MACOM Technology Solutions Holdings, Inc. (MTSI) 2013 Q4 法說會逐字稿

Good afternoon, and welcome to the M/A-COM Technology Solutions fourth-quarter and fiscal-year 2013 financial results conference call. At this time, all participants are in a listen-only mode. At the conclusion of today's conference call, instructions will be given for a question-and-answer session.

各位下午好，歡迎參加 M/A-COM Technology Solutions 2013 會計年度第四季及全年財務業績電話會議。目前所有與會者皆處於僅收聽模式。於今日電話會議結束時，將提供問答環節的指示。

If anyone should require operator assistance during today's program, you may press star then 0 on your Touch Tone telephone for a live operator. As a reminder, this call is being recorded today, Tuesday, November 5, 2013.

若任何人在今日會議期間需要接線員協助，您可在按鍵式電話上按星號再按 0 以聯繫真人接線員。提醒各位，本通話於今日（2013 年 11 月 5 日，星期二）進行錄音。

I would now like to turn the call over to Leanne Sievers of The Shelton Group, the investor-relations agency for M/A-COM. Leanne, please go ahead.

現在我想把電話交給 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 fourth-quarter and fiscal 2013 earnings conference call. I'm Leanne Sievers, Executive Vice President of Shelton Group, M/A-COM's investor-relations firm.

各位下午好，歡迎參加 M/A-COM Technology Solutions 2013 會計年度第四季及全年財報電話會議。我是 Leanne Sievers，Shelton Group 執行副總裁，亦為 M/A-COM 的投資人關係顧問公司。

With us today are M/A-COM's President and Chief Executive Officer, John Croteau; and Senior Vice President and Chief Financial Officer, Conrad Gagno.

今天與會的有 M/A-COM 總裁兼執行長 John Croteau，以及資深副總裁兼財務長 Conrad Gagno。

If you've not received a copy of the press release, you can access a copy under the investor-relations section of M/A-COM's website at www.macomtech.com. There is also a slide presentation that we'll be using in conjunction with today's call that may be accessed through the webcast link on M/A-COM's website and is also posted as a PDF in the investor-relations section.

若您尚未收到新聞稿，可至 M/A-COM 網站 www.macomtech.com 的投資人關係專區取得。此外，我們今天的電話會議將搭配使用一份簡報，可透過 M/A-COM 網站的網路直播連結取得，亦以 PDF 形式張貼於投資人關係專區。

Before I turn the call over to Mr. Croteau, I'd like to remind our listeners that Management's prepared remarks contain forward-looking statements, which are subject to risks and uncertainties, and Management may make additional forward-looking statements in response to your questions.

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包含前瞻性陳述，該等陳述受風險與不確定性影響；管理層亦可能在回覆各位提問時作出額外的前瞻性陳述。

Therefore, the Company claims the protection of the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those discussed today, and therefore we refer you to a more detailed discussion of the risks and uncertainties that could result in those differences in the Company's filings with the Securities and Exchange Commission, including its Form 8-K, filed today, and its quarterly report on Form 10-Q filed on August 5, 2013.

因此，公司主張適用《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。實際結果可能與今日討論內容存在重大差異；因此，我們請您參閱公司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說明，包括公司今日提交的 Form 8-K，以及於 2013 年 8 月 5 日提交的 Form 10-Q 季度報告。

In addition, any projections as to the Company's future performance represent Management's estimates as of today, November 5, 2013. M/A-COM assumes no obligation to update these projections in the future, as market conditions may or may not change.

此外，任何對公司未來表現的預測均代表管理層截至今日（2013 年 11 月 5 日）的估計。由於市場狀況可能改變或不改變，M/A-COM 不承擔未來更新該等預測的義務。

Additionally, 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 the reconciliation to GAAP and 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.

另外，公司新聞稿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。該等財務指標以及 GAAP 與非 GAAP 結果之調節表載於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.

若您目前無法收聽完整電話會議，網路直播的錄音將於投資人關係專區提供 30 天。

And now, I'd like to turn the call over to M/A-COM's President and CEO, John Croteau. Mr. Croteau, please go ahead.

現在，我想把電話交給 M/A-COM 總裁兼執行長 John Croteau。Croteau 先生，請開始。

Thank you, Leanne, and welcome, everyone, and thank you for joining us today.

謝謝你，Leanne。各位好，感謝大家今天加入我們。

I'd like to do today's call a little differently this quarter. We have some exciting news that accelerates our growth strategy that we believe will be transformative, industry-defining, and something that will reshape M/A-COM for years to come.

我想在本季以稍微不同的方式進行今天的電話會議。我們有一些令人振奮的消息，將加速我們的成長策略；我們相信這將具有變革性、可定義產業，並將在未來多年重塑 M/A-COM。

So today, we'll start with Conrad, our CFO, running through the results for the quarter, followed by the guidance for fiscal Q1. I'll then provide some additional color on our results and guidance and then dive into the big news. Conrad?

因此今天我們將先由財務長 Conrad 說明本季業績，接著提供 2024 會計年度第一季（Q1）的財測指引。之後我會對我們的業績與指引補充更多說明，並深入談談這項重大消息。Conrad？

Thank you, John, and good afternoon, everyone.

謝謝你，John。各位下午好。

During the course of my comments, as well as those made by John, with the exception of revenue, all income-statement amounts and percentages will be discussed on a non-GAAP basis. These non-GAAP measures are provided to enhance understanding of our core operating performance, and a reconciliation of each to the most comparable GAAP measure is included in our earnings press release, circulated earlier today for your reference.

在我以及 John 的發言中，除營收外，所有損益表金額與百分比皆將以非 GAAP 基礎討論。提供這些非 GAAP 指標旨在增進對我們核心營運表現的理解；各項指標與最可比 GAAP 指標之調節表已包含於我們今日稍早發布、供各位參考的財報新聞稿中。

With that in mind, let me now begin a review of our financials for the fourth quarter of fiscal 2013.

基於上述前提，以下我開始回顧 2013 會計年度第四季的財務表現。

Revenue was $83.7 million, an increase of 2% compared to $82.2 million in the third quarter of 2013, and an increase of 12% compared to $74.6 million in the fourth quarter of 2012.

營收為 8,370 萬美元，較 2013 年第三季的 8,220 萬美元成長 2%，較 2012 年第四季的 7,460 萬美元成長 12%。

Revenue for the fourth quarter was within our range of expectation, driven primarily by increased sales of our standard catalog products across multi-market and A&D markets.

第四季營收落在我們預期範圍內，主要受惠於我們標準型目錄產品在多元市場及航太與國防（A&D）市場的銷售增加。

Gross profit in the fourth quarter was $38 million, or 45.4% of revenue, compared to $37 million, or 45% of revenue in the prior quarter, representing a 40-basis-point sequential improvement. Gross profit in the prior-year quarter was $32.7 million, or 43.9%.

第四季毛利為 3,800 萬美元，佔營收比重 45.4%；相較前一季毛利 3,700 萬美元、佔營收 45%，季增改善 40 個基點。去年同期毛利為 3,270 萬美元，佔營收 43.9%。

Our focus continues to be on improving gross margin through increased sales of higher-margin products, as well as the ongoing benefits of channel and operational efficiencies.

我們的重點仍在於透過提高高毛利產品的銷售，以及持續受惠於通路與營運效率，來改善毛利率。

In terms of operating expenses for the fourth quarter, total operating expenses were $21 million, compared to $20.8 million in the prior quarter and $17.4 million in the prior-year quarter.

就第四季營業費用而言，營業費用總額為 2,100 萬美元，較前一季的 2,080 萬美元增加，亦高於去年同期的 1,740 萬美元。

Looking at investments in new products, research-and-development expense for the fourth quarter was $10.1 million. This compared to R&D expense of $9.7 million in the prior quarter and $7.6 million in the prior-year quarter, which included $0.9 million of incrementally favorable [foreign-research] credits, which reduced R&D in the prior-year quarter.

在新產品投資方面，第四季研發費用為 1,010 萬美元；相較前一季研發費用 970 萬美元，以及去年同期 760 萬美元。去年同期包含 90 萬美元額外有利的［海外研發］抵減，因而降低了去年同期的研發費用。

R&D as a percentage of revenue represented 12.1% in the fourth quarter, compared to 11.8% in the previous quarter and 10.2% in the prior-year quarter.

研發費用佔營收比重在第四季為 12.1%，相較前一季為 11.8%，去年同期為 10.2%。

Selling, general, and administrative expenses were $10.9 million, compared to $11.1 million in the previous quarter and $9.8 million in the prior-year quarter.

銷售、一般及行政費用為 1,090 萬美元，相較前一季為 1,110 萬美元，去年同期為 980 萬美元。

SG&A as a percentage of revenue represented 13% in the fourth quarter, compared to 13.5% in the previous quarter and 13.2% in the prior-year quarter.

SG&A 佔營收比重在第四季為 13%，相較前一季為 13.5%，去年同期為 13.2%。

Income from operations was $17 million, or 20.3% of revenue. This compares to $16.2 million, or 19.8% of revenue, in the prior quarter, and $15.3 million, or 20.5% of revenue in the prior-year quarter.

營業利益為 1,700 萬美元，佔營收比重 20.3%。相較前一季為 1,620 萬美元、佔營收 19.8%；去年同期為 1,530 萬美元、佔營收 20.5%。

Turning to income taxes, our effective income tax rate for both the fourth quarter and the prior quarter was 29%.

談到所得稅，我們第四季與前一季的有效所得稅率皆為 29%。

Our fourth-quarter net income was $12 million, our $0.25 per diluted share, compared to third-quarter net income of $11.5 million, or $0.24 per diluted share, and net income of $10.4 million, or $0.22 per diluted share in the prior-year quarter.

第四季淨利為 1,200 萬美元，稀釋後每股盈餘為 0.25 美元；相較第三季淨利 1,150 萬美元、稀釋後每股盈餘 0.24 美元；以及去年同期淨利 1,040 萬美元、稀釋後每股盈餘 0.22 美元。

The share count used to compute EPS was 48.5 million shares for the fourth quarter, 48.2 million shares for the third quarter, and 47.4 million shares in the fourth quarter of 2012.

用於計算每股盈餘（EPS）的股數為：第四季 4,850 萬股、第三季 4,820 萬股，以及 2012 年第四季 4,740 萬股。

Turning to the results for the fiscal year, revenues were $318.7 million, compared to $302.2 million in fiscal 2012. The year-over-year increase of 5.5% was the result of higher demand in our automotive end market, partly offset by lower A&D and multi-market revenue, with networks being approximately flat year on year.

接著看全年結果，2013 會計年度營收為 3.187 億美元，相較 2012 會計年度為 3.022 億美元。年增 5.5% 主要來自汽車終端市場需求較高，部分被航太與國防（A&D）及多元市場營收較低所抵銷；網路相關業務則大致與去年持平。

Gross profit for fiscal 2013 was $142.6 million, or 44.8% of revenue, compared to $137.6 million, or 45.5% of revenue, in fiscal 2012. The primary driver of the 70-basis-point decline in gross margin was a shift in product mix, with higher sales of lower-gross-margin products in our automotive applications and lower sales of our higher-gross-margin products in A&D and multi-market.

2013 會計年度毛利為 1.426 億美元，佔營收比重 44.8%；相較 2012 會計年度毛利為 1.376 億美元、佔營收 45.5%。毛利率下降 70 個基點的主要原因為產品組合變化：汽車應用中較低毛利率產品銷售增加，而 A&D 與多元市場中較高毛利率產品銷售下降。

Operating income for fiscal 2013 and for fiscal 2012 was $61.9 million, or 19.4%, and 20.5%, respectively. Our effective income tax rate for fiscal 2013 was 27.4% and compares to 31.7% in fiscal 2012.

2013 會計年度與 2012 會計年度的營業利益分別為 6,190 萬美元（佔營收 19.4%）與 20.5%。2013 會計年度的有效所得稅率為 27.4%，相較 2012 會計年度為 31.7%。

As a reminder, the second quarter of fiscal 2013 included a one-time benefit related to the reinstatement of the US Federal R&D tax credit in January 2013, which enabled us to recognize related tax credits arising from calendar year 2012.

提醒一下，2013 會計年度第二季包含一項一次性利益，與 2013 年 1 月美國聯邦研發（R&D）稅額抵免的恢復有關，使我們得以認列源自 2012 曆年的相關稅額抵免。

Net income for fiscal 2013 was $44.9 million, or $0.93 per diluted share, on 48.1 million shares, and included a $0.02-per-share benefit from the one-time tax credit. Net income in fiscal 2012 was $42.1 million, or $0.94 per diluted share on 44.9 million shares.

2013 會計年度淨利為 4,490 萬美元，或每股稀釋後盈餘 0.93 美元（以 4,810 萬股計），其中包含一次性稅額抵免帶來的每股 0.02 美元利益。2012 會計年度淨利為 4,210 萬美元，或每股稀釋後盈餘 0.94 美元（以 4,490 萬股計）。

Turning to the balance sheet, as of September 27, 2013, our cash and cash equivalents were $110.4 million. This represents an increase of $25.9 million from September 28, 2012.

接著看資產負債表，截至 2013 年 9 月 27 日，我們的現金及約當現金為 1.104 億美元，較 2012 年 9 月 28 日增加 2,590 萬美元。

Cash flow from operations for the fourth quarter was $8.6 million, compared to $13.4 million in the third quarter and $9.1 million in the fourth quarter of 2012. Cash flow from operations for fiscal 2013 was $49.4 million and for fiscal 2012 was $35.4 million.

第四季營運活動現金流量為 860 萬美元，相較第三季的 1,340 萬美元，以及 2012 年第四季的 910 萬美元。2013 會計年度營運活動現金流量為 4,940 萬美元，2012 會計年度為 3,540 萬美元。

During the quarter, we increased our revolving credit facility from $150 million to $300 million, which can be further increased by $125 million subject to certain conditions.

本季期間，我們將循環信用額度由 1.5 億美元提高至 3 億美元，並可在符合特定條件下再增加 1.25 億美元。

Accounts receivable of $63 million compared to $55.2 million at the end of the prior quarter and $54.2 million at the end of the prior fiscal year.

應收帳款為 6,300 萬美元，相較上一季季末的 5,520 萬美元，以及上一會計年度年末的 5,420 萬美元。

Day sales outstanding represents 68 days, compared to 61 days at the end of the prior quarter and 66 days at the end of the prior fiscal year. The DSO increase was largely driven by the timing of shipments within the quarter.

應收帳款週轉天數（DSO）為 68 天，相較上一季季末的 61 天，以及上一會計年度年末的 66 天。DSO 的增加主要是由於本季內出貨時點所致。

Inventory was $54 million, compared to $54.7 million in the prior quarter and $57.5 million in the prior fiscal year. Inventory turns were 3.4 compared to 3.3 in the prior quarter and 2.9 in the prior fiscal-year quarter.

存貨為 5,400 萬美元，相較上一季的 5,470 萬美元，以及上一會計年度的 5,750 萬美元。存貨週轉率為 3.4，相較上一季的 3.3，以及上一會計年度同期的 2.9。

Capital expenditures were $5.1 million in the fourth quarter and $11.8 million, or 3.7% of revenue, for the full fiscal year. Depreciation expense on property and equipment for the fourth quarter was approximately $2.5 million.

第四季資本支出為 510 萬美元；全年為 1,180 萬美元，約占營收 3.7%。第四季不動產、廠房及設備折舊費用約為 250 萬美元。

Turning to our guidance, M/A-COM's fiscal year 2014 is a 53-week year. We have elected to insert the additional week in our first fiscal quarter, which ends January 3, 2014, in order to take advantage of the holiday season, at what tends to be a period of slower activity in late December and early January.

接著談我們的財測，M/A-COM 的 2014 會計年度為 53 週年度。我們選擇將額外的一週放在第一會計季度（截至 2014 年 1 月 3 日），以利用假期旺季；而 12 月下旬至 1 月上旬通常是活動較為緩慢的期間。

We currently expect revenues to be in the range of $80 million to $85 million, non-gap gross margin between 44% and 46%, and non-GAAP earnings per diluted share between $0.23 and $0.26, on an expected 48.6 million shares outstanding. As of today, we have already shipped, or are presently firm booked, for 84% of that midpoint of our revenue range.

我們目前預期營收介於 8,000 萬至 8,500 萬美元之間，非 GAAP 毛利率介於 44% 至 46% 之間，非 GAAP 每股稀釋後盈餘介於 0.23 至 0.26 美元之間（以預期流通在外股數 4,860 萬股計）。截至今日，我們已出貨或目前已確定下單的金額，已達我們營收區間中點的 84%。

I'll now turn the call back over to John, who will provide further details on the quarter and the acquisition of Mindspeed.

接下來我把電話交回給 John，他將就本季表現以及收購 Mindspeed 提供更多細節。

Thank you, Conrad. As Conrad pointed out, we had another solid quarter of taking share, with more than 10% sequential growth in our catalog business, driven primarily by sales and multi-market.

謝謝你，Conrad。正如 Conrad 所指出的，我們又度過了一個穩健的季度，持續擴大市占；我們的型錄（catalog）業務連續成長超過 10%，主要由銷售與多元市場（multi-market）所帶動。

Our renewed focus on our core catalog business has now resulted in four straight quarters of sequential revenue growth.

我們重新聚焦於核心型錄業務，如今已帶來連續四個季度的營收季增。

Taking a closer look at our revenue by market, 26% of our fourth-quarter revenue was from networks; 28% from aerospace and defense; 25% from automotive; and 21% from multi-market.

更仔細看按市場別的營收組成，第四季營收中 26% 來自網路（networks）；28% 來自航太與國防；25% 來自汽車；21% 來自多元市場（multi-market）。

Multi-market was up 17%, and aerospace and defense was also up 2% this quarter, despite a challenging macroeconomic environment. Automotive played out exactly as expected, slightly down, owing to Fourth of July [pull-ins] into Q3 by Ford, which we had mentioned last earnings call.

多元市場成長 17%，航太與國防本季也成長 2%，儘管總體經濟環境具挑戰性。汽車業務如預期略為下滑，原因是 Ford 在 7 月 4 日前後將部分需求提前拉貨至第三季（[pull-ins]），我們在上次法說已提到。

Revenue into the networks market was down 3% sequentially, driven by significant softening in our cable TV business. We saw sizable reductions in order intake, which affected Q4 shipments, and which we expect will continue through Q1.

網路市場營收季減 3%，主要因我們的有線電視（cable TV）業務明顯轉弱。我們看到接單量大幅下降，影響第四季出貨，且我們預期此情況將延續至第一季。

There was largely offset by 7% sequential revenue growth into wireless backhaul and more than 10% sequential growth in our [opto] electronics business.

上述影響大致被無線回傳（wireless backhaul）營收季增 7% 以及我們 [opto] 電子業務營收季增超過 10% 所抵銷。

We continue to take share in wireless backhaul, with major design wins for our E-band power amplifiers, as well as with our 18- and 23-gigahertz power-amplifier portfolio.

我們在無線回傳領域持續擴大市占，包含我們的 E-band 功率放大器取得多項重大設計導入（design wins），以及我們 18 與 23 GHz 功率放大器產品組合的進展。

Much like our peers, we are also affected by year-end seasonal effects. We expect soft demand in fiscal Q1, driven by continued softness in cable TV. In addition, we expect a temporary pause in radar shipments in Q1, with order backlogs showing full recovery in Q2.

與同業相似，我們也受到年末季節性因素影響。我們預期會計年度第一季需求偏弱，主因有線電視持續疲軟。此外，我們預期第一季雷達出貨將短暫暫停，但訂單積壓（backlog）顯示第二季將完全恢復。

With that, I'd like to now talk about today's big news. As Leanne mentioned, you can access the slide presentation on the investor-relations section of our website, as part of the webcast or as a PDF.

接下來我想談談今天的重大消息。如 Leanne 所提到，您可在我們網站的投資人關係（investor-relations）專區取得簡報投影片，可透過網路直播（webcast）觀看或下載 PDF。

As you may have read, this evening we announced a definitive agreement for the acquisition of Mindspeed Technologies, based in Newport Beach, California. This move promises to be transformative for M/A-COM and is a major milestone in the Company's long history.

如您可能已讀到的消息，我們今晚宣布已就收購位於加州紐波特海灘（Newport Beach）的 Mindspeed Technologies 達成最終協議（definitive agreement）。此舉可望為 M/A-COM 帶來轉型，並且是公司悠久歷史中的重要里程碑。

The proposed transaction will not only reposition our company, further elevating us as a leading supplier of high-performance RF and microwave solutions, but we believe it also redefines our small corner of the semiconductor industry and the competitive landscape for years to come.

這項擬議交易不僅將重新定位我們的公司，進一步提升我們作為高效能 RF 與微波解決方案領先供應商的地位；我們也相信，它將在未來多年重新定義半導體產業中我們所處的小領域，以及競爭版圖。

Our primary strategic interest in Mindspeed lies in the company's high-margin, high-performance analog business. This acquisition will transform M/A-COM into a leading global provider of 100G optical solutions and underscores our core growth strategy in the optical and networking markets.

我們對 Mindspeed 的主要策略性興趣在於其高毛利、高效能的類比（analog）業務。此收購將使 M/A-COM 轉型為 100G 光學解決方案的全球領先供應商，並凸顯我們在光學與網路市場的核心成長策略。

Concurrent with our proposed acquisition, Mindspeed is in advanced discussions with a potential buyer for its wireless business, which it plans to sell prior to the closing of our transaction.

與我們擬議收購同步，Mindspeed 正與其無線業務的潛在買方進行深入洽談，並計畫在我們交易完成交割前出售該業務。

Mindspeed's high-performance analog portfolio, consisting of market-leading crosspoint switches, optical physical media devices, and low-power signal conditioners, diversifies our business into the adjacent enterprise market, and we believe aligns perfectly with M/A-COM's business model, offering gross margins approaching 70%, long product life cycles, and sticky customer relationships.

Mindspeed 的高效能類比產品組合包含市場領先的 crosspoint 交換器、光學實體媒體裝置（optical physical media devices）以及低功耗訊號調理器（signal conditioners），使我們的業務延伸至相鄰的企業市場；我們認為這與 M/A-COM 的商業模式高度契合，提供接近 70% 的毛利率、長產品生命週期，以及高度黏著的客戶關係。

Targeted to close in December, we've entered into a definitive agreement to acquire Mindspeed for $5.05 per share in a cash-tender offer. The transaction is valued at $271.7 million for Mindspeed's $132 million in trailing 12-months revenue, excluding Mindspeed's wireless business, as well as nonrecurring revenue, and $23.9 million of cash equivalents as of September 27, 2013.

目標於 12 月完成交割，我們已簽署最終協議，將以每股 5.05 美元的現金要約收購（cash-tender offer）收購 Mindspeed。以 Mindspeed 過去 12 個月營收 1.32 億美元為基礎（不含 Mindspeed 的無線業務以及一次性營收），並加計截至 2013 年 9 月 27 日的 2,390 萬美元約當現金，本交易對 Mindspeed 的估值為 2.717 億美元。

It's important to understand that the acquisition will be immediately accretive to our non-GAAP gross margin, operating margins, and earnings per share in the first full quarter following the closing.

需要理解的是，該收購在交割後的第一個完整季度，將立即增厚（accretive）我們的非 GAAP 毛利率、營業利益率以及每股盈餘。

With substantial expected synergies coming from corporate overhead, SG&A, and planned divestment or restructuring of non-performing businesses, we currently estimate the transaction will be between $0.15 and $0.20 accretive to our earnings per share in fiscal 2014 and between $0.25 and $0.30 accretive in fiscal 2015.

在預期可觀的綜效（synergies）之下，綜效來源包括公司管理費用、銷售、一般及管理費用（SG&A），以及對表現不佳業務的計畫性處分或重整；我們目前估計該交易在 2014 會計年度將使每股盈餘增厚 0.15 至 0.20 美元，在 2015 會計年度將增厚 0.25 至 0.30 美元。

It may not be intuitively obvious to investors, but Mindspeed is highly complementary and compatible to M/A-COM and can serve as an accelerant to our growth strategy moving forward. They have a long and successful history and deep customer relationships, servicing the communications industry.

投資人可能不一定能直覺看出，但 Mindspeed 與 M/A-COM 具有高度互補性與相容性，並可在未來成為推動我們成長策略的加速器。他們在服務通訊產業方面擁有悠久且成功的歷史，以及深厚的客戶關係。

While you may know Mindspeed more for their communications processors, voice over IP, and more recently their forays into wireless, the fact is that nearly half of their revenue comes from high-performance analog products for high-speed switching and signal conditioning in next-generation network gear.

您或許更熟悉 Mindspeed 的通訊處理器、網路語音（voice over IP），以及近年來對無線領域的嘗試；但事實上，他們近一半的營收來自高效能類比產品，用於次世代網路設備中的高速交換與訊號調理。

That part of the business is fully complementary to our portfolio and fits perfectly in our model -- sticky, value-added products and technologies with gross margins approaching 70%.

該部分業務與我們的產品組合完全互補，並且非常符合我們的模式——具黏著性、具附加價值的產品與技術，毛利率接近 70%。

Over the past year, you've heard me say that we'll spend our M&A dollars to accelerate our growth strategy in 100G optical. And, well, Mindspeed is a perfect fit. We believe their strong position with blue-chip communications customers aligns perfectly with our growth ambitions in optical, as well as the broader enterprise and networking spaces.

過去一年，您聽我說過我們會把併購（M&A）資金用來加速我們在 100G 光學領域的成長策略。而 Mindspeed 正是完美契合。我們相信，他們在一線（blue-chip）通訊客戶中的強勢地位，與我們在光學以及更廣泛的企業與網路領域的成長企圖完全一致。

Within 100G, M/A-COM will become the only vendor addressing all segments, long-haul, metro, and data centers, with a complete portfolio of physical-media devices, modulator drivers, transimpedance amplifiers, and clock and data recovery circuits, based on all requisite technologies -- indium phosphide, gallium arsenide, silicon-germanium -- all of them.

在 100G 領域內，M/A-COM 將成為唯一一家能涵蓋所有區隔（長途、都會與資料中心）的供應商，並提供完整的實體媒介裝置、調變器驅動器、跨阻放大器，以及時脈與資料恢復電路產品組合，且建立在所有必要技術之上——磷化銦、砷化鎵、矽鍺——全部具備。

Strategically, the acquisition makes M/A-COM a much deeper, much broader, and more globally diversified force in our corner of the industry. Mindspeed's silicon-germanium-based capability will allow us to address new applications and additional system content in our core RF and microwave customers and applications.

從策略面來看，這項收購將使 M/A-COM 在我們所處的產業領域中，成為更深、更廣且全球多元化程度更高的力量。Mindspeed 以矽鍺為基礎的能力，將使我們能在核心 RF 與微波客戶與應用中，切入新的應用並增加系統內容。

Mindspeed's market position and strong presence in Asia-Pacific will allow M/A-COM to broaden our customer base and deepen our customer penetration in this critical part of the world going forward.

Mindspeed 的市場地位以及在亞太地區的強大布局，將使 M/A-COM 未來能在這個關鍵區域擴大客戶基礎並加深客戶滲透率。

To top it all off, we fully expect that the acquisition will be highly synergistic and immediately accretive to M/A-COM's gross margins, operating margins, and earnings per share in the first quarter following the acquisition, with what we think will be plenty of room for expansion along all fronts going forward.

此外，我們完全預期這項收購將具有高度協同效益，並在收購完成後的第一個季度立即增厚 M/A-COM 的毛利率、營業利益率與每股盈餘；而我們認為，未來在各個面向仍有相當大的擴張空間。

Within the overall Mindspeed portfolio, our primary interest lies in the company's high-margin, high-performance analog business, as well as its mature voice-over-IP business. These comprise more than 60% of revenues, are highly profitable with 65% to 75% gross margins, and have strong technology leadership positions in their respective product and market spaces.

在 Mindspeed 的整體產品組合中，我們主要的興趣在於該公司高毛利、高效能的類比業務，以及其成熟的企業級 VoIP（網路語音）業務。這兩項合計占營收超過 60%，獲利能力極高，毛利率達 65% 至 75%，並在各自的產品與市場領域中具備強勢的技術領導地位。

Mindspeed has built leadership positions in optical physical media devices, crosspoint switches, signal conditioners, and voice over IP for enterprise applications. For this reason, we will adopt these businesses and care and feed them for, if anything, higher than previously anticipated growth and profitability.

Mindspeed 已在光學實體媒介裝置、交叉點交換器（crosspoint switches）、訊號調理器，以及企業應用的 VoIP 建立領導地位。因此，我們將承接這些業務並持續投入資源，並期待其成長與獲利能力甚至高於先前的預期。

Mindspeed also has a communications-processor business, which currently does not align with M/A-COM's long-term strategic focus. Therefore, options for this business will be explored, while continuing to support its customers.

Mindspeed 也有通訊處理器業務，但目前與 M/A-COM 的長期策略重點並不一致。因此，我們將在持續支援其客戶的同時，評估該業務的各種選項。

Finally, as mentioned earlier, concurrent with our proposed acquisition, Mindspeed is in advanced discussions with a potential buyer for its wireless-infrastructure business, which it plans to sell prior to closing. In the event the wireless business does not sell, it will be restructured and wound down, while continuing to support its customers.

最後，如先前所提，配合我們擬議的收購案，Mindspeed 正與其無線基礎設施業務的潛在買方進行深入洽談，並計畫在交割前出售該業務。若無線業務未能售出，則將在持續支援其客戶的同時進行重整並逐步結束。

One benefit of this transaction will be to diversify our end-market exposure, the value of which has become evident over the past year. Adding a substantial new revenue stream in central-office enterprise equipment should help to weatherproof our business, reducing exposure to capital-spending fluctuations in any one market, whether it be wireless carrier CapEx, DOCSIS cable TV roll-outs, or [lumpy] radar programs, as we're seeing this quarter. Therefore, upon closing of this deal, we intend to report Mindspeed revenues in enterprise as our fifth end market.

此交易的一項好處是分散我們的終端市場曝險，其價值在過去一年已變得相當明顯。新增一條來自局端（central-office）企業設備的可觀營收來源，應可提升我們業務的抗波動能力，降低對單一市場資本支出起伏的曝險，不論是無線營運商 CapEx、DOCSIS 有線電視佈建，或如本季所見的（不均勻的）雷達專案。因此，在本交易完成後，我們計畫將 Mindspeed 的營收歸類於企業端，作為我們的第五個終端市場來揭露。

Mindspeed has been thriving in the enterprise space for decades, dating back to its roots as Conexant and Rockwell Semiconductor. Their customer base is a veritable who's-who list of various communication sectors, from telecommunications to video-broadcast systems.

Mindspeed 在企業領域深耕數十年，可追溯至其作為 Conexant 與 Rockwell Semiconductor 的根源。他們的客戶群堪稱各通訊領域的「名人錄」，涵蓋從電信到影音廣播系統等。

Each of these industries is continually challenged to keep up with new demands for bandwidth, new applications and new usage models, such as cloud computing, IPTV, video on demand, and 4K UHDTV video streams.

這些產業都持續面臨挑戰，必須跟上對頻寬的新需求、新應用與新使用模式，例如雲端運算、IPTV、隨選視訊，以及 4K UHDTV 影音串流。

Applications for Mindspeed's high-performance analog products include high-speed transport switching and signal conditioning in optical modules, line cards, switch cards, backplanes, and system chassis. Mindspeed boasts technology leadership with the industry's fastest crosspoint switches, which play a vital role in managing network latency.

Mindspeed 高效能類比產品的應用包括：在光模組、線卡、交換卡、背板與系統機箱中的高速傳輸交換與訊號調理。Mindspeed 以業界最快的交叉點交換器展現技術領導地位，而該產品在管理網路延遲方面扮演關鍵角色。

Latency is a primary value driver in these markets and applications in a world of exponentially increasing data, density, and numbers of connected devices.

在資料量、密度與連網裝置數量呈指數成長的世界中，延遲是這些市場與應用的主要價值驅動因素。

As many of you know who've been following M/A-COM, 100G optical is one of the growth drivers that we've identified for the company going forward. We're in the early stages of an anticipated decade-long build-out of 100G networks and infrastructure that's extremely rich in high-performance, high-value semiconductor content from companies like M/A-COM.

如同許多持續關注 M/A-COM 的各位所知，100G 光學是我們已辨識的公司未來成長驅動因素之一。我們正處於預期長達十年的 100G 網路與基礎設施建置初期，而其中包含極為豐富的高效能、高價值半導體內容，來自像 M/A-COM 這樣的公司。

To date, we've established a leadership position for 100G modulator drivers that are used in long-haul applications. These products require compound semiconductor technologies, like indium phosphide and gallium arsenide, which is right in our wheelhouse.

截至目前，我們已在用於長途應用的 100G 調變器驅動器建立領導地位。這些產品需要複合半導體技術，例如磷化銦與砷化鎵，而這正是我們的強項所在。

We believe adding Mindspeed's complementary silicon-germanium products and technology will allow us to expand into several dimensions simultaneously.

我們相信，加入 Mindspeed 互補的矽鍺產品與技術，將使我們能同時在多個面向擴張。

First, we intend to extend into adjacent metro, data center, and 100G Ethernet applications, so transmission distances less than 10 kilometers. These are some of the highest growth areas for 100G overall.

第一，我們打算延伸至相鄰的都會網、資料中心與 100G 乙太網應用，也就是傳輸距離小於 10 公里。這些是 100G 整體中成長最快的一些領域。

From our customers' perspective, M/A-COM will be a clear vendor of choice, with leading solutions across their breadth of applications and full scope of product requirements. This should enable M/A-COM to capitalize fully on the build-out of 100G optical infrastructure worldwide.

從客戶角度來看，M/A-COM 將成為明確的首選供應商，在其廣泛的應用範圍與完整的產品需求上提供領先解決方案。這將使 M/A-COM 能充分把握全球 100G 光學基礎設施建置所帶來的機會。

From a customer perspective, the merger of two strategic vendors of choice in their respective fields of expertise offers latent value. Mindspeed, like M/A-COM, is viewed by their long-term customers as a strategic partner that delivers key technologies that enable their own product road maps.

從客戶觀點而言，兩家在各自專業領域皆為策略性首選供應商的合併，蘊含潛在價值。Mindspeed 與 M/A-COM 一樣，長期客戶將其視為策略夥伴，能提供關鍵技術以支撐客戶自身的產品藍圖。

I believe the combination of M/A-COM and Mindspeed will produce a totally different animal that no one from our RF and microwave industry or from the high-performance analog world has been able to create. Combined, we think we can solve problems that no one else can address.

我相信，M/A-COM 與 Mindspeed 的結合將產生一個全然不同的「新物種」，這是我們的 RF 與微波產業或高效能類比領域中，過去沒有人能打造出來的。合併後，我們認為能解決其他人無法處理的問題。

In addition, the opportunity to service Mindspeed's unique customers and applications with M/A-COM technologies and products, and vice versa, can be transformative. I've already described the opportunity in the 100G optical space. The same holds true for other high-growth application, like millimeter-wave satellite communications and microwave AESA radars, to name a few.

此外，以 M/A-COM 的技術與產品服務 Mindspeed 獨特的客戶與應用，反之亦然，可能帶來變革性影響。我已描述過在 100G 光學領域的機會；同樣也適用於其他高成長應用，例如毫米波衛星通訊與微波 AESA 雷達等，僅舉數例。

The combination of Mindspeed and M/A-COM will bring depth and breadth and what we expect to be significant upside to our growth aspirations.

Mindspeed 與 M/A-COM 的結合將帶來更深的技術與產品厚度、更廣的覆蓋範圍，並為我們的成長目標帶來我們預期相當可觀的上行空間。

Dating back to our early days as Microwave Associates, supplying magnetrons into the first microwave-radar systems after World War II, M/A-COM's roots lie in the US aerospace and defense industry.

回溯到我們早期以 Microwave Associates 之名，在二戰後為第一批微波雷達系統供應磁控管（magnetrons）的年代，M/A-COM 的根源在於美國航太與國防產業。

We've certainly made progress expanding into commercial markets like cable TV, wireless backhaul, and optical infrastructure, that are now sourced heavily out of China, as well as Japan and Korea. 27% of our sales are now generated out of that region.

我們確實已在拓展至商用市場方面取得進展，例如有線電視、無線回傳與光學基礎設施；而這些市場如今大量由中國供應，同時也包括日本與韓國。目前我們有 27% 的銷售額來自該地區。

By comparison, Mindspeed is light years ahead of M/A-COM, if you could pardon the pun. 70% of Mindspeed's sales come out of Asia-Pacific. For decades, they've had a well-developed sales channel and deep customer relationships that can accelerate the penetration of M/A-COM's RF and microwave portfolio in that region. Again, this promises upside to our growth aspirations if this plays out as we hope.

相較之下，若容我用個雙關語，Mindspeed 在這方面領先 M/A-COM 好幾個光年。Mindspeed 有 70% 的銷售額來自亞太地區。數十年來，他們建立了成熟的銷售通路與深厚的客戶關係，可加速 M/A-COM 的 RF 與微波產品組合在該地區的滲透。同樣地，若一切如我們所期望地發展，這也將為我們的成長目標帶來上行空間。

The same holds true from a technology perspective. Mindspeed brings along a highly complementary technology base that effectively doubles our addressable market for M/A-COM's core RF and microwave business.

從技術角度來看亦是如此。Mindspeed 帶來高度互補的技術基礎，實質上使 M/A-COM 核心 RF 與微波業務的可服務市場規模加倍。

M/A-COM has traditionally serviced the highest-performance part of the RF and microwave market, which we estimate to be about 25% of the overall $9.5 billion sale. That part, shown here in blue, requires the use of compound semiconductor technologies, like gallium arsenide or gallium nitride, and a broad catalog of standard functional products because it's a highly fragmented market.

M/A-COM 傳統上服務於 RF 與微波市場中最高效能的部分，我們估計約占整體 95 億美元市場的 25%。該部分在此以藍色呈現，需要使用複合半導體技術，例如砷化鎵或氮化鎵，並且由於市場高度分散，還需要廣泛的標準功能性產品目錄。

Mindspeed brings with it silicon-based technologies, notably silicon-germanium, that have evolved to similar performance levels and enable much higher degrees of integration and application specificity. That's shown here in green.

Mindspeed 則帶來矽基技術，尤其是矽鍺；這些技術已演進至相近的效能水準，並能實現更高程度的整合與更強的應用特定性。在此以綠色呈現。

Applications that achieve greater scale and volume tend to play to the economic advantages of silicon-germanium. That is, low unit cost at the expense of high development expense.

能達到更大規模與出貨量的應用，往往更能發揮矽鍺的經濟優勢；也就是以較高的開發成本為代價，換取較低的單位成本。

With the potential acquisition of Mindspeed, M/A-COM will become the first RF and microwave vendor that can service customers, markets, and applications with truly world-class capabilities, from gallium arsenide and gallium nitride to silicon-germanium. The upside potential to our growth plans is, again, very substantial.

若成功收購 Mindspeed，M/A-COM 將成為第一家 RF 與微波供應商，能以真正世界級的能力服務客戶、市場與應用，涵蓋從砷化鎵與氮化鎵到矽鍺。對我們成長計畫的上行潛力同樣非常可觀。

That brings us to our combined financial model going forward, the best part yet. If you look at the last 12 months' performance from Mindspeed alongside M/A-COM, excluding Mindspeed's wireless business and nonrecurring revenue, it adds $132 million of revenue at 63% gross margin. This would yield a blended LTM-adjusted gross margin of 50% for the combined entity.

接下來談我們合併後的財務模型，這才是最精彩的部分。若將 Mindspeed 過去 12 個月的表現與 M/A-COM 並列觀察，並排除 Mindspeed 的無線業務與非經常性營收，Mindspeed 可增加 1.32 億美元營收，毛利率為 63%。這將使合併後實體的 LTM 調整後綜合毛利率達到 50%。

We see plenty of room for further margin expansion, depending on strategic decisions and M/A-COM's gross-margin progression, as already planned.

我們認為仍有相當大的空間可進一步擴大利潤率，這取決於策略決策以及 M/A-COM 如既定計畫推進的毛利率改善進程。

Taking into account synergies, mostly in corporate overhead, SG&A, and underperforming businesses, we believe we can improve operating margins for the combined entity minimally by 400 basis points.

考量協同效益（主要來自公司管理費用、SG&A，以及表現不佳的業務），我們相信合併後實體的營業利益率至少可提升 400 個基點。

For that reason, you can see why we're excited about the accretive nature of this transaction in all respects -- gross margin, operating margins, as well as earnings per share.

因此，你可以理解為什麼我們對這筆交易在各方面的增益性質感到振奮——包括毛利率、營業利益率，以及每股盈餘。

In summary, I'm personally excited -- in fact, thrilled -- to bring home this transaction to M/A-COM's stakeholders. It's transformative in so many ways, bringing depth as well as breadth to the M/A-COM portfolio -- technologically, geographically, and bulking up in our target markets.

總結來說，我個人非常興奮——事實上是欣喜若狂——能將這筆交易帶回給 M/A-COM 的利害關係人。它在許多方面都具有變革性，為 M/A-COM 的產品組合帶來深度與廣度——在技術、地理布局上，以及在我們的目標市場中擴大規模。

We will be positioned to become a supplier of choice in 100G, with leadership positions across long-haul, metro, and data-center applications, and covering the full scope of physical media requirements. We can thus capitalize fully on the decade-long build-out of 100G optical infrastructure worldwide.

我們將具備條件成為 100G 的首選供應商，在長途、都會網與資料中心應用上取得領先地位，並涵蓋實體媒介需求的完整範疇。因此，我們能充分把握全球 100G 光學基礎建設長達十年的建置浪潮。

To top it all off, we believe the transaction will be highly accretive to gross margins, operating margins, and EPS within the first quarter after closing. We have identified strong synergy potential, which we plan to execute to within the first 100 days of the combined company.

更重要的是，我們相信交易完成後的第一個季度內，該交易將對毛利率、營業利益率與 EPS 具有高度增益。我們已辨識出強勁的協同潛力，並計畫在合併公司成立後的前 100 天內加以落實。

Thanks, everyone, for listening. I will now open the call for questions. Operator?

謝謝各位的聆聽。接下來我將開放提問。接線員？

(Operator instructions) Mark Delaney with Goldman Sachs.

（接線員指示）高盛的 Mark Delaney。

Thanks very much for taking the question, and congratulations on announcing the deal.

非常感謝讓我提問，也恭喜你們宣布這筆交易。

Thanks, Mark.

謝謝你，Mark。

I was hoping you guys could help us first understand -- as you think about integrating Mindspeed, what can the top line of the Mindspeed portfolio be going forward? I think -- maybe within some of the different buckets, even within areas that you want to keep, like voice over IP -- I believe there are maybe some different growth rates with some tied to very high-growth areas, maybe some products that aren't growing quite as fast within Mindspeed that you can maybe address and -- holistically how we should think about the growth rate going forward?

我希望你們能先協助我們理解——在你們考慮整合 Mindspeed 時，Mindspeed 產品組合未來的營收上限可能是多少？我想——也許在不同的分類中，甚至在你們想保留的領域（例如 VoIP）之內——我相信可能存在不同的成長率，有些與高成長領域相關；也許 Mindspeed 內部有些產品成長沒那麼快，你們可以談談——整體而言，我們應該如何看待未來的成長率？

Sure. So, again, the two areas that we're really focused are the high-performance-analog piece and the voice-over-IP piece. Voice over IP is actually a mature business for Mindspeed. It's in a cash-cow state, and I think it has a long tail to go. So that is not going to grow; it will decline, but over an extended period.

當然。再說一次，我們真正聚焦的兩個領域是高效能類比（high-performance-analog）以及 VoIP。VoIP 對 Mindspeed 來說其實是成熟業務，處於現金牛狀態，我認為它還有很長的尾端可走。因此它不會成長；會下滑，但會在較長的期間內逐步下滑。

The high-performance-analog piece, I think, has a lot of room for growth. They've demonstrated growth consistently over recent years. Our ambition would be, actually, to care and feed for them to accelerate that growth. They have a lot of very interesting design wins and applications that have not yet seen the light of day, in addition to the strong position that they already have.

至於高效能類比部分，我認為仍有很大的成長空間。他們在近幾年已持續展現成長。我們的企圖心其實是要好好投入資源、支持他們，以加速成長。他們有許多非常有趣的設計導入與應用尚未真正放量，此外他們既有的強勢地位也很穩固。

So I think the starting point with the $132 million of the trailing 12-month revenues is really just the starting point.

所以我認為，以過去 12 個月 1.32 億美元的營收作為起點，真的只是起點而已。

Okay. That's very helpful. And then, just within the synergies that you guys are talking about, can you just help us understand where exactly your assumptions on synergies are coming from? It wasn't completely clear to me, since I know -- in the communications-processor business, which you may eventually divest, gross margins there are lower. So I'm just trying to understand where, between COGS and OpEx where the assumed synergies are coming out of.

好的，這非常有幫助。接著，關於你們提到的協同效益，能否協助我們理解你們對協同效益的假設究竟來自哪裡？我不是完全清楚，因為我知道——在通訊處理器業務（你們可能最終會出售）方面，那裡的毛利率較低。所以我想了解的是，在 COGS 與 OpEx 之間，假設的協同效益主要是從哪裡體現出來的。

Sure. I would suggest thinking about it three ways. First and most obvious one is corporate overhead. We have the opportunity to consolidate two public companies into one. That is quite substantial.

當然。我建議從三個面向來思考。第一個、也是最明顯的，是公司管理費用。我們有機會把兩家上市公司整併為一家，這部分相當可觀。

SG&A is another area. There's a large opportunity to consolidate our respective SG&A expense rates. And then the underperforming businesses -- the obvious one, wireless, on a path to rapid divestiture.

第二個是 SG&A。整併雙方各自的 SG&A 費用率有很大的機會。第三個是表現不佳的業務——最明顯的是無線業務，正走在快速出售的路徑上。

We had hoped that we would actually be public with the buyer at the announcement of the definitive agreement, here, but it should close before we close on our transaction.

我們原本希望在這裡、於簽署最終協議的公告時，就能對外公布買方，但該交易應會在我們這筆交易完成前先行完成。

And then the other area, the communications-processor business is a nice business for them. It just doesn't fit as well with us. When you look at wireless and [comms] processor, that has been a very intense area of investment, which at the end of the day doesn't make sense for us to continue.

另外一個領域是通訊處理器業務，對他們而言是一門不錯的生意，只是與我們的契合度沒那麼高。當你看無線與（通訊）處理器時，那一直是投資非常密集的領域，而最終對我們而言，繼續投入並不合理。

And when you pull those off, what you'll find is very, very strong opportunity for synergies between the two companies. I'm reluctant to quantify those, but I think you can see those cooked into the bottom line of our EPS-accretion targets.

當你把這些剝離出去後，你會發現兩家公司之間有非常、非常強的協同機會。我不太願意量化，但我想你可以在我們 EPS 增益目標的底線數字中看到這些已被納入考量。

Great. Thank you and good look.

很好，謝謝你，祝順利。

Thank you very much.

非常謝謝。

Harlan Sur with JPMorgan.

摩根大通的 Harlan Sur。

Good afternoon, and congratulations on the announced acquisition. Mindspeed's HPA segment certainly appears to be a great complement to your products and end-market focus. If I look at from an installed-infrastructure, corporate-culture perspective, things like technology development, designing methodology, go-to-market, customer-engagement perspective -- how similar or dissimilar are they from M/A-COM? And do you anticipate much work in integrating both companies?

午安，也恭喜你們宣布這項收購。Mindspeed 的 HPA 部門看起來確實能很好地補強你們的產品與終端市場聚焦。若我從既有基礎設施、企業文化的角度來看，例如技術開發、設計方法論、上市策略、客戶互動等面向——它們與 M/A-COM 有多相似或多不同？你們預期整合兩家公司需要做很多工作嗎？

Actually -- a very insightful question, Harlan. From an engineering standpoint, I don't think there's much room for integration -- I mean the design methodologies that they use for the silicon-based products that they do, which are much higher integration -- levels of integration than M/A-COM has traditionally done -- that's pretty much a bolt-on with the business unit intact. And I don't think there's any need or desire to integrate that.

其實——這是個非常有洞見的問題，Harlan。從工程角度來看，我不認為需要太多整合——我的意思是，他們用於矽基產品的設計方法論，那些產品的整合度遠高於 M/A-COM 傳統上所做的——基本上可以作為一個附加（bolt-on）的事業單位並保持完整。我也不認為有必要或有意願去整合那一塊。

From a sales-and-operations standpoint, I think there's enormous room for best practices. We have a cultural belief that best athletes and best practices rule the day. And I think what we're going to find as we dig in -- in fact, the early indications through the management meetings is that there's plenty of best practices that I think will bring M/A-COM to the next level.

從銷售與營運的角度來看，我認為在最佳實務方面有巨大的空間。我們的文化信念是：最優秀的人才與最佳實務主導一切。我想當我們深入了解時——事實上，從管理層會議的初步跡象來看——有很多最佳實務能把 M/A-COM 帶到下一個層級。

And from an operational standpoint, I think early indications are that some of the operational focus that has been applied at M/A-COM in the years since John Ocampo's buyout can actually improve COGS, operational efficiencies.

而從營運角度來看，初步跡象顯示，自 John Ocampo 收購以來，M/A-COM 這幾年所採取的一些營運聚焦，確實可以改善 COGS 與營運效率。

So I think there's -- I tried to get it through the talk, here -- lots of runway for further improvements on all fronts.

所以我認為——我在剛才的說明中試著傳達——在各個面向都有很長的改善跑道。

Good to hear. Then, does the trailing 12-month revenue and gross-margin profile of the combined companies -- I think you guys said $451 million and 50% respectively -- include the comms-processor business of Mindspeed, because your commentary seems to indicate that you're going to look for strategic options for this segment, as well. And does your $0.15 to $0.20 accretion next year include the contribution from the comms-processor business?

很高興聽到。那麼，合併公司過去 12 個月的營收與毛利率概況——我想你們說分別是 4.51 億美元與 50%——是否包含 Mindspeed 的通訊處理器業務？因為你們的評論似乎表示你們也會為該部門尋找策略選項。另外，你們明年每股盈餘增益 0.15 到 0.20 美元的預估，是否包含通訊處理器業務的貢獻？

So if we find a nice room for the comms-processor business, gross margin will be more accretive. That tends to be at the lower end of their gross-margin range. And the accretion scenarios on the earnings per share -- that would be at the expense of EPS accretion. But the numbers that we quoted are actually worst case, assuming that we find a buyer.

如果我們能為通訊處理器業務找到合適的歸宿，毛利率會更具增益，因為那部分通常位於他們毛利率區間的較低端。而就每股盈餘的增益情境而言——那會以 EPS 增益為代價（有所減少）。但我們引用的數字其實是最保守情境，假設我們能找到買方。

And if you -- let's say that you find that there are no strategic options for the comms-processor business, does the M/A-COM team just wind its business down over time?

如果——假設你們發現通訊處理器業務沒有策略選項，那 M/A-COM 團隊是否就會隨時間逐步縮減該業務？

Yes. I think there's a long runway. First of all, let me say, I believe there is an extremely high likelihood that there are some very interested buyers. We'll know that probably before closing, and I would hope to be able to communicate some action on that even before our closing.

是的。我認為有很長的跑道。首先我想說，我相信有極高的可能性會有一些非常有興趣的買家。我們大概會在交割前就知道，我也希望能在我們交割前就對外溝通在這方面的一些進展。

But in the scenario -- in the unlikely scenario where there isn't a buyer, we just need to fully support customers through the life of their programs in our operations model, including the synergies. It's based upon supporting customers through their production lives.

但在那種——不太可能的——沒有買家的情境下，我們只需要在我們的營運模式中（包含協同效益）完整支援客戶，直到其專案生命週期結束。這是以支援客戶的量產生命週期為基礎。

So like I said, if anything, that's more accretion from an EPS standpoint. It's just, it's cleaner for all stakeholders if we find a nice home.

所以如我所說，如果有什麼差別，從 EPS 的角度反而更具增益。只是如果能找到一個好的歸宿，對所有利害關係人而言會更乾淨俐落。

Okay. Just my final question. Mindspeed clearly has a leadership role in networking, enterprise, and data center within their HPC and VOIP segments. Can you just give us a sense how big this end market is as a percent of their total HPA business? Is it 80% as networking and data center, or is it 70%? Any color there would be great.

好的。最後一個問題。Mindspeed 在其 HPC 與 VOIP 部門中，顯然在網路、企業與資料中心領域具有領導地位。你們能否大致說明，這個終端市場占其 HPA 總業務的比重有多大？是網路與資料中心合計 80%？還是 70%？如果能提供一些補充說明就太好了。

You know, I genuinely apologize. I can't speak to the size of their [sams] yet. I need to get the business in before I can speak knowledgeably about that.

你知道，我真誠地道歉。我目前還無法談他們的 [sams] 規模。我需要先把業務導入之後，才能就此做出有根據的說明。

Okay, great. Thank you.

好的，很好。謝謝你。

Tore Svanberg with Stifel.

Stifel 的 Tore Svanberg。

Congratulations on the announcement. First question is on technology. John, I was hoping you could talk a little bit about manufacturing, as you're obviously getting more into the silicon-germanium markets. I assume that's nothing that you can (inaudible) in your (inaudible). But help me understand a little bit how the manufacturing is going to look like for the combined (inaudible)?

恭喜你們發布這項公告。第一個問題是關於技術。John，我希望你能談談製造方面，因為你們顯然正更深入切入矽鍺市場。我想那不是你們能在你們的（聽不清）中（聽不清）的事情。但請幫我理解一下，合併後的（聽不清）在製造端會是什麼樣子？

I don't anticipate any meaningful changes to the Mindspeed supply chain. They have a long and -- they're close cousins with the Tower-Jazz operation, based upon their common routes in Conexant.

我不預期 Mindspeed 的供應鏈會有任何實質性的變動。他們歷史悠久，而且——基於他們在 Conexant 的共同淵源——與 Tower-Jazz 的營運其實算是近親。

That is a fabulous relationship, as I understand it, and I don't anticipate any need from that supply chain standpoint to change. We have identified some conceptual efficiencies that we can get, in terms of package vendors over in Asia.

據我了解，那是一段非常出色的合作關係；從供應鏈角度來看，我不預期有任何需要改變之處。我們確實已經辨識出一些概念性的效率提升空間，例如在亞洲那邊的封裝供應商方面。

But it's certainly, as you point out, not something that we would -- this type of business is not the type of business that you want to support from an internal-supply standpoint, on either front end or back end.

但正如你所指出的，這當然不是我們會——這類型的業務並不是你會想在前段或後段都用內部供應來支撐的那種業務。

Very good. And I know it's still early days, here, but is the longer-term goal potentially to start adding both sets of technologies into perhaps module-type solutions and subsystems? Because I'm just trying to think longer term, and adding RF together with silicon, is that something your customers are asking more and more about?

很好。我知道現在還很早，但長期目標是否可能把兩套技術都加入到例如模組型解決方案與子系統中？因為我在思考更長期的方向，把 RF 與矽整合在一起，這是否是你們客戶越來越常提出的需求？

Absolutely. In fact, we have some really, really exciting customer wins already with combined silicon-germanium, gallium-arsenide solutions. In some cases, it's packaged together in modules, in other cases as chipset solutions.

絕對是。事實上，我們已經拿下幾個非常、非常令人振奮的客戶案，採用的是結合矽鍺與砷化鎵的解決方案。有些情況是以模組形式一起封裝，另一些則是以晶片組（chipset）方案提供。

I had hoped that I would have one of those very exciting customers public before this call, but to be honest, this deal took all of our bandwidth over the past month or two.

我原本希望在這通電話之前，能先把其中一位非常令人振奮的客戶公開，但老實說，這筆交易在過去一兩個月占用了我們所有的精力。

But the direct leverage and synergy of putting together those kind of solutions is where we really think in our core business of RF and microwave applications, whether it be satellite communications, whether it be AESA radar systems -- the opportunity for cross leverage, having the full boat of technologies from [gafgan, siggy] -- all in the bag of tricks, can really elevate us to a different level in the industry.

但把這類解決方案整合在一起所帶來的直接槓桿與綜效，正是我們在 RF 與微波應用核心業務中所看重的——不論是衛星通訊，或是 AESA 雷達系統——交叉槓桿的機會非常大。擁有從 [gafgan, siggy] 來的全套技術——把所有工具都放進工具袋裡——確實能把我們提升到產業中的另一個層級。

Very good. One last question. I don't want to necessarily get away from the acquisition announcement, but on your earnings report, you talked about an inventory correction in cable TV. Could you just elaborate a little bit more on that? It sounds like that's going to continue in the December quarter. But any more details you can share with us would be helpful. Thanks.

很好。最後一個問題。我不一定想偏離收購公告的主題，但在你們的財報中，你們提到有線電視領域的庫存修正。你能否再多說一點？聽起來這會在 12 月季度持續。任何你能分享的更多細節都會很有幫助。謝謝。

So about mid-quarter, we saw a precipitous decline in order intake in the cable TV area. Our biggest customer order rates dropped in half, and it wasn't just one customer. It was across the board.

大約在季度中段，我們看到有線電視領域的訂單流入出現斷崖式下滑。我們最大客戶的下單速度減半，而且不只是一家客戶，是全面性的。

And I'll point to -- if you look at some things other people are announcing in the industry as -- some people use Entropic as kind of a reference point in this area. Entropic announced at their last call 20% sequential decline.

我也指出——如果你看其他公司在產業中的一些公告——有些人會把 Entropic 當作這個領域的參考指標。Entropic 在他們上一次電話會議中宣布，季對季下滑 20%。

Cisco in their last earnings call announced a 40% sequential decline in set-top box shipments. It's that kind of dramatic drop that we saw. It impacted our revenue in that part of our business by 13% down quarter on quarter, so it's not insignificant; and that was only for part of the quarter.

Cisco 在他們最近一次財報電話會議中宣布，機上盒出貨量季對季下滑 40%。我們看到的就是這種幅度的劇烈下滑。它使我們該業務部分的營收季對季下滑 13%，所以影響不小；而且那還只是發生在季度的一部分時間。

So we think it's really going to be a tough road to hoe for the next 90 days. By the way, we speculate that this has to do with transitions in the DOCSIS standards. Finally the 3.1 spec was announced, I think, last week it was released.

因此我們認為接下來 90 天會相當艱難。順帶一提，我們推測這與 DOCSIS 標準的轉換有關。終於 3.1 規格在我想是上週正式公布並發布。

And it may be that we're dealing with a transition in set-top boxes, which I would expect might extend more than one quarter. I'm not sure, but I don't think we're in this alone, by any means.

而且我們可能也正面臨機上盒的轉換期，我預期這可能不只延續一個季度。我不確定，但無論如何，我不認為只有我們遇到這種情況。

That is very helpful. Thank you, John, and again, congratulations on the acquisition announcement.

這非常有幫助。謝謝你，John，也再次恭喜你們發布收購公告。

Thank you very much.

非常謝謝。

(Operator instructions) Steve Smigie with Raymond James.

（接線員指示）Raymond James 的 Steve Smigie。

Thanks a lot, and congratulations on the deal here. If I look at my Mindspeed model, here, and look at their high-performance analog business, I certainly have a decent amount of growth built in going to 2014 for the HPA. [It's clear] the clock and data recovery, crosspoint switches, stuff like that looks pretty exciting going into the future. But already assuming their CCP business drops pretty meaningfully into next year, obviously that carries some of the stuff that you're not interested in. Can you talk a little bit about how we should think about the opportunity on the CCP side? Is there stuff that you're just going to walk away from? And I already have some decline built in there, so would what happens there just sort of be a natural drop in that revenue? Or are you going to take aggressive action to cut some of that potential revenue there from stuff that you don't want to deal with within that CCP business?

非常感謝，也恭喜你們完成這筆交易。如果我看我的 Mindspeed 模型，並看他們的高效能類比（HPA）業務，我確實在 HPA 這塊建立了相當不錯、一路到 2014 年的成長假設。很明顯，時鐘與資料恢復（CDR）、交叉點交換器（crosspoint switches）之類的產品，未來看起來相當令人振奮。但我也已經假設他們的 CCP 業務在明年會明顯下滑，顯然那裡包含一些你們不感興趣的部分。你能談談我們應該如何看待 CCP 這邊的機會嗎？是否有些業務你們會直接放棄？我已經把一些下滑納入模型，所以那邊發生的事情會只是營收自然下滑嗎？還是你們會採取更積極的行動，去削減 CCP 業務中你們不想處理的那部分所帶來的潛在營收？

I think, Steve, it's too early for me to be commenting about how we're going to manage subsets of the HPA portfolio on a go-forward basis.

Steve，我想現在還太早，我不適合評論未來我們將如何管理 HPA 產品組合中的各個子項目。

I can tell you in aggregate, with all the puts in takes, with any business, including theirs. They're predicting growth this year, and very healthy growth within that segment. So I'm not sure, even if I could answer the question knowledgeably, I think it would be inappropriate for me to do so.

我可以告訴你的是，整體來看，任何業務都有增減因素，包括他們的業務。他們預期今年會成長，而且該部門的成長相當健康。所以即便我能很有把握地回答，我也認為我不適合在此時這麼做。

With the HPA, I agree (inaudible). I was more -- just on the other business that -- it's outside of the voice-over-IP stuff. There was parts that you were not interested in, and I was just wondering, are you guys going to sort of actively walk away from revenue of stuff that you don't want is really kind of where the question is coming from.

就 HPA 而言，我同意（聽不清）。我比較是——針對另一塊業務——它不在語音網路（voice-over-IP）那塊。有些部分你們是不感興趣的，我只是想知道，你們是否會主動放棄你們不想要的那部分營收，問題大概是從這裡來的。

Oh, I'm sorry --.

喔，抱歉——。

Or do you just let it drift down naturally?

還是你們就讓它自然下滑？

I'm sorry. I thought you said CPC. You mean CPE. Okay. On the communications processors, it's not an issue under any circumstance of walking away from revenue. Absolutely supporting all customers and very strong design wins -- I mean, that's the strength of Mindspeed for many, many years. And it's not about actively shutting down healthy businesses.

抱歉，我以為你說的是 CPC。你是指 CPE。好的。就通訊處理器而言，在任何情況下都不存在放棄營收的問題。我們絕對會支援所有客戶，而且有非常強勁的設計導入——我的意思是，這一直是 Mindspeed 多年來的強項。這並不是要主動關掉健康的業務。

Our comment about pursuing strategic options is all about the fact that -- I mean, to be blunt, M/A-COM is not a communications-processor company by background. The HPA business fits from a financial-model standpoint, from an overall-solutions standpoint far more adjacent. And I think there are wonderful places where the CPE business can thrive.

我們提到尋求策略選項，完全是因為——坦白說，M/A-COM 的背景並不是一家通訊處理器公司。HPA 業務在財務模型角度、以及整體解決方案角度，都更為相鄰、更為契合。我也認為 CPE 業務有很多很好的歸宿可以茁壯成長。

But in the event that it stays in our portfolio, there's no need to be extreme or religious in any respect. I think it's all about continuing to generate revenues in that space as long as possible. And perhaps, you know, a very healthy life like the voice-over-IP business.

但如果它最後仍留在我們的產品組合中，也沒有必要在任何方面走向極端或教條化。我認為重點是盡可能長時間地在那個領域持續創造營收。也許，你知道的，就像語音網路（voice-over-IP）業務一樣，擁有非常健康的生命週期。

Okay. And just, Conrad, if I could ask -- I think you mentioned you're sticking in an extra weekend, and I just was curious -- I'm not sure I heard you correctly. Is that in this calendar fourth quarter that we see that extra week?

好的。再來，Conrad，如果我可以問——我想你提到你們會多加一個週末，我只是好奇——我不確定我是否聽對了。那是發生在這個曆年第四季，我們會看到那個額外的一週嗎？

That's (multiple speakers). This year, our year [run zimes] on the Friday closest to the end of September. This coming year happens to be a 53-week year. And we had to select a quarter to have that extra week in, so we opted with the December quarter because it's light in the market. It's the holidays -- both Christmas and New Years fall on mid-week at the Wednesday; and it just seemed appropriate, given the demand and supporting our customers that we could take that 14th week and not really impact anything dramatically.

那是（多位講者）。今年，我們的年度（聽不清）落在最接近 9 月底的那個星期五。接下來這一年剛好是 53 週的一年。我們必須選一個季度放入那額外的一週，所以我們選擇 12 月季度，因為市場相對清淡。又逢假期——聖誕節與新年都落在週三的週中——而且考量需求與支援客戶，我們覺得把第 14 週放在那裡很合適，不會對任何事情造成太戲劇性的影響。

Right. So in terms of thinking about that, you (inaudible) extra week, 7% or something like that. But because of the holiday, is it fair to think that maybe on a revenue side it's only 4% or 5% as it compares to typical seasonal norms?

了解。所以在思考這件事時，你（聽不清）多一週，大概是 7% 或類似的幅度。但因為有假期因素，是否可以合理地認為，在營收端相較於典型的季節性常態，可能只有 4% 或 5%？

I would say -- you have to be cautious, because whether it's the 6% or 7% or 4% -- Both from a supply as well as demand standpoint, we see that last week of the year typically very soft. And because, as Conrad said, both holidays fall in the middle of the week, our 13th and 14th week will be Christmas week and then New Years week. So we're concerned both -- frankly, as much from supply of our vendors as well as from the demand from our customers standpoint.

我會說——你必須謹慎，因為不論是 6% 或 7% 或 4%——從供給以及需求兩個角度來看，我們看到每年最後一週通常都非常疲弱。而且，正如 Conrad 所說，兩個假期都落在週中，因此我們的第 13 週與第 14 週將分別是聖誕週與新年週。所以我們兩方面都很擔心——坦白說，既擔心供應商端的供給，也擔心客戶端的需求。

The other thing that it gives us the opportunity to do is to manage OpEx back to a 13-week equivalent. So I think that's -- it's fortuitous the way the holidays fall into the Wednesdays, the mid-week, this year.

另外一件事是，這也讓我們有機會把營運費用（OpEx）管理回到相當於 13 週的水準。所以我認為——今年假期剛好落在週三、也就是週中，這樣的安排算是很幸運。

That makes sense. And not to ignore M/A-COM completely, here, given the excitement about the acquisition, but I was wondering if you could talk a little bit about the aerospace business and about the air-based radar. Obviously -- I know short term, maybe a little bump, but more importantly, can you talk about how significant that air-based radar is, relative to the overall aerospace and defense business? Is it 50% of that business? And should we think about that as air-based is the most significant portion of radar? So obviously, you talked about doing like [C-born] radar. But I have to imagine that the air-based is the most significant portion, too.

這很合理。而且在這裡也不想完全忽略 M/A-COM，畢竟大家對這次收購很興奮，但我想請你稍微談談航太業務以及機載雷達。顯然——我知道短期可能會有些小幅拉抬，但更重要的是，你能談談機載雷達相對於整體航太與國防業務的重要性嗎？它占那塊業務的 50% 嗎？我們是否應該把機載視為雷達中最重要的部分？你當然提到像是做 [C-born] 雷達，但我想像機載也會是最重要的部分。

I would say the majority of our radar business today is actually not airborne; it's ground-based. It's air-traffic control, weather radar, and such. It's not -- the airborne radar I think you may be referring to is the stuff that we announced last quarter with Northrop Grumman.

我會說，我們目前雷達業務的大多數其實不是機載；而是地面型。像是航管雷達、氣象雷達等等。你可能指的機載雷達，是我們上季與 Northrop Grumman 公布的那部分。

And I would say radar is heavily driven by power transistors today. We actually have our next-generation power transistors and core chips for X-band AESA radar systems. So it's going to be a very nice growth business for us for decades to come.

我也會說，雷達目前很大程度是由功率電晶體所驅動。我們其實已經有下一代功率電晶體與核心晶片，適用於 X 波段 AESA 雷達系統。因此這將會是我們未來數十年非常好的成長型業務。

But I would say the way to think about our aerospace and defense business today is, it's a very heavily catalogued product, off a very broad base of customers and applications. I think that may be the reason why -- as we focus back on that core business, we continue to be able to demonstrate growth -- again, 2% sequential growth against this quarter on the back of catalog sales that were over 10% up. So it's not so much application-specific radar in that part of portfolio today.

但我會說，思考我們目前航太與國防業務的方式是：它主要是高度目錄化（catalogued）的產品，來自非常廣泛的客戶與應用基礎。我想這也許就是原因——當我們重新聚焦於核心業務時，我們仍能持續展現成長——同樣地，本季相較上一季成長 2%，而這是建立在目錄銷售（catalog sales）成長超過 10% 的基礎上。所以在我們目前這部分產品組合中，並不是那麼以特定雷達應用為主。

If I could sneak one more in. Catalogs obviously doing well. You guys are capturing share there, reinvigorating that business. How much of the business mix do you think is the catalog versus -- obviously you have [auto] that's not and [mimics] is not. So how much of the mix is catalog, because that seems to be seeing above-normal growth?

如果我可以再塞一題。目錄產品顯然表現很好。你們在那裡正在搶市占、讓那塊業務重新振作。你認為業務組合中，目錄產品大概占多少？因為顯然你們有 [auto] 不是、[mimics] 也不是。所以目錄大概占比多少？因為那看起來正在出現高於常態的成長。

I would say -- in previous quarters -- I didn't do the calculation -- maybe someone will do it while we're talking here, but -- but it's been about half of our business over previous quarters; and it's probably slightly above half because we continue -- in light of some of these headwinds -- like the cable TV is a great example this time -- we grew over 10% in the catalog business this time.

我會說——在前幾季——我沒有做計算——也許有人會在我們談話時算一下，但——過去幾季大約占我們業務的一半；而且現在可能略高於一半，因為我們持續——在面對一些逆風之下——像這次有線電視就是很好的例子——我們這次目錄業務成長超過 10%。

So we grew a few percent in total, over 10% in the catalog stuff. So it's testament -- I just love these catalog franchises. It's weatherproof, tends to be weatherproof if you focus on it. It's a core strength of ours.

所以我們整體只成長了幾個百分點，但目錄那塊成長超過 10%。這證明——我真的很喜歡這些目錄型事業。它很耐風雨，如果你專注在上面，往往就能耐風雨。這是我們的核心強項。

So I think we're doing a good job extracting growth where, in aggregate, the market is not growing. So it's something I'm actually quite proud of, to be honest.

所以我認為我們在整體市場不成長的情況下，仍做得很好、能夠挖掘出成長。老實說，這是我相當引以為傲的一點。

Thanks very much.

非常感謝。

Richard Sewell with Stephens.

Stephens 的 Richard Sewell。

This is Richard in for Harsh. Congratulations on the acquisition. I guess, starting with the VOIP business from Mindspeed -- you mentioned that it's a mature market and declining. Can you give us any color on the kind of trajectory that you're looking at on this decline?

我是 Richard，代 Harsh 提問。恭喜這次收購。我想先從 Mindspeed 的 VOIP 業務開始——你提到那是成熟且下滑的市場。你能否提供一些顏色，說明你們對這個下滑趨勢的預期軌跡？

I should be cautious about any kind of forward-looking statements on Mindspeed's business. Again, we're only at definitive agreement. Maybe at closing we can help shape some of those models.

我必須對 Mindspeed 業務的任何前瞻性陳述保持謹慎。再說一次，我們目前只是簽了確定性協議（definitive agreement）。也許在交割時，我們可以協助塑造其中一些模型。

Okay, fair enough. And then, for my followup, looking at your go-to-market strategy, are there any changes as Mindspeed generates a large percentage of revenues from Asia, versus M/A-COM, that historically has had a bigger percentage from the Americas?

好的，合理。那我的追問是，從你們的市場進入（go-to-market）策略來看，Mindspeed 有很大比例營收來自亞洲，相較之下 M/A-COM 歷來在美洲占比較高；在這方面會有任何調整嗎？

I think this is one of the very, very large latent opportunities for this. I mean, you look at it from an accretion standpoint, just from a last-12-month basis. Adding the synergies, it's a sweet deal, to be honest.

我認為這是這筆交易非常、非常大的潛在機會之一。我的意思是，你從增益（accretion）的角度看，就以過去 12 個月為基礎，加上綜效，老實說這是一筆很甜的交易。

But where I get thrilled about this is the synergy on the technology front with the silicon-germanium competence and the Asian sales force -- as we all know, especially the networks market, as opposed to the aerospace and defense, for instance, is -- and the enterprise sector are all very heavily sourced out of Asia.

但真正讓我興奮的是技術面的綜效：矽鍺（silicon-germanium）能力加上亞洲的銷售團隊——我們都知道，尤其是網路市場（相對於例如航太與國防）以及企業領域，供應來源都非常高度集中在亞洲。

My experience coming into the company a year ago is, our sales channel is still in early stages of development, where theirs is very mature. I think the opportunity to address some of those core blue-chip customers in that region just goes up by an order of magnitude. And the ability to then leverage that broader sales footprint into the broader customer base goes up dramatically, as well.

我一年前加入公司時的經驗是，我們的銷售通路仍在發展初期，而他們的則非常成熟。我認為，在該區域接觸一些核心的藍籌客戶（blue-chip customers）的機會，會以數量級的方式提升。而且，進一步把更廣的銷售版圖槓桿到更廣泛的客戶基礎上的能力，也會大幅提升。

So I'm very much looking to the soft synergies. The hard synergies, in terms of OpEx, we've got clear line of sight we'll execute to in the next 100 days. But the soft synergies on the upside potential is where this thing gets really exciting.

所以我非常期待軟性綜效。硬性綜效方面，就營運費用（OpEx）而言，我們有清楚的可視性，會在接下來 100 天內執行到位。但在上行潛力的軟性綜效上，才是這件事真正變得非常令人興奮的地方。

Great. And then if I can sneak in one last one -- catalog has done well over the last few quarters. Do you expect the strength to continue in the December quarter? Or what are the puts and takes there?

很好。那如果我可以再塞最後一題——目錄業務在過去幾季表現很好。你預期 12 月季度的強勢會延續嗎？或其中有哪些利多與利空？

Yes, I think -- it is definitely going to continue to do well. How well it continues to surprise us -- quite frankly, if the cable TV business didn't fade in the past quarter, dropping, we would have been right up at the top end of guidance on the back of the catalog business.

是的，我認為——它肯定會持續表現良好。至於它會持續帶給我們多大的驚喜——坦白說，如果有線電視業務在上一季沒有轉弱、出現下滑，我們本來就會在目錄業務帶動下，達到財測區間的上緣。

It's hard to predict the future all the time, in terms of broad-based businesses. And frankly, the headwinds with the cable stuff are just really difficult this quarter to offset. But I'm confident that quarter by quarter, we continue to find new customers, new business.

對於這種廣基型業務，要一直預測未來很困難。坦白說，本季有線那塊的逆風真的很難抵消。但我有信心，我們每一季都能持續找到新客戶、新業務。

We have reinvigorated our broad-based distribution channel with dramatic increases percentage-wise, leveraging that broad customer base. So I'm bullish, but it's hard to quantify.

我們已經重新振作我們的廣基型分銷通路，並在百分比上出現顯著提升，藉由槓桿那個廣泛的客戶基礎。所以我偏多，但很難量化。

Great. Good luck, guys.

很好。祝你們好運，各位。

And presenters, at this time I'm showing no additional phone questioners in the queue. I'd like to turn the program back over to Mr. Croteau for any additional or closing remarks.

各位簡報者，目前我看到電話提問隊列中沒有其他提問者。我想把會議交回給 Croteau 先生，請他做任何補充或結語。

Very good. Thank you.

很好。謝謝。

In summary, I'm very pleased with our continued execution, as represented by our four consecutive quarters of revenue growth, despite the challenging macroeconomic environment.

總結來說，我對我們持續的執行力感到非常滿意，這反映在我們在充滿挑戰的總體經濟環境下，仍連續四個季度實現營收成長。

In addition, our proposed acquisition of Mindspeed further underscores our growth strategy in the commercial-communications market and transforms M/A-COM into a global leader of 100G optical solutions.

此外，我們擬議收購 Mindspeed，進一步凸顯我們在商用通訊市場的成長策略，並將 M/A-COM 轉型為 100G 光學解決方案的全球領導者。

As we look to fiscal 2014, we remain focused on executing our growth strategy and expanding margins, while further leveraging our operational efficiencies and capitalizing on the expected synergies from the acquisition.

展望 2014 會計年度，我們仍專注於執行成長策略並擴大利潤率，同時進一步運用我們的營運效率，並掌握此次收購預期帶來的綜效。

Lastly, Conrad and I plan to be on the road in the coming months meeting with investors, so please be sure to contact us if you would like to arrange a meeting.

最後，Conrad 和我計畫在接下來幾個月外出拜訪投資人，因此如果你希望安排會面，請務必與我們聯繫。

I'd like to thank everyone again for joining us today on the call, and I look forward to reporting our continued progress next quarter. Operator, you may now disconnect the call.

我想再次感謝各位今天參與電話會議，我也期待在下個季度回報我們持續的進展。接線員，現在可以斷線了。

Understood, sir. And thank you, presenters, and thank you, ladies and gentlemen. Again, this does conclude today's call. Thank you for your participation, and have a wonderful day. Attendees, you may now all disconnect.

了解，先生。也謝謝各位簡報者，並謝謝各位女士先生。再次提醒，今天的電話會議到此結束。感謝各位的參與，祝各位有美好的一天。各位與會者，現在都可以掛線。