德州儀器 (TXN) 2021 Q1 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

Good day, and welcome to the Texas Instruments' Q1 2021 Earnings Release Conference Call.

美好的一天，歡迎參加德州儀器 2021 年第一季度收益發布電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Mr. Dave Pahl.

在這個時候，我想把會議交給 Dave Pahl 先生。

Please go ahead, sir.

請繼續，先生。

Good afternoon, and thank you for joining our first quarter 2021 earnings conference call.

下午好，感謝您參加我們的 2021 年第一季度收益電話會議。

For any of you who missed the release, you can find it on our website at ti.com/ir.

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。

This call is being broadcast live over the web and can be accessed through our website.

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。

A replay will be available through the web.

重播將通過網絡提供。

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.

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。

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.

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.

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。

First, I'll start with a quick overview of the quarter.

首先，我將從本季度的快速概覽開始。

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.

接下來，我將深入了解第一季度的收入結果，提供比以往更多的終端市場細節，包括一些連續的表現，因為此時它的信息量更大。

Lastly, Rafael will cover the financial results, some insights into one-time items and our guidance for the second quarter of 2021.

最後，Rafael 將介紹財務業績、對一次性項目的一些見解以及我們對 2021 年第二季度的指導。

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.

從第一季度的快速概覽開始：在工業、汽車和個人電子產品強勁需求的推動下，該公司的收入環比增長 5%，同比增長 29%。

On a sequential basis, Analog grew 5% and Embedded Processing grew 7%.

在連續基礎上，模擬增長 5%，嵌入式處理增長 7%。

On a year-over-year basis, Analog grew 33% and Embedded Processing grew 17%.

與去年同期相比，模擬增長了 33%，嵌入式處理增長了 17%。

Our "Other" segment grew 12% from a year-ago quarter.

我們的“其他”部門比去年同期增長了 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.

繼續前進，鑑於當前環境，本季度再次，我將按終端市場對我們第一季度的收入提供一些見解，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.

首先，工業市場環比增長約 20%，同比增長近 30%。

The strength was seen across most sectors.

大多數行業都表現出強勁的勢頭。

The automotive market was about even compared to a very strong fourth quarter 2020 and up about 25% from a year ago.

與非常強勁的 2020 年第四季度相比，汽車市場與去年同期相比增長了約 25%。

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 19 年第四季度的 COVID-19 之前的水平相比，我們在 2020 年第四季度和 2021 年第一季度對汽車的出貨量增長了約 25%，因為我們努力幫助我們的汽車客戶從供應中恢復過來鏈中斷。

Personal electronics was down about 10% sequentially and up about 50% compared to the year ago.

個人電子產品環比下降約 10%，同比增長約 50%。

The strength was broad-based across sectors and customers within personal electronics.

這種優勢廣泛存在於個人電子產品的各個行業和客戶中。

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

其次，通信設備連續增長，與去年持平。

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

企業系統連續增長個位數，比一年前下降了約 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.

關於交貨時間，我們 80% 以上的產品都有穩定的交貨時間，超過 50,000 個零件通過 TI.com 提供現貨供應。

However, the growing demand in the first quarter of 2021 did expand our list of hotspots, which required extending some lead times.

然而，2021 年第一季度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。

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.

我們將在 2021 年和 2022 年上半年繼續增加產能，並得到我們第三個 300 毫米晶圓廠 RFAB2 啟動的額外支持，該廠將於 2022 年下半年投產。

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.

正如我們在 2 月份的資本管理審查中所討論的，我們在內部製造和技術方面的競爭優勢帶來了更低的成本和更好地控制我們的供應鏈的好處，這在這樣的市場環境中得到了真正的體現。

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

Rafael 現在將審視和審查盈利能力、資本管理和我們的前景。

Thanks, Dave, and good afternoon, everyone.

謝謝，戴夫，大家下午好。

First quarter revenue was $4.3 billion, up 29% from a year ago.

第一季度收入為 43 億美元，同比增長 29%。

Gross profit in the quarter was $2.8 billion, or 65% of revenue.

本季度毛利潤為 28 億美元，佔收入的 65%。

From a year ago, gross profit margin increased 250 basis points.

與一年前相比，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.

本季度的運營費用為 8.11 億美元，同比增長 2%，與預期相符。

On a trailing 12-month basis, operating expenses were 21% of revenue.

在過去 12 個月的基礎上，運營費用佔收入的 21%。

Over the last 12 months, we have invested $1.5 billion in R&D.

在過去的 12 個月裡，我們在研發上投入了 15 億美元。

Acquisition charges, a noncash expense, were $47 million in the first quarter.

第一季度的收購費用是一項非現金支出，為 4700 萬美元。

Acquisition charges will remain at about this level through the third quarter of 2021 and then go to zero.

到 2021 年第三季度，購置費用將保持在這個水平，然後降至零。

Operating profit was $1.9 billion in the quarter, or 45% of revenue.

本季度營業利潤為 19 億美元，佔收入的 45%。

Operating profit was up 56% from a year-ago quarter.

營業利潤較去年同期增長 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.

第一季度的淨收入為 18 億美元，即每股 1.87 美元，其中包括 2 美分的淨收益，這在我們之前的展望中沒有，主要是由於離散的稅收收益被約 5000 萬美元的公用事業成本相關的部分抵消到德克薩斯州二月的冬季風暴。

Most of this expense is in our cost of revenue and reported in our "Other" segment results.

大部分費用在我們的收入成本中，並在我們的“其他”分部業績中報告。

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，從我們的現金產生開始。

Cash flow from operations was $1.9 billion in the quarter.

本季度運營現金流為 19 億美元。

Capital expenditures were $308 million in the quarter.

本季度的資本支出為 3.08 億美元。

Free cash flow on a trailing 12-month basis was $6.3 billion.

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.

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。

In total, we have returned $4.5 billion in the past 12 months.

在過去的 12 個月中，我們總共返還了 45 億美元。

Over the same period, our dividend represented 56% of free cash flow, underscoring its sustainability.

同期，我們的股息佔自由現金流的 56%，凸顯了其可持續性。

Our balance sheet remains strong with $6.7 billion of cash and short-term investments at the end of the first quarter.

我們的資產負債表依然強勁，第一季度末有 67 億美元的現金和短期投資。

We retired $550 million of debt in the quarter, leaving $6.3 billion of total debt with a weighted average coupon of 2.77%.

我們在本季度償還了 5.5 億美元的債務，總債務為 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.

在庫存方面，TI 庫存美元比上一季度減少了 6500 萬美元，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.

對於第二季度，我們預計 TI 收入在 41.3 億美元到 44.7 億美元之間，每股收益在 1.68 美元到 1.92 美元之間。

We continue to expect our annual operating tax rate to be about 14%.

我們繼續預計我們的年營業稅率約為 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讓我們的業務更加強大。

With that, let me turn it back to Dave.

有了這個，讓我把它轉回戴夫。

Thanks, Rafael.

謝謝，拉斐爾。

Operator, you can now open the lines for questions.

接線員，您現在可以打開問題線了。

(Operator Instructions) Operator?

（操作員說明）操作員？

(Operator Instructions)

（操作員說明）

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

首先，我們將與 Citi 一起去 Chris Danely。

So Q1 clearly was very strong, well above seasonality and above guidance.

因此，第一季度顯然非常強勁，遠高於季節性和指導水平。

However, your sequential guidance at flat is well below seasonality.

但是，您在持平的順序指導遠低於季節性。

So my question is, are you guys seeing cancellations and pushouts?

所以我的問題是，你們看到取消和推出了嗎？

Or why the such weak guidance after a strong Q1?

或者為什麼在強勁的第一季度之後如此弱的指導？

Yes.

是的。

Chris, yes, thanks for that question.

克里斯，是的，謝謝你的問題。

We aren't seeing cancellation or pushouts.

我們沒有看到取消或推出。

I'd just say that if you look to your observations, Q1 was very strong, both sequentially and year on year.

我只想說，如果你看一下你的觀察，第一季度非常強勁，無論是按順序還是同比。

So at the midpoint, second quarter will be a strong quarter from a year-on-year standpoint.

因此，在中點，從同比的角度來看，第二季度將是一個強勁的季度。

Do you have a follow-on?

你有後續嗎？

Yes.

是的。

I mean, I guess it would just be a follow-on to the first question.

我的意思是，我想這只是第一個問題的後續。

I mean, this would be the lowest sequential guidance you guys have given in some time.

我的意思是，這將是你們一段時間以來給出的最低順序指導。

So I guess, why not guide for a seasonal or even close to seasonal sequential guide?

所以我想，為什麼不指導季節性甚至接近季節性的順序指南呢？

Yes.

是的。

It really, Chris, is just -- it is the best estimate that we have for our revenue for the quarter.

克里斯，這真的只是 - 這是我們對本季度收入的最佳估計。

And again, I would describe it as following a very strong first quarter, it will be a strong quarter again.

再一次，我將其描述為在一個非常強勁的第一季度之後，它將再次成為一個強勁的季度。

So okay, thank you.

那好吧，謝謝。

We'll go to the next caller.

我們去找下一個來電者。

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

接下來，我們將與 Bernstein Research 一起前往 Stacy Rasgon。

I want to talk about your inventory strategy.

我想談談你的庫存策略。

I know you have a strategy to build out inventory for customer service.

我知道你有一個為客戶服務建立庫存的策略。

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.

我想，我該如何調和這一點，儘管您的庫存美元下降了，但您仍然可以獲得一些提前期 - 延長提前期。

Is that just a function of demand -- the pull that's just so strong you can't keep up?

這僅僅是需求的函數嗎——拉力如此之大，以至於你無法跟上？

And I guess in that light, how do you parse the quality of those orders that you're getting?

我想從這個角度來看，你如何分析你得到的那些訂單的質量？

How do you know -- are you just -- I mean, are you just shipping whatever is being asked for at this point?

你怎麼知道——你只是——我的意思是，你現在只是運送任何被要求的東西嗎？

And I guess, like what are the plans for loadings in inventories as we go into Q2?

我想，當我們進入第二季度時，庫存裝載計劃是什麼？

Are you going to try to replenish the inventory that's been drained?

您是否要嘗試補充已耗盡的庫存？

Yes.

是的。

So thanks for the question, Stacy.

所以謝謝你的問題，斯泰西。

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.

因此，首先，讓我退一步提醒大家，庫存，我們的目標是保持高水平的客戶服務，最大限度地減少——同時我們最大限度地減少過時並提高製造利用率。

And as you alluded in the question, we would prefer to have higher levels of inventory.

正如您在問題中提到的那樣，我們希望擁有更高水平的庫存。

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.

事實上，60 天前，在資本管理戰略中，我們將庫存目標從之前的 115 天、145 天提高到 130 至 190 天。

So yes, we'd like to have more inventory.

所以是的，我們希望有更多的庫存。

But in the current environment, we're focusing our capacity on fulfilling demand, not on building inventory.

但在當前環境下，我們將能力集中在滿足需求上，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.

每當事情變慢時，在某些時候它會變慢，和/或隨著我們增加容量，我們正在逐步增加容量。

We have been and we'll continue to do through the balance of this year into the first half of next year.

我們已經並且我們將繼續通過今年的餘額到明年上半年。

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.

然後在明年下半年，我們將有 RFAB2 的第一個輸出，然後隨著這些東西的結合，我們將能夠建立更多的庫存。

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.

我知道你有這個問題的其他幾個部分，但如果我錯過了什麼，你為什麼不使用你的後續行動。

Okay.

好的。

I'll use the follow-up.

我會用後續的。

How are you parsing the quality of the orders that you're getting?

您如何分析您收到的訂單的質量？

Or are you just shipping whatever is being ordered at this point?

還是您現在只是運送正在訂購的任何東西？

Yes.

是的。

I'm glad you chose that one as a follow-up.

我很高興你選擇了那個作為後續行動。

I'll just highlight, as you know, we have moved away from distributors over the last couple of years.

如您所知，我只想強調一下，在過去幾年中，我們已經遠離了分銷商。

Really, it's been more of a 10-year process.

實際上，這更像是一個 10 年的過程。

But in the last few years, more -- we pulled the trigger and actually no longer ship into many distributors that we used to.

但在過去的幾年裡，更多——我們扣動了扳機，實際上不再像過去那樣向許多分銷商發貨。

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.

現在，我們與很多客戶直接合作，以至於我們去年退出了，幾乎三分之二的收入都是直接發貨的。

That has put us in a great position, particularly in the current environment because we now have more direct access to those customers.

這使我們處於有利地位，尤其是在當前環境下，因為我們現在可以更直接地接觸這些客戶。

We have a better understanding of what they really need.

我們對他們真正需要的東西有了更好的了解。

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.

我們有 - 坦率地說，我們沒有中間人，坦率地說，坦率地說，就像分銷商發生了很多事情一樣。

So then we use that information to better allocate our resources, both inventory, manufacturing, et cetera, in order to fulfill demand from our customers.

因此，我們使用這些信息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.

我們的下一個問題將來自瑞士信貸的 John Pitzer。

Not original, but a follow-up to the June revenue guide.

不是原創的，而是 6 月收入指南的後續版本。

I'm just curious, Rafael, you said that you would be growing supply sequentially from March to June.

我只是好奇，Rafael，你說你將從 3 月到 6 月連續增加供應。

So the implication is you might be able to build some inventory on your own balance sheet.

因此，這意味著您可以在自己的資產負債表上建立一些庫存。

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?

我很好奇，考慮到整個渠道的庫存狀況如何，為什麼您不會期望您帶來的增量供應不會被您的客戶使用並且實際上顯示出連續的收入增長？

I think you're getting a little nuance in that question, picking some of the things I said.

我認為您在這個問題上有些細微差別，選擇了我所說的一些內容。

Just I would tell you, we drain inventory fourth to first, right?

只是我想告訴你，我們從第四到第一消耗庫存，對嗎？

So even if we're increasing output, that doesn't necessarily mean that we'll be able to build inventory, right?

所以即使我們增加產量，也不一定意味著我們能夠建立庫存，對吧？

What I said earlier, you shouldn't take that as a statement that we're going to build inventory going into second quarter.

我之前說過，您不應該將其視為我們將在第二季度建立庫存的聲明。

Yes.

是的。

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.

我還要補充一點，我們將在今年剩餘時間和上半年增加產能——明年直到 RFAB2 啟動，也就是 2022 年下半年。

So you've got multiple pieces that are moving there.

所以你有多個正在移動的部分。

Do you have a follow-on, John?

約翰，你有後續嗎？

Yes.

是的。

Just it was nice to see in the March quarter Embedded at least sequentially, growing faster than Analog.

很高興看到在 3 月季度嵌入式至少按順序增長，比模擬增長更快。

And we've talked about this in the past, Dave, about kind of the growth there has kind of lagged that of Analog.

戴夫，我們過去曾討論過這一點，那裡的增長有點落後於模擬的增長。

Do you feel like within the embedded market, you're turning the corner?

您是否覺得在嵌入式市場中，您正在轉機？

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?

你能幫助我們了解你們如何看待那裡的設計漏斗，以及該市場的增長率可能超出週期性複蘇嗎？

Yes, I'll give you a few comments on that, and Dave, you want to follow-up.

是的，我會給你一些意見，戴夫，你想跟進。

At a high level, we're pleased with the trajectory of Embedded.

在高層次上，我們對 Embedded 的發展軌跡感到滿意。

We're still -- however, we're still in very early phases, right?

我們仍然 - 但是，我們仍處於非常早期的階段，對嗎？

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.

正如我們之前所說，我們對 Embedded 的目標是首先穩定 Embedded，做出一些改變，然後利用我們擁有的競爭優勢，讓 Embedded 朝著更好的方向前進。

And we're in the early phases, but we're pleased with those early results.

我們處於早期階段，但我們對這些早期結果感到滿意。

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

繼續前進，我們將與摩根士丹利一起前往 Craig Hettenbach。

Dave, thanks for the color on lead times.

戴夫，感謝交貨時間的顏色。

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?

我猜在熱點地區，可能有 20% 左右受到了影響，你能大致了解一下你在那裡看到的情況嗎？

And maybe your sense of when you would expect the lead times in certain areas to normalize?

也許您對某些領域的交貨時間何時會正常化的感覺？

Yes.

是的。

There's just a lot of moving pieces on that, Craig.

克雷格，這上面有很多動人的部分。

I think it's probably premature to try to pick that.

我認為現在嘗試選擇它可能為時過早。

Our teams are obviously working very hard with customers to close those demand and fulfill those needs.

我們的團隊顯然正在與客戶一起努力工作，以關閉這些需求並滿足這些需求。

So it really is just based on technologies and packages and what those customer requirements are.

所以它真的只是基於技術和軟件包以及這些客戶的需求是什麼。

Do you have a follow-on?

你有後續嗎？

Sure.

當然。

And then personal electronics, up 50% year over year.

然後是個人電子產品，同比增長 50%。

I know there's been some nice tailwinds from work-from-home.

我知道在家工作帶來了一些不錯的好處。

Any more color in terms of some of the segments that you're seeing growth?

就您看到增長的某些細分而言，還有更多顏色嗎？

And how you feel about that business for Q2?

您對第二季度的業務有何看法？

Yes.

是的。

So at a high level, what I'd say, we'll give color by end market if there's something unusual going on.

所以在高層次上，我想說的是，如果發生不尋常的事情，我們將按終端市場提供顏色。

When we look out into a quarter, I can say that there's nothing unusual that we feel the need to call out.

當我們看到一個季度時，我可以說沒有什麼不尋常的，我們覺得有必要大聲疾呼。

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.

當我們回顧第一季度以及過去幾個季度的個人電子產品時，我們看到的需求基礎非常廣泛，無論是客戶，還是我們所看到的全面的需求，以及按部門。

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.

提醒一下，在個人電子產品內部，我們將擁有手機、平板電腦和個人電腦，包括筆記本電腦、電視、智能揚聲器等。

So it's a pretty broad category, printers.

所以這是一個相當廣泛的類別，打印機。

So it's pretty broad categories.

所以它的類別相當廣泛。

I think there's nine, 10 different sectors that make up personal electronics.

我認為個人電子產品有九、十個不同的領域。

So -- and we've seen very strong demand really across all of those.

所以 - 我們已經看到所有這些都非常強勁的需求。

This is Rafael.

這是拉斐爾。

I just want to go back to the question on lead times.

我只想回到交貨時間的問題。

And earlier, several people asked about inventory.

早些時候，有幾個人詢問了庫存。

At the end of the day, things are going to be tight as long as demand is ahead of supply.

歸根結底，只要需求領先於供應，事情就會變得緊張。

Things are going to be tight.

事情會很緊張。

Lead times are going to be tight.

交貨時間會很緊。

The -- but the key point here is we own our own manufacturing and technology, right?

- 但這裡的關鍵是我們擁有自己的製造和技術，對吧？

That is a key differentiator versus our competitors.

這是與我們的競爭對手相比的關鍵區別。

It is one of our competitive advantages.

這是我們的競爭優勢之一。

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.

因此，我們處於戰略上——處於獨特的戰略地位，能夠擁有它，控制庫存，能夠在未來 1.5 年左右逐步增加產能，但在那之後，當 RFAB2 建成時，更重要的是它開始裝備。

So that's a big difference versus our competitors.

所以這與我們的競爭對手有很大的不同。

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.

隨著我們繼續專注於工業、汽車和所有這些偉大領域的客戶，這確實使我們能夠更好地滿足客戶的短期需求，更重要的是，長期來看。

And that will come from Harlan Sur with JPMorgan.

這將來自摩根大通的 Harlan Sur。

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.

在延長交貨時間方面，也許以不同的方式提出問題，您外包了大約 20% 的晶圓需求，其中大部分是嵌入式的，並且您外包了 40% 的測試和組裝。

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?

我只是想知道這是否是您看到可能更多延長交貨時間的地方，只是因為您的外包合作夥伴的能力很緊張？

Or is it spread across both internal and outsourced manufacturers?

還是分佈在內部和外包製造商之間？

Yes.

是的。

It's not specifically there, Harlan.

不是特別在那裡，哈倫。

It really is more just based on technology or end market driven or package types, so we described it as hotspots.

它實際上更多地基於技術或終端市場驅動或封裝類型，因此我們將其描述為熱點。

So it's kind of the combination of those things when we've got demand that is outstripping the short-term supply.

因此，當我們的需求超過短期供應時，這就是這些因素的結合。

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.

但回到 Rafael 的觀點，事實上我們在內部進行了大部分的組裝測試，我們的大多數同行都沒有這樣做。

Most of our peers have that assembly outside.

我們的大多數同行都在外面有這個大會。

So even that 60%, 70% is a very large number that we control and do in-house.

因此，即使是 60%、70% 也是我們內部控制和執行的一個非常大的數字。

Also, because we do 80% of our wafers in-house, we can expand that capacity incrementally.

此外，由於我們 80% 的晶圓在內部生產，我們可以逐步擴大產能。

Also, we control the cost to a much higher degree than our peers as well.

此外，我們對成本的控製程度也比同行高得多。

And those are very important things in times like these.

在這樣的時代，這些都是非常重要的事情。

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.

因此，除了我們正在增加容量的 300 毫米這一事實之外，還有一個巨大的優勢，因此除此之外，它的結構成本也更低。

So do you have a follow-on?

那你有後續嗎？

Yes.

是的。

No, thanks for the insights there.

不，感謝那裡的見解。

So, good again to see the year-over-year momentum in the Embedded business.

因此，很高興再次看到嵌入式業務的同比增長勢頭。

And I know somebody tried to ask a question about this previously.

我知道以前有人試圖問過這個問題。

But wondering if you could just -- I know you guys refocused some of the subsegments within Embedded last year.

但是想知道你們是否可以——我知道你們去年重新關注了 Embedded 中的一些子細分市場。

Just wondering if you guys could give us a profile of Embedded relative to the overall corporate profile?

只是想知道你們是否可以向我們提供相對於整體公司概況的嵌入式概況？

I mean does it have the same end market exposure as the overall business?

我的意思是它與整體業務具有相同的終端市場風險嗎？

Or is it more skewed now towards one or particular end markets?

還是它現在更傾向於一個或特定的終端市場？

And on a go-forward basis, like what end markets within Embedded are you spending more R&D dollars?

在向前發展的基礎上，例如您在嵌入式的哪些終端市場上花費了更多的研發資金？

Yes.

是的。

So I think that what -- the investments that we have in Embedded we have directed at the best growth opportunity.

所以我認為我們在嵌入式領域的投資是針對最佳增長機會的。

So as we took a step back, we wanted to focus them into that direction.

因此，當我們後退一步時，我們希望將他們的注意力集中在那個方向上。

They're biased towards industrial and the automotive markets.

他們偏向於工業和汽車市場。

The largest portion of our revenue are pointed in that -- in those two markets as well.

我們收入的最大部分在這兩個市場中也是如此。

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.

我們在其中的通信、企業和 PE 方面確實有一點收入，但大部分收入來自這兩個市場。

So again, as Rafael said, we're in the early stages.

同樣，正如拉斐爾所說，我們處於早期階段。

Our first objective was to get the revenue stabilized.

我們的第一個目標是穩定收入。

So we feel very good about the progress that we've made so far.

因此，我們對迄今為止取得的進展感到非常滿意。

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.

我們正在那裡進行投資，因為我們相信嵌入式將成為長期自由現金流增長的重要貢獻者。

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.

所以我們相信，從現在開始的幾年後，我們會回顧過去，我們會對我們所做的投資感到非常滿意。

We'll be very pleased with the free cash flow growth that Embedded will have contributed to the company.

Embedded 將為公司帶來的自由現金流增長讓我們感到非常高興。

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

這將來自蒙特利爾銀行的 Ambrish Srivastava。

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.

只是關於您看到的訂單模式的問題，您的許多同行都談到了不取消政策，我們沒有看到的業務方面 - 你可以說永遠不會。

But are you seeing that, that customers are looking for commitments to capacity?

但是您是否看到，客戶正在尋找對容量的承諾？

And then as a result, you're having to change your clauses with the customers in terms of cancellation policy or what have you?

結果，您不得不在取消政策方面與客戶更改條款，或者您有什麼？

Are there any changes on that front?

這方面有什麼變化嗎？

Yes.

是的。

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.

所以我們不認為，沿著這條路強迫客戶告訴我們他們一年後需要什麼是個好主意。

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.

我沒有——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。

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.

我們真的希望能夠為他們提供他們需要的東西，並成為他們可以信賴的供應商。

The competitive advantage of manufacturing technology and owning, controlling that, our manufacturing asset also gives us control of our cost there.

製造技術的競爭優勢以及擁有、控制我們的製造資產也使我們能夠控制我們的成本。

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.

因此，我們還沒有像許多其他同行那樣不得不進入並提高價格。

And we believe that those two things combined are translating into share gains, right?

我們相信這兩件事結合起來正在轉化為股票收益，對吧？

So when you look at the revenues in this quarter, we believe part of that is share gains.

因此，當您查看本季度的收入時，我們認為其中一部分是股票收益。

And I'll quickly also point out that you got to measure that over time.

我很快也會指出，你必須隨著時間的推移來衡量它。

So don't look at or measure it over just one quarter.

所以不要只看四分之一。

But we do believe that, that will be something that will benefit us for a very long time to come.

但我們確實相信，這將在很長一段時間內使我們受益。

Do you have a follow-on, Ambrish?

你有後續嗎，Ambrish？

Yes, I do.

是的，我願意。

Just quickly on the capacity and the CapEx.

很快就容量和資本支出。

So intensity, we shouldn't be modeling a different intensity over the next few quarters, correct?

所以強度，我們不應該在接下來的幾個季度中模擬不同的強度，對嗎？

We should be within the guided range that you've given as you build the third fab?

當你建造第三個晶圓廠時，我們應該在你給出的指導範圍內嗎？

And then is that second half '22 a pull-in versus what you were expecting?

然後是 22 年下半年與您的預期相反嗎？

So no, it's not a pull-in.

所以不，這不是拉入式。

That's about what we've always expected.

這就是我們一直期望的。

But now let me answer the first part of your question.

但現在讓我回答你問題的第一部分。

As you know very well, you've been following us for a while.

如您所知，您已經關注我們一段時間了。

We talked about our guide for CapEx as a percent of revenue at about 6%.

我們談到我們的資本支出指南佔收入的百分比約為 6%。

We did that at the Capital Management Strategy meeting, and that's a valid number over the long term.

我們在資本管理戰略會議上這樣做了，從長遠來看，這是一個有效的數字。

And it's just a model to help you think about our CapEx.

它只是幫助您思考我們的資本支出的模型。

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.

但現實情況是，在短期內，兩三年內，我們的絕對值和收入百分比都將高於這一水平，因為我們將繼續進行短期投資以領先於當前形勢，但更重要的是，從長遠來看，隨著我們繼續加強我們擁有自己的製造和技術的競爭優勢——尤其是 300 毫米，正如我們所談到的，它提供瞭如此巨大的結構成本優勢——並控制了我們自己的製造供應優勢顯然，在這次大流行和周期中，這證明是值得的。

And that question will come from Timothy Arcuri with UBS.

這個問題將來自瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）。

Dave, I guess I also wanted to ask about the guidance.

戴夫，我想我也想問一下指導。

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.

我知道有一些觀點認為，因為你控制著你的供應鏈，你的模型和庫存會在某種程度上推動一些股票收益和一些更多的上漲。

And I know that you're typically conservative and you have a very tough comp on Q1.

而且我知道您通常很保守，並且您在第一季度的比賽非常艱難。

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.

但我想知道客戶是否因為其他地方的短缺而沒有拉你的產品，因為它無論如何都只是寄售在那裡，等待他們。

And I guess the question is, are you hearing that from any of your customers that they're not pulling due to shortages elsewhere?

我想問題是，您是否從您的任何客戶那裡聽說他們沒有因為其他地方的短缺而撤資？

And maybe that's contributing somewhat to your June guidance?

也許這對您 6 月的指導有所幫助？

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.

蒂姆，我們認為，這可能會在任何時候發生，儘管我們不相信，這會在任何重要的層面上發生。

So yes, so we don't believe that that's a significant factor that's going on in the second quarter.

所以是的，所以我們不認為這是第二季度發生的一個重要因素。

Do you have a follow-on?

你有後續嗎？

Yes, yes.

是的是的。

I do.

我願意。

So I guess I asked the same thing that I asked last quarter about the share repo.

所以我想我問了上個季度關於股票回購的問題。

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.

而且我知道你們總是說自由現金流只有在它被歸還時才重要，但你本季度沒有再次回購太多，過去九個月大約有 1.3 億美元。

And it sort of seems like maybe a bit of a pattern now that it's three quarters in a row.

現在已經連續四分之三了，這似乎有點像一種模式。

So -- and I know you have a pretty strong intrinsic value model for your stock.

所以——我知道你的股票有一個非常強大的內在價值模型。

So can you just talk about that?

那你能談談嗎？

Yes.

是的。

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.

首先，正如你所提到的，我們的目標是退後一步，我們的目標是長期將所有自由現金流返還給公司所有者。

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.

如果你看看我們在這方面 15 年、16 年的歷史，我們一直在將所有自由現金流返還給公司所有者，然後是其中的一部分。

And we're going to continue doing that over time.

隨著時間的推移，我們將繼續這樣做。

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?

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，對吧？

But over the long term, we're going to return all free cash flow to the owners of the company.

但從長遠來看，我們將把所有自由現金流返還給公司所有者。

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.

我們通過分紅和回購來做到這一點，我們對每一個都有不同的標準，我們已經討論過了。

Okay.

好的。

We've got time for one more caller.

我們有時間再接一個來電者。

And that question will come from Tore Svanberg with Stifel.

這個問題將來自 Tore Svanberg 和 Stifel。

And congratulations on the record revenues and earnings.

並祝賀創紀錄的收入和收益。

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?

第一個問題，戴夫或拉斐爾，你能退後一步，看看過去 90 天，上個季度到底發生了什麼變化？

Did orders continue to accelerate?

訂單是否繼續加速增長？

The capacity situation eased?

產能情況有所緩解？

Maybe just walk through exactly what changed.

也許只是走過究竟發生了什麼變化。

I'll give you a few comments.

我會給你一些意見。

I'm not sure if I have what you're looking for.

我不確定我是否有你要找的東西。

But demand continues to be strong.

但需求依然強勁。

We're still in an environment where demand exceeds supply, capacity, right?

我們仍然處於需求超過供應和產能的環境中，對嗎？

Now of course, we're -- revenue has continued growing in that environment and both year on year, clearly, but also sequentially, right?

當然，現在我們 - 在那種環境下，收入持續增長，而且很明顯，而且是逐年增長，對吧？

And we are incrementally adding capacity while we do that.

在我們這樣做的同時，我們正在逐步增加容量。

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?

我們也在——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變得更強大，對吧？

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.

所以我們有——如果你看看這場大流行的第一階段，早在 2 月或 3 月，當每個人都在撤退時，我們已經完成了那個週期。

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.

因此，這是一個戰術決策，我們的戰略地位是我們專注於工業、汽車和目錄零件，過時風險低。

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.

因此，一旦需求開始恢復，我們就能夠建立起這個週期，並為另一方做好準備，結果很快。

We also -- as we did that, we also gained strategic ground, focusing on auto and industrial.

我們還 - 在我們這樣做的同時，我們也獲得了戰略基礎，專注於汽車和工業。

So you've seen how we have grown in those spaces.

所以你已經看到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?

雖然我們這樣做了，但我們已經進行了長期投資，對嗎？

And that's invested in competitive advantages.

這投資於競爭優勢。

The most obvious one is manufacturing and technology.

最明顯的一個是製造和技術。

We already talked plenty about that here, but there's also our product portfolio, right?

我們已經在這裡談了很多，但還有我們的產品組合，對吧？

We continue to strengthen the R&D in the best spaces.

我們繼續加強在最佳空間的研發。

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.

然後另一個是我們的渠道覆蓋率，我們今天真的沒有談論太多，但我們會繼續加強這一點。

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.

也許最明顯的一個是 TI.com，我們在那裡所做的一切都是為了以非常非常高的可用性支持我們的客戶，事實上，在很多情況下，很多部件都是即時可用的；這是供客戶在 TI.com 上直接從我們這裡購買的庫存。

Do you have follow-on Tore?

你有後續的Tore嗎？

Yes.

是的。

Thank you.

謝謝你。

So your operating margin, I think, was just very shy of a record at 45.2%.

因此，我認為您的營業利潤率僅略低於 45.2% 的創紀錄水平。

Rafael in the past, you've talked about OpEx kind of being between 20% and 30% of revenue.

Rafael 過去，您曾談到運營支出佔收入的 20% 到 30% 之間。

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%?

現在很明顯，那裡有如此多的需求並且是可持續的，可以肯定地說，OpEx 比率將在未來發生變化，可能會保持在 20%、25% 嗎？

Yes.

是的。

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.

所以我要告訴你的是，在短期內，我們在過去 12 個月的基礎上運行運營支出，約為 32 億美元。

That's not going to change much in the short term, right, because it doesn't need to, right?

這在短期內不會有太大變化，對吧，因為它不需要，對吧？

We feel very good about those investments.

我們對這些投資感覺很好。

We feel very good about where they're going.

我們對他們要去的地方感覺很好。

They're long-term in nature.

它們本質上是長期的。

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.

顯然，在研發方面，SG&A 的一部分是 TI.com 的例子，我當然認為這是一項投資，即使它是一個 SG&A。

So I don't see that number in the short term changing much.

所以我認為這個數字在短期內不會有太大變化。

But over the long term, over many years, the guidance that we have given you of 20% to 25% still applies, right?

但從長遠來看，多年來，我們給你的 20% 到 25% 的指導仍然適用，對吧？

So you should still think of it in those terms.

所以你仍然應該從這些方面考慮它。

Okay.

好的。

So I think that was the last one.

所以我認為這是最後一個。

So let me go ahead and wrap up by reiterating what we have said previously.

因此，讓我繼續重申我們之前所說的話。

At our core, we're engineers and technology is the foundation of our company.

在我們的核心，我們是工程師，技術是我們公司的基礎。

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.

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。

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.

在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。

We will adapt and succeed in a world that's ever changing.

我們將適應瞬息萬變的世界並取得成功。

And we will be a company that we're personally proud to be a part of and would want as our neighbor.

我們將成為一家我們個人為能成為其中一員並希望成為我們的鄰居而感到自豪的公司。

When we're successful, our employees, customers, communities and owners all benefit.

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.

謝謝你，祝你晚上愉快。

Thank you.

謝謝你。

And that does conclude today's conference.

這確實結束了今天的會議。

We'd like to thank everyone for their participation.

我們要感謝大家的參與。

You may now disconnect.

您現在可以斷開連接。