MACOM Technology Solutions Holdings, Inc. (MTSI) 2014 Q1 法說會逐字稿

Good afternoon and welcome to M/A-COM Technology Solutions first-quarter 2014 financial results conference call.

各位下午好，歡迎參加 M/A-COM Technology Solutions 2014 年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 Monday, February 10, 2014. I would now like to turn the call over 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（2014 年 2 月 10 日，星期一）錄音。現在我想把電話交給 M/A-COM 的投資人關係代理機構 Shelton Group 的 Leanne Sievers。Leanne，請開始。

Good afternoon and welcome to M/A-COM Technology Solutions first-quarter FY14 earnings conference call. I am 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 Chief Financial Officer, Robert McMullan.

各位下午好，歡迎參加 M/A-COM Technology Solutions 2014 財年第一季（FY14）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。今天與會者包括 M/A-COM 總裁暨執行長 John Croteau，以及財務長 Robert McMullan。

Before I turn the call over to Mr. Croteau I would 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. 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.

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；管理層也可能在回答各位問題時作出額外的前瞻性陳述。因此，公司主張適用《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）中所載之前瞻性陳述「安全港」（Safe Harbor）保護。

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 annual report on Form 10K filed on December 5, 2013. In addition, any projections as to the company's future performance represents management estimates as of today February 10, 2014. M/A-COM assumes no obligation to update these projections in the future as market conditions may or may not change.

實際結果可能與今日討論內容存在重大差異，因此我們請各位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討論，包括公司今日提交的 Form 8-K 以及於 2013 年 12 月 5 日提交的 Form 10-K 年度報告。此外，任何對公司未來表現的預測均為管理層截至今日（2014 年 2 月 10 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之義務。

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 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 in the investor relations section of M/A-COM's website.

另外，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，已載於公司新聞稿及今日向 SEC 提交之相關 Form 8-K 當期報告中，並可於 M/A-COM 官網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 60 days in the investor relations section of M/A-COM's website at www.macomtech.com. 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.

若各位目前無法收聽完整會議，錄音將以網路直播回放形式提供 60 天，位於 M/A-COM 官網投資人關係專區：www.macomtech.com。現在我想把電話交給 M/A-COM 總裁暨執行長 John Croteau。Croteau 先生，請開始。

Thank you Leanne. Welcome everyone and thank you for joining us today.

謝謝你，Leanne。歡迎各位，感謝大家今天加入我們。

I will begin today's call with an overview of our first quarter results, then turn the call over to our new CFO, Bob McMullan. Bob will review our financial performance in further detail. I will then conclude today's prepared comments by providing an update on the progress we have made integrating Mindspeed Technologies and our guidance for the second fiscal quarter before opening call for questions.

我將先概述我們第一季的業績，接著把電話交給我們新任財務長 Bob McMullan。Bob 將更詳細地回顧我們的財務表現。之後我將以事先準備的結語，更新我們在整合 Mindspeed Technologies 方面的進展，以及我們對第二財季的展望，然後開放提問。

For those of you who don't know Bob, he is a seasoned business executive who joins us with over 25 years of C-level experience. Bob has a strong record of success in mergers that acquisitions, financial management, corporate financing and restructuring. We believe his deep industry experience combined with his extensive financial background makes him a strong addition to the M/A-COM team. I am pleased Bob is on board and contributing to our business as CFO.

若各位對 Bob 不熟悉，他是一位資深的企業高階主管，擁有超過 25 年的 C-level 經驗。Bob 在併購、財務管理、企業融資與重整方面有卓越的成功紀錄。我們相信，他深厚的產業經驗結合廣泛的財務背景，使他成為 M/A-COM 團隊的重要戰力。我很高興 Bob 加入並以財務長身分為我們的業務做出貢獻。

Now for the results. Revenue for the first quarter was $83.5 million. Non-GAAP gross margin was 46.6% with non-GAAP net income of $12.1 million. Or $0.25 earnings per diluted share.

接下來是業績。第一季營收為 8,350 萬美元。非 GAAP 毛利率為 46.6%，非 GAAP 淨利為 1,210 萬美元，亦即稀釋後每股盈餘 0.25 美元。

As indicated in our earnings press release, Mindspeed contributed $1.3 million in revenue and $0.7 million in operating loss for its inclusion of three weeks in the quarter. During fiscal Q1, revenue and earnings per share for the core M/A-COM businesses performed in line with our expectations with non-GAAP gross margin improving 120 basis points from the prior quarter and 160 basis points from midpoint guidance. Net income came in at the midpoint rounding out another quarter of solid execution by our team.

如我們的財報新聞稿所示，Mindspeed 在本季納入三週期間，貢獻營收 130 萬美元，並帶來 70 萬美元的營業虧損。在 2014 財年第一季（Q1）期間，M/A-COM 核心業務的營收與每股盈餘表現符合我們的預期；非 GAAP 毛利率較前一季提升 120 個基點，並較指引中點高出 160 個基點。淨利落在中點水準，為團隊再度交出穩健執行的一季。

Looking at our end market breakout, networks and aerospace and defense showed improvements, both up 2% sequentially. Networks benefited from the sale of switches into China LTE rollouts which were up strong sequentially, as well as continued ramp of new products and greater market share in low frequency bands of wireless back haul.

從終端市場來看，網路與航太國防均呈現改善，兩者皆較前一季成長 2%。網路業務受惠於向中國 LTE 建設銷售交換器，該部分較前一季大幅成長；同時也受惠於新產品持續放量，以及在無線回傳（wireless backhaul）低頻頻段取得更高市占。

Growth in aerospace and defense was due to continued market share increases in our catalog portfolio. This growth was offset by softness in multi market due to weakness in test and instrumentation. As expected sales into automotive remained flat quarter-on-quarter.

航太與國防的成長，來自我們型錄（catalog）產品組合市占持續提升。此成長被多元市場（multi market）因測試與量測（test and instrumentation）疲弱所造成的走軟所抵銷。如預期，汽車市場銷售較前一季持平。

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，請他更詳細地回顧我們 2014 財年第一季的財務表現。

Thanks John. I would like to thank John for his introduction and add that I am very pleased to join an exceptional executive team and look to complement the team in my areas of expertise.

謝謝你，John。感謝 John 的介紹；我也要補充，我非常高興加入這個卓越的高階管理團隊，並期待在我的專長領域為團隊帶來互補。

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

在我以及 John 的評論過程中，除營收外，所有損益表項目及相關百分比，以及現金流量，將以非 GAAP 基礎進行討論。提供這些非 GAAP 指標是為了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，已包含在今日稍早發布的財報新聞稿中，供各位參考。

Also during the first fiscal quarter Mindspeed's operating results were included in M/A-COM's operating results since the transaction closing on December 18. During this three-week period, Mindspeed had two weeks of holiday shutdown in which we incurred expenses with minimal revenues. Which would not represent our forward expectations.

另外，在第一財季中，自交易於 12 月 18 日完成交割後，Mindspeed 的營運結果即納入 M/A-COM 的營運結果。在這三週期間，Mindspeed 有兩週為假期停工（holiday shutdown），我們在營收極少的情況下仍發生費用；這並不代表我們對未來的預期。

Also we classified the Mindspeed wireless business as discontinued operations. In terms of comparability to prior Mindspeed results, I would point out that sales of intellectual property, which were contributors to revenues and gross profit of Mindspeed over the last preceding four quarters, did not impact Mindspeed results during the three-week period.

此外，我們將 Mindspeed 的無線業務分類為終止營業（discontinued operations）。就與 Mindspeed 先前業績的可比性而言，我要指出的是：在此前連續四個季度中，智慧財產權（intellectual property）的銷售曾對 Mindspeed 的營收與毛利有所貢獻，但在這三週期間並未影響 Mindspeed 的結果。

Going forward, we expect that product revenues will generate the majority of Mindspeed's revenue contribution and that these revenues will be reported in our carrier networks, enterprise networks, and multi market end markets. On a pro forma basis, as if Mindspeed acquisition was closed at the beginning of the first fiscal quarter, total revenues would have been $104.5 million, consisting of carrier networks at $34.7 million, A&D at $23.5 million, automotive at $21.3 million, multi market at $16.6 million, and enterprise networks at $8.4 million. Going forward we will report revenues consistent with this end market presentation.

展望未來，我們預期產品營收將構成 Mindspeed 營收貢獻的主要來源，且這些營收將在我們的電信營運商網路（carrier networks）、企業網路（enterprise networks）以及多元市場（multi market）終端市場中呈報。以備考（pro forma）基礎計算，假設 Mindspeed 收購案在第一財季開始時即完成交割，總營收將為 1.045 億美元，其中電信營運商網路為 3,470 萬美元、航太與國防（A&D）為 2,350 萬美元、汽車為 2,130 萬美元、多元市場為 1,660 萬美元、企業網路為 840 萬美元。未來我們將依此終端市場呈現方式一致地揭露營收。

Revenues were $83.5 million, essentially flat to $83.7 million in the fiscal fourth quarter of 2013 and an increase of 11% compared to $75 million in the first quarter of 2013. As John mentioned, the first quarter revenues were within our range of expectations and included an approximate $1.3 million contribution from our acquisition of Mindspeed.

營收為 8,350 萬美元，與 2013 財年第四季的 8,370 萬美元基本持平，並較 2013 年第一季的 7,500 萬美元成長 11%。如 John 所提，第一季營收落在我們預期區間內，並包含收購 Mindspeed 所帶來約 130 萬美元的貢獻。

Gross profit in the first quarter was $38.9 million or 46.6% of revenue compared to $38 million and 45.4% of revenue in the prior quarter. And $33 million and 44% in the first fiscal quarter of 2013.

第一季毛利為 3,890 萬美元，或占營收的 46.6%，相較前一季為 3,800 萬美元、占營收 45.4%；而 2013 財年第一季為 3,300 萬美元、占營收 44%。

Gross margin continues to improve quarter over quarter due to a more favorable mix of higher-margin products. In terms of operating expenses for the first quarter, total operating expenses were $22.7 million compared to $21 million in the prior quarter and $19.2 million in the prior-year quarter.

由於較有利的高毛利產品組合，毛利率持續逐季改善。就第一季營業費用而言，營業費用總額為 2,270 萬美元，相較前一季為 2,100 萬美元，去年同期為 1,920 萬美元。

Looking at our investments in new products, research and development expense for the first quarter was $10.9 million, this compares to R&D expense of $10.1 million in the prior quarter and $9.5 million in the fiscal first quarter of 2013. R&D as a percentage of revenues represented 13% in the first quarter compared to 12.1% in the previous quarter and 12.7% in the prior-year quarter.

就新產品投資而言，第一季研發費用為 1,090 萬美元，相較前一季研發費用為 1,010 萬美元，2013 財年第一季為 950 萬美元。研發費用占營收比重在第一季為 13%，相較前一季為 12.1%，去年同期為 12.7%。

Selling, general and administrative of expenses were $11.8 million, compared to $10.9 million in the previous quarter and $9.7 million in the prior year's quarter. SG&A as a percentage of revenue represented 14.2% in the first quarter compared to 13% in the previous quarter and 12.9% in the prior year's quarter. The sequential and year over year increase in SG&A was primarily due to the inclusion of Mindspeed SG&A expenses and the inclusion of an additional week in the quarter.

銷售、一般及行政費用為 1,180 萬美元，較前一季的 1,090 萬美元及去年同期的 970 萬美元增加。第一季 SG&A 佔營收比重為 14.2%，相較前一季的 13% 及去年同期的 12.9%。SG&A 的季增與年增主要係因納入 Mindspeed 的 SG&A 費用，以及本季多計入一週所致。

Income from operations was $16.2 million or 19.4% of revenue. This compares to $17 million or 20.3% of revenues in the prior quarter and $13.8 million or 18.4% of revenue in the prior year's quarter.

營業利益為 1,620 萬美元，約佔營收 19.4%。相較之下，前一季為 1,700 萬美元或佔營收 20.3%，去年同期為 1,380 萬美元或佔營收 18.4%。

Turning to income taxes, our effective income tax rate for the first quarter was 23.5% compared to 29% in the prior quarter and 30% in the year ago quarter. This change is indicative of the use of Mindspeed's net operating loss subject to change of control limitation, anticipated repositioning of certain Mindspeed's international business into the M/A-COM international structure, and related tax savings, and our estimate of our actual annual cash taxes over the next few years.

接著談所得稅，我們第一季的有效所得稅率為 23.5%，相較前一季的 29% 及去年同期的 30%。此變動反映了使用 Mindspeed 的淨營業損失（受控制權變更限制）、預期將 Mindspeed 部分國際業務重新配置至 M/A-COM 的國際架構及相關節稅效益，以及我們對未來幾年實際年度現金所得稅的估計。

To this point we anticipate paying US income taxes at a much lower rate than the 23.5% for FY14. We would not anticipate changing this non-GAAP effective tax rate unless we saw a significant shift in growth of international revenues over US revenues.

就目前而言，我們預期 FY14 支付美國所得稅的稅率將遠低於 23.5%。除非我們看到國際營收相對於美國營收的成長出現顯著轉變，否則不預期會調整此非 GAAP 的有效稅率。

Our first-quarter net income was $12.1 million or $0.25 earnings per diluted share compared to fiscal fourth quarter net income of $12 million or $0.25 earnings per diluted share, and net income of $9.7 million or $0.20 earnings per diluted share in the prior-year first quarter. The share count used to compute EPS was 48.6 million in the first quarter, 48.5 million in the fourth quarter, and 47.6 million shares in the fiscal first quarter of 2013.

第一季淨利為 1,210 萬美元，或稀釋後每股盈餘 0.25 美元；相較之下，會計年度第四季淨利為 1,200 萬美元，或稀釋後每股盈餘 0.25 美元；去年第一季淨利為 970 萬美元，或稀釋後每股盈餘 0.20 美元。用於計算 EPS 的股數，第一季為 4,860 萬股，第四季為 4,850 萬股，2013 會計年度第一季為 4,760 萬股。

Two of M/A-COM's customers represented 23% and 24% respectively of revenues in the quarter. Cash flow from operations for the first quarter was $10.8 million compared to negative $9.5 million in the fiscal fourth quarter and a positive $14.9 million in the first quarter of 2013.

本季 M/A-COM 的兩位客戶分別佔營收的 23% 與 24%。第一季營運活動現金流為 1,080 萬美元，相較會計年度第四季為負 950 萬美元，2013 年第一季為正 1,490 萬美元。

Turning to the balance sheet. On January 3, 2014 our cash and cash equivalents were $66.4 million. During the quarter we drew $220 million under our previously existing $300 million revolving credit facility to finance the acquisition of Mindspeed, including the retirement of approximately $33 million of debt, with a total of $40 million of debt on Mindspeed's balance sheet at the time of closing. The remaining short-term debt of $7 million is expected to be paid in the fiscal second quarter.

接著看資產負債表。2014 年 1 月 3 日，我們的現金及約當現金為 6,640 萬美元。本季我們自既有的 3 億美元循環信用額度中動用 2.2 億美元，以資助收購 Mindspeed，包括償還約 3,300 萬美元的債務；在交割時 Mindspeed 的資產負債表上合計有 4,000 萬美元的債務。其餘 700 萬美元的短期債務預期將於會計年度第二季償付。

Accounts receivable of $66.5 million compares to $63 million at the end of the prior quarter and $52.1 million at the end of the year ago quarter. Days sales outstanding were 56 days compared to 68 days at the end of the prior quarter and 63 days at the end of the year ago quarter.

應收帳款為 6,650 萬美元，相較前一季季末的 6,300 萬美元及去年同期季末的 5,210 萬美元。應收帳款週轉天數（DSO）為 56 天，相較前一季季末為 68 天、去年同期季末為 63 天。

DSOs are calculated on a pro forma fiscal first quarter revenues. The decrease in DSOs largely reflects focused collection management.

DSO 係以備考（pro forma）會計年度第一季營收計算。DSO 的下降主要反映我們更聚焦的收款管理。

Inventory was $88.7 million, including $20.1 million of purchase accounting step up to fair market value compared to $54 million in the prior quarter and $58.6 million in the year ago quarter. Inventory turns were 3.1 compared to 3.4 the prior quarter and 2.9 in the year ago quarter. Inventory turns are calculated on a pro forma fiscal first quarter cost of goods sold and exclude the purchase accounting fair value step up.

存貨為 8,870 萬美元，其中包含 2,010 萬美元因購買會計而調升至公允市價的金額；相較前一季為 5,400 萬美元、去年同期為 5,860 萬美元。存貨週轉率為 3.1，相較前一季為 3.4、去年同期為 2.9。存貨週轉率係以備考會計年度第一季銷貨成本計算，並排除購買會計的公允價值調升影響。

Capital expenditures in the first quarter were $2.6 million or 2.6% of revenue compared to 6.1% of revenue in the fourth quarter and 2.1% of revenue in the fiscal first quarter of 2013. Depreciation expense on property and equipment for the first quarter was approximately $2.9 million.

第一季資本支出為 260 萬美元，約佔營收 2.6%，相較第四季佔營收 6.1%，以及 2013 會計年度第一季佔營收 2.1%。第一季不動產、廠房及設備折舊費用約為 290 萬美元。

I'll now turn the call back to John who will review our progress on the Mindspeed integration and also provide our business outlook for the second fiscal quarter of 2014.

接下來我把電話交回給 John，他將回顧我們在 Mindspeed 整合上的進展，並提供 2014 會計年度第二季的業務展望。

Thank you Bob. To reiterate, we expect that the Mindspeed acquisition will be accretive beginning this quarter, fiscal Q2, the first full quarter of combined operations. This will be a transitional quarter for M/A-COM as we execute on our 100 day integration plan.

謝謝你，Bob。再次重申，我們預期 Mindspeed 的收購將自本季（會計年度第二季）開始帶來增益，這也是合併營運後的第一個完整季度。對 M/A-COM 而言，本季將是過渡季度，我們將執行 100 天整合計畫。

We continue to rationalize the sales channel and harmonize inventories, consolidate the management teams, operations and forecast systems, while looking to reduce operating expenses across the board. Altogether we expect to achieve $0.02 of accretion over previous EPS consensus estimates of $0.25 for Q2. Execution of our 100 day integration plan will conclude this quarter, fiscal Q2.

我們持續精簡銷售通路並協調存貨，整併管理團隊、營運與預測系統，同時尋求全面降低營運費用。整體而言，我們預期相較於市場對第二季 EPS 共識預估 0.25 美元，將額外帶來 0.02 美元的增益。我們的 100 天整合計畫將於本季（會計年度第二季）完成。

Mindspeed's headcount as of closing on December 17 was 478 people. We'll exit this quarter at 230 people and ultimately conclude with a headcount of less than 200 after completing transitional services for Intel. We've also begin to realize further synergies by eliminating redundancies in engineering tools and overhead, SG&A, public company costs, (inaudible) [containment] as well as other recurring expenses. We are actively consolidating facilities and costs within the combined supply chain.

Mindspeed 於 12 月 17 日交割時的人力為 478 人。我們將在本季結束時降至 230 人，並在完成對 Intel 的過渡性服務後，最終人力降至 200 人以下。我們也已開始透過消除工程工具與間接費用、SG&A、上市公司成本、（聽不清）[containment] 以及其他經常性費用的重複，來實現更多綜效。我們正積極整併合併後供應鏈內的設施與成本。

During our first full month of combined operations we identified strategic upside beyond that originally anticipated. For example, as our optical teams began working together we discovered that we have the world's highest performance and lowest power clock and data recovery as well as EML DML driver solutions for 100G.

在合併營運的第一個完整月份，我們辨識出超出原先預期的策略性上行空間。例如，當我們的光學團隊開始共同合作時，我們發現我們擁有全球效能最高且功耗最低的時鐘與資料恢復（CDR），以及用於 100G 的 EML、DML 驅動器解決方案。

We believe that the combination of these will enable the next generation of pluggable CFP4 as well as QSFP+28 optical modules. This is a breakthrough that can double, if not quadruple, port density from current 100G platforms.

我們相信，這些組合將能促成下一代可插拔式 CFP4 以及 QSFP+28 光模組。這是一項突破，可使目前 100G 平台的埠密度提升一倍，甚至達到四倍。

Likewise, in January we brought together our respective sales teams in Asia and identified numerous short-term sales opportunities beyond our original expectations. For example, Mindspeed's channel partners have close strategic relationships with set-top box ODMs who supply into emerging markets.

同樣地，在 1 月我們整合了雙方在亞洲的銷售團隊，並辨識出多項超出原先預期的短期銷售機會。例如，Mindspeed 的通路夥伴與機上盒 ODM 之間具有緊密的策略關係，而這些 ODM 供貨至新興市場。

They're highly motivated to drive sales of M/A-COM's RF portfolio, which we had previously focused on tier 1 OEMs in Europe and North America. The timing of this is fortuitous as global demand in certain set-top box applications seems to be shifting towards emerging markets.

他們高度積極推動 M/A-COM 的 RF 產品組合銷售，而我們過去主要聚焦於歐洲與北美的一線 OEM。此時機相當有利，因為特定機上盒應用的全球需求似乎正轉向新興市場。

Another example of strategic upside from the Mindspeed acquisition lies in bringing silicon germanium technology to bear in M/A-COM's target applications. This quarter we secured our first major customer win for a millimeter wave communications program using silicon germanium technology.

Mindspeed 收購帶來策略性上行的另一個例子，是將矽鍺（silicon germanium）技術導入 M/A-COM 的目標應用。本季我們以矽鍺技術用於毫米波通訊專案，取得首個重大客戶訂單。

We believe the merger of Mindspeed can eliminate the learning curve and execution risk that is normally associated with organic technology investments. Mindspeed immediately brings engineering confidence, EDA and CAD tools, manufacturing scale, and a world-class supply chain that other RF and microwave suppliers are left to develop organically. We believe this is a significant competitive advantage and accelerates time-to-market in the areas where CD could serve as a disruptive force.

我們相信，與 Mindspeed 的合併可消除通常伴隨有機技術投資的學習曲線與執行風險。Mindspeed 立即帶來工程信心、EDA 與 CAD 工具、製造規模，以及世界級供應鏈，而其他 RF 與微波供應商仍需以有機方式逐步建立。我們認為這是重要的競爭優勢，並可在 CD 可能成為顛覆性力量的領域加速產品上市時程。

To conclude my comments today, I want to reiterate that I'm very pleased with the progress that we have made to date integrating the Mindspeed acquisition. Fiscal Q2 serves as a key transitional quarter as we complete our 100 day integration plan. This sets the stage for realizing the full benefits of operational and financial synergies, as well as cross-selling opportunities in the second half of our fiscal year. We remain confident in achieving our accretion targets for the full FY14.

作為我今天評論的結語，我想再次強調，我對目前整合 Mindspeed 收購案所取得的進展感到非常滿意。會計年度第二季是關鍵的過渡季度，我們將完成 100 天整合計畫。這為在本會計年度下半年實現營運與財務綜效的全部效益，以及交叉銷售機會奠定基礎。我們仍有信心達成 FY14 全年的增益目標。

Turning to our guidance, for the second quarter ending April 4, 2014, we currently expect revenues to be the range of $103 million to $107 million. Non-GAAP gross margin between 48% and 52% and non-GAAP earnings per diluted share between $0.26 and $0.28 on an expected 49.3 million shares outstanding.

接著談我們的財測：截至 2014 年 4 月 4 日止的第二季，我們目前預期營收介於 1.03 億至 1.07 億美元之間；非 GAAP 毛利率介於 48% 至 52%；在預期流通在外股數 4,930 萬股的基礎上，非 GAAP 稀釋後每股盈餘介於 0.26 至 0.28 美元。

Operator, you may now open the call to questions.

接線員，您現在可以開放提問。

(Operator Instructions)

（接線員指示）

Blayne Curtis, Barclays.

Blayne Curtis，巴克萊。

This is Chris Hemmelgarn on for Blayne. First quick question is, could you walk us through some of the puts and takes of your expectations for the March quarter in terms of segment level performance?

我是代替 Blayne 的 Chris Hemmelgarn。第一個簡短問題是，您能否帶我們了解一下，您對 3 月季度在各事業部層級表現方面的預期，有哪些拉抬與抵銷因素？

Puts and takes. Let me see.

拉抬與抵銷因素。讓我想想。

I would say that growth quarter on quarter is going to come largely from the addition of the Mindspeed portfolio. Both on carrier networks, so we will get a large improvement with their business, as well as on the enterprise networks where the crosspoint switches have a very strong position. And looking deeper we see modest recovery in things like our CATV set-top box business and continued strength in wireless back haul.

我會說，季對季的成長主要會來自 Mindspeed 產品組合的併入。無論是在電信營運商網路端，我們會因其業務而獲得大幅改善；以及在企業網路端，Crosspoint 交換器具有非常強勢的市場地位。再往深一點看，我們也看到像是 CATV 機上盒業務的溫和復甦，以及無線回程（wireless backhaul）持續強勁。

Thanks very much. I guess beyond that, you talked about your plans for synergies with that business. Any chance you could help kind of quantify your expectations having taken a deeper look there and just talk about the timeline, how that has changed?

非常感謝。我想再往下問，您談到與該業務的協同效益計畫。您是否能在更深入檢視後，協助量化一下您的預期，並談談時程，以及這方面有何變化？

Yes, the only area that we are prepared at this point to really quantify is the headcount and we feel it is a fairly dramatic indicator of the OpEx synergies in bringing over the Mindspeed entity. And reiterating what I said in the prepared remarks, as of closing on December 18 it was 478 heads, 478 people. We are highly confident that we'll exit below or right around 230. So from 478 to 230 and then when we're finished with the transitional services for the divestiture of the wireless business to Intel, we will end up south of 200.

是的，目前我們唯一準備好真正量化的領域是人力編制（headcount）。我們認為，這是將 Mindspeed 實體併入後在營運費用（OpEx）協同效益方面相當顯著的指標。重申我在事先準備的發言中提到的：截至 12 月 18 日交割時是 478 人、478 位員工。我們非常有信心，期末會降到低於或約 230 人。也就是從 478 降到 230；接著，當我們完成將無線業務出售給 Intel 的過渡性服務後，最終人數會降到 200 人以下。

Thank you very much gentlemen.

非常感謝，各位先生。

You're welcome.

不客氣。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

I'm hoping you can help me to better understand the impact of Mindspeed on your guidance, both for this upcoming quarter and then for the fiscal year. John, I think you said $0.02 of impact of accretion this next quarter. Maybe I missed this, but can you help us think about how much revenue it is adding?

我希望您能協助我更了解 Mindspeed 對你們財測的影響，包括即將到來的這一季以及整個會計年度。John，我想你說下季的增厚（accretion）影響是 0.02 美元。也許我漏聽了，但你能否幫我們思考一下，它增加了多少營收？

Then I just want to make sure fully understand for the full year you are still expecting $0.15 to $0.20 of EPS accretion and so that would imply you're going to get most of that in the back half of the year?

另外我想確認我完全理解：對於全年，你們仍預期 EPS 增厚 0.15 到 0.20 美元，因此這表示你們會在下半年取得其中大部分？

Absolutely. Yes you basically got it right. So our second quarter, as I indicated, is best described as a transitional quarter. We have a lot of OpEx coming out of the combined company. From a revenue standpoint there's a lot of harmonization of customer and channel inventories.

完全正確。是的，你基本上理解得沒錯。如我所說，我們第二季最貼切的描述是過渡季。我們會從合併後公司中移除大量營運費用（OpEx）。從營收角度來看，客戶與通路庫存之間也需要做大量的協調與整合。

The other thing that is difficult to really bridge between the previous whole Mindspeed business is there is a large amount of revenue that is coming out in terms of being treated as discontinued operations on the wireless side as well as some nonrecurring revenue elements that we had been talking about before.

另外一個很難在先前完整的 Mindspeed 業務與現在之間做銜接的原因是：有相當大一部分營收在無線端會被視為停業部門（discontinued operations）而剔除，此外還有一些我們先前談過的非經常性營收項目。

Okay. And then Bob, hoping you can help us just understand what attracted you to M/A-COM and then some of the things you are hoping to help the company to implement going forward.

了解。接著 Bob，希望你能協助我們理解是什麼吸引你加入 M/A-COM，以及你希望未來協助公司推動落實哪些事情。

Great question, Mark, I appreciate it. I have been very impressed by John with his vision and the activity to join what I think is going to be a very successful company that is focused on internal execution as well as acquisition execution. The Company does have a background of private equity owners that is also very complementary to my background and I'm looking to contribute across the line from operations, as well as capital structure, as well as traditional CFO responsibilities.

Mark，這問題問得很好，謝謝。我對 John 的願景以及他所推動的行動力印象非常深刻，因此加入我認為將會非常成功的公司。公司聚焦於內部執行力以及併購整合的執行。公司也有私募股權股東的背景，這與我的背景非常互補；我希望能在營運、資本結構，以及傳統 CFO 職責等各方面做出貢獻。

Thank you. Good luck.

謝謝。祝你順利。

Thanks.

謝謝。

Harlan Sur, JPMorgan.

Harlan Sur，摩根大通。

Congratulations on closing the Mindspeed acquisition. I apologize if I misread this correctly, but if I remember, the quarterly revenue run rate for Mindspeed ex-wireless was around $33 million per quarter. So I would've expected a revenue guide somewhere between $110 million to $120 million versus the $103 million to $107 million that you are guiding here in March. So there's roughly about a $10 million delta here, can you just kind of help us understand the differences?

恭喜完成 Mindspeed 的收購。若我沒記錯、也抱歉若我讀錯了，Mindspeed（不含無線）的季度營收年化（run rate）大約是每季 3,300 萬美元。因此我原本預期 3 月這季的營收指引會在 1.10 億到 1.20 億美元之間，而不是你們現在給的 1.03 億到 1.07 億美元。這裡大約有 1,000 萬美元的差距，你能否協助我們理解其中差異？

Yes, that's a very good point. So basically the way to think about it is after Mindspeed entered the process of selling the company last April, they entered a period of what might be called unnatural environment. And proceeded with some fairly sizable nonrecurring revenue elements, things like a very large last time buy on some LAN products, as well as sales of intellectual property, neither of which would be recurring.

是的，這點提得很好。基本上可以這樣理解：自從 Mindspeed 在去年 4 月進入出售公司的流程後，他們進入了一段可稱為「非自然」的環境。並且出現了一些相當可觀的非經常性營收項目，例如某些 LAN 產品非常大筆的一次性最後採購（last time buy），以及智慧財產權的出售；這兩者都不會是經常性收入。

Let's just also say there's a fair degree of harmonization that we need to go through with customer and channel inventories, as the entity comes over. What we want to do is make it through our second fiscal quarter for which this guidance is, we only limit ourselves to one quarter of guidance, and basically, complete all of that and then emerge into our third fiscal quarter fully intact.

另外也要說，我們在實體併入後，仍需要對客戶與通路庫存進行相當程度的協調與整合。我們希望能先度過本次指引所涵蓋的第二個會計季度——我們只提供一季的指引——基本上完成上述工作，然後在第三個會計季度以完整狀態重新出發。

And we are very comfortable doing that because despite handling all of these difficult integration issues, we are still delivering $0.02 of accretion, very consistent with our original, in fact, exactly right on our initial plan coming in. We're still fully confident and committed to the $0.15 to $0.20 of accretion for the rest of our fiscal year.

我們對此非常有把握，因為即使在處理這些困難的整合議題，我們仍能帶來 0.02 美元的增厚，這與我們最初的規劃非常一致，事實上完全符合我們一開始的計畫。我們仍對本會計年度其餘期間 0.15 到 0.20 美元的增厚目標充滿信心並承諾達成。

Okay. That's helpful. And then could you just give us an update on the sale of the wireless business to Intel? Is that still expected to close here in February? What are the potential net proceeds to the team?

了解，這很有幫助。接著能否請你更新一下將無線業務出售給 Intel 的進度？是否仍預期在 2 月完成交割？對團隊而言，潛在的淨收益（net proceeds）會是多少？

And can you just give us an update on your plans to find a home for the comps processor product line?

另外也請更新一下你們為 comps processor 產品線尋找歸宿（find a home）的計畫。

Great questions by the way. Things proceed fully in line with our expectations in terms of the divestiture to Intel. There is a very long list of closing conditions and a lot of complexity that has taken time to work through, and that is right on in the latter stages.

順帶一提，問題都很好。就出售給 Intel 的剝離案而言，一切進展完全符合我們的預期。交割條件清單非常長，且有許多複雜性需要時間逐一處理，目前也正按部就班進入後期階段。

I cannot comment on the actual closing date. But let's just say entirely consistent with our original expectations so that's right on track.

我無法評論實際交割日期。但可以說，完全符合我們原先的預期，因此進度一切如期。

And then regarding the CPE business I would put it this way. We are absolutely open and listening to offers for people to acquire that business. It is -- unlike the wireless business is not a liability. And I will put this way, the accretion targets that we have mentioned, the $0.15 to $0.20 for the year will be regardless of whether we sell that business or not.

至於 CPE 業務，我會這樣說：我們絕對願意並持續聆聽有意收購該業務的報價。它——不同於無線業務——並不是負擔。我也這樣補充：我們提到的增厚目標，也就是全年 0.15 到 0.20 美元，無論我們是否出售該業務都會達成。

Great, and then my final question. Last quarter at the time of the earnings call you were about 84% booked for your revenue guidance. What is your backlog coverage for the March quarter?

很好，最後一個問題。上季在財報電話會議時，你們對營收指引的已接單覆蓋率（booked）約為 84%。那麼 3 月季度的在手訂單覆蓋率（backlog coverage）是多少？

Harlan, that, we are in the range of what it was, we're --also John mentioned harmonization and where you have two systems coming together, but it is plus or minus in the same range it was last quarter.

Harlan，那個數字大致與之前相同——我們……另外 John 也提到協調整合，當兩套系統合併時會有一些變動，但大致上正負差不多在與上季相同的區間。

Okay great. Thank you.

好的，很好。謝謝。

Mark Lipacis, Jefferies.

Mark Lipacis，Jefferies。

John, thank you for the concrete examples on the top line synergy potentials that you were discussing. When we think about those in those kinds of examples with the 100 gig products and the Asia set-top box opportunities, how long does it take once you get together and you are able to leverage the Mindspeed sales force over there, or you put together a product on the optical side? How long does it take to start to see those synergies hit the top line? Is this a six-month kind of event, is it instantaneous, is it 18 months down the line? How should we think about that?

John，謝謝你針對你所談的營收端協同效益潛力提供具體例子。當我們思考你提到的那些例子，例如 100G 產品與亞洲機上盒機會：一旦你們整合完成，並能在那邊運用 Mindspeed 的銷售團隊，或是在光學端組合出一個產品後，需要多久才會開始看到這些協同效益反映在營收端？這是六個月左右的事件、是立即發生，還是 18 個月後才會看到？我們應該如何看待？

Yes, very good question. So it really depends upon which elements of those soft synergies you are talking about realizing. For instance if you are talking about Asian ODMs supplying emerging markets it is much quicker than if you're talking about long haul carrier network deployments.

是的，這問題很好。這其實取決於你談的是那些「軟性」協同效益中的哪一部分要實現。舉例來說，如果你談的是亞洲 ODM 供應新興市場，那會比長途電信營運商網路部署快得多。

I would say minimally six months. It's difficult to go from nothing to volume material revenue in a shorter than 6 months and I would call that 6 to 12 months for swap outs for lack of a better word. And then if you're talking about it an entirely new design for a new optical module it might be 18 to 24 months for carrier network deployment. So it's really all over the board depending on which application and which geography and which channel.

我會說最少六個月。要在少於六個月內從零到有具規模、具實質性的量產營收是很困難的；我會把這稱為 6 到 12 個月的替換（swap out，姑且這麼說）。而如果你談的是為全新的光學模組做全新設計，那可能需要 18 到 24 個月才能進入電信營運商網路部署。因此，依不同應用、不同地理區域與不同通路而差異很大。

Okay, great, that's helpful. And then on the A&D business you talked about some catalog share gains. Typically we think about it in terms of you are selling into products that are doing better or you are taking sockets. Could you help us understand which category you think you fell into?

好的，很棒，這很有幫助。接著關於 A&D 業務，你提到目錄型產品（catalog）市占有所提升。一般我們會從兩個角度來看：要嘛是你們銷售到表現更好的終端產品，要嘛是你們拿下了插槽（socket）。你能幫我們理解一下，你認為這次屬於哪一類嗎？

Well our catalog portfolio is typically not long lead time design wins. It's more multi-sourced second and third tier customers on a very fragmented customer base. And I would say this is one of the areas that pleasantly surprises us quarter after quarter after quarter. I always knew that we had strength in our core transistor and diode businesses, that's what M/A-COM through decades has been known for.

我們的目錄型產品組合通常不是那種需要很長前置期的設計導入（design win）。更多是多來源供應（multi-sourced）的第二、第三線客戶，且客戶基礎非常分散。我會說這是讓我們一季又一季、再一季都感到驚喜的領域之一。我一直知道我們在核心的電晶體與二極體業務上很有實力，這也是 M/A-COM 幾十年來眾所周知的強項。

We always knew that we could grow that with focus and here's another quarter of demonstrating it. For instance, I mentioned last quarter that we would have a lull in our radar program which we did, and the strength in our catalog business more than made up for that and generated 2% growth. So it's something you cannot really commit to in the future. But we are fixated on maximizing the results.

我們也一直知道，只要聚焦就能把它做大，而這一季再次證明了這點。舉例來說，我上季提到我們的雷達專案會有一段空窗期，確實如此；但我們目錄型業務的強勁表現不但完全彌補了那個缺口，還帶來了 2% 的成長。所以這不是你能對未來做出明確承諾的事情，但我們會專注於把成果最大化。

Great. And last question if I may, on the 100 gig opportunity, you have discussed this before. Could you help us understand where are we in the development and deployment cycle, what are the class of boxes you expect to see the most exciting top line results? Thank you.

很好。若我可以再問最後一題，關於 100G 的機會，你之前談過。你能幫我們理解一下目前在開發與部署週期中處於什麼階段？以及你預期在哪一類設備（boxes）上會看到最令人興奮的營收成長？謝謝。

Yes, so in the 100 gig space, we have had strength through our previous position with indium phosphide as well as gallium arsenide modulator drivers, largely on the modulator side. And where we see the real explosive opportunity is moving from long haul where we have traditionally done much better and into metro and especially data centers.

是的，在 100G 領域，我們過去憑藉磷化銦（indium phosphide）以及砷化鎵（gallium arsenide）調變器驅動器（modulator drivers）的既有布局，主要是在調變器端，一直表現強勁。而我們看到真正爆發性的機會，是從我們傳統上做得更好的長途（long haul）市場，延伸到都會（metro），尤其是資料中心。

So I think one of the other strategic synergies, not even a synergy, a surprise, that very pleasant surprise is, the folks coming over with a high-performance analog business from Mindspeed have the world's lowest power as well as high-performance clock and data recovery circuits, which have a very valuable and unique opportunity that is only upside to our original expectations, specifically in 100 gig and data centers. With all of the intensity and all of the upside forecast for data centers, that looks like it could be providing some real juice for growth through this year and beyond.

我認為另一個策略上的加乘——甚至不只是加乘，而是一個非常令人愉快的驚喜——是從 Mindspeed 併入的高效能類比（high-performance analog）團隊，擁有全球最低功耗且高效能的時鐘與資料恢復（clock and data recovery, CDR）電路。這帶來非常有價值且獨特的機會，對我們原先的預期而言只有上行空間，特別是在 100G 與資料中心。考量到資料中心的高強度需求與上行預測，這看起來可能在今年及之後為成長提供相當大的動能。

Thank you.

謝謝。

You're welcome.

不客氣。

Steve Smigie, Raymond James.

Steve Smigie，Raymond James。

Congratulations on the completion of acquisition. I was hoping you could talk a little bit about the revenue guide in terms of the coms processor. In that 105 is there any coms processor assumed in that? Is that also a discontinued business like the wireless?

恭喜完成收購。我想請你談一下營收指引中關於通訊處理器（coms processor）的部分。在 105（的指引）裡面，有沒有假設包含任何通訊處理器的營收？那是否也像無線（wireless）一樣屬於已停止的業務？

No we chose not to treat that as a discontinued business, it's good business, it's a profitable business. So there would be no need to discount that as discontinued operations.

沒有，我們選擇不把它視為已停止的業務。那是好業務、也是獲利的業務。因此沒有必要把它當作停止營運（discontinued operations）來處理。

Okay. But you had said some of that you want to spin off and some of that you wanted to keep. So have you had a chance to look at that any further and have some sense of product wise anyway what you want to keep or are you still working through that?

了解。但你之前說其中一部分你們想分拆，一部分想保留。所以你們是否有進一步評估？就產品面來說，有沒有一些想保留的方向，還是仍在梳理中？

Well we are still working through it but let me reiterate what I had said when we announced the acquisition. The voice over IP business is superb. It's a mature cash cow, very high margin, very profitable. Under no condition will we let go of that.

我們仍在梳理，但我再重申一次我們在宣布收購時說過的話。VoIP（voice over IP）業務非常出色。它是成熟的現金牛，毛利很高、非常獲利。在任何情況下我們都不會放手。

The CPE business is different. It is profitable. It is not a bad business to have. But I would describe it that it is potentially of higher value in a better place for the customers and employees to be in someone else's hands who has a long-term commitment to deep sub-micron processor road maps. Road maps end up playing important roles in these types of businesses.

CPE 業務則不同。它是獲利的，也不是不好的業務。但我會形容它：對客戶與員工而言，若由另一家對深次微米（deep sub-micron）處理器產品路線圖（road maps）有長期承諾的公司來經營，可能更有價值、也更合適。路線圖在這類業務中往往扮演重要角色。

We would have no interest, and frankly no capability to sustain those road maps so therefore, if we find someone who is willing to pay an appropriate price and capable of bringing that business over, we would absolutely entertain that. But there is no -- under no circumstance is there any sense of urgency to do so. Very different than the wireless situation.

我們既沒有興趣，坦白說也沒有能力去維持那些路線圖。因此，如果我們找到願意支付合適價格、且有能力承接該業務的買家，我們絕對會考慮。但完全沒有——在任何情況下都沒有——必須立刻處理的急迫性。這點與無線業務的情況非常不同。

Okay. So then what should we think about the guidance, and I'm sure that going forward you won't do this, but just because we are in a transition quarter here. What would you say that the sequential guidance is for just the Q2 and just the core business? Should that be up a little bit?

了解。那我們應該如何看待這次的指引？我知道往後你們不會這樣拆，但因為現在是過渡季度。就只有第二季、且只看核心業務而言，你會怎麼描述環比（sequential）的指引？應該會小幅上升嗎？

I think on a go forward basis, all of our plans now have fully integrated the Mindspeed team. So one point of clarification for instance is, as we brought enterprise in we realized that it's enterprise networks, there is also a piece of the high-performance analog business which is actually in carrier networks. So we have renamed what we previously called networks to carrier networks and added enterprise networks as the new segment.

我想從現在往後，我們所有計畫都已把 Mindspeed 團隊完整整合進來。舉例說明一點：當我們把 enterprise 納入後，我們發現除了企業網路（enterprise networks）之外，高效能類比業務中其實也有一部分屬於電信營運商網路（carrier networks）。因此我們把先前稱為 networks 的部門重新命名為 carrier networks，並新增 enterprise networks 作為新的事業部門。

We expect growth, networks has been the challenged business, whether it was originally the wireless infrastructure, capital spending issues. And then the set-top box issues and so on. That has been where we have seen challenges and we absolutely see growth quarter on quarter on a go forward basis.

我們預期會成長。Networks 一直是較具挑戰的業務，不論是原本的無線基礎建設、資本支出問題，接著又有機上盒（set-top box）等議題。那一直是我們看到挑戰的地方；但從現在往後，我們確實看到季度對季度的成長。

Okay. And then on the gross margin, again I know you normally would not give a couple of quarters of guidance here, but how should we be thinking about the June quarter a little bit here in terms of potentially revenue and gross margin? I don't know if maybe you would not necessarily call it guidance, but just color on sort of directionally, should it be up from here? Or because you're rationalizing more heads, is it down? And it sounds like you are getting some great accretion on that, so how should we be thinking about gross margin into June too?

了解。再問毛利率（gross margin）部分，我知道你們通常不會提供未來兩季的指引，但就六月季度而言，我們應該怎麼思考營收與毛利率的可能走向？我不確定你是否願意稱之為指引，但就方向性提供一些看法：會比現在更高嗎？還是因為你們在精簡更多人力，反而會下降？而且聽起來你們在併購增益（accretion）上做得很好，那我們該如何看待六月季度的毛利率？

Well like I said, we reiterate we are still highly confident in our original accretion numbers of $0.15 to $0.20 for the fiscal year. We're now through half of the year, between this and our guidance for the second quarter. So if you do the math you realize the substantial accretion in the second half. And the way that is realized is actually pretty straightforward.

如我所說，我們重申：我們仍對原先預估的本會計年度每股盈餘增益（accretion）0.15 到 0.20 美元非常有信心。現在我們已經過了上半年，包含這一季以及我們對第二季的指引。所以你如果做一下數學，就會看到下半年會有相當可觀的增益。而實現方式其實相當直接。

We have had our heads down to make sure we complete the integration during one transitional quarter. We don't allow it to be an extended process in terms of the OpEx reductions. We're driving hard to harmonize channel inventories because we don't want that to be a protracted exercise.

我們一直埋頭把整合工作確保在一個過渡季度內完成。我們不允許在營運費用（OpEx）削減上拖成一個漫長的流程。我們也在全力推動通路庫存（channel inventories）的協調一致，因為我們不希望那變成一個曠日費時的工作。

So we are trying to get as much if not everything behind us in this quarter as possible and that leads us to be delivering much more pure business results starting in our fiscal third quarter. And that's how you see the step up in accretion.

因此我們希望在本季盡可能把大部分、甚至全部事情都處理完，讓我們從第三會計季度開始能交出更「純粹」的營運成果。這就是你會看到增益在那時出現跳升的原因。

Okay. If I can sneak one last one more in just on the core business you had talked in the past a little bit about successful agreement with Northrop Grumman and I was just wondering if we can get an update on that and I guess just an update there. Thanks.

了解。如果我可以再塞最後一題：關於核心業務，你過去提到與 Northrop Grumman 達成成功協議。我想請問能否更新一下進展？謝謝。

Yes, so we have not yet achieved a point at which our customer and M/A-COM are comfortable with announcing any particular formal business arrangement. So when we accomplish that we will be more than happy to convey that news. But consistent with our original statements, not material for FY14. We would anticipate the impact being early on in 2015 and beyond.

是的，我們目前尚未達到一個階段，讓客戶與 M/A-COM 都能夠放心對外宣布任何特定的正式商業安排。一旦我們達成那一步，我們會非常樂意對外傳達這個消息。但與我們原先的說法一致，對 FY14 並不具重大性（not material）。我們預期影響會在 2015 年初及之後逐步顯現。

Okay, great. Thanks very much for your time. I appreciate it.

好的，很棒。非常感謝你撥冗。我很感激。

Thank you.

謝謝。

Harsh Kumar, Stephens.

Harsh Kumar，Stephens。

Congratulations again as well on the deal. A couple of questions. In your press release and your commentary you mentioned that you are optimistic about what you are seeing in the carrier market. You managed China LTE. Outside of China rollout, are you seeing areas geographically, other areas outside China, that are also acting positively for you?

也再次恭喜這筆交易。我有幾個問題。在你們的新聞稿與評論中，你提到對目前在電信營運商市場（carrier market）看到的情況感到樂觀。你們掌握了中國 LTE。除了中國的建設（rollout）之外，你們是否也在地理上看到其他地區、也對你們有正面帶動的跡象？

Yes, in our wireless infrastructure both the point-to-point and base station type space we saw a very strong sequential growth, certainly double-digit, very strong double-digit sequential growth. As I mentioned there's an element to that which is switches that we have designed into China LTE deployments, and that is red-hot as many of our peers have noted.

是的，在我們的無線基礎建設業務中，不論是點對點（point-to-point）或基地台（base station）相關領域，我們都看到非常強勁的環比成長，確實是雙位數，而且是非常強的雙位數環比成長。如我提到的，其中一部分來自我們設計導入到中國 LTE 部署中的交換器（switches），而那塊正如許多同業所指出的，非常火熱。

But in addition to that we have got our new E-Band power amplifiers and the lower frequency band power amplifiers that are ramping in other tier 1 OEMs throughout the world. Both Europe as well as Japan. And we actually saw an uptick in our 38 GHz, our core business for Europe, as well as in China.

此外，我們的新 E-Band 功率放大器，以及較低頻段的功率放大器，也正在全球其他一線 OEM（tier 1 OEMs）中放量爬坡，包括歐洲與日本。而且我們也看到 38 GHz 產品的需求回升——那是我們在歐洲的核心業務——同時在中國也有成長。

So it is modest and I wouldn't describe it as setting the world on fire. Certainly not like the base station business is in China right now. But definitely showing signs of life and continuing to take share.

所以這是溫和的，我不會形容它是驚天動地的表現。當然不像目前中國的基地台業務那樣火熱。但確實顯示出復甦跡象，並且持續擴大市占。

Very helpful color, thank you so much. It seems like you guys have accomplished a lot in the short time that you have had the business and it seems like you have got your work cut out. What do you think is the most important thing that you need to sort of accomplish in this March quarter or a little bit beyond that to get this deal right?

非常有幫助的補充說明，真的非常感謝。看起來你們在接手這項業務的短時間內已經完成了很多事情，而且看起來接下來還有不少工作要做。你認為在這個 3 月季度或稍微再往後一點，為了把這筆交易做對，最重要需要達成的是什麼？

So it's all about execution and not just execution on the synergies, on the hard synergies, the operating expenses and so on. It's realizing all the strategic value. I have been extremely pleased in just the first 45 days of having the Mindspeed team over. We got traction with the sales teams, brought them together for joint sales conferences and sales training. And I'll tell you, the degree of enthusiasm is thrilling.

所以關鍵在於執行力，而且不只是執行協同效益，不只是硬性的協同效益、營運費用等等；而是要實現所有的策略價值。我對 Mindspeed 團隊加入後的前 45 天表現非常滿意。我們在銷售團隊上取得進展，把他們整合起來，舉辦聯合銷售會議與銷售訓練。我跟你說，那種熱情的程度令人振奮。

The genuine enthusiasm from the Mindspeed channel to be able to take our RF portfolio into things like set-top boxes, big deal. We just completed sales training with the Mindspeed team and our sales guys in the US are thrilled to be able to bring the Mindspeed portfolio into the broader customer base. So that sales synergy, to be blunt, exceeded my expectations in both time and magnitude of opportunity.

Mindspeed 通路對於能把我們的 RF 產品組合導入像機上盒這類應用的真實熱情，這是大事。我們剛完成 Mindspeed 團隊的銷售訓練，而我們在美國的業務同仁也非常興奮，能把 Mindspeed 的產品組合帶給更廣泛的客戶群。坦白說，這種銷售協同在時間上與機會規模上都超出我的預期。

Like I said earlier, the opportunity, the low power CDRs I guess I glossed over the opportunity. A lot of the high-performance analog business at Mindspeed, they have got something like 70% share in enterprise applications for crosspoint switches with very nice margin structure, as well as I think two thirds, 65%, 70% share for the pond business in carrier networks.

就像我先前提到的機會，低功耗 CDR 我想我略過了這部分的機會。Mindspeed 在高效能類比業務上，他們在企業應用的 crosspoint switch 方面市占大約 70%，而且毛利結構非常漂亮；另外在營運商網路的 pond 業務上，我想也有三分之二、約 65%、70% 的市占。

So I kind of glossed over the opportunity that is new, relatively new, with the low power CDRs, which is a new requirement for the 100 gig networks in the enterprise applications and data centers. So I think that opportunity exceeds my expectations.

所以我有點略過了低功耗 CDR 這個相對較新的機會；這是企業應用與資料中心的 100G 網路新增的需求。所以我認為這個機會超出我的預期。

The other thing I mentioned in the prepared remarks about the SiC -- the win that we got is a really big deal both quantitatively and also the quality of the customer, and it is a validation of exactly what we can do with SiC when brought to bear with our gas capability. We took the program from that otherwise likely would have gone to one of our more prominent competitors. We won it on the fact that we had both the world-class SiC capability, as well as the gas PA capability.

我在準備好的講稿裡提到的另一件事是 SiC——我們拿到的那個 win 不論在量的層面、以及客戶品質的層面，都是非常大的案子；而且它驗證了當 SiC 與我們的 GaAs 能力結合時，我們究竟能做到什麼。我們把原本很可能會落到某個更知名競爭對手手上的專案拿下來。我們勝出的原因在於我們同時具備世界級的 SiC 能力，以及 GaAs PA 能力。

So with the Mindspeed team coming in and being able to narrow the -- to eliminate what I was concerned about, which is the learning curve and the execution risk associated with organic developments, it is a really big deal. I think it can really distance ourselves from the competition for a long time to come.

因此，隨著 Mindspeed 團隊加入，能夠縮短——甚至消除——我原本擔心的學習曲線，以及與自研開發相關的執行風險，這是非常重大的事情。我認為這能讓我們在很長一段時間內把競爭對手甩在後面。

That's very helpful. Quickly, two questions for Bob. Bob, it seemed like the CapEx of $2.6 million I believe, seems like a little low. Is that a sustainable rate? Or is this just an interim rate and we should expect it to go up again?

這非常有幫助。快速問 Bob 兩個問題。Bob，看起來資本支出 CapEx 是 260 萬美元（我記得是這個數字），似乎有點偏低。這個水準可持續嗎？還是這只是暫時的水準，之後我們應該預期會再上升？

The timing of our again investments that we talked about in the past can fluctuate a little bit. But basically, I would guide to about 4% of revenues as the top end of CapEx.

我們先前談過的投資時點確實可能會有些波動。但基本上，我會以營收的約 4% 作為 CapEx 的上限指引。

Okay helpful. And then last question, I know you talked about a tax rate of 23.5% odd, is that what we should model going forward? Or should we expect it to decline significantly like you said in the commentary, and if so, how much should we model for the year?

好的，很有幫助。最後一個問題，我知道你提到稅率大約是 23.5% 左右，這是我們未來應該用來建模的數字嗎？還是我們應該預期它會像你在評論中說的那樣顯著下降？如果會的話，今年我們應該用多少來建模？

At this point based upon the facts that we have, I would model the 23.5%.

就目前我們掌握的事實來看，我會用 23.5% 來建模。

Okay fair enough. Thanks guys.

好的，合理。謝謝各位。

Quinn Bolton, Needham and Company.

Quinn Bolton，Needham and Company。

Just wanted to follow-up John, on the two questions on the Mindspeed. You had mentioned the significant SiC win in the quarter I think for the millimeter wave applications.

我想針對 Mindspeed 的兩個問題追問一下，John。你提到本季有一個重要的 SiC win，我想是用於毫米波應用。

Did you benefit from the Mindspeed knowledge to get that win? Or is enthusiasm about Mindspeed the fact that they can help you to further come up the learning curve in a very quick time frame on that SiC process?

你們拿下那個案子有受益於 Mindspeed 的知識嗎？或者你對 Mindspeed 感到興奮，是因為他們能幫助你們在 SiC 製程上於很短時間內更快跨過學習曲線？

Very insightful question. So people tend to gloss over and think the designing a particular integrated circuit is everything, is 90% of the challenge, and it is not. The design element, we already had nailed, and the system specification which is right in our wheelhouse we had nailed.

這個問題非常有洞見。大家往往會忽略，並以為設計某一顆特定的積體電路就是全部、是 90% 的挑戰，但其實不是。設計這一塊我們早就搞定了，系統規格也正是我們的強項，我們也已經搞定。

Typically where programs follow apart is in the execution, and the execution of industrializing and productizing the solution as well as from a supply chain standpoint. Frankly, starting with zero, a zero revenue customer for a major semiconductor foundry does not really get you the support that you need to execute flawlessly.

通常專案出問題是在執行面：把解決方案工業化、產品化的執行，以及供應鏈面的執行。坦白說，從零開始、對一家大型半導體晶圓代工廠而言你是一個零營收客戶，並不太可能獲得你需要的支援，來做到無瑕疵的執行。

With the Mindspeed transaction coming over we are instantly $100 million, well probably on the wafer side I would probably quantify it at probably $20 million to $30 million is my guess for a major SiC foundry. So, from a CAD and tools support, from an engineering competence, understanding how to tape out a silicon product as opposed to a gallium arsenide compound semiconductor product, there's a lot of know how that removes as I said, the learning curves and risk. It's one thing to commit to the design of a product, it's another thing to commit to volume production.

隨著 Mindspeed 交易併入，我們立刻變成 1 億美元的客戶——嗯，在晶圓端我大概會量化為 2,000 萬到 3,000 萬美元左右（這是我的猜測）——對一家主要的 SiC 代工廠而言。於是，不論是 CAD 與工具支援、工程能力、理解如何 tape out 一個矽產品（而不是砷化鎵化合物半導體產品），都有大量 know-how 能如我所說，移除學習曲線與風險。承諾做出一個產品的設計是一回事，承諾做到量產又是另一回事。

So I am very comfortable that we will be able to nail that program, and not just the program but be able to scale it in the millimeter wave communication space for satellite communications and so on. This is one of the areas that we have identified as one of our hyper growth targets. So I think it has a lot more leverage beyond just that first big customer and program.

所以我非常有信心我們能把那個專案做好；而且不只是那個專案，還能在毫米波通訊領域（例如衛星通訊等等）把它規模化。這是我們認定的超高成長目標之一。所以我認為它的槓桿效益遠不只第一個大客戶與第一個專案。

And just make sure I understand, it sounds like M/A-COM was well on the way with the design and this is a product that may not ramp immediately. It may ramp over say some time frame and bringing the Mindspeed folks in with their knowledge of high-volume SiC manufacturing really helps you get it across the goal line in terms of the manufacturing aspect of that design win.

我確認一下我是否理解正確：聽起來 M/A-COM 在設計上已經進展很深，而這個產品可能不會立刻放量，可能會在一段時間內逐步爬坡；而把 Mindspeed 的人員與其高量 SiC 製造的知識帶進來，能在製造面協助你們把這個 design win 推過終點線。

Absolutely. And when you say it doesn't ramp immediately, nothing that you start designing ramps immediately. There's always some runway.

完全正確。而你說不會立刻放量，任何你開始設計的東西都不會立刻放量，總是需要一些跑道期。

But for instance we typically ship relatively low pin count modest to transistors, diodes, mimics. Are you talking about a handful of transistors? You are talking about, I think this type of device is something like 800 transistors and large pin count, so very different challenge to productize that class of product as opposed to the stuff that is in our wheelhouse. And this is right in the Mindspeed wheelhouse.

但例如我們通常出貨的是相對低腳位數、較簡單的電晶體、二極體、MMIC。你說的是少數幾顆電晶體嗎？你說的是——我想這類裝置大概有 800 顆電晶體、而且腳位數很高——所以要把這一類產品產品化，挑戰非常不同於我們擅長的那些產品。而這正是 Mindspeed 的強項領域。

Right. Okay, and then the second question, obviously you seem very excited about the CDR opportunity, especially as you get into the higher volume data center applications. Can you give us some sense of how long does that design win cycle take place? Was Mindspeed well along in that design win pipeline and so we could see revenue relatively quickly? Or do you think it is sort of a typical one to two year design cycle now that you have the team on board and can get them focused on the particular application?

了解。好的，第二個問題：顯然你對 CDR 的機會非常興奮，尤其是進入更高量的資料中心應用時。你能否讓我們了解一下，這類 design win 的週期大概需要多久？Mindspeed 在這個 design win 的管線中是否已經進展很深，因此我們可能相對快看到營收？還是你認為即使現在團隊到位並能聚焦特定應用，仍然是典型的一到兩年的設計週期？

There is no need for us to change their focus. They were a high performing team, they demonstrated something like 14% aggregate growth over the past four years within Mindspeed. They know their market, they know their customers, they are engaged, they are executing, they have a road map. All good stuff.

我們沒有必要改變他們的聚焦方向。他們是一支高績效團隊；在 Mindspeed 的過去四年裡，他們展現了大約 14% 的累計成長。他們了解自己的市場、了解客戶，投入且積極，執行到位，也有產品路線圖。這些都很好。

Believe me, they were not waiting around for M/A-COM to come along and show them the way. So they are well along in the execution and I think this will be one of the areas that will be underpinning growth, forward-looking growth consistent with their proven track record.

相信我，他們並不是在等 M/A-COM 出現來指引他們方向。所以他們在執行上已經走得很前面；我認為這會是支撐未來成長的領域之一，並且與他們已證明的績效紀錄一致。

Great, and then my last question, I apologize if I missed it, but did you give any outlook on the automotive business? Is flat still sort of the best outlook for that business over the next few quarters?

很好。最後一個問題，如果我漏聽了先說抱歉：你們有沒有對車用業務提供任何展望？未來幾季這塊業務最好的展望仍然是持平嗎？

Yes it is totally in line with expectations. It performed last quarter exactly as we predicted, I think within a couple of hundred K of flat quarter on quarter.

是的，完全符合預期。上季的表現正如我們所預測，我認為與前一季相比大致持平，差距在幾十萬美元左右。

Great okay. Thank you.

很好，好的。謝謝。

You're welcome.

不客氣。

Steve Smigie, Raymond James.

Steve Smigie，Raymond James。

Great, thanks a lot for the chance for the follow-up here. Just looking at some of these Mindspeed business, and I'm not sure how carefully you've had a chance to look at this yet, but on that pond business that you discussed, I think one of the big opportunities that was coming there was that China was going to be -- I think China Mobile was going to be deploying a pretty big rollout of that. And so it seemed like that had started to take place and I was just following up to see if that has gotten some real traction at this point or if it is still in the early phases.

很好，謝謝讓我有機會追問。就我看到的一些 Mindspeed 業務而言，我不確定你們目前已經仔細研究到什麼程度，但就你們提到的那個 pond 業務來看，我認為其中一個重大機會是中國將會——我想是中國移動——要部署相當大規模的推廣。因此看起來那似乎已經開始發生了，我想追問一下，目前是否已經取得一些實質進展，還是仍處於早期階段。

Apologize, I don't have that perspective on the previous quarters. I do remember (inaudible) who is our business unit manager for that, indicating that China was in classic form, off and then on again. I just cannot give you the context of the past for the present.

抱歉，我沒有前幾季的相關視角。我確實記得（聽不清）——他是我們該業務的事業部經理——提到中國的情況很典型：一下停、一下又重新啟動。我只是無法把過去的脈絡連結到現在的狀況來回答你。

Yes, fair enough. I think either way that you have a pretty big mandate for units to be rolled out there so you should be pretty well-positioned.

是的，可以理解。不管怎樣，我認為那邊都有相當大的單位部署授權/任務，所以你們應該會處於很有利的位置。

A similar question on crosspoint, I am not sure how much you looked at the technology, but it seemed like that crosspoint was sort of poised to get some nice traction as we switch to 4K TV. And obviously we're still in the early stages of 4K TV rollouts. So I was just wondering if there was any color there yet or again, if you are still getting up to speed on that side.

關於 crosspoint 也有個類似問題。我不確定你研究這項技術到什麼程度，但看起來隨著我們轉向 4K 電視，crosspoint 似乎有望取得不錯的進展。當然 4K 電視的推廣仍在早期階段。所以我想問問目前是否已有任何補充資訊，或者你是否也還在熟悉那一塊。

Absolutely, on the video enterprise applications 4K TV is absolutely one of the secular drivers that will be driving continued growth in that business. Our design share consistent with our revenue share is 70% plus or minus a little bit. So very strong position and frankly it's one of the areas that reasons why initially ended up very attractive.

當然。在影音企業應用方面，4K 電視絕對是推動該業務持續成長的長期結構性驅動因素之一。我們的設計占有率與營收占有率一致，約為 70% 上下略有浮動。因此我們的地位非常強，而且坦白說，這也是當初之所以覺得它非常有吸引力的原因之一。

The video -- 4K video was only one of the drivers. Some of the other stuff that we have seen is entirely new usage models and software defined networks that could come to fruition which could provide a lot of underlying growth, as in integer multiples, not percentage. So the number one clear true leadership position in crosspoint switches with good secular demand drivers was one of the most attractive points about that acquisition.

4K 影音只是其中一個驅動因素。我們看到的其他因素還包括全新的使用模式，以及可能落地的軟體定義網路（SDN），這些都可能帶來大量的底層成長，甚至是以倍數計，而不是百分比。因此，在 crosspoint 交換器上擁有明確的第一名領導地位，加上良好的長期需求驅動因素，是那項收購最吸引人的重點之一。

Okay. And then on the catalog business, the core M/A-COM catalog business, you had started an initiative a couple of quarters ago to get that ramped back up again, I guess under invested in. It seems like you're getting some traction there and you've discussed that a little bit, but I was hoping to get a little bit more of an update there in terms of how you are seeing the growth opportunity over the next 18 months in that business?

好的。接著談到型錄業務，也就是 M/A-COM 核心型錄業務，你們在幾季前啟動了一項計畫，讓它重新加速成長，我想是因為之前投資不足。看起來你們已經取得一些進展，也稍微談到過，但我希望能再多一些更新：就未來 18 個月而言，你們如何看待那項業務的成長機會？

Yes, so in our catalog business in general, in terms of the traditional portfolio of longer vintage products, one of the most attractive aspects of any catalog business, including our business in RF and microwave is the recurring demand nature of it. It's not something that you have to go out and create new design wins and cycle to the next generation. It is almost an annuity where you have just ongoing, as I said, recurring demand. So it's very nice.

是的。就我們的型錄業務整體而言，針對傳統產品組合、也就是較成熟的產品，其中最吸引人的一點——任何型錄業務都一樣，包括我們在 RF 與微波領域——就是其需求具有經常性。你不需要一直出去創造新的設計導入，然後再循環到下一代產品。它幾乎像年金一樣，會持續有我剛才說的那種經常性需求，所以非常好。

What it isn't is explosive growth typically. Because with that comes cycle times that are -- tend to be longer in terms of reaching a broader base of customers.

但它通常不會是爆發式成長。因為要做到那樣，往往需要更長的週期時間，才能觸及更廣泛的客戶群。

The way to drive growth is a couple of things. One is, a lot of the investments when I joined the Company were focused very much on single customers, single applications. We are broadening that now to broader catalog portfolios of products.

推動成長的方法有幾個。第一，我加入公司時，許多投資非常集中在單一客戶、單一應用。我們現在正把它擴展為更廣泛的型錄產品組合。

A great example is the radar applications that I've spoken about, our use of radar. Instead of just our lead customer, we now have a full portfolio of X-Band radar products that can be sold through our catalog to anybody who is designing X-Band radar. And by X-Band, it's air-borne, sea-borne, land-based, commercial, as well as defense, actually very highly fragmented market believe it or not. So a portfolio, as we bring in new products, very high-margin new products, we replenish that portfolio.

一個很好的例子是我談過的雷達應用、我們在雷達上的布局。我們不再只服務我們的主力客戶，現在我們有一整套 X 波段雷達產品組合，可以透過型錄賣給任何正在設計 X 波段雷達的客戶。所謂 X 波段，涵蓋空載、海載、陸基、商用以及國防；事實上這是一個高度分散的市場，信不信由你。因此，隨著我們導入新產品、也就是高毛利的新產品，我們就能持續補充並強化這個產品組合。

Secondly, it's all about channel. We've brought on, with the other big news I think we came out this week is we've brought on Digi-Key as a new distributor. So to be able to expand to their extraordinarily broad customer base, both for small volume production but also initial sampling for new design wins, so being able to expand the design win footprint is a big deal with Digi-Key.

第二，關鍵在於通路。我們本週的另一個重大消息是，我們新增 Digi-Key 作為新的經銷商。藉由觸及他們極其廣泛的客戶基礎——不僅是小量生產，也包括新設計導入的初期樣品——因此能擴大設計導入的覆蓋面，與 Digi-Key 的合作意義重大。

Last, actually I should say, the other thing I failed to mention is we've now signed the Mindspeed portfolio up to be sold through the M/A-COM distributor network. Expanding our traditional distributors like Richardson are thrilled to have that rich portfolio to be able to bring to bear in their target customer base.

最後，另外我還漏提一點：我們現在也已簽署安排，讓 Mindspeed 的產品組合透過 M/A-COM 的經銷通路網路來銷售。擴大我們的傳統經銷商（例如 Richardson）都很興奮，能擁有這個豐富的產品組合，帶給他們的目標客戶群。

And then last but not least is, it's all about web marketing nowadays and we have got very innovative, very aggressive use of web and social media that we will be rolling out over the next quarter where I think you'll see a very different face put to M/A-COM. But that's -- one of the realizations here is through thick and thin, when you can grow that catalog business and the recurring demand it's all good.

再來最後但同樣重要的是：如今一切都與網路行銷有關。我們將在下一季推出非常創新、非常積極的網路與社群媒體策略，我認為你會看到 M/A-COM 呈現出非常不同的面貌。不過——我們在這裡的一個體會是：無論景氣好壞，只要能把型錄業務做大、把經常性需求做起來，都是好事。

Okay, great. If I could sneak one more in for Bob, I'm just curious, now that you've been there, any thoughts on cash use, pay down debt or share buyback or potential other acquisitions?

好的，很好。如果我可以再塞一個問題給 Bob：我只是好奇，你現在加入之後，對於現金運用有什麼想法？例如償還債務、庫藏股，或是其他潛在收購？

The latter I would eliminate at the moment in terms of share buyback, not for any other reason, I think all the float we have, we could use some more, but that's my opinion. Obviously, as we generate cash here we will be repaying, the form of the debt is in a revolving credit agreement, so we have the ability to pay down as cash is generated.

最後一項我目前會先排除，也就是庫藏股；沒有其他原因，我只是覺得以我們目前的流通股數來看，我們還可以多一些，但這是我的看法。當然，隨著我們在這裡產生現金，我們會償還債務；債務的形式是循環信用協議，因此我們可以在現金產生時逐步償還。

Okay, great. Thank you.

好的，很好。謝謝。

You're welcome.

不客氣。

Thank you. Presenters, with that, that does conclude our question-and-answer session and I'm showing no additional lines. I'd like to turn the program back over to Mr. Croteau for any additional or closing remarks.

謝謝。各位簡報者，至此我們的問答環節結束，我這邊也沒有看到其他排隊線路。接下來我想把會議交回給 Croteau 先生，請他做任何補充或結語。

Great, I'd like to thank everyone today for joining us. One final comment, Bob and I will be at the Goldman Sachs conference this Wednesday, February 12 in San Francisco as well as at the Raymond James conference on March 5 in Orlando. If you plan to attend either of these events please be sure to contact us, we'd welcome the opportunity to meet.

很好，感謝各位今天加入我們。最後補充一點：我和 Bob 本週三（2 月 12 日）會在舊金山參加高盛會議，也會在 3 月 5 日於奧蘭多參加 Raymond James 會議。如果你計畫參加其中任何一場活動，請務必與我們聯繫，我們很樂意有機會與你見面。

Thank you again for joining us for today's call. And I look forward to reporting our continued progress next quarter. Operator, you may now disconnect the call.

再次感謝各位參加今天的電話會議。我也期待在下季向各位報告我們持續的進展。接線員，現在可以斷線了。

Sure thing. Again, ladies and gentlemen, thank you for participation. This does conclude your M/A-COM Technology Solutions first quarter FY14 financial results conference call. Thank you for your participation and have a wonderful day. Attendees you may now all disconnect.

沒問題。再次感謝各位女士先生的參與。這也結束了 M/A-COM Technology Solutions 2014 會計年度第 1 季財務結果電話會議。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。