德州儀器 (TXN) 2021 Q1 法說會逐字稿

Thank you for standing by. Good day, and welcome to the Texas Instruments' Q1 2021 Earnings Release Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Dave Pahl. Please go ahead, sir.

感謝您的支持。大家好，歡迎參加德州儀器 2021 年第一季財報發布電話會議。今天的會議正在錄製中。現在，我想將會議交給戴夫·帕爾先生。先生，請繼續。

Good afternoon, and thank you for joining our first 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 年第一季財報電話會議。對於錯過此次發布的人，您可以在我們的網站 ti.com/ir 上找到它。本次通話正在網路直播，您可以透過我們的網站存取。重播將透過網路提供。

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。

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 the first quarter revenue results, with more details than usual by end markets, including some sequential performance since it's more informative at this time. Lastly, Rafael will cover the financial results, some insights into one-time items and our guidance for the second quarter of 2021.

我們的財務長 Rafael Lizardi 今天和我在一起，我們將提供以下更新。首先，我將簡要概述一下本季的情況。接下來，我將深入了解第一季的收入結果，並提供比平時更詳細的終端市場信息，包括一些連續的表現，因為此時這些信息更具參考價值。最後，拉斐爾將介紹財務業績、對一次性專案的一些見解以及我們對 2021 年第二季的指導。

Starting with a quick overview of first quarter: The company's revenue increased 5% sequentially and 29% year-over-year, driven by strong demand in industrial, automotive and personal electronics. On a sequential basis, Analog grew 5% and Embedded Processing grew 7%. On a year-over-year basis, Analog grew 33% and Embedded Processing grew 17%. Our "Other" segment grew 12% from a year-ago quarter.

首先簡要回顧第一季：受工業、汽車和個人電子產品強勁需求的推動，該公司營收季增 5%，年增 29%。以環比計算，模擬成長了 5%，嵌入式處理成長了 7%。與去年同期相比，模擬成長了 33%，嵌入式處理成長了 17%。我們的「其他」部門較去年同期成長了 12%。

Moving on, given the current environment, again this quarter, I'll provide some insight into our first quarter revenue by end market and then some comments on our lead times.

接下來，考慮到當前的環境，在本季度，我將再次提供一些有關我們第一季終端市場收入的見解，然後對我們的交貨時間發表一些評論。

First, the industrial market was up about 20% sequentially and up almost 30% from the year ago. The strength was seen across most sectors.

首先，工業市場較上季成長約20%，較去年同期成長近30%。大多數行業都表現出強勁勢頭。

The automotive market was about even compared to a very strong fourth quarter 2020 and up about 25% from a year ago. Compared to the pre-COVID-19 levels of fourth quarter '19, our shipments to automotive in both the fourth quarter of 2020 and the first quarter of 2021 were up about 25%, as we worked to help our automotive customers recover from their supply chain disruptions.

與非常強勁的 2020 年第四季相比，汽車市場表現基本持平，比去年同期成長了約 25%。與 2019 年第四季新冠疫情爆發前的水平相比，我們 2020 年第四季和 2021 年第一季的汽車出貨量均成長了約 25%，這得益於我們努力幫助汽車客戶從供應鏈中斷中恢復過來。

Personal electronics was down about 10% sequentially and up about 50% compared to the year ago. The strength was broad-based across sectors and customers within personal electronics.

個人電子產品銷售量較上月下降約 10%，但與去年同期相比上漲約 50%。這種優勢在個人電子產品領域的各個行業和客戶中都得到了廣泛體現。

Next, communications equipment grew in the high teens sequentially and was about even from the year ago.

其次，通訊設備銷售量連續十幾度成長，與去年同期相比基本持平。

Enterprise systems grew upper-single digits sequentially and was down about 10% from the year ago.

企業系統季增了個位數，但比去年同期下降了約 10%。

Regarding lead times, over 80% of our products have steady lead times and more than 50,000 parts have off-the-shelf availability via TI.com. However, the growing demand in the first quarter of 2021 did expand our list of hotspots, which required extending some lead times. We will continue to add incremental capacity in 2021 and the first half of 2022 with additional support from the start-up of our third 300-millimeter wafer fab, RFAB2, that will come online in the second half of 2022. As discussed during our capital management review in February, our competitive advantage of internal manufacturing and technology delivers the benefits of lower cost and greater control of our supply chain, which really shows through in a market environment like this.

關於交貨時間，我們 80% 以上的產品都有穩定的交貨時間，並且有超過 50,000 種零件可透過 TI.com 現貨供應。然而，2021 年第一季不斷增長的需求確實擴大了我們的熱點列表，這需要延長一些交貨時間。我們將在 2021 年和 2022 年上半年繼續增加增量產能，並透過我們第三座 300 毫米晶圓廠 RFAB2 的啟動提供額外支持，該晶圓廠將於 2022 年下半年上線。正如我們在二月的資本管理審查中所討論的那樣，我們的內部製造和技術的競爭優勢帶來了更低的成本和更好的供應鏈控制，這在這樣的市場環境中得到了充分的體現。

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

拉斐爾現在將審視和回顧獲利能力、資本管理和我們的前景。

Thanks, Dave, and good afternoon, everyone. First quarter revenue was $4.3 billion, up 29% from a year ago. Gross profit in the quarter was $2.8 billion, or 65% of revenue. From a year ago, gross profit margin increased 250 basis points.

謝謝，戴夫，大家下午好。第一季營收為43億美元，比去年同期成長29%。本季毛利為 28 億美元，佔營收的 65%。與去年同期相比，毛利率增加了250個基點。

Operating expenses in the quarter were $811 million, up 2% from a year ago and about as expected. On a trailing 12-month basis, operating expenses were 21% of revenue. Over the last 12 months, we have invested $1.5 billion in R&D.

本季營運費用為 8.11 億美元，比去年同期成長 2%，與預期大致相符。過去 12 個月，營運費用佔收入的 21%。在過去的 12 個月中，我們在研發方面投資了 15 億美元。

Acquisition charges, a noncash expense, were $47 million in the first quarter. Acquisition charges will remain at about this level through the third quarter of 2021 and then go to zero.

第一季的收購費用（非現金支出）為 4,700 萬美元。到 2021 年第三季度，收購費用將維持在這個水準左右，然後降至零。

Operating profit was $1.9 billion in the quarter, or 45% of revenue. Operating profit was up 56% from a year-ago quarter.

本季營業利潤為 19 億美元，佔營收的 45%。營業利潤較去年同期成長56%。

Net income in the first quarter was $1.8 billion, or $1.87 per share, which included a 2-cent net benefit that was not in our prior outlook, primarily due to a discrete tax benefit which was partially offset by about $50 million of utility costs related to the February winter storm in Texas. Most of this expense is in our cost of revenue and reported in our "Other" segment results.

第一季淨收入為 18 億美元，即每股 1.87 美元，其中包括 2 美分的淨收益，這不在我們之前的預期之內，主要由於一項單獨稅收優惠，但該優惠被 2 月份德克薩斯州冬季風暴導致的約 5000 萬美元的公用事業成本部分抵消。大部分費用都計入我們的收入成本，並在我們的「其他」部門業績中報告。

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，首先從我們的現金產生開始。

Cash flow from operations was $1.9 billion in the quarter. Capital expenditures were $308 million in the quarter. Free cash flow on a trailing 12-month basis was $6.3 billion.

本季經營現金流為 19 億美元。本季資本支出為 3.08 億美元。過去 12 個月的自由現金流為 63 億美元。

In the quarter, we paid $940 million in dividends and repurchased $100 million of our stock. In total, we have returned $4.5 billion in the past 12 months. Over the same period, our dividend represented 56% of free cash flow, underscoring its sustainability.

本季度，我們支付了 9.4 億美元的股息並回購了 1 億美元的股票。總的來說，我們在過去 12 個月內返還了 45 億美元。同期，我們的股利佔自由現金流的 56%，凸顯了其永續性。

Our balance sheet remains strong with $6.7 billion of cash and short-term investments at the end of the first quarter. We retired $550 million of debt in the quarter, leaving $6.3 billion of total debt with a weighted average coupon of 2.77%.

我們的資產負債表依然強勁，第一季末現金和短期投資為 67 億美元。我們在本季償還了 5.5 億美元的債務，剩餘債務總額為 63 億美元，加權平均票面利率為 2.77%。

Regarding inventory, TI inventory dollars were down $65 million from the prior quarter and days were 114.

就庫存而言，TI 庫存金額較上一季下降了 6,500 萬美元，庫存天數為 114 天。

For the second quarter, we expect TI revenue in the range of $4.13 billion to $4.47 billion and earnings per share to be in the range of $1.68 to $1.92. We continue to expect our annual operating tax rate to be about 14%.

對於第二季度，我們預計 TI 營收將在 41.3 億美元至 44.7 億美元之間，每股收益將在 1.68 美元至 1.92 美元之間。我們繼續預計我們的年度營業稅率約為 14%。

In closing, we continue to invest to strengthen our competitive advantages and in making our business stronger.

最後，我們將繼續投資以增強我們的競爭優勢並使我們的業務更加強大。

With that, let me turn it back to Dave.

說完這些，讓我把話題轉回給戴夫。

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

謝謝，拉斐爾。接線員，您現在可以打開熱線來回答問題了。（操作員指令）操作員？

(Operator Instructions)

（操作員指示）

And first, we'll go to Chris Danely with Citi.

首先，我們來談談花旗銀行的克里斯‧丹尼利 (Chris Danely)。

So Q1 clearly was very strong, well above seasonality and above guidance. However, your sequential guidance at flat is well below seasonality. So my question is, are you guys seeing cancellations and pushouts? Or why the such weak guidance after a strong Q1?

因此，第一季的表現顯然非常強勁，遠高於季節性和預期。然而，您連續的平穩指導遠低於季節性。所以我的問題是，你們是否看到了取消和延遲的情況？或者為什麼在第一季表現強勁之後，業績指引卻如此疲軟？

Yes. Chris, yes, thanks for that question. We aren't seeing cancellation or pushouts. I'd just say that if you look to your observations, Q1 was very strong, both sequentially and year on year. So at the midpoint, second quarter will be a strong quarter from a year-on-year standpoint. Do you have a follow-on?

是的。克里斯，是的，謝謝你的提問。我們沒有看到取消或延遲的情況。我只想說，如果你觀察一下，你會發現第一季的表現非常強勁，無論是環比還是同比。因此，從中期來看，第二季與去年同期相比將是一個強勁的季度。您有後續訊息嗎？

Yes. I mean, I guess it would just be a follow-on to the first question. I mean, this would be the lowest sequential guidance you guys have given in some time. So I guess, why not guide for a seasonal or even close to seasonal sequential guide?

是的。我的意思是，我猜這只是第一個問題的後續。我的意思是，這將是你們一段時間以來給出的最低連續指導。所以我想，為什麼不提供季節性或接近季節性的連續指南呢？

Yes. It really, Chris, is just -- it is the best estimate that we have for our revenue for the quarter. And again, I would describe it as following a very strong first quarter, it will be a strong quarter again. So okay, thank you. We'll go to the next caller.

是的。克里斯，這確實只是——這是我們對本季收入的最佳估計。再次強調，我想說，繼第一季表現強勁之後，本季也將再次表現強勁。好的，謝謝。我們將接聽下一位來電。

Next, we'll go to Stacy Rasgon with Bernstein Research.

接下來，我們請伯恩斯坦研究公司的史黛西‧拉斯貢 (Stacy Rasgon)。

I want to talk about your inventory strategy. I know you have a strategy to build out inventory for customer service. I guess, how do I reconcile that though with the fact that your inventory dollars are down and you're still getting some pockets of lead time -- of extended lead time. Is that just a function of demand -- the pull that's just so strong you can't keep up? And I guess in that light, how do you parse the quality of those orders that you're getting? How do you know -- are you just -- I mean, are you just shipping whatever is being asked for at this point? And I guess, like what are the plans for loadings in inventories as we go into Q2? Are you going to try to replenish the inventory that's been drained?

我想談談你的庫存策略。我知道您有一個為客戶服務建立庫存的策略。我想，我該如何將這一事實與您的庫存金額下降以及您仍然可以獲得一些交貨時間 - 延長交貨時間的事實相協調？這只是需求的作用嗎——需求的拉動太強烈以至於你無法跟上？我想從這個角度來看，您如何分析所收到的訂單的品質？你怎麼知道——你只是——我的意思是，你現在只是運送被要求的任何東西嗎？我想，進入第二季後，庫存裝載計畫是怎樣的？您會嘗試補充已經耗盡的庫存嗎？

Yes. So thanks for the question, Stacy. So first, let me step back and remind everyone, inventory, our objective there is to maintain high levels of customer service, minimize -- while we minimize obsolescence and improve manufacturing utilization. And as you alluded in the question, we would prefer to have higher levels of inventory. In fact, what, 60 days ago at the capital management strategy, we increased the target for inventory to 130 to 190 days, up from 115, 145 prior to that. So yes, we'd like to have more inventory. But in the current environment, we're focusing our capacity on fulfilling demand, not on building inventory.

是的。謝謝你的提問，史黛西。首先，讓我回顧一下，提醒大家，庫存，我們的目標是保持高水準的客戶服務，盡量減少——同時盡量減少過時並提高製造利用率。正如您在問題中提到的，我們希望擁有更高的庫存水準。事實上，60 天前，在資本管理策略中，我們將庫存目標從先前的 115 天、145 天提高到 130 至 190 天。是的，我們希望有更多的庫存。但在當前環境下，我們的重點是滿足需求，而不是建立庫存。

Whenever things slow down, which at some point it will, and/or as we increase capacity, which we are increasing capacity incrementally. We have been and we'll continue to do through the balance of this year into the first half of next year. And then in the second half of next year, we'll have a first output from RFAB2, then as those things come together, then we will be able to build more inventory. I know you had a couple of other parts of that question, but why don't you use your follow-up for that, if I missed something.

每當事情放緩時（在某個時候它就會放緩），和/或當我們增加容量時，我們就會逐步增加容量。我們一直在這樣做，並且會在今年餘下時間到明年上半年繼續這樣做。然後在明年下半年，我們將從 RFAB2 中獲得第一批輸出，然後隨著這些事情的進展，我們將能夠建立更多的庫存。我知道您對這個問題還有其他幾個部分，但如果我遺漏了什麼，為什麼不使用後續行動來解決這個問題呢？

Okay. I'll use the follow-up. How are you parsing the quality of the orders that you're getting? Or are you just shipping whatever is being ordered at this point?

好的。我會使用後續措施。您如何分析所收到的訂單的品質？或者您現在只是在運送所訂購的物品？

Yes. I'm glad you chose that one as a follow-up. I'll just highlight, as you know, we have moved away from distributors over the last couple of years. Really, it's been more of a 10-year process. But in the last few years, more -- we pulled the trigger and actually no longer ship into many distributors that we used to. And now we're going direct with a lot of our customers to the point where we exited last year with almost two-thirds of our revenue shipping direct. That has put us in a great position, particularly in the current environment because we now have more direct access to those customers. We have a better understanding of what they really need. We have -- we don't have that intermediary in between, frankly, clouding things up as, frankly, as the way it happened a lot with the distributors. So then we use that information to better allocate our resources, both inventory, manufacturing, et cetera, in order to fulfill demand from our customers.

是的。我很高興你選擇這個作為後續行動。我只想強調一下，正如你所知，過去幾年我們不再依賴分銷商了。事實上，這是一個長達十年的過程。但在過去幾年裡，我們採取了更多行動，實際上不再向過去許多分銷商發貨。現在我們直接與許多客戶合作，去年我們幾乎三分之二的收入都來自直接運輸。這使我們處於有利地位，特別是在當前環境下，因為我們現在可以更直接地接觸這些客戶。我們更加了解他們的真正需求。坦白說，我們沒有中間人，不會讓事情變得複雜，就像分銷商經常發生的那樣。因此，我們利用這些資訊來更好地分配我們的資源，包括庫存、製造等，以滿足客戶的需求。

And our next question will come from John Pitzer with Crédit Suisse.

我們的下一個問題來自瑞士信貸的約翰‧皮策。

Not original, but a follow-up to the June revenue guide. I'm just curious, Rafael, you said that you would be growing supply sequentially from March to June. So the implication is you might be able to build some inventory on your own balance sheet. I'm just curious given how lean inventories are across the channel, why you wouldn't expect incremental supply that you bring on not to be used by your customers and actually show sequential revenue growth?

雖然不是原創，但這是 6 月收入指南的後續。我只是好奇，拉斐爾，您說過您將從三月到六月逐步增加供應量。所以這意味著你可能能夠在自己的資產負債表上建立一些庫存。我只是好奇，考慮到整個通路的庫存如此稀缺，為什麼你不期望你帶來的增量供應不會被你的客戶使用，並且實際上顯示出連續的收入成長？

I think you're getting a little nuance in that question, picking some of the things I said. Just I would tell you, we drain inventory fourth to first, right? So even if we're increasing output, that doesn't necessarily mean that we'll be able to build inventory, right? What I said earlier, you shouldn't take that as a statement that we're going to build inventory going into second quarter.

我認為你對這個問題有了一點了解，挑選了我所說的一些事情。我只是想告訴你，我們的庫存消耗量排在第四位，對嗎？因此，即使我們增加產量，也不一定意味著我們能夠建立庫存，對嗎？正如我之前所說，你不應該將其視為我們將在第二季建立庫存的聲明。

Yes. And I would add that we're going to add incremental capacity through the balance of this year and through the first half of this -- next year until RFAB2 comes on, which would be in the second half of 2022. So you've got multiple pieces that are moving there. Do you have a follow-on, John?

是的。我想補充一點，我們將在今年餘下的時間以及明年上半年增加增量容量，直到 RFAB2 投入使用，也就是 2022 年下半年。因此，您有多個部件在那裡移動。約翰，你還有後續問題嗎？

Yes. Just it was nice to see in the March quarter Embedded at least sequentially, growing faster than Analog. And we've talked about this in the past, Dave, about kind of the growth there has kind of lagged that of Analog. Do you feel like within the embedded market, you're turning the corner? And can you help us kind of understand how you guys see the design funnel there and what the growth rate in that market might be beyond kind of the cyclical recovery?

是的。很高興看到，三月季度嵌入式產品至少在連續成長方面比類比產品成長更快。戴夫，我們過去曾討論過這個問題，那裡的成長有點落後於 Analog。您是否覺得在嵌入式市場中，您正處於轉捩點？您能否幫助我們了解你們如何看待那裡的設計管道，以及該市場在周期性復甦之後的成長率是多少？

Yes, I'll give you a few comments on that, and Dave, you want to follow-up. At a high level, we're pleased with the trajectory of Embedded. We're still -- however, we're still in very early phases, right? As we have said before, our goal with Embedded was first to stabilize Embedded, make some changes that we have made and then leverage our competitive advantages that we have, to have Embedded headed in a better direction. And we're in the early phases, but we're pleased with those early results.

是的，我會就此給你一些評論，戴夫，你想跟進一下。從高層次來看，我們對嵌入式的發展軌跡感到滿意。然而，我們仍然處於非常早期的階段，對嗎？正如我們之前所說，我們對嵌入式的目標首先是穩定嵌入式，做出一些我們已經做出的改變，然後利用我們擁有的競爭優勢，讓嵌入式朝著更好的方向發展。我們尚處於早期階段，但我們對早期結果感到滿意。

Moving on, we'll go to Craig Hettenbach with Morgan Stanley.

接下來，我們來談談摩根士丹利的 Craig Hettenbach。

Dave, thanks for the color on lead times. I guess in the hotspots, maybe 20% or so that's being impacted, can you just give a sense of what you're seeing there? And maybe your sense of when you would expect the lead times in certain areas to normalize?

戴夫，謝謝你提供有關交貨時間的資訊。我估計在熱點地區，可能有 20% 左右受到了影響，您能簡單介紹一下您在那裡看到的情況嗎？您是否知道何時某些領域的交貨時間會恢復正常？

Yes. There's just a lot of moving pieces on that, Craig. I think it's probably premature to try to pick that. Our teams are obviously working very hard with customers to close those demand and fulfill those needs. So it really is just based on technologies and packages and what those customer requirements are. Do you have a follow-on?

是的。克雷格，這裡面有很多變動。我認為現在做出這個選擇可能還為時過早。我們的團隊顯然正在與客戶一起努力滿足這些需求。因此，它實際上只是基於技術和包裝以及客戶要求。您有後續訊息嗎？

Sure. And then personal electronics, up 50% year over year. I know there's been some nice tailwinds from work-from-home. Any more color in terms of some of the segments that you're seeing growth? And how you feel about that business for Q2?

當然。然後是個人電子產品，年增50％。我知道在家辦公帶來了一些好的順風。您能更詳細地描述哪些領域正在經歷成長嗎？您對第二季的業務有何看法？

Yes. So at a high level, what I'd say, we'll give color by end market if there's something unusual going on. When we look out into a quarter, I can say that there's nothing unusual that we feel the need to call out. When we look back into first quarter and really in the past few quarters in personal electronics, the demand that we've seen there has been very broad-based, both by customer, really across the board that we've seen, as well as by sectors. And just as a reminder, inside of personal electronics, we'll have things like handsets and tablets and personal computers, including laptops, television, smart speakers, those types of things. So it's a pretty broad category, printers. So it's pretty broad categories. I think there's nine, 10 different sectors that make up personal electronics. So -- and we've seen very strong demand really across all of those.

是的。因此，從高層次來看，我想說的是，如果出現異常情況，我們會根據終端市場給出說明。當我們觀察某個季度時，我可以說，沒有什麼不尋常的事情需要我們指出。當我們回顧第一季以及過去幾季的個人電子產品時，我們看到的需求非常廣泛，既包括客戶需求，也包括各行業的需求。提醒一下，個人電子產品包括手機、平板電腦、個人電腦、筆記型電腦、電視、智慧揚聲器等。所以印表機是一個相當廣泛的類別。所以它的類別相當廣泛。我認為個人電子產品由 9 到 10 個不同的部門組成。所以——我們看到所有這些產品的需求都非常強勁。

This is Rafael. I just want to go back to the question on lead times. And earlier, several people asked about inventory. At the end of the day, things are going to be tight as long as demand is ahead of supply. Things are going to be tight. Lead times are going to be tight. The -- but the key point here is we own our own manufacturing and technology, right? That is a key differentiator versus our competitors. It is one of our competitive advantages. So we are in a strategically -- in a unique strategic position to be able to have that, control that inventory, be able to add to that capacity incrementally for the next 1.5 years or so but then more significantly after that, when RFAB2 is built and it starts to get equipped. So that's a big difference versus our competitors. It really puts us in a much better position to fulfill customers' demand, both short-term and more importantly, over the long haul as we continue to focus on industrial, automotive and all those customers that are in those great spaces.

這是拉斐爾。我只是想回到交貨時間的問題。之前也有幾個人問到庫存問題。最終，只要需求超過供應，情況就會變得緊張。情況將會變得緊張。交貨時間將會非常緊張。但這裡的關鍵點是我們擁有自己的製造和技術，對嗎？這是我們與競爭對手的一個關鍵差異。這是我們的競爭優勢之一。因此，從戰略上講，我們處於一個獨特的戰略位置，能夠擁有並控制庫存，能夠在未來 1.5 年左右逐步增加產能，但更重要的是，在此之後，當 RFAB2 建成並開始配備設備時。所以這與我們的競爭對手有很大的不同。這確實使我們處於更有利的位置來滿足客戶的短期需求，更重要的是，長期需求，因為我們將繼續專注於工業、汽車以及所有處於這些偉大領域的客戶。

And that will come from Harlan Sur with JPMorgan.

這項提議將由摩根大通的 Harlan Sur 提出。

On the extended lead times, maybe a different way to ask the question, you outsource about 20% of your wafer requirements, most of it is embedded and you outsource 40% of your test and assembly. I'm just wondering if this is where you're seeing maybe more of the extended lead times, just given the capacity is tight at your outsourced partners? Or is it spread across both internal and outsourced manufacturers?

關於延長交貨時間，也許換一種方式來問這個問題，你將大約 20% 的晶圓需求外包，其中大部分是嵌入式的，並將 40% 的測試和組裝外包。我只是想知道，鑑於您的外包合作夥伴的產能緊張，您是否看到了更長的交貨時間？或者它分佈在內部和外包製造商之間？

Yes. It's not specifically there, Harlan. It really is more just based on technology or end market driven or package types, so we described it as hotspots. So it's kind of the combination of those things when we've got demand that is outstripping the short-term supply. But back to Rafael's point, the fact that we do the majority of that assembly test in-house, most of our peers don't do that. Most of our peers have that assembly outside. So even that 60%, 70% is a very large number that we control and do in-house. Also, because we do 80% of our wafers in-house, we can expand that capacity incrementally. Also, we control the cost to a much higher degree than our peers as well. And those are very important things in times like these. So there's a tremendous advantage on top of the fact that it's 300-millimeter where we're adding capacity, so it's coming in at structurally lower cost in addition to it. So do you have a follow-on?

是的。它並不具體在那裡，哈蘭。它實際上更多地只是基於技術或終端市場驅動或包裝類型，所以我們將其描述為熱點。所以，當我們的需求超過短期供給時，這些因素就會同時出現。但回到拉斐爾的觀點，事實上我們在內部完成大部分組裝測試，而我們的大多數同行卻不這樣做。我們的大多數同行都在外面舉行集會。因此，即使 60% 或 70% 也是一個很大的數字，我們可以在內部控制和完成。此外，由於我們 80% 的晶圓都是內部生產的，因此我們可以逐步擴大產能。此外，我們對成本的控制也比同行高得多。在這樣的時刻，這些都是非常重要的事情。因此，除了我們在 300 毫米上增加容量之外，還有一個巨大的優勢，因此它的成本在結構上也更低。那你還有後續消息嗎？

Yes. No, thanks for the insights there. So, good again to see the year-over-year momentum in the Embedded business. And I know somebody tried to ask a question about this previously. But wondering if you could just -- I know you guys refocused some of the subsegments within Embedded last year. Just wondering if you guys could give us a profile of Embedded relative to the overall corporate profile? I mean does it have the same end market exposure as the overall business? Or is it more skewed now towards one or particular end markets? And on a go-forward basis, like what end markets within Embedded are you spending more R&D dollars?

是的。不，謝謝你的見解。因此，很高興再次看到嵌入式業務年增長勢頭。我知道之前有人嘗試問過這個問題。但我想知道你們是否可以——我知道你們去年重新關注了嵌入式領域的某些子領域。只是想知道你們是否可以為我們提供嵌入式相對於整體公司概況的概況？我的意思是它是否具有與整體業務相同的終端市場曝光度？或者現在它更偏向一個或特定的終端市場？從未來來看，您會在嵌入式領域的哪些終端市場投入更多的研發資金？

Yes. So I think that what -- the investments that we have in Embedded we have directed at the best growth opportunity. So as we took a step back, we wanted to focus them into that direction. They're biased towards industrial and the automotive markets. The largest portion of our revenue are pointed in that -- in those two markets as well. We do have a little bit of revenue in communications, enterprise and PE inside of that, but the majority of the revenue is in those two markets. So again, as Rafael said, we're in the early stages. Our first objective was to get the revenue stabilized. So we feel very good about the progress that we've made so far. And we're making the investments there because we believe Embedded will be a great contributor to free cash flow growth over the long term. So we believe that several years from now, we'll look back and we'll be very pleased with the investments that we've made. We'll be very pleased with the free cash flow growth that Embedded will have contributed to the company.

是的。所以我認為，我們在嵌入式領域的投資是針對最佳成長機會的。因此，當我們退後一步時，我們希望將他們的注意力集中到那個方向上。他們偏向工業和汽車市場。我們的最大部分收入也來自這兩個市場。我們確實在通訊、企業和 PE 領域獲得了少量收入，但大部分收入都來自這兩個市場。正如拉斐爾所說，我們還處於早期階段。我們的首要目標是穩定收入。因此，我們對迄今為止的進展感到非常滿意。我們在那裡進行投資是因為我們相信嵌入式系統將從長遠來看對自由現金流成長做出巨大貢獻。因此我們相信，幾年後當我們回顧時，我們會對我們所做的投資感到非常滿意。我們對 Embedded 為公司貢獻的自由現金流成長感到非常高興。

And that will come from Ambrish Srivastava with Bank of Montreal.

這份報告由蒙特利爾銀行的 Ambrish Srivastava 提供。

Just a question on the order patterns that you're seeing guys, many of your peers have talked about no cancellations policies, facets of the business we haven't seen in -- you could say never. But are you seeing that, that customers are looking for commitments to capacity? And then as a result, you're having to change your clauses with the customers in terms of cancellation policy or what have you? Are there any changes on that front?

我只想問一下關於你們看到的訂單模式的問題，你們的許多同行都談到了不取消政策，這是我們從未見過的業務方面——可以說從未見過。但您是否看到，客戶正在尋求產能承諾？那麼結果是，您必須更改與客戶達成的取消政策條款或其他條款嗎？這方面有什麼變化嗎？

Yes. So we don't think that, that's a good idea to go down that path to force customers to tell us what they need a year from now. I don't -- you can demand that they tell you what they need in April or May of 2022, but I can assure you they don't know what they need a year from now. We really want to be in a position where we can supply them what they need and be a supplier that they can count on as well. The competitive advantage of manufacturing technology and owning, controlling that, our manufacturing asset also gives us control of our cost there. So we haven't been in a position where we've had to go in and raise prices as many of our other peers have. And we believe that those two things combined are translating into share gains, right? So when you look at the revenues in this quarter, we believe part of that is share gains. And I'll quickly also point out that you got to measure that over time. So don't look at or measure it over just one quarter. But we do believe that, that will be something that will benefit us for a very long time to come. Do you have a follow-on, Ambrish?

是的。因此，我們認為，強迫客戶告訴我們一年後他們需要什麼並不是一個好主意。我不知道——你可以要求他們在 2022 年 4 月或 5 月告訴你他們需要什麼，但我可以向你保證，他們不知道一年後他們需要什麼。我們確實希望能夠為他們提供所需的產品，並成為他們可以信賴的供應商。製造技術的競爭優勢以及擁有和控制製造資產的優勢也使我們能夠控製成本。因此，我們還沒有像其他同行那樣陷入必須提高價格的情況。我們相信，這兩件事結合起來會轉化為股價上漲，對嗎？因此，當您查看本季的收入時，我們認為其中一部分是份額成長。我還要快速指出的是，你必須隨著時間的推移對此進行衡量。因此，不要只看或測量一個季度。但我們確實相信，這將是一件讓我們在很長一段時間內受益的事情。您還有後續消息嗎，Ambrish？

Yes, I do. Just quickly on the capacity and the CapEx. So intensity, we shouldn't be modeling a different intensity over the next few quarters, correct? We should be within the guided range that you've given as you build the third fab? And then is that second half '22 a pull-in versus what you were expecting?

是的，我願意。快速了解產能和資本支出。那麼強度，我們不應該在接下來的幾季中模擬不同的強度，對嗎？在建造第三座工廠時，我們應該在您給予的指導範圍內嗎？那麼，2022 年下半年的表現是否與你的預期相符呢？

So no, it's not a pull-in. That's about what we've always expected. But now let me answer the first part of your question. As you know very well, you've been following us for a while. We talked about our guide for CapEx as a percent of revenue at about 6%. We did that at the Capital Management Strategy meeting, and that's a valid number over the long term. And it's just a model to help you think about our CapEx. But the reality is that in the short term, for two, three years, we're going to run higher than that in absolute terms and also the percent of revenue as we continue to invest both short term to get ahead of the current situation, but more importantly, longer term as we continue to strengthen our competitive advantage of having our own manufacturing and technology -- particularly 300-millimeter that, as we talked about, provides such a great structural cost advantage -- and controlling our own manufacturing supply advantage that clearly during this pandemic and cycle has proven worthwhile.

所以，不，這不是一件吸引人的事情。這正是我們一直期待的。但現在讓我來回答你問題的第一部分。正如您所知，您已經關注我們有一段時間了。我們討論了資本支出佔收入百分比約為 6% 的指導方針。我們在資本管理策略會議上這樣做了，從長遠來看這是一個有效的數字。這只是一個幫助您思考我們的資本支出的模型。但現實情況是，在短期內，也就是兩三年內，我們的絕對值和收入百分比都會高於這個數字，因為我們會繼續進行短期投資以領先於當前形勢，但更重要的是，從長期來看，我們會繼續加強我們擁有自己的製造和技術的競爭優勢——特別是 300 毫米，正如我們所討論的，它提供了巨大的結構性成本以及這一點

And that question will come from Timothy Arcuri with UBS.

這個問題將由瑞銀的提摩西·阿庫裡提出。

Dave, I guess I also wanted to ask about the guidance. I know there's some school of thought that because you control your supply chain, and that your model and inventory would sort of drive some share gains and some more upside given what's going on. And I know that you're typically conservative and you have a very tough comp on Q1. But I wonder if maybe customers are not pulling your product because of shortages elsewhere because it just is sitting there in consignment anyway, waiting for them. And I guess the question is, are you hearing that from any of your customers that they're not pulling due to shortages elsewhere? And maybe that's contributing somewhat to your June guidance?

戴夫，我想我也想問一下有關指導的問題。我知道有一些觀點認為，因為你控制著你的供應鏈，考慮到目前的情況，你的模式和庫存會在某種程度上推動一些份額的成長和更多的上漲。我知道您通常比較保守，而且第一季的競爭非常激烈。但我想知道，客戶是否因為其他地方的短缺而沒有購買您的產品，因為無論如何，您的產品都存放在寄售處，等待他們購買。我想問題是，您是否從任何客戶那裡聽說，由於其他地方的短缺，他們沒有撤資？這也許對您 6 月的預測有所貢獻？

Tim, we think that, that probably goes on at any point, though we don't believe that, that's going on at any significant level. So yes, so we don't believe that that's a significant factor that's going on in the second quarter. Do you have a follow-on?

提姆，我們認為，這種情況可能在任何時候都會發生，儘管我們不相信這種情況會在任何重要層面上發生。是的，我們不認為這是第二季發生的重要因素。您有後續訊息嗎？

Yes, yes. I do. So I guess I asked the same thing that I asked last quarter about the share repo. And I know that you guys always say that free cash flow only matters if it's returned, but you didn't buy back much again this quarter, it's like $130 million over the past nine months. And it sort of seems like maybe a bit of a pattern now that it's three quarters in a row. So -- and I know you have a pretty strong intrinsic value model for your stock. So can you just talk about that?

是的，是的。我願意。所以我想我問的問題和上季關於股票回購的問題是一樣的。我知道你們總是說自由現金流只有在返還時才重要，但本季你們並沒有回購太多，過去九個月回購了 1.3 億美元。這已經是連續四個季度發生的事了，看起來有點像一種模式。所以——我知道你的股票有一個相當強大的內在價值模型。那你能談談這個嗎？

Yes. First, stepping back, as you alluded to, our goal, our objective is to return all free cash flow to the owners of the company over the long term. And if you look at our 15, 16-year history on that front, we have been returning all free cash flow and then some of -- to the owners of the company. And we're going to continue doing that over time. Now over time -- over the long term, that means -- that doesn't necessarily mean every quarter, certainly not every quarter, maybe not even every year, right? But over the long term, we're going to return all free cash flow to the owners of the company. We do that through both dividends and buybacks and there are different criteria that we look at for each of those, and we've talked about that.

是的。首先，退一步來說，正如您所提到的，我們的目標，我們的目的是長期將所有自由現金流返還給公司所有者。如果你回顧我們在這方面的 15、16 年歷史，你會發現我們一直在將所有自由現金流以及其中一部分回饋給公司所有者。我們將繼續這樣做。現在，隨著時間的推移 - 從長遠來看，這意味著 - 這並不一定意味著每個季度，當然不是每個季度，甚至可能不是每年，對嗎？但從長遠來看，我們將把所有自由現金流還給公司所有者。我們透過股息和回購來實現這一點，我們對每種方式都有不同的標準，我們已經討論過這一點。

Okay. We've got time for one more caller.

好的。我們還有時間再接聽一位來電者。

And that question will come from Tore Svanberg with Stifel.

這個問題將由 Stifel 公司的 Tore Svanberg 提出。

And congratulations on the record revenues and earnings. First question, Dave or Rafael, could you step back, just looking at the last 90 days, what is it exactly that changed this last quarter? Did orders continue to accelerate? The capacity situation eased? Maybe just walk through exactly what changed.

並祝賀您創下創紀錄的收入和收益。第一個問題，戴夫或拉斐爾，您能否回顧一下過去 90 天，看看上個季度究竟發生了什麼變化？訂單量是否持續加速成長？產能狀況有所緩解？也許只是簡單回顧一下到底發生了哪些變化。

I'll give you a few comments. I'm not sure if I have what you're looking for. But demand continues to be strong. We're still in an environment where demand exceeds supply, capacity, right? Now of course, we're -- revenue has continued growing in that environment and both year on year, clearly, but also sequentially, right? And we are incrementally adding capacity while we do that.

我將給你一些評論。我不確定我是否有你要找的東西。但需求依然強勁。我們仍然處於需求超過供應和產能的環境中，對嗎？當然，在這種環境下，我們的收入持續成長，不僅同比明顯成長，而且環比也成長，對吧？同時，我們正在逐步增加產能。

We're also in the -- while we have done that, we have, over this entire cycle, we have focused on making the company stronger, right? So we have -- back if you look at the first phase of this pandemic, back in February or March, when everybody was pulling back, we built through that cycle. So that was a tactical decision enabled by our strategic position of our focus on industrial, automotive and catalog parts with low risk of obsolescence. So we're able to build through that cycle and be prepared for the other side once the demand started returning, pretty quickly as it turned out. We also -- as we did that, we also gained strategic ground, focusing on auto and industrial. So you've seen how we have grown in those spaces.

我們也處於——雖然我們已經這樣做了，但在整個週期中，我們一直專注於讓公司更強大，對嗎？因此，如果你回顧這場疫情的第一階段，也就是二月或三月，當時每個人都在撤退，我們則透過這個週期建立了體系。所以，這是一個戰術決策，它基於我們的戰略地位，即專注於過時風險較低的工業、汽車和目錄零件。因此，我們能夠完成整個週期，並在需求開始回升時為另一方做好準備，事實證明，這非常快。在這樣做的同時，我們也取得了戰略上的進展，重點關注汽車和工業領域。所以你已經看到了我們在這些領域是如何成長的。

And while we have done that, we have invested for the long term, right? And that's invested in competitive advantages. The most obvious one is manufacturing and technology. We already talked plenty about that here, but there's also our product portfolio, right? We continue to strengthen the R&D in the best spaces. And then the other one is reach of our channels, which we really haven't talked about today much, but we continue to strengthen that. And maybe the most obvious one is TI.com and everything we're doing there to support our customers with very, very high availability, in fact, immediate availability in a lot of cases, with many parts; that's inventory there for customers to buy direct from us on TI.com.

而我們這樣做的同時，也是為了長期投資，對嗎？這是對競爭優勢的投資。最明顯的是製造和技術。我們已經在這裡談論了很多，但還有我們的產品組合，對嗎？我們持續在最佳領域加強研發。另一個是我們的頻道覆蓋範圍，我們今天實際上並沒有談論太多，但我們會繼續加強這一點。也許最明顯的是 TI.com，我們在那裡所做的一切都是為了支持我們的客戶，為他們提供非常高的可用性，事實上，在很多情況下，許多部件都是即時可用的；那裡有庫存，客戶可以通過 TI.com 直接從我們這裡購買。

Do you have follow-on Tore?

您有後續的 Tore 嗎？

Yes. Thank you. So your operating margin, I think, was just very shy of a record at 45.2%. Rafael in the past, you've talked about OpEx kind of being between 20% and 30% of revenue. Now that it's pretty obvious that there's so much demand out there and that it's sustainable, is it safe to say that, that OpEx ratio is going to change going forward and maybe stay at 20%, 25%?

是的。謝謝。因此，我認為您的營業利潤率略低於 45.2% 的紀錄。拉斐爾，您過去曾談到營運支出佔收入的 20% 到 30%。現在很明顯，市場需求很大，而且是可持續的，那麼是否可以肯定地說，營運支出比率未來會發生變化，可能保持在 20% 或 25% 呢？

Yes. So what I'll tell you on that is, in the short term, we run OpEx on a trailing 12-month basis at about $3.2 billion. That's not going to change much in the short term, right, because it doesn't need to, right? We feel very good about those investments. We feel very good about where they're going. They're long-term in nature. Clearly, in R&D, but also part of SG&A is the TI.com example, that's -- where I think of that as an investment, of course, even though it is an SG&A. So I don't see that number in the short term changing much. But over the long term, over many years, the guidance that we have given you of 20% to 25% still applies, right? So you should still think of it in those terms.

是的。所以我要告訴你的是，短期內，我們過去 12 個月的營運支出約為 32 億美元。短期內不會發生太大變化，對吧，因為不需要，對吧？我們對這些投資感到非常滿意。我們對他們的發展方向感到非常滿意。它們的本質是長期的。顯然，在研發方面，銷售、一般及行政費用 (SG&A) 的一部分也是 TI.com 的例子，那是 - 當然，我認為這是一項投資，即使它是一項銷售、一般及行政費用 (SG&A)。所以我認為短期內這個數字不會有太大變化。但從長遠來看，多年來，我們給您的 20% 到 25% 的指導仍然適用，對嗎？所以你仍然應該從這些方面來考慮它。

Okay. So I think that was the last one. So let me go ahead and wrap up by reiterating what we have said previously.

好的。所以我認為這是最後一個。因此，請允許我繼續並重申我們之前所說的內容。

At our core, we're engineers and technology is the foundation of our company. But ultimately, our objective and 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're successful, our employees, customers, communities and owners all benefit.

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。在努力實現目標的同時，我們將繼續追求我們的三大抱負：我們將像擁有公司數十年的所有者一樣行事。我們將適應不斷變化的世界並取得成功。我們將成為一家讓我們感到自豪並願意成為我們鄰居的公司。當我們成功時，我們的員工、客戶、社區和業主都會受益。

Thank you, and have a good evening.

謝謝，祝您晚上愉快。

Thank you. And that does conclude today's conference. We'd like to thank everyone for their participation. You may now disconnect.

謝謝。今天的會議到此結束。我們感謝大家的參與。您現在可以斷開連線。