The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst
: I guess the first question, you provided the outlook for the IoT business. As everyone is aware, we have supply constraints, so I assume that this
contemplates that. But I guess in the near term -- I guess, in the longer term, certainly, scale matters with the foundry base. I'm just curious on how
you think about that aspect as you -- as you consider this, will supply constraints still be a factor even in the next year? And given that you may
have less scale at that point, how do you see that? Or for example, the I&A are just using different foundry partners altogether and it really shouldn't
matter?
Question: William Chapman Peterson - JPMorgan Chase & Co, Research Division - Analyst
: Okay. And I guess you put forth a long-term target, it looks like it would take around 3 years or so to kind of reach the bottom end at sort of a 20%
growth profile. And just to be sure, that's on an organic basis, no need for M&A to meet that. That's the first part of that question. But secondly, as
you consider the portfolio of IoT as it stands today, are there any areas that you feel will require additional investments, either, I guess, inorganically?
Or would you look -- I mean, organically? Or would you -- they are the things you really need to add using maybe some of the proceeds that you're
getting from this.
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