微晶片科技 (MCHP) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Microchip's Q4 and Fiscal Year '20 Financial Results Conference Call.

女士們，先生們，感謝你們的支持，歡迎來到 Microchip 第 4 季度和 20 財年財務業績電話會議。

(Operator Instructions) And please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

Now I would like to hand the conference over to your speaker today, Mr. Eric Bjornholt, Microchip Financial Officer.

現在我想把會議交給今天的演講者，Microchip 財務官 Eric Bjornholt 先生。

Sir, please go ahead.

先生，請繼續。

Thank you, and good afternoon, everyone.

謝謝，大家下午好。

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

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

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

我們想提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

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.

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 Steve Sanghi, Microchip's Chairman and CEO; and Ganesh Moorthy, Microchip's President and COO.

今天和我一起出席的有 Microchip 董事長兼首席執行官 Steve Sanghi； Microchip 總裁兼首席運營官 Ganesh Moorthy。

I will comment on our fourth quarter and full fiscal year 2020 financial performance.

我將評論我們第四季度和整個 2020 財年的財務業績。

And Steve and Ganesh will then give their comments on the results and discuss the current business environment as well as our guidance.

然後 Steve 和 Ganesh 將對結果發表評論，並討論當前的業務環境以及我們的指導。

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

然後我們將可以回答具體的投資者和分析師問題。

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

我們在新聞稿和本次電話會議中包含了有關各種 GAAP 和非 GAAP 措施的信息。

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

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。

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

我們還在我們的網站上發布了未償債務和槓桿指標的摘要。

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

我現在將介紹一些經營業績，包括淨銷售額、毛利率和經營費用。

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

除淨銷售額外，我將在非 GAAP 基礎上提及這些結果，這是基於收購活動、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 March quarter were $1.326 billion, which was up 3% sequentially and above our revised guidance from March 2, 2020, when net sales were expected to be about flat sequentially.

3 月季度的淨銷售額為 13.26 億美元，環比增長 3%，高於我們自 2020 年 3 月 2 日起修訂後的指引，當時預計淨銷售額環比持平。

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.

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 strong at 62%, operating expenses were at 25.4% and operating income was 36.6% compared to 35.1% in the previous quarter.

按非美國通用會計準則計算，毛利率高達 62%，營業費用為 25.4%，營業收入為 36.6%，而上一季度為 35.1%。

Non-GAAP net income was $375.5 million, non-GAAP earnings per share was $1.46, which was up significantly from $1.32 produced in the prior quarter.

非 GAAP 淨收入為 3.755 億美元，非 GAAP 每股收益為 1.46 美元，遠高於上一季度的 1.32 美元。

On a GAAP basis, in the March quarter, gross margins were 61.4% and include the impact of $5.1 million of share-based compensation and $3.3 million of COVID-19 shelter-in-place restrictions on manufacturing activities.

根據 GAAP，在 3 月季度，毛利率為 61.4%，其中包括 510 萬美元的股票薪酬和 330 萬美元的 COVID-19 就地避難所限制對製造活動的影響。

Total operating expenses were $653.2 million and include acquisition intangible amortization of $248.5 million, special charges of $17.2 million, $15.3 million of acquisition-related and other costs and share-based compensation of $35.6 million.

總運營費用為 6.532 億美元，包括 2.485 億美元的收購無形攤銷、1720 萬美元的特殊費用、1530 萬美元的收購相關成本和其他成本以及 3560 萬美元的股份補償。

The GAAP net income was $99.9 million or $0.39 per diluted share.

GAAP 淨收入為 9990 萬美元或每股攤薄收益 0.39 美元。

Our March quarter GAAP tax benefit was impacted by a variety of factors, including tax reserve releases associated with the statute limitations expiring, deferred tax adjustments related to intercompany movement of intellectual property, tax reserve releases associated with tax audits and other matters.

我們 3 月季度的 GAAP 稅收優惠受到多種因素的影響，包括與法規限製到期相關的稅收儲備釋放、與知識產權公司間轉移相關的遞延稅調整、與稅務審計相關的稅收儲備釋放以及其他事項。

For fiscal year 2020, net sales were 5.7 -- excuse me, $5.274 billion.

2020 財年，淨銷售額為 5.7——對不起，52.74 億美元。

On a non-GAAP basis, gross margins were a record 61.9%.

按非美國通用會計準則計算，毛利率達到創紀錄的 61.9%。

Operating expenses were 25.7% of sales, and operating income was 36.2% of sales.

營業費用佔銷售額的25.7%，營業收入佔銷售額的36.2%。

Non-GAAP net income was $1.44 billion and EPS was $5.62 per diluted share.

非 GAAP 淨收入為 14.4 億美元，攤薄後每股收益為 5.62 美元。

On a GAAP basis, gross margins were 61.5%, operating expenses were 49.2% of sales and operating income was 12.3% of sales.

根據 GAAP，毛利率為 61.5%，營業費用佔銷售額的 49.2%，營業收入佔銷售額的 12.3%。

Net income was $570.6 million, and EPS was $2.23 per diluted share.

淨收入為 5.706 億美元，攤薄後每股收益為 2.23 美元。

The non-GAAP cash tax rate was 7% in the March quarter and 6.3% for fiscal year 2020.

非美國通用會計準則現金稅率在 3 月季度為 7%，在 2020 財年為 6.3%。

We expect our non-GAAP cash tax rate for fiscal '21 to be between 6% and 7%, exclusive of the transition tax, any potential tax associated with the restructuring, with the Microsemi operations and the Microchip's global structure and any tax audit settlements related to taxes accrued in prior fiscal years.

我們預計 21 財年的非 GAAP 現金稅率在 6% 至 7% 之間，不包括過渡稅、與重組相關的任何潛在稅收、Microsemi 業務和 Microchip 的全球結構以及任何稅務審計結算與以前財政年度應計的稅款有關。

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.

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。

The future cash tax payments associated with the transition tax are expected to be about $245 million and will be paid over the next 6 years.

未來與過渡稅相關的現金稅款預計約為 2.45 億美元，並將在未來 6 年內支付。

We posted a schedule of these projected transition tax payments on the IR page of our website.

我們在我們網站的 IR 頁面上發布了這些預計的過渡稅支付時間表。

Our inventory balance at March 31, 2020, was $685.7 million.

截至 2020 年 3 月 31 日，我們的庫存餘額為 6.857 億美元。

We had 122 days of inventory at the end of the March quarter, down 7 days from the prior quarter's level.

截至 3 月季度末，我們有 122 天的庫存，比上一季度的水平減少了 7 天。

Inventory of our distributors in the March quarter were at 29 days compared to 28 days at the end of December.

與 12 月底的 28 天相比，我們的分銷商在 3 月季度的庫存為 29 天。

We believe distribution inventory levels for Microchip are still quite low compared to historical averages.

我們認為，與歷史平均水平相比，Microchip 的分銷庫存水平仍然很低。

In the March quarter, we exchanged cash and shares of our common stock to retire $615 million of principal plus accrued interest of our 2025 convertible senior subordinated notes.

在 3 月季度，我們交換了現金和我們的普通股股票，以收回我們 2025 年可轉換優先次級票據的 6.15 億美元本金和應計利息。

The cash used to pay the principal in this exchange was funded by a 364-day bridge loan.

用於支付本次交易所本金的現金由 364 天的過橋貸款提供資金。

This exchange will significantly reduce share count dilution to the extent Microchip's stock price appreciates in the future.

如果 Microchip 的股價在未來升值，該交易所將顯著減少股票數量稀釋。

During the quarter, we also amended our credit facility.

在本季度，我們還修改了信貸額度。

As disclosed in our March 21, 2020 press release, the total leverage and senior leverage covenants were favorably modified as part of the amendment, giving Microchip greater financial flexibility.

正如我們在 2020 年 3 月 21 日的新聞稿中披露的那樣，總槓桿和高級槓桿契約作為修正案的一部分進行了有利修改，從而賦予 Microchip 更大的財務靈活性。

The cash flow from operating activities was $371.7 million in the March quarter.

3 月季度經營活動產生的現金流量為 3.717 億美元。

As of March 31, the consolidated cash and total investment position was $403 million.

截至 3 月 31 日，綜合現金和總投資頭寸為 4.03 億美元。

We paid down $236 million of total debt in the March quarter.

我們在 3 月季度償還了 2.36 億美元的總債務。

Over the last 7 full quarters since we closed the Microsemi acquisition and incurred over $8 billion in debt to do so, we have paid down $2.222 billion of debt and continue to allocate substantially all of our excess cash beyond dividends to aggressively bring down the debt.

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 7 個完整季度中，我們已經償還了 22.22 億美元的債務，並繼續分配除股息以外的所有多餘現金，以積極降低債務。

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 businesses as well as our ongoing operating discipline.

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。

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

我們繼續預計未來幾年我們的債務水平將大幅下降。

Our adjusted EBITDA in the March quarter was $548.1 million, and our trailing 12-month adjusted EBITDA was $2.129 billion.

我們在 3 月季度調整後的 EBITDA 為 5.481 億美元，過去 12 個月的調整後 EBITDA 為 21.29 億美元。

Our net debt to adjusted EBITDA, excluding our very long-dated convertible debt that matures in 2037 and is more equity-like in nature, was 4.46 at March 31, 2020, and our dividend payment in the March quarter was $88 million.

截至 2020 年 3 月 31 日，我們的調整後 EBITDA 淨債務（不包括我們將於 2037 年到期且性質更類似股權的超長期可轉換債務）為 4.46，我們在 3 月季度支付的股息為 8800 萬美元。

Capital expenditures were $11.9 million in the March quarter, and $67.6 million for fiscal year 2020.

3 月季度的資本支出為 1190 萬美元，2020 財年的資本支出為 6760 萬美元。

We expect between $12 million and $18 million in capital spending in the June quarter, and overall capital expenditures for fiscal '21 to be between $50 million and $70 million.

我們預計 6 月季度的資本支出在 1200 萬至 1800 萬美元之間，21 財年的總體資本支出在 5000 萬至 7000 萬美元之間。

We continue to add capital to maintain and operate our internal manufacturing operations, support the production capabilities for our new products and technologies as well as to selectively bring in-house some of the assembly and test operations that are currently outsourced.

我們繼續增加資本以維持和運營我們的內部製造業務，支持我們的新產品和技術的生產能力，並有選擇地將目前外包的一些組裝和測試業務引入內部。

We expect these capital investments will bring some gross margin improvement to our business, particularly for the outsourced Atmel and Microsemi manufacturing activities that we are bringing into our own factories.

我們預計這些資本投資將為我們的業務帶來一定的毛利率改善，特別是對於我們正在引入我們自己工廠的外包 Atmel 和 Microsemi 製造活動。

Depreciation expense in the March quarter was $41.8 million.

3 月季度的折舊費用為 4180 萬美元。

I will now turn it over to Ganesh to give his comments on the performance of the business in the March quarter.

我現在將把它交給 Ganesh，讓他對 3 月季度的業務表現發表評論。

Ganesh?

像頭神？

Thank you, Eric, and good afternoon, everyone.

謝謝埃里克，大家下午好。

Let's start by taking a closer look at microcontrollers.

讓我們從仔細研究微控制器開始。

On a GAAP basis, our microcontroller revenue was sequentially up 5.9% as compared to the December quarter.

根據 GAAP，我們的微控制器收入與 12 月季度相比環比增長 5.9%。

From an end market demand standpoint, our microcontroller business was sequentially up 2.9%.

從終端市場需求的角度來看，我們的微控制器業務環比增長 2.9%。

From an end market standpoint, 32-bit microcontrollers in the March quarter represented an all-time record of just over $340 million, or 47% of our microcontroller demand.

從終端市場的角度來看，3 月季度的 32 位微控制器創下了超過 3.4 億美元的歷史記錄，占我們微控制器需求的 47%。

We continue to introduce a steady stream of innovative new microcontrollers, including a new cryptography enabled 32-bit microcontroller, designed to stop malware for systems that boot from external flash memory.

我們繼續推出源源不斷的創新型新微控制器，包括支持加密的新型 32 位微控制器，旨在阻止從外部閃存啟動的系統的惡意軟件。

As well as a new high-end 8-bit microcontroller product family for improved designs in real-time control and connected applications.

以及用於改進實時控制和連接應用設計的全新高端 8 位微控制器產品系列。

Microcontrollers overall represented 55.2% of our end market demand in the March quarter.

微控制器總體佔 3 月季度終端市場需求的 55.2%。

Last month, Gartner released their microcontroller market share report for 2019.

上個月，Gartner 發布了 2019 年微控制器市場份額報告。

We are pleased to report that Microchip retained the #1 position for 8-bit microcontrollers.

我們很高興地報告，Microchip 保持了 8 位微控制器的第一名位置。

Once again, we gained market share as we grew faster than the overall APAC microcontroller market.

我們再次獲得了市場份額，因為我們的增長速度快於整個亞太地區的微控制器市場。

In fact, we are now almost twice as big as the #2 player.

事實上，我們現在的規模幾乎是排名第二的公司的兩倍。

In the 16-bit microcontroller market, we remained in the #5 position and continue to gain market share as we grew faster than the overall 16-bit microcontroller market.

在 16 位微控制器市場，我們保持在第 5 位，並繼續獲得市場份額，因為我們的增長速度快於整個 16 位微控制器市場。

In the 32-bit microcontroller market, we remained in the #6 position for the Gartner report and gained significant market share again as we grew faster than the overall 32-bit microcontroller market.

在 32 位微控制器市場，我們在 Gartner 報告中保持第 6 位，並再次獲得顯著的市場份額，因為我們的增長速度快於整個 32 位微控制器市場。

These results are despite Gartner rolling up our 32-bit microcontroller revenue to be about $400 million lower than the $1.2 billion results we actually achieved in 2019.

儘管 Gartner 將我們的 32 位微控制器收入匯總為比我們在 2019 年實際實現的 12 億美元的收入低約 4 億美元，但這些結果仍然存在。

Had Gartner used our actual calendar year 2019, 32-bit microcontroller results, we would have achieved the #4 ranking.

如果 Gartner 使用我們 2019 年的實際日曆年 32 位微控制器結果，我們將獲得第 4 名。

And as I shared with you earlier, our 32-bit microcontroller business in the March quarter, ran at an approximately $1.36 billion annualized run rate based on end market demand.

正如我之前與您分享的那樣，根據終端市場需求，我們 32 位微控制器業務在 3 月季度的年化運行率約為 13.6 億美元。

For microcontrollers overall, we remained in the #3 position, despite Gartner rolling up our revenue to be about $400 million lower than our publicly reported results for calendar year 2019.

對於整體微控制器，儘管 Gartner 將我們的收入匯總為比我們公開報告的 2019 日曆年的結果低約 4 億美元，但我們仍然排在第三位。

Using our publicly reported results, we would be approximately 7.5% away from the #2 player and 16.5% away from the #1 player ahead of us as we continue to relentlessly March towards #1 spot.

使用我們公開報告的結果，隨著我們繼續不懈地向第一名進軍，我們將與排名第二的選手相差約 7.5%，與領先的排名第一的選手相差約 16.5%。

Our microcontroller portfolio and road map have never been stronger.

我們的微控制器產品組合和路線圖從未如此強大。

We believe we have the new product momentum and customer engagement to continue to gain even more share in 2020 as we further build the best-performing microcontroller franchise in the industry.

我們相信，隨著我們進一步打造業內表現最佳的微控制器特許經營權，我們擁有新產品的動力和客戶參與度，可以在 2020 年繼續獲得更多份額。

Now moving to analog.

現在轉向模擬。

On a GAAP basis, our analog revenue was sequentially up 1.1% as compared to the December quarter.

根據 GAAP，我們的模擬收入與 12 月季度相比環比增長 1.1%。

From an end market standpoint, our analog business was sequentially down 1.8%.

從終端市場的角度來看，我們的模擬業務環比下降了 1.8%。

During the quarter, we continued to introduce a steady stream of innovative analog products, including the industry's first space-qualified, radiation-tolerant ethernet transceiver as well as an expanded silicon carbide family of power electronics to provide system-level improvements in efficiency, size and reliability at 700 volt, 1,200 volt and 1,700 volt power modules.

在本季度，我們繼續推出源源不斷的創新模擬產品，包括業界首款空間級、耐輻射以太網收發器，以及擴展的碳化矽電力電子產品系列，以在效率、尺寸和尺寸方面提供系統級改進700 伏、1,200 伏和 1,700 伏電源模塊的可靠性。

Catalog represented 27.6% of our end market in the March quarter.

目錄在 3 月季度占我們終端市場的 27.6%。

Our FPGA revenue on a GAAP basis was up 4.6% sequentially as compared to the December quarter.

與 12 月季度相比，我們按 GAAP 計算的 FPGA 收入環比增長 4.6%。

From an end market demand standpoint, our FPGA business was sequentially up 1%.

從終端市場需求的角度來看，我們的 FPGA 業務環比增長 1%。

FPGA represented 7% of our end market demand in the March quarter.

FPGA 佔 3 月季度終端市場需求的 7%。

Our licensing, memory and other product lines, which we refer to as LMO, was sequentially down 10.7% as compared to the December quarter from an end market demand perspective.

從終端市場需求的角度來看，我們的許可、內存和其他產品線（我們稱之為 LMO）與 12 月季度相比連續下降 10.7%。

During the quarter, we introduced a new miniaturized rubidium at an atomic clock.

在本季度，我們在原子鐘上推出了一種新的小型化銣。

The industry's highest performance atomic clock for size and power.

業內尺寸和功率最高的原子鐘。

LMO represented 10.1% of our end market demand in the March quarter.

LMO 佔 3 月季度終端市場需求的 10.1%。

An update regarding coronavirus and its impact on our operations.

有關冠狀病毒及其對我們運營的影響的更新。

Regrettably, we have had 9 employees who tested positive for the virus.

遺憾的是，我們有 9 名員工的病毒檢測呈陽性。

With over 18,000 employees worldwide, this was inevitable.

憑藉全球 18,000 多名員工，這是不可避免的。

But thankfully, they're all recovering nicely or have already recovered.

但值得慶幸的是，他們都恢復得很好或者已經康復了。

Most of our nonfactory employee base is working from home as we rapidly transformed business processes to run remotely.

我們的大部分非工廠員工都在家工作，因為我們迅速將業務流程轉變為遠程運行。

Our global teams have been highly engaged, collaborative and productive under the circumstances resulting in enhanced customer engagement for new designs and high effectiveness in our product development programs.

在這種情況下，我們的全球團隊一直高度參與、協作和富有成效，從而提高了客戶對新設計的參與度，並提高了我們產品開發計劃的效率。

We would like to thank our worldwide team for rapidly adapting to changing conditions and making the best of what was possible under difficult circumstances to continue delivering results.

我們要感謝我們的全球團隊迅速適應不斷變化的條件，並在困難的情況下盡最大努力繼續取得成果。

Our manufacturing operations had varying degrees of constraints last quarter as what started with China shutting down for several weeks expanded to many other locations that shut down with little notice.

上個季度，我們的製造業務受到了不同程度的限制，因為從中國關閉數週開始擴展到許多其他幾乎沒有通知就關閉的地方。

Our operations team literally adjusted to constraints as they emerged and implemented our contingency plans where needed to ensure that we continue to serve customer needs despite the challenges.

我們的運營團隊確實在出現限制時進行了調整，並在需要時實施了我們的應急計劃，以確保儘管面臨挑戰，我們仍能繼續滿足客戶的需求。

In most of our manufacturing locations, we were able to get essential services designation as our products are quite ubiquitous in medical, work from home, defense and communication infrastructure applications.

在我們的大多數製造地點，我們能夠獲得基本服務指定，因為我們的產品在醫療、在家工作、國防和通信基礎設施應用中無處不在。

Our Philippines operations had the largest impact with restriction on people movement being so strict that we have had a large number of our dedicated employees living in our 2 factories there since mid-March to support production and improve customer shipments.

我們的菲律賓業務受到的影響最大，因為對人員流動的限制非常嚴格，以至於自 3 月中旬以來，我們有大量敬業的員工住在我們在那裡的 2 家工廠，以支持生產和改善客戶出貨量。

Our global teams also successfully worked through a myriad of ground and air logistics issues throughout the quarter as conditions change regionally over time.

我們的全球團隊還在整個季度成功解決了無數的地面和空中物流問題，因為隨著時間的推移，區域條件發生了變化。

Our customers and our supply chain partners also endured constraints with their factories and logistics, have made the March quarter challenger.

我們的客戶和我們的供應鏈合作夥伴也忍受著工廠和物流方面的限制，使三月季度成為挑戰者。

We are appreciative of our global team who engaged and work through a rolling step of customer and supplier challenges, even as we work the challenges and constraints that was placed on our own factories.

我們感謝我們的全球團隊參與並解決客戶和供應商挑戰的滾動步驟，即使我們應對我們自己工廠面臨的挑戰和限制。

Pandemics are inherently unpredictable, and there may be yet other twists and turns to come in the days ahead.

大流行本質上是不可預測的，未來幾天可能還會有其他曲折。

We continue to process the news daily as well as monitor information from the Center for Disease Control and the World Health Organization, and we will adapt our response as needed and focus on the things that we can control.

我們繼續每天處理新聞，並監測來自疾病控制中心和世界衛生組織的信息，我們將根據需要調整我們的反應，並專注於我們可以控制的事情。

Given the current market uncertainties, we are providing some qualitative insight into our principal end markets.

鑑於當前市場的不確定性，我們正在對我們的主要終端市場提供一些定性的見解。

The areas of strength we see are: data center, driven by continued strength from the exponential rate at which data is being created; and the consequent seemingly insatiable demand for data storage.

我們看到的優勢領域是：以及隨之而來的對數據存儲看似永無止境的需求。

For computers, printers, monitors and other accessories, enabled by the increased shift to working from home.

對於計算機、打印機、顯示器和其他配件，由於越來越多地轉向在家工作而成為可能。

For medical devices, COVID-19-related items like ventilators, respirators, oxygen monitors and ultrasound machines, but also a host of other hospital equipment needed for increased patient loads.

對於醫療設備，與 COVID-19 相關的物品，如呼吸機、呼吸器、氧氣監測器和超聲波機，以及增加患者負荷所需的許多其他醫院設備。

For contact-free consumer and industrial products like hands-free dispensers or soap, water, paper, hand sanitizers, for infrared thermometers as well as barcode readers for retail shopping, all in an attempt to prevent the spread of COVID-19.

對於非接觸式消費品和工業產品，如免提分配器或肥皂、水、紙、洗手液、紅外線溫度計以及用於零售購物的條形碼閱讀器，所有這些都是為了防止 COVID-19 的傳播。

And then for communication infrastructure, in part because of work from home related network loading changes, but also in part due to stimulus investments in infrastructure, especially in China.

然後是通信基礎設施，部分原因是在家工作相關的網絡負載變化，還有部分原因是刺激基礎設施投資，尤其是在中國。

The area of the weakness we see from an end market perspective are automotive, broad-based industrial, consumer and home appliances and aviation or aerospace.

從終端市場的角度來看，我們看到的薄弱領域是汽車、基礎廣泛的工業、消費品和家用電器以及航空或航天。

Our defense and space business remains relatively even keel.

我們的國防和太空業務保持相對穩定。

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

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的一些評論。

Steve?

史蒂夫？

Thank you, Ganesh, and good afternoon, everyone.

謝謝 Ganesh，大家下午好。

Today, I would like to first reflect on the results of the fiscal fourth quarter of 2020 and the whole fiscal year 2020, I will then provide guidance for the fiscal first quarter of 2021.

今天，我想首先回顧一下 2020 財年第四季度和整個 2020 財年的結果，然後我將提供 2021 財年第一季度的指導。

The March quarter had unusual business challenges as the effects of COVID-19 pandemic unfolded in many dimensions.

由於 COVID-19 大流行的影響在許多方面展開，三月季度面臨著不同尋常的業務挑戰。

I am proud of how rapidly the Microchip team adapted to the new constraints we faced so that our employees would be safe, our customers will be well served and our partners engaged to ensure mutual success despite the challenges we face.

我為 Microchip 團隊能夠如此迅速地適應我們面臨的新限製而感到自豪，這樣我們的員工就會安全，我們的客戶會得到很好的服務，我們的合作夥伴也會參與進來，儘管我們面臨挑戰，但仍能確保共同成功。

Despite the COVID-19 pandemic challenges, we delivered 3% sequential net sales growth as compared to our early March updated guidance, which was for net sales to be about flat.

儘管面臨 COVID-19 大流行的挑戰，但與我們 3 月初更新的指引相比，我們實現了 3% 的連續淨銷售額增長，後者的淨銷售額基本持平。

Our final March quarter GAAP net sales came in at $1.326 billion, up 3% sequentially and down just 0.3% from a year ago March quarter.

我們 3 月最後一個季度的 GAAP 淨銷售額為 13.26 億美元，環比增長 3%，比去年同期僅下降 0.3%。

Our end market demand based on sell-through was approximately $3.8 million lower than GAAP sales.

我們基於銷售率的終端市場需求比 GAAP 銷售額低約 380 萬美元。

After 7 quarters of end market demand being higher than sell-in based net sales, March quarter was nearly even for end market demand versus sell-in net sales.

在 7 個季度的終端市場需求高於基於銷售的淨銷售額之後，3 月季度終端市場需求與銷售淨銷售額幾乎持平。

We also delivered outstanding non-GAAP gross margin of 62%, just above the high end of our original guidance from February 4, 2020, and non-GAAP operating margin of 36.6%, near the high end of our original guidance.

我們還實現了 62% 的出色非 GAAP 毛利率，略高於 2020 年 2 月 4 日我們最初指導的高端，非 GAAP 營業利潤率為 36.6%，接近我們最初指導的高端。

And we did all that while reducing our days of inventory from 129 days to 122 days.

我們做到了這一切，同時將庫存天數從 129 天減少到 122 天。

Our consolidated non-GAAP EPS was $1.46.

我們的綜合非 GAAP 每股收益為 1.46 美元。

We did not provide EPS guidance when we revised our net sales guidance on March 2, 2020.

我們在 2020 年 3 月 2 日修訂淨銷售額指引時沒有提供每股收益指引。

Our original non-GAAP EPS guidance provided with our earnings release on February 4, 2020 was $1.35 to $1.51 with a midpoint of $1.43, and we beat that original guidance by $0.03.

我們在 2020 年 2 月 4 日發布的收益報告中提供了我們最初的非 GAAP 每股收益指引，該指引為 1.35 美元至 1.51 美元，中點為 1.43 美元，我們比最初的指引高出 0.03 美元。

On non-GAAP basis, this was also our 118th consecutive profitable quarter.

在非 GAAP 基礎上，這也是我們第 118 個連續盈利的季度。

In the March quarter, we paid down $236 million of our debt, our total debt payment since the end of June 2018 has been about $2.22 billion.

在 3 月這個季度，我們償還了 2.36 億美元的債務，自 2018 年 6 月底以來我們的總債務支付額約為 22.2 億美元。

The pace of debt payments has been strong despite the weak and uncertain business conditions underlying the strong cash generation characteristics of our business as well as our active efforts to continue to squeeze working capital efficiencies.

儘管我們業務強大的現金生成特徵背後的疲軟和不確定的商業環境以及我們繼續壓縮營運資本效率的積極努力，但債務支付的步伐一直強勁。

On a full fiscal year 2020 basis, our net sales were $5.274 billion, down 1.4% over fiscal year 2019.

在整個 2020 財年的基礎上，我們的淨銷售額為 52.74 億美元，比 2019 財年下降 1.4%。

Now I will discuss our guidance for the June quarter.

現在我將討論我們對 6 月季度的指導。

Ganesh, in his prepared remarks, discussed the impact we are seeing on our supply chain as well as our customers.

Ganesh 在他準備好的發言中討論了我們看到的對供應鍊和客戶的影響。

Ganesh also described the end markets where we are seeing strength and those where we are seeing either current or expected weakness.

Ganesh 還描述了我們看到優勢的終端市場以及我們看到當前或預期疲軟的終端市場。

Our March quarter bookings were up double-digit percentage over the December quarter bookings.

我們 3 月季度的預訂量比 12 月季度的預訂量增長了兩位數百分比。

The book-to-bill ratio for March quarter was very strong at 1.17.

3 月季度的訂單出貨比非常強勁，為 1.17。

That resulted in our starting backlog for June quarter to be strong compared to the starting backlog for the March quarter.

這導致我們 6 月季度的開始積壓訂單與 3 月季度的開始積壓訂單相比要強勁。

In our April 8, 2020, press release, we said that we believe that the strength in bookings may be a result of customer concerns about supply chain disruptions due to COVID-19 virus.

在 2020 年 4 月 8 日的新聞稿中，我們表示，我們認為預訂量強勁可能是由於客戶擔心 COVID-19 病毒導致供應鏈中斷。

With economies around the world contracting rapidly, with millions of people getting laid off and with customer factory closures due to shelter in place ordinances in various countries, we believe that product demand is likely to weaken significantly.

隨著全球經濟迅速收縮，數百萬人下崗，以及客戶工廠因各國的就地避難令而關閉，我們認為產品需求可能會大幅減弱。

With another month under our belt now, we have seen some of the customer order push-outs and cancellations.

現在又過了一個月，我們已經看到一些客戶訂單被推遲和取消。

Our backlog for the June quarter compared to the backlog from March today at the same point in time, has now deteriorated somewhat in the last month.

與今天同一時間 3 月的積壓相比，我們 6 月季度的積壓在上個月有所惡化。

We believe the backlog position compared to March quarter will continue to deteriorate due to the combined effects of supply chain disruptions, customer factory closures and demand destruction.

我們認為，由於供應鏈中斷、客戶工廠關閉和需求破壞的綜合影響，與 3 月季度相比，積壓情況將繼續惡化。

Taking all these factors into consideration, we expect our net sales for June quarter to be down 2% to 10% sequentially.

考慮到所有這些因素，我們預計 6 月季度的淨銷售額將環比下降 2% 至 10%。

The guidance ranges to help account for the uncertainty associated with the evolving coronavirus situation, we have no way to model how the rest of the quarter will play out for the coronavirus situation and what the consequent business impact may be.

該指導範圍有助於解釋與不斷變化的冠狀病毒情況相關的不確定性，我們無法模擬本季度剩餘時間將如何應對冠狀病毒情況以及隨之而來的業務影響可能是什麼。

But we believe that our guidance range incorporates our best judgment for the possible scenarios.

但我們相信，我們的指導範圍包含了我們對可能情況的最佳判斷。

We have prepared the company for a downsize scenario by putting the employees on a 10% salary cut and adjusting the factories by reduced work hours or rotating time offs.

我們通過將員工減薪 10% 並通過減少工作時間或輪休時間來調整工廠，為公司縮小規模做好了準備。

We have also frozen all business travel and cut discretionary expenses.

我們還凍結了所有商務旅行並削減了可自由支配的費用。

Regarding CapEx, we finished fiscal year 2020 with a CapEx of $67.6 million, a significant reduction from fiscal year '19 CapEx of $229 million.

關於資本支出，我們在 2020 財年結束時的資本支出為 6760 萬美元，比 19 財年的 2.29 億美元資本支出大幅減少。

This is consistent with what we have said before that our CapEx is divided between growth capital, maintenance capital and new products and technology capital.

這與我們之前所說的一致，我們的資本支出分為增長資本、維護資本以及新產品和技術資本。

In a fiscal year like 2020, in which our net sales declined, the growth capital, which is the largest portion of CapEx, declines to virtually nothing.

在像 2020 年這樣的財政年度，我們的淨銷售額下降了，作為資本支出最大部分的增長資本幾乎降為零。

And therefore, the total CapEx declined significantly.

因此，總資本支出大幅下降。

We expect CapEx for fiscal year '21 to remain low in the range of $50 million to $70 million.

我們預計 21 財年的資本支出將保持在 5000 萬至 7000 萬美元的低位。

For June quarter, we expect our non-GAAP gross margin to be between 60.4% and 61.2% of sales.

對於 6 月季度，我們預計我們的非 GAAP 毛利率將在銷售額的 60.4% 至 61.2% 之間。

We expect non-GAAP operating expenses to be between 24.4% and 25.2% of sales.

我們預計非 GAAP 運營費用將佔銷售額的 24.4% 至 25.2% 之間。

We expect non-GAAP operating profit to be between 35.2% and 36.8% of sales, and we expect our non-GAAP earnings per share to be between $1.25 per share to $1.45 per share.

我們預計非 GAAP 營業利潤將佔銷售額的 35.2% 至 36.8%，我們預計我們的非 GAAP 每股收益將在每股 1.25 美元至 1.45 美元之間。

We believe that despite the near-term pandemic-driven challenges, we are confident 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.

我們相信，儘管近期存在大流行病驅動的挑戰，但我們對我們所處業務和終端市場的實力和多樣性充滿信心，能夠實現超過半導體市場平均增長的長期增長。

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

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，但淨銷售額除外，淨銷售額將在GAAP 基礎。

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 that, operator, will you please pull for questions?

有了這個，接線員，請問問題好嗎？

(Operator Instructions)

（操作員說明）

Operator, you have no questions?

接線員，你沒有問題嗎？

Yes, there are no further questions at this time.

是的，目前沒有其他問題。

You may continue.

你可以繼續。

That's unusual.

這很不尋常。

Yes.

是的。

I don't think that's possible.

我不認為這是可能的。

Let's stay open here for a while.

讓我們在這裡開一段時間。

Our Investor Relations manager is just indicating that we're having quite a few problems here.

我們的投資者關係經理只是表示我們在這裡遇到了很多問題。

So let's hold and see if we can get it to solve, because I know there's questions to be asked.

所以讓我們等一下，看看我們是否能解決它，因為我知道有問題要問。

So I've been told we have 12 questions in queue.

所以我被告知我們有 12 個問題在排隊。

We just need to figure out how to get them available so those questions can be asked.

我們只需要弄清楚如何讓它們可用，以便可以提出這些問題。

Your first question is from the line of Chris Caso from Raymond James.

你的第一個問題來自 Raymond James 的 Chris Caso。

Yes.

是的。

So I guess for the first question, Steve, if you could give us some thoughts about perhaps the magnitude of the downturn that I guess we're all expecting.

所以我想對於第一個問題，史蒂夫，如果你能給我們一些關於我想我們都期待的經濟衰退程度的想法。

I realize that's a difficult question with what's going on with the backlog here.

我意識到這裡的積壓是怎麼回事，這是一個很難回答的問題。

But I guess compare -- some of your competitors have compared what we're seeing now to the 2009 cycle.

但我想比較——你們的一些競爭對手已經將我們現在看到的與 2009 年的周期進行了比較。

I'm not sure that's the right way to look at it right now.

我不確定這是現在看待它的正確方式。

But I guess Microchip is also a different company as compared to 2009.

但我想與 2009 年相比，Microchip 也是一家不同的公司。

And what you're guiding to is not quite as bad.

你所指導的並沒有那麼糟糕。

As we put all that together, how are you thinking about things going forward?

當我們把所有這些放在一起時，你如何看待未來的事情？

So I think we're really unable to speak about anybody else's business but our own.

所以我認為我們真的不能談論別人的事，只能談論我們自己的事。

You mentioned some of the companies.

你提到了一些公司。

I believe all companies have a different end market and customer exposure.

我相信所有公司都有不同的終端市場和客戶接觸。

We have been building this franchise for many years now through organic efforts as well as acquisitions and have compiled a very large number of very, very good assets.

多年來，我們一直在通過有機努力和收購建立這個特許經營權，並積累了大量非常非常好的資產。

And then deployed a program called TSS, total system solutions, that we have discussed with you, in which we are garnering larger and larger share of the customer's board with our products.

然後部署了一個名為 TSS 的程序，即我們與您討論過的整體系統解決方案，在該程序中，我們的產品在客戶董事會中的份額越來越大。

So the outperformance that you may be seeing from us in business today is really nothing to do with what we have done today or last year.

因此，您今天在業務中可能看到的出色表現與我們今天或去年所做的事情無關。

It's been a result of really many years of effort in new products organically as well as through acquisitions and our customer support activities, our distributor relationships and everything else over the past several years.

這是多年有機地努力開發新產品以及通過收購和我們的客戶支持活動、我們的分銷商關係以及過去幾年的其他一切努力的結果。

I don't know if that helps you.

我不知道這是否對你有幫助。

Okay.

好的。

I guess, perhaps you could take us through what you've seen in the order rates and you put through some of that in your prepared remarks about what you've been seeing since March.

我想，也許你可以向我們介紹一下你在訂單率中看到的情況，並在你準備好的關於自 3 月以來所看到的情況的評論中介紹了其中的一些內容。

I guess what's interesting now is that the customers came in or the channel at least came into this crisis with very low inventory levels.

我想現在有趣的是，客戶進來了，或者渠道至少以非常低的庫存水平進入了這場危機。

And that's, I guess, unusual in a downturn in our industry.

我想，這在我們行業的低迷時期是不尋常的。

How does that affect things going forward?

這對事情的發展有何影響？

And what sort of visibility do you have on what customers may be doing with the inventory levels here?

您對客戶可能對此處的庫存水平所做的事情有什麼樣的可見性？

So this is a very unique cycle.

所以這是一個非常獨特的周期。

We have -- this is the first time ever we are experiencing a demand shock and a supply shock.

我們有——這是我們有史以來第一次經歷需求衝擊和供應衝擊。

We have seen demand shocks before, like 2008, 2009 cycle you mentioned.

我們以前見過需求衝擊，比如你提到的 2008 年、2009 年周期。

We also saw a major demand shock during 2001 tech bust.

在 2001 年科技泡沫破滅期間，我們還看到了一次重大的需求衝擊。

And I think we saw a little mini demand shock really even during SARS in 2004 or '03, whenever it was.

而且我認為，即使在 2004 年或 03 年的 SARS 期間，我們也確實看到了一點小小的需求衝擊。

And we have seen some supply shocks in the industry.

我們已經看到該行業出現了一些供應衝擊。

The 2 that I remember, one was during tsunami in Japan, in Southeast Asia, where number of factories were closed down or shut down and there was a major demand shock.

我記得的第 2 次，一次是在日本發生海嘯時，在東南亞，許多工廠倒閉或關閉，需求受到重大衝擊。

And the other demand shock, I recall, was during the major floods in Thailand a few years ago where many of our peers' factories were underwater.

我記得，另一個需求衝擊發生在幾年前泰國發生大洪水期間，當時我們許多同行的工廠都被淹沒了。

Microchip factory was okay, though.

不過，微芯片工廠還可以。

So we have seen really either a supply shock or a demand shock.

因此，我們確實看到了供應衝擊或需求衝擊。

This is the first time ever in my 40 years of experience that I'm seeing a simultaneous demand shock and supply shock.

在我 40 年的經驗中，這是我第一次同時看到需求衝擊和供應衝擊。

The supply shock is driven by just various shelter-in-place ordinances, and Ganesh talked about it extensively.

供應衝擊是由各種就地避難條例引起的，Ganesh 對此進行了廣泛的討論。

Philippines being the worst and Malaysia being the second where we couldn't get our workers into the factory.

菲律賓是最糟糕的，馬來西亞是第二個我們無法讓我們的工人進入工廠的地方。

And in some cases, the workers are living in the factory because they believe they will not be able to come back.

在某些情況下，工人們住在工廠裡，因為他們認為自己回不來了。

And the number of our product lines that went in those factories produced limited output because the whole workforce wasn't working so that resulted into a supply shortage and supply shock and some of the lead times going out, and that kind of drove some of the demand further from customers and distributors.

我們進入這些工廠的產品線數量有限，因為整個勞動力都沒有工作，導致供應短缺和供應衝擊以及一些交貨時間的減少，這推動了一些客戶和經銷商的進一步需求。

And on the demand side of it, our customers' factories shut down, the worst being in the automotive business where, I think, you guys keep track of star data.

在需求方面，我們客戶的工廠關閉了，最糟糕的是汽車行業，我認為你們一直在跟踪明星數據。

And if you look at the star data, you'll find that Europe has been the worst and U.S. the second and a lot of factories were shut down in Asia also, but those factories are coming back in automotive.

如果你看一下明星數據，你會發現歐洲最差，美國第二，亞洲也有很多工廠被關閉，但這些工廠正在回歸汽車行業。

So the automotive business is going through just a gut-wrenching demand shock and industrial cumber.

因此，汽車行業正經歷著令人痛心的需求衝擊和工業障礙。

And while on the other hand, like you look at a market like data centers where demand shock is in the upward direction with all the data and work-from-home ordinances, that demand has gone up.

另一方面，就像你看數據中心這樣的市場，隨著所有數據和在家工作的法令，需求衝擊呈上升趨勢，需求已經上升。

And the other area, which is really quite sleepy for us in general.

而另一個區域，對我們來說真的很困。

I don't think it's a very large percentage of our business, is medical.

我不認為這是我們業務的很大一部分，是醫療。

We meld that into industrial.

我們將其融入工業。

The medical is really -- we count that in industrial, but 1.5 months ago, I wouldn't know what a ventilator was.

醫療真的——我們在工業上算，但 1.5 個月前，我不知道呼吸機是什麼。

And now we found that all the ventilator designs around the world, everyone is using our products, and the demand has gone up 100x, if not more.

現在我們發現全世界所有的呼吸機設計，每個人都在使用我們的產品，需求增長了 100 倍，甚至更多。

The hospital will have 2 to 3 ventilators only for emergency purposes.

醫院將配備 2 至 3 台呼吸機，僅供緊急使用。

And now a single hospital is requiring 1,000 to 2,000 ventilators.

而現在，一家醫院就需要 1000 到 2000 台呼吸機。

So that demand has gone up 50x to 100x.

因此，需求增長了 50 倍到 100 倍。

Same thing on digital thermometers to automatic soap dispensers and bathroom products, where you put your hand under, the soap falls down.

數字溫度計、自動皂液器和衛浴產品也是如此，只要你把手放在下面，肥皂就會掉下來。

They all use microcontrollers or sensors or many of our products.

他們都使用微控制器或傳感器或我們的許多產品。

So that's kind of really the end market feel.

所以這真的是終端市場的感覺。

So in certain markets, demand is very strong.

所以在某些市場，需求非常強勁。

Other market demand is very weak.

其他市場需求非常疲軟。

In some cases, the impact is because of supply chain disruption.

在某些情況下，影響是由於供應鏈中斷造成的。

In other cases, the impact is because of stronger demand.

在其他情況下，影響是因為需求強勁。

So I think how do you make sense with all that?

所以我認為你怎麼理解這一切？

We started June quarter with a fairly strong backlog.

我們在 6 月季度開始時積壓了大量訂單。

And our backlog for June quarter is still higher than our backlog was for the March quarter at the same point in time, but it has deteriorated significantly compared to where it was on April 1. And at the rate we are seeing customer adjustments, push-outs and cancellations, where the customer may have ordered more product, really shows us that this deterioration in backlog in June compared to March will continue.

我們 6 月季度的積壓訂單仍高於同期 3 月季度的積壓訂單，但與 4 月 1 日相比已顯著惡化。按照我們看到客戶調整的速度，推-客戶可能訂購了更多產品的出貨和取消訂單確實向我們表明，與 3 月份相比，6 月份積壓情況的惡化將繼續下去。

We know how much we lost in 1 month, we got 2 more months to go.

我們知道我們在 1 個月內失去了多少，我們還有 2 個月的時間。

And putting all that into the equation, really, our crystal ball tells us the midpoint of minus 6 and a range of minus 2 to minus 10.

把所有這些放到方程式中，真的，我們的水晶球告訴我們負 6 的中點和負 2 到負 10 的範圍。

Sorry for the long answer, but I think it kind of -- the question deserved it.

很抱歉回答很長，但我認為這是一個值得問的問題。

The next question comes from the line of Ambrish Srivastava.

下一個問題來自 Ambrish Srivastava 的台詞。

Steve, lots of details there.

史蒂夫，那裡有很多細節。

Can you focus on the gross margin?

你能關注毛利率嗎？

And just help us understand the dynamics, it's more than hanging in despite you actually drawing down, lowering inventory on your balance sheet and distri inventory didn't really go up by that much.

只是幫助我們了解動態，這不僅僅是掛在你實際上減少的情況下，降低資產負債表上的庫存和分銷庫存並沒有真正增加那麼多。

So just kind of help us understand the factors.

所以只是幫助我們了解這些因素。

Distri should be a structural change and Chris asked a question about the difference between Microchip from 10 years ago, and all of us have been following you for a while.

Distri 應該是一個結構性的變化，Chris 在 10 年前問了一個關於 Microchip 的區別的問題，我們所有人都關注了你一段時間。

But just talk through the structural changes.

但只談結構性變化。

And then you mentioned that with some manufacturing -- the CapEx, which enable you to bring more Microsemi and Atmel indoor, and that will have some positive and this is obviously a longer-term kind of question that I'm asking.

然後你提到了一些製造——資本支出，這使你能夠在室內引入更多的 Microsemi 和 Atmel，這會有一些積極的影響，這顯然是我要問的一個長期問題。

So let me ask Eric Bjornholt to answer that question, and I'll add something, if needed, at the end.

那麼讓我請 Eric Bjornholt 來回答這個問題，如果需要，我會在最後添加一些內容。

Go ahead, Eric.

來吧，埃里克。

Okay.

好的。

So I mean, gross margins held up extremely well in the March quarter, and we posted 62% non-GAAP gross margins, which were really outstanding.

所以我的意思是，毛利率在 3 月季度保持得非常好，我們公佈了 62% 的非 GAAP 毛利率，這非常出色。

As you know, we've been running our factories at less than optimal levels, and we recorded an underutilization charge in the quarter of about $14 million.

如您所知，我們的工廠一直未達到最佳水平，我們在本季度記錄了約 1400 萬美元的未充分利用費用。

That was actually $3 million better than the prior quarter as we were running our assembly and test factories harder than we have in the previous quarters when we were draining finished goods.

這實際上比上一季度多了 300 萬美元，因為我們比前幾個季度消耗成品時更加努力地運營我們的組裝和測試工廠。

So the strong gross margins are really driven by a variety of factors, including a favorable product mix and then just ongoing cost reduction and cost containment activities in our factories.

因此，強勁的毛利率實際上是由多種因素推動的，包括有利的產品組合，以及我們工廠正在進行的成本削減和成本控制活動。

So the current quarter, we're guiding the gross margins to be down at 60.8% at the midpoint.

因此，本季度，我們指導毛利率在中點下降至 60.8%。

We expect higher underutilization charges in June compared to March due to some of the rotating time off that we're going to be doing in the factories and just lower production output.

我們預計 6 月份的未充分利用費用將高於 3 月份，原因是我們將在工廠進行一些輪換休假，而且產量較低。

But we believe we're really well positioned for the long-term for gross margin improvement in the future as we grow back into our factory capacity.

但我們相信，隨著我們恢復工廠產能，我們在未來的毛利率長期改善方面確實處於有利地位。

So we're -- there's a number of things that influence that other than the factory capacity.

所以我們 - 除了工廠產能之外，還有很多因素會影響它。

We've been also doing a good job of really holding average selling prices flat with our customers, and that has long-term gross margin benefits also.

我們在與客戶保持平均售價方面也做得很好，這也有長期的毛利率優勢。

So that's the general summary there.

這就是那裡的一般摘要。

Steve, what would you like to add?

史蒂夫，你想補充什麼？

No, I think that's good.

不，我認為那很好。

We started this down cycle -- let me add a couple of sentences.

我們開始了這個下降週期——讓我補充幾句話。

I think we started this down cycle with probably the lowest inventory we had, 122 days at the end of March.

我認為我們開始這個下行週期可能是我們擁有的最低庫存，3 月底為 122 天。

I recall prior down cycles when we started with fairly high inventory.

我記得我們從相當高的庫存開始時的前幾次衰退週期。

And so I think with such a low inventory and we're keeping it low by factory, rotating time offs and others.

因此，我認為在庫存如此低的情況下，我們通過工廠、輪休和其他方式將其保持在低水平。

So I think when we get on the other side of it and start ramping our factories back up, and we're starting with the gross margin in the 60s, I think we'll be very, very well positioned longer-term for a very good record gross margin.

所以我認為，當我們站在另一邊並開始恢復我們的工廠，並且我們從 60 年代的毛利率開始時，我認為我們將在長期內處於非常非常有利的位置良好的毛利率記錄。

The second piece of Ambrish's question related to CapEx.

Ambrish 的第二個問題與資本支出有關。

And we will still focus longer-term on bringing some more assembly and test in-house.

而且我們仍將長期專注於在內部進行更多組裝和測試。

But we really locked down capital pretty significantly.

但我們確實非常顯著地鎖定了資本。

You see what our forecast is for fiscal '21 of between $50 million and $70 million.

你看我們對 21 財年的預測是 5000 萬到 7000 萬美元。

So where there's benefits to be gained, we'll evaluate those, but we're being pretty conservative in our posture in terms of making adjustments right now.

因此，在可以獲得好處的地方，我們將對其進行評估，但就目前的調整而言，我們的態度非常保守。

The next question comes from the line of Gary Mobley from Wells Fargo Securities.

下一個問題來自 Wells Fargo Securities 的 Gary Mobley。

In the interest of time, I'll post both of my questions now.

為了節省時間，我現在將發布我的兩個問題。

Steve, I'd be interested to get your opinion on the recent export -- recent change in export control rules?

史蒂夫，我很想听聽你對最近出口的看法——最近出口管制規則的變化？

And the impact this may have on the owner's process of applying for licenses to shift China customers?

這對業主申請許可證以轉移中國客戶的過程可能產生的影響？

Or any sort of limitations on that?

或者對此有任何限制？

And then I'm asking this question really on behalf of many different people, but I'm interested to get your perspective on how safe your dividend is.

然後我真的代表許多不同的人問這個問題，但我有興趣了解您對股息安全性的看法。

Sure.

當然。

So I'll pass on to Ganesh to answer the question about export control, and then I'll come back and answer the question on the dividend.

所以我會轉交給 Ganesh 來回答有關出口管制的問題，然後我會回來回答有關股息的問題。

So the recent announcement that was made, we're still sorting through what the commerce department's rules are.

所以最近發布的公告，我們仍在整理商務部的規定。

The specific item that we are paying attention to is possible military use of products and how we can provide confirmation that it is not going into those applications.

我們關注的具體項目是產品可能的軍事用途，以及我們如何確認它不會進入這些應用。

We think it's fairly straightforward to be able to do it.

我們認為能夠做到這一點相當簡單。

We have time until the 29th of June to be able to implement it.

我們有時間在 6 月 29 日之前實施它。

But at this point in time, we do not expect that it has an issue in terms of Microchip's business.

但目前，我們預計它不會對 Microchip 的業務造成影響。

Go ahead, Steve.

來吧，史蒂夫。

So regarding the dividend, your question was how safe is the dividend.

所以關於股息，你的問題是股息有多安全。

Dividend is very, very safe.

股息非常非常安全。

We were 1 company that did not cut our dividend back in 2009 when -- from peak to bottom, our revenue went down almost 36%.

2009 年，我們是第一家沒有削減股息的公司——從高峰到低谷，我們的收入下降了近 36%。

Today, we are so much more profitable on gross and operating margin level.

今天，我們的毛利率和營業利潤率水平要高得多。

We have done a stress test on our business.

我們對我們的業務進行了壓力測試。

You can't find a number low enough, you could lose a very, very large amount of sales and still -- company still is cash flow positive.

你找不到足夠低的數字，你可能會損失非常非常大的銷售額，而且仍然——公司的現金流仍然是正的。

Plus we got $1.2 billion of money remaining on line of credit.

此外，我們還有 12 億美元的信用額度剩餘資金。

So I think really, we are unable to model a scenario, a reasonable scenario where the dividend would be at risk.

所以我真的認為，我們無法模擬一個場景，一個合理的場景，其中股息將面臨風險。

And if we felt that the dividend was at risk, we certainly would not be increasing the dividend, which we are a little bit every quarter.

如果我們覺得股息有風險，我們當然不會增加股息，我們每個季度都會增加一點。

The next question comes from the line of Craig Hettenbach from Morgan Stanley.

下一個問題來自摩根士丹利的 Craig Hettenbach。

Question for Steve, just on kind of the downturn playbook.

史蒂夫的問題，只是關於經濟低迷的劇本。

And so the employee cost cuts pay reductions in CapEx.

因此，員工成本削減導致資本支出減少。

You've done this in prior cycles.

您在之前的周期中已經這樣做了。

As you mentioned, this is a very different cycle.

正如你提到的，這是一個非常不同的周期。

So just trying to gauge how you're thinking about the depth of this cycle and some of the things you're doing to protect margins as it plays out?

因此，只是想衡量一下你是如何考慮這個週期的深度的，以及你正在做的一些事情來保護利潤率嗎？

So I think we learn a little bit through every cycle.

所以我認為我們在每個週期中都會學到一點。

And one of our goal is to never let a cycle go to waste.

我們的目標之一是永遠不要浪費循環。

What happened in 2008, 2009 was the cycle really hit in early part of October of 2008.

2008 年、2009 年發生的事情是在 2008 年 10 月上旬真正打擊的周期。

And the business was down very substantially in that December quarter and down a lot more even in the March quarter, and we didn't implement pay cuts and all that until we were well into the cycle where the storm was already there, and we were being battered just horribly.

業務在 12 月那個季度大幅下降，甚至在 3 月那個季度下降得更多，我們沒有實施減薪和所有這些，直到我們進入風暴已經存在的周期，我們是被毆打得非常可怕。

So this time, what we have done is, understanding that with 33 million people, I think, already lost jobs in the U.S. alone, and I don't know how many around the world.

所以這一次，我們所做的是，我認為僅在美國就有 3300 萬人失去了工作，我不知道全世界有多少人。

These people are not going to be buying new cars and refrigerators and other stuff that really would have our product.

這些人不會購買新車、冰箱和其他真正需要我們產品的東西。

So this time, we're burying down the hatches and boarded up the windows ahead of time before the storm really hit.

所以這一次，我們要在暴風雨真正襲來之前提前埋下艙口並用木板封住窗戶。

So we finished the March quarter actually sequentially up 3%, and we implemented the pay cut starting April 20.

所以我們在 3 月季度結束時實際上連續增長了 3%，並且我們從 4 月 20 日開始實施減薪。

And at that time, our business really hadn't even weakened.

而那個時候，我們的生意真的連衰弱都沒有。

Where our June quarter was still backlog higher than the March quarter backlog at the same point in time.

在同一時間點，我們 6 月季度的積壓仍高於 3 月季度的積壓。

So what we have really done is really out of abundance of caution, just thinking that this storm -- internally at Microchip, we have described that to be a Category 6 storm waiting in the wings, where Category 5 is the highest category.

所以我們真正做的是出於非常謹慎，只是認為這場風暴——在 Microchip 內部，我們已經將其描述為 6 級風暴正在等待，其中 5 級是最高級別。

Because we have never seen this before, simultaneous demand and supply shock, the pandemic and no place to hide and 33 million people laid off in 5 weeks in the U.S. alone.

因為我們以前從未見過這種情況，需求和供應同時受到衝擊，大流行病和無處可藏，僅在美國的 5 週內就有 3300 萬人下崗。

So we have prepared the company with a cost structure in the June guidance we have given you has the pay check -- pay cuts for June quarter dialed in, but not for the whole quarter because you started in the middle of the quarter.

因此，我們在 6 月份的指導中為公司準備了成本結構，我們已經為您提供了薪水支票——撥出 6 月份季度的減薪，但不是整個季度的減薪，因為您是在本季度中期開始的。

And September expansion will be down even slightly further from that.

而 9 月的擴張將進一步略微下降。

So we essentially have positioned it for any extreme case that may materialize.

因此，我們基本上已將其定位為可能出現的任何極端情況。

It's a lot easy to give the money back, undo the cuts on the salary, change them from X percent to Y percent, lower them.

把錢還回去很容易，取消工資的削減，將它們從 X% 更改為 Y%，降低它們。

It's much easier to do that.

這樣做要容易得多。

Then truly have spent all the money and then really fight the storm as you're out of supply, you're out of ammunition.

然後真的花光了所有的錢，然後在供應不足、彈藥用盡時真正抗擊風暴。

So that's really how we're looking at it.

所以這就是我們看待它的方式。

We're looking at it as we don't know.

我們正在看著它，因為我們不知道。

I don't think anybody knows.

我想沒有人知道。

If anybody says he knows, they're lying.

如果有人說他知道，那他們就是在撒謊。

They don't.

他們沒有。

So what we have done is really out of abundance of caution, prepared the company for a worst-case analysis and we'll give the money back if we didn't need it.

所以我們所做的確實是出於謹慎，讓公司做好最壞情況分析的準備，如果我們不需要，我們會退還錢。

Helpful color.

有用的顏色。

Just as a follow-up on the push-outs and cancellations.

就像對推出和取消的跟進一樣。

Is it pretty broad based?

它的基礎很廣泛嗎？

Or are there any certain products that are -- you're seeing it more than others?

或者是否有某些產品——您比其他產品看到的更多？

It's not by product.

這不是按產品。

It is more by end market.

它更多的是終端市場。

The worst is automotive.

最糟糕的是汽車。

The second would be industrial and general consumer like appliances and all that.

第二個是工業和一般消費者，如電器等。

And I think Ganesh described all those areas.

我認為 Ganesh 描述了所有這些領域。

Where the strength is -- the strongest area is data center.

優勢在哪裡——最強的領域是數據中心。

I would think the next is really 5G-related, work-from-home related, PCs, printers, computers and all that.

我認為下一個真正與 5G 相關，在家工作相關，PC、打印機、計算機等等。

Medical is extremely strong.

醫術極強。

So those are the areas we're not seeing push-outs and cancellations.

所以這些是我們沒有看到推出和取消的領域。

We're seeing those in the automotive and some general industrial.

我們在汽車和一些一般工業中看到了這些。

The next question comes from the line of John Pitzer from Crédit Suisse.

下一個問題來自 Crédit Suisse 的 John Pitzer。

Steve, you said in your prepared comments that clearly, the June backlog is deteriorating, but at least through the month of April, it would still suggest the potential for sequential growth in the June quarter.

史蒂夫，你在準備好的評論中明確表示，6 月份的積壓訂單正在惡化，但至少在 4 月份，它仍然表明 6 月份季度的連續增長潛力。

So I'm just kind of curious when you think about the range of revenue you've given for June, what's the expectation as we go into May and June?

所以當你考慮 6 月份的收入範圍時，我只是有點好奇，我們對 5 月和 6 月的預期是什麼？

Does the rate of deterioration of the backlog needs to accelerate from here to kind of hit your midpoint?

積壓的惡化速度是否需要從這裡加速以達到您的中點？

Or just kind of give us any sort of color you feel comfortable with, with helping us understand kind of what you're embedding in further deterioration of the backlog from here?

或者只是給我們任何一種你覺得舒服的顏色，幫助我們了解你在進一步惡化積壓工作中嵌入了什麼？

Well, there isn't a way to model it.

好吧，沒有辦法對其進行建模。

So there are 2 challenges, maybe 3. One is that the existing backlog further cancels or pushes out in the following quarter.

所以有 2 個挑戰，也許是 3 個。一個是現有積壓在下一季度進一步取消或推出。

Second is we still need turns to take.

其次，我們仍然需要輪流進行。

If there is 0 cancellation from here on, but we get no more turns for the quarter, that's not a good scenario either.

如果從現在開始有 0 個取消，但我們在本季度沒有更多的輪次，那也不是一個好場景。

Then -- so that would be fairly soft, too.

然後 - 所以那也相當軟。

And the third is the supply, depending on what products the demand comes on, there are products where if you place an order today, the easiest -- earliest I can give you is July, August.

第三是供應，這取決於需求的產品，有些產品如果你今天下訂單，最簡單的——我能給你的最早是七月、八月。

And those are from the most constrained areas, the factories that have had a 6 weeks -- for 6 weeks, they haven't been able to run full production.

那些來自最受限制的地區，工廠有 6 週的時間——有 6 週的時間，他們無法全面生產。

And now as they're coming back to production, we are so far behind in delinquency.

現在，當他們恢復生產時，我們在拖欠方面遠遠落後。

We'll leave the June quarter with a fairly large amount of product delinquent.

我們將在 6 月季度留下相當大量的產品拖欠。

Same thing happened at the end of March quarter.

同樣的事情發生在三月季度末。

So in a way, someday, when we catch up, all that product gets shipped, it's a good news.

因此，在某種程度上，有一天，當我們趕上時，所有產品都已發貨，這是一個好消息。

But for now, we're not going to be able to ship all the backlog in the June quarter.

但就目前而言，我們無法在 6 月季度運送所有積壓訂單。

Neither will be able to ship that all in March quarter.

兩者都無法在三月季度全部發貨。

In fact, if just the supply side shock had not happened, and our factories were running, for March quarter, we would have met or exceeded our original guidance, which was about 5%, 5.5%.

事實上，如果沒有發生供應方面的衝擊，並且我們的工廠在運轉，那麼在 3 月這個季度，我們將達到或超過我們最初的指導，大約是 5%、5.5%。

We only did 3%, and that was largely because we couldn't supply the product.

我們只做了 3%，這主要是因為我們無法提供產品。

That's helpful, Steve.

這很有幫助，史蒂夫。

And then you also mentioned that some of the OpEx controls that you put in place this quarter, they're not in for the full quarter, so it will have a positive effect on OpEx declining again in September.

然後你還提到，你在本季度實施的一些運營支出控制措施並未在整個季度實施，因此這將對 9 月份再次下降的運營支出產生積極影響。

I'm curious, are there more levers you can pull on OpEx?

我很好奇，您是否可以利用更多槓桿來控制 OpEx？

And should we take OpEx being down sequentially in September as a sign that you feel like revenue might be down again in September as well?

我們是否應該將 OpEx 在 9 月份連續下降視為您認為 9 月份收入也可能再次下降的跡象？

So the only reason that the September OpEx will be down below June would be because the pickup will be for the entire quarter.

因此，9 月 OpEx 低於 6 月的唯一原因是整個季度都在回升。

And the pickups didn't kick in until June 20 in U.S. and probably May 1 for some of the international geographies, depending on the various international laws.

根據不同的國際法，這些提貨直到 6 月 20 日才在美國開始，對於一些國際地區可能是 5 月 1 日。

But the September quarter, we get the full quarter.

但是 9 月的季度，我們得到了完整的季度。

If your question is, what if you didn't need it and the business as well, then you remodel it and you change the take-up from 10% to 6% or 5%?

如果你的問題是，如果你不需要它和業務，然後你改造它並將吸收率從 10% 更改為 6% 或 5% 怎麼辦？

Or if you see growth, you make it 0. I mean, anything is possible.

或者，如果您看到增長，則將其設為 0。我的意思是，一切皆有可能。

But I'm saying right now, in a staying prepared for a Category 6 storm, we are structured to take the June quarter expenses below the March quarter because of the full quarter savings.

但我現在要說的是，為了做好應對 6 級風暴的準備，我們的結構是將 6 月季度的支出低於 3 月季度，因為整個季度都有節省。

And then December compared to September will be about the same if we don't make any changes and the pay cuts end at the end of December.

如果我們不做任何改變並且減薪在 12 月底結束，那麼 12 月與 9 月的情況將大致相同。

That's currently the case.

目前就是這種情況。

We have announced to the employees that the pay cuts ends at the end of December.

我們已向員工宣布，減薪將在 12 月底結束。

So the March quarter OpEx will rise again.

因此，三月季度的運營支出將再次上升。

And hopefully, we are well out of the woods from this cycle.

希望我們已經擺脫了這個週期的困境。

If we're not, then we will do something different.

如果我們不是，那麼我們將做一些不同的事情。

The next question comes from the line of Chris Danely from Citigroup.

下一個問題來自花旗集團的 Chris Danely。

Steve, can you just expand on I guess, what percentage of your revenue is dealing with these supply issues?

史蒂夫，我猜你能不能擴展一下，你的收入中有多少百分比用於處理這些供應問題？

And are the supply issues sort of worsening as we speak?

在我們說話的時候，供應問題是否正在惡化？

Or do you think you got to handle on them and they should get better as the quarter progresses?

或者你認為你必須處理它們並且隨著季度的進展它們應該變得更好？

Let me have Ganesh comment on it.

讓我讓 Ganesh 對此發表評論。

I don't think we have quantitative numbers, but Ganesh can talk qualitatively.

我不認為我們有定量的數字，但 Ganesh 可以定性地談論。

Yes.

是的。

So it's not our entire product line, right?

所以這不是我們的整個產品線，對吧？

So we build a lot of product in many countries, Thailand, Philippines, Malaysia, depending on if it's our factory or subcontracted factories.

因此，我們在泰國、菲律賓、馬來西亞等許多國家生產大量產品，具體取決於是我們的工廠還是分包工廠。

Our principal issues from a constraint standpoint were in the Philippines and in Malaysia.

從約束的角度來看，我們的主要問題是在菲律賓和馬來西亞。

Malaysia, at this point, effectively has turned on 100%.

馬來西亞，在這一點上，實際上已經打開了 100%。

They don't have -- it's running at 100%, but there are no restrictions.

他們沒有——它以 100% 的速度運行，但沒有任何限制。

And they are as fast as they can bring their direct label workforce, how they will catch up as we go through the quarter.

他們盡可能快地帶來他們的直接標籤員工，他們將如何在我們度過這個季度時趕上。

Philippines is still operating under restrictions.

菲律賓仍在限制下運作。

We have been able to improve from March to the June quarter by having more people residing in our factory.

通過讓更多的人住在我們的工廠，我們已經能夠從 3 月到 6 月季度有所改善。

So this is -- we've got 500, 600 employees living full-time inside the factory to be able to get the utilization to be higher.

所以這是 - 我們有 500、600 名員工全職住在工廠內，以便能夠提高利用率。

We expect that, that will get turned -- those restrictions will come off as we go into the latter part of May, maybe in the middle of May, it's part of our control.

我們預計，這將得到改變——這些限制將在我們進入 5 月下旬時取消，也許在 5 月中旬，這是我們控制的一部分。

And as that happens, we will have more output that come out of it.

當這種情況發生時，我們將獲得更多產出。

So I believe the constrained -- manufacturing constraints are coming off and coming off rapidly.

因此，我相信受限——製造限制正在迅速消失。

But there's catch up to what was left from when the constraints were there plus ongoing support that has to come through.

但是，當存在限制以及必須通過的持續支持時，還需要趕上剩下的東西。

Got it, Ganesh.

明白了，加內甚。

And for my follow-up.

對於我的後續行動。

So Steve, you kind of called this weakness after a little bit of strength last quarter.

所以史蒂夫，你在上個季度有點強勢之後稱這個弱點。

What does your spider sense tell you on how long this weakness could last?

你的蜘蛛感覺告訴你這種弱點會持續多久？

I mean, do you think that some of these end markets that are very strong right now, like data center?

我的意思是，您是否認為其中一些終端市場目前非常強大，例如數據中心？

Do they start getting weaker in the second half of the year?

他們會在今年下半年開始變弱嗎？

Any guess as to how long this weakness could last?

關於這種弱點會持續多久的任何猜測？

Could it last into the next quarter?

它能持續到下個季度嗎？

I don't currently expect data center to weaken.

我目前預計數據中心不會減弱。

I think 90% of the world data has been created in the last 2 years.

我認為世界上 90% 的數據都是在過去兩年內創建的。

And any company that's related to data center, I just got off the Board of Mellanox, you've got only the deal closed bought by NVIDIA on April 27, and they announced the prior quarter, the March quarter, just a couple of days before the deal closed.

任何與數據中心相關的公司，我剛剛離開 Mellanox 的董事會，你只看到了 NVIDIA 在 4 月 27 日完成的交易，他們在幾天前宣布了上一季度，即三月季度交易結束。

It was a very, very strong quarter.

這是一個非常非常強勁的季度。

You're seeing it in the results of NVIDIA also.

您也在 NVIDIA 的結果中看到了這一點。

So I just think data center market is very, very strong.

所以我認為數據中心市場非常非常強勁。

And I think how we are designing our print position on the customer's board.

我認為我們是如何設計我們在客戶板上的印刷位置的。

So that one looks very, very good.

所以那個看起來非常非常好。

I think as the automotive factories go back to work, and people start buying cars again, that market is the most destroyed today.

我認為隨著汽車工廠復工，人們又開始買車，這個市場今天是最受破壞的。

That market will show huge potential for getting back to normal and industrial would be the same way.

該市場將顯示出恢復正常的巨大潛力，工業也將以同樣的方式。

The next question comes from the line of Vivek Arya from Bank of America Securities.

下一個問題來自美國銀行證券公司的 Vivek Arya。

I had 2 as well.

我也有2個。

Steve, when I look at your peak to trough sales declines, so from September last year to, hopefully, the trough in June.

史蒂夫，當我看到你的銷售高峰到低谷時，從去年 9 月到 6 月的低谷。

Or if I just take the midpoint of what you're guiding to in June or even take the low end of that, it's a reduction of 7% to 11%.

或者，如果我只取你 6 月份指導目標的中點，甚至取其低端，則減少 7% 至 11%。

That's actually much better than what we have seen at some of your analog and microcontroller peers that are down almost 25% in that same period.

這實際上比我們在同期下降近 25% 的一些模擬和微控制器同行中看到的要好得多。

So the question to you is, what is helping you stay more resilient?

所以你的問題是，是什麼幫助你保持更有彈性？

And I appreciate the visibility is not there, but if, let's say, those competitors start to come back in September, is there anything that prevents Microchip sales to also rebound in September?

我很欣賞不存在能見度，但是如果說，那些競爭對手在 9 月份開始捲土重來，是否有什麼能阻止 Microchip 的銷售額在 9 月份也出現反彈？

Yes.

是的。

So I think I little bit answered that question earlier that we think what we're seeing is years worth of effort in building a stronger print position in customers' boards with total system solutions and also acquiring product lines with synergy with our products, and what we have gotten from Atmel and Micrel and Microsemi with all the discrete product lines with various stuff that can go into a similar board as a microcontroller and much stronger distributor relationships.

所以我想我之前有點回答了這個問題，我們認為我們所看到的是多年的努力，通過整體系統解決方案在客戶的董事會中建立更強大的印刷地位，並獲得與我們的產品協同作用的產品線，以及什麼我們從 Atmel、Micrel 和 Microsemi 那裡獲得了所有分立產品線，其中包含各種可以作為微控制器進入類似電路板的產品以及更強大的分銷商關係。

I think some others have been tweaking their distribution policies, maybe to the detriment, maybe not, time would tell, but I think we are seeing a stronger effect of our stronger distributor relationships.

我認為其他一些人一直在調整他們的分銷政策，時間會告訴我們，也許會造成損害，也許不會，但我認為我們正在看到我們更強大的分銷商關係帶來的更強大影響。

And the effect of end markets like we discussed.

以及我們討論過的終端市場的影響。

So I don't really know why anybody else is doing better or worse than us.

所以我真的不知道為什麼其他人比我們做得更好或更差。

I'm sure there are other companies doing better than us.

我敢肯定還有其他公司比我們做得更好。

And a lot of our more closer competitors are doing worse than us.

我們許多更接近的競爭對手的表現比我們差。

So we're happy to be gaining share, but I don't know we can totally allocate percentages, how much is because of what reason?

所以我們很高興獲得份額，但我不知道我們可以完全分配百分比，多少是因為什麼原因？

Okay.

好的。

And for my follow-up, gross margin.

對於我的後續行動，毛利率。

So you're guiding down, I think about 120 basis points or so down to 61%.

所以你在向下引導，我認為大約 120 個基點左右下降到 61%。

I understand there are supply chain disruptions, et cetera.

我知道存在供應鏈中斷等情況。

But the last time your gross margins were under or around the 61-ish percent or below levels, your revenues were 20% lower, right?

但上一次你的毛利率低於或接近 61% 或以下水平時，你的收入下降了 20%，對嗎？

They were closer to $1 billion or so over 2 years ago.

兩年前，它們接近 10 億美元左右。

And at that time, you did not even have Microsemi, which has been accretive.

那時，你甚至還沒有一直在增長的 Microsemi。

To margins since then.

從此走向邊緣。

So I'm curious why this conservatism in gross margins?

所以我很好奇為什麼毛利率如此保守？

Is it utilization?

是利用嗎？

Is there anything else, right?

還有別的嗎，對吧？

And then how should gross margins behave, assuming that sales start to rebound in September?

那麼假設銷售額在 9 月開始反彈，毛利率應該如何表現？

Eric, you want to take that?

埃里克，你想接受嗎？

Sure, I'll take it.

當然，我會接受它。

So the midpoint of our guidance this quarter is 60.8%.

因此，我們本季度指導的中點是 60.8%。

And our long-term model is 63%.

而我們的長期模型是 63%。

So quite honestly, I think the margins have held up extraordinarily well.

老實說，我認為利潤率非常好。

If you look at the fall we had in gross margins back in 2008, 2009, margins went down significantly.

如果你看看我們在 2008 年和 2009 年的毛利率下降情況，就會發現利潤率大幅下降。

Now we've got a little more balance between what we do internally versus what we do externally from a production standpoint.

現在，從生產的角度來看，我們在內部工作與外部工作之間取得了更多平衡。

But the bottom line is, with revenue being down, as you mentioned, you said 7% to 11% from peak to trough.

但最重要的是，正如你提到的那樣，隨著收入下降，你說從高峰到低谷下降了 7% 到 11%。

We have to run our factories at a lower level.

我們必須在較低的水平上運行我們的工廠。

And I think we've done a very good job of controlling inventory levels, ending this last quarter at 122 days.

而且我認為我們在控制庫存水平方面做得非常好，上個季度末為 122 天。

That's a very good position to be in with what's in front of us.

對於擺在我們面前的事物來說，這是一個非常好的位置。

So I think it just comes down to utilization of our factory footprint that we have.

所以我認為這歸結為我們擁有的工廠足蹟的利用。

And as we grow back into it, we can be very cost effective.

隨著我們重新成長起來，我們可以非常划算。

It's just a trough though.

雖然這只是一個低谷。

I think his question is, revenue is so much higher than -- last time, our revenue was -- last time, our margin was this kind of number.

我認為他的問題是，收入遠高於——上次，我們的收入——上次，我們的利潤率是這種數字。

So why is margin not higher?

那麼為什麼保證金不高呢？

I think, Vivek, I think that's your question.

Vivek，我想這是你的問題。

Going back over 2 years ago, it was a different company.

回到 2 年前，這是一家不同的公司。

I mean we didn't have Microsemi, all of their factories around the world, the totally different cost structure.

我的意思是我們沒有 Microsemi，他們在世界各地的所有工廠，完全不同的成本結構。

Some of those factories have low demand, some of those are okay.

其中一些工廠需求低，其中一些還可以。

I mean, it's not a -- it's not the same company.

我的意思是，這不是——這不是同一家公司。

Combined with Microsemi now, Microsemi was about between 40% to 50% of our revenue, and the company has totally changed.

結合現在的 Microsemi，Microsemi 大約占我們收入的 40% 到 50%，公司已經完全改變了。

The next question comes from the line of William Stein from SunTrust.

下一個問題來自 SunTrust 的 William Stein。

Steve, I apologize if you've answered this already.

史蒂夫，如果你已經回答了這個問題，我深表歉意。

It seems clear you're expecting some further order cancels or push-outs or downsizes.

很明顯，您期待進一步的訂單取消或推出或縮小規模。

So I think we understand that.

所以我認為我們理解這一點。

But when we think about the pace of cancellations, have you commented on that yet?

但是當我們考慮取消的速度時，你有沒有評論過？

Is that starting to slow down where maybe the daily reduction in backlog is getting to a point where those changes are smaller and smaller.

這是否開始放緩，可能每天積壓的減少量已經達到這些變化越來越小的程度。

I don't know if I can definitely say that.

我不知道我是否可以肯定地說。

I think it's end market by end market and it's geography by geography.

我認為這是一個終端市場一個終端市場，一個地理區域。

But overall, it may have slowed down somewhat, but in some other geographies and in some other markets, it's continuing.

但總的來說，它可能有所放緩，但在其他一些地區和其他一些市場，它仍在繼續。

So I don't think -- if the cancellations were over and the pushouts were over, our revenue would be higher than March quarter.

所以我不認為 - 如果取消結束並且推出結束，我們的收入將高於三月季度。

That's not what we're guiding, and that's not what we're thinking.

這不是我們的指導，也不是我們的想法。

Okay.

好的。

That helps.

這有幫助。

Next one, if I can.

下一個，如果可以的話。

Perhaps for Eric, but whoever wants to take it.

也許是為了埃里克，但無論誰想要。

Most semi companies in the past few months or past couple of months have taken to try to term out debt and sort of protect themselves on the balance sheet.

在過去幾個月或過去幾個月中，大多數半導體公司都已採取措施終止債務並在資產負債表上保護自己。

Microchip's moves here have been a little bit more, I don't know, it looks like opportunistic or aggressive you might characterize by pulling down the revolver to pay off part of the convert.

Microchip 在這裡的動作有點多，我不知道，它看起來像是機會主義或激進的，你可能會通過拉下左輪手槍來償還部分轉換來描述它。

I'm wondering if you can walk us through what the thinking was that gave the company the courage to do that in this environment?

我想知道您是否可以向我們介紹一下讓公司有勇氣在這種環境下這樣做的想法是什麼？

Let me take that.

讓我拿那個。

So we began the effort to want to buy some of our convert back when the stock hit about $60, like low $60s and that was down from about a peak of $110.

因此，當股價觸及 60 美元左右時，我們開始努力回購我們的一些轉換產品，比如 60 美元的低點，並且低於 110 美元的峰值。

The amount of dilution we get from these converts, when the stock goes from, let's say, $65 to $110 is so large, because it has a hyper feature where the stock at least at 1.5x the rate for every $1 increase in stock price, and it was just very, very dilutive.

我們從這些轉換中獲得的稀釋量，當股票從 65 美元漲到 110 美元時是如此之大，因為它有一個超級特徵，即股價每上漲 1 美元，股票至少以 1.5 倍的比率，它只是非常非常稀釋。

So when the stock price, because of the recession, went down from $110 into low $60s.

因此，當股價由於經濟衰退而從 110 美元跌至 60 美元的低點時。

We decided not to waste that recession and retire a portion of our convert.

我們決定不浪費經濟衰退，讓我們的一部分皈依者退休。

But to do so, we needed the money.

但要這樣做，我們需要錢。

And you said we took the money out of the line of credit.

你說我們從信用額度中取出了錢。

We did not.

我們沒有。

We didn't take any money out of the line of credit.

我們沒有從信用額度中拿走任何錢。

We first wanted to raise the money in the public market through a debt but with extreme volatility, the debt markets closed for a period of time.

我們首先想通過債務在公開市場上籌集資金，但由於劇烈波動，債務市場關閉了一段時間。

And so we went to the direction of getting a 364-day bridge.

所以我們朝著獲得 364 天橋樑的方向前進。

So we've got $615 million of bridge at very, very low interest rates.

因此，我們以非常非常低的利率獲得了 6.15 億美元的過橋貸款。

Same interest rates as the line of credit.

利率與信用額度相同。

And with that, we bought $615 million worth of face value convertible.

因此，我們購買了價值 6.15 億美元的面值可轉換債券。

And by the time we executed those convertibles, stock had already rebounded to about $70, $71 where we averaged, where we bought them and where the stock is now at $85.50, you could just imagine how much dilution we have saved that we would have incurred.

到我們執行這些可轉換債券時，股票已經反彈至 70 美元，我們購買它們的平均價格為 71 美元，現在股票價格為 85.50 美元，你可以想像我們節省了多少稀釋會發生.

So we think there was a very, very opportunistic, good move and we didn't stress the credit line to do that.

所以我們認為這是一個非常非常機會主義的好舉措，我們並沒有強調信貸額度來做到這一點。

We got a separate bridge.

我們有一座單獨的橋。

So it was a brand-new money, a separate bridge that we have to pay out some day within a year.

所以這是一筆全新的錢，我們必須在一年內的某一天支付的一座單獨的橋樑。

Got it.

知道了。

I didn't -- maybe I didn't appreciate the distinction.

我沒有——也許我不喜歡這種區別。

I just would say, I wish I was able to raise more money than I would have bought even more.

我只是想說，我希望我能籌集到比我買的更多的錢。

But it was a very, very difficult time.

但那是一段非常非常艱難的時期。

There were companies, there was a run on the banks, people who are drawing their credit lines completely and banks were under a lot of stress.

有公司，有銀行擠兌，人們正在完全提取信用額度，銀行承受著很大的壓力。

And in that environment, I was able to raise $615 million of new money.

在那種環境下，我能夠籌集到 6.15 億美元的新資金。

It sounded like miracle at that time.

這在當時聽起來像是奇蹟。

The next question comes from the line -- from Susquehanna.

下一個問題來自 Susquehanna。

I guess, first, maybe talk about cycle times and lead times some of our data suggests that your lead times are up a little bit.

我想，首先，也許可以談談週期時間和交貨時間，我們的一些數據表明您的交貨時間有所增加。

I think you did talk about the Philippines, Malaysia.

我想你確實談到了菲律賓、馬來西亞。

Maybe just talk about lead times from that perspective.

也許只是從那個角度談論交貨時間。

I know they're low historically but talk about where you are there with any increases?

我知道它們在歷史上很低，但談談你在哪裡有任何增長？

And then, I guess, balance that with inventory, it looks like you're not increasing any inventory so I guess you guys aren't super worried.

然後，我想，平衡它與庫存，看起來你沒有增加任何庫存，所以我想你們不是很擔心。

But maybe talk about that lead times and then the balance with inventory as well.

但也許可以談談交貨時間，然後再談談與庫存的平衡。

Ganesh, let me have you take the lead time question?

Ganesh，讓我讓你回答前置時間問題？

So lead times for most of our products remain relatively stable.

因此，我們大多數產品的交貨時間保持相對穩定。

Lead times in the factories that have been constrained by shelter-in-place have gone out and they've gone out by, I would say, on average, about a couple of weeks.

受到就地避難所限制的工廠的交貨時間已經過去了，我想說的是，他們已經過去了，平均來說，大約幾週。

And so whatever you are hearing or seeing is on certain product lines, particularly the ones that go through in Philippines or Malaysia, where we've seen it.

因此，無論你聽到或看到什麼，都在某些產品線上，尤其是我們在菲律賓或馬來西亞看到的產品線。

But for the most part, lead times outside of that are remaining stable.

但在大多數情況下，除此之外的交貨時間保持穩定。

And we expect that lead times will catch back to normal by probably closer to the end of the quarter as we catch up once factories reopen, and we're able to both ship normal but also do any catch-up shipments.

我們預計交貨時間可能會在接近本季度末時恢復正常，因為一旦工廠重新開工，我們就會趕上，我們既可以正常發貨，也可以進行任何追趕發貨。

Great.

偉大的。

Steve, you're the big picture guy.

史蒂夫，你是個大人物。

And you touched on this a bit already, but looking forward, what do you think that the biggest risks are to your business here?

您已經稍微談到了這一點，但展望未來，您認為您在這裡的業務面臨的最大風險是什麼？

And if you have to start pulling some contingencies to lessen the blow, what are you thinking you can -- what's in your control from here that you plan on doing?

如果你必須開始採取一些應急措施來減輕打擊，你認為你可以做什麼——你計劃做什麼？

Well, the biggest risk to the business is that COVID-19 is not contained.

那麼，企業面臨的最大風險是未包含 COVID-19。

As we are talking about from state to state and even internationally -- nationally and internationally from Washington and other places, as people go back to work here in the coming months, question is, do we see a second wave of COVID-19 cases starting to go back up as people begin to go back to work.

正如我們在州與州之間甚至國際上談論的那樣——在華盛頓和其他地方的國內和國際上，隨著人們在未來幾個月回到這里工作，問題是，我們是否看到第二波 COVID-19 病例開始隨著人們開始重返工作崗位，重新開始工作。

I think as people go back to work, there will be all the precautions of masks and cleaning and others.

我認為隨著人們重返工作崗位，將會有口罩和清潔等所有預防措施。

And hopefully, we will not have a second wave.

希望我們不會有第二波。

But if there's a second wave requiring to go back to shelter-in-place, then that would be the largest risk, I would think because it will prolong the time frame during which the factories will be shut down, the demand would be low.

但如果出現第二波疫情，需要回到原地避難，那將是最大的風險，我認為，因為這將延長工廠關閉的時間範圍，需求將會很低。

People won't be buying cars and other stuff.

人們不會購買汽車和其他東西。

That I see as the biggest risk.

我認為這是最大的風險。

Now in terms of what levers do we have?

現在我們有什麼槓桿？

I think we've already implemented those levels while our business in March quarter was not even in a lot of stress, we sequentially grew, but we implemented these measures to essentially fight the Category 6 storm.

我認為我們已經實施了這些級別，而我們在 3 月季度的業務甚至沒有承受很大壓力，我們連續增長，但我們實施這些措施是為了從根本上對抗 6 類風暴。

And those are the levels we already have implemented, and we'll just continue with those and look for even cutting more discretionary expenses and see if the capital could go down further and any other discretionary expenses could go down further.

這些是我們已經實施的水平，我們將繼續實施這些水平，甚至尋求削減更多可自由支配的費用，看看資本是否可以進一步下降，任何其他可自由支配的費用是否可以進一步下降。

I mean Ganesh, I and others are willing to take a larger pickup in (inaudible) but usually, it's a volume of people taking the pickup, that helps.

我的意思是 Ganesh，我和其他人願意接受更大的皮卡（聽不清），但通常情況下，這是有幫助的人。

And I don't think we can ask the worldwide employees to take a larger pickup, but you all also have policies to play with and capital and other things.

而且我不認為我們可以要求全球員工採取更大的皮卡，但你們都有政策可以玩，資本和其他東西。

But like I mentioned, I think in answer to an earlier question, we try to model a scenario to try to see what -- how much of revenue has to go down before we become cash flow negative or dividend comes to a questionable -- it's way too low.

但就像我提到的那樣，我認為在回答之前的一個問題時，我們嘗試模擬一個場景來嘗試看看在我們的現金流量變為負數或股息出現問題之前必須減少多少收入 - 它是太低了。

And we're not going to get there.

我們不會到達那裡。

I think it's just -- our business is too strong today.

我認為這只是 - 我們今天的業務太強大了。

The foundation of the business is so good that we're not going to burn cash.

業務基礎非常好，我們不會燒錢。

And the dividend is not at risk.

而且股息沒有風險。

And I think we're in a pretty good place.

而且我認為我們處在一個非常好的地方。

And congrats on buying that convert bonds.

並祝賀您購買了可轉換債券。

Nice price.

不錯的價格。

The next question comes from the line of Harlan Sur from JPMorgan.

下一個問題來自摩根大通的 Harlan Sur。

Just more of a sort of geographical question.

更像是一種地理問題。

Back in March, when we saw the team downshift at that time, the downshift was driven by sort of a shortfall in China, right?

早在 3 月份，當我們看到當時的團隊降檔時，降檔是由於中國的短缺造成的，對嗎？

As the country was starting to open back up but at a slower pace.

隨著該國開始重新開放，但速度較慢。

But you also did point out at that time that orders in business activity, at that time in China were starting to pick back up.

但你當時也確實指出，當時中國的商業活動訂單開始回升。

And since then, we've seen more opening up of activity in China.

從那時起，我們看到中國的活動更加開放。

We've seen auto production picking up this quarter.

我們已經看到本季度汽車生產有所回升。

Factories are starting to open up, consumers starting to spend.

工廠開始開工，消費者開始消費。

So have you since follow-through of that China improvement trend as maybe versus the world demand is weakening into the June quarter?

那麼，自從中國的改善趨勢可能與世界需求減弱到六月季度以來，你有沒有跟進？

Or are you also seeing degradation and deterioration in China orders and bookings as well?

或者您是否也看到中國訂單和預訂量的下降和惡化？

So I think depending on whether you look at it monthly or you look at it by quarter.

所以我認為取決於你是按月看還是按季度看。

When you look at it by quarter, China was very weak for the March quarter because Chinese New Year, first of all, was extended to 2 to 3 weeks from 1 week and then all these factories were closed.

當你按季度來看時，中國在 3 月份的季度非常疲軟，因為首先，農曆新年從 1 周延長到 2 到 3 週，然後所有這些工廠都關閉了。

So the China business was horrible, if you really look at it for the quarter.

因此，如果您真正關注本季度，中國業務非常糟糕。

But if you look at it on a monthly basis, as the COVID-19 situation got contained and people went back to work, China business almost seems like it's back to normal.

但是，如果您按月查看，隨著 COVID-19 的情況得到控制並且人們重返工作崗位，中國業務似乎幾乎恢復了正常。

However, the concern is it may look like back to normal because it's really kind of making up for some of the shortfall in all that it has.

然而，令人擔憂的是它可能看起來恢復正常，因為它確實在某種程度上彌補了它所擁有的一切不足。

And once that demand is met, is that steady state demand in China back to normal or not?

一旦該需求得到滿足，中國的穩態需求是否會恢復正常？

I think that answer needs to be answered in the month of May and June.

我認為這個答案需要在 5 月和 6 月得到答复。

But April, China was very strong.

但是四月，中國非常強大。

In late part of March, China was very strong as if it would be normal or even better.

3月下旬，中國非常強勁，彷彿一切正常甚至更好。

Yes.

是的。

Okay.

好的。

I appreciate the insights there, Stephen.

斯蒂芬，我很欣賞那裡的見解。

And then just on the back end operations, you talked about Malaysia, you talked about Philippines, but you guys actually have a pretty large test facility in Thailand.

然後就後端操作而言，你談到了馬來西亞，談到了菲律賓，但你們實際上在泰國有一個相當大的測試設施。

They're on lockdown till the end of this month.

他們將在本月底之前處於封鎖狀態。

So how has the team been able to manage quite nicely through the movement control in Thailand?

那麼團隊是如何通過泰國的運動控制很好地管理的呢？

And is Thailand running at full run rate?

泰國是否全速運行？

Yes.

是的。

So Thailand did not really have any strong ordinances.

所以泰國實際上並沒有任何強有力的法令。

Let me have Ganesh comment on that.

讓我請 Ganesh 對此發表評論。

Ganesh?

像頭神？

Yes.

是的。

So the Thailand lockdowns are really a curfew at night from about 10:00 p.m.

所以泰國的封鎖實際上是從晚上 10:00 左右開始實行宵禁。

until 8:00 a.m..

直到早上 8:00..

It doesn't affect our shifts, our ability to operate our plants and so -- and there's been no logistic or other issues that we've run into.

它不會影響我們的班次、我們運營工廠的能力等等——而且我們沒有遇到任何後勤或其他問題。

So thankfully, Thailand through this entire episode has been running full steam, no issues.

值得慶幸的是，泰國在整個事件中一直在全力以赴，沒有任何問題。

The next question comes from the line of Ari Shusterman from...

下一個問題來自 Ari Shusterman 來自...

This is Ari Shusterman on behalf of Raji Gill.

我是代表 Raji Gill 的 Ari Shusterman。

So I first want to talk about automotive.

所以我首先想談談汽車。

So were Pin auto, which products have shown the greatest strength?

那麼品汽車，哪些產品表現出了最大的實力呢？

And can you talk about traction you have been seeing in silicon carbide?

你能談談你在碳化矽中看到的牽引力嗎？

Let me have Ganesh answer that.

讓我讓 Ganesh 回答這個問題。

So I think when you have such a large demand reduction in automotive, there is no segment I can call out and say this is strong.

所以我認為，當你對汽車的需求減少如此之大時，我無法大聲疾呼並說這是強勁的。

And so automotive across the board.

汽車行業也是如此。

When we look at our many different product lines that go into automotive, they're all down in this site.

當我們查看進入汽車領域的許多不同產品線時，它們都在這個網站上。

Now to your question on the silicon carbide, it's early days, right?

現在回答你關於碳化矽的問題，現在還處於早期階段，對吧？

And silicon carbide is predominantly a new technology that is aimed at electric cars from a high-volume standpoint.

而碳化矽主要是一項新技術，從大批量的角度來看，它是針對電動汽車的。

Electric cars, as a percentage of the total automobiles produced are sold are -- it's 1% to 2%.

電動汽車佔汽車總銷量的百分比是 1% 到 2%。

And so it's still a small percentage.

所以它仍然是一個很小的百分比。

We're making good inroads with our products to be new designs and new activities are taking place, but it's really not a factor in any revenue.

我們正在通過我們的產品取得很好的進展，使其成為新設計，並且正在開展新活動，但這實際上並不是任何收入的一個因素。

That is taking place for automotive today, but we're making very good progress because the silicon carbide solution from Microchip are extremely robust.

今天的汽車行業正在發生這種情況，但我們正在取得非常好的進展，因為來自 Microchip 的碳化矽解決方案非常強大。

And in an automotive environment, which is very harsh from a voltage and temperature standpoint, robustness is one of the most important factors they take into account for using silicon carbide products.

在從電壓和溫度的角度來看非常苛刻的汽車環境中，堅固性是他們使用碳化矽產品時考慮的最重要因素之一。

And as a quick follow-up, with regards to your FPGA business, what trends you've been seeing in it?

作為快速跟進，關於您的 FPGA 業務，您在其中看到了哪些趨勢？

And how would you say your FPGAs compared to Lattice (inaudible) Altera?

與 Lattice（聽不清）Altera 相比，您如何評價您的 FPGA？

Go ahead, Ganesh.

去吧，甘尼什。

So our FPGA business continues to be reasonably strong.

因此，我們的 FPGA 業務繼續相當強勁。

It had a nice growth, as we showed you in the March quarter results that we announced.

正如我們在我們宣布的 3 月季度業績中向您展示的那樣，它取得了不錯的增長。

Our FPGA also has a reasonably good exposure into defense and space applications.

我們的 FPGA 在國防和太空應用方面也有相當不錯的曝光度。

Those end markets are not as badly affected as some of the other end markets that we have.

這些終端市場沒有像我們擁有的其他一些終端市場那樣受到嚴重影響。

And to be quite honest, we don't really see Lattice and some of the other names that frequently in what we run-up into the market.

老實說，我們並沒有真正看到萊迪思和其他一些經常出現在我們進入市場的產品中的名字。

We play predominantly into the midrange and to the -- mid- to lower end of the FPGA market.

我們主要進入中端和 FPGA 市場的中低端。

We have some unique positioning relative to security, low power, robustness, and in those areas, we do extremely well.

我們在安全性、低功耗、魯棒性方面有一些獨特的定位，在這些領域，我們做得非常好。

Any other question, operator?

還有其他問題嗎，接線員？

Yes.

是的。

The next question comes from the line of Craig Ellis from B. Riley.

下一個問題來自 B. Riley 的 Craig Ellis。

Yes.

是的。

Steve, I wanted to go back to a couple of comments that you made about how unique this environment is.

史蒂夫，我想回到你對這個環境有多麼獨特的評論。

And the fact that we've got multiple dynamics at play when in the past, we haven't had to contend with those.

事實上，過去我們有多種動力在起作用，我們不必去應對這些動力。

And the question for you is given how dynamic things are, what's Microchip doing?

給你的問題是，事物是多麼動態，Microchip 在做什麼？

What are you doing to kind of assess where we are as demand compresses overall and then potentially reaccelerates?

隨著需求整體壓縮然後可能重新加速，您正在做什麼來評估我們所處的位置？

And is it orders and backlog grew, have you expanded the things that you look at to see when we'll get to the turn?

訂單和積壓訂單是否增加，你是否擴大了你看到的東西，看看我們什麼時候會輪到？

And do you have a view on when we would get that turn, whether it be June or September or some other time?

你對我們什麼時候會輪到你有意見嗎，是六月、九月還是其他時間？

Well, our management team, Ganesh and I and the other members of the management team really keep a very, very strong finger on the pulse of the business.

好吧，我們的管理團隊、Ganesh 和我以及管理團隊的其他成員確實對業務脈搏保持著非常非常有力的把握。

We watch a very large number of indicators, internal and external, on a weekly basis and more often than that, if needed, on specific indicators.

我們每週觀察大量的內部和外部指標，如果需要，我們還會更頻繁地關注特定指標。

So to that large stack of indicators and graphs that we constantly monitor, we have added a few to really further assess that situation frequently.

因此，對於我們不斷監控的大量指標和圖表，我們添加了一些指標和圖表，以便經常進一步評估這種情況。

And some of the things we are looking at it much more frequently are things like dollars of pushouts and cancellations.

我們更頻繁地關注的一些事情是諸如推出和取消的美元之類的事情。

Number of coronavirus cases and various geographies where our factories are and customers are, whether they are peaking, they're stable, they're growing, they're coming down.

冠狀病毒病例的數量以及我們工廠和客戶所在的不同地區，無論是高峰期、穩定期、增長期還是下降期。

We're also just watching a number of other indicators, employment related, first time unemployment claims and all.

我們還在關注其他一些指標，與就業相關的指標、首次申請失業救濟人數等等。

So there is really a large amount of data that we are absorbing.

所以我們正在吸收大量數據。

And this doesn't even include the data we get from our own customers through our salespeople regularly with bookings and design wins and our customers -- kind of customers' comments on whether the business is growing or something -- falling, where would it go?

這甚至不包括我們通過銷售人員定期從我們自己的客戶那裡獲得的數據，包括預訂和設計獲勝以及我們的客戶——客戶對業務是否增長或其他方面的評論——下降，它會去哪裡？

And what's happening?

發生了什麼事？

So there's so much more intelligence that goes into really before we come to you, and we're even more focused on getting all that intelligence today.

因此，在我們來找您之前，確實有更多的情報進入，而我們今天更加專注於獲取所有這些情報。

Okay.

好的。

And is that giving you any sense for when we could be at a bottom?

這是否讓您知道我們什麼時候會觸底？

No.

不。

I think that is too early to really have that kind of confidence where is the bottom.

我認為現在要真正擁有那種底部在哪裡的信心還為時過早。

That's fair.

這還算公平。

Certainly an uncertain period.

當然是一個不確定的時期。

The numbers are so broad.

數字如此廣泛。

I mean, just have a guidance of minus 2 to minus 10 is just so broad that we cannot yet say what September will bring.

我的意思是，負 2 到負 10 的指導範圍太廣了，我們還不能說 9 月會帶來什麼。

It will largely depend on whether as the people go back to work, does the coronavirus just kind of dies down or there's a second wave of coronavirus coming back, and we're dealing with it with a factory shutdown even in August and September, if that happens then the bottom isn't here yet?

這在很大程度上取決於隨著人們重返工作崗位，冠狀病毒是否會逐漸消退，或者是否會出現第二波冠狀病毒捲土重來，我們甚至在 8 月和 9 月也會通過工廠停工來應對，如果那會發生然後底部還沒有到嗎？

Certainly.

當然。

If I could ask a follow-up just relating to some of the things that are happening inside of the business, given how dynamic things are: one, does it cause the team to think any differently about the level of inventory that should be stocked to properly fulfill customers?

如果我可以問一個跟進業務內部發生的一些事情的後續問題，考慮到事情是多麼動態：第一，它是否導致團隊對應該庫存的庫存水平有任何不同的思考正確滿足客戶？

And two, given Ganesh's characterization of what's strong and what's weak, does it cause the team to think any differently about where it's emphasizing incremental R&D on products and that kind of thing?

第二，考慮到 Ganesh 對強項和弱項的描述，這是否會導致團隊對強調產品增量研發的地方有任何不同的思考？

So our long-term target for inventory level is 115 to 120, and we finished the March quarter at 122.

因此，我們的庫存水平長期目標是 115 至 120，我們在 3 月季度結束時為 122。

I don't know if you can get any more precise in that.

我不知道你是否能得到更精確的信息。

So inventory is really right exactly where we want the inventory to be.

所以庫存確實恰好在我們想要的位置。

And our inventory got a little bit high earlier during the U.S.-China trade related softness and then we have been bringing it down.

在美中貿易相關的疲軟期間，我們的庫存早些時候有點高，然後我們一直在降低它。

So March quarter inventory was nearly perfect.

因此，三月季度的庫存幾乎是完美的。

And because of this coronavirus situation now, we didn't want the inventory to substantially grow.

而且由於現在這種冠狀病毒的情況，我們不希望庫存大幅增長。

So therefore, we have put our factories on reduced workload, rotating time off or reduced hours of work or whatever you may want to call it, so that as the revenue in the June quarter is declining, we don't want the inventories to grow very substantially.

因此，我們已經讓我們的工廠減少工作量、輪休或減少工作時間或任何你想稱之為的東西，這樣隨著 6 月季度的收入下降，我們不希望庫存增加非常實質性的。

So I think our inventory is in the right range, and we're comfortable with it.

所以我認為我們的庫存在正確的範圍內，我們對此感到滿意。

In terms of R&D, Ganesh, you want to comment on that?

在研發方面，Ganesh，你想對此發表評論嗎？

Yes.

是的。

So I think no one should take short-term positives and negatives as the way in which we're investing from an R&D perspective, right?

所以我認為沒有人應該把短期的積極和消極作為我們從研發角度投資的方式，對嗎？

That's what we're seeing in this cycle at this point in time.

這就是我們在這個時間點在這個週期中看到的。

R&D is really a longer-term view of where are the market's going, where are the opportunities.

研發實際上是對市場走向和機會的長期看法。

And we are guided there by the 6 megatrends that we have shared with you.

我們以與您分享的 6 大趨勢為指導。

We believe over the next 5 to 10 years, growth is going to be available at a faster level or a higher level in 5G, data centers, ADAS, autonomous driving, IoT, electric vehicles and artificial intelligence and machine learning.

我們相信在未來5到10年內，5G、數據中心、ADAS、自動駕駛、物聯網、電動汽車以及人工智能和機器學習將獲得更快或更高水平的增長。

And so with many product lines that Microchip are working on how can they create complete solutions, total system solutions for the megatrends and what may be strong today and maybe not so strong in 6 months or 12 months isn't how we do our R&D spending.

因此，對於 Microchip 正在研究的許多產品線，他們如何才能為大趨勢創建完整的解決方案、完整的系統解決方案，以及今天可能很強大但在 6 個月或 12 個月後可能不那麼強大的東西，這不是我們進行研發支出的方式.

I'm showing no further questions at this time.

我現在沒有進一步的問題。

Presenters, you may go ahead.

主持人，你可以繼續。

Okay.

好的。

Thank you, operator, and thanks all the investors and analysts who are on this call.

謝謝你，接線員，也感謝所有參加這次電話會議的投資者和分析師。

The travel is really totally banned.

旅行真的完全被禁止了。

So we will be attending some of the conferences this quarter.

因此，我們將在本季度參加一些會議。

There will all be virtual conferences.

都會有虛擬會議。

We'll do it out of our home.

我們會在我們家外面做。

So we'll talk to you -- some of you more at those conferences.

所以我們會和你談談——你們中的一些人更多地參加那些會議。

So thank you very much.

非常感謝。

Bye-bye.

再見。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。