微晶片科技 (MCHP) 2015 Q2 法說會逐字稿

Good day everyone, and welcome to this Microchip Technology Second Quarter and Fiscal Year 2015 Financial Results Conference Call.

大家好，歡迎參加本次 Microchip Technology 2015 年第二季度和財政年度財務業績電話會議。

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

提醒一下，今天的電話正在錄音中。

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

此時，我想將電話轉給 Microchip 的首席財務官 Eric Bjornholt。

Please go ahead, sir.

請繼續，先生。

Good afternoon, everyone.

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，我們將對公司未來事件或未來財務業績做出預測和其他前瞻性陳述。

We wish to caution you that such statements are predictions, and 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 release of today, as well as our recent filings with the SEC, that identify important risk factors that may impact Microchip's business and results of operations.

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

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

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

I will comment on our second quarter fiscal year 2015 financial performance, and Steve Ganesh will then give their comments on the results, provide some additional information on our acquisition integration activities, and discuss the current business environment, as well as our guidance.

我將對我們 2015 財年第二季度的財務業績發表評論，然後 Steve Ganesh 將對結果發表評論，提供一些關於我們的收購整合活動的額外信息，並討論當前的商業環境以及我們的指導。

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

然後，我們將可以回答特定的投資者和分析師的問題。

I want to remind you that we are including information in our press release and this conference call on various GAAP and non-GAAP measures.

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

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

我們已在我們網站 www.microchip.com 的投資者關係頁面上發布了完整的 GAAP 與非 GAAP 對賬，我們相信您在比較 GAAP 和非 GAAP 結果時會發現它很有用。

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

我現在將介紹一些運營結果，包括淨銷售額、毛利率和運營費用。

I will be referring to these results on a non-GAAP basis prior to the effects of our acquisition activities and share-based compensation.

在我們的收購活動和基於股份的薪酬的影響之前，我將在非公認會計原則的基礎上參考這些結果。

Net sales in the September quarter were a record $546.2 million, including $16.9 million of net sales from ISSC, and were up 2.8% sequentially from non-GAAP net sales of $531.3 million in the immediately preceding quarter.

9 月份季度的淨銷售額達到創紀錄的 5.462 億美元，其中包括來自 ISSC 的 1690 萬美元的淨銷售額，比上一季度的非公認會計準則淨銷售額 5.313 億美元環比增長 2.8%。

Revenue by product line was a record $361.8 million for microcontrollers, $122.6 million for analog, $32.5 million for memory, $22.6 million for licensing, $6.8 million of other.

按產品線劃分，微控制器收入達到創紀錄的 3.618 億美元，模擬收入 1.226 億美元，內存收入 3250 萬美元，許可收入 2260 萬美元，其他收入 680 萬美元。

Revenue from ISSC is classified within microcontrollers.

ISSC 的收入屬於微控制器。

Revenue by geography was a record $108.6 million in the Americas, $110.8 million in Europe, and $326.8 million in Asia.

按地域劃分的收入在美洲達到創紀錄的 1.086 億美元，在歐洲達到 1.108 億美元，在亞洲達到 3.268 億美元。

I remind you that we recognize revenue based on where we ship our products, which tends to skew some of the revenue towards Asia, where a lot of the contract manufacturing takes place.

我提醒您，我們根據我們的產品發貨地點確認收入，這往往會使部分收入偏向亞洲，許多合同製造發生在亞洲。

On a non-GAAP basis, gross margins were 59.1% in the September quarter.

按非公認會計原則計算，9 月季度的毛利率為 59.1%。

Non-GAAP operating expenses were 26.6% of sales.

非美國通用會計準則營業費用佔銷售額的 26.6%。

Non-GAAP operating income was 32.5% of sales.

非美國通用會計準則營業收入佔銷售額的 32.5%。

Net income was $150.2 million.

淨收入為 1.502 億美元。

This resulted in earnings of $0.67 per diluted share.

這導致每股攤薄收益為 0.67 美元。

On a GAAP basis, gross margins, including share-based compensation and acquisition-related expenses, were 56.3% in the September quarter.

按美國通用會計準則計算，9 月季度的毛利率（包括股權薪酬和收購相關費用）為 56.3%。

GAAP gross margins include the impact of $2.6 million of share-based compensation, and $12.7 million of charges associated with the sell-through of written-up inventory from our acquisitions of Supertex and ISSC.

GAAP 毛利率包括 260 萬美元的股票薪酬的影響，以及與我們收購 Supertex 和 ISSC 的書面庫存銷售相關的 1270 萬美元的費用。

Total operating expenses were $206.1 million, or 37.7% of sales, and include acquisition intangible amortization of $45.4 million, share-based compensation of $12.6 million, $1.8 million of acquisition-related expenses, and special charges of $0.8 million.

總運營費用為 2.061 億美元，佔銷售額的 37.7%，其中包括 4540 萬美元的收購無形攤銷、1260 萬美元的股權補償、180 萬美元的收購相關費用和 80 萬美元的特殊費用。

The GAAP net income was $93.6 million, or $0.42 per diluted share.

GAAP 淨收入為 9360 萬美元，或每股攤薄收益 0.42 美元。

GAAP net income includes non-recurring favorable tax events of $10.5 million, which were primarily associated with the release of certain valuation allowances, the passing of the statute of limitations on certain tax reserves, and the favorable closing of a tax audit.

GAAP 淨收入包括 1050 萬美元的非經常性有利稅務事件，這主要與釋放某些估值津貼、通過某些稅收儲備的訴訟時效以及有利地結束稅務審計有關。

In the September quarter, the non-GAAP tax rate was 10.9%, and the GAAP tax rate was a benefit of 1.5%.

9 月季度，非 GAAP 稅率為 10.9%，GAAP 稅率為 1.5%。

The GAAP tax rate was favorably impacted by the $10.5 million of non-recurring tax events that I mentioned before.

GAAP 稅率受到我之前提到的 1050 萬美元非經常性稅務事件的有利影響。

Our tax rate is impacted by the mix of geographical profits, withholding taxes associated with our licensing business, and the tax effect of various non-recurring items.

我們的稅率受到地域利潤、與我們的許可業務相關的預扣稅以及各種非經常性項目的稅收影響的影響。

Excluding any non-recurring events, we expect our longer-term, forward-looking, non-GAAP effective tax rate to be about 10.5% to 11%.

排除任何非經常性事件，我們預計我們的長期、前瞻性、非公認會計原則有效稅率約為 10.5% 至 11%。

To summarize the after-tax impact of non-GAAP adjustments had on Microchip's earnings per share in the September quarter, acquisition-related items were about $0.241.

總結非 GAAP 調整對 Microchip 9 月季度每股收益的稅後影響，與收購相關的項目約為 0.241 美元。

Share-based compensation was about $0.06.

以股份為基礎的薪酬約為 0.06 美元。

Non-recurring favorable tax events were about $0.047.

非經常性優惠稅收事件約為 0.047 美元。

The difference in the GAAP and non-GAAP non-controlling interest in ISSC was a favorable $0.009, and the non-cash interest expense was about $0.007.

ISSC 的 GAAP 和非 GAAP 非控股權益的差異為有利的 0.009 美元，非現金利息費用約為 0.007 美元。

The dividend declared today of $0.3565 per share will be paid on December 5, 2014, to shareholders of record on November 21, 2014.

今天宣布的每股 0.3565 美元的股息將於 2014 年 12 月 5 日支付給 2014 年 11 月 21 日登記在冊的股東。

The cash payment associated with this dividend will be approximately $71.7 million.

與該股息相關的現金支付將約為 7170 萬美元。

This quarter's dividend will be our 49th consecutive quarter of making a dividend payment.

本季度的股息將是我們連續第 49 個季度支付股息。

We have never made reductions in our dividend.

我們從未減少股息。

In fact, this quarter's increase marks the 43rd occasion we have increased the dividend payment.

事實上，本季度的增長標誌著我們第 43 次增加股息支付。

The accumulative dividends paid amount to almost $2.4 billion.

已支付的累計股息接近 24 億美元。

This program continues to be an important component of how we return value to our shareholders.

該計劃仍然是我們如何向股東回報價值的重要組成部分。

During the time period that Microchip has paid dividends, we have also purchased back $1.4 billion of our stock, including the stock that we bought back when we issued our convertible in fiscal year 2008.

在 Microchip 支付股息期間，我們還回購了 14 億美元的股票，包括我們在 2008 財年發行可轉換債券時回購的股票。

Our total return to shareholders through dividend and stock buy-back over the past 49 quarters is approximately $3.8 billion.

在過去的 49 個季度中，我們通過股息和股票回購為股東帶來的總回報約為 38 億美元。

Moving on to the balance sheet, consolidated inventory at September 30, 2014, was $275.7 million, or 105 days, compared to 109 days at the end of the June quarter.

轉到資產負債表，截至 2014 年 9 月 30 日，合併庫存為 2.757 億美元，即 105 天，而 6 月季度末為 109 天。

The inventory balance at September 30, 2014, includes $4.5 million of inventory write-up costs associated with our acquisitions as required for GAAP purchase accounting.

2014 年 9 月 30 日的庫存餘額包括 450 萬美元的與我們的收購相關的庫存增記成本，符合 GAAP 採購會計要求。

Including the inventory write up -- excluding the inventory write-up, Microchip had 109 days of inventory on its balance sheet as of the end of the quarter.

包括庫存增記——不包括庫存增記，截至本季度末，Microchip 的資產負債表上有 109 天的庫存。

We have taken steps to adjust our capacity in our wafer fabs and our assembly and test facilities, given the current business environment.

鑑於當前的商業環境，我們已採取措施調整我們的晶圓廠以及我們的組裝和測試設施的產能。

Inventory at our distributors increased by three days in the September quarter, and are at 34 days.

我們分銷商的庫存在 9 月季度增加了 3 天，目前為 34 天。

Most of the distribution inventory build in the quarter was at our distributors in Asia.

本季度的大部分分銷庫存都來自我們在亞洲的分銷商。

I want to remind you that our distribution revenue throughout the world is recognized on a sell-through basis.

我想提醒您，我們在全球的分銷收入是在銷售基礎上確認的。

The increase in Microchip's net cash and investment balance in the September quarter, excluding our acquisition of ISSC and our dividend payment, was $156.2 million.

不包括我們對 ISSC 的收購和我們支付的股息，Microchip 在 9 月季度的淨現金和投資餘額增加了 1.562 億美元。

As of September 30, the consolidated cash and total investment position was approximately $2.124 billion.

截至 9 月 30 日，合併現金和總投資頭寸約為 21.24 億美元。

Our borrowings under our revolving line of credit decreased to $965.6 million.

我們在循環信貸額度下的借款減少至 9.656 億美元。

Excluding dividend payments and our acquisition activities, we expect our total cash and investment position to grow by approximately $110 million to $140 million in the December quarter.

不計股息支付和我們的收購活動，我們預計我們的總現金和投資頭寸將在 12 月季度增長約 1.1 億美元至 1.4 億美元。

Capital spending was approximately $38.7 million for the September quarter.

9 月季度的資本支出約為 3870 萬美元。

We expect about $40 million in capital spending in the December quarter, and overall capital expenditures for FY15 to be about $150 million, as we are adding capital to support the growth of our production capabilities for our fast-growing new products and technologies, and to bring in house more of the assembly and test operations that are currently outsourced.

我們預計 12 月季度的資本支出約為 4,000 萬美元，2015 財年的總體資本支出約為 1.5 億美元，因為我們正在增加資本以支持我們快速增長的新產品和技術的生產能力的增長，以及引入更多目前外包的組裝和測試操作。

Depreciation expense in the September quarter was $24.3 million.

9 月季度的折舊費用為 2430 萬美元。

Historically, the ISSC business has recognized revenue in the distribution channel on a sell-in basis.

從歷史上看，ISSC 業務在銷售渠道中確認收入是基於銷售的。

Microchip will be changing the contractual relationships with ISSC's distributors effective November 1, to move to a sell-through revenue-recognition model.

Microchip 將從 11 月 1 日起改變與 ISSC 分銷商的合同關係，轉向銷售收入確認模式。

During this transition, Microchip's reported GAAP revenue will not include the sell-through of any inventory that was in the ISSC distribution channel as of the end of October.

在此過渡期間，Microchip 報告的 GAAP 收入將不包括截至 10 月底在 ISSC 分銷渠道中的任何庫存的銷售。

Based on about 1.5 months of inventory in the ISSC distribution channel, we expect GAAP revenue will be about $7 million lower in the December quarter than it would've been if ISSC had historically recognized revenue on a sell-through basis.

根據 ISSC 分銷渠道中約 1.5 個月的庫存，我們預計 12 月季度的 GAAP 收入將比 ISSC 歷來以銷售為基礎確認收入的情況下減少約 700 萬美元。

To provide investors with an appropriate understanding of the true end-market demand for the ISSC products, Microchip will report its non-GAAP revenue in the December quarter for ISSC, based on if a full sell-through model had been in place for ISSC in the past.

為了讓投資者對 ISSC 產品的真實終端市場需求有一個適當的了解，Microchip 將根據 ISSC 在過去。

We expect non-GAAP revenue for ISSC to be about $17 million in the December quarter.

我們預計 ISSC 在 12 月季度的非 GAAP 收入約為 1700 萬美元。

I will now ask Ganesh to give his comments on the performance of the business in the September quarter, and provide an update on the integration activities related to the ISSC acquisition.

我現在請 Ganesh 就 9 月季度的業務表現發表評論，並提供與 ISSC 收購相關的整合活動的最新情況。

Ganesh?

加內甚？

Thank you, Eric, and good afternoon, everyone.

謝謝你，埃里克，大家下午好。

Let's take a closer look at the performance of each of our product lines, starting with microcontrollers.

讓我們仔細看看我們每個產品線的性能，從微控制器開始。

Including ISSC revenue, which will be reported as part of our microcontroller revenue, our overall microcontroller business grew 5.2% sequentially in the September quarter, and was up 12.7% from the year-ago quarter, thus achieving a new record.

包括將作為我們微控制器收入一部分報告的 ISSC 收入，我們的整體微控制器業務在 9 月季度環比增長 5.2%，比去年同期增長 12.7%，從而創下新紀錄。

Excluding revenue from ISSC, our overall microcontroller revenue grew by 0.3% sequentially in the September quarter, and was up 7.4% versus the year-ago quarter, and also achieved a new revenue record.

剔除 ISSC 的收入，我們的整體微控制器收入在 9 月季度環比增長 0.3%，與去年同期相比增長 7.4%，並且還創下了新的收入記錄。

We are being transparent with the revenue added from our ISSC acquisitions, so that analysts and investors can more meaningfully compare our microcontroller results to other companies.

我們對 ISSC 收購所增加的收入保持透明，以便分析師和投資者可以更有意義地將我們的微控制器結果與其他公司進行比較。

Excluding any revenue from ISSC, our 16-bit microcontroller business was up 8.3% sequentially in the September quarter, also achieving a new record for revenue.

剔除來自 ISSC 的任何收入，我們的 16 位微控制器業務在 9 月季度環比增長 8.3%，也創下了新的收入記錄。

16-bit microcontroller revenue was up 23.3% versus the year-ago quarter.

16 位微控制器收入同比增長 23.3%。

This business continues to be an important engine of ongoing growth for us, as we continue to find and serve new customers and new applications with our expanding portfolio.

隨著我們不斷擴大產品組合，我們繼續尋找和服務新客戶和新應用，這項業務仍然是我們持續增長的重要引擎。

Excluding revenue from ISSC, our 32-bit microcontroller business was up 7.6% sequentially in the September quarter, also achieving a new record for revenue.

剔除 ISSC 的收入，我們的 32 位微控制器業務在 9 月季度環比增長 7.6%，也創下了新的收入記錄。

32-bit microcontroller revenue was also up 38.6% versus the year-ago quarter.

與去年同期相比，32 位微控制器收入也增長了 38.6%。

We are continuing to rapidly expand our new product portfolio, win new designs, and expand our presence in new fields of play, to enable further growth in revenue and market share.

我們將繼續快速擴展我們的新產品組合，贏得新設計，並擴大我們在新遊戲領域的影響力，以實現收入和市場份額的進一步增長。

Our 32-bit microcontroller business, combined with our 16-bit microcontroller business, together are at the size and growth rate where they're making meaningful contribution to our ongoing growth.

我們的 32 位微控制器業務與我們的 16 位微控制器業務相結合，它們的規模和增長率共同為我們的持續增長做出了有意義的貢獻。

We believe we are continuing to gain significant microcontroller market share, and expect the 2014 market share rankings to bear that out when it is published next year.

我們相信我們將繼續獲得重要的微控制器市場份額，並預計 2014 年市場份額排名將在明年發佈時證實這一點。

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

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，我們擁有新的產品動力和客戶參與度，將繼續獲得更多份額。

Microcontrollers revenue represented 66.2% of Microchip's overall revenue in the September quarter.

微控制器收入佔 Microchip 9 月季度總收入的 66.2%。

Now moving to analog products.

現在轉向模擬產品。

Our analog business was down 4.1% sequentially in the September quarter, and was up 13.2% from the year-ago quarter.

我們的模擬業務在 9 月季度環比下降 4.1%，比去年同期增長 13.2%。

This business continues to have strong design-win momentum, and represented 22.4% of Microchip's overall revenue in the September quarter.

該業務繼續保持強勁的設計獲胜勢頭，佔 Microchip 9 月份季度總收入的 22.4%。

We continue to develop and introduce a wide range of innovative and proprietary new products to fuel the future growth of our analog business.

我們繼續開發和推出一系列創新和專有的新產品，以推動我們模擬業務的未來增長。

Now moving to our memory business, which is comprised of our Serial E-squared memory, as well as our SuperFlash memory products.

現在轉向我們的內存業務，該業務由我們的串行 E 平方內存以及我們的 SuperFlash 內存產品組成。

This business was down 2.6% sequentially.

該業務環比下降 2.6%。

We continue to run our memory business in a disciplined fashion that maintains consistently high profitability, enables our licensing business, and serves our microcontroller customers to complete their solutions.

我們繼續以嚴謹的方式經營我們的內存業務，保持始終如一的高盈利能力，支持我們的許可業務，並為我們的微控制器客戶提供完善的解決方案。

Our memory business represented 6% of Microchip's overall revenue in the September quarter.

我們的內存業務佔 Microchip 9 月份季度總收入的 6%。

Finally, the ISSC integration is moving ahead at full speed, and will transition to our business systems on November 1. We expect to complete buying the majority of the approximately 16% of shares of ISSC that we don't yet own, and de-listing ISSC from the Taiwan stock exchange by the end of December 2014.

最後，ISSC 整合正在全速推進，並將於 11 月 1 日過渡到我們的業務系統。我們預計將完成購買我們尚未擁有的 ISSC 約 16% 股份中的大部分，並取消-於 2014 年 12 月在台灣證券交易所上市 ISSC。

Steve will provide much more color on the ISSC and Supertex acquisitions in his prepared remarks.

史蒂夫將在他準備好的評論中提供更多關於 ISSC 和 Supertex 收購的信息。

Let me now pass it to Steve for some general comments about our business, as well as our guidance going forward.

現在讓我將它傳遞給史蒂夫，以獲得對我們業務的一般性評論，以及我們未來的指導。

Steve?

史蒂夫?

Thank you, Ganesh, and good afternoon, everyone.

謝謝 Ganesh，大家下午好。

Today, I would first like to reflect on the results of the fiscal second quarter of 2015.

今天，我首先想回顧一下 2015 財年第二季度的業績。

Then I will comment on the progress of some of our acquisitions, and then provide guidance for the fiscal third quarter of 2015.

然後我將評論我們一些收購的進展情況，然後為 2015 財年第三季度提供指導。

I will also comment on the macro-cycle call we made three weeks ago.

我還將評論我們三週前所做的宏觀週期電話會議。

We are disappointed with the level of business activity in the September quarter.

我們對 9 月季度的商業活動水平感到失望。

September quarter is usually a very back-end-weighted quarter, because of traditional weak August, due to holidays in various parts of the world.

9 月季度通常是一個非常後端加權的季度，因為傳統的 8 月疲軟，由於世界各地的假期。

The month of September is usually a very strong month for our revenue after the summer holiday period.

9 月份通常是暑假後我們收入非常強勁的月份。

This time, the September sales did not materialize to our expectations, leading us to pre-announce the quarter on October 9, 2014.

這一次，9 月份的銷售額沒有達到我們的預期，導致我們在 2014 年 10 月 9 日預先宣布了該季度。

There were a few bright spots in the results, in the areas of microcontrollers and licensing division.

在微控制器和許可部門領域，結果中有一些亮點。

As Ganesh mentioned, 16-bit MCUs were up 8.1% sequentially, and 32-bit MCUs were up 7.6% sequentially.

正如 Ganesh 所說，16 位 MCU 環比增長 8.1%，32 位 MCU 環比增長 7.6%。

Overall MCU revenue achieved another all-time record in the quarter.

MCU 總收入在本季度再創歷史新高。

Licensing division revenue was up 10.5% sequentially, reflecting increased penetration of our SuperFlash technology at foundries and IDMs, alike.

許可部門收入環比增長 10.5%，這反映了我們的 SuperFlash 技術在代工廠和 IDM 等領域的滲透率提高。

During the quarter we worked on simultaneous integration of two different acquisitions.

在本季度，我們致力於同時整合兩項不同的收購。

On April 1, 2014, we had closed the acquisition of Supertex.

2014 年 4 月 1 日，我們完成了對 Supertex 的收購。

By July 1, 2014, we had integrated the financial and business systems of Supertex with Microchip's.

到 2014 年 7 月 1 日，我們已經將 Supertex 的財務和業務系統與 Microchip 的系統集成在一起。

During the quarter, we successfully qualified many of the high-volume products of Supertex in Microchip's Tempe, Arizona, fab.

在本季度，我們在 Microchip 位於亞利桑那州坦佩的晶圓廠成功驗證了 Supertex 的許多大批量產品。

During the quarter, we also decided that we will close down Supertex San Jose Fab.

在本季度，我們還決定關閉 Supertex San Jose Fab。

It is a six-inch wafer fab located in a leased building in San Jose, California.

這是一座六英寸晶圓廠，位於加利福尼亞州聖何塞的一棟租賃建築內。

Currently we are on schedule to make the last wafer start in San Jose fab by the end of November.

目前，我們正按計劃在 11 月底之前在聖何塞晶圓廠啟動最後一個晶圓。

We will close the fab sometime in February 2015.

我們將在 2015 年 2 月的某個時候關閉工廠。

We have allotted for making some last-time buy wafers for the products that have not been qualified in the Tempe fab yet, and also to provide overlap for customers qualifying their products from Tempe fab.

我們已分配為尚未在 Tempe 工廠合格的產品製造一些最後購買的晶圓，並為客戶從 Tempe 工廠合格他們的產品提供重疊。

During the quarter, we also decided to phase out production in Supertex the Hong Kong test facility.

在本季度，我們還決定逐步停止在香港測試設施 Supertex 的生產。

The cost of production there is significantly more expensive than Microchip's high-volume facility in Thailand.

那裡的生產成本比 Microchip 在泰國的大批量工廠要貴得多。

Production in the Hong Kong facility will be phased out by February 2015, also.

香港工廠的生產也將於 2015 年 2 月停止。

We believe that closure of the Santa Jose fab and the Hong Kong test facility will add about $0.05 to $0.07 of accretion on an annual basis after the older last-time buy inventory has been shipped out.

我們認為，在較舊的最後一次購買庫存已運出後，關閉聖何塞工廠和香港測試設施將每年增加約 0.05 美元至 0.07 美元的增量。

Supertex's business model is already improving significantly.

Supertex 的商業模式已經在顯著改善。

Last quarter, Supertex's gross margin was 54.7%, and operating margin was approximately 24.7%.

上一季度，Supertex 的毛利率為 54.7%，營業利潤率約為 24.7%。

When the full impact of production in Microchip's facilities is baked in, we believe Supertex will be operating at Microchip's gross and operating profit models.

當 Microchip 設施生產的全部影響得到體現時，我們相信 Supertex 將按照 Microchip 的毛利潤和營業利潤模式運營。

I remind you that Supertex standalone non-GAAP operating margin, in the full calendar year 2013 before the acquisition, was 17.2%.

我提醒您，在收購前的 2013 年全年，Supertex 獨立的非 GAAP 營業利潤率為 17.2%。

Supertex contributed $0.014 accretion last quarter, which will go to about $0.03 per quarter after the full effect of factory shut-downs has been baked in.

Supertex 上個季度貢獻了 0.014 美元的增值，在工廠關閉的全部影響已經完全消除後，這將達到每季度約 0.03 美元。

We believe it will take about a year to see the full impact.

我們相信大約需要一年的時間才能看到全面的影響。

Now about ISSC acquisition.

現在關於 ISSC 的收購。

ISSC added $16.9 million to our net sales in the September quarter, and contributed about $0.01 accretion to our non-GAAP EPS.

ISSC 在 9 月季度為我們的淨銷售額增加了 1690 萬美元，並為我們的非 GAAP 每股收益貢獻了約 0.01 美元。

The integration of ISSC is under way.

ISSC 的整合正在進行中。

We are on target to consolidate the financial and business systems of ISSC with Microchip's on November 1, 2014.

我們的目標是在 2014 年 11 月 1 日將 ISSC 的財務和業務系統與 Microchip 合併。

The organization of ISSC is also being merged with the divisional, sales, finance, and other organizations of Microchip.

ISSC 的組織也正在與 Microchip 的部門、銷售、財務和其他組織合併。

The September quarter was also our 96th consecutive profitable quarter.

9 月季度也是我們連續第 96 個盈利季度。

We have four more quarters to go in order to hit the century mark for consecutive profitable quarters.

我們還有四個季度要達到連續盈利季度的世紀大關。

I want to thank all the employees of Microchip for their contribution in this remarkable achievement of 96 consecutive profitable quarters.

我要感謝 Microchip 的所有員工在連續 96 個季度實現盈利的這一非凡成就中所做出的貢獻。

Now I will provide guidance for the fiscal third quarter of 2015.

現在我將為 2015 財年第三季度提供指導。

December quarter is seasonally the weakest quarter for Microchip.

12 月季度是 Microchip 季節性表現最差的季度。

Having seen most of the correction in the September quarter, we expect the December quarter revenue to be only slightly below typical seasonal levels.

在看到 9 月季度的大部分修正後，我們預計 12 月季度的收入將僅略低於典型的季節性水平。

We expect our non-GAAP revenue to be down 2% to 7% sequentially in the December quarter.

我們預計我們的非 GAAP 收入將在 12 月季度環比下降 2% 至 7%。

In adjusting our factories, we have selectively pushed out some capital equipment previously on order, but we are continuing to invest in our growth initiatives.

在調整我們的工廠時，我們有選擇地推出了一些之前訂購的資本設備，但我們將繼續投資於我們的增長計劃。

Continuing on the guidance, on a non-GAAP basis, we expect our gross margin to be between 58% and 58.2% of sales.

繼續指導，在非公認會計原則的基礎上，我們預計我們的毛利率將在銷售額的 58% 至 58.2% 之間。

We expect operating expenses to be between 27% and 27.5% of sales.

我們預計運營費用將佔銷售額的 27% 至 27.5%。

We expect operating profit to be between 30.5% and 31.2% of sales.

我們預計營業利潤將在銷售額的 30.5% 至 31.2% 之間。

We expect non-GAAP EPS to be between $0.59 and $0.64 per share.

我們預計非公認會計原則每股收益在 0.59 美元至 0.64 美元之間。

Now let's talk about the semiconductor cycle and our pre-announcement.

現在讓我們談談半導體週期和我們的預先公告。

In each semiconductor business cycle, this debate rages in the investment and analyst community.

在每個半導體商業周期中，這種爭論在投資界和分析師界都很激烈。

Does Microchip have an internal Microchip problem, or do our results reflect a weakening macro?

Microchip 是否存在 Microchip 內部問題，或者我們的結果是否反映了宏觀減弱？

Each time we give the same explanation regarding how we see the effect of industry events earlier than others, and we have subsequently been vindicated when the entire industry softens a quarter or so later.

每次我們都對我們如何比其他人更早地看到行業事件的影響給出相同的解釋，並且當整個行業在四分之一左右之後軟化時，我們隨後被證明是正確的。

But after all these times of telling us that we were right in the previous cycles, the controversy after we make the comments the same as we have seen in the prior cycles.

但是在所有這些次告訴我們我們在之前的周期中是對的之後，我們發表評論之後的爭議與我們在之前的周期中看到的一樣。

This time it is no different, and it seems that it is really par for the course.

這一次也沒什麼不同，而且似乎真的是一帆風順。

I have seen an unprecedented amount of spin in explaining the weak guidance of other companies.

在解釋其他公司的弱指導時，我看到了前所未有的旋轉。

One company even called it amplified seasonality, with customers wanting to make sure that they position inventory where they're going to be comfortable at.

一家公司甚至將其稱為放大的季節性，客戶希望確保他們將庫存放置在他們會感到舒適的地方。

Now what is that?

那是什麼？

That sounds like a correction.

這聽起來像是一個修正。

According to Needham's report, 73% of the companies that have reported thus far have issued guidance lower than consensus, and that does not include companies that reported yesterday or today.

根據Needham 的報告，迄今為止報告的公司中有73% 發布的指引低於共識，這不包括昨天或今天報告的公司。

This process at other companies in the past have taken two earning cycles to complete, so you have to wait for the January earnings season to see the whole story unfold, and see what happens at all the selling companies.

過去其他公司的這個過程需要兩個盈利週期才能完成，所以你必須等待 1 月份的盈利季節才能看到整個故事的展開，看看所有銷售公司會發生什麼。

The overarching question remains whether there is a slow-down of the industry ahead, led by China, or was it a Company-specific Microchip problem.

最重要的問題仍然是未來的行業是否會放緩，以中國為首，還是公司特有的微芯片問題。

Let me digress for a minute.

讓我離題一下。

At Microchip, we are the students of Jim Collins' famous book, Good To Great.

在 Microchip，我們是 Jim Collins 的名著 Good To Great 的學生。

I adopted some of those principles in Microchip culture, which was also documented in my book, titled Driving Excellence.

我在 Microchip 文化中採用了其中的一些原則，這些原則也記錄在我的書《駕駛卓越》中。

Jim Collins defined level-live leadership in his book.

吉姆柯林斯在他的書中定義了平實領導。

When things go well, a level-five leader looks out the window and thanks his people for having done a great job.

當事情進展順利時，一位五級領導者會看著窗外，感謝他的下屬所做的出色工作。

I have always thanked my people for having done a great job in achieving 96 consecutive quarters of profitability.

我一直感謝我的員工在實現連續 96 個季度的盈利方面做得非常出色。

Jim Collins says that when things go wrong, a level-five leader looks in the mirror, and takes responsibility, and internalizes what he personally could have done better.

吉姆柯林斯說，當事情出錯時，一個五級領導者會照鏡子，承擔責任，並內化他個人本可以做得更好的事情。

Now, December-quarter guidance from the industry has been a mixed bag so far.

現在，到目前為止，該行業 12 月季度的指導意見好壞參半。

If it turns out that Microchip was wrong in making a cycle call, I would look in the mirror and personally take responsibility to correct whatever may be wrong in our business.

如果事實證明 Microchip 在循環呼叫方面有誤，我會照照鏡子，親自負責糾正我們業務中可能出現的任何問題。

However, you are already starting to see commentary from late-reporting companies about bookings weakness; weakness in industrial and consumer markets; inventory management by distributors; weakness in Asia; and some even -- some companies even calling for broad weakness across most end markets; and weak macro conditions, combined with seasonality to cause near-double-digit revenue declines.

但是，您已經開始看到遲報公司關於預訂疲軟的評論；工業和消費市場疲軟；分銷商的庫存管理；亞洲疲軟；有些公司甚至呼籲大多數終端市場普遍疲軟；宏觀環境疲軟，加上季節性因素導致收入下降近兩位數。

That is, and I quote, amplified seasonality, unquote.

也就是說，我引用，放大的季節性，取消引用。

In terms of taking responsibility, we are going through all of our business units, geographical data, direct customers, and distributors with a fine-tooth comb.

在承擔責任方面，我們正在仔細梳理我們所有的業務部門、地理數據、直接客戶和經銷商。

In case our call turns out to be wrong, we want to be prepared in understanding what went wrong and already taken steps taken to correct it.

萬一我們的電話被證明是錯誤的，我們希望準備好了解出了什麼問題並已經採取了糾正措施。

There was a belief on the street that Microchip's problem was caused by the customer letter that we issued on July 31.

街上有一種說法，認為 Microchip 的問題是由我們 7 月 31 日發出的客戶信引起的。

When you have a few large customers, it is easy to communicate with them regarding your lead times and business environment.

當您有一些大客戶時，很容易與他們就您的交貨時間和業務環境進行溝通。

With more than 80,000 customers at Microchip, it is very difficult to get the message across without writing such letters and posting them on the web.

Microchip 擁有 80,000 多名客戶，如果不寫下此類信件並將其發佈在網絡上，就很難傳達信息。

We were receiving complaints from customers that they needed to be informed that lead time on some products had stretched out.

我們收到了客戶的投訴，他們需要被告知某些產品的交貨時間已經延長。

Microchip wrote the letter to inform our broad base of customers.

Microchip 寫這封信是為了通知我們廣泛的客戶群。

In fact, the letter had no effect on our revenue, and it stands to reason that a letter issued on July 31 communicating 12 weeks of lead time would have no impact on the September quarter revenue.

事實上，這封信對我們的收入沒有影響，按理說，7 月 31 日發出的一封通知提前 12 週交貨時間的信對 9 月季度的收入沒有影響。

If the letter is accused of causing any double ordering, then the September quarter sales should have gone up, not down.

如果這封信被指控造成任何雙重訂購，那麼 9 月份季度的銷售額應該上升，而不是下降。

In reality, the September distribution sales did not materialize, and distribution inventory increased.

實際上，9 月份的分銷銷售並未實現，分銷庫存增加。

If we had selling revenue recognition like some of our peers use, we too would have met our guidance for the September quarter.

如果我們像一些同行一樣使用銷售收入確認，我們也將達到我們對 9 月季度的指導。

The letter was not it.

這封信不是它。

Continuing to diagnose the business within Microchip, our microcontroller business without counting ISSC was up 0.3% sequentially to another record.

繼續診斷 Microchip 內部的業務，我們的微控制器業務（不計 ISSC）環比增長 0.3%，再創紀錄。

It was also up 7.4% from same quarter last year.

它也比去年同期增長了 7.4%。

We did not add the revenue of ISSC acquisition completed last quarter, to make a fair comparison to other companies.

我們沒有加上上季度完成的 ISSC 收購的收入，以便與其他公司進行公平比較。

The last quarter over a year-ago quarter performance is better than many of our microcontroller competitors.

與去年同期相比，上一季度的表現優於我們的許多微控制器競爭對手。

We are comfortable with how the businesses are performing inside.

我們對企業內部的表現感到滿意。

Now in every cycle, when we miss a quarter, the old bear thesis comes out of the woodwork, like Microchip doesn't have ARM-based MCUs, they are mainly exposed to 8-bit, their 16-bit and 32-bit businesses are small, et cetera.

現在在每個週期，當我們錯過一個季度時，老熊的論調就會浮出水面，就像 Microchip 沒有基於 ARM 的 MCU，他們主要接觸 8 位，他們的 16 位和 32 位業務很小，等等。

Now we don't break out the numbers by bit density due to competitive reasons, but today we can give you a hint that our combined 16- and 32-bit microcontroller business is about $400 million to $500 million annually, not small by any stretch of the imagination.

由於競爭原因，現在我們不會按位密度細分數字，但今天我們可以給您一個提示，我們的 16 位和 32 位微控制器業務每年約為 4 億至 5 億美元，絕對不小的想像力。

This bear thesis has been proven wrong every time, and Microchip has continued to gain significant share in microcontrollers and analog.

每次都被證明是錯誤的，Microchip 繼續在微控制器和模擬領域獲得可觀的份額。

Looking at all of the late earnings reports that have come out, I can already see this bear thesis getting proven wrong again.

查看所有發布的最新收益報告，我已經可以看到這個熊市論點再次被證明是錯誤的。

The current point in the cycle, or whatever you wish to call it, has made a very good entry point in Microchip's stock, with substantial return as the recovery unfolds.

週期的當前點，或者任何你想稱之為的點，已經成為 Microchip 股票的一個很好的切入點，隨著復甦的展開，回報可觀。

We expect to complete this recovery with a sequential increase in revenue in the March quarter.

我們預計將在 3 月季度收入連續增長的情況下完成這一複蘇。

I also want to point out that many of Microchip's analysts who have gone through this experience before, and have invested time to understand our business dynamic, were very constructive after our warning, and recognized that we have called this correctly several times before.

我還想指出，Microchip 的許多分析師之前都有過這種經歷，並花時間了解我們的業務動態，在我們發出警告後非常有建設性，並且認識到我們之前多次正確地調用了這一點。

Our thanks are due for their taking time over the years to understand the dynamics of our business, and for their support.

我們感謝他們多年來花時間了解我們的業務動態以及他們的支持。

In closing, as I take stock of our business, I have never been more confident of our market position, and our future prospects with the investment we have made and are continuing to make for the long-term success of Microchip.

最後，當我評估我們的業務時，我對我們的市場地位和未來前景充滿信心，我們已經做出並將繼續為 Microchip 的長期成功做出貢獻。

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

有了這個，接線員，請您投票提問。

Absolutely.

絕對地。

(Operator Instructions)

（操作員說明）

Chris Caso, Susquehanna Financial Group

克里斯·卡索，薩斯奎哈納金融集團

Steve, I wondered if you could maybe take us through the last month since the pre-announcement.

史蒂夫，我想知道你能否帶我們度過自預告發布以來的最後一個月。

Obviously at the time, and it sounds like you still feel that way, that we're in an industry down-turn.

顯然當時，聽起來你仍然有這種感覺，我們正處於行業低迷狀態。

Based on your guidance, it would seem to be a fairly mild down-turn as compared to some of the others.

根據您的指導，與其他一些情況相比，這似乎是一個相當溫和的下滑。

A few questions on that.

關於那個的幾個問題。

Is that an accurate assessment of how you feel?

這是對您的感受的準確評估嗎？

Has anything changed in your view since you made the call earlier in the month, and what gives you confidence in the visibility that you have?

自從您在本月早些時候打電話以來，您的觀點有什麼變化嗎？是什麼讓您對自己的知名度充滿信心？

Well, nothing has changed since we made that call.

好吧，自從我們打這個電話以來，一切都沒有改變。

In fact, many other companies are singing the same song.

事實上，許多其他公司都在唱同一首歌。

We did not quantify in our pre-release.

我們沒有在預發布中進行量化。

We didn't have all the data to be able to provide the guidance at that time, so it was a very limited release.

當時我們沒有能夠提供指導的所有數據，所以這是一個非常有限的版本。

We could have waited another 21 days to tell the numbers today.

我們本可以再等 21 天來告訴今天的數字。

In pre-release we simply made the statement that we see a correction coming.

在預發布中，我們只是簡單地聲明我們會看到更正即將到來。

The street reaction and their interpretation of that correction was grossly overestimated.

街頭的反應和他們對修正的解釋被嚴重高估了。

Yes, we see a slight correction, one to two quarters worth.

是的，我們看到了輕微的修正，價值一到兩個季度。

For us, last quarter was down, this quarter is nearly seasonal.

對我們來說，上個季度下降了，這個季度幾乎是季節性的。

Our last 10-year average of seasonality for December quarter is minus 4.38, to be exact.

準確地說，我們過去 10 年 12 月季度的季節性平均值為負 4.38。

To do that math, you've got to take some of the acquisitions out.

為了做這個數學，你必須把一些收購拿出來。

If you're doing an acquisition in August it skews the numbers, so you have to do some math to do that.

如果您在 8 月份進行收購，那麼數字會出現偏差，因此您必須進行一些數學運算才能做到這一點。

Minus 4.38, and our guidance is pretty much seasonal for this quarter, and we expect us to sequentially grow in the March quarter.

負 4.38，我們的指導在本季度幾乎是季節性的，我們預計我們將在 3 月季度連續增長。

JoAnne Feeney, ABR Investment Strategy

JoAnne Feeney，ABR 投資策略

I was wondering, Steve, if you could -- or Eric, if you could address the question that's come up as to whether the shift in the dollar to yen exchange rate -- which has now persisted for a few quarters -- might have been altering your competitive position against Renesas, and may have driven some consumers away?

我想知道，史蒂夫，如果你能 - 或者埃里克，如果你能解決出現的問題，即美元對日元匯率的轉變——現在已經持續了幾個季度——可能已經改變您與瑞薩電子的競爭地位，並可能將一些消費者趕走？

Well, Joanne, nobody asked us the question when yen went the other way whether our competitive position was improving.

好吧，喬安妮，當日元走反時，沒有人問我們這個問題，我們的競爭地位是否正在改善。

The fact of the matter is microcontroller designs are done two years before, and microcontroller sockets are not competed on such a close price issue of yen versus a dollar.

事實是，微控制器設計是在兩年前完成的，而微控制器插座並沒有在日元兌美元如此接近的價格問題上競爭。

A large majority of Renesas business is in Japan, where we have a relatively small business.

瑞薩的大部分業務都在日本，我們在日本的業務相對較小。

We see really relatively small competition with them in US and Europe.

我們在美國和歐洲看到與他們的競爭相對較小。

The ones we see are mainly in the automotive market, where designs are three, four-year designs.

我們看到的主要是汽車市場，設計是三年、四年的設計。

It really absolutely has zero impact.

它真的絕對是零影響。

JoAnne, to add to that, you can see the Renesas results.

JoAnne，除此之外，您可以看到瑞薩的結果。

They are public, and there is nothing to write home about.

它們是公開的，沒有什麼可寫的。

Okay, that's helpful.

好的，這很有幫助。

As a follow-up, I'm wondering -- you're always faced with a difficult question about what your end markets look like, and the geographical distribution not being terribly representative of the actual end consumers.

作為後續行動，我想知道 - 你總是面臨一個關於你的終端市場是什麼樣子的難題，以及地理分佈並不能很好地代表實際的終端消費者。

Given that you've come to have to look at this cycle, I'm wondering if you've looked at perhaps another way to represent your end markets?

鑑於您不得不考慮這個週期，我想知道您是否考慮過另一種方式來代表您的終端市場？

In particular, to what sorts of end markets in China are you most exposed, given all the acquisitions you've had?

特別是，考慮到您進行的所有收購，您最容易接觸到中國的哪些終端市場？

In which sorts of products?

在哪些類型的產品中？

If you can address that, and perhaps how much you're exposed to the housing market, perhaps then you can let us know what you think about the new China stimulus measures that were announced just yesterday, and how that might affect the extent of your recovery here?

如果你能解決這個問題，也許你對房地產市場有多少敞口，那麼你可以讓我們知道你對昨天宣布的新中國刺激措施的看法，以及這可能如何影響你的在這裡恢復？

Obviously, any stimulus measures announced in China will have a positive effect on us, like it would in any other market.

顯然，中國宣布的任何刺激措施都會對我們產生積極影響，就像在任何其他市場一樣。

JoAnne, our business is the broadest business any company could have.

JoAnne，我們的業務是任何公司所能擁有的最廣泛的業務。

I don't know really how everybody else counts the number of their customers, but our top 10 customers don't make even 10% of our business.

我真的不知道其他人如何計算他們的客戶數量，但我們的前 10 名客戶甚至沒有占我們業務的 10%。

You'll have to go deep tail, we've got 80,000 customers.

您必須深究，我們有 80,000 名客戶。

We do business with everybody -- people making no matter what, because microcontroller and analog, they are the most ubiquitous devices.

我們與每個人做生意——不管做什麼，因為微控制器和模擬，它們是最普遍的設備。

You've got chips in light pens and cables and just everything.

你有光筆和電纜中的芯片以及所有東西。

We have a very broad business.

我們的業務非常廣泛。

With such a broad business, you're very much tied into the sentiment of every little company building stuff.

擁有如此廣泛的業務，您與每一個小公司建設的情緒都息息相關。

Lots of small companies who build their stuff in their own garage shop, and don't use the large subcontractors, and don't have the sophisticated supply chains and multiple subcontractors building products for them.

許多小公司在自己的車庫裡建造自己的東西，不使用大型分包商，也沒有復雜的供應鍊和多個分包商為他們建造產品。

In that kind of environment information is pretty hard to get, and can easily take a quarter.

在那種環境下，信息很難獲得，而且很容易花費四分之一。

Every subcontractor thinks well, they gained market share.

每個分包商都想得很好，他們獲得了市場份額。

They're doing 60% of the total.

他們佔總數的 60%。

If there are three subcontractors, everybody thinks they're doing 40% of the total, and that number adds up to 120%, just like there's inventory in the channel.

如果有三個分包商，每個人都認為他們做了總數的 40%，而這個數字加起來是 120%，就像渠道中有庫存一樣。

With our customers with a long tail, it's the chief engineer who is the President and he's directing the buy.

我們的客戶長尾巴，總工程師是總裁，他在指導購買。

We see the impact of any market moves economy related directly on our revenue on a sell-through basis, from distribution and also from our direct customers.

我們看到任何市場變動經濟對我們的銷售收入直接相關的影響，來自分銷，也來自我們的直接客戶。

With that kind of business, it's very difficult to give you end-market breakdown, because we do business with everybody.

對於這種業務，很難為您提供終端市場細分，因為我們與每個人都有業務往來。

Okay.

好的。

We will do our best with that.

我們會盡力做到這一點。

Thanks.

謝謝。

Thank you.

謝謝你。

William Stein, SunTrust Robinson Humphrey.

威廉斯坦，SunTrust 羅賓遜漢弗萊。

Not exactly to follow up on that prior one, but Steve you did highlight that the weakness came from the channel in China.

不完全是為了跟進之前的那個，但史蒂夫你確實強調了弱點來自中國的渠道。

Meanwhile, we actually saw pretty robust results from the likes of both Arrow and Avnet, which I think are -- represent at least part of your channel.

同時，我們實際上看到了來自 Arrow 和 Avnet 之類的非常強勁的結果，我認為它們至少代表了您頻道的一部分。

They had good results.

他們取得了不錯的成績。

Should we think about this maybe as smaller tier-two-type suppliers, or rather distributors?

我們是否應該將其視為較小的二級供應商，或者更確切地說是分銷商？

Maybe you can also talk about if there's any identification of the weakness from not only an end-market perspective, but large versus smaller customers, OEMs versus contract manufacturers, regionally in China?

也許您還可以談談，不僅從終端市場的角度，而且從中國區域的大客戶與小客戶、OEM 與合同製造商的角度來看，是否有任何弱點的識別？

It's just a bit perplexing.

這有點令人困惑。

Thank you.

謝謝你。

Several ways to answer that.

有幾種方法可以回答這個問題。

Number one, there are lots of moving parts.

第一，有很多活動部件。

When you look at Arrows and Avnet, a very large majority of their business is US and Europe.

當您查看 Arrows 和 Avnet 時，他們的大部分業務都在美國和歐洲。

China is the smallest portion of their business relative to the other two geographies.

相對於其他兩個地區，中國是他們業務中最小的部分。

Our US and Europe business was very good.

我們的美國和歐洲業務非常好。

Did you give the growth rates in your commentary?

你在評論中給出了增長率嗎？

Yes, Americas was up about 5% and Europe was up 1%.

是的，美洲上漲了約 5%，歐洲上漲了 1%。

We were up in both geographies, so US and Europe were very good.

我們在兩個地區都有所上升，所以美國和歐洲都非常好。

Our problem was in China.

我們的問題在中國。

Our business in Asia is a much larger percentage than Arrow's and Avnet's business is, so that will really explain one.

我們在亞洲的業務比艾睿和安富利的業務要大得多，所以這確實可以解釋這一點。

Secondly, every single question you can ask in this line what we saw versus the others saw, we make this statement and we make this explanation in every cycle, because the way our business is, which I just explained in answering Joanne's question -- we have a very long tail of lots of these small customers, and revenue recognition based on sell-through, that we do see effects of industry turns early, about a quarter or so early.

其次，您可以在這一行中提出的每一個問題，我們所看到的與其他人所看到的相比，我們都會做出這樣的聲明，並在每個週期中做出這樣的解釋，因為我們的業務方式，我剛剛在回答 Joanne 的問題時解釋過——我們這些小客戶中有很多很長的尾巴，以及基於銷售的收入確認，我們確實看到了行業的早期轉變，大約提前了四分之一左右。

It's happened every time.

每次都這樣。

We go through the same criticism and the same line of questions every time.

我們每次都會經歷同樣的批評和同樣的問題。

I don't even know why we do it.

我什至不知道我們為什麼要這樣做。

A quarter letter when things settle, then everybody has seen it, and then for now then people are telling me for the last 10 years, we have called every one of them right.

事情解決後的四分之一信，然後每個人都看到了，然後現在人們告訴我，在過去的 10 年裡，我們給他們每個人的電話都是對的。

This is going to be the same.

這將是相同的。

Steve, I appreciate that.

史蒂夫，我很感激。

If I can ask one follow-up.

如果我可以問一個後續。

Perhaps you could talk a little bit about capacity planning.

也許你可以談談容量規劃。

I know that last quarter at this time you were talking about some spot shortages, as I recall, and having to add capacity kind of as quickly as you could in order to meet customer demand.

我知道上個季度此時您正在談論一些現貨短缺，我記得，並且必須盡快增加產能以滿足客戶需求。

I'm wondering if perhaps there is a different approach where you may get -- you may want to add the capacity in advance of the rush sort of demand?

我想知道您是否可能會採用不同的方法-您可能想在急需的需求之前增加容量？

Talk maybe a bit about your capacity planning generally?

大概談談你的容量規劃？

Thank you.

謝謝你。

Well, we've been in business 24 years.

好吧，我們已經經營了 24 年。

I have been on this job, and we've gone through many cycles and our capacity planning has been excellent.

我一直從事這項工作，我們經歷了許多周期，我們的容量規劃非常出色。

This was a one-time.

這是一次性的。

We are on a select group of new products and technologies.

我們選擇了一組新產品和新技術。

Our business, as I mentioned, last quarter was growing nearly 15% to 20% sequentially per quarter.

正如我所提到的，上個季度我們的業務每季度環比增長近 15% 到 20%。

Quarter after quarter for many quarters, almost a couple of years.

一個季度又一個季度，持續了很多個季度，幾乎是幾年。

We went into a plan for the fiscal year to put a capacity for 50% growth on those products, which internally was questioned are we crazy, and so on and so forth.

我們制定了一個財政年度計劃，為這些產品提供 50% 的增長能力，內部有人質疑我們是不是瘋了，等等。

If I told you, you would really ask similar questions.

如果我告訴你，你真的會問類似的問題。

We grew more than that.

我們的成長不止於此。

We grew 70% to 75%.

我們增長了 70% 到 75%。

It was because of tremendous success in a certain line of products.

這是因為在某個產品系列中取得了巨大的成功。

It wasn't across the board.

這不是全面的。

It was certain select group of products.

這是某些精選的產品組。

The weakness we saw in the September quarter has largely corrected that problem.

我們在 9 月季度看到的疲軟在很大程度上糾正了這個問題。

The minor amount that remains really gets corrected this quarter.

剩下的少量在本季度真正得到糾正。

It was a really short-term kind of problem.

這是一個非常短期的問題。

We have fixed it.

我們已經修復了它。

It's not a deep-rooted capacity-planning issue.

這不是一個根深蒂固的容量規劃問題。

We're really good at it.

我們真的很擅長。

That's helpful, Thank you.

這很有幫助，謝謝。

(Operator Instructions)

（操作員說明）

Craig Hettenbach, Morgan Stanley.

克雷格·海滕巴赫，摩根士丹利。

Can you follow up on the comments that you do see it as a slight correction calendar Q3 and Q4?

您能否跟進您確實將其視為第三季度和第四季度的輕微修正日曆的評論？

What's the feedback like from customers in the channel as you look into March quarter, which typically is up, and you're calling that to be up at this early stage?

當您查看 3 月季度時，渠道中客戶的反饋是什麼，通常是上升的，而您在這個早期階段稱之為上升？

We don't have all the visibility into March that perhaps your question implies.

我們沒有您的問題所暗示的三月份的所有可見性。

We look at what does it seasonally look like.

我們看看它的季節性情況。

We look at how is the backlog for the March quarter starting to build.

我們看看 3 月季度的積壓工作是如何開始建立的。

We know what has flushed through the system in September and in our guidance for December.

我們知道 9 月份系統和 12 月份的指導中發生了什麼。

If you put all that together, the best of our intelligence and our own analysis, what we're hearing from our customers, what we're hearing from our field, gives us the confidence to talk about the March quarter being up.

如果你把所有這些放在一起，我們最好的情報和我們自己的分析，我們從客戶那裡聽到的，我們從我們的領域聽到的，讓我們有信心談論 3 月季度的上漲。

If I could add, if the slope for September was still heading down farther away from seasonality, one would ask the question does it get arrested at some point?

如果我可以補充一下，如果 9 月的斜率仍在進一步遠離季節性，人們會問它是否會在某個時候被抑制？

That's not the case.

事實並非如此。

It's already arrested, so it's not really getting any more worse.

它已經被逮捕了，所以它並沒有變得更糟。

I think guidance for September is already kind of seasonal, so it's highly unlikely.

我認為 9 月的指導已經有點季節性，所以不太可能。

There's really almost no reason for it, that the March quarter then gets away from seasonality again in a negative direction.

實際上幾乎沒有任何理由，三月季度再次以負面方向遠離季節性。

It's just not likely there will be a double dip.

只是不太可能出現二次探底。

Got it.

知道了。

As my follow-up, Steve, you made the comment you view the stock after the pull-back here as attractive.

作為我的後續行動，史蒂夫，你發表了評論，你認為這裡回調後的股票很有吸引力。

The Company in the past has been opportunistic in terms of buy-back.

公司過去在回購方面一直是機會主義的。

How do you view that in terms of buying back your own stock, versus pursuing potential M&A opportunities?

您如何看待回購自己的股票而不是追求潛在的併購機會？

We don't really have any US cash to buy back stock.

我們真的沒有任何美國現金來回購股票。

We cannot buy stock with our foreign money without writing a check to Washington, and we're not going to do that.

如果不給華盛頓寫支票，我們就不能用我們的外國資金購買股票，而且我們不會那樣做。

We'll maintain the foreign cash for acquisitions or to bring it in when some tax-favored deal can be put together like it was several years ago for patriation.

我們將保留用於收購的外國現金，或者在可以像幾年前一樣進行一些稅收優惠的交易時將其帶入。

Meanwhile, we continue to be active, looking for various M&A opportunities, rather than buying back stock.

同時，我們繼續積極尋找各種併購機會，而不是回購股票。

And we have the debt capacity to be able to go out and do those things.

而且我們有能力出去做這些事情。

We do have a $1 billion-plus remaining on our line of credit, but we're not going to use it for buying stock.

我們的信用額度確實有 10 億多美元，但我們不會用它來購買股票。

It's not that far away from where it was -- $3 or $4.

它離原來的地方並不遠——3美元或4美元。

That's not it.

不是這個。

Okay.

好的。

Got it.

知道了。

Thank you.

謝謝你。

Harsh Kumar, Stephens.

苛刻的庫馬爾，斯蒂芬斯。

Hi, Steve.

嗨，史蒂夫。

If I can ask you, what in your best opinion was the source of the weakness that you are seeing?

如果我可以問你，你認為你所看到的弱點的根源是什麼？

Is it in your best opinion inventory driven, or was it just a spot pause in demand?

您認為這是庫存驅動，還是只是需求的暫停？

We're hearing from you things have already picked up.

我們收到你的來信，事情已經有了進展。

If you can give us some color we would appreciate it.

如果您能給我們一些顏色，我們將不勝感激。

I am sure and I hope you guys watch the news that I watch and the headlines that I watch.

我敢肯定，我希望你們看我看的新聞和我看的頭條新聞。

China industrial production was the lowest in five years.

中國工業生產是五年來最低的。

The growth of that China housing market has been well-written.

中國房地產市場的增長已經寫得很好。

The negative effect on China GDP that has been seen from stimulus that was taken away for a while ago.

從前段時間取消的刺激措施中可以看出對中國 GDP 的負面影響。

The macro conditions were slow.

宏觀條件緩慢。

We had anticipated a certain amount of demand.

我們預計會有一定數量的需求。

Sometimes people have trouble making a connection between inventory and lower demand.

有時人們很難在庫存和需求下降之間建立聯繫。

It's really one and the same.

它真的是一回事。

When the demand is low it creates inventory, because you were building it to a higher demand.

當需求低時，它會產生庫存，因為您正在將其構建為更高的需求。

Then you have to correct for it, and it's really one and the same.

然後你必須糾正它，它真的是一回事。

But macro conditions in China were weak.

但中國的宏觀環境疲軟。

The whole LP build has been lower.

整個 LP 構建一直較低。

You have seen that in the results of companies who were exposed to that.

你已經在接觸過這種情況的公司的結果中看到了這一點。

You have seen broad-based guys announced in the last week.

你已經看到上周宣布的基礎廣泛的人。

You've seen from plenty of them.

你已經從他們中看到了很多。

Other than really one smartphone manufacturer, unless you're really largely exposed to it, that has been the only strength driven by shipping RF and all those things into those phones.

除了真正的智能手機製造商之外，除非你真的很大程度上接觸到它，否則這是將 RF 和所有這些東西運送到這些手機中的唯一優勢。

The other big cell phone guy has been weak, also.

另一個手機大佬也很虛弱。

There's really only been one place to hide, which is if you're exposed highly to the guy in Cupertino.

真的只有一個地方可以隱藏，那就是如果你高度暴露在庫比蒂諾的那個人面前。

That's, fair, Steve.

那是，公平的，史蒂夫。

Steve, as we look out -- Steve and Eric -- as we look out to December and we try to model for that $20-million-odd sort of decline that your guidance suggests, should we think of spreading that roughly equally amongst the different businesses by percentage rating, of course?

史蒂夫，當我們展望 - 史蒂夫和埃里克 - 當我們展望 12 月時，我們嘗試為您的指導建議的 2000 萬美元以上的下降建模，我們是否應該考慮將其大致平均分佈在不同的當然，按百分比評級的企業？

Yes.

是的。

We've got 13, 14 different divisions inside of Microchip that we put together in about three or four buckets report to you.

我們在 Microchip 內部有 13、14 個不同的部門，我們將它們放在大約三到四個桶中向您報告。

We can't really break it out on a guidance.

我們不能真正打破它的指導。

We got the numbers, but we believe that it will be reasonably spread equally.

我們得到了數字，但我們相信它將合理地平均分配。

Thanks, guys.

多謝你們。

Appreciate it, as always.

一如既往地欣賞它。

Thank you.

謝謝你。

John Pitzer, Credit Suisse.

約翰·皮策，瑞士信貸。

Steve, thanks for letting me ask the question.

史蒂夫，謝謝你讓我問這個問題。

Steve, I was wondering if you could help quantify a little bit how much you're taking down utilization, how much were you able to get ahead of this within the September quarter versus December?

史蒂夫，我想知道你是否可以幫助量化一下你降低了多少利用率，你能在 9 月季度與 12 月相比提前多少？

Is there sort of an inventory target we should think about for the Company exiting December.

我們是否應該為公司在 12 月結束時考慮某種庫存目標。

As my follow-up, is the gross-margin decline in December all utilization driven?

作為我的後續行動，12 月毛利率的下降是不是全部由利用率驅動的？

Will there be a residual effect in the March quarter for some of the actions you're taking in December on utilization?

您在 12 月對利用率採取的一些行動會在 3 月季度產生殘餘影響嗎？

You want to answer that?

你想回答這個問題嗎？

Sure.

當然。

I can answer the utilization piece.

我可以回答使用問題。

Yes, we've taken our factories down.

是的，我們已經關閉了我們的工廠。

There's some impact in the September quarter from that.

9 月季度會因此產生一些影響。

We would not project at this point that gross margins would go lower in the March quarter.

在這一點上，我們不會預計 3 月季度的毛利率會下降。

With the decline in revenue -- and we are building inventory in the December quarter -- we would expect that just based on our accounting practices we would have higher inventory obsolescence charges -- probably not true obsolescence, but obsolescenses charges from an accounting standpoint.

隨著收入的下降——我們在 12 月季度建立庫存——我們預計，僅根據我們的會計做法，我們會有更高的庫存過時費用——可能不是真正的過時，而是從會計的角度來看過時的費用。

With our expectation that revenue will increase in the March quarter, we would not expect that to repeat.

由於我們預計 3 月季度的收入將增加，我們預計這種情況不會重演。

We have taken our utilization down in both fabs and assembly and test facilities, but we aren't breaking out a specific percentage for the street.

我們已經降低了晶圓廠以及組裝和測試設施的利用率，但我們並沒有公佈街道的具體百分比。

In our accounting practice, when we have under-utilization we charge it immediately to the current quarter, if the utilization go below a threshold.

在我們的會計實踐中，當我們的利用率不足時，如果利用率低於閾值，我們會立即將其計入當前季度。

Some other companies put it all into the inventory, and the gross margin goes lower when they ship that high-cost product.

其他一些公司將其全部存入庫存，當他們運送高成本產品時，毛利率會降低。

We are very transparent.

我們非常透明。

We take it right away in the current quarter, so that's what you see.

我們在本季度立即採取它，這就是您所看到的。

If the utilization doesn't go any lower next quarter -- which there's no reason it should -- you shouldn't see any further lower gross margin.

如果下個季度的利用率沒有下降——這沒有理由應該——你不應該看到毛利率進一步下降。

To add on to your point on inventory, if you take out all the goofy acquisition accounting, we ended the September quarter with about 109 days of inventory.

為了補充您對庫存的看法，如果您排除所有愚蠢的採購會計，我們在 9 月季度結束時有大約 109 天的庫存。

We've got a fairly broad range for the current quarter that's in our release for what inventory could do, just based on our revenue range.

僅基於我們的收入範圍，我們在本季度發布的庫存可以做什麼的範圍相當廣泛。

But based on the mid-point of our guidance, we think that increase in inventory might be seven or eight days.

但根據我們指導的中點，我們認為庫存增加可能是七八天。

That would take it to let's say 116 at the mid-point.

這會讓我們在中點說 116。

That's on target with what our external guidance has been for target for the longer-term.

這與我們的外部指導長期目標一致。

Eric, just as clarification, that's inventory on your balance sheet?

埃里克，澄清一下，那是你資產負債表上的庫存？

What do you expect through distribution in the December quarter?

您對 12 月季度的分銷有何期望？

That's a hard one to forecast.

這很難預測。

We were at pretty low levels heading into the September quarter.

進入 9 月季度，我們處於相當低的水平。

It went up by three days.

漲了三天。

If you look at where it's been in the last five or six years, it's ranged between 27 and 47 days.

如果你看看過去五六年的情況，它在 27 到 47 天之間。

Sitting at 34 days doesn't really concern us.

坐 34 天並不真正關心我們。

There will be some movement, but it's very hard to forecast.

會有一些變動，但很難預測。

That's another area where I think street's interpretation of our inventory build was a massive inventory in the channel -- hundreds of millions of dollars, or something.

這是另一個我認為 Street 對我們庫存構建的解釋是渠道中的大量庫存——數億美元或其他東西的領域。

Inventory went up from 31 to 34 days.

庫存從 31 天增加到 34 天。

That's all.

就這樣。

Many companies that say they've got distribution inventory ranges, eight to 10 weeks or something like that, it's a slight shift.

許多公司說他們有分銷庫存範圍，8 到 10 週或類似的時間，這是一個輕微的轉變。

But it all happened to be in China.

但這一切都發生在中國。

That three-days increase, it all happened in China, so the number of days increase in China is little more than that, and has to be corrected.

那三天的增加，都是在中國發生的，所以中國增加的天數也不過如此，必須要修正。

But it's really not a massive increase in inventory.

但這並不是庫存的大幅增加。

We don't know what distribution would do.

我們不知道分發會做什麼。

Whatever they buy from us, it's not our revenue until they sell it out.

無論他們從我們這裡購買什麼，在他們賣光之前都不是我們的收入。

Perfect, guys.

完美，伙計們。

Thank you.

謝謝你。

You're welcome.

別客氣。

[Gilbert Alexander, Darfield Associates]

[吉爾伯特亞歷山大，達菲爾德協會]

You've answered basically my questions.

你基本上回答了我的問題。

I would ask one thing.

我會問一件事。

This softness, is it basically at the contract manufacturer's level?

這種柔軟，基本是代工廠商的水平嗎？

The softness is not at a contract manufacturers level.

柔軟度不在合同製造商的水平。

The softness is in a customer demand level.

柔軟度處於客戶需求水平。

If somebody in the June economy wanted to build 100,000 widgets, in September and December economy he wants to build 95,000 widgets.

如果 6 月經濟中的某個人想要製造 100,000 個小部件，那麼在 9 月和 12 月經濟中他想要製造 95,000 個小部件。

When the demand is down 4%, 5% then they are drawing that much less from distribution.

當需求下降 4%、5% 時，他們從分銷中獲得的收益就會少得多。

If you were building it to your level, then distribution had that excess inventory they've got to bleed out.

如果您將其構建到您的水平，那麼分銷就會有多餘的庫存，他們必須流血。

Thank you very much.

非常感謝。

Kevin Cassidy, Stifel.

凱文·卡西迪，斯蒂菲爾。

On the attempted acquisition, or the proposal for Cambridge Silicon Radio, can you talk a little more of what the strategy was there?

關於收購嘗試，或者劍橋矽廣播的提議，你能多談談那裡的戰略嗎？

Are you looking for more Bluetooth technology beyond what ISSC has?

您是否正在尋找 ISSC 以外的更多藍牙技術？

Well, the basic Bluetooth technology we got from ISSC -- and it's very good, as good as any we could get.

嗯，我們從 ISSC 獲得的基本藍牙技術——它非常好，與我們所能得到的一樣好。

But ISSC revenue is $17 million a quarter.

但 ISSC 每季度的收入為 1700 萬美元。

CSR had substantial scale.

企業社會責任規模較大。

Beyond scale, they also have the location technology.

除了規模之外，他們還擁有定位技術。

But we looked at CSR like any other acquisition would look at.

但我們看待企業社會責任的方式與任何其他收購一樣。

At any point in time, we have three, four, five companies either we're talking to or getting with or doing the analysis.

在任何時候，我們都有三、四、五家公司正在與我們交談、接觸或進行分析。

As we valued it, unfortunately our interest became public during the process, due to some leak somewhere.

正如我們所重視的那樣，不幸的是，由於某處洩漏，我們的興趣在此過程中公開了。

Otherwise you would have never known.

否則你永遠不會知道。

But after total diligence and was really a disciplined approach we have, and our track record of successful acquisitions, we were unable to reach a valuation for CSR that would support making the kind of offer they got from the other company.

但是，經過全面的努力，我們確實採用了一種嚴格的方法，以及我們成功收購的記錄，我們無法達到 CSR 的估值，以支持他們從另一家公司獲得的那種報價。

It was just that simple.

就是這麼簡單。

I see.

我懂了。

I wonder if I could just change subjects slightly, and go to the utilization.

我想知道我是否可以稍微改變一下主題，然後去利用。

With your foundries, have you cut back orders at foundries, also?

對於您的代工廠，您是否也減少了代工廠的訂單？

We have cut back orders in foundries also, yes.

我們也削減了代工廠的訂單，是的。

Okay, thank you.

好的謝謝你。

Liwen Zhang, Blaylock Van

張立文，布萊洛克·範

Hi, thank you for taking my questions.

您好，感謝您提出我的問題。

Would you please comment on your 8-bit business, as you did the last quarter?

您能否像上個季度一樣評論您的 8 位業務？

That would be helpful.

那會很有幫助。

We don't break out all the different segments every single quarter.

我們不會在每個季度都細分所有不同的細分市場。

We made an exception to that last quarter about the 8-bit.

我們在上個季度對 8 位進行了例外處理。

Suffice to say overall microcontrollers were up, and there's a number of moving parts within it.

可以說整體微控制器已經啟動，並且其中有許多活動部件。

You can see what the growth on 16 and 32 were.

您可以看到 16 和 32 的增長情況。

You can draw your own conclusions from it.

你可以從中得出你自己的結論。

Okay, thank you.

好的謝謝你。

Also, for the MCU industry, and especially you have a lot of exposure to Asia-Pacific, what kind of a competition are you seeing there?

另外，對於 MCU 行業，尤其是您在亞太地區有很多接觸，您看到那裡有什麼樣的競爭？

Also, the pricing strategies, offer to buy local MCU products?

另外，定價策略，提供購買本地MCU產品？

Thank you.

謝謝你。

I seem to recall you asked the same question yesterday in another conference call.

我似乎記得你昨天在另一個電話會議中問過同樣的問題。

The local Asian MCU competitors are not a challenge.

本地的亞洲 MCU 競爭對手不是挑戰。

There is no new competitors.

沒有新的競爭對手。

There is nothing going on.

沒有任何事情發生。

That's not the issue here.

這不是這裡的問題。

We're not really seeing any major competition there.

我們在那裡並沒有真正看到任何重大競爭。

A few commodity guys making low-end parts.

一些製造低端零件的商品人。

There's really no formidable Asian competitor, other than the Japanese competitor like Renesas, who's really a competitor to us.

除了瑞薩這樣的日本競爭對手外，亞洲真的沒有強大的競爭對手，他真的是我們的競爭對手。

I do want to add another comment to Ganesh's answers on 8-bit.

我確實想為 Ganesh 的 8 位答案添加另一條評論。

We don't want people to walk away with 8-bit having any kind of issues.

我們不希望人們帶著 8 位有任何問題離開。

In the June quarter 8-bit was an all-time record.

在 6 月季度，8 位是一個歷史記錄。

In September 8-bit was also all-time record, but including a small amount of ISSC revenue, which was taken as microcontroller.

9 月 8 位也創下歷史新高，但包括少量 ISSC 收入，被視為微控制器。

Without that it was down a little bit.

沒有它，它有點下降。

There is really no immediate 8-bit issue.

確實沒有直接的 8 位問題。

We don't normally break out the numbers and all that, because of sensitivity on the competition front.

由於競爭方面的敏感性，我們通常不會打破數字和所有這些。

Thanks.

謝謝。

That's all I have.

那是我的全部了。

You're welcome.

別客氣。

Craig Ellis, B. Riley.

克雷格埃利斯，B.萊利。

Thanks for taking the question.

感謝您提出問題。

I hopped on late, so I apologize if this was asked and addressed.

我跳得很晚，所以如果有人問到並解決了這個問題，我深表歉意。

Steve, could you put into context the order slow-down, and then what appears to be an improvement in that condition recently?

史蒂夫，您能否將訂單放緩的情況放在上下文中，然後最近這種情況似乎有所改善？

How does what you saw compare to what you've seem historically -- shorter, longer, more severe, less severe?

你所看到的與你在歷史上的表現相比如何——更短、更長、更嚴重、更不嚴重？

Can you just put some context around what you're seeing in the business, and the degree to which it's highly localized versus very broad-based?

您能否就您在業務中看到的內容以及它的高度本地化程度與基礎廣泛的程度提供一些背景信息？

I think we have seen the shallow, couple of quarter correction before, and we're seeing it again.

我認為我們之前已經看到過淺的、幾個季度的修正，現在我們又看到了。

It's nothing like late 2008, and it's nothing like year 2000.

這不像 2008 年末，也不像 2000 年。

But some of these smaller inventory corrections that have come every couple of years or so, it's really one of those.

但是，每隔幾年左右就會出現一些較小的庫存修正，這確實是其中之一。

This is a very mild one.

這是一個非常溫和的。

I think we get out of that with a probably 5%, or less than that, total cut.

我認為我們以可能 5% 或更少的總削減量來擺脫這種情況。

What we were thinking before was what we're thinking before.

我們之前所想的就是我們之前所想的。

You've got to exclude the ISSC, otherwise it complicates numbers.

您必須排除 ISSC，否則會使數字複雜化。

But if you exclude them we missed it by about 4% last quarter.

但如果將它們排除在外，我們在上個季度錯過了大約 4%。

Our current-quarter guidance is seasonal, or within 0.5% of seasonal.

我們當前季度的指導是季節性的，或在季節性的 0.5% 以內。

You're talking 4%, 4.5% total cut.

你說的是4%，總削減4.5%。

I would consider that to be fairly mild, if it doesn't really go any worse, which we are not expecting.

我認為這是相當溫和的，如果它真的沒有變得更糟，這是我們沒有預料到的。

In the past -- and I think this was more of a 2007 dynamic, but there have been times when there's been an application-specific issue related to some of the softness that you have seen.

在過去——我認為這更像是 2007 年的動態，但有時會出現與您所看到的某些軟性相關的特定於應用程序的問題。

Did you detect any of that in the recent period, or was it across various application groups or end markets to the extent that you see them?

您是否在最近一段時間內發現了任何這種情況，或者是否在您看到的範圍內跨越各種應用程序組或終端市場？

My feeling is that US business is good for everybody, and was good for us.

我的感覺是，美國商業對每個人都有好處，對我們也有好處。

Europe business is also fine.

歐洲業務也不錯。

You read the headlines in Europe.

你讀過歐洲的頭條新聞。

Germany is teetering on the brink of recession, and all that.

德國正處於衰退的邊緣，等等。

I'm not sure all that was seen before.

我不確定之前看到的所有內容。

If it gets any worse then it's different, but otherwise Europe business is fine, too.

如果情況變得更糟，那就不同了，但除此之外，歐洲業務也很好。

The problem is mostly all in Asia.

問題主要出在亞洲。

There are a large number of headlines coming out of China, with a significant GDP drop, or slowest industrial production in five years, crash in housing, automotive build is low in China.

有大量的頭條新聞來自中國，GDP 大幅下降，或五年來最慢的工業生產，中國的房地產崩盤，汽車製造低迷。

I think as far as China is concerned, my feeling is with the exception of the companies which are exposed to one guy in Cupertino, excluding that, it's broad-based.

我認為就中國而言，我的感覺是除了那些在庫比蒂諾有一個人接觸的公司，除此之外，它是廣泛的。

Okay.

好的。

Lastly, in the release in early October, you identified that you thought the business would return to growth in the first calendar quarter.

最後，在 10 月初的發布中，您確定您認為該業務將在第一季度恢復增長。

Is that still the expectation, and can you quantify the degree to which you think the business could grow?

這仍然是期望嗎？您能否量化您認為業務可以增長的程度？

We're not giving a guidance numerically, but we think first quarter should be about seasonal.

我們沒有給出數字指導，但我們認為第一季度應該是季節性的。

We have no further questions.

我們沒有進一步的問題。

I would now like to turn the conference back over to our speakers for any closing remarks.

我現在想把會議轉回給我們的發言者，以便發表任何閉幕詞。

Okay.

好的。

Well, we want to thank everyone for going through this period and listening to our long commentary here.

好吧，我們要感謝大家度過了這段時期並在這裡收聽我們的長篇評論。

We'll see some of you at the CSFP in Scottsdale, which we will be attending.

我們將在斯科茨代爾的 CSFP 見到你們中的一些人，我們將參加。

It's our home state, and we'll see some of you there.

這是我們的家鄉，我們會在那裡見到你們中的一些人。

Thank you.

謝謝你。

That does conclude today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。