德州儀器 (TXN) 2025 Q4 法說會逐字稿

Welcome to the Texas Instruments fourth quarter 2025 earnings conference call. I'm Mike Beckman, head of Investor Relations, and I'm joined by our Chairman, President and Chief Executive Officer Haviv Ilan and our Chief Financial Officer Rafael Lizardi.

歡迎參加德州儀器2025年第四季財報電話會議。我是投資人關係主管麥克‧貝克曼，與我一同出席的還有我們的董事長、總裁兼執行長哈維夫‧伊蘭和財務長拉斐爾‧利扎爾迪。

For any of you who missed the release, you can find it on our website at ti.com/ir. This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website.

如果您錯過了新聞稿，可以在我們的網站 ti.com/ir 上找到它。本次電話會議正在線上直播，您可以透過我們的網站存取。此外，今天的電話會議將被錄音，並將在我們的網站上提供回放。

This call will include forward-looking statements that involve risks and uncertainties that could cause TI's results to differ materially from management's current expectations. We encourage you to review the notice regarding forward-looking statements contained in the earnings release published today as well as TI's most recent SEC filings for a more complete description.

本次電話會議將包含前瞻性陳述，其中涉及風險和不確定性，可能導致德州儀器 (TI) 的表現與管理層目前的預期有重大差異。我們建議您查看今天發布的盈利報告中有關前瞻性聲明的通知，以及德州儀器 (TI) 向美國證券交易委員會 (SEC) 提交的最新文件，以獲取更完整的說明。

I would like to provide you some information that is important for your calendars. On Tuesday, February 24, at 10 a.m. Central time, we will have our capital management call. Similar to what we've done in the past, Haviv, Rafael and I will share our approach to capital allocation and summarize our progress as we prepare for the opportunity ahead.

我想向您提供一些對您的日程安排很重要的資訊。2月24日星期二上午10點（中部時間），我們將召開資本管理電話會議。與我們過去的做法類似，哈維夫、拉斐爾和我將分享我們的資本配置方法，並總結我們在為未來機會做準備時的進展。

Moving on, today we'll provide the following updates. First, Haviv will start with a quick overview of the quarter. Next, he will provide insight into fourth quarter revenue results with some details of what we are seeing in our end markets. Haviv will then provide the annual summary of revenue breakout by end market. Lastly, Rafael will cover the financial results and our guidance for first quarter 2026.

接下來，今天我們將提供以下更新資訊。首先，哈維夫將對本季進行簡要概述。接下來，他將深入分析第四季營收情況，並詳細介紹我們在終端市場觀察到的情況。隨後，Haviv 將提供按終端市場劃分的年度收入明細。最後，拉斐爾將介紹財務業績以及我們對 2026 年第一季的展望。

With that, let me turn it over to Haviv.

接下來，我將把麥克風交給哈維夫。

Thanks, Mike. Let me start with a quick overview of the fourth quarter. Revenue came in about as expected at $4.4 billion, a decrease of 7% sequentially and an increase of 10% from the same quarter a year ago. Analog revenue grew 14% year over year. Embedded Processing grew 8%, and our “Other” segment declined from the year-ago quarter.

謝謝你，麥克。讓我先快速概述一下第四季的情況。營收基本上符合預期，為 44 億美元，季減 7%，年增 10%。類比訊號收入年增 14%。嵌入式處理業務成長了 8%，而我們的「其他」業務板塊較上年同期下降。

The overall semiconductor market recovery is continuing, and we are well positioned with inventory and capacity to meet immediate customer demand.

半導體市場整體復甦仍在持續，我們擁有充足的庫存和產能，能夠滿足客戶的即時需求。

Before I walk through our results, I'd like to share an update we've made to our end markets. To better reflect the growth opportunities we see for our analog and embedded products, we reorganized our end markets to include data center, which includes sectors related to data center compute, data center networking, and rack power and thermal management. As such, our end markets are now industrial, automotive, data center, personal electronics and communications equipment.

在詳細介紹我們的業績之前，我想先分享一下我們對終端市場所做的更新。為了更好地反映我們所看到的模擬和嵌入式產品的成長機會，我們重新調整了終端市場，將資料中心納入其中，其中包括與資料中心運算、資料中心網路以及機架電源和散熱管理相關的領域。因此，我們的終端市場現在涵蓋工業、汽車、資料中心、個人電子產品和通訊設備。

With that as a backdrop, I'll now provide some insight into our fourth quarter revenue by end market.

在此背景下，我將介紹我們在第四季度按終端市場劃分的收入情況。

First, the industrial market was up high teens year on year, with recovery continuing broadly across sectors, and was down mid-single digits sequentially.

首先，工業市場較去年同期上漲近10%，各產業普遍持續復甦，但較上季下跌個位數中段。

The automotive market increased upper-single digits year on year and was down low-single digits sequentially.

汽車市場同比實現了接近兩位數的成長，但環比下降了幾個位數。

Data center grew around 70% year on year and mid-single digits sequentially.

資料中心年增約 70%，較上季成長達到中等個位數。

Personal electronics declined upper teens year on year and mid-teens sequentially.

個人電子產品較去年同期下降超過10%，較上季下降超過15%。

Lastly, communications equipment declined low-single digits year on year and mid-teens sequentially.

最後，通訊設備年減個位數百分比，季減十幾個百分點。

In addition, as we do at the end of each calendar year, I'll describe our estimated 2025 revenue by end market.

此外，與每年年底一樣，我將按終端市場描述我們對 2025 年收入的估計。

Industrial was $5.8 billion, up 12% year on year, and was 33% of revenue.

工業收入為 58 億美元，年增 12%，佔總收入的 33%。

Automotive was $5.8 billion, up 6% year on year, and was 33% of revenue.

汽車產業收入達 58 億美元，年增 6%，佔總收入的 33%。

Data center was $1.5 billion, up 64% year on year, and was 9% of revenue.

資料中心營收達 15 億美元，年增 64%，佔總營收的 9%。

Personal electronics was $3.7 billion, up 7% year on year, and was 21% of revenue.

個人電子產品銷售額為 37 億美元，年增 7%，佔總營收的 21%。

Communications equipment was about $500 million, up about 20% year on year, and was 3% of revenue.

通訊設備銷售額約 5 億美元，較去年同期成長約 20%，佔總營收的 3%。

In summary, industrial, automotive and data center combined made up about 75% of TI's revenue in 2025, up from about 43% in 2013. We see good opportunities in all of our markets, but we place additional strategic emphasis on industrial, automotive and data center. Our customers across all regions are increasingly turning to analog and embedded technology to make their end products more reliable, more affordable and lower in power. This drives growing chip content per application, or secular content growth, which will likely continue to drive faster growth in these end markets.

總而言之，到 2025 年，工業、汽車和資料中心業務合計將佔 TI 收入的約 75%，高於 2013 年的約 43%。我們看到所有市場都蘊藏著良好的機遇，但我們尤其重視工業、汽車和資料中心市場。我們各個地區的客戶越來越多地採用類比和嵌入式技術，以使他們的最終產品更可靠、更經濟實惠且功耗更低。這將推動每個應用的晶片含量不斷增長，或者說晶片含量呈現長期成長趨勢，而這種趨勢可能會繼續推動這些終端市場實現更快的成長。

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

Rafael接下來將審查獲利能力、資本管理和我們的前景。

Thanks, Haviv, and good afternoon, everyone.

謝謝哈維夫，大家下午好。

As Haviv mentioned, fourth quarter revenue was $4.4 billion.

正如哈維夫所提到的，第四季營收為 44 億美元。

Gross profit in the quarter was $2.5 billion, or 56% of revenue. Sequentially, gross profit margin decreased 150 basis points.

本季毛利為 25 億美元，佔營收的 56%。毛利率季減150個基點。

Operating expenses in the quarter were $967 million, up 3% from a year ago and about as expected. On a trailing 12-month basis, operating expenses were $3.9 billion, or 22% of revenue.

本季營運支出為 9.67 億美元，比去年同期成長 3%，與預期基本相符。過去 12 個月的營運支出為 39 億美元，佔收入的 22%。

Operating profit was $1.5 billion in the quarter, or 33% of revenue, and was up 7% from the year-ago quarter.

本季營業利潤為 15 億美元，佔營收的 33%，比去年同期成長 7%。

Net income in the fourth quarter was $1.2 billion, or $1.27 per share. Earnings per share included a 6-cent reduction not in our original guidance related to the non-cash impairment of goodwill in our “Other” segment and other tax-related items.

第四季淨利為 12 億美元，即每股 1.27 美元。每股收益減少了 6 美分，這與我們最初預期中的「其他」業務部門的非現金商譽減損以及其他稅務相關項目有關。

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

現在讓我來談談我們的資本管理業績，先從我們的現金流產生情況說起。

Cash flow from operations was $2.3 billion in the quarter. Capital expenditures were $925 million in the quarter.

本季經營活動產生的現金流量為23億美元。本季資本支出為9.25億美元。

In the quarter, we paid $1.3 billion in dividends and repurchased $403 million of our stock. We also increased our dividend per share by 4% in the fourth quarter, to $1.42 per share, marking our 22nd consecutive year of dividend increases. In total, we have returned $6.5 billion in the past 12 months to owners.

本季度，我們支付了 13 億美元的股息，並回購了價值 4.03 億美元的股票。第四季度，我們將每股股息提高了 4%，達到每股 1.42 美元，這標誌著我們連續第 22 年提高股息。過去 12 個月，我們總共向所有者返還了 65 億美元。

Our balance sheet remains strong with $4.9 billion of cash and short-term investments at the end of the fourth quarter. Total debt outstanding was $14 billion with a weighted average coupon of 4%.

截至第四季末，我們的資產負債表依然穩健，擁有 49 億美元的現金和短期投資。未償債務總額為 140 億美元，加權平均票面利率為 4%。

Inventory at the end of the quarter was $4.8 billion, down $25 million from the prior quarter, and days were 222, up 7 days sequentially.

本季末庫存為 48 億美元，比上一季減少了 2,500 萬美元；庫存週轉天數為 222 天，比上一季增加了 7 天。

Now let's look at some of these results for the year.

現在讓我們來看看今年的部分結果。

In 2025, cash flow from operations was $7.2 billion, and capital expenditures were $4.6 billion, as we continued to make progress on our capacity expansions. We're nearing the end of a six-year elevated CapEx cycle that uniquely positions TI to deliver dependable, low-cost 300mm capacity at scale.

2025 年，公司經營活動產生的現金流為 72 億美元，資本支出為 46 億美元，我們持續推動產能擴張。我們即將結束為期六年的高額資本支出週期，這使得德州儀器 (TI) 能夠以獨特的方式大規模提供可靠、低成本的 300 毫米產能。

Free cash flow for 2025 was $2.9 billion, or 17% of revenue, representing an increase of 96% from 2024. Our free cash flow growth reflects the strength of our business model as well as our decisions to invest in 300mm manufacturing assets and inventory. This supports our overall objective to maximize long-term free cash flow per share growth, which we believe is the primary driver of long-term value. In 2025, we received a $670 million cash benefit related to CHIPS Act incentives.

2025 年自由現金流為 29 億美元，佔營收的 17%，比 2024 年成長 96%。我們的自由現金流成長反映了我們商業模式的優勢，以及我們投資於 300 毫米製造資產和庫存的決策。這有助於我們實現最大化長期每股自由現金流成長的整體目標，我們認為這是長期價值的主要驅動力。2025 年，我們根據 CHIPS 法案的激勵措施獲得了 6.7 億美元的現金收益。

Turning to our outlook for the first quarter, we expect TI revenue in the range of $4.32 billion to $4.68 billion and earnings per share to be in the range of $1.22 to $1.48.

展望第一季度，我們預計德州儀器 (TI) 的營收將在 43.2 億美元至 46.8 億美元之間，每股收益將在 1.22 美元至 1.48 美元之間。

We continue to expect our effective tax rate for 2026 to be about 13% to 14%.

我們仍預期 2026 年的實際稅率約為 13% 至 14%。

In closing, we will stay focused in the areas that add value in the long term. We continue to invest in our competitive advantages, which are manufacturing and technology, a broad product portfolio, reach of our channels, and diverse and long-lived positions.

最後，我們將繼續專注於那些能夠創造長期價值的領域。我們將繼續投資於我們的競爭優勢，包括製造和技術、廣泛的產品組合、通路覆蓋率以及多元化和長期的地位。

We will continue to strengthen these advantages through disciplined capital allocation and by focusing on the best opportunities, which we believe will enable us to continue to deliver free cash flow per share growth over the long term.

我們將繼續透過嚴格的資本配置和專注於最佳機會來加強這些優勢，我們相信這將使我們能夠在長期內繼續實現每股自由現金流的成長。

With that, let me turn it back to Mike.

那麼，現在讓我把話題轉回給麥克。

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

謝謝你，拉斐爾。操作員，現在可以開通問答線了。（事件指令）操作員？

(Operator Instructions)

（操作說明）

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

I guess my first question is the first quarter guidance is significantly stronger than seasonal. And if my math is right, it seems like it's the first time you've guided up sequentially since right after the financial crisis, 15 years ago roughly. So is there anything unique going on by either end market or geography that's given you such an optimistic view versus relative or normal seasonality?

我想問的第一個問題是，第一季的業績指引明顯強於往年同期水準。如果我沒算錯的話，這似乎是自金融危機之後（大約 15 年前）以來，你第一次連續上調股價。那麼，終端市場或地理位置方面是否存在什麼特殊情況，導致您持如此樂觀的態度，而不是像往常那樣受到季節性因素的影響？

Ross, thanks for the question. I'll take it, and I'll let Mike add some more color as needed. First, let's start with the fourth quarter. We have seen a typical fourth quarter; revenue came in as expected.

羅斯，謝謝你的提問。我接受，至於需要的話，我會讓麥克再添加一些色彩。首先，讓我們從第四季開始。第四季一切如常，營收符合預期。

But if you look at the year-on-year results, we are seeing recovery continuing in industrial. It grew close to 20%. I think it was 18% year over year. And remember that on the industrial market, we still have a lot of room to go when you think about the previous peak. So if you will, the compare is still easy for industrial to continue to recover.

但從年比數據來看，工業領域正在持續復甦。增長了近 20%。我認為同比增長了18%。記住，就工業市場而言，考慮到先前的峰值，我們還有很大的發展空間。所以，從比較的角度來看，工業領域仍然很容易繼續復甦。

The other market that I will highlight is the continued strength in data center. We are seeing this market now becoming a little bit more substantial as a percentage of our revenue. I expect this market to continue to grow in Q1. It's been growing for now seven quarters in a row for us. And we left the year at about $450 million a quarter revenue footprint, and I think that continues as we move forward.

我要重點介紹的另一個市場是資料中心市場的持續強勁成長。我們看到，這個市場在我們收入中所佔的比例正在逐漸增加。我預計該市場在第一季將繼續成長。我們已經連續七個季度成長了。我們今年的季度營收約為 4.5 億美元，我認為隨著我們繼續前進，這一數字還會繼續保持下去。

The last point I would say, we did see orders improving throughout the quarter, and what guides our guidance is the stronger bookings.

最後我想說的是，我們確實看到訂單在本季度有所改善，而強勁的預訂量也指導著我們的業績指引。

Mike, I don't know if you want to add anything?

麥克，你還有什麼要補充的嗎？

Yeah. So we did see linearity -- revenue linearity through the quarter improve. So month one to month two to month three, we did see it continue to build. Same with backlog, we saw that continue to build through the quarter. And also, as we've talked in previous quarters, turns business or when a customer comes in, wants an order shipped right away, we continue to see that run as well at higher levels. So that's factored into the guidance.

是的。因此，我們確實看到了線性成長——本季營收的線性成長有所改善。所以從第一個月到第二個月到第三個月，我們看到它持續成長。積壓訂單的情況也一樣，我們看到它在本季持續增加。而且，正如我們在前幾個季度討論的那樣，當客戶下訂單後要求立即發貨時，我們也繼續看到訂單量在較高水平上增長。所以這一點已經納入指導方針中了。

Do you have a follow-up, Ross?

羅斯，你還有後續問題嗎？

Yeah, I do. Just a question on the gross margin implications. Given what you guys are talking about with revenue, it seems like you had a nice beat at least versus what I was expecting in the fourth quarter. Rafael, can you just talk a little bit about the puts and takes on gross margin in your first quarter guide and maybe throughout the year. If utilization is changing, if inventory levels are where you want it or if they need to rise? Anything on that would be helpful.

是的，我有。關於毛利率方面的問題。根據你們討論的營收情況來看，你們第四季的業績至少比我預期的要好得多。拉斐爾，你能否談談你第一季業績指引以及全年業績指引中關於毛利率的預期？利用率是否有變化？庫存水準是否達到預期，或是否需要提高？任何相關資訊將不勝感激。

Yeah, sure. Let me start with fourth quarter. EPS came in a little better than expected, and once you account for that 6-cent reduction that we talked about in the prepared remarks, and that was a combination of revenue was a little better, mix -- end market mix was a little better, loadings was a little better, and OpEx was a little better. So it was a combination of multiple things there. On first quarter, we gave you the range on EPS and the range on revenue. I would tell you, assume OpEx is up low-single digits, and you should get into a reasonable number for gross margin. And the loadings will depend on demand, and we'll adjust those as needed. Thank you.

當然可以。讓我先從第四季說起。每股收益略好於預期，考慮到我們在準備的發言稿中提到的 6 美分的減少，這是由於收入略有改善、終端市場組合略有改善、裝貨量略有改善以及運營支出略有改善等因素綜合造成的。所以這是多種因素共同作用的結果。第一季度，我們給出了每股盈餘預期範圍和營收預期範圍。我建議你假設營運支出成長幅度在個位數以下，這樣毛利率應該就能達到合理的水準。裝載量將取決於需求，我們會根據需要進行調整。謝謝。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

I was wondering if you could maybe -- relative to your prior comments, maybe address inventory levels and where you expect those to go. You talked about taking loadings down a little bit to bring inventories down, and you accomplished that in the quarter. Do you think inventories are at a pretty good place either from a days or dollars basis? Or would you expect to want to take them down a little bit further at this point?

我想問一下，您能否結合您先前的評論，談談庫存水準以及您預計這些庫存將流向何處？你曾說過要稍微減少裝載量以降低庫存，而你在本季實現了這一目標。你認為從天數或金額來看，庫存狀況是否相當不錯？或者你覺得現在應該把它們再往下減一點嗎？

Let me start, and I'll give -- I'll let Rafael add some color on this, Jim. So again, I think we said it along the fourth quarter when we had the chance that we are very pleased with the inventory position we have built. We are very proud of how we got there. It's across all of our technologies at the right level. So from a high level, the inventory, we are -- we have right now, that's an asset that allows us to serve customers, especially in the current environment, when we see a lot of real-time, just-in-time end demand. The turns business, as Mike mentioned before, is high, and it allows us to support customers at a high level.

讓我先開始，然後——我讓拉斐爾來補充一些細節，吉姆。所以，我想我們在第四季有機會的時候也說過，我們對目前建立的庫存狀況非常滿意。我們為取得今天的成就感到非常自豪。它在我們所有技術中都達到了合適的水平。因此，從宏觀層面來看，我們目前的庫存是一項資產，使我們能夠服務客戶，尤其是在當前環境下，我們看到大量的即時、即時終端需求。正如麥克之前提到的，週轉率很高，這使我們能夠為客戶提供高水準的支援。

Rafael, any more color on how you want to manage inventory moving forward?

拉斐爾，關於你未來如何管理庫存，還有什麼要補充的嗎？

No, that's it.

不，就是這樣。

All right. Jim, do you have a follow-up?

好的。吉姆，你還有後續問題嗎？

Yeah. I mean, clearly, industrial and automotive are doing very well right now and that plus data center are your main focus. Can you maybe talk about sort of the prospects of a return to growth or a turnaround in the personal electronics and communications end markets and maybe some of the product areas like Embedded Processing associated with those?

是的。我的意思是，很明顯，工業和汽車產業目前發展勢頭良好，再加上資料中心，就是你們的主要關注點。您能否談談個人電子和通訊終端市場以及與之相關的嵌入式處理等產品領域恢復成長或扭虧為盈的前景？

Yeah. So just on the -- maybe on the personal electronics market, it did grow for the year, right? The business grew at -- for the full year at around, I think, 7% for PE. And we just saw a little bit of a weak Q4, I would say, below typical seasonality. Maybe, Mike, you can add a little bit more color on what we've seen there in Q4.

是的。所以，就個人電子產品市場而言，它今年的確實現了成長，對吧？該公司全年成長率約為 7%（以本益比計算）。我們看到第四季業績略顯疲軟，低於往年同期水準。麥克，或許你可以再詳細說說我們在第四季看到的情況。

Yeah. So if you look inside the sectors there, home theater, entertainment, TV declined the most. On the other end of the spectrum, mobile phones actually performed the best out of that group. So it varied within, probably not inconsistent with what you've probably seen around subsidies expiring around in China for things like appliances and TVs. So it's also -- if you think about where personal electronics is and its timing of the cycle and where it is, it was one of the first to correct and also go through its recovery. So there's also a tougher compare than it probably has compared to some of the other end markets.

是的。所以，如果你仔細觀察各個細分市場，你會發現家庭劇院、娛樂和電視產業的下滑幅度最大。另一方面，行動電話在該組設備中表現最佳。所以情況各有不同，這可能與你在中國看到的家電和電視等商品補貼到期的情況並不矛盾。所以，如果你想想個人電子產品所處的位置、發展週期以及它所處的位置，它也是最早進行修正並經歷復甦的領域之一。因此，與其他一些終端市場相比，它的比較難度可能更大。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Good to see the strong double-digit year-over-year growth in industrial. Haviv, last quarter, you talked about seeing some hesitation by customers in your industrial business, especially around manufacturing activity -- things like factory automation, which is one of the largest segments of your industrial business. Are you still seeing that hesitancy, that sort of wait-and-see posture by customers? Or is the order activity there starting to now pick up, especially among your China-based industrial customers?

很高興看到工業領域實現了強勁的兩位數年成長。哈維夫，上個季度你談到，你的工業業務，特別是製造業活動（例如工廠自動化），出現了一些客戶猶豫的情況，而工廠自動化是你工業業務中最大的組成部分之一。你是否仍看到顧客們猶豫不決、持觀望態度？或者說，那裡的訂單活動現在是否開始回升，尤其是在你們位於中國的工業客戶中？

Yeah, it's a great question. I think from a high-level perspective, let's remember, industrial, when I look at the quarterly revenue, even if I go back to Q3, which was, I think, the highest industrial quarter for 2025, it was still about 25% from the previous peaks in year 2022, right? So I do believe that the secular growth continues in industrial. We are looking at end equipment, and generation to generation, we see just more content growth per system. So I expect industrial to establish new highs in the future.

是的，這是一個很好的問題。我認為從宏觀角度來看，我們不妨回顧一下工業領域，當我查看季度收入時，即使我回顧到第三季度（我認為是 2025 年工業領域收入最高的季度），也仍然比 2022 年的峰值低了大約 25%，對吧？所以我相信工業領域的長期成長動能會持續下去。我們正在研究終端設備，並且發現每一代產品，每個系統的內容成長都在增加。所以我預計工業股未來將創下新高。

This is why I talked in the last quarter about maybe a more moderate recovery, especially on the industrial side. And it did behave kind of seasonally in Q4. But as Mike alluded to, we are seeing a little bit of a pickup on orders, including in industrial. And I can't tell you why. We'll have to see how it plays out. But we have seen some noise in the last several months on some issues regarding a certain supplier. And sometimes -- we all know about the memory shortages. So I don't know what makes the customers order more. We'll just have to look and see. I do want to remind us all that earlier in 2025, I would say, the first half of '25, we saw a pickup of industrial, and then it kind of calmed down. We want to see how sustainable this wake-up in orders is.

這就是為什麼我在上個季度談到經濟復甦可能會更加溫和，尤其是在工業領域。第四季它的表現確實具有一定的季節性特徵。但正如麥克所暗示的那樣，我們看到訂單量略有回升，包括工業領域的訂單。我無法告訴你為什麼。我們得看看事情會如何發展。但近幾個月來，我們看到一些關於某個供應商的問題引起了一些關注。有時候——我們都知道記憶體不足的問題。所以我不知道是什麼因素促使顧客增加訂單量。我們只能拭目以待了。我想提醒大家，在 2025 年初，也就是 2025 年上半年，我們看到工業領域出現復甦，然後就逐漸平靜下來了。我們想看看這種訂單回升動能能否持續。

And Mike, anything to add on the industrial side?

麥克，工業方面還有什麼要補充的嗎？

I think you covered it well. I wouldn't add anything to that. Harlan, do you have a follow-up?

我覺得你解釋得很清楚。我不會再補充什麼了。哈蘭，你還有後續問題嗎？

Yeah. Thanks for answering the last question. You guys have previously mentioned the team is ahead on the Sherman fab build-outs and on track to complete the build-out of Fab 2 this year. Can you guys just give us an update here? And then on the potential $2 billion to $3 billion of gross CapEx this year, I'm not sure if you guys are willing to articulate what that could be. But what is the size of the potential offsets, right? You've got ITC goes up 35%, and you still have $1.6 billion in direct funding or grants to capture. Just wondering if you can maybe quantify that capture this year?

是的。謝謝你回答最後一個問題。你們之前提到過，團隊在謝爾曼工廠的建設方面進展順利，並且預計今年將完成 Fab 2 的建設。你們可以給我們更新一下情況嗎？至於今年可能高達 20 億至 30 億美元的資本支出總額，我不確定你們是否願意詳細說明這具體指的是什麼。但潛在的抵銷規模究竟有多大呢？ITC 成長了 35%，但你仍然有 16 億美元的直接資金或撥款可以爭取。我想知道您能否量化一下今年的捕獲量？

Yeah, I'll start regarding the execution on the buildup of the fabs, and I'll let Rafael comment the rest of the topics, although we want to save something for the February call, Harlan.

是的，我會先談談晶圓廠建設的執行情況，至於其他話題，就讓拉斐爾來評論吧，不過哈蘭，我們想留一些內容到二月份的電話會議上再討論。

But first on the fabs, yeah, we are very pleased about the execution in Sherman. It's actually ramped ahead of schedule, high yields. We also see with the new equipment that we have, really, the factory is more capable than we originally hoped. So a high level of throughput is being planned for this factory. So I'm very pleased with that execution. And that will help us support our customers for the next five and 10 years. We have a cleanroom in Sherman 1 that is -- already have some production lines running. But remember, we also have the shell in Sherman 2, and we can build into this capacity if the -- if demand wants to be very strong, I think we can be in a great position to support it.

但首先說說工廠方面，是的，我們對謝爾曼工廠的執行非常滿意。實際上，它的產能已經提前達到預期，產量很高。我們還發現，有了新設備，工廠的實際產能比我們最初預期的要高得多。因此，這家工廠計劃實現高產能。所以我對這次的執行效果非常滿意。這將有助於我們在未來五到十年內更好地服務我們的客戶。我們在 Sherman 1 有一個無塵室，裡面已經有一些生產線在運作。但請記住，我們還有謝爾曼2型坦克的外殼，如果需求非常強勁，我們可以利用這個產能進行擴建，我認為我們完全有能力滿足需求。

On the Lehi side, also on schedule. I'm very pleased with the transition, or the insourcing progress, from our foundry wafers into Lehi. That's mainly an Embedded Processing comment. That tailwind will continue for us in 2026. I think I've mentioned in '25, we've completed our 65nm transition, and they are yielding at the same level as they used to in the foundries. And now we are busy with our 45nm technology, mainly supporting our automotive radar business; that's also progressing well in Lehi.

萊希那邊的情況也照計畫進行。我對從我們的晶圓代工廠到 Lehi 的生產過渡或內部化進展感到非常滿意。這主要是關於嵌入式處理的評論。這一有利形勢將在2026年繼續為我們帶來益處。我想我在 2025 年提到過，我們已經完成了 65nm 製程的過渡，而且代工廠的良率與以前一樣高。現在我們正忙於研發 45nm 技術，主要為我們的汽車雷達業務提供支援；這項技術在萊希也進展順利。

Rafael, anything on the ITC?

拉斐爾，ITC那邊有什麼消息嗎？

Sure. Yeah. No. So Harlan, you asked about five or six questions in one, but let me see if we can -- Haviv addressed a couple. Let me address the next few. First on CapEx. We continue to expect CapEx for 2026 between $2 billion and $3 billion. So that's consistent with what we said before.

當然。是的。不。哈蘭，你一下子問了五、六個問題，不過讓我看看我們能不能──哈維夫回答了其中幾個。接下來幾個問題我來解答。首先是資本支出。我們仍預期 2026 年的資本支出將在 20 億至 30 億美元之間。這和我們之前說的一致。

On depreciation for '26, let me give you a new number. We now expect $2.2 billion to $2.4 billion on depreciation in 2026. And for 2027, we expect an upward pressure on that number but at a slower rate of increase. So if you look at what we've increased the last few years, just it will increase again, but slower.

關於 2026 年的折舊，我給你一個新的數字。我們現在預計 2026 年的折舊費用為 22 億至 24 億美元。預計到 2027 年，該數字將面臨上行壓力，但成長速度將放緩。所以，如果你看看我們過去幾年成長的幅度，它還會再次成長，但速度會放緩。

You asked about ITC and direct funding. Direct funding, no change. We expect up to $1.6 billion as we -- in several milestones -- as we reach those milestones. And on ITC, investment tax credit, it is now 35% as of January 1, '26. So anything that we put in place, any CapEx we put in place, both equipment, building, cleanroom in 2026, we get back 35% on the ITC credit.

您問到了資訊科技收費和直接資助的問題。直接撥款，不變。我們預計，隨著我們達到幾個里程碑，最終將達到 16 億美元。而投資稅收抵免（ITC）自 2026 年 1 月 1 日起已達 35%。因此，我們在 2026 年投入的任何資本支出，包括設備、建築物、無塵室等，都可以獲得 35% 的 ITC 抵免。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券。

For the first one, Haviv, what do you think is driving this above seasonal Q1? First of all, how much above seasonal is it? And then what role is the pricing playing in that, because there is some discussion about price increases from some of your peers. So is TI raising prices in Q1? Is that part of what's driving? And how would you characterize this? How much above seasonal is it? And what's kind of the main driver of that?

哈維夫，對於第一個問題，你認為是什麼因素導致了第一季高於往年同期水準的業績？首先，它的季節性影響有多大？那麼，價格在其中扮演什麼角色呢？因為你們的一些同行正在討論提價的問題。那麼德州儀器會在第一季漲價嗎？這是驅動因素之一嗎？你會如何描述這種情況？比季節性高多少？而造成這種情況的主要驅動因素是什麼？

Yeah. Let me just say for the second part of the question, the answer is no, it's not pricing related. Regarding the seasonality, it's more or less, maybe a little bit above seasonal, right? We usually see kind of a low-single digit to flat quarter. I think we've guided what --

是的。關於問題的第二部分，我只想說，答案是否定的，這與價格無關。至於季節性，它或多或少有點，或許比季節性略強一些，對吧？我們通常會看到季度成長率徘徊在個位數或持平的水平。我認為我們已經引導了什麼--

Yeah, low single-digit decline to flat --

是的，從個位數低跌幅降至持平。--

And again, the reason, Vivek, is the orders, we are just seeing growing orders, and it behaved the same through the quarter. I can't speculate on what, but I do know the industrial market, there needs to be a correction. And the second point is data center is now a bigger part of our business, so it starts to move the numbers for us, right? This is a market that is now growing every quarter, and it's not insignificant. So I think that also helps to change the guide compared to previous years.

維韋克，原因還是在於訂單，我們看到訂單一直在成長，而且整個季度都是如此。我無法猜測具體是什麼，但我了解工業市場，它需要一次調整。第二點是，資料中心現在在我們業務中佔比越來越大，所以它開始影響我們的業績，對吧？這是一個目前每季都在成長的市場，而且規模不容小覷。所以我認為這也有助於改變今年的指導方針，使其與往年有所不同。

Mike, anything else on the seasonality?

麥克，關於季節性還有其他問題嗎？

No. I think you called it out on seasonality. So Vivek, do you have a follow-up?

不。我認為你已經指出了季節性因素的影響。維韋克，你還有後續問題嗎？

Yeah. For my second question, there's a lot of talk of higher memory pricing impacting demand for consumer electronics, PCs, phones, automotive. Have you seen it already? Have you heard that as a concern from your customers? And how are you thinking about the auto market right now? And just is memory pricing a headwind at all for your businesses that are exposed to consumers?

是的。關於我的第二個問題，目前有很多關於記憶體價格上漲會影響消費性電子產品、個人電腦、手機、汽車等產業需求的討論。你已經看過了嗎？您是否聽過客戶表達過這樣的擔憂？您目前對汽車市場有何看法？那麼，記憶體定價是否會對面向消費者的企業造成不利影響呢？

High level, we -- I would say that we haven't seen any implications, although then that would be a speculation on my side, but it could be that when customers are seeing some issues on the memory side, do they want to replenish some of their inventory. That could be always the case. And Mike, I don't know if you've seen any examples of --

從總體上看，我們——我想說我們還沒有看到任何影響，儘管這只是我個人的猜測，但有可能的是，當客戶在內存方面遇到一些問題時，他們想要補充一些庫存。這種情況一直都有可能發生。麥克，我不知道你是否見過任何例子--

Yeah. What I would add though is -- and we've heard about it, obviously. And I think not necessarily specifically that scenario, but it could be that, but also when a customer doesn't necessarily have everything needed to complete their bill of materials, when they finally have those parts they need, sometimes they'll come in very quickly and want to order parts. We did see some of that where customers come in the last minute, want product shipped right away because they've just completed their bill of materials. It could be related to that or other different things.

是的。不過我想補充的是──顯然，我們已經聽過這件事了。我不認為一定是這種情況，但有可能，當客戶沒有完成物料清單所需的所有東西時，當他們最終擁有所需的零件時，有時會很快來訂購零件。我們確實遇到過一些這樣的情況，客戶在最後一刻才來，希望產品立即發貨，因為他們剛剛完成了物料清單。這可能與那件事有關，也可能與其他事情有關。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Rafael, I wanted to also ask on CapEx and sort of how quickly it's going to fall off. I think you said this year $2 billion to $3 billion, but the math would then say you're going to kind of exit the year like run rating something like $1.5 billion. So the question is then, can it go lower than that? Because I seem to recall a comment at our conference in December that it could go like lower than 5% of revenue next year. So that would put it down to like $1 billion and that -- like that kind of being a floor. So can you kind of talk about that? Could it go that low next year?

拉斐爾，我還想問一下資本支出方面的問題，以及它會以多快的速度下降。我認為你今年說過收入是 20 億到 30 億美元，但這樣算下來，你今年的收入可能最終會達到 15 億美元左右。那麼問題來了，它還能比這更低嗎？因為我好像記得在去年 12 月的會議上有人說過，明年這個數字可能會低於收入的 5%。這樣一來，金額就降到了大約 10 億美元，這大概就是最低限度了。能談談這方面嗎？明年還會跌那麼低嗎？

Tim, let me start with the second half, and then I'll let Rafael answer the first part. I made that comment because I was asked about maintenance CapEx, what is maintenance. We always have to spend money to fix equipment, to buy replacement parts, et cetera. So I characterize it as kind of mid-single digit of revenue, that's always kind of a run rate you can think about. There's never zero in an IDM like TI. That was my point. This is when you don't have growth, right?

提姆，我先回答後半部分，然後讓拉斐爾回答前半部分。我之所以發表那番評論，是因為有人問我維護性資本支出（maintenance CapEx）是什麼，以及什麼是維護性資本支出。我們總是需要花錢修理設備、購買替換零件等等。所以我將其描述為中等個位數的收入，這始終是你可以考慮的運行速度。在像TI這樣的IDM中，永遠不會出現零。這正是我要說的。這就是沒有成長的時候，對吧？

Now I'll let Rafael talk about CapEx beyond the maintenance.

現在我讓拉斐爾談談維護以外的資本支出問題。

No. So for this year, for 2026, $2 billion to $3 billion, and there's a range there. So as we go through the year, we'll update you on that number. And then beyond that, what we've said it's about 1.2 times long-term revenue growth. So you take -- pick a number for revenue growth, you do 1.2 times, so 10%, you get to 12% CapEx intensity, but that's a gross number before ITC benefit. So once you get those ITC benefits, you essentially get back to 1:1 on that growth rate. So whatever growth rate you assume, you kind of get back to a net capital intensity of about the same level.

不。所以今年，到 2026 年，預計為 20 億至 30 億美元，這只是一個範圍。所以，在接下來的日子裡，我們會隨時向您更新這個數字。除此之外，我們之前也說過，這大約是長期收入成長的 1.2 倍。所以，你取一個數字作為收入成長，乘以 1.2，也就是 10%，你得到 12% 的資本支出強度，但這只是 ITC 收益之前的毛利率。所以一旦你獲得了這些投資稅收抵免優惠，你的成長率基本上就恢復到 1:1 了。所以無論你假設怎樣的成長率，最終都會回到大致相同的淨資本密集水準。

Do you have a follow-up, Tim?

提姆，你還有後續問題嗎？

I do, Mike. So I also wanted to ask about loadings. It looks like cash gross margin is up like 50 basis points or something in March. So that would kind of suggest that loadings are going up just a smidge. And the bigger question is sort of are you thinking about loadings that you want to keep inventory sort of in this $4.8 billion range, and you just want to match loadings with demand from here? Or do you want to bring inventory down over time versus that $4.8 billion number?

是的，麥克。所以我還想問一下載重方面的問題。3月現金毛利率似乎上漲了50個基點左右。所以這似乎表明載荷略有增加。更大的問題是，您是否考慮將庫存保持在 48 億美元左右，並希望根據需求調整裝載量？或者，您希望隨著時間的推移降低庫存，而不是維持48億美元的數字？

As Haviv said earlier, we're very pleased with inventory levels. That's good inventory on a number of fronts, on the buffers that we have and the position that we have to support potential revenue growth. The same goes with capacity. We are well positioned with capacity. So we'll adjust those loadings as needed, depending on what we see for demand for the rest of the year.

正如哈維夫之前所說，我們對庫存水準非常滿意。從多個方面來看，我們的庫存狀況良好，包括我們擁有的緩衝庫存以及我們為支持潛在收入成長所具備的實力。容量方面也是如此。我們擁有充足的產能。因此，我們將根據今年剩餘時間的需求情況，視情況調整這些裝載量。

Thomas O'Malley, Barclays.

Thomas O'Malley，巴克萊銀行。

Haviv, in your outlook for March, you talked about strength in data center, recovery in industrial continues, and bookings are improving, turns are good. There was no mention of auto there. You guys have said previously, maybe the auto business is a little bit slower off the bottom than industrial. Any update on the auto business and how that trended through the quarter and kind of your updated view there?

哈維夫，你在三月的展望中提到資料中心表現強勁，工業領域持續復甦，預訂量正在改善，週轉率良好。那裡沒有提到汽車。你們之前說過，汽車業的復甦速度可能比工業業慢一些。關於汽車業務，您有什麼最新進展嗎？本季汽車業務的發展趨勢如何？您對這方面有什麼最新看法？

Yeah, great question. On the automotive market, I think we -- I think in Q4, we were slightly down?

嗯，問得好。在汽車市場方面，我認為——我認為在第四季度，我們略有下滑？

Down low-single digits.

下降至個位數。

Low-single digits. And we did see strength in the automotive in the second half of this year, right, in Q3 and Q4. It's back to the level more or less of the peaks somewhere in 2023. This is an automotive peak. Remember, automotive was last into the cycle, right? If you go back all the way back to the COVID cycle, they were the last ones to peak. They peaked in Q3 '23.

極低的個位數。我們確實看到今年下半年汽車產業表現強勁，對吧，尤其是在第三季和第四季。到 2023 年左右，它大致會恢復到峰值水平。這是汽車產業的巔峰之作。還記得汽車產業是最後一個進入經濟週期的產業嗎？如果追溯到新冠疫情的整個週期，它們是最後達到疫情高峰的群體。他們在 2023 年第三季達到了巔峰。

But the -- I think what's happening in automotive, and it continues to happen, is secular growth continuing. So generation to generation, model to model, we just see more content per vehicle. Even if it's an ICE, a combustion engine vehicle, rather than EVs.

但我認為汽車產業正在發生，並且將繼續發生，那就是長期成長的持續。因此，從一代到另一代，從一款車型到另一款車型，我們看到的只是每輛車的配置越來越高。即使是燃油車，而不是電動車。

Strength in China continued in Q4. And typically, in Q1 -- if I need to comment about Q1, typically Q1 is a quarter where, at least in China, we see always -- with Chinese New Year, we always see a seasonally down quarter. I expect that to be the same in Q1.

中國市場第四季持續保持強勁勢頭。通常來說，在第一季——如果我需要評論第一季的話，通常來說，第一季度是一個季度，至少在中國，我們總是會看到——因為春節，我們總是會看到一個季節性的淡季。我預計第一季情況也會如此。

But again, we are -- we've seen a single-digit drop versus the peak in automotive, back to the same levels, and I think secular growth continues into the foreseeable future, at least for the next five years.

但是，我們已經看到汽車行業的銷量較峰值下降了個位數，回到了之前的水平，我認為這種長期增長勢頭在可預見的未來將繼續下去，至少在未來五年內如此。

Okay. You have a follow-up, Tom?

好的。湯姆，你還有後續問題嗎？

Yeah. I just wanted to clarify a comment earlier. You mentioned that pricing didn't have anything to do with the above seasonal margin. You talked more about these end market trends. Is that because you've raised pricing previously, you plan to in the future? The reason -- the question comes from your competitors are talking about an increase in pricing early in 2026 and being very clear about that. Do you guys feel like you don't want to do that? Or is it just something you'd rather not comment on?

是的。我只是想澄清一下我之前的評論。您提到定價與上述季節性利潤率無關。您更多地談到了這些終端市場趨勢。是因為你們之前提價過，所以將來也打算提價嗎？原因在於——你的競爭對手正在談論2026年初漲價，並且對此態度非常明確。你們是不是覺得不想那樣做？或者，這只是你不想評論的事情？

No, I think we've been clear along the year, and I'll just repeat it, and Mike, you can add a little bit more color, but we said that we expect the pricing -- price -- we have 80,000 products. Prices always go up and down. But for the company, the overall price effect like-for-like in '25, we expected it to be low-single digits down. Now we finished '25, it was exactly there. When you say low-single digits, think about 2% or 3% down.

不，我認為我們這一年來已經說得很清楚了，我再重複一遍，麥克，你可以再補充一些細節，但我們說過，我們預計定價——價格——我們有 80,000 種產品。價格總是有漲有跌的。但對於公司而言，我們預計 2025 年的整體價格影響（以同類比較）將出現個位數百分比的下降。現在我們完成了 25 年的工作，它就在那裡。你說的個位數降幅，指的是下降 2% 或 3%。

That's my assumption for 2026. That's what we expect the market conditions to be. If anything changes with pricing, if we'll see -- of course, TI will respond. But right now, that's our assumption moving forward. That's why I was so convinced that the Q1, I think we have a little sequential growth there, is not due to pricing.

這是我對2026年的預測。這就是我們預期的市場狀況。如果價格有任何變化，我們拭目以待——當然，德州儀器會做出回應。但就目前而言，這是我們未來的假設。這就是為什麼我如此確信第一季（我認為我們實現了小幅環比增長）並非由於定價的原因。

Mike, anything to add there on the pricing side?

麥克，關於價格方面還有什麼要補充的嗎？

No, I think you called it out. In a base case assumption of low-single digit decline over time, we'll have to see what the market presents to us, but continue to expect --

不，我覺得你已經指出來了。在假設長期跌幅為個位數百分比的基本情況下，我們需要觀察市場趨勢，但仍預期會如此。--

Definitely no step function planned in Q1. Actually, usually Q1 pricing usually goes down a little bit because of yearly negotiations. That's usually what we see in Q1. Do you have a follow-up -- no, that was the follow-up. Okay. Sorry about that.

第一季絕對不會有階躍函數更新計畫。實際上，由於年度談判，第一季的價格通常會略有下降。這通常是我們在第一季看到的情況。您還有後續問題嗎？ ——沒有，這就是後續問題了。好的。抱歉。

Josh Buchalter, TD Cowen.

Josh Buchalter，TD Cowen。

I wanted to (inaudible) your data center business a little bit more. Any details you can give us on the exposure across power or embedded and maybe non-power analog parts? And 70% growth is a pretty big number, any sort of handicap here you're willing to give us on what that business could grow over the medium to long term?

我想更深入地了解你們的資料中心業務。您能否提供一些關於電源、嵌入式以及可能的非電源模擬裝置的暴露情況的詳細資訊？70% 的成長率是一個相當大的數字，對於這家企業在中長期內可能實現的成長，您願意給出任何限制條件嗎？

Yeah, definitely. I can take that. So again, data center has grown nicely, as you said, in 2025. As CapEx continues to be invested in data centers, we expect that growth to continue.

是的，當然。我可以接受。所以，正如你所說，資料中心在2025年發展勢頭良好。隨著資本支出持續投入資料中心，我們預期這種成長動能將會持續。

In terms of our position, most of our business is based on the analog side. And there is also -- there is -- between power and signal chain, I would say it's kind of maybe a little bit more power, but both power and signal chain are very strong in data center. We see a lot of opportunity, a lot of diversity of parts. I know most people like to talk about a specific socket, if you call it the VRM or the VCORE voltage regulators, that's always a large -- very large socket. But if you look at the rack and you open it up, there are thousands of different parts, and many of them are analog and embedded parts, and TI plays across the board there.

就我們的市場定位而言，我們的大部分業務都基於模擬領域。而且，在電源和訊號鏈之間也存在著某種聯繫，我認為電源可能稍微多一些，但資料中心的電源和訊號鏈都非常強大。我們看到了很多機會，也看到了零件的多樣性。我知道大多數人喜歡談論特定的插槽，如果你稱之為 VRM 或 VCORE 電壓調節器，那通常都是一個很大的插槽——非常大的插槽。但如果你打開機架，你會​​發現裡面有成千上萬個不同的零件，其中許多是模擬和嵌入式零件，而德州儀器 (TI) 的產品涵蓋了所有這些領域。

As I've mentioned over the years, we have also invested in our technology to be able to support the higher power, call it, rails. Think about the VCORE, this is where a lot of the current going into an accelerated computer or a CPU come from, and TI is building the technology in Sherman, Texas. This is where our BCP process is serving us very well there. That product is sampling, and we expect our opportunity in data center to further expand in the coming years.

正如我多年來一直提到的那樣，我們也投資於我們的技術，以便能夠支援更高的功率，或者說，更高的功率軌道。想想 VCORE，這是加速電腦或 CPU 中大部分電流的來源，而 TI 正在德克薩斯州謝爾曼市製造這項技術。正是在這裡，我們的業務連續性規劃流程發揮了非常好的作用。該產品目前處於樣品階段，我們預計未來幾年我們在資料中心領域的機會將進一步擴大。

So TI plans to play across the different sockets in data center, and I see it -- as long as CapEx continues into this market, I see the opportunity as an attractive one.

所以德州儀器計畫進軍資料中心的不同插槽領域，我認為－只要資本支出繼續流入這個市場，我認為這是一個很有吸引力的機會。

A follow-up, Josh?

喬什，還有後續問題嗎？

Yeah. Thank you for all the color there, and it is a good (inaudible) and interesting several years for the analog industry. And for a while, you talked about the benefits of your US-based (inaudible) capacity. Do you feel like we're at (inaudible) in the industry and you guys from a cyclical standpoint being (inaudible) on inventory. But are we at the point where we expect TI can get back into sort of the shared leadership. Everything is normal enough yet?

是的。感謝您帶來的所有精彩內容，對於模擬行業來說，這幾年是美好（聽不清楚）而有趣的幾年。有一段時間，你談到了你在美國（聽不清楚）的影響力所帶來的好處。你覺得我們目前在業界處於（聽不清楚）狀態嗎？從週期性的角度來看，你們的庫存（聽不清楚）情況如何？但我們是否已經到了可以期待德州儀器重新回到共同領導地位的地步了？一切都恢復正常了嗎？

So Josh, I think there was a little trouble on the line, but I'm going to repeat what I believe the question was, and then we'll answer it. So I think it was talking about the cycle and how it's been playing out. And with the capacity that we have in place, are we in a position to be able to get back to market share gains. And maybe if you want to start with the answer? I can also answer as well.

喬希，我覺得線路有點問題，但我會重複一遍我認為的問題，然後我們再來回答。所以我覺得它是在討論週期以及這個週期是如何發展的。憑藉我們現有的產能，我們是否有能力重回市佔率成長的軌道？或許你可以先從答案開始？我也可以回答這個問題。

Was that the question, Josh?

喬希，這就是你想問的問題嗎？

I believe that was --

我相信那是--

Yeah, close enough.

差不多了。

Okay. Yeah. As we said, look, cycle -- this cycle has recovered slowly. We just -- forget about TI, just look at the overall unit trend. You can look at units without memory. You can look at ICs. It's been one of the slowest, if not the slowest, recovery ever in our history at a time where I think more semis are used in our life. I mentioned the secular growth in automotive. We see that across many, many end equipments. In industrial across the board, just more content per system. That's just -- and of course, the investments in data center that are becoming more and more substantial even for the analog and embedded portfolio that we have.

好的。是的。正如我們所說，你看，週期——這個週期已經緩慢恢復了。我們先別管TI了，只看整體的銷售趨勢。您可以查看沒有記憶體的單元。你可以看看積體電路。這是我們歷史上復甦最慢的時期之一，甚至可能是最慢的時期，同時，我認為我們的生活中半掛卡車的使用量卻在增加。我提到了汽車產業的長期成長。我們在很多很多終端設備中都看到了這種情況。工業領域整體而言，每個系統的內容量都在增加。當然，還有對資料中心的投資，即使對於我們現有的模擬和嵌入式產品組合而言，這些投資也變得越來越可觀。

So I do believe that there is going to be a point of time where you -- all this capacity we've put in place and the inventory that we've positioned is going to serve us well. We have seen cases where it served us very well with an immediate response to customer needs, and our customers value that a lot. And I believe there is more to do here. So let's see how the market wants to continue and develop.

所以我相信，總有一天，我們所投入的這些產能和庫存將對我們大有裨益。我們看到，它能迅速回應客戶需求，為我們提供了非常好的服務，我們的客戶也非常重視這一點。我相信這裡還有更多的事情要做。那麼，讓我們看看市場將如何繼續發展。

One thing is very clear to me, end equipments are being redesigned with more semis every day. It will continue to be the case in the future. This is why I'm continuing to stay very optimistic and encouraged by the investments we've made in the past several years.

有一點我非常清楚，終端設備正在不斷重新設計，而且每天都有越來越多的半拖車投入使用。未來仍將如此。正因如此，我對我們過去幾年所做的投資仍然保持非常樂觀的態度，並深受鼓舞。

William Stein, Truist.

威廉·斯坦，Truist。

First, I'm hoping you can talk a little bit more about the strong bookings you referred to. Would you be able to disclose the book-to-bill to us? And maybe even more interesting, has the duration of your backlog changed at all in the quarter?

首先，我希望您能再詳細談談您提到的那些強勁的預訂情況。您能否向我們提供帳目與帳單的對應關係？或許更有趣的是，本季您的待辦事項持續時間是否有所改變？

So maybe I'll take that one. So Will, we did see throughout the quarter backlog did build. And I think, first of all, it's important to remember that we transact most of our revenue direct with our customers, meaning that we don't sell through a channel. So we do see things typically pretty real time. And that's part of the reason you heard us talk about the fact that we have seen our turns business also exhibit strength over the last several quarters.

所以也許我會選那個。所以威爾，我們確實看到本季積壓訂單增加。首先，我認為重要的是要記住，我們的大部分收入都是直接與客戶交易的，這意味著我們不會透過管道銷售。所以我們通常都能即時看到情況。這也是我們之前談到過去幾季我們的周轉業務也表現強勁的部分原因。

I don't have a number specifically to provide you for what bookings did, but it is reflected in our guidance. And I think going back to what Haviv said about where our end markets are, industrial is going through recovery, and we saw that in the fourth quarter. You've got a data center end market that is growing for, I think, seven consecutive quarters. Those are all part of what factor into how we think about our guidance.

我沒有具體的數字可以提供給您，說明預訂情況如何，但這已反映在我們的指導方針中。我認為，回到哈維夫所說的關於我們終端市場所在之處，工業正在復甦，我們在第四季度看到了這一點。資料中心終端市場已連續七個季度保持成長。這些都是影響我們如何看待指導工作的因素。

Do you have a follow-up, Will?

威爾，你還有後續問題嗎？

Yeah. I mean I'll ask maybe the same question a little bit of a different way. Are you seeing -- either based on customer willingness to place the orders or because of your own lead times to customers, have you seen an extension in the orders further out into the future?

是的。我的意思是，我可能會換個方式問同樣的問題。您是否看到——無論是由於客戶下單意願還是由於您自身的交貨週期——訂單期限有所延長？

The shorter answer is yes. But again, not because of lead times.

簡而言之，答案是肯定的。但再次強調，這並非因為交貨時間的問題。

Our lead times are very competitive, unchanged, I think on average, below 13 weeks. Many of our products are at six weeks. Part of our ambition and objective as we prepare to the next cycle was to be able to maintain very competitive lead times across the cycle.

我們的交貨週期非常有競爭力，保持不變，我認為平均低於 13 週。我們很多產品的交貨週期是六週。我們在為下一個週期做準備時，部分目標和願望是在整個週期中保持極具競爭力的交付週期。

So far this cycle has not been very tough to meet, right? As I said, it's been a slow recovery, but our lead times continue to stay very, very competitive, probably the lowest in the industry, and our inventory position allows us to support customers. So I don't think customers are placing -- I mean, they are placing orders a little bit more forward, but they have the ability to change their opinion even within this quarter.

到目前為止，這個週期似乎不難達到，對吧？正如我所說，復甦過程緩慢，但我們的交貨週期仍然非常有競爭力，可能是業內最低的，而且我們的庫存狀況使我們能夠為客戶提供支援。所以我認為顧客並沒有——我的意思是，他們下單的時間確實提前了一些，但他們甚至在本季度內也有可能改變主意。

This is what Mike mentioned before. Our terms are very friendly, very customer-friendly. We want customers to be showing us their demand real time, and we are willing to carry this inventory, especially when it's so diverse and long-lived, to increase customer support. So that would be my high-level comment.

這就是麥克之前提到的。我們的條款非常友好，非常人性化。我們希望客戶能夠即時向我們展示他們的需求，我們也願意儲備這些庫存，尤其是當庫存種類繁多且保質期長時，以增強客戶支援。以上就是我的整體評價。

Mike, anything else about what we see into the longevity of the inventory?

麥克，關於庫存的長期存續，還有其他需要說明的嗎？

Well, the inventory that we have in place has incredible longevity.

我們現有的庫存具有極長的使用壽命。

No, no. But on the orders that was asked.

不，不。但這是按照要求執行的命令。

Yeah. I'd say that if you look at -- does a customer need to put long-term backlog in place when lead times are stable; they probably don't feel like they have to necessarily. So nothing to spike out that I would say, but what we have seen is a lot of customers wanting to come in, want product quickly. That has been something we've seen build over the past several quarters.

是的。我認為，如果你觀察一下——當交貨週期穩定時，客戶是否需要建立長期積壓訂單；他們可能覺得沒有必要這樣做。所以沒有什麼特別值得一提的，但我們看到很多顧客都想進來，希望能盡快拿到產品。這是我們在過去幾季中觀察到的趨勢。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究公司。

I guess the first question is a clarification of some -- what you said about factory loadings, and you did say that you'd adjust loadings according to what you saw with demand. And take into consideration that you reduced those loadings more recently, are there any plans in place now to increase those loadings? And what would you need to see in order to take those steps?

我想第一個問題是為了澄清一些事情——你之前談到工廠裝貨，你也說過你會根據需求情況調整裝貨量。考慮到你們最近減少了這些負荷，現在是否有任何計畫增加這些負荷？那麼，你需要看到什麼才能採取這些步驟呢？

What I would tell you is that if we had something significant changing like we did back in the third quarter, we would tell you. We are not making any disclosure right now on which way the loadings are going. So it's just -- there's nothing significant versus where we've been running in fourth quarter.

我想告訴你們的是，如果像第三季那樣發生了重大變化，我們會告訴你們的。目前我們不會透露裝貨量的具體方向。所以，和我們第四節的比賽情況相比，並沒有什麼顯著的變化。

And I'd just add that part of that is we have the ability to make those adjustments as we see things occur, and that's part of the flexibility we have in our manufacturing to be able to do that.

我還要補充一點，其中一部分原因是我們有能力根據實際情況做出調整，這是我們在生產製造方面所具備的靈活性的一部分。

All right. Chris, do you have the follow-up?

好的。克里斯，你有後續進展嗎？

I do. And it's related to geographic revenue. You made some comments on China. Obviously, you have the New Year holiday that hits in the first quarter. But if we look at the different regions, how does that stack up against what you would expect for normal seasonality in each one of those regions in the first quarter?

我願意。這與地域收入有關。你對中國發表了一些評論。顯然，第一季還有新年假期。但如果我們看一下不同的地區，這與第一季每個地區正常的季節性預期相比如何？

Yeah. In general, I think we haven't seen anything specific on -- the only comment I made, Chris, before was that typically Q1 in China for automotive is lower just because of Chinese New Year. But I think from where the backlog comes from, it's been pretty even, right, across the geographies, Mike?

是的。總的來說，我認為我們還沒有看到任何具體情況——克里斯，我之前唯一提到的是，通常中國汽車行業第一季業績會比較低，只是因為春節假期。但我認為，從積壓案件的來源來看，各地區的積壓情況都相當均衡，對吧，麥克？

And then maybe I'll just talk about last quarter, what we saw, and we don't have a guidance by region for the top level. But China came in right about -- on a sequential basis, pretty much in line with what we saw at the top level, down about 7%. On a year on year for fourth quarter, it was up about 16%. So didn't see something on a sequential basis that stood out very differently there compared to the overall top-level results.

然後我可能會談談上個季度的情況，以及我們看到的成果，但我們目前還沒有按地區劃分的最高層業績指引。但中國的數據基本上符合預期——按順序來看，與我們看到的最高水準數據基本一致，下降了約 7%。與去年同期相比，第四季成長了約 16%。因此，從順序上看，並沒有發現與整體頂級結果相比有非常明顯的差異。

And I want to make -- maybe before we let Mike finish the call, I want to make one more comment on the orders and everything. I just want to remind us all that TI has invested in capacity and in inventory over the last three or four years to be exactly ready for this type of environment, right? We've seen a lot of real-time demand coming in, in Q4, which we were able to support. We are seeing a little bit of strengthening in the orders right now in Q1. And we'll see how long-lived it will be.

我想——或許在麥克結束通話之前——再就訂單和其他事項發表一點意見。我只想提醒大家，德州儀器 (TI) 在過去三、四年一直在產能和庫存方面進行投資，以完全適應這種環境，對吧？第四季我們看到了大量的即時需求，而我們也能夠滿足這些需求。目前我們看到第一季的訂單量略有回升。我們將拭目以待，看看它能持續多久。

The market has been jittery in the last 12 years -- 12 months, sorry. And we'll just have to see how it plays out. This is also related to Rafael's comments about loading. We have the knobs to turn as needed. And we have the inventory to allow us time to adjust our loading, for example, as we go. So we are in a very good position as we come into 2026. We worked very hard to get here, and I'm very proud of our execution. And we'll be ready for any scenario that the market wants to present to us. And I'll turn it over to you, Mike.

過去12年——抱歉，是12個月——市場一直動盪不安。我們只能拭目以待了。這也與拉斐爾關於加載的評論有關。我們有相應的旋鈕，可以根據需要進行調整。而且我們有足夠的庫存，讓我們有時間根據實際情況調整裝載量。因此，進入2026年，我們處於非常有利的地位。我們付出了巨大的努力才走到今天，我為我們的表現感到非常自豪。我們將做好準備，以應對市場可能呈現的任何情況。接下來就交給你了，麥克。

Yeah. Thank you, Haviv, and thank you, all of you for joining us today. Again, as we mentioned earlier, we look forward to sharing with you our capital management call on Tuesday, February 24, at 10 a.m. Central time.

是的。謝謝你，哈維夫，也謝謝今天到場的各位。正如我們之前提到的，我們期待在2月24日星期二上午10點（中部時間）與您分享我們的資本管理電話會議。

A replay of this call will be available shortly on our website. And with that, have a great evening.

本次通話的錄音重播稍後將在我們的網站上提供。祝您有個美好的夜晚。

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，您可以斷開線路了。感謝您的參與。