微晶片科技 (MCHP) 2022 Q4 法說會逐字稿

Good day, everyone, and welcome to Microchip's Fourth Quarter Fiscal 2022 Financial Results. As a reminder, today's call is being recorded.

大家好，歡迎閱讀 Microchip 2022 財年第四季度財務業績。提醒一下，今天的電話正在錄音中。

At this time, I'd like to turn the call over to Microchip's Chief Financial Officer, Mr. Eric Bjornholt. Please go ahead, sir.

現在，我想將電話轉給 Microchip 的首席財務官 Eric Bjornholt 先生。請繼續，先生。

Thanks, Sarah, and good afternoon, everyone.

謝謝，莎拉，大家下午好。

During the course of this conference call, we will be making projections and other forward-looking statements regarding future events or the future financial performance of the company. 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 releases of today, as well as our recent filings with the SEC that identify important risk factors that may impact Microchip's business and results of operations.

在本次電話會議期間，我們將對未來事件或公司未來財務業績做出預測和其他前瞻性陳述。我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。我們向您推薦我們今天的新聞稿，以及我們最近向 SEC 提交的文件，這些文件確定了可能影響 Microchip 業務和運營結果的重要風險因素。

In attendance with me today are Ganesh Moorthy, Microchip's President and CEO, Steve Sanghi, Microchip's Executive Chair; and Sajid Daudi, Microchip's Head of Investor Relations. I will comment on our fourth quarter and full fiscal year 2022 financial performance. Ganesh will then provide commentary on our results and discuss the current business environment, as well as our guidance, and Steve will provide an update on our cash return strategy. We will then be available to respond to specific investor and analyst questions.

今天與我一同出席的有 Microchip 總裁兼首席執行官 Ganesh Moorthy、Microchip 執行主席 Steve Sanghi；以及 Microchip 投資者關係主管 Sajid Daudi。我將對我們的第四季度和 2022 財年全年財務業績發表評論。然後 Ganesh 將對我們的結果發表評論並討論當前的商業環境以及我們的指導，Steve 將提供我們現金回報策略的最新信息。然後，我們將可以回答特定的投資者和分析師的問題。

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 our Investor Relations page of our website at www.microchip.com, and included reconciliation information in our 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 leverage metrics on our website.

我們將在我們的新聞稿和本次電話會議中包含有關各種 GAAP 和非 GAAP 措施的信息。我們已在我們網站 www.microchip.com 的投資者關係頁面上發布了完整的 GAAP 與非 GAAP 對賬，並在我們的新聞稿中包含了對賬信息，我們相信您在比較我們的 GAAP 和非 GAAP 時會發現這些信息很有用結果。我們還在我們的網站上發布了未償債務和槓桿指標的摘要。

I will now go through some of the operating results, including net sales, gross margin and operating expenses. 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 press release.

我現在將介紹一些經營業績，包括淨銷售額、毛利率和經營費用。除了淨銷售額之外，我將在非公認會計原則的基礎上提及這些結果，這是基於我們的收購活動、基於股份的薪酬以及我們新聞稿中描述的某些其他調整的影響之前的費用。

Net sales in the March quarter were $1.844 billion, which was up 4.9% sequentially, and near the high end of our quarterly guidance. We have posted a summary of our GAAP net sales by product line and geography as well as our total end market demand on our website for your reference.

3 月季度的淨銷售額為 18.44 億美元，環比增長 4.9%，接近我們季度指引的高端。我們已在我們的網站上發布了按產品線和地理劃分的 GAAP 淨銷售額摘要以及最終市場總需求摘要，供您參考。

Going forward, we will only be providing GAAP net sales by product line and geography, consistent with the standard practice by our peer companies. We will continue to provide information each quarter on changes in distribution inventory levels.

展望未來，我們將僅按產品線和地理位置提供 GAAP 淨銷售額，與同行公司的標準做法一致。我們將繼續在每個季度提供有關分銷庫存水平變化的信息。

On a non-GAAP basis, gross margins were a record 66.6%. Operating expenses were at 21.9%, and operating income was a record 44.7%. Non-GAAP net income was a record $764.6 million. Non-GAAP earnings per diluted share was a record $1.35, $0.10 above the midpoint of our guidance, $0.07 of which was driven by favorable events in the March quarter, benefiting our cash tax expense.

按非公認會計原則計算，毛利率達到創紀錄的 66.6%。營業費用為 21.9%，營業收入為創紀錄的 44.7%。非美國通用會計準則淨收入達到創紀錄的 7.646 億美元。非公認會計準則每股攤薄收益達到創紀錄的 1.35 美元，比我們的指導中點高 0.10 美元，其中 0.07 美元是由 3 月季度的有利事件推動的，有利於我們的現金稅支出。

On a GAAP basis, in the March quarter, gross margins were a record at 66.2%. Total operating expenses were $670.9 million, and included acquisition intangible amortization of $215.5 million, special charges of $9.1 million, $3.8 million of acquisition-related and other costs, and share-based compensation of $39 million. GAAP net income was $437.9 million or $0.77 per diluted share, and was adversely impacted by an $11.8 million loss on debt settlement associated with our convertible debt refinancing activities.

按美國通用會計準則計算，第三季度毛利率達到創紀錄的 66.2%。總運營費用為 6.709 億美元，其中包括 2.155 億美元的收購無形攤銷、910 萬美元的特殊費用、380 萬美元的收購相關成本和其他成本，以及 3900 萬美元的股權補償。 GAAP 淨收入為 4.379 億美元或每股攤薄收益 0.77 美元，並受到與我們的可轉換債務再融資活動相關的債務清算損失 1180 萬美元的不利影響。

Our March quarter GAAP tax expense was impacted by a variety of factors, notably the tax benefits recorded as a result of releasing the unrecognized tax benefit due to the closing of an audit in Europe.

我們 3 月季度的 GAAP 稅收支出受到多種因素的影響，特別是由於歐洲審計結束而釋放未確認的稅收優惠而記錄的稅收優惠。

For fiscal year 2022, net sales were a record $6.82 billion and were up 25.4% from net sales in fiscal year 2021. On a non-GAAP basis, gross margins were a record 65.7%. Operating expenses were 22.2% of sales and operating income was a record 43.5% of sales. Non-GAAP net income was a record $2.611 billion, and EPS was a record at $4.61 per diluted share.

2022 財年，淨銷售額達到創紀錄的 68.2 億美元，比 2021 財年的淨銷售額增長 25.4%。按非公認會計原則計算，毛利率達到創紀錄的 65.7%。營業費用佔銷售額的 22.2%，營業收入佔銷售額的 43.5%，創歷史新高。非美國通用會計準則淨收入達到創紀錄的 26.11 億美元，每股攤薄收益達到創紀錄的 4.61 美元。

On a GAAP basis, gross margins were a record 65.2%. Operating expenses were 38.1% of sales, and operating income was 27.1% of sales. Net income was $1.286 billion, and EPS was $2.27 per diluted share.

按公認會計原則計算，毛利率達到創紀錄的 65.2%。營業費用佔銷售額的38.1%，營業收入佔銷售額的27.1%。淨收入為 12.86 億美元，每股攤薄收益為 2.27 美元。

Our non-GAAP cash tax rate was 1.3% in the March quarter and 4.9% for fiscal year 2022. The non-GAAP cash tax rate in the March quarter was lower than originally forecasted, due to a variety of factors, including the receipt of a tax refund that had been forecasted to receive, that had not been forecasted to be received until a later date, lower taxes in certain jurisdictions, and tax benefits from our convertible debt exchanges.

我們的非 GAAP 現金稅率在 3 月季度為 1.3%，在 2022 財年為 4.9%。由於多種因素，包括收到預計將收到的退稅，預計將在以後收到的退稅，某些司法管轄區的較低稅收以及我們可轉換債務交換的稅收優惠。

We expect our non-GAAP cash tax rate for fiscal '23 to be between 7.5% and 11.5%, exclusive of the transition tax, any potential tax associated with restructuring the Microsemi operations into the Microchip global structure, and any tax audit settlements related to taxes accrued in prior fiscal years. The midpoint of our June quarter tax rate guidance is 9.5%.

我們預計我們 23 財年的非公認會計原則現金稅率將在 7.5% 至 11.5% 之間，不包括過渡稅、與將 Microsemi 業務重組為 Microchip 全球結構相關的任何潛在稅收以及與以前會計年度應計的稅款。我們 6 月季度稅率指導的中點為 9.5%。

Our fiscal '23 cash tax rate is higher than our fiscal '22 tax cash rate for a variety of factors, including lower availability of tax attributes, such as net operating losses and tax credits, as well as the impact of current tax rules requiring the capitalization of R&D expenses for tax purposes.

由於多種因素，我們的 23 財年現金稅率高於我們的 22 財年現金稅率，包括稅收屬性的可用性較低，例如淨經營虧損和稅收抵免，以及現行稅收規則要求用於稅收目的的研發費用資本化。

Our inventory balance at March 31, 2022, was $854.4 million. We had 125 days of inventory at the end of the March quarter, which was up 9 days from the prior quarter's level.

我們在 2022 年 3 月 31 日的庫存餘額為 8.544 億美元。在 3 月季度末，我們有 125 天的庫存，比上一季度的水平增加了 9 天。

Our levels of raw materials and work in progress increased in the quarter, which helps position us for the increased production we are expecting from our internal factories and helps buffer us against unexpected shortages or changes in material lead times.

我們的原材料和在製品水平在本季度有所增加，這有助於我們為內部工廠的預期產量增加做好準備，並有助於緩沖我們對意外短缺或材料交貨時間變化的影響。

The carrying cost of our inventory has been and will be increasing due to the rising input costs from our supply chain. We are continuing to ramp capacity in our internal and external factories, so we can ship as much product as possible to support customer requirements.

由於我們供應鏈的投入成本上升，我們庫存的持有成本已經並將繼續增加。我們將繼續提高內部和外部工廠的產能，以便我們可以運送盡可能多的產品來滿足客戶的需求。

Inventory at our distributors in the March quarter were at 17 days, which is a record low level and down from 19 days at the end of the prior quarter.

3 月季度我們分銷商的庫存為 17 天，創歷史新低，低於上一季度末的 19 天。

Following on the heels of our upgrade to investment grade or BBB minus in the December 2021 quarter, during the March 2022 quarter, we were upgraded to the equivalent of BBB by both Moody's and Fitch, reflecting the strength of our balance sheet, financial results and our franchise.

繼我們在 2021 年 12 月季度升級至投資級或 BBB 級之後，在 2022 年 3 月季度，穆迪和惠譽將我們升級至相當於 BBB 級，這反映了我們的資產負債表、財務業績和我們的特許經營權。

In the March quarter, we exchanged a total of $64.9 million of principal value of our 2027 convertible subordinated notes for cash and shares of our common stock. We used cash generation during the quarter to fund the principal amount of the convertible debt exchanges, and we believe that these transactions will benefit stockholders by significantly reducing share count dilution to the extent our stock price appreciates over time.

在 3 月季度，我們將 2027 年可轉換次級票據的本金價值總額為 6490 萬美元，以換取現金和普通股。我們在本季度使用現金產生來為可轉換債務交換的本金提供資金，我們相信這些交易將通過顯著減少股票數量稀釋來使股東受益，因為我們的股價會隨著時間的推移而升值。

The principal amount of convertible debt on our balance sheet at March 31 was $838.1 million. This includes $665.5 million of convertible bonds maturing in November of 2024 with the cap call option in place that offsets any potential dilution from these convertibles up to stock prices of $116.79. At the beginning of calendar year 2020, Microchip had $4.481 billion in convertible bonds outstanding. So today, our overall capital structure is in a much better long-term position.

截至 3 月 31 日，我們資產負債表上的可轉換債務本金為 8.381 億美元。這包括 2024 年 11 月到期的 6.655 億美元可轉換債券，其中有上限看漲期權，以抵消這些可轉換債券的任何潛在稀釋，最高股價為 116.79 美元。 2020 年初，Microchip 有 44.81 億美元的未償可轉換債券。所以今天，我們的整體資本結構長期處於更好的位置。

Our cash flow from operating activities was $747.7 million in the March quarter. Our free cash flow was $633.1 million and 34.3% of net sales. As of March 31, our consolidated cash and total investment position was $319.4 million. We paid down $205.9 million of total debt in the March quarter.

我們在第三季度的經營活動現金流為 7.477 億美元。我們的自由現金流為 6.331 億美元，占淨銷售額的 34.3%。截至 3 月 31 日，我們的綜合現金和總投資頭寸為 3.194 億美元。我們在第三季度償還了 2.059 億美元的總債務。

Over the last 15 full quarters, since we closed the Microsemi acquisition and incurred over $8 billion in debt to do so, we have paid down almost $5 billion of debt and continue to allocate substantially all of our excess cash, beyond dividends and stock buyback, to bring down this debt.

在過去的 15 個完整季度中，自從我們完成對 Microsemi 的收購併為此承擔了超過 80 億美元的債務以來，我們已經償還了近 50 億美元的債務，並繼續分配我們幾乎所有多餘的現金，除了股息和股票回購，降低這筆債務。

We have accomplished this despite the adverse macro and market conditions during the earlier years of this period, which we feel is a testimony to the cash generation capabilities of our business, as well as our ongoing operating discipline.

儘管在此期間的前幾年宏觀和市場條件不利，我們還是實現了這一目標，我們認為這證明了我們業務的現金產生能力以及我們持續的經營紀律。

We continue to expect our debt levels to reduce significantly over the next several years. Our adjusted EBITDA in the March quarter was a record at $902.6 million and 48.9% of net sales. Our trailing 12-month adjusted EBITDA was also a record at $3.246 billion and 47.6% of net sales. Our net debt-to-adjusted EBITDA was 2.32 at March 31, 2022, down from 2.58 at December 31, 2021, and down from 3.76 at March 31, 2021.

我們繼續預計我們的債務水平將在未來幾年內大幅下降。我們在 3 月季度調整後的 EBITDA 達到創紀錄的 9.026 億美元，占淨銷售額的 48.9%。我們過去 12 個月調整後的 EBITDA 也達到創紀錄的 32.46 億美元，占淨銷售額的 47.6%。 2022 年 3 月 31 日，我們的淨債務與調整後 EBITDA 為 2.32，低於 2021 年 12 月 31 日的 2.58，低於 2021 年 3 月 31 日的 3.76。

Our dividend payment in the March quarter was $140.8 million, and we repurchased $259.6 million of our stock during the quarter. Capital expenditures were $114.6 million in the March quarter and $370.1 million for fiscal year 2022. We had originally forecasted capital expenditures of about $140 million in the March quarter, and we experienced delays in receiving some of our capital equipment from our suppliers.

我們在 3 月季度支付的股息為 1.408 億美元，我們在本季度回購了 2.596 億美元的股票。 3 月季度的資本支出為 1.146 億美元，2022 財年為 3.701 億美元。我們最初預測 3 月季度的資本支出約為 1.4 億美元，但我們在從供應商處收到一些資本設備時遇到了延遲。

Our expectation for capital expenditures for fiscal year 2023 is between $450 million and $550 million, as we continue to take actions to support the growth of our business and ramp our manufacturing operations.

我們對 2023 財年的資本支出的預期在 4.5 億美元至 5.5 億美元之間，因為我們將繼續採取行動支持我們的業務增長並擴大我們的製造業務。

We continue to prudently add capital equipment to maintain, grow and operate our internal manufacturing operations to support the expected long-term growth of our business. We expect these capital investments will bring gross margin improvement to our business, and give us increased control over our production during periods of industry-wide constraints. Depreciation expense in the March quarter was $59.3 million.

我們繼續謹慎地增加資本設備，以維持、發展和運營我們的內部製造業務，以支持我們業務的預期長期增長。我們預計這些資本投資將為我們的業務帶來毛利率改善，並讓我們在全行業受限期間加強對生產的控制。 3 月季度的折舊費用為 5930 萬美元。

I will now turn it over to Ganesh to give us comments on the performance of the business in the March quarter as well as our guidance for the June quarter. Ganesh?

我現在將把它交給 Ganesh，讓我們對 3 月季度的業務表現以及我們對 6 月季度的指導發表評論。加內甚？

Thank you, Eric, and good afternoon, everyone. Our March quarter results were very strong across the board, and set several records in the process. Revenue grew 4.9% sequentially and 25.7% on a year-over-year basis to achieve an all-time record of $1.84 billion.

謝謝你，埃里克，大家下午好。我們 3 月份的季度業績全面強勁，並在此過程中創造了多項記錄。收入環比增長 4.9%，同比增長 25.7%，創下 18.4 億美元的歷史新高。

Despite a number of operational challenges, including the rapid spread of the COVID Omicron virus, which affected several of our factories, the shutdowns in several cities in China, and the suspension of shipments to Russia, we finished just shy of the high end of our revenue guidance. This was our fifth consecutive quarter of new revenue records.

儘管存在許多運營挑戰，包括影響我們幾家工廠的 COVID Omicron 病毒的迅速傳播、中國幾個城市的停工以及對俄羅斯的發貨暫停，但我們仍接近我們的高端產品收入指導。這是我們連續第五個季度創下新的收入記錄。

Non-GAAP gross margin was another record of 66.6%, up 50 basis points from the December quarter, and at the high end of our guidance, as we continue to ramp our internal factories and benefit from improved operational efficiencies as well as product mix changes. Non-GAAP operating margin was also a record at 44.7%, very close to the high end of our guidance.

非美國通用會計準則毛利率為 66.6%，比 12 月季度上升 50 個基點，處於我們指導的高端，因為我們繼續擴大內部工廠並受益於運營效率的提高和產品組合的變化.非美國通用會計準則營業利潤率也達到創紀錄的 44.7%，非常接近我們指引的高端。

At 21.9% operating expenses, we are 60 basis points below the low end of our long-term model of 22.5% to 23.5%. Our long-term operating expense model will continue to guide our actions to invest for the long-term growth and profitability of our business.

以 21.9% 的運營費用計算，我們比長期模型 22.5% 至 23.5% 的低端低 60 個基點。我們的長期運營費用模型將繼續指導我們為業務的長期增長和盈利而投資的行動。

Our consolidated non-GAAP diluted EPS was a record $1.35 per share, well over the high end of our guidance and up 45.2% from the year ago quarter. Even after excluding the tax benefit we received, our March quarter non-GAAP diluted EPS at $1.28, was at the high end of our guidance.

我們的合併非公認會計原則攤薄後每股收益達到創紀錄的每股 1.35 美元，遠高於我們指引的高端，比去年同期增長 45.2%。即使排除了我們收到的稅收優惠，我們的 3 月季度非公認會計原則攤薄後每股收益為 1.28 美元，仍處於我們指導的高端。

Adjusted EBITDA at 48.9% of revenue and free cash flow at 34.3% of revenue, were both very strong in the March quarter, continuing to demonstrate the robust cash generation capabilities of our business.

調整後的 EBITDA（佔收入的 48.9%）和自由現金流（佔收入的 34.3%）在 3 月季度都非常強勁，繼續展示了我們業務強勁的現金生成能力。

Net debt declined by $209.8 million, driving our net leverage ratio down to 2.32 in the March quarter, as we continue to relentlessly drive down our net leverage. During the March quarter, we returned $400.4 million to shareholders, representing 52.5% of the prior quarter's free cash flow.

淨債務減少了 2.098 億美元，使我們的淨槓桿率在 3 月季度降至 2.32，因為我們繼續無情地降低淨槓桿率。在 3 月季度，我們向股東返還了 4.004 億美元，佔上一季度自由現金流的 52.5%。

Reflecting on our fiscal year '22 results, it was one for the record books, and one of our best years ever. We made dramatic progress on all fronts, revenue growth, gross and operating margins, earnings per share, free cash flow generation, debt and leverage reduction, and last but not least, we significantly increased the capital return to shareholders through dividend increases and the initiation of a programmatic share buyback program.

回顧我們 22 財年的業績，這是記錄在冊的一年，也是我們有史以來最好的一年。我們在收入增長、毛利率和營業利潤率、每股收益、自由現金流產生、債務和槓桿減少等各個方面都取得了顯著進展，最後但並非最不重要的一點是，我們通過增加股息和啟動資本回報率顯著提高了股東的資本回報程序化股票回購計劃。

At our Investor Day in November 2021, we outlined our plan to increase the capital return to shareholders every quarter, as our net leverage continues to drop. We are making consistent and meaningful progress towards our net leverage growth every quarter.

在 2021 年 11 月的投資者日上，隨著我們的淨槓桿率持續下降，我們概述了每季度增加股東資本回報的計劃。我們每個季度都在朝著我們的淨槓桿增長取得一致和有意義的進展。

I would like to take this opportunity to profusely thank all our stakeholders, who enabled us to achieve these outstanding results, and especially thank the worldwide Microchip team for their never-give-up attitude and concerted effort to consistently deliver results to support our customers, in the face of a historic and persistent imbalance between supply and demand.

我想藉此機會衷心感謝我們所有的利益相關者，他們使我們能夠取得這些出色的成績，特別感謝全球 Microchip 團隊永不放棄的態度和齊心協力，始終如一地交付成果以支持我們的客戶，面對歷史性和持續的供需失衡。

Taking a look at our revenue from a product line perspective. Our microcontroller revenue was sequentially up a strong 7.6% as compared to the December quarter, and was another all-time record. On an annualized basis, our March quarter microcontroller revenue broke through the $4 billion mark for the first time.

從產品線的角度來看我們的收入。與 12 月季度相比，我們的微控制器收入連續增長 7.6%，創下歷史新高。按年計算，我們 3 月季度的微控制器收入首次突破 40 億美元大關。

On a year-over-year basis, our March quarter microcontroller revenue was up 28.3%. All microcontroller product lines, 8-bit, 16-bit and 32-bit, experienced strong growth and achieved record revenue milestones. 32-bit microcontrollers had the highest growth and is now the largest microcontroller product line for us at 46.5% of our microcontroller revenue. Microcontrollers represented 56.7% of our revenue in the March quarter.

與去年同期相比，我們 3 月份季度的微控制器收入增長了 28.3%。所有微控制器產品線，8 位、16 位和 32 位，都經歷了強勁的增長，並實現了創紀錄的收入里程碑。 32 位微控制器增長最快，現在是我們最大的微控制器產品線，佔微控制器收入的 46.5%。微控制器占我們第三季度收入的 56.7%。

Our analog revenue sequentially increased 3% in the March quarter, setting another record in the process. On a year-over-year basis, our March quarter analog revenue was up a strong 24.2%. Analog represented 27.9% of our revenue in the March quarter.

我們的模擬收入在 3 月季度環比增長 3%，在此過程中再創紀錄。與去年同期相比，我們 3 月季度的模擬收入強勁增長了 24.2%。模擬量占我們第三季度收入的 27.9%。

Taking a look at our revenue from a geographic and end market perspective. Americas was up 21.4% over the prior year quarter. Europe was up 25% over the prior year quarter. Asia was up 27.9% over the prior year quarter. All end markets remained strong and were supply constrained.

從地理和終端市場的角度來看我們的收入。美洲地區比去年同期增長 21.4%。歐洲比去年同期增長了 25%。亞洲較去年同期增長 27.9%。所有終端市場依然強勁，供應受限。

Business conditions continue to be exceptionally strong through the quarter. Our preferred supply program, or PSP backlog, continued to grow and remained well over 50% of our aggregate backlog and 100% of our backlog in the most constrained capacity product areas.

整個季度的商業狀況繼續異常強勁。我們的首選供應計劃（或 PSP 積壓）繼續增長，並且在產能最受限的產品領域中仍占我們總積壓的 50% 以上和我們積壓的 100%。

Demand continued to be insatiable, despite the significant capacity increases, we have implemented so far. As a result, our unsupported backlog, which represents customer backlog -- backlog that customers want to ship to them in the March quarter, but which we could not deliver in the March quarter, climbed substantially again as we exited the March quarter with our highest unsupported backlog ever.

儘管產能顯著增加，但我們迄今已實施，但需求仍然無法滿足。結果，我們不受支持的積壓（代表客戶積壓）——客戶希望在 3 月季度運送給他們，但我們無法在 3 月季度交付的積壓，再次大幅攀升，因為我們以最高的價格退出了 3 月季度不支持的積壓工作。

We continue to experience constraints in all our internal and external factories and their related manufacturing supply chains. We are ramping our internal factories as fast as reasonably possible. And we are working closely with our supply chain partners to secure additional capacity wherever possible.

我們所有的內部和外部工廠及其相關的製造供應鏈都繼續受到限制。我們正在盡可能快地增加我們的內部工廠。我們正在與我們的供應鏈合作夥伴密切合作，盡可能確保額外的產能。

Our supply chain partners as well as some of our customers were adversely impacted by the lockdowns in China during March, which continued into April and May. Our operations team worked to redirect our manufacturing activities and sourcing wherever possible to other locations that are not locked down.

我們的供應鏈合作夥伴以及我們的一些客戶在 3 月份受到中國封鎖的不利影響，這種封鎖一直持續到 4 月和 5 月。我們的運營團隊努力將我們的製造活動和採購盡可能轉移到未鎖定的其他地點。

Looking at the magnitude of the demand supply inbound, the size of our noncancelable backlog, the rate at which new backlog continues to come in, and the rate at which we're able to bring on new capacity, we expect that we will remain supply constrained throughout 2022 and into 2023. Our growth is predominantly limited by how quickly we can bring on additional capacity to support demand.

看看需求供應的規模、我們不可取消的積壓的規模、新的積壓繼續進入的速度以及我們能夠帶來新產能的速度，我們預計我們將保持供應整個 2022 年到 2023 年都受到限制。我們的增長主要受限於我們能夠以多快的速度增加額外的產能來支持需求。

To reiterate what we first shared with you in March this year, we expect our 5-year compounded annual growth rate, using fiscal year 2021 as a baseline, to be 10% to 15%. We expect our capital spending in fiscal year '23 to be at the high end of the range we have shared with you, as we respond to growth opportunities in our business as well as fill gaps in the level of capacity investments being made by our outsourced manufacturing partners in specialized technologies, they consider to be trailing edge, but which we believe will be workhorse technologies for us for many years to come.

為了重申我們在今年 3 月首次與您分享的內容，我們預計以 2021 財年為基準的 5 年復合年增長率為 10% 至 15%。我們預計我們在 '23 財年的資本支出將處於我們與您分享的範圍的高端，因為我們響應了我們業務的增長機會並填補了我們外包產能投資水平的空白專業技術的製造合作夥伴，他們認為是落後的，但我們相信這將是我們未來許多年的主力技術。

We believe our calibrated increase in capital spending will enable us to capitalize on growth opportunities, serve our customers better, increase our market share, improve our gross margins, and give us more control over our destiny, especially for specialized trailing-edge technologies. We will, of course, continue to utilize the capacity available from our outsourced partners, but our goal is to be less constrained by their investment priorities in areas where they don't align with our business needs.

我們相信，我們在資本支出方面的校準增長將使我們能夠利用增長機會，更好地為我們的客戶服務，增加我們的市場份額，提高我們的毛利率，並讓我們更好地控制我們的命運，特別是對於專業的前沿技術。當然，我們將繼續利用外包合作夥伴提供的能力，但我們的目標是減少他們在不符合我們業務需求的領域的投資優先事項的限制。

Now let's get into the guidance for the June quarter. Our backlog for the June quarter is very strong, and we have more capacity improvements coming into effect. Taking all the factors we have discussed on the call today into consideration, we expect our net sales for the June quarter to be up between 4% and 8% sequentially.

現在讓我們進入六月季度的指導。我們在 6 月季度的積壓非常多，而且我們還有更多的產能改進正在生效。考慮到我們今天在電話會議上討論的所有因素，我們預計 6 月季度的淨銷售額將環比增長 4% 至 8%。

Our guidance range assumes capacity additions, as well as continued materials and capacity challenges, some of which will work -- expect to work through during the quarter, others that will carry over to be worked in future quarters. We have also included the anticipated effects of the lockdowns in China on our supply chain partners as well as our customers.

我們的指導範圍假設產能增加，以及持續的材料和產能挑戰，其中一些將起作用 - 預計將在本季度完成，其他將在未來幾個季度繼續工作。我們還包括了中國封鎖對我們的供應鏈合作夥伴和客戶的預期影響。

At the midpoint of our revenue guidance, our year-over-year growth for the June quarter would be a strong 24.6%. For the June quarter, we expect our non-GAAP gross margin to be between 66.8% and 67.2% of sales. We expect our non-GAAP operating expenses to be between 21.6% and 22% of sales. We expect our non-GAAP operating profit to be between 44.8% and 45.6% of sales. We expect our non-GAAP diluted earnings per share to be between $1.32 per share and $1.36 per share, after comprehending the higher tax rate that Eric shared with you.

在我們收入指導的中點，我們 6 月季度的同比增長將達到 24.6%。對於六月季度，我們預計我們的非公認會計原則毛利率將在銷售額的 66.8% 和 67.2% 之間。我們預計我們的非公認會計原則運營費用將佔銷售額的 21.6% 至 22%。我們預計我們的非公認會計準則營業利潤將佔銷售額的 44.8% 至 45.6%。在了解 Eric 與您分享的更高稅率後，我們預計我們的非公認會計原則攤薄後每股收益將在每股 1.32 美元至 1.36 美元之間。

Finally, as you can see from our March quarter results and the June quarter guidance, every element of our Microchip 3.0 strategy is firing on all cylinders, as we continue to build and improve what we believe is one of the most diversified, defensible, high growth, high margin, high cash generating businesses in the semiconductor industry.

最後，正如您從我們的 3 月季度業績和 6 月季度指導中所看到的那樣，我們的 Microchip 3.0 戰略的每一個要素都在全力以赴，因為我們將繼續構建和改進我們認為最多樣化、最具防禦性、最高半導體行業的高增長、高利潤、高現金產生業務。

To summarize the essential elements of Microchip 3.0, they are; organic growth rate of 10% to 15% in the fiscal year '22 to '26 timeframe, by focusing on total system solutions and our 6 key market megatrends; long-term non-GAAP operating margin target of 44% to 46%, and free cash flow target of 38%; consistently increasing capital return to shareholders as net leverage drops such that 100% of free cash flow is returned to shareholders by the time net leverage drops to 1.5x; a CapEx investment of 3% to 6% of revenue, and an inventory investment of 130 to 150 days over the business cycles; and last but not least, a strong company foundation built on culture and sustainability.

總結 Microchip 3.0 的基本要素，它們是：通過專注於整體系統解決方案和我們的 6 個主要市場大趨勢，在 22 至 26 財年實現 10% 至 15% 的有機增長率；長期非公認會計原則營業利潤率目標為 44% 至 46%，自由現金流目標為 38%；隨著淨槓桿率下降，股東的資本回報持續增加，當淨槓桿率下降至 1.5 倍時，100% 的自由現金流返還給股東；資本支出佔收入的 3% 至 6%，以及整個業務週期內 130 至 150 天的庫存投資；最後但並非最不重要的一點是，建立在文化和可持續發展之上的強大公司基礎。

Let me now pass the baton to Steve to talk more about our cash return to shareholders. Steve?

現在讓我把接力棒交給史蒂夫，更多地談談我們對股東的現金回報。史蒂夫?

Thank you, Ganesh, and good afternoon, everyone. I would like to reflect on our financial results announced today and provide you further updates on our cash return strategy.

謝謝 Ganesh，大家下午好。我想回顧一下我們今天宣布的財務業績，並為您提供有關我們現金回報策略的進一步更新。

Reflecting on our financial results, I continue to be very proud of all employees of Microchip that have delivered another exceptional quarter and fiscal year, while making new records in many respects, namely record net sales, record non-GAAP gross margin percentage, record non-GAAP operating margin percentage, record non-GAAP EPS and record adjusted EBITDA, and all of that in a very challenging supply environment.

回顧我們的財務業績，我繼續為 Microchip 的所有員工感到非常自豪，他們又創造了一個非凡的季度和財年，同時在許多方面創造了新紀錄，即創紀錄的淨銷售額、創紀錄的非公認會計準則毛利率、創紀錄的非-GAAP 營業利潤率、創紀錄的非 GAAP 每股收益和創紀錄的調整後 EBITDA，以及所有這些都在非常具有挑戰性的供應環境中。

The Board of Directors announced an increase in the dividend of 9.1% from last quarter to $0.276 per share. This is an increase of 33.7% from a year ago quarter. During the last quarter, we purchased $259.6 million of our stock in the open market. We also paid out $140.8 million in dividends. Thus, the total cash return was $400.4 million. This amount was 52% of our actual free cash flow of $762.7 million during the December 2021 quarter.

董事會宣布將股息從上一季度增加 9.1% 至每股 0.276 美元。這比去年同期增長了 33.7%。在上一季度，我們在公開市場上購買了 2.596 億美元的股票。我們還支付了 1.408 億美元的股息。因此，總現金回報為 4.004 億美元。這一數額是我們 2021 年 12 月季度實際自由現金流 7.627 億美元的 52%。

Our paydown of debt as well as record adjusted EBITDA, drove down our net leverage at the end of March 2022 quarter to 2.32 from 2.58 at the end of December. In the current June quarter, we will use last quarter's actual free cash flow of $633.1 million and expect to return $348.2 million, which is 55% of that amount to our shareholders. Out of this $348.2 million, the dividend is expected to be approximately $153.2 million, and the stock buyback is expected to be approximately $195 million.

我們的債務償還以及創紀錄的調整後 EBITDA 將我們在 2022 年 3 月季度末的淨槓桿率從 12 月底的 2.58 降至 2.32。在當前的 6 月季度，我們將使用上一季度 6.331 億美元的實際自由現金流，並預計將返還 3.482 億美元，這是我們股東的 55%。在這 3.482 億美元中，股息預計約為 1.532 億美元，股票回購預計約為 1.95 億美元。

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

有了這個，接線員，請您投票提問嗎？

(Operator Instructions) And we will take our first question from Joe Moore with Morgan Stanley.

（操作員說明）我們將向摩根士丹利的 Joe Moore 提出第一個問題。

Wonder if you could just talk to your visibility into the supply remaining high in the context of markets that you guys don't serve, if you're seeing smartphones feel a little bit weaker, you should be seeing foundry capacity free up in other places. Do you see that showing light at the end of the tunnel in a supply situation or no?

想知道在你們不服務的市場的背景下，你是否可以談談你對供應仍然很高的可見性，如果你看到智能手機感覺有點弱，你應該看到其他地方的代工產能釋放出來.在供應情況下，您是否看到隧道盡頭的亮光？

So, because we're not in the end markets you described like smartphones, we don't have direct visibility into what they're facing. We do read the same industry reports as to what might be happening. There is sometimes a delay between when something is perceived to be in the market to when it actually filters into the supply chains.

因此，由於我們不像智能手機那樣處於您所描述的終端市場，因此我們無法直接了解他們所面臨的情況。我們確實閱讀了相同的行業報告，了解可能發生的情況。有時在某物被認為在市場上與它實際進入供應鏈之間存在延遲。

And at this point in time, we do not see any major relief in the capacity as a result of some other end market that is weak. That may happen in time, but not at this point.

目前，由於其他一些疲軟的終端市場，我們沒有看到產能有任何重大緩解。這可能會及時發生，但不是現在。

Our next question will come from Gary Mobley with Wells Fargo Securities.

我們的下一個問題將來自富國銀行證券的 Gary Mobley。

Let me extend my congratulations to a strong finish to the fiscal year. You mentioned that your first quarter guide contemplates a lot of the different issues that we're all dealing with, including supply chain issues and customers' inability to manufacture. I was hoping maybe you can break that down, quantify the total impact that you have embedded in your first quarter guidance, and what the split may be between customer-specific issues your own supply chain issues?

讓我祝賀本財年取得圓滿成功。您提到您的第一季度指南考慮了我們都在處理的許多不同問題，包括供應鏈問題和客戶無法製造。我希望也許您可以將其分解，量化您在第一季度指導中嵌入的總體影響，以及您自己的供應鏈問題之間的客戶特定問題之間的差異可能是什麼？

It's a good question, but it's a very difficult question to quantify the way that you're looking for. There are upsides and downsides, and the different risks that we're dealing with. What we have applied is a way to look at all of that and come up with an aggregate risk that we have built into the guidance.

這是一個很好的問題，但要量化您正在尋找的方式是一個非常困難的問題。有利有弊，我們正在應對不同的風險。我們應用的是一種查看所有這些並提出我們已納入指南的總體風險的方法。

And so I don't have a specific breakdown that would be helpful to you on China customer or China supply or Russia, et cetera. It's all built into what we have. And we know that they're going to come at us with a slightly different twist than what we're thinking about, and all that is built into the guidance we've provided.

因此，對於中國客戶、中國供應或俄羅斯等，我沒有對您有幫助的具體細分。這一切都內置在我們所擁有的東西中。而且我們知道他們會以與我們所想的略有不同的方式來攻擊我們，而所有這些都包含在我們提供的指導中。

Okay. Eric, if I can ask a follow-up question. You mentioned that distribution inventory is at an all-time record low down 2 days sequentially. But I think you've now had maybe 3 quarters in a row of sell into the distribution channel greater than sell out, albeit a fairly minor difference. What's the reason for the divergence there?

好的。埃里克，如果我可以問一個後續問題。您提到分銷庫存連續兩天下降，創下歷史新低。但我認為您現在可能連續 3 個季度向分銷渠道的銷售量大於銷售量，儘管差異相當小。那裡出現分歧的原因是什麼？

Well, I just view the difference is really small. If you look at our fiscal year, I think there's an $11 million difference between GAAP revenue and what sell-through was through distribution channels. So I think it's minor. Distributors are challenged, just like customers are today in terms of getting the product that they need to support their customers. We're generally seeing that what we're shipping into them is shipping out almost immediately to support their customers. And they also have a lower percentage of their backlog typically that is on the PSP program. And that has impacted their availability to get supply as some of the direct customers that -- they got into PSP earlier or have a stronger presence in PSP, have that priority of supply.

好吧，我只是認為差異很小。如果您查看我們的財政年度，我認為 GAAP 收入與通過分銷渠道進行的銷售之間存在 1100 萬美元的差異。所以我覺得是小事。分銷商面臨挑戰，就像今天的客戶在獲得支持客戶所需的產品方面一樣。我們通常會看到，我們運送給他們的東西幾乎是立即運送出去以支持他們的客戶。而且他們的積壓工作通常在 PSP 程序上的百分比也較低。這影響了他們獲得供應的可用性，因為一些直接客戶 - 他們更早進入 PSP 或在 PSP 中有更強大的存在，具有供應優先權。

Gary, what I would also add is that, as business grows, distribution almost, by definition, needs more products shipped into them in order for them to be able to prepare for that growth. The days of inventory is a more normalizing indicator that tells you how is -- what they're getting as a function of what is it that they're shipping through.

加里，我還要補充一點，隨著業務的增長，分銷幾乎，根據定義，需要更多的產品運送到他們那裡，以便他們能夠為這種增長做好準備。庫存天數是一個更加規範化的指標，它告訴你如何——他們得到了什麼，這取決於他們正在運送的東西。

So there is no concern with the fact that we are shipping in slightly more. And as Eric mentioned, it's pretty small in the grand scheme of things. Despite that and despite the growth, the days of inventory are declining quite significantly, going from 19 to 17. And I think that is a more meaningful indicator as what's going on in distribution.

因此，我們無需擔心我們的出貨量略多。正如 Eric 所提到的，它在宏偉的計劃中非常小。儘管如此，儘管有所增長，但庫存天數正在顯著下降，從 19 天下降到 17 天。我認為這是一個更有意義的指標，因為它是分銷中發生的事情。

And our next question will come from Vivek Arya with Bank of America.

我們的下一個問題將來自美國銀行的 Vivek Arya。

There's a lot of concern about the possible downturn whether it's late this year or next year. So Ganesh, I wanted to get your thoughts on reality versus perception. And let's say, in a scenario of Microchip sales were to decline 5% or 10% next year hypothetically, what happens to gross margins?

無論是今年年底還是明年，人們都擔心可能出現的低迷。所以 Ganesh，我想了解你對現實與感知的看法。假設在明年 Microchip 銷售額下降 5% 或 10% 的情況下，毛利率會發生什麼變化？

Because if I go back in history, the last time there was a meaningful sales decline was in 2009 and gross margins declined about 6 points or so. Is that the kind of decline that could potentially happen? So just give us your thoughts on a potential for a downturn, if you're seeing anything. And then if there were to be one, what happens to gross margins?

因為如果我回顧歷史，上一次出現有意義的銷售額下降是在 2009 年，毛利率下降了大約 6 個百分點左右。這是可能發生的那種下降嗎？因此，如果您看到任何情況，請告訴我們您對經濟衰退可能性的看法。然後，如果有的話，毛利率會發生什麼變化？

It's a hard question to take in the hypothetical, but let's look at where some of the cushions are if and when that change happens, right?

這是一個很難接受假設的問題，但讓我們看看如果發生這種變化以及何時發生這種變化，一些緩衝墊在哪裡，對吧？

So I think we were just talking about distribution inventory at 17 days, right? I mean distribution is running on fumes. And to run healthy, they need to be in that high-20s kind of days of inventory, sometimes slightly higher than that. So I think that is the first part of what we would need to do with is utilize the opportunity if it is this down cycle at some point to replenish distribution to run healthy for a normal business.

所以我想我們只是在談論 17 天的分銷庫存，對嗎？我的意思是分發是在煙霧中運行的。為了健康運行，他們需要有 20 多天的庫存，有時略高於此。所以我認為這是我們需要做的第一部分是利用這個機會，如果它在某個時候是這個下行週期來補充分銷，以便為正常的業務健康運行。

Second is when you look at our inventory, right, we really -- our inventory is up in a few days. But really, when you look at the inventory at the points that are in die bank, in finished goods, those are all still running on fumes for us given the mix of our products. We have a significant amount of internal inventory replenishment, et cetera, to be done.

其次是當你查看我們的庫存時，對，我們真的 - 我們的庫存在幾天內就會增加。但實際上，當您查看模具庫和成品中的庫存時，考慮到我們的產品組合，這些仍然在煙霧中運行。我們有大量的內部庫存補充等工作要做。

And finally, I think we have conveyed that while products are such long-lasting products, that we intend to build inventory in a down cycle, because that is the most effective capacity, we can have rather than trying to get CapEx to go up when the next up cycle comes about.

最後，我認為我們已經傳達了，雖然產品是如此持久的產品，但我們打算在一個下行週期中建立庫存，因為這是最有效的產能，我們可以擁有而不是試圖讓資本支出上升下一個上升週期即將到來。

We had constraints in doing that in the last cycle, when we were more cash constrained given the debt that we have. We don't have those same constraints. And so our products last 10, 15, 20 years, and we fully expect that we will utilize our capacity and be more capital efficient through the cycle, whenever that cycle happens.

在上一個週期中，我們在這樣做時遇到了限制，當時由於我們所擁有的債務，我們的現金受到更多限制。我們沒有同樣的限制。所以我們的產品可以使用 10 年、15 年、20 年，我們完全期望我們將利用我們的產能並在整個週期中提高資本效率，只要該週期發生。

I'd like to add to that, Vivek, your question began with, if Microchip goes down 5% to 7%, and then you compared it to 2009, when over a 6-month period, industry and Microchip's revenue was down 35%, in the middle of a global financial crisis. So I don't think anybody is looking for that kind of downturn last -- next year, where the revenue goes down that much percentage.

我想補充一點，Vivek，你的問題開始於，如果 Microchip 下降 5% 到 7%，然後你將其與 2009 年進行比較，在 6 個月的時間裡，工業和 Microchip 的收入下降了 35% ，在全球金融危機中。所以我認為沒有人會在去年尋找那種低迷 - 明年，收入下降這麼多百分比。

So I think 6% gross margin drop in 2009 environment is scary. And I don't think we are expecting that kind next year, even if the sales were to drop 5% for the elements that Ganesh pointed out, it will take us a period of a year at least to really rebuild our own inventory, restock distribution and get everything healthy.

所以我認為2009年毛利率下降6%是可怕的。而且我認為我們明年不會期待這種情況，即使 Ganesh 指出的元素的銷售額下降 5%，我們至少需要一年的時間才能真正重建我們自己的庫存，重新進貨分配並使一切健康。

So I don't really think there is that much concern about gross margin dropping that much.

因此，我真的不認為毛利率下降這麼多令人擔憂。

And Tore Svanberg with Stifel has our next question.

Stifel 的 Tore Svanberg 提出了我們的下一個問題。

And congrats on all the record numbers. A question on CapEx. You didn't quite get to the number you wanted this quarter. You cited some delays in equipment sales. I was just wondering if the situation there is improving or not, just quarter-over-quarter, because clearly, the last quarter, things were still pretty constrained to get equipment, but are you seeing any improvement there at all?

並祝賀所有創紀錄的數字。關於資本支出的問題。本季度你沒有達到你想要的數字。你提到了設備銷售的一些延遲。我只是想知道那裡的情況是否有所改善，只是季度環比，因為很明顯，上個季度，在獲得設備方面仍然很受限制，但你看到那裡有任何改善嗎？

No, I think it's still a challenge to get equipment. And over the last 4, 5 quarters, it's become more challenging to get equipment in on time. So delays are there. It's a bit of a vicious cycle. Many of the delays are caused by shortages in semiconductor components. Those in turn, delay the equipment, which delays the ability to solve that problem.

不，我認為獲得設備仍然是一個挑戰。在過去的 4、5 個季度中，按時獲取設備變得更具挑戰性。所以會有延誤。這有點惡性循環。許多延誤是由半導體元件短缺造成的。這些反過來又延遲了設備，從而延遲了解決該問題的能力。

We have, in fact, taken the initiative to prioritize supply for many of the semiconductor equipment manufacturers, so that we do our part to both help the industry and help ourselves in doing that, and I believe others are doing it as well. But at the moment, the equipment lead times are getting worse, not better.

事實上，我們已經主動為許多半導體設備製造商提供了優先供應，因此我們儘自己的一份力量幫助行業和幫助自己，我相信其他人也在這樣做。但目前，設備的交貨時間越來越差，而不是更好。

And our next question comes from Chris Caso with Raymond James.

我們的下一個問題來自 Chris Caso 和 Raymond James。

Your question about some of the capacity additions and specifically, the timing of when we could expect more substantial capacity to come online. I think what you've said previously is that your capacity would come on in a fairly linear even fashion, as you brought on more supply. With some of the CapEx jump that you'd have into fiscal '23, when does that start to have an impact? And then there is a bit of an inflection point in your ability to supply and therefore, revenue once that CapEx turns into actual capacity?

您對一些容量增加的問題，特別是我們可以預期更多容量上線的時間。我認為您之前所說的是，隨著您帶來更多供應，您的產能將以相當線性的方式增加。隨著您進入 23 財年的一些資本支出跳躍，什麼時候開始產生影響？然後，一旦資本支出轉化為實際產能，您的供應能力和收入就會出現一些拐點？

So Chris, there's no single point at which there is a step function change in our capacity, right? We are getting capacity increases every quarter. As equipment comes in, it gets qualified, installed and begins to run production. Some of that is in our front-end fabs. Some of that is not back-end factories as the case might be. In certain cases, we are expanding clean room and that clean room space comes on at a certain point in time, which allows us to put in place more equipment.

所以克里斯，我們的能力沒有單點發生階躍函數變化，對吧？我們每個季度都在增加容量。隨著設備的進入，它得到合格、安裝並開始生產。其中一些在我們的前端晶圓廠中。其中一些可能不是後端工廠。在某些情況下，我們正在擴大潔淨室，潔淨室空間在某個時間點出現，這使我們能夠放置更多設備。

But it's more of a continuum of capacity increases that is taking place. And every quarter, we are increasing capacity. In some cases, it requires equipment. In other cases, it's really just hiring the people to run the equipment that we have. And all of that is kind of a more continuous process every quarter rather than a step function in any given quarter.

但這更多的是容量增加的連續性。每個季度，我們都在增加產能。在某些情況下，它需要設備。在其他情況下，實際上只是僱用人員來運行我們擁有的設備。所有這些都是每個季度的一個更連續的過程，而不是任何給定季度的階梯函數。

Got it. As a follow-up, I wonder if you could give some color on some of your end markets. And are there any areas where you've seen demand substantially increase or decrease? I mean, elsewhere from other earnings reports, where we've seen some changes are largely areas you don't participate very much in, in handset and PC. But interesting, if you've seen anything of note within your end markets that you wish to talk about?

知道了。作為後續行動，我想知道您是否可以為您的一些終端市場提供一些顏色。您是否看到需求大幅增加或減少的任何領域？我的意思是，在其他收益報告的其他地方，我們看到的一些變化主要是你不太參與的領域，比如手機和個人電腦。但有趣的是，如果您在終端市場中看到了您想談論的任何值得注意的事情？

As I mentioned, all end markets are strong. Maybe the one of note would be, we are seeing more strength in the defense, aerospace end of the market. Commercial aviation is coming back. And so some of the folks that were not building are starting to build more. There are going to be some defense-related items given some of what's going on geopolitically that will come through. But that's a small part of our overall business. So it's still got significant strength in the other 5 end markets that we're in.

正如我所提到的，所有終端市場都很強勁。也許值得注意的是，我們在國防、航空航天市場看到了更多的力量。商業航空正在回歸。所以一些沒有建造的人開始建造更多。鑑於地緣政治上正在發生的一些事情將會發生，將會有一些與國防相關的項目。但這只是我們整體業務的一小部分。因此，它在我們所處的其他 5 個終端市場中仍然具有顯著優勢。

Our next question comes from Chris Danely with Citi.

我們的下一個問題來自花旗銀行的 Chris Danely。

A bit of a longer-term question. So in the past -- I guess, in the recent past, maybe asked you about additional acquisitions. You said that, that avenue has pretty much been closed, because there's, to paraphrase you, not much out there and things are expensive. I'm just wondering, if your thought process has changed at all, given that the stocks have sold off that. Do you think that this upturn will be more sustainable than in the past, and there's extra capacity seems like it's sort of at a premium out there? Has anything changed as far as the thought process goes?

有點長期的問題。所以在過去 - 我想，在最近的過去，可能會問你關於額外的收購。你說過，那條大道幾乎已經關閉，因為用你的話說，那裡沒有多少東西，而且東西很貴。我只是想知道，鑑於股票已經拋售，您的思維過程是否發生了變化。您是否認為這種好轉會比過去更可持續，而且額外的產能似乎有點溢價？就思維過程而言，有什麼改變嗎？

Not really. I think what we had said is we met the major objectives we had when we went on our multiyear acquisition path. The 2 big ones at that time to be able to build scale and the other one was to build out the portfolio to be broader than what it was 10 years ago. Having reached both those objectives, we think there is more to be had in focusing and harnessing organically what we have and getting the best of what we have.

並不真地。我認為我們所說的是我們實現了我們在多年收購道路上的主要目標。當時的兩大巨頭是能夠擴大規模，另一家是擴大投資組合，使其比 10 年前更廣泛。在實現了這兩個目標之後，我們認為在關注和有機地利用我們所擁有的東西並充分利用我們所擁有的東西方面還有更多工作要做。

So we were doing more acquisitions when the available growth was also limited, and we wanted to augment our organic growth with the acquisitions. We believe we're at a point in time, where there is a substantially higher organic growth opportunity available. And the most cost-effective growth, we think, is organic, and that is where we're focused with the many specific strategies that we have put in place for that as with that large acquisitions. And of course, we still do small pinpoint acquisitions that are tuck-ins intended for technology, market or customers from time to time.

因此，當可用增長也有限時，我們進行了更多的收購，我們希望通過收購來增加我們的有機增長。我們相信我們正處於一個時間點，那裡有一個顯著更高的有機增長機會。我們認為，最具成本效益的增長是有機的，這就是我們關注的地方，我們為此制定了許多具體戰略，就像大規模收購一樣。當然，我們仍然會不時進行小規模的精確收購，這些收購是為了技術、市場或客戶而進行的。

In today's environment, you couldn't get the benefit of cross-selling on a new acquisition, because there's no capacity. You would simply be inheriting the capacity challenges of an acquiree. And if there are any cross-selling opportunities to grow revenue, you won't have capacity for it, because we're constrained even just shipping our organic growth.

在今天的環境中，你無法從新收購的交叉銷售中獲益，因為沒有能力。您只是繼承了被收購方的能力挑戰。如果有任何交叉銷售機會來增加收入，你將沒有能力實現它，因為我們即使只是實現有機增長也會受到限制。

(Operator Instructions) We'll now hear from William Stein with Truist Securities.

（操作員說明）我們現在將聽取來自 Truist Securities 的 William Stein 的消息。

Congrats on the results and outlook. I'm hoping you might dissect the growth either year-over-year or sequentially by units versus pricing? And if you could also comment on the effect that that's having on gross margins, because, of course, I'm pretty sure you guys use FIFO inventory, so you have lower-cost products flowing through the P&L on higher-priced products to customers? Any clarity on those would really help.

祝賀結果和前景。我希望您可以逐年或按單位與價格逐一分析增長？如果你還可以評論這對毛利率的影響，因為，當然，我很確定你們使用先進先出庫存，所以你有低成本產品通過損益表流向客戶的高價產品?任何澄清這些都會有幫助。

So directionally, when I look at it year-over-year, is that a component of the growth that comes from price, yes. The majority of the growth is coming from units, and price, as we have talked about before, is predominantly for us to be able to address cost increases that we have incurred, which we batch and pass on from time to time to our customers.

所以從方向上看，當我逐年查看時，這是來自價格的增長的一個組成部分，是的。大部分增長來自單位，而價格，正如我們之前談到的，主要是為了讓我們能夠解決我們已經發生的成本增加，我們不時分批並轉嫁給我們的客戶。

The gross margin benefits of the price increase are really not something we target to go get. I'll let Eric speak to maybe the timing of the FIFO inventory and all that, but largely, we're not trying to boost up gross margins through the price changes that we're making.

價格上漲帶來的毛利率收益確實不是我們的目標。我會讓 Eric 談談 FIFO 庫存的時間安排等等，但在很大程度上，我們並沒有試圖通過我們正在進行的價格變化來提高毛利率。

Yes. So from a timing perspective, as Ganesh said, we try to batch these pricing increases, as things are starting to flow through the P&L. And it's not a perfect process, but that's what we try to do. Again, we're not trying to gouge customers. We're trying to pass along the cost and earn what I would call a standard margin on that, but not be a gross margin percentage enhancer.

是的。因此，從時間的角度來看，正如 Ganesh 所說，隨著事情開始流經損益表，我們嘗試批量增加這些定價。這不是一個完美的過程，但這就是我們試圖做的。再說一次，我們並不是要欺騙客戶。我們正試圖轉嫁成本並賺取我所說的標準利潤率，但不是提高毛利率百分比。

So with 100,000 SKUs in the portfolio, again, it's not a perfect process, but I think we've done a good job of doing that and being fair with our customers.

因此，在產品組合中有 100,000 個 SKU 的情況下，這並不是一個完美的流程，但我認為我們在這方面做得很好，並且對我們的客戶公平。

And our next question will come from Harsh Kumar with Piper Sandler.

我們的下一個問題將來自 Harsh Kumar 和 Piper Sandler。

First of all, congratulations, great results, great guide. Steve, the question that a lot of us have been trying to ask in a variety of different ways. I think it's this, that when you look at the revenue growth of not just Microchip, but the industry associated with the auto business overall, the chip business overall, when you look at the growth rate, and you try and compare that with the growth rate in autos and you account for the content gains, which I know are very strong, we still end up with a lot of gap. And that's probably the area that I get the most amount of questions on the buy side. I was curious, if you might have some thoughts on what is happening? Why is the semiconductor industry benefiting to such a great degree and that gap is so wide?

首先，祝賀你，偉大的成果，偉大的指導。史蒂夫，我們很多人一直試圖以各種不同的方式提出這個問題。我認為是這樣，當你看到的不僅僅是 Microchip 的收入增長，還有與汽車業務相關的行業，整個芯片業務，當你看到增長率時，你會嘗試將其與增長進行比較汽車的費率和你佔內容收益的原因，我知道這是非常強大的，我們最終仍然有很大的差距。這可能是我在買方收到最多問題的領域。我很好奇，如果您對正在發生的事情有一些想法嗎？為什麼半導體行業受益如此之大，差距如此之大？

So let me take that. I think if you look at the automotive industry, in some ways, I look at their results over the last 4 or 5 quarters, and I think a semiconductor shortage is probably the best that happened to them. Every one of them has record results, record profitability, whether that is at the OEM level or the Tier 1 level. And why? What they have done is really utilized the available semiconductor supply they have to build the richest product line that they can build.

所以讓我接受。我認為如果你看看汽車行業，在某些方面，我會看看他們過去 4 或 5 個季度的業績，我認為半導體短缺可能是他們遇到的最好的情況。他們每個人都有創紀錄的結果，創紀錄的盈利能力，無論是在 OEM 級別還是在 Tier 1 級別。為什麼？他們所做的是真正利用可用的半導體供應來構建他們可以構建的最豐富的產品線。

And if you try to go to a dealer today and try to buy a de-featured car, it's not available. You can get it in a year's time or whenever they tell you it is. And so the semiconductor content per car on average has grown up, because the mix has become much richer. Things that perhaps were optional or not available before, are becoming more standard, because in a smaller number of cars they want to sell, they are utilizing as many semiconductors has become available for that smaller number of cars to have the richest product line.

而且，如果您今天嘗試去經銷商處並嘗試購買功能不齊全的汽車，則它不可用。你可以在一年後或者他們告訴你的任何時候得到它。因此，平均每輛汽車的半導體含量增加了，因為組合變得更加豐富。以前可能是可選的或不可用的東西正在變得更加標準，因為在他們想要銷售的較少數量的汽車中，他們正在利用盡可能多的半導體，這些半導體已經可供較少數量的汽車使用，以擁有最豐富的產品線。

And secondly, from an automotive standpoint, there are no discounts available. So all of the discounting that took place is a gross margin tailwind for the automotive guys. So the chips we're selling -- and by the way, our shortages that we deal with, with the automotive customers hasn't really abated in the last year. We still have significant escalations and issues that we're working with, not just automotive but just about every industry, but automotive specific since you asked that.

其次，從汽車的角度來看，沒有折扣。因此，發生的所有折扣都是汽車行業的毛利率順風。因此，我們銷售的芯片——順便說一下，我們與汽車客戶處理的短缺問題在去年並沒有真正減少。我們仍然有重大的升級和我們正在處理的問題，不僅是汽車，而且幾乎每個行業，但自從你問到汽車時，還有汽車特定的問題。

So, there is no indication that all is quiet on the automotive front with respect to the getting product that they need. They are still fighting through shortages in order to be able to build exactly the cars and the mix of product that they want to make.

因此，沒有跡象表明汽車方面在獲得他們需要的產品方面一切都很平靜。他們仍在與短缺作鬥爭，以便能夠準確地製造他們想要製造的汽車和產品組合。

Our next question will come from Christopher Rolland with Susquehanna.

我們的下一個問題將來自 Christopher Rolland 和 Susquehanna。

Also congrats. Microcontrollers, you guys had some interesting revelations there, I guess, on 32-bit becoming the majority there. I would love to know kind of how you see longer-term growth rates between maybe 8-bit and 32-bit and as 32-bit accelerates, is that a tailwind for you guys for gross margin?

也恭喜。微控制器，你們那裡有一些有趣的啟示，我猜，關於 32 位成為那裡的大多數。我很想知道您如何看待 8 位和 32 位之間的長期增長率，並且隨著 32 位的加速，這對你們來說是毛利率的順風嗎？

So first, maybe to parse out, right? All three, 8-bit, 16-bit and 32-bit are still setting new records. So all are growing. Clearly, there is a higher growth rate on the 32-bit, which is why it grew the most, and it's now approaching almost half of the microcontroller revenue.

所以首先，也許要解析出來，對吧？所有這三個，8 位，16 位和 32 位仍在創造新的記錄。所以一切都在成長。顯然，32 位的增長率更高，這就是它增長最快的原因，現在它幾乎接近微控制器收入的一半。

Now we continue to expect that the usage of microcontrollers and the embedding of intelligence in lots and lots of end applications is a critical secular trend that has a tailwind for our business overall. We've kind of represented and shown that in the 6 megatrends, and how what we do fits in those kind of end market or end applications and drives growth for us.

現在，我們繼續期待微控制器的使用和將智能嵌入大量終端應用程序是一個關鍵的長期趨勢，對我們的整體業務有推動作用。我們已經在 6 大趨勢中展示並展示了這一點，以及我們的工作如何適應這些終端市場或終端應用並推動我們的增長。

Now to your second question on gross margin, the gross margin of the microcontroller business is not dramatically different between 8s, 16s and 32s. And so we go to market with an approach that allows any 1 of our products to be utilized, depending on what is most appropriate in the customer situation, and the pricing is to the value that we bring into that application. And so the general gross margin, we don't believe is affected by the mix of 8s, 16s and 32-bit.

現在關於毛利率的第二個問題，微控制器業務的毛利率在 8s、16s 和 32s 之間沒有顯著差異。因此，我們以一種允許使用我們的任何一種產品的方法進入市場，這取決於最適合客戶情況的產品，並且定價是我們為該應用帶來的價值。因此，我們認為總體毛利率不會受到 8s、16s 和 32 位混合的影響。

Great. And then one for either you or Steve. A lot of people have talked about potential over capacity for the industry in '23 and '24. Would love to get kind of your views on whether you think that's a thing or not? And what its effect on industry pricing might be?

偉大的。然後一個給你或史蒂夫。很多人都談到了 23 和 24 年該行業的潛在產能過剩。想知道你是否認為這是一件事嗎？它對行業定價的影響可能是什麼？

So I'll give you my view and then maybe Steve will add to it as well.

所以我會給你我的觀點，然後也許史蒂夫也會加入它。

So -- it's a bit of a misnomer when you talk about overcapacity in '23 or '24. When you look at where is the CapEx being spent by the industry, right? Industry spent over $100 million of CapEx last year. The vast majority of that CapEx, over 90% of it, is being spent on the leading edge nodes. These are the nodes that are 16-nanometer and smaller, so 16, 10, 7, 5, 3, et cetera, is where all that is being spent.

所以 - 當您談論 23 或 24 年的產能過剩時，這有點用詞不當。當您查看該行業的資本支出在哪裡時，對嗎？去年，行業花費了超過 1 億美元的資本支出。絕大多數資本支出（超過 90%）都花在了前沿節點上。這些是 16 納米或更小的節點，因此 16、10、7、5、3 等等，就是所有這些都用在的地方。

Where the capacity is not being invested in at the rates that are required, and where, for example, all of the constraints that the industry is fighting through short, medium and long-term, are on this trailing edge, specialty technologies. On 300-millimeter, that is typically anything which is 40-nanometer and larger in size, very little capacity investment coming online to be able to help that.

如果產能沒有按照要求的速度進行投資，例如，行業在短期、中期和長期面臨的所有限制，都處於這種落後的專業技術上。在 300 毫米上，這通常是 40 納米或更大尺寸的任何東西，上線的容量投資很少能夠提供幫助。

On 200-millimeter, 8-inch wafers, there's almost nothing that is being done, outside of what some of the IDMs have been doing and which really is still a far cry from what is needed.

在 200 毫米、8 英寸的晶圓上，除了一些 IDM 一直在做的事情之外，幾乎什麼都沒有做，而這與實際需求相去甚遠。

So while there is CapEx spending taking place of quite significant amount, it is being spent disproportionately on the leading edge technologies, and there are still significant constraints left on the trailing edge, specialty technologies that we don't see easing up into '23 and '24.

因此，雖然資本支出支出相當可觀，但它不成比例地花費在前沿技術上，並且在後緣、專業技術上仍然存在重大限制，我們認為這些技術在 23 和'24.

Steve, do you want to add some more to it?

史蒂夫，你想再添加一些嗎？

Yes. Yes, I would. So what has happened historically is that the foundries built a leading edge fab, depreciated it fully over 4 years, providing leading edge chips to the likes of Qualcomm and AMD and others. And when the leading edge guys moved to the next node, then they took that capacity, a depreciated fab and repurposed it for microcontroller, mixed-signal, connectivity and those kind of products. And that's how over many, many years, trailing edge capacity became available.

是的。是的，我會。因此，歷史上發生的事情是，代工廠建造了一個領先的晶圓廠，並在 4 年內將其完全折舊，為高通和 AMD 等公司提供領先的芯片。當領先的人轉移到下一個節點時，他們就利用了這個容量，一個折舊的晶圓廠，並將其重新用於微控制器、混合信號、連接和這類產品。這就是多年來，後緣容量變得可用的方式。

Now what has happened now is that link is broken. The leading edge lithography has gone to 14-nanometer, 10-nanometer, even 7, 5 and 3-nanometer, while the microcontrollers and analog, because of functionality needed, are still in the range of 65-nanometer to 180-nanometer. And so therefore, the trailing edge capacity no longer easily becomes available, because somebody moved to the next node.

現在發生的事情是該鏈接已斷開。最前沿的光刻技術已經發展到 14 納米、10 納米，甚至 7、5 和 3 納米，而微控制器和模擬器件由於需要功能，仍處於 65 納米到 180 納米的範圍內。因此，後緣容量不再容易獲得，因為有人移動到下一個節點。

Secondly, starting at 90 nanometer, the wafers became 12-inch, less than 90 nanometer, the wafer's at 8-inch. And 8 inches largely aluminum back end and 12 inches largely copper back end, and one is not compatible with the other. So a 12-inch fab becoming available, doesn't easily give the capacity for an 8-inch product to move to 12-inch.

其次，從 90 納米開始，晶圓變成 12 英寸，小於 90 納米，晶圓的 8 英寸。 8 英寸主要是鋁製後端和 12 英寸主要是銅製後端，其中一個與另一個不兼容。因此，一個 12 英寸的晶圓廠變得可用，並不容易讓一個 8 英寸的產品能夠轉移到 12 英寸。

So combination of those factors and the fact that the foundries are adding almost no capacity on the trailing edge, it is quite possible that the trailing edge capacity is forever constrained. And that's why we are making aggressive attempts to add capacity internally to provide that growth to our business and to our customers, and you're seeing some of our competitors do the same thing.

因此，結合這些因素以及鑄造廠幾乎沒有在後緣增加產能的事實，後緣產能很可能永遠受到限制。這就是為什麼我們正在積極嘗試在內部增加產能，為我們的業務和客戶提供這種增長，你會看到我們的一些競爭對手也在做同樣的事情。

We will now take a question from Harlan Sur with JPMorgan.

我們現在將回答來自摩根大通的 Harlan Sur 的問題。

Congratulations on the strong margins and overall execution. Currently, you're not quite where you want to be on OpEx as a percent of sales, but your business is growing strongly. So it's hard to bring on personnel at a faster pace than your business is growing. But won't you guys have the same challenge longer term, given your new long-term revenue CAGR of 10% to 15%. Given your revenue scale, can the team really grow its OpEx by double-digit percentage points going forward to maintain your OpEx target?

祝賀強勁的利潤率和整體執行力。目前，您的運營支出佔銷售額的百分比還不是很理想，但您的業務正在強勁增長。因此，很難以比您的業務增長更快的速度招聘人員。但是，鑑於你們新的長期收入複合年增長率為 10% 到 15%，你們是否會面臨同樣的長期挑戰。鑑於您的收入規模，團隊真的可以將其 OpEx 增長兩位數的百分點以維持您的 OpEx 目標嗎？

I guess my point is, with the accelerated rate revenue growth targets and $8 billion of revenue scale, it would seem that you'll be driving stronger leverage on the operating margin than what your model implies, because you kept your operating margin targets unchanged when you increased your 4-year revenue CAGR. Am I missing something?

我想我的觀點是，隨著收入增長目標的加快和 80 億美元的收入規模，您的營業利潤率似乎會比您的模型所暗示的更高，因為您保持營業利潤率目標不變您提高了 4 年的收入複合年增長率。我錯過了什麼嗎？

I'll give you a...

我給你一個...

I will want to add to it as well. I think investments in the operating expense are not just in people alone. That is clearly one of the large investments we've got to make. But beyond that, there's an intellectual property. There's a work we have to do this research and development work that takes place, which has wafers and other things we have to do. So we do believe that strong gross margin and strong growth businesses don't fall out of the sky. They need to be thought through, invested in and executed.

我也想補充一下。我認為對運營費用的投資不僅僅在人身上。這顯然是我們必須進行的大筆投資之一。但除此之外，還有知識產權。我們必須做這項研究和開發工作，其中有晶圓和其他我們必須做的事情。因此，我們確實相信強勁的毛利率和強勁的增長業務不會從天而降。他們需要經過深思熟慮、投資和執行。

And we need to make sure that while today's gross margins are strong and where they're at, that we continue to build for the future in a competitive world, that ensures that continued new products and technologies, and the associated marketing and other activities we need to do, will be able to keep those gross margins high and keep the growth rates high in where we're at.

我們需要確保，雖然今天的毛利率很強勁，而且我們所處的位置，但我們在競爭激烈的世界中繼續為未來建設，確保持續的新產品和技術，以及我們相關的營銷和其他活動需要做的是，將能夠保持高毛利率並保持我們所處的高增長率。

And today's environment is a bit challenging also, because of the availability of people is I think that won't be there forever. So we do expect that in time, we will solve some of those shortages of being able to hire people, et cetera, and do need to get back into the range that we have provided. And that's what creates a sustainable high gross margin business. Do you want to add to it?

今天的環境也有點挑戰，因為我認為人的可用性不會永遠存在。因此，我們確實希望及時解決一些無法僱用人員等問題，並且確實需要回到我們提供的範圍內。這就是創造可持續的高毛利率業務的原因。你想添加它嗎？

I think the only other thing I would add is just a point of clarification on the statement that you made in your question, Harlan, is that we are targeting this 10% to 15% CAGR on revenue based on fiscal '21 as a baseline, right? We just completed fiscal '22, which is a very strong growth year. We're expecting another strong growth year, but I don't want you or investors to necessarily just put in your model 10% to 15% on a perpetual basis going forward. We'll have to see how that plays out over time, but that's a 5-year CAGR based off of fiscal '21 as the baseline.

我認為我要補充的唯一另一件事是澄清你在問題中所做的陳述，Harlan，我們的目標是根據 21 財年的收入實現 10% 到 15% 的複合年增長率作為基線，對？我們剛剛完成了 22 財年，這是一個非常強勁的增長年。我們預計將迎來又一個強勁增長的一年，但我不希望你或投資者在未來永遠只將你的模型投入 10% 到 15%。我們將不得不看看隨著時間的推移會如何發揮作用，但這是以 21 財年為基準的 5 年復合年增長率。

Our next question comes from Pradeep Ramani with UBS.

我們的下一個問題來自瑞銀的 Pradeep Ramani。

Can you speak to maybe the trends with respect to how your backlog and largely unsupported backlog, how it sort of grew in June versus March? And maybe even address it from the perspective of PSP. Is your PSP duration stretching quarter-over-quarter? Or is it about the same? Can you help us with that?

你能否談談關於你的積壓和很大程度上不受支持的積壓的趨勢，它在 6 月與 3 月相比如何增長？甚至可能從 PSP 的角度來解決它。您的 PSP 持續時間是否按季度延長？還是差不多？你能幫助我們嗎？

So the PSP program requires 12 months of continuous noncancelable backlog. Many customers choose to go longer than that. And we don't really track what is the -- what percentage of that is above or below where it is. We make sure that everybody is in compliance with the program. But we do have a meaningful amount of that backlog that is more than 12 months. And we do have overall PSP backlog continuing to grow. So that's one part of the question.

所以 PSP 計劃需要 12 個月的連續不可取消的積壓。許多客戶選擇更長的時間。而且我們並沒有真正追踪什麼是 - 其中有多少百分比高於或低於它的位置。我們確保每個人都遵守該計劃。但我們確實有大量超過 12 個月的積壓工作。我們確實有整體 PSP 積壓在繼續增長。所以這是問題的一部分。

And the other part of it is, exiting the March quarter, our unsupported backlog grew again quite significantly. And that is the sixth or seventh or some consecutive quarter of continuing expansion of unsupported, just giving you the sense of how -- no matter how much incremental capacity we have brought on, we continue to be falling behind versus the intensity of demand.

另一部分是，在退出 3 月季度後，我們不受支持的積壓訂單再次顯著增長。這是無支持的持續擴張的第六個或第七個或連續幾個季度，只是讓您了解 - 無論我們帶來了多少增量產能，我們仍然落後於需求強度。

So it's just -- it's not supplies and coming online. It's just demand is outgrowing supply multiple quarters and expanding that gap between supply and demand.

所以它只是 - 它不是供應和上線。只是需求在多個季度中超過了供應，並擴大了供需之間的差距。

Yes. I think I would just add 2 points. Ganesh said one of these already, but in the quarter, total backlog grew, unsupported backlog grew, and PSP backlog grew. So all of them were up quarter-on-quarter.

是的。我想我會加2分。 Ganesh 已經說過其中之一，但在本季度，總積壓量增加，不受支持的積壓量增加，PSP 積壓量增加。因此，它們都環比增長。

And we'll now take a question from Ambrish Srivastava with BMO.

我們現在將回答 Ambrish Srivastava 與 BMO 的問題。

I had a question on lead times. Have lead times stabilized? You folks have been adding capacity, which should translate into some alleviation. So just a question on lead times. And then, Ganesh, you talked about the price increase. And as it relates to the PSP, what has been the reaction to the price increase programs that you have in place?

我有一個關於交貨時間的問題。交貨時間穩定了嗎？你們一直在增加容量，這應該轉化為一些緩解。所以只是一個關於交貨時間的問題。然後，Ganesh，你談到了價格上漲。當它與 PSP 相關時，對你們實施的提價計劃有何反應？

So lead times are long. I wouldn't say that they're stabilized. Some of the constraints are still quite acute. And to the extent that demand continues to grow faster than supply, the only way to solve is on lead times. So lead times have been stretching out more so on some products, perhaps than other products, and where they're at.

所以交貨時間很長。我不會說它們是穩定的。一些限制仍然非常嚴重。在需求持續增長快於供應的情況下，解決問題的唯一方法是提前期。因此，某些產品的交貨時間可能比其他產品更長，以及它們所處的位置。

On the pricing increase and PSP. So any time we increase prices, our customers have a small window in which they have the opportunity to refuse the price increase, and cancel the backlog if they so wish. And we have the opportunity to adjust the price, if we so wish, which we have not done.

關於價格上漲和 PSP。因此，每當我們提高價格時，我們的客戶都有一個小窗口，他們有機會拒絕漲價，如果他們願意，可以取消積壓。如果我們願意，我們有機會調整價格，但我們還沒有這樣做。

What customers have in the course of the price increase that we have done, the amount of backlog that they have chosen to cancel is so small, it's almost immeasurable in the grand scheme of what we have. And so there has been no final impact of the price increase in our PSP backlog.

客戶在我們所做的提價過程中所擁有的，他們選擇取消的積壓數量是如此之少，在我們擁有的宏偉計劃中幾乎是無法估量的。因此，我們的 PSP 積壓訂單中的價格上漲沒有最終影響。

Just sorry, just a clarification. What I meant to ask on lead times was that our lead times continuing to go up or the rate of the increase has slowed down considerably because -- and I forget, what is the capacity that you've brought online on a year-over-year basis?

抱歉，只是澄清一下。關於交貨時間我的意思是我們的交貨時間繼續增加或者增長速度已經大大放緩，因為——我忘記了，你一年來上線的容量是多少——以年為基礎？

There's no easy answer to give you on what -- so it's a capacity is a function of our internal capacity, our external capacity, specific packages, some materials which have constraints in the industry like substrates, et cetera. So in any given product package combination, the constraints can be quite large and can be well over a year in lead time.

沒有簡單的答案來告訴你什麼——所以它的容量是我們內部容量、外部容量、特定封裝、一些在行業中受到限制的材料（如基板等）的函數。因此，在任何給定的產品包組合中，約束可能非常大，交貨時間可能會超過一年。

In others as we are alleviating them, we may get to where it's not pushing out as much or at least stabilizing there. So -- but in the aggregate, I would say that lead times have not stabilized and that constraints continue to grow. And as our imbalance between supply and demand grows every quarter, it solves on time.

在其他情況下，當我們正在緩解它們時，我們可能會到達它沒有推出那麼多或至少穩定在那裡的地方。所以 - 但總的來說，我會說交貨時間並沒有穩定下來，並且限制繼續增長。隨著我們的供需失衡每個季度都在加劇，它會按時解決。

Our next question will come from Chris Danely with Citi.

我們的下一個問題將來自花旗銀行的 Chris Danely。

Let me ask a follow-up, just a quick one. I guess for Ganesh or maybe the stage of semiconductor, Steve saying you will take a shot at it. Did you guys quantify the impact from the China COVID shutdowns on your business? And then also, any insights as to how come you are managing to have it affect you a little bit less than some of your peers?

讓我問一個後續，只是一個快速的。我猜對於 Ganesh 或者半導體階段，Steve 說你會試一試。你們量化了中國 COVID 關閉對你們業務的影響嗎？然後還有，關於你為什麼設法讓它對你的影響比你的一些同齡人少一點的任何見解？

So we did not break out what the China COVID impact is. Clearly, there are impacts from both supply, where we have manufacturing partners and supply chains that are affected, and there are customers, who are in the regions that are shut down and unable to conduct business in what they're doing. We have comprehended the impact from both the supply and the demand side into the guidance that we have provided. And beyond that, we're not trying to break it down any further than that.

因此，我們沒有詳細說明中國 COVID 的影響是什麼。顯然，供應都受到影響，我們的製造合作夥伴和供應鏈受到影響，還有客戶，他們在被關閉且無法開展業務的地區。我們已經將供需雙方的影響納入我們提供的指導。除此之外，我們不會試圖進一步分解它。

As far as what other people have done and how do we think, I honestly don't know, because it's all a function of what percent of their manufacturing or customer base is in the affected area, and that is not very knowable for us. So I presume each company has the insight into their business to provide the guidance that they think is right.

至於其他人做了什麼以及我們的想法，老實說，我不知道，因為這完全取決於他們的製造或客戶群在受影響地區的百分比，這對我們來說不是很清楚。所以我認為每家公司都對他們的業務有洞察力，可以提供他們認為正確的指導。

So let me add to that. I think the amount of China exposure, both on the supply chain as well as customers is different for different companies. When it comes to supply chain, we have moved a fair amount of our supply chain out of China when there were tariffs put on China back in 2019. A lot of them we left outside of China. So we had substantially lowered our exposure for the supply chain. That could be one.

所以讓我補充一下。我認為不同公司的供應鍊和客戶在中國的曝光量是不同的。在供應鏈方面，當 2019 年對中國征收關稅時，我們已經將相當多的供應鏈移出中國。其中很多是我們留在中國境外的。因此，我們大幅降低了供應鏈的風險敞口。那可能是一個。

In terms of the impact we're having on Chinese customers in Shanghai, yes, we have finite impact on that, but we were able to take that supply and ship it elsewhere, because of the larger delinquencies. So we were largely able to mitigate the impact of customers not wanting to accept the product, because they were closed.

就我們對上海的中國客戶的影響而言，是的，我們對此影響有限，但由於拖欠情況較大，我們能夠將這些供應運送到其他地方。因此，我們在很大程度上能夠減輕客戶不想接受產品的影響，因為他們已經關門了。

Our next question will come from David O'Connor with BNP Paribas.

我們的下一個問題將來自法國巴黎銀行的 David O'Connor。

Maybe, Ganesh, a question on silicon carbide. You had some new product announcements on silicon carbide in the quarter, pretty much around charging stations and on the industrial side. Can you just talk about Microchip's strategy and positioning there within silicon carbide? Is that just really focused on high voltage and a very particular application? And related to that as well, the -- as silicon carbide ramps up, is that a headwind to gross margin? That's my first question.

也許，Ganesh，關於碳化矽的問題。您在本季度發布了一些關於碳化矽的新產品公告，幾乎圍繞充電站和工業方面。您能談談 Microchip 在碳化矽領域的戰略和定位嗎？那真的只是專注於高壓和非常特殊的應用嗎？與此相關的是，隨著碳化矽的增加，這是否會對毛利率造成不利影響？這是我的第一個問題。

And then maybe just a follow-up on the CapEx for next year. You mentioned at the high end of the range. Could you give us any sense of what portion of that is maintenance versus capacity expansion?

然後可能只是明年資本支出的後續行動。你提到的範圍的高端。您能否告訴我們維護與容量擴展的哪個部分？

Sure. So our silicon carbide technology, came to us from the Microsemi acquisition, has a heritage started in aerospace and defense and therefore, has a substantial DNA that is built around robustness and reliability for where it's at. We have since continued to build that technology out and expand its focus into industrial and automotive, with a higher interest in industrial, because it's faster time to market, but also because it has a far more gross margin characteristics that align with where Microchip's interest are at.

當然。因此，我們從 Microsemi 收購而來的碳化矽技術具有航空航天和國防領域的傳統，因此具有圍繞其所在位置的穩健性和可靠性構建的大量 DNA。從那以後，我們繼續構建該技術並將其重點擴展到工業和汽車領域，對工業有更高的興趣，因為它的上市時間更快，而且因為它具有與 Microchip 的興趣相一致的更高的毛利率特徵在。

And so that's what we have done is continue to bring out new products that have higher voltage capabilities. High voltage is an indication of robustness and its ability to operate in these harsh environments. Bring out more product categories, I think we, at this point, probably have one of the larger catalog of silicon carbide products in the market.

因此，我們所做的就是繼續推出具有更高電壓能力的新產品。高電壓是穩健性及其在這些惡劣環境中運行的能力的標誌。帶出更多產品類別，我認為我們在這一點上可能擁有市場上更大的碳化矽產品目錄之一。

And we are prosecuting these in a broad range of applications with obviously a high degree of industrial customers, some in automotive. And in industrial, the one example you just cited, which is EV chargers is a key reference design for us -- for our total system solutions, not just for silicon carbide, but for many other parts of that solution that we bring that we're finding great success in.

我們正在廣泛的應用程序中對這些應用程序進行起訴，這些應用程序顯然具有高度的工業客戶，其中一些是汽車行業。在工業領域，您剛剛提到的一個例子是 EV 充電器，它是我們的關鍵參考設計——對於我們的整體系統解決方案，不僅針對碳化矽，還針對我們帶來的該解決方案的許多其他部分。重新找到了巨大的成功。

Yes. The second piece of your question was on CapEx, and it was maintenance versus expansion. And I would say the majority of our capital is going to be expansion. There's always some maintenance. You can look at some down years that we've seen, or the industry has seen in the past, and our CapEx is relatively minimal. It might be $60 million, $70 million, $75 million, but we're also running our factories very hard now. And with that, there is a required maintenance that has to happen. So I don't have a specific percentage for you, but the largest portion of it will be expansion capital.

是的。你的第二個問題是關於資本支出的，它是維護與擴張。我想說我們的大部分資本將用於擴張。總有一些維護。你可以看看我們已經看到的一些低迷年份，或者行業在過去看到的，我們的資本支出相對較少。可能是 6000 萬美元、7000 萬美元、7500 萬美元，但我們現在也在非常努力地經營我們的工廠。因此，必須進行必要的維護。所以我沒有給你一個具體的百分比，但其中最大的一部分將是擴張資本。

Our next question will come from Nick Todorov with Longbow Research.

我們的下一個問題將來自 Longbow Research 的 Nick Todorov。

Congrats on great results. I wanted to go back on the question about lagging edge capacity. Steve, I think your comments are very illuminating and explaining one of the reasons why lagging edge capacity is not as much as probably historically. But I just wonder, why do you think is going to remain constrained, given the fact that you and other peers are seeing substantial amount of unsupported backlog, tons of orders into visibility and for years ahead. So it seems like there's definitely demand out there. And also profitability for you and peers that are operating in that lagging edge capacity is an all-time high. So can you talk maybe one of the other factors why is lagging edge investments -- or lagging edge investments not going up?

祝賀偉大的結果。我想回到關於落後產能的問題。史蒂夫，我認為你的評論很有啟發性，並解釋了為什麼落後產能不如歷史上那麼多的原因之一。但我只是想知道，鑑於您和其他同行看到大量不受支持的積壓、大量訂單可見以及未來幾年，您為什麼認為會繼續受到限制。所以看起來那里肯定有需求。此外，您和以落後產能運營的同行的盈利能力也創歷史新高。那麼，您能否談談為什麼落後的投資 - 或落後的投資沒有上升的其他因素之一？

So when you talk to the foundry companies, their opportunity cost of investing in trailing edge is high as compared to making that same investment in leading edge. And so they have finite resources, finite bandwidth, and they need to decide where to put it. And right now, what we see and what they tell us is, that is going in the way that they are invest in their CapEx, which is mostly at the leading edge of where they're at.

因此，當您與代工公司交談時，與對前沿進行同樣的投資相比，他們投資後緣的機會成本很高。所以他們有有限的資源，有限的帶寬，他們需要決定把它放在哪裡。而現在，我們所看到的以及他們告訴我們的是，這正在以他們投資資本支出的方式進行，這主要處於他們所處的前沿。

There is also not always sufficient understanding of how trailing edge is a critical part of certain markets, particularly for certain product types, where the benefits of going to leading edge are very small to sometimes it's a negative to go take it, the leading edge in terms of cost and performance, et cetera.

也並不總是充分了解後緣如何成為某些市場的關鍵部分，特別是對於某些產品類型，在這些產品類型中，走向前沿的好處非常小，有時採取它是負面的，領先優勢在成本和性能等方面。

So that understanding is among a smaller set of companies. And typically, they will be the ones that are closer to their own manufacturing and understand what it takes. And so we just don't see a broad-based capacity investment by external foundries in trailing edge capacity given both their knowledge of the market, but also their priority in a constrained environment for their people, their CapEx and their bandwidth.

因此，這種理解是在一小部分公司中進行的。通常，他們會更接近自己的製造並了解需要什麼。因此，鑑於外部代工廠對市場的了解，以及他們在人員、資本支出和帶寬受限的環境中的優先考慮，我們只是沒有看到外部代工廠在後緣產能方面進行廣泛的產能投資。

We'll take a question from Craig Ellis with B. Riley Securities.

我們將接受 B. Riley Securities 的 Craig Ellis 的提問。

Congratulations on the real strong margins, team. I just wanted to follow-up on that last point and a few of the capacity-related points. But my question is really around external supply.

祝賀真正強勁的利潤，團隊。我只是想跟進最後一點和一些與容量相關的點。但我的問題實際上是關於外部供應。

Can you just talk about some of the gives and takes very recently with external supply? And given the commentary around foundries not investing as intensively, help us understand how the company feels about the external supplies contribution to the 10% to 15% longer-term growth rate? Do you feel like that, with your partners, you've got commitments to supply that can get you to that 10% to 15%? Or what will that part of supply do, if you can't get the supply that you need?

你能談談最近與外部供應的一些給予和接受嗎？鑑於有關鑄造廠投資不那麼密集的評論，幫助我們了解公司對外部供應對 10% 至 15% 的長期增長率的貢獻有何看法？您是否覺得，與您的合作夥伴一起，您已經承諾提供可以使您達到 10% 到 15% 的供應？或者，如果您無法獲得所需的供應，那部分供應會做什麼？

Yes. So we have every confidence that the capacity that we need to support our growth, through a combination of internal and external actions, will be there. And we will continue to work with existing partners. In some cases, we will work with new partners. We will, in many cases, partner in new and unique ways where we need to, to ensure that the capacity is there. And we are doing quite a bit on our internal capacity, right? That's where the whole the CapEx that we have talked about is also aimed at in order to be -- to ensure that high-growth, high-margin, long-term business can continue to be done internally where we can do it cost effectively.

是的。因此，我們完全有信心通過內部和外部行動相結合來支持我們的增長所需的能力將在那裡。我們將繼續與現有合作夥伴合作。在某些情況下，我們會與新的合作夥伴合作。在許多情況下，我們將在需要的地方以新的和獨特的方式合作，以確保有能力。我們在內部能力方面做了很多工作，對吧？這就是我們所討論的整個資本支出的目標，也是為了確保高增長、高利潤、長期的業務可以在內部繼續進行，我們可以在成本有效的情況下進行。

And we have no further questions queued at this time. So I'll turn things back over to Ganesh Moorthy for any additional or closing remarks.

我們目前沒有其他問題。因此，我將把事情交還給 Ganesh Moorthy，以獲取任何補充或結束語。

Great. Well, thank you, everyone, for joining us this afternoon. We look forward to seeing many of you on the circuit over the next couple of months, as we're out with the different conferences. Thank you. Bye-bye.

偉大的。好的，謝謝大家今天下午加入我們。我們期待在接下來的幾個月裡在巡迴賽上見到你們中的許多人，因為我們正在參加不同的會議。謝謝你。再見。

And that does conclude today's conference call. Once again, thanks, everyone, for joining us. You may now disconnect.

這確實結束了今天的電話會議。再次感謝大家加入我們。您現在可以斷開連接。