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.

各位好，歡迎參加德州儀器2021財年第三季財報電話會議。本次會議正在錄音。

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

現在，我想把會議交給戴夫·帕爾先生。請開始吧。

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，感謝各位參加我們2021財年第三季財報電話會議。如果您錯過了新聞稿，可以在我們的網站ti.com/ir上找到。本次電話會議將透過網路直播，您可以透過我們的網站收聽。會議結束後，您也可以透過我們的網站收聽錄音回放。

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.

本次電話會議將包含前瞻性陳述，這些陳述涉及風險和不確定性，可能導致德州儀器 (TI) 的實際表現與管理層目前的預期有重大差異。我們建議您查閱今天發布的盈利報告中關於前瞻性陳述的通知以及 TI 最近向美國證券交易委員會 (SEC) 提交的文件，以獲取更完整的說明。

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.

今天，我們的財務長拉斐爾·利扎爾迪 (Rafael Lizardi) 將在現場，我們將提供以下最新資訊。首先，我將簡要概述本季情況。接下來，我將深入分析第三季營收業績，並詳細介紹我們在客戶和市場方面觀察到的情況。此外，我還會按終端市場提供詳細信息，包括一些環比業績，就像過去幾個季度一樣。隨著環比數據的參考價值逐漸降低，我們將恢復以往的做法，只提供同比數據。最後，拉斐爾將介紹財務業績、產能擴張計畫的最新進展以及我們對2021年第四季的業績展望。

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.

首先簡要概述本季業績。本季營收為46億美元，季增1%，年增22%，主要得益於工業、汽車和個人電子產品領域的需求成長。環比來看，類比電路業務成長2%，嵌入式處理業務下降5%。年比來看，類比電路業務營收成長24%，嵌入式處理業務營收成長13%。其他業務板塊的營收較去年同期成長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.

現在我想就當前環境做一些說明，以便更好地理解我們客戶和市場的情況。整體而言，本季各產品線、終端市場和地理的業績基本上符合預期。

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.

我們大部分產品的交貨週期保持穩定，但仍存在一些供應緊張的地區。然而，顧客在加急訂單方面變得更加挑剔，他們更傾向於加急那些能組成「配套產品」的產品，而不是一概加急所有產品。這種現象並非特定於某個產品系列、終端市場或地區。

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，他們對我們擴大內部製造能力的計劃表現出濃厚的興趣，其中包括300毫米晶圓廠RFAB2和Lehi（我們簡稱LFAB）以及相關的封裝測試擴建項目。這些旨在增強我們製造和技術競爭優勢的投資，將有助於降低成本並更好地控制供應鏈。雖然人們越來越意識到短期供需失衡終將結束，但每個系統中半導體含量的長期成長動能將持續，這就需要我們制定一個穩健的2025年及以後的製造能力發展路線圖。

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

接下來，我將介紹我們第三季按終端市場劃分的收入情況。

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，工業市場較上季下降了5%左右，但較去年同期上漲了約40%。無論環比或同比，各行業的變動整體上都比較一致。

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%.

汽車市場再次實現環比成長，較去年同期成長超過20%。與2019年第四季疫情前的水準相比，營收成長近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.

個人電子產品較上季成長少，年比也成長少。環比和年增速主要得益於手機、個人電腦/筆記型電腦和平板電腦的強勁表現。

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

其次，通訊設備季減了個位數百分比，比去年同期下降了十幾個百分點。

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

企業系統季增，較去年同期也有所成長。

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

Rafael接下來將審查獲利能力、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，第三季營收為46億美元，年增22%。該季度毛利為32億美元，佔營收的68%。毛利率較去年同期成長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.

本季營運支出為8億美元，年增1%，基本符合預期。過去12個月的營運支出佔收入的18%。過去12個月，我們在研發方面投入了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（非現金支出）在第三季為 4,700 萬美元，並將於 2021 年第四季開始降至零。

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

本季營業利潤為23億美元，佔營收的50%。營業利潤較去年同期成長43%。

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

第三季淨利為 19 億美元，即每股 2.07 美元。

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

現在讓我來談談我們的資本管理業績，先從我們的現金流產生情況說起。

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.

本季經營活動產生的現金流量為24億美元。本季資本支出為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月份，我們宣布將股利提高13%，自本月起生效，這標誌著我們連續第18年提高股利。本季度，我們支付了9.42億美元的股息，並回購了價值1.39億美元的股票。過去12個月，我們累計返還了42億美元。同期，我們的股利佔自由現金流的53%，凸顯了其永續性。

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%.

截至第三季末，我們的資產負債表依然穩健，持有現金及短期投資達98億美元。本季度，我們分三期發行了總額為15億美元的債券，每期5億美元。第一期票面利率為1.125%，五年後到期；第二期票面利率為1.9%，十年後到期；最後一期票面利率為2.7%，三十年後到期。此次發行使公司總債務達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.

關於庫存，TI 的庫存金額比上一季增加了 700 萬美元，庫存天數為 112 天，比上一季增加了一天，但仍低於預期水準。

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.

我們預計德州儀器 (TI) 第四季營收將在 42.2 億美元至 45.8 億美元之間，每股收益將在 1.83 美元至 2.07 美元之間。對 Lehi 的收購已於上週五完成，但相關成本尚未計入我們的業績預期。我們將在發布第四季業績報告時提供這些細節。再次提醒，此次收購價格約為 9 億美元，我們預計到 2022 年，持續營運成本約為每季 7,500 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.

我們仍預計2021年的年度營業稅率約為14%，實際稅率約為13%。在您查看2022年的模型時，在稅法沒有變化的情況下，我們預計年度營業稅率和實際稅率將與今年基本持平，季度稅收優惠情況也將與今年類似，第一季的稅收優惠將高於其他季度。

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，並提升業務實力。我們在LFAB和RFAB2產能擴張長期規劃的投資就是很好的例子。需要提醒的是，隨著我們不斷鞏固這一優勢，我們的資本支出絕對值和占收入的比例都將有所提高。我們正在製定長期規劃的詳細方案，並將在2月份的資本管理電話會議上公佈具體的實施時間和資本支出細節。我們始終認為，擁有並掌控我們的供應鏈將具有日益重要的策略意義。

With that, let me turn it back to Dave.

那麼，現在讓我把話題轉回給戴夫。

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

謝謝，拉斐爾。接線員，現在可以開始接受提問了。 （接線生指示）接線員？

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

（操作說明）我們首先連線瑞士信貸的約翰‧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，季節性因素的影響不大。但就九月的季度業績而言，我有點好奇。六月的業績遠超過你的預期範圍，九月份的業績雖然也遠高於預期中位數，但仍在預期範圍內。我們聽說整個經濟都面臨著物流和供應上的限制。我很好奇，九月季度業績的預期上限低於六月季度，這其中有多少是你無法控制的供應限製造成的？你認為這在多大程度上是因為客戶在採購時更挑剔了？任何相關資訊將不勝感激。

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，謝謝你的提問。是的，我認為這主要取決於客戶的物料清單。我認為目前各個組件都存在供應限制，而且這種情況很普遍。正如我們在準備的發言稿中提到的，我們觀察到的情況有所不同：客戶不再像以前那樣帶著長長的清單來催促我們加急生產，而是主動提出與我們開會。他們列出的清單很短，主要是為了找到能夠組成配套組件的特定零件，以便完成他們的產品組裝。所以，我們本季觀察到的情況與前幾季有所不同。還有什麼後續問題嗎？

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。作為後續問題，我知道您會在明年詳細介紹LFAB費用和RFAB費用。但我想請您先幫我們簡單介紹一下狀況。明年顯然是你們的產能擴張年。我想，在其他條件不變的情況下，隨著這些投資的逐步落實，我們該如何看待這些投資對2022年曆年毛利率的影響？

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，我來回答這個問題。首先，如您所知，您與我們相識已久，我們並非以毛利率為經營目標。我們追求的是每股自由現金流的長期成長，而這首先要從提升營收開始。正因如此，我們才進行這些投資，以支持營收成長。同時，我們也不斷擴大低成本製造優勢，進而在300毫米製程上獲得巨大的結構性成本優勢。此外，我們還在掌控供應鏈。

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.

具體來說，關於您的問題，以RFAB2計畫為例，總支出約為60億美元。其中約10億美元用於建造建築物，該建築物可在30年左右折舊。其餘部分為設備，我們將從明年開始，並在未來幾年內陸續購買這些設備。

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.

LFAB的收購價格顯然是9億美元。這筆錢一部分用於建設，一部分用於購置設備。除此之外，我們還將在未來幾年投入約30億美元的資本支出，逐步擴大規模。關於這筆投資以及我們將如何支持長期成長的更宏觀的規劃，我們將在2月份的資本管理電話會議上提供更多細節。

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

接下來我們將採訪瑞銀集團的蒂莫西·阿庫裡。

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?

拉斐爾，我想請你談談定價問題。顯然，你們的投入成本有所上漲。你能說說你們是否將這些成本轉嫁給了客戶，以及你們的價格上漲幅度有多大嗎？

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。我想說的是，我們的定價策略沒有改變。我們會定期監控價格，目標是保持競爭力。坦白說，價格在很大程度上與投入成本無關。但我們的目標始終是保持競爭力。如果價格上漲，我們會適時調整，而且我們也一直在這樣做。

Follow-on, Tim?

提姆，還有後續嗎？

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.

是的，戴夫。我想我還是會問之前三次電話會議裡都問過的關於股票回購的問題。回購率又很低。我想問的是──您能否幫我們分析一下，您認為觸發回購更多股票的因素是什麼？是否存在一個目標現金水平，當現金達到一定程度時，您認為資產負債表資本過剩，就會開始回購更多股票？我只是想——顯然，您目前的回購量並不大，但我只是想問您能否跟我們說說，您會尋找哪些觸發因素來重新啟動回購。

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。回顧一下，也想提醒大家我們對回報的看法。我們的目標是長期將所有自由現金流返還給公司所有者，我們透過分紅和股票回購來實現這一目標。回顧我們過去18年的歷史，你會發現我們在這方面一直做得很好。事實上，很多年——或者說大多數年份——我們的平均回報率都遠遠超過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.

在這段期間，我們──我還要提醒各位──提高了股利支付的收益比例。這也起到了一定的作用。但只要我們認為股票回購能夠增值我們的長期股東，我們就會繼續進行股票回購。正如您所看到的，正如您所指出的，在過去的三個季度裡，我們——事實上，我認為在過去18年左右的時間裡，我們每個季度都以某種形式通過股票回購向股東返還了現金。

We'll go next to Harlan Sur of JPMorgan.

接下來我們將採訪摩根大通的哈蘭‧蘇爾。

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?

成品庫存（我假設大部分都存放在客戶的寄售中心）的下降速度比整體庫存下降速度更快，對嗎？成品庫存第三季季減8%，第二季較上季下降9%。與年初相比下降了25%，與新冠疫情爆發前相比下降了33%，我估計這是由於你們直接客戶的需求強勁所致。那麼，寄售庫存與客戶的目標水準相比究竟低多少？第四季業績預期疲軟是否與補充這些極低的庫存有關？或者，需求積壓和預測實際上反映出第四季季減？

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。那我先說，戴夫，你之後可以補充。不過，我想先說明一下你剛才說的話──我先退一步想想。是的，很明顯，庫存水準低於預期，對吧？我們現在是112天，目標是130到190天。所以很明顯，我們遠低於預期。

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.

正如您所指出的，其中成品——所有成品，無論是寄售的還是在我們產品配送中心的——降幅最大。事實上，儘管庫存總量基本上持平，第二季到第三季略有上升，但成品卻下降了。而原料庫存略有上升，抵消了成品庫存的下降。

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，一旦產能提升，如果需求有所調整，我們將立即恢復庫存水平，使其達到更健康的水平。鑑於我們的商業模式，考慮到我們庫存的低損耗率、崗位的多樣性以及我們能夠負擔得起的產品種類，這無疑是一項明智的投資。我們不僅能夠負擔得起，而且建立庫存，為未來我們堅信將會出現的成長做好準備，對我們來說也是明智之舉。

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...

我覺得，從策略上講，你們之前提到的寄售庫存，坦白說，本來就比較精簡。這種流程的設計初衷就是為了維持幾週的庫存。所以我並不指望單靠寄售就能大幅提升庫存。我預期庫存成長主要會發生在我們的產品配送中心，這樣我們就能更靈活地將產品運送到最需要的地方。戴夫，你有什麼…

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.

我覺得說得很好。從策略上講，我們是把貨物留在我們更傾向的配送中心，還是送到寄售中心，都取決於我們預期會有顧客來提貨。所以這只是一個策略性的決定。

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.

正如拉斐爾所說，我也想指出，我們計劃在今年每季逐步增加產能，並持續到明年年中。 2022年下半年，RFAB2工廠將投產，隨後是LFAB工廠。正如拉斐爾指出的，我們已在上週五完成了該工廠的收購。因此，該工廠預計在2023年初投產，以支持未來的成長。

So did you have a follow-on, Harlan?

哈蘭，你還有後續問題嗎？

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，感謝您富有洞見的解答。去年同期，包括寄售在內的直接業務約佔總收入的65%。如今這一比例大致如何？如果可以的話，能否量化一下第三季的訂單出貨比？

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.

所以就訂單與帳單的比率而言，坦白說，我們認為這並不相關，而且——我們已經有一段時間沒有披露過這個比率了，以後也不會再披露了。

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

關於您第一個關於百分比的問題，我想您問的是我們寄售收入的百分比？是這樣嗎？

I didn't quite...

我沒完全…

Yes, that first part.

是的，就是第一部分。

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，哈蘭，你能再說一次嗎？這樣我們才能──確保我們理解正確，你問的第一個問題是什麼？

Harlan, are you there?

哈蘭，你在嗎？

Yes. Just percentage of the overall direct business.

是的，只是佔直接業務總量的百分比。

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，直銷業務。是的——沒錯。去年我們大約三分之二的收入來自直銷。我們預計這個比例會隨著時間推移而增長。我們會在二月的電話會議上——也就是管理層電話會議上——詳細說明今年的進展。但可以肯定的是，我們預計這個比例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——就像拉斐爾談到訂單出貨比時提到的那樣，由於我們很多收入來自寄售，例如TI.com，實際的積壓訂單量已經不像以前那麼重要了。正如他所說，我們已經很久沒有關注或衡量這個數字了。所以它不像以前那麼有用了。

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

接下來，我們將連線伯恩斯坦研究公司的史黛西·拉斯貢。

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?

首先，我想問美光事件近期的影響。我知道您提到明年模型中成本影響為7500萬美元。這些成本不會消失，對吧？這7500萬美元是每季的人力成本，對嗎？這其中包含折舊或其他費用嗎？還是僅僅指人力成本？您是如何看待這筆成本的長期影響的？

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。問得好，直截了當。是的，那7500萬美元主要是人力成本和直接成本，不包括折舊。折舊要到2023年第一季左右我們開始生產時才會開始，這方面的規定就是這樣。

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.

至於那7500萬美元，我們還在敲定細節，但我們目前認為最有可能的情況是，大部分費用將用於重組費用/其他項目，直到我們開始生產，對吧？然後，一旦開始生產，大部分費用將用於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.

隨著產量增加，成本確實會隨之增加，對吧？但我想你的意思是，隨著產量增加，這些成本最終會被收入吸收，對吧？至於這些成本在產能利用率、產能利用不足等情況下被吸收的速度，則取決於我們工廠產能提升的速度，對吧？顯然，一開始不可能100%吸收成本，但我們最終會達到這個目標。

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.

但是，我們──我們不會──那是2023年的事了。所以我們會在某個時候詳細說明。在二月的資本管理電話會議上，我想我們會從更宏觀的角度來闡述這件事，以及我們其他的資本支出投資，這樣你們就能更好地了解事情的進展。

A follow-on, Stace?

後續報道，斯泰斯？

And it looks like Stacy has disconnected.

看來史泰西已經斷開連結了。

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

好的。如果你還有後續問題，請告訴我們，史泰西。

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

接下來我們將連線德意志銀行的羅斯·西摩。

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.

Dave 和 Rafael，我想和你們聊聊你們公佈的季度財報，並深入探討一下供需動態。這是你們一年來營收超出預期幅度最小的一次，我知道過去一年市場波動非常劇烈。但我很好奇，這是否與投資者的需求變化有關，或者你們所說的選擇性變化？還是說供應方面也出了問題，導致你們無法滿足需求？我只是想弄清楚究竟是什麼因素發生了變化，而不是像之前幾季那樣，因為預期更保守而導致業績大幅超出預期。

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

是的。我想你剛才說的是投資人的需求。我想你原本想說的是顧客的需求，對吧，羅斯？

Yes. Sorry about that, yes.

是的，很抱歉。

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產品，我們很樂意出售，但是，是的。所以我想說的是，總體而言，本季業績符合我們的預期，對吧？正如我們在準備好的演講稿中所說，當你縱觀各個地區、產品、產品組和終端市場時，這些方面的表現——所以沒有哪個領域的表現低於或高於我們的預期。

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.

但話說回來，本季與上季最大的不同之處在於，客戶前來諮詢並要求加急服務或優惠的管道更加狹窄，而且這些優惠僅限於少數幾款產品。這才是真正的差別。如果您想了解本季與上季相比有哪些不同之處，以及類似的事情，我會重點關注這一點，也就是過去90天內發生的變化。

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?

我想接著問一個類似的問題。您提到交貨週期雖然仍然較長，但比較穩定，然後您又談到了選擇性因素。您認為什麼因素會改變交貨週期？是你們的供應量會逐步增加，還是Lehi的供應量會增加？或者，從你們過去的經驗來看，你們作為週期研究者，認為需求面的淨選擇性更有可能影響未來的交貨週期？

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.

如您所知，您和我們一起經歷了許多周期，對吧？這總是兩者兼而有之。我們將按照計畫逐步增加產能。當然，隨著時間的推移，隨著RFAB2和LFAB等更大規模產能的投產，我們將能夠在這方面取得更大的進展。

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.

我們知道，需求總是會在某個時刻改變。因此，我們不會花時間去預測這種變化，但我們會做好準備。我們知道該怎麼做。正如拉斐爾所說，其中最重要的事情之一就是重建庫存，為下一次需求強勁成長做好準備。所以我們正在採取一系列投資措施來增強公司實力。因此，我們無法控制需求成長的具體時間，但我們肯定會做好準備。

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.

為了強調這一點，無論何時進行調整，我們都將繼續投資研發，專注於汽車和工業領域，以實現長期的穩定成長。我們將繼續增加資本支出，制定完善的長期發展路線圖，為公司未來10到15年的發展奠定基礎。同時，我們也會建立庫存。正如戴夫所提到的，庫存週轉天數在130到190天之間。坦白說，我們最終的庫存週轉天數可能會接近上限，因為我們對目前的商業模式以及庫存的穩定性和長期性非常有信心，相信這能幫助我們為下一次市場回暖做好準備。

That's right.

這是正確的。

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

接下來我們來採訪美國銀行的維韋克·阿亞。

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?

我只是想把供應方面的問題弄清楚。顧客減少從你們這裡訂購的商品數量，是因為他們從你們這裡獲得的零件數量不足嗎？還是因為他們從其他供應商獲得的零件數量不足，無法完成他們的物料清單？

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.

維韋克，兩者都有。確實存在這兩種情況。而且有時候，甚至可能不是半導體的問題，對吧？也可能是其他組件缺失。所以，是的，是這些因素的綜合作用。供應鏈很複雜，取決於物料清單和他們建立的系統。所以，具體情況具體分析。

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。維韋克，情況確實有所不同。 90天前，180天前，他們幾乎不管比賽狀況如何，什麼都想要。現在他們對加快處理哪些事情更有選擇性了，對吧？

You have a follow-on, Vivek?

維韋克，你還有後續問題嗎？

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。能具體談談汽車市場嗎？今年，汽車半導體的生產顯然不太強勁，但銷售量卻相當不錯。那麼，就德州儀器 (TI) 而言，您認為產品內容和組合之間存在著怎樣的相互作用？或者您認為汽車供應鏈中是否存在一些庫存積壓，需要我們密切注意？

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，我會談談汽車產業。我甚至想把話題延伸到工業領域。這兩個市場我們一直都在討論，我們認為它們的內容成長潛力巨大——汽車產業中每個系統的內容成長顯而易見，而且相關報導也很多。我知道，維韋克，你在之前的報告中也提到過這種內容成長。汽車業的情況確實如此。而工業領域的情況則更為複雜，涉及13個不同的行業，所以不太容易被察覺。

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領域。所以您開始看到這些策略帶來的一些好處——我們的策略偏好、通路優勢、產品廣度以及在這些市場的優勢。這些都是其中的組成部分。

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.

但話說回來，每當產業出現供應短缺時，客戶的行為總是非常一致的，那就是他們會囤積庫存以求自保。所以無論他們已經開始囤貨還是已經囤貨，他們一定都會這麼做。而到了某個時候，他們的庫存就會過剩，這就是我們產業週期性波動的原因。

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.

所以，如果這個週期最終結束，我們也不會感到驚訝。我們會為此做好準備，並且知道到那時我們該怎麼做。謝謝你們的提問。

We'll go to Joe Moore of Morgan Stanley.

我們將採訪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?

我想請教一下各位，你們能否談談供貨熱點地區的情況？是否存在某種特定的模式，導致你們的產品出現短缺？我的意思是，我們似乎在企業級產品和一些個人電子產品等大批量生產領域最容易看到這種情況。你們是否也認同這種觀點？另外，你們認為──或者說──是代工廠的供貨量大於內部晶圓廠的供貨量嗎？是否存在某種特定的因素導致了這些供貨熱點地區的出現？

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，我不會把問題歸咎於任何單一因素。當然，有報告指出整個鑄造廠都存在產能緊張的情況。顯然，我們也看到了這一點。一些引線框架也存在產能緊張的問題。我們也注意到了這一點。其他原料，例如模塑化合物——在某些情況下，我們有測試人員，一些製程技術，以及一些擁有大量客戶的特定產品本身也存在產能緊張的問題。這些產能緊張的熱點區域會隨著我們營運團隊將產能從一個區域轉移到另一個區域而改變。因此，它們並不總是穩定或持續存在的。有時會，有時則不會。我們可以採取一些措施來緩解甚至徹底消除這些問題。

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——這就是為什麼我們在描述它們時，你看到的不僅僅是某個特定的產品領域或某個特定的產品組合，甚至不是一個特定的市場，甚至——我想說，甚至不是一個特定的客戶會受到影響。

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.

為了讓新聽眾更清楚地了解情況，Dave提到了晶圓代工廠。我們只有大約20%的晶圓來自代工廠。絕大多數（80%，而且隨著我們對300毫米製程的投資不斷增加，這個比例還在成長）都是我們自己生產的晶圓。這讓我們更能掌控自己的命運，原因如Dave所提到的，而且300毫米製程本身也具有低成本優勢。

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。我認為這尤其能說明為什麼我們仍然相信，在當前情況下，這仍然是我們的一項戰略優勢。喬，你還有後續問題嗎？

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，在那些熱門地區，是否存在無法應對需求增長所以供應緊張的情況？或者是否存在某些地區——我知道這種情況總是存在的，但從整體上看，是否因為上游的一些因素而無法履行已做出的承諾？

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

我認為這兩種情況可能都存在。

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，庫存天數為 112 天時，應對上漲行情當然比庫存天數為 150 天、160 天、190 天時要困難得多，所以是的。

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

是的，當然。好的。謝謝你，喬。

And next question comes from Chris Danely of Citi.

下一個問題來自花旗銀行的克里斯·丹利。

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?

戴夫和拉斐爾，你們提到交貨週期其實沒怎麼變，但加急訂單的情況有所改善或好轉。你們覺得這是為什麼呢？你們認為競爭對手在縮短交貨週期嗎？你們認為供應鏈是否因此有機會建立一些緩衝庫存？你們覺得情況好轉或好轉的原因是什麼？

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，我覺得你問得很好。我不確定我們是否能給出確切的答案。所以我們現在盡量堅持基於事實——我們可以觀察到這種行為變化。你提出了一些關於這種行為變化原因的合理理論。但我們目前的目標是堅持基於事實。行為變化的原因有很多，我們不想妄加猜測、預測或斷言是什麼驅動了這種行為。你還有後續問題嗎？

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

是的。我想，猜測和預測的工作就留給我們這些賣方分析師吧。關於…

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?

你們雖然不談毛利率，但談到了自由現金流利潤率。我記得你們第三季的自由現金流利潤率創下了歷史新高。但看起來，在中短期內可能會面臨一些不利因素。我們有什麼理由相信你們的自由現金流利潤率已經達到歷史高峰了嗎？或者說，它最終有可能回升到最近一個季度的水平以上嗎？

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。那我就接受這個建議，克里斯。克里斯，你很了解我們。你關注我們很久了。你知道我們並不追求自由現金流利潤率，對吧？那並不是為所有者創造長期價值的關鍵。關鍵在於自由現金流的長期成長，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.

你說得對，我們正在討論的資本支出確實存在一些阻力，這些支出旨在為公司的未來發展奠定堅實的基礎。當然，我們這樣做是因為我們認為這將進一步推動自由現金流長期成長的趨勢。因此，我們將繼續專注於此，因為我們認為這才是為長期股東創造價值的關鍵。

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

好的。謝謝你，克里斯，我們還有時間再打最後一通電話。

And we'll go to Tore Svanberg of Stifel.

接下來我們將採訪 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?

關於供應鏈控制的問題，您提到目前80%的工序都外包了。我認為這算是比較先進的製程節點了。但是我們是否應該假設這個80%的比例還會繼續成長，並且未來對代工廠的依賴會越來越少呢？

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

是的。你說80%外包了。為了確認一下，我說的是80%內部完成。 80%…

Sorry about that. Yes. Sorry.

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%是自產晶圓。是的，隨著我們不斷增加這些晶圓廠（我們這裡指的是300毫米晶圓廠），這個比例應該會隨著時間的推移而增長。 300毫米晶圓的效率非常高，因為300毫米晶圓的體積幾乎是200毫米晶圓的2.3倍。就效率而言，這些晶圓尺寸相當大。事實上，RFAB2的規模將比RFAB1更大。所以，可以合理推斷，這個比例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。還有一個後續問題，我不想搶了您二月的風頭，但您之前提到過220億美元的產能。顯然，未來12到18個月您將會進行產能擴張。您能否透露一些新的數字，例如250億美元、280億美元，或其他任何資訊？

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，問得好。感謝您提供的二月方案。我們會在二月討論這個問題。在此之前，我想告訴大家的是，您已經聽我們談到了DMOS6和RFAB1。粗略估計，300毫米波段的年收入潛力約為80億美元，再加上RFAB2。當然，這一切都取決於產品組合，對吧？所以這些數字並非精確值。但RFAB2——需要注意的是，RFAB2在完全定價後，應該能帶來50億美元的年收入，顯然，這並非指上市首日的收入。而Lehi應該可以帶來30億至40億美元的年收入。我們不僅考慮這些，而且還在考慮更長遠的未來，對吧？因為當我們展望公司未來10到15年的成長潛力時，我們不會止步於未來四、五年，而是著眼於未來10到15年。我們會在二月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.

太好了。拉斐爾，如果你願意的話，我想我們可以結束今天的討論了。

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，我想重申一下我們之前說過的內容。我們公司的核心是工程技術，技術是我們公司的基石。但歸根結底，我們的目標以及衡量進展和為股東創造長期價值的最佳指標是每股自由現金流的成長。在努力實現這一目標的同時，我們將繼續追求三大願景。我們將像未來幾十年都將擁有這家公司的股東一樣行事。我們將適應並適應瞬息萬變的世界，我們將成為一家我們自己引以為傲、也希望成為我們鄰居的公司。當我們取得成功時，我們的員工、客戶、社區和股東都將受益。謝謝大家，祝您晚安。

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。您可以斷開連線了。