德州儀器 (TXN) 2022 Q1 法說會逐字稿

Good day, and welcome to the Texas Instruments First Quarter '22 Earnings Release Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Dave Pahl. Please go ahead, sir.

美好的一天，歡迎參加德州儀器 22 年第一季度收益發布電話會議。今天的會議正在錄製中。在這個時候，我想把會議交給 Dave Pahl 先生。請繼續，先生。

Good afternoon, and thank you for joining our first quarter 2022 earnings conference call.

下午好，感謝您參加我們的 2022 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. This call is being broadcast live over the web and can be accessed through our website. A replay will be available through the web.

對於錯過發布的任何人，您可以在我們的網站 ti.com/ir 上找到它。該電話正在網絡上進行現場直播，可以通過我們的網站訪問。重播將通過網絡提供。

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

本次電話會議將包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致 TI 的結果與管理層當前的預期存在重大差異。我們鼓勵您查看今天發布的財報中包含的有關前瞻性陳述的通知以及 TI 最近提交給 SEC 的文件，以獲得更完整的描述。

Our Chief Financial Officer Rafael Lizardi is with me today, and we'll provide the following updates. First, I'll start with a quick overview of the quarter. Next, I'll provide insight into first quarter revenue results with some details of what we're seeing with respect to our customers and markets. And lastly, Rafael will cover the financial results and our guidance for second quarter, including the impact from COVID-19 restrictions in China.

我們的首席財務官 Rafael Lizardi 今天與我同在，我們將提供以下更新。首先，我將從本季度的快速概覽開始。接下來，我將深入了解第一季度的收入結果，並提供一些我們所看到的與客戶和市場相關的細節。最後，Rafael 將介紹第二季度的財務業績和我們的指導，包括中國 COVID-19 限制的影響。

Starting with a quick overview of first quarter. Revenue in the quarter was $4.9 billion, an increase of 2% sequentially and 14% year over year, driven by growth in industrial and automotive, as well as enterprise systems. Analog revenue grew 16%, Embedded Processing grew 2%, and our "Other" segment grew 27% from the year-ago quarter.

從第一季度的快速概覽開始。本季度收入為 49 億美元，環比增長 2%，同比增長 14%，受工業和汽車以及企業系統增長的推動。模擬收入增長 16%，嵌入式處理增長 2%，我們的“其他”部門同比增長 27%。

Now let me comment on the environment in the first quarter to provide some context on what we saw with our customers and markets. Overall, the quarter came in about as we expected across product segments, end markets and geographies.

現在讓我評論一下第一季度的環境，以提供一些關於我們在客戶和市場中看到的情況。總體而言，本季度在產品領域、終端市場和地區的表現與我們預期的差不多。

The market environment in the first quarter was similar to what we've observed for the last several quarters. Customers continued to be selective in their expedite requests, focusing on products that completed a "matched set" rather than expediting products across the board. This behavior was not specific to any product family, end market or geography.

第一季度的市場環境與我們在過去幾個季度觀察到的情況相似。客戶在他們的加急請求中繼續有選擇性，專注於完成“匹配集”的產品，而不是全面加急產品。這種行為並非特定於任何產品系列、終端市場或地域。

Moving on, I'll provide some insight into our first quarter revenue by end market from the year ago quarter. First, the industrial and automotive markets were each up about 20% and both were driven by broad-based growth across sectors. Personal electronics was down mid-single digits off a strong compare. And next, communications equipment was up about 10%. And finally, enterprise systems was up about 35% off of a weak compare, and the growth was primarily from data centers and enterprise computing.

繼續前進，我將提供一些關於我們第一季度按終端市場劃分的收入與去年同期相比的一些見解。首先，工業和汽車市場均增長約 20%，均受到各行業廣泛增長的推動。個人電子產品在強勁的比較中下降了中個位數。接下來，通信設備上漲了約 10%。最後，企業系統較弱比較增長了約 35%，增長主要來自數據中心和企業計算。

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

Rafael 現在將審查盈利能力、資本管理和我們的前景。拉斐爾？

Thanks, Dave, and good afternoon, everyone.

謝謝，戴夫，大家下午好。

As Dave mentioned, first quarter revenue was $4.9 billion, up 14% from a year ago. Gross profit in the quarter was $3.4 billion, or 70% of revenue. From a year ago, gross profit margin increased 500 basis points. As a reminder, we had about $50 million of additional utility expenses in cost of revenue related to the winter storm in the year-ago quarter.

正如戴夫所說，第一季度收入為 49 億美元，比去年同期增長 14%。本季度毛利潤為 34 億美元，佔收入的 70%。與一年前相比，毛利率提高了 500 個基點。提醒一下，與去年同期的冬季風暴相關的收入成本中，我們有大約 5000 萬美元的額外公用事業費用。

Operating expenses in the quarter were $813 million, about flat from a year ago and about as expected. On a trailing 12-month basis, operating expenses were $3.2 billion, or 17% of revenue.

本季度的運營費用為 8.13 億美元，與一年前基本持平，與預期相符。在過去 12 個月的基礎上，運營費用為 32 億美元，佔收入的 17%。

Restructuring charges were $66 million in the first quarter and are associated with the LFAB purchase we closed in October of last year.

第一季度的重組費用為 6600 萬美元，與我們去年 10 月完成的 LFAB 收購有關。

Operating profit was $2.6 billion in the quarter, or 52% of revenue. Operating profit was up 32% from the year-ago quarter.

本季度營業利潤為 26 億美元，佔收入的 52%。營業利潤較去年同期增長 32%。

Net income in the first quarter was $2.2 billion, or $2.35 per share, which included a 2-cent benefit that was not in our prior outlook.

第一季度的淨收入為 22 億美元，即每股 2.35 美元，其中包括我們之前展望中沒有的 2 美分收益。

Let me now comment on our capital management results, starting with our cash generation. Cash flow from operations was $2.1 billion in the quarter. Capital expenditures were $443 million in the quarter and $2.6 billion over the last 12 months. Free cash flow on a trailing 12-month basis was $6.5 billion.

現在讓我評論一下我們的資本管理結果，從我們的現金產生開始。本季度運營現金流為 21 億美元。本季度資本支出為 4.43 億美元，過去 12 個月為 26 億美元。過去 12 個月的自由現金流為 65 億美元。

In the quarter, we paid $1.1 billion in dividends and repurchased $589 million of our stock. In total, we have returned $5 billion in the past 12 months. Over the same period, our dividend represented 62% of free cash flow.

本季度，我們支付了 11 億美元的股息並回購了 5.89 億美元的股票。在過去的 12 個月中，我們總共返還了 50 億美元。同期，我們的股息佔自由現金流的 62%。

Our balance sheet remains strong, with $9.8 billion of cash and short-term investments at the end of the first quarter. Total debt outstanding was $7.8 billion, with a weighted average coupon of 2.6%.

我們的資產負債表依然強勁，第一季度末有 98 億美元的現金和短期投資。未償債務總額為 78 億美元，加權平均票面利率為 2.6%。

Inventory dollars were up $150 million from the prior quarter, to $2.1 billion, and days were 127, up 11 days sequentially but still below desired levels.

庫存美元比上一季度增加 1.5 億美元，達到 21 億美元，天數為 127 天，比上一季度增加 11 天，但仍低於預期水平。

For the second quarter, we expect TI revenue in the range of $4.2 billion to $4.8 billion and earnings per share to be in the range of $1.84 to $2.26. This outlook comprehends an impact due to reduced demand from COVID-19 restrictions in China which are affecting our customers' manufacturing operations.

對於第二季度，我們預計 TI 收入在 42 億美元到 48 億美元之間，每股收益在 1.84 美元到 2.26 美元之間。這一前景包含了由於中國 COVID-19 限制的需求減少而影響我們客戶的製造業務的影響。

We continue to expect our annual operating tax rate for 2022 to be about 14% and our effective tax rate to be about a point lower.

我們繼續預計我們 2022 年的年營業稅率約為 14%，我們的有效稅率將降低約 1 個百分點。

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. 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.

最後，我們將繼續專注於長期增值的領域。我們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、我們的渠道覆蓋範圍以及多樣化和長期存在的職位。我們將繼續通過嚴格的資本分配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增長。

With that, let me turn it back to Dave.

有了這個，讓我把它轉回戴夫。

Thanks, Rafael. Operator, you can now open up the lines for questions. In order to provide as many of you as possible the opportunity to ask your questions, please limit yourself to a single question. After our response, we'll provide you an opportunity for an additional follow-up. Operator?

謝謝，拉斐爾。接線員，您現在可以打開問題線了。為了給盡可能多的人提供提問的機會，請將自己限制在一個問題上。在我們做出回應後，我們將為您提供額外跟進的機會。操作員？

(Operator Instructions) We'll take our first question from Stacy Rasgon with Bernstein Research.

（操作員說明）我們將回答 Bernstein Research 的 Stacy Rasgon 提出的第一個問題。

First of all, I was wondering if you had any feeling for the size of the gap in revenue that's getting impacted by the COVID issues in China. Do you have any view for like what demand would be if you could ship? And like are the customers like getting out of line at all? Or is the overall demand and order environment like kind of where it was, you just can't ship? But any color you can give on the size of that gap would be helpful.

首先，我想知道您是否對受中國 COVID 問題影響的收入差距的規模有任何感覺。如果你能發貨，你有什麼看法嗎？客戶喜歡脫線嗎？還是整體需求和訂單環境像以前一樣，只是無法發貨？但是，您可以給出該間隙大小的任何顏色都會有所幫助。

Yes, Stacy. I'll comment on that. Our assessment in early April indicated that revenue would continue to incrementally grow again in the second quarter. However, it just became clear that we were experiencing lower demand, particularly due to COVID-19 restrictions in China. And just to be clear, customers' behavior wasn't changing as it related to backlog or cancellations. In fact, we continued to see expedites for deliveries. However, we did see that our customers' manufacturing operations were being impacted.

是的，斯泰西。我會對此發表評論。我們在 4 月初的評估表明，第二季度收入將繼續逐步增長。然而，很明顯我們的需求正在下降，特別是由於中國的 COVID-19 限制。需要明確的是，客戶的行為並沒有改變，因為它與積壓或取消有關。事實上，我們繼續看到交貨加快。但是，我們確實看到我們客戶的製造業務受到了影響。

So as a result, the approach that we took, we just took a tops-down assessment and just reduced the midpoint of second quarter by 10% and so from roughly $5 billion at the midpoint, to the $4.5 billion that you see. And the second thing we did was we slightly widened the range just to comprehend the higher uncertainty that we're seeing overall. Do you have a follow-up, Stacy?

因此，我們採取的方法，我們只是進行了自上而下的評估，只是將第二季度的中點降低了 10%，因此從中點的大約 50 億美元，到你看到的 45 億美元。我們做的第二件事是我們稍微擴大了範圍，以了解我們總體上看到的更高的不確定性。你有後續嗎，斯泰西？

I do. And that's helpful. Just wondering, the fact that you guys have mostly internal manufacturing and you're trying to go most direct, does that imply that, I mean, do you have to ship more direct to your customers in China? Do you think that these kinds of issues would impact you more than the broader industry? Or do you think this is something that everybody is going to have to be dealing with to the same degree?

我願意。這很有幫助。只是想知道，你們主要是內部製造，而且你們試圖最直接地進行，這是否意味著，我的意思是，你們必須更直接地向中國的客戶發貨嗎？你認為這些問題對你的影響會比更廣泛的行業更大嗎？或者你認為這是每個人都必須以相同程度處理的事情嗎？

Stacy, our sense is this is primarily due to issues with operations at our customers' factories, and it is not related to shipping, to direct or to distribution, or anything of that sort.

Stacy，我們的感覺是，這主要是由於我們客戶工廠的運營問題，它與運輸、直接或分銷或任何此類事情無關。

And so we'll take our next question from Vivek Arya with Bank of America Securities.

因此，我們將向美國銀行證券公司的 Vivek Arya 提出我們的下一個問題。

The first one, also related to China. Do you think this is something you can recover? Is this demand destruction, or is this something you can recover? And then, along those lines, how would you characterize demand, excluding your China customers, where there were no other, these kind of restrictions in place?

第一個，也與中國有關。你認為這是你可以恢復的東西嗎？這是需求破壞，還是您可以恢復的東西？然後，沿著這些思路，你如何描述需求，不包括你的中國客戶，在沒有其他限制的地方？

Yes, Vivek. Again, the approach that we took was really just a tops-down 10% assessment of what the impact would be. So I wouldn't look at that as any precision in choosing that number, part of the reason why we widened the guidance. I think trying to get into predictions of what could happen as the quarter unfolds, I think time will tell, and we'll see how that unfolds, and we'll report that when the quarter is over. So that's really the approach that we took at trying to assess what was going on. Do you have a follow-on?

是的，維維克。同樣，我們採取的方法實際上只是對影響的自上而下的 10% 評估。因此，我不會將其視為選擇該數字的任何精確度，這也是我們擴大指導範圍的部分原因。我認為試圖預測隨著季度的展開可能會發生什麼，我認為時間會證明一切，我們將看到它是如何展開的，我們將在季度結束時報告這一點。這就是我們試圖評估正在發生的事情所採取的方法。你有後續嗎？

Yes. So how are you managing your fab utilization and your inventory? It seems like you're implying gross margins down a few hundred basis points sequentially. So just curious how you are managing fab utilization because I thought I heard Rafael say that you are still below your target inventory level. So do you continue to plan and build more inventory during the quarter?

是的。那麼，您是如何管理您的晶圓廠利用率和庫存的呢？您似乎在暗示毛利率依次下降了幾百個基點。所以只是好奇你是如何管理工廠利用率的，因為我想我聽到 Rafael 說你仍然低於目標庫存水平。那麼，您是否會在本季度繼續計劃和建立更多庫存？

Yes. So a couple of things in that question. Let me try to address most of them. We -- our factories are running at high levels of utilization as they have been over the last couple of years really. We've continued -- in fact, we've continued adding incremental capacity, as we have said we would. And the next step beyond incremental will be once RFAB2 starts production in the second half of the year and then LFAB in the first quarter of next year, of 2023, while at the same time, we're breaking ground later this year for the Sherman factory.

是的。所以這個問題有幾件事。讓我嘗試解決其中的大多數問題。我們——我們的工廠的利用率很高，就像過去幾年一樣。我們一直在繼續——事實上，我們一直在繼續增加增量容量，正如我們所說的那樣。超越增量的下一步將是 RFAB2 在下半年開始生產，然後是 LFAB 在明年第一季度，即 2023 年，同時，我們將在今年晚些時候為 Sherman 破土動工工廠。

So we're going to continue running our production high. We are going to build inventory. Inventory did build about $150 million in this last quarter we just reported, but we're still below desired levels. So our intent is to continue building that inventory that is -- our objective in inventory, as you know, is to maintain high levels of customer service. And roughly, our target is 130 to 190 days, but we want to be at the high end of that and we would not be uncomfortable even above the high end of that range.

因此，我們將繼續保持高產量。我們將建立庫存。在我們剛剛報告的最後一個季度，庫存確實增加了約 1.5 億美元，但仍低於預期水平。因此，我們的目的是繼續建立庫存——如您所知，我們的庫存目標是保持高水平的客戶服務。粗略地說，我們的目標是 130 到 190 天，但我們希望處於該範圍的高端，即使高於該範圍的高端，我們也不會感到不舒服。

We have our next from Ross Seymore with Deutsche Bank.

我們有來自德意志銀行的羅斯西莫爾的下一個。

I guess the China side is weak, and I guess, 10% is as good a number as anyone could come up with. But to the extent there are shortages across the industry and demand elsewhere, it doesn't sound like it's changed, from part of your preamble, Dave. Why wouldn't this allow a little bit of the fungibility of your standard product shipments to just increase to those customers and shortages to make up for the shortfall that you're otherwise going to see in China?

我猜中國方面很弱，而且我猜，10% 是任何人都能想出的好數字。但就整個行業和其他地方的需求而言，從你的序言的一部分來看，這聽起來並沒有改變，戴夫。為什麼這不能讓您的標準產品出貨量的一點點可替代性增加給這些客戶和短缺，以彌補您在中國將看到的短缺？

So yes, no, that's a fair question, and that's already embedded in our process to the extent that that is doable. We -- our processes allow for that redirecting of inventory. But keep in mind, we're talking about 100,000 different parts -- 100,000 different customers, 80,000 different parts, so it never quite fits in a perfect situation where the excess in one place can go to the other place neatly, right? And then the other thing I would tell you, just like Dave stressed a couple of times, this is a tops-down estimate assessment on that adjustment; it's not meant to imply precision.

所以是的，不，這是一個公平的問題，並且已經嵌入到我們的流程中，以達到可行的程度。我們——我們的流程允許重定向庫存。但請記住，我們談論的是 100,000 個不同的零件—— 100,000 個不同的客戶，80,000 個不同的零件，所以它永遠不會完全適合一個地方的過剩可以整齊地流向另一個地方的完美情況，對嗎？然後我要告訴你的另一件事，就像戴夫多次強調的那樣，這是對該調整的自上而下的估計評估；這並不意味著精確。

Yes. And maybe I'll just add to that too, Ross. The behavior that we've talked about now for a couple of quarters, that we've been seeing, is customers being more focused on matched sets, and that can be symptomatic of growing customer inventory that's out of mix. So even though we might have some parts that are available in one region, customers may not need them in the other. So you've got multiple dynamics at work there. Do you have a follow-on?

是的。羅斯，也許我也會補充一點。我們已經討論了幾個季度的行為，我們已經看到，客戶更加關注匹配的套裝，這可能是客戶庫存增加的徵兆。因此，即使我們可能有一些零件在一個地區可用，但客戶在另一個地區可能不需要它們。所以你有多種動力在那里工作。你有後續嗎？

I do. Since kind of we collectively have given you guys some grief over the last couple of years for not really buying back any stock despite your 100% cash return goals, this quarter you did, and it seems like you got pretty darn close back to that 100% return. What changed?

我願意。由於在過去的幾年裡我們集體給你們帶來了一些悲傷，儘管你們的現金回報目標是 100%，但沒有真正回購任何股票，本季度你們做到了，而且看起來你們已經非常接近那 100 ％ 返回。發生了什麼變化？

So Ross, you've known us for a long time, and you know how we think about cash return. But just for everybody else, we talked about this in capital management and every quarter, our objective when it comes to cash return is to return all free cash flow to the owners of the company. We do that through dividends and repurchases. And we've been really consistent in how we do that, and we have a really good track record. So we have done that and are committed to continuing to do that.

所以羅斯，你認識我們很久了，你知道我們如何看待現金回報。但就其他人而言，我們在資本管理和每個季度都談到了這一點，我們在現金回報方面的目標是將所有自由現金流返還給公司所有者。我們通過股息和回購來做到這一點。我們在如何做到這一點上一直非常一致，而且我們有非常好的記錄。所以我們已經做到了，並致力於繼續這樣做。

We'll hear next from Chris Danely with Citi.

接下來我們將聽到來自花旗的 Chris Danely 的消息。

So given all these COVID issues in China and the shutdowns, but then no change in the rest of the world, do you expect the shortage situation at TI and in semis to get better or worse from this? Or do you think there will be no change?

因此，鑑於中國的所有這些 COVID 問題和停工，但世界其他地區沒有任何變化，您認為 TI 和 semis 的短缺情況會因此變得更好還是更糟？還是您認為不會有任何變化？

Yes. I'll take a first shot, and Rafael, if you want to add in. I -- we're not trying to predict the cycle or call even the out-quarters of what's going on. I think what we'll continue to do and how -- just how we approach this, independent of cycles, is just staying focused on building the company stronger for the long term. And that includes things like adding in the new manufacturing capacity that we have, investing in R&D, investing in new capabilities. So those are the things that we can control, and that's what we'll stay focused on. Do you have a follow-on, Chris?

是的。如果你想補充的話，我會先試一試，還有 Rafael。我——我們不會試圖預測週期，甚至不會預測正在發生的事情。我認為我們將繼續做什麼以及如何——我們如何處理這個，獨立於週期，只是專注於讓公司長期變得更強大。這包括增加我們擁有的新製造能力、投資研發、投資新能力。所以這些是我們可以控制的事情，這就是我們將繼續關注的事情。克里斯，你有後續嗎？

Yes. So if we take the COVID issues in China outside, how would -- any sort of end market commentary you would make, anything a little better or worse than your expectations either during the quarter or going forward?

是的。因此，如果我們將中國的新冠病毒問題排除在外，您將如何發表任何類型的終端市場評論，或者在本季度或未來，任何比您的預期更好或更差的評論？

Yes. The quarter came in, I'd say, about what we expected. We were just slightly above the top end of our range overall. The quarter was driven by the industrial and automotive markets. We did see strong growth in enterprise systems as we had talked about. That was primarily from data center and enterprise computing. Now that's a small part of our revenue, but you saw it grow strongly last quarter. And as you look over the coming years, that probably will continue to be a strong grower, but it's just not a very large portion of our revenue. So we continue to be pleased with the growth that we're seeing in industrial and automotive. That -- when you zoom out for a second, that is where the strategic focus has been for the company. And so we're pleased to see that turn into growth longer term.

是的。我想說，這個季度是我們預期的。我們只是略高於我們整體範圍的高端。本季度由工業和汽車市場推動。正如我們所說，我們確實看到了企業系統的強勁增長。這主要來自數據中心和企業計算。現在這只是我們收入的一小部分，但你看到它在上個季度強勁增長。正如您在未來幾年中看到的那樣，這可能會繼續成為強勁的增長者，但這並不是我們收入的很大一部分。因此，我們繼續對我們在工業和汽車領域看到的增長感到滿意。那 - 當你縮小一秒鐘時，這就是公司的戰略重點。因此，我們很高興看到這轉變為長期增長。

We'll hear next from Joe Moore with Morgan Stanley.

接下來我們將聽到喬·摩爾與摩根士丹利的對話。

I wonder if you could address first in terms of you said you're still seeing strong expedite activity. Are the constraints that you guys are still seeing coming from your internal fab capacity, from foundry back-end? Can you just kind of give us an idea where the bottlenecks are?

我想知道你是否可以首先解決你說你仍然看到強勁的加速活動。你們仍然看到來自內部晶圓廠產能、代工後端的限制嗎？你能告訴我們瓶頸在哪裡嗎？

So I'll start. First, I want to maybe adjust what -- your premise a little bit. We are still seeing some expedites. But as Dave mentioned a couple of times, customers continue to be selective in how they're expediting. So they're continuing to focus on the matched set, okay? So it's not just expedite across the board. Second, specifically on what you said, on your second -- the second part of your question, what we're seeing is primarily based on the -- how our customers' manufacturing operation is -- are being affected in China.

所以我要開始了。首先，我想稍微調整一下你的前提。我們仍然看到一些加速。但正如戴夫多次提到的那樣，客戶在加快速度方面仍然有選擇性。所以他們繼續專注於匹配的集合，好嗎？因此，這不僅僅是全面加快速度。其次，特別是關於你所說的，關於你的第二部分 - 你問題的第二部分，我們所看到的主要是基於 - 我們客戶的製造業務如何 - 在中國受到影響。

And we're able to meet many of those expedite requests as well. So I think your question more, Joe, is where we do have constraints, what's driving those. And that's not specific to any product or any particular area. It can move from one quarter to the other. It may be a process technology. It could be a packaging technology, other things that may drive it, that our teams work with customers on to meet those needs. Do you have a follow-on?

我們也能夠滿足其中許多加急請求。所以我認為你的問題更多，喬，是我們確實有限制，是什麼推動了這些。這並不特定於任何產品或任何特定領域。它可以從一個四分之一移動到另一個。它可能是一種工藝技術。它可能是一種包裝技術，也可能是其他驅動它的因素，我們的團隊與客戶合作以滿足這些需求。你有後續嗎？

Yes. I also was curious about pricing to the extent that your competition has kind of passed along foundry price increases and has raised prices. How have you guys reacted to that? And do you have -- can you give us any sense for what your pricing has done on a like-for-like basis?

是的。我也對定價感到好奇，因為您的競爭對手已經通過代工價格上漲並提高了價格。你們對此有何反應？你有沒有 - 你能給我們任何關於你的定價在同類基礎上所做的事情的意義嗎？

Yes. So a couple of things. First, on the input cost side of things, part of our -- one of our competitive advantages is manufacturing technology. We own the vast majority of our manufacturing, in fact, on the front end, over 80%. And our goal is to grow that to 90% over the coming years. So that puts us in a really good situation to not be beholden by -- to the mercy of what those foundries or subcons do in terms of pricing, right? So we have a much better way to handle those input costs. So that's on the input cost side of things.

是的。所以有幾件事。首先，在投入成本方面，我們的一部分——我們的競爭優勢之一是製造技術。我們擁有絕大多數的製造，事實上，在前端，超過 80%。我們的目標是在未來幾年將這一比例提高到 90%。所以這讓我們處於一個非常好的境地，不要受制於——受制於那些代工廠或子公司在定價方面所做的事情，對吧？所以我們有一個更好的方法來處理這些投入成本。所以這是在投入成本方面的事情。

On the pricing, in general, we -- our pricing with our customers, our process on that has not changed. Our process is to price to market. And as prices have moved up over the last two or three quarters, and that certainly did happen in first quarter, we have moved our prices as well. And growth in first quarter did benefit from the pricing tailwind.

在定價方面，總的來說，我們 - 我們與客戶的定價，我們的流程沒有改變。我們的過程是按市場定價。隨著過去兩三個季度價格上漲，第一季度確實發生了這種情況，我們也調整了價格。第一季度的增長確實受益於定價順風。

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

我們將回答瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）的下一個問題。

I just wanted to push on this 10% that you talked about the haircut for June. If -- the lockdown seemed like they're already getting a little bit better. They're seeming to kind of loosen up a little bit. So I guess, the question is, does the 10% assume that the situation persists through the month of June? Or if it gets better, between now and June, will that 10% prove to be conservative? And then I had a follow-up as well.

我只是想推動你談到 6 月份的髮型的 10%。如果 - 鎖定似乎他們已經變得更好了。他們似乎有點放鬆了。所以我想，問題是，10% 的人是否認為這種情況會持續到 6 月份？或者如果情況好轉，從現在到 6 月，這 10% 會被證明是保守的嗎？然後我也進行了跟進。

Yes. And I know maybe it's unsatisfying, but I'll just repeat what we said before. This is a top-level assessment, tops-down, it's not meant to imply precision. In fact, just like as we said earlier, we even widened the range to reflect that higher uncertainty. So time will tell. And when we report 90 days from now, we'll see where things land.

是的。我知道這可能不令人滿意，但我會重複我們之前說過的話。這是一個頂層評估，自上而下，並不意味著精確。事實上，正如我們之前所說，我們甚至擴大了範圍以反映更高的不確定性。所以時間會證明一切。當我們在 90 天后報告時，我們會看到事情發生在哪裡。

Got it. Maybe as my second -- yes, yes. Thanks, Dave. So I guess, my second question is, this is a question that Ross asked before. But if customers are so tight and if the lockdowns are certainly going to be transitory, I would think, it seems like customers would just take the product, and they would put it into inventory. So obviously, during the past three weeks, you opted to take this big cut to guidance. But is that because they're pushing out shipments? Or is it because they just can't accept shipment of your product? I mean it seems like it has to be the latter versus them pushing out shipments or not pulling from consignment because everything is tight and the whole chain is trying to build inventory.

知道了。也許作為我的第二個——是的，是的。謝謝，戴夫。所以我想，我的第二個問題是，這是羅斯之前問過的一個問題。但是，如果客戶如此緊張，並且如果鎖定肯定是暫時的，我認為，客戶似乎只會拿走產品，然後將其放入庫存。所以很明顯，在過去的三周里，你選擇了大幅削減指導。但那是因為他們正在推遲發貨嗎？或者是因為他們不能接受您的產品發貨？我的意思是，似乎必須是後者，而不是他們推出發貨或不從寄售中撤出，因為一切都很緊張，整個鏈條都在努力建立庫存。

Sure. Yes. And Tim, I think we've talked about now for a couple of quarters that we've observed behavior where customers' behavior really shifted to focusing on those matched sets. And as we've talked about, that can be symptomatic of growing customer inventory, that's just not a mix, right? So -- and with that, we've got tens of thousands of products that are immediately available on TI.com. So they can get more product if they wanted and if they're indiscriminate of the types of products that they need. But increasingly, they're trying to find those matched sets to complete those bills. Whether that's our product, in some cases, a lot of times, it's our peers' products in the industry, and sometimes, it's maybe not even a semiconductor product that they need to complete their system to get it out the door. So yes, so just to say just because you have a product sitting there, customers just indiscriminately aren't taking product overall.

當然。是的。蒂姆，我想我們已經討論了幾個季度，我們觀察到客戶的行為真正轉向關注那些匹配的集合。正如我們所討論的，這可能是客戶庫存增加的症狀，這不是混合，對吧？因此，我們擁有數以萬計的產品，可立即在 TI.com 上獲得。因此，如果他們想要並且不分青紅皂白地選擇他們需要的產品類型，他們就可以獲得更多產品。但他們越來越多地試圖找到那些匹配的套裝來完成這些賬單。無論是我們的產品，在某些情況下，很多時候，它是我們業內同行的產品，有時，甚至可能不是他們需要完成系統才能將其推出市場的半導體產品。所以是的，所以只是因為你有一個產品坐在那裡，客戶只是不分青紅皂白地不接受整個產品。

Let me just add to that. And Tim, if I understood your question correctly, you're asking tactically of whether the customers -- where is the bottleneck for the customers in China not being able to run their operations. We're seeing cases where factories are shut down, and they just will not accept -- they cannot accept deliveries. In other cases, the freight forwarders will not take our parts from our distribution centers to ship them to the factories in China, particularly in the Shanghai area, because those are shut down. So tactically, that is what's keeping -- the primary reason why we took this adjustment because that's keeping our parts from being delivered to the...

讓我補充一下。蒂姆，如果我正確理解了你的問題，你是在戰術上詢問客戶——中國客戶無法運營業務的瓶頸在哪裡。我們看到工廠關閉的情況，他們就是不接受——他們不能接受交貨。在其他情況下，貨運代理不會將我們的零件從我們的配送中心運送到中國的工廠，尤其是上海地區的工廠，因為這些工廠已經關閉。所以從戰術上講，這就是保持 - 我們進行此調整的主要原因，因為這使我們的零件無法交付給...

Or the factory staff or other reasons that are going on that's reducing that demand.

或者工廠員工或其他正在減少需求的原因。

And so we'll take our next question from William Stein with Truist Securities.

因此，我們將向 Truist Securities 的 William Stein 提出我們的下一個問題。

The last question is very similar to mine. And I just want to ask it maybe in a little bit more of a detailed fashion. When we talk about the disruptions in China, are you -- maybe you can just provide a bit more detail. Are you not shipping to the region as a whole? Or are you taking this on a customer-by-customer basis in terms of what you're choosing to -- or in terms of what you're able to ship?

最後一個問題和我的很相似。我只是想以更詳細的方式問它。當我們談論中國的中斷時，您是嗎？也許您可以提供更多細節。你們不是整個地區發貨嗎？或者，您是根據您的選擇——或者根據您能夠運送的內容，逐個客戶進行處理？

And then the follow-up is related to that, we've heard at least one large automotive OEM talk about having opened up their facility recently and ramping with a vengeance. And I wonder if you see this among customers more broadly, or is that an exception.

然後跟進與此相關，我們至少聽說過一家大型汽車 OEM 談到最近開設了他們的設施並進行了報復。我想知道您是否在更廣泛的客戶中看到了這一點，或者這是一個例外。

Yes. So I'll give you my take. It is case by case. There's at least -- just saw a report -- dozens, if not hundreds, of factories that are shut down, but there are other hundreds that are operating at different levels, right? Some -- and some cities are affected more than others. Obviously, Shanghai, we've all read in the news what's going on there, and factories in that area are affected more. And -- but there are restrictions beyond Shanghai. But it's case by case. There are factories operating at zero, like complete shutdown. There are others operating at 20%, 50% and so forth.

是的。所以我會給你我的看法。這是個案。至少 - 剛剛看到一份報告 - 數十家（如果不是數百家）工廠被關閉，但還有其他數百家在不同級別運營，對嗎？有些——有些城市受到的影響比其他城市更大。顯然，上海，我們都在新聞中看到了那裡的情況，該地區的工廠受到的影響更大。而且——但是上海以外的地方也有限制。但這是個案。有工廠在零運轉，比如完全停工。還有其他的以 20%、50% 等運行。

Do you have a follow-on, Will?

你有後續嗎，威爾？

Perhaps you can talk about changes in delivery patterns by channel? In particular, I would be curious if you saw any slowdown in orders at TI.com, which I think is somewhat of a different channel from your typical direct business.

或許您可以按渠道談談交付模式的變化？特別是，如果您看到 TI.com 的訂單出現任何放緩，我會很好奇，我認為這與您的典型直接業務渠道有些不同。

Yes. I would say that in the quarter and as we described the environment in the first quarter, we would describe it as similar to what we've seen over the last couple of quarters. And just order rates and cancellation -- order rates remain strong, cancellations, reschedules and those things, that customer behavior is consistent. Those things are low and consistent with what we've seen over the last couple of quarters. And that's across those different channels and inputs.

是的。我想說的是，在本季度，正如我們在第一季度描述的環境一樣，我們會將其描述為與過去幾個季度所看到的類似。只有訂單率和取消率——訂單率仍然很高，取消、重新安排和那些客戶行為是一致的。這些事情很低，與我們在過去幾個季度看到的情況一致。這是跨越那些不同的渠道和輸入。

Yes. The other thing I would add is, as we have seen in other cases during the entire pandemic, being able to ship direct and have the direct relationship with customers, it's a huge advantage. Especially when you face these type of challenges, just not having an intermediary that kind of, frankly, most of the time gets in the way, and it's not optimal for your relationship with the customer, but also there's the tactical operational delivery of products. So whether it's TI.com or non-TI.com legacy shipments going direct, it's a huge benefit being able to do that. Now, close to 70% of our revenue is direct.

是的。我要補充的另一件事是，正如我們在整個大流行期間在其他情況下看到的那樣，能夠直接發貨並與客戶建立直接關係，這是一個巨大的優勢。尤其是當您面臨這些類型的挑戰時，坦率地說，大多數時候沒有中間人會妨礙您，而且這對於您與客戶的關係並不是最佳的，而且還有產品的戰術操作交付。因此，無論是 TI.com 還是非 TI.com 的傳統發貨直接進行，能夠做到這一點是一個巨大的好處。現在，我們近 70% 的收入是直接的。

We'll take our next question from Blayne Curtis with Barclays.

我們將向巴克萊銀行的 Blayne Curtis 提出下一個問題。

I want to ask you on the CapEx plans. You're pretty clear about your plans with the capital allocation day. I guess the spend in March is a little bit kind of flat at that kind of base level for, as you said, Lehi. I guess you were talking about adding capacity in the second half. So maybe refresh us if you're still going to spend kind of $3.5 billion and if the capacity is still coming in line with the second half.

我想問你關於資本支出計劃的問題。您對資本分配日的計劃非常清楚。我猜三月份的支出在那種基本水平上有點平淡，正如你所說的，李海。我猜你說的是下半年增加產能。因此，如果您仍將花費 35 億美元並且產能仍與下半年保持一致，那麼也許可以刷新我們。

Yes. So a couple of angles on your question. First, no changes to our plans. These are long-term plans. So our -- in terms of CapEx, so our $3.5 billion per year for the next four years, that is intact. We're very excited about those. I'm very excited about those. We are -- RFAB2 will ramp production in the second half of this year. Lehi will qualify and ramp production in the first quarter of next year. In just a matter of weeks, or a month or so, we're going to break ground in Sherman. So that's all very exciting, and that is not changing.

是的。所以你的問題有幾個角度。首先，我們的計劃沒有改變。這些都是長期計劃。所以我們的 - 就資本支出而言，我們未來四年每年 35 億美元，這是完好無損的。我們對這些感到非常興奮。我對這些感到非常興奮。我們是——RFAB2 將在今年下半年增加產量。 Lehi 將在明年第一季度獲得資格並提高產量。在短短幾週或一個月左右的時間裡，我們將在謝爾曼破土動工。所以這一切都非常令人興奮，並且沒有改變。

Maybe the first part of your question, on the CapEx, short term, -- just keep in mind that the fourth quarter CapEx had the Lehi numbers there. So that -- that's why that number was higher, and now you're seeing that number come down in first quarter. That's just -- we had about $800 million -- close to $900 million worth of CapEx. But our plans, the $3.5 billion run rate per year for '22, '23, '24, '25, of course that's just an average. But that is still -- that is in place, and we're very excited about that.

也許你的問題的第一部分，關於短期資本支出——請記住，第四季度的資本支出有 Lehi 數字。所以 - 這就是這個數字更高的原因，現在你看到這個數字在第一季度下降了。這只是——我們有大約 8 億美元——價值接近 9 億美元的資本支出。但我們的計劃是，22 年、23 年、24 年、25 年每年 35 億美元的運行率，當然這只是平均水平。但這仍然 - 已經到位，我們對此感到非常興奮。

Yes. That's just math. Blayne, do you have a follow-up?

是的。那隻是數學。 Blayne，你有後續嗎？

Yes. Well, I guess, 400 times four is not $3.5 billion. That was, I guess, the question. But I guess, you're still sticking to that forecast and it should go up.

是的。嗯，我猜，400 乘以 4 並不是 35 億美元。我猜這就是問題所在。但我想，你仍然堅持這個預測，它應該會上漲。

So just remember, it's just an average. The $3.5 billion is an average. So it's not going to be every year $3.5 billion. We'll likely run below -- very likely run below $3.5 billion in 2022, which, of course, means we'll run higher in the next three years. That's just the math on that, right?

所以請記住，這只是一個平均值。 35億美元是平均水平。所以不會是每年 35 億美元。到 2022 年，我們很可能會低於 35 億美元，這當然意味著我們將在未來三年內跑得更高。那隻是數學上的，對吧？

Right. And then, I guess, just for the guide, I want to make sure I understand the mechanics. It sounds like utilization stays high. The mix has been kind of, industrial and auto, that's all favorable on gross margin. You did hit 70%. I think a lot of companies have signaled that maybe gross margins would tail off through the rest of the year as kind of pricing comes down. I'm kind of curious to your perspective on kind of gross margins at this level, being sustainable for the rest of the year.

對。然後，我想，只是為了指導，我想確保我了解機制。聽起來利用率很高。這種混合有點像工業和汽車，這對毛利率都是有利的。你確實達到了 70%。我認為很多公司已經暗示，隨著價格的下降，毛利率可能會在今年剩餘時間內下降。我有點好奇你對這個水平的毛利率的看法，在今年剩下的時間裡是可持續的。

Yes. Our focus is not on managing gross margins. Our focus has been and will continue to be on growing free cash flow per share for the long term. So gross margin will be what it will be, but we'll continue to make our investments on CapEx to support our revenue plans and generate long-term growth of free cash flow.

是的。我們的重點不是管理毛利率。從長遠來看，我們一直並將繼續關注增加每股自由現金流。因此，毛利率將保持不變，但我們將繼續對資本支出進行投資，以支持我們的收入計劃並產生自由現金流的長期增長。

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

我們將回答 Ambrish Srivastava 與 BMO 的下一個問題。

I had a question on -- I just wanted to make sure I understood this. From a top-down, I got that perspective. But then Dave, I thought I heard you mention that cancellations have not changed. Why shouldn't cancellation change if you're taking your numbers down by 10%? Shouldn't that lead to cancellations changing versus what they have been in the last couple of quarters?

我有一個問題——我只是想確保我理解這一點。從上到下，我得到了這個觀點。但是戴夫，我想我聽到你提到取消沒有改變。如果您將數字減少 10%，為什麼不取消更改？這不應該導致取消與過去幾個季度的情況相比發生變化嗎？

Yes. So just to explain that, customers that -- where their operations are being impacted, they would still like that product. And so they are not canceling those orders. They would still like to be in line and get that product as soon as they can take it. So that's what they're communicating to us from that. So that's why we're not -- that's not showing up as a cancellation though we are seeing the demand being impacted at this point.

是的。因此，只是為了解釋這一點，客戶 - 他們的運營受到影響，他們仍然會喜歡該產品。所以他們不會取消這些訂單。他們仍然希望排隊並儘快獲得該產品。這就是他們與我們交流的內容。所以這就是為什麼我們沒有 - 儘管我們看到此時需求受到影響，但這並沒有顯示為取消。

Got it. But that metric is usually for that one quarter or -- and I should know this answer, but I don't, that metric is usually for the quarter that you provide us, or is it for more than -- is it for longer than a quarter?

知道了。但是該指標通常是針對那個季度的，或者-我應該知道這個答案，但我不知道，該指標通常是針對您提供給我們的季度，還是超過-超過四分之一？

Well, yes, the cancellations, as we look at them, are the cancellations that we would receive in a quarter. It could, of course, be for demand that might be outside, of either in the current quarter or even a longer period of time. If a cancellation comes in, right, a customer could say they want to cancel an order for next week and also for six months out as well. So -- but if they canceled it, we record it as a cancellation in the quarter that we received the cancellation. So well, with that, we'll go ahead and wrap up. Rafael?

嗯，是的，我們看到的取消是我們將在一個季度內收到的取消。當然，這可能是針對可能在當前季度甚至更長時期之外的需求。如果取消，對，客戶可能會說他們想取消下週的訂單，也想取消六個月的訂單。所以 - 但如果他們取消了它，我們會將其記錄為我們收到取消的季度的取消。好吧，有了這個，我們將繼續進行總結。拉斐爾？

Okay. So let me wrap up by reiterating what we have said previously. At our core, we're engineers, and technology is the foundation of our company. But ultimately, our objective and the best metric to measure progress and generate long-term value for owners is the growth of free cash flow per share.

好的。最後，讓我重申一下我們之前所說的話。在我們的核心，我們是工程師，技術是我們公司的基礎。但最終，我們衡量進展和為所有者創造長期價值的目標和最佳指標是每股自由現金流的增長。

While we strive to achieve our objective, we'll continue to pursue our three ambitions. We will act like owners who will own the company for decades. We will adapt and succeed in a world that's ever changing. And we will be a company that we're personally proud to be a part of and would want as our neighbor. When we're successful, our employees, customers, communities and owners all benefit.

在我們努力實現目標的同時，我們將繼續追求我們的三個雄心壯志。我們將像擁有公司數十年的所有者一樣行事。我們將適應瞬息萬變的世界並取得成功。我們將成為一家我們個人為能成為其中一員並希望成為我們的鄰居而感到自豪的公司。當我們成功時，我們的員工、客戶、社區和業主都會受益。

Thank you, and have a good evening.

謝謝你，祝你晚上愉快。

Thank you. And that does conclude today's conference. We do thank you all for your participation, and you may now disconnect.

謝謝你。這確實結束了今天的會議。我們非常感謝大家的參與，您現在可以斷開連接。