德州儀器 (TXN) 2020 Q3 法說會逐字稿

Good day and welcome to the Texas Instruments 3Q '20 Earnings Release Conference Call. Today's conference is not (sic) being recorded. At this time, I would like to turn the conference over to Dave Pahl. Please go ahead, sir.

美好的一天，歡迎來到德州儀器 20 年第三季度收益發布電話會議。今天的會議沒有（原文如此）被記錄下來。此時，我想將會議轉交給 Dave Pahl。請繼續，先生。

Good afternoon, and thank you for joining our third quarter 2020 earnings conference call. For any of you who missed the release, you can find it on our website at ti.com/ir.

下午好，感謝您參加我們的 2020 年第三季度收益電話會議。對於錯過該版本的任何人，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. A replay will be available through the web.

此電話正在網絡上直播，可以通過我們的網站訪問。重播將通過網絡提供。

This call will include forward-looking statements that involve 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.

此電話會議將包含前瞻性陳述，這些陳述涉及可能導致 TI 的結果與管理層當前預期存在重大差異的風險和不確定性。我們鼓勵您查看有關今天發布的收益發布中包含的前瞻性陳述的通知以及 TI 最近提交給美國證券交易委員會的文件，以獲得更完整的描述。

Our Chief Financial Officer Rafael Lizardi is with me today, and we'll provide the following updates: First, I'll start with a quick overview of the quarter; next, I'll provide insight into the third quarter revenue results with more details than usual by end market, including some sequential performance since it's more informative at this time; and then lastly, Rafael will cover the financial results, capital management and our guidance for the fourth quarter of 2020.

我們的首席財務官 Rafael Lizardi 今天和我在一起，我們將提供以下更新：首先，我將從快速概述本季度開始；接下來，我將提供有關第三季度收入結果的見解，其中包含終端市場比往常更多的細節，包括一些連續的表現，因為此時它的信息量更大；最後，Rafael 將介紹財務業績、資本管理和我們對 2020 年第四季度的指導。

Let me start with a quick overview with three key points.

讓我從三個關鍵點快速概述開始。

Revenue was higher than expected and grew 18% sequentially, with notable strength from the rebound of automotive and growing demand from personal electronics. Revenue increased 1% from the same quarter a year ago.

收入高於預期，環比增長 18%，主要得益於汽車行業的反彈和個人電子產品需求的增長。收入比去年同期增長 1%。

In April and again in July, we explained we would maintain high optionality with our operating plan so we could support customers, particularly during a time when their ability to forecast will be limited. This approach has served us and our customers well and we'll continue this posture in the fourth quarter.

在 4 月和 7 月，我們解釋說我們將保持運營計劃的高度選擇性，以便我們可以為客戶提供支持，尤其是在他們的預測能力有限的時候。這種方法為我們和我們的客戶提供了良好的服務，我們將在第四季度繼續保持這種態勢。

Finally, while visibility for the near-term demand has improved, we remain cautious, as the broader economic impact of the global pandemic could continue for several years. Our approach in an environment like this is to maintain high optionality with our operating plan in the short term, to continue critical investments in R&D and in new capabilities like those for TI.com, and finally, to invest to ensure long-term manufacturing capacity, particularly for the 2022 to 2025 time frame.

最後，雖然近期需求的可見性有所改善，但我們仍持謹慎態度，因為全球大流行病對更廣泛的經濟影響可能會持續數年。在這樣的環境下，我們的方法是在短期內保持運營計劃的高度選擇性，繼續對研發和新功能（如 TI.com 的功能）進行關鍵投資，最後投資以確保長期製造能力，特別是 2022 年至 2025 年的時間框架。

We've made these decisions with our overall ambitions in mind, which include running the company with the mindset of a long-term owner. These decisions have continued to serve us well.

我們做出這些決定時考慮了我們的總體目標，其中包括以長期所有者的心態經營公司。這些決定繼續為我們服務。

Looking at our segments, Analog grew 18% and Embedded Processing grew 19% sequentially. On a year-over-year basis, Analog grew 7% and Embedded Processing declined 10%. Our "Other" segment declined 19% from a year ago, primarily due to lower calculator sales or COVID-19 impacted back-to-school sales.

從我們的細分市場來看，模擬增長了 18%，嵌入式處理增長了 19%。與去年同期相比，模擬增長 7%，嵌入式處理下降 10%。我們的“其他”部分比一年前下降了 19%，這主要是由於計算器銷量下降或 COVID-19 影響了返校銷售。

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

繼續，我現在將按終端市場提供一些關於我們第三季度收入的見解。

First, the automotive market rebounded with about 75% sequential growth and returned to levels similar to a year ago. Revenue has grown from the bottom we saw in May, as North American and European automotive assembly plants resumed operations.

首先，汽車市場反彈，環比增長約 75%，並恢復到與一年前相似的水平。隨著北美和歐洲汽車裝配廠恢復運營，收入已從 5 月份的底部開始增長。

Next, the industrial market was down low-single digits sequentially, roughly a sequential decline, and about even from a year ago. Not surprisingly, there were areas of strength, and there were areas of weakness. The diversity within industrial results in relative stability, reinforcing the attractiveness of this highly diverse market.

接下來，工業市場連續下跌至個位數，大致是連續下跌，與一年前持平。毫不奇怪，有強項，也有弱項。工業內部的多樣性導致相對穩定，增強了這個高度多樣化市場的吸引力。

Personal electronics was up more than 20% sequentially and up about 15% compared to a year ago. The strength was broad-based across personal electronics combined with TI being in a position to support unforecasted demand in the third quarter.

個人電子產品環比增長超過 20%，與一年前相比增長約 15%。個人電子產品的實力基礎廣泛，加上 TI 能夠支持第三季度的意外需求。

Next, comms equipment was down about mid-single digits sequentially and up mid-single digits from a year ago.

接下來，通信設備連續下降約中個位數，比一年前上升中個位數。

And enterprise systems was down in both comparisons.

企業系統在這兩個比較中都表現不佳。

Lastly, I'll note a housekeeping item. We've simplified our Analog business structure into our Power business and our Signal Chain business. Starting this quarter, our reporting will reflect these changes.

最後，我會注意到一個家政項目。我們已將模擬業務結構簡化為電源業務和信號鏈業務。從本季度開始，我們的報告將反映這些變化。

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

Rafael 現在將審查盈利能力、資本管理和我們的前景。

Thanks, Dave, and good afternoon everyone.

謝謝，戴夫，大家下午好。

Third quarter revenue was $3.8 billion, up 1% from a year ago. Gross profit in the quarter was $2.5 billion or 64% of revenue. From a year ago, gross profit margin decreased 60 basis points.

第三季度收入為 38 億美元，同比增長 1%。本季度的毛利潤為 25 億美元，佔收入的 64%。與一年前相比，毛利率下降了 60 個基點。

Operating expenses in the quarter were $793 million, up 2% from a year ago and about as expected. On a trailing 12-month basis, operating expenses were 23% of revenue. Over the last 12 months, we have invested $1.5 billion in R&D.

本季度的運營支出為 7.93 億美元，同比增長 2%，與預期基本一致。在過去 12 個月的基礎上，運營費用佔收入的 23%。在過去的 12 個月裡，我們在研發上投入了 15 億美元。

Operating profit was $1.6 billion in the quarter or 42% of revenue. Operating profit was up 1% from the year-ago quarter.

本季度營業利潤為 16 億美元，佔收入的 42%。營業利潤比去年同期增長 1%。

Net income in the third quarter was $1.4 billion or $1.45 per share.

第三季度淨收入為 14 億美元或每股 1.45 美元。

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

現在讓我從我們的現金生成開始評論我們的資本管理結果。

Cash flow from operations was $1.4 billion in the quarter. Capital expenditures were $146 million in the quarter. Free cash flow on a trailing 12-month basis was $5.2 billion.

本季度運營現金流為 14 億美元。本季度的資本支出為 1.46 億美元。過去 12 個月的自由現金流為 52 億美元。

In September, we announced we would increase our dividend by 13%, marking our 17th consecutive year of dividend increases. In the quarter, we paid $825 million in dividends and repurchased $15 million of our stock. In total, we have returned $6.4 billion in the past 12 months, or 123% of free cash flow. Over the same period, our dividends represented 64% of free cash flow, underscoring their sustainability.

9 月，我們宣布將股息提高 13%，這是我們連續第 17 年增加股息。本季度，我們支付了 8.25 億美元的股息並回購了 1500 萬美元的股票。在過去的 12 個月裡，我們總共返還了 64 億美元，佔自由現金流的 123%。同期，我們的股息佔自由現金流的 64%，凸顯了其可持續性。

Our balance sheet remains strong with $5.5 billion cash and short-term investments at the end of the third quarter.

我們的資產負債表依然強勁，截至第三季度末有 55 億美元的現金和短期投資。

Regarding inventory, TI inventory dollars were down $64 million from the prior quarter, and days were 137. Distribution-owned inventory declined in the third quarter by about $100 million, the eighth consecutive quarter of planned reductions, as we have continued the transition to have fewer distributors and bring more customers direct. As a reminder, as we build closer, direct relationships with our customers, we further strengthen one of our competitive advantages, the reach of our market channels. Tactically and strategically, we are pleased with the progress of the transition and the impact for our customers.

關於庫存，TI 庫存美元比上一季度減少了 6400 萬美元，天數為 137 天。分銷庫存在第三季度減少了約 1 億美元，這是連續第八個季度計劃減少，因為我們繼續過渡到有更少的分銷商並帶來更多的直接客戶。提醒一下，隨著我們與客戶建立更密切、直接的關係，我們進一步加強了我們的競爭優勢之一，即市場渠道的覆蓋範圍。在戰術和戰略上，我們對過渡的進展和對客戶的影響感到滿意。

For the fourth quarter, we expect TI revenue in the range of $3.41 billion to $3.69 billion, and earnings per share in the range of $1.20 to $1.40. Our annual operating tax rate has not changed much, but now rounds up to 14% from the year, and that's what you should use for your models in the fourth quarter. For next year, we expect our annual operating tax rate to remain at about 14%.

對於第四季度，我們預計 TI 收入在 34.1 億美元至 36.9 億美元之間，每股收益在 1.20 美元至 1.40 美元之間。我們的年度營業稅率沒有太大變化，但現在從今年開始四捨五入到 14%，這就是你應該在第四季度對你的模型使用的稅率。明年，我們預計我們的年度營業稅率將保持在 14% 左右。

In closing, we continue to invest to strengthen our competitive advantages and in making our business stronger. With that, let me turn it back to Dave.

最後，我們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。有了這個，讓我把它轉回給戴夫。

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

謝謝，拉斐爾。接線員，您現在可以打開問題線路。 （操作員說明）操作員？

(Operator Instructions) And we'll go ahead and take our first question from Toshiya Hari with Goldman Sachs.

（操作員說明）我們將繼續與高盛一起回答 Toshiya Hari 的第一個問題。

Rafael, Dave, my first question is on automotive. You guys saw very strong results in the September quarter. I think you spoke to a 75% sequential increase in revenue in the automotive end market.

拉斐爾、戴夫，我的第一個問題是關於汽車的。你們在 9 月季度看到了非常強勁的結果。我想你談到了汽車終端市場收入連續增長 75%。

What's your view on December as it relates to automotive? And how are you thinking about sustainability into the early part of 2021? And then I've got a quick follow-up.

您對 12 月與汽車相關的事情有何看法？您如何看待 2021 年初的可持續性？然後我有一個快速的跟進。

Sure, Toshiya. Yes, I think that, that 75% sequential obviously was very strong, but it's probably best explained by looking at the previous quarter. And as we talked about last quarter, the majority of the automotive revenue is on consignment. So as the North American and European manufacturers had closed plants, that revenue reacted very quickly, and we were down 40% sequentially and year-on-year. And so as those factories opened up, we saw the bottom in May, and we expected revenue to grow, and as they opened up, obviously that revenue reacted very quickly in the other direction.

當然，Toshiya。是的，我認為 75% 的順序顯然非常強勁，但最好通過查看上一季度來解釋。正如我們在上個季度談到的那樣，大部分汽車收入來自寄售。因此，隨著北美和歐洲製造商關閉工廠，收入反應非常迅速，我們環比和同比下降了 40%。因此，隨著這些工廠的開工，我們在 5 月份看到了底部，我們預計收入會增長，而且隨著它們的開工，顯然收入在另一個方向上的反應非常迅速。

So that's really the story that we saw in third quarter. Again, as we've given color last quarter on the automotive market and talked about how that was moving pretty significantly, in the fourth quarter, we're not breaking out any particular end market or specific color on that front. So there's not a reason to, as we look into the fourth quarter. You have a follow-on?

這就是我們在第三季度看到的故事。同樣，正如我們在上個季度給出了汽車市場的顏色並討論了它是如何顯著變化的那樣，在第四季度，我們沒有在這方面突破任何特定的終端市場或特定顏色。因此，在我們調查第四季度時，沒有理由這樣做。你有後續嗎？

I do. My follow-up question is on gross margins in Q3. Rafael, you mentioned that gross margins were down 60 basis points on a year-over-year basis. And I was just trying to better understand what the puts and takes were. Overall revenue, I think, was up 1%. Your mix of businesses improved with Analog up 7% year-over-year, Embedded Processing down 10%. And 12-inch versus 8, and so I'm guessing, 12-inch was up year-over-year.

我願意。我的後續問題是關於第三季度的毛利率。拉斐爾，你提到毛利率同比下降了 60 個基點。我只是想更好地理解什麼是看跌期權和什麼是看跌期權。我認為，總收入增長了 1%。您的業務組合有所改善，模擬業務同比增長 7%，嵌入式處理業務下降 10%。 12 英寸與 8 英寸，所以我猜，12 英寸同比增長。

So I'm just trying to understand what the negatives were on a year-over-year basis that drove gross margins down a little bit. But I appreciate you guys don't run your business for gross margin, but just curious.

因此，我只是想了解與去年同期相比，導致毛利率略有下降的負面因素是什麼。但我很感激你們不是為了毛利率而經營業務，而是出於好奇。

Yes, no, happy to answer that. So yes, on a year-on-year basis, revenue was up 1%. Gross margin dollars were up, but a little less than that, maybe half a percent or so. So -- but when you're looking at such a big number that then the delta is so small, it's difficult to look at the pull-through like we normally look at it, right?

是的，不，很高興回答這個問題。所以是的，與去年同期相比，收入增長了 1%。毛利率有所上升，但略低於此水平，可能只有 0.5% 左右。所以——但是當你看到一個如此大的數字時，delta 又是如此之小，很難像我們通常看到的那樣查看 pull-through，對吧？

So in the big scheme of things, revenue was up a little bit and gross margin dollars were up a little bit. But having said that, I would also point out that the mix of personal electronics revenue was higher in third quarter than it's been -- what it was the same quarter last year or even second quarter.

因此，從大的方面來看，收入略有上升，毛利率略有上升。但話雖如此，我還要指出的是，第三季度個人電子產品收入的組合比以往任何時候都高——與去年同期甚至第二季度相同。

We'll take our next question from Craig Hettenbach with Morgan Stanley.

我們將接受來自摩根士丹利的 Craig Hettenbach 的下一個問題。

Maybe just a follow-up on the last point on the strength in personal electronics. Really, as you look out to Q4, Dave, how do you feel about kind of inventory versus end demand sell-through? And then as part of that and perhaps other segments as well, how you think about Huawei in terms of perhaps kind of last shipments there and how you're seeing that as you go forward?

也許只是對個人電子產品實力的最後一點的跟進。真的，當你展望第四季度時，戴夫，你對庫存與最終需求銷售情況有何看法？然後，作為該領域的一部分，也許還有其他領域，您如何看待華為的最後一批出貨量，以及您在未來的發展中如何看待它？

Let me go ahead and start, and then Dave can address the Huawei question or anything else. But at the highest level, we are very well positioned to handle whatever comes at us, whether it's personal electronics or any other market. But personal electronics is one that by having the inventory strategy that we have followed, having that optionality that we have talked about for now, 180 days or so, the last two quarterly releases, has put us in a really, really good position.

讓我開始吧，然後戴夫可以解決華為問題或其他任何問題。但在最高層面，我們完全有能力處理我們遇到的任何事情，無論是個人電子產品還是任何其他市場。但是個人電子產品是這樣一種產品，通過我們遵循的庫存策略，擁有我們現在談論的那種可選性，180 天左右，最近兩個季度的發布，讓我們處於非常非常好的位置。

Now that is not just having that kind of tactical strategy, it's also -- or tactical position -- it's also having the strategic position of being the supplier of catalog parts that are highly diversified, that sell to many, many customers. We have over 100,000 different customers, sell 80,000 different parts. So it put us in a position where we can build the inventory, have the asymmetric bet, so that if our revenue's strong, we can support it. If it's not, then we hold inventory a little longer than usual. But that's okay, it's just a little working capital.

現在，這不僅僅是擁有那種戰術戰略，它也是 - 或者戰術位置 - 它也具有成為高度多樣化的目錄零件供應商的戰略地位，這些零件賣給很多很多客戶。我們擁有超過 100,000 名不同的客戶，銷售 80,000 種不同的零件。因此，它使我們處於可以建立庫存、進行不對稱賭注的位置，這樣如果我們的收入強勁，我們就可以支持它。如果不是，那麼我們持有庫存的時間會比平時長一點。不過沒關係，只是一點流動資金而已。

With that, I also want to make the point that inventory, we think, very -- it's a strategic asset. As we have talked about earlier, we're comfortable holding high levels of inventory. And in fact, we're going to update, we're going to give you an update on our range on inventory at the next capital management call in February. Dave?

有了這個，我還想指出庫存，我們認為，非常 - 它是一種戰略資產。正如我們之前談到的，我們很樂意持有高水平的庫存。事實上，我們將進行更新，我們將在 2 月的下一次資本管理電話會議上向您提供我們庫存範圍的最新信息。戴夫？

Sure. Yes, I'll make the comment on Huawei. So Huawei was about 2% of our revenue in the third quarter. That was a little higher than what they were in the first half of 2020. So certainly we're in compliance with U.S. export restrictions and stopped shipping to them on September 14, and they are not included in our fourth quarter revenue guidance. So do you have a follow-on, Craig?

當然。是的，我將對華為發表評論。因此，華為在第三季度約占我們收入的 2%。這比他們在 2020 年上半年的水平略高。因此，我們當然遵守美國的出口限制，並於 9 月 14 日停止向他們發貨，他們不包括在我們的第四季度收入指導中。那你有後續嗎，克雷格？

Sure. No, thanks for all the color there. I guess just how you think about as the business rebounds, just from an OpEx perspective, any puts and takes there for Q4 and into next year?

當然。不，感謝那裡所有的顏色。我猜你是如何看待業務反彈的，只是從運營支出的角度來看，第四季度和明年的任何投入和投入？

Nothing significant that I would point to. In Opex, of course R&D is a big part of that. It's about $1.5 billion a year. That's a big component of our competitive advantage of having the broadest portfolio in the industry. We continue to put out some of the best products, catalog products that go into automotive, industrial, personal electronics, communication market. So we'll continue to strengthen that advantage.

我要指出的沒有什麼重要的。在 Opex 中，研發當然是其中的重要組成部分。大約是每年 15 億美元。這是我們擁有業內最廣泛產品組合的競爭優勢的重要組成部分。我們繼續推出一些最好的產品，目錄產品進入汽車、工業、個人電子產品、通信市場。因此，我們將繼續加強這一優勢。

Another one that goes in OpEx in the G&A portion -- in the SG&A portion -- is the investment that we're making in TI.com to strengthen the reach of our channels. So we continue to strengthen that tool, that ability to reach channels, reach customers better and keeping them engaged longer and selling more and more products to those customers.

G&A 部分的 OpEx 中的另一個 - 在 SG&A 部分 - 是我們在 TI.com 上進行的投資，以加強我們渠道的覆蓋範圍。因此，我們繼續加強該工具，即接觸渠道的能力，更好地接觸客戶，讓他們更長時間地參與，並向這些客戶銷售越來越多的產品。

So at the highest level, OpEx has been running $3.1 billion, $3.2 billion a year -- on a trailing 12-month basis. I would expect for that to run at above that level, maybe over time up 1% or 2% year-on-year, but in that neighborhood.

因此，在最高水平上，OpEx 在連續 12 個月的基礎上每年運行 31 億美元、32 億美元。我希望它能在那個水平之上運行，隨著時間的推移，可能會同比增長 1% 或 2%，但在那個街區。

We'll take our next question from Stacy Rasgon with Bernstein Research.

我們將接受 Bernstein Research 的 Stacy Rasgon 的下一個問題。

So the first one, I wanted to touch on the strength from PE. I wanted to know if you can give us a little more color on how much of that would be PCs versus smartphones? I know that you had talked about some of that strength coming from your ability to satisfy unexpected demand. I assume that was maybe more a PC statement, but any color you could give us on sort of the relative mix and growth of those two sub-end markets would be helpful.

所以第一個，我想談談 PE 的力量。我想知道您是否可以為我們提供更多信息，說明其中有多少是 PC 與智能手機？我知道您曾談到過一些來自您滿足意外需求的能力的力量。我認為這可能更像是一個 PC 聲明，但是您可以就這兩個子終端市場的相對組合和增長給我們提供的任何顏色都會有所幫助。

Yes, Stacy, I'd say that as the pandemic first started back in March and even in last quarter, a lot of the strength was initially driven by PCs and tablets. But we have seen that strength broaden, so even to TVs and smart speakers and other things that are used in the home. So our best estimate or guesstimate of what's going on is that as people are spending more time at home, they're upgrading the things that they're using more. So that spend is broadening beyond just the PC. And as Rafael was talking about, our portfolio of products serves us well and puts us in a position to be able to support that demand. Do you have a follow-on?

是的，Stacy，我想說的是，隨著大流行病於 3 月甚至上個季度首次開始，很多力量最初是由 PC 和平板電腦驅動的。但我們已經看到這種力量在擴大，甚至延伸到電視、智能揚聲器和其他家用產品。因此，我們對正在發生的事情的最佳估計或猜測是，隨著人們花更多的時間在家裡，他們正在升級他們使用更多的東西。因此，這種支出正在擴大到 PC 之外。正如拉斐爾所說，我們的產品組合很好地為我們服務，使我們能夠支持這種需求。你有後續嗎？

I do. So I know you're talking about continuing to hold high inventory levels and maintaining high service into Q4 and beyond, and I get that. I just want to know if you could give us any color on what that implies for your utilization and loading going forward? I'm assuming your utilization was up sequentially in Q2 -- in Q3, I mean. Please let us know if that was the case? And what are your plans for utilization, factory loadings as we go into Q4 and the end of the year?

我願意。所以我知道你在談論繼續保持高庫存水平並在第四季度及以後保持高服務水平，我明白了。我只是想知道您是否可以告訴我們這對您未來的使用和加載意味著什麼？我假設你的利用率在第二季度連續上升——我的意思是在第三季度。請讓我們知道是否是這種情況？當我們進入第四季度和年底時，您的利用率、工廠負荷計劃是什麼？

Sure. So Stacy, as you know, we only talk about utilization when there's a big inflection point or something unusual. So we did talk about it in April going into second quarter because most people -- most other vertical competitors decreased their loadings. And instead, we kept them flat at that point to first quarter to maintain that optionality, to have that optionality that frankly has served us tremendously well during these last six months.

當然。所以 Stacy，如你所知，我們只在出現大拐點或出現異常情況時才談論利用率。所以我們在進入第二季度的四月份確實談到了它，因為大多數人 - 大多數其他垂直競爭對手減少了他們的負荷。相反，我們在第一季度保持不變，以保持這種可選性，坦率地說，這種可選性在過去六個月中為我們提供了極大的幫助。

Since second quarter, we have biased up our loadings, so did that from second to third, a little higher. And third and going to fourth, we'll probably bias that up -- we are biasing that up higher. It's nothing significant. But it is biased up so that we maintain that optionality and we can maximize revenue and support our customers with any potential upsides that they have that are -- also, that would be unsupported otherwise.

自第二季度以來，我們已經偏高了裝載量，從第二季度到第三季度也是如此，稍微高一點。第三和第四，我們可能會偏高 - 我們偏高。這沒什麼大不了的。但它是有偏見的，這樣我們就可以保持這種可選性，我們可以最大限度地提高收入，並為我們的客戶提供他們擁有的任何潛在優勢——此外，否則將得不到支持。

We'll take our next question from Timothy Arcuri with UBS.

我們將接受來自瑞銀的蒂莫西·阿庫裡的下一個問題。

I guess my first question is on the share buyback. It was quite small, even lower than in the depths of the financial crisis back in '08. Yet your business has already snapped back a lot.

我想我的第一個問題是關於股票回購。它非常小，甚至低於 08 年金融危機最嚴重時的水平。然而，您的業務已經大幅回升。

What's the thinking there? You've always been pretty astute about the intrinsic value of your stock, so how should investors sort of read that?

那裡的想法是什麼？您對股票的內在價值一直非常敏銳，那麼投資者應該如何解讀呢？

Yes. No, first, let me step back and remind everybody how we think about cash returns. And we talk about this during capital management every year in February and when we meet with investors.

是的。不，首先，讓我退後一步，提醒大家我們如何看待現金回報。我們在每年 2 月的資本管理期間以及與投資者會面時都會談論這一點。

But when we think about cash returns, the objective there is to return all free cash flow to the owners of the company via buybacks and dividends. We use both.

但當我們考慮現金回報時，目標是通過回購和股息將所有自由現金流返還給公司所有者。我們兩者都用。

And if you look at in the last -- on a trailing 12-month basis, which is the best way to look at that, we have generated $5.2 billion of free cash flow and have returned $6.4 billion. So $1.2 billion more than the generation, so well ahead of the generation, the return has been. Do you have a follow-up?

如果你看看過去的 12 個月，這是最好的看待方式，我們已經產生了 52 億美元的自由現金流，並返回了 64 億美元。所以比這一代人多了 12 億美元，遠遠領先於這一代人，回報已經到來。你有跟進嗎？

I did, I did. So I wanted to double-click just a little bit on the drop-through in Analog. It seemed like the drop-through in Embedded was fine, but you're still a little below where the op margin was back in sort of the late 2018 time frame at sort of similar levels.

我做到了，我做到了。所以我想在 Analog 的 drop-through 中雙擊一點點。 Embedded 的下降似乎很好，但你仍然略低於 2018 年底時間框架內類似水平的運營利潤率。

Is there something going on with mix? Is that maybe the PE mix that you were talking about before within Analog?

混音有什麼問題嗎？這可能是您之前在 Analog 中談論的 PE 組合嗎？

There's nothing unusual there to comment. Clearly, Analog is the biggest segment that we have. So anything that we would comment at the company level applies -- likely came from Analog. So -- and they have a fair amount of PE impact, a disproportionate amount of personal electronics, given that Embedded doesn't have much personal electronics, so yes.

那裡沒有什麼不尋常的評論。顯然，模擬是我們擁有的最大部分。因此，我們在公司層面發表的任何評論都適用——可能來自 Analog。所以 - 他們有相當大的 PE 影響，個人電子產品的數量不成比例，因為嵌入式沒有太多的個人電子產品，所以是的。

Yes. And Embedded is essentially industrial and automotive for the most part. Probably 90% of those two, so that's where that growth would come from.

是的。嵌入式在很大程度上本質上是工業和汽車。可能是這兩者的 90%，所以這就是增長的來源。

We'll take our next question from Harlan Sur with JPMorgan.

我們將從摩根大通的 Harlan Sur 那裡回答下一個問題。

Great job on the quarterly execution. Can you guys just give us the quarter-on-quarter and year-over-year trajectories by geography? I know they're just shipped to locations, but I think it's still useful as a proxy for demand and overall economic activity, just depending on the breadth of the participation?

在季度執行方面做得很好。你們能給我們按地域劃分的季度環比和同比軌跡嗎？我知道它們只是被運送到各個地點，但我認為它作為需求和整體經濟活動的代表仍然有用，只是取決於參與的廣度？

Sure, Harlan, yes. A year ago, Asia was up and all of the other regions were down. And sequentially, all of the regions were up, but -- and Japan was down. Do you have a follow-on?

當然，哈倫，是的。一年前，亞洲上漲，而所有其他地區都下跌。隨後，所有地區都在上升，但是——日本在下降。你有後續嗎？

Yes. So you guys mentioned last quarter that there may have been some industrial customers that were building some inventory to potentially buffer against future supply chain disruptions and just prudent business continuity planning. Did you guys continue to see that in Q3? Or are these customers starting to work down these inventories, or just sustaining the higher levels as we head into the winter months and flu season?

是的。所以你們上個季度提到，可能有一些工業客戶正在建立一些庫存，以潛在地緩衝未來的供應鏈中斷和審慎的業務連續性計劃。你們在第三季度繼續看到了嗎？或者這些客戶是否開始減少這些庫存，或者只是在我們進入冬季和流感季節時維持較高的水平？

Yes. And Harlan, I think our comments last quarter were one, just more of an observation of history in our industry, that basically it's taught us that whenever we've seen supply constraints, that customers react by building some inventory. So it's just our belief that it would be naive that this would be the first time that, that wouldn't happen, right? So I think that those supply constraints in our industry still exist. So to that extent, that could still be the case.

是的。哈倫，我認為我們上個季度的評論是一個，只是對我們行業歷史的更多觀察，基本上它告訴我們，每當我們看到供應限制時，客戶就會通過建立一些庫存來做出反應。所以這只是我們的信念，認為這將是第一次，那不會發生，對吧？所以我認為我們行業的那些供應限制仍然存在。所以在某種程度上，情況可能仍然如此。

And now our lead times have remained stable. Our product availability is still very high. I think today, you can go to TI.com and get immediate availability of over 40,000 different devices. So -- and that doesn't mean that we don't have pockets of delivery problems. We'll always have that at any time. But overall, our lead times are very solid. And availability is high, but that's not true for the industry. So yes, I think it just would be naive to believe that, that wouldn't be the case. So thank you, Harlan.

現在我們的交貨時間保持穩定。我們的產品可用性仍然很高。我想今天，您可以訪問 TI.com 並立即獲得超過 40,000 種不同設備的可用性。所以 - 這並不意味著我們沒有交付問題。我們將隨時擁有它。但總的來說，我們的交貨時間非常穩定。可用性很高，但對於行業而言並非如此。所以是的，我認為相信事實並非如此是天真的。所以謝謝你，哈倫。

Our next question comes from John Pitzer with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 John Pitzer。

Congratulations on the solid results. David, if you look at kind of your guidance over the last two quarters, it looks like you sort of rightfully discounted kind of what the bottoms-up bookings was telling us. You said as much when you guided for the June quarter. And just given the magnitude of (inaudible) in September, it kind of feels the same way. And that to me seems to make sense in the midst of a global pandemic.

祝賀你取得了不錯的成績。大衛，如果你看一下你在過去兩個季度的指導，看起來你有點正確地打折了自下而上的預訂告訴我們的事情。您在指導 6 月季度時也這麼說了。考慮到 9 月份（聽不清）的嚴重程度，感覺也是一樣的。在全球大流行期間，這對我來說似乎是有道理的。

I'm just kind of curious, you're guiding the December quarter to plus or minus about seasonal, inclusive of what sounds like a 200 basis point headwind from Huawei. But I guess I could argue maybe phone builds started a little bit later this year that should help December.

我只是有點好奇，您正在引導 12 月季度的季節性波動，包括聽起來像是來自華為的 200 個基點逆風。但我想我可能會爭辯說，也許今年晚些時候開始生產手機應該會對 12 月有所幫助。

I guess as you forecast the December quarter, was seasonal kind of the metric you were going for? And are you discounting kind of your bottoms-up in the December quarter as much in hindsight as you did in June and September?

我想當你預測 12 月季度時，你想要的指標是季節性的嗎？事後看來，您是否像在 6 月和 9 月那樣對 12 月季度的自下而上進行了折扣？

Yes. No, I think you've covered a lot of good points, John. And like you point out, in any quarter there's puts and takes. You've got the headwind of Huawei. We've got the unwind of the distributor program, which in fact we've actually wound that up this past quarter, and just with the growing demand and the inventory needs and positions that -- we've essentially completed that. So we depleted about, as Rafael, I think mentioned, about $100 million worth of inventory in that quarter.

是的。不，我認為你已經涵蓋了很多要點，約翰。就像你指出的那樣，在任何一個季度都有投入和投入。你遇到了華為的逆風。我們已經解除了分銷商計劃，實際上我們在上個季度已經結束了這個計劃，而且隨著需求和庫存需求和職位的增長——我們基本上已經完成了。因此，正如我認為拉斐爾提到的那樣，我們在該季度耗盡了價值約 1 億美元的庫存。

So you've always got puts and takes. But I'll tell you that the most important thing that we see and the most important input that we get is the demand that our customers tell us they want. And we get that from the orders in the backlog that our customers provide us as well as demand fees that we get through consignment. And so that is really what drives and informs the outlook that we provide. So you have a follow-on, John?

所以你總是有投入和投入。但我會告訴你，我們看到的最重要的事情和我們得到的最重要的輸入是我們的客戶告訴我們他們想要的需求。我們從客戶提供給我們的積壓訂單以及我們通過寄售獲得的需求費用中獲得了這一點。因此，這才是真正推動和告知我們提供的前景的原因。所以你有後續行動嗎，約翰？

Yes. Dave, it's fair to say that there's been nothing typical this year, but you and I have talked about this in the past. If you look at the year-over-year growth discrepancy between Analog and Embedded, it's fairly wide. And I'm wondering now that we're 90 days more into this kind of difference in year-over-year growth, is there a good explanation in your mind? And importantly as we look forward, when do you expect the Embedded business to kind of catch up to Analog on a year-over-year basis?

是的。戴夫，可以說今年沒有什麼特別的，但你和我過去已經談過這個。如果您查看模擬和嵌入式之間的同比增長差異，就會發現它相當大。我想知道現在我們對這種同比增長的差異還有 90 天的時間，您是否有一個很好的解釋？重要的是，正如我們所期待的，您預計嵌入式業務什麼時候能夠逐年趕上模擬業務？

Yes, sure. I think that certainly, the Embedded business isn't performing the way that we would want it to over the last multiple quarters. And I think that if you look over the most recent quarter here, certainly we're encouraged by the progress or the numbers that, that would show. But we've been working very hard on turning that business around and getting it performing like we would like it to be performing. And we're making investments there because we believe that it will be a great contributor in the coming years. So -- and so we're busy building that business stronger, and -- but it will take time. And success in that business will be not measured over this quarter or even over a couple of quarters, but will be measured over time. So thank you for that, John.

是的，當然。我認為，在過去的多個季度中，嵌入式業務的表現肯定不如我們希望的那樣。而且我認為，如果你在這裡查看最近一個季度，我們肯定會對所顯示的進展或數字感到鼓舞。但我們一直在非常努力地扭轉該業務並使其表現像我們希望的那樣。我們正在那裡進行投資，因為我們相信它將在未來幾年做出巨大貢獻。所以 - 所以我們正忙於建立更強大的業務，而且 - 但這需要時間。該業務的成功將不會在本季度甚至幾個季度內進行衡量，而是會隨著時間的推移進行衡量。所以謝謝你，約翰。

Our next question comes from Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

I wanted to follow up on that same last question of John's on the Embedded side of things. Dave, last quarter where Embedded was sequentially weak and year-over-year weak, you talked about the over-indexing to automotive and industrial. But given that automotive was up 75% sequentially, I'm a little surprised Embedded was basically the same as Analog from a sequential perspective.

我想跟進 John 在嵌入式方面的最後一個問題。戴夫，上個季度，嵌入式連續疲軟，同比疲軟，你談到了汽車和工業的過度指數化。但考慮到汽車連續增長 75%，我有點驚訝嵌入式從連續的角度來看與模擬基本相同。

Were there some offsets in that business? I know you said industrial was down a little bit, but it doesn't seem like it would be enough to offset that over-indexing on the -- excuse me, on the automotive side.

該業務是否有一些抵消？我知道你說工業有所下降，但它似乎不足以抵消汽車方面的過度指數。

Yes. Well, Embedded grew a little faster than Analog. And essentially just as last quarter as you pointed out, Ross, that it didn't have any offsets to the business. Essentially, all you have left is industrial. So it's those two end markets. And so with the return of revenue, it's performing about the same as Analog is. So those are the two -- those are really the two components driving that.

是的。嗯，Embedded 的增長速度比 Analog 快一點。羅斯，基本上就像你指出的上個季度一樣，它對業務沒有任何抵消。從本質上講，您剩下的就是工業。這就是這兩個終端市場。因此，隨著收入的回報，它的表現與 Analog 大致相同。所以這就是兩個 - 這些實際上是驅動它的兩個組成部分。

So it doesn't have nearly as much PE, or in fact hardly any PE, personal electronics. And personal electronics was a big contributor to growth in third quarter, sequential growth.

所以它沒有那麼多的 PE，或者實際上幾乎沒有任何 PE，個人電子產品。個人電子產品是第三季度環比增長的重要貢獻者。

That's right. That's right. Do you have a follow-on?

這是正確的。這是正確的。你有後續嗎？

Great. I guess my follow-up, if I can pivot over to the industrial side, just a higher-level question. You guys seem to be flat to up year-to-date in your industrial segment.

偉大的。我想我的後續行動，如果我可以轉向工業方面，只是一個更高層次的問題。你們在你們的工業領域似乎與年初至今持平。

How do you explain the actual growth in that segment versus the global GDP and the general economic activity dropping? It doesn't seem like the inventory concerns are as high as what you had last quarter, where you first said it would be naive to think otherwise. It seems like some of those concerns have gone by the wayside, but you're still nonetheless outperforming the global economy. If it's not inventory, I guess, what is it?

您如何解釋該部分的實際增長與全球 GDP 和總體經濟活動下降的關係？似乎對庫存的擔憂沒有上個季度那麼嚴重，您在上個季度首先表示不這麼想就太天真了。似乎其中一些擔憂已經被拋在一邊，但你的表現仍然優於全球經濟。如果不是庫存，我想，那是什麼？

Well, the longer-term thesis of course is that content is expanding inside of those markets. And I think if you look below, we talked about there's areas of strength and there's areas of weakness. So if you look at certain markets like aerospace and defense that is obviously weak, people aren't taking deliveries of planes, as an example.

好吧，長期的論點當然是內容正在這些市場內部擴展。我想如果你看下面，我們談到了有優勢的領域和有弱點的領域。因此，如果你看看某些明顯疲軟的市場，如航空航天和國防，人們不會以飛機交付為例。

There's other areas of strength like appliances. If anyone that's listening on the call is doing any home renovations like my wife is, you have to wait multiple months to, just to get home appliances. And so we're seeing very, very strong strength in those types of areas.

還有其他優勢領域，如電器。如果正在接聽電話的任何人都像我妻子一樣正在裝修房屋，那麼您必須等待數月才能拿到家用電器。因此，我們在這些類型的領域看到了非常非常強大的力量。

But I think the diversity of that market, coupled with the content expansion, I think just proves out why it's such an attractive market for us. And our products are really tailor-made and well positioned to take advantage of that market.

但我認為該市場的多樣性，加上內容的擴展，我認為恰恰證明了為什麼它對我們來說是一個如此有吸引力的市場。我們的產品確實是量身定制的，並且能夠很好地利用該市場。

Right. And the other thing I would add is, listen, we have 100,000 different customers, 80,000 different products. The vast majority of those sell into industrial. That is the most diverse end market. So it'd be impossible for us to know what those customers are doing and what that adds up to.

正確的。我要補充的另一件事是，聽著，我們有 100,000 名不同的客戶，80,000 種不同的產品。其中絕大多數銷售到工業領域。那是最多樣化的終端市場。因此，我們不可能知道這些客戶在做什麼以及它們加起來的結果。

The important part is the way we run the company to give ourselves the highest possible optionality, so that if it is driven by secular trends, or as it is driven by the secular trends, over the long haul, maybe any one quarter it could, or two quarters it could, oscillate. And it could be inventory building. But over the long term, those secular trends are there, and we put ourselves in a good position tactically to have that inventory available to support our customers. And if we have a correction, inventory correction or something of that sort, we'll go through that. And that inventory will not go back -- it will not go bad. We'll have it in storage for years, and then we'll sell it at the other end of that, of whatever correction we may have.

重要的部分是我們經營公司的方式給自己盡可能多的選擇權，所以如果它是由長期趨勢驅動的，或者因為它是由長期趨勢驅動的，從長遠來看，也許任何一個季度它都可以，或者它可以震盪兩個季度。它可能是庫存建設。但從長遠來看，這些長期趨勢是存在的，我們在戰術上處於有利地位，可以利用這些庫存來支持我們的客戶。如果我們有更正、庫存更正或類似的事情，我們會進行。而且庫存不會倒退——它不會變壞。我們會把它儲存多年，然後我們會在另一端出售它，無論我們有什麼修正。

Our next question comes from Tore Svanberg with Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

I wanted to ask John's question a bit differently. Does it feel like bookings are not going to back to reflecting true end demand? Obviously, this year everything has been abnormal, right? But as I think about your fourth quarter guidance, is it safe to say that bookings are now running very much aligned with end demand?

我想以不同的方式問約翰的問題。是否感覺預訂不會恢復到反映真實的最終需求？很顯然，今年的一切都不正常了吧？但是當我想到你的第四季度指導時，可以肯定地說現在的預訂與最終需求非常一致嗎？

Well, Tore, that's always a question that we don't have precise insight to, right? We don't have a system that tells us that.

好吧，Tore，這始終是一個我們沒有準確洞察力的問題，對吧？我們沒有一個系統可以告訴我們這一點。

I think you have to go back to third quarter '18 where the market had turned, we were going through a classic inventory cycle. We worked our way through that through '19. And just as we bottomed out and saw signs of inflection, COVID-19 hit, so that kind of changed things, but certainly we started this year with inventories at lower levels. And so that -- certainly, that's where we started the year, right? So -- but inventories and demand are certainly tied together. And -- so I don't believe that they were ever largely disconnected over time.

我認為你必須回到 18 年第三季度，市場已經轉向，我們正在經歷一個經典的庫存週期。我們通過 19 年的方式解決了這個問題。就在我們觸底反彈並看到拐點跡象時，COVID-19 爆發了，所以這種情況發生了變化，但當然我們今年開始的庫存水平較低。所以 - 當然，這就是我們今年開始的地方，對吧？所以——但庫存和需求肯定是聯繫在一起的。而且 - 所以我不相信他們會隨著時間的推移在很大程度上斷開連接。

And so much of our business is on consignment or just-in-time demand, that the bookings versus revenue trend is really not that meaningful.

我們的大部分業務都是寄售或即時需求，因此預訂與收入趨勢確實沒有那麼重要。

That's right. Yes. So it's almost what inventory our customers have that's downstream. And so that's why I think that we, from an optionality standpoint, try to ensure that we've got product available that if things want to continue to strengthen from here, we're in a position to support it. And that's the posture that we're taking. If it doesn't, we certainly know what to do in the other direction as well. You have a follow-on, Tore?

這是正確的。是的。因此，我們的客戶幾乎擁有下游的庫存。因此，這就是為什麼我認為我們從可選性的角度來看，努力確保我們有可用的產品，如果事情想從這裡繼續加強，我們能夠支持它。這就是我們正在採取的姿態。如果沒有，我們當然也知道在另一個方向上該怎麼做。你有後續嗎，托爾？

Yes, that's fair. So I know communications is smaller for you and it may even be less of a strategic end market for you, but it did take a sequential breather. It was still up year over year. Directionally, do you have any views on where that market is headed?

是的，這很公平。所以我知道通信對你來說規模較小，對你來說甚至可能不是一個戰略終端市場，但它確實需要一個連續的喘息時間。它仍然同比增長。從方向上講，您對該市場的走向有何看法？

Well, it -- I think that our longer-term thesis is, is that it's not a structural grower, just there's not new subscribers being added to the network overall. We've made investments in 5G, and we'll benefit from it. But as you say, it's just not a very large portion of our revenues. Certainly, there's noise in this quarter's numbers with Huawei, but growth will resume.

好吧，我認為我們的長期論點是，它不是結構性增長者，只是沒有新用戶被添加到整個網絡中。我們已經對 5G 進行了投資，我們將從中受益。但正如你所說，這在我們的收入中所佔比例並不是很大。當然，本季度華為的數據存在一些雜音，但增長將會恢復。

And as it always does, I think everyone in the industry describes it as a choppy market. And that doesn't make it a bad market, it just makes it choppy. And so we'll continue investments there. It's a good market for us. And we'll continue to make investments in it, and we continue to like it.

和往常一樣，我認為業內每個人都將其描述為一個動蕩的市場。這並沒有使它成為一個糟糕的市場，它只是讓它變得起伏不定。因此，我們將繼續在那裡進行投資。這對我們來說是一個很好的市場。我們將繼續對其進行投資，我們將繼續喜歡它。

We'll take our last question from Ambrish Srivastava with BMO.

我們將接受來自 BMO 的 Ambrish Srivastava 的最後一個問題。

Dave and Rafael, I had a question on the industrial business as well. So clearly it's seemingly very resilient if I look back at the past cycles. But is it also because -- and I know you guys look at it very long term as well. 2019, for four consecutive quarters and for the full year, it was down. So is this because as we -- and I think Dave, you mentioned that in an answer to an earlier question, is that when we entered the year, the -- really, it was -- the supply chain was drained out of any excesses because of what you have seen. And so now we are, despite all the problems we've seen and the demand collapsing in certain end markets and industrials, it's held in also because of that factor, that the supply chain inventory was pretty lean?

戴夫和拉斐爾，我也有一個關於工業企業的問題。很明顯，如果我回顧過去的周期，它似乎非常有彈性。但這是否也是因為——我知道你們也從長遠來看。 2019年，連續四個季度和全年都在下降。這是因為當我們——我想戴夫，你在回答之前的一個問題時提到過，當我們進入這一年時，——真的，是——供應鏈中的任何過剩都被耗盡了因為你所看到的。所以現在我們是，儘管我們已經看到了所有問題並且某些終端市場和工業的需求崩潰，但它仍然存在也是因為這個因素，即供應鏈庫存非常精簡？

Yes. I think we've just completed seven quarters of year-on-year declines. This is the first quarter of year-on-year growth that we've had. So industrial's been a piece of that. I think those year-on-year declines, a good part of that was just our industry cyclicality, as you pointed out.

是的。我認為我們剛剛完成了七個季度的同比下降。這是我們實現同比增長的第一季度。所以工業一直是其中的一部分。正如您所指出的，我認為那些同比下降，其中很大一部分只是我們的行業周期性。

So I -- that -- but structurally, industrial, with its breadth, and if you look, we've got 13 sectors that we're investing in. All of them are -- have content that's growing. And so we're -- I think we're very positioned -- positioned very well to be able to support that growth.

所以我 - 那 - 但在結構上，工業，它的廣度，如果你看，我們有 13 個我們正在投資的行業。所有這些 - 都有不斷增長的內容。因此，我們——我認為我們處於非常有利的地位——能夠很好地支持這種增長。

So what we can't call and what we don't know is in the short term, how the economy is going to behave. And even in a weak environment, that market has done reasonably well compared to some of the other markets. You have a follow-on?

因此，我們不能預測和不知道的是短期內經濟將如何表現。即使在疲軟的環境下，與其他一些市場相比，該市場的表現也相當不錯。你有後續嗎？

Yes, just a quick one on the Embedded side. I think last earnings call also, you mentioned that you're encouraged by the signs of stabilization. I just wanted to -- just help us understand what are some of the steps you have taken to ride the business. And as you've said, it doesn't happen overnight.

是的，只是嵌入式方面的一個快速的。我認為在上次財報電話會議上，你也提到你對穩定的跡象感到鼓舞。我只是想 - 只是幫助我們了解您為開展業務所採取的一些步驟。正如您所說，這不會在一夜之間發生。

And you talked about investments. And I know several years ago, you said that you were going to de-emphasize comms infrastructure, because that's longer term, you didn't see growth there, at least on the comms on the Embedded side.

你談到了投資。我知道幾年前，你說過你將不再強調通信基礎設施，因為從長遠來看，你沒有看到那裡的增長，至少在嵌入式通信方面是這樣。

So is the investment profile in this business looking a little bit different as you look forward? And what are some of the other steps that you guys have taken to, "ride" the business and get it back on track?

那麼，您期待的是，這項業務的投資狀況看起來有點不同嗎？你們採取了哪些其他步驟來“駕馭”業務並使其重回正軌？

Yes. The -- yes, so you've highlighted a couple of steps that we have taken in the past. I think none of those have been secrets. The decisions on the comms side was something that we had talked about.

是的。 - 是的，所以你強調了我們過去採取的幾個步驟。我認為這些都不是秘密。通訊方面的決定是我們討論過的事情。

I think, going back six, seven years ago now, as we didn't believe that comms equipment was going to be a structural grower, and specifically on the Embedded side, we did believe that there was some opportunities on the Analog side, so we took up investments there. And we're enjoying the benefits of those investments on the Analog side today, but that did provide a headwind.

我想，回到六七年前，因為我們不相信通信設備會成為結構性增長者，特別是在嵌入式方面，我們確實相信模擬方面有一些機會，所以我們在那裡進行了投資。我們今天正在享受模擬方面的這些投資帶來的好處，但這確實帶來了不利因素。

We talked about, I think, it was a couple of quarters ago now the -- some of the restructuring that you mentioned inside of the Embedded business. And we've got, I think, eight different product groups, and we took down some of the resources in some and took up some of the resources in others. And really just getting resources onto the best opportunities overall and making sure that we have resources into the places that we believe will be the best growth opportunities.

我認為，我們談到了幾個季度前——您在嵌入式業務內部提到的一些重組。我認為，我們有八個不同的產品組，我們取消了一些產品組中的一些資源，並佔用了其他產品組中的一些資源。並且真的只是將資源用於總體上最好的機會，並確保我們將資源用於我們認為將是最好的增長機會的地方。

And I'd just say in general, what we're trying to do is leverage our competitive advantages, ensure that the products that we are investing in have a broad-based appeal in a customer base standpoint, and they'll be products that will generate cash flow for a long time to come. And just taking a step back, again, I'd say that we're investing in that business because we believe it'll be a great contributor when we look at the years ahead, so.

我只想說，總的來說，我們正在努力做的是利用我們的競爭優勢，確保我們投資的產品從客戶群的角度來看具有廣泛的吸引力，而且它們將是將在未來很長一段時間內產生現金流。再次退後一步，我想說我們正在投資該業務，因為我們相信，當我們展望未來幾年時，它將成為一個偉大的貢獻者，所以。

And so again, there's a lot of effort going into building that business stronger, but it will take time. So that success will be measured over years, not just in a quarter or two.

因此，要使該業務更強大需要付出很多努力，但這需要時間。因此，成功將以多年為衡量標準，而不僅僅是一兩個季度。

So with that, I'll turn it over to Rafael to wrap us up for the night.

因此，我將把它交給拉斐爾，讓我們在晚上結束。

Thanks, Dave.

謝謝，戴夫。

Let me wrap up by emphasizing 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 our owners is the growth of free cash flow per share.

最後讓我強調一下我們之前所說的內容。我們的核心是工程師，技術是我們公司的基礎。但最終，我們的目標和衡量進展並為我們的所有者創造長期價值的最佳指標是每股自由現金流的增長。

Our strategy to maximize free cash flow per share growth has three elements: A great business model focused on analog and embedded products and built around four sustainable competitive advantages; two, discipline in allocating capital to the best opportunities; and lastly, efficiency, which means constantly striving for more output for every dollar spent.

我們最大化每股自由現金流增長的戰略包含三個要素：第二，將資本分配給最佳機會的紀律；最後，效率，這意味著要不斷努力，每花一美元就獲得更多產出。

While we strive to achieve our objectives, 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 are personally proud to be a part of and would want as our neighbor. When we're successful, our employees, customers and communities and owners all benefit.

在我們努力實現我們的目標的同時，我們將繼續追求我們的三個雄心壯志：我們將像所有者一樣擁有公司數十年；我們將適應瞬息萬變的世界並取得成功；我們將成為一家我們個人引以為豪的公司，並希望成為我們的鄰居。當我們成功時，我們的員工、客戶、社區和所有者都會受益。

Thank you, and have a good evening.

謝謝你，祝你有個愉快的夜晚。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。