MACOM Technology Solutions Holdings, Inc. (MTSI) 2016 Q1 法說會逐字稿

Good afternoon, and welcome to the M/A-COM Technology Solutions fiscal first quarter 2016 financial results conference call.

各位下午好，歡迎參加 M/A-COM Technology Solutions 2016 會計年度第一季財務業績電話會議。

(Operator Instructions)

（接線員指示）

As a reminder, this conference call is being recorded today, Tuesday, January 26, 2016. I will now turn the call to Leanne Sievers of Shelton Group, the Investor Relations agency for M/A-COM. Leanne, please go ahead.

提醒各位，本次電話會議將於今天（2016 年 1 月 26 日，星期二）錄音。現在我將把電話交給 Shelton Group（M/A-COM 的投資人關係代理機構）的 Leanne Sievers。Leanne，請開始。

Good afternoon, and welcome to M/A-COM Technology Solutions first quarter 2016 earnings conference call. I'm Leanne Sievers, Executive Vice President of Shelton Group, M/A-COM's Investor Relations firm. With us today are M/A-COM's President and Chief Executive Officer, John Croteau, and Senior Vice President and Chief Financial Officer Bob McMullan. If you've not yet received a copy of the press release, you can obtain a copy on M/A-COM's website at www.MACOM.com under the Investor Relations section.

各位下午好，歡迎參加 M/A-COM Technology Solutions 2016 會計年度第一季財報電話會議。我是 Shelton Group 執行副總裁 Leanne Sievers，Shelton Group 為 M/A-COM 的投資人關係顧問公司。今天與會者包括 M/A-COM 總裁兼執行長 John Croteau，以及資深副總裁兼財務長 Bob McMullan。若您尚未收到新聞稿，可至 M/A-COM 網站 www.MACOM.com 的「投資人關係」專區取得。

Before I turn the call over to Mr. Croteau, I'd like to remind our listeners that Management's prepared remarks and answers to your questions contain forward-looking statements which are subject to risks and uncertainties. Because actual results may differ materially from those discussed today, M/A-COM claims the protection of the Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. And refers you to a more detailed discussion of risks and uncertainties that could result in those differences in M/A-COM's filings with the Securities and Exchange Commission, including its current report on Form 8-K filed today and annual report on Form 10-K filed on November 24, 2015. Any forward-looking statements represent Management's views only as of today, January 26, 2016, and M/A-COM assumes no obligation to update these statements in the future.

在我把電話交給 Croteau 先生之前，我想提醒各位聽眾，管理層的事先準備發言以及對各位提問的回答，包含前瞻性陳述，並受風險與不確定性影響。由於實際結果可能與今日討論內容存在重大差異，M/A-COM 主張適用《1995 年私人證券訴訟改革法案》中關於前瞻性陳述的「安全港」保護。並請各位參閱 M/A-COM 向美國證券交易委員會（SEC）提交之文件中，對可能導致差異之風險與不確定性的更詳細討論，包括今日提交的 Form 8-K 當前報告，以及於 2015 年 11 月 24 日提交的 Form 10-K 年度報告。任何前瞻性陳述僅代表管理層截至今日（2016 年 1 月 26 日）的觀點，M/A-COM 不承擔未來更新此等陳述之義務。

The Company's press release and Management's statements during this conference call will include discussions of certain non-GAAP measures and financial information. These financial measures and a reconciliation of GAAP to non-GAAP results are provided in the Company's press release and related current report on Form 8-K, which was filed with the SEC today and can be found at the Investor Relations section of M/A-COM's website.

本公司新聞稿以及管理層在本次電話會議中的陳述，將包含對若干非 GAAP 指標與財務資訊的討論。這些財務衡量指標以及 GAAP 與非 GAAP 結果之調節表，已載於本公司新聞稿及相關的 Form 8-K 當前報告中；該報告已於今日向 SEC 提交，並可於 M/A-COM 網站的「投資人關係」專區查閱。

For those of you unable to listen to the entire call at this time, a recording will be available via webcast for 30 days in the Investor Relations section of M/A-COM's website. Now I'll turn the call over to M/A-COM's President and CEO, John Croteau. John, please go ahead.

若各位目前無法收聽完整會議，網路直播的錄音將於 M/A-COM 網站「投資人關係」專區提供 30 天。現在我將把電話交給 M/A-COM 總裁兼執行長 John Croteau。John，請開始。

Thank you, Leanne. Welcome, everyone, and thanks for joining us today. I'll begin today's call with an overview of our first quarter results for FY16, and then turn the call over to Bob McMullan, our CFO, who will review our financial performance in further detail. I'll then conclude today's prepared comments by providing a summary of our execution during the quarter, followed by guidance for the fiscal second quarter of 2016.

謝謝你，Leanne。各位好，感謝今天加入我們。我將先概述 2016 會計年度第一季的業績，接著把電話交給我們的財務長 Bob McMullan，由他更詳細說明財務表現。之後我將以本季執行情況摘要作為結語，並提供 2016 會計年度第二季的財測指引。

Straight to the results. I'm pleased to report that for our fiscal first quarter of 2016 revenue was $115.8 million, which includes $4.6 million of revenue contribution from the stub quarter of the recent FiBest and Aeroflex/Metelics acquisitions. Gross margin came in at 58.7%, with net income coming in at $21.8 million or $0.40 earnings per diluted share. All were in line with our previously announced range of expectations, with earnings contribution essentially neutral for the stub period from the acquisitions.

直接進入結果。我很高興報告，2016 會計年度第一季營收為 1.158 億美元，其中包含近期 FiBest 與 Aeroflex/Metelics 併購案「短期季度（stub quarter）」貢獻的 460 萬美元營收。毛利率為 58.7%，淨利為 2,180 萬美元，或稀釋後每股盈餘 0.40 美元。上述結果皆符合我們先前公布的預期區間，而併購案在短期期間對獲利的貢獻基本上為中性。

All in all, our business performed as expected, as revenue across Networks, Multi Market and Aerospace and Defense came in essentially flat quarter on quarter. That said, we achieved a major milestone for the core M/A-COM business, achieving 60% gross margin, excluding the two recent acquisitions. Two years ago, we set 60% as our target operating model, and gross margins have steadily progressed as new high-margin products have fueled our growth. Achieving 60% gross margin was no easy feat, so I'd like to congratulate our engineering, operations and business teams on achieving this defining milestone.

整體而言，我們的業務表現符合預期，Networks、Multi Market 以及 Aerospace and Defense 各終端市場的營收較前一季基本持平。儘管如此，我們仍為核心 M/A-COM 業務達成一項重大里程碑：在排除最近兩項併購後，毛利率達到 60%。兩年前我們將 60% 設為目標營運模型，隨著高毛利新產品帶動成長，毛利率持續提升。達成 60% 毛利率並不容易，因此我想祝賀我們的工程、營運與業務團隊達成這項關鍵里程碑。

We believe that gross margins, including the Aeroflex/Metelics and FiBest businesses, will recede for a few quarters and then lift back to the 60% level as we realize COGS synergies and factory consolidation through 2016. These acquisitions will end up solidly accretive, and our target operating model remains 60% gross margin and 30% operating margin.

我們認為，包含 Aeroflex/Metelics 與 FiBest 業務在內的整體毛利率，將在未來幾季略為回落，之後隨著我們於 2016 年期間實現銷貨成本（COGS）協同效益與工廠整併，毛利率將回升至 60% 水準。這些併購最終將帶來明確的增益（accretive），而我們的目標營運模型仍為 60% 毛利率與 30% 營業利益率。

Now let me turn it over to Bob to review our fiscal first quarter financials in more detail.

現在我把電話交給 Bob，請他更詳細回顧我們 2016 會計年度第一季的財務表現。

Thank you, John, and good afternoon, everyone. During the course of my comments as well as those made by John, all income statement amounts and percentages will be discussed on a non-GAAP basis and are provided to enhance the understanding of our core operating performance. A reconciliation of each figure to the most comparable GAAP measure is included in today's earnings press release.

謝謝你，John，各位下午好。在我接下來的說明以及 John 的發言中，所有損益表金額與百分比將以非 GAAP 基礎討論，目的在於增進各位對我們核心營運表現的理解。各項數字與最可比 GAAP 指標之調節，已包含於今日的財報新聞稿中。

Before I review our reported results for the fiscal first quarter, I will provide the results adjusted to exclude the stub period contributions of FiBest and Aeroflex/Metelics acquisitions. Revenue was $111.2 million, gross margin was 60%, fully diluted EPS was $0.39. This compares to revenue guidance of $110 million to $114 million, gross margin guidance of 58% to 60%, and fully diluted EPS of $0.37 to $0.40 per share.

在我回顧 2016 會計年度第一季的已報告結果之前，我將先提供經調整、排除 FiBest 與 Aeroflex/Metelics 併購案短期期間貢獻後的結果：營收為 1.112 億美元，毛利率為 60%，稀釋後每股盈餘為 0.39 美元。相較之下，我們的營收指引為 1.10 億至 1.14 億美元，毛利率指引為 58% 至 60%，稀釋後每股盈餘為每股 0.37 至 0.40 美元。

Reported revenue, including the contribution from acquisitions, was $115.8 million, representing a sequential increase of 2.8%, compared to revenues of $112.6 million in the prior quarter and an increase of 19.9%, compared to $96.6 million in the fiscal first quarter of 2015. Revenue by end markets were Networks $83 million and 71.7%, A&D $18.3 million and 15.8%, and Multi-market $14.5 million and 12.5%.

已報告營收（包含併購貢獻）為 1.158 億美元，較前一季序列成長 2.8%（前一季為 1.126 億美元），並較 2015 會計年度第一季的 9,660 萬美元成長 19.9%。按終端市場劃分之營收為：Networks 8,300 萬美元，占 71.7%；A&D 1,830 萬美元，占 15.8%；Multi-market 1,450 萬美元，占 12.5%。

Gross profits in the fiscal first quarter was $68 million or 58.7% of revenue, compared to $64.6 million or 57.4% of revenues in the prior quarter and $54.9 million or 56.8% in the fiscal first quarter of 2015. The gross margin quarter-to-quarter improvement of 130 basis points resulted from the contribution of higher-margin product mix, partly offset by lower gross margins from the acquisitions.

2016 會計年度第一季毛利為 6,800 萬美元，或占營收的 58.7%；相較之下，前一季為 6,460 萬美元或占營收 57.4%，2015 會計年度第一季為 5,490 萬美元或占營收 56.8%。毛利率較前一季提升 130 個基點，主要來自較高毛利的產品組合貢獻，但部分被併購案較低的毛利率所抵銷。

In terms of operating expenses for the fiscal first quarter, total operating expenses were $40.3 million compared to $38.4 million in the prior quarter, and $33.8 million in the prior year's quarter. Research and development expense for the fiscal first quarter was $21.5 million. This compares to R&D expense of $19.3 million in the prior quarter, and $17.8 million in the fiscal first quarter of 2015. R&D as a percentage of revenue represented 18.6% in the fiscal first quarter, compared to 17.1% in the previous quarter and 18.4% in the prior year's quarter.

就 2016 會計年度第一季的營業費用而言，營業費用總額為 4,030 萬美元，相較前一季為 3,840 萬美元，去年同期為 3,380 萬美元。第一季研發費用為 2,150 萬美元；相較前一季研發費用為 1,930 萬美元，2015 會計年度第一季為 1,780 萬美元。研發費用占營收比重於第一季為 18.6%，相較前一季為 17.1%，去年同期為 18.4%。

Selling, general and administrative expenses for the fiscal first quarter was $18.8 million. This compared to SG&A expense of $19.1 million in the prior quarter, and $15.9 million in the prior year's quarter. SG&A as a percentage of revenue represented 16.2% in the fiscal first quarter, compared to 17% in the previous quarter and 16.5% in the prior year's quarter.

2016 會計年度第一季銷售、一般及行政費用為 1,880 萬美元。相較前一季 SG&A 費用為 1,910 萬美元，去年同期為 1,590 萬美元。SG&A 占營收比重於第一季為 16.2%，相較前一季為 17%，去年同期為 16.5%。

Income from operations was $27.7 million or 23.9% of revenue. This compares favorably to $26.2 million or 23.3% of revenues in the prior quarter, $21.2 million or 21.9% of revenue in the prior year's quarter. Operating margin improved 60 basis points due to lower variable compensation expense in the fiscal first quarter compared to the prior quarter.

營業利益為 2,770 萬美元，約占營收的 23.9%。相較之下，上一季為 2,620 萬美元或占營收 23.3%，去年同期為 2,120 萬美元或占營收 21.9%。由於本財年第一季相較上一季的變動薪酬費用較低，營業利益率提升 60 個基點。

EBITDA, or earnings before interest, taxes, depreciation and amortization, was $33.5 million, up from $29.9 million in the prior fiscal quarter, and up from $24.6 million in the prior year's quarter. Interest expense of $4.1 million in the first quarter was flat compared to the prior fiscal quarter, and down from [$4.3 million] (corrected by company after the call) in the prior year's quarter. The year-over-year decrease was due to lower outstanding debt level. As we guided, we've recorded other income of $2 million related to a consulting contract that runs for the next two years.

EBITDA（息稅折舊攤銷前盈餘）為 3,350 萬美元，高於上一財季的 2,990 萬美元，也高於去年同期的 2,460 萬美元。第一季利息費用為 410 萬美元，與上一財季持平，且低於去年同期的 [430 萬美元]（公司於電話會議後更正）。年對年下降係因未償債務水位較低。如同我們先前指引，我們已認列與一份為期未來兩年的顧問合約相關的其他收益 200 萬美元。

Turning to income taxes, our effective income tax rate for the fiscal first quarter was 15%, which is also our normalized rate for FY16. This tax rate was consistent with the prior fiscal quarter, and down from 18% in the fiscal first quarter of 2015.

接著談所得稅，本財年第一季的有效所得稅率為 15%，這也是我們 FY16 的常態化稅率。該稅率與上一財季一致，且低於 2015 年財年第一季的 18%。

Our fiscal first quarter net income was $21.8 million or $0.40 per diluted share compared to fiscal fourth-quarter net income of $18.8 million or $0.34 per diluted share, and net income of $14.4 million or $0.29 per diluted share in the prior year's quarter. EPS grew sequentially 17.7%, and 37.9% over the prior year, as we continued to leverage margin expansion to deliver EPS growth at significantly higher rates than revenue growth.

本財年第一季淨利為 2,180 萬美元，或稀釋後每股盈餘 0.40 美元；相較之下，財年第四季淨利為 1,880 萬美元或稀釋後每股盈餘 0.34 美元，去年同期淨利為 1,440 萬美元或稀釋後每股盈餘 0.29 美元。EPS 季增 17.7%，年增 37.9%；我們持續運用毛利率擴張的槓桿效應，使 EPS 成長率顯著高於營收成長率。

The share count used to compute EPS was 55 million shares for the fiscal first quarter of 2016 and the fiscal fourth quarter of 2015. And 49.2 million shares in the fiscal first quarter of 2015.

用於計算 EPS 的股數為：2016 財年第一季與 2015 財年第四季皆為 5,500 萬股；2015 財年第一季為 4,920 萬股。

GAAP cash flow from operations was $15 million in the fiscal first quarter, while first quarter non-GAAP net income was $21.8 million. The difference is primarily due to the growth of operating assets, less a lower tax rate.

本財年第一季依 GAAP 計算之營運活動現金流為 1,500 萬美元，而第一季非 GAAP 淨利為 2,180 萬美元。差異主要來自營運資產的成長，部分被較低的稅率所抵銷。

I'd like to turn to the balance sheet now. At the fiscal quarter end, our cash, cash equivalents and short-term investments were approximately $77.6 million, down from $161.9 million, including the impact of $87 million expended for the two acquisitions during the quarter.

接下來我想談資產負債表。於該財季期末，我們的現金、約當現金及短期投資約為 7,760 萬美元，低於 1 億 6,190 萬美元，其中包含本季兩項併購支出 8,700 萬美元的影響。

Accounts Receivable were $92.5 million, compared to $84 million at the end of the prior quarter. Days Sales Outstanding were 73 days, compared to 68 days at the end of the prior fiscal quarter. Inventory was $101 million, compared to $79.9 million in the prior fiscal quarter. Inventory turns remained at 2 times, unchanged from the prior fiscal quarter.

應收帳款為 9,250 萬美元，較上一季期末的 8,400 萬美元增加。應收帳款週轉天數（DSO）為 73 天，較上一財季期末的 68 天上升。存貨為 1 億 100 萬美元，較上一財季的 7,990 萬美元增加。存貨週轉率維持在 2 次，與上一財季持平。

Long-term debt was $342.2 million, inclusive of acquired capital leases, and we had our $130 million of availability in an undrawn credit line. Capital expenditures in the fiscal first quarter were $6.2 million or 5.4% of revenue, compared to $6.6 million or 5.9% of revenue in the fiscal fourth quarter. GAAP depreciation expense on property and equipment for the fiscal first quarter was approximately $3.9 million, as compared to $3.8 million in the prior quarter and $3.4 million in the prior year's quarter.

長期負債為 3 億 4,220 萬美元（包含併購取得之資本租賃），且我們在一條未動用的信用額度中仍有 1 億 3,000 萬美元可用額度。本財年第一季資本支出為 620 萬美元或占營收 5.4%，相較之下財年第四季為 660 萬美元或占營收 5.9%。本財年第一季依 GAAP 計算之不動產、廠房及設備折舊費用約為 390 萬美元，相較上一季為 380 萬美元、去年同期為 340 萬美元。

I will now turn the call back to John.

我現在把電話會議交回給 John。

Thanks, Bob. I'd like to start with an update on our laser capacity expansion efforts. I'm proud to say that we've met our stated goal of doubling yet again laser capacity by January 2016. Our Lowell facility is now fully qualified for the first of three high-volume runners, and serving demand in our most cost-sensitive PON business. This quarter, we expect to fully qualify the remaining two PON products in Lowell. Not only will this solve what has been a particularly acute capacity problem in the industry, but it will provide surge capacity that allows our customers to avoid the need to build buffer inventories or double or triple order products. We believe Lowell will also yield a cost structure that enables M/A-COM's further market share expansion through 2016.

謝謝，Bob。我想先更新我們在雷射產能擴充方面的進展。我很自豪地說，我們已達成先前宣示的目標：在 2016 年 1 月再次將雷射產能加倍。我們的 Lowell 廠目前已完成三項高產量主力產品中的第一項之全面認證，並用以滿足我們對成本最敏感的 PON 業務需求。本季我們預期將完成 Lowell 其餘兩項 PON 產品的全面認證。這不僅能解決產業中一直特別嚴峻的產能問題，亦將提供尖峰備援產能，使客戶無須建立緩衝庫存，或將產品訂單加倍或加三倍。我們相信 Lowell 也將帶來一套成本結構，使 M/A-COM 在 2016 年持續擴大市占。

To fully appreciate the significance of this milestone, you have to look one step ahead to our qualification of lasers for use in 100G data centers. Which, much like PON, is a cost-driven market. We expect that our cost structure, quality and sheer capacity in Lowell for lasers for 100 gig data centers will serve as the first in a series of disruptive moves in this explosive emerging market. If you attend our Analyst Day on March 10 in New York, you will see the full scope of our data center strategy laid out in further detail.

要充分理解這項里程碑的重要性，必須再往前看一步：我們正在進行用於 100G 資料中心的雷射認證。這與 PON 類似，是一個以成本驅動的市場。我們預期 Lowell 在 100G 資料中心雷射方面的成本結構、品質以及龐大產能，將成為我們在這個爆發性新興市場中一連串顛覆性動作的第一步。若您參加 3 月 10 日在紐約舉行的分析師日，將可看到我們資料中心策略的完整藍圖與更進一步的細節。

Speaking of data centers, 100 gig optical is no longer a matter of speaking in future tense in data centers. Today, we announced a multi-million dollar order from AOI that spans the full scope of our 100 gig portfolio. We believe that our current data center backlog taken in its entirety is traceable to demand from all major cloud service providers. This speaks to our strategy of being a pure play supplier of high-speed analog and photonic components at 100G, 200G and 400G for a pluggable coherent technology such as CFP2-ACO, and for emerging direct detect systems. We are agnostic, serving CWDM, PSM-4 as well as PAM-4 if indeed it becomes relevant in data centers.

談到資料中心，100G 光學在資料中心已不再是未來式的討論。今天我們宣布，收到來自 AOI 的數百萬美元訂單，涵蓋我們 100G 產品組合的完整範疇。我們相信，就目前整體資料中心在手訂單而言，其需求可追溯至所有主要雲端服務供應商。這印證了我們的策略：在 100G、200G 與 400G 領域，成為可插拔相干技術（如 CFP2-ACO）以及新興直接檢測系統所需之高速類比與光子元件的純粹供應商。我們採取技術中立立場，服務 CWDM、PSM-4，以及若其在資料中心確實變得重要的 PAM-4。

Okay, moving onto active antennas. Last week, we announced that prime contractor Northrop Grumman has entered into a five-year exclusive teaming agreement with M/A-COM aimed at winning major defense programs by employing our tile arrays. This agreement is a major milestone in our plan to monetize seven years of work with MIT Lincoln Labs on civil radar innovations. Northrup has identified M/A-COM's tile arrays as the solution of choice for winning future domestic and foreign military programs. We expect the cost advantage our solution affords and the combined strength of M/A-COM Northrup team to translate into substantial wins for Northrup, and game changing revenue for M/A-COM's A&D business over the next five years.

好，接著談主動式天線。上週我們宣布，主承包商 Northrop Grumman 已與 M/A-COM 簽訂為期五年的獨家合作協議，目標是運用我們的 tile arrays（瓦片式陣列）贏得重大國防計畫。此協議是我們將與 MIT Lincoln Labs 合作七年、在民用雷達創新上的成果變現之計畫中的重要里程碑。Northrop 已將 M/A-COM 的 tile arrays 視為贏得未來國內與海外軍事計畫的首選解決方案。我們預期，我們方案所帶來的成本優勢，以及 M/A-COM 與 Northrop 團隊的綜合實力，將在未來五年為 Northrop 帶來可觀勝利，並為 M/A-COM 的航太與國防（A&D）業務帶來具顛覆性的營收。

Now let me touch briefly on our GaN program status. Last quarter, we described how our new base station team delivered complete production-worthy reference designs, and convinced the premier base station OEMs that our GaN on silicon was ready for prime time. Those engagements have since progressed to commercial discussions, with a broad scope of program opportunities now open to us at three major base station OEMs. We hope to disclose more details of those engagements around Mobile World Congress and at our Analyst Day in March.

接著我簡要說明我們 GaN 計畫的進度。上一季我們提到，我們新的基地台團隊已交付完整、可量產的參考設計，並使頂尖基地台 OEM 相信我們的矽基氮化鎵（GaN on silicon）已可正式商用。此後，這些互動已推進至商務討論階段，目前在三家主要基地台 OEM 端，已有廣泛的專案機會對我們開放。我們希望能在世界行動通訊大會（Mobile World Congress）前後，以及 3 月的分析師日披露更多相關細節。

Our remaining gate on the path to revenue remains successful process and product qualification at one or both of our target wafer production facilities. We will know a lot more over the next four to six weeks, again, leading up to our Analyst Day in March.

我們在邁向營收的路徑上，剩餘的關卡仍是：在我們一或兩個目標晶圓量產廠中，成功完成製程與產品認證。未來四到六週我們將掌握更多資訊，同樣也將在 3 月分析師日前後揭露。

In summary, I am proud of the execution by our team as a whole last quarter, delivering solid organic performance amidst seasonal headwinds, complemented by our ability to close on two tuck-in acquisitions.

總結而言，我為團隊在上一季的整體執行感到自豪：在季節性逆風下仍交出穩健的有機成長表現，並且也成功完成兩項補強型併購。

Before I move on to guidance, I would like to mention that on a go-forward basis we will report one set of numbers fully inclusive of M/A-COM, Aeroflex/Metelics and FiBest operations. We will not report these acquisitions separately. We anticipate the next few quarters to be ones of transition, as we complete the integration of these newly acquired assets and realize COGS synergies. We expect that our gross margin will be slightly diluted during this period, but we will still see accretion in EPS.

在我進入財測指引之前，我想提到，未來我們將以單一套數字進行揭露，並將 M/A-COM、Aeroflex/Metelics 與 FiBest 的營運完整納入。我們不會分別揭露這些併購案。我們預期接下來幾季將是過渡期，因為我們將完成新取得資產的整合並實現銷貨成本（COGS）協同效益。我們預期在此期間毛利率將略有稀釋，但 EPS 仍將呈現增厚（accretion）。

Now moving over to guidance. For the fiscal second quarter ending April 1, 2016, M/A-COM expects revenue to be in the range of $128 million to $132 million. Adjusted gross margin is expected to be between 56% and 59%, and adjusted earnings per share between $0.42 and $0.45 on an anticipated 56.5 million diluted shares outstanding. For context, six months ago, we reported our fiscal third quarter with $130.7 million in revenue, 54% gross margin, and $0.42 EPS, inclusive of our former automotive business. Comparing those results with our second-quarter guidance, I am proud to say that five months following the automotive divestment we've replaced that revenue and EPS contribution and repositioned the Company with higher quality of revenue, faster growth, and stronger earnings potential.

現在來談談財測。針對截至2016年4月1日的2016會計年度第二季，M/A-COM預期營收將落在1.28億至1.32億美元之間。調整後毛利率預期介於56%至59%，在預估稀釋後流通股數為5,650萬股的前提下，調整後每股盈餘預期介於0.42至0.45美元。作為對照，六個月前我們公布的2016會計年度第三季營收為1.307億美元、毛利率54%、每股盈餘0.42美元，且包含我們先前的車用業務。將上述結果與我們第二季的財測相比，我很自豪地表示，在出售車用業務後的五個月內，我們已補回該部分對營收與每股盈餘的貢獻，並使公司重新定位為營收品質更高、成長更快、獲利潛力更強。

I'd like to close today's scripted remarks by thanking the team for another quarter of solid execution. Operator, you can now open the call to questions.

我想以感謝團隊在本季再次展現穩健執行力，作為今天預先準備講稿的結語。接線員，現在可以開放提問。

(Operator Instructions)

（接線員指示）

Blayne Curtis of Barclays.

Barclays 的 Blayne Curtis。

Hi, guys, thanks for taking my question. John, I know you didn't want to break out the acquisitions, but I was wondering maybe a different way so you could talk about the direction of your organic business into the March quarter in any color that you want to provide. Obviously, you could take this stub that you broke out in December and do math, I just wanted to make sure I was doing the right math.

嗨，各位，謝謝讓我提問。John，我知道你不想把併購的部分拆開來講，但我想換個方式問，看看你是否能就你們本業在3月季度的走向提供一些你願意分享的看法。顯然，你可以用你在12月拆出的那個小段去做數學推算；我只是想確認我算的方式是對的。

Sure. Everything on the optical side of the business, which is nearly 50% of the Company, looks very strong. Forward-looking growth prospects short-term, medium-term, long-term.

當然。業務中光學相關的所有部分（約占公司將近50%）看起來都非常強勁。無論是短期、中期或長期，前瞻性的成長展望都很不錯。

The PON business, we have been supply constrained on the laser side, as you know. That remains unbounded in terms of revenue potential.

PON 業務方面，如你所知，我們在雷射端一直受到供應限制。就營收潛力而言，這部分仍然沒有上限。

The good news is fiber back haul is back strong, and it is entirely our ability to ramp and capture production this quarter and next, in Q2 and Q3. The long haul business continues to grow, we're moving into metro. And as we announced today with AOI today, we are actually seeing data center demand materialize. That was a several million dollar order from AOI.

好消息是，光纖回程（back haul）需求又強勁回來了，而關鍵完全在於我們本季與下季（第二季與第三季）能否順利擴產並把產能爬坡、把出貨做上去。長途（long haul）業務持續成長，我們也正在切入都會（metro）市場。另外，如同我們今天與 AOI 一起宣布的，我們確實看到資料中心需求開始具體化；那是一筆來自 AOI、金額達數百萬美元的訂單。

So optical looks great. I think the outlook for A&D and multi market, exclusive of the Metelics acquisition, is a little cloudy. We saw demand in last quarter and backlog remained pretty much flat, within a few hundred thousand. So it's unclear -- I think certainly things have bottomed out, and on a forward-looking basis, it is only up from here.

所以光學看起來很棒。我認為航太與國防（A&D）以及多元市場（multi market）方面（不含 Metelics 併購）展望稍微有點不明朗。我們在上一季看到需求，而積壓訂單（backlog）基本上持平，差距在幾十萬美元以內。因此目前還不清楚——但我想可以確定的是情況已經落底，往前看只會從這裡往上。

That's helpful. And then just on the gross margin, you said obviously it would be depressed for a couple quarters until you get the cost synergies. Does the 56% to 59% level, the midpoint of that, is that what you're saying is depressed and you should think about flat at that level, and then maybe you could just talk about how much these synergies could be and where you think the gross margins get back to?

這很有幫助。接著關於毛利率，你提到在取得成本綜效之前，毛利率會在幾個季度內受到壓抑。那麼56%到59%這個區間（其中位數）就是你所說的「被壓抑」的水準嗎？也就是說你希望我們把它視為大致持平在這個水準？另外，你能否談談綜效大概會有多少、以及你認為毛利率會回到什麼水準？

Sure. So that midpoint is indeed depressed. Relative to the fact that we just did 60% on our core business. So it's disappointing hitting 60% and then receding at all.

可以。所以那個中位數確實是被壓抑的。相較之下，我們核心業務剛做到60%的毛利率；因此達到60%後又出現任何回落，確實令人失望。

But we believe the core business, exclusive of the acquisitions, will continue to operate at 60% plus minus 100 basis points. And actually continue lifting, to be honest. I would say -- I'm sorry what was the second part of the question?

但我們相信核心業務（不含併購）將持續維持在60%上下、正負100個基點的水準，而且坦白說還會繼續往上拉。我想——抱歉，你問題的第二部分是什麼？

I wondered if you could give any color in terms of the synergies, timing and where the gross margins would get back to.

我想請你就綜效的規模、時程，以及毛利率會回到哪裡，提供一些看法。

So within the calendar year, hopefully within the fiscal year, we will get all of the COG synergies, and those businesses will be operating at our model of 60/30. So we genuinely think it's a matter of a couple of quarters before we get back to the operating model.

在本曆年內、希望在本會計年度內，我們會把所有銷貨成本（COG）綜效都實現，並讓那些業務依照我們60/30的模型運作。因此我們真心認為，只需要幾個季度就能回到這個營運模型。

Great, thanks guys.

很好，謝謝各位。

No problem.

不客氣。

Vivek Arya of Bank of America Merrill Lynch.

美國銀行美林（Bank of America Merrill Lynch）的 Vivek Arya。

Thank you for taking my question. John, maybe just following along to that question. So on the gross margin side, there is an impact near term, but you said you expect to get there hopefully some time this fiscal calendar or hopefully fiscal year. On the operating margin side, also you think you can get to the 30% target within this calendar year?

謝謝讓我提問。John，我想延續剛才那個問題。毛利率方面，短期會有影響，但你說希望在本會計曆年或本會計年度內達成目標。那麼在營業利益率方面，你也認為可以在本曆年內達到30%的目標嗎？

Yes, so both FiBest and Metelics were operating with relatively modest OpEx. The problem they had was on the gross margin for both businesses, and it's the reason why, frankly, we got them for very attractive valuations.

是的。FiBest 和 Metelics 兩家公司原本的營業費用（OpEx）都相對不高；它們的問題在於兩個業務的毛利率，而這也正是坦白說我們能以非常有吸引力的估值買下它們的原因。

And the ability to realize COG synergies was well defined, very clear action items. The reason why this is going to take a few quarters is there are actually factories that get impacted to realize the COG synergies, and you can't do that within 100 days. But certainly, we will get them in that 60/30 model.

而實現銷貨成本（COG）綜效的能力是有明確定義的，行動項目也非常清楚。之所以需要幾個季度，是因為要實現這些 COG 綜效，實際上會牽涉到工廠端的調整，而這不可能在100天內完成。但可以確定的是，我們會把它們帶到60/30的模型。

Got it. And then as we look out the next couple of quarters, I think in the past, you had mentioned three clear growth opportunities for the Company. Whether it was GaN or optical, or your defense programs.

了解。接著看未來幾個季度，我記得你們過去提過公司有三個明確的成長機會，例如 GaN、光學、或國防專案。

Given all the turmoil in the market -- so optical you did speak to, but what about GaN and the defense programs? Do you think they are on track to provide some contribution in the back half of this year, or has the ongoing market turmoil changed the timing as to when you might benefit from those new opportunities?

在市場如此動盪的情況下——光學你已經談到了，那 GaN 與國防專案呢？你認為它們仍按計畫在今年下半年帶來一些貢獻嗎？還是持續的市場動盪改變了你們何時能從這些新機會受益的時程？

Absolutely zero change in the last quarter in terms of the outlook for both the GaN program and the active antenna programs. And I would say no change, meaning it is unclear whether we can impact our fourth fiscal quarter, which by the way ends in September. So it is that much more of a challenge for us within this fiscal year.

就 GaN 專案與主動式天線（active antenna）專案的展望而言，上一季完全沒有任何改變。我所謂沒有改變，是指我們是否能影響到我們的第四個會計季度（順帶一提，該季度在9月結束）仍不明朗；因此在本會計年度內要做到，對我們來說更具挑戰。

But I would say on the optical side of things, we have all of the growth actions in place that give us confidence that we could replicate the kind of growth we saw last year. Without the contribution of any of those top-level hyper-growth opportunities.

但我會說，就光學而言，我們已經把所有成長行動都部署到位，讓我們有信心可以複製去年看到的那種成長。即使不靠任何那些最上層的超高速成長機會所帶來的貢獻。

Got it. And lastly in optical, do different end markets provide different gross margin contributions? So I think you mentioned PON, you mentioned back haul and long haul. So how do you balance the growth versus different gross margin profile in these different opportunities?

了解。最後一題，光學方面，不同終端市場對毛利率的貢獻是否不同？你提到 PON，也提到回程與長途；那你們如何在這些不同機會中平衡成長與不同的毛利率結構？

Actually the real magic there is the answer is there isn't a material difference. We have a cost structure in the stuff that we ship into the PON market that is spectacular, and we are delivering gross margins consistent that what we are doing in long haul.

其實真正關鍵的是，答案是差異並不大。我們在出貨到 PON 市場的產品上，成本結構非常出色，而我們所交付的毛利率與我們在長途市場所做的相當一致。

And I would say data center is where the financial model may change a little bit. It is that much more concentrated in terms of the cloud service providers. But I am personally fixated on continuing to expand the operating margin.

我會說資料中心是財務模型可能會稍微改變的地方，因為雲端服務供應商的集中度更高。但我個人仍然非常專注於持續擴大營業利益率。

Gross margin may be a variable for some of the big massive businesses, but data centers, if that were to happen, would literally double the size of our Company. So I think for the M/A-COM that exists now and the growth opportunities in the current optical markets, there really isn't a material difference between the different segments.

對某些規模非常龐大的業務而言，毛利率可能是一個變動因素；但如果資料中心真的發生（成為大規模業務），它將會讓我們公司的規模直接翻倍。所以我認為，就目前的 M/A-COM 以及現有光學市場中的成長機會而言，不同區隔之間其實沒有實質差異。

Got it, thank you.

了解，謝謝。

You're welcome.

不客氣。

Gabriela Borges of Goldman Sachs.

高盛（Goldman Sachs）的 Gabriela Borges。

Yes, good afternoon. This is Mark Delaney asking questions on behalf of Gabriela. I appreciate the time.

是的，午安。我是 Mark Delaney，代表 Gabriela 提問。感謝撥冗。

John, I was hoping first you could elaborate a little bit more on some of the comments you were making on the data center and optical business. I think you said you could replicate the kind of growth that you did last year. And I want to understand, was that just a piece of the network segment or were you trying to talk about the overall networks and enterprise segment which I think was up about 49% in FY15?

John，我希望你先就你對資料中心與光學業務的一些評論再多做一點說明。我想你提到你們可以複製去年那種成長。我想了解的是，那只是網路（network）部門中的一部分，還是你指的是整體的網路與企業（networks and enterprise）部門？我記得該部門在2015會計年度大約成長了49%。

Networks now is up well over 70%, if I'm not mistaken. Optical is approaching 50%, if not at 50%. And the way to think about it is, if we were to grow that 50% as we did last year, that alone would match our 24% top line growth.

Networks 現在已經上升超過 70%，如果我沒記錯的話。Optical 正接近 50%，如果不是已經到 50%。而思考方式是：如果我們能像去年那樣把這 50% 再成長一次，光是這一項就足以匹配我們 24% 的營收年增。

And I'm not saying the other things are destined not to grow, I am just saying there's so much growth potential across all of the segments of optical. And those are customers and programs that are in motion, and we're not talking about futures, we are talking about present tense, we're talking about orders being captured, OEMs we share commitments, so that juice is real. Like I said, we have a high rate of confidence that we are going to replicate the kind of growth we did last year.

我不是說其他項目注定不會成長；我只是說，在光學的所有細分領域都有非常大的成長潛力。而那些客戶與專案都正在進行中，我們談的不是未來，而是現在進行式——我們談的是正在拿到訂單、我們與 OEM 共享承諾，所以那個動能是真實的。如我所說，我們非常有信心能複製去年那樣的成長。

You mentioned data center backlog giving you confidence in your market share. Are you guys willing to disclose what your backlog is?

你提到資料中心的積壓訂單（backlog）讓你對市占率更有信心。你們願意揭露你們的 backlog 是多少嗎？

No, we don't as a matter policy disclose our backlog, but that was a several million dollar order. It's not a meaningless order.

不，我們依政策不揭露 backlog，但那是一筆數百萬美元的訂單。這不是一筆無關緊要的訂單。

Now I shouldn't -- I should be clear, we are not implying that the inflection point for the mass adoption of 100 gig and data centers is there, but the initial engagements and the initial traction for 100 gig is -- it's walking before you run. And given the amount of content that we are capturing and that gives us the confidence that our ambitions to drive it to the mass market adoption that we are on the right track.

我現在不應該——我應該講清楚，我們並不是在暗示 100G 與資料中心大規模採用的拐點已經到了；但 100G 的初期接觸與初期動能——就是先學走再學跑。而就我們正在取得的內容份額而言，這讓我們有信心：我們推動其走向大眾市場採用的企圖心是在正確的軌道上。

Maybe I could ask that just a little bit differently and focus in on the laser piece of the business. Now that you have been getting that capacity up, has there been any change in the pace of orders for your laser business? I know you talked about risk of double or triple ordering, I'm just wondering if you guys have gotten more capacity online, if you have seen any fall off in orders?

也許我可以換個方式問，聚焦在雷射這塊業務。現在你們把產能拉上來之後，雷射業務的訂單節奏有沒有任何變化？我知道你提過重複下單兩次或三次的風險；我只是想知道，當你們有更多產能上線後，有沒有看到訂單下滑？

No, not at all. In fact, customers are still pounding on us for allocation. And we're dealing with very difficult conversations with customers that haven't been happy that we couldn't supply even more.

沒有，完全沒有。事實上，客戶仍然在催我們分配（allocation）。我們正在和一些客戶進行非常艱難的對話，因為他們不滿意我們無法供應更多。

So there is no indication whatsoever. I'm highly confident there has been no double and triple ordering. There's no buffer inventories with our customers or in the channel.

所以完全沒有任何跡象。我非常有信心沒有出現重複下單兩次或三次的情況。我們的客戶端或通路端都沒有緩衝庫存。

Because if that were the case, we would not have the kind of conversations with our customers that we've had. And we are also very confident that our sales and operations team has been in the field with the major customers in the matter of the past few weeks, and agreed-upon share commitments and ongoing revenue contributions. So I think it's going to be a very smooth transition out of the supply constraint to the unlimited supply condition.

因為如果真是那樣，我們就不會和客戶有我們目前這種對話。我們也非常有信心：我們的銷售與營運團隊在過去幾週已經在第一線與主要客戶會面，並就市占承諾與持續的營收貢獻達成共識。所以我認為，從供應受限過渡到供應不受限的狀態，會是一個非常平順的轉換。

And then lastly for me. On active radar, I know there's the military and a commercial component to that. Can you just help us think about 2016 and 2017 revenue potential from active radar for the Company?

最後一個問題。關於主動雷達（active radar），我知道它有軍用與商用兩個部分。你能否協助我們思考公司在 2016 與 2017 年來自主動雷達的營收潛力？

Yes. So 2016, the real mover is the airborne retrofit program that we have that we had the initial production shipment last quarter that is being built up. And then some time in the second half of our fiscal year, the orders will flow and the shipments will begin on a steady state basis for ongoing production of those aircraft retrofits.

可以。所以在 2016 年，真正的推動力是我們的機載改裝（airborne retrofit）專案：我們在上季已經有初始量產出貨，現在正在逐步放量。然後在我們會計年度下半年某個時間點，訂單會進來，出貨也會開始以穩態方式進行，持續量產這些飛機改裝。

That will be the primary contributor for the A&D growth, I wouldn't call it a game changer, but it is material growth on top of our catalogue A&D business. The tiles are the thing that is very difficult to predict.

那將會是航太與國防（A&D）成長的主要貢獻者。我不會稱它為改變遊戲規則（game changer），但在我們的目錄型 A&D 業務之上，這是實質性的成長。至於 tiles 這一塊則非常難以預測。

I'm glad that we managed to get Northrop public in terms of that is the defense prime that is committed to the tile-based programs. It is just impossible to predict which programs they capture for which tile-based designs. That will become clearer as we go through the year.

我很高興我們成功讓 Northrop 對外公開，因為他們是承諾投入 tile-based 專案的國防主承包商（defense prime）。但他們會拿下哪些專案、對應哪些 tile-based 設計，實在不可能預測。隨著我們走過今年，情況會更清楚。

I can say I'm extremely confident that by 2017, there will be an inflection point and a game changing revenue for that business, the A&D business. It is just -- the good news is, we are on the leading edge of these new secular trends, the bad news is, it is very difficult to predict the front end of those ramps, those hockey sticks.

我可以說，我非常有信心到 2017 年會出現一個拐點，並為那個業務——A&D 業務——帶來改變遊戲規則的營收。只是——好消息是我們站在這些新的長期結構性趨勢（secular trends）的前沿；壞消息是，這些爬坡曲線、這些「曲棍球棒」的前段非常難以預測。

Understood, thank you very much.

了解，非常感謝。

You are welcome.

不客氣。

Harlan Sur of JPMorgan.

摩根大通（JPMorgan）的 Harlan Sur。

Hello, good afternoon. Thanks for taking my question, and nice job on the quarter with the execution. On the partnership with Northrop Grumman for the tile-based active-array technology, is this more for airborne or ground-based defense applications? And I know it is hard near term to call the timing of it, but if you look at over the lifespan of the five-year agreement, what is your estimate on the total potential dollar opportunity for this one engagement?

你好，午安。謝謝讓我提問，也恭喜本季執行表現不錯。關於與 Northrop Grumman 在 tile-based 主動相控陣（active-array）技術上的合作，這比較是用於機載還是地面防務應用？我知道短期很難判斷時程，但如果看這份五年協議的整個期間，你對這次合作的總潛在美元機會規模估計是多少？

The total opportunity for the tiles, we believe very much that we could double the existing size of the Company on the back of that alone in that five-year time horizon. Because in the latter half of that, you get the civil radar deployments, the Empire program, beginning to ramp in the front end of that, where really towards the middle of it you end up with the defense programs with Northrop Grumman ramping. And it is very -- the ASPs are very large, these are large assembled products.

關於 tiles 的總機會，我們非常相信，僅靠這一項，在那個五年的時間範圍內，我們就有可能把公司現有規模翻倍。因為在後半段，你會看到民用雷達部署、Empire 專案開始放量；而在前半段的起步期，到了中段左右，你會看到 Northrop Grumman 的國防專案開始爬坡。而且這些產品的 ASP 非常高，都是大型組裝式產品。

Very consistent with our financial model, by the way. So it is genuinely got the juice both on the civil and defense side to be several hundred million dollars for us in that five-year horizon. Time is the critical variable there.

順帶一提，這也非常符合我們的財務模型。所以無論民用或國防端，這個動能確實足以在五年期間為我們帶來數億美元的規模。時間是其中最關鍵的變數。

And is the Northrop opportunity more airborne or ground-based defense systems?

那 Northrop 的機會比較偏機載，還是地面防務系統？

So the tiles from a form factory standpoint don't fit into an air frame. But a lot of the technology and a lot of the principles do apply.

就外形尺寸（form factor）的角度來看，tiles 並不適合裝進機體（air frame）。但其中很多技術與原理確實是適用的。

So we do have airborne activity with Northrup. But I wouldn't call it the same thing as the Empire-based tiles.

所以我們確實有與 Northrup 的機載合作。但我不會把它稱作與 Empire-based tiles 相同的事情。

Got it, okay great. And then a question for you, Bob. Given the FiBest and Aeroflex acquisitions, how should we think about the OpEx step up in the March quarter, and then how do you expect that to trend through the remainder of the calendar year?

了解，好，太好了。接著有個問題想問你，Bob。考量 FiBest 與 Aeroflex 的併購，我們應該如何看待 3 月季度的營業費用（OpEx）上升幅度？以及你預期在接下來的曆年其餘時間會如何走勢？

Harlan, the implied growth of our business including the acquisitions is about $2 million a quarter going forward. If we hit a major inflection point on revenue, then it could go up a little higher. But for next quarter it is $2 million.

Harlan，包含併購在內，我們業務的隱含成長大約是往後每季增加 200 萬美元。如果營收出現重大拐點，可能會再高一些。但就下季而言是 200 萬美元。

Okay. And then past - - - is that how we think about it for the remainder of the calendar year? $2 million step up, or is that just for the March quarter?

好的。那接下來——我們是否也用同樣方式看待曆年其餘時間？每季增加 200 萬美元，還是這只是 3 月季度？

Just for the March quarter. As you know, we only give guidance for the current forward quarter. It could go up little bit more in the back half of the year, but for next quarter it is $2 million.

只針對 3 月季度。如你所知，我們只提供當前下一季的指引。下半年可能會再多一點，但下季是 200 萬美元。

Any identifiable OpEx synergies associated with the two acquisitions?

這兩項併購是否有任何可辨識的營業費用（OpEx）協同效益？

Definitely, one more so than others. But the majority of the synergies is a cost of sales for both companies, both acquisitions. So that's why we are comfortable and confident of our ability to get back to that 60% gross margin.

確實有，其中一項比另一項更明顯。但大多數的協同效益是在兩家公司、兩項併購的銷貨成本（cost of sales）上。因此我們才會對回到 60% 毛利率的能力感到安心且有信心。

All right, thanks a lot.

好，謝謝。

You are welcome.

不客氣。

Harsh Kumar of Stephens.

Stephens 的 Harsh Kumar。

Hi, guys. Got a couple here. John, question for you, the deal with AOI this morning, how does that jive with what you do with FiBest?

嗨，各位。我有幾個問題。John，先問你：今天早上與 AOI 的交易，這與你們對 FiBest 的布局如何契合？

My understanding is FiBest makes modules for data center. Correct me if I'm wrong, I don't know AOI very well, but I think they do something very similar. Maybe you could help explain how the two fit for you within your corporate structure and business opportunity?

我的理解是 FiBest 為資料中心製作模組。若我說錯請糾正我；我對 AOI 不是很熟，但我認為他們做的事情非常類似。也許你可以幫忙說明，這兩者在你們的公司架構與商機中是如何搭配的？

Yes, it's a good question. It's a point of subtlety, I guess. One of the things that we are very clear when we announced the acquisition last quarter, and especially one-on-one with all of our customers is, this is not primarily an integration play.

是的，這是個好問題。我想這裡面有些微妙之處。我們在上一季宣布收購時非常明確的一點，尤其是與所有客戶一對一溝通時，就是：這並非主要以整合為目的。

Its primary purpose is to get our arms around the entire optical chain, including the lenses, and being able to deliver more refined and more cost-effective and higher-performing solutions. Whether customers take those components and build their own optical modules or if they want to source for certain programs, our TOSAs and ROSAs from what was previously known as FiBest. We genuinely don't care, we remain primarily a component supplier and it's all about doing a better job with components.

其主要目的，是讓我們能掌握整個光學鏈條（包括鏡片），並能提供更精緻、更具成本效益且效能更高的解決方案。無論客戶是採用這些元件自行組裝光學模組，或是針對某些專案希望採購我們的 TOSA 與 ROSA（先前稱為 FiBest 的產品），我們其實並不在意；我們仍然主要是元件供應商，重點在於把元件做得更好。

It is becoming clearer since the acquisition being out with more customers, where customers on the telecom side as well as datacom side would prefer to go with a off-the-shelf solution as opposed to their own. And it really differs by customer to customer.

自收購以來，我們與更多客戶接觸後也更清楚地看到，電信端以及數通端的客戶，有些會偏好採用現成解決方案，而不是自己做。這確實因客戶而異。

But I would generalize by saying, they are just some programs that they would prefer to buy rather than make. And it's not an all or nothing, and it's not competing with our customers. Like I said, if they use our components, we are not inclined to compete.

但我可以概括地說，有些專案他們會更傾向於買而不是做。這不是非黑即白，也不是在跟我們的客戶競爭。就像我說的，只要他們使用我們的元件，我們就不會傾向去競爭。

Got it. Understood, thank you for that clarity, John. And then maybe one for Bob.

了解。明白了，謝謝你這麼清楚的說明，John。接著可能有一題想問 Bob。

Bob, the guidance of 57.5% versus your goal of 60%. I understand you're going to take out costs of the two acquisitions at the gross margin level. Would we expect steady improvement, or would you work on the cost structure and then all of a sudden just get it done and get it fixed?

Bob，你們的指引是 57.5%，相較於你們 60% 的目標。我理解你們會在毛利率層面把兩起收購的成本拿掉。我們應該預期毛利率會穩定改善，還是你們會先調整成本結構，然後在某個時間點突然就把它做完、一次到位？

How should we think about the gross margin between now and let's say your September quarter? Steady or just a major uptick at some point in time?

我們該如何看待毛利率在現在到例如你們 9 月那一季之間的走勢？是穩步上升，還是某個時間點會出現明顯跳升？

Well, without giving forward guidance beyond next quarter, it will be steady.

嗯，在不提供超出下一季的前瞻指引的前提下，會是穩定的。

Steady, okay, great. That is helpful. And then, John, back to you, sorry to go back and forth. The metro market is happening for you now.

穩定，好，太好了。這很有幫助。然後，John，再回到你這邊，抱歉我來回切換。你們現在在都會（metro）市場的進展正在發生。

It seems like, based on commentary, you've got some revenue streams and some opportunities at this point in time. But wondering if you could characterize your total available market and how you see the growth in that market?

看起來根據你們的評論，你們目前已經有一些營收來源與一些機會。不過想請你描述一下你們的總可服務市場（TAM），以及你如何看待該市場的成長？

So it is very difficult to generalize, because the dynamics in PON our profoundly different than long haul and long haul morphing over to the metro deployments. And now with data center kicking in, initially using some of the same components. It is very, very tough to isolate the difference. I would say the more meaningful comment I can make is metro is at least the size of the long-haul opportunity. Long haul, we entered midpoint with -- as the designs were going, we established, I don't know, for argument's sake, 40% share.

這很難一概而論，因為 PON 的動態與長途（long haul）非常不同，而長途也正在轉向都會部署。再加上資料中心需求開始啟動，初期會使用一些相同的元件。要把差異切得很清楚非常、非常困難。我能做的比較有意義的評論是：都會市場至少與長途機會一樣大。長途方面，我們在中段進入——隨著設計案推進，我們建立了（姑且這麼說）約 40% 的市占。

We have a much greater share on the metro side now. Probably doubled that, we believe we have about 80% design win share. So we're very well positioned.

而我們在都會端目前的市占更高。我們認為大概是那個的兩倍，估計我們的 design win 份額約 80%。所以我們的布局非常有利。

There a lot of analysts that come out and say that metro is about twice the size of long haul, which would be nice. And arguably, that could be two times larger market in place of the share, arguably four times our run rate previously on long haul. Regardless, there is a lot of juice in it for growth through the course of this year and next.

有不少分析師指出，都會市場大約是長途的兩倍大，這當然很好。也可以說，若市場規模是兩倍、再乘上我們的市占，理論上可能是我們先前長途 run rate 的四倍。不管怎麼看，今年到明年都有很大的成長動能。

Understood, guys. Thank you so much.

了解，各位。非常感謝。

You are welcome.

不客氣。

Tore Svanberg of Stifel.

Stifel 的 Tore Svanberg。

Yes, thank you. Now my math may be a little bit off here, but just looking at your guidance, it seems like the core business is flattish. And again, does that assume the optical business continuing to grow, but then maybe some weakness in A&D and multi market?

是的，謝謝。我的計算可能有點不準，但看你們的指引，似乎核心業務大致持平。再確認一下，這是否假設光學業務持續成長，但 A&D 與多元市場（multi market）可能有些疲弱？

No, there is growth in the business excluding the acquisitions. I would describe it differently. In our course of guidance, especially in the first combined quarter of operations, we try to be very cautious in terms of guiding.

不是的，若排除收購因素，業務本身是有成長的。我會用不同方式描述。在我們給出指引時，尤其是合併後第一個營運季度，我們會在指引上盡量保守。

There's a lot of moving parts when you are integrating companies and integrating operations, and there's certainly the possibility for revenue leakage or delayed shipments and what have you. So I would say that the optical business continues to grow quarter on quarter looking forward, the A&D and the multi-market stuff, like I said, the visibility is still not quite there.

當你在整合公司、整合營運時，有很多變動因素，確實也可能出現營收流失、出貨延遲等等。所以我會說，光學業務往後會持續季對季成長；至於 A&D 與多元市場那塊，如我所說，目前能見度仍然不夠明朗。

We believe things are probably up, but dwarfed, frankly, by the growth of opportunity with the optical for the next quarter, in fact for the whole year. But the real question is judgment in terms of caution about how the integration goes.

我們認為情況可能是在改善，但坦白說，相較於光學在下一季、甚至整年度的成長機會，那部分的影響就小很多。真正的問題在於：對整合進度保持謹慎的判斷。

That's really helpful, John. And you talked about having already pretty decent backlog with the cloud guys 400 gig data center. Does that backlog suggest initial ramps perhaps in the second half of the year, and then maybe an inflection point starting next year?

這很有幫助，John。你提到你們在雲端客戶的 400G 資料中心方面已經有相當不錯的 backlog。這個 backlog 是否意味著今年下半年可能開始初期放量，然後明年開始出現拐點？

That is my guess. Like I said, you have to walk before you run and this is the year of walking for 100 gig in data centers. And there is clearly demand.

這是我的猜測。就像我說的，你得先學走再學跑，而今年是資料中心 100G 的「走」的一年。而且需求很明確。

Clearly, the cloud service guys and the people who we have backlog with are moving forward with those 100 gig programs. So again, seeing them walk, leads you to believe that they're running will come sooner rather than later. And to be honest, it is comforting when you stop talking future tense and start talking present tense about things like data centers.

很明顯，雲端服務商以及我們有 backlog 的客戶，正在推進那些 100G 專案。所以，再次看到他們在「走」，就會讓你相信他們開始「跑」會比想像中更快。老實說，當你不再用未來式談資料中心，而是開始用現在式談，這會讓人感到安心。

Yes. And a question for Bob. Bob, your inventories, they came in at $192 million, obviously there's some acquisitions, some of the capacity expansion there.

是的。接著一題問 Bob。Bob，你們的庫存是 1.92 億美元，顯然其中包含一些收購因素，以及部分產能擴充。

But is this the peak you think as far as days are concerned? Or maybe you could talk a little bit about how you plan to manage the inventories next few quarters.

但就庫存天數而言，你認為這已經是高點了嗎？或者你能談談接下來幾季你們打算如何管理庫存？

Tore, they do look up significantly quarter over quarter. $16 million is related to the acquisitions, of that $16 million, $3 million is a step up to fair market value under purchase accounting. So it's a little -- I would say it's at a peak relative to the operations of the business.

Tore，庫存確實季對季大幅上升。其中 1,600 萬美元與收購相關；在這 1,600 萬美元中，有 300 萬美元是依購買會計（purchase accounting）將其調升至公允市價（fair market value）。所以有點——我會說，相對於公司營運而言，這大致是在高點。

Sounds good. Thank you very much, guys.

聽起來不錯。非常感謝，各位。

You are welcome.

不客氣。

Mark Lipacis of Jefferies.

Jefferies 的 Mark Lipacis。

Hello, thanks for taking my questions. A couple questions on the 100 gig and the data center market. John, you suggested that we are not quite at the knee in the curve for mass adoption in the data center.

你好，謝謝回答我的問題。關於 100G 與資料中心市場有幾個問題。John，你提到資料中心的大規模採用似乎還沒到曲線的拐點（knee）。

What has to happen to hit that curve? Is it a matter of price point, or are customers just feeling comfortable that the products work? And if it is the price point, where are we with the price point of the 100 gig modules, and where do think it has to get to get to that volume?

要達到那個拐點需要發生什麼？是價格點的問題，還是客戶只是需要更有信心確定產品可行？如果是價格點的問題，目前 100G 模組的價格大概在哪裡？你認為要到什麼價位才會達到那樣的出貨量？

It's a fascinating question. I can give you my crystal ball. Speculation.

這是個很有意思的問題。我可以用我的水晶球來回答——純屬推測。

But I would describe the current state of 100 gig in data centers as modified telecom products attempting to fit into datacom. Where as the datacom market is actually profoundly different than telecom. In telecom, people expect decades of use in field reliably, and they pay for it.

但我會把目前資料中心的 100G 現況描述為：經過修改的電信產品，嘗試套用到數通（datacom）。然而數通市場其實與電信有本質上的差異。在電信領域，人們期待產品在現場能可靠使用數十年，並且願意為此付費。

In datacom, they literally have a three-year life, and then they pull them out and refacilitate the data centers. So you have to design -- ultimately, you have to design for costs, rather than long-term reliability.

在數通領域，它們的壽命真的只有三年，之後就會被拔掉，並重新整備資料中心。因此你必須設計——最終你必須以成本為設計核心，而不是長期可靠性。

So it's just a different set of product instantiations. But I would say we are in the early stages of beginning to apply some of that technology. If you come to our Analyst Day, we're actually going to be outlining a lot of the details of exactly how we're going to cost optimize for data center deployments.

所以這只是不同的一套產品實作方式。但我會說，我們正處於開始把其中一些技術套用進來的早期階段。如果你來參加我們的 Analyst Day，我們其實會說明很多細節，包含我們將如何針對資料中心部署進行成本最佳化。

And it's that generation of product which would be discussed, and I think we will be sampling pretty much most, if not all of it, in that timeframe. So in the next 90 days which would lead to cloud structures, which we believe can hit those inflection points.

而且就是那一代的產品將會被討論；我認為在那段時間內，我們幾乎會取樣其中大部分（如果不是全部）的內容。因此在接下來的 90 天內，將會導向雲端架構，而我們相信這些架構可以觸及那些拐點。

To answer your question more directly, the rule of thumb, the cloud service guys keep saying $1 per gigabit. So $100 for a transceiver that may or may not be the real target. But it's certainly not where the telecom price points have been, which is several integer multiples above that price. But again, to get there, you really have to design for the data center with a cost optimized solution set.

更直接地回答你的問題：經驗法則是，雲端服務業者一直在說每 Gbps 1 美元。所以一個收發器 100 美元，這可能是也可能不是實際目標。但這肯定不是電信領域以往的定價水準；電信的價格點通常是那個價格的好幾倍整數倍。不過要達到那個水準，你確實必須以資料中心為設計目標，做出一套成本最佳化的解決方案組合。

That is helpful, thank you. And a follow-up if I may. On the AOI announcement, they're sourcing your PMD and using their own laser diode. But are the lasers from Binoptics, are those shipping into 100 gig modules?

這很有幫助，謝謝。若可以我再追問一下。關於 AOI 的公告，他們採用你們的 PMD，並使用他們自己的雷射二極體。但 BinOptics 的雷射是否有出貨到 100G 模組？

And if so, what kind, is it 4x25, or how should we think about BinOptics participating in the 100 gig data center market? That's all I had, thank you.

如果有的話，是哪一種？是 4x25 嗎？或者我們應該如何看待 BinOptics 參與 100G 資料中心市場？我就這些，謝謝。

No problem. So absolutely our laser business, our photonic solutions business previously known as BinOptics, is actually well positioned. That is actually a time dimensional answer as it relates to AOI. Initially, the designs were locked down before we had gotten our 25 gig lasers to full production and qualification.

沒問題。當然，我們的雷射業務——也就是先前稱為 BinOptics 的光子解決方案業務——其實處於很有利的位置。就 AOI 而言，這個答案與時間節點有關：一開始，設計在我們的 25G 雷射尚未達到全面量產與認證之前就已經定案。

That is slated for this quarter, consistent with all the other stuff that we talk about our qualifications in Lowell. And as those become qualified, as we understand that they're going to cut over to M/A-COM supplied lasers, but that is not gating the revenue and the solution set from getting to market even before we are ready with the laser.

這項工作預計在本季完成，與我們談到在 Lowell 進行的各項認證進度一致。當這些完成認證後，據我們了解，他們將會切換到由 M/A-COM 供應的雷射；但即使在我們的雷射尚未就緒之前，這也不會成為營收與解決方案上市的瓶頸。

Thank you.

謝謝。

Very good, thank you.

很好，謝謝。

Steve Smigie of Raymond James.

Raymond James 的 Steve Smigie。

Great, thanks a lot. I was just following up, there was some news I think recently out of Sprint that they may turn to doing some more microwave back haul for some of their towers or small cells. And I was just curious, you guys have or had a pretty decent high-margin set of products for microwave back haul.

太好了，謝謝。我只是接著問一下：我想最近有一些來自 Sprint 的消息，說他們可能會在部分基地台或小型基地台（small cells）上，轉而採用更多微波回傳（microwave backhaul）。我很好奇，你們有或曾經有一套毛利相當不錯的微波回傳產品。

Have you heard of that as an opportunity for you guys? If not, is that something you could pretty actively get involved with?

你們有聽說這會成為你們的機會嗎？如果沒有，這是否是你們可以相當積極投入的方向？

That's an interesting question. I had not heard that. I apologize.

這是個有趣的問題。我之前沒有聽說過，抱歉。

We still have a very healthy microwave back-haul business. It is nice, it is high-margin, it comes and goes with the wireless CapEx. I think from my personal standpoint, the fiber back haul -- one of the things that became apparent is when we picked up the laser business. You just see how prevalent fiber back haul is compared to wireless. And so a lot of our focus, frankly our management focus, goes towards fiber rather than wireless.

我們仍然有非常健康的微波回傳業務。它不錯、毛利高，但會隨著無線資本支出（CapEx）而起伏。以我個人觀點來看，光纖回傳——有一件事在我們收購雷射業務後變得很明顯：你會看到相較於無線，光纖回傳有多普遍。因此我們很多的重點，坦白說管理層的重點，會放在光纖而不是無線。

But if Sprint is going to deploy wireless, that may be indeed a great opportunity for us. So thanks for the heads up.

但如果 Sprint 要部署無線，那確實可能是我們很好的機會。謝謝你提醒。

Great, thanks. And then on AOI, in terms of your win there, in terms of the TIAs and CDRs, et cetera. Can you give us any color about why they selected you versus competition there?

很好，謝謝。接著談 AOI：就你們在那裡的勝出而言，包含 TIA、CDR 等等。你能否提供一些背景，說明他們為什麼選你們而不是競爭對手？

I don't want to feel like I am smug -- - talk like I'm smug, but we've just got a great set 100 gig products. Whether it's the CDRs, the modulator drivers, TIAs, lasers as we bring those on, some of the other things that we'll be talking about at our Analyst Day. Very competitive products, competitively priced, proven in the fields, so high performing.

我不想讓人覺得我很自滿——或講得很自滿——但我們確實有一套很棒的 100G 產品。不論是 CDR、調變器驅動器（modulator drivers）、TIA、以及我們逐步導入的雷射，還有一些我們會在分析師日（Analyst Day）談到的其他項目。產品競爭力強、價格具競爭力、已在現場驗證，因此效能很高。

And at AOI would describe it -- they accurately perceive us as long-term committed to making the data center opportunity a reality. And by the way, they are not the only ones. I think everybody who is participating in data centers sees M/A-COM as a viable supplier/partner in helping realize their ambitions in data centers.

而 AOI 會這樣描述——他們也很準確地認知到，我們長期承諾要把資料中心的機會做成現實。順帶一提，他們不是唯一這麼想的。我認為所有參與資料中心的人都把 M/A-COM 視為可行的供應商／合作夥伴，能協助實現他們在資料中心的企圖。

Great. And I don't want to push too hard, but you just got the I think the 25 lasers out. At what point does a 50 gig laser become important, and when would you think you might have something like that out?

很好。我不想逼問太多，但你們剛推出我想是 25G 雷射。到什麼時點 50G 雷射會變得重要？你們認為大概何時可能會推出那樣的產品？

I would be purely speculating on -- we are so fixated on getting 25 gig out, we don't see any urgent -- I have not heard of any urgency of getting a 50 gig laser out in the short to medium-term. It may will be there, but I just have not heard it from our business unit.

我只能推測——我們目前非常專注在把 25G 做出來；在短到中期內，我們看不到推出 50G 雷射有任何迫切性——至少我沒有從我們的事業部聽到這種急迫需求。未來可能會需要，但我目前沒有聽到。

Okay, fair enough. And it's partly just asking, as you mentioned in you're press release, you guys say you can do PAM-4 and stuff in there. A lot of argument around which standards are going to take off.

好，合理。另外我部分是因為你在新聞稿提到，你們可以做 PAM-4 等等。市場上對於哪些標準會起飛有很多爭論。

You seem to think you are agnostic. Is there one or the other that you think your strongest at, that you can most quickly jump onto, or does it not really work that way?

你們看起來是不可知論（agnostic）。那有沒有哪一種你們覺得自己最強、可以最快切入？還是其實不是這樣運作？

We generally don't care. We have got PAM-4 designs, the observation we make is where all the action is CWDM and PSM-4 because it is backward compatible. There's no latency issues, you can upgrade smoothly from the past to the future and ongoing. So that's where the action is.

我們一般不太在意。我們有 PAM-4 的設計；我們的觀察是，真正的主戰場在 CWDM 和 PSM-4，因為它們向下相容。沒有延遲（latency）問題，你可以從過去平順升級到未來並持續演進。所以那裡才是重點。

There's designs, there's latent business opportunities with PAM 4. But, and make no mistake about it, when you get to 200 and 400 gig, PAM-4 is very clearly the solution of choice. It's just short-term in data centers, what we are focused on is providing the analog and photonic content which is genuinely agnostic, we couldn't care with the modulation scheme is in the DSPs.

PAM-4 也有設計，也有潛在的商機。但請不要誤會：當你走到 200G 和 400G 時，PAM-4 非常明確會是首選解決方案。只是就短期的資料中心而言，我們專注的是提供真正不可知的類比與光子內容；至於 DSP 裡採用哪種調變方案，我們並不在意。

Okay. And could you talk a little bit about what the Aeroflex growth potential is, and what the motivation was there to bring those guys in?

了解。你能談談 Aeroflex 的成長潛力，以及當初把他們納入的動機是什麼嗎？

Yes. To the first order, it's a classic consolidation move. They had a large number of factories, servicing really to a really modest business, we had about 50% share in microwave diodes, they had about 25% share. So to bulk up into a preeminent position with lots of COG synergies -- and by the way, their product portfolio is very complementary to our own, it's not like you are competing with the exact same products. So it really fit very nicely, so there is growth opportunity. I would call it latent growth opportunity, specifically they have a very strong competence and capability and installed infrastructure to do GNS. So GaAs as space in high rel devices.

可以。就第一層次來說，這是一個典型的整併動作。他們有很多工廠，但服務的業務規模其實相當有限；我們在微波二極體的市占約 50%，他們約 25%。因此透過整併把規模做大，取得領先地位，並帶來大量的製造成本（COG）協同效益——而且他們的產品組合與我們高度互補，並不是在同樣的產品上正面競爭。所以契合度非常好，也因此有成長機會。我會稱之為「潛在的成長機會」：特別是他們在 GNS 方面有很強的專長、能力與既有基礎設施，可用於 GaAs 在太空等高可靠度（high rel）器件的應用。

So the latent opportunity is to take the M/A-COM portfolio and be able to qualify it and provide it to the broad market. We think that there is about a $200 million SAM for that product, but again, first, that's a slam dunk; buy a business at about 1X revenues and be able to drive those synergies within the year. The growth is icing on the cake.

因此潛在機會在於，把 M/A-COM 的產品組合拿去做認證，並提供給更廣泛的市場。我們認為這類產品的可服務市場（SAM）大約有 2 億美元。不過再說一次，首先這是一個十拿九穩的案子：用大約 1 倍營收的價格買下這門生意，並在一年內推動那些協同效益。成長只是錦上添花。

Okay. The last on is just on multi market. Clearly, other areas have probably greater opportunities. I was just curious how we should think about multi market going forward, is it more user cash cow or is still some interesting stuff going on there?

了解。最後一題是關於多元市場（multi market）。很明顯其他領域可能有更大的機會。我只是好奇我們該如何看待未來的多元市場：它更像是穩定的現金牛，還是那裡仍有一些有趣的事情在發生？

As you know, multi market ends up beneficiary of a lot of the investments that we drive in the networks in A&D. So a great example is our GaN investments driving into base stations drives technology and that we productize into devices for things like RF energy. These are ISM bands, whether its plasma lighting or industrial heating and cooking applications and so on, which will end up being reported as multi market.

如你所知，多元市場最終會受益於我們在網路與航太國防（A&D）所推動的許多投資。一個很好的例子是：我們在 GaN 的投資導入基地台，會帶動技術發展，而我們再把它產品化成例如 RF 能源等裝置。這些屬於 ISM 頻段，不論是等離子照明（plasma lighting）或工業加熱與烹飪等應用，最後都會被歸類並揭露在多元市場。

So it's not -- you don't invest in multi-market technology and products as a front, it is icing on the cake. In fact, there is a lot of people believe that multi-market opportunity for that particular technology is as big in the medium term as the base station opportunity.

所以這不是——你不會把投資多市場技術與產品當作門面，它只是錦上添花。事實上，很多人相信，對於那項特定技術而言，其中期的多市場機會規模，與基地台機會一樣大。

And that's not just -- so you get the GaN, you've got a lot of stuff that we do in A&D which produces monolithic microwave ICs, MMICs. And with the ability to drive those into multi market and replace what had previously been serviced by Hittite before they were acquired, I would say in the medium to long-term, it is a very lucrative growth story. It is just without big targets like big base station guys or big prime defense contractors, it is not a short-time to revenue story.

而且這不只是——你拿到 GaN 之後，我們在航太與國防（A&D）領域也做了很多事情，會產出單片微波積體電路（MMIC）。再加上能把這些推向多市場，並取代 Hittite 在被收購前所服務的部分，我會說在中長期這是一個非常有利可圖的成長故事。只是因為沒有像大型基地台客戶或大型一級國防承包商那樣的明確大目標，所以它不是一個短期就能快速轉成營收的故事。

Okay, great. Thanks very much.

好的，很棒。非常感謝。

You are welcome.

不客氣。

Richard Shannon of Craig-Hallum.

Craig-Hallum 的 Richard Shannon。

John and Bob, thanks for taking my question and maybe just a couple for me. I will ask again on the announcement for the applied optics here today. A few quick questions around that.

John 和 Bob，謝謝你們回答我的問題，我這邊可能有兩個問題。我想再問一次今天關於 Applied Optoelectronics（AOI）的公告，有幾個快速問題想請教。

Is this the actual first customer you have for these TIAs as drivers of CDRs for datacom or just The first announced one? Is this relationship exclusive in any way, and what over time period do you expect this initial order to ship? Is this a couple quarters or a year time frame, or any characterization you can offer would be great.

這是否是你們在資料通訊（datacom）領域、用於 CDR 驅動器的這些 TIA 的第一個實際客戶，還是只是第一個對外宣布的客戶？這段合作關係是否有任何形式的獨家性？另外，你們預期這筆初始訂單會在多長時間內出貨？是幾個季度、還是一年的時間框架？任何你能提供的描述都會很有幫助。

Yes, so I would say this is not the first backlog that we have in data centers. We have the other guys, obvious candidates who have component design wins that are using our 100 gig servicing the other cloud service guys.

是的，所以我會說這不是我們在資料中心拿到的第一筆在手訂單（backlog）。我們還有其他廠商——很明顯的候選者——他們在元件上已經設計導入（design win），正在使用我們的 100G 產品來服務其他雲端服務業者。

This happened to be a very large order, it's several million dollars. AOI has clear customer engagement that people are probably aware of, and very substantial short-term ambitions.

這筆剛好是一張非常大的訂單，金額是數百萬美元。AOI 有明確的客戶互動，大家可能也有所了解，而且短期企圖心非常強。

I would say what I expect is the revenue to be realized over a two-year -- two quarter period for that particular order. And then continue on, it's not like it is one and done.

我預期這筆特定訂單的營收會在兩年——更正，兩個季度——的期間內認列。之後也會持續下去，不是一次性就結束。

Okay. And again, I wouldn't guess these to be exclusive, but is there any exclusivity implied or actual one that's a relationship?

了解。再確認一下，我猜這不會是獨家，但這段關係是否有任何暗示或實際的獨家性？

None whatsoever.

完全沒有。

Okay, I didn't think so. Second, related to your PON lasers. I think you mentioned you qualified one variance of the new products in your little fab, and said you are working on two others.

好的，我也這麼想。第二個問題，關於你們的 PON 雷射。我記得你提到在你們的小型晶圓廠（fab）已經完成新產品其中一個版本的認證（qualified），並且正在進行另外兩個。

Can you repeat -- I think you mentioned something about timeframe expecting to have those samples completed. Is that something within this quarter? Could there even potentially be revenue shipping this quarter from that?

你能再重複一下——我記得你提到預期那些樣品完成的時間點。那會是在本季度內嗎？甚至有可能在本季度就開始出貨並產生營收嗎？

Absolutely. So these are all three close siblings. Different flavors, DFB and FB lasers for EPON and GPON. In fact, I believe one of them gets qual'ed by extension.

當然可以。所以這三個其實都是非常接近的兄弟產品。不同的型號，包含用於 EPON 與 GPON 的 DFB 與 FB 雷射。事實上，我相信其中一個可以透過延伸方式一併完成認證。

So it is -- and there's volume material flowing through our Lowell factory now servicing demand. The one thing I should say is, never really talked about it before, but I'd point out that customers have to qualify these products.

所以——目前我們的 Lowell 工廠已經有量產材料在流動，以滿足需求。我還要補充一點：我們以前其實沒怎麼談過，但我要指出，客戶也必須對這些產品進行認證。

Moving from a factory in Ithaca at 3-inch to a 4-inch factory and supply chain in Lowell is not a trivial qualification for customers. So that's what we have been working on in parallel with our own qualifications. And that's reason why you don't see, frankly, a big step function in revenue instantly with the capacity coming on.

從 Ithaca 的 3 吋產線，轉移到 Lowell 的 4 吋產線與供應鏈，對客戶而言不是一個微不足道的認證工作。因此我們一直在與自身的認證同步、並行地推進客戶端的認證。這也是為什麼你不會看到產能一上來，營收就立刻出現很大的跳升。

Okay. But I guess to be clear, the -- after the first laser just qualified, have you included any material revenues from these follow-on two lasers in this quarter's guidance?

了解。但我想更明確一點：在第一顆雷射剛完成認證之後，你們在本季度的財測指引中，是否已經納入後續這兩顆雷射的任何實質營收？

Yes.

是的。

Okay, great. That's all the questions for me, thank you.

好的，很棒。我的問題就到這裡，謝謝。

You are welcome.

不客氣。

Quinn Bolton from Needham & Company.

Needham & Company 的 Quinn Bolton。

I just wanted to come back to the 100 gig datacom opportunity. Obviously, you have got the AOI announced in with a lot of the TMD parts. Just wondering if you could size a dollar content for us, and I think we all see various datacom forecasts in terms of the number of ports, 100 gig ports, that may be needed over the next several years.

我想回到 100G 資料通訊的機會。很明顯你們已經宣布 AOI 導入了許多 TMD 的零件。我想請問你們能否幫我們估算一下每套的美元含量（dollar content）？我想大家也都看到各種資料通訊的預測，包含未來幾年可能需要的埠數、100G 埠數。

But I'm trying to get a sense just on the PMD offering that you have currently shipping. Is that $10 of content per module, or could it reach into the hundreds? And then just a follow-up question on the lasers.

但我想了解的是，就你們目前已在出貨的 PMD 方案而言，每個模組大概是 10 美元的含量，還是可能達到數百美元？另外我還有一個關於雷射的追問。

I know you said you were going to qualify the 25 gig lasers here in the March quarter. How long will it take to get those into production? Is this there another say six to nine months as the module guys take those qualified lasers and get them into production, or can you move pretty quickly to production if the demand is there? Thanks.

我知道你說你們會在 3 月季度完成 25G 雷射的認證。要把它們導入量產需要多久？是否還需要另外大約 6 到 9 個月，讓模組廠把已認證的雷射導入量產？還是如果需求存在，你們可以很快進入量產？謝謝。

So let me start with the easy one first. So I would say it's one quarter to revenue and volume production for 25 gig lasers. So assuming everything goes as planned, and everything so far has been going as planned in Lowell, so we have a very high degree of confidence.

我先從比較容易的問題開始。我會說 25G 雷射從現在到有營收與量產，大約是一個季度的時間。也就是說，只要一切按計畫進行——而到目前為止 Lowell 的進展都符合計畫——我們有非常高的信心。

I would say the thing I have got to be careful about is, I really don't like to talk about ASPs, specifically in sales to named customers. That is so inappropriate. I would say it's not in the $10s, it's in the $100s given the current state of 100 gig technology.

我必須小心的是，我真的不喜歡談 ASP，尤其是對具名客戶的銷售 ASP。那樣非常不恰當。我會說以目前 100G 技術的狀態來看，它不是 10 幾美元的等級，而是 100 多美元的等級。

Again, we are using, largely reusing telecom products in the datacom application. But saying anything more than that, to be honest, would be inappropriate.

再說一次，我們在資料通訊應用中，很大程度是在使用、重用電信產品。但老實說，再多說就不太適合了。

Understood. Thanks very much, John.

了解。非常感謝，John。

You are welcome.

不客氣。

I'm showing no further questions at this time.

目前顯示沒有其他提問。

Very good. Thank you, operator. Before closing out today's call, please note that M/A-COM will be attending Morgan Stanley's TMT conference on February 29 in San Francisco.

很好。謝謝你，接線員。在結束今天的電話會議之前，請注意 M/A-COM 將於 2 月 29 日在舊金山參加摩根士丹利的 TMT 研討會。

As reminder, our Analyst Day will be March 10 in New York. To request an invitation to our Analyst Day or be notified of the next time that we plan to be in your area for investor meetings, you can e-mail us at IR@MACOM.com. Operator, that completes today's call, you may now disconnect.

提醒一下，我們的分析師日（Analyst Day）將於 3 月 10 日在紐約舉行。如需索取分析師日邀請函，或希望在我們下次到你所在區域進行投資人會議時收到通知，你可以寄電子郵件至 IR@MACOM.com。接線員，今天的電話會議到此結束，現在可以斷線。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program. You may all disconnect. Everyone have a great day.

各位女士、先生，感謝參與今天的電話會議。至此本次議程結束。各位現在可以斷線。祝大家今天愉快。