微晶片科技 (MCHP) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to Microchip's First Quarter Fiscal 2023 Financial Results. As a reminder, today's call is being recorded.

大家好，歡迎收聽 Microchip 2023 財年第一季財務業績發表會。溫馨提示：今天的電話會議正在錄音中。

At this time, I would like to turn the call over to Mr. Eric Bjornholt, our CFO. Please go ahead, sir.

現在，我想把電話轉給我們的財務長艾瑞克‧比約恩霍爾特先生。先生，請講。

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

謝謝大家，下午好。在本次電話會議中，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。我們在此提醒您，此類陳述僅為預測，實際事件或結果可能有重大差異。

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. In attendance with me today are Ganesh Moorthy, Microchip's President and CEO; Steve Sanghi, Microchip's Executive Chair; and Sajid Daudi, Microchip's Head of Investor Relations. I will comment on our first quarter financial performance, Ganesh will then provide commentary on our results and discuss the current business environment as well as our guidance, and Steve will provide an update on our cash return strategy.

請您參閱我們今天的新聞稿以及我們最近向美國證券交易委員會 (SEC) 提交的文件，這些文件列出了可能影響 Microchip 業務和營運績效的重要風險因素。今天與我一同出席的嘉賓包括 Microchip 總裁兼執行長 Ganesh Moorthy、Microchip 執行主席 Steve Sanghi 以及 Microchip 投資者關係主管 Sajid Daudi。我將就第一季的財務表現發表評論，Ganesh 隨後將對我們的業績進行評論，並討論當前的業務環境和我們的預期，Steve 將介紹我們現金回報策略的最新情況。

We will then be available to respond to specific investor and analyst questions. We are including information in our press release in this conference call on various GAAP and non-GAAP measures. We have posted a full GAAP to non-GAAP reconciliation on the Investor Relations page of our website at www.microchip.com, and included reconciliation information in our press release, which we believe you will find useful when comparing our GAAP and non-GAAP results. We have also posted a summary of our outstanding debts and our leverage metrics on our website.

屆時，我們將解答投資人和分析師的具體問題。我們將在本次電話會議的新聞稿中發佈各種 GAAP 和非 GAAP 指標的資訊。我們已在公司網站 www.microchip.com 的投資者關係頁面上發布了完整的 GAAP 與非 GAAP 對照表，並在新聞稿中提供了對照信息，相信您在比較 GAAP 和非 GAAP 業績時會發現這些信息很有用。我們也在網站上發布了未償債務和槓桿率指標的摘要。

I will now go through some of the operating results, including net sales, gross margin and operating expenses. Other than net sales, I will be referring to these results on a non-GAAP basis, which is based on expenses prior to the effects of our acquisition activities, share-based compensation and certain other adjustments as described in our press release. Net sales in the June quarter were $1.964 billion, which was up 6.5% sequentially. We have posted a summary of our GAAP net sales by product line and geography on our website for your reference.

現在我將介紹一些營運業績，包括淨銷售額、毛利率和營運費用。除淨銷售額外，我將以非公認會計準則 (Non-GAAP) 為基礎，即扣除收購活動、股權激勵以及新聞稿中所述的某些其他調整的影響後的費用。 6 月當季淨銷售額為 19.64 億美元，季增 6.5%。我們已在網站上發布了按產品線和地區劃分的 GAAP 淨銷售額摘要，供您參考。

On a non-GAAP basis, gross margins were a record at 67.1%, operating expenses were at 21.5%, and operating income was a record 45.6%. Non-GAAP net income was a record $767.2 million. Non-GAAP earnings per diluted share was a record $1.37 and $0.01 above the high end of our guidance range.

以非公認會計準則 (Non-GAAP) 計算，毛利率達創紀錄的 67.1%，營運費用達 21.5%，營運利潤達創紀錄的 45.6%。非公認會計準則淨利達創紀錄的 7.672 億美元。非公認會計準則每股攤薄收益達創紀錄的 1.37 美元，比我們預期的上限高出 0.01 美元。

On a GAAP basis in the June quarter, gross margins were a record at 66.7%. Total operating expenses were $608.6 million and included acquisition and tangible amortization of $167.6 million. Special income of $16.9 million, $1.7 million of acquisition-related and other costs and share-based compensation of $33.5 million.

依照美國通用會計準則 (GAAP)，6 月當季毛利率創歷史新高，達到 66.7%。總營運費用為 6.086 億美元，其中包括 1.676 億美元的收購及有形攤提費用。特殊收入為 1,690 萬美元，收購相關成本及其他成本為 170 萬美元，股權激勵費用為 3,350 萬美元。

GAAP net income was a record $507.2 million, resulting in $0.90 per diluted share and was adversely impacted by a $6.2 million loss on debt settlement associated with our convertible debt refinancing activities and positively impacted by a $22 million litigation accrual adjustments. Our June quarter GAAP tax expense was impacted by a variety of factors, notably the tax benefits recorded as a result of the loss on the debt settlement.

GAAP淨利創紀錄地達到5.072億美元，攤薄後每股收益0.90美元。與可轉換債務再融資活動相關的620萬美元債務清償損失對本季產生了不利影響，而2,200萬美元的訴訟應計調整則對本季產生了正面影響。本季GAAP稅費受到多種因素的影響，尤其是因債務清償損失而產生的稅收優惠。

Our non-GAAP cash tax rate was 9.4% in the June quarter and was in line with our guidance. The June quarter tax rate was up approximately 450 basis points from the rates in fiscal year 2022. We expect our non-GAAP cash tax rate for fiscal '23 to be between 8.5% and 10.5%, exclusive of the transition tax, any potential tax associated with restructuring the Microsemi operations into the Microchip global structure and any tax audit settlements related to taxes accrued in prior fiscal years.

我們第二季的非公認會計準則現金稅率為9.4%，符合我們的預期。第二季的稅率較2022財年的稅率上漲了約450個基點。我們預計2023財年的非公認會計準則現金稅率將在8.5%至10.5%之間，此稅率不包括過渡稅、將美高森美業務重組為美高森美全球架構所產生的任何潛在稅費，以及與前幾財年累計稅費相關的任何稅務審計和解。

A reminder of what we communicated last quarter, our fiscal '23 cash tax rate is higher than our fiscal '22 tax rate for a variety of factors, including lower availability of tax attributes, such as net operating losses and tax credits as well as the impact of current tax rules requiring the capitalization of R&D expenses for tax purposes. Our inventory balance at June 30, 2022, was $911.8 million. We had 127 days of inventory at the end of the June quarter, which was up 2 days from the prior quarter's level.

回顧我們上季度溝通的內容，我們23財年的現金稅率高於22財年的稅率，原因有很多，包括可獲得的稅項較少，例如淨營業虧損和稅收抵免，以及現行稅法要求將研發費用資本化以用於稅務目的的影響。截至2022年6月30日，我們的庫存餘額為9.118億美元。截至6月底，我們的庫存週轉天數為127天，比上一季增加了2天。

A major part of the increase in days of inventory was driven by the 50 basis point sequential increase in gross margin. Our levels of raw materials and work in progress increased in the quarter, which helps position us for the increased production we are expecting from our internal factories and helps buffer to a degree some against unexpected shortages or changes in material lead times.

庫存天數的增加主要源自於毛利率季增50個基點。本季度，我們的原材料和在製品庫存水準有所提升，這有助於我們為內部工廠預期的產量成長做好準備，並在一定程度上緩解意外短缺或材料交付週期變化帶來的影響。

The carrying cost of our inventory has been and will be increasing due to rising input costs from our supply chain as well as several last-time buys we are forced to make because of capacity restructuring actions being taken by our suppliers. We are continuing to ramp capacity in our internal and external factories so we can ship more product to support customer requirements. Inventory at our distributors in the June quarter was at 19 days, which was up 2 days from the prior quarter's level.

由於供應鏈投入成本上升，以及供應商採取產能重組措施導致我們被迫進行多次“最後採購”，我們的庫存持有成本一直在上升，並且還會持續上升。我們正在持續提升內部和外部工廠的產能，以便能夠運送更多產品來滿足客戶需求。 6月當季，我們經銷商的庫存週轉天數為19天，比上一季增加了2天。

In the June quarter, we repurchased $34.6 million of principal value of our 2027 and 2037 convertible subordinated notes for cash, and we also paid cash for the value of these bonds above the principal amount. We used cash generation during the quarter to fund the amounts of the convertible debt repurchases, and we believe that these transactions will benefit stockholders by reducing share count dilution to the extent our stock price appreciates over time.

6月當季，我們以現金回購了價值3,460萬美元的2027年和2037年可轉換次級債券，並支付了超過本金的部分。我們利用本季產生的現金來支付可轉換債券回購的款項，我們相信，這些交易將使股東受益，因為我們的股價會隨著時間的推移而上漲，從而減少股份稀釋。

The principal amount of convertible debt on our balance sheet at June 30 was $803.5 million. This includes $665.5 million of convertible bonds maturing in November of 2024, with the cap call option in place that offsets any potential dilution from these convertibles up to a stock price of $116.34. At the beginning of calendar year 2020, Microchip had $4.481 billion of convertible bonds outstanding. So today, our overall capital structure is in a much better long-term position.

截至6月30日，我們資產負債表上的可轉換債務本金為8.035億美元。其中包括2024年11月到期的6.655億美元可轉換債券，並設有上限看漲期權，可抵銷這些可轉換債券可能造成的稀釋，最高股價為116.34美元。 2020年初，微晶片未償還的可轉換債券餘額為44.81億美元。因此，目前我們的整體資本結構處於較佳的長期狀態。

Our cash flow from operating activities was $840.4 million in the June quarter. Our free cash flow was $718.5 million and 36.6% of net sales. As of June 30, our consolidated cash and total investment position was $379.1 million. We paid down $233.6 million of total debt in the June quarter, and our net debt was reduced by $293.3 million. Over the last 16 full quarters since we closed the Microsemi acquisition and incurred over $8 billion in debt to do so, we have paid down almost $5.2 billion of debt and continue to allocate substantially all of our excess cash beyond dividends and stock buyback to bring down this debt.

6月當季，我們的經營活動現金流為8.404億美元。我們的自由現金流為7.185億美元，佔淨銷售額的36.6%。截至6月30日，我們的合併現金及總投資額為3.791億美元。 6月當季，我們償還了2.336億美元的總債務，淨債務減少了2.933億美元。自從完成對美高森美的收購並為此背負了超過80億美元的債務以來，在過去16個完整季度中，我們已償還了近52億美元的債務，並繼續將除股息和股票回購之外的幾乎所有剩餘現金用於償還債務。

We have accomplished this despite the adverse macro and market conditions during the earlier years of this period, which we feel is a testimony to the cash generation capabilities of our business as well as our ongoing operating discipline. We continue to expect our debt levels to reduce significantly over the next several years.

儘管本季初期宏觀和市場環境不利，我們仍然取得了這一成就，這證明了我們業務的現金創造能力以及我們持續的營運紀律。我們預計未來幾年我們的債務水準將大幅下降。

Our adjusted EBITDA in the June quarter was a record at $986.7 million and 50.2% of net sales. Our trailing 12-month adjusted EBITDA was also a record at $3.521 billion. Our net debt to adjusted EBITDA was 2.05 at June 30, 2022, down from 2.32 at March 31, 2022, and down from 3.34 at June 30, 2021.

我們6月當季的調整後EBITDA達到創紀錄的9.867億美元，佔淨銷售額的50.2%。我們過去12個月的調整後EBITDA也創下了35.21億美元的新高。截至2022年6月30日，我們的淨債務與調整後EBITDA之比為2.05，低於2022年3月31日的2.32，也低於2021年6月30日的3.3​​4。

Capital expenditures were $121.9 million in the June quarter. Our expectation for capital expenditures for fiscal year '23 is between $500 million and $550 million as we continue to take actions to support the growth of our business and ramp up our manufacturing operations. We continue to prudently add capital equipment to maintain, grow and operate our internal manufacturing operations to support the expected long-term growth of our business. We expect these capital investments will bring gross margin improvement to our business and give us increased control over our production during periods of industry-wide constraints. Depreciation expense in the June quarter was $71.7 million.

6月季度的資本支出為1.219億美元。我們預計23財年的資本支出將在5億至5.5億美元之間，因為我們將繼續採取措施支持業務成長並擴大製造業務。我們將繼續審慎地增加資本設備，以維護、發展和營運我們的內部製造業務，從而支持我們預期的長期業務成長。我們預計這些資本投資將提高我們的毛利率，並在全行業受限的時期增強我們對生產的控制力。 6月季度的折舊費用為7,170萬美元。

I will now turn it over to Ganesh to give his comments on the performance of the business in the June quarter as well as our guidance for the September quarter. Ganesh?

現在我將把時間交給 Ganesh，請他對 6 月季度的業務表現以及 9 月季度的預期做出評論。 Ganesh？

Thank you, Eric, and good afternoon, everyone. Our June quarter results continue to be strong across the board, setting several records in the process. Revenue grew 6.5% sequentially and 25.1% on a year-over-year basis to achieve another all-time record at $1.96 billion.

謝謝埃里克，大家下午好。我們六月季度的業績持續全面強勁，並創下了多項紀錄。營收季增6.5%，年增25.1%，再創歷史新高，達19.6億美元。

This was our seventh consecutive quarter where we achieved a record revenue mark. During the quarter, we worked through several COVID-related operational challenges, including, but not limited to, the shutdowns in Shanghai, which affected our customers and our supply chain partners. Non-GAAP gross margin was another record of 67.1%, up 50 basis points from the March quarter and up 230 basis points from the year ago quarter, benefiting from improved operational efficiencies as well as product mix changes. Non-GAAP operating margin was also a record of 45.6%, up 90 basis points from the March quarter and up 390 basis points from the year ago quarter, achieving the high end of our guidance.

這是我們連續第七個季度創下營收紀錄。本季度，我們克服了與新冠疫情相關的多項營運挑戰，包括但不限於上海工廠停工停產，這些措施影響了我們的客戶和供應鏈合作夥伴。非公認會計準則 (Non-GAAP) 毛利率再創紀錄，達到 67.1%，較上一季上升 50 個基點，較去年同期上升 230 個基點，這得益於營運效率的提升以及產品組合的調整。非公認會計準則 (Non-GAAP) 營業利潤率也創下 45.6% 的紀錄，較上一季上升 90 個基點，較去年同期上升 390 個基點，達到了我們預期的高點。

Due to our rapid increase in revenue, operating expenses at 21.5% or 100 basis points below the low end of our long-term model range of 22.5% to 23.5%. Our long-term operating expense model will continue to guide our investment actions to drive the long-term growth and profitability of our business. Our consolidated non-GAAP diluted EPS was a record $1.37 per share, up 38.4% from the year ago quarter and just above the high end of our guidance.

由於營收快速成長，本季營運費用為21.5%，比我們長期模型預測區間（22.5%至23.5%）的低端低100個基點。我們的長期營運費用模型將繼續指導我們的投資行動，以推動業務的長期成長和獲利能力。本季度，我們的合併非公認會計準則稀釋每股盈餘創下每股1.37美元的紀錄，較去年同期成長38.4%，略高於我們預期的高端。

Adjusted EBITDA at 50.2% of revenue and free cash flow at 36.6% of revenue, were both very strong in the June quarter, continuing to demonstrate the robust cash generation capabilities of our business. Net debt declined by $293.3 million, driving our net leverage ratio down to 2.05 exiting the June quarter as we continue to aggressively drive down our net leverage.

調整後EBITDA佔營收的50.2%，自由現金流佔營收的36.6%，在6月當季均表現強勁，持續展現我們業務強勁的現金創造能力。淨債務減少了2.933億美元，推動我們的淨槓桿率在6月當季結束時降至2.05，我們持續積極降低淨槓桿率。

Recalling that our net leverage was almost 5x at the end of the 2018 June quarter right after the Microsemi acquisition, it is satisfying to see how far we have come in the full year since to bring down our net leverage so significantly. During the June quarter, we returned $348.2 million to shareholders in dividends and share repurchases, representing 55% of the prior quarter's free cash flow.

回想一下，在收購美高森美之後的2018年6月季末，我們的淨槓桿率幾乎達到了5倍。看到我們自那時起全年取得瞭如此大的進步，並將淨槓桿率大幅降低，我們感到欣慰。 6月季度，我們以股利和股票回購的形式向股東返還了3.482億美元，佔上一季自由現金流的55%。

I would like to take this opportunity to profusely thank all of our stakeholders who enabled us to achieve these outstanding results and especially thank the worldwide Microchip team for their concerted effort and never give up attitude to deliver results for our customers despite a historic and persistent imbalance between supply and demand. Taking a look at our revenue from a product line perspective, our microcontroller revenue was sequentially up 1.6% as compared to the March quarter and set another all-time record.

我想藉此機會衷心感謝所有利益相關者，是他們讓我們取得瞭如此出色的業績，尤其要感謝全球Microchip團隊的齊心協力和永不放棄的精神，儘管供需失衡的歷史性持續存在，他們仍然堅持為客戶提供成果。從產品線的角度來看，我們的微控制器營收與3月季度相比較上季成長了1.6%，創下了歷史新高。

On a year-over-year basis, our June quarter microcontroller revenue was up 17.8%. Microcontrollers represented 54.1% of our revenue in the June quarter. Our analog revenue sequentially increased 12.5% in the June quarter, setting another record in the process. On a year-over-year basis, our June quarter analog revenue was up a strong 34.2%, and analog represented 29.5% of our revenue in the June quarter.

與去年同期相比，我們6月季度的微控制器營收成長了17.8%。微控制器占我們6月季度營收的54.1%。我們的模擬收入季增了12.5%，再創歷史新高。與去年同期相比，我們6月季度的模擬收入強勁成長了34.2%，占我們6月份季度營收的29.5%。

The difference in growth rate in the June quarter between Microcontrollers and analog is in part based on quarter-to-quarter differences as we have seen in the past and in part because we are competitively less constrained on analog products which are predominantly produced through internal factories. Although we no longer break them out, it was notable that in the June quarter, our FPGA revenue as well as our technology licensing royalty revenue were both up strongly and achieved new records.

6月季度微控制器與類比產品之間的成長率差異，部分源自於我們過去觀察到的季度間差異，部分源自於我們在類比產品方面受到的競爭限制較少，這些產品主要由內部工廠生產。雖然我們不再單獨列出這些產品，但值得注意的是，在6月季度，我們的FPGA收入以及技術許可使用費收入均強勁增長，並創下了新高。

Taking a look at our revenue from a geographic and end market perspective. Americas was up 33% over the prior year quarter. Europe was up 28.4% over the prior year quarter. Asia was up 20.7% over the prior year quarter. Our major end markets remain strong and were supply constrained. Business conditions continue to be strong as viewed through our internal indicators, we expect to remain supply constrained through the rest of 2022 and into 2023. Demand continued to be insatiable despite the capacity increases we have implemented so far. As a result, our unsupported backlog, which represents backlog customers want to ship to them in the June quarter, but which we could not deliver in the June quarter climbed again.

從地域和終端市場角度來看我們的收入。美洲市場較上年同期成長33%。歐洲市場較上年同期成長28.4%。亞洲市場較上年同期成長20.7%。我們的主要終端市場依然強勁，但供應受限。從我們的內部指標來看，業務狀況持續強勁，我們預計在2022年剩餘時間和2023年，供應仍將受限。儘管我們迄今已實施了產能提升，但需求仍然難以滿足。因此，我們未支援的積壓訂單（指客戶希望在6月季度發貨，但我們在6月季度無法交付的積壓訂單）再次攀升。

We exited the June quarter with our highest unsupported backlog ever, with unsupported backlog coming in well above the actual revenue we achieved. We are cognizant of the weakening macro conditions resulting from rising inflation and the actions being taken by central banks in response. We're also aware that there is some inventory build at our customers as can be seen in their balance sheet, some of which we believe is due to strategic buffer inventory builds and some of which is due to incomplete kits or the infamous golden screw effect.

截至第二季末，我們的無支撐積壓訂單量創歷史新高，遠高於實際收入。我們意識到通膨上升以及各國央行採取的應對措施導致宏觀經濟環境疲軟。我們也注意到，從客戶的資產負債表中可以看出，他們存在一些庫存積累，我們認為其中一些是由於戰略性緩衝庫存的積累，另一些是由於套件不完整或臭名昭著的「黃金螺絲效應」。

While we have seen sporadic requests to push our backlog, these requests are a small fraction of the very large unsupported backlog we have over multiple quarters and hence, have not had a material impact on our business. At the same time, the level of expedites and customer escalations we're experiencing has not abated, indicating that demand and supply remain imbalanced from many customer situations. In order to best utilize the available supply and reduce customer inventory builds, we continue to thoughtfully reallocate future supply from customers who self-identify inventory positions through customers in distress with imminent (inaudible) situations.

雖然我們偶爾會收到一些要求處理積壓訂單的請求，但這些請求與我們過去幾季積累的大量未得到支持的積壓訂單相比，只是九牛一毛，因此並未對我們的業務造成實質性影響。同時，我們遇到的加急和客戶升級問題並未減少，這表明許多客戶的情況導致供需仍然不平衡。為了最大限度地利用現有供應並減少客戶庫存積壓，我們將繼續審慎地重新分配未來供應，這些供應來自那些自行確定庫存狀況的客戶，以及那些面臨緊急（聽不清楚）情況的客戶。

Given the crosscurrents of strong internal business indicators and some uncertainty in the macro environment, we have modeled a range of potential scenarios and are monitoring our leading indicators which should enable us to take deliberate actions swiftly and early when appropriate. Our goal is to deliver a soft landing for our business if or when the softer macro environment catches up with it. And so here's how we're thinking about it. We continue to have strong PSP backlog, which is non-cancelable for at least 12 months, which comprises well over 50% of our total backlog.

鑑於強勁的內部業務指標和宏觀環境的不確定性，我們模擬了一系列潛在情景，並正在監測我們的領先指標，這將有助於我們在適當的時候迅速且儘早地採取審慎的行動。我們的目標是，在宏觀環境疲軟的情況下，實現業務軟著陸。以下是我們的設想。我們持續擁有強勁的PSP訂單積壓，這些訂單至少在12個月內不可取消，占我們總積壓訂單的50%以上。

In addition, over the last 6 months, we have entered into multiyear long-term supply agreements with a number of large customers, in effect, giving them reserved capacity in exchange for guaranteed purchases typically over 5 years. We have a significant demand cushion with unsupported backlog that is much greater than 100% of supported backlog and which can readily absorb any pushouts and cancellations.

此外，在過去六個月中，我們與多家大型客戶簽訂了多年期長期供應協議，實際上，我們為他們預留了產能，以換取通常為期五年的保證採購。我們擁有充足的需求緩衝，未受支援的積壓訂單量遠高於受支援的積壓訂單量的100%，可以輕鬆吸收任何延期和取消訂單。

Distribution inventory at 19 days is low when compared to what the channel has historically required to serve customers effectively. Any business weakness will give us the opportunity to replenish depleted channel inventory and position our channel partners to respond to business growth as well as better serve customers. Our internal die bank and finished goods inventory has been substantially depleted as demand outstripped supply for the last 7 quarters. Any business weakness will enable us to replenish this inventory to better position us to support our customers.

與通路以往有效服務客戶所需的庫存相比，19天的分銷庫存處於較低水準。任何業務疲軟都將為我們補充耗盡的通路庫存提供機會，並使我們的通路合作夥伴能夠應對業務成長並更好地服務客戶。由於過去7季供不應求，我們的內部模具庫和成品庫存已大幅耗盡。任何業務疲軟都將使我們能夠補充庫存，從而更好地為客戶提供支援。

We continue -- we expect continued above-average secular growth trends resulting from our focus on total system solutions and megatrends. In addition, our end market exposure is concentrated in the industrial, aerospace and defense automotive, data center and communications infrastructure markets, all of which have demonstrated much higher durability in prior cycles. With any business weakness, we expect our capital intensity will shift to the lower end or even below the lower end of our CapEx guidance of 3% to 6% of revenue, thus liberating free cash flow.

我們將繼續——我們預計，由於我們專注於整體系統解決方案和大趨勢，長期成長趨勢將繼續高於平均水平。此外，我們的終端市場集中在工業、航空航太和國防汽車、資料中心以及通訊基礎設施市場，所有這些市場在先前的周期中都表現出了更高的持久性。如果業務出現任何疲軟，我們預期我們的資本密集度將降至資本支出佔收入3%至6%的指引下限，甚至低於該指引的下限，從而釋放自由現金流。

And finally, as you've seen in prior cycles, we expect our variable compensation programs to buffer our operating expenses and protect our operating model. If you study Microchip's peak to trough performance through the business cycles over the last 15 years, you will observe our robust and consistent cash generation, gross margin and operating margin results. The investor presentation posted on our IR website today provides details about our performance through the business cycles. If or when there is a macro slowdown that impacts our business, we expect our cash generation, gross margin and operating margin to once again demonstrate consistency and resiliency. This will help us to continue to execute our long-term Microchip 3.0 growth strategy and insulate it from whatever short-term market challenges there may be.

最後，正如您在先前的周期中所看到的，我們預計浮動薪酬計劃將能夠緩衝我們的營運費用並保護我們的營運模式。如果您研究Microchip過去15年在各個商業週期中從高峰到低谷的表現，您會發現我們強勁且持續的現金創造能力、毛利率和營業利潤率。今天在我們投資者關係網站上發布的投資者簡報詳細介紹了我們在各個商業週期中的表現。如果宏觀經濟放緩影響到我們的業務，我們預期我們的現金創造能力、毛利率和營業利潤率將再次展現出一致性和韌性。這將有助於我們繼續執行Microchip 3.0的長期成長策略，並使其免受任何短期市場挑戰的影響。

We continue to expect constraints in our internal and external factories and the related manufacturing supply chains, we are ramping our internal factories and working closely with our supply chain partners to secure additional capacity wherever possible. We expect our capital spending in fiscal year '23 to be modestly above the 3% to 6% of revenue range we have shared with you as we respond to growth opportunities in our business. We believe our calibrated increase in capital spending will enable us to capitalize on growth opportunities, serve our customers better, increase our market share, improve our gross margin and give us more control over our destiny, especially for specialized trailing edge technologies.

我們預計內部和外部工廠以及相關製造供應鏈將繼續受到限制，我們正在擴大內部工廠的產能，並與供應鏈合作夥伴密切合作，盡可能確保額外的產能。我們預計23財年的資本支出將略高於我們先前與您分享的3%至6%的收入預期，以應對業務成長機會。我們相信，適度增加資本支出將使我們能夠抓住成長機遇，更好地服務客戶，提升市場份額，提高毛利率，並讓我們更好地掌控自己的命運，尤其是在專業化前沿技術領域。

We're also pleased to see the CHIPS and Science Act approved by Congress with bipartisan support and expect the President will sign it into law imminently. This bill is good for the semiconductor industry and for America as it enables critical investments, which will even the global playing field for U.S. companies while being strategically important for our economic and national security. We expect to be eligible to benefit from the grants under this legislation, as well as the investment tax credit provisions of the bill as we do our part to invest in ensuring U.S. economic and national security.

我們也很高興看到《晶片與科學法案》在國會兩黨支持下獲得批准，並預計總統很快就會簽署該法案。這項法案對半導體產業和美國都大有裨益，因為它能夠促進關鍵投資，為美國企業創造更公平的全球競爭環境，同時對我們的經濟和國家安全也具有戰略意義。我們期待能夠從該法案下的撥款以及該法案的投資稅收抵免條款中受益，為確保美國經濟和國家安全盡一份力。

Now let's get into the guidance for the September quarter. Our backlog for the September quarter is strong, and we have more capacity improvements coming into effect. Taking all the factors we have discussed on the call today into consideration, we expect our net sales of the September quarter to be up between 3% and 7% sequentially, and we expect sequential revenue growth again in the December quarter. At the midpoint of our revenue guidance, our year-over-year growth for the September quarter would be a strong 25%.

現在我們來看看9月季度的業績指引。我們9月季度的訂單量強勁，還有更多產能提升措施即將生效。綜合考慮我們今天電話會議上討論的所有因素，我們預計9月份季度的淨銷售額將環比增長3%至7%，並且我們預計12月份季度的收入將再次實現環比增長。以我們營收指引的中位數計算，9月季度的年增率將達到強勁的25%。

For the September quarter, we expect our non-GAAP gross margin to be between 67.3% and 67.7% of sales. We expect our non-GAAP operating expenses to be between 21.3% and 21.7% of sales. We expect non-GAAP operating profit to be between 45.6% and 46.4% of sales, and we expect our non-GAAP diluted earnings per share to be between $1.42 per share and $1.46 per share. At the midpoint of our EPS guidance, our year-over-year growth for the September quarter would be a strong 34.6%.

我們預計9月季度的非GAAP毛利率將介於銷售額的67.3%至67.7%之間。我們預計非GAAP營運費用將介於銷售額的21.3%至21.7%之間。我們預期非GAAP營運利潤將介於銷售額的45.6%至46.4%之間，非GAAP稀釋每股盈餘將介於1.42美元至1.46美元之間。以我們每股收益預期的中位數計算，9月份季度的年增率將達到強勁的34.6%。

Finally, as you can see from our June quarter results and September quarter guidance, every element of our Microchip 3.0 strategy is firing on all cylinders as we continue to build and improve what we believe is one of the most diversified, defensible, high growth, high margin, high cash generating businesses in the semiconductor industry.

最後，正如您從我們的 6 月份季度業績和 9 月份季度指引中看到的那樣，隨著我們繼續構建和改進我們認為最多元化、最具防禦性、高增長、高利潤、高現金產生的業務之一，我們的 Microchip 3.0 戰略的每個要素都在全力以赴。

To summarize the essential elements of Microchip 3.0, they are organic growth -- organic revenue growth rate of 10% to 15% in the fiscal year '22 to '26 time frame by focusing on total system solutions in our 6 key market megatrends. Long-term non-GAAP operating margin target of 44% to 46% and free cash flow target of 38%, consistently increasing capital return to shareholders as net leverage drops such that 100% of free cash flow is returned to shareholders after net leverage drops to 1.5x.

總結 Microchip 3.0 的核心要素：有機成長——透過專注於六大關鍵市場趨勢下的整體系統解決方案，在 2022 財年至 2026 財年期間實現 10% 至 15% 的有機收入成長率。長期非 GAAP 營業利潤率目標為 44% 至 46%，自由現金流目標為 38%，隨著淨槓桿率下降，持續增加股東資本回報，以便在淨槓桿率降至 1.5 倍後，100% 的自由現金流將返還給股東。

CapEx investment of 3% to 6% of revenue and inventory investment of 130 to 150 days over business cycles, and a strong company foundation that is built on culture and sustainability.

資本支出佔收入的 3% 至 6%，業務週期內的庫存投資為 130 至 150 天，且公司基礎強大，建立在文化和永續性的基礎上。

Now let me pass baton to Steve to talk more about our cash return to shareholders. Steve?

現在，讓我把接力棒交給史蒂夫，讓他進一步談談我們向股東的現金回報。史蒂夫？

Thank you, Ganesh, and good afternoon, everyone. I would like to reflect on our financial results announced today and provide you further updates on our cash return strategy. Reflecting on our financial results, I continue to be very proud of all employees of Microchip, that have delivered another exceptional quarter while making new records in many respects, namely record net sales, record non-GAAP gross margin percentage, record non-GAAP operating margin percentage, record non-GAAP EPS and record adjusted EBITDA. And all of that in a very challenging supply environment.

謝謝Ganesh，大家下午好。我想回顧我們今天公佈的財務業績，並進一步介紹我們的現金回報策略。回顧我們的財務業績，我依然為Microchip的全體員工感到自豪，他們又一個季度表現出色，並在多個方面創下了新紀錄，包括創紀錄的淨銷售額、創紀錄的非GAAP毛利率、創紀錄的非GAAP營業利潤率、創紀錄的非GAAP每股收益和創紀錄的調整後息稅折舊攤銷前利潤。所有這些都是在極具挑戰性的供應環境中取得的。

The Board of Directors announced an increase in the dividend of 9.1% from last quarter to $0.31 per share. This is an increase of 37.8% from the year ago quarter. During the last quarter, we purchased $195.2 million of our stock in the open market. We also paid out $153 million in dividends. Thus, the total cash return was $348.2 million.

董事會宣布股利較上一季增加9.1%，至每股0.31美元。較去年同期成長37.8%。上一季度，我們在公開市場回購了1.952億美元的股票。我們還派發了1.53億美元的股息。因此，總現金回報為3.482億美元。

This amount was 55% of our actual free cash flow of $633.1 million during the March 2022 quarter. Our paydown of debt as well as record adjusted EBITDA drove down our net leverage at the end of June 2022 quarter to 2.05 from 2.32 at the end of March quarter.

這筆金額占我們2022年3月季度實際自由現金流6.331億美元的55%。我們償還了債務，加上創紀錄的調整後EBITDA，使我們2022年6月底的淨槓桿率從3月底的2.32降至2.05。

Ever since we achieved investment-grade rating for our debt in November of 2021 and pivoted to increasing our capital return to shareholders, we have returned $1.04 billion to shareholders through June 30, 2022, by a combination of dividends and share buybacks. In the September quarter, we will use the June quarter's actual free cash flow of $718.5 million and plan to return 57.5% or $413.1 million of that amount to our shareholders.

自2021年11月我們的債務獲得投資等級評級並轉向提高股東資本回報以來，截至2022年6月30日，我們已透過股利和股票回購等方式向股東返還10.4億美元。在9月份季度，我們將利用6月份季度7.185億美元的實際自由現金流，並計劃將其中的57.5%（即4.131億美元）返還給股東。

Out of this $413.1 million, the dividend is expected to be approximately $166.5 million and the stock buyback is expected to be approximately $246.6 million.

在這 4.131 億美元中，預計股息約為 1.665 億美元，股票回購預計約為 2.466 億美元。

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

接線員，請問您可以調查問題嗎？

(Operator Instructions) We will take the first question from Gary Mobley from Wells Fargo.

（操作員指示）我們將回答富國銀行的 Gary Mobley 提出的第一個問題。

Congrats on some solid results. Let's just start out with the inevitability of the CHIPS Act being passed. I know you guys have a relatively high U.S. oriented manufacturing footprint employee base and not to mention a lot of U.S.-centric military business. And so I'm wondering if maybe you can give us a little more color in how the CHIPS Act may benefit you from a CapEx subsidization perspective or from an R&D tax credit perspective, anything you can add there?

恭喜你們取得了一些紮實的成果。首先，我們來談談《晶片與資訊安全法案》（CHIPS Act）獲得通過的必然性。我知道你們在美國製造業擁有相對較高的員工基礎，更不用說還有很多以美國為中心的軍事業務。所以，我想請您進一步解釋一下《晶片與資訊安全法案》如何從資本支出補貼或研發稅收抵免的角度為您帶來益處，您還有什麼可以補充的嗎？

So there are various components of the CHIPS Act and the rules of engagement of how they will be handed out or are going to be different. So the most obvious one is the investment tax credit. And for any capital expenses and factories that are built, et cetera, that is the first thing that we think will take effect, and it's probably the end of the year or the beginning of next year before that comes into effect, and that's a 25% investment tax credit. .

因此，《晶片投資保護與資訊系統法案》包含多個組成部分，具體實施細則也各不相同。最明顯的一項是投資稅收抵免。對於任何資本支出、新建工廠等等，我們認為這項政策將首先生效，很可能要到今年年底或明年年初才會生效，具體金額為25%的投資稅收抵免。

There are then grants that are for both manufacturing and for R&D. And we have opportunities on both of those with the expansion plans that we have and some of the R&D programs that we are pursuing. But honestly, it's too early because those are not quite clear yet in terms of how the requirements will be in that. We have, of course, been engaged with both Department of Commerce and Department of Defense for many months to give them an understanding of what the aligned interests are between what we are planning to do, are interested in doing and what the government sees as natural security imperatives. And so we expect that as that rolls out, we'll have more to share, but not at this point in time.

還有用於製造和研發的撥款。我們現有的擴張計劃和正在進行的一些研發項目都有機會獲得這兩項撥款。但坦白說，現在還為時過早，因為目前還不清楚具體要求是什麼。當然，我們已經與商務部和國防部進行了數月的接觸，讓他們了解我們計劃開展的、感興趣的項目與政府認為的自然安全要求之間的利益一致性。因此，我們預計隨著這些項目的推進，我們會有更多資訊可以分享，但目前還不是。

We will take the next question from Raji Gill, Needham & Company.

我們將回答 Needham & Company 的 Raji Gill 提出的下一個問題。

Congrats, again on managing through this very volatile period of time with great results. Just a question on your unsupported backlog. You mentioned it climbed again, it's well above the actual revenue that you achieved. And you mentioned as part of your kind of scenario analysis that you can absorb any potential order pushouts or order cancelations. Wondering if you could maybe elaborate further and maybe help us understand if there is a significant decline in demand in some of these end markets. How much do you think you'll be able to kind of absorb? And you mentioned there are some indications of order volatility. I'm wondering if you could maybe describe that as well? And where are you seeing it?

再次恭喜您順利度過了這段動盪的時期，並取得了優異的成績。我只想問一下您未完成訂單的積壓情況。您提到積壓訂單再次攀升，遠高於您實際實現的收入。您在情境分析中提到，您可以承受任何潛在的訂單延期或取消。您能否進一步闡述一下，並幫助我們了解某些終端市場的需求是否大幅下降。您認為您能夠承受多少？您提到有一些訂單波動的跡象。我想請您描述一下這種情況？您在哪裡看到了這種波動？

So on your last question, the order volatility we see is sporadic. It's very small, and it is well, well below the unsupported orders that we have, and they are easily substitutable with other orders we have.

關於你最後一個問題，我們看到的訂單波動是零星的。波動很小，遠低於我們現有的無支撐訂單，而且這些訂單很容易被我們現有的其他訂單取代。

And we have indicated that the unsupported is in excess of what we are shipping. So you can see the backlog would have to be cut by more than half just to get to where we're at. And that's a far, far cry from where today's activity is taking place.

我們已經指出，未得到支援的訂單量超過了我們實際發貨量。所以，您可以看到，為了達到目前的水平，積壓訂單量必須減少一半以上。這與我們目前的活動情況相差甚遠。

We will take the next question from Matt Ramsay from Cowen. .

我們將回答 Cowen 的 Matt Ramsay 提出的下一個問題。

This is [John Buchalter] on behalf of Matt. And congrats on the solid results. The revenue and gross margins speak for themselves. But I was wondering, are there any metrics you can provide to help us understand how much of the upside was driven by pricing versus units as we try to square away how much your capacity investments on the CapEx line are flowing through to the model already, and what's still going to come?

我是[John Buchalter]，代表Matt。恭喜您取得的穩健業績。收入和毛利率不言而喻。但我想知道，當我們試圖理清您在資本支出方面的產能投資有多少已經流入到這個模型中，以及未來還會有多少流入時，您能否提供一些指標來幫助我們了解定價與銷量之間有多少增長？

So it's not an easy way for us to break out pricing versus the increased number of units. Obviously, we have a component of both that go into it. On the units, we have a component, which is what are we doing from our own factories and then we have components of what are we trying to do and get from our partners. And what is coming from our factories, we at least have plans and things that we can measure, what comes from our partners, we can have upside sometimes that are unexpected that help us. So it is very clear, we're shipping more parts.

因此，我們很難將價格與產量成長進行比較。顯然，我們需要考慮兩個因素。就產量而言，一方面是我們在自有工廠生產的產品，另一方面是我們試圖從合作夥伴那裡獲得的產品。對於來自自有工廠的產品，我們至少有計劃和可以衡量的指標；而對於來自合作夥伴的產品，我們有時會獲得意想不到的收益，從而對我們有所幫助。所以很明顯，我們的零件出貨量正在增加。

And there is a component of price that is included -- the price increases we have made are to offset cost increases that we have experienced. And so the primary driver for us is to grow by growing units, not by growing price.

這其中也包含價格因素——我們漲價是為了抵銷成​​本上漲。因此，我們的主要成長動力是透過增加銷量來實現，而不是透過提高價格。

The next question is from William Stein from Truist Securities.

下一個問題來自 Truist Securities 的 William Stein。

With regard to the strength of the backlog and the increase in capacity that you're expecting, it sounds like you're expecting that to continue over the next few quarters, would you be willing to provide us perhaps not guidance, but some way to think about revenue growth in subsequent quarters?

關於您預期的積壓訂單強度和產能增加，聽起來您預計這種情況將在未來幾個季度繼續下去，您是否願意為我們提供一些可能不是指導，而是一些思考後續季度收入增長的方法？

Could we think about at least, for example, into the December quarter having relative, having let's say, a relatively strong feeling that, that will be an up quarter?

我們是否可以至少考慮一下，例如，進入 12 月季度後，人們會有一種相對強烈的感覺，認為這將是一個上升的季度？

So we don't provide guidance, obviously, for subsequent quarters. But I did in my prepared remarks, say, we will grow in the December quarter. And if you look at historically, December is a declining quarter from any measure of historical seasonality. And so we are quite confident we will grow into the December quarter. Does that answer your question, Will?

因此，我們顯然不會為後續季度提供業績指引。但我在準備好的發言中確實說過，我們將在12月季度實現成長。從歷史上看，無論以何種季節性指標衡量，12月季度都是一個下滑的季度。因此，我們非常有信心，我們將在12月季度實現成長。這回答了你的問題嗎，威爾？

(Operator Instructions) In the meantime, we will take the next question from Chris Danely from Citi.

（操作員指示）同時，我們將回答花旗銀行的 Chris Danely 提出的下一個問題。

I guess just a question on capacity and the shortages. So are you seeing any improvement in the shortage or capacity situation? Can you talk about trying to squeeze a little bit more both internally and externally, as your projected capacity gone up a little bit over the last few months as you've been able to maybe hunt around and find a few more parts out there. Maybe just give us a little more color on that, the (inaudible) situation.

我想問的只是關於產能和短缺的問題。那麼，您覺得短缺或產能情況有任何改善嗎？能否談談您嘗試在內部和外部都稍微壓縮一些產能？過去幾個月，由於您四處尋找，找到了更多零件，預計產能略有上升。能否請您再多介紹一下（聽不清楚）的情況？

Yes. So for our internal factories, we have been investing in CapEx for many quarters. We made progress in our back-end factories first because it was a shorter cycle time and easier to bring on. We have been making progress on our front-end factories and still have many quarters of capacity that we think we can bring on as we are able to get equipment and some of the equipment that we have needed has been delayed, has been unable to hire people, and it has been harder in some prior quarters. But we're getting better in terms of being able to fill our positions in the factories, et cetera. So clearly, internal capacity is growing and helping us support some of the backlog that we're unable to support at this point in time.

是的。對於我們的內部工廠，我們已經連續多個季度投資資本支出。我們首先在後端工廠取得了進展，因為後端工廠的週期更短，更容易投入生產。前端工廠也一直在取得進展，我們認為仍然有多個季度的產能可以投入生產，因為我們能夠獲得設備。我們所需的一些設備已經延誤，無法招到員工，而且在之前的幾季裡情況更加困難。不過，我們在填補工廠職缺等方面的情況正在好轉。顯然，內部產能正在成長，並幫助我們處理一些目前無法處理的積壓訂單。

We have had incrementally more constructive capacity improvements from our external partners, although it is still very small in the grand scheme of what we need in terms of that. And we are hopeful that some of perhaps the weaknesses that may be out there in other segments will, in fact, help free up some of the capacity we need. Although there's not an exact mix between where things are getting freed up and where things are that we require. But I think incrementally, it will be constructive and positive for us.

我們的外部合作夥伴已逐步提升了我們的產能，雖然這與我們所需的整體水平相比仍然微不足道。我們希望，其他領域可能存在的一些弱點實際上能夠幫助我們釋放一些所需的產能。雖然釋放的產能和我們所需的產能之間並沒有一個精確的平衡點。但我認為，逐步提升的產能對我們來說將是建設性的、積極的。

Your next question is from Harlan Sur from JPMorgan.

您的下一個問題來自摩根大通的 Harlan Sur。

Congratulations on the strong execution. Your near and midterm business continues strong, right? You've talked many times about the unsupported backlog being strong. But I think the market concern continues to be for a broader slowdown next year, not so much for this year, just given the mix of your business.

恭喜您出色的執行力。您的近期和中期業務持續強勁，對嗎？您多次提到未得到支援的積壓訂單量很大。但我認為，考慮到您的業務結構，市場仍然擔心明年會出現更廣泛的經濟放緩，而不是今年。

Maybe as a reflection of your customers' view on next year, your -- maybe it's worthwhile to look at your PSP customers because they're giving you 12 months order visibility, but they have to continue to keep that 12-month PSP funnel going, right? So they're continuing to add orders to the back end of their PSP funnel every single month. So given that they're booking well into next year, combined with the concerns on a macro slowdown, have you guys seen a deceleration or decline in the PSP sort of order true-ups on a sequential basis as sort of a reflection on customer demand concerns next year?

也許這反映了客戶對明年的看法，或許值得關註一下您的PSP客戶，因為他們會為您提供12個月的訂單可見性，但他們必須持續保持12個月的PSP漏斗，對嗎？所以他們每個月都會繼續在PSP漏斗的後端增加訂單。考慮到他們的訂單已經排到了明年，再加上對宏觀經濟放緩的擔憂，你們是否看到PSP訂單量環比下降或減少，這是否反映了客戶對明年需求的擔憂？

Nothing perceptibly changing. If you look at PSP as a percentage of our total backlog, it's pretty rock-steady with about 1 percentage point through pretty much the last 13, 14 weeks of time. So it's certainly a good indicator we pay attention to, and we are watching where that is going. I think the strength of our business also is driven by the end markets we're exposed to. And what is out there today where you see many of the concerns and people who are seeing weakness, it's predominantly in consumer-driven segments. And so whether that is consumer PCs, consumer mobile phone, some electronics, et cetera. And we have no consumer PC exposure. We do have enterprise PC exposure. It's very strong.

沒有什麼明顯的變化。如果你把PSP占我們總待辦訂單的比例來看，它在過去13、14週相當穩定，大約在1個百分點左右。所以這當然是一個值得我們關注的好指標，我們也在關注它的走向。我認為我們業務的強勁成長也受到我們所接觸的終端市場的驅動。目前市場上有許多令人擔憂的問題，人們認為市場疲軟，這主要集中在消費驅動的領域。無論是消費PC、消費手機，還是一些電子產品等等。我們沒有消費PC業務。但我們有企業PC業務。我們的業務非常強勁。

We have almost no phone exposure. Our consumer appliances are -- we don't have consumer electronics, so to speak. We do have home appliances, and that could be a part of it, but it's such a small piece our overall thing. So our end market exposure, we're very fortunate to have very durable markets. And I think Eric wants to add a comment to it as well.

我們幾乎沒有手機業務。我們的消費性電器業務－可以說，我們沒有消費性電子產品。我們確實有家用電器業務，這可能是其中的一部分，但它在我們整體業務中所佔的比例很小。所以我們的終端市場曝光度，我們很幸運擁有非常持久的市場。我想埃里克也想補充一點。

Yes. I mean so on PSP specifically, the dollars amount of PSP backlog that we had leaving June was higher than it was at the beginning of March. So I mean the program is still quite effective, customers are participating in it and adding orders out in time.

是的。具體到PSP，我們6月份PSP訂單積壓金額比3月初更高。所以，這個計劃仍然非常有效，客戶正在參與其中，並及時增加訂單。

We'll take the next question from Tore Svanberg from Stifel.

我們將回答 Stifel 的 Tore Svanberg 提出的下一個問題。

Congratulations on the record quarter. You've talked about being able to manage a bit of a soft landing in case macro continues to deteriorate. Obviously, you've got the PSP program. Could you talk about some of the other levers that you have? And maybe put them into perspective of your financials, especially gross margin and operating margin. Because I do know you have a very, very strong variable cost structure. So yes, any more color you could add there would be great.

恭喜您本季創下紀錄。您之前提到，如果宏觀經濟持續惡化，您可以實現一定程度的軟著陸。顯然，您有PSP計劃。您能否談談您擁有的其他一些槓桿？或許可以結合您的財務狀況，特別是毛利率和營業利益率來談談。因為我知道您的變動成本結構非常強勁。所以，如果您能補充更多細節就更好了。

So I had outlined multiple points that help us with a soft landing. So you mentioned PSP, which is clearly one part of the demand cycle. I think we have, in the last 6 months, also been adding to that with some long-term supply agreements, which bolster the demand side of the equation even further than just what PSP did. We've talked about how large and unsupported it is and how that continues to provide a buffer against any ups and downs that may be there in the shorter term. We will, with any slowing down that we might see use that as an opportunity to rebuild what is a supply chain running on fumes, right?

我已經概述了有助於我們實現軟著陸的幾個要點。您提到了PSP，這顯然是需求週期的一部分。我認為，在過去的6個月裡，我們也透過一些長期供應協議進一步增強了需求端，這比PSP本身的作用更大。我們已經討論過PSP的規模有多大、支持力度有多弱，以及它如何繼續為短期內可能出現的任何波動提供緩衝。隨著經濟放緩，我們將利用這個機會，重建這條奄奄一息的供應鏈，對嗎？

We have our internal die banks and finished goods inventories that have been substantially depleted. While you see some of our days of inventory perhaps moving a little bit up, a lot of that has come from the change in gross margin and really raw materials and end-of-life product that we're buying. On an ongoing basis, to be healthy, we need to be able to run more inventory, both with our channel partners and our internal factories. All of that will continue to provide absorption and gross margin protection in whatever happens in the cycle. And then we've talked about our capital intensity coming down, coming below the range, again, from a cash preservation standpoint, cash generation standpoint, that will help.

我們內部的模具庫和成品庫存已經大幅消耗。雖然您會看到我們的庫存天數有所上升，但這很大程度上是由於毛利率的變化以及我們採購的原材料和報廢產品。為了持續保持健康，我們需要能夠透過通路合作夥伴和內部工廠維持更多庫存。無論週期如何變化，所有這些都將繼續提供吸收能力和毛利率保障。此外，我們之前提到過，我們的資本密集度正在下降，降至區間以下，從現金保值和現金創造的角度來看，這將會有所幫助。

And then finally, on the OpEx side, we've always had a large variable compensation element that gives us a large buffer for how we can have expenses come in or out during the different cycles. And I think those are all the elements that give us the comfort on a soft landing, which is to ensure that what we're able to do in terms of our gross margin, our operating margin, our cash generation. All remain strong through whatever that soft landing requirement is.

最後，在營運支出方面，我們一直有一個很大的浮動薪酬要素，這為我們在不同的周期內如何支出提供了很大的緩衝。我認為這些都是讓我們安心實現軟著陸的因素，也就是確保我們在毛利率、營業利潤率和現金產生方面能夠做到。無論軟著陸的要求是什麼，我們都能保持強勁。

The next question is from Chris Rolland from Susquehanna.

下一個問題來自薩斯奎哈納的克里斯羅蘭 (Chris Rolland)。

You guys either Ganesh or Steve, you guys have talked about analog capacity additions for the industry coming in '23 and beyond. We're now starting to hear about potentially equipment pushouts and stuff like that and maybe a little pumping of the brakes. I don't know if that's the opinion that you guys may have as well. But would love to see kind of longer term how you view capacity for the analog industry overall? And would it have any sort of effect on your business?

無論是Ganesh還是Steve，你們都談到了2023年及以後產業模擬產能的增加。現在我們開始聽到關於設備延期之類的消息，或許還會有一些放緩的跡象。我不知道你們是否也持這種觀點。但很想知道，從長遠來看，您對模擬產業整體產能有何看法？這會對您的業務產生什麼影響嗎？

Let me take a quick shot and then maybe Steve can answer to it. So I don't want to speak for what the overall industry is doing because different people have different plans and thoughts and what they're doing. I think what we can see is that those technology nodes that are very specialized, and analog tends to be that, that tend to be from the trailing edge of the technology nodes that are out there, are underinvested. And yet are critically important in being able to drive the growth for even the leading-edge technology so that you have more complete solutions.

我先簡單說一下，然後史蒂夫或許可以回答。我不想代表整個行業的情況發言，因為不同的人有不同的計劃、想法和做法。我認為我們可以看到，那些非常專業的技術節點，像是模擬技術，往往處於現有技術節點的後緣，投資不足。然而，這些技術對於推動尖端技術的發展至關重要，並能夠帶來更完整的解決方案。

So in that sense, we believe that, that whole end of the market that requires analog solutions, mixed signal solutions, et cetera, is getting insufficient capital attention, and we are taking some actions for it. I don't know what everybody else is doing, but we think it is going to be constrained for quite a while to come.

因此，從這個意義上講，我們認為，整個市場中需要模擬解決方案、混合訊號解決方案等的領域，資金關注度不足，我們正在採取一些行動。我不知道其他人在做什麼，但我們認為，在未來相當長的一段時間內，這些領域都會受到限制。

Steve, do you want to add more? .

史蒂夫，你想添加更多嗎？

Certainly, much more of our analog business comes from internal production than the microcontrollers do. And we earlier described -- Ganesh described in his prepared comments about the growth of the microcontroller business versus the growth of the analog business. We are doing much better in capacity increase inside than we are doing it outside with our partners. And with microcontrollers having a large component of production outside and analog having large production inside, we have been able to make more capacity available for analog, hence, stronger near-term growth that we have seen.

當然，我們的類比業務比微控制器業務更來自內部生產。我們之前也描述過——Ganesh 在他的準備好的評論中描述了微控制器業務的成長與模擬業務的成長。我們在內部產能提升方面做得比與合作夥伴在外部進行的提升要好得多。由於微控制器在外部生產佔很大一部分，而模擬業務在內部生產佔很大一部分，我們能夠為模擬業務提供更多的產能，因此我們看到了更強勁的短期成長。

The inside capacity on trailing edge technologies where analog runs, it also is a bit easier to add than to really get capacity outside. You talked about equipment pushouts. I mean some of the equipment pushouts happened in the last 12 to 18 months. And a lot of the equipment is here now. After pushout, something that was supposed to come in September arrived in January, February, but it is in production now, and it's contributing to the growth, and we believe will continue to contribute to the growth in the December quarter, as Ganesh mentioned before.

對於採用模擬技術的後緣技術，內部產能的增加也比外部產能的增加容易一些。您提到了設備延期。我的意思是，一些設備延期發生在過去的12到18個月。現在很多設備都到位了。延期之後，一些原本應該在9月份到貨的設備在1月、2月到貨，但現在已經開始生產，並且正在為增長做出貢獻，我們相信，正如Ganesh之前提到的，它將繼續為12月季度的增長做出貢獻。

We're not hitting up a brand-new new kind of pushout. I mean the pushout has been a continuous phenomena as our suppliers are dealing with their own COVID-19 shutdowns based on where they produce, ability to hire and all that, we have substantial equipment coming in line. This quarter, some came in line last quarter, and some will come in line in December quarter, which we think will continue to add to internal capacity to grow our business.

我們不會採取一種全新的「延期」措施。我的意思是，這種「延期」現像一直持續存在，因為我們的供應商根據其生產地點、招聘能力等因素，各自應對新冠疫情造成的停工。我們有大量設備正在排隊。本季度，一些設備在上個季度已經排隊，還有一些設備將在12月季度排隊，我們認為這將繼續增加內部產能，促進業務成長。

Yes. And we are clearly not instructing our capital equipment suppliers to push anything out. We still need this equipment coming in as soon as we can get it.

是的。我們顯然沒有指示我們的資本設備供應商推遲任何訂單。我們仍然需要這些設備盡快到貨。

If anything, as I've mentioned in other calls, we are preferentially helping all of our capital equipment suppliers by providing them semiconductor solutions to the extent they are constrained, so that it helps not just us but helps the industry complete the equipment that they're building.

正如我在其他電話會議中提到的那樣，我們優先幫助我們所有的資本設備供應商，在他們受到限制的範圍內為他們提供半導體解決方案，這不僅可以幫助我們，還可以幫助整個行業完成他們正在建造的設備。

So the other point I wanted to reemphasize, and I think Ganesh said that, where to the extent our foundry and assembly and test partners are seeing some slowdown in their business coming from consumer PCs and cell phones, we are taking advantage of it because we have been able to increase the output by taking that slack both at the foundries and assembly test OSAT guys, in addition to our incremental capacity.

所以我想再次強調的另一點是，我認為 Ganesh 說過，我們的代工和裝配測試合作夥伴在消費電腦和手機業務方面看到業務放緩，我們正在利用這一機會，因為除了增加產能之外，我們還能夠通過彌補代工廠和裝配測試 OSAT 人員的不足來提高產量。

And hopefully, we will continue to take advantage of that and capitalize on the upside. That's where we're able to say the growth in the business, again this quarter that we guided a 5% midpoint and we're talking about growth again next quarter.

希望我們能繼續利用這一點，並抓住機會。這就是我們能夠看到業務成長的地方。本季我們預期的中位數成長為5%，下個季度我們預計還會繼續成長。

It appears that there is no further question at this time. Mr. Speaker, I'd like to turn the conference back to you for any additional or closing remarks.

目前似乎沒有其他問題了。議長先生，我想將會議交還給您，請您發表補充發言或結束發言。

We thank you all for attending and taking time from your day to be in this call. And we look forward to speaking to many of you as well as seeing some of you at some of the conferences we'll be at. So thank you, and good afternoon, everyone.

感謝各位出席本次電話會議，並抽出寶貴時間。我們期待與各位交流，也期待在我們將要參加的一些會議上見到各位。謝謝大家，大家下午好。

This concludes today's conference. You may now disconnect.

今天的會議到此結束。您可以斷開連線了。