微晶片科技 (MCHP) 2015 Q4 法說會逐字稿

Good day, everyone, and welcome to this Microchip Technology fourth quarter and fiscal year 2015 financial results conference call.

大家好，歡迎參加本次 Microchip Technology 2015 年第四季度和財年財務業績電話會議。

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

提醒一下，今天的電話正在錄音中。

(Operator Instructions)

（操作員說明）

At this time, I would like to turn the call over to Microchip's President and Chief Executive Officer, Mr. Steve Sanghi.

在這個時候，我想把電話轉給 Microchip 的總裁兼首席執行官 Steve Sanghi 先生。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝你。

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 that actual events or results may differ materially.

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

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

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，這些文件確定了可能影響 Microchip 業務和運營結果的重要風險因素。

As you know, in addition to earnings, we also announced the signing of the definitive agreement to acquire Micrel.

如您所知，除了收益之外，我們還宣布簽署了收購 Micrel 的最終協議。

During this conference call, we will not cover anything in relations to the acquisition, and we will take your questions only related to the earnings.

在本次電話會議期間，我們將不涉及與收購有關的任何內容，我們只會回答您與收益相關的問題。

After we conclude this conference call, you will have to dial into the second conference call, where we will cover matters related to the acquisition and take your questions.

在我們結束本次電話會議後，您將需要撥入第二次電話會議，我們將在其中討論與收購相關的事宜並回答您的問題。

The second conference call has to be filed with the SEC, hence, the separation of two conference calls.

第二次電話會議必須向美國證券交易委員會提交，因此，兩次電話會議是分開的。

The second call will begin at 5:45PM Eastern time.

第二次通話將於東部時間下午 5:45 開始。

With that, let me now pass this call to our Chief Financial Officer, Eric Bjornholt.

有了這個，現在讓我把這個電話轉給我們的首席財務官 Eric Bjornholt。

Thanks, Steve, and good afternoon, everyone.

謝謝，史蒂夫，大家下午好。

In addition to Steve Sanghi, Microchip's President and CEO, Ganesh Moorthy, Microchip's COO, is also participating in this call.

除了 Microchip 總裁兼首席執行官 Steve Sanghi，Microchip 首席運營官 Ganesh Moorthy 也參加了此次電話會議。

I will comment on our fourth quarter and full fiscal year 2015 financial performance, and Steve and Ganesh will then give their comments on the results and discuss the current business environment as well as our guidance.

我將對我們的第四季度和整個 2015 財年的財務業績發表評論，然後史蒂夫和 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 would then be available to respond to specific investor and analyst questions.

然後，我們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 the 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 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 our operating results, including net sales gross margin and operating expenses.

我現在將介紹我們的一些經營業績，包括淨銷售毛利率和經營費用。

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

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。

Non-GAAP net sales in the March quarter were a record $547.2 million, and were modestly above our midpoint of our guidance which was $546.6 million, and 10.9% from the March 2014 quarter.

3 月季度的非 GAAP 淨銷售額達到創紀錄的 5.472 億美元，略高於我們指引的中點 5.466 億美元，較 2014 年 3 月季度增長 10.9%。

Revenue by product line in the March quarter was $353.6 million for microcontrollers, $127.6 million for analog, $33.2 million for memory, $23.6 million for licensing, and $9.2 million of other.

3 月季度按產品線劃分的收入為：微控制器 3.536 億美元、模擬 1.276 億美元、存儲器 3320 萬美元、許可 2360 萬美元以及其他 920 萬美元。

Revenue by geography was $106.2 million in the Americas, a record $126 million in Europe, and $314.9 million in Asia.

按地域劃分的收入在美洲為 1.062 億美元，歐洲為創紀錄的 1.26 億美元，亞洲為 3.149 億美元。

I 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.

我提醒您，我們根據我們將產品運送到哪裡來確認收入，這往往會使部分收入偏向亞洲，那裡進行大量的合同製造。

On a non-GAAP basis, gross margins were the midpoint of our guidance at 58.3% in the March quarter.

在非公認會計原則的基礎上，毛利率是我們在 3 月季度 58.3% 的指導值的中點。

Non-GAAP operating expenses were 25.9% of sales, well below the bottom end of our guidance range.

非 GAAP 運營費用佔銷售額的 25.9%，遠低於我們指導範圍的下限。

Non-GAAP operating income was 32.4% of sales, and net income was $148.8 million.

非美國通用會計準則營業收入佔銷售額的 32.4%，淨收入為 1.488 億美元。

This resulted in record earnings of $0.68 per diluted share which was at the high end of our guidance.

這導致每股攤薄收益達到創紀錄的 0.68 美元，處於我們指導的高端。

For fiscal year 2015, on a non-GAAP basis, net sales were a record $2.161 billion, and up 11.9% year-over-year.

2015 財年，按非公認會計原則計算，淨銷售額達到創紀錄的 21.61 億美元，同比增長 11.9%。

Gross margins were 58.8%.

毛利率為58.8%。

Operating expenses were 26.4% of sales, and operating income was 32.4% of sales.

營業費用佔銷售額的26.4%，營業收入佔銷售額的32.4%。

Net income was a record $593.9 million or $2.66 per diluted share.

淨收入達到創紀錄的 5.939 億美元或稀釋後每股 2.66 美元。

GAAP net sales in the March quarter were $543.2 million, and as originally guided were $4 million lower than non-GAAP net sales, due to the contractual relationship change we made with the ISSC distribution network to move them to a sell-through revenue recognition model in the December quarter.

3 月季度的 GAAP 淨銷售額為 5.432 億美元，比非 GAAP 淨銷售額低 400 萬美元，原因是我們與 ISSC 分銷網絡進行了合同關係變更，將其轉為銷售收入確認模型在十二月季度。

The revenue impact from this change was fully recognized as of the end of March, and it will not create a GAAP to non-GAAP revenue difference in future quarters.

截至 3 月底，這一變化對收入的影響已得到充分確認，並且不會在未來幾個季度產生 GAAP 與非 GAAP 的收入差異。

On a GAAP basis, gross margins including surveys, compensation, and acquisition related expenses were 57.7% in the March quarter.

按公認會計原則計算，包括調查、薪酬和收購相關費用在內的毛利率在 3 月季度為 57.7%。

GAAP gross margins included the impact of $2 million of share-based compensation, $1.8 million of gross profit on the ISSC revenue recognition change previously mentioned, and $1.5 million in manufacturing shutdown costs associated with the Supertex wafer fab in San Jose.

GAAP 毛利率包括 200 萬美元的股票薪酬的影響、180 萬美元的毛利對前面提到的 ISSC 收入確認變化的影響，以及與聖何塞 Supertex 晶圓廠相關的 150 萬美元的製造停產成本。

Total operating expenses were $203.3 million or 37.4% of sales, and include acquisition intangible amortization of $47.1 million, share-based compensation of $13.2 million, $0.7 million of acquisition related expenses, and special charges of $0.8 million.

總運營費用為 2.033 億美元，佔銷售額的 37.4%，其中包括 4710 萬美元的收購無形攤銷、1320 萬美元的股權補償、70 萬美元的收購相關費用和 80 萬美元的特殊費用。

GAAP other expense includes a $50.6 million loss on the retirement of 50% of our 2037 convertible bonds, and a $18.5 million gain on the sale of a portion of investment that Microchip acquired as part of the SST acquisition back in 2010.

GAAP 其他費用包括 50% 的 2037 年可轉換債券的退休損失 5060 萬美元，以及出售 Microchip 在 2010 年作為 SST 收購的一部分而獲得的部分投資的 1850 萬美元收益。

GAAP net income was $99.4 million or $0.45 per diluted share.

GAAP 淨收入為 9940 萬美元或每股攤薄收益 0.45 美元。

GAAP net income includes nonrecurring favorable tax events of $26.7 million, which were primarily driven by the closure of a tax audit and the expiration of the statute of limitations for certain previously established tax reserves.

GAAP 淨收入包括 2670 萬美元的非經常性有利稅收事件，這主要是由於稅務審計的結束和某些先前建立的稅收儲備的時效到期。

For fiscal year 2015, GAAP net sales were a record $2.147 billion.

2015 財年，GAAP 淨銷售額達到創紀錄的 21.47 億美元。

Gross margins were 57.3%.

毛利率為57.3%。

Operating expenses were 37.4% of sales, and operating income was 19.8% of sales.

營業費用佔銷售額的37.4%，營業收入佔銷售額的19.8%。

Net income was $369 million or $1.65 per diluted share.

淨收入為 3.69 億美元或每股攤薄收益 1.65 美元。

In the March quarter, the non-GAAP tax rate was 11.4%.

在第三季度，非公認會計原則稅率為 11.4%。

The GAAP tax benefit rate was 58.9%.

GAAP 稅收優惠率為 58.9%。

The GAAP tax rate was favorably impacted by the $26.7 million of nonrecurring tax events that I mentioned before and the tax impacts of certain of the one-time events in the quarter.

GAAP 稅率受到我之前提到的 2670 萬美元的非經常性稅務事件以及本季度某些一次性事件的稅務影響的有利影響。

Our tax rate is impacted by the mix of geographical profits, withholding taxes associated with our licensing business, and the tax effect of various nonrecurring 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 nonrecurring events, we expect our longer term forward-looking non-GAAP effective tax rate to be about 10.75% to 11.25%.

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 10.75% 至 11.25%。

To summarize the after-tax impact of the non-GAAP adjustments had on Microchip's earnings per share in the March quarter, acquisition related items were about $0.217, share-based compensation was about $0.052.

總結非 GAAP 調整對 Microchip 3 月份季度每股收益的稅後影響，收購相關項目約為 0.217 美元，股票薪酬約為 0.052 美元。

Nonrecurring favorable tax events were about $0.121 A favorable difference on the sale of a portion of investments acquired in the SST acquisition was about $0.084 cents.

非經常性稅收優惠事件約為 0.121 美元 出售在 SST 收購中獲得的部分投資的有利差額約為 0.084 美分。

The loss on the retirement of our 50% of our 2037 convertible bonds was about $0.144.

我們 50% 的 2037 年可轉換債券的退休損失約為 0.144 美元。

The difference in the GAAP and non-GAAP non-controlling interest in ISSC was a favorable of about $0.005 cents, and non-cash interest expense was $0.019.

ISSC 的 GAAP 和非 GAAP 非控股權益的差異約為 0.005 美分，非現金利息費用為 0.019 美元。

The dividend declared today of $0.3575 per share will be paid on June 4, 2015 to shareholders of record on May 21, 2015.

今天宣布的每股 0.3575 美元的股息將於 2015 年 6 月 4 日支付給 2015 年 5 月 21 日登記在冊的股東。

The cash payment associated with this dividend will be approximately $72.4 million.

與該股息相關的現金支付將約為 7240 萬美元。

This quarter's dividend will be our 51st consecutive quarter of making a dividend payment.

本季度的股息將是我們連續第 51 個季度支付股息。

We have never made reductions in our dividend, and in fact this quarter's increase marks the 45th occasion we have increased dividend payment, and our cumulative dividends paid amount to over $2.5 billion.

我們從未減少股息，事實上本季度的增加標誌著我們第 45 次增加股息支付，我們支付的累計股息超過 25 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 with the issuance of our convertible debenture back in 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 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 $3.9 billion.

自我們的股息計劃開始以來，我們向股東返還的現金超過 39 億美元。

Moving on to the balance sheet, consolidated inventory at March 31, 2015, was $279.5 million or 111 days, flat to the levels at the end of the December quarter.

轉到資產負債表，2015 年 3 月 31 日的合併庫存為 2.795 億美元或 111 天，與 12 月季度末的水平持平。

Inventory at our distributors increased by 1 day in the March quarter and are at 37 days.

我們分銷商的庫存在 3 月季度增加了 1 天，為 37 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，我們在全球的分銷收入是在銷售基礎上確認的。

We intend to grow the days of inventory on our balance sheet in the June quarter to support our business growth and customer service levels.

我們打算在 6 月季度增加資產負債表上的庫存天數，以支持我們的業務增長和客戶服務水平。

The cash generation in the March quarter, excluding the purchase of additional shares of ISSC, our dividend payment, changes in cash from the issuance and retirement of our convertible debentures, and changes in borrowing levels under our revolving lines of credit of $155.5 million.

3 月季度的現金產生，不包括購買 ISSC 的額外股份、我們的股息支付、我們的可轉換債券的發行和報廢產生的現金變化，以及我們 1.555 億美元循環信貸額度下的借款水平變化。

As of March 31, the consolidated cash and total investment position was $2.34 billion.

截至 3 月 31 日，合併現金和總投資頭寸為 23.4 億美元。

Our borrowings under our revolving line of credit were $462 million.

我們在循環信貸額度下的借款為 4.62 億美元。

Excluding dividend payments and our acquisition activities, we expect our total cash and investment position to grow by approximately $160 million to $180 million in the June quarter.

不包括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 6 月季度增長約 1.6 億美元至 1.8 億美元。

Capital spending was approximately $29.4 million for the March quarter, and $149.5 million for fiscal year 2015.

3 月季度的資本支出約為 2940 萬美元，2015 財年為 1.495 億美元。

We expect about $40 million in capital spending in the June quarter, and overall capital expenditures for fiscal year 2016 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 we are currently outsourcing.

我們預計 6 月季度的資本支出約為 4000 萬美元，2016 財年的總資本支出約為 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，並將我們目前外包的更多組裝和測試業務引入內部。

Depreciation expense in the March quarter was $25 million.

3 月季度的折舊費用為 2500 萬美元。

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

我現在請 Ganesh 就 3 月季度的業務表現發表評論。

Ganesh?

加內甚？

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.

讓我們仔細看看我們每個產品線的性能，從微控制器開始。

Our microcontroller revenue was up 8.4% in the March quarter from the year-ago quarter.

我們的微控制器收入在 3 月季度比去年同期增長 8.4%。

For fiscal year 2015, our microcontroller business was up 11.4% over fiscal year 2014, crossing the $1.4 billion mark for the first time, and setting an all-time record.

2015 財年，我們的微控制器業務比 2014 財年增長 11.4%，首次突破 14 億美元大關，創下歷史新高。

Also for fiscal year 2015, each of our 3 microcontroller segments, 8-bit, 16-bit, and 32-bit, set revenue records.

同樣在 2015 財年，我們的 3 個微控制器細分市場（8 位、16 位和 32 位）均創造了收入記錄。

Microcontrollers represented 64.6% of Microchip's overall revenue in the March quarter.

微控制器佔 Microchip 3 月份季度總收入的 64.6%。

As we mentioned in our January conference call, for competitive reasons we will only be providing overall microcontroller revenue and growth rates and not break out by segment, consistent with the practice of most of our competitors.

正如我們在一月份的電話會議中提到的，出於競爭原因，我們將只提供整體微控制器收入和增長率，而不是按細分市場細分，這與我們大多數競爭對手的做法一致。

Gartner Dataquest just released their microcontroller market share report for 2014.

Gartner Dataquest 剛剛發布了 2014 年微控制器市場份額報告。

We are pleased to report that Microchip has regained the number 1 position for 8-bit microcontrollers.

我們很高興地報告，Microchip 重新獲得了 8 位微控制器的第一名。

Four years ago, it took the merger of 3 Japanese semiconductor giants, NEC, Hitachi, and Mitsubishi, in the form of Renesas to knock us off the number 1 spot for 8-bit microcontrollers.

四年前，3 家日本半導體巨頭 NEC、日立和三菱以瑞薩電子的形式合併，使我們在 8 位微控制器市場上排名第一。

We assured you at that time that we would work relentlessly to gain market share and to wrest back the number 1 spot in the coming years.

我們當時向您保證，我們將不懈努力以獲得市場份額並在未來幾年奪回第一名。

Post their merger, Renesas 8-bit microcontroller business in 2010 used to be 41% larger than ours.

合併後，瑞薩 8 位微控制器業務在 2010 年曾經比我們大 41%。

In every year since 2010, we have closed the gap versus Renesas, and in 2014, we wrested back the leadership position and finished 10.5% larger than Renesas.

自 2010 年以來，我們每年都在縮小與瑞薩的差距，而在 2014 年，我們重新奪回了領先地位，比瑞薩高出 10.5%。

In the 16-bit microcontroller market, we were again the fastest growing 16-bit microcontroller supplier among the top 10 suppliers in 2014, growing it over 2X the rate of any of the other top 10 suppliers.

在 16 位微控制器市場，我們再次成為 2014 年十大供應商中增長最快的 16 位微控制器供應商，其增長速度是其他十大供應商的 2 倍以上。

While our substantially faster growth rate closed the gap versus higher ranked suppliers, we remained the number 5 spot in 2014, and expect to continue to gain share and move further up the rankings in the coming years.

雖然我們顯著加快的增長率縮小了與排名較高的供應商的差距，但我們在 2014 年仍保持第 5 位，並有望在未來幾年繼續獲得份額並進一步提升排名。

In the 32-bit microcontroller market, we moved up to the number 9 spot in 2014, from the of number of 11 spot in 2013, continuing our relentless climb up the rankings since we entered this market a few years ago.

在 32 位微控制器市場，我們從 2013 年的第 11 位上升到 2014 年的第 9 位，繼續我們幾年前進入這個市場以來的排名不斷攀升。

Now, Gartner Dataquest report is a backward-looking indicator, where we are performing very well.

現在，Gartner Dataquest 報告是一個回顧性指標，我們在這方面的表現非常好。

Now to look at forward-looking indicator, in April also UBM Tech, which is the parent company of EE Times, released the results of their annual embedded market study.

現在來看前瞻性指標，4 月份，EE Times 的母公司 UBM Tech 也發布了他們的年度嵌入式市場研究結果。

Once again, Microchip was rated by the embedded system design engineers as their number 1 choice for new designs using 8-bit and 16-bit microcontrollers in the performance range that we compete in, and we were the number 2 choice among 32-bit microcontrollers.

Microchip 再次被嵌入式系統設計工程師評為在我們競爭的性能範圍內使用 8 位和 16 位微控制器的新設計的第一選擇，我們是 32 位微控制器中的第二選擇.

We are humbled and gratified by the overwhelming preference by engineers for our solutions and see this as a positive sign for future growth.

我們對工程師對我們的解決方案的壓倒性偏好感到謙卑和欣慰，並將其視為未來增長的積極信號。

Our overall microcontroller results, as well as each of our 8-bit, 16-bit, and 32-bit results, are clearly outperforming the market with year-over-year growth rates well above the market, and what we have seen reported by our competitors and their results.

我們的整體微控制器結果，以及我們的 8 位、16 位和 32 位結果，明顯優於市場，同比增長率遠高於市場，我們所看到的報告由我們的競爭對手及其結果。

These outstanding results in a very competitive market are a tribute to the tireless effort of the worldwide Microchip team.

在競爭激烈的市場中取得這些優異成績是對全球 Microchip 團隊不懈努力的貢獻。

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

隨著我們建立業內表現最好的微控制器特許經營權，我們獲得了顯著的市場份額，並擁有新產品的勢頭和客戶參與度，以繼續獲得更多份額。

In analog products, our analog business was up 18.7% from the year-ago quarter.

在模擬產品方面，我們的模擬業務同比增長 18.7%。

In fiscal year 2015, our analog business was up 17.6% over fiscal year 2014, crossing the half billion dollar mark for the first time and also setting an all-time record.

2015 財年，我們的模擬業務比 2014 財年增長 17.6%，首次突破 5 億美元大關，並創下歷史新高。

This business continues to have strong design win momentum in a broad range of applications and represented 23.3% of Microchip's overall revenue in the March quarter.

該業務在廣泛的應用中繼續保持強勁的設計獲胜勢頭，佔 Microchip 3 月份季度總收入的 23.3%。

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 the memory business, which is comprised of our Serial E-squared memory products, as well as Superflash memory products, this business was up 0.2% versus the year-ago quarter.

現在轉向由我們的 Serial E-squared 內存產品和 Superflash 內存產品組成的內存業務，該業務與去年同期相比增長了 0.2%。

In fiscal 2015, our memory business was down 1.8% versus fiscal year 2014.

2015 財年，我們的內存業務與 2014 財年相比下降了 1.8%。

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 6.1% of Microchip's overall revenue in the March quarter.

我們的內存業務佔 Microchip 3 月份季度總收入的 6.1%。

I have one more topic to cover today.

我今天還有一個話題要講。

Given the importance of the Internet of Things market, some of our investors and analysts have asked for more color about the size of our IOT business.

鑑於物聯網市場的重要性，我們的一些投資者和分析師要求更多地了解我們的物聯網業務規模。

First, there is no consistent way in which semiconductor companies report their IOT revenue.

首先，半導體公司報告其物聯網收入的方式並不一致。

As a result, there are some who report their entire embedded market revenue [or] the revenue of business leaders focused in the embedded market as IOT revenue.

因此，有些人將他們的整個嵌入式市場收入 [或] 專注於嵌入式市場的業務領導者的收入報告為 IOT 收入。

By that measure, pretty close to 100% of Microchip's $2.2 billion of revenue could be classified as IOT revenue.

按照這個衡量標準，Microchip 22 億美元的收入中幾乎 100% 可以歸類為物聯網收入。

It would not be as meaningful to investors in terms of its potential as a future growth driver.

就其作為未來增長動力的潛力而言，它對投資者而言意義不大。

We have a stricter definition for our IOT revenue in that we only count end applications or things that are both smart and connected, reflecting what the promise of IOT really is, which is the possibilities that open up by adding connectivity to smart systems.

我們對我們的物聯網收入有更嚴格的定義，因為我們只計算終端應用程序或既智能又互聯的東西，這反映了物聯網的真正承諾，即通過增加智能係統的連接性所帶來的可能性。

Examples of smart and connected applications for Microchip are things like alarm systems, access control systems, thermostats, smoke detectors, exercise machines, asset tracking, wireless audio docks, set-top box and other consumer electronic systems, hospital personnel locators, patient monitors, automotive telematics, building automation, vending machines, smart grid monitoring, wired and wireless networking systems, GPS, navigation, tracking systems, and many others that are too numerous to list.

Microchip 的智能和連接應用示例包括警報系統、門禁系統、恆溫器、煙霧探測器、健身器材、資產跟踪、無線音頻基座、機頂盒和其他消費電子系統、醫院人員定位器、患者監視器、汽車遠程信息處理、樓宇自動化、自動售貨機、智能電網監控、有線和無線網絡系統、GPS、導航、跟踪系統，以及許多其他不勝枚舉。

More applications will continue to be added as they get connected.

更多應用程序將在連接後繼續添加。

I am sure you will agree that applications like the examples we just provided which are a combination of smart and connected applications are more real IOT applications, and the products going into them would better characterize our IOT revenue.

我相信您會同意，像我們剛剛提供的示例這樣的應用程序結合了智能和連接的應用程序是更真實的物聯網應用程序，並且進入它們的產品將更好地表徵我們的物聯網收入。

Microchip solutions that enable the IOT market include low-power microcontrollers, analog, sensors, memories, wired, and wireless communication products.

支持物聯網市場的微芯片解決方案包括低功耗微控制器、模擬、傳感器、存儲器、有線和無線通信產品。

Using our stricter definition for IOT revenue, Microchip estimates that our current annual IOT revenue is approximately $275 million and has been growing at a greater than 35% compounded annual growth rate over the last three years.

根據我們對物聯網收入的更嚴格定義，Microchip 估計我們目前的物聯網年收入約為 2.75 億美元，並且在過去三年中以超過 35% 的複合年增長率增長。

This revenue is already included in the public reporting segments of Microchip.

該收入已包含在 Microchip 的公開報告部分中。

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.

謝謝你，加內甚。

Today, I would first like to reflect on the results of the fiscal fourth quarter of 2015 and fiscal year 2015, and then I will provide guidance for the fiscal first quarter of 2016.

今天，我想先回顧一下2015財年第四季度和2015財年的業績，然後再對2016財年第一季度進行指導。

We were very pleased with our execution in the March quarter.

我們對三月季度的執行感到非常滿意。

We achieved record net sales in the March quarter and slightly ahead of the midpoint of our guidance.

我們在 3 月季度實現了創紀錄的淨銷售額，略高於我們指導的中點。

Our non-GAAP earnings per share of $0.68 were a record and at the high end of our revised estimate.

我們的非公認會計原則每股收益為 0.68 美元，創歷史新高，處於我們修訂後估計的高端。

Recall that we had advised our earnings per share higher after taking into account the accretive effect of our financing transactions.

回想一下，在考慮到融資交易的增值效應後，我們曾建議提高每股收益。

Looking at the fiscal year 2015, it was another record year for revenue and the first fiscal year to cross the $2 billion revenue mark.

回顧 2015 財年，這是收入再創紀錄的一年，也是第一個收入突破 20 億美元大關的財年。

For fiscal year 2015, revenue came in at a record $2.16 billion, up 11.9% from fiscal year 2014.

2015 財年的收入達到創紀錄的 21.6 億美元，比 2014 財年增長 11.9%。

All of the strategic product lines of microcontroller and analog posted record revenue performance for fiscal year 2015.

微控制器和模擬的所有戰略產品線在 2015 財年都創下了創紀錄的收入業績。

The March quarter results were our 98th consecutive profitable quarter.

3 月份的季度業績是我們連續第 98 個季度盈利。

I want to thank all of the employees of Microchip for their contribution in this remarkable achievement of 98 consecutive profitable quarters.

我要感謝 Microchip 的所有員工在連續 98 個季度盈利的這一非凡成就中所做的貢獻。

We are also planning a celebration for our 100th consecutive profitable quarter which is two quarters away.

我們還計劃在兩個季度之后慶祝我們連續第 100 個盈利季度。

In the last two conference calls, we told you that we would be shutting down production in Supertex San Jose fab as well as a [test] facility in Hong Kong.

在最近兩次電話會議中，我們告訴過您，我們將關閉 Supertex San Jose 工廠的生產以及香港的 [測試] 工廠。

The San Jose fab is now closed, with the last wafer out occurring in early April.

聖何塞晶圓廠現已關閉，最後一個晶圓生產於 4 月初。

The fab building is undergoing restoration to be returned back to the landlord.

工廠大樓正在進行修復，以歸還給房東。

The transfer of the Hong Kong test operations to a high volume Thailand facility was also completed in February.

2 月份也完成了將香港測試業務轉移到大容量泰國工廠的工作。

Now I will provide guidance for the fiscal first quarter of 2016.

現在我將為 2016 財年第一季度提供指導。

As we look at the business environment, it is clear that many of our industry peers are seeing weakness across various end markets, including PC and industrial slowing growth in China market and currency impacts from the strong dollar.

當我們審視商業環境時，很明顯，我們的許多同行都看到各個終端市場的疲軟，包括中國市場的個人電腦和工業增長放緩以及強勢美元對貨幣的影響。

Taking all of this into account, we believe that our net sales in the June quarter will be between $547 million and $564 million.

考慮到所有這些因素，我們相信我們在 6 月季度的淨銷售額將在 5.47 億美元至 5.64 億美元之間。

On a non-GAAP basis, we expect our gross margin to be between 58.3% and 58.5% of sales.

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 58.3% 至 58.5% 之間。

We expect operating expenses to be between 25.75% and 26% of sales.

我們預計運營費用將佔銷售額的 25.75% 至 26%。

We expect operating profit to be between 32.3% and 32.75% of sales.

我們預計營業利潤將在銷售額的 32.3% 至 32.75% 之間。

We expect non-GAAP EPS to be between $0.69 and $0.73 per share.

我們預計非 GAAP 每股收益在 0.69 美元至 0.73 美元之間。

Finally, I want to remind you that given all of the complications of accounting for the acquisitions including amortization of intangibles, restructuring charges, and inventory [write-up] on acquisitions, Microchip will continue to provide guidance and track its results on non-GAAP basis.

最後，我想提醒您，考慮到收購會計的所有復雜性，包括無形資產攤銷、重組費用和收購的庫存 [書面]，Microchip 將繼續提供指導並跟踪其非公認會計原則的結果基礎。

We believe that non-GAAP results provide more meaningful comparison prior quarters, and we request that the analyst continue to report the non-GAAP estimates to first call.

我們認為非 GAAP 結果提供了更有意義的比較前幾個季度，我們要求分析師繼續報告非 GAAP 估計值。

Before we open it up for questions, I want to remind everybody in case somebody joined our conference late that in this conference call we will be only taking questions regarding our earnings.

在我們提出問題之前，我想提醒大家，以防有人遲到加入我們的會議，在這次電話會議中，我們將只回答有關我們收入的問題。

We will have a second conference call starting at 5:45PM New York time at which we will talk about the Micrel acquisition and take questions related to that acquisition.

我們將在紐約時間下午 5:45 開始舉行第二次電話會議，屆時我們將討論收購 Micrel 並回答與收購相關的問題。

Operator, would you please poll for questions?

接線員，請您投票提問嗎？

Yes, sir.

是的先生。

(Operator Instructions)

（操作員說明）

Our first question comes from William Stein with SunTrust.

我們的第一個問題來自 SunTrust 的 William Stein。

Thank you for taking my question.

謝謝你接受我的問題。

Steve, the guidance, a couple of percentage points below consensus and perhaps normal seasonal patterns, understanding that that's not out of line with what other companies are guiding this season as well.

史蒂夫，指導，比共識低幾個百分點，也許是正常的季節性模式，理解這與其他公司本賽季的指導並不不一致。

I wonder if you could comment on whether you see that small weakness extending further in the next quarter?

我想知道您是否可以評論一下您是否認為這一小幅疲軟在下一季度會進一步擴大？

You often have some strong opinions on the cycle, and I think we would like to hear them.

你經常對周期有一些強烈的意見，我想我們想听聽他們的意見。

I have [blocked] my opinion on the cycle, and I am not going to share with you anymore.

我已經[屏蔽]了我對周期的看法，我不會再和你分享了。

Basically, I think as far as the seasonality's concerned, a Company with constant stream of acquisitions that we have done, we believe seasonality often is miscalculated by the investors, depending on how many years back you go.

基本上，我認為就季節性而言，我們已經完成了不斷進行收購的公司，我們認為投資者經常錯誤地估計季節性，這取決於你過去多少年。

We have had Supertex acquisition which closed in April of last year, and ISSC acquisition last year.

我們在去年 4 月完成了對 Supertex 的收購，以及去年對 ISSC 的收購。

If you go five years back, we closed SST acquisition also in April.

如果你回到五年前，我們也在 4 月完成了對 SST 的收購。

When you look at the June quarter numbers, sometimes you do with or without acquisitions, and many times the breakdown of those numbers is not available two or three years out.

當您查看 6 月份的季度數據時，有時您會進行收購或不進行收購，而且很多時候這些數字的細分在兩三年後都無法獲得。

I believe that seasonality changes a lot with these acquisitions, but the largest reason is you described yourself, which is industry conditions are soft, just like announced by other peers.

我相信隨著這些收購，季節性變化很大，但最大的原因是您描述自己，即行業環境疲軟，就像其他同行宣布的那樣。

That is what we're seeing.

這就是我們所看到的。

Beyond that, I am not going to comment on cycle or anything else for the future.

除此之外，我不會對未來的周期或其他任何事情發表評論。

I understand that.

我明白那個。

If I could ask one follow-up please, I wonder to what degree you see the weakness as FX related, either first-order or second-order effect, and whether they are any end markets?

如果我可以問一個後續問題，我想知道您認為與外匯相關的弱點在多大程度上是一階或二階效應，以及它們是否是任何終端市場？

You were good enough to call out IOT.

你足夠好來召喚物聯網。

I think historically you haven't done a lot of talking about specific end markets, but is there one particular end market, like either PC or wireless infrastructure, that may be weaker or stronger?

我認為從歷史上看，您並沒有對特定的終端市場進行大量討論，但是是否有一個特定的終端市場，例如 PC 或無線基礎設施，可能會更弱或更強？

Thank you.

謝謝你。

We don't really have much end market commentary.

我們並沒有太多的終端市場評論。

We serve 90,000 plus customers, and the vast majority of them through distribution.

我們為 90,000 多名客戶提供服務，其中絕大多數是通過分銷渠道。

Many times, the customers we work with, multiple divisions for some of them, the business is PCs.

很多時候，我們合作的客戶，其中一些是多個部門，業務是個人電腦。

For some others, the business is industrial.

對於其他一些人來說，這項業務是工業化的。

For some other, it could be called consumer.

對於其他一些人，它可以稱為消費者。

We don't really have any end market flavor but to Ganesh and his commentary described the IOT business, the way we defined a much narrower definition of IOT for applications that are really smart and connected is growing 35% a year, so that is doing very well.

我們真的沒有任何終端市場的味道，但 Ganesh 和他的評論描述了 IOT 業務，我們為真正智能和連接的應用程序定義更窄的 IOT 定義的方式每年增長 35%，所以這就是很好。

If you take a broader definition of IOT, include all the embedded business and all that, you could almost call 100% of Microchip's business as IOT, which really would not be helpful.

如果您對 IOT 進行更廣泛的定義，包括所有嵌入式業務等等，您幾乎可以將 Microchip 100% 的業務稱為 IOT，這真的沒有幫助。

That is really what I have to say there.

這就是我要在那裡說的。

Thank you.

謝謝你。

[Question] on FX?

[問題] 外匯？

FX, I think we can delineate the FX that much.

FX，我認為我們可以這麼多地描述 FX。

We do business worldwide in US dollars, so 99% plus of our business will be in US dollars.

我們在全球範圍內以美元開展業務，因此我們 99% 以上的業務將以美元進行。

We don't take a hit on our receivables that way, and when the currencies become weak overseas, it doesn't change our revenue right away because our prices are in dollars.

我們不會以這種方式影響我們的應收賬款，而且當海外貨幣疲軟時，它不會立即改變我們的收入，因為我們的價格是以美元計價的。

Then it makes the products more expensive for our customers, so as you are renegotiating the price, the next bid comes.

然後它使我們的客戶的產品更貴，所以當你重新談判價格時，下一個投標就來了。

The next order comes in.

下一個訂單進來了。

You are negotiating, and then you will see some impact.

你正在談判，然後你會看到一些影響。

Doing it in dollars gives us more control, allows us to manage it, split it with the customer, or do whatever, but it really allows us to manage it rather than have an automatic full FX impact to drop down.

用美元做這件事給了我們更多的控制權，讓我們可以管理它，與客戶分開，或者做任何事情，但它真的讓我們能夠管理它，而不是自動產生全面的外匯影響下降。

I think the way we do it is probably better, and has a delayed effect.

我認為我們這樣做的方式可能更好，並且具有延遲效果。

It also impacts the business of our customers.

它還會影響我們客戶的業務。

If the business of our customers include lots of products from overseas, which in most cases it does, then their end product becomes more expensive, and they're having more trouble in terms of ramping their own products.

如果我們的客戶的業務包括大量來自海外的產品（在大多數情況下確實如此），那麼他們的最終產品就會變得更加昂貴，並且他們在增加自己的產品方面會遇到更多的麻煩。

Those results are real.

這些結果是真實的。

Those are from first tier.

那些來自第一層。

Some are second tier.

有些是二線。

Some are even third tier, and it is very hard to figure this out with 90,000 customers worldwide, doing business in 100 countries.

有些甚至是三級的，在全球有 90,000 名客戶、在 100 個國家開展業務的情況下，很難弄清楚這一點。

I don't think we can decipher that.

我認為我們無法破譯它。

Thanks, Steve.

謝謝，史蒂夫。

Our next question comes from Chris Caso with Susquehanna Financial Group.

我們的下一個問題來自 Susquehanna Financial Group 的 Chris Caso。

Yes, thank you.

是的，謝謝。

The first question is along the lines of currency also, but I noted that your business in Europe appeared to be very strong in the quarter.

第一個問題也與貨幣有關，但我注意到你們在歐洲的業務在本季度似乎非常強勁。

I wonder if you could talk about that a bit.

我想知道你能不能談談這個。

I didn't know if perhaps there was currency related effects in there, perhaps having an effect on customer demand in the quarter.

我不知道那裡是否可能存在與貨幣相關的影響，可能會對本季度的客戶需求產生影響。

Was that European strength surprising to you?

那種歐洲的力量讓你感到驚訝嗎？

Generally, what do you think may be behind that?

一般來說，您認為這背後的原因是什麼？

Go ahead, Eric.

來吧，埃里克。

Chris, if you look back at our historical results, the March quarter is always a strong period in Europe, having growth of almost 19%.

克里斯，如果你回顧我們的歷史業績，3 月季度在歐洲一直是強勁的時期，增長率接近 19%。

It was a really good quarter in Europe, but that is not out of line with what we have seen historically, and so with the FX rates really changing late 2014 and early 2015, the impact on the quarter from an FX standpoint was not significant in the March quarter.

在歐洲，這是一個非常好的季度，但這與我們以往看到的情況並不不一致，因此隨著 2014 年底和 2015 年初的匯率確實發生了變化，從外彙的角度來看，這對該季度的影響並不顯著三月季度。

Steve talked about the forward effects could be, but it's always a very strong quarter in March in Europe, and this quarter was no different.

史蒂夫談到了可能的遠期影響，但 3 月份在歐洲總是一個非常強勁的季度，本季度也不例外。

Okay.

好的。

Great.

偉大的。

Just as a follow-up, I know you are trying to take inventory levels up.

作為後續行動，我知道您正試圖提高庫存水平。

If you could remind us where you are looking to take them?

如果你能提醒我們你想帶他們去哪裡？

How long do you think it is going to take to get there?

你認為到達那裡需要多長時間？

Is there a leverage benefit on margins as you do that?

當你這樣做時，利潤率是否有槓桿效應？

I think we like our inventory.

我認為我們喜歡我們的庫存。

Product mix has gotten very complex.

產品組合變得非常複雜。

A significant portion of our business is analog.

我們業務的很大一部分是模擬的。

Lots of microcontroller business is very analog-like.

許多微控制器業務非常類似於模擬。

There's a high amount of analog on microcontrollers with lots of SKUs.

具有大量 SKU 的微控制器上有大量的模擬。

We're basically finding that inventory levels need to be between 115 to 120 days.

我們基本上發現庫存水平需要在 115 到 120 天之間。

A few years ago, we used to talk about 110 days.

幾年前，我們常說110天。

I think it has gone up by about maybe 7 to 10 days to have a reasonable amount of inventory to be able to do business in such a complex mix of SKUs.

我認為大約需要 7 到 10 天才能擁有合理數量的庫存，以便能夠在如此復雜的 SKU 組合中開展業務。

Our inventory today is 111 days.

我們今天的庫存是 111 天。

It's 111.

這是111。

We put in the release that we'd expect based on guidance for the quarter for inventory to grow between 3 and 9 days.

我們根據本季度的指導發布了我們預期的版本，庫存將在 3 到 9 天之間增長。

Take the middle-of-the-road of that, and we are getting real close to what our model is for the longer term.

採取中間路線，我們將真正接近我們的長期模型。

I think inventory is in pretty good shape.

我認為庫存狀況非常好。

Great.

偉大的。

Thank you.

謝謝你。

(Operator instructions)

（操作員說明）

Craig Hettenbach, Morgan Stanley.

克雷格·海滕巴赫，摩根士丹利。

Just a follow-up on the current environment, given the quarter itself came in line, could you just talk about maybe how it progressed?

只是對當前環境的跟進，鑑於本季度本身已經排好，您能否談談它的進展情況？

It looks like within the last six months, we have had a couple of times, a bit of a pause here, just what you make of that from a demand or inventory perspective?

看起來在過去的六個月裡，我們有過幾次，在這裡有點停頓，從需求或庫存的角度來看，你是怎麼看的？

In terms of how the quarter progressed, it was a very standard March quarter that starts slow with the New Year holidays around then world, and then picks up some steam, and then slows down into the Chinese New Year.

就這個季度的進展而言，這是一個非常標準的 3 月季度，從世界各地的新年假期開始緩慢，然後恢復一些動力，然後放緩到農曆新年。

Then you have a (inaudible) March.

然後你有一個（聽不清）三月。

It is probably the most backend loaded quarter we do, compared to June quarter, September quarter, December quarter.

與 6 月季度、9 月季度、12 月季度相比，這可能是我們所做的後端負載最多的季度。

March is the most backend loaded, predominantly driven by the Chinese New Year, and slow start in January, so very difficult.

3 月是後端負載最多的，主要受春節驅動，1 月啟動緩慢，非常困難。

Yes, and I would say that was within our expectations.

是的，我會說這在我們的預期之內。

Yes.

是的。

Okay.

好的。

Then any color are in terms of canvassing the landscape from a demand, and just some of the sluggish trends you are seeing out there?

那麼，任何顏色都可以從需求中探索景觀，以及您所看到的一些低迷趨勢？

I hate to go back and visit to last year, but late last year, the estimates for the industry were double digit, 10% [tide].

我討厭回去訪問去年，但去年底，該行業的估計是兩位數，10％[潮]。

We were able to see that that's not doable.

我們能夠看到這是不可行的。

That just didn't look possible with what we're seeing in the PC, the inventory we were seeing in the channel, and what we were hearing from our customers.

就我們在 PC 中看到的內容、我們在渠道中看到的庫存以及我們從客戶那裡聽到的內容而言，這看起來是不可能的。

We just didn't think the industry had a driver to really create another 10% growth year.

我們只是認為該行業沒有真正創造另一個 10% 增長年的驅動力。

As you look at it now, the growth rates for the industry have been cut in half.

正如你現在所看到的，該行業的增長率已減半。

I really have to say that I am not surprised.

我真的不得不說我並不感到驚訝。

I think that's what we thought it will be.

我認為這就是我們所認為的。

Okay.

好的。

Then maybe just a longer term question, if you look across, you have been successful in really ramping the analog business, as well as on the MCU side, in terms of share gains over time.

那麼也許只是一個長期的問題，如果你放眼望去，你已經成功地真正提升了模擬業務，以及在 MCU 方面，隨著時間的推移，份額增長。

Just as you look at those two businesses, any differences for long-term growth rates in terms of which one you might think grow the fastest longer term?

就像您查看這兩項業務一樣，長期增長率有什麼不同，您認為哪個業務的長期增長最快？

We are a very profitable Company, as you can see, 32.3% operating profit.

如您所見，我們是一家非常盈利的公司，營業利潤為 32.3%。

Our microcontroller and analog businesses are both very well-funded and relatively independently.

我們的微控制器和模擬業務資金充足且相對獨立。

We are not driving to a model that three years out, [X portion] of our business will be this division or that division.

我們不會在三年後推出一個模型，我們業務的 [X 部分] 將是這個部門或那個部門。

They are all well-funded, and it depends on basically achieving product success and marketplace penetration.

他們都資金充足，這取決於基本實現產品成功和市場滲透。

They meet in manufacturing, and they meet at the customer base.

他們在製造中相遇，在客戶群中相遇。

They meet in applications.

他們在應用程序中相遇。

[We're in] the same application.

[我們在]同一個應用程序。

We've got lots of microcontroller, as well as analog, products going into a single board, so there is a lot of synergy that way.

我們有很多微控制器以及模擬產品進入一塊電路板，所以這樣有很多協同作用。

In terms of making investments, there is not a competition because we can really take care of both.

在投資方面，沒有競爭，因為我們真的可以兼顧兩者。

It will largely depend on where we have larger success.

這在很大程度上取決於我們在哪些方面取得了更大的成功。

Analog has been growing faster somewhat because that is where we have done some of the acquisitions.

Analog 的增長速度有所加快，因為我們在那裡進行了一些收購。

Microcontroller acquisitions are a bit more difficult to do because everybody has different architecture, and you've got different issues in trying to get synergy in microcontroller.

微控制器的收購有點困難，因為每個人都有不同的架構，而且你在嘗試獲得微控制器的協同作用時遇到了不同的問題。

We have been able to acquire capability in analog, both organically and through acquisitions, and it has been a smaller business compared to the microcontroller.

我們已經能夠有機地和通過收購獲得模擬能力，與微控制器相比，它的業務規模較小。

Microcontrollers is a $1.5 billion business, and analog is about a third of that, $0.5 billion, so it has been growing faster.

微控制器是一項價值 15 億美元的業務，而模擬業務約佔其中的三分之一，即 5 億美元，因此它的增長速度更快。

It is not something that if microcontroller can grow faster with IOT, with other applications, 32-bit is going very fast, 16-bit is going very fast, 8-bit [did a record], but it does have a $1.5 billion gorilla that has to move.

如果微控制器可以通過 IOT 更快地增長，對於其他應用程序來說，32 位的發展速度非常快，16 位的發展速度非常快，8 位的 [創紀錄]，但它確實有 15 億美元的大猩猩那必須移動。

We are numbers third in the order of microcontroller market, third or fourth, depending on which year you take.

我們在微控制器市場排名第三，第三或第四，這取決於你選擇哪一年。

[Worst season] analog, we are much lower.

[Worst season] 模擬，我們低得多。

There are much larger analog companies that we can take share from for a long time.

長期以來，我們可以從更大的模擬公司中分一杯羹。

Got it.

知道了。

I appreciate the color there.

我很欣賞那裡的顏色。

You're welcome.

別客氣。

We will continue on to Kevin Cassidy with Stifel.

我們將繼續與 Stifel 一起討論 Kevin Cassidy。

Thanks for taking my question.

感謝您提出我的問題。

On your CapEx plans for fiscal year 2016, you said $160 million.

在你的 2016 財年資本支出計劃中，你說 1.6 億美元。

Can you break it down a little bit?

你能稍微分解一下嗎？

Is it front end or back end?

是前端還是後端？

Just where the spending will be?

支出將在哪裡？

It is a combination of both, Kevin.

這是兩者的結合，凱文。

We are continuing to invest in new processes and technologies in both the front end and back end and investing to not only support the growth of our organic business, but then invest to bring some things in-house that were previously outsourced for acquisitions.

我們將繼續在前端和後端投資新的流程和技術，投資不僅是為了支持我們有機業務的增長，而且還會投資將一些以前外包用於收購的東西帶入內部。

The same story that you've heard before, it is definitely a split between front end manufacturing and back end manufacturing.

你以前聽過的同樣的故事，它絕對是前端製造和後端製造之間的分裂。

Maybe to add onto that, what do you expected your split to be at the end of fiscal year 2016 for internal versus outsourcing?

或許要補充一點，您預計在 2016 財年末內部與外包的拆分情況如何？

If you are meaning how much of our wafer fab will be done in-house, so in fiscal 2015, about 39% of it was outsourced, and 61% was done in-house.

如果您的意思是我們的晶圓廠有多少將在內部完成，那麼在 2015 財年，大約 39% 的晶圓廠是外包的，61% 是在內部完成的。

There will be modest movements from that in fiscal 2016.

與 2016 財年相比，將有小幅變動。

Nothing will change dramatically.

什麼都不會發生巨大變化。

Unless there is a large acquisition that moves the mix from an organic basis, you can move one or two points a year or something.

除非有大型收購從有機基礎上移動組合，否則您可以每年移動一兩個點或其他東西。

It is not really huge, but significant movements have happened when we acquired SST, which was 100% outsourced.

這並不是很大，但是當我們收購 100% 外包的 SST 時，發生了重大變化。

We acquired SMSC.

我們收購了 SMSC。

That was 100% outsourced.

那是 100% 外包的。

You could ask that question in the second conference call on Micrel, and maybe I could answer it there.

你可以在關於 Micrel 的第二次電話會議上問這個問題，也許我可以在那裡回答。

Okay.

好的。

Maybe I was trying to get a feel for it too.

也許我也想感受一下。

I think with SMSC, the idea was to bring the [test and] packaging in-house, even though the wafer fab was out.

我認為 SMSC 的想法是在內部進行 [測試和] 封裝，即使晶圓廠已經退出。

Is that still the longer term idea, to do more of your own testing and packaging?

這仍然是一個長期的想法，做更多自己的測試和包裝嗎？

Yes.

是的。

When we answered your question on 39% inside, it was not on a COGS basis.

當我們在 39% 的內部回答您的問題時，這不是基於 COGS。

It was basically on a fab basis, front end.

它基本上是在晶圓廠的基礎上，前端。

In terms of back end, we do?

在後端方面，我們呢？

Eighty-eight percent of the tests, we do in-house, and high 50%, low 60% of assembly, we do in-house.

88% 的測試，我們在內部進行，高 50%，低 60% 的組裝，我們在內部進行。

That moves around with the acquisitions, as Steve noted.

正如史蒂夫所指出的那樣，隨著收購的發展。

We have continuing to bring work from SMSC inside.

我們繼續將 SMSC 的工作帶入內部。

We have closed the Supertex test facility in Hong Kong.

我們已經關閉了位於香港的 Supertex 測試設施。

All of that is [running in] to Microchip, so yes, case-by-case basis, when it [runs] outside, we try to bring it inside for lower costs.

所有這些都 [運行] 到 Microchip，所以是的，根據具體情況，當它 [運行] 外部時，我們會嘗試將其帶入內部以降低成本。

Okay.

好的。

Thank you.

謝謝你。

Our next question will come from Harsh Kumar with Stephens.

我們的下一個問題將來自 Harsh Kumar 和 Stephens。

Hi, Steve.

嗨，史蒂夫。

I was wondering if there were any bright spots in terms of end markets, some markets that actually held up better, both as far as March as well as maybe for the guidance?

我想知道在終端市場方面是否有任何亮點，一些市場實際上表現得更好，無論是在三月份還是在指導方面？

I think it is fashionable to say IOT.

我認為說 IOT 很時髦。

That is what I would say probably.

我大概就是這麼說的。

It grew 35% year-over-year, and I'm sure we did very well quarterly too.

它同比增長 35%，我相信我們每個季度也做得很好。

That is fair.

那是公平的。

Then I think you, in response to a previous question, you talked about linearity in the March quarter.

然後我想你，在回答之前的問題時，你談到了 3 月季度的線性度。

We found that very helpful.

我們發現這很有幫助。

I was wondering, not specific to this June quarter, but historically, maybe you could give us an idea of how typically the June quarter trends for you guys, the last couple of years?

我想知道，不是特定於這個六月季度，而是從歷史上看，也許你可以讓我們了解過去幾年你們六月季度的趨勢有多典型？

In terms of monthly linearity?

就月度線性而言？

Yes, just any kind of color you want to give us.

是的，只要您想給我們任何一種顏色。

I would say June quarter is probably the most linear quarter.

我會說六月季度可能是最線性的季度。

The March quarter is the most non-linear quarter because of the Chinese New Year.

由於農曆新年，三月季度是最非線性的季度。

When you get to the September quarter, you have the August, which is weak usually because of holidays in Europe and parts of Asia.

當您到達 9 月季度時，您會看到 8 月，這通常是因為歐洲和亞洲部分地區的假期而疲軟。

In December quarter, you have holidays at the end, so June quarter is actually the most normal linear quarter, and I don't think we expect anything different.

在 12 月季度，你在年底有假期，所以 6 月季度實際上是最正常的線性季度，我認為我們預計不會有什麼不同。

Got it.

知道了。

Thanks, guys.

多謝你們。

Thank you.

謝謝你。

Chris Danley with Citi.

克里斯丹利與花旗。

Thanks, Steve.

謝謝，史蒂夫。

I guess if you just take a step back, can you compare this soft patch to what happened late last year, maybe even 2012, 2011?

我想如果你退後一步，你能把這個軟補丁與去年年底發生的事情進行比較，甚至可能是 2012 年、2011 年嗎？

Do you think it's similar, better, worse?

你認為它是相似的、更好的還是更糟的？

Do you think there is any chance that things could get worse?

你認為事情有可能變得更糟嗎？

Did we just fault down a month ago or a few weeks ago, and now we're bouncing along the bottom and waiting for things back up?

我們是在一個月前還是幾週前出現故障，現在我們正沿著底部反彈並等待事情恢復？

Any perspective there?

有什麼看法嗎？

I think, Chris, I resigned from my industry forecasting job last year.

我想，克里斯，我去年辭去了我的行業預測工作。

I gave it to you.

我給了你。

Okay.

好的。

Good luck with that.

祝你好運。

I guess as my follow-up, how about inventory out there with distributors and your customers?

我想作為我的後續行動，分銷商和您的客戶的庫存情況如何？

Now that demand is a little lower, do you expect some inventory burn this quarter?

現在需求有所下降，您預計本季度會出現一些庫存消耗嗎？

Do you feel like everybody is pretty comfortable out there?

你覺得外面的每個人都很舒服嗎？

I think our distribution inventory is not high.

我認為我們的分銷庫存並不高。

Number one, we don't take it as a revenue, so it doesn't really matter that much.

第一，我們不把它當作收入，所以這並不重要。

If the distribution inventory becomes too high, and then they corrected it, it can have any downstream effect.

如果分銷庫存變得太高，然後他們進行了糾正，它可能會產生任何下游影響。

Then if we have to lower our own inventory, our own inventory is on the lower side.

然後，如果我們必須降低自己的庫存，我們自己的庫存就會偏低。

We like it higher.

我們更喜歡它。

The distribution inventory is in the middle.

分銷庫存在中間。

When you combine those two inventories, they are not high.

當您將這兩個庫存結合起來時，它們並不高。

If anything, they are on the low side, despite the weakness, despite the guidance.

如果有的話，儘管有弱點，儘管有指導，但它們處於低位。

Based on current numbers, our inventories are still really on the south of the middle.

根據目前的數字，我們的庫存仍然位於中南部。

I don't think the inventory is a problem.

我認為庫存不是問題。

We are working very hard in our factories to make more product for our customers, and have [expert eyes] and challenges and others with mix being really complex, having closed down Supertex fab, accommodate all of those products on our fab.

我們在我們的工廠裡非常努力地為我們的客戶生產更多的產品，並且有[專家的眼睛]和挑戰以及其他混合非常複雜的問題，我們關閉了 Supertex 工廠，在我們的工廠中容納所有這些產品。

Manufacturing is challenging, and high inventory is not an issue right now.

製造具有挑戰性，高庫存現在不是問題。

Okay.

好的。

Thanks, guys.

多謝你們。

John Pitzer with Credit Suisse.

瑞士信貸的約翰·皮策。

Please go ahead.

請繼續。

Can you hear me?

你能聽到我嗎？

Guys, can you hear me?

伙計們，你能聽到我的聲音嗎？

Yes, please go ahead.

是的，請繼續。

Steve, I want to give my shot to try to bring you out of retirement, and follow-up to Chris's first question.

史蒂夫，我想嘗試讓你退出退休生活，並跟進克里斯的第一個問題。

I am curious.

我好奇。

Your guiding flat to up sequentially for the June quarter, a little bit below normal seasonal patterns, but you guys are comfortable enough to continue to build inventory.

你的指導在 6 月季度從持平到上升，略低於正常的季節性模式，但你們足夠舒適，可以繼續建立庫存。

I'm just curious if you thought this was going to be prolonged or deeper, would you do anything around utilization?

我只是好奇你是否認為這會延長或更深，你會在利用率方面做些什麼嗎？

Would you not build inventories?

你不會建立庫存嗎？

The fact that you are willing to build some inventory, a [tacit sign] that you think this is more of a soft patch than anything else?

你願意建立一些庫存的事實，一個[默認信號]你認為這更像是一個軟補丁而不是其他任何東西？

We really aren't making a call either way.

我們真的沒有打電話。

Manufacturing is running normal.

生產運行正常。

If you look at the December quarter, we have holiday related shutdown we have to do to do the maintenance on the facility, so you lose a few days.

如果您查看 12 月季度，我們有假期相關的停工，我們必須對設施進行維護，因此您損失了幾天。

It is usually tight on total output in the December quarter, and in the March quarter, you get the full days.

12 月季度的總產量通常很緊張，而在 3 月季度，你會得到一整天的時間。

Related to that, we are working hard to build a few days of inventory.

與此相關，我們正在努力建立幾天的庫存。

We said 3 to 9 days.

我們說 3 到 9 天。

Let's say at the end, it comes out to be 4 or 5 days.

假設最後，結果是 4 或 5 天。

That would still be only 114, 115 days of inventory on the lower end of 115 to 119.

在 115 到 119 的低端，那仍然只有 114、115 天的庫存。

Like I said, answer to Chris's question, I don't really think we have conviction either way to drive the inventory much higher or much lower.

就像我說的，回答克里斯的問題，我真的不認為我們有信心以任何一種方式推動庫存更高或更低。

We are largely basically trying to get to the middle of our range, and only going to get to the bottom of range probably.

我們基本上基本上是在嘗試到達我們範圍的中間，並且可能只會到達範圍的底部。

That's helpful, Steve.

這很有幫助，史蒂夫。

Then maybe as a follow-up, Ganesh, I really appreciated the more detailed definition of IOT.

然後也許作為後續行動，Ganesh，我真的很欣賞物聯網更詳細的定義。

You talked about a lot of the discrete IT and technology you guys provide.

你們談到了你們提供的很多離散的 IT 和技術。

I am curious to what extent you guys are providing that as a turnkey solution, when you think about microcontroller, analog, wire, wireless connectivity.

當您考慮微控制器、模擬、有線、無線連接時，我很好奇你們在多大程度上提供了作為交鑰匙解決方案的解決方案。

How do we think about how much of your IOT revenue is complete turnkey solutions versus discrete?

我們如何看待您的物聯網收入中有多少是完整的交鑰匙解決方案而不是離散的？

What the opportunity to go to turnkey?

有什麼機會去交鑰匙？

Could you talk a little bit about security within that IOT bucket as well?

您能否也談談該 IOT 存儲桶中的安全性？

Clearly there is a school of thought that secure and connected is what defines IOT.

顯然，有一種學派認為安全和連接是物聯網的定義。

I'd be curious just how you guys are thinking about the security issue.

我很好奇你們是如何考慮安全問題的。

Okay.

好的。

Good questions.

好問題。

When we go to market, there are obviously many customers for whom we can provide the complete bag of solutions, analog, microcontroller, wireless, or wired, whatever connectivity they want to have.

當我們進入市場時，顯然有很多客戶我們可以為他們提供一整套解決方案，模擬、微控制器、無線或有線，無論他們想要什麼連接。

In other cases, we may only win a portion of that, and it gives us a foothold for the customer to come back and look at their next-generation of designs.

在其他情況下，我們可能只會贏得其中的一部分，這為我們提供了一個立足點，讓客戶回來看看他們的下一代設計。

I don't have a good split of which way it is across so many different customers there are.

對於這麼多不同的客戶，我沒有很好的劃分方式。

Our obvious go-to-market is doing as much as what is on the board.

我們明顯的進入市場正在做與董事會一樣多的事情。

That constitutes both the smart side of the equation, as well as the connectivity side of the a question.

這既構成了等式的智能方面，也構成了問題的連通性方面。

Your question on security is a very good one as well, so we know it is a key part of many of these applications.

您關於安全性的問題也是一個非常好的問題，因此我們知道它是許多這些應用程序的關鍵部分。

We enable that security in some cases through hardware that's built into our products in combination with software that we make available as well.

在某些情況下，我們通過我們產品中內置的硬件以及我們提供的軟件來實現這種安全性。

I think there is a lot more coming in front of us from the industry at large on how to ensure that as IOT fills out the range of applications, the security part of it continues to be addressed sufficiently.

我認為整個行業在如何確保物聯網填補應用範圍的同時，它的安全部分繼續得到充分解決，還有很多事情擺在我們面前。

Anytime you have a node that is connected, its security is a key part of what we need to think about in the solution we deliver.

每當您有一個連接的節點時，它的安全性都是我們在提供的解決方案中需要考慮的關鍵部分。

Thank you.

謝謝你。

With no additional questions in the queue, I'd like to go ahead and turn the floor back over to our speakers for any additional or closing remarks.

隊列中沒有其他問題，我想繼續將發言權轉回給我們的發言人，以獲取任何其他或結束語。

Okay.

好的。

We want to thank everyone for attending our conference call.

我們要感謝大家參加我們的電話會議。

After a little break, to 5:45 Eastern time, we will be starting our second conference call, which is regarding the acquisition of Micrel.

稍事休息後，到東部時間 5 點 45 分，我們將開始第二次電話會議，這是關於收購 Micrel 的。

We will hear some of you again on that call.

在那次電話會議上，我們將再次聽到你們中的一些人。

Thank you.

謝謝你。

Thank you.

謝謝你。

Again, ladies and gentlemen, that does conclude today's conference.

再次，女士們，先生們，今天的會議結束了。

Thank you all again for your participation.

再次感謝大家的參與。