微晶片科技 (MCHP) 2018 Q4 法說會逐字稿

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

大家好，歡迎參加 Microchip Technology 2018 財年第四季度和財務業績電話會議。

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

提醒一下，今天的通話正在錄音中。

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

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

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

I'd like to turn the call to Eric Bjornholt, Chief Financial Officer, first.

我想先把電話轉給首席財務官 Eric Bjornholt。

Eric, go ahead.

埃里克，繼續。

Okay.

好的。

Good morning, everybody.

大家早上好。

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的財務業績做出預測和其他前瞻性陳述。

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

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

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

請參閱我們今天的新聞稿以及我們最近向美國證券交易委員會提交的文件，這些文件確定了可能影響 Microchip 的業務和運營結果的重要風險因素。

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

今天和我一起出席的有 Microchip 董事長兼首席執行官 Steve Sanghi； Microchip 總裁兼首席運營官 Ganesh Moorthy。

I will comment on our fourth quarter and full fiscal year 2018 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 make some specific comments on the pending acquisition of Microsemi.

我將對我們 2018 年第四季度和整個財政年度的財務業績發表評論，然後史蒂夫和加內甚將對結果發表評論，討論當前的商業環境以及我們的指導方針，並對即將進行的 Microsemi 收購做出一些具體評論。

We will then be available to respond to specific investor or analyst questions.

然後我們將可以回答特定的投資者或分析師問題。

I want to remind you that we are including information in our press release in 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 GAAP 和非 GAAP 措施的信息。

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 調節表，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基於股份的補償產生影響之前，我將在非 GAAP 基礎上提及這些結果。

Non-GAAP net sales in the March quarter were just over $1 billion, above the high end of our guidance and up 0.8% sequentially from net sales of $994.2 million in the immediately preceding quarter.

3 月季度的非 GAAP 淨銷售額略高於 10 億美元，高於我們指引的上限，比上一季度的 9.942 億美元淨銷售額環比增長 0.8%。

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

我們已在我們的網站上按產品線和地理位置發布了我們的收入摘要，供您參考。

On a non-GAAP basis, gross margins were at the high end of our guidance at 61.7%, which is a new record level for Microchip.

在非 GAAP 基礎上，毛利率處於我們指引的高端 61.7%，這是 Microchip 的新紀錄水平。

Non-GAAP operating expenses were 22.2% of sales, and non-GAAP operating income was a record 39.5%.

非 GAAP 營業費用佔銷售額的 22.2%，非 GAAP 營業收入達到創紀錄的 39.5%。

Non-GAAP net income was a record $351.3 million, resulting in earnings per diluted share of $1.40, which was above the high end of our guidance of $1.37.

非 GAAP 淨收入達到創紀錄的 3.513 億美元，攤薄後每股收益為 1.40 美元，高於我們 1.37 美元的指引上限。

Non-GAAP EPS in the March 2018 quarter was up 20.7% compared to the March quarter of 2017.

與 2017 年三月季度相比，2018 年三月季度的非美國通用會計準則每股收益增長了 20.7%。

For fiscal year 2018, on a non-GAAP basis, net sales were a record $3.981 billion and up 13.7% year-over-year.

2018 財年，按非美國通用會計準則計算，淨銷售額達到創紀錄的 39.81 億美元，同比增長 13.7%。

Gross margins were 61.1%..

毛利率為 61.1%。

Operating expenses were 22.4% of sales, and operating income was 38.7% of sales.

營業費用佔銷售額的22.4%，營業收入佔銷售額的38.7%。

Net income was $1.356 billion, and non-GAAP EPS was $5.45 per diluted share.

淨收入為 13.56 億美元，非 GAAP 每股攤薄每股收益為 5.45 美元。

On a GAAP basis, gross margins in the March 2018 quarter, including share-based compensation and acquisition-related expenses, were 61.4%.

根據 GAAP，2018 年 3 月季度的毛利率為 61.4%，包括基於股份的薪酬和收購相關費用。

GAAP gross margins include the impact of $3.3 million of share-based compensation.

GAAP 毛利率包括 330 萬美元的股權報酬的影響。

Total operating expenses were $371 million and include acquisition and tangible amortization of $122.8 million, share-based compensation of $20 million, $5.2 million of acquisition-related and other cost and special charges of $0.2 million.

總運營費用為 3.71 億美元，包括 1.228 億美元的收購和有形攤銷、2000 萬美元的股份補償、520 萬美元的收購相關成本和其他成本以及 20 萬美元的特殊費用。

GAAP net income in the quarter was $146.7 million or $0.58 per diluted share and was impacted by a couple of discrete events in the quarter.

本季度的 GAAP 淨收入為 1.467 億美元或每股攤薄收益 0.58 美元，受到本季度幾個離散事件的影響。

GAAP net income was impacted by a $15.5 million charge associated with marking our investments to market through the P&L.

GAAP 淨收入受到 1550 萬美元費用的影響，該費用與通過損益表將我們的投資標記為市場相關。

These investments used to be held to maturity.

這些投資過去一直持有至到期。

But since the investments will be liquidated to fund the acquisition of Microsemi, the unrealized loss that would have been recorded in other comprehensive income in the absence of the anticipated acquisition was recognized in earnings.

但由於投資將被清算以資助收購 Microsemi，因此在沒有預期收購的情況下本應記錄在其他綜合收益中的未實現虧損已在收益中確認。

GAAP net income was also impacted by $38.9 million of discrete tax expense during the quarter, primarily associated with the Tax Cuts and Jobs Act.

GAAP 淨收入還受到本季度 3890 萬美元的離散稅費的影響，主要與《減稅和就業法》有關。

For fiscal year 2018, net sales were a record $3.98 billion, gross margins were 60.8%, operating expenses were 37.3% of sales and operating income was 23.5% of sales.

2018 財年，淨銷售額達到創紀錄的 39.8 億美元，毛利率為 60.8%，營業費用佔銷售額的 37.3%，營業收入佔銷售額的 23.5%。

Net income of $255.4 million was $1.03 per diluted share.

淨收益為 2.554 億美元，每股攤薄收益為 1.03 美元。

The non-GAAP tax rate was 8.4% in the March quarter.

3 月季度的非美國通用會計準則稅率為 8.4%。

As we have continued to evaluate the impact of the Tax Cuts and Jobs Act, we are now expecting about $327 million of taxes to be paid over the 8 years related to the tax incurred on foreign earnings that were permanently invested offshore referred to as the transition tax.

隨著我們繼續評估《減稅和就業法案》的影響，我們現在預計在 8 年內將支付約 3.27 億美元的稅款，這些稅款與永久投資在海外的外國收入產生的稅款相關，稱為過渡稅。

This estimate is up modestly from what we had discussed with investors last quarter.

這一估計略高於我們上個季度與投資者討論的內容。

We estimate the tax payments to be approximately $26 million in years 1 through 5, $49 million in year 6, $65 million in year 7 and $82 million in year 8. We will continue to evaluate the impact of the Tax Cuts and Jobs Act, and these estimates may change as we complete our full analysis.

我們估計第 1 年至第 5 年的納稅額約為 2600 萬美元，第 6 年為 4900 萬美元，第 7 年為 6500 萬美元，第 8 年為 8200 萬美元。我們將繼續評估《減稅和就業法案》的影響，以及隨著我們完成全面分析，這些估計可能會發生變化。

As we look forward, excluding the transition tax from the Tax Cuts and Jobs Act, we expect our ongoing long-term cash tax rate to be between 8% and 9% percent, which is what we are providing to investors for cash flow and non-GAAP operating model forecasting purposes.

展望未來，不包括《減稅和就業法》中的過渡稅，我們預計我們持續的長期現金稅率將在 8% 至 9% 之間，這是我們為投資者提供的現金流和非-GAAP 運營模型預測目的。

Moving on to the balance sheet.

轉到資產負債表。

Our inventory balance at March 31, 2018, was $476.2 million.

截至 2018 年 3 月 31 日，我們的庫存餘額為 4.762 億美元。

Microchip had 112 days of inventory at March 31, 2018, down 3 days from the end of the December quarter.

截至 2018 年 3 月 31 日，Microchip 的庫存天數為 112 天，比 12 月季度末減少了 3 天。

Inventory at our distributors was at 36 days, and up 2 days from the December quarter.

我們經銷商的庫存為 36 天，比 12 月季度增加了 2 天。

The cash flow from operating activities was $359.6 million in the March quarter.

3 月季度經營活動產生的現金流量為 3.596 億美元。

As of March 31, the consolidated cash and total investment position was $2.197 billion, of which over $700 million is domestic cash.

截至 3 月 31 日，綜合現金和總投資頭寸為 21.97 億美元，其中超過 7 億美元為國內現金。

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

由於減稅和就業法案，我們的大部分離岸現金都可以帶回美國，而不會產生任何實質性的額外稅收成本。

Our EBITDA in the March 2018 quarter was a record $429.6 million.

我們在 2018 年 3 月季度的 EBITDA 達到創紀錄的 4.296 億美元。

Our net leverage, excluding our 2,037 convertible debentures was 0.95 at March 31, 2018, positioning us well for the Microsemi acquisition.

截至 2018 年 3 月 31 日，我們的淨槓桿率（不包括我們的 2,037 支可轉換債券）為 0.95，這為我們收購 Microsemi 做好了準備。

Capital expenditures were $58.4 million in the March 2018 quarter and $206.8 million for fiscal year 2018.

2018 年 3 月季度的資本支出為 5840 萬美元，2018 財年的資本支出為 2.068 億美元。

In April, we completed the purchase of a building in San Jose for $40.8 million, which we have previously leased.

4 月，我們以 4080 萬美元的價格完成了在聖何塞購買一棟我們之前租用過的建築物。

This purchase will reduce our ongoing operating expenses.

此次購買將減少我們的持續運營費用。

Excluding this building purchase, we expect about $30 million to $50 million in capital spending in the June quarter.

不包括此次建築採購，我們預計 6 月季度的資本支出約為 3000 萬至 5000 萬美元。

We expect capital expenditures for fiscal year 2019 to be between $200 million and $250 million, of which $70 million represents the San Jose building purchase and 3 other buildings being constructed, which we have discussed with you before.

我們預計 2019 財年的資本支出在 2 億至 2.5 億美元之間，其中 7000 萬美元用於購買聖何塞大樓和正在建造的其他 3 座大樓，我們之前已與您討論過。

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，以支持我們快速增長的新產品和技術的生產能力的增長，並將更多目前外包的組裝和測試業務引入內部。

These capital investments will bring significant gross margin improvement 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，特別是對於我們正在引入我們自己工廠的 Atmel 製造活動。

Depreciation expense in the March quarter was $32.8 million.

3 月季度的折舊費用為 3280 萬美元。

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

我現在將請 Ganesh 就 3 月季度的業務表現向我們發表評論。

Ganesh?

像頭神？

Thank you, Eric, and good morning, everyone.

謝謝你，埃里克，大家早上好。

We performed better than we expected in the seasonally slower March quarter with a sequential revenue growth of 0.8%.

我們在季節性放緩的 3 月季度表現好於我們的預期，收入環比增長 0.8%。

March quarter 2018 revenue over March quarter 2017 revenue grew 11%, all organic growth as there was no contribution from acquisitions in the last 4 quarters.

2018 年 3 月季度的收入比 2017 年 3 月季度的收入增長了 11%，全部是有機增長，因為過去 4 個季度沒有來自收購的貢獻。

On a fiscal year basis, fiscal year '18 revenue grew a strong 13.7% over fiscal year '17.

在財政年度的基礎上，18 財政年度的收入比 17 財政年度增長了 13.7%。

The March -- 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.

三月——Microchip 2.0 轉型繼續取得良好進展，特別是在新的設計機會方面，因為我們通過最好的、智能的、連接的和安全的解決方案使我們的客戶能夠創新。

Taking a closer look at microcontrollers.

仔細看看微控制器。

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

我們的微控制器業務在 3 月季度表現良好，與 12 月季度相比，收入環比僅下降 0.6%。

March quarter 2018 revenue was up a very strong 13.2% over March quarter 2017.

2018 年 3 月季度的收入比 2017 年 3 月季度增長了 13.2%。

On a fiscal year basis, fiscal year 2018 microcontroller revenue at $2.6 billion was an all-time record and grew a strong 17.5% over fiscal year '17.

在財年基礎上，2018 財年微控制器收入為 26 億美元，創歷史新高，比 17 財年強勁增長 17.5%。

Microcontrollers represented 65.6% of Microchip's overall revenue in the March quarter.

微控制器佔 Microchip 3 月季度總收入的 65.6%。

Last month, Gartner Dataquest released their microcontroller market share report for calendar 2017.

上個月，Gartner Dataquest 發布了 2017 年微控制器市場份額報告。

We're pleased to report that Microchip retained the #1 position for 8-bit microcontrollers.

我們很高興地報告，Microchip 保持了 8 位微控制器的第一名位置。

We were the fastest-growing 8-bit microcontroller franchise and gained substantial market share in calendar 2017 as we grew much faster than the 8-bit microcontroller market.

我們是增長最快的 8 位微控制器專營權，並在 2017 年獲得了可觀的市場份額，因為我們的增長速度遠快於 8 位微控制器市場。

So much so, we're now approximately 60% larger than the #2 8-bit microcontroller player.

如此之多，我們現在比排名第二的 8 位微控制器播放器大大約 60%。

In the 16-bit microcontroller market, we remained in the #5 position, but continue to gain significant market share as we grew much faster than the 16-bit microcontroller market.

在 16 位微控制器市場中，我們仍處於第五位，但隨著我們的增長速度遠遠超過 16 位微控制器市場，我們繼續獲得顯著的市場份額。

And we're the fastest-growing franchise.

我們是增長最快的特許經營權。

In the 32-bit microcontroller market, we remained in the #6 position, but also gained significant market share as we grew much faster than the 32-bit microcontroller market.

在 32 位微控制器市場中，我們保持了第六的位置，但也獲得了顯著的市場份額，因為我們的增長速度遠遠快於 32 位微控制器市場。

And we're the fastest-growing franchise hereto.

我們是迄今為止增長最快的特許經營權。

For microcontrollers overall, we remained in the #3 position.

對於整體微控制器，我們仍然排在第三位。

We're the fastest-growing franchise and grew at almost 2.5x the microcontroller market as we continued our relentless march towards the #1 spot.

我們是增長最快的特許經營商，增長速度幾乎是微控制器市場的 2.5 倍，因為我們繼續不懈地向著第一的位置邁進。

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像現在這樣強大，我們看到我們的設計漏斗持續增長，我們預計隨著這些設計逐漸投入生產，這將推動未來的增長。

We believe we have a new product momentum and customer engagement to continue to gain even more share in 2018 as we further build the best-performing microcontroller franchise in the industry.

我們相信，隨著我們進一步打造業內表現最佳的微控制器特許經營權，我們擁有新的產品動力和客戶參與度，將在 2018 年繼續獲得更多份額。

Now moving to our analog business.

現在轉向我們的模擬業務。

Our analog revenue was sequentially up 4.7% in the March quarter as compared to the December quarter, setting a new record in the process.

與 12 月季度相比，我們 3 月季度的模擬收入環比增長 4.7%，創下了新的記錄。

March quarter 2018 analog revenue grew 5.1% over March quarter 2017.

2018 年 3 月季度模擬收入比 2017 年 3 月季度增長 5.1%。

On a fiscal year basis, fiscal year '18 analog revenue at $952 million was an all-time record and grew 6% over fiscal year '17.

在財年基礎上，18 財年的模擬收入為 9.52 億美元，創下歷史新高，比 17 財年增長 6%。

Analog represented 24.2% of Microchip's overall revenue in the March quarter.

模擬業務佔 Microchip 3 月季度總收入的 24.2%。

As we have highlighted in investor communications over the last few quarters, our publicly reported analog results will see some revenue classification headwinds resulting from a deliberate shift in strategy we made several quarters ago.

正如我們在過去幾個季度的投資者溝通中所強調的那樣，我們公開報告的模擬結果將看到一些收入分類的不利因素，這是由於我們在幾個季度前有意改變了戰略。

The change in product line strategy 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.

產品線戰略的變化是，一段時間以來，我們一直在為我們的幾個更複雜的模擬產品添加微控制器內核，尤其是那些為我們的客戶提供智能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內核使我們能夠銷售價值更高、更具防禦性的整體系統解決方案。

These smart connectivity products are growing nicely.

這些智能連接產品增長良好。

And as they replace older products in new designs, our revenue classification for these products has shifted from analog product line to a microcontroller product line.

隨著它們在新設計中取代舊產品，我們對這些產品的收入分類已從模擬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 it 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.

向更具粘性和更高利潤的智能連接收入過渡是 Microchip 的正確答案，但它確實影響了分析師感興趣的一些產品線報告，因為一些收入增長轉移到了我們的微控制器產品線。

In the longer term, as the revenue from the analog attach design wins continue to ramp, we fully expect that the analog product line revenue will outgrow this revenue classification headwind.

從長遠來看，隨著模擬連接設計的收入繼續攀升，我們完全預計模擬產品線收入的增長將超過這一收入分類的逆風。

Moving next to our licensing business.

接下來是我們的許可業務。

This business was seasonally down 4% sequentially in the March quarter, although March quarter 2018 revenue grew 14.6% over March quarter 2017.

儘管 2018 年 3 月季度收入比 2017 年 3 月季度增長 14.6%，但該業務在 3 月季度環比下降 4%。

On a fiscal year basis, fiscal year '18 licensing business at $104.8 million was an all-time record and grew 14.9% over fiscal year '17.

在財政年度的基礎上，'18 財政年度的許可業務為 1.048 億美元，創歷史新高，比 '17 財政年度增長 14.9%。

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

我們看到了多年來在多個工藝技術節點上獲得許多代工廠和獨立設備製造商許可的成果，這表明我們的結果是許可工藝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 up 3.8% in the March quarter as compared to the December quarter.

最後，與 12 月季度相比，我們的內存業務在 3 月季度環比增長 3.8%。

And March quarter 2018 grew 9.9% over March quarter 2017.

2018 年 3 月季度比 2017 年 3 月季度增長 9.9%。

On a fiscal year basis, fiscal year '18 memory revenue at $199.7 million grew 7.2% over fiscal year '17.

在財年基礎上，18 財年內存收入為 1.997 億美元，比 17 財年增長 7.2%。

Now a quick update about Microsemi progress since our March 1 announcement.

現在快速更新一下 Microsemi 自 3 月 1 日發佈公告以來的進展情況。

Integration planning meetings and discussions are occurring between the business units, sales, manufacturing and support groups of both companies.

兩家公司的業務部門、銷售、製造和支持團隊之間正在舉行整合規劃會議和討論。

Teams at both companies started to identify product cross-selling opportunities that we can pursue after the close and have also identified reference designs that can take advantage of our combined total system approach.

兩家公司的團隊開始確定我們可以在交易完成後尋求的產品交叉銷售機會，並且還確定了可以利用我們的綜合整體系統方法的參考設計。

We're also determining how our product line reporting will be done post the close, and we'll have an update for you no later than the next earnings call.

我們還在確定我們的產品線報告將如何在收盤後完成，我們將在下一次財報電話會議之前為您提供更新。

Steve will cover the status of regulatory and other approvals in his section, so now let me pass it to Steve for some comments about our business and our guidance going forward.

Steve 將在他的部分介紹監管和其他批准的狀態，所以現在讓我將其傳遞給 Steve，請他對我們的業務和我們的未來指導發表一些評論。

Steve?

史蒂夫？

Thank you, Ganesh, and good morning for you, everyone.

謝謝你，Ganesh，大家早上好。

Today, I would like to first reflect on the results of the fiscal fourth quarter of 2018 and fiscal year '18.

今天，我想首先回顧一下 2018 財年第四季度和 18 財年的業績。

I will then provide guidance for the fiscal first quarter of 2019.

然後我將提供 2019 財年第一季度的指導。

Our March quarter financial results were excellent.

我們 3 月季度的財務業績非常出色。

Our net sales were up 0.8% sequentially and up 11% from the year-ago quarter and were above the high end of our revised guidance.

我們的淨銷售額環比增長 0.8%，比去年同期增長 11%，高於我們修訂後指引的上限。

The sales in our Atmel originator business was down, consistent with Atmel's seasonality.

我們的 Atmel 原創業務的銷售額下降，與 Atmel 的季節性一致。

Our core Microchip business was very strong and up significantly sequentially.

我們的核心 Microchip 業務非常強勁，並且環比增長顯著。

Our non-GAAP gross margin of 61.7% of sales was a record and at the high end of our guidance.

我們的非美國通用會計準則毛利率為銷售額的 61.7%，創歷史新高，處於我們指導的高端。

Operating profit of 39.5% of sales was better than the high end of our guidance and made a new all-time record.

營業利潤佔銷售額的 39.5%，好於我們指引的上限，創下歷史新高。

And earnings per share of $1.40 was $0.055 better than the midpoint of our revised guidance.

每股收益 1.40 美元，比我們修訂後的指引中點高出 0.055 美元。

Reflecting on the fiscal year 2018 results, it was clearly the best year in the history of Microchip in which we made many new records.

回顧 2018 財年的業績，這顯然是 Microchip 歷史上最好的一年，我們創造了許多新記錄。

Fiscal year '18 net sales were up 13.7% from fiscal year '17, and it was all organic growth.

18 財年的淨銷售額比 17 財年增長了 13.7%，而且都是有機增長。

I want to thank all the employees of Microchip worldwide for delivering an outstanding quarter and fiscal year 2018.

我要感謝 Microchip 全球所有員工在 2018 年季度和財年取得了出色的成績。

On a non-GAAP basis, this was also our 110th consecutive profitable quarter.

在非 GAAP 基礎上，這也是我們第 110 個連續盈利的季度。

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

現在我將為您提供有關 Microchip 2.0 的更新。

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

我們不斷感受到客戶對在所有 8 位、16 位和 32 位客戶應用程序中使用我們的微控制器解決方案進行設計的巨大偏好。

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

我們的各種收購現在已經建立了一個強大的、多元化的產品線，通過它我們能夠為我們的客戶提供完整的系統解決方案。

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

我們正在通過我們客戶的同一（聽不清）中的多種產品贏得增量設計勝利。

At our Analyst and Investor Day on March 1, 2018, we showed that the number of Microchip parts per customer system was growing at a 20% annual rate.

在 2018 年 3 月 1 日的分析師和投資者日，我們表明每個客戶系統的 Microchip 部件數量以每年 20% 的速度增長。

With another quarter under our belt, the number of parts per system is continuing this trend of being up 20% over the same quarter a year ago.

又過了一個季度，每個系統的部件數量繼續保持著比去年同期增長 20% 的趨勢。

We have a robust design-in funnel, and we feel very optimistic that Microchip 2.0 is working.

我們有一個強大的設計導入渠道，我們對 Microchip 2.0 的工作感到非常樂觀。

We also recently received FAE numbers for quarter ending March 31, 2018.

我們最近還收到了截至 2018 年 3 月 31 日的季度的 FAE 數據。

Based on FAE numbers, our microcontroller market share grew in each of 8-bit, 16-bit and 32-bit product line in March 2018 quarter versus the year-ago quarter.

根據 FAE 數據，我們的微控制器市場份額在 2018 年 3 月季度的每個 8 位、16 位和 32 位產品線中均比去年同期有所增長。

Our inventories at Microchip at the end of March 2018 were 112 days, which is just slightly below our target of 115 to 120 days.

截至 2018 年 3 月底，我們在 Microchip 的庫存為 112 天，略低於我們 115 至 120 天的目標。

We continue to make enormous progress on the manufacturing side and bringing capacity online and decreasing lead times.

我們繼續在製造方面取得巨大進步，使產能上線並縮短交貨時間。

In the last conference call, we stated our lead times to be between 4 to 14 weeks.

在上次電話會議中，我們表示我們的交貨時間在 4 到 14 週之間。

Our lead times now are between 4 to 10 weeks.

我們現在的交貨時間在 4 到 10 週之間。

Normal lead times would be between 4 to 8 weeks.

正常的交貨時間在 4 到 8 週之間。

Our book-to-bill ratio for March quarter was extremely healthy and around the number we had given you at the Analyst Day.

我們 3 月份季度的訂單出貨比非常健康，大約是我們在分析師日給你的數字。

And our backlog has gone even higher to another record.

我們的積壓訂單甚至更高，創下了另一項記錄。

With a healthy book-to-bill ratio continuing, now will be the time to stop providing quarterly numbers for book-to-bill ratio, as we had said in the Analyst Day.

正如我們在分析師日所說的那樣，隨著健康的訂單出貨比持續保持，現在是停止提供季度訂單出貨比數據的時候了。

We have always said that book-to-bill ratio is confusing and simply tracks the lead times.

我們一直說訂單出貨比令人困惑，它只是跟踪交貨時間。

We have proven it again with book-to-bill ratio of 1.0 in the December quarter.

我們在 12 月季度以 1.0 的訂單出貨比再次證明了這一點。

The business remained healthy in March quarter.

該業務在 3 月季度保持健康。

Providing book-to-bill ratio simply increases volatility in the stock.

提供訂單出貨比只會增加庫存的波動性。

In the March quarter, we successfully soft-landed the business, consistent with the guidance we have been providing, and we will continue to grow in the June quarter.

在 3 月季度，我們成功實現了業務軟著陸，這與我們一直提供的指導一致，我們將在 6 月季度繼續增長。

During the quarter ending June 30, 2018, we will adopt a new GAAP revenue recognition standard, which will result in recognition of revenue at the time products are sold to distributors, whereas, currently, revenue on such transactions are deferred until the product is sold by distributors to an end customer.

在截至 2018 年 6 月 30 日的季度中，我們將採用新的 GAAP 收入確認標準，這將導致在產品銷售給分銷商時確認收入，而目前，此類交易的收入被推遲到產品售出時由分銷商提供給最終客戶。

We are not able to provide guidance on a GAAP basis as we are not able to predict whether inventory at our distributors will increase or decrease in relation to end market demand, and this is not how we manage our business.

我們無法根據 GAAP 提供指導，因為我們無法預測我們分銷商的庫存是否會隨著終端市場需求而增加或減少，這不是我們管理業務的方式。

As evidence of this uncertainty in recent year -- in recent years, we have seen net inventory at our distributors increase or decrease by a significant amount in a single quarter.

作為近年來這種不確定性的證據——近年來，我們發現我們的分銷商的淨庫存在一個季度內大幅增加或減少。

Our non-GAAP revenue will be based on true end market demand, so we will report a non-GAAP revenue, which will be based on true end market demand in which we measure the revenue based on when the product is sold by our distributors to an end customer.

我們的非 GAAP 收入將基於真實的終端市場需求，因此我們將報告非 GAAP 收入，這將基於真實的終端市場需求，其中我們根據我們的分銷商將產品出售給的時間來衡量收入最終客戶。

Meaning, we will continue to report a non-GAAP revenue based on sell-through.

這意味著，我們將繼續報告基於銷售的非 GAAP 收入。

We will continue to manage our business and distributor relationships based on such sell-through revenue recognition.

我們將繼續根據此類銷售收入確認來管理我們的業務和分銷商關係。

All of Microchip's bonus programs will continue to work based on sell-through revenue recognition.

Microchip 的所有獎金計劃將繼續根據銷售收入確認進行。

Therefore, along with GAAP results, which will be based on sell-in, we will also report our non-GAAP results based on sell-through revenue recognition.

因此，除了基於銷售的 GAAP 結果，我們還將報告基於銷售收入確認的非 GAAP 結果。

In terms of guidance, we will only provide guidance based on non-GAAP revenue.

在指導方面，我們將僅提供基於非 GAAP 收入的指導。

So we expect total non-GAAP net revenue for the June quarter to be up 1% to 6% sequentially, giving us a midpoint of the guidance at 3.5%.

因此，我們預計 6 月季度的非 GAAP 淨收入總額將環比增長 1% 至 6%，給我們的指引中值為 3.5%。

Given the amount of revenue beat in March quarter, this guidance is modestly better than the expectation we had provided during the Analyst Day.

鑑於 3 月季度的收入超出預期，該指引略好於我們在分析師日提供的預期。

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 利潤驅動因素，我們看到公司整體毛利率穩步提高。

We expect gross margin for the June quarter to be between 61.6% and 62% of sales.

我們預計 6 月季度的毛利率將在銷售額的 61.6% 至 62% 之間。

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

我們預計整體運營費用將佔銷售額的 22% 至 22.4%。

We expect operating profit percentage to be between 39.2% and 40% of sales.

我們預計營業利潤佔銷售額的比例在 39.2% 至 40% 之間。

And we expect earnings per share to be between $1.39 and $1.49 per share.

我們預計每股收益在 1.39 美元至 1.49 美元之間。

All these numbers do not include Microsemi.

所有這些數字都不包括 Microsemi。

Now I wanted to make a couple of comments on the pending acquisition of Microsemi.

現在我想就即將進行的 Microsemi 收購發表一些評論。

On April 12, 2018, we received a U.S. anti-trust clearance.

2018 年 4 月 12 日，我們收到了美國的反壟斷許可。

On April 19, 2018, China's MOFCOM accepted Microchip's filing for review under simplified procedure.

2018年4月19日，中國商務部以簡化程序受理了Microchip的備案。

We cannot confirm yesterday's report in the press that China's MOFCOM has cleared the transaction.

我們無法證實昨天媒體報導的中國商務部已批准該交易。

We believe that the review process is running smoothly, and we remain optimistic that we will receive clearance shortly.

我們相信審查過程正在順利進行，我們仍然樂觀地認為我們將很快獲得批准。

In addition, yesterday, on May 7, we did receive Japan's anti-trust clearance.

此外，昨天，也就是5月7日，我們確實收到了日本的反壟斷許可。

We expect several other countries to clear their anti-trust review this month.

我們預計其他幾個國家將在本月通過反壟斷審查。

The Microsemi shareholder vote is scheduled for May 22, 2018, and we believe that we are on schedule for closing the acquisition some time during early June 2018.

Microsemi 股東投票定於 2018 年 5 月 22 日舉行，我們相信我們按計劃在 2018 年 6 月初的某個時間完成收購。

I want to remind investors that during our Analyst and Investor Day presentations, we increased our long-term financial model with the Microsemi acquisition to a non-GAAP gross margin of 63%, operating expense of 22.5% and an operating profit of 40.5%.

我想提醒投資者，在我們的分析師和投資者日演示期間，我們通過收購 Microsemi 將我們的長期財務模型提高到 63% 的非 GAAP 毛利率，22.5% 的營業費用和 40.5% 的營業利潤。

As you all know, we will be borrowing about $8 billion to close the Microsemi transaction.

眾所周知，我們將藉入約 80 億美元來完成與 Microsemi 的交易。

I want to assure you that after the closure of Microsemi acquisition, we plan to use all of our cash generation after dividend and capital, of course, to rapidly delever the balance sheet until the leverage comes down to about 2.5x, which is our long-term target.

我想向您保證，在完成對 Microsemi 的收購後，我們計劃使用股息和資本後產生的所有現金，當然，要迅速去槓桿化資產負債表，直到槓桿率降至 2.5 倍左右，這是我們的長期目標- 長期目標。

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

此外，考慮到收購會計的所有復雜性，包括無形資產攤銷、重組費用和收購庫存增減，Microchip 將繼續提供指導並在非 GAAP 基礎上跟踪其結果。

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

我們認為，非 GAAP 業績與前幾個季度相比提供了更有意義的比較，我們要求分析師繼續報告他們的非 GAAP 估計以進行首次電話會議。

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

有了這個，接線員，請你投票提問好嗎？

(Operator Instructions) And we will take our first question from William Stein with SunTrust.

（操作員說明）我們將從 William Stein 和 SunTrust 提出我們的第一個問題。

You highlighted earlier in your prepared remarks that you've added capacity.

您之前在準備好的評論中強調了您已經增加了容量。

I think it's related to the Atmel products to reduce the lead times there.

我認為這與 Atmel 產品有關，可以縮短那裡的交貨時間。

I'm wondering if you can talk about your anticipation for lead times as we go forward.

我想知道在我們前進的過程中您是否可以談談您對交貨時間的預期。

Do you expect that to get in the normal range in the current quarter?

您預計本季度會進入正常範圍嗎？

And I'd also like to know, as it relates to your raw materials and lead time from foundries, whether you see that as already within the normal range or if it's extended and if there's anything remarkable about that.

而且我還想知道，因為它與您的原材料和鑄造廠的交貨時間有關，您是否認為這已經在正常範圍內，或者是否延長了，以及是否有任何值得注意的地方。

I'd love to hear details.

我很想听聽細節。

So thank you, Will.

所以謝謝你，威爾。

The normal lead times are 4 to 8 weeks usually on 85%, 90% of the products.

通常 85%、90% 的產品的正常交貨時間為 4 至 8 週。

That's what we call a normal lead time.

這就是我們所說的正常交貨時間。

There'll always be some strange products or specialized projects that need extra work or strange circumstances where the lead time would be longer.

總會有一些奇怪的產品或專業項目需要額外的工作或奇怪的情況，交貨時間會更長。

So for a majority of the products, 4 to 8 weeks lead time is normal.

所以對於大多數產品來說，4 到 8 週的交貨時間是正常的。

We are currently at 4 to 10, so we got a little more progress to make.

我們目前是 4 到 10，所以我們還有更多的進步要做。

And as we have been saying for about 1 year or longer, it is that we expect the lead times to essentially become normal by the end of June, and we are really on schedule for that.

正如我們在大約 1 年或更長時間內一直在說的那樣，我們預計到 6 月底交貨時間將基本恢復正常，而且我們確實在按計劃進行。

The other part of your question was lead times at suppliers and foundries and all that.

您問題的另一部分是供應商和鑄造廠的交貨時間等等。

Scattered issues here and there.

零散的問題在這里和那裡。

But in general, the foundry lead times are normal.

但總的來說，代工交貨時間是正常的。

We're able to get the capacity we need from our foundries.

我們能夠從我們的鑄造廠獲得我們需要的產能。

We're able to get the assembly test equipment that we are requiring.

我們能夠獲得所需的組裝測試設備。

Again, the lead time could be 2 to 4 weeks longer to get some of the test equipment, but it also largely depends on what you're buying and what the mix of equipment is, what you're trying to buy and what the particular set-up you need.

同樣，獲得一些測試設備的交貨時間可能要長 2 到 4 週，但這在很大程度上也取決於您購買的是什麼、設備的組合是什麼、您要購買的是什麼以及特定的是什麼設置你需要的。

But lead times are really not excessive either on foundry wafers or on assembly test equipment.

但無論是晶圓代工還是組裝測試設備，交貨時間都不算過長。

Our next question comes from Craig Hettenbach with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

Steve, any update on industry pricing, be it from some of the consolidation, some of the favorable impact there, also relative to just the tight conditions today and how that might be influencing pricing?

史蒂夫，關於行業定價的任何更新，無論是來自一些整合，那裡的一些有利影響，還是相對於今天的緊縮條件以及這可能如何影響定價？

Type of what?

什麼類型的？

The pricing environment today.

今天的定價環境。

Just if you can talk about just how the consolidation of the industry is influencing that as well as just the tight industry conditions.

只要你能談談行業整合是如何影響這一點的，以及緊縮的行業條件。

Okay, tight industry condition.

好的，緊縮的行業條件。

So the pricing is very normal.

所以定價很正常。

We have been saying for quite a while that the historic industry practice, where the prices went down every year, we are really no longer following that trend.

很長一段時間以來，我們一直在說歷史悠久的行業慣例，價格每年都在下降，我們真的不再追隨這種趨勢。

We have seen some others follow it.

我們已經看到其他一些人遵循它。

We are winning a lot more often at customers not giving them year-to-year price reduction.

我們更經常地贏得客戶，而不是讓他們逐年降價。

5 years ago, we'll succeed some of the times.

5 年前，我們有時會成功。

Today, we succeed most of the time.

今天，我們大部分時間都成功了。

So industry pricing for us really looks very normal.

所以我們的行業定價真的看起來很正常。

We did some price increases in the last 2 years.

在過去的兩年裡，我們做了一些價格上漲。

I think that's kind of largely behind us.

我認為這在很大程度上已經落後於我們了。

Now prices are stable, but they're not going down.

現在價格穩定，但不會下降。

Meanwhile, we are continuing to improve cost on a lot of products by bringing assembly test inside with the die shrinks and others.

同時，我們通過將裝配測試與模具收縮等結合起來，繼續降低許多產品的成本。

And in those cases, some of those are improving the gross margin, as you're seeing it.

在這些情況下，正如您所看到的，其中一些正在提高毛利率。

Now in terms of tight industry conditions, they're obviously helping pricing.

現在，就緊縮的行業條件而言，它們顯然在幫助定價。

The consolidation is also helping prices.

整合也有助於價格上漲。

But where the industry conditions are tightest are really not on microcontroller, analog and Wi-Fi and other products we make.

但行業條件最嚴格的地方實際上並不在微控制器、模擬和 Wi-Fi 以及我們生產的其他產品上。

Industry conditions are the tightest on passives.

被動元件的行業條件最為緊張。

There could be 40, 50 weeks lead time to really get the capacitors and products like that, and I think that's where we are seeing price increases.

可能需要 40、50 週的時間才能真正獲得電容器和此類產品，我認為這就是我們看到價格上漲的地方。

We don't sell those devices.

我們不出售這些設備。

We don't compete with them.

我們不與他們競爭。

But we buy some of those devices for our development tool and all that.

但是我們為我們的開發工具和所有這些購買了一些設備。

It's not a very high-cost component for us because development really is a very small business, but we are seeing long lead times and tight supply, especially on passives.

對我們來說，這不是一個成本很高的組件，因為開發確實是一項非常小的業務，但我們看到交貨時間長且供應緊張，尤其是在被動元件方面。

Got it.

知道了。

And then just a follow-up for Ganesh on the Microchip 2.0 kind of cross-selling.

然後只是 Ganesh 在 Microchip 2.0 類交叉銷售方面的後續行動。

Any additional milestones you can share with us on the progress you're making?

關於您正在取得的進展，您可以與我們分享任何其他里程碑嗎？

All our Intel indicators look good.

我們所有的英特爾指標看起來都不錯。

As Steve mentioned, attach is one of those things we are continuing to measure, how that is growing quarter-over-quarter and year-over-year.

正如史蒂夫所提到的，附加是我們正在繼續衡量的事情之一，它是如何環比和同比增長的。

It's a long-term process, but you're sowing lots of seeds and taking care of those seeds to make sure that they bloom.

這是一個長期的過程，但你播下了很多種子並照顧這些種子以確保它們開花。

And we're very confident that it will continue to grow and provide growth for us as an incremental growth driver.

我們非常有信心它將繼續增長並作為增量增長動力為我們提供增長。

Our next question comes from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克德萊尼。

I realized Microchip's own inventory came down and is a little bit below your target range.

我意識到 Microchip 自己的庫存下降了，略低於您的目標範圍。

I was hoping you could extend that discussion a bit further and talk about where you think inventory is in the channel and any changes you expect distributors to be making with their inventory.

我希望您能進一步擴展該討論，並談談您認為庫存在渠道中的位置以及您希望分銷商對其庫存進行的任何更改。

Well, inventory was a little lower than our expectation because sales were higher than our expectation.

好吧，庫存略低於我們的預期，因為銷售額高於我們的預期。

Our guidance at the midpoint was minus 1% sequentially.

我們在中點的指導順序是負 1%。

And based on that, inventory would be slightly higher and in the range of 115 to 120 days.

基於此，庫存會略高，在 115 到 120 天的範圍內。

Instead, we reported sales which were up 0.8%.

相反，我們報告的銷售額增長了 0.8%。

So 1.8% beat.

所以擊敗了 1.8%。

Its net result was the inventory in days were slightly lower.

其最終結果是庫存天數略有下降。

I think inventory is fine.

我覺得庫存還好。

2, 3 days don't really make that kind of difference.

2、3 天並沒有真正產生那種差異。

We're comfortable with the inventory position.

我們對庫存狀況感到滿意。

Inventory, there are always products which are short and a product which is a little high.

庫存，總有少的產品和高的產品。

So there is a continuous effort constantly to get the inventory and perfect mix.

因此，不斷努力不斷獲得庫存和完美組合。

And there is no such thing as perfect, but our inventory is in good shape.

沒有完美的東西，但我們的庫存狀況良好。

Okay, that's helpful.

好的，這很有幫助。

And there's a lot of discussion in the last earnings call and at the Analyst Day about what new seasonality for the company is.

在上一次財報電話會議和分析師日上，有很多關於公司新季節性的討論。

I was hoping you could help us better contextualize how you think about guidance for this coming quarter of up 1% to 6% sequentially.

我希望您能幫助我們更好地了解您如何看待下一季度按順序增長 1% 至 6% 的指導方針。

How does that compare to what that new seasonality may be?

這與新的季節性相比如何？

And are there any headwinds or tailwinds relative to normal seasonality that you're trying to factor into your guidance for this coming quarter?

相對於正常的季節性，您是否試圖將任何逆風或逆風納入下一季度的指導中？

So I think we -- at the Analyst Day, we said June quarter was 5%, if you recall sequentially, but we beat the March quarter by 1.8%.

所以我認為我們——在分析師日，我們說 6 月季度為 5%，如果你按順序回憶的話，但我們比 3 月季度高出 1.8%。

So when you put it all together, at the 3.5%, we're slightly better than that guidance.

因此，當你把所有這些放在一起時，在 3.5%，我們比那個指導略好。

We did better in manufacturing last quarter in shipping some delinquency that originally we thought we're going to ship in the June quarter, but we were able to do better and were able to ship some more in the March quarter, which resulted beating the March quarter.

上個季度我們在製造方面做得更好，因為我們最初認為我們將在 6 月季度發貨，但我們能夠做得更好，並且能夠在 3 月季度發貨更多，結果超過了 3 月四分之一。

And then a little bit of the product went from June into March.

然後從六月到三月有一點產品。

We're facing a lot of onetime issues.

我們面臨著很多一次性問題。

There is a slight impact because of ZTE.

有一點因為中興通訊的影響。

We can't ship to ZTE.

我們無法運送到中興通訊。

There are long lead times on passives, as we talked about, so certain customers are telling us that they don't need our product because they cannot get passives to complete their boards and systems.

正如我們所說，無源器件的交貨期很長，因此某些客戶告訴我們他們不需要我們的產品，因為他們無法獲得無源器件來完成他們的電路板和系統。

There's a China -- VAT has been lower, from 17% to 16%.

有一個中國——增值稅一直較低，從 17% 降至 16%。

It doesn't sound much -- sounds trivial, where a number of customers asked us to delay shipment from April into May because the lower VAT was effective on May 1. So that pushed some shipments from April into May, but that's kind of the wash for the quarter, which you never know whether they didn't do some production in April and whether there'll be any net result for the quarter.

這聽起來並不多——聽起來微不足道，許多客戶要求我們將發貨從 4 月推遲到 5 月，因為較低的增值稅在 5 月 1 日生效。所以這將一些發貨從 4 月推遲到 5 月，但這就是本季度清洗，你永遠不知道他們是否在 4 月份沒有進行一些生產，也不知道本季度是否會有任何淨結果。

Hopefully not.

希望不會。

There are overall trade tensions.

貿易局勢總體緊張。

We're not seeing any impact of that.

我們沒有看到任何影響。

But if anything else crazy happens, then you have to account for that.

但如果發生任何其他瘋狂的事情，那麼你必須考慮到這一點。

None of those items I talked about really are significant.

我談到的這些項目都不是真正重要的。

They're all 0.1%, 0.2% kind of issues sequentially.

它們都是 0.1%、0.2% 的順序問題。

But you add all 4, 5 of them and it could be a 0.5% to 1% probably impact driven by many of these factors together.

但是你將其中的所有 4、5 個加起來，這可能是 0.5% 到 1% 的影響，可能是由許多這些因素共同驅動的。

I think what we guided, June quarter is really seasonal.

我認為我們所指導的 6 月季度確實是季節性的。

Especially if March quarter was minus 1%, then the June quarter would have been totally seasonal.

特別是如果 3 月季度為負 1%，那麼 6 月季度將完全是季節性的。

So we don't have years of experience with Atmel and the numbers for that seasonality, but what we're guiding seems to be close to seasonal.

所以我們沒有多年使用 Atmel 的經驗和季節性的數字，但我們的指導似乎接近季節性。

The other point is this is all going to change again when the Microsemi deal closes in June.

另一點是，當 Microsemi 交易於 6 月結束時，這一切都將再次改變。

In all the rest of the quarters, again, we don't have experience on seasonality.

在所有其他季度，我們也沒有季節性經驗。

And then when we come to the next March and next June, we're going have to go through the same learning process again.

然後當我們來到明年三月和明年六月時，我們將不得不再次經歷同樣的學習過程。

And we barely finished our learning process on Atmel, so there is the challenge of growth through acquisition.

我們幾乎沒有完成對 Atmel 的學習過程，因此存在通過收購實現增長的挑戰。

We will take our next question from Craig Ellis with B. Riley FBR.

我們將接受 Craig Ellis 和 B. Riley FBR 的下一個問題。

Steve, I wanted to start with 2 clarifications.

史蒂夫，我想先澄清兩點。

One, if you could provide any color for us on whether this round of approvals, especially through MOFCOM, is different than what you've seen in the past.

第一，如果你能為我們提供任何顏色，說明這一輪批准，特別是通過商務部的批准，是否與你過去看到的有所不同。

And secondly, I thought I heard the statement that the company expected to borrow about $8 billion related to the upcoming Microsemi transaction, but I thought on initial announcement it was $8.6 billion.

其次，我以為我聽到了該公司預計將與即將進行的 Microsemi 交易相關的借款約 80 億美元的聲明，但我認為最初的公告是 86 億美元。

So has there been a modest reduction in the expected debt that's undertaken to complete that transaction?

那麼，為完成該交易而承擔的預期債務是否有所減少？

So answering your second part of your question first, the number that we had stated was really going after December numbers.

因此，首先回答問題的第二部分，我們所說的數字實際上是在 12 月的數字之後。

And from December to June, we are substantially a cash-generating entity, so we have generated $0.5 billion plus of cash in that time and so has Microsemi.

從 12 月到 6 月，我們基本上是一個產生現金的實體，所以我們在那段時間產生了 5 億美元以上的現金，Microsemi 也是如此。

So there's a portion reduction coming from there.

所以有一部分減少來自那裡。

And I think that's the only change.

我認為這是唯一的變化。

Eric, do you want to add anything to that?

埃里克，你想補充什麼嗎？

No, that's exactly right.

不，完全正確。

So that essentially just represents the cash flow between the end of December and the expected closing date.

所以這基本上只代表了 12 月底和預期截止日期之間的現金流量。

And the debt level that Microsemi has is a bit lower from what it was at that time.

Microsemi 的債務水平比當時低了一點。

So they have paid some debt down.

所以他們已經償還了一些債務。

That's helpful.

這很有幫助。

And then any color on how this process through MOFCOM would differ from prior?

那麼通過商務部的這個過程與之前有何不同？

So last time we had MOFCOM approval was when we bought Microsemi, which was in 2012.

所以上一次我們獲得商務部的批准是在 2012 年我們收購美高森美時。

At that time, MOFCOM didn't have a lot of resources.

當時，商務部的資源並不多。

The M&A activity wasn't as brisk, and it was largely -- a few deals used to require MOFCOM and was kind of a long process, seemed relatively unorganized back then.

併購活動並不那麼活躍，而且主要是 - 一些交易過去需要 MOFCOM 並且是一個漫長的過程，當時似乎相對沒有組織。

Any of the deals we have done in between, including ISSC, Supertex, Micrel and Atmel, none of them required MOFCOM.

我們在此期間完成的任何交易，包括 ISSC、Supertex、Micrel 和 Atmel，都不需要商務部。

You require MOFCOM if both entities, the buyer and the seller, exceeded the threshold of revenue in Mainland China.

如果買方和賣方這兩個實體在中國大陸的收入都超過了門檻，則您需要商務部。

I think the number is $83.6 million, but don't exactly hold me to it.

我認為這個數字是 8360 萬美元，但我並不完全相信。

It's in that range.

就在那個範圍內。

And none of our other acquisitions have required MOFCOM.

我們的其他收購都不需要商務部。

So since 2012, this is the first time we applied for MOFCOM, and we have found that MOFCOM is now substantially very well organized, have a very good procedure.

所以從2012年開始，這是我們第一次向商務部申請，我們發現商務部現在基本上組織得很好，有很好的程序。

They take the first month to identify a given transaction to be a simple procedure or a normal procedure.

他們用第一個月的時間來確定給定的交易是一個簡單的程序還是一個正常的程序。

And a simple procedure usually is clear within 30 days, and a normal procedure takes really longer.

簡單的程序通常在30天內就清楚了，而正常的程序則需要更長的時間。

So that's why when our transaction was rated by MOFCOM to be under simple procedure, there was encouraging news and we shared it with the investors.

這就是為什麼當我們的交易被商務部評為簡易程序時，有令人鼓舞的消息，我們與投資者分享。

That happened on May 19.

那件事發生在5月19日。

So 30 days really end on May 18.

所以 30 天真的在 5 月 18 日結束。

Now there's no guarantee that even under a simple procedure you get it on that day or not or it takes longer or any new questions emerge.

現在，即使是在一個簡單的程序下，也不能保證您是否能在那天得到它，或者需要更長的時間，或者出現任何新問題。

But we're pretty optimistic that this is going very, very smooth, and we should be getting approval very rapidly here.

但我們非常樂觀，認為這進展得非常非常順利，我們應該會很快獲得批准。

That's very helpful.

這很有幫助。

If I could ask one question to either you or Ganesh.

如果我可以向您或 Ganesh 問一個問題。

Impressive performance with Microchip 2.0 initiatives driving a 20% increase in parts per system board.

Microchip 2.0 計劃帶來的令人印象深刻的性能推動每塊系統板的部件數量增加了 20%。

As you look ahead to Microsemi, how does Microsemi impact that growth rate on your design wins on a per system board basis?

當您展望 Microsemi 時，Microsemi 如何影響您在每個系統板基礎上的設計獲勝率？

Go ahead, Ganesh.

去吧，甘尼什。

So it's early days.

所以現在還為時尚早。

What we are very encouraged by is the methodology that Microsemi uses for their equivalent of total system solutions.

令我們非常鼓舞的是 Microsemi 用於等效的整體系統解決方案的方法。

I showed some examples during the Investor Day on March 1. And they have an extremely well-organized approach of how to take products from multiple business units and position them into the end markets that they're providing solutions for.

我在 3 月 1 日的投資者日展示了一些例子。他們有一個非常有條理的方法來處理如何從多個業務部門獲取產品並將它們定位到他們正在為其提供解決方案的終端市場。

And in the early discussions between the 2 companies, we have both identified places where each other's products can further strengthen those demo boards or reference designs or customer propositions that we can get.

在兩家公司的早期討論中，我們都確定了彼此的產品可以進一步加強我們可以獲得的演示板或參考設計或客戶建議的地方。

So it's too early to tell you what the rate will be, but I am very encouraged by how the approach is common.

所以現在告訴你利率是多少還為時過早，但我對這種方法的普遍性感到非常鼓舞。

And the 2 company -- the employees of the 2 companies are looking for ways to exploit that further after the close.

而這 2 家公司——這兩家公司的員工正在尋找在交易結束後進一步利用這一點的方法。

Our next question comes from Chris Danely with Citigroup.

我們的下一個問題來自花旗集團的 Chris Danely。

Steve, now that we're kind of working through the June quarter, can you just give us your best guess of combined seasonality for you guys plus Atmel for the September and December quarters?

史蒂夫，既然我們在整個 6 月季度都在工作，您能否給我們您對你們加上 Atmel 在 9 月和 12 月季度的綜合季節性的最佳猜測？

And then also, maybe compare this deceleration that we've just seen versus the deceleration that occurred at the end of 2014.

然後，也許將我們剛剛看到的這種減速與 2014 年底發生的減速進行比較。

So I think I don't really have a numerical number for all the quarters for seasonality.

所以我認為我並沒有真正的季節性的所有季度的數字。

I mean, I believe that the December and March quarters continue to be weak quarters, and June and September continue to be strong quarters.

我的意思是，我認為 12 月和 3 月的季度仍然是疲軟的季度，而 6 月和 9 月的季度仍然是強勁的季度。

So we're guiding good sequential growth in June, and I would expect the same thing for September.

因此，我們將在 6 月份引導良好的連續增長，我預計 9 月份也會出現同樣的情況。

And then December is usually the weakest quarter for the combined companies.

然後 12 月通常是合併後公司最疲軟的季度。

And March, also driven by the Atmel seasonality, is slightly negative.

而 3 月份，同樣受到 Atmel 季節性因素的推動，略有負增長。

Although this quarter we just announced was slightly positive.

儘管我們剛剛宣布的這個季度略有積極。

So I don't think that has changed.

所以我認為這沒有改變。

Strong June, strong September, weakest December and a weak March.

強勁的 6 月，強勁的 9 月，最弱的 12 月和疲軟的 3 月。

Mind you, this is all going to change with Microsemi, whose seasonality we do not understand yet.

請注意，Microsemi 將改變這一切，我們尚不了解其季節性。

And the second part of your question was what?

你問題的第二部分是什麼？

Yes.

是的。

Just compare the deceleration that we've seen with lead times coming into what happened in 2014.

只需將我們看到的減速與 2014 年發生的交貨時間進行比較即可。

We had a deceleration back then.

那時我們減速了。

It was obviously a little bit sharper, but it seems like the time period was roughly the same.

明明是銳利了一些，但時間段好像也差不多。

Would you agree with that?

你同意嗎？

Well, 2014 deceleration was driven by a significant slowdown in China that everybody saw.

好吧，2014 年的減速是由每個人都看到的中國經濟顯著放緩推動的。

I don't recall what caused that.

我不記得是什麼原因造成的。

I think there were some government regulations change.

我認為政府法規發生了一些變化。

They reduced some of the subsidies from the various market.

他們減少了來自各個市場的一些補貼。

There were lot of things, and it was so clearly driven by China.

有很多事情，而且很明顯是由中國推動的。

This deceleration is not driven by any place.

這種減速不是由任何地方驅動的。

It's world economies synchronously going up.

這是世界經濟同步上升。

And I think the business environment is pretty good worldwide.

而且我認為全球的商業環境都非常好。

This is just as the longer lead times are coming in, basically, businesses are going back to normal.

就在更長的交貨時間到來之際，基本上，企業正在恢復正常。

So I don't really think it's at all like 2014.

所以我真的不認為它像 2014 年那樣。

Yes, investors and analysts have been trying to compare this to 2014.

是的，投資者和分析師一直試圖將此與 2014 年進行比較。

Ever since we put the letter out on April last year, that has been the talk, everybody trying to compare to 2014, and it's nothing like 2014.

自從我們去年 4 月發出這封信以來，就一直在談論，每個人都試圖與 2014 年進行比較，但它與 2014 年完全不同。

We've been telling you that this was a soft land, and I think you got to give it to me that we have soft-landed it completely.

我們一直告訴你這是一塊軟土地，我想你必須告訴我我們已經完全軟著陸了。

Our next question comes from Harsh Kumar with Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 Harsh Kumar。

So a perfect segue to my question.

對我的問題來說是一個完美的轉折點。

So now that the soft landing I think you said is complete, would you give us an idea of what you're thinking in terms of just your part of the business, not MSCC, but just your part of the business and how it plays out as far as growth is concerned?

所以現在我認為你所說的軟著陸已經完成，你能告訴我們你在業務方面的想法，而不是 MSCC，而只是你的業務部分以及它是如何發揮作用的就增長而言？

And I have a question that's a follow-up.

我有一個後續問題。

Well, I think it's the same question I just answered.

好吧，我認為這與我剛剛回答的問題相同。

Strong June, strong September.

強勁的六月，強勁的九月。

You should see good results from us for this quarter and the next quarter, and then we go into a slow December and slow March.

您應該會在本季度和下個季度看到我們的良好業績，然後我們進入緩慢的 12 月和緩慢的 3 月。

I think the numbers we have talked about before, mid- to high single digits kind of growth, I think that's where we are and that's what the current guidance is.

我認為我們之前討論過的數字，中高個位數的增長，我認為這就是我們所處的位置，這就是當前的指導方針。

And I think the business has gone to normal after soft landing.

而且我認為軟著陸後業務已經恢復正常。

Okay.

好的。

Fair enough, Steve.

很公平，史蒂夫。

And then your MCU business is pretty strong.

然後您的 MCU 業務非常強大。

I think you mentioned 2.5x the growth rate.

我想你提到了 2.5 倍的增長率。

A lot of the large players play in the same markets as you.

很多大公司都和你在同一個市場上玩。

They're all -- everybody is targeting industrial automotive, but you guys are doing substantially better.

他們都是——每個人都在瞄準工業汽車，但你們做得更好。

I know -- is share take all of it?

我知道——份額是全部嗎？

Or there are other things going on, Steve, in your opinion?

史蒂夫，您認為還有其他事情正在發生嗎？

Go ahead, Ganesh, if you want to take that.

去吧，Ganesh，如果你想接受它。

So a substantial portion of it is taking share.

因此，其中很大一部分正在分享。

I think we're also consistent in an approach that isn't picking.

我認為我們在不挑剔的方法上也是一致的。

We're only going to do 32-bits and not focus on others, right?

我們只打算做 32 位而不關注其他，對嗎？

We are broad-based between 8, 16s and 32s.

我們在 8 歲、16 歲和 32 歲之間有著廣泛的基礎。

We find a spot that each of them succeed in.

我們找到了他們每個人都成功的地方。

Each of them is growing.

他們每個人都在成長。

They're setting new records as they're growing.

隨著他們的成長，他們正在創造新的記錄。

And so that breadth of what we have in solutions, how we go to market in many ways differentiates us from other people who may have a different way of how they want to go to market.

因此，我們在解決方案中所擁有的廣度，我們如何以多種方式進入市場，使我們與其他可能對如何進入市場有不同方式的人區分開來。

And I think the results show that.

我認為結果表明了這一點。

And year in and year out, the market share has been growing.

年復一年，市場份額一直在增長。

The position in that ranking has been growing.

在該排名中的位置一直在增長。

And so I think there's no one silver bullet that's causing it, but our approach and go-to-market across the microcontrollers is contributing to the differentiated results of microcontrollers.

因此，我認為沒有任何靈丹妙藥會導致它，但我們在微控制器上的方法和上市正在為微控制器的差異化結果做出貢獻。

I would add to that, Harsh, that we are rapidly being perceived as the most reliable microcontroller supplier.

我要補充一點，Harsh，我們正迅速被視為最可靠的微控制器供應商。

They have seen significant challenges in delivery and other problems from our competitors, both in Japan in Europe, and you know the names of those companies.

他們看到了來自日本和歐洲的競爭對手在交付和其他問題方面的重大挑戰，你知道那些公司的名字。

Those companies have discontinued or end-of-lifed a large number of products from some of the companies they have merged with and created significant havoc at the customers.

這些公司已經停產或淘汰了他們合併的一些公司的大量產品，並對客戶造成了嚴重的破壞。

And the other company that is in play right now waiting for the China MOFCOM, they have seen significant dislocation -- or the customers have seen inconsistent supply and challenges.

而另一家正在等待中國商務部的公司，他們看到了嚴重的混亂——或者說客戶看到了不一致的供應和挑戰。

And Microchip absorbed a very large acquisition of Atmel and other companies we have bought before.

Microchip 吸收了對 Atmel 和我們之前收購的其他公司的大量收購。

And what we have done for the customers, not end-of-lifed any other microcontrollers.

以及我們為客戶所做的一切，而不是淘汰任何其他微控制器。

The customers have a very positive experience with us through all that, and so I think we are the preferred supplier, that's why.

通過這一切，客戶對我們有非常積極的體驗，所以我認為我們是首選供應商，這就是原因。

Our next question comes from Rajvindra Gill with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Rajvindra Gill。

Steve, I was wondering if we could kind of shift the conversation away from kind of inventory and distribution, et cetera, and kind of characterize the demand environment from a qualitative perspective what you're seeing in kind of industrial IoT, automotive and ADAS.

史蒂夫，我想知道我們是否可以將談話從庫存和分銷等方面轉移開，並從定性的角度描述需求環境的特徵，就像您在工業物聯網、汽車和 ADAS 中看到的那樣。

How that's maybe different from last year trends and kind of going forward.

這可能與去年的趨勢和未來有何不同。

I think demand environment is really as normal as it can be described, and there are always outliers.

我覺得需求環境真的很正常，總有異常值。

But the demand environment is normal.

但需求環境正常。

I just -- I think last year, some of the lead times went out and the environment was more heated after many, many years of low single-digit growth in the industry.

我只是 - 我認為去年，在行業多年低個位數增長之後，一些提前期結束了，環境變得更加熱烈。

Last year, industry growth was very positive.

去年，行業增長非常積極。

This year, the growth is less than last year, but growth is still quite healthy.

今年的增速低於去年，但增長仍然相當健康。

And the business environment is kind of more normal this year than it was last year.

今年的商業環境比去年更正常。

I don't think anybody argues the industry can grow 13%, 14% per year.

我認為沒有人認為該行業可以每年增長 13%、14%。

That's kind of where it grew last year, but this year seems to have -- seems to more normal.

這是它去年增長的地方，但今年似乎 - 似乎更正常。

Okay, got it.

好，知道了。

So more normalized growth rate versus last year.

與去年相比，增長率更加正常化。

And then, Eric, in terms of the CapEx, is this kind of the -- well, the CapEx is going to change with Microsemi, but I'm wondering if you could kind of give us some insight on how we should think about CapEx in fiscal year '19 but also on more of a longer-term basis.

然後，Eric，就資本支出而言，是這種——好吧，資本支出將隨著美高森美而改變，但我想知道你是否可以給我們一些關於我們應該如何考慮資本支出的見解在 19 財年，但也在更長期的基礎上。

Yes.

是的。

So for fiscal '19, we just guided today for CapEx to be between $200 million and $250 million for the year, but that includes about $70 million of building projects.

因此，對於 19 財年，我們今天剛剛指導今年的資本支出在 2 億至 2.5 億美元之間，但這包括大約 7000 萬美元的建築項目。

And there can always be some building projects going on, but we've got 4 different projects around the world that are adding to that, that set us up nicely for efficient growth going forward and reduce lease costs and things like that.

總是會有一些建築項目在進行，但我們在世界各地有 4 個不同的項目正在增加，這為我們未來的高效增長和降低租賃成本等奠定了良好的基礎。

So I'd call that one kind of out of the ordinary.

所以我會稱之為一種不同尋常的。

So if you take building projects out of the last fiscal year, fiscal '18, as well as fiscal '19, $170 million to $175 million range for CapEx.

因此，如果你將建築項目從上一財年、18 財年和 19 財年中剔除，資本支出的範圍為 1.7 億至 1.75 億美元。

I think that's normal in a growth environment.

我認為這在成長環境中是正常的。

If for any reason we saw growth decline, our maintenance CapEx is significantly lower than that, and we've seen that -- how that can come down dramatically.

如果出於任何原因我們看到增長下降，我們的維護資本支出將大大低於該水平，而且我們已經看到了——它是如何急劇下降的。

But we're investing for growth.

但我們正在為增長而投資。

We're investing to bring manufacturing activities in-house, which enhance our gross margin going forward and give us more control over the overall supply chain.

我們正在投資將製造活動引入內部，這將提高我們未來的毛利率，並讓我們更好地控制整個供應鏈。

So we'll continue to make those investments.

因此，我們將繼續進行這些投資。

Okay, got it.

好，知道了。

And just one question.

只有一個問題。

You're deleveraging rapidly.

你正在迅速去槓桿化。

Can you talk about any specific tranches that you're going to start taking out?

你能談談你將要開始拿出的任何具體部分嗎？

Kind of what the impact will be on the interest expense in the near term and in kind of medium term?

短期和中期對利息支出有何影響？

So I'll take that question.

所以我會回答這個問題。

And we're not ready to give specifics yet, but Steve did say in his prepared remarks that, really, all of our cash flow outside of what we have for investing in the business in CapEx and dividend will be used to rapidly delever.

我們還沒有準備好提供具體細節，但史蒂夫在他準備好的發言中確實說過，實際上，我們在資本支出和股息業務投資之外的所有現金流都將用於快速去槓桿化。

If you look at the combination of Microchip and Microsemi, these are 2 very high-quality, high operating margin, high cash flow companies.

如果你看一下 Microchip 和 Microsemi 的組合，它們是兩家非常高質量、高營業利潤率、高現金流的公司。

And those models combined will improve from where they are on day 1. And really, all that cash generation over the first couple of years is absolutely going to be going to pay down debt and drive us to that 2.5x leverage target that Steve mentioned in his prepared remarks.

這些模型結合起來會比第一天的情況有所改善。實際上，頭幾年產生的所有現金絕對將用於償還債務並推動我們實現史蒂夫在他準備好的發言。

So don't have specifics by quarter or by year, but I think (inaudible) modeling and come up with a pretty good estimate.

所以沒有按季度或按年的具體細節，但我認為（聽不清）建模並得出一個很好的估計。

You can see what we did with the Atmel.

您可以看到我們對 Atmel 做了什麼。

Delevering as well.

去槓桿化也是如此。

Yes.

是的。

I mean, we're going to pay the highest interest first, kind of no-brainer, and with some regard to looking at what's the fix debt and what's the variable debt.

我的意思是，我們將首先支付最高的利息，有點不費吹灰之力，並且在某些方面要考慮什麼是固定債務，什麼是可變債務。

And basically, combination of paying down term loan and the line of credit, some combination of that.

基本上，還清定期貸款和信用額度的組合，一些組合。

Our next question comes from Gilbert Alexandre with Darphil and Associates.

我們的下一個問題來自 Darphil and Associates 的 Gilbert Alexandre。

On the Microsemi acquisition, I don't recall what you thought the earnings accretion might be year 1 and 3. And as you did your due diligence, can you comment on any positive or negative surprises?

關於 Microsemi 的收購，我不記得你認為第 1 年和第 3 年的收益增長是什麼。在你進行盡職調查時，你能評論一下任何積極或消極的驚喜嗎？

Sure.

當然。

It's a very general question.

這是一個非常普遍的問題。

Since we announced the transaction, we haven't seen any positive or negative surprises.

自從我們宣布交易以來，我們沒有看到任何正面或負面的驚喜。

During the diligence prior to announcement of the transaction, we didn't know as much about the company before, so we don't really have a baseline against we could see that this was a positive or negative.

在宣布交易之前的盡職調查中，我們以前對公司了解不多，所以我們真的沒有一個基準來判斷這是積極的還是消極的。

But there always are, as we through various business units and corporate profile, there were things we like and the things we did not like.

但是，在我們瀏覽各種業務部門和公司概況時，總有一些我們喜歡的東西和我們不喜歡的東西。

I think it will be probably a longer discussion to kind of go into it not where I remember offhand.

我認為可能需要更長時間的討論才能進入它，而不是我記得的地方。

I think the next step is when we close the transaction and then spend 90 days with the company, that's when we will see probably what we found as a positive or negative surprise.

我認為下一步是我們完成交易，然後與公司共度 90 天，屆時我們可能會看到我們發現的積極或消極驚喜。

So probably ask that question in another couple of earnings call later.

所以可能會在稍後的另外幾次財報電話會議上問這個問題。

Okay.

好的。

And then maybe I can just add to that to refresh people's memory of what we said on March 1, and things haven't changed from that standpoint.

然後，也許我可以補充一下，以喚起人們對我們在 3 月 1 日所說內容的記憶，從那個角度來看，事情並沒有改變。

We were assuming a June 2018 close, which is still our expectation.

我們假設 2018 年 6 月結束，這仍然是我們的預期。

We had indicated that Microsemi would add $0.75 of non-GAAP EPS accretion on an annualized run rate basis in the first year after close.

我們曾表示，Microsemi 將在收盤後的第一年按年化運行率增加 0.75 美元的非 GAAP 每股收益增長。

And in the third year after close, that we would achieve $300 million in synergy from cost savings and revenue growth, and Microsemi would contribute $1.75 of non-GAAP EPS.

在交易完成後的第三年，我們將通過成本節約和收入增長實現 3 億美元的協同效應，Microsemi 將貢獻 1.75 美元的非 GAAP 每股收益。

Our next question is from Kevin Cassidy with Stifel.

我們的下一個問題來自 Stifel 的 Kevin Cassidy。

Within your microcontroller business, what was the fastest-growing, the 8-bit, 16-bit or 32-bit?

在您的微控制器業務中，增長最快的是 8 位、16 位還是 32 位？

And is it units driving the growth or dollars?

推動增長的是單位還是美元？

Steve, I can take that.

史蒂夫，我可以接受。

We don't break out growth rates or revenue by segment of the microcontrollers.

我們不會按微控制器細分市場細分增長率或收入。

As you can follow from the prepared remarks, all of them have been setting new records.

從準備好的評論中可以看出，他們都在創造新的記錄。

So there's no one of them that is providing the growth that is offsetting any of the other ones.

因此，其中沒有一個提供的增長可以抵消其他任何一個。

And we're very happy with all 3 of them.

我們對他們三個都很滿意。

And I think outside of that, there's nothing more to say.

我認為除此之外，沒有什麼可說的了。

Okay.

好的。

I know you don't break it out by end markets, but can you say what area of the world that you're seeing the best growth from?

我知道你不會按終端市場來劃分，但你能說說你看到世界上哪個地區的增長最快嗎？

So our growth is reflected in how revenue for the company is broken out by the year -- by the regions of the world.

因此，我們的增長反映在公司的收入是如何按年——按世界地區劃分的。

So we have just under 20% in the Americas, just over 20% in Europe, and the balance is all in Asia.

所以我們在美洲只有不到 20%，在歐洲只有 20% 多一點，其餘都在亞洲。

Now Asian revenue reflects not only local consumption and local demand creation, but it also represents business that is manufactured there for U.S. or other European companies, which then go back to the originating country.

現在，亞洲收入不僅反映了當地消費和當地需求創造，還代表了在那里為美國或其他歐洲公司製造的業務，然後這些公司又回到原產國。

So that growth is very similar to the growth rates by end market.

因此，這種增長與終端市場的增長率非常相似。

And the microcontrollers being such a dominant portion of Microchip, at 65% revenue, are going to be in the same range as what Microchip is growing in any of those regions of the world.

微控制器作為 Microchip 的主導部分，佔收入的 65%，將與 Microchip 在世界任何這些地區的增長處於同一範圍。

(Operator Instructions) And our next question comes from John Pitzer with Credit Suisse.

（操作員說明）我們的下一個問題來自瑞士信貸的 John Pitzer。

This is Charlie Kazarian on behalf of John Pitzer.

我是 John Pitzer 的 Charlie Kazarian。

I was hoping to dive a little bit deeper into the March quarter revenue.

我希望更深入地了解 3 月季度的收入。

Specifically, you narrowed rev guidance on March 1 with a midpoint that was mostly unchanged.

具體來說，您在 3 月 1 日縮小了轉速指引，中點基本保持不變。

Could you just talk a little bit more about what specific buckets of revenue saw upside over the remaining month of the quarter?

您能否多談談本季度剩餘月份的具體收入增長情況？

I think -- I don't think we have that data by bucket.

我認為 - 我不認為我們有桶的數據。

By bucket, I don't know whether you mean geographically buckets or you mean by end markets or you mean by product line.

對於桶，我不知道你是指地理桶還是終端市場或產品線。

Just generically end markets or product lines or whatever you could provide would be helpful.

一般而言，終端市場或產品線或您可以提供的任何內容都會有所幫助。

End markets, we don't know.

終端市場，我們不知道。

Because on a quarterly basis, we cannot break our business by the end markets across 115,000 customers, where 53% of the business is through distribution.

因為按季度計算，我們無法通過 115,000 名客戶的終端市場來打破我們的業務，其中 53% 的業務是通過分銷進行的。

So we only provide the data once in a while after we do some painstaking amount of work.

所以我們只是在做了一些艱苦的工作之後才偶爾提供一次數據。

So we don't really have the data by end market.

所以我們真的沒有終端市場的數據。

By product line, Eric, any nuggets of where the extra growth came from?

從產品線來看，埃里克，額外增長來自哪裡的任何掘金？

Honestly, I think from March 1 to the close, we saw strength across really all of the product lines.

老實說，我認為從 3 月 1 日到結束，我們看到了所有產品線的實力。

They all performed well.

他們都表現得很好。

I mean, you will definitely see that in the quarter, the analog business performed better than the microcontroller business, but that was the opposite a quarter before that.

我的意思是，你肯定會看到，在本季度，模擬業務的表現要好於微控制器業務，但在此之前的一個季度，情況恰恰相反。

So Europe was very strong.

所以歐洲非常強大。

That's typically what we see in the March quarter, and it closed out strong.

這通常是我們在 3 月季度看到的情況，並且收盤強勁。

But I really don't think that we can take it down like that.

但我真的不認為我們可以那樣把它拿下來。

Just good overall growth across the various product lines.

各個產品線的整體增長良好。

And we cleared some delinquencies that helped to -- in the March -- in the month of March helped the growth that we had been expecting versus what we actually saw.

我們清除了一些拖欠款項，這有助於 - 在 3 月份 - 在 3 月份幫助我們實現了預期的增長，而不是我們實際看到的增長。

Our next question comes from Christopher Rolland with Susquehanna.

我們的下一個問題來自 Christopher Rolland 和 Susquehanna。

So I like the sell-through that you guys are going to report.

所以我喜歡你們要報告的銷售情況。

I wish more people would do that as well.

我希望更多的人也能這樣做。

Perhaps you guys can describe how big that difference is between sell-through and sell-in that we've seen in the past.

也許你們可以描述一下我們過去看到的銷售和銷售之間的差異有多大。

And then, Steve, I almost get the sense that you kind of philosophically are against sell-in.

然後，史蒂夫，我幾乎感覺到你在哲學上反對推銷。

Some people think it creates bad behaviors.

有些人認為它會產生不良行為。

You're not going to incentivize your sales force on sell-in.

您不會通過銷售來激勵您的銷售人員。

I was wondering if you could talk about kind of philosophically how you view that.

我想知道你是否可以從哲學上談談你是如何看待這個問題的。

So you're absolutely correct.

所以你是絕對正確的。

We are philosophically against sell-in because in sell-in, your relationship with distributors is built on commercial making the deals, where the buyers at distribution to stop the channel essentially.

我們在哲學上反對轉售，因為在轉售中，您與分銷商的關係建立在商業交易的基礎上，分銷商從根本上停止了渠道。

"Hey, buy more of my products.

“嘿，買更多我的產品。

Buy more of my parts." In a sell-through incentivization of the sales force, so your effort is in driving design wins to revenue so that the parts are going out from a distributor's shelf to the end customer.

購買更多我的零件。”在銷售人員的銷售激勵中，您的努力是推動設計勝利轉化為收入，以便零件從分銷商的貨架上運到最終客戶。

And that's the main difference.

這就是主要區別。

Company after company that we've been involved in, the companies we have bought, Atmel and Micrel and others, they all had sell-in revenue recognition.

我們參與的一家又一家公司，我們收購的公司，Atmel 和 Micrel 以及其他公司，他們都有銷售收入確認。

And now we know the history, we have the record, we have the books and the amount of managing the quarter that goes on at the end of the quarter by giving distribution deal from pricing concessions to payment terms to very, very distribution.

現在我們知道了歷史，我們有記錄，我們有賬簿和管理本季度末進行的季度管理的數量，通過提供從定價優惠到付款條件再到非常非常分銷的分銷協議。

"Please take another $10 million from me." All that happens is really bad behavior, and it doesn't represent demand.

“請再給我拿走一千萬美元。”發生的一切都是非常糟糕的行為，並不代表需求。

During the last few years, as FASB was looking at defining revenue recognition, we thought that -- I think we wrote a paper on it a long time ago.

在過去的幾年裡，當 FASB 正在考慮定義收入確認時，我們認為——我認為我們很久以前就此寫了一篇論文。

But FASB went down their decision, where the revenue recognition for GAAP has to be sell-in.

但 FASB 否決了他們的決定，即 GAAP 的收入確認必須是賣出。

So we lost that battle.

所以我們輸掉了那場戰鬥。

And so therefore, we have to announce GAAP based on sell-in, but we're not going to throw our religion away.

因此，我們必須宣布基於銷售的公認會計原則，但我們不會拋棄我們的宗教信仰。

We're going to manage the business based on sell-through.

我們將根據銷售率來管理業務。

We're going to create demand.

我們要創造需求。

Our motto is drive design wins to revenue.

我們的座右銘是推動設計贏得收入。

We're going to incentivize our people.

我們將激勵我們的員工。

All bonus programs will be based on sell-through.

所有獎勵計劃都將基於銷售率。

We're going to measure distribution based on sell-through, but we'll go through a SEC-required GAAP exercise to report a sell-in.

我們將根據銷售量來衡量分配情況，但我們將通過美國證券交易委員會要求的 GAAP 活動來報告銷售情況。

Great.

偉大的。

Going forward for me, OpEx was a tiny bit higher as a percentage of revenue.

對我來說，OpEx 佔收入的百分比略高。

Perhaps just if you guys could talk about where those investments are going.

也許你們可以談談這些投資的去向。

I don't think the change is meaningful in terms of any conscious investment we made anywhere.

就我們在任何地方進行的任何有意識的投資而言，我認為這種變化沒有意義。

I think it just -- it's a large juggernaut, and there are lots of moving parts, exchange rates, to -- in the first quarter, you have some of the social security payments come back in for some of the people who are maxed out in the later quarters.

我認為這只是 - 它是一個巨大的主宰，並且有很多移動部分，匯率 - 在第一季度，你有一些社會保障支付為一些已經用盡的人重新支付在後幾個季度。

And you could have slightly lower turnover, a higher turnover and not being able to replace the people.

而且你的營業額可能會略低，營業額可能會更高，並且無法更換人員。

So it's kind of just a whole bunch of moving parts.

所以它只是一大堆移動部件。

There was really nothing.

真的什麼都沒有。

No conscious decisions were made to invest more or less.

沒有做出增加或減少投資的有意識的決定。

Eric, do you want to add anything to that?

埃里克，你想補充什麼嗎？

Yes, I'm just going to add one thing onto that.

是的，我只想添加一件事。

So we've been operating below what Microchip has said has been our operating expense model.

因此，我們的運營一直低於 Microchip 所說的我們的運營費用模型。

And to drive a 40% operating margin company, you have to make investments in R&D and technical salespeople and support functions and everything that goes into it.

要推動一家營業利潤率達到 40% 的公司，您必須對研發和技術銷售人員以及支持職能以及與之相關的一切進行投資。

And we have a lot of open requisitions in the company, and we're going to continue to make those investments to make sure our business just isn't strong today, but it's strong 3, 5, 10 years from now.

我們公司有很多開放的申請，我們將繼續進行這些投資，以確保我們的業務今天並不強勁，但從現在起 3、5、10 年後會很強勁。

Our next question comes from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Great execution on the fiscal '18 performance.

對 18 財年業績的出色執行。

The analog business drove about 1/2 of the incremental upside in the March quarter, and it grew about 5% year-over-year.

模擬業務推動了 3 月季度約 1/2 的增量增長，同比增長約 5%。

That's kind of a nice acceleration from the 1.5% growth in the prior quarter and a deceleration trend prior to that.

與上一季度 1.5% 的增長率和之前的減速趨勢相比，這是一個很好的加速。

And this is despite the reclassification headwinds.

儘管存在重新分類的不利因素，但還是如此。

Is the year-over-year reacceleration a reflection of the increased attach rates you're achieving per program as you highlighted at Analyst Day or you think it's just normal quarterly fluctuations?

正如您在分析師日強調的那樣，同比再加速是否反映了您在每個項目中實現的附加率增加，或者您認為這只是正常的季度波動？

Ganesh?

像頭神？

So there's certainly some of that, which is a reflection of work we have done previously from an attach standpoint.

所以肯定有一些，這反映了我們之前從附加的角度所做的工作。

And we've been telling you for several quarters that the headwind is only because of the way we reclassify, but that the underlying fundamentals of the analog business and what we're doing to create growth in attach and all those other things remain intact.

幾個季度以來，我們一直在告訴你，逆風只是因為我們重新分類的方式，但模擬業務的基本面以及我們為創造附加增長所做的工作以及所有其他事情都保持不變。

Quarter-to-quarter, you're going to see fluctuations on it.

每個季度，你都會看到它的波動。

But I think the longer-term trend you should expect is that analog will have nice growth associated with what we can do with selling it as a part of our total system solutions.

但我認為你應該期待的長期趨勢是模擬將有很好的增長，這與我們將其作為我們整體系統解決方案的一部分進行銷售相關。

Great.

偉大的。

And aerospace and defense is only about 2% of sort of core Microchip business, kind of pre-Microsemi.

航空航天和國防僅佔 Microchip 核心業務的 2% 左右，屬於 Microsemi 之前的業務。

That percentage mix increases about 5.5x with Microsemi.

Microsemi 的混合百分比增加了大約 5.5 倍。

I've heard that A&D is more sticky than your industrial products.

我聽說 A&D 比你們的工業產品更粘。

I hear margins in A&D are better than industrial.

我聽說 A&D 的利潤率高於工業。

First of all, would you agree with that?

首先，你同意嗎？

And does Microchip have a family of kind of high [rel] radiation-hardened MCUs?

Microchip 是否有一系列高 [rel] 抗輻射 MCU？

Or is that something you guys hope to achieve with the Microsemi team?

或者這是你們希望通過 Microsemi 團隊實現的目標？

Ganesh?

像頭神？

So clearly, the portion of our business, that will be aerospace, defense and space, will grow up with Microsemi.

很明顯，我們的業務部分，即航空航天、國防和太空，將與 Microsemi 一起成長。

It is a very sticky business.

這是一項非常棘手的業務。

It is high-margin business.

這是高利潤業務。

And so in that sense, it joins the family of industrial and automotive and other product lines we have that have similar characteristics.

因此，從這個意義上說，它加入了我們擁有的具有相似特徵的工業和汽車以及其他產品系列。

Some of the work, technically, that we have to do also take advantage of what we have to do for industrial and automotive.

從技術上講，我們必須做的一些工作還利用了我們必須為工業和汽車所做的工作。

Specifically to the rad-hard product line, yes, we do have rad-hard microcontrollers.

具體到抗輻射產品線，是的，我們確實有抗輻射微控制器。

Some of that work obviously started from Atmel and what they have been doing prior to the acquisition.

其中一些工作顯然是從 Atmel 開始的，以及他們在收購之​​前一直在做的事情。

And Microchip had been building more products that were ready for defense business, but the rad-hard portion came really from the Atmel heritage.

Microchip 一直在構建更多為國防業務做好準備的產品，但抗輻射部分實際上來自 Atmel 的傳統。

And it will grow significantly with Microsemi's portfolio, which is quite rich in other areas as well of defense and aerospace.

它將隨著 Microsemi 的產品組合顯著增長，該產品組合在其他領域以及國防和航空航天領域都非常豐富。

And we have no additional questions.

我們沒有其他問題了。

At this time, I would like to turn the call back to Mr. Steve Sanghi for any additional or closing remarks.

此時，我想將電話轉回給 Steve Sanghi 先生，以徵求任何補充意見或結束意見。

Well, we want to thank all the investors for joining this call and for being investors in Microchip.

那麼，我們要感謝所有投資者加入這次電話會議並成為 Microchip 的投資者。

All the best from us, and we'll see you during the quarter maybe at some of the conferences.

祝我們一切順利，我們會在本季度見到您，也許會在某些會議上見到您。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's call, and we thank you for your participation.

女士們，先生們，今天的電話會議到此結束，我們感謝您的參與。

You may now disconnect.

您現在可以斷開連接。