MACOM Technology Solutions Holdings, Inc. (MTSI) 2014 Q3 法說會逐字稿

Good afternoon, and welcome to M/A-COM Technology Solutions fiscal third-quarter 2014 financial-results conference call. (operator instructions) As a reminder, this conference call is being recorded today, Tuesday, July 29, 2014.

下午好，歡迎參加 M/A-COM Technology Solutions 2014 會計年度第三季財務業績電話會議。（接線員指示）提醒各位，本次電話會議將於今天（2014 年 7 月 29 日，星期二）錄音。

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.

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 fiscal third-quarter 2014 earnings conference call. I'm Leanne Sievers, Executive Vice President of Shelton Group, M/A-COM's investor-relations firm.

下午好，歡迎參加 M/A-COM Technology Solutions 2014 會計年度第三季財報電話會議。我是 Shelton Group 執行副總裁 Leanne Sievers，亦為 M/A-COM 的投資人關係顧問公司代表。

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

今天與會的有 M/A-COM 總裁暨執行長 John Croteau，以及資深副總裁暨財務長 Bob McMullan。

Before I turn the call over 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；管理層也可能在回答各位提問時提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.

因此，公司主張適用 1995 年《私人證券訴訟改革法》所載之前瞻性陳述「安全港」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; its annual report on 10-K filed on December 5, 2013; and its restated financial statements filed on Form 8-K on July 3, 2014.

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、於 2013 年 12 月 5 日提交的 Form 10-K 年報，以及於 2014 年 7 月 3 日以 Form 8-K 提交的重編財務報表。

In addition, any projections as to the Company's future performance represent Management's estimates as of today, July 29, 2014. 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（2014 年 7 月 29 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.

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。

These financial measures and a reconciliation of GAAP to non-GAAP results are provided in the Company's press release and related current report on Form 8-K, which was filed with the SEC today and can be found at the investor-relations section of M/A-COM's website.

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相關的 Form 8-K 當期報告中；該報告已於今日向 SEC 提交，並可於 M/A-COM 官網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 at least 30 days in the investor-relations SEC of M/A-COM's website at www.macom.com.

若各位目前無法收聽完整電話會議，錄音將以網路直播回放方式提供至少 30 天，可至 M/A-COM 官網 www.macom.com 的投資人關係 SEC 專區收聽。

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

現在，我把電話交給 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。各位好，感謝大家今天加入我們。

I'll begin today's call with an overview of our third-quarter results and then turn the call over to Bob McMullan, our CFO, who will review our financial performance in further detail.

我將先概述我們第三季的業績，接著把電話交給我們的財務長 Bob McMullan，由他更詳細地說明我們的財務表現。

I'll then conclude today's prepared comments by providing an overview of our strong execution in the quarter, followed by guidance for the fiscal fourth quarter.

之後我將以本季強勁的執行成果作為事先準備發言的結尾，並提供 2014 會計年度第四季的財測指引。

Diving straight into the results, revenue for the third quarter was $112.4 million. Non-GAAP gross margin was 51.7% with non-GAAP net income of $15.8 million, or $0.33 earnings per diluted share.

直接進入結果，第三季營收為 1.124 億美元。非 GAAP 毛利率為 51.7%，非 GAAP 淨利為 1,580 萬美元，或稀釋後每股盈餘 0.33 美元。

During the quarter, revenue in earnings per share came in at the high end of guidance, with non-GAAP gross margin improving 240 basis points from the prior quarter and 670 basis points year over year, due to growth of our high-margin products and sales of CPE business.

本季營收與每股盈餘落在財測區間的高端；非 GAAP 毛利率較前一季提升 240 個基點，較去年同期提升 670 個基點，主要受惠於高毛利產品成長以及 CPE 業務的銷售。

This represents our 7th sequential quarter of non-GAAP gross-margin improvement and a major milestone as we cross the 50% gross-margin threshold, rounding out yet another quarter of solid execution by the M/A-COM team.

這是我們非 GAAP 毛利率連續第 7 季改善，且在毛利率突破 50% 門檻方面達成重要里程碑，再次展現 M/A-COM 團隊穩健的執行力。

We expect to continue to reap the benefits of our sustained investments in R&D, targeting high-growth, high-margin opportunities with disruptive technologies.

我們預期將持續收穫長期研發投資的效益，鎖定以顛覆性技術切入高成長、高毛利的機會。

Looking at our results for the quarter, growth was strong sequentially and broadly distributed across end markets. Excluding the CPE business, networks grew 14% quarter on quarter, driven largely by optical.

就本季結果而言，成長在季比上強勁，且廣泛分布於各終端市場。若排除 CPE 業務，網路市場季比成長 14%，主要由光學產品帶動。

Aerospace and defense was up 12% due to a recovery across defense and commercial sectors. Multi-market was up 13%, and automotive performed as expected, down slightly based upon what we believe are normal fluctuations in production at Ford.

航太與國防（A&D）因國防與商用領域復甦而成長 12%。多元市場成長 13%；汽車業務表現符合預期，略為下滑，我們認為主要是 Ford 產量的正常波動所致。

Let me now turn it over to Bob to review our fiscal third-quarter financials in more detail.

接下來我把電話交給 Bob，請他更詳細地說明我們 2014 會計年度第三季的財務表現。

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, all income-statement amounts and percentages will be discussed on a non-GAAP basis and are provided to enhance the understanding of our core operating performance. A reconciliation of each figure to the most comparable GAAP measure is included in today's earnings press release.

在我以及 John 的評論過程中，所有損益表金額與百分比將以非 GAAP 基礎進行討論，旨在增進各位對我們核心營運表現的理解。各項數字與最可比 GAAP 指標之調節，已包含在今日的財報新聞稿中。

Revenue was $112.4 million, representing a sequential increase of 4.6%, compared to $107.5 million in the prior quarter and an increase of 36.7% compared to $82.2 million in the fiscal third quarter of 2013. As previously mentioned, third-quarter revenues were above the high end of expectations.

營收為 1.124 億美元，較前一季的 1.075 億美元季增 4.6%，並較 2013 會計年度第三季的 8,220 萬美元年增 36.7%。如先前所述，第三季營收高於預期區間的高端。

Revenue by end markets were -- carrier and enterprise networks, $53.7 million and 48%; A&D, $22.2 million and 20%; automotive, $18.9 million and 17%; and multi-market $17.5 million and 15% of total revenues.

按終端市場劃分之營收為——電信商與企業網路 5,370 萬美元，占 48%；航太與國防（A&D）2,220 萬美元，占 20%；汽車 1,890 萬美元，占 17%；多元市場 1,750 萬美元，占總營收 15%。

As you can see, we have combined carrier and enterprise networks because we found it difficult, if not impossible, to trace carrier versus enterprise demand within our network customers, which are similar.

如各位所見，我們將電信商與企業網路合併，因為在我們的網路客戶中，其需求型態相近，要追溯並區分電信商與企業端需求相當困難，甚至可說不可能。

Gross profit in the third quarter was $58.1 million, or 51.7% of revenues, compared to $53 million, or 49.3% of revenues in the prior quarter, and $37 million, or 45% in the fiscal third quarter of 2013.

第三季毛利為 5,810 萬美元，毛利率為營收的 51.7%；相較之下，前一季毛利為 5,300 萬美元、毛利率 49.3%，而 2013 會計年度第三季毛利為 3,700 萬美元、毛利率 45%。

As John mentioned, gross margins hit a milestone in the quarter, breaking the 50% level, even when including one month of lower-margin CPE business. Gross-margin expansion benefitted from favorable mix of higher gross-margin products. M/A-COM believes strongly that its focus on improving gross margins will continue to deliver margin expansion going forward.

如 John 所提，本季毛利率達成里程碑，即使納入一個月較低毛利的 CPE 業務，毛利率仍突破 50%。毛利率擴張受惠於較高毛利產品的有利組合。M/A-COM 堅信，持續聚焦提升毛利率將在未來帶來進一步的利潤率擴張。

In terms of operating expenses for the fiscal third quarter, total operating expenses were $34.2 million, compared to $31.6 million in the prior quarter, and $20.8 million in the prior year's quarter.

就 2014 會計年度第三季的營業費用而言，營業費用總額為 3,420 萬美元，較前一季的 3,160 萬美元增加，亦較去年同期的 2,080 萬美元增加。

Research-and-development expense for the fiscal third quarter was $18.8 million. This compares to R&D expense of $17 million in the prior quarter and $9.7 million in the fiscal third quarter of 2013.

2014 會計年度第三季研發費用為 1,880 萬美元；相較之下，前一季研發費用為 1,700 萬美元，而 2013 會計年度第三季為 970 萬美元。

R&D as a percentage of revenue represented 16.7% in the fiscal third quarter, compared to 15.8% in the previous quarter and 11.8% in the prior year's quarter. The sequential and year-over-year increase in R&D was largely a result of continued investment in new-product development.

研發費用占營收比重在 2014 會計年度第三季為 16.7%，相較前一季為 15.8%，去年同期為 11.8%。研發費用的季增與年增主要來自持續投入新產品開發。

Selling, general, and administrative expenses were $15.4 million, compared to $14.6 million in the previous quarter, and $11.1 million in the prior year's quarter. SG&A as a percentage of revenue represented 13.7% in the fiscal third quarter, compared to 13.6% in the previous quarter, and 13.5% in the prior year's quarter. M/A-COM continues to leverage our global infrastructure as revenues grow.

銷售、一般及行政費用為 1,540 萬美元，較前一季的 1,460 萬美元增加，亦較去年同期的 1,110 萬美元增加。SG&A 占營收比重在 2014 會計年度第三季為 13.7%，相較前一季為 13.6%，去年同期為 13.5%。隨著營收成長，M/A-COM 持續發揮全球基礎設施的規模效益。

Income from operations was $23.9 million, or 21.3% of revenue. This compares to $21.4 million, or 19.9% of revenues in the prior quarter, and $16.2 million, or 19.8% of revenue in the prior year's quarter.

營業利益為 2,390 萬美元，占營收 21.3%。相較之下，前一季為 2,140 萬美元、占營收 19.9%；去年同期為 1,620 萬美元、占營收 19.8%。

EBITDA, or earnings before interest, taxes, depreciation, and amortization, was $27.2 million, up from $24.8 million in the prior fiscal quarter, and $18.9 million in the prior year's quarter.

EBITDA（息稅折舊攤銷前盈餘）為 2,720 萬美元，高於前一會計季度的 2,480 萬美元，亦高於去年同期的 1,890 萬美元。

Interest expense was $3.2 million for the fiscal third quarter, increased from $1.5 million in the fiscal second quarter.

本會計年度第三季的利息費用為320萬美元，較本會計年度第二季的150萬美元增加。

The increase in interest expense was due to the higher debt level and interest rates following the completion of our refinancing of our bank facility with an institutional term B loan in May.

利息費用增加係因我們於5月完成以機構投資人Term B貸款對銀行融資額度進行再融資後，負債水準與利率均提高所致。

We expect interest expense to be higher in our fiscal fourth quarter as a term-B facility will be outstanding for the fall quarter.

我們預期本會計年度第四季的利息費用將更高，因為Term B融資將在秋季季度期間維持未償。

Turning to income taxes, our effective rate remains unchanged at 23.5%.

接著談所得稅，我們的有效稅率維持不變，為23.5%。

Our fiscal third-quarter net income was $15.8 million, or $0.33 per diluted share, at the high end of the range, compared to fiscal second-quarter net income of $15.2 million, or $0.32 per diluted share, and net income of $11.5 million, or $0.24 per diluted share in the prior year's quarter.

本會計年度第三季淨利為1,580萬美元，或稀釋後每股0.33美元，位於區間高端；相較之下，本會計年度第二季淨利為1,520萬美元，或稀釋後每股0.32美元，而去年同期淨利為1,150萬美元，或稀釋後每股0.24美元。

The share count used to compute EPS was 48.5 million shares for the fiscal third quarter, and 48.2 million shares for the previous quarter, as well as in the fiscal third quarter of 2013.

用於計算EPS的股數，本會計年度第三季為4,850萬股，上一季為4,820萬股，且2013年本會計年度第三季亦為4,820萬股。

Cash flow from operations for the fiscal third quarter was $14 million, compared to $13.4 million in the fiscal quarter of 2013.

本會計年度第三季營運活動現金流為1,400萬美元，相較2013年同一會計季度為1,340萬美元。

Turning to the balance sheet. At July 4, 2014, our cash and cash equivalents were approximately $173.5 million. Our debt was $350 million, and we had $100 million in credit availability. We added almost $100 million with our term-B refinancing.

接著看資產負債表。截至2014年7月4日，我們的現金及約當現金約為1億7,350萬美元。我們的負債為3億5,000萬美元，且尚有1億美元的可用授信額度。我們透過Term B再融資增加了將近1億美元。

Accounts receivable of $75.8 million compares to $67.9 million at the end of the prior quarter. Day sales outstanding were 61 as compared to 57 in the prior fiscal quarter.

應收帳款為7,580萬美元，較上一季季末的6,790萬美元增加。應收帳款週轉天數（DSO）為61天，上一會計季度為57天。

Inventory was $69.9 million, compared to $71.9 million in the prior quarter. Inventory turns were 3.1 times versus 3 in the prior quarter.

存貨為6,990萬美元，較上一季的7,190萬美元下降。存貨週轉率為3.1次，上一季為3次。

Capital expenditures in the fiscal third quarter was $4.3 million, or 3.8% of revenue, compared to $3.8 million and 3.6% of revenues in the fiscal second quarter. Depreciation expense on property and equipment for the fiscal third quarter was approximately $3.3 million.

本會計年度第三季資本支出為430萬美元，約占營收3.8%，相較本會計年度第二季為380萬美元、占營收3.6%。本會計年度第三季不動產及設備折舊費用約為330萬美元。

Now I'll turn the call back over to John, who will provide more color on the quarter and our business outlook for the fourth quarter of fiscal 2014.

接下來我把電話交回給John，他將就本季表現以及我們對2014會計年度第四季的業務展望提供更多說明。

Thank you, Bob. Complementing our solid financial execution, there were a number of positive developments for M/A-COM during the quarter.

謝謝你，Bob。除了我們穩健的財務執行之外，本季M/A-COM也有多項正面進展。

In May, we held our inaugural analyst day in New York. The event was a major success, hoping to educate a broader set of investors on M/A-COM's story. I'd like to thank all those who attended and those who listened in to the webcast.

5月，我們在紐約舉辦了首次分析師日。該活動非常成功，目標是讓更廣泛的投資人了解M/A-COM的故事。我要感謝所有到場以及透過網路直播收聽的各位。

For those of you who were unable to attend, the entire event and presentation can be viewed on our website. We currently expect to hold this event every other year, but we will reassess the frequency as we continue to execute on our organic and M&A growth strategies.

未能出席的各位，可在我們的網站上觀看整場活動與簡報。我們目前預期每兩年舉辦一次，但隨著我們持續執行有機成長與併購（M&A）成長策略，我們將重新評估舉辦頻率。

As outlined during the analyst-day event, we believe M/A-COM is ideally positioned to take advantage of several secular trends that will be key drivers of our future growth.

如同在分析師日活動中所述，我們相信M/A-COM具備理想定位，可把握數項長期結構性趨勢，而這些趨勢將成為我們未來成長的關鍵驅動力。

First, 100-G optical represents a hyper-growth opportunity for M/A-COM, as operators worldwide have been rapidly deploying 100-G platforms in long-haul and now metro networks.

第一，100G光通訊對M/A-COM而言代表一個超高速成長的機會，因為全球營運商已在長途網路、以及現在的都會網路中快速部署100G平台。

With the broadest portfolio of analog semiconductor solutions for long-call, metro, and for client-side networks, M/A-COM is well positioned to drive 100-G from the core to the data center and benefit from this expected decade-long build-out.

憑藉涵蓋長途、都會以及用戶端網路最完整的類比半導體解決方案產品組合，M/A-COM具備良好定位，可推動100G從核心網路延伸至資料中心，並受惠於預期長達十年的建置潮。

Second, active antenna arrays are playing a key part in next-generation radar systems for civil and defense applications.

第二，主動式天線陣列在下一代民用與國防雷達系統中扮演關鍵角色。

M/A-COM is at the forefront of this revolution, providing the RF content and playing a key role in defining the next generation of radar technology.

M/A-COM站在這場革命的最前線，提供RF內容，並在定義下一代雷達技術方面扮演關鍵角色。

Third, high-data-density networks. As all of you know, content-rich applications, as well as the need for improved situational awareness on the modern battlefield, are fuelling an explosion in data traffic in [field] networks.

第三，高資料密度網路。各位都知道，內容豐富的應用，以及現代戰場對提升態勢感知的需求，正推動[field]網路中的資料流量爆炸性成長。

M/A-COM's millimeter-wave portfolio provides state-of-the-art single- and multiple-channel offerings that are capitalizing on this explosive growth in next-generation systems.

M/A-COM的毫米波產品組合提供最先進的單通道與多通道方案，正把握下一代系統的爆發性成長。

And last but not least, GaN technology. GaN is at the very beginning of its adoption cycle. We believe that this breakthrough technology will disrupt more than 80% of our high-performance RF market over the next decade.

最後但同樣重要的是GaN技術。GaN正處於採用週期的最初階段。我們相信，這項突破性技術將在未來十年顛覆我們高效能RF市場中超過80%的版圖。

Both organically and through acquisition, we've established what we believe to be the broadest GaN product portfolio in the industry. M/A-COM is driving a profound change in economics for mainstream GaN adoption, while enabling breakthrough RF performance. Our innovative leadership approach to this technology transition represents significant share-gain opportunities for M/A-COM.

無論是透過有機方式或併購，我們已建立我們認為是業界最廣泛的GaN產品組合。M/A-COM在推動主流GaN採用的經濟性發生深刻變化的同時，也實現突破性的RF效能。我們以創新領導方式推動這項技術轉換，為M/A-COM帶來顯著的市占提升機會。

One accomplishment during the quarter that underscores our technology and product leadership was that two of our products were recognized as best in class by the industry's leading optical publication, Lightwave. One of those products received their review's only 5 out of 5-star rating.

本季一項凸顯我們技術與產品領導力的成果是：我們有兩項產品獲得業界領先的光通訊出版物《Lightwave》評選為同級最佳。其中一項產品更是該評測中唯一獲得滿分5顆星的評等。

This serves as independent validation of our pre-eminent product position that has now been driving sequential growth for multiple quarters.

這是對我們卓越產品地位的獨立驗證，而該地位已連續多個季度推動我們的逐季成長。

Shifting gears, as you're all aware, our corner of the semiconductor industry is undergoing major consolidation. Our top four competitors are today undergoing merger or acquisition, leaving M/A-COM as the only remaining pure-play high-performance RF and microwave company.

轉換話題，如各位所知，我們所處的半導體產業正經歷大規模整併。我們前四大競爭對手目前都在進行合併或被收購，使M/A-COM成為唯一仍然專注於高效能RF與微波的純粹業者（pure-play）。

We expect to be a major beneficiary of the potential disruption and distractions that our competitors may experience. In fact, we've already secured numerous purchase orders and design wins as a direct result of these disruptions.

我們預期將成為競爭對手可能遭遇的干擾與分心所帶來的主要受益者。事實上，因這些干擾，我們已直接取得多筆採購訂單與設計導入（design wins）。

To capitalize further on the secular growth drivers and competitive disruptions, this week we're realigning our business-unit structure within M/A-COM to maximize focus and execution to realize our growth aspirations.

為了進一步把握長期成長驅動力與競爭對手的干擾，本週我們正在M/A-COM內部重新調整事業單位架構，以最大化專注度與執行力，實現我們的成長願景。

We're assigning our top talent to the leadership positions, where they're now empowered to realize the vision and opportunities as they highlighted in our analyst day.

我們將最優秀的人才指派至領導職位，並賦予他們權力，去實現他們在分析師日所強調的願景與機會。

To conclude my comments, this is an extraordinary time in the history of M/A-COM. We're today realizing the benefits of our strategic initiatives and past investments in growth and gross-margin improvement.

總結我的發言，這是M/A-COM歷史上非同尋常的時刻。我們如今正享受策略性舉措以及過去在成長與毛利率改善方面投資所帶來的成果。

We're reaching full stride across our businesses and believe that we have strong tailwinds fuelling future growth. At the same time, we're seeing disruptions at many of our competitors that are impairing their ability to capitalize on these same opportunities.

我們在各項業務上正全速前進，並相信有強勁的順風推動未來成長。同時，我們也看到許多競爭對手出現干擾，削弱了他們把握相同機會的能力。

We remain laser focused on servicing our target customers and applications, as we further extend our leadership position and capture a greater share of the high-performance analog, RF, microwave, and millimeter-wave market.

我們仍高度專注於服務目標客戶與應用領域，進一步擴大我們的領導地位，並在高效能類比、RF、微波與毫米波市場中取得更高的市占。

With that, let me provide our guidance for the fourth fiscal quarter ending October 3, 2014.

接下來，我提供截至2014年10月3日止的本會計年度第四季財測指引。

We expect another quarter of solid growth, with revenue expected be in the range of $112 million to $116 million, which would be roughly 5% to 9% sequential growth, after adjusting for the sale of CPE.

我們預期將再迎來一季穩健成長，營收預估介於1億1,200萬至1億1,600萬美元之間；在調整出售CPE的影響後，約相當於逐季成長5%至9%。

We expect non-GAAP gross margin between 50% and 53% and non-GAAP earnings per diluted share between $0.31 and $0.34 on an anticipated 49 million shares outstanding.

我們預期非GAAP毛利率介於50%至53%之間，非GAAP稀釋後每股盈餘介於0.31至0.34美元之間，假設流通在外股數約為4,900萬股。

Operator, you may now open the call to questions.

接線員，您現在可以開放提問。

(operator instructions) Blayne Curtis from Barclays.

（接線員指示）Barclays的Blayne Curtis。

Hey, guys. Nice results. Maybe as a first question you can talk about by segment, as you look at the outlook, whether there's any outliers, as far as up or down. You obviously have to absorb the CPE fallout, but if you could quantity that, too, a little bit. I know you said it was 5% to 9%, but I'm assuming you're backing out of June, as well. If you could just clarify, thanks.

嗨，各位。結果很不錯。第一個問題，或許你們可以按部門談談，在展望上是否有任何特別突出的地方，不論是向上或向下。你們顯然需要吸收CPE的影響，但也請稍微量化一下。我知道你們說是5%到9%，但我猜你們也把6月的影響扣除了。如果可以請澄清一下，謝謝。

So let me start with the last question, Blayne.

Blayne，我先從最後一個問題開始。

So the CPE revenue in the third fiscal quarter was $5 million. So we have to account for that, plus the additional growth on top. In looking at the projections and the outlook by our end markets, it's pretty much up and to the right across the board.

CPE在本會計年度第三季的營收為500萬美元。因此我們必須把這部分納入考量，再加上其上的額外成長。從各終端市場來看，我們的預測與展望基本上是全面上升、持續向好。

We've got parts of our business, like A&D and the automotive business, which are kind of mid-single-digit growth. And then in multi-market and networks, it looks like low double digits. So it's pretty much strength across the board.

我們的業務中有些部分，例如航太與國防（A&D）以及汽車業務，成長大約是中個位數百分比。然後在多元市場與網路方面，看起來是低雙位數百分比。因此基本上是全面性的強勁表現。

Thanks for that. And maybe just following up, carrier networks, we've seen mixed results. I know you're not completely focused on China [wireless], but just your perspective on just how these roll-outs are happening and how -- is it affecting you? Are you seeing any pause in demand? Just any perspective you have would be great. Thanks.

謝謝。再追問一下，關於電信營運商網路，我們看到結果好壞參半。我知道你們並不是完全聚焦在中國的[無線]，但想請教你們對這些佈建推進情況的看法，以及——這是否正在影響你們？你們有看到需求暫停嗎？任何你能分享的觀點都很棒。謝謝。

Sure. As I've said in previous quarters, we've had very little exposure to the -- both the good times and perhaps forthcoming down times in terms of the LTE build-out in China. We do have some switch business, but that's very modest compared to what kind of exposure others have.

當然。如同我在前幾季所說，我們對中國 LTE 建設的——無論是景氣好的時候，或是可能即將到來的下行時期——曝險都非常小。我們確實有一些交換器（switch）業務，但相較於其他公司所承擔的曝險程度，這部分非常有限。

We do see signs of life. We've had another strong quarter of sequential growth in our wireless backhaul business, and that projects forward also with a nice quarterly sequential growth, forward looking the next quarter. And, indeed, it looks like Europe is showing signs of life, which is where we have our primary exposure.

我們確實看到一些復甦跡象。我們的無線回傳（wireless backhaul）業務又出現了另一個強勁的連續季成長，而且展望未來，下一季也預期會有不錯的季對季成長。並且，歐洲看起來也出現復甦跡象，而那正是我們主要的曝險所在。

Thanks. And then just a quick one for Bob. If you could just -- the interest expense, is that the new run rate that you're seeing in June? And then just on taxes into September, as well.

謝謝。再快速問 Bob 一題。利息費用方面——這是你們在 6 月看到的新常態水準（run rate）嗎？另外，稅率到 9 月也是一樣嗎？

So taxes -- we'll answer last first -- the taxes will continue for the fourth quarter at 23.5%.

稅率——我們先回答後面那題——第四季稅率將維持在 23.5%。

The term B was outstanding for only a partial amount of the quarter, not the complete quarter, so it will rise slightly to about a little over $4 million per quarter as sort of the run rate.

Term B 貸款在本季只在部分期間未償，並非整季都在，因此利息費用會小幅上升，作為常態水準大約每季略高於 400 萬美元。

Okay. Thanks.

好的，謝謝。

Harlan Sur from J.P. Morgan.

摩根大通（J.P. Morgan）的 Harlan Sur。

Good afternoon. Thanks for taking my question, and solid job on the June-quarter results.

下午好。謝謝讓我提問，6 月季度的結果表現也很扎實。

A&D was up 12% sequentially in the June quarter. I think you just said that it's going to be up mid-single digits in the September quarter. Can you guys just talk about the sequential growth drivers that drove strength in the business, both in June and your expectations about the applications that are driving the growth in the September quarter?

航太與國防（A&D）在 6 月季度季對季成長 12%。我想你剛剛提到 9 月季度會是中個位數成長。能否談談帶動業務走強的季對季成長動能——包括 6 月的表現，以及你們對 9 月季度由哪些應用帶動成長的預期？

Well, I can tell you backward-looking with a little more detail. Forward-looking, I actually don't have that in front of me.

我可以就回顧面提供更細的說明。至於前瞻部分，我手邊其實沒有相關資料。

But for the third-quarter growth, it was pretty much across both the, really civil radar and satellite communications, so it was across the board. There wasn't a single end-market application that stood out. So it was pretty much widespread.

但就第三季的成長而言，基本上涵蓋了民用雷達與衛星通訊兩個領域，算是全面性的成長。沒有單一終端市場應用特別突出，所以是相當廣泛的。

And then forward-looking, we see continued lift -- actually, let me take a look at my notes, here -- it looks like communications again a slight lift, and then in some radar programs -- yes, actually radar is also showing growth.

至於前瞻，我們看到持續的拉升——我看一下我的筆記——看起來通訊方面會再小幅上升，另外在一些雷達專案上——是的，雷達也呈現成長。

So it looks like it's pretty much across the board again next quarter.

所以看起來下一季同樣也是全面性的表現。

Got it. Is that more commercial radar that you're talking about?

了解。你說的比較偏商用雷達嗎？

Yes, a lot of our exposure of radar programs now at this point. Forward-looking, we've got a lot more defense, but right now, present tense, a lot of its air-traffic control.

是的。我們目前在雷達專案的曝險很大一部分是這類。從前瞻來看，我們會有更多國防相關，但就目前此刻而言，很多是空中交通管制。

Okay, got it. And then, I know it's kind of early days, but typically there's not much in the way of seasonality in your business, but looking at your design win and customer and program pipeline, how should we think about the revenue trends looking at the December quarter?

好的，了解。另外，我知道現在可能還早；一般來說你們的業務季節性不強，但從你們的設計導入（design win）、客戶與專案管線來看，我們應該如何看待 12 月季度的營收趨勢？

Harlan, there's two things that come up this year that have the effect of seasonality in our fiscal Q1.

Harlan，今年有兩件事會對我們的會計年度第一季（fiscal Q1）產生類似季節性的影響。

We see strength at Ford on the new model years, but there's some tooling to be done there. So we see some pull-back against normal production run rates on the auto business. But that's (technical difficulty) tool up a bit.

我們看到 Ford 在新車款年度（new model years）方面表現強勁，但那裡需要做一些工裝治具（tooling）。因此在汽車業務上，相對於正常量產的節奏，我們會看到一些回落。但那是（技術問題）需要稍微把產線/工裝拉升一下。

And then in the HPA business, high-performance-analog product business, there's some seasonality with respect to some of the fiber-to-the-home products. And so that's different from past years with M/A-COM.

另外在 HPA 業務，也就是高效能類比（high-performance-analog）產品業務方面，部分光纖到府（fiber-to-the-home）產品存在一些季節性。因此這與過去 M/A-COM 的年份不同。

Would you kind of generally expect the fourth-quarter revenue trajectory to be down slightly sequentially, then?

那麼你會大致預期第四季營收走勢會季對季小幅下滑嗎？

No, no. Fourth quarter? No. Fourth quarter, we're guiding up. But that's more of a seasonality for the first quarter of fiscal [2015].

不，不。第四季？不會。第四季我們的指引是上升。但那比較是影響到會計年度[2015]的第一季的季節性。

Right. So that's (multiple speakers) fourth-quarter calendar is our first fiscal. So (multiple speakers) --.

對。所以（多位講者）日曆年的第四季是我們的會計年度第一季。所以（多位講者）——。

That's what I'm trying to figure out. So should we -- given some of the seasonality trends -- and I know you just highlighted a couple of them -- but directionally speaking, would we anticipate your fiscal Q1 to be down slightly, or too early to tell?

這正是我想釐清的。所以我們是否——考量一些季節性趨勢——我知道你剛提了幾項——但就方向性而言，我們是否應預期你們的會計年度 Q1 會小幅下滑，還是現在判斷仍太早？

No, I think it is down slightly.

不，我認為會小幅下滑。

Okay, got it. Thank you for that. And then, Bob, you're guiding gross margins relatively flattish in September, but you don't have the low-margin CPE business; and I'm assuming that your incremental revenues are coming on at 60% to 70% incremental gross margin. I'm just trying to reconcile that with your flattish guidance here. How do you set the midpoint of the range?

好的，了解，謝謝。接著，Bob，你們對 9 月的毛利率指引相對持平，但你們已經沒有低毛利的 CPE 業務；而且我假設新增營收的增量毛利率大約是 60% 到 70%。我想把這點和你們持平的指引對起來。你們是如何設定區間中點的？

Well, I would say the midpoint of the range looks -- it's up slightly, but basis points, obviously. We do have 3,000 products, and we ship anywhere from 1600 to 1800 different products.

我會說區間中點看起來——其實是略微上升，但只是以基點（basis points）計。我們有 3,000 個產品，出貨的品項大約介於 1,600 到 1,800 種不同產品。

And some of the strength in some of the older products that come back have slightly lower margin than the new products. So we're projecting a mix that is in the range that we gave the (multiple speakers) --.

而一些回溫的較舊產品，其毛利率會比新產品略低。因此我們預估的產品組合會落在我們給出的區間內（多位講者）——。

Maybe I can add some color. So it's coming off a very favorable [next] quarter. So if you look at our gross margin this past quarter and our third quarter, our relative guidance, we're at the top end of gross-margin mix.

我補充一些背景。因為是從一個非常有利的[上一]季基期下來。如果你看我們上季的毛利率以及第三季的相對指引，我們是在毛利率組合的高端。

So we had a favorable mix. And then, your observation is not inaccurate. So I would say our gross-margin improvement will be not as strong, possibly. But to be honest, as Bob said, it's one of toughest things to predict, because there can be so many puts and takes during the quarter. But again, third quarter was very favorable.

所以我們有一個有利的組合。而你的觀察並沒有錯。因此我會說，我們的毛利率改善可能不會那麼強。不過老實說，如 Bob 所說，這是最難預測的事情之一，因為一季之中會有很多拉鋸與變動。但再次強調，第三季非常有利。

That makes sense. (inaudible) captured a lot of the incremental gross-margin opportunity in the June quarter. So I can understand the tough comparison. Okay, thank you very much.

這樣就說得通了。（聽不清）你們在 6 月季度已經捕捉到不少增量毛利率的機會，所以我能理解比較基期很難。好的，非常感謝。

You're welcome. Thank you.

不客氣。謝謝。

Quinn Bolton from Needham & Company.

Needham & Company 的 Quinn Bolton。

Hey, guys (inaudible). Congratulations. I just wanted to come back to the radar. You discussed a number of radar programs at analyst day [EMPAR] for civil or air-traffic control and some of the active, electronically scanned defense programs.

嗨，各位（聽不清）。恭喜。我想回到雷達的話題。你們在分析師日談到多個雷達專案，[EMPAR] 用於民用或空中交通管制，以及一些主動式電子掃描的國防專案。

It sounds like the radar strength you're seeing now -- is that more the EMPAR civil, or is EMPAR still ahead of us? And then for the military radar programs you talked about at analyst day, when do you see those really starting to kick in? And then I've got a follow-up question.

聽起來你們現在看到的雷達強勁——是比較偏 EMPAR 的民用部分，還是 EMPAR 還在後面？另外，你們在分析師日提到的軍用雷達專案，你們何時會看到它們真正開始放量？我還有一個追問。

So let me walk through the number of facets to your questions.

我來逐一說明你問題中的幾個面向。

So the present-tense revenue is largely legacy air-traffic-control business with our pulsed-power transistors, where we're number one in the market for, I would say, conventional radar systems.

就目前的營收而言，主要來自既有的空中交通管制業務，使用我們的脈衝功率電晶體（pulsed-power transistors）。在我看來，就傳統雷達系統而言，我們是市場第一。

EMPAR is still ahead of us, although, interestingly over lunch today, there are very strong signs of life that things could be coming in in the relatively near term, some very sweet orders.

EMPAR 仍然在我們之後才會發生，不過有趣的是，今天午餐時我們看到非常強烈的復甦跡象，顯示相對近期可能就會進來一些非常漂亮的訂單。

And then to answer your question about defense radar, we've won some programs that should be turning into material production in our fiscal 2015.

至於你問的國防雷達，我們已經拿下了一些專案，應該會在我們的會計年度 2015 轉為具規模的量產。

So all of this kind of layers on top of the legacy stuff. Again, those will be some of the growth drivers for next year.

所以這些都會疊加在既有業務之上。再次強調，這些將會是明年的一些成長動能。

Great. And then the follow-up question is just on the optical business. I think you said that was one of the drivers for the June quarter. Could you go into a little bit more detail? Was that mostly 100-gig? Did you also see growth in the fiber-to-the-home part of that business? Any more color you could provide in optical would be helpful.

很好。追問是關於光學業務。我想你說那是 6 月季度的動能之一。你能否再多談一些細節？那主要是 100G 嗎？你們在該業務的光纖到府部分也有看到成長嗎？任何你能提供的光學業務補充資訊都會很有幫助。

So the optical I referred to in driving the growth was actually the 100-gig optical. So this is the long-haul, metro stuff, and it more than doubled in the quarter.

所以我先前提到、用來帶動成長的光學其實是 100G 光學。這是長途、都會網路相關的部分，而且在本季成長超過一倍。

And you expect optical to continue to grow in September?

那你們預期光學在 9 月還會持續成長嗎？

It will continue to grow. I'm not saying we're going to be putting back-to-back doubling quarters, but it's -- as we described at the analyst day, it's one of the key growth drivers for the Company.

會持續成長。我不是說我們會連續兩季都翻倍，但正如我們在分析師日所描述的，這是公司其中一個關鍵的成長驅動力。

Great. Thank you.

很好，謝謝。

Steve Smigie from Raymond James.

Raymond James 的 Steve Smigie。

Thanks a lot, guys, and congratulations on the numbers.

非常感謝各位，也恭喜這次的數字表現。

Thanks (multiple speakers).

謝謝（多位發言者）。

Hey, guys, can you hear me?

嘿，各位，你們聽得到我嗎？

Yes.

聽得到。

Sorry about that. I was just saying congratulations on the numbers and I was just going to ask about the high-performance analog business and how that looks going into September. I think you talked about the group overall, but just specifically for HPA.

抱歉。剛剛只是說恭喜這次的數字，我想問一下高效能類比（HPA）業務，進入 9 月看起來如何？我知道你們談了整個事業群，但我想特別針對 HPA。

So that's continuing to grow, putting together sequential quarters of very, very nice growth, I would say consistent with the kind of growth numbers that we talked about across our end segments, which -- I mean, between A&D, multi-market, and networks, they were all above 10% sequential growth. That's the kind of numbers I would be referring to.

那部分仍在持續成長，連續幾季都有非常、非常不錯的成長；我會說與我們在各終端市場所談到的成長數字一致——也就是在航太與國防（A&D）、多元市場（multi-market）以及網路（networks）之間，季對季成長都超過 10%。我指的就是這種水準。

And on a go-forward basis, I would say next quarter it's similar kind of growth rates. And the one thing I would caution -- Bob referred to -- is their [pawn] business tends to see some seasonality that the previous M/A-COM portfolio has never experienced, so some exposure to more seasonal aspects of build-outs. But the vision as anticipated coming into the Company is being realized fully.

往後看，我會說下一季也是類似的成長率。有一點要提醒——Bob 也提到——他們的 [pawn] 業務往往會出現一些季節性，這是先前的 M/A-COM 產品組合從未經歷過的，因此會有一些更具季節性的建置（build-outs）面向曝險。不過，當初併入公司時所預期的願景正在完全實現。

Thanks. And then on the auto business, can you talk about over the next couple of years how you see this trajectory of that business? I think you're still doing some investment there. Is that kind of steady (inaudible) cash-flow-producing business?

謝謝。那再問汽車業務，你能談談未來幾年你們怎麼看這塊業務的走勢嗎？我想你們仍在做一些投資。這是否算是一個穩定（聽不清）且能產生現金流的業務？

Yes. I mean, our relationship with Ford has never been stronger. We continue with -- we don't consider that to be a growth business because we believe Ford's fully saturated in terms of their portfolio with the SYNC feature in their systems and their cars.

是的。我們與 Ford 的關係從未如此緊密。我們持續——我們不把它視為成長型業務，因為我們相信 Ford 在其系統與車款中導入 SYNC 功能的產品組合已經完全飽和。

But we certainly have a portfolio extending beyond the current GPS functionality to advanced driver systems. And we have other customers and other engagements.

但我們確實有一個產品組合，從目前的 GPS 功能延伸到先進駕駛系統。我們也有其他客戶與其他合作案。

We tend not to talk about it because -- you know, at this point, automotive companies are working on model-year 2018; so we don't want to confuse people with short-term versus long-term growth.

我們通常不太談這部分，因為——你知道——目前汽車公司正在做的是 2018 年式（model-year 2018）；所以我們不想讓大家把短期與長期成長混為一談。

But, as you said, it's a very, very nice business, still accretive to our operating margins. So it's a great cash generator for us.

但如你所說，這是一個非常、非常好的業務，對我們的營業利益率仍具增益（accretive）。所以它對我們而言是很棒的現金產生器。

Great, thanks. And the last question -- just in consolidation. As you mentioned, there's a lot of activity in the space right now. You guys just beefed up your balance sheet, and you already (inaudible) some acquisitions here recently. But how do you see your activity going forward? Is it imperative that you do stuff quickly here?

很好，謝謝。最後一個問題——關於產業整併。正如你提到的，這個領域目前活動很多。你們剛強化了資產負債表，而且最近也已經（聽不清）做了一些收購。但你們接下來怎麼看你們的動作？你們是否必須在這裡快速出手？

No. I don't feel undue pressure to do things quickly. We certainly have cash in the balance sheet. We have the ability to do things. But we pride ourselves in being very disciplined in the transactions that we choose to trigger. And those don't come along on short order. You have to be waiting for the right deal at the right time.

不。我不覺得有不必要的壓力要快速做事。我們的資產負債表上確實有現金，也有能力去做。但我們以在所選擇啟動的交易上非常自律為傲，而這些交易不會在很短時間內就出現。你必須等待對的時間、對的案子。

And the other thing that we care very much about is remaining focused on the markets, the customers, and the technologies that are close and adjacent.

另外，我們也非常在意要持續聚焦在相近與相鄰（close and adjacent）的市場、客戶與技術。

We don't want to get ourselves spread out and going in five directions simultaneously. So it's an issue of beefing up, either in the markets or technologies; but it's all about sticking to the knitting and getting stronger in our areas of focus.

我們不希望把自己攤得太開、同時往五個方向走。所以這是強化的問題——不論是在市場或技術上；但重點是要專注本業（sticking to the knitting），並在我們的聚焦領域變得更強。

Okay, great. Thanks, and congratulations on the numbers.

好的，很好。謝謝，也恭喜這次的數字表現。

Mark Lipacis from Jefferies.

Jefferies 的 Mark Lipacis。

Hi. Thanks for taking my question -- two questions. First, on the growth. The growth rates are impressive. We've also heard from several other broader-based companies some pretty good growth rates, John, and I was wondering if you would be able to share your perspective of where you think we are cyclically, or where we are in the cycle. Could you guys talk about your lead times? Are they stretching or shrinking? And what kind of visibility do you have into inventories of your products or your customer products downstream, to the extent that you have any concerns about inventory [builds]?

嗨，謝謝讓我提問——兩個問題。第一個關於成長：成長率很亮眼。我們也從其他幾家更廣泛布局的公司聽到一些相當不錯的成長率，John，我想請你分享一下你對目前景氣循環位置、或我們在循環中的階段的看法。你們能談談交期（lead times）嗎？是在拉長還是縮短？另外，就你們所能掌握的範圍，你們對自家產品或客戶下游產品的庫存能見度如何？你們是否對庫存[堆積]有任何疑慮？

Relative to other companies [I worked for] we are really not exposed to the industry inventory cycles, anywhere near other people in the industry.

相較於其他公司（我曾任職的），我們其實幾乎沒有暴露在產業庫存循環中，遠遠低於產業內其他人。

I can tell you we do have very good insight into our distribution, as well as customer inventories. We see no evidence of any kind of inventory -- excess inventory build. I think it's a very healthy state right now. In fact, we've gone through a very deliberate process of draining our channel inventories.

我可以告訴你，我們對通路以及客戶庫存都有非常好的洞察。我們看不到任何庫存——過剩庫存堆積的跡象。我認為目前狀態非常健康。事實上，我們已經透過一個非常審慎的流程，把通路庫存刻意地降下來。

So it's a very high-quality revenue quarter, and the backlog looks very consistent with the growth aspirations we have. So it's -- I think we're playing (inaudible) still, realizing genuine growth.

所以這是一個非常高品質的營收季度，而在手訂單（backlog）看起來也與我們的成長企圖非常一致。所以——我認為我們仍在（聽不清）並且正在實現真正的成長。

How about the lead times?

那交期呢？

There's certain foundry partners of ours that have stretched some lead times in one particular part of our business. But I would say that's very, very limited exposure. For the most part, we don't have any lead-time issues.

我們有某些晶圓代工夥伴，在我們某一個業務的特定部分拉長了一些交期。但我會說那是非常、非常有限的曝險。大致上，我們沒有任何交期問題。

Okay. Thank you. And a follow-up if I may, a follow-up on the previous question. So as we think about your M&A strategy, it sounds like you prefer to go deeper within your existing product set, as opposed to broader and doing a bolt-on. Is that fair?

好的，謝謝。那如果可以的話我再追問一題，延續前一個問題。當我們思考你們的併購策略時，聽起來你們偏好在既有產品組合內做更深的延伸，而不是做更廣、做一個外掛式（bolt-on）的擴張。這樣理解公平嗎？

No, not necessarily. To me, it's an issue of adjacency, and the Mindspeed transaction is a perfect example. It was very highly complementary in expansion of our product portfolio, but it was the same customers and the same applications.

不一定。對我而言，重點在於相鄰性（adjacency），而 Mindspeed 這筆交易就是完美例子。它在擴充我們的產品組合上高度互補，但面對的是相同的客戶與相同的應用。

So what I would shy away from is something that is different technology in a different market with different customers that just gets us spread thinner rather than getting leverage from our existing either product market or technology position.

所以我會避免的是：不同市場、不同客戶、不同技術的案子，那只會讓我們分散得更薄，而不是讓我們從既有的產品市場或技術地位取得槓桿效益。

That's fair. And is there -- can you -- is there a sweet spot in terms of size that you're looking at? Or is there a range, or is there a size above which you would just say, you know, this might be too big for us? Thank you, and that's my last question.

了解。那在規模方面——你能不能——你們有沒有在看一個甜蜜點（sweet spot）？或是一個範圍？或是大到某個程度你們就會說，這可能對我們來說太大了？謝謝，這是我最後一題。

No, I'd say we're open-minded about all options. But the way we think about it is, we have a very, very rich pipeline of small transactions, [pre-revenue] companies, small little tuck-ins that are really not material. We don't necessarily even talk about them.

沒有，我會說我們對所有選項都保持開放。但我們的思考方式是：我們有一個非常、非常豐富的小型交易管線，包括[尚未有營收]的公司、一些小型的補強（tuck-ins），其實都不具重大性。我們甚至不一定會談到它們。

And then we have transactions like the Nitronex transaction that was a $26 million transaction, which is very nice in terms of [inside straight].

接著有像 Nitronex 這樣的交易，金額是 2,600 萬美元，從[inside straight]的角度來看非常不錯。

And then we go to the Mindspeed-type transaction, which was $277 million, I believe, [enterprise] value. And the only thing that we're religious about is making sure that it's neutral to accretive as quickly as possible.

再來是 Mindspeed 類型的交易，我記得其[企業]價值是 2.77 億美元。我們唯一非常堅持的一點，是要確保它能在最快時間內達到不稀釋到具增益（neutral to accretive）。

With Mindspeed, we managed it in the first quarter of combined operations; but certainly within the first year would be an imperative. And for anything that would be material to the Company, we would make sure that it's neutral to accretive.

以 Mindspeed 來說，我們在合併營運的第一季就做到了；但無論如何，在第一年內達成會是必要條件。而對任何對公司具重大性的交易，我們都會確保它是不稀釋到具增益。

Thanks, John. That's very helpful.

謝謝你，John。這很有幫助。

(operator instructions) Tore Svanberg from Stifel.

（接線員指示）Stifel 的 Tore Svanberg。

Hi, this is [Eric] calling in for Tore. I'll also echo the nice results for the quarter. Getting back to some of the accretion targets that you talked about in the past -- and I know last quarter you said you already achieved $0.07 accretion with respect to that deal -- and we're in line to hit at least $0.21.

嗨，我是代 Tore 撥入的 [Eric]。我也要附和一下，本季結果很不錯。回到你們過去談過的一些增益（accretion）目標——我知道上季你們說就那筆交易而言已經達到每股 0.07 美元的增益——而且你們有望至少達到 0.21 美元。

Based on the June-quarter results and September-quarter outlook, it looks like you're tracking more towards $0.23. What's changed, and is there an update that you have for the accretion expectations?

根據 6 月季度的結果與 9 月季度的展望，看起來你們更像是朝每股 0.23 美元在走。有哪些改變？你們對增益預期有沒有更新？

Eric, I wouldn't change the -- so almost a year has gone by since the acquisition was announced. And the way it's integrated, I think that there is -- definitely within the range of the original $0.15 to $0.20 accretion. We are running slightly ahead of that. But we're achieving efficiencies, as well as the margin on the new products kicking in, is making a difference on the gross-margin line that slightly -- not slightly, is making the difference dropping to the EPS line. So I would chalk up that [delta] to the improving gross-margin product mix.

Eric，我不會改變——所以自從宣布收購以來，差不多已經過了一年。而就整合的方式來看，我認為——肯定仍在原先每股盈餘增加（accretion）0.15 到 0.20 美元的區間內。我們的表現略微超前於此。但我們正在達成效率提升，同時新產品的毛利率開始貢獻，正在毛利率那一行產生影響，這個影響——不只是些微——正是讓 EPS 那一行出現差異的原因。所以我會把那個[差額]歸因於毛利率產品組合的改善。

I didn't quite follow the math -- the logic, but let me just add some color to Bob's comments.

我沒有完全跟上那個數學——那個邏輯，但我想補充一些背景來呼應 Bob 的評論。

So the Mindspeed transaction has continued to only exceed our expectations throughout. I would say the only thing that has gone the other way in that September (inaudible) thing is with the term loan that was dilutive to our earnings, with the interest expense. So that might look to be dampening the benefit of the Mindspeed transaction. But once we put the money to work, we'll hopefully pull another Mindspeed.

所以 Mindspeed 這筆交易一路以來都持續超出我們的預期。我會說唯一往相反方向走的，是 9 月那個（聽不清）項目，因為定期貸款帶來的利息費用對我們的獲利有稀釋效果。所以看起來可能會壓抑 Mindspeed 交易帶來的效益。但一旦我們把資金投入運用，我們希望還能再做出另一個 Mindspeed。

No, I got that. I mean -- I was considering the $0.03 in the June quarter in relation to that. But that's helpful, thanks.

不，我理解。我是說——我是在把 6 月季度的 0.03 美元跟那個做對照。不過這很有幫助，謝謝。

In relation to your target model, I think you mentioned a 60%, 30% gross operating margin. What revenue run rate would you need to achieve to hit those numbers or come close?

就你們的目標模型而言，我想你提到 60%、30% 的毛利率與營業利益率。要達到或接近那些數字，你們需要達到什麼樣的營收 run rate？

Well, it's our long-term model, and we strive to work everything to the most -- it drives the way we invest in products and what product areas, potential new development based upon incremental gross margin, obviously.

嗯，那是我們的長期模型，我們努力把所有事情往最——它會驅動我們如何投資產品、投資哪些產品領域，以及基於增量毛利率來評估潛在的新開發，這點很明顯。

We don't have a time horizon, but I think over time you'll continue to see the progression of gross margin and operating margin increase as revenues increase across the board.

我們沒有時間表，但我認為隨著時間推進，當營收全面成長時，你會持續看到毛利率與營業利益率逐步提升。

So we don't have a time frame, nor do we have a revenue target. But I think we'll continue to make progress over the next few years.

所以我們沒有時間框架，也沒有營收目標。但我認為未來幾年我們會持續取得進展。

Okay. Thanks. And maybe just one more if I could squeeze in. I think in the past you talked about how much you had booked in the quarter that gives you the confidence in your guidance. Can you provide that for us?

好的，謝謝。那如果我可以再擠一個問題：我記得過去你們談過，本季已經接到多少訂單，讓你們對指引有信心。你們可以提供這個數字嗎？

I would tell you that our book to bill was over 1.

我可以告訴你，我們的接單出貨比（book-to-bill）大於 1。

I would only add that the backlog is very consistent with previous percentages at this point in the quarter. There's nothing to stand out. If anything, it's stronger. But we've decided that's not necessarily material, especially with the introduction of the Mindspeed portfolio. It kind of behaves differently than our traditional, with more [terms] business over in China. But it's all, if anything, favourable to prior quarters.

我只想補充，積壓訂單（backlog）在本季目前這個時間點的比例，與以往非常一致。沒有什麼特別突出的；如果有的話，是更強。但我們決定這未必具有重大性，尤其是導入 Mindspeed 產品組合之後。它的表現方式與我們傳統業務有些不同，在中國那邊有更多[條款]型業務。但整體而言，如果有差別，也是比前幾季更有利。

Thanks so much.

非常感謝。

Harsh Kumar from Stephens.

Stephens 的 Harsh Kumar。

Hey, guys. A couple of questions, and my congratulations, as well, on the good numbers.

嗨，各位。我有幾個問題，也要恭喜你們交出很好的數字。

This was just asked a second ago on the long-term model. I'm curious if you have a midterm model or you've given some thought about what -- given the tremendous amount of improvements that you had, is there something we should be looking for in the next, call it a year or two-year time frame, Bob, are you still going to hold to the long-term model?

剛剛有人問到長期模型。我好奇你們是否有中期模型，或是否想過——鑑於你們有這麼大幅度的改善，在接下來大概一年或兩年的時間框架內，我們應該期待什麼？Bob，你還是會堅持長期模型嗎？

I will tell you this. I think we can continue the progression that you've seen. As revenues go up, I think the dynamics are at play that we will continue to eke out increment gross-margin increases over the next few quarters. So that -- obviously, you get to something below 60% to get to 60%, so you'll see that March to 60% over time.

我可以這麼說。我認為我們可以延續你所看到的那種進展。隨著營收上升，我認為相關動態會持續發揮作用，讓我們在接下來幾個季度繼續一點一滴擠出毛利率的增量提升。所以——很明顯，你會先到 60% 以下再走向 60%，因此你會看到毛利率隨時間逐步邁向 60%。

We're ahead of where we had originally projected, even with the Mindspeed transaction. So with things going well, I can tell you that my mindset is reaching 55% next. That will be to next celebration point, and then with an eye towards 60%.

我們目前的表現已經超前於原先的預測，即使把 Mindspeed 交易也算進來。所以在各項進展順利的情況下，我可以告訴你，我的心態是下一個目標先達到 55%。那會是下一個值得慶祝的里程碑，然後再把目光放在 60%。

To be honest -- like I said at the analyst day, 60% is only [a way point in addition]. And who's to say two years is long term? (laughter)

坦白說——就像我在分析師日說的，60% 只是[額外的一個途徑點]。而且誰說兩年就算長期呢？（笑聲）

Got it. Understood. And I was wondering -- I know this was asked, as well, earlier -- but I was wondering if you could give us some clarity on what impact maybe the month of CPE had on your margins. I know you talked a lot about maybe the nice mix and why the margins won't go up this quarter, but maybe help us understand how much it costs you in terms of gross profit from that one month.

了解，明白。我想問——我知道之前也有人問過——但我想請你更清楚說明，CPE 那一個月對你們毛利率可能造成了什麼影響。我知道你談了很多關於良好的產品組合，以及為什麼本季毛利率不會上升，但能否幫我們理解，那一個月在毛利方面大概讓你們付出了多少成本？

I would say this, that -- if we had it for the full quarter, all the CPE business -- so quarter over quarter, we would have been closer to the low end of the guidance than where we are today.

我會這麼說——如果整個季度都有 CPE 業務——也就是所有 CPE 業務都在整季反映的話——那麼以季對季來看，我們會更接近指引區間的低端，而不是像現在這樣。

That's really helpful, Bob. And then last question I had was on the CapEx. Very good control on CapEx. I think you were talking about $4.3 million, or so. Is that a number we should think about from here on for the foreseeable future? Or is that number just a low number, likely to go up?

這很有幫助，Bob。最後一個問題是關於資本支出（CapEx）。你們對 CapEx 控制得很好。我想你提到大約 430 萬美元左右。這個數字是否可以視為未來可預見期間的水準？還是這只是偏低、之後可能會上升的數字？

No, we're -- again, from what we foresee today, as our capital needs and how we're spending and how we're budgeting for things, 4% is the annual target for capital expenditures. If it goes up a little per quarter, it's sort of smoothing that; but that's really the target that we think this business needs.

不，我們——同樣地，就我們目前所能預見的資本需求、支出方式以及預算規劃而言，資本支出的年度目標是營收的 4%。如果每季稍微高一點，那只是平滑化的效果；但這確實是我們認為這個業務所需要的目標水準。

I would reiterate the fact that we're very -- even though we have a manufacturing fab here, we're very capital-light from an investment perspective. So we don't need a lot of capital to continue to grow in CapEx.

我也要重申一點：即使我們這裡有一座製造晶圓廠（fab），但從投資角度來看，我們仍然是非常輕資本（capital-light）的。所以我們不需要大量資本就能持續成長並投入 CapEx。

Got it. Thanks, guys. That's it from me. Congratulations again.

了解。謝謝各位。我這邊就到這裡。再次恭喜。

And we have a follow-up from Quinn Bolton from Needham & Company.

我們有 Needham & Company 的 Quinn Bolton 追問。

Just, Bob, quick thoughts on OpEx into the September quarter. Looks -- you're up a couple plus million in the June quarter. Do you think that's kind of flattish into September, or any thoughts you can provide on OpEx in September?

Bob，簡單談一下 9 月季度的營業費用（OpEx）吧。看起來你們在 6 月季度增加了兩百多萬美元。你認為到 9 月會大致持平，還是你能提供任何關於 9 月 OpEx 的看法？

OpEx will continue to go up. I don't think the change is as large from Q2 to Q3, but it will increase in fiscal Q4.

OpEx 會持續上升。我不認為從 Q2 到 Q3 的變動會像之前那麼大，但在會計年度 Q4 會增加。

Okay, thank you.

好的，謝謝。

I'm showing no further questions at this time. I would like to hand the conference back over to Mr. John Croteau. Sir, you may (technical difficulty) concluding remarks.

我這邊顯示目前沒有其他問題。我想把電話會議交回給 John Croteau 先生。先生，您可以（技術問題）結語。

Very good. A couple of final notes before we close today's call. Bob and I will be participating in multiple IR events this quarter, which will provide several opportunities to meet with our shareholders and investors.

很好。在結束今天的電話會議之前，補充幾點最後說明。Bob 和我本季將參加多場投資人關係（IR）活動，這將提供多個與股東及投資人會面的機會。

First, Bob will be attending the Oppenheimer conference in Boston on August 12, as well as the Jefferies conference in Chicago on August 27.

首先，Bob 將於 8 月 12 日出席在波士頓舉行的 Oppenheimer 會議，並於 8 月 27 日出席在芝加哥舉行的 Jefferies 會議。

We'll also be on the road in New York, Baltimore, Philadelphia, Minnesota, Milwaukee, as well as Los Angeles and San Diego. If you're interested in meeting with us there, please send us an email at ir@macom.com.

我們也會前往紐約、巴爾的摩、費城、明尼蘇達、密爾瓦基，以及洛杉磯和聖地牙哥。如果你有興趣在當地與我們會面，請寄電子郵件至 ir@macom.com。

We look forward to meeting with you in the near future and reporting our continued progress next quarter. Operator, you may now disconnect the call.

我們期待在不久的將來與各位見面，並在下個季度報告我們持續的進展。接線員，您現在可以中斷通話。

Ladies and gentlemen, thank you for participating in today's conference. This concludes our program. You may all disconnect and have a wonderful day.

各位女士、先生，感謝您參與今天的會議。以上為本次議程，您現在可以掛線，祝您有美好的一天。