微晶片科技 (MCHP) 2024 Q4 法說會逐字稿

Greetings and welcome to the Microchip Q4 and Fiscal Year 2024 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Microchip 2024 財年第四季和財務業績電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Eric Bjornholt, Senior Vice President and CFO. Thank you. Eric, you may begin.

現在我很高興介紹您的主持人，資深副總裁兼財務長 Eric Bjornholt。謝謝。艾瑞克，你可以開始了。

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. We refer you to our press release 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.

謝謝大家，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表現做出預測和其他前瞻性陳述。我們希望提醒您，此類聲明僅為預測，實際事件或結果可能存在重大差異。我們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提交的文件，其中列出了可能影響微晶片業務和經營業績的重要風險因素。

In attendance with me today are Ganesh Moorthy, Microchip's President and CEO; Steve Sanghi, Microchip's Executive Chair; Rich Simoncic, Microchip's COO; and Sajid Daudi, Microchip's Head of Investor Relations. I will comment on our fourth quarter and full fiscal year 2024 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. We will then be available to respond to specific investor and analyst questions.

今天與我一起出席的還有 Microchip 總裁兼執行長 Ganesh Moorthy； Microchip 執行主席 Steve Sanghi； Microchip 營運長 Rich Simoncic；以及 Microchip 投資者關係主管 Sajid Daudi。我將對我們的第四季度和 2024 財年全年財務業績進行評論，然後 Ganesh 將對我們的業績進行評論並討論當前的商業環境以及我們的指導，Steve 將提供有關我們的現金回報策略的最新信息。然後我們將回答投資者和分析師的具體問題。

We are including information in our press release and 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 earnings 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 debt and our leverage metrics on our website.

我們在新聞稿和電話會議中加入了有關各種 GAAP 和非 GAAP 指標的資訊。我們已在我們的網站 www.microchip.com 的投資者關係頁面上發布了完整的 GAAP 與非 GAAP 對帳表，並在我們的收益新聞稿中包含了對帳信息，我們相信您在比較我們的 GAAP 和非 GAAP 結果時會發現這些資訊很有用。我們也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 earnings press release and in the reconciliations on our website.

我現在將介紹一些經營業績，包括淨銷售額、毛利率和營業費用。除淨銷售額外，我將以非 GAAP 為基礎引用這些結果，該結果基於我們的收購活動、股權激勵以及收益新聞稿和我們網站上的對帳表中所述的某些其他調整的影響之前的費用。

Net sales in the March quarter were $1.326 billion, which was down 24.9% sequentially. We have posted a summary of our net sales by product line and geography on our website for your reference. On a non-GAAP basis, gross margins were 60.3%, including capacity underutilization charges of $32 million, operating expenses were at 27.4% and operating income was 32.9%. Although our operating income was better than the midpoint of our guidance, our cash taxes came in higher than forecasted. Non-GAAP net income was $310.3 million, and non-GAAP earnings per diluted share was $0.57 and at the midpoint of our guidance.

3 月當季淨銷售額為 13.26 億美元，季減 24.9%。我們已在網站上發布了按產品線和地區劃分的淨銷售額摘要，供您參考。以非公認會計準則計算，毛利率為 60.3%，其中包括 3,200 萬美元的產能未充分利用費用，營運費用為 27.4%，營運收入為 32.9%。儘管我們的營業收入優於預期中位數，但我們的現金稅卻高於預期。非公認會計準則淨收入為 3.103 億美元，非公認會計準則每股稀釋收益為 0.57 美元，處於我們預期的中間值。

On a GAAP basis, in the March quarter, gross margins were 59.6%. Total operating expenses were $536.4 million and included acquisition intangible amortization of $151.2 million, special income of $16.9 million, which was primarily driven by the settlement of an unclaimed property audit at a value that was less than what we had accrued for. Share-based compensation of $37.4 million and $1.1 million of other expenses. GAAP net income was $154.7 million, resulting in $0.28 in diluted earnings per share.

依照 GAAP 標準，3 月季度的毛利率為 59.6%。總營運費用為 5.364 億美元，其中包括 1.512 億美元的收購無形資產攤銷和 1,690 萬美元的特殊收入，這主要是由於無人認領財產審計的結算價值低於我們應計的價值。股權激勵費用為 3,740 萬美元，其他費用為 110 萬美元。 GAAP 淨收入為 1.547 億美元，每股攤薄收益為 0.28 美元。

For fiscal 2024, net sales were $7.634 billion and were down 9.5% from net sales in fiscal year 2023. On a non-GAAP basis, gross margins were 65.8%, operating expenses were 22% of sales and operating income was 43.9% of sales. Non-GAAP net income was $2.698 billion, and EPS was $4.92 per diluted share.

2024財年淨銷售額為76.34億美元，較2023財年的淨銷售額下降9.5%。以非公認會計準則計算，毛利率為65.8%，營業費用佔銷售額的22%，營業收入佔銷售額的43.9%。非公認會計準則淨收入為 26.98 億美元，每股收益為 4.92 美元。

On a GAAP basis, gross margins were 65.4%, operating expenses were 31.8% of sales and operating income was 33.7% of sales. Net income was $1.907 billion, EPS was $3.48 per diluted share.

依照 GAAP 標準，毛利率為 65.4%，營業費用佔銷售額的 31.8%，營業收入佔銷售額的 33.7%。淨收入為19.07億美元，每股收益為3.48美元。

Our non-GAAP cash tax rate was 18.8% in the March quarter and 14.5% for fiscal year 2024. Our non-GAAP tax rate for fiscal year 2025 is expected to be about 13%, which is exclusive of the transition tax and any tax audit settlements related to taxes accrued in prior fiscal years. We are still hopeful that the tax rules requiring companies to capitalize R&D expenses will be pushed out or repealed. If this were to happen, we would anticipate about a 200 basis point favorable adjustment to Microchip's non-GAAP tax rate in future periods.

我們 3 月季度的非 GAAP 現金稅率為 18.8%，2024 財年為 14.5%。我們 2025 財年的非 GAAP 稅率預計約為 13%，其中不包括過渡稅以及與前幾財年累計稅款相關的任何稅務審計結算。我們仍希望要求公司將研發費用資本化的稅收規則將被取消或廢除。如果發生這種情況，我們預計未來期間 Microchip 的非 GAAP 稅率將出現約 200 個基點的有利調整。

Our inventory balance at March 31, 2024, was $1.316 billion. We had 224 days of inventory at the end of the March quarter, which was up 39 days from the prior quarter's level and in line with our expectations given the difficult revenue quarter we experienced. At the midpoint of our June 2024 quarter guidance, we would expect inventory dollars to be up modestly and days of inventory to increase based on the lower cost of goods sold driven by the depressed revenue levels at which we believe is the low point of the current cycle for Microchip.

截至 2024 年 3 月 31 日，我們的庫存餘額為 13.16 億美元。截至 3 月季度末，我們的庫存天數為 224 天，比上一季增加了 39 天，考慮到我們經歷的困難收入季度，這符合我們的預期。在我們 2024 年 6 月季度指引的中點，我們預計庫存美元將小幅上漲，庫存天數將增加，這是由於收入水平低迷導致銷售成本降低，我們認為這是微晶片當前週期的低點。

We also continue to invest in building inventory for long-lived, high-margin products whose manufacturing capacity is being end of life by our supply chain partners and these last time buys represented 14 days of inventory at the end of March. Inventory at our distributors in the March quarter were at 41 days, which was up 4 days from the prior quarter's level. Distribution took down their inventory in the March quarter as distribution sell-through was about $125 million higher than distribution sell in. The inventory days increased as this is reflective of the much lower cost of sales for Microchip in the March quarter that is used in this calculation.

我們也將繼續投資建立長壽命、高利潤產品的庫存，這些產品的生產能力即將被我們的供應鏈合作夥伴終止，而上次購買的庫存相當於 3 月底 14 天的庫存。 3 月季度，我們經銷商的庫存為 41 天，比上一季增加了 4 天。由於分銷銷售額比分銷銷售額高出約 1.25 億美元，分銷部門在 3 月季度減少了庫存。庫存天數增加是因為這反映了本計算中使用的 3 月季度 Microchip 的銷售成本要低得多。

Our cash flow from operating activities was $430 million in the March quarter. Our adjusted free cash flow was $389.9 million in the March quarter. As of March 31, our consolidated cash and total investment position was $319.7 million. Our total debt increased by $312 million in the March quarter, our net debt increased by $273.3 million.

3 月季度我們的營運活動現金流為 4.3 億美元。我們的三月季度調整後自由現金流為 3.899 億美元。截至 3 月 31 日，我們的綜合現金和總投資狀況為 3.197 億美元。我們的總債務在 3 月季度增加了 3.12 億美元，淨債務增加了 2.733 億美元。

Our adjusted EBITDA in the March quarter was $503 million and 37.9% of sales. Our trailing 12-month adjusted EBITDA was $3.623 billion, and our net debt to adjusted EBITDA was 1.57 at March 31, 2024, up from 1.45 at March 31, 2023. Capital expenditures were $40.1 million in the March quarter and $285.1 million for fiscal year 2024. Our expectation for capital expenditures for fiscal year 2025 is about $175 million. Depreciation expense in the March quarter was $45.8 million.

我們 3 月季度的調整後 EBITDA 為 5.03 億美元，佔銷售額的 37.9%。我們過去 12 個月的調整後 EBITDA 為 36.23 億美元，截至 2024 年 3 月 31 日，我們的淨債務與調整後 EBITDA 之比為 1.57，高於 2023 年 3 月 31 日的 1.45。3 月季度的資本支出為 40.25 202.500 億美元的資本支出。我們預計 2025 財年的資本支出約為 1.75 億美元。 3 月季度的折舊費用為 4,580 萬美元。

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

現在，我將把時間交給 Ganesh，請他對 3 月份季度的業務表現以及 6 月份季度的指導做出評論。象頭神？

Thank you, Eric, and good afternoon everyone. Our March quarter results were consistent with our guidance, with net sales down 24.9% sequentially and down 40.6% from the year ago quarter as we endured through a major inventory correction. Non-GAAP gross margin came in as expected at 60.3% and non-GAAP operating margin was better than expected, 32.9% due to the strong expense control programs we had in place. However, as Eric mentioned, our tax rate was higher than expected, and as a result, our consolidated non-GAAP diluted EPS only met expectations at $0.57 per share.

謝謝你，埃里克，大家下午好。我們的三月季度業績與我們的預期一致，由於我們經歷了重大的庫存調整，淨銷售額環比下降 24.9%，年減 40.6%。非公認會計準則毛利率達到預期的 60.3%，非公認會計準則營業利潤率優於預期的 32.9%，這得益於我們實施的強有力的費用控制計劃。然而，正如 Eric 所提到的，我們的稅率高於預期，因此，我們的合併非 GAAP 稀釋每股盈餘僅達到預期的 0.57 美元/股。

Our revenue decline resulted in March quarter EBITDA dropping. And as a result, our net leverage ratio rose to 1.57x. We expect our net leverage to rise modestly for a few quarters as trailing 12-month adjusted EBITDA drops when replacing stronger prior year quarters with weaker current year quarters. However, our cash generation capability remains strong, and we are committed to our capital return plan.

我們的營收下降導致三月季度的 EBITDA 下降。結果，我們的淨槓桿率上升至1.57倍。我們預計，隨著去年同期表現較強的季度被今年同期表現較弱的季度所取代，過去 12 個月調整後的 EBITDA 將會下降，我們的淨槓桿率將在幾個季度內小幅上升。然而，我們的現金創造能力依然強勁，我們致力於我們的資本回報計劃。

Our capital return to shareholders in the June quarter will increase to 87.5% of our March quarter adjusted free cash flow as we continue on our path to return 100% of our adjusted free cash flow to shareholders by the March quarter of calendar year 2025.

我們 6 月季度對股東的資本回報將增至 3 月季度調整後自由現金流的 87.5%，我們將繼續朝著在 2025 年 3 月季度之前將 100% 調整後自由現金流返還給股東的目標邁進。

Reflecting on our fiscal year '24 results, it was a roller coaster year with a positive start that was followed by a major inventory correction. As compared to fiscal year '23, revenue declined 9.5% to $7.6 billion. Non-GAAP operating margin was resilient at 43.9% as we took the actions required to respond to the major inventory correction. Capital return to shareholders through a combination of dividends and share buybacks in fiscal '24 was $1.89 billion, representing a 15.4% growth as compared to fiscal year '23.

回顧我們 24 財年的業績，這是一個過山車般的年份，開局良好，隨後出現重大庫存調整。與 23 財年相比，營收下降 9.5% 至 76 億美元。由於我們採取了必要的措施來應對重大庫存調整，非公認會計準則營業利潤率保持穩定，達到 43.9%。 24 財年透過股利和股票回購等方式向股東支付的資本回報為 18.9 億美元，較 23 財年成長 15.4%。

My thanks to our worldwide team for their support, hard work and diligence as we navigated a difficult environment and focus on actions that we believe position us well to thrive in the long term.

我感謝我們全球團隊的支持、辛勤工作和勤奮，讓我們度過了艱難的環境，並專注於我們認為有利於我們長期發展的行動。

Taking a look at our fiscal year '24 net sales from a product line perspective, our Mixed-Signal Microcontroller net sales were down 10.2% and represented 56% of Microchip's overall revenue. Our Analog net sales were down 15.2% and represented 26.4% of Microchip's overall revenue. While we don't normally break out our FPGA product line results, it is noteworthy that our fiscal year '24 FPGA revenue exceeded $670 million and set another record. FPGA revenue grew over 22% as compared to fiscal '23 and delivered operating margins of north of corporate average. We deliver market-leading mid-range FPGA solutions with best-in-class low power, reliability and security and are especially well suited for the fast emerging opportunities around artificial intelligence at the edge. Our overall FPGA design win momentum is strong across multiple end markets.

從產品線角度來看我們 24 財年的淨銷售額，我們的混合訊號微控制器淨銷售額下降了 10.2%，佔 Microchip 總營收的 56%。我們的模擬淨銷售額下降了 15.2%，佔 Microchip 總收入的 26.4%。雖然我們通常不會公佈 FPGA 產品線的業績，但值得注意的是，我們 24 財年的 FPGA 收入超過了 6.7 億美元，創下了另一項紀錄。與 23 財年相比，FPGA 營收成長了 22% 以上，營業利益率高於公司平均。我們提供市場領先的中階 FPGA 解決方案，具有一流的低功耗、可靠性和安全性，特別適合邊緣人工智慧領域快速興起的機會。我們的整體 FPGA 設計獲勝動能在多個終端市場表現強勁。

A few other product line notes are significant. Early in April, we closed our acquisition of Seoul, Korea-based VSI and ADAS and digital cockpit connectivity pioneer to extend our automotive networking market leadership. This acquisition adds automotive SerDes Alliance Motion Link technology, otherwise known as ASA-ML to Microchip's broad Ethernet and PCIe automotive networking portfolio to enable next-generation software-defined vehicles.

其他一些產品線說明也很重要。 4月初，我們完成了對韓國首爾的VSI、ADAS和數位駕駛艙連接先驅的收購，以擴大我們在汽車網路市場的領先地位。此次收購將汽車 SerDes Alliance Motion Link 技術（也稱為 ASA-ML）添加到 Microchip 廣泛的乙太網路和 PCIe 汽車網路產品組合中，以支援下一代軟體定義汽車。

With the anticipated increase in the adoption of advanced camera-based driver assistance systems, in-cabin monitoring, safety and convenience features and multiscreen digital cockpits for next-generation software-defined vehicles, there is a growing requirement for a more highly asymmetric raw data and video links and higher bandwidth with the ASA Motion Link open-standard supports.

隨著下一代軟體定義汽車採用先進的基於攝影機的駕駛輔助系統、車內監控、安全和便利功能以及多螢幕數位駕駛艙的預期增加，對高度不對稱的原始數據和視訊鏈路以及 ASA Motion Link 開放標準支援的更高頻寬的需求也日益增長。

Also last month, we closed our acquisition of Neuronix AI Labs whose innovative software technology enhances AI-enabled intelligent edge solutions and increases neural networking capabilities. This technology expands our capabilities for power-efficient AI-enabled edge solutions deployed in FPGAs. Neuronix AI Labs provides neural network sparsity optimization technology that enables the reduction in power, size and calculation for tasks such as image classification, object detection and semantic segmentation while maintaining high accuracy.

此外，上個月，我們完成了對 Neuronix AI Labs 的收購，該公司的創新軟體技術增強了支援人工智慧的智慧邊緣解決方案，並提高了神經網路功能。這項技術擴展了我們在 FPGA 中部署節能 AI 邊緣解決方案的能力。 Neuronix AI Labs 提供神經網路稀疏性優化技術，能夠在保持高精度的同時，降低影像分類、物件偵測和語意分割等任務的功率、尺寸和運算量。

Finally, in July, we expect to announce our entry into the 64-bit embedded microprocessor market with a suite of products, development tools and other support requirements to address high-performance embedded processing applications including AI-enabled edge solutions. This will extend our strong 32-bit embedded microprocessor portfolio to higher performance and increased capabilities while preserving Microchip's historically strong ecosystem of leading development tools to make adoption easy for embedded system design engineers.

最後，我們預計將在 7 月宣布進軍 64 位元嵌入式微處理器市場，推出一系列產品、開發工具和其他支援需求，以滿足包括支援 AI 的邊緣解決方案在內的高效能嵌入式處理應用。這將使我們強大的 32 位元嵌入式微處理器產品組合具有更高的性能和更強的功能，同時保留 Microchip 歷史上強大的領先開發工俱生態系統，使嵌入式系統設計工程師能夠輕鬆採用。

Microchip is the only company to offer the widest embedded control and processing platform from 8-bit to 64-bit as well as FPGAs with a common development tool ecosystem that's empowering customers to innovate and reuse their work across a wide spectrum of markets and applications.

Microchip 是唯一一家提供從 8 位到 64 位的最廣泛的嵌入式控制和處理平台以及 FPGA 的公司，並擁有通用開發工俱生態系統，使客戶能夠在廣泛的市場和應用領域進行創新和重複使用他們的工作成果。

Now for some color on the March quarter and the general business environment. All regions of the world and most of our end markets with the exception of Aerospace and Defense and the Artificial Intelligence subset of data centers were weak. We believe that our product shipments were significantly lower than the end market consumption of our products as our distribution channels drained inventory during the quarter.

現在來介紹一下三月季度和整體商業環境。除航空航太和國防以及人工智慧資料中心子集外，全球所有地區和我們的大多數終端市場都表現疲軟。我們認為，由於我們的分銷管道在本季度消耗了庫存，我們的產品出貨量明顯低於終端市場的產品消費量。

Our broad base of customers continued to lower their inventory and adjust their business plans in the midst of a weak macro environment and an uncertain outlook. With no major supply constraints, coupled with very short lead times and a weak macro environment, we believe there is inventory destocking as well as reduction in target inventory levels that is underway at multiple levels. At our direct customers and distributors who buy from us, our indirect customers who buy through our distributors and in some cases, our customers' customers.

在宏觀環境疲軟、前景不明朗的情況下，我們廣大客戶持續降低庫存並調整業務計畫。由於沒有重大的供應限制，再加上交貨時間非常短以及宏觀環境疲軟，我們認為庫存去庫存以及目標庫存水準正在多個層面上降低。我們的直接客戶和經銷商向我們購買產品，我們的間接客戶透過我們的經銷商購買產品，在某些情況下，還有我們客戶的客戶。

We are, however, also seeing early signs of green shoots in our business. First, the level of request the cancellations and pushouts has started to subside. Second, our bookings have started to pick up, albeit from low levels. February bookings were the highest in 8 months. March bookings were the highest in all of fiscal '24 and April bookings were higher than March. Third, the new bookings are aging over a shorter period of time; and fourth, the number of expedites and shipment pull-in requests are growing. Collectively, these green shoots, we believe, are pointing to the formation of a bottom.

然而，我們也看到了業務復甦的早期跡象。首先，取消和推遲的請求水準已經開始下降。其次，我們的預訂量已經開始回升，儘管起點較低。 2 月份的預訂量是 8 個月以來的最高水準。 3 月的預訂量是 24 財年全年最高的，4 月的預訂量高於 3 月。第三，新預訂的時效性正在縮短；第四，加急和拉貨請求數量不斷增加。我們認為，總的來說，這些綠芽預示著底部的形成。

Our average lead times continue to be 8 weeks or less. During a period of business uncertainty, we believe short lead times are the best way to help customers navigate the environment successfully and improve the quality of backlog placed with us. However, the significant reduction in lead time is also resulting in reduced near-term visibility for our business.

我們的平均交貨時間仍為 8 週或更短。在業務不確定的時期，我們相信較短的交貨時間是幫助客戶成功應對環境並提高我們積壓訂單品質的最佳方式。然而，交貨時間的大幅縮短也導致我們業務的短期可見度降低。

Given the severity of the inventory correction, our factories around the world are running at lower utilization rates and our 3 major fabs will take another 2-week shutdown in the June quarter in order to help control the growth of inventory.

鑑於庫存調整的嚴重性，我們全球各地的工廠利用率都在下降，我們的 3 家主要晶圓廠將在 6 月季度再停產 2 週，以幫助控制庫存的成長。

Our internal capacity expansion actions remain [poised]. We expect our capital investments in fiscal year '25 will be low, even as we prepare for the long-term growth of our business.

我們的內部產能擴張行動仍[準備就緒]。儘管我們為業務的長期成長做好了準備，但我們預計 25 財年的資本投資將會較低。

On the CHIPS Act front, we have nothing new to report. The CHIPS office has completed their diligence for the grants we are seeking and we are working towards an agreement.

關於《CHIPS法案》，我們沒有什麼新消息可以報告。 CHIPS 辦公室已完成對我們尋求的資助的盡職調查，我們正在努力達成協議。

At this stage of a major inventory correction, we believe that the days of inventory metric whether for Microchip or for our distributors can be [deceptive] as this is a backward-looking indicator measuring off of a baseline that is well below where we believe end market consumption is at. For inventory planning, we are, therefore, focused on where we believe consumption is running and will likely run in the coming quarters. We continue to work with our distribution partners to attempt to find the right balance of inventory required to serve their customers, manage through their cash flow requirements and be positioned for the eventual strengthening of business conditions.

在庫存大幅調整的這個階段，我們認為，無論是對於 Microchip 還是對於我們的經銷商而言，庫存天數指標都可能具有欺騙性，因為這是一個回顧性指標，其基準遠低於我們認為的終端市場消費水準。因此，對於庫存規劃，我們重點關注我們認為消費正在運行的地方以及未來幾季可能運行的地方。我們將繼續與我們的分銷合作夥伴合作，努力找到服務客戶所需的庫存的適當平衡，管理他們的現金流需求，並為最終加強業務狀況做好準備。

The operating expense reduction efforts we implemented last quarter, including broad-based salary sacrifices are continuing this quarter. The shutdown for manufacturing team members and pay cuts for non-manufacturing team members are consistent with our long-standing culture of shared sacrifices and down cycles and shared rewards and up cycles. Our culture of shared sacrifice protects our valuable employees from layoffs, helps enable us to support customers and maintain our design win momentum, helps ensure that manufacturing capacity can be turned on quickly as business conditions strengthen and helps enable our product development teams to maintain their pace of new solution introductions.

我們上個季度實施的營運費用削減措施，包括大規模的薪資削減，在本季將繼續實施。製造團隊成員的停工和非製造團隊成員的減薪符合我們長期以來共同犧牲、共渡低谷、共享回報、共渡高峰的文化。我們的共同犧牲文化保護了我們寶貴的員工免於被解僱，幫助我們支持客戶並保持我們的設計獲勝勢頭，有助於確保隨著商業環境的加強，製造能力能夠迅速啟動，並幫助我們的產品開發團隊保持推出新解決方案的步伐。

Now let's get into the guidance for the June quarter. While we see a number of green shoots in our business indicators, we still need turns orders within the quarter to meet our guidance. Operating in a high turns environment has historically been normal for Microchip. It is just not a position we have found ourselves in over the last few years due to a supply-constrained high backlog environment we and the industry experience.

現在讓我們來看看六月季度的指導。儘管我們的業務指標中出現了一些復甦跡象，但我們仍然需要在本季內完成訂單才能達到我們的預期。從歷史上看，在高週轉環境中運作對於 Microchip 來說一直是常態。過去幾年來，由於我們和整個產業都經歷了供應受限、積壓訂單量大的環境，我們從未遇到過這種情況。

Taking all the factors we have discussed on the call today into consideration, we expect our net sales for the June quarter to be between $1.22 billion and $1.26 billion. We believe that the June 2024 quarter marks the bottom of the cycle for Microchip and our business will return to sequential revenue growth in the September 2024 quarter. We expect our non-GAAP gross margin to be between 59% and 61% of sales. We expect non-GAAP operating expenses to be between 28.25% and 28.75% of sales. We expect non-GAAP operating profit to be between 30.25% and 32.75% of sales, and we expect our non-GAAP diluted earnings per share to be between $0.48 and $0.56.

考慮到我們今天電話會議上討論的所有因素，我們預計 6 月季度的淨銷售額將在 12.2 億美元至 12.6 億美元之間。我們相信，2024 年 6 月季度標誌著 Microchip 週期的底部，我們的業務將在 2024 年 9 月季度恢復連續收入成長。我們預計非公認會計準則毛利率將在銷售額的 59% 至 61% 之間。我們預計非公認會計準則營業費用將佔銷售額的 28.25% 至 28.75% 之間。我們預計非公認會計準則營業利潤將佔銷售額的 30.25% 至 32.75% 之間，我們預計非公認會計準則每股攤薄收益將介於 0.48 美元至 0.56 美元之間。

We believe that the fundamental characteristics of growth, profitability and cash generation of our business remain intact. We are confident that our solutions remain the engine of innovation for the applications and end markets we serve. Our focus on total system solutions and key market megatrends continue to fuel strong design win momentum, which we expect will drive above-market long-term growth. We remain committed to executing our Microchip 3.0 strategic imperatives, which we believe will deliver sustained results and substantial shareholder value.

我們相信，我們業務的成長、獲利和現金產生的基本特徵保持不變。我們相信，我們的解決方案仍然是我們所服務的應用和終端市場的創新引擎。我們對整體系統解決方案和關鍵市場大趨勢的關注繼續推動強勁的設計勝利勢頭，我們預計這將推動高於市場的長期成長。我們將繼續致力於執行我們的 Microchip 3.0 策略要務，我們相信這將帶來持續的成果和巨大的股東價值。

Last but not least, a month ago, we appointed Rich Simoncic as Chief Operating Officer. Rich is a Microchip lifer who has been with us for 35 years in many different capacities. Rich has been expanding his role over the last few years, and he and I will jointly lead the Microchip global enterprise so that we can apply our combined leadership capacity to engage the opportunities and challenges that are ahead of us.

最後但同樣重要的一點是，一個月前，我們任命 Rich Simoncic 為營運長。 Rich 是 Microchip 的終身員工，他已在我們公司工作了 35 年，擔任過多個不同的職位。在過去幾年裡，里奇的職責不斷擴大，他將和我共同領導微晶片全球企業，以便我們能夠運用我們的領導能力來應對我們面臨的機會和挑戰。

With that, let me pass it back on to Steve to talk more about our cash return to shareholders. Steve?

說完這些，讓我把話題轉回給史蒂夫，讓他進一步談談我們向股東提供的現金回報。史蒂夫？

Thank you, Ganesh, and good afternoon, everyone. I would like to provide you with a further update on our cash return strategy. The Board of Directors approved an increase in the dividend of 18% from the year ago quarter to a record $0.452 per share. During the last quarter, we purchased a record $387.4 million of our stock in the open market. We also paid out a record $242.5 million in dividends. Thus, the total cash return was a record $629.9 million. This amount was 82.5% of our actual adjusted free cash flow of $763.4 million during the December 2023 quarter. Our net leverage at the end of March 2024 was 1.57x.

謝謝你，Ganesh，大家下午好。我想向您提供有關我們的現金回報策略的進一步更新。董事會批准將股息較去年同期增加 18%，達到創紀錄的每股 0.452 美元。上個季度，我們在公開市場上回購了創紀錄的 3.874 億美元股票。我們還派發了創紀錄的 2.425 億美元的股息。因此，總現金回報達到了創紀錄的 6.299 億美元。這筆金額占我們 2023 年 12 月季度實際調整後自由現金流 7.634 億美元的 82.5%。截至 2024 年 3 月底，我們的淨槓桿率為 1.57 倍。

Ever since we achieved an investment-grade rating for our debt in November 2021 and pivoted to increasing our capital return to shareholders, we have returned a total of $4.23 billion to shareholders through March 31, 2024, by a combination of dividends and share buybacks. During this period, our share buyback in the open market was approximately 30.4 million shares, representing approximately 5.7% of our shares outstanding.

自從我們在 2021 年 11 月獲得債務投資等級評級並轉向增加對股東的資本回報以來，截至 2024 年 3 月 31 日，我們透過股息和股票回購等方式向股東累計返還了 42.3 億美元。在此期間，我們在公開市場回購了約 3,040 萬股股票，約占我們已發行股票的 5.7%。

In the current June quarter, we will use the adjusted free cash flow level from the March quarter to target the amount of cash returned to shareholders. The adjusted free cash flow excludes amounts we collected from our customers for long-term supply assurance payments. These payments are refundable when purchase commitments are fulfilled.

在目前的六月季度，我們將使用三月季度的調整後自由現金流水準來確定返還給股東的現金金額。調整後的自由現金流不包括我們向客戶收取的長期供應保證付款。當購買承諾履行完畢時，這些付款可以退還。

Our adjusted free cash flow for the March quarter was $389.9 million, so our target return to shareholders would be 87.5% or $341.2 million of that amount. However, as Ganesh mentioned, we did complete 2 small acquisitions in this June quarter. So we are reducing our share buyback amount to reflect the cash outlay for those deals. Thus, in the June quarter, our cash return to shareholders is expected to be $315.3 million, out of which dividends are expected to be approximately $243 million and our expected stock buyback will be approximately $72.3 million.

我們三月季度的調整後自由現金流為 3.899 億美元，因此我們的股東目標回報率為該數額的 87.5% 或 3.412 億美元。然而，正如 Ganesh 所提到的，我們確實在今年 6 月季度完成了兩次小型收購。因此，我們正在減少股票回購金額，以反映這些交易的現金支出。因此，在 6 月季度，我們預計向股東的現金回報為 3.153 億美元，其中股息預計約為 2.43 億美元，預計股票回購約為 7,230 萬美元。

Going forward, we plan to continue to increase our adjusted free cash flow to return to shareholders by 500 basis points every quarter until we reach 100% of adjusted free cash flow returned to shareholders through dividends and share buybacks. That will take 3 more quarters, and we expect that dividends over time will represent approximately 50% of our cash returns.

展望未來，我們計劃繼續每季增加調整後的自由現金流，以 500 個基點的速度返還給股東，直到透過股利和股票回購實現 100% 的調整後自由現金流返還給股東。這將需要 3 個季度的時間，我們預計隨著時間的推移，股息將占我們現金回報的約 50%。

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

接線員，請問您是否可以進行投票提問？

(Operator Instructions) Our first question is from Vivek Arya with Bank of America Securities.

（操作員指示）我們的第一個問題來自美國銀行證券的 Vivek Arya。

Ganesh, you were suggesting June to be the bottom end for September to grow sequentially because of green shoots. But to be fair, green shoots were suggested on the last call also. So what's the difference between the last call and this call and if you could help us maybe quantify what has been maybe the pace of bookings increase year-on-year or quarter-on-quarter so far, so we can get a sense for the pace of recovery into September.

Ganesh，您建議將 6 月作為 9 月連續增長的底端，因為會長出新芽。但公平地說，上次通話中也提出了復甦的跡象。那麼上次通話和這次通話有什麼差別呢？如果您能幫助我們量化迄今為止預訂量同比增長或環比增長的速度，那麼我們就可以了解 9 月份的復甦速度。

And then maybe if I could also ask, Eric, on a related note is, 60% also the trough for gross margin, if June is the bottom, does it also mean 60% is the trough for gross margins?

然後也許我還可以問一下，艾瑞克，相關的問題是，60% 也是毛利率的低谷，如果 6 月是底部，這是否也意味著 60% 也是毛利率的低谷？

Great. Thank you, Vivek. I don't think we mentioned green shoots at the last earnings call, but we did say in one of our banking sessions that we were at. And that was the first time we began to see it was in the March timeframe. And the momentum is picking up, right, as we go through March and April and May. I mentioned what the bookings were doing on a relative basis over that time, we can see how many more people are asking for pull-ins and expedites and all of that.

偉大的。謝謝你，維韋克。我認為我們在上次收益電話會議上沒有提到復甦跡象，但我們在一次銀行會議上確實提到了這一點。這是我們第一次看到它是在三月。隨著我們進入三月、四月和五月，這種勢頭正在增強。我提到了那段時間內預訂情況的相對情況，我們可以看到有多少人要求加入和加快等等。

So it's a qualitative view looking at how we integrate the last 2 or 3 months of where momentum is coming in, where the customer feedback is coming in that reflects our view that if the June quarter is the bottom and September quarter is growth.

因此，這是一個定性的觀點，看看我們如何整合過去 2 或 3 個月的發展勢頭、客戶回饋，這反映了我們的觀點，即 6 月季度是底部，而 9 月季度是成長。

And then a follow-up question for me on that was on gross margin. And would I expect if June is the trough in revenue if gross margin would bottom out. And I believe that to be the case. I mean, obviously, we haven't given guidance yet, and there's factors that apply to that, that we don't know yet in terms of product mix and where we'll be running our factories. But I think that we are bouncing along the bottom on gross margin.

然後我的後續問題是關於毛利率的。如果六月是收入的低谷，我預計毛利率是否會觸底。我相信事實確實如此。我的意思是，顯然，我們還沒有給出指導，而且還有一些與此相關的因素，我們在產品組合以及我們將在哪裡經營工廠方面還不清楚。但我認為我們的毛利率正處於底部徘徊。

Our next question is from Chris Caso with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Chris Caso。

I guess the question is if there's any difference that you're seeing from any of the different end markets? I mean, you talked about some of the booking stabilization improvement that you've seen. How would you characterize that among the different end markets?

我想問題是您是否看到不同終端市場有任何差異？我的意思是，您談到了您所看到的一些預訂穩定性改進。您如何描述不同終端市場的特性？

I don't -- on the stabilization, I can't really point to a particular end market doing better or not. I said in the aggregate, Aerospace and Defense and the AI segment of data center are both doing well. And so that part is pulling it up. On the others, there can be some industrial customers who are still seeing weakness, others who are beginning to see the bottom and trying to come back in with rush orders, that goes into the other end markets as well. So no particular end market trend that is distinguishable on the bottoming out of where their inventories are.

就穩定而言，我無法真正指出某個終端市場表現更好或更差。我說過，總體而言，航空航太和國防以及資料中心的人工智慧部分都表現良好。所以那部分正在將其拉起。另一方面，一些工業客戶可能仍然感到疲軟，而另一些客戶則開始看到底部，並試圖透過緊急訂單捲土重來，這些訂單也進入了其他終端市場。因此，沒有特定的終端市場趨勢可以區分其庫存的底部。

As a follow-up, Eric, you talked about perhaps if things go well, June is the trough and then June is likely the bottom for gross margins as well. As you go forward, as we pull our way out of this, what do you think would be the trajectory of gross margins? And I guess I asked that taking consideration the fact that your internal inventory is still high. So how would we think about gross margins in the context of recovery as you have to bring your own inventories down to normal?

作為後續問題，埃里克，您談到如果一切進展順利，六月可能是毛利率的低谷，然後六月也可能是毛利率的底部。隨著我們不斷前進，隨著我們擺脫困境，您認為毛利率的走勢會是怎樣？我問這個問題是考慮到你們的內部庫存仍然很高。那麼，在你必須將自己的庫存降至正常水準的情況下，我們該如何看待經濟復甦背景下的毛利率呢？

So it does depend on the revenue trajectory and then how we would run our factories to respond to that. And so it's not a question that I can 100% answer today. But our cost structures are still in good shape. Average selling prices are absolutely hanging in there. So with that, we have confidence in our long-term model and our ability to get back there, but the trajectory and how we get there is going to very much be revenue dependent, which will drive certain actions to increase output from our factories. So I know that's not specifically answering your question, but I think that's the best we can do right now.

所以這確實取決於收入軌跡以及我們如何運作工廠來應對這個問題。所以這不是一個我今天能夠 100% 回答的問題。但我們的成本結構仍然良好。平均售價絕對不變。因此，我們對我們的長期模式和重返目標的能力充滿信心，但發展軌跡以及如何實現這一目標在很大程度上取決於收入，這將推動某些行動來增加我們工廠的產量。所以我知道這並沒有具體回答你的問題，但我認為這是我們目前能做的最好的事情。

Our next question is from Harlan Sur with JPMorgan.

下一個問題來自摩根大通的 Harlan Sur。

Can you just talk about channel sell-through dynamics from your global distributors? In March, you mentioned sell-through $125 million higher versus sell-in. Is that a similar delta here in the June quarter, and if excess inventories at end customer of distributors are coming down, I would assume that distribution sell-through is starting to grow. Are you seeing that this quarter? And is this maybe what's also giving you confidence that June is the bottom?

您能談談全球經銷商的通路銷售動態嗎？您提到，3 月的銷售額比入庫銷售額高出 1.25 億美元。這是與 6 月季度類似的增量嗎？如果分銷商最終客戶的過剩庫存減少，我認為分銷銷售量將開始成長。您在本季度看到了這一點嗎？這是否也讓您相信六月是底部？

So Harlan, thanks for the question. The level of inventory that is past what our distributors had that is in with our customers is not always visible to us. I think we can get some sense of that from what the distribution sell-through is. But there's also a second factor, which is some of those customers are also reducing the months of inventory they want to carry. So it's a multipronged answer to it. But what we can see is that distribution is part of the placing of additional orders on us.

哈蘭，謝謝你的提問。我們並不總是能看到我們的經銷商所擁有的庫存水準是否超出了我們的客戶所擁有的水平。我認為我們可以透過分銷銷售情況來了解這一點。但還有第二個因素，即其中一些客戶也正在減少他們想要持有的庫存月份。所以這是一個多方面的答案。但我們可以看到，分銷是向我們下達額外訂單的一部分。

So they are seeing how they are managing their end customers, their inventory and placing incremental orders on us. So that must have some relevance to how they're viewing things, but I don't have a definitive answer on where sell-through is going to end up versus sell-in here in the June quarter, at least not at this time.

因此，他們正在觀察如何管理最終客戶、庫存以及向我們下增量訂單。所以這肯定與他們如何看待事物有一定關係，但我還沒有明確的答案，至少目前還沒有確定 6 月份季度的銷售量和銷售收入最終會達到什麼水平。

And then just a quick follow-up. So direct customer shipments were almost 30%. We're down almost 30% sequentially, while disti shipments were only down 20% sequentially in March. Does that suggest that excess inventories are maybe a bit more pronounced at your direct customers? And if your lead times are sub 8-weeks, you guys only have visibility through the end of this quarter. So what gives the Microchip team confidence that shipments to direct customers post June will be growing sequentially as you aren't booking beyond that and you don't really have visibility into their sell-through dynamics?

然後只是快速的跟進。因此直接客戶出貨量幾乎佔30%。我們的銷量較上月下降了近 30%，而分銷出貨量 3 月環比僅下降了 20%。這是否意味著您的直接客戶的庫存過剩情況可能更為明顯？如果您的交貨時間少於 8 週，那麼您只能看到本季末的情況。那麼，是什麼讓 Microchip 團隊相信 6 月之後對直接客戶的出貨量會連續增長，因為您沒有超過這個數字的預訂，而且您無法真正了解他們的銷售動態？

So we know -- and customers are placing backlog into the September quarter, into the December quarter. So there's not a single answer that everybody is following. And we can see that as the bookings are rising, they are placing them into the next 3 to 6-months on a more predominant basis. So that level of where the momentum is coming in or how backlog is coming in is what gives us a sense of where the bottom is and how things are going to be as we move into the September and December quarters.

所以我們知道——客戶正在將積壓訂單放到 9 月季度和 12 月季度。因此，不存在一個所有人都能遵循的單一答案。我們可以看到，隨著預訂量的增加，他們正在將未來 3 到 6 個月的預訂作為更主要的考慮因素。因此，透過了解成長動能或積壓訂單的水平，我們可以了解底部在哪裡，以及進入 9 月和 12 月季度時情況將會如何。

Our next question is from Gary Mobley with Wells Fargo.

下一個問題來自富國銀行的加里‧莫布利 (Gary Mobley)。

I know you guys communicated that you held the OpEx lower than expected. And I think it's today, what, $355 million on a non-GAAP basis. My question is, how long can you hold that down? And is there any clawback provisions for the loss wages during this temporary salary cut? And I'm just trying to get a sense of how we should think about the OpEx increasing as revenue increases?

我知道你們已經表示將營運支出控制在低於預期的水平。我認為，以非 GAAP 計算，今天的金額是 3.55 億美元。我的問題是，你能撐多久？這次臨時減薪期間的工資損失有追討條款嗎？我只是想了解一下，我們應該如何看待隨著收入增加而營運支出增加的情況？

I'll start with the response and Ganesh can add to it if he wants to. So there is not a clawback in terms of what we're doing from a salary sacrifice for our employees. We have the shared sacrifice, share reward program. And in the past, when we have implemented something like this that has worked out well for our employees, that we keep everybody working on the things that are important to drive the revenue growth as the cycle turns upward, and we've gained market share through that.

我將從回應開始，如果 Ganesh 願意的話，他可以進行補充。因此，就我們為員工犧牲的薪資而言，我們並沒有收回任何金額。我們有共同犧牲、共同獎勵的計劃。過去，當我們實施這樣的措施時，我們的員工得到了很好的效果，我們讓每個人都致力於那些對推動收入成長至關重要的事情，隨著週期的上升，我們也透過這種方式獲得了市場份額。

And so we've had great financial results coming out of it and then been able to share those rewards with employees through higher bonuses and taking away the pay cuts at the appropriate time. So we're going to have to see how this plays out from a topline revenue perspective. It would be my perspective that we will achieve the same types of results this go around with the actions that we've taken, but there's no promise to employees that they're going to get this money back. There's no retroactive clawback that would be implemented.

因此，我們獲得了豐厚的財務業績，並且能夠透過提高獎金和在適當的時候取消減薪來與員工分享這些回報。因此，我們必須從總收入的角度來觀察這種情況將如何發展。我的觀點是，透過採取的行動，我們將取得同樣的成果，但我們不向員工保證他們會拿回這筆錢。不會實施任何追溯性追回措施。

This is a part of our culture that is not always as easily appreciable from an investor community. We have 98% of employees around the world that are participating in this voluntary. We have another 700 employees who have volunteered for a higher salary reduction than what we have requested from them. It's very difficult to quantify how powerful culture plays the role in these type of difficult situations and how much that the employees are part of the solution. And of course, they are part of the shared rewards that come up as we get into better times as well. So this is very much of a program that has worked many times in the past and this is another time we're applying it, and we expect it to be successful.

這是我們文化的一部分，但投資者群體並不總是能輕易察覺到。我們全球有 98% 的員工都參與了這項志工活動。我們還有另外 700 名員工自願接受比我們要求的更高的減薪。很難量化文化在這種困難情況下發揮的作用有多大，以及員工在解決方案中發揮了多大作用。當然，它們也是我們進入更好時代後所獲得的共同回報的一部分。所以這是一個過去已經多次奏效的計劃，這是我們再次應用它，我們預計它會成功。

I think the other thing that I'd add is we know this is difficult for employees. The inflation still exists, and this is a challenge for employees. So it's not that we want to keep these in place. But at the time, with where we're guiding revenue for the current quarter of revenue and earnings, it's appropriate. And we hope that we can restore these things back to normal salary levels as soon as possible.

我想補充的另一件事是我們知道這對員工來說很困難。通貨膨脹仍然存在，這對員工來說是一個挑戰。所以我們並不想保留這些。但就當時而言，考慮到我們對本季收入和收益的指導，這是合適的。我們希望能夠盡快將這些恢復到正常的薪資水平。

Thank you for that color, as my follow-up, I wanted to perhaps strike a more positive chord and ask about design win metrics for the fiscal year. I don't know if you have those stats on handy with you, but maybe if you can just give us some qualitative or quantitative measure of the lifetime value of the design wins.

謝謝你的顏色，作為我的後續行動，我想或許能引起更積極的共鳴，並詢問財政年度的設計勝利指標。我不知道您是否手邊有這些統計數據，但也許您能為我們提供一些設計獲勝的終身價值的定性或定量指標。

So we don't usually break that out and we have slightly different ways in which we look at this. What we do constantly look at is how is the design pipeline progressing. And in the course of 2023 in addition to all the work that we did, we also saw customers shifting their priorities from doing triage for some of the shortages that they were running into bringing back the innovation program that they had put on hold. And so if you put all of that together, the design win pipeline is strong.

所以我們通常不會單獨討論這個問題，而且我們看待這個問題的方式略有不同。我們始終關注的是設計流程的進展。 2023 年期間，除了我們所做的所有工作之外，我們還看到客戶將他們的優先事項從對他們遇到的一些短缺進行分類轉移到恢復他們擱置的創新計劃。所以，如果把所有這些放在一起，設計獲勝管道就會很強大。

There's a lot more design-in activity in the last 12 months than there was in the prior 12 months, just simply because customer bandwidth was there to be able to run the development program that they were progressing with.

過去 12 個月的設計活動比前 12 個月多得多，這僅僅是因為客戶有足夠的頻寬來運行他們正在進行的開發程式。

Our next question is from Carlos Coronado with UBS.

下一個問題來自瑞銀的卡洛斯·科羅納多。

It's Tim on. So Ganesh, can you give us a sense of book-to-bill. It sounds like it was below 1 for March, but I just wanted to confirm that. And I know that you did say that orders are getting better month by month. But is the message that you think book-to-bill could be above 1 for the June quarter. So I'm just wondering if you can talk about book-to-bill?

是蒂姆。那麼 Ganesh，您可以跟我們講一下訂單出貨比的概念嗎？聽起來 3 月的數字好像低於 1，但我只是想確認一下。我知道您確實說過訂單量正在逐月好轉。但您是否認為 6 月季度的訂單出貨比可能會超過 1？所以我只是想知道您是否可以談談訂單出貨比？

So book-to-bill was below 1. However, book-to-bill has never been an indicator for us of where the business is going as much as an indicator of where our lead times are. During the 2021, 2022 shortages, we had book-to-bill in many, many multiples of where they were at, reflecting the long lead times. Right now with short lead times that we have, we expect book-to-bill will be lower. But the bookings are rising, and I can't quite tell what May and June are going to complete. So I don't have anything. We don't really look at book-to-bill as necessarily an indicator of where the growth is going to be. It's more a reflection of as lead times get short, people replace the booking consistent with the shorter lead times.

因此訂單出貨比低於 1。然而，訂單出貨比從來都不是衡量我們業務走向的指標，而是衡量我們交貨時間的指標。在 2021 年和 2022 年的短缺期間，我們的訂單出貨比是之前的許多倍，這反映了較長的交貨時間。目前，由於我們的交貨週期較短，我們預計訂單出貨比將會較低。但預訂量正在上升，我無法準確預測五月和六月的預訂量。所以我什麼都沒有。我們其實並不認為訂單出貨比是成長方向的必然指標。這更反映了隨著交貨時間的縮短，人們會根據較短的交貨時間替換預訂。

Got it. Okay. And then, Eric, one for you. So inventory was a little higher coming out of March and I think some of us thought it would be. Can you talk about loadings in the factory and sort of how you're thinking about loadings into June? Are you just kind of drawing the line, I understand where you plan to bring down inventory on the balance sheet in June? And yes, just kind of talk about that and its impact on gross margin.

知道了。好的。然後，艾瑞克，給你一個。因此，三月的庫存略高一些，我想我們中的一些人也認為會這樣。您能談談工廠的裝載情況以及您對六月裝載情況的考慮嗎？我理解您計劃在六月降低資產負債表上的庫存，您只是在劃一條線嗎？是的，只是談論一下這個以及它對毛利率的影響。

Yes. So I'm honestly not quite sure where The Street had us modeled. We had talked about in our last conference call that inventory days are expected to be between about 225 to 230-days at the midpoint. We came in at 224. So I think we kind of delivered on what we told The Street we were going to do. In terms of utilization in the current quarter, we have been having some attrition in our factories. And because of that, we can start less wafers on a monthly basis than we can because we have a fewer number of employees.

是的。所以說實話我不太清楚《華爾街日報》給我們塑造了什麼樣的典範。我們在上次電話會議中談到，預計庫存天數的中間值約為 225 至 230 天。我們的股價為 224 美元。所以我認為我們基本上履行了我們告訴華爾街我們要做的事情。就本季的利用率而言，我們的工廠出現了一些人員流失。正因為如此，我們每個月可以生產的晶圓數量會比員工數量較少時生產的晶圓數量少。

But it's -- in the big picture, things are relatively modest. I don't think utilization will be significantly different than it was in the March quarter, maybe just modestly lower.

但從整體來看，情況相對溫和。我認為利用率不會與三月季度有顯著差異，可能只是略低一些。

Our next question is from Tore Svanberg with Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Let me move on from cyclical questions. And I have a question on 64-bit microcontrollers. You also had an AI acquisition in the quarter. Just trying to understand, Ganesh, your conversations with customers, we hear AI at the edge a lot, but it's hard for us to get true visibility on that. So -- when will Edge AI become a much more meaningful part of your revenues, what you think?

讓我不再討論週期性問題。我有一個關於 64 位元微控制器的問題。本季你們也進行了一次人工智慧收購。只是想了解一下，Ganesh，在您與客戶的對話中，我們經常聽到邊緣人工智慧，但我們很難真正了解這一點。那麼—您認為 Edge AI 何時會成為您收入中更有意義的一部分？

Our target markets for Edge AI predominantly in industrial, smaller extent, automotive, some in medical. The medical segment of industrial factory automation, all that. So they are designs in progress and they've been taking place over the last 6 to 12-months. They probably will just take over 24 to 30-months of time. So it's in that time. There's some of it -- small amounts that are already taking place, but I think it becomes a more and more meaningful part as time goes on.

我們的邊緣人工智慧目標市場主要在工業領域，較小程度上在汽車領域，還有一些在醫療領域。工業工廠自動化的醫療部分，所有這些。所以這些設計仍在進行中，並且已經在過去 6 到 12 個月內完成了。他們可能只需要花費 24 到 30 個月的時間。所以就在那個時候。有些事情已經發生了，但我認為隨著時間的推移，它會變得越來越有意義。

And each of these either product line announcement or some of the acquisitions which give us specific technologies, just accelerate where those designs can go and how our solutions can be differentiated from others providing similar solutions.

無論是產品線發布還是一些為我們提供特定技術的收購，都只是加速了這些設計的發展方向，以及我們的解決方案如何與其他提供類似解決方案的公司區分開來。

Great. And as my follow-up, you said that you're basically shipping below consumption. You're about $1 billion from your trough. Obviously, you're running inventory at a certain level. So you must have some idea where the consumption is. Is that a number you can share with us?

偉大的。作為我的後續提問，您說您的運輸量基本上低於消費量。您距離最低谷還有大約 10 億美元。顯然，您的庫存處於一定水平。所以你一定知道消費在哪裡。能與我們分享一下這個數字嗎？

Not With any level of precision. I think any form of a -- take a 4-quarter revenue divided by 4 starts to get you into the ballpark. But even that is unclear, right? So I think that number will get clearer as people begin to book and buy at a level that they need to -- excluding any growth just to get back to consumption. But there's not an easy way to make that number determinable. It's clearly between where our peak a year ago was in the June quarter to where you're seeing the guidance for this quarter.

沒有任何精確度。我認為任何形式的——用 4 個季度的收入除以 4 個開始就可以得到大致的結果。但即便如此，這也不清楚，對嗎？因此，我認為，隨著人們開始以他們需要的水平預訂和購買，這個數字將變得更加清晰——不包括任何為了恢復消費而產生的成長。但沒有簡單的方法可以確定這個數字。顯然，它介於我們去年 6 月季度的峰值和本季的指導值之間。

Our next question is from Toshiya Hari with Goldman Sachs.

下一個問題來自高盛的 Toshiya Hari。

I had two quick ones. First, on inventory, maybe for Eric. So how should we think about inventory management through cycle or longer term? I know you've got strategic inventory. I know you want to better service your customers on the way up. But when you think 12 months out, 18 months out, whether be in dollars or days, what are you managing the business to?

我很快就吃了兩個。首先，關於庫存，也許對 Eric 來說。那我們應該如何考慮週期性或長期性的庫存管理呢？我知道你有戰略庫存。我知道您想在前進的道路上為客戶提供更好的服務。但當你考慮 12 個月或 18 個月後，無論是以美元還是以天數計算，你管理業務的目的是什麼？

And then quick follow-up on pricing. I think you mentioned that in the near term, pricing is holding up. But as you think about calendar '25, I think some of your peers have talked about pricing trends potentially reverting to pre-pandemic patterns down, call it, low singles. Is that a view that you would agree with or share? Or do you feel or think differently on pricing?

然後快速跟進定價。我想您提到過，短期內價格將保持穩定。但是當您想到 25 年日曆時，我想您的一些同行已經談到定價趨勢可能會恢復到大流行前的模式，我們稱之為低單曲。您是否同意或認同此觀點？或者您對定價有不同的感受或想法？

Okay. All right. So on inventory days, longer term, our model is, and this really hasn't changed from what we shared back in our Analyst and Investor Day that we're targeting 130 to 150 days. Now we're a long way from that today, and I'm not going to put a time horizon on when we will get there, but that's still the goal, right? We think with that level in a more normalized environment, we can have short lead times and support our customers appropriately with that level. So I'll turn the pricing question over to Ganesh.

好的。好的。因此，就庫存天數而言，從長期來看，我們的模型是，這與我們在分析師和投資者日分享的目標 130 到 150 天相比並沒有改變。現在我們距離這個目標還有很長的路要走，而且我不會為我們何時能夠實現這個目標設定一個時間範圍，但這仍然是我們的目標，對嗎？我們認為，在更標準化的環境中，我們可以縮短交貨時間，並以此水準適當地支援我們的客戶。因此我將把定價問題轉交給 Ganesh。

And I would add one more thing, which is we also have these last time buys that we put into place on very high gross margin product lines, those will be additive and they are situational depending on when we're faced with that kind of situation.

我還要補充一點，那就是，我們在毛利率非常高的產品線上也進行了這些最後一次的購買，這些購買將是附加的，並且取決於我們何時面臨這種情況。

On the pricing itself, our pricing is predominantly a function of what we have to compete with at the point of design. And so in the near term, pricing is really driven by where designs were historically, what we won them at. And a lot of these are products going into applications that have long life cycles and they don't really change or like a consumer electronics or other end markets, they don't really every 9, 12 months change things out.

就定價本身而言，我們的定價主要取決於我們在設計時要面對的競爭對手。因此，在短期內，定價實際上是由設計的歷史位置以及我們贏得設計的位置決定的。其中許多產品的應用生命週期都比較長，它們並不會真正發生變化，或像消費性電子產品或其他終端市場那樣，它們不會每 9 個月或 12 個月就進行一次改變。

We have products that have been in designs for 5, 7, 9, 10 years in many cases as well. We are being competitive on new designs with pricing where we need to be, but we also have new products that we compete with. And so the most competitive new products are what we use to go fight in the most price-sensitive new design applications. And that's been historically how -- explains it's not something new. And if we go back and look at 20 years of Microchip, that's how we've done it.

在很多情況下，我們的產品已經設計了 5 年、7 年、9 年甚至 10 年。我們在新設計上具有競爭力，定價也處於我們需要的位置，但我們也有競爭對手的新產品。因此，我們用最具競爭力的新產品來參與對價格最敏感的新設計應用領域的競爭。從歷史上看，這並不是什麼新鮮事。如果我們回顧 Microchip 的 20 年歷程，就會發現我們就是這樣做的。

And we have a lot of business that continues, that will be existing business at existing prices for a long, long time to come. And then we'll have new business at new pricing. And at new pricing, we expect we'll have good gross margins as time goes on.

我們還有很多業務會繼續進行，這些業務在未來很長一段時間內都會以現有的價格繼續進行。然後我們將以新的價格開展新業務。在新的定價下，我們預計隨著時間的推移我們將獲得良好的毛利率。

Our next question is from Joshua Buchalter with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Joshua Buchalter。

I guess to start, maybe I can follow up on the previous one. You mentioned pricing hanging in overall, but competing more on new design wins. Have those -- are you observing those new design wins becoming any more price sensitive or more price competitive as the shortages of ease and we've entered this correction mode? Or sort of still normal operating in and competitive conditions?

我想首先，也許我可以跟進上一個。您提到價格整體保持不變，但在新的設計上競爭更加激烈。您是否觀察到這些新設計勝利變得更加價格敏感或更具價格競爭力，因為便利性的短缺已經進入了這種修正模式？或仍處於正常的營運和競爭條件下？

New designs have always been highly competitive. It's where people are trying to work on winning platforms with multiyear implications. So it's in the couple of years of constraints, there were fewer new platforms, new designs that customers are doing. But in the sense of having to be competitive and the competitive intensity for new designs, yes, it's different from the last 2 or 3-years, but it is consistent with what it has been over 20-years before that.

新設計的競爭一直非常激烈。人們正在努力打造一個具有多年影響力的成功平台。因此，在幾年的限制下，客戶採用的新平台和新設計越來越少。但從必須保持競爭力和新設計的競爭強度來看，與過去兩三年的情況有所不同，但與之前 20 多年的情況一致。

That's clear. I appreciate the color there. And then for my follow-up, the CapEx guidance is obviously down meaningfully off of what was likely a peak 2-years ago. Could you maybe just speak to your confidence in having enough capacity both internally and perhaps more importantly, investment from your foundry partners at across geometries that you ship your products on?

這很清楚。我很欣賞那裡的色彩。然後，根據我的後續觀察，資本支出指引顯然比兩年前的高峰大幅下降。您能否談談您對擁有足夠產能的信心，無論是內部產能，還是更重要的是，來自代工合作夥伴的投資，這些投資涵蓋您運送產品的各個地區？

Yes. So when we say -- it's a plan that we look at consistently, both short, medium and long term. We feel very confident with the internal capacity, both what is installed and underutilized, what is available and ready to go and then eventually what we might add to it. And then we work with our partners, both the foundries as well as the OSATs on their capacity planning across the horizon that they have. We're obviously a small piece of a much bigger pie there that they're running.

是的。所以當我們說——這是一個我們會持續關注的計劃，包括短期、中期和長期。我們對內部容量非常有信心，包括已安裝和未充分利用的容量、可用和準備使用的容量以及最終可能添加的容量。然後，我們與我們的合作夥伴（包括代工廠和 OSAT）合作，制定他們現有的產能規劃。顯然，我們只是他們所經營的更大蛋糕中的一小部分。

But we don't have any particular capacity constraints that we're concerned about. It may change as demand begins to come back, and if, in fact, there is a much sharper rise as some people are predicting. But for the moment, we're quite confident both in our internal as well as our partner capacity for the business we're running.

但我們並不擔心任何特定的容量限制。隨著需求開始回升，並且如果確實如某些人預測的那樣出現更大幅度的增長，這種情況可能會發生變化。但目前，我們對我們內部以及合作夥伴所經營業務的能力都非常有信心。

(Operator Instructions) Our next question is from Chris Danely with Citibank.

（操作員指示）我們的下一個問題來自花旗銀行的 Chris Danely。

So now that we're yet another quarter into the correction and hopefully coming out of it, if we look at your total drop in terms of revenue, it's probably going to be like 45% or something like that. And that's worse than most of your competitors. So I guess, why do you think that is? Do you think that the PSP program encouraged a little double ordering? Is there some geographic or something else going on? Just looking for some -- for your take on why that's happened?

因此，現在我們又進入了一個季度的調整期，希望能夠走出調整期，如果我們看一下你們的總收入下降幅度，它可能會達到 45% 左右。這比大多數競爭對手的情況更糟。所以我猜，您認為這是為什麼呢？您是否認為 PSP 程序鼓勵了一點雙重訂購？是否存在地理或其他因素？只是想了解一下——為什麼會發生這種情況？

No, great question, Chris. When you look at peak to trough, it all is a question of when does it start? And when does it bottom out, right? You've seen one of our peer group companies that try to do a peak trough in one quarter. And you could say, boy, that was one way to do it. Our objective has always been to try to respond as the business is changing. And so we've had different end markets responding at different times. We had a lot of automotive and industrial. They were later in the cycle. And our mix is higher in some of those markets as well.

不，克里斯，這個問題問得好。當你觀察從高峰到低谷的過程時，唯一的問題是它何時開始？那什麼時候會觸底呢？對嗎？您可能已經看到我們的一個同行公司試圖在一個季度內達到高峰和低谷。你可能會說，孩子，這就是一種方法。我們的目標始終是盡力回應業務的變化。因此，不同的終端市場在不同的時間做出了反應。我們有很多汽車和工業產品。他們處於週期的後期。在某些市場中，我們的產品組合也較高。

And in this case, the downturn substantially deeper than what anybody had expected on that. And that's probably a component of PSP that may have amplified some of those things, et cetera. But a lot of it has to do with we started later, and we are correcting stronger. And the end markets that we are predominantly represented in were the ones with the later in the cycle correction than perhaps those that are more consumer or phone or PC, that kind of exposure.

在這種情況下，經濟衰退的程度遠遠超出了任何人的預期。這可能是 PSP 的一個元件，它可能會放大其中的一些功能等等。但這在很大程度上是因為我們起步較晚，而且我們正在進行更強的糾正。我們主要涉足的終端市場是那些在周期調整中處於較晚階段的市場，而不是那些更涉及消費者、手機或個人電腦的市場。

Our next question is from Vijay Rakesh with Mizuho Securities.

下一個問題來自瑞穗證券的 Vijay Rakesh。

Just a quick question on the competitive landscape, I guess, especially as you look at kind of China supply. Is there any worry around them being aggressive on the microcontroller supply coming out from there? What are you seeing in those trends?

我想問一下關於競爭格局的一個簡單的問題，特別是當你看到中國的供應時。是否擔心他們會對來自那裡的微控制器供應產生積極影響？您從這些趨勢中看到了什麼？

China has always been a competitor in many of the spaces that we're in. Their approach is a little bit different. They have a lot of their attention going into things that can be faster to market quicker. And those tend to take them into places like consumer electronics and the other areas that are faster design-in cycle, a lot of the power supplies for cell phones and those kind of things.

在我們所處的許多領域，中國一直是我們的競爭對手。他們的做法略有不同。他們將大量注意力放在了能夠更快將產品推向市場的事物上。這些技術往往會將它們帶入消費性電子和其他設計週期更快的領域，例如手機電源等。

Clearly, they are also making products that can go into other end applications. And that's a competitive environment that is not different today. You could argue perhaps that there's a lot of attention and priority that they have. But we win with new products, we win with competitive solutions that we have. And we win by providing the customer with a solution that is better than what they can get otherwise. And that remains the way in which we've gone to market, and we'll continue to fight for new business in China and anywhere else.

顯然，他們也在製造可以用於其他終端應用的產品。如今的競爭環境依然如此。您可能會說，他們給予了極大的關注和優先考慮。但我們憑藉新產品取勝，憑藉我們擁有的有競爭力的解決方案取勝。我們透過向客戶提供比其他方式更好的解決方案而獲得勝利。這仍然是我們進入市場的方式，我們將繼續在中國和其他任何地方爭取新業務。

Got it. And then as you look at the utilization, I don't know if we gave a hard number there. But how do you see that playing out through the rest of the year? I know there's a lot of moving parts to that. But any way to look at what utilization looks like? I know you cut CapEx pretty significantly too so that should help?

知道了。然後，當您查看利用率時，我不知道我們是否給出了一個確切的數字。但您認為今年剩餘時間的情況會如何？我知道這其中涉及很多因素。但是有什麼方法可以了解利用率是什麼樣的嗎？我知道您也大幅削減了資本支出，這應該有幫助吧？

Yes. So we don't break out a specific utilization in total, we have -- it varies very much by factory. We have had some attrition in employee headcount, which I mentioned in response to an earlier question that just makes it as we go by the months and aren't rehiring, that capacity utilization would come down modestly. I'm not expecting a huge change from March to June, maybe just a little bit lower. And then obviously, actions depending on what our outlook is on revenue and inventory will drive what the rest of the year looks like as we gain a little bit more confidence in understanding where the business is heading over the coming months.

是的。因此，我們不會列出整體的具體利用率，因為不同工廠的利用率差異很大。我們的員工人數有所減少，我在回答先前的問題時提到過，隨著時間的推移，我們不再重新招募員工，因此產能利用率會略有下降。我預計從三月到六月不會發生巨大的變化，也許只是稍微低一點。顯然，隨著我們對未來幾個月業務發展方向的了解越來越多，我們對收入和庫存的展望將決定今年剩餘時間的趨勢。

Our next question is from William Stein with Truist Securities.

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

Great. It was interesting to see a couple of tuck-in acquisitions this quarter. I'm wondering if you could talk about the relative focus of that approach to capital deployment or, let's say, product development going forward relative to internal development?

偉大的。本季看到幾起小型收購很有趣。我想知道您是否可以談談這種方法在資本部署方面的相對重點，或者說，相對於內部開發，產品開發的未來重點是什麼？

So we have an internal development that works on the model that we have provided, which over the long term is the 68% gross margin, 23% operating expense, 45% operating margin. That allows for the prioritization of our internal activities and where we want to apply it for different opportunities that we have in front of us. From time to time, we find our external opportunities where the speed at which we could do something or the time that it would involve in trying to get to a solution can be a lot longer if we were to do it just organically.

因此，我們根據所提供的模型進行了內部開發，長期來看，毛利率為 68%，營運費用為 23%，營運利潤率為 45%。這使得我們能夠對內部活動進行優先排序，並根據我們面臨的不同機會來決定如何應用它。有時，我們會發現，如果我們只是自然而然地做某件事，那麼在外部機會中，我們做某事的速度或試圖找到解決方案所需的時間可能會更長。

And there, we have applied these tuck-in acquisitions as a way to speed up what we're able to do, consistent with the direction that we are interested in or have been following for a while. And we've done about 6 or 8 of them now in the last 4 or 5 years of time ever since. Microsemi was the last major public acquisition we did. We've done about 6 to 8 smaller ones since then.

並且，我們利用這些小型收購來加快我們的行動速度，這與我們感興趣或一直遵循的方向一致。從那時起，在過去的四、五年裡，我們已經完成了大約六到八個這樣的計畫。 Microsemi 是我們進行的最後一次重大公開收購。從那時起，我們已經做了大約 6 到 8 個較小的專案。

And it all is to speed up our agenda with a very tactical and a pinpoint strike on what the acquisition can do for the areas that we're driving growth in. And we will do more of those as we continue on as well. Let's say -- we've always -- we've been public. That's an essential part of our strategy.

這一切都是為了加快我們的議程，透過非常有策略性的、精準的打擊來了解此次收購能為我們推動成長的領域帶來什麼。隨著我們繼續前進，我們將做更多這樣的事情。可以這麼說——我們一直都是公開的。這是我們策略的一個重要組成部分。

As a follow-up, it does sound that while you anticipate revenue to grow in September, I would imagine the inventory burn isn't done at the end of June. I wonder if you can maybe help us understand when we should expect a situation where your revenue is approximately the same as in demand? In other words, when the inventory reductions will be mostly done? Do you think that's -- have I misread you and that actually does happen in June? Or do you think it's more like September or even further out?

作為後續問題，雖然您預計 9 月份收入會成長，但我認為 6 月底庫存消耗不會完成。我想知道您是否可以幫助我們了解何時會出現收入與需求大致相同的情況？換句話說，庫存削減什麼時候才能基本完成？您是否認為—我誤解了您的意思，而這確實發生在六月？還是您認為更像是九月或更遠？

So I'll start with the response here. I mean I think the bottom line is, well, with 125,000 customers, it is impossible to know when all customers or majority of customers have kind of corrected their inventory, to what they think the right level is and that's somewhat a moving target as lead times adjust based on whatever point in the cycle that we're at. So we don't have a good answer to be able to answer your question there.

因此我將從這裡的回應開始。我的意思是，我認為底線是，好吧，對於 125,000 名客戶來說，不可能知道所有客戶或大多數客戶何時將他們的庫存調整到他們認為的正確水平，而且這在某種程度上是一個移動的目標，因為交貨時間會根據我們所處的周期的任何點進行調整。所以我們沒有好的答案來回答你的問題。

Obviously, give guidance for the next quarter, and we'll have more information that we can share at that time. But I think that for some customers, this inventory correction is going to last beyond this quarter. I think that absolutely is the case.

顯然，給出下一季的指導，屆時我們將有更多資訊可以分享。但我認為，對於某些客戶來說，這種庫存調整將持續到本季之後。我認為絕對是如此。

Yes. I think many customers made their own mistakes on how they viewed their business, what they thought the prospects were. Many other customers were very thoughtful, continue to be strong players and where they're at. And as we gave you some indications of certain end markets where there's strength as well. So it's all over the place. And just as a preponderance of people who are done with their inventory correction and are now going back into buying for their consumption and/or into growth that they may be seeing. The weighted average begins to shift, and that's the weighted average that begins to shift in September.

是的。我認為許多客戶在看待自己的業務、展望前景方面都犯了錯誤。許多其他客戶都非常體貼，並繼續保持強勁的勢頭。我們也向您提供了一些有關某些終端市場也具有實力的跡象。所以一切都亂了套。正如大多數人已經完成了庫存調整，現在又開始購買消費品和/或他們可能看到的成長。加權平均值開始發生變化，這就是 9 月開始發生變化的加權平均值。

Our next question is from David O'Connor with BNP.

下一個問題來自法國巴黎銀行的戴維‧奧康納 (David O'Connor)。

Great. Two from my side. Maybe firstly, just on the green shoots, can you talk about them from a geographical perspective? Is it mainly China driven? And now you're seeing that continue in Europe and the U.S.? Or how would you describe it geographically?

偉大的。我這邊有兩個。首先，您能否從地理角度談談這些復甦的萌芽？主要是由中國推動的嗎？現在您看到這種情況在歐洲和美國繼續發生嗎？或者您如何從地理上描述它？

Yes. So the green shoots are not limited to any one geography, not limited to any one end market, it's really across all of them. And as I mentioned, you're going to have in a geography or an end market, both customers with continued paying and other customers who are starting to look at how to get back into growth mode and what they're doing. So no specific end market or geography leading to the green shoots.

是的。因此，復甦的萌芽並不限於任何一個地區，也不限於任何一個終端市場，而是遍佈所有地區。正如我所提到的，在某個地區或終端市場中，你既會遇到持續付費的客戶，也會遇到開始考慮如何恢復成長模式以及他們正在做什麼的其他客戶。因此，沒有特定的終端市場或地理位置可以引領綠色發展。

Okay. Got it. And then maybe just on the acquisition, the Neuronix Labs acquisition. It seems like it helps you address the AGI market for your MCUs. Can you maybe talk about the kind of content tailwind for your MCUs for AGI that this can generate? Or how much of your MCU portfolio or customers looking to add AI content in the next-gen products to kind of run those AGI models? Can you give us any more color on that would be helpful.

好的。知道了。然後也許只是關於收購，即 Neuronix Labs 收購。它似乎可以幫助您解決 MCU 的 AGI 市場問題。您能否談談這能為您的 AGI MCU 帶來什麼樣的內容順風？或者您的 MCU 產品組合或客戶中有多少人希望在下一代產品中添加 AI 內容來運行那些 AGI 模型？您能否為我們提供更多詳細信息，這將會很有幫助。

I Don't know if there's a numerical way to give you that. I think -- that's what I said -- I believe that embedded customers are thinking about how AI can be used in delivering better solutions than what they have in the past. No different from -- if you go back in the chronology from 20, 25 years ago, people added intelligence first because you could make a product better with intelligence added. Then further out in time, people added connectivity as a way to now make it even better than just adding intelligence and then they added security as a thing.

我不知道是否有數字方法可以告訴你這一點。我認為——這就是我所說的——我相信嵌入式客戶正在思考如何利用人工智慧來提供比過去更好的解決方案。沒有什麼不同——如果你回顧 20 到 25 年前，人們首先增加了智能，因為透過增加智能可以使產品變得更好。隨著時間的推移，人們增加了連接性，使其比僅僅增加智慧更好，然後他們又增加了安全性。

And now finally, I think AI is the next leg of how people will add capability to the products to make them better. So it's a journey, and there's going to be many customers who don't need to do anything with AI. Others who are seeing the opportunity, and we'll take advantage of that in the next generation of their products. But I think you should think of it as a continuum of customers. They're all looking to innovate. AI gives them another opportunity in their platforms to be able to innovate and provide better products than the previous generations.

最後，我認為人工智慧是人們為產品增添功能、使其變得更好的下一步。所以這是一個旅程，將會有許多客戶不需要對人工智慧做任何事。其他人也看到了這個機會，我們將在他們的下一代產品中利用這個機會。但我認為你應該把它看作是客戶的連續體。他們都在尋求創新。人工智慧為他們在平台上提供了另一個機會，使他們能夠創新並提供比前幾代更好的產品。

Our next question is from Mark Lipacis with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Lipacis。

I think this is for Ganesh or Steve. I'm wondering what is the difference between the setup for Microchip's business over the next 6-months and the setup that you see at the bottom of every cycle? It seems like there's a lot of similarities, and I'm hoping you can tell me the difference.

我認為這是給 Ganesh 或 Steve 的。我想知道 Microchip 未來 6 個月的業務設定與您在每個週期底部看到的設定有何不同？看起來有很多相似之處，我希望你能告訴我差別。

The similarities I see are -- there is some kind of demand shock or a big inventory build and then our customers and the supply chain downstream from them, recognize that, so they decide that they're going to supply themselves out of their own inventories, they cancel orders or they take orders down and then you don't get any visibility. So you and your peers take your utilization rates down and sometimes do temporary fab shutdowns.

我看到的相似之處是——存在某種需求衝擊或大量庫存積累，然後我們的客戶和下游供應鏈意識到這一點，因此他們決定用自己的庫存自行供應，他們取消訂單或減少訂單，然後你就沒有任何可見性。因此，您和您的同事會降低利用率，有時會暫時關閉工廠。

And then your customers have an epiphany that they overcorrected on the downside and in 3, 4 quarters from here everybody is taking their numbers up and everybody scrambled in to get components. So those are the similarities I see. What are the differences? And if you have a disagreement over those similarities, I'd love to hear that, too.

然後你的客戶突然意識到，他們對下行趨勢的修正過度了，從現在起的 3、4 個季度裡，每個人的數量都在上升，每個人都爭先恐後地購買零件。這些就是我看到的相似之處。有什麼區別？如果您對這些相似之處有不同意見，我也很樂意聽聽。

Mark, I think you have answered your question. We couldn't say any better. You asked the question then you answered it, I think it's perfect.

馬克，我想你已經回答你的問題了。我們不能說更好了。你問了問題然後又回答了問題，我認為這很完美。

Mark, I was going to welcome you back -- and as you said, I think this is a cycle we've seen play out many times, and the elements that you answered or the elements that you proposed are there. I don't know of any differences in this one. Obviously, the length of the up cycle sometimes affects the depth of the down cycle. But other than that, the elements are very similar.

馬克，我本來歡迎你回來——正如你所說，我認為這是一個我們已經多次看到的循環，你回答的要素或你提出的要素都在那裡。我不知道這其中有什麼區別。顯然，上升週期的長度有時會影響下降週期的深度。但除此之外，元素非常相似。

I was hoping you might say, well, the supply chain has learned or lessen over the last 3-years and recognize that you guys need to have visibility because there's a manufacturing cycle time. So is that -- is the supply chain not learned anything downstream from you? Is it -- we're just doing the same over and over again?

我希望您可能會說，好吧，供應鏈在過去 3 年裡已經吸取了教訓或減少了，並且認識到您需要有可見性，因為存在製造週期。那麼，供應鏈是否沒有從您身上學到任何東西？是不是──我們只是一遍又一遍地做同樣的事情？

No. So yes, I had assumed that during the depth of the constraints with all the different discussions I was having with the senior executives at our -- at our customers that they would come out of this cycle with a better understanding of how semiconductor supply works and what they would need to be to be more strategic. But I have been surprised at how quickly people have forgotten and how quickly people have returned back to the way they used to think.

不。是的，我曾假設，在與客戶的高階主管進行各種不同討論的過程中，他們會走出這個循環，更好地理解半導體供應的工作原理以及他們需要做些什麼才能更具戰略性。但令我驚訝的是，人們忘記得如此之快，而且人們又如此之快地回到了以前的思維方式。

Basically, they think semiconductors are like water in your tap. You turn on the tap and the water comes and you turn off the tap, and it goes away. And so I am of the belief that those lessons will have to be relearned again as we go through the cycle. And we'll see how the cycle goes. But no, there has not been any -- there are a few. But for the most part, those learnings have not carried forward.

基本上，他們認為半導體就像水龍頭裡的水。打開水龍頭，水就流出來，關掉水龍頭，水就流走。因此我相信，當我們經歷這個週期時，我們必須重新學習這些教訓。我們將觀察這個循環如何進行。但事實並非如此，沒有任何——只有少數。但整體而言，這些經驗教訓並未傳承。

So [last one] is repeat off the bottom?

那麼[最後一個]是從底部重複的嗎？

Yes. Mark, from time to time, some people have written or talked about industry has matured, and there will not be any cycles anymore. I think all those predictions have been wrong. Industry has always been cyclic and will always be cyclic. I think our customers, our distributors, vendors, suppliers, they don't learn.

是的。馬克，時不時地，有些人會寫或談論行業已經成熟，並且不會再有任何週期。我認為所有這些預測都是錯誤的。行業始終是週期性的，並且永遠是週期性的。我認為我們的客戶、經銷商、供應商、供貨商都沒有學習。

And I think people change, new purchasing managers come in, new people come in. And as Ganesh described, the lessons are forgotten very rapidly, leading to just these cycles never going away. And this one was the most pronounced cycle, both on the upside and now we're seeing on the downside.

我認為人是會改變的，會有新的採購經理和新人加入。正如 Ganesh 所描述的，經驗教訓很快就會被遺忘，導致這種惡性循環永不消失。這是最明顯的周期，既有上行趨勢，也有下行趨勢。

Yes. I was just going to make the point is I view this as inventory correction on steroids, right? I mean we had not seen our lead times for the vast majority of our products go to 52-weeks before and then they contracted over a period of 12-months down to these very short lead times that we have today.

是的。我只是想說明的是，我認為這是類固醇庫存調整，對嗎？我的意思是，我們從未見過絕大多數產品的交貨時間達到 52 週，然後在 12 個月內縮短到像今天這樣的非常短的交貨時間。

Our next question is from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬·摩爾。

Can you give us some color on the FPGA business. And I wonder, it sounds like some pretty good growth relative to the peers for the fiscal year. Can you talk about the trajectory of that? Have you seen -- it's obviously been a tough patch for FPGAs as well. Has that looked similar to the rest of your business? Has there been an outperformance relative to that? And can you talk about your market share prospects going forward in there?

您能否向我們介紹一下 FPGA 業務？我想知道，相對於本財年的同行而言，這聽起來像是相當不錯的成長。能談談那件事的軌跡嗎？您是否看到了——對於 FPGA 來說，這顯然也是一段艱難的時期。這看起來與您的其他業務相似嗎？相對於這一點，有沒有優異的表現？您能談談您未來的市佔率前景嗎？

Sure. So our FPGA business has, in fact, performed better than our other businesses. And in part, it's because our FPGA business has historically had a large Aerospace and Defense component and continues to. Now we have, over the last 4, 5 years, been creating the new design opportunities for FPGA in the longer term to grow in industrial and automotive and the historical end market strengths that Microchip had before we got the FPGA business.

當然。因此，我們的 FPGA 業務實際上表現得比我們的其他業務更好。部分原因是我們的 FPGA 業務歷來包含大量航空航天和國防組件，現在仍然如此。在過去的四、五年裡，我們一直在為 FPGA 創造新的設計機會，以實現工業和汽車領域的長期成長，以及 Microchip 在獲得 FPGA 業務之前所擁有的歷史終端市場優勢。

And so this -- it is not immune to market forces and where things are going to go. But it has got a better end market mix than some of our other businesses and therefore, has performed better. And of course, we are picking up designs that in the long term that are falling off of -- Erstwhile, Xilinx and Erstwhile Altera, as they take focus away from the mid -- over many years that they have done or end-of-life products, right? Those are all creating opportunities for our FPGA business. And so I am very, very optimistic about prospects for our FPGA business.

所以，它並不能免於市場力量和事態發展的影響。但它比我們的其他一些業務擁有更好的終端市場組合，因此表現更好。當然，我們正在選擇那些從長遠來看正在衰落的設計——以前的 Xilinx 和 Altera，因為他們把焦點從他們多年來所做的或停產的產品上移開了，對吧？這些都為我們的 FPGA 業務創造了機會。因此我對我們的 FPGA 業務前景非常非常樂觀。

Our next question is from Christopher Rolland with Susquehanna.

下一個問題來自 Susquehanna 的 Christopher Rolland。

I guess, first of all, Ganesh, like in terms of this inventory, are there any products or markets that has surprised you either that they burnt inventory and have normalized quicker than you expected or that this is going to take longer for these products or markets?

我想，首先，Ganesh，就庫存而言，是否有任何產品或市場令您感到驚訝，要么他們消耗庫存並比您預期的更快地恢復正常，要么這些產品或市場需要更長的時間？

I think it not so much by product, but I think if you look at specific customers, in many cases, even in the same market, right? So we can have an end market, say, industrial. And we have examples of certain customers who have burned through their inventory and they're back asking for new orders at expedited times. We also have other customers, same industry, who are still burning through inventory and taking longer where it goes. So I think a lot depends on a customer, their market prospects, what did they do to create and grow their business and how well are they executing? And so that's really been the difference is that it's customer by customer, the stories are different.

我認為這與產品關係不大，但如果你關注特定的客戶，在很多情況下，即使在同一個市場，對嗎？因此我們可以擁有一個終端市場，例如工業市場。我們有一些例子，有些客戶已經用完了庫存，他們又要求盡快下新訂單。我們還有其他同行業的客戶，他們仍在消耗庫存，而且需要更長的時間才能到達目的地。所以我認為這在很大程度上取決於客戶、他們的市場前景、他們為創造和發展業務做了什麼以及他們的執行情況如何？所以真正的差別在於，每個客戶的故事都不同。

Yes. Understood. And then if I'm hearing you correctly, you think June is the bottom. A lot of that is inventory based. I'd like an idea of how you're looking at the inventory position in September at your customers more generally? Do you think we can get back to seasonal trends in September and going forward? Or is there still this inventory drag overall?

是的。明白了。如果我沒聽錯的話，您認為六月是底部。其中很多是基於庫存的。我想知道您如何整體看待客戶九月的庫存狀況？您認為我們能在九月及以後恢復季節性趨勢嗎？或者總體而言，庫存拖累仍然存在？

No, I think there's going to be customers at different points in the correction cycle. Some will have corrected and moved on. Others will still be correcting. So I think seasonality is perhaps one of the things which you need a level of normalcy for some period of time before you can say, okay. We now have all these variables that have been taken out. So I can't say we have seasonality in the September quarter. I can say that incrementally, on a weighted average basis, there are more customers who are going to be out of their inventory correction, but not that they're all done.

不，我認為在調整週期的不同階段都會有客戶。有些人會改正錯誤並繼續前進。其他人仍會進行糾正。所以我認為季節性也許是你需要在一段時間內達到一定程度的正常狀態才能說，好吧。現在我們已經把所有這些變數都消除了。所以我不能說九月這個季度有季節性。我可以說，從加權平均數來看，會有更多的客戶不再進行庫存調整，但這並不代表他們已經全部完成了。

Our next question is from Tore Svanberg with Stifel.

我們的下一個問題來自 Stifel 的 Tore Svanberg。

Just one quick follow-up. Ganesh, you said that you still need quite a bit of turns this quarter. Just wondering what is the turns requirement? And how does that compare with the previous cycle troughs?

只需快速跟進一次。 Ganesh，您說過本季您仍然需要相當多的轉變。只是想知道轉彎要求是什麼？這與之前的周期低谷相比如何？

So we are not going to break out the amount of turns that are required, but we do have turns and take to meet our guidance, and our guidance is obviously to have another down quarter. But lead times are short. We are getting these requests for pull-in. I don't have a good comparison to give you in terms of prior cycles. If this turns out to be the bottom for us, which we believe it will, we can probably give some commentary when we talk about our September guidance as we kind of hit and move through that bottom.

因此，我們不會公佈所需的轉彎次數，但我們確實需要轉彎並滿足我們的指導，而我們的指導顯然是再下降一個季度。但交貨時間很短。我們收到了這些請求。就之前的周期而言，我沒有很好的可比性可以提供給你。如果事實證明這是我們的底部，我們也相信它會如此，當我們談到 9 月的指導時，我們可能會給出一些評論，因為我們已經觸及並突破了底部。

So one of the things which is more difficult to do is most people talk about turns in a normal environment where there isn't inventory out there. And it's harder to -- we can say, hey, it turns our x percent from a historical basis. But when there is inventory, we know those turns aren't going to show up because people will burn though inventory before they begin to place it. And I think that's some of the hesitation we have and trying to provide some insight where we know there's a lot of uncertainty.

因此，比較困難的事情之一是，大多數人談論的是沒有庫存的正常環境下的周轉率。而且更難的是——我們可以說，嘿，它從歷史基礎上改變了 x 個百分點。但是當有庫存時，我們知道這些週轉不會出現，因為人們會在開始放置庫存之前耗盡庫存。我認為這是我們的一些猶豫，並試圖在我們知道存在許多不確定性的地方提供一些見解。

What we have done is done the best of our assessment of what those are going to be, where they're going to be and build it into the guidance. And so I think that's the best way to think about it is that we have taken into account the risks that are present from inventory that would otherwise cause headwinds to turns in the quarter.

我們所做的就是盡最大努力評估這些將會是什麼、它們將會在哪裡，並將其納入指導中。因此，我認為最好的思考方式是，我們已經考慮到庫存帶來的風險，否則這些風險將對本季的業績造成不利影響。

Our next question is from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Quick follow up, I just wanted to clarify what is the contribution of the acquisitions in the June quarter or in fiscal '25? And then, Ganesh, back to the September quarter, I think you did say that you expect it to grow. I understand that it's hard to put a seasonal number on it. But based on what you have seen in prior downturns, just the fact that Microchip has gone down so much from peak to trough, should we also expect kind of sharper recovery back when you do start recovering?

快速跟進，我只是想澄清一下 6 月季度或 25 財年的收購貢獻是什麼？然後，Ganesh，回到 9 月季度，我想您確實說過您預計它會增長。我知道很難用季節性的數字來概括它。但是根據您在先前的經濟衰退中所看到的情況，微晶片從高峰到低谷已經大幅下跌，當它開始復甦時，我們是否也應該期待更強勁的復甦？

So to answer your first question, these are small tuck-in acquisitions. They're intended to accelerate our effort on design-ins and design wins and all of that. So they don't have any revenue contribution in the June quarter or in the September quarter, for that matter. In terms of the revenue and what happens as the correction happens, yes, you should think that at some point, and I can't tell you is it in September or is it in December, you will see -- we will see a sharper recovery. That's how it has played itself out in many other cycles as well.

所以回答你的第一個問題，這些都是小規模的收購。它們旨在加速我們在設計導入、設計勝利等方面的努力。因此，他們在六月季度或九月季度都沒有任何收入貢獻。就收入以及調整發生時會發生什麼而言，是的，你應該認為在某個時候，我不能告訴你是在九月還是十二月，你會看到——我們將看到更強勁的復甦。在許多其他週期中，情況也是如此。

And there are 2 stages to it. There's the first stage, which is just people needing to get back to -- they've burned through most of the inventory and they need to get back to at least buying to consumption. And then there's a second phase, which is what is the macro doing? And is the macro driving further growth for them above just what their flattened consumption line alone might tell us. And I think all of that, if you look forward into a likely environment over the next 12 months, should give us a sharper recovery.

它分為兩個階段。這是第一階段，人們需要恢復——他們已經消耗了大部分庫存，他們需要至少恢復購買消費。然後是第二階段，宏在做什麼？宏觀經濟是否會推動這些國家進一步成長，而這只是他們平坦的消費線所能告訴我們的。我認為，如果展望未來 12 個月可能出現的環境，所有這些都應該會為我們帶來更強大的復甦。

This concludes our question-and-answer session. I would like to hand the floor back over to Ganesh Moorthy for any closing comments.

我們的問答環節到此結束。我想將發言權交還給 Ganesh Moorthy，請他發表最後評論。

Great. I want to thank everybody for joining us on the call. I know we ran over a little bit, but I appreciate the questions, and we look forward to seeing and talking to many of you in the coming days as well as many of the conferences that are coming up. Thank you.

偉大的。我要感謝大家參加我們的電話會議。我知道我們有點超時了，但我很感謝你們的提問，我們期待在接下來的幾天里以及在即將舉行的許多會議上與你們中的許多人見面和交談。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。