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.

大家好，歡迎參加德州儀器 22 年第一季財報發布電話會議。今天的會議正在錄製。現在，我想將會議交給戴夫·帕爾先生。先生，請繼續。

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 年第一季財報電話會議。

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.

對於錯過此次發布的人，您可以在我們的網站 ti.com/ir 上找到它。本次通話正在網路直播，可透過我們的網站存取。重播將透過網路提供。

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前瞻性陳述，其中涉及風險和不確定性，可能導致 TI 的結果與管理層目前的預期有重大差異。我們鼓勵您查看今天發布的收益報告以及 TI 最新的 SEC 文件中包含的有關前瞻性聲明的通知，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.

我們的財務長 Rafael Lizardi 今天和我在一起，我們將提供以下更新。首先，我將簡單回顧一下本季的情況。接下來，我將深入了解第一季的收入結果，並介紹一些有關我們的客戶和市場的詳細資訊。最後，拉斐爾將介紹第二季的財務表現和指引，包括中國 COVID-19 限制措施的影響。

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.

首先簡單回顧一下第一季。本季營收為 49 億美元，比上一季成長 2%，比去年同期成長 14%，這得益於工業、汽車和企業系統的成長。模擬收入成長了 16%，嵌入式處理成長了 2%，而我們的「其他」部門則比去年同期成長了 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，讓我對第一季的環境進行評論，以提供一些我們看到的客戶和市場狀況的背景資訊。整體而言，本季的產品領域、終端市場和地區表現都符合我們的預期。

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.

第一季的市場環境與我們觀察到的過去幾季的市場環境類似。客戶在提出加急請求時仍然很有選擇性，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、終端市場或地區。

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.

接下來，我將提供一些有關我們第一季按終端市場劃分的收入與去年同期相比的情況。首先，工業和汽車市場分別上漲約20%，並且均受到各行業的廣泛增長的推動。與強勁的對比相比，個人電子產品銷售下降了中等個位數。接下來是通訊設備上漲了約10%。最後，企業系統較疲軟同期成長了約 35％，成長主要來自資料中心和企業運算。

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

拉斐爾現在將回顧獲利能力、資本管理和我們的展望。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，第一季的營收為 49 億美元，比去年同期成長 14%。本季毛利為 34 億美元，佔營收的 70%。與去年同期相比，毛利率增加了500個基點。提醒一下，去年同期，由於冬季風暴的影響，我們的收入成本中增加了約 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.

本季營運費用為 8.13 億美元，與去年同期基本持平，符合預期。過去 12 個月，營業費用為 32 億美元，佔營收的 17%。

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

第一季的重組費用為 6,600 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.

本季營業利潤為 26 億美元，佔營收的 52%。營業利潤較去年同期成長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.

第一季淨收入為 22 億美元，即每股 2.35 美元，其中包括我們先前預期未包含的 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，從現金產生開始。本季經營活動現金流為 21 億美元。本季的資本支出為 4.43 億美元，過去 12 個月的資本支出為 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，並回購了價值 5.89 億美元的股票。總的來說，我們在過去 12 個月裡歸還了 50 億美元。同一時期，我們的股利佔自由現金流的 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，第一季末的現金和短期投資為 98 億美元。未償還債務總額為 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.

庫存金額較上一季增加 1.5 億美元，達到 21 億美元，庫存天數為 127 天，較上一季增加 11 天，但仍低於預期水準。

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 收入將在 42 億美元至 48 億美元之間，每股收益將在 1.84 美元至 2.26 美元之間。這項展望考慮了由於中國 COVID-19 限制措施導致的需求減少對我們客戶的製造業務造成的影響。

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.

我們繼續預期 2022 年的年度營業稅率約為 14%，有效稅率將下降約一個百分點。

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。我們持續投資於我們的競爭優勢，即製造和技術、廣泛的產品組合、通路覆蓋範圍以及多元化和長期的地位。我們將繼續透過嚴格的資本配置和關注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 Dave.

說完這些，讓我把話題轉回給戴夫。

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，您現在可以接聽問題了。為了讓盡可能多的人有機會提出問題，請將問題限制在一個問題上。我們回覆後，會提供您進一步跟進的機會。操作員？

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

（操作員指示）我們將回答伯恩斯坦研究公司的 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，我想知道您是否了解受中國新冠疫情影響的收入差距有多大。如果您可以出貨的話，您對需求量有什麼看法？顧客們是否完全不守規矩？還是整體需求和訂單環境就像以前一樣，您無法出貨？但如果您能提供有關該差距大小的任何信息，那將是有幫助的。

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，史黛西。我將對此發表評論。我們在四月初的評估表明，第二季營收將繼續逐步成長。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，由於積壓或取消訂單，客戶的行為並沒有改變。事實上，我們不斷看到貨物運輸的加快。然而，我們確實看到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，我們採取的方法是自上而下的評估，並將第二季度的中點減少了 10％，從中點的約 50 億美元降至您看到的 45 億美元。我們做的第二件事是稍微擴大了範圍，以便理解我們整體上看到的更高的不確定性。史黛西，你還有後續問題嗎？

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，你們主要採用內部製造，並嘗試最直接的方式，這是否意味著，我的意思是，你們必須將更多貨物直接運送到中國的客戶手中？您認為這些問題對您的影響會比對整個產業的影響更大嗎？還是您認為這是每個人都必須以同等程度處理的事情？

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.

史黛西，我們認為這主要是由於我們客戶工廠的營運問題造成的，與運輸、直銷、分銷或任何此類問題無關。

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

接下來我們將回答美國銀行證券公司的 Vivek Arya 提出的下一個問題。

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?

第一個問題也與中國有關。你認為這是你可以恢復的東西嗎？這是需求破壞嗎？那麼，按照這個思路，除了中國客戶之外，如果沒有其他客戶，您如何描述需求，是否有此類限制？

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，維韋克。再次強調，我們採取的方法其實只是自上而下地對影響進行 10% 的評估。因此，在選擇該數字時，我不會認為有任何精確度，這也是我們擴大指導範圍的原因之一。我認為，嘗試預測本季可能發生的情況，我認為時間會證明一切，我們將觀察事態如何發展，並在本季度結束時報告。所以這實際上是我們試圖評估正在發生的事情的方法。您有後續訊息嗎？

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，您如何管理您的晶圓廠利用率和庫存？看起來你暗示毛利率將持續下降幾百個基點。所以我很好奇您是如何管理晶圓廠利用率的，因為我以為我聽到 Rafael 說您的庫存水平仍然低於目標。那麼您是否會在本季繼續規劃並建立更多庫存？

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。這個問題中有幾件事。讓我嘗試解決其中的大部分問題。我們的工廠一直處於高利用率狀態，就像過去幾年一樣。事實上，正如我們所說的那樣，我們一直在繼續增加增量容量。下一步將是漸進式生產，RFAB2 將於今年下半年開始生產，LFAB 將於明年第一季（2023 年）開始生產，同時，我們將在今年稍後破土動工建設謝爾曼工廠。

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。我們將要建立庫存。我們剛剛報告的上個季度庫存確實增加了約 1.5 億美元，但仍低於預期水準。因此，我們的目的是繼續建立庫存，即，如您所知，我們在庫存方面的目標是保持高水準的客戶服務。粗略地說，我們的目標是 130 到 190 天，但我們希望達到這個範圍的高端，即使超過這個範圍的高端，我們也不會感到不舒服。

We have our next from Ross Seymore with Deutsche Bank.

下一位嘉賓是德意志銀行的羅斯·西摩 (Ross Seymore)。

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?

我認為中國方面比較弱，而且我認為 10% 是任何人都能想到的最好的數字。但是，就整個行業的短缺和其他方面的需求而言，從你序言的部分內容來看，情況似乎並沒有改變，戴夫。為什麼這不會使您的標準產品出貨量稍微增加一些，從而增加對這些客戶的供應和短缺，以彌補您在中國原本會看到的短缺呢？

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，不是，這是一個公平的問題，而這已經嵌入到我們的流程中，只要是可行的。我們—我們的流程允許重新定向庫存。但請記住，我們談論的是 100,000 個不同的部件——100,000 個不同的客戶，80,000 個不同的部件，因此，永遠不可能出現一個完美的情況，即一個地方的多餘的部件可以整齊地運輸到另一個地方，對嗎？然後我想告訴你的另一件事，就像戴夫幾次強調的那樣，這是對該調整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。也許我也會補充這一點，羅斯。我們已經討論了幾個季度以來的行為，我們發現，客戶更加關注匹配的套裝，這可能是客戶庫存不均衡增長的徵兆。因此，即使我們可能在某個地區提供某些零件，但另一個地區的客戶可能並不需要它們。因此，那裡有多種動力在起作用。您有後續訊息嗎？

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。過去幾年裡，儘管你們設定了 100% 的現金回報目標，但你們卻沒有回購任何股票，這讓你們感到很難過。 但本季度你們回購了，而且看起來你們已經非常接近 100% 的回報了。有什麼改變？

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.

羅斯，你認識我們很久了，你知道我們對現金回報的看法。但對於其他所有人來說，我們在資本管理和每個季度都會談論這個問題，當涉及現金回報時，我們的目標是將所有自由現金流返還給公司所有者。我們透過股息和回購來實現這一點。我們一直堅持這樣做，並且擁有良好的業績記錄。所以我們已經這樣做了，並致力於繼續這樣做。

We'll hear next from Chris Danely with Citi.

接下來我們請到花旗銀行的 Chris Danely 發言。

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，考慮到中國存在的所有這些 COVID 問題和停工，但世界其他地區卻沒有變化，您是否預計 TI 和半導體行業的短缺情況會因此變好還是變壞？或者您認為不會有變化？

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。我會先發制人，如果你想加入的話，還有拉斐爾。我認為我們將繼續做的事情以及我們如何解決這個問題，不受週期影響，只是專注於長期建立更強大的公司。其中包括增加我們現有的新製造能力、投資研發、投資新能力等。所以這些都是我們可以控制的事情，也是我們會持續關注的事情。克里斯，您還有後續問題嗎？

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疫情問題放在外部，您會對最終市場做出怎樣的評論？

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，本季的業績符合我們的預期。總體而言，我們僅略高於範圍的最高端。本季受到工業和汽車市場的推動。正如我們所談到的，我們確實看到企業系統的強勁成長。這主要來自資料中心和企業計算。這只是我們收入的一小部分，但您看到上個季度它強勁增長。展望未來幾年，這可能仍將是一個強勁的成長點，但它在我們的收入中所佔的比例還不是很大。因此，我們對工業和汽車領域的成長感到高興。如果你把目光放遠一點，你會發現這就是公司的策略重點。因此，我們很高興看到這一趨勢轉化為長期成長。

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

接下來我們請到摩根士丹利的喬·摩爾發言。

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?

我想知道您是否可以先解決您所說的仍然看到強勁的加速活動的問題。你們仍然看到的限制是否來自於內部晶圓廠的產能，來自於代工後端？您能否告訴我們瓶頸在哪裡？

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.

那我就開始了。首先，我可能想稍微調整一下你的前提。我們仍看到一些加速的進展。但正如戴夫多次提到的那樣，客戶在加快速度方面仍然很有選擇性。所以他們繼續關注匹配集，好嗎？因此，這不僅僅是全面加快速度。第二，具體到您所說的第二部分，我們所看到的主要是基於我們的客戶的製造業務在中國受到的影響。

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?

我們也能夠滿足許多加急請求。所以我認為你的問題更多的是，喬，我們確實存在限制，是什麼導致了這些限制。這並非針對任何產品或任何特定領域。它可以從一個季度移動到另一個季度。這可能是一種工藝技術。它可能是一種包裝技術，也可能是其他可能推動它的因素，我們的團隊將與客戶合作以滿足這些需求。您有後續訊息嗎？

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，因為你們的競爭對手已經將代工價格上漲轉嫁到別人的身上，並且提高了價格。你們對此有何反應？您能否告訴我們，您的定價與同類產品相比有何變化？

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。有幾件事。首先，就投入成本方面而言，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能力，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，這使我們處於一個非常好的境地，在定價方面，我們不會受到那些代工廠或分包商的擺佈，對嗎？所以我們有更好的方法來處理這些投入成本。這就是投入成本的問題。

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.

關於定價，一般來說，我們與客戶的定價流程並沒有改變。我們的流程是根據市場定價。隨著過去兩、三個季度價格上漲，第一季的價格也隨之上漲，我們的價格也隨之調整。第一季的成長確實受益於價格的順風。

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

下一個問題由瑞銀的 Timothy Arcuri 提出。

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的 6 月削減的 10%。如果──封鎖似乎已經變得更好了。他們看起來稍微放鬆了一些。所以我想，問題是，這 10% 的人是否認為這種情況會持續整個六月？或者，如果情況好轉，從現在到六月，這 10% 是否會被證明是保守的？然後我也進行了後續行動。

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。我知道這也許不能令人滿意，但我還是重複我們之前說過的話。這是自上而下的頂層評估，並不意味著精確。事實上，就像我們之前所說的那樣，我們甚至擴大了範圍以反映更高的不確定性。時間會證明一切。當我們在 90 天後報告結果時，我們將看到事情的發展。

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。也許是作為我的第二個——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問題。但如果客戶如此緊張，而且封鎖肯定是暫時的，我想，客戶似乎只會拿走產品，然後將其放入庫存。因此很明顯，在過去三週內，您選擇大幅削減指導。但這是因為他們正在推遲發貨嗎？還是因為他們無法接受您的產品出貨？我的意思是，似乎必須是後者，而不是他們推遲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。提姆，我想我們已經討論了幾個季度以來我們觀察到的行為，客戶的行為確實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徵兆，這不是混合情況，對吧？因此，我們在 TI.com 上提供了數以萬計的產品可供立即購買。因此，如果他們願意的話，他們可以得到更多的產品，並且他們可以不加區分地選擇他們需要的產品類型。但他們越來越多地嘗試尋找那些匹配的集合來完成這些賬單。不管那是我們的產品，在某些情況下，很多時候，那是我們行業內同行的產品，有時，甚至可能不是他們完成系統所需的半導體產品。是的，只是因為你有產品放在那裡，所以客戶不會隨意購買產品。

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...

讓我補充一點。提姆，如果我理解正確的話，你是在從策略上詢問客戶——中國客戶無法開展業務的瓶頸在哪裡。我們看到一些工廠關閉的情況，他們根本就不接受——他們無法接受交貨。在其他情況下，貨運代理商不會將我們的零件從配送中心運送到中國的工廠，特別是上海地區的工廠，因為這些工廠都關閉了。所以從戰術上講，這就是我們進行這項調整的主要原因，因為這會阻止我們的零件運送到…

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

或者工廠工作人員或其他原因導致了需求的減少。

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

接下來我們將回答 Truist Securities 的 William Stein 提出的下一個問題。

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。我只是想更詳細地問一下這個問題。當我們談論中國發生的混亂時，您能否提供更詳細的資訊？您不向整個地區發貨嗎？還是您是根據每位客戶的具體情況，決定要選擇什麼產品—或者您可以運送什麼產品？

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.

與此相關的是，我們聽到至少有一家大型汽車原始設備製造商談論最近開放了他們的工廠並大力擴張產能。我想知道您是否在更廣泛的客戶中看到這種情況，或者這只是一個例外。

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。所以我會告訴你我的看法。這是具體情況具體分析的。至少——剛剛看到一份報告——有幾十家甚至幾百家工廠被關閉，但還有數百家工廠在不同程度上仍在運營，對嗎？有些城市受到的影響比其他城市更大。顯然，我們都在新聞中看到了上海發生的事情，那裡的工廠受到更大的影響。但是上海以外還存在限制。但這取決於具體情況。有些工廠處於零運轉狀態，就像完全停工一樣。還有其它的以 20%、50% 等等的比例運作。

Do you have a follow-on, Will?

威爾，你還有後續問題嗎？

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.

或許您可以談談各通路交付模式的變化？特別是，我很好奇您是否發現 TI.com 上的訂單有所放緩，我認為這與典型的直接業務管道有所不同。

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，在本季度，正如我們描述第一季的環境一樣，我們會將其描述為與過去幾季所看到的情況類似。就訂單率和取消率而言——訂單率仍然很高，取消率、重新安排率等等，客戶行為都是一致的。這些數字很低，與我們過去幾季看到的情況一致。這是透過不同的管道和輸入實現的。

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。我想補充的另一件事是，正如我們在整個疫情期間的其他案例中看到的那樣，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，沒有中間人，坦白說，大多數時候都會造成阻礙，這對您與客戶的關係來說不是最佳的，而且還有產品的戰術運營交付。因此，無論是透過 TI.com 或非 TI.com 的傳統貨物直接運輸，都能帶來巨大的好處。現在，我們的收入有近70%來自直接收入。

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

我們將回答巴克萊銀行的布萊恩柯蒂斯提出的下一個問題。

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.

我想問一下您的資本支出計劃。您對資本配置日的計劃非常清楚。我想，正如你所說，對於利哈伊來說，三月的支出在這種基準水平上有點持平。我猜你說的是下半年增加產能。因此，如果您仍要花費 35 億美元，並且產能仍與下半年保持一致，那麼請告訴我們您的情況。

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。對於您的問題，我可以從幾個角度來談談。首先，我們的計劃沒有改變。這些都是長期計劃。所以就資本支出而言，我們未來四年每年 35 億美元的支出是完整的。我們對此感到非常興奮。我對這些感到非常興奮。 RFAB2 將在今年下半年提高產量。萊希將於明年第一季達到資格標準並提高產量。只需幾週或一個月左右的時間，我們就會在謝爾曼破土動工。這一切都非常令人興奮，而且這一點不會改變。

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.

也許您問題的第一部分是關於資本支出的，短期的——請記住，第四季度的資本支出中有 Lehi 的數字。所以 — — 這就是為什麼這個數字更高，而現在你看到這個數字在第一季下降了。這只是——我們有大約 8 億美元——接近 9 億美元的資本支出。但我們的計畫是，22、23、24、25年每年35億美元的運行率，當然這只是一個平均值。但它仍然存在——它仍然存在，我們對此感到非常興奮。

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

是的。這只是數學。布萊恩，你還有後續消息嗎？

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 不等於 35 億美元。我想，這就是問題所在。但我想，你仍然堅持那個預測，而且它應該會上升。

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。 35億美元是一個平均值。因此，我們不會每年都達到 35 億美元。我們的支出很可能會低於——很有可能在 2022 年低於 35 億美元，這當然意味著我們在未來三年的支出會更高。這只是數學問題，對嗎？

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.

正確的。然後，我想，只是為了指導，我想確保我理解了機制。聽起來利用率仍然很高。工業和汽車兩大板塊的組合都對毛利率有利。你確實達到了 70%。我認為許多公司已經表示，隨著價格下降，今年剩餘時間內毛利率可能會下降。我有點好奇您對這種水平的毛利率以及在今年剩餘時間內可持續的看法。

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。我們的重點一直是並將繼續是長期增加每股自由現金流。因此毛利率將會保持不變，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實現自由現金流的長期成長。

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

下一個問題我們將由 BMO 的 Ambrish Srivastava 提出。

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，我得到了這種觀點。但是戴夫，我想我聽到你提到取消並沒有改變。如果你們將數量減少 10％，為什麼取消率不應該改變呢？與過去幾季相比，這難道不會導致取消量改變嗎？

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。所以只是為了解釋一下，即使客戶的營運受到了影響，他們仍然會喜歡該產品。所以他們不會取消這些訂單。他們仍然願意排隊並儘快拿到產品。這就是他們向我們傳達的訊息。所以這就是為什麼我們沒有——雖然我們看到需求目前受到了影響，但這並不表示取消。

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。但是該指標通常針對那一個季度，或者——我應該知道這個答案，但我不知道，該指標通常針對您向我們提供的那個季度，還是針對超過——超過一個季度？

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，我們所看到的取消是我們在一個季度內收到的取消。當然，這可能是針對當前季度或更長一段時間以外的需求。如果有取消訂單的情況，那麼客戶可以說他們想取消下週的訂單以及六個月後的訂單。所以 - 但是如果他們取消了，我們會在收到取消通知的季度將其記錄為取消。好了，我們就此結束吧。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，請容許我重申一下我們之前說過的內容。從本質上講，我們是工程師，技術是我們公司的基礎。但最終，我們的目標以及衡量進度和為業主創造長期價值的最佳指標是每股自由現金流的成長。

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大抱負。我們將像擁有公司幾十年的主人一樣行事。我們將適應不斷變化的世界並取得成功。我們將成為一家讓我們感到自豪並願意成為我們鄰居的公司。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.

謝謝您，祝您晚上愉快。

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

謝謝。今天的會議到此結束。我們非常感謝大家的參與，現在您可以斷開連線了。