微晶片科技 (MCHP) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Microchip's Q2 fiscal 2026 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加Microchip公司2026財年第二季財務業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Steve Sanghi. Thank you, sir. You may begin.

現在我很榮幸地向大家介紹主持人史蒂夫桑吉。謝謝您，先生。你可以開始了。

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 and that actual events or results may differ materially.

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的財務表現做出預測和其他前瞻性陳述。我們謹此提醒您，此類聲明均為預測，實際事件或結果可能與預測有重大差異。

We refer you to our press release of today as well as our recent filings with the SEC that identify important risk factors that may impact Microchip's business and results of operations. In attendance with me today are Rich Simoncic, Microchip's COO; Eric Bjornholt, Microchip's CFO; and Brian McCarson, Microchip's VP of Data Center Business Unit; and Sajid Daudi, Microchip's Head of Investor Relations.

請參閱我們今天發布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。今天與我一同出席的有：Microchip 營運長 Rich Simoncic；Microchip 財務長 Eric Bjornholt；Microchip 資料中心業務部副總裁 Brian McCarson；以及 Microchip 投資者關係主管 Sajid Daudi。

I will provide a reflection on our fiscal second quarter 2026 financial results, then Brian will provide an update on our data center business and Eric will go over our financial performance. I will then provide an overview of the current business environment and our guidance for the third quarter of fiscal year 2026. We will then be available to respond to specific investor and analyst questions.

我將對我們 2026 財年第二季的財務表現進行回顧，然後 Brian 將介紹我們資料中心業務的最新情況，Eric 將回顧我們的財務表現。接下來，我將概述目前的商業環境以及我們對 2026 財年第三季的展望。屆時我們將解答投資人和分析師的具體問題。

I will now highlight a few salient points of our financial results. 6% sequential sales growth. Net sales were up sequentially in Americas and Asia and flat in Europe, which is not bad for a summer quarter in Europe. Sales from our microcontroller and analog businesses were up sequentially; specifically, our MCU business grew 9.7% sequentially with strong contribution from 32-bit MCU, while our analog business increased 1.7% sequentially.

接下來，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6%。美洲和亞洲的淨銷售額環比成長，歐洲的淨銷售額則與去年持平，對於歐洲的夏季季度來說，這還算不錯。我們的微控制器和類比業務銷售額較上季成長；具體而言，我們的 MCU 業務較上季成長 9.7%，其中 32 位元 MCU 貢獻強勁，而我們的類比業務環比成長 1.7%。

Our Gen 4 and Gen 5 data center products are seeing strong sales growth albeit from depressed levels as customers seem to have finished their inventory correction. In the new products area, our blockbuster product announcement came on October 13 when we announced the industry's first 3-nanometer based PCIe Gen 6 switch to power modern AI infrastructure. Brain McCarson will comment on this later in today's call.

儘管客戶似乎已經完成了庫存調整，導致市場處於低迷狀態，但我們的第四代和第五代資料中心產品銷售實現了強勁成長。在新產品領域，我們於 10 月 13 日發布了重磅產品公告，推出了業界首款基於 3 奈米技術的 PCIe Gen 6 交換機，為現代 AI 基礎設施提供動力。布萊恩·麥卡森將在今天的電話會議上對此發表評論。

Our non-GAAP gross margin was up 236 basis points sequentially, incremental non-GAAP gross margin was 95% sequentially. Non-GAAP operating margin was up 364 basis points sequentially, incremental non-GAAP operating margin was 84.6% sequentially. Our incremental gross and operating margins are very positive. Inventory went down by $73.8 million sequentially and calendar year-to-date reduction in inventory is $261 million. Inventory days were 199 days. Our inventory over three quarters has gone down from 266 days to 251 days to 214 days to 199 days.

我們的非GAAP毛利率較上季成長236個基點，非GAAP毛利率較上季成長95%。非GAAP營業利益率較上季成長364個基點，非GAAP營業利益率較上季成長84.6%。我們的增量毛利率和營業利率都非常高。庫存環比下降 7,380 萬美元，今年迄今庫存減少了 2.61 億美元。庫存週轉天數為 199 天。過去三個季度，我們的庫存週轉天數從 266 天減少到 251 天，再到 214 天，最後到 199 天。

Underutilization in our factories in September quarter was $51 million. The product gross margin in the September quarter was 67.4% due to a rich product/mix driven by data center products. We added $71.8 million of new inventory write-off and $51 million of underutilization charge, makes a total of $122.8 million of charges. Divide that by the net sales of $1,140.4 million and you get a non-GAAP gross margin impact of 10.8 percentage-points. Subtracting it from the product gross margin of 67.4%, we got a non-GAAP gross margin of 56.7%, which is what we reported.

9 月季度，我們工廠的產能利用率不足 5,100 萬美元。由於資料中心產品推動了豐富的產品組合，9 月季度的產品毛利率為 67.4%。我們新增了 7,180 萬美元的庫存註銷費和 5,100 萬美元的未充分利用費用，總計費用為 1.228 億美元。將該金額除以 11.404 億美元的淨銷售額，即可得出非 GAAP 毛利率影響為 10.8 個百分點。從產品毛利率 67.4% 中減去該項，我們得到非 GAAP 毛利率 56.7%，這是我們報告的毛利率。

So the product gross margin remains very healthy. we still need to bring down inventory write-offs and underutilization charges. We are pleased to announce that we have entered into a purchase and sales agreement to sell our Fab 2 wafer fabrication facility located in Tempe, Arizona, to a third party. The sale of this facility is part of our previously announced plan to restructure our wafer fabrication operations.

因此，產品毛利率依然非常健康。我們仍需要降低庫存減損損失和產能利用率不足費用。我們很高興地宣布，我們已簽署買賣協議，將位於亞利桑那州坦佩市的 Fab 2 晶圓製造廠出售給第三方。出售該工廠是我們先前宣布的晶圓製造業務重組計劃的一部分。

Under this restructuring plan, Microchip completed the closure of Fab 2 in May of 2025 and begin to transfer the process technologies from Fab 2 to Fab 4 in Gresham, Oregon; and Fab 5 in Colorado Springs, Colorado. Both of which facilities have ample clean room space for expansion. The transaction is subject to closing conditions and is expected to be completed in December 2025. Now we have a special guest for you today.

根據這項重組計劃，Microchip 於 2025 年 5 月完成了 Fab 2 的關閉，並開始將工藝技術從 Fab 2 轉移到位於俄勒岡州格雷沙姆的 Fab 4 和位於科羅拉多州科羅拉多斯普林斯的 Fab 5。這兩個設施都有充足的無塵室空間可供擴建。該交易需滿足成交條件，預計將於 2025 年 12 月完成。今天我們有一位特別嘉賓。

Let me introduce Brian McCarson, Corporate Vice President of our Data Center Solutions business unit. Brian will speak about our recent announcement of industry's first 3-nanometer base PCIe Gen 6 switch. Brian?

讓我來介紹一下我們資料中心解決方案業務部門的企業副總裁布萊恩·麥卡森。Brian 將談到我們最近發布的業界首款 3 奈米 PCIe Gen 6 交換器。布萊恩？

Thank you, Steve, and good afternoon, everyone. I'm the Corporate Vice President and leader of the Data Center Solutions business unit at Microchip. And today, I'm excited to introduce you to the latest addition to our Switchtec family of products. Our new Gen 6 PCIe switch announced on October 13 marks a significant milestone in Microchip's technological leadership within the AI and enterprise data center infrastructure markets.

謝謝你，史蒂夫，大家下午好。我是Microchip公司的企業副總裁兼資料中心解決方案業務部門負責人。今天，我很高興向大家介紹我們 Switchtec 產品系列的最新成員。我們於 10 月 13 日發布的全新 Gen 6 PCIe 交換器標誌著 Microchip 在人工智慧和企業資料中心基礎設施市場的技術領先地位取得了重大里程碑式的成就。

The build-out of AI data centers continues to accelerate with hyperscalers committing to gigawatt scale deployments. Some recent announcements have outlined single infrastructure projects in the 5 to 10 gigawatt range, targeting completion between 2026 and 2027. These developments are driving our current design engagement cycles.

隨著超大規模資料中心營運商承諾部署千兆瓦級規模的設施，人工智慧資料中心的建設正在加速推進。最近的一些公告概述了規模在 5 至 10 吉瓦範圍內的單一基礎設施項目，目標是在 2026 年至 2027 年間完成。這些發展正在推動我們當前的設計合作週期。

It is critical to understand that regardless of whether our customers deploy NVIDIA, AMD, Intel or custom ASICs all require high-performance PCIe switching infrastructure. This is where Microchip's Gen 6 Switchtec products are designed to excel. Last month, at the Open Compute Project Global Summit in San Jose, California, we introduced the industry's first PCIe Gen 6 switches manufactured using 3-nanometer process technology.

必須明白，無論我們的客戶部署的是 NVIDIA、AMD、Intel 還是客製化 ASIC，都需要高效能的 PCIe 交換基礎架構。這正是Microchip第六代Switchtec產品的優勢所在。上個月，在加州聖荷西舉行的開放式運算計畫全球高峰會上，我們推出了業界首款採用 3 奈米製程技術製造的 PCIe Gen 6 交換器。

These new devices deliver 4 distinct competitive advantages. First, PCIe 6 doubles the bandwidth to 64 giga transfers per second per lane compared to PCIe 5.0 eliminating GPU to storage, memory and CPU bottlenecks that constrained previous generations. Our new Gen 6 switch features an industry-leading maximum of 160 lanes per device, significantly increasing total data transfer capacity.

這些新設備具有 4 個明顯的競爭優勢。首先，與 PCIe 5.0 相比，PCIe 6 將頻寬提高了一倍，達到每通道每秒 64 千兆傳輸，消除了先前幾代產品中存在的 GPU 到儲存、記憶體和 CPU 的瓶頸。我們全新的第六代交換器每個設備最多可支援 160 條通道，這在業界遙遙領先，顯著提高了總資料傳輸容量。

Second, our 3-nanometer implementation provides 15% to 20% power per lane advantage over competitors' products developed on 5-nanometer and older technology nodes. This is critical when deploying hundreds of thousands of GPUs and switches in multi-gigawatt data centers. Choosing Microchip's devices enables customers to lower total power consumption without compromising performance.

其次，我們採用的 3 奈米製程相比競爭對手採用的 5 奈米及更早製程節點開發的產品，每通道功耗優勢可達 15% 至 20%。在多吉瓦資料中心部署數十萬個GPU和交換器時，這一點至關重要。選擇Microchip的裝置，客戶可以在不影響效能的前提下降低總功耗。

Third, all our Gen 6 Switchtec devices offer advanced device telemetry and multicast capabilities, allowing a single GPU data packet to be transmitted to multiple devices simultaneously, thereby improving GPU efficiency.

第三，我們所有的第六代 Switchtec 設備都提供先進的設備遙測和多播功能，允許將單一 GPU 封包同時傳輸到多個設備，從而提高 GPU 效率。

And fourth, we have implemented a secure boot-based hardware route of trust that supports post-quantum cryptography and CNSA 2.0, the commercial national security algorithm suite compliant, meeting or exceeding both governments and commercial security requirements. This represents industry-leading device security.

第四，我們實施了基於安全啟動的硬體信任路徑，支援後量子密碼學和符合 CNSA 2.0 的商業國家安全演算法套件，滿足甚至超越了政府和商業安全要求。這代表了業界領先的設備安全性。

We are now sampling these products to qualified customers and recent engagements have been validating both our technical approach and our market timing. From a financial perspective, we believe this represents a significant growth opportunity for the company. AI servers require substantially more PCIe switching infrastructure than traditional servers to enable resource pooling and the composable architectures that hyperscalers demand. Our total addressable market encompasses the entire data center PCIe fabric, not just a subset.

我們現在正在向合格的客戶提供這些產品的樣品，最近的合作也驗證了我們的技術方法和市場時機把握。從財務角度來看，我們認為這代表著公司一個重要的成長機會。AI 伺服器需要比傳統伺服器多得多的 PCIe 交換基礎設施，以實現超大規模資料中心所需的資源池化和可組合架構。我們的潛在市場涵蓋整個資料中心 PCIe 架構，而不僅僅是其中的一部分。

We are vendor-agnostic, selling into all data center and AI architectures. Design win cycles typically span 12 to 18 months from initial engagement to production, aligning our current sampling activity with initial production starting in June 2026 and volume ramping towards the end of calendar year 2026.

我們不偏袒任何廠商，產品銷往所有資料中心和人工智慧架構。從初步接洽到生產，設計贏得周期通常為 12 至 18 個月，這與我們目前的樣品製作活動相一致，該活動將於 2026 年 6 月開始初步生產，並在 2026 年底前逐步提高產量。

Looking ahead, our Gen 6 Switchtec devices position us to capture a meaningful share of the committed AI infrastructure build-out across three growth vectors: hyperscale training infrastructurep enterprise AI training and inference deployments; and high-performance computing applications.

展望未來，我們的第六代 Switchtec 設備使我們能夠在三大成長領域——超大規模訓練基礎設施、企業級 AI 訓練和推理部署以及高效能運算應用——佔據 AI 基礎設施建設的重要份額。

I will pause here and turn the call over to Eric for comments about our financials. Eric?

我先暫停一下，把電話交給艾瑞克，請他對我們的財務狀況發表評論。艾瑞克？

Thanks, Brian, and good afternoon, everyone. We are including information in our press release and in this conference call on various GAAP and non-GAAP measures. We have posted a full GAAP to non-GAAP reconciliation on the Investor Relations page of our website at www.microchip.com, and included reconciliation information in our earnings press release which we believe you will find useful when comparing our GAAP and non-GAAP results. We have also posted a summary of our outstanding debt and our leverage metrics on our website.

謝謝你，布萊恩，大家下午好。我們在新聞稿和本次電話會議中提供了有關各種 GAAP 和非 GAAP 指標的資訊。我們已在公司網站 www.microchip.com 的投資者關係頁面上發布了完整的 GAAP 與非 GAAP 財務報表調節表，並在我們的盈利新聞稿中加入了調節信息，我們相信您在比較我們的 GAAP 和非 GAAP 業績時會發現這些信息很有用。我們也在網站上公佈了未償債務和槓桿指標的摘要。

I will now go through some of the operating results, including net sales, gross margin and operating expenses. Other than net sales, I will be referring to these results on a non-GAAP basis, which is based on expenses prior to the effects of our acquisition activities, share-based compensation and certain other adjustments as described in our earnings press release and in the reconciliations on our website.

接下來我將介紹一些經營業績，包括淨銷售額、毛利率和營業費用。除了淨銷售額之外，我將以非GAAP準則來描述這些結果，該準則基於未計入收購活動、股份支付以及我們在盈利新聞稿和網站上的對帳中所述的某些其他調整的費用。

Net sales in the September quarter were $1.14 billion, which was up 6% sequentially and $10.4 million above the midpoint of our September quarter guidance provided on August 7. We have posted a summary of our net sales by product line and geography on our website for your reference.

9 月季度的淨銷售額為 11.4 億美元，季增 6%，比我們 8 月 7 日提供的 9 月季度指引值的中點高出 1,040 萬美元。我們已在網站上發布了按產品線和地理劃分的淨銷售額總表，供您參考。

On a non-GAAP basis, gross margins were 56.7% including capacity underutilization charges of $51 million, and new inventory reserve charges of $71.8 million. Operating expenses were at 32.4% of sales and operating income was 24.3% of sales. Non-GAAP net income was $199.1 million and non-GAAP earnings per diluted share was $0.35, which was $0.02 above the midpoint of our guidance.

以非GAAP準則計算，毛利率為56.7%，其中包括5,100萬美元的產能利用不足費用和7,180萬美元的新庫存準備金費用。營業費用佔銷售額的 32.4%，營業收入佔銷售額的 24.3%。非GAAP淨收入為1.991億美元，非GAAP稀釋後每股收益為0.35美元，比我們預期的中點高出0.02美元。

On a GAAP basis in the September quarter, gross margins were 55.9%. Total operating expenses were $549 million and included acquisition intangible amortization of $108.1 million; special charges of $6.3 million, which was primarily driven by our activities associated with our closure of Fab 2; share-based compensation of $53.3 million; and $12.3 million of other expenses.

以 GAAP 準則計算，9 月季度的毛利率為 55.9%。營運總支出為 5.49 億美元，其中包括收購無形資產攤銷 1.081 億美元；特殊費用 630 萬美元，主要原因是與我們關閉 Fab 2 相關的活動；股份支付費用 5,330 萬美元；以及其他費用 1,230 萬美元。

The GAAP net income attributable to common shareholders was $13.9 million or $0.03 per share and was positively impacted by our settlement of an audit with the IRS dating back to fiscal year 2007. Our non-GAAP cash tax rate was 9.5% in the September quarter. We expect to record a non-GAAP tax rate of about 10.25% for all of fiscal year 2026, which is exclusive of the transition tax and any tax audit settlements related to taxes accrued in prior fiscal years.

歸屬於普通股股東的 GAAP 淨利潤為 1,390 萬美元，即每股 0.03 美元，這得益於我們與美國國稅局就 2007 財年審計達成的和解。我們9月季度的非GAAP現金稅率為9.5%。我們預計 2026 財年全年的非 GAAP 稅率約為 10.25%，不包括過渡稅和與先前財年應計稅款相關的任何稅務審計和解。

Our inventory balance at September 30, 2025, was $1.095 billion, which was down $73.8 million from the balance at June 30, 2025. We had 199 days of inventory at the end of the September quarter, which was down 15 days from the prior quarter's level driven by our inventory reduction actions included in our September 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.

截至 2025 年 9 月 30 日，我們的庫存餘額為 10.95 億美元，比 2025 年 6 月 30 日的餘額減少了 7,380 萬美元。截至 9 月底，我們的庫存天數為 199 天，比上一季減少了 15 天，這主要得益於我們採取的庫存削減措施。 9 月底的庫存中，有 16 天是生命週期長、利潤率高的產品，這些產品的生產能力已被我們的供應鏈合作夥伴終止。

Inventory at our distributors in the September quarter was at 27 days, which was down two days from the prior quarter's level. Distribution sell-through was about $52.9 million higher than distribution sell in. Our cash flow from operating activities was $88.1 million in the September quarter. Our adjusted free cash flow was $38.3 million in the September quarter. And as of September 30, our consolidated cash and total investment position was $236.8 million.

9 月季度，我們經銷商的庫存為 27 天，比上一季減少了兩天。分銷通路的銷售額比分銷通路的銷售額高出約 5,290 萬美元。9 月季度，我們經營活動產生的現金流量為 8,810 萬美元。我們9月季度的調整後自由現金流為3830萬美元。截至9月30日，我們的合併現金和總投資部位為2.368億美元。

Our total debt decreased by $82 million in the September quarter and our net debt increased by $247.7 million. Our adjusted EBITDA in the September quarter was $341.8 million and 30% of net sales. Our trailing 12-month adjusted EBITDA was $1.103 billion, and our net debt to adjusted EBITDA was 4.69 at the end of the quarter.

9 月季度，我們的總債務減少了 8,200 萬美元，而淨債務增加了 2.477 億美元。我們9月季度的調整後EBITDA為3.418億美元，佔淨銷售額的30%。截至本季末，我們過去 12 個月的調整後 EBITDA 為 11.03 億美元，淨負債與調整後 EBITDA 的比率為 4.69。

Capital expenditures were $36.5 million in the September quarter and included approximately $20 million for a building purchase in India, supporting our ongoing R&D activities in Bangalore. We expect capital expenditures for fiscal year 2026 to be at or below $100 million, and depreciation expense in the September quarter was $39 million.

9 月季度資本支出為 3,650 萬美元，其中包括約 2,000 萬美元用於在印度購買建築物，以支持我們在班加羅爾正在進行的研發活動。我們預計 2026 財年的資本支出將達到或低於 1 億美元，9 月季度的折舊費用為 3,900 萬美元。

I will now turn it back to Steve, who will provide some additional commentary on our September quarter results and our guidance for the December quarter. Steve?

現在我將把麥克風交還給史蒂夫，他將對我們九月季度的業績以及我們對十二月季度的展望做一些補充說明。史蒂夫？

Thanks, Eric. As you saw in the last quarter, our net sales continued to grow sequentially. We are continuing to see the inventory go down at distributors at our distributors' customers, our direct customers and contract manufacturers. The distributors sell-in versus sell-through gap did not shrink last quarter. It was $49.3 million in the June quarter, and it was $52.9 million in the September quarter. The good thing about that is that distributor inventory went down even further. We expect that the distribution sell-in will eventually rise to meet the sell-through over the next couple of quarters.

謝謝你，埃里克。正如您在上個季度所看到的，我們的淨銷售額繼續環比增長。我們看到，分銷商、分銷商的客戶、我們的直接客戶和合約製造商的庫存都在持續下降。上個季度分銷商的進貨量與銷貨量之間的差距並未縮小。6 月季為 4,930 萬美元，9 月季為 5,290 萬美元。好處是，分銷商的庫存進一步下降了。我們預計在接下來的幾個季度裡，分銷管道的銷售量最終會上升到與銷售量相符的水平。

Next is gross margin. As I described in my summary earlier, product gross margins were very healthy at 67.4%, but our inventory write-off and underutilization charges knocked down the non-GAAP gross margin to 56.7%. We still need stronger sales to drive down inventory write-off and underutilization charges. However, our customers and distributors are taking advantage of short lead times and are continuing to drive down their inventory.

其次是毛利率。正如我在先前的總結中所述，產品毛利率非常健康，達到 67.4%，但我們的庫存減損和未充分利用費用使非 GAAP 毛利率下降到 56.7%。我們仍然需要更強勁的銷售動能來降低庫存減損和閒置成本。然而，我們的客戶和分銷商正在利用較短的交貨週期，繼續降低庫存。

Now to the market environment. We are seeing some recovery in our key end markets in automotive, industrial, communications, data center, aerospace & defense and consumer. They're all looking somewhat better. The strongest sales performance last quarter was in the data center market, albeit from depressed levels. As the inventory at end customers and distributors corrected, we saw a large increase in bookings and shipments of our Gen 4 and Gen 5 products, which included PCIe switches, memory, flash controllers, storage and rad cards, we believe we are extremely well positioned with our Gen 6 PCIe switch with it being the only 3-nanometer based device currently sampling in hyperscaler and enterprise data center customers, beating our competition in virtually every specification metric.

接下來談談市場環境。我們看到汽車、工業、通訊、資料中心、航空航太與國防以及消費品等主要終端市場出現了一些復甦跡象。他們看起來都好多了。上個季度銷售表現最強勁的市場是資料中心市場，儘管該市場先前處於低迷狀態。隨著終端客戶和分銷商的庫存得到調整，我們看到第四代和第五代產品的預訂量和出貨量大幅增加，其中包括 PCIe 交換器、記憶體、快閃記憶體控制器、儲存和 RAD 卡。我們相信，我們的第六代 PCIe 交換器處於非常有利的地位，因為它是目前唯一一款在超大規模資料中心和企業資料中心客戶中提供樣品的 3 奈米製程設備，幾乎在所有規格指標上都擊敗了我們的競爭對手。

Now let's get into our guidance for the December quarter. Our backlog for the December quarter started lower than the starting backlog for September quarter. The bookings for July were higher than bookings for any month in the last three years. August bookings were seasonally low, but better than our expectations; and September bookings were quite strong, as expected and the best booking month in three-plus years.

現在讓我們來看看我們對12月季度的業績預期。我們12月季度的積壓訂單量低於9月季度的初始積壓訂單量。7 月的預訂量高於過去三年中任何一個月份的預訂量。8 月份的預訂量雖然低於往年同期水平，但好於我們的預期；9 月份的預訂量也相當強勁，正如預期的那樣，是三年多來預訂量最高的月份。

Overall, September quarter's bookings were 10% higher than those of June quarter. The book-to-bill ratio for the last quarter was 1.06. October bookings were higher than July, so we have a good start to this quarter's bookings; and November bookings so far are very strong. Embedded in these strong bookings is the observation that customers and distributors are scheduling these for March delivery and are continuing to lower their inventories into this calendar year-end.

整體而言，9 月季度的預訂量比 6 月季度高出 10%。上季訂單出貨比為 1.06。10 月份的訂單量高於 7 月份，因此本季的訂單開局良好；而且到目前為止，11 月份的訂單量也非常強勁。從這些強勁的預訂量中可以看出，客戶和分銷商正在安排這些產品在 3 月交付，並且正在繼續降低庫存，直到年底。

A comment about lead times. While lead times for our products have been four to eight weeks for some time, we are continuing to experience lead times bounce off the bottom and are experiencing increases on some of our products. We're running into challenges on certain kind of substrates and subcontracting capacity and also some foundry constraints on very advanced nodes. These challenges remain isolated to specific areas. Our customer requests for expedited shipments have increased significantly from a couple of quarters ago, pointing to some customers' inventories running low.

關於交貨週期的說明。雖然我們的產品交貨週期在一段時間內一直為 4 到 8 週，但我們持續經歷交貨週期從低谷反彈，而我們一些產品的交貨週期正在增加。我們在某些​​類型的基板和分包能力方面遇到了挑戰，而且在非常先進的節點上，代工廠也存在一些限制。這些挑戰仍然局限於特定領域。與幾個季度前相比，客戶對加急發貨的需求顯著增加，這表明一些客戶的庫存正在減少。

I also want to remind investors that December is seasonally our weakest sales quarter of the year, and it's typically down low- to mid-single digits sequentially. This is mainly due to a lot of holidays in the quarter and our customers shutting down their factories during the holidays.

我還要提醒投資者，12 月通常是我們一年中銷售最淡的季度，通常會比上一季下降個位數百分比。這主要是由於本季度假期較多，以及我們的客戶在假期期間停工造成的。

Taking all of these factors into account, we expect our net sales for the December quarter to be $1.129 billion, plus or minus $20 million, which would be down 1% sequentially at the midpoint. We expect our non-GAAP gross margin to be between 57.2% and 59.2% of sales. We expect our non-GAAP operating expenses to be between 32.3% and 32.7% of sales; and we expect our non-GAAP operating profit to be between 24.5% and 26.9% of sales. We expect our non-GAAP diluted earnings per share to be between $0.34 and $0.40.

綜合考慮所有這些因素，我們預計 12 月季度的淨銷售額為 11.29 億美元，上下浮動 2000 萬美元，按中間值計算，環比下降 1%。我們預期非GAAP毛利率將佔銷售額的57.2%至59.2%。我們預期非GAAP營業費用佔銷售額的32.3%至32.7%；我們預期非GAAP營業利潤佔銷售額的24.5%至26.9%。我們預計非GAAP稀釋後每股盈餘將在0.34美元至0.40美元之間。

I want to highlight the operational discipline in our business model. Despite a seasonally challenging December quarter, with expected slightly lower revenues, our operational improvements are expected to deliver strong profit performance. Non-GAAP operating profit is projected to increase by over $13 million sequentially at the midpoint of our guidance. This operational discipline is evident in our business model's ability to deliver significant flow-through of incremental revenue to operating profit in normal business environments.

我想重點強調我們商業模式中的營運紀律。儘管受季節性因素影響，12 月季度營收預計略有下降，但我們的營運改善有望帶來強勁的獲利表現。根據我們的預期，非GAAP營業利潤預計將季增超過1,300萬美元（中位數）。這種營運紀律體現在我們的商業模式中，該模式能夠在正常的商業環境下，將大量的增量收入轉化為營業利潤。

While we are only providing one quarter of guidance and that is for this current December quarter, which is seasonally the weakest sales quarter of the year with a lot of holidays and customer shutdowns, we currently expect three strong quarters of March, June and September 2026. March quarter backlog is currently strong, and we currently expect March quarter sales to be stronger than a seasonal low single-digit up sequentially.

雖然我們目前只提供本季（即目前的 12 月季度）的業績指引，而 12 月季度通常是一年中銷售最淡的季度，因為有很多假日和客戶停業，但我們目前預計 2026 年 3 月、6 月和 9 月將有三個強勁的季度業績。3 月季度的訂單積壓情況目前良好，我們預計 3 月份季度的銷售額將比往年同期低個位數環比增長。

Finally, a comment on our capital return program for shareholders. Starting this quarter, we expect our adjusted free cash flow to be roughly even with our dividend payment driven by increasing profitability, low CapEx and liberating cash inventory. In future quarters, as we have excess free cash flow above dividends, we intend to use this to bring down our borrowings.

最後，我想就我們的股東資本回報計畫談幾點看法。從本季開始，我們預計調整後的自由現金流將與股息支付大致持平，這主要得益於盈利能力的提高、資本支出的降低以及現金庫存的釋放。未來幾個季度，由於我們有超過股息的自由現金流，我們打算利用這些資金來減少借款。

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

那麼，操作員，請問大家有什麼問題嗎？

(Operator Instructions)

（操作說明）

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究公司。

Yeah. Thanks. Good evening. I guess to start, maybe you could characterize what you're seeing now versus what you saw 90 days ago. At that time, you did talk about the expectations for better than seasonal growth in both the December and March quarter. It sounds like December is on the better end of normal seasonality. But what -- how do you feel now against what you thought 90 days ago?

是的。謝謝。晚安.首先，或許你可以描述一下你現在看到的情況與 90 天前看到的情況有何不同。當時，你們確實談到了對 12 月和 3 月季度成長將優於季節性成長的預期。聽起來十二月的天氣狀況還算正常。但是，你現在的感受與90天前相比如何？

So I think as you have seen through a lot of industry announcements of our peers and competitors, the total business environment has taken a slightly softer tone. I think you saw that through most of this earnings season, and ours are really no different. Even though our December quarter guidance is better than seasonal, seasonal would be 3%-minus to 5%-minus, sometimes 5%-minus, and we're only down 1%-minus.

所以，我認為正如您從我們同行和競爭對手的許多行業公告中看到的那樣，整體商業環境的基調已經略微緩和了一些。我想你在本財報季的大部分時間都看到了這一點，而我們的財報也並無不同。儘管我們對 12 月季度的業績預期好於季節性預期，但季節性預期會下降 3% 至 5%，有時甚至會下降 5%，而我們目前只下降了 1%。

I think if you go back six, nine months ago, I would have expected to continue to have small sequential growth even in the December quarter. But number one, the overall softer tone in the business environment; and number two, some impact of tariffs on customer psyche and people don't know when to make capital investments or not and people are holding back.

我認為，如果回顧六個月、九個月前，我原本預期即使在十二月季度，也會繼續保持小幅較上季成長。但第一，商業環境整體基調較為溫和；第二，關稅對消費者心理產生了一定影響，人們不知道何時該進行資本投資，因此都在觀望。

I think a combination of all those things have led to this guidance we have given. Now if you look at the last quarter bookings, you ordinarily wouldn't think so. Our bookings were 10% higher. And if we had kept getting the turns at the pace we were getting in the prior quarter, September quarter would be -- December quarter would be a lot higher.

我認為正是所有這些因素的綜合作用促成了我們所提供的這些指導意見。但如果你看一下上一季的預訂情況，你通常不會這麼想。我們的預訂量增加了10%。如果我們能保持上一季的速度，那麼9月季度——12月季度——將會高得多。

But as I mentioned in my comments, we observed that customers are scheduling these bookings for March quarter and are continuing to decrease the inventory on their balance sheet, leading up to the year-end distributors as well as the customers. So this is sort of a strange push-pull that's going on in the market. So we think we need to just hunker down for this one quarter, which is the weakest quarter of the year, and then we have strong momentum going into March and should be back to back from several good quarters.

但正如我在評論中提到的，我們觀察到客戶正在安排這些訂單在三月的季度內進行，並且正在繼續減少資產負債表上的庫存，直到年底分銷商和客戶都開始減少庫存。所以，目前市場上出現了一種奇怪的拉鋸戰。所以我們認為，我們需要在這個季度（一年中最淡的季度）穩紮穩打，然後進入三月時我們將擁有強勁的勢頭，並且應該能夠連續幾個季度取得好成績。

Understood. As a follow-up to that, you mentioned that the product gross margins were holding up, but obviously, the charges are what's weighing on the gross margins. Could you give us an update on what you expect from both the inventory reserve charges and underutilization charges, as you go through with presumably those next strong quarters as you get into next year. How quickly can some of those charges start to roll off?

明白了。作為後續，您提到產品毛利率保持穩定，但顯然，費用是影響毛利率的主要因素。能否請您更新一下您對庫存準備金費用和未充分利用費用的預期，尤其是在您預計明年接下來的幾個季度業績強勁的情況下？有些費用多久才能開始逐步取消？

So we, in general, don't know and don't guide those things for the future quarters. We just kind of look back and guide the actual that we experienced in the quarter. And current quarter is sequentially down 1%, so it's harder to make a whole lot of impact when your sales are actually 1%-minus. We are looking for just a few days of reduction in inventory and then I don't really have a guidance on utilization or inventory write-up in the current quarter.

所以，總的來說，我們既不知道也不會對未來幾季的情況進行指導。我們只是回顧並總結我們在本季實際經歷的情況。本季環比下降 1%，因此，當銷售額實際下降 1% 時，很難產生很大的影響。我們預計庫存將減少幾天，之後對於本季的利用率或庫存調整，我暫時無法給予具體指引。

But if I look at it over the next several quarters leading into stronger quarters of March, June and September, we currently expect to start ramping our factories at some point in time, start hiring people late in this quarter and then start ramping the factories. So as you ramp the factories because the inventory is coming down. And as you ramp the factories, that will lead to lower underutilization.

但如果我著眼於接下來的幾個季度，尤其是3月、6月和9月這些較為強勁的季度，我們目前預計將在某個時候開始提高工廠產能，在本季度末開始招聘員工，然後開始提高工廠產能。所以，隨著庫存下降，工廠需要提高產能。隨著工廠產能的提升，產能利用不足的情況將會減少。

And regarding inventory write-off. The products we are writing off now is not from excess build. If you go back a year ago, 1.5 years ago, we were building lots of excess product above the sales. Factory footprint was very large. And we were writing off product because just even the freshly built product was really in excess of demand significantly.

關於存貨註銷。我們現在報廢的產品並非因為生產過剩所造成的。如果回顧一年前，或者說一年半前，我們生產了大量遠超銷售需求的過剩產品。工廠佔地非常大。我們當時正在註銷產品，因為即使是新生產的產品也遠遠超過了市場需求。

That's not what's happening today. Our utilization in our internal Fabs is quite low actually and inventory is coming down. But what's happening is a lot of the products we built two years ago based on then customer demand. In many cases, the mix has shifted, and some of that product is slower moving. So once it becomes two years old, we have to write-off the rest of the product. So that is what's driving some of these write-offs in every quarter.

但如今的情況並非如此。實際上，我們內部晶圓廠的利用率很低，庫存也在下降。但現在的情況是，我們兩年前根據當時的客戶需求開發了許多產品。在許多情況下，產品組合發生了變化，其中一些產品的銷售速度放緩。所以一旦產品使用年限達到兩年，我們就必須將剩餘部分報廢。這就是導致每個季度都出現一些資產減損的原因。

It's not that the sales are zero on those products. They will sell off, but they are not selling at a pace which would prevent them some of it from being written off. So I think in either case, we're really in the eighth or nineth inning on this entire inventory write-off as well as the underutilization.

並不是說這些產品的銷售量是零。它們會被售出，但售出速度不足以阻止部分資產被註銷。所以我覺得無論如何，我們現在實際上已經到了庫存註銷和產能利用不足問題的第八局或第九局了。

This one quarter, which is the weakest quarter of the year is going to hurt sort of where it falls in the year. But after this quarter, I'm quite optimistic that we're going to have back-to-back good quarters and we'll make meaningful difference in inventory, inventory write-offs and utilization.

這個季度是一年中最淡的季度，由於它在一年中的位置，會對業績造成一定影響。但就本季而言，我相當樂觀地認為我們將連續兩季取得良好業績，並在庫存、庫存減損和利用率方面取得顯著成效。

I think I'll just add a little bit to what Steve said. So we did talk about how our plan was to ramp output out of the wafer fabs in the December quarter. We are still doing that. So it is increasing. The impact on underutilization charges in the current quarter will be modest. They'll be down, but just ever so slightly.

我想在史蒂夫說的基礎上再補充一點。所以我們討論了我們的計劃，即在 12 月提高晶圓廠的產量。我們仍在這樣做。所以它正在增加。本季對未充分利用費用的影響將不大。它們會下降，但只會下降非常輕微。

And then our assumption is that the inventory reserves will come down. But as Steve said, it is hard to predict. But we are guiding a pretty nice sequential increase in the non-GAAP gross margins to like 58.2% at the midpoint of guidance. So we are still seeing some benefit there in a tough quarter.

然後我們假設庫存儲備將會下降。但正如史蒂夫所說，這很難預測。但我們預期非GAAP毛利率將出現相當不錯的環比成長，中位數約為58.2%。所以即使在如此艱難的季度，我們仍然看到了一些好處。

Tim Arcuri, UBS.

提姆‧阿庫裡，瑞銀集團。

Hi, thanks. Steve, so I wanted to understand just kind of what's going on. I know it's sort of this weird environment where December is soft, but but people are looking out into next year. And you can kind of see it in the backlog. I know you stopped giving backlog breakouts in the filings.

您好，謝謝。史蒂夫，所以我想了解一下到底發生了什麼事。我知道現在的情況有點奇怪，12 月市場比較冷清，但人們都在展望明年。從積壓的工作量就能看出這一點。我知道你們已停止在文件中提供積壓案件的詳細資料。

But in March, your current backlog was very low and a lot of it's parked in LTSA still. So what are these LTSAs?, What -- I mean, it's coming down very slowly. Why is it taking so long to bring these down? And I mean if customers want product, I would think that like what's the point of parking stuff out in March and June and giving you no visibility in the near term?

但三月的時候，你們的積壓案件非常少，而且很多案件仍然積壓在長期服務協議 (LTSA) 中。那麼這些長期服務協議（LTSA）是什麼？我的意思是，它下降的速度非常緩慢。為什麼拆除這些設施需要這麼長時間？我的意思是，如果顧客想要產品，那把產品放到三月和六月上市，短期內又無法提供任何信息，這有什麼意義呢？

We don't have any more LTSAs out there. When I came back last year, we actually hear this month, very rapidly, we dismantled our program and essentially removed many of the customers' obligations on these long-term projects, and we took some cancellations, we took push out, we essentially allowed the customer to reset their backlog. So there's no impact on LTSA today. Customers are not making new products they do not need. But --

我們已經沒有更多長期服務助理了。去年我回來的時候，我們這個月很快就聽到消息說，我們解散了我們的項目，基本上取消了許多客戶在這些長期項目上的義務，我們取消了一些項目，推遲了一些項目，基本上允許客戶重置他們的積壓訂單。所以今天對長期服務年資（LTSA）沒有影響。顧客不會生產他們不需要的新產品。但--

Steve, let me just insert one thing there, Steve. So you're referring to PSP. We still have some of these LTSAs in place, and we've been flexible with customers in terms of pushing out their requirements. They might have put in a five-year expectation with us, and we aren't holding them accountable for taking that inventory and allowing flexibility to push that out by a year or two years, whatever they need to keep that engagement strong. And that's what Tim is referring to that he sees in our public filings on the LTSAs. They are coming down, but coming down slowly.

史蒂夫，我只想補充一點，史蒂夫。所以你指的是PSP。我們仍然保留著一些長期服務協議 (LTSA)，並且在滿足客戶延遲其要求方面保持靈活。他們可能與我們提出了五年的合作預期，我們不會要求他們承擔責任，而是允許他們靈活地將合作期限延長一到兩年，只要他們有需要，就可以保持良好的合作關係。提姆指的是他在我們公開的長期服務協議文件中看到的內容。它們正在下降，但下降得很慢。

Okay. So I was meaning that we dismantled the PSP program. And on the LTSAs, we're not forcing customers to buy anything that they do not need. We are basically being very flexible. They can buy what they need, and we're not forcing them to buy what they don't need.

好的。我的意思是，我們解散了PSP計畫。在長期服務協議 (LTSA) 中，我們不會強迫客戶購買他們不需要的任何東西。我們基本上採取的是非常靈活的方式。他們可以買自己需要的東西，我們不會強迫他們買不需要的東西。

So that's not really causing any kind of problem. I think this is just -- I would have hoped that where the customers' inventories are low, they will take substantial intake at direct customers as well as distributors in the December quarter.

所以這並沒有造成任何問題。我認為這只是——我原本希望，在客戶庫存較低的情況下，他們會在 12 月季度從直接客戶和分銷商那裡大量進貨。

But what we are observing is, we're getting strong bookings, but they're scheduling it in March. And just basically lead times are fairly short. And so taking chances and driving the inventory lower than I would have thought they would do.

但我們觀察到的情況是，雖然預訂情況很好，但他們都把預訂安排在三月了。而且基本上生產週期都比較短。因此，他們冒險將庫存降到了比我預想的還要低的水平。

Got it. So I guess, just from the perspective of like what the point is of even having these LTSAs there because they're barely coming down, actually. So really, the only thing that matters is kind of the current portion of what's -- I mean, you're not disclosing backlog anymore, but the current portion as of March was actually pretty small. So the LTSA is like what's the point of even having them if they don't provide you any coverage in a quarter like December?

知道了。所以我想，從這個角度來看，這些長期服務協議（LTSA）存在的意義是什麼？因為它們實際上幾乎沒有減少。所以實際上，唯一重要的就是目前積壓的工作量——我的意思是，你們不再公開積壓的工作量了，但截至 3 月份，目前的積壓工作量實際上相當少。所以，如果長期服務協議（LTSA）在像 12 月這樣的季度裡不提供任何保障，那麼設立它的意義何在呢？

It basically incentivizes the customer to continue to design with us. If you are sitting on a push where they can use our part or they could use TI or NXP's part and they're equally good and prices are similar, if they have an LTSA with us, I think that breaks the push. So those kind of benefits in engagement. But in general, it's no longer providing us any extra visibility, and we're not forcing the customer to take the product they don't need. What got us into the (inaudible) in the first place.

它實際上激勵客戶繼續與我們合作進行設計。如果你面臨一個選擇困境，他們可以選擇使用我們的產品，也可以選擇使用德州儀器 (TI) 或恩智浦半導體 (NXP) 的產品，而且這些產品性能同樣出色，價格也相近，如果他們與我們簽訂了長期服務協議 (LTSA)，我認為這會打破這種選擇困境。所以，參與度方面會有這類好處。但總的來說，它不再為我們帶來任何額外的曝光度，我們也沒有強迫客戶購買他們不需要的產品。我們最初是怎麼陷入（聽不清楚）的？

Right. One thing I want to clarify, Tim, is we have not changed anything in terms of what we disclosed in terms of backlog. That is a requirement that we put that number in our 10-K, so we do that once a year, but it has never been disclosed to my recollection in our quarterly 10-Q filings. It's a once a year thing that we do with the 10-K filing.

正確的。提姆，我想澄清一點，我們在積壓訂單方面披露的資訊沒有任何改變。這是我們 10-K 表格中的一項要求，所以我們每年都會提交一次，但據我所知，我們從未在季度 10-Q 文件中披露過該數字。這是我們每年一次提交 10-K 表格的工作。

It was in the Q actually last year but totally get it. Thank you so much.

實際上去年它還在Q組，但我完全理解。太感謝了。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

Steve, I'm curious, what's driving your confidence to expect the next three quarters to be above seasonal? Your lead times are still low. There are so many macro crosscurrents and most of your peers, as you mentioned, found it a little more defensive and we're hesitant to guide more than the current quarter. So I'm curious, what are you seeing that they are not seeing to suggest that the next three quarters would be above seasonal?

史蒂夫，我很好奇，是什麼讓你如此自信地預期未來三個季度的業績會高於往年同期水準？你們的交貨週期仍然很短。宏觀層面存在許多複雜因素，正如您所提到的，大多數同業都認為市場情緒較為保守，因此我們不願對超過當前季度的業績做出預測。所以我很好奇，你看到了什麼他們沒看到的東西，才表明接下來的三個季度會高於季節性水平？

So March quarter is driven by just the visibility of the backlog. If you look at our backlog today for March quarter and compare it to what the December quarter backlog was on August 6, I think that would be a one quarter difference, right? The backlog for March quarter today is much higher than December quarter backlog was on August 6.

因此，三月的季度業績完全取決於積壓訂單的可見度。如果你看一下我們三月季度的積壓訂單，並將其與 8 月 6 日的十二月份季度積壓訂單進行比較，我認為會相差一個季度，對嗎？目前3月季度的積壓訂單量遠高於8月6日12月份季度的積壓訂單量。

And the bookings that are coming in, it turns component into the March quarter is very strong. For March quarter, my comment is largely driven by visibility and the rate of bookings and turns. Now beyond that, I think customers are stretching their neck a little bit; distributors too by taking inventory down this quarter, which really they should not.

目前的預訂情況表明，三月的季度業績非常強勁。對於三月份的季度，我的評論主要取決於可見度以及預訂和周轉率。除此之外，我認為客戶有點過於苛刻了；分銷商也一樣，他們本季減少了庫存，這其實是不應該的。

In many cases, where the inventory is low enough, but they are basically dressing up their balance sheet for the end of the quarter and they want the product in March. With the customers' inventory having come down significantly and distributor inventory coming down significantly, there is still a $50 million gap in sell-in and sell-through, which we think some will correct in March, and the balance will correct in June probably.

很多情況下，庫存雖然很低，但他們基本上是為了季度末粉飾資產負債表，並且希望在三月收到產品。由於客戶庫存和分銷商庫存都大幅下降，銷售進貨和銷售出貨之間仍然存在 5000 萬美元的缺口，我們認為其中一部分將在 3 月份得到糾正，其餘部分可能會在 6 月份得到糾正。

And then the rate of bookings is likely to continue as customers replenish their inventory. So my outer quarter commentary is driven by just the inventory will even get lower and they will need the product for June quarter and September quarter. And June and September quarter historically are two strongest quarters of the year. They were both up nicely this year and many times, they're up usually even in soft years. So I'm less concerned about June and September and March quarter is driven by the visibility.

然後，隨著客戶補充庫存，預訂量可能會繼續增長。因此，我對季度末的評論主要基於庫存還會進一步下降，而他們需要這些產品來滿足六月季度和九月季度的需求。從歷史數據來看，六月和九月是一年中業績最好的兩季。今年它們的表現都相當不錯，而且很多時候，即使是淡季，它們的表現通常也會不錯。所以我不太擔心六月和九月的情況，而三月的季度業績主要取決於市場可見度。

Understood. And for my follow-up, gross margins are going up nicely in December. Is that mostly utilization driven? I think on the last call or before that, you had mentioned that you expected to take utilization up by 15%, 20%. I'm wondering what level are you taking it up?

明白了。另外，我的後續報告顯示，12 月毛利率將穩定上升。這主要是利用率驅動的嗎？我想在上次通話或更早之前，您曾提到您預計利用率將提高 15% 或 20%。我想知道你打算學到什麼程度？

And do you expect to increase it again in March? And is there like a target level of inventory in dollars or days that we should think about until which point you will be more careful with taking utilization up further.

你預計三月會再提高稅率嗎？是否存在以美元或天數為單位的目標庫存水平，我們應該考慮達到該水平後，在進一步提高利用率時要更加謹慎？

Eric, can you take that?

艾瑞克，你能接過來嗎？

Yeah. So I mean we're essentially managing our manufacturing output on a weekly, monthly basis. And so not going to break out the percentages that were going to increase. But we're shipping out of our factories, an amount that is significantly higher than what we are producing. And so we can't let that get too out of whack. So -- because we just can't ramp the factories super quickly, so it will be over time.

是的。所以我的意思是，我們基本上是按週、按月來管理我們的生產產量。因此，我就不列出將會成長的百分比了。但是我們工廠的出貨量遠高於我們的產量。所以我們不能讓這種情況失控太久。所以——因為我們無法迅速提高工廠產能，所以這需要時間。

So I would expect that we'll continue to ramp the fabs that those are decisions that we can make as we go through each month and look at the environment and see where inventory and backlog and revenue expectations are. But the second part of your question was what, I'm sorry?

因此，我預計我們將繼續提高晶圓廠的產能，這些決定我們可以在每個月根據實際情況做出，我們會觀察市場環境，看看庫存、積壓訂單和收入預期情況。但是，你問題的第二部分是什麼？不好意思？

Yeah, sorry, do you expect to increase it again, Eric, in March, right? If you're expecting several above seasonal quarters then does it mean that there's an expectation that you'll continue to increase utilization?

是的，抱歉，艾瑞克，你預計三月還會再次提高價格嗎？如果預計未來幾季的業績將高於季節性水平，這是否意味著預計利用率將繼續提高？

Yeah. We will need to continue to ramp the factories over time. It probably won't be a steady increase. It's just going to depend on the environment. But in the case that March, June and September have revenue growth, we would definitely be doing that.

是的。我們需要逐步提高工廠產能。這可能不會是一個持續成長的過程。這完全取決於環境。但如果 3 月、6 月和 9 月的收入成長，我們肯定會這樣做。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Yeah. Thanks for taking the question. I was curious if you could comment, is there any specific end markets that you can point to that you're seeing this kind of push-pull more than others?

是的。感謝您回答這個問題。我想請您談談看法，您能否指出一些具體的終端市場，在這些市場中，這種推拉效應比其他市場更為明顯？

I don't really know if there can be an end market-specific commentary on it. I think we're getting bookings across the board. On most segments, bookings are fairly strong, but the bookings delivery requested is in the March quarter, leaving the December quarter as per our guidance.

我不太確定是否可以對此進行針對終端市場的具體評論。我認為我們各個方面的預訂量都在增長。大多數細分市場的預訂情況都相當強勁，但所要求的交付時間是 3 月份的季度，因此 12 月份的季度與我們的預期不符。

Yeah. As you know, we don't break out end markets on a quarterly basis, and it's a little more difficult for us to track and we break it out once a year, but it seems like this is a pretty broad-based phenomenon that we're seeing.

是的。如您所知，我們不按季度細分終端市場，而且追蹤起來也比較困難，我們每年只細分一次，但看起來這似乎是一個相當普遍的現象。

Okay. Fair enough. And then on the Gen 6 PCIe switch offering, you talked about maybe tightness at leading-edge wafers. Curious, being a 3-nanometer, what's your kind of line of sight in terms of wafer availability as you look to ramp that in the second half of next year?

好的。很公平。然後，在第六代 PCIe 交換器產品中，您談到了尖端晶圓的緊湊性問題。出於好奇，作為一家採用 3 奈米製程的公司，您認為在明年下半年擴大產能的過程中，晶圓供應情況如何？

Brain?

腦？

Yeah. So we see a really healthy long-term strategic relationship with our foundry supplier in 3-nanometer, which is TSMC. And we believe we have the line of sight to the capacity that's needed to support our customer needs.

是的。因此，我們與 3 奈米製程代工廠供應商台積電建立了非常健康的長期策略關係。我們相信，我們已經具備了滿足客戶需求所需的產能。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

Good afternoon, guys. I wanted to just ask because maybe I had this wrong, I thought that the inventory charges were supposed to go away pretty sharply into the end of the fiscal year. I guess you're guiding it to continue in December. So I guess what changed? I guess, as forecasts start going up, I thought that the kind of the level of inventory would match the increased forecast and you wouldn't have this charge. I know you're saying the mix is now different. So is that what's changed? And kind of how far out should these inventory charges extend?

下午好，各位。我只是想問一下，因為我可能理解錯了，我以為庫存費用會在財政年度末期大幅減少。我猜你是想讓它在十二月繼續下去。所以，是什麼改變了這一切？我想，隨著預測值的上升，庫存水準應該與預測值的上升相匹配，這樣就不會產生這筆費用了。我知道你的意思是現在情況有所不同了。這就是改變的地方嗎？那麼，這些庫存費用應該涵蓋多久呢？

I think with the -- with this weak quarter of December we got to get through. But after that, I think we should -- in the stronger quarter, start to sell the inventory, significant inventory and have the charges really start to drop. Honestly, I expected charges to drop a little more than they have, and this weak quarter isn't helping. But I still feel that the inventory charges will come down rapidly as the year-over-year sales growth improve.

我認為，我們必須挺過這個疲軟的12月季。但在那之後，我認為我們應該——在業績較好的季度——開始銷售庫存，大量的庫存，讓費用真正開始下降。說實話，我原本預期費用會下降得更多一些，而且本季疲軟的業績也無濟於事。但我仍然認為，隨著年銷售額成長的改善，庫存費用會迅速下降。

So I think that's the key thing, and I've talked about it before, because you take the prior one year of sales and multiply it by 1.5 to get 18 months equivalent, and then you compare your inventory to that number. And if your inventory is higher than that number, then you have to write-off the balance. So while our sales have been improving in the last two quarters, our year-over-year sales have been negative.

所以我認為這是關鍵所在，我以前也談到過這一點，因為你要用前一年的銷售額乘以 1.5，得到相當於 18 個月的銷售額，然後把你的庫存與這個數字進行比較。如果你的庫存高於這個數字，那麼你就必須註銷超出部分。因此，儘管我們近兩個季度的銷售額有所改善，但同比銷售額卻為負值。

So every quarter, the last 12 months sales have been coming down. And therefore, it's -- 18 months equivalent has been coming down, and that's what kind of has been driving some of the inventory charges. And starting this December quarter, that phenomena is reversed. Year-over-year starting to grow. When that happens, I think it will have impact on inventory write-offs coming down.

所以過去12個月，每季的銷售額都在下降。因此，相當於 18 個月的庫存一直在下降，這在某種程度上推動了一些庫存費用。而從今年12月開始，這種現象將會逆轉。年比開始成長。我認為，這種情況一旦發生，將會對降低庫存減損產生影響。

And then just to wrap some math behind that, I guess the current impact is around, call it, [5% percentage-points] to gross margin. So you said it should come down over the next several quarters. So is that the right way to kind of add back that 4% to 5% headwind to the 58% that you just guided to? And then I'm assuming utilization would help by a few points as well. Is that the right way to frame gross margin over the next couple of quarters, four quarters?

然後，為了用數學來解釋一下，我認為目前的影響大約是，假設是，[5 個百分點] 對毛利率的影響。所以你說過，未來幾季它應該會下降。所以，將這 4% 到 5% 的逆風加回你剛才提到的 58% 的逆風，是不是正確的方法？然後我估計利用率也會有幾個百分點的幫助。這樣來預測未來幾季（或四季）的毛利率是否合適？

Yeah, that's exactly the right way to frame. So if you look at for September quarter, add the underutilization and the inventory charges, they added up to $122.8 million, and divided by revenue, that was 10.8 percentage-point impact. I think as those charges come down, gross margin goes up dollar for dollar essentially. And that's our path to a 65% gross margin.

沒錯，這樣表達就完全正確。因此，如果你看一下 9 月的季度，加上產能利用不足和庫存費用，總計 1.228 億美元，除以收入，影響了 10.8 個百分點。我認為隨著這些費用的下降，毛利率基本上會逐美元上升。這就是我們實現 65% 毛利率的途徑。

See, the product gross margin last quarter was 67.4%. So from a product gross margin standpoint, we're actually ahead of our longer-term target, but we just got to have these charges need to come down. And this current soft quarter isn't helping, but I think we'll regain momentum starting the March quarter.

你看，上季的產品毛利率是 67.4%。所以從產品毛利率的角度來看，我們實際上已經超過了長期目標，但我們必須降低這些費用。目前這個疲軟的季度對業績沒有幫助，但我認為從三月開始，我們將重拾成長勢頭。

And we have said this publicly, but that $71.8 million charge we had this last quarter, that charge never goes to zero. There is always some level of inventory reserves that are taken. And we do believe that at some point in the future, we will start to get a benefit of selling through a higher level of what's previously been written off. We just don't have line of sight to that, and that is hard to predict. But there's always some level of charge.

我們已經公開表示過，上個季度我們提列的 7,180 萬美元費用，這筆費用永遠不會歸零。總是會保留一定量的庫存儲備。我們相信，在未來的某個時候，我們將開始受益於出售更多先前已註銷的資產。我們無法直接看到那件事，而且那件事也很難預測。但總會有一定的費用。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

Hey Steve, the analog business -- in September quarter, the analog business was a little bit slow to catch up. Most of the sales came from microcontroller on the incremental side. Is that how you see the December quarter shaking out? Or do you expect a little bit more of an even contribution from -- like a similar percentage contribution from MCUs and analog?

嘿，史蒂夫，模擬業務——在九月份的季度裡，模擬業務的復甦速度有點慢。大部分銷售額來自微控制器的增量式銷售。你認為12月當季的情況會是這樣嗎？或者您期望微控制器和類比電路的貢獻更加均衡一些—例如，微控制器和類比電路的貢獻比例大致相同？

Harsh, if you look at the June quarter, those things were reversed. Analog growth was a lot stronger than the microcontroller growth was. And either you or somebody else asked the exact same question that analog grew more and microcontroller grew less and is a Q1 -- is that what you will see in September quarter? In September quarter, they reversed. Microcontroller did better and analog did worse.

哈爾什，如果你看六月的季度數據，你會發現情況正好相反。類比電路的成長速度遠遠超過微控制器的成長速度。你或其他人也問過同樣的問題，類比電路成長更多，而微控制器成長更少，並且這是第一季的情況——這是九月份季度的情況嗎？9 月的季度，情況發生了逆轉。微控制器表現較好，類比電路表現較差。

So these things go back and forth. I think these are both large product lines and thousands and thousands of customers and just everything is not perfectly linear. In some quarters, one is higher; other quarter, different one is higher.

所以這些事情總是反覆出現。我認為這兩個產品線都很龐大，擁有成千上萬的客戶，而且事情的發展並非完全線性。在某些地區，一個數值較高；在其他地區，另一個數值較高。

Fair enough. And then when I think of at least -- I think a Microchip, I don't think of 3-nanometer leading-edge products, is something that you're focused on. You're obviously highlighting it here in the earnings call. Is this a sort of a strategic shift where you will target more of leading edge data center products? Just some color on your strategy would be helpful here.

很公平。然後，當我想到至少——我想到Microchip，我不會想到3奈米尖端產品，這應該是你們關注的重點。顯然，你在財報電話會議上重點強調了這一點。這是否是一種策略轉變，意味著你們將更多地瞄準領先的資料中心產品？如果能更詳細地闡述一下你的策略就更好了。

Yeah, you should absolutely take that as a strategic shift. We hired Brian McCarson into Microchip. After I came back last year, I think Brian, you joined us in when exactly?

是的，你絕對應該把這看成是一個策略轉變。我們聘請了布萊恩·麥卡森加入微芯科技公司。去年回來之後，布萊恩，你具體是什麼時候加入我們的？

January of this year.

今年一月。

January of this year, so it was just a couple of months later. And Brian is focused on getting our data center products to state-of-the-art and market positioning. And this one, the 3-nanometer Gen 6 Switchtec device is the first one. And you'll see a series of new devices coming in from this business unit, all state-of-the-art products to gain significant share in the fast-growing data center market.

是今年一月份，所以才過了幾個月。而布萊恩則專注於將我們的資料中心產品提升到最先進水平並實現市場定位。而這款採用 3 奈米製程的第六代 Switchtec 裝置是第一款。您將會看到該業務部門推出一系列新設備，所有這些產品都是最先進的，旨在快速成長的資料中心市場中佔據重要份額。

Now we are -- this is not the only place we're putting attention. We also formed an AI business unit. I think I talked about it some time ago. And this was just a few months ago. So you'll be getting some updates on what's going to come out of that group. We're also putting a lot of effort into our FPGA business unit.

現在我們——這並不是我們唯一關注的地方。我們也成立了人工智慧業務部門。我想我之前談過這件事。而這僅僅是幾個月前的事。所以你會收到一些關於該小組即將推出的產品的最新消息。我們也在FPGA業務部門投入了大量精力。

You'll be hearing some new product announcements in this coming year on our FPGA products. You heard our high-performance space computing announcement, I believe, where we're doing -- under a NASA contract, we're doing the next-generation space computer. So yes, it's a strategic shift towards continuing to do what we're doing, microcontroller and analog and all these other products, but in addition, have a component of our business, which is across more advanced nodes, high-performance products, lower power, market-leading products with a much higher growth profile, thus pulling the overall CAGR of Microchip higher than you would otherwise expect. That is the strategic shift.

明年，我們將發布一些關於FPGA產品的新產品公告。我相信你們都聽到了我們關於高性能空間計算的公告，我們正在根據 NASA 的合同，開發下一代空間計算機。所以，是的，這是一個策略轉變，我們將繼續做我們正在做的事情，例如微控制器、類比電路以及所有其他產品，但除此之外，我們的業務還將涵蓋更先進的製程節點、高性能產品、低功耗產品、市場領先產品，這些產品具有更高的成長潛力，從而使 Microchip 的整體複合年增長率高於您的預期。這就是戰略轉變。

William Stein, Truist.

威廉·斯坦，Truist。

Great. Thanks. Steve, any estimate or best guess as to when the underutilization charges and inventory write-downs get to sort of a normalized level where maybe we'd see the product margins just show on the non-GAAP P&L without a whole lot of adjustments? Maybe what -- I guess that takes us to somewhere to 65% your target and where you're running now a little bit high on that. Is that something we should expect sort of in the early part of fiscal '27, do you think or will it be further out?

偉大的。謝謝。史蒂夫，你能否估計一下，什麼時候產能利用不足費用和庫存減值才能達到某種正常水平，以至於我們或許可以在非GAAP損益表中看到產品利潤率直接體現出來，而無需進行太多調整？或許——我猜這會讓我們達到目標的 65%，而你現在的進度稍微高了一點。您認為我們會在 2027 財年初期就看到這種情況嗎？還是會更晚？

I'm not comfortable forecasting at this point in time, especially in an otherwise soft quarter. I think we will make substantial improvement in the next fiscal year. We'll make improvement in March and then again, June is the start of the next fiscal year. So you're not directionally wrong. I just don't want to put an absolute time frame or an absolute figure.

目前我不方便做出預測，尤其是在本季整體形勢疲軟的情況下。我認為我們在下一個財政年度會取得實質的進步。我們將在三月有所改進，然後六月將開始下一個財政年度。所以你的方向沒錯。我不想給出絕對的時間範圍或絕對的數字。

Okay. As a follow-up to that --

好的。作為對上述內容的後續跟進--

I think we're confident in saying that the inventory write-offs normalize quicker than the underutilization goes away. Both will be moving in the right direction, but underutilization will take longer is our expectation, but we're not putting a time frame around it.

我認為我們有信心說，庫存減損恢復正常的速度比產能利用不足的情況消失的速度更快。兩者都將朝著正確的方向發展，但我們預計未充分利用的情況需要更長時間才能實現，但我們不會為此設定時間框架。

That's helpful. Thank you. As a follow-up, when I have discussions with investors, particularly ones bullish on Microchip, they look at these two charges, and they say, well, those will go away at some point, but then also, we'll get some leverage on the gross line, some gross margin leverage, so we'll actually see gross margins go higher than that level.

那很有幫助。謝謝。作為後續，當我與投資者，特別是那些看好Microchip的投資者進行討論時，他們會關注這兩項費用，然後說，這些費用總有一天會消失，但同時，我們也會在毛利率上獲得一些槓桿作用，所以我們實際上會看到毛利率高於目前的水平。

And I wanted to check my understanding of this because I think the underutilization charges are designed to sort of simulate 90% utilization level. So you may get higher margins for example, for mix. But from utilization, can you correct me if I'm wrong, that we shouldn't see higher gross margins than the product gross margins you're referring to from utilization unless we get above 90% utilization. Is that approximately correct?

我想確認我對這方面的理解，因為我認為未充分利用費用的設計目的是為了模擬 90% 的利用率水準。例如，混合銷售可能會獲得更高的利潤率。但就利用率而言，如果我理解有誤，請指正：除非利用率超過 90%，否則我們不應該看到比您所說的產品利用率更高的毛利率。這樣大致正確嗎？

Eric?

艾瑞克？

Yeah. So when Steve is quoting the 67%-plus product gross margin, we would not recommend that anybody puts that into their models, quite honestly, is that's where we're going to end up. We have a 65% long-term model. We just did whatever it was 56.2% -- or excuse me, 56.7% and we're guiding to 58.2% at the midpoint. So we've got a long ways to go. Each of our factories has a level of what we would call normal utilization, it could be 90%, the number you used in one factory; it could be 75% in another factory.

是的。所以當史蒂夫提到 67% 以上的產品毛利率時，坦白說，我們不建議任何人把這個數字放到他們的模型裡，因為那最終會是我們達到的水平。我們採用的是65%的長期投資模式。我們剛剛公佈的結果是 56.2%——或者更正一下，是 56.7%，我們預計中點將達到 58.2%。所以我們還有很長的路要走。我們每個工廠都有一個所謂的正常利用率水平，一個工廠可能是 90%，另一個工廠可能是 75%。

And it's just going to depend on how the revenue mix comes in over time. Obviously, in the up-cycle, we were running at 100%-plus capacity in just about every factory. And at that point in time, there was other things that were helping and expedite charges and what not, where we got to 68%-plus gross margin. But that is not standard by any means. And we're really focused on getting to the 65%. And when we get closer to that number, we'll obviously reevaluate and provide future guidance to you guys.

最終結果取決於收入結構隨時間推移的變化。顯然，在經濟上行週期，我們幾乎每家工廠的產能都超過了 100%。當時還有其他一些因素在幫助加快收費等等，使我們的毛利率達到了 68% 以上。但這絕不是標準做法。我們真正關注的是達到 65% 的目標。當我們接近這個數字時，我們顯然會重新評估，並為大家提供未來的指導。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Hey good afternoon. Thanks for taking my questions. Can you guys give us an update on the Fab 2 closure, rightsizing of Fab 4 and Fab 5 back in the June quarter? You guys were targeting about $115 million in cost savings annually at that -- at the current quarterly revenue run rate, that's about 250 basis points of gross margin improvement. Is all of that now accounted for in your current gross margin profile or is there still more on the comp?

嘿，下午好。謝謝您回答我的問題。各位能否提供一下關於 Fab 2 關閉以及 Fab 4 和 Fab 5 在六月季度進行規模調整的最新進展？你們當時的目標是每年節省約 1.15 億美元的成本——以目前的季度收入運行率計算，這相當於毛利率提高約 250 個基點。所有這些因素現在都已計入您目前的毛利率組成中了嗎？還是還有更多因素需要納入比較？

Eric?

艾瑞克？

Yeah. For Fab 2 specifically, we talked about $90 million of annual cash savings, right? And we're on our way to accomplishing that. But as Steve indicated, with this agreement that we have in place that's still subject to closing conditions, if that closes in December, we'll get some cash from that, which isn't going to be disclosed at this point in time.

是的。具體到 Fab 2，我們之前討論過每年可省下 9000 萬美元現金，對吧？我們正在朝著這個目標邁進。但正如史蒂夫所指出的，根據我們目前達成的這項協議（該協議仍需滿足成交條件），如果該協議在 12 月成交，我們將從中獲得一些現金，但目前還不便透露具體金額。

But those costs really aren't impacting our non-GAAP gross margins today. The two biggest factors are the underutilization charges and the inventory write-offs. But it's great that we've got to this point with that factory and getting it completely out of our cost structure, hopefully, by the end of the quarter will be a nice step for us.

但這些成本目前並沒有真正影響我們的非GAAP毛利率。兩大主要因素是閒置資產損失費和庫存減損損失。但令人欣慰的是，我們已經與這家工廠取得了進展，希望到本季末能夠將其完全從我們的成本結構中剔除，這將是我們邁出的重要一步。

Thanks for that. And then -- thanks for the update on your PCIe switching portfolio. On a segment reporting basis, data center in compute was 19% of your total revenues in fiscal '25. What's the rough mix of data center versus client or PC compute? I assume majority of the segment is data center focused. Any way to quantify it? Is it 60-40, 70-30? I mean, these products are more application specific, so easier to track. I assume you guys track this mix pretty closely, but any way to quantify the mix differences?

謝謝。還有—感謝您更新了 PCIe 交換器產品組合的資訊。以業務板塊報告來看，資料中心在 2025 財年佔您總收入的 19%。資料中心與客戶端或個人電腦計算的大致比例是多少？我估計該細分市場的大部分都專注於資料中心。有什麼方法可以量化它嗎？是 60-40，還是 70-30？我的意思是，這些產品具有更強的應用針對性，因此更容易追蹤。我猜你們對這個混音版本跟踪得很密切，但是有沒有辦法量化混音之間的差異呢？

Yeah. We don't break that out to that level of degree to everyone. Majority of that is related to data center more than anything within that bucket of 19%.

是的。我們不會向所有人透露到那種程度。其中大部分與資料中心有關，而不是其他任何與 19% 這個類別相關的因素。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Hey guys. Thank you for taking my questions. I also wanted to ask about the backlog visibility. So you mentioned more customers wanting to take orders in March than December, which I understand because lead times are short and they can. But given the backlogs down sequentially, and you're expecting an above-seasonal March after what seems like an above-seasonal December.

嘿，大家好。謝謝您回答我的問題。我還想詢問一下待辦事項的可見性。所以你提到有更多客戶希望在 3 月份下單，而不是 12 月份，我理解這一點，因為交貨週期短，他們可以這樣做。但考慮到積壓訂單逐週減少，而且繼看似高於往年同期水準的 12 月之後，預計 3 月的訂單量也將高於往年同期水準。

Maybe you could spend a little bit of time talking about longer term, what's driving the confidence after March that you're going to see those two to four quarters of very strong results? Is it demand signals? Is it expectations of inventory restocking because you're nervous that -- or are your customers get nervous if things are too low. Just trying to understand what signals you're seeing as we get into '26? Thank you.

或許您可以花點時間談談長期發展，是什麼因素讓您在三月後有信心看到未來兩到四個季度業績非常強勁？這是需求訊號嗎？是因為擔心庫存不足而對庫存補貨有所預期，還是因為庫存過低導致顧客感到不安？我只是想了解一下，隨著我們進入2026年，你們看到了哪些訊號？謝謝。

So I think as we get on the other side of the December quarter, you have several wins on the back kick in. Number one, the difference between sell-in and sell-through has to close. Distributor inventories are going to become normal here. They have come down very significantly. There is maybe a little bit to go here and there, but they're largely getting corrected.

所以我覺得，隨著我們進入12月季度，我們將迎來幾場勝利的反彈。第一，售出量和售出量之間的差距必須縮小。經銷商庫存在這裡將會成為常態。它們的價格已經大幅下降。可能還有一些小問題需要解決，但大部分問題都已修正。

So when the correct in another quarter-or-so, you have a $50 million sell-in to sell-through gap that needs to close. So that is a wind on the back, and it will close by people buying more product on sell-in, which is a GAAP revenue.

所以，如果再過一個季度左右情況正確，就會出現 5000 萬美元的售入和售出缺口需要彌補。所以這是順風之勢，最終會因為人們購買更多產品而實現，這屬於 GAAP 收入。

The second is the same phenomenon on our direct customers, contract manufacturers, as their inventory corrects, they will start buying what they're consuming. Today, they're buying much less than what they're consuming. So that's another window on the back.

第二點也是同樣的現象，發生在我們的直接客戶──合約製造商身上。隨著庫存的調整，他們會開始購買自己正在消耗的東西。如今，他們的購買量遠低於消費量。所以，車尾還有一扇窗。

And third, June and September are seasonally strong quarters, the December is our weakest quarter, March is the next better and then June and September usually are strong. So we have strong quarters coming up, plus we have this inventory phenomenon in distributors, direct customers and contract manufacturers. All of that together, I think we'll have a decent financial performance.

第三，6 月和 9 月是季節性強季，12 月是我們最弱的季度，3 月稍好一些，然後 6 月和 9 月通常又會比較強勁。因此，我們接下來的幾季業績強勁，此外，分銷商、直接客戶和合約製造商都出現了庫存問題。綜合所有因素，我認為我們會取得不錯的財務表現。

Thank you for the color there. And then I also wanted to follow up on the 3-nanometer PCIe switch. Maybe you could give us a few -- some details on what's your expected go-to-market and sort of how mature the commercial engagements are? You're doing 3-nanometer, your peers are at 5-nanometer. Are you competing on performance versus cost as a result? And should we expect meaningful revenue contribution in 2027 with the part coming out at the end of 2026? Thank you.

謝謝你帶來的色彩。然後，我還想跟進一下 3 奈米 PCIe 交換器的相關情況。或許您可以提供我們一些資訊—關於您預期的市場推廣策略以及商業合作的成熟程度？你用的是 3 奈米工藝，你的同行用的是 5 奈米製程。因此，你們是否在效能與成本之間展開競爭？該零件將於 2026 年底上市，我們是否可以預期它在 2027 年帶來可觀的收入貢獻？謝謝。

Brain?

腦？

Yeah. several really good questions there. We are targeting this family of products at the hyperscalers, the enterprise OEM and ODM customers. So we're covering all segments of the -- both AI data center and enterprise data center markets with these products. And in addition to the customers that I mentioned, we see a sizable market. We think the total available market for our Switchtec family of devices that we serve should exceed $2 billion per year today.

是的，這幾個問題都很好。我們針對超大規模資料中心、企業 OEM 和 ODM 客戶推出了這一系列產品。因此，我們的這些產品涵蓋了人工智慧資料中心和企業資料中心市場的所有細分領域。除了我提到的客戶之外，我們還看到了一個相當大的市場。我們認為，我們服務的 Switchtec 系列設備的總市場規模目前應該超過每年 20 億美元。

And while there's a lot of variation in different expectations for growth, we're expecting greater than 10% CAGR on that total available market through 2035. So given that we expect to release to production by June 2026 and typical design win cycles with customers, 2027 and the latter part of 2026 is when first revenue should be appearing.

儘管對成長的預期存在很大差異，但我們預計到 2035 年，該總可用市場的複合年增長率將超過 10%。因此，鑑於我們預計將於 2026 年 6 月投入生產，並且根據與客戶的典型設計中標週期，2027 年和 2026 年下半年應該是首次產生收入的時候。

Chris Danley, Citibank.

克里斯丹利，花旗銀行。

Hey, thanks guys. So Steve, just going back to your earlier comments, you said that you expected the December quarter to be a little better and things seem to get a little softer at some point in the September quarter. Can you just talk about, I guess, when that happened? And did any particular areas like geos or product lines or anything stand out on the software side? And why you think that happened? Do you think there was some tariff-related pull-ins earlier in the year or is something else happening? Thanks.

嘿，謝謝大家。所以史蒂夫，回到你之前的評論，你說你預計 12 月季度會好一些，但似乎 9 月季度的情況在某個時候會有所好轉。你能說說這件事是什麼時候發生的嗎？在軟體方面，是否有任何特定領域（例如地理位置、產品線或其他方面）特別突出？你認為這是為什麼會發生的事？你認為今年稍早是否存在與關稅相關的撤資行為，還是另有原因？謝謝。

So I think our bookings remained strong. July was one of the best booking months in three years and then August was slower but still better than expected. And I talked about the August was always slow because of the holidays, vacations and all that, but it was better than expected. And September was very, very strong, best booking months in three-plus years, and the book-to-bill ratio was positive. The bookings were up 10% sequentially.

所以我覺得我們的預訂情況依然強勁。7 月是三年來預訂量最好的月份之一，8 月雖然有所放緩，但仍好於預期。我之前說過，由於假日、假期等等原因，八月的生意總是比較清淡，但這次的情況比預期的要好。9 月的預訂量非常非常大，是三年多來最好的月份，預訂出貨比為正。預訂量較上季成長10%。

The only -- the reason why I say December is a little softer and disappointing is the customer decided to give us strong bookings, but scheduled them in January and essentially adjust their balance sheet for calendar year-end. So therefore, the terms component of that wasn't as strong as I would have expected.

唯一的原因是——我之所以說 12 月份業績稍顯疲軟，令人失望——客戶決定給我們一些不錯的訂單，但卻安排在 1 月份，這實際上是為了調整他們年底的資產負債表。因此，其中的術語部分並沒有我想像中那麼強。

With the inventory corrected, I thought customers and distributors will restock. Well, they decided to restock three weeks later. Not restock on December 26, but restock on January 15. And that's kind of the difference we're talking about. Therefore, the backlog for March looks good. On certain product lines, the March quarter backlog is stronger than December quarter backlog. Not across the board, but on some key product lines.

庫存調整完畢後，我認為客戶和分銷商會補貨。三週後，他們決定補貨。12月26日不補貨，1月15日補貨。這就是我們所說的差別所在。因此，3月的積壓訂單情況看起來不錯。在某些產品線上，3 月的訂單積壓量比 12 月的訂單積壓量要多。並非全部產品線都如此，但部分重點產品線確實如此。

So this is the observation, which changed what I thought would happen. I thought with all this inventory correction, December quarter would be a lot stronger, low single-digit up rather than 1%-minus. But this phenomenon that they decided to buy that product in January rather than buy it in December has changed that equation.

這就是我的觀察結果，它改變了我原本以為會發生的事。我原以為經過庫存調整，12 月季度業績會強勁得多，實現個位數成長，而不是下降 1%。但他們選擇在 1 月而不是 12 月購買該產品的這一現象改變了這種局面。

Okay. Thanks. And just my follow-up. So you mentioned some constraints. It sounds like they're still mostly on the back end. Are those constraints getting worse? When do you think you can get them under control? And is it causing you to miss some if any sales?

好的。謝謝。我再補充一點。你提到了一些限制條件。聽起來他們仍然主要從事後端工作。這些限制因素是否正在惡化？你認為什麼時候才能控制局面？這是否導致你錯失了一些銷售機會？

So it's not -- nothing is disastrous. We are managing it, but the substrate capacity is the one that was extremely constrained, if you remember a couple of years ago -- three years ago. And now as these advanced products have come in, all the AI products and products from all these companies going into high-end data centers and all that, they all require substrate capacity.

所以，沒什麼大不了的──沒什麼災難性的。我們正在努力應對，但底物產能曾經非常有限，如果你還記得幾年前——三年前的情況的話。現在，隨著這些先進產品的出現，所有這些人工智慧產品以及來自所有這些公司的產品都進入了高端資料中心等等，它們都需要基質容量。

And in the last quarter, we were also competing with cellphone bills for the December quarter because they all require substrates. So we were competing with some significant demand. Now that demand is for new product launch, and that is over now. So some of those constraints have gotten less so, but it's still really touch and go.

上個季度，我們還要與手機帳單市場競爭，因為它們都需要基材。所以，我們當時面臨相當大的市場需求。現在市場需求轉向新產品發布，而這已經結束了。所以有些限制有所減少，但情況仍然非常不穩定。

I think, yes, in certain cases, customers wanted the product in September or in December, and we're shipping it a quarter later. Yes. It's not hundreds of millions of dollars, but it's meaningful.

是的，在某些情況下，客戶希望在 9 月或 12 月收到產品，而我們卻在三個月後才發貨。是的。雖然金額不如數億美元，但意義重大。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

I wonder if you can just help us try to triangulate where the demand actually is looking at your bookings levels, 1.06 is pretty good, but your revenue is about half of what it was at the peak. And I guess the real consumption is somewhere between that peak number and where you are now. But just as you look at the bookings pattern, do you have any updated sense on where we're going to get when we get to consumption levels?

我想請您幫忙，根據您的預訂量，試著確定實際的需求所在。 1.06 的預訂量相當不錯，但您的收入只有高峰期的一半左右。我猜實際消費量應該介於高峰和你現在的消費量之間。但是，就像您觀察預訂模式一樣，您對我們達到消費水平時的情況有什麼新的認識嗎？

I cannot help you or anybody else to figure out what the exact consumption level would get to. I would agree with you that it's somewhere between the peak and where we are. But which one it is closer to or where it is, I think that's a million-dollar question.

我無法幫助你或其他人弄清楚確切的消耗水平會達到多少。我同意你的看法，它應該介於高峰和我們現在的位置之間。但是它離哪個更近，或者它在哪裡，我認為這才是價值百萬美元的問題。

Honestly, this entire recovery has been a lot slower than anybody would have expected. I think I think all these tariffs and customer concerns about capital investments in automotive to EV to gasoline shift and there have been a lot of curves that have been thrown at this market. And the overall progress has been less than I personally would have wanted.

說實話，整個恢復過程比任何人預期的都要慢得多。我認為，所有這些關稅以及消費者對汽車資本投資從電動車轉向汽油車的擔憂，都為這個市場帶來了許多變數。整體而言，進展不如我個人預期。

So we'll continue to make that progress. I think pick up pace in the March quarter, but I'm not willing to guide where we eventually reach equal to consumption. I think that remains a challenging exercise.

所以我們會繼續取得進展。我認為三月季度成長速度會加快，但我不願預測我們最終會在何時達到與消費量持平。我認為這仍然是一項具有挑戰性的任務。

Okay. Fair enough. Thank you. And then with my follow-up, the data center products, when you talk about the new switch and things like that, where do you guys stand in terms of hyperscale cloud relationships? Do you have partnerships there where they're coming to you and saying, Here's the product we need, can you help us to develop that?

好的。很公平。謝謝。接下來，我想問的是資料中心產品方面的問題，例如新的交換器之類的，你們在超大規模雲端關係方面處於什麼位置？你們那裡是否有合作夥伴，他們會來找你們說：“這是我們需要的產品，你們能幫我們開發嗎？”

I know you have a lot of data center businesses that were acquired when they were sort of enterprise-centric. Can you just update us on where you are with going to market with these bigger cloud customers?

我知道你們收購了很多資料中心業務，這些業務都是在它們以企業為中心的時候被收購的。能否簡單介紹一下您在拓展這些大型雲端客戶市場的進展？

So Brian -- we do business with all of them, why don't you take that question?

布萊恩，我們和他們都有生意往來，你來回答這個問題吧？

Yeah. So we have active engagements with all the hyperscalers and OEMs you would expect across this broad bolt enterprise and AI data center market. We do not work on custom ASIC products as our main business. So we instead focus on understanding the workloads that our customers are most interested in accelerating and optimizing within the data center and build the right competitive features to best meet their needs.

是的。因此，我們與所有您期望在 Bolt 企業和 AI 資料中心這個廣大市場中看到的超大規模資料中心供應商和原始設備製造商都保持著積極的合作關係。我們不以客製化ASIC產品為主要業務。因此，我們轉而專注於了解客戶最希望在資料中心內加速和優化的工作負載，並建立合適的競爭功能以最好地滿足他們的需求。

And I think this latest announcement around our first-to-market 3-nanometer Gen 6 PCIe switch demonstrates that with industry-leading security features, industry-leading telemetry, industry-leading power and performance per lane. And -- so we will continue to build our products with the hyperscaler, OEM, ODM and enterprise data center markets directly in mind.

我認為，我們最新發布的首款 3 奈米 Gen 6 PCIe 交換機，憑藉著業界領先的安全特性、業界領先的遙測功能、業界領先的功率和每通道性能，證明了這一點。因此，我們將繼續以超大規模資料中心、OEM、ODM 和企業資料中心市場為直接目標來打造我們的產品。

At this time, I would like to turn the call back over to Mr. Steve Sanghi for closing comments.

此時，我想把電話轉回給史蒂夫桑吉先生，請他作總結發言。

Yes. Thank you very much, everybody, for hanging in there. And as I said, after this quarter, I think we should get back strong momentum, and we'll see some of you on the conference circuit this quarter. Thank you very much.

是的。非常感謝大家的耐心等待。正如我所說，我認為本季結束後，我們應該會重拾強勁勢頭，本季我們會在各種會議上見到你們中的一些人。非常感謝。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a great day.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。