微晶片科技 (MCHP) 2015 Q3 法說會逐字稿

Good day, everyone, and welcome to this Microchip Technology third-quarter FY15 financial results conference call.

大家好，歡迎參加 Microchip Technology 2015 財年第三季財務業績電話會議。

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

提醒一下，今天的通話正在錄音。

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

現在，我想將電話轉給 Microchip 財務長 Eric Bjornholt 先生。

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，我們將就公司未來事件或未來財務表現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，此類陳述僅為預測，實際事件或結果可能會有重大差異。

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

我們建議您參閱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 業務和營運績效的重要風險因素。

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

今天與我一起出席的有 Microchip 總裁兼執行長 Steve Sanghi 和 Microchip 營運長 Ganesh Moorthy。

I will comment on our third-quarter FY15 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.

我將評論我們 2015 財年第三季的財務業績，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。

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，我們在新聞稿和本次電話會議中包含了有關各種公認會計原則和非公認會計原則措施的資訊。

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 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 調整表，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, prior to the effects of our acquisition activities and share-based compensation.

我將在非公認會計原則的基礎上參考這些結果，先考慮我們的收購活動和基於股票的薪酬的影響。

Non-GAAP net sales in the December quarter were $535.8 million, and were down 1.9% sequentially from non-GAAP net sales of $546.2 million in the immediately preceding quarter.

12 月季度的非 GAAP 淨銷售額為 5.358 億美元，較上一季的非 GAAP 淨銷售額 5.462 億美元環比下降 1.9%。

The December quarter revenue exceeded the high end of our updated guidance for the quarter.

12 月季度收入超過了我們更新的該季度指導的上限。

Revenue by product line was $345.5 million for microcontrollers, $125.5 million for analog, $33.2 million for memory, $22.9 million for licensing, and $8.7 million of other.

按產品線劃分的收入為：微控制器收入為 3.455 億美元，模擬收入為 1.255 億美元，記憶體收入為 3,320 萬美元，授權收入為 2,290 萬美元，其他收入為 870 萬美元。

Revenue by geography was $104.9 million in the Americas, $105.9 million in Europe, and $325 million in Asia.

按地區劃分的收入為：美洲 1.049 億美元，歐洲 1.059 億美元，亞洲 3.25 億美元。

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

我要提醒您的是，我們根據產品的運送地點來確認收入，這往往會使部分收入偏向亞洲，因為那裡有大量合約製造。

On a non-GAAP basis, gross margins were 58.2% in the December quarter, at the high end of our guidance range.

以非公認會計原則計算，12 月季度的毛利率為 58.2%，處於我們指導範圍的高端。

Non-GAAP operating expenses were 26.6% of sales, well below the bottom end of our guidance range.

非 GAAP 營運費用佔銷售額的 26.6%，遠低於我們指導範圍的下限。

Non-GAAP operating income was 31.6% of sales, and net income was $143.3 million.

非 GAAP 營業收入佔銷售額的 31.6%，淨利為 1.433 億美元。

This resulted in earnings of $0.64 per diluted share, which was at the high end of our updated guidance.

這導致稀釋後每股收益為 0.64 美元，處於我們更新指導的上限。

GAAP net sales in the December quarter were $528.7 million, and were $7.1 million lower than non-GAAP net sales, as we changed the contractual relationships with the ISSC distribution network to a sell-through revenue recognition model.

12 月季度的 GAAP 淨銷售額為 5.287 億美元，比非 GAAP 淨銷售額低 710 萬美元，因為我們將與 ISSC 分銷網絡的合約關係更改為直銷收入確認模型。

On a GAAP basis, gross margins, including share-based compensation and acquisition-related expenses, were 57.1% in the December quarter.

以公認會計準則計算，去年第四季的毛利率（包括股權激勵和收購相關費用）為 57.1%。

GAAP gross margins included the impact of $2.3 million of share-based compensation, $4.2 million of charges associated with the sell-through of written-up inventory from our acquisitions of Supertex and ISSC, and $3.2 million of gross profit on the revenue recognition change previously mentioned.

GAAP 毛利率包括 230 萬美元的股權激勵、420 ​​萬美元與我們收購 Supertex 和 ISSC 的已記帳庫存轉售相關的費用以及先前收入確認變更帶來的 320 萬美元毛利的影響提及。

Total operating expenses were $204 million or 38.6% of sales, and include acquisition intangible amortization of $47.6 million, share-based compensation of $12.5 million, $0.5 million of acquisition-related expenses, and special charges of $1 million.

總營運費用為 2.04 億美元，佔銷售額的 38.6%，其中包括 4,760 萬美元的收購無形攤銷、1,250 萬美元的股權激勵、50 萬美元的收購相關費用以及 100 萬美元的特殊費用。

GAAP net income was $86.1 million or $0.39 per diluted share.

GAAP 淨利為 8,610 萬美元，或攤薄後每股收益 0.39 美元。

GAAP net income includes non-recurring favorable tax events of $3.9 million, including a benefit from the reinstatement of the R&D tax credit.

GAAP 淨利潤包括 390 萬美元的非經常性稅收優惠事件，其中包括恢復研發稅收抵免帶來的收益。

In the December quarter, the non-GAAP tax rate was 10.3%, and the GAAP tax rate was 1.6%.

12月季度，非公認會計原則稅率為10.3%，公認會計原則稅率為1.6%。

The GAAP tax rate was favorably impacted by the $3.9 million of non-recurring tax events that I mentioned before.

GAAP 稅率受到我之前提到的 390 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.

我們的稅率受到地理利潤、與我們的授權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，我們預期長期、前瞻性、非 GAAP 有效稅率約為 10.5% 至 11%。

To summarize the after-tax impact that the non-GAAP adjustments had on Microchip's earnings per share in the December quarter, acquisition-related items were $0.223, share-based compensation was about $0.05, non-recurring favorable tax events were about $0.018, the difference in GAAP and non-GAAP non-controlling interest in ISSC was a favorable $0.008, and a non-cash interest expense was about $0.007.

總結非公認會計準則調整對 Microchip 12 月季度每股收益的稅後影響，收購相關項目約為 0.223 美元，基於股票的薪酬約為 0.05 美元，非經常性稅收優惠事件約為 0.018 美元， ISSC 的GAAP和非GAAP 非控制權益差異為有利的0.008 美元，非現金利息費用約為0.007 美元。

The dividend declared today of $0.357 per share will be paid on March 9, 2015, to shareholders of record on February 23, 2015.

今天宣布的每股 0.357 美元的股息將於 2015 年 3 月 9 日支付給 2015 年 2 月 23 日登記在冊的股東。

The cash payment associated with this dividend will be approximately $72 million.

與本次股息相關的現金支付約為 7,200 萬美元。

This quarter's dividend will be our 50th consecutive quarter of making a dividend payment.

本季的股息將是我們連續第 50 個季度支付股息。

We have never made reductions in our dividend, and in fact, this quarter's increase marks the 44th occasion we have increased the dividend payment, and our cumulative dividends paid amount to over $2.4 billion.

我們從未減少過股息，事實上，本季的增加標誌著我們第 44 次增加股息支付，累計支付的股息金額超過 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 buyback that we had when we issued our convertible debt back in FY08.

在 Microchip 支付股利期間，我們也回購了 14 億美元的股票，包括 2008 財年發行可轉換債券時回購的股票。

Our cash returned to shareholders since the inception of our dividend program is over $3.8 billion.

自股息計畫啟動以來，我們返還給股東的現金超過 38 億美元。

Moving on to the balance sheet, consolidated inventory at December 31, 2014, was $276.1 million, or 111 days, compared to 109 days at the end of the September quarter, excluding any purchase accounting adjustments.

轉到資產負債表，截至 2014 年 12 月 31 日，合併庫存為 2.761 億美元，即 111 天，而 9 月季度末的為 109 天，不包括任何採購會計調整。

100% of the written-up inventory from our acquisitions is now out of our inventory balance.

我們收購的 100% 的已記帳庫存現已超出我們的庫存餘額。

Inventory at our distributors increased by two days in the December quarter, and are at 36 days.

我們經銷商的庫存在 12 月季度增加了兩天，達到 36 天。

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

我想提醒您，我們在世界各地的分銷收入是根據銷售量確認的。

We intend to grow the days of inventory on our balance sheet in the March quarter, as we continue to focus on improving lead times for our customers.

我們打算在三月季度增加資產負債表上的庫存天數，因為我們將繼續致力於改善客戶的交貨時間。

The cash generation in the December quarter, excluding the purchase of additional shares of ISSC, our dividend payment, changes in marketable equity securities, and changes in borrowing levels under our revolving line of credit was $145.7 million.

12月季度的現金產生量（不包括購買 ISSC 的額外股份、我們的股息支付、可流通股本證券的變化以及循環信貸額度下的借款水平的變化）為 1.457 億美元。

As of December 31, the consolidated cash and total investment position was $2.23 billion, and our borrowings under our revolving line of credit were $981.3 million.

截至 12 月 31 日，合併現金和總投資部位為 22.3 億美元，循環信貸額度下的借款為 9.813 億美元。

Excluding dividend payments and our acquisition activities, we expect our total cash and investment position to grow by approximately $140 million to $160 million in the March quarter.

不包括股息支付和收購活動，我們預計第三季的現金和投資總額將增加約 1.4 億美元至 1.6 億美元。

Capital spending was approximately $36.6 million for the December quarter.

12 月季度的資本支出約為 3,660 萬美元。

We expect about $40 million in capital spending in the March quarter, and overall capital expenditures for FY15 to be about $160 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 3 月份季度的資本支出約為 4000 萬美元，2015 財年的總體資本支出約為 1.6 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，並將目前外包的更多組裝和測試操作引入內部。

Depreciation expense in the December quarter was $24.7 million.

12 月季度的折舊費用為 2,470 萬美元。

As discussed earlier, the contractual terms of our relationships with the ISSC distributors changed during the December quarter, resulting in about $7 million of lower GAAP versus non-GAAP revenue.

如同前面所討論的，我們與 ISSC 經銷商關係的合約條款在 12 月季度發生了變化，導致 GAAP 收入比非 GAAP 收入減少了約 700 萬美元。

There is another $4 million of product in the ISSC distribution channel related to products sold to these distributors by ISSC under their prior contracts.

ISSC 分銷管道中還有另外 400 萬美元的產品，與 ISSC 根據先前合約向這些分銷商出售的產品相關。

This will result in GAAP revenue being about $4 million less than non-GAAP revenue in the March quarter.

這將導致 3 月季度的 GAAP 收入比非 GAAP 收入減少約 400 萬美元。

At the end of the March quarter, this transition to a sell-through model will be completed for ISSC, and there will be no further differences between GAAP and non-GAAP revenue recognition related to this change.

在 3 月季度末，ISSC 將​​完成向直銷模式的過渡，與此變更相關的 GAAP 和非 GAAP 收入確認之間不會有進一步的差異。

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

我現在請 Ganesh 對 12 月季度的業務業績發表評論，並提供與 ISSC 收購相關的整合活動的最新情況。

Ganesh?

加內什？

Thank you, Eric.

謝謝你，埃里克。

Good afternoon, everyone.

大家下午好。

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

讓我們從微控制器開始，仔細看看我們每個產品線的性能。

Our microcontroller revenue was up 10.3% in the December quarter from a year ago quarter.

我們的微控制器營收在 12 月季度比去年同期成長了 10.3%。

For calendar-year 2014, our microcontroller business was up 13.8%, and set an all-time record.

2014 年曆年，我們的微控制器業務成長了 13.8%，創下了歷史記錄。

Also for calendar-year 2014, each of our three microcontroller segments, 8-bit, 16-bit and 32-bit, set revenue records.

同樣在 2014 年曆年，我們的三個微控制器細分市場（8 位元、16 位元和 32 位元）均創下了收入記錄。

Microcontrollers represented 64.5% of Microchip's overall revenue in the December quarter.

微控制器佔 Microchip 12 月季度總營收的 64.5%。

You may recall that we told you last quarter that our 16- and 32-bit combined microcontroller business was in the range of $400 million to $500 million annualized.

您可能還記得，我們​​在上個季度告訴您，我們的 16 位元和 32 位元組合微控制器業務的年化規模在 4 億至 5 億美元之間。

Since then, we have received substantial feedback through prospective employees and industry sources that our competitors were very surprised to learn about the size of our 16-bit and 32-bit microcontroller business, and were actively seeking more information as to where we were winning.

從那時起，我們透過潛在員工和行業人士收到了大量反饋，我們的競爭對手對我們 16 位和 32 位微控制器業務的規模感到非常驚訝，並正在積極尋求更多有關我們獲勝的信息。

It appears our competitors had assumed that our Business was still embryonic, and were surprised by the magnitude of the revenue range we provided.

看來我們的競爭對手認為我們的業務仍處於萌芽階段，並對我們提供的收入範圍之大感到驚訝。

We believe that our stealth mode in keeping the actual size of Business confidential has helped us in gaining substantial momentum in these product lines.

我們相信，我們對商業實際規模保密的隱形模式幫助我們在這些產品線中獲得了巨大的動力。

With our competitors now apparently scurrying around trying to triangulate on which markets and applications we're achieving our success, we have decided that we are not going to help their effort.

由於我們的競爭對手現在顯然正忙著試圖對我們在哪些市場和應用程式上取得成功進行三角測量，因此我們決定不會幫助他們的努力。

Going forward, we will no longer be breaking out the growth rate of the individual microcontroller segments.

展望未來，我們將不再公佈各個微控制器細分市場的成長率。

As you have seen from our disclosures, the size of each of our 8-, 16-, and 32-bit businesses is quite substantial.

正如您從我們所揭露的資訊中看到的，我們的 8 位、16 位和 32 位業務的規模都相當龐大。

We did break out the growth rates for several quarters when it was important to communicate a sense for the rate of growth of the 16-bit and 32-bit businesses, while they were smaller businesses.

當我們了解 16 位和 32 位業務的成長率（儘管這些業務規模較小）非常重要時，我們確實列出了幾個季度的成長率。

Henceforth, consistent with the practice of most of our competitors, we will only be reporting overall microcontroller revenue and growth rate.

今後，與大多數競爭對手的做法一致，我們將只報告整體微控制器收入和成長率。

For one last time for your records, our 16-bit microcontroller business was up 27.7% in calendar-year 2014, and our 32-bit microcontroller business was up 41.3% in calendar-year 2014.

最後一次向您記錄，我們的 16 位元微控制器業務在 2014 日曆年增長了 27.7%，我們的 32 位元微控制器業務在 2014 日曆年增長了 41.3%。

Based on the growth we have experienced in calendar-year 2014 in all three microcontroller segments, we believe we're continuing to gain significant microcontroller market share, and we expect the calendar-year 2014 market share rankings will bear that out when they are published later this year.

根據我們在 2014 日曆年在所有三個微控制器領域所經歷的增長，我們相信我們將繼續獲得顯著的微控制器市場份額，並且我們預計 2014 日曆年市場份額排名將在發佈時證實這一點今年晚些時候。

Now, let's move to our analog products.

現在，讓我們轉向我們的模擬產品。

Our analog business was up 15.3% from the year-ago quarter.

我們的模擬業務比去年同期成長了 15.3%。

In calendar-year 2014, our analog business was up 15.7%, and also set an all-time record.

2014 年，我們的模擬業務成長了 15.7%，也創下了歷史記錄。

This business continues to have strong design win momentum in a broad range of applications, and represented 23.4% of Microchip's overall revenue in the December quarter; the highest percentage that it has ever been.

該業務在廣泛的應用中繼續保持強勁的設計贏得勢頭，佔 Microchip 12 月份季度總收入的 23.4%；是有史以來最高的百分比。

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

我們持續開發和推出各種創新和專有的新產品，以推動我們模擬業務的未來成長。

Moving to our memory business, which is comprised of our Serial E-squared memory products, as well as our SuperFlash memory products, this business was up 2% over a year ago quarter.

轉向我們的記憶體業務，該業務由我們的串行 E-squared 記憶體產品以及我們的 SuperFlash 記憶體產品組成，該業務比去年同期增長了 2%。

In calendar-year 2014, our memory business was down 1.5%.

2014 日曆年，我們的記憶體業務下降了 1.5%。

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.

我們繼續以嚴格的方式經營我們的記憶體業務，保持一貫的高盈利能力，支援我們的授權業務，並為我們的微控制器客戶提供完整的解決方案。

Our memory business represented 6.2% of Microchip's overall revenue in the December quarter.

我們的記憶體業務佔 Microchip 12 月季度總收入的 6.2%。

Finally, ISSC was integrated into our business systems, as planned, on November 1. At the end of December, we owned 91.1% of the ISSC shares; and on December 25, we de-listed ISSC from the Taiwan Stock Exchange.

最終，ISSC於11月1日按計劃併入我們的業務系統。12月底，我們擁有ISSC 91.1%的股份； 12月25日，我們將ISSC從台灣證券交易所下市。

We expect to acquire the remaining shares of ISSC in the first half of 2015, and complete the merger process during that time.

我們預計在2015年上半年收購ISSC的剩餘股份，並在此期間完成合併流程。

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

現在讓我將其轉交給史蒂夫，以獲得有關我們業務的一些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.

謝謝你，Ganesh，大家下午好。

Today, I would first like to reflect on the results of the fiscal third quarter of 2015 and calendar-year 2014, then I will comment on the progress of some of our acquisitions, and then provide guidance for the fiscal fourth quarter of 2015.

今天，我首先想回顧一下 2015 財年第三季和 2014 日曆年的業績，然後我將評論我們的一些收購的進展，然後為 2015 財年第四季提供指導。

We are very pleased with our execution in the December quarter.

我們對 12 月季度的執行感到非常滿意。

Our original revenue guidance for the December quarter at the midpoint was down 4.5% sequentially.

我們最初對 12 月季度中點的營收指引比上一季下降了 4.5%。

In early December, we revised that guidance upwards to be down 3.5% sequentially at the midpoint.

12 月初，我們將指引上調至中點，季減 3.5%。

Our actual results were down 1.9% sequentially, which was better than seasonal.

我們的實際業績環比下降 1.9%，優於季節性。

Looking at the calendar-year 2014, it was our first year to cross the $2-billion revenue mark.

綜觀 2014 年，這是我們營收突破 20 億美元大關的第一年。

Calendar-year 2014 revenue came in at $2.107 billion, up 12.8% from calendar-year 2013.

2014 年曆年營收為 21.07 億美元，較 2013 日曆年成長 12.8%。

All of our strategic product lines of microcontrollers and analog posted strong performance in calendar-year 2014.

我們所有的微控制器和類比產品策略產品線在 2014 年都表現強勁。

The December quarter was also our 97th consecutive profitable quarter.

12 月季度也是我們連續第 97 個獲利季度。

I want to thank all the employees of Microchip for their contribution in this remarkable achievement of 97 consecutive profitable quarters.

我要感謝 Microchip 的所有員工為連續 97 個季度盈利的卓越成就所做的貢獻。

Now, in the last conference call, we told you that we will be shutting down production in Supertex San Jose fab, as well as test facility in Hong Kong.

現在，在上次電話會議中，我們告訴您，我們將關閉 Supertex San Jose 工廠的生產以及香港的測試工廠。

There is excellent progress on both fronts.

這兩方面都取得了巨大進展。

The last wafer starts in San Jose fab have already been made, and the fab will close in the March/April time frame.

聖荷西晶圓廠的最後一塊晶圓已經投產，該晶圓廠將在三月/四月關閉。

The transfer of Hong Kong test to our high-volume Thailand facility is also on schedule for this quarter.

香港測試轉移到我們高產量的泰國工廠也按計劃於本季進行。

As we said before, we believe that closure of the San 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.

正如我們之前所說，我們認為，在舊的上次購買庫存運出後，關閉聖何塞晶圓廠和香港測試設施將每年增加約 0.05 至 0.07 美元的增量。

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

現在，我將為 2015 財年第三季提供指導。

As we said in the last conference call, we completed the small correction in the September quarter, and then the December quarter turned out to be better than seasonal.

正如我們在上次電話會議中所說，我們在 9 月季度完成了小幅調整，然後 12 月季度結果好於季節性。

March quarter is historically a very strong quarter in Europe, and a weak quarter in Asia, due to Lunar New Year holiday.

從歷史上看，由於農曆新年假期，三月季度在歐洲是一個非常強勁的季度，而在亞洲則是一個疲軟的季度。

The quarter is usually up low single-digit percentage sequentially.

該季度通常會出現較低的個位數百分比環比增長。

We expect this March quarter to be seasonally normal, and expect the revenue to be up 1% to 3% sequentially.

我們預計這個 3 月季度將是季節性正常的，並預計營收將比上一季成長 1% 至 3%。

On a non-GAAP basis, we expect our gross margin to be between 58.2% and 58.4% of sales.

根據非公認會計原則，我們預期毛利率將在銷售額的 58.2% 至 58.4% 之間。

We expect operating expenses to be between 26.2% and 26.6% of sales.

我們預計營運費用將佔銷售額的 26.2% 至 26.6%。

We expect operating profit to be between 31.6% and 32.2% of sales.

我們預計營業利潤將佔銷售額的 31.6% 至 32.2%。

We expect non-GAAP EPS to be between $0.65 and $0.67 per share.

我們預計非 GAAP 每股盈餘將在 0.65 美元至 0.67 美元之間。

Now, I also promised to you that we will review our business units, geographical data, direct customers, and distributors with a fine-tooth comb to make sure that our miss in September quarter was not driven by anything that has changed competitively that we may have missed.

現在，我還向您承諾，我們將仔細審查我們的業務部門、地理數據、直接客戶和分銷商，以確保我們在 9 月份季度的失誤不是由任何我們可能會發生的競爭變化造成的。已經錯過了。

I am happy to report that we have completed a total review, and our miss in September quarter was nothing more than a quick correction and softening that we saw, led by China.

我很高興地向大家報告，我們已經完成了全面審查，而我們在 9 月季度的失誤只不過是我們看到在中國領導下的快速修正和軟化。

Beyond that, there was no other corrective action on our part.

除此之外，我們沒有採取其他糾正措施。

As you have now seen two quarters of data from the industry, you can see that our cumulative performance of two quarters, September and December, is in the top half of our MCU and analog peer group, and our 2% sequential growth guidance at the midpoint for the March quarter should further alleviate any of your concerns.

正如您現在看到的行業兩個季度的數據一樣，您可以看到我們兩個季度（9 月和12 月）的累積業績在我們的MCU 和模擬同行組中處於前半部分，並且我們2% 的連續成長指引三月份季度的中點應該會進一步緩解您的擔憂。

Overall, our 2014 performance demonstrates Microchip has continued to gain market share in microcontrollers and analog.

總體而言，我們 2014 年的業績顯示 Microchip 在微控制器和類比領域繼續獲得市場份額。

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 investments we have made and are continuing to make for the long-term success of Microchip.

最後，當我對我們的業務進行盤點時，我對我們的市場地位和未來前景充滿信心，因為我們已經進行了投資，並將繼續進行投資，以實現 Microchip 的長期成功。

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

接線員，請您投票提問好嗎？

(Operator Instructions)

（操作員說明）

Craig Hettenbach with Morgan Stanley.

摩根士丹利的克雷格·赫滕巴赫。

Yes, thank you.

是的，謝謝。

Can you give any update on the ISSC and Supertex deals from a revenue perspective in terms of how that business is progressing?

您能否從收入角度介紹 ISSC 和 Supertex 交易的最新進展以及業務進展？

I know things like cross-selling take some time, but just how you're seeing that materialize as we go forward.

我知道交叉銷售之類的事情需要一些時間，但隨著我們的前進，您將如何看到它的實現。

We're not breaking out the revenues specifically for those two acquisitions any longer.

我們不再專門細分這兩項收購的收入。

We're well on our way into integrating those product lines into our sales force and into our distribution network and are getting very good initial field feedback on both and so we're quite excited about the future opportunity and the original plan associated with the acquisitions are intact.

我們正在順利地將這些產品線整合到我們的銷售團隊和分銷網絡中，並且在這兩個方面都獲得了非常好的初步現場反饋，因此我們對未來的機會和與收購相關的原始計劃感到非常興奮完好無損。

Got it.

知道了。

Thanks for that.

感謝那。

As a follow-up, Steve, there continues to be a lot of buzz around IOT.

作為後續行動，史蒂夫，圍繞物聯網的討論仍然很多。

Can you give any context in terms of what you're seeing from a design perspective or customer engagements or any context around numbers as you look to size up the opportunities for IOT?

當您尋求評估物聯網機會時，您能否提供從設計角度或客戶參與角度看到的任何背景資訊或有關數字的任何背景資訊？

There is no standard definition for what you include in IOT or not.

對於物聯網中包含或不包含的內容，沒有標準定義。

Different companies have different definitions; some include the entire microcontroller analog sensor and the entire chain of products that go with it, along with the WiFi solution and some not.

不同的公司有不同的定義；有些包括整個微控制器模擬感測器和與之配套的整個產品鏈，以及 WiFi 解決方案，有些則不包括。

I will say, in general, we're excited by the opportunity presented by the IOT market.

我想說的是，總的來說，我們對物聯網市場提供的機會感到興奮。

We have all the pieces needed.

我們擁有所需的所有零件。

The intelligence in microcontroller, analog, smart memory sensors, all of the connectivity protocols, WiFi, Bluetooth, RF, Zigbee and everything else and we think we have increasing presence in this fast-growing market.

微控制器、類比、智慧記憶體感測器、所有連接協定、WiFi、藍牙、RF、Zigbee 和其他所有方面的智能，我們認為我們在這個快速成長的市場中的影響力越來越大。

The broader adoption for smartphones and tablets is accelerating the demand for more things to be connected.

智慧型手機和平板電腦的廣泛採用正在加速對更多互聯事物的需求。

Microchip is incredibly well-placed by having all the components needed, like I mentioned, microcontroller, analog, memory sensors, as well as all the RF, WiFi, Bluetooth, and other building blocks.

Microchip 擁有令人難以置信的優勢，擁有所需的所有組件，就像我提到的那樣，微控制器、類比、記憶體感測器，以及所有 RF、WiFi、藍牙和其他構建塊。

We have a ready-mixed suite of [firmware] solutions to go with various connectivities and we have a set up for partners who can provide the cloud solutions and storage needed for people to be able to ping their data off the clouds.

我們擁有一套預先混合的[韌體]解決方案，可與各種連接相匹配，並且我們為合作夥伴提供了一套可以提供雲端解決方案和儲存所需的雲端解決方案和儲存的解決方案，使人們能夠從雲端獲取數據。

I think we have, really, all the stuff needed.

我認為我們確實擁有所需的所有東西。

We have substantial revenue in the IOT market.

我們在物聯網市場擁有可觀的收入。

Depending on how you describe it, it could be many hundreds of millions of dollars and there's a significant growth in the segment.

根據您的描述，它可能會達到數億美元，並且該領域正在顯著增長。

Beyond that, I wish somebody would define exactly what IOT is.

除此之外，我希望有人能夠準確定義物聯網是什麼。

Got it, thanks for your color there.

明白了，謝謝你的顏色。

William Stein with SunTrust.

SunTrust 的威廉·斯坦因。

Great, thank you for taking my question.

太好了，謝謝你回答我的問題。

Steve, in the past, I think a big part of the Company's growth strategy has been around acquiring companies mostly in the analog space to then cross-sell with the microcontrollers.

史蒂夫，過去，我認為公司成長策略的很大一部分是圍繞收購主要是模擬領域的公司，然後與微控制器進行交叉銷售。

It's worked quite well historically.

歷史上它的效果非常好。

In calendar 2014, though, I believe, on an organic basis, your analog and interface product grouping, actually undergrew Micro's, again, organically.

不過，在 2014 年曆中，我相信，在有機的基礎上，你們的模擬和介面產品組合實際上再次有機地發展到了 Micro 的基礎上。

I'm wondering if you think that, first, if you could confirm I'm correct and then maybe comment as to why that might have happened and whether you think that will reverse in the next calendar year and perhaps we'll see greater attach for analog?

我想知道你是否認為，首先，你是否可以確認我是正確的，然後評論為什麼會發生這種情況，以及你是否認為這種情況會在下一個日曆年發生逆轉，也許我們會看到更多的關注對於模擬？

I don't have the data broken out.

我沒有分解數據。

We usually break out the data for a quarter or so and after that, it's very, very difficult because the businesses get intertwined.

我們通常會分解一個季度左右的數據，之後就變得非常非常困難，因為業務相互交織在一起。

When we buy a company, part of the thing is then, on a combined basis, to make intelligent selection about where Microchip's efforts should go, which piece of the business is better positioned to go forward.

當我們收購一家公司時，一部分事情是在綜合的基礎上，明智地選擇 Microchip 的努力方向，以及哪一部分業務更適合向前發展。

An example could be, when you acquire a company, you have some -- that kind of effort going on inside and then you acquire a company which has a similar effort which is farther along.

一個例子是，當你收購一家公司時，你內部做了一些努力，然後你收購了一家有類似努力、進展更遠的公司。

After you acquire it, let's say you merge it together and you pursue the platform that you acquired, which would lower the revenue that you would have otherwise gained if you hadn't acquired them, because you have similar products.

在你收購它之後，假設你將它合併在一起，然後你追求你所收購的平台，這會降低你如果沒有收購它們本來可以獲得的收入，因為你有類似的產品。

So, after about a quarter or so, which is really important for the street to know, what's the core growth and what's the acquired growth.

因此，大約一個季度之後，對於華爾街來說，了解什麼是核心成長以及什麼是後天成長非常重要。

If you continue to carry it in any fashion a year out, nine months out, a year out, then you're really doing a disservice because our job is to really make the best assessments of where we put the effort, where the sales force sells it, where the field application engineer spends time, what is the best solution to present to our customer.

如果你一年、九個月、一年繼續以任何方式進行，那麼你真的是在造成傷害，因為我們的工作是真正對我們的努力、銷售人員的工作做出最好的評估來銷售它，現場應用工程師花時間，向我們的客戶展示的最佳解決方案是什麼。

If you happen to present the acquired company's solution, more in favor of even not presenting our solution, if that's a negative indicator for you by looking at the core versus acquired growth, then we're not doing our job right and I don't think that's what we ought to be doing.

如果你碰巧提出了被收購公司的解決方案，更傾向於甚至不提出我們的解決方案，如果透過查看核心與收購的成長這對你來說是一個負面指標，那麼我們就沒有做好我們的工作，我也沒有認為這就是我們應該做的。

Okay.

好的。

Maybe I'll try a different topic for follow-up.

也許我會嘗試不同的主題進行跟進。

Can you talk a bit about your capital spending plans?

您能談談您的資本支出計畫嗎？

I think you mentioned them briefly, but I missed them in the prepared remarks.

我認為你簡短地提到了它們，但我在準備好的發言中錯過了它們。

But maybe if you could attribute to which product categories they related and how we should expect your capital planning to go forward through the year.

但也許您可以歸因於它們相關的產品類別以及我們應該如何預期您的資本規劃在這一年中的進展。

As far as our capital plan is concerned, our capacity is very common.

就我們的資本計畫而言，我們的產能很一般。

Our microcontrollers are loaded with analog functionality, a lot of the power management, analog conversion, a lot of interface functionality.

我們的微控制器載入了類比功能、大量電源管理、類比轉換和大量介面功能。

Those are really, on our microcontrollers also, and the customer makes a choice whether he wants to buy a very high-end integrated microcontroller product or he wants to buy a lower-end microcontroller product and adds a standalone analog.

這些確實在我們的微控制器上也是如此，客戶可以選擇是否想要購買非常高階的整合式微控制器產品，或是想要購買低階微控制器產品並添加獨立的模擬。

As a result, the processes we develop our internal factories, as well as when we buy the product from foundries, those are common technologies and common capital and it's very similar in the back end.

因此，我們開發內部工廠的流程，以及當我們從代工廠購買產品時，這些都是通用技術和通用資本，在後端非常相似。

Many of the testers and handlers are predominantly common.

許多測試人員和處理人員都是很常見的。

There is some customization, but the capital doesn't really make a difference.

有一些定制，但資本並沒有真正的區別。

Capital is very common.

資本很常見。

Thank you.

謝謝。

Chris Caso with Susquehanna Financial Group.

克里斯‧卡索 (Chris Caso)，來自薩斯奎哈納金融集團。

Thank you.

謝謝。

We could start just asking a question with regard to industry conditions and it's clear that it sounds we've had a bit of improvement here.

我們可以開始問一個有關行業狀況的問題，很明顯，我們在這方面已經有了一些改進。

Is there exceptional that you're seeing in the underlying business that deviates from normal seasonality in any particular geographic channels or industry segments at this point?

目前，您在任何特定地理通路或產業區隔市場中是否發現基礎業務有偏離正常季節性的異常情況？

We're not essentially commenting only on our business, not the industry conditions, as we see our business.

我們本質上並不是只評論我們的業務，而不是我們所看到的行業狀況。

Our guidance is built on performance in each channel, US, Europe, and Asia and directing distribution to be seasonally normal.

我們的指導是基於美國、歐洲和亞洲各通路的業績，並指導分銷按季節正常進行。

Just moving on with what's happened with some of the foreign exchange rates, particularly the yen and I know that shouldn't have a particular effect on your business, but it does affect your Japanese competitors.

繼續討論一些外匯匯率（尤其是日圓）的情況，我知道這不會對您的業務產生特別的影響，但它確實會影響您的日本競爭對手。

Are you seeing any different competitive behavior as a result of the foreign exchange movements?

您是否發現外匯變動導致競爭行為有所不同？

Maybe while you're on that topic, I know it's been your goal to take some share from the Japanese as well, maybe you can comment on what your think your progress is there?

也許當你在談論這個話題時，我知道你的目標也是從日本人那裡獲得一些份額，也許你可以評論一下你認為你的進展是什麼？

As the Japanese yen depreciates, there is no question that somebody who produces entirely in Japan, their products become slightly cheaper.

隨著日圓貶值，毫無疑問，完全在日本生產的人，他們的產品會變得稍微便宜一些。

Although a lot of the Japanese production has also moved to foundries and they've closed or sold a lot of their fabs and they're buying from similar foundries in Asia, like we are buying.

儘管許多日本生產也轉移到代工廠，他們已經關閉或出售了許多工廠，並且他們從亞洲的類似代工廠購買，就像我們正在購買的那樣。

A lot of their assembly and tests have been moved out after the earthquake.

地震後，他們的許多組裝和測試部分已被移出。

The effect of the yen is really much more muted than it ever was.

日圓的影響確實比以往任何時候都小得多。

The impact of, really, the lower cost, if there is any, is really much, much slower and it takes a long time because really, it's at a design in level.

實際上，較低的成本（如果有的話）的影響確實要慢得多，並且需要很長時間，因為實際上，它處於設計水平。

Whatever is designed in on a proprietary products, customers really cannot change.

無論專有產品的設計如何，客戶都無法改變。

The question really will be on new designs, can somebody from Japan be more competitive.

問題其實在於新設計，來自日本的人能否更具競爭力。

There is a lot of hurdles people have.

人們有很多障礙。

There is IP, there is install base, there is development tools, there is legacy of products, software that people have designed in.

有IP、有安裝基礎、有開發工具、有遺留產品、人們設計的軟體。

So especially in our business, that impact is really fairly small and takes a very long time.

因此，特別是在我們的業務中，這種影響確實相當小，而且需要很長時間。

It would be much more drastic in a memory business where you can really substitute one product for the other product to model, but in a microcontroller analog design in business, I think it's a very negligible impact.

在記憶體業務中，這會更加劇烈，您實際上可以用一種產品替代另一種產品進行建模，但在業務中的微控制器模擬設計中，我認為這是一個非常可以忽略不計的影響。

But there is a second impact, which is really positive when you measure the market share.

但還有第二個影響，當你衡量市場佔有率時，這確實是正面的。

The market share dollar reported by Gartner or [SIE] or anybody else is in dollars.

Gartner 或 [SIE] 或其他任何人報告的市佔率均以美元為單位。

The majority of the sales of the Japanese companies in Japan.

日本企業的大部分銷售在日本。

They produce there, they sell there, they sell in yen.

他們在那裡生產，在那裡銷售，以日元出售。

When you take the yen sale and you convert them to dollars, it's going to be much smaller.

當你把日圓銷售換算成美元時，它的規模會小得多。

That impact is immediate.

這種影響是立竿見影的。

So when you calculate market share, or market share in dollar terms on a percentage basis is going to grow right away.

因此，當您計算市場份額時，或以美元計算的市場份額按百分比計算時，將會立即增長。

And the other impact you're talking about is very long-term, very slow and may or may not happen and we have a lot of time to counter that.

你所說的另一個影響是非常長期、非常緩慢的，可能發生也可能不會發生，我們有很多時間可以應對。

Great, thank you.

太好了謝謝。

Chris Daneley with Citigroup.

花旗集團的克里斯丹利 (Chris Daneley)。

Thanks, guys.

多謝你們。

Steve, in the press release, you talked about your guidance and you said, with the current economic backdrop.

史蒂夫，在新聞稿中，您談到了您的指導，並且您說，在當前的經濟背景下。

Can you just go into your thoughts on the economic backdrop?

能談談您對經濟背景的看法嗎？

Maybe talk about if you're seeing any differences by [geos] out there or what the distributors that you guys deal with are telling you about their business?

也許可以談談您是否發現 [geos] 有任何差異，或與您打交道的經銷商告訴您他們的業務是什麼？

I think it's basically superseded by saying everything is seasonally normal.

我認為一切都按季節正常的說法基本上已經被取代了。

If you take geography by geography, everybody is aware of what's happening in Europe in the currency and the economy and all that.

如果你逐一考察的話，每個人都知道歐洲在貨幣和經濟等方面正在發生的事情。

So you know that backdrop is taken into account.

所以你知道背景被考慮在內。

When you look at Asia, that backdrop is taken into account.

當你觀察亞洲時，就會考慮到這個背景。

The China GDP has slowed down from where was before, but they have done a [similar] package.

中國的GDP較之前有所放緩，但他們也採取了[類似的]一攬子計劃。

So whatever we know as of today, that's the background and that's taken into account.

因此，無論我們今天知道什麼，這都是背景，並且已被考慮在內。

Looking at all that, I think business still looks seasonal.

綜上所述，我認為業務看起來仍然是季節性的。

Great.

偉大的。

For my follow-up, in terms of the upside to guidance on the gross margins and the OpEx, was that all driven by better-than-expected execution on the acquisitions or was there some upside to the core business?

對於我的後續行動，就毛利率和營運支出指導的上行而言，這一切都是由收購執行情況好於預期推動的還是核心業務有一些上行？

I'd say on gross margin, it was modest.

我想說的是，就毛利率而言，這是適度的。

We had a relatively tight range and so we were 0.1% above the midpoint of our guidance, so that's just kind of noise level.

我們的範圍相對較小，因此比指導值的中點高出 0.1%，所以這只是噪音水平。

OpEx, there was quite a bit of improvement there.

營運支出方面，有相當多的改善。

The other Chris asked some questions on FX and FX did have a positive impact in OpEx in the December quarter, but some of that was offset with a foreign exchange loss, as we do some hedging against that.

另一個克里斯問了一些關於外匯的問題，外匯確實對 12 月季度的營運支出產生了積極影響，但其中一些被外匯損失所抵消，因為我們對此做了一些對沖。

I would say, from am OpEx and gross margin standpoint, things performed pretty much as expected.

我想說，從營運支出和毛利率的角度來看，事情的表現幾乎符合預期。

The Company did a good job of controlling costs and FX helped us a little bit on the OpEx line.

公司在控製成本方面做得很好，外匯在營運支出方面為我們帶來了一些幫助。

Thanks.

謝謝。

(Operator Instructions)

（操作員說明）

JoAnne Feeney with ABR Investment Strategy.

JoAnne Feeney 與 ABR 投資策略。

Thank you.

謝謝。

I just wanted to get a little clarification on the guidance, given the difference between the non-GAAP and GAAP numbers and that difference moving in the opposite direction this quarter.

考慮到非公認會計原則和公認會計原則數字之間的差異，以及本季這種差異朝著相反的方向發展，我只是想對指導方針進行一些澄清。

Is the 1% to [3%] based off of GAAP, non-GAAP and does it refer to the GAAP or non-GAAP number this quarter?

1% 到 [3%] 是基於 GAAP、非 GAAP 計算的嗎？它是指本季度的 GAAP 數字還是非 GAAP 數字？

If we presented that wrong, the non-GAAP and GAAP difference are going in the same direction.

如果我們提出了錯誤，那麼非公認會計原則和公認會計原則的差異將朝著同一個方向發展。

In the December quarter, there was a $7 million difference and GAAP revenue was lower than non-GAAP.

12 月季度存在 700 萬美元的差異，且 GAAP 收入低於非 GAAP 收入。

Same thing in the current quarter, we're expecting that GAAP revenue to be about $4 million lower.

本季的情況也是如此，我們預計 GAAP 收入將減少約 400 萬美元。

Obviously, if you're looking at percentage increase changes GAAP to GAAP, non-GAAP to non-GAAP, there is a difference.

顯然，如果您查看按 GAAP 到 GAAP、從非 GAAP 到非 GAAP 的百分比成長變化，您會發現存在差異。

We're giving our guidance of 1% to 3% growth, midpoint of 2%, that's based off the non-GAAP numbers.

我們給出的成長指引為 1% 至 3%，中位數為 2%，這是基於非 GAAP 數據。

Hopefully, that's clear.

希望這是清楚的。

Great, thanks for the clarification.

太好了，感謝您的澄清。

As a follow-up, wondering if you could elaborate a little bit on the margin outlook?

作為後續跟進，想知道您是否可以詳細說明一下利潤前景？

In particular, are you planning to increase factory loadings anytime soon?

特別是，您是否計劃很快增加工廠負荷？

Are you using more foundries than you were, say, last quarter?

與上個季度相比，您使用的代工廠數量是否更多？

Are there any mix shifts going on in your foreseeable future that would impact the margin outlook and your move towards the midterm model?

在可預見的未來，是否會發生任何會影響利潤前景和中期模型走向的組合變化？

If you look at it over the last couple of quarters, I think our overall internal inventory got too low.

如果你看看過去幾個季度，我認為我們的整體內部庫存太低了。

I believe the bottom was about 103 days, wasn't it?

我相信底部大約是 103 天，不是嗎？

About 105.

大約105。

105 days and we let it get too low.

105 天，我們讓它變得太低了。

Some of the upsides we achieved in the earlier quarters, but when the inventory gets too low, then we start to have longer lead time and delivery issues and all that.

我們在前幾個季度取得了一些優勢，但當庫存變得太低時，我們開始面臨更長的交貨時間和交貨問題等等。

So we have made conscious effort, both inside and outside, at the foundries, as well as internally, growing capacity to bring that inventory more in line.

因此，我們在鑄造廠內部和外部以及內部都做出了有意識的努力，不斷增強能力，使庫存更加符合要求。

You have seen the inventory now ending last quarter was 111.

您已經看到上季度末的庫存為 111。

So we made some progress, we think it's still not where we want it to be.

所以我們取得了一些進展，我們認為它仍然沒有達到我們想要的目標。

We want it to be between 115 and 120 days.

我們希望它在 115 到 120 天之間。

So slowly, slowly, and as you are growing revenue, then you also acquire more product and in calculating inventory, you're dividing by a larger number to calculate the days.

慢慢地，慢慢地，當你增加收入時，你也會獲得更多的產品，在計算庫存時，你要除以一個更大的數字來計算天數。

So will take a little bit of time, but we'll continue to work towards trying to get the inventory north of 115 days.

因此，這將需要一點時間，但我們將繼續努力，並爭取在 115 天以上完成庫存。

To answer the other pieces of your question, percentage of foundry of our business continues to be 38% to 40%.

為了回答你的其他問題，我們業務中代工的比例仍然是 38% 到 40%。

There's no significant change there, just very modest changes.

那裡沒有重大變化，只是非常溫和的變化。

Each quarter, it can go up or down and we aren't anticipating any significant mix shifts of the business.

每個季度，它都會上升或下降，我們預計業務不會出現任何重大的組合變化。

In internal fabs, both of our fabs and both of our assembly and test facilities are all working at record loading, so there's really high amount of activity.

在內部晶圓廠中，我們的兩個晶圓廠以及我們的組裝和測試設施都在以創紀錄的負載運行，因此活動量非常大。

Some of the gross margin we're seeing really negatively impacted by two acquisitions last year.

我們看到去年的兩筆收購確實對毛利率產生了負面影響。

It's no longer impacted by the acquisition we did two years ago, like this SMSC.

它不再受到我們兩年前收購的影響，例如 SMSC。

We told you last time their gross margins and operating margins are embedded into Microchip.

我們上次告訴您，他們的毛利率和營業利潤率已納入 Microchip 中。

But the later acquisitions, Supertex and ISSC, their gross and operating margins are still well below Microchip.

但後來收購的Supertex和ISSC，其毛利率和營業利益率仍遠低於Microchip。

They're improving, but they're not quite there yet and it takes a longer time.

他們正在進步，但還沒有完全實現，而且需要更長的時間。

But if it was just our own performance, it's really better than the gross margin you're seeing.

但如果只是我們自己的業績，那確實比你看到的毛利率好。

Got it.

知道了。

Thank you for that clarification.

謝謝你的澄清。

Kevin Cassidy with Stifel Nicolaus.

凱文·卡西迪和斯蒂菲爾·尼古拉斯。

This is Dean Grumlose calling in for Kevin.

我是迪恩·格魯姆洛斯 (Dean Grumlose) 來找凱文。

Thank you very much for taking my call.

非常感謝您接聽我的電話。

My first question is in the automotive area, do you plan on also participating in ethernet or stay with the MOST approach or how do you see this particular competitive scenario playing out?

我的第一個問題是在汽車領域，您是否計劃也參與乙太網路或繼續採用 MOST 方法，或者您如何看待這種特殊的競爭場景？

We do ship both ethernet and MOST into automotive applications today.

如今，我們確實將乙太網路和 MOST 應用於汽車應用。

They go into different types of applications.

他們進入不同類型的應用程式。

Networking in the car is a focus for Microchip.

汽車網路是 Microchip 的重點。

We dominate the space that is around infotainment networking today with the most network.

我們以最多的網路主導了當今資訊娛樂網路領域。

We have many new products planned and whatever the market requirements are that are appropriate and cost-effective and competitive, we will have those solutions.

我們規劃了許多新產品，無論市場需求是什麼，只要是合適的、具成本效益和競爭力的，我們都會有這些解決方案。

In the area of connectivity, especially connectivity that you have acquired, do you have the ability to integrate this with your microcontrollers?

在連接領域，特別是您已經獲得的連接，您是否有能力將其與您的微控制器整合？

Perhaps you could add some color around your strategy in this area.

也許您可以為您在該領域的策略添加一些色彩。

Rather than speak to the strategy, let me speak to what the capability is.

與其談論戰略，不如讓我談談能力是什麼。

Clearly, the technologies that are involved to build the networking products have similarities with the technologies that we build our microcontroller and analog products on.

顯然，建構網路產品所涉及的技術與我們建構微控制器和類比產品的技術有相似之處。

Yes, you will, over time, see appropriate levels of integration where some of the capability will show up on our microcontrollers.

是的，隨著時間的推移，您將看到適當的整合水平，其中一些功能將顯示在我們的微控制器上。

Very helpful, thank you very much.

非常有幫助，非常感謝。

I want to clarify one thing though, which, again, touches on the strategy.

不過，我想澄清一件事，這再次涉及戰略。

If your strategy is to go get one large $50 million account, whether it's in networking or smart phones or whatever, then that integration is very important and you take the microcontroller, take the RF, take everything and you deliver an SOC to the customer.

如果您的策略是獲得 5000 萬美元的大客戶，無論是網路、智慧型手機還是其他領域，那麼整合就非常重要，您需要微控制器、射頻、一切，然後向客戶提供 SOC。

If your strategy is to try to sell that to 1,000 accounts, longtail customers like Microchip does that is substantially higher margin and a better business model longer-term, then integration is not always the best answer because everybody wants a different microcontroller and density and speed and bit size and different performance levels and different things in it.

如果您的策略是嘗試將其銷售給1,000 個帳戶，像Microchip 這樣的長尾客戶確實會獲得更高的利潤和更好的長期商業模式，那麼整合並不總是最好的答案，因為每個人都想要不同的微控制器、密度和速度以及位元大小和不同的效能等級以及其中的不同內容。

Then you have a problem in choosing a microcontroller and if you choose a very large, high super-set microcontroller, then you make it expensive for everybody else.

那麼你在選擇微控制器時就會遇到問題，如果你選擇一個非常大、高超集的微控制器，那麼你就會讓它對其他人來說變得昂貴。

So the best answer to serve 1,000 customers is not always integrated, but the best answer to serve one large customer is always integrated SOC.

因此，服務 1,000 個客戶的最佳答案並不總是集成，但服務一個大客戶的最佳答案始終是集成 SOC。

So those have strategy implications.

所以這些都具有戰略意義。

Okay, thank you.

好的謝謝。

(Operator Instructions)

（操作員說明）

John Pitzer with Credit Suisse.

瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

This is Wills Miller calling in for John Pitzer.

我是威爾斯米勒 (Wills Miller) 來找約翰皮策 (John Pitzer)。

Thanks for letting me ask a question and congrats on the results.

感謝您讓我提出問題並祝賀結果。

First, can you help me think about seasonality throughout 2015 and more specifically, the Street is modeling out probably 4% sequentially in the June quarter versus seasonal of roughly 7% to 8%.

首先，您能否幫我考慮一下 2015 年全年的季節性因素，更具體地說，華爾街預計 6 月季度的環比增長率可能為 4%，而季節性增長率約為 7% 至 8%。

I'm curious because the June quarter was seasonally strong for SMSC.

我很好奇，因為六月季度對於 SMSC 來說是季節性強勁的。

Is there something the Street may be missing?

華爾街是否遺漏了什麼？

We didn't prepare this call to be able to answer anything regarding June in terms of guidance.

我們準備這次電話會議並不是為了能夠回答有關 6 月份的任何指導。

Right.

正確的。

I think the only thing I would say to that is you need to be careful when you look at our historical numbers in terms of when we did acquisitions and the impact of those on any particular quarter when looking at trying to determine what seasonality is.

我認為我唯一要說的是，當你查看我們的歷史數據時，你需要小心，因為我們何時進行收購，以及這些數據對任何特定季度的影響，試圖確定什麼是季節性。

But Steve's right, we haven't given guidance beyond the March quarter.

但史蒂夫是對的，我們沒有給出三月季度之後的指導。

Okay, great, thanks.

好的，太好了，謝謝。

Can you just talk a bit about your expectations by end market for 2015?

能簡單談談您對2015年終端市場的預期嗎？

What do you expect to be the main drivers?

您預計主要驅動因素是什麼？

We don't really usually have end market commentary.

我們通常沒有終端市場評論。

We serve 90,000-plus customers around the world.

我們為全球 90,000 多家客戶提供服務。

A large number of them buy product from distribution and same customers have different divisions, their end market is either industrial or consumer or it can be PC and some have automotive divisions.

他們中的許多人從分銷商購買產品，相同的客戶有不同的部門，他們的終端市場要么是工業市場，要么是消費市場，也可能是個人電腦，有些有汽車部門。

So therefore, we don't break our business down by end markets like that.

因此，我們不會像這樣按終端市場來分解我們的業務。

Thank you.

謝謝。

Thank you.

謝謝。

It appears we have no further questions at this time.

目前看來我們沒有其他問題了。

I'll turn it back to our speakers for any final remarks.

我會將其轉回給我們的發言人以供最後評論。

Okay, thank you for attending the call today.

好的，感謝您今天參加電話會議。

We'll talk to you next quarter.

我們將在下個季度與您交談。

Thank you.

謝謝。

This does conclude today's program.

今天的節目到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect at any time and have a great day.

您可以隨時斷開連接，祝您度過愉快的一天。