微晶片科技 (MCHP) 2026 Q4 法說會逐字稿

Greetings, and welcome to the Microchip's Q4 and fiscal year '26 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Microchip 第四季及 2026 會計年度財務結果電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

I would now like to turn the conference over to your host, Eric Bjornholt, Chief Financial Officer. You may begin.

現在我想把會議交給主持人、財務長 Eric Bjornholt。您可以開始了。

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

謝謝你，Kate，各位下午好。在本次電話會議期間，我們將就未來事件或公司未來財務表現作出預測及其他前瞻性陳述。我們請各位參閱我們今天發布的新聞稿，以及近期向美國證券交易委員會（SEC）提交的文件，其中列示了可能影響 Microchip 業務與營運結果的重要風險因素。

In attendance with me today are Steve Sangi, Microchip's President and CEO; Rich Simoncic, Microchip's COO; Brian McCarson, VP of Microchip's Data Center Solutions Business Unit; and Sajid Daudi, Microchip's Head of Investor Relations.

今天與我一同出席的有：Microchip 總裁暨執行長 Steve Sangi；營運長 Rich Simoncic；資料中心解決方案事業部副總裁 Brian McCarson；以及投資人關係主管 Sajid Daudi。

I will comment on our fourth quarter and full fiscal year 2026 financial performance, Brian will provide an update on our Data Center business, and then Steve will provide commentary on our results and discuss the current business environment as well as our guidance. We will then be available to respond to specific investor and analyst questions.

我將評論我們 2026 會計年度第四季及全年財務表現，Brian 將提供我們資料中心業務的最新進展，接著 Steve 將就我們的結果發表評論，並討論目前的營運環境以及我們的財測指引。之後我們將回答投資人與分析師的具體問題。

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

我們在新聞稿與本次電話會議中提供了多項 GAAP 與非 GAAP 指標資訊。我們已在官網 www.microchip.com 的投資人關係頁面公布完整的 GAAP 與非 GAAP 調節表，並在財報新聞稿中納入調節資訊；我們相信這些資訊在比較 GAAP 與非 GAAP 結果時會很有幫助。我們也在網站上公布了未償債務摘要以及槓桿指標。

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 acquisition activities, share-based compensation, and certain other adjustments as described in the earnings press release and in the reconciliations on our website.

接下來我將說明部分營運結果，包括淨銷售額、毛利率與營業費用。除淨銷售額外，我將以非 GAAP 基礎說明這些結果；非 GAAP 係以扣除併購活動影響、股份基礎給付，以及財報新聞稿與網站調節表所述之其他特定調整前的費用為基礎。

Net sales in the March quarter were $1.311 billion, which was up 10.6% sequentially and up 35.1% over the year ago March quarter. Our revenue results were above the high end of the guidance range we provided on February 5, 2026. We have posted a summary of our net sales by product line and geography, as well as our fiscal year 2026 revenue by end market on our website for your reference.

3 月季度的淨銷售額為 13.11 億美元，較前一季成長 10.6%，較去年同期 3 月季度成長 35.1%。我們的營收結果高於 2026 年 2 月 5 日所提供財測區間的上緣。我們已在網站上公布按產品線與地區劃分的淨銷售額摘要，以及 2026 會計年度按終端市場劃分的營收，供各位參考。

Our end market mix did not change materially in fiscal year 2026 compared to fiscal year 2025: Industrial was 31% of sales; Data Center and Compute was 18%; Automotive was 17%; Aerospace & Defense was 16%; Communication was 9%; and Consumer was 9%. These percentages are our best estimates of the end market splits, and there's probably a couple of percent error band due to the fact that almost 50% of our business in the long tail of customers is serviced through distribution, which makes it difficult to track the end markets.

與 2025 會計年度相比，2026 會計年度的終端市場組合並無重大變化：工業占銷售額 31%；資料中心與運算占 18%；汽車占 17%；航太與國防占 16%；通訊占 9%；消費性占 9%。上述百分比為我們對終端市場拆分的最佳估計；由於我們近 50% 的業務屬於長尾客戶並透過經銷通路服務，使得終端市場追蹤較為困難，因此可能存在約 2 個百分點的誤差範圍。

On a non-GAAP basis, gross margins were 61.6% in the March quarter, including capacity underutilization charges of $46.6 million. Operating expenses were 31% of sales, and operating income was 30.6% of sales. Non-GAAP net income was $327.3 million and non-GAAP earnings per diluted share was $0.57, which was $0.07 above the midpoint of our guidance.

以非 GAAP 基礎計，3 月季度毛利率為 61.6%，其中包含 4,660 萬美元的產能利用不足費用。營業費用占銷售額 31%，營業利益占銷售額 30.6%。非 GAAP 淨利為 3.273 億美元，稀釋後每股非 GAAP 盈餘為 0.57 美元，較我們財測中點高出 0.07 美元。

On a GAAP basis in the March quarter, gross margins were 61%. Total operating expenses were $582.2 million and included acquisition intangible amortization of $107.8 million, special charges of $6.4 million, which were primarily driven by costs associated with the closure of Fab 2, share-based compensation of $59.9 million and $1 million of other expenses. The GAAP net income attributable to common shareholders was $116.4 million, or $0.21 per share.

以 GAAP 基礎計，3 月季度毛利率為 61%。營業費用總額為 5.822 億美元，其中包含併購無形資產攤銷 1.078 億美元、特殊費用 640 萬美元（主要來自關閉 Fab 2 相關成本）、股份基礎給付 5,990 萬美元，以及其他費用 100 萬美元。歸屬於普通股股東的 GAAP 淨利為 1.164 億美元，或每股 0.21 美元。

For fiscal year 2026, net sales were $4.713 billion and were up 7.1% from net sales in fiscal year 2025. On a non-GAAP basis, gross margins were 58.5%, operating expenses were 32.2% of sales, and operating income was 26.3% of sales. Non-GAAP net income was $933.9 million and EPS was $1.64 per diluted share.

2026 會計年度淨銷售額為 47.13 億美元，較 2025 會計年度淨銷售額成長 7.1%。以非 GAAP 基礎計，毛利率為 58.5%，營業費用占銷售額 32.2%，營業利益占銷售額 26.3%。非 GAAP 淨利為 9.339 億美元，稀釋後每股盈餘（EPS）為 1.64 美元。

On a GAAP basis, gross margins were 57.7%, operating expenses were 47.3% of sales, and operating income was 10.4% of sales. The GAAP net income attributable to common shareholders was $118.8 million. Our non-GAAP cash tax rate was 5.8% in March and 8.6% for fiscal year 2026. The cash taxes remitted in Q4 were lower than originally forecasted while our pretax profit was much stronger than forecasted, driving the March rate down. Our non-GAAP tax rate for fiscal year 2027 is expected to be about 10%, which is exclusive of any tax audit settlements related to taxes accrued in prior fiscal years.

以 GAAP 基礎計，毛利率為 57.7%，營業費用占銷售額 47.3%，營業利益占銷售額 10.4%。歸屬於普通股股東的 GAAP 淨利為 1.188 億美元。我們 3 月的非 GAAP 現金稅率為 5.8%，2026 會計年度為 8.6%。第四季實際繳納的現金稅低於原先預估，同時稅前獲利遠強於預估，因而拉低了 3 月季度的稅率。我們預期 2027 會計年度的非 GAAP 稅率約為 10%，且不包含與前幾個會計年度已提列稅負相關之任何稅務查核和解影響。

Our inventory balance at March, 31, 2026 was $1.035 billion and down $22.3 million from the balance at December 31, 2025. We had 185 days of inventory at the end of March, which was down 16 days from the prior quarter’s level driven by our inventory reduction actions and increased revenue.

截至 2026 年 3 月 31 日，我們的存貨餘額為 10.35 億美元，較 2025 年 12 月 31 日的餘額減少 2,230 萬美元。3 月底存貨天數為 185 天，較前一季水準減少 16 天，主要受我們的存貨降低措施與營收增加所帶動。

Included in our March ending inventory was 15 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 March was at 26 days, which was down two days from the prior quarter’s level and at the lower end of what we have experienced historically. We expect distribution restocking to occur in the near term as distributors will likely grow their inventory holdings above current levels to support growth.

我們 3 月期末存貨中包含 15 天的長生命週期高毛利產品，其製造產能已被供應鏈合作夥伴終止（EOL）。3 月經銷商端存貨為 26 天，較前一季水準減少 2 天，且位於我們歷史經驗區間的低端。我們預期短期內通路將進行補庫存，因為經銷商可能會將其存貨持有量提高至目前水準之上以支援成長。

Distribution sell-through increased by 11.4% during the quarter, and distribution sell-in was just modestly lower than distribution sell-through. Our cash flow from operating activities was $257 million and our adjusted free cash flow was $228 million in the March quarter. As of March 31, our consolidated cash and total investment position was $240.3 million. Our total debt increased by $143 million in the March quarter.

本季通路出貨（sell-through）成長 11.4%，而通路進貨（sell-in）僅略低於通路出貨。3 月季度營運活動現金流為 2.57 億美元，調整後自由現金流為 2.28 億美元。截至 3 月 31 日，我們合併現金與總投資部位為 2.403 億美元。我們的總負債在 3 月季度增加 1.43 億美元。

The increase in debt was impacted by our refinance activities in the quarter which included issuing a 0% four-year convertible bond for which we paid $68 million for a 100% cap call to provide some protection from future equity dilution from stock price appreciation.

負債增加受到本季再融資活動影響，其中包括發行一筆 0% 的四年期可轉換公司債；我們並支付 6,800 萬美元購買 100% cap call，以在未來股價上漲可能造成的股權稀釋方面提供一定程度的保護。

Our adjusted EBITDA in the March quarter was $466.8 million and 35.6% of net sales. Our quarterly adjusted EBITDA was up 132.9% from the March 2025 quarter. Our trailing twelve-month adjusted EBITDA was $1.496 billion. Our net debt to adjusted EBITDA was 3.54x at March 31, 2026, and down from 4.18x at December 31, 2025. We expect the June 2026 quarter to be an excellent cash generation quarter for us, resulting in meaningful debt reduction and also expect our net debt to adjusted EBITDA to drop below three.

3 月季度我們的調整後 EBITDA 為 4.668 億美元，占淨銷售額 35.6%。我們的季度調整後 EBITDA 較 2025 年 3 月季度成長 132.9%。過去十二個月（TTM）的調整後 EBITDA 為 14.96 億美元。截至 2026 年 3 月 31 日，我們的淨負債對調整後 EBITDA 倍數為 3.54 倍，較 2025 年 12 月 31 日的 4.18 倍下降。我們預期 2026 年 6 月季度將是我們現金創造表現極佳的一季，將帶來顯著的負債降低，並且也預期淨負債對調整後 EBITDA 倍數將降至 3 倍以下。

Capital expenditures were $14.2 million in the March quarter, and $91.1 million for fiscal year 2026. Our expectation for capital expenditures for fiscal year 2027 is to be approximately $100 million. Depreciation expense in the March quarter was $38.7 million.

資本支出在 3 月季度為 1,420 萬美元，2026 會計年度為 9,110 萬美元。我們對 2027 會計年度資本支出的預期約為 1 億美元。3 月季度的折舊費用為 3,870 萬美元。

I will now turn it over to Brian, who will provide some exciting insights into our Data Center Solutions business unit.

接下來我把時間交給 Brian，他將就我們的資料中心解決方案事業部提供一些令人振奮的洞見。

Thank you, Eric, and good afternoon, everyone. We are seeing significant momentum across all three major product families within our Data Center Solutions business, and I'll summarize the progress we're making in each of them. Importantly, these wins are translating into higher content per system and a longer runway of production ramps, which we expect to support durable growth as the data center architectures continue to scale.

謝謝你，Eric，各位下午好。我們在資料中心解決方案業務的三大主要產品系列上都看到顯著動能，我將總結我們在各系列所取得的進展。重要的是，這些勝出案正轉化為每套系統更高的內容價值，以及更長的量產爬坡跑道；隨著資料中心架構持續擴展，我們預期這將支撐更具韌性的成長。

First, our storage controller products have supported some of the world's most reliable SAS, SATA, NVME, and RAID infrastructure over the past decade as a leading provider of data center storage control solutions. And as AI inference and agentic AI workloads increase demand for persistent data access, demand for our products continues to grow. We've been strengthening our product roadmap, and customers are responding positively.

首先，作為資料中心儲存控制解決方案的領先供應商，我們的儲存控制器產品在過去十年支援了全球最可靠的一些 SAS、SATA、NVME 與 RAID 基礎架構。隨著 AI 推論與代理式 AI（agentic AI）工作負載提升對持久性資料存取的需求，我們產品的需求持續成長。我們一直在強化產品藍圖，客戶反應正面。

Most recently, our Adaptec SmartRAID NVME storage accelerator received the Nimbus Innovation Award, with benchmark results showing up to a 3x improvement in read and write performance versus a leading competitor's offering. This can translate into better XPU utilization in real-world data center workloads.

最近，我們的 Adaptec SmartRAID NVME 儲存加速器獲得 Nimbus Innovation Award，基準測試結果顯示，相較於某主要競品方案，讀寫效能最高可提升 3 倍。這可在真實世界的資料中心工作負載中轉化為更佳的 XPU 使用率。

Second, our memory controller product family has been reinvigorated by the recent launch of our next-generation devices. We brought three new CXL and PCIe-based devices into production in calendar year 2025, and our next Gen 5 dual-port device is scheduled to enter production this quarter. We've already secured meaningful design wins that have begun ramping and that we expect -- will continue to grow through fiscal 2028. These next-generation devices have been externally benchmarked, and our customers are reporting industry-leading performance in jitter tolerance, which is a key measure of storage controller performance.

第二，我們的記憶體控制器產品系列因近期推出的次世代裝置而重新注入活力。我們在 2025 曆年將三款新的 CXL 與 PCIe 架構裝置導入量產，而我們下一代 Gen 5 雙埠裝置預計於本季進入量產。我們已取得具實質意義的設計導入（design wins），並已開始爬坡，且我們預期——將持續成長至 2028 會計年度。這些次世代裝置已由外部進行基準測試，客戶回饋其在抖動容忍度（jitter tolerance）方面具備業界領先表現，而這是衡量儲存控制器效能的關鍵指標。

Third, our Switchtec business has continued to build momentum since the announcement of our latest PCIe Gen 6 switch just two quarters ago. Since that time, we've secured a total of six significant design wins, with customers citing our product quality, our signal integrity, differentiated features, and our strong performance per watt as industry leading. This is helping Microchip maintain its position as a leading PCIe data center switch provider while gaining share in both scale-up and scale-out market segments. Our Gen 6 switch is scheduled to begin production ramp at the end of this quarter, and many additional design wins are expected over the next year.

第三，自兩個季度前宣布我們最新的 PCIe Gen 6 交換器以來，我們的 Switchtec 業務持續累積動能。自那時起，我們已取得合計六項重大設計導入，客戶指出我們的產品品質、訊號完整性、差異化功能，以及每瓦效能（performance per watt）皆為業界領先。這有助於 Microchip 維持其作為領先 PCIe 資料中心交換器供應商的地位，同時在 scale-up 與 scale-out 兩個市場區隔提升市占。我們的 Gen 6 交換器預計在本季末開始量產爬坡，未來一年預期還會有更多設計導入。

In addition, we're very excited to announce we've entered the PCIe retimer market this quarter. This retimer is architected as a companion die for our PCIe Gen 6 switches and is also designed to support the rapid growth of the active electrical cable market, with compatibility spanning Gen 1 through Gen 6 speeds. Customer feedback has been encouraging, and we've already secured a major OEM design win on an upcoming Gen 6 platform, displacing one of our competitors.

此外，我們非常興奮地宣布，本季我們已進入 PCIe retimer 市場。此 retimer 的架構設計為我們 PCIe Gen 6 交換器的配套晶粒（companion die），同時也旨在支援主動式電纜（active electrical cable）市場的快速成長，並相容於 Gen 1 到 Gen 6 的速度。客戶回饋令人鼓舞，我們已在即將推出的 Gen 6 平台上取得一家主要 OEM 的設計導入，並取代了我們的一家競爭對手。

Customers have been explicitly requesting that Microchip offer a companion retimer because sourcing both the switch and the retimer from a single vendor reduces implementation complexity and risk. This is helping drive these wins and strengthening our competitive position in new designs with an even more complete PCIe connectivity platform.

客戶明確要求 Microchip 提供配套 retimer，因為從單一供應商同時採購交換器與 retimer，可降低導入的複雜度與風險。這有助於推動這些勝出案，並以更完整的 PCIe 連線平台，在新設計中強化我們的競爭地位。

The wins I described across all three data center product families reflect several competitive advantages.

我所描述在三大資料中心產品系列的勝出案，反映了數項競爭優勢。

First, power efficiency. Our Gen 6 switches and retimers deliver strong power efficiency relative to alternatives, which directly benefits operating costs in data center environments.

第一是電源效率。相較於替代方案，我們的 Gen 6 交換器與 retimer 具備優異的電源效率，這能直接降低資料中心環境的營運成本。

Second is feature completeness. By offering both the switch and the companion retimer, we provide customers with a more complete scale up and scale out PCIe solution, reducing the need to integrate products from multiple vendors.

第二是功能完整性。透過同時提供交換器與配套 retimer，我們為客戶提供更完整的 scale-up 與 scale-out PCIe 解決方案，降低整合多家供應商產品的需求。

Third is quality and tools. We deliver the reliability, the performance, and stability data center customers demand, while offering world-class diagnostic and configuration tools with ChipLink. And finally, support through the entire customer journey. From initial design through production ramp and beyond, customers value a partner that has invested in their success at every stage.

第三是品質與工具。我們提供資料中心客戶所要求的可靠性、效能與穩定性，同時透過 ChipLink 提供世界級的診斷與組態工具。最後，是在客戶全旅程中的支援。從初期設計到量產爬坡及其後，客戶重視在每個階段都投入資源、協助其成功的合作夥伴。

That combination of power efficiency, feature depth, quality, and long-term partnership is helping drive these wins. We believe these factors position us well as design wins continue to convert into production ramps.

電源效率、功能深度、品質與長期夥伴關係的組合，正是推動這些勝出案的關鍵。我們相信，隨著設計導入持續轉化為量產爬坡，這些因素將使我們具備良好定位。

I'll pause here and turn the call over to Steve to provide an update on our business and the guidance going forward. Steve?

我先在此暫停，並把電話會議交給 Steve，請他更新我們的業務狀況以及未來的展望指引。Steve？

Thank you, Brian, and good afternoon, everyone. I will start by providing you a brief update on our nine-point recovery plan. The first item was to rightsize our manufacturing footprint.

謝謝你，Brian，各位下午好。我將先簡要更新我們的九點復甦計畫。第一項是調整我們的製造據點規模（rightsize）。

This was completed. The remaining item left is selling our Tempe fab. We have several interested parties, but the deal has not closed yet.

這已完成。剩下的事項是出售我們位於 Tempe 的晶圓廠（fab）。我們有數個有興趣的買方，但交易尚未完成。

The second was to bring the inventory down. We have brought the inventory down from 266 days at the end of December 2024 to 185 days at the end of March 2026. Our overall dollar value of inventory has decreased by $319 million from the December 2024 peak inventory of [$1.356 million] to March 2026 ending inventory of [$1.037 million]. We're now in a significant revenue growth mode. We expect our inventory will come down naturally towards our goal of 130 to 150 days as revenue grows and we appropriately manage our manufacturing and foundry resources.

第二項是降低庫存。我們已將庫存天數從 2024 年 12 月底的 266 天降至 2026 年 3 月底的 185 天。我們的庫存總金額自 2024 年 12 月庫存高峰的 [1.356 百萬美元] 下降了 3.19 億美元，至 2026 年 3 月期末庫存的[1.037 百萬美元]。我們目前正處於顯著的營收成長模式。隨著營收成長，以及我們適當管理製造與晶圓代工資源，我們預期庫存將自然下降，朝我們 130 至 150 天的目標邁進。

Third was the mega trend alignment. This goal was completed by creating a mega trend for AI, replacing 5G and creating another for Network and Connectivity, replacing ADAS, which stands for Advanced Driver Assistance Systems.

第三項是與巨型趨勢（mega trend）對齊。此目標已完成：我們建立了 AI 的巨型趨勢，取代 5G；並建立另一項「網路與連線」巨型趨勢，取代 ADAS（先進駕駛輔助系統）。

The fourth item was business unit alignment. This goal was completed by realigning business units. We used to have essentially two pillars: microcontrollers and analog. We have now created five pillars, which are microcontrollers, analog, networking and connectivity, high-performance compute, and artificial intelligence on the edge.

第四項是事業部對齊。此目標已透過重新調整事業部而完成。過去我們基本上有兩大支柱：微控制器與類比。現在我們建立了五大支柱，分別是微控制器、類比、網路與連線、高效能運算，以及邊緣端人工智慧。

We know of your request for us to break out the revenue for some of these growth segments. We are thinking through this as some of the revenue is intertwined and challenging to break out. We will provide more visibility as we complete our analysis.

我們知道你們希望我們拆分部分成長區隔的營收。我們正在評估此事，因為部分營收彼此交織，拆分具有挑戰。待我們完成分析後，將提供更多能見度。

The fifth was to look at our distribution programs. This goal was completed by realigning our distribution program and how we compensate our distributors for various levels of demand creation and fulfillment. We also considered our network. We also consolidated our network by terminating several small underperforming distributors. Number six was customer relationship improvement. We undertook a major effort to improve our relationships with a large number of customers where the relationship had deteriorated during the COVID cycle. We now consider our relationship with our customers to be good, but it is still an ongoing process. Number seven was the new business model. We unveiled a new business model in March of last year.

第五項是檢視我們的通路計畫。此目標已完成：我們重新調整了通路計畫，以及我們如何就不同層級的需求創造與履約來補償經銷商。我們也檢視了我們的通路網路。我們也透過終止數家規模較小且表現不佳的經銷商來整併通路網路。第六項是改善客戶關係。我們投入大量努力，改善在 COVID 週期期間與眾多客戶之間惡化的關係。我們現在認為與客戶的關係良好，但這仍是一個持續進行的過程。第七項是新的商業模式。我們在去年 3 月公布了一個新的商業模式。

The model contained long-term non-GAAP targets of 65% gross margin, 25% operating expense, and 40% operating margin. At the bottom of this last down cycle in March 2025, we had a non-GAAP gross margin of 52%, which has now improved to 61.6%. At the bottom of the cycle, we had a non-GAAP operating expense of 38%, which has now improved to 31%. At the bottom of the cycle, we had a non-GAAP operating profit of 14%, which has now more than doubled to 30.6%. The improvements are ongoing towards our long-term business model. Number 8 was the operating expense percentage. This was simply putting a plan together to achieve our long-term non-GAAP operating expense target of 25%. We have come down from 38% to 31%.

該模型包含長期非 GAAP 目標：毛利率 65%、營業費用 25%、營業利益率 40%。在 2025 年 3 月這一輪下行循環的谷底，我們的非 GAAP 毛利率為 52%，目前已改善至 61.6%。在循環谷底時，我們的非 GAAP 營業費用為 38%，目前已改善至 31%。在循環谷底時，我們的非 GAAP 營業利益率為 14%，目前已超過倍增至 30.6%。這些改善仍在持續，朝向我們的長期商業模式邁進。第 8 項是營業費用比率。這只是制定一個計畫，以達成我們長期非 GAAP 營業費用 25% 的目標。我們已從 38% 降至 31%。

We believe that revenue growth and productivity improvements will get us the rest of the way. The 9th final one was CHIPS Act. We are essentially on hold given we are still growing into our current capacity. This was a comprehensive update on our nine-point plan. The only main items that remain are further reduction of inventory and making further improvements in our gross margin, operating expense percentage, and operating profit percentage. The nine-point plan has been an extremely successful program that was very well executed.

我們相信營收成長與生產力提升將使我們完成剩餘的改善。第 9 項也是最後一項是《CHIPS 法案》。由於我們仍在消化並成長進入目前的產能，我們基本上暫緩推進。以上是對我們九點計畫的全面更新。目前僅剩的主要事項是進一步降低庫存，以及在毛利率、營業費用比率與營業利益率方面持續改善。九點計畫是一項極為成功且執行得非常到位的方案。

Next, I will talk about our business environment. We are seeing recovery in all of our end markets, automotive, industrial, communication, data center, aerospace and defense, and consumer are all looking better. The strongest sales performance last quarter was in aerospace and defense sector. From a business unit perspective, the strongest performance was in FPGA products.

接下來，我將談談我們的營運環境。我們看到所有終端市場都在復甦：汽車、工業、通訊、資料中心、航太與國防，以及消費性市場，看起來都在改善。上季最強的銷售表現來自航太與國防領域。以事業部門角度來看，表現最強的是 FPGA 產品。

We believe that we have completed the distribution inventory correction. Our overall distribution inventory is now somewhat lower than normal. The distribution sell-in and sell-through was close to even last quarter. We are starting to see large orders from distribution, which show some restocking happening in the distribution channel. The distributors customers' inventory has also come down significantly.

我們相信我們已完成通路庫存修正。我們整體通路庫存目前略低於正常水準。上季通路的 sell-in 與 sell-through 幾乎持平。我們開始看到通路出現大額訂單，顯示通路正在進行部分補庫存。通路客戶的庫存也已大幅下降。

After using up the excess inventory, we are seeing thousands of customers reengage in buying our products. Our customer count has started to go up. We're also seeing customers from new designs and from our improved relationships start buying our products, adding to our bookings, revenue, and customer count.

在消化完多餘庫存後，我們看到數以千計的客戶重新開始採購我們的產品。我們的客戶數已開始上升。我們也看到來自新設計案以及因關係改善而回流的客戶開始採購我們的產品，進一步帶動訂單、營收與客戶數成長。

Let's get into guidance for the June quarter. In the June quarter, we expect strong growth from Data Center, A&D sector, Industrial, and Automotive end markets. From a business unit perspective, we expect nearly all business units to participate in the growth, thus broadening out this recovery.

接著我們來談 6 月季度的財測指引。在 6 月季度，我們預期資料中心、航太與國防（A&D）領域、工業與汽車終端市場將帶來強勁成長。以事業部門角度來看，我們預期幾乎所有事業部門都將參與成長，讓這波復甦更為全面。

Our bookings for the March quarter were significantly higher than those for the December quarter. The book-to-bill ratio for the March quarter was well above one, resulting in a much higher backlog entering the June quarter compared to when we entered the March quarter. And April was the largest booking month in almost four years.

我們 3 月季度的訂單顯著高於 12 月季度。3 月季度的接單出貨比（book-to-bill）遠高於 1，使得進入 6 月季度時的積壓訂單（backlog）明顯高於我們進入 3 月季度時的水準。而 4 月是近四年來接單最大的月份。

A comment about lead times. While lead time for our products have been four to eight weeks for some time, we are continuing to see lead times increase on many of our products. We're running into challenges on certain kinds of substrates and subcontracting capacity and also foundry constraints on multiple nodes. These challenges previously were isolated to very specific areas but are now starting to spread more broadly. Our customer requests for expedited shipments have increased significantly from a couple of quarters ago, pointing to some customers' inventories running very low.

補充一下交期（lead times）。雖然我們產品的交期一段時間以來維持在 4 到 8 週，但我們仍持續看到許多產品的交期正在拉長。我們在某些類型的基板與委外產能上遇到挑戰，同時在多個製程節點也受到晶圓代工產能限制。這些挑戰先前僅限於非常特定的領域，但現在開始更廣泛地擴散。相較於幾個季度前，客戶要求加急出貨的需求顯著增加，顯示部分客戶的庫存水位已降得很低。

Taking all of these factors into account, we expect our net sales for the June quarter to be up 11% sequentially, plus or minus 1%. This, at the midpoint, would be up 35.3% from the year-ago quarter. We expect our non-GAAP gross margin to be between 62.25% and 63.25% of sales.

綜合考量上述因素，我們預期 6 月季度的淨銷售額將較前一季成長 11%，上下浮動 1%。以中位數計算，將較去年同期成長 35.3%。我們預期非 GAAP 毛利率將介於銷售額的 62.25% 至 63.25%。

We expect our non-GAAP operating expenses to be between 28.75% and 29.25% of sales. We expect our non-GAAP operating profit to be between 33% and 34.5% of sales, and we expect our non-GAAP diluted earnings per share to be between $0.67 and $0.71 per share.

我們預期非 GAAP 營業費用將介於銷售額的 28.75% 至 29.25%。我們預期非 GAAP 營業利益將介於銷售額的 33% 至 34.5%，並預期非 GAAP 稀釋後每股盈餘介於每股 0.67 美元至 0.71 美元。

With that, Kate, will you please call for questions?

以上，Kate，請你開始進行提問環節，好嗎？

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在開始進行問答環節。（接線員指示）

Timothy Arcuri, UBS.

Timothy Arcuri，瑞銀（UBS）。

Thanks a lot. Steve, thanks for the update on the nine-point plan. Another thing you were going to try to give us was you were thinking about what the pro forma growth rate was for the company. I know, if you pro forma everything, the growth rate is not as high as it truly is because you got out of a lot of businesses. So I know that's something that you've been looking at.

非常感謝。Steve，謝謝你更新九點計畫的進展。另外一件你原本要嘗試提供給我們的是，你在思考公司按備考（pro forma）口徑的成長率是多少。我知道，如果把所有項目都用備考口徑來看，成長率不會像實際那麼高，因為你們退出了不少業務。所以我知道這也是你一直在研究的事情。

Do you have any update on that? What do you think the pro forma growth rate is for Microchip?

這方面有任何更新嗎？你認為 Microchip 的備考成長率大概是多少？

Well, thanks for your question. I think we're just going through a phenomenal growth right now and trying to put a longer-term growth rate in this environment. I think it's challenging. Any number I give you, the growth rate in fiscal '27, which started on April 1 here, would be substantially higher than that growth rate. So I think we'll push that out further.

好的，謝謝你的提問。我認為我們目前正處於非常顯著的成長之中，而在這樣的環境下要給出較長期的成長率，我覺得很有挑戰。我認為這很困難。我給你的任何數字，到了 2027 會計年度（我們這裡是 4 月 1 日開始）其成長率都會顯著高於那個數字。所以我想我們會把這個議題再往後延一點再提供。

Okay. And then, Eric, did you give us inventory charges? I didn't hear that.

了解。另外，Eric，你有提到庫存費用（inventory charges）嗎？我沒有聽到。

So we didn't. As we went through the quarter, we kind of implied that as we got through the March quarter that our inventory reserve charges would normalize. And that is essentially what has happened in the March quarter. When you look at the new reserve charges that we've taken, the benefit that we're getting from previously written off inventory are kind of netting to a number that is in a range of what we would expect on a go-forward basis.

我們沒有特別提。在本季度的過程中，我們大致暗示過，當我們走完 3 月季度後，我們的庫存備抵（inventory reserve）提列費用會回到正常水準。而這基本上就是 3 月季度所發生的情況。當你看我們新增提列的備抵費用，以及我們從先前已沖銷庫存所取得的利益，兩者大致相抵後的結果落在我們預期未來常態水準的區間內。

So I think we're in a good position there. When you look at our gross margins, the biggest thing keeping us away from our 65% target at this point in time is our underutilization charges, which were $46.6 million last quarter. And if you divide that by the revenue and kind of add that future benefit back to gross margin, we're essentially at the 65% target.

所以我認為我們在這方面處於不錯的位置。就毛利率而言，目前讓我們無法達到 65% 目標的最大因素是產能利用不足費用（underutilization charges），上季為 4,660 萬美元。如果你把這個數字除以營收，並將這項未來可回收的效益加回毛利率，我們基本上就達到 65% 的目標。

So we're in good shape. Inventory reserve charges have normalized. It's not really a headwind to gross margin at this point in time and we're glad to have that behind us.

所以我們狀況良好。庫存備抵提列費用已回歸正常。就目前而言，它不再是毛利率的逆風，我們也很高興已經把這段影響拋在身後。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券（Bank of America Securities）。

Thanks for taking my questions. First one is kind of more near-term. March and June are both well above seasonal. What is driving that upside?

謝謝讓我提問。第一個問題比較偏短期。3 月與 6 月都明顯高於季節性水準。是什麼因素驅動了這個上行？

Is it a specific end market? Is it more distribution? Is it more direct? And I think on the last call, you had mentioned that some direct customers or some distribution were still burning through inventory. Are they done?

是特定的終端市場嗎？是更多透過通路分銷嗎？是更多直接出貨嗎？而且我記得在上一次電話會議中，你提到一些直客或一些通路仍在消化庫存。他們都消化完了嗎？

And as we look to September, that also is usually a seasonally stronger quarter. Consensus has your September up 5% to 6%. I don't know whether you would describe your September quarter visibility at this point?

另外，展望 9 月，通常那也是季節性較強的一季。市場共識預期你們 9 月季度成長 5% 到 6%。我不確定你們此刻會如何描述對 9 月季度的能見度？

So Vivek, the way I will describe is I think there are three things happening: one is we have been telling you for a long time that the distributors are burning their inventory; direct customers are burning their inventory; and distributors' customers are burning inventory. And they were all in various innings, but everybody was pretty much in the ninth inning.

所以 Vivek，我的描述方式是，我認為有三件事正在發生：第一，我們很長一段時間一直告訴各位，通路商在消化他們的庫存；直客在消化他們的庫存；而且通路商的客戶也在消化庫存。他們都處在不同的階段，但基本上大家都已經進入第九局了。

And we have seen the distribution inventory now fully corrected actually to be below normal and are seeing some restocking orders from distribution as they prepare for the huge growth. Distributor customers are also seeing -- I'm sorry, distributors are also seeing their customers come back in droves because they have completed their inventory. So distributors are placing large orders to serve their customers who have not been buying a lot of products in the last year because of inventory.

而我們已經看到通路端庫存如今已完全修正，實際上已低於正常水準，並且看到通路端開始出現一些回補庫存的訂單，因為他們在為巨大的成長做準備。通路商也看到——抱歉，通路商也看到他們的客戶大量回流，因為客戶已完成庫存消化。因此，通路商正在下大單，以服務那些過去一年因庫存因素而沒有大量採購產品的客戶。

And the other factor is, as I talked about, we have improved our relationship with thousands of customers, and in many of those cases, we had designed wins with the customers, but we were not getting our share of the revenue. In some cases, they had duplicate designs and they were buying somebody else's product for a different model. As we look at our overall customer count, it has increased by several thousand customers. So we are seeing the customers re-engage as we have improved our relationship.

另一個因素是，如我所說，我們改善了與數千家客戶的關係；在許多案例中，我們已在客戶端取得設計導入（design win），但我們並未取得相應的營收份額。有些情況下，他們有重複的設計，並且在不同機種上採購了別人的產品。從我們整體客戶數來看，已增加了數千家客戶。因此，隨著我們改善關係，我們看到客戶重新投入合作。

And finally, I think we are seeing a meaningful improvement in end markets. So A&D is very strong, Data Center is very strong, Industrial is very strong, Automotive is coming back. A lot of the Automotive designs we have incubated in the last couple of years are going to production. So we are seeing the end market strengthening effect also.

最後，我認為我們也看到終端市場出現顯著改善。因此，航太與國防（A&D）非常強勁，資料中心非常強勁，工業非常強勁，汽車也正在回升。我們過去幾年孵化的許多汽車設計正在進入量產。所以我們也看到終端市場走強所帶來的效果。

Combination of all those has been really well above seasonal growth for June quarter, which we hope will continue for some time.

上述因素的組合，使得 6 月季度的成長明顯高於季節性水準，我們希望這種態勢能持續一段時間。

I think the last question that Vivek asked was related to September and visibility, and I'll just comment on it real quickly. Our backlog is growing nicely at this point in time. Our September quarter backlog is higher than the June quarter backlog was at the same point in time. Steve spoke to the booking strengths that we saw in April.

我想 Vivek 最後一個問題與 9 月以及能見度有關，我簡短回應一下。我們目前的在手訂單（backlog）成長得不錯。以目前這個時間點來看，我們 9 月季度的在手訂單高於去年同一時間點的 6 月季度在手訂單。Steve 也提到我們在 4 月看到的接單強勁。

So things look good, but we're not willing to make a call yet on. Kind of percentage of revenue growth in September, but things look good at this time.

所以整體看起來不錯，但我們還不願意現在就做出判斷。例如 9 月營收成長的百分比，但目前看起來是正面的。

And for my follow-up, I think you described Aerospace Defense and Data Centers and -- what is interesting though is that when I look at your change in end market mix year on year, it actually showed that Aerospace & Defense actually came down somewhat and so did Data Center. I appreciate that these are kind of approximate numbers, but I would have thought that mix would grow.

我的追問是，我想你提到航太國防與資料中心等——但有趣的是，當我看你們終端市場組合的年對年變化時，顯示航太與國防其實略有下降，資料中心也下降。我理解這些是大概的數字，但我原本以為占比會上升。

So can you help us understand, right, are we doing the right apples-to-apples comparison? Are there certain traditional or older things in the Data Center that we should not be focusing as much on? So why did that mix come down in fiscal '26? And how do you see that mix evolving in fiscal '27?

所以能否協助我們理解：我們是否做了正確的同口徑（apples-to-apples）比較？資料中心裡是否有某些傳統或較舊的項目，我們不應該過度聚焦？那麼為什麼在 2026 會計年度這個占比會下降？以及你們如何看待在 2027 會計年度這個占比的演變？

Well, I think if you look at the A&D sector, there was a huge increase in A&D sector percentage from 2024 to 2025. I think it used to be about 10% of our business and it went up to about 18%. So A&D did not drop during the post-COVID cycle as much, and that's why its percentage had increased. Now some of the others did better as they caught up.

嗯，我想如果你看航太與國防（A&D）領域，從 2024 到 2025 年，A&D 的占比有大幅提升。我記得它原本大約占我們業務的 10%，後來上升到大約 18%。因此，在後疫情週期中，A&D 的下滑幅度沒有那麼大，這也是其占比上升的原因。現在其他一些領域在追趕時表現更好。

So percentage kind of plays games because it's a whole year number. And Data Center and A&D has seen very significant growth and improvement in the last six months or so, but when you look at the overall number, that's where the math is. But there's still the stronger sector if you look at the last couple of quarters, and especially A&D had grown huge the year before.

所以占比這件事有時會「玩數學遊戲」，因為它是全年數字。資料中心與 A&D 在過去大約六個月確實看到非常顯著的成長與改善，但當你看整體全年數字時，數學結果就是如此。不過如果看最近幾個季度，它們仍是更強的領域，尤其是 A&D 在前一年成長非常大。

Yeah, maybe the other point on Data Center is our Data Center business really kind of bottomed out in the June quarter of last year, and we've seen significant growth since then. And so we've been speaking about that each quarter, but each of these end markets had a bottoming at a different point in time.

對，資料中心的另一點可能是：我們的資料中心業務大概在去年 6 月季度觸底，之後我們看到顯著成長。因此我們每一季都在談這件事，但各個終端市場觸底的時間點並不相同。

Matthew Prisco, Cantor Fitzgerald.

Matthew Prisco，Cantor Fitzgerald。

I guess first on the Data Center side, can you help breaking down the sizing of that market today and perhaps the exposure across those three buckets that you talked about? And then you talked about the six new customer wins now for the PCIe PCI Gen 6. Do you kind of size that opportunity in any particular wins in? I think you talked about 100 million win last time. So any sizing you could offer?

我想先從資料中心這邊開始，你能否協助拆解目前該市場的規模，以及你剛才提到的那三個類別（bucket）各自的曝險/比重？另外你提到 PCIe PCI Gen 6 目前新增了 6 個新客戶設計導入。你們是否會對這個機會做任何規模估算，或是就特定導入案做估算？我記得你們上次提到有一個 1 億美元的導入案。所以你能提供任何規模方面的資訊嗎？

Yeah. Thank you for the question, Matt. So a few things around your queries. One is we don't readily comment on the specific customers that we design with. We are, however, disrupting our competitors in this space, and we're seeing our design wins displace some of the other incumbents, especially in the Gen 6 area.

好的。謝謝你的問題，Matt。針對你的提問，有幾點說明。第一，我們通常不會直接評論我們與哪些特定客戶進行設計合作。不過，我們確實正在這個領域擾動並超越競爭對手，我們看到我們的設計導入正在取代一些其他既有供應商，尤其是在 Gen 6 領域。

Typically, in a product life cycle, it's uncommon to see a lot of design wins prior to production ramp, yet our six design wins that we've already secured are prior to us doing our production volume release at the end of this quarter. So given that fact and that once we're in production, we expect to see a steady increase in design wins. We should see a ramp in revenue and then hitting our stride from a volume perspective in production in the next fiscal year.

一般而言，在產品生命週期中，在量產爬坡之前看到大量設計導入並不常見；然而，我們已取得的 6 個設計導入，是在我們於本季末進行量產版本（production volume）釋出之前就拿到的。基於這一點，而且一旦進入量產，我們預期設計導入會穩定增加。我們應該會看到營收爬坡，並在下一個會計年度於量產的出貨量面達到穩定節奏。

Thank you. And then on the gross margin side, you guys have talked about kind of ramping utilizations in the front end and back end. So can you maybe help us understand where these levels stand today versus more optimal levels? And given the seemingly accelerated utilization push, how should we be thinking about underutilization charges declining from here?

謝謝。另外在毛利率方面，你們談到前段與後段的產能利用率正在提升。你能否協助我們理解，目前這些水準相較於更理想/最佳水準大概在哪裡？以及考量到看起來利用率提升的速度加快，我們應該如何看待未來的產能未充分利用費用（underutilization charges）從這裡開始下降？

Okay. So we are ramping all of our large factories at this time. We've been in serious inventory reduction mode over the last five quarters and have made great progress there. And now we're ramping our Fabs as an example. And there's some limitations on what we can do there, and we don't want inventory to get too low. So we're maxing that out.

好的。我們目前正在拉升所有大型工廠的產能。過去五個季度我們一直處於積極去化庫存的模式，並且在這方面取得很大進展。現在我們正在拉升我們的晶圓廠（Fabs），作為例子。在那裡我們能做的事情有一些限制，而且我們也不希望庫存降得太低。所以我們會把它拉到最大。

And so underutilization charges are going to come down nicely, is our expectation, in the June quarter. But they don't go away, that's going to take multiple quarters for that to happen. But each quarter they will be reducing and we're also ramping our back-end operations in Thailand and Philippines to support what we needed from a finished goods perspective.

因此，我們預期在 6 月季度，產能未充分利用費用會明顯下降。但它不會立刻消失，這需要多個季度才會發生。不過每一季都會持續降低；同時我們也在泰國與菲律賓拉升後段作業，以支援我們在成品（finished goods）方面的需求。

We actually do about 70% of our volume in-house there. We're in wafer foundry or in the Fab. We only do about 35% of that volume internally.

我們實際上在那邊約有 70% 的產量是內部完成的。我們是在晶圓代工或是在晶圓廠（Fab）。我們只有大約 35% 的產量是在內部完成。

So they're all ramping. We are fortunate that in the last cycle. We put a lot of capacity in place, so it's just a matter of adding people, having the raw materials to start in the factory, and we're in a really good position to be able to respond to upside demand.

所以它們都在爬坡增產。我們很幸運，在上一個週期。我們已經建置了大量產能，所以現在只是增加人力、備妥原物料讓工廠開工，我們處在非常有利的位置，能夠回應額外的上行需求。

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

So Steve based on your earlier comments, do you expect that now we're fully through customers and distributors taking inventory down and we're now shipping in line with end demand? And I recognize that may not be the same answer for every market segment, just interested in your view overall and by particular segments.

所以 Steve，根據你先前的評論，你是否預期我們現在已經完全度過客戶與通路商去化庫存的階段，並且目前出貨已與終端需求一致？我也理解不同市場區隔的答案可能不一樣，只是想了解你對整體以及各個特定區隔的看法。

So there is nothing really ever absolute. If we have 110,000 customers, you can never say every customer's inventory is corrected, but both distribution, distribution customers, and our OEM customers' inventory is broadly corrected, and lots and lots of customers coming back and buying the product based on their run rate because they no longer can reduce the inventory further.

所以其實從來沒有什麼是絕對的。如果我們有 11 萬名客戶，你不可能說每一位客戶的庫存都已經修正完成；但無論是通路、通路客戶，以及我們的 OEM 客戶，其庫存整體而言都已大致修正到位，而且有非常多客戶回來依照其實際消耗速度（run rate）採購產品，因為他們已經無法再進一步降低庫存。

Are there some customers where they may be still high on SKU here and there? Yes, and that will continue to correct as we go. But the strength of the business, you see it coming back is because of thousands of customers are returning and distributor is buying products for their customers, as well as restocking because the inventory has gone too low.

是否有些客戶在某些 SKU 上仍然偏高？是的，而這會在我們往前推進的過程中持續修正。但你看到業務回升的強勁，原因在於成千上萬的客戶正在回流，通路商也在為其客戶採購產品，同時因為庫存降得太低而進行補庫。

Understood. The next question is with regard to pricing, and we've heard from some others in the space, from distributors and such, that at least in some areas, we're starting to see some signs that pricing is moving higher. Some cases, it's about the tight supply you spoke about. In some cases, it's about input costs coming up. Can you talk about what Microchip is seeing and what you are planning on doing with pricing as we go into the second-half of the year?

了解。下一個問題是關於定價。我們也從同業、通路商等聽到，至少在某些領域，開始看到價格走高的一些跡象。有些情況是你提到的供應吃緊所致。有些情況則是投入成本上升。你能談談 Microchip 看到的狀況，以及在進入下半年時你們對定價的規劃嗎？

So first, I'll talk about our philosophy and then what we're going to do this time. Our normal philosophy is that we engage with customers at the design location at the time of design and give customer a price, which he can count on almost to the life of the design and then comfortably design with us and then be able to buy the parts at that kind of price. That sort of has been the philosophy probably for 30 years.

首先，我會先談我們的理念，然後再談這次我們會怎麼做。我們一貫的理念是：在設計階段、於客戶的設計端點與其合作，並在設計當下給客戶一個價格，客戶幾乎可以在整個設計生命週期內依此價格預期，然後放心地與我們一起完成設計，並能以那樣的價格購買元件。這樣的理念大概已經維持了 30 年。

The post-COVID cycle was very unique where there were a lot of input cost increases and Microchip as well as everybody else raised prices. And I think we've also talked about during that time, we hurt our relationship with many of our customers, and we have worked very hard in the last year to re-establish good relationships with thousands of customers.

後疫情週期非常特殊，因為投入成本大幅上升，Microchip 以及其他所有公司都提高了價格。而且我想我們也談過，在那段期間我們傷害了與許多客戶的關係；過去一年我們非常努力，重新與成千上萬的客戶建立良好關係。

So how we're dealing with it right now is I think our gross margins are doing very well and heading very well towards the longer-term target as this underutilization goes away in the coming quarters as we are ramping the factories. So we are trying very hard to really stay on the good side of the customers and not do a -- indiscriminate broad-based price increase, at least to our partners, strong partner customers.

所以我們目前的處理方式是：我認為我們的毛利率表現非常好，且隨著未來幾季我們拉升工廠產出、產能利用不足的情況消退，毛利率也正朝向長期目標良好前進。因此我們非常努力維持在客戶的「好的一邊」，至少對我們的合作夥伴、重要的合作夥伴客戶，不會進行不加區分、全面性的漲價。

And beyond that, it will be a customer by customer. We're looking at our input cost. We're looking at pricing.

除此之外，就會是逐一客戶來看。我們會檢視投入成本。我們也會檢視定價。

In many cases, pricing is adequate. In certain cases, if the price that we got was very aggressive and input costs have gone up, then we may have adjusted. But as we speak right now, we have not increased our prices.

在很多情況下，定價是足夠的。在某些情況下，如果我們拿到的價格非常激進、而投入成本又上升，那我們可能會做調整。但就目前而言，我們尚未調高價格。

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，Wells Fargo。

I was wondering if you could give us any color and just -- you previously talked about kind of revenue contributions from the mega trends, but it's kind of difficult to break each one down, but any sort of help on the growth of just the mega trends in general in fiscal '26?

我想請教你能否提供一些補充說明——你之前談到過巨型趨勢（mega trends）對營收的貢獻，但要把每一項拆開其實有點困難；那麼對於 2026 會計年度整體而言，巨型趨勢的成長，有沒有任何可以分享的方向或協助？

Rich?

Rich？

So as a percentage of overall revenue, mega trends have increased, but we've broken them down and changed them. So we didn't release a breakdown of that this year in line with -- we stuck with our market review, but we've left the mega trends outside of that purview.

以整體營收占比來看，巨型趨勢的比重確實提高了，但我們也對其分類做了拆分與調整。因此今年我們沒有發布那樣的拆分明細——我們維持以市場回顧為主，但把巨型趨勢放在該範疇之外。

Overall, mega trends have been increased. Data Centers increased. Our Communications business has increased. Our ADAS business and our Networking and Connectivity business continues to grow because we lead in 10BASE-T1S of a number of Ethernet products. All of those businesses continue to grow very well.

整體而言，巨型趨勢是增加的。資料中心增加。我們的通訊業務增加。我們的 ADAS 業務，以及我們的網路與連線業務持續成長，因為我們在多項乙太網產品的 10BASE-T1S 領域居於領先地位。所有這些業務都持續非常良好地成長。

Thanks. As a follow-up, I think in the prepared remarks, you had talked about, like, actively expanding capital equipment in selective capacities. Any sort of color you could provide on just where those areas are that you're increasing capacity?

謝謝。追問一下，我記得在事先準備的講稿中，你提到像是有在特定領域主動擴充資本設備。你能否就你們正在增加產能的領域提供一些說明？

Actually, we didn't say we were increasing capacity. Like, that was not in the prepared remarks. I think we said we expect our CapEx this year to be about $100 million. And large part of that is going to be just a maintenance kind of capital.

其實我們並沒有說我們在增加產能。像是——那不在事先準備的講稿裡。我想我們說的是，我們預期今年的資本支出（CapEx）大約是 1 億美元。其中很大一部分將只是維護性資本支出。

We have sufficient in-house capacity. The areas where we would be adding capacity would be testing capacity for our Data Center business for Gen 6 Switch as it starts to ramp and retimers and all that. There could be some capacity increase for FPGA, where we see significant growth. There could also be some in the Ethernet T1S area. But really our capacity increase needs are going to be or capital needs are going to be modest because we have a lot of capacity.

我們有足夠的內部產能。我們可能會增加產能的領域會是：隨著第 6 代交換器（Gen 6 Switch）開始放量，以及 retimer 等產品，我們資料中心業務的測試產能。在 FPGA 方面，因為我們看到顯著成長，也可能會增加一些產能。在乙太網 T1S 領域也可能會有一些。但整體而言，我們的擴產需求或資本需求會是溫和的，因為我們已經有很多產能。

So we're really mostly just growing back into capacity that was put in place in prior years in the last upcycle.

所以我們主要只是把過去幾年、上一輪上行週期所建置的產能，再度逐步用滿。

(Operator Instructions)

（接線員指示）

Vijay Rakesh, Mizuho Securities.

Vijay Rakesh，Mizuho Securities。

Hi, Steve and Eric. Just going back on that Aerospace Defense side. As you look out, given you are one of the biggest suppliers there and given all the geopolitical tension, wouldn't you expect that business to start to accelerate into fiscal '27, '28 here? And I have a follow-up.

嗨，Steve 和 Eric。回到航太國防那一塊。往前看，鑑於你們是那裡最大的供應商之一，加上地緣政治緊張局勢，你不會預期該業務在 2027、2028 會計年度開始加速嗎？我還有一個追問。

So, Aerospace & Defense business is doing very well. We're getting large orders, and it's a good business, and it will grow.

所以，航太與國防業務表現非常好。我們拿到大量訂單，這是一門很好的生意，而且會成長。

But you also think about for that business to grow significantly, our primes have to grow their capacity. So we can provide more parts for a missile, but the missile production capacity needs to increase. So we're right now talking to every major prime. We're trying to build new facilities to grow their production. So it's going to take some time from that standpoint.

但你也要想到，要讓那個業務顯著成長，我們的主承包商（prime contractors）必須擴充他們的產能。所以我們可以為一枚飛彈提供更多零件，但飛彈的生產產能需要提升。因此我們目前正在與每一家主要主承包商洽談。我們正嘗試興建新設施來提升他們的產能。所以從這個角度來看，會需要一些時間。

Secondly, the cycle time to produce parts for that sector are very long. Sometimes it can be as long as nine months of cycle time because you build parts and then you park the lot and take a sample, burn them in for many months, and if there are no failures, then you can ship the lot. So the cycle time in that sector are very long.

第二，為該產業生產零件的週期時間非常長。有時週期時間可能長達九個月，因為你先製造零件，然後把該批次先暫放，抽樣後進行長達數月的燒機（burn-in）；如果沒有失效，才可以出貨該批次。所以該領域的週期時間非常長。

So that's why it did very well in the last year. It's doing well now, but it doesn't really go up like a hockey stick that can happen in a cell phone market or data center market. It's a very steady growth.

所以這就是為什麼它在去年表現得非常好。它現在表現也不錯，但它不會像在手機市場或資料中心市場可能出現的那種「曲棍球棒式」暴衝上升。它是一種非常穩健的成長。

Got it. And back on the Data Center side, when you look at that portfolio of PCIe Gen 6 switches and CXL, which is star product starting to pick up here and storage controllers, how does that data center portfolio grow? Obviously, a lot of focus on Data Center and spend there, but any way to size the growth or the pickup there? Thanks.

了解。回到資料中心這一端，當你看你們那個包含 PCIe Gen 6 交換器與 CXL（這是明星產品，開始在這裡放量）以及儲存控制器的產品組合時，這個資料中心產品組合會如何成長？顯然市場對資料中心與相關支出非常聚焦，但有沒有任何方式可以量化那邊的成長或放量幅度？謝謝。

Well, there's a few important factors that are happening right now in the overall Data Center ecosystem. We've been experiencing a significant super cycle with respect to AI-based data centers in recent years, but that's been primarily for AI training workloads. And we're now starting to see increases in agentic AI and inference-based workloads, and those require a significantly larger amount of access to components that are traditionally PCIe-based.

嗯，整體資料中心生態系目前正在發生幾個重要因素。近年來我們在 AI 資料中心方面經歷了一個顯著的超級循環，但那主要是針對 AI 訓練工作負載。而我們現在開始看到代理式 AI（agentic AI）與以推論為主的工作負載增加，而這些需要顯著更多對傳統上以 PCIe 為基礎的元件的存取。

So CPU utilization, NVMe, and storage access is heavily impacted by inference and agentic AI workloads. So we believe we're positioned to grow well with the market in the coming years as we see that become more of the predominant growth area in the data center market in the future. And that's across our customer base, which includes hyperscalers, it includes OEMs and traditional enterprise server manufacturers as well.

因此，CPU 使用率、NVMe 與儲存存取會受到推論與代理式 AI 工作負載的高度影響。所以我們相信，隨著未來幾年這些成為資料中心市場更主要的成長領域，我們具備條件跟著市場一起良好成長。而這涵蓋我們的客戶基礎，包括超大規模業者（hyperscalers）、也包括 OEM 與傳統企業伺服器製造商。

Joshua Buchalter, TD Cowen. Hey, guys. Thank you for taking my question. Congratulations on the very solid results. Maybe following up on Chris's question on pricing from earlier, I mean, your message was very clear on rebuilding relationships with customers and not raising pricing. I guess, how aggressive are you observing your competitors on pricing right now? Is it at the point where you're able to lean in and gain share as a result? I guess, is there a certain level of input costs rising where you'd have to change this philosophy a little bit in the near to medium term and raise pricing as well? Thank you.

Joshua Buchalter，TD Cowen。嗨，各位。謝謝讓我提問。恭喜你們交出非常穩健的成果。我想延續先前 Chris 關於定價的問題，你們的訊息很清楚：重建與客戶的關係，且不調漲價格。我想問的是，你們目前觀察到競爭對手在定價上有多激進？是否已經到了你們可以更積極切入、因此取得市占的程度？另外，是否存在某個投入成本上升的門檻，會讓你們在短中期不得不稍微調整這個理念、也開始調漲價格？謝謝。

Congratulations on the very solid results. Maybe following up on Chris's question on pricing from earlier, I mean, your message was very clear on rebuilding relationships with customers and not raising pricing. I guess, how aggressive are you observing your competitors on pricing right now? And is it at the point where you're able to lean in and gain share as a result?

恭喜你們交出非常穩健的成果。我想延續先前 Chris 關於定價的問題，你們的訊息很清楚：重建與客戶的關係，且不調漲價格。我想問的是，你們目前觀察到競爭對手在定價上有多激進？是否已經到了你們可以更積極切入、因此取得市占的程度？

And I guess, is there a certain level of input costs rising where you'd have to change this philosophy a little bit in the near to medium term and raise pricing as well? Thank you.

另外，是否存在某個投入成本上升的門檻，會讓你們在短中期不得不稍微調整這個理念、也開始調漲價格？謝謝。

So I mean, I think you're partially answering the question in your question. We are repairing our relationship with our customers, and many of those are repaired, and we don't want to stress them.

所以我的意思是，我想你在問題裡其實已經部分回答了這個問題。我們正在修復與客戶的關係，其中很多已經修復了，而我們不想讓他們感到壓力。

Number two, we are watching very carefully what every competitor is doing to the extent we have information from the market. And number 3, we have strong partners, and we have people that have a tactical relationship. They just buy parts. And -- so we're separating those two in a way.

第二，我們非常仔細地觀察每一個競爭對手在做什麼，在我們能從市場取得資訊的範圍內。第三，我們有強大的合作夥伴，也有一些人是屬於戰術性關係。他們只是買零件。所以我們在某種程度上把這兩類區分開來。

Partners mean one thing, and the people who have just a casual relationship mean another thing. And if we see any stress on our input costs in a specific area, then we will be willing to adjust prices.

合作夥伴是一回事，而只是維持較隨意關係的人又是另一回事。如果我們看到某個特定領域的投入成本出現任何壓力，那麼我們會願意調整價格。

Okay. Thank you for the color there.

好的。謝謝你提供這些補充說明。

Especially on non-partners.

尤其是針對非合作夥伴。

Got it. Okay. You mentioned some growing areas of tightness in the supply chain. You know, you made the decision a couple years ago to not invest in a 300-millimeter fab and are investing in a more targeted way now. Given we're still not that far away in the grand scheme of things from the shortages a few years ago, I was hoping you could maybe reflect on your confidence that there's enough foundry capacity and investment going on right now, that you, and I guess the industry as a whole, have enough room to run in what seems like a growing upcycle. Thank you.

了解。好的。你提到供應鏈有一些日益緊俏的領域。你們幾年前做了決定，不投資 300 毫米晶圓廠，而是現在以更聚焦的方式投資。考量到距離幾年前的短缺其實也不算太久，我想請你回顧一下：你對目前晶圓代工產能與投資的進展是否有信心，讓你們、以及整個產業，在看起來正在走升的上行循環中有足夠的空間可以成長？謝謝。

When we were willing to invest in 300 mm capacity, it was going to be under a license from a major partner. Without that license, we don't really have 300 mm IT. And starting standalone, building a Fab, developing a process, and then developing thousands of mask sets on it is really just not a very cost-effective exercise.

當時我們願意投資 300 mm 產能，是打算在一個主要合作夥伴的授權之下進行。沒有那個授權，我們其實沒有 300 mm 的製程技術（IT）。而如果要獨立起步、建一座晶圓廠、開發製程，然後在上面開出數千套光罩，這真的不是一個很具成本效益的作法。

So we were doing it when a major foundry partner had told us that they will grow capacity largely on the bleeding edge, and therefore, the trailing edge or medium edge capacity will not grow, and they were willing to give us a license. That thing is really no longer true. In the post cycle, there was plenty of capacity. Until very recently, there was plenty of capacity. It's becoming a little tight now, but the partners are adding capacity. And we believe we'll have sufficient capacity available in the coming years.

所以當時我們之所以會做，是因為一個主要晶圓代工夥伴告訴我們，他們會主要在最先進製程上擴產，因此成熟製程或中階製程的產能不會成長，而他們也願意給我們授權。但這件事現在已經不再成立。在那個循環之後，產能非常充裕。直到最近之前，產能都很充裕。現在開始有點緊，但合作夥伴正在增加產能。我們相信未來幾年會有足夠的產能可用。

And the major tightness would be really on the bleeding edge, like 3 nanometer. The rest of it, we are getting what we need. Is it tight? Yeah, but it's really not horribly bad.

而主要的緊俏其實會是在最先進製程，例如 3 奈米。其他部分，我們都能拿到我們需要的量。會緊嗎？會，但其實沒有糟到很嚴重。

Harlan Sur, J.P. Morgan.

Harlan Sur，摩根大通（J.P. Morgan）。

Memory pricing continues to increase fairly meaningfully, and we do see some pullbacks in production of low-end, mid-end smartphones, PCs, consumer electronic segments of the market. I know this is a smaller part of Microchip's revenue mix, but even some of the big-ticket items like consumer appliances, industrial applications are being somewhat impacted by this dynamic, right?

記憶體價格持續相當明顯地上漲，而我們也看到低階、中階智慧型手機、PC、消費性電子等市場區隔的產量有些回落。我知道這在 Microchip 的營收組合中占比較小，但即便是一些高單價品項，例如家電、工業應用，也在某種程度上受到這種動態影響，對吧？

For example, like, we've heard of some of the industrial customers having to scramble for memory, not because of pricing, but because of end of life of older DDR4 memory, and now they're having to kind of re-qualify their systems. Is the team seeing some of this memory pricing dynamic reflected across your customer base?

例如，我們聽說有些工業客戶必須到處張羅記憶體，不是因為價格，而是因為較舊的 DDR4 記憶體走到產品生命週期終點（EOL），他們現在不得不重新認證他們的系統。團隊是否看到這種記憶體定價的動態在你們的客戶群中有所反映？

Yeah. So you're right. I mean, I think it fits into specific areas. So driven by AI, the DRAM capacity is very tight. So what some of the NAND flash manufacturers have done is shifted some of that capacity to DRAM. And then the lower end of the NAND Flash capacity, some of the NOR flash manufacturers have moved into NAND flash.

是的。所以你說得對。我的意思是，我認為這會落在一些特定領域。在 AI 的帶動下，DRAM 產能非常吃緊。所以一些 NAND Flash 製造商把部分產能轉去做 DRAM。然後在較低階的 NAND Flash 產能方面，一些 NOR Flash 製造商也轉進 NAND Flash。

So the NOR flash got constrained. So some of the [EE] manufacturers in Asia shifted their [EE] capacity to build a NOR Flash. So everybody has moved upstream. And the bottom of that pile is [EE], which is what we make, serial [EE].

因此 NOR Flash 變得受限。所以亞洲一些 [EE] 製造商把他們的 [EE] 產能轉去生產 NOR Flash。所以大家都往上游移動了。而那堆最底端的是 [EE]，也就是我們做的序列式[EE]。

And a number of people have really basically abandoned that, doubled the price, which really means they have abandoned it because they converted the capacity to something else. And2 we are seeing significant opportunity in that business. It's not a very large business for us, but I mean, it's up significantly.

而有不少人基本上已經放棄那個業務，把價格翻倍；這其實就代表他們放棄了，因為他們把產能轉去做別的東西。因此我們在那個業務上看到顯著的機會。這對我們來說不是一個非常大的業務，但我的意思是，它的成長幅度相當顯著。

That's very, very specific memory related. But our run-of-the-mill microcontrollers, 8-, 16-, 32-bit microcontroller, analog, power management, A to D converters, D to A converters, our BiCMOS, DMOS, other products, I mean, they're all fine.

那是非常、非常特定、與記憶體相關的部分。但我們一般常見的微控制器，8 位、16 位、32 位微控制器，以及類比、電源管理、A/D 轉換器、D/A 轉換器、我們的 BiCMOS、DMOS 和其他產品，我的意思是，它們都沒問題。

Can we double any of those short term? No. Capacity is tight, but we have sufficient capacity to meet the numbers we're giving you, even create the upside if the demand and backlog were to come in. And that capacity will continue to increase in the coming quarters. And the business really remains looking for turns. It's not like we're turning business away because we don't have capacity.

我們能在短期內把其中任何一項產能加倍嗎？不能。產能很吃緊，但我們有足夠的產能來達成我們給你的數字，甚至如果需求與積壓訂單進來，還能創造上行空間。而且這些產能在接下來幾個季度會持續增加。而業務本質上仍在尋找反轉。並不是因為我們沒有產能而把生意拒之門外。

Yeah. Thanks for that, Steve. And as Aerospace & Defense continues strong, a big part of that is the leadership that you guys have in FPGA. I think the market share rankings for last year out, your FPGA business continues to be a strong franchise, number three global market share leader.

是的。謝謝你，Steve。而且隨著航太與國防持續強勁，其中很大一部分來自你們在 FPGA 的領導地位。我想從去年公布的市占排名來看，你們的 FPGA 業務仍然是很強的主力事業，是全球市占第三的領導者。

This business outperformed your overall business in calendar 2025. Obviously, PolarFire is a leader in aerospace and defense applications. But outside of Aerospace & Defense, we're seeing that there's strong pickup for just general-purpose mid-range FPGA applications across a wide variety of end markets. It's a highly gross margin accretive product family, PolarFire 2. Like, how is the team doing on expanding their leadership in mid-range to broader market applications?

這項業務在 2025 年曆年表現優於你們整體業務。顯然，PolarFire 在航太與國防應用上是領導者。但在航太與國防之外，我們也看到一般用途的中階 FPGA 應用在各式各樣的終端市場都有強勁回升。PolarFire 2 是一個能顯著提升毛利率的產品家族。像是，團隊在把中階領導地位擴展到更廣泛市場應用方面，進展如何？

Well, we are. We absolutely are. The PolarFire 2 is in the Fab and, shortly coming out, and we're very excited to be launching the PolarFire 2 later this year. Its software ecosystem is already out, and we got customers waiting for those parts.

嗯，我們正在做。我們確實正在做。PolarFire 2 已在晶圓廠投片，且很快就會出來；我們非常期待在今年稍晚推出 PolarFire 2。它的軟體生態系已經推出，而且我們已有客戶在等那些料件。

In fact, all the initial runs that we're doing, even for samples, are already spoken for. There's a strong demand for that part, even outside the A&D sector as well as in the A&D sector. I think we're already doing that. We're already selling lots and lots of those devices in the markets outside of A&D.

事實上，我們正在做的所有初期投片，即使是樣品用的，也都已經被預訂完了。這顆料的需求很強，不僅在航太與國防（A&D）領域，在 A&D 之外也一樣。我想我們已經在做了。我們已經在 A&D 以外的市場賣出大量這些器件。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes, thank you and congrats on the results. Steve, you talked about lead times starting to extend. I was hoping maybe you could give us a bit more color there.

是的，謝謝，並恭喜你們的業績。Steve，你提到交期開始拉長。我希望你能再多給我們一些細節。

Is it more broad-based? Is it specific products? And just based on the current demand environment, do you expect lead times to continue to extend as we go into the second half of the year?

這是更廣泛性的現象嗎？還是特定產品？另外，基於目前的需求環境，你是否預期交期在下半年會持續拉長？

So I think in general, lead times are broadly expanding. And I think in another quarter or so, there could be nothing available in four to six weeks. I think it's entirely possible.

所以我認為整體而言，交期正在普遍拉長。我想再過一季左右，可能會出現四到六週內都沒有現貨可供的情況。我認為這完全有可能。

Today, we still have -- when we say we have 185 days of inventory, even though a lot of that inventory, we keep it in the die form. But if the demand comes up in the exact mix where we have the die, we can still assemble, test, and ship it in four or five weeks.

今天，我們仍然有——當我們說我們有 185 天的庫存時，儘管其中很多庫存我們是以裸晶（die）的形式保存。但如果需求上來的組合剛好對應到我們手上的裸晶，我們仍然可以在四到五週內完成封裝、測試並出貨。

But that's not going to last very long. I think, over the next two quarters, definitely the inventory goes down significantly into the range of our long-term model. And I think, many, many products, die inventory will really be fairly low. So the lead times could see a broad-based expansion in the coming quarters.

但這不會維持太久。我認為在接下來兩個季度，庫存肯定會大幅下降，回到我們長期模型的區間。而且我認為很多、很多產品的裸晶庫存會真的相當低。因此未來幾個季度交期可能會出現廣泛性的拉長。

Very good. And as my follow-up, you talked about the two pillars moving to five pillars. I appreciate you still doing all the work there. But I just want to make sure I understand some of the compositions. Obviously, networking is straightforward.

很好。作為追問，你談到兩大支柱變成五大支柱。我很感謝你們仍然做了所有這些工作。但我想確認我理解其中一些組成。顯然，網路（Networking）很直觀。

But you mentioned HPC and Edge AI. Edge AI is pretty clear. But HPC, would that primarily be then storage for infrastructure? Or is there anything else that goes into that pillar? Thank you.

但你提到 HPC 和 Edge AI。Edge AI 很清楚。但 HPC 的話，主要會是基礎設施的儲存（storage）嗎？還是那個支柱還包含其他內容？謝謝。

The high-performance compute has really a microprocessor business, our FPGA business, our timing business. You know, those are most of the products in there.

高效能運算（HPC）其實包含微處理器業務、我們的 FPGA 業務、以及我們的時序（timing）業務。你知道的，裡面大多數產品就是這些。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

I guess I wanted to ask you mentioned a couple of times in the script that you're starting to see the distis come back with larger orders. I guess in the guidance for the June quarter, are you assuming some level of restocking? Or do you think that restocking happens later in the calendar year? And then I've got a follow-up.

我想問的是，你在講稿中提到好幾次，你開始看到通路商（distis）回來下更大的訂單。我想在你們對 6 月季度的指引中，你們是否假設有一定程度的補庫存（restocking）？還是你認為補庫存會在曆年稍晚才發生？然後我還有一個追問。

So we are expecting some level of restocking, but you should think about that doesn't necessarily mean that the months of inventory or days of inventory and distribution will go up. So we're guiding 11% up in revenue. And if you take a distributor and say they've got $50 million of Microchip product, and they are growing at that rate of, we'll call it 10%, they have to grow their inventory by $5 million just to keep their MOI flat if their sell-through is increasing at that rate.

所以我們確實預期會有一定程度的補庫存，但你應該理解，這不一定代表通路端的庫存月數（MOI）或庫存天數會上升。所以我們指引營收成長 11%。如果你看一個經銷商，假設他們有 5,000 萬美元的 Microchip 產品庫存，而他們的成長率大約是——我們就說 10%——那麼只要他們的出貨（sell-through）以那個速度增加，他們就必須把庫存增加 500 萬美元，才能讓 MOI 維持不變。

So yeah, we are expecting some restocking. The level of that, I think is hard to predict, but I think it's needed. Distribution inventory is really low at this point in time, and in a growth environment, they gotta position themselves to be able to support their customers.

所以是的，我們預期會有一些補庫存。其規模我認為很難預測，但我覺得這是必要的。目前通路庫存真的很低，而在成長環境下，他們必須先把貨備好，才能支援他們的客戶。

Got another quick follow-up for Steve. It sounds like, Steve, you feel pretty comfortable you can get the external foundry wafers. But any tightness on either OSAT substrates, especially as you think about the PCI and the memory and storage controller business? Is there any tightness there?

再一個給 Steve 的快速追問。聽起來 Steve，你對於取得外部晶圓代工的晶圓相當有把握。但在 OSAT 的基板（substrates）方面有沒有任何吃緊，特別是當你考量 PCI 以及記憶體與儲存控制器業務時？那邊有任何緊張嗎？

Yeah, of course. I mean like I said, there is tightness everywhere. Our foundries, all major foundries we do business with probably 70%, 80% of the process technology nodes are constrained. When I say constrained, I would say they're very tight. If I need a couple of 100 more wafers, can I work the system and be able to get it? The answer is yes, but it isn't like they're sitting at a 80% utilization, and if I wanted more wafers, I have them right away.

是的，當然。我的意思是，就像我說的，到處都很吃緊。我們合作的所有主要晶圓代工廠，大概有 70%、80% 的製程節點都受限。我說受限，是指非常緊。如果我需要再多幾百片晶圓，我能不能運作這個系統、想辦法拿到？答案是可以，但並不是說他們現在只有 80% 的稼動率，所以我想要更多晶圓就能立刻拿到。

You kind of gotta work the system and make the calls high up and escalate it and request it. And somebody else in the system has a downside, then you get it. You may not get it today, but may get it three weeks from now. So everything is basically full, and I think that's the system we're looking at it.

你得去運作整個系統，打電話到更高層、往上升級並提出要求。然後系統裡的其他人出現下行，你就拿得到。你可能今天拿不到，但可能三週後拿到。所以基本上所有環節都滿載，我想這就是我們所面對的系統狀態。

But we have a higher allocation as the future quarters come in because foundries are adding capacity, so we have increased allocation from them. And with that, the business will continue to grow. But like I said earlier can I grow a business 50% in one quarter? No. But can I grow at the rate we're talking about? Yes, and there's even room for upside.

但隨著未來幾個季度到來，我們的配額會更高，因為晶圓代工廠正在擴充產能，所以我們從他們那裡獲得的配額增加了。在此之下，業務將會持續成長。但就像我先前說的，我能在一個季度把業務成長 50% 嗎？不能。但我能以我們正在談的那個成長速度成長嗎？可以，而且甚至還有上行空間。

Now, when you come to the most advanced capacity, like 3-nanometer node, that's totally different equation. There the capacity is less than half of what the world requires.

現在，當你談到最先進的產能，例如 3 奈米節點，那就是完全不同的情況。那裡的產能不到全球需求的一半。

In substrates?

在載板方面？

In wafer.

在晶圓方面。

Oh, sorry. You just said in advanced packaging substrates. Any impact on the like the Data Center business?

喔，抱歉。你剛剛說的是先進封裝載板。那對資料中心業務有任何影響嗎？

Yeah. So we are constrained on substrates. We are qualifying additional substrate suppliers. We are working with the existing suppliers to get more allocation.

有。所以我們在載板上受到限制。我們正在認證更多載板供應商。我們也在與既有供應商合作，以取得更多配額。

It's just like the wafers. Substrates are very tight. One problem with the substrates is they have a shelf life, right?

這就跟晶圓一樣。載板非常吃緊。載板的一個問題是它有保存期限，對吧？

12 months.

12 個月。

Yeah. So they have a shelf life, therefore, you can't build a whole bunch on the down cycle thinking you can use them year and a half from now. They have a shelf life, so you have to really buy it in time.

對。所以它有保存期限，因此你不能在景氣下行時大量備貨，想著一年半後再用。它有保存期限，所以你必須真的在適當的時間採購。

Are substrates constrained? Yes. Is it impacting our Data Center business? Yes. Is it impacting our Connectivity and Networking and Automotive business? Yes.

載板是否受限？是。是否影響我們的資料中心業務？是。是否影響我們的連線與網路以及車用業務？是。

And we have our delinquency or non-supported dollar volume has gone up significantly, but it's not at a crisis level. It's not like it was post-COVID. We're working through it. And there are no real screaming customers so far. I think we're working through them.

而且我們的逾期或未能支援的美元金額顯著上升，但還不到危機程度。不像 COVID 之後那樣。我們正在逐步處理。到目前為止也沒有真正大聲抗議的客戶。我想我們正在把這些問題處理掉。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

Yeah. Thank you. I wonder you talked about your discussions with customers and kind of rebuilding relationships that had been frayed during COVID. Can you give us some color on what those conversations are like? And I guess, some of the strain was enforcement of LTAs, price increases, things like that. How does that inform how you're going to deal with those sort of same considerations in the next upturn?

是的。謝謝。我想請教，你談到與客戶的討論，以及在 COVID 期間關係曾經受損、現在正在重建。你能否多分享一些這些對話大概是什麼樣子？我想其中一些壓力來自於長期協議（LTA）的執行、漲價之類的事情。這對你在下一次景氣上行時，如何處理同樣類似的考量，有什麼啟發？

No, I think our conversations in the last year have been very good, and we visited a lot of customers, a lot of customers visited us and we met them at events round the world from CES to MASTERs Conference to other industry conferences. And we owned up to some of the mistakes we made in the past.

不，我認為我們過去一年的對話都非常好；我們拜訪了很多客戶，也有很多客戶來拜訪我們，我們也在全球各地的活動上與他們見面，從 CES 到 MASTERs Conference，再到其他產業會議。而且我們也承認了過去犯的一些錯誤。

And customers, engineers always liked us. We had a very good product. We had high-quality product. We were reliable suppliers, but we just used some policies that turned off purchasing managers and manufacturing people and other.

客戶端的工程師一直都喜歡我們。我們有非常好的產品。我們的產品品質很高。我們是可靠的供應商，但我們只是採用了一些政策，讓採購經理、製造端人員以及其他人反感。

And we made commitments to really work with them better, and I think that has gone well. People have given us a chance.

我們也承諾要真正更好地與他們合作，我認為進展得很順利。大家給了我們一次機會。

And now what's happening is we are seeing our competitors hurt them with large price increases and all that. So they're even coming more to us. And since we haven't increased the prices, we're gaining share. So I think all that is kind of working well. Our competitors are actually helping us right now.

而現在發生的是，我們看到競爭對手用大幅漲價等方式讓他們受傷。所以他們更願意來找我們。而且因為我們沒有漲價，我們正在取得市占。所以我認為這一切運作得相當不錯。我們的競爭對手其實正在幫我們。

Janet Ramkissoon, Quadra Capital.

Janet Ramkissoon，Quadra Capital。

Steve, thanks for the update on the nine-point plan. I just -- my question about substrates has already been asked, but just one on the business unit realignment. If you look at the three markets that you've added to the basic business microcontrollers and analogs, those businesses have pretty large TAMs. And given the -- what's going on with AI and Data Center growth, those markets would present significantly larger opportunities.

Steve，謝謝你更新九點計畫。我關於載板的問題已經有人問過了，但我還有一個關於事業單位重新調整的問題。如果你看你在基本業務的微控制器與類比之外新增的三個市場，那些業務的可服務市場規模（TAM）都相當大。而且考量到 AI 與資料中心的成長趨勢，那些市場將帶來顯著更大的機會。

At what point do you think that you might have to revisit your margin targets? Or am I being too optimistic about the growth prospects of these three new areas?

你認為在什麼時點，你可能需要重新檢視你的毛利率目標？或者我是不是對這三個新領域的成長前景過於樂觀了？

When you say that -- Janet, first of all, thanks for asking the question. When you say we have to revisit our margin targets, are you concerned our margin targets are too low or too high?

你說的那個——Janet，首先謝謝你提問。你說我們必須重新檢視毛利率目標時，你是擔心我們的毛利率目標太低，還是太高？

Too low.

太低。

Well, that'd be a high-class problem. When I came back a year and a half ago, our gross margin was [52%], and when we gave a target of [65]. I've been fending the blows for a year and a half, like why our target? How will we get there?

嗯，那會是個高級的煩惱。我一年半前回來時，我們的毛利率是 [52%]，而我們給出的目標是[65]。我這一年半一直在承受各種質疑，例如為什麼是這個目標？我們要怎麼達到？

And we were so low and this and that. And competitors are doing this and competitors are doing that. Now it is in the striking range. If you take our underutilization and add it back, I think we get there. So let's get there, and if you're --

大家說我們太低、這樣那樣。競爭對手怎樣、競爭對手又怎樣。現在已經在可達範圍內了。如果把我們的產能利用不足（underutilization）加回去，我認為就能達到。所以先達到它，如果你——--

Yeah. Well, the reason -- I just want to add this. We look at a company like Anthropic. They went from a billion dollars in revenues, and now they're talking about potentially exiting the year $45 billion. I mean, this whole AI business has just taken off like a rocket, and we've never seen growth in any market like this ever. And so if you look at AI on the edge. (multiple speakers)

是的。嗯，原因是——我只是想補充一下。我們看像 Anthropic 這樣的公司。他們從 10 億美元營收，現在談到今年可能以 450 億美元結束。我是說，整個 AI 業務就像火箭一樣起飛，我們以前從未在任何市場看過這樣的成長。所以如果你看邊緣端的 AI。（多位講者）

No, they're one of the large language model providers. And you look at the growth there and you look at the growth and open AI, it just seems to me that if you might need to be preparing to keep up with a higher level of growth rate than you have been used to historically. And just being a long-term shareholder, I just thought I'd throw that out there.

不，他們是大型語言模型供應商之一。你看那裡的成長，再看 OpenAI 的成長，在我看來，你們可能需要準備好去跟上比過去歷史上更高的成長率。我作為長期股東，只是想把這點提出來。

We'll welcome that opportunity. Yeah. We are working on it. We're developing the products.

我們歡迎那樣的機會。是的。我們正在努力。我們正在開發產品。

We see the market. We see the opportunity. That's why you've heard from Brian now in two out of the three last meetings, and last meeting, we talked about T1S. So we are engaged, but I think it's premature for us to sign up to anything different than what we're signing up for.

我們看到了市場。我們看到了機會。這也是為什麼你在最近三次會議中有兩次聽到 Brian 的發言，而在上一次會議我們談到了 T1S。所以我們確實有投入，但我認為現在就承諾任何不同於我們目前所承諾的事情，還為時過早。

Yeah. Okay. I wasn't asking you to sign up. I was just trying to think -- just sort of think outside the box to try to figure out where your head might be. Thanks so much, Steve. Great job. Appreciate it.

是的。好的。我不是要你承諾。我只是想——有點跳脫框架地想一想，試著了解你們的想法可能在哪裡。非常感謝你，Steve。做得很好。感謝。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

I actually wanted to go back to a couple of the prior Data Center comments. I think you broke out at one point that within Data Center Compute, Data Center was about 80%. I wanted to make sure that's the right way to think about it for the fiscal year.

我其實想回到先前幾點關於資料中心的評論。我記得你們曾在某個時點拆分提到，在資料中心運算（Data Center Compute）之中，資料中心約占 80%。我想確認，以整個會計年度來看，這樣理解是否正確。

And then if you look at a lot of the peers with exposure -- Analog peers with exposure Data Center, that business is growing substantial double digits for the last couple of quarters. Just kind of curious, I know you don't probably want to give the exact numbers, but is that the kind of growth you're seeing? And is there any headwinds still in that segment that are going down?

另外，如果你看許多同業的曝險——也就是類比（Analog）同業中有資料中心曝險的公司，那塊業務在過去幾個季度都以相當可觀的雙位數成長。我有點好奇，我知道你們可能不想給出精確數字，但你們看到的成長是否也是這種程度？而且那個區隔是否仍有任何逆風正在消退？

So I'll start by saying, I don't think we've given a percentage of our Data Center and Compute what Data Center makes up. It is the larger piece, for sure. And then within that, there's various different areas that make that up. Brian's business unit, Data Center Solutions, is one of those which we have high expectations for.

我先說，我不認為我們曾提供過在我們的資料中心與運算（Data Center and Compute）之中，資料中心占比是多少的百分比。它確實是比較大的那一塊。而在那之內，又有各種不同領域構成。Brian 的事業單位——資料中心解決方案（Data Center Solutions）——是其中之一，我們對它有很高的期待。

I'll let Brian speak to the rest.

其餘部分我讓 Brian 來說。

Yeah. We're also seeing high growth in our digital power control for many of the power supplies that exist within data centers, within our power group.

是的。我們也在電源事業群中看到，針對資料中心內許多電源供應器所使用的數位電源控制（digital power control）有很高的成長。

If you look at our Data Center business unit, Brian's business unit, year over year has just huge growth. We're not quite willing to break it out unless we do that as part of the overall breakout that we have talked to you about and we're analyzing it.

如果你看我們的資料中心事業單位——Brian 的事業單位——年對年成長非常巨大。除非我們把它納入我們先前跟你們談過、並正在分析的整體拆分架構中，否則我們目前還不太願意把它單獨拆出來揭露。

The problem is, the Data Center, one, is not as much of a challenge. Some of the others are a significant challenge, like Connectivity and Networking and Timing business and others, because some business units have some parts which are analog, some have a microcontroller core.

問題在於，資料中心本身其實不是那麼大的挑戰。其他一些領域才是重大挑戰，例如連接（Connectivity）、網路（Networking）、時脈（Timing）業務以及其他，因為有些事業單位的某些部分是類比，有些則有微控制器（microcontroller）核心。

So the portion goes into microcontroller. Is something IoT or is something networking? What is the difference? They look very close.

因此其中一部分會歸到微控制器。某個東西算 IoT，還是算網路？差異是什麼？它們看起來非常接近。

Is it a Data Center business unit or is it a part that goes into Data Center, but it's a power management part that comes from AI where -- I'm sorry, comes from Analog business unit. So we have content in Data Center market or Data Center servers which are microcontrollers, which are power management parts, which are you know --

它是資料中心事業單位的業務，還是某個會用在資料中心的零件，但它其實是來自 AI——抱歉，是來自類比事業單位的電源管理零件？所以我們在資料中心市場或資料中心伺服器裡的內容包含微控制器、電源管理零件，以及你知道的--

Ethernet, USB.

乙太網路、USB。

Ethernet, USB. So there are various business units, probably seven or eight business units contributing to our content inside the Data Center. Brian is just one part of it with the storage controllers, PCI Express, and the third one was memory CXL and those. So it's a complicated breakout and we are somewhat concerned about confusing you and not really helping the cause. So we're trying to figure that out and put it all together so we can share with you.

乙太網路、USB。所以有各種不同的事業單位，可能有七到八個事業單位在為我們在資料中心內的內容做出貢獻。Brian 只是其中一部分，包含儲存控制器、PCI Express，第三個是記憶體 CXL 等等。所以這是一個很複雜的拆分方式，我們也有點擔心會讓你們更困惑，而不是真的有幫助。因此我們正在想辦法把它釐清並整合起來，之後才能與你們分享。

Thanks. Just a quick one for Eric. I know you have a big piece of variable in your OpEx. I'm just kind of curious how to think about OpEx for the fiscal year.

謝謝。再快速問 Eric 一題。我知道你們的營業費用（OpEx）裡有很大一部分是變動的。我只是有點好奇，該如何看待本會計年度的 OpEx。

Yeah. So you're right on that. So when the business is doing well, we have quarterly bonus programs for our employees, which were very low in the down cycle. Now that we're coming back, those programs are coming back nicely and guiding 11% up. We're expecting it to be another good quarter for our employees from a bonus perspective.

是的。你說得沒錯。當業務表現良好時，我們有按季發放的員工獎金計畫，在景氣下行週期時那部分非常低。現在我們正在復甦，那些計畫也在良好回升，因此我們指引 OpEx 上升 11%。從獎金角度來看，我們預期這對員工而言會是另一個不錯的季度。

And so that's why you're seeing that along with other compensation elements that were kind of pent up that we're bringing back to employees, drive our OpEx dollars up in the current quarter. I think at the midpoint of guidance, it's about a $15 million growth quarter on quarter in OpEx. And the nice thing about these plans is they are quarterly, and we can modulate them in good times and bad times, high growth quarters, lower growth quarters, to keep operating expenses in check. So showing good progress there but are making investments that we think are important to reward and incentivize our employees to stay with us and continue to produce great work.

因此，除了其他一些先前累積、現在要回補給員工的薪酬要素之外，這也是你們看到本季 OpEx 金額上升的原因。我認為以指引中點來看，OpEx 季對季大約增加 1,500 萬美元。而這些計畫的好處是它們是按季調整的，我們可以在景氣好或不好、高成長季度或較低成長季度進行調節，以控制營業費用。所以我們在這方面展現了不錯的進展，同時也在進行我們認為重要的投資，用以獎勵並激勵員工留任，並持續產出優秀的成果。

This now concludes our question-and-answer session. I would like to turn the floor back over to Steve Sanghi for closing comments.

現在問答環節到此結束。我想把時間交還給 Steve Sanghi 做結語。

Well, thank you all for joining us today and hanging in there with us. We'll be attending several conferences coming up this quarter, I think starting in early June. So we'll see you on that circuit.

好的，感謝各位今天加入我們，也一路陪我們到這裡。本季接下來我們會參加幾場會議，我想從六月初開始。所以我們會在那個巡迴行程上與各位見面。

Yeah. We'll actually be the first one, I think it was the J.P. Morgan Conference in two weeks and then a number after that. So look forward to seeing everybody.

是的。我們其實會是第一場，我想是兩週後的摩根大通（J.P. Morgan）會議，之後還有好幾場。期待與大家見面。

Thank you.

謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

各位女士、先生，感謝各位的參與。今天的電話會議到此結束。您可以掛斷電話，祝您有美好的一天。