微晶片科技 (MCHP) 2025 Q1 法說會逐字稿

Greetings and welcome to the Microchip first-quarter fiscal year 2025 financial results conference call.

問候並歡迎參加 Microchip 2025 財年第一季財務業績電話會議。

(Operator Instructions).

（操作員指令）。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Eric Bjornholt, CFO.

現在我很高興介紹您的主持人，財務長 Eric Bjornholt。

Please go ahead.

請繼續。

Good afternoon, everyone.

大家下午好。

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

在本次電話會議期間，我們將對未來事件或公司未來財務表現做出預測和其他前瞻性陳述。

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

我們希望提醒您，這些陳述僅為預測，實際事件或結果可能會有重大差異。

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

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 Microchip 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.

今天與我一起出席的還有 Microchip 公司總裁兼執行長 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。

I will comment on our first-quarter fiscal year 2025 financial performance.

我將對我們的 2025 財年第一季的財務表現發表評論。

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.

然後，Ganesh 將對我們的結果進行評論，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資訊。

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

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.

我們在新聞稿和電話會議中包含了有關各種 GAAP 和非 GAAP 指標的資訊。

We have posted a full GAAP to non-GAAP reconciliation on the Investor Relations page of our website at www.microchip.com, and included reconciliation information in our earnings press release, which we believe you will find useful when comparing our GAAP and non-GAAP results.

我們在我們網站 www.microchip.com 的投資者關係頁面上發布了完整的 GAAP 與非 GAAP 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。

We have also posted a summary of our outstanding debt and our leverage metrics on our website.

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.

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。

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.

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單中所述的某些其他調整的影響之前的費用。

Net sales in the June quarter were $1.241 billion, which was down 6.4% sequentially.

6 月當季淨銷售額為 12.41 億美元，季減 6.4%。

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

我們已在我們的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。

On a non-GAAP basis, gross margins were just below the midpoint of our guidance at 59.9%, including capacity underutilization charges of $36 million as we continue to manage production activities to adjust to the challenging business conditions.

以非公認會計準則計算，毛利率略低於我們預期的中點 59.9%，其中包括 3,600 萬美元的產能利用不足費用，因為我們將繼續管理生產活動，以適應充滿挑戰的商業環境。

Operating expenses were at 28.4% of net sales and operating income was 31.5%.

營業費用佔淨銷售額的28.4%，營業收入佔31.5%。

Non-GAAP net income was $289.9 million and non-GAAP earnings per diluted share was $0.53, which was $0.01 ahead of the midpoint of our guidance.

非公認會計準則淨收入為 2.899 億美元，非公認會計準則每股攤薄收益為 0.53 美元，比我們預期的中位數高出 0.01 美元。

On a GAAP basis in the June quarter, gross margins were 59.4%.

根據 6 月季度的 GAAP 基礎，毛利率為 59.4%。

Total operating expenses were $517.8 million, and included acquisition intangible amortization of $123 million, special charges of $2.6 million, share-based compensation of $37.4 million, and $1.8 million of other expenses.

總營運費用為 5.178 億美元，其中包括 1.23 億美元的收購無形資產攤銷、260 萬美元的特殊費用、3,740 萬美元的股權激勵費用以及 180 萬美元的其他費用。

GAAP net income was $129.3 million, resulting in $0.24 in earnings per diluted share.

GAAP 淨收入為 1.293 億美元，每股攤薄收益為 0.24 美元。

Our non-GAAP cash tax rate was 13% in the June quarter, which was in line with our guidance.

我們 6 月季度的非 GAAP 現金稅率為 13%，與我們的預期一致。

Our non-GAAP tax rate in fiscal year '25 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.

我們 25 財年的非 GAAP 稅率預計約為 13%，其中不包括過渡稅和與前幾財年應計稅款相關的任何稅務審計和解。

We are still hopeful that the tax rules requiring companies to capitalize R&D expenses will be pushed out or repealed.

我們仍然希望，要求公司將研發費用資本化的稅收規則將被取消或廢除。

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.

如果發生這種情況，我們預計未來期間 Microchip 的非 GAAP 稅率將有約 200 個基點的有利調整。

Our inventory balance at June 30, 2024, was $1.308 billion, which was down $8 million from the end of the March 2024 quarter.

截至 2024 年 6 月 30 日，我們的庫存餘額為 13.08 億美元，比 2024 年 3 月季度末減少 800 萬美元。

We had 237 days of inventory at the end of the June quarter, which was up 13 days from the prior quarter's levels as a result of a lower dollar value of quarterly cost of goods sold from lower sequential revenue.

截至 6 月底，我們的庫存天數為 237 天，比上一季增加了 13 天，因為季度銷售成本的美元價值因連續收入下降而降低。

At the midpoint of our September 2024 quarter guidance, we would expect inventory dollars to be up modestly and days of inventory to increase.

在我們 2024 年 9 月季度指引的中點，我們預期庫存美元將小幅上漲，庫存天數將增加。

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 19 days of inventory at the end of June.

我們也將繼續投資建造那些壽命長、利潤高的產品的庫存，我們的供應鏈合作夥伴這些產品的生產能力已經終止，截至 6 月底，這些最後的採購量相當於 19 天的庫存量。

Inventory at our distributors in the June quarter was at 43 days, which was up two days from the prior quarter's level.

6 月季度，我們經銷商的庫存為 43 天，比上一季增加了兩天。

Distribution took down their inventory holdings in the June quarter as distribution sell-through was about $85 million higher than distribution sell in.

由於分銷銷售額比分銷銷售額高出約 8,500 萬美元，分銷部門在 6 月季度減少了庫存持有量。

Our cash flow from operating activities was $377.1 million in the June quarter, adjusted free cash flow was $301.3 million in the June quarter.

6 月季度，我們的營運活動現金流為 3.771 億美元，6 月季度調整後的自由現金流為 3.013 億美元。

As of June 30, our consolidated cash and total investment position was $315.1 million.

截至 6 月 30 日，我們的綜合現金和總投資狀況為 3.151 億美元。

Our total debt increased by $179 million in the June quarter, and our net debt increased by $183.6 million.

6 月季度，我們的總債務增加了 1.79 億美元，淨債務增加了 1.836 億美元。

The increase in debt was impacted by our refinancing activities in the quarter which included issuing a 0.75% six-year convertible bond, for which we paid $105 million for a 75% cap call to provide some protection from future equity dilution from stock price appreciation.

債務的增加受到了本季我們再融資活動的影響，其中包括發行 0.75% 的六年期可轉換債券，我們為此支付了 1.05 億美元，以獲得 75% 的上限要求，以提供一定的保護，防止未來股價上漲導致的股權稀釋。

Our adjusted EBITDA in the June quarter was $456.2 million and 36.8% of net sales,

6 月季度的調整後 EBITDA 為 4.562 億美元，佔淨銷售額的 36.8%。

Our trailing 12-month adjusted EBITDA was $2.908 billion.

我們過去 12 個月的調整後 EBITDA 為 29.08 億美元。

Our net debt-to-adjusted EBITDA was 2.02 times as of June 30, 2024, up from 1.29 times at June 30, 2023.

截至 2024 年 6 月 30 日，我們的淨債務與調整後 EBITDA 比率為 2.02 倍，高於 2023 年 6 月 30 日的 1.29 倍。

Capital expenditures were $72.9 million in the June quarter.

6 月季度的資本支出為 7,290 萬美元。

Our expectations for capital expenditures for fiscal year 2025 is about $175 million and is more heavily weighted in the first quarter of fiscal year 2025 as we had worked with our suppliers to push out capital that was originally planned for delivery last fiscal year.

我們預計 2025 財年的資本支出約為 1.75 億美元，並且 2025 財年第一季的比重更大，因為我們已經與供應商合作，推出了原計劃於上個財年交付的資本。

Depreciation expense in the June quarter was $43 million.

6 月季度的折舊費用為 4,300 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.

現在，我將把時間交給 Ganesh，請他對 6 月季度的業務表現以及 9 月季度的指引發表評論。

Ganesh.

象頭神。

Thank you, Eric, and good afternoon, everyone.

謝謝你，埃里克，大家下午好。

Our June quarter results were consistent with our guidance, with net sales down 6.4% sequentially as we continue to navigate through a major inventory correction.

我們 6 月季度的業績與我們的預期一致，由於我們繼續經歷重大庫存調整，淨銷售額環比下降 6.4%。

Non-GAAP gross margin came in just under the midpoint of our guidance of 59.9%, while non-GAAP operating margin was at the midpoint of our guidance at 31.5% as we continued our strong expense control programs.

由於我們繼續實施強有力的費用控制計劃，非 GAAP 毛利率略低於我們預期的 59.9% 的中點，而非 GAAP 營業利潤率處於我們預期的中點 31.5%。

Our consolidated non-GAAP diluted earnings per share came in $0.01 ahead of guidance at $0.53 per share.

我們的綜合非公認會計準則攤薄每股收益比預期高出 0.01 美元，達到每股 0.53 美元。

Our sequential revenue decline resulted in June quarter adjusted EBITDA dropping.

我們的營收連續下滑導致 6 月季度調整後 EBITDA 下降。

And as a result, our net leverage rose to 2.02x. We expect our net leverage to rise modestly for a few more quarters as trailing 12-month adjusted EBITDA drops when replacing stronger prior year quarters with weaker, current year quarters.

結果，我們的淨槓桿率上升至2.02倍。我們預計，隨著去年同期業績表現強勁，今年同期業績表現較弱，過去 12 個月調整後的 EBITDA 將下降，我們的淨槓桿率將在未來幾季小幅上升。

However, our cash generation continues to be solid, and we remain committed to our capital return plan.

然而，我們的現金產生能力持續穩健，我們仍然致力於我們的資本回報計劃。

Our capital return to shareholders in the September quarter will increase to 92.5% of our June 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 9 月季度對股東的資本回報率將增加到 6 月季度調整後自由現金流的 92.5%，我們將繼續朝著在 2025 年 3 月季度之前向股東返還 100% 調整後自由現金流的目標前進。

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

感謝我們全球團隊的支持、努​​力和勤奮，讓我們繼續在困難的環境中前進。並專注於我們認為有利於我們長期發展的行動。

In early July, we announced 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.

7 月初，我們宣布進軍 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要求，以滿足高效能嵌入式處理應用，包括支援 AI 的邊緣解決方案。

This extends 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.

這將擴展我們強大的 32 位元嵌入式微處理器產品組合，使其具有更高的性能和更強的功能，同時保留了 Microchip 歷來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 to 64 bit as well as FPGAs with a common development to ecosystem, that's empowering customers to innovate and reuse their work across a wide spectrum of markets and applications.

Microchip 是唯一一家提供最廣泛的嵌入式控制和處理平台（從 8 位到 64 位）以及 FPGA 並擁有共同開發生態系統的公司，這使客戶能夠在廣泛的市場和應用範圍內進行創新並重複使用他們的工作成果。

Now for some color on the June quarter and the general business environment.

現在來介紹一下六月季度和整體商業環境。

All regions of the world and most of our end markets exhibited varying degrees of weakness.

全球所有地區和我們的大多數終端市場都表現出不同程度的疲軟。

The exceptions were aerospace and defense, which was stable and the artificial intelligence subset of data centers, which continue to be strong.

例外的是航空航太和國防，這兩個領域表現穩定，而資料中心的人工智慧子領域則持續保持強勁。

Our business in Europe and America, which are dominated by industrial and automotive markets were particularly weak on the heels of a very weak March quarter.

我們在歐洲和美國的業務尤其疲軟，這兩個市場主要以工業和汽車市場為主，而三月這個季度的業績也表現得特別疲軟。

Our broad base of customers continue to manage their inventory tightly and adjust their business plans in the midst of a weak macro environment for manufacturing, high interest rates, very short lead times, and an uncertain business outlook.

在製造業宏觀環境疲軟、利率高企、交貨時間極短以及業務前景不確定的情況下，我們廣大客戶繼續嚴格管理庫存並調整業務計劃。

This combination of factors we believe is driving inventory destocking as well as reductions in target inventory levels in multiple areas at our direct customers, at contract manufacturers and distributors who buy from us, at our indirect customers who buy through our distributors, and in many cases, at our customers' customers.

我們認為，上述多種因素共同推動了我們直接客戶、向我們購買產品的合約製造商和分銷商、透過我們的分銷商購買產品的間接客戶以及在許多情況下我們客戶的客戶的多個領域的庫存減少以及目標庫存水平的降低。

The early signs of green shoots in our business we saw in February, March, and April have continued to progress, although at an uneven pace, with bookings up sequentially in some months and relatively flat sequentially in other months.

我們在二月、三月和四月看到的業務復甦跡象仍在繼續，儘管速度不均衡，但有些月份的預訂量環比上升，而其他月份的預訂量環比持平。

Although quarterly bookings grew close to 50% in the June quarter, as compared to the March quarter, overall bookings were still below where we would like to see them.

儘管與 3 月季度相比，6 月季度預訂量增加了近 50%，但整體預訂量仍然低於我們的預期。

Bookings, however, continue to age over a shorter period of time.

然而，預訂在較短的時間內仍然會過期。

And we continue to see many requests for expedites of new orders and shipment date pull-ins for previously placed orders.

我們不斷看到許多要求加快新訂單和延遲先前訂單的發貨日期的請求。

Request for cancellations and pushouts continue to subside.

取消和推遲的請求繼續減少。

Our average lead time continue to be about eight weeks or less, while the short lead times are resulting in reduced near-term visibility as customers delay placing orders since they have high confidence that supply is readily available.

我們的平均交貨週期仍然約為八週或更短，而較短的交貨週期導致近期可見度降低，因為客戶高度相信供應隨時可用，因此推遲下訂單。

We also believe short lead times during a period of business uncertainty are the best way to help customers navigate the environment successfully and improve the quality of backlog placed with us.

我們也相信，在業務不確定時期縮短交貨時間是幫助客戶成功應對環境和提高我們積壓訂單品質的最佳方式。

We have adjusted our operational systems to adapt to this uncertain environment and preposition semi-finished and finished goods inventory as best as we can to accept and ship the turns orders we need this quarter.

我們已經調整了我們的營運系統以適應這種不確定的環境，並儘可能地預先準備好半成品和成品庫存，以接受和發送本季所需的訂單。

Given the severity of the down cycle, our factories around the world are continuing to run at lower utilization rates in order to help control inventory levels.

鑑於經濟衰退週期的嚴重性，我們在世界各地的工廠仍在以較低的利用率運行，以幫助控制庫存水準。

Our internal capacity expansion actions remain paused.

我們的內部產能擴張行動仍處於暫停狀態。

We expect our capital investments in fiscal '25 and likely in fiscal '26 as well, will be low as we will use the inventory we have invested in as well as our underutilized capacity to support the next up cycle.

我們預計，25財年以及26財年的資本投資將會較低，因為我們將使用已投資的庫存以及未充分利用的產能來支持下一個上升週期。

We're also prepared for the long-term growth of our business.

我們也為業務的長期成長做好了準備。

On the one hand, in partnership with our foundry and outsourced assembly and test partners.

一方面，與我們的代工廠和外包組裝和測試合作夥伴合作。

And on the other hand, for our internal factories, with the optionality of deploying capital, which we have purchased but not yet placed into service.

另一方面，對於我們的內部工廠，我們可以選擇部署資本，這些工廠我們已經購買但尚未投入使用。

While neither we, nor our customers know the shape of the recovery in the coming months, we do expect it to arrive advertise in all prior semiconductor cycle.

儘管我們和我們的客戶都不知道未來幾個月的復甦形勢，但我們確實預計它將在所有先前的半導體週期中實現復甦。

And we believe we are well prepared for the things we can control to exploit whatever the market recovery looks like.

我們相信，我們已經做好了充分的準備，可以掌控市場復甦的狀況。

On the chip stack front, we continue to work through a number of challenges with the chips office and other government departments in regards to the grants.

在晶片堆疊方面，我們繼續與晶片辦公室和其他政府部門合作解決與補助相關的許多挑戰。

While the investment tax credit process has been relatively straightforward, and we are greatly appreciative of this benefit.

雖然投資稅收抵免流程相對簡單，但我們非常感謝這項好處。

The journey to receive grants has taken much longer and been more complicated than we expected.

獲得資助的過程比我們預想的要長得多，也複雜得多。

Recall, we announced a preliminary memorandum of terms in early January 2024, and supported the completion of diligence by March.

回想一下，我們在 2024 年 1 月初宣布了一份初步條款備忘錄，並支持在 3 月之前完成盡職調查。

Given that we align extremely well with the US government's goals of shoring up semiconductor supply for national security and industrial security, it would be unfortunate if a pragmatic agreement on the conditions attached to the grants cannot be reached.

鑑於我們非常認同美國政府為國家安全和產業安全加強半導體供應的目標，如果不能就補助金附帶的條件達成務實的協議，那將是令人遺憾的。

We continue to persevere through the challenges by collaborating with the chip's office while remaining resolute that whatever agreement we reach must also be consistent with our business values.

我們將繼續與晶片辦公室合作，克服挑戰，同時堅定地認為，無論達成什麼協議，都必須符合我們的商業價值觀。

Before we get into our guidance, I note about the strength of our design in activity.

在我們開始指導之前，我先來談談我們設計在活動中的優勢。

After two years-plus of dealing with shortages and redeploying their innovation resources towards mitigating the impact of shortages, our customers over the last year plus have returned to prioritizing their innovation projects.

經過兩年多的時間應對短缺問題並重新部署創新資源以減輕短缺的影響後，我們的客戶在過去一年多的時間裡又開始優先考慮他們的創新項目。

The result is a strong design-in pipeline for us across all end markets, mega trends, and key customers, amplified by our total system solutions approach to take advantage of our broad portfolio of solutions.

因此，我們在所有終端市場、大趨勢和關鍵客戶中都擁有強大的設計管道，並透過我們的整體系統解決方案方法充分利用我們廣泛的解決方案組合。

The impact of this growing design pipeline is muted in the current environment where excess inventory gets most of the attention, and design-in activity takes time to gestate into production.

在目前的環境下，這種不斷增長的設計流程的影響被減弱了，因為過剩庫存引起了最多的關注，而設計活動需要時間才能開始投入生產。

But design win momentum is the engine of long-term growth that we have always focused on and which we expect will drive above-market long-term growth.

但設計獲勝的勢頭是我們一直關注的長期成長的引擎，我們預計它將推動高於市場的長期成長。

Now let's get into our guidance for the September quarter.

現在讓我們來看看九月季度的指引。

While we continue to see a number of green shoots in our business indicators, we do need turns orders within the quarter to meet our guidance, operating in a high turns environment has historically been normal for Microchip, but it's challenging to predict during abnormal times as we're in today.

雖然我們的業務指標中繼續看到許多復甦跡象，但我們確實需要在本季度內實現訂單週轉才能達到我們的預期，在高週轉環境中運營對 Microchip 來說歷來是正常的，但在當今這樣的非正常時期進行預測卻具有挑戰性。

We are, however, forecasting strong signs of growth in our data center business beyond the artificial intelligence subset after several quarters of weakness.

然而，在經歷了幾個季度的疲軟之後，我們預測，我們的資料中心業務除了人工智慧子集之外，還將出現強勁的成長跡象。

This is effectively another green shoot.

這實際上是另一個綠芽。

Taking all the factors we have discussed on the call today into consideration, especially the very low backlog visibility we are faced with, we expect our net sales for the September quarter to be between $1.12 billion and $1.18 billion.

考慮到我們今天電話會議上討論的所有因素，特別是我們面臨的非常低的積壓訂單可見性，我們預計 9 月季度的淨銷售額將在 11.2 億美元至 11.8 億美元之間。

We expect our non-GAAP gross margin to be between 58.5% and 59.5% of sales.

我們預期非公認會計準則毛利率在銷售額的58.5%至59.5%之間。

We expect non-GAAP operating expenses to be between 30% and 31% of sales.

我們預計非公認會計準則營業費用將佔銷售額的 30% 至 31%。

We expect non-GAAP operating profit to be between 27.5% and 29.5% of sales, and we expect our non-GAAP diluted earnings per share to be between $0.40 and $0.46.

我們預計非公認會計準則下的營業利潤將佔銷售額的 27.5% 至 29.5% 之間，我們預計非公認會計準則下的每股攤薄收益將介於 0.40 美元至 0.46 美元之間。

This multiyear semiconductor cycle for Microchip and for the overall semiconductor industry has been like none other we had seen.

對於 Microchip 以及整個半導體產業來說，這個多年的半導體週期是前所未有的。

It started with COVID-related supply and demand disruptions in the March quarter of 2020, which then continued for many months.

它始於 2020 年 3 月季度與新冠疫情相關的供需中斷，並持續了數月。

This was followed by extreme product shortages and result in supply chain challenges later that year and for several quarters thereafter.

隨後出現了嚴重的產品短缺，並導致當年晚些時候以及此後幾季的供應鏈挑戰。

And finally, a substantial inventory correction over the last several quarters.

最後，過去幾季庫存大幅調整。

We recognize that on a peak to trough basis, our revenue decline has been sharper than many of our competitors.

我們體認到，從峰頂到谷底，我們的營收下降幅度比許多競爭對手都要大。

Some of this variance reflects the differences in end market exposure as this cycle has impacted different end markets at different times.

由於此週期在不同時間影響了不同的終端市場，因此部分差異反映了終端市場風險的差異。

Some of the variance is due to differences in non-cancellable, non-reschedulable programs implemented by us and our competitors.

部分差異是由於我們和競爭對手實施的不可取消、不可重新安排的計劃不同所造成的。

And finally, some of the variance is driven by differences in the relative size of business transacted either directly or through the channel.

最後，部分差異是由直接交易或透過管道交易的業務相對規模的差異所造成的。

While peak-to-trough revenue performance is relevant, we believe a better, longer-term indicator is a comparison of the cumulative revenue generated through the entire cycle.

雖然從高峰到低谷的收入表現很重要，但我們認為更好的長期指標是比較整個週期產生的累積收入。

Assuming the December quarter of 2019 was the last unaffected or normal quarter, Microchip's cumulative revenue over the next 19 quarters, inclusive of our guidance from -- for the September 2024 quarter when indexed to the December quarter of 2019 shows very comparable performance between us and our competitors.

假設 2019 年 12 月季度是最後一個不受影響或正常的季度，那麼 Microchip 未來 19 個季度的累積收入（包括我們對 2024 年 9 月季度的預測）與 2019 年 12 月季度相比，顯示我們與競爭對手的表現非常相似。

This is, of course, excluding the impact of acquisitions for everyone.

當然，這不包括收購對所有人的影響。

The revenue peaks and troughs were different for each company.

每家公司的收入高峰和低谷都不同。

We believe for the factors that we mentioned earlier.

我們相信前面提到的因素。

However, when we're looking -- when looking at the cumulative 19-quarter revenue, essentially the area under the revenue curve is what that would represent.

然而，當我們查看 19 個季度的累積收入時，基本上收入曲線下的面積就代表了這一點。

While the journey for each company was different that destination was very similar after 19 quarters.

儘管每家公司的發展歷程各有不同，但經過 19 個季度後，目的地卻非常相似。

This would suggest that Microchip may be positioned for a sharper growth in the coming quarters, although we're not ready to predict the shape of that recovery at this time.

這表明，微晶片在未來幾季可能會實現更強勁的成長，儘管我們目前還無法預測復甦的情況。

My point is that rather than be focused on peak-to-trough performance alone, it seems prudent to consider the area under the curve of cumulative revenue performance as well.

我的觀點是，不要只關注峰谷表現，還應該明智地考慮累計收入表現曲線下的面積。

We believe the fundamental characteristics of growth, profitability, and cash generation of our business remain intact.

我們相信，我們業務的成長、獲利能力和現金創造的基本特徵保持不變。

We are confident that our solutions remain the engine of innovation for the application of end markets we serve.

我們堅信，我們的解決方案將繼續成為我們所服務的終端市場應用的創新引擎。

We remain committed to executing our strategic imperatives, which we believe will deliver sustained results and substantial shareholder value.

我們將繼續致力於執行我們的策略要務，我們相信這將帶來持續的成果和巨大的股東價值。

And finally, at a time of macro uncertainty, we remain focused on the things we can control to create long-term shareholder value.

最後，在宏觀不確定時期，我們仍然專注於我們能夠控制的事情，以創造長期股東價值。

With that, let me pass the baton to Steve to talk more about our cash generation to shareholders.

說完這些，讓我把接力棒交給史蒂夫，讓他進一步談談我們為股東創造現金的情況。

Steve?

史蒂夫？

Thank you, Ganesh, and good afternoon, everyone.

謝謝你，Ganesh，大家下午好。

I would like to provide you with a further update on our cash return strategy.

我想向您提供有關我們的現金返還策略的進一步更新資訊。

The Board of Directors approved an increase in the dividend of 10.7% from the year-ago quarter to a record $0.454 per share.

董事會批准將股息較去年同期增加 10.7% 至創紀錄的每股 0.454 美元。

During the last quarter, we purchased $72.7 million of our stock in the open market.

上個季度，我們在公開市場上回購了價值 7,270 萬美元的股票。

We also paid out $242.6 million in dividends.

我們還支付了 2.426 億美元的股息。

Thus, the total cash return was $315.3 million.

因此，總現金回報為 3.153 億美元。

This quarter, our total cash return was reduced by the cash outlays for the recent acquisition of VSI and Neuronix.

本季度，我們的總現金回報因最近收購 VSI 和 Neuronix 的現金支出而減少。

When you combine the dividend buyback and acquisition-related cash outlays, this amount was 87.5% of our actual adjusted free cash flow of $389.9 million during the March 2024 quarter.

如果將股利回購和收購相關的現金支出相加，則該金額佔 2024 年 3 月季度實際調整後自由現金流 3.899 億美元的 87.5%。

Our net leverage at the end of June 2024 quarter was 2.02 times.

截至 2024 年 6 月底，我們的淨槓桿率為 2.02 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 $4.6 billion to shareholders through June 30, 2024, by a combination of dividends and share buybacks.

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 6 月 30 日，我們透過股息和股票回購的方式向股東共計返還了 46 億美元。

During this period, our share buyback in the open market was approximately 31.2 million shares representing approximately 5.8% of our shares outstanding.

在此期間，我們在公開市場回購了約 3,120 萬股股票，約占我們已發行股票的 5.8%。

In the current September quarter, we will use the adjusted free cash flow level from the June quarter to target the amount of cash returned to shareholders.

在目前的九月季度，我們將使用六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。

Our adjusted free cash flow for the June quarter was $301.3 million.

我們六月季度的調整後自由現金流為 3.013 億美元。

So our target return to shareholders would be 92.5% of that amount, minus a small payment made for acquisitions.

因此，我們對股東的目標回報率將是該金額的 92.5%，減去收購支付的一小筆費用。

Our resulting cash return to shareholders will be approximately $261 million.

我們最終向股東返還的現金約為 2.61 億美元。

Out of that amount, dividends are expected to be approximately $243.8 million, and our expected stock buyback will be approximately $17.2 million.

其中，預計股息約 2.438 億美元，預計股票回購約 1,720 萬美元。

Going forward, we plan to continue to increase our adjusted free cash flow return to shareholders by 500 basis points every quarter until we reach 100% of our adjusted free cash flow returned to shareholders through dividends and share buybacks.

展望未來，我們計劃每季繼續將調整後的股東自由現金流回報提高 500 個基點，直到透過股利和股票回購將調整後的自由現金流 100% 返還給股東。

That will take two more quarters and we expect that dividend over the long run will represent approximately 50% of our cash returned.

這將需要兩個季度的時間，我們預計長期股息將占我們現金回報的約 50％。

We also announced today that effective at the close of business on August 20, which is the date of our Annual Shareholders' Meeting, I will transition from Executive Chair to being the Non-Executive Chair of the Board.

我們今天也宣布，從 8 月 20 日營業結束時（即我們的年度股東大會日期）起，我將從執行主席轉任董事會非執行主席。

In this role, I will continue to be a resource to Ganesh and to all of Microchip.

在這個職位上，我將繼續為 Ganesh 和整個 Microchip 提供資源。

I want to thank our investors and our employees.

我要感謝我們的投資者和員工。

It was my highest honor to have served you for 34 years.

能夠為您服務34年是我莫大的榮幸。

Let me now turn it back to Ganesh.

現在讓我把話題轉回 Ganesh。

Thank you, Steve.

謝謝你，史蒂夫。

On behalf of the Microchip leadership team and all of our employees worldwide, thank you so much on the bottom of our hearts for your 34 years of service to Microchip.

我代表 Microchip 領導團隊和全球全體員工，向您 34 年來為 Microchip 所做的服務致以衷心的感謝。

In your Non-Executive Chair role, you will continue to be an important resource for me personally and for other Microchip team members as well.

在擔任非執行主席職務期間，您將繼續成為我個人以及其他 Microchip 團隊成員的重要資源。

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

史黛西，您能調查一下問題嗎？

(Operator Instructions) Tim Arcuri, UBS.

(操作員指示) 瑞銀 (UBS) 的 Tim Arcuri。

Ganesh, you talked about orders being up 50% sequentially, but you said that they're still weak.

Ganesh，您說訂單量環比增長了 50%，但您說訂單量仍然疲軟。

Can you talk about that a little more?

能再詳細談談這個嗎？

Is that -- are you just saying that book-to-bill is still well below 1?

您是說訂單出貨比仍遠低於 1 嗎？

Is that the point there?

這就是重點嗎？

Yes.

是的。

I wouldn't say well below 1 book-to-bill is below 1.

我不會說訂單出貨比遠低於 1 就是低於 1。

It has bookings have been growing.

它的預訂量一直在增加。

They've been growing unevenly between the months.

它們在不同月份的生長情況是不均勻的。

So it's on the right track, just not as fast as we would like it to.

因此，它是在正確的軌道上，只是沒有我們希望的那麼快。

And coming in they're aging faster.

而且他們衰老得更快。

So that also helps.

這也有幫助。

Got it.

知道了。

Got it.

知道了。

And then can you talk a little bit more about -- you had talked about the green shoots, and it sounds like they kind of stalled out a little bit.

然後您能否再多談一點——您談到了綠芽，聽起來它們有點停滯了。

Can you talk about maybe when that happened in the quarter?

您能談談這件事在本季發生的具體時間嗎？

Was it like the last month of the quarter?

它就像本季的最後一個月嗎？

And has it continued through the first month of this quarter, just -- and maybe the end markets where that's actually happened.

這種現像是否持續到了本季的第一個月？ 或許在終端市場確實發生了這種情況。

So at the end of May, I think we were at a public conference where we had said, hey, bookings are flattish for May versus April, June got a little bit better.

因此，我想我們在五月底的一次公開會議上說過，5 月的預訂量與 4 月相比持平，6 月的情況略有好轉。

I think it's just through the quarter week to week.

我認為這只是每週一次的季度活動。

I think these are short-term indicators.

我認為這些都是短期指標。

We have to look at it kind of on a longer-term basis, how is it evolving?

我們必須從更長遠的角度來看待這個問題，它是如何發展的？

So -- but yes, June did not have the same momentum that we would have expected.

所以 — — 但是是的，六月的勢頭並不像我們預期的那樣。

If this was continuing at a consistent pace.

如果這種情況以穩定的速度持續下去。

And so that's the difference between what we saw in April versus May versus June.

這就是我們看到的四月、五月和六月之間的差異。

It just didn't have a consistency throughout the quarter.

整個季度都缺乏一致性。

And there's no particular end market thing.

且沒有特定的終端市場。

The two end markets I referred to, stability in aerospace and defense, strengthen the data center market.

我提到的兩個終端市場，航空航太和國防的穩定，加強了資料中心市場。

And of course, we're indicating that it's not only the AI subset, but going forward for September and December, we're seeing strength across the data center markets that we're in.

當然，我們要指出的是，這不僅是人工智慧子集，而且展望 9 月和 12 月，我們將看到我們所在的資料中心市場呈現強勁勢頭。

Christopher Rolland, Susquehanna International Group.

薩斯奎漢納國際集團 (Susquehanna International Group) 的克里斯多福羅蘭 (Christopher Rolland)。

Mine is around utilizations and where we go from here.

我關注的是利用率以及我們下一步該怎麼做。

So I think you guys had some shutdowns in June?

所以我認為你們在六月有一些停工的情況？

Are you expecting to continue those into September?

您預計這些活動會持續到九月嗎？

And then you also talked about external wafer supply agreements, would you expect those negotiations to go well and to push those out?

然後您還談到了外部晶圓供應協議，您是否預計這些談判會進展順利並得到推進？

Or might those effect as well?

或者這些也會產生同樣的影響嗎？

So I'll start with internal utilization.

因此我將從內在利用開始。

So we are not planning on having another two-week shutdown for our wafer fabs in the September quarter.

因此，我們不打算在9月季度再讓我們的晶圓廠停工兩週。

We do not expect production value out of the fabs to be much different quarter-on-quarter.

我們預計工廠的產值各季度之間不會有太大差異。

We continue to have attrition and had to lower starts because of that. but we'll not be having another two-week shutdown.

我們持續面臨人員流失，因此不得不降低開工率。但我們不會再出現兩週的停工。

And in our assembly and test areas, we will continue to have days off for those activities to manage our finished goods assembly and test out appropriately.

在我們的組裝和測試區域，我們將繼續安排休息日來進行這些活動，以適當管理我們的成品組裝和測試。

Ganesh, do you want to comment on foundry?

Ganesh，你想評論一下鑄造廠嗎？

Yes.

是的。

We have continued to work with our foundry partners on how to match the wafers coming into the demand picture as it changes the degree of how we have worked that out has a different results at different semi -- foundry partners.

我們一直與我們的代工合作夥伴合作，研究如何將晶圓與需求相匹配，因為這會改變我們解決問題的程度，從而在不同的半代工合作夥伴中產生不同的結果。

But by and large, we are working through those with business arrangements to make sure that we are not receiving substantially more wafers than what we can use with the exception of the last time buy that Eric referred to, where factories are either closing down or processes are being end of life where we are buying because those products often have extremely high gross margins, and it behooves us to be able to take the inventory and over many years, I realize very high gross margin on those parts.

但總的來說，我們正在透過業務安排來確保我們收到的晶圓數量不會大大超過我們可以使用的數量，但 Eric 提到的上次購買除外，那時工廠要么關閉，要么流程即將結束，我們購買這些產品是因為這些產品的毛利率通常非常高，我們應該能夠清點庫存，而且多年來，我意識到這些部件的毛利率非常高。

And then you didn't call out China as a source of additional weakness.

然後你沒有指出中國是額外的弱點的根源。

I was wondering if we could maybe get an update there, what you're seeing out of China and/or Asia.

我想知道我們是否可以得到最新消息，以了解您在中國和/或亞洲看到的情況。

Sure.

當然。

So in the breakout that we provide that's on our website, Asia.

因此，我們在網站上提供了亞洲專題的細分資訊。

We don't usually break out China, but Asia was flattish.

我們通常不會單獨列出中國的數據，但亞洲的數據卻比較平淡。

The declines were largely in the Americas and to a larger extent, in Europe.

下降主要發生在美洲，歐洲的下降幅度更大。

And I think China and Asia on current basis is more constructive.

我認為中國和亞洲目前的基礎更具建設性。

The weakness is predominantly in the Americas and Europe.

弱點主要在於美洲和歐洲。

And I think that is, to some extent, consistent with if you look at some of the PMI reports and where the manufacturing economy is that just this morning, the US PMI came out last month, the European PMI came out.

我認為這在某種程度上與一些 PMI 報告和製造業經濟的狀況是一致的，就在今天早上，美國上個月公佈了 PMI，歐洲也公佈了 PMI。

This is not the first month, there's been many, many months over which that weakness has been playing out.

這不是第一個月，這種疲軟狀況已經持續了很多個月了。

And I think China was there earlier on as were other parts of Asia.

我認為中國和亞洲其他地區更早已經存在了。

Some of that they have worked out.

他們已經解決了一些問題。

So more stability and strength on a relative basis than the Europe and Americas regions.

因此，相對而言，它比歐洲和美洲地區更穩定、更強大。

Tore Svanber, Stifel.

托爾·斯萬伯（Tore Svanber），Stifel。

Ganesh, one of your peers last week talked about customers sort of ordering hand to mouth and potentially even holding too low inventory due to working capital constraints and so on and so forth.

Ganesh，上週你的一位同事談到，由於營運資金限制等原因，客戶的訂購量勉強糊口，甚至可能庫存過低。

Are you seeing that with some of your customers and maybe especially on the industrial side because that's certainly a concerning thing and it certainly may reflect the very low terms orders that you are getting or the very low backlog visibility that you are getting?

您是否在某些客戶身上看到了這一點，尤其是在工業方面，因為這確實是一件令人擔憂的事情，而且可能反映了您收到的非常低的訂單條款或非常低的積壓訂單可見性？

No, that is absolutely happening at many, many customers.

不，這確實發生在許多客戶身上。

And I think they have, in some cases, low visibility into their own business as well.

我認為，在某些情況下，他們對自己的業務的了解程度也很低。

So they're reflecting that.

所以他們正在反映這一點。

Given that there's plenty of capacity and short lead times, right?

鑑於產能充足且交貨時間短，對嗎？

There's really no reason for them to try to get backlog ahead of time.

他們確實沒有理由提前嘗試積壓訂單。

At some point, that will change, and it will correct itself.

到了某個時候，這種情況將會改變，並且會自我修正。

But yes, the -- what is reflected in the green shoots we talked about when we said we're getting expedite orders where new orders are being placed with short cycle expectation and prior orders that were placed are being pulled in.

但是的，這反映在我們所說的綠芽中，當我們說我們正在獲得加急訂單時，新訂單的下達週期預期很短，並且之前下的訂單正在被拉進來。

Those are all reflective of people who are more conservative in how they place orders and then recognizing they need it parts sooner.

這些都反映出人們在下訂單時更加保守，然後意識到他們需要更快的零件。

At some point, that will catch up on itself.

到某個時候，它就會自己趕上來。

It's still early, but that's how these things usually correct is people tend to go too low and run out of inventory, any strengthening in the business starts to create some urgency for orders that becomes the whole expedite chase.

現在還為時過早，但這些事情通常是這樣糾正的，人們往往會把庫存降得太低，從而耗盡庫存，業務的任何加強都會開始產生一些訂單的緊迫性，從而成為整個加急追逐。

We saw that back in other cycles as well.

我們也在其他週期中看到了這種情況。

But that is something we're watching.

但這是我們正在關注的事情。

We're still in the early innings of how that up cycle will play out.

我們仍然處於上升週期如何發展的早期階段。

Yes.

是的。

And related to that, I mean, can you comment on how much terms you need at this point and maybe compare that with previous cycle?

與此相關，我的意思是，您能否評論一下您目前需要多少條款，並將其與先前的周期進行比較？

So we don't typically break that out.

所以我們通常不會突破這一點。

I think maybe you want to give some historical perspective on where they're at.

我想你也許想從歷史的角度來看他們目前的狀況。

So I mean, it is not unusual for us to enter a quarter needing 30%, 40% turns.

所以我的意思是，我們進入需要 30%、40% 轉彎的季度並不罕見。

And with short lead times, we've been able to do that historically now.

由於交貨時間短，我們現在已經能夠做到這一點。

We're coming off a period up to the last couple of quarters where we were fully booked entering a quarter.

我們剛剛度過了一個季度的黃金時期，在進入新季度之前，我們的預訂已經爆滿。

So it's definitely a large change for us from what we've seen over the last 2.5 years.

因此，與過去 2.5 年所見的情況相比，這無疑是一個巨大的變化。

But there's a significant amount of terms that we need to take, and we've kind of been signaling that to the marketplace that with short lead times that is not out of outside of what we would expect it to be.

但我們需要考慮很多因素，而且我們一直在向市場發出訊號，短交貨期並不超出我們的預期。

And customers are managing their balance sheet and know that we can get them inventory quickly.

客戶正在管理他們的資產負債表，並且知道我們可以快速為他們提供庫存。

(Operator Instructions) Joshua Buchalter, TD Cowen.

(操作員指示) Joshua Buchalter，TD Cowen。

Congratulations to Steve in the next step in an incredible career.

祝賀史蒂夫在其令人難以置信的職業生涯中邁出了新的一步。

To start, I was hoping maybe you provide some more color on what's baked into your assumptions for the September quarter guidance.

首先，我希望您能更詳細地說明您對九月季度指引的假設。

I know it's difficult but is there any way maybe you can give us on a relative basis.

我知道這很困難，但您能否以相對的方式給我們一些方法？

Do you -- how much do you expect to be under-shipping demand in the September quarter?

您預計 9 月季度的出貨需求將低於預期多少？

Is that level going down versus June.

與 6 月相比，該水準是否有所下降？

Do you feel like you're close to shipping to end demand and demand just weak?

您是否覺得航運需求已接近尾聲且需求疲軟？

I'd just be curious to hear any granularity you can give us on what you're seeing at inventory levels, both in the channel what your downstream -- and at your downstream customers.

我只是好奇，想聽聽您能否提供關於庫存水平的詳細信息，包括下游渠道和下游客戶的庫存水平。

So a lot of questions there, and I think there's a lot of information that is really not readily available.

因此，這裡存在著很多問題，而且我認為有很多資訊並不容易獲得。

Clearly, as Eric mentioned, the distribution inventory in absolute terms has been coming down.

顯然，正如艾瑞克所提到的，分銷庫存的絕對值一直在下降。

It's the third consecutive quarter where we brought down distribution.

這是我們連續第三季降低分銷量。

So that is draining.

這真是令人筋疲力盡。

Where is true consumption at - I think that's a $64 million question that I'm not completely sure we know where that is.

真正的消費在哪裡——我認為這是一個價值 6400 萬美元的問題，我不完全確定我們是否知道它在哪裡。

Anecdotally, when I visit customers, and I try to understand where is their business, and I try to compare it to where is our business, right?

有趣的是，當我拜訪客戶時，我會嘗試了解他們的業務在哪裡，然後嘗試將其與我們的業務在哪裡進行比較，對嗎？

Where is our business.

我們的生意在哪裡。

Customer business is down more in the 5%, 10%, 15% year over year kind of that level.

客戶業務年減幅度在 5%、10%、15% 左右。

We're obviously down in the mid-40s, maybe high 40s with the guidance and.

我們的預期顯然是下降到了 40 多點，甚至可能達到 40 多點。

So that delta is what you should expect that in time, as inventory drains will get closed with a recovery in our business even when the macro is still weak.

因此，您應該及時預期該增量，因為即使宏觀經濟仍然疲軟，庫存流失也會隨著我們業務的復甦而消失。

But the customers don't really report out inventory to us.

但客戶實際上並沒有向我們報告庫存。

We can glean information based on are they placing orders?

我們可以根據他們是否下訂單來收集資訊。

Are they expediting orders?

他們正在加快訂單嗎？

What are they seeing?

他們看到了什麼？

And in those patterns, you can begin to form conclusions for a given customer.

在這些模式中，您可以開始為特定客戶得出結論。

We have 100,000 customers.

我們有10萬名客戶。

It's awfully hard to integrate that.

將其整合起來非常困難。

And then from an end market perspective, as we mentioned, both industrial and automotive are both large pieces of our business and where we see the largest weaknesses as well.

然後從終端市場的角度來看，正如我們所提到的，工業和汽車都是我們業務的重要組成部分，也是我們看到的最大弱點。

Understood.

明白了。

And I mean, it doesn't really seem like it from the gross margin numbers you're putting up.

我的意思是，從您提供的毛利率數字來看，情況似乎並非如此。

But anything changed as a digestion extends on the pricing front?

但隨著消化的延伸，定價方面有什麼改變嗎？

And in particular, like one of your larger peers, I think, called out some pricing pressure and weakness in general purpose microcontrollers.

特別是，就像你們的一位較大的同行一樣，我認為，他指出了通用微控制器存在一些定價壓力和弱點。

Are you observing any of that?

你觀察到這些了嗎？

So there's no pricing pressure on the immediate products we are shipping last quarter or this quarter.

因此，我們在上個季度或本季出貨的直接產品沒有定價壓力。

And there's always the fringes some of that.

而且總是存在一些邊緣現象。

But what really takes place is our new designs, all participants who are trying to win a design are going to put their best foot forward, which often is their newest and most cost-effective products and are going to be as aggressive as they can be with consistent within their model for that.

但真正發生的是我們的新設計，所有試圖贏得設計的參與者都會盡最大努力，這通常是他們最新和最具成本效益的產品，並且會盡可能積極地保持其模型的一致性。

That is, in fact, happening.

事實上，這正在發生。

And -- but that is always how business has been conducted.

而且——但商業運作始終都是這樣進行的。

And I'm sure there may be a little extra of that when people see the environment is weak.

而且我確信，當人們看到環境變得脆弱時，可能會有更多這樣的情況。

But pricing, in general, is a more strategic exercise both for us and for customers for whom they're making decisions on a platform for multiyears.

但總體而言，定價對於我們和需要在未來多年為平台做出決策的客戶來說都是一項更具策略性的活動。

And price is not the only reason someone makes a decision.

價格並不是人們做出決定的唯一原因。

It's really value.

真的很值。

And it's what else do we bring besides price that brings the overall value equation to match what the customer is willing to accept.

除了價格之外，我們還能帶來什麼來使整體價值方程式與顧客願意接受的價值相符。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

As you guys mentioned other of your peers in the embedded market, MCU and analog have seen sort of this broad pickup in China back in May, at our conference.

正如你們在我們 5 月的會議上提到的，嵌入式市場中的其他同行，MCU 和模擬產品在中國都出現了廣泛的回升。

I think you did talk about seeing improvements in sell-through by your China disti customers.

我想您確實談到看到中國分銷客戶的銷售量有所提高。

It looks like, again, as you guys mentioned, this was reflected in your Asia sales, which were flat sequentially.

正如你們所提到的，這似乎反映在了你們亞洲地區的銷售額上，與上一季持平。

Did Asia (inaudible) sell-through actually grow sequentially in June?

六月亞洲（聽不清楚）的銷售額實際上是否較上季成長？

And during the September quarter, would you anticipate China and the Asia region revenues this quarter to outperform Europe and North America again?

在九月份季度，您是否預計本季中國和亞洲地區的營收將再次超過歐洲和北美？

We don't break out the details of sell-through any longer, right?

我們不再透露銷售情況的細節了，對嗎？

We provided some information over the last couple of quarters of the amount that sell-through exceeded sell-in.

我們提供了過去幾季的銷售量超過銷售量的相關資訊。

That amount was $85 million roughly in the June quarter and about $125 million in the March quarter.

6 月季度的這筆金額約為 8,500 萬美元，3 月份季度的這筆金額約為 1.25 億美元。

I will just say that China was really the first to go into this.

我只想說，中國確實是第一個進入這領域的國家。

This is similar to Ganesh's comments earlier.

這與 Ganesh 之前的評論類似。

And we wouldn't be surprised if they were the first to come out.

如果他們是第一批出現的人，我們不會感到驚訝。

The June quarter is a little bit hard to judge because the March quarter has a Chinese New Year.

六月季度的情況有點難以判斷，因為三月季度正值農曆新年。

So there's just more shipping days, right?

那麼運送天數就更多了，對嗎？

And so you kind of have to look effectively what's happening on a daily basis.

所以你必須有效地觀察每天發生的事情。

But I would say China is our least weak market at this point in time.

但我想說，目前中國是我們最不疲軟的市場。

And I know that doesn't sound great, but Americas and Europe are definitely hurting more so at this point in time than what we're seeing out of the Far East.

我知道這聽起來不太好，但目前美洲和歐洲受到的打擊肯定比遠東地區更大。

One of the difference in this cycle is we have typically viewed sell-through as a measure of the consumption, the economic conditions have changed.

這個週期的不同之處之一是，我們通常將銷售率視為消費的衡量標準，但經濟狀況已經改變了。

What we're also seeing is there is inventory sometimes downstream.

我們也看到下游有時會有庫存。

So a great example, if you take automotive, right, if you look at automotive showrooms, particularly in the US where they have inventory, have substantially more inventory today than they did a year ago or two years ago.

一個很好的例子，如果你以汽車為例，如果你看看汽車展示廳，特別是在美國，他們有庫存，今天的庫存比一年前或兩年前要多得多。

So inventory sometimes is not just what the channel has, but also what is downstream from them.

因此，庫存有時不僅僅是通路所擁有的，還包括通路下游的庫存。

And all those play into the final equation of how does the destocking take place.

所有這些都影響著最終如何進行去庫存化。

And I think that has been one of the reasons why it has been slower than what most of us have expected.

我認為這是其發展速度比我們大多數人預期的要慢的原因之一。

But as every month goes by, it continues to lower the level of water.

但隨著時間的推移，水位持續下降。

And I think that just sets the conditions up for when this will revert back and change to those direction.

我認為這只是為何時恢復並改變方向設定了條件。

I appreciate the color there.

我很欣賞那裡的色彩。

Obviously, in this kind of environment that you just described, there is a lot of in orders.

顯然，在您剛才描述的這種環境中，存在著大量的訂單。

I appreciate that.

我很感激。

But is the team seeing a pickup in cancellations pushouts and rescheduling or is that still at relatively low levels.

但是，團隊是否看到取消、延遲和重新安排的數量增加，還是仍處於相對較低的水平。

No, that has been on a decline continues to be -- that's one of the green shoots that continues is that new bookings are continuing not as fast as we would like, and the cancellations and pushouts are decreasing.

不，這個數字一直在下降，這是一個持續的復甦跡象，新預訂的成長速度沒有我們希望的那麼快，取消和推遲的預訂也在減少。

So those are good signs.

這些都是好跡象。

Chris Danley, Citibank.

花旗銀行的克里斯丹利 (Chris Danley)。

I guess just from a broader perspective, so you're seeing some green shoots, but the revenue decline is getting incrementally worse.

我想從更廣泛的角度來看，你看到了一些復甦的跡象，但收入下滑的情況卻逐漸惡化。

So exactly how is that happening?

那麼這究竟是怎麼回事呢？

And then when the customers come to you guys, are they saying that it's more their demand trends are a little worse than expected?

那麼當客戶來找你們時，他們是否會說他們的需求趨勢比預期的要差一些？

Or are they just like found too much inventory?

或者他們只是發現庫存太多了？

Or is it some combination of both?

或兩者兼而有之？

Maybe just take us into the machinations of the quarter of the business?

也許只是帶我們了解一下該季度的業務運作？

If you look at the end markets, we have a large exposure to industrial and automotive.

如果你看一下終端市場，我們會發現我們很大程度上涉足工業和汽車領域。

And clearly, there is more cleanup there.

顯然，那裡還有更多的清理工作。

That's also where when you look at broader macro trends, what is happening with the PMI, what is being reflected in that.

當你觀察更廣泛的宏觀趨勢時，你會發現 PMI 發生了什麼變化，反映了什麼。

I mean I think US has had of 21 months in a row where the PMI has been weak.

我的意思是，我認為美國 PMI 已經連續 21 個月處於疲軟狀態。

Europe, I think, is closer to 24 months.

我認為歐洲更接近24個月。

So all of that is just playing itself out into lack of confidence in knowing what and when their business will change, lack of confidence in placing orders soon enough.

所以，所有這些都只是因為他們對了解業務會發生什麼變化以及何時發生變化缺乏信心，也因為他們對及時下訂單缺乏信心。

And so at some point, this will all reverse.

所以在某個時候，這一切都會逆轉。

We just don't have enough visibility to be able to say, "Hey, here's how it is, and here's when it is.

我們只是沒有足夠的能見度來說，「嘿，情況是這樣的，事情是這樣的。

And -- but I don't have more than that.

而且——但我沒有更多了。

We call it the way we're seeing it.

我們按照我們所看到的方式稱呼它。

And right now, I think there's lack of confidence reflected in the backlog being low and the orders being placed on shorter cycles than what they would historically have done.

而現在，我認為缺乏信心，這體現在積壓訂單量較低以及訂單下達週期比過去更短。

And you add all that up, is what we have in our guidance.

把所有這些加起來，就是我們的指導內容。

Sure.

當然。

And then before I ask my follow-up, I just want to say that Steve, you are a true icon in the industry, especially for those of us that have been around for a long time.

在我提出後續問題之前，我只想說，史蒂夫，你是這個行業的真正偶像，特別是對我們這些已經在這個行業待了很長時間的人來說。

And we really appreciated your candor and your honesty over the years.

我們非常感激您多年來的坦率和誠實。

I really mean that.

我確實是這個意思。

And as my follow-up, just in terms of your two bigger end markets, automotive versus industrial, any qualitative or quantitative comments on which is worse, or which is better and why on a relative basis?

作為我的後續問題，就您的兩個較大的終端市場（汽車市場與工業市場）而言，您能給出任何定性或定量的評論，即哪個更差，哪個更好，以及相對而言的原因是什麼？

Yes.

是的。

I don't know about the why, but I can tell you, I think in general, anecdotally, I would say industrial feels worse, and it's just been consistent with -- I think automotive has a bit of it, which is inventory, but also a bit of it, which is people are still buying cars and it's just flowing through that inventory.

我不知道原因，但我可以告訴你，我認為總的來說，從傳聞來看，我會說工業感覺更糟，而且一直保持一致——我認為汽車行業有一點這樣的情況，即庫存，但也有一點這樣的情況，即人們仍在購買汽車，而汽車只是在庫存中流動。

But I would say on a relative basis, that would be my best guess.

但我想說，相對而言，這是我最好的猜測。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

Yes.

是的。

Let me start off.

讓我先開始吧。

Steve, congratulations.

史蒂夫，恭喜你。

I've enjoyed working with you for all these, I guess, over a decade now.

我想，我很高興與您共事已有十多年了。

And hopefully, we'll still get to hear your voice on at least some of the calls.

希望我們至少還能在某些通話中聽到您的聲音。

Appreciate it's Steve all the holes that we put in with you and you're honestly as somebody else said earlier.

感謝史蒂夫，我們向你指出了所有問題，你很誠實，就像之前有人說的一樣。

I had a question.

我有一個問題。

Let me start off with the product question.

讓我先從產品問題開始。

Could you just help us understand what kind of end markets you might be able to address with a 64-bit microcontroller -- and I think you mentioned that the software that will be used on 64 bit is also the same over 8 to 64 and also your FPGA line.

您能否幫助我們了解 64 位元微控制器可以滿足哪些終端市場的需求？

Is that actually correct?

這確實正確嗎？

And how important is that?

這有多重要？

So firstly, it isn't the software that is common.

所以首先，它不是常見的軟體。

It's all the development tools and the related ecosystem of what we need to do.

這都是我們需要做的開發工具和相關的生態系統。

But yes, so they all come under what is a Microchip branded set of ecosystem and tools.

但是的，它們都屬於 Microchip 品牌的生態系統和工具。

We call it MP lab.

我們稱之為 MP 實驗室。

And all of that is set up in such a way that once you get used to that environment, you can easily move around, you can port things between the different products and you can start on a bit processor and move to a 64-bit processor or vice versa as the case might be.

所有這些都是以這樣的方式設定的：一旦你習慣了那個環境，你就可以輕鬆地移動，你可以在不同的產品之間移植東西，你可以從 1 位元處理器開始然後移動到 64 位元處理器，反之亦然，視情況而定。

The -- there is a significant expansion that is at the higher performance end of where this processing takes place.

在這種處理過程中，效能的提升有顯著的擴展。

And so this is more compute intensive.

因此這需要更多的計算資源。

It's in places which can be in factory automation, it's envision.

這是可以實現工廠自動化的地方，這是可以想像的。

That machine vision.

那種機器視覺。

It's an AI at the edge.

這是一種邊緣人工智慧。

And so it's a continuum of where we were on microprocessors with 32-bit, but now higher end from there where we couldn't reach before with the products that we had and also, in some cases, opening up some places where perhaps people would not have considered us because they didn't see a common road map that they could get to from starting at one end of what we had in 32-bit and moving into the other end of 64 bit.

因此，這是我們在 32 位元微處理器領域的連續發展，但現在我們已經達到了先前產品無法達到的高端水平，並且在某些情況下，我們還開拓了一些人們可能不會考慮我們的領域，因為他們沒有看到一個通用的路線圖，即從 32 位元的一端開始，到 64 位元的另一端。

So this is going to be done over multiple years, we'll have a broad set of portfolio of products, a family of products that are going to be needed.

所以這將在多年內完成，我們將擁有廣泛的產品組合，一系列所需的產品。

But clearly, it opens up a meaningful amount of new total available market to us.

但顯然，它為我們開闢了大量新的可用市場。

And by our estimates, there's about $3 billion to $4 billion of total available market on the 32-bit loan.

根據我們的估計，32 筆貸款的總可用市場規模約為 30 億至 40 億美元。

By the time you add the 64 bits, it almost doubled that to about $6 billion.

當增加 64 位元時，其數字幾乎翻了一番，達到約 60 億美元。

Got it.

知道了。

And maybe for my follow-up, I wanted to ask you sort of talked about industrial versus automotive, but maybe you could give us some more color on which other end markets outside of data center are acting better.

也許在我的後續問題中，我想問您關於工業和汽車方面的問題，但也許您可以給我們一些關於資料中心以外的其他終端市場表現更好的資訊。

And perhaps some that are not acting so well outside of industrial.

也許有些在工業之外的表現並不太好。

There's nothing that is acting better so to speak.

可以說沒有什麼比這更好了。

Aerospace and defense for various reasons.

由於各種原因，航空航天和國防。

It's stable.

它很穩定。

There are pockets of commercial aviation that for the well-known issues are there. space tends to be a very lumpy business for us quarter-to-quarter.

一些商業航空存在著眾所周知的問題。對我們來說，太空業務每季的業績表現都不穩定。

Defense is strong for reasons that you can read in the news as well.

您也可以在新聞中讀到防禦力強大的原因。

But I don't have any other end market out as being particularly noteworthy.

但我沒有發現其他特別值得關注的終端市場。

Quinn Bolton, Needham & Company.

奎因博爾頓，Needham & Company。

(inaudible) on for Quinn.

（聽不清楚）奎因上場。

Just one question kind of talking about the other side of -- the only place that's positive, you talked about a broadening of data center growth in the September quarter.

只有一個問題談論另一面——唯一積極的地方，您談到了 9 月份季度資料中心成長的擴大。

Can you just elaborate what's coming from?

能詳細說明一下具體情況嗎？

Is it from the general purpose side, the power connectivity, anything specific you can call out?

是從通用方面、電源連接方面，還是說有什麼具體的內容可以講？

.

。

Yes.

是的。

So the data center infrastructure, which is kind of where a lot of the business was before the AI wave and the accelerated computing way I came about as that happened, there was some amount of CapEx at many places that moved primarily to the accelerated computing.

因此，資料中心基礎設施是人工智慧浪潮和加速運算方式出現之前許多業務所在的地方，隨著這些方式的出現，許多地方都有一定數量的資本支出主要轉向加速運算。

And we had our share of that with where we were designed in.

我們在設計時就考慮到了這一點。

Now what we're seeing is some of that and it can be in the back plane, the citing the power supplies, it can be in the storage networks, a number of different areas that all need at some point, the data center investment as well.

現在我們看到的是其中的一些，它可以在背板中，引用電源，它可以在儲存網路中，許多不同的領域在某個時候都需要，資料中心投資也是如此。

And all of that plays into the data center solutions that we bring.

所有這些都與我們提供的資料中心解決方案有關。

So the AI or the accelerated computing piece is going well.

因此人工智慧或加速運算部分進展順利。

It's just other parts of data center are doing better at this point.

只是資料中心的其他部分目前表現得更好。

Yes.

是的。

And some of that, you can see also reflected in the CapEx announcements that have been made by some of the data center players out there.

您也可以從一些資料中心參與者發布的資本支出公告中看到這一點。

Craig Ellis, B. Riley Securities.

艾利斯 (Craig Ellis)，B. Riley Securities。

Steve, let me just start off by saying thanks for all the insights over the years, I learned a tremendous amount from you and really appreciate all your help.

史蒂夫，首先請允許我感謝您多年來的見解，我從您身上學到了很多東西，非常感謝您的幫助。

Moving on to questions, Ganesh, I wanted to go back to the point you made in prepared commentary about the significant reengagement from customers and design in activity. as we got through the supply chain crisis.

回到問題，Ganesh，我想回到你在準備好的評論中提出的觀點，關於客戶和設計活動的重大重新參與。我們度過了供應鏈危機。

As you look at how that's manifested across Microchip's business, can you comment a little bit for the unnotable trends?

當您看到這一點在 Microchip 的業務中如何體現時，您能否對不明顯的趨勢發表一些評論？

And from when those engagements result in design or a design win that's going to go to protect production, how should investors think about the gestation period.

當這些合作產生設計成果或設計勝利並用於保護生產時，投資者應該如何看待孕育期。

So when do we begin to see the benefit of this renewed more vibrant engagement that you're seeing from your customers?

那麼，我們什麼時候才能開始看到您從客戶身上看到的這種更活躍的、煥然一新的參與方式帶來的好處呢？

So our historical design cycles have been in the 12 to 24 months range.

我們的歷史設計週期一直是12至24個月範圍。

Some of them are a little longer, so maybe it shorter.

有些比較長，所以也許更短。

But for the most part, it's in that 12 to 24 months range.

但大多數情況下，持續時間在 12 至 24 個月之間。

And so you would begin to see a lot of this in the next 12 months because we are about 12 months into that process.

因此，您將在未來 12 個月內開始看到很多這樣的情況，因為我們已經進入這個過程大約 12 個月了。

Now keep in mind that there are a couple of other forces that will make certain adjustments to it.

現在請記住，還有其他一些力量會對其進行某些調整。

One is when customers have inventory, they will also look to use their inventory and perhaps be a little more of the older generation until they can burn through that inventory before they shift to the newer generation of whatever they build.

一種情況是，當客戶有庫存時，他們也會考慮使用他們的庫存，並且可能會更多地使用舊一代產品，直到他們能夠消耗這些庫存，然後再轉向他們生產的更新一代產品。

Second, if the slowdown in the macro persists for some time, historically, what we mean is customers tend to want to delay some of the launch because there's upfront costs associated with the marketing activities there, building of inventory, stocking of channels and all of that.

其次，如果宏觀經濟放緩持續一段時間，從歷史上看，我們的意思是客戶傾向於推遲部分產品的發布，因為那裡的營銷活動、庫存建設、渠道備貨等都需要前期成本。

And so there are many things at play here.

這裡有很多事情在起作用。

But it should, in the next one, two, three years, create a surge of activity from all the work that has been started since about a year ago, and it's continuing and will continue.

但在未來一、二、三年內，它應該會從大約一年前開始的所有工作中引發一股活動熱潮，而這種熱潮會持續下去。

And that surge has the benefit of both Microchip's approach on maximizing the total system solutions.

這種激增得益於 Microchip 最大化整體系統解決方案的方法。

And we do measure that internally, how we look at how many products for Microchip are getting attached to these new designs and how well it attaches to the fastest growing parts of the market.

我們確實在內部進行衡量，我們如何觀察微晶片有多少產品採用了這些新設計，以及它與市場成長最快的部分的結合情況如何。

So I think there's a lot coming in the next one, two, three years from design in activity over the last year, plus the design-in activities that are still continuing over the next one or two years.

所以我認為，從過去一年的設計活動來看，未來一、二、三年將會有很多新事物發生，再加上未來一、兩年內仍在繼續的設計活動。

That's really helpful.

這真的很有幫助。

And then for the follow-up one for Eric.

然後是 Eric 的後續問題。

Eric, it's clear you're able to keep CapEx pretty low over the next two to four quarters.

埃里克，很明顯你能夠在接下來的兩到四個季度內將資本支出保持在相當低的水平。

I wanted to understand the interplay of that with low foundry utilization that we're seeing in potentially attractive pricing.

我想了解這種現象與我們在潛在有吸引力的定價中看到的低代工廠利用率之間的相互作用。

At the margin, does the current foundry environment with low utilization give you an opportunity to do a little bit more externally or as you look at the mix of internal and external production, are you interested in continuing with the mix that you've had in driving that forward.

從邊際上來說，目前利用率較低的代工廠環境是否為你提供了一個機會，讓你在外部做一些事情，或者當你考慮內部和外部生產的組合時，你是否有興趣繼續採用現有的組合來推動這一進程。

I would say the mix that we have is pretty fixed, right?

我想說我們的組合是相當固定的，對嗎？

Typically, a product is either designed on a process technology in one of our own factories or an outsourced partners process.

通常，產品要么是根據我們自己的工廠的工藝技術設計的，要么是根據外包合作夥伴的工藝設計的。

There are limited cases where we have capabilities to do something both externally and internally on the fab side.

在有限的情況下，我們有能力在晶圓廠內部和外部做一些事情。

So I think that mix is going to stay about where it's at.

所以我認為這種混合將會維持現狀。

We continue to do some things with technologies that we own to bring them in-house, but we've got this roughly 40% in rental 60% external split for foundry.

我們繼續利用我們擁有的技術做一些事情，將它們帶入公司內部，但我們的租金約為 40%，而代工費用為 60% 的外部分成。

And I think that will likely stay about that for the coming years.

我認為未來幾年這種情況可能還會持續下去。

And where we have opportunities of technologies that can run both inside and outside.

我們擁有可以在內部和外部運作的技術機會。

And we have done some of the work over the last two, three years towards that.

過去兩三年來，我們已經為此做了一些工作。

It is far more favorable to load an underloaded internal factory for almost all cases that I can think of, than it is to say, let's continue to underload the internal factory and load more at the foundry.

對於我能想到的幾乎所有情況來說，加載一個負載不足的內部工廠要比說讓我們繼續讓內部工廠負載不足並在鑄造廠加載更多負載要有利得多。

Janet Ramkissoon, Quadra Capital.

Quadra Capital 的 Janet Ramkissoon。

First, Steve, thanks very much for a nice ride.

首先，史蒂夫，非常感謝您為我們帶來愉快的旅程。

All these decades and for all you've done for Microchip long-term shareholders.

感謝您幾十年來為 Microchip 的長期股東所做的一切。

A lot of my questions have been asked.

我的許多問題已經被問過了。

Met 40 years ago, when I was raising private financing at a $10 million market cap.

40年前認識的，當時我正在以 1000 萬美元的市值籌集私人融資。

Fast-forward 34 years with a $45 billion market cap, you're still a

快轉 34 年，市值達到 450 億美元，你仍然是

(inaudible).

（聽不清楚）。

So staying the I'm ready to go kick for my grandkids.

所以我已經準備好為我的孫子們踢球了。

Kick them around by

踢他們

(inaudible)

（聽不清楚）

I still hold some of that stock, Steve.

我仍然持有一些股票，史蒂夫。

Thank you for convincing to with this.

感謝您對此做出說服。

So just a couple of little ones if I may. 64-bit marketplace.

所以如果可以的話我只想說幾個小問題。 64 位市場。

Can you give us a sense or any color on what the early design win activity is looking like?

您能否向我們介紹一下早期設計獲勝活動的狀況？

And the second question is that you said that June, May was fattish June was weak.

第二個問題是，您說六月、五月較肥，六月較弱。

Any additional color on how July progressed relative to June and May.

關於七月相對於六月和五月的進展情況的更多詳細資訊。

So I think the -- I said May was flattish.

所以我認為——我說的是五月表現平平。

June actually was -- is -- in terms of plans was up from there.

就計劃而言，六月實際上是 — — 從那時起就開始了。

The July numbers are just coming together, I would say, is flattish where it was.

七月份的數據剛剛公佈，我想說，與之前持平。

So month-to-month, these things don't matter as much.

所以從月數來看，這些事情就沒那麼重要。

We just need to look at it kind of on a quarterly bucket in terms of where it's at.

我們只需要從季度角度來看它的情況。

And in a stutter step, it is heading in the right direction, just not consistent month-to-month and not at the pace that we want to on a quarter-to-quarter basis.

儘管步伐蹣跚，但還是朝著正確的方向前進，只是月與月之間不一致，也沒有按照我們期望的季度與季度速度前進。

On your 64-bit question, it's early days.

關於您的 64 位元問題，目前還處於早期階段。

So it's too early to have design wins, but we have lots of early adopters.

因此，現在說設計獲勝還為時過早，但我們有很多早期採用者。

These would be customers who are interested, want to have the product samples and the tools have an idea of a design that they want to pursue are in detailed discussions with our field and technical teams because they see an opportunity to take advantage of what the 64-bit product lines have.

這些客戶對此感興趣，想要獲得產品樣品和工具，並且對他們想要的設計有所了解，他們正在與我們的現場和技術團隊進行詳細的討論，因為他們看到了利用 64 位元產品線的機會。

And so it's optimistic early days, but still early days.

因此，雖然現在看來是樂觀的，但仍然為時過早。

Just one little thing.

只是一件小事。

If history repeats itself, once you start producing the 64-bit chips, the margins on those new products should really move up the ramp quite a bit faster.

如果歷史重演，一旦開始生產 64 位元晶片，這些新產品的利潤率就會上升得更快。

Well, they would certainly be faster than the 32 would assume given the markets that you're targeting.

嗯，考慮到你所針對的市場，它們的速度肯定會比 32 所假設的要快。

Is that a fair assumption?

這是一個合理的假設嗎？

.

。

It's a little early for that.

現在說這個還為時過早。

Typically, the processor or controller margins have all been within a narrow range between them.

通常，處理器或控制器的裕度都在它們之間的狹窄範圍內。

I think to some extent, as we find the specific applications we'll look at that.

我認為在某種程度上，當我們找到具體的應用時，我們就會研究它。

And we want to look at margin not just on that one chip alone.

我們關注的利潤不只在於那一個晶片。

We want to look at how is it with the entire portfolio that attached to that 64 bed.

我們想看看與這 64 張床位相關的整個投資組合的情況如何。

And so the value for us is not just the one chip, but it's really the entire total system solutions that we can bring to that customer.

因此，對我們來說，價值不僅僅在於一塊晶片，而在於我們可以為客戶帶來的整個系統解決方案。

Great.

偉大的。

Thank you.

謝謝。

I would like to turn the floor over to Ganesh for closing remarks.

我想請 Ganesh 作最後發言。

Okay.

好的。

Well, thank you, everybody, for coming in and spending some time with us.

好吧，感謝大家來到這裡並與我們共度時光。

And we look forward to meeting many of you in the coming weeks through the conferences and other meetings that are being set up.

我們期待在未來幾週透過正在安排的會議和其他會談與你們見面。

So thank you.

所以謝謝你。

This concludes this call.

本次通話到此結束。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time and thank you for your participation.

現在您可以斷開您的線路了，感謝您的參與。