微晶片科技 (MCHP) 2020 Q1 法說會逐字稿

Good day, everyone, and welcome to this Microchip's First Quarter Fiscal 2020 Financial Results Conference Call.

大家好，歡迎參加 Microchip 2020 財年第一季度財務業績電話會議。

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音中。

At this time, I would like to turn the call over to Microchip's Chief Financial Officer, Mr. Eric Bjornholt.

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

Please go ahead, sir.

請繼續，先生。

Thank you, and good afternoon, everyone.

謝謝，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.

在本次電話會議期間，我們將對未來事件或公司未來的財務業績做出預測和其他前瞻性陳述。

We wish to caution you that such statements are predictions and that actual events or results may differ materially.

我們想提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

We refer you to our press releases of the day as well as our recent filings with the SEC that identify important risk factors that may impact Microchip's business and results of operations.

請參閱我們當天發布的新聞稿以及我們最近向美國證券交易委員會提交的文件，這些文件確定了可能影響 Microchip 的業務和運營結果的重要風險因素。

In attendance with me today are Steve Sanghi, Microchip's Chairman and CEO; and Ganesh Moorthy, Microchip's President and COO.

今天和我一起出席的有 Microchip 董事長兼首席執行官 Steve Sanghi； Microchip 總裁兼首席運營官 Ganesh Moorthy。

I will comment on our first quarter fiscal year 2020 financial performance, and Steve and Ganesh will then give their comments on the results, discuss the current business environment as well as our guidance and provide an update on our ongoing integration activities associated with the Microsemi acquisition.

我將對我們 2020 財年第一季度的財務業績發表評論，然後 Steve 和 Ganesh 將對結果發表評論，討論當前的商業環境以及我們的指導意見，並提供我們正在進行的與 Microsemi 收購相關的整合活動的最新情況.

We will then be available to respond to specific investor and analyst questions.

然後我們將可以回答具體的投資者和分析師問題。

We are including information in our press release and this conference call on various GAAP and non-GAAP measures.

我們在新聞稿和本次電話會議中包含了有關各種 GAAP 和非 GAAP 措施的信息。

We have posted a full GAAP to non-GAAP reconciliation on the Investor Relations page of our website at www.microchip.com, which we believe you will find useful when comparing our GAAP and non-GAAP results.

我們在我們網站 www.microchip.com 的投資者關係頁面上發布了完整的 GAAP 與非 GAAP 對賬，我們相信您在比較我們的 GAAP 和非 GAAP 結果時會發現有用。

We have also posted a summary of our outstanding debt and leverage metrics on our website, and I understand that those schedules aren't showing up right away, but we should have that issue corrected very shortly here for all of you.

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，我知道這些時間表不會立即顯示，但我們應該很快在這里為大家糾正這個問題。

I want to remind investors that during the June quarter of 2018, we adopted the new GAAP revenue recognition standard, which requires revenue to be recognized at the time products are sold to distributors versus our historical revenue recognition policy, where revenue on such transactions was deferred until the product was sold by our distributor to an end customer.

我想提醒投資者，在 2018 年 6 月季度，我們採用了新的 GAAP 收入確認標準，該標準要求在將產品出售給分銷商時確認收入，而我們的歷史收入確認政策則推遲了此類交易的收入直到我們的分銷商將產品出售給最終客戶。

As discussed in previous earnings conference calls, we continue to track and measure our performance internally based on direct revenue plus distribution sell-through activity, and each quarter, we will provide a metric for this called end-market demand in our earnings release.

正如在之前的收益電話會議中所討論的那樣，我們繼續根據直接收入加上分銷銷售活動在內部跟踪和衡量我們的業績，並且每個季度，我們將在我們的收益發布中提供一個稱為終端市場需求的指標。

Therefore, along with our GAAP and non-GAAP results based on distribution sell-in, we will also provide investors with our end-market demand based on distribution sellout, but will not provide a P&L based on end-market demand.

因此，除了我們基於分銷銷售的 GAAP 和非 GAAP 結果，我們還將為投資者提供基於分銷銷售的終端市場需求，但不會提供基於終端市場需求的損益表。

End-market demand in the June 2019 quarter was $1.35 billion, which was up 0.7% sequentially from the March 2019 quarter.

2019 年 6 月季度的終端市場需求為 13.5 億美元，比 2019 年 3 月季度增長 0.7%。

End-market demand was about $27 million more than our GAAP revenue in the June quarter.

終端市場需求比我們 6 月季度的 GAAP 收入高出約 2700 萬美元。

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

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。

I will be referring to these results on a non-GAAP basis, which is based on expenses, priority effects of our acquisition activities, share-based compensation and certain other adjustments as described in our press release.

我將在非 GAAP 基礎上提及這些結果，這是基於費用、我們收購活動的優先影響、基於股份的補償以及我們新聞稿中所述的某些其他調整。

Net sales in the June quarter were $1.323 billion, which was down 0.5% sequentially and slightly below the midpoint of our guidance of $1.33 billion.

6 月當季的淨銷售額為 13.23 億美元，環比下降 0.5%，略低於我們 13.3 億美元指引的中點。

I'll remind you that our guidance for the quarter was made prior to the ban on shipments to Huawei, which has historically been between a 1% and 2% revenue customer for us.

我會提醒您，我們對本季度的指導是在禁止向華為發貨之前製定的，從歷史上看，華為的收入客戶一直在 1% 到 2% 之間。

We have posted a summary of our GAAP net sales and end-market demand by product line and geography on our website for your reference.

我們在我們的網站上發布了按產品線和地理位置劃分的 GAAP 淨銷售額和終端市場需求摘要，供您參考。

On a non-GAAP basis, gross margins were 62%, operating expenses were 25.8% of sales, and operating income was 36.2% of sales.

按非美國通用會計準則計算，毛利率為 62%，營業費用佔銷售額的 25.8%，營業收入佔銷售額的 36.2%。

Non-GAAP net income was $357.6 million.

非美國通用會計準則淨收入為 3.576 億美元。

Non-GAAP earnings per diluted share was $1.41, which was $0.035 above the midpoint of our guidance of $1.375.

非 GAAP 每股攤薄收益為 1.41 美元，比我們 1.375 美元的指引中點高出 0.035 美元。

On a GAAP basis, gross margins were 61.6% and include the impact of $4.9 million of share-based compensation.

按 GAAP 計算，毛利率為 61.6%，其中包括 490 萬美元股權激勵的影響。

Total operating expenses were $643.6 million and include acquisition intangible amortization of $248.5 million, special charges of $8.1 million, $9.6 million of acquisition-related and other costs, and share-based compensation of $35.8 million.

總運營費用為 6.436 億美元，包括 2.485 億美元的收購無形攤銷、810 萬美元的特殊費用、960 萬美元的收購相關成本和其他成本，以及 3580 萬美元的股份補償。

The GAAP net income was $50.7 million or $0.20 per diluted share.

GAAP 淨收入為 5070 萬美元或每股攤薄收益 0.20 美元。

Our June quarter GAAP tax benefit included $12.6 million of discrete income tax benefits primarily related to a tax reserve release due to a statute of limitation expiring.

我們的 6 月季度 GAAP 稅收優惠包括 1260 萬美元的離散所得稅優惠，主要與因時效到期而釋放的稅收儲備有關。

The non-GAAP cash tax rate was 5.5% in the June quarter.

6 月季度的非 GAAP 現金稅率為 5.5%。

We expect our non-GAAP cash tax rate for fiscal '20 to be between 5% and 6%, 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.

我們預計我們 20 財年的非 GAAP 現金稅率在 5% 到 6% 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，以及與以前財政年度應計的稅款。

We have many tax attributes and net operating losses and tax credits as well as U.S. interest deductions that will -- that we believe will keep our cash tax payments low.

我們有許多稅收屬性和淨營業虧損和稅收抵免以及美國利息扣除，我們相信這將使我們的現金稅支付保持在較低水平。

The future cash tax payments associated with the transition tax is expected to be about $246 million and will be paid over 7 years, with $10 million of that being paid this quarter.

未來與過渡稅相關的現金稅款預計約為 2.46 億美元，將在 7 年內支付，其中 1000 萬美元將在本季度支付。

We have posted a schedule of our projected transition tax payments on the Investor Relations page of our website.

我們已在我們網站的投資者關係頁面上發布了預計的過渡稅支付時間表。

Our inventory balance at June 30, 2019 was $733.1 million.

我們在 2019 年 6 月 30 日的庫存餘額為 7.331 億美元。

We had 132 days of inventory at the end of June, up 4 days from the prior quarter's level.

截至 6 月底，我們的庫存天數為 132 天，比上一季度的水平增加了 4 天。

Inventory at our distributors in the June quarter were at 32 days compared to 35 days at the end of March.

我們經銷商在 6 月季度的庫存為 32 天，而 3 月底為 35 天。

We believe that barring any negative developments on the U.S.-China trade front, our distributors are holding a reasonable albeit lower-than-normal level of inventory to support end-market demand.

我們認為，除非美中貿易方面出現任何負面發展，否則我們的分銷商持有合理但低於正常水平的庫存，以支持終端市場需求。

The cash flow from operating activities was $380.6 million in the June quarter.

6 月季度經營活動產生的現金流量為 3.806 億美元。

As of June 30, the consolidated cash and total investment position was $437.1 million.

截至 6 月 30 日，綜合現金和總投資頭寸為 4.371 億美元。

We paid down $257.5 million of total debt in the June quarter, and the net debt on the balance sheet was reduced by $263.7 million.

我們在 6 月季度償還了 2.575 億美元的總債務，資產負債表上的淨債務減少了 2.637 億美元。

Our EBITDA in the June quarter was $537.1 million, and our trailing 12-month EBITDA was $2.212 billion.

我們在 6 月季度的 EBITDA 為 5.371 億美元，過去 12 個月的 EBITDA 為 22.12 億美元。

Our net debt-to-EBITDA, excluding our very long-dated convertible debt that matures in 2037 and is more equity-like in nature, was 4.65 at June 30, 2019.

截至 2019 年 6 月 30 日，我們的淨債務與 EBITDA 之比為 4.65，不包括 2037 年到期且性質更類似股權的超長期可轉換債券。

We are committed to using substantially all of our excess cash generation beyond our dividend payments to reduce our debt levels, and we expect our debt levels to reduce significantly over the next several years.

我們致力於使用除股息支付之外的幾乎所有超額現金產生來降低我們的債務水平，我們預計我們的債務水平將在未來幾年內顯著降低。

Our dividend payment in the June quarter was $87.1 million.

我們在 6 月季度支付的股息為 8710 萬美元。

Capital expenditures were $23.9 million in the June quarter.

6 月季度的資本支出為 2390 萬美元。

We expect about $30 million in capital spending in the September quarter and overall capital expenditures for fiscal 2020 to be between $110 million and $130 million.

我們預計 9 月季度的資本支出約為 3000 萬美元，2020 財年的總體資本支出將在 1.1 億美元至 1.3 億美元之間。

We continue to add capital to support the growth of our production capabilities of our new products and technologies and to bring in-house more of the assembly and test operations that are currently outsourced.

我們繼續增加資本以支持我們新產品和技術生產能力的增長，並將更多目前外包的組裝和測試業務引入內部。

We expect these capital investments will bring some gross margin improvement to our business, particularly for the outsourced Atmel and Microsemi manufacturing activities that we are bringing into our own factories.

我們預計這些資本投資將為我們的業務帶來一定的毛利率改善，特別是對於我們正在引入我們自己工廠的外包 Atmel 和 Microsemi 製造活動。

Depreciation expense in the June quarter was $46.2 million.

6 月季度的折舊費用為 4620 萬美元。

I will now turn it over to Ganesh to give us comments on the performance of the business in the June quarter and provide an update on some of our ongoing Microsemi integration activities.

我現在將其轉交給 Ganesh，讓我們對 6 月季度的業務表現發表評論，並提供我們正在進行的一些 Microsemi 集成活動的最新情況。

Ganesh?

像頭神？

Thank you, Eric, and good afternoon, everyone.

謝謝埃里克，大家下午好。

Before I get started, I'd like to clarify that the product line comparisons I will be sharing with you today are based on end-market demand, which is how Microchip measures its performance internally.

在開始之前，我想澄清一下，我今天要與大家分享的產品線比較是基於終端市場需求，這是 Microchip 內部衡量其性能的方式。

Also, with the start of a new fiscal year and a full year of Microsemi results under our belt, we are making an adjustment to our product line reporting for our conference calls.

此外，隨著新財政年度的開始和美高森美一整年的業績，我們正在調整電話會議的產品線報告。

We will continue to provide product line reporting for microcontrollers, analog and FPGA, which make up almost 90% of our revenue.

我們將繼續為微控制器、模擬和 FPGA 提供產品線報告，它們幾乎占我們收入的 90%。

We will report licensing, memory and MMO, or multimarket and other, as a fourth category called LMO, which stands for licensing memory and other, which is about 10% of our revenue.

我們將報告許可、內存和 MMO，或多市場和其他，作為稱為 LMO 的第四個類別，它代表許可內存和其他，大約占我們收入的 10%。

Let's start by taking a closer look at microcontrollers.

讓我們從仔細研究微控制器開始。

Our microcontroller business was sequentially up 1.8% compared to the March quarter, reflecting some strength in what otherwise continues to be broad macro weakness in the markets we serve.

與 3 月季度相比，我們的微控制器業務環比增長 1.8%，反映出我們所服務的市場在其他方面仍然是廣泛的宏觀疲軟中的一些優勢。

During the quarter, we shipped our 25-billionth microcontroller, a milestone in our rich heritage as a microcontroller solutions provider.

在本季度，我們出貨了第 250 億個微控制器，這是我們作為微控制器解決方案提供商的豐富傳統的里程碑。

We also continue to introduce a steady stream of innovative new microcontrollers, including several new touchscreen microcontrollers with industry-leading noise immunity; with screen sizes of 9 to 20 inches; the industry's first commercially available enhanced Serial Peripheral Interface, known as eSPI; to low pin count, known as LPC, bridge product for industrial computers; the addition of a single port solution to our USB smart hub family target at entry-level automotive applications; and last but not least, we unveiled our META-DX1 family of ethernet devices, the industry's first terabit-scale ethernet device that enables high-density 400-gigabit ethernet and flexible rate ethernet connectivity.

我們還不斷推出源源不斷的創新型新型微控制器，包括數款具有業界領先抗噪能力的新型觸摸屏微控制器；屏幕尺寸為 9 至 20 英寸；業界首款商用增強型串行外設接口，稱為 eSPI；到低引腳數，稱為 LPC，工業計算機的橋接產品；為我們針對入門級汽車應用的 USB 智能集線器系列增加單端口解決方案；最後但並非最不重要的一點是，我們推出了 META-DX1 以太網設備系列，這是業界首款可實現高密度 400 千兆以太網和靈活速率以太網連接的太比特級以太網設備。

Microcontrollers represented 53.8% of our end-market demand in the June quarter.

微控制器佔 6 月季度終端市場需求的 53.8%。

Now moving to analog.

現在轉向模擬。

Our analog business was sequentially down 0.7% compared to the March quarter, reflecting the broad macro weakness Microchip and others in the industry are experiencing.

與 3 月季度相比，我們的模擬業務環比下降 0.7%，反映了 Microchip 和業內其他公司正在經歷的廣泛宏觀疲軟。

During the quarter, we continued to introduce a steady stream of innovative analog products, including the production release of our 700-volt silicon carbide MOSFETs as well as our 700-volt and 1200-volt silicon carbide Schottky Barrier Diodes, high-precision 16-bit and 24-bit analog-to-digital converters, an IEEE 802.3 compliant power over ethernet switch, and the industry's first clock buffers that meet PCIe Generation 4 and Generation 5 specifications.

本季度，我們繼續推出源源不斷的創新模擬產品，包括我們的 700 伏碳化矽 MOSFET 以及我們的 700 伏和 1200 伏碳化矽肖特基勢壘二極管、高精度 16-位和 24 位模數轉換器、符合 IEEE 802.3 標準的以太網供電開關，以及業界首款滿足 PCIe 第 4 代和第 5 代規範的時鐘緩衝器。

Analog represented 28.5% of our end-market demand in the June quarter.

模擬產品占我們 6 月季度終端市場需求的 28.5%。

Our FPGA end-market demand reached an all-time record even after going back through the Microsemi and Actel history, with 7% sequential growth compared to the March quarter coming in at almost $101 million.

即使回顧 Microsemi 和 Actel 的歷史，我們的 FPGA 終端市場需求也達到了歷史記錄，與 3 月季度相比環比增長 7%，達到近 1.01 億美元。

The FPGA business does have some lumpiness because of our significant exposure to space, aviation and defense markets, where procurement timing can be a function of programs and their shifting priorities schedules and budgets.

由於我們在太空、航空和國防市場的大量涉足，FPGA 業務確實存在一些問題，在這些市場中，採購時間可能是項目及其不斷變化的優先級時間表和預算的函數。

Designments on our new low-power mid-range PolarFire family continue to grow strongly, and we remain optimistic about this product family adding another leg of growth for the future.

我們新的低功耗中檔 PolarFire 系列的設計繼續強勁增長，我們仍然樂觀地認為該產品系列為未來增加了另一條增長點。

FPGA represented 7.5% of our end-market demand in the June quarter.

FPGA 佔 6 月季度終端市場需求的 7.5%。

Our licensing, memory and other product line, which we refer to as LMO, was sequentially down 4.9% in the June quarter as compared to the March quarter, reflecting the broad macro weakness that Microchip and others in the industry are experiencing.

我們的許可、內存和其他產品線，我們稱之為 LMO，與 3 月季度相比，6 月季度環比下降 4.9%，反映出 Microchip 和業內其他公司正在經歷的廣泛宏觀疲軟。

Collectively, LMO represented 10.2% of our end-market demand.

總的來說，改性活生物體占我們終端市場需求的 10.2%。

A quick update about the ongoing Microsemi integration.

關於正在進行的 Microsemi 集成的快速更新。

Business units and sales have substantially completed their integration activity.

業務部門和銷售部門已基本完成整合活動。

We are pleased with the synergies we have achieved since we closed the transaction despite the weaker macro environment over the last 4 quarters.

儘管過去 4 個季度宏觀環境疲軟，但我們對自完成交易以來取得的協同效應感到滿意。

As we said before, business systems and operations integration will take the longest time to complete as we execute this transition in phases.

正如我們之前所說，業務系統和運營集成將花費最長的時間來完成，因為我們分階段執行此過渡。

We expect the overall business and operational integration will take about another 12 months to complete, and we expect continued synergy gains for many quarters to come.

我們預計整體業務和運營整合還需要大約 12 個月才能完成，我們預計未來多個季度將繼續獲得協同效應。

Finally, a short update about the Huawei situation from our perspective.

最後，從我們的角度簡要介紹一下華為的情況。

We estimate that our exposure to Huawei to be approximately 1% to 2% of our end-market demand.

我們估計我們對華為的敞口約占我們終端市場需求的 1% 至 2%。

Our revenue with Huawei is a combination of what we ship to them directly as well as what we ship indirectly to their subcontractors, and in some cases, through distributors.

我們與華為的收入是我們直接運送給他們的產品以及我們間接運送給他們的分包商的產品的組合，在某些情況下，還包括通過分銷商。

We stopped all shipments to Huawei when the Department of Commerce issued an Export Administration Regulation or EAR in May.

當商務部在 5 月發佈出口管理條例或 EAR 時，我們停止了對華為的所有發貨。

About a month after that, based on further analysis of the EAR, we began allowing shipments to Huawei for several products that were permissible to ship under the EAR.

大約一個月後，根據對 EAR 的進一步分析，我們開始允許將 EAR 允許發貨的幾種產品發貨給華為。

However, the benefit for the June quarter was limited as Huawei, in many cases, did not want the product since they could not complete their bill of materials.

然而，6 月季度的收益有限，因為在許多情況下，華為不想要該產品，因為他們無法完成物料清單。

There remains continued uncertainty as to whether Huawei will want all that we can ship this quarter as they may or may not be able to complete their bill of materials.

關於華為是否需要我們本季度可以發貨的所有產品，仍然存在不確定性，因為他們可能無法完成材料清單。

Let me now pass it to Steve for some comments about our business and our guidance going forward.

現在讓我把它轉交給史蒂夫，徵求他對我們的業務和我們未來的指導的一些評論。

Steve?

史蒂夫？

Thank you, Ganesh, and good afternoon, everyone.

謝謝 Ganesh，大家下午好。

Today, I would like to first reflect on the results of the fiscal first quarter of 2020.

今天，我想首先回顧一下 2020 財年第一季度的業績。

I will then provide guidance for the fiscal second quarter of 2020.

然後我將提供 2020 財年第二季度的指導。

Before I analyze our June quarter results, I want to remind everyone that our guidance for June quarter was provided before the ban on shipments to Huawei was announced.

在我分析我們的 6 月季度業績之前，我想提醒大家，我們對 6 月季度的指導是在宣布禁止向華為發貨之前提供的。

The midpoint of our guidance was flat sequentially.

我們指導的中點連續持平。

Huawei is approximately 1% to 2% of our revenue and about half the quarter was impacted.

華為大約占我們收入的 1% 到 2%，大約一半的季度受到影響。

Our June quarter GAAP net sales based on sell-in revenue recognition was down 0.5% sequentially, and without the Huawei ban, it would have been slightly positive.

我們基於銷售收入確認的 6 月季度 GAAP 淨銷售額環比下降 0.5%，如果沒有華為禁令，它會略微積極。

Our end-market demand based on sell-through was 0.7% up sequentially and would have been higher without the Huawei ban.

我們基於銷售率的終端市場需求環比增長 0.7%，如果沒有華為禁令，該需求會更高。

The end-market demand was stronger than sell-in revenue, which is consistent with the thesis that the channel is continuing to manage their working capital conservatively by reducing inventory due to uncertainty.

終端市場需求強於銷售收入，這與該渠道因不確定性而通過減少庫存繼續保守地管理其營運資金的論點一致。

As we stated on our February conference call, our review that the March quarter would mark the bottom for this cycle based on end-market demand is proving to be correct.

正如我們在 2 月份的電話會議上所說，我們認為根據終端市場需求，3 月份季度將標誌著本週期的底部，事實證明這是正確的。

This statement is also proving to be correct for GAAP revenue after excluding the impact of the Huawei ban.

在排除華為禁令的影響後，這一說法也被證明對 GAAP 收入是正確的。

So given very difficult and uncertain market conditions, we are pleased with the net sales result that we have delivered.

因此，鑑於非常困難和不確定的市場條件，我們對我們交付的淨銷售結果感到滿意。

Our consolidated non-GAAP gross margin at 62% was right at the midpoint of our guidance.

我們的綜合非 GAAP 毛利率為 62%，正好處於我們指引的中點。

Our consolidated non-GAAP operating margin of 36.2% also was at the midpoint of our guidance.

我們的綜合非 GAAP 營業利潤率為 36.2%，也處於我們指導的中點。

The integration of Microsemi continues to proceed very nicely.

Microsemi 的整合繼續順利進行。

Since the closing of the acquisition, we are continuing to see strong synergies and improvements in gross and operating margins for Microsemi products.

自收購完成以來，我們繼續看到 Microsemi 產品的強大協同效應以及毛利率和營業利潤率的提高。

Our consolidated non-GAAP EPS was $1.41 and exceeded the midpoint of our guidance by $0.035 per share.

我們的合併非 GAAP 每股收益為 1.41 美元，超出我們指導的中點每股 0.035 美元。

On a non-GAAP basis, this was also our 115th consecutive profitable quarter, a tribute to the employees of Microchip, including employees from all of our acquisitions for their contribution to our success.

在非 GAAP 基礎上，這也是我們第 115 個連續盈利的季度，這是對 Microchip 員工的致敬，包括我們所有收購的員工為我們的成功做出的貢獻。

In the June quarter, we paid down $257.5 million of our debt.

在 6 月季度，我們償還了 2.575 億美元的債務。

Our total debt payment since the end of June 2018 has been $1.414 billion.

自 2018 年 6 月底以來，我們的總債務支付額為 14.14 億美元。

The pace of debt payments has been strong despite the weak and uncertain business conditions that we have experienced.

儘管我們經歷了疲軟和不確定的商業環境，但債務支付的步伐一直很強勁。

With some of the inventory correction quarters rolling off from 4-quarter rolling calculations, we're optimistic that the peak of our debt-to-EBITDA leverage is behind us and we should see meaningful continuing reduction in leverage in future periods.

隨著一些庫存修正季度從第 4 季度滾動計算中滾動，我們樂觀地認為我們的債務與 EBITDA 槓桿的峰值已經過去，我們應該會看到未來期間槓桿率繼續顯著下降。

Now I will provide you guidance for the September quarter.

現在我將為您提供 9 月季度的指導。

While the uncertainty began with U.S.-China trade friction, the uncertainty has become global.

雖然不確定性始於美中貿易摩擦，但不確定性已經成為全球性的。

Europe was the weakest geography for us during the June quarter.

在 6 月季度，歐洲是我們最疲軟的地區。

Our customers and distributors are blaming the weak business conditions in Europe to the effect of very weak exports to China as well as uncertainty due to Brexit.

我們的客戶和分銷商將歐洲疲軟的商業環境歸咎於對中國出口非常疲軟以及英國脫歐帶來的不確定性。

The largest economy in Europe, Germany, is near recessionary levels with auto production down significantly.

歐洲最大的經濟體德國已接近衰退水平，汽車產量大幅下降。

Our China business was actually up, recovering from the Chinese New Year with more shipping days as we expected.

我們的中國業務實際上有所上升，正如我們預期的那樣，從農曆新年中恢復過來，運輸天數增加了。

While there is this continued uncertainty in Europe as well as in U.S.-China trade relations, given the multi-quarter inventory correction we have seen at the distributors' end customers, we expect net sales for our products in the September quarter to be between flat to up 4% sequentially.

儘管歐洲以及美中貿易關係持續存在不確定性，但鑑於我們在分銷商終端客戶處看到的多季度庫存調整，我們預計我們產品在 9 月季度的淨銷售額將在持平之間環比增長 4%。

We expect our non-GAAP gross margin to be between 61.8% and 62.2% of sales.

我們預計我們的非 GAAP 毛利率將在銷售額的 61.8% 至 62.2% 之間。

We expect non-GAAP operating expenses to be between 25.3% and 26.3% of sales.

我們預計非 GAAP 運營費用將佔銷售額的 25.3% 至 26.3% 之間。

We expect non-GAAP operating profit percentage to be between 35.5% and 36.9% of sales.

我們預計非 GAAP 營業利潤百分比將在銷售額的 35.5% 至 36.9% 之間。

And we expect our non-GAAP earnings per share to be between $1.37 to $1.49 per share.

我們預計我們的非 GAAP 每股收益將在每股 1.37 美元至 1.49 美元之間。

Given all the complications of accounting for acquisitions, including amortization of intangibles, restructuring charges and inventory writeup on acquisitions, Microchip will continue to provide guidance and track its results on a non-GAAP basis, except for net sales, which will be on a GAAP basis.

考慮到收購會計的所有復雜性，包括無形資產攤銷、重組費用和收購庫存增記，Microchip 將繼續提供指導並在非 GAAP 基礎上跟踪其結果，但淨銷售額除外，這將在 GAAP 基礎上進行基礎。

We believe that non-GAAP results provide for more meaningful comparison to prior quarters and we request that the analysts continue to report their non-GAAP estimates to First Call.

我們認為，非 GAAP 業績與前幾個季度相比提供了更有意義的比較，我們要求分析師繼續向 First Call 報告他們的非 GAAP 估計。

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

有了這個，接線員，請你投票提問好嗎？

(Operator Instructions) And we'll now take a question from Craig Hettenbach with Morgan Stanley.

（操作員說明）現在我們將與摩根士丹利一起接受 Craig Hettenbach 的提問。

Steve, thanks for the color by geography.

史蒂夫，感謝地理顏色。

As you look into the September quarter, do you expect similar trends in terms of the recent stabilization in China, Europe weak, and any thoughts on just North America, how that's holding up into September?

當您查看 9 月季度時，您是否預計在中國最近的穩定、歐洲疲軟以及對北美的任何想法方面會出現類似的趨勢，這將如何持續到 9 月？

So I think it should be reasonably similar.

所以我認為它應該是相當相似的。

The September quarter is usually a good quarter in Asia, and that should continue in Asia and China.

9 月季度在亞洲通常是一個不錯的季度，亞洲和中國應該會繼續保持這種勢頭。

But Europe should continue to be the weakest geography, and America is sort of normal.

但歐洲應該繼續是最薄弱的地區，而美國在某種程度上是正常的。

We'll now take a question with Vivek Arya with Bank of America Merrill Lynch.

我們現在將向美國銀行美林證券的 Vivek Arya 提問。

So Steve, over the last few quarters, we have seen distributors reduce inventory, I think in the last 2 quarters, that went from 36 days, to 35, now 32 days.

所以史蒂夫，在過去的幾個季度裡，我們看到分銷商減少了庫存，我認為在過去的兩個季度裡，庫存從 36 天減少到 35 天，現在是 32 天。

Is this kind of the bottom?

是這種底嗎？

And can you give us some historical context that outside of, say, the financial crisis, what's the lowest that the distributors have gone to in terms of holding inventory?

你能給我們一些歷史背景嗎？比如說，在金融危機之外，分銷商在持有庫存方面的最低水平是多少？

Okay.

好的。

So this is Eric Bjornholt.

這是 Eric Bjornholt。

So I mean if you look at the last 10 years, our distribution inventory days have ranged between 27 and 47.

所以我的意思是，如果你看看過去 10 年，我們的分銷庫存天數在 27 到 47 之間。

At 32 days, that's the lowest that we've definitely seen in several years, and we don't really think that it's going to go much lower than this.

32 天，這是我們幾年來絕對看到的最低點，我們真的認為它不會比這低很多。

So I think it's probably relatively stable here, but our distributors are definitely managing their working capital requirements given the uncertainty of the environment.

所以我認為這裡可能相對穩定，但鑑於環境的不確定性，我們的分銷商肯定會管理他們的營運資金需求。

Last quarter, we had made similar commentary that we didn't think it would go much lower and it went down by about 3 days.

上個季度，我們做出了類似的評論，我們認為它不會走低很多，而且下降了大約 3 天。

But we think this is likely the bottom, but could it fluctuate by a day or 2 in either direction, that's definitely possible.

但我們認為這很可能是底部，但它是否會朝任一方向波動一天或兩天，這絕對是可能的。

We'll now take a question from Harsh Kumar with Piper Jaffray.

我們現在將與 Piper Jaffray 一起接受 Harsh Kumar 的提問。

A quick question, Steve.

一個簡短的問題，史蒂夫。

It seems like you sound a little bit more bullish than you have in the past 3 or 4 calls.

看起來你聽起來比過去 3 或 4 個電話更樂觀。

Curious if you can share specifics.

好奇你是否可以分享細節。

You talked a little bit about specifics and maybe what you're seeing within China that might give you some optimism or why you might have been up.

您談到了一些具體細節，也許您在中國看到的情況可能會給您帶來一些樂觀情緒，或者您為什麼會一直起床。

Any color on product segments?

產品細分有任何顏色嗎？

And you think we can go back to normal growth from here, including seasonality, or we're going to kind of chug along the bottom a little bit?

你認為我們可以從這裡恢復正常增長，包括季節性，或者我們會在底部稍微突突？

Well, Harsh, it's always the same saga in every cycle.

好吧，Harsh，每個週期總是相同的故事。

We usually see the cycles coming ahead of everybody else and you sort of see it ending ahead of everybody else, and we get a large amount of disbelief from the audience on both sides of the cycle.

我們通常會看到週期先於其他人到來，你會看到它先於其他人結束，我們從周期兩邊的觀眾那裡得到了很大的懷疑。

So we have -- we first experienced the down cycle starting in about July, August last year.

所以我們 - 我們第一次經歷了從去年 7 月、8 月左右開始的下行週期。

So we've been in it for a year and have been reducing inventory in distribution, in channel, in major OEM customers and inside.

所以我們已經做了一年，一直在減少分銷、渠道、主要 OEM 客戶和內部的庫存。

And after a multi-quarter inventory correction, we are actually seeing the backlog is up from prior quarter and we are seeing some strength coming back.

經過多個季度的庫存調整後，我們實際上看到積壓訂單比上一季度有所增加，我們看到一些力量正在恢復。

So that's really kind of what I'm reflecting while you're hearing some of the other people in the industry talking about multi-quarter inventory correction ahead of them because they either went into it much later or they continued to, sort of, I would say, based on selling revenue recognition, continue to have strong shipments into the channel, which we did not do.

所以當你聽到業內其他一些人談論他們之前的多季度庫存修正時，這確實是我所反映的，因為他們要么晚得多，要么繼續，有點，我會說，基於銷售收入確認，繼續有強勁的出貨量進入渠道，這是我們沒有做到的。

So I think that's really what I'm reflecting.

所以我認為這真的是我正在反映的。

Other than that, I think there's significant uncertainty in the U.S.-China trade relations as well as Brexit deadline coming in 3 months, and I'll only know what will transpire there.

除此之外，我認為美中貿易關係以及 3 個月後英國脫歐的最後期限存在很大的不確定性，我只知道那裡會發生什麼。

We'll now take your question from Ambrish Srivastava with BMO.

我們現在將接受 BMO 的 Ambrish Srivastava 的提問。

This is Jamison calling in for Ambrish.

我是賈米森，正在為安布里什打電話。

So I was hoping you guys could talk to me about some of your receivables.

所以我希望你們能和我談談你們的一些應收賬款。

And also, they're up about 6% quarter-on-quarter on a dollar basis and 5 days sequentially.

而且，它們按美元計算環比增長約 6%，連續 5 天增長。

And I understand that there was some classification -- reclassification in the receivables last quarter, but can you talk about what is at play here?

我知道上個季度的應收賬款有一些分類——重新分類，但你能談談這裡發生了什麼嗎？

It is just a timing thing, and do you expect them to come down in the upcoming quarters?

這只是一個時間問題，你預計他們會在接下來的幾個季度下降嗎？

Okay.

好的。

It's a good question.

這是個好問題。

So there's no reclassification that's occurring this quarter.

因此，本季度沒有發生重新分類。

That was something that we did as part of our year-end process in March.

這是我們在 3 月份的年終流程中所做的事情。

So this is really just based on the shipment linearity in the quarter, one quarter to the next that drove that to be a little bit higher, and we would expect that to really kind of correct itself over time and kind of be more in line with what the revenue curve is going to be in the future.

所以這實際上只是基於本季度的出貨量線性度，一個季度到下一個季度推動它稍微高一點，我們預計它會隨著時間的推移真正自我糾正並且更符合未來的收入曲線是什麼。

So hopefully, that answers your question, but there's nothing unusual going on in receivables.

希望這能回答您的問題，但應收賬款方面沒有任何異常情況。

There's no receivables.

沒有應收賬款。

We're in good shape.

我們的狀態很好。

We don't have any significant bad debts or anything like that, so all that should come to cash here over time.

我們沒有任何重大的壞賬或類似的東西，所以隨著時間的推移，所有這些都應該在這裡兌現。

Okay.

好的。

And then my follow-up is regarding CapEx.

然後我的後續行動是關於資本支出的。

It looks like your 2020 guidance is reduced towards $120 million, which I believe is around, give or take, 2% capital intensity and lower than the last several years.

看起來你的 2020 年指導減少到 1.2 億美元，我認為這大約是 2% 的資本密集度，低於過去幾年。

So I was wondering what is driving these reductions.

所以我想知道是什麼推動了這些減少。

Is it just lower demand, and do you expect CapEx to stay around these levels in the near term or tick back up towards the more historical 4% to 5% in the future?

只是需求下降，您預計資本支出在短期內會保持在這些水平附近，還是在未來回升至更具歷史意義的 4% 至 5%？

Okay.

好的。

So we were, in last fiscal year, fiscal '19, we were putting capital in place at least early in the year for an expansion environment, which didn't come to fruition.

因此，在上一財年，即 19 財年，我們至少在年初為擴張環境投入了資金，但沒有實現。

So we're very well positioned from a CapEx perspective of what's in place.

因此，從資本支出的角度來看，我們的定位非常好。

We've reduced the CapEx in the current year by about $20 million when we last talked to the Street and just managing the business appropriately in that environment.

當我們上次與華爾街交談並在該環境中適當管理業務時，我們已將本年度的資本支出減少了約 2000 萬美元。

So we tend to go through peaks and valleys in CapEx, but I'd say, over time, you should expect CapEx to be in the range of 3% to 4% of sales.

所以我們傾向於經歷資本支出的高峰和低谷，但我想說，隨著時間的推移，你應該期望資本支出在銷售額的 3% 到 4% 之間。

We'll now take your question from Gary Mobley with Wells Fargo Securities.

我們現在將從富國銀行證券公司的 Gary Mobley 那裡回答您的問題。

Eric, I had a couple of questions for you on the gross margin in OpEx.

埃里克，我有幾個關於運營支出毛利率的問題要問你。

I believe you were guiding for the June quarter for underutilization to impact gross margin by 70 basis points.

我相信您在 6 月季度的指導下未充分利用將毛利率影響 70 個基點。

Was that the case?

是這樣嗎？

And were you sort of discounting in your September quarter outlook?

您是否對 9 月份的季度展望進行了打折？

And then with respect to the OpEx, non-GAAP OpEx, you're, I think, guiding for a $10 million sequential increase.

然後關於 OpEx，非 GAAP OpEx，我認為你正在指導 1000 萬美元的連續增長。

Based on the midpoint of the guidance, that's the first increase in 5 quarters.

根據指導的中點，這是 5 個季度以來的首次增長。

I'm just wondering what's behind that.

我只是想知道這背後是什麼。

Okay.

好的。

So we'll take it one at a time.

所以我們一次一個。

So on the gross margin side, we did have underutilization charge again this quarter.

因此，在毛利率方面，本季度我們確實再次出現未充分利用費用。

It was pretty much in line with what it was in the previous quarter.

這與上一季度的情況基本一致。

It was $7.3 million.

這是 730 萬美元。

I think that's up $200,000 quarter-on-quarter.

我認為這比上一季度增加了 200,000 美元。

We're running our factories kind of at an attrition level, in most cases, at this point in time.

目前，在大多數情況下，我們的工廠都處於消耗水平。

So production has been coming down.

所以產量一直在下降。

Our inventory is higher than kind of our normal operating levels of 1 15 to 1 20.

我們的庫存高於 1 15 至 1 20 的正常運營水平。

And at this point in the cycle, that is not unusual.

在周期的這一點上，這並不罕見。

But over time, we do want to bring that inventory balance down.

但隨著時間的推移，我們確實希望降低庫存餘額。

So that's really hit on gross margin.

所以這真的影響了毛利率。

On OpEx, you're right, we are guiding to an increase.

在 OpEx 上，你是對的，我們正在指導增加。

And we have managed operating expenses very tightly, really since the September 2018 quarter and have really kind of beaten our guidance on OpEx in September, December and March quite significantly and came in kind of at the target in the current quarter and running the business conservatively.

而且我們非常嚴格地管理運營費用，實際上是從 2018 年 9 月季度開始，並且在 9 月、12 月和 3 月確實大大超過了我們對運營支出的指導，並且在當前季度達到了目標並且保守地經營業務.

But there are investments that we feel we need to continue to make in this business to drive the ongoing health of our business and future growth opportunities.

但我們認為我們需要繼續對該業務進行投資，以推動我們業務的持續健康發展和未來的增長機會。

So we view that change as relatively small in the current quarter.

因此，我們認為當前季度的變化相對較小。

As a percentage of revenue, it is targeted to be flat at the midpoint of guidance at 25.8%.

作為收入的百分比，目標是持平於指導的中點 25.8%。

We'll now take a question from William Stein with SunTrust.

我們現在將接受來自 SunTrust 的 William Stein 的提問。

And congrats on the good results considering such a tough demand environment.

並祝賀在如此艱難的需求環境下取得的好成績。

I'm hoping you can quantify the dollar savings or the synergies that are remaining with regard to the Microsemi acquisition and your anticipated timing on achieving those?

我希望您能量化與 Microsemi 收購相關的美元節省或協同效應，以及您實現這些目標的預期時間？

Well, so I think we can order it genetically because we're really not, at this point in time, breaking results out.

好吧，所以我認為我們可以從基因上對其進行排序，因為在這個時間點我們真的沒有突破結果。

We had guided at the end of first year our synergy to be at a rate of $0.75 per share on an annualized basis.

我們在第一年年底指導我們的協同效應在年化基礎上達到每股 0.75 美元。

We can tell you that we are ahead of it.

我們可以告訴你，我們領先於它。

After 1 year, we have really exceeded those targets.

一年後，我們確實超額完成了這些目標。

And then the longer-term 3-year synergy targets that we had identified were $1.75, which were -- and you can pick the second year number somewhere in between $0.75 and $1.75.

然後我們確定的長期 3 年協同目標是 1.75 美元，你可以選擇 0.75 美元到 1.75 美元之間的第二年數字。

And the $1.75 number was consisting of 3 items, although we didn't provide a breakdown of those 3 items.

1.75 美元的數字由 3 個項目組成，儘管我們沒有提供這 3 個項目的細目分類。

One was the OpEx synergy.

一是運營支出協同效應。

The second one was the COGS synergy, where we're bringing stuff inside and improving gross margin.

第二個是 COGS 協同效應，我們正在將東西帶入內部並提高毛利率。

And the third one was the -- is the benefit coming from sales, incremental sales growth and all that.

第三個是——來自銷售、增量銷售增長等的好處。

There was actually a fourth item, which was tax, although we originally did not mention tax.

其實還有第四項，就是稅，雖然我們原來沒有提到稅。

So as we look at it about 1.25 years after, we are ahead of our synergy targets from the expenses, we are ahead of our synergy targets on the COGS side, and we are ahead of our synergy targets on the tax side.

因此，當我們在大約 1.25 年後看它時，我們在費用方面領先於我們的協同目標，我們在 COGS 方面領先於我們的協同目標，我們在稅收方面領先於我們的協同目標。

So 3 out of 4 are ahead, and one we are behind, which is the revenue, largely driven by the environment that we have faced.

所以 4 個中有 3 個領先，我們落後一個，這是收入，主要由我們所面臨的環境驅動。

So that's kind of where we are.

這就是我們所處的位置。

We'll now take a question from Chris Caso with Raymond James.

我們現在將與雷蒙德·詹姆斯一起接受克里斯·卡索的提問。

I guess a question on some of the ongoing trade tensions and specifically, some of the new tariffs that are going to come into place.

我猜這是關於一些持續的貿易緊張局勢的問題，特別是一些即將實施的新關稅。

I know, Steve, you have been watching this closely with respect to your business.

我知道，史蒂夫，你一直在密切關注你的業務。

And I guess with this next round, do you expect any activity from the channel, kind of pull-forwards, push-outs as a result of that?

我想在下一輪中，您是否期望該渠道有任何活動，因此會出現一些前拉、推出的情況？

Or has this been going on long enough now that maybe there's some exhaustion in the channel and it's having less of an effect.

或者這種情況已經持續了足夠長的時間，以至於頻道中可能有些疲憊並且影響較小。

I appreciate your perspective.

我很欣賞你的觀點。

Well, I think first thing I would say is that this is a second quarter in a row where there has been a significant tweak between the time we prepared our guidance and prepared our notes, to the time we delivered our guidance and delivered our notes.

好吧，我想我要說的第一件事是，這是連續第二個季度，在我們準備指南和準備筆記的時間與我們發布指南和發布筆記的時間之間發生了重大調整。

And a quarter ago, I said the same thing in the conference call that, based on that tweak, we had to nudge the middle of our guidance down.

一個季度前，我在電話會議上說了同樣的話，基於這一調整，我們不得不將我們的指導中間推低。

We had to do the exact same thing this time where we had to nudge the middle of our guidance slightly down because of the tweak and the extra tariffs to go into effect on September 1 whether that will happen or not.

這次我們不得不做完全相同的事情，由於調整和額外關稅將於 9 月 1 日生效，無論是否會發生，我們不得不略微下調我們的指導中間值。

I think this is a whole lot of uncertainty.

我認為這是一個很大的不確定性。

Nobody really knows what will happen, whatnot.

沒有人真正知道會發生什麼，諸如此類。

In terms of the tariff that Microchip pays, the effect of this additional $300 million is virtually nothing.

就Microchip支付的關稅而言，這額外的3億美元幾乎沒有任何影響。

There could be a small amount of our development tools or something.

可能會有少量我們的開發工具什麼的。

We're talking thousands of dollars, not millions of dollars.

我們說的是數千美元，而不是數百萬美元。

So that is not the effect.

所以這不是效果。

The effect really is how will a Chinese customer behave in terms of buying our products, the processors that are being exported back to China.

影響實際上是中國客戶在購買我們的產品（出口回中國的加工商）方面的行為。

Will the customers prefer to buy it from somewhere outside of China?

客戶會更願意從中國以外的地方購買嗎？

And if they choose a brand outside of China, does that have also our parts designed in, or if not, I think it's always some and some.

如果他們選擇中國以外的品牌，那是否也有我們設計的零件，如果沒有，我認為總是一些。

In some cases, we will gain business because of the outside brand outside of China has more of the parts, and sometimes, we'll lose because the given brand outside of China has more of the parts from Japan or Europe or somewhere.

在某些情況下，我們會獲得業務，因為中國以外的外部品牌有更多的零件，有時，我們會失敗，因為中國以外的給定品牌有更多來自日本或歐洲或其他地方的零件。

This is very, very hard to figure out, especially when you're dealing with 120,000-plus customers.

這是非常非常難以弄清楚的，尤其是當您要與超過 120,000 名客戶打交道時。

So hopefully, we have navigated this well in the last 1 year.

因此，希望我們在過去的一年中能夠很好地駕馭這一切。

I think when you write the history of this last 1 year, I'm not sure how you would conclude that we were not correct.

我想當你寫下過去 1 年的歷史時，我不確定你會如何得出我們不正確的結論。

And hopefully, we have navigated it correctly and have guided you correctly, and all that wisdom, we have tried to put it in our guidance.

希望我們已經正確地導航並正確地引導了你，所有的智慧，我們都試圖把它放在我們的指導中。

That's the best I can say.

這是我能說的最好的。

We'll now take a question from Harlan Sur with JPMorgan.

我們現在將接受摩根大通 Harlan Sur 的提問。

Lots of recent consolidation, maybe if you want to call it land grab for wireless connectivity assets, especially WiFi.

最近有很多整合，如果你想稱之為無線連接資產的土地搶奪，尤其是 WiFi。

Maybe you guys can just remind us on Microchip's connectivity portfolio.

也許你們可以提醒我們 Microchip 的連接產品組合。

I believe it's pretty comprehensive.

我相信它非常全面。

I know you guys have Bluetooth, ZigBee, LoRa.

我知道你們有藍牙、ZigBee、LoRa。

I believe you guys also have WiFi capability, but if you could just clarify that.

我相信你們也有 WiFi 功能，但如果你能澄清一下。

And if you can maybe qualitatively sort of quantify the attach rates of your connectivity solutions with your microcontroller platforms and opportunities that do require this type of connectivity capability.

如果您可以定性地量化您的連接解決方案與您的微控制器平台的連接率，以及確實需要這種類型的連接功能的機會。

Okay.

好的。

So you're right.

所以你是對的。

We do have a pretty broad portfolio of WiFis and Bluetooth and other solutions.

我們確實擁有相當廣泛的 WiFi 和藍牙及其他解決方案組合。

So just about all the major requirements that are standards-based and even many that are proprietary-based wireless solutions, we have in our portfolio.

因此，幾乎所有基於標準的主要要求，甚至許多是基於專有的無線解決方案，我們的產品組合中都有。

They have come through organic work, and they've come through several of the acquisitions that we have done over time.

他們是通過有機工作來的，他們是通過我們隨著時間的推移所做的幾次收購來的。

So we don't have a particular glaring issue with a particular wireless requirement that we're not able to meet in the marketplace today.

因此，對於我們今天在市場上無法滿足的特定無線要求，我們沒有特別明顯的問題。

It doesn't mean we don't have new products, new innovations coming.

這並不意味著我們沒有新產品，沒有新的創新。

Those are normal parts of doing the business itself.

這些是開展業務本身的正常部分。

As far as attach rates go, we don't track as closely what is the attach rate of wireless.

就連接率而言，我們不會密切跟踪無線連接率是多少。

We think of systems, our customer systems, needing to have smart, connected and secure capabilities in them, and we provide the building blocks of many different types of smart capabilities with our microcontrollers, processors, analog and other products.

我們認為系統，我們的客戶系統，需要在其中具有智能、連接和安全的功能，我們通過我們的微控制器、處理器、模擬和其他產品提供許多不同類型的智能功能的構建塊。

Many different connectivity options, not just wireless, wireless and wired, and we have a very leading portfolio of wired analog, have wired connectivity solutions as well.

許多不同的連接選項，不僅僅是無線、無線和有線，我們擁有非常領先的有線模擬產品組合，也有有線連接解決方案。

And then finally, security itself.

最後，安全本身。

So that's how we go to market, looking at how do we enable smart, connected and secure solutions.

這就是我們進入市場的方式，著眼於我們如何實現智能、互聯和安全的解決方案。

But we don't have to have a close tracking of how many of them have connected and of those that are connected, how many of those are wireless and if they're wireless, what exactly is the standard that goes behind them.

但是我們不必密切跟踪其中有多少已連接以及有多少已連接，其中有多少是無線的，如果是無線的，它們背後的標準究竟是什麼。

But we're very happy with the portfolio we have and are able to prosecute the markets and the businesses we want to be able to go after.

但我們對我們擁有的投資組合感到非常滿意，並且能夠起訴我們希望能夠追求的市場和業務。

(Operator Instructions) We'll take our next question from Matt Ramsay with Cowen.

（操作員說明）我們將與 Cowen 一起接受 Matt Ramsay 的下一個問題。

This is Josh Buchalter on behalf of Matt.

我是代表 Matt 的 Josh Buchalter。

And congrats on the results in a tough environment.

並祝賀在艱難的環境中取得的成績。

With gross margins hanging in pretty nicely, I was hoping you can provide an update on the overall pricing environment you've seen through this down cycle.

由於毛利率相當不錯，我希望你能提供一個關於你在這個下行週期中看到的整體定價環境的最新信息。

It seems like things have hung in there pretty well, all things considered, and it would be helpful to hear your view, particularly how it compares to prior down cycles.

似乎一切都很好，考慮到所有因素，聽聽您的觀點會很有幫助，尤其是與之前的下行週期相比如何。

So I think when we talk about pricing, I would say that the pricing has held up in this environment better than really it has held up in any business cycle before.

所以我認為，當我們談論定價時，我會說定價在這種環境下的表現比以前在任何商業周期中的表現都要好。

Microchip pricing in general held up in the prior business cycle also because so many of our products are proprietary.

Microchip 的定價總體上在上一個商業周期中保持不變，這也是因為我們的許多產品都是專有的。

But as you talk about this particular business cycle, I would say 95% of what we make today across various different business units is proprietary, where you cannot take our part out and plug somebody else's part in.

但是當你談到這個特定的商業周期時，我想說的是，我們今天在各個不同業務部門所做的工作中有 95% 是專有的，你不能將我們的部分取出來並插入其他人的部分。

So therefore, we really have never competed for pricing at the buyer's desk.

因此，我們真的從來沒有在買方的辦公桌上競爭定價。

We often compete with pricing at the designer's desk, which is usually 2 years ahead of time when the part is going to go to production.

我們經常在設計師的辦公桌上與定價競爭，這通常比零件投入生產提前 2 年。

And whatever quotation you're making at the designer's desk, you have the time to achieve and do cost reduction or achieve the results you need to achieve when the part goes into production.

無論您在設計師的辦公桌上提出什麼報價，您都有時間實現並降低成本，或者在零件投入生產時實現您需要實現的結果。

Now especially in this cycle, I think it could be somewhat driven by the consolidation industry have seen, somewhat driven by the players who have been taken out who were the weaker players in price management, and some of them, we ourselves took them out.

現在，尤其是在這個週期中，我認為這可能在某種程度上是由整合行業所推動的，在某種程度上是由那些在價格管理方面較弱的參與者被淘汰出局所推動的，其中一些是我們自己淘汰的。

I think the result of all that is that the pricing has held up.

我認為所有這一切的結果是定價一直保持不變。

Our record all-time high record gross margin, I believe, was 62.23% that we made 2 or 3 quarters ago.

我相信，我們創歷史新高的毛利率是 2 或 3 個季度前的 62.23%。

And the quarter we just announced, our gross margin was 62.2%.

我們剛剛宣布的那個季度，我們的毛利率為 62.2%。

That's 23 bps below the record, and we're sitting at the bottom of the cycle.

這比記錄低了 23 個基點，我們正處於週期的底部。

So I think that's good news.

所以我認為這是個好消息。

As the cycle improves and as factories get further full and as we complete the rest of the Microsemi integration and as we bring more of the stuff from outside to inside, remaining stuff from Atmel and some from Microsemi, it's really interesting to think about where this whole business model goes.

隨著周期的改善，隨著工廠的進一步滿員，隨著我們完成 Microsemi 集成的其餘部分，隨著我們將更多的東西從外部帶入內部，剩下的東西來自 Atmel 和一些來自 Microsemi，想想這在哪裡真的很有趣整個商業模式。

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

我們現在將接受 Craig Ellis 和 B. Riley FBR 的提問。

And like many others, congratulations on the good execution, guys.

和其他許多人一樣，祝賀你們執行得很好。

Steve, I wanted to follow up on your remarks regarding an earlier synergies question.

史蒂夫，我想跟進你關於早期協同問題的評論。

You mentioned that the difficult macro environment has made it tough to realize revenue synergies, which is understandable.

您提到困難的宏觀環境導致收入協同難以實現，這是可以理解的。

But the question is this, do you still think there's the same degree of revenue synergies that's possible from the combination, or is there something about what's happened over the last year that would cause you to lower your view of longer-term synergies' potential with revenues?

但問題是，您是否仍然認為合併可能產生相同程度的收入協同效應，或者去年發生的事情是否會導致您降低對長期協同效應潛力的看法收入？

Yes.

是的。

So the opportunity for revenue synergies is the same.

因此，收入協同效應的機會是相同的。

And some of the earliest piece of revenue synergy, where we have gathered enough parts around Microsemi sockets and their part around the Microchip socket, is kind of already beginning to happen.

一些最早的收入協同效應，我們在 Microsemi 插座周圍收集了足夠的部件，在 Microchip 插座周圍收集了足夠的部件，這已經開始發生了。

But the starting point is lower.

但起點較低。

The whole industry has lost a significant amount from the top line as a starting point.

整個行業已經從頂線作為起點損失了大量資金。

So even though we may be adding a little bit of the revenue synergy already, the total revenue is still below where we started.

因此，即使我們可能已經增加了一點收入協同效應，但總收入仍低於我們開始時的水平。

And that's the more difficult part.

這是更困難的部分。

But the longer term, as the industry recovers from the cycle, there is a -- the funnel is very healthy.

但從長遠來看，隨著行業從周期中復蘇，漏斗非常健康。

The indicator we track internally, which is the number of Microchip products per customer design, an extremely proprietary indicator, is continuing to increase.

我們在內部跟踪的指標，即每個客戶設計的 Microchip 產品數量，一個非常專有的指標，正在繼續增加。

And as the baseline business goes up, I think this should be working pretty well.

隨著基線業務的增長，我認為這應該運作良好。

So no, we have not lowered the long-term target at all.

所以不，我們根本沒有降低長期目標。

That's helpful.

這很有幫助。

And then if I could ask a follow-up to Eric.

然後我可以問埃里克的後續行動。

Eric, I recall when the Microsemi transaction was announced, that there was an element of the debt burden that was variable-rate.

埃里克，我記得當 Microsemi 交易宣佈時，債務負擔的一部分是可變利率的。

Can you confirm how much that is at present?

你能確認一下目前是多少嗎？

And given the decline in interest rates that we've seen, especially over the last 3 to 4 years, when would that be expected to benefit the interest burden that exists on that debt?

考慮到我們所看到的利率下降，尤其是在過去 3 到 4 年中，預計什麼時候會有益於該債務存在的利息負擔？

Okay.

好的。

Sure.

當然。

So we have 2 pieces of variable-rate debt in the portfolio.

所以我們的投資組合中有 2 個可變利率債務。

We've got a revolving line of credit and then a term loan B. The revolving line of credit had a balance of $3.197 billion at the end of June, and the term loan was $1.724 billion.

我們有循環信貸額度，然後是定期貸款 B。循環信貸額度在 6 月底的餘額為 31.97 億美元，定期貸款為 17.24 億美元。

So you're roughly $4.9 billion of floating rate debt.

所以你大約有 49 億美元的浮動利率債務。

And we are seeing the Fed cutting interest rates, so we are getting a benefit of that today, and that's reflected in our guidance for the other expense that we've guided to the Street.

我們看到美聯儲降息，所以我們今天從中受益，這反映在我們對華爾街的其他支出的指導中。

That is the debt that we are paying down though still.

那是我們仍在償還的債務。

We are paying down the variable-rate debt, and when that come down, we should see the benefit in the overall operating results.

我們正在償還可變利率債務，當債務下降時，我們應該會在整體經營業績中看到好處。

Does that address your question?

這是否解決了您的問題？

Yes.

是的。

It does.

確實如此。

So that variable debt was $1.414 billion higher a year ago.

因此，可變債務比一年前高出 14.14 億美元。

Everything we have paid has been variable so far.

到目前為止，我們所支付的一切都是可變的。

So that's what we have paid down in the last year.

這就是我們去年支付的費用。

And we'll now take a question from John Pitzer with Crédit Suisse.

我們現在將接受 John Pitzer 與 Crédit Suisse 的提問。

Steve, I think one of the challenges that all the M&A you guys have done over the last several years has been both for the industry and analyst.

史蒂夫，我認為你們在過去幾年中所做的所有併購所面臨的挑戰之一是對行業和分析師的挑戰。

And I think, internally for you guys, it's just getting a better understanding of how seasonality is in your business.

而且我認為，在你們內部，這只是更好地了解您的業務中的季節性。

I'm kind of curious if you could give us some insights.

我很好奇你能否給我們一些見解。

When you look at the September guide, you just gave a [flat dot 4].

看9月指南的時候，直接給了一個【平點4】。

How would you peg that against sort of "normal seasonality?" And I guess, more importantly, as you look into the December quarter, are you guys any closer to helping us understand what normal seasonality might look like in December?

您如何將其與某種“正常季節性”掛鉤？而且我想，更重要的是，當您查看 12 月季度時，你們是否更接近於幫助我們了解 12 月的正常季節性可能是什麼樣子？

So I think, John, it's a very, very good question.

所以我認為，約翰，這是一個非常非常好的問題。

We always try to figure out the same thing.

我們總是試圖弄清楚同樣的事情。

However, seasonality is very hard to measure, number one, with all the acquisitions that keep changing that seasonality because different acquired businesses work differently.

然而，季節性很難衡量，第一，所有的收購都會不斷改變季節性，因為不同的收購業務的運作方式不同。

But also, in the current environment with trade tensions and general economic conditions, the variability on the business caused by the U.S.-China trade friction and general economic conditions is much larger than any impact of seasonality.

而且，在當前貿易緊張和總體經濟狀況的環境下，中美貿易摩擦和總體經濟狀況對業務造成的變化遠大於季節性的影響。

So we can't truly compare this to any kind of seasonality.

所以我們不能真正將其與任何一種季節性進行比較。

Seasonality also -- is also driven by kind of how somebody was measuring the revenue.

季節性也 - 也受到某人衡量收入的方式的驅動。

Historically, we measure the business based on sell-through revenue recognition.

從歷史上看，我們根據銷售收入確認來衡量業務。

And now, based on the GAAP standard, we're having to report the numbers based on sell-in, and sell-in and sell-through work differently.

現在，根據 GAAP 標準，我們必須報告基於銷售的數字，銷售和銷售工作方式不同。

We have much more cycles and learning on a sell-through revenue recognition on seasonality than we have on sell-in.

與銷售相比，我們在季節性銷售收入確認方面有更多的周期和學習。

So I think what changed in revenue recognition, totally different seasonality for our Microsemi business, with defense and aerospace and FPGA and discrete parts, and uncertainty of China, U.S., Brexit and general economic conditions.

因此，我認為收入確認發生了變化，我們 Microsemi 業務的季節性完全不同，包括國防和航空航天以及 FPGA 和分立部件，以及中國、美國、英國退歐和總體經濟狀況的不確定性。

I think this one remains a very, very good question with no real answer today.

我認為這仍然是一個非常非常好的問題，今天還沒有真正的答案。

That's helpful, Steve.

這很有幫助，史蒂夫。

If I could sneak one in.

如果我能偷偷進來一個。

You did a very good job quantifying the impact of Huawei in the June quarter.

您在量化華為在 6 月季度的影響方面做得非常好。

I'm just kind of curious, and I apologize if I missed this, what's embedded in the September guide?

我只是有點好奇，如果我錯過了這個，我深表歉意，9 月指南中嵌入了什麼？

It is a similar dollar magnitude, or would it be more given that you're taking a view of the entire quarter instead of just half the quarter?

這是一個類似的美元數量級，還是考慮到您要查看整個季度而不是半個季度？

It's a -- it's not that easy to answer.

這是一個 - 這並不容易回答。

It's not only a function of what is it that we're allowed to ship or what is it that Huawei is able to use.

這不僅是我們被允許運送什麼或華為能夠使用什麼的功能。

And that is changing day-by-day as they get inputs from their various suppliers of what they can and cannot ship as well.

隨著他們從不同的供應商那裡獲得關於他們可以發貨和不能發貨的信息，這種情況每天都在發生變化。

So what we have built in is less than what a full boat would be for a quarter, but it's a conservative estimate that we have put in with our best judgment of what we think Huawei is likely to take, and that changes day-to-day as we go along.

因此，我們所構建的內容少於四分之一的完整船，但這是我們根據我們對華為可能採取的最佳判斷做出的保守估計，並且每天都在變化-我們一起去的日子。

We'll now take a question from Christopher Rolland with SIG.

我們現在將接受來自 SIG 的 Christopher Rolland 的提問。

Any early feedback so far from your silicon carbide products?

到目前為止，您的碳化矽產品有任何早期反饋嗎？

And then also, do you guys have any plans or have you thought about expanding into other compound semis out there or perhaps, even vertically integrating like guys like ON wanted to do?

然後，你們有沒有任何計劃或是否考慮過擴展到其他復合半成品，或者甚至像 ON 想要做的那樣垂直整合？

And then, Eric, just one for you.

然後，埃里克，給你一個。

The IT security remediation that you guys referenced in non-GAAP expenses, just any details on that?

你們在非 GAAP 費用中提到的 IT 安全補救措施，是否有任何詳細信息？

So with respect to our silicon carbide products, the customer reaction has been extremely positive.

因此，對於我們的碳化矽產品，客戶的反應非常積極。

I think that is driven by, one, we are a known provider into some of the markets that care most about silicon carbide, automotive in particular.

我認為這是由一個驅動的，我們是一些最關心碳化矽的市場的知名供應商，尤其是汽車。

But second, what differentiates our silicon carbide solutions is the robustness of the product line, and that robustness is measured in different ways that we've been able to demonstrate through test results.

但其次，我們的碳化矽解決方案的不同之處在於產品線的穩健性，而穩健性是通過我們能夠通過測試結果證明的不同方式來衡量的。

And in this area, where there's very high voltages that are involved in the application techniques, silicon carbide robustness is highly valued in what we've done.

在這個領域，應用技術涉及非常高的電壓，碳化矽的穩健性在我們所做的工作中受到高度重視。

So the discussions with customers are going well.

所以與客戶的討論進展順利。

There's a high interest in the product line.

人們對該產品線很感興趣。

It's early days as we are launching and starting to go into designing activities with them.

現在還處於早期階段，因為我們正在啟動並開始與他們一起設計活動。

With respect to any other compounds that we might be looking at, there's really nothing exotic at this point to talk about, and we need to really harvest the places where we have investments and make sure they go into production.

關於我們可能正在研究的任何其他化合物，在這一點上真的沒有什麼值得談論的，我們需要真正收穫我們投資的地方，並確保它們投入生產。

And in time, there may be other things we would do, but nothing to report on at the moment.

隨著時間的推移，我們可能還會做其他事情，但目前沒有什麼可報告的。

Eric?

埃里克？

Okay.

好的。

And then on the security matter, I mean we kind of fully disclosed this in our 10-K, which was filed in late May, that we had a security incident that we are in the process of remediating and it did cause a weakness in our internal controls.

然後關於安全問題，我的意思是我們在 5 月下旬提交的 10-K 中充分披露了這一點，我們遇到了一起我們正在補救的安全事件，它確實導致了我們的弱點內部控制。

So we are working hard on remediating that issue, and that's really what those costs are associated that we are excluding from the non-GAAP results.

因此，我們正在努力解決該問題，而這正是我們從非 GAAP 結果中排除的相關成本。

We'll now take your question from Vivek Arya with Bank of America Merrill Lynch.

我們現在將接受來自美銀美林的 Vivek Arya 的提問。

Steve, I had a longer-term question.

史蒂夫，我有一個長期的問題。

Do you think because of this U.S.-China trade conflict, there is the possibility of market share shifting onto non-U.

您是否認為由於這場美中貿易衝突，市場份額有可能轉移到非美國。

S. microcontroller companies?

S.微控制器公司？

I understand that, obviously, nothing near term, but do you think that becomes a risk factor longer-term?

我明白，很明顯，短期內沒有什麼，但你認為這會成為長期的風險因素嗎？

That certainly becomes a risk factor if the Chinese were to think that designing parts from suppliers outside the U.S. is safer, although they have similarly strained relationships with Japan.

如果中國人認為從美國以外的供應商那裡設計零件更安全，那肯定會成為一個風險因素，儘管他們與日本的關係同樣緊張。

I'm not sure if they like those people either.

我也不確定他們是否喜歡那些人。

The other thing is you have to look at the complexity of the product.

另一件事是你必須看看產品的複雜性。

So commodity products probably would be more subject to risks than many of our advanced products in the data center business, communication business, FPGAs, 32-bit microcontrollers, networking products, USB, ethernet, automotive and others, but some of the commodity products will be more vulnerable.

因此，商品產品可能比我們在數據中心業務、通信業務、FPGA、32 位微控制器、網絡產品、USB、以太網、汽車和其他領域的許多先進產品更容易受到風險的影響，但一些商品將變得更脆弱。

So -- but I think what is happening right now is that we are seeing a large number of customers starting to move their production outside of China.

所以 - 但我認為現在正在發生的事情是我們看到大量客戶開始將他們的生產轉移到中國以外的地方。

They're going to Malaysia, they're going to Thailand, they're going to Vietnam, they're going wherever, some may come to Mexico.

他們會去馬來西亞，他們會去泰國，他們會去越南，他們會去任何地方，有些人可能會來墨西哥。

So I think we're likely to pick up share in that part of the business that moves outside of China because then the local competition kind of disappears.

所以我認為我們很可能會在中國以外的那部分業務中獲得份額，因為這樣本地競爭就會消失。

They largely sell in China.

他們主要在中國銷售。

In many times, parts are not very high-quality, and they may be okay for the local Chinese market but not really okay internationally.

很多時候，零件的質量不是很高，它們在中國當地市場可能還可以，但在國際上就不太好。

So there could be some longer-term impact from that, but I think it's largely going to be a wash.

因此，這可能會產生一些長期影響，但我認為這在很大程度上是一種洗禮。

Every decade or so, another country appears that seems to threaten the world.

每隔十年左右，就會出現另一個似乎威脅世界的國家。

Back in the '80s, Japan was going to take everything and the U.S. semiconductor industry was going to die.

早在上世紀 80 年代，日本就想奪走一切，而美國的半導體產業也將走向滅亡。

In the '90s, it was Korea, then it was Japan -- Taiwan, and now it seems to be China.

90年代是韓國，然後是日本——台灣，現在好像是中國。

I think this industry is still pretty innovative and it will survive in the world.

我認為這個行業仍然非常具有創新性，它將在世界範圍內生存。

Okay.

好的。

If I could sneak in a quick follow-up.

如果我能偷偷跟進一下。

Gross margins, if I add back the underutilization charges, you're getting close to your longer-term 63% target.

毛利率，如果我加回未充分利用的費用，您將接近 63% 的長期目標。

Is that the upper limit?

那是上限嗎？

Is there something in the portfolio that kind of limits you to those kind of gross margins?

投資組合中有什麼東西會限制你達到那種毛利率嗎？

Or do you think there is a potential to do better over time?

或者你認為隨著時間的推移有可能做得更好嗎？

Well, we haven't hit it yet.

好吧，我們還沒有成功。

Once we hit it and then we'll take a look at it.

一旦我們擊中它，我們就會看一下它。

But yes, as I mentioned earlier, that the gross margins we have today are I think 600 basis points or so better than the bottom of the last cycle.

但是，是的，正如我之前提到的，我認為我們今天的毛利率比上一個週期的底部高 600 個基點左右。

So there is a significant accretion usually from the bottom of the cycle to the capital cycle, so there is a significant opportunity here.

所以通常從周期底部到資本週期有一個顯著的增長，所以這裡有一個顯著的機會。

I'm not willing to talk about another target yet, but I think your question is a good one.

我還不願意談論另一個目標，但我認為你的問題很好。

We'll now take your question from Hans Mosesmann with Rosenblatt Securities.

我們現在將接受 Rosenblatt Securities 的 Hans Mosesmann 的提問。

Congrats, guys, on a tough environment, your execution there.

恭喜，伙計們，在艱難的環境中，你在那裡執行。

Ganesh, maybe this is one for you.

Ganesh，也許這是給你的。

For the FPGA business, how much of that is coming from aerospace, defense and aviation?

對於 FPGA 業務，其中有多少來自航空航天、國防和航空？

So we don't break it out by segment, but suffice to say, based on whatever data has been provided previously through Microsemi or Actel, it is a significant portion of the business.

因此，我們不會按細分市場進行細分，但足以說明，根據之前通過 Microsemi 或 Actel 提供的任何數據，它是業務的重要組成部分。

That's where many of the differentiation of the FPGA product line was built, around low power, around security, around robustness, reliability, et cetera, which are highly valued there.

這就是 FPGA 產品線的許多差異化之處，圍繞低功耗、安全性、穩健性、可靠性等，這些在那裡受到高度重視。

But it is a pretty significant amount that is also in nonaerospace and defense business, and it's growing in those areas quite a bit more as well.

但它在非航空航天和國防業務中的數量也相當可觀，而且在這些領域的增長也快得多。

So as time goes on, we will retain the strength we have in defense and aerospace, but we will also gain in many new areas, as you might see in the most recent announcement we made of a smart embedded vision solution using the PolarFire FPGA solution.

因此，隨著時間的推移，我們將保留我們在國防和航空航天領域的實力，但我們也將在許多新領域取得進展，正如您在最近發布的使用 PolarFire FPGA 解決方案的智能嵌入式視覺解決方案中看到的那樣.

Okay.

好的。

And then as a follow-up, Ganesh, is there a, on the nonaerospace FPGA business, is there a 5G angle to that business over the next several years?

然後作為後續行動，Ganesh，在非航空航天 FPGA 業務方面，未來幾年該業務是否有 5G 角度？

There is, and it's being worked on.

有，並且正在努力。

The -- I would call it an emerging opportunity for where it's not the same place as just some of the high-performance players are playing in today, but yes.

-- 我認為這是一個新興的機會，因為它與今天一些高性能玩家所處的位置不同，但是是的。

As the 5G rolls out, there are going to be opportunities, and it's on how intelligence is embedded into the edge and lessened too where it is in the core.

隨著 5G 的推出，將會有機會，這取決於智能如何嵌入到邊緣並在核心位置減少。

And again, some of the smart embedded vision solutions, that type of opportunity will show up on the 5G side as well.

同樣，一些智能嵌入式視覺解決方案，這種機會也將出現在 5G 方面。

But it's more on the edge side, not in the core network.

但更多的是在邊緣端，而不是在核心網。

We'll go next to Raji Gill with Needham & Company.

我們將與 Needham & Company 一起去 Raji Gill。

And congrats as well, in a precarious environment, good results.

也恭喜你，在一個不穩定的環境中，取得了不錯的成績。

And forgive me if this question was already answered, but I wanted to get a sense as some of the other players in the space noted the inventory correction in the China automotive market is coming to a completion, and that, that particular segment, which had been affected pretty significantly in the first 2 quarters, is starting to perhaps recover, the same thing with China industrial.

如果這個問題已經得到回答，請原諒我，但我想了解一下該領域的其他一些參與者指出中國汽車市場的庫存調整即將完成，而且那個特定的細分市場已經前兩個季度受到相當大的影響，可能開始復蘇，中國工業也是如此。

And again, if you answered this before, forgive me, but I wonder if you have any thoughts there in terms of kind of China auto and China industrial and going to the second half.

再說一次，如果你之前回答過這個問題，請原諒我，但我想知道你是否對中國汽車和中國工業有什麼看法，並進入下半年。

So I think automotive and China continues to have pretty significant year-over-year declines.

所以我認為汽車和中國繼續有相當顯著的同比下降。

I think what we may have seen or maybe the data you saw was in the month of June, there were stronger sales that took place.

我認為我們可能已經看到或者您可能看到的數據是在 6 月份，銷售強勁。

In part, that was driven because there was an emissions change that was happening on July 1 and cars that were sold before the end of June qualified under the old requirement and then the new requirements went into being.

這在一定程度上是因為 7 月 1 日發生了排放變化，6 月底之前售出的汽車符合舊要求，然後新要求應運而生。

So I don't believe that, fundamentally, the China automotive market has strengthened in any recent time frame.

所以我認為，從根本上說，中國汽車市場在最近的任何時間框架內都沒有走強。

It will obviously -- has more probability to bottom and go up, given how far it's come down, but I wouldn't say there's anything in the short term that has shown up in China automotive.

很明顯，考慮到它的下跌幅度，它有更多的可能性觸底和上漲，但我不會說短期內中國汽車業會出現任何情況。

And let me add to it.

讓我補充一下。

Raji, you began with talking about inventory correction in the China automotive.

Raji，你首先談到了中國汽車的庫存調整。

I don't know if that is the case.

我不知道是不是這樣。

I don't think we have seen an inventory issue in China automotive that inventory needed to be blown out.

我認為我們沒有看到中國汽車業存在需要清理庫存的庫存問題。

We have seen a reduction in demand driven by just duties and problems and China economy, therefore, a lot of the luxury car manufacturers are building much, much less.

我們已經看到，由於關稅和問題以及中國經濟的推動，需求有所減少，因此，許多豪華汽車製造商的生產量要少得多。

So we're seeing demand destruction.

所以我們看到需求破壞。

I don't really think there was a -- at least from a Microchip standpoint, there was not a high inventory in China automotive.

我真的不認為有——至少從 Microchip 的角度來看，中國汽車的庫存並不高。

With respect to your question on industrial, I think industrial weakness is not limited to just China alone.

關於你關於工業的問題，我認為工業疲軟不僅僅局限於中國。

I think industrial in Europe, in the Americas, in China, across the board, have seen weakness.

我認為歐洲、美洲、中國的工業全面疲軟。

I think you've seen that in some of our competitors' releases as well.

我想您也已經在我們的一些競爭對手的版本中看到了這一點。

Some of it has been initiated from the trade and tariffs and impacts from about a year ago, but industrial remains a weak segment.

其中一些是從大約一年前的貿易和關稅和影響開始的，但工業仍然是一個薄弱的部分。

And just for my follow-up, also a question on the silicon carbide offering.

就我的後續行動而言，還有一個關於碳化矽產品的問題。

So your -- my understanding is you're targeting 700-volt, 1200-volt diodes and MOSFETs.

所以你的 - 我的理解是你的目標是 700 伏、1200 伏的二極管和 MOSFET。

I'm wondering how we think -- should think about the revenue opportunity for SiC.

我想知道我們如何思考——應該考慮 SiC 的收入機會。

I believe you got this technology you inherited from Microsemi.

我相信您從 Microsemi 那裡繼承了這項技術。

I just wanted to get some details on kind of the history of that and how you think about the revenue stream?

我只是想了解一些關於它的歷史的細節，以及你如何看待收入流？

So yes, the technology did come from Microsemi.

所以是的，這項技術確實來自美高森美。

It was being incubated inside Microsemi.

它正在 Microsemi 內部孵化。

I think what Microchip has been able to do is use our automotive strength, where we have substantial market position with automotive Tier 1s and OEMs, to liberate what was a technology that was starting to come into fruition inside Microsemi but didn't have as much customer access.

我認為 Microchip 能夠做的是利用我們在汽車領域的實力，我們在汽車一級供應商和 OEM 中擁有重要的市場地位，來解放一項在 Microsemi 內部開始取得成果但還沒有那麼多的技術客戶訪問。

And that's what we have done over the last year, is been able to take that technology, showcase it, demonstrate it and also internally work on what does it take to be automotive-ready, what does it take to be qualified for automotive.

這就是我們去年所做的事情，能夠採用該技術，展示它，證明它，並在內部研究如何才能為汽車做好準備，如何才能獲得汽車資格。

And that work is for what we could bring to the Microsemi businesses that we're working on silicon carbide.

這項工作是為了我們可以為我們正在研究碳化矽的 Microsemi 業務帶來什麼。

I think from a revenue standpoint, this isn't a market -- predominantly, automotive has a large demand requirement that we believe will show up in time.

我認為從收入的角度來看，這不是一個市場——主要是，汽車有很大的需求需求，我們相信會及時出現。

It is an area that requires time to win designs, ramp into production, so it's not near-term revenue, but it's sowing the seeds for mid- to long-term revenue.

這是一個需要時間來贏得設計、投入生產的領域，因此這不是短期收入，而是為中長期收入播下種子。

We'll now take your question from Mark Delaney with Goldman Sachs.

我們現在將從高盛的馬克德萊尼那裡回答你的問題。

A question on the direct business.

一個關於直接業務的問題。

I appreciate all the commentary about what Microchip is seeing through distribution, which I know is in a poor-end channel for you, but hoping to better understand what you may be seeing with your direct business in terms of orders.

我感謝所有關於 Microchip 通過分銷看到的評論，我知道這對你來說是一個低端渠道，但希望能更好地了解你在訂單方面可能會看到的直接業務。

And I realize it's harder to gauge inventory levels at your direct customers, but any anecdotal commentary you can provide us about how inventory may be at those direct customers.

我意識到很難衡量您的直接客戶的庫存水平，但是您可以向我們提供任何關於這些直接客戶的庫存情況的軼事評論。

I would say our direct business by channel is -- by geography is really no different than our distribution business by geography.

我會說我們按渠道的直接業務是 - 按地理位置確實與我們按地理位置的分銷業務沒有什麼不同。

Europe was weak and China saw a recovery from the Chinese New Year, and America was somewhere in the middle.

歐洲表現疲軟，中國從農曆新年開始復蘇，美國處於中間位置。

So I don't think the customers who buy from distribution have behaved any differently than the customers who buy from us direct.

所以我認為從分銷渠道購買的客戶與直接從我們這裡購買的客戶的行為沒有任何不同。

We'll now take your question from William Stein with SunTrust.

我們現在將接受 William Stein 與 SunTrust 的提問。

It's actually sort of similar to the last question.

它實際上有點類似於上一個問題。

But some companies -- some semiconductor companies have specifically called out the possibility that there were customers, in particular in China, that may have been pulling forward demand in the fear that either -- well, some trade friction, either a tariff or a ban, would influence their business going forward.

但一些公司——一些半導體公司特別指出，有些客戶，尤其是中國的客戶，可能一直在拉動需求，因為他們擔心——好吧，一些貿易摩擦，要么是關稅，要么是禁令, 會影響他們未來的業務。

Are you seeing this to any degree in your customer base?

您是否在您的客戶群中看到了這種情況？

Do you believe that you're able to see it?

你相信你能看到嗎？

Or any sort of comment or update in that regard would help.

或者在這方面的任何評論或更新都會有所幫助。

So one thing you have to remember is that Microchip does business with a long tail of the customers.

因此，您必須記住的一件事是，Microchip 與大量客戶開展業務。

Our average customer is relatively small.

我們的普通客戶相對較小。

And when they're small, they're usually underfunded with very -- not as healthy a balance sheet.

當它們很小的時候，它們通常資金不足，資產負債表也不那麼健康。

So we have not really seen this pulling phenomena as much as we read and listen to other people's commentaries.

所以我們並沒有真正看到這種拉動現象，就像我們閱讀和聽取別人的評論一樣多。

If you saw a little bit from the larger customers, it was kind of last year, I think that has kind of run its course.

如果你從大客戶那裡看到一點，那是去年的事，我認為這已經結束了。

Every 2, 3 months, the rules are changing.

每 2、3 個月，規則就會發生變化。

You have an equal amount of risk by bringing a lot of the buying it ahead and then have tariffs abruptly go away with the settlement, and then you get stuck with a large amount of inventory that you have paid a lower amount of tariff on that you can't get it back from your customers.

你有同樣的風險，提前大量購買，然後關稅隨著結算突然消失，然後你就會陷入大量庫存，而你已經支付了較低的關稅無法從您的客戶那裡取回。

And let me say that one more time to explain.

讓我再說一次來解釋。

Let's say, tariff on a given line of product is supposed to go from 10% to 25%.

比方說，給定產品線的關稅應該從 10% 到 25%。

To avoid that, you bring in a lot of inventory at 10% tariff.

為避免這種情況，您以 10% 的關稅進口大量庫存。

And then it results into a settlement where the tariff goes to 0. Now with the large amount of inventory you brought at a 10% tariff, you cannot recover those 10% tariff.

然後它導致關稅變為 0 的結算。現在，由於您以 10% 的關稅帶來的大量庫存，您無法收回那些 10% 的關稅。

None of your customers will pay for it because the current rules of tariffs are 0. So this is an equal risk/reward game, and some people may have done push-pull, but I don't think it has affected our revenue at all.

你的客戶都不會為此買單，因為目前的關稅規則是0。所以這是一個風險/回報相等的遊戲，有些人可能已經做到了推拉，但我認為這根本不會影響我們的收入.

We'll now take your question from Harlan Sur with JPMorgan.

我們現在將接受摩根大通 Harlan Sur 的提問。

Content gain for opportunities is a strong driver of the business.

機會的內容增益是業務的強大驅動力。

Obviously, it's part of the Microchip 2.0 strategy.

顯然，這是 Microchip 2.0 戰略的一部分。

The last you guys updated us, you were driving about 20% year-over-year increase in number of Microchip products per customer program.

你們最後一次更新我們，你們推動每個客戶計劃的 Microchip 產品數量同比增長約 20%。

You've got a plethora of analog interface connectivity solutions alongside MCU, FPGAs.

除了 MCU、FPGA，您還有大量的模擬接口連接解決方案。

Are you guys still driving that type of content growth on new opportunities?

你們還在利用新機會推動這種類型的內容增長嗎？

We are.

我們是。

And then I think the last time we measured was about a quarter or so ago.

然後我認為我們上一次測量是大約四分之一之前。

Leading up to some of the conferences we go in September, we will try to add another data point on it.

在我們 9 月份參加的一些會議之前，我們將嘗試在其上添加另一個數據點。

I don't have the number right now, but I think with all we see through the reviews, our total system solution trust, with more and more of Microsemi business is integrated with Microchip, that only gets stronger, not weaker.

我現在沒有具體數字，但我認為從我們通過評論看到的所有內容來看，我們對整個系統解決方案的信任，以及越來越多的 Microsemi 業務與 Microchip 集成，只會變得更強大，而不是更弱。

So I think, yes, we will be seeing that kind of content growth.

所以我認為，是的，我們將看到這種內容增長。

But remember, the base water level has gone down.

但請記住，基礎水位已經下降。

So when the base water level has gone down on Microsemi business as well as Microchip business because of those uncertainties, the goodness you're getting through total system solutions is not showing up.

因此，當由於這些不確定性而導致 Microsemi 業務和 Microchip 業務的基本水位下降時，您通過整個系統解決方案獲得的好處就不會出現。

It's very hard to measure because that should be accelerating our growth, and so far, it is not because we're fighting the downturn.

這很難衡量，因為這應該會加速我們的增長，而到目前為止，這並不是因為我們正在與經濟低迷作鬥爭。

But any indicator will look like it's healthy when we look at it.

但是，當我們查看任何指標時，它看起來都是健康的。

(Operator Instructions) We'll go next to Craig Ellis with B. Riley FBR.

（操作員說明）我們將與 B. Riley FBR 一起去 Craig Ellis 旁邊。

I just wanted to reconcile what I thought were 2 comments that were in conflict a bit.

我只是想調和我認為有一點衝突的 2 條評論。

So Ganesh, I thought I heard you note that with respect to Microsemi synergies, there were still some business systems and operational synergies benefits to be realized and that those would have economic benefit.

所以 Ganesh，我想我聽到你注意到關於 Microsemi 協同效應，仍有一些業務系統和運營協同效益有待實現，這些將帶來經濟效益。

And then, Eric, you noted that OpEx would be up $10 million quarter-on-quarter.

然後，埃里克，你注意到運營支出將比上一季度增加 1000 萬美元。

So I would have expected that the synergies would offset incremental expenses.

所以我原以為協同效應會抵消增量費用。

So is there just a timing issue there?

那麼那裡只是時間問題嗎？

And then just further clarifying the OpEx point you made, Eric, if OpEx is up in the quarter, are we seeing the full benefit of whatever initiatives the management team is executing in the quarter?

然後進一步澄清你提出的 OpEx 觀點，Eric，如果 OpEx 在本季度上升，我們是否看到管理團隊在本季度執行的任何計劃的全部好處？

Is there some follow-on effect to a subsequent quarter?

對下一個季度有一些後續影響嗎？

So Craig, it is correct that we have continuing synergies coming from operations, and business systems are being combined into the Microchip systems or bringing them down from the numbers up there.

所以克雷格，我們從運營中獲得持續的協同效應是正確的，業務系統正在被合併到 Microchip 系統中，或者將它們從上面的數字中降低。

If you remember, we started with 22 systems, 21 from what we inherited from Microsemi, 1 from Microchip.

如果您還記得的話，我們從 22 個系統開始，其中 21 個來自 Microsemi，1 個來自 Microchip。

We're about a little more than 1/3 of the way through bringing that down.

通過降低它，我們大約完成了 1/3 多一點。

We still have a fair number to go through in the next 4 quarters.

在接下來的 4 個季度中，我們仍有相當多的事情要做。

And that takes time because it's not a quarter-to-quarter you're going to get instantaneously all of that benefit that comes out.

這需要時間，因為它不是一個季度到一個季度，您將立即獲得所有出現的好處。

There are support costs that go into these things.

這些事情會產生支持成本。

There are system costs that go into these things.

這些事情涉及系統成本。

So on a quarter-to-quarter basis, I would not draw a conclusion that when expenses as a percentage are flat, that somehow we have no longer got any more synergies coming.

因此，從一個季度到一個季度的基礎上，我不會得出這樣的結論，即當費用百分比持平時，不知何故我們不再有更多的協同效應。

They will come.

他們會來。

They will take time.

他們需要時間。

There could be more in a certain quarter.

某個季度可能會有更多。

There could be less in a certain quarter.

某個季度可能會更少。

Do you want to add to that, Eric?

埃里克，你想補充一下嗎？

Yes.

是的。

I think that's absolutely right.

我認為這是完全正確的。

So we are essentially driving OpEx to be flat in percentage of sales in the current quarter.

因此，我們基本上是在推動 OpEx 在本季度銷售額中所佔的百分比持平。

And I talked a little bit in my first response to the question that we drove OpEx down very, very significantly over the last 4 quarters.

我在第一次回答這個問題時談到了一點，即我們在過去 4 個季度中非常非常顯著地降低了 OpEx。

And we do have some investments that are needed to be made in the business; we're making those.

我們確實有一些需要在業務中進行的投資；我們正在做這些。

We consider those modest, but absolutely believe as we get some consistent revenue growth behind us that the OpEx as a percentage of sales is going to go down as we work towards our long-term target of 22.5%.

我們認為這些是適度的，但絕對相信，隨著我們獲得持續的收入增長，隨著我們努力實現 22.5% 的長期目標，運營支出佔銷售額的百分比將會下降。

And we will get some dollar savings, as Ganesh is referring to, as we continue to go through these business integrations over the course of the next year.

正如 Ganesh 所指的那樣，我們將在明年繼續進行這些業務整合，從而節省一些美元。

I would add that if -- this is Steve.

我要補充一點，如果——這是史蒂夫。

If we hadn't beaten the OpEx in the last 4 quarters, you won't see this as much of an increase.

如果我們在過去 4 個季度沒有擊敗 OpEx，您將不會看到如此大的增長。

But we got the OpEx synergies very aggressively early on that established a lower mark, and some of the investments we delayed and now, we're having to make those investments, a number of very advanced technology tape-outs in the coming quarter, and you know that those tape-outs are very expensive.

但我們在早期非常積極地獲得了 OpEx 協同效應，建立了一個較低的標記，我們推遲了一些投資，現在，我們必須進行這些投資，在下一季度進行一些非常先進的技術流片，以及你知道那些流片非常昂貴。

And I think that's leading to some of the increase quarter-over-quarter.

我認為這導致了一些環比增長。

But I think the main issue is that we got the OpEx synergy much faster and [not] having to make some investments.

但我認為主要問題是我們更快地獲得了 OpEx 協同效應，並且 [不需要] 進行一些投資。

And it's actually about a $6 million increase quarter-on-quarter, not $10 million.

它實際上比上一季度增加了 600 萬美元，而不是 1000 萬美元。

We'll now take a question from Harsh Kumar with Piper Jaffray.

我們現在將與 Piper Jaffray 一起接受 Harsh Kumar 的提問。

I'm surprised nobody asked this, but in the September quarter, Eric and Steve and Ganesh, as you guys look out, it sounds like from your commentary, correct me if I'm wrong, FPGAs are doing really well, so I would expect that to grow better than the, like, 1% or 2%.

我很驚訝沒有人問這個問題，但是在 9 月的那個季度，Eric、Steve 和 Ganesh，正如你們所看到的那樣，從你們的評論來看，如果我錯了請糾正我，FPGA 做得非常好，所以我會預計它會比 1% 或 2% 的增長更好。

But any thoughts on microcontroller and the analog business, that one will outperform the other, or just kind of think about 2% kind of a growth rate on average for those?

但是關於微控制器和模擬業務的任何想法，一個將勝過另一個，或者只是考慮那些平均 2% 的增長率？

We don't break out by product line segments on our forward-looking guidance.

我們不會根據前瞻性指導按產品線細分。

So I would just look at the forward-looking guidance, the 2% midpoint as for the company overall.

所以我只看前瞻性指導，即公司整體的 2% 中點。

I mean I think trying to divide 2%, breaking the tea leaves now.

我的意思是，我想嘗試劃分 2%，現在打破茶葉。

And there appears there are no further questions at this time.

現在看來沒有其他問題了。

I'd like to turn the conference back to Steve Sanghi for any additional or closing remarks.

我想將會議轉回給 Steve Sanghi，聽取任何補充或結束語。

Okay.

好的。

Thank you very much for everybody attending this call.

非常感謝大家參加這次電話會議。

I think I'd like to reemphasize that we've been providing you guidance in managing this business through very turbulent times.

我想我想再次強調，我們一直在為您提供指導，幫助您在非常動蕩的時期管理這項業務。

We, in fact, started talking about these tariffs and all that before anybody else last year, and I think our guidance has been kind of right on.

事實上，我們去年開始討論這些關稅以及所有其他人之前的所有事情，我認為我們的指導是正確的。

We guided March quarter to be the bottom, and I think we have largely delivered that.

我們指導 3 月季度處於底部，我認為我們在很大程度上已經做到了這一點。

Without the Huawei ban, we would have delivered that both on end-market demand as well as sell-in.

如果沒有華為禁令，我們將在終端市場需求和銷售方面都做到這一點。

Current quarter, we're guiding up a little bit, 2% up on the midpoint, and we'll go from there.

本季度，我們正在引導一點點，中點上漲 2%，我們將從那裡開始。

We'll see you at some of the conferences coming up in early September and...

我們將在 9 月初舉行的一些會議上與您見面......

And even before that, so next week, we'll be at the Keybanc Conference, we're at the Jefferies Conference, we're at the Citi Conference in September and the Raymond James conference.

甚至在那之前，所以下週，我們將參加 Keybanc 會議，我們將參加 Jefferies 會議，我們將參加 9 月的花旗會議和 Raymond James 會議。

So 4 conferences and a couple of other investor outings this quarter.

因此，本季度有 4 次會議和其他幾次投資者出遊。

So heavy schedule.

如此繁重的日程。

So we'll see you -- some of you on the road.

所以我們會再見——你們中的一些人在路上。

Thank you very much.

非常感謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。