微晶片科技 (MCHP) 2016 Q1 法說會逐字稿

Good day, everyone, and welcome to this Microchip Technology first-quarter and FY16 financial results conference.

大家好，歡迎參加 Microchip Technology 第一季和 2016 財年財務業績會議。

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'd like to turn the conference over to Microchip's Chief Financial Officer, Mr. Eric Bjornholt.

現在，我想將會議轉交給 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 首席營運長 Ganesh Moorthy。

I will comment on our first-quarter FY16 financial performance, and Steve and Ganesh will then give their comments on the results, discuss the current business environment, as well as our guidance, and provide an update on that acquisition of Micrel, which was completed today.

我將評論我們 2016 財年第一季的財務業績，然後 Steve 和 Ganesh 將對結果發表評論，討論當前的商業環境以及我們的指導，並提供已完成的對 Micrel 收購的最新情況今天。

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、毛利率和營運費用。

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

我將在收購活動和股權激勵的影響之前參考非公認會計原則的這些結果。

Net sales in the June quarter were $534 million, below the midpoint of our guidance, which was $555.5 million, and were up 0.5% from non-GAAP net sales of $531.3 million in the June 2014 quarter.

6 月季度的淨銷售額為 5.34 億美元，低於我們指引的中點（5.555 億美元），比 2014 年 6 月季度的非 GAAP 淨銷售額 5.313 億美元增加了 0.5%。

Revenue by product line in the June quarter was $348.2 million for microcontrollers, $127.1 million for analog, $31.8 million for memory, $23.3 million for licensing, and $3.7 million of other.

6月季度按產品線劃分的收入為：微控制器收入為3.482億美元，模擬收入為1.271億美元，記憶體收入為3180萬美元，授權收入為2330萬美元，其他收入為370萬美元。

Revenue by geography was $104.5 million in the Americas, $114.7 million in Europe, and $314.7 million in Asia.

按地區劃分的收入為：美洲 1.045 億美元，歐洲 1.147 億美元，亞洲 3.147 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 58.3% in the (inaudible), non-GAAP operating expenses were 25.6% of sales, below the bottom end of our guidance range.

在非 GAAP 基礎上，毛利率為 58.3%（聽不清楚），非 GAAP 營運費用佔銷售額的 25.6%，低於我們指引範圍的下限。

Non-GAAP operating income was 32.6% of sales, and net income was $148.9 million.

非 GAAP 營業收入佔銷售額的 32.6%，淨利為 1.489 億美元。

This resulted in $0.69 per diluted share, which while it was at the low end of our guidance, was nonetheless a new record.

這導致稀釋後每股收益為 0.69 美元，雖然處於我們指引的低端，但仍創下了新紀錄。

On a GAAP basis, gross margins, including share-based compensation and acquisition-related expenses, were 57.9% in the June quarter.

以公認會計準則計算，第二季的毛利率（包括股權激勵和收購相關費用）為 57.9%。

GAAP gross margins included the impact of $1.7 million of share-based compensation, and $0.5 million in manufacturing shutdown costs associated with the Supertex wafer fab in San Jose.

GAAP 毛利率包括 170 萬美元的股權激勵措施以及與聖荷西 Supertex 晶圓廠相關的 50 萬美元的生產停工成本的影響。

Total operating expenses were $187.7 million, or 35.2% of sales, and include acquisition intangible amortization of $34.6 million, share-based compensation of (inaudible), $2.2 million of acquisition-related expenses, and special charges of $1.6 million.

總營運費用為 1.877 億美元，佔銷售額的 35.2%，其中包括 3,460 萬美元的收購無形攤銷、 220 萬美元的收購相關費用以及 160 萬美元的特殊費用。

GAAP other expense includes a $13.8 million gain on the sale of the remainder of an investment that Microchip acquired as part of the SST acquisition back in 2010, and a $2.2 million gain on the sale of another investment.

GAAP 其他費用包括 Microchip 在 2010 年作為 SST 收購的一部分而收購的一項投資的剩餘部分的出售收益，以及出售另一項投資的 220 萬美元收益。

GAAP net income was $130.7 million, or $0.60 per diluted share.

GAAP 淨利為 1.307 億美元，或攤薄後每股收益 0.60 美元。

GAAP net income includes nonrecurring favorable tax events of $18.7 million, which was primarily driven by the release of a deferred tax liability due to some IP ownership restructuring that occurred in the quarter, related to our prior acquisition and ISSC.

GAAP 淨利潤包括 1,870 萬美元的非經常性稅收優惠事件，這主要是由於本季度發生的一些智慧財產權所有權重組（與我們先前的收購和 ISSC 相關）導致遞延稅項負債的釋放。

In the June quarter, the non-GAAP tax rate was 11.4%, and the GAAP tax benefit rate was 9.1%.

6月季度，非公認會計原則稅率為11.4%，公認會計原則稅優惠率為9.1%。

The GAAP tax rate was favorably impacted by the $18.7 million of nonrecurring tax events that I mentioned before.

GAAP 稅率受到我之前提到的 1,870 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 nonrecurring 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 nonrecurring events, we expect our longer-term forward-looking non-GAAP effective tax rate to be about 11% to 12%.

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 11% 至 12%。

To summarize the after-tax impact that non-GAAP adjustments had on Microchip's earnings per share in the June quarter, acquisition-related items were about $0.163, share-based compensation was about $0.0049, nonrecurring favorable tax events were about $0.086, a favorable difference on the sale of two investments during the quarter was about $0.074, and the difference in GAAP and non-GAAP non-controlling interest and ISSC was a favorable of about 0.002, and non-cash interest expense was about $0.035.

總結非公認會計準則調整對 Microchip 六月季度每股收益的稅後影響，收購相關項目約為 0.163 美元，基於股票的薪酬約為 0.0049 美元，非經常性有利稅收事件約為 0.086 美元，有利差異本季度出售兩項投資的費用約為0.074 美元，GAAP 和非GAAP 非控制權益以及ISSC 的差異約為0.002 美元，非現金利息費用約為0.035 美元。

The dividend declared today of $0.358 per share will be paid on September 25, 2015 to shareholders of record on September 11, 2015.

今天宣布的每股 0.358 美元的股息將於 2015 年 9 月 25 日支付給 2015 年 9 月 11 日登記在冊的股東。

The cash payment associated with this dividend is expected to be about $75.4 million.

與本次股息相關的現金支付預計約為 7540 萬美元。

This quarter's dividend will be our 52nd consecutive quarter of making a dividend payment.

本季的股息將是我們連續第 52 個季度支付股息。

We have never made reductions in our dividend.

我們從未減少過股利。

In fact, this quarter's increase marks the 46th occasion we have increased the dividend payment, and our cumulative dividends paid amounts to almost $2.6 billion.

事實上，本季的增加標誌著我們第 46 次增加股息支付，我們的累積股息支付金額接近 26 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.

在 Microchip 支付股利期間，我們也回購了價值 14 億美元的股票。

Our combined cash returned to shareholders since the inception of our dividend program is almost $4 billion.

自股息計畫啟動以來，我們返還給股東的現金總額接近 40 億美元。

Moving on to the balance sheet, consolidated inventory at June 30, 2015 was $303.7 million, or 123 days, up by 12 days to the levels at the end of the March quarter.

轉向資產負債表，截至 2015 年 6 月 30 日的綜合庫存為 3.037 億美元，即 123 天，比 3 月季度末的水準增加了 12 天。

Inventory at our distributors was at 37 days and was flat to the March quarter levels.

我們經銷商的庫存為 37 天，與 3 月季度水準持平。

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 have taken actions to moderate our production activities and our foundry wafer purchases in the current quarter to moderate any inventory build.

我們已採取行動控製本季的生產活動和代工晶圓採購，以減少庫存增加。

The cash generation in the June quarter, excluding the purchase of the remaining shares of ISSC that were outstanding, our dividend payment, the changes in borrowing levels under our revolving line of credit was $143.8 million.

不包括購買 ISSC 剩餘流通股、股息支付以及循環信貸額度下借款水準的變化，第二季的現金產生量為 1.438 億美元。

As of June 30, the consolidated cash and total investment position was $2.43 billion, and our borrowings under our revolving line of credit were $497 million.

截至 6 月 30 日，合併現金和總投資部位為 24.3 億美元，循環信貸額度下的借款為 4.97 億美元。

Excluding dividend payments and our acquisition activities, we expect total cash and investment position to grow by approximately $100 million to $120 million in the September order.

不包括股息支付和我們的收購活動，我們預計 9 月訂單中的總現金和投資部位將成長約 1 億美元至 1.2 億美元。

Capital spending was approximately $33.6 million in the June quarter.

六月季度的資本支出約為 3,360 萬美元。

We expect about $35 million in capital spending in the September quarter, and overall capital expenditures for FY16 have been reduced from our previously guided $160 million to $125 million.

我們預計 9 月季度的資本支出約為 3,500 萬美元，2016 財年的總體資本支出已從我們先前指導的 1.6 億美元減少至 1.25 億美元。

We are selectively 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.

我們有選擇地增加資本，以支持我們快速成長的新產品和技術的生產能力的成長，並將目前外包的更多組裝和測試業務引入內部。

Depreciation expense in the June quarter was $24.7 million.

六月季度的折舊費用為 2,470 萬美元。

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

我現在請加內什對六月季度的業務表現發表評論。

Ganesh?

加內什？

Thank you, Eric, and good afternoon, everyone.

謝謝你，埃里克，大家下午好。

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

讓我們從微控制器開始，仔細看看我們每個產品線的性能。

Our microcontroller revenue was up 1.3% in the June quarter, as compared to the year-ago quarter.

與去年同期相比，我們的微控制器營收在第二季成長了 1.3%。

We experienced the same broad-based weakness that has been reported by many of our peer group companies.

我們也經歷了許多同業集團公司所報告的同樣廣泛的弱點。

In aggregate, over the last four rolling quarters, our microcontroller business was up 8% over the prior four rolling quarters.

總的來說，在過去四個滾動季度中，我們的微控制器業務比之前四個滾動季度增長了 8%。

We are continuing to deliver innovative new 8-bit, 16-bit, and 32-bit microcontrollers that we believe will enable us to grow faster than the market and gain further market share.

我們將繼續提供創新的新型 8 位元、16 位元和 32 位元微控制器，我們相信這些微控制器將使我們能夠比市場更快成長並獲得更多的市場份額。

Microcontrollers represented 65.2% of Microchip's overall revenue in the June quarter.

微控制器佔Microchip第二季總營收的65.2%。

Moving to our analog business, our analog business was down 0.6% in the June quarter, as compared to the year-ago quarter.

轉向我們的模擬業務，我們的模擬業務在 6 月季度與去年同期相比下降了 0.6%。

In this business too, we experienced a broad-based weakness that has been reported by many of our peers.

在這項業務中，我們也遇到了許多同業都報告過的廣泛弱點。

In aggregate, over the last four rolling quarters, our analog business was up 11% over the prior four rolling quarters.

總的來說，在過去四個滾動季度中，我們的模擬業務比之前四個滾動季度增長了 11%。

Our analog business represented 23.8% of Microchip's overall revenue in the June quarter.

我們的模擬業務佔 Microchip 第二季總營收的 23.8%。

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

我們不斷開發和推出各種創新和專有的新產品，以推動模擬業務的未來成長。

Our memory business, which is comprised of our (inaudible) memory products, as well as our SuperFlash memory products, was down 4.8% in the June quarter as compared to the year-ago quarter.

我們的記憶體業務由（聽不清楚）記憶體產品以及 SuperFlash 記憶體產品組成，與去年同期相比，第二季下降了 4.8%。

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

我們繼續以嚴格的方式經營我們的記憶體業務，保持一貫的高獲利能力，使我們的授權業務能夠順利開展，並（聽不清楚）完成他們的解決方案。

Our memory business represented 5.95% of Microchip's overall revenue in the June quarter.

我們的記憶體業務佔 Microchip 第二季總營收的 5.95%。

Now, a short update about Micrel and where we are in the integration process.

現在，簡單介紹一下 Micrel 以及我們在整合過程中的進展。

Since the announcement of the acquisition on May 7, we have spent considerable time understanding Micrel's businesses, organization, and systems.

自從5月7日宣布收購以來，我們花了相當多的時間來了解麥克雷爾的業務、組織和系統。

We have developed detailed integration plans that we have begun to execute today after the transaction closed.

我們已經制定了詳細的整合計劃，並已於今天交易結束後開始執行。

As we described in our May 7th conference call, Micrel has three product line business units and a small foundry services business.

正如我們在 5 月 7 日的電話會議中所述，Micrel 擁有三個產品線業務部門和一個小型代工服務業務。

Micrel's linear and power solutions business is a classic, highly fragmented analog business.

麥克雷爾的線性和電源解決方案業務是典型的、高度分散的類比業務。

This business, together with Microchip standard analog business, will form a strong combined portfolio that will serve broader base of applications and customers, and enable a number of cross-selling opportunities.

該業務與 Microchip 標準模擬業務一起，將形成一個強大的組合產品組合，為更廣泛的應用和客戶群提供服務，並帶來大量交叉銷售機會。

Micrel's land solutions business consists of a range of ethernet products, including controllers, switches, and physical layers for different speeds.

麥克雷爾的陸地解決方案業務由一系列乙太網路產品組成，包括控制器、交換器和不同速度的實體層。

This business will strengthen Microchip's overall ethernet offering and also enable us to serve a broader set of applications and customers.

這項業務將增強 Microchip 的整體乙太網路產品，並使我們能夠為更廣泛的應用和客戶提供服務。

Micrel's timing solutions business consists of a comprehensive clock and timing portfolio, including frequency control products, clock generation products, and clock distribution products.

麥克雷爾的定時解決方案業務由全面的時脈和定時產品組合組成，包括頻率控制產品、時脈產生產品和時脈分配產品。

It also includes MEMS technology capability that enables much smaller timing components.

它還包括 MEMS 技術功能，可實現更小的計時元件。

This is a brand-new field of play for Microchip that we are excited about and see sales synergies with our existing product lines.

對於 Microchip 來說，這是一個全新的領域，我們對此感到興奮，並看到與我們現有產品線的銷售協同效應。

It also gives us visibility into a range of applications and customers that are new to Microchip or could be customers for our microcontroller, analog, and memory products.

它還使我們能夠了解 Microchip 的新應用或可能成為我們的微控制器、類比和記憶體產品客戶的一系列應用和客戶。

In regards to sales and field applications, we are planning to keep Micrel sales and applications engineers and will cross-train them, as well as our existing sales force, so that we can find revenue synergies through cross-selling opportunities.

在銷售和現場應用方面，我們計劃保留Micrel的銷售和應用工程師，並對他們以及我們現有的銷售人員進行交叉培訓，以便我們能夠透過交叉銷售機會找到收入協同效應。

We also plan to combine the distribution networks of the two companies.

我們也計劃合併兩家公司的分銷網絡。

Some of the distributors for the two companies are the same, while others are different.

兩家公司的經銷商有些相同，有些則不同。

And our goal is to achieve expanded distribution capabilities for the products of both companies.

我們的目標是擴大兩家公司產品的分銷能力。

In regards to manufacturing, Steve will comment in more detail in his section, along with how we expect to see the accretion results rolling out over time.

關於製造，史蒂夫將在他的部分中更詳細地評論，以及我們期望如何看到隨著時間的推移逐漸出現的增長結果。

With that, let me now pass it to Steve for some general comments about our business, the Micrel acquisition, as well as the guidance going forward.

現在，讓我向 Steve 轉達一些關於我們的業務、收購 Micrel 的一般性意見以及未來的指導。

Steve?

史蒂夫？

Thank you, Ganesh, and good afternoon, everyone.

謝謝你，Ganesh，大家下午好。

Today, I would like to first comment on the results of the fiscal first quarter of 2016, and then provide guidance for the fiscal second quarter of 2016, including comments on the integration plan for Micrel.

今天，我想先評論2016財年第一季的業績，然後提供2016財年第二季的指引，包括對Micrel整合計畫的評論。

Our June quarter results were shy of our guidance, but were consistent with what others in the semiconductor industry have reported.

我們六月季度的業績低於我們的指導，但與半導體行業其他公司的報告一致。

The quarter started out well, but the negative effects of the very weak economy in China and challenges in Europe, led by a very weakened euro, caused us to finish the quarter below our guidance and revenue.

本季開局良好，但中國經濟疲軟和歐洲挑戰（以歐元大幅疲軟為首）的負面影響導致我們本季的業績低於預期和收入。

We were able to keep the non-GAAP gross margin percentage and earnings per share within the guidance, albeit on the low end of it.

我們能夠將非公認會計原則毛利率和每股收益保持在指導範圍內，儘管處於指導範圍的低端。

Gross margin of 58.3%, operating expense of 25.6%, and operating profit of 32.6%, were all very respectable achievements.

毛利率58.3%，營業費用25.6%，營業利益32.6%，都是非常可觀的成績。

The June quarter was also are 99th consecutive profitable quarter.

6 月季度也是連續第 99 個獲利季度。

I want to thank all the employees of Microchip for their contribution in this remarkable achievement of 99 consecutive profitable quarters.

我要感謝 Microchip 的所有員工為連續 99 個季度盈利的卓越成就所做的貢獻。

I look forward to the current quarter being our 100th consecutive profitable quarter, an achievement unmatched in our industry.

我期待本季成為我們連續第 100 個獲利季度，這是我們行業中無與倫比的成就。

I will now provide guidance for the September quarter, including Micrel revenue.

我現在將提供 9 月季度的指導，包括 Micrel 收入。

Our guidance is based on the assumption that Europe will continue to be in the doldrums and is made worse so by the summer holidays, and China, which has been the engine of growth in the past, remaining slow.

我們的指引是基於這樣的假設：歐洲將繼續陷入低迷，暑假期間情況會變得更糟，而過去一直是經濟成長引擎的中國仍然緩慢。

In preparing our guidance, we have done bottoms-up analysis region by region, distributor by distributor, and by major customers.

在準備我們的指南時，我們逐一地區、逐個經銷商和主要客戶進行了自下而上的分析。

We have also included Micrel revenue from today, August 3, to the end of the quarter, as we understand it.

據我們了解，我們還包括了從今天（8 月 3 日）到本季末的 Micrel 收入。

We expect our net sales in the September quarter to be between $532 million to $569 million, (inaudible) million revenue from the sales of Micrel products from today till the end of the quarter.

我們預計 9 月季度的淨銷售額將在 5.32 億美元至 5.69 億美元之間，即從今天到季度末銷售 Micrel 產品的（聽不清楚）百萬美元收入。

Without counting Micrel, we expect our net sales to be between flat to down 7% sequentially.

在不計算 Micrel 的情況下，我們預計淨銷售額將環比持平至下降 7%。

I want to remind you that the guidance we're providing is for non-GAAP revenue, which will include sell-through from the distributors of Micrel.

我想提醒您，我們提供的指導是針對非 GAAP 收入，其中包括麥克雷爾分銷商的銷售額。

The GAAP revenue will be much lower, since GAAP does not account for products sold to distributors that were shipped prior to the acquisition effective date.

GAAP 收入將低得多，因為 GAAP 不考慮在收購生效日期之前銷售給經銷商的產品。

We expect non-GAAP gross margin to be between 57.6% to 57.8%.

我們預計非 GAAP 毛利率將在 57.6% 至 57.8% 之間。

For the combined Company, negatively impacted by the lower gross margin of Micrel and sequentially flat without Micrel.

對於合併後的公司來說，受到 Micrel 毛利率較低的負面影響，並且在沒有 Micrel 的情況下，毛利率持平。

We expect the non-GAAP operating expenses to be about 27.7% to 28.9% of sales for the combined Company, and we expect the combined Company non-GAAP operating profit to be between 28.7% to 30.1% of sales.

我們預計合併後公司的非 GAAP 營業費用將佔銷售額的 27.7% 至 28.9% 左右，我們預計合併後公司的非 GAAP 營業利潤將佔銷售額的 28.7% 至 30.1% 之間。

Again, negatively impacted by higher expenses and lower operating profit of Micrel.

再次受到麥克雷爾費用增加和營業利潤下降的負面影響。

We expect non-GAAP earnings per share to be between $0.58 to $0.66 per share.

我們預計非 GAAP 每股盈餘將在 0.58 美元至 0.66 美元之間。

The non-GAAP earnings per share are impacted by $0.015 dilution coming from the consolidation of Micrel.

非 GAAP 每股盈餘受到 Micrel 合併帶來的 0.015 美元稀釋的影響。

Now, let me provide you more updates on the Micrel acquisition.

現在，讓我為您提供更多麥克雷爾收購的最新消息。

We closed the acquisition today, and we now begin the hard work of integration to drive shareholder value.

我們今天完成了收購，現在我們開始艱苦的整合工作，以提高股東價值。

The shareholders of Micrel overwhelmingly approved the merger, with 98.95% of the Micrel shares that voted in favor of the merger.

麥克雷爾股東以壓倒性多數批准了合併，其中98.95%的麥克雷爾股份投票支持合併。

As part of the transaction, we will pay an aggregate of approximately $430 million in cash and issue in aggregate of 8.626795 million shares.

作為交易的一部分，我們將支付總計約4.3億美元的現金，並發行總計862.6795萬股股票。

Taking into consideration the equity awards assumed and the cash and investments on Micrel's balance sheet at the closing date, the total enterprise value is in line with the $744 million that we shared with investors when we announced the signing of the definitive agreement back on May 7, 2015.

考慮到截止日期麥克雷爾資產負債表上假定的股權獎勵以及現金和投資，企業總價值與我們在 5 月 7 日宣布簽署最終協議時與投資者分享的 7.44 億美元一致，2015。

Now, Ganesh has already covered some of the elements of our integration planning.

現在，Ganesh 已經涵蓋了我們整合規劃的一些要素。

I will cover four areas.

我將涵蓋四個領域。

First, I will explain to you how the revenue of Micrel will be consolidated into Microchip's SEC revenue reporting.

首先，我將向您解釋 Micrel 的收入將如何合併到 Microchip 的 SEC 收入報告中。

Second, I will explain our plans in the IT systems and manufacturing area.

其次，我會解釋一下我們在IT系統和製造領域的計畫。

Third, I will give you guidance on the accretion we expect to get from this acquisition.

第三，我將為您提供有關我們期望從這次收購中獲得的增值的指導。

And finally, I will provide guidance for the long-term financial model for Micrel.

最後，我將為麥克雷爾的長期財務模型提供指導。

So, let us begin with how the revenue of Micrel will be included in the Microchip's revenue reporting.

那麼，讓我們先了解 Micrel 的收入將如何計入 Microchip 的收入報告中。

Micrel breaks down its revenue into three reported product lines: linear and power solutions, LAN solutions, and TCG, which is timing and communication.

Micrel 將其收入分為三個報告產品線：線性和電源解決方案、LAN 解決方案以及 TCG（計時和通訊）。

99% of Micrel revenue will be reported as analog revenue within Microchip.

Micrel 99% 的收入將作為 Microchip 內部的模擬收入進行報告。

Approximately 1% of Micrel revenue is on products that are built on a microcontroller core.

Micrel 大約 1% 的收入來自基於微控制器核心的產品。

They are, in fact, special (inaudible) microcontrollers and will be reported within our microcontroller revenue.

事實上，它們是特殊的（聽不清楚）微控制器，將在我們的微控制器收入中報告。

Now, I'll give you update on our integration planning in the IT systems area and in the manufacturing area.

現在，我將向您介紹我們在 IT 系統領域和製造領域的整合規劃的最新情況。

In the last three months, we have studied the business systems of both Companies.

在過去的三個月裡，我們研究了兩家公司的業務系統。

Micrel is a small Company and its business systems are relatively old.

麥克雷爾公司規模較小，業務系統比較陳舊。

We have laid out a plan that will transfer all of Micrel to Microchip's business systems.

我們已經制定了一項計劃，將把 Micrel 的所有業務轉移到 Microchip 的業務系統中。

We estimate that this transition will be completed sometime in the calendar first quarter of 2016.

我們預計這一轉變將在 2016 年第一季的某個時間完成。

Regarding manufacturing, Micrel operates a small 6-inch fab in San Jose that is about 30% utilized at the current time.

在製造方面，Micrel 在聖荷西經營一座小型 6 吋晶圓廠，目前利用率約為 30%。

Micrel also uses outside foundries for some of its products, mostly for the LAN solutions growth.

麥克雷爾也使用外部代工廠生產某些產品，主要是為了 LAN 解決方案的成長。

These happen to be some of the same foundries that Microchip uses for some of our products that are outsourced.

這些恰好是 Microchip 用來生產我們的一些外包產品的代工廠。

We will leave those products running in the outside fabs.

我們將讓這些產品在外部工廠運作。

Our focus will be to deal with 6-inch San Jose fab that is severely underutilized.

我們的重點將是處理嚴重未充分利用的聖荷西 6 吋晶圓廠。

Microchip will transfer all of Micrel's products from its 6-inch fab to others facilities.

Microchip 將把 Micrel 的所有產品從其 6 吋晶圓廠轉移到其他工廠。

A majority of these products will transfer to Microchip's two 8-inch fabs, one in Tempe, Arizona and second in Gresham, Oregon.

這些產品大部分將轉移到 Microchip 的兩座 8 吋晶圓廠，一座位於亞利桑那州坦佩，另一座位於俄勒岡州格雷舍姆。

Some products may be transferred to other outside foundries, wherever there is a better process technology match.

有些產品可能會轉移到其他外部鑄造廠，只要有更好的製程技術匹配。

We believe that this transfer of all the products from Micrel fab to either Microchip fabs or to some foundries will take about one to two years.

我們相信，將所有產品從 Micrel 晶圓廠轉移到 Microchip 晶圓廠或某些代工廠大約需要一到兩年的時間。

After that, San Jose 6-inch fab will be closed.

之後，聖荷西6吋晶圓廠將關閉。

Regarding back-end manufacturing, Micrel subcontracts 100% of its assembly and test.

在後端製造方面，麥克雷爾將其100%的組裝和測試工作轉包出去。

Many of the packages that Micrel uses are different than Microchip's, but many are same.

Micrel 使用的許多封裝與 Microchip 的不同，但也有許多相同。

Where appropriate, we will apply our expanded purchasing power to lower our supply-chain cost.

在適當的情況下，我們將利用擴大的購買力來降低供應鏈成本。

As in the other acquisitions, we will also do a careful make versus buy analysis on each package and product type.

與其他收購一樣，我們也將對每種包裝和產品類型進行仔細的自製與外購分析。

Over time, some of the products and packages may be brought into our assembly and test facility, while others will remain at the subcontractors.

隨著時間的推移，一些產品和包裝可能會被帶入我們的組裝和測試設施，而其他產品和包裝將留在分包商處。

Microchip will, however, combine the manufacturing systems like wafer ordering, assembly and test management, shipments, and warehouses.

然而，Microchip 將整合晶圓訂購、組裝和測試管理、運輸和倉庫等製造系統。

We expect that all Micrel products will be shipping from Microchip's manufacturing systems by the end of the first calendar quarter of 2016.

我們預計所有 Micrel 產品將於 2016 年第一季末從 Microchip 的製造系統出貨。

With this, let me now provide guidance for accretion from the acquisition of Micrel.

現在，讓我為收購麥克雷爾的增值提供指導。

We currently expect the Micrel acquisition to be $0.015 dilutive to a non-GAAP EPS for the partial September quarter.

我們目前預計，對 Micrel 的收購將稀釋 9 月部分季度的非 GAAP 每股收益 0.015 美元。

The acquisition just closed today, so we need more time to study and provide you further guidance.

此次收購今天才剛完成，因此我們需要更多時間來研究並為您提供進一步的指導。

But with the rate at which we expect the integration to progress, our initial estimate will be that Micrel acquisition will be breakeven to our December quarter non-GAAP EPS.

但按照我們預期整合的進展速度，我們的初步估計是，收購 Micrel 將使我們 12 月季度的非 GAAP 每股盈餘達到損益平衡。

For longer term, after we have closed the San Jose fab, which is about one to two years from now, we expect Micrel to add about $0.25 of accretion to Microchip's yearly non-GAAP EPS.

從長遠來看，在我們關閉聖荷西工廠後（大約一到兩年後），我們預計 Micrel 將為 Microchip 的年度非 GAAP 每股收益增加約 0.25 美元。

These numbers are preliminary and depend upon the speed of integration efforts and the health of the underlying economy in general.

這些數字是初步的，取決於一體化工作的速度和整體經濟的健康狀況。

Finally, let me provide guidance for the long-term financial model for Micrel.

最後，讓我為麥克雷爾的長期財務模型提供指導。

Our track record has shown that Microchip has been able to improve the business model of its acquisitions, and our combined business model has remained virtually unchanged.

我們的業績記錄表明，Microchip 能夠改善其收購的業務模式，而我們的合併業務模式幾乎保持不變。

If after San Jose fab is closed and the older 6-inch inventory have been depleted, we will improve the financial model of Micrel to be equal (inaudible) to that of Microchip.

如果聖荷西工廠關閉並且舊的 6 吋庫存耗盡後，我們將改進 Micrel 的財務模型，使其與 Microchip 的財務模型相同（聽不清楚）。

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

鑑於收購會計處理的所有複雜性，包括無形資產攤銷、重組費用和庫存增記，Microchip 將繼續提供指導並在非 GAAP 基礎上追蹤其績效。

We believe that non-GAAP results provide more meaningful comparison to product orders, and we request that the analysts continue to report the non-GAAP estimates to first call.

我們認為，非 GAAP 結果與產品訂單相比更有意義，我們要求分析師繼續向首次電話會議報告非 GAAP 估計值。

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, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

Thank you.

謝謝。

Starting first with just an industry question, Steve.

首先從一個行業問題開始，史蒂夫。

If I look at the current environment today, what's your sense the biggest difference between today versus last fall when there was also, at that time, albeit, a brief correction?

如果我看看今天目前的環境，你覺得今天與去年秋天（當時也有短暫的調整）之間最大的差異是什麼？

Craig, I was hoping that this question could wait some time at least later, but that's the first question.

克雷格，我希望這個問題至少可以再等一段時間，但這是第一個問題。

So, let's take it.

那麼，讓我們接受吧。

As the earnings season has progressed, a number of investors and analysts have commented and have asked me how I thought about the current environment in the semiconductor.

隨著財報季的進行，許多投資者和分析師發表了評論，並問我如何看待半導體當前的環境。

And this is something that started in October of last year with our earnings volume at that time.

這是從去年10月份開始的，當時我們的獲利量就是這樣。

I have not engaged into any conversation with any of the investors and analysts, because we were in the quiet time.

我沒有與任何投資者和分析師進行任何對話，因為我們正處於安靜時期。

And I thought if the question was asked, I'll address it here.

我想如果有人問這個問題，我會在這裡回答。

So here it is, it's really the first question.

所以這就是第一個問題。

While it's really painful to visit that period again, we do believe that the first signs of a slowdown in China were visible at that time.

雖然再次回顧那個時期確實令人痛苦，但我們確實相信當時中國經濟放緩的最初跡像是顯而易見的。

We saw that through thousands of small customers who were experiencing economic headwinds and not buying enough products.

我們透過成千上萬的小客戶看到了這一點，他們正在經歷經濟逆風並且沒有購買足夠的產品。

This was further enhanced by a very tight credit environment that was prevalent at that time in China.

當時中國普遍非常緊縮的信貸環境進一步強化了這一點。

Then after a warning, the December quarter numbers for most semiconductor companies were cut by an average of about 5%.

隨後，在發出警告後，大多數半導體公司 12 月季度的業績平均削減了約 5%。

The companies in the supply chain of one mobile customer were a notable exception.

一位行動客戶供應鏈中的公司是一個明顯的例外。

Then came the March quarter, which was seasonally weak for most companies due to Chinese New Year, and also, some others blamed it on euro weakness, which was a new phenomenon.

然後是三月季度，由於中國農曆新年，大多數公司都出現季節性疲軟，而且其他一些人將其歸咎於歐元疲軟，這是一個新現象。

Then came in the June quarter, which is traditionally a very strong quarter in China, and we saw a broad-based mixed from the industry led by China.

然後是六月季度，這在中國傳統上是一個非常強勁的季度，我們看到以中國為首的行業出現了廣泛的混合。

The September quarter guidance has been very weak, also, driven by China.

在中國的推動下，九月季度的指引也非常疲軟。

Now, we have semiconductor companies admitting that there was, indeed, inventory build in China, and that distribution that needs to correct.

現在，半導體公司承認中國確實存在庫存增加，而且這種分佈需要糾正。

We knew from the companies that we have acquired and others that we conduct due diligence on but did not acquire, that there was a broad-based selling-driven inventory build in distribution channel, which the prevailing rate of demand could not support.

我們從我們已收購的公司和其他我們進行盡職調查但未收購的公司了解到，分銷管道中存在廣泛的銷售驅動庫存，而當前的需求率無法支持這一點。

You can only play a selling game for so long, and this time, it truly went a bit longer.

一款賣貨的遊戲只能玩這麼久，而這次，確實是玩得更久了。

Now, everyone's numbers have been cut significantly.

現在，大家的人數都大幅削減了。

A large number of companies are now selling well below their stock prices.

許多公司的股價現在遠低於其股價。

On October 9, prior to our call, when I said, and I quote, we believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future.

10 月 9 日，在我們召開電話會議之前，當我說並引用時，我們相信另一次行業調整已經開始，並且這種調整將在不久的將來在整個行業中更廣泛地出現。

It probably took a quarter longer than it has taken historically.

這可能比歷史上花費的時間長四分之一。

Likely masked by the smartphone supply chain, with everyone having some exposure to it.

可能被智慧型手機供應鏈所掩蓋，每個人都接觸到它。

But, really, in answer to investor and analyst question, I say yes, this is pretty much a continuation of the phenomena that we saw last October.

但是，實際上，在回答投資者和分析師的問題時，我說是的，這幾乎是我們去年 10 月看到的現象的延續。

Got it.

知道了。

Just a quick follow-up to that before I have an additional question.

在我提出其他問題之前，請快速跟進。

The comment on China remains slow.

對中國的評論仍然緩慢。

How would you frame the environment in China?

您如何看待中國的環境？

Do think we're through most of the inventory correction and it will track to demand?

您是否認為我們已經完成了大部分庫存調整並且它將追蹤需求？

Any additional thoughts on China for Q3?

對於第三季的中國還有什麼其他想法嗎？

We are not through all the inventory correction, no.

我們並沒有通過所有的庫存修正，沒有。

There will again be differences in selling versus sell-through, also.

銷售與售出也將再次存在差異。

All of our revenue is sell-through.

我們所有的收入都是銷售收入。

But, we bought Micrel today, which had a mixture of selling and sell-through with most of China being sell in, which will be converting to sell-through, and be recognizing sell-through.

但是，我們今天買了麥克雷爾，它混合了銷售和直銷，中國大部分地區都在銷售，這將轉換為直銷，並承認直銷。

But there are number of moving parts in our business, but the industry still has a lot of inventory in China.

但我們的業務中有很多移動部件，但該行業在中國仍然有大量庫存。

Got it.

知道了。

Thank you.

謝謝。

Just a follow-up on Micrel.

只是麥克雷爾的後續行動。

Appreciate the thoughts in terms of how you expect to transform the business, particularly on manufacturing.

欣賞有關您期望如何實現業務轉型的想法，尤其是在製造業方面。

On the product side, given that you had a little bit of time and talking to customers, any anecdotes or feedback in terms of their product portfolio and how you see that best fit within Microchip?

在產品方面，考慮到您有一點時間與客戶交談，他們的產品組合方面有什麼軼事或反饋嗎？您認為最適合 Microchip 的產品組合如何？

We have decided to take the linear and power solutions business, which was the largest division inside of Micrel, and completely [forward that] within Microchip, which is happening starting today.

我們決定將線性和電源解決方案業務（這是 Micrel 內部最大的部門）納入 Microchip 內部，從今天開始，將其完全[推進]。

So essentially, we have taken our analog business and internally and Microchip split it into two portions.

因此，從本質上講，我們已經在內部將模擬業務分為兩個部分，Microchip 將其分為兩部分。

One is called the analog power and interface division, and second is called the mixed signal and linear division.

一是稱為類比電源和介面劃分，二是稱為混合訊號和線性劃分。

They're both about equal size.

它們的大小差不多。

Then the entire Micrel linear and power business is folding into one of those divisions, which is the analog power management business.

然後，整個麥克雷爾線性和電源業務將合併到這些部門之一，即模擬電源管理業務。

So, we will apply our principles, our metrics of R&D and all that.

因此，我們將應用我們的原則、研發指標等等。

When I look at R&D as a percentage of sales for analog, Microchip is one of the most efficient in the industry.

當我將研發佔模擬銷售額的百分比來看時，Microchip 是業內效率最高的公司之一。

We don't break out individual R&D, but the amount of R&D we spend to get the margins and revenue and all of that, Micrel is one of the worst when you look at the numbers.

我們不會列出單獨的研發，但從我們為獲得利潤和收入而花費的研發金額來看，當你看這些數字時，麥克雷爾是最糟糕的之一。

So, we have to move this from worst to best.

因此，我們必須將其從最壞的情況轉移到最好的情況。

We have done that with others.

我們已經和其他人一起這樣做了。

We've done that with SSD and SMSD and Supertex and over and over and over you have seen that.

我們已經透過 SSD、SMSD 和 Supertex 做到了這一點，您已經一遍又一遍地看到了這一點。

That's what we have to do here.

這就是我們必須在這裡做的。

Then, there is a LAN business here, which is about $50 million, $50 million, $60 million.

然後，這裡有一個區域網路業務，大約是5000萬美元、5000萬美元、6000萬美元。

About that.

關於那個。

That also we are going to completely fold that into Microchip's USB and networking division, where our LAN business resides.

我們也將把它完全併入 Microchip 的 USB 和網路部門，也就是我們 LAN 業務所在的部門。

That, again, will then really benefit from our methodologies, our metrics, our management, and everything else.

再次，這將真正受益於我們的方法、指標、管理和其他一切。

The third business, here, is the timing business, which is a new business for us and we will keep that as a business unit.

第三個業務是計時業務，這對我們來說是一項新業務，我們將把它作為一個業務部門保留。

But it will report into one of our season general manager, so we can also get the mentorship and really move towards that model.

但它將向我們的一位賽季總經理匯報，因此我們也可以獲得指導並真正朝著這種模式邁進。

Got it.

知道了。

Thank you.

謝謝。

William Stein, SunTrust.

威廉斯坦，SunTrust。

Thank you for taking my question.

感謝您回答我的問題。

Steve, based on the tenor of what now you're describing as a three- or four-quarter downturn and the order of linearity that you are seeing, maybe, in the calendar second quarter and into July and now, August, I'm wondering if you can provide any view as to when you think demand normalizes?

史蒂夫，根據你現在描述的三季度或四季度衰退的基調以及你所看到的線性順序，也許，在日曆第二季度到七月，現在，八月，我想知道您是否可以就您認為需求何時正常化提供任何看法？

I think I resigned from the forecasting business last year.

我想我去年辭去了預測業務。

You might recall that in November.

你可能還記得十一月的事。

I'm not going to make that comment looking forward for the industry.

我不會對這個行業做出這樣的評論。

If we just look at ourselves, we think we gave you September quarter guidance already.

如果我們只看自己，我們認為我們已經向您提供了 9 月份季度的指導。

December is [primarily] a weak quarter for Microchip and really, also, for the industry.

對於 Microchip 乃至整個行業而言，12 月[主要]是一個疲軟的季度。

Considering this correction happening in June and September, what would manifest for December, it's kind of hard to see right now.

考慮到這次調整發生在 6 月和 9 月，以及 12 月會出現什麼情況，現在還很難看出。

But as we go through the quarter, one could make a case that December quarter should not seasonally be weak, because ordinarily, December quarter is followed by a very strong June and September; this time, it is not.

但當我們回顧這個季度時，我們會發現 12 月季度不應出現季節性疲軟，因為通常情況下，12 月季度之後的 6 月和 9 月會非常強勁；這次，情況並非如此。

But I'm not making the prediction today.

但我今天不會做出預測。

I got to see the quarter, I got to see the bookings, the backlog, everything else and talk about it later, as we go on the road.

我必須查看該季度的情況，我必須查看預訂、積壓訂單以及其他所有內容，然後在我們上路時再討論。

The biggest leverage here short term, is really improving Micrel's business.

短期內最大的槓桿是真正改善麥克雷爾的業務。

I think there is a fair amount of opportunity for us to do that, and the largest leverage comes from the fab.

我認為我們有很多機會做到這一點，而最大的槓桿來自晶圓廠。

There is 30% utilization in the fab.

晶圓廠的利用率為 30%。

We dramatically lowered its cost by transferring product, and the first five products will be running out of Microchip's fab in about six weeks.

我們透過轉移產品大大降低了成本，前五種產品將在大約六週內從 Microchip 的工廠生產出來。

That's great, Steve, I appreciate that.

太好了，史蒂夫，我很感激。

Maybe I can use that as the next question.

也許我可以用它作為下一個問題。

So, after completing this deal and understanding that all the synergies and all the work is still in front of you, I'm wondering if you can characterize the current appetite for future M&A?

因此，在完成這筆交易並了解所有協同效應和所有工作仍然擺在您面前之後，我想知道您是否可以描述一下當前對未來併購的興趣？

It certainly helps dull the pain from the current demand environment a little bit, and I'm wondering how much appetite there is for more of that now.

這無疑有助於緩解當前需求環境帶來的痛苦，我想知道現在人們對更多這樣的需求有多大的興趣。

Thank you.

謝謝。

We have substantial line in place, which we did that earlier in February.

我們已經準備好了大量的生產線，我們在二月初就這樣做了。

We have constantly a good number of companies in our funnel that we're constantly talking to, dealing with, analyzing, and there is no guarantee.

我們的漏斗中一直有很多公司，我們不斷地與它們交談、處理、分析，但沒有任何保證。

These things are not schedulable at any given point in time.

這些事情在任何給定的時間點都是不可安排的。

Some time, it takes longer for a deal to materialize; other time, it's shorter.

有時，交易需要更長的時間才能實現；有時，則需要更長的時間才能達成。其他時間則較短。

We still have appetite for the next acquisition, no question about it.

毫無疑問，我們仍然對下一次收購感興趣。

Great.

偉大的。

Thank you.

謝謝。

John Pitzer, Credit Suisse.

約翰‧皮策，瑞士信貸。

Good afternoon, guys.

下午好，夥計們。

Thank you for letting me ask the question.

謝謝你讓我問這個問題。

Steve, Ganesh, and Eric, I was wondering if I could get more detail about the actions you're taking around utilization rates in your own fabs.

Steve、Ganesh 和 Eric，我想知道是否可以更詳細地了解你們在自己的晶圓廠利用率方面所採取的行動。

I'm curious, do you think September will represent the trough?

我很好奇，你認為9月會代表低潮嗎？

Steve, given your comments about uncertainty around September, but possibly a scenario where December is a little bit better than normal seasonal weak.

史蒂夫，考慮到您對 9 月左右不確定性的評論，但可能是 12 月的情況比正常的季節性疲軟要好一些。

Does that mean that most of the utilization action is behind you?

這是否意味著大部分的利用行動已經過去了？

How should I think about that?

我該如何思考這個問題？

Eric, remind me again how that flows through gross margin.

艾瑞克，再次提醒我這是如何影響毛利率的。

Let me comment on the utilization.

讓我評論一下使用情況。

The Gresham factory in Oregon is a newer factory, and in a newer factory we need a -- 175 years, we need a major shutdown to repair things that can't be repaired while the factory is running.

俄勒岡州的格雷沙姆工廠是一家較新的工廠，在較新的工廠中，我們需要—175年，我們需要一次大規模的停工來修復工廠運作期間無法修復的東西。

That shutdown had been previously scheduled for a year for this October.

此次停工原定於今年 10 月進行，為期一年。

That shutdown usually is about seven to eight days you have to shut the factory, and we reserve for it going into that shutdown, and it's a planned shutdown.

停工通常需要大約七到八天，你必須關閉工廠，我們會為停工做好準備，這是計劃中的停工。

We have to do it every once in five years.

我們必須每五年這樣做一次。

We are currently planning to tack on a few more days to it to bring that inventory down because the factory will be shut down anyway.

我們目前計劃再花幾天時間來降低庫存，因為無論如何工廠都會關閉。

And rather than starting and stopping, it will be best to extend that a little bit.

與其開始和停止，不如稍微延長一點。

Then, the factory in Tempe is a much older facility and doesn't have as many redundancies built into it.

然後，坦佩的工廠是一家老舊的工廠，沒有那麼多的冗餘設施。

The Tempe facility (inaudible) and we always do that in December and over the holidays.

坦佩工廠（聽不清楚），我們總是在 12 月和假期期間這樣做。

So, this time, again, we'll have a shutdown in Tempe facility over the holidays, and we are planning to tack on a few more days to that to correct the inventory.

因此，這一次，我們將在假期期間關閉坦佩工廠，並計劃再延長幾天來糾正庫存。

So you will see our internal inventory rise in the September quarter, but then it corrects because we've got shutdowns in both factories in the December quarter.

因此，您會看到我們在 9 月季度的內部庫存增加，但隨後它會得到糾正，因為我們在 12 月季度的兩家工廠都關閉了。

The normal shutdown, we accrue it over four quarters and the balance over the year.

正常關閉時，我們會在四個季度內累積，並在一年內累積餘額。

But the extra shutdown days we are going to do, we'll charge it to the current quarter.

但我們將要進行的額外停工天數，我們將計入當季。

Basically, the quarter it happens, which will be the calendar Q4.

基本上，是發生的季度，即日曆的第四季度。

So Q4 gross margin would be impacted.

因此第四季的毛利率將會受到影響。

I don't know whether, Eric is able to dollarize it at this point in time, whether you do a GAAP or non-GAAP, that would be a one-time phenomenon.

我不知道埃里克現在是否能夠將其美元化，無論你採用公認會計原則還是非公認會計原則，這都將是一次性現象。

Yes, Steve, you've answered John's question, and I don't -- at this point in time, we're not willing to give guidance for December quarter gross margin.

是的，史蒂夫，你已經回答了約翰的問題，但我沒有——在這個時候，我們不願意給出 12 月季度毛利率的指導。

So we will leave it at that.

所以我們就這樣吧。

That's helpful, guys.

這很有幫助，夥計們。

Then maybe as my follow-up for Steve and Ganesh, Steve and Ganesh, we tend to like to sometimes compare apples to oranges here on Wall Street, and we look at your microcontroller business and oftentimes compare it to [guys] that don't have the 8-bit part of the business and might be relatively new entrants.

然後，也許作為史蒂夫和甘尼什的後續行動，史蒂夫和甘尼什，我們有時傾向於在華爾街將蘋果與橙子進行比較，我們會研究您的微控制器業務，並經常將其與不這樣做的[傢伙]進行比較擁有 8 位業務部分，並且可能是相對較新的進入者。

I guess I'm trying to think about your relative growth rate in microcontrollers versus your peers.

我想我正在嘗試考慮您與同行相比在微控制器方面的相對增長率。

Is the right way for us to think about this, as given your breadth in 8-bit, perhaps you are more cyclical in these parts of the cycle?

鑑於您在 8 位元領域的廣度，也許您在周期的這些部分更具週期性，我們思考這個問題的方式是否正確？

And if that's the case, maybe Ganesh, you can give us dome metrics around 16- and 32-bit that make you guys comfortable that you are at least maintaining, if not gaining share in those the market?

如果是這樣的話，也許 Ganesh，你可以給我們 16 位和 32 位左右的圓頂指標，讓你們感到放心，即使沒有獲得這些市場份額，至少也能維持住？

We don't break out 16-bit and 32-bit, as you may recall from about two or three quarters ago.

我們不會區分 16 位和 32 位，您可能還記得大約兩三個季度前的情況。

We did present in April, where the market share results were and we had significant growth in market share in each of 8-, 16- and 32-bit.

我們確實在 4 月進行了展示，當時的市場份額結果是，我們在 8 位、16 位和 32 位的市場份額都有顯著增長。

We look at the market as a continuum of solutions that are needed.

我們將市場視為所需解決方案的連續體。

In many cases, an 8-bit is good enough; in some cases, it's a 16-bit, and in other cases, it's a 32-bit.

在許多情況下，8 位就足夠了；在某些情況下，它是 16 位，而在其他情況下，它是 32 位。

We see growth opportunities in all three of them, both in terms of the applications and the market that they can go into.

我們在這三個方面都看到了成長機會，無論是在應用程式還是可以進入的市場方面。

So our view is that there is growth that is taking place and there is growth yet to be had in all three segments.

因此，我們的觀點是，所有三個細分市場正在發生成長，而且尚未實現成長。

We're not looking at 8 to save us or 32-bit to save us, or 16-bit to save us alone; all three of them we expect will grow.

我們並不是指望 8 位元來拯救我們、32 位元來拯救我們、或 16 位元來拯救我們；我們預計這三個因素都會成長。

Thank you, Ganesh.

謝謝你，加內什。

Chris Caso, Susquehanna Financial Group.

克里斯卡索，薩斯奎哈納金融集團。

Thank you, the first question is on Micrel.

謝謝，第一個問題是關於麥克雷爾的。

You talked about $0.25 of accretion over one or two years.

您談到在一兩年內增加了 0.25 美元。

Could you give us some help in determining how much of that, perhaps, we might see a bit earlier and how much of that would have to wait?

您能否給我們一些幫助，以確定其中有多少我們可能會提前看到，有多少需要等待？

Your comments said that much of this, I guess the majority of this comes from the fab close, and I'd assume that is something we have to wait for little bit.

你的評論說，其中大部分，我想其中大部分來自晶圓廠關閉，我認為這是我們必須等待的事情。

Perhaps there's some near-term accretion as you start to control some of the OpEx?

當您開始控制部分營運支出時，也許近期會出現一些成長？

There is near-term accretion.

近期有成長。

I don't know if I have a breakdown, considering we are closing the acquisition just today.

考慮到我們今天剛完成收購，我不知道我是否崩潰了。

Before that, all we had some models and we have quickly verified some stuff.

在此之前，我們都有一些模型，我們很快就驗證了一些東西。

But if you give us a little more time, maybe, as we get on the road and to some conferences or the next conference call, we can have much more intelligent numbers for you.

但如果您給我們多一點時間，也許當我們上路參加一些會議或下一次電話會議時，我們可以為您提供更多智慧數據。

There is accretion coming from expense reduction and other things prior to that.

費用削減和之前的其他事情會帶來增加。

It's not all from fab.

這並非全部來自 fab。

Okay.

好的。

Just a follow-up on the market conditions, as well, and I'm sure you heard from some others, I guess there's been some differing commentary regarding the pace of bookings through the quarter, how things have started in the quarter, in the month of July.

這也是對市場狀況的跟進，我相信您也從其他人那裡聽到過，我想對於本季度的預訂速度、本季度的情況如何開始、在七月。

Wondering if you can give some clarity on that with linearity from the June quarter, how July has gotten started, and if that's giving you some incremental optimism or pessimism as you look forward?

想知道您是否可以透過六月季度的線性來澄清這一點，七月是如何開始的，以及這是否會給您帶來一些增量的樂觀或悲觀情緒？

I think -- I listened to some of the calls and it's amazing how the customers in placing bookings are behaving almost the same for everybody.

我想——我聽了一些電話，令人驚訝的是，預訂的顧客對每個人的行為幾乎都是一樣的。

I could say the same thing, that this quarter's bookings look better than last quarter.

我可以說同樣的話，本季的預訂量看起來比上季要好。

There was some strength in the overall numbers, but that's baked into the guidance.

整體數字有一定的實力，但這已納入指導。

And I think if you look at various people's commentary last quarter, April was good and May was good and then June fell off.

我認為如果你看一下上個季度不同人的評論，四月很好，五月很好，然後六月下降了。

So I think people make these adjustments through the quarter and your better July doesn't necessarily mean better end of September for us or anybody else.

因此，我認為人們在整個季度都會做出這些調整，對我們或其他任何人來說，更好的 7 月並不一定意味著 9 月底會更好。

Because customers can correct that any time in the quarter.

因為客戶可以在季度內隨時更正。

Sometimes people place bookings earlier, so whatever product they need for the quarter, they have commitment from the supplier that they will get the product for their needs.

有時人們會提前預訂，因此無論他們在本季需要什麼產品，供應商都會承諾他們將獲得滿足其需求的產品。

And then it's easy for them to cancel or slip it out, that I will need it in September, give it to me in October.

然後他們很容易取消或溜掉它，我九月需要它，十月給我。

Then to have a situation where they don't place the order, and September quarter comes, they need something, and somebody's lead time is more than four weeks and you can't get it.

然後會出現這樣的情況：他們沒有下訂單，而九月季度到來，他們需要一些東西，而某人的交貨時間超過四個星期，而你卻無法得到它。

Customers seem to have very little penalty for getting their cue in line, almost no penalty.

顧客似乎因為讓球桿對齊而受到的懲罰很小，幾乎沒有懲罰。

Therefore, it's not unusual for the first quarter sometimes to see stronger bookings only to get corrected later on.

因此，第一季的預訂量有時會增加，但稍後會得到糾正，這並不罕見。

I would not read so much into it for anybody.

我不會為任何人讀那麼多。

All right.

好的。

Good color.

顏色好。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Kevin Cassidy, Stifel.

凱文·卡西迪，斯蒂菲爾。

Thank you for taking my question.

感謝您回答我的問題。

Going back to the Micrel fab and shutting that down, you gave the data point that five products have moved.

回到麥克雷爾工廠並將其關閉，您提供了五種產品已轉移的數據點。

Can you say what is the determination between getting it closed in one year to two years?

您能說一下一年到兩年關閉的決心是什麼嗎？

Is it customer qualifications or finding other fabs that can manufacture?

是客戶資質還是尋找其他可以生產的晶圓廠？

That's a good question.

這是個好問題。

We bought Supertex on April 1, 2014.

我們於 2014 年 4 月 1 日收購了 Supertex。

We closed the Supertex fab in April of 2015, took us about 13 months.

我們在 2015 年 4 月關閉了 Supertex 工廠，花了大約 13 個月的時間。

That fab was much smaller than Micrel fab.

該工廠比麥克雷爾工廠小得多。

Micrel fab is larger, it's a larger Company event Supertex.

Micrel fab 更大，它是 Supertex 的一個更大的公司活動。

But we learned a lot doing Supertex, and we were able to do that in 13 months.

但我們在 Supertex 中學到了很多東西，並且我們能夠在 13 個月內做到這一點。

We are mounting a much larger team, and we're going to transfer the products at more than twice the rate than if we would transfer the products from Supertex fab into.

我們正在組建一個更大的團隊，我們將把產品從 Supertex 工廠轉移到的速度提高兩倍以上。

The basic difference between whether it's one year or two years is acceptance of customers, the product from the new fab, products coming out a fab and working for a time, where you have to [retrade] it, running into any kind of equipment issues, equipments in fabs seem to be different.

一年或兩年之間的基本區別在於客戶的接受度、來自新晶圓廠的產品、來自晶圓廠的產品並工作一段時間，你必須[重新交易]它，遇到任何類型的設備問題，晶圓廠裡的設備好像不一樣。

We believe we can emulate Micrel's process on our equipment, and we have been successful in the first couple of processes we are attempting so far.

我們相信我們可以在我們的設備上模擬 Micrel 的工藝，並且迄今為止我們嘗試的前幾個工藝已經取得了成功。

But at any point in time, you could run into a challenge and have to then convert a Micrel piece of equipment from 6-inch or 8-inch or buy a new one and have three, four, five months delay in getting that equipment.

但在任何時候，您都可能遇到挑戰，然後必須將 Micrel 設備從 6 英寸或 8 英寸轉換，或者購買新設備，並延遲三、四、五個月才能獲得該設備。

Some, there are a lot of unknowns, a lot of unknowns.

有些，有很多未知，很多未知。

That's why we gave this band of a year to two years.

這就是為什麼我們給這個樂團一年到兩年的時間。

My desire is 11 months, but I don't get everything I desire.

我的願望是11個月，但我沒有得到我想要的一切。

I think it's going to be somewhere between one to two years.

我認為這將需要一到兩年的時間。

Okay.

好的。

Maybe it's an unknown also, but is there a chance that there would be some products that you can't manufacture somewhere else and they'd be discontinued, and maybe not get the full revenue Micrel had?

也許這也是一個未知數，但是否有可能存在一些您無法在其他地方生產的產品，並且它們會被停產，並且可能無法獲得麥克雷爾的全部收入？

Well, no.

嗯，不。

What we do is they always -- especially in analog, there are lots of products that need one fab run every two years.

我們所做的始終是——尤其是在模擬領域，有很多產品需要每兩年運作一座晶圓廠。

Those products don't make sense to have a mask set and put the cost of transferring it.

這些產品沒有意義，擁有一套面具並投入轉移它的成本。

Usually on those mask sets, we build strategic inventory of four years or so.

通常，在這些面罩組上，我們會建立四年左右的戰略庫存。

If the product needs one run a year, then you run four runs out of the Micrel fab before you shut it down.

如果產品每年需要運行一次，那麼在關閉麥克雷爾工廠之前，您需要運行四次。

Now you have four years of customer demand.

現在您有四年的客戶需求。

Then you have four years to figure it out, what you're going to do with it.

然後你有四年的時間來弄清楚你要用它做什麼。

Take it to our fab or take it to a subcontractor, transfer the equipment, do whatever.

將其帶到我們的工廠或將其交給分包商，轉移設備，做任何事情。

That's what we will do.

這就是我們要做的。

That's not going to hold up the fab.

這不會支撐晶圓廠。

Okay.

好的。

Thank you.

謝謝。

Micrel is a small Company as a percentage of Microchip.

Micrel 是一家小公司，佔 Microchip 的股份。

Even though there will be a strategic transition inventory build on the products we are transferring and on the product we are transferring, the products we are transferring have to build some strategic inventory on those too, because you have got to give the customer time to qualify 8-inch material while they have 6-inch material available.

儘管我們將在我們正在轉移的產品和我們正在轉移的產品的基礎上建立戰略過渡庫存，但我們正在轉移的產品也必須在此基礎上建立一些戰略庫存，因為您必須給客戶時間來獲得資格8英寸材料，同時他們有6英寸材料可用。

So you will see that strategic inventory build on our balance sheet, but it's not going to be that large compared to the size of the Company, and it's strategic in nature.

因此，您會看到戰略庫存建立在我們的資產負債表上，但與公司的規模相比，它不會那麼大，而且它本質上是戰略性的。

Gil Alexander, Darfil Associates.

吉爾·亞歷山大，Darfil Associates。

Hi, thank you.

嗨，謝謝你。

My question has been answered.

我的問題已經得到解答。

Thank you, Gil.

謝謝你，吉爾。

Chris Stanley, Citi.

克里斯‧史丹利，花旗銀行。

Thank you, guys.

感謝你們。

Steve, just one quick clarification on what you are seeing and in terms of your guidance.

史蒂夫，我只是簡單地澄清一下您所看到的情況以及您的指導。

I think as the other Chris said, some of the competitors are saying that business is getting better.

我認為正如另一位克里斯所說，一些競爭對手錶示業務正在好轉。

Are you -- implicit in your guidance, are you assuming that your business is going to get a little worse, or just remain at this level throughout the quarter?

您是否——在您的指導中隱含地認為您的業務會變得更糟，或者整個季度都保持在這個水平？

I don't know if I can decipher anymore, Chris.

我不知道我是否還能再破解，克里斯。

Our business in September quarter based on guidance is worse than last quarter, and so is everybody else's.

根據指導，我們九月季度的業務比上季差，其他所有人的業務也是如此。

So, for the guidance I've seen, the guidance for September is worse than what they accomplished in June.

因此，就我所看到的指導而言，9 月的指導比 6 月的指導還要差。

So they've got a little bit spread in bookings.

所以他們的預訂量有點分散。

I saw the spread in bookings.

我看到預訂量的擴散。

Also, in July, my assessment is it's customers trying to lock up their place in line for September, not any different for us versus anybody else.

另外，在 7 月份，我的評估是，客戶試圖在 9 月排隊時鎖定自己的位置，這對我們來說與其他人沒有什麼不同。

I really wouldn't reveal anything more than that.

我真的不會透露更多的事情。

Okay.

好的。

Great.

偉大的。

My follow-up, just a couple of things on Micrel.

我的後續行動，只是關於麥克雷爾的一些事情。

Is there any way you could quantify the benefit from shutting down their fab?

有什麼方法可以量化關閉他們的晶圓廠所帶來的好處嗎？

And then in the December quarter, what sort of revenue should we assume from Micrel?

那麼在 12 月的季度中，我們應該從 Micrel 獲得什麼樣的收入？

Because I believe you guys were only incorporating a few quarters -- or excuse me, two months of it in this quarter.

因為我相信你們只合併了幾個季度——或者對不起，本季兩個月。

Is there anything you could talk about in terms of the planned OpEx reductions for Micrel in the December quarter, as well?

關於 Micrel 在 12 月季度計劃的營運支出削減，您還有什麼可以談談的嗎？

I think it's first, to give that considering the deal closed two hours ago, probably be a little more patient.

我認為首先考慮到交易在兩小時前結束，可能要多一點耐心。

I think I could even do a better job two weeks from now, but not today.

我想我甚至可以在兩週後做得更好，但不是今天。

We are cutting expenses.

我們正在削減開支。

We are letting a number of people go as we are merging these divisions.

在合併這些部門時，我們將裁掉一些人。

There is some high-level senior leadership that we do not need, so we're making those changes.

我們不需要一些高階領導，所以我們正在做出這些改變。

You've got to dollarize it.

你必須將其美元化。

We are unable to give you December quarter Micrel guidance.

我們無法為您提供 12 月季度的 Micrel 指導。

Micrel revenue has been falling for 40 years, and recently has fallen a little harder.

麥克雷爾的收入已經連續 40 年下降，最近下降得更厲害。

We need to understand that.

我們需要理解這一點。

We need to meet with the distributors.

我們需要與經銷商會面。

We need to see what Microchip sales force can do.

我們需要看看 Microchip 銷售人員能做什麼。

I don't quite trust the guidance that I'm hearing from them, so therefore, I'm not able to give December guidance on it yet.

我不太相信我從他們那裡聽到的指導，因此，我還無法給出 12 月的指導。

That's fine.

沒關係。

Can you tell us what it was in the June quarter, the revenue for Micrel?

您能否告訴我們 Micrel 在六月季度的營收是多少？

Well, I think the June quarter really wasn't announced because the acquisition closed.

嗯，我認為六月季度確實沒有公佈，因為收購已經完成。

I'm not sure whether I'm in any position to say that.

我不確定我是否有資格這麼說。

Okay.

好的。

That's fine.

沒關係。

Thanks.

謝謝。

Rajvindra Gill, Needham & Company.

Rajvindra Gill，李約瑟公司。

Thank you for taking my questions.

感謝您回答我的問題。

Steve, I was wondering if you could maybe elaborate further on the China weakness?

史蒂夫，我想知道你能否進一步詳細說明中國的弱點？

Specifically, which segments or which verticals are you seeing the weakness?

具體來說，您發現哪些細分市場或哪些垂直領域有弱點？

I know there's been -- when you talked about China being weak back in October, you had mentioned the industrial vertical.

我知道，當您十月份談到中國疲軟時，您提到了工業垂直領域。

Wondering if that has spread to other verticals within China?

想知道這是否已經蔓延到中國的其他垂直領域？

Any color there would be helpful.

任何顏色都會有幫助。

I think China is weak across the board.

我認為中國整體都很弱。

Exactly what it was in October, I don't remember my quotation having industrial in it.

正是十月份的情況，我不記得我的報價中有工業。

I said we believe that another industry correction has begun.

我說我們相信另一次行業調整已經開始。

This correction will be seen broadly across the industry in the near future in the verbiage I had led by China.

在不久的將來，我將在中國領導的措詞中廣泛看到這種修正。

I'm not sure whether it could be more industrial, but not only industrial.

我不確定它是否可以更加工業化，但不僅僅是工業化。

It's really not that much different than it was back then.

確實和當時沒有太大差別。

China is weak across the board.

中國整體處於弱勢。

If you could talk about the competitive landscape in the microcontroller market.

能談談微控制器市場的競爭格局嗎？

You have obviously a big pending merger that will be closing in Q4.

顯然，有一項大型合併即將在第四季完成。

That merger, the combined entity will become one of the largest microcontroller suppliers in the world, both on the 8-bit and 32-bit side, and a huge player in the automotive market.

此次合併後，合併後的實體將成為全球最大的 8 位元和 32 位元微控制器供應商之一，並且是汽車市場的重要參與者。

So, I want to get a sense from you of how you are viewing the competitive landscape going forward, given these changes in the market share and M&A that's occurring.

因此，我想了解您如何看待未來的競爭格局，考慮到市場份額和正在發生的併購的這些變化。

I think, if you scan our history of 25 years, we begin with nothing and competing with some of the large microcontroller manufacturers in US, Europe, Asia, and Japan.

我想，如果你回顧我們 25 年的歷史，我們會從零開始，與美國、歐洲、亞洲和日本的一些大型微控制器製造商競爭。

When we were $100-million microcontroller business, we competed with people who had billions, Freescale and NXP and Renesas and others.

當我們的微控制器業務規模達到 1 億美元時，我們與擁有數十億美元規模的公司（飛思卡爾、恩智浦、瑞薩等）競爭。

So, I'm not sure if scale is necessarily a total advantage.

所以，我不確定規模是否一定是整體優勢。

We have won that through our disciplined approach to developing products, to running a very responsible P&L, having a high-margin business.

我們透過嚴格的產品開發方法、營運非常負責任的損益表以及擁有高利潤率的業務贏得了這一點。

We go to market totally different than other people do.

我們去市場的方式與其他人完全不同。

Other people try to seek very large chunks of business.

其他人則試圖尋求大量業務。

Very, very large OEMs which are often at lower margin and not sticky.

非常非常大的原始設備製造商通常利潤率較低且沒有黏性。

Our model is at 100,000 customers, and no single customer is larger than 1.5% of our business.

我們的模型是 100,000 個客戶，沒有一個客戶超過我們業務的 1.5%。

It's not necessary that our business is always in the same places.

我們的業務不必總是在同一個地方。

Renesas hasn't been able to stop is in years.

瑞薩電子多年來一直無法停止。

Freescale hasn't been able to stop us when they were 100 times larger and their merging with NXP doesn't really change any iota for us.

當飛思卡爾規模擴大 100 倍時，他們仍然無法阻止我們，而且他們與恩智浦的合併並沒有真正為我們帶來任何改變。

I don't go -- the day the deal closes, I don't go to work any different than I did the day before.

我不會去——交易結束的那天，我去上班的方式與前一天沒有任何不同。

Last question on IoT.

關於物聯網的最後一個問題。

Wondering how you're thinking about that market in terms of your competitive position and with the building blocks to address the market?

想知道您如何從競爭地位和應對市場的構建模組角度考慮該市場？

And any color in terms of how the intensity or the activity of a IoT at your customer base?

以及您的客戶群中物聯網的強度或活動的任何顏色？

Is that really picking up, or is it going to take some time to take off?

這是否真的在回升，還是需要一段時間才能起飛？

Thanks.

謝謝。

Well, you know, everybody says it and people don't break up the numbers, nor do we.

嗯，你知道，每個人都這麼說，但人們不會分解數字，我們也不會。

Everybody is putting different stuff into IoT.

每個人都在將不同的東西放入物聯網中。

So, it's very hard to compare.

所以，很難比較。

It's the wild west.

這是狂野的西部。

But I'll make the claim that we have the strongest IoT franchise.

但我會聲稱我們擁有最強大的物聯網特許經營權。

You need intelligent microcontrollers.

您需要智慧微控制器。

You need RF building blocks, you need Wi-Fi, Bluetooth, Bluetooth light, RF, ZigBee, we have all of them.

您需要 RF 建置模組，您需要 Wi-Fi、藍牙、藍牙燈、RF、ZigBee，我們都有。

You need various ecosystems with software and stacks and middleware and all that.

你需要各種生態系統，包括軟體、堆疊、中間件等等。

We have all that.

我們擁有這一切。

We have significant number of our cloud partners, where you have to ping off to often connect with equipment or whatever.

我們擁有大量的雲端合作夥伴，您必須經常與裝置或其他裝置連線。

We have the strongest building blocks of anybody.

我們擁有最強大的建置模組。

And we're seeing companies that would take all of their microcontroller business, combine it with senses or something and partition that as an IoT business.

我們看到一些公司將其所有微控制器業務與感測器或其他東西結合起來，並將其劃分為物聯網業務。

Well, you could do that.

嗯，你可以這麼做。

If a PC is connected to a printer and there's a microcontroller in that chain, it's not really IoT.

如果一台 PC 連接到印表機並且該鏈中有一個微控制器，那麼它就不是真正的物聯網。

But it's connected and you can call it IOT.

但它是互聯的，你可以稱之為物聯網。

I think we gave you a little summary last quarter, remember?

我想我們上個季度為你做了一些總結，還記得嗎？

I think we said our IOT business was about $275 million annualized, growing at a 35% compounded annual growth rate.

我想我們說過我們的物聯網業務年化約為 2.75 億美元，複合年增長率為 35%。

Really, to more narrowly define it to be where there is both smart and connected applications.

實際上，更狹義地定義它是同時存在智慧和互聯應用程式的地方。

So this is a microcontroller [task] with some sort of connectivity to it?

那麼這是一個具有某種連接的微控制器[任務]？

Is that how you're --

你是這樣嗎——

True IoT, so it's really where you are truly making an RF connection using the Wi-Fi or Bluetooth or ZigBee or --

真正的物聯網，因此您可以使用 Wi-Fi、藍牙、ZigBee 或 — 真正建立 RF 連線。

It could be ethernet, too, of it's wired.

它也可以是以太網，或是有線的。

So it's microcontrollers, it's analog, its memory, and it's connectivity.

所以它是微控制器、它是類比、它是記憶體、它是連接性。

All those solutions put together with the software framework Steve talked about, with security built into it, and an ecosystem of third parties that allow the connection to the cloud.

所有這些解決方案都與史蒂夫談到的軟體框架結合在一起，內建安全性，以及允許連接到雲端的第三方生態系統。

It is an important market.

這是一個重要的市場。

It is one in which we have historically had significant strength, because all the companies before you can connect have to have something that is smart.

這是我們歷來擁有顯著優勢的領域，因為在你能夠連結之前的所有公司都必須擁有智慧的東西。

If you want something that is smart, microcontrollers and analog are the heart of building smart devices.

如果您想要智慧的東西，微控制器和類比是建立智慧型裝置的核心。

Great.

偉大的。

Thanks a lot for your information.

非常感謝您提供的資訊。

That does conclude our question-and-answer session.

我們的問答環節到此結束。

At this time, I'll turn the call back over to our speakers for any final or additional comments.

此時，我會將電話轉回給我們的發言人，以徵求任何最終或補充意見。

Thank you very much.

非常感謝。

We are going to a couple of conferences this year.

今年我們將參加幾個會議。

Our next conference will be --

我們的下一次會議將是—

We will be at the Jefferies One-one-one Conference in Chicago in late August and then the Citi conference in New York in I think it's September8th or 9th.

我們將參加 8 月下旬在芝加哥舉行的 Jefferies 一對一會議，然後是 9 月 8 日或 9 日在紐約舉行的花旗會議。

By that time, we may have more understanding of Micrel and may be able to tell you more.

到那時，我們或許對麥克雷爾有了更多的了解，或許能告訴你更多。

So, I'd love to see you at one of those conferences.

所以，我很想在其中一場會議上見到您。

Thank you.

謝謝。

Everyone, that does conclude our conference call for today.

大家好，我們今天的電話會議到此結束。

Thank you all for your participation.

感謝大家的參與。