微晶片科技 (MCHP) 2021 Q2 法說會逐字稿

Good day, everyone. Welcome to Microchip's Second Quarter Fiscal 2021 Financial Results. As a reminder, today's call is being recorded. At this time, I would like to turn the conference over to Microchip's President and Chief Executive Officer, Mr. Steve Sanghi. Please go ahead, sir.

今天是個好日子。歡迎查看 Microchip 2021 財年第二季度財務業績。提醒一下，今天的通話正在錄音中。現在，我想將會議轉交給 Microchip 總裁兼首席執行官 Steve Sanghi 先生。請繼續，先生。

Thank you, operator. Good afternoon, everyone. 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. We wish to caution you that such statements are predictions and that actual events or results may differ materially. 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.

謝謝你，運營商。大家下午好。在本次電話會議期間，我們將對未來事件或公司未來的財務業績做出預測和其他前瞻性陳述。我們想提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。請參閱我們今天的新聞稿以及我們最近向美國證券交易委員會提交的文件，這些文件確定了可能影響 Microchip 的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 COO; and Eric Bjornholt, Microchip's CFO. I will first comment on our CEO transition and Board appointments. Eric will then comment on our second quarter financial performance. And Ganesh will then give his comments on the results. I will then discuss the current business environment as well as our guidance. We will then be available to respond to specific investor and analyst questions.

今天和我一起出席的有 Microchip 總裁兼首席運營官 Ganesh Moorthy；和 Microchip 的首席財務官 Eric Bjornholt。我將首先評論我們的 CEO 過渡和董事會任命。然後 Eric 將對我們第二季度的財務業績發表評論。然後 Ganesh 將對結果發表評論。然後我將討論當前的商業環境以及我們的指導。然後我們將可以回答具體的投資者和分析師問題。

So let me begin by commenting on the CEO transition announced today and the addition of Board members. Today, we announced that I will transition to an Executive Chair role effective March 1, 2021. Microchip's current President, Ganesh Moorthy, will step into the role of President and CEO effective March 1, 2021. Ganesh will also join the Board of Directors effective January 4, 2021.

因此，讓我首先評論今天宣布的 CEO 交接和董事會成員的增加。今天，我們宣布我將從 2021 年 3 月 1 日起過渡到執行主席一職。Microchip 現任總裁 Ganesh Moorthy 將從 2021 年 3 月 1 日起擔任總裁兼首席執行官一職。Ganesh 也將於 2021 年 1 月 4 日加入董事會。

I joined Microchip in February 1990 as Senior Vice President of Operations and was promoted to President to lead this company in July 1990. Microchip then had sales of about $60 million, and it was losing about $10 million per year. The main product line at that time was commodity e-comm, and the gross margin of the company was about 30%. The turnaround of the company was documented in my book, Driving Excellence: How the Aggregate System Turned Microchip from a Failing Company to a Market Leader. We took Microchip public in March of 1993, with annual sales of $89 million and a market capitalization of $85 million. In the last 27 years as a public company, Microchip's net sales grew to $5.2 billion, and its market capitalization grew to approximately $30 billion.

我於 1990 年 2 月加入 Microchip，擔任運營高級副總裁，並於 1990 年 7 月晉升為總裁領導這家公司。Microchip 當時的銷售額約為 6000 萬美元，每年虧損約 1000 萬美元。當時的主要產品線是商品電商，公司毛利率在30%左右。公司的轉機記錄在我的書《推動卓越：聚合系統如何將 Microchip 從一家失敗的公司轉變為市場領導者》一書中。我們於 1993 年 3 月將 Microchip 上市，年銷售額為 8900 萬美元，市值為 8500 萬美元。作為上市公司的過去 27 年中，Microchip 的淨銷售額增長到 52 億美元，市值增長到約 300 億美元。

Today, Microchip produces industry-leading gross and operating margins. Since its IPO, Microchip's stock price has grown approximately 20,000%, excluding dividends. Microchip has also completed its 120th consecutive quarter of profitability on a non-GAAP basis. In the last 30 years, Microchip transformed from a small company focused on nonvolatile memory products, to an embedded solutions powerhouse with a broad and innovative range of solutions as well as leadership positions in the industrial, data center, automotive, communications, consumer and aerospace and defense markets.

如今，Microchip 的毛利率和營業利潤率處於行業領先地位。自首次公開募股以來，Microchip 的股價已上漲約 20,000%，不包括股息。Microchip 還連續第 120 個季度實現非 GAAP 盈利。在過去的 30 年裡，Microchip 從一家專注於非易失性存儲器產品的小公司轉變為一家嵌入式解決方案巨頭，擁有廣泛的創新解決方案，並在工業、數據中心、汽車、通信、消費和航空航天領域處於領先地位和國防市場。

We have also been an industry consolidator, having acquired about 20 companies, including well-known industry names like Silicon Storage Technology, Standard Microsystems, Micrel, Atmel and Microsemi. All of the acquired companies were successfully integrated into Microchip's business and created outstanding value for the stockholders of Microchip.

我們還是行業整合者，收購了大約 20 家公司，包括 Silicon Storage Technology、Standard Microsystems、Micrel、Atmel 和 Microsemi 等知名行業名稱。所有被收購的公司都成功地融入了 Microchip 的業務，並為 Microchip 的股東創造了卓越的價值。

Leading Microchip for the last 30 years has been the greatest privilege of my 42 years in the semiconductor industry. I turned 65 in July of this year. I often thought about transitioning to an Executive Chair role by that date. I discussed this with our Board of Directors as part of our succession planning process earlier this year, but no decision was made at that time. Then given the unexpected COVID-19 pandemic, the Board and I thought it was best to delay any transition so that it would not occur during a very turbulent and unpredictable time. I have now decided that the time is right to make this change. The overall decision was made easier given that Microchip has someone as qualified as Ganesh to assume the CEO role and given the strength of the rest of our management team.

過去 30 年領導 Microchip 是我在半導體行業 42 年的最大榮幸。今年 7 月，我 65 歲生日。我經常考慮在那個日期之前過渡到執行主席的角色。作為今年早些時候繼任計劃流程的一部分，我與董事會討論了這個問題，但當時沒有做出任何決定。然後鑑於意外的 COVID-19 大流行，董事會和我認為最好推遲任何交接，以免在非常動盪和不可預測的時期發生。我現在決定是時候進行此更改了。考慮到 Microchip 有像 Ganesh 這樣有資格的人擔任首席執行官一職，並且我們管理團隊的其他成員實力雄厚，因此整體決策變得更加容易。

I have known Ganesh for 39 years since hiring him as a new college graduate at Intel in 1981. He has a demonstrated track record of success. And our proven partnership over the last 19 years at Microchip makes him my logical successor. He is an energetic, articulate and thoughtful leader who is widely respected amongst our customers, partners, suppliers, investors and analysts as well as the entire Microchip employee base. Ganesh joined Microchip in 2001 and served as the vice president of multiple business units. In 2006, he was promoted to Executive Vice President, with extended business unit and manufacturing responsibilities, and assumed the role of Chief Operating Officer in 2009. Ganesh has served as President and Chief Operating Officer from February 2016. Since then, Ganesh and I had jointly led Microchip. Now starting March 1, 2021, Ganesh will become the President and CEO of Microchip. I will remain as an Executive Chairman. I will work with Ganesh to continue to drive the strategic direction of this company and maintain a strong culture and succession planning that we have developed here.

我認識 Ganesh 已有 39 年，自從他於 1981 年被英特爾聘為應屆大學畢業生以來。他有成功的記錄。我們在過去 19 年在 Microchip 建立的久經考驗的合作夥伴關係使他成為我合乎邏輯的繼任者。他是一位精力充沛、善於表達和深思熟慮的領導者，在我們的客戶、合作夥伴、供應商、投資者和分析師以及整個 Microchip 員工群中廣受尊重。Ganesh 於 2001 年加入 Microchip，並擔任多個業務部門的副總裁。2006 年，他晉升為執行副總裁，負責擴展業務部門和製造部門，並於 2009 年擔任首席運營官。Ganesh 自 2016 年 2 月起擔任總裁兼首席運營官。從那時起，Ganesh 和我共同領導 Microchip。從 2021 年 3 月 1 日開始，Ganesh 將成為 Microchip 的總裁兼首席執行官。我將繼續擔任執行主席。我將與 Ganesh 合作，繼續推動這家公司的戰略方向，並保持我們在這裡發展起來的強大文化和繼任計劃。

We also announced today that starting January 4, 2021, Karen Rapp will join the Board of Directors of Microchip and will also join its Audit Committee. Karen is no stranger to the technology investment community. She's currently the CFO of National Instruments. She also serves on the Board of Plexus, which is a contract manufacturer. Karen brings with her extensive large company -- large public company experience and significant leadership accomplishments in financial management, financial governance, information technology and cybersecurity. We are all very pleased to have Karen join our Board.

我們今天還宣布，從 2021 年 1 月 4 日開始，Karen Rapp 將加入 Microchip 董事會，並將加入其審計委員會。凱倫對科技投資界並不陌生。她目前是美國國家儀器公司的首席財務官。她還在合同製造商 Plexus 的董事會任職。Karen 帶來了她廣泛的大型公司——大型上市公司經驗以及在財務管理、財務治理、信息技術和網絡安全方面的重要領導成就。我們都很高興 Karen 加入我們的董事會。

I will now pass this call to Eric Bjornholt, and he will cover the earnings part of this conference call. Eric?

我現在將把這個電話轉給 Eric Bjornholt，他將負責本次電話會議的收益部分。埃里克？

Thanks, Steve, and good afternoon, everyone. We are including information in our press release in this conference call on various GAAP and non-GAAP measures. We have posted a full GAAP to non-GAAP reconciliation on the Investor Relations page of our website at www.microchip.com, which we believe you will find useful when comparing our GAAP and non-GAAP results. We have posted a summary of our outstanding debt and our leverage metrics on our website.

謝謝，史蒂夫，大家下午好。我們在本次電話會議的新聞稿中包含了有關各種 GAAP 和非 GAAP 措施的信息。我們在我們網站 www.microchip.com 的投資者關係頁面上發布了完整的 GAAP 與非 GAAP 對賬，我們相信您在比較我們的 GAAP 和非 GAAP 結果時會發現有用。我們已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 margin and operating expenses. 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.

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。除淨銷售額外，我將在非 GAAP 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所述的某些其他調整影響之前的費用。

Net sales in the September quarter were $1.31 billion, which was flat sequentially and above the high end of our narrowed guidance range from September 9, 2020, when net sales were expected to be down between 2% and 6% sequentially. We have posted a summary of our GAAP net sales as well as end market demand by product line and geography on our website for your reference.

9 月季度的淨銷售額為 13.1 億美元，環比持平，高於我們從 2020 年 9 月 9 日開始縮小的指導範圍的上限，當時預計淨銷售額將環比下降 2% 至 6%。我們已在我們的網站上按產品線和地理位置發布了我們的 GAAP 淨銷售額以及終端市場需求的摘要，供您參考。

On a non-GAAP basis, gross margins were very strong and near record levels at 62.2%. Operating expenses were at 23%. And operating income was an outstanding 39.2%, all better than the high end of our revised guidance from September 9. Our factory underutilization charges decreased from $13.9 million to $12.2 million sequentially as we started to ramp our factories to respond to the stronger-than-expected business conditions. We expect the continued ramp of our factories to lead to lower underutilization charges in the December quarter.

在非美國通用會計準則的基礎上，毛利率非常強勁，接近歷史最高水平 62.2%。營業費用為 23%。營業收入高達 39.2%，均高於我們 9 月 9 日修訂後的指引的上限。我們的工廠未充分利用費用從 1390 萬美元連續減少到 1220 萬美元，因為我們開始擴大工廠規模以應對強於-預期的業務條件。我們預計我們工廠的持續增長將導致 12 月季度的未充分利用費用降低。

Non-GAAP net income was $416.4 million. Non-GAAP earnings per share was $1.56, $0.15 above the midpoint of our guidance and $0.10 above the high end of our guidance from September 9. On a GAAP basis in the September quarter, gross margins were 61.7% and include the impact of $6 million of share-based compensation expense.

非美國通用會計準則淨收入為 4.164 億美元。從 9 月 9 日起，非 GAAP 每股收益為 1.56 美元，比我們的指引中點高出 0.15 美元，比我們的指引高點高出 0.10 美元。在 9 月季度的 GAAP 基礎上，毛利率為 61.7%，包括 600 萬美元的影響以股份為基礎的補償費用。

Total operating expenses were $581.7 million and include acquisition intangible amortization of $232.9 million, special charges of $4.3 million, $0.7 million of acquisition-related and other costs and share-based compensation of $43.7 million. The GAAP net income was $73.6 million or $0.27 per diluted share.

總運營費用為 5.817 億美元，包括 2.329 億美元的收購無形攤銷、430 萬美元的特殊費用、70 萬美元的收購相關成本和其他成本以及 4370 萬美元的股份補償。GAAP 淨收入為 7360 萬美元或每股攤薄收益 0.27 美元。

Our September quarter GAAP tax expense was impacted by a variety of factors, including tax reserve releases associated with the statute of limitations expiring, offset by tax reserve accruals associated with developments of the Altera court case during the period, deferred tax impacts of enacted changes in tax law occurring during the period, deferred tax impacts of our convertible debt exchange transactions occurring during the period and other matters. Our non-GAAP cash tax rate was 5% in the September quarter. We expect our non-GAAP cash tax rate for fiscal '21 to be about 5.5%, 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 9 月季度的 GAAP 稅收支出受到多種因素的影響，包括與時效到期相關的稅收儲備釋放，被該期間與 Altera 法院案件的發展相關的稅收儲備應計抵消，遞延稅收影響的已製定變更期間發生的稅法，期間發生的我們的可轉換債券交換交易的遞延稅影響和其他事項。我們在 9 月季度的非 GAAP 現金稅率為 5%。我們預計 21 財年的非 GAAP 現金稅率約為 5.5%，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會計年度。

We have many tax attributes and net operating losses and tax credits as well as U.S. interest deductions that we believe will keep our cash tax payments low. The remaining cash tax payments associated with the transition tax are expected to be about $221 million and will be paid over the next 5 years. We have posted the schedule of our projected transition tax payments on the Investor Relations page of our website.

我們有許多稅收屬性和淨營業虧損和稅收抵免以及美國利息減免，我們相信這將使我們的現金納稅額保持在較低水平。與過渡稅相關的剩餘現金稅款預計約為 2.21 億美元，將在未來 5 年內支付。我們已在我們網站的投資者關係頁面上發布了預計的過渡稅支付時間表。

Our inventory balance at September 30, 2020 was $661.4 million. We had 120 days of inventory at the end of the September quarter, up 3 days from the prior quarter's level and primarily a result of our strong gross margin performance. Inventory at our distributors in the September quarter were at 30 days, which was flat to the prior quarter. We believe distribution inventory levels for Microchip are still low compared to the historical range we have experienced over the past 10 years, which is between 27 and 47 days.

我們在 2020 年 9 月 30 日的庫存餘額為 6.614 億美元。截至 9 月季度末，我們有 120 天的庫存，比上一季度的水平增加了 3 天，這主要是我們強勁的毛利率表現的結果。9 月季度我們經銷商的庫存為 30 天，與上一季度持平。我們認為，與我們過去 10 年經歷的 27 至 47 天的歷史範圍相比，Microchip 的分銷庫存水平仍然較低。

Our cash flow from operating activities was $455.8 million in the September quarter. As of September 30, our consolidated cash and total investment position was $370.3 million. We paid down $331.1 million of total debt in the September quarter. Over the last 9 full quarters since we closed the Microsemi acquisition and incurred over $8 billion in debt to do so, we have paid down $2.95 billion of the debt and continue to allocate substantially all of our cash, excess cash beyond dividends to aggressively bring down this debt. We have accomplished this despite the adverse macro and market conditions during most of this period, which we feel is a testimony to the cash generation capabilities of our business as well as our ongoing operating discipline. We continue to expect our debt levels to reduce significantly over the next several quarters.

我們在 9 月季度的經營活動現金流量為 4.558 億美元。截至 9 月 30 日，我們的綜合現金和總投資頭寸為 3.703 億美元。我們在 9 月季度償還了 3.311 億美元的總債務。自從我們完成對 Microsemi 的收購併為此承擔了超過 80 億美元的債務以來的過去 9 個完整季度中，我們已經償還了 29.5 億美元的債務，並繼續分配我們幾乎所有的現金，股息以外的多餘現金，以積極降低這筆債。儘管在此期間的大部分時間宏觀和市場條件不利，但我們仍然實現了這一目標，我們認為這證明了我們業務的現金生成能力以及我們持續的經營紀律。我們繼續預計未來幾個季度我們的債務水平將大幅下降。

In the September quarter, we also exchanged $796.1 million of our 2025 and 2027 convertible senior subordinated notes for cash and shares of common stock. While these transactions did not impact the overall level of debt on our balance sheet, we believe that these convertible exchanges will benefit stockholders by significantly reducing the share count dilution to the extent our stock price appreciates over time.

在 9 月季度，我們還將 2025 年和 2027 年可轉換優先次級票據中的 7.961 億美元換成了現金和普通股。雖然這些交易並未影響我們資產負債表上的整體債務水平，但我們相信，這些可轉換交易所將通過顯著減少股票數量稀釋來使我們的股票價格隨著時間的推移而升值，從而使股東受益。

Our adjusted EBITDA in the September quarter was $566.7 million, and our trailing 12-month adjusted EBITDA was $2.181 billion. 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 4.04 at September 30, 2020, down from 4.24 at June 30, 2020. Our dividend payment in the September quarter was $95.3 million. Capital expenditures were $6.3 million in the September 2020 quarter. We expect about $35 million in capital spending in the December quarter and overall capital expenditures for fiscal '21 to be between $110 million and $120 million. Our capital expenditure forecast for fiscal '21 has increased as we prepare for growth in our business as well as actions we are taking to increase our internal capacity in the face of constraints our outsourcing partners are experiencing, which Ganesh will talk more about.

我們在 9 月季度調整後的 EBITDA 為 5.667 億美元，過去 12 個月的調整後 EBITDA 為 21.81 億美元。截至 2020 年 9 月 30 日，我們的淨債務調整後 EBITDA 為 4.04，低於 2020 年 6 月 30 日的 4.24，不包括 2037 年到期且性質更類似股權的超長期可轉換債券。我們在 9 月季度支付的股息為 9530 萬美元。2020 年 9 月季度的資本支出為 630 萬美元。我們預計 12 月季度的資本支出約為 3500 萬美元，21 財年的總資本支出將在 1.1 億美元至 1.2 億美元之間。我們對 21 財年的資本支出預測有所增加，因為我們為業務增長做準備，以及我們正在採取行動來提高我們的內部能力，以應對我們的外包合作夥伴正在經歷的限制，Ganesh 將更多地討論這一點。

We continue to add capital to maintain and operate our internal manufacturing operations, support the production capabilities of new products and technologies as well as to selectively bring in-house some of the wafer fabrication, assembly and test operations that are currently outsourced. We expect these capital investments will bring gross margin improvement to our business and give us increased control over our destiny during periods of industry-wide constraints. Depreciation expense in the September quarter was $39 million.

我們繼續增加資本以維持和運營我們的內部製造業務，支持新產品和新技術的生產能力，並有選擇地在內部引入一些目前外包的晶圓製造、組裝和測試業務。我們預計這些資本投資將為我們的業務帶來毛利率改善，並讓我們在全行業受限期間更好地控制自己的命運。9 月季度的折舊費用為 3900 萬美元。

I will now turn it over to Ganesh to give us comments on the performance of the business in the September quarter. Ganesh?

我現在將其轉交給 Ganesh，讓我們對 9 月季度的業務表現發表評論。像頭神？

Thank you, Eric, and good afternoon, everyone. Let's start by taking a closer look at microcontrollers. In a weaker-than-normal macro environment, our microcontroller revenue performed better than we expected. Our microcontroller revenue was sequentially down 1.8% as compared to the June quarter. On a year-over-year basis, our microcontroller revenue was up 0.8%. Microcontrollers overall represented 53.7% of our revenue in the September quarter.

謝謝埃里克，大家下午好。讓我們從仔細研究微控制器開始。在弱於正常的宏觀環境下，我們的微控制器收入表現好於我們的預期。與 6 月季度相比，我們的微控制器收入環比下降 1.8%。與去年同期相比，我們的微控制器收入增長了 0.8%。微控制器總體占我們 9 月份季度收入的 53.7%。

Now moving to analog. Our analog revenue was sequentially down 2.3% as compared to the June quarter. On a year-over-year basis, our analog revenue was down 8.2%. The weaker year-over-year performance of our analog revenue as compared to our microcontroller revenue was primarily due to our product lines which originated from Microsemi, which had higher exposure to Huawei, the communications end market in general, the commercial aviation market and the space market. Analog represented 27.6% of our revenue in the September quarter.

現在轉向模擬。與 6 月季度相比，我們的模擬收入環比下降 2.3%。與去年同期相比，我們的模擬收入下降了 8.2%。與我們的微控制器收入相比，我們的模擬收入同比表現較弱，這主要是由於我們的產品線源自 Microsemi，它對華為、一般通信終端市場、商用航空市場和空間市場。模擬業務占我們 9 月份季度收入的 27.6%。

Our FPGA revenue was up 24.8% sequentially as compared to the June quarter and achieved an all-time record even going back to the Microsemi history. On a year-over-year basis, our FPGA revenue was up 16.3%. I would like to caution investors that although the FPGA revenue trajectory is positive, the revenue does have some lumpiness associated with it because of the large exposure to the aerospace market. FPGA represented 8.3% of our revenue in the September quarter.

與 6 月季度相比，我們的 FPGA 收入環比增長了 24.8%，創下了 Microsemi 歷史上的歷史新高。與去年同期相比，我們的 FPGA 收入增長了 16.3%。我想提醒投資者，雖然 FPGA 的收入軌跡是積極的，但由於在航空航天市場的大量敞口，收入確實有一些與之相關的波動。FPGA 占我們 9 月份季度收入的 8.3%。

Our licensing, memory and other business, which we refer to as LMO, was flat in revenue as compared to the June quarter. LMO represented 10.4% of our revenue in the September quarter.

與 6 月季度相比，我們的許可、內存和其他業務（我們稱之為 LMO）的收入持平。LMO 占我們 9 月季度收入的 10.4%。

In October, we completed the acquisition of 2 small private companies. The first acquisition was New Zealand-based Tekron International, a global leader of timekeeping technologies and solutions for smart grid and other industrial applications. Timing is an operational necessity for real-time smart grid management and monitoring. Modernization, complexity and cybersecurity challenges within the power utilities are driving the need for more precise, secure and reliable time. Acquiring Tekron enables us to expand our offering for the expanding smart energy and industrial markets.

10 月，我們完成了對 2 家小型私營公司的收購。第一次收購是總部位於新西蘭的 Tekron International，該公司是智能電網和其他工業應用計時技術和解決方案的全球領導者。定時是實時智能電網管理和監控的操作必需品。電力公司內部的現代化、複雜性和網絡安全挑戰推動了對更精確、安全和可靠時間的需求。收購 Tekron 使我們能夠為不斷擴大的智能能源和工業市場擴展我們的產品。

The second acquisition was Toronto-based LegUp Computing, whose high-level synthesis tool expands our FPGA edge compute solution stack to make it easier for software engineers to harness the algorithm accelerating power of Microchip's PolarFire FPGA and PolarFire system-on-chip platforms. The LegUp acquisition also complements the VectorBlox acquisition we made a year ago, which added domain expertise in the areas of machine learning algorithms and vector processing for edge compute applications.

第二次收購是總部位於多倫多的 LegUp Computing，其高級綜合工具擴展了我們的 FPGA 邊緣計算解決方案堆棧，使軟件工程師更容易利用 Microchip 的 PolarFire FPGA 和 PolarFire 片上系統平台的算法加速能力。對 LegUp 的收購還補充了我們一年前對 VectorBlox 的收購，後者增加了機器學習算法和邊緣計算應用矢量處理領域的專業知識。

Tekron and LegUp were very small tuck-in acquisitions, more akin to acquiring intellectual property along with domain experts to help us accelerate our business agenda in specific laser-focused areas. Both acquisitions were valued in the mid-single-digit millions of dollars and hence not material to the rate at which we're paying down our debt. The 2 acquisitions are expected to add less than $1 million of revenue in the December quarter.

Tekron 和 LegUp 是非常小的收購，更像是與領域專家一起獲得知識產權，以幫助我們加速特定激光聚焦領域的業務議程。這兩項收購的價值都在數百萬美元左右，因此對我們償還債務的速度並不重要。預計這兩項收購將在 12 月季度增加不到 100 萬美元的收入。

In mid-September, per the U.S. Department of Commerce regulation, we stopped all shipments to Huawei. Our Huawei-originated revenue represents about 1% to 2% of Microchip's overall revenue and was sequentially down from the June quarter to the September quarter. We are working with the Department of Commerce to apply for licenses for products and technologies that we believe have no impact to U.S. national security interest. We do not know if or when such licenses may be granted. Therefore, we have no Huawei revenue in our December quarter guidance that Steve will provide.

9 月中旬，根據美國商務部的規定，我們停止了對華為的所有發貨。我們源自華為的收入約佔 Microchip 總收入的 1% 至 2%，並且從 6 月季度到 9 月季度連續下降。我們正在與商務部合作，為我們認為不會影響美國國家安全利益的產品和技術申請許可證。我們不知道是否或何時可以授予此類許可。因此，我們在史蒂夫將提供的 12 月季度指導中沒有華為收入。

During the September quarter, we began to experience rising constraints in our supply chain due to a number of industry-wide factors, among them, Huawei's push throughout the supply chain to complete manufacturing of all their products prior to the shipment ban; competition for market share by Huawei's competitors seeking to replace them, which further stressed the supply chain; and ongoing shift of semiconductor manufacturing out of China to avoid tariffs and trade sanctions, pressuring the capacity in other Asian countries where we manufacture through our partners; a very significant mobile phone refresh cycle, which competes for the same outsourced capacity we used; and last but not least, the rising demand from the automotive, industrial and consumer markets, which we saw.

在 9 月這個季度，由於許多全行業因素，我們的供應鏈開始受到越來越多的限制，其中包括華為推動整個供應鏈在發貨禁令之前完成其所有產品的製造；華為的競爭對手爭奪市場份額，尋求取代它們，這進一步加重了供應鏈的壓力；為避免關稅和貿易制裁，半導體製造業正在從中國轉移，這給我們通過合作夥伴生產的其他亞洲國家的產能帶來壓力；一個非常重要的手機更新周期，它競爭我們使用的相同外包能力；最後但同樣重要的是，我們看到了汽車、工業和消費市場不斷增長的需求。

The confluence of these factors created supply chain constraints, which are continuing into the December quarter. At times like this, we are fortunate to have our internal factory capabilities, and we are making strategic capacity investments as we seek to better position our business for growth.

這些因素的共同作用造成了供應鏈限制，這種情況一直持續到 12 月季度。在這樣的時候，我們很幸運擁有內部工廠能力，並且我們正在進行戰略產能投資，以尋求更好地定位我們的業務以實現增長。

Given the current market dynamics, we are providing some qualitative trend insights into our principal end markets for the September quarter. As expected, we saw the automotive, industrial and consumer home appliance markets start their recovery. Medical devices for elective procedures, like hearing aids, pacemakers, et cetera, which experienced a slowdown in the June quarter as individuals and hospitals delayed elective procedures, also started the recovery in the September quarter. As expected, we also saw the work-from-home-related markets of computing and data center as well as medical devices for hospitals revert to more normal demand patterns as the surge we saw in the June quarter dissipated. In general, enterprise demand remains weak as most businesses remain predominantly with work-from-home policies, thus deferring enterprise spending for the office environment.

鑑於當前的市場動態，我們將對 9 月季度的主要終端市場提供一些定性趨勢見解。正如預期的那樣，我們看到汽車、工業和消費家電市場開始復蘇。由於個人和醫院推遲了擇期手術，助聽器、心臟起搏器等擇期手術的醫療設備在 6 月季度出現放緩，但也在 9 月季度開始復蘇。正如預期的那樣，我們還看到與在家工作相關的計算和數據中心以及醫院醫療設備市場恢復到更正常的需求模式，因為我們在 6 月季度看到的激增已經消退。總的來說，企業需求仍然疲軟，因為大多數企業仍然主要採用在家工作的政策，從而推遲了企業對辦公環境的支出。

Finally, before I hand off to Steve, I would like to take the opportunity to express my deep gratitude to Steve and to the Microchip Board of Directors for the responsibility being entrusted in me when the baton gets handed next March. As we all know, Steve will be leaving big shoes to fill, with an impeccable 30-year history as CEO of Microchip. Yet the partnership we have forged over many years of working together, in addition to the support of our long-tenured executive team at Microchip, gives me confidence to lead the next phase of Microchip. I would especially like to thank Steve for being my mentor and my partner through the many years that we have engaged business challenges and opportunities together and for everything I've been privileged to learn from him. I am particularly glad and thankful that Microchip and I can count on his continued support and advice in his Executive Chair role. Thank you, once again, Steve.

最後，在我將接力棒交給 Steve 之前，我想藉此機會向 Steve 和 Microchip 董事會表示深深的感謝，感謝他們在明年 3 月接力棒交接時將責任交給了我。眾所周知，作為 Microchip 首席執行官的 30 年無可挑剔的履歷，史蒂夫將留下大人物來填補空缺。然而，除了我們在 Microchip 長期任職的管理團隊的支持之外，我們多年來建立的合作夥伴關係讓我有信心領導 Microchip 的下一階段。我要特別感謝史蒂夫，多年來他一直是我的導師和合作夥伴，我們一起應對商業挑戰和機遇，感謝他讓我有幸從他那裡學到了一切。我特別高興和感謝 Microchip 和我可以指望他在擔任執行主席期間繼續提供支持和建議。再次謝謝你，史蒂夫。

Let me now pass it to Steve for comments about our business and our guidance going forward. Steve?

現在讓我把它轉交給史蒂夫，徵求他對我們的業務和我們未來的指導意見。史蒂夫？

Thank you, Ganesh. Today, I would like to first reflect on the results of the fiscal second quarter of 2021. I will then provide guidance for the fiscal third quarter of 2021.

謝謝你，加內甚。今天，我想首先回顧一下 2021 財年第二季度的業績。然後我將提供 2021 財年第三季度的指導。

The September quarter continued to demonstrate what the best of Microchip culture and its people represent. Our global team of operations, business units, sales and marketing and support groups all came together in the middle of a global pandemic while working with a pay cut and delivered a superb quarter. Despite the COVID-19 pandemic challenges, we delivered net sales of $1.31 billion that was essentially flat sequentially and down only 2% from the year ago quarter. This is compared to our net sales guidance, which was to be down 4% sequentially at the midpoint as we capitalize on strong turns opportunities in September. We also delivered outstanding non-GAAP gross margin of 62.2%, which were near an all-time record level. We also achieved non-GAAP operating margin of 39.2%, above the high end of our guidance. Our consolidated non-GAAP EPS was $1.56, $0.15 above the midpoint of our guidance.

九月季度繼續展示了 Microchip 文化及其員工所代表的精華。我們的全球運營團隊、業務部門、銷售和營銷以及支持團隊在全球大流行期間齊心協力，同時減薪並交付了出色的季度業績。儘管面臨 COVID-19 大流行的挑戰，我們的淨銷售額仍為 13.1 億美元，環比基本持平，僅比去年同期下降 2%。這與我們的淨銷售額指引相比，由於我們利用了 9 月份的強勁轉機機會，我們的淨銷售額指引將在中點連續下降 4%。我們還實現了 62.2% 的出色非 GAAP 毛利率，接近歷史最高水平。我們還實現了 39.2% 的非美國通用會計準則營業利潤率，高於我們指引的上限。我們的綜合非 GAAP 每股收益為 1.56 美元，比我們的指引中點高出 0.15 美元。

Our bookings were very strong in the September quarter. We began the September quarter with a backlog position on July 1 to be down 8% from the backlog for June quarter on April 1. With strong bookings and strong turns still in the quarter, we ended the quarter at essentially flat compared to minus 4% at the midpoint of our guidance.

我們的預訂在 9 月季度非常強勁。我們以 7 月 1 日的積壓量開始了 9 月季度，比 4 月 1 日的 6 月季度積壓量下降了 8%。由於本季度的強勁預訂和強勁轉機，我們在本季度結束時基本持平，而負 4%在我們指導的中點。

Now I will discuss our guidance for the December quarter. Our bookings have remained strong in October. We are seeing a good recovery in the automotive, industrial, home appliance and medical devices for elective procedures markets. At the same time, work-from-home-related markets of computing and data centers as well as certain medical devices that surged with the pandemic revert to more normal demand. There is one other factor that we have to account for in our guidance for the December quarter, and that is the Huawei effect. Huawei was an over 1% customer in the September quarter, and it will be 0 in the December quarter.

現在我將討論我們對 12 月季度的指導。我們的預訂在 10 月份保持強勁。我們看到用於擇期手術的汽車、工業、家用電器和醫療設備市場出現良好復甦。與此同時，與在家工作相關的計算和數據中心市場以及某些因大流行而激增的醫療設備市場恢復到更正常的需求。在我們對 12 月季度的指導中，我們必須考慮另一個因素，那就是華為效應。華為在 9 月季度的客戶佔比超過 1%，到 12 月季度將為 0。

Taking all these factors into consideration, we expect our net sales for the December quarter to be between flat to up 5% sequentially. Considering that, seasonally, the December quarter is down by approximately 2% to 3% and counting the minus 1% Huawei effect, we believe that our guidance is well above seasonal and represents multiple industries recovering as well as Microchip continuing to gain market share in multiple end markets and product lines.

考慮到所有這些因素，我們預計 12 月季度的淨銷售額將持平至環比增長 5%。考慮到季節性因素，12 月季度下降了約 2% 至 3%，併計算了負 1% 的華為效應，我們認為我們的指導遠高於季節性，代表多個行業正在復蘇，而 Microchip 繼續獲得市場份額多個終端市場和產品線。

Investors and analysts have asked us in the last few months about making a call about the bottom of this cycle. With tremendous uncertainty about the COVID-19 situation and the elections, we have not been willing to make the call. Today, we are making that call. We expect that June and September quarters were the bottom for this business cycle for Microchip. We are guiding to a much stronger-than-seasonal December quarter. And we expect significant growth in calendar year 2021.

在過去的幾個月裡，投資者和分析師向我們詢問了關於這個週期底部的預測。由於 COVID-19 局勢和選舉存在巨大的不確定性，我們一直不願意做出決定。今天，我們正在打電話。我們預計 6 月和 9 月季度是 Microchip 本商業周期的底部。我們正在引導一個比季節性強得多的 12 月季度。我們預計 2021 年會出現顯著增長。

Based on the much better-than-expected financial results in the September quarter, we gave our employees half of their September quarter salary sacrifice back in the form of a bonus. We have also been gradually lowering the percentage of salary sacrifice. And just yesterday, the Board of Directors approved the entire company to revert back to full salary later this month. These salary changes are dialed into our guidance that we are providing today. We thank all of our employees worldwide that have traveled this journey of shared salary sacrifice with us in the past 3 quarters, enabling us to be prepared for multiple contingencies as COVID-19 uncertainties unfolded. This represents the best of Microchip culture and the commitment of our employees to ensure the long-term success of the company.

基於 9 月季度遠好於預期的財務業績，我們以獎金的形式將員工在 9 月季度犧牲的一半工資返還給他們。我們也一直在逐步降低薪水犧牲的百分比。就在昨天，董事會批准整個公司在本月晚些時候恢復全薪。這些薪資變化已納入我們今天提供的指南中。我們感謝在過去 3 個季度中與我們一起走過這段共同犧牲薪資之旅的全球所有員工，使我們能夠在 COVID-19 不確定性出現時為多種突發事件做好準備。這代表了最好的 Microchip 文化和我們員工對確保公司長期成功的承諾。

For the December quarter, we expect our non-GAAP gross margin to be between 62.4% and 62.8% of sales, which will be a new all-time record. We expect non-GAAP operating expenses to be between 23.1% and 23.7% of sales. We expect non-GAAP operating profit to be between 38.7% and 39.7% of sales. We expect our non-GAAP earnings per share to be between $1.51 per share to $1.63 per share. We also expect to pay down another approximately $300 million of our debt in the December quarter. We continue to believe in the strength and diversity of the businesses and end markets we are in to achieve long-term growth in excess of the average semiconductor market growth.

對於 12 月季度，我們預計我們的非 GAAP 毛利率將在銷售額的 62.4% 至 62.8% 之間，這將創下歷史新高。我們預計非 GAAP 營業費用將佔銷售額的 23.1% 至 23.7% 之間。我們預計非 GAAP 營業利潤將佔銷售額的 38.7% 至 39.7% 之間。我們預計我們的非 GAAP 每股收益將在每股 1.51 美元至 1.63 美元之間。我們還預計在 12 月季度再償還約 3 億美元的債務。我們繼續相信我們所處的業務和終端市場的實力和多樣性，以實現超過平均半導體市場增長的長期增長。

I would like to advise investors and analysts about one other change. In the past, we have been providing a mid-quarter update often to coincide with our presentation at sell-side financial conferences. Our peers and competitors typically do not provide a mid-quarter update. Beginning this quarter, we will discontinue this practice and no longer plan to provide such updates. Given all of 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. We believe that non-GAAP results provide more meaningful comparison to prior quarters, and we request that the analysts continue to report their non-GAAP estimates to first call.

我想就另一項變化向投資者和分析師提出建議。過去，我們經常提供季度中期更新，以配合我們在賣方金融會議上的演示。我們的同行和競爭對手通常不提供季度中期更新。從本季度開始，我們將停止這種做法，不再計劃提供此類更新。考慮到我們收購會計的所有復雜性，包括無形資產攤銷、重組費用和收購庫存增記，Microchip 將繼續提供指導並在非 GAAP 基礎上跟踪其結果，淨銷售額除外，這將是在公認會計原則的基礎上。我們認為，非 GAAP 業績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報告他們的非 GAAP 估計以進行首次電話會議。

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

有了這個，接線員，請你輪詢問題。

(Operator Instructions) And we'll take our first question from Ambrish Srivastava with BMO.

（操作員說明）我們將從 BMO 的 Ambrish Srivastava 那裡回答我們的第一個問題。

Steve, congratulations, and you'll be missed. And Ganesh, congratulations to you as well. I guess you'll have to take over Steve's role to keep us on our toes when we get on this call to ask a question.

史蒂夫，恭喜你，我們會想念你的。Ganesh，也祝賀你。我猜你必須接替史蒂夫的角色，讓我們在接到電話提問時保持警惕。

It's a hard act to follow.

這是一個很難遵循的行為。

I know, big shoes to fill, but we would be expecting you to. 2 questions for me. One is on the constrained side. Could you just help us understand how has that translated into lead times? And then if you didn't have the constraints, how much of the business or what would the guidance have been? And then the second question is, maybe Eric can help us on this one, is on the capacity side. So a lot of moving parts there. So what was the -- what has been the outsourced versus in-source, both front end, back end? And then the capacity -- the CapEx increase, what should we be expecting both those 2 to be? And then how is that going to impact gross margin?

我知道，要填補大鞋子，但我們希望你能做到。2個問題給我。一個是受約束的一面。您能否幫助我們了解這如何轉化為交貨時間？然後，如果您沒有限制，那麼業務有多少或指導是什麼？然後第二個問題是，也許 Eric 可以在容量方面幫助我們。那裡有很多活動部件。那麼，什麼是外包與內源，無論是前端還是後端？然後是容量——資本支出增加，我們應該期待這兩個是什麼？那麼這將如何影響毛利率？

Do you want to take the lead times, Steve?

你想佔先機嗎，史蒂夫？

No. You go ahead. Take it.

不。你先走。拿去。

So on lead times, the vast majority of our line items still have a 4- to 8-week type of lead times for standard products. There are specific package combinations that do have longer lead times. What is happening is, for the factors that I described, it is eating into multiple layers of the supply chain, so into the packaging and some of the subassembly involved in the packaging and into the testing infrastructure as many of these things come together at the same time. So we don't have huge issues with supply issues, but we have spot issues with specific package product combinations where they are. But by and large, for the vast majority of our products, we still have pretty good lead times. Go ahead, Eric.

因此，在交貨時間方面，我們絕大多數訂單項的標準產品交貨時間仍為 4 至 8 週。有一些特定的包裹組合確實有更長的交貨時間。正在發生的事情是，對於我所描述的因素，它正在侵蝕供應鏈的多個層次，因此侵蝕包裝和包裝中涉及的一些子組件，並侵蝕測試基礎設施，因為許多這些東西聚集在一起同時。因此，我們在供應問題上沒有大問題，但我們在特定包裝產品組合方面存在問題。但總的來說，對於我們絕大多數的產品，我們仍然有相當不錯的交貨時間。來吧，埃里克。

Okay. The second piece of your question was there was -- it was kind of multifaceted there, but we've got some capacity questions. So we are making investments, as we walked through in our prepared remarks, in wafer fab, assembly and tests to increase our capacity. And if you look at last quarter, we did about 39% of our wafer fab in-house, 47% of our assembly and about 54% of our tests. These are relatively slow-moving metrics even with making investments. But over time, we absolutely would expect the assembly and test percentages to go up as we make these investments. But again, they're relatively slow-moving metrics.

好的。你的第二個問題是——它是多方面的，但我們有一些能力問題。因此，正如我們在準備好的發言中所說的那樣，我們正在投資晶圓廠、組裝和測試，以提高我們的產能。如果你看看上個季度，我們在內部完成了大約 39% 的晶圓廠、47% 的組裝和大約 54% 的測試。即使進行投資，這些指標也是變化相對緩慢的。但隨著時間的推移，我們絕對希望組裝和測試百分比隨著我們進行這些投資而上升。但同樣，它們是相對緩慢的指標。

But the investments that we're making are all gross margin accretive. And you can see that our gross margin, we're guiding up in the current quarter, and we are expecting lower underutilization charges in the current quarter as we ramp our factories. And all these incremental adds to capacity that we're making, whether it's fab assembly or test, should all add to gross margin benefits for us down the road.

但我們正在進行的投資都是毛利率增長。你可以看到我們的毛利率在本季度有所上升，我們預計隨著我們工廠的擴張，本季度的未充分利用費用會降低。所有這些增量增加了我們正在製造的產能，無論是晶圓廠組裝還是測試，都應該增加我們未來的毛利率。

But unable to quantify at this point, Eric, as to how to think about the longer-term -- not the gross margin, what would the steady-state assembly and test would look like and front end would look like in-source versus outsourced?

但是現在無法量化，埃里克，至於如何考慮長期——而不是毛利率，穩態組裝和測試會是什麼樣子，前端看起來像是內包還是外包？

So again, I don't expect the wafer fab to move significantly in terms of the percentage that we do in in-source versus outsourced. As the business grows, obviously, we're making investments. On the assembly and test side, we do expect those percentages to go up. Ganesh, do you want to give a comment on where you think they can go over time?

因此，我不希望晶圓廠在我們在內包和外包方面的百分比方面有顯著變化。隨著業務的增長，顯然，我們正在進行投資。在組裝和測試方面，我們確實希望這些百分比會上升。Ganesh，你想對你認為他們可以隨著時間的推移去哪裡發表評論嗎？

Yes. They move a little bit more slowly over time, and we expect that they will probably be in the north of 60% longer-term for assembly probably north of 70% for test. And there's a lot of moving parts into going into that. But that's what we like to be at. It gives us some control. It gives us capacity when it's difficult to get outside, gives us some control on our costs as well. And it all pays for itself in short periods of time in the way we measure what we do or don't do.

是的。隨著時間的推移，它們的移動速度會稍微慢一些，我們預計它們可能會在 60% 以上的長期組裝時間或 70% 以上的測試時間。並且有很多活動部件進入其中。但這就是我們喜歡做的。它給了我們一些控制權。當我們難以外出時，它給了我們能力，也讓我們在一定程度上控制了我們的成本。在我們衡量我們做什麼或不做什麼的方式中，這一切都會在短時間內收回成本。

With the Micrel, Microsemi and Atmel acquisitions, we were at about 70% assembly and 95% test. So as we bought these 2 large companies, Atmel and Microsemi, they were much more outsourced than we were and our percentages dropped quite dramatically. And we've been working our way up and ideally would like to get back to the higher than 60% assembly and probably higher than 80% test, but it's a painful and slow transition because there's just too many variants, too many packages, too many test programs to correlate and all that. So it's an ongoing effort that will go on for years, but there are really no quick movements.

通過對 Micrel、Microsemi 和 Atmel 的收購，我們進行了大約 70% 的組裝和 95% 的測試。因此，當我們收購這兩家大公司時，Atmel 和 Microsemi，他們的外包業務比我們多得多，我們的百分比急劇下降。我們一直在努力向上，理想情況下希望回到高於 60% 的組裝和可能高於 80% 的測試，但這是一個痛苦而緩慢的過渡，因為變體太多，包太多許多測試程序相互關聯等等。因此，這是一項持續多年的持續努力，但確實沒有快速行動。

We'll go ahead and take our next question from Vivek Arya with Bank of America Securities.

我們將繼續接受 Vivek Arya 與美國銀行證券公司的下一個問題。

And congratulations and best wishes to both Steve and Ganesh. Steve, my question is both near term and the growth you are expecting for next year. When I look at near term, in the September quarter, your microcontroller and analog sales were down a little bit. Year-on-year also, they are down a little bit. So I'm curious what is giving you the confidence to say we are at the bottom of the cycle when there is still some macro uncertainty because of elections and lockdowns. I'm just curious to hear those views.

祝賀史蒂夫和加內甚，並向他們致以最良好的祝愿。史蒂夫，我的問題既是近期的，也是你對明年的預期增長。就近期而言，在 9 月季度，你們的微控制器和模擬銷售額略有下降。與去年同期相比，它們也有所下降。所以我很好奇是什麼讓你有信心說我們正處於週期的底部，因為選舉和封鎖仍然存在一些宏觀不確定性。我只是想听聽這些觀點。

And then when you say significant growth for calendar '21, when I look at consensus growth numbers right now, they are for about, I think, 7% or so sales growth. What does significant mean? Does it mean 5%, 10%, 15%? What is significant in your book?

然後當你說 21 年日曆的顯著增長時，當我現在查看共識增長數字時，我認為它們大約是 7% 左右的銷售增長。意義重大是什麼意思是5%、10%、15%的意思嗎？你的書中有什麼重要意義？

Well, what gives us the confidence is really we have worked through all the -- if you go back to February, March time frame, many of the estimates that the analysts and investors had were a very, very large drop because of COVID, of the type of 20%, 30%. Many people were modeling the business like the 2009 global financial crisis. Even some of our competitors were. We saw it clearly, and we were not modeling the business to be down that much. And we were right, our business was up in March. It was down only 1.3% sequentially in June. It is flat in September. And it's going up in December. So we kind of have been relatively more correct than anybody else.

好吧，讓我們充滿信心的是，我們確實已經完成了所有工作——如果你回到 2 月、3 月的時間框架，由於 COVID，分析師和投資者的許多估計都出現了非常、非常大的下降，類型20%、30%。許多人在模擬 2009 年全球金融危機時的業務。甚至我們的一些競爭對手也是。我們清楚地看到了這一點，我們並沒有將業務建模為下降那麼多。我們是對的，我們的業務在三月份有所增長。6 月份環比僅下跌 1.3%。九月持平。並且它在 12 月上升。所以我們比其他任何人都相對更正確。

We are seeing substantial backlog building up. The backlog for the current quarter is significantly stronger than the backlog for the last quarter. And this is supposed to be a seasonally down quarter. Still, we think we're going to do pretty well. And then the bookings we're receiving, which are aging into the next quarter and the quarter after, are just very, very large. We're getting very, very strong bookings.

我們看到大量積壓。本季度的積壓訂單明顯強於上一季度的積壓訂單。這應該是一個季節性下降的季度。不過，我們認為我們會做得很好。然後我們收到的預訂量非常非常大，這些預訂量會持續到下個季度和下個季度。我們的預訂量非常非常大。

Now some of that is concerns about the supply chain, a lot of constraints and all that, so people are giving orders earlier. Not that our backlog is much larger than before at a similar point in time, but that doesn't mean all that becomes growth because people give you orders earlier and then the crawl chart rolls off because you already got the bookings. But despite all that, we're expecting a much, much better March quarter and a significant growth after that. You asked what does significant mean, it means a lot more than 7% that you have a consensus.

現在，其中一些是對供應鏈的擔憂，很多限制等等，所以人們更早下訂單。並不是說我們的積壓在類似的時間點比以前大得多，但這並不意味著所有這些都變成了增長，因為人們更早地給你訂單，然後爬行圖表因為你已經有了預訂而滾動。但儘管如此，我們預計 3 月季度會好得多，之後會出現顯著增長。你問顯著是什麼意思，這意味著你有共識的比例超過 7%。

And we'll go ahead and take our next question from John Pitzer with Crédit Suisse.

我們將繼續接受 John Pitzer 與 Crédit Suisse 的下一個問題。

So I'll add my congratulations to both Steve and Ganesh. And Steve, I appreciate all the help over the years. I'm sure a lot of the analysts on the call feel the same way. I guess my first question is, Steve, you're calling sort of for the bottom of the cycle, June, September levels. I think what's very impressive is where your operating margins are despite the fact that we're at the bottom of the cycle.

所以我要向 Steve 和 Ganesh 表示祝賀。史蒂夫，我感謝這些年來的所有幫助。我敢肯定，許多參加電話會議的分析師都有同感。我想我的第一個問題是，史蒂夫，你打電話給周期的底部，6 月，9 月的水平。我認為令人印象深刻的是儘管我們處於週期的底部，但您的營業利潤率在哪裡。

I'm just kind of curious, I know that expenses have been a little bit light this year because you guys have pulled back on things like variable comp. But given that you're not in the market of buying assets and you're really going to be just focusing on operational efficiencies, how should we think about incremental operating margins and kind of where operating margins can go from here?

我只是有點好奇，我知道今年的開支有點少，因為你們已經取消了可變薪酬之類的事情。但鑑於你不在購買資產的市場上，你真的只關注運營效率，我們應該如何考慮增量運營利潤率以及運營利潤率可以從這裡走向何方？

So I think we have given a longer-term model, which is 63% gross margin, 22.5% operating expense and 40.5% operating margin. We're not quite there. We're getting close. The midpoint of our guidance is about 62.6% in gross margin this quarter, and I don't quite have the number on the top of my head on the operating margin. We got a little bit more to go before we really get to our numbers. And we will be analyzing going into the next fiscal year. We'll be looking at all that and at some point in time, coming back to The Street with a new longer-term target when we think that current targets have either been achieved or within a striking range.

所以我認為我們給出了一個更長期的模型，毛利率為 63%，營業費用為 22.5%，營業利潤率為 40.5%。我們還沒有到那兒。我們越來越近了。本季度我們指導的中點毛利率約為 62.6%，而我對營業利潤率的看法並不十分清楚。在我們真正得到我們的數字之前，我們還有一點路要走。我們將分析進入下一個財政年度。我們將審視所有這些，並在某個時間點，當我們認為當前目標已經實現或處於驚人范圍內時，帶著新的長期目標回到華爾街。

That's helpful. And then for my follow-up for Ganesh. Your commentary around FPGAs in your prepared comments, notwithstanding kind of your caution that's a lumpy business, I'm just kind of curious if you can talk a little bit about kind of your core advantage in that market. That's becoming sort of a rarer asset over time now with some of the M&A activity in the space. What kind of longer-term prospects do you see in the FPGA space for you?

這很有幫助。然後是我對 Ganesh 的跟進。你在準備好的評論中對 FPGA 的評論，儘管你有點謹慎，這是一個不穩定的業務，但我只是很好奇你是否可以談談你在該市場的核心優勢。隨著時間的推移，隨著該領域的一些併購活動，這正變得越來越稀有。您認為 FPGA 領域的長期前景如何？

Sure. So in the FPGA market, we play specifically in the midrange of FPGAs, which is measured by how many logic elements there are in it. We don't go after the very high end. There are other players who are invested there. But in the midrange and lower end, we focus on applications that need low power. We have nonvolatile memory on these products that have security needs, that have robustness needs. And those take us into end markets that we really like. Those end markets are defense and aerospace. They're automotive, now with Microchip taking FPGA products into our historical strength, and industrial, once again, Microchip taking FPGA into our historical strength. So those are the end markets that we believe we're able to take, over the long term, the advantages of what we bring with our FPGA products in terms of low power, security, robustness and being able to position it into the markets where we have the strengths.

當然。所以在FPGA市場，我們專門玩中端的FPGA，就是看裡面有多少邏輯元件。我們不追求非常高端。還有其他玩家在那裡投資。但在中端和低端，我們專注於需要低功耗的應用。我們在這些具有安全需求和穩健性需求的產品上使用了非易失性存儲器。這些將我們帶入了我們真正喜歡的終端市場。這些終端市場是國防和航空航天。他們是汽車，現在 Microchip 將 FPGA 產品帶入我們的歷史強項，而工業，Microchip 再次將 FPGA 帶入我們的歷史強項。因此，從長遠來看，我們相信我們能夠利用我們的 FPGA 產品在低功耗、安全性、穩健性方面帶來的優勢，並能夠將其定位到這些終端市場我們有實力。

And we'll go ahead and take our next question from Toshiya Hari with Goldman Sachs.

我們將繼續與高盛一起接受 Toshiya Hari 的下一個問題。

And congrats to both Steve and Ganesh. Steve, you talked about your December quarter guidance being roughly 5 percentage points above typical seasonality, maybe 6% when you take into consideration the Huawei dynamic. You also talked about end market strength and share gains contributing to that outperformance. What portion of that 5% to 6% outperformance relative to typical seasonality is share growth? And what percentage is end market strength? And you sort of alluded to this before, but are you concerned at all that customers are pulling in end demand and you see a correction in sometime in the first half of '21?

並祝賀 Steve 和 Ganesh。史蒂夫，你談到你的 12 月季度指導比典型的季節性高出大約 5 個百分點，當你考慮到華為的動態時可能是 6%。您還談到了終端市場實力和股票收益導致的出色表現。相對於典型的季節性，5% 到 6% 的跑贏業績中有多少是股票增長？終端市場實力佔多少百分比？你之前有點提到過這一點，但你是否擔心客戶正在拉動最終需求，你會在 21 世紀上半年的某個時候看到修正？

Well, first of all, it's impossible to break down the growth better than seasonality into the 2 components that you described, what portion of the growth is market share and what portion of the growth is really just better end market. That's really very, very difficult on a short-term basis. You could really do a longer-term comparison on a growth rate basis, looking at how everybody else grew. We have no idea how everybody else is going to do this quarter or next quarter or next year. So I don't really have a good answer to that question.

好吧，首先，不可能將比季節性更好的增長分解為您描述的兩個組成部分，增長的哪一部分是市場份額，增長的哪一部分實際上只是更好的終端市場。從短期來看，這真的非常非常困難。你真的可以在增長率的基礎上做一個長期的比較，看看其他人是如何成長的。我們不知道其他人本季度、下季度或明年的表現如何。所以我對這個問題真的沒有很好的答案。

But to your question about the correction next year because customers are pulling in, we don't really see customers pulling in demand, we see customers pulling in, placing their orders and then scheduling them into the next year -- next quarter and the quarter after. And this is something we asked for through our letter back in July. We asked the customers then that in addition to the near-term orders that you've been giving us, please give us a longer-term backlog, tell us your requirements in the time of building constraints so we can plan accordingly and put the capacity in place. And customers have responded very strongly.

但是對於你關於明年修正的問題，因為客戶正在拉動，我們並沒有真正看到客戶拉動需求，我們看到客戶拉動，下訂單，然後將它們安排到明年 - 下個季度和這個季度後。這是我們在 7 月份的信中要求的。我們當時問客戶，除了你們給我們的短期訂單，請給我們一個長期的積壓訂單，在建設限制的時候告訴我們你們的要求，這樣我們就可以相應地計劃並投入產能到位。客戶反響非常強烈。

So we're getting very strong bookings. But the component of the bookings that's aging into the next quarter and even a quarter after is very, very good. We have a lot of backlog already for the June quarter. And we have very, very strong backlog for the March quarter. So they're not pulling in deliveries, they're pulling in, placing orders and scheduling the deliveries, so they're not left short in case there are constraints.

所以我們的預訂量非常大。但是，下個季度甚至一個季度後的預訂部分非常非常好。我們在 6 月季度已經有很多積壓工作。我們在 3 月季度有非常非常多的積壓訂單。所以他們不是拉貨，他們是拉貨，下訂單和安排交貨，所以他們不會缺貨，以防出現限制。

Got it. And then as a quick follow-up, Steve, obviously, you've had a very successful career over multiple decades. Anything you feel like you left on the table? I know you're not necessarily leaving the company, but anything on your to-do list that Ganesh and the team can potentially move forward with?

知道了。然後作為快速跟進，史蒂夫，很明顯，你在過去幾十年裡擁有非常成功的職業生涯。你覺得有什麼東西落在桌子上了嗎？我知道您不一定要離開公司，但是 Ganesh 和團隊有可能推進您的待辦事項清單上的任何事情嗎？

Well, I don't have any regrets in the timing of -- as I'm doing it, it's more -- much more age-related and a family situation and grandkids and all that. But I could really go back to the Microsemi acquisition, which we announced in 2018 and the goals we had set out in terms of earnings per share and overall accretion. And we were talking about achieving $8 by the end of the third year. Some of those got interrupted by 2 major industry events. One was the entire U.S.-China trade war that took some wind out of the sails and then the COVID-19. And due to those 2 events, our credit rating came under pressure. The leverage became much higher in an uncertain situation, which was comfortable in a growing business but not as comfortable in a situation when leverage is high and the business has a lot of uncertainty.

好吧，我對時間安排沒有任何遺憾——因為我正在這樣做，更多的是——更多的是與年齡、家庭狀況和孫子孫女等等有關。但我真的可以回到我們在 2018 年宣布的對 Microsemi 的收購，以及我們在每股收益和整體增長方面設定的目標。我們正在談論到第三年年底達到 8 美元。其中一些被兩個主要的行業事件打斷了。一個是整個美中貿易戰讓風帆失去了一些風力，然後是 COVID-19。由於這兩個事件，我們的信用評級受到壓力。在不確定的情況下，槓桿率變得更高，這在不斷增長的業務中很舒服，但在槓桿率很高且業務有很多不確定性的情況下就不那麼舒服了。

Back in the March time frame, analysts and investors were asking me questions regarding what happens if your business goes down 35%. And I was telling them, our business is not going down 35%. And they were not believing it, like why not, what if it happens. So I would say that the last 2 years have been difficult. And if we were able to have a normal level of growth in the last 2 years and all the accretion that we have achieved on the top of that, we would be over $8 of earnings per share today and hopefully start with the near $200 rather than where it is today. And I leave that for Ganesh to put a 2 00 in front of it.

回到 3 月份的時間範圍內，分析師和投資者問我如果您的業務下降 35% 會發生什麼情況。我告訴他們，我們的業務不會下降 35%。他們不相信，為什麼不相信，如果發生了怎麼辦。所以我想說過去兩年很艱難。如果我們能夠在過去 2 年中實現正常水平的增長以及我們在此基礎上取得的所有增長，那麼我們今天的每股收益將超過 8 美元，並希望從接近 200 美元開始，而不是今天在哪裡。我把它留給 Ganesh，在它前面放一個 2 00。

And we'll take our next question from Harlan Sur with JPMorgan.

我們將從摩根大通的 Harlan Sur 那裡回答下一個問題。

And let me also offer my congratulations to Steve and Ganesh. I guess, first question, what was book-to-bill in the quarter? And then given the strong demand environment and constraints, now may not be the right time to be executing to this, but I believe that you guys still have a network of very small fabs in your manufacturing footprint. So if you can -- just maybe how much of this is yet to be consolidated? Can you just remind us how much more COGS savings are still to come as you consolidate these smaller fabs and over what period of time?

讓我也向 Steve 和 Ganesh 表示祝賀。我想，第一個問題，本季度的訂單出貨量是多少？然後考慮到強勁的需求環境和限制，現在可能不是執行此操作的合適時機，但我相信你們在製造足跡中仍然擁有非常小的晶圓廠網絡。那麼，如果可以的話——也許其中有多少尚未整合？您能否提醒我們，隨著您整合這些較小的晶圓廠以及在什麼時間段內，還可以節省多少 COGS？

So we're not specifically providing a book-to-bill ratio for Q2. I think we had given the reason for that many times in the past. Our book-to-bill ratio was very good. And usually, we have seen investors and analysts essentially take the book-to-bill ratio and try to translate that into a growth number, which does not really work because I already said that a lot of the bookings, strong bookings that we are receiving, are actually aging into the March quarter and some even into the June quarter.

因此，我們沒有專門提供第二季度的訂單出貨比。我想我們過去已經多次給出了這樣做的原因。我們的訂單出貨比非常好。通常，我們已經看到投資者和分析師基本上採用訂單出貨比，並試圖將其轉化為增長數字，但這並不奏效，因為我已經說過，我們收到的大量預訂，強勁的預訂，實際上已經老化到三月季度，有些甚至老化到六月季度。

So bookings -- the bookings we receive for aging over the next 12 months, and you divide that number by billings in 1 quarter, so it's a little bit apples and oranges. Bookings over the next 12 months, aging over the next 12 months, but billings shipped into the last quarter. The number was very good, but providing that numerically, that number, we have seen investors not interpret it correctly. What was the second part of your question?

所以預訂——我們收到的在未來 12 個月內老化的預訂，你將這個數字除以 1 個季度的賬單，所以它有點像蘋果和橘子。未來 12 個月的預訂，未來 12 個月的時效，但賬單會在最後一個季度發貨。這個數字非常好，但提供這個數字，這個數字，我們看到投資者沒有正確解釋它。你問題的第二部分是什麼？

It had to do with cost of sales, improvement and ongoing consolidation of factories and things like that. So I'll start, and then Steve or Ganesh can add on to that. So we announced last November some restructuring of our Colorado wafer fab, and we're making excellent progress on those fronts and have achieved a large amount of the cost savings that we outlined at that time. And you've seen our gross margins hold up extremely well. There's still work to be done. Our operations teams and both the front-end operations and the back-end operations are extremely busy. And we talked about our capital expansion plans and the improvement that we'll see in gross margin there. And obviously, the more product running through our own factories absorbs the large flywheel of activities that we have on the cost side.

它與銷售成本、工廠的改進和持續整合以及類似的事情有關。所以我先開始，然後 Steve 或 Ganesh 可以補充。因此，我們去年 11 月宣布對科羅拉多晶圓廠進行一些重組，我們在這些方面取得了很好的進展，並實現了我們當時概述的大量成本節約。你已經看到我們的毛利率保持得非常好。還有工作要做。我們的運營團隊以及前端運營和後端運營都非常忙碌。我們談到了我們的資本擴張計劃以及我們將在那裡看到的毛利率的改善。顯然，通過我們自己的工廠生產的產品越多，吸收了我們在成本方面的大量活動。

So we've got a lot of good things working on gross margin. We've guided at the midpoint this quarter to 62.6%, which isn't very far away from our 63% target. So we feel good about that. And -- but I don't think we're going to talk specifically about some of the specific actions that are being taken, but we're doing well on structuring the operations appropriately. Steve or Ganesh, anything to add to that?

所以我們在毛利率方面有很多好處。我們已將本季度的中點指引至 62.6%，這與我們 63% 的目標相距不遠。所以我們對此感覺很好。而且 - 但我認為我們不會具體討論正在採取的一些具體行動，但我們在適當地構建操作方面做得很好。Steve 或 Ganesh，還有什麼要補充的嗎？

Well, yes. What I will add is that if you look at our gross margin and operating margin performance in this down cycle, I mean, it's been exemplary. And compare it to any of the prior cycles, we did just extremely well. Our gross and operating margins did not go down by many hundreds of basis points. I think gross margin used to go down by 600-plus basis points. Now why is that? I think that's partially the result of diversifying the business, creating several end markets. The acquisitions we did really helped us build that, serving the entire solution of the customer with a total system solution. So the revenue didn't fall as much. The gross margin didn't fall as much. And the operating margin didn't fall as much. And we are sitting at near-record gross margin and just had shy of the record operating margin at the bottom of the cycle.

嗯，是。我要補充的是，如果你看看我們在這個下行週期中的毛利率和營業利潤率表現，我的意思是，這是堪稱典範的。並將其與之前的任何週期進行比較，我們做得非常好。我們的毛利率和營業利潤率並沒有下降數百個基點。我認為毛利率過去下降了 600 多個基點。為什麼會這樣？我認為這在一定程度上是業務多元化的結果，創造了多個終端市場。我們所做的收購確實幫助我們建立了這一點，為客戶的整個解決方案提供了一個完整的系統解決方案。所以收入沒有下降那麼多。毛利率沒有下降那麼多。而且營業利潤率並沒有下降那麼多。而且我們的毛利率接近創紀錄的水平，並且在周期底部略低於創紀錄的營業利潤率。

And as we go from here, as the revenue increases and we are ramping all of our factories, as I spoke about, all our high-volume fabs and assembly and test are all on a rapid ramp to provide the growth that we see into next year. We have increased our capital expense budget. So as we achieve that ramp, the incremental cost of the next product we make is much lower than the cost of the product we're making today because you get better absorption and the incremental gross and operating margin, you understand that concept. So it's a very, very exciting time we're going into, where, at the bottom of the cycle, we are near a record. And then, from there, as the factories ramp and the underutilization first goes to 0 and then you go above that and incrementally start dropping gross and operating margin, that would be very, very good. And what we need to do is really put some numbers around it and at some point in time, talk to you regarding what does that mean in the long-term model that we're not prepared to do today.

隨著我們從這裡開始，隨著收入的增加，我們正在擴大我們所有的工廠，正如我所說的，我們所有的大批量晶圓廠、組裝和測試都在快速增長，以提供我們看到的下一個增長年。我們增加了資本支出預算。因此，當我們實現這一增長時，我們生產的下一個產品的增量成本遠低於我們今天生產的產品的成本，因為你會得到更好的吸收以及增量毛利率和營業利潤率，你理解這個概念。所以這是一個非常非常激動人心的時刻，我們正處於週期的底部，我們接近創紀錄的水平。然後，從那裡開始，隨著工廠的增加和未充分利用率首先變為 0，然後你超過它並逐漸開始下降毛利率和營業利潤率，那將是非常非常好的。我們需要做的是圍繞它給出一些數字，並在某個時間點與您討論這在我們今天不准備做的長期模型中意味著什麼。

Got it. Okay. And maybe just a quick follow-up on the product side. I thought that you guys actually introduced the RISC-V-based FPGA product, but I wanted to get your views on any initiatives that the team has in terms of RISC-V open architecture as an addition to your MCU product portfolio.

知道了。好的。也許只是在產品方面進行快速跟進。我以為你們實際上介紹了基於 RISC-V 的 FPGA 產品，但我想了解你們對團隊在 RISC-V 開放架構方面作為 MCU 產品組合的補充的任何舉措的看法。

So we are part of the RISC-V foundation through the Microsemi acquisition. It had started before us. The first point of implementation is on the FPGA SoC product lines. And we did introduce that, as you noted. There are many possibilities with RISC-V, and they are being evaluated within Microchip, but there's really nothing to report at this point beyond what we have done on FPGA.

因此，通過收購 Microsemi，我們成為了 RISC-V 基金會的一部分。它已經在我們面前開始了。第一個實施點是在 FPGA SoC 產品線上。正如您所指出的，我們確實介紹了這一點。RISC-V 有很多可能性，它們正在 Microchip 內部進行評估，但除了我們在 FPGA 上所做的之外，目前沒有什麼可報告的。

And we'll go ahead and take our next question from Craig Hettenbach with Morgan Stanley.

我們將繼續與摩根士丹利一起接受 Craig Hettenbach 的下一個問題。

Certainly, quite the journey, Steve, in the last few decades, to see that the company evolved just organically and through M&A. On the last point, including M&A, I think one of the things that's been focused now is with total system solutions. Maybe you can just give some context or update of kind of where you stand with that and some of the efforts you're driving through the sales force.

當然，在過去的幾十年裡，史蒂夫經歷了一段漫長的旅程，看到公司通過併購有機地發展。關於最後一點，包括併購，我認為現在關注的重點之一是整體系統解決方案。也許你可以提供一些背景信息或更新你的立場以及你通過銷售團隊所做的一些努力。

So I think when you look at an embedded control system, a microcontroller-based system, it has a large number of components around it. And over the years, the number of components have increased. Now even go back 10, 15, 20 years ago, it will usually have some sort of power management, A to D converters, reference devices, maybe some discrete devices, some study grams, some memory, flash memory, nonvolatile memory. It will have those kind of things.

所以我認為當你看一個嵌入式控制系統，一個基於微控制器的系統時，它周圍有大量的組件。多年來，組件的數量有所增加。現在即使回到 10 年、15 年、20 年前，它通常會有某種電源管理、A 到 D 轉換器、參考設備，可能還有一些分立設備、一些學習克、一些內存、閃存、非易失性存儲器。它會有那些東西。

But over the years, the amount that goes around that microcontroller has increased substantially, and it increased substantially with connectivity. So today, you need a USB, Ethernet, WiFi, Bluetooth, display driver, touch functionality, so just high-voltage sensors and others. So the number of components that go into an embedded control system have really multiplied in the last 20 years.

但多年來，圍繞微控制器的數量大幅增加，並且隨著連接性的增加而大幅增加。所以今天，你需要 USB、以太網、WiFi、藍牙、顯示驅動程序、觸摸功能，所以只需要高壓傳感器和其他。因此，在過去 20 年中，嵌入控制系統的組件數量確實成倍增加。

And we began our journey of really selling things around the microcontroller beginning in about '99, 2000, and then we did a small analog acquisition of TelCom Semiconductor in 2001. And with those resources and adding to it, we started building our analog franchise. And then we didn't really start doing the drumroll of acquisitions until about 2010. But the results have been that we have added all those products now available from Microchip, you can buy them as a kit or you can buy them separately. But if you now look at a reference design for an application and almost find any embedded control application in home, in industry, in car and in any place, open an appliance and look at its printed circuit board, you can essentially have everything on that from Microchip today, a microcontroller, a memory, analog, converters, opt-ins, some sensors, power management, drivers, connectivity, Bluetooth, Ethernet, WiFi, 802.11, anything else.

我們從 2000 年 99 年左右開始真正圍繞微控制器銷售產品，然後我們在 2001 年對 TelCom Semiconductor 進行了小規模的模擬收購。有了這些資源並加以補充，我們開始建立我們的模擬特許經營權。然後直到 2010 年左右，我們才真正開始進行收購。但結果是，我們添加了 Microchip 現在提供的所有這些產品，您可以將它們作為套件購買，也可以單獨購買。但是，如果您現在查看某個應用程序的參考設計，並且幾乎可以在家庭、工業、汽車和任何地方找到任何嵌入式控制應用程序，打開一個設備並查看其印刷電路板，您基本上可以擁有上面的所有內容今天來自 Microchip，微控制器、內存、模擬、轉換器、選擇加入、一些傳感器、電源管理、驅動程序、連接、藍牙、以太網、WiFi、802.11，以及其他任何東西。

And so we feel that we have done all that, and now we have a powerful franchise to be able to sell that entire solution. And the challenge in the last couple of years has been now training the sales force to really be able to take that kind of message to the market, and they're doing very well at it. So at this point in time, we do not really feel a burning desire to have to do another acquisition. The valuations are sky-high, will never meet our taste. And number two, we still have high leverage and we're paying down debt. And we have clearly signaled to The Street that when our leverage goes down and then we're still producing a large amount of free cash flow, a more likely use of that free cash flow is the increasing dividend and stock buyback and all that and not the new set of acquisitions. So I think that's where we are because we feel we have completed the solution, we have an enormous scale and do not have the scale disadvantage anymore. And with that, we are going to grow the business organically.

所以我們覺得我們已經完成了所有這些，現在我們擁有強大的特許經營權，能夠銷售整個解決方案。過去幾年的挑戰是培訓銷售人員真正能夠將這種信息推向市場，他們在這方面做得很好。所以在這個時候，我們並沒有真正感受到必須進行另一次收購的強烈願望。估值天價，永遠不合我們的口味。第二，我們的槓桿率仍然很高，我們正在償還債務。我們已經向華爾街明確表示，當我們的槓桿率下降時，我們仍然會產生大量的自由現金流，更可能使用自由現金流的是增加股息和股票回購等等，而不是新的收購組合。所以我認為這就是我們所處的位置，因為我們覺得我們已經完成了解決方案，我們擁有巨大的規模並且不再有規模劣勢。有了這個，我們將有機地發展業務。

And we'll go ahead and take our next question from William Stein with Truist Securities.

我們將繼續接受 William Stein 和 Truist Securities 的下一個問題。

And I'll add my congratulations on the transition. It's been quite a run. So congrats on that. I want to dig into the concept of book-to-bill and backlog that you've made very positive comments around, Steve. But maybe I can ask about it this way. It sounds like the book-to-bill was very strong. Backlog is up a lot, but it's coming more in the form of duration of backlog as opposed to what's deliverable in the near term. Is there any metric you can give us around that, around the duration or around maybe what portion of March do you think is now filled?

我還要對過渡表示祝賀。跑得很遠。所以恭喜你。史蒂夫，我想深入研究一下你對它做出了非常積極的評論的預訂到賬單和積壓的概念。但也許我可以這樣問。聽起來訂單出貨比非常強勁。積壓數量增加了很多，但它更多地以積壓持續時間的形式出現，而不是在短期內交付。有沒有什麼指標可以給我們，圍繞持續時間或圍繞 3 月的哪一部分你認為現在已經滿了？

And then the concurrent question with that is those behaviors from customers typically happen under 1 of 2 conditions, either the customers suddenly have a lot more confidence or optimism in their business and the other is when they think they're not going to be able to get supply. I wonder if you could comment as to which of those you think is driving the improved duration of the backlog.

然後並發的問題是客戶的這些行為通常發生在兩種情況中的一種情況下，要么客戶突然對他們的業務有了更多的信心或樂觀，另一種是當他們認為他們無法做到時獲得供應。我想知道您是否可以評論您認為哪些因素推動了積壓工作持續時間的延長。

So I think it's a combination of it. Obviously, having such a broad customer base of 125,000-plus customers, you often don't really know how the customer is thinking, so you get samples of it as you talk to the large customer and visit them. And we're really not even visiting them these days. The interaction is largely virtual. But I think it's a combination of customers reading about strengthening lead times in the industry, constraints they are hearing. And when they have an experience from not being able to acquire one component, let's say, from one of the other suppliers, the purchasing manager's action often is to really go ahead to secure and place the order on all the components, whether the lead times are going out at a particular supplier or not.

所以我認為這是它的組合。顯然，擁有 125,000 多個客戶的如此廣泛的客戶群，您通常並不真正了解客戶的想法，因此您在與大客戶交談並拜訪他們時獲取樣本。這些天我們甚至都沒有去拜訪他們。交互主要是虛擬的。但我認為這是客戶閱讀有關加強行業交貨時間和他們聽到的限制的結合。當他們有無法從其他供應商那裡獲得一個組件的經歷時，比方說，採購經理的行動通常是真正繼續確保並在所有組件上下訂單，無論交貨時間是是否在特定供應商處外出。

And in our case, we specifically advised the customers back in March that we were getting largely short-term orders, and we need short-term orders to make the quarter. That's great. We thank them, but we also needed your longer-term orders so we can more efficiently build the parts and batch process it and place the orders on our suppliers ahead of time and so on and so forth. And what I would say is that the customers have responded extremely well. I mean our customers have always responded to our letters extremely well. And what you have seen is, a quarter later, exactly a quarter after we wrote that letter, and customers have placed a large amount of backlog that ages into the following quarter.

就我們而言，我們在 3 月份特別告知客戶，我們收到的主要是短期訂單，我們需要短期訂單來完成本季度。那太棒了。我們感謝他們，但我們也需要您的長期訂單，這樣我們才能更有效地構建零件並進行批量處理，並提前向我們的供應商下訂單等等。我要說的是客戶的反應非常好。我的意思是我們的客戶總是對我們的信件做出非常好的回應。你所看到的是，一個季度後，恰好在我們寫那封信後的一個季度，客戶已經積壓了大量積壓到下一個季度。

Maybe just want to clarify one thing Steve said there. He mentioned the letter to customers in March. It was actually in July. I know that's what he meant to said, but just for the record.

也許只是想澄清史蒂夫在那裡說過的一件事。他提到了三月份給客戶的信。實際上是在七月。我知道那是他的意思，但只是為了記錄在案。

I meant -- yes, July 7 was the date I thought, somewhere early July.

我的意思是 - 是的，7 月 7 日是我認為的日期，7 月初的某個地方。

And we'll go ahead and take our next question from Shawn Harrison with Loop Capital.

我們將繼續接受 Shawn Harrison 和 Loop Capital 的下一個問題。

My best wishes. An easy question, hopefully, and then a question more on distribution. With the volatility in FPGA associated with the aerospace business, should we assume that you kind of see more of a normalization here in the December quarter?

我最好的祝福。希望是一個簡單的問題，然後是關於分發的更多問題。由於與航空航天業務相關的 FPGA 的波動性，我們是否應該假設您在 12 月季度在這裡看到更多的正常化？

And then second, Steve, how are the distributors reacting to the tightness in supply or the tightening of supply out there? I know you highlighted that channel inventory days are still low, but is there any pressure for them to add more Microchip stock?

其次，史蒂夫，經銷商對供應緊張或供應緊張有何反應？我知道您強調渠道庫存天數仍然很低，但他們是否有增加更多 Microchip 庫存的壓力？

So what was the -- I'll take the distribution. What was the first part of the question?

那麼什麼是——我將接受分配。問題的第一部分是什麼？

On the FPGA trends. Why don't I take that one, Steve.

關於FPGA的趨勢。我為什麼不拿那個，史蒂夫。

Go ahead.

前進。

So as we have said many times, FPGA is a more lumpy business. Trajectory-wise, if you plot the last many quarters, you'll find that it is up and to the right. Quarter-to-quarter, there are going to be changes depending on which lumpy business is coming through or is delayed for whatever reason, and that's what you will continue to see. But if you look at it over 8, 9, 10 quarters, you'll see that it is up and to the right as an overall FPGA business for us.

所以正如我們多次說過的，FPGA是一個比較笨重的行業。就軌跡而言，如果你繪製最後幾個季度，你會發現它在右上方。每個季度，都會發生變化，具體取決於哪些塊狀業務正在通過或由於任何原因而延遲，這就是你將繼續看到的。但是，如果你在 8、9、10 個季度中觀察它，你會發現它作為我們的整體 FPGA 業務是正確的。

Go ahead, Steve. So on the distribution front, we're getting huge orders from distribution just as well as we are getting it from direct customers. So our bookings were strong in both, in the distribution channel as well as in the direct channel. And the behavior is largely similar where we're getting bookings to make -- we got the bookings to make the September quarter, and we're getting good bookings to fill up the December quarter, but very large number of bookings are really actually aging into the March quarter and some even in the June quarter. So distributors also are layering in the backlog so that, if the lead times push out further, they're not impacted, and they're placing the backlog already going into the next quarter.

來吧，史蒂夫。因此，在分銷方面，我們從分銷中獲得了大量訂單，就像我們從直接客戶那裡獲得訂單一樣。因此，我們的預訂量在分銷渠道和直接渠道方面都很強勁。在我們進行預訂時，這種行為在很大程度上是相似的——我們獲得了 9 月季度的預訂，並且我們獲得了很好的預訂來填補 12 月季度，但大量的預訂實際上已經過時了進入三月季度，有些甚至進入六月季度。因此，分銷商也在積壓訂單中分層，這樣，如果交貨時間進一步推遲，他們就不會受到影響，並且他們將積壓訂單放入下一季度。

So when we wrote the letter, the letter was not only to our direct customers. It was also the same message to the distributors, and they have responded in kind. And just overall inventory has been low for quite some time. I think it hit 15-year low. And then from that, it has only come up a day or two. So in the coming year, as we are expecting significant growth, my sense is it's really up to distribution, but my sense is that the distributor will have to increase the inventory and can sit at a 15-year low.

所以當我們寫這封信時，這封信不僅是寫給我們的直接客戶的。這也是向經銷商發出的同樣信息，他們也做出了同樣的回應。很長一段時間以來，整體庫存一直很低。我認為它觸及 15 年低點。然後，它只出現了一兩天。所以在來年，由於我們預計會有顯著增長，我的感覺是這真的取決於分銷，但我的感覺是分銷商將不得不增加庫存，並且可能處於 15 年低點。

And we'll go ahead and take our next question from Chris Caso with Raymond James.

我們將繼續接受 Chris Caso 和 Raymond James 的下一個問題。

Yes. And Steve and Ganesh, congratulations to you both. It's been a pleasure working with you both. The question is regarding seasonality. And you mentioned your view of normal December seasonality down 2% to 3% sequentially. I know in the past, since the Microsemi acquisition, you've hesitated to make a call on seasonality because there really hasn't been much of a normal environment since that acquisition closed. Given that you've offered that for December, do you have a view or an updated view on what you'd consider to be normal seasonality for the March, June and September quarters?

是的。Steve 和 Ganesh，祝賀你們。和你們一起工作很愉快。問題是關於季節性的。你提到了你對 12 月正常季節性下降 2% 至 3% 的看法。我知道在過去，自從收購 Microsemi 以來，你一直在猶豫是否要對季節性因素進行預測，因為自收購結束以來，確實沒有多少正常的環境。鑑於您已經在 12 月提供了該產品，您是否對您認為 3 月、6 月和 9 月季度的正常季節性有什麼看法或更新看法？

We really don't. I think we're going to have to run a whole year normal and kind of start to look at it. If you go back prior to the Microsemi acquisition, then March quarter will usually be up sequentially, I would say, a couple of percent, 2%, 2.5%. This year, March was up 1.3%, although it got impacted at the late part of March with the China not coming back from the COVID-19 crisis. Despite all that, I think we were up a couple of percent and could have been more. So I think the March seasonality is somewhere around 2%, 2.5%. But I think there are less data points on it with the acquisition than would be otherwise. If you take the Microsemi out, I feel comfortable with a couple of 2%, 2.5%. Add the Microsemi in, we don't have enough data points.

我們真的不知道。我認為我們將不得不正常運行一整年，然後開始審視它。如果回顧 Microsemi 收購之前的情況，那麼 3 月季度通常會連續上漲，我會說幾個百分點、2%、2.5%。今年 3 月上漲了 1.3%，儘管它在 3 月下旬受到影響，因為中國沒有從 COVID-19 危機中恢復過來。儘管如此，我認為我們還是上漲了幾個百分點，而且可能會更多。所以我認為 3 月份的季節性約為 2%、2.5%。但我認為收購的數據點比其他方式少。如果你把 Microsemi 去掉，我覺得有幾個 2%、2.5% 很舒服。添加 Microsemi，我們沒有足夠的數據點。

Right. Okay. Understood. Just as a follow-up, with regard to the repayment of debt. Eric, this is for you. Just could you give us a sense of what your expectations will be over the next few quarters? Again, assuming that there is some degree of recovery, as you say, you should be generating more cash. And how does that affect the timing on getting to your net debt target, which I believe is 3?

正確的。好的。明白了。作為後續，關於償還債務。埃里克，這是給你的。您能否告訴我們您對未來幾個季度的期望是什麼？同樣，假設有一定程度的複蘇，正如你所說，你應該產生更多的現金。這對達到淨債務目標（我認為是 3）的時間有何影響？

Yes. I mean we've been generating a bunch of cash each quarter. We indicated that we expect about a $300 million debt paydown in the current quarter. There's some positives and negatives. Obviously, if revenue is growing, we're going to throw off more operating margin, and we are specifically trying to invest a bit more in capital as we talked about. So our CapEx was extremely low in both the June and September quarters, and it's going to be higher here in December and March so a bit of an offset. But I would expect $300 million-plus range. And as the business environment improves, that's only going to go up. So we're making really good progress on debt paydown and expect that to continue. And you mentioned the 3x or less, and that's what we're looking for, looking to be an investment-grade rated company. And over time, we will absolutely get there.

是的。我的意思是我們每個季度都在產生大量現金。我們表示，我們預計本季度將償還約 3 億美元的債務。有一些積極的和消極的。顯然，如果收入在增長，我們將放棄更多的營業利潤率，而且正如我們所說的那樣，我們特別試圖在資本上投資更多。因此，我們的資本支出在 6 月和 9 月兩個季度都非常低，而在 12 月和 3 月這裡會更高，所以有點抵消。但我預計 3 億美元以上的範圍。隨著商業環境的改善，這一數字只會上升。因此，我們在償還債務方面取得了非常好的進展，並預計這種情況會繼續下去。你提到了 3 倍或更少，這就是我們正在尋找的，希望成為一家投資級評級的公司。隨著時間的推移，我們絕對會到達那裡。

(Operator Instructions) We'll take our next question from Janet Ramkissoon.

（操作員說明）我們將從 Janet Ramkissoon 那裡回答下一個問題。

Congratulations, guys. Steve, thanks very much. It's been a real pleasure to be along your side for the last 30-some years since you became CEO. And again, congratulations to all. I had actually 2, really quick. Can you give a little color on what's going on in the auto business? Do you feel that we -- there is a secular change happening in demand for autos because of COVID and safety? And secondly, can you provide a little more color on Huawei? When did you apply for the license? And what is -- can you give us what your best-case scenario might be if you were to get the license? And when you get it, how fast can you ramp up?

恭喜，伙計們。史蒂夫，非常感謝。自您擔任 CEO 以來的過去 30 多年裡，能與您並肩作戰，我感到非常高興。再次祝賀大家。我實際上有 2 個，非常快。您能簡單介紹一下汽車行業正在發生的事情嗎？您是否覺得我們 - 由於 COVID 和安全性，汽車需求正在發生長期變化？其次，你能提供更多關於華為的顏色嗎？你什麼時候申請的駕照？什麼是 - 如果你要獲得許可證，你能告訴我們你最好的情況是什麼嗎？當你得到它時，你能以多快的速度提升？

Well, first of all, thank you, I think, you been with us for probably the entire 30 years or so or 27 years as a public company and prior to that even. Long association, so thank you. And I remember you came to visit our booth in Las Vegas at the CES conference earlier this year.

嗯，首先，謝謝你，我想，你作為一家上市公司可能已經和我們一起工作了整整 30 年左右或 27 年，甚至更早。長期合作，非常感謝。我記得你今年早些時候在 CES 會議上參觀了我們在拉斯維加斯的展位。

Regarding your specific question on Huawei and automotive, so the automotive business is -- saw the largest decline out of any end of market back in the June quarter because many, many factories is downright shutdown. And then in the September quarter, they started to bring the factories back up, and the business was up from June quarter to September quarter. But the September quarter factories were not full from the beginning. They were ramping during the quarter. So there is quite a substantial growth in the automotive segment, at least for us from September quarter to December quarter, as the factories continue to ramp.

關於你關於華為和汽車的具體問題，所以汽車業務是 - 在 6 月季度的任何市場結束時出現最大跌幅，因為許多很多工廠完全關閉。然後在 9 月季度，他們開始恢復工廠，業務從 6 月季度上升到 9 月季度。但 9 月季度的工廠從一開始就沒有滿員。他們在本季度增長迅速。因此，隨著工廠繼續擴大規模，汽車領域有相當大的增長，至少從 9 月季度到 12 月季度對我們來說是這樣。

So the automotive business now from this point on, kind of looks normal. Cars are selling. The inventory is low, so they're rebuilding their inventory. Lots and lots of automotive customers are making investments into electric vehicles, where we have significant content. And the content in electric vehicle is actually higher than the content in a regular vehicle. So automotive business should look good going forward from here.

所以從現在開始，汽車業務看起來很正常。汽車正在銷售。庫存很低，所以他們正在重建庫存。很多汽車客戶正在投資電動汽車，我們在這方面有重要的內容。而電動汽車中的含量實際上高於普通汽車中的含量。因此，汽車業務從這裡開始應該看起來不錯。

The other part of your question is Huawei license, when did we apply? Let me hand it off to Ganesh to answer that question.

你問題的另一部分是華為license，我們什麼時候申請的？讓我把它交給 Ganesh 來回答這個問題。

Yes. So our application was within the last month. It is a very uncertain process of how it navigates through department of commerce and whoever else would have to weigh in on it. I think it's impossible to give you an estimate of what might happen and when and what would it mean. The business with Huawei has many products and is not just a single license. We would need multiple licenses, and each one has a separate application you'd have to go through. And we have a prioritized process that we're going through with it. Given the uncertainty of the process, we did not believe trying to count on any revenue made sense. And once we have line of sight to the license, we would still need to work with Huawei on what they would need, when we would be able to ship the product to be able to provide any kind of guidance on what does it mean to our business.

是的。所以我們的申請是在上個月內。這是一個非常不確定的過程，它如何通過商務部以及其他任何人必須權衡。我認為不可能給你估計可能發生的事情以及發生的時間和意義。與華為的業務有很多產品，而不僅僅是單一的許可證。我們需要多個許可證，每個許可證都有一個您必須經過的單獨申請。我們有一個我們正在經歷的優先流程。鑑於該過程的不確定性，我們認為試圖依靠任何收入是沒有意義的。一旦我們獲得了許可，我們仍然需要與華為合作，了解他們需要什麼，何時我們能夠運送產品，以便能夠提供任何類型的指導，說明它對我們的意義商業。

And we'll go ahead and take our next question from Matt Ramsay with Cowen.

我們將繼續和 Cowen 一起回答 Matt Ramsay 的下一個問題。

Congrats to you both. Ganesh, I wanted to ask a question. I noticed some of the private company tuck-ins and some of the investments that you've been making over the last few quarters regarding the edge opportunities. Our team has done quite a lot of work on edge as an emerging market, both on edge clients and on sort of edge cloud. And I wonder if you might give a little context as to how big of an opportunity you guys might think about this being over the next 3 to 5 years for Microchip and if it's something that might evolve out of your FPGA franchise or out of your microcontroller franchise or if there's need for a bit heavier-handed compute that might be required as you guys approach some of these edge opportunities.

恭喜你們倆。Ganesh，我想問一個問題。我注意到一些私營公司的投資以及您在過去幾個季度中就邊緣機會進行的一些投資。作為一個新興市場，我們的團隊在邊緣客戶端和某種邊緣雲方面做了大量工作。我想知道你們是否可以提供一些背景信息，說明你們認為在未來 3 到 5 年內這對 Microchip 來說有多大的機會，以及它是否可能從你們的 FPGA 專營權或你們的微控制器中發展出來特許經營權，或者當你們接近其中一些邊緣機會時可能需要一些更重的計算。

When we think of the edge, it all comes around the mega trend of artificial intelligence and machine learning that we have spoken about. And we think of that in 3 different buckets, so to speak. There's a part of it which is the best known for many people, which is what happens in the cloud. And that is the domain of many people who have very large and highly processor-intensive compute. We do play in the cloud, but our role in the cloud is predominantly around PCIe switches and a few other things that are associated with how CPUs, GPUs from other companies [are taught]. The edge is the second part, and edge is an exceptionally important part as you think of factory automation and the industrial IoT because at that edge compute for the factory is where much of that machine learning is going to be taking place and the application of artificial intelligence.

當我們想到邊緣時，都是圍繞著我們談到的人工智能和機器學習的大趨勢而來的。可以這麼說，我們在 3 個不同的桶中考慮這一點。其中有一部分是為許多人所熟知的，這就是發生在雲中的事情。這是許多擁有非常大且高度處理器密集型計算的人的領域。我們確實在雲中發揮作用，但我們在雲中的角色主要圍繞 PCIe 交換機和一些與其他公司的 CPU、GPU [被教授] 相關的其他事物。邊緣是第二部分，當你想到工廠自動化和工業物聯網時，邊緣是一個非常重要的部分，因為在工廠的邊緣計算是大部分機器學習將要發生的地方，也是人工智能應用的地方。智力。

There, we have introduced using FPGA as one of the platforms, a number of solutions. Smart embedded vision is one piece of that, which can go into machine vision for factories, physical security, medical vision, depending on that end application. But surrounding these products are many of our standard products, too. It needs microcontrollers, analog, security, things that process. And then the third element of artificial intelligence machine learning we're looking at is all the way to the end where the sensing is taking place. And there again, we're looking at our standard microcontrollers and some of the other products as to how can they do, to a lesser extent, but what is exactly needed at the end nodes, the learning and the inferencing that is needed using standard microcontroller.

在那裡，我們介紹了以FPGA為平台之一的多種解決方案。智能嵌入式視覺是其中的一部分，它可以用於工廠的機器視覺、物理安全、醫療視覺，具體取決於最終應用。但圍繞這些產品的還有我們的許多標準產品。它需要微控制器、模擬、安全和處理的東西。然後我們正在研究的人工智能機器學習的第三個要素是一直到發生傳感的終點。再一次，我們正在研究我們的標準微控制器和其他一些產品，看看它們如何做，在較小程度上，但端節點究竟需要什麼，使用標準所需的學習和推理微控制器。

So it's a much bigger field than just the edge alone in terms of our interest. But certainly, FPGA at the edge is a key part of how we intend to prosecute that.

因此，就我們的興趣而言，這是一個比單純的邊緣更大的領域。但可以肯定的是，邊緣 FPGA 是我們打算如何實現這一目標的關鍵部分。

And we'll go ahead and take our next question from David O'Connor with Exane BNP Paribas.

我們將繼續與 Exane BNP Paribas 一起回答 David O'Connor 的下一個問題。

Great. Congratulations on the results. Maybe a question on my side, going back to the supply chain constraints, which exact category of products are impacted there? And Ganesh, in your prepared remarks, you talked about Huawei, you talked about the mobile phone refresh and some reshuffling of share as well in capacity maybe. It seems more short-term related. So the question is, do you think these constraints dissipate from the March quarter? Are they here to stay with us for some time? And I have a follow-up on the gross margin.

偉大的。祝賀結果。也許我這邊有一個問題，回到供應鏈的限制，那裡的產品具體類別受到影響？Ganesh，在你準備好的發言中，你談到了華為，你談到了手機更新和一些份額的重新洗牌，也許還有產能。這似乎與短期有關。所以問題是，您認為這些限制會從 3 月季度消失嗎？他們在這里和我們待一段時間嗎？我對毛利率進行了跟進。

So the general comment would be that it affects the supply chain of people who are packaging product, their supply chain, which can be lead frames, it can be substrates, can be equipment that does bonding and various other things. And so it may not be things that we are directly involved in, but it consumes bandwidth and capacity of the supply chain, both directly what we deal with and then their supply chain as well. And so all of these compete in many cases for either the materials or the equipment capacity that is out there that we would otherwise be using. And then as we go to use them, we find that, in some cases, they're constrained. We've been able to manage through a lot of it. We do have second sources for some of these things, and we do have a lot of internal capability. And as Eric mentioned, we are accelerating, bringing more capacity internal for some of the package types.

所以一般的評論是，它會影響包裝產品的人的供應鏈，他們的供應鏈，可以是引線框架，可以是基板，可以是進行粘合和各種其他事情的設備。因此，這可能不是我們直接參與的事情，但它會消耗供應鏈的帶寬和容量，直接與我們打交道，然後是他們的供應鏈。因此，在許多情況下，所有這些都在爭奪我們原本會使用的材料或設備容量。然後當我們開始使用它們時，我們發現在某些情況下它們受到限制。我們已經能夠解決很多問題。我們確實有其中一些東西的第二來源，而且我們確實有很多內部能力。正如埃里克所提到的，我們正在加速，為某些包裹類型帶來更多的內部容量。

So what normally happens in business is, when you have these constraints, the companies that are in the business of providing that capacity or that material, respond with what they can do to take advantage of that situation. And so there is a capacity response that they come with. Some of it also, it's possible that there could be a surge in demand that then begins to dissipate. We can't really predict where that is. But we think that they're all going to be constrained through the December quarter, and it's possible some of that will spill over into the March quarter as well. But I don't have any line of sight into exactly when all the constraints will dissipate.

因此，在業務中通常會發生的情況是，當您遇到這些限制時，從事提供該能力或該材料的公司會以他們可以採取的措施來利用這種情況做出回應。因此，它們會產生容量響應。其中一些也可能是需求激增，然後開始消散。我們無法真正預測它在哪裡。但我們認為，他們都將在 12 月季度受到限制，並且其中一些可能也會蔓延到 3 月季度。但我不知道所有限制何時會完全消失。

That's very helpful. And maybe a quick follow on the gross margin for Eric. Eric, the -- you talked about the strength in the March quarter, and it seems from just the higher utilization, you could hit that 63% gross margin in the March quarter. My question is on the additional CapEx that you budgeted for calendar year '21. How much of a headwind is that as that capacity comes online? Does that come on slowly through '21? Or is that going to come initially and we have to factor that into -- as a gross margin headwind into '21?

這很有幫助。也許可以快速了解 Eric 的毛利率。埃里克，你談到了 3 月季度的實力，似乎只是更高的利用率，你可以在 3 月季度達到 63% 的毛利率。我的問題是關於您為 21 日曆年預算的額外資本支出。當容量上線時，逆風有多大？這會在 21 年慢慢出現嗎？或者這是否會在最初出現，我們必須將其作為 21 世紀的毛利率逆風因素考慮在內？

So in terms of when the capacity comes online, it depends whether it's wafer fab, assembly or test. And so it just depends on what qualification we have to go through and the work that needs to be done in our factory. So it comes on gradually over time. I don't view it at all as any sort of headwind to gross margin. It's just a matter of can we get it installed and up and running and get product out the door. So I think gross margin is in good shape. I didn't make a specific comment on gross margin for the March quarter. So I want to make it clear, we were just speaking about the current quarter, but there are lots of things that we're doing in our business and not the least of which is if we get into a better revenue environment as we look forward into '21, that's going to do very good things for our gross margin, and we'll continue to evaluate the long-term model because we're getting close.

所以就產能何時上線而言，這取決於它是晶圓廠、組裝還是測試。因此，這僅取決於我們必須通過什麼資格以及我們工廠需要完成的工作。所以它會隨著時間的推移逐漸出現。我根本不認為它對毛利率有任何不利影響。這只是我們能否安裝、啟動和運行並將產品推出市場的問題。所以我認為毛利率狀況良好。我沒有對 3 月季度的毛利率發表具體評論。所以我想說清楚，我們只是在談論當前季度，但我們在我們的業務中做了很多事情，其中最重要的是如果我們進入一個更好的收入環境，就像我們期待的那樣進入 21 年，這將對我們的毛利率產生非常好的影響，我們將繼續評估長期模型，因為我們已經接近了。

I'd like to clarify one thing. You said somehow the capacity or the CapEx adds a headwind to the gross margin. That's entirely opposite of what we will experience. I believe the comment of the CapEx providing headwind to the gross margin comes from when you build a large greenfield fab and you spend $1 billion, then the process has to be qualified and it slowly ramps, meanwhile, the factory is depreciating. That's the kind of headwind to the gross margin probably you're talking about. And we experienced that back in 2003 when we were bringing up our Fab 4 up in Gresham, Oregon.

我想澄清一件事。你說產能或資本支出以某種方式增加了毛利率的阻力。這與我們將要經歷的完全相反。我相信資本支出對毛利率造成不利影響的評論來自於當你建造一個大型綠地工廠並花費 10 億美元時，這個過程必須是合格的並且它緩慢上升，與此同時，工廠正在貶值。這可能是您正在談論的毛利率的逆風。早在 2003 年，當我們在俄勒岡州格雷舍姆建立我們的 Fab 4 時，我們就經歷過這種情況。

The kind of capacity we're talking about is not that. It's made up of $300,000 to $1.5 million various pieces of equipment in assembly and test and fab and the diffusion tubes and others incremental capacity. And it becomes productive really the quarter after it is added, and it never has a headwind to the gross margin. It's always accretive to the gross margin because the product it produces, it produces, I think, incrementally lower cost than the average product without that. So there is no headwind to the gross margin. There's only attrition to the gross margin.

我們所說的那種能力不是那樣的。它由價值 300,000 美元到 150 萬美元的各種組裝和測試設備、工廠以及擴散管和其他增量產能組成。它在添加後的一個季度真正變得富有成效，而且它從來沒有對毛利率產生不利影響。它總是增加毛利率，因為它生產的產品，我認為，它生產的成本比沒有這種產品的平均產品要低。因此，毛利率沒有逆風。毛利率只會下降。

And we'll go ahead and take our next question from Vijay Rakesh with Mizuho.

我們將繼續與 Mizuho 一起接受 Vijay Rakesh 的下一個問題。

I'll add my congratulations for Steve and Ganesh. Just I'll combine my 2 questions. I know looking at the back half here, you're seeing some strength in auto industrial and also a nice recovery in China. Just wondering what your revenue exposure was in that industrial auto and especially -- or into China? And lastly, I'm sure there's some COVID impact on the gross margin line even though margins are very impressive where they have rebounded. Just wondering what that -- if you have kind of sized that COVID impact and that should go away or resume into next year.

我還要向 Steve 和 Ganesh 表示祝賀。只是我會結合我的 2 個問題。我知道看看這裡的後半部分，你會看到汽車工業的一些實力以及中國的良好復甦。只是想知道您在那輛工業汽車中的收入敞口，尤其是 - 或者在中國？最後，我確信 COVID 對毛利率線有一些影響，儘管利潤率在反彈時非常可觀。只是想知道那是什麼——如果你對 COVID 的影響進行了某種程度的評估，那麼這種影響應該會消失或恢復到明年。

I don't know if I got all that. I think the first part was really asking the mix of industrial and automotive. Ganesh, I don't know if we have that the last quarter. We only provide it once a year.

我不知道我是否得到了所有這些。我認為第一部分實際上是在詢問工業和汽車的組合。Ganesh，我不知道我們上個季度是否有。我們每年只提供一次。

Yes. And it doesn't move dramatically quarter-to-quarter. What we have shown publicly measured at the end of March for the prior year was that industrial was 28% of our revenue. Automotive was 15% of our revenue. Obviously, in the June quarter, there was more headwinds in those 2 end markets, but I don't really have a number. And then those are all reversing as we went into the September quarter and into the December quarters itself. So those end market percentages for us usually don't change that dramatically over time. And then I'll pass it back on the other part of the question.

是的。而且它並沒有在每個季度之間發生劇烈變化。我們在上一年 3 月底公開衡量的數據是，工業收入占我們收入的 28%。汽車業務占我們收入的 15%。顯然，在 6 月季度，這兩個終端市場面臨更多阻力，但我真的沒有具體數字。然後，當我們進入 9 月季度和 12 月季度時，這些都發生了逆轉。因此，我們的終端市場百分比通常不會隨著時間的推移而發生顯著變化。然後我會把它傳回問題的另一部分。

I didn't understand the gross margin question. Can you restate that?

我不明白毛利率問題。你能重申一下嗎？

I was wondering, in terms of COVID on a logistics and operational basis, I would assume there's some impact. So I was just wondering what the COVID impact was to the gross margin, and I would assume that would reverse. It would be a tailwind next year.

我想知道，就物流和運營基礎上的 COVID 而言，我認為會有一些影響。所以我只是想知道 COVID 對毛利率的影響是什麼，我認為這會逆轉。這將是明年的順風。

It's very small.

它很小。

The impact of COVID and gross margin was more like in the June quarter when, within our factory in Philippines at a much lower capacity because you couldn't get all the people in, and we had 150 people living in the facility and working and sleeping there at 30% of the factory's capacity. There was no COVID impact in September quarter. I mean minor providing meals and others to the people who are living there, but there was really no meaningful impact in September quarter, and there's no recovery of that next year because there's no impact now.

COVID 和毛利率的影響更像是在 6 月那個季度，當時我們在菲律賓的工廠產能要低得多，因為你無法讓所有人都進去，我們有 150 人住在工廠里工作和睡覺工廠產能的30%。九月季度沒有 COVID 影響。我的意思是為居住在那裡的人們提供少量的膳食和其他服務，但在 9 月這個季度確實沒有產生任何有意義的影響，而且明年也沒有恢復，因為現在沒有影響。

Right. The amount in the June quarter was $2.8 million, and you'll see that in our press release, but there was nothing that we broke out separately because it was immaterial to the September quarter results.

正確的。6 月季度的金額為 280 萬美元，您會在我們的新聞稿中看到這一點，但我們沒有單獨列出任何內容，因為它對 9 月季度的結果並不重要。

And we'll go ahead and take our last question from Mark Lipacis with Jefferies.

我們將繼續和 Jefferies 一起回答 Mark Lipacis 的最後一個問題。

Great. The last question on Steve's last call. That's quite an honor. Ganesh, congratulations. And Steve, thanks a lot for all the great insights that you saved. I will miss them. I just had a kind of a strategic question for Steve. You kind of described a scenario where the M&A slows down. You're under a deleveraging cycle and then a capital -- kind of a capital return cycle. What does that say -- what should investors take away what that means about the semiconductor industry? And does it necessarily mean that, ultimately, that there's a different set of requirements from Microchip to their customers? Does it mean that there has to be a regearing of Microchip or Microchip 3.0, if you will? How should -- what should investors take away from that? Or is Microchip 2.0 the perfect equation for what we expect to see next in semis and for Microchip specifically?

偉大的。史蒂夫最後一個電話的最後一個問題。真是太榮幸了。加內甚，恭喜。史蒂夫，非常感謝您保存的所有重要見解。我會想念他們的。我剛剛有一個戰略問題要問史蒂夫。您描述了併購放緩的情況。你處於一個去槓桿化週期，然後是一個資本——一種資本回報週期。這說明了什麼——投資者應該拿走這對半導體行業意味著什麼？這是否必然意味著 Microchip 對其客戶提出了不同的要求？如果願意，這是否意味著必須對 Microchip 或 Microchip 3.0 進行重新設計？應該如何 - 投資者應該從中拿走什麼？還是 Microchip 2.0 是我們期望在接下來的半決賽中看到的，特別是對於 Microchip 的完美方程式？

Well, I think if you look at a Microchip of 10 years ago, it was providing predominantly microcontroller, which was 80% plus of our business, and a small amount of business remaining was either some analog products or memory products, but they were largely we couldn't complete a customer solution. So when we called on a customer, we largely provided microcontroller, maybe a little bit of other stuff they won in. And the customer will surround our microcontroller with analog coming from Maxim, ADI, TI, Intersil or others would buy WiFi connectivity from people who made maybe USB from Cypress, maybe Ethernet from some Ethernet company and so on and so forth. And we, many times -- there's an old story. I think if you have a couple of minutes, I'll tell you.

好吧，我想如果你看看 10 年前的 Microchip，它主要提供微控制器，占我們業務的 80% 以上，剩下的少量業務是一些模擬產品或內存產品，但它們主要是我們無法完成客戶解決方案。因此，當我們拜訪客戶時，我們主要提供微控制器，也許還有一些他們贏得的其他東西。客戶將使用來自 Maxim、ADI、TI、Intersil 或其他公司的模擬圍繞我們的微控制器，他們會從製造 USB 的人那裡購買 WiFi 連接，這些人可能是 Cypress 的 USB，也可能是某些以太網公司的以太網等等。而我們，很多次——有一個古老的故事。我想如果你有幾分鐘，我會告訴你。

Back in 1993 time frame when we went public, we used to have a partnership with the Maxim where we will get hotel rooms where we will invite the customers and give seminars jointly. And we will take the front half of the room, and Maxim will take the back -- front half of the day and Maxim will take the back half of the day. We'll tell them how to design our microcontroller, and Maxim will teach them how to add analog around their microcontrollers. And it was a great partnership. It lasted for about 5 years. We both benefited, shared the expenses, and we didn't have analog products at that time. And the story's 20 years old. It was with Jack Gifford of Maxim who died many years ago. So many people wouldn't know it.

早在 1993 年我們上市的時間框架內，我們曾經與 Maxim 建立合作夥伴關係，在那裡我們將獲得酒店房間，我們將邀請客戶並共同舉辦研討會。我們將佔據房間的前半部分，Maxim 將佔據後半部分——一天的前半部分，Maxim 將佔據一天的後半部分。我們將告訴他們如何設計我們的微控制器，而 Maxim 將教他們如何在他們的微控制器周圍添加模擬。這是一個很好的合作夥伴關係。它持續了大約5年。我們都受益，分攤費用，那時候我們還沒有模擬產品。這個故事已有 20 年曆史了。它與多年前去世的 Maxim 的 Jack Gifford 在一起。所以很多人都不知道。

And then Maxim, Jack Gifford wanted Microchip to pay him something because he said we're bringing all the customers and you're benefiting from selling them microcontrollers, and I said this has been a great partnership for 5 years. We sold microcontrollers. You sold analog. Why are you disturbing this partnership? But he got greedy, and that broke the partnership. So we decided to go into the analog business. And fast-forward 20 years, we're doing $1.6 billion, $1.7 billion in analog now, attaching our own analog around microcontrollers. And in the process, we have acquired or built USB, WiFi, Ethernet, Bluetooth, flash memory, Studygram, and all the others.

然後是 Maxim，Jack Gifford 希望 Microchip 付給他一些錢，因為他說我們帶來了所有的客戶，你從向他們出售微控制器中受益，我說這是 5 年的良好合作夥伴關係。我們賣微控制器。你賣模擬。你為什麼要破壞這種夥伴關係？但他變得貪婪了，這打破了合作關係。所以我們決定進入模擬業務。快進 20 年，我們正在做 16 億美元，現在是 17 億美元的模擬產品，將我們自己的模擬產品附加在微控制器周圍。在此過程中，我們獲得或構建了 USB、WiFi、以太網、藍牙、閃存、Studygram 以及所有其他設備。

So when you look at it from a customer's perspective, a customer is getting a complete solution available from us today. And future M&A is not really required from a customer's perspective because we can complete the solution now. Now you can always have an acquisition at further depth in any area, acquire more analog, acquire more WiFi or acquire more something, but we also have a large number of design teams that are building and completing those solutions. So what we really said is that at the late stage of industry consolidation, the valuation have run sky high. We bought Microsemi at 5x sales. And we just paid 10x sales for Xilinx. So we believe the valuations are way too high. We're not going to pay that. We don't need other acquisitions. And our customers are going to be very, very well served by our complete solutions already. Does that make sense?

因此，當您從客戶的角度來看時，客戶今天可以從我們這裡獲得完整的解決方案。從客戶的角度來看，未來的併購並不是真正需要的，因為我們現在可以完成解決方案。現在你總是可以在任何領域進行更深入的收購，獲得更多模擬，獲得更多 WiFi 或獲得更多東西，但我們也有大量的設計團隊正在構建和完成這些解決方案。所以我們真正要說的是，在行業整合的後期，估值已經飆升。我們以 5 倍的銷售額購買了 Microsemi。我們剛剛為 Xilinx 支付了 10 倍的銷售額。因此，我們認為估值過高。我們不會付那個錢。我們不需要其他收購。我們的完整解決方案已經為我們的客戶提供了非常非常好的服務。那有意義嗎？

That's very helpful, Steve. Really appreciate it.

這很有幫助，史蒂夫。真的很感激。

Thank you.

謝謝。

And that concludes today's question-and-answer session. I'd like to turn the call back over to Mr. Sanghi for any additional and closing remarks.

今天的問答環節到此結束。我想將電話轉回給 Sanghi 先生，以獲得任何補充和結束語。

I think when I thank our investors who have been with us for long, and I certainly have great relationship and a long career with all of you. I'll still be here. I'm not going away. We still have a conference coming up, a Credit Suisse conference in early December, then the next earnings call in February. And then on March 1, I become Executive Chair, but you will still see me at the investor circuit and conference calls and investor conferences and others. So I'll still continue to be involved with Microchip and not going away. Thank you very much.

我想當我感謝長期與我們在一起的投資者時，我當然與你們所有人有著良好的關係和長期的職業生涯。我還會在這裡。我不會離開的。我們還有一個會議即將召開，12 月初的瑞士信貸會議，然後是 2 月份的下一次財報電話會議。然後在 3 月 1 日，我成為執行主席，但你仍會在投資者巡迴賽、電話會議和投資者會議等場合看到我。所以我仍然會繼續參與 Microchip，不會離開。非常感謝。

Once again, that does conclude today's conference. We do appreciate your participation. You may now disconnect your phone lines.

再一次，今天的會議到此結束。我們非常感謝您的參與。您現在可以斷開電話線。