微晶片科技 (MCHP) 2020 Q3 法說會逐字稿

Good day, everyone, and welcome to this Microchip's Third Quarter Fiscal 2020 Financial Results Conference Call.

大家好，歡迎參加 Microchip 2020 財年第三季度財務業績電話會議。

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

提醒一下，今天的通話正在錄音中。

At this time, I would like to turn the call over to Mr. Eric Bjornholt, Chief Financial Officer.

在這個時候，我想把電話轉給首席財務官 Eric Bjornholt 先生。

Sir, please begin.

先生，請開始。

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.

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

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

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 third quarter fiscal year 2020 financial performance, and Steve and Ganesh will then give their comments on the results and discuss the current business environment as well as our guidance.

我將對我們 2020 財年第三季度的財務業績發表評論，然後 Steve 和 Ganesh 將對結果發表評論，並討論當前的商業環境以及我們的指導意見。

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 in 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 our 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 want to remind investors that during the June quarter of 2018, we adopted the new GAAP revenue recognition standard, which requires revenue to be recognized at the time products are sold to distributors versus our historical revenue recognition policy, where revenue on such transactions were deferred until the product was sold by our distributors to an end customer.

我想提醒投資者，在 2018 年 6 月季度，我們採用了新的 GAAP 收入確認標準，該標準要求在將產品出售給分銷商時確認收入，而我們的歷史收入確認政策則推遲了此類交易的收入直到我們的分銷商將產品出售給最終客戶。

As discussed in previous earnings conference call, we continue to track and measure our performance internally based on direct revenue plus distribution sell-through activity.

正如在之前的收益電話會議上討論的那樣，我們繼續根據直接收入和分銷銷售活動在內部跟踪和衡量我們的業績。

And each quarter, we'll provide a metric for this called end-market demand in our earnings release.

每個季度，我們都會在我們的收益發布中提供這個稱為終端市場需求的指標。

Therefore, along with our GAAP and non-GAAP results, based on distribution sell-in, we will also provide investors with our end-market demand based on distribution sell-out, but will not provide a P&L based on end-market demand.

因此，除了我們基於分銷銷售的 GAAP 和非 GAAP 結果，我們還將為投資者提供基於分銷銷售的終端市場需求，但不會提供基於終端市場需求的損益表。

End-market demand in the December 2019 quarter was $1.324 billion.

2019 年 12 月季度的終端市場需求為 13.24 億美元。

End-market demand was about $36.1 million more than our GAAP revenue in the December 2019 quarter.

終端市場需求比我們 2019 年 12 月季度的 GAAP 收入高出約 3610 萬美元。

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。

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、基於股份的補償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 December quarter were $1.287 billion, which was down 3.76% sequentially and near the high end of our updated revenue guidance provided on January 6, 2020.

12 月季度的淨銷售額為 12.87 億美元，環比下降 3.76%，接近我們在 2020 年 1 月 6 日提供的最新收入指引的上限。

We have posted a summary of our GAAP net sales and end-market demand by product line and geography on our website for your reference.

我們在我們的網站上發布了按產品線和地理位置劃分的 GAAP 淨銷售額和終端市場需求摘要，供您參考。

On a non-GAAP basis, gross margins were 61.5%, operating expenses were at 26.4%, and operating income was 35.1% and above the high end of our guidance.

按非美國通用會計準則計算，毛利率為 61.5%，營業費用為 26.4%，營業收入為 35.1%，高於我們指引的上限。

Non-GAAP net income was $340.8 million.

非美國通用會計準則淨收入為 3.408 億美元。

Non-GAAP earnings per diluted share was $1.32, which was above the high end of our last provided non-GAAP EPS guidance from December 3, 2019, of $1.30.

非 GAAP 每股攤薄收益為 1.32 美元，高於我們上次提供的 2019 年 12 月 3 日非 GAAP 每股收益指引的上限 1.30 美元。

On a GAAP basis, gross margins were 61% and include the impact of $5.7 million of share-based compensation expense.

根據美國通用會計準則，毛利率為 61%，其中包括 570 萬美元的股權補償費用的影響。

Total operating expenses were $654.3 million and include acquisition intangible amortization of $248.7 million, special charges of $17.8 million, $10.9 million of acquisition-related and other costs and share-based compensation of $37.8 million.

總運營費用為 6.543 億美元，包括 2.487 億美元的收購無形攤銷、1780 萬美元的特殊費用、1090 萬美元的收購相關成本和其他成本以及 3780 萬美元的股份補償。

The GAAP net income was $311.1 million or $1.20 per diluted share.

GAAP 淨收入為 3.111 億美元或每股攤薄收益 1.20 美元。

Our December quarter GAAP tax benefit was significantly positively impacted by the tax benefit related to the intra-group transfer of certain intellectual property rights.

與某些知識產權的集團內部轉讓相關的稅收優惠對我們 12 月季度的 GAAP 稅收優惠產生了顯著的積極影響。

The non-GAAP cash tax rate was 6% in the December quarter.

12 月季度的非 GAAP 現金稅率為 6%。

We expect our non-GAAP cash tax rate for fiscal '20 to be about 6%, exclusive of any transition tax, any potential tax associated with the restructuring of 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 20 財年的非 GAAP 現金稅率約為 6%，不包括任何過渡稅、與 Microsemi 業務重組和 Microchip 的全球結構相關的任何潛在稅款以及與應計稅款相關的任何稅務審計結算在以前的財政年度。

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.

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 is 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 have posted a schedule of our projected transition tax payments on the Investor Relations page of our website.

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 December 31, 2019, was $708.8 million.

截至 2019 年 12 月 31 日，我們的庫存餘額為 7.088 億美元。

We had 129 days of inventory at the end of the December quarter, down 2 days from the prior quarter's level.

截至 12 月季度末，我們有 129 天的庫存，比上一季度的水平減少了 2 天。

Inventory at our distributors in the December quarter were at 28 days compared to 30 days at the end of September.

我們經銷商在 12 月季度的庫存為 28 天，而 9 月底為 30 天。

We've only had 1 quarter in the past 15 years, which was Q3 of fiscal year 2013, where our days of inventory at distribution have been at lower than the current levels.

在過去的 15 年中，我們只有 1 個季度，即 2013 財年的第三季度，我們的分銷庫存天數低於當前水平。

The cash flow from operating activities was $395.5 million in the December quarter.

去年第四季度經營活動產生的現金流為 3.955 億美元。

As of December 31, the consolidated cash and total investment position was $402.3 million.

截至 12 月 31 日，綜合現金和總投資頭寸為 4.023 億美元。

We paid down $257 million of total debt in the December quarter, and the net debt on the balance sheet was reduced by $254.2 million.

我們在 12 月季度償還了 2.57 億美元的總債務，資產負債表上的淨債務減少了 2.542 億美元。

Over the last 6 full quarters since we closed the Microsemi acquisition and incurred over $8 billion in debt to do so, we have paid down $1.986 billion of the debt and continue to allocate substantially all of our excess cash generation beyond dividends to aggressively bring down this 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，在過去的 6 個完整季度中，我們已經償還了 19.86 億美元的債務，並繼續分配除股息之外的所有超額現金產生，以積極降低這種情況債務。

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 business.

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。

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

我們預計未來幾年我們的債務水平將大幅下降。

Our adjusted EBITDA in the December quarter was $503.4 million, and our trailing 12-month adjusted EBITDA was $2.125 billion.

我們在 12 月季度調整後的 EBITDA 為 5.034 億美元，過去 12 個月的調整後 EBITDA 為 21.25 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 4.58 at December 31, 2019.

截至 2019 年 12 月 31 日，我們的淨債務與調整後 EBITDA 之比為 4.58，不包括 2037 年到期且性質更像股票的超長期可轉換債務。

Our dividend payment in the December quarter was $87.7 million.

我們在 12 月季度支付的股息為 8770 萬美元。

Capital expenditures were $14.1 million in the December 2019 quarter.

2019 年 12 月季度的資本支出為 1410 萬美元。

We expect between $20 million and $25 million in capital spending in the March quarter, and overall capital expenditures for fiscal 2020 to be between $76 million and $81 million.

我們預計 3 月季度的資本支出在 2000 萬至 2500 萬美元之間，2020 財年的總體資本支出在 7600 萬至 8100 萬美元之間。

We continue to add capital to support the growth of our production capabilities for our new products and technologies and to bring in-house more of the assembly and test operations that are currently outsourced.

我們繼續增加資本以支持我們新產品和技術生產能力的增長，並將更多目前外包的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 December quarter was $41.4 million.

12 月季度的折舊費用為 4140 萬美元。

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

我現在將其轉交給 Ganesh，讓我們對 12 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。

Before I get started, I'd like to remind you that the product line comparisons I will be sharing with you today are based on end-market demand, which is how Microchip measures its performance internally.

在開始之前，我想提醒大家，我今天要與大家分享的產品線比較是基於終端市場需求，這是 Microchip 內部衡量其性能的方式。

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

讓我們從仔細研究微控制器開始。

Our microcontroller business was sequentially down 1.1% as compared to the September quarter.

與 9 月季度相比，我們的微控制器業務環比下降 1.1%。

We continue to introduce a steady stream of innovative new microcontrollers, including next-generation Bluetooth 5.0 dual-mode audio solutions, production-ready, open source tools for managing our Adaptec Smart Storage offerings and industry support for development of the Open Compute Project's Accelerator Infrastructure through our PCIe switches.

我們將繼續推出源源不斷的創新微控制器，包括下一代藍牙 5.0 雙模音頻解決方案、用於管理我們的 Adaptec 智能存儲產品的生產就緒開源工具以及對開放計算項目加速器基礎設施開發的行業支持通過我們的 PCIe 交換機。

Microcontrollers represented 53.6% of our end-market demand in the December quarter.

微控制器佔 12 月季度終端市場需求的 53.6%。

Moving to analog.

轉向模擬。

Our analog business was sequentially down 3.6% as compared to the September quarter.

與 9 月季度相比，我們的模擬業務環比下降 3.6%。

During the quarter, we continued to introduce a steady stream of innovative analog products, including the IEEE 802.3bt-compliant power over Ethernet injectors and midspans that enable up to 90 watts of power without changing switches or cable.

本季度，我們繼續推出源源不斷的創新模擬產品，包括符合 IEEE 802.3bt 標準的以太網供電注入器和無需更換開關或電纜即可提供高達 90 瓦功率的中跨產品。

Analog represented 28.1% of our end-market demand in the December quarter.

模擬產品佔 12 月季度終端市場需求的 28.1%。

Our FPGA business was sequentially flat as compared to the September quarter.

與 9 月季度相比，我們的 FPGA 業務環比持平。

During the quarter, we introduced a radiation-tolerant Polarfire FPGA for space and other high-reliability applications as well as the early access program for the Polarfire system-on-chip FPGA, offering the world's first hardened, real-time, Linux-capable, risk-five based microprocessor subsystem.

在本季度，我們推出了用於太空和其他高可靠性應用的耐輻射 Polarfire FPGA，以及 Polarfire 片上系統 FPGA 的早期訪問計劃，提供世界上第一個強化的、實時的、支持 Linux 的，基於風險五的微處理器子系統。

Design wins for the Polarfire family continued to grow strongly, and we remain optimistic about the prospects for this product family.

Polarfire 系列的設計勝利繼續強勁增長，我們對該產品系列的前景保持樂觀。

FPGA represented 6.9% of our end-market demand in the December quarter.

FPGA 佔 12 月季度終端市場需求的 6.9%。

Our licensing, memory and other product line, which we refer to as LMO, was sequentially down 0.7% as compared to the September quarter.

與 9 月季度相比，我們的許可、內存和其他產品線（我們稱之為 LMO）環比下降 0.7%。

During the quarter, we enable -- we delivered a new family of electrically erasable RAM products, providing cost-effective alternatives to nonvolatile RAM solutions at a number of memory densities.

在本季度，我們實現了——我們交付了一系列新的電可擦除 RAM 產品，以多種存儲密度為非易失性 RAM 解決方案提供具有成本效益的替代方案。

LMO represented 11.3% of our end-market demand in the December quarter.

LMO 占我們 12 月季度終端市場需求的 11.3%。

An update regarding Coronavirus and what we're seeing.

關于冠狀病毒和我們所看到的情況的更新。

First, all our employees are safe, and what remains -- and that remains our highest priority.

首先，我們所有的員工都安全，還有剩下的——這仍然是我們的首要任務。

We implemented travel bans in and out of China, Hong Kong and Taiwan 2 weeks ago.

兩週前，我們實施了進出中國、香港和台灣的旅行禁令。

We also implemented self-quarantine requirements for anyone who may have traveled to these countries, mandatory medical assessment and clearance for anyone who may have symptoms, a screening questionnaire for all external visitors to any Microchip facility and common sense preventive sanitizing steps on a continuous basis in all our facilities worldwide.

我們還對可能去過這些國家/地區的任何人實施了自我隔離要求，對可能有症狀的任何人進行了強制性醫療評估和許可，對任何 Microchip 設施的所有外部訪客進行了篩查問卷調查，並持續採取常識性預防消毒措施在我們遍布全球的所有設施中。

As you well know, most provinces in China have extended the Chinese New Year holidays to February 9. Hubei province, where Wuhan is located, has extended the holidays to February 13.

眾所周知，中國大部分省份已將春節假期延長至2月9日。武漢所在的湖北省已將假期延長至2月13日。

Our manufacturing footprint in China is small, and we expect little impact to our operations from this extension.

我們在中國的製造足跡很小，我們預計此次擴建對我們的運營影響不大。

Also at this time, we do not anticipate any significant supply chain issues for materials sourced from China.

同樣在這個時候，我們預計從中國採購的材料不會出現任何重大的供應鏈問題。

Some of our customers would -- could be affected by the extended Chinese New Year holidays.

我們的一些客戶會 - 可能會受到延長的農曆新年假期的影響。

It is too early to determine what impact there may be as most are not yet back from the extended holidays.

現在確定可能會有什麼影響還為時過早，因為大多數人還沒有結束延長的假期。

Because Chinese New Year this year was early in the quarter, there is more time for our customers to catch up lost production within the quarter.

由於今年的農曆新年在本季度早些時候，我們的客戶有更多時間在本季度內彌補損失的生產。

We also believe there is slack in manufacturing capacity, which can be of help while recovering lost production.

我們還認為製造能力存在閒置，這有助於恢復生產損失。

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

這些爆發是不可預測的，未來幾天可能還會有其他波折。

We continue to process the news daily as well as monitor information from the Center for Disease Control and the World Health Organization.

我們繼續每天處理新聞，並監控來自疾病控制中心和世界衛生組織的信息。

We will adapt our response as needed and focus on the things that we can control.

我們將根據需要調整我們的應對措施，並專注於我們可以控制的事情。

Finally, over the last few months, we started to share 6 megatrends that we believe provide significant growth opportunities for Microchip over the next 5 to 10 years, and I'd like to summarize them.

最後，在過去幾個月裡，我們開始分享我們認為在未來 5 到 10 年內為 Microchip 提供重要增長機會的 6 個大趨勢，我想對它們進行總結。

First, the 5G infrastructure rollout, which is just getting started and has a decade ahead of it.

首先，5G 基礎設施的推出，這才剛剛開始，還有十年的時間。

Each prior generation of wireless infrastructure deployment, 2G, 3G and 4G, lasted for about 10 years.

每一代無線基礎設施部署，2G、3G 和 4G，都持續了大約 10 年。

The Internet of Things comprised of smart, connected and secure end nodes is picking up steam, especially for industrial IOT, where there is compelling -- when there are compelling business models for customers to make money, save money and mitigate risk.

由智能、互聯和安全的終端節點組成的物聯網正在蓬勃發展，尤其是對於工業物聯網而言，當有令人信服的商業模式讓客戶賺錢、省錢和降低風險時，工業物聯網就很有吸引力。

Third, for data centers.

第三，對於數據中心。

The data center demand to store and process data is exploding as data is created at a hyper-exponential rate.

隨著數據以超指數速率創建，數據中心存儲和處理數據的需求呈爆炸式增長。

To put this in perspective, estimates are that 90% of the world's data was created in just the last 2 years, and that trend continues unabated.

從正確的角度來看，據估計，世界上 90% 的數據都是在過去 2 年內創建的，而且這一趨勢有增無減。

Fourth, electric and hybrid vehicles are riding a wave of consumer and regulatory forces, which are driving substantial investment in technology and capacity.

第四，電動汽車和混合動力汽車正乘著消費者和監管力量的浪潮，推動對技術和產能的大量投資。

Fifth is the Advanced Driver Assist, which is already a growth application and its proliferation to more car models and its natural progression to increasing levels of autonomous driving.

第五是高級駕駛員輔助系統，它已經是一個增長的應用程序，它擴散到更多的車型，並且它自然地發展到越來越高的自動駕駛水平。

Sixth is finally the artificial intelligence and machine learning, which we see as another explosive growth area, not only in the cloud, but even more so at the edge.

第六最後是人工智能和機器學習，我們將其視為另一個爆炸性增長領域，不僅在雲端，在邊緣更是如此。

These megatrends cut across the diverse end markets we serve and guide our product development priorities.

這些大趨勢橫跨我們服務的不同終端市場，並指導我們的產品開發重點。

We believe these megatrends, in conjunction with our total system solutions go-to-market approach, will provide key opportunities for organic growth in the coming years.

我們相信，這些大趨勢與我們的整體系統解決方案上市方法相結合，將為未來幾年的有機增長提供重要機會。

With that, let me pass it to Steve for some comments about our business and our guidance going forward.

有了這個，讓我把它傳遞給史蒂夫，讓他對我們的業務和我們未來的指導發表一些評論。

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 third quarter of 2020, I will then provide guidance for the fiscal fourth quarter of 2020.

今天，我想首先回顧一下 2020 財年第三季度的業績，然後我將為 2020 財年第四季度提供指導。

Our December quarter was an interesting one in which we revised the midpoint of our guidance upwards twice, once on December 3, 2019, prior to the Crédit Suisse Conference and second on January 6, 2020, prior to JPMorgan Conference.

我們的 12 月季度是一個有趣的季度，我們兩次向上修訂了我們的指導中點，一次是在 2019 年 12 月 3 日，在瑞士信貸會議之前，第二次是在 2020 年 1 月 6 日，在摩根大通會議之前。

Our final December quarter GAAP net sales were on the high end of our latest guidance and came in at $1.287 billion, down 3.76% sequentially.

我們 12 月最後一個季度的 GAAP 淨銷售額處於我們最新指導的高端，為 12.87 億美元，環比下降 3.76%。

Our end-market demand based on sell-through was $36 million higher than GAAP sales, which we believe shows that the channel was continuing to manage their working capital conservatively by reducing inventory due to uncertainty.

我們基於銷售率的終端市場需求比 GAAP 銷售額高出 3600 萬美元，我們認為這表明該渠道由於不確定性而繼續通過減少庫存來保守地管理其營運資金。

December was the seventh consecutive quarter where our sell-through revenue was higher than our sell-in revenue.

12 月是我們的銷售收入連續第七個季度高於銷售收入。

Our consolidated non-GAAP gross margin of 61.5% was just above the high end of our guidance.

我們的綜合非 GAAP 毛利率為 61.5%，略高於我們指導的上限。

Our consolidated non-GAAP operating margin of 35.1% was also just above the high end of our guidance.

我們的綜合非 GAAP 營業利潤率為 35.1%，也略高於我們指導的上限。

Our consolidated non-GAAP earnings per share was $1.32, which was also above the high end of our revised guidance.

我們的綜合非 GAAP 每股收益為 1.32 美元，也高於我們修訂後的指引的上限。

So overall, December quarter turned out to be a lot better than originally guided.

因此，總體而言，12 月季度結果比最初指導的要好得多。

On non-GAAP basis, this was also our 117th consecutive profitable quarter.

在非 GAAP 基礎上，這也是我們第 117 個連續盈利的季度。

In the December quarter, we paid down $257 million of our debt.

在 12 月季度，我們償還了 2.57 億美元的債務。

Our total debt payment since the end of June 2018 has been about $2 billion.

自 2018 年 6 月底以來，我們的債務支付總額約為 20 億美元。

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

儘管商業環境疲軟和不確定，但債務支付的步伐也一直很強勁，這突顯了我們業務強大的現金生成特徵以及我們繼續壓縮營運資本效率的積極努力。

Now before I provide you guidance for the March quarter, let me comment on some of the inflection points that we saw during the December quarter.

現在，在我為您提供 3 月季度的指導之前，讓我評論一下我們在 12 月季度看到的一些拐點。

Our December quarter bookings were up double-digit percentage over the September quarter bookings that resulted in our starting backlog for March quarter to be up double-digit percentage over the starting backlog for the December quarter.

我們 12 月季度的預訂量比 9 月季度的預訂量增長了兩位數百分比，這導致我們 3 月季度的開始積壓訂單比 12 月季度的開始積壓訂單量增加了兩位數百分比。

Our starting backlog was up in each of the geographies of North America, Europe and Asia.

我們的初始積壓在北美、歐洲和亞洲的每個地區都有所增加。

From an end-market perspective, we saw strength in data centers and start of a recovery in industrial and automotive.

從終端市場的角度來看，我們看到了數據中心的實力以及工業和汽車行業的複蘇。

Continuing on the inflection points, the book-to-bill ratio for December quarter was well above 1 after multiple quarters of book-to-bill being below 1. Our distributor inventory at the end of September was already at low level and lowest in 15 years, except 1 quarter in fiscal year '13.

繼續拐點，在多個季度的訂單出貨比低於 1 後，12 月季度的訂單出貨比遠高於 1。我們 9 月底的經銷商庫存已經處於低位，是 15 年來的最低水平年，除了 13 財年的 1 個季度。

In December quarter, the distribution inventory went even lower.

在 12 月季度，分銷庫存甚至更低。

During December quarter, we saw increased level of customer-requested pull-ins, many of its required factory expedites.

在 12 月季度，我們看到客戶要求的拉動水平有所提高，其中許多要求工廠加快速度。

Seeing these multiple signs of inflection point, we call the December quarter to be a bottom for Microchip for this cycle, barring any negative developments on the U.S.-China trade front or the impact of Coronavirus.

看到這些拐點的多重跡象，我們稱 12 月季度是 Microchip 本週期的底部，除非美中貿易戰線出現任何負面發展或冠狀病毒的影響。

Now I turn to guidance for March quarter.

現在我轉向 3 月季度的指導。

The backlog from March quarter that started out quite strong continued to fill in during the month of January.

從 3 月季度開始相當強勁的積壓在 1 月份繼續填補。

Taking all these factors into consideration and after rolling up revenue expectations from sales regions as well as business units, we expect GAAP net sales, based on sell-in revenue recognition for our products, to be up between 2% to 9% sequentially in the March 2020 quarter.

考慮到所有這些因素，並彙總銷售區域和業務部門的收入預期後，我們預計基於我們產品的銷售收入確認的 GAAP 淨銷售額將在 2% 至 9% 之間連續增長2020 年 3 月季度。

The midpoint of our guidance for the March 2020 quarter reflects what we believe our business can deliver, assuming no extraordinary events.

我們對 2020 年 3 月季度的指導意見的中點反映了我們認為我們的業務可以提供什麼，假設沒有特殊事件。

However, the wider-than-normal guidance range is to help account for the uncertainty associated with the evolving Coronavirus situation.

然而，高於正常範圍的指導範圍是為了幫助解釋與不斷發展的冠狀病毒情況相關的不確定性。

We are still in the early days of how this situation is playing out.

我們仍處於這種情況如何發展的早期階段。

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.

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。

Regarding CapEx, we expect to finish fiscal year 2020 with a CapEx of between $76 million and $81 million, a significant reduction from fiscal year '19 CapEx of $229 million.

關於資本支出，我們預計 2020 財年的資本支出將在 7600 萬至 8100 萬美元之間，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 in a fiscal year, like 2020, in which our net sales declined, the growth capital, which is the largest portion of the CapEx, declines to virtually nothing.

這與我們之前所說的一致，我們的資本支出在一個財政年度（例如 2020 年）中分為增長資本、維護資本以及新產品和技術資本，其中我們的淨銷售額下降，增長資本佔最大部分的資本支出，下降到幾乎為零。

And therefore, the total CapEx declined significantly.

因此，總資本支出大幅下降。

For December quarter -- it should be for March quarter.

對於 12 月的季度——應該是在 3 月的季度。

For March quarter, we expect our non-GAAP gross margin to be between 61.5% and 61.9% of sales.

對於 3 月季度，我們預計我們的非 GAAP 毛利率將在銷售額的 61.5% 至 61.9% 之間。

We expect non-GAAP operating expenses to be between 25% and 26.2% of sales.

我們預計非 GAAP 運營費用將佔銷售額的 25% 至 26.2%。

We expect non-GAAP operating profit percentage to be between 35.3% and 36.9% of sales, and we expect our non-GAAP earnings per share to be between $1.35 per share to $1.51 per share.

我們預計非 GAAP 營業利潤百分比將在銷售額的 35.3% 至 36.9% 之間，我們預計我們的非 GAAP 每股收益將在每股 1.35 美元至 1.51 美元之間。

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 reserves on 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 基礎上跟踪其準備金，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 結果與前幾個季度相比更有意義，我們要求分析師繼續向 First Call 報告他們的非 GAAP 估計。

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

有了這個，接線員，請你投票提問好嗎？

(Operator Instructions) And our first question will come from Craig Hettenbach with Morgan Stanley.

（操作員說明）我們的第一個問題將來自摩根士丹利的 Craig Hettenbach。

Steve, just a question on the expedite activity.

史蒂夫，只是關於加速活動的問題。

Can you just maybe put that into context with currently kind of where your lead times are and things you're looking to do to maybe kind of address that as business improves?

您是否可以將其與當前的交貨時間以及您希望做的事情放在一起，以解決業務改善的問題？

So during this down cycle, we built a substantial amount of inventory that is held in the die bank.

因此，在這個下行週期中，我們建立了大量存貨，存放在模具庫中。

So when an order comes in, it's really taking the die from the die bank and processing it through, which can be anywhere to as low as 3 weeks to as much as 6, 7 weeks, depending on where it has to go inside or outside or what difficult package or assembly test it might be.

因此，當收到訂單時，它實際上是從模具庫中取出模具並對其進行處理，時間可能短至 3 週，長至 6、7 週，具體取決於它必須進入內部或外部的位置或者它可能是什麼困難的封裝或組裝測試。

What we are finding is that customers stationed a fair amount of backlog just outside the quarter.

我們發現，客戶在本季度外就積壓了大量訂單。

And then when they need the product, they expedite into the quarter.

然後，當他們需要產品時，他們會加快進入該季度。

This way, they kind of have both choices.

這樣，他們就有兩種選擇。

They could not take it in the quarter and leave it out or push it out further.

他們不能在本季度接受它而將其排除在外或將其進一步推出。

Or if they need it, ask us to pull it in.

或者，如果他們需要它，請要求我們將其拉入。

We've been seeing this strange phenomenon now, not only this quarter, we've been seeing it for some time, but it really became even more accentuated.

我們現在已經看到這種奇怪的現象，不僅是這個季度，我們已經看到了一段時間，但它確實變得更加突出。

So there's a fair amount of backlog sitting outside the quarter in April, and customers are expediting it into the quarter.

因此，在 4 月份的季度之外有相當多的積壓訂單，客戶正在加快處理到本季度。

Does that answer your question?

這是否回答你的問題？

Yes.

是的。

Our next question comes from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Steve, I'm curious, what are you expecting your distributors to do in the March quarter?

史蒂夫，我很好奇，您希望您的經銷商在三月季度做什麼？

I think you're giving a net sales outlook.

我認為您給出的是淨銷售前景。

So any color on sell-in and sell-out trends would be helpful.

因此，任何關於賣出和賣出趨勢的顏色都會有所幫助。

And in general, what are they saying to you?

一般來說，他們對你說什麼？

Why are they taking down Microchip inventory to such low levels because it's such an outlier, and we don't hear of any of your other peers, their inventory is being taken down to similarly low levels.

為什麼他們將 Microchip 庫存降低到如此低的水平，因為它是如此異常，而且我們沒有聽說任何其他同行，他們的庫存正在降低到類似的低水平。

Well, I don't really know if -- as we speak, distributors are taking down inventory further, but they have in the last 7 quarters or so through December.

好吧，我真的不知道——就在我們說話的時候，分銷商是否在進一步減少庫存，但他們在過去 7 個季度左右到 12 月份已經這樣做了。

We don't really have a guidance for the March quarter on sell-through.

我們真的沒有關於 3 月季度銷售量的指導。

We can't really provide both ends of the guidance.

我們無法真正提供指導的兩端。

It's just too much work.

工作量太大了。

So we're providing the sell-in guidance that we have given you.

因此，我們提供了我們給您的銷售指南。

And in the December quarter, when we provided the guidance, we expected that distributors will reverse the trend and will start to build some inventory towards normalization.

在 12 月季度，當我們提供指導時，我們預計分銷商將扭轉這一趨勢，並開始建立一些庫存以實現正常化。

It did not happen in December.

它沒有發生在十二月。

We're expecting it would happen again in March, but there's no guarantee.

我們預計它會在三月份再次發生，但不能保證。

Distributors will do what they will do.

經銷商會做他們會做的事。

I think part of the reason is, for 30 years, a culture at Microchip, in our business unit, sales organization up and down to the change with the distribution, our conversations with the distributors are winning designs, creating a large funnel and pulling those designs to production and creating sales well.

我認為部分原因是，30 年來，Microchip 的一種文化，在我們的業務部門、銷售組織上下到分銷的變化，我們與分銷商的對話是贏得設計，創建一個大漏斗並拉動那些設計到生產並創造銷售。

That's how we pay our salespeople, that's how we pay our business units, that's how all the bonuses are structured.

這就是我們支付銷售人員的方式，這就是我們支付業務部門的方式，這就是所有獎金的結構。

And we don't really have a whole lot of conversations regarding what we give into the distribution.

我們並沒有真正就我們在發行版中提供的內容進行大量對話。

That has always been less important to us because we manage our business based on sell-through.

這對我們來說一直不太重要，因為我們根據銷售率來管理我們的業務。

So distributors take the inventory what they want to run their business and based on getting returns for their business.

因此，分銷商盤點他們想要經營業務的東西，並基於獲得業務回報。

In contrast, I think we see many of our peers and competitors are more focused on sell-in revenue recognition, where they may make deals to put more product into distribution and arresting the fall of the inventory that way.

相比之下，我認為我們看到許多同行和競爭對手更關註銷售收入確認，他們可能會達成交易將更多產品投入分銷並以這種方式阻止庫存下降。

I would add one more thing.

我還要補充一件事。

We've always had low lead times on our products.

我們的產品交貨期一直很短。

And I think that gives distributors an opportunity to run the inventory to whatever the lowest level they think they can get away with, while continuing to focus on sell-through.

而且我認為這讓分銷商有機會在繼續關註銷售率的同時，將庫存運行到他們認為可以逃脫的任何最低水平。

So short lead times give them the opportunity to carry less inventory as well.

如此短的交貨時間也讓他們有機會減少庫存。

I would also add that sometime we charge expedite charges for expediting the product.

我還要補充一點，有時我們會收取加急費用以加快產品的速度。

So sometime expedite charges require us to spend weekends, pay overtime or pay expedite for shipping, going through hand-carry products and all sorts of charging can incur.

因此，有時加急費需要我們度過週末、支付加班費或支付加急費以支付運費、檢查手提產品以及可能產生的各種費用。

And we often pass those to the customers.

我們經常將這些傳遞給客戶。

It doesn't move the needle in terms of revenue.

就收入而言，它並沒有改變針頭。

But if somebody wants to expedite the parts, it's not always free.

但如果有人想加快零件的速度，它並不總是免費的。

But you're not assuming any restocking benefit, any major restocking benefit in March.

但是你沒有假設任何補貨的好處，三月份的任何主要補貨好處。

We have no way to model it.

我們沒有辦法模擬它。

Our next question comes from Gary Mobley with Wells Fargo.

我們的下一個問題來自富國銀行的 Gary Mobley。

I want to ask about your relative performance in the microcontroller segment.

我想問一下你們在微控制器領域的相對錶現。

It looks like for the full calendar year 2019, you outperformed the microcontroller market in terms of sales growth.

看起來在整個 2019 年，你們在銷售增長方面的表現優於微控制器市場。

If you believe in the SIA sales metrics.

如果您相信 SIA 銷售指標。

But in the second half of the year, it looks like -- in particular, in the fourth calendar quarter, it looks like you might have underperformed the market.

但在今年下半年，看起來 - 特別是在第四個日曆季度，你的表現可能落後於市場。

To what should we attribute that to?

我們應該將其歸因於什麼？

Is it -- this is just sort of a short-term disruption or anything to look into there long term?

是 - 這只是一種短期中斷或任何需要長期關注的事情？

I'm not sure what data it is that you're referring to.

我不確定你指的是什麼數據。

So we were sequentially down 1.1% on microcontrollers, September to December.

因此，從 9 月到 12 月，我們的微控制器連續下跌 1.1%。

If you look at the year-over-year numbers, we're -- on microcontrollers, we're down about 5%, 5.5%, somewhere in that neighborhood.

如果你看一下同比數據，我們——在微控制器上，我們在那個社區的某個地方下降了大約 5%、5.5%。

The story is not written.

故事沒有寫。

We don't see any annualized numbers that are out yet.

我們還沒有看到任何年化數字。

Maybe SIA has some early numbers.

也許 SIA 有一些早期數據。

We'll get that by March, April, and we'll, at the next conference call, have the typical Gartner 2019 numbers.

我們將在 3 月、4 月之前得到它，我們將在下一次電話會議上獲得典型的 Gartner 2019 數字。

There's nothing in our business that has any indication that something was better in the first half and got worse in the second half.

在我們的業務中，沒有任何跡象表明上半年情況好轉，下半年情況惡化。

I think if you look at the third quarter results sequentially and compare it to a very large competitor, I think we substantially outgrew them.

我認為，如果你按順序查看第三季度的結果並將其與一個非常大的競爭對手進行比較，我認為我們的增長遠遠超過了它們。

So...

所以...

Either on quarter or by year-over-year.

無論是按季度還是按年。

Yes.

是的。

Our next question comes from Chris Caso with Raymond James.

我們的下一個問題來自 Chris Caso 和 Raymond James。

A question with regard to gross margins, and assuming we are -- have started recovery, we'd hope to see some gross margin improvement as a result.

關於毛利率的問題，假設我們已經開始復蘇，我們希望看到毛利率有所改善。

Perhaps you could answer it in terms of production utilization levels with some of the better order rates, has that caused you to change any production levels?

也許您可以根據訂單率更高的生產利用率水平來回答這個問題，這是否導致您改變了任何生產水平？

And then from a cost standpoint, as we go forward, I think you still have some integration benefits still to come.

然後從成本的角度來看，隨著我們的前進，我認為您仍然會有一些整合優勢。

Could you help to quantify those, and when they kick in and how it helps the leverage, if indeed we're in a recovery?

如果我們確實處於復蘇階段，您能否幫助量化這些因素，以及它們何時開始發揮作用以及它如何幫助發揮槓桿作用？

Sure.

當然。

This is Eric.

這是埃里克。

So in the December quarter, we incurred about a $16 million factory underutilization charge that was reflected in our cost of sales.

因此，在 12 月季度，我們產生了約 1600 萬美元的工廠未充分利用費用，這反映在我們的銷售成本中。

That was up about $7 million quarter-on-quarter.

這比上一季度增加了約 700 萬美元。

We expect that charge to be lower in the March quarter, particularly in our back-end assembly and test operation, we're running the factories higher.

我們預計 3 月份季度的費用會降低，特別是在我們的後端組裝和測試操作中，我們正在提高工廠的運營水平。

Steve talked about in an earlier response that our die bank is pretty healthy.

史蒂夫在早些時候的回應中談到我們的模具銀行非常健康。

But back-end operations, we've been draining finished goods and looking to run the factories harder this quarter, which should help on the gross margin and the guidance that we're giving.

但是後端操作，我們一直在消耗成品，並希望在本季度更加努力地運營工廠，這應該有助於提高毛利率和我們給出的指導。

So that's a piece of it.

這就是它的一部分。

We continue to run our factories as efficiently as we can.

我們繼續盡可能高效地運營我們的工廠。

We're continuing to invest to bring some of the outsourced assembly and test in-house at a moderate rate, and all those things are going to benefit gross margin long term and lead us to our long-term guidance, which is to get to about 63% non-GAAP gross margins as a long-term model versus the 61.7% we're guiding to at the midpoint of guidance for the current quarter.

我們將繼續投資，以適度的速度在內部進行一些外包組裝和測試，所有這些都將長期有利於毛利率，並引導我們實現長期指導，即作為一個長期模型，非 GAAP 毛利率約為 63%，而我們在本季度的指導中點指導的是 61.7%。

Our next question will come from William Stein with SunTrust Robinson Humphrey.

我們的下一個問題將來自 William Stein 和 SunTrust Robinson Humphrey。

Great.

偉大的。

Similar topic, only not just gross, on operating as well.

類似的話題，不僅是粗略的，還有操作方面的。

Maybe, Eric, you can take a step back and frame up relative to where you are now?

也許，埃里克，你可以退後一步，根據你現在的位置來構思一下？

And contemplating your longer-term goals, what's the path to getting there?

並考慮您的長期目標，實現目標的途徑是什麼？

Is it just a modest amount of revenue recovery?

這只是少量的收入恢復嗎？

Is mix part of the equation?

混合是等式的一部分嗎？

Is there still restructuring for Microsemi?

Microsemi 是否還有重組？

I know that you're still bringing capacity in-house.

我知道您仍在內部培養能力。

It seems to us that -- it seems fairly likely that you'll be able to exceed these long-term targets, given the revenue level that you're achieving today relative to what the next peak could be, for example.

在我們看來——例如，考慮到您今天實現的收入水平相對於下一個峰值可能達到的水平，您似乎很有可能超過這些長期目標。

Okay.

好的。

So I think I've kind of touched on gross margin so far, and we've been told by others that they think that's a conservative forecast, but we're not going to update that model until we get to the target.

所以我認為到目前為止我已經談到了毛利率，其他人告訴我們他們認為這是一個保守的預測，但在我們達到目標之前我們不會更新該模型。

And on OpEx, we're guiding the current quarter to be between 25% and 26.2% of sales, and our long-term model is 22.5%.

在運營支出方面，我們指導當前季度佔銷售額的 25% 至 26.2%，而我們的長期模型為 22.5%。

I would say we have been pretty conservative in how we've been managing the business during this current cycle.

我想說的是，在當前週期中，我們在管理業務方面一直非常保守。

And with that, we need to make sure that we're making the appropriate investment, whether it's in R&D, support functions, technical sales, outreach to the customers to make sure we drive the long-term health of the business and some of our variable compensation programs too will kick back in as revenue grows.

因此，我們需要確保我們進行了適當的投資，無論是在研發、支持職能、技術銷售、客戶外展方面，以確保我們推動業務的長期健康發展和我們的一些隨著收入的增長，可變薪酬計劃也將重新啟動。

So we have confidence in the long-term model, which is just above 40% operating margins, and we've got ways to go when we're guiding the current quarter at the midpoint of guidance to about 36.1%.

因此，我們對略高於 40% 的營業利潤率的長期模型充滿信心，並且當我們將本季度的指導中點指導至 36.1% 左右時，我們還有很長的路要走。

So I'd say be patient, we do need revenue growth to get there.

所以我要說耐心點，我們確實需要收入增長才能實現目標。

But I think we're well positioned with the investments that we've made to drive to higher levels than what we're seeing today.

但我認為我們已經做好了投資的準備，以推動我們達到比今天更高的水平。

(Operator Instructions) Our next question comes from Ambrish Srivastava with BMO Financial Group.

（操作員說明）我們的下一個問題來自 BMO 金融集團的 Ambrish Srivastava。

Steve, I was wondering if you could give us a little bit more detail on the source of strength in bookings, whether end markets or geos.

史蒂夫，我想知道你是否可以向我們提供更多關於預訂強度來源的詳細信息，無論是終端市場還是地理區域。

I believe last earnings call, you had indicated that China was stronger in terms of geos.

我相信在上一次財報電話會議上，你曾表示中國在地理方面更強大。

So any updates on that front would be helpful.

因此，這方面的任何更新都會有所幫助。

So I think from an end market perspective, we said that data center has been strong all along, and we are seeing a start of a recovery in the industrial market and the automotive market.

所以我認為從終端市場的角度來看，我們說數據中心一直很強勁，我們看到工業市場和汽車市場開始復蘇。

The communication market remains weak, and the appliance market remains weak.

通信市場依然疲軟，家電市場依然疲軟。

And aerospace and defense is kind of always lumpy and it's hard to call.

航空航天和國防總是起伏不定，很難判斷。

From a geographical perspective, yes, we saw strength in the China market last quarter, but you would see the weakness in China market this quarter driven by the Lunar New Year.

從地理角度來看，是的，上個季度我們看到了中國市場的強勢，但你會看到本季度中國市場在農曆新年的推動下疲軟。

And you don't -- we -- nobody knows what's going to happen with the coronavirus.

而且你不——我們——沒有人知道冠狀病毒會發生什麼。

So this quarter, you would see stronger U.S. and Europe and weaker China.

所以本季度，你會看到美國和歐洲走強，而中國走弱。

Our next question comes from Raji Gill with Needham & Company.

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

If we think about the seasonality in the business now that we have some time to see (inaudible).

如果我們考慮業務的季節性，現在我們有時間可以看到（聽不清）。

How do we think about it coming out of the bottom of the cycle and kind of perhaps entering into mid-cycle recovery, excluding the impact of the Coronavirus?

我們如何看待它走出週期底部並可能進入周期中期復蘇，排除冠狀病毒的影響？

I'm just trying to get a sense of the seasonality (inaudible) acquisitions post the bottom of the cycle.

我只是想了解週期底部後的季節性（聽不清）收購。

I think Raji, seasonality is still hard to measure where the -- all of the acquisitions that we have completed.

我認為 Raji，季節性仍然很難衡量我們已經完成的所有收購。

The events that have happened in the last couple of years, the -- all the trade tension situation, general economic conditions, now the coronavirus.

過去幾年發生的事件，所有的貿易緊張局勢，總體經濟狀況，現在是冠狀病毒。

Prior to that, we had a significant inventory correction event on, especially the Microsemi inventory.

在此之前，我們有一個重大的庫存修正事件，尤其是 Microsemi 庫存。

We really haven't finished enough quarters in a healthy business environment to peg a seasonality.

我們真的沒有在健康的商業環境中完成足夠多的季度來確定季節性。

So I would think it still remains difficult.

所以我認為它仍然很困難。

Our next question will come from Craig Ellis with B. Riley FBR.

我們的下一個問題將來自 Craig Ellis 和 B. Riley FBR。

Congratulations on the good execution.

祝賀你執行得很好。

I wanted to go back to some of the comments around the performance on debt reduction, which, over the last 6 quarters at almost $2 billion, is very strong.

我想回到有關減債表現的一些評論，在過去 6 個季度中，減債表現非常強勁，接近 20 億美元。

The question is, perhaps, both to you, Eric, and you, Steve.

這個問題可能對你 Eric 和你 Steve 都是。

As you look ahead and given the trajectory you're on, it seems like you could be at a 3x net debt-to-EBITDA level and as soon as 4 quarters or so.

當你展望未來並考慮到你所處的軌跡時，你似乎可能會達到 3 倍的淨債務與 EBITDA 水平，並且最快會達到 4 個季度左右。

So how do you think about deploying the cash to create value for shareholders when you get to that level, would a vast majority of available cash will go to debt pay down?

那麼當你達到那個水平時，你如何考慮部署現金為股東創造價值，絕大多數可用現金將用於償還債務？

Or would you start looking at other things, and what would the priorities be at that point?

還是您會開始考慮其他事情，那時的優先事項是什麼？

Let me take that, and Eric can add to it.

讓我接受，Eric 可以添加。

First of all, I don't think I have looked at model, which will take the leverage down to 3x in 4 quarters.

首先，我認為我沒有看過模型，它將在 4 個季度內將槓桿率降至 3 倍。

That seems awfully aggressive.

這似乎非常具有侵略性。

Although I don't know what assumption you are making in the revenue growth or the recovery, it will largely depend on that.

儘管我不知道您對收入增長或複蘇做出了什麼假設，但這在很大程度上取決於此。

But basically, yes, we need to bring the debt leverage below a 3 handle, kind of have it somewhere in the high 2s.

但基本上，是的，我們需要將債務槓桿率降至 3 點以下，大約在 2 點左右。

Once we get there, then we'll still be generating somewhere of the order of well over $1 billion of free cash per quarter, and we need to figure out what do we do.

一旦我們到達那裡，那麼我們仍然會每季度產生超過 10 億美元的自由現金，我們需要弄清楚我們該做什麼。

I mean we haven't been in that situation in quite a long time.

我的意思是我們已經很長時間沒有遇到這種情況了。

You have obvious choices.

你有明顯的選擇。

You could pay down more debt and bring leverage down further.

您可以償還更多債務並進一步降低杠桿率。

But more preferably, you could increase the dividend.

但更可取的是，您可以增加股息。

You can start a buyback program.

您可以啟動回購計劃。

And that all, assuming that there is not a further M&A possibility.

而這一切，假設沒有進一步的併購可能性。

We have said before that we think by the time we come up for air, majority of the company is the smaller companies that we would like to buy, probably would have been bought.

我們之前說過，我們認為當我們出來時，公司的大部分是我們想要購買的小公司，可能已經被收購了。

And there isn't as much more opportunity there, but there could be one more possibly.

那裡沒有更多的機會，但可能還有更多的機會。

But secondly, we think that the remaining assets are very expensive.

但其次，我們認為剩餘的資產非常昂貴。

There is a large amount of M&A bid on them already because every small company is really on sale.

已經有大量的併購出價，因為每家小公司都在出售。

And we don't really pay that kind of multiple that we have seen paid in the recent deals, Cyprus as well as some other deals.

我們並沒有真正支付我們在最近的交易、塞浦路斯以及其他一些交易中看到的那種倍數。

Those multiples were way, way too high for our tests.

這些倍數對於我們的測試來說太高了。

So if we cannot find a reasonable other acquisition, then our focus will switch to other uses of cash, including higher dividend, more stock buyback and possibly some more debt pay down.

因此，如果我們找不到合理的其他收購，那麼我們的重點將轉向現金的其他用途，包括更高的股息、更多的股票回購以及可能更多的債務償還。

I think what I'm going to add to that is just kind of a short-term view here as well-- because I know I'll get that -- we'll get this question a lot is what do we expect for that pay down in the current quarter, the March quarter.

我想我要補充的只是這裡的一種短期觀點——因為我知道我會明白的——我們會經常收到這個問題，即我們對此有何期望在當前季度，即三月季度支付。

And really, we expect that to be somewhere between $225 million and $250 million.

實際上，我們預計這將在 2.25 億美元到 2.5 億美元之間。

Last quarter, it was $257 million.

上個季度為 2.57 億美元。

But our starting accounts receivable balance is lower just because revenue was down last quarter.

但是我們的初始應收賬款餘額較低只是因為上個季度的收入下降了。

So really to get some tailwinds behind us.

所以真的要讓我們身後有一些順風。

From a revenue perspective, as the top line grows, I think EBITDA will start growing nicely.

從收入的角度來看，隨著收入的增長，我認為 EBITDA 將開始良好增長。

And that's going to help with the leverage metrics coming down, but it kind of depends on what the environment is going to be over the course of the next year if we were able to get to that 3x number that you mentioned.

這將有助於降低杠桿指標，但這在某種程度上取決於明年的環境，如果我們能夠達到你提到的那個 3 倍的數字。

I think we need some pretty good revenue growth.

我認為我們需要一些相當不錯的收入增長。

(Operator Instructions) And our next question comes from Chris Danely with Citi.

（操作員說明）我們的下一個問題來自花旗銀行的 Chris Danely。

Steve, you mentioned that some customers were expediting orders out of the June quarter into this quarter.

史蒂夫，你提到一些客戶正在加快從 6 月季度到本季度的訂單。

So do you think that the June quarter could be at risk of a little bit of a disappointment, like we're routing from the June quarter to pay the March quarter?

那麼您是否認為 6 月季度可能會有點令人失望的風險，就像我們從 6 月季度路由到 3 月季度一樣？

And then further to that, you talked a little bit about lead times.

除此之外，您還談到了交貨時間。

Do you think that there is risk of extended lead times if this expediting continues?

如果這種加速繼續下去，您是否認為會有延長交貨時間的風險？

The lead times are not at risk short term because we have a fair amount of die inventory, and there's a fair amount of capacity slack in the system since the revenues are down year-over-year.

短期內交貨時間不會有風險，因為我們有相當數量的芯片庫存，而且由於收入同比下降，系統中有相當多的產能閒置。

The backlog bottomed out some time ago, and the total extended backlog is really growing nicely.

積壓在一段時間前觸底，總的擴展積壓確實增長得很好。

So when people are taking backlog from June quarter moving into March quarter, that's not putting June quarter at risk.

因此，當人們將積壓的訂單從 6 月季度轉移到 3 月季度時，這不會使 6 月季度面臨風險。

There is a higher and higher backlog.

積壓越來越高。

The overall backlog is growing.

總體積壓正在增加。

Book-to-bill was strongly positive.

訂單出貨比非常積極。

So it put a very large amount of total backlog in the system.

所以它在系統中放置了大量的總積壓。

Chris, we had expedited in the December quarter, where people had placed backlog in the March quarter and pulled it in.

克里斯，我們在 12 月的季度加快了速度，人們在 3 月的季度積壓了訂單並將其撤回。

You're seeing a stronger March quarter despite that.

儘管如此，你還是看到了更強勁的 3 月季度。

So as you go into an up an upward trend in the business, it is not unnatural.

因此，當您進入業務上升趨勢時，這並非不自然。

We've seen it in other cycles where customers start to see their business recovering and wanting to have products sooner than they had originally planned for.

我們在其他週期中看到了這一點，在這些週期中，客戶開始看到他們的業務正在復蘇，並希望比他們最初計劃的更快地獲得產品。

Yes.

是的。

And in addition to those orders that are being pulled in by customers requesting them into the current quarter, we're also receiving orders that are just within our normal published lead times, and that can create some expedite activity also.

除了那些被客戶要求進入本季度的訂單外，我們還收到了在我們正常發布的交貨時間內的訂單，這也可以加快一些活動。

Often with short lead times.

通常交貨時間很短。

Yes.

是的。

And Chris, this phenomenon is not a new one.

克里斯，這種現象並不新鮮。

We've seen it before in prior cycles, and we've been seeing it in this cycle.

我們在之前的周期中已經看到過它，我們在這個週期中也看到過它。

It's -- I kind of call it, have your cake and eat it too.

這是——我稱之為，吃你的蛋糕，也吃它。

So customers will place an order, where they are still in the cancellation or push-out window.

因此，客戶將在他們仍處於取消或推出窗口的情況下下訂單。

And if they don't want it, if their business is not strong, they can push it out or leave it out.

如果他們不想要它，如果他們的業務不強大，他們可以將其推出或將其排除在外。

But if their business is stronger and they need it, then they ask us to expedite it, kind of have their cake and eat it too.

但是，如果他們的業務更強大並且他們需要它，那麼他們會要求我們加快速度，有點像他們的蛋糕一樣吃。

It's not a new phenomenon.

這不是一個新現象。

But we are seeing it quite accentuated right now, and that's why I called it out.

但我們現在看到它非常突出，這就是我大聲疾呼的原因。

Our next question comes from Harsh Kumar with Piper Sandler.

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

Steve, I was curious with the sudden pickup in China.

史蒂夫，我對中國的突然回升感到好奇。

Are you aware of any areas of shortages, not just in your business, but in the industry overall?

您是否知道任何短缺領域，不僅在您的業務中，而且在整個行業中？

I'm not seeing any shortages.

我沒有看到任何短缺。

I mean, China right now is shutdown.

我的意思是，中國現在正在關閉。

So you really wouldn't get any data, and they were shut down for the Chinese New Year.

所以你真的得不到任何數據，而且他們在農曆新年期間被關閉了。

They're just about coming back, but most provinces have extended it till February 9. But prior to going for the Chinese New Year, no, I -- we were not experiencing any shortages.

他們即將回來，但大多數省份已將其延長至 2 月 9 日。但在過春節之前，不，我——我們沒有遇到任何短缺。

Our next question comes from Christopher Rolland with Susquehanna International Group.

我們的下一個問題來自 Susquehanna International Group 的 Christopher Rolland。

Eric, perhaps asked another way.

埃里克，也許用另一種方式問。

If you could talk about Atmel and Microsemi, bringing them in-house.

如果您可以談論 Atmel 和 Microsemi，請將它們引入內部。

Remind us kind of where we are on front end and back end?

提醒我們我們在前端和後端的什麼位置？

And then also the gross margin benefits that you would get there?

然後還有您將獲得的毛利率收益？

Also, how you're able to do this in such a small CapEx envelope as well?

此外，您如何能夠在如此小的資本支出信封中做到這一點？

Okay.

好的。

So there's a couple of pieces to that.

所以有幾個部分。

So we did tighten our investment criteria in terms of making those capital investments over the course of the last year when business was difficult.

因此，在去年業務困難的時候，我們確實收緊了在進行這些資本投資方面的投資標準。

And so we shorten the window, the payback window from a cash flow perspective from 2 years down to a year.

所以我們縮短了窗口，從現金流的角度來看，投資回收窗口從 2 年縮短到一年。

And we really haven't changed that at this point in time.

我們目前確實沒有改變這一點。

So that's one of the reasons it's been lower.

所以這就是它較低的原因之一。

And this is a very detailed work.

這是一項非常詳細的工作。

So it's package by package, part by part.

所以它是逐個包裝，逐個部分。

And none of these investments are needle movers.

這些投資都不是針鋒相對的。

But in aggregate, they do help gross margins slowly over time.

但總的來說，隨著時間的推移，它們確實有助於提高毛利率。

So I think that's responsive to your question, unless these guys have anything else they'd like to add.

所以我認為這是對你問題的回應，除非這些人還有他們想補充的任何其他內容。

I think give them the percentage we haven't said and outside for fab, assembly and tests.

我想給他們我們沒有說過的百分比，以及用於製造、組裝和測試的外部。

Yes.

是的。

So fab is 39% internal, assembly is 45% and test is 54%.

所以晶圓廠內部佔 39%，組裝佔 45%，測試佔 54%。

That's useful.

這很有用。

And we would expect those assembly and test percentages to increase over time as we gradually make these investments.

隨著我們逐漸進行這些投資，我們預計這些組裝和測試百分比會隨著時間的推移而增加。

Our next question will come from Harlan Sur with JPMorgan.

我們的下一個問題將來自摩根大通的 Harlan Sur。

Congrats on the strong start to 2020.

祝賀 2020 年開局強勁。

I know lead times are still pretty short.

我知道交貨時間仍然很短。

But given the strong bookings trends coming off of the depressed September quarter, strong bookings thus far here in the March quarter and maybe some backlog build for June, ex-ing out the potential issues for coronavirus.

但鑑於低迷的 9 月季度強勁的預訂趨勢，3 月季度迄今為止的強勁預訂以及 6 月可能出現的一些積壓，排除了冠狀病毒的潛在問題。

But do you think you're setting up given the backlog that you're seeing, at least for a seasonal June quarter, which is typically one of your seasonally strongest quarters.

但是，你認為你正在設置你所看到的積壓，至少在季節性的 6 月季度，這通常是你季節性最強的季度之一。

We are not giving guidance or commenting on the June quarter, especially in the light of significant uncertainty because of the coronavirus.

我們不會對 6 月季度提供指導或評論，特別是考慮到冠狀病毒帶來的重大不確定性。

Remove those uncertainties and let's say there's no impact and business comes back and the virus is contained rapidly and all that, then your assessment for the June quarter would be correct.

消除這些不確定性，假設沒有影響，業務恢復，病毒迅速得到遏制等等，那麼您對 6 月季度的評估就是正確的。

Yes.

是的。

And I think I would just add that we are very well positioned from a capacity perspective to be able to respond quickly to upside if that develops.

而且我想我只想補充一點，從容量的角度來看，我們處於非常有利的位置，能夠在這種情況發展時迅速做出反應。

Got it.

知道了。

And then, I guess, on that note, back in early January when you did your update, it didn't sound like you were going to be increasing front-end utilizations near-term just because you guys have pretty substantial die banks.

然後，我想，在那張紙條上，回到 1 月初，當你進行更新時，聽起來你不會在短期內增加前端利用率，只是因為你們有相當多的模具庫。

But let's say, as the much quarter progresses and the backlog is indicating the potential for normal seasonal growth for June and September, I assume the team would start to ramp capacity utilization, say, in the back half of this quarter.

但是可以說，隨著季度的進展和積壓表明 6 月和 9 月有可能出現正常的季節性增長，我假設團隊將開始提高產能利用率，比如說，在本季度的後半段。

Is that kind of the right way to think about the potential timing of utilizations going up?

這是考慮利用率上升的潛在時機的正確方法嗎？

So -- this is Steve.

所以——這是史蒂夫。

Let me take that.

讓我拿那個。

I think let's start from the back end first then we'll come to the front end.

我想讓我們先從後端開始，然後再到前端。

The back-end utilization is going up as we speak.

正如我們所說，後端利用率正在上升。

And as we ramp, it will continue to go up because we depleted the finished goods.

隨著我們的增加，它會繼續上升，因為我們耗盡了成品。

And when the orders are strong, we've got to take the die bank and finish them.

當訂單量很大時，我們必須拿起模具庫完成它們。

So that will continue to have a positive effect on gross margin, pretty much starting now.

因此，這將繼續對毛利率產生積極影響，幾乎從現在開始。

When you look at the front end, the front end still has a fair amount of die bank, but there also you got to separate it on the production we do inside versus the production we buy from outside.

當您查看前端時，前端仍然有相當數量的模具庫，但您還必須將其區分為我們在內部進行的生產與我們從外部購買的生產。

The inventory and the products we buy from outside was depleted to a lower level.

我們從外部購買的庫存和產品已耗盡到較低水平。

And there, we are increasing the buy as we speak.

在那裡，我們正在增加購買量。

But there's not a utilization impact of that because that was being done outside.

但這不會對利用率產生影響，因為這是在外部完成的。

What we were doing inside, that's where we have the substantial die bank.

我們在裡面做的，就是我們擁有大量模具庫的地方。

And I think it will at least take it a few more quarters before we have to start increasing the production in our fabs.

而且我認為至少還需要幾個季度才能開始增加晶圓廠的產量。

Got it.

知道了。

Okay.

好的。

But then the lower end of the underutilization charges here in the March quarter is simply because you are filling out your packaging and test assembly utilizations are going up, right?

但是，三月份季度未充分利用費用的低端僅僅是因為你正在填寫你的封裝和測試組裝利用率正在上升，對吧？

Is that the primary driver for the lower underutilization charges?

這是較低的未充分利用費用的主要驅動因素嗎？

Yes.

是的。

There's always lots of moving parts, mix and all that.

總是有很多活動部件，混合等等。

But yes, there is a new phenomenon where even in the December quarter, we were depleting finished goods.

但是，是的，有一種新現象，即使在 12 月季度，我們也在消耗成品。

We were a quarter back-end utilization was lower than the September quarter.

我們是一個季度的後端利用率低於 9 月份的季度。

And the March quarter will be up significantly from the December quarter.

3 月季度將顯著高於 12 月季度。

I wanted to add one more comment on the question you asked regarding the June quarter seasonality, how it would be?

我想就您提出的有關 6 月季度季節性的問題再添加一條評論，情況如何？

And the comment was made that June quarter will at least be seasonal.

並且評論說 6 月季度至少是季節性的。

I would say, I hope that one of these quarters, current quarter as well as June quarter and September quarter are well above seasonal because the inventories are so low.

我會說，我希望其中一個季度，當前季度以及 6 月季度和 9 月季度遠高於季節性，因為庫存非常低。

And if I take any cues from any prior recoveries, whether it was from SARS or the recovery in -- from 2009 cycle or any other cycle recovery, usually, you got 2 or 3 quarters of well above seasonal recovery that takes the business back to the old heights and then goes from there.

如果我從之前的任何復蘇中得到任何線索，無論是從 SARS 還是從 2009 年周期或任何其他週期的複蘇中恢復，通常，你會得到 2 或 3 個季度的遠高於季節性的複蘇，使業務恢復到舊的高度，然後從那裡去。

So I'd like to think that any kind of forecast here becomes very conservative.

所以我想這裡的任何預測都變得非常保守。

Yes.

是的。

That's a fair point, Steve.

這是一個公平的觀點，史蒂夫。

Yes.

是的。

Our next question will come from the Vijay Rakesh with Mizuho Securities.

我們的下一個問題將來自瑞穗證券的 Vijay Rakesh。

I was wondering, as you look at your business, I was wondering if you can give us some color by markets, in markets, automotive, industrial, how do you see that playing out to the rest of the year?

我想知道，當你審視你的業務時，我想知道你是否可以按市場、汽車、工業市場給我們一些顏色，你如何看待今年餘下時間的表現？

So as Steve mentioned, we're starting to see automotive and industrial picking up from the bottom that they were at.

因此，正如史蒂夫提到的那樣，我們開始看到汽車和工業從他們所處的底部回升。

They had pretty bad years in 2019.

他們在 2019 年過得很糟糕。

And our expectation is that barring any outside events as we go through 2020, both those end markets should see continued improvement.

我們的預期是，除非在我們經歷 2020 年時發生任何外部事件，否則這兩個終端市場應該會持續改善。

Got it.

知道了。

And on the industrial and other end markets, do you see a similar trend into the back half?

在工業和其他終端市場，您是否看到後半部分出現類似趨勢？

Or do you see a stronger first half year or...

或者你看到上半年更強勁還是......

So my comment was for both automotive and industrial.

所以我的評論是針對汽車和工業的。

We've talked about data center.

我們已經談到了數據中心。

It was strong.

它很強大。

It remains strong.

它仍然很強大。

We don't see anything that suggests it's different.

我們沒有看到任何表明它不同的東西。

There may be some communication market changes that are driven by what happens with coronavirus.

冠狀病毒發生的情況可能會推動通信市場發生一些變化。

We don't know.

我們不知道。

But there is a large 5G cycle -- investment cycle that's starting.

但是有一個很大的 5G 週期——投資週期正在開始。

And then as far as defense and aerospace tends to be pretty steady and how it goes.

然後就國防和航空航天而言，它的發展趨勢相當穩定。

It remains steady with where it's at.

它的位置保持穩定。

And then the consumer cycle, we have yet to see if we'll see some benefits.

然後是消費者周期，我們還沒有看到我們是否會看到一些好處。

It needs further trade resolution for it to see any significant benefits, but nothing new to report on that, on the consumer end of the market.

它需要進一步的貿易解決方案才能看到任何顯著的好處，但在市場的消費者端沒有什麼新的報告。

Our last question will come from John Pitzer with Crédit Suisse Group.

我們的最後一個問題將來自 Crédit Suisse Group 的 John Pitzer。

I've been jumping around calls, so I apologize if this is a repeat.

我一直在打電話，所以如果這是重複的，我深表歉意。

But Steve, if you kind of look at the operating model for the business.

但是史蒂夫，如果你看一下企業的運營模式。

Historically, you guys have always made good progress and then kind of taking a step back as you've made acquisitions to then kind of move forward again.

從歷史上看，你們總是取得了良好的進步，然後在進行收購時退後一步，然後又向前邁進。

I'm just kind of curious, if we go to the extended period where you're not sort of in the acquisition game.

我只是有點好奇，如果我們進入你不參與收購遊戲的延長時期。

How should we be thinking about operating margin targets and incremental gross and op margins for the business over time?

隨著時間的推移，我們應該如何考慮業務的營業利潤率目標以及增量毛利率和營業利潤率？

So John, no, you are very correct that we make substantial progress in gross and operating margin after an acquisition.

所以約翰，不，你是非常正確的，我們在收購後在毛利率和營業利潤率方面取得了實質性進展。

And then when we do another acquisition, most times, we're not buying businesses that are over 60% gross margin and 40% operating margins.

然後當我們進行另一次收購時，大多數時候，我們不會購買毛利率超過 60% 和營業利潤率超過 40% 的企業。

So our overall company margin, gross and operating, drop.

因此，我們公司的整體利潤率、毛利率和運營利潤率下降了。

And then we work back up few steps only to take a fall again when we buy the next acquisition.

然後我們後退幾步，但在我們購買下一次收購時又跌倒了。

Now if you make the assumption that for an extended period of time, we were to not do another acquisition, then first thing that would happen is that we will reach our operating model.

現在，如果你假設在很長一段時間內，我們不會進行另一次收購，那麼首先會發生的事情就是我們將達到我們的運營模式。

So our operating model to remind everyone is 63% gross margin and 22.5% operating expenses, leading to a 40.5% operating profit.

所以我們提醒大家的運營模式是63%的毛利率和22.5%的運營費用，導致40.5%的運營利潤。

So 2 ends of it.

所以它的 2 端。

First the gross margin.

首先是毛利率。

We're guiding 61.7% gross margin this quarter.

我們指導本季度毛利率為 61.7%。

So it's 130 basis points away.

所以相距 130 個基點。

If you just take the underutilization charge of $16 million, that pretty much gets you there, almost.

如果您只收取 1600 萬美元的未充分利用費用，那幾乎可以讓您達到目標。

The second issue is the operating expense.

第二個問題是運營費用。

So operating expense, basically, we're guiding 25% to 26.2%.

所以運營費用，基本上，我們指導 25% 到 26.2%。

And there is a huge leverage there with the revenue increase.

隨著收入的增加，那裡有巨大的影響力。

The current revenue is -- I think, what couple of hundred million dollars behind that past record, and very round number.

目前的收入是——我認為，比過去的記錄低幾億美元，而且是一個非常整數的數字。

So once you gain that, you have a significant leverage where the operating expense comes down.

因此，一旦你獲得了這一點，你就有了顯著的影響力來降低運營費用。

Some leverage still remains in integration of Microsemi, with all these go-lives and all that, that are happening, which will take another 9 months.

一些影響力仍然存在於 Microsemi 的整合中，所有這些上線和所有正在發生的事情，還需要 9 個月。

But once we get all that done, then you have achieved gross margin as well as the operating expense and you have reached the model.

但是一旦我們完成了所有這些，那麼您就已經實現了毛利率和運營費用，並且您已經達到了模型。

Now if your question is, where does the model go?

現在如果你的問題是，模型去哪裡了？

Do we continue to go higher in gross margin and continue to grow higher in operating margin?

我們是否繼續提高毛利率並繼續提高營業利潤率？

For that, get in line, and we'll talk about it when we get there.

為此，請排隊，我們到那兒後再討論。

That's helpful.

這很有幫助。

And then just secondly, on Microsemi.

其次，在 Microsemi 上。

With an acquisition, you kind of made as the industry was going into a correction, and you're talking a little bit about kind of the expense leverage there.

通過收購，你在行業進行調整時有點成功，你正在談論那裡的費用槓桿。

I'm just kind of curious from a revenue leverage.

我只是對收入槓桿感到好奇。

I mean, one of the things you guys have always done well as you bought these assets is going and kind of apply a better pricing discipline to the business.

我的意思是，你們在購買這些資產時一直做得很好的事情之一就是在業務中應用更好的定價規則。

Is there still more to go with the Microsemi acquisition?

Microsemi 的收購還有更多的事情要做嗎？

Or has that mostly played out?

還是大部分時間都結束了？

First of all, I don't think we had the same pricing discipline issues in Microsemi as we did at Atmel.

首先，我不認為我們在 Microsemi 遇到了與 Atmel 相同的定價紀律問題。

Microsemi, just to remind you, was gross margins that were right around 60% when we did the acquisition.

美高森美提醒您，我們進行收購時的毛利率約為 60%。

The product lines at Microsemi are extremely sticky products, and many of them have very long life cycles.

Microsemi 的產品線是粘性極強的產品，其中許多產品的生命週期非常長。

And to that extent, those margins will stay high.

在某種程度上，這些利潤率將保持高位。

The product line revenues will stay high.

產品線收入將保持高位。

Now we have -- in the time we have owned Microsemi started to work on, so how are we going to take advantage of Microsemi's position in the end markets they were strong in, data center communications and aerospace and defense, to be able to sell a more complete portfolio?

現在我們已經 - 在我們擁有 Microsemi 開始工作的時候，那麼我們將如何利用 Microsemi 在他們強大的終端市場（數據中心通信、航空航天和國防）中的地位，以便能夠銷售更完整的產品組合？

And that work is well underway and reverse how can we take Microsemi products into the end market that Microchip was strong in prior to the acquisition, automotive, industrial and home appliances.

這項工作正在順利進行，並扭轉了我們如何將 Microsemi 產品帶入 Microchip 在收購之前擅長的終端市場，汽車、工業和家用電器。

And that work is going in.

這項工作正在進行中。

Now we have a 6-, 7-quarter window, where the environment has been weak.

現在我們有一個 6、7 季度的窗口，那裡的環境一直很疲軟。

And as we emerge from a weak environment and we go into a more normal environment, all the hard work that has been done will begin to play itself out.

當我們從脆弱的環境中走出來，進入一個更正常的環境時，所有已經完成的艱苦工作都會開始發揮作用。

And so I think there are revenue synergies yet to come.

因此，我認為收入協同效應尚未到來。

But in part, it's work to be done, and a lot of that is underway and has been for some time.

但在某種程度上，這是需要完成的工作，其中很多工作正在進行中並且已經進行了一段時間。

But a lot of it has to come as the environment strengthens.

但隨著環境的加強，其中很多都必須到來。

And John, I think if you study some of the past cycles, I know you and other analysts are very good studying the past analysts -- the past cycles.

約翰，我認為如果你研究過去的一些週期，我知道你和其他分析師非常擅長研究過去的分析師——過去的周期。

What really happens is nobody believes the depth of the downturn.

真正發生的是沒有人相信經濟衰退的深度。

And the estimates always stay high and they get cut multiple times.

而且估計值總是居高不下，並且被多次削減。

In this cycle, the estimates probably have been cut 4 times, not only for Microchip, but for the industry and various other players, could be more than 4 times.

在這個週期中，估計可能被削減了 4 次，不僅是 Microchip，而且對於行業和其他各種參與者，可能超過 4 次。

And then when the reverse happens, the estimates always go higher, beat and raise, beat and raise, beat and raise for many quarters.

然後當相反的情況發生時，估計總是更高，擊敗並提高，擊敗並提高，擊敗並提高許多季度。

I have seen this in prior cycles because nobody has the confidence to guess the revenue or guide the revenue to be higher than seasonal, and it continues for many quarters in the other direction.

我在之前的周期中看到過這種情況，因為沒有人有信心猜測收入或引導收入高於季節性，而且它在另一個方向上持續了很多個季度。

That's what I'm hoping for, but not guiding to.

這就是我所希望的，但不是指導。

All right.

好的。

Thank you.

謝謝。

And at this time, there are no further questions in the queue.

此時，隊列中沒有其他問題。

So I would like to turn the call back over to Mr. Steve Sanghi for any closing remarks.

因此，我想將電話轉回給 Steve Sanghi 先生，聽取任何結束語。

Well, we want to thank everyone for attending this call, and we're going to about 3 different conferences, I think, this quarter.

好吧，我們要感謝大家參加這次電話會議，我認為本季度我們將參加大約 3 場不同的會議。

So we'll see some of you at those conferences.

所以我們會在這些會議上見到你們中的一些人。

Thank you.

謝謝。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes today's teleconference, and you may now disconnect.

今天的電話會議到此結束，您現在可以斷開連接。

Please enjoy the rest of your evening.

請盡情享受剩下的夜晚。