微晶片科技 (MCHP) 2027 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Microchip's Q1 fiscal year 2027 financial results conference call.

各位女士、先生，下午好，歡迎參加 Microchip 2027 會計年度第一季財務業績電話會議。

(Operator Instructions)

(接線員指示)

This call is being recorded on Thursday, August 6, 2026. I would now like to turn the conference over to Mr. Steve Sanghi, President and CEO. Please go ahead.

本次電話會議於 2026 年 8 月 6 日（星期四）錄音。現在我想把會議交給 Microchip 總裁兼執行長 Steve Sanghi 先生。請開始。

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. 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.

謝謝接線員，各位下午好。在本次電話會議過程中，我們將就未來事件或公司未來財務表現提出預測及其他前瞻性陳述。我們提醒您，此類陳述屬於預測，實際事件或結果可能會有重大差異。我們請您參閱我們今天發布的新聞稿，以及我們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 業務及營運結果的重要風險因素。

In attendance with me today are Eric Bjornholt, Microchip's CFO, and Sajid Daudi, Microchip's Head of Investor Relations. I will provide a new breakout of our net sales by end markets, including further information on our total data center exposure. Eric will then go over our financial performance. I will then provide an overview of the current business environment and our guidance for second-quarter of fiscal year 2027. We will then be available to respond to specific investor and analyst questions.

今天與我一同出席的有 Microchip 財務長 Eric Bjornholt，以及投資人關係主管 Sajid Daudi。我將提供依終端市場劃分的淨銷售額新拆分，並補充我們在資料中心的總曝險資訊。接著 Eric 將說明我們的財務表現。然後我將概述目前的商業環境，以及我們對 2027 會計年度第二季的財測指引。之後我們將回答投資人與分析師的具體問題。

So let us begin with providing you with a further update on our exposure to the data center market. On June 1, 2026, we provided you a breakdown of our net sales from our Data Center Solutions business unit for calendar year 2025, which we said was $302.7 million. We also said that in addition to these net sales from the Data Center Solutions business unit, we have many catalog products from various business units that also have exposure to data centers.

那麼我們先從進一步更新我們在資料中心市場的曝險開始。2026 年 6 月 1 日，我們向各位提供了 2025 年曆年我們資料中心解決方案（Data Center Solutions）事業單位的淨銷售額拆分，我們當時表示為 3.027 億美元。我們也提到，除了資料中心解決方案事業單位的淨銷售額之外，我們在多個事業單位還有許多型錄（catalog）產品同樣與資料中心相關。

In the last couple of months, we have worked to pull together an estimate for this additional exposure to the data center market from these catalog products from various business units. These additional products include our power management analog products, mixed-signal products, microcontrollers, digital signal controllers, security products, FPGAs, timing products, and Serial Quad I/O memory products.

在過去幾個月，我們已著手彙整並估算這些來自各事業單位型錄產品對資料中心市場的額外曝險。這些額外產品包括我們的電源管理類比產品、混合訊號產品、微控制器、數位訊號控制器、安全性產品、FPGA、時序產品，以及 Serial Quad I/O 記憶體產品。

The additional net sales from data centers for various business units for calendar year 2025 was approximately $288 million. This makes the total net sales from data centers for calendar year 2025 for all Microchip products to be approximately $591 million. And that was the $303 million approximately from Data Center Solutions business unit and $288 million from all other catalog products for a total of $591 million. This was approximately 14% of our net sales for calendar year 2025.

2025 年曆年各事業單位來自資料中心的額外淨銷售額約為 2.88 億美元。因此，2025 年曆年 Microchip 全部產品來自資料中心的淨銷售額合計約為 5.91 億美元。也就是資料中心解決方案事業單位約 3.03 億美元，加上其他所有型錄產品 2.88 億美元，合計 5.91 億美元。這約占我們 2025 年曆年淨銷售額的 14%。

We have also estimated the data center sales growth expected in calendar year 2026. We earlier told you that our net sales from Data Center Solutions business unit is expected to be about $500 million for calendar year 2026. Now our net sales from the products from all other business units, which also go into the data centers is expected to grow from $288 million in calendar year 2025 to about $500 million in calendar year 2026.

我們也估算了 2026 年曆年資料中心銷售預期的成長。我們先前告訴各位，資料中心解決方案事業單位在 2026 年曆年的淨銷售額預期約為 5 億美元。現在，我們來自其他所有事業單位、同樣用於資料中心的產品淨銷售額，預期將由 2025 年曆年的 2.88 億美元成長至 2026 年曆年的約 5 億美元。

This makes the total net sales expected in calendar year 2026 from all of Microchip products, Data Center Solutions business unit as well as all the other catalog products going into data centers as about $1 billion. So this is expected to be approximately -- up approximately 69% from $591 million net sales from data centers in calendar year 2025. So a growth of about 69% from $591 million net sales in calendar year 2025 to about $1 billion in calendar year 2026.

因此，2026 年曆年 Microchip 全部產品（包含資料中心解決方案事業單位以及所有其他用於資料中心的型錄產品）來自資料中心的淨銷售額合計預期約為 10 億美元。也就是相較於 2025 年曆年資料中心淨銷售額 5.91 億美元，預期約成長 69%。換言之，從 2025 年曆年的 5.91 億美元成長約 69% 至 2026 年曆年的約 10 億美元。

Now a little bit about calendar Q1 and Q2. In calendar Q1 2026, which was the March quarter, our net sales from data centers was up 77.2% from calendar quarter 1, 2025. In calendar Q2 2026, the June quarter just ended, our net sales from data centers was up 97.8% from calendar Q2 2025.

接著簡要談一下 2026 年曆年第一季與第二季。在 2026 年曆年第一季（3 月季度），我們來自資料中心的淨銷售額較 2025 年曆年第一季成長 77.2%。在剛結束的 2026 年曆年第二季（6 月季度），我們來自資料中心的淨銷售額較 2025 年曆年第二季成長 97.8%。

As our numerous new design wins on our PCIe Gen6 switch, PCIe Gen6 retimer, storage controller, NVMe controllers, power management products, mixed-signal products, security products, timing products and memory products proceed to production in calendar year 2027, we expect significant growth from data centers in 2027 and thereafter.

隨著我們在 PCIe Gen6 交換器、PCIe Gen6 重定時器（retimer）、儲存控制器、NVMe 控制器，以及電源管理產品、混合訊號產品、安全性產品、時序產品與記憶體產品等多項新設計導入（design win）於 2027 年曆年進入量產，我們預期 2027 年及其後資料中心業務將有顯著成長。

Now here is our end market net sales breakdown for the June quarter. We remind you that these percentages are our best estimates of the end market split. However, there is probably a couple of percent error band due to the fact that about 50% of our business and the long tail of customers are serviced through distribution, which makes it difficult to track the end market.

接下來是我們 6 月季度依終端市場劃分的淨銷售額拆分。提醒各位，這些百分比是我們對終端市場分布的最佳估計。然而，由於約 50% 的業務以及長尾客戶是透過通路（distribution）服務，使得終端市場不易追蹤，因此可能存在約數個百分點的誤差範圍。

So our June quarter end market breakdown was as follows: Industrial was 32.2%, data center 17.1%, aerospace and defense 16.7%, automotive 15.0%, communication 8.2%, consumer appliances 7.4%, and compute was 3.4%. You can see that we are now breaking out end markets of data center and compute separately. So we are now breaking out our sales into seven end markets.

因此，我們 6 月季度的終端市場拆分如下：工業 32.2%、資料中心 17.1%、航太與國防 16.7%、汽車 15.0%、通訊 8.2%、消費性家電 7.4%、以及運算 3.4%。各位可以看到，我們現在將資料中心與運算兩個終端市場分開揭露。因此，我們目前將銷售拆分為七個終端市場。

From June quarter 2025 to June quarter 2026, so year-over-year growth, our industrial net sales grew 24.3%. Data center sales grew 97.8%. Aerospace and defense grew 45.6%. Automotive grew 29.3%. Communication grew 53.3%. Consumer appliances grew 19.1% and compute grew 9.6%. So this is the most comprehensive breakout you have heard from us, enough to unpack for you.

從 2025 年 6 月季度到 2026 年 6 月季度（也就是年增），我們的工業淨銷售額成長 24.3%。資料中心銷售成長 97.8%。航太與國防成長 45.6%。汽車成長 29.3%。通訊成長 53.3%。消費性家電成長 19.1%，運算成長 9.6%。這是各位迄今從我們這裡聽到最完整的拆分資訊，內容相當豐富，足以供各位進一步解析。

With that, I will pass it on to Eric.

接下來我把時間交給 Eric。

All right. Thanks, Steve, and good afternoon, everyone. 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 GAAP and non-GAAP results. We have also posted a summary of our outstanding debt and leverage metrics on our website.

好的。謝謝你，Steve，各位下午好。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。我們已在公司網站 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與槓桿指標的摘要。

I will now go over 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 the reconciliations on our website.

我現在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 基礎來說明這些結果；非 GAAP 係以扣除併購活動影響、股份基礎給付，以及我們在財報新聞稿與網站調節表中所述的其他若干調整項目前的費用為基礎。

Our non-GAAP financial results were all above our guidance provided on May 7, 2026. Net sales in the June quarter were $1.485 billion, which was up 13.2% sequentially and up 38% from the June 2025 quarter. We have posted a summary of our net sales by product line and geography on our website for your reference.

我們的非 GAAP 財務結果皆高於我們在 2026 年 5 月 7 日提供的財測指引。6 月季度淨銷售額為 14.85 億美元，較前一季成長 13.2%，較 2025 年 6 月季度成長 38%。我們已在網站上公布依產品線與地區劃分的淨銷售額摘要，供各位參考。

On a non-GAAP basis, gross margins were 63.8%, including capacity underutilization charges of $38.5 million. Operating expenses were at 28.7% of sales and operating income was 35.1% of sales. Non-GAAP net income was $438.6 million and non-GAAP earnings per diluted share were $0.76, which was $0.07 above the midpoint of our guidance.

以非 GAAP 基礎計算，毛利率為 63.8%，其中包含產能利用不足費用 3,850 萬美元。營業費用為銷售額的 28.7%，營業利益為銷售額的 35.1%。非 GAAP 淨利為 4.386 億美元，非 GAAP 稀釋後每股盈餘為 0.76 美元，較我們財測中點高出 0.07 美元。

On a GAAP basis in the June quarter, gross margins were 63.2%. Total operating expenses were $602.1 million and included acquisition intangible amortization of $90 million, special charges of $18.9 million, which were primarily driven by two long-standing legal matters, which were settled during the quarter as well as our activities associated with the closure of Fab 2, share-based compensation of $66.3 million and $0.4 million of other expenses. The GAAP net income attributable to common shareholders was $202 million, or $0.37 per share.

以 GAAP 基礎計算，在 6 月季度毛利率為 63.2%。營業費用總額為 6.021 億美元，其中包含併購無形資產攤銷 9,000 萬美元、特殊費用 1,890 萬美元（主要由兩項長期法律事項所致，該等事項於本季度達成和解，另包含與關閉 Fab 2 相關的活動）、以股份為基礎之酬勞 6,630 萬美元，以及其他費用 40 萬美元。歸屬於普通股股東的 GAAP 淨利為 2.02 億美元，或每股 0.37 美元。

Our non-GAAP cash tax rate was 7.5% in the June quarter, and we expect to have a tax rate of about 7.5% for all of fiscal year 2027. Our tax rate is down from the prior year for a variety of reasons, including the amortization of domestic research and development experimentation expenditures capitalized in previous years and the impact of a reduction in inventory reserves.

我們在 6 月季度的非 GAAP 現金有效稅率為 7.5%，並預期 2027 會計年度全年稅率約為 7.5%。我們的稅率較前一年度下降，原因包括：對先前年度資本化之國內研發試驗支出進行攤銷，以及存貨備抵減少所帶來的影響。

Our inventory balance at June 30, 2026, was $1.047 billion. We had 175 days of inventory at the end of the June quarter, which was down 10 days from the end of the March quarter. Included in our June ending inventory was 14 days of long-lifecycle, high-margin products whose manufacturing capacity has been end of life by our supply chain partners. Inventory at our distributors in the June quarter was at 25 days, which was down one day from the March quarter and at the lower end of what we have experienced historically.

截至 2026 年 6 月 30 日，我們的存貨餘額為 10.47 億美元。6 月季度末存貨天數為 175 天，較 3 月季度末減少 10 天。我們 6 月期末存貨中包含 14 天的長生命週期、高毛利產品，其製造產能已被我們的供應鏈合作夥伴終止（EOL）。6 月季度我們在經銷商端的存貨為 25 天，較 3 月季度減少 1 天，且處於我們歷史經驗範圍的較低端。

Our cash flow from operating activities was $511.5 million in the June quarter. Our adjusted free cash flow was $478.6 million in the June quarter. As of June 30, our consolidated cash and total investment position was $272.3 million. Our total debt decreased by $138 million in the June quarter, and our net debt decreased by $170 million.

我們在 6 月季度的營業活動現金流量為 5.115 億美元。我們在 6 月季度的調整後自由現金流為 4.786 億美元。截至 6 月 30 日，我們合併現金與總投資部位為 2.723 億美元。我們的總負債在 6 月季度減少 1.38 億美元，淨負債減少 1.70 億美元。

Our adjusted EBITDA in the June quarter was $587.8 million and 39.6% of net sales. Our trailing 12-month adjusted EBITDA was $1.798 billion. Our net debt to adjusted EBITDA was 2.85 at June 30, 2026, and we expect our net debt to adjusted EBITDA to reduce significantly as we progress through fiscal year 2027. Capital expenditures were $13.9 million in the June quarter, and we expect capital expenditures for fiscal year '27 to be about $100 million. Depreciation expense in the June quarter was $37.8 million.

我們在 6 月季度的調整後 EBITDA 為 5.878 億美元，占淨銷售額的 39.6%。過去 12 個月的調整後 EBITDA 為 17.98 億美元。截至 2026 年 6 月 30 日，我們的淨負債對調整後 EBITDA 倍數為 2.85，並預期隨著 2027 會計年度推進，該倍數將顯著下降。6 月季度資本支出為 1,390 萬美元，我們預期 2027 會計年度資本支出約為 1 億美元。6 月季度折舊費用為 3,780 萬美元。

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

接下來我把時間交還給 Steve，他將就我們 6 月季度的業績以及 9 月季度的財測提供更多評論。Steve？

Thank you, Eric. I will now reflect a bit on our performance in the June quarter. The June quarter was an excellent quarter for Microchip across the board. We beat the high end of our guidance in net sales and our non-GAAP financial metrics like gross margin percentage, operating expense percentage, operating profit percentage, and earnings per share all beat the high end of our guidance. In all of these metrics, we continue to make excellent progress towards our long-range targets.

謝謝你，Eric。我現在回顧一下我們在 6 月季度的表現。對 Microchip 而言，6 月季度在各方面都是非常出色的一季。我們的淨銷售額超越財測區間上緣，且我們的非 GAAP 財務指標（如毛利率百分比、營業費用率、營業利益率與每股盈餘）也都超越財測上緣。在所有這些指標上，我們持續朝長期目標取得極佳進展。

On non-GAAP gross margin percentage, we are at 63.8%, which was a sequential improvement of 222 basis points. Our non-GAAP operating margin was 35.1% in the quarter, which was a sequential improvement of 452 basis points. Our inventory and days of sales came down again last quarter. We are getting pretty close to our range of 130 to 150 days of inventory. We will now take the focus off of inventory and instead focus on handling the large growth we are experiencing and deal with various constraints in foundries, OSAT and internal production.

就非 GAAP 毛利率而言，我們為 63.8%，較前一季改善 222 個基點。本季非 GAAP 營業利益率為 35.1%，較前一季改善 452 個基點。我們的存貨與銷售天數在上季再次下降。我們已相當接近 130 至 150 天的存貨區間。我們將把重點從存貨移開，轉而聚焦於因應我們正在經歷的強勁成長，並處理晶圓代工、OSAT 以及內部生產的各項限制。

I will now talk about our business environment. We believe that we have completed the distribution inventory correction. Our overall distribution inventory is now low and some replenishment needs to take place in the coming quarters. We saw a small decline in distribution days of inventory in the June quarter. Our distribution sell-through grew by 17% sequentially in the June quarter. This is a result of distributors' customers completing their inventory correction and starting to reengage in buying our products.

我現在談談我們的營運環境。我們相信我們已完成通路存貨修正。我們整體通路存貨目前偏低，未來幾季需要進行部分補庫。我們在 6 月季度看到通路存貨天數小幅下降。6 月季度通路 sell-through（終端銷售）較前一季成長 17%。這是因為經銷商的客戶完成其存貨修正，並開始重新投入採購我們的產品。

Our customer count is now going up. We are also seeing customers from new designs and from our improved relationships start buying our products, adding to our bookings, revenue, and customer count.

我們的客戶數量現在正在上升。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，進一步增加我們的接單、營收與客戶數。

Now let us get into guidance for the September quarter. Our bookings for the June quarter were very strong. The book-to-bill ratio for the June quarter was well above one, resulting in a higher backlog entering the September quarter compared to when we entered the June quarter.

現在讓我們進入 9 月季度的財測。我們在 6 月季度的接單非常強勁。6 月季度的接單出貨比（book-to-bill）遠高於 1，使得進入 9 月季度時的在手訂單（backlog）高於我們進入 6 月季度時的水準。

The June quarter was also the strongest booking quarter in about four years. A comment about lead times. Lead times for majority of our standard products have been four to eight weeks for some time. But now, with the die inventory and finished goods substantially reduced, we are seeing lead times stretch on many of our products.

6 月季度也是約四年來最強的接單季度。補充一下交期。我們多數標準產品的交期一段時間以來一直是 4 到 8 週。但現在，隨著晶粒存貨與成品大幅降低，我們看到許多產品的交期正在拉長。

We are running into challenges on certain kinds of substrates, subcontracting capacity, and foundry constraints on multiple nodes. These challenges previously were isolated to specific areas but have now spread broadly to many of our products that come from foundry. The challenges in subcontracted capacity and test capacity are also stressing our lead times from products built by our own fabs.

我們在某些類型的基板、委外產能，以及多個製程節點的晶圓代工產能限制上遇到挑戰。這些挑戰先前僅限於特定領域，但現在已廣泛擴散到我們許多由晶圓代工供應的產品。委外產能與測試產能的挑戰，也正在拉長由我們自有晶圓廠生產之產品的交期。

Our customer requests for expedited shipments have increased significantly from a few quarters ago. We are receiving a large number of orders for requests inside the lead time, and many times they are going unsupported in the quarter. We are advising our customers to give us longer-term backlog to match at least our lead times and preferably matching our manufacturing cycle times.

相較於幾個季度前，客戶要求加急出貨的需求已大幅增加。我們收到大量交期內（inside the lead time）的訂單需求，且很多時候在當季無法支援。我們建議客戶提供更長期的在手訂單，以至少匹配我們的交期，並最好能匹配我們的製造週期時間。

I also wanted to give you an update on the pricing. The price adjustments we discussed in early June have now been successfully implemented in the marketplace. Most pricing is effective between mid-August to early September, making a small impact to the September quarter. Taking all of these factors into account, we expect our net sales for the September quarter to be up 8% sequentially, plus or minus 1%. This at the midpoint will be up 40.6% from the year-ago quarter.

我也想就定價提供最新進展。我們在 6 月初討論的價格調整，現已成功在市場上落實。多數調價將於 8 月中旬至 9 月初之間生效，對 9 月季度帶來小幅影響。綜合考量上述因素，我們預期 9 月季度淨銷售額將較前一季成長 8%，上下浮動 1%。以中點計算，將較去年同期成長 40.6%。

We expect our non-GAAP gross margin to be between 66% to 67% of sales. We expect our non-GAAP operating expenses to be about 27.5% of sales. We expect our non-GAAP operating profit to be between 38.5% and 39.5% of sales. We expect our non-GAAP diluted earnings per share to be between $0.91 and $0.95 per share. At the midpoint, non-GAAP earnings per share would be up 165.7% over the year-ago quarter and up 22.4% sequentially.

我們預期非 GAAP 毛利率將介於銷售額的 66% 至 67%。我們預期非 GAAP 營業費用約為銷售額的 27.5%。我們預期非 GAAP 營業利益將介於銷售額的 38.5% 至 39.5%。我們預期非 GAAP 稀釋後每股盈餘將介於每股 0.91 美元至 0.95 美元。以中點計算，非 GAAP 每股盈餘將較去年同期成長 165.7%，並較前一季成長 22.4%。

Our guidance on non-GAAP gross margin percentage obviously raises some questions because it exceeds our long-term target of 65%. There are a lot of factors impacting this guidance. First, there is some excellent product mix in there. Then there is our 100% gross margin on an expected very strong quarter for our licensing business unit. Then there is a price increase capturing the inflationary costs that we absorbed in prior quarters. Then there is a lower new inventory write-off versus prior quarters.

我們對非 GAAP 毛利率百分比的指引顯然會引發一些疑問，因為它高於我們 65% 的長期目標。有許多因素影響這項指引。首先，其中包含非常好的產品組合。其次，我們預期授權事業單位本季將非常強勁，因此該業務的毛利率為 100%。再者，我們進行了調價，以反映我們在前幾季吸收的通膨成本。另外，相較於前幾季，新存貨減損（沖銷）較少。

And finally, there is lower underutilization charges as we are ramping up the factories. So as you can see, there is no single item for this gross margin. There are a lot of items that we have been improving to get to our financial model. The net result is that we are very close to our financial model with gross margin percentage above it and the operating margin percentage just a shade below the model.

最後，隨著我們逐步提升工廠產能，產能未充分利用費用也較低。因此如各位所見，這個毛利率並非由單一項目所致。我們在許多項目上持續改善，以達到我們的財務模型。整體結果是：我們非常接近財務模型，毛利率百分比高於模型，而營業利益率百分比則略低於模型。

At this point, we will leave the long-term model unchanged. You should not expect non-GAAP gross margin percentage to continue to rise above this level.

在此階段，我們將維持長期模型不變。各位不應預期非 GAAP 毛利率百分比會持續上升並高於此水準。

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

接下來，接線員，請協助開放提問並進行排隊。

(Operator Instructions)

(接線員指示)

Timothy Arcuri, UBS.

Timothy Arcuri，瑞銀（UBS）。

Steve, I wanted to ask you just your perspective on how long this upturn can last. So September is going to be the sixth quarter above seasonal. I know it's a unique time and you're coming off a big downturn. And it does sound like you think both the disties and the end customers are just beginning to rebuild inventory. But usually, you're not above seasonal for more than eight quarters. You know that better than anybody does. So how do you assess this? How do you think about how long this can go on?

Steve，我想請教你對這波上行週期還能持續多久的看法。因此 9 月將是第六個季度高於季節性水準。我知道這是個特殊時期，而且你們正從一個大幅下行週期走出來。而且聽起來你認為不論是通路（disties）或終端客戶都才剛開始回補庫存。但通常你們高於季節性的時間不會超過八個季度。你比任何人都更清楚這點。那你如何評估這件事？你怎麼看這波還能持續多久？

So there are at least three or four factors going on that may make this last a bit longer than usual. The first is the data center. Data center exposure is going through significant growth. We just talked about growing almost 69% this year. So I think that's one that could last longer. The second one is aerospace and defense. The aerospace and defense buildup is just beginning. We're getting lots of orders for missiles and drones and radar installations and interceptors and battle tanks and ammunition and all kinds.

我認為至少有三到四個因素，可能會讓這次持續時間比以往稍長一些。第一個是資料中心。資料中心相關曝險正經歷顯著成長。我們剛提到今年成長接近 69%。所以我認為這一項可能會持續更久。第二個是航太與國防。航太與國防的擴張才剛開始。我們收到大量訂單，包含飛彈、無人機、雷達部署、攔截器、主戰坦克、彈藥等等各式各樣的需求。

And that's a multiyear buildup. So I think that could last for a while. The third one is, while you say that it's been above seasonal for eight quarters, I haven't counted. I don't know how many exactly. But I think the true markets, industrial and automotive, started much later. They've probably been just recovering maybe only about a couple of quarters.

而那是一個多年期的擴張。所以我認為這可能會持續一段時間。第三個是，雖然你說高於季節性已經八個季度了，我沒有去數。我不確定確切是多少。但我認為真正的市場——工業與車用——開始復甦的時間要晚得多。它們可能只是復甦了大概兩個季度左右。

So I think there is a lot more to go on the industrial market as it is growing. A lot of the AI is going into industrial, and industrial is also a very broad market, our largest market segment, that could go longer. And the other is the automotive, which is probably still not extremely strong. I think the automotive market is just kind of beginning to recover. So I think those are the factors which could make this upturn last a bit longer.

因此我認為工業市場隨著成長，還有很大的上行空間。許多 AI 應用正在導入工業領域，而工業本身也是非常廣泛的市場，是我們最大的市場區隔，可能會延續更久。另外是車用，可能仍然不是特別強勁。我認為車用市場才剛開始復甦。所以我認為這些因素可能會讓這波上行週期持續得比以往稍久一些。

And then, Eric, just super-fast. So are there any inventory sale of previously written-down inventory that is inflating margins?

另外，Eric，很快問一下。是否有出售先前已提列減損的存貨，因而推升毛利率？

So I would say we're kind of, like we said last quarter, that inventory reserves have normalized at this point in time. We did reserve quite a bit of product based on our accounting policies and where the business was at during the down cycle, and there is sell-through. There's sell-through every quarter. And new reserves are coming down. So it definitely is a net benefit to margins, but we don't think that's going away, at least in the short term with where we're at.

我會說，如同我們上季提到的，目前存貨備抵（inventory reserves）已經正常化。在景氣下行期間，依照我們的會計政策以及當時的業務狀況，我們對相當多的產品提列了備抵，而這些產品確實有持續出貨（sell-through）。每一季都有出貨消化。而新增的備抵也在下降。所以這確實對毛利率有淨正面效益，但至少就我們目前所處的狀況來看，短期內我們不認為這個效益會消失。

(Operator Instructions)

(接線員指示)

Vivek Arya, Bank of America.

Vivek Arya，美國銀行（Bank of America）。

Steve, I wanted to talk about the data center. What is the right way to model your data center growth for the next two to three years? Just conceptually, what are the moving pieces? And how are you benchmarking whether you are gaining share, losing share, or keeping share? Like what is the served addressable market for you? How fast is that growing? And how do you expect Microchip to do relative to that market?

Steve，我想談談資料中心。未來兩到三年，你們資料中心成長的正確建模方式是什麼？概念上來說，主要的變動因素有哪些？你們如何衡量自己是在擴大市占、流失市占，或是維持市占？例如，對你們而言可服務的可觸及市場（served addressable market）是多大？它的成長速度有多快？以及你預期 Microchip 相對於該市場會有怎樣的表現？

Vivek, our data center exposure is probably the broadest of any other company. Many companies could have exposure, let us say, on a PCIe switch or could be just in a power management going to the rack. As I read through my summary, I mean, just, it's very, very broad. It's power management, it's memory, security products, microcontrollers, analog parts, mixed-signal parts, switches, controllers, and others. And it's difficult to assess what is the total TAM in each of those markets in data center and how much our competitors have and how much we have and really try to assess all that.

Vivek，我們在資料中心的曝險範圍，可能比任何其他公司都更廣。許多公司可能只是在例如 PCIe switch 上有曝險，或只是做機架端的電源管理。如同我在摘要中提到的，我們的覆蓋面非常、非常廣。包含電源管理、記憶體、安全產品、微控制器、類比元件、混合訊號元件、交換器、控制器以及其他產品。而要評估資料中心中各個市場的總 TAM（總可服務市場）、競爭對手各自的份額、以及我們的份額，並進一步做整體判斷，其實很困難。

We have done a lot of work on this one on the request of investors and analysts, and this is probably the most comprehensive breakdown we have given you, and we'll continue to give you update. But I am really not able to project it over the next two to three years and answer your question, are we gaining share or losing share. I would like to think we are gaining share.

在投資人與分析師的要求下，我們已在這方面做了大量工作；這大概也是我們提供過最全面的拆解，我們也會持續向各位更新。但我確實無法把它投射到未來兩到三年，並回答你關於我們是在擴大市占或流失市占的問題。我希望相信我們是在擴大市占。

And maybe if I could follow up on gross margins at 66.5%. I think you mentioned we should not expect more than that. But if you are putting in pricing just in this quarter, you are not really reducing inventory anymore. Mix seems to be getting better. So why shouldn't there be more upside to gross margin? If there is no more upside, is this kind of level sustainable? So just kind of the puts and takes on gross margins, right, beyond this very impressive 66.5% midpoint that you are guiding to?

另外我想追問一下 66.5% 的毛利率。我想你提到我們不應預期會高於這個水準。但如果你們只是在本季進行定價調整，而且你們也不再降低存貨了。產品組合看起來也在改善。那為什麼毛利率不應該還有更多上行空間？如果沒有更多上行空間，這個水準是否可持續？所以想請你談談毛利率的利多與利空因素，也就是在你們指引的 66.5% 這個非常亮眼的中點之後，還有哪些推拉因素？

Yes. So it is a good question, and we knew we would get it. So Steve provided some commentary on the various things that are impacting it. But there is a couple of things that are not really repeatable that are happening this quarter. We do expect a larger licensing revenue, which is 100% gross margin this quarter. That business tends to be lumpy, and this will be a lumpy quarter from licensing.

是的。這是個好問題，我們也知道一定會被問到。Steve 已就影響毛利率的各項因素做了一些說明。但本季有幾件事情並不太具有可重複性。我們確實預期本季授權收入會較高，而該收入的毛利率是 100%。這項業務通常具有波動性，而本季授權收入會是一個波動較大的季度。

When we do a price change, and I think you have heard others talk about this in distribution, that impacts the inventory that is sitting in the distribution channel, and that is kind of a one-time impact in terms of the revenue that will be recognized or expected to be revenue recognized from that. So there are a lot of moving parts. Obviously, we do still have things working in our favor with improving utilization and whatnot. But it's a balance and 66.5% is a very healthy margin is how I describe it.

當我們進行調價時——我想你也聽過其他人在談通路時提到——它會影響到通路渠道中既有的庫存，而這在收入認列（或預期將認列的收入）上，屬於某種一次性的影響。因此有很多變動因素。當然，我們仍有一些對我們有利的因素在發揮作用，例如產能利用率提升等等。但這是一種平衡；我會形容 66.5% 是非常健康的毛利率水準。

What are those one-offs, Eric? Sorry, how much?

那些一次性項目是什麼，Eric？抱歉，是多少？

We haven't broken those out, Vivek, but they are definitely impacting the margin favourably this quarter.

Vivek，我們沒有把那些項目單獨拆分出來，但它們確實在本季對毛利率有正面影響。

So we think the entire quarter of increased prices, although there are some expenses, too, we are getting cost increases also from foundries and OSATs and all that. So there is a balancing on that, too. But full quarter of increased prices will balance some of these one-time costs that you talked about or one-time benefits you talked about.

所以我們認為，整個季度的漲價效應，雖然也有一些費用，同時我們也面臨來自晶圓代工廠與OSAT等的成本上升。因此這之間也有一個相互抵銷的平衡。但整季的漲價將會抵銷你提到的部分一次性成本，或你提到的一次性收益。

One is a very rich mix, product mix in licensing, and second being this one-time benefit from the inventory in distribution. Those two will be negative for the following quarter. But the full quarter of price increase will be positive, and it will probably balance and gross margin could be still in that range, but do not expect it to go higher.

一個是授權業務中非常有利的組合、產品組合；第二個是通路端庫存帶來的一次性收益。這兩項在下一季會轉為負面影響。但整季的漲價會是正面因素，可能會相互抵銷，因此毛利率仍可能維持在那個區間，但不要期待會再更高。

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，富國銀行。

Maybe just curious on the data center business. How do you think -- when you look at your design win pipeline as you think about 2027, how should we think about just the potential for accelerating growth?

我想問一下資料中心業務。當你們看2027年的設計導入（design win）管線時，我們應該如何看待成長加速的潛力？

Well, like I said, we have very, very broad exposure. If you were to start to look at the design wins across our microcontrollers, memory products, power management, and others. And one of the reasons it took us that long and it's more difficult to do is on Data Center Solutions business unit, which is like the Gen6 switch and retimers and others, there we engage with very large customers. We engage with hyperscalers and enterprise customers and winning large design wins.

嗯，如我所說，我們的曝險面非常、非常廣。如果你開始看我們在微控制器、記憶體產品、電源管理以及其他產品上的設計導入。而之所以花了那麼久、也更難回答，是因為在資料中心解決方案事業部（例如Gen6交換器、retimer等）這一塊，我們會與非常大型的客戶合作。我們與超大規模雲端業者（hyperscalers）與企業客戶合作，並贏得大型設計導入。

But when you look at our catalog products broad-based, there we do not win designs at hyperscalers and enterprise. We win designs at power supply companies, card stuffers and module makers, and companies like LITEON and Delta and others, which then are selling their products into the Data Center business unit. So across our entire portfolio, there will be hundreds and hundreds of designs. And it's very difficult, therefore, to answer that question.

但當你看我們廣泛的型錄產品時，我們並不是在hyperscalers和企業客戶那裡贏得設計案。我們是在電源供應器公司、板卡組裝廠（card stuffers）與模組製造商，以及像LITEON、Delta等公司那裡贏得設計案，這些公司再把他們的產品賣進資料中心事業。因此在我們整個產品組合中，會有數以百計、數以百計的設計案。所以要回答那個問題就非常困難。

We will limit the design win information to really the Data Center Solutions business unit. And there, we could tell you that last quarter when we came to you, we had six design wins and at the end of the quarter, we had -- this quarter we had 12 design wins. And as of today, we have 14 design wins, 12 on the Gen6 switch and two on the Gen6 retimer. And there are many more in the works. So I think that one is easy to identify. But if I were to start to identify design wins on our analog catalog products or memory products or security products, they are endless.

我們會把設計導入資訊的揭露，主要限制在資料中心解決方案事業部。在那裡，我們可以告訴你，上季我們來跟各位溝通時有6個設計導入，而到季末——本季我們有12個設計導入。截至今天，我們有14個設計導入，其中12個在Gen6交換器、2個在Gen6 retimer。而且還有更多正在進行中。所以我認為那一塊很容易辨識。但如果我要開始辨識我們類比型錄產品、記憶體產品或資安產品的設計導入，那是無窮無盡的。

That's helpful color. Then maybe just you talked about things increasingly getting tighter from a supply perspective. I know you guys have maybe some tools that are still yet to be installed or put into production. Are we getting close to where that might be a possibility? Or is it more the tightness, particularly on the back-end side?

這些補充很有幫助。那再問一下，你提到從供應角度來看情況愈來愈緊。我知道你們可能還有一些設備工具尚未安裝或尚未投入量產。我們是否快到那種可能需要啟用的時點？還是說緊張主要是在後段（back-end）？

We do not have shortages on our internal fab capacity. We are still not at 100% utilization on our tools. And like you said, there are many more tools available that could be readily installed. We have not yet started installing them because we still are not at a full utilization.

我們內部晶圓廠（fab）產能沒有短缺。我們的設備稼動率仍未達到100%。而且如你所說，還有更多設備可以很快安裝。我們尚未開始安裝，因為目前仍未達到滿載稼動。

But many of our internal products get assembled and tested at the subcontractors on advanced packages and different test platforms. And that's where we have some of the constraints for the internal fab capacity. And on the foundry, we have constraints on many nodes. And if some of the foundry wafers are coming inside for assembly and test, they were doing better.

但我們許多內部產品是在分包商那裡，以先進封裝與不同的測試平台進行封裝與測試。而這就是我們在內部晶圓廠產能上遇到部分限制的地方。在晶圓代工方面，我們在許多製程節點上也有受限。如果部分代工晶圓進到我們內部做封裝與測試，情況會比較好。

If they are going outside for assembly and test because they are on some advanced packages and test platforms, then they are getting squeezed by AI capacity that's crowding out. So it just depends on what the combination is. If it's inside assembly, inside test and inside fab, that is the best combination. Any time there is foundry involved or outside OSAT involved, then that's where some of the constraints are.

如果它們因為採用某些先進封裝與測試平台而必須到外部做封裝與測試，那就會被AI產能擠壓而變得更吃緊。所以取決於組合是什麼。如果是內部封裝、內部測試、內部晶圓廠，那是最好的組合。只要牽涉到晶圓代工或外部OSAT，那就是部分限制所在。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

Sorry, I think there was a bad connection there. Yes. So my question is just about serviceability of upside, both external and internal. If this cycle really does, like, what is the game plan here? And would we ever consider a 300-millimeter fab? Would that ever come back into the thinking here?

抱歉，我想剛剛連線不太好。是的。我的問題是關於上行空間（upside）的可支援性，包含外部與內部。如果這個循環真的如同——那這裡的作戰計畫是什麼？我們是否曾考慮過300毫米晶圓廠？這會不會重新納入思考？

Yes. So when we talk about constraints, you shouldn't interpret that as there is no additional capacity available and there is no additional growth available. Constraint simply means we could use more than what we were given. If we were given more, the upside could have been a little larger. But every quarter, we have incremental capacity. Fabs and assemblies and test are growing their capacity, and we have increasing allocation.

會的。所以當我們談到限制（constraints）時，你不應該把它解讀為沒有任何額外產能、也沒有任何額外成長空間。限制只是表示，我們可以用到的需求量會超過目前分配給我們的量。如果分配更多，上行空間可能會再大一些。但每一季我們都有增量產能。晶圓廠、封裝與測試都在擴充產能，而我們也拿到更多配額（allocation）。

On many other products, we were constrained in March quarter too, yet in the June quarter, we were able to post substantial growth, and that's what we are planning to do for the September quarter. So yes, there is more assembly capacity available. Yes, there is more test capacity available. We are also bringing some products from outside to inside and growing our inside assembly and test capacity. And we are getting increasing allocation on a lot of the constrained nodes from this quarter to next quarter. So you should not, by any reason, interpret a word constraint to be that the revenue is capped here, not at all.

在許多其他產品上，我們在3月季度也受限，但在6月季度我們仍能繳出顯著成長，而這也是我們對9月季度的規劃。所以，是的，還有更多封裝產能可用。是的，還有更多測試產能可用。我們也正把部分產品從外部移回內部，並擴充內部封裝與測試產能。而且從本季到下季，我們在許多受限節點上也拿到更多配額。所以你不應該在任何情況下把「限制」解讀為營收在這裡被封頂，完全不是。

I think the second part of the question was the possibility of 300-millimeter. And that's not in our plans today. We will rely on our foundry partners to provide anything that we need on 12-inch and the technologies that it supports.

我想問題的第二部分是300毫米的可能性。這目前不在我們的計畫中。我們會依賴代工夥伴在12吋（12-inch）以及其所支援的技術上，提供我們所需要的一切。

We have hundreds and hundreds of masks running on 300-millimeter and trying to put our own 300-millimeter fab in technology, which will not be compatible with the foundry technologies because we'll have to build our own and all those parts will have to be redesigned, it is just not a practical thing to do. And so there is no plan to have our own 300-millimeter fab.

我們有數以百計、數以百計的光罩（masks）在300毫米上投片運行；若要自建300毫米晶圓廠，其技術將無法與代工技術相容，因為我們必須建立自有製程，而所有那些部分都得重新設計，這在實務上並不可行。因此沒有計畫自建300毫米晶圓廠。

Excellent. And perhaps as a follow-up, just because AI has just been such a growth engine and you have PCIe and some other AI products here as well. Is this going to be an area of focus that you guys may be looking to bolster either organically from here or even inorganically moving forward?

很好。那再追問一下，因為AI一直是很強的成長引擎，而你們也有PCIe以及其他一些AI相關產品。這會不會成為你們未來的重點領域，無論是從現在起透過內生成長強化，或是未來透過外延式（inorganic）方式來補強？

So we are not looking for any large acquisition inorganically. We recently announced a small acquisition inorganically, which is a company called Hailo, which is headquartered in Israel. And that deal should close sometime in September. Its revenue is small, but its products are outstanding. The company ran into some financial troubles and they had to restructure and became available and we bought it.

所以我們不會尋求任何大型的外延式併購。我們最近宣布了一項小型的外延式收購，是一家名為Hailo的公司，總部在以色列。這筆交易應該會在9月的某個時間完成交割。它的營收規模不大，但產品非常出色。該公司遇到一些財務困難，必須進行重整，因此成為可收購標的，我們就把它買下來了。

But the benefit it provides to our roadmap is just totally incredible. In the area of AI on the edge, it advances our roadmaps by about five years. So the products they already come to us, it was going to take us four to five years, about four years to produce those products and another year to market them and get the design wins and all that, which they already have.

但它為我們的產品路線圖帶來的效益簡直令人難以置信。在邊緣端 AI 領域，它讓我們的路線圖大約提前了五年。因此，他們已經帶來給我們的那些產品，原本我們需要四到五年，大約四年才能做出這些產品，另外再花一年把它們推向市場、取得設計導入（design wins）等等，而這些他們都已經具備了。

So significant benefit from that acquisition, but it's not a very large acquisition that moves the needle. I think it will move the needle on our clock, because its revenue should grow pretty rapidly because it's basically primed, and all the resources of Microchip selling it, we can grow it rapidly. But in the very first-quarter, it's a small revenue.

所以這次收購帶來了顯著的效益，但它並不是一筆能夠大幅改變公司規模（move the needle）的超大型收購。我認為它會在我們的時程上「改變指針」，因為它的營收應該會相當快速成長，因為基本上已經準備就緒；再加上 Microchip 的所有銷售資源投入，我們可以讓它快速成長。但在第一個季度，它的營收規模仍然很小。

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

For my first question, perhaps you could comment on December quarter seasonality. I think typically, it's down a bit for you. It looks like consensus is up a little bit in the December quarter as it stands now. But I guess the question is, with the different mix of your business, how does that affect seasonality going forward? And what are the factors that might cause this December to be different than whatever would be typical?

我的第一個問題，或許你們可以談談 12 月季度的季節性。我想通常對你們而言，12 月季度會小幅下滑。但看起來目前市場共識預期 12 月季度會小幅成長。不過我想問的是，隨著你們業務組合不同，未來季節性會如何受到影響？以及有哪些因素可能讓今年 12 月與以往典型情況不同？

So I think what we are willing to say is, usually, our December quarter is down 3% to 5%. And we think the quarter would be better than seasonal. We are not willing to comment on what the long-term new seasonality would be as some of these markets we are in, data centers and aerospace and defense and others, become more mature. I think a couple of years out, maybe a different seasonality. But for now, I do not know the answer to the -- to it long term. But short term, the December quarter should be better than seasonal.

我想我們願意說的是，通常我們的 12 月季度會下滑 3% 到 5%。而我們認為這一季會優於季節性表現。至於長期新的季節性會是什麼樣子，我們不願意評論，因為我們所處的一些市場——資料中心、航太與國防等——正在變得更成熟。我想再過幾年，季節性可能會不同。但就目前而言，我不知道長期的答案。但短期來看，12 月季度應該會優於季節性。

As a follow-up, it does appear that we are in the recovery part of the cycle now. Steve, I know that you've been a little cautious about cash flow and getting debt levels down and putting the company in the right place. With an apparent recovery happening now, some better cash flow going on, maybe you can update us on your view of cash return and what to do with cash that you are going to be generating.

追問一下，看起來我們現在正處於景氣循環的復甦階段。Steve，我知道你對現金流一直比較謹慎，也一直在降低負債水位、讓公司處於正確的位置。在目前看似正在復甦、現金流也更好一些的情況下，或許你可以更新一下你對現金回饋（cash return）的看法，以及你們打算如何運用即將產生的現金。

So we still have substantial debt, about $5.5 billion.

我們仍然有相當可觀的負債，大約 55 億美元。

Yes, net debt is about $5.2 billion.

是的，淨負債大約 52 億美元。

Yes. So net debt is about $5.2 billion. Gross is a little higher than that, closer to $5.5 billion maybe. Even though the leverage ratio has now come below three, we believe the debt level is still too high, and we will continue to use the entire cash that's available beyond the current dividend and use it to pay down the debt for the foreseeable future. There is just no other plan -- no plan to buy back stock and no plan to increase the dividend for foreseeable future.

是的。所以淨負債大約 52 億美元。總負債略高一些，可能接近 55 億美元。即使槓桿比率現在已降到 3 以下，我們仍認為負債水位過高；在可預見的未來，我們會持續把在現行股利之外所有可用的現金，全部用來償還負債。除此之外沒有其他計畫——沒有庫藏股計畫，也沒有在可預見的未來提高股利的計畫。

We were very pleased about the progress we made last quarter on our reduction in the net debt-to-EBITDA dropped to 2.85. I would expect with our guidance, it will drop below 2.5 this quarter. So we are making good progress.

我們對上季在降低負債方面的進展非常滿意，淨負債對 EBITDA 的比率降到 2.85。依照我們的財測，我預期本季會降到 2.5 以下。

Making very good progress and hopefully heading to a number where it starts to drive different actions, but we are not there yet.

進展非常好，也希望能朝向一個會促使我們採取不同動作的數字前進，但我們還沒到那一步。

Is there a particular number you have in mind that would drive different actions?

你心中是否有一個特定數字，會促使你們採取不同動作？

Not that I am willing to share.

我不願意分享。

Vijay Rakesh, Mizuho.

Vijay Rakesh，Mizuho。

Steve, just going back to the data center side, is there a way to look at what your content is like dollar per kilowatt or per rack? And in terms of the 12 design wins, any of them on the scale-up side on the rack, where do you see that -- those wins, if you can give some more color and a follow-up?

Steve，回到資料中心這一塊，有沒有方法用「每千瓦」或「每機櫃（rack）」來看你們的內容價值（content），例如美元/千瓦或美元/機櫃？另外就那 12 個設計導入而言，其中是否有一些是在機櫃的 scale-up 端？你們怎麼看——如果可以的話，能否提供更多細節並追問一下？

I'm just trying to understand the question.

我只是想確認我理解這個問題。

So, we do not give any sort of direction in terms of dollar content per rack. So that was the first question. Of the 12 design wins, it is my understanding that we have both scale-up and scale-out opportunities within that. Sajid, do you confirm that?

所以，我們不會提供任何以每機櫃美元內容價值為基礎的指引。這是第一個問題。至於那 12 個設計導入，我的理解是其中同時包含 scale-up 與 scale-out 的機會。Sajid，你能確認嗎？

It's mostly at the core level, the vendor level. So

主要是在核心層級、供應商層級。所以

Basically, PCIe switch connects the GPUs to CPUs and CPUs to memory, and it's used if you scale out or scale up in both cases, and that's where all our design wins are. There are some hyperscalers in there. There are some enterprise customers in there. It's a pretty broad mix in those 14 design wins.

基本上，PCIe 交換器（switch）把 GPU 連到 CPU、也把 CPU 連到記憶體；不論是 scale-out 或 scale-up 兩種情境都會用到，而我們所有的設計導入都在這一塊。其中有一些是超大規模雲端業者（hyperscalers）。也有一些是企業客戶。在這 14 個設計導入中，客戶組合相當廣泛。

Got it. And Eric, on the gross margin side, is the assumption that we should expect it to be kind of flattish going forward?

了解。另外 Eric，在毛利率方面，是否可以假設未來大致會維持平坦？

Yes. I mean, what we said earlier is that we -- you shouldn't model in that it's going above the 66.5%, I'll call it, that we're guiding to at the midpoint of guidance. It's a really strong gross margin that's above the long-term model. We're continuing to make improvements, but there's definitely some headwinds on the cost side that we're absorbing also. So we're comfortable that we're going to be in this -- about this range for at least the next few quarters.

是的。我的意思是，我們先前說過，你不應該在模型中假設它會高於我們在財測中點所指引的 66.5%（我就這麼稱呼）。這是一個非常強勁的毛利率，已高於長期模型。我們持續在改善，但成本端也確實有一些逆風需要我們吸收。因此我們有信心，至少在接下來幾個季度會維持在這個——大約這個區間。

Harlan Sur, JPMorgan.

Harlan Sur，JPMorgan。

If I look at the mix of your direct versus your distribution customers, the June quarter marked the second consecutive quarter where your direct customers only grew like mid- to high single digits sequentially, whereas your disti business grew strong double digits sequentially in March and June, right? And on a year-over-year basis for both March and June, disti outgrew direct by around two times.

如果我看你們直銷客戶與通路（distribution）客戶的組合，6 月季度是連續第二個季度，你們直銷客戶的季增只有中到高個位數；但你們的通路業務在 3 月與 6 月季度的季增都是強勁的雙位數，對吧？而以年增率來看，在 3 月與 6 月季度，通路的成長大約是直銷的兩倍。

I know it's harder to track your direct customers' internal inventories, but are they still maybe working through some excess inventories? And does that imply direct customers are a potential future tailwind for growth when their inventories start to normalize?

我知道比較難追蹤你們直銷客戶的內部庫存，但他們是否仍在消化一些過剩庫存？這是否意味著當直銷客戶的庫存開始正常化時，直銷端可能會成為未來成長的順風（tailwind）？

I think I would look at it more of where the distribution network was coming from with very elevated inventory when you look back a year ago and working through that and now getting down to what is a very reasonable inventory level at the 25 days that we quoted. And so them kind of returning to a normalized level where now they are needing to purchase kind of in line with what the consumption is. And they've got a lot of customers that are coming back that were over inventory that now they need to support. So I view it more from that perspective. I don't know if Steve has any different view than that.

我會更從通路網路的角度來看：如果回頭看一年前，通路端的庫存非常偏高，之後一路消化，現在已降到我們所提到的 25 天這個非常合理的庫存水位。因此他們回到正常化水準後，現在需要依照實際終端消耗（consumption）來進貨。而且他們有很多客戶先前庫存過高、現在開始回來了，他們需要去支援這些客戶。所以我比較是從這個角度看。我不確定 Steve 是否有不同看法。

I think when the products were constrained, the direct customers got better supply than the distributors did. And when the market essentially came down and the supply became available, that's when the distribution got served. So distribution built inventory later. And that's why it took longer for distributors to correct. And as they corrected, now you're seeing the benefit. I think the OEM customers were slightly ahead of it.

我認為在產品供應受限時，直銷客戶拿到的供貨比通路商更好。而當市場基本上下行、供給變得充足時，通路端才開始被滿足。所以通路是在較晚的時間才建立庫存。這也是為什麼通路商花了更久時間才完成修正。而當他們修正完成後，你現在就看到其帶來的效益。我認為 OEM 客戶在這方面稍微領先一些。

I appreciate that. And then, Steve, within your Aerospace and Defense business, this segment underperformed your overall growth profile last fiscal year. But this segment is starting to drive some pretty outsized growth rate. It was up 46% year-over-year, 20% sequentially in the June quarter, as you highlighted, defense spending by the US and global governments.

我很感謝。接著，Steve，在你們的航太與國防業務中，這個部門在上一個會計年度的表現落後於你們整體的成長輪廓。但這個部門現在開始帶動相當突出的成長率。如你所強調的，在6月季度年增46%、季增20%，主要受美國及全球各國政府國防支出帶動。

You've got global commercial space programs are all quite strong. You guys have a very strong leadership position in rad-hard FPGAs, rad-hard MCUs, interface timing, power. Like do you anticipate growth outperformance for A&D for fiscal '27? But more importantly, does the multiyear growth profile look like continued outperformance just given some of these programs have very long program lives?

你們的全球商業太空計畫也都相當強勁。你們在耐輻射（rad-hard）FPGA、耐輻射MCU、介面時序與電源等方面具備非常強的領導地位。你是否預期航太與國防（A&D）在2027會計年度的成長會優於整體？但更重要的是，從多年期的成長輪廓來看，是否會持續優於整體，畢竟其中一些計畫的生命週期非常長？

Qualitatively, yes. But quantitatively, don't dial in a 46% growth because we're talking these growth numbers are from pretty depressed levels. In March quarter 2025, our total company revenue was $970 million, and we're now guiding to $1.603 billion at the midpoint. So there has been a massive growth from the bottom in March of 2025. So when I do year-over-year comparisons, they obviously look very, very good, which is great, but just don't dial those kind of numbers going forward.

就質性而言，是的。但就量化而言，不要把46%的成長率當作未來的基準，因為這些成長數字是從相當低迷的基期起算。在2025年3月季度，我們全公司營收是9.70億美元，而我們目前在指引中點是16.03億美元。因此，自2025年3月的谷底以來，出現了大幅成長。所以當我做年對年比較時，數字看起來當然非常、非常好，這很好，但未來不要把這類數字當作常態。

But qualitatively, yes, we are very positive on growth on data center. We are positive on growth on A&D. And we think that industrial and automotive are trying to catch up. There were later recoveries and industrial is probably a little ahead of automotive, and that makes up all of our major segments. The rest are small. Communication is small, consumer is small, compute is small. The four large segments are industrial, data center, A&D and then automotive. Two out of those, data center and A&D are very strong and industrial and automotive are trying to catch up.

但就質性而言，是的，我們對資料中心的成長非常正向。我們對航太與國防（A&D）的成長也很正向。我們認為工業與車用正在追趕。它們的復甦較晚，工業可能略領先於車用，而這些構成我們所有主要部門。其餘的都比較小。通訊很小、消費很小、運算也很小。四個大型部門是工業、資料中心、航太與國防（A&D），以及車用。其中兩個——資料中心與A&D——非常強勁，而工業與車用正在追趕。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

I had two. I just want to go back to the conversation about normal seasonal and if you're shipping above. Is there any way to kind of think about what pricing was as a tailwind in September? I think your seasonality is usually maybe up 4%, 5%, you did 8%. So just kind of trying to understand, I think you said it's done by September 1, but can you quantify what the impact was?

我有兩個問題。我想回到關於正常季節性以及你們是否出貨高於季節性的討論。有沒有什麼方式可以思考9月季度中，價格因素作為順風的程度？我認為你們的季節性通常可能是成長4%、5%，但你們做到了8%。所以我想了解一下，你剛才說9月1日就完成了，但你能量化其影響嗎？

The impact of pricing on September quarter was fairly small, basically going to get less than a month out of the three months. A lot of the customers pulled some orders they had to into -- they pulled some orders prior to the higher price becoming effective. Within the quarter, they pulled in from September into August before the price increase or August into July before the price increase.

價格對9月季度的影響相當小，基本上在三個月中只會反映不到一個月。很多客戶把一些原本必須下的訂單提前——他們在較高價格生效前把部分訂單提前拉貨。在該季度內，他們把原本9月的訂單拉到8月（在漲價前），或把8月的訂單拉到7月（在漲價前）。

So it stayed within the quarter, but many people pulled the orders in trying to really avoid the price increase for a few more days or a few more weeks. So the impact on September quarter is fairly small, but the impact on December quarter will be the full quarter.

所以它仍然是在同一個季度內移動，但很多人把訂單提前，試圖再多幾天或多幾週避開漲價。因此，對9月季度的影響相當小，但對12月季度的影響將會是整個季度。

And then I want to ask you, is this kind of a onetime thing that you're going to give us these end markets? Or are you going to break this out more regularly on a quarterly basis versus annual? And then within that, I guess, the only other segment that was up nicely was communications. Maybe talk about what's going on there.

另外我想問，這次提供終端市場拆分是一次性的嗎？還是你們會更定期地揭露，按季度而不是按年度來拆分？此外，在這之中，我想唯一另一個明顯上升的部門是通訊。能否談談那邊發生了什麼？

So our intent is to provide it more regularly. And in terms of communication, we are seeing a significant recovery in the communication market from 5G, from other communication racks, the major communication customers, a lot of them in Europe, we're seeing a significant recovery in that segment. It was a pretty good growth. Now that sector was quite depressed also a year ago.

我們的意圖是更定期地提供。至於通訊方面，我們看到通訊市場出現顯著復甦，來自5G、其他通訊機櫃（racks）、主要通訊客戶——其中很多在歐洲——我們在該部門看到明顯復甦。成長表現相當不錯。不過，一年前那個產業也相當低迷。

So when you look at year-over-year numbers, the year ago numbers were very low. So a lot of that good number is because the prior year numbers were very low, although we're seeing a recovery, too. It's a smaller segment. It's about 8% of our business. So it's not as pronounced as the larger segments. But communication, we have seen recovery.

所以當你看年對年數字時，去年同期的數字非常低。因此，這個好看的數字有很大一部分是因為前一年基期很低，當然我們也確實看到復甦。這是一個較小的部門。大約占我們業務的8%。所以不像較大部門那麼顯著。但通訊方面，我們確實看到復甦。

So I'm just going to be a little bit more clear in Steve's response on the end market breakout. It is our intention on a go-forward basis to break it out quarterly. That's what analysts and investors are asking for. We've set up a process to be able to do that. So we'll share it with you at the end of each quarter.

我想把Steve對終端市場拆分的回覆再講得更清楚一些。我們的意圖是在未來以季度為基礎進行拆分揭露。這是分析師與投資人所要求的。我們已建立流程以便能做到這件事。所以我們會在每個季度結束時與各位分享。

Tom O'Malley, Barclays.

Tom O'Malley，Barclays。

You mentioned margins kind of staying at these levels on a go-forward basis, but we've been hearing from others in the space just a strengthening of input costs that are causing some margin headwinds. So could you maybe call out the areas in which you're seeing the most pressure? And then how are you able to offset those? You guys mentioned one of your line items on gross margins as obviously offsetting some of that with pricing increases. But do you feel like you have the flexibility to continue to do that on a go-forward basis if the cost environment keeps getting worse?

你提到未來毛利率大致會維持在這些水準，但我們也聽到同業說投入成本正在走強，對毛利率造成一些逆風。所以你能否指出你們在哪些領域看到最大的壓力？以及你們如何抵消這些壓力？你們提到毛利率的一個項目顯然是透過漲價來抵消部分影響。但如果成本環境持續惡化，你們覺得未來仍有彈性繼續這麼做嗎？

So we did this price increase with the intention of a onetime price increase in which we captured some of the costs we have been absorbing in the prior six months. So we increased the price on those parts also. We didn't set it up where we're going to do a quarterly or every six months price increase.

我們這次調漲價格的用意，是一次性的漲價，用來回收我們在前六個月所吸收的一些成本。所以我們也把那些零件的價格調高了。我們並沒有把它設計成每季或每六個月就調價一次。

There has to be another event, a major price increase by the foundries and OSATs on us. And if that happens in 2027, then we'll take a look at it again. But currently, there is no expectation we've given to the customers that this will be a routine price increase that we saw often. This is basically for now, it's one and done and a new price increase will be driven by a new set of events.

必須要有另一個事件，例如晶圓代工廠與OSAT（外包半導體封裝測試）對我們大幅調漲價格。如果這在2027年發生，我們會再重新評估。但目前，我們並沒有向客戶預期或承諾這會成為一種常態性的例行漲價。基本上就目前而言，這次是一次到位；新的漲價將由一組新的事件所驅動。

Yes. And we are continuing to ramp our factories, which will provide us better utilization, decreasing our underutilization charges, which hopefully can offset some additional cost increases that are likely to come in.

是的。而且我們也持續提升工廠產能爬坡，這將帶來更好的產能利用率，降低產能未充分利用的費用，希望能抵消一些可能會出現的額外成本上升。

You already had knowledge of some of the price increases where we had already knowledge of, which haven't kicked in, they're kicking in even in the fourth-quarter on January 1. We tried to dial in into this price increase.

你們已經知道其中一些即將到來的漲價——我們也已經掌握那些尚未生效的漲價資訊，它們甚至會在第四季、也就是1月1日開始生效。我們試著把這些因素納入這次的漲價之中。

Yes. Just as a follow-up, I don't want to get green here because you guys are providing a lot more color and we do appreciate it. But in terms of the growth rates of these different segments, you tried your best earlier to kind of capture data center, but some of this other stuff you now have multiple years of data that I'm sure you can see what it's been growing at. Any color on what you expect each of these segments to grow longer term? Are you going to save that for an Analyst Day or something down the road?

是的。補充追問一下，我不想在這裡得寸進尺，因為你們提供了更多細節，我們也很感謝。但就這些不同部門的成長率而言，你們先前已盡力描述資料中心，但其他一些領域你們現在應該有多年的數據，可以看到其成長軌跡。能否分享一下你們對各部門長期成長的預期？還是你們會把這留到分析師日或未來某個時間再談？

I think they vary widely. These things vary widely. They're very lumpy and one year, industrial could grow, every year, automotive could grow. They go through different cycles of inventory correction. Communication could grow based on 4G going to 5G, versus 6G. I don't really think there is anything like you can say CAGR for this segment is that going forward. We don't think it's a number we can put together. Like you said, we have really put a lot of effort in providing this breakdown. So be nice so we keep doing it.

我認為它們差異很大。這些事情差異很大。它們非常不均勻；某一年工業可能成長，而汽車可能每年都成長。它們會經歷不同的庫存修正週期。通訊可能會因為從4G走向5G、而不是6G而成長。我不太認為你能說這個區隔未來的年複合成長率（CAGR）會是多少。我們不認為這是一個我們能整理出來的數字。如你所說，我們確實投入了很多努力來提供這樣的拆分。所以請友善一點，這樣我們才會繼續做下去。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

I was wondering if you could maybe just kind of comment on the behaviour you're expecting to see from distributors. You talked about 25 days being at the low end of the historical range. When you talk to what's your sense about the levels they want to get back to? What's realistic to expect over the next, say, two to four quarters in terms of a healthier channel inventory? Do you think they want to get sort of back to the normal levels or potentially even above that to build some stock?

我想請問你是否可以評論一下你預期經銷商會出現的行為。你提到25天處於歷史區間的低端。當你們在溝通時，你的感覺是他們希望把水位拉回到什麼程度？就未來例如兩到四個季度而言，對於更健康的通路庫存，合理的期待是什麼？你認為他們想回到正常水位，還是可能甚至高於正常水位來建立一些庫存？

So I personally met with some of our largest distributors only in the last three weeks. And what the distributors are seeing is that they know their inventory is low and they would like to get their inventory to a normal level, but they would like their customers to place the orders on them so they know what to place the order on us.

我本人在過去三週內才剛與我們一些最大的經銷商會面。經銷商看到的是：他們知道自己的庫存偏低，也希望把庫存拉回正常水位，但他們希望客戶先對他們下單，這樣他們才知道該向我們下什麼單。

And they're saying, despite the repeated warnings to their customers and all the talk that's happening in the industry where AI is crowding out everything, there are plenty of articles on longer lead time. There are various analyst reports on lead time growing. Companies are talking about it. The distributors are frustrated that their customers aren't listening and aren't giving them longer-term orders, which is that's what has happened in the past.

他們表示，儘管他們一再警告客戶，而且業界也一直在談AI擠壓其他一切，有很多文章提到交期變長。也有各種分析師報告指出交期正在拉長。公司也在談這件事。經銷商感到挫折的是，他們的客戶不聽，也不給他們較長期的訂單，而這在過去是會發生的。

Customers don't move until they get in trouble. They have to go some lines down and then they panic. And I think in each cycle, there are a new set of purchasing managers, they move around, the old ones retire, the new ones come in, in every cycle. And I can say the same thing about our direct customers. Some of them have to go lines down and then they ask for expedite and we say, we can't do it or it will cost money to do it, and that's when they wake up and they give you longer-term orders.

客戶通常要等到遇到麻煩才會行動。他們得先往後排好幾條產線，然後才會恐慌。我認為每一個週期都會有一批新的採購經理；他們會輪調，舊的退休，新的進來，每個週期都是如此。我也可以對我們的直銷客戶說同樣的事。有些客戶也得先往後排好幾條產線，然後才要求加急；我們會說做不到，或是要加錢才能做，這時他們才會醒過來，開始給你較長期的訂單。

So distributors are not getting orders from their customers and they're complaining. And some of them are planning to give us some orders based on their expectation of longer-running designs where they think they will get the order or they know what to order, but they're not able to order across the board because they don't know what to order.

所以經銷商沒有從他們的客戶那裡拿到訂單，他們在抱怨。其中一些人計畫基於他們對較長生命週期設計的預期來給我們一些訂單——他們認為會拿到訂單，或是知道該訂什麼——但他們無法全面下單，因為他們不知道該訂哪些料。

Yes. Some things never change. And maybe as a follow-up, Steve, you provided some good commentary before about your internal capacity, both on the front end and back end. Realizing you're continuing to add capacity on margin and you had mothballed a bunch of capacity in the downturn. Can you maybe give us any kind of sense as you think about kind of re-extending that capacity from the current levels of internal capacity you have today, if you did without doing anything unnatural, how much more capacity could you support above that level? Is it 10%, 20%, 30%, et cetera?

是的。有些事情永遠不會改變。另外追問一下，Steve，你先前對你們內部產能（前段與後段）提供了很好的說明。考量到你們仍在逐步增加產能，而且在景氣下行時你們也封存了不少產能。你能否讓我們大概了解一下：以你們目前的內部產能水位來看，如果不做任何不自然的動作，單純把那部分產能重新拉起來，你們大概還能在現有水位之上支撐多少額外產能？是10%、20%、30%之類的嗎？

It's higher than the numbers you're talking about. We've got substantial capacity, which is unutilized. And if you keep ramping to use all the installed equipment, we could grow significantly. And then there is $450 million of equipment that's still sitting back, some of that not even installed, and that can take the capacity a lot higher.

比你提到的數字還要高。我們有相當可觀、目前尚未被利用的產能。如果你持續爬坡、把已安裝的設備都用滿，我們可以顯著成長。另外還有4.5億美元的設備仍放在後面，其中一些甚至還沒安裝，這能把產能再拉高很多。

So rather than trying to put the numbers on it, the internal capacity, fab capacity is not a constraint. In most cases, internal assembly and test isn't constrained either because we could add more capacity we're adding as we speak. Where the constraints are is one in the foundry and the second one in the OSAT. There are a lot of packages we don't do internally. We don't do PGAs internally. We don't do many of these packages that require substrates and advanced packaging and multichip and others we do outside.

所以與其試著量化它，內部產能、晶圓廠（fab）產能並不是限制。在多數情況下，內部封裝與測試也不受限，因為我們可以再加產能——我們現在就正在增加。真正的限制一個在晶圓代工（foundry），第二個在OSAT（外包封裝與測試）。有很多封裝我們不在內部做。我們不在內部做PGA封裝。我們也不做許多需要載板、先進封裝、多晶片等的封裝，這些我們都在外部做。

And AI is crowding out a lot of that capacity, and that's where we're getting constrained. Now our major suppliers are building more factories and ASE is building more factories and Amkor is building more factories and others are building more factories. So the capacity is growing, and we're getting our share of it. And that's where I said, don't think of constraint as there's no growth available, but we're not getting everything we need. We can make higher growth if we had everything.

而AI正在擠壓掉很多那類產能，這就是我們受限的地方。不過我們的主要供應商正在蓋更多工廠，ASE在蓋更多工廠，Amkor在蓋更多工廠，其他人也在蓋更多工廠。因此產能在成長，而我們也拿到我們應得的份額。所以我才說，不要把限制理解成沒有成長空間，而是我們拿不到我們所需要的全部。如果我們什麼都拿得到，我們可以做出更高的成長。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

I guess, Steve, Eric, I wanted to just sort of follow up on the underutilization charges. I think you said $38 million this quarter. It's about 260 basis points. You didn't mention it as one of the margin tailwinds that was driving the gross margin to 66% to 67% next quarter. And so how should we think about those underutilization charges kind of decreasing over time? Are you kind of keeping those and they can largely offset input price increases beyond the September quarter to help you kind of keep margins in that 66% to 67% range? Or is there a different way we should be thinking about the roll-off of those underutilization charges?

我想，Steve、Eric，我想追問一下產能利用不足費用（underutilization charges）。我記得你說本季是3,800萬美元。大約是260個基點。你沒有把它列為推動下季毛利率到66%到67%的因素之一。那我們應該如何看待這些產能利用不足費用隨時間下降？你們是否會把這些費用保留著，並在9月季度之後大致用來抵銷投入成本上升，以協助你們把毛利率維持在66%到67%的區間？或者我們應該用不同方式來理解這些產能利用不足費用的逐步消退？

You're thinking the right way. What we are asking you guys is to take that underutilization charge as it goes away and not add it to the gross margin because like we said, we got a onetime gross margin benefit in this quarter from distribution inventory on which we have taken a price reserve. And when the prices are going up, that reserve goes down. So that becomes a onetime 100% gross margin.

你的思路是對的。我們希望你們在產能利用不足費用消失時，不要把它加回毛利率，因為如我們所說，本季我們因為通路庫存而有一次性的毛利率利益，我們對那部分已提列價格準備（price reserve）。當價格上升時，那個準備會下降。因此那部分就會變成一次性的100%毛利。

And then there's a very, very good licensing quarter. It's lumpy. And this quarter is very good. As it goes back to normal, that 100% margin goes away. So there are lots of moving parts. And as those onetime things roll off, the utilization is improving and the number you talked about then helps to keep the gross margin in that range rather than take it higher.

另外，本季授權收入也非常、非常好。它是很不均勻的。而本季非常好。當它回到正常水準時，那個100%毛利就會消失。所以有很多變動因素。當那些一次性因素逐步消退時，產能利用率正在改善，而你提到的那個數字就有助於把毛利率維持在那個區間，而不是把它推得更高。

Yes. And the underutilization improving was mentioned by Steve in his prepared remarks about being a help in the 66.5% midpoint guidance this quarter. And just on the underutilization charges, last quarter, I think they reduced by about $8 million sequentially. I'd expect about the same in the current quarter.

是的。Steve在事先準備的講稿中提到，產能利用不足的改善有助於本季指引中點66.5%。至於產能利用不足費用，上季我記得它按季大約減少了800萬美元。我預期本季大概也是差不多的幅度。

It was taking the remaining underutilization charge dividing it with the revenue coming up with 238 basis points improvement and saying why the gross margin doesn't go up. And what we're seeing is that there are a lot of onetime things and it will offset those.

這是在把剩餘的產能未充分利用費用拿來除以營收，算出毛利率改善了238個基點，然後問為什麼毛利率沒有上升。而我們看到的是，有很多一次性的因素，會把那些改善抵銷掉。

Got it. I think that's pretty clear. And I just wanted to ask on auto. Most of your peers year-on-year probably growing their auto business 15% or so. I think you're up nearly 30%. So do you think that's just a function of the you're kind of early in the auto cycle coming off a pretty steep bottom. Are you feeling better about the auto end market? It certainly feels like SAAR is still pretty lumpy, but just any quick thoughts on how you see the auto demand going forward?

了解。我覺得這很清楚。我還想問一下汽車方面。你們多數同業年增大概汽車業務成長15%左右。我看你們接近成長30%。所以你覺得這只是因為你們算是較早進入汽車循環、從一個相當深的谷底回升的結果嗎？你們對汽車終端市場的感受有變得更好嗎？看起來SAAR仍然相當起伏，但想請你簡單談談你們如何看待未來的汽車需求？

I think there are two reasons. One, we went down more than the others. Our overall reduction post-COVID inventory was higher at the customers because Microchip was less flexible. So we had more inventory at the customer. Therefore, we went down more. So our recovery has been stronger. And secondly, I think we gained share in pretty much all markets in the last two years.

我認為有兩個原因。第一，我們下滑得比其他人更深。在COVID之後，客戶端的整體去庫存幅度對我們更大，因為Microchip的彈性較低。所以我們在客戶那邊的庫存更多。因此我們下滑得更多。所以我們的復甦更強。第二，我認為過去兩年我們幾乎在所有市場都拿到了市占。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

On the topic of capital allocation, how are you guys thinking about M&A and inorganic growth at this point? Is that still something that you're it seemed like you were maybe through with that, but just how are you thinking about that now that there's a little bit more activity?

談到資本配置，你們目前如何看待併購（M&A）與非有機成長？這仍然是你們會做的事嗎？看起來你們可能已經告一段落了，但現在活動稍微多了一些，你們目前的想法是什麼？

We are not thinking of any large inorganic growth. The only things on our plate are some small companies, technology where you could help here and there, like Hailo is a very small acquisition that moves our road map substantially on AI on the edge products, which are products that we would have produced in the next four years in our business units, and we get those day one, but it's not a lot of dollars. And eventually, when we close the acquisition, you'll know what we paid. But we're not engaged in any large acquisition today. We're going to use the money to bring down debt. We are not comfortable with $5.5 billion in debt.

我們不考慮任何大型的非有機成長。我們手上只有一些小公司、一些技術，能在這裡那裡提供幫助；例如Hailo是一筆非常小的收購，但它在邊緣AI產品上大幅推進了我們的產品藍圖——那些原本我們各事業部在未來四年內也會做出的產品，我們第一天就能取得，但金額不大。而且最終等我們完成收購時，你們會知道我們付了多少。但我們今天沒有在進行任何大型收購。我們會用這些資金來降低負債。我們對於55億美元的負債水位並不安心。

Makes sense. And then on the data center, I guess it'd be great to just at some point, get I appreciate you breaking out the numbers. I can get more of a sense of breadth. You talk a lot about the PCI Express opportunity, but I know the history of the company with PMC-Sierra and Standard Microsystems and all of the IP that you have. I just not really a question, but just it would be great to get a sense of the breadth of opportunities that you guys face in that business at some point.

合理。另外關於資料中心，我想在某個時間點，如果可以的話——我很感謝你把數字拆出來——我希望能更了解你們機會的廣度。我可以更有整體的感覺。你們談了很多PCI Express的機會，但我也知道公司過去有PMC-Sierra、Standard Microsystems的歷史，以及你們擁有的各種IP。這不算真正的問題，但如果能在某個時間點讓我們了解你們在那個業務面臨的機會廣度，會很有幫助。

Noted.

收到。

Will Stein, Truist.

Will Stein，Truist。

Steve, I'd like to ask about the defense end market specifically. As I recall, following one of your acquisitions years ago, there was a big supplier to the DoD. I think you're now the largest semi supplier to the DoD. And I think the reports about depletion of weapon systems has been pretty widely covered and there's an effort to rebuild those.

Steve，我想特別問一下國防終端市場。我記得你們多年前某次收購之後，成為國防部（DoD）的一個重要供應商。我想你們現在是DoD最大的半導體供應商。而且關於武器系統庫存消耗的報導相當多，也有重建庫存的努力。

This has been a strong end market for you for a while, I think, and I think your outlook was strong there as well. But I wonder if, from your perspective, when you see the orders on the books, has the rebuild already been sort of placed into the supply chain? Or is that something that we should consider as possible upside more sort of on the come?

我認為這段時間以來這一直是你們很強的終端市場，而且你們對那邊的展望也很強。但我想問的是，從你們的角度看，當你們看到在手訂單時，這些重建需求是否已經某種程度上被放進供應鏈了？還是說我們應該把它視為未來可能的上行空間、也就是還在路上？

It's more on the come. We are seeing only the front end of the orders on missiles and those kind of products. So we've gotten some orders to which we're delivering. That sector was up 45.6% in the June quarter over June last year. So some of it is in there. But the growth that the government and Department of War is talking about on this thing is a production increase of four times to even four times to eight time is a number that we're hearing from primes. But the primes don't have the capacity for everything else to ramp that much. So they are trying to get everything needed to really ramp that much.

比較像是還在路上。我們目前只看到飛彈等這類產品訂單的前端。所以我們已經拿到一些訂單並正在交付。該部門在6月季度相較去年6月季度成長了45.6%。所以其中一部分已經反映在裡面。但政府與國防部門談到的成長，是把產量提高到4倍，甚至我們從主承包商（primes）那邊聽到的數字是4倍到8倍。但主承包商在其他各方面沒有足夠產能去拉升到那麼多。所以他們正在設法取得所有真正要把產能拉到那麼高所需的一切。

So a lot more growth is ahead. And I've spoken to the CEOs of the primes and they're asking me, are you ready to substantially ramp this? And I said, ramp what? You got to give me the order so I can figure out what components are needed. A general question, are you ready to ramp?

所以後面還有更多成長。我也跟那些主承包商的CEO談過，他們問我：你準備好大幅擴產了嗎？我說：擴什麼？你得先給我訂單，我才能弄清楚需要哪些元件。他們只是很籠統地問：你準備好擴產了嗎？

Yes, I'm always ready to ramp. So I think that's really where it is. They're trying to figure out their own needs regarding what all the things are needed. They're contacting the suppliers, figuring out the ramp of capacity, then give the orders and we start building. So our orders are strong, but it's only a fraction of really what is needed out there.

是的，我永遠都準備好擴產。所以我覺得現況就是這樣。他們正在釐清自己到底需要什麼、需要哪些東西。他們在聯絡供應商、確認產能擴充的幅度，然後才下訂單，我們就開始生產。所以我們的訂單很強，但只占外面真正所需的一小部分。

Appreciate that. If I can follow up with a question about AI data center. I think what most companies have expressed through this earnings season is that the end market still looks quite strong and stable. I think you've said as such so far this call as well, although the stocks are sort of telling us that it seems like there are some people who are very concerned that the spend may roll over quickly or maybe there's already some while some fear is being expressed, let's say.

謝謝說明。如果可以我想追問一個關於AI資料中心的問題。我想這個財報季多數公司都表示終端市場看起來仍然相當強勁且穩定。我想你在這通電話到目前為止也這麼說；不過股價似乎在告訴我們，有些人非常擔心支出可能很快就會反轉，或者已經有一些——至少可以說市場表達了一些擔憂。

So what are you seeing in terms of the duration of the backlog, the stability of the backlog and outlook? Are there perturbations that make you nervous about that backlog? Or has that changed for the better and that perhaps it's gotten even more stable and longer duration in the last couple of months, let's say?

那你們看到的在手訂單期間（duration）、在手訂單的穩定性以及展望如何？是否有一些擾動（perturbations）讓你對這些在手訂單感到不安？還是說情況反而變得更好，例如過去幾個月在手訂單變得更穩定、期間更長？

Well, I would say if you take two pieces of it, one is our Data Center Solutions business unit; and second, you take all the catalog products. On all the catalog products, I think we're seeing a growth even slightly higher than the Data Center Solutions group. Those are going from $288 million to $500 million. And there are lots of new design wins that are still ramping. It's not a single design win. It's hundreds and hundreds of them all over the place.

嗯，我會說如果把它分成兩塊來看，一塊是我們的資料中心解決方案（Data Center Solutions）事業部；第二塊是所有型錄產品（catalog products）。在所有型錄產品上，我認為我們看到的成長甚至略高於資料中心解決方案團隊。那些從2.88億美元成長到5億美元。而且仍有很多新的設計導入（design wins）正在放量。這不是單一的設計導入。而是到處都有、成百上千個。

And they are in the rack, in the power and coming into the data center, just all over, security products, memory products, parts from the card, parts from the power management, parts from the bus, converters and all that kind of stuff. So that is really just very broad-based and very difficult to get your arms around by design wins because it's just too numerous.

而且它們分布在機櫃（rack）裡、在電源端、以及進入資料中心的各個地方——到處都是：資安產品、記憶體產品、板卡上的零件、電源管理的零件、匯流排（bus）的零件、轉換器等等。所以這真的非常廣泛，若用設計導入來掌握全貌其實很難，因為數量實在太多了。

When you get to the Data Center Solutions group, there, like we have talked about 14 design wins, there, I think we have talked before that we were major suppliers on Gen 2, Gen 3 and Gen 4, and we were very late to market on Gen 5 during the post-COVID period, and we essentially lost all of our Gen 5 business, we got none by the time we came to market, that business was gone.

當你談到資料中心解決方案（Data Center Solutions）事業群時，如同我們先前提過的，我們在那裡有14個設計導入（design wins）。我想我們之前也談過，我們在Gen 2、Gen 3與Gen 4是主要供應商，而在COVID後期的Gen 5我們上市時間非常晚，基本上失去了所有Gen 5的業務；等到我們進入市場時，一個都沒拿到，那些業務已經不在了。

Now since then, we produced our Gen 5 products, and we're getting lots of revenue in the second source position and it is ramping. And Gen 6 is just starting. The part went to production at the end of June. So we're just shipping first parts to customers as we speak. So there, we're in the early innings and it's all growth ahead because it's coming from low numbers. Does that answer your question?

不過從那之後，我們已經生產Gen 5產品，並以第二供應來源（second source）的角色取得大量營收，而且正在爬坡成長。而Gen 6才剛開始。該產品在6月底進入量產。所以我們此刻正開始向客戶出貨第一批零件。因此我們還在非常早期的階段，因為基期很低，接下來都是成長。這樣有回答你的問題嗎？

The indications that you're getting from customers is the pattern of backlog or the pattern of orders, the backlog, the duration of it, is it stable and getting longer? Or are there things that are moving around fast enough to suggest there's I don't know, some lack of certainty, let's say.

你從客戶那邊得到的訊號是：積壓訂單（backlog）的型態或下單模式、積壓的期間（duration），是否穩定並且在拉長？還是有些變動很快，足以顯示存在某種不確定性？

And I'm saying that the customers who are shipping those parts in volume today, they can probably answer that question better. We're not shipping in volume. We have won 14 design wins on which we have shipped nothing yet.

我會說，今天正在大量出貨那些零件的客戶，可能更能回答這個問題。我們目前還沒有大量出貨。我們贏得了14個設計導入，但到目前為止我們還沒有出貨任何產品。

I want to add one thing, and this is more in response to Joe Moore's question a question ago. Sajid worked with our business unit leaders and produced a data center slide at slide 14 on the investor deck that we posted on the website. I think you guys will find it interesting.

我想補充一點，這比較是回應Joe Moore在前一個問題中的提問。Sajid與我們各事業單位主管合作，在我們放在網站上的投資人簡報（investor deck）第14頁製作了一張資料中心的投影片。我想各位會覺得很有意思。

The left-hand side of that slide speaks about our data center solutions business, which we've talked about more on a public basis over the last few quarters. But the right side of that slide talks about the other products and some of the areas where that plays. So I think that might help you, Joe, and others as you look at that slide, and you can obviously follow up with Sajid if you have any questions.

那張投影片左側談的是我們的資料中心解決方案業務，過去幾季我們也較多以公開方式談到。但右側談的是其他產品，以及它們所涵蓋的一些應用領域。所以我想當你看那張投影片時，這可能會對你（Joe）以及其他人有所幫助；如果有任何問題，你當然也可以再跟Sajid追問。

On the right-hand side of that slide, it talks about five specific areas. One is the grid to rack and in-rack power. So that's really bringing power to the rack. Second is the system management, various Ethernet switches, USB hub controller, MCUs that are doing predictive maintenance, fan controllers, temperature sensors, those kind of parts. The third is timing and synchronization.

在那張投影片的右側，提到五個特定領域。第一是從電網到機櫃（grid to rack）以及機櫃內（in-rack）供電。也就是把電力送到機櫃。第二是系統管理，包括各式乙太網路交換器、USB集線器控制器、用於預測性維護的MCU、風扇控制器、溫度感測器等這類元件。第三是時序與同步（timing and synchronization）。

There is a tremendous amount of accurate nanosecond accuracy of timing needed in all the systems so they can all work together, and we provide that timing and synchronization. Fourth is security, so you can't get into it and hack it and all that. And fifth is networking, routers, switches, Ethernet PHY, optical modules, and other stuff. So take a look at that slide, it's useful.

所有系統都需要大量且精準到奈秒等級的時序精度，才能彼此協同運作，而我們提供這些時序與同步功能。第四是安全性（security），避免被入侵、被駭等。第五是網路（networking），包含路由器、交換器、乙太網路PHY、光學模組以及其他產品。所以請看看那張投影片，很有參考價值。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Let me echo the appreciation for the incremental disclosures. Maybe a follow-up on the last one since you brought up that slide. Any way you can maybe rank order the contributions today or even a year or two from now on the different buckets on that slide 14 for data center?

我也想呼應一下，感謝你們提供更多增量揭露（incremental disclosures）。既然你提到那張投影片，或許我追問一下：你們是否能把投影片14中資料中心的不同區塊，依照目前或甚至一年、兩年後的貢獻度做個排序？

I don't know about a year from now, but not today. We'll take that question under advisement and take a look at what we can do.

一年後我不確定，但就目前而言不行。我們會把這個問題納入考量，看看我們能做些什麼。

Okay. Can't hurt to try. Anyways, I wanted to follow up on the pricing increases, and I'm sorry for picking up this. But I was wondering, any help you can give us on the scope? Was it mainly with channel partners, but was it channel plus direct customers more across different end markets? Or was it just across the board?

好的。試試看也無妨。另外我想追問一下漲價（pricing increases），抱歉又回到這個話題。但我想請你們協助說明一下範圍（scope）：主要是針對通路夥伴（channel partners）嗎？還是通路加上直客（direct customers），跨不同終端市場更廣泛地進行？

It was largely across the board, but there was not an equal increase on every product, and there was not an equal increase on every customer because every customer buys a different mix of various different products. So there was some correlation to whether we're producing internally or externally where the cost increases are, and there was some matching of the cost increase to the ASP increase of the product. So it was a very complex equation because we ship 100,000 SKUs, but it was very, very broad-based.

大致上是全面性的，但並非每個產品的漲幅都一樣，也不是每個客戶的漲幅都一樣，因為每個客戶購買的各類產品組合不同。因此，漲價與我們是內製或外包生產、以及成本上升發生在哪裡，存在一定關聯；同時也會把成本上升與該產品ASP（平均售價）的調升做匹配。所以這是一個非常複雜的方程式，因為我們出貨10萬個SKU，但整體而言覆蓋面非常、非常廣。

And generally well accepted by our customers, I would say.

而且我會說，客戶普遍接受得很好。

One distribution comment to me directly was that Microchip executed the best among many of their other suppliers who have done the price increase, we were the model. We were the standard how it should be done.

有一則通路端直接對我說的評論是：在許多同樣進行漲價的其他供應商之中，Microchip的執行是最好的；我們是典範。我們就是應該如何執行的標準。

This is the conclusion of our Q&A session. I will now turn the call over to Mr. Steve Sanghi, CEO and President, for closing comments.

以上為本次問答環節的結束。接下來我將把電話會議交給Microchip執行長兼總裁Steve Sanghi先生，進行結語。

Well, thank you very much. I think we delivered a great quarter, and we are set up to deliver another outstanding quarter with a huge increase in gross margin, EPS, and everything else. There are several conferences this quarter, and Microchip management will be at those conferences. We look forward to seeing you at those conferences and continuing this dialogue. Thank you very much.

非常感謝。我認為我們交出了一個非常出色的季度表現，而且我們也已準備好再交出另一個傑出的季度，毛利率、EPS以及其他各項指標都將大幅提升。本季有幾場研討會（conferences），Microchip管理團隊也會出席。我們期待在那些研討會上與各位見面，並持續這段對話。非常感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。