微晶片科技 (MCHP) 2026 Q1 法說會逐字稿

Good afternoon ladies and gentlemen and welcome to the Microchip Q1 fiscal 2026 financial results conference call. (Operator Instructions) This call is being recorded on Thursday, August 7, 2025. And I would like to turn a conference over to Mr. Steve Sanghi. Thank you. Please go ahead.

女士們、先生們下午好，歡迎參加 Microchip 2026 財年第一季財務業績電話會議。（操作員指示）此通話於 2025 年 8 月 7 日星期四錄製。我想將會議交給史蒂夫·桑吉先生。謝謝。請繼續。

Thank you operator, 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.

謝謝接線員，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。我們想提醒您，這些聲明只是預測。

And that actual events or results may differ materially 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.

由於實際事件或結果可能存在重大差異，我們建議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 Rich Simoncic, Microchip COO; Eric Bjornholt, Microchips CFO; and Sajid Dowdy, Microchip's Head of Investor Relations. I will provide a reflection on our fiscal 1st quarter 2026 financial results.

今天與我一起出席的還有 Microchip 營運長 Rich Simoncic、Microchip 財務長 Eric Bjornholt 和 Microchip 投資者關係主管 Sajid Dowdy。我將對我們 2026 財年第一季的財務表現進行回顧。

Eric will go over our financial performance and Rich will then review some product line updates. I will then provide an overview of the current business environment and our guidance for second quarter of fiscal year 2026. We will then be available to respond to specific investor and analyst questions.

Eric 將檢查我們的財務業績，然後 Rich 將審查一些產品線更新。然後，我將概述當前的商業環境以及我們對 2026 財年第二季的指導。然後我們將回答投資者和分析師的具體問題。

Microchip employees are often referred to as chippers. I will begin with a question for all of you and then I will provide the answer. How many chippers does it take to deliver a good quarter? The answer is that it takes quite a few. But they all showed up to deliver an outstanding quarter like we produced in the June 2025.

微晶片員工通常被稱為晶片工。我會先向大家提出一個問題，然後我會提供答案。需要多少台削片機才能生產出優質的四分之一？答案是需要相當多。但他們都表現出色，就像我們在 2025 年 6 月所創造的那樣，創造了一個出色的季度。

And that is the point I want to make. 18,000 employees of Microchip worked all last year on a pay cut, have not received a bonus or a salary increase in a year and a half and suffered through a gut-wrenching global layoff earlier this year in March. These employees working with high morale came together to deliver an outstanding quarter. I tipped my hat to all 18,000 employees of Microchip worldwide.

這就是我想要表達的觀點。微晶片公司的 18,000 名員工去年全年都在減薪，一年半內沒有收到獎金或加薪，今年 3 月初還經歷了令人痛心的全球裁員。這些員工士氣高昂，齊心協力，創造了一個出色的季度。我向 Microchip 全球所有 18,000 名員工致敬。

I will highlight a few salient points of our financial results. 10.8% sequential sales growth, net sales were up sequentially in all geographies. Sales from our microcontroller and analog businesses were both up in double digit percentages sequentially, non-GAAP gross margin was 230 basis points sequentially, an incremental non-GAAP gross margin was 76% sequentially. Non-GAAP operating margin was up 670 basis points sequentially.

我將重點介紹我們財務表現的幾個要點。銷售額較上季成長 10.8%，所有地區的淨銷售額均較上季成長。我們的微控制器和模擬業務的銷售額均比上一季度增長了兩位數百分比，非 GAAP 毛利率比上一季增長了 230 個基點，增量非 GAAP 毛利率比上一季增長了 76%。非公認會計準則營業利益率較上月成長 670 個基點。

An incremental non-GAAP operating margin was 82% sequentially. Inventory went down by $124 million sequentially. Our target for the whole fiscal year is a $350 million reduction, so we're off to a very good start. Inventory days were 214 days. Our inventory over two quarters has gone down from 266 days to 251 days to 214 days. We expect inventory at the end of September quarter to be between 195 and 200 days.

非公認會計準則營業利益率較上季成長 82%。庫存連續下降了 1.24 億美元。我們整個財政年度的目標是削減 3.5 億美元，因此我們的開局非常好。庫存天數為214天。我們的庫存在兩個季度內從 266 天下降到 251 天，再下降到 214 天。我們預計九月末的庫存將在 195 至 200 天之間。

The inventory write off in the June quarter was $77.1 million down from $90.6 million in the March quarter. The inventory write-offs are expected to decrease again in the September quarter. Underutilization in our factories in the June quarter was $51.5 million, down from $54.2 million in the March quarter.

6 月季度的庫存註銷金額為 7,710 萬美元，低於 3 月季度的 9,060 萬美元。預計9月季度庫存注銷量將再次減少。6 月季度，我們工廠的未充分利用額為 5,150 萬美元，低於 3 月季度的 5,420 萬美元。

We expect the underutilization will modestly decrease again this quarter with a more significant decrease in the December quarter. Adding $77.1 million of inventory write off and $51.5 million of underutilization charge makes a total of $128.6 million of charges.

我們預計本季未充分利用的情況將再次小幅下降，12 月季度的下降幅度將更為顯著。加上 7,710 萬美元的庫存註銷和 5,150 萬美元的未充分利用費用，總計 1.286 億美元。

Divide that by the net sales of $1.075 billion and you get a non-gap gross margin impact of 12 percentage points, adding it to the reported non-GAAP gross margin of 54.3%. Indicates that the product gross margin was 66.3%. The point is, as inventory write off and underutilization charges decrease, we believe our long-term non-GAAP gross margin target of 65% is achievable.

用該數字除以 10.75 億美元的淨銷售額，您將得到非差距毛利率影響 12 個百分點，將其添加到報告的非 GAAP 毛利率 54.3%。顯示該產品毛利率為66.3%。重點是，隨著庫存註銷和未充分利用費用的減少，我們相信 65% 的長期非 GAAP 毛利率目標是可以實現的。

We have accrued about $5.5 million from the upside profits to provide a small bonus to our 18,000 employees who deserve it very much. The net impact from this accrual is less than a penny per share. And with that, I will pass it on to Eric Bjornholt, who will take you through our more detailed financial performance last quarter. I will come back later to discuss the business environment and provide guidance for the second quarter, Eric.

我們從新增利潤中獲得了約 550 萬美元，為 18,000 名非常值得的員工提供了小額獎金。該應計費用的淨影響不到每股一美分。接下來，我將把這個轉達給 Eric Bjornholt，他將向大家詳細介紹我們上個季度的財務表現。我稍後會回來討論商業環境並為第二季度提供指導，埃里克。

Thanks Steve, and good afternoon, everyone. We are including information in our press release and on 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.

謝謝史蒂夫，大家下午好。我們在新聞稿和電話會議中提供了有關各種 GAAP 和非 GAAP 指標的資訊。我們在我們的網站 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。

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

我們也在我們的網站上發布了未償債務和槓桿指標的摘要。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 June quarter were $1.075 billion, which was up 10.8% sequentially, and $5.5 million above the high end of our updated June quarter guidance provided on May 29. We have posted a summary of our net sales by product line and geography on our website for your reference.

六月當季淨銷售額為 10.75 億美元，季增 10.8%，比我們 5 月 29 日提供的最新六月當季預期高出 550 萬美元。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。

On a non-GAAP basis, gross margins were 54.3%, including capacity under utilization charges of $51.5 million, new inventory reserve charges of $77.1 million, operating expenses were at 33.7% of sales, and operating income was 20.7% of sales.

以非公認會計準則計算，毛利率為 54.3%，其中包括 5,150 萬美元的產能利用率不足費用、7,710 萬美元的新庫存儲備費用，營運費用佔銷售額的 33.7%，營運收入佔銷售額的 20.7%。

Non-GAAP net income was $154.7 million and non-GAAP earnings per diluted share was $0.27, which was $0.01 above the high end of our updated guidance. On a GAAP basis in the June quarter, gross margins were 53.6%.

非公認會計準則淨收入為 1.547 億美元，非公認會計準則每股稀釋收益為 0.27 美元，比我們更新後的指引高端高出 0.01 美元。根據 6 月季度的 GAAP 計算，毛利率為 53.6%。

Total operating expenses were $544.6 million, and included acquisition and tangible amortization of $107.6 million, special charges of $22.2 million which was primarily driven by foundry contract exit costs and our activities associated with the closure of Fab Two. Share-based compensation of $45.2 million and $7.5 million of other expenses. The GAAP net loss attributable to common shareholders was $46.4 million or $0.09 per share.

總營運費用為 5.446 億美元，其中包括 1.076 億美元的收購和有形攤銷、2,220 萬美元的特殊費用，這些費用主要由代工合約退出成本以及與關閉 Fab Two 相關的活動所驅動。股權激勵費用為 4,520 萬美元，其他費用為 750 萬美元。歸屬於普通股股東的 GAAP 淨虧損為 4,640 萬美元，即每股 0.09 美元。

Our non-GAAP cash tax rate was 11.25% in the June quarter, and we expect to record a non-GAAP tax rate of about 9.5% in the September quarter. Our non-GAAP tax rate for fiscal year 2026 is expected to be about 10.25%. which is exclusive of the transition tax and any tax audit settlements related to taxes accrued in prior fiscal years and was positively impacted by the impacts of the recently passed one big, beautiful bill.

我們 6 月季度的非 GAAP 現金稅率為 11.25%，我們預計 9 月季度的非 GAAP 稅率約為 9.5%。我們預計 2026 財年的非 GAAP 稅率約為 10.25%。這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結算，並且受到最近通過的一項重大而美麗的法案的影響。

Our inventory balance at June 30, 2025 was $1.169 billion and down $124.4 million from the balance at March 31, 2025. We had 214 days of inventory at the end of the June quarter, which was down 37 days from the prior quarter's levels by our inventory reduction actions is what drove this.

我們 2025 年 6 月 30 日的庫存餘額為 11.69 億美元，比 2025 年 3 月 31 日的餘額減少了 1.244 億美元。截至 6 月底，我們的庫存天數為 214 天，比上一季減少了 37 天，這得益於我們的庫存削減措施。

Included in our June ending inventory was 16 days of long life cycle, high margin products whose manufacturing capacity has been end of life by our supply chain partners. Inventory at our distributors in the June quarter was at 29 days, which was down four days from the prior quarters level, distribution sell through was about $49.3 million higher than distribution sell in.

我們 6 月的期末庫存包括 16 天的長生命週期、高利潤產品，這些產品的生產能力已被我們的供應鏈合作夥伴終止。6 月季度，我們分銷商的庫存為 29 天，比上一季減少了 4 天，分銷銷售額比分銷銷售額高出約 4,930 萬美元。

Our cash flow from operating activities was $275.6 million in the June quarter. Our adjusted pre-cash flow was $244.4 million in the June quarter, and as of June 30, our consolidated cash and total investment position was $566.5 million. Our total debt decreased by $175 million in the June quarter and our net debt increased by $30.2 million.

六月季度，我們的營運活動現金流為 2.756 億美元。我們 6 月季度的調整前現金流為 2.444 億美元，截至 6 月 30 日，我們的合併現金和總投資狀況為 5.665 億美元。六月季度，我們的總債務減少了 1.75 億美元，淨債務增加了 3,020 萬美元。

Our adjusted EBITDA in the June quarter was $285.8 million and 26.6% of net sales. Our trailing twelve-month adjusted EBITDA was $1.167 billion and our net debt to adjusted EBITDA was 4.22% at June 30, 2025. Capital expenditures were $17.9 million in the June quarter, and we expect capital expenditures for fiscal year 2026 to be at or below $100 million. Depreciation expense in the June quarter was $39.5 million.

我們 6 月季度的調整後 EBITDA 為 2.858 億美元，佔淨銷售額的 26.6%。我們過去十二個月的調整後 EBITDA 為 11.67 億美元，截至 2025 年 6 月 30 日，我們的淨債務與調整後 EBITDA 比率為 4.22%。6 月季度的資本支出為 1,790 萬美元，我們預計 2026 財年的資本支出將達到或低於 1 億美元。六月當季的折舊費用為 3,950 萬美元。

And I will now turn it over to Rich, who will provide some commentary on our product line innovations in the June quarter. Rich?

現在我將把時間交給 Rich，他將對我們 6 月季度的產品線創新提供一些評論。富有的？

Thank you E and good afternoon everyone. I am pleased to share our operational progress this quarter, highlighting strong momentum across Aerospace, Defense, AI applications, and Network Connectivity. As a leading semiconductor supplier to the Department of Defense and our NATO allies, our Aerospace and Defense business continues to strengthen amid increased global defense spending driven by geopolitical tensions and NATO monetization.

謝謝 E，大家下午好。我很高興分享我們本季的營運進展，強調航空航太、國防、人工智慧應用和網路連接方面的強勁發展勢頭。作為美國國防部和北約盟國的領先半導體供應商，在地緣政治緊張和北約貨幣化推動的全球國防開支增加的背景下，我們的航空航天和國防業務繼續加強。

With over 60 years of aerospace and defense heritage, including from our acquisitions, we have recently achieved significant defense industry device qualifications, and continue to expand our product portfolio to support commercial aviation, defense systems, and space application.

我們擁有超過 60 年的航空航太和國防經驗（包括收購所得），最近獲得了重要的國防工業設備資質，並繼續擴大我們的產品組合以支援商業航空、國防系統和太空應用。

Microchip plays a key role supporting products to many modern defense platforms. Also, our radiation tolerant FPGA solutions can deliver up to 50% power savings while maintaining the highest levels of security and reliability.

微晶片在支援許多現代國防平台的產品方面發揮關鍵作用。此外，我們的耐輻射 FPGA 解決方案可節省高達 50% 的功耗，同時保持最高水準的安全性和可靠性。

We have recently expanded our FPGA portfolio by introducing cost-optimized solutions that deliver up to 30% cost reduction, while maintaining industry leading performance and security. This positions us firmly across both high reliability defense applications and broader industrial markets.

我們最近擴展了我們的 FPGA 產品組合，推出了成本優化的解決方案，可降低高達 30% 的成本，同時保持業界領先的效能和安全性。這使我們穩固地立足於高可靠性國防應用和更廣泛的工業市場。

Microchip continues to be a leader in the microcontroller industry and enabling customers with our AI coding assistant. Aiding customers to achieve up to a 40% productivity improvement in programming our microcontroller devices.

Microchip 繼續在微控制器行業中處於領先地位，並為客戶提供我們的 AI 編碼助理。幫助客戶在編程我們的微控制器設備時實現高達 40% 的生產力提升。

At Masters, our major technical conference this week, we previewed further advancements for the attendees with the inclusion of AI agents into the AI coding assistant that will be released into the market in September this year, further improving productivity and reducing time to market for our customers.

在本週我們的主要技術會議 Masters 上，我們向與會者預覽了進一步的進展，將 AI 代理納入 AI 編碼助手中，該助手將於今年 9 月投放市場，進一步提高生產力並縮短客戶的上市時間。

The AI buildout continues to create substantial opportunities across our portfolio. We have secured design wins in data center infrastructure, spanning AI acceleration, storage and network infrastructure with tier one cloud providers and enterprise leaders. We have strategically expanded our connectivity, storage and compute offerings for AI and data center applications, as well as intelligent power modules for AI at the edge.

人工智慧的建設持續為我們的投資組合創造大量機會。我們已與一級雲端供應商和企業領導者在資料中心基礎設施方面贏得了設計勝利，涵蓋人工智慧加速、儲存和網路基礎架構。我們策略性地擴展了針對人工智慧和資料中心應用的連接、儲存和運算產品，以及針對邊緣人工智慧的智慧電源模組。

Security remains paramount as defense and AI deployments proliferate. We have made significant advances with embedded controllers that feature immutable post-quantum cryptography support, which has re which was recently mandated by the NSA. This support enhances the security of platforms using our digital signing for secure boot and secure firmware over the air updates.

隨著國防和人工智慧部署的不斷擴展，安全仍然至關重要。我們在嵌入式控制器方面取得了重大進展，該控制器具有不可變的後量子密碼支援功能，這是美國國家安全局最近強制要求的。此支援增強了使用我們的數位簽章進行安全啟動和安全韌體無線更新的平台的安全性。

These capabilities are essential enablers to protect our Defense, Industrial, and AI applications well into the future in compliance with critical standards such as CMSA 2.0 and the European Cyber Resiliency Act.

這些功能對於保護我們的國防、工業和人工智慧應用在未來符合 CMSA 2.0 和歐洲網路彈性法案等關鍵標準至關重要。

With that, I will pass the call to Steve for comments about our business and guidance going forward. Steve?

說完這些，我將把電話轉給史蒂夫，請他對我們的業務和未來指導發表評論。史蒂夫？

Thank you, Rich. During the last quarter's earnings conference call, I talked about a Trifecta Effect on our revenue growth. We saw that effect in action last quarter. First, our distributors, customers inventory is getting corrected, and we saw the first sequential increase after two years in distribution sales out last quarter.

謝謝你，里奇。在上個季度的收益電話會議上，我談到了三重效應對我們的營收成長的影響。我們在上個季度就看到了這種效果。首先，我們的經銷商和客戶庫存正在調整，上個季度我們看到分銷銷售額兩年來首次連續成長。

Second, the distributors sell in versus sell through gap shrunk from $103 million in the March quarter to only $49.3 million in the June quarter. So distribution sell in is rising to meet the sell through and we believe there is more to go. And third, our direct customers inventory is getting corrected, and we saw the first sequential increase in direct sales in two years.

其次，經銷商的銷售量與銷售總額的差距從 3 月季度的 1.03 億美元縮小至 6 月季度的 4,930 萬美元。因此，分銷銷售額正在上升以滿足銷售量，我們相信還有更大的成長空間。第三，我們的直接客戶庫存正在調整，我們看到兩年來直銷首次連續成長。

This Trifecta Effect led to a 10.8% sequential growth in our net sales in the June quarter. We believe that this dyna dynamic is still in effect. Importantly, we believe that we are seeing what, we believe what we are seeing represents structural demand recovery as we remain below normalized in market demand levels.

這三重效應導致我們 6 月季度的淨銷售額較上季成長 10.8%。我們相信，這種動態仍然有效。重要的是，我們相信我們看到的代表結構性需求復甦，因為我們的市場需求水準仍然低於正常水準。

After two years of correction, we believe we are filling a supply chain deficit rather than experiencing any significant pull forward activity. The second effect I have spoken about is the impact on gross margins. As the inventory comes down, our inventory write off will decrease, thus growing our gross margin percentage.

經過兩年的調整，我們相信我們正在填補供應鏈赤字，而不是經歷任何重大的拉動活動。我談到的第二個影響是對毛利率的影響。隨著庫存的下降，我們的庫存註銷也會減少，從而提高我們的毛利率。

And as the inventory comes down and we start to grow the factories again, our underutilization charge will decrease and will further grow the gross margin. We saw these two effects in action last quarter.

隨著庫存下降和我們再次開始擴大工廠，我們的未充分利用費用將會減少，毛利率將進一步提高。我們在上個季度看到了這兩種效應。

Our inventory write off decreased from $90.6 million in the March quarter to $77.1 million in the June quarter. Our factory underutilization charge dropped from $54.2 million in the March quarter to $51.5 million in the June quarter. This combined effect is adding to our gross margin.

我們的庫存註銷從 3 月季度的 9,060 萬美元減少到 6 月季度的 7,710 萬美元。我們的工廠未充分利用費用從 3 月季度的 5,420 萬美元下降到 6 月季度的 5,150 萬美元。這種綜合效應增加了我們的毛利率。

We expect the increase in gross margin percentage will continue as the inventory right of continues to decrease and we ramp the factories, which will lower the underutilization charge. We currently plan to start increasing wafer starts in the December quarter. Now, the market environment. We are seeing some recovery in our key end markets.

我們預計，隨著庫存量的持續減少和工廠產能的擴大，毛利率百分比將持續上升，這將降低未充分利用的費用。我們目前計劃從 12 月季度開始增加晶圓產量。現在，市場環境。我們看到主要終端市場正在復甦。

Automotive, industrial communication, data center, aerospace and defense, markets and consumer are all looking somewhat better. While we have not seen any material tariff related pull-ins in April and May, we saw some selective acceleration of orders from Asia which appeared to be tariff related. We believe that such pullings amounted to only mid to high single digit millions.

汽車、工業通訊、資料中心、航空航太和國防、市場和消費者的情況都略有改善。雖然我們在四月和五月沒有看到任何與關稅相關的實質拉動，但我們看到來自亞洲的訂單有選擇性加速，這似乎與關稅有關。我們認為，此類拉動的總額僅為數千萬至數千萬。

However, it is important to provide context on pull-ins more broadly. We are still shipping below normalized in market demand across most of our markets after two years of inventory correction. This deficit to normal demand levels means that any pull-in we are seeing represents underlying demand where the inventory has run out at the customers rather than borrowing from future quarters.

然而，更廣泛地提供有關拉動的背景資訊也很重要。經過兩年的庫存調整後，我們在大多數市場的出貨量仍然低於市場需求的正常水準。這種與正常需求水準的差距意味著，我們看到的任何拉動都代表著潛在的需求，即客戶的庫存已經用完，而不是從未來幾季借來的。

Now let's go into our guidelines for the September quarter. We believe substantial inventory destocking has occurred at our customers, channel partners and downstream customers, and the Trifecta Effect is in play. Our backlog for the September quarter started higher than the starting backlog for June quarter, and as of this time, the backlog for September quarter is comfortably higher than the backlog for June quarter at the same point in time.

現在讓我們來看看九月季度的指導方針。我們認為，我們的客戶、通路合作夥伴和下游客戶已經大幅減少了庫存，三重效應正在發揮作用。我們 9 月季度的積壓訂單量一開始就高於 6 月份季度的起始積壓訂單量，而截至目前，9 月份季度的積壓訂單量也明顯高於同一時間點的 6 月份季度的積壓訂單量。

The bookings for July were higher than bookings for any month in the last three years. I will make a comment about lead times. While lead times for products have been four to eight weeks for some time, we are experiencing a lead time bounce off the bottom and increases on some of our products.

七月份的預訂量高於過去三年中任何一個月的預訂量。我將對交貨時間發表評論。雖然一段時間以來產品的交貨週期一直是四到八週，但我們正在經歷交貨週期的反彈，並且某些產品的交貨週期正在增加。

While we have sufficient inventory, it is mostly held in the di form. We still have to package and test the products. We're running into challenges on certain kind of lead frames, substrates and subcontracting capacity. While these challenges are isolated to specific areas, we expect them to broaden and lead times go from the four to eight weeks range to more like 6 to 10 weeks range out in time and on certain products they're likely to go to 8 to 12 weeks range.

雖然我們有足夠的庫存，但大部分都是以 di 形式持有。我們還必須包裝和測試產品。我們在某些類型的引線框架、基板和分包能力方面遇到了挑戰。雖然這些挑戰僅限於特定領域，但我們預計這些挑戰將會擴大，交貨時間將從 4 到 8 週延長至 6 到 10 週，而某些產品的交貨時間可能會延長至 8 到 12 週。

The customer and distributor inventories have begun to run low on many products. We are increasing increasingly getting short-term shipment requests and pull-ins of the prior orders. Our customers will be well advised to manage their backlog and have 12 to 16 weeks of their needs on backlog, so they're not caught short.

客戶和分銷商的許多產品庫存已開始不足。我們收到的短期出貨請求和先前訂單的請求越來越多。我們建議客戶妥善管理他們的積壓訂單，並將 12 至 16 週的需求積壓，這樣他們就不會陷入困境。

The emerging lead time pressures and increasing customer requests for expedited shipments reflect the reality that inventories have run too low on certain products. This dynamic supports our view that we are seeing demand normalization from a severely corrected starting point rather than speculative buying or any significant pull forward activity.

新出現的交貨時間壓力和客戶對加急發貨日益增長的要求反映了某些產品的庫存過低的現實。這種動態支持了我們的觀點，即我們看到需求從一個嚴格修正的起點開始正常化，而不是投機性購買或任何顯著的提前活動。

Taking all of these factors into account, we expect our net sales for the September quarter to be $1.13 billion plus the minus $20 million. We expect our non-GAAP gross margin to be between 55% and 57% of sales. We expect our non-GAAP operating expenses to be between 32.4% and 32.8% of sales. We expect our non-GAAP operating profit to be between 22.2% and 24.6% of sales. We expect our non-GAAP diluted earnings per share to be between $0.30 and $0.36 per share.

考慮到所有這些因素，我們預計 9 月季度的淨銷售額為 11.3 億美元，減去 2,000 萬美元。我們預期非公認會計準則毛利率將介於銷售額的55%至57%之間。我們預計非公認會計準則營運費用將佔銷售額的 32.4% 至 32.8% 之間。我們預計非公認會計準則營業利潤將佔銷售額的 22.2% 至 24.6% 之間。我們預計非公認會計準則每股攤薄收益在 0.30 美元至 0.36 美元之間。

I want to again highlight the leverage in our business model. With a $54.5 million sequential increase in net sales at the midpoint, we would expect to see approximately 77% of such amount go to the bottom line as non-GAAP operating profit. As the inventory drains further and inventory write-offs decrease, we expect our gross margin recovery will accelerate and with the incremental profits going to the bottom line, we will have tremendous leverage.

我想再次強調我們商業模式中的槓桿作用。由於淨銷售額環比中位數成長 5,450 萬美元，我們預計其中約 77% 將以非 GAAP 營業利潤的形式計入利潤。隨著庫存進一步減少和庫存註銷減少，我們預計毛利率的恢復將會加速，隨著增量利潤進入底線，我們將擁有巨大的槓桿作用。

Finally, a comment on our capital return program for shareholders. After this September quarter, we expect our adjusted free cash flow to exceed our dividend payment, driven by increasing revenue and profitability, low CapEx and liberating cash from the inventory. Therefore, we do not expect to have to borrow money to pay our dividend after this quarter. In future quarters, we intend to use this excess, adjusted cash flow to bring down our borrowings.

最後，對我們的股東資本回報計劃進行評論。今年九月季度之後，我們預計調整後的自由現金流將超過股息支付，這得益於收入和盈利能力的提高、較低的資本支出以及從庫存中釋放的現金。因此，我們預計本季之後不需要藉錢來支付股利。在未來幾個季度，我們打算利用這些多餘的、調整後的現金流來減少我們的借款。

With that operator, will you please pull a question?

有那個接線員，您能提一個問題嗎？

(Operator Instructions)

（操作員指示）

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thank you for taking my question. Steve, many of us equate, better than seasonal, sequential trends as a sign of recovery. So when you look at your September quarter outlook, sales up 5% or so sequentially, would you call that seasonal above seasonal.

感謝您回答我的問題。史蒂夫，我們中的許多人都認為，與季節性相比，連續趨勢更能反映復甦的跡象。因此，當您查看 9 月份季度展望時，銷售額環比增長 5% 左右，您是否認為這是季節性因素？

I think basically what we're all trying to get our hands on is that yes, there is a recovery, but are we done with that stronger recovery as in a lot more above seasonal quarters. So just how would you describe September seasonal above seasonal, and then what does that kind of inform us as to how December could shape up in kind of similar terms?

我認為，基本上我們都在努力實現的是，是的，經濟確實在復甦，但我們是否已經完成了比季節性季度更強勁的復甦？那麼，您如何描述 9 月的季節性變化？這又能告訴我們 12 月的類似變化嗎？

So thanks, Vivek. September quarter guidance of 5.1% of sequentially would be considered well above seasonal. Our seasonal increase usually per quarter are really in the 3% range in the September quarter and December quarter usually is the weakest quarter of the year and ordinary times in a totally normal inventory times, December quarter will be sequentially slightly down, and March quarter will be up again.

所以謝謝你，Vivek。9 月季度預期為環比增長 5.1%，被認為遠高於季節性水平。我們的季節性成長通常每個季度都在 3% 左右，9 月季度和 12 月季度通常是一年中最疲軟的季度，在完全正常的庫存時期，12 月季度將環比略有下降，而 3 月季度將再次上升。

So, we were strongly above seasonal in the June quarter. We're strongly above seasonal in the September quarter. And I would expect that we'll continue to be above seasonal in December and March.

因此，我們六月季度的業績遠高於季節性。9 月季度我們的業績遠高於季節性水準。我預計 12 月和 3 月的銷售仍將高於季節性水準。

Alright. Thank you, Steve. And when we look at several of your peers, they had a strong June, they kind of guided September lineage, but they expressed some caution as they looked at December onwards, mainly because there seems to be kind of this renewed, threat about the delayed impact of tariffs and and whatnot.

好吧。謝謝你，史蒂夫。當我們觀察你們的幾位同行時，我們發現他們在 6 月份表現強勁，在某種程度上引領了 9 月份的走勢，但在展望 12 月份及以後時，他們表達了一些謹慎態度，主要是因為似乎存在著一種新的威脅，即關稅等因素的延遲影響。

What's your receive of the macro Environment? Do you think that as you look beyond September, that the recovery is as strong as you thought, 33 months ago? Just how would you kind of contrast the kind of recovery you are seeing versus the slightly more conservative tone that some of your analog peers have indicated on their earnings calls? Thank you.

您對宏觀環境有何看法？您是否認為，展望 9 月以後，經濟復甦會像您 33 個月前想像的那麼強勁？您如何看待您所看到的復甦與一些模擬同行在收益電話會議上表現出的略微保守的態度？謝謝。

So we make, our sales went down much more significantly than others, because of really excessive inventory at the direct customers as well as channels, driven by our PSP program which was launched during the COVID years and continued well afterwards.

因此，我們的銷售額下降幅度比其他公司要大得多，這是因為直接客戶和通路的庫存確實過剩，這是由我們在 COVID 期間啟動並在之後持續良好的 PSP 計劃推動的。

Many of our competitors and peers got off the non-cancelable, non-returnable treadmill, I think a year earlier than microchip did, and we therefore we continue to shift large amount of products to our customers and distributors in accordance with the PSP rules. So therefore, when we eventually corrected our sales went down much harder than others.

我們的許多競爭對手和同行都擺脫了不可取消、不可退貨的困境，我想這比微晶片早了一年，因此我們繼續按照 PSP 規則將大量產品轉移給我們的客戶和分銷商。因此，當我們最終糾正時，我們的銷售額下降得比其他人更嚴重。

So what we are seeing right now is the trifecta effect we talked about inventory is going down at our distributors customers, they're going down at distributors, our sales in a catching to sales out from distributors, our direct customer inventory is going down. So we believe the dynamics that are taking place at Microchip are more driven by those kind of factors and not any kind of tariff related pulling we have you know done substantial analysis on the tariff question.

因此，我們現在看到的是我們所說的三重效應，即我們的分銷商客戶的庫存正在下降，分銷商的庫存正在下降，我們的銷售額趕上分銷商的銷售額，我們的直接客戶庫存正在下降。因此，我們認為，微晶片的動態更多地受到這些因素的驅動，而不是任何與關稅相關的拉動，我們已經對關稅問題進行了大量的分析。

So, part of a normal process each quarter is to ask our distributors to explain any significant fluctuations in their customers' quarterly sales. This is done at a very forensic level so covering a large percentage of our customer base. We did this and we identified a small number of customers that identified tariffs as the reason for the sequential change in their revenue.

因此，每個季度的正常流程的一部分是要求我們的分銷商解釋其客戶季度銷售額的任何重大波動。這是在非常嚴謹的層面上完成的，因此涵蓋了我們很大一部分客戶群。我們這樣做了，並確定了少數客戶認為關稅是其收入連續變化的原因。

When we extrapolated this data, we believe the impact came out to be only mid to high single digit, $7, $8, $9 million range. We have no direct customers that indicated that tariffs was the reason for the increase in revenue. I also want to remind investors that a very high percentage of our direct customer exposure in China, actually is manufactured in free trade zones, that are not impacted by tariffs.

當我們推斷這些數據時，我們認為影響僅為中高個位數，即 700 萬、800 萬、900 萬美元的範圍。我們沒有直接客戶表示關稅是收入增加的原因。我還想提醒投資者，我們在中國直接客戶中很大一部分產品實際上是在自由貿易區生產的，不受關稅的影響。

So, therefore the phenomena we're seeing at microchip is really related to inventory digestion than any kind of tariff plan activity.

因此，我們在微晶片上看到的現象實際上與庫存消化有關，而不是任何類型的關稅計劃活動。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾、派珀·桑德勒。

Yeah. Hey Steve, I've got two as well. Steve, I was hoping that for September quarter you could help us understand the growth between the two key end markets auto and what I would call as pure industrial, and why I'm saying pure industrial is because you're in defense and defense is very strong for obvious reasons and it's queuing things for the industrial category.

是的。嘿，史蒂夫，我也有兩個。史蒂夫，我希望你能幫助我們了解 9 月份季度中兩個關鍵終端市場汽車和我所說的純工業之間的增長情況，我之所以說是純工業，是因為你在國防領域，而且出於顯而易見的原因，國防非常強大，它正在為工業類別排隊。

So I was hoping that just outside of defense, if we could just talk about, in September, which ones, how do you see auto versus pure industrial playing out?

所以我希望，除了國防之外，如果我們可以在 9 月討論一下，您如何看待汽車和純工業的發展？

So, with such a strong growth of 10.8% sequentially, which you analyze it, it's a phenomenal, enormous rate of growth. So with a very strong June quarter, we actually saw growth across all of our product lines and markets micro controllers, analog. So it was very broad based and all geographies, so therefore I think my simple answer would be we saw recovery pretty much in all in markets.

因此，如果以環比 10.8% 的強勁成長率來分析，這是一個驚人的、巨大的成長率。因此，由於 6 月季度表現非常強勁，我們實際上看到所有產品線和市場（微控制器、模擬）均實現成長。因此，它的基礎非常廣泛，並且涉及所有地區，因此我認為我的簡單答案是，我們看到幾乎所有市場都出現了復甦。

Okay. Fair enough. Can I ask you, Steve, at this point, you feel like sell through is equal or higher than selling at your distributors and if there's a gap, what kind of gap there are to the best of your knowledge? I know it's a difficult one to answer, what kind of gap exists, and your inventory dollars came down I think by $124 million which is a big number. How far do you think you are from where you want to be in terms of optimal inventory level?

好的。很公平。史蒂夫，我可以問你一下嗎，目前，你覺得銷售量等於或高於分銷商的銷售量，如果存在差距，那麼據你所知，差距是什麼樣的？我知道這是一個很難回答的問題，有什麼樣的差距，我認為你的庫存美元下降了 1.24 億美元，這是一個很大的數字。就最佳庫存水準而言，您認為您距離想要達到的目標還有多遠？

I think we gave you the number and I prepared remarks. Let me pull it out again.

我想我們已經給了你號碼，我也準備好評論了。讓我再把它拔出來。

So, maybe I missed it, Steve.

所以，也許我錯過了，史蒂夫。

So, sell through and distribution was $49.3 million higher than what sell-in was, and that's just the distribution piece of our business, which is a little less than 50%. We absolutely believe that our direct customers are draining inventory too and consuming more than we're shipping to them, but we just don't have real-time data to show you.

因此，銷售和分銷額比銷售額高出 4,930 萬美元，而這只是我們業務的分銷部分，略低於 50%。我們確信我們的直接客戶也在消耗庫存，消耗的庫存比我們運送給他們的庫存還多，但我們只是沒有即時數據可以向您展示。

But that that $49.3 million compares to $103 million the quarter before. So the gap is shrinking, but there's still a gap.

但這 4,930 萬美元與上一季的 1.03 億美元相比有所下降。因此差距正在縮小，但差距仍然存在。

There's still a $49.3 million GAAP, so selling is rising to meet sell through. We closed half the gap last quarter, and we don't know, could take a couple of more quarters to close the rest of the gap.

仍有 4,930 萬美元的 GAAP，因此銷售額正在上升以滿足銷售量。上個季度我們縮小了一半的差距，但我們不知道是否還需要幾季才能縮小剩下的差距。

Understood. Thank you.

明白了。謝謝。

Yeah, progress we're making towards inventory, right, the inventory target overall, and Steve, do you want to address, or do you want me to?

是的，我們在庫存方面正在取得進展，對，總體庫存目標，史蒂夫，你想解決，還是你想讓我解決？

Yeah, so I'll address it. So we are bringing inventory down in days of sales in pretty heavy chunks. It was 266 days of inventory at the end of December. That came down to 251 days at the end of March, came down to 214 days, very large drop at the end of June, and we are forecasting that we will break the 200 and be between 195 and 200 at the end of September.

是的，所以我會解決這個問題。因此，我們在銷售旺季會大量減少庫存。12月底庫存天數為266天。3 月底降至 251 天，6 月底降至 214 天，降幅非常大，我們預測 9 月底將突破 200 天，達到 195 至 200 天之間。

In dollars of inventory reduction, we reduced inventory last quarter by $124.4 million. So we're making massive progress by shutting down one of our Fab, the Fab 2 and a substantial scaling down of our other fabs. We are producing products in our factories which is well below the rate of consumption, that's why the inventories are dropping by a very large amount, and you know that essentially will continue.

以庫存減少的金額來計算，我們上個季度的庫存減少了 1.244 億美元。因此，我們透過關閉我們的一個晶圓廠（晶圓廠 2）以及大幅縮減其他晶圓廠的規模，取得了巨大進展。我們工廠生產的產品遠低於消費率，這就是庫存大幅下降的原因，你知道這種情況基本上會持續下去。

We will start growing. Wafer starts in December quarter as I said in my remarks, and not that our inventory has fully come down, but if we wait till our inventory is totally normal to then start growing the fabs we're going to have to grow the fabs by 30%-40% in a single quarter and that's not possible. So therefore, we have to start early and asymptotically reach the number where the abs need to run.

我們將開始成長。正如我在發言中所說，晶圓從 12 月季度開始生產，並不是說我們的庫存已經完全下降，但如果我們等到庫存完全正常後才開始擴大晶圓廠，我們將不得不在一個季度內將晶圓廠的產能擴大 30%-40%，而這是不可能的。因此，我們必須儘早開始，並漸近地達到腹肌需要運行的數字。

Understood, Steve and Eric. Thank you so much.

明白了，史蒂夫和艾瑞克。太感謝了。

Christopher Caso, Wolfe Research .

沃爾夫研究公司的克里斯多福‧卡索。

Yes, thanks. Good evening. I guess the first question, maybe following on some of your prior comments is, just getting a sense of how far below end demand, you think you're really shipping now and recognize you have your best data, with distributors and you talked about how low point of sale is and I guess the quick math, it would seem like I guess you're about maybe 10% below point of sale and distribution.

是的，謝謝。晚安.我想第一個問題，也許是根據您之前的一些評論，只是想了解一下低於最終需求的程度，您認為您現在真正的出貨量，並認識到您擁有最好的數據，與分銷商一起，您談到了銷售點有多低，我想快速計算一下，看起來我猜您的銷售點和分銷點可能比這低了 10% 左右。

But the distributor inventory is also, not at bad levels. Do you have a sense of how much by how much you might be under shipping, real in demand that your direct customers?

但分銷商的庫存水準也還不錯。您是否了解您的運送量可能比您的直接客戶的實際需求少多少？

We have a sense, but the sense is not audit proof and really can't be discussed outside. The number that that we could share, and we have shared is the gap between selling and sell out because those are two actual numbers. Other than that, how much inventory our distributor customers have is very anecdotal by asking our distributors by asking some of the customers that we jointly visit and since the customer base is so broad, having 10,000+ customers.

我們有一種感覺，但這種感覺不是審計證據，而且確實不能在外面討論。我們可以分享並且已經分享的數字是銷售量和售出量之間的差距，因為這是兩個實際數字。除此之外，我們的經銷商客戶有多少庫存，是透過詢問我們的經銷商，詢問我們共同拜訪的一些客戶來了解的，因為客戶群非常廣泛，有 10,000 多個客戶。

Even if you do the analysis based on larger customers, it's really, it's not audit proof and then when you get to your direct customers, the analysis is even more difficult. Many of our large industrial customers buy 900 different line items and produce the product in 26 different factories around the world, and some products have inventory and some products are short and they're expediting those products.

即使你根據較大的客戶進行分析，它實際上也不是審計證明，而當你接觸到直接客戶時，分析就更加困難了。我們的許多大型工業客戶購買 900 種不同的產品，並在全球 26 個不同的工廠生產產品，有些產品有庫存，有些產品短缺，他們正在加快生產這些產品。

So to get a total feel for it is very difficult, but anecdotally, as we do the analysis we know many line items that have a run rate and they're not buying because they still have inventory. And on other line items, they were not buying two months ago or three months ago and they're buying now which means the inventory is running low.

因此，要全面了解這一點非常困難，但有趣的是，當我們進行分析時，我們知道許多產品都有運行率，但他們沒有購買，因為他們仍然有庫存。對於其他產品，他們兩個月前或三個月前沒有購買，但現在正在購買，這意味著庫存不足。

So I think when I put it all together, I believe inventory collection will continue for some time and our sales will continue to grow towards the more normalized levels. Exactly how far are we and when will that end? I don't think I can put a number with very high confidence.

因此，我認為，當我把所有因素綜合起來時，我相信庫存收集將持續一段時間，我們的銷售額將繼續增長，朝著更正常的水平發展。我們到底走了多遠，什麼時候才會結束？我認為我無法非常自信地給出一個數字。

Right. I mean, it sounds like and maybe if I could ask a different way which be easier to answer. Do you think that you're under shipping the direct customers by more, less, or less than the distribution customers based on the rough analysis you've been able to do?

正確的。我的意思是，這聽起來好像如果我可以用不同的方式提問會更容易回答。根據您的粗略分析，您認為您向直接客戶發貨的數量是比向分銷客戶發貨的多、少還是少？

Again, just directionally, during the Gogo days we prioritize shipping to direct customers more than to distributors. So direct customers got a more than fair share of the product and therefore direct customers in most cases build higher amount of inventory then the distributors were able to do. So I think just by that statement, I would say the inventory at that direct customers is probably higher than the inventory at distributors.

再次，從方向上看，在 Gogo 時代，我們優先向直接客戶發貨，而不是分銷商。因此，直接客戶獲得了超過公平份額的產品，因此在大多數情況下，直接客戶建立的庫存量比分銷商能夠建立的庫存量要高。因此，我認為僅從這個說法來看，我會說直接客戶的庫存可能高於分銷商的庫存。

Right. All right. That's helpful call. Thanks, Steve.

正確的。好的。這是很有幫助的電話。謝謝，史蒂夫。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Hey guys. Good afternoon. Thanks for taking my question. I wanted to, maybe I miss started. I just wanted to know the timing, you talked about lead times extending from 48, 6 to 10, 8 to 12. Is that now or is that where you expect it to go?

嘿，大家好。午安.感謝您回答我的問題。我想，也許我錯過了開始。我只是想知道時間安排，您談到了交貨時間從 48、6 到 10、8 到 12 延長。現在是這樣嗎？或者您期望它會發生這種情況嗎？

So lead times, broadly on most of our products lead times are four to eight weeks, but on certain products like I said, in a certain packets, the lead times have gone longer and some of them are 6 to 10 weeks and some are even headed towards 8 to 12 weeks, and those are cases where we are short of lead frames or short of substrates or in a given pocket, given package type our subcontractors are overbooked.

因此，我們的大多數產品的交貨週期大致為 4 至 8 週，但對於某些產品（如我說過的某些封裝），交貨週期會更長，有些為 6 至 10 週，有些甚至達到 8 至 12 週，這些都是由於我們缺少引線框架或基板，或者在特定情況下，由於封裝類型的原因，我們的分包商預訂。

We're trying to find a negotiate a place, so this always starts party like this and we have a substantial recovery to go through in our sales still because we're shipping so much below the end in consumption. So this is just a warning shot to our customers to really bring their backlog healthy because lead time being shorted, you get very short term bookings, you get very short term visibility.

我們正在嘗試尋找一個談判地點，因此這總是會開始這樣的聚會，而且我們的銷售額仍需要大幅回升，因為我們的出貨量遠低於最終消費量。所以這只是對我們的客戶發出的一個警告，讓他們真正把積壓的訂單控制在健康水平，因為交貨時間縮短了，你得到的是短期預訂，你得到的是短期可見性。

So it's a message to our investors but more than that it's a message to our customers to make sure that they look at their demand for 12 to 16 weeks and give us that backlog so we can buy lead frames and substrates and start wafers and do everything in the right mix to be able to meet their needs.

因此，這是向我們的投資者發出的一個信息，但更重要的是，這是向我們的客戶發出的一個信息，確保他們關注 12 到 16 週的需求，並將積壓訂單交給我們，這樣我們就可以購買引線框架和基板，開始生產晶圓，並以正確的組合做所有事情，以滿足他們的需求。

Gotcha. So I think you kind of answered it, but you said that you had more bookings at this time versus last time the same time frame last quarter. Yeah, I guess if it leads times, kind of the duration is the part we don't know. Is the, when you look at how you set the guide, the level of turns you're looking for in the quarter the same or is it different?

明白了。所以我想你已經回答了這個問題，但是你說這次的預訂量比上個季度同一時間段的預訂量要多。是的，我想如果它領先時間，那麼持續時間就是我們不知道的部分。當您查看如何設定指南時，您在季度中尋找的轉彎水平是否相同或不同？

Yeah. So July bookings were the largest bookings for any month in the last three years, any month of June quarter, but any month of the prior three years, so we had a very strong month of July. Now, bookings every quarter are different based on how much backlog you begin with and what the lead times are. If the lead times are short, you get higher terms. If the lead times are longer, you get less times.

是的。因此，7 月份的預訂量是過去三年中任何月份、6 月份季度任何月份以及前三年任何月份中最大的預訂量，因此 7 月份的預訂量非常強勁。現在，每季的預訂量都會有所不同，這取決於您開始時的積壓量和交貨時間。如果交貨時間較短，您可以獲得更高的條款。如果交貨時間較長，您獲得的時間就會較少。

And our backlog started in September quarter stronger than June quarter. And you know the terms requirement is about the same and with the same kind of terms requirement roughly, I think we'll have a good quarter.

我們的積壓訂單從 9 月季度開始就比 6 月季度更加強勁。而且您知道條款要求大致相同，並且大致具有相同類型的條款要求，我認為我們將度過一個美好的季度。

James Schneider, Goldman Sachs.

詹姆斯·施奈德，高盛。

Good evening. Thanks for taking my question. I was wondering if you could maybe comment on any end markets that you think are materially lagging in terms of end demand. Steve, I know you talked about a number that are they're doing well, as most of them, I believe. Any of that are lagging and do you see any improvement in the ones that are lagging?

晚安.感謝您回答我的問題。我想知道您是否可以對您認為在終端需求方面嚴重滯後的任何終端市場發表評論。史蒂夫，我知道你談到了他們中的大多數人做得很好，我相信。其中有任何滯後之處嗎？您是否看到滯後之處有任何改善？

The reason I asked the question is because I believe your other products didn't really grow much sequentially and think they were down slightly sequentially just trying to understand what happened there.

我之所以問這個問題，是因為我相信你們的其他產品實際上並沒有連續增長太多，而且我認為它們連續略有下降，只是想了解那裡發生了什麼。

I would say, oh this is Simon, I would say automotive is still lagging more than any of our other markets today. If you wanted to be specific about that. AI data centers or data centers are doing very well and recovering, industrial, some of the smaller and medium sized customers are starting to recover It seems that the one that's probably lagging the most is, automotive at this point in time.

我想說，哦，這是西蒙，我想說汽車市場目前仍然比我們的其他市場落後。如果你想具體說明這一點。人工智慧資料中心或資料中心表現良好，正在復蘇，工業、一些中小型客戶也開始復甦，目前看來，最落後的可能是汽車產業。

Yeah, and that that other category of revenue that you're referring to is, everything other than the microcontrollers and analog and includes licensing and some other things that tend to be a little bit more lumpy, so that that can drive some of that fluctuation quarter to quarter, James.

是的，您所指的另一類收入是除微控制器和模擬產品之外的所有收入，包括許可和其他一些往往更加不穩定的東西，因此這可能會導致季度間的波動，詹姆斯。

Okay. That's helpful. Thank you. And then maybe just as a follow up, relative to the President Trump's press conference yesterday, where he talked about tariff exemptions for companies with US-based investment or increased U.S. based manufacturing investment, just wanted to confirm, is it your understanding that your existing US manufacturing investments qualify you for that exemption, or do you have to do more, or do you not know yet?

好的。這很有幫助。謝謝。然後也許只是作為一個後續問題，相對於昨天特朗普總統的新聞發布會，他在會上談到了對在美國投資或增加在美國製造業投資的公司免徵關稅，只是想確認一下，您是否理解您現有的美國製造業投資使您有資格獲得該豁免，或者您是否必須做更多，或者您還不知道？

Yeah. So I think you know, anything President Trump says is never clear and often changes a week or two weeks later. But the way we understand what he said, it's not by products that are made in the US and the products that are made overseas. So, we make some products here and we make some products overseas in TSMC and other places.

是的。所以我認為，川普總統所說的任何話都是不明確的，而且經常在一兩週後發生變化。但根據我們的理解，這並不是指美國製造的產品和海外製造的產品。因此，我們在這裡生產一些產品，並在台積電和其他地方生產一些產品。

So it's not that you have to pay tariff on the products that are made overseas, but you qualify as a company. Now as a company we make large amount of manufacturing in US and then we also buy wafers from foundries outside.

因此，並不是說您必須為海外生產的產品繳納關稅，而是您作為一家公司就有資格繳納關稅。現在，作為一家公司，我們在美國進行大量製造，然後我們也從外面的代工廠購買晶圓。

So because we make so many investments in US, and large amount of manufacturing in the US, our interpretation is that we will qualify to be exempt from tariff and if that is the case and if that holds, then I think we are okay and maybe in better shape than some of our competitors like the Japanese competitors and others.

因此，由於我們在美國進行瞭如此多的投資，並且在美國進行了大量的製造，我們的解釋是，我們將有資格享受關稅豁免，如果情況確實如此，並且如果這種情況持續下去，那麼我認為我們的狀況還不錯，甚至可能比我們的一些競爭對手（例如日本競爭對手和其他競爭對手）的狀況更好。

Thank you very much.

非常感謝。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Thanks a lot. Steve, you said bookings are the highest since July 2022, but in reference to another question, you're guiding up 5%. Yes, it is better than seasonal, but it's not that much better. And then you just said that turns are about the same in Q3 unless I misunderstood what you said.

多謝。史蒂夫，您說預訂量是 2022 年 7 月以來的最高水平，但關於另一個問題，您預計預訂量將上漲 5%。是的，它比季節性要好，但沒有好多少。然後你剛剛說 Q3 中的轉彎大致相同，除非我誤解了你的意思。

So to me that kind of implies that a lot of these bookings are filling in Q4, as in the December, rather than calendar Q3. So is it fair that you can say at this point that December should be another really good quarter?

所以對我來說，這意味著很多預訂都是在第四季度（即 12 月）完成的，而不是日曆上的第三季。那麼，您現在可以說 12 月應該又是一個非常好的季度嗎？

Yeah. I think I'm not willing to get that far. I think I said in my commentary that I would, I expect us to continue to be above seasonal in September, December, and even into March. Good quarter is anybody's definition. I don't know, without numbers what that means but what happened in on July 1, our backlog for the September quarter was meaningfully higher than our backlog for the June quarter on April 1.

是的。我想我不願意走那麼遠。我想我在評論中說過，我預計我們的業績在 9 月、12 月，甚至 3 月將繼續高於季節性水平。任何人對「好季度」都有自己的定義。我不知道，沒有數字這意味著什麼，但 7 月 1 日發生的事情是，4 月 1 日我們 9 月季度的積壓訂單明顯高於 6 月季度的積壓訂單。

And if we get about the same amount of terms this quarter as we got last quarter, then we'll have a good September quarter. Having said that, there are strong bookings this quarter, some are terms, and some are going into the calendar fourth quarter.

如果我們本季獲得的條款數量與上一季大致相同，那麼我們將會有一個良好的九月季度。話雖如此，本季的預訂量仍然很大，有些是長期預訂，有些則進入第四季度。

Okay, thanks. And then, you did say that lead times are lengthening, and you actually said you're encouraging customers to expedite orders. I think a lot of us see what happened to last cycle and worried that we, that when we hear that it could scare customers off a little bit because of the potential to get back into like a PSP sort of a dynamic.

好的，謝謝。然後，您確實說過交貨時間正在延長，並且您實際上說過您正在鼓勵客戶加快訂單。我想我們很多人都看到了上一個週期發生的事情，並且擔心，當我們聽到它可能會嚇跑一些客戶，因為有可能重新回到類似 PSP 的動態。

So, lead times are already sort of doubling for some products and you barely even come off the bottom. How are you managing this messaging to customers to avoid what kind of, happened last cycle? Thanks.

因此，某些產品的交貨時間已經翻倍，而您甚至難以擺脫困境。您如何向客戶傳達這些訊息，以避免上個週期發生類似的情況？謝謝。

So first of all, we're not asking any customers to expedite orders. We're simply asking them to place the order with a scheduled backlog. So, today a lot of the orders are very short term orders because lead times are very short and what they need in Q4, they think they can place the order in late September and still get the product.

首先，我們不會要求任何客戶加快訂單。我們只是要求他們按照預定的積壓訂單下訂單。因此，今天很多訂單都是短期訂單，因為交貨時間很短，而且他們在第四季度需要什麼，他們認為他們可以在 9 月底下訂單並仍然可以獲得產品。

And we're simply saying look a little bit further ahead and lay it in the backlog for every month going out for months, which is not the same as expediting orders. We're not asking them to take the product early, we're not trying to ship above demand. We're simply asking them to place the orders.

我們只是說要稍微提前考慮一下，並將其放在每個月的積壓訂單中，這與加快訂單不同。我們並沒有要求他們提前拿走產品，我們也沒有試圖超出需求來發貨。我們只是要求他們下訂單。

Secondly, we're not changing the rules of cancellation. So if they give us a higher visibility and they demand changes higher or lower or they want to change the product, the product is cancelable, it's not non-cancelable order. So they have complete flexibility therefore there is no comparison to a PSP environment.

其次，我們不會改變取消規則。因此，如果他們給我們更高的可見度，並且他們要求更高或更低的變化，或者他們想要更改產品，則產品是可取消的，而不是不可取消的訂單。因此它們具有完全的靈活性，因此與 PSP 環境沒有可比性。

Right. The other thing that we are seeing from customers and Steve kind of alluded to this earlier is we are seeing them they'll have an order already on the books and then they ask to pull that in and sometimes that can be challenging without visibility to be able to meet their new requested date. So, having better backlog visibility helps us better service the customers. So that's really all we're saying here. Yeah.

正確的。我們從客戶那裡看到的另一件事，史蒂夫之前也提到過，我們看到他們已經在賬簿上有一個訂單，然後他們要求將其納入其中，有時，如果沒有可見性就能滿足他們新的要求日期，這可能會很有挑戰性。因此，更好的積壓訂單視覺性有助於我們更好地為客戶提供服務。這就是我們在這裡要說的全部。是的。

And at least having the extended backlog, even if they do wind up pulling that in, that is still better for us because it allows us to plan capacity and purchase materials that we may need to build that product.

即使他們最終把積壓訂單拉了回來，至少擁有延長的積壓訂單對我們來說仍然是更好的，因為它使我們能夠規劃產能併購買製造該產品可能需要的材料。

Okay. Thank you.

好的。謝謝。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Hi, good afternoon. Thanks for taking my question. Steve, on the accelerated demand signals from Asia is up about 14% sequentially versus Europe and North America at about 8%. Even if I exclude the mid to high single digits, millions of dollars which may be pulled forward, Asia was still up strongly at about 12% or 13% sequentially.

嗨，下午好。感謝您回答我的問題。史蒂夫表示，亞洲的需求加速訊號環比成長約 14%，而歐洲和北美的需求成長約 8%。即使我排除中高個位數、可能提前的數百萬美元，亞洲仍較上季強勁成長約 12% 或 13%。

And then on a year to year basis, Asia in the first half was down only about half of what the US and Europe was to the first half of the year. So what's driving the relative strength in Asia both sequentially and the first half of this year?

與去年同期相比，亞洲上半年的降幅僅為美國和歐洲上半年降幅的一半。那麼，是什麼因素推動了亞洲經濟在今年上半年和季比表現的相對強勢呢？

I think a lot of the Asia strength is a proxy on what's happening in the US and Europe because we build our customers, European and US customers build a lot of their product in Asia. So, we report sales by where we sell, where we ship the product, not where it is designed or where the origin of the customer is. So a lot of our US customers asking us to ship the product in China or Taiwan or Vietnam or Asia or wherever.

我認為亞洲的實力很大程度上反映了美國和歐洲的情況，因為我們建立了客戶，而歐洲和美國客戶的大部分產品都是在亞洲生產的。因此，我們根據產品的銷售地點和出貨地點來報告銷售額，而不是根據產品的設計地點或客戶的來源地來報告。因此，許多美國客戶要求我們將產品運送到中國、台灣、越南或亞洲或其他任何地方。

So I don't think you can quite look at it. By numbers you could say, Asia is stronger, but a lot of that strength is coming from US and European customers. Yeah.

所以我認為你無法完全看清它。從數字上看，你可以說亞洲更強大，但大部分力量來自美國和歐洲客戶。是的。

I think another impact that we see and saw on the June quarter is you're comparing it to the March quarter which has the Chinese New Year, right? So there's some of that effect that's reflected in the June quarter results.

我認為我們在 6 月季度看到的另一個影響是，您將其與有中國新年的 3 月季度進行比較，對嗎？因此，部分影響已反映在六月季度的業績中。

That's true. More shipping days.

這是真的。更多的運輸天數。

Yeah, that makes a lot of sense. Okay, and I apologize if I missed this. I think you did mention something about turn's business, but in addition to the strong rising orders that you saw in March, June, and a cyclical recovery, we typically do see stronger turns business, right orders placed and fulfilled in the same quarter.

是的，這很有道理。好的，如果我錯過了這一點，我很抱歉。我認為您確實提到了有關 turn 業務的一些情況，但除了您在 3 月、6 月看到的訂單強勁增長和周期性復甦之外，我們通常還會看到 turn 業務表現更強勁，在同一季度下達和完成的訂單也更充足。

I know your turns business rose as a percentage of sales in March. Did that turns percentage grow in the June quarter? And what are you guys seeing thus far here in the September quarter?

我知道你們三月的營業額銷售百分比上升。6 月季度的營業額百分比有成長嗎？那麼到目前為止，你們在 9 月這個季度看到了什麼？

Yeah. So I would say that, turns were strong in the June quarter, and that's not surprising because we obviously beat on revenue, so turns were turns were higher and lead times are really short for the vast majority of products, and we would expect turns to continue to be a pretty high number for us given where lead times are today and obviously if lead times stretch that'll change over time.

是的。所以我想說，6 月份季度的周轉率很強勁，這並不奇怪，因為我們的收入顯然超過了預期，所以周轉率更高，絕大多數產品的交貨時間都很短，考慮到目前的交貨時間，我們預計週轉率將繼續保持相當高的數字，顯然，如果交貨時間延長，情況會隨著時間的推移而改變。

Great. Thank you.

偉大的。謝謝。

Quinn Bolton, Needham & Company LLC

奎因·博爾頓，尼德漢姆公司

Okay, just wanted to ask on the gross margin guidance, can you give us some sense, what total charges for underutilization and write offs you're assuming, in that 55% to 57% range.

好的，我只是想問一下關於毛利率指導的問題，您能否告訴我們，在 55% 到 57% 的範圍內，您假設的未充分利用和註銷的總費用是多少。

So we don't break that out. We did say that we'd expect the underutilization charges to be modestly lower, and I would say that is mainly driven by activities increasing in our back-end factories, that's driving most of that. The wafer starts, as Steve indicated, are really planned to go up in the December quarter and we expect the inventory write-offs to be lower.

所以我們不會打破這個局面。我們確實說過，我們預計未充分利用的費用會略低，我想說，這主要是由於我們後端工廠的活動增加，這是推動其成長的主要因素。正如史蒂夫所指出的，晶圓開工量確實計劃在 12 月季度上升，我們預計庫存注銷量會更低。

It's a hard number to forecast, quite honestly, but we do expect it to be lower as the comparison because we start this by looking at 12 months of trailing demand for the calculations, and that is getting to be a better metric for us with the revenue increases that we're seeing.

坦白說，這個數字很難預測，但我們確實預期它會較低，因為我們首先考慮的是過去 12 個月的需求，然後進行計算，而隨著我們看到收入的增長，這對我們來說是一個更好的指標。

And then obviously our overall inventory dollars are coming down also, which helps with that. So it will be lower, but giving you an exact number is difficult to do.

顯然，我們的整體庫存金額也在下降，這對我們有幫助。所以這個數字會更低，但很難給出一個確切的數字。

We ship, hundreds of thousands of skews in the quarter so, and this write off inventory write off this skew by skew, looking at every skew, what its inventory is and comparing it to last 12 months of shipments. So it's a complicated calculation and you can make an accurate forecast of it.

我們在本季度運送了數十萬個傾斜貨物，並且逐個傾斜地註銷庫存，查看每個傾斜貨物的庫存情況，並將其與過去 12 個月的出貨量進行比較。所以這是一個複雜的計算，你可以對其進行準確的預測。

Understood. Okay, and then the second question I have is just on those products where you're seeing lead time stretch out to the size 6 to 12 weeks, how much of that is sort of substrate or packaging related versus wafer related? And if it's wafer related, is it mostly outsourced wafers or internal wafers because obviously wafers take probably the longest in the manufacturing cycle.

明白了。好的，我的第二個問題是，對於那些您看到交貨時間延長到 6 到 12 週的產品，其中有多少與基板或封裝有關，有多少與晶圓有關？如果與晶圓有關，那麼主要是外包晶圓還是內部晶圓，因為顯然晶圓可能是製造週期中最耗時的。

So I'm kind of wondering on at least on those products where you're seeing lead times extend why you wouldn't be increasing the wafer starts now rather than waiting until December.

所以我有點好奇，至少對於那些交貨時間延長的產品，為什麼你們不現在就增加晶圓的產量，而是要等到 12 月。

Majority of that is in a substrate or packages and that's typically how that all starts as business starts to turn around. We still have quite a bit of dye stores or die inventory on many of our devices, so it tends to be a matter of just pulling that product out of dye stores and ensuring that the substrates and the rest of the assembly materials are in place to bring that out. And that's what shifts it a few weeks at a time.

其中大部分是在基板或包裝中，這通常是業務開始好轉時的一切開始。我們的許多設備上仍然有相當多的染料商店或模具庫存，因此通常只需將該產品從染料商店中取出，並確保基板和其餘組裝材料到位即可將其取出。這就是幾週內發生轉變的原因。

Yeah, we're not seeing shortages on our internally produced product yet. It's mostly back end like Richard and there could be one or two places where you know we have our products coming from a large number of fabs at foundries because this company is built up of acquisitions with Microsemi and Atmel and SMSC and everybody bought product from different fabs.

是的，我們還沒有發現內部生產的產品出現短缺。它主要是像理查德這樣的後端，可能有一兩個地方，你知道我們的產品來自代工廠的大量晶圓廠，因為這家公司是透過收購 Microsemi、Atmel 和 SMSC 而成立的，每個人都從不同的晶圓廠購買產品。

So we buy products from a large number of abs and I think there are a handful of fabs where certain nodes are constrained, so just very very spotty. There are a few places where external dye is constrained and we're trying to beef that up, but all the rest of it in foundry and all of the technologies internally, we're printing a capacity and we're printing a dye.

因此，我們從大量的 ABS 購買產品，我認為有少數晶圓廠的某些節點受到限制，所以非常不穩定。有幾個地方外部染料受到限制，我們正在嘗試加強這一點，但其餘所有地方都在代工廠，所有內部技術都在印刷容量和染料中。

But it sounds like it's more back end than front end, at the current point in time.

但就目前而言，聽起來它更多的是後端而不是前端。

You're correct.

你是對的。

Yeah, okay. Thank.You.

嗯，好的。謝謝。

Joshua Buchalter, TD Cowen

約書亞·布查爾特（Joshua Buchalter），TD Cowen

Hey guys, thank you for taking my questions. Maybe to follow up on Quinn's. Can you maybe speak to us about what you're looking for that's going to give you the signal that it's all clear to raise utilization rates? Is there a certain inventory target? Is there, sell through demand that you're looking for?

嘿夥計們，謝謝你們回答我的問題。也許是為了跟進 Quinn 的情況。您能否告訴我們，您正在尋找什麼，以便向您發出信號，表明提高利用率是完全可行的？是否有一個確定的庫存目標？是否存在您所尋求的銷售需求？

I guess I'm curious to hear, why there's so much conviction that December will be the right time, given you are seeing some cyclical signals improving, and while at the same time inventory levels are elevated, just curious to how you're thinking about that holistically? Thank you.

我想我很好奇，為什麼大家如此確信 12 月是正確的時機，因為您看到一些週期性信號正在改善，同時庫存水平也在上升，我只是好奇您是如何從整體上看待這個問題的？謝謝。

So, I think the fact is that our current production output from our two fabs with third fab closed is so far below our shipment rate that if we do not start increasing utilization in the fabs, then there'll be a point where we'll have to double the capacity just to get to the shipment rate and fabs take a long time to ramp.

因此，我認為事實是，在第三家晶圓廠關閉的情況下，我們目前兩家晶圓廠的產量遠低於我們的出貨率，如果我們不開始提高晶圓廠的利用率，那麼到某個時候，我們將不得不將產能翻一番才能達到出貨率，而晶圓廠需要很長時間才能達到產量提升。

You can, grow a certain percentage every quarter. So therefore, we have a forecast over the next two years and how much dye will be needed for that? Bounce off the dye inventory, how long will it take for that to deplete? And then what is the rate of growth by which we can grow our both organ and the other fabs and then that is the solving a math problem on when we need to begin.

你可以每季成長一定百分比。因此，我們對未來兩年做出了預測，需要多少染料？染料庫存反彈，需要多長時間才能耗盡？那麼，我們可以以什麼樣的生長速度來生長我們的器官和其他器官，然後這就是解決何時開始的數學問題。

Okay. Thank you and then. Oh, go ahead.

好的。謝謝，然後。噢，繼續吧。

You just have to begin well before, well before your dimentary goes too low, because once the dimentary goes too low, then you get in trouble very rapidly because we're producing only half the product that we need every quarter.

你必須在價格過低之前就開始行動，因為一旦價格過低，你很快就會陷入困境，因為我們每季只能生產所需產品的一半。

Okay, thank you and I guess on that note, I understand you don't want to break out the underutilization and then write down charges by quarter, but any rules of thumb that we should think about as to how those charges should unwind? is there a certain revenue level, or any other factors that we could think of as again as we think about modeling those charges coming out or coming out of the model? Thank you.

好的，謝謝，我想就此而言，我明白您不想列出未充分利用的情況，然後按季度記下費用，但是我們應該考慮如何取消這些費用的經驗法則嗎？當我們考慮對模型中產生的費用進行建模時，是否存在一定的收入水平或任何其他我們可以再次考慮的因素？謝謝。

I think we gave you incremental gross margin. Didn't we give you incremental growth and we --

我認為我們給了你增量毛利率。我們不是給了你增量成長嗎？我們--

We did, but maybe it'd be helpful to say that we expect those underutilization charges to take longer to come out of the system than the inventory write downs. I think the inventory write downs happen quicker and the ramping of our factories will be gradual over time, so hopefully that helps a little bit.

我們確實這樣做了，但也許這樣說會更有幫助，我們預計這些未充分利用的費用從系統中消失的時間會比庫存減記更長。我認為庫存減記會更快發生，而且我們工廠的產能提升也會隨著時間的推移而逐步進行，所以希望這會有所幫助。

William Stein, Truist Securities

史坦（William Stein），Truist Securities

Great, thanks for taking my questions. Product gross margin, as you highlighted was 66.3% and your long-term target is lower than that at 65%. And I wonder, does that imply that there's is, you are somehow exceeding your long term target because of mix or pricing or maybe help us reconcile why product gross margin once these unusual charges go away, would decline from where it is now.

太好了，謝謝你回答我的問題。正如您所強調的，產品毛利率為 66.3%，而您的長期目標低於 65%。我想知道，這是否意味著，由於產品組合或定價的原因，你們在某種程度上超出了你們的長期目標，或者也許可以幫助我們解釋為什麼一旦這些不尋常的費用消失，產品毛利率就會從現在的水平下降。

Number one, charges don't ever go to zero. There's always some mixed issues where certain product is built and the demand went away. Number 2, when you're 12 percentage points away, I wouldn't quibble about it here and there. You know what I'm simply trying to say is many investors ask us how are you confident that you'll get to 65% gross margin. And we're saying that you know that is achievable based on the math.

第一，費用永遠不會歸零。總是存在一些混合問題，某些產品被生產出來但需求卻消失了。第二，當你落後 12 個百分點時，我不會對此進行爭論。你知道我只是想說，許多投資者問我們如何有信心達到 65% 的毛利率。我們說，根據數學計算，這是可以實現的。

But is, I'm really trying to ask is mix or something else going to change such that, perhaps it's the defense and market exposure that's, quite high now, and as that mix normalizes. Does that have an effect of dragging gross margins?

但是，我真正想問的是，組合或其他東西是否會發生變化，也許是防禦和市場風險現在相當高，並且組合會正常化。這是否會拖累毛利率？

We ship hundreds of thousands of SKUs every quarter. We have 20 business units; some exchanges every quarter. Some of our, so I think you're making too much of that 65 versus 66. I don't differentiate those two numbers.

我們每季都會發運數十萬個 SKU。我們有 20 個業務部門；每季都會進行一些交流。我們中的一些人，所以我認為你對 65 和 66 的對比太過重視了。我沒有區分這兩個數字。

Yeah, I would agree with that, and we, you shouldn't look at this, but long term. We think that our product gross margins are going to go down. We're introducing lots of really high margin products. We talk about 10 base T1S, our Ethernet products, those are going to be higher than corporate average, we have a lot of confidence in how our FPGA business is going to grow over time.

是的，我同意這一點，我們不應該只看這個，而應該從長遠來看。我們認為我們的產品毛利率將會下降。我們正在推出許多利潤率非常高的產品。我們談論的是 10 個基本 T1S，我們的乙太網路產品，這些產品將高於企業平均水平，我們對我們的 FPGA 業務將如何隨著時間的推移而成長充滿信心。

That's higher than corporate average. So it's there's a lot of moving parts there, Will. I understand your question, but as Steve said, we're really just trying to frame this that we have confidence in getting to our long term model and the mix will have some effect over time but we've got high confidence that we can get there and it's just going to take us some time.

這高於企業平均。所以那裡有很多活動部件，威爾。我理解你的問題，但正如史蒂夫所說，我們實際上只是想表明，我們有信心實現我們的長期模式，而且這種組合會隨著時間的推移產生一些影響，但我們非常有信心我們能夠實現這一目標，只是這需要一些時間。

That helps a lot. If I can squeeze one more in. if selling and sell through sort of continue in September as they did in June, you should be pretty well aligned by the end of the quarter. Is that the right way for us to think about this such that maybe by the time we get to December, we're looking at sell in, being aligned or maybe even higher than sell through.

這很有幫助。如果我可以再擠一點的話。如果 9 月的銷售和銷售情況能夠像 6 月一樣繼續下去，那麼到本季末，銷售和銷售應該會相當一致。對我們來說，這樣思考是否正確？也許到 12 月的時候，我們的銷售量就會達到一致，甚至可能高於銷售量。

I would not think that. I think there is a lot of slow moving product in distribution, we call it sludge. And it's just not perfect mix, the product it was bought two years ago in a certain mix and demand always comes out in a different mix. So I think this will take more than just the September quarter to close. We're not telling you that September quarter will be selling and sell through will be equal.

我不這麼認為。我認為分銷中存在著許多滯銷產品，我們稱之為污泥。而且這並不是完美的組合，兩年前購買的產品是按照一定的組合方式購買的，但需求總是以不同的組合方式出現。所以我認為這將需要比 9 月季度更長的時間才能結束。我們並不是告訴您九月季度的銷售量和銷售量將會相等。

Yeah, they'll be, there'll be a difference still, and I've kind of been saying, I think maybe by the end of the fiscal year, we're pretty much aligned, but that's a guess.

是的，他們會有，仍然會有差異，而且我一直在說，我認為也許到財政年度結束時，我們就會基本一致，但這只是猜測。

Christa Lee, Citi.

花旗銀行的 Christa Lee。

Hey, thanks guys. Just real quick on the on the incremental gross margins, Eric, I think you said 76% for the September ex for the June quarter. For the December quarter, since you guys are turning the fabs back on or at least increasing utilization rates, would that incremental gross margin go up and if so, roughly how much?

嘿，謝謝大家。艾瑞克，簡單說一下增量毛利率，我記得你說的 6 月季度的毛利率是 9 月的 76%。對於 12 月季度，由於你們重新啟用晶圓廠或至少提高利用率，增量毛利率是否會上升？如果會，大概上升多少？

No, I think it will be roughly in that same ballpark. If you look at our guidance, you'd look at the revenue chains and where we've guided gross margin too. I think it'll be about the same, and I think our fall through to operating profit too would be in a similar range to what we've saw, what we saw in in the June quarter.

不，我認為大致如此。如果您查看我們的指導，您將看到收入鏈以及我們指導的毛利率。我認為情況會大致相同，而且我認為我們的營業利潤下降幅度也會與我們在六月季度看到的類似。

Great. Thanks, that's super helpful. And then a question for Steve. So Steve, now that you've been back in the front seat of the microchip minivan here for a good nine months, how would you describe Microchip's competitive positioning, especially on micro controllers?

偉大的。謝謝，這非常有幫助。然後問史蒂夫一個問題。那麼史蒂夫，現在你已經回到了微晶片領域的前排座位上整整九個月了，你如何描述微晶片的競爭定位，特別是在微控制器方面？

Have you seen any improvement? Has it been better than you thought, worse than you thought? How do you see your share going forward? Maybe talk about a path to gaining back market share? anything there?

您看到有任何改善嗎？情況比你想像的好還是比你想像的還要差？您如何看待自己未來的份額成長？也許可以談談重新獲得市場佔有率的途徑？那裡有什麼東西嗎？

So I think market shares are kind of hard to decipher when you're dealing with such a large inventory change. When you, simply measured by revenue divided by the total revenue of the industry, it would seem that the market share is much lower, but if some of that revenue comes back when a customer's inventory goes away and if you grow higher than the overall industry, which seems to be the case.

因此，我認為，當處理如此大的庫存變化時，市場份額是很難判斷的。當你簡單地用收入除以行業總收入來衡量時，市場份額似乎要低得多，但如果當客戶的庫存消失時部分收入會回來，並且你的增長高於整個行業，情況似乎就是這樣。

I have compared our numbers against semiconductor industries, June ending report for microcontrollers, and we grew substantially more in microcontrollers. Didn't we grow double digits roughly? Yeah, and the industry was up only about 6%, 6. 5% sequentially. So that means we gain share in the June quarter. So some of that share gain is coming back. I think it's going to take a little longer, for us to go down this journey before we can really tell what happened.

我將我們的數據與半導體產業、微控制器六月底的報告進行了比較，發現我們在微控制器方面的成長更為顯著。我們不是大概成長了兩位數嗎？是的，整個產業的成長率僅為 6% 左右，較上季成長 6.5%。這意味著我們在六月季度的份額有所增加。因此，部分份額收益正在回升。我認為我們還需要更長的時間才能真正了解發生了什麼。

But one of the things which we have corrected is we were weaker at the very low end of 32-bit microcontrollers because we were serving those functionalities with 8-bit microcontrollers and as customers wanting to be in 32-bit micro controllers, we had a good portfolio of mid-range parts and high-end parts but we didn't have entry level parts, we were competing with 8-bit on that.

但我們已經修正的一個問題是，我們在 32 位元微控制器的低端方面比較弱，因為我們使用 8 位元微控制器來提供這些功能，而作為想要使用 32 位元微控制器的客戶，我們擁有良好的中端部件和高端部件組合，但我們沒有入門級部件，我們在這方面與 8 位元競爭。

And I think that's one thing I corrected after I returned and there are a couple of very good low end 32-bit parts that we're developing at a very good price points. The first one of them gets introduced to the market, nearly the start of the next calendar year. So those would be those will strengthen our position further.

我認為這是我回來後糾正的一件事，我們正在以非常好的價格開發幾個非常好的低端 32 位元零件。第一款產品將在明年年初左右投放市場。因此這些將進一步加強我們的地位。

But I think, more than that there are a few things we have done. One of the thing was for 8-bit and 16-bit, we had our own proprietary architecture, pick architecture. We don't use arm or anybody, any industry standard architecture, so therefore all the tools were ours. We developed our own tools.

但我認為，我們還做了一些事情。其中之一就是對於 8 位元和 16 位元，我們有自己的專有架構，選擇架構。我們不使用 Arm 或任何人、任何行業標準架構，因此所有工具都是我們的。我們開發了自己的工具。

So we went when we went to 32-bit microcontrollers and adopted arm as well as mips architectures to build it, our internal strategy remained that we brought those parts on our own tools which were proprietary tools. And arm has a substantial market share at a 32 bit level and all of the competitors build arm-based products and many of those companies don't even build the tools because they just simply send the customers to more industry standard tools from like IAR and Segger and others, Kyle and a number of other companies.

因此，當我們轉向 32 位元微控制器並採用 arm 和 mips 架構來建構它時，我們的內部策略仍然是將這些部件放在我們自己的工具上，這些工具是專有工具。並且 Arm 在 32 位元層級擁有相當大的市場份額，並且所有競爭對手都生產基於 Arm 的產品，其中許多公司甚至不生產工具，因為他們只是簡單地將客戶導向 IAR、Segger 等公司、Kyle 和其他一些公司的更多行業標準工具。

So, basically when we compete with a customer, we're trying to jam our proprietary tool where the customer already has an industry standard tool and if our products will simply work on that industry standard tool, we'll have a lower resistance level.

因此，基本上，當我們與客戶競爭時，我們會嘗試將我們的專有工具推向客戶已經擁有行業標準工具的地方，如果我們的產品能夠簡單地在該行業標準工具上運行，我們的阻力就會降低。

So I think that's one thing, we have changed, in the last nine months where we have enabled all of our 32-bit products to be able to run on industry standard tools and we're even working with one company at least who will even support our 16 bit DS pick on industry standard tools.

所以我認為這是一件事，在過去的九個月裡，我們已經改變了，我們使所有的 32 位產品能夠在行業標準工具上運行，我們甚至至少與一家公司合作，他們甚至支持我們在行業標準工具上選擇 16 位 DS。

So there are, things we are doing to make our lines more competitive, make it easier for our customers to do business with and adopt our products. The other thing that Rich talked about was this coding assistance that we have developed, which is the first in the industry and we're giving it to our customers. It saves almost 40% time for development and it basically writes a code for you.

因此，我們正在採取一些措施來提高我們的產品線的競爭力，使我們的客戶更容易與我們開展業務並採用我們的產品。Rich 談到的另一件事是我們開發的編碼輔助工具，這是業內首創，我們正在將其提供給我們的客戶。它節省了近 40% 的開發時間，基本上為您編寫了程式碼。

And nobody else has come up with a tool like that. So everybody would, but we're the first. So, I would say you know I think our position is still good still very competitive but we did lose share with that PSP strategy and we hope that some of it is not permanent and as our sales are growing we will come back.

還沒有其他人發明過這樣的工具。所以每個人都會這麼做，但我們是第一個。所以我想說，我認為我們的地位仍然很好，仍然非常有競爭力，但我們確實因為 PSP 戰略而失去了份額，我們希望其中一些損失不是永久性的，隨著我們銷售額的增長，我們會回來的。

Alright. Thanks a lot, Steve.

好吧。非常感謝，史蒂夫。

Tore Svanberg, Stifel Nicolaus and Company, Incorporated.

托爾·思文伯格（Tore Svanberg），Stifel Nicolaus and Company, Incorporated。

Yes. Thank you. I had a question on the pace of the decline of the, on the utilization charges. So I appreciate you're going to start increasing utilization in December quarter. And I think, right now, obviously those charges are coming down by a few million dollars, obviously because you still have inventory.

是的。謝謝。我對使用費下降的速度有疑問。因此，我很欣賞你們將從 12 月季度開始提高利用率。我認為，現在這些費用顯然下降了幾百萬美元，顯然是因為你還有庫存。

But when do we see more step function, declines in the utilization charges? Is that going to be when you get to that 130, 150 even for the target, or could we potentially already see it before you get to that level?

但是，我們什麼時候才能看到更多的階梯函數，使用費的下降呢？這是當你達到 130 甚至 150 的目標時才會發生的事情嗎，還是說我們有可能在你達到這個水平之前就已經看到它了？

It would happen well before that as I said, if we wait till the inventory comes down to between 130 to 150 days, then we're going to require a very large step function increase in our fabrication output in the following quarter which is impossible.

正如我所說，這會在那之前發生，如果我們等到庫存降至 130 到 150 天之間，那麼我們將需要在下一季大幅提高製造產量，這是不可能的。

So therefore, you have to grow over five, six quarters and we have to start much earlier so utilization will start improving well before our inventory gets to those kind of levels. I think you should see a substantial improvement in utilization probably in December quarter and then continue every quarter after that.

因此，你必須在五、六個季度內實現成長，而且我們必須更早開始，這樣利用率就會在我們的庫存達到那種水準之前就開始提高。我認為您應該會在 12 月季度看到利用率大幅提高，並且此後的每個季度都會持續提高。

Yeah. That's great caller. And then on your cash flow, so great to see the cash flows are now going to be big enough to cover the dividend. You did say that any excess cash flow is going to be used to pay down debt. What's sort of the new target level for debt so that we can try and understand when the buybacks are going to start to pick up again?

是的。太棒了，來電者。然後關於您的現金流，很高興看到現金流現在足以支付股息。您確實說過，任何多餘的現金流都將用於償還債務。債務的新目標水準是什麼樣的，以便我們可以嘗試了解回購何時會再次開始回升？

So I think I think what we have said is and I have the only number as approximate, Eric may have more number. I think we've borrowed about through this quarter we would have borrowed about $300 million, about $350 million to cover the dividend in the last 10 number of quarters since our cash flow became less than the dividend.

所以我認為我們所說的只是近似數字，埃里克可能有更多的數字。我認為，由於我們的現金流低於股息，因此本季我們已經借了大約 3 億美元、大約 3.5 億美元來支付過去 10 個季度的股息。

So next $350 million of excess cash flow over dividend will go to bring that debt back to where it really was. So that's factor number one. Factor number two is our leverage is still very high. We just finished a quarter with a leverage of 4.2.

因此，接下來超過股息的 3.5 億美元超額現金流將用於將債務恢復到實際水平。這是第一因素。第二個因素是我們的槓桿率仍然很高。我們剛結束的一個季度的槓桿率為 4.2。

And if you recall, when we started to increase the dividend and started to buy back, stock and all that we had said we want the leverage to be 1.5 or lower ,so it's quite a way to go before we get back to that kind of leverage and a very strong investment grade rating. So I wouldn't look for a stock buyback in your town.

如果你還記得的話，當我們開始增加股息並開始回購股票時，我們曾說過我們希望槓桿率達到 1.5 或更低，因此，在我們恢復到那種槓桿率和非常強勁的投資級評級之前，還有很長的路要走。所以我不會在你的城鎮尋找股票回購。

Vijay Rakesh, Mizuho

拉凱什（Vijay Rakesh），瑞穗

Yeah. Hi Eric and Steve. Just a quick question on the underutilization. I get I think your inventory write downs and underutilization is kind of running fifty-fifty. Do you guys think most of the inventory write downs get done by the September quarter?

是的。嗨，艾瑞克和史蒂夫。這只是關於未充分利用的一個簡單問題。我明白，我認為您的庫存減損和未充分利用的比例是各佔一半。你們認為大部分庫存減記會在 9 月季度完成嗎？

I don't. I think it takes longer than that, Vijay, but what we expect is that the amount of the inventory write downs will continue to decline as we move through the fiscal year, so. It's going to take some time, but the charge dropped from $90 million to $77 million last quarter, we expect it to be lower than the $77 this quarter, and that cadence to continue now for multiple quarters as we see into the future.

我不知道。維傑，我認為這需要更長的時間，但我們預計，隨著財政年度的推進，庫存減記金額將繼續下降，所以。這需要一些時間，但上個季度的費用從 9,000 萬美元下降到 7,700 萬美元，我們預計本季的費用將低於 7,700 萬美元，而且展望未來，這種節奏將持續多個季度。

And underutilization, I think we've talked about a little bit more in response to some of the other analysts' questions. It's going to go down modestly this quarter, and when we increase wafer starts in the factories in the December quarter, it will take another step function down, but that one's going to take a little bit longer is because we are significantly underutilizing our factories today, and we'll grow it back over time as inventory declines and revenue improves.

至於未充分利用的問題，我想我們在回答其他一些分析師的問題時已經討論過一些了。本季它將小幅下降，當我們在 12 月季度增加工廠的晶圓開工率時，它將再次下降，但這一過程將需要更長的時間，因為我們今天的工廠利用率嚴重不足，隨著庫存下降和收入提高，我們將隨著時間的推移恢復增長。

Got it. And still, in response, in your reply on section 232, on some of the except exemptions that Microchip could get with the, with investing in the US. Is your understanding that, but it puts you at a much better, position versus, like this ST micro and [infiian] and NSS and some of your peers there. Thanks.

知道了。另外，作為回應，在您對第 232 條的回復中，提到了微晶片透過在美國投資可以獲得的一些豁免。您是否理解這一點，但是與 ST micro、[infiian]、NSS 和一些同行相比，它使您處於更有利的地位。謝謝。

Well, I would hope so. I don't really know fully what the rules are but I think we produce higher percentage of our product in US. Then some of the companies you mentioned do. But I don't know whether it makes a difference what percentage it is. I think it's going to be more black and white if you do some manufacturing in the US then, you qualify for no tariffs.

嗯，我希望如此。我不太清楚具體規則是什麼，但我認為我們在美國生產的產品比例更高。那麼你提到的一些公司確實如此。但我不知道這個百分比是多少是否有差別。我認為，如果你在美國進行一些製造，那麼你就有資格享受零關稅。

I don't know what the rules will be. I think some of those companies have fabs in the US, some others don't, and I don't know the rules are clear enough to be able to interpret that. I hope we have an advantage but I am not sure.

我不知道規則是什麼。我認為其中一些公司在美國設有晶圓廠，而其他公司則沒有，我不知道相關規定是否足夠明確，能夠解釋這一點。我希望我們有優勢，但我不確定。

Christopher Rolland, Susquehanna International.

薩斯奎漢納國際公司的克里斯多福羅蘭 (Christopher Rolland)。

Hey, thanks for the question. Just maybe a clarification or just understanding tone here. I guess first of all, typical seasonality for December and March. I know it changed since the addition of Atmel. I think the last update was maybe down 5% in December and negligible for March but down a little bit.

嘿，謝謝你的提問。這裡可能只是澄清或理解的語氣。我想首先，這是十二月和三月的典型季節性。我知道自從加入 Atmel 之後情況就改變了。我認為上次更新顯示 12 月可能下降了 5%，3 月的下降幅度可以忽略不計，但下降了一點。

Maybe if you could update there us on that and then Steve, you said, you thought you'd be better than the seasonal, but you know I think the street was at plus 5% or something like that for the for the December quarter, so is that tone as much as 1,000 basis points, better than seasonal. If you could, update us there, that'd be great.

也許你可以向我們更新這個情況，然後史蒂夫，你說，你認為你會比季節性更好，但你知道我認為華爾街對 12 月季度的預測是 +5% 或類似的，所以這個基調是否比季節性好 1,000 個基點。如果您可以在那裡向我們更新信息，那就太好了。

But let me maybe start by saying, I don't think seasonal in December is down 5% for us. I think maybe it's down a couple percent and then maybe seasonal. It's been a long time since we've been seasonal, and maybe seasonal in March would be up a couple percent.

但首先我想說的是，我不認為 12 月的季節性銷售額會下降 5%。我認為可能會下降幾個百分點，然後可能是季節性的。我們已經很久沒有出現季節性了，也許三月的季節性會上升幾個百分點。

So maybe start with that and we are not at a point where we want to provide any guidance or able to provide any guidance yet for December. We think our business is trending in the right direction, but we're not ready to provide guidance. So I'll start with that and see if Steve wants to add anything to it.

因此，也許從那開始，我們還沒有到想要提供任何指導或能夠為 12 月提供任何指導的地步。我們認為我們的業務正朝著正確的方向發展，但我們還沒有準備好提供指導。所以我將從這個開始，看看史蒂夫是否想添加任何內容。

I think exactly I wanted to say that your numbers have a larger bracket on it. I think December is usually down a couple and March is up, two or three maybe. I'm sorry, up by, two or three. And my expectation is that the business would be better than seasonal in those both quarters without being able to put numbers on it.

我想我正是想說你的數字有一個更大的範圍。我認為 12 月通常會下降幾個百分點，而 3 月則會上升幾個百分點，大概是兩三個。抱歉，多了兩三個。我的預期是，這兩個季度的業務表現會比季節性表現更好，儘管我無法給出具體數字。

Okay. Thank you for that. And then secondly, maybe, on AI, I know there was some stuff in the prepared remarks, but if you guys had any updates on the percentage or the dollars contributed from AI and if there were any products that are just going gangbusters just above your expectations whether they're like PCI switches or re-timers or FPGAs or timing products. Just anything that's significantly outperforming your expectations around AI that would be great.

好的。謝謝你。其次，也許，關於人工智慧，我知道準備好的評論中有一些內容，但如果你們對人工智慧貢獻的百分比或金額有任何更新，並且有沒有任何產品的表現超出你們的預期，無論它們是 PCI 交換機、重定時器、FPGA 還是計時產品。任何能夠大大超出您對人工智慧的期望的事情都是很棒的。

So we haven't broken that out, but we are seeing more and more uptick from our customers using the tools. It's still relatively new, we just launched this in the February time frame in terms of AI code support. It's been used behind our firewall for over a year by our internal engineers and our support engineers supporting customers, and it's improved productivity within our own engineering force, quite a bit.

因此，我們還沒有公佈這項數據，但我們看到越來越多的客戶使用這些工具。它還比較新，我們剛剛在二月推出了 AI 代碼支援功能。我們的內部工程師和支援客戶的支援工程師已經在防火牆後面使用了它一年多了，它大大提高了我們自己的工程團隊的生產力。

On the FPGA front, where we're seeing most of the uptick or use of AI is in vision detection or vision systems for detecting people or visual inspection in factories are probably the fastest growing areas that we're seeing, AI and acceleration used in our.

在 FPGA 方面，我們看到人工智慧的大部分成長或使用是在視覺檢測或用於檢測人員的視覺系統或工廠中的視覺檢查中，這可能是我們看到的成長最快的領域，人工智慧和加速器在我們的應用中。

Yeah. Any data center products, not the AI coding tool. I apologize.

是的。任何資料中心產品，而不是AI編碼工具。我很抱歉。

No. We have not put out data in terms of pertaining to the AI coding tool in terms of what it benefits right now, the only number that we've given is that typically customers and engineers that are using it are reporting about a 40% productivity improvement which in the end translates to time to revenue improvement.

不。我們目前還沒有發布有關 AI 編碼工具的益處的數據，我們給出的唯一數字是，通常使用該工具的客戶和工程師報告生產力提高了 40%，最終轉化為收入的提高。

Thanks guys.

謝謝大家。

Janet Ramkissoon, Quadra Capital

Quadra Capital 的 Janet Ramkissoon

Congratulations and a nice turnaround, guys. Most of my questions have been asked, but just a couple of little things. Given the recent decline in the US dollar, how does that affect you and if we see higher budget deficits and higher need to, sell more debt and which may lead to a further decline in the dollar. How is that likely to affect you in the next couple of quarters?

恭喜你們，這是一個好的轉變。我的大部分問題都已經被問過了，但只剩下幾個小問題。鑑於最近美元下跌，這對您有何影響？如果我們看到預算赤字增加，需要出售更多債務，這可能導緻美元進一步下跌。這會對您未來幾季產生什麼影響？

You want to take that?

你想拿走那個嗎？

Yeah, so the foreign currency fluctuations don't have as large an impact on us, and some of our competitors that are not as US based as us, we really sell 99% plus of our revenue is in US dollars. A lot of our assets are going to be US dollar based. I think that the impact to us is smaller than what you would see with some of our European competitors as an example.

是的，所以外匯波動對我們的影響並不大，而且我們的一些競爭對手並不像我們一樣在美國，我們 99% 以上的收入都是以美元出售的。我們的許多資產將以美元計價。我認為，對我們的影響比我們的一些歐洲競爭對手要小。

Okay. And secondly, if I may, any comment about the your Chinese business or trends? Any insights on what's going on in that market? Thank you.

好的。其次，如果可以的話，您對貴公司在中國的業務或趨勢有何評論？對於該市場的情況您有何見解？謝謝。

Chinese business. I think, business in China was very strong. It bounced back very strong from March quarter, which is Chinese New Year quarter to, June quarter, up I think 14% or something. So our business is doing very well. Everybody is talking and concerned about what's going to happen with tariffs, and I think that's dominating the agenda, but on a business level, it's not really having impact today.

中國生意。我認為，中國的業務非常強勁。從 3 月季度（也就是農曆新年季度）到 6 月季度，它強勁反彈，我認為上漲了 14% 左右。所以我們的生意做得很好。每個人都在談論並擔心關稅將會發生什麼，我認為這是議程的主導，但從商業層面來看，它今天並沒有產生真正的影響。

Okay. Thanks very much. Congrats again.

好的。非常感謝。再次恭喜。

Thank you. There are no further questions at this time. I will now hand a call back to Steve Sanghi for any closing remarks.

謝謝。目前沒有其他問題。我現在將電話回撥給史蒂夫桑吉 (Steve Sanghi)，請他做最後發言。

Well, I want to thank all the investors and analysts for hanging in with us. I think we're on our way making a very strong recovery from the lows in the business environment. And we'll see many of you at a number of conferences we go to starting early September, I think.

好吧，我想感謝所有投資者和分析師的關注。我認為我們正從商業環境的低谷中強勁復甦。我想，從九月初開始，我們將在一系列會議上見到你們。

Yeah, we actually had a conference as early as next week. So we'll be, we've got a lot of conferences this quarter and we look forward to further discussions with everybody.

是的，我們實際上最早下週就會舉行一次會議。因此，本季我們將舉辦許多會議，我們期待與大家進行進一步的討論。

Thank you.

謝謝。

This concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。