德州儀器 (TXN) 2020 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Texas Instruments First Quarter 2020 Earnings Release Conference Call.

女士們先生們，美好的一天，歡迎來到德州儀器 (TI) 2020 年第一季度收益發布電話會議。

Today's call is being recorded.

今天的通話正在錄音中。

At this time, I would like to hand things over to Mr. Dave Pahl.

這個時候，我想把事情交給Dave Pahl先生。

Please go ahead, sir.

請繼續，先生。

Good afternoon, and thank you for joining our first quarter 2020 earnings conference call.

下午好，感謝您參加我們的 2020 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.

此電話正在網絡上直播，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.

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。

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。

Given the likelihood of a significant economic recession due to COVID-19, we're changing the format for this quarter's earnings call.

鑑於 COVID-19 可能導致嚴重的經濟衰退，我們將更改本季度財報電話會議的形式。

In addition to Rafael R. Lizardi, our CFO, we will be joined by Rich Templeton, our Chairman and CEO.

除了我們的首席財務官 Rafael R. Lizardi 之外，我們的董事長兼首席執行官 Rich Templeton 也將加入我們的行列。

Rich will be covering a broader frame of how we're approaching the current environment.

Rich 將涵蓋我們如何應對當前環境的更廣泛框架。

I will then provide the summary of first quarter, and Rafael will wrap up with the financial details of first quarter and our outlook for second quarter.

然後我將提供第一季度的摘要，Rafael 將總結第一季度的財務細節和我們對第二季度的展望。

Our prepared remarks will be longer than usual as we hope to cover a range of anticipated questions.

我們準備好的評論將比平時更長，因為我們希望涵蓋一系列預期的問題。

Let me turn it over to Rich.

讓我把它交給 Rich。

Thanks, Dave.

謝謝，戴夫。

At the highest level, to understand how we will approach the likely significant recession resulting from COVID-19, I remind you of the three ambitions that, for decades, have driven all decisions inside of TI.

在最高層面上，為了了解我們將如何應對 COVID-19 可能導致的嚴重衰退，我提醒您注意三個雄心，幾十年來，這三個雄心推動了 TI 內部的所有決策。

These ambitions are: First, we will act like owners who will own the company for decades; we -- second, we will adapt and succeed in a world that is ever changing; and third, we will be a company that you are proud to be part of and would be proud to have as a neighbor.

這些雄心是：第一，我們要像擁有公司幾十年的所有者一樣行事；我們——其次，我們將適應瞬息萬變的世界並取得成功；第三，我們將成為一家讓您引以為豪的公司，並會引以為豪的鄰居。

When we pursue these ambitions, our employees, customers, communities and owners will all benefit.

當我們追求這些雄心壯誌時，我們的員工、客戶、社區和所有者都會受益。

These guiding ambitions have served us well for decades, but they are enormously valuable at these times because they help simplify many decisions in an uncertain environment.

幾十年來，這些指導性的抱負對我們很有幫助，但在這些時候它們具有巨大的價值，因為它們有助於在不確定的環境中簡化許多決策。

Like many companies in the COVID-19 crisis, we have acted aggressively, keeping our people safe and able to support their families.

與 COVID-19 危機中的許多公司一樣，我們採取了積極行動，確保我們的員工安全並能夠養家糊口。

We have kept our operations running to support our customers with special emphasis on our medical customers.

我們一直保持運營以支持我們的客戶，特別強調我們的醫療客戶。

And in the communities where we operate around the world, we have provided direct financial support and medical supplies to provide some relief.

在我們在世界各地開展業務的社區，我們提供了直接的財政支持和醫療用品，以提供一些救濟。

The list of actions is lengthy.

行動清單很長。

So starting with the economic framework.

所以從經濟框架入手。

No two economic recessions are identical, but the 2008 financial crisis provides us the most recent significant recession, and therefore, is the best example to study and inform decisions on operating plans, revenue forecasts and investment and spending plans.

沒有兩次經濟衰退是完全相同的，但 2008 年金融危機為我們提供了最近一次的嚴重衰退，因此，它是研究經營計劃、收入預測以及投資和支出計劃並為決策提供信息的最佳範例。

As a reminder, if you look back to 2008, and specifically to September of 2008, our new orders turned off overnight.

提醒一下，如果您回顧 2008 年，特別是 2008 年 9 月，我們的新訂單一夜之間就停止了。

This led to a 26% sequential drop of revenue in the fourth quarter of 2008, an additional 16% sequential decline in the first quarter of 2009 and then a rapid snapback for the next six quarters.

這導致 2008 年第四季度收入連續下降 26%，2009 年第一季度又連續下降 16%，然後在接下來的六個季度迅速反彈。

By the second quarter of 2010, or within two years of the start of the sharp decline, revenue moved back above the level of the third quarter of 2008.

到 2010 年第二季度，即急劇下降開始後的兩年內，收入又回到了 2008 年第三季度的水平之上。

With the benefit of hindsight, our customers overcorrected for the downside, and we then spent a year and a half chasing back up to support demand.

事後看來，我們的客戶對不利因素進行了過度糾正，然後我們花了一年半的時間追回以支持需求。

With this in mind, we are not trying to predict this economic recession and recovery, but instead, we want to ensure that we have the highest degree of optionality so that we can deal successfully with any outcome.

考慮到這一點，我們並不是要預測這次經濟衰退和復蘇，而是要確保我們擁有最高程度的選擇性，以便我們能夠成功應對任何結果。

Therefore, regarding our operating plan.

因此，關於我們的運營計劃。

Looking at the pattern from pre and post 2008 in the second quarter of 2020 and quite likely the third quarter of 2020, we will be running our factories at about the level they ran in the first quarter 2020.

從 2008 年前後到 2020 年第二季度（很可能是 2020 年第三季度）的模式來看，我們工廠的運行水平將與 2020 年第一季度大致相同。

This will likely result in an increase in inventory during the second quarter, but this will be important to support our customers during a time when they have limited ability to forecast.

這可能會導致第二季度庫存增加，但這對於在預測能力有限的時期支持我們的客戶非常重要。

Our product portfolio of primarily long-lived products, makes this an easy decision and maximizes our optionality.

我們的產品組合主要是長壽命產品，這使我們可以輕鬆做出決定並最大限度地提高我們的選擇性。

Regarding second quarter revenue guidance.

關於第二季度收入指引。

Rafael will elaborate in a minute, but with reduced visibility of customer demand, we have used the historical transitions that I mentioned from 2008 and adjusted for seasonality.

Rafael 將在一分鐘內詳細說明，但由於客戶需求的可見性降低，我們使用了我從 2008 年開始提到的歷史轉變並針對季節性進行了調整。

We are not implying precision, but explaining the assumptions.

我們不是在暗示精確性，而是在解釋假設。

We are using an expanded range to account for the current uncertainty.

我們正在使用擴大範圍來解釋當前的不確定性。

Regarding spending and investments.

關於支出和投資。

First, research and development spending will be essentially unchanged as these are five- to 10-year time horizon decisions.

首先，研發支出將基本保持不變，因為這些是 5 到 10 年的時間範圍決定。

We will continue to make ongoing portfolio adjustments but these are unlikely to make meaningful changes to investment levels.

我們將繼續進行持續的投資組合調整，但這不太可能對投資水平做出有意義的改變。

On SG&A, we will maintain critical investments in new capabilities, such as strengthening TI.com, because these are important times to gain ground.

在 SG&A 方面，我們將繼續對新功能進行關鍵投資，例如加強 TI.com，因為這是取得進展的重要時期。

Where we can minimize expense, we are, and we are -- we will certainly continue to do so.

在我們可以最大限度地減少開支的地方，我們是，而且我們肯定會繼續這樣做。

On capital spending, our plans are generally unchanged because the bulk of capital spending is driven by roadmap capacity needs in the 2022 to 2025 time frame.

在資本支出方面，我們的計劃總體上沒有變化，因為大部分資本支出是由 2022 年至 2025 年時間框架內的路線圖產能需求驅動的。

We will continue with previously announced construction plans that are underway for the next generation 300-millimeter Analog wafer fab in Richardson, Texas.

我們將繼續執行先前宣布的位於德克薩斯州理查森的下一代 300 毫米模擬晶圓廠的建設計劃。

Lastly, regarding how we are operating in the current environment, we were fortunately prepared for the unforeseen disruptions that COVID-19 has presented.

最後，關於我們在當前環境中的運營方式，幸運的是我們已經為 COVID-19 帶來的不可預見的中斷做好了準備。

We updated our customers in late March that our lead times remain short and unchanged and that we could respond to short-term demand.

我們在 3 月下旬向客戶通報說，我們的交貨時間仍然很短且沒有變化，我們可以應對短期需求。

This is because we invested in inventory, had a robust business continuity plan and invested in a geographically diverse internal manufacturing footprint.

這是因為我們投資於庫存，制定了穩健的業務連續性計劃，並投資於地理分佈廣泛的內部製造足跡。

Our manufacturing teams are operating throughout the world, including countries like Malaysia and the Philippines, where local restrictions have resulted in partial operations.

我們的製造團隊在世界各地開展業務，包括馬來西亞和菲律賓等國家，當地的限制導致部分運營。

We've adopted protocols quickly to keep our people safe and minimize any disruptions.

我們已迅速採用協議來確保我們的人員安全並最大程度地減少任何干擾。

Our team was prepared and is comfortable getting our work done remotely.

我們的團隊已做好準備，並且樂於遠程完成我們的工作。

We continue to actively work new design wins with customers via virtual selling processes that we instituted several years ago.

我們繼續通過我們幾年前製定的虛擬銷售流程，積極與客戶合作贏得新設計。

On most days across TI, we are averaging a peak of 10,000 VPN connections and 2 million meeting minutes per day, about four times higher than normal.

在 TI 的大多數日子裡，我們的平均峰值為每天 10,000 個 VPN 連接和 200 萬分鐘的會議時間，大約是正常情況的四倍。

We all look forward to things getting back to normal, but in the meantime, we are focused on execution.

我們都期待一切恢復正常，但與此同時，我們專注於執行。

Let me hand things back to Dave.

讓我把東西還給戴夫。

Thanks, Rich.

謝謝，里奇。

I'll provide a standard comment of first quarter revenue by end market and then I'll add some additional insight about the quarter in light of COVID-19.

我將按終端市場提供第一季度收入的標準評論，然後我將根據 COVID-19 添加一些關於該季度的額外見解。

First, for highlights on first quarter revenue by end market versus a year ago.

首先，與一年前相比，終端市場第一季度收入的亮點。

Industrial increased mid-single digits from a year-ago quarter and improved compared to fourth quarter.

工業比去年同期增長了中個位數，與第四季度相比有所改善。

Automotive declined mid-single digits and decelerated in the quarter as our customers' factory shutdowns impacted demand.

由於我們客戶的工廠停工影響了需求，汽車業務在本季度下降了中個位數並減速。

Personal electronics declined mid-single digits, but by sector was a mixed bag.

個人電子產品的跌幅為中等個位數，但按行業劃分則好壞參半。

Mobile phones declined low-double digits, while by contrast, PCs increased low-double digits.

移動電話下降了低兩位數，而相比之下，PC 增長了低兩位數。

Communications equipment declined about 50% as expected, due to a comparison against a very strong first quarter 2019.

與 2019 年第一季度非常強勁的情況相比，通信設備如預期下降了約 50%。

Communications was up sequentially.

通訊按順序啟動。

And lastly, enterprise systems increased double digits on strong data center demand.

最後，由於數據中心需求強勁，企業系統增長了兩位數。

For additional insight, the first quarter ran as expected into Chinese New Year, but was slow coming out of the holiday as Chinese factories struggled to come back due to COVID-19.

為了進一步了解，第一季度如期進入中國農曆新年，但由於中國工廠因 COVID-19 而難以復工，因此假期結束後進展緩慢。

In early March, we saw a pick-up in orders from most markets, as supply chain disruptions led to increased customer concerns about being able to secure supply.

3 月初，我們看到大多數市場的訂單都有所增加，因為供應鏈中斷導致客戶對能否確保供應的擔憂增加。

This increase in demand that we experienced in March had continued into early April, with the exception of automotive, as manufacturers' plant closures reduced consumption.

我們在 3 月份經歷的這種需求增長一直持續到 4 月初，但汽車除外，因為製造商關閉工廠減少了消費。

This increase in orders has steadily abated in April, but returned to levels we saw in early March.

訂單的增長在 4 月份穩步放緩，但又回到了 3 月初的水平。

The midpoint of our range assumes that this decline continues through the quarter, as customers have reduced visibility to end demand.

我們範圍的中點假設這種下降將持續到本季度，因為客戶降低了對最終需求的可見性。

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。

Revenue was $3.3 billion, down 7% from a year ago.

收入為 33 億美元，比一年前下降 7%。

Gross profit in the quarter was $2.1 billion, or 63% of revenue.

本季度毛利為 21 億美元，佔收入的 63%。

From a year ago, gross profit decreased due to lower revenue.

與一年前相比，由於收入減少，毛利有所下降。

Gross profit margin decreased 20 basis points.

毛利率下降20個基點。

Operating expenses in the quarter were $794 million, about even from a year ago and about as expected.

本季度的運營支出為 7.94 億美元，與一年前持平，與預期基本持平。

On a trailing 12-month basis, operating expenses were 23% of revenue.

在過去 12 個月的基礎上，運營費用佔收入的 23%。

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。

Operating profit was $1.2 billion or 37% of revenue.

營業利潤為 12 億美元，佔收入的 37%。

Operating profit was down 10% from the year-ago quarter.

營業利潤較去年同期下降 10%。

Net income in the first quarter was $1.2 billion or $1.24 per share, which included a $0.10 benefit for items that were not in our prior outlook, as we have discussed.

第一季度的淨收入為 12 億美元或每股 1.24 美元，其中包括 0.10 美元的收益，這些收益不在我們之前的展望中，正如我們已經討論過的那樣。

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 $851 million in the quarter.

本季度運營現金流為 8.51 億美元。

As a reminder, first quarter is typically the seasonally low point for cash flow from operations due to payout of profit sharing and bonuses.

提醒一下，由於利潤分享和獎金的支付，第一季度通常是運營現金流的季節性低點。

Capital expenditures were $161 million in the quarter.

本季度的資本支出為 1.61 億美元。

Free cash flow on a trailing 12-month basis was $5.6 billion.

過去 12 個月的自由現金流為 56 億美元。

In the quarter, we paid $841 million in dividends and repurchased $1.6 billion of our stock for a total return to owners of $2.5 billion.

本季度，我們支付了 8.41 億美元的股息並回購了 16 億美元的股票，為所有者帶來的總回報為 25 億美元。

In total, we have returned $6.6 billion in the past 12 months, consistent with our strategy to return all free cash flow.

在過去的 12 個月裡，我們總共返還了 66 億美元，這與我們返還所有自由現金流的戰略一致。

Over the same period, our dividends represented 55% of free cash flow, underscoring their sustainability.

同期，我們的股息佔自由現金流的 55%，凸顯了它們的可持續性。

Our balance sheet remains strong, with $4.7 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 47 億美元的現金和短期投資。

In the quarter, we issued $750 million of debt with a coupon of 1.375% due in five years.

本季度，我們發行了 7.5 億美元的債券，票面利率為 1.375%，五年內到期。

This resulted in total debt of $6.6 billion with a weighted average coupon of 2.81%.

這導致總債務為 66 億美元，加權平均息票率為 2.81%。

Since then, we have repaid $500 million of debt due in second quarter, and we have no further debt due this year.

從那以後，我們已經償還了第二季度到期的 5 億美元債務，今年我們沒有其他到期債務。

We have $550 million of debt due in 2021.

我們有 5.5 億美元的債務將於 2021 年到期。

Regarding inventory.

關於庫存。

TI inventory dollars were flat to fourth quarter and days were 145.

TI 庫存美元與第四季度持平，天數為 145。

Distribution-owned inventory declined again in first quarter by about $50 million, the sixth consecutive quarter of planned reductions, as we continue the transition of our channel to have fewer distributors and bring more customers direct.

第一季度分銷庫存再次下降約 5000 萬美元，這是連續第六個季度計劃減少，因為我們繼續過渡我們的渠道以減少分銷商並直接帶來更多客戶。

We had about four weeks of distribution inventory, the lowest since third quarter of 2017.

我們有大約四個星期的分銷庫存，這是自 2017 年第三季度以來的最低水平。

Tactically and strategically, we're very pleased.

在戰術和戰略上，我們都非常高興。

We have steadily decreased total inventory dollars while increasing the percent of inventory concentrated inside TI and, therefore, in fewer places.

我們穩步降低了總庫存美元，同時增加了集中在 TI 內部的庫存百分比，因此集中在更少的地方。

This enables us to maintain short lead times and high availability, which is critically important in an environment where end demand visibility for our customers will be limited.

這使我們能夠保持較短的交貨時間和高可用性，這在我們客戶的最終需求可見性有限的環境中至關重要。

With a recession likely upon us, as Rich mentioned earlier, we're using the 2008 financial crisis to inform our second quarter outlook.

正如 Rich 之前提到的那樣，我們可能會陷入衰退，我們正在利用 2008 年的金融危機來為我們的第二季度展望提供信息。

To reflect the increased uncertainty, we have also expanded the range.

為了反映增加的不確定性，我們還擴大了範圍。

For the second quarter, we expect TI revenue in the range of $2.61 billion to $3.19 billion and earnings per share to be in the range of $0.64 to $1.04.

對於第二季度，我們預計 TI 收入在 26.1 億美元至 31.9 億美元之間，每股收益在 0.64 美元至 1.04 美元之間。

Regarding our operating plan for running our factories, we expect that customers in this recession, similar to past recessions, will overcorrect in the short term as their visibility of their end demand drops.

關於我們運營工廠的運營計劃，我們預計，與過去的經濟衰退類似，這次經濟衰退中的客戶會在短期內矯枉過正，因為他們對最終需求的能見度下降。

We believe it will be an important advantage to maintain consistent lead times and to offer customers high levels of product availability.

我們相信保持一致的交貨時間和為客戶提供高水平的產品可用性將是一個重要的優勢。

Our product portfolio of mostly long-lived parts affords us to have a steady hand.

我們的產品組合主要由長壽命部件組成，這讓我們有一個穩定的手。

Therefore, we will be running our factories in second quarter at approximately the same level we ran them in first quarter of 2020.

因此，我們將在第二季度以與 2020 年第一季度大致相同的水平運營我們的工廠。

TI inventory will likely grow during the second quarter, while distributor-owned inventory will likely drain.

TI 庫存可能會在第二季度增加，而分銷商擁有的庫存可能會耗盡。

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

最後，我們繼續投資於我們的競爭優勢並使我們的業務更強大。

History has shown us that this is -- that in times like this is when we can make the most strategic progress.

歷史告訴我們，在這樣的時代，我們可以取得最具戰略意義的進展。

With that, let me turn it back to Dave.

有了這個，讓我把它轉回給戴夫。

Thanks, Rafael.

謝謝，拉斐爾。

Operator, you can now open the lines up for questions.

接線員，您現在可以打開問題熱線了。

In order to provide as many of you the possibility to ask a question, please limit yourself to a single question.

為了讓盡可能多的人有機會提出問題，請將自己限制在一個問題上。

And after a response, we'll provide you an opportunity for a follow up.

在回復後，我們將為您提供跟進的機會。

Operator?

操作員？

(Operator Instructions) We'll take our first question today from Vivek Arya, Bank of America.

（操作員說明）今天我們將從美國銀行的 Vivek Arya 那裡回答我們的第一個問題。

For my first one, I understand visibility is low, and I understand the way you are predicting Q2.

對於我的第一個，我知道能見度很低，而且我理解你預測第二季度的方式。

But just a few weeks into Q2, have your orders or bookings played out the same way as they did during the financial crisis?

但是進入第二季度僅幾週後，您的訂單或預訂量是否與金融危機期間一樣？

Does your consignment program now provide you better visibility than last time?

您的寄售計劃現在是否為您提供了比上次更好的知名度？

I'm just curious what you have actually seen so far in the quarter, so that we can get a better handle on the outlook that you're giving.

我只是很好奇你在本季度到目前為止實際看到了什麼，以便我們能夠更好地處理你給出的前景。

Yes.

是的。

So let me -- I'll start, and Dave, you want to chime in on that.

那麼讓我——我會開始，戴夫，你想插話一下。

But as we said in the prepared remarks, April has, in fact, behaved very differently than 2008 in the comparison.

但正如我們在準備好的評論中所說，在比較中，4 月的表現實際上與 2008 年大不相同。

March was -- not only April, but March.

三月——不僅是四月，還是三月。

March was strong.

三月很強勁。

Coming out of Chinese New Year, as we said in the prepared remarks, we came out a little slowly.

從春節出來，正如我們在準備好的發言中所說的那樣，我們出來的速度有點慢。

But then things strengthened.

但後來事情加強了。

And into April, although things have abated in the second half of April.

進入四月，儘管四月下半月情況有所緩和。

But we think that is due to the concern that many customers have on supply disruption.

但我們認為這是由於許多客戶對供應中斷的擔憂。

So we -- our range, and particularly the midpoint of our range, implies an expectation that demand will drop as customers internalize better their -- the end demand, and frankly, they're going to have very low visibility -- we expect them to have very low visibility of demand.

所以我們 - 我們的範圍，特別是我們範圍的中點，意味著隨著客戶更好地內化他們的 - 最終需求，需求將會下降，坦率地說，他們的可見度將非常低 - 我們預計他們需求的可見性非常低。

That's why the important point here is that we're keeping high optionality throughout this process, so that if things snap back, we can support that.

這就是為什麼這裡的重點是我們在整個過程中保持高度的可選性，這樣如果事情突然恢復，我們可以支持它。

We can support it on the other side of this.

我們可以從另一方面支持它。

Dave?

戴夫？

I think that's well said.

我認為這說得好。

You have a follow-on, Vivek?

你有後續嗎，Vivek？

You mentioned that you're continuing to run your factory loadings in Q2 at the same level as Q1.

你提到你將繼續在第二季度以與第一季度相同的水平運行你的工廠負荷。

I'm curious if you can give us some color around what your modeling days of inventory to be, exiting Q2.

我很好奇你是否可以給我們一些關於你的建模天數的顏色，退出第二季度。

Is there a certain maximum limit to the amount of inventory or in terms of days or dollars that you're willing to build before you have to start taking actions?

在必須開始採取行動之前，您願意建立的庫存量、天數或美元是否有特定的最大限制？

Yes.

是的。

Thanks for that question.

謝謝你的問題。

So Vivek, just as you framed them, I'm glad you framed it that way.

所以 Vivek，就像你設計它們一樣，我很高興你這樣設計。

It is a capital allocation decision.

這是一個資本配置決策。

So we are allocating capital in the form of inventory.

因此，我們正在以庫存的形式分配資金。

Capital is going to go into inventory instead of going to other places.

資金將進入庫存，而不是去其他地方。

And the inventory will increase.

而且庫存會增加。

We expect very likely to increase into second quarter.

我們預計很可能會增加到第二季度。

But that is -- that's what gives us the optionality that I mentioned earlier, having that inventory on hand.

但那就是——這就是我之前提到的讓我們有選擇權的原因，手頭有庫存。

The key thing to remember, and you know it very well, we -- the vast majority of our products are long-lived.

要記住的關鍵是，你非常清楚，我們——我們的絕大多數產品都是長壽命的。

They're highly diverse.

它們非常多樣化。

They sell to many, many customers.

他們賣給很多很多客戶。

They live a long time on the shelf and the customers' product life cycles are very long.

它們在貨架上的壽命很長，客戶的產品生命週期也很長。

So that inventory will not go bad.

這樣存貨就不會壞了。

So it's an option.

所以這是一個選擇。

We are fairly low-cost upfront to have that option.

我們擁有該選項的前期成本相當低。

Next up, we'll hear from Stacy Rasgon, Bernstein Research.

接下來，我們將聽取 Bernstein Research 的 Stacy Rasgon 的意見。

For the first one, if I go back to 2008, I think the decline was a lot quicker.

對於第一個，如果我回到 2008 年，我認為下降要快得多。

But if I look from Q3 '08 peak to Q1 '09 trough, revenues fell about 40%.

但如果我從 08 年第三季度的高峰期到 09 年第一季度的低谷來看，收入下降了大約 40%。

This cycle's been longer, but if I think maybe the peak was Q3 '18 to your guide in Q2 '20, you'd be down about 30%.

這個週期更長，但如果我認為峰值可能是 18 年第 3 季度到你在 20 年第二季度的指南，你將下降約 30%。

Does that suggest that maybe there's still a little more to go for following the same kind of trajectory?

這是否表明要遵循相同的軌跡可能還有更多的路要走？

And I guess also if the decline from peak to trough is longer, does that suggest that you might be thinking about the increase off the peak also being longer?

而且我想如果從高峰到低谷的下降時間更長，這是否表明您可能正在考慮高峰期的增長也更長？

Like how do we compare the two situations?

比如我們如何比較這兩種情況？

Yes, so I'll, our --

是的，所以我會，我們的——

Stacy, this is Rich.

史黛西，這是里奇。

Given the recollection of 2008, I'd be careful of too much precision in where you're trying to draw that to.

鑑於 2008 年的回憶，我會小心你試圖將其繪製到的位置過於精確。

I do think the valid comparison that -- and I think you know this very well from the history, is that 2008 was a reasonably -- 2007 and first half of 2008 were reasonably hot semiconductor markets.

我確實認為有效的比較 - 我認為你從歷史中非常了解這一點，即 2008 年是合理的 - 2007 年和 2008 年上半年是相當熱門的半導體市場。

Not overheated, but pretty hot.

沒有過熱，但非常熱。

And clearly, 2019 and the first quarter of 2020 were cooler compared to the heat of 2017 and '18.

很明顯，與 2017 年和 18 年的高溫相比，2019 年和 2020 年第一季度要涼爽。

So when you try to get peak trough, that's a little more complex.

因此，當您嘗試獲得波峰波谷時，情況會稍微複雜一些。

We just tried to basically look through whatever we think demand was doing for a couple of years prior, and that was what help inform and help set where we would put the operating plans.

我們只是試圖從根本上了解我們認為需求在幾年前所做的一切，這有助於提供信息並幫助我們確定運營計劃的位置。

Got it.

知道了。

For my follow-up, I know you generally don't have tons of visibility into what true end demand is doing.

對於我的後續行動，我知道您通常無法完全了解真正的最終需求在做什麼。

But do you have any way to gauge, just given the -- any way to gauge the amount of pull forward that we might be seeing right now, whether it's gauging the pace of rush orders or anything like that?

但是你有沒有辦法衡量，只是考慮到 - 任何衡量我們現在可能看到的拉動量的方法，無論是衡量緊急訂單的速度還是類似的東西？

Is there anything that we can -- that you can give us, to try to gauge how much of the strong, near-term demand might be?

有什麼我們可以 - 你可以給我們的，試圖衡量有多少強勁的近期需求？

Pull forward versus anything else?

與其他任何東西相比？

Yes.

是的。

Stacy, as you imagine, I don't think we have any precision on that.

斯泰西，正如你想像的那樣，我認為我們對此沒有任何精確度。

I think that as we saw after Chinese New Year's, as we saw strength, we believe that, that was due to the customer concerns.

我認為，正如我們在農曆新年之後所看到的那樣，我們看到了實力，我們相信，這是由於客戶的擔憂。

It's hard to have any precision around what percentage of that was due to that concern with any degree of accuracy.

由於對任何程度的準確性的關注，很難準確地了解其中的百分比。

But yes.

但是，是的。

Rafael, you want to add to that?

拉斐爾，你想補充嗎？

Yes.

是的。

I agree.

我同意。

The only thing I would add is that we know is, the channel is clean, the disty channel.

我唯一要補充的是，我們知道的是，通道是乾淨的，是臟通道。

Because as we said, we're four weeks, we drained about $50 million on that channel, and we plan to continue draining for the next three quarters or so, about another $200 million or so, planned drain as we convert more and more customers to going direct.

因為正如我們所說，我們已經四個星期了，我們在該渠道上流失了大約 5000 萬美元，我們計劃在接下來的三個季度左右繼續流失，大約另外 2 億美元左右，隨著我們轉換越來越多的客戶，計劃流失去直接。

So the channel, we know, is clean and will continue to be clean.

所以我們知道，渠道是乾淨的，而且會繼續保持乾淨。

But as Dave alluded to, we really don't know the end customers when they pull, how much of that is true end demand versus talking of potential disruption.

但正如戴夫所暗示的那樣，我們真的不知道最終客戶何時拉動，其中有多少是真正的最終需求與談論潛在的中斷。

Yes.

是的。

And I might add, too, that, as you know, Stacy, 65%, 70% of our revenue is on consignment.

我還可以補充一點，正如你所知，Stacy，我們 65%、70% 的收入來自寄售。

So we're not carrying backlog, but we see plans that are in our customer factories.

所以我們沒有積壓，但我們看到了客戶工廠中的計劃。

But as they have reduced visibility, all those plans are not updated.

但由於他們的知名度降低，所有這些計劃都沒有更新。

So they're being updated slowly as they're deciding what to build in those factories.

因此，當他們決定在這些工廠中建造什麼時，他們的更新速度很慢。

So those updated plans are rolling through.

因此，這些更新的計劃正在逐步實施。

And that's what's creating the uncertainty, as you'd imagine.

正如您想像的那樣，這就是造成不確定性的原因。

Next up from Morgan Stanley is Craig Hettenbach.

摩根士丹利的下一位是 Craig Hettenbach。

I appreciate the color on the OpEx side of things.

我欣賞 OpEx 方面的顏色。

Any additional thoughts around just kind of variable compensation, and as revenue comes down, some mitigation in terms of EPS impact in the next couple of quarters?

關於可變薪酬的任何其他想法，以及隨著收入下降，在接下來的幾個季度中對 EPS 影響的一些緩解？

Sure.

當然。

So as we said in the prepared remarks, in general, OpEx will be relatively unchanged.

因此，正如我們在準備好的評論中所說，總的來說，OpEx 將相對不變。

So R&D, those are long-term investments.

所以研發，那些是長期投資。

SG&A, we also have some investments areas there with TI.com.

SG&A，我們在 TI.com 上也有一些投資領域。

In other places, we, quite frankly run the company pretty tight to begin with, but wherever we can tighten up more, we do.

在其他地方，坦率地說，我們一開始就非常嚴格地管理公司，但只要我們可以更加嚴格，我們就會這樣做。

On your specific question on variable compensation, that tends to be profit sharing and bonus profit sharing moves according to our formula, so it's very formulaic.

關於可變薪酬的具體問題，這往往是根據我們的公式進行的利潤分享和紅利利潤分享，所以它非常公式化。

So depending on what happens, that adjusts.

因此，根據發生的情況進行調整。

And bonuses is determined by the Board depending on relative performance on one to three years on several metrics.

獎金由董事會根據幾項指標在一到三年內的相對錶現來確定。

You have a follow-on, Craig?

你有後續嗎，克雷格？

And understanding the different cadence by geography in terms of China was weak, then came back, and Europe and North America may be weaker now, but just love to get your thoughts just for Q2, how you're expecting kind of things within your guidance from a geographic perspective?

了解中國在地理上的不同節奏很弱，然後又回來了，歐洲和北美現在可能更弱了，但只是想听聽你對第二季度的想法，你對指導中的事情有何期待從地理角度？

Yes.

是的。

I always give caution on -- when asked about the geographical revenue, and sometimes we can see distinct patterns.

我總是謹慎——當被問及地域收入時，有時我們可以看到不同的模式。

But we -- where we ship our product is very rarely where it's actually consumed, as you know.

但是，正如您所知，我們 - 我們運送產品的地方很少是實際消費的地方。

So we ship a phone that, or a product ends up in a phone built in China, it may end up in Europe.

所以我們運送的手機，或者產品最終在中國製造的手機中，它可能最終在歐洲。

So if there was something distinct in our guidance that was impacted by a geography, we'd share that.

因此，如果我們的指南中有明顯受地理位置影響的內容，我們會分享。

And we don't have anything specific to share with that right now.

我們現在沒有任何具體信息可以分享。

Our next question is Ross Seymore, Deutsche Bank.

我們的下一個問題是德意志銀行的 Ross Seymore。

Thanks for all these additional details, especially with Rich on the line.

感謝所有這些額外的細節，尤其是 Rich 在線。

Maybe one for Rich.

也許是給 Rich 的。

In your comments earlier, you said you wanted to use 2008 as a template.

在您之前的評論中，您說您想使用 2008 年作為模板。

And that's as about as fair a template as I could imagine as well.

這也是我所能想像的最公平的模板。

You also laid out about how the pattern was a steep fall then a steep rise back.

您還闡述了這種模式是如何先急劇下降然後又急劇上升的。

Given that you're behaving -- your actions are very different this time where you're keeping the utilization flat, et cetera, is that because you view this cycle as being any different, short duration matching the same one as a decade ago?

考慮到你的行為——這次你的行為非常不同，你保持利用率持平，等等，這是因為你認為這個週期與十年前相同，持續時間很短嗎？

Or is it simply just the optionality side of the equation at the end of the day that you're trying to maintain?

或者它只是您試圖維持的一天結束時等式的可選性方面？

Let me have Rafael...

讓我有拉斐爾...

Ross, just to help on that.

羅斯，只是為了幫助解決這個問題。

I think Rafael covered this in some ways.

我認為 Rafael 在某些方面涵蓋了這一點。

If you think back to 2008, and you know and a bunch of folks know, we were, we were very much different.

如果你回想 2008 年，你知道，而且很多人都知道，我們曾經非常不同。

We had a large wireless business.

我們擁有龐大的無線業務。

We had portfolio reprofiling we had to do.

我們必須重新調整投資組合。

We had a high percentage of our product that wasn't exactly custom, but it behaved a lot like custom.

我們的產品中有很大一部分不是完全定制的，但它的行為很像定制。

So building inventory was a much more difficult game.

因此，建立庫存是一個更加困難的遊戲。

And the beauty about where we are today, as Rafael pointed out, is that high percentage of the portfolio is long-lived product.

正如 Rafael 指出的那樣，我們今天所處的美妙之處在於，產品組合中很大一部分是長期產品。

We've got our R&D and our resources well deployed in the areas that we want to be long term.

我們已經將研發和資源很好地部署在我們希望長期發展的領域。

And that's what really puts us into the wonderful position, where the cost to have maximum optionality is actually pretty low in our particular case in 2020 versus where it was back in October of 2008.

這才是真正讓我們處於有利位置的原因，與 2008 年 10 月相比，在 2020 年的特定情況下，擁有最大可選性的成本實際上非常低。

Great.

偉大的。

And I guess as my follow-up, just switching over to the cash return side of the equation.

我想作為我的後續行動，只是切換到等式的現金回報方面。

It looks like you guys had the -- pretty much the second biggest buyback in a single quarter you've had in a decade.

看起來你們有——幾乎是十年來單季度第二大回購。

Can you just remind us on how you guys are thinking about the ability to return cash?

你能提醒我們你們是如何考慮返還現金的能力的嗎？

I know your long-term policy of returning 100% of your free cash flow, and it's not just dictated by any single quarter.

我知道你們的長期政策是返還 100% 的自由現金流，而且這不僅僅是由任何一個季度決定的。

I appreciate that as well.

我也很感激。

But this was significantly above what you guys generated in a single quarter and maybe even in a couple of quarters of free cash flow.

但這遠遠高於你們在一個季度甚至幾個季度的自由現金流中產生的。

So just talk about how much leverage you're willing to put on the balance sheet to take advantage opportunistically of a pullback in your stock when it's below what, I guess, you view to be your, the intrinsic value?

因此，只需談談您願意在資產負債表上投入多少槓桿，以便在股票低於您認為的內在價值時機會主義地利用股票回調？

Sure.

當然。

So let me -- first, you alluded to it, but let me just remind everybody on the call that our objective, when it comes to cash return, is to return all free cash flow to the owners of the company, and we do that through buybacks and dividends.

所以讓我 - 首先，你提到了它，但讓我提醒一下電話中的每個人，我們的目標，在現金回報方面，是將所有自由現金流返還給公司所有者，我們這樣做了通過回購和分紅。

So for example, on a trailing 12-month basis, we generated $5.6 billion of free cash flow, and we returned $6.6 billion.

因此，例如，在過去 12 個月的基礎上，我們產生了 56 億美元的自由現金流，我們返還了 66 億美元。

So obviously, all free cash flow there being returned.

很明顯，那裡的所有自由現金流都被返還了。

And then you mentioned debt, and we have debt on the balance sheet.

然後你提到了債務，我們的資產負債表上有債務。

As we said on the call, $6.6 billion, we finished.

正如我們在電話會議上所說，我們完成了 66 億美元。

On a net basis, it's $1.8 billion because we have $4.7 billion of cash on the balance sheet.

按淨額計算，它是 18 億美元，因為我們的資產負債表上有 47 億美元的現金。

But we use debt to increase the rate of return with some leverage when it makes sense.

但是，我們會在合理的情況下使用債務來提高回報率。

So that's how we view the returns and the debt for many, many years, as we have talked about it on capital management.

這就是我們多年來對回報和債務的看法，正如我們在資本管理方面所討論的那樣。

Next up is John Pitzer, Crédit Suisse.

接下來是瑞士信貸銀行的 John Pitzer。

Dave, I just want to go back to your comments in your prepared remarks about bookings slowing as we've been coming to the end of April.

戴夫，我只想回到你準備好的評論中關於預訂放緩的評論，因為我們已經到了 4 月底。

Was there any end market distinction you can talk about?

您可以談談終端市場的區別嗎？

And I'm particularly interested in kind of understanding how auto and industrial is behaving at the beginning of this pandemic versus maybe things like PC, data center and comms.

我特別感興趣的是了解汽車和工業在這場大流行開始時的表現，而不是 PC、數據中心和通信等。

Yes, John, I'd say that when we looked at last quarter, it was very distinct that we saw strength -- strength in PCs.

是的，約翰，我要說的是，當我們回顧上個季度時，我們非常明顯地看到了實力——個人電腦的實力。

We saw strength in data center.

我們看到了數據中心的實力。

We saw a distinct slowing in auto as we talked about.

正如我們所說，我們看到汽車明顯放緩。

I'd say that the relative strength in orders that we saw in the quarter, that happened in March and continued into April, was broad-based generally and it was across the board, with the exception of auto.

我想說的是，我們在本季度看到的訂單相對強勁，發生在 3 月份並持續到 4 月份，總體上具有廣泛的基礎，而且是全面的，但汽車除外。

And then the slowing, I would say, that it is also broad-based.

然後是放緩，我想說，它也是廣泛的。

Do you have a follow-on?

你有後續嗎？

Yes, then this is my follow-on, returning to Ross's question about capital allocation and return.

是的，那麼這就是我的後續，回到羅斯關於資本配置和回報的問題。

Rich, since you're on the call, you guys have always been good at sort of zagging what everybody else is zigging, and you've got a longer duration out there.

Rich，自從你接聽電話以來，你們一直很擅長改變其他人正在改變的東西，而且你在那裡的時間更長。

I'm kind of curious about how you're viewing the current environment relative to M&A that, that's sort of an arrow in your strategic quiver as we go through the next couple of quarters of what's clearly going to be a recession.

我有點好奇你如何看待當前與併購相關的環境，在我們經歷接下來的幾個季度顯然將出現衰退時，這就像是你戰略箭袋中的一支箭。

Yes.

是的。

John, if you think about it, and you can even -- you've watched this for a long time.

約翰，如果你仔細想想，你甚至可以——你已經看了很長時間了。

You can go back to 2008 and then look at what we did through 2009, '10, '11 and such.

你可以回到 2008 年，然後看看我們在 2009 年、10 年、11 年等期間所做的事情。

And clearly, if you think about capital allocation, the things that I stepped through, keeping on the right R&D investments, keeping on the right capital expenditures, making the right capability investments on things like TI.com, that's where you get just very excited about.

很明顯，如果你考慮資本分配，我經歷過的事情，保持正確的研發投資，保持正確的資本支出，對像 TI.com 這樣的東西進行正確的能力投資，這就是你會非常興奮的地方關於。

We will be getting stronger during this period, and those strengths will help us, even as these secular trends of more semiconductors in your life are growing.

在此期間我們將變得更加強大，這些優勢將幫助我們，即使您生活中更多半導體的這些長期趨勢正在增長。

To the degree that we have an opportunity to buy used equipment or used factories or potentially M&A, as with anything on capital allocation, I think that one just goes down to the "it depends" type comment.

就我們有機會購買二手設備或二手工廠或潛在的併購而言，就像資本配置方面的任何事情一樣，我認為這只是歸結為“視情況而定”類型的評論。

Meaning it would have to be probably a more prolonged downturn.

這意味著它可能必須是更長時間的低迷。

If you think about what the mood was in 2010 and '11 -- well, 2009, '10 and '11, that mood had to be there for a while before opportunities became available.

如果你想一想 2010 年和 11 年的情緒——好吧，2009 年、10 年和 11 年，在機會出現之前，這種情緒必須存在一段時間。

But we're certainly -- we try to just be wise over the long term.

但我們當然 - 我們試圖在長期內保持明智。

And we'll go to Chris Danely, Citigroup.

我們將去花旗集團的 Chris Danely。

Rich, thanks for making the cameo.

Rich，謝謝你客串。

My first question, Rich, do you think or do you anticipate any longer-term structural changes in the business, either in terms of end markets or anything you're looking at as a result of this pandemic?

我的第一個問題，Rich，您是否認為或預計業務會發生任何長期結構性變化，無論是在終端市場方面，還是在您因這種流行病而正在關注的任何方面？

Chris, my -- I think it's early.

克里斯，我的——我認為現在還為時過早。

I think -- I know your world tries to get ahead on trying to guess what will happen.

我想——我知道你們的世界試圖在猜測會發生什麼方面取得成功。

I, in general, think that the secular trends that we've seen with semiconductors and more semiconductors coming into people's lives are going to continue, okay?

總的來說，我認為我們在半導體和更多半導體進入人們生活方面所看到的長期趨勢將繼續下去，好嗎？

And I think somewhat, as John alluded to in his question, it's obvious in the near term, that server sales and PCs are going to do well, as working from home continues.

而且我認為，正如約翰在他的問題中提到的那樣，在短期內很明顯，隨著在家工作的繼續，服務器銷售和個人電腦將會表現良好。

But I just think longer term, you look at industrial products, industrial equipment and even automotive -- even though in the near term, people will see SAR numbers come down, this secular trend on semiconductor growth inside of automotive is going to make it a great market to be in for the long term.

但我只是認為從長遠來看，你看看工業產品、工業設備甚至汽車——儘管在短期內，人們會看到 SAR 數字下降，但汽車內部半導體增長的這種長期趨勢將使它成為一個長期存在的巨大市場。

So no, I don't think from that point, there'll be a big structural change.

所以不，我不認為從那時起，會有很大的結構性變化。

I do think we've got a great advantage of having structural channel advantage.

我確實認為我們擁有結構性渠道優勢的巨大優勢。

So the changes that we've been working towards for a number of years of building closer direct relationship with customers, things that you now see playing out with a higher and higher percentage of inventory being in our hands to where we can be more efficient, it's -- that's going to be a fantastic trend.

因此，我們多年來一直致力於與客戶建立更緊密的直接關係，你現在看到的事情正在發生，我們手中的庫存比例越來越高，我們可以提高效率，這將是一個奇妙的趨勢。

TI is well prepared to take advantage of that, with our breadth of channel reach through the industry.

憑藉我們在整個行業的廣泛渠道覆蓋範圍，TI 已做好充分利用這一優勢的準備。

And then, Rich, to the extent you can, if you could give us any insight into what the customer conversations are like.

然後，Rich，如果你能給我們任何關於客戶對話的洞察力的話。

What are they asking?

他們在問什麼？

What are their big concerns?

他們最關心的是什麼？

And I guess, at the root of it, you guys talked about it, I've thought about this, why aren't we seeing this sort of fall off in orders yet?

我想，從根本上說，你們討論過，我已經考慮過了，為什麼我們還沒有看到這種訂單下降？

Is everybody just kind of frozen in place out there?

是不是每個人都被凍僵了？

Why is that happening?

為什麼會這樣？

Chris, I think if you -- and Dave, I thought, was very direct with what he described as we saw orders rise starting to pick at first, second week of March.

克里斯，我想如果你——我認為戴夫對他所描述的情況非常直接，因為我們看到訂單在 3 月的第一周和第二週開始增加。

You saw them rise up.

你看到他們站起來了。

You've seen them start to trend down.

你已經看到它們開始呈下降趨勢。

They're still at that level we saw, approximately ending February and in early March.

它們仍處於我們看到的水平，大約在 2 月底和 3 月初。

I think that's starting to filter through.

我認為這正在開始過濾。

For us, especially, Dave will have the number where we're 60%, 70% consignment, it takes a while for those consignment feeds to really get updated because companies have got to start getting better numbers on that front.

對於我們來說，特別是，Dave 將擁有我們 60%、70% 寄售的數字，這些寄售提要需要一段時間才能真正更新，因為公司必須開始在這方面獲得更好的數字。

So I think customers are just still processing through what their customers are telling them, and we will see that play through.

因此，我認為客戶仍在處理客戶告訴他們的內容，我們將看到這一點。

It's why we've made the assumptions that May would be down from April, and June down versus April as well, for the range.

這就是為什麼我們假設 5 月將低於 4 月，6 月也低於 4 月的範圍。

Next up is Tore Svanberg, Stifel.

接下來是 Stifel 的 Tore Svanberg。

I appreciate the wide range of the guidance in this environment.

我很欣賞在這種環境下提供的廣泛指導。

But could you maybe elaborate a little bit on what the assumptions are, sort of at the low end and at the high end of the range?

但是你能否詳細說明一下假設是什麼，在範圍的低端和高端？

Yes.

是的。

I'll give you my take.

我會給你我的看法。

Frankly, there's no signs on that.

坦率地說，沒有跡象表明。

As we talked about earlier, we're using 2008 as the model for that.

正如我們之前談到的，我們使用 2008 年作為模型。

Again, it doesn't imply precision, not even similarity.

同樣，它並不意味著精確，甚至不意味著相似。

It's just that the most recent exogenous event that we can use.

這只是我們可以使用的最近的外生事件。

So we're using that.

所以我們正在使用它。

And the midpoint is the closest thing to that, kind of adjusted for seasonality, what you normally would see in the first, second quarter, transition, you're seeing a negative 13% at that midpoint.

中點是最接近這一點的，根據季節性因素進行了調整，你通常會在第一、第二季度看到過渡期，你會在那個中點看到負 13%。

But the entire range, and the other reason we widened -- or the reason we widened the range is to reflect the great level of uncertainty that we have going on.

但是整個範圍，以及我們擴大範圍的另一個原因——或者我們擴大範圍的原因是為了反映我們正在發生的巨大不確定性。

As Rich mentioned, many customers right now, they're still processing what's happening.

正如 Rich 提到的，許多客戶現在仍在處理正在發生的事情。

And we've actually heard some of them haven't been able to update their feeds to us, right?

我們實際上聽說他們中的一些人無法向我們更新他們的提要，對嗎？

So they got to go through all that process.

所以他們必須經歷所有這些過程。

And so that's embedded in that wide range.

因此，它嵌入了廣泛的範圍內。

The biggest point I want to make, and we made it a couple of times already, is the optionality that we're going to get based on how we're running the factories, right?

我想說的最重要的一點，我們已經說過幾次了，我們將根據我們運營工廠的方式獲得可選性，對嗎？

So this thing can go multiple ways for second quarter and third quarter and beyond.

所以這件事可以在第二季度和第三季度及以後以多種方式進行。

But we have just great optionality, the way we're running the business, both strategically, the type of parts we build and the end products and so forth.

但是我們有很大的選擇性，我們經營業務的方式，無論是戰略上，還是我們製造的零件類型和最終產品等等。

But tactically, the way we're running the factories and the inventory in second quarter.

但從戰術上講，我們在第二季度經營工廠和庫存的方式。

You have a follow-on, Tore?

你有後續嗎，托爾？

The other question goes back to what you just mentioned there.

另一個問題又回到你剛才提到的那個問題。

So I'm sure your customers are probably thinking about this, too, and maybe they are perhaps building some inventory too, to be able to respond to eventual demand.

所以我相信您的客戶可能也在考慮這個問題，也許他們也在建立一些庫存，以便能夠響應最終的需求。

If that's indeed the case, how long would you be willing to have this sort of optionality or perhaps run the inventories a little bit longer than normal?

如果情況確實如此，您願意擁有這種選擇性多長時間，或者可能比正常情況下運行庫存的時間更長一些？

Yes, it's going to depend on a number of factors that today, we don't know.

是的，這將取決於今天我們不知道的許多因素。

Right?

正確的？

And I think we and the world and the industry will learn, over the coming weeks and months, and then we will adjust as necessary.

我認為，在接下來的幾周和幾個月裡，我們、世界和整個行業都會學習，然後我們會根據需要進行調整。

I think the advantage we have with the way we're set up strategically, with the type of parts we build and the type of customers we have and the type of end markets, is that we can afford to have this optionality, right?

我認為我們的優勢在於我們的戰略設置方式、我們製造的零件類型、我們擁有的客戶類型以及終端市場的類型，是我們有能力擁有這種選擇權，對吧？

These parts are not going to go bad.

這些部件不會變壞。

It was very different in a custom centric, custom far centric world, in personal electronics type of centric world, that's not the case with the way we structured the company.

在以定制為中心、以定制為中心的世界、以個人電子產品為中心的世界中，這是非常不同的，我們構建公司的方式並非如此。

So we have great optionality to go through this beyond second quarter.

因此，我們有很大的選擇餘地來完成第二季度之後的工作。

And next from BMO is Ambrish Srivastava.

BMO 的下一位是 Ambrish Srivastava。

Rich, good to hear your voice.

有錢，很高興聽到你的聲音。

I'm sure nobody really wanted to hear you in this kind of forum.

我敢肯定沒有人真的想在這種論壇上聽到您的聲音。

I had a question back on capital allocation.

我有一個關於資本配置的問題。

And going back to the 2008, 2009 template or playbook, you raised your dividend in the fourth quarter back then.

回到 2008 年、2009 年的模板或劇本，你在第四季度提高了股息。

It was a small portion, but it was, I think, on a percentage basis, was pretty meaningful.

這是一小部分，但我認為，按百分比計算，這是非常有意義的。

So as we compare what -- where we are heading now versus, I'm sure nobody has any idea what next quarter was going to be.

因此，當我們比較我們現在的發展方向時，我敢肯定沒有人知道下一季度會是什麼。

What's the right way to think about capital allocation, based on the comments you and Dave and Rafael are making?

根據你和 Dave 以及 Rafael 發表的評論，考慮資本配置的正確方法是什麼？

It sounds like no change in 100% free cash flow back, divi plus buyback, no change to that.

聽起來 100% 自由現金流返還沒有變化，divi 加上回購，沒有變化。

So just kind of just help us understand the thinking or scenarios that you're playing out -- that you're thinking through, which might lead to a near-term modification on that, Rich?

所以只是幫助我們理解你正在玩的想法或場景 - 你正在思考的，這可能會導致近期修改，Rich？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

I'll set up, and I'll let Rafael cover it.

我來安排，我會讓 Rafael 負責。

The answer is no change, Ambrish, because we really have tried to have a very thoughtful long-term plan.

答案是沒有改變，Ambrish，因為我們確實已經嘗試制定一個非常周到的長期計劃。

But I think it's helpful for Rafael to summarize some of those points.

但我認為總結其中的一些要點對 Rafael 很有幫助。

Yes.

是的。

So just to comment and Ambrish, as you said, and Rich just confirmed that, yes, there's no change in our -- in the way we think about capital management and our long-term objective.

因此，正如您所說，只是評論和 Ambrish，Rich 剛剛確認，是的，我們對資本管理和長期目標的思考方式沒有改變。

So as I said earlier, cash return, return all free cash flow.

所以就像我之前說的，現金返還，返還所有的自由現金流。

On dividends specifically, as you alluded to, the objective is provide a sustainable and growing dividend to appeal to a broader set of owners.

正如您提到的，具體而言，在股息方面，目標是提供可持續且不斷增長的股息，以吸引更廣泛的所有者。

And as a reminder, on a trailing 12-month basis, our dividend was 55% of our free cash flow now.

提醒一下，在過去 12 個月的基礎上，我們的股息現在是我們自由現金流的 55%。

Of course, that's a backwards-looking metric, I understand it.

當然，這是一個向後看的指標，我理解。

But it's a great place to start.

但這是一個很好的起點。

Frankly, few companies are at that level in our industry and in the S&P 500.

坦率地說，在我們的行業和標準普爾 500 指數中，很少有公司處於這個水平。

So it's a great place to start.

所以這是一個很好的起點。

But that objective of providing a sustainable and growing dividend, it has been and continues to be very important for us.

但是，提供可持續和不斷增長的紅利這一目標對我們來說一直並將繼續非常重要。

Follow-on, Ambrish?

後續，Ambrish？

Yes, I did.

是的，我做到了。

And this is more to do with -- I think Chris asked a good question on structural changes.

這更多地與——我認為克里斯就結構變化提出了一個很好的問題。

Given that we're all working from home, at least those of us who can afford to work from home, how is it impacting the design activity that TI engages in, multiple geos, multiple customers, so many end markets?

鑑於我們都在家工作，至少我們中那些有能力在家工作的人，這對 TI 從事的設計活動、多個地理位置、多個客戶、如此多的終端市場有何影響？

What's the right way to think about the changes that you're seeing there?

思考您在那裡看到的變化的正確方法是什麼？

And does it portend poorly for when we ultimately get to a more "normal world".

當我們最終進入一個更“正常的世界”時，它是否預示著不好？

Ambrish, if -- it's why we included in my remarks, comments about how we're operating in, it's one of these deals I produced some -- an update for internal.

Ambrish，如果——這就是為什麼我們在我的評論中加入了關於我們如何運作的評論，這是我製作的這些交易之一——內部更新。

And basically, I'd had a bunch of people telling me, gosh, we got lucky on some things, and I explain there's this great quote that luck is what happens when preparation meets opportunity.

基本上，有很多人告訴我，天哪，我們在某些事情上很幸運，我解釋說有一句名言說運氣就是準備遇到機會時發生的事情。

And we put in place this mass market selling, really virtual selling technique, starting three years ago.

我們從三年前開始實施這種大眾市場銷售，真正的虛擬銷售技術。

It's an instituted standard process.

這是一個制定的標準流程。

Our sales teams work it, applications people work it, comfortable with customers.

我們的銷售團隊工作，應用人員工作，與客戶相處融洽。

And so it's almost been like nothing has changed in terms of where we spend our time working between ourselves and the customers.

因此，就我們在自己和客戶之間工作的時間而言，幾乎沒有任何改變。

They all want to do it on the phone anyhow, our products group connecting in on that.

無論如何，他們都想在電話上進行，我們的產品組會參與其中。

So the readiness that we had to operate in this world is actually enormously high.

因此，我們必須在這個世界上開展業務的準備程度實際上非常高。

Having TI.com more capable to support customers' decisions, to be able to support online commerce as we're bringing more customers direct, the comfort of our product groups, design engineers and people to work collaboratively, because we've always had to do that, is really very unchanged.

讓 TI.com 更有能力支持客戶的決策，能夠支持在線商務，因為我們直接帶來更多客戶，讓我們的產品團隊、設計工程師和員工更舒適地協作，因為我們一直必須那樣做，真的很不變。

I do think people are working more hours just because the days and hours tend to blend into one another, as I'm sure everybody on this call is experiencing.

我確實認為人們工作的時間更長只是因為日子和時間往往會相互融合，我敢肯定這次電話會議中的每個人都在經歷。

But it's very impressive to watch the team performing and watching what is getting done.

但是觀看團隊的表現和正在完成的工作令人印象深刻。

We're even at the point where all, the set of customer visits even next week, where those customer visits will be virtual as well.

我們甚至到了下週所有客戶訪問的地步，這些客戶訪問也將是虛擬的。

So we're just well under the way of operating this way.

所以我們正在以這種方式運作。

I just want to comment on slightly different topic but related in the spirit of preparation meeting opportunity.

我只想評論略有不同的主題，但本著準備會議機會的精神相關。

Just want to highlight, and we talked about it during the prepared remarks, but we were prepared for the unforeseen disruptions with a combination of our inventory strategy, our business continuity program and our geographically diverse manufacturing footprint, which of course is part of our -- one of our competitive advantages of manufacturing and technology.

只是想強調一下，我們在準備好的發言中談到了這一點，但我們結合我們的庫存戰略、我們的業務連續性計劃和我們地理上多樣化的製造足跡，為不可預見的中斷做好了準備，這當然是我們的一部分—— - 我們的製造和技術競爭優勢之一。

So we're having all of those together.

所以我們把所有這些都放在一起。

We were able and continue to be able to provide our customers with short lead times and inventory availability in this time where they need it most, now and in the coming quarters when their visibility will be impaired.

我們能夠並繼續能夠在客戶最需要的時候、現在和未來幾個季度，在他們的知名度受損時，為客戶提供較短的交貨時間和庫存可用性。

Yes.

是的。

I would say that we've had customers actually contact us, and they're rather surprised that our lead times are stable, and they can get the product that they need.

我想說的是，我們確實有客戶聯繫過我們，他們對我們的交貨時間穩定感到非常驚訝，而且他們可以獲得他們需要的產品。

So they're very happy with that.

所以他們對此非常滿意。

And next is from Harlan Sur, JPMorgan.

接下來是摩根大通的 Harlan Sur。

I appreciate the additional commentary and Rich being on the call today.

我感謝今天的額外評論和 Rich 的電話會議。

I know you guys don't like to talk about sort of specific geographies.

我知道你們不喜歡談論特定的地理位置。

But fact of the matter is, China is coming out of this pandemic and starting to open up their economy and throwing quite a bit of stimulus at it.

但事實是，中國正在走出這場大流行病，開始開放經濟並投入大量刺激措施。

Are you seeing this being reflected in your order rates or consignment forecast for your domestic China customers?

您是否看到這反映在您對中國國內客戶的訂單率或寄售預測中？

And roughly, what percentage of your business today comes from domestic China consumption?

粗略地說，您今天的業務中有多少百分比來自中國國內消費？

Yes.

是的。

I'll start.

我會開始。

And please chime in, Rafael, if you'd like.

如果願意，請拉斐爾插話。

So we -- again, I'll give the numbers of products of where we actually ship the product but always offer the caution that it's where the box ships from.

所以我們 - 再次，我會給出我們實際運送產品的產品數量，但總是提供警告，即它是盒子運送的地方。

So we've got 50% of our product ships from -- into China.

所以我們有 50% 的產品從中國運到中國。

But again, like cellular phones as an example, may be built there, may be designed in California and end up in Europe, as an example.

但同樣，以手機為例，可能在那裡製造，可能在加利福尼亞設計並最終在歐洲結束，例如。

So -- and yes, we are seeing those factories coming back online as we talked about in our prepared remarks.

所以 - 是的，正如我們在準備好的發言中談到的那樣，我們看到這些工廠重新上線。

But I think the uncertainty is how much demand will actually be there as those factories come back online.

但我認為不確定性在於，隨著這些工廠重新上線，實際會有多少需求。

And I think that's what's creating that uncertainty.

我認為這就是造成這種不確定性的原因。

So do you have a follow-on?

那你有後續嗎？

Yes.

是的。

So IHS in its most recent forecast is calling for global light vehicle production to drop almost 20% this year.

因此，IHS 在其最新預測中呼籲今年全球輕型汽車產量下降近 20%。

This is twice the year-over-year drop as experienced in the '08, '09 financial crisis, outside maybe just the near-term inventory correction to kind of normalize to the lower production trends.

這是 08 年和 09 年金融危機期間同比下降的兩倍，可能只是近期庫存調整使產量下降趨勢正常化。

How was the TI team thinking about your content growth in auto to potentially partially offset the significant decline in production this year?

TI 團隊如何考慮你們在汽車領域的內容增長可能部分抵消今年產量的顯著下降？

Yes.

是的。

I think, Harlan, I'll make a couple of comments.

我想，Harlan，我會發表一些評論。

And Rich, if you want to jump in afterwards, feel free to.

Rich，如果你之後想加入進來，請隨意。

And I think that what's important for us is the -- just the longer term opportunity in automotive remains unchanged.

而且我認為對我們來說重要的是 - 汽車的長期機會保持不變。

And we continue to invest in five different sectors inside of automotive.

我們繼續投資於汽車內部的五個不同領域。

There will be more content per vehicle, as you know, Harlan, and as you're pointing to.

正如你所知，Harlan 以及你所指的那樣，每輛車都會有更多的內容。

We will respond tactically to those changes in demand.

我們將在戰術上應對這些需求變化。

And we know how to do that and take care of that operationally.

我們知道如何做到這一點並在操作上處理好它。

That's not something that we'll be able to control, but we will keep our investments steady and be prepared to support that growing opportunity as it arrives.

這不是我們能夠控制的事情，但我們將保持投資穩定，並準備好在機會到來時支持它。

So Rich, you have anything to add to that?

So Rich，你有什麼要補充的嗎？

Yes.

是的。

I would just -- Harlan amplified, as I suggested earlier, that the secular growth themes that are embedded in things like automotive or embedded in industrial are alive and well, okay?

正如我之前建議的那樣，我只是——Harlan 進一步強調，嵌入在汽車或工業中的長期增長主題仍然存在，好嗎？

They're going to be with us.

他們會和我們在一起。

They are not going to offset a 20% SAR drop in any one year.

它們不會抵消任何一年 20% 的 SAR 下降。

And you know that, and I think everybody does.

你知道這一點，我想每個人都知道。

But when it comes to making investments, as Dave said very well, you've got to be looking five and six years out, and we think automotive will continue to be a great average upper of our long-term growth in our performance.

但在進行投資時，正如戴夫所說的那樣，你必須著眼五六年後，我們認為汽車將繼續成為我們業績長期增長的一個很好的平均上限。

And up next is Toshiya Hari, Goldman Sachs.

接下來是高盛的 Toshiya Hari。

I just had one, probably for Rich.

我只有一個，可能是給里奇的。

I was hoping you could talk a little bit about the competitive landscape that you're seeing today, both in Embedded Processing as well as Analog.

我希望您能談談您今天在嵌入式處理和模擬領域看到的競爭格局。

You guys have been a pretty consistent share gainer over the past five, 10, 15 years.

在過去的 5 年、10 年、15 年裡，你們一直是相當穩定的股票增長者。

I wanted to get your thoughts on share growth potential going forward.

我想了解您對未來股票增長潛力的看法。

Obviously, you guys are going through this recession, which all else equal, I would think would be positive for industry leaders like yourself.

顯然，你們正在經歷這場經濟衰退，在其他條件相同的情況下，我認為這對像您這樣的行業領導者來說是積極的。

You're also going through the go-to-market strategy change.

您還將經歷上市策略變更。

You've also got the trade tensions between the U.S. and China.

你還看到了美國和中國之間的貿易緊張局勢。

So when you think about those three items, if you can talk to your confidence level around share growth over the next, call it, three to five years, that would be helpful.

所以當你考慮這三個項目時，如果你能談談你對未來股票增長的信心水平，稱之為三到五年，那將是有幫助的。

Yes, Toshi, I think you've almost answered the question.

是的，Toshi，我想你幾乎已經回答了這個問題。

I think you described a couple of secular tailwinds, if we do our job well, with a secular headwind, depending on trade tensions.

我想你描述了一些長期的順風，如果我們做好我們的工作，還有一個長期的逆風，這取決於貿易緊張局勢。

But even there, if we do our job well, I think we can mitigate some of that.

但即使在那裡，如果我們做好我們的工作，我認為我們也可以減輕一些影響。

I think you also, and I'm sure Dave is smiling, you got to the right context, which is, you've got to look at this over two, three and four years -- I think he reminds everybody all the time.

我想你也是，我敢肯定戴夫在微笑，你找到了正確的背景，也就是說，你必須在兩年、三年和四年的時間裡審視這個——我想他一直在提醒大家。

And so you look at the share we gained going, kind of into and then the position we were coming out of the '09 downturn, and we gained momentum in that.

所以你看看我們獲得的份額，有點進入然後我們從 09 年的低迷中走出來的位置，我們在這方面獲得了動力。

And that's certainly what our plans are right now, and that's about both Analog and Embedded.

這當然是我們現在的計劃，而且是關於模擬和嵌入式的。

And it's about the markets that we focus on.

這是關於我們關注的市場。

It's the customers, the products, the technology, the capability by TI.com that we put in place.

我們通過 TI.com 提供的客戶、產品、技術和能力。

And it's where all our energy is going on a weekly and daily basis, is to get better at that.

這就是我們每周和每天都在努力的地方，就是要做得更好。

Next up is Timothy Arcuri, UBS.

接下來是瑞銀集團的 Timothy Arcuri。

I had two.

我有兩個。

I guess the first one, Rich, is another to how to think about how those things, evolve, I guess, move around with (inaudible).

我猜第一個，Rich，是另一個關於如何思考這些東西如何進化，我猜，移動（聽不清）。

And I understand that the team...

我知道團隊...

Tim, yes, we're having trouble hearing you.

蒂姆，是的，我們聽不見你說話。

Could you start over, please?

請你重新開始好嗎？

Oh, sure.

哦沒問題。

Okay.

好的。

So the first question really is around how the cycle evolves and how to think about it.

所以第一個問題實際上是圍繞週期如何演變以及如何思考它。

And I guess, I understand that the magnitude, the peak to trough magnitude, it's hard to look back at '08 and to sort of look at that.

而且我想，我知道幅度，從峰值到谷底的幅度，很難回顧 08 年並進行某種程度的觀察。

But it seems like the near-term supply chain boost that -- or the concerns that customers have about that, that's boosting near-term demand, it seems like for you, that effect is sort of beginning to wane, maybe a little earlier than others because of your consignment model.

但似乎近期供應鏈的提振——或者客戶對此的擔憂，正在提振近期需求，對你來說，這種影響似乎開始減弱，可能比之前稍早一點其他人因為你的寄售模式。

So practically you're seeing it first.

所以實際上你是第一個看到它的。

And I wonder if you'd agree with -- with that, that it relates to the consignment model?

我想知道你是否同意——它與寄售模式有關？

And I guess the question is, does that agree that -- or does that argue that you would maybe see it out the other side first as well?

我想問題是，這是否同意 - 或者這是否表明您也可能會先從另一邊看到它？

Yes, Tim.

是的，蒂姆。

So I don't know -- so first of all, we haven't seen what others have reported yet or what they've seen.

所以我不知道 - 首先，我們還沒有看到其他人報告的內容或他們所看到的內容。

So it's probably too early to do that.

所以現在這樣做可能還為時過早。

And we've had theories of us seeing it early and seeing late, just rather not weigh in on that debate and just report the facts that we have and let others debate it, right?

我們的理論是我們早早看到它，晚看到它，只是不參與這場辯論，只是報告我們所擁有的事實，讓其他人辯論，對吧？

We do believe that by pulling and controlling that inventory, we'll get much cleaner signals.

我們確實相信，通過拉動和控制庫存，我們會得到更清晰的信號。

But as we've talked about before, our customers, right now, they're not sure what their demand is going to look like.

但正如我們之前所說，我們的客戶現在不確定他們的需求會是什麼樣子。

And so what they're telling us hasn't been updated yet.

所以他們告訴我們的內容還沒有更新。

So even what they're telling us isn't completely clear.

因此，即使他們告訴我們的內容也不完全清楚。

So it's going to take a little bit of time before all that stuff is updated.

所以在更新所有這些東西之前需要一點時間。

So you have a follow-on?

所以你有後續嗎？

I do.

我願意。

I do.

我願意。

Yes, it's for Rafael.

是的，這是給拉斐爾的。

So I guess on inventory, so if I assume that it's sort of flat to up in dollar terms, obviously, days are going to go way up in June, maybe they're 170, 180 days, something like that, and possibly even up again in September.

所以我猜庫存，所以如果我假設它以美元計算有點持平，顯然，6 月份的天數會增加，可能是 170、180 天，類似的，甚至可能會增加九月再次。

I guess, I was just wondering like can you give us some sense of what the pain point is, where you might cut utilization?

我想，我只是想知道您能否告訴我們痛點是什麼，您可以在哪些方面降低利用率？

Is it an inventory dollar thing?

這是庫存美元的事情嗎？

Is it a day thing?

這是一天的事情嗎？

Or is it a sort of just a duration of recovery thing?

或者它只是一種恢復時間？

Yes.

是的。

No, good question.

不，好問題。

First, let me step back and remind you that for us, the objective of inventory is to maintain high levels of customer service, minimize obsolescence while we improve our manufacturing asset utilization.

首先，讓我退一步提醒您，對我們來說，庫存的目標是保持高水平的客戶服務，最大限度地減少過時，同時提高我們的製造資產利用率。

The target of 115 to 145, frankly, is kind of incidental, right?

115 到 145 的目標，坦率地說，有點偶然，對吧？

It's just a calculation.

這只是一個計算。

At the end of the day, this is a capital allocation decision.

歸根結底，這是一項資本配置決策。

We're going to -- we have two, two point something billion dollars of inventory.

我們將 - 我們有兩個，兩個點，價值數十億美元的庫存。

That's real money.

那是真錢。

That's on the balance sheet that if it wasn't there, it'd be back in the owner's pocket.

那是在資產負債表上，如果它不存在，它就會回到所有者的口袋裡。

So we're very thoughtful in how we're going to -- how we make those decisions to put potentially more inventory on that balance sheet, right?

因此，我們對我們將如何做非常周到 - 我們如何做出這些決定以在資產負債表上放置更多庫存，對嗎？

That's less cash that we have.

這比我們擁有的現金少。

But we just think it's going to give us great optionality throughout this thing, right?

但我們只是認為它會在整個過程中給我們很大的選擇權，對吧？

And like any decision when it comes to capital management, it's going to depend, right?

就像涉及資本管理的任何決定一樣，這將取決於，對吧？

So that's the decision we're making now.

這就是我們現在要做的決定。

We have to see how things develop in the coming months.

我們必須看看未來幾個月事情會如何發展。

And based on that, we'll adjust.

基於此，我們將進行調整。

The important thing, the inventory lasts a long time.

重要的是，庫存會持續很長時間。

This is inventory that the scrap levels on this inventory is very, very low.

這是庫存，該庫存的報廢水平非常非常低。

So the others that -- well, there's working capital and an opportunity cost to it.

所以其他人 - 嗯，有營運資金和機會成本。

But it's very low given that it's highly unlikely that it's going to be scrapped, and it gives us just tremendous optionality on the other side.

但它非常低，因為它不太可能被廢棄，而且它在另一方面為我們提供了巨大的選擇權。

Okay.

好的。

Just to follow-up, Rafael, and Tim, Rafael said this before, so it's just me repeating his comment.

接下來，Rafael 和 Tim，Rafael 之前說過這句話，所以我只是重複他的評論。

The other thing to keep in mind, and he spelled this out, is while our inventory would be growing in the second quarter, we will drain yet again distribution inventory.

另一件要記住的事情是，他詳細說明了這一點，雖然我們的庫存將在第二季度增長，但我們將再次耗盡分銷庫存。

So we just got to keep these multiple variables in mind, and it just keeps putting us in a better and better position when we're doing that.

所以我們只需要記住這些多個變量，當我們這樣做的時候，它只會讓我們處於一個越來越好的位置。

So if our balance sheet may show higher inventory, but we love the fact that that channel inventory will be getting leaner and leaner, and the inventory will be in one place where we can get the most effective use out of it.

因此，如果我們的資產負債表可能顯示更高的庫存，但我們喜歡這樣一個事實，即渠道庫存將變得越來越精簡，並且庫存將位於一個我們可以最有效地利用它的地方。

And I'll go ahead and add, when you and all the investors listening in on the call, when you compare us to most or maybe all of our competitors, our balance sheet is very different in that regard, because we have many consignment arrangements.

我會繼續補充，當你和所有聽電話的投資者，當你將我們與大多數或所有競爭對手進行比較時，我們的資產負債表在這方面有很大不同，因為我們有很多寄售安排.

Well, 65%, two-thirds of our revenue goes to consignment, whether it's through distribution or directly with the end customer.

那麼，65%，我們三分之二的收入用於寄售，無論是通過分銷還是直接與最終客戶。

So that puts upwards pressure on that inventory level that we have.

因此，這給我們的庫存水平帶來了上行壓力。

We also have our own manufacturing to -- including assembly test operation, whereas to a very high degree, about 80% of our output goes through our fabs and maybe 60% or 70% through our assembly test operations.

我們也有自己的製造 - 包括組裝測試操作，而在很大程度上，我們大約 80% 的輸出通過我們的晶圓廠，可能有 60% 或 70% 通過我們的組裝測試操作。

So that's also very different than our competitors.

所以這也與我們的競爭對手有很大不同。

So that's why it's not apples-to-apples when you compare our inventory levels to those of our competitors.

因此，當您將我們的庫存水平與競爭對手的庫存水平進行比較時，這就是為什麼它不是同類產品的原因。

But let me make the point, though, that we think owning and controlling that inventory is a strategic asset.

但是，讓我指出一點，我們認為擁有和控制庫存是一項戰略資產。

So we're very pleased with having those consignment arrangements.

所以我們很高興有這些寄售安排。

Clearly, very pleased with owning our own manufacturing and what that has enabled us to do.

顯然，我們對擁有自己的製造廠以及這使我們能夠做到的事情感到非常高興。

Anytime, but particularly in times of disruption like what we just experienced and continue to experience, where it just really puts us in a much better position to support our customers.

任何時候，尤其是在我們剛剛經歷和繼續經歷的混亂時期，它確實讓我們能夠更好地支持我們的客戶。

Right.

正確的。

Okay.

好的。

I think we have time for one last caller.

我想我們有時間請最後一位來電者。

And we will go to Mark Lipacis, Jefferies.

我們將去 Jefferies 的 Mark Lipacis。

So I had one.

所以我有一個。

Our own field work in the supply chain downstream from you guys indicate that inventories are indeed like normal, if not lean levels.

我們在你們下游的供應鏈中進行的實地調查表明，庫存確實與正常水平相當，即使不是精益水平。

And as the virus spreads around the world to places like Malaysia and Philippines that there's shortages of components, understanding that your inventories are higher than -- at the high end of the range and not hearing anything about TI shortages.

隨著病毒在世界範圍內傳播到馬來西亞和菲律賓等地，組件短缺，了解到您的庫存高於 - 在範圍的高端並且沒有聽到任何關於 TI 短缺的消息。

But basically, supply is being disrupted, and there's a reticence to give up any excess inventories downstream for you.

但基本上，供應正在中斷，並且不願為您放棄下游的任何過剩庫存。

I'm wondering if you could describe what you're seeing on your own supplier base.

我想知道您是否可以描述您在自己的供應商基礎上看到的情況。

That you want to run your factories at consistent levels here.

你想在這里以一致的水平經營你的工廠。

Are you seeing any of these supply chain disruptions that -- that your customers are seeing at other components.

您是否看到了您的客戶在其他組件中看到的任何這些供應鏈中斷。

Are you seeing that?

你看到了嗎？

And how are you managing that?

你是如何管理的？

And there's a risk that you're not going to be able to run your capacities consistently because of your own supply disruptions?

是否存在由於自身供應中斷而無法持續運行產能的風險？

That's all I had.

這就是我的全部。

Yes.

是的。

Sure.

當然。

Yes.

是的。

No, no problem.

不，沒問題。

The short answer to that is we're not seeing anything worth mentioning on this call, little things here and there, but nothing that we cannot manage.

對此的簡短回答是，我們在這次電話會議上沒有看到任何值得一提的事情，到處都是小事，但沒有我們無法管理的事情。

Remember, I referred to our business continuity program.

請記住，我提到了我們的業務連續性計劃。

And we've been -- in this call, we've been talking mainly about inventory, finished goods inventory that we carry, but that also applies on multiple other angles.

我們一直 - 在這次電話會議中，我們一直在談論我們攜帶的庫存，成品庫存，但這也適用於其他多個角度。

So for example, we also carry raw material inventory buffer.

因此，例如，我們還進行原材料庫存緩衝。

We have many dual and triple and quadruple sourcing of key raw materials.

我們有許多關鍵原材料的雙重、三重和四重來源。

And we also have, as I talked about earlier geographically, the diverse manufacturing footprint in Malaysia, in the Philippines, in Taiwan, in Mexico, in China.

正如我之前在地理上談到的那樣，我們在馬來西亞、菲律賓、台灣、墨西哥和中國也有多樣化的製造足跡。

So that just really puts us in a very good position.

所以這真的讓我們處於非常有利的位置。

Also gives us leverage to work with those suppliers, which, by the way, we pay them in 30 days.

還使我們能夠與這些供應商合作，順便說一下，我們會在 30 天內付款。

We make -- that's part of our thinking, to be fair to those suppliers, and we don't play games on that.

我們製造 - 這是我們想法的一部分，對那些供應商公平，我們不玩遊戲。

So that, that's also from a long-term relationship standpoint, I think we are in very good shape with all of those suppliers.

因此，從長期關係的角度來看，我認為我們與所有這些供應商的關係都非常好。

Would you like to wrap this up?

你想結束這個嗎？

Yes.

是的。

So let me just wrap up by reiterating what we have said previously.

因此，讓我重申一下我們之前說過的話。

History has shown us that it is times like this when we can make the most strategic progress.

歷史告訴我們，正是在這樣的時代，我們才能取得最具戰略意義的進展。

We will continue to invest in and strengthen our four competitive advantages, which are manufacturing technology, portfolio breadth, market reach and diverse and long-lived products.

我們將繼續投資並加強我們的四大競爭優勢，即製造技術、產品組合廣度、市場範圍以及多樣化和長壽命的產品。

We will also continue to pursue the three ambitions Rich mentioned: We will act like owners who will own the company for decades; we will adapt 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 be proud to have as a neighbor.

我們也將繼續追求 Rich 提到的三個雄心：我們將像所有者一樣擁有公司數十年；我們將適應不斷變化的世界；我們將成為一家我們個人引以為豪的公司，並會引以為豪的鄰居。

When we are successful, our employees, customers, communities and owners will all benefit.

當我們成功時，我們的員工、客戶、社區和業主都會受益。

It is these ambitions that will guide our decisions in the weeks and months ahead, as we navigate these uncertain times.

在我們度過這些不確定的時期時，正是這些雄心壯志將指導我們在未來幾周和幾個月內做出決定。

Our best to you and your families.

我們最好的給你和你的家人。

And ladies and gentlemen, that does conclude today's conference.

女士們，先生們，今天的會議到此結束。

Thank you all for your participation.

謝謝大家的參與。