入的 65%。這種組合今天大致位於哪裡？如果可以量化的話，該團隊是否在第三季度實現了正的訂單出貨比？

So on the book-to-bill, we don't think that's relevant, frankly, and -- we haven't disclosed that in a while, and we're not disclosing that anymore.

所以在帳單上，坦率地說，我們認為這不相關，而且 - 我們已經有一段時間沒有披露了，我們也不再披露了。

On your first question on percent, I think you asked percent of our revenue from consignment? Is that right?

關於百分比的第一個問題，我想你問的是我們寄售收入的百分比？是對的嗎？

I didn't quite...

我不太...

Yes, that first part.

是的，第一部分。

Yes, could you just repeat it, Harlan, so we got -- make sure we got it right, what you're asking, the first question?

是的，你能重複一遍嗎，哈倫，所以我們得到了——確保我們做對了，你要問的是第一個問題嗎？

Harlan, are you there?

哈蘭，你在嗎？

Yes. Just percentage of the overall direct business.

是的。只是整體直接業務的百分比。

Oh, direct business. Yes -- so yes. So we left last year with about two-thirds of our revenues direct. So we expect that, that percentage will increase over time. We'll provide an update of what we've done with that this year in our February call -- cap management call in February of actually what that looks like. But just to say over time that we do expect that, that will move up slightly over time.

哦，直接業務。是的——所以是的。所以我們去年離開時直接獲得了大約三分之二的收入。所以我們預計，這個百分比會隨著時間的推移而增加。我們將在 2 月份的電話會議中提供我們今年所做的更新 - 2 月份的上限管理電話會議實際上是什麼樣的。但只是說隨著時間的推移，我們確實預計會隨著時間的推移而略有上升。

So -- and just the other color with Rafael talking about book-to-bill, as we've got a lot of our revenue on consignment, we've got TI.com, the actual backlog isn't quite as meaningful as what it used to be. So as he said, it's just not a number that we look at or measure or we've talked about in some time. So it isn't quite as helpful as what it used to be.

所以 - 只是拉斐爾談論訂單到賬單的另一種顏色，因為我們有很多寄售收入，我們有 TI.com，實際積壓並不像什麼那麼有意義它曾經是。因此，正如他所說，這不是我們觀察或衡量的數字，也不是我們在一段時間內討論過的數字。所以它不像以前那麼有用。

And we'll go next to Stacy Rasgon of Bernstein Research.

我們將在 Bernstein Research 的 Stacy Rasgon 旁邊進行討論。

For the first one, I wanted to ask about the near-term Micron impact. I know you said $75 million in cost impact in the model next year. Those costs don't go away, right? That $75 million a quarter is people, correct? And does it include depreciation or anything else or is it just people, does it? Like how do you think about that, like what that incremental cost long term?

對於第一個問題，我想問一下美光近期的影響。我知道你說過明年該模型的成本影響為 7500 萬美元。這些成本不會消失，對吧？每季度 7500 萬美元是人，對嗎？它是否包括折舊或其他任何東西，或者只是人，是嗎？就像您如何看待這一點，例如長期的增量成本是多少？

Very good, Stacy. Good direct question. So yes, that $75 million is mainly people and direct costs, not depreciation. Depreciation will not start until about first quarter '23 when we start production, just the way the rules work on that front.

很好，斯泰西。好直接的問題。所以是的，這 7500 萬美元主要是人員和直接成本，而不是折舊。直到 23 年第一季度我們開始生產時，折舊才會開始，就像規則在這方面的工作方式一樣。

And that $75 million, we're still working through the details, but we currently believe that the most likely scenario is that most of that cost will go to the restructuring charges/other line until we start production, right? And then at that point, the majority of the cost would go to the COR line.

而那 7500 萬美元，我們仍在研究細節，但我們目前認為最有可能的情況是，在我們開始生產之前，大部分成本將用於重組費用/其他生產線，對嗎？然後到那時，大部分成本將流向 COR 生產線。

Now the costs actually do increase over time as we increase production, right? But I think where you're going is that as that happens and those costs are then absorbed by revenue, right? Now how quickly those are absorbed beyond utilization, underutilization, et cetera, that just depends how quickly we ramp that factory, right? Clearly, at the beginning, there won't be 100% absorption, and we'll get to that at some point.

現在，隨著我們增加產量，成本實際上會隨著時間的推移而增加，對吧？但我認為你要去的地方是，當這種情況發生時，這些成本就會被收入吸收，對吧？現在，除了利用、利用不足等因素之外，這些吸收的速度有多快，這僅取決於我們增加工廠的速度，對嗎？很明顯，一開始不會有 100% 的吸收，我們會在某個時候做到這一點。

But we'll -- we're not going to -- that's in 2023. So we'll get to that at some point to give you some details. And in February, at the capital management call, I think we'll frame it kind of the bigger picture of that, along with our other CapEx investment, and you'll get a better sense of how that's going to play out.

但我們會——我們不會——那是在 2023 年。所以我們會在某個時候為您提供一些細節。在 2 月份的資本管理電話會議上，我認為我們將把它與我們的其他資本支出投資一起構建成更大的圖景，你會更好地了解這將如何發揮作用。

A follow-on, Stace?

一個後續，Stace？

And it looks like Stacy has disconnected.

看起來斯泰西已經斷開了聯繫。

Okay. If you have a follow-on, let us know, Stacy.

好的。如果你有後續，讓我們知道，斯泰西。

And we'll go next to Ross Seymore of Deutsche Bank.

我們將在德意志銀行的羅斯西莫爾旁邊。

Dave and Rafael, I want to talk about the quarter you reported and get into some of the supply-demand dynamics. It was the smallest beat to your original revenue guidance you guys have had in a year, and I realize that it's been exceedingly volatile in the last year. But I wondered, was that the demand profile changing from those investors, that selectivity changing that you're talking about? Or did supply play a role in that, where you just couldn't meet up to the demand? Just trying to get what really changed versus whatever level of conservatism you had built into the prior quarters when you beat by bigger deltas.

戴夫和拉斐爾，我想談談你們報告的季度，並了解一些供需動態。這是你們一年中最初的收入指導的最小節拍，我意識到去年它非常不穩定。但我想知道，這些投資者的需求狀況是否發生了變化，您所說的選擇性是否發生了變化？還是供應在其中發揮了作用，您無法滿足需求？當你被更大的三角洲擊敗時，只是試圖得到真正改變的東西，而不是你在前幾個季度中建立的任何程度的保守主義。

Yes. I think you said demand from investors. I think you meant to say demand from customers, right, Ross?

是的。我想你說的是投資者的需求。我想你的意思是說客戶的需求，對吧，羅斯？

Yes. Sorry about that, yes.

是的。很抱歉，是的。

Yes. No, that's okay. Certainly, if any investors want to buy semiconductors from us, we'll be happy to sell them, but yes. So I'd just say that overall, the quarter came in as we expected it to, right? And that's a statement as we said in the prepared remarks and when you looked across geographies and products and product groups and end markets, those types of cuts -- so there wasn't like one area that was underperformed or outperformed what we were expecting.

是的。不，沒關係。當然，如果有投資者想從我們這裡購買半導體，我們很樂意出售它們，但是是的。所以我只想說，總體而言，本季度如我們預期的那樣到來，對吧？正如我們在準備好的評論中所說的那樣，當你查看地理、產品、產品組和終端市場時，這些類型的削減 - 所以沒有一個領域表現不佳或超過我們的預期。

But again, the main thing of what was different this quarter versus last quarter was really where customers were coming in and requesting expedites and upsides from us, and those upsides were much, much more narrow and focused just on a few products. So that was really what the difference was. If you're looking for what was different this quarter versus last quarter and those types of things, that's what I would point to, to say what's changed in the last 90 days.

但同樣，本季度與上一季度的主要不同之處在於客戶進來並要求我們加快速度和提升優勢，而這些優勢要小得多，而且只集中在少數產品上。所以這就是真正的區別。如果您正在尋找本季度與上一季度的不同之處以及這些類型的事情，這就是我要指出的，即過去 90 天發生了什麼變化。

And I guess as my follow-up, a similarly toned question. You mentioned that lead times remain extended but are stable, and then you talked about that whole selectivity dynamic. What would you imagine would change the lead times? Is it going to be your supply incrementally rising or more so with Lehi? Or is the selectivity something -- as you guys look back and are students of cycles, is the demand side net selectivity side more likely to impact the lead times going forward?

我想作為我的後續，一個類似的問題。你提到交貨時間仍然延長但很穩定，然後你談到了整個選擇性動態。你認為什麼會改變交貨時間？ Lehi 的供應量會逐漸增加還是更多？或者選擇性是什麼——當你們回顧過去並且是周期的學生時，需求方的淨選擇性是否更有可能影響未來的交貨時間？

Well, as you know, you've been through many cycles with us, right? It's always a combination of both. And we will and continue to add incremental capacity as we have planned for some time. And certainly, as we go out in time, as we get the bigger tranches of capacity coming on with RFAB2 and then LFAB, we'll be able to make more progress on that front.

嗯，如你所知，你和我們一起經歷了很多周期，對吧？它始終是兩者的結合。我們將繼續按照我們計劃了一段時間的方式增加容量。當然，隨著時間的推移，隨著 RFAB2 和 LFAB 的容量越來越大，我們將能夠在這方面取得更多進展。

And at some point, we know that things will change from a demand standpoint. And so we don't spend time trying to predict that, but we'll be ready for it. We know what we'll want to do. And as Rafael talked about, one of the top things there is we'll want to rebuild inventory to prepare for the next time that the demand strengthens. So we have a long list of things that we're doing to invest in the company to make it stronger. So we won't control the timing of that, but we'll be ready for them for sure.

在某個時候，我們知道從需求的角度來看事情會發生變化。因此，我們不會花時間試圖預測這一點，但我們會為此做好準備。我們知道我們想要做什麼。正如拉斐爾所說，最重要的事情之一是我們要重建庫存，為下一次需求增加做準備。因此，我們有一長串我們正在做的事情，以投資於公司以使其更強大。所以我們不會控制時間，但我們肯定會為他們做好準備。

And just to emphasize that point, when that adjustment happens, whenever that is, we will continue investing in R&D, focus on the areas auto and industrial, for the secular long-term growth. We'll continue to invest on CapEx and to set up the company for the next 10 to 15 years with a great long-term roadmap. And we will build inventory. That's -- as Dave mentioned, the range is 130 to 190 days. Frankly, we'll probably end up being at the higher end of that range just because we're still so good about the business model and how good that inventory will be and how it sets us up for the next upturn on the other side given the long-lived nature of that inventory.

只是為了強調這一點，當調整髮生時，無論何時，我們都會繼續投資研發，專注於汽車和工業領域，以實現長期的長期增長。我們將繼續投資資本支出，並在未來 10 到 15 年建立公司，並製定一個偉大的長期路線圖。我們將建立庫存。那就是——正如戴夫所說，範圍是 130 到 190 天。坦率地說，我們最終可能會處於該範圍的高端，因為我們仍然對商業模式以及庫存有多好以及它如何讓我們為另一邊的下一次好轉做好準備該庫存的長期性質。

That's right.

這是正確的。

We'll go next to Vivek Arya of Bank of America.

我們將在美國銀行的 Vivek Arya 旁邊。

I just want to get the supply side right. Are customers not ordering as much from you because they don't have enough from you on the component side? Or they don't have enough from others that they need to complete their bill of materials?

我只是想讓供應方正確。客戶是否因為在組件方面沒有從您那裡獲得足夠多的產品而沒有向您訂購那麼多？或者他們沒有從其他人那裡得到足夠的東西來完成他們的材料清單？

It's both, Vivek. There is -- there are instances of both of those. And sometimes, it's not even semiconductors, right? It may be other components that they may be missing. So yes, it's a combination of those things. Supply chains are complex, depends on the bill of materials and the systems that they're building. So it depends.

兩者都是，維韋克。有 - 有這兩種情況。有時，它甚至不是半導體，對吧？他們可能缺少其他組件。所以是的，它是這些東西的結合。供應鏈很複雜，取決於材料清單和他們正在構建的系統。所以這取決於。

Yes. And Vivek, the nuance changes. 90 days ago, 180 days ago, they were expecting everything, almost regardless of matched set position. Now they're more selective in what they're expediting, right?

是的。和 Vivek，細微差別。 90 天前，180 天前，他們期待著一切，幾乎不管匹配的位置。現在他們在加速的事情上更有選擇性，對吧？

You have a follow-on, Vivek?

你有後續嗎，維維克？

Yes. Could you talk specifically to the automotive market? This year, it's clear the production has not been that strong, but auto semiconductor sales have been pretty strong. So as it applies to TI, what do you think has been kind of the interplay between content and mix? Or do you think that there is perhaps inventory stuck in the automotive supply chain somewhere that we should watch out for?

是的。您能具體談談汽車市場嗎？今年，很明顯生產並沒有那麼強勁，但汽車半導體的銷售卻相當強勁。那麼當它適用於 TI 時，您認為內容和混合之間的相互作用是什麼？還是您認為汽車供應鏈中可能存在我們應該注意的庫存？

Yes. I'll comment on automotive. I think I'll even extend it into industrial. And those are two markets that we have long talked about that we believe that there is content growth in those markets -- content per system that's easy to see in cars and well reported on. I know, Vivek, in your reports that you've reported on that content growth. You can see it in automotive. It's happening in industrial across 13 different sectors, so harder to see.

是的。我將評論汽車。我想我什至會把它擴展到工業領域。這是我們長期以來一直談論的兩個市場，我們相信這些市場的內容增長 - 每個系統的內容很容易在汽車中看到並且得到很好的報導。我知道，Vivek，在你的報告中你已經報告了內容增長。你可以在汽車中看到它。它發生在 13 個不同行業的工業中，所以很難看到。

And we invest in all the markets, but we have a strategic focus on automotive and industrial. So you're beginning to see some of the benefits of those -- that strategic bias that we have, our channel advantages, the breadth of our products, advantages in those markets as well. So there's components of that.

我們投資於所有市場，但我們的戰略重點是汽車和工業。因此，您開始看到其中的一些好處——我們擁有的戰略偏見、我們的渠道優勢、我們產品的廣度以及這些市場的優勢。所以有它的組成部分。

But that said, any time that we have supply shortages in the industry, customer behavior is always very consistent, and that behavior is that they will want to build inventory to protect themselves. So whether they've already begun that or have already done that, they certainly will want to do that. And at some point, they'll have too much product, and that's what creates the cycles in our industry.

但話雖如此，任何時候我們在行業中出現供應短缺的情況，客戶的行為總是非常一致的，這種行為是他們想要建立庫存來保護自己。因此，無論他們是否已經開始或已經這樣做，他們肯定會想要這樣做。在某些時候，他們會擁有太多的產品，這就是我們行業循環的原因。

So it won't surprise us if the cycle comes to an end at some point. We'll be prepared for that, and we'll know what we'll want to do at that point. So thank you for those questions.

因此，如果週期在某個時候結束，我們不會感到驚訝。我們會為此做好準備，並且我們會知道那時我們想要做什麼。所以謝謝你的這些問題。

We'll go to Joe Moore of Morgan Stanley.

我們將去找摩根士丹利的喬摩爾。

I wonder if you could talk to the hot spots. Is there any particular pattern that's driving which products you have in short supply? I mean it seems like we see it most in areas like enterprise and some of the personal electronics, higher-volume stuff. Is that something that you guys would agree with? And do you think -- is it -- is there more foundry versus internal fabs? Like is there anything in particular driving those hot spots?

我想知道你能不能和熱點談談。是否有任何特定的模式導致您的哪些產品供不應求？我的意思是，我們似乎在企業和一些個人電子產品、大容量產品等領域看到它最多。你們會同意嗎？你認為 - 是不是 - 有更多的代工廠與內部晶圓廠相比？像有什麼特別驅動這些熱點嗎？

Yes. I wouldn't put it down on any one thing, Joe. Certainly, there's reports of the tightness across foundry. So obviously, we see that as well. So there's tightness in some leadframes. So we see that as well. Other input raw materials, mold compounds -- we have testers, in some cases, some process technologies, some particular products themselves that have a large number of customers. So -- and those hot spots move around as our operations teams will sometimes move capacity from one area to the other. So they're not always consistent or persistent. Sometimes they are, but sometimes they're not. And there's things that we can do to mitigate those or actually completely alleviate them.

是的。喬，我不會把它放在任何一件事上。當然，有報導稱整個鑄造廠都處於緊張狀態。很明顯，我們也看到了這一點。所以有些引線框架很緊。所以我們也看到了這一點。其他輸入原材料、模塑化合物——我們有測試人員，在某些情況下，有一些工藝技術，還有一些擁有大量客戶的特定產品本身。所以——這些熱點四處移動，因為我們的運營團隊有時會將容量從一個區域轉移到另一個區域。所以它們並不總是一致或持久的。有時他們是，但有時他們不是。我們可以做一些事情來減輕這些或實際上完全減輕它們。

So -- and that's why as we describe them, it's not just one particular product area or one particular product set that -- or even one particular market, or even -- I'd say, even one particular customer that would be impacted by that, that you may see.

所以——這就是為什麼當我們描述它們時，不僅僅是一個特定的產品領域或一個特定的產品系列——甚至是一個特定的市場，甚至——我會說，甚至是一個特定的客戶會受到影響那，你可能會看到。

And just to highlight something for new listeners. Dave mentioned the foundries. Only about 20% of our wafers are -- come from foundries. The vast majority, 80% and growing with our investments in 300-millimeter, are internal wafers and that just gives us a much better control of our destiny and for all the reasons Dave mentioned and then the low-cost structure or low cost that we get with 300-millimeter.

只是為了向新聽眾突出一些東西。戴夫提到了鑄造廠。我們只有大約 20% 的晶圓來自代工廠。絕大多數，80% 並且隨著我們對 300 毫米的投資而增長，是內部晶圓，這只是讓我們更好地控制我們的命運，出於 Dave 提到的所有原因，然後是我們提到的低成本結構或低成本獲得 300 毫米。

Yes. And I think that makes it especially clear why we believe that continues to be a strategic advantage for us in times like this. So you have a follow-on, Joe?

是的。我認為這尤其清楚地說明了為什麼我們認為在這種情況下這仍然是我們的戰略優勢。所以你有後續，喬？

Yes. I wonder also with the hot spots, is there a situation where you can't respond to upside in demand and that's why it's tight? Or are there actual areas where -- I know there's always a little bit of this, but on a broad scale where you're not meeting kind of commitments that you have made because of some of those things that are upstream from you?

是的。我也想知道熱點，是否存在您無法應對需求上升而導致需求緊張的情況？或者有沒有實際的領域——我知道總是有一點點這樣的，但在廣泛的範圍內，你沒有兌現你因為上游的一些事情而做出的承諾？

I think there's probably both of those that exist.

我想可能這兩種情況都存在。

I mean at 112 days of inventory, it is harder to respond to upside than if we were at 150, 160, 190 days, of course, so yes.

我的意思是，在 112 天的庫存情況下，比我們在 150、160、190 天時更難對上漲做出反應，當然，是的。

Yes. Yes, for sure. So okay. Well, thank you, Joe.

是的。是肯定的。沒關係。好吧，謝謝你，喬。

And next question comes from Chris Danely of Citi.

下一個問題來自花旗的 Chris Danely。

So Dave and Rafael, you mentioned that the lead times haven't really changed, but expedites are getting better or less bad. Why do you think that is? Do you think that your competitors are reducing lead times? Do you think that the supply chain has had a little bit of a chance to build some buffer inventory? Why do you think the situation is getting, I guess, either better or less bad?

所以戴夫和拉斐爾，你們提到交貨時間並沒有真正改變，但加快速度正在變得更好或更差。你認為這是為什麼？您是否認為您的競爭對手正在縮短交貨時間？你認為供應鏈有一點機會建立一些緩衝庫存嗎？我猜你為什麼認為情況變得更好或更差？

Yes. Chris, I think that's a great question. I don't know that we know the answer specifically to that question. So I think we're trying to stick to the facts of -- we can observe that behavior change. I think you're offering some good theories of why that behavior may be changing. But what we're trying to do is to stick to the facts of what's going on. There's multiple reasons why it might be changing, and we'd rather not venture into guessing or predicting or calling what's driving that behavior. So do you have a follow-on?

是的。克里斯，我認為這是一個很好的問題。我不知道我們是否知道該問題的具體答案。所以我認為我們正在努力堅持以下事實——我們可以觀察到行為的變化。我認為你提供了一些很好的理論來解釋為什麼這種行為可能會改變。但我們正在努力做的是堅持正在發生的事情的事實。它可能會發生變化的原因有很多，我們寧願不要冒險猜測或預測或稱是什麼驅動了這種行為。那你有後續嗎？

Yes. I guess you can leave the guessing and predicting up to us sell-siders. On the...

是的。我想你可以把猜測和預測留給我們賣家。在...

Yes.

是的。

Since you guys don't talk about gross margin, but you did talk about free cash flow margin. I think you had an all-time high in free cash flow margin in Q3. And it looks like there's some headwinds coming down the pike in the, I guess, near to medium term. Is there any reason for us to believe that you've seen your all-time peak in free cash flow margin? Or eventually, could it get back above where it was in the most recent quarter?

因為你們不談論毛利率，但你們確實談論了自由現金流利潤率。我認為您在第三季度的自由現金流利潤率創下歷史新高。我猜，在接近中期的情況下，看起來會有一些不利因素。我們有什麼理由相信你已經看到了自由現金流利潤率的歷史最高點？或者最終，它能否回到最近一個季度的水平之上？

Sure. So I'll take that, Chris. And Chris, you know us very well. You follow us for a long time. You know we do not manage to free cash flow margin percent, right? That is not what drives long-term value for the owners. It's the long-term growth of free cash flow dollars, right?

當然。所以我會接受的，克里斯。克里斯，你非常了解我們。你跟著我們很久了。您知道我們無法釋放現金流利潤率，對吧？這並不是為業主帶來長期價值的原因。這是自由現金流美元的長期增長，對嗎？

And to your point, there are some headwinds on that with the CapEx that we're talking about to set up the company well for the future. But of course, we're only doing that because we think that is going to drive even faster growth of the long-term trend of free cash flow dollars. So we'll continue to focus on that because we think that is what drives value for the long-term owners.

就您而言，我們正在談論的資本支出存在一些不利因素，以便為未來建立良好的公司。但當然，我們這樣做只是因為我們認為這將推動自由現金流美元的長期趨勢更快增長。因此，我們將繼續關注這一點，因為我們認為這是驅動長期所有者價值的因素。

Okay. Thank you, Chris, and we've got time for one more call.

好的。謝謝你，克里斯，我們有時間再打一個電話。

And we'll go to Tore Svanberg of Stifel.

我們會去 Stifel 的 Tore Svanberg。

As far as the question on controlling the supply chain, you talked about 80% outsourced now. I believe that's kind of the more advanced nodes. But should we assume that, that 80% is just going to grow and that you're going to rely less and less on foundries going forward?

至於控制供應鏈的問題，你說現在80%是外包的。我相信這是一種更高級的節點。但是我們是否應該假設，這 80% 會增長，並且您將越來越少地依賴代工廠商？

Yes. So you said 80% outsourced. It's 80% insourced, just to make sure. 80%...

是的。所以你說80%是外包的。這是 80% 的內購，只是為了確保。 80%...

Sorry about that. Yes. Sorry.

對於那個很抱歉。是的。對不起。

So 80% are own wafers. And yes, that should grow over time as we continue to add these wafer fabs that we're talking about, all in 300-millimeter, which with -- the efficiency of the 300-millimeter is huge, right, because a 300-millimeter wafer accounts for almost 2.3x a 200-millimeter wafer. And these are pretty large wafers for efficiency purposes. In fact, RFAB2 is going to be bigger than RFAB1. So yes, it's reasonable to deduce that, that percent will increase over time.

所以 80% 是自己的晶圓。是的，隨著我們繼續添加我們正在談論的這些晶圓廠，這應該會隨著時間的推移而增長，全部都是 300 毫米，其中 - 300 毫米的效率是巨大的，對，因為 300 毫米晶圓佔 200 毫米晶圓的近 2.3 倍。出於效率目的，這些都是相當大的晶圓。事實上，RFAB2 會比 RFAB1 大。所以是的，可以合理地推斷，這個百分比會隨著時間的推移而增加。

Very good. And as a follow-up, and I don't want to steal your thunder from February, but in the past, you talked about capacity of $22 billion. Obviously, you're going to go through capacity expansion here for the next 12 to 18 months. Would you share any new numbers with those, I don't know, $25 billion, $28 billion, anything at all?

很好。作為後續行動，我不想從二月份搶走你的風頭，但在過去，你談到了 220 億美元的產能。顯然，您將在接下來的 12 到 18 個月內進行產能擴張。你會與那些我不知道的 250 億美元、280 億美元，什麼都沒有的人分享任何新的數字嗎？

Yes. No, so great question. Thanks for the setup for February. We will talk about that in February. So until then, what I would tell you is you've heard us talk about DMOS6 and RFAB1. Roughly, that's a potential of about $8 billion of annual revenue on 300-millimeter then RFAB2. And this is all dependent -- highly dependent on mix, right? So these are not exact numbers. But RFAB2 -- with that caveat, RFAB2 should add another $5 billion of annual revenue, again, when it's fully priced, and obviously, not on day 1. And Lehi should add $3 billion to $4 billion of annual revenue. So we're thinking in terms of that, and we're thinking even beyond that, right? Because as we look at the company's potential for growth into the next 10 and 15 years, then we're not stopping, just thinking in the next four or five years. We're thinking 10, 15 years. And we'll talk about that in February in more detail.

是的。不，這麼好的問題。感謝二月份的安排。我們將在二月份討論這個問題。所以在那之前，我要告訴你的是你已經聽到我們談論 DMOS6 和 RFAB1。粗略地說，300 毫米和 RFAB2 的年收入潛力約為 80 億美元。而這一切都依賴於——高度依賴於混合，對吧？所以這些不是確切的數字。但是 RFAB2——帶著這個警告，RFAB2 應該再增加 50 億美元的年收入，當它完全定價時，顯然不是在第一天。Lehi 應該增加 30 億到 40 億美元的年收入。因此，我們正在考慮這一點，而且我們正在考慮甚至超越這一點，對嗎？因為當我們著眼於公司未來 10 年和 15 年的增長潛力時，我們並沒有停下來，只是考慮未來四五年。我們正在考慮 10 年、15 年。我們將在二月份更詳細地討論這個問題。

That's great. And I think we can go ahead and wrap up, Rafael, if you would like.

那太棒了。如果你願意，我想我們可以繼續結束，Rafael。

Okay. So let me wrap up by reiterating what we have said previously. At our core, we're engineers and technology is the foundation of our company. But ultimately, our objective and the best metric to measure progress and generate long-term value for owners is the growth of free cash flow per share. While we strive to achieve our objective, we will continue to pursue our three ambitions. We will act like owners who will own the company for decades. We will adapt and succeed in a world that's ever changing, and we will be a company that we're personally proud to be a part of and would want as our neighbor. When we are successful, our employees, customers, communities and owners all benefit. Thank you, and have a good evening.

好的。最後，讓我重申一下我們之前所說的話。在我們的核心，我們是工程師，技術是我們公司的基礎。但最終，我們衡量進展和為所有者創造長期價值的目標和最佳指標是每股自由現金流的增長。在我們努力實現目標的同時，我們將繼續追求我們的三個抱負。我們將像擁有公司數十年的所有者一樣行事。我們將適應瞬息萬變的世界並取得成功，我們將成為一家讓我們感到自豪的公司，並希望成為我們的鄰居。當我們成功時，我們的員工、客戶、社區和業主都會受益。謝謝你，祝你晚上愉快。

And so this concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。