芯源系統 (MPWR) 2013 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Monolithic Power Systems, Inc. fourth-quarter full-year 2013 earnings conference call. At this time all participants are in a listen-only mode. Later we'll conduct question and answer session, and instructions will follow at that time. (Operator Instructions). As a reminder this conference call is being recorded.

女士們先生們，美好的一天，歡迎來到 Monolithic Power Systems, Inc.。2013 年第四季全年財報電話會議。此時所有參與者都處於只聽模式。稍後我們將進行問答環節，屆時會有說明。（操作員說明）。謹此提醒，本次電話會議正在錄音。

I would like to introduce your host for today's conference, Meera Rao, Chief Financial Officer. Please go ahead.

我想介紹一下今天會議的主持人，財務長 Meera Rao。請繼續。

Thank you, Kate. Good afternoon, and welcome to the fourth quarter and fiscal year 2013 Monolithic Power Systems conference call. Michael Hsing, CEO and Founder of MPS, is with me on today's call.

謝謝你，凱特。下午好，歡迎參加 Monolithic Power Systems 2013 年第四季和財政年度電話會議。MPS 執行長兼創辦人 Michael Hsing 出席了今天的電話會議。

In the course of today's conference call we will make forward-looking statements and projections that involve risks and uncertainties which could cause results to differ materially from management's current views and expectations. Please refer to the Safe Harbor statement contained in the earnings release published today.

在今天的電話會議中，我們將做出前瞻性聲明和預測，其中涉及風險和不確定性，可能導致結果與管理階層目前的觀點和預期有重大差異。請參閱今天發布的收益報告中包含的安全港聲明。

Risks, uncertainties and other factors that could results to differ are identified in the Safe Harbor statement contained in the Q4 earnings release and in our SEC filings, including our Form 10-K filed on March 5, 2013, and Form 10-Q filed on October 28, 2013, which are accessible through our website, www.monolithicpower.com. MPS assumes no obligation to update the information provided on today's call.

第四季財報中包含的安全港聲明和我們向SEC 提交的文件（包括我們於2013 年3 月5 日提交的10-K 表格和2013 年3 月5 日提交的10-Q 表格）中列出了可能導致結果不同的風險、不確定性和其他因素。MPS 不承擔更新今天電話會議中提供的資訊的義務。

We will be discussing operating expense, net income and earnings on both a GAAP and a non-GAAP basis. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP.

我們將討論公認會計準則和非公認會計準則基礎上的營運費用、淨利潤和收益。這些非公認會計原則財務指標並非根據公認會計原則編制，不應被視為替代或優於根據公認會計原則編制的財務績效指標。

A table that outlines the reconciliation between the non-GAAP financial measures to GAAP financial measures is included in our earnings release, which we have filed with the SEC. I would refer investors to the Q1, Q2, Q3, and Q4 2012 and 2013 releases, as well as to the reconciling tables that are posted on our website.

我們已向 SEC 提交的收益報告中包含了一張概述非 GAAP 財務指標與 GAAP 財務指標之間調整表。我建議投資者參閱 2012 年第一季、第二季、第三季和第四季以及 2013 年發布的報告，以及我們網站上發布的調節表。

I would also like to remind you that today's conference call is being webcast live over the Internet and will be available for replay on our website for one year, along with the earnings release filed with the SEC earlier today.

我還想提醒您，今天的電話會議正在透過網路進行網路直播，並將與今天早些時候向 SEC 提交的收益報告一起在我們的網站上重播一年。

We would like to start this call by reviewing our business highlights for 2013, followed by fourth quarter operating results and finally our expectations for the first quarter of 2014. We will then open up the call to your questions. Let's start with the business highlights for the year.

我們首先回顧 2013 年的業務亮點，然後回顧第四季度的營運業績，最後回顧我們對 2014 年第一季的預期。然後我們將打開電話詢問您的問題。讓我們從今年的業務亮點開始。

MPS is pleased to announce record annual revenue of $238.1 million. Full year revenue growth of 11.4% clearly outperformed the analog industry, which [SIA] estimates grew 2% over the prior year. This is our tenth year as a public company, and during that period our revenue has grown organically at a compound annual growth rate of 19.6%.

MPS 很高興地宣布年收入達到創紀錄的 2.381 億美元。全年營收成長 11.4%，明顯優於模擬產業，[SIA] 估計模擬產業比上一年成長 2%。這是我們作為上市公司的第十個年頭，在此期間，我們的收入以 19.6% 的複合年增長率有機增長。

For 2013 all key financial metrics -- revenue, gross margin, non-GAAP EPS, and in particular non-GAAP operating income -- grew sharply over 2012. MPS's gross margin expanded 80 basis points in 2013 to 53.7%.

2013 年所有關鍵財務指標——收入、毛利率、非 GAAP 每股收益，特別是非 GAAP 營業收入——都比 2012 年大幅增長。2013年MPS的毛利率擴大了80個基點，達到53.7%。

Our non-GAAP operating income for the full year rose $8.7 million to $44.6 million in 2013. Non-GAAP EPS grew to $1.06 per share in 2013 from $0.93 per fully diluted share in 2012.

2013 年，我們全年的非 GAAP 營業收入增加了 870 萬美元，達到 4,460 萬美元。非 GAAP 每股收益從 2012 年完全稀釋後每股 0.93 美元增至 2013 年每股 1.06 美元。

In 2013 we again grew revenue in each of our targeted market segments; industrial, computing and communications. Industrial was up 32%. Storage and computing grew 16%, and communications increased 10% compared with 2012. In addition, consumer revenue was also up 4.3%. Clearly we continue to execute according to our plan.

2013 年，我們在各個目標區隔市場的營收再次成長；工業、計算和通訊。工業成長32%。與 2012 年相比，儲存和運算成長了 16%，通訊成長了 10%。此外，消費者收入也成長了4.3%。顯然，我們將繼續按照我們的計劃執行。

Let me speak to the results of each end market. In industrial and automotive market sales grew to $34.2 million, fueled by product sales for applications in security, power adaptors and smart meters. We've also seen significant design win activity in automotive applications; in USB, rear camera, lighting, and the chassis. All these design win activities will continue to translate into revenue growth in the second half of 2014 and in 2015.

讓我談談每個終端市場的結果。在安全、電源供應器和智慧電錶應用產品銷售的推動下，工業和汽車市場銷售額成長至 3,420 萬美元。我們也看到汽車應用領域的重大設計獲勝活動； USB、後置相機、照明和底盤。所有這些設計獲勝活動將繼續轉化為 2014 年下半年和 2015 年的收入成長。

In cloud computing, where we focus on storage and servers, revenue grew to $47.9 million due to strong growth in storage. In three years we have been able to grow storage revenues to $32.5 million. We see tremendous new opportunity for growth in this market with our proprietary storage solutions.

在雲端運算領域，我們專注於儲存和伺服器，由於儲存的強勁成長，營收成長至 4,790 萬美元。三年內，我們的儲存收入已增加至 3,250 萬美元。透過我們專有的儲存解決方案，我們看到了這個市場巨大的新成長機會。

Revenue in the communications and telecom market grew 10% to $56.1 million, primarily reflecting market share gains. Revenue from consumer market is up $4.1 million in 2013 to $99.9 million. This growth was largely fueled by higher sales into newer markets, such as LED lighting and gaming consoles, more than offsetting declines in our traditional consumer markets, in particular TVs.

通訊和電信市場的收入成長了 10%，達到 5,610 萬美元，主要反映了市場份額的成長。2013 年消費市場收入成長 410 萬美元，達到 9,990 萬美元。這種成長主要是由於 LED 照明和遊戲機等新興市場的銷售增加所推動，這遠遠抵消了傳統消費市場（尤其是電視）的下滑。

Now let's talk about some of the major achievements in 2013. After two years of development, we showcased a new DC to DC conversion technology which we call quantum state modulation, or QS mod. QS mod allows the users to quantify the power output and the time duration between firing each phase without using the traditional feedback loop.

現在我們來談談2013年的一些主要成就。經過兩年的開發，我們展示了一種新的直流到直流轉換技術，我們稱之為量子態調製，或 QS mod。QS mod 允許使用者量化功率輸出和每個階段點火之間的持續時間，而無需使用傳統的回饋迴路。

Our solution has multiple benefits. First, it greatly improves the overall system efficiency. Second, it is much simpler, requiring minimal design effort. Also, [output transient] is significantly faster than our competitors. And finally, all this can be achieved through a simple software interface.

我們的解決方案具有多種優勢。首先，它大大提高了系統的整體效率。其次，它更簡單，需要最少的設計工作。此外，[輸出瞬態]明顯快於我們的競爭對手。最後，所有這一切都可以透過一個簡單的軟體介面來實現。

This demonstrates clear advantages over the traditional methods of pulse width modulations, or PWM. The first product based on QS mod technology is the MP2953, a six-phase controller targeting ultra high current applications such as server CPU core, DDR power and network systems. Coupled with our Intelli-Phase family of driver [MOS ICs], the MP2953 delivers the best in class performance in efficiency and transient response.

這與傳統的脈寬調變（PWM）方法相比具有明顯的優勢。第一款基於QS mod技術的產品是MP2953，這是一款針對超高電流應用的六相控制器，例如伺服器CPU核心、DDR電源和網路系統。與我們的 Intelli-Phase 系列驅動器 [MOS IC] 相結合，MP2953 在效率和瞬態響應方面提供了同類最佳的性能。

The built-in current sense technique with extremely high accuracy allows the CPUs to optimize power, deliver the best efficiency, and eliminate the need to over design DC to DC converters. In fact, we have received overwhelmingly positive feedback from several major customers on our solution efficiency and simplicity with the programmable GUI, or graphic user interface, unlike the trial and error approach in labs today. We believe this technology will set a new standard for size and power conversion efficiency in cloud computing and networking.

具有極高精確度的內建電流感應技術使 CPU 能夠優化功耗、提供最佳效率，並且無需過度設計 DC-DC 轉換器。事實上，我們已經從幾個主要客戶那裡收到了壓倒性的積極反饋，認為我們的解決方案具有可編程 GUI 或圖形用戶界面的效率和簡單性，與當今實驗室中的試錯方法不同。我們相信這項技術將為雲端運算和網路領域的尺寸和功率轉換效率樹立新標準。

Another exciting technology -- excuse me -- another exciting development is our innovative Monolithic Power modules or MPM. The MPM products integrate the entire system into one package, which as expected, has been well received by customers. Now customers can just drop in our module and move on to other challenges.

另一項令人興奮的技術——對不起——另一項令人興奮的發展是我們創新的單片電源模組或 MPM。MPM產品將整個系統整合到一個封裝中，正如預期的那樣，受到了客戶的好評。現在，客戶只需加入我們的模組即可繼續應對其他挑戰。

In addition, these miniaturized modules based a [BCD3] and [BCD4] technologies have increased power density, which drives smaller size, increased efficiency and lowered solution cost. We already have multiple design wins for our power modules in industrial, storage and high-end consumer markets. As we continue to expand the family of plug and play modules to address a variety of applications throughout the year, we expect to see steady revenue growth beginning in the second half of 2014.

此外，這些基於 [BCD3] 和 [BCD4] 技術的小型化模組提高了功率密度，從而縮小了尺寸，提高了效率並降低了解決方案成本。我們的電源模組已在工業、儲存和高端消費市場獲得多項設計勝利。隨著我們全年不斷擴展即插即用模組系列以滿足各種應用的需求，我們預計收入將在 2014 年下半年開始穩定成長。

In the technology area the BCD4 process technology is in production and promises to be the growth driver for the future. [A pint of low] BCD products and many of the MPM [products] are all designed on the BCD4 process technology.

在技​​術領域，BCD4 製程技術已投入生產，有望成為未來的成長動力。[一品脫低]BCD產品和許多MPM[產品]都是基於BCD4製程技術設計的。

We continue to push forward on our process technology with the next generation of development, BCD5. This will be an essential [element] for our future servers, cloud computing and module strategy.

我們透過下一代開發 BCD5 繼續推進我們的製程技術。這將是我們未來伺服器、雲端運算和模組策略的一個重要[要素]。

Finally, a few years ago we identified powering of connectivity for the Internet of Things to be one of the future growth engines for MPS. As tens of billions of devices get connected to the Internet, a new power solution is needed. The efficiency of standby power must be extremely high, as these tens of billions of devices are connected to the grid at all times.

最後，幾年前，我們確定物聯網連接能力將成為 MPS 未來的成長引擎之一。隨著數百億設備連接到互聯網，需要新的電源解決方案。備用電源的效率必須極高，因為這數百億個設備始終連接到電網。

In addition, a small form factor is essential due to small space constrained applications. For instance, a traditional power supply will not fit in a light switch or an electric socket or a junction box. In our April 2012 earnings call we presented the EasyPower family specifically targeting the Internet of Things applications. These products provide an extremely small solution to deliver a few hundred [milliwatts] to a few watts of DC/DC power from offline AC source.

此外，由於小空間受限的應用，小外形尺寸也是必不可少的。例如，傳統電源不適合燈開關、電源插座或接線盒。在 2012 年 4 月的財報電話會議上，我們介紹了專門針對物聯網應用的 EasyPower 系列。這些產品提供了一個非常小的解決方案，可以從離線交流電源提供數百[毫瓦]到幾瓦的 DC/DC 功率。

Two years later we have seen steady increase of demand from many applications such as industrial control systems, building automation, thermostat, door entry and air conditioning flow control. We believe the Internet of Things will grow rapidly in the next few years, and as an early [mover] we are well positioned for growth in this market.

兩年後，我們看到工業控制系統、樓宇自動化、恆溫器、門禁和空調流量控制等許多應用的需求穩定成長。我們相信物聯網將在未來幾年快速成長，作為先行者，我們已為該市場的成長做好了充分準備。

Switching to Q4. MPS had a record fourth quarter with revenue of $63.6 million, representing year-over-year revenue growth of 31.8%. Gross margin was 54% in the fourth quarter, the same as the third quarter, and 100 basis points higher than the 53% reported in the fourth quarter from a year ago.

切換到第四季。MPS 第四季營收創歷史新高，達 6,360 萬美元，年增 31.8%。第四季毛利率為54%，與第三季持平，比去年第四季的53%高出100個基點。

Our non-GAAP operating income was $13.7 million, compared to the $13.9 million reported in the prior quarter, and significantly higher than the $8.3 million reported in the fourth quarter of 2012. Q4 [non-GAAP] net income was $12.6 million or $0.32 per fully diluted share, compared with $0.33 per share in the previous quarter and $0.21 per share in the prior quarter.

我們的非 GAAP 營業收入為 1,370 萬美元，而上一季報告的營業收入為 1,390 萬美元，且顯著高於 2012 年第四季報告的 830 萬美元。第四季[非 GAAP] 淨利為 1,260 萬美元，或完全稀釋每股收益 0.32 美元，而上一季每股收益 0.33 美元，上一季每股收益 0.21 美元。

Let's review our non-GAAP operating expenses. Excluding stock compensation, our non-GAAP operating expenses for the fourth quarter of 2013 were $20.8 million, a reduction of $800,000 from the $21.6 million we spent in the third quarter.

讓我們回顧一下我們的非公認會計準則營運費用。不包括股票報酬，我們 2013 年第四季的非 GAAP 營運費用為 2,080 萬美元，比第三季的 2,160 萬美元減少了 80 萬美元。

Moving on to our GAAP operating expenses. Our GAAP operating expenses were $26.3 million in the fourth quarter, compared to $26.6 million in the third quarter.

接下來是我們的 GAAP 營運費用。第四季我們的 GAAP 營運費用為 2,630 萬美元，而第三季為 2,660 萬美元。

Since the only difference between non-GAAP operating expenses and GAAP operating expenses for these quarters are stock compensation expense, let's look at the stock comp expense. Stock compensation expense was $5.6 million in the fourth quarter, compared with $5.2 million in the prior quarter.

由於這些季度的非 GAAP 營運費用和 GAAP 營運費用之間的唯一區別是股票補償費用，因此讓我們來看看股票補償費用。第四季股票補償費用為 560 萬美元，上一季為 520 萬美元。

Switching to the bottom line, Q4 2013 GAAP net income was $7.5 million or $0.19 per fully diluted share. On a non-GAAP basis our Q4 net income was $12.6 million, or $0.32 per fully diluted share. This result is computed with an estimated tax rate of 7.5%.

轉向淨利潤，2013 年第四季 GAAP 淨利潤為 750 萬美元，即完全稀釋後每股收益 0.19 美元。以非 GAAP 計算，我們第四季淨利潤為 1,260 萬美元，即完全稀釋後每股收益 0.32 美元。該結果是根據 7.5% 的估計稅率計算得出的。

Now let's look at our balance sheet. Cash, cash equivalents and investments were $236.2 million at the end of 2013, up from the $214.2 million reported at the end of the prior peak quarter. MPS generated operating cash flow of about $30.6 million in Q4. We also received a $9.5 million award from O2 Micro during the fourth quarter, and cash receipts from employee stock option exercises contributed another $5.2 million.

現在讓我們來看看我們的資產負債表。截至 2013 年底，現金、現金等價物和投資為 2.362 億美元，高於上一季末報告的 2.142 億美元。MPS 第四季的營運現金流約為 3,060 萬美元。第四季度，我們也從 O2 Micro 獲得了 950 萬美元的獎勵，員工股票選擇權行使的現金收入又貢獻了 520 萬美元。

MPS announced a $100 million stock buyback program effective August 2013. Under this program we bought back approximately 396,000 shares for a total of $13 million in the fourth quarter. We also spent $800,000 on capital equipment.

MPS 宣布了一項 1 億美元的股票回購計劃，該計劃於 2013 年 8 月生效。根據該計劃，我們在第四季度回購了約 396,000 股股票，總價值為 1,300 萬美元。我們還花了 80 萬美元購買固定設備。

Compared with the end of 2012, cash, cash equivalent and investments were up $63.8 million from the $172.4 million. During the year MPS generated $63.2 million in operating cash flow and $40 million from stock option exercises [ESP] purchases by employees. We received a $9.5 million reward from O2 Micro. We also spent $18.4 million on capital equipment during the year.

與2012年底相比，現金、現金等價物和投資從1.724億美元增加了6,380萬美元。年內，MPS 產生了 6,320 萬美元的營運現金流，以及 4,000 萬美元來自員工購買的股票選擇權 [ESP]。我們從 O2 Micro 獲得了 950 萬美元的獎勵。這一年我們還花了 1840 萬美元購買固定設備。

Accounts receivable ended the year at $23.7 million, compared with $22 million at the end of the prior quarter and $19.4 million at the end of 2012. Days of sales outstanding were up to 34 days in Q4 from 31 days in Q3 2013 and down from 37 days in Q4 2012.

年末應收帳款為 2,370 萬美元，而上季末為 2,200 萬美元，2012 年末為 1,940 萬美元。第四季的應收帳款天數從 2013 年第三季的 31 天增加到 34 天，低於 2012 年第四季的 37 天。

Our internal inventories at the end of the year were $39.7 million, lower than the $43 million at the end of the prior quarter. Days of inventory also decreased from 130 days at the end of the Q3 to 124 days at the end of Q4. Days of inventory in our distributer channel stayed at the same level as the last five quarters.

年末我們的內部庫存為 3,970 萬美元，低於上一季末的 4,300 萬美元。庫存天數也從第三季末的130天減少到第四季末的124天。我們經銷商通路的庫存天數與過去五個季度保持在同一水準。

I would now like to turn to our outlook for the first quarter of 2014. We expect first quarter 2014 revenue to be in the range of $58 million to $62 million, a 16.5% year-over-year increase at the midpoint of the guidance, compared with 4.4% year-over-year first quarter growth projected for the analog industry by [SIA].

我現在想談談我們對 2014 年第一季的展望。我們預計 2014 年第一季營收將在 5,800 萬美元至 6,200 萬美元之間，以指引中點計算，年增 16.5%，而模擬第一季預計年增 4.4%產業[SIA]。

We also expect the following. Gross margin to be in the range of 53.5% to 54.5%. Stock based compensation expense to be in the range of $6.3 million to $7 million. The increase over the prior quarter is primarily due to the [stock price based performance stock unit] granted in December 2013.

我們也期待以下內容。毛利率將在53.5%至54.5%之間。股票補償費用將在 630 萬美元至 700 萬美元之間。較上一季的成長主要是由於 2013 年 12 月授予的[基於股價的績效股票單位]。

Litigation expense to be in the range of $200,000 to $400,000. Non-GAAP R&D and SG&A expense to be in the range of $20 million to $22.5 million. This estimate excludes the stock compensation and litigation expense estimates mentioned above. Fully diluted shares to be in the range of 39.5 million to 39.9 million shares before share buyback.

訴訟費用在20萬至40萬美元之間。非 GAAP 研發和 SG&A 費用將在 2,000 萬美元至 2,250 萬美元之間。此估計不包括上述股票補償和訴訟費用估計。股份回購前，完全稀釋後的股份數量將在 3,950 萬股至 3,990 萬股之間。

In conclusion, MPS had an outstanding fourth quarter, with 31.8% year over year revenue growth, much faster than the overall analog market. This was also MPS's best Q4 and best year yet in our history. We continue deliver on our growth strategy articulated in the past, as evidenced by revenue diversification and growth far exceeding the analog industry. We are confident in our future growth.

總而言之，MPS第四季表現出色，營收年增31.8%，遠快於整體模擬市場。這也是 MPS 有史以來最好的第四季和最好的一年。我們繼續實施過去製定的成長策略，收入多元化和成長遠遠超過模擬行業就證明了這一點。我們對未來的發展充滿信心。

I'll now open the microphones for questions.

我現在打開麥克風提問。

(Operator Instructions). Our first question comes from the line Patrick Wang with Evercore. Your line is open.

（操作員說明）。我們的第一個問題來自 Evercore 的 Patrick Wang。您的線路已開通。

Great, thanks so much. Congrats on the record year. I want to talk about your guidance first. Your guidance is impressive I guess in light of the overall industry. We're still seeing pretty good outperformance there. Historically you're also slowest in the fourth and first quarters.

太好了，非常感謝。祝賀創紀錄的一年。我想先談談您的指導。考慮到整個行業，我想你的指導令人印象深刻。我們仍然看到那裡的表現相當不錯。從歷史上看，你在第四節和第一節也是最慢的。

As we look ahead for the rest of the year -- and I know you're not giving guidance there, but there seems to be a huge pipeline of product cycles and design wins. Can you give us a sense of your -- maybe your visibility or confidence that you're going to be able to continue outgrowing the market at the kind of 20% level that you have done in the past?

當我們展望今年剩餘時間時，我知道您不會在那裡提供指導，但似乎有大量的產品週期和設計勝利。您能否讓我們了解一下您的知名度或信心，即您將能夠繼續以過去 20% 的水平成長，超越市場？

Clearly we're very confident that this is going to be a growth year for us, and we will outperform the analog industry handily again. And the reason we're so confident is the pipeline of design wins that we have and the number of growth drivers that we have. So if you look at the areas of growth, we have cloud computing, networking and telecom, SSD, Shark Bay, set-top boxes, TVs, gaming consoles, LED lighting, automotive, security and various other industrial applications. When you look at the momentum that we have going forward, we feel confident that we'll have growth this year.

顯然，我們非常有信心，這將是我們成長的一年，我們將再次輕鬆超越模擬產業。我們如此有信心的原因是我們擁有的設計勝利管道以及我們擁有的成長動力的數量。因此，如果你看看成長的領域，我們有雲端運算、網路和電信、SSD、Shark Ba​​r、機上盒、電視、遊戲機、LED 照明、汽車、安全和各種其他工業應用。當你看到我們前進的勢頭時，我們對今年的成長充滿信心。

To summarize what Meera [said], we don't find any surprises as we go into Q1 of 2014. Everything is still intact, and everything is actually -- a lot of -- many projects are better than we expected.

總結 Meera [所說的]，進入 2014 年第一季度，我們沒有發現任何意外。一切仍然完好無損，實際上，許多項目都比我們預期的要好。

Okay, got you. I wanted to talk about your [comms end] market. It was down about 14% sequentially last quarter. Can you talk about what happened there, and perhaps what we should think about in the March quarter?

好的，明白了。我想談談你們的[通訊端]市場。上季季減約 14%。您能否談談那裡發生的事情，以及我們在三月季度應該思考什麼？

Sorry, which end market was that?

抱歉，那是哪個終端市場？

Communications.

通訊。

Communications. Communications was down in Q4. Largely it's demand for our older gateway products that were lower in Q4. And I think that's just one of the areas that we saw some seasonal weakness back in Q4.

通訊。第四季通信出現下滑。很大程度是因為我們對舊網關產品的需求在第四季有所下降。我認為這只是我們在第四季度看到的一些季節性疲軟的領域之一。

Okay, but as we move into the first quarter and over the course of the year, are you expecting more older products to get kind of wound down? And then on that same note, can you talk about some of the new products that you've got ramping and when we should expect a material impact to kind of growth there?

好的，但是當我們進入第一季和全年時，您是否預計更多舊產品會被淘汰？同樣，您能否談談您已經推出的一些新產品，以及我們何時應該預計會對那裡的成長產生重大影響？

[Going into the year] we expect the older gateway products revenue to continue to be up for the year, plus we have the new networking and telecom revenues, which [will continue to ramp through this year].

[進入今年]我們預計舊的網關產品收入今年將繼續成長，加上我們有新的網路和電信收入，[今年將繼續成長]。

One of the products we designed in early to middle of last year and (technical difficulty) [will start ramping in the Q] this year and also [in] Q2.

我們在去年年初到年中設計的產品之一（技術難度）[將在今年第二季開始提升]。

Okay, but you're confident you have product that can hand off the growth -- that can hand off the revenues to? That we're not going to be looking at big hole in the revenues?

好吧，但是你有信心你的產品可以帶來成長－可以帶來收入嗎？我們不會看到收入的巨大缺口嗎？

No, that's [not what we see].

不，那是[不是我們所看到的]。

Okay, terrific. And then just lastly the -- you mentioned the module business. I think I heard you say you're expecting kind of first revenues to ramp in the second half of the year. Can you give us some of the -- give us an update on some of the key milestones to look forward to, and perhaps as we exit the year what type of revenues we should -- we could be thinking about?

好吧，太棒了。最後，您提到了模組業務。我想我聽到你說你預計第一批收入將在今年下半年增加。您能否給我們一些值得期待的關鍵里程碑的最新信息，也許當我們結束這一年時，我們應該考慮什麼類型的收入？

The modules is a really long term, and therefore [the growth -- our growth in -- for MPS]. We [are the pioneers for this kind of application] (technical difficulty) the design activities [happened] in the past and are projected in the second half of this year, and they are still on track. But to [be] a meaningful revenue, [we'll] be looking for (technical difficulty) happen in the next year [early quarter and second half] of next year.

這些模組是一個非常長期的項目，因此[MPS 的成長—我們的成長]。我們[是此類應用的先驅]（技術難度）設計活動[發生]在過去，預計在今年下半年進行，而且仍在按計劃進行。但為了[成為]有意義的收入，[我們將]尋找明年[季度初和下半年]發生的（技術困難）。

I see --

我懂了 -

(technical difficulty) incremental this year as well.

（技術難度）今年也是增量。

Yes.

是的。

Got you. Just one last -- I'll slip in one last quick one, and then I'll get off. What are some of the kind of -- the bigger -- the top three or four product cycles that are going to drive the growth this year? [If you could] just kind of talk about that and then rank order it.

明白你了。就最後一件——我會快速穿上最後一件，然後我就下車了。哪些較大的產品週期將推動今年的成長？[如果可以的話]只是談論一下，然後對其進行排序。

Well, [we have] (technical difficulty) Meera talked about the industrial automotive, [that's our -- one of our] -- also the LEDs and cloud computing and [particularly] server size, and then you have a [mini product in] (technical difficulty) solutions (technical difficulty). [We are] expecting this year [to have really] meaningful revenue. In the last year (technical difficulty) we generated a few [mini model] revenues, and this year we [started the growth].

好吧，[我們]（技術難度）Meera 談到了工業汽車，[這是我們的——我們的一個]——還有LED 和雲端運算以及[特別是]伺服器尺寸，然後你就有了[迷你產品] 】（技術難度）解決方案（技術難度）。[我們]預計今年[將]獲得真正有意義的收入。去年（技術難度）我們產生了一些[迷你模型]收入，今年我們[開始成長]。

So I mentioned the automotive industrial (technical difficulty) and the servers. And we have other ones [like a] (technical difficulty) we talk about it in the (technical difficulty). Also the storage. The storage (technical difficulty) a large part of our market shares (technical difficulty) position.

所以我提到了汽車工業（技術難度）和伺服器。我們還有其他的[例如]（技術難度），我們在（技術難度）中討論它。還有儲存。我們的儲存（技術難度）很大一部分市場份額（技術難度）地位。

And during the [conference call] Meera mentioned about the Internet of Things. Two years ago we [defined] -- three years, ago, actually -- four years ago we defined a few products [in the four -- these are connectivities]. These are [micro] -- power -- AC to DC solutions for connectivities. [In the first year we (technical difficulty) we didn't see a whole lot of activities. And then last year [we didn't see it], and a lot of activities [from] (technical difficulty) connected a door lock and a [thimble stack], among other things.

在[電話會議]期間，Meera 提到了物聯網。兩年前，我們[定義]——實際上是三年前——四年前，我們定義了一些產品[在這四種產品中——這些是連接性]。這些是用於連接的[微型]—電源—交流到直流解決方案。[第一年（技術難度）我們沒有看到很多活動。然後去年[我們沒有看到]，很多活動[來自]（技術難度）連接了門鎖和[頂針堆疊]等等。

So the revenue, [we're still at the early] -- still too early to talk about, but we believe it will come. And there is so much activity, and the revenue, it will come. It's just a matter of time.

因此，收入，[我們仍處於早期]——談論還為時過早，但我們相信它會到來。而且有這麼多的活動，收入也會跟著來。這只是時間問題。

Terrific, thanks so much. Congrats, guys.

太棒了，非常感謝。恭喜，夥計們。

All right, our next question comes from the line of Tore Svanberg with Stifel. Your line is open.

好吧，我們的下一個問題來自 Tore Svanberg 和 Stifel。您的線路已開通。

Yes, thank you, and congratulations on the results. First question, your consumer business was up year over year. I think you had hinted that would be the case. But my understanding is that the mix there has changed. I think historically you classified that as one-third set-top box, one-third TV, and one-third discretionary consumer. But how does your consumer business look like now?

是的，謝謝您，恭喜結果。第一個問題，你們的消費業務逐年成長。我想你已經暗示過會是這樣。但我的理解是，那裡的混合已經改變了。我認為從歷史上看，您將其分類為三分之一的機上盒、三分之一的電視和三分之一的可自由支配的消費者。但您的消費業務現在怎麼樣？

Right now I would say that the mix has shifted more into the general purpose consumer. I would say that the general purpose consumer would be roughly about half our business. And [save] all the newer markets that we're entering, like gaming consoles as well as LED lighters and battery charging. Those are the areas that are driving it.

現在我想說的是，這種組合已經更多地轉向通用消費者。我想說，通用消費者大約占我們業務的一半。[保存]我們正在進入的所有新市場，例如遊戲機以及 LED 打火機和電池充電。這些是推動它的領域。

So I would say that the more traditional markets like TV and set-top boxes would most probably be one-quarter and one-quarter each, roughly. So that's the [change in] mix overall.

所以我想說，電視和機上盒等較傳統的市場很可能各佔四分之一和四分之一。這就是整體組合的[變化]。

Very good. And as Michael was going through the top drivers this year, I mean, they all seem like higher gross margin type markets. Should we expect a gross margin expansion as we move throughout the year?

非常好。當麥可今年經歷了頂級驅動因素時，我的意思是，它們似乎都是毛利率較高的市場。隨著全年的變化，我們是否應該預期毛利率會成長？

I think you will -- our goal is to grow gross margin steadily through the year.

我想你會的——我們的目標是全年毛利率穩定成長。

[Yes, now] we don't have it -- we don't -- executing our strategies, which we see from the result from the last years. I don't see a huge down side -- a lot [of harry lifted out] in pressures from our gross margin. Although we so have [all these] traditional [geno-arch] -- traditional consumer products [and] which [we'll fastly] replace by the newer consumer products that Meera just mentioned, and those have a higher gross margin. So I would say that, okay, we feel comfortable, and we can improve the margins, [if not a lot, at least a bit.]

[是的，現在]我們沒有——我們沒有——執行我們的策略，這是我們從過去幾年的結果中看到的。我不認為有什麼巨大的負面影響——我們的毛利率帶來了很多壓力。儘管我們擁有[所有這些]傳統的[基因拱門]——傳統的消費品[並且]它們[我們將很快]被Meera剛才提到的更新的消費品所取代，並且這些產品具有更高的毛利率。所以我想說，好吧，我們感覺很舒服，我們可以提高利潤率，[如果不是很多，至少是一點點。

Very good. And any chance you can update us on the mix between BCD3, and do you now actually have a percentage for BCD4?

非常好。您是否有機會可以向我們介紹 BCD3 之間的混合情況，您現在實際上有 BCD4 的百分比嗎？

It's I would say it's fairly early for BCD4, but if you look at BCD3 and BCD4 together, about two-thirds of our revenue in Q4 was from those two technologies.

我想說，對於 BCD4 來說，現在還為時過早，但如果你把 BCD3 和 BCD4 放在一起看，就會發現我們第四季度大約三分之二的收入來自這兩項技術。

Very good. Last question, and on your new DC to DC converter technology, should that already start to ramp this year?

非常好。最後一個問題，關於你們的新直流到直流轉換器技術，今年是否應該開始推廣？

This year, yes. We have design wins. And this is really [what I figure at the back] -- this new state of art technologies that really I'm excited about this. I can just -- quantum state modulation could really replace the traditional PWM -- pulse width modulation. We believe this is a much -- is the better way to do it. [It's like a] break through [we've talked about] for many years [and that's] to refine this product.

今年，是的。我們在設計上取得了勝利。這確實是[我在後面想到的]——這種新的最先進的技術，我真的對此感到興奮。我可以——量子態調變確實可以取代傳統的 PWM——脈寬調變。我們相信這是更好的方法。[這就像]突破[我們已經討論了]很多年[那就是]改進這個產品。

And I think [there's heavy apply] for general market, particularly the [high current] for this year. This year we generate revenues from using that technology, and also for next year [the module] -- a lot of modules based on this programmable power technologies.

我認為一般市場[有大量應用]，特別是今年的[高電流]。今年我們透過使用該技術獲得收入，明年[模組]也獲得收入——許多模組基於這種可編程電源技術。

Very good. Thank you very much.

非常好。非常感謝。

Thank you.

謝謝。

Our next question comes from the line of Steven Smigie with Raymond James. Your line is open.

我們的下一個問題來自史蒂文·斯米吉和雷蒙·詹姆斯的對話。您的線路已開通。

Thanks, this Vincent Celentano speaking on behalf of Steve. I was hoping if you could talk about the long-term growth rate you see for the AC to DC business.

謝謝文森特·塞倫塔諾代表史蒂夫發言。我希望您能談談您所看到的交流到直流業務的長期成長率。

[We have] talked about our product quite a bit [other things]. AC to DC [there I didn't] mention. I [can only] remember seven things. Meera, why don't you --

[我們]已經多次談論了我們的產品[其他事情]。交流到直流[我沒有]提到。我[只能]記得七件事。梅拉，你為什麼不——

AC/DC is an area where we're seeing a lot of revenue growth coming from that. We're seeing some of the revenue growth coming in our EasyPower family of products, which is part of the Internet of Things. We are also seeing revenues from this in multiple other markets, and this is going to be one of our areas of [the things steady things that can grow] this year.

AC/DC 是一個我們看到大量收入成長的領域。我們看到 EasyPower 系列產品帶來了一些收入成長，該系列產品是物聯網的一部分。我們還在多個其他市場看到了由此產生的收入，這將是我們今年的[穩定的、可以成長的事物]領域之一。

A lot of products -- a lot of demand is from [wiger]. And the [wiger] need some kind of [smart] powers and also very efficient power conversion from an AC line, and also small form factor. So our product [is out] spending in the segment. And also some of the small appliances, okay, which connect to -- require some connectivity, and we see some demand for that. [But all those too are at the beginning. Both of our AC] -- a large portion of our AC to DC [really comes from] energy saving device, and we call it [ideal dials]. And [those are] -- a lot of high-powered products. Computing servers and all need that kind of high efficiency product. And which our products can just drop-in replace traditional [dials], and we see the [win].

很多產品－很多需求都來自[wiger]。[wiger] 需要某種 [智慧型] 電源以及來自交流線路的非常高效的電源轉換，以及較小的外形尺寸。因此，我們的產品[已經]在該領域投入了資金。還有一些小家電，它們需要連接，我們看到了一些需求。[但所有這些也才剛開始。我們的交流電]－我們的交流電轉直流電的很大一部分[確實來自]節能設備，我們稱之為[理想撥號盤]。[那些是]——很多高性能產品。計算伺服器等都需要那種高效率的產品。我們的產品可以直接取代傳統的[錶盤]，我們看到了[勝利]。

Great, thank you. And as a follow-up, I was wondering if you're considering any acquisitions?

太好了謝謝。作為後續行動，我想知道您是否正在考慮進行任何收購？

We've talked about this before. We would be interested in -- if there was a good technology play out there, we would certainly be interested in those opportunities. So it has to be something that is of interest to us that has maybe associated sales opportunities. So this is something that we have been looking at for a while.

我們之前已經討論過這個問題。我們會對——如果有良好的技術發揮作用，我們肯定會對這些機會感興趣。所以它必須是我們感興趣的東西，並且可能有相關的銷售機會。所以這是我們一段時間以來一直在研究的事情。

Great, thank you very much.

太好了，非常感謝。

Our next question comes from the line of Ross Seymore with Deutsche Bank. Your line is open.

我們的下一個問題來自德意志銀行的 Ross Seymore。您的線路已開通。

Good afternoon, solid results. This is actually Matt Diamond on Ross's behalf. I wanted to ask you about your OpEx plans for the course of the year. It looks as though your SG&A is going to be -- your SG&A is a little bit higher than your long-term model at about 16%. I'm curious if you could enlighten us to what plans, if any, you have to cut that down to the long-term model this year?

午安，成果豐碩。這實際上是代表羅斯的馬特戴蒙德。我想問一下您今年的營運支出計畫。看來您的 SG&A 會比您的長期模型高一點，約 16%。我很好奇你能否告訴我們哪些計劃（如果有的話）今年必須將其削減為長期模型？

Our plan, if you noticed -- back in Q4 we have held the OpEx down, and that's -- our plan is as -- we don't need to do any investments right now to hit the 2014 road map. As we see revenue increase, we will increase some of our investment in -- particularly in the [depth of] marketing area, targeting 2015 and 2016 revenue growth. You are going to see us come into target as you see our revenue top line growth.

我們的計劃，如果你注意到的話——早在第四季度我們就壓低了營運支出，那就是——我們的計劃是——我們現在不需要做任何投資來實現 2014 年的路線圖。當我們看到收入增加時，我們將增加一些投資——特別是在行銷領域的[深度]，目標是 2015 年和 2016 年收入成長。當您看到我們的收入成長時，您會看到我們實現了目標。

Okay, great. And if you want to comment -- could you comment on the linearity of bookings this quarter, what you have seen heading into January and February?

好的，太好了。如果您想發表評論，您能否評論一下本季預訂的線性情況以及您在 1 月和 2 月看到的情況？

I would say this is fairly typical for what we see in most periods. As you know, we have mostly six to eight weeks lead time, so we start seeing most of orders coming in in the second half of the prior quarter going into this quarter. So in terms of linearity, it's the same as it usually is.

我想說，這對於我們在大多數時期所看到的情況來說是相當典型的。如您所知，我們的交貨時間大多為六到八週，因此我們開始看到大多數訂單是在上一季的下半年進入本季度的。因此，就線性度而言，它與通常的情況相同。

We see [it is] very normal. Consumer is little bit longer, is a little bit weaker. Everything else, okay, doing better than we actually expected.

我們認為這是非常正常的。消費者長一點，弱一點。其他一切都還好，比我們實際預期的還要好。

Okay, great, thanks very much.

好的，太好了，非常感謝。

Our next question comes from the line of Vernon Essi with Needham & Company. Your line is open.

我們的下一個問題來自 Vernon Essi 和 Needham & Company 的電話。您的線路已開通。

Thank you. Just to follow on the last question there on the OpEx. And, Meera, I guess I didn't understand really the answer to that. In terms of achieving a long-term model, obviously you're not going to probably hit that in 2014, but it's fair to say that your OpEx will be growing, at least in dollar terms in sort of a similar pattern it has in the last couple of years. Is that a fair statement?

謝謝。繼續回答有關營運支出的最後一個問題。而且，Meera，我想我並沒有真正理解這個問題的答案。就實現長期模型而言，顯然您可能不會在 2014 年達到這一目標，但可以公平地說，您的營運支出將會成長，至少以美元計算，其模式與 2014 年類似。這是一個公平的說法嗎？

I would say that, yes, for our revenue -- for our OpEx, particularly SG&A, to hit the model, that is based on revenue growth. And I'm not sure if that -- if we'll be able to hit this year. But you're clearly going to find any OpEx increase this year is also going to be driven by substantially higher revenue growth.

我想說，是的，對於我們的收入來說——對於我們的營運支出，特別是銷售、管理和行政費用來說，要達到基於收入成長的模型。我不確定我們今年是否能夠實現這一目標。但你顯然會發現今年營運支出的成長也將由收入成長的大幅提高所推動。

Vernon, you see our -- you've covered us before -- [long enough, I reckon]. We had to increase [in some] -- we had to invest [in some of them items, like INDs] and for the [growth]. In the past you would see it. If the [growth] slow down, we can cut a few million dollars [during the] quarter. And we demonstrated many times in the past. So OpEx, our control -- out of control OpEx, it should not be your concern.

佛農，你看到我們的－你以前已經報道過我們了－[足夠長的時間，我想]。我們必須增加[某些]—我們必須投資[其中一些項目，如新藥申請]並為了[成長]。過去你會看到它。如果[成長]放緩，我們可以[在本季度]削減數百萬美元。我們過去已經演示過很多次了。因此，我們控制的營運支出—失控的營運支出，不應該是您關心的問題。

Okay. And I just wanted clarification last point, and I appreciate the answers here. Just to switch gears to lighting, and I won't bring up audio amplifiers since I've followed you long enough, Michael. But going back to that revenue segment, it has been flattish over the last couple of years. Can you go over the mix that's transitioned from the backlighting and notebook area into general lighting over the last two years, just to get us a feel for what has happened behind the scenes?

好的。我只是想澄清最後一點，我很欣賞這裡的答案。只是切換到照明，我不會提起音頻放大器，因為我已經關注你足夠長的時間了，邁克爾。但回到收入部分，過去幾年一直持平。您能否回顧一下過去兩年從背光和筆記本區域過渡到普通照明的混合，只是為了讓我們了解幕後發生的事情？

Sure. As you know, with a good portion of your revenue in the lighting control portion of that used to be all backlighting, and we had been seeing this transition over more into LED lighting. And I think if you look at the most recent year, I would say a bigger portion of our revenue is coming from LED lighting.

當然。如您所知，您的收入的很大一部分來自照明控制部分，過去都是背光照明，我們已經看到這種轉變更多地轉向 LED 照明。我認為如果你看看最近一年，我會說我們收入的很大一部分來自 LED 照明。

So in the transition from the backlighting to LED lighting now.

所以現在正在從背光照明過渡到LED照明。

Sure, but I guess what I'm trying to understand is how much -- I'm assuming the bulk of this year is general -- or, excuse me, 2013 was general. And then give us an idea of how much was general versus backlighting in 2012. I'm just trying to understand how much general is lighting while the other one is declining.

當然，但我想我想了解的是有多少——我假設今年的大部分時間都是一般的——或者，對不起，2013 年是一般的。然後讓我們了解一下 2012 年普通照明與背光照明的比較。我只是想了解一般照明有多少，而另一種則在下降。

[What] you're asking as Meera said, as Meera implied that more than half of it -- am I right? -- is the LED lighting. To be more specific, is that lightings are not really a consumer lighting, and we are really targeting industrial and commercial lighting. So our solution, you won't get it from these hardware stores for residential use. More in the industrial use.

正如梅拉所說，你在問什麼，正如梅拉所暗示的那樣，其中一半以上——我說得對嗎？——是LED照明。更具體地說，照明並不是真正的消費照明，我們真正針對的是工業和商業照明。所以我們的解決方案，你不會從這些五金行買到用於住宅用途的。工業用途較多。

And I appreciate that. Okay, thanks. And then my last question, just to go back to the quantum module, the QS mod I guess is what you're calling this product, and you talked about the PWM topology and how that works. And I just want to be clear on this. Is this going to be basically an envelope tracking solution that you could target into the [D core] area, or is this more of a point of load application in sort of an enterprise example? I just need you to be more specific on that if you could, please.

我很欣賞這一點。好的謝謝。然後我的最後一個問題，回到量子模組，我猜 QS mod 就是您所說的這個產品，您談到了 PWM 拓撲及其工作原理。我只想澄清這一點。這基本上是一個可以瞄準 [D 核心] 區域的包絡追蹤解決方案，還是更像是企業範例中的負載點應用程式？如果可以的話，我只需要你說得更具體一些。

The first product is clearly for [V core] in the high current telecom, and [these are power] solutions. And then we will -- our next-generation module will adapt that kind of approach and will be programmable [and can] service our customers [through the] Internet.

第一個產品顯然是針對大電流電信中的[V core]和[這些是電源]解決方案。然後我們的下一代模組將採用這種方法，並且將是可編程的，[並且可以]透過互聯網為我們的客戶提供服務。

Okay, so just again to back up --

好吧，再次備份——

[That would be --] Yes, that would be in the general application, DC to DC.

[那就是—] 是的，這將是在一般應用中，DC 到 DC。

Okay. All right, that's helpful. Thanks a lot, Michael, and thank you, Meera.

好的。好的，這很有幫助。非常感謝，邁克爾，也謝謝你，米拉。

Thank you.

謝謝。

Our next question comes from the line of Rick Schafer with Oppenheimer. Your line is open.

我們的下一個問題來自里克·謝弗和奧本海默的對話。您的線路已開通。

Thanks, and I'll add my congratulations, guys. A couple of follow-up questions, I guess, here. First is I was surprised to see consumer and compute up actually in the fourth quarter, and comms and industrial down. But despite that unfavorable mix, your gross margins were still solid in 4Q. I guess where I'm going with that is why are -- given the better mix that we'd assume for the first quarter and an increase percent of BCD3 and BCD4, so lower cost production in 1Q, I guess I'm surprised gross margins are just trending flat in the first quarter sequentially. Is that just a function of lower volumes, or is there anything else going on in there?

謝謝，我要表達我的祝賀，夥計們。我想這裡有幾個後續問題。首先，我驚訝地發現第四季度消費者和計算業務實際上有所成長，而通訊和工業業務卻有所下降。但儘管存在不利的組合，第四季的毛利率仍然穩定。我想我要說的就是為什麼——考慮到我們假設第一季的更好組合以及 BCD3 和 BCD4 的增長百分比，因此第一季的生產成本較低，我想我對總產量感到驚訝第一季的利潤率連續持平。這只是銷量下降的結果，還是有其他原因？

I would say it's a function of lower volumes over that, so we expect margins to be similar to where we were in Q4 despite the lower revenues.

我想說，這是銷量下降的結果，因此，儘管收入較低，但我們預計利潤率將與第四季的水平相似。

Okay. So it is just volume kind of as an offset for that, it sounds like?

好的。所以這只是音量的一種補償，聽起來像？

Yes, it's utilization and volume and mix of our products. But overall [if we] drop it some -- a few million bucks, then [the margin] you see a much bigger change. So margin still stays pretty flat, and that's due to, as -- just as [you earlier said it], the newer production [in user BCD4] now is ramping up and so replaced the older product. That's the reason we can sustain the margin.

是的，它是我們產品的利用率、數量和組合。但總的來說，[如果我們]放棄一些——幾百萬美元，那麼[利潤]你會看到更大的變化。因此，利潤率仍然保持相當平穩，這是因為，正如[您之前所說]，[用戶 BCD4] 的新產品現在正在增加，因此取代了舊產品。這就是我們能夠維持利潤率的原因。

Got it. And then talking about TV, you mentioned it briefly, but kind of give us a frame of reference of how big TV is. I guess, would you consider that a stable business now? I mean, has it basically been de-risked in the model? Or do you consider it still a drag as we look into 2014? And part of that question, do you see any other businesses that are acting as a growth offset or a drag on the top line this year?

知道了。然後談到電視，您簡短地提到了它，但有點給我們提供了電視有多大的參考框架。我想，您現在會認為這是一項穩定的業務嗎？我的意思是，模型中的風險基本上已經消除了嗎？或者說，當我們展望 2014 年時，您是否認為這仍然是一個拖累？這個問題的一部分是，您是否看到其他業務正在抵消今年的成長或拖累營收？

If you look at TV, the TV business in 2013 was down from 2012, but we actually expect based on design wins that we would most probably be able to grow this some. So when I look all across at all our different products, I don't see anything in particular that would suggest that it would be a drag, though I have to say that in consumer business we look at each account by account to see which account is going to be able to support going forward. But I cannot think of an entire category or anything that [we're defocusing].

如果你看看電視，2013 年的電視業務比 2012 年有所下降，但我們實際上預計，基於設計成果，我們很可能能夠實現一些成長。因此，當我縱觀我們所有不同的產品時，我沒有看到任何特別表明這會成為拖累的東西，儘管我不得不說，在消費者業務中，我們逐個查看每個帳戶以了解哪個帳戶將能夠支持前進。但我無法想到一個完整的類別或任何[我們正在分散注意力]的東西。

I think [that since you] mentioned TV, in the last few years, we sort of want to minimize the concentration. But this year and the end of last year, [I've sort of been looking at it,] there's a new application -- maybe so-called smart TV -- requires a higher current, DC to DC. And very few players -- very few suppliers that can deliver a cost effective solution. And MPS, [again], and I think this year we're -- at least I'm optimistic in the segment.

我認為[自從你]提到電視以來，在過去的幾年裡，我們有點想盡量減少集中度。但今年和去年年底，[我一直在關注]有一種新的應用——也許是所謂的智慧電視——需要更高的電流，直流到直流。而且很少有參與者——很少有供應商能夠提供具有成本效益的解決方案。MPS，[再次]，我認為今年我們——至少我對這領域持樂觀態度。

Great, and then my last question is I think you mentioned last call or the last time I talked to you anyway, talking about the move to BCD5 late next year and how that's probably a move -- or that's when you'll move to potentially 12 inch wafer. And I'm just curious, should we be modeling any sort of step up in costs or anything as we look out modeling our 2015 numbers? Should we be thinking of any kind of cost step up ahead of that 12 inch move?

很好，然後我的最後一個問題是，我認為您提到了上次通話或上次我與您交談，談論明年底遷移到 BCD5 以及這可能是如何遷移的，或者那時您可能會遷移到12吋晶圓。我只是很好奇，當我們對 2015 年的數字進行建模時，我們是否應該對任何形式的成本上升或其他任何事情進行建模？在 12 英寸遷移之前，我們是否應該考慮增加任何成本？

I think that you -- improving margin is really the [product direction], and we move away from the lower price segment market -- market segment. So I think that's really the thrust behind it.

我認為，提高利潤率確實是[產品方向]，我們正在遠離較低價格的細分市場—細分市場。所以我認為這確實是背後的推動力。

Of course, continue to lower the cost, introduce better technology, and that will help, but its main purpose in driving the performance. So for your model-wise, you look at our product lines, and you look at the product market segments, and all of them should be higher than what the consumer product is.

當然，不斷降低成本，引入更好的技術，這會有幫助，但其主要目的仍在推動效能上。因此，就你的模型而言，你看看我們的產品線，你看看產品細分市場，所有這些都應該高於消費品。

Got it, great, thanks, Michael. Thanks, you guys. Thanks, Meera.

明白了，太好了，謝謝麥可。謝謝你們。謝謝，米拉。

All right.

好的。

(Operator Instructions). Our next question comes from the line of Amit Chanda with Wells Fargo. Your line is open.

（操作員說明）。我們的下一個問題來自 Amit Chanda 與富國銀行的對話。您的線路已開通。

Hi, thank you for taking my question. Michael, can you talk about the competitive environment associated with Shark Bay notebooks? Are you seeing any other competitors in the marketplace right now for point of load solutions in Shark Bay? And, if so, can you talk about how your products are differentiated relative to the competition?

你好，謝謝你回答我的問題。Michael，您能談談與 Shark Ba​​r 筆記型電腦相關的競爭環境嗎？您目前在鯊魚灣負載點解決方案市場上是否看到其他競爭對手？如果是這樣，您能否談談您的產品相對於競爭對手有何差異化？

Yes, for the notebook side -- and we're not really a big player. We have products for servers and for [other in there]. So we introduced the product -- is a very -- to the notebook market. It is a very opportunistic. However, we do get some revenues out of this, and we have pretty good margins. Not great margins. In this year I see that our product will remain very competitive in that area and think we will even gain some market shares in the notebook side.

是的，對於筆記型電腦方面來說——我們並不是真正的大玩家。我們有用於伺服器和[其他]的產品。因此，我們向筆記型電腦市場推出了該產品。這是非常機會主義的。然而，我們確實從中獲得了一些收入，而且我們的利潤率也相當不錯。利潤空間不大。今年我認為我們的產品在該領域將保持非常有競爭力，並認為我們甚至會在筆記型電腦方面獲得一些市場份額。

Okay, that's helpful, thank you. And then, Meera, can you maybe comment on your CapEx expectations for 2014?

好的，這很有幫助，謝謝。然後，Meera，您能否評論一下 2014 年的資本支出預期？

We've done a lot of investment already in our tests, [testers], et cetera. So we think that our CapEx in 2014 is going to be down to below $10 million.

我們已經在測試、[測試人員]等方面進行了大量投資。因此，我們認為 2014 年我們的資本支出將降至 1,000 萬美元以下。

Okay, great. Thank you very much. I appreciate it.

好的，太好了。非常感謝。我很感激。

You're welcome.

不客氣。

Our next question is a follow up from the line of Patrick Wang of Evercore. Your line is open.

我們的下一個問題是 Evercore 的 Patrick Wang 的後續問題。您的線路已開通。

Thanks, just a quick follow up. This is probably a silly question, but when we take a look at the March quarter and how you guys guided, the Street was a little bit higher than the midpoint of your guidance here. So I'm just kind of curious from your perspective, do you think it's Wall Street just getting a little too excited, or were there any particular areas that were a little bit weaker? Was it maybe perhaps Chinese New Year? Can you just talk about that? It could be a very simple answer, [if it's that] maybe we were all too excited, but just curious what you think.

謝謝，只是快速跟進。這可能是一個愚蠢的問題，但是當我們看看三月的季度以及你們的指導方式時，華爾街的價格比你們指導的中點要高一點。所以我只是從你的角度好奇，你認為華爾街是否有點太興奮，或者是否有任何特定領域有點疲軟？也許是中國新年？能簡單談談嗎？這可能是一個非常簡單的答案，[如果是這樣的話]也許我們都太興奮了，但只是好奇你的想法。

Sure. I think it was just the consumer business, the seasonality that we had, following a very strong Q4 where consumer was about 45% of our revenues. And it also included areas like gaming, which have seasonality going into Q1. And we saw -- particularly in December, we saw -- we had higher shipments in December than is typical for us.

當然。我認為這只是消費者業務，我們的季節性，在第四季度非常強勁之後，消費者約占我們收入的 45%。它還包括遊戲等領域，這些領域在第一季具有季節性。我們看到——特別是在 12 月份，我們看到——我們 12 月份的出貨量比我們通常要高。

So I think everything combined together -- I felt very comfortable with the guidance that we have, and I can't speak to the Street's expectation.

所以我認為一切都結合在一起 - 我對我們所擁有的指導感到非常滿意，而且我無法說出華爾街的期望。

And I can say, okay, all the analysts that cover us, they are very, very knowledgeable. So -- and you guys [are not silly]. When I look at this, okay, I look at Q1 [as stated], and consumers, particularly in the second half of [2003] are going up substantially, and the Q1 is a little bit softer. So we can't -- that kind of business we really [can't] predict very accurate, okay? So that's my answer.

我可以說，好吧，所有關注我們的分析師，他們都非常非常有知識。所以——你們[不傻]。當我看這個時，好吧，我看第一季[如上所述]，消費者，特別是[2003]下半年的消費者大幅成長，而第一季有點疲軟。所以我們不能──我們確實無法非常準確地預測這種業務，好嗎？這就是我的答案。

Okay, so it seems like consumer is a bit strong in the fourth quarter, so the sequential comp is a little bit steeper, but it seems that the consumer cycle probably does improve over the course of the year, and this is probably a low point just from that standpoint.

好吧，看起來第四季度的消費者有點強勁，所以連續比較有點陡峭，但看起來消費者周期可能在一年中確實有所改善，這可能是一個低點僅從這個角度來看。

Absolutely, because Q2 and Q3 in particular tend to be very strong consumer quarters for us. Plus you have all the other growth drivers in all the other areas that also ramp at the same time.

當然，因為第二季和第三季對我們來說尤其是非常強勁的消費季。此外，所有其他領域的所有其他成長動力也同時成長。

Yes, I mean, traditionally in the Q1 is [the consumer's] business, and that seasonality is the lowest anyway. And I think this year it [will] be better than past years, with strong consumer content than in the past years. But this year, as I said, it will have a high current product for TVs, and I think the consumer will continue to grow.

是的，我的意思是，傳統上第一季是[消費者的]業務，而且季節性是最低的。我認為今年會比過去幾年更好，消費者內容比過去幾年更強大。但今年，正如我所說，它將推出高電流電視產品，我認為消費者將繼續成長。

Got it. And there was nothing out of the ordinary in terms of Chinese New Year? I mean, I know it happens every year, so it shouldn't be, but I'm just curious if there is any variation there?

知道了。春節期間也沒有什麼異常的事情嗎？我的意思是，我知道這種情況每年都會發生，所以不應該如此，但我只是好奇是否有任何變化？

I think that maybe this year it was slightly earlier than last year's, but I can't say that -- I can't really pinpoint. And we do see some of it -- it implies the early shutdowns, and that would affect the Q1 revenue, particularly on the consumer side. But I don't see extraordinary things happen.

我認為今年可能比去年稍微早一點，但我不能這麼說——我不能真正確定。我們確實看到了其中的一些——這意味著提前關閉，這將影響第一季的收入，特別是在消費者方面。但我沒有看到什麼不尋常的事情發生。

And as I said, the stronger shipments in December than is typical could be partly associated with it, but we did not want to necessarily jump to that conclusion.

正如我所說，12 月的出貨量比平常強勁可能部分與此相關，但我們並不一定要倉促得出這個結論。

Understood. Thanks very much.

明白了。非常感謝。

(multiple speakers)

（多個發言者）

And I'm not showing any further questions at this time. I would like to turn the call back over to Meera Rao for closing remarks.

目前我不會提出任何進一步的問題。我想將電話轉回給 Meera Rao，讓其致閉幕詞。

Thank you all for joining us for this earnings call. We look forward to talking to you again in April. Thank you, and have a nice day.

感謝大家參加我們這次的財報電話會議。我們期待四月再次與您交談。謝謝你，祝你有美好的一天。

Ladies and gentlemen --

女士們，先生們 -

Thank you, everyone.

謝謝大家。

Thank you for participating in today's conference. This concludes the program, and you may all disconnect. Everyone, have a good day.

感謝您參加今天的會議。程式到此結束，大家可以斷開連線了。大家，祝你有美好的一天。