微晶片科技 (MCHP) 2016 Q2 法說會逐字稿

Good day, everyone, and welcome to the Microchip Technology second-quarter FY16 financial results conference call.

大家好，歡迎參加 Microchip Technology 2016 財年第二季財務業績電話會議。

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

提醒一下，今天的通話正在錄音。

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

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

Please go ahead, sir.

請繼續，先生。

Thank you and good afternoon, everyone.

謝謝大家，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表現做出預測和其他前瞻性陳述。

We wish to caution you that such statements are predictions and that actual events or results may differ materially.

我們希望提醒您，此類陳述僅為預測，實際事件或結果可能會有重大差異。

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

我們建議您參閱今天的新聞稿以及我們最近向 SEC 提交的文件，其中確定了可能影響 Microchip 業務和營運績效的重要風險因素。

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

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

I will comment on our second-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 the integration activities associated with the Micrel acquisition, which closed on August 3rd.

我將評論我們 2016 財年第二季度的財務業績，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，並提供與 Micrel 收購相關的整合活動的最新信息，於8月3日關閉。

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 our acquisition activities and share-based compensation.

在我們的收購活動和股權激勵產生影響之前，我將在非公認會計原則的基礎上提及這些結果。

Non-GAAP net sales in the September quarter were above the midpoint of our upwardly revised guidance at a record $559.4 million, including $39.5 million of non-GAAP net sales from Micrel, and were up 4.8% sequentially from net sales of $534 million in the immediately preceding quarter.

9 月季度的非GAAP 淨銷售額高於我們上調指引的中點，達到創紀錄的5.594 億美元，其中包括Micrel 的3,950 萬美元非GAAP 淨銷售額，比上一季的5.34 億美元淨銷售額成長4.8%。緊接上一季。

Non-GAAP net sales were $18 million higher than GAAP net sales, as GAAP does not recognize revenue on the sell-through of product sitting in the distribution channel on the date an acquisition occurs.

非 GAAP 淨銷售額比 GAAP 淨銷售額高出 1,800 萬美元，因為 GAAP 不確認收購發生當天分銷管道中產品的銷售收入。

Revenue by product line in the September quarter was $334.3 million for microcontrollers, $165.3 million for analog, $30.2 million for memory, $23.2 million for licensing, and $6.5 million of other.

9月季度按產品線劃分的收入為：微控制器收入為3.343億美元，模擬收入為1.653億美元，記憶體收入為3020萬美元，授權收入為2320萬美元，其他收入為650萬美元。

Revenue by geography was $107.5 million in the Americas, $114.7 million in Europe, and $337.2 million in Asia.

按地區劃分的收入為：美洲 1.075 億美元，歐洲 1.147 億美元，亞洲 3.372 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，這往往會將部分收入偏向亞洲，因為那裡有大量合約製造。

On a non-GAAP basis, gross margins were 57.9% in the September quarter and above the high end of our guidance.

以非公認會計原則計算，九月季度的毛利率為 57.9%，高於我們指導的上限。

Non-GAAP operating expenses were 27.5% of sales, near the bottom end of our guidance range, and non-GAAP operating income was 30.4% of sales, which was above the high-end of our guidance.

非 GAAP 營業費用佔銷售額的 27.5%，接近我們指導範圍的下限，非 GAAP 營業收入佔銷售額的 30.4%，高於我們指導範圍的上限。

Non-GAAP net income was $142.9 million, resulting in $0.66 per diluted share, which was at the high end of our upwardly revised guidance and $0.03 above the midpoint.

非 GAAP 淨利潤為 1.429 億美元，攤薄後每股收益為 0.66 美元，處於我們向上修正指引的高端，比中點高出 0.03 美元。

On a GAAP basis, net sales were $541.4 million, and gross margins including share-based compensation and acquisition-related expenses, were 55.6% in the September quarter.

以 GAAP 計算，9 月季度的淨銷售額為 5.414 億美元，包括股權激勵和收購相關費用在內的毛利率為 55.6%。

GAAP gross margins include the impact of $2.4 million of share-based compensation, $11.5 million of gross margin impact from the distributor revenue adjustment I mentioned earlier, and $9.1 million in acquired inventory valuation costs and acquisition-related restructuring cost.

GAAP 毛利率包括 240 萬美元的股權激勵的影響、我之前提到的經銷商收入調整帶來的 1,150 萬美元的毛利率影響，以及 910 萬美元的收購庫存評估成本和收購相關的重組成本。

Total operating expenses were $226 million, or 41.7% of sales and include acquisition intangible amortization of $43.8 million, share-based compensation of $20.6 million, $1.1 million of acquisition-related expenses, and special charges of $6.6 million.

總營運費用為 2.26 億美元，佔銷售額的 41.7%，其中包括 4,380 萬美元的收購無形攤銷、2,060 萬美元的股權補償、110 萬美元的收購相關費用以及 660 萬美元的特殊費用。

GAAP net income was $64.9 million, or $0.30 per diluted share.

GAAP 淨利潤為 6,490 萬美元，或攤薄後每股收益 0.30 美元。

We had GAAP nonrecurring unfavorable tax events in the quarter of $6 million, which were primarily driven by recording a valuation allowance against some state tax credits.

我們在本季的 GAAP 非經常性不利稅務事件為 600 萬美元，這主要是由於記錄了某些州稅收抵免的估值備抵所致。

In the September quarter, the non-GAAP tax rate was 11.5% and the GAAP tax benefit rate was 20.3%.

9月季度，非公認會計原則稅率為11.5%，公認會計原則稅優惠率為20.3%。

The GAAP tax rate was favorably impacted by the impact of some of the Micrel acquisition purchase accounting adjustments.

GAAP 稅率受到一些 Micrel 收購會計調整的影響。

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 between 11% and 12%.

排除任何非經常性事件，我們預期長期前瞻性非 GAAP 有效稅率將在 11% 至 12% 之間。

To summarize the after-tax impact that the non-GAAP adjustments had on Microchip's earnings per share in the September quarter, acquisition-related items were about $0.229, share-based compensation was about $0.067.

總結非公認會計準則調整對 Microchip 九月季度每股收益的稅後影響，收購相關項目約為 0.229 美元，股權薪酬約為 0.067 美元。

Nonrecurring unfavorable tax events were about $0.028, and non-cash interest expense was about $0.036.

非經常性不利稅務事件約為 0.028 美元，非現金利息費用約為 0.036 美元。

The dividend declared today of $0.3585 per share will be paid on December 4, 2015 to shareholders of record on November 20, 2015.

今天宣布的每股 0.3585 美元的股息將於 2015 年 12 月 4 日支付給 2015 年 11 月 20 日登記在冊的股東。

The cash payments associated with this dividend is expected to be about $72.9 million.

與此股息相關的現金支付預計約為 7,290 萬美元。

This quarter's dividend will be our 53rd consecutive quarter of making a dividend payment.

本季的股息將是我們連續第 53 個季度支付股息。

We have never made reductions in our dividend, and in fact, this quarter's increase marks the 47th occasion we have increased the dividend payment.

我們從未減少過股息，事實上，本季的增加是我們第 47 次增加股息支付。

And our cumulative dividends paid are $2.66 billion.

我們累計支付的股息為 26.6 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 same time period that Microchip has paid dividends, we have also purchased back $1.4 billion of our stock, excluding the issuance and subsequent buyback of the shares in the Micrel acquisition.

在 Microchip 支付股息的同時，我們也回購了價值 14 億美元的股票，不包括在收購 Micrel 時發行和隨後回購的股票。

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

自股息計畫啟動以來，我們返還給股東的現金總額超過 40 億美元。

Moving on to the balance sheet, consolidated inventory at September 30, 2015 was $363.8 million and includes $37.2 million of fair value markup on Micrel's inventory required by GAAP purchase accounting.

轉到資產負債表，截至 2015 年 9 月 30 日的合併庫存為 3.638 億美元，其中包括 GAAP 採購會計要求的 Micrel 庫存公允價值加價 3,720 萬美元。

Excluding the purchase accounting adjustments, Microchip had 125 days of inventory at September 30, 2015, which is up by 2 days from the levels at the end of the June quarter.

不包括採購會計調整，截至 2015 年 9 月 30 日，Microchip 的庫存為 125 天，比 6 月季度末的水準增加了 2 天。

Excluding purchase-accounting adjustments, inventory at our distributors is at 35 days, which is down 2 days from the June quarter levels.

不包括採購會計調整，我們經銷商的庫存為 35 天，比 6 月季度水準減少了 2 天。

And I want to remind you that historically, Microchip's distribution revenue throughout the world has been recognized on a sell-through basis.

我想提醒您，從歷史上看，Microchip 在全球範圍內的分銷收入都是根據銷售量來確認的。

Micrel has some distributors that are recognizing revenue on a sell-in basis.

麥克雷爾的一些經銷商在售入基礎上確認收入。

Microchip is changing the contractual relationships with these distributors during the December quarter, which will result in sell-through revenue recognition in the future.

Microchip 正在改變與這些經銷商在 12 月季度的合約關係，這將導致未來的銷售收入確認。

Our non-GAAP revenue guidance provided in our release today is based on sell-through revenue recognition for the Micrel distributors for the entire December quarter, in order to provide investors with a view of the true end-market demand for our products.

我們今天發布的非公認會計原則收入指引是基於麥克雷爾分銷商整個 12 月季度的銷售收入確認，以便讓投資者了解我們產品的真正終端市場需求。

There will be a difference in GAAP revenue recognition, as any inventory in the distribution channel at the dates of the conversion to sell-through accounting will not be recognized as revenue for GAAP accounting purposes.

GAAP 收入確認將存在差異，因為在轉換為直銷會計之日，分銷管道中的任何庫存都不會被確認為 GAAP 會計目的收入。

The cash generation in the September quarter, excluding our acquisition activities, our dividend payment, and changes in borrowing levels under our revolving line of credit was $150 million.

不包括我們的收購活動、股利支付和循環信貸額度下借款水準的變化，第二季的現金產生量為 1.5 億美元。

As of September 30th, the consolidated cash and total investment position was $2.586 billion, and our borrowings under our revolving line of credit were $1.296 billion.

截至 9 月 30 日，合併現金和總投資部位為 25.86 億美元，循環信貸額度下的借款為 12.96 億美元。

Excluding dividend payments and our acquisition activities, we expect our total cash and investment position to grow by approximately $110 million to $120 million in the December quarter.

不包括股息支付和收購活動，我們預計第四季度的現金和投資總額將增加約 1.1 億美元至 1.2 億美元。

Capital spending was approximately $29.9 million in the September quarter.

9月季度的資本支出約為2,990萬美元。

We expect about $30 million in capital spending in the December quarter, and overall capital expenditures for FY16 to be about $125 million.

我們預計 12 月季度的資本支出約為 3,000 萬美元，2016 財年的總資本支出約為 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 September quarter was $26.2 million.

9 月季度的折舊費用為 2,620 萬美元。

Over the past several years, Microchip's dividends paid to its shareholders have been treated as return of capital, as Microchip did not have earnings and profits in the United States.

過去幾年，Microchip向股東支付的股息一直被視為資本回報，因為Microchip在美國沒有利潤和利潤。

Due to the Micrel acquisition, Microchip will have earnings and profits in the United States in FY16, as we restructure their business into Microchip's corporate structure, which produces a lower tax rate by moving Micrel foreign intellectual property rights offshore.

由於收購了 Micrel，Microchip 將在 2016 財年在美國獲得收益和利潤，因為我們將其業務重組為 Microchip 的公司結構，透過將 Micrel 的外國智慧財產權轉移到海外來降低稅率。

Through this transaction, we expect to bring back about $250 million of offshore cash to the US, and we don't anticipate paying any cash taxes on that amount, as we can use net operating losses to offset that income.

透過這項交易，我們預計將約 2.5 億美元的離岸現金帶回美國，我們預計不會為此金額支付任何現金稅，因為我們可以使用淨營運虧損來抵銷該收入。

We do not have an exact calculation of how much of the dividend payments will be classified as taxable dividends versus return of capital, but our initial estimates are between 80% to 90% of the calendar-year 2015 dividends will be taxable as dividends to our shareholders.

我們沒有準確計算有多少股息支付將被歸類為應稅股息與資本回報，但我們初步估計 2015 歷年股息的 80% 至 90% 將作為我們的股息納稅。股東。

We will provide a more accurate estimate of the taxable portion of the dividend in early January.

我們將在一月初對股利的應稅部分提供更準確的估計。

This is a one-time event associated with the Micrel acquisition, but it could occur again in the future if an acquisition with similar fact pattern to Micrel occurred.

這是與 Micrel 收購相關的一次性事件，但如果發生與 Micrel 類似事實模式的收購，則將來可能會再次發生。

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

我現在請 Ganesh 對 9 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。

Since this is the first time we are including results for Micrel, before I jump into the product line details, let me remind you how we were will be reporting Microchip's results as part of our public reporting segments.

由於這是我們第一次將 Micrel 的業績納入其中，因此在詳細介紹產品線之前，請允許我提醒您，我們將如何將 Microchip 的業績作為我們公開報告部分的一部分進行報告。

As Eric has already mentioned, what is included in our reporting is a partial quarter of Micrel's September quarter results starting from the close date of August 3rd.

正如 Eric 已經提到的，我們的報告中包含的是 Micrel 自 8 月 3 日截止日起的 9 月季度業績的部分季度。

Off the Micrel revenue, approximately 3% was derived from foundry services, where Micrel manufactured custom products designed by customers.

在麥克雷爾的收入中，約 3% 來自代工服務，其中麥克雷爾製造由客戶設計的客製化產品。

This revenue is included in our public reporting segment called other.

該收入包含在我們稱為「其他」的公開報告部分中。

The remaining 97% of Micrel's revenue was derived from products developed by Micrel.

麥克雷爾其餘97%的收入來自麥克雷爾開發的產品。

Of this revenue, over 99.5% of Micrel's revenue this quarter is part of our analog reporting segment, while less than 0.5% of Micrel's revenue this quarter is part of our microcontroller reporting segment.

在這些收入中，Micrel 本季超過 99.5% 的收入來自我們的模擬報告部門，而 Micrel 本季不到 0.5% 的收入來自我們的微控制器報告部門。

With that clarification, now let's take a closer look at the performance of each of our product lines, starting with microcontrollers.

有了這個澄清，現在讓我們從微控制器開始仔細研究我們每個產品線的性能。

Our microcontroller revenue was down 4% in the September quarter as compared to the June quarter.

與 6 月季度相比，我們 9 月季度的微控制器營收下降了 4%。

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 2.7% 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 2.7%。

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 59.7% of Microchip's overall revenue in the September quarter, down a little from last quarter, as Micrel's revenue contributed predominately to our analog reporting segment.

微控制器佔 Microchip 9 月季度總營收的 59.7%，比上季略有下降，因為 Micrel 的營收主要貢獻於我們的模擬報告部門。

Moving to analog, our analog business, excluding Micrel results, was about flat in the September quarter as compared to the June quarter, and was up 3.6% as compared to the year-ago quarter.

轉向模擬，我們的模擬業務（不包括 Micrel 業績）在 9 月季度與 6 月季度相比基本持平，與去年同期相比增長 3.6%。

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 8.6% 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 8.6%。

Our analog business, including Micrel results, was up 30.1% in the September quarter as compared to the June quarter, and was up 34.8% as compared to the year-ago quarter.

我們的模擬業務（包括 Micrel 業績）在 9 月季度比 6 月季度增長了 30.1%，與去年同期相比增長了 34.8%。

Including Micrel, our analog business represented 29.5% of Microchip's overall revenue in the September quarter.

包括 Micrel 在內，我們的模擬業務佔 Microchip 9 月季度總營收的 29.5%。

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

我們持續開發和推出各種創新和專有的新產品，以推動我們模擬業務的未來成長。

Complemented by the products added to our portfolio through acquisitions.

透過收購添加到我們的產品組合中的產品作為補充。

Moving to our memory business, which is comprised of our serial E squared memory products, as well as our SuperFlash memory products, this business was down 4.8% in the September quarter as compared to the June quarter.

轉向我們的記憶體業務，該業務由我們的系列 E 平方記憶體產品以及我們的 SuperFlash 記憶體產品組成，該業務在 9 月季度比 6 月季度下降了 4.8%。

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

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

Our memory business represented 5.4% of Microchip's overall revenue in the September quarter.

我們的記憶體業務佔 Microchip 九月季度總營收的 5.4%。

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。

Micrel's analog power business and ethernet business have been completely integrated into Microchip's businesses that focus on the same segments.

Micrel的類比電源業務和乙太網路業務已完全整合到Microchip專注於同一細分市場的業務中。

Micrel's timing and communications business remains a stand-alone business that is part of our analog reporting segment.

麥克雷爾的計時和通訊業務仍然是一個獨立的業務，也是我們模擬報告部門的一部分。

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 who could be customers for our microcontroller, analog, and mentoring products.

它還使我們能夠了解 Microchip 的一系列新應用和客戶，這些應用和客戶可能是我們的微控制器、模擬和指導產品的客戶。

The sales and manufacturing integration continues to go well against our plan.

銷售和製造整合繼續與我們的計劃相反。

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

史蒂夫將在他的部分中更詳細地評論，以及我們期望如何隨著時間的推移看到吸積結果的出現。

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

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

Steve?

史蒂夫？

Thank you, Ganesh, and good afternoon, everyone.

謝謝你，Ganesh，大家下午好。

Today I would like to first comment on the results of the FY16 second quarter, and then provide guidance for the FY16 third quarter, including comments on the progress of integration for Micrel.

今天我想先評論 2016 財年第二季的業績，然後為 2016 財年第三季提供指引，包括對麥克雷爾整合進展的評論。

Our September quarter results were better than our upwardly revised guidance.

我們九月季度的業績好於我們向上修正的指引。

The revenue, gross margin percentage, operating expense percentage, and operating profit percentage were all better than the midpoint of our guidance.

收入、毛利率、營業費用百分比和營業利潤百分比均優於我們指導的中位數。

Overall, we executed the quarter extremely well, amidst very difficult industry conditions, and ended the quarter with an all-time record net sales.

總體而言，在非常困難的行業條件下，我們在本季的表現非常出色，並以創紀錄的淨銷售額結束了本季。

We also achieved the top end of our upwardly revised non-GAAP earnings-per-share guidance and beat the midpoint by $0.03 per share.

我們也實現了上調的非 GAAP 每股盈餘指引的上限，比中點高出每股 0.03 美元。

The June quarter was also our 100th consecutive profitable quarter.

六月季度也是我們連續第 100 個獲利季度。

I want to thank all the employees of Microchip for their dedication and contribution in this remarkable achievement of 100 consecutive profitable quarters, an achievement unmatched in our industry.

我要感謝 Microchip 全體員工的奉獻和貢獻，取得了連續 100 個季度盈利的驕人成績，這一成就在我們行業中是無與倫比的。

I also want to thank our 90,000 plus customers worldwide for the trust they place in us in selecting our solutions, as well as our shareholders, particularly our long-term shareholders, who have steadfastly supported us as we built one of the best semiconductor franchises in the industry.

我還要感謝全球90,000 多名客戶在選擇我們的解決方案時對我們的信任，還要感謝我們的股東，特別是我們的長期股東，他們在我們建立了全球最好的半導體特許經營權之一的過程中給予了我們堅定的支持。行業。

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

我現在將提供 12 月季度的指導，包括 Micrel 收入。

December quarter is seasonally our weakest quarter of the year.

12 月季度是我們一年中最疲軟的季度。

Investors should be careful in calculating this seasonality, because in 2012, we completed the acquisition of SMSC on August 2, and in 2014, we completed the acquisition of ISSC on July 18.

投資人在計算這個季節性時要小心，因為2012年，我們在8月2日完成了對SMSC的收購，2014年，我們在7月18日完成了對ISSC的收購。

Therefore, the December quarter for those years reflected full quarter of revenue from acquisitions, while September quarter included partial quarters, and hence, distorted seasonality for the December quarter.

因此，這些年的 12 月季度反映了整個季度的收購收入，而 9 月季度包括部分季度，因此 12 月季度的季節性扭曲。

The exact calculation of seasonality without the effect of these two acquisitions for the past five years is minus 3.03%.

如果不考慮過去五年這兩次收購的影響，季節性的精確計算結果為-3.03%。

We believe that industry conditions continue to be very weak.

我們認為產業狀況仍然非常疲軟。

At the same time, we began this inventory correction earlier than most companies and believe that we are nearing the end of it.

同時，我們比大多數公司更早開始庫存調整，並相信我們已接近結束。

We expect our net sales in the December quarter, excluding Micrel, to be down between 2% and 6% sequentially.

我們預計 12 月季度（不包括 Micrel）的淨銷售額將比上一季下降 2% 至 6%。

We expect Micrel sales for the full December quarter to be between $51 million and $54 million.

我們預計 Micrel 整個 12 月季度的銷售額將在 5,100 萬美元至 5,400 萬美元之間。

Adding Micrel sales, we expect the headline total net sales for Microchip for December quarter to be between $539.7 million and $563.5 million, which are between up 0.7% to down 3.5% sequentially.

加上 Micrel 的銷售額，我們預計 Microchip 12 月季度的整體淨銷售額將在 5.397 億美元至 5.635 億美元之間，比上一季增長 0.7% 至下降 3.5%。

As we are nearing the end of this correction, we expect the March 2016 quarter to be sequentially up by low single digits.

由於本次調整已接近尾聲，我們預計 2016 年 3 月季度將出現低個位數成長。

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 lower since GAAP does not account for products sold through distributors that were shipped prior to the acquisition effective date.

GAAP 收入將會較低，因為 GAAP 不考慮在收購生效日期之前透過經銷商銷售的產品。

In the current quarter, we will also be converting many of Micrel distributors from selling revenue recognition to a sell-through revenue recognition to be consistent with that of Microchip.

在本季度，我們也將把許多 Micrel 經銷商從銷售收入確認轉變為直銷收入確認，以與 Microchip 的收入確認保持一致。

We expect non-GAAP gross margin to be between 57.7% to 57.9%, slightly negatively impacted by the full quarter of lower gross margin of Micrel.

我們預計非 GAAP 毛利率將在 57.7% 至 57.9% 之間，受到 Micrel 全季毛利率較低的輕微負面影響。

We expect non-GAAP operating expenses to be between 28.6% and 29.3% of sales, and we expect the non-GAAP operating profit to be between 28.4% and 29.3% of sales, again negatively impacted by the full quarter of higher expenses and lower operating profitability of Micrel.

我們預計非 GAAP 營運費用將佔銷售額的 28.6% 至 29.3%，我們預計非 GAAP 營運利潤將佔銷售額的 28.4% 至 29.3%，這再次受到整個季度費用上升和下降的負面影響。麥克雷爾的營業利潤。

We expect the non-GAAP earnings per share to be between $0.58 to $0.64 per share.

我們預計非 GAAP 每股盈餘將在 0.58 美元至 0.64 美元之間。

Now let me provide you with more updates on Micrel acquisition and integration.

現在讓我為您提供有關 Micrel 收購和整合的更多最新消息。

First of all, taking advantage of market volatility, Microchip repurchased the entire 8.626 million shares issued in the Micrel acquisition from the open market.

首先，利用市場波動的機會，Microchip從公開市場回購了Micrel收購中發行的全部862.6萬股股票。

This purchase was made at a net price of $42.17 per share, which is lower than the $42.888 price at which we issued shares in the Micrel acquisition.

此次收購的淨價為每股 42.17 美元，低於我們在收購 Micrel 時發行股票的價格 42.888 美元。

Since then, the stock price is up about $6.80 per share, so we made an excellent decision and it substantially improves attrition from the Micrel acquisition.

從那時起，股價上漲了約每股 6.80 美元，因此我們做出了一個出色的決定，它大大改善了收購 Micrel 的損失。

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

Ganesh 已經涵蓋了我們整合規劃的一些要素。

I will cover a few other areas.

我將介紹其他一些領域。

After studying the business systems of both companies, we have laid out a plan that will transfer all of Micrel to Microchip's business systems.

在研究了兩家公司的業務系統後，我們制定了一個計劃，將Micrel全部轉移到Microchip的業務系統。

On November 1, 2015, just late last week, we transferred all of Micrel's business to Microchip's IT business and financial systems.

2015年11月1日，就在上週晚些時候，我們將Micrel的所有業務轉移到Microchip的IT業務和財務系統。

Current quarter's financial close will be on both systems, but for the next quarter, we will have the whole Company on only Microchip's IT business and financial systems.

本季的財務結算將在兩個系統上進行，但在下個季度，整個公司將僅使用 Microchip 的 IT 業務和財務系統。

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

在製造方面，Micrel 在加州聖荷西經營一座小型 6 吋晶圓廠，利用率約 30%。

We have begun transferring all of the Micrel products, from its 6-inch fab to Microchip's 8-inch facilities in Tempe, Arizona and Gresham, Oregon.

我們已經開始將所有 Micrel 產品從其 6 吋晶圓廠轉移到 Microchip 位於亞利桑那州坦佩和俄勒岡州格雷舍姆的 8 吋工廠。

We currently anticipate that we will complete the transfer and close Micrel's fab in about one year from the acquisition date of August 3rd.

我們目前預計，自8月3日收購之日起大約一年內，我們將完成轉讓並關閉Micrel的晶圓廠。

Regarding backend manufacturing, Micrel's subcontracts 100% of assembly and test.

關於後端製造，Micrel 100% 分包組裝和測試。

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。

As in the other acquisitions, we are doing a careful [make] versus buy analysis on each package and product type.

與其他收購一樣，我們正在對每種包裝和產品類型進行仔細的[製造]與購買分析。

We have already decided to begin transferring some products from outside subcontractors to Microchip's Thailand facility.

我們已經決定開始將一些產品從外部分包商轉移到 Microchip 的泰國工廠。

We will be transferring many more products over time, but keeping in mind that completing the closure of San Jose fab is our highest priority.

隨著時間的推移，我們將轉移更多的產品，但請記住，完成聖荷西工廠的關閉是我們的首要任務。

Microchip is also combining manufacturing systems, wafer ordering, assembly and test management, shipments and warehouses.

Microchip 還整合了製造系統、晶圓訂購、組裝和測試管理、運輸和倉庫。

All these items are at various stages of integration and should all be completed by the end of first calendar quarter of 2016.

所有這些項目均處於整合的不同階段，應在 2016 年第一季末全部完成。

Regarding sales force in the current quarter, we are combining sales forces and distribution of both Companies.

關於本季的銷售隊伍，我們正在合併兩家公司的銷售隊伍和分銷。

We expect that this will provide an expanded distribution channel for Micrel's products.

我們預計這將為麥克雷爾的產品提供擴大的分銷管道。

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。

Micrel acquisition was about [$0.007] accretive in the September quarter.

對 Micrel 的收購在 9 月季度帶來了約 [$0.007] 的增值。

We expect Micrel acquisition to be about $0.011 accretive to the December quarter non-GAAP EPS.

我們預計 Micrel 收購將為 12 月季度非 GAAP 每股收益增加約 0.011 美元。

This accretion will continue to increase every quarter, reaching approximately $0.25 annual run rate by the end of calendar year 2016.

這筆增值將繼續每季增加，到 2016 日曆年年底達到約 0.25 美元的年運行率。

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

這些數字取決於一體化努力的速度和總體經濟的健康狀況。

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。

As an example, in case of Supertex acquisition, which we closed on April 1, 2014, the gross margin last quarter was over 60% and the operating profit was over 30%.

以我們於2014年4月1日完成的Supertex收購為例，上季毛利率超過60%，營業利益超過30%。

At the same time, at the time of the acquisition, Supertex gross margin was 47% and operating margin was only 9.3%.

同時，收購時Supertex的毛利率為47%，營業利益率僅9.3%。

We believe that after San Jose fab of Micrel is closed, and the older 6-inch inventory has been depleted, we will improve the financial model of Micrel also to be equivalent to that of Microchip.

我們相信，當Micrel的聖荷西工廠關閉，舊的6吋庫存耗儘後，我們將改善Micrel的財務模型，使其與Microchip的財務模型相當。

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 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 將繼續提供指導並根據非公認會計原則追蹤其績效。

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

我們認為，非 GAAP 業績與前幾季相比更有意義，我們要求分析師繼續向首次電話會議報告非 GAAP 估計。

With this operator, will you please poll for questions?

請與這位接線生一起投票詢問問題嗎？

(Operator Instructions)

（操作員說明）

Craig Hettenbach with Morgan Stanley.

摩根士丹利的克雷格·赫滕巴赫。

Yes, thank you.

是的，謝謝。

A question for Steve.

問史蒂夫一個問題。

Just given some of the consolidation we have seen across semis, Steve, you guys have been very successful integrating a number of small to mid-sized deals.

史蒂夫，鑑於我們在半決賽中看到的一些整合，你們已經非常成功地整合了許多中小型交易。

What is your view in terms of do think you can replicate that success with bigger deals over time?

您認為隨著時間的推移，您是否可以透過更大的交易來複製這種成功，您對此有何看法？

Yes, we can replicate that success in the bigger deals, but we haven't found a deal that meets our purchase metrics.

是的，我們可以在更大的交易中複製這種成功，但我們還沒有找到符合我們購買指標的交易。

Okay.

好的。

And maybe just as a follow-up to that specific question, of the deals that you have done, the synergies are pretty clear in terms of improving margins.

也許只是作為該具體問題的後續行動，在您已完成的交易中，在提高利潤率方面的協同效應非常明顯。

Any updates on ISSC or Supertex in terms of some revenue growth drivers that may be emerging, as you're looking out over the next 12 to 18 months?

在您對未來 12 到 18 個月的展望中，ISSC 或 Supertex 是否有關於可能出現的一些收入成長驅動因素的最新消息？

So yes.

所以是的。

I gave the example of Supertex business model, which has improved very nicely.

我舉了Supertex商業模式的例子，它已經有了很好的改進。

And we are -- basically have lots of different design wins on Supertex that are in various stages of the incubation process.

我們基本上在 Supertex 上獲得了許多不同的設計勝利，這些設計處於孵化過程的不同階段。

The design wins to production timeframe is usually a year-and-a-half to two years on this complex designs, really from the date of the acquisition.

對於這種複雜的設計，從設計獲勝到生產的時間通常是一年半到兩年，實際上是從收購之日開始。

So Supertex acquisition is now about 18 months.

所以Supertex的收購現在大約是18個月。

So I think probably another six months or more to go and we should start to see some growth coming from these new design wins on Supertex.

因此，我認為可能還需要六個月或更長時間，我們應該開始看到 Supertex 的這些新設計獲勝帶來的一些成長。

Regarding ISSC, I will let Ganesh comment on it, how we are gaining the acceptance of Bluetooth worldwide with the ISSC efforts.

關於 ISSC，我將讓 Ganesh 評論一下我們如何透過 ISSC 的努力獲得全球範圍內對藍牙的認可。

When we acquired ISSC, their sales force was predominantly focused in Taiwan and in South China.

當我們收購 ISSC 時，他們的銷售團隊主要集中在台灣和華南地區。

But the opportunities for the Bluetooth products are really global.

但藍牙產品的機會確實是全球性的。

And over the last year plus, post the acquisition, the rest of the Microchip sales teams and channels have been working to expand the number of designs that customers that are Microchip traditional customers and many of the applications that Microchip has [strong adds].

在過去一年多的時間裡，收購後，Microchip 的其他銷售團隊和管道一直在努力擴大 Microchip 傳統客戶的設計數量以及 Microchip 擁有的許多應用程式[強力增加]。

So that all is activity that is in progress.

所以一切都是正在進行的活動。

We expect it will accrue as a design cycle gets completed.

我們預計它會隨著設計週期的完成而累積。

But we today have worldwide coverage of the ISSC product lines, both Bluetooth opportunities, as compared to what we inherited when we acquired the Company.

但與我們收購該公司時繼承的產品線相比，我們今天擁有覆蓋全球的 ISSC 產品線，其中包括藍牙機會。

Thank you both for the color.

謝謝兩位的顏色。

Harlan Sur with JPMorgan.

哈蘭·蘇爾 (Harlan Sur) 與摩根大通 (JPMorgan) 合作。

Hi, good afternoon.

嗨，下午好。

Thank you for taking my question.

感謝您回答我的問題。

It's clear that some of your peers that have a sell-in-based [disti] model are now working through inventories in the channel.

很明顯，一些擁有基於銷售的 [disti] 模型的同行現在正在處理渠道中的庫存。

And that their customers, and in some cases it is a pretty substantial inventory buildup.

他們的客戶，在某些情況下，庫存累積相當可觀。

Obviously, you guys have been under shipping consumption and normal seasonal trends now for about four quarters.

顯然，你們現在已經經歷了大約四個季度的運輸消費和正常的季節性趨勢。

Steve, how confident is the team -- what metrics are you looking at to give you confidence that in the March quarter, customer inventories are in the right place and that you will be shipping to consumption and seeing some potential growth?

史蒂夫，團隊有多大信心 - 您正在尋找哪些指標來讓您相信在三月份的季度，客戶庫存處於正確的位置，並且您將運送到消費並看到一些潛在的增長？

Harlan, it is exactly the same question that investors and analysis have asked at a similar time in every cycle.

哈倫，投資者和分析師在每個週期的相似時間都提出了完全相同的問題。

We basically do not measure visibility by backlog because it tends to vary by lead times.

我們基本上不會透過積壓來衡量可見性，因為它往往會因交貨時間而改變。

We measure visibility by analyzing our business region by region, customer by customer, division by division, distributor by distributor, and looking at the inventory and sell through and all that.

我們透過逐個區域、逐個客戶、逐個部門、逐個經銷商分析我們的業務區域，並查看庫存和銷售情況等來衡量可視性。

So just like we see the effects of the industry events earlier and began this correction earlier, we can also see that we are ending this correction earlier and we are now poised to resume growth in the March quarter.

因此，就像我們更早看到行業事件的影響並更早開始這種調整一樣，我們也可以看到我們正在更早結束這種調整，我們現在準備在三月的季度恢復成長。

We were telling you when nobody was admitting that there was a substantial sell-in-driven inventory build being built in distribution.

我們告訴過你，當時沒有人承認分銷中正在建立大量的銷售驅動庫存。

And we were not getting a lot of agreement from a lot of the analysts at that time.

當時我們並沒有得到許多分析師的一致同意。

But now you have seen as the results have come out, that there is a substantial inventory build and a number of companies are guiding down quite substantially as they take that drop because of sell-in driven revenue recognition.

但現在你已經看到，隨著結果的公佈，庫存大量增加，許多公司的指導價大幅下降，因為他們因銷售驅動的收入確認而承受了這種下降。

Thank you, Steve.

謝謝你，史蒂夫。

Chris Caso so with Susquehanna Financial Group.

薩斯奎哈納金融集團 (Susquehanna Financial Group) 的克里斯卡索 (Chris Caso) 也是如此。

Yes, thank you.

是的，謝謝。

For first question, perhaps you could talk about what you're seeing from a geographic perspective.

對於第一個問題，也許你可以從地理角度談談你所看到的。

And obviously, a lot of your peers have seen weakness that was really focused on China.

顯然，很多同行都看到了真正集中在中國的弱點。

And then following off of that, Steve, given your commentary on the March quarter, typically you do have the Chinese New Year effect that affects your March quarter with growth elsewhere.

接下來，史蒂夫，鑑於您對三月份季度的評論，通常情況下，中國新年效應確實會影響您三月份季度以及其他地方的增長。

Is that still what you are expecting and that is baked into your expectation where we will see some growth in the March quarter?

這仍然是您所期望的嗎？這是否已融入您的預期中，我們將在三月的季度看到一些成長？

Yes, as far as China is concerned, we actually called it first.

是的，就中國而言，其實是我們先打電話的。

We were seeing substantial issues in China at thousands of small customers who pulled their horns very, very quickly.

我們在中國看到了數以千計的小客戶遇到的嚴重問題，他們很快就停止了行動。

Because when these small customers make a mistake just once, the end result is they go out of business, while the large companies have substantial cushion and can carry inventory and correct them over time and can cash flow and buy through distributors and content manufacturers, return parts, and do all those things.

因為當這些小客戶只犯一次錯誤時，最終的結果就是他們破產，而大公司有足夠的緩衝，可以持有庫存並隨著時間的推移進行糾正，可以通過分銷商和內容製造商進行現金流和購買，返回零件，並做所有這些事情。

And many of these small customers, when they make a mistake, there is no second chance.

而許多這樣的小客戶，當他們犯了錯時，就沒有第二次機會了。

So that's why our visibility to thousands and thousands of small customers have always taught us over the years and over the decades, actually, that we get a glimpse of what is coming had in the business first, which is what we had told you.

因此，這就是為什麼多年來我們對成千上萬的小客戶的可見性一直教會我們，實際上，我們首先可以了解業務中即將發生的事情，這就是我們告訴您的。

So yes, the problems materialized in China as we expected.

所以，是的，這些問題正如我們預期的那樣在中國出現了。

Now as you look at the next quarter, yes, it is year of the Chinese New Year, the quarter of the Chinese New Year, and we will expect our business in China and Asia to be sequentially down.

現在，當你看下一個季度時，是的，今年是農曆新年，是農曆新年的季度，我們預計我們在中國和亞洲的業務將連續下降。

But we make up for that elsewhere with a very, very strong Europe and good America, and many times, our March quarter is sequentially up and we expect this time too.

但我們在其他地方用非常非常強大的歐洲和良好的美國來彌補這一點，而且很多時候，我們的三月季度連續上升，我們預計這一次也是如此。

Okay, great.

好的，太好了。

Moving on to some of your commentary with regard to Micrel and the accretion that you expect, and specifically getting to that $0.25 run rate by the end of the year.

接下來是您對 Micrel 的一些評論以及您期望的增長，特別是到年底達到 0.25 美元的運行率。

Is really the catalyst for that getting the fab closed?

真的是關閉工廠的催化劑嗎？

And you talked about that, I guess it's around the August time frame.

你談到了這一點，我猜是在八月的時間範圍內。

And am I right to expect that that is the biggest driver of getting to that full-year accretion number?

我是否正確地期望這是達到全年成長數字的最大驅動力？

Yes, that is the biggest driver, but there are others, too, as we continue to, for example, this quarter we moved all the IT and business and financial systems for Microchip.

是的，這是最大的驅動因素，但還有其他因素，我們將繼續這樣做，例如，本季我們遷移了 Microchip 的所有 IT、業務和財務系統。

And the next quarter you see a lot of the -- some of the results, some of the expense and other reductions coming from that, as we are not running two parallel systems.

下個季度你會看到很多——一些結果、一些費用和其他減少，因為我們沒有運行兩個並行系統。

So there is accretion all along, every quarter higher.

因此，一直以來都在增加，每季都會增加。

But the big one comes from fab, and it doesn't happen right away when the fab closes.

但最大的一個來自晶圓廠，而且當晶圓廠關閉時它不會立即發生。

It happens more after when some of the older, higher-priced six-inch inventory is sold, which is about six months after the fab closes.

這種情況在一些較舊的、價格較高的六英寸庫存被售出之後（即晶圓廠關閉後大約六個月）會發生。

So that's why I am saying around the end of next calendar year.

這就是為什麼我要在明年年底左右說。

Right.

正確的。

And just a final follow-on, how would we see that in the gross -- do have a metric we can look at in terms of how that will benefit gross margins?

最後一個後續問題是，我們如何看待毛利率——是否有一個指標可以衡量這將如何有利於毛利率？

You should expect that that will -- just like Supertex, we begin with 47, and last quarter, its gross margin was over 60.

你應該預料到這一點——就像 Supertex 一樣，我們從 47 開始，上個季度，其毛利率超過 60。

And that was exactly six quarters after we closed the Supertex deal.

那是在我們完成 Supertex 交易之後的六個季度。

So six quarters after we close the Micrel deal, you can expect the gross margin to have a 6 in front of it.

因此，在我們完成與 Micrel 的交易後六個季度，您可以預期毛利率前面會出現 6。

Great.

偉大的。

Thank you.

謝謝。

Chris Finelli with Citigroup.

花旗集團的克里斯菲內利 (Chris Finelli)。

Thank you, guys.

感謝你們。

Didn't know I went from Jewish to Italian overnight.

我不知道我一夜之間從猶太教變成了義大利人。

A quick follow-up on Caso's question.

對卡索問題的快速跟進。

So Steve, between this cost savings on the OpEx versus gross margin side, would you say it's one-third on the OpEx and two-thirds on the gross margin or any little bit of color there would be appreciated.

所以，史蒂夫，在營運支出與毛利率方面的成本節省之間，你會說是營運支出的三分之一和毛利率的三分之二，或者任何一點點顏色都會受到讚賞。

On the Micrel accretion?

關於麥克雷爾吸積？

Yes.

是的。

I haven't done the math on one-third, two-third, but I think the Micrel expenses are in the mid-30% range.

我沒有計算過三分之一、三分之二，但我認為 Micrel 的費用在 30% 左右。

And as we bring them towards mid-20% range, that is the synergies should get from that.

當我們將它們帶到 20% 的中間範圍時，這就是應該從中獲得的協同效應。

And then the gross margins go from, let's say, 50% to 60%.

那麼毛利率就會從 50% 上升到 60%。

Yes, perfect, and just for a brief follow-up, I think most of your competitors have reported, you've seen their results, you're looking at your results.

是的，完美，只是為了簡短的跟進，我想你的大多數競爭對手都已經報告了，你已經看到了他們的結果，你正在查看你的結果。

Essentially, you guys are guiding for normal seasonality.

本質上，你們正在指導正常的季節性。

How do you feel about your positioning versus the competition right now, if you take a look at what your competitors have reported?

如果你看看你的競爭對手的報告，你對你現在相對於競爭對手的定位有何看法？

Chris, I'd rather just talk about our business and what we see, and let them worry about theirs.

克里斯，我寧願只談論我們的業務和我們所看到的情況，讓他們擔心他們的事情。

Fair enough.

很公平。

Thank you.

謝謝。

Craig Ellis with B Riley.

克雷格·艾利斯和 B·萊利。

Thank you for taking the question.

感謝您提出問題。

I will start off with one for Ganesh.

我將從 Ganesh 的一個開始。

Ganesh, acknowledging that the analog and MCU businesses have hundreds of products and tens of thousands of customers, the growth variance between the two seem to be at the wide end of what we typically see.

Ganesh 承認模擬和 MCU 業務擁有數百種產品和數以萬計的客戶，兩者之間的成長差異似乎超出了我們通常看到的範圍。

Is there anything in particular going on in the two product lines?

這兩條產品線有什麼特別之處嗎？

Or is that just the byproduct of what we are seeing as we wrap up an inventory correction?

或者這只是我們結束庫存調整時所看到的副產品？

Follow your question, you said the growth between the two product lines are -- say that again, please?

依照你的問題，你說兩條產品線之間的成長是──請再說一次？

About 400 basis points difference, MC is down 4% sequentially, analog was flat.

相差約 400 個基點，MC 較上季下降 4%，模擬持平。

That 400-basis-point variance, at least in my model, is at the wider end of the range of the range we typically see.

至少在我的模型中，400 個基點的變異數處於我們通常看到的範圍的較寬端。

Quarter to quarter, you are going to have small changes that are there.

每個季度都會有一些微小的變化。

Analog has been growing faster for several quarters, as you have seen.

正如您所看到的，模擬技術在幾個季度中一直在快速成長。

We're continuing to complement our organic growth with the acquisition growth, as well, over time.

隨著時間的推移，我們將繼續透過收購成長來補充我們的有機成長。

I would not take anything particular out of the numbers in one quarter, where you have the small difference in growth rate between microcontrollers and analog.

我不會從一個季度的數字中得出任何特別的信息，因為微控制器和模擬之間的增長率存在微小差異。

Both product lines continue to perform well in terms of new designs, and we expect will continue to grow, across the 8-, 16-, 32-bit spectrum in micros and across a broader spectrum in analog.

兩條產品線在新設計方面繼續表現良好，我們預計將在微米的 8 位、16 位、32 位範圍以及更廣泛的模擬範圍中繼續增長。

And the follow-up on the upside, it sounds like all of the Micrel parts will port into Microchip fabs.

從好的方面來看，聽起來所有 Micrel 部件都將移植到 Microchip 工廠。

One, is that so?

一、是這樣嗎？

And two, as we look at Microchip's internal versus external production capacity, where are we overall right now, and where will we be once the Micrel port-in is done?

第二，當我們比較 Microchip 的內部與外部生產能力時，我們目前的整體情況如何，以及一旦 Micrel 移植完成後我們將處於什麼位置？

Yes, confirmation that all of Micrel's ports will port into Microchip's two 8-inch facilities with the only exception of 100% of Micrel's parts don't run into Micrel fab.

是的，確認所有 Micrel 的端口都將移植到 Microchip 的兩個 8 英寸設施中，唯一的例外是 100% 的 Micrel 部件不會進入 Micrel 晶圓廠。

Where was I -- about 70% of their products ran in their own 6-inch fab and the rest ran in professional foundries.

我在哪裡——他們大約 70% 的產品在他們自己的 6 英寸晶圓廠運行，其餘的則在專業代工廠運行。

We're not bringing any of the professional foundry's parts in at this stage, nor do we plan in the future.

現階段我們不會引進任何專業鑄造廠的零件，未來也沒有計畫。

We are simply bringing all the parts from the Micrel 6-inch fab to inside.

我們只是將所有零件從 Micrel 6 吋晶圓廠搬到內部。

The second part of your question was what?

你問題的第二部分是什麼？

Microchip's internal fab intensity.

Microchip的內部晶圓廠強度。

We can absorb all of Micrel products on our inside fab and still have plenty of clean room space left over in our Oregon fab to really add many, many hundreds of millions of dollars of additional revenue.

我們可以在我們的內部晶圓廠吸收所有麥克雷爾產品，而我們的俄勒岡州晶圓廠仍然留有大量無塵室空間，可以真正增加數億美元的額外收入。

So there is no really problem.

所以沒有什麼真正的問題。

There's lots of clean room space here to install the equipment as we go.

這裡有很多潔淨室空間，可以在我們移動時安裝設備。

With several quarters of weak performance we have had driven by very weak market, our factories are not full today.

由於市場非常疲軟，我們的業績連續幾季表現疲軟，所以我們的工廠今天還沒有滿員。

We just took a nine-day shutdown in our Oregon fab in the month of October, and in the current quarter, we have scheduled a similar shutdown in our Arizona fab in December.

我們剛剛在 10 月在俄勒岡州工廠關閉了 9 天，在本季度，我們計劃在 12 月在亞利桑那州工廠進行類似的關閉。

So even after absorbing all of Micrel products, I think we still have internally slightly higher inventory not fully loaded, room to expand, and no problem.

因此，即使在吸收了所有麥克雷爾產品之後，我認為我們內部仍有略高的庫存未滿載，有擴展的空間，沒有問題。

That is helpful color, Steve, thank you.

這是有用的顏色，史蒂夫，謝謝你。

And then the last one, a detail for Eric.

最後一個是埃里克的細節。

You mentioned the $250 million cash on [shoring].

您提到了 [支撐] 的 2.5 億美元現金。

When will that occur, Eric?

艾瑞克，什麼時候會發生？

That will happen this month.

這將在本月發生。

Thank you, guys.

感謝你們。

Gil Alexander with Darfil Associates.

吉爾·亞歷山大 (Gil Alexander) 與 Darfil Associates。

Good evening.

晚安.

My question has been answered and congratulations on that stock purchase, thank you.

我的問題已得到解答，祝賀您購買股票，謝謝。

Thank you, Gil.

謝謝你，吉爾。

(Operator Instructions)

（操作員說明）

Harsh Kumar with Stevens.

嚴厲的庫馬爾和史蒂文斯。

Hey, question for Steve and Ganesh.

嘿，有個問題要問史蒂夫和加內什。

Guys, we've heard auto business commentary ranging from so-so, okay, all way too horrible, at least in the short term, call it last quarter, quarter-and-a-half.

夥計們，我們聽到汽車行業的評論，從馬馬虎虎、好吧，到太糟糕了，至少在短期內，稱之為上個季度、一個半季度。

I am curious how your auto business is tracking relative to what we're hearing in the industry.

我很好奇你們的汽車業務與我們在行業中聽到的情況相比進展如何。

We have a range of both applications we're designed into as well as regions of the world.

我們擁有一系列我們設計的應用程式以及世界各地的應用程式。

The overall automotive business was down in the quarter.

本季汽車業務整體下滑。

Obviously, there are parts of the world where automotive is not doing as well, but there are also other parts of the world where it has been strong and the sell-through has been strong, the US as a good example.

顯然，世界上有些地區的汽車業表現不佳，但也有其他地區的汽車業表現強勁且銷量強勁，美國就是一個很好的例子。

So it follows geographically where the sales have been, but automotive continues to be in the current environment one of the stronger segments relative to the other segments for us.

因此，它在地理上遵循銷售情況，但在當前環境下，汽車仍然是我們相對於其他細分市場更強大的細分市場之一。

Understood, thank you, Ganesh.

明白了，謝謝你，加內什。

And then Steve, in your commentary you talked about inventory correction nearing the end.

然後史蒂夫，在您的評論中您談到了接近尾聲的庫存調整。

But I gather, just reading between the parts and pieces that you talked about, that demand is still, call it, lackluster at best.

但我認為，只要讀一下你談到的各個部分，這種需求充其量仍然是平淡無奇。

As investors and as outside guys, what can we follow to get an idea as a fact of when demand will start to take up for Microchip?

作為投資者和外部人士，我們可以根據什麼來了解 Microchip 的需求何時開始成長？

Considering we do business with 90,000 plus customers, it's very, very hard to really latch onto any kind of indicator.

考慮到我們與 90,000 多名客戶開展業務，要真正抓住任何類型的指標都非常非常困難。

Most are market checks that you occasionally -- you guys occasionally refer to does not seem to work for our business very, very well.

大多數是你們偶爾提到的市場檢查，這些檢查似乎對我們的業務不太適用。

We do business with -- so for example, just two weeks ago, I was in Asia and I spent two weeks there.

我們與…做生意，例如，就在兩週前，我在亞洲，在那裡待了兩週。

I met during that trip, I personally had meetings with 60 plus Asian distributors at their presidents and product marketing heads, the dry Microchip business,, 60 plus personally.

在那次旅行中，我親自會見了 60 多個亞洲經銷商的總裁和產品行銷主管，幹 Microchip 業務，60 多個個人。

And so that is the view on a first-hand basis, I bring to you regarding what I see there.

這就是我根據我在那裡看到的情況向大家帶來的第一手觀點。

And you cannot match that by any kind of so-called channel checks.

而且你無法透過任何所謂的管道檢查來匹配這一點。

So I just have trouble telling you really what you could track, because the business is so just diversified, so broad and 90,000 plus customers.

所以我很難告訴你真正可以追蹤什麼，因為業務是如此多元化，如此廣泛，並且擁有 90,000 多個客戶。

Understood.

明白了。

Thank you, Steve.

謝謝你，史蒂夫。

You're welcome.

不客氣。

William Stein with SunTrust.

SunTrust 的威廉·斯坦因。

Great, thank you for taking my question.

太好了，謝謝你回答我的問題。

First, a housekeeping one.

首先是家事服務。

Revenue total I would call non-GAAP revenue from Micrel, was that $39.5 million or higher than that?

我將其稱為 Micrel 的非 GAAP 收入總額，是 3,950 萬美元還是更高？

$39.5 million was Micrel's revenue, non-GAAP.

Micrel 的收入為 3,950 萬美元（非 GAAP）。

For two months.

兩個月。

Understood.

明白了。

One other: understanding that we appear to be passing through the bottom of this cycle, I'm wondering if you can give us a view as to what growth coming out of it looks like.

另一個：了解我們似乎正在經歷這個週期的底部，我想知道你是否能給我們一個關於它的成長是什麼樣子的看法。

It seems that in December of last year, Steve, as I recall, you seemed to indicate that we were coming out of it and then quickly back into this not very good demand environment.

我記得去年 12 月，Steve 似乎表示我們正在走出困境，然後很快又回到了這個不太好的需求環境。

I think now you're telling us we are approaching the end of the inventory correction.

我認為現在您是在告訴我們，庫存調整即將結束。

How should we expect growth coming out of the cycle to look both near-term, where we'd normally expect more of a snap back than just normal seasonality?

我們應該如何預期週期中的成長在短期內會出現，而我們通常預期會出現更多的快速回升，而不僅僅是正常的季節性？

And then longer term, how do think the business grows?

從長遠來看，業務如何成長？

If you look at last year, in December, we were coming out of the -- March quarter was sequentially up last year, without any -- the effect of any acquisition.

如果你看看去年，12 月份，我們剛剛擺脫了去年 3 月份季度的連續成長，沒有任何收購的影響。

Totally clean, our March quarter was sequentially up.

完全乾淨，我們的三月季度環比增長。

And then lots of other events developed, the whole fallout of the Chinese stock market, lots and lots of customers invested their money in the Chinese stock market and lost it.

然後發生了許多其他事件，中國股市的整個影響，很多很多的客戶把錢投資到中國股市，然後就損失了。

And the Chinese payment terms are starting to mimic Italy, in many cases.

在很多情況下，中國的付款條件開始模仿義大利。

Distributors are telling us they're concerned about getting paid.

經銷商告訴我們他們擔心報酬問題。

People are pushing out schedules, pushing out launch of the new products, cutting down the run rates, cutting down inventories.

人們正在推遲時間表，推遲新產品的推出，降低運行率，減少庫存。

So there are additional things that happened.

所以還發生了一些額外的事情。

All that environment is currently dialed in our guidance.

所有這些環境目前都在我們的指導下。

Question is does it get any worse than that?

問題是情況還會變得更糟嗎？

Is it another shoe to drop driven by anything?

難道是另一隻因為什麼原因而掉落的鞋子？

That we don't know.

我們不知道。

That kind of view we don't have.

我們沒有這樣的觀點。

This is based on what we are able to see today.

這是基於我們今天所看到的情況。

Kevin Cassidy with Stifel.

凱文·卡西迪和斯蒂菲爾。

Thank you, Steve.

謝謝你，史蒂夫。

Just for -- going into a little more detail of the 60 plus distributors that you met with in Asia, are they stocking distributors or more of a design-type distributors that would prefer that you hold the inventory and they sell through?

只是為了 - 更詳細地了解您在亞洲遇到的 60 多家經銷商，他們是庫存經銷商還是更多的設計型經銷商，他們更願意您持有庫存並透過他們進行銷售？

No, all these distributors, they hold the inventory.

不，所有這些經銷商，他們都持有庫存。

They also have dedicated application engineers for Microchip which help the customer design in our products into the end customers sockets, and then they ship it from the inventory.

他們還擁有專門的 Microchip 應用工程師，幫助客戶將我們的產品設計到最終客戶的插座中，然後從庫存中發貨。

The Asian distributors will hold a month of inventory, lesser inventory than an equal end US distributor will hold, just because they work on much lower margin.

亞洲分銷商將持有一個月的庫存，比同等終端的美國分銷商持有的庫存要少，只是因為他們的利潤率要低得多。

So if they work on a lower margin, they have to hold lower inventory, otherwise it is not affordable.

因此，如果他們的利潤較低，他們就必須持有較低的庫存，否則他們負擔不起。

But they're all stocking distributors.

但他們都是經銷商進貨。

These are not like reps.

這些不像代表。

What you're talking about is either reps or design houses and things like that.

你所說的要嘛是代表，要嘛是設計公司之類的。

We have some of those too, but these people I'm talking about are real-life distributors.

我們也有一些這樣的人，但我所說的這些人是現實生活中的經銷商。

Okay, so maybe for some of the visibility that maybe the design houses have, are you seeing design activity?

好吧，也許對於設計公司可能擁有的一些知名度，您是否看到了設計活動？

Is this what gives you some optimism that you will see uptick in demand, that there's new designs happening?

這是否讓您對需求上升、新設計出現感到樂觀？

Asia-wide consolidated, and I have the number for worldwide also; I don't have it on my fingertips, but entire Asia combined, Asia, China, Taiwan, Japan, Korea, everything, all Asia combined, our total design win dollar revenue was 15% higher this year than it was last year.

亞洲範圍內的合併，我也有全球範圍內的號碼；我手頭上沒有數據，但整個亞洲加起來，亞洲、中國、台灣、日本、韓國，所有的一切，所有亞洲加起來，我們今年的總設計贏得美元收入比去年高了 15%。

So when I look at on the graph, how on a monthly basis design win dollars progressed, it was 15% higher than a year ago.

因此，當我查看圖表時，每月設計贏得的資金進展如何，比一年前增加了 15%。

Well, when you look at the net new revenue created from those designs this year versus the net new revenue created from new design wins last year, it was about one-fourth of it, which was -- and it was consistent.

好吧，當你看看今年這些設計創造的淨新收入與去年新設計獲勝創造的淨新收入相比，大約只有四分之一，而且是一致的。

Geography to geography, distributor to distributor, whether you look at Japan or you look at Korea or you look at China, it was really no different, which was broad-based sign of very good, excellent design-win activity.

地理位置到地理位置，經銷商到分銷商，無論你看日本、韓國還是中國，這實際上沒有什麼不同，這是非常好的、優秀的設計獲勝活動的廣泛標誌。

But customers were all holding back, either not taking their designs to production or running much lower run rate in dollars on those designs in terms of unit consumption, or not having the money to launch it, the effects of the Chinese stock market crash I talked about, so this was universal cost the board.

但客戶都猶豫不決，要么沒有將他們的設計投入生產，要么在單位消耗方面以美元計算的運行率要低得多，要么沒有錢來啟動它，這是我談到的中國股市崩盤的影響大約，所以這是董事會的普遍成本。

And sooner or later, those customers got to run their businesses also.

遲早，這些客戶也必須經營他們的業務。

When they take those designs to production, you will see the other side of it, a very pent-up new product design activity.

當他們將這些設計投入生產時，你會看到它的另一面，一個被壓抑的新產品設計活動。

As it goes to production, the business really takes off.

當它投入生產時，業務才真正起飛。

Okay, thank you.

好的謝謝。

Very good color, thank you.

顏色非常好，謝謝。

(Operator Instructions)

（操作員說明）

Mark Lipacis with Jefferies.

馬克·利帕西斯和傑弗里斯。

Hi, thank you for taking my question, and congratulations on 100 consecutive quarters of profitability.

您好，感謝您回答我的問題，並祝賀您連續 100 個季度盈利。

A question for Eric.

有個問題想問埃里克。

The fact pattern, could you describe or give us a framework for thinking about the fact pattern that you had with Micrel that allows you to bring back cash tax-free?

事實模式，您能否描述或給我們一個框架來思考您與 Micrel 的事實模式，該事實模式允許您免稅帶回現金？

What are the circumstances there?

那裡的情況如何？

And of the deals they look at, as you guys look at, what percentage of the targets, or potential targets that you've been looking at, have this kind of a fact pattern that might be -- allow you to bring back more cash?

在他們關注的交易中，正如你們所關注的那樣，你們一直在關注的目標或潛在目標中有多少比例具有這種事實模式，可能會讓你們帶回更多現金？

Thank you.

謝謝。

Obviously, every transaction is different than the next, but in Micrel's situation, they had not really done any foreign tax planning.

顯然，每筆交易都與下一筆不同，但就麥克雷爾的情況而言，他們並沒有真正進行任何外國稅務規劃。

And unlike most companies in our space that are maybe more mature or higher revenue, higher profits, they have done that.

與我們這個領域的大多數公司不同，他們可能更成熟或更高的收入、更高的利潤，而他們已經做到了。

And so all of Micrel's IP was sitting in intellectual property was sitting in the US.

因此，麥克雷爾的所有智慧財產權都位於美國。

And so, to get that into our structure, we have to move that value, that intellectual property offshore.

因此，為了將其納入我們的結構中，我們必須將這種價值、智慧財產權轉移到海外。

Microchip is sitting on some net operating losses in the US, that can soak up that income coming in.

Microchip 在美國面臨一些淨營運虧損，這可以吸收進來的收入。

That is net operating losses that has been generated for a variety of different reasons over the course of time.

這是隨著時間的推移由於各種不同原因產生的淨運營損失。

But in this particular situation, we are able to bring the cash back and not pay cash taxes on that in the US.

但在這種特殊情況下，我們可以將現金帶回來，而不必在美國繳現金稅。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

Harlan Sur with JPMorgan.

哈蘭·蘇爾 (Harlan Sur) 與摩根大通 (JPMorgan) 合作。

Thank you taking my follow-up question.

謝謝您回答我的後續問題。

Apologize if it was -- this was already answered, but on the manufacturing footprint, I think the team was going to do a major shutdown, I think, p.m.

如果是的話，請道歉——這已經得到了回答，但就製造足跡而言，我認為該團隊將在下午進行大規模關閉。

on the Gresham fab in October.

十月在格雷沙姆工廠。

Did you guys actually execute to this?

你們真的執行了嗎？

And then given the lower December outlook and the rise of inventories in September, I assume that you guys are still planning for a December shutdown of the Tempe fab and then a few days extra beyond that to work down inventories.

然後考慮到 12 月前景較低和 9 月庫存增加，我認為你們仍在計劃 12 月關閉坦佩工廠，然後再多幾天來減少庫存。

Where do you expect your level of inventories to be, exiting the December quarter?

結束 12 月季度後，您預計庫存水準會是多少？

Affirmative on both of those.

這兩點都是肯定的。

We did execute the plan to shutdown for the Gresham fab, and we are on schedule to execute a maintenance shutdown at the end of the year in our Arizona fab.

我們確實執行了格雷沙姆工廠的關閉計劃，我們按計劃在今年年底對亞利桑那工廠進行維護關閉。

The shutdown we had announced in the Arizona fab before, we're not making it any shorter, we're not making it any longer; we are holding it to what we have told you before.

我們之前宣布了亞利桑那州工廠的關閉，我們不會再縮短，也不會再延長；我們堅持我們之前告訴過你們的內容。

And the inventory going out of September quarter was 125 days total, and going out of December would be?

9 月季度的庫存總計為 125 天，12 月的庫存將是多少？

Our guidance that's in our release says that inventory will be between -- well it will be flat to up to six days depending on the range of guidance.

我們發布的指導意見表示，庫存將在 - 嗯，根據指導範圍的不同，將持平至最多六天。

Yes, there you go.

是的，就這樣。

Thank you, Steve.

謝謝你，史蒂夫。

Thank you, Eric.

謝謝你，埃里克。

It appears there are no further questions at this time.

目前似乎沒有其他問題了。

Mr. Sanghi, I'd like to turn the conference back to you for any additional or closing remarks.

桑吉先生，我想請您發表補充或結束語。

Well, we want to thank all the investors.

好吧，我們要感謝所有投資者。

I think the next major conference we go to will be the (inaudible) conference in Scottsdale, which is in our backyard.

我認為我們參加的下一個重要會議將是在斯科茨代爾舉行的（聽不清楚）會議，該會議就在我們的後院。

We will grant you great weather, so come out here and we will see you.

我們將為您提供好天氣，所以到這裡來，我們會見到您。

Thank you very much.

非常感謝。

This concludes today's call, thank you for your participation.

今天的電話會議到此結束，感謝您的參與。