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，歡迎閱讀 Microchip 2023 財年第一季度財務業績。提醒一下，今天的電話正在錄音中。

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

此時，我想將電話轉給我們的首席財務官 Eric Bjornholt 先生。請繼續，先生。

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，大家下午好。在本次電話會議期間，我們將對未來事件或公司未來財務業績做出預測和其他前瞻性陳述。我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

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

我們向您推薦我們今天的新聞稿以及我們最近向 SEC 提交的文件，這些文件確定了可能影響 Microchip 業務和運營結果的重要風險因素。今天與我一同出席的有 Microchip 總裁兼首席執行官 Ganesh Moorthy； Microchip 執行主席 Steve Sanghi；以及 Microchip 投資者關係主管 Sajid Daudi。我將評論我們第一季度的財務業績，然後 Ganesh 將對我們的業績發表評論並討論當前的商業環境以及我們的指導，史蒂夫將提供我們現金回報戰略的最新信息。

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.

然後，我們將可以回答特定的投資者和分析師的問題。我們將在本次電話會議的新聞稿中包含有關各種 GAAP 和非 GAAP 措施的信息。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 對賬，並在我們的新聞稿中包含對賬信息，我們相信您在比較我們的 GAAP 和非 GAAP 時會發現這些信息很有用結果。我們還在我們的網站上發布了未償債務和槓桿指標的摘要。

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.

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。除淨銷售額外，我將在非公認會計原則的基礎上提及這些結果，這是基於我們的收購活動、基於股份的薪酬和我們新聞稿中描述的某些其他調整的影響之前的費用。 6 月季度的淨銷售額為 19.64 億美元，環比增長 6.5%。我們已在我們的網站上發布了按產品線和地理劃分的 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.

在非公認會計準則基礎上，毛利率達到創紀錄的 67.1%，營業費用達到 21.5%，營業收入達到創紀錄的 45.6%。非美國通用會計準則淨收入達到創紀錄的 7.672 億美元。非公認會計準則每股攤薄收益創紀錄地高出我們指導範圍的高端 1.37 美元和 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.

按 GAAP 計算，第二季度的毛利率達到創紀錄的 66.7%。總運營費用為 6.086 億美元，其中包括 1.676 億美元的收購和有形攤銷。 1690 萬美元的特殊收入、170 萬美元的收購相關成本和其他成本以及 3350 萬美元的股份補償。

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 淨收入為創紀錄的 5.072 億美元，攤薄後每股收益為 0.90 美元，並受到與我們的可轉換債務再融資活動相關的債務結算損失 620 萬美元的不利影響，並受到 2200 萬美元的訴訟應計調整的積極影響。我們 6 月份季度的 GAAP 稅收支出受到多種因素的影響，尤其是因債務清償損失而記錄的稅收優惠。

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.

我們的非公認會計原則現金稅率在 6 月季度為 9.4%，符合我們的指導。 6 月季度的稅率比 2022 財年的稅率提高了約 450 個基點。我們預計 23 財年的非公認會計準則現金稅率將在 8.5% 至 10.5% 之間，不包括過渡稅、任何潛在稅與將 Microsemi 業務重組為 Microchip 全球結構以及與上一財年應計稅款相關的任何稅務審計結算相關。

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.

提醒我們上個季度所傳達的信息，我們的 23 財年現金稅率在多種因素上高於我們的 22 財年稅率，包括稅收屬性的可用性較低，例如淨經營虧損和稅收抵免以及現行稅收規則要求將研發費用資本化以用於稅收目的的影響。我們在 2022 年 6 月 30 日的庫存餘額為 9.118 億美元。我們在 6 月季度末有 127 天的庫存，比上一季度的水平增加了 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.

庫存天數增加的主要部分是毛利率連續增加 50 個基點。我們的原材料和在製品水平在本季度有所增加，這有助於我們為內部工廠的預期產量增加做好準備，並有助於在一定程度上緩衝意外短缺或材料交貨時間的變化。

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.

由於我們供應鏈的投入成本上升，以及由於我們的供應商採取的產能重組行動，我們被迫進行幾次最後一次採購，我們庫存的持有成本已經並將繼續增加。我們將繼續提高內部和外部工廠的產能，以便我們可以運送更多產品來滿足客戶需求。六月季度我們經銷商的庫存為 19 天，比上一季度的水平增加了 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.

在 6 月季度，我們以現金回購了 3460 萬美元本金價值的 2027 年和 2037 年可轉換次級票據，我們還為這些債券價值高於本金金額支付了現金。我們在本季度使用現金產生來資助可轉換債務回購的金額，我們相信這些交易將通過減少股票數量稀釋來使股東受益，因為我們的股價會隨著時間的推移而升值。

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。這包括 6.655 億美元的 2024 年 11 月到期的可轉換債券，以及上限看漲期權，以抵消這些可轉換債券的任何潛在稀釋，最高股價為 116.34 美元。 2020 年初，Microchip 有 44.81 億美元的未償可轉換債券。所以今天，我們的整體資本結構長期處於更好的位置。

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.

我們在 6 月季度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，占淨銷售額的 36.6%。截至 6 月 30 日，我們的綜合現金和總投資頭寸為 3.791 億美元。我們在 6 月季度償還了 2.336 億美元的總債務，我們的淨債務減少了 2.933 億美元。自從我們完成對 Microsemi 的收購併為此產生了超過 80 億美元的債務以來的過去 16 個完整季度中，我們已經償還了近 52 億美元的債務，並繼續將我們幾乎所有的多餘現金分配給股息和股票回購以降低這筆債務。

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.

儘管在此期間的前幾年宏觀和市場條件不利，我們還是實現了這一目標，我們認為這證明了我們業務的現金產生能力以及我們持續的經營紀律。我們繼續預計我們的債務水平將在未來幾年內大幅下降。

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.

我們在 6 月季度調整後的 EBITDA 達到創紀錄的 9.867 億美元，占淨銷售額的 50.2%。我們過去 12 個月調整後的 EBITDA 也達到創紀錄的 35.21 億美元。 2022 年 6 月 30 日，我們與調整後 EBITDA 的淨債務為 2.05，低於 2022 年 3 月 31 日的 2.32，低於 2021 年 6 月 30 日的 3.34。

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.

六月季度的資本支出為 1.219 億美元。我們對 23 財年的資本支出預期在 5 億美元至 5.5 億美元之間，因為我們將繼續採取行動支持我們的業務增長並擴大我們的製造業務。我們繼續謹慎地增加資本設備，以維持、發展和運營我們的內部製造業務，以支持我們業務的預期長期增長。我們預計這些資本投資將為我們的業務帶來毛利率的提高，並讓我們在全行業受限期間加強對生產的控制。六月季度的折舊費用為 7170 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?

我現在將把它交給 Ganesh，就 6 月季度的業務表現以及我們對 9 月季度的指導發表評論。加內甚？

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.

謝謝你，埃里克，大家下午好。我們的 6 月季度業績繼續全面強勁，在此過程中創造了多項記錄。收入環比增長 6.5%，同比增長 25.1%，創下 19.6 億美元的歷史新高。

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實現創紀錄的收入。在本季度，我們解決了幾個與 COVID 相關的運營挑戰，包括但不限於上海的停工，這影響了我們的客戶和我們的供應鏈合作夥伴。 Non-GAAP 毛利率再創紀錄，達到 67.1%，比 3 月季度增長 50 個基點，比去年同期增長 230 個基點，這得益於運營效率的提高和產品組合的變化。非美國通用會計準則營業利潤率也達到創紀錄的 45.6%，比 3 月季度增長 90 個基點，比去年同期增長 390 個基點，達到了我們指引的高端。

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.

由於我們的收入快速增長，運營費用比我們長期模型範圍 22.5% 至 23.5% 的低端低 21.5% 或 100 個基點。我們的長期運營費用模型將繼續指導我們的投資行動，以推動我們業務的長期增長和盈利能力。我們的合併非公認會計原則攤薄後每股收益達到創紀錄的每股 1.37 美元，比去年同期增長 38.4%，略高於我們指引的高端。

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.

調整後的 EBITDA（佔收入的 50.2%）和自由現金流（佔收入的 36.6%）在 6 月季度都非常強勁，繼續展示了我們業務強勁的現金生成能力。淨債務減少了 2.933 億美元，隨著我們繼續積極降低淨槓桿率，我們的淨槓桿率在 6 月季度結束後降至 2.05。

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 Microsemi 之後，我們的淨槓桿率在 2018 年 6 月季度末幾乎是 5 倍，很高興看到我們在全年中取得了多大的進展，如此顯著地降低了我們的淨槓桿率。在 6 月季度，我們向股東返還了 3.482 億美元的股息和股票回購，佔上一季度自由現金流的 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我們所有的利益相關者，他們使我們能夠取得這些出色的成績，特別感謝全球 Microchip 團隊的共同努力，儘管存在歷史性和持續性的不平衡，但他們永不放棄為我們的客戶交付成果的態度供需之間。從產品線的角度來看我們的收入，我們的微控制器收入與 3 月季度相比環比增長了 1.6%，並創下了新的歷史記錄。

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 月季度的微控制器收入增長了 17.8%。微控制器占我們六月季度收入的 54.1%。我們的模擬收入在 6 月季度環比增長 12.5%，在此過程中再創紀錄。與去年同期相比，我們 6 月季度的模擬收入強勁增長了 34.2%，模擬占我們 6 月季度收入的 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 月份季度微控制器和模擬之間的增長率差異部分是基於我們過去看到的季度間差異，部分是因為我們在競爭上較少受到主要通過內部工廠生產的模擬產品的限制.儘管我們不再對它們進行細分，但值得注意的是，在 6 月季度，我們的 FPGA 收入以及我們的技術許可版稅收入均強勁增長並創下新紀錄。

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.

從地理和終端市場的角度來看我們的收入。美洲地區比去年同期增長 33%。歐洲比去年同期增長 28.4%。亞洲較去年同期增長 20.7%。我們的主要終端市場依然強勁且供應受限。從我們的內部指標來看，商業狀況繼續強勁，我們預計在 2022 年剩餘時間和 2023 年期間供應將繼續受到限制。儘管我們迄今已實施產能增加，但需求仍然無法滿足。結果，我們不受支持的積壓訂單（代表積壓客戶希望在 6 月季度發貨給他們，但我們無法在 6 月季度交付）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.

我們以有史以來最高的不受支持的積壓退出了 6 月季度，不受支持的積壓遠高於我們實現的實際收入。我們認識到通脹上升導致宏觀環境轉弱以及各國央行正在採取的應對措施。我們還知道，從他們的資產負債表中可以看出，我們的客戶有一些庫存增加，我們認為其中一些是由於戰略緩衝庫存增加，其中一些是由於不完整的套件或臭名昭著的金螺絲效應.

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.

雖然我們看到零星的請求推動我們的積壓，但這些請求只是我們在多個季度中擁有的非常大的不受支持的積壓的一小部分，因此對我們的業務沒有產生重大影響。與此同時，我們所經歷的加速和客戶升級的程度並沒有減弱，這表明在許多客戶情況下供需仍然不平衡。為了最好地利用可用供應並減少客戶庫存積壓，我們將繼續深思熟慮地重新分配來自客戶的未來供應，這些客戶通過迫在眉睫（聽不清）情況下陷入困境的客戶自我識別庫存位置。

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的交叉和宏觀環境的一些不確定性，我們已經模擬了一系列潛在的情景，並正在監控我們的領先指標，這將使我們能夠在適當的時候迅速、及早地採取深思熟慮的行動。我們的目標是在較軟的宏觀環境迎頭趕上時為我們的業務實現軟著陸。這就是我們的想法。我們繼續有強大的 PSP 積壓，至少 12 個月不可取消，占我們總積壓的 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 6 個月中，我們與一些大客戶簽訂了多年長期供應協議，實際上，為他們提供預留容量以換取通常超過 5 年的保證採購。我們有一個顯著的需求緩衝，不受支持的積壓遠遠大於支持的積壓的 100%，並且可以很容易地吸收任何推出和取消。

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.

與渠道以往有效服務客戶所需的庫存相比，19 天的分銷庫存較低。任何業務弱點都將使我們有機會補充耗盡的渠道庫存，並使我們的渠道合作夥伴能夠應對業務增長並更好地為客戶服務。由於過去 7 個季度供不應求，我們的內部模具庫和成品庫存已大幅耗盡。任何業務弱點都將使我們能夠補充庫存，以更好地支持我們的客戶。

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，長期增長趨勢將持續高於平均水平。此外，我們的終端市場曝光集中在工業、航空航天和國防汽車、數據中心和通信基礎設施市場，所有這些市場在之前的周期中都表現出更高的耐用性。如果出現任何業務疲軟，我們預計我們的資本密集度將轉向低端，甚至低於我們資本支出指引（佔收入的 3% 至 6%）的低端，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，正如您在之前的周期中看到的那樣，我們希望我們的可變薪酬計劃能夠緩沖我們的運營費用並保護我們的運營模式。如果您研究 Microchip 在過去 15 年的商業周期中從峰值到谷底的表現，您將觀察到我們穩健且一致的現金生成、毛利率和營業利潤率結果。今天在我們的投資者關係網站上發布的投資者介紹提供了有關我們在整個商業周期中的表現的詳細信息。如果或當宏觀經濟放緩影響我們的業務時，我們預計我們的現金產生、毛利率和營業利潤率將再次表現出一致性和彈性。這將幫助我們繼續執行我們的長期 Microchip 3.0 增長戰略，並將其與可能存在的任何短期市場挑戰隔離開來。

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.

我們繼續預計我們的內部和外部工廠以及相關的製造供應鏈會受到限制，我們正在擴大我們的內部工廠並與我們的供應鏈合作夥伴密切合作，以盡可能確保額外的產能。我們預計我們在 23 財年的資本支出將略高於我們與您分享的收入範圍的 3% 至 6%，因為我們應對業務的增長機會。我們相信，我們在資本支出方面的校準增長將使我們能夠利用增長機會，更好地為我們的客戶服務，增加我們的市場份額，提高我們的毛利率，並讓我們更好地控制我們的命運，特別是對於專業的後緣技術。

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.

我們也很高興看到國會在兩黨支持下批准了 CHIPS 和科學法案，並期待總統很快將其簽署成為法律。該法案對半導體行業和美國都有好處，因為它支持關鍵投資，這甚至將成為美國公司的全球競爭環境，同時對我們的經濟和國家安全具有戰略意義。我們希望有資格從該立法下的贈款以及該法案的投資稅收抵免條款中受益，因為我們儘自己的一份力量投資以確保美國經濟和國家安全。

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%.

現在讓我們進入 9 月季度的指導。我們在 9 月季度的積壓工作量很大，而且我們有更多的產能改進正在生效。考慮到我們今天在電話會議上討論的所有因素，我們預計 9 月季度的淨銷售額將環比增長 3% 至 7%，我們預計 12 月季度的收入將再次環比增長。在我們收入指導的中點，我們 9 月季度的同比增長將達到 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%.

對於 9 月季度，我們預計我們的非 GAAP 毛利率將在銷售額的 67.3% 至 67.7% 之間。我們預計我們的非公認會計原則運營費用將佔銷售額的 21.3% 至 21.7%。我們預計非 GAAP 營業利潤將佔銷售額的 45.6% 至 46.4%，我們預計我們的非 GAAP 攤薄後每股收益將在每股 1.42 美元至 1.46 美元之間。在我們每股收益指引的中點，我們 9 月季度的同比增長將達到 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 月季度業績和 9 月季度指導中所看到的那樣，我們的 Microchip 3.0 戰略的每一個要素都在全力以赴，因為我們將繼續構建和改進我們認為最多樣化、最具防禦性、高增長的戰略之一，半導體行業的高利潤、高現金產生業務。

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 的基本要素，它們是有機增長——在 22 至 26 財年的時間框架內，有機收入增長率為 10% 至 15%，重點關注我們 6 個主要市場大趨勢中的整體系統解決方案。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，持續增加對股東的資本回報，從而在淨槓桿率下降後將 100% 的自由現金流返還給股東到 1.5 倍。

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% 到 6%，存貨投資在商業周期內 130 到 150 天，以及建立在文化和可持續性基礎上的強大公司基礎。

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，更多地談談我們對股東的現金回報。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。我想回顧一下我們今天宣布的財務業績，並為您提供有關我們現金回報策略的進一步更新。回顧我們的財務業績，我仍然為 Microchip 的所有員工感到非常自豪，他們又創造了一個非凡的季度，同時在許多方面創造了新的記錄，即創紀錄的淨銷售額、創紀錄的非 GAAP 毛利率、創紀錄的非 GAAP 運營利潤率、創紀錄的非公認會計原則每股收益和創紀錄的調整後 EBITDA。所有這一切都是在一個非常具有挑戰性的供應環境中進行的。

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.

董事會宣布將股息從上一季度增加 9.1% 至每股 0.31 美元。這比去年同期增長了 37.8%。在上個季度，我們在公開市場上購買了 1.952 億美元的股票。我們還支付了 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.

這一數額是我們 2022 年 3 月季度實際自由現金流 6.331 億美元的 55%。我們的債務償還以及創紀錄的調整後 EBITDA 將我們在 2022 年 6 月季度末的淨槓桿率從 3 月季度末的 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級評級並轉向增加對股東的資本回報以來，截至 2022 年 6 月 30 日，我們已通過股息和股票回購相結合的方式向股東返還了 10.4 億美元。在 9 月季度，我們將使用 6 月季度的實際自由現金流 7.185 億美元，併計劃將其中的 57.5% 或 4.131 億美元返還給我們的股東。

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，股息預計約為 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?

有了這個，接線員，請您投票提問嗎？

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

（操作員說明）我們將從富國銀行的 Gary Mobley 那裡回答第一個問題。

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?

祝賀一些可靠的結果。讓我們從 CHIPS 法案通過的必然性開始。我知道你們擁有相對較高的以美國為導向的製造業員工基礎，更不用說很多以美國為中心的軍事業務了。所以我想知道你是否可以給我們更多的色彩，從資本支出補貼的角度或從研發稅收抵免的角度來看，CHIPS 法案如何使你受益，你可以在那裡添加任何內容嗎？

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，CHIPS 法案有多個組成部分，以及它們將如何分發或將有所不同的參與規則。所以最明顯的就是投資稅收抵免。對於任何資本支出和建造的工廠等等，這是我們認為會生效的第一件事，可能要到年底或明年年初才會生效，那就是 25 % 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.

然後有用於製造和研發的贈款。我們有機會在我們擁有的擴張計劃和我們正在追求的一些研發計劃中獲得機會。但老實說，現在還為時過早，因為這些要求還不是很清楚。當然，我們已經與商務部和國防部接觸了好幾個月，讓他們了解我們計劃做的事情、有興趣做的事情和政府認為自然的事情之間的一致利益是什麼安全要求。所以我們希望隨著它的推出，我們會有更多的東西要分享，但不是在這個時候。

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

我們將回答 Raji Gill, Needham & Company 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?

恭喜，再次在這段非常不穩定的時期內取得了很好的成績。只是關於您不受支持的積壓的問題。您提到它再次攀升，遠高於您實現的實際收入。你提到作為你的情景分析的一部分，你可以吸收任何潛在的訂單推出或訂單取消。想知道您是否可以進一步詳細說明，或許可以幫助我們了解其中一些終端市場的需求是否顯著下降。你覺得你能吸收多少？你提到有一些訂單波動的跡象。我想知道你是否也可以描述一下？你在哪裡看到的？

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.

所以關於你的最後一個問題，我們看到的訂單波動是零星的。它非常小，遠遠低於我們擁有的不受支持的訂單，並且它們很容易被我們擁有的其他訂單替代。

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.

我們已經表明不受支持的超出了我們正在運送的範圍。因此，您可以看到積壓工作必須減少一半以上才能到達我們所處的位置。這與今天的活動發生地相去甚遠。

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

我們將回答 Cowen 的 Matt Ramsay 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] 代表馬特。並祝賀取得了可靠的結果。收入和毛利率不言而喻。但我想知道，您是否可以提供任何指標來幫助我們了解定價與單位之間有多少上漲空間，因為我們試圖消除您在資本支出線上的產能投資已經流入模型的數量，還會發生什麼？

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，對我們來說，將價格與增加的單位數量分開並不是一個簡單的方法。顯然，我們有兩者的組成部分。在單元上，我們有一個組件，這是我們在自己的工廠中所做的，然後我們有我們正在嘗試做的和從我們的合作夥伴那裡獲得的組件。來自我們工廠的東西，我們至少有可以衡量的計劃和東西，來自我們的合作夥伴的東西，有時我們可以有意想不到的幫助我們的好處。所以很清楚，我們正在運送更多的零件。

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.

其中包括價格的一部分——我們所做的價格上漲是為了抵消我們所經歷的成本上漲。因此，我們的主要驅動力是通過增加單位而不是通過增加價格來實現增長。

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?

關於積壓的強度和您期望的產能增加，聽起來您期望在接下來的幾個季度中繼續，您是否願意為我們提供可能不是指導，而是某種方式考慮隨後幾個季度的收入增長？

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?

例如，我們是否可以考慮至少在 12 月季度有相對的，比方說，相對強烈的感覺，那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，顯然，我們不會為後續季度提供指導。但我在準備好的講話中確實說過，我們將在 12 月季度增長。如果從歷史上看，從歷史季節性的任何衡量標準來看，12 月都是一個下降的季度。因此，我們非常有信心進入 12 月季度。這能回答你的問題嗎，威爾？

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

（操作員說明）與此同時，我們將從花旗的 Chris Danely 那裡回答下一個問題。

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.

我想只是關於容量和短缺的問題。那麼，您是否看到短缺或產能情況有任何改善？您能否談談嘗試在內部和外部進行更多的擠壓，因為您的預計容量在過去幾個月中有所增加，因為您可能已經能夠四處尋找並找到更多的零件。也許只是給我們更多的色彩，（聽不清）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。因此，對於我們的內部工廠，我們已經投資了多個季度的資本支出。我們首先在後端工廠取得了進展，因為它的周期時間更短，更容易實現。我們的前端工廠一直在取得進展，並且仍然有許多我們認為可以帶來的產能，因為我們能夠獲得設備，而我們需要的一些設備已經延遲，無法租用人，而且在之前的幾個季度中，情況變得更加困難。但是我們在填補我們在工廠的職位等方面正在變得更好。很明顯，內部容量正在增長，並幫助我們支持一些我們目前無法支持的積壓工作。

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.

我們從外部合作夥伴那裡獲得了更具建設性的能力改進，儘管在我們需要的宏偉計劃中它仍然非常小。我們希望，其他領域可能存在的一些弱點實際上將有助於釋放我們需要的一些容量。儘管在釋放事物的位置與我們需要的事物之間沒有確切的組合。但我認為逐漸地，這對我們來說將是建設性的和積極的。

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.

祝賀強大的執行力。您的近期和中期業務繼續強勁，對嗎？您已經多次談到不受支持的積壓工作很強大。但我認為市場的擔憂仍然是明年更廣泛的放緩，而不是今年，只是考慮到您的業務組合。

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?

也許作為您的客戶對明年的看法的反映，您的 - 也許值得關注您的 PSP 客戶，因為他們給您 12 個月的訂單可見性，但他們必須繼續保持 12 個月的 PSP 漏斗， 正確的？因此，他們每個月都在繼續向 PSP 漏斗的後端添加訂單。因此，鑑於他們在明年的預訂情況良好，再加上對宏觀經濟放緩的擔憂，你們是否看到了 PSP 順序調整的減速或下降，這是對客戶需求的一種反映明年的擔憂？

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。如果您將 PSP 視為我們總積壓的百分比，那麼在過去 13、14 週的時間裡，它非常穩定，大約有 1 個百分點。所以這當然是我們關注的一個很好的指標，我們正在關注它的發展方向。我認為我們業務的實力也受到我們所接觸的終端市場的推動。今天你看到許多擔憂和看到弱點的人，主要是在消費者驅動的細分市場。所以無論是消費類個人電腦、消費類手機、一些電子產品等等。而且我們沒有消費者個人電腦曝光。我們確實有企業 PC 曝光。它非常強大。

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.

我們幾乎沒有手機曝光。我們的消費電器是——可以這麼說，我們沒有消費電子產品。我們確實有家用電器，這可能是其中的一部分，但它只是我們整體事物的一小部分。因此，我們的終端市場敞口，我們很幸運擁有非常持久的市場。我認為 Eric 也想添加評論。

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。我的意思是，特別是在 PSP 上，我們離開 6 月的 PSP 積壓的美元金額高於 3 月初。所以我的意思是該計劃仍然非常有效，客戶正在參與其中並及時添加訂單。

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

我們將回答來自 Stifel 的 Tore Svanberg 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.

祝賀創紀錄的季度。你已經談到在宏觀經濟繼續惡化的情況下能夠實現一點軟著陸。顯然，您已經獲得了 PSP 程序。你能談談你擁有的其他一些槓桿嗎？也許將它們納入您的財務狀況，尤其是毛利率和營業利潤率。因為我知道你們有一個非常非常強大的可變成本結構。所以是的，你可以添加更多的顏色會很棒。

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?

因此，我概述了有助於我們實現軟著陸的多個要點。所以你提到了 PSP，這顯然是需求週期的一部分。我認為，在過去的 6 個月中，我們還通過一些長期供應協議增加了這一點，這比 PSP 所做的更進一步支持了等式的需求方面。我們已經討論了它有多大和不受支持，以及它如何繼續為短期內可能出現的任何起伏提供緩衝。我們會，隨著我們可能看到的任何放緩，將其作為一個機會來重建一個靠煙霧運行的供應鏈，對吧？

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.

我們的內部模具庫和成品庫存已大量消耗。雖然您看到我們的一些庫存天數可能會有所上升，但其中很多來自毛利率的變化以及我們購買的真正原材料和報廢產品。在持續的基礎上，為了保持健康，我們需要能夠與我們的渠道合作夥伴和我們的內部工廠一起運行更多的庫存。所有這些都將繼續為周期中發生的任何事情提供吸收和毛利率保護。然後我們談到我們的資本密集度下降，再次低於該範圍，從現金保存的角度來看，現金產生的角度，這將有所幫助。

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，在運營支出方面，我們總是有一個很大的可變補償元素，這為我們在不同周期內如何讓支出進出提供了很大的緩衝。我認為這些都是讓我們在軟著陸時感到舒適的所有因素，這是為了確保我們能夠在毛利率、營業利潤率和現金生成方面做些什麼。無論軟著陸要求是什麼，所有這些都保持強勁。

The next question is from Chris Rolland from Susquehanna.

下一個問題來自 Susquehanna 的 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?

你們無論是 Ganesh 還是 Steve，你們都談到了 23 年及以後該行業的模擬容量增加。我們現在開始聽到關於潛在的設備推出和類似的事情，也許還有一點剎車。不知道大家是不是也有這樣的看法。但希望看到您如何看待模擬行業整體的長期產能？它會對您的業務產生任何影響嗎？

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.

讓我快速拍攝一下，然後也許史蒂夫可以回答。所以我不想談論整個行業正在做什麼，因為不同的人有不同的計劃和想法以及他們在做什麼。我認為我們可以看到的是，那些非常專業化的技術節點和模擬往往是那些往往來自技術節點後緣的技術節點投資不足。然而，即使是最先進的技術也能夠推動增長，從而為您提供更完整的解決方案，這一點至關重要。

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，從這個意義上說，我們認為，需要模擬解決方案、混合信號解決方案等的整個市場都沒有得到足夠的資本關注，我們正在為此採取一些行動。我不知道其他人在做什麼，但我們認為這將在相當長的一段時間內受到限制。

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，與微控制器相比，我們的模擬業務更多來自內部生產。我們之前描述過——Ganesh 在他準備好的評論中描述了微控制器業務的增長與模擬業務的增長。我們在內部增加容量方面做得比在外部與我們的合作夥伴一起做的要好得多。由於微控制器在外部具有大量生產組件，而模擬在內部具有大量生產，我們已經能夠為模擬提供更多容量，因此，我們看到了更強勁的近期增長。

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.

模擬運行的後沿技術的內部容量，也比真正獲得外部容量更容易添加。你談到了設備推出。我的意思是在過去 12 到 18 個月內發生了一些設備推出。現在很多設備都在這裡。推出後，本應在 9 月推出的產品在 1 月、2 月到貨，但它現在正在生產中，它正在為增長做出貢獻，我們相信將繼續為 12 月季度的增長做出貢獻，正如 Ganesh 之前提到的.

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.

我們並沒有推出一種全新的新型推出。我的意思是，由於我們的供應商正在根據他們的生產地點、僱用能力以及所有這些來處理他們自己的 COVID-19 停工問題，因此推出一直是一個持續的現象，我們有大量的設備正在排隊。本季度，一些在上個季度上線，一些將在 12 月季度上線，我們認為這將繼續增加內部能力以發展我們的業務。

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。而且我們顯然沒有指示我們的資本設備供應商推出任何東西。我們仍然需要這些設備盡快到位。

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.

如果有的話，正如我在其他電話中提到的那樣，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，這樣它不僅可以幫助我們，還可以幫助行業完成他們的設備'正在建設。

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，我認為 Ganesh 說過，在我們的代工、組裝和測試合作夥伴看到他們的消費類 PC 和手機業務放緩的情況下，我們正在利用它，因為我們除了增加我們的產能外，我們還能夠通過在代工廠和組裝測試 OSAT 人員中的鬆懈來增加產量。

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.

希望我們將繼續利用這一點並利用上行空間。這就是我們能夠說業務增長的地方，本季度我們再次指導了 5% 的中點，我們在下個季度再次談論增長。

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.

目前看來沒有進一步的問題了。議長先生，我想將會議轉回給您，以進行任何補充或結束髮言。

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.

我們感謝大家出席本次電話會議並抽出時間參加本次電話會議。我們期待與你們中的許多人交談，並在我們將參加的一些會議上見到你們中的一些人。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。您現在可以斷開連接。