微晶片科技 (MCHP) 2019 Q1 法說會逐字稿

Good day, everyone and welcome to this Microchip Technology First Quarter and Fiscal Year 2019 Financial Results Conference Call.

大家好，歡迎參加 Microchip Technology 2019 年第一季及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'd like to turn the call over to Microchip's Chief Financial Officer, Mr. Eric Bjornholt.

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

Please go ahead, sir.

請繼續，先生。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

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

在本次電話會議期間，我們將對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 first quarter of fiscal year 2019 financial performance, and Steve and Ganesh will then give their comments on the results, discuss the current business environment as well as our guidance and provide an update on our integration activities associated with the Microsemi acquisition.

我將評論我們 2019 財年第一季的財務業績，然後 Steve 和 Ganesh 將對結果發表評論，討論當前的商業環境以及我們的指導，並提供與 Microsemi 收購相關的整合活動的最新資訊。

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

然後我們將可以回答具體的投資者和分析師的問題。

I want to remind you that we are including information in our press release 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 want to remind investors that during the quarter ending June 30, 2018, we adopted a new GAAP revenue recognition standard, which requires revenue to be recognized at the time products are sold to distributors versus our historical revenue recognition policy, or revenue on such transactions were deferred until the product was sold by our distributors to an end customer.

我想提醒投資者，在截至2018 年6 月30 日的季度中，我們採用了新的GAAP 收入確認標準，該標準要求在將產品出售給分銷商時確認收入，而不是我們的歷史收入確認政策，或此類交易的收入推遲到我們的經銷商將產品出售給最終客戶為止。

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 as this is not how we manage our business.

我們無法根據公認會計原則提供指導，因為我們無法預測經銷商的庫存是否會根據終端市場需求增加或減少，因為這不是我們管理業務的方式。

As evidence of this uncertainty 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，我們發現經銷商的淨庫存在一個季度內大幅增加或減少。

Our non-GAAP revenue was based on true end market demand, in which we measure the revenue based on when the product was sold by our distributors to an end customer.

我們的非公認會計準則收入是基於真實的終端市場需求，其中我們根據經銷商將產品出售給最終客戶的時間來衡量收入。

We will continue to manage our business and distributor relationships based on creating and fulfilling end market demand.

我們將繼續在創造和滿足終端市場需求的基礎上管理我們的業務和經銷商關係。

All of Microchip's bonus programs will continue to work based on the amount of revenue earned from fulfilling end market demand, therefore along with GAAP results based on sell in, we will also report our non-GAAP results based on sell-through revenue recognition.

Microchip 的所有獎金計劃將繼續根據滿足終端市場需求所賺取的收入金額進行運作，因此，除了基於售出的 GAAP 業績外，我們還將報告基於售出收入確認的非 GAAP 業績。

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 using revenue based on end market demand and expenses prior to the effects of our acquisition activities and share-based compensation.

我將在非公認會計原則的基礎上參考這些結果，使用基於終端市場需求的收入和在我們的收購活動和股權激勵影響之前的費用。

Non-GAAP net sales in the June quarter were $1.217 billion, above the midpoint of our guidance and up 21.4% sequentially from net sales of $1.002 billion in the immediately preceding quarter.

6 月季度的非 GAAP 淨銷售額為 12.17 億美元，高於我們指引的中位數，比上一季的淨銷售額 10.02 億美元季增 21.4%。

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 a record 62.2%, operating expenses were 23.3% of sales and operating income was a record $473.5 million and 38.9% of sales.

以非公認會計準則計算，毛利率創紀錄達到 62.2%，營運費用佔銷售額的 23.3%，營運收入創紀錄達到 4.735 億美元，佔銷售額的 38.9%。

Non-GAAP net income was a record $405.8 million.

非 GAAP 淨利潤達到創紀錄的 4.058 億美元。

Non-GAAP earnings per share was a record $1.61, which was $0.13 above the midpoint of our guidance of $1.48.

非 GAAP 每股盈餘創歷史新高 1.61 美元，比我們指引價值 1.48 美元的中位數高出 0.13 美元。

On a GAAP basis, net sales in the June quarter were $1.213 billion, GAAP gross margins were 52.9% and include the impact of $3.6 million of share-based compensation, $107.7 million of acquisition restructuring and acquired inventory valuation cost, and $3.4 million impact from changes in distributor inventory levels.

以GAAP 計算，第二季淨銷售額為12.13 億美元，GAAP 毛利率為52.9%，其中包括360 萬美元的股權激勵影響、1.077 億美元的收購重組和收購庫存評估成本以及340 萬美元的股權激勵影響。分銷商庫存水準的變化。

Total operating expenses were $509.7 million and include acquisition intangible amortization of $133.7 million; special charges of $40.1 million, which includes $15.9 million of share-based compensation; $26.9 million of acquisition related and other costs; and share-based compensation of $25.8 million.

總營運費用為 5.097 億美元，其中包括收購無形攤銷 1.337 億美元；特別費用 4,010 萬美元，其中包括 1,590 萬美元的股權激勵； 2,690 萬美元的收購相關成本及其他成本；以及 2580 萬美元的股權激勵。

The GAAP net income was $35.7 million or $0.14 per diluted share.

GAAP 淨利潤為 3,570 萬美元，即稀釋後每股收益 0.14 美元。

The non-GAAP cash tax rate was 3.5% in the June quarter.

6 月季度的非 GAAP 現金稅率為 3.5%。

We expect our non-GAAP tax rate for fiscal '19 and the next several years to be between 3% and 4%, exclusive of the transition tax and any potential tax associated with restructuring the Microsemi operations into the Microchip global structure.

我們預計 19 財年和未來幾年的非 GAAP 稅率將在 3% 至 4% 之間，不包括過渡稅和與將 Microsemi 業務重組為 Microchip 全球結構相關的任何潛在稅項。

We have many tax attributes and net operating losses, tax credits and interest deductions that will keep our cash tax payments low.

我們有許多稅收屬性和淨營業虧損、稅收抵免和利息扣除，這將使我們的現金稅支付保持在較低水平。

The transition tax for the combined Microchip/Microsemi group is expected to be about $364 million was recorded last fiscal year and will be paid over 8 years.

上一財年，合併後的 Microchip/Microsemi 集團的過渡稅預計約為 3.64 億美元，並將分 8 年繳納。

The first transition tax payment was made in July 2018 in the amount of $35 million.

第一筆過渡稅於 2018 年 7 月繳納，金額為 3,500 萬美元。

We expect payments of about $28 million in fiscal years 2020 through 2023; $54 million in fiscal year 2024; $72 million in fiscal '25; and $91 million in fiscal year '26.

我們預計 2020 至 2023 財年將支付約 2,800 萬美元； 2024財年為5,400萬美元； 25 財年 7,200 萬美元； '26 財年為 9,100 萬美元。

Microchip's GAAP tax rate in the June quarter was 5.2% and was impacted by the various GAAP purchase accounting adjustments from the Microsemi acquisition and prior acquisitions as well as onetime discrete benefits related to changes in U.S. and foreign tax laws.

Microchip 在第二季的 GAAP 稅率為 5.2%，受到 Microsemi 收購和先前收購的各種 GAAP 採購會計調整以及與美國和外國稅法變化相關的一次性離散收益的影響。

Moving on to the balance sheet.

繼續看資產負債表。

Our inventory balance at June 30, 2018 was $1.105 billion, including $359.7 million of inventory markup from Microsemi required for GAAP purchase accounting.

截至 2018 年 6 月 30 日，我們的庫存餘額為 11.05 億美元，其中包括美高森美 GAAP 採購會計所需的 3.597 億美元庫存加價。

Excluding the inventory markup, we had 119 days of inventory at the end of the June quarter.

不包括庫存加價，截至 6 月季度末，我們的庫存天數為 119 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 June quarter were at 40 days compared to 36 days at the end of March.

6 月季度我們經銷商的庫存為 40 天，而 3 月底為 36 天。

The historical Microchip distributor inventory was actually down by about a day in the June quarter, but the consolidated increase is driven by the high inventory in the Microsemi distribution channel.

Microchip 分銷商的歷史庫存實際上在六月季度下降了約一天，但綜合增長是由 Microsemi 分銷渠道的高庫存推動的。

We expect the Microsemi distribution inventory to reduce through the end of calendar year 2018.

我們預計美高森美分銷庫存到 2018 年底將會減少。

The cash flow from operating activities was $302.4 million in the June quarter.

六月季度的營運活動現金流量為 3.024 億美元。

As of June 30, the consolidated cash and total investment position was $649.7 million.

截至 6 月 30 日，合併現金和總投資部位為 6.497 億美元。

At June 30, our debt outstanding includes $3.3 billion of borrowings under our line of credit, $3 billion of Term Loan B, $2 billion of high-grade bonds and $4.5 billion of convertible debt.

截至 6 月 30 日，我們的未償債務包括 33 億美元的信用額度借款、30 億美元的定期貸款 B、20 億美元的高等級債券和 45 億美元的可轉換債務。

Our net debt-to-EBITDA, excluding our very long-dated convertible debt that matures in 2037 and is more equity-like in nature, was $5.0 billion at June 30, 2018.

截至 2018 年 6 月 30 日，我們的淨債務與 EBITDA 比率為 50 億美元，不包括 2037 年到期且本質上更類似於股票的長期可轉換債務。

Our leverage is higher than we originally projected, primarily due to lower EBITDA from the Microsemi business, driven by needing to correct distribution inventory levels through lower shipment activity.

我們的槓桿率高於我們最初的預期，主要是由於美高森美業務的 EBITDA 較低，這是由於需要透過減少出貨活動來糾正分銷庫存水準。

We are fully committed to using 100% of our excess cash generation beyond our dividend payments to reduce our debt levels, and we expect our net leverage to decline dramatically over the next several years.

我們完全致力於利用股息支付之外 100% 的超額現金產生來降低債務水平，並且我們預計未來幾年我們的淨槓桿率將大幅下降。

Capital expenditures were $89.4 million in the June 2018 quarter.

2018 年 6 月季度的資本支出為 8,940 萬美元。

We expect about $70 million in capital spending in the September quarter, and overall capital expenditures for fiscal year 2019 to be about $220 million to $250 million.

我們預計 9 月季度的資本支出約為 7,000 萬美元，2019 財年的總資本支出約為 2.2 億至 2.5 億美元。

We continue to add 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.

我們繼續增加資本，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 and Microsemi manufacturing activities that we are bringing in to 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 和 Microsemi 製造活動。

Depreciation expense in the June quarter was $38 million.

六月季度的折舊費用為 3,800 萬美元。

I will now turn it over to Ganesh to give us comments on the performance of the business in the June quarter and provide an update on some of the Microsemi integration activities.

現在我將把它交給 Ganesh，讓我們對 6 月季度的業務表現發表評論，並提供一些美高森美整合活動的最新情況。

Ganesh?

加內什？

Thank you, Eric, and good afternoon, everyone.

謝謝你，埃里克，大家下午好。

Before we get started with the product line discussion, I thought it may be helpful to summarize what we said at our May 31 conference call in regards to our revenue reporting.

在我們開始討論產品線之前，我認為總結一下我們在 5 月 31 日電話會議上關於收入報告的內容可能會有所幫助。

Classic Microchip, which is Microchip excluding Microsemi, used to report 5 product lines: microcontrollers, analog, memory, licensing and finally, multi-market and other, which we used to call MMO.

Classic Microchip，即 Microsemi 之外的 Microchip，過去報告了 5 個產品線：微控制器、模擬、記憶體、許可，最後是多市場和其他，我們過去稱之為 MMO。

In fiscal year 2018, our revenue of $3.98 billion was split across the 5 product lines as follows: microcontrollers at 65.8%; analog at 23.9%; memory at 5%; licensing at 2.6%; and MMO at 2.6%.

2018 財年，我們 39.8 億美元的營收分佈在 5 個產品線中，具體如下：微控制器佔 65.8%；模擬為 23.9%；記憶體為 5%；許可證費率為 2.6%；和 MMO 為 2.6%。

With the addition of Microsemi, we will add a sixth product line category called FPGA.

隨著 Microsemi 的加入，我們將增加第六個產品線類別，稱為 FPGA。

Microsemi's revenue reporting will be split across 4 of the 6 product line categories, in microcontrollers, analog, FPGA and MMO.

美高森美的營收報告將分為 6 個產品線類別中的 4 個類別，分別為微控制器、類比、FPGA 和 MMO。

Microsemi has no memory or licensing product lines, and hence the contribution to these categories will be 0.

Microsemi 沒有記憶體或授權產品線，因此這些類別的貢獻將為 0。

Directionally, on a combined basis, we expect our analog revenue percentage to tick up, while our microcontroller revenue percentage will tick down.

從方向上看，綜合來看，我們預計我們的模擬收入百分比將會上升，而我們的微控制器收入百分比將會下降。

That is exactly what the final results for our Q1 have shown, with a partial quarter of Microsemi results included in our overall results.

這正是我們第一季的最終結果所顯示的，美高森美的部分四分之一的結果包含在我們的整體結果中。

Now let's get to the product line performance.

現在讓我們來看看產品線的性能。

On a combined company basis, we performed a little better than we expected in the June quarter with sequential revenue growth of 21.4% as compared to the March quarter.

在合併後的公司基礎上，我們 6 月季度的表現略好於我們的預期，與 3 月季度相比，環比營收成長了 21.4%。

Microchip, excluding Microsemi, achieved a new record for revenue.

Microchip（不包括 Microsemi）的收入創下了新紀錄。

The Microchip 2.0 transformation continues to make good progress, especially in terms of new design opportunities as we enable our client's 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，因為我們透過最佳的智慧、互聯和安全解決方案來支援客戶的創新。

Taking a closer look at microcontrollers.

仔細研究微控制器。

Our microcontroller business, excluding Microsemi, set a new record in the June quarter.

我們的微控制器業務（不包括 Microsemi）在第二季創下了新紀錄。

Microcontroller revenue, excluding Microsemi, also outgrew classic Microchip overall.

微控制器收入（不包括 Microsemi）的整體成長也超過了經典的 Microchip。

Both 8-bit microcontrollers and 32-bit microcontrollers for classic Microchip set new records.

經典 Microchip 的 8 位元微控制器和 32 位元微控制器都創下了新記錄。

On a combined basis, including Microsemi, our microcontroller business was sequentially up 10.8% as compared to the March quarter.

包括 Microsemi 在內，我們的微控制器業務與 3 月季度相比連續成長了 10.8%。

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，我們看到漏斗設計的持續成長，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。

We believe we have the 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界性能最佳的微控制器系列，我們擁有新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, excluding Microsemi, set a new record in the June quarter.

我們的模擬收入（不包括美高森美）在第二季創下了新紀錄。

Analog revenue, excluding Microsemi, also outgrew classic Microchip overall.

模擬收入（不包括 Microsemi）的整體成長也超過了經典的 Microchip。

And on a combined basis, our analog business was sequentially up 35% as compared to the March quarter.

綜合來看，我們的模擬業務比 3 月季度成長了 35%。

Moving next to our licensing business.

接下來是我們的授權業務。

This business was sequentially up 0.2% as compared to the March quarter and up 5.8% as compared to the year-ago quarter.

該業務較三月季度環比增長 0.2%，較去年同期增長 5.8%。

Our memory business was sequentially down 1.8% in the June quarter as compared to the March quarter.

與 3 月季度相比，我們的記憶體業務在 6 月季度連續下降了 1.8%。

And finally, our MMO business for Microchip, excluding Microsemi, was down sequentially.

最後，我們為 Microchip 提供的 MMO 業務（不包括 Microsemi）連續下降。

However, it was up 63% sequentially when including Microsemi.

然而，如果包括 Microsemi，則環比上漲 63%。

On a combined company basis, which has a full quarter of Microchip and a partial quarter of Microsemi, our F Q1 2019 revenue of $1.2 billion was split across the 6 product lines we report as follows: microcontrollers at 59.9%, analog at 27%, FPGA at 3.4%, memory at 4%, licensing at 2.2% and MMO at 3.5%.

在合併後的公司基礎上（擁有Microchip 的整個季度和Microsemi 的部分季度），我們2019 年第一季的營收為12 億美元，分佈在我們報告的6 個產品線中，如下所示：微控制器佔59.9%，類比佔27%， FPGA 佔 3.4%，記憶體佔 4%，許可佔 2.2%，MMO 佔 3.5%。

We expect the tick down in microcontroller revenue percentage and tick up in analog revenue percentage will be further accentuated when we announce our F Q2 results in November as we will have a full quarter of Microsemi revenue included in the results.

我們預計，當我們在 11 月公佈 F Q2 業績時，微控制器收入百分比的下降和模擬收入百分比的上升將進一步加劇，因為我們將把美高森美整個季度的收入納入業績中。

Now an update on the Microsemi integration and our progress since our May 31 conference call.

現在介紹一下美高森美整合的最新情況以及自 5 月 31 日電話會議以來我們取得的進展。

We made dramatic changes to the top-level leadership structure in the first few weeks after the close.

在交易結束後的最初幾週內，我們對高層領導結構進行了重大調整。

Essentially all of the top leadership are no longer with Microchip.

基本上所有高階領導都不再在 Microchip 任職。

The reasons for this will be more evident after Steve provides you some color in his section.

在史蒂夫在他的部分中為您提供一些說明之後，原因將會更加明顯。

As we have done in other large acquisitions, we have used our leadership depth and strong pipeline to insert Microchip executive leaders in the top positions to run the Microsemi enterprise.

正如我們在其他大型收購中所做的那樣，我們利用我們的領導深度和強大的管道將 Microchip 的執行領導者安插到最高職位來經營 Microsemi 企業。

The business unit restructuring is progressing well.

業務部門重組進展順利。

We have retained several of the key Microsemi business unit leaders to continue to run their businesses, while selectively combining some of the smaller businesses where Microchip had similar product lines into the Microchip business unit's structure.

我們保留了幾個主要的 Microsemi 業務部門領導者繼續經營他們的業務，同時有選擇地將 Microchip 擁有類似產品線的一些較小業務合併到 Microchip 業務部門的結構中。

This eliminates duplicate infrastructure and create synergy in the process.

這消除了重複的基礎設施並在此過程中產生協同作用。

We have also restructured some of the less profitable businesses and adjusted their going-forward investment levels to be consistent with what is affordable and we have some more to go.

我們也重組了一些利潤較低的業務，並調整了它們的未來投資水平，以使其與可承受的水平保持一致，我們還有更多的工作要做。

The sales integration has commenced and we have converted the sales team to a Microchip-style noncommission sales team and ended all incentives discount product for quarter end revenue maximization.

銷售整合已經開始，我們已將銷售團隊轉變為 Microchip 式的非佣金銷售團隊，並結束了所有激勵折扣產品，以實現季度末收入最大化。

Teams from classic Microchip and Microsemi have started to identify and pursue product cross-selling opportunities and have also identified reference designs that can take advantage of our combined total solutions approach.

來自經典 Microchip 和 Microsemi 的團隊已開始尋找和尋求產品交叉銷售機會，並且還確定了可以利用我們組合整體解決方案方法的參考設計。

Several of the sales office space consolidations have already taken place in many more are in the works.

一些銷售辦公空間的整合已經進行，還有更多的整合正在進行中。

The normal analysis of effectiveness of channels as well as each channel partner, is underway.

對通路以及每個通路合作夥伴的有效性的正常分析正在進行中。

One decision we have already made, which was announced last week, is the refranchising of Avnet, a Microsemi product, thus adding more channel bandwidth to sell Microsemi's products.

我們上週宣布的一項決定是重新特許經營美高森美的產品安富利，從而增加更多的通路頻寬來銷售美高森美的產品。

The operations integration work has started, but it's an enormously complex undertaking, as little to no integration of prior Microsemi acquisitions have taken place.

營運整合工作已經開始，但這是一項極其複雜的工作，因為美高森美先前的收購幾乎沒有進行整合。

For example, Microsemi has 21 ERP installations that we need to converge in our business system and operational integration plans.

例如，Microsemi 有 21 個 ERP 安裝，我們需要將它們整合到我們的業務系統和營運整合計畫中。

We expect that to have a plan worked out by the end of this month and start working towards specific business system and operational integration goals at that time.

我們預計在本月底前製定計劃，並開始朝著具體的業務系統和營運整合目標努力。

However, given the complexity we are seeing, we expect the operational integration will be a 2 to 3-year project.

然而，考慮到我們所看到的複雜性，我們預計營運整合將是一個為期 2 至 3 年的計畫。

We're also performing a detailed analysis of what outsourced operations can be insourced as well as evaluating the efficiency and cost-effectiveness of Microsemi's internal factories.

我們也對哪些外包業務可以內包進行詳細分析，並評估美高森美內部工廠的效率和成本效益。

Lastly, the normal task of working with the supplier base to find the best costs from either company and applying it to the other is happening as we speak.

最後，就在我們說話的時候，與供應商基礎合作以找到任何一家公司的最佳成本並將其應用於另一家公司的正常任務正在發生。

In the G&A areas, we have eliminated some of the support organizational cost redundancies, more will happen after we get further along with our business system and operational integration plans.

在G&A領域，我們已經消除了一些支援組織成本冗餘，在我們進一步推進我們的業務系統和營運整合計劃後，還會發生更多的冗餘。

Let me now pass it to Steve for some 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提出一些意見。

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 first quarter of 2019.

今天，我想先回顧一下2019財年第一季的業績。

I will then provide commentary on our first 2 months at Microsemi.

然後我將對我們在美高森美的頭兩個月進行評論。

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

然後我將為 2019 財年第二季提供指導。

Our June quarter financial results were good.

我們六月季度的財務表現良好。

Our consolidated net sales came in above the midpoint of our revised guidance that we issued on May 31, 2018 after the closing of the Microsemi transaction.

我們的合併淨銷售額高於我們於 2018 年 5 月 31 日美高森美交易結束後發布的修訂指引的中點。

In discussion with our Board of Directors, the Board wants us to manage, as a combined business from day 1, not break out the individual components of Microchip and Microsemi, and proceed to integrate the businesses together at a rapid pace.

在與董事會討論時，董事會希望我們從第一天起就作為一個合併業務進行管理，不要拆分 Microchip 和 Microsemi 的各個組成部分，而是繼續快速地將業務整合在一起。

The Board does not want to engage in the old controversy of organic versus inorganic growth and wants to measure us on the overall results achieved.

董事會不想捲入有機成長與無機成長的老爭論，而是希望根據所取得的整體成果來衡量我們。

What we are driving towards is to produce an increasing non-GAAP earnings per share from the combined company.

我們的目標是提高合併後公司的非公認會計準則每股收益。

This worked well when we acquired Atmel and it should work well here.

當我們收購 Atmel 時，這種方法效果很好，現在應該也很好。

Therefore, we will not provide a breakdown of the 2 businesses other than some useful nuggets of information along the way.

因此，除了一些有用的信息外，我們不會提供這兩項業務的詳細資訊。

I will refer to Microchip business without Microsemi as classic Microchip.

我將把沒有 Microsemi 的 Microchip 業務稱為經典的 Microchip。

When we include Microsemi, we will call it consolidated.

當我們將 Microsemi 納入其中時，我們將其稱為合併。

So our classic Microchip's non-GAAP revenue, non-GAAP gross margin and non-GAAP operating margins were all new records last quarter.

因此，我們經典的Microchip上季的非GAAP營收、非GAAP毛利率和非GAAP營業利潤率均創下新紀錄。

Our overall consolidated non-GAAP revenue, non-GAAP gross margin and non-GAAP EPS were also new records.

我們的整體綜合非 GAAP 收入、非 GAAP 毛利率和非 GAAP 每股盈餘也創下新紀錄。

Non-GAAP EPS exceeded the high end of our guidance.

非 GAAP 每股收益超出了我們指導的上限。

The non-GAAP earnings per share was $1.61, $0.13 better than the midpoint of our guidance.

非 GAAP 每股收益為 1.61 美元，比我們指引的中位數高出 0.13 美元。

$0.05 of this EPS beat came from higher operating profits, and the balance $0.08 of the EPS beat came from a much lower tax rate.

EPS 超出預期的 0.05 美元來自較高的營業利潤，而 EPS 超出預期的 0.08 美元則來自較低的稅率。

Our tax rate guidance was intentionally conservative in the wake of new tax laws and significant uncertainty of the tax state of the combined company after acquisition of Microsemi.

由於新稅法的出台以及收購美高森美後合併後公司的稅務狀況存在重大不確定性，我們的稅率指導有意保持保守。

We consider the tax planning for the combined company to be a part of our planned synergy and had intentionally modeled for it in our synergies planning.

我們認為合併後公司的稅務規劃是我們計劃協同效應的一部分，並有意在我們的協同效應規劃中對其進行建模。

On a non-GAAP basis, this was also our 111th consecutive profitable quarter.

以非公認會計準則計算，這也是我們連續第 111 個季度獲利。

Our inventories at classic Microchip at the end of June 2018 were 119 days, which is right at our target of 115 to 120 days.

截至 2018 年 6 月，我們經典 Microchip 的庫存為 119 天，正好達到我們 115 至 120 天的目標。

The total inventory, including Microsemi, is cluttered by purchase accounting adjustments where inventory is written up to market value, and hence the total inventory indicated is not meaningful.

包括 Microsemi 在內的總庫存因採購會計調整而混亂，其中庫存按市場價值記賬，因此所示的總庫存沒有意義。

We have made enormous progress on the manufacturing side by bringing capacity online and decreasing lead times.

透過提高產能和縮短交貨時間，我們在製造方面取得了巨大進步。

Our lead times are now near normal with the majority of our products having lead times of between 4 to 8 weeks, but scattered issues with certain products continue to cause longer lead times on those products.

我們的交貨時間現在接近正常，大多數產品的交貨時間在 4 到 8 週之間，但某些產品的零星問題繼續導致這些產品的交貨時間更長。

Now let us shift gears.

現在讓我們換個方向。

I will give you our observation from our first 2 months at Microsemi.

我將向您介紹我們在 Microsemi 的前兩個月的觀察結果。

This has been the time when we were able to get access to all the company's information that we were not able to get before, and this is the time when we discovered some of the weaknesses as we have found in other acquisitions like Atmel and Micrel.

那時我們能夠獲得以前無法獲得的所有公司信息，也是我們發現一些弱點的時候，就像我們在 Atmel 和 Micrel 等其他收購中發現的那樣。

This is typically the low point in the acquisition.

這通常是收購過程中的最低點。

Things usually rapidly improve from here as we go to work to fix and integrate.

當我們開始修復和整合時，事情通常會從這裡迅速改善。

In the case of Microsemi, we've found that Microsemi management was extremely aggressive in shipping inventory into the distribution channel.

以美高森美為例，我們發現美高森美管理層在將庫存運送到分銷管道方面非常積極。

Microsemi's distributors had about 4 months of inventory, whereas Microchip's distributors carry about 2.5 months of inventory.

Microsemi 的經銷商擁有約 4 個月的庫存，而 Microchip 的經銷商則擁有約 2.5 個月的庫存。

While we have seen some excess shipments of inventory into the distribution channel in other acquisitions, we have never seen as much excess as we found in the case of Microsemi.

雖然我們在其他收購中看到一些過量庫存進入分銷管道，但我們從未見過像美高森美案例中那樣多的過量庫存。

Microsemi also overshipped into the contract manufacturers by making deals and offering discounts.

美高森美也透過達成交易和提供折扣，向合約製造商超額發貨。

This excessive distribution and contract manufacturer's inventory will provide some headwind for revenue for the next couple of quarters.

這種過度的分銷和合約製造商的庫存將為未來幾季的收入帶來一些阻力。

Our trailing EBITDA and the next 2 quarters of cash generation will also be impacted by needing to correct this inventory for Microsemi products.

我們的尾隨 EBITDA 和未來兩個季度的現金產生也將受到需要糾正美高森美產品庫存的影響。

While excessive shipments into distribution and contract manufacturers has been the main issue at Microsemi, we also found a culture of excessive extravagance and high spending.

雖然向分銷和合約製造商過度發貨一直是美高森美的主要問題，但我們也發現了過度奢侈和高支出的文化。

The company had millions of dollars of sponsorships in several luxury suites and sports stadiums, luxury private plane travel and generous sponsorships for many conferences, stadiums and other venues that are a wastage of shareholders money.

該公司擁有數百萬美元的贊助，包括多個豪華套房和體育場館、豪華私人飛機旅行以及對許多會議、體育場和其他地方的慷慨贊助，這些都是浪費股東的錢。

We are undoing commitments to all such spending.

我們正在撤銷對所有此類支出的承諾。

So what are we doing to clean up excess inventory and other spending?

那麼我們正在做什麼來清理過剩的庫存和其他支出呢？

We did not make any deals with the distribution, contract manufacturers or end customers in the month of June to ship excess inventory.

6月份我們沒有與經銷商、合約製造商或最終客戶達成任何運送多餘庫存的交易。

As a result, we shipped close to $100 million less in the month of June than Microsemi ex-management would have shipped.

因此，我們 6 月的出貨量比 Microsemi 前管理層的出貨量少了近 1 億美元。

That was nearly half the inventory correction accomplished in a single month.

這幾乎是一個月內完成的庫存調整的一半。

We expect to achieve the balance of the distributor -- distribution inventory correction in the next 2 quarters and nearly complete the correction by the end of this calendar year.

我們預計在接下來的兩個季度內實現經銷商-分銷庫存的平衡修正，並在今年年底前基本完成修正。

Based on high inventory in distribution as well as inside Microsemi, we have substantially cut back on the manufacturing build plan in internal factories as well as foundries and assembly test subcontractors.

基於分銷和美高森美內部的高庫存，我們大幅削減了內部工廠以及代工廠和組裝測試分包商的製造計劃。

The vast majority of Microsemi business is subcontracted, so we will see a dollar-for-dollar cash saving, which will offset the negative cash impact of -- some of the negative cash impact of inventory correction.

美高森美的絕大多數業務都是分包的，因此我們將看到現金節省，這將抵消庫存調整帶來的一些負面現金影響。

While this may seem disappointing, we have seen such challenges before, as the problems of the acquired company become more visible post close.

雖然這可能看起來令人失望，但我們以前見過這樣的挑戰，因為被收購公司的問題在交易完成後變得更加明顯。

We remain optimistic about the medium and longer-term prospects from the Microsemi acquisition and are not changing our longer-term thesis.

我們對收購美高森美的中長期前景保持樂觀，並且不會改變我們的長期觀點。

We have high confidence in the $300 million of synergies that we previously communicated, Microsemi has very good engineering teams, we are still very bullish on the Microsemi products, the stickiness of the customer sockets and the end-market opportunities for the combined company.

我們對先前溝通過的 3 億美元協同效應充滿信心，美高森美擁有非常優秀的工程團隊，我們仍然非常看好美高森美的產品、客戶插座的黏性以及合併後公司的終端市場機會。

Our strategy for the better part of this decade has been to buy underperforming assets and turn them into world-class performers in the likes of Microchip.

在這十年的大部分時間裡，我們的策略是購買表現不佳的資產，並將其轉變為像 Microchip 這樣的世界級企業。

Here we are starting with excellent products and excellent gross margins, and we will correct the aggressive distribution and contract manufacturing shipments and high expense culture as we have done before, for example, at Atmel.

在這裡，我們從優秀的產品和出色的毛利率開始，我們將糾正積極的分銷和合約製造出貨以及高費用文化，就像我們以前在 Atmel 所做的那樣。

Now let us go into the non-GAAP guidance for the September quarter.

現在讓我們來看看九月季度的非公認會計準則指引。

In addition to the headwinds I described on Microsemi, there are several small factors that are starting to impact the business.

除了我在美高森美描述的不利因素之外，還有幾個小因素開始影響業務。

Standalone, none of them will be material, but all of them together are causing us to provide a cautious guidance for fiscal second quarter of 2019.

單獨來看，這些因素都不會產生重大影響，但所有這些因素加在一起，都會促使我們為 2019 財年第二季提供謹慎的指導。

I would describe 4 reasons: Number one, the lead times in the market for some of the passive components continue to be long.

我會描述四個原因：第一，有些被動元件的市場交貨時間仍然很長。

We are seeing push outs by several customers because they cannot complete the whole kit and hence do not need our devices.

我們看到一些客戶退出，因為他們無法完成整個套件，因此不需要我們的設備。

Number two, all the talk about tariffs and trade war is making our customers nervous.

第二，所有有關關稅和貿易戰的討論都讓我們的客戶感到緊張。

While it is hard to put your finger on it, it is hurting business confidence, which makes people pull back on investments, expansion and capital spending.

雖然很難具體說明這一點，但它正在損害商業信心，導致人們縮減投資、擴張和資本支出。

A very small portion of products are made in China and even a smaller portion are imported back in U.S. So we are not worried about duties on our products imported into U.S., but we are concerned about our customers' products imported into U.S. This is based on original July 6 tariff implementation.

很小一部分產品是中國製造的，甚至更小部分是從美國進口的，所以我們不擔心我們的產品進口到美國的關稅，但我們擔心我們客戶的產品進口到美國。這是基於原定7月6日關稅實施。

We are still analyzing the impact of expected August 23 tariff implementation.

我們仍在分析 8 月 23 日預計關稅實施的影響。

Here was a quote from one of our sources, one of our customers: "United States imposed 25% tariffs on some Chinese goods on July 6. U.S. issued a list of thousands of Chinese goods for the new tariffs.

以下是我們一位消息人士、我們的一位客戶的引述：「美國於 7 月 6 日對部分中國商品加徵 25% 的關稅。美國針對新關稅發布了一份數千種中國商品清單。

It makes manufacturers conservative in building product due to uncertainty of market demand."

由於市場需求的不確定性，這使得製造商在生產產品時變得保守。”

Third point.

第三點。

We are seeing the impact of not being fully able to ship to ZTE.

我們看到了無法完全對中興通訊帶來的影響。

While the Justice Department is now allowing shipments to ZTE, ZTE is still organizing and figuring out what the real demand is now, and if they can assemble the entire bill of materials with long lead times on passive components.

雖然司法部現在允許向中興通訊發貨，但中興通訊仍在組織和弄清楚現在的真正需求是什麼，以及他們是否可以在被動元件上組裝整個物料清單，並且交貨時間較長。

So despite the release from the Justice Department, there has been some demand destruction at ZTE.

因此，儘管司法部發布了這項消息，中興通訊的需求還是受到了一些破壞。

Number four.

排名第四。

Microchip is a supplier to bitcoin mining industry by supplying microcontrollers and power management products for the power supplies as well as Ethernet controllers.

Microchip 是比特幣挖礦行業的供應商，為電源供應器以及乙太網路控制器提供微控制器和電源管理產品。

Bitcoin values have crashed.

比特幣價值已經崩潰。

It has lowered the demand for new shipments to the bitcoin industry quite substantially.

它大大降低了比特幣行業對新發貨的需求。

With all this commentary, we expect total non-GAAP net revenue in the September quarter to be between $1.474 billion to $1.55 billion.

考慮到所有這些評論，我們預計 9 月季度的非 GAAP 淨收入總額將在 14.74 億美元至 15.5 億美元之間。

Our best estimate for overall non-GAAP gross margin is between 61.3% and 61.9% of sales, a range wider than normal as we integrate and understand Microsemi as well as deal with the excess inventory in the channel and resultant reduction in the internal factory builds.

我們對整體非GAAP 毛利率的最佳估計在銷售額的61.3% 至61.9% 之間，這個範圍比正常範圍更寬，因為我們整合和了解Microsemi 以及處理渠道中的過剩庫存以及由此導致的內部工廠建設減少。

We expect non-GAAP operating expenses to be between 23.6% and 24.2% of sales.

我們預計非 GAAP 營運費用將佔銷售額的 23.6% 至 24.2%。

We expect non-GAAP operating profit to be between 37.1% and 38.2% of sales, and we expect the non-GAAP earnings per share to be between $1.65 and $1.83 per share.

我們預計非 GAAP 營業利潤將在銷售額的 37.1% 至 38.2% 之間，我們預計非 GAAP 每股收益將在每股 1.65 美元至 1.83 美元之間。

This includes more than the $0.15 of accretion from Microsemi that we had originally guided to.

這包括超過我們最初指導的 Microsemi 0.15 美元的增值。

So you can see that despite a significant headwind on Microsemi revenue and cautious guidance, our non-GAAP EPS guidance at the midpoint is well above prior consensus analyst estimates.

因此，您可以看到，儘管美高森美營收面臨重大阻力且指引謹慎，但我們的非 GAAP 每股盈餘指引中點遠高於分析師先前的一致預期。

This reflects our rapid pruning of some underperforming product lines, raising some prices on mature products and

這反映出我們快速修剪了一些表現不佳的產品線，提高了一些成熟產品的價格，

(technical difficulty)

（技術難度）

significant restructuring already at Microsemi.

美高森美已經進行了重大重組。

Our guidance also represents some excellent tax planning, resulting in a lower effective cash tax rate.

我們的指導也代表了一些出色的稅務規劃，從而降低了有效現金稅率。

Our synergy assumptions included this tax planning for the combined company.

我們的協同假設包括合併後公司的稅務規劃。

We do expect our financial results to be a bit noisy for a couple of quarters as we correct distribution and subcontractor inventories, and as we adjust the internal manufacturing based on inventory correction.

我們確實預計，隨著我們修正分銷和分包商庫存，以及根據庫存修正調整內部製造，我們的財務表現在幾個季度內會有點吵雜。

But our synergy assumptions for fiscal year '19 and our long-term synergy assumption of $300 million and our fiscal year '21 non-GAAP EPS target of $8 per share have [not] changed.

但我們對 19 財年的綜效假設、3 億美元的長期綜效假設以及我們 21 財年非 GAAP 每股 8 美元的每股盈餘目標沒有改變。

The target for our non-GAAP EPS of $8 per share in fiscal year '21 may, in fact, seem conservative in light of the progress we have made in integration and a much lower effective cash tax rate.

事實上，考慮到我們在整合方面取得的進展以及低得多的有效現金稅率，我們在 21 財年的非公認會計原則每股收益 8 美元的目標可能顯得保守。

And we expect to exceed the $0.75 accretion guidance that we had provided at the annualized run rate accretion for the first year after close.

我們預計將超過我們在交易結束後第一年按年化運行率增加提供的 0.75 美元的增加指引。

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

考慮到收購會計的所有複雜性，包括無形資產攤銷、重組費用、收購的庫存增記以及分銷庫存的變化，Microchip 將繼續提供指導並在非 GAAP 基礎上追蹤其結果。

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 業績與前幾季相比更有意義，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 poll for questions?

請與這位接線生一起投票詢問問題嗎？

(Operator Instructions) We'll take our first question from Harsh Kumar will Piper Jaffray.

（操作員說明）我們將回答 Harsh Kumar will Piper Jaffray 提出的第一個問題。

It seems like you guys are going through the normal things when you acquire a company.

看來你們收購一家公司時正在經歷正常的事情。

Steve, I had a quick question for you and a follow-up.

史蒂夫，我有一個簡短的問題想問你，還有一個後續問題。

You mentioned a lot of things that are coming into play, bitcoin, some other stuff, trade wars.

你提到了很多正在發揮作用的事情，比特幣，其他一些東西，貿易戰。

I'm curious, does your guidance on the top line take into account, obviously the Microsemi inventory clearing, but is there also slowdown in your organic business?

我很好奇，您對營收的指導是否考慮到了美高森美的庫存清理，但您的有機業務是否也出現了放緩？

Or is it mostly all Microsemi that's being played out in your revenue guide?

還是您的收入指南中大部分都是美高森美的內容？

It's -- we're not breaking it out, but it's a combination.

我們不會將其分解，但它是一個組合。

The bitcoin exposure was on the Microchip side, ZTE exposure were mostly on the Microsemi side.

比特幣的風險敞口是Microchip這邊，中興通訊的風險敞口主要是Microsemi這邊。

If there is any kind of demand slowdown because of tariffs, if the customers would be nervous to drawdown their inventories because they do not know what the tariffs would be to bring the product into U.S., then that would really affect both sides, Microchip as well as Microsemi.

如果由於關稅而導致需求放緩，如果客戶因為不知道將產品帶入美國的關稅是多少而緊張地減少庫存，那麼這將真正影響雙方，包括 Microchip如美高森美。

So it's really a combination of it.

所以它實際上是它的組合。

But the fair amount of correction is really on the Microsemi side.

但相當多的修正確實是在美高森美方面。

Got it, Steve.

明白了，史蒂夫。

And then for my follow-up.

然後是我的後續行動。

Your margins in the September guide are slightly lower than your margins than what you reported in the June.

9 月指南中的利潤率略低於 6 月報告的利潤率。

I'm assuming that, that's predominantly a function of you guys taking down the Microsemi inventory quite hard down in the channel.

我認為，這主要是你們在通路中大力削減美高森美庫存的結果。

And then how do you expect -- you said you cleared 50% in 1 month, do you expect it to be clear evenly or you're going to come down pretty hard in September again and then sort of ease off with very little left in December?

然後你預計如何——你說你在 1 個月內清除了 50%，你是否期望它會均勻地清除，或者你會在 9 月份再次大幅下降，然後在剩下很少的情況下有所緩解十二月？

Well, several questions, let's take the margin first.

好幾個問題，我們先來看看margin。

Microsemi margins are lower than Microchip's classic margins.

Microsemi 的利潤率低於 Microchip 的傳統利潤率。

Many investors and analysts may have forgotten that Microsemi acquired a company called Vectron back in September, and that company only had a little over 30% gross margin.

許多投資者和分析師可能已經忘記，Microsemi 在 9 月收購了一家名為 Vectron 的公司，而該公司的毛利率只有 30% 多一點。

So that brought their gross margins low.

這導致他們的毛利率很低。

But during all this time, they had been sort of in the acquisition.

但在這段時間裡，他們一直參與收購。

So they never reported -- Microsemi never reported their March quarter, where their margins were impacted by Vectron, and prior quarter was some sort ratio, so...

所以他們從未報告過——Microsemi 從未報告過他們的 3 月份季度，他們的利潤受到 Vectron 的影響，而上一季度是某種比率，所以......

Just to clarify, that acquisition was in the November-December time frame of 2017, not September.

需要澄清的是，此次收購是在 2017 年 11 月至 12 月的時間範圍內進行的，而不是 9 月。

So I stand corrected, and that makes my point actually better.

所以我的觀點得到了糾正，這實際上使我的觀點變得更好。

So it's was in the November-December time frame, the first full quarter of the lower Vectron margin would represent itself in the March quarter, and March quarter was never reported by Microsemi in any way because they were already an acquisition.

因此，在11 月至12 月的時間範圍內，Vectron 利潤率較低的第一個完整季度將在3 月份的季度中體現出來，而Microsemi 從未以任何方式報告3 月份的季度，因為它們已經是一項收購。

So we are seeing lower gross margins for Microsemi, so last quarter was only one month.

因此，我們看到美高森美的毛利率較低，因此上一季只有一個月。

And this quarter, we have the entire quarter.

這個季度，我們有整個季度。

So therefore, it has a larger impact of the lower gross margins.

因此，毛利率下降的影響更大。

And this quarter, we will also see the impact of substantial reduction of the build rates in the internal factories at Microsemi.

本季度，我們也將看到美高森美內部工廠建造率大幅下降的影響。

But that was the answer on the gross margin side.

但這就是毛利率方面的答案。

The other part of your question was?

你問題的另一部分是？

Distribution correction over (inaudible).

分佈修正結束（聽不清楚）。

Distribution correction.

分佈校正。

So roughly the $100 million less that we shipped was a combination of shipments, lower shipments through distribution, to contract manufacturers and also to direct customers, because there were essentially equal opportunity, making deals with everybody and making -- shipping excess product into every channel.

因此，我們的發貨量大約減少了1 億美元，這是發貨量、透過分銷減少發貨量、向合約製造商以及直接客戶發貨的組合，因為基本上機會均等，可以與每個人進行交易，並將多餘的產品運送到每個管道。

So out of $100 million, a good portion, more than half of that was a correction in distribution.

因此，在 1 億美元中，很大一部分，其中一半以上是分配的修正。

We will see another distribution correction in the September quarter and the December quarter, and right now we are expecting that, that will complete the majority of the correction.

我們將在 9 月季度和 12 月季度看到另一次分配調整，目前我們預計這將完成大部分調整。

The largest piece got down the last month, in the month of June.

最大的一塊是在上個月，也就是六月掉落的。

And then the September and December will be 2 roughly equal pieces.

然後九月和十二月將是兩個大致相等的部分。

And if anything's left after that it's kind of a tail, a very, very small portion here and there, which will not be meaningful.

如果在那之後留下任何東西，那就是尾巴，到處都是非常非常小的部分，這將沒有意義。

And next we'll hear from John Pitzer with Credit Suisse.

接下來我們將聽取瑞士信貸銀行約翰‧皮策 (John Pitzer) 的發言。

Steve, I just wanted to go back to yours and the Board's decision not to kind of break out Microsemi.

史蒂夫，我只是想回顧一下你和董事會關於不突破美高森美的決定。

I think that makes a lot of sense, looking several quarters out especially because you're so confident in the revenue synergies of this transaction that you included it in the initial synergy targets.

我認為這很有意義，特別是因為您對這筆交易的收入協同效應非常有信心，因此將其納入了最初的協同目標中。

But as you kind of think about the June and September quarter, if you can just help me understand the rationale of not telling us what Microsemi was and to the extent that you're not, can you help us get some comfort level about how the classic Microchip business is performing relative to peers?

但當你思考 6 月和 9 月的季度時，如果你能幫助我理解不告訴我們 Microsemi 是什麼的理由，並且在某種程度上你沒有告訴我們，你能否幫助我們對Microchip 經典業務相對於同行的表現如何？

Because in the absence of kind of not being able to do that math, I think it's pretty easy for some of us to perhaps wrongfully conclude that maybe the core Microchip business just isn't holding up as well as some of your peers in this environment?

因為在沒有無法進行數學計算的情況下，我認為我們中的一些人很容易錯誤地得出這樣的結論：在這種環境下，Microchip 的核心業務可能不如一些同行那麼穩定。 ？

Well, John, I'm not surprised to get that question from you.

好吧，約翰，我對你提出這個問題並不感到驚訝。

I mean, really rightly day 1, we took our guy who runs the networking business, and he took over the Ethernet business and all those products are combined and we're getting a single forecast from that division, similarly is the case with the analog products, power management products and others.

我的意思是，確實正確的第一天，我們聘請了負責網路業務的人，他接管了以太網業務，所有這些產品都合併在一起，我們從該部門得到了一個單一的預測，與模擬的情況類似產品、電源管理產品等。

I think if you go back to the Atmel scenario, if we had managed the business, you look at Atmel's 8-bit MCUs, and Microchip's 8-bit MCUs, and Atmel's 32-bit MCUs and Microchip's and (inaudible) and automotive and others, we probably wouldn't have made -- gotten as good as results in Atmel as we were able to get, because we went at it as it's really one business, shipped the lowest-cost product at the highest ASP, wherever you have the best specs and best product, and that's really what we're doing here.

我認為，如果您回到Atmel 的場景，如果我們管理該業務，您會看到Atmel 的8 位元MCU、Microchip 的8 位元MCU、Atmel 的32 位元MCU、Microchip 的和（聽不清楚）以及汽車和其他產品，我們可能不會取得與 Atmel 一樣好的結果，因為我們這樣做是因為這實際上是一項業務，以最高的 ASP 交付成本最低的產品，無論您在哪裡最好的規格和最好的產品，這正是我們在這裡所做的。

We just don't want to spend, and the Board doesn't want to spend any of the company's energy to do it any other way.

我們只是不想花錢，董事會也不想花費公司的任何精力以任何其他方式來做這件事。

I think Microchip business was fine and the Microsemi business was fine.

我認為 Microchip 業務很好，Microsemi 業務也很好。

One month can't tell the story, because the business was very nonlinear.

一個月的時間是講不完的，因為業務是非常非線性的。

So even though you're looking at overall, we achieved the numbers and slightly better than the guidance, both pieces were in the range.

因此，即使您關注的是總體情況，我們也實現了這些數字，並且略好於指導值，但這兩個部分都在範圍內。

So there's really not a problem.

所以確實沒有問題。

But the reporting it is just like a slippery slope.

但報道就像是個滑坡。

What, honestly, John, what you guys would like is really, there are 2 clean spreadsheets, one and the other, and everything adds up, and 2 plus 2 is equal to 4.0000.

老實說，John，你們真正想要的是，有 2 個乾淨的電子表格，一個和另一個，所有內容加起來，2 加 2 等於 4.0000。

And the world is too complex on our side.

而我們這邊的世界太複雜了。

We got too many moving parts and things are moving too fast, and this whole inventory correction got shoved on us from Microsemi that we were not aware of.

我們有太多的移動部件，事情進展得太快，整個庫存調整是美高森美強加給我們的，而我們卻沒有意識到。

There was so much inventory.

有這麼多庫存。

And Board doesn't want to put the energy on what doesn't add value in us really driving the business.

董事會不想把精力花在那些無法為我們真正推動業務增加價值的事情上。

And then you kind of updated us or reiterated a lot of the accretion targets around Microsemi.

然後您向我們通報了最新情況或重申了美高森美的許多成長目標。

I'm just kind of curious, given that there are some concerns about the leverage on the balance sheet relative to this deal, can you just give us an update on how we should think about leverage going forward and how aggressively you're thinking about taking that leverage down?

我只是有點好奇，鑑於人們對與這筆交易相關的資產負債表上的槓桿存在一些擔憂，您能否向我們介紹一下我們應該如何考慮未來槓桿的最新情況以及您正在考慮的積極程度降低槓桿率？

Certainly.

當然。

Eric can point that out to the leverage, then.

那麼，埃里克可以向槓桿指出這一點。

Okay.

好的。

So as I mentioned in my prepared remarks, our leverage on a net basis, excluding our very long-dated convertible, was 5.0 at the end of June.

正如我在準備好的演講中提到的，截至 6 月底，我們的淨槓桿率（不包括長期可轉換債券）為 5.0。

We had originally guided that we have about 1 turn reduction per year.

我們最初的指導方針是每年減少約 1 個回合。

And because of the distribution and inventory correction that we need to make, we think that in that first year, we're going to be somewhere in the 0.75 range in terms of reduction, and then get back to the 1 turn per year.

由於我們需要進行分銷和庫存修正，我們認為在第一年，我們的減少量將在 0.75 範圍內，然後回到每年 1 週。

So a little bit slower pace.

所以速度稍微慢一點。

And absolutely, we are focused on deleveraging the balance sheet and using 100% of our excess cash generation beyond the dividend to pay down debt.

當然，我們的重點是去槓桿化資產負債表，並使用股息以外 100% 的超額現金產生來償還債務。

So it's a focus area of ours, we know that we have a lot of leverage at this point in time, but we're committed to bring it down.

因此，這是我們的重點領域，我們知道目前我們擁有很大的影響力，但我們致力於降低它。

That reduction from 1 turn to 0.7 turns is largely because of shortage of the next 2 quarters.

從 1 圈減少到 0.7 圈主要是因為未來 2 個季度的短缺。

When you look at it on the LTM basis a year from now, the September quarter and December quarter are going through substantial inventory correction, and there is a shortage of the EBITDA.

當你從一年後的 LTM 角度來看時，你會發現 9 月季度和 12 月季度正在經歷大幅庫存調整，並且 EBITDA 存在短缺。

After that we get back to 1 turn.

之後我們回到 1 回合。

And our next question will come from William Stein with SunTrust.

我們的下一個問題將來自 SunTrust 的 William Stein。

I have 2. First, I know in the past you've evaluated potential divestitures.

我有 2 個建議。首先，我知道您過去曾評估過潛在的資產剝離。

I wonder in this case, if you think that evaluation continues?

請問在這種情況下，您認為評估是否還要繼續進行？

Is it more or less likely than in the past you highlight this lower margin Vectron business, is there anything that you might want to divest?

與過去相比，您強調這一利潤率較低的 Vectron 業務的可能性是更大還是更小？您有什麼可能想要剝離的業務嗎？

And then I have a follow-up, please.

然後我有一個後續行動，請。

Well, you know, I think we always evaluate a lot of things when we buy a company.

嗯，你知道，我認為我們在購買一家公司時總是會評估很多事情。

And as you have seen in our prior acquisition, we have really divested very little.

正如您在我們之前的收購中看到的那樣，我們實際上剝離的很少。

There was a tiny, small piece out of the Atmel.

有一小塊來自 Atmel 的零件。

There was nothing out of standard microsystem, there was nothing out of Micrel, nothing out of Supertex.

沒有任何東西來自標準微型系統，沒有任何東西來自Micrel，沒有任何東西來自Supertex。

We look at divesture more driven by, it doesn't fit at all, rather than it isn't performing well or it's lower margin because we fix margins, we fix pricing, increase pricing.

我們更多地考慮剝離，它根本不適合，而不是表現不佳或利潤率較低，因為我們固定利潤，固定定價，提高定價。

We are just the model mix of the products, we move the product into different set of customers, industrial or automotive and others, where the margins may be higher, we've done that in many, many acquisitions and we'll do similar things here.

我們只是產品的模型組合，我們將產品轉移到不同的客戶群，工業或汽車等，這些客戶的利潤可能更高，我們已經在很多很多收購中做到了這一點，我們將做類似的事情在這裡。

The acquired company focus or the reach may be in a certain set of customers and we expand that and improve margins.

被收購的公司的重點或覆蓋範圍可能集中在特定的客戶群上，我們會擴大這一範圍並提高利潤率。

So, so far, we have not found anything we're going to divest, but it's only been a couple of months, and that's not what we are focused on, divesting.

所以，到目前為止，我們還沒有發現任何我們要剝離的東西，但這才過去了幾個月，而且這不是我們關注的重點，剝離。

We're focused on improving.

我們專注於改進。

And as a follow-up.

並作為後續行動。

I just want to make sure I understand the discussion point around having -- Microsemi's having stuffed, not only the distribution channel but other sort of channels, including sounds like direct customers as well.

我只是想確保我理解關於美高森美的討論點，不僅是分銷管道，還有其他類型的管道，包括聽起來像直接客戶的管道。

And when we marry that up with Microchip's approach to rev-rec, which is sell-through, the reduction in inventory in the channel, that doesn't actually reduce your non-GAAP revenue, that maybe a, perhaps a shortfall in your outlook on the revenue side is more driven by the reductions in inventory perhaps at contract manufacturing and other direct customers, but not what's going to distribution.

當我們將其與 Microchip 的 rev-rec 方法（即銷售率、通路庫存減少）結合時，這實際上並不會減少您的非 GAAP 收入，這可能是您前景中的一個缺口收入方面的增長更多是由合約製造和其他直接客戶的庫存減少所推動的，但不是分銷的庫存減少。

Is that the right way to think about it?

這是正確的思考方式嗎？

Well, good question, very good question.

嗯，好問題，非常好的問題。

That would be the case if everything was pure.

如果一切都是純淨的，那就會是這樣。

But everything was not pure.

但一切並不純粹。

They had also ex-management has also, taken, every quarter, they would take some direct customers and move them to distribution by giving distribution some discount so they could make a margin on it.

他們的前管理層也每季都會採取一些直接客戶，並透過給予分銷一些折扣將他們轉移到分銷，這樣他們就可以從中賺取利潤。

And in doing so, they will take the next couple of quarters of product for that customer and stuff them into distribution.

在這樣做的過程中，他們將為該客戶獲取接下來幾季的產品並將其投入分銷。

So therefore, you get to recognize higher sell-in revenue, because to the end customer, you will only ship 1x.

因此，您將獲得更高的銷售收入，因為對於最終客戶，您將只發貨 1 倍。

But to the distributor, you can give them have 1.5x or 2x.

但對於經銷商來說，你可以給他們1.5x或2x。

And they will do some of that every quarter.

他們每季都會做一些這樣的事情。

So there was overall, more than a couple hundred million dollars of direct accounts had been moved to distribution over the last year or so.

因此，在過去一年左右的時間裡，總共有超過兩億美元的直接帳戶被轉移到分銷中。

And you can't totally put your finger on it, but a lot of that seemed to coincide when it was sort of decided when the company would be sold.

你不能完全確定這一點，但當公司決定何時出售時，似乎很多事情都是一致的。

There is some time line you can triangulate to, but it's not something I can really prove.

有一些時間線你可以三角測量，但這不是我能真正證明的東西。

Therefore, there is inventory sitting in distribution for the direct customers, and those direct customers, we are converting them back to direct customers, but they wouldn't be buy anything for a little while until the distribution has cleared out their inventory, shipping it to the direct customers.

因此，在分銷中存在為直接客戶提供的庫存，而這些直接客戶，我們正在將他們轉換回直接客戶，但他們在一段時間內不會購買任何東西，直到分銷商清理完庫存並將其運送出去。給直接客戶。

Does that make sense to you?

這對你來說有意義嗎？

Yes, it does help clarify.

是的，它確實有助於澄清。

Our next, from Raymond James, we'll hear from Chris Caso.

接下來，我們將聽到雷蒙德詹姆斯的發言，以及克里斯卡索的發言。

Just as a follow-on to the other question.

正如另一個問題的後續。

I guess, as we look forward, I guess, from what I'm hearing you're saying is, that the rev -- the quarterly revenue that we were seeing for Microsemi, at least for the past couple of quarters, was inflated, if we looked at it on a pure, sell-through consumption basis.

我想，當我們展望未來時，我想，從我聽到你所說的是，我們看到的美高森美的季度收入，至少在過去的幾個季度，被誇大了，如果我們以純粹的銷售消費為基礎來看它。

I mean, is there any way you can give us any help with, where the correct run rate should be?

我的意思是，您有什麼方法可以為我們提供幫助，確定正確的運行率應該在哪裡？

I guess, suffice to say, it's lower than what we were seeing reported over the last few quarters?

我想，我只想說，它比我們在過去幾個季度看到的報告要低？

You're correct.

你是對的。

The revenue, the reported -- now there was, I'm want to be very clear that there was no fraud involved, because the ASC 606 allows you to recognize revenue shipped to distribution at sell in.

所報告的收入 - 現在有，我想非常清楚地表明不涉及欺詐，因為 ASC 606 允許您在銷售時確認運送到分銷的收入。

Now the question is...

現在的問題是...

And so did the prior revenue recognition standard of 605.

之前的收入確認標準 605 也是如此。

Yes.

是的。

So ordinarily, a management team, in managing their business, will ship it to distribution roughly what distribution ships out, and have the distribution inventory grow only by the amount the distribution is shipping higher amount, in terms of business growing.

因此，通常情況下，管理團隊在管理其業務時，會將其運送到分銷商，大致與分銷商發貨的數量相同，並且分銷庫存的增長量僅取決於分銷商運送的數量（就業務增長而言）。

That's not really what happened here.

這並不是這裡真正發生的事情。

Hiding under the revenue recognition that sell-in is a revenue recognition, there were a large number of deals made with the distribution.

在銷售收入確認為收入確認的背後，隱藏著大量的分銷交易。

When the inventory got higher and higher, they even offered interest subsidy to the distributor to carry inventory beyond a certain number of months, because distributor wouldn't want to carry, there's money tied up, and they will offer interest subsidy.

當庫存越來越高的時候，他們甚至給經銷商貼息，讓他們把庫存存到一定的月數之後，因為經銷商不想存了，錢被套住了，他們就會貼息。

So basically, shipping to distribution was made an art form, almost.

所以基本上，運輸到分銷幾乎成為一種藝術形式。

So yes, the revenue was higher than the real end market demand.

所以是的，收入高於實際的終端市場需求。

Now at this point in time, we're not totally prepared to give you that number.

目前，我們還沒有完全準備好向您提供該數字。

I think it's not extremely large, it's in a few percentage range, but we need to clear out this inventory over the next 1 or 2 quarters and ourself be comfortable with what the run rate is.

我認為它並不是很大，只是在幾個百分比範圍內，但我們需要在接下來的一兩個季度清理這些庫存，並且我們自己對運行率感到滿意。

There will be, as we clean out this inventor of the next couple of quarters, there will be a larger revenue increase as we head towards the [full-boat] shipment, because the inventory correction is over.

當我們在接下來的幾個季度清理掉這位發明家時，隨著我們朝著[滿船]發貨的方向前進，收入將會有更大的增長，因為庫存調整已經結束。

So there'll be some accentuation out in time of the growth rate.

因此，成長率會隨著時間的推移而加劇。

And I think we'll provide you some guidance over time, but not today.

我認為隨著時間的推移，我們會為您提供一些指導，但不是今天。

Okay, that's helpful.

好的，這很有幫助。

If my follow-up, I could pivot onto the Microchip organic business.

如果我的後續行動，我可以轉向 Microchip 有機業務。

And understood what you said about those 4 issues, which were impacting revenue as we go into the September quarter.

並了解您所說的關於這 4 個問題的內容，這些問題在我們進入 9 月季度時影響了收入。

Can you talk to the sustainability of those headwinds?

您能談談這些不利因素的可持續性嗎？

I mean, is this what you would consider to be sort of a short-term issue?

我的意思是，您認為這是短期問題嗎？

Maybe you could speak to the health of, outside of these 4 issues that you talked about, the health of the remaining business, and then what you're seeing in terms of order rates?

也許您可以談談，除了您談到的這 4 個問題之外，其餘業務的健康狀況，以及您在訂單率方面看到的情況？

Any change in the fundamental to the business, I suppose?

我想，業務的基本面有什麼改變嗎？

So core Microchip business does not really have any fundamental problem.

因此，Microchip 的核心業務實際上並沒有任何根本性問題。

I think there isn't anything we're trying to correct there.

我認為我們沒有試圖糾正任何事情。

I think our issues on the Microsemi side.

我認為我們的問題在美高森美方面。

But if you take those 4 points, the lead times on passives you have heard from many other companies, the whole industry is kind of being impacted.

但如果你考慮這四點，你從許多其他公司聽到的被動元件的交貨時間，整個產業都會受到影響。

We do not know why passive lead times are that long.

我們不知道為什麼被動交付時間這麼長。

And the growth has not been, it's not like businesses have grown 30%, 40%, where passives can't be provided, but they must have been significant reduction in passive capacity of some kind.

而且成長並沒有，不像企業成長了30%、40%，無法提供無源能力，但它們一定是某種被動能力的顯著減少。

So that's not long lasting.

所以這不會長久。

I think as the industry corrects and passive lead times come down, that issue will go away.

我認為，隨著行業的糾正和被動交貨時間的縮短，這個問題將會消失。

But the tariffs and trade war is beyond our scope of being able to control it or fathom it, and we don't know any more than anybody else does, what would the effect of that would be.

但關稅和貿易戰超出了我們能夠控製或理解的範圍，我們比任何人都更不知道這會產生什麼影響。

The ZTE situation, Microchip had a fairly small business with ZTE.

就中興通訊的情況而言，Microchip 與中興通訊的業務規模相當小。

But the overall business, Microsemi had larger business, but it's not huge.

但就整體業務而言，美高森美的業務規模較大，但規模並不大。

But the combined company, I can't give you exact number, but let's say it's in the order of 1%.

但合併後的公司，我無法給你確切的數字，但可以說大約1%。

Stand-alone that wouldn't be meaningful, that wouldn't be all that large.

單獨來說沒有什麼意義，也不會那麼大。

You don't highlight 1% kind of customers.

你不會突出顯示 1% 的客戶。

But if there's a demand destruction, significant demand destruction and one goes to half, then half percent change on a sequential basis can be meaningful.

但如果存在需求破壞，顯著的需求破壞，並且需求減少到一半，那麼按順​​序變化 0.5% 可能是有意義的。

And the bitcoin is similar.

比特幣也類似。

Bitcoin was in the Microchip -- core Microchip side.

比特幣位於 Microchip——Microchip 的核心部分。

It's not like it's a huge business, like it may be at some other companies like Nvidia or something.

這並不像英偉達等其他公司那樣是一項龐大的事業。

For us, it was like a 1% type business, but it's down 70% or more.

對我們來說，這就像一個 1% 類型的業務，但它下降了 70% 或更多。

So stand-alone, it's not really very much with all these moving parts, you can make up with growth in other segments.

因此，單獨而言，所有這些移動部件並不是很多，您可以透過其他細分市場的成長來彌補。

But when you combine many of these factors together and with all the headwinds from Microsemi, we cannot make up for these small components when you add these 4 together.

但是，當您將這些因素中的許多因素結合在一起以及美高森美的所有不利因素時，當您將這 4 個因素加在一起時，我們無法彌補這些小組件。

I don't know if that helps.

我不知道這是否有幫助。

And next we'll go to Craig Hettenbach with Morgan Stanley.

接下來我們將採訪摩根士丹利的 Craig Hettenbach。

Steve, just going back to the topic of tariffs and the business confidence, are you seeing any change in terms of order activity that your customers had been placing?

史蒂夫，回到關稅和商業信心的話題，您是否看到客戶下的訂單活動有任何變化？

We have -- yes, we are seeing it in order activity.

是的，我們在訂單活動中看到了這一點。

More than that, I think we are seeing it in distribution sell-through in China to those customers.

更重要的是，我認為我們在中國向這些客戶的分銷銷售中看到了這一點。

A fair amount of business in China is done through distribution just because -- just logistics and all that.

中國有相當多的業務是透過分銷完成的，只是因為物流等等。

We do business both direct and distribution.

我們既開展直接業務，也進行分銷業務。

We're seeing it in both channels, distribution does business with lots and lots of small customers who build stuff, hardware, that ships back into U.S. And we have always told you, our business consists of long-tailed, thousands and thousands of probably 70,000, 80,000 small customers, which can adjust their build rates in realtime.

我們在兩個管道中都看到了這一點，分銷與很多很多小客戶有業務往來，他們製造東西、硬件，然後運回美國。我們一直告訴你，我們的業務包括長尾、成千上萬的可能70,000、80,000 個小客戶，可以即時調整其建置速率。

They're very nimble.

他們非常敏捷。

And when they think they don't really know whether they can pass on this cost to end customer in the U.S., whether they're competitive with a 25% duty, will this product have a duty or not have a duty, it makes them pull back on their builds.

當他們認為他們真的不知道是否可以將這筆成本轉嫁給美國的最終客戶時，他們是否具有 25% 關稅的競爭力，該產品是否有關稅，這讓他們撤回他們的建設。

And we're seeing that impact in sales out from distribution in China.

我們看到了中國分銷對銷售的影響。

I appreciate the color there.

我很欣賞那裡的顏色。

And then on Microsemi, once you get through the inventory correction and adjustments over the next couple of quarters, are there any parts of the business that you'd call out that you see is attractive from a growth perspective or have a better outlook once you get past these issues?

然後在美高森美，一旦你完成了接下來幾季的庫存調整和調整，你會認為該業務的任何部分從成長角度來看具有吸引力，或者一旦你克服這些問題？

Well, I mean, we like lots of different businesses, they have very good FPGA business.

嗯，我的意思是，我們喜歡很多不同的業務，他們有非常好的 FPGA 業務。

They have very good business in the data center.

他們在數據中心的業務非常好。

They have very, very good business in analog, discrete, aerospace and defense.

他們在模擬、分立、航空航太和國防領域擁有非常非常好的業務。

And then there's certain businesses maybe not as great.

然後有些業務可能沒有那麼好。

I mentioned one that, the electronics business they bought, we don't know why they bought that.

我提到過，他們收購了電子業務，我們不知道他們為什麼要收購。

We have some -- that was a low margin business and Microchip would not have bought it.

我們有一些——那是低利潤業務，Microchip 不會收購它。

But yes, there's a number of good businesses.

但是，是的，有很多好的企業。

What attracted us to Microsemi in the first place really hasn't changed.

美高森美最初吸引我們的因素並沒有改變。

We had not imagined this 7 months of inventory correction and crisis that we had to go through.

我們沒有想到我們要經歷這7個月的庫存調整和危機。

But fundamentally, we are seeing fiscal year '21 guidance that we gave you on $8 per share is now conservative.

但從根本上說，我們認為 21 財年每股 8 美元的指引現在是保守的。

This year, we said by the end of this fiscal year, we'll be producing $0.75 of accretion.

今年，我們說過，到本財年結束時，我們將產生 0.75 美元的增值。

We think that is conservative.

我們認為這是保守的。

And next we have Kevin Cassidy with Stifel.

接下來是凱文·卡西迪和斯蒂菲爾。

On the CapEx guidance, it seems the second half of the year, the CapEx comes down quite a bit to maybe 2.5% of revenue or so.

根據資本支出指引，今年下半年資本支出似乎大幅下降，約佔收入的 2.5% 左右。

Is that going to be the run rate going forward?

這會是未來的運作率嗎？

Or is that just a temporary adjustment?

還是這只是暫時的調整？

I would say longer term, Kevin, probably a good estimate to use is 4% of revenue.

我想說，從長遠來看，凱文，一個好的估計是收入的 4%。

We need to continue to evaluate the Microsemi business and see what the investments there.

我們需要繼續評估美高森美的業務，看看在那裡進行了哪些投資。

Obviously, we'll be looking to see if there's ways that we can improve the margin on their products by making investments like we've done in other acquisitions and investing in assembly and test and bringing activities in-house.

顯然，我們將尋找是否有辦法透過像我們在其他收購中所做的那樣進行投資、投資組裝和測試以及將活動引入內部來提高他們產品的利潤率。

So I think that's kind of the swing factor there, but we were more heavily weighted in the front end of fiscal '19 from a CapEx perspective.

因此，我認為這就是其中的波動因素，但從資本支出的角度來看，我們在 19 財年前期的權重更大。

And that heavily weighted, those products you are targeting, certain long lead times, so as all your lead times, you feel like you've got the equipment in place to correct that?

您所針對的產品權重很大，交貨時間較長，因此您覺得您已經擁有適當的設備來糾正這個問題？

Our lead times are in very good condition at this point in time.

目前我們的交貨時間狀況非常好。

I think Steve mentioned that the majority of our products have lead times of 4 to 8 weeks.

我想 Steve 提到我們大多數產品的交貨時間為 4 到 8 週。

And there's always some exceptions to that, and we're making the proper investments to correct all of our lead times to the right level.

總是有一些例外，我們正在進行適當的投資，將所有交貨時間糾正到正確的水平。

Our next question comes from Chris Danely with Citi.

我們的下一個問題來自花旗銀行的克里斯丹利 (Chris Danely)。

Danely here.

丹妮莉在這裡。

So just a couple of clarifications.

所以只有幾個澄清。

So Steve, it sounds like the headwinds from Microchip and Microsemi are going to last a couple of quarters.

史蒂夫，聽起來來自 Microchip 和 Microsemi 的逆風將持續幾個季度。

I guess, conceptually, how big of an impact should we be thinking about into the December and March quarters would it be?

我想，從概念上講，我們應該考慮對 12 月和 3 月季度的影響有多大？

And then what gives you confidence that, that revenue should bottom in the March quarter?

那麼是什麼讓您相信收入應該在三月季度觸底呢？

And then do you think that this, at least this slowdown you're seeing on, I guess, the classic Microchip business, would you expect this to hit others in the space?

然後，您是否認為，至少您在經典的 Microchip 業務上看到的這種放緩，您會期望這會影響到該領域的其他公司嗎？

Well, to last question, I don't have any comment.

好吧，對於最後一個問題，我沒有任何評論。

For others, ask the others.

對於其他人，請詢問其他人。

We don't comment on the industry, we comment only on ourselves.

我們不評論這個行業，我們只評論我們自己。

In terms of the inventory correction, we can somewhat control, because we're working with distribution, contract manufacturers and end customers, moving the end customers back from distribution to direct, which were erroneously transferred to distribution and should not have been.

在庫存修正方面，我們可以在一定程度上進行控制，因為我們正在與分銷商、合約製造商和最終客戶合作，將最終客戶從分銷商轉回直接分銷商，而這些客戶本來不應該被錯誤地轉移到分銷商。

And that we know completes sometime in the calendar fourth quarter.

我們知道這將在第四季度的某個時候完成。

So and -- to distribution, we are monitoring very, very carefully shipping less product to them.

因此，對於分銷，我們正在非常非常仔細地監控，向他們運送更少的產品。

With distribution, they didn't want all this inventory.

透過分銷，他們不需要所有這些庫存。

So in the month of June, we simply didn't offer them any discounts and they didn't take the inventory.

所以在六月，我們根本沒有給他們任何折扣，他們也沒有去庫存。

You don't have to do much, you just run the business, say distribution buy what you need and it will get corrected by the end of the year.

你不需要做太多事情，你只需經營業務，讓經銷商購買你需要的東西，到年底就會得到糾正。

You don't have to do much in that case, because inventory was jammed through incentives and discounts, and to smaller distributors, even threatening.

在這種情況下你不必做太多事情，因為庫存透過激勵和折扣而被堵塞，並且對較小的分銷商來說，甚至是威脅。

You don't do any of that, inventory will correct.

您不執行任何操作，庫存就會修正。

So we have high confidence that the inventory corrects.

因此，我們對庫存調整充滿信心。

That's not an issue.

那不是問題。

The impact of tariffs, nobody can call.

關稅的影響，沒人能打電話。

We don't really know what happens in the trade war area.

我們真的不知道貿易戰領域會發生什麼事。

The passive components issue, I think, should go away because capacity is being added.

我認為，被動元件問題應該會消失，因為產能正在增加。

I think that should go away.

我認為這種情況應該會消失。

ZTE is temporary.

中興是暫時的。

ZTE will get its act together and figure out what the real demand is, what demand they have lost to their competitors.

中興通訊將齊心協力，找出真正的需求是什麼，以及他們輸給競爭對手的需求是什麼。

And the Bitcoin is anybody's guess.

比特幣是任何人的猜測。

It's not a huge portion of our business over a long period of time.

長期以來，這並不是我們業務的很大一部分。

For $1.5 billion roughly per quarter, 1%, we're talking about $15 million a quarter.

對於大約每季 15 億美元（1%）來說，我們談論的是每季 1500 萬美元。

So it's really not a huge, huge portion of the business.

所以這實際上並不是業務的很大一部分。

And we don't know whether Bitcoin comes back to its old glory or not.

我們不知道比特幣是否會恢復昔日的光彩。

So I think the main issue is the inventory correction one, that gets corrected in 6 months.

所以我認為主要問題是庫存修正問題，該修正將在 6 個月內修正。

And then tariff one is not clear.

然後關稅一還不清楚。

I guess, one last quick one before I leave.

我想，這是我離開前的最後一件事。

Were these guys worst than Atmel in terms of the shenanigans they were pulling out there?

就他們在那裡的惡作劇而言，這些傢伙比 Atmel 更糟嗎？

You guys corralled the Atmel stuff pretty handily.

你們很輕鬆地將 Atmel 的東西收集起來。

Is this a similar situation, or is it worse?

這是類似的情況，還是更糟？

Well, I'm not willing to accuse anything.

好吧，我不願意指責任何事。

I just think accounting standard is wrong, and we have been saying it from the beginning and we wrote even a position paper on it when the accounting standard was changed for a sell-in.

我只是認為會計準則是錯的，我們從一開始就這麼說，當會計準則因賣出而改變時，我們甚至寫了一份立場文件。

All you need is a willing distributor or a set of distributors who are willing to take increasing amount of inventory, which will ship out eventually someday.

您所需要的只是一個願意的經銷商或一組願意接受越來越多庫存的經銷商，這些庫存最終有一天會發貨。

There are products in distribution from Microsemi that will take 2 years to clear.

Microsemi 分銷的某些產品需要 2 年才能清除。

It's not a huge amount and like we're saying, majority of it will clear by the end of the year, but there are certain products, every quarter, they will take certain products, older products and slate them as end-of-life.

這並不是一個巨大的數量，就像我們所說的，其中大部分將在今年年底前清除，但有某些產品，每個季度，他們都會採取某些產品，舊產品，並將其列為壽命終止。

Then they will build 4 -- 3, 4 years of inventory and give it to a distributor and recognize it for revenue in the current quarter.

然後他們將建立 4、3、4 年的庫存並將其提供給分銷商並在當前季度確認收入。

And next quarter, do it some more products, some more products.

下個季度，要做更多的產品，更多的產品。

And standard allows it.

標準允許這樣做。

Since it's nonreturnable by the distributor, you give them at a deep discount and you give them interest subsidy.

由於分銷商無法退貨，因此您可以給他們很大的折扣，並給予他們利息補貼。

So the distributor is willing to carry it, they will eventually ship it, the standard allows you to recognize it for revenue.

所以經銷商願意攜帶它，他們最終會運送它，該標準允許您確認它的收入。

So they didn't do anything illegal, but the issue is, they represented to us, to their own analysts before, to their customers -- or to the investors and everybody else, that there was an end run rate and legally, that was the run rate, because they could continue to do this, I don't know how long, until someday it burst.

所以他們沒有做任何非法的事情，但問題是，他們向我們、之前向他們自己的分析師、向他們的客戶、或向投資者和其他所有人表示，存在最終運行率，並且在法律上是這樣的。運行率，因為他們可以繼續這樣做，我不知道多久，直到有一天它爆發。

That's not how we do it.

我們不是這樣做的。

We have never stuffed the channel in our life.

我們一生中從未塞過頻道。

We have always recognized revenue on sell-through.

我們始終根據售出率確認收入。

Even though now, GAAP standard says you have to account for sell-in, we're giving you that GAAP number, but we give no GAAP guidance.

儘管現在 GAAP 標準要求您必須考慮賣出，但我們會向您提供 GAAP 數字，但我們沒有提供 GAAP 指導。

We manage our business on sell-through, all our incentives are based on sell-through.

我們根據銷售率來管理我們的業務，我們所有的激勵措施都基於銷售率。

So I'd just say I -- that's really what happened.

所以我只想說我——這確實發生了。

They did what they were allowed to do.

他們做了他們被允許做的事。

And our next question will come from Krysten Sciacca with Nomura Instinet.

我們的下一個問題將來自 Nomura Instinet 的 Krysten Sciacca。

Maybe just a different take on the revenues for the second half of this fiscal year.

也許只是對本財年下半年收入的不同看法。

So on prior calls, you've noted that December and March typically tend to be the softer quarters seasonally, with December being the weakest.

因此，在先前的電話會議中，您注意到 12 月和 3 月通常是季節性疲軟的季度，其中 12 月最弱。

Given the inventory issues that you are having with Microsemi, have you -- are you expecting any changes to the seasonality?

考慮到美高森美面臨的庫存問題，您是否預期季節性會有任何變化？

Or do you expect this to still be the case?

或者您預計情況仍然如此？

Well, we expect that still to be the case.

好吧，我們預計情況仍然如此。

But what you start to see is really, certain products' inventory corrects.

但你開始看到的是，某些產品的庫存確實出現了調整。

Now it all doesn't all correct in one day.

現在這一切並不是一天就能全部改正的。

Certain products have high inventory, certain products have low inventory.

某些產品庫存高，某些產品庫存低。

And every month, certain products' inventory corrects.

每個月，某些產品的庫存都會調整。

So their run rate returns back to normal, so you've got lots of moving parts.

所以他們的運作率恢復正常，所以你有很多活動部件。

Where you should see an ordinary kind of December weak quarter, to the extent certain products' inventory has corrected, those quarters, those see an uplift.

你應該會看到 12 月的一個普通的疲軟季度，在某些產品的庫存已經糾正的情況下，這些季度，那些季度會出現上升。

So I think driven by all those, we should just see a normal low single-digit down kind of December quarter.

因此，我認為在所有這些因素的推動下，我們應該會看到 12 月季度正常的低個位數下降。

I think that's usually what we see.

我想這就是我們通常看到的。

I think in all our acquisitions in the past as well, seasonality -- the blend of seasonality will adjust and it will take some time before all that settles out.

我認為在我們過去所有的收購中，季節性——季節性的混合也會進行調整，並且需要一些時間才能解決所有問題。

So I don't think a historical seasonality would be an accurate predictor of future seasonality when there are acquisitions with different seasonalities and different blending taking place.

因此，當發生不同季節性和不同混合的收購時，我認為歷史季節性不能準確預測未來季節性。

Understood.

明白了。

And then on a more positive note.

然後是更積極的方面。

Can you just maybe detail what was behind some of the strong growth in analog and your microcontroller segments for classic Microchip this quarter?

您能否詳細說明本季經典 Microchip 的類比和微控制器領域的強勁成長背後的原因是什麼？

If you're asking for segments of growth, we don't break out any of the segments.

如果您要求成長的部分，我們不會細分任何部分。

Those businesses have been in a long-term growth mode.

這些業務一直處於長期成長模式。

We have shared with you what we have been doing with Microchip 2.0, with the total system solutions.

我們已經與您分享了我們在 Microchip 2.0 和整體系統解決方案方面所做的工作。

You have to note, though, that some of the growth this quarter that we're shoving sequentially is a combined company growth, and so reflects some of the addition of Microsemi in those numbers.

不過，您必須注意，我們連續推動的本季的一些成長是公司的綜合成長，因此反映了這些數字中美高森美的部分成長。

We haven't broken out Microchip, the classic Microchip microcontrollers and analog, other than to give you some comfort that they both hit records, they both grew more than classic Microchip as an average, so that you can see the underlying strength in those businesses.

我們還沒有詳細介紹Microchip、經典的Microchip 微控制器和模擬產品，除了讓您感到安慰之外，它們都創下了記錄，而且它們的平均增長都超過了經典的Microchip，因此您可以看到這些業務的潛在實力。

I'm not saying -- you know, some of the questions are overly focused on just the shortfall in revenue guidance.

我並不是說——你知道，有些問題過於關注收入指導的不足。

Nobody has mentioned that the earnings guidance is $0.07 better than consensus.

沒有人提到獲利指引比共識高 0.07 美元。

I think all the consensus was $1.67, $1.68.

我認為大家的共識是 1.67 美元、1.68 美元。

At the midpoint, we're guiding $1.74.

我們的中間指導價為 1.74 美元。

So we are doing very well, actually.

所以實際上我們做得很好。

We're increasing our assessment of the overall earnings for the year and going out of the year, the accretion we can get.

我們正在提高對今年整體收益的評估，並展望今年我們可以獲得的成長。

So I think, look at the glass also half full.

所以我想，看看杯子還有半滿。

And we at the end of the day, deliver non-GAAP earnings per share, increasing amount, that is our goal.

最終，我們將實現非公認會計準則每股收益的成長，這就是我們的目標。

That's where all our incentives are built on.

這就是我們所有激勵措施的基礎。

That's what the board manages us by.

這就是董事會管理我們的方式。

And even the EBITDA doesn't give you the credit for a lower tax rate.

即使是 EBITDA 也不會給你帶來較低稅率的信用。

If the earnings per share are better for given share count, that's creating a higher amount of total profit after tax.

如果給定股票數量的每股盈餘更好，那麼稅後總利潤就會更高。

So we feel pretty good about where we are and how we executed the quarter, how we are carrying out the integration.

因此，我們對自己的處境、本季的執行情況以及整合的方式感到非常滿意。

The issues and challenges we see in inventory correction, they're straightforward, they're flexible.

我們在庫存調整中看到的問題和挑戰很簡單，而且很靈活。

It's not like we need to devise a tool or do some invention, these are just the normal blocking and tackling to correct this.

我們不需要設計一個工具或做一些發明，這些只是正常的阻止和處理來修正這個問題。

But otherwise, earnings per share are great.

但除此之外，每股盈餘也很高。

And our next question will come from Harlan Sur from JPMorgan.

我們的下一個問題將來自摩根大通的 Harlan Sur。

I understand product line rationalization is kind of taking a second priority to some of the more structural changes you're making in terms of business process improvements at Microsemi.

我知道產品線合理化是在美高森美業務流程改善方面所進行的一些結構性變革的第二優先順序。

But if I look at Microsemi's data center storage and OTN optical product lines, these are very different products, right?

但如果我看看 Microsemi 的資料中心儲存和 OTN 光學產品線，這些是非常不同的產品，對嗎？

Leading-edge silicon, leading-edge packaging, big complex chip designs, very different versus Microchip's focus on classic embedded microcontroller, analog, memory and all the other complementary building blocks around this.

領先的晶片、領先的封裝、大型複雜的晶片設計，與 Microchip 專注於經典嵌入式微控制器、模擬、記憶體以及所有其他與之相關的補充構建模組截然不同。

So help me understand how the storage and the OTN optical stuff kind of fits into the Microchip 2.0 model?

那麼請幫助我了解儲存和 OTN 光學元件如何適合 Microchip 2.0 型號？

So they are standalone businesses, you're right.

所以他們是獨立的企業，你是對的。

They do have more leading-edge process technologies and design technologies and packaging, in many cases, that they use.

在很多情況下，他們確實擁有更多前沿的工藝技術、設計技術和包裝。

But that's not different from when we went to SMSC 5 years ago, 6 years ago in the acquisition.

但這和我們5年前、6年前收購SMSC時沒有什麼不同。

It brought a new degree of complexity.

它帶來了新的複雜程度。

We adapt to it.

我們適應它。

It fits within the overall portfolio.

它適合整個產品組合。

We find the strengths that the acquired entity has and bring it into the rest of Microchip.

我們發現被收購實體的優勢，並將其帶入 Microchip 的其他部門。

We find the strengths that Microchip has and take it back to the acquired businesses.

我們發現 Microchip 的優勢並將其帶回所收購的業務中。

And on a blended basis, if we don't get out of our box, our growth opportunities are limited.

在混合的基礎上，如果我們不跳出固有的框框，我們的成長機會就會受到限制。

So of course, new product lines will bring new complexity, but they also brings lots of opportunity to use the strengths of both companies.

當然，新的產品線會帶來新的複雜性，但它們也帶來了許多利用兩家公司優勢的機會。

And that's the way we look at it in how we go forward.

這就是我們前進的方式。

And in these 2 businesses in specific, there's also a substantial amount of Microchip classic content available to us to take into those markets where they have significant strength, customer presence and visibility into what else is needed.

具體來說，在這兩項業務中，我們還可以使用大量 Microchip 經典內容來進入那些他們擁有強大實力、客戶影響力以及對其他需求的了解的市場。

And in fact, some of the reference designs I talked about where the joint sales teams have looked at, that's coming from the joint teams looking and saying, wow, here's things Microchip didn't know could be done, added to things that Microsemi does extremely well in certain applications and certain customers.

事實上，我談到的一些參考設計是聯合銷售團隊研究過的，這些設計來自聯合團隊，他們說，哇，這是 Microchip 不知道可以做的事情，添加到 Microsemi 所做的事情中在某些應用程式和某些客戶中表現非常出色。

I tell you guys after every acquisition that don't underestimate, don't undersell, Microchip management's ability to transform the company to take on the challenges that the new acquisition presents.

我告訴大家，在每次收購之後，不要低估、不要低估 Microchip 管理層改造公司以應對新收購帶來的挑戰的能力。

In Standard Microsystems, the complaint was they are vertical, you are horizontal, look at how well that thing has worked out.

在標準微系統公司，抱怨是他們是垂直的，你是水平的，看看那件事做得有多好。

In the case of Atmel, they're ARM and you're MIPS and all that.

就 Atmel 而言，他們是 ARM，而你是 MIPS 等等。

Look at how well that thing has worked out.

看看那件事進展得多好。

So don't underestimate Microchip's ability, and the management team and huge pipeline we have built internally, that we prepare for this to take on the new challenges and expand our business.

因此，不要低估Microchip的能力，以及我們內部建立的管理團隊和龐大的管道，我們為此做好了準備，迎接新的挑戰並擴展我們的業務。

We're about the eighth-largest U.S. semiconductor market cap.

我們的半導體市值約為美國第八大。

In a consolidating industry, you can't just be sitting in your box and want everything to come with a nice bow tie, only microcontroller.

在一個整合的行業中，您不能只是坐在盒子裡，希望所有東西都帶有漂亮的領結，只有微控制器。

We have to get into other businesses and grow our business in a consolidating industry.

我們必須進入其他業務並在整合的行業中發展我們的業務。

And it reinforces Steve's point earlier that, as we move forward, we focus on the combined company opportunities rather than trying to box it and saying, well, let's make the old one look good and the new one look good.

它強化了史蒂夫之前的觀點，即隨著我們前進，我們關注的是合併後的公司機會，而不是試圖將其裝箱並說，好吧，讓我們讓舊的看起來不錯，新的看起來也不錯。

It's really the combined company opportunities that provide the richest forward-looking opportunities.

事實上，合併後的公司機會才能提供最豐富的前瞻性機會。

A number of our business units are planning to leapfrog the lithography at the foundries by skip one generation and leapfrog, because that leapfrog technology has already been used by Microsemi in some of the same business units that you are mentioning, with library available, with experience available, with ESD structures and chip designs and all that kind of stuff available.

我們的許多業務部門正計劃透過跳過一代和跨越式跨越代工廠的光刻技術，因為美高森美已經在您提到的一些相同業務部門中使用了這種跨越式技術，並且有可用的庫和經驗可用，具有 ESD 結構和晶片設計以及所有可用的東西。

It will accelerate our road map and leapfrog the technology to be able to reuse some of that stuff at Microchip.

它將加速我們的路線圖並超越技術，以便能夠在 Microchip 中重複使用其中的一些東西。

So I think that's kind of how I look at -- we look at it.

所以我認為這就是我的看法——我們是這樣看待它的。

The ship is very safe in the harbor, but that's not what ships are made for.

船在港口裡非常安全，但這不是船的用途。

We can't sit in our box and just look for everything to be a neat little microcontroller.

我們不能坐在盒子裡，只是尋找一個整潔的小微控制器。

We have to branch out and be able to expand our business.

我們必須拓展業務並能夠擴展我們的業務。

And we have done successfully that in the last decade.

在過去的十年裡，我們已經成功地做到了這一點。

And next from Darphil, we have Gil Alexandre.

接下來是達菲爾 (Darphil) 的吉爾亞歷山大 (Gil Alexandre)。

I guess, back to tariffs, is there a willingness to compromise?

我想，回到關稅問題上，是否有妥協的意願？

And how is it affecting your automotive business?

它對您的汽車業務有何影響？

Well, is there a willingness to compromise?

那麼，有妥協的意願嗎？

Compromise by who?

向誰妥協？

That compromise has to be between the Chinese and U.S. authorities, and that's way above my pay grade.

這種妥協必須在中國和美國當局之間進行，而這遠遠超出了我的薪資等級。

That's not -- in terms of how's the automotive business, I think the automotive business -- I don't think automotive business has yet been affected by tariffs.

這不是——就汽車業務而言，我認為汽車業務——我認為汽車業務尚未受到關稅的影響。

I think some of the uncertainties are there.

我認為存在一些不確定性。

Cars are built in the U.S. and shipped to other parts of the world.

汽車在美國製造並運往世界其他地區。

Cars are built in Europe and shipped into the U.S. And some of the discussions have created uncertainty, and we'll see how it all plays out.

汽車在歐洲製造並運往美國，一些討論造成了不確定性，我們將拭​​目以待。

But I think Steve is right, it's not a current impact, as much as a...

但我認為史蒂夫是對的，這不是當前的影響，而是...

I think so far, automobiles are not included in the tariffs.

我認為到目前為止，汽車還沒有包含在關稅中。

Steel and all that are, but the built automobiles are not included, it's still in negotiation.

鋼鐵等等，但不包括製造的汽車，仍在談判中。

So when they had an edict on July 6 and then August 23 for the products that have tariffs, washers and dryers and those things are included, cars are not.

因此，當他們於 7 月 6 日和 8 月 23 日頒布法令，對徵收關稅的產品、洗衣機和烘乾機等產品都包括在內時，汽車則不包括在內。

Cars are not dutiable right now.

汽車現在不用繳稅。

Some of the car components are, like steel.

有些汽車零件是鋼的。

So this thing is still raw.

所以這個東西還是生的。

Our next question comes from Christopher Rolland with Susquehanna International Group.

我們的下一個問題來自薩斯奎哈納國際集團的克里斯多福羅蘭。

I think it's nice to see you guys get out in front of this, and in the true Microchip way.

我認為很高興看到你們以真正的 Microchip 方式走出困境。

I think it's appreciated by guys who have known your track record.

我認為了解你的履歷的人會很欣賞你的做法。

So Steve, as we try to judge the snapback in revenue once you work through this inventory, can you give us some perspective of perhaps how long this over-shipment issue was going on for?

那麼，史蒂夫，當我們試圖透過庫存來判斷收入的快速回升時，您能否給我們一些關於這種超額發貨問題持續了多長時間的看法？

Was it just the last few quarters when they knew that they were in negotiations?

是直到最近幾季他們才知道正在談判嗎？

Or was this accumulated over a couple of years?

還是這是幾年來累積的？

Well, there are a lot of moving parts, and you can't put a complete finger on it, because there is some EOL mechanism with which they put their distribution inventory.

嗯，有很多移動部件，你無法完全掌握它，因為他們有一些 EOL 機制來放置分銷庫存。

Normal amount of inventory was very high.

正常庫存量非常高。

There was a huge nonlinearity, a lot of stuff was shipped in the third month.

有一個巨大的非線性，很多東西在第三個月就發貨了。

There was also this direct to distribution conversion.

還有這種直接向分銷的轉換。

So there were a lot of these programs interlayered, and I'm not accusing anything, but I'm just saying that the timing roughly, it all started about a year or so ago, which is more like when the conversations about the acquisition began.

所以有很多這樣的項目是相互交織的，我並不是在指責什麼，但我只是說，大概的時間，這一切都開始於大約一年前，這更像是有關收購的對話開始的時候。

But I couldn't prove that.

但我無法證明這一點。

I think it's very, very rough.

我認為這非常非常粗糙。

Yes, sounds pretty common in a lot of these deals.

是的，這在許多此類交易中聽起來很常見。

And then lastly, on Microsemi's product pricing.

最後是美高森美的產品定價。

After the Atmel deal, you saw a lot of kind of pricing imbalances, I can't remember, maybe they were selling some below gross profit, if I remember right, or priced at below gross profit.

在 Atmel 交易之後，你看到了很多類型的定價失衡，我不記得了，如果我沒記錯的話，也許他們正在以低於毛利潤的價格出售一些產品，或者定價低於毛利。

Are you seeing anything like that here, or just any other tidbits on where you get more synergies?

您是否在這裡看到了類似的內容，或者只是關於如何獲得更多協同效應的任何其他花絮？

I think on that, I think I will give kudos to the sales and marketing team.

我想，我想我會對銷售和行銷團隊表示敬意。

The prices are not below market or anything like that.

價格不低於市場價格或類似價格。

But when they got an excellent price for a customer, then they inserted a distributor and kept the customer price the same.

但是，當他們為客戶提供了優惠的價格時，他們就會插入經銷商並保持客戶價格不變。

And then they discounted to the distributor, gave an interest subsidy to carry the inventory.

然後他們給經銷商打折，給予利息補貼來維持庫存。

After a good price negotiated with the customer, they asked the customer to take much more inventory than the customer wanted and offered them a discount.

與客戶談好價格後，他們要求客戶多購買比客戶想要的庫存，並給予折扣。

So I think the pricing by marketing was done well.

所以我認為行銷定價做得很好。

But then later on, in the overzealous attempt to really recognize higher revenue, they kind of did the wrong thing on the top of that.

但後來，在過度熱衷於真正承認更高收入的嘗試中，他們除此之外還做了錯誤的事情。

So this one is easier to correct.

所以這個比較容易修正。

It's much harder to raise prices on the customer.

向客戶提價就困難得多。

It's much easier simply not to offer the discount and say, "Just buy what you need, customer, and I don't want you to buy a lot of product that you don't need." So we think this one is easier for us to correct that way.

簡單地不提供折扣並說：“顧客，只買你需要的東西，我不希望你購買很多你不需要的產品。”所以我們認為這個問題對我們來說比較容易修正。

And the high starting gross margins are a good indicator of how that was far better disciplined than other acquisitions we've done.

較高的起始毛利率很好地表明了我們的收購比我們進行的其他收購要嚴格得多。

And hopefully, there's some upside from the discounting being rolled off that we will see in the coming quarters.

希望我們能在未來幾季看到折扣優惠帶來一些好處。

Next we'll hear from Craig Ellis with B. Riley FBR.

接下來我們將聽取 Craig Ellis 和 B. Riley FBR 的演講。

Steve, I wanted to follow up on a comment that you made in the Q&A regarding the deal's accretion.

史蒂夫，我想跟進您在問答中關於交易增長的評論。

In the current quarter, I think you said your synergies are tracking above the prior expectation for $0.15 of accretion.

在本季度，我認為您說過您的協同效應超出了先前預期的 0.15 美元的增長。

And if I heard that correctly, the question is, does that mean that while retaining longer-term accretion target, $0.75 run rate first full year, $8 a couple of years out, that you're realizing your synergies earlier, but you still have the same expectation?

如果我沒聽錯的話，問題是，這是否意味著在保留長期增長目標的同時，第一年全年運行率為0.75 美元，幾年後運行率為8 美元，您可以更早地實現協同效應，但您仍然有同樣的期望？

Or do you think you're tracking above prior expectations?

或者您認為您的追蹤超出了先前的預期？

And to the extent that's the case, can you identify where you think that is?

就這種情況而言，你能確定你認為那是在哪裡嗎？

So a little bit of both.

所以兩者都有一點。

So I said that we believe that the accretion run rate at the end of the first year will be higher than $0.75.

所以我說我們相信第一年末的增值運行率會高於0.75美元。

We didn't numerically say what the number is, because there is still, like I said, the numbers are going to be noisy here for the next couple of quarters, because there's just a lot of moving parts.

我們沒有從數字上說出這個數字是多少，因為就像我說的那樣，在接下來的幾個季度裡，這些數字仍然會很吵鬧，因為有很多移動部件。

But as we get out by the June next year, we see a number higher than $0.75, which will represent, really, a little bit of pull-in based on our prior plan.

但當我們到明年 6 月結束時，我們看到的數字高於 0.75 美元，這實際上代表了我們之前計劃的一點拉動。

Now in terms of $8 for fiscal year '21, we see that as conservative also.

現在，就 21 財年的 8 美元而言，我們認為這也是保守的。

Internally, we're modeling a number higher than $8.

在內部，我們正在模擬一個高於 8 美元的數字。

So that is the incremental accretion.

這就是增量成長。

I think some of that difference is coming from tax rate, lower tax rate also.

我認為其中一些差異來自稅率，稅率也較低。

That's helpful.

這很有幫助。

And then previously, the company -- and on this call, the company had identified the $300 million in synergies targets.

此前，該公司在這次電話會議上確定了 3 億美元的綜效目標。

When do you think you'll be able to provide some color on how that breaks out between revenue synergies, COGS synergies and other synergies?

您認為您什麼時候能夠提供一些關於收入協同效應、銷貨成本協同效應和其他協同效應之間如何爆發的資訊？

Really, never.

真的，從來沒有。

We're just going to deliver it.

我們只是要交付它。

Not going to break it out.

不會打破它。

Okay.

好的。

Given that quick response, can I take a swing at another one?

鑑於反應如此之快，我可以嘗試另一個嗎？

There's been a lot of discussion on what you've found with distribution and I've heard you talk a lot about levels and what happened with shipments.

關於您在分銷方面發現的情況進行了很多討論，我聽到您談論了很多關於級別和發貨情況的討論。

But the question is really an operational one: What have you found with respect to the appropriateness of the consignment versus demand generation distribution, geographic representation and the degree to which you think you've got a good distribution fit for the business that exists there?

但問題實際上是一個操作性的問題：關於寄售與需求生成分佈的適當性、地理代表性以及您認為您對當地現有業務的良好分佈適合程度，您發現了什麼？

And how long does it take to rightsize any of the operational changes that are needed with distribution?

需要多長時間來調整分銷所需的任何營運變化？

Distribution, so as we have interfaced with a lot of their distributors, some of them, by the way, a fair number of them are common with Microchip.

分銷，因此我們已經與他們的許多分銷商進行了聯繫，順便說一句，其中有相當多的分銷商與 Microchip 是通用的。

Their largest distributor was Arrow Electronics and our largest distributor is Arrow Electronics.

他們最大的經銷商是 Arrow Electronics，我們最大的經銷商是 Arrow Electronics。

And similarly, there are some other common distributors in Asia and Japan and Europe and others.

同樣，亞洲、日本、歐洲等地也有一些其他常見經銷商。

The large amount of interaction with the distributors was how much inventory they would take.

與經銷商的大量互動是他們會拿走多少庫存。

It basically, begin around the middle of the quarter and large amount of, I would say, tension with the distributor was largely, "How much inventory would you take?" And so as we have spoken with the distributors, distributors feel refreshed in saying that, "You're not going to force me to take inventory I never wanted.

基本上，從季度中期開始，我想說，與分銷商之間的緊張關係主要是“你會採取多少庫存？”因此，當我們與經銷商交談時，經銷商感到很振奮地說：「你們不會強迫我盤點我從來不想要的庫存。

You will, in fact, let me drain down my inventory." And so we can have a conversation about demand creation, reference designs, how can we together build the business, let's cold call on common customers.

事實上，你會讓我耗盡我的庫存。」這樣我們就可以就需求創造、參考設計、我們如何共同建立業務進行對話，讓我們對共同客戶進行冷面拜訪。

Let's highlight and beef up the website and put reference designs and solutions on it.

讓我們重點介紹並增強該網站，並在其上放置參考設計和解決方案。

How do we take advantage of total system solution, Microchip and Microsemi common products going into the same platform, on and on and on.

我們如何利用整體系統解決方案、Microchip 和 Microsemi 的通用產品進入同一平台等等。

So conversations with distributors have turned into positive interaction regarding growing the business.

因此，與經銷商的對話已轉變為關於發展業務的積極互動。

And before that, and this is distributors are telling us, the ex-management of Microsemi is gone.

在此之前，經銷商告訴我們，美高森美的前管理階層已經離職。

The distributors are telling us that this tension about such a large amount of inventory jamming took all the oxygen out of the room.

經銷商告訴我們，如此大量的庫存堵塞所帶來的緊張氣氛讓房間裡的氧氣都消失了。

It just consumed the entire energy and interaction with the distributors.

它只是消耗了所有的精力和與經銷商的互動。

And it's actually liberated time within the company as well, because it's -- the business units and others that were all part of that discussion process.

這其實也是公司內部的解放時間，因為業務部門和其他部門都是討論過程的一部分。

When do you start to see a positive benefit from this new conversation that's occurring?

您什麼時候開始看到正在進行的新對話的正面好處？

You will start to see it as this inventory bleeds out.

當庫存耗盡時，您將開始看到它。

By the end of this calendar year, you'll start to see the impact and starting in the March quarter or so.

到本日曆年年底，您將開始看到影響，並從三月左右的季度開始。

If you're talking about getting brand-new designs in production, that usually takes 12 to 18 months.

如果您正在討論將全新設計投入生產，通常需要 12 到 18 個月的時間。

But you'll start to see impact on the funnel, impact on joint opportunities, probably as early as late this quarter.

但您可能最早會在本季結束時開始看到對通路的影響、對聯合機會的影響。

Our next question will come from Rajvindra Gill with Needham & Company.

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

Just switching to earnings, as you noted.

正如您所指出的，只是轉向收益。

Eric, what is the deleveraging campaign?

艾瑞克，什麼是去槓桿化運動？

Is that changing at all, given the situation?

鑑於目前的情況，這種情況有改變嗎？

And as part of the $8 per share in fiscal year '21, how much of that is related to a lower interest reduction related to deleveraging?

作為 21 財年每股 8 美元的一部分，其中有多少與去槓桿化相關的較低降息有關？

Just wondering if you could talk about that in the grand scheme of earnings being the end to be all of everything?

只是想知道你是否可以在宏偉的收入計劃中談論這一點，這是一切的最終目的？

So the deleveraging approach is essentially all cash generation above and beyond the dividend is going to go to pay down debt.

因此，去槓桿化方法本質上是股息之外的所有現金產生都將用於償還債務。

We aren't going to do anything unnatural, right?

我們不會做任何不自然的事情，對嗎？

I mean, we're not going to push inventory into the distribution channel to generate cash and things like that, but...

我的意思是，我們不會將庫存推入分銷渠道以產生現金或類似的東西，但是...

We're not going to cut the dividend.

我們不會削減股息。

Going to run the business, going to get our synergies as quickly as we can, and with that, generate cash to pay it down.

去經營業務，盡快獲得我們的協同效應，並以此產生現金來償還債務。

And so we are definitely a little bit behind schedule to start and we've got a little bit of a headwind in front of us.

因此，我們的起步肯定有點落後於計劃，而且我們面前也有一些逆風。

But long-term cash generation and operating profit generation from these businesses combined is very high, no real change in that long-term outlook.

但這些業務的長期現金產生和營業利潤加起來非常高，長期前景沒有真正的改變。

So hopefully, that answers your question.

希望這能回答你的問題。

And then, obviously, as we pay down debt, there's interest expense reduction.

然後，顯然，當我們償還債務時，利息支出就會減少。

That's built into our forecast.

這已納入我們的預測。

But we aren't going to give any real details in terms of how that lays out quarter-by-quarter at this time.

但目前我們不會提供任何關於如何按季度佈局的實際細節。

One of his questions was really what portion of incremental to possibly $8 is tax related.

他的問題之一是，在可能增加的 8 美元中，哪一部分與稅收有關。

Raji, what I would say is, in the past, when R&D tax credit used to go away every year and then used to come back later in the year, most companies will have a much lower tax rate in the fourth quarter and then they'll true-up and have a much lower tax rate and sometimes, make up the earnings, mess with the tax rate and all that, and analysts and investors will discount the additional earnings per share coming by the tax rate.

拉吉，我想說的是，過去，研發稅收抵免每年都會消失，然後在今年晚些時候恢復，大多數公司在第四季度的稅率會低得多，然後他們'會調整，稅率要低得多，有時，會彌補收益，擾亂稅率等等，分析師和投資者會根據稅率對每股額外收益進行折扣。

This is not that kind.

這不是那種。

This is real tax rate, current quarter, there is nothing we're taking from the past or future.

這是當前季度的實際稅率，我們沒有從過去或未來獲取任何資訊。

This is actual, good old tax planning, which for next several years, we'll have a very low tax rate.

這是實際的、良好的舊稅收規劃，在接下來的幾年裡，我們的稅率將非常低。

So you should look at that as, it's no better or worse than earnings per share produced from higher gross margin or higher revenue or lower expenses or anything else.

因此，您應該將其視為，它並不比由更高的毛利率或更高的收入或更低的費用或其他任何因素產生的每股收益更好或更差。

That's true.

這是真的。

At the end of the day, that's what it is.

歸根結底，就是這樣。

And last question, and Steve, I know it might be difficult to understand the tariffs, but in late 2014, you saw a slowdown in China industrial, you saw a slowdown in China housing, you were one of the first ones to note that and then we did see a slowdown in China in 2015.

最後一個問題，史蒂夫，我知道可能很難理解關稅，但在 2014 年底，你看到中國工業放緩，你看到中國房地產放緩，你是最先註意到這一點的人之一，然後我們確實看到2015年中國經濟放緩。

I'm just wondering if, is that a scenario that can repeat itself?

我只是想知道，這種情況是否會重演？

Or just any general thoughts on that.

或只是對此的任何一般想法。

Raji, I resigned from that job back in 2014.

Raji，我在 2014 年辭去了那份工作。

I would let those thoughts be yours rather than mine.

我會讓這些想法變成你的而不是我的。

I'll just talk about our business.

我就簡單談談我們的生意吧。

I get no benefit from that.

我從中得不到任何好處。

I let you guys decode that.

我讓你們解碼一下。

And our next question will come from Mark Lipacis with Jefferies.

我們的下一個問題將來自傑弗里斯的馬克·利帕西斯。

Just one for, Eric.

只給艾瑞克一份。

Eric, in the trailing previous 4 quarters, free cash flow tracked pretty close to the non-GAAP net income.

艾瑞克（Eric），在過去的四個季度中，自由現金流非常接近非公認會計準則淨利潤。

This quarter, there's a little bit more of a GAAP, and I think that's typical when you start an integration process.

本季度，GAAP 有所增加，我認為這在開始整合過程時很常見。

I was wondering if you could give us a sense of when does the free cash flow start to track back to the net income?

我想知道您能否讓我們了解自由現金流何時開始回歸淨收入？

If you could give us any help on that, I'd appreciate it.

如果您能為我們提供任何幫助，我將不勝感激。

I think we had a big correction in June, as we've kind of talked about.

我認為我們在六月經歷了一次大調整，正如我們所討論的那樣。

I think it continues through the end of the calendar year, to have a little bit of pressure on that, because of the continued reduction that we expect in distribution inventory.

我認為這種情況會持續到今年年底，因為我們預計分銷庫存將持續減少，因此會面臨一些壓力。

But after that, I think it should return to a more normalized basis.

但在那之後，我認為它應該回到更正常化的基礎。

And as that was our final question, gentlemen, I'll turn the call back over to you for final comments.

先生們，由於這是我們的最後一個問題，我會將電話轉回給你們以徵求最終意見。

Well, we want to thank everyone for attending this call.

好吧，我們要感謝大家參加這次電話會議。

We'll see some of you on the road at conferences, which I think begin again late August and September.

我們會在會議上見到你們中的一些人，我認為會議將在八月底和九月再次開始。

So thank you very much.

非常感謝。

And that concludes today's conference call.

今天的電話會議到此結束。

We thank you for joining.

我們感謝您的加入。