微晶片科技 (MCHP) 2018 Q3 法說會逐字稿

Good day, everyone, and welcome to the Microchip Technology Third Quarter and Fiscal Year 2018 Financial Results Conference Call.

大家好，歡迎參加 Microchip Technology 2018 年第三季和財年財務業績電話會議。

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

提醒一下，今天的通話正在錄音。

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

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

Please go ahead.

請繼續。

Good afternoon, everyone.

大家下午好。

During the course of this conference call, we will be making projections and other forward-looking statements regarding future events or the future financial performance of the company.

在本次電話會議期間，我們將對未來事件或公司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 Chairman and CEO; and Ganesh Moorthy, Microchip's President and COO.

今天與我一起出席的有 Microchip 董事長兼執行長 Steve Sanghi；以及 Microchip 總裁兼營運長 Ganesh Moorthy。

I will comment on our third quarter fiscal year 2018 financial performance, and Steve and Ganesh will then give their comments on the results and discuss the current business environment as well as our guidance.

我將評論我們 2018 財年第三季的財務業績，然後 Steve 和 Ganesh 將對結果發表評論，並討論當前的商業環境以及我們的指導。

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

然後我們將可以回答特定投資者和分析師的問題。

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

我想提醒您，我們在本次電話會議的新聞稿中包含了有關各種公認會計原則和非公認會計原則措施的資訊。

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

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

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

我現在將介紹一些經營業績，包括淨銷售額、毛利率和經營費用。

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

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。

Net sales in the December quarter were $994.2 million, modestly higher than the midpoint of our guidance and down 1.8% sequentially from net sales of $1.012 billion in the immediately preceding quarter.

12 月季度的淨銷售額為 9.942 億美元，略高於我們指引的中位數，較上一季 10.12 億美元的淨銷售額環比下降 1.8%。

We have posted a summary of our revenue by product line and geography on our website for your reference.

我們已在網站上發布了按產品線和地理位置劃分的收入摘要，供您參考。

On a non-GAAP basis, gross margins were at the high end of our guidance range of 61.4% in the December quarter.

以非公認會計原則計算，12 月季度的毛利率處於我們指導範圍的上限 61.4%。

Non-GAAP operating expenses were at 22% of sales, which was a record low and below the low end of our guidance range, which was 22.2%.

非 GAAP 營運費用佔銷售額的 22%，創歷史新低，低於我們指引範圍的下限（22.2%）。

Non-GAAP operating income was a record $391.7 million at 39.4%, above the high end of our guidance of 39.2%.

非 GAAP 營業收入達到創紀錄的 3.917 億美元，佔 39.4%，高於我們指引的上限 39.2%。

Non-GAAP net income was $341.2 million and was up 38.4% as compared to the same quarter last year.

非 GAAP 淨利為 3.412 億美元，較去年同期成長 38.4%。

Non-GAAP earnings per diluted share was $1.36, which was above the midpoint of our guidance.

非 GAAP 攤薄每股收益為 1.36 美元，高於我們指引的中位數。

On a GAAP basis, gross margins, including share-based compensation and acquisition-related expenses, were a record 61.1% in the December quarter.

以公認會計原則計算，包括股權激勵和收購相關費用在內的毛利率在去年第四季達到創紀錄的 61.1%。

GAAP gross margins include the impact of $3.5 million of share-based compensation.

GAAP 毛利率包括 350 萬美元的股權激勵的影響。

Total operating expenses were $361.8 million and include acquisition intangible amortization of $121 million, share-based compensation of $20.5 million, $1.2 million of acquisition-related and other costs and special charges of $0.2 million.

總營運費用為 3.618 億美元，包括收購無形攤銷 1.21 億美元、股權激勵 2,050 萬美元、收購相關成本及其他成本 120 萬美元以及特別費用 20 萬美元。

GAAP net income was impacted by a $439.8 million discrete tax event in the quarter, primarily associated with the Tax Cuts and Jobs Act and we also incurred a loss of $2.1 million on the retirement of our 2037 2 1/8% convertible bonds.

GAAP 淨利潤受到本季 4.398 億美元的離散稅務事件的影響，主要與減稅和就業法案相關，而且我們還因 2037 年 2 1/8% 可轉換債券的退役而蒙受了 210 萬美元的損失。

After these adjustments, the GAAP net loss was $251.1 million or $1.07 per diluted share.

經過這些調整後，GAAP 淨虧損為 2.511 億美元，即稀釋後每股虧損 1.07 美元。

The non-GAAP tax rate was 8.5% in the December quarter, and we expect the rate to be about the same in the March quarter.

12 月季度的非 GAAP 稅率為 8.5%，我們預期 3 月季度的稅率大致相同。

Due to the Tax Cuts and Jobs Act, we expect about $300 million of taxes to be paid over the next 8 years related to the tax incurred on foreign earnings that were permanently invested offshore, referred to as the transition tax.

根據《減稅與就業法案》，我們預計未來 8 年將繳納約 3 億美元的稅款，這些稅款與永久投資於海外的外國收入所產生的稅款（稱為過渡稅）有關。

We estimate the tax payments to be approximately $25 million in years 1 through 5, $45 million in year 6, $60 million in year 7 and $75 million in year 8. We will continue to evaluate the impact from the Tax Cuts and Jobs Act, and these estimates may change as we complete our analysis.

我們估計第1 年至第5 年的納稅額約為2500 萬美元，第6 年為4500 萬美元，第7 年為6000 萬美元，第8 年為7500 萬美元。我們將繼續評估《減稅和就業法案》的影響，並隨著我們完成分析，這些估計可能會改變。

We are working through the impact of recent U.S. tax reform on Microchip's longer-term effective tax rate.

我們正在研究美國近期稅改對 Microchip 長期有效稅率的影響。

There is no impact on the fiscal year 2018 rate, as you can see from our March quarter guidance provided in today's earnings release.

正如您從今天的財報中提供的 3 月季度指引中看到的那樣，這對 2018 財年的利率沒有影響。

Excluding the transition tax from the Tax Cuts and Jobs Act, we expect our ongoing long-term cash tax rate to be below 9%, which is what we are providing to investors and analysts for cash flow and operating model forecasting purposes.

不包括《減稅和就業法案》中的過渡稅，我們預計我們持續的長期現金稅率將低於 9%，這是我們為投資者和分析師提供現金流量和營運模式預測目的的稅率。

We will continue to refine this over the coming months prior to providing guidance for Q1 of fiscal year 2019.

我們將在未來幾個月繼續完善這一點，然後為 2019 財年第一季提供指導。

Moving on to the balance sheet.

繼續看資產負債表。

Our inventory balance at December 31, 2017, was $487.1 million.

截至 2017 年 12 月 31 日，我們的庫存餘額為 4.871 億美元。

Microchip had 115 days of inventory at the end of the December quarter.

截至 12 月季度末，Microchip 的庫存量為 115 天。

Our targeted inventory levels are between 115 and 120 days.

我們的目標庫存水準在 115 至 120 天之間。

Inventory at our distributors in the December quarter were at 34 days and up 3 days from the prior quarter and in the normal historical range for distribution inventory.

12 月季度我們經銷商的庫存為 34 天，比上一季增加了 3 天，處於分銷庫存的正常歷史範圍內。

The cash flow from operating activities was a record $365 million in the December quarter.

12 月所在季度的經營活動現金流量達到創紀錄的 3.65 億美元。

As of December 31, the consolidated cash and total investment position was $1.985 billion, of which about $550 million is domestic cash.

截至12月31日，合併現金及總投資部位為19.85億美元，其中約5.5億美元為國內現金。

Due to the Tax Cuts and Jobs Act, the majority of our offshore cash could be brought back to the U.S. without incurring any material additional tax cost.

由於《減稅和就業法案》，我們大部分的離岸現金可以帶回美國，而不會產生任何實質的額外稅收成本。

We bought back the remaining amount of our 2037 2 1/8% convertible bond in the December quarter for $58.3 million in cash.

我們在 12 月季度以 5,830 萬美元現金回購了 2037 年 2 1/8% 可轉換債券的剩餘金額。

Capital expenditures were $66.4 million in the December 2017 quarter.

2017 年 12 月季度的資本支出為 6,640 萬美元。

We expect about $50 million to $60 million in capital spending in the March quarter and overall capital expenditures for fiscal year 2018 to be about $200 million to $210 million, which is at the lower end of the guidance that we provided last quarter.

我們預計 3 月季度的資本支出約為 5,000 萬至 6,000 萬美元，2018 財年的總體資本支出約為 2 億至 2.1 億美元，這是我們上季度提供的指導的下限。

We are aggressively 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.

我們正在積極增加資本，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。

These capital investments will bring significant gross margin improvements to our business, particularly for the Atmel manufacturing activities that we are bringing into our own factories.

這些資本投資將為我們的業務帶來顯著的毛利率改善，特別是對於我們引入自己工廠的 Atmel 製造活動。

As mentioned last quarter, our capital spending in fiscal 2018 also reflects 3 new building projects we are constructing in Arizona, India and Germany, which will give us meaningful lease cost reductions and avoidance in the future as well as allow us to cost effectively scale our future growth.

如上季所提到的，我們2018 財年的資本支出也反映了我們正在亞利桑那州、印度和德國建設的3 個新建築項目，這將使我們在未來有意義地降低和避免租賃成本，並使我們能夠經濟有效地擴大我們的規模。未來的成長。

Depreciation expense in the December quarter was $32 million.

12 月季度的折舊費用為 3,200 萬美元。

We also want to provide an update on the tax treatment of our dividends.

我們還想提供有關股息稅務處理的最新資訊。

In fiscal year 2017, our dividends paid to shareholders were treated as return of capital, and we were expecting a similar treatment in fiscal year 2018.

2017財年，我們向股東支付的股利被視為資本回報，我們預期2018財年也會有類似的待遇。

The Tax Cuts and Jobs Act, which passed in December 2017, has changed this outlook.

2017 年 12 月通過的《減稅與就業法案》改變了這個前景。

Due to the U.S. taxation in fiscal year 2018 of our foreign earnings, which were historically permanently invested offshore, Microchip is taxable in the U.S. in fiscal year 2018.

由於美國在 2018 財政年度對我們的海外收入徵稅（這些收入歷來永久投資於海外），因此 Microchip 在 2018 財年需在美國納稅。

As a result, dividends in the June, September and December 2017 quarters are fully taxable to our shareholders, and dividends to be paid in March 2018 will be fully taxable to our shareholders.

因此，2017 年 6 月、9 月和 12 月季度的股息將向我們的股東全額納稅，2018 年 3 月支付的股息將向我們的股東全額納稅。

We believe the impact of U.S. tax reform on Microchip's U.S. taxable income in future periods will result in dividends being fully taxable to shareholders in fiscal year 2019 and beyond.

我們認為，美國稅制改革對 Microchip 未來時期美國應稅收入的影響將導致股東在 2019 財年及以後對股利全額納稅。

We will continue to provide updates to shareholders on this topic in the future if facts and circumstances change.

如果事實和情況發生變化，我們將繼續向股東提供有關該主題的最新資訊。

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

我現在請 Ganesh 就 12 月季度的業務業績向我們提供評論。

Ganesh?

加內什？

Thank you, Eric, and good afternoon, everyone.

謝謝你，埃里克，大家下午好。

We performed better than we expected in the seasonally slow December quarter, with a sequential revenue decline of 1.8% and year-over-year growth of 12.8%, all organic growth as there was no contribution from acquisitions in the last 4 quarters.

在季節性放緩的 12 月季度，我們的表現優於我們的預期，營收季減 1.8%，年增 12.8%，全部是有機成長，因為過去 4 個季度沒有收購帶來的貢獻。

The Microchip 2.0 transformation continues to make good progress, especially in terms of new design opportunities as we enable our clients' innovation with the very best, smart, connected and secure solutions.

Microchip 2.0 轉型持續取得良好進展，特別是在新的設計機會方面，因為我們透過最好的、智慧的、互聯的和安全的解決方案來幫助客戶進行創新。

Taking a closer look at microcontrollers.

仔細研究微控制器。

Our microcontroller business performed well in the December quarter, with revenue down sequentially only 0.6% as compared to the September quarter.

我們的微控制器業務在 12 月季度表現良好，營收較 9 月季度僅下降 0.6%。

On a year-over-year basis, the December quarter microcontroller revenue was up a very strong 18.9%.

與去年同期相比，12 月季度的微控制器營收強勁成長 18.9%。

8-bit microcontroller revenue actually set a new record again, edging out the September quarter performance, while 16-bit and 32-bit revenue continued to have strong year-over-year performances.

8 位微控制器收入實際上再次創下新紀錄，超越了 9 月份季度的業績，而 16 位和 32 位收入繼續保持強勁的同比表現。

Our microcontroller portfolio and road map has never been stronger, and we are seeing continued growth in our design-in funnel, which we expect will drive future growth as these designs progress into production over time.

我們的微控制器產品組合和路線圖從未如此強大，我們看到設計漏斗的持續成長，我們預計隨著這些設計隨著時間的推移進入生產，這將推動未來的成長。

Microcontrollers represent a 66.5% of Microchip's overall revenue in the December quarter.

微控制器佔 Microchip 12 月季度總營收的 66.5%。

Now moving to our analog business.

現在轉向我們的模擬業務。

Our analog revenue was sequentially down 3.2% in the December quarter as compared to the September quarter and up 1.5% on a year-over-year basis.

與 9 月季度相比，我們 12 月季度的模擬收入環比下降 3.2%，年增 1.5%。

As we highlighted at our last conference call, our publicly reported analog results continue to see some revenue classification headwinds resulting from a deliberate shift in strategy we made several quarters ago.

正如我們在上次電話會議上所強調的那樣，我們公開報告的模擬結果繼續看到一些收入分類阻力，這是由於我們幾個季度前故意改變的策略造成的。

The change in product line strategy, as we reported last quarter, is that we have, for some time, been adding microcontroller cores to several of our more complex analog products, especially those that provide our clients with smart connectivity solutions.

正如我們上季度報告的那樣，產品線策略的變化是，一段時間以來，我們一直在向一些更複雜的模擬產品添加微控制器內核，特別是那些為客戶提供智慧連接解決方案的產品。

The addition of microcontroller cores to these analog products enables us to sell a higher value and more defensible total system solution.

在這些模擬產品中添加微控制器核心使我們能夠銷售更高價值和更可靠的整體系統解決方案。

These smart connectivity products are growing nicely, and as they replace older products in new designs, our revenue classification for these new products has shifted from the analog product line to our microcontroller product line.

這些智慧連接產品成長良好，隨著它們以新設計取代舊產品，我們對這些新產品的收入分類已從類比產品線轉移到微控制器產品線。

Transitioning to more sticky and higher-margin smart connectivity revenue is the right Microchip answer but does impact some of the product line reporting that analysts are interested in as some of the revenue growth shifts into our microcontroller product line.

轉向更具黏性和更高利潤的智慧連接收入是 Microchip 的正確答案，但確實影響了分析師感興趣的一些產品線報告，因為部分收入成長轉移到了我們的微控制器產品線。

In the longer term, as the revenue from analog attach design wins continues to ramp, we fully expect that the analog product line revenue will grow nicely.

從長遠來看，隨著模擬連接設計獲勝的收入持續成長，我們完全預期模擬產品線收入將出現良好成長。

Our analog products represented 23.3% of Microchip's overall revenue in the December quarter.

我們的模擬產品佔 Microchip 12 月季度總營收的 23.3%。

Moving next to our licensing business.

接下來是我們的授權業務。

This business was up 6.8% sequentially in the December quarter and up 15.5% on a year-over-year basis, setting a new record in the process.

該業務在 12 月季度環比增長 6.8%，年增 15.5%，創下新紀錄。

We are seeing the fruits of having licensed several foundries and independent device makers for several years on multiple process technology nodes as they manifest in our results, as the license processes ramp volume and generate royalty revenue for many years to come.

我們看到了在多個製程技術節點上對多家代工廠和獨立設備製造商進行多年授權的成果，正如我們的結果所體現的那樣，隨著許可流程的數量增加並在未來許多年產生特許權使用費收入。

Finally, our memory business was sequentially down 7.6% in the December quarter as compared to the September quarter and up 3.4% on a year-over-year basis.

最後，我們的記憶體業務在 12 月季度比 9 月季度環比下降 7.6%，年增 3.4%。

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

現在讓我將其轉交給史蒂夫，請他對我們的業務和未來的指導進行一些一般性評論。

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 reflect on the results of the fiscal third quarter of 2018.

今天，我想先回顧一下2018財年第三季的業績。

I will then provide guidance for the fiscal fourth quarter of 2018.

然後我將為 2018 年第四財季提供指導。

Our December quarter financial results were good.

我們 12 月季度的財務表現良好。

Our net sales were slightly above the midpoint of our guidance, which itself was slightly better than 5 years of seasonality.

我們的淨銷售額略高於我們指導的中點，這本身略好於 5 年的季節性。

Our non-GAAP gross margin of 61.4% of sales was at the high end of our guidance.

我們的非 GAAP 毛利率為銷售額的 61.4%，處於我們指引值的上限。

Operating profit of 39.4% of sales made a new all-time record, and earnings per share of $1.36 exceeded the midpoint of our guidance by $0.01 per share.

營業利潤佔銷售額的 39.4% 創下歷史新高，每股收益 1.36 美元，比我們指引的中位數高出每股 0.01 美元。

I want to thank all the employees of Microchip worldwide for delivering an outstanding quarter and calendar year 2017.

我要感謝 Microchip 全球所有員工在 2017 年季度和日曆年取得了出色的業績。

On a non-GAAP basis, this was also our 109th consecutive profitable quarter.

以非公認會計準則計算，這也是我們連續第 109 季獲利。

Now I will provide you with an update on Microchip 2.0.

現在我將為您介紹Microchip 2.0的最新情況。

We are continuing to experience an enormous customer preference for design with our microcontroller solutions in all 8-bit, 16-bit and 32-bit customer applications.

我們在所有 8 位元、16 位元和 32 位元客戶應用中繼續體驗到客戶對我們的微控制器解決方案設計的巨大偏好。

On top of that, our various acquisitions have now built a powerful diversified product line through which we are able to provide total system solutions to our customers.

最重要的是，我們的各種收購現已建立了強大的多元化產品線，透過該產品線，我們能夠為客戶提供整體系統解決方案。

We are winning incremental design wins with multiple products in the same bowls of our customers.

我們透過在客戶的同一個碗中提供多種產品來贏得增量設計勝利。

We have a robust design win funnel, and we feel very optimistic that Microchip 2.0 is working and increasing the organic growth of Microchip.

我們擁有強大的設計獲勝漏斗，我們對 Microchip 2.0 正在發揮作用並促進 Microchip 的有機成長感到非常樂觀。

Based on SIA numbers, our microcontroller market share in calendar 2017 was at a record 15.7%, up 220 bps from calendar 2016.

根據 SIA 數據，2017 年我們的微控制器市佔率達到創紀錄的 15.7%，比 2016 年成長 220 個基點。

To be fair, calendar year 2016 only had 3 quarters of Atmel while 2017 had all 4 quarters of Atmel.

公平地說，2016 年只有 3 個季度有 Atmel，而 2017 年有 4 個季度都有 Atmel。

So I calculated market share for 3 quarters of 2016 to 3 quarters of 2017, which will be April 1 through December 31 of both years.

所以我計算了2016年3個季度到2017年3個季度的市場份額，也就是這兩年的4月1日到12月31日。

Based on that 9-month comparison, our market share gain was 91 bps higher than 2016.

根據 9 個月的比較，我們的市佔率增幅比 2016 年高出 91 個基點。

Also, our microcontroller market share grew in each of 8-bit, 16-bit and 32-bit product lines.

此外，我們的 8 位元、16 位元和 32 位元產品線的微控制器市佔率均有所成長。

Now let us go into the guidance for March quarter.

現在讓我們來看看三月季度的指導。

Our inventories at Microchip at the end of December 2017 were 115 days, which is right at our target.

截至 2017 年 12 月底，我們 Microchip 的庫存為 115 天，正好達到我們的目標。

We were able to get to this target a quarter or so ahead of what we were thinking.

我們能夠比我們的想法提前四分之一左右實現這個目標。

This is due to enormous progress we made on the manufacturing side and bringing capacity online and decreasing lead times.

這是由於我們在製造方面取得了巨大進步，並提高了產能並縮短了交貨時間。

Our book-to-bill ratio has also continued to moderate from 1.11 in both March 2017 and June 2017 quarters, and then the book-to-bill ratio was 1.05 in September 2017 quarter and 1.0 in December 2017 quarter.

我們的訂單出貨比也從2017 年3 月和2017 年6 月季度的1.11 開始持續放緩，隨後2017 年9 月季度的訂單出貨比為1.05，2017 年12 月季度的訂單出貨比為1.0。

This moderation of book-to-bill reflects the improvements in lead times that we have seen or we have been able to achieve over the last several quarters.

訂單到帳單的放緩反映了我們在過去幾個季度中看到或能夠實現的交貨時間的改善。

As we have indicated before, our seasonality for any given quarter will change as we integrate acquisitions and end up with a new blended seasonality.

正如我們之前指出的，隨著我們整合收購併最終獲得新的混合季節性，任何給定季度的季節性都會發生變化。

The seasonality of the Atmel business is driven by a larger percentage of consumer-oriented business, which has a sharper decline in the March quarter.

Atmel業務的季節性是由較大比例的面向消費者的業務推動的，該業務在三月季度的下滑幅度更大。

In fact, the historic Atmel seasonality in the March quarter over the 5 years prior to the acquisition was a 7.8% sequential decline when they were an independent company.

事實上，當 Atmel 還是一家獨立公司時，收購前 5 年中 3 月的歷史性季度環比下降了 7.8%。

Meanwhile, Microchip's historic seasonality in the March quarter in the 5 years prior to acquiring Atmel was a 2.75% sequential growth.

同時，Microchip 在收購 Atmel 之前 5 年中 3 月季度的歷史季節性環比增長為 2.75%。

The blended average March seasonality results in a minus 1% sequential result, so a 1% sequential decline.

混合平均 3 月季節性結果導致季後結果為負 1%，即季減 1%。

You can also see the contribution from Atmel's consumer business in the stronger-than-seasonal blended results Microchip experienced in the June, September and December quarters of 2017.

您也可以從 Microchip 2017 年 6 月、9 月和 12 月季度強於季節性的綜合業績中看到 Atmel 消費者業務的貢獻。

We will compare our March quarter guidance to this combined seasonality of new Microchip.

我們將把三月季度的指導與新 Microchip 的綜合季節性進行比較。

So now let's go into the non-GAAP guidance for the March quarter.

現在讓我們來看看三月季度的非公認會計準則指引。

We expect total net sales in the March quarter to be down 3% to up 1% sequentially, giving us a midpoint of the guidance at minus 1%, which is right at seasonality that I explained above.

我們預計 3 月季度的總淨銷售額將環比下降 3% 至增長 1%，從而使我們的指導中點為負 1%，這正好符合我上面解釋的季節性。

In September quarter last year, our net sales were up 15.8% from a year ago quarter.

去年九月季度，我們的淨銷售額比去年同期成長了 15.8%。

In December quarter, our net sales were 12.8% from a year ago quarter.

12 月季度，我們的淨銷售額比去年同期成長 12.8%。

In March 2018 quarter, we are guiding the net sales to be up 9% from a year ago quarter, clearly demonstrating the soft landing scenario that we have been talking to the investors.

2018 年 3 月季度，我們預計淨銷售額將比去年同期成長 9%，這清楚地表明了我們一直在與投資者討論的軟著陸場景。

Our fiscal year '18 sales -- total fiscal year '18 sales ending March 31, 2018, with midpoint of the guidance, is expected to be up 13.2% from fiscal year '17 sales, beating most of our competitors for the same time window.

我們的'18 財年銷售額- 截至2018 年3 月31 日的'18 財年總銷售額（以指導中位數計算）預計將比'17 財年銷售額增長13.2%，在同一時間窗口內擊敗我們的大多數競爭對手。

Regarding gross margin.

關於毛利率。

We see a steady improvement in overall gross margin of the company based on Microchip 2.0 margin drivers.

基於 Microchip 2.0 利潤率驅動因素，我們看到公司的整體毛利率穩定提高。

We expect the gross margin for the March quarter to be between 61.3% and 61.7% of sales.

我們預計 3 月季度的毛利率將在銷售額的 61.3% 至 61.7% 之間。

We expect overall operating expenses to be between 22% and 22.4% of sales.

我們預計整體營運費用將佔銷售額的 22% 至 22.4%。

We expect operating profit percentage to be between 38.9% and 39.7% of sales, and we expect earnings per share to be between $1.30 and $1.39 per share.

我們預計營業利潤佔銷售額的比例將在 38.9% 至 39.7% 之間，每股收益將在 1.30 美元至 1.39 美元之間。

I want to remind investors that our long-term financial model is a non-GAAP operating profit of 40%, and you have seen that we are relentlessly marching towards this model.

我想提醒投資者，我們的長期財務模型是非公認會計準則營業利潤40%，你們也看到了我們正在不懈地向這個模型邁進。

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

鑑於收購會計處理的所有複雜性，包括無形資產攤銷、重組費用和收購的庫存增記，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 expect that the analysts -- and we request that the analysts continue to report their non-GAAP estimates to First Call.

我們認為，非 GAAP 業績與前幾季相比更有意義，我們希望分析師——並且我們要求分析師繼續向 First Call 報告他們的非 GAAP 預測。

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

說到這裡，接線生，請大家提問好嗎？

(Operator Instructions) We'll take our first question from the Craig Hettenbach with Morgan Stanley.

（操作員說明）我們將接受摩根士丹利的 Craig Hettenbach 提出的第一個問題。

When you think through the March quarter seasonality with Atmel-Microchip combined, can you help us as you go toward June in terms of what you typically see for the June quarter?

當您與 Atmel-Microchip 結合考慮 3 月份季度的季節性時，您能否在 6 月到來之際幫助我們了解您通常看到的 6 月份季度的情況？

Well, the June and September were stronger quarters for Atmel as well as for Microchip, and you have seen pretty strong June and September quarters for the last couple of years since we have had Atmel in both quarters.

嗯，6 月和 9 月對 Atmel 和 Microchip 來說都是強勁的季度，自從我們在這兩個季度都有 Atmel 以來，過去幾年您已經看到了相當強勁的 6 月和 9 月季度。

And you've seen the December quarter slightly stronger than our historic seasonality, as we just reported.

正如我們剛剛報導的那樣，您已經看到 12 月季度略強於我們的歷史季節性。

And what the result is a significant difference in the March quarter seasonality where Microchip was historically up for 2.5% to 2.75%, and Atmel was down a whopping 7.8%.

結果是 3 月季度季節性的顯著差異，Microchip 的歷史漲幅為 2.5% 至 2.75%，而 Atmel 則大幅下跌 7.8%。

And that's really when you combine it together, this would result into a minus 1% seasonality.

事實上，當你把它們結合在一起時，就會導致負 1% 的季節性。

Got it.

知道了。

And then maybe just a follow-up for Eric.

然後也許只是埃里克的後續行動。

As you approach the target model and then given the margin expansion you've seen, can you talk about just some of the initiatives this year and maybe on the intermediate term for both gross margins and op margins?

當您接近目標模型並考慮到您所看到的利潤率擴張時，您能否談談今年以及中期毛利率和營業利潤率的一些舉措？

Oh, I mean on the gross margin front, it's more of the same of what we've been talking about over the past year in terms of investing and the assembly and test and bringing more of that in-house, and we're making progress on that front.

哦，我的意思是，在毛利率方面，這與我們過去一年在投資、組裝和測試方面所討論的內容更多相同，並且將更多的內容引入內部，我們正在製造這方面取得進展。

We've deployed a lot of capital over the last couple of quarters.

過去幾季我們部署了大量資金。

We had more coming in this quarter, as we talked about in my prepared remarks on the $50 million to $60 million of capital coming in.

正如我們在我準備好的關於 5000 萬至 6000 萬美元資本流入的評論中談到的那樣，本季度我們將有更多資金流入。

So that will continue to add to the gross margin improvement over time.

因此，隨著時間的推移，這將繼續增加毛利率的改善。

We've got good utilization in our wafer fabs, and all those things are making our cost structure very favorable.

我們的晶圓廠利用率很高，所有這些都使我們的成本結構非常有利。

At a midpoint of guidance here of about 61.5% gross margin, we've got about a 1% improvement to go to get to the target model, and we're confident that we're going to get there with all these initiatives that we have.

在毛利率約為 61.5% 的指導中點，我們還需要大約 1% 的改進才能達到目標模型，我們有信心通過我們採取的所有這些舉措來實現這一目標。有。

And same thing on the operating margin, we just supported 39.4%, and our long-term model is 40%.

營業利益率也是如此，我們只支援 39.4%，而我們的長期模型是 40%。

And we're fairly confident that most of that gross margin will fall through, and we're going to be in that range.

我們相當有信心大部分毛利率都會下降，而且我們將處於這個範圍內。

We'll go next to William Stein with SunTrust.

接下來我們將與 SunTrust 一起討論 William Stein。

I'm wondering if the inventory build is something that you had expected at the start of the quarter?

我想知道庫存建設是否符合您在本季初的預期？

Or if that occurred more as a result of, perhaps, orders not coming in with turn rates as fast as you might have expected when the quarter started?

或者，如果這種情況的發生更多是因為訂單的周轉率沒有像您在本季開始時預期的那樣快？

So the inventory was pretty much right on target what we had guided to and what we achieved.

因此，庫存幾乎符合我們指導的目標和我們所取得的成果。

The turns rate in December quarter was not soft.

12月季度的周轉率並不疲軟。

We beat the December quarter from the midpoint of our guidance.

我們在 12 月季度的業績指引中點超過了預期。

So I don't think there was any issue in terms of our bookings in December quarter, which will have changed the inventory.

因此，我認為我們 12 月季度的預訂沒有任何問題，這會改變庫存。

Yes.

是的。

And you can see from the guidance that we had on our release, we think we're going to continue to be within our inventory target range of 150 into 120 days in the quarter that we're in right now.

您可以從我們發布的指導中看到，我們認為我們將繼續保持在當前季度 150 到 120 天的庫存目標範圍內。

So I think inventory is well managed.

所以我認為庫存管理得很好。

That helps.

這有幫助。

One follow-up if I can.

如果可以的話，請進行一次後續行動。

You might have mentioned this, and I apologize if I missed it, but you've been talking about supply constraints on the Atmel portfolio, in particular in back-end tests.

您可能已經提到過這一點，如果我錯過了，我深表歉意，但您一直在談論 Atmel 產品組合的供應限制，特別是在後端測試中。

And I think you've noted that you expected to be supply-constraint there for one time, you said for the next year.

我想你已經注意到，你預計明年會出現一次供應限制。

Maybe now we're at either 6 or 9 months more.

也許現在我們還有 6 或 9 個月的時間。

Any update on that relative to the capacity you've been adding?

與您所增加的容量相關的任何更新嗎？

And I see the book-to-bill coming down and lead times coming down.

我看到訂單到帳單的交貨量和交貨時間都在下降。

Are -- is that specifically related to the Atmel back-end test?

這是否與 Atmel 後端測試特別相關？

And any update there would be helpful.

任何更新都會有幫助。

So Atmel had many business units.

因此，Atmel 有很多業務部門。

It was just not one business.

這不是一樁生意。

It was microcontrollers and memory and defense and aerospace and RF and automotive and wireless and other businesses.

它是微控制器、記憶體、國防、航空航太、射頻、汽車和無線等業務。

We had broad-based challenges on the Atmel business.

我們在 Atmel 業務上遇到了廣泛的挑戰。

And every quarter, certain products, certain business units get healthy on that.

每個季度，某些產品、某些業務部門都會因此而健康發展。

And we have been guiding from the very beginning that we expect this to take until about June of this year for it to -- all business units to get healthy, and that really hasn't changed.

我們從一開始就一直在指導，我們預計要到今年六月左右，所有業務部門才能恢復健康，這一點確實沒有改變。

So as we speak right now, there's largely, I would say, 1.5 business units that are still having significant challenges.

因此，正如我們現在所說，我想說，很大程度上有 1.5 個業務部門仍然面臨重大挑戰。

Most of the others are in the very tail end, where a large amount of problems have been resolved.

其他大多數都處於最後階段，大量問題已經解決。

And this last 1.5 business unit largely shows the testing platforms to be the one that you cannot acquire any more of.

最後一個 1.5 業務單位在很大程度上表明測試平台是您無法再獲得的。

These were very old testers, probably for 1970 and 1980 vintage, that should have been obsoleted prior to the year 2000.

這些都是非常老的測試儀，可能是 1970 年和 1980 年的年份，應該在 2000 年之前就被淘汰了。

And 20 years later, they are still running.

20年後，它們仍在運行。

But they're not running, they're not running well.

但他們沒有跑，他們跑得不好。

And the capacity on them is going down, not up, because every quarter, you got to take one of it down to use for spare parts because you cannot buy any more.

它們的產能正在下降，而不是上升，因為每個季度，你都必須將其中的一個用於備件，因為你不能再購買了。

So therefore, the capacity is decreasing, not increasing.

因此，容量正在減少，而不是增加。

So we are bringing the testing up on those products on more modern testers, our Microchip platforms.

因此，我們正在更現代的測試儀（我們的 Microchip 平台）上對這些產品進行測試。

But that process is painful, and then qualification of customers, many of those are automotive customers.

但這個過程是痛苦的，然後是客戶資格，其中許多是汽車客戶。

So that is the process we have been going through for the last 1.5 years, and I think during which we have grown the business, results have been great, lead times have been slowly coming down.

這就是我們過去 1.5 年所經歷的過程，我認為在此期間我們的業務不斷發展，成果非常好，交貨時間也慢慢縮短。

But some of the remaining challenges remain, and we think we need another 5 months to get it all behind.

但剩下的一些挑戰仍然存在，我們認為我們還需要 5 個月的時間才能解決所有問題。

We'll go next to Harsh Kumar with Piper Jaffray.

我們將與 Piper Jaffray 一起前往 Harsh Kumar。

First of all, congratulations on a solid quarter.

首先，恭喜本季業績穩健。

9% growth is pretty impressive, Steve.

史蒂夫，9% 的成長相當令人印象深刻。

I wanted to ask about your outlook for March.

我想問一下你對三月的展望。

In those markets, your broad-end markets or industrial, consumer, which one do you think is going to outperform, in your opinion, the most?

在這些市場中，您認為哪一個市場的表現最為出色？

Well, if the question is just for the March quarter, the consumer obviously is the weakest.

好吧，如果問題僅針對三月季度，那麼消費者顯然是最弱的。

Automotive should do very well, industrial should do very well.

汽車應該做得很好，工業也應該做得很好。

In some markets you have kind of brand-new, budgets coming in, in the new year.

在某些市場，新的一年會有全新的預算。

The only market that is soft, which is driving a minus 1% guidance is because of the Atmel seasonality, which is usually down almost 8%.

唯一疲軟的市場導致指導值下降-1%，這是由於 Atmel 的季節性因素，該市場通常會下降近 8%。

And that is driven by some of the consumer markets.

這是由一些消費市場所推動的。

Everything else should be good.

其他一切都應該很好。

And maybe I'll add to that.

也許我會補充一點。

On a geographic basis, this will be a strong quarter for Europe, it always is.

從地理角度來看，這對歐洲來說將是一個強勁的季度，而且一直如此。

Just many more shipping days in the quarter without the holidays.

在沒有假日的情況下，本季的出貨天數會增加很多。

Asia is the most challenged just because of the Chinese New Year, and America should do pretty well.

僅僅因為中國新年，亞洲就面臨最大的挑戰，而美國應該會表現得很好。

So, Steve, as my follow-up, you guys always run the company for the long term.

所以，史蒂夫，作為我的跟進者，你​​們總是長期經營公司。

And historically, in lean times even, you've grown inventories.

從歷史上看，即使在經濟困難時期，庫存也會增加。

Your target level of inventories, 115 to 120 days.

您的目標庫存水平，115 至 120 天。

You just hit 115 days now by all metrics, and markets are still pretty good.

從所有指標來看，現在剛剛達到 115 天，市場仍然相當不錯。

Does it actually make sense for you?

這對你來說真的有意義嗎？

Can you make the case that you should actually be growing your inventory levels even further and beyond the 115 days, so why stop here?

您能否證明您實際上應該進一步提高庫存水準並超過 115 天，那麼為什麼要停在這裡呢？

Well, if our inventories get below 100, then we don't have usually all the right product in the right place and all the permutations and combinations and SKUs and flavors available.

好吧，如果我們的庫存低於 100，那麼我們通常無法在正確的位置提供所有正確的產品，也無法提供所有可用的排列和組合以及 SKU 和口味。

And then you go and support it, and you're expediting, and you're kind of having a lot of manufacturing challenges.

然後你去支持它，你正在加速，你面臨很多製造挑戰。

When you're in the 115, 120 days of inventory, then I think we can manage our business reasonably well.

當庫存有 115 天、120 天時，我認為我們可以很好地管理我們的業務。

I mean I wouldn't distinguish between 115 and 120 or a few days left or a few days even more than that on the outer side.

我的意思是我不會區分 115 和 120 或還剩幾天或比外側多幾天。

But we don't want to have keep going, like you said, to have 135, 140, 150 days of inventory.

但我們不想像您所說的繼續擁有 135 天、140 天、150 天的庫存。

Because then, you're not really making the right use of that inventory.

因為那樣的話，你就沒有真正正確地利用該庫存。

We don't need that much inventory.

我們不需要那麼多庫存。

And what you have, the opposite risk of obsolescence where certain products, customer changes a flavor they want to use or want to use a different package and repackage it in, and we want to keep most of the inventory and the die inventory.

而你所擁有的，相反的過時風險是，某些產品、客戶改變他們想要使用的口味或想要使用不同的包裝並重新包裝它，我們希望保留大部分庫存和模具庫存。

And when you do that, then the dollar value doesn't grow as much versus if you put it in the finished goods.

當你這樣做時，與將其投入成品相比，美元價值的成長幅度不會那麼大。

So I think that's well tried over the years.

所以我認為多年來這已經得到了很好的嘗試。

That's really the right kind of number.

這確實是正確的數字。

And when we are lower than that, we're trying to grow inventory.

當我們的庫存低於這個水準時，我們就會嘗試增加庫存。

We'll be higher than that, we're trying to decrease inventory, and that's kind of still the right number.

我們會比這個更高，我們正在努力減少庫存，這仍然是正確的數字。

We'll go next to Chris Caso with Raymond James.

接下來我們將和雷蒙德詹姆斯一起去克里斯卡索。

Just to start, if you could talk a little bit about where lead times are in general now.

首先，您能否談談現在一般的交貨時間。

You talked about them coming down.

你談到他們要下來。

Would you consider them at normal levels now?

您現在認為它們處於正常水平嗎？

And just following on from that, Steve, you had talked about the soft landing that you were trying to achieve.

接下來，史蒂夫，您談到了您試圖實現的軟著陸。

You've got lead times down now.

您現在的交貨時間已經縮短了。

You had the book-to-bill at 1. I mean would you consider that with what you're seeing now, that soft landing is sort of what we're seeing now?

你的訂單到帳單為 1。我的意思是，從你現在所看到的情況來看，你會認為軟著陸就是我們現在所看到的嗎？

Or are there more steps that need to be taken as you go into next year in order to achieve that?

或者在進入明年時是否需要採取更多步驟才能實現這一目標？

So let me have Ganesh answer the lead times, then I'll pick up on your soft landing question.

因此，讓我讓 Ganesh 回答交貨時間，然後我會回答您的軟著陸問題。

So lead times are running, if I look at the December quarter, in the 4-week to about 14-week window.

因此，如果我看一下 12 月季度，交貨時間在 4 週到大約 14 週的窗口內。

So if you remember, we had -- at the peak of this, we were between 4 and 20 weeks.

所以如果你還記得的話，我們在高峰期的時間是 4 到 20 週。

And we have started as the capacity has come onboard, as we're able to get our manufacturing to respond, we've been bringing that down.

我們已經開始，隨著產能的增加，我們能夠讓我們的製造做出反應，我們一直在降低這種情況。

And we fully expect that it gets a little bit further down in the March quarter, maybe closer to about 10, 11 weeks at the top end.

我們完全預期 3 月季度會進一步下降，可能接近最高值 10、11 週。

And then it gets down to between 4 and 8 weeks, which is what we would consider to be normal on about 90% of our standard line items by the June quarter, right about on the same time line we established about a couple of quarters ago.

然後它會減少到 4 到 8 週，這是我們認為到 6 月季度約 90% 的標準訂單項目的正常時間，與我們大約幾個季度前製定的時間線大致相同。

So picking up on the soft landing scenario.

因此，我們開始關注軟著陸場景。

I think I would say we pretty much demonstrated it.

我想我會說我們已經證明了這一點。

We're on the tail end of it.

我們正處於它的尾端。

So March quarter is right at seasonality, combining Atmel and Microchip together.

因此，三月的季度恰逢季節性，將 Atmel 和 Microchip 結合在一起。

And if June quarter grows from here, June, September are stronger quarters, then we can just right went through a soft landing and getting back to kind of seasonality.

如果六月季度從這裡開始成長，六月、九月是更強勁的季度，那麼我們就可以經歷軟著陸並回到季節性。

And March quarter is up 9% year-over-year, right in the upper end of that range that we had given you.

3 月季度年增 9%，正好處於我們給您的範圍的上限。

And over time, it gets into the middle maybe or something around that.

隨著時間的推移，它可能會進入中間或附近。

We're not minus 10.

我們不是負10。

We're not correcting like some of the people thought we were.

我們並沒有像某些人想像的那樣進行糾正。

Okay.

好的。

Just as a follow-up on the analog business and some of your comments on that.

就像模擬業務的後續行動以及您對此的一些評論一樣。

And I think I understand what you're saying that there's growth in analog within the microcontroller market, which is affecting what gets classified the analog segment.

我想我理解您所說的微控制器市場中模擬技術的成長，這正在影響模擬領域的分類。

But what does that mean going -- well, I guess 2 questions.

但這意味著什麼——嗯，我想有兩個問題。

One is, why are we seeing that now, in that are there particular product cycle transitions happening which would cause that to show up in the numbers now?

一是，為什麼我們現在看到這種情況，是否發生了特定的產品週期轉變，導致這種情況出現在現在的數字中？

And then what does that mean for the analog business going forward?

那麼這對於模擬業務的未來又意味著什麼呢？

Should we expect some flattening of the growth on the analog business over the next several quarters as that trend plays out?

隨著這一趨勢的顯現，我們是否應該預期未來幾季模擬業務的成長會趨於平緩？

So the transition we're going through is some of our analog business was connectivity business when it either got originally created or if it came to us from an acquisition.

因此，我們正在經歷的轉變是我們的一些模擬業務是連接業務，無論它是最初創建的還是透過收購而來的。

It was largely all analog in its functionality and, therefore, classified as analog.

它的功能基本上都是模擬的，因此被歸類為模擬。

As time went on, if you look at a customer system, we then begin to see what are the other functions that are on that customer system.

隨著時間的推移，如果您查看客戶系統，我們就會開始了解該客戶系統上的其他功能。

And often, there are microcontrollers that are there to be able to take advantage of that analog.

通常，有一些微控制器能夠利用該模擬。

What we did sometime back was create a new set of products, which effectively combined the microcontroller and the analog into a single product.

我們之前所做的是創建一組新產品，將微控制器和模擬裝置有效地結合到一個產品中。

And as we go win new designs -- and by the way, sometimes, that microcontroller was ours.

當我們贏得新設計時——順便說一句，有時，那個微控制器是我們的。

In other cases, the microcontroller was somebody else's.

在其他情況下，微控制器是別人的。

But when you take a complete solution which is a single-chip, which has the microcontroller and the analog, particularly in some of these smart connectivity solutions and there's a fair amount of software that we provide, the combined solution is a far more defensible, far higher margin and far more sticky business that we have.

但是，當您採用具有微控制器和模擬功能的單晶片完整解決方案時，特別是在其中一些智慧連接解決方案中，並且我們提供了大量軟體，組合解決方案的防禦能力要強得多，我們擁有更高的利潤率和更具黏性的業務。

So it creates the right answer.

所以它創造了正確的答案。

And we don't think ahead of time should we create products that fall into analog or fall into microcontroller.

我們不應該事先考慮創建屬於模擬或微控制器的產品。

We're doing what we think we need to do to be able to grow, protect and have high profitability on the products we have.

我們正在做我們認為需要做的事情，以便能夠成長、保護我們現有的產品並獲得高利潤。

So that's one part of the headwind you're seeing, so to speak, by classifying it as microcontroller versus analog.

因此，這就是您所看到的逆風的一部分，可以這麼說，將其​​分類為微控制器與模擬。

But the other side of the tailwind that is coming, and I think we will see it progress along as the analog, the standard analog products that we have had as they get attached around our microcontroller, our new designs, as we have talked about the total system solution and the whole Microchip 2.0 approach of going to market, the remaining analog products will, over time, get back some of that tailwind and have that growth.

但順風的另一面即將到來，我認為我們將看到它隨著模擬、我們擁有的標準模擬產品的發展，因為它們連接到我們的微控制器、我們的新設計，正如我們所討論的隨著整體系統解決方案和整個Microchip 2.0 上市方式的發展，剩餘的類比產品將隨著時間的推移，重新獲得一些順風車並實現成長。

And there's a bit of crosscurrents between some of the analog that is moving to microcontroller for the right reasons and then new analog designs that will come in and give us growth.

出於正確原因而轉向微控制器的一些模擬技術與即將出現並給我們帶來增長的新模擬設計之間存在一些矛盾。

But in the long run, we fully expect that analog will be a part of the growth story for Microchip.

但從長遠來看，我們完全預期模擬將成為 Microchip 成長故事的一部分。

By the way, if a pure analog company adds a microcontroller core to another complex product to improve performance for programmability or for any other reason, they will still call it an analog product.

順便說一句，如果一家純模擬公司將微控制器核心添加到另一個複雜產品中以提高可編程性或任何其他原因的性能，他們仍然會稱其為模擬產品。

If exact same product existed in Maxim or Linear or Intersil, they'll call it an analog product.

如果 Maxim、Linear 或 Intersil 中存在完全相同的產品，他們會將其稱為模擬產品。

That same product if it has a microcontroller core, we put it in microcontroller.

同樣的產品，如果它有微控制器核心，我們就把它放在微控制器裡。

So it's a classification difference.

所以這是一個分類的區別。

It doesn't change the value proposition.

它不會改變價值主張。

At the end, we have a better total solution for the customer, more sticky socket, higher ASP, higher margins and overall growing the revenue.

最終，我們為客戶提供了更好的整體解決方案、更黏的插座、更高的平均售價、更高的利潤以及整體收入的成長。

Sure.

當然。

But just to be clear then, with that trend and the microcontroller growth on a year-on-year basis already up, as we model your analog business going forward, that trend should persist until, I guess, you said you see that attach rate from the analog component start to rise.

但需要明確的是，隨著這一趨勢和微控制器的同比增長已經上升，當我們對您的模擬業務進行建模時，這種趨勢應該持續下去，直到我猜您說您看到了附加率從模擬分量開始上升。

Is that the correct interpretation?

這是正確的解釋嗎？

It's certainly as Ganesh described.

確實如加內什所描述的。

It has some headwind because of that.

因此它有一些阻力。

It would -- because of that classification, it was a little tailwind on the microcontroller, a little headwind on the analog.

由於這種分類，它對微控制器有一點順風，對模擬有一點逆風。

How it will manifest itself longer term, next quarter, the quarter after and all that, we don't really yet know.

從長遠來看，下個季度、下個季度等等，我們還不知道它會如何表現。

It's a new phenomenon.

這是一個新現象。

I mean we manage the company and our overall growth, and we don't really care where you put it.

我的意思是，我們管理公司和我們的整體成長，我們並不真正在乎你把它放在哪裡。

We'll go next to Mark Delaney with Goldman Sachs.

接下來我們將討論高盛的馬克‧德萊尼 (Mark Delaney)。

First question relates to Atmel.

第一個問題與 Atmel 有關。

Your company did a fantastic job of improving the margin structure of Atmel.

貴公司在改善 Atmel 的利潤結構方面做得非常出色。

And I had thought that maybe some of that margin improvement was adjusting which end markets are being targeted with the historical Atmel products, maybe more towards automotive and industrial.

我曾認為，利潤率的提高可能部分在於調整了 Atmel 歷史產品的目標市場，也許更多的是汽車和工業市場。

Could you just talk about to what extent that was a factor?

您能談談這在多大程度上是一個因素嗎？

And -- or is consumer still a pretty big part of the mix?

或者說消費者仍然是其中相當大的一部分？

And I ask just to better understand the comment around Atmel seasonality in March versus the historical rates.

我只是想更好地理解 Atmel 3 月季節性與歷史利率的評論。

Well, we've had Atmel for 7 quarters.

嗯，我們已經使用 Atmel 七個季度了。

That's usually the -- 6 quarters-plus is the lead time to get a new product in production.

通常，新產品投入生產需要 6 個多季度的時間。

So if you thought a lot of this improvement has come from because we largely changed the flavor of which markets or products were sold, I think you miscalculated there.

因此，如果您認為這種改進很大程度上來自於我們很大程度上改變了所銷售的市場或產品的風味，那麼我認為您錯算了。

What we had said was Atmel had a focus on -- what terminology we used?

我們所說的是 Atmel 的重點是──我們使用了哪些術語？

Homeruns, right?

本壘打，對嗎？

Yes, swinging for the fences.

是的，衝向柵欄。

Yes, swinging for the fences, very focused on large account and customer segments, swinging for the fences.

是的，為圍欄搖擺，非常專注於大客戶和客戶群體，為圍欄搖擺。

And some you win, some you lose, and gross margins are lower and all that.

有些你贏了，有些你輸了，毛利率更低等等。

So we very largely changed the focus on where our future attention is in through.

因此，我們在很大程度上改變了對未來關注點的關注點。

It's automotive, it's industrial and other areas and less on the consumer accounts.

它涉及汽車、工業和其他領域，而消費者帳戶則較少。

But it didn't change the existing flavor of those parts in the last several quarters until those designs are obsolete and the new designs we are focused on come to fruition.

但它並沒有改變過去幾季這些部件的現有風格，直到這些設計過時並且我們關注的新設計實現為止。

So large majority of the margin structure change has come from improvement of pricing, disciplined pricing, dramatic cost reduction in the fab, assembly test, bringing a lot of those parts inside, reducing large portion of the expenses, just doing a whole job overall better and rationalizing R&D, rationalizing manufacturing.

因此，利潤結構的變化大多來自於定價的改進、嚴格的定價、晶圓廠成本的大幅降低、組裝測試、將大量這些零件帶入內部、減少很大一部分費用，只是整體上做得更好研發合理化、製造合理化。

But you cannot change the flavor of the business regarding what segments of business is in 7 quarters.

但你無法改變關於 7 個季度的業務細分的業務風格。

We barely touched it in 7 quarters.

我們在 7 個季度的時間裡幾乎沒有碰過它。

Got it.

知道了。

That's helpful.

這很有幫助。

And for a follow-up on capital allocation.

以及資本配置的後續行動。

I know the company had talked in previous quarters about potential engaging in M&A now that the balance sheet has been improved.

我知道該公司在前幾個季度曾討論過可能進行併購，因為資產負債表已經得到改善。

Curious for an update on how Microchip is thinking about that at this point, especially with the increased flexibility in your cash post the U.S. tax reform.

我很想知道 Microchip 目前對此有何看法，尤其是在美國稅制改革後現金彈性增加的情況下。

We are really not thinking any differently post-U.

後大學時代我們的想法確實沒有什麼不同。

S. tax reform.

美國稅改革。

The cash becomes easily movable from offshore that really was not easily movable before because it was permanently invested offshore.

現金可以很容易地從海外轉移，而以前確實不容易轉移，因為它是永久投資於海外的。

But our priorities have not changed.

但我們的優先事項並沒有改變。

We continue to believe our priorities are investing in M&A first, dividend second, and stock buyback only opportunistically.

我們仍然相信，我們的首要任務是先投資併購，再投資股息，然後再進行股票回購。

So those have not changed.

所以這些都沒有改變。

We'll go next to Christopher Danely with Citigroup.

接下來我們將討論花旗集團的克里斯多福‧丹利 (Christopher Danely)。

Steve, just to talk about the, I guess, the soft landing that we're all trying to engineer here.

史蒂夫，我想談談我們都在努力實現的軟著陸。

Can you give us a little more color on like specifically what will be the combined typical June seasonality for Microchip plus Atmel?

您能否為我們提供更多信息，例如 Microchip 和 Atmel 的 6 月典型季節性組合的具體情況是什麼？

And then could we be above or below that?

那我們可以高於還是低於這個值呢？

I mean, I guess, how can we be sure that we've, I guess, landed yet in terms of the soft landing?

我的意思是，我想，我們如何確定我們已經實現了軟著陸？

So I don't have the number for June quarter.

所以我沒有六月季的數字。

It's a good question.

這是一個好問題。

We should have thought about it.

我們應該考慮一下。

I don't have it off the cuff.

我沒有即興的。

But you have seen strong June quarters for the last 2 years.

但過去兩年中六月季度表現強勁。

You have seen strong September quarters for the last 2 years.

過去兩年，九月季度表現強勁。

And you have seen stronger-than-historical December quarters.

您已經看到 12 月份季度的表現強於歷史水準。

March quarter is right at seasonality.

三月季度正是季節性的。

So it's really -- that's what I'm saying where it has landed.

所以這確實是——這就是我所說的它已經落地的地方。

If the June quarter is below seasonal, if that's your concern, we think the June quarter should be pretty good, June quarter should be strong.

如果六月季度低於季節性，如果這是您關心的問題，我們認為六月季度應該相當好，六月季度應該很強勁。

Got it.

知道了。

And then how would you compare this slowdown or return to normal or soft landing or whatever the hell you want to call it versus like prior slowdowns that you've seen?

然後，您如何將這種放緩或恢復正常或軟著陸或無論您想稱之為什麼地獄與您之前見過的放緩進行比較？

How is -- maybe talk a little bit about the linearity of bookings, how your customers feel, how [the distees] feel, inventory?

也許可以談談預訂的線性度、客戶的感受、[distees] 的感受、庫存如何？

Well, I think when I look at cycles, no 2 cycles are really different.

嗯，我認為當我觀察週期時，沒有兩個週期是真正不同的。

One -- many of the prior cycles have crashlanded, and this one is certainly is not crash landing.

一——之前的許多周期都已經迫降，而這次肯定不是迫降。

We engineered the soft landing here.

我們在這裡設計了軟著陸。

The other factor was in some of the prior cycles, some sort of second catalyst happened.

另一個因素是在之前的一些週期中，出現了某種第二種催化劑。

In 2014, it was a dramatic slowdown in China that we saw it first.

2014年，我們首先看到中國經濟急劇放緩。

And 4 months later, everybody saw it in stock price significant sell-off.

4個月後，大家都看到了股價的大幅拋售。

In some prior cycles, they were driven by other factors, the tech bust in 2000 or whatever.

在之前的一些週期中，它們是由其他因素驅動的，例如 2000 年的科技泡沫破裂等等。

We're going way back.

我們要回去了。

I don't see any of the second catalyst this time.

這次我沒有看到任何第二個催化劑。

It's just driven by getting our capacity in line, bringing the lead times down, going from the high book-to-bill ratio to a very moderating 1 book-to-bill ratio.

這只是透過讓我們的產能保持一致、縮短交貨時間、從較高的訂單出貨比降至非常適中的 1 訂單出貨比來推動的。

I mean at 1 book-to-bill ratio, you can grow the business forever.

我的意思是，訂單出貨比為 1 時，您就可以永遠發展業務。

Just take incremental turns every quarter, and the business can grow.

只要每季進行增量輪換，業務就能成長。

And for -- I think 90% of our business lies, the book-to-bill is around 1, right?

我認為我們 90% 的業務都在謊言，訂單出貨比約為 1，對吧？

Yes, that's right.

恩，那就對了。

And that's where it should be.

這就是它應該在的地方。

That means the lead times are short.

這意味著交貨時間很短。

People can get their product.

人們可以獲得他們的產品。

We still have some challenges on the Atmel side and about 1.5 business units, like I talked about.

正如我所說，Atmel 方面和大約 1.5 個業務部門仍然面臨一些挑戰。

And those are built in our analysis, and that part of it will still need to soft land, but it's largely there.

這些是在我們的分析中建立的，其中的一部分仍然需要軟著陸，但基本上它已經存在了。

I think the plane is right over the runway.

我認為飛機就在跑道上。

(Operator Instructions) We'll go next to Craig Ellis with B. Riley FVR.

（操作員指示）我們將與 B. Riley FVR 一起前往 Craig Ellis 旁。

Thanks, Steve, for giving us the numbers that really showed the 10 percentage point difference between Atmel's first quarter calendar seasonality and what was Microchip to make sense of things.

感謝 Steve 為我們提供的數據確實顯示了 Atmel 第一季日曆季節性因素與 Microchip 之間 10 個百分點的差異，以便讓我們理解這一點。

So what I wanted to do is shift over to margins and ask you about the target March model.

所以我想做的是轉向利潤率並詢問您有關三月目標模型的資訊。

Because when I look at the business, I see that with gross margins were, I think, within 100 basis points of target, with operating, I think, were within 60 basis points, the team has done a spectacular job improving margins over time.

因為當我觀察業務時，我認為毛利率在目標的 100 個基點之內，營業利潤在 60 個基點之內，隨著時間的推移，團隊在提高利潤率方面做得非常出色。

And you've raised the targets multiple times, I believe.

我相信，您已經多次提高了目標。

The question is, as you get this close to targets, is there anything that you would see that says the business would have a ceiling at those targets?

問題是，當你如此接近目標時，你是否會看到任何東西表明企業在這些目標上有上限？

Or is there an opportunity to operate above those targets?

或者是否有機會在這些目標之上進行操作？

So I think what we do not want to do is, on any parameter when we are above the target, or on the case of operating expense where we are below the target, then we suck that in and make that a new target and keep thinking that the other one has to go higher.

所以我認為我們不想做的是，當我們高於目標時，在任何參數上，或者在我們低於目標的運營費用的情況下，然後我們將其納入並使其成為一個新目標並繼續思考另一個必須走得更高。

And then the operating margin goes over 40%, and then we say we are higher than the target.

然後營業利潤率超過 40%，然後我們就說我們高於目標。

The peak can't be the target.

峰值不能成為目標。

The business will oscillate over good times and bad times and really strong environments and weaker environment.

業務會在順境和逆境、強環境和弱環境之間波動。

40% is a long-term target.

40%是一個長期目標。

Can it temporarily in good times go over 40%?

景氣好的時候能暫時超過40%嗎？

The answer is yes.

答案是肯定的。

But there'll be equal times when business is in recession, it's softer to be less than 40%.

但也有同樣的情況，當企業陷入衰退時，低於 40% 會比較疲軟。

So if you're really doing your math like you did, you're saying, well, the gross margin is about 100 basis points away from target and operating expense is already at target, wouldn't our operating margin go higher?

因此，如果你真的像以前那樣進行數學計算，你會說，毛利率與目標相差約 100 個基點，而營運費用已經達到目標，我們的營運利潤率不會更高嗎？

Well, the answer to that is yes.

嗯，答案是肯定的。

But that's not long term, that's temporary, micro there.

但這不是長期的，而是暫時的、微觀的。

But during huge growth we have had last year, fiscal year '17 over '18, we grew 13.7% and so a number like that, during that sometime, expenses do not keep up, and you get on the lower end of the expenses.

但在我們去年的巨大成長過程中，17 財年比 18 財年成長了 13.7%，所以這樣的數字，在那段時間，開支跟不上，你就處於開支的較低端。

And when the business moderates sometime then, the expenses catch up little bit because, otherwise, you're not able to hire people enough in a very, very strong time.

當業務放緩時，費用會稍微增加，因為否則，你無法在非常非常強勁的時期僱用足夠的人員。

So again, you got to give it a flex.

再說一次，你必須給它一個彈性。

And as managers, we don't want to be in such a tight box that every little slack, you suck it in.

身為管理者，我們不想被關在一個如此嚴格的盒子裡，每一個小小的鬆懈，你都會被吸進去。

And then within such a small box, then we are just missing 0.1 here and 0.2 there.

然後在這麼小的盒子裡，我們只是這裡缺少 0.1，那裡缺少 0.2。

So think of that way.

所以這樣想吧。

On a pure math basis, can the operating margins go higher?

從純粹的數學角度來看，營業利潤率可以更高嗎？

Yes, temporarily.

是的，暫時的。

We're not willing to yet admit that longer-term margins could be higher than 40%.

我們仍不願意承認長期利潤率可能高於 40%。

And the second piece of that is still the M&A strategy.

第二部分仍然是併購策略。

I have never bought a business that makes 40% operating margin or 39.5% where we are.

我從來沒有買過一家營業利潤率為 40% 或我們現在的水平為 39.5% 的企業。

So whenever we buy a business, it's usually much lower.

因此，每當我們購買一家企業時，價格通常會低得多。

Then you have to understand the flavor of its business.

然後你就得了解它的生意的風味。

Can we improve its growth?

我們能改善它的生長嗎？

Can we improve its operating expense?

我們能否改善其營運費用？

Where does it go?

它去哪裡？

And then the blended margin comes up, and usually most acquisitions result into a blended margin to be slightly lower.

然後混合利潤率就會出現，通常大多數收購都會導致混合利潤率略低。

For example, Microchip's operating margins are still several hundred bps above the Atmel [flower] of the business.

例如，Microchip 的營業利潤率仍比 Atmel 業務高出數百個基點。

So it's 39.5% total.

所以總共是 39.5%。

But Microchip is well above 40%, and Atmel is much lower than 40%, and we're still improving it.

但 Microchip 遠高於 40%，而 Atmel 遠低於 40%，我們仍在改進它。

So -- and some of the Atmel may never get where Microchip is, and we were quite honest from the beginning and say we'll improve it substantially.

因此，Atmel 的某些產品可能永遠無法達到 Microchip 的水平，但我們從一開始就很誠實，並表示我們將對其進行大幅改進。

We have run from Atmel breakeven to -- in the mid-30s.

我們已經從 Atmel 的損益平衡點升至 30 多歲。

But it can't match mid-40s where Microchip might be.

但它無法與 Microchip 40 多歲的水平相媲美。

And I'm just putting fat brackets here.

我只是在這裡放了大括號。

I'm not giving you where the breakdown is.

我不會告訴你故障在哪裡。

So I don't know whether that helps, but don't keep making our box smaller and smaller, please.

所以我不知道這是否有幫助，但請不要讓我們的盒子變得越來越小。

We need some room to operate.

我們需要一些操作空間。

It's also the balance of profitability, so we got to make sure the investments for growth are there so that it's not just profitability but without any growth.

這也是獲利能力的平衡，所以我們必須確保成長投資到位，這樣就不僅僅是獲利，而且沒有任何成長。

Speaking of growth, Ganesh, I'm going to ask a question on the business.

說到成長，Ganesh，我要問一個關於業務的問題。

I don't think I have ever called out on the quarterly call before.

我想我以前從來沒有在季度電話會議上大聲疾呼過。

But you did note the very strong sequential performance in the licensing business.

但您確實注意到許可業務的連續表現非常強勁。

And underneath that, you highlighted some of the recent agreements that have been made with foundry and the growth that's being driven off that.

在這之下，您強調了最近與代工廠達成的一些協議以及由此帶來的成長。

As we look at that strong sequential growth, what does that mean?

當我們看到強勁的連續成長時，這意味著什麼？

And what do the recent business signings mean for the performance of that business in our medium term?

最近的業務簽約對該業務的中期業績意味著什麼？

And what kind of beneficial effect does that have on the company's margin structure?

這對公司的利潤結構有何有益影響？

So I want to be clear that the improvement in the results are not from recent signings.

所以我想澄清的是，成績的改善並不是來自最近的簽約。

Signings took place multiple years ago, after which you have to go install the technology, qualify the technology, allow the technology to ramp and then have that ramp generate royalty revenue.

簽約是在多年前進行的，之後你必須去安裝技術，驗證技術，允許技術提升，然後讓技術提升產生特許權使用費收入。

And royalty is the larger -- substantially larger portion of the revenue that we get from the licensing business.

特許權使用費占我們從授權業務中獲得的收入的很大一部分。

And that continues to layer in as by either foundry or IDM that we license it to, by node that it is licensed.

而且這種情況繼續分層，如我們許可的代工廠或 IDM，按其獲得許可的節點。

And it can also change based on how a given process node succeeds or doesn't succeed.

它還可以根據給定流程節點成功或不成功的方式而改變。

So the -- much like in our IC designs, where you have to get those designs early and then work with the customer to realize the revenue, it can take 24, 36 months.

因此，就像我們的 IC 設計一樣，您必須儘早獲得這些設計，然後與客戶合作以實現收入，這可能需要 24 到 36 個月的時間。

Licensing has a similar kind of thing, where what you're seeing in today's benefit are things we did 1, 2, 3 years ago.

許可也有類似的事情，您今天看到的好處是我們 1、2、3 年前所做的事情。

And we continue to have new licenses that we are getting signed off that will create future growth.

我們將繼續獲得新的許可證，這些許可證將創造未來的成長。

And I think we expect licensing will contribute to the overall growth that Microchip has and, of course, at a much higher level of profitability.

我認為我們預計授權將有助於 Microchip 的整體成長，當然，獲利水準也會更高。

I would say, though, that on the effect of licensing on the margin, licensing is $100 million business.

不過，我想說的是，就許可的邊際影響而言，許可是價值 1 億美元的業務。

So a $100 million business at a higher gross margin than Microchip's overall, but Microchip is at $4 billion run rate roughly, it's just really a small little mover.

因此，價值 1 億美元的業務的毛利率高於 Microchip 的整體毛利率，但 Microchip 的營運效率約為 40 億美元，這實際上只是一個小小的推動者。

There are equal number of other various business units where certain products are much higher gross margins, certain other products are less gross margin, and the mix moves forward.

還有相同數量的其他不同業務部門，其中某些產品的毛利率要高得多，而某些其他產品的毛利率則較低，並且這種組合會向前發展。

And sometime, one has a stronger growth, the other has stronger growth.

有時，一個成長更強勁，另一個成長更強勁。

True, licensing business is accretive to the gross margin.

誠然，授權業務可以增加毛利率。

But at $100 million out of $400 million, it doesn't dominate.

但從 4 億美元中的 1 億美元來看，它並沒有佔據主導地位。

We'll go next to Vivek Arya from Bank of America Merrill Lynch.

接下來我們將邀請來自美國銀行美林銀行的 Vivek Arya。

This is Adam Gonzales on for Vivek.

我是亞當岡薩雷斯 (Adam Gonzales)，代表維韋克 (Vivek) 發言。

Just wondering how should we think about your CapEx moving into fiscal '19 and the context of some of the views you've laid out on the demand environment and the relative supply-demand balance?

只是想知道我們應該如何看待您進入 19 財年的資本支出以及您對需求環境和相對供需平衡提出的一些觀點的背景？

So we haven't gone through our annual operating plan process for fiscal '19 yet, so we're not ready to give a number on that as it is.

因此，我們還沒有完成 19 財年的年度營運計畫流程，因此我們還沒有準備好給出具體數字。

We have made significant investments this last year.

去年我們進行了大量投資。

We have goals to bring the assembly and test that we do internally higher, and that will require investment.

我們的目標是提高我們內部進行的組裝和測試，這需要投資。

But I don't think we're ready to give -- provide The Street with a number yet for next year's CapEx.

但我認為我們還沒準備好向華爾街提供明年資本支出的數字。

Still going to be a small percentage of overall net sales.

仍將佔總淨銷售額的一小部分。

Got it.

知道了。

I guess just one quick follow-up.

我想這只是一個快速跟進。

I know this is a bit nitpicky on the seasonality issue.

我知道這在季節性問題上有點挑剔。

But in the March quarter, you guys down 1% quarter-on-quarter.

但在 3 月季度，你們季減了 1%。

What's different this year versus last year?

今年與去年相比有何不同？

Because you had Atmel for a full quarter then and sales still over 2% sequentially.

因為當時 Atmel 已經擁有整整一個季​​度，銷售額仍比上一季成長 2% 以上。

So just what was better than seasonal in March versus...

那麼，什麼比三月的季節性更好…

That's kind of what threw everybody off.

這就是讓每個人都失望的原因。

Last quarter was very noisy.

上個季度非常吵鬧。

The -- not the last quarter -- March quarter last year was very noisy.

去年三月季度（不是最後一個季度）非常吵鬧。

We had just gone go live on January 1. There were a bunch of orders that were pushed out into the quarter.

我們剛在 1 月 1 日上線。有大量訂單被推遲到本季。

There were just -- there were a lot of moving parts and there was a large amount of delinquency we had carried in the prior quarter December.

只是 - 有很多活動部件，並且我們在 12 月上一季度存在大量拖欠款。

Some of it were already made.

其中一些已經製作完成。

We were new to that business.

我們對這項業務還是新手。

It was the first of March quarter we had, had.

這是我們經歷的三月第一季。

Atmel had also left a fair amount of pricing and all that on the table.

Atmel 也留下了相當多的定價以及所有其他內容。

We talked about it, and we were seeing a significant impact of price increases we had done, which matched some of the seasonality.

我們討論過這個問題，我們看到我們所做的價格上漲產生了重大影響，這與一些季節性因素相符。

There were just way too many moving parts.

活動部件太多了。

The environment was stronger in March from last year.

3月的環境比去年更強。

Yes, I mean not that the environment is weak now, though, but certainly not as strong as a year ago.

是的，我的意思並不是說現在的環境很弱，但肯定不如一年前那麼強。

So I think that's what threw everybody else off.

所以我認為這就是讓其他人失望的原因。

And I think this time, there's no such noise, and this is a true seasonality with Atmel.

我認為這一次，不再有這樣的噪音，這是 Atmel 真正的季節性。

We'll go next to Kevin Cassidy with Stifel.

我們將和史蒂菲爾一起去凱文卡西迪旁邊。

Going to Microchip 2.0 strategy of platforms, how is that affecting your pressure on ASPs?

談到 Microchip 2.0 平台策略，這對您對 ASP 的壓力有何影響？

You had mentioned before, Steve, that industry consolidation, you're seeing less pressure.

史蒂夫，你之前提到過產業整合，你看到的壓力越來越小。

But is this helping maybe even lift ASPs?

但這是否有助於提高平均售價？

Well, I mean the answer to that is yes.

嗯，我的意思是答案是肯定的。

I mean, I don't know if the ASPs continuously go up, but we are severely resisting the pressure to give year-over-year declines in large majority of the cases we're succeeding and not able to hold our ASPs.

我的意思是，我不知道平均售價是否會持續上升，但在我們成功但無法維持平均售價的大多數情況下，我們都在嚴格抵制同比下降的壓力。

Plus, as we add microcontroller intelligence to analog, as we attach analog around microcontroller, be more important to the customer have a total solution.

另外，當我們將微控制器智慧添加到模擬中時，當我們在微控制器周圍附加模擬時，對於客戶擁有整體解決方案來說更加重要。

In general, you can bundle, and it's more sticky, and it helps ASP.

一般來說，可以捆綁，而且黏性更強，對ASP也有幫助。

All that is happening.

這一切正在發生。

But, I mean, no, semiconductor ASPs do not constantly go up.

但是，我的意思是，半導體平均售價不會不斷上漲。

I think if you can have them not go down, that will be good enough.

我想如果你能讓他們不倒下，那就夠了。

It avoids commoditization of the individual products when you can take a complete solution and have [Steve] show the customer the value in doing that.

當您可以採用完整的解決方案並讓[史蒂夫]向客戶展示這樣做的價值時，它可以避免單一產品的商品化。

Right.

正確的。

And maybe even on the OpEx side is, are your platforms and the designs robust enough that you can win designs without Microchip employees or FAEs being involved?

甚至在營運支出方面，您的平台和設計是否足夠強大，無需 Microchip 員工或 FAE 參與即可贏得設計？

Well, across 115,000-plus customers, vast majority of the customers, we don't have Microchip FAEs involved.

嗯，在 115,000 多個客戶中，絕大多數客戶，我們沒有 Microchip FAE 參與。

This can have that many employees cover.

這可以有那麼多員工覆蓋。

So there is a large amount of effort in us building reference designs, documenting, training on the web, training in person.

因此，我們在建立參考設計、記錄、網路培訓和親自培訓方面付出了大量的努力。

We trained 30,000 engineers around the world in various masters conferences, seminars and webinars and on-site customer training.

我們透過各種大師會議、研討會和網路研討會以及現場客戶培訓，在全球培訓了 30,000 名工程師。

So there is a -- Microchip is huge.

所以有一個——Microchip 是巨大的。

Microchip is a very vast training organization teaching our customers how to do it.

Microchip 是一個非常龐大的培訓組織，教導我們的客戶如何做到這一點。

And then there is a lot of self-start help and all that where customers are designing product.

然後還有很多自啟動幫助以及客戶設計產品的所有幫助。

Vast majority of Microchip customers do not have a Microchip FAE involved in helping them in their design.

絕大多數 Microchip 客戶沒有 Microchip FAE 參與協助他們進行設計。

There's a Microchip FAE involved in overall general training with which they do the design.

Microchip 的 FAE 參與了他們進行設計的整體一般培訓。

Otherwise, we're able to have enough people.

否則的話，我們就能擁有足夠的人手。

We'll go next to Harlan Sur with JPMorgan.

我們將與摩根大通一起前往哈蘭蘇爾。

From a geographical perspective, on a year-over-year basis, you're driving growth in all of your geographies.

從地理角度來看，您正在逐年推動所有地區的成長。

So demand looks pretty broad-based.

因此，需求看起來相當廣泛。

But one of the geographies that kind of stands out is the Americas region.

但其中最突出的地區之一是美洲地區。

Growth was up 5% versus the rest of the other geographies.

與其他地區相比，成長率提高了 5%。

They were up at least double that rate.

他們的漲幅至少是這個數字的兩倍。

Any reason for the slower growth in the Americas region?

美洲地區成長放緩的原因是什麼？

Well, the problem is we count the revenue where the product is shipped, where the product is, not where the product is designed.

問題是我們計算的是產品出貨地、產品所在地的收入，而不是產品設計地的收入。

So manufacturing largely keeps moving out of from Americas, and I don't know whether it will change in the coming years.

因此，製造業很大程度上不斷從美洲遷出，我不知道未來幾年這種情況是否會改變。

So when you look at 5% Americas growth, it artificially understates it when internally, we look at the revenue in the Americas, counting back the revenue which was generated in America and shipped overseas.

因此，當你看到美洲 5% 的成長時，它人為地低估了它，而在內部，我們查看美洲的收入，計算在美國產生並運往海外的收入。

And America's growth was great.

美國的成長是巨大的。

Well, just as good as any of the geographies.

嗯，和任何地理位置一樣好。

It wasn't weak.

它並不弱。

Hopefully, the products really is where we shipped it.

希望這些產品確實是我們出貨的地方。

Got it.

知道了。

It seems like that the team is gaining quite a bit of traction with these analog products, with the integrated MCU cores for these -- what you guys call -- smart connectivity solutions.

該團隊似乎透過這些模擬產品以及用於這些（你們所說的）智慧連接解決方案的整合 MCU 核心獲得了相當大的吸引力。

Can you guys just give us some examples of where these type of connectivity solutions are used, applications or end markets?

你們能給我們舉一些例子來說明這些類型的連接解決方案的使用地點、應用程式或終端市場嗎？

And when you say connectivity, are you talking about both wired and wireless connectivity integrated with their MCUs?

當您提到連接時，您指的是與其 MCU 整合的有線和無線連接嗎？

It's both.

兩者都是。

So let's take one example, which probably you have but you're not familiar with.

讓我們舉一個例子，你可能有過這個例子，但你不熟悉。

Your car has a USB hub in it.

您的汽車內有一個 USB 集線器。

And depending on the vintage of your car, that is a hub that has progressed over time from at one time being largely an analog-only solution to today being a smart connectivity solution where that hub has a way to recognize what is being attached to it as a way to either be a slave or a master, it has a way to control your display.

根據您汽車的年份，該集線器隨著時間的推移而不斷發展，從一度主要是純模擬解決方案發展到今天的智能連接解決方案，該集線器可以識別所連接的內容作為一種成為奴隸或主人的方式，它有辦法控制你的顯示器。

So -- and of course, the power, the device is connected.

所以——當然，電源、設備都是連接的。

So it's a far smarter hub today than it was several years ago.

因此，今天的中心比幾年前要聰明得多。

Several years ago, we would have called that an analog product.

幾年前，我們稱之為模擬產品。

And as the new designs have gone into production, those we would call as a microcontroller product.

隨著新設計投入生產，我們稱之為微控制器產品。

You could take a fair market, take a thermostat, a large number of thermostats nationwide, you can access them now through your phone or pad.

你可以拿一個公平的市場，拿一個恆溫器，全國範圍內有大量的恆溫器，你現在可以透過手機或平板電腦存取它們。

I know I can access the thermostats in my house on my phone remotely while traveling, turn the temperature off or down or up or if I'm going to be on business for longer and it wasn't anticipated, I can keep the house turned off.

我知道我可以在旅行時透過手機遠端存取家中的恆溫器，關閉或調低或調高溫度，或者如果我要出差更長時間並且沒有預料到，我可以讓房子保持開啟狀態。

Those are all connectivity solutions where you're doing it wirelessly.

這些都是無線連接解決方案。

And we'll have a micro wifi or a micro and a Bluetooth, for example, on the same chip rather than 2 chips.

例如，我們將在同一個晶片上而不是 2 個晶片上擁有一個微型 wifi 或一個微型和一個藍牙。

I mean, large number of speakers in the home, you don't connect them anymore.

我的意思是，家裡有大量揚聲器，您不再連接它們。

You simply Bluetooth it from your phone into the speaker, and the sound is coming.

您只需將手機透過藍牙連接到揚聲器，聲音就會傳來。

You don't really access the phone -- access the music through a box or something anymore these days.

如今，您不再真正使用手機 - 透過盒子或其他東西來存取音樂。

I mean you can still do that.

我的意思是你仍然可以這樣做。

Most times, you access the music through the phone and just Bluetooth into any of the speakers in your home.

大多數時候，您可以透過手機和藍牙連接到家中的任何揚聲器來存取音樂。

That's connectivity wirelessly.

這就是無線連線。

You can take those same general examples and apply it to Ethernet, to CAN, to various phones or wireless and so on and so forth.

您可以採用這些相同的一般範例並將其應用於乙太網路、CAN、各種電話或無線等等。

We'll go next to Gil Alexandre with Darphil Investments.

接下來我們將介紹 Darphil Investments 的 Gil Alexandre。

When you look at your business, do you still see revenues growing at 7% to 9% over the next few years?

當您審視自己的業務時，您是否仍認為未來幾年收入會以 7% 至 9% 的速度成長？

Yes.

是的。

As we are driving our business, we are modeling our business and looking at the impact of 2.0, those are the targets we are driving towards.

當我們推動我們的業務時，我們正在對我們的業務進行建模並研究 2.0 的影響，這些是我們正在努力實現的目標。

And as you look at the business now, how strong do you find the Asian business and the European business?

當您現在審視該業務時，您發現亞洲業務和歐洲業務的實力如何？

The -- last year, all 3 businesses were very strong.

去年，所有 3 項業務都非常強勁。

If you look at just from a quarterly basis, March quarter has a Chinese New Year, so Asian business in the current quarter is always weak.

如果僅從季度來看，3月份季度恰逢農曆新年，因此本季的亞洲業務始終疲軟。

European business in the March quarter, they're the strongest geography in the March quarter.

歐洲業務在三月季度是三月季度最強勁的地區。

And America is normal.

而美國則很正常。

If you look at the December quarter, usually with all the holidays and all that, Europe and America businesses were weak, and Asia business was okay.

如果你看一下 12 月的季度，通常是在假期之類的情況下，歐洲和美洲業務表現疲軟，而亞洲業務還不錯。

So each quarter, it's kind of slightly different.

所以每季都會略有不同。

When you go to June quarter, Asia business rebounds strongly from Chinese New Year quarter of March to June.

當你進入六月季度時，亞洲業務從三月到六月的農曆新年季度強勁反彈。

I don't know if that helps.

我不知道這是否有幫助。

We'll go next to Rajvindra Gill with Needham and Company.

接下來我們將與尼達姆一行人一起去拉吉溫德拉·吉爾。

We'll go next to John Pitzer with Credit Suisse.

接下來我們將討論瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Steve, one of the questions I had, over the last several months, and you've talked about sort of this soft landing scenario, you've kind of alluded to the potential that you could keep every quarter this calendar year in that sort of high single-digit long-term revenue growth target.

史蒂夫，過去幾個月我提出的問題之一，你談到了這種軟著陸場景，你提到了你可以在本日曆年的每個季度保持這種狀態的潛力。高個位數的長期收入增長目標。

Is that still kind of the way you see this calendar year playing out?

您認為今年的情況仍然如此嗎？

And I guess, secondly, if it is, do you get there on just seasonal growth sequentially?

我想，其次，如果是的話，您是否僅靠季節性增長來實現這一目標？

Or will it take some above seasonal quarters?

還是需要一些高於季節性的季度？

John, I don't know.

約翰，我不知道。

I think this March quarter at Atmel's seasonality last year kind of threw everybody off, I would say including us.

我認為去年 Atmel 的三月季度的季節性讓所有人都感到失望，我想說包括我們。

And as we really delved into it and looked at our backlog and looked at the business and then analyzed the prior 5 years of Atmel business and the behavior of these larger, swinging for the fences accounts and design wins, the last year's performance kind of threw it off.

當我們真正深入研究它並查看我們的積壓訂單和業務，然後分析 Atmel 前 5 年的業務以及這些較大的業務的行為時，為了圍欄帳戶和設計勝利而搖擺不定，去年的業績有點下降它關了。

And those accounts still had a problem last year, but it was kind of overcome by the general halo of price increases and lot of undermarketing of AVRs and all that, that Atmel had done and where we improved the position, stronger distribution and things like that.

這些帳戶去年仍然存在問題，但它在某種程度上被價格上漲的整體光環和 AVR 的大量營銷不足所克服，Atmel 所做的一切以及我們改善了地位、加強了分銷等類似的事情。

So the number of things last year kind of threw it off.

所以去年發生的事情有點讓人失望。

And I guess all of us together somehow didn't quite capture the blended March seasonality, so that's what we are adjusting to.

我想我們所有人都沒有完全捕捉到三月的混合季節性，所以這就是我們正在調整的。

So give us a little time to get our feet back on the earth and really see what effect it has on rest of the quarter.

因此，請給我們一點時間，讓我們重新站穩腳跟，看看它對本季度剩餘時間有何影響。

I mean our economy is not bad.

我的意思是我們的經濟還不錯。

Bookings are not bad.

預訂還不錯。

The business is not bad.

生意還不錯。

We're getting strong turns.

我們正在迎來強勁的轉變。

Our inventory is right.

我們的庫存是正確的。

We're not in a massive inventory correction mode of any kind.

我們沒有處於任何形式的大規模庫存調整模式。

There is really no problem in business.

生意上確實沒有問題。

We are doing well.

我們做得很好。

And when you do the calculation like we have shared, we're right on target.

當您像我們分享的那樣進行計算時，我們就達到了目標。

But obviously -- go ahead.

但顯然——繼續吧。

Well, just anecdotally, for me, one of the things that's always important as we kind of orchestrate this soft landing, as book-to-bill and lead times come in, are you seeing any sort of unusually high cancellation patterns or different order patterns from your customers?

好吧，只是有趣的是，對我來說，當我們精心策劃這種軟著陸時，隨著訂單到賬單和交貨時間的到來，始終重要的一件事是，您是否看到任何異常高的取消模式或不同的訂單模式來自您的客戶？

Or are they responding to your ability to meet demands in an orderly fashion?

還是他們對您有序滿足需求的能力做出回應？

Yes, so they're just responding to us shipping into a more orderly fashion.

是的，所以他們只是對我們以更有序的方式進行運輸做出了回應。

If you recall, last March to last June, the bookings were not any stronger.

如果你還記得，去年三月到六月，預訂量並沒有增加。

The book-to-bill was exactly the same.

訂單到帳單完全一樣。

Because we informed the customers of lead time, they responded with higher orders out in time to respond to that lead time.

因為我們告知客戶交貨時間，所以他們及時回應了更高的訂單以回應該交貨時間。

And as the lead times have come in, then customers that are adjusting to their lower lead time and don't have to pace out their bookings, which is then lowering the book-to-bill ratio.

隨著交貨時間的到來，客戶正在適應較低的交貨時間，並且不必加快預訂速度，這就會降低訂單與帳單的比率。

And now it's at parity, and it's moderating.

現在它處於平價，並且正在放緩。

So customers are essentially giving us as many bookings as they need and don't have to give a huge bookings out in time.

因此，客戶基本上是根據需要向我們提供盡可能多的預訂，而不必及時提供大量預訂。

This is almost perfect landing, I think, so far.

我認為，到目前為止，這幾乎是完美的著陸。

The only difference, I think, Street had higher expectations for March looking at March seasonality last year, which was kind of typical Microchip.

我認為唯一的區別是，從去年 3 月的季節性來看，Street 對 3 月的預期更高，這是典型的 Microchip 的情況。

And basically, there were lots of other factors in the business, pricing and others, which masked that seasonality.

基本上，業務、定價等方面還有很多其他因素，掩蓋了季節性。

And this year, December to March, we can't.

而今年，從十二月到三月，我們不能。

And obvious result is that some of the other quarters have to be stronger, and I think they will be.

顯而易見的結果是其他一些方面必須變得更強，我認為他們會的。

And hopefully, they will be.

希望他們會如此。

Certainly, last year they were, March, June, September, December, they were all stronger.

當然，去年他們是，三月，六月，九月，十二月，他們都更強。

And this year should be the same.

今年也應該如此。

Next couple of quarters should be stronger because of that March seasonality.

由於三月的季節性因素，接下來的季度應該會更加強勁。

We'll go next to Hans Mosesmann with Rosenblatt Securities.

接下來我們將討論羅森布拉特證券公司的漢斯·摩西曼。

Steve, can you give us a rundown on the competitive dynamic in 8, 16 and 32-bits?

Steve，您能為我們簡單介紹一下 8 位元、16 位元和 32 位元的競爭動態嗎？

Have things changed over the past several years and so on?

過去幾年情況有變化嗎？

The number of competitors, it continues to be reasonably -- a reasonable number of good, strong competitors.

競爭對手的數量仍然是合理的——數量合理、優秀、強大的競爭對手。

We have continued to move up that ranking.

我們的排名繼續上升。

And so we have been gaining share in all of these product lines, including the overall microcontrollers as well.

因此，我們在所有這些產品線（包括整個微控制器）中的份額都在增加。

Some of these competitors have had various challenges relative to either their capacity, and some cases, whether they're being acquired or not.

其中一些競爭對手在能力方面面臨各種挑戰，在某些情況下，無論是否被收購。

So they have been those kind of things that are taking place there.

所以它們就是那裡正在發生的那些事。

But microcontrollers remains a competitive product line, competitive market.

但微控制器仍是一個有競爭力的產品線、有競爭力的市場。

And I think there are more rational actors today than there were perhaps 5 years ago, and they are responding in some cases more so, or some cases less so to the consolidation that's taking place.

我認為，今天的參與者可能比 5 年前更加理性，他們對正在發生的整合的反應在某些情況下更加理性，或者在某些情況下反應不那麼合理。

And that certainly helps as well.

這當然也有幫助。

So nothing dramatic to report that is different about competitive dynamics for microcontrollers.

因此，微控制器的競爭動態沒有什麼不同的戲劇性的報導。

I'm sorry.

對不起。

Microcontroller business is up, I think, almost 19% last year.

我認為去年微控制器業務成長了近 19%。

It was higher than Microchip's growth and higher than the industry's growth in that segment.

它高於 Microchip 的成長，也高於該領域的產業成長。

Based on FA numbers, we gained share in all 3, 8, 16 and 32.

根據 FA 數據，我們在所有 3、8、16 和 32 中的份額都增加了。

And I shared with you the overall share gain by 90 bps almost.

我與大家分享的是整體份額漲幅幾乎達到 90 個基點。

So I think things are good.

所以我認為事情很好。

Okay.

好的。

Would it be safe to say that the average microcontroller actor out there is not using price as a way to gain share, it's more a value proposition?

可以肯定地說，普通的微控制器參與者不會使用價格作為獲得份額的方式，而更多的是一種價值主張嗎？

I don't really know if just gaining share by price has ever worked in microcontroller.

我真的不知道僅僅通過價格來獲得份額在微控制器中是否有效。

These are complex parts.

這些都是複雜的部分。

And over time, we have shown several ways when you ask a customer what do you consider for choosing a microcontroller.

隨著時間的推移，當您詢問客戶選擇微控制器的考慮因素時，我們已經展示了多種方法。

The most frequent answer is ecosystem, the tools, the support, the qualities, the reliability, the cost, the samples, the development tools and everything else.

最常見的答案是生態系統、工具、支援、品質、可靠性、成本、樣品、開發工具和其他一切。

Price is one of the factors.

價格是因素之一。

So these are not commodity products.

所以這些不是商品。

It takes 2 years for a customer to go to production after they have made the device selection.

客戶從選擇設備到投入生產需要2年的時間。

So price has never been really the way to gain share.

因此，價格從來都不是贏得市場份額的真正途徑。

But there were players in the market that were irresponsive.

但市場上也有一些玩家反應遲鈍。

They will drop the price too quickly and not stand up and fight to really maintain their price.

他們會太快地降價，而不會站起來並努力真正維持價格。

And some of those have disappeared, or some of those have become better and more responsible.

其中一些已經消失，或者其中一些變得更好、更負責任。

But overall, I don't think price have been a mechanism to gain share in the market ever.

但總的來說，我認為價格從來都不是贏得市場份額的機制。

And with no further questions in the queue, I'd like to turn the call back over to Steve Sanghi for any additional or closing remarks.

由於隊列中沒有其他問題，我想將電話轉回史蒂夫桑吉（Steve Sanghi）以獲取任何補充或結束語。

Well, thank you, everybody, for joining our conference call.

好的，謝謝大家參加我們的電話會議。

And we'll see some of you on the road at the various conferences we might go to.

我們會在我們可能參加的各種會議上見到你們中的一些人。

Thank you very much.

非常感謝。

Bye-bye.

再見。

This does conclude today's conference.

今天的會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連線。