微晶片科技 (MCHP) 2022 Q1 法說會逐字稿

Good day, everyone, and welcome to Microchip's First Quarter Fiscal 2022 Financial Results.

大家好，歡迎閱讀 Microchip 2022 財年第一季度財務業績。

As a reminder, today's call is being recorded.

提醒一下，今天的電話正在錄音中。

At this time, I would like to turn the conference over to Microchip's CFO, Mr. Eric Bjornholt.

在這個時候，我想把會議交給 Microchip 的首席財務官 Eric Bjornholt 先生。

Please go ahead, sir.

請繼續，先生。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

During the course of this conference call, we will be making projections and other forward-looking statements regarding future events or the future financial performance of the company.

在本次電話會議期間，我們將對未來事件或公司未來財務業績做出預測和其他前瞻性陳述。

We wish to caution you that such statements are predictions and that actual events or results may differ materially.

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

We refer you to our press releases of today as well as our recent filings with the SEC that identify important risk factors that may impact Microchip's business and results of operations.

我們向您推薦我們今天的新聞稿以及我們最近向 SEC 提交的文件，這些文件確定了可能影響 Microchip 業務和運營結果的重要風險因素。

In attendance with me today are Ganesh Moorthy, Microchip's President and CEO; and Steve Sanghi, Microchip's Executive Chair.

今天與我一同出席的有 Microchip 總裁兼首席執行官 Ganesh Moorthy；和 Microchip 執行主席 Steve Sanghi。

I will comment on our first quarter fiscal year 2022 financial performance.

我將評論我們 2022 財年第一季度的財務業績。

Ganesh will then provide commentary on our results and financial business environment as well as our guidance, and Steve will provide an update on our cash return strategy.

然後，Ganesh 將對我們的業績和財務業務環境以及我們的指導提供評論，史蒂夫將提供我們現金回報策略的最新信息。

We will then be available to respond to specific investor and analyst questions.

然後，我們將可以回答特定的投資者和分析師的問題。

We are including information in our press release and this conference call on various GAAP and non-GAAP measures.

我們將在我們的新聞稿和本次電話會議中包含有關各種 GAAP 和非 GAAP 措施的信息。

We have posted a full GAAP to non-GAAP reconciliation on the Investor Relations page of our website at www.microchip.com, and included reconciliation information in our press release, which we believe you will find useful when comparing GAAP and non-GAAP results.

我們已在我們網站 www.microchip.com 的投資者關係頁面上發布了完整的 GAAP 與非 GAAP 對賬，並在我們的新聞稿中包含對賬信息，我們相信您在比較 GAAP 和非 GAAP 結果時會發現這些信息很有用.

We have also posted a summary of our outstanding debt and leverage metrics on our website.

我們還在我們的網站上發布了未償債務和槓桿指標的摘要。

We will now go through some of the operating results, including net sales, gross margins and operating expenses.

我們現在將介紹一些經營業績，包括淨銷售額、毛利率和經營費用。

Other than net sales, I will be referring to these results on a non-GAAP basis, which is based on expenses prior to the effects of our acquisition activities, share-based compensation and certain other adjustments as described in our press release.

除淨銷售額外，我將在非公認會計原則的基礎上提及這些結果，這是基於我們的收購活動、基於股份的薪酬和我們新聞稿中描述的某些其他調整的影響之前的費用。

Net sales in the June quarter were $1.569 billion, which was up 7% sequentially and about 150 basis points above the midpoint of our quarterly guidance given on May 6. We have posted a summary of our GAAP net sales by product line and geography as well as our total end market demand on our website for your reference.

6 月季度的淨銷售額為 15.69 億美元，環比增長 7%，比我們 5 月 6 日給出的季度指導中點高出約 150 個基點。我們還發布了按產品線和地理位置劃分的 GAAP 淨銷售額摘要作為我們網站上的總終端市場需求，供您參考。

On a non-GAAP basis, gross margins were a record at 64.8% and operating income was a record 41.7%.

按非公認會計原則計算，毛利率達到創紀錄的 64.8%，營業收入達到創紀錄的 41.7%。

Non-GAAP net income was a record $558.8 million.

非美國通用會計準則淨收入達到創紀錄的 5.588 億美元。

Non-GAAP earnings per diluted share was a record of $1.98, $0.08 above the midpoint of our guidance.

非公認會計原則每股攤薄收益達到創紀錄的 1.98 美元，比我們指導的中點高 0.08 美元。

On a GAAP basis in the June quarter, gross margins were a record at 64.2% and include the impact of $8.8 million of share based compensation expense.

按 GAAP 計算，6 月季度的毛利率達到創紀錄的 64.2%，其中包括 880 萬美元的股票薪酬費用的影響。

Total operating expenses were $638.8 million and include acquisition, intangible amortization of $215.6 million, special charges of $10.5 million, $3.6 million of acquisition related and other costs, and share based compensation of $47.8 million.

總運營費用為 6.388 億美元，包括收購、2.156 億美元的無形攤銷、1050 萬美元的特別費用、360 萬美元的收購相關成本和其他成本，以及 4780 萬美元的股權補償。

GAAP net income was $252.8 million or $0.89 per diluted share.

GAAP 淨收入為 2.528 億美元或每股攤薄收益 0.89 美元。

Our June quarter GAAP tax expense was impacted by a variety of factors, notably tax reserve releases associated with the statute of limitations expiring.

我們 6 月季度的 GAAP 稅收支出受到多種因素的影響，尤其是與訴訟時效到期相關的稅收儲備釋放。

Our non-GAAP cash tax rate was 6% in the June quarter.

我們的非 GAAP 現金稅率在 6 月季度為 6%。

We expect our non-GAAP cash tax rate for fiscal '22 to be about 6%, exclusive of the transition tax, any potential tax associated with restructuring the Microsemi operations into the Microchip global structure and any tax audit settlements related to taxes accrued in prior fiscal years.

我們預計我們 22 財年的非公認會計原則現金稅率約為 6%，不包括過渡稅、與將 Microsemi 業務重組為 Microchip 全球結構相關的任何潛在稅款以及與之前應計稅款相關的任何稅務審計結算財政年度。

Our inventory balance at June 30, 2021, was $683.8 million.

我們在 2021 年 6 月 30 日的庫存餘額為 6.838 億美元。

We had 111 days of inventory at the end of the quarter, which was down 1 day from the prior quarter's level.

本季度末我們有 111 天的庫存，比上一季度的水平下降了 1 天。

Inventory at our distributors in the June quarter were at 20 days which is a record low level and down from 22 days at the end of the prior quarter.

6 月季度我們分銷商的庫存為 20 天，創歷史新低，低於上一季度末的 22 天。

We are ramping capacity in our internal and external factories so we can ship as much product as possible to support customer requirements.

我們正在提高內部和外部工廠的產能，以便我們可以運送盡可能多的產品來滿足客戶的需求。

In the June quarter, we issued a $1 billion senior secured note maturing on September 1, 2024, and bearing interest at 0.983%.

在 6 月季度，我們發行了 10 億美元的優先擔保票據，於 2024 年 9 月 1 日到期，利率為 0.983%。

We used the proceeds from this bond offering to repay a $1 billion senior secured note that matured on June 1, 2021, that had an interest rate of 3.922%.

我們使用本次債券發行的收益來償還 10 億美元的優先擔保票據，該票據於 2021 年 6 月 1 日到期，利率為 3.922%。

We believe this was another excellent transaction for us as we continue to enhance our capital structure on our path to becoming an investment-grade rated company.

我們相信這對我們來說是另一項出色的交易，因為我們在成為投資級評級公司的道路上繼續加強我們的資本結構。

Our cash flow from operating activities was a record at $629.9 million in the June quarter.

我們的經營活動現金流在 6 月季度達到創紀錄的 6.299 億美元。

As of June 30, our consolidated cash and total investment position was $279.7 million.

截至 6 月 30 日，我們的綜合現金和總投資頭寸為 2.797 億美元。

We paid down $388 million of total debt in the June quarter.

我們在 6 月季度償還了 3.88 億美元的總債務。

Over the last 12 full quarters since we closed the Microsemi acquisition and incurred over $8 billion in debt to do so, we have paid down almost $4 billion of the debt and continue to allocate substantially all our excess cash beyond dividends to aggressively bring down this debt.

自從我們完成對 Microsemi 的收購併為此產生了超過 80 億美元的債務以來的過去 12 個完整季度中，我們已經償還了近 40 億美元的債務，並繼續將我們大部分多餘的現金分配到股息之外，以積極降低債務.

We have accomplished this despite the adverse macro and market conditions during most of this time period, which we feel is a testimony to the cash generation capabilities of our business as well as our ongoing operating discipline.

儘管在這段時間的大部分時間裡宏觀和市場條件不利，我們還是實現了這一目標，我們認為這證明了我們業務的現金產生能力以及我們持續的經營紀律。

We continue to expect our debt levels to reduce significantly over the next several years.

我們繼續預計我們的債務水平將在未來幾年內大幅下降。

Our adjusted EBITDA in the June quarter was a record $711.7 million and our trailing 12-month adjusted EBITDA was also a record at $2.524 billion.

我們在 6 月季度的調整後 EBITDA 為創紀錄的 7.117 億美元，我們過去 12 個月的調整後 EBITDA 也為創紀錄的 25.24 億美元。

Our net debt to adjusted EBITDA, excluding our very long-dated convertible debt that matures in 2037 and is more equity-like in nature was 3.34% at June 30, 2021, down from 3.71% at March 31.

截至 2021 年 6 月 30 日，我們的淨債務與調整後 EBITDA 的比率（不包括我們在 2037 年到期且更類似於股權的長期可轉換債務）為 3.34%，低於 3 月 31 日的 3.71%。

Our dividend payment in the June quarter was $113.1 million.

我們在 6 月季度支付的股息為 1.131 億美元。

Capital expenditures were $86.3 million in the June quarter.

六月季度的資本支出為 8630 萬美元。

Our forecast for the September 2021 quarter's capital expenditures is between $75 million and $95 million.

我們對 2021 年 9 月季度的資本支出的預測在 7500 萬美元至 9500 萬美元之間。

Our capital expenditures for all of fiscal year '22 are expected to be between $300 million and $350 million.

我們整個 22 財年的資本支出預計在 3 億美元到 3.5 億美元之間。

As a reminder, our fiscal year 2021 capital expenditures came in lower than originally planned due to longer equipment lead times and deliveries pushing out due to overall industry conditions.

提醒一下，我們 2021 財年的資本支出低於原計劃，原因是設備交貨時間較長，並且由於整體行業狀況導致交付推遲。

We continue to add capital equipment to maintain, grow and operate our internal manufacturing operations to support the expected growth of our business.

我們繼續增加資本設備以維持、發展和運營我們的內部製造業務，以支持我們業務的預期增長。

We expect these capital investments will bring gross margin improvement to our business and give us increased control over our production during periods of industry-wide constraints.

我們預計這些資本投資將為我們的業務帶來毛利率的提高，並讓我們在全行業受限期間加強對生產的控制。

Depreciation expense in the June quarter was $41.2 million.

六月季度的折舊費用為 4120 萬美元。

I will now turn it over to Ganesh to give his comments on the performance of the business in the June quarter as well as our guidance for the September quarter.

我現在將把它交給 Ganesh，就 6 月季度的業務表現以及我們對 9 月季度的指導發表評論。

Ganesh?

加內甚？

Thank you, Eric, and good afternoon, everyone.

謝謝你，埃里克，大家下午好。

Our June quarter results continued to be strong, leading off our fiscal year '22 on a positive note.

我們的 6 月季度業績繼續強勁，以積極的姿態帶領我們的 22 財年。

June quarter revenue was an all-time record of $1.57 billion, growing 7% sequentially and was 150 basis points higher than the midpoint of our guidance provided on May 5.

6 月季度收入創歷史新高，達到 15.7 億美元，環比增長 7%，比我們 5 月 5 日提供的指導中點高出 150 個基點。

On a year-over-year basis, our June quarter revenue was up 19.8%.

與去年同期相比，我們 6 月季度的收入增長了 19.8%。

Non-GAAP gross margins were another record at 64.8%, up 70 basis points from the March quarter as we continue to ramp our internal factories and benefit from improved fixed cost absorption.

非 GAAP 毛利率再創紀錄，為 64.8%，比 3 月季度上升 70 個基點，因為我們繼續擴大內部工廠並受益於固定成本吸收的改善。

Non-GAAP operating margin was also a record at 41.7%, up 100 basis points from the March quarter.

非美國通用會計準則營業利潤率也達到創紀錄的 41.7%，比 3 月季度上升 100 個基點。

Our consolidated non-GAAP EPS was above the high end of our guidance at a record $1.98 per share.

我們的綜合非公認會計原則每股收益高於我們指引的高端，達到創紀錄的每股 1.98 美元。

Adjusted EBITDA for the June quarter was again very strong and achieved another record at $701.7 million, continuing to demonstrate the robust profitability and cash generation capabilities of our business through the business cycles.

6 月季度的調整後 EBITDA 再次非常強勁，再創紀錄，達到 7.017 億美元，繼續展示我們業務在整個商業周期中的強勁盈利能力和現金生成能力。

The June quarter marked our 123rd consecutive quarter of non-GAAP profitability.

6 月季度標誌著我們連續第 123 個季度實現非公認會計準則盈利。

I would like to take this occasion to thank all our stakeholders who enabled us to achieve these outstanding and record results in the June quarter and especially thank the worldwide Microchip team, whose tireless efforts not only delivered our strong financial results, but also supported our customers to navigate a difficult environment and who worked constructively with our supply chain partners to find creative solutions in an extremely constrained and challenging environment.

我想藉此機會感謝我們所有的利益相關者，他們使我們能夠在 6 月季度取得這些出色和創紀錄的業績，特別感謝全球 Microchip 團隊，他們的不懈努力不僅為我們帶來了強勁的財務業績，而且還為我們的客戶提供了支持在困難的環境中航行，並與我們的供應鏈合作夥伴進行建設性的合作，在極其受限和具有挑戰性的環境中找到創造性的解決方案。

Taking a look at our business from a product line perspective, our microcontroller revenue was sequentially up 10.7% as compared to the March quarter and set a new quarterly record.

從產品線的角度來看我們的業務，我們的微控制器收入與 3 月季度相比環比增長了 10.7%，並創下了新的季度記錄。

On a year-over-year basis, our June quarter microcontroller revenue was up 26%.

與去年同期相比，我們 6 月季度的微控制器收入增長了 26%。

Each of the 8-bit, 16-bit and 32-bit microcontroller product lines established new all-time revenue records.

每個 8 位、16 位和 32 位微控制器產品線都創造了新的歷史收入記錄。

As we have told you many times in the past, rumors of the death of 8-bit and 16-bit microcontrollers have been greatly exaggerated.

正如我們過去多次告訴您的那樣，關於 8 位和 16 位微控制器消亡的傳言被大大夸大了。

The customers and applications served by microcontrollers are highly fragmented and require a wide range of solutions that span the breadth of our microcontroller product lines.

微控制器服務的客戶和應用程序高度分散，需要涵蓋我們微控制器產品線範圍的廣泛解決方案。

Microcontrollers represented 57.5% of our revenue in the June quarter.

微控制器占我們六月季度收入的 57.5%。

Our analog revenue was sequentially up 4.1% as compared to the March quarter, also setting a record in the process.

與 3 月季度相比，我們的模擬收入環比增長 4.1%，也創下了這一過程的記錄。

On a year-over-year basis, our June quarter analog revenue was up 16.7%.

與去年同期相比，我們 6 月季度的模擬收入增長了 16.7%。

Analog represented 27.5% of our revenue in the June quarter.

模擬量占我們六月季度收入的 27.5%。

Other revenue was sequentially up 5.1% in the June quarter, bouncing back from a 6.4% sequential decline in the March quarter.

其他收入在 6 月季度環比增長 5.1%，從 3 月季度的 6.4% 環比下降中反彈。

Other revenue represented 15% of our revenue in the June quarter.

其他收入占我們六月季度收入的 15%。

Taking a look at our business from a geographic perspective, Americas was up 6.1% sequentially.

從地理角度來看我們的業務，美洲地區環比增長 6.1%。

Europe was down 2.3% sequentially, which is better than typical seasonal performance and came off of a very strong 30.4% sequential growth in the March quarter.

歐洲環比下降 2.3%，好於典型的季節性表現，並擺脫了 3 月季度 30.4% 的強勁環比增長。

Asia was up a strong 11.1% sequentially, reflecting better than typical seasonal growth.

亞洲環比增長 11.1%，表現優於典型的季節性增長。

From an end market perspective, all end markets were strong in the June quarter.

從終端市場的角度來看，所有終端市場在六月季度都表現強勁。

Business conditions continue to be exceptionally strong through the quarter with record bookings and backlog for product to be shipped over multiple quarters accentuated by our Preferred Supply Program, or PSP, which continues to be over 50% of our aggregate backlog and 100% of our backlog in the most constrained capacity product areas.

整個季度的業務狀況繼續異常強勁，我們的首選供應計劃或 PSP 強調了將在多個季度運送的產品的創紀錄的預訂和積壓，這繼續占我們總積壓的 50% 以上和我們積壓的 100%在產能最受限的產品領域。

Demand outpaced the capacity improvements we were able to make -- we were able to implement in the quarter.

需求超過了我們能夠做出的產能改進——我們能夠在本季度實施。

As a result, our unsupported backlog, which customers want to [shift] into June quarter continued to climb significantly, resulting in lead time for many line items continuing to stretch out.

因此，我們不受支持的積壓訂單（客戶希望 [轉移] 到 6 月季度）繼續顯著攀升，導致許多訂單項的交貨時間繼續延長。

We experienced constraints in all of our internal and external factories and their related manufacturing supply chains.

我們在所有內部和外部工廠及其相關的製造供應鏈中都遇到了限制。

We continue to work closely with our supply chain partners who provide wafer foundry, assembly test and materials to secure additional capacity wherever possible.

我們將繼續與我們的供應鏈合作夥伴密切合作，他們提供晶圓代工、組裝測試和材料，以盡可能確保額外的產能。

Through the combination of internal and external actions that we have taken, we expect we will be in a position to support revenue growth for at least each of the next 4 quarters.

通過我們採取的內部和外部行動的結合，我們預計我們將能夠支持至少未來四個季度的每個季度的收入增長。

Despite that, we also expect that wafer fab as well as assembly and test constraints will persist through at least the middle of 2022.

儘管如此，我們還預計晶圓廠以及組裝和測試限制將至少持續到 2022 年年中。

We believe our backlog position, especially the proportion of PSP backlog is giving us a solid foundation to prudently acquire constrained raw materials, invest in expanding factory capacity and hire employees to support our factory ramps.

我們相信我們的積壓狀況，尤其是 PSP 積壓的比例為我們提供了一個堅實的基礎，可以謹慎地採購受限原材料、投資擴大工廠產能並僱傭員工來支持我們的工廠生產。

Our capital spending plans are rising in response to growth opportunities in our business as well as to fill gaps in the level of capacity investments by our outsourced fab, assembly and test partners in technologies that they may consider to be trailing edge, but which we believe will be workhorse technologies for us for many years to come.

我們的資本支出計劃正在增加，以應對我們業務的增長機會，並填補我們外包晶圓廠、組裝和測試合作夥伴在他們可能認為落後但我們相信的技術方面的產能投資水平差距將成為我們未來許多年的主力技術。

The increase in capital spending will enable us to capitalize on growth opportunities, improve our gross margins, increase our market share and give us more control over our destiny for trailing edge technologies.

資本支出的增加將使我們能夠利用增長機會，提高我們的毛利率，增加我們的市場份額，並使我們能夠更好地控制我們在後邊技術的命運。

We will, of course, continue to utilize the capacity available from our outsourced partners but our goal is to be less constrained by their investment priorities, which may not align with ours.

當然，我們將繼續利用外包合作夥伴提供的能力，但我們的目標是減少他們的投資重點的限制，這可能與我們的不一致。

We also expect that while our capital intensity may be slightly higher in any given year, and the 3% to 4% of revenue guidance we have provided in the past, when looked at in the context of a rolling 3-year view, we believe we will very much be in the range of our capital spending guidance.

我們還預計，儘管我們的資本密集度在任何一年都可能略高，而且我們過去提供的收入指導為 3% 至 4%，但在滾動 3 年視圖的背景下，我們認為我們將在很大程度上處於我們的資本支出指導範圍內。

Now let me get into the guidance for the September quarter.

現在讓我進入 9 月季度的指導。

Our backlog for the September quarter is very strong.

我們九月季度的積壓工作非常強勁。

In addition, we have considerable backlog requested by customers in the September quarter that currently cannot be fulfilled until later quarters despite us growing capacity from last quarter.

此外，我們在 9 月季度有大量客戶要求的積壓訂單，儘管我們的產能比上一季度有所增加，但目前要到晚些時候才能完成。

This is because the entire semiconductor supply chain remains very constrained.

這是因為整個半導體供應鏈仍然非常受限。

Taking all the factors we have discussed on the call today into consideration, we expect our net sales for the September quarter to be up between 3% and 7% sequentially.

考慮到我們今天在電話會議上討論的所有因素，我們預計 9 月季度的淨銷售額將環比增長 3% 至 7%。

Our guidance range assumes continued operational constraints, some of which we will work through during the quarter, others that will carry over to be worked in future quarters.

我們的指導範圍假設持續的運營限制，其中一些我們將在本季度解決，其他一些將在未來幾個季度繼續進行。

At the midpoint of our revenue guidance, our year-over-year growth for the September quarter would be 25.8%.

在我們收入指導的中點，我們 9 月季度的同比增長率為 25.8%。

We believe achievement of this revenue level will be remarkable in and of itself, but even more so, given how resilient our business was 1 year ago during the pandemic because of the diversity of our end market exposure, thus making the year-over-year comparisons that much tougher and meaningful.

我們相信，這一收入水平的實現本身將是顯著的，但更重要的是，考慮到我們的業務在一年前大流行期間由於我們的終端市場敞口的多樣性而具有多大的彈性，從而使同比增長比較更加艱難和有意義。

For the September quarter, we expect non-GAAP gross margins to be between 64.8% and 65.2% of sales.

對於 9 月季度，我們預計非 GAAP 毛利率將在銷售額的 64.8% 至 65.2% 之間。

We expect non-GAAP operating expenses to be between 22.8% and 23.2% of sales.

我們預計非 GAAP 運營費用將佔銷售額的 22.8% 至 23.2%。

We expect non-GAAP operating profit to be between 41.6% and 42.4% of sales.

我們預計非公認會計準則營業利潤將佔銷售額的 41.6% 至 42.4%。

And we expect our non-GAAP earnings per share to be between $2.05 per share and $2.17 per share.

我們預計我們的非公認會計原則每股收益將在每股 2.05 美元至 2.17 美元之間。

We also expect to pay down another approximately $350 million of our debt in the September quarter.

我們還預計在 9 月季度再償還約 3.5 億美元的債務。

Now we recognize that our gross and operating margin percentage guidance effectively gets us to the long-term targets we shared with you just 9 months ago.

現在我們認識到，我們的毛利率和營業利潤率百分比指導有效地使我們達到了 9 個月前與您分享的長期目標。

We will be working to update our business model for annual growth, gross margin and operating margin percentage, and we'll share our conclusions with you later this year.

我們將努力更新我們的年度增長、毛利率和營業利潤率百分比的業務模型，我們將在今年晚些時候與您分享我們的結論。

Given all the complications of accounting for our acquisitions, including amortization of intangibles, restructuring charges and inventory write-up on acquisitions, Microchip will continue to provide guidance and track its results on a non-GAAP basis except for net sales, which will be on a GAAP basis.

鑑於我們收購會計的所有復雜性，包括無形資產的攤銷、重組費用和收購的庫存增記，Microchip 將繼續提供指導並在非公認會計原則的基礎上跟踪其結果，淨銷售額除外，這將在以公認會計原則為基礎。

We believe that non-GAAP results provide more meaningful comparison to prior quarters, and we request that analysts continue to report the non-GAAP estimates to First Call.

我們認為，非公認會計原則的結果與前幾個季度相比提供了更有意義的比較，我們要求分析師繼續向 First Call 報告非公認會計原則的估計。

Now let me pass the baton to Steve to talk about our cash return to shareholders.

現在讓我把接力棒交給史蒂夫，談談我們對股東的現金回報。

Steve?

史蒂夫?

Thank you, Ganesh, and good afternoon, everyone.

謝謝 Ganesh，大家下午好。

Today, I would like to reflect on our financial results announced today and provide you further updates on our cash return strategy.

今天，我想回顧一下我們今天宣布的財務業績，並為您提供有關我們現金回報策略的進一步更新。

Reflecting on our financial results, I continue to be very proud of all employees of Microchip that have delivered another exceptional quarter and making new records in many respects, namely record net sales, record non-GAAP gross margin percentage, a record non-GAAP operating margin percentage, record cash flow from operation and record adjusted EBITDA.

回顧我們的財務業績，我仍然為 Microchip 的所有員工感到非常自豪，他們又創造了一個非凡的季度，並在許多方面創造了新的記錄，即創紀錄的淨銷售額、創紀錄的非 GAAP 毛利率、創紀錄的非 GAAP 運營利潤率、創紀錄的經營現金流和創紀錄的調整後 EBITDA。

Also, each of our strategic product lines, 8-bit, 16-bit and 32-bit microcontrollers and analog individually achieved all-time new records in net sales.

此外，我們的每條戰略產品線、8 位、16 位和 32 位微控制器和模擬產品都分別創下了淨銷售額的歷史新高。

Reflecting on our journey since the acquisition of Microsemi 3 years ago, I note the following: number one, at the time of the acquisition, we provided a long-term operating model target of 40.5% non-GAAP operating margin, which we exceeded for the first time in the March 2021 quarter and were significantly above that in the June 2021 quarter at 41.7%.

回顧我們自 3 年前收購 Microsemi 以來的歷程，我注意到以下幾點：第一，在收購時，我們提供了 40.5% 的非 GAAP 營業利潤率的長期運營模式目標，我們超過了2021 年 3 月季度首次出現，明顯高於 2021 年 6 月季度的 41.7%。

At the time of the acquisition, we also indicated that we anticipated achieving an $8 non-GAAP EPS run rate by the end of the third year after the acquisition.

在收購時，我們還表示，我們預計在收購後第三年年底實現 8 美元的非 GAAP 每股收益運行率。

Between the $1.98 EPS for the June quarter we just announced, and $2.11 EPS we guided to for the September quarter at the midpoint of our guidance, we have effectively delivered on this expectation.

在我們剛剛宣布的 6 月季度每股收益 1.98 美元和我們指導中點的 9 月季度每股收益 2.11 美元之間，我們有效地實現了這一預期。

These exceptional results were achieved despite the numerous headwinds we faced from international trade tensions and tariffs as well as the global pandemic which matters were not predictable 3 years ago.

儘管我們面臨著國際貿易緊張局勢和關稅以及全球流行病的諸多不利因素，但我們還是取得了這些非凡的成果，這在 3 年前是不可預測的。

Number two, we financed the Microsemi acquisition by adding $8.1 billion of debt, driving up our net leverage ratio in the June 2018 quarter to 4.95%, which we know was a concern for many of you.

第二，我們通過增加 81 億美元的債務來為 Microsemi 的收購提供資金，將我們在 2018 年 6 月季度的淨槓桿率提高到 4.95%，我們知道這對你們中的許多人來說是一個擔憂。

In the last 3 years, we have paid down a cumulative $4 billion of debt and brought our net leverage ratio down to 3.34%.

過去 3 年，我們累計償還了 40 億美元的債務，淨槓桿率降至 3.34%。

We continue to allocate substantially all of our cash generation beyond what we paid to shareholders in dividends to pay down significant debt every quarter.

除了支付給股東的股息之外，我們將繼續分配幾乎所有的現金產生，以每季度償還大量債務。

Number three, within the last quarter, based on the debt paydown we had achieved and the continued strong cash and adjusted EBITDA generation of our business, both Moody's and Fitch changed their rating outlook from stable to a positive outlook.

第三，在上個季度，基於我們已實現的債務償還以及持續強勁的現金和調整後的業務產生的 EBITDA，穆迪和惠譽都將其評級展望從穩定變為正面。

At the rate we expect to pay down our debt and bring our net leverage further down, we believe we are on target to achieve an investment-grade rating sometime by the end of fiscal year 2022.

按照我們預計償還債務並進一步降低淨槓桿率的速度，我們相信我們有望在 2022 財年末的某個時候實現投資級評級。

Regarding our cash return strategy, we are continuing to provide more cash return to the shareholders.

關於我們的現金回報策略，我們將繼續為股東提供更多的現金回報。

Just today, we announced a dividend of $0.437 per share, our third largest dividend increase, by increasing the dividend by 5.8% sequentially and 18.75% over a year ago quarter.

就在今天，我們宣布了每股 0.437 美元的股息，這是我們第三大股息增長，股息環比增長 5.8%，比去年同期增長 18.75%。

And in the coming quarters, we expect to continue with more actions to increase the cash return to shareholders.

在接下來的幾個季度，我們預計將繼續採取更多行動來增加股東的現金回報。

With that, operator, will you please poll for questions.

有了這個，接線員，請您投票提問。

(Operator Instructions) And our first question today will come from Toshiya Hari with Goldman Sachs.

（操作員說明）我們今天的第一個問題將來自高盛的 Toshiya Hari。

Congrats on the strong results.

恭喜取得了不錯的成績。

Just wanted to ask about gross margins in the June quarter and the outlook going forward.

只是想問一下 6 月季度的毛利率和未來的前景。

Clearly, very strong results in the quarter with margins coming in above the high end of guidance.

顯然，本季度的業績非常強勁，利潤率高於指導的高端。

Curious what drove the upside vis-a-vis your expectations?

好奇是什麼推動了您的預期？

Was it primarily utilization rates or was there something else behind the beat?

主要是利用率還是節拍背後的其他原因？

And Ganesh you talked about you guys performing already in line with your long-term model.

Ganesh 你談到你們的表現已經符合你的長期模式。

As you think about your ability to expand gross margins going forward and as you in-source I guess, both front-end wafer processing as well as assembly and test, how should we think about the potential upside there going forward, again, in terms of gross margin?

當你考慮你未來擴大毛利率的能力時，我猜你在源頭上，無論是前端晶圓加工還是組裝和測試，我們應該如何考慮未來的潛在上行空間，再次，在條款毛利率？

Let me have Eric respond to the first part, and I'll respond to the second part.

讓我讓 Eric 回應第一部分，我將回應第二部分。

Okay.

好的。

So gross margin in the quarter, we are utilizing our manufacturing resources fully at this point in time, we have more orders than we know what to do with.

因此，本季度的毛利率，此時我們正在充分利用我們的製造資源，我們的訂單比我們知道的要多。

And with that, we're being quite efficient in our manufacturing operations.

有了這個，我們的製造業務非常高效。

So it's really best utilizing our capacity and we're obviously continuing to make investment in capital, bringing that online as quickly as we can, increasing the percentage of assembly and tests that we do internally, but the major driver was just effective utilization of what factories and equipment that we have.

所以最好利用我們的能力，我們顯然會繼續投資資本，盡快將其上線，增加我們內部進行的組裝和測試的百分比，但主要驅動力只是有效利用什麼我們擁有的工廠和設備。

To your second question, give us some time to put some thought into how we see gross margins building over time, what the long-term model should be.

對於您的第二個問題，請給我們一些時間來思考一下我們如何看待毛利率隨著時間的推移而增長，長期模型應該是什麼。

And we will come back to you later this year with a more complete picture of what that will be and what the drivers will be.

我們將在今年晚些時候與您聯繫，更全面地了解這將是什麼以及驅動程序將是什麼。

Many of them are, what you just described, which is as we do more in-sourcing, there's a richer product mix that comes into play, there's pricing discipline.

正如你剛才所描述的，其中許多是隨著我們進行更多的內購，會有更豐富的產品組合開始發揮作用，還有定價規則。

Those are all going to be important parts, but we need some time to process where we are, where we can get to, how we get there, and then we'll come back to you with some numbers.

這些都將是重要的部分，但我們需要一些時間來處理我們在哪裡，我們可以到達哪裡，我們如何到達那裡，然後我們會回复你一些數字。

And next, we'll hear from John Pitzer with Credit Suisse.

接下來，我們將聽取瑞士信貸的約翰·皮策的意見。

Congratulations on the strong results.

祝賀你取得了不錯的成績。

Ganesh, it's pretty astounding that just the inventories are now down to 20 days.

Ganesh，令人震驚的是，現在只有庫存下降到 20 天。

It kind of makes the disti model kind of a little bit less valuable.

它使 disti 模型的價值降低了一點。

I'm kind of curious, what is the risk that your end customers can't rely on disti?

我有點好奇，你的最終客戶不能依賴 disti 的風險是什麼？

And so there's more of an inventory build going on there than you can see, one.

因此，那裡正在進行的庫存構建比您看到的要多。

And two, on the more positive, given what's happening in disti and this idea of just-in-time inventory management going to just in case, do you see yourself getting closer to end customers over time, strategically?

第二，更積極的一點是，鑑於 disti 正在發生的事情以及這種及時庫存管理的想法以防萬一，您是否認為自己隨著時間的推移在戰略上越來越接近最終客戶？

And what might that mean for margins?

這對利潤率意味著什麼？

So John, the distribution inventory is low in part because we are constrained, right?

所以約翰，分銷庫存低的部分原因是我們受到限制，對吧？

So distributors continue to service customers but we are not able to help them grow that inventory.

因此，分銷商繼續為客戶提供服務，但我們無法幫助他們增加庫存。

At some point, we will be able to as we get our production up, be able to ship them more for them to help build that.

在某個時候，我們將能夠在我們開始生產時，為他們運送更多的產品以幫助建立它。

But for the moment, neither their customers nor distribution has the ability to grow inventory in any meaningful form.

但目前，他們的客戶和分銷商都沒有能力以任何有意義的形式增加庫存。

When we look at where are the number of customer requests we're getting either direct or indirect through distribution on shortages, lines downs and all that, it's pretty well represented across the spectrum.

當我們查看通過短缺、線路停機等分配直接或間接獲得的客戶請求數量時，它在整個範圍內都得到了很好的體現。

It isn't that 1 group of customers is doing better than the other.

並不是說一組客戶比另一組做得更好。

There are a large number of customers who are unable to get what they want and are in the short or medium term, trying to get more product, in some cases, trying to get product through more than 1 source if they can.

有大量客戶無法獲得他們想要的東西，並且在短期或中期，試圖獲得更多的產品，在某些情況下，如果可以的話，試圖通過多個來源獲得產品。

But the constraints are all over the place.

但是限制無處不在。

And so I'm not seeing channel inventory or customer inventory building in a way that you can read something into the distribution days of inventory.

因此，我沒有看到渠道庫存或客戶庫存以一種可以讀取庫存分配天數的方式建立。

And Ganesh, my second half of the question, does this change the distribution model structurally for you?

Ganesh，我的問題的後半部分，這是否會在結構上為您改變分配模型？

And is there an opportunity to get closer to customers and maybe capture some of that disti margin that you're giving them now?

是否有機會更接近客戶，並可能獲得您現在提供給他們的一些 disti 利潤？

So we have 125-ish -- 125,000 or so customers we serve.

所以我們有 125 人——我們服務的大約 125,000 名客戶。

Clearly, distribution is an important part of that model to reach that long of a tail of customers.

顯然，分銷是該模式的重要組成部分，可以接觸到這麼長的客戶尾巴。

And customers make the final choice on where do they want to buy.

客戶對他們想在哪裡購買做出最終選擇。

They have an opportunity to buy direct.

他們有機會直接購買。

They have an opportunity to buy from our web channel.

他們有機會從我們的網絡渠道購買。

They have an opportunity to buy from distribution.

他們有機會從分銷中購買。

And they buy from distribution when they see that the value that distribution is bringing them in support, in payment terms and pipelining of inventory and other ways that distribution add value is good for them.

當他們看到分銷為他們帶來支持的價值時，他們從分銷中購買，在支付條款和庫存管道以及分銷增加價值的其他方式對他們有利。

But we continue to serve customers through the channel that they find to be the most effective for them.

但我們繼續通過他們認為對他們最有效的渠道為客戶提供服務。

And if that is someone who wants to move direct, so be it, if it's somebody who wants to stay with channels, so be it.

如果那是想要直接移動的人，那就這樣吧，如果是想要留在頻道的人，那就這樣吧。

But we're relatively channel-agnostic in what we're doing.

但是我們在做的事情上與渠道無關。

Clearly, in a time of escalation, more distribution customers are reaching through directly to us to get help.

顯然，在升級時期，更多的分銷客戶直接通過我們尋求幫助。

But that does not necessarily mean that they will shift off of distribution and to us directly.

但這並不一定意味著他們會從分銷渠道轉移到我們身邊。

John, I will add that carrying inventory for customers is only 1 part of the value that distribution provides.

約翰，我要補充一點，為客戶提供庫存只是分銷提供的價值的一部分。

And clearly, they have very low inventory today also to do with our unability to ship.

很明顯，他們今天的庫存非常低，這也與我們無法發貨有關。

But that's not the only value distribution provides.

但這並不是分配提供的唯一價值。

They provide kitting, payment terms, programming, they provide all sorts of services for which they charge.

他們提供配套、付款條件、編程，他們提供各種收費的服務。

So I think distribution will continue to be an important element of Microchip's go-to-market strategy, which reaches a very, very long tail.

因此，我認為分銷將繼續成為 Microchip 進入市場戰略的重要組成部分，該戰略會達到非常非常長的尾巴。

And next, we'll hear from Vivek Arya with Bank of America Securities.

接下來，我們將聽取美國銀行證券公司的 Vivek Arya 的來信。

You gave a 3% to 7% sequential growth rate for the September quarter.

您給出了 9 月季度 3% 到 7% 的環比增長率。

It's kind of in line with the sequential growth rate you have seen in the last few quarters.

這與您在過去幾個季度看到的連續增長率一致。

Is this being really driven by supply growth?

這真的是由供應增長驅動的嗎？

And if that is the case, how should we think about incremental supply that could come online in the next several quarters?

如果是這樣，我們應該如何考慮未來幾個季度可能上線的增量供應？

Because I believe, Ganesh, you said that you expect to grow sequentially for the next 4 quarters, if I heard correctly.

因為我相信，Ganesh，你說過如果我沒聽錯的話，你預計接下來的 4 個季度會連續增長。

So should we be keeping this 3% to 7% sequential growth rate in mind as we try to model out the next 4 quarters?

那麼，在我們嘗試對接下來的 4 個季度進行建模時，我們是否應該牢記這 3% 到 7% 的連續增長率？

So I want to be clear, we're not providing any kind of guidance that goes beyond the September quarter.

所以我想明確一點，我們不會提供任何超出 9 月季度的指導。

We are clearly working on supply improvements.

我們顯然正在努力改善供應。

And today, all of our growth is constrained not by demand, but by supply.

而今天，我們所有的增長都不是受制於需求，而是受制於供應。

There are supply improvements we're making that are in our control, which is what runs through our manufacturing internally, what we are doing there to increase capacity in each of our fabs, our assembly, our test.

我們正在控制供應方面的改進，這貫穿於我們內部的製造過程，我們在那裡所做的工作是為了增加我們每個晶圓廠、我們的組裝和測試的產能。

We're working with our supply chain partners who bring us materials and all of that.

我們正在與我們的供應鏈合作夥伴合作，他們為我們帶來材料和所有這些。

And we are working on capacity improvements with our partners that we do outside -- outsourced work through.

我們正在與我們在外部進行的合作夥伴一起改進能力——通過外包工作。

So I think we'll give you the quarter-by-quarter growth as we get to the guidance for the December and March and June quarters and all that.

因此，當我們獲得 12 月、3 月和 6 月季度的指導以及所有其他信息時，我認為我們將為您提供逐季度的增長。

But I think what we do see is enough capacity coming on in the subsequent quarters.

但我認為我們所看到的是在接下來的幾個季度中會出現足夠的容量。

And the timing is a bit hard to call because we don't have a stable environment in which we know exactly what equipment will come on, when will it bring on the capacity and all that.

而且時機有點難以確定，因為我們沒有一個穩定的環境，在這個環境中我們確切地知道什麼設備會出現，什麼時候會帶來容量等等。

But we're confident enough in how we see capacity coming on that we do expect that each of the next 4 quarters will have growth in them.

但我們對我們如何看待產能增長有足夠的信心，我們確實預計未來四個季度的每個季度都會有增長。

And next, we'll hear from Ambrish Srivastava with BMO.

接下來，我們將聽取 Ambrish Srivastava 與 BMO 的合作。

Can we get back to the PSP program.

我們可以回到 PSP 程序嗎？

So I think your 44% of the business was under that, and Ganesh, you said over 50%.

所以我認為你 44% 的業務都在這之下，而 Ganesh，你說超過 50%。

Is there a natural feeling to this?

這有一種自然的感覺嗎？

And then kind of tied to that, getting back to the capacity, and this must be a tougher equation to get to is it's a very fragmented industry, both microcontroller and analog.

然後與此相關，回到產能，這一定是一個更難解決的問題，因為它是一個非常分散的行業，包括微控制器和模擬。

So how do you balance capacity increase versus what others are doing.

那麼，您如何平衡產能增加與其他人正在做的事情。

It's not like DRAM where there's only 3 guys and everybody kind of thinks they know what the other person is doing.

它不像 DRAM 只有三個人，每個人都認為他們知道另一個人在做什麼。

So Ganesh and Steve, how do you balance the capacity increase versus -- down the road when there could be a potential oversupply?

那麼 Ganesh 和 Steve，你們如何平衡產能增加與未來可能出現供過於求的情況？

So let me start first on your PSP question, right?

所以讓我先從你的 PSP 問題開始，對吧？

Our PSP backlog exiting the June quarter was over 50%, and it grew throughout the quarter.

我們離開六月季度的 PSP 積壓超過 50%，並且在整個季度都在增長。

And we have customers continuing to enroll in the program as well as extend the time that they're providing as the backlog.

我們有客戶繼續註冊該計劃，並延長他們提供的積壓時間。

But the metric is really something that was important to us to convey during the early stages of launching the PSP program.

但是，在啟動 PSP 程序的早期階段，這個指標對我們來說確實很重要。

And so at this point in time rather than trying to provide a month-by-month or quarter-by-quarter update, it's a part of our normal business that we're doing.

所以在這個時間點，而不是試圖提供每月或每季度的更新，這是我們正在做的正常業務的一部分。

Certain capacity corridors, as I've explained, are 100% booked already.

正如我所解釋的，某些容量走廊已經 100% 預訂。

And we will just manage it.

我們只會管理它。

It gives us visibility.

它給了我們可見性。

It gives us a better ability to service those customers who have long-term backlog that they can place that are -- that's noncancelable.

它使我們能夠更好地為那些長期積壓的客戶提供服務，他們可以放置這些客戶 - 這是不可取消的。

That was the whole objective of what we did.

這就是我們所做的全部目標。

And then to your second question, in many ways, PSP is 1 element of what we have that helps us to make sure that the other side of the cycle whenever it is, can be managed well.

然後是你的第二個問題，在很多方面，PSP 是我們所擁有的一個元素，它可以幫助我們確保週期的另一邊無論何時都能得到很好的管理。

We're also bringing capacity on in measured steps.

我們還逐步提高容量。

We're not trying to get all of the unsupported done in a short period of time.

我們並不想在短時間內完成所有不受支持的工作。

So every quarter, we're increasing capacity.

所以每個季度，我們都在增加產能。

And so a combination of what we're doing with measured steps in capacity, what we're doing with the PSP program and all of that gives us reasonable confidence to be able to manage the cycle in such a way that we don't get overcommitted on the capacity side.

因此，結合我們正在做的衡量產能步驟、我們正在做的 PSP 計劃以及所有這些，我們有足夠的信心能夠以一種我們無法做到的方式管理週期在容量方面過度使用。

Our next question will come from Harsh Kumar with Piper Sandler.

我們的下一個問題將來自 Harsh Kumar 和 Piper Sandler。

First of all, congratulations on stellar results.

首先，祝賀您取得出色的成績。

I had actually a couple -- I wanted to go back to the question that Vivek asked about growth for the next 4 quarters.

我實際上有幾個——我想回到 Vivek 關於未來 4 個季度增長的問題。

So let me see if I understand this correctly, Ganesh.

所以讓我看看我是否理解正確，Ganesh。

You expect supply constraints for the next 4 quarters, but you also expect demand environment to remain pretty solid or robust and therefore, you're pretty comfortable forecasting growth for the -- revenue growth for the next 4 quarters?

您預計未來 4 個季度的供應將受到限制，但您也預計需求環境將保持相當穩固或強勁，因此，您對未來 4 個季度的收入增長預測是否滿意？

Are you just referring to -- that you will have enough supply to be able to meet should demand exist?

您是否只是指 - 如果需求存在，您將有足夠的供應來滿足？

We have a very strong demand backlog on us.

我們有非常強烈的需求積壓。

we have a substantial portion of PSP backlog on us.

我們有很大一部分 PSP 積壓在我們身上。

We continue to have a large amount that -- that is unsupported.

我們繼續有大量 - 這是不受支持的。

So the demand environment we see is very, very strong.

所以我們看到的需求環境非常非常強大。

Now the balance is really what can we supply and how much can we bring on.

現在的平衡實際上是我們能提供什麼以及我們能帶來多少。

And our supply lines, as we can see, continue to give us the ability to bring more supply on quarter after quarter after quarter for at least the next 4 quarters giving us that line of sight into having the capability to take advantage of that demand and grow every quarter.

正如我們所看到的，我們的供應線繼續使我們有能力在至少接下來的 4 個季度中逐季逐季增加供應，使我們有能力利用這種需求和每個季度增長。

Understood.

明白了。

And then for my follow-up, maybe 1 for Steve.

然後對於我的後續行動，可能是史蒂夫的 1 個。

Steve, so everybody in the semi industry that's established like yourself, otherwise guys are talking about the cash return strategy, more in cash on account.

史蒂夫，所以半導體行業的每個人都像你一樣建立起來，否則人們正在談論現金回報策略，更多的是賬戶現金。

But at the same time, there's very good growth in the industry.

但與此同時，該行業的增長非常好。

So we appreciate the cash return, but with the industry still growing, why not use some of that cash for things like acquisitions or maybe other things like growth?

因此，我們很欣賞現金回報，但隨著行業仍在增長，為什麼不將部分現金用於收購或其他類似增長的事情呢？

Just could you help us balance that argument?

你能幫助我們平衡這個論點嗎？

I think the way we have described before is that we began our acquisition process back about 13 years ago when we were well below a $1 billion company.

我認為我們之前描述的方式是，我們在大約 13 年前開始收購過程，當時我們的公司遠低於 10 億美元。

And we were -- I think we were probably about only $700 million, $750 million company, and we were trying to scale the business 10x so that we don't have a competitive disadvantage against our larger competitors.

我們是——我認為我們可能只有 7 億美元、7.5 億美元的公司，我們正試圖將業務規模擴大 10 倍，這樣我們就不會在與更大的競爭對手競爭時處於競爭劣勢。

So TI is still larger, but many of the others, Infineons and STs and Maxims and ADIs and we've really caught up to all of them in the last 12, 13 years by scaling the business almost 10x.

所以 TI 仍然更大，但還有許多其他公司，英飛凌、ST、Maxims 和 ADI，在過去的 12 年、13 年中，我們通過將業務擴展近 10 倍，真正趕上了所有這些公司。

At the current quarter guidance, we're running somewhere in the excess of $6.5 billion.

在當前季度的指導下，我們的運行成本超過 65 億美元。

And we wanted to do that while building a portfolio of products around the microcontroller so that we can provide the entire total system solution to the customers.

我們希望在圍繞微控制器構建產品組合的同時做到這一點，這樣我們就可以為客戶提供整個系統解決方案。

Having analog, some memory, some connectivity, USB, Ethernet, WiFi, Bluetooth and all that, power management and everything else.

有模擬、一些內存、一些連接、USB、以太網、WiFi、藍牙等等，電源管理和其他一切。

So those 2 things we accomplished.

所以我們完成了這兩件事。

We scaled the business almost 10x, and we acquired or organically built all these products to be able to complete customers' solution.

我們將業務規模擴大了近 10 倍，我們收購或有機構建了所有這些產品，以便能夠完成客戶的解決方案。

So at this point in time, and I think we have said a couple of times that we don't find the next acquisition to be necessary.

所以在這個時間點，我認為我們已經說過幾次我們認為沒有必要進行下一次收購。

Given small acquisitions here and there, tuck-in type, if the opportunity arises, we would, but we're not really working on or looking at any large acquisition because that's strategically not needed today.

考慮到這里和那裡的小規模收購，如果有機會，我們會這樣做，但我們並沒有真正致力於或考慮任何大型收購，因為今天戰略上不需要。

We have enough product portfolio, and we're working very hard to train our sales force and customers to be able to use the entire total system solution from Microchip and show the organic growth.

我們有足夠的產品組合，我們正在努力培訓我們的銷售人員和客戶，使其能夠使用 Microchip 的整個系統解決方案並展示有機增長。

And as we adopt that strategy and as we pay down a substantial amount of debt already and continue to pay it further, then you have a large, somewhere around $1.5 billion burning hole in your pocket.

隨著我們採用這種策略，並且我們已經償還了大量債務並繼續進一步償還，那麼你的口袋裡就有一個大約 15 億美元的大洞。

And what do you do with that?

那你怎麼辦？

You are saying, why don't we acquire?

你是說，我們為什麼不收購？

And I'm saying, we do not find that strategically needed today.

我是說，我們今天沒有發現戰略上需要它。

So what we're planning to do is as we achieve the investment-grade rating and as the debt level comes down further, then we start giving larger and larger amount of cash back to the shareholders, some in the form of dividend and some starting a buyback program.

所以我們計劃做的是，當我們達到投資級評級並且債務水平進一步下降時，我們開始向股東返還越來越多的現金，一些以股息的形式，一些開始回購計劃。

So that's sort of the summary of where our current strategy is.

這就是我們當前戰略的總結。

And Harsh, if I may add too, with respect to your question.

關於你的問題，如果我也可以補充的話，也很苛刻。

I think any OpEx or CapEx that is needed to grow the business is part of what we're doing every quarter, right?

我認為發展業務所需的任何運營支出或資本支出都是我們每個季度所做工作的一部分，對嗎？

That's built into our business model.

這已融入我們的商業模式。

It's really then the capital allocation of what we do beyond that that Steve was describing.

這真的是我們所做的超出史蒂夫描述的資本分配。

And further smaller companies may be acquiring, I think, they really sort of copying our strategy, which we concluded in the prior 13 years when they were not buying and maybe they're buying something today.

我認為，更多的小公司可能正在收購，他們確實在某種程度上複製了我們的戰略，我們在過去 13 年中得出結論，當時他們沒有購買，也許他們今天正在購買一些東西。

We don't do something because somebody else is doing.

我們不做某事，因為別人在做。

I think we had a laid out strategy.

我認為我們已經制定了戰略。

We completed that phase and that part of the strategy is no longer important.

我們完成了那個階段，戰略的那部分不再重要。

So therefore, we're going to the next phase.

因此，我們將進入下一階段。

And next, we'll hear from Harlan Sur with JPMorgan.

接下來，我們將聽取摩根大通的 Harlan Sur 的來信。

Congratulations on the strong results and execution.

祝賀您取得了驕人的成績和執行力。

Back in early May, I think the team had said that the demand trends were 40% above your ability to supply.

早在 5 月初，我認為團隊曾說過，需求趨勢比您的供應能力高 40%。

And then by late May, the gap had widened to 50%.

然後到 5 月下旬，差距擴大到 50%。

It sounds like the gap either remained extended or may have even expanded.

聽起來差距要么保持擴大，要么甚至可能擴大。

So if you can just give us a sense of how wide the demand supply gap is today.

因此，如果您可以讓我們了解當今的供需缺口有多大。

Is it sitting above 50%?

是否高於 50%？

And it sort of seems as if we move into the second half of the year, demand is only getting stronger.

似乎我們進入下半年，需求只會越來越強。

You have areas like data center and enterprise, for example, which were weak last year and into the first half of this year, which are starting to pick up.

例如，數據中心和企業等領域去年表現疲軟，今年上半年開始回暖。

Any other end markets where demand is strongly accelerating from a softer first half?

任何其他終端市場的需求從上半年疲軟開始強勁加速？

So Harlan, first on the unsupported backlog.

所以Harlan，首先是不受支持的積壓。

Exiting June, that unsupported backlog was higher than what it was, both what we said in our conference call as well as where it was at the end of March.

在 6 月退出時，不受支持的積壓比我們在電話會議中所說的以及 3 月底時的水平都要高。

The demand increase in the June quarter outpaced the supply improvements we could make.

六月季度的需求增長超過了我們可以做出的供應改善。

And hence, we expect as we go in through September, every indication we have is that the percentage of unsupported exiting September will be higher than where it was at the end of June.

因此，我們預計，隨著我們進入 9 月份，我們所擁有的每一個跡像都表明，9 月份不受支持的退出百分比將高於 6 月底的水平。

So that trend continues.

所以這種趨勢還在繼續。

We are not seeing demand and supply starting to convert or get into any kind of balance itself.

我們沒有看到供需開始轉換或進入任何形式的平衡。

And was there a second part of the question?

還有問題的第二部分嗎？

Just in terms of end markets that were weak either last year and into the first half of this year, for example, like data center and enterprise, which feel like they're starting to accelerate as we move into the second half.

就去年和今年上半年疲軟的終端市場而言，例如數據中心和企業，隨著我們進入下半年，它們感覺它們開始加速。

Is that a dynamic that you're seeing in any other end markets where demand is strongly accelerating from maybe a slightly softer first half?

這是您在其他任何終端市場看到的動態，需求從可能略微疲軟的上半年開始強勁加速？

So as we said, all end markets were strong as we went through the June quarter.

正如我們所說，當我們經歷了六月季度時，所有終端市場都很強勁。

Some have been strong in prior quarters as well.

有些在前幾個季度也很強勁。

We don't track end markets on a quarter-to-quarter by end market basis on it.

我們不會根據終端市場逐季度跟踪終端市場。

But anecdotally, some of what you're saying is correct.

但有趣的是，你所說的有些是正確的。

We do see strength in data centers in the second half of the year.

我們確實看到今年下半年數據中心的實力。

And I don't recall what the year-over-year comparisons were on them.

而且我不記得他們的年度比較是什麼。

But right now, there is no market that is feeling weak.

但目前，沒有市場感到疲軟。

And next, we'll hear from Gary Mobley with Wells Fargo Securities.

接下來，我們將聽取富國銀行證券的 Gary Mobley 的來信。

Wanted to ask about some long-term supply agreements that may support that 60% of your sales that are sourced externally on the front-end side and the 40% on the back end side.

想詢問一些長期供應協議，這些協議可能支持前端外部採購的 60% 和後端外部採購的 40%。

I know some of your competitors are entering LTSAs and quantifying them in SEC filings, and I haven't seen your Q yet, but have you guys officially entered into more LTSAs?

我知道你們的一些競爭對手正在進入 LTSA 並在 SEC 文件中對其進行量化，我還沒有看到你的 Q，但是你們正式進入了更多的 LTSA 嗎？

And maybe you can just sort of give us a sense of how they rank relative to your sales or how they rank relative to the last quarter.

也許您可以讓我們了解它們相對於您的銷售額的排名或相對於上一季度的排名。

And then on the flip side of the coin, I was curious to know what your financial penalties may be for those customers that have entered to noncancelable, nonreturnable backlog agreements with you guys?

然後在硬幣的另一面，我很想知道對於那些與你們簽訂了不可取消、不可退回的積壓協議的客戶可能會受到什麼經濟處罰？

So with respect to LTAs, right, we have a range of how we have those agreements.

所以關於長期協議，對，我們有一系列我們如何達成這些協議的方式。

I don't believe any of them have been big enough to be in our Qs.

我不相信它們中的任何一個都大到足以進入我們的 Qs。

So you're not going to see something there.

所以你不會在那裡看到任何東西。

We have a long set of partners, both on the front and the back end.

我們在前端和後端都有很多合作夥伴。

We work with them quite constructively at this point in time.

目前，我們與他們進行了建設性的合作。

So that's where we are on it in terms of our capacity for 2022 and beyond and what we need to do to secure it.

因此，就我們 2022 年及以後的能力以及我們需要做些什麼來確保它而言，這就是我們所處的位置。

On the NCNR agreements themselves, those are -- there's a legal agreement, that's a purchase agreement that we enter into, which have obligations on our side, obligations on the customer side.

在 NCNR 協議本身上，有一個法律協議，這是我們簽訂的採購協議，我們有義務，客戶有義務。

And we've had these -- this is not new.

我們已經有了這些——這不是新的。

We've done this for many, many years on a smaller subset of our business, and we have not found problems in enforcing the NCNR portions of our purchase contracts.

多年來，我們在一小部分業務中已經這樣做了很多年，而且我們在執行採購合同的 NCNR 部分時沒有發現問題。

(Operator Instructions) Our next question will come from William Stein with Truist Securities.

（操作員說明）我們的下一個問題將來自 Truist Securities 的 William Stein。

I'll add my congrats on the great results and outlook.

我將祝賀偉大的結果和前景。

First, I'd like to ask a clarification around capital allocation.

首先，我想澄清一下資本配置。

What is your target leverage ratio?

你的目標槓桿率是多少？

When would you slow down or stop the debt repurchases.

你什麼時候會放慢或停止債務回購。

And what would be the plan after that?

之後的計劃是什麼？

Because naturally, typically get to a certain leverage ratio if you're continuing to grow EBITDA and not adding debt, and you wind up having that ratio continue to decline.

因為自然地，如果您繼續增加 EBITDA 並且不增加債務，通常會達到一定的槓桿率，並且您最終會使該比率繼續下降。

So I'm wondering if you can clarify the plans around sort of tapering the debt repurchase?

所以我想知道你是否可以澄清圍繞逐漸減少債務回購的計劃？

Okay.

好的。

Well, I'll start, and Steve and Ganesh can add on to this if they want.

好吧，我先開始，Steve 和 Ganesh 可以根據需要添加此內容。

So we don't have a stated target for our net debt to EBITDA.

因此，我們對 EBITDA 的淨債務沒有明確的目標。

But we've made it very clear that we're focused on achieving an investment-grade rating and believe that that's something that we can achieve in this fiscal year, independent decision, obviously, by the rating agencies, but we're making good progress on that.

但我們已經明確表示，我們專注於實現投資級評級，並相信這是我們在本財年可以實現的目標，顯然是由評級機構做出的獨立決定，但我們做得很好在這方面取得進展。

And even once we get there, you shouldn't assume that we stop paying down debt.

即使我們到達那裡，你也不應該假設我們停止償還債務。

We will continue to pay down debt, but we'll have more flexibility to increase dividends more, have a stock buyback program and flex that as it's appropriate for our business.

我們將繼續償還債務，但我們將有更多的靈活性來增加股息，制定股票回購計劃並根據我們的業務進行靈活調整。

So Steve, what would you like to add to that?

那麼史蒂夫，你想補充什麼？

Yes.

是的。

I think you said it well.

我覺得你說得很好。

The Board has not defined a bottom number for the debt leverage at which we will essentially start paying down debt and give 100% of the cash back, they have not really defined that number.

董事會尚未定義債務槓桿的最低數字，我們將基本上開始償還債務並提供 100% 的現金返還，他們並沒有真正定義該數字。

In future, they might.

將來，他們可能會。

In addition, even if we at some day stop paying debt, as the business rises and EBITDA rises, the leverage will continue to come down without even paying the debt, which was 1 of your point also.

此外，即使我們有一天停止償還債務，隨著業務的增長和 EBITDA 的上升，槓桿將繼續下降，甚至不償還債務，這也是你的觀點之一。

So that's where we are.

這就是我們所在的位置。

I think it's a work in progress.

我認為這是一項正在進行的工作。

We keep giving you update every quarter.

我們每季度都會不斷為您提供更新。

We're getting fairly close to the investment-grade rating.

我們已經非常接近投資級評級。

In my comments, I said by the end of fiscal year '22, which is March next year, again, it's an independent decision by the rating agencies, but we expect that we achieve the financials and leverage metrics which should get us there by then.

在我的評論中，我說到 22 財年年底，也就是明年 3 月，這又是評級機構的獨立決定，但我們希望屆時我們能夠實現財務和槓桿指標.

And at that point in time, the Board will have a lot more flexibility to give a -- to start a buyback program and also increase dividend.

屆時，董事會將有更大的靈活性來啟動回購計劃並增加股息。

That's where we are today.

這就是我們今天所處的位置。

I would just add to that, but we have made significant increases in our dividend in the last 3 quarters, and it's up 18.8% year-over-year with the 3 large sequential increases that we've made.

我只想補充一點，但我們在過去 3 個季度的股息顯著增加，同比增長 18.8%，我們已經連續 3 次大幅增加。

So we're definitely heading in the right direction from a capital return standpoint, but the next step is investment grade, and then we'll take it from there.

因此，從資本回報的角度來看，我們肯定朝著正確的方向前進，但下一步是投資級別，然後我們將從那裡著手。

Great.

偉大的。

One more, if I can.

如果可以的話，再來一張。

We're in this environment you could -- some people describe it as peak.

我們處於這種環境中，你可以——有些人將其描述為高峰。

Some people describe it as peaking or extended peak or there are a lot of ways to think about it, but it's certainly a very good part of the cycle and maybe raises questions as to how close to rolling over we are.

有些人將其描述為峰值或延長峰值，或者有很多方法可以考慮它，但這肯定是周期中非常好的一部分，並且可能會引發關於我們離翻轉有多近的問題。

I wonder if you could maybe highlight for us how you compare this cycle to others?

我想知道您是否可以向我們強調您如何將這個週期與其他週期進行比較？

Which prior cycle this 1 reminds you of?

這個 1 讓你想起了之前的哪個週期？

And what are sort of the key signs you're going to be looking for to provide a warning to yourselves around how to manage the business for a fade or a roll in the cycle?

您將要尋找哪些關鍵跡象來向自己發出警告，說明如何管理業務以應對周期中的衰退或滾動？

I don't think this 1 resembles any prior cycle.

我不認為這個 1 類似於任何先前的周期。

And to some extent, many of these extraordinary cycles are all unique in and of themselves.

在某種程度上，許多這些非凡的周期本身都是獨一無二的。

It's a question of what precipitated them and what is happening.

這是什麼促成了他們以及正在發生什麼的問題。

So this is a cycle unlike 1 we have seen before for many reasons.

所以這是一個不同於我們之前看到的循環 1 的循環，原因有很多。

We constantly look at a set of internal indicators to look ahead and peek around the corner to see when is something possibly changing.

我們不斷地查看一組內部指標來展望未來，並在拐角處窺視，看看什麼時候可能會發生變化。

They run the gamut of bookings, billings, sell-through, the rate at which customers are able to have confidence in what they're placing with us in backlog, our anecdotal conversations with the executives of many of our customers, of our channel partners.

他們涵蓋了預訂、賬單、銷售、客戶能夠對他們在積壓中與我們放置的內容有信心的速度、我們與許多客戶、我們的渠道合作夥伴的高管的軼事對話.

So it's a process of many, many points of data that we as a team, meet on a weekly basis and compare notes and see what we see in terms of what does the data tell us.

所以這是一個包含很多很多數據點的過程，我們作為一個團隊，每週會面並比較筆記，看看我們看到的數據告訴我們什麼。

And historically, we've been able to see things early.

從歷史上看，我們已經能夠很早就看到了。

I hope we will do the same this time, too.

我希望這次我們也能這樣做。

At this point, there is no indication of any early warnings.

在這一點上，沒有任何早期警告的跡象。

And next, we'll hear from Janet Ramkissoon with Quadra Capital.

接下來，我們將聽取 Quadra Capital 的 Janet Ramkissoon 的來信。

Congratulations guys.

恭喜各位。

Nice quarter.

漂亮的季度。

I was wondering if you might be able to give us any insights on what your demand might be from China or just more in terms of what the trends are and what you see going forward?

我想知道您是否可以就您可能來自中國的需求向我們提供任何見解，或者就趨勢是什麼以及您對未來的看法而言更多？

And also, if you can make some comments about what you see in the auto industry specifically.

而且，如果你能對你在汽車行業看到的東西發表一些評論。

So China is part of our reporting for Asia.

所以中國是我們亞洲報導的一部分。

In fact, it's a substantial portion of our Asia revenue.

事實上，這是我們亞洲收入的很大一部分。

I think it's about 2/3 or so of that revenue.

我認為這大約是該收入的 2/3 左右。

We reported that that geography grew 11% last quarter, a little over 11%.

我們報告說，上個季度該地區增長了 11%，略高於 11%。

It is performing as we expect, it remained strong.

它的表現正如我們預期的那樣，它仍然很強勁。

So there are no China demand issues that are visible in what we see.

因此，我們所看到的不存在明顯的中國需求問題。

With respect to automotive, we are continuing to increase the shipments to automotive.

在汽車方面，我們將繼續增加對汽車的出貨量。

We are shipping well above where we were pre pandemic, but the automotive demand also is quite substantially higher.

我們的出貨量遠高於大流行前的水平，但汽車需求也大大提高。

It is a matter of they have many, many companies that supply product to build a car.

這是因為他們有很多很多公司提供製造汽車的產品。

And so you do hear about factories shutting down and customers not able to build what they want.

所以你確實聽說過工廠關閉，客戶無法建造他們想要的東西。

And we are providing the products that we can provide at a rate that is consistent with our manufacturing, but we're still short to what automotive would like to buy for their growth and for their growth plans.

我們正在以與我們的製造相一致的速度提供我們可以提供的產品，但我們仍然缺乏汽車想要為其增長和增長計劃購買的產品。

And next, we'll hear from Chris Danely with Citi.

接下來，我們將聽取花旗的 Chris Danely 的來信。

Ganesh, you talked about all these cycles being different.

Ganesh，你談到所有這些週期都是不同的。

And we read all these headlines about worst shortages ever.

我們閱讀了所有這些關於有史以來最嚴重短缺的頭條新聞。

And apparently, the politicians are going to try and make sure that there's never any cycles in semis again.

顯然，政客們將嘗試確保半決賽不再出現任何週期。

I just appreciate you guys' perspective.

我只是欣賞你們的觀點。

Do you think that this is, I guess, the worst upturn ever from a customer standpoint or I guess, alternatively, you could argue that it's the best upturn ever from a semiconductor supplier.

你認為這是，我猜，從客戶的角度來看，這是有史以來最糟糕的好轉，或者我猜，或者，你可以說這是半導體供應商有史以來最好的好轉。

And are you guys looking to do anything differently?

你們是否想要做一些不同的事情？

Or is the industry looking to do anything differently in future cycles that prevent these kinds of shortages?

或者該行業是否希望在未來的周期中採取不同的措施來防止此類短缺？

Or do you think that this is just the normal course of business?

還是您認為這只是正常的業務流程？

There were an extraordinary set of circumstances that got us to where we are.

有一系列非同尋常的情況讓我們走到了現在。

The pandemic was 1 part of that.

大流行是其中的一部分。

The trade and tariff issues the year before that was another part of that.

前一年的貿易和關稅問題是其中的另一部分。

Pandemic not only created demand side -- sorry, supply side issues, but created a lot of money that consumers had and they wanted to spend it, and they spent it on things that required electronics for it.

大流行不僅造成了需求方面的問題——對不起，供應方面的問題，而且還創造了很多消費者擁有並且想要花掉的錢，他們把錢花在了需要電子產品的東西上。

They required things to work out of the home.

他們需要在家外工作。

So I think there are all kinds of factors that came into where we are.

所以我認為有各種各樣的因素影響了我們所處的位置。

And of course, many customers uncertainty in the pandemic took their demand down and then realized that they had taken it down too far.

當然，許多客戶在大流行中的不確定性降低了他們的需求，然後意識到他們把需求降低得太遠了。

I don't know what the future brings.

我不知道未來會發生什麼。

Clearly, many of our customers are thinking through how should they, from an inventory standpoint, be preparing themselves so that they're able to run more stable through these cycles, et cetera, and where they go.

顯然，我們的許多客戶都在考慮，從庫存的角度來看，他們應該如何做好準備，以便他們能夠在這些週期等過程中更加穩定地運行，以及他們要去哪裡。

I think there is a continued strong demand where people are building and selling through what they're doing.

我認為人們通過他們正在做的事情來建造和銷售的需求持續強勁。

I don't know what the shape of the next cycle will be, and more importantly, what will be the causes of the next cycle.

我不知道下一個週期的形狀會是什麼，更重要的是，下一個週期的原因會是什麼。

And I think to a large extent, those will determine what the responses will be in it.

我認為在很大程度上，這些將決定其中的反應。

I certainly don't think government help is going to be the answer to any of these cycles.

我當然不認為政府的幫助會成為這些週期的答案。

And from usually when a government begins to think of something, the cycle is long passed before they can even act with respect to that.

通常從政府開始考慮某事開始，週期就已經過去很久了，他們甚至還沒有對此採取行動。

So I am very confident that the industry through many, many, many cycles has figured out how to make adjustments and how to build in such a way that is consistent with where the market is at, and we'll do the same in this cycle.

所以我非常有信心，這個行業經歷了很多很多很多周期，已經想出瞭如何進行調整，如何以與市場一致的方式進行建設，我們將在這個週期中做同樣的事情.

I don't know, Steve, you've got longer years on this than I do.

我不知道，史蒂夫，你在這方面的時間比我長。

Well, I think in the last several years, we have read reports people calling the end of cyclicality in the semiconductor business.

好吧，我認為在過去的幾年裡，我們已經閱讀了人們呼籲半導體行業周期性結束的報導。

There will be no more cycles.

不會有更多的循環。

I think all that is wrong.

我認為這一切都是錯誤的。

Like Ganesh said, the events that precipitated this cycle could not have been forecasted 2 years ago.

就像 Ganesh 所說，促成這個循環的事件在 2 年前是無法預測的。

So when that happens, and it put a major pressure on the industry from both sides, decreasing the supply line and increasing the demand in certain cases, driven by work from home and medical and others.

因此，當這種情況發生時，它會給雙方的行業帶來重大壓力，在某些情況下，供應線減少，需求增加，這是由在家工作、醫療和其他方面的推動。

It created this super cycle that we haven't seen in 40 years.

它創造了這個我們40年來從未見過的超級循環。

Similar other situations were to come in 5 years from now, 10 years from now, it will create a cycle again.

類似的其他情況在5年後會出現，10年後會再次形成一個循環。

So those cycles have really not been repealed.

所以這些週期真的沒有被廢除。

People will make some adjustments, maybe keep larger inventory and do some other things.

人們會做出一些調整，也許會保持更大的庫存並做一些其他的事情。

Some people are trying to get long-term agreements for supply but it's not predictable how much supply is needed 5 years from now.

有些人正試圖達成長期供應協議，但無法預測 5 年後需要多少供應。

And many of those agreements, you will see will have a bad ending.

你會看到其中許多協議都有一個糟糕的結局。

If there is a recession, people are not going to need that product, there'll be their excess inventory.

如果出現經濟衰退，人們將不再需要該產品，他們的庫存就會過剩。

Pay-for-play agreements don't work out very well usually.

付費遊戲協議通常效果不佳。

And our next question will come from Raji Gill with Needham & Company.

我們的下一個問題將來自Needham & Company 的Raji Gill。

Congratulations as well.

恭喜你。

A couple of questions, if I may.

有幾個問題，如果可以的話。

One on the pricing environment.

一是定價環境。

Last quarter, Ganesh, you had mentioned that you were engaged in some price increases, and that was reflected in the revenue.

上個季度，Ganesh，您曾提到您參與了一些價格上漲，這反映在收入中。

I'm wondering how you're describing the pricing dynamic this quarter.

我想知道您如何描述本季度的定價動態。

How is that affecting the revenue?

這對收入有何影響？

How is that affecting kind of the gross margin improvement on a sequential basis as well?

這對毛利率的連續改善有何影響？

Sure.

當然。

So the price increases largely have attempted to pass on cost increases that we've had.

因此，價格上漲在很大程度上試圖轉嫁我們所經歷的成本上漲。

And we continue to get cost increases on a pretty regular basis in the current environment, depending on what the material or the product that we need to buy are.

在當前環境下，我們會繼續定期增加成本，具體取決於我們需要購買的材料或產品。

And as they come along, we don't do it all instantaneously.

當它們出現時，我們不會立即完成所有操作。

We will batch it and figure out points at which we would do the increase in prices to go with it.

我們將對其進行批量處理，並找出我們將在哪些點上增加價格以配合它。

And so that's a continuous process as and when it is needed in terms of us collecting the data.

因此，在我們收集數據的需要時，這是一個持續的過程。

And at this point in time, there's nothing in our pricing thought process that would be different from what I said 3 months ago.

在這個時間點，我們的定價思考過程與我 3 個月前所說的沒有什麼不同。

If there is a need, if there are cost increases that we cannot absorb and we batch it at some point in time and we pass along the price increase.

如果有需要，如果有我們無法吸收的成本增加，我們會在某個時間點進行批量處理，然後將價格上漲轉嫁出去。

And for my follow-up, you had mentioned that you will have capacity to support revenue growth in each of the next 4 quarters.

在我的後續行動中，您曾提到您將有能力支持未來 4 個季度的每個季度的收入增長。

I was wondering if you could elaborate further in terms of the capacity increases.

我想知道您是否可以在容量增加方面進一步詳細說明。

Is that coming on the foundry side, on the test and assembly, which areas do you think are easier to get more capacity, which areas are harder?

是在代工方面，在測試和組裝方面，你認為哪些領域更容易獲得更多產能，哪些領域更難？

I would think that the foundries have been reluctant to spend on kind of lagging edge nodes.

我認為代工廠一直不願意在落後的邊緣節點上花錢。

So on the wafer side, it might be a bit more challenging.

所以在晶圓方面，它可能更具挑戰性。

But any color specifically in terms of the capacity, that would be helpful.

但是就容量而言，任何顏色都會有所幫助。

The area we have the most pull and where we have been investing for multiple quarters is in our internal factories.

我們最具吸引力的領域以及我們多個季度以來一直在投資的領域是我們的內部工廠。

So we expect that there will be more help coming where we have more control, which is in our fabs, our assembly and test factories, et cetera.

因此，我們希望在我們擁有更多控制權的地方，例如我們的晶圓廠、我們的組裝和測試工廠等，會有更多的幫助。

It doesn't mean we're not getting anything from our partners.

這並不意味著我們沒有從我們的合作夥伴那裡得到任何東西。

We are.

我們是。

It's selective.

這是選擇性的。

It really depends on the situation and where we're getting.

這真的取決於情況和我們的目標。

But it is correct that more help is coming from the factories we control than from our foundry and assembly test partners.

但是，與我們的代工廠和組裝測試合作夥伴相比，我們控制的工廠提供的幫助更多，這是正確的。

Next, we'll hear from Matt Ramsay with Cowen.

接下來，我們將聽取 Matt Ramsay 和 Cowen 的講話。

Two questions a little bit unrelated.

兩個問題有點無關。

One is a follow-up on pricing, Ganesh, from the last question.

一個是最後一個問題的定價跟進，Ganesh。

And given what the margins are, you're obviously going to be able to pass on some of the higher input cost to customers.

考慮到利潤率，您顯然可以將一些較高的投入成本轉嫁給客戶。

But if the input cost situation were to change and come down a bit with the long-term agreements that you're putting in place under the PSP program, how stable or durable or how much length is there to some of the new pricing negotiations you're having?

但是，如果投入成本情況發生變化並隨著您在 PSP 計劃下制定的長期協議而有所下降，那麼您的一些新定價談判的穩定性或持久性或持續時間有多長有嗎？

Or do you expect those to sort of moderate as input costs moderate if and when they do?

或者您是否期望這些會隨著投入成本的緩和而有所緩和？

And the second question completely unrelated is I noticed some press releases about silicon carbide from you guys within the last week.

第二個完全不相關的問題是我注意到上週你們發布了一些關於碳化矽的新聞稿。

It seems like a much more expansive program than you might have had in the past.

這似乎是一個比您過去可能擁有的更廣泛的計劃。

Is that the right read?

這是正確的閱讀方式嗎？

And I guess, how important of a program is that for you guys going forward?

我想，一個程序對你們前進的重要性有多大？

Okay.

好的。

So on the pricing front, right, I mean, I think there is no insight into which way input costs are growing.

所以在定價方面，對，我的意思是，我認為沒有洞察到投入成本的增長方式。

At this point in time, every indication is that input costs are going up in 2022.

在這個時間點，所有跡像都表明投入成本在 2022 年會上升。

And we're already starting to hear of input costs going up in 2023.

我們已經開始聽說 2023 年投入成本會上升。

If and when there is a change in the trajectory of input costs, we will relook at it at that point in time.

如果投入成本的軌跡發生變化，我們將在那個時間點重新審視它。

And so nothing to really say about input costs changing directions at this point in time.

因此，對於目前改變方向的投入成本，沒什麼好說的。

In regards to silicon carbide.

關於碳化矽。

It is a program that is important, has focus, and we have been bringing out products on a pretty consistent basis there, and is an important part of our growth strategy is to capitalize on the markets which have both industrial and automotive components with industrialized realizing revenues sooner by bringing the benefits of silicon carbide to those markets.

這是一個重要的、有重點的計劃，我們一直在那里以相當一致的方式推出產品，並且是我們增長戰略的重要組成部分，即利用工業和汽車零部件市場並實現工業化通過將碳化矽的優勢帶入這些市場來更快地獲得收入。

They go nicely hand-in-hand with many of our microcontrollers that play into these power conversion opportunities, which is where silicon carbide plays.

它們與我們的許多微控制器完美結合，利用這些電源轉換機會，這正是碳化矽發揮作用的地方。

So yes, it's -- we haven't made a big deal of it, but it is an important product line and an important initiative for growth for us.

所以是的，它是 - 我們並沒有大肆宣傳它，但它是一條重要的產品線，也是我們增長的重要舉措。

And next, we'll hear from Chris Caso with Raymond James.

接下來，我們將聽取 Chris Caso 和 Raymond James 的來信。

I wanted to ask a bit more about what you had talked about earlier about relying a bit more on internal capacity as opposed to foundries going forward.

我想問更多關於你之前談到的關於更多地依賴內部產能而不是未來代工廠的問題。

First, what happened within the industry that is kind of causing this shortage in foundry and recognizing that the industry really didn't -- the foundry industry didn't really expand capacity and lagging edge nodes in the past.

首先，行業內發生的事情導致了代工短缺，並認識到該行業確實沒有——代工行業過去並沒有真正擴大產能和落後的邊緣節點。

But why are we at the point now where there's just none left and no willingness to extend that?

但是為什麼我們現在已經沒有了，也沒有意願去擴展它呢？

And then following that, if you are going to increase your reliance on internal capacity, how is it that you stay within the same 3% to 4% of revenue CapEx model?

然後，如果您要增加對內部產能的依賴，您如何保持在相同的收入資本支出模型的 3% 到 4% 範圍內？

How does that work going forward?

這將如何進行？

So first of all, I think in the -- from an industry perspective, it's just the rate of growth that foundry is seeing on these lagging edge technologies is so far ahead of any normal planning that they have done that it's overwhelming what the capacity available is.

所以首先，我認為——從行業的角度來看，鑄造廠在這些落後的邊緣技術上看到的增長率遠遠超過了他們所做的任何正常計劃，以至於可用產能壓倒了是。

Well, the normal reaction you would say is, well, why aren't they building more?

好吧，你會說的正常反應是，好吧，他們為什麼不建造更多？

Well, the economics of that for the foundries and the opportunity cost versus other capital objectives that they have don't always lend themselves to saying that trailing edge capacity is where they want to be invested.

好吧，代工廠的經濟性以及機會成本與他們擁有的其他資本目標相比，並不總是可以說後緣產能是他們想要投資的地方。

It's not that they're making no investments.

這並不是說他們沒有進行任何投資。

They are, but they're not fast enough and they're not at a rate for products that we consider to be important for us.

它們是，但它們的速度不夠快，而且對於我們認為對我們很重要的產品來說，它們的速度也不夠快。

And we're not doing it across the board.

我們並沒有全面這樣做。

We're just picking and choosing places where we think there is significant constraint for us or opportunity for us to make that investment.

我們只是在挑選我們認為對我們有重大限製或有機會進行投資的地方。

And that is true not only in the fabs, it's true in assembly and test as well as to why we're doing it and what we're seeing.

這不僅在晶圓廠中是正確的，在組裝和測試中也是如此，對於我們為什麼這樣做以及我們所看到的也是如此。

It will mean that we will continue to use all of the capacity available from our foundry and assembly test partners plus we will try to make sure that we have, where we can, additional capacity to be able to not be constrained by what is available only from our outside partners itself.

這將意味著我們將繼續使用我們的代工廠和組裝測試合作夥伴提供的所有可用產能，此外，我們將努力確保我們在可能的情況下擁有額外的產能，以免受到僅可用的產能的限制來自我們的外部合作夥伴本身。

In terms of the CapEx itself, I mean, you've seen -- if you go back and look at our history, last 5, 10 years, you'll find that we have gone above and below that 3% to 5% -- 3% to 4% number.

就資本支出本身而言，我的意思是，你已經看到——如果你回顧我們過去 5、10 年的歷史，你會發現我們已經超過和低於 3% 到 5%—— - 3% 到 4% 的數字。

I think the 2 years previous to this, we were at about 1%, and that's where the cycle was.

我認為在此之前的 2 年，我們大約是 1%，這就是周期所在。

That's what we needed in that.

這就是我們所需要的。

So I think a 3-year look gives you a better sense.

所以我認為 3 年的外觀會給你更好的感覺。

And we could spend more than 3% to 4% in any given year as we look at investing at a time when that need is there and then we'll breathe with that capacity and let it all build out over that time.

我們可以在任何一年花費超過 3% 到 4% 的資金，因為我們考慮在有需求的時候進行投資，然後我們將用這種能力呼吸，並讓它在這段時間內全部建立起來。

But at this point in time, that's what we feel comfortable with.

但在這個時間點，這就是我們感到舒服的地方。

If that changes in time, we'll keep you posted.

如果時間發生變化，我們會及時通知您。

But all this capital that we're investing, all the capacity we're bringing on, all of it we think will be accretive to our gross margins and will enable growth that we could otherwise not have had if our only choice was to take it outside.

但是我們投資的所有這些資本，我們帶來的所有產能，我們認為所有這些都將增加我們的毛利率，並將實現如果我們唯一的選擇是接受它，我們將無法實現的增長外部。

I'd like to clarify the foundry part of the answer.

我想澄清答案的鑄造部分。

Ordinarily, when the industry has a normal kind of growth rate, whatever it was over the last 10, 15 years, usually, a movement to the faster node by the leading-edge guys kept freeing up enough trailing as a capacity so that the trailing edge guys didn't get constrained.

通常，當行業具有正常的增長率時，無論過去 10 年或 15 年是什麼，通常，領先者向更快節點的移動會不斷釋放足夠的尾隨作為容量，以便尾隨邊緣傢伙沒有受到限制。

Because the leading edge capacity of today is a trailing edge capacity of 5, 6 years down the line.

因為今天的前沿產能是 5、6 年後的後緣產能。

And that's how trailing edge capacity became available because it was originally built for people who wanted more leading edge.

這就是後緣容量變得可用的方式，因為它最初是為想要更多領先優勢的人構建的。

And then many years later, that was available for the trailing edge.

多年後，這可用於後緣。

But when the industry grew this year at the rate it has grown, most companies have announced year-over-year growth rates of 20% plus.

但是，當該行業今年以它的增長速度增長時，大多數公司都宣布了 20% 以上的年增長率。

Our September guidance is, I think, about 25% up versus the same quarter a year ago, then that is the growth rate on the trailing edge technology is much, much higher than really what would become available through an ordinary process of nodes moving up.

我認為，我們 9 月份的指導意見是，與去年同期相比增長約 25%，也就是說，後緣技術的增長率要遠遠高於通過節點向上移動的普通過程所能獲得的實際增長率.

And so therefore, the leading-edge capacity is constrained also today.

因此，今天的前沿產能也受到限制。

It's not like there's all the capacity available at 14-nanometer and 28-nanometer, they're all constrained also.

並不是說 14 納米和 28 納米都有可用的所有容量，它們也都受到限制。

But foundries are willing to add capacity on the more leading-edge nodes than they are on the trailing edge.

但代工廠願意在前沿節點上增加產能，而不是在後沿節點上增加產能。

Given the choice of their capital allocation and their priorities, they are working on more relieving the leading-edge capacity, leaving the trailing edge, much more constrained because of the -- such an aggressive growth.

考慮到他們的資本分配和優先事項的選擇，他們正在努力更多地釋放前沿產能，而讓後緣因為如此激進的增長而受到更多限制。

If the growth of the industry returns back to a much more normal over the 10 years, and it's quite possible that the trailing edge capacity will not be as constrained again.

如果該行業的增長在 10 年內恢復到更加正常的水平，那麼後緣產能很可能不會再次受到限制。

And our next question will come from Christopher Rolland with Susquehanna.

我們的下一個問題將來自 Christopher Rolland 和 Susquehanna。

What's the plan around just inventory?

圍繞庫存有什麼計劃？

Do you guys plan to increase that from 20 days kind of ASAP?

你們打算盡快從 20 天開始增加嗎？

Or is this on hold as you kind of service your PSP customers or direct customers first?

還是因為您首先為您的 PSP 客戶或直接客戶服務而暫停？

Any color there on your timing around replenishment?

你的補貨時間有什麼顏色嗎？

We don't drive distribution to what inventory they should carry.

我們不會將分銷推向他們應該攜帶的庫存。

The numbers we report are what their decisions are both in terms of what they see as a demand, but in this -- in the current condition, what they see as the supply available to them.

我們報告的數字是他們的決定，他們認為是需求，但在目前情況下，他們認為是可用的供應。

PSP customers are coming to us as much from distribution as well.

PSP 客戶也同樣來自分銷渠道。

So I would not take PSP and say it's direct customers only.

所以我不會拿 PSP 說它只是直接客戶。

Many, many customers who are distribution customers are placing PSP orders on it.

很多很多是分銷客戶的客戶都在上面下 PSP 訂單。

The issue is that when demand so far exceeds supply, you cannot build inventory internally or in the channel at that point in time.

問題是，當需求遠遠超過供應時，您無法在那個時間點在內部或渠道中建立庫存。

So until we get to the point where we can help provide more product than they're shipping out, distribution inventory is not likely to go up.

因此，在我們能夠幫助提供的產品多於他們運送的產品之前，分銷庫存不太可能增加。

We're shipping higher and higher amounts of distribution every quarter, but it sets out the door because of the strong demand for sales out.

我們每個季度都會運送越來越多的分銷產品，但由於銷售需求強勁，它已經開始了。

So because the supply is so constrained, you cannot really build inventory anywhere.

因此，由於供應非常有限，您無法真正在任何地方建立庫存。

Yes.

是的。

Understood.

明白了。

And this is definitely a longer-term question.

這絕對是一個長期的問題。

But is there any point or condition when you guys would ever consider a 300-millimeter fab.

但是，你們是否會考慮建造 300 毫米晶圓廠？

For example, ON has the same revenue as you guys and has 1. Or is it something that, given your product sets and the volumes that you guys have and the runs that you guys have that you wouldn't have any interest in.

例如，ON 的收入與你們相同，並且是 1。或者，考慮到你們的產品集和你們擁有的數量以及你們擁有的運行，你們不會有任何興趣。

No, there are scenarios in which a 12-inch fab may make sense for us.

不，在某些情況下 12 英寸晶圓廠可能對我們有意義。

But there's nothing really to talk about at this point in time.

但在這個時間點上真的沒有什麼可談的。

Company, you mentioned is not a good example for us.

公司，你提到的對我們來說不是一個好例子。

Our operating margin is higher than their gross margin.

我們的營業利潤率高於他們的毛利率。

And we'll take a follow-up from Harlan Sur with JPMorgan.

我們將與摩根大通一起從 Harlan Sur 那裡跟進。

In terms of potential uncertainties, unfortunately, we are seeing a resurgence in COVID-19 delta variant.

不幸的是，就潛在的不確定性而言，我們看到 COVID-19 delta 變體再次出現。

Southeast Asia seems to be quite impacted, right?

東南亞似乎受到了很大的影響，對吧？

You have assembly, wafer and final test in the Philippines, in Thailand.

您在菲律賓和泰國進行組裝、晶圓和最終測試。

Some of your subcons are in Malaysia, which is probably the hardest hit.

你的一些分隊在馬來西亞，這可能是受災最嚴重的地方。

The team managed through COVID-19 shutdowns very well last year.

去年，該團隊通過 COVID-19 停工管理得非常好。

But for the recent surge, how is the team mitigating the potential for supply chain disruptions?

但是對於最近的激增，團隊如何減輕供應鏈中斷的可能性？

So firstly, taking our own internal factories, right?

所以首先，拿我們自己的內部工廠，對吧？

So many of the protocols that we implemented last year to operate safely, to have backup plans if people need to be inside of the factory.

我們去年實施的許多協議是為了安全運行，如果人們需要在工廠內，有備用計劃。

All that is normal part of our contingency planning.

所有這些都是我們應急計劃的正常部分。

In addition, we have taken steps to accelerate how vaccines can be brought in and deployed.

此外，我們已採取措施加速疫苗的引進和部署。

So for example, over the course of last week and this week, a substantial portion of our Thailand factory is going to be fully vaccinated.

例如，在上周和本週，我們泰國工廠的很大一部分將完全接種疫苗。

We're taking steps to get preventive things we can do.

我們正在採取措施來採取我們可以做的預防措施。

We're trying to do the same thing in the Philippines, and we have some challenges to overcome to get there.

我們正試圖在菲律賓做同樣的事情，我們要克服一些挑戰才能到達那裡。

We're working with our factory partners.

我們正在與我們的工廠合作夥伴合作。

And from where they're operating, there are challenges.

從他們經營的地方來看，存在挑戰。

So far, nothing is really a major enough issue for us to result in significant loss in production.

到目前為止，對於我們來說，沒有什麼問題真的會導致生產上的重大損失。

So as that data unrolls and as we see what the rules and regulations are, we will manage around it and as best as we can.

因此，隨著數據展開並且我們看到規則和規定是什麼，我們將盡可能地圍繞它進行管理。

We have contingency plans.

我們有應急計劃。

But there's no answer, which says we have all scenarios thought through.

但是沒有答案，這表明我們已經考慮了所有場景。

So far, no major issues, and we're okay with where things are at, but being prudent on where things might go.

到目前為止，沒有重大問題，我們對事情的進展情況感到滿意，但對事情的發展方向保持謹慎。

And that concludes today's question-and-answer session.

今天的問答環節到此結束。

Mr. Moorthy, at this time, I'll turn the conference back over to you for any additional or closing remarks.

Moorthy 先生，此時，我會將會議轉回給您，以獲取任何補充或結束語。

Well, I want to thank everybody for attending the call today.

好吧，我要感謝大家參加今天的電話會議。

We have several investor events coming up over the next month, 1.5 months of time frame, and we look forward to talking to many of you at that point in time.

在下個月，1.5 個月的時間框架內，我們將舉行幾項投資者活動，我們期待在那個時間點與你們中的許多人交談。

So thank you.

所以謝謝。

Thank you.

謝謝你。

And this concludes today's conference.

今天的會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連接。