MACOM Technology Solutions Holdings, Inc. (MTSI) 2015 Q2 法說會逐字稿

Good afternoon, and welcome to M/A-COM Technology Solutions fiscal second quarter 2015 financial results conference call.

下午好，歡迎參加 M/A-COM Technology Solutions 2015 會計年度第二季財務業績電話會議。

(Operator Instructions)

（接線員指示）

As a reminder, this conference call is being recorded today, Tuesday, April 28, 2015. 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（2015 年 4 月 28 日，星期二）錄音。現在我想把電話交給 Shelton Group（M/A-COM 的投資人關係代理機構）的 Leanne Sievers。Leanne，請開始。

Good afternoon, and welcome to M/A-COM Technology Solutions' second-quarter 2015 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 Senior Vice President and Chief Financial Officer, Bob McMullan. If you've not yet received a copy of the press release, you can obtain a copy on M/A-COM's website at www.MACOM.com, under the Investor Relations section.

下午好，歡迎參加 M/A-COM Technology Solutions 2015 年第二季財報電話會議。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。今天與我們一同出席的有 M/A-COM 總裁暨執行長 John Croteau，以及資深副總裁暨財務長 Bob McMullan。若您尚未收到新聞稿，可至 M/A-COM 網站 www.MACOM.com 的「投資人關係」專區取得。

Before I turn the call over to Mr. Croteau, I'd like to remind our listeners that Management's prepared remarks and answers to your questions contain forward-looking statements which are subject to risks and uncertainties. Because actual results may differ materially from those discussed today, M/A-COM claims the protection of the Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and refers you to a more detailed discussion of risks and uncertainties that could result in those differences in M/A-COM's filings with the Securities and Exchange Commission, including its current report on Form 8-K filed today, and quarterly report on Form 10-Q filed on February 2, 2015. Any projections as to the Company's future performance represent Management's estimates as of today, April 28, 2015, and M/A-COM assumes no obligation to update these projections in the future.

在我把電話交給 Croteau 先生之前，我想提醒各位聽眾，管理層的事先準備發言以及對各位提問的回答，包含前瞻性陳述，並可能受到風險與不確定性影響。由於實際結果可能與今日討論內容有重大差異，M/A-COM 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，並請各位參閱 M/A-COM 向美國證券交易委員會（SEC）提交之文件中，對可能導致差異之風險與不確定性的更詳細說明，包括今日提交的 Form 8-K 當前報告，以及 2015 年 2 月 2 日提交的 Form 10-Q 季度報告。任何對公司未來表現的預測均代表管理層截至今日（2015 年 4 月 28 日）的估計，M/A-COM 不承擔日後更新這些預測的義務。

The Company's press release and Management statements during this conference call will include discussions of certain non-GAAP measures and financial information. These financial measures, and a reconciliation of GAAP to non-GAAP results are provided in the Company's press release and related current report on Form 8-K, which was filed with the SEC today, and can be found at the Investor Relations section of M/A-COM's website. For those of you unable to listen to the entire call at this time, a recording will be available via webcast for 30 days in the Investor Relations section of M/A-COM's website.

公司新聞稿以及本次電話會議中管理層的陳述，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相關的 Form 8-K 當前報告（已於今日向 SEC 提交），並可於 M/A-COM 網站「投資人關係」專區查閱。若各位目前無法收聽完整會議，網路直播的錄音將於 M/A-COM 網站「投資人關係」專區提供 30 天。

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

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

Thank you, Leanne. Welcome, everyone, and thanks for joining us today. I'll begin today's call with an overview of our second-quarter results for FY15, and then turn the call over to Bob McMullan, our CFO, who will review our financial performance in further detail. I'll then conclude today's prepared comments by providing an overview of our execution during the quarter, and an update on some of our key growth drivers, followed by guidance for the fiscal third quarter of 2015.

謝謝你，Leanne。各位好，感謝今天加入我們。我將先概述 2015 會計年度第二季的業績，接著把電話交給我們的財務長 Bob McMullan，他將更詳細地說明財務表現。之後我會在準備好的結語中，概述我們本季的執行情況，並更新幾項主要成長動能，最後提供 2015 會計年度第三季的財測指引。

Straight to the results. In our first full quarter including BinOptics, revenue for the second quarter was $124.9 million, and came in above the top end of our guidance. Gross margin was 53.1%, coming in just above the midpoint of our guidance, due to strength in our high-margin optical business, partly offset by strong demand in our lower-margin automotive business.

直接看結果。在納入 BinOptics 的第一個完整季度中，第二季營收為 1.249 億美元，高於我們指引區間的上緣。毛利率為 53.1%，略高於指引中點，主要受惠於高毛利的光學業務表現強勁，但部分被低毛利的車用業務需求強勁所抵銷。

Net income came in at $21.3 million, or $0.41 earnings per diluted share, based on our new share count after the February offering. Looking at our end markets, networks was up strong quarter on quarter, on the back of our optical business, as we begin to see 100G metro deployments ramp. Automotive was similarly up strong quarter on quarter, due to the increasing global demand at Ford.

淨利為 2,130 萬美元，或稀釋後每股盈餘 0.41 美元，係以 2 月增發後的新股數計算。就終端市場而言，網路業務在光學業務帶動下，季對季大幅成長，因我們開始看到 100G 都會網（metro）部署加速。車用業務同樣季對季大幅成長，主要因 Ford 的全球需求持續增加。

As expected, multi market demand snapped back from the broad-based seasonal softness we saw in Q1, returning close to our fiscal fourth quarter run rate. Similarly, A&D performed as expected, with demand slightly down quarter on quarter, within the range of usual lumpiness we see in radar program timings. We anticipate that this will improve as early as our fiscal fourth quarter, as active electronically scanned array radar programs begin to ramp.

如預期，多元市場需求自第一季我們看到的廣泛季節性疲弱中回升，回到接近我們會計年度第四季的運行水準。同樣地，航太與國防（A&D）表現符合預期，需求季對季略降，仍在我們在雷達專案時程中常見的波動範圍內。我們預期最早在會計年度第四季就會改善，因主動式電子掃描陣列（AESA）雷達專案將開始放量。

In summary, we are very pleased with another solid quarter of execution by the team. Let me now turn it over to Bob to review our fiscal second quarter financials in more detail.

總結而言，我們對團隊再次交出穩健的執行成果感到非常滿意。接下來我把電話交給 Bob，請他更詳細地回顧我們會計年度第二季的財務表現。

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

謝謝你，John，各位下午好。在我以及 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，以增進各位對我們核心營運表現的理解。各項數字與最可比 GAAP 指標之調節，已包含於今日的財報新聞稿中。

Revenue was $124.9 million, representing a sequential increase of 8.7%, compared to reported revenues of $114.9 million in the prior quarter, and an increase of 16.2%, compared to the $107.5 million in the fiscal second quarter of 2014. The 2014 fiscal quarter included revenues from the CPE business sold in May of 2014 of $9.7 million. Adjusting for the CPE business, revenue grew 27.8% over the prior year's fiscal quarter. Networks was $67.1 million, aerospace and defense was $19.5 million, automotive was $22.5 million, and multi-market was $15.8 million.

營收為 1.249 億美元，較前一季公告營收 1.149 億美元季增 8.7%，並較 2014 會計年度第二季的 1.075 億美元年增 16.2%。2014 年該會計季度包含於 2014 年 5 月出售之 CPE 業務營收 970 萬美元。若排除 CPE 業務影響，營收較去年同期成長 27.8%。其中，網路業務為 6,710 萬美元，航太與國防為 1,950 萬美元，車用為 2,250 萬美元，多元市場為 1,580 萬美元。

Gross profit in the fiscal second quarter was $66.3 million, or 53.1% of revenue, compared to $61.7 million or 53.7% of revenues in the prior quarter, and $53 million or 49.3% in the fiscal second quarter of 2014. Gross margin benefited from selling higher gross margin products, but down 50 basis points, due to a different product mix than the fiscal first quarter, including higher automotive revenue.

會計年度第二季毛利為 6,630 萬美元，佔營收 53.1%；相較之下，前一季為 6,170 萬美元、毛利率 53.7%，而 2014 會計年度第二季為 5,300 萬美元、毛利率 49.3%。毛利率受惠於銷售較高毛利產品，但較第一季下降 50 個基點，原因在於產品組合不同，包括車用營收占比提高。

Operating expenses for the second quarter. Total operating expenses were $36 million compared to $34.6 million in the prior quarter, and $31.6 million in the prior year's quarter. The overall increase in operating expense was the full quarter's inclusion of BinOptics expenses.

第二季營業費用方面：營業費用總額為 3,600 萬美元，前一季為 3,460 萬美元，去年同期為 3,160 萬美元。營業費用整體增加主要因本季完整納入 BinOptics 的費用。

Research and development expense for the second fiscal quarter was $18.7 million. This compared to R&D expense of $18.5 million in the prior quarter, and $17 million in the fiscal second quarter of 2014. R&D as a percentage of revenue represented 15% in the fiscal second quarter, compared to 16.1% in the previous quarter, and 15.8% in the prior year's quarter. The expense increase was due to the inclusion of BinOptics expenses, offset by lower variable compensation expense.

會計年度第二季研發費用為 1,870 萬美元；前一季研發費用為 1,850 萬美元，2014 會計年度第二季為 1,700 萬美元。研發費用佔營收比重在第二季為 15%，相較前一季為 16.1%，去年同期為 15.8%。費用增加係因納入 BinOptics 費用，但部分被較低的變動薪酬費用所抵銷。

Selling, general and administrative expenses for the fiscal second quarter were $17.3 million. This compared to SG&A expense of $16.1 million in the prior quarter, and $14.6 million in the prior year's quarter. SG&A as a percentage of revenue represented 13.9% in the fiscal second quarter, compared to 14.1% in the previous quarter, and 13.6% in the prior year's quarter. The expense increase was due to the inclusion of BinOptics expenses, and higher commission expenses, offset by lower variable compensation expense.

會計年度第二季銷售、一般及行政（SG&A）費用為 1,730 萬美元；前一季 SG&A 費用為 1,610 萬美元，去年同期為 1,460 萬美元。SG&A 佔營收比重在第二季為 13.9%，相較前一季為 14.1%，去年同期為 13.6%。費用增加係因納入 BinOptics 費用，以及較高的佣金費用，但部分被較低的變動薪酬費用所抵銷。

Income from operations was $30.3 million, or 24.3% of revenue. This compares to $27.1 million or 23.6% of revenues in the prior quarter, and $21.4 million or 19.9% of revenues in the prior year's quarter. Solid gross margins and leveraging of our global infrastructure drove the continued improvement in operating income and margin in the fiscal second quarter further towards our goal of 30% operating margin.

營業利益為 3,030 萬美元，佔營收 24.3%。相較之下，前一季為 2,710 萬美元、佔營收 23.6%，去年同期為 2,140 萬美元、佔營收 19.9%。穩健的毛利率以及對全球基礎設施的槓桿效益，推動會計年度第二季營業利益與營業利益率持續改善，進一步朝我們 30% 營業利益率的目標邁進。

EBITDA, or earnings before interest, taxes, depreciation and amortization was $34.1 million, up from $30.6 million in the prior fiscal quarter, and $24.8 million in the prior year's fiscal second quarter. This represents growth of 11.4% sequentially, and 37.4% year-over-year. Interest expense was $4.3 million in the fiscal second quarter, even with $4.3 million in the fiscal first quarter. $100 million of proceeds of the primary shares sold in February were used to pay down our revolving credit agreement.

EBITDA（息稅折舊攤銷前盈餘）為 3,410 萬美元，高於前一會計季度的 3,060 萬美元，以及去年會計年度第二季的 2,480 萬美元。這代表季增 11.4%，年增 37.4%。會計年度第二季利息費用為 430 萬美元，與會計年度第一季的 430 萬美元持平。2 月出售之主要股份所募得的 1 億美元資金，用於償還我們的循環信用協議（revolving credit agreement）。

Turning to income taxes. Our effective income tax rate for the fiscal second quarter was 18%, the same as the prior fiscal quarter, and 23.6% in the year-ago quarter. Our cash taxes paid in the fiscal second quarter were just 3%.

接著談所得稅。我們在本財年第二季的有效所得稅率為 18%，與上一財季相同，而去年同期為 23.6%。我們在本財年第二季實際支付的現金稅僅為 3%。

Our fiscal quarter net income was $21.3 million or $0.41 per diluted share, near the top of our range of our previous guidance, even after the effect of the additional shares outstanding from the $4.5 million primary offering we completed in February, compared to the fiscal first quarter net income of $18.7 million or $0.38 per diluted share, and net income of $15.2 million or $0.32 per diluted share in the prior year's quarter. This represented EPS growth of 7.9% sequentially and 28.1% year-over-year.

本財季淨利為 2,130 萬美元，或稀釋後每股盈餘 0.41 美元，接近我們先前指引區間的上緣；即使已反映我們於 2 月完成 450 萬美元初次發行所增加的流通股數影響。相較之下，本財年第一季淨利為 1,870 萬美元，或稀釋後每股盈餘 0.38 美元；去年同期淨利為 1,520 萬美元，或稀釋後每股盈餘 0.32 美元。這代表 EPS 季增 7.9%，年增 28.1%。

The share count used to compute EPS was 52.5 million shares in the fiscal second quarter, 49.2 million shares in the fiscal first quarter, and 48.2 million shares in the fiscal second quarter of 2014. Fiscal second quarter cash from operations was $13.9 million compared to $2.1 million in the fiscal first quarter, and used cash of $6.6 million in the fiscal second quarter of 2014. Working capital increased with the acquisition of BinOptics.

用於計算 EPS 的股數在本財年第二季為 5,250 萬股，本財年第一季為 4,920 萬股，而 2014 年本財年第二季為 4,820 萬股。本財年第二季營運活動現金流入為 1,390 萬美元，相較本財年第一季為 210 萬美元；而 2014 年本財年第二季則為現金流出 660 萬美元。因收購 BinOptics，營運資金有所增加。

Turning to the balance sheet. At fiscal quarter end, our cash and cash equivalents were approximately $74 million. Outstanding long-term debt was $341 million, after the paydown of $100 million of the revolving credit agreement. We have available $130 million under the existing revolving credit agreement for future use.

接著談資產負債表。截至本財季季末，我們的現金及約當現金約為 7,400 萬美元。長期負債餘額為 3.41 億美元，此數字已反映償還循環信用協議 1 億美元後的結果。我們在現有循環信用協議下仍有 1.3 億美元可供未來使用。

Accounts receivable of $89.4 million compares to $79.5 million at the end of the prior quarter. Days sales outstanding was 65 days compared to 63 days at the end of the prior fiscal quarter. Inventory was $84.1 million, compared to $89.2 million in the prior quarter. Inventory turns were 2.8 times, compared to 2.4 times in the prior fiscal quarter.

應收帳款為 8,940 萬美元，相較上一季季末為 7,950 萬美元。應收帳款週轉天數（DSO）為 65 天，相較上一財季季末為 63 天。存貨為 8,410 萬美元，相較上一季為 8,920 萬美元。存貨週轉率為 2.8 倍，相較上一財季為 2.4 倍。

Capital expenditures in the fiscal second quarter was $11.1 million, or 8.9% of revenue, compared to 2.6% of revenues in the fiscal first quarter. The majority of the CapEx was for the planned expansion of laser capacity in the Ithaca and Lowell fabs. Depreciation expense on property and equipment for the fiscal second quarter was approximately $3.8 million, as compared to $3.5 million in the fiscal first quarter.

本財年第二季資本支出為 1,110 萬美元，約占營收 8.9%，相較本財年第一季占營收 2.6%。資本支出主要用於依計畫擴充位於 Ithaca 與 Lowell 晶圓廠的雷射產能。本財年第二季不動產、廠房及設備折舊費用約為 380 萬美元，相較本財年第一季為 350 萬美元。

Now, I'll turn it back over to John.

現在我把時間交還給 John。

Thanks, Bob. I'd like to begin by providing an update on our recent acquisition of BinOptics. As many of you know, on December 15, 2014, we successfully completed the acquisition of BinOptics Corporation, and kicked off our 100-day integration exercise.

謝謝，Bob。我想先就我們近期收購 BinOptics 的進展提供最新資訊。各位都知道，我們於 2014 年 12 月 15 日順利完成對 BinOptics Corporation 的收購，並啟動 100 天的整合計畫。

It's now clear that BinOptics provides strategic upside potential, beyond that originally anticipated. The deal has emerged as a catalyst for our networks business overall, raising M/A-COM to strategic vendor status in some of the largest telecommunications OEMs worldwide. For example, in the last quarter, this transaction enabled us to negotiate strategic supply agreements for much sought-after BinOptics lasers, and other products spanning the breadth of our networks portfolio.

現在很明顯，BinOptics 帶來的策略性上行潛力超出原先預期。這筆交易已成為我們整體網路業務的催化劑，使 M/A-COM 在全球一些最大的電信 OEM 中提升為策略供應商地位。舉例來說，在上一季，這項交易使我們得以就市場高度需求的 BinOptics 雷射器，以及涵蓋我們網路產品組合廣度的其他產品，談成策略供應協議。

We expect our new strategic supplier status to help drive our optical and photonic products current position, as well as share wallet at major customers worldwide. We are right on track to meet our two-step goal of doubling unit capacity by the end of June, while quadrupling unit capacity by the beginning of calendar year 2016.

我們預期新的策略供應商地位將有助於推動我們光學與光子產品的現有市場地位，並提升在全球主要客戶的錢包份額。我們正按計畫達成兩步驟目標：在 6 月底前將單位產能加倍，並在 2016 年曆年初將單位產能提升至四倍。

Step one, in Ithaca, we have successfully identified and addressed key yield and throughput bottlenecks, which we believe will enable doubling of capacity by the end of June. One byproduct of doubling capacity would be material COGS reductions that, in turn, should allow us to expand gross margins.

第一步，在 Ithaca，我們已成功找出並解決關鍵良率與產出吞吐量瓶頸，我們相信這將使產能在 6 月底前加倍。產能加倍的一項副產品將是顯著的銷貨成本（COGS）降低，進而應可讓我們擴大毛利率。

On the second step of capacity expansion, I'm proud to report that we've already produced high-yielding, Indium phosphide laser wafers at our four-inch facility in Lowell, which builds confidence in our ability to achieve that capacity expansion by the beginning of 2016. This warrants some clarification. Doubling unit capacity does not linearly equate to doubling revenue, as some have inferred. Part of the incremental demand to be serviced is naturally at lower ASPs.

在產能擴充的第二步，我很自豪地報告，我們已在 Lowell 的四吋廠成功生產出高良率的磷化銦（Indium phosphide）雷射晶圓，這提升了我們在 2016 年初達成該產能擴充的信心。這裡需要一些澄清。單位產能加倍並不會線性等同於營收加倍，正如有些人所推論的那樣。部分新增需求自然會以較低的平均售價（ASP）來滿足。

That said, capacity expansion will result in material COGS reductions that should allow us to aggressively expand our addressable market. We are now confident that our COGS reductions will outpace ASP declines, allowing us to expand markets, grow share, and still meet our target gross margin model of 60% for this new high-growth business for M/A-COM.

即便如此，產能擴充將帶來顯著的銷貨成本（COGS）降低，應可讓我們積極擴大可服務市場。我們現在有信心，我們的 COGS 降幅將超過 ASP 的下滑幅度，使我們得以擴大市場、提升市占，同時仍能達成我們對這項 M/A-COM 新的高成長業務所設定的 60% 目標毛利率模型。

In summary, on BinOptics, I am extremely proud of our team and their ability to execute yet another strategic acquisition, with rapid integration. With the main integration actions behind us, you'll see BinOptics fully rolled up into M/A-COM's financial projections and performance, as we report going forward.

總結來說，就 BinOptics 而言，我對我們團隊以及其快速整合、再度成功執行策略性收購的能力感到非常自豪。隨著主要整合行動已告一段落，未來在我們的對外報告中，您將看到 BinOptics 已完整併入 M/A-COM 的財務預測與營運表現。

All right. Moving on. As we mentioned last quarter, we've been working to realize the full potential of our GaN strategy. We are a year into transferring process modules with two high volume manufacturing partners, and are currently running qualification wafers in parallel, in two target production lines.

好，接下來。如同我們上季提到的，我們一直在努力實現 GaN 策略的全部潛力。我們已花了一年時間，與兩家高產量製造合作夥伴移轉製程模組，目前正於兩條目標量產線上並行進行資格認證晶圓的跑線。

During the remainder of 2015, we expect to qualify the process and the initial products, with the goal of volume production in 2016. Our manufacturing partners were chosen based upon their manufacturing scale and cost structure, and ability to service the most challenging customers and applications, notably 4G LTE base stations. We believe these partnerships will deliver manufacturing scale and cost structure that to date was previously unavailable to the compound semiconductor industry.

在 2015 年剩餘期間，我們預期將完成製程與初期產品的認證，目標是在 2016 年進入量產。我們選擇製造合作夥伴的依據包括其製造規模與成本結構，以及服務最具挑戰性客戶與應用（尤其是 4G LTE 基地台）的能力。我們相信，這些合作關係將帶來迄今複合半導體產業所未曾具備的製造規模與成本結構。

This, in turn, will unlock a whole new set of RF energy applications, with the ability to drive hundreds of millions of units of demand, and the potential for transformational revenue impact in the years to come. Reducing this vision to practice, I'm proud to say that M/A-COM will be showcasing its Gen4 GaN technology and initial products at the upcoming IMS tradeshow in Phoenix, Arizona, May 19 through 21. Delivering performance that matches expensive GaN on silicon carbide, at a cost structure below that of incumbent LDMOS technology, M/A-COM's Gen4 GaN is positioned to realize the potential of our technology and supply chain partnerships.

進而，這將解鎖一整套全新的 RF 能量應用，具備帶動數億顆單位需求的能力，並在未來數年帶來具變革性的營收影響。將此願景落實到實務上，我很自豪地宣布，M/A-COM 將在即將於 5 月 19 日至 21 日在亞利桑那州鳳凰城舉行的 IMS 展會上，展示我們的 Gen4 GaN 技術與初期產品。M/A-COM 的 Gen4 GaN 在性能上可媲美昂貴的碳化矽（silicon carbide）基板 GaN，同時其成本結構低於既有的 LDMOS 技術，因此具備實現我們技術與供應鏈合作夥伴關係潛力的有利定位。

Now, moving over to the optical space. With the recent news of deployment such as Verizon's selection of Cisco and Ciena to deploy next-generation 100G Metro networks, we believe that the Metro market will drive the next phase of 100 gig optical growth.

現在轉到光學領域。隨著近期部署消息，例如 Verizon 選擇 Cisco 與 Ciena 部署下一代 100G 都會（Metro）網路，我們相信都會市場將推動 100G 光學成長的下一階段。

We have seen an inflection point in our demand in the last quarter for optical components across the board, feeding into these deployments. We have established a preeminent position in design, servicing the 100 G Metro market, due to our breadth of semiconductor technology, coupled with our expertise in packaging optoelectronic and photonic products, and high-performance packages. Moving forward, we see this as a key growth driver for M/A-COM for years to come.

在上一季，我們看到各類光學元件需求出現拐點，並受惠於這些部署。我們憑藉廣泛的半導體技術組合，加上在光電與光子產品封裝以及高性能封裝方面的專業能力，在 100G 都會市場的設計導入服務上建立了領先地位。展望未來，我們認為這將成為 M/A-COM 未來多年關鍵的成長驅動力。

Stepping back, and looking at our full portfolio in balance, demand in our broad-based business across many of our end markets recovered from seasonal softness in Q1, close to the previous quarter run rates. Looking forward, we share the reports of currency effects beginning to impact semiconductor industry results.

退一步看，並以更均衡的角度檢視我們的完整產品組合，我們在多個終端市場的廣泛型業務需求，已自第一季的季節性疲弱中回升，接近上一季的運行水準。展望未來，我們也認同相關報告所指出：匯率影響正開始衝擊半導體產業的業績表現。

First off, we transact the majority of our business in US dollars. That said, a stronger dollar does make our products more expensive to certain customers, and may delay orders or impair short-term business entirely. Currency effects are very hard to quantify, so we remain cautious.

首先，我們大部分業務以美元交易。即便如此，美元走強確實會使我們的產品對某些客戶而言更昂貴，並可能延後訂單，或在短期內完全損害業務。匯率影響非常難以量化，因此我們仍保持審慎。

Our strategic investments have resulted in a balanced and diversified portfolio that should enable us to outgrow our peers by a factor of 2 to 3X. We remain bullish with the future of our optical deployments in GaN more than compensating for the slower-growing parts of our portfolio. As I have mentioned in the past, disruption resulting from consolidation in our corner of the industry continues to benefit M/A-COM, whether it be customer design wins or access to talent that was previously unavailable.

我們的策略性投資已帶來均衡且多元化的產品組合，應可使我們的成長速度較同業快 2 到 3 倍。我們仍對未來保持樂觀，因為我們在 GaN 的光學部署將足以彌補產品組合中成長較慢的部分。如我過去所提到的，我們產業這一角落因整併所帶來的破壞性變化，仍持續讓 M/A-COM 受益，不論是客戶設計導入的勝出，或是取得過去難以取得的人才。

We're seizing the opportunity to diversify our leadership team, and deepen our bench for continued execution and competitive share gains. A great example of this, effective this quarter, Thomas Wong is firmly in the saddle as our Senior VP of Worldwide Sales. His selling strategy and structure, new to M/A-COM, is in my experience, best practice in the industry, bar none. Thomas' model covers multiple selling methodologies, from securing orders and share of wallet for catalog products, through designing in complex RF and microwave and high-speed networking solutions.

我們正把握機會使領導團隊更加多元，並強化人才梯隊，以持續執行並提升競爭性市占。很好的例子是，自本季起，Thomas Wong 已穩健就任我們的全球銷售資深副總裁。他的銷售策略與組織架構對 M/A-COM 而言是全新的，而以我的經驗來看，這是業界無出其右的最佳實務。Thomas 的模式涵蓋多種銷售方法，從為型錄產品爭取訂單與錢包份額，到將複雜的 RF、微波與高速網路解決方案設計導入客戶。

With the addition of BinOptics and our breakout networks, the timing of Thomas joining M/A-COM could not have been better. He's already proven instrumental in realizing many of our recent customer wins.

隨著 BinOptics 以及我們突破性的網路業務加入，Thomas 加入 M/A-COM 的時機再好不過。他已證明在促成我們近期多項客戶贏單方面發揮了關鍵作用。

On a similar note, I'm proud to say we have successfully retained all key players from the BinOptics team. Most notably, Alex Behfar, Founder and CEO, whose vision spans entirely new applications for photonic technology. Everything from mass storage, to hyperscale data centers, and basic connectivity, all new fields of long-term secular growth that will benefit from etched facet technology.

同樣地，我也很自豪地表示，我們已成功留任 BinOptics 團隊的所有關鍵成員。尤其是創辦人兼執行長 Alex Behfar，他的願景涵蓋光子技術全新的應用領域。從大容量儲存、超大規模資料中心到基礎連接性，這些都是長期結構性成長的新領域，將受益於蝕刻端面（etched facet）技術。

I'd like to close today's scripted remarks by thanking the team for yet another quarter of solid execution. It's clear that we have the right strategy, addressing the right secular growth drivers, with the correct technology, intellectual property, and leadership team to assure long-term success for M/A-COM and our shareholders.

我想以感謝團隊在本季再次展現穩健執行力，作為今天預先準備講稿的結尾。很明顯，我們擁有正確的策略，鎖定正確的結構性成長驅動因素，並具備適切的技術、智慧財產與領導團隊，以確保 M/A-COM 及股東的長期成功。

Moving over to the guidance. For the fiscal third quarter, M/A-COM expects another quarter of solid execution, with revenue expected to be in the range of $126 million to $130 million, non-GAAP gross margin is expected to be between 51% and 54%, and non-GAAP earnings per diluted share between $0.38 and $0.41, based on 55 million shares outstanding.

接著談展望。就會計年度第三季而言，M/A-COM 預期將再度呈現穩健執行：營收預估介於 1.26 億至 1.30 億美元之間，非 GAAP 毛利率預估介於 51% 至 54% 之間，非 GAAP 稀釋後每股盈餘預估介於 0.38 至 0.41 美元之間，以上係以流通在外股數 5,500 萬股為基礎。

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。

Maybe to start off, if you could just talk about into June by segment, if there's any variances between the different segments, that would be helpful.

先從一個問題開始，如果可以的話，請按事業部別談談到 6 月的情況；若不同事業部之間有任何差異，會很有幫助。

Blayne, could you repeat that? We didn't catch it all, the first part of it.

Blayne，你可以重複一下嗎？前半段我們沒有完全聽清楚。

I was just asking about, in your outlook for June, if you could provide any color in terms of directional by segment, that would be helpful.

我是在問，在你們對 6 月的展望中，若能按事業部別提供一些方向性的說明，會很有幫助。

Yes. I would say the strongest growth that we're anticipating is actually on the network side, continued growth in the optical business. Modest growth in the multi-market and A&D business, and effectively flat in automotive.

好的。我會說我們預期最強勁的成長其實是在網路端，也就是光學業務持續成長。多元市場與航太/國防（A&D）業務溫和成長，而汽車業務基本持平。

Perfect. Thanks. John, I just wanted to follow-up with your question. You are obviously adding capacity for BinOptics. I just was curious, your comments about the revenue wouldn't necessarily equate, timing wise, to when you add the capacity, but when do you think you can actually increase the revenue in that business? Is it a next year story, or is it still back half of this year, you could see some uptick?

很好，謝謝。John，我想追問你剛才的說法。你們顯然正在為 BinOptics 擴充產能。我只是好奇，你提到營收在時間點上不一定會與產能擴充同步對應，那你認為這項業務何時能真正拉升營收？是明年的故事，還是今年下半年就可能看到一些上升？

Actually, with the fourth fiscal quarter, which is the third calendar quarter, actually, we'll see a slight lift this quarter in that business. But that's really where we see the full impact of the capacity expansion. Let me clarify my comments about the doubling in revenue, versus doubling in unit capacity.

其實在會計年度第四季（也就是曆年第三季），我們會在這季看到該業務小幅上升。但真正能看到產能擴充完整影響的，就是那個時點。讓我釐清一下我先前關於營收倍增與單位產能倍增的說法。

There were a few reports published that inferred that our revenue in that business would double, and it's not quite a doubling affect, and the rationale is quite logical. When, any time you are in a capacity constraint, you always service the higher-quality, the higher ASP revenue. The logical extension of that is when you expand your capacity, than the incremental demand you service is going to be at equivalent or lower ASPs. So it's not a one-for-one linear doubling of revenue. So we just wanted to make sure people are modeling the right assumptions into the plan.

之前有幾篇報導推論我們該業務的營收會倍增，但其實不完全是倍增的效果，原因也很合理。任何時候只要產能受限，你一定會優先供應品質較高、ASP 較高的產品。順理成章地，當你擴充產能後，新增能滿足的增量需求，其 ASP 會相同或更低。因此營收不會一比一線性倍增。我們只是希望大家在模型中採用正確的假設。

Great. Finally, Bob, if you could talk about the gross margin, the midpoint of that guidance is about 100 basis points down. Can you talk about what the moving factors are within that? Thanks.

很好。最後一個問題，Bob，能否談談毛利率？你們指引的中位數大約下滑 100 個基點。能否說明其中的變動因素？謝謝。

Blayne, I think that's pretty consistent to where we've been in the last three quarters, with respect to the margin, gross margin range, 51% to 54%. So again, it's a guidance number. I think, overall, there are, just on the edges, there's some -- at the last thing that could influence things. Again, we are very comfortable that this is a stepping stone to the 60% overall target.

Blayne，我認為這與我們過去三季在毛利率區間（51% 到 54%）的表現相當一致。所以這仍然是一個指引數字。我想整體而言，在邊際上確實有一些——最後可能影響結果的因素。再次強調，我們非常有信心這是邁向整體 60% 目標的墊腳石。

Blayne, actually let me add a comment. The previous two quarters, we were careful to emphasize that we had a perfect storm in terms of very favorable mix, so the slight decrease this time is really due to the fact that we get some strength in automotive, which was at the lower end of our margin business. And as Bob said, our guidance is the same as previous quarters, and depending on how the mix comes, we could end up at the upper end versus middle end and theoretically at the lower end.

Blayne，我再補充一句。前兩季我們特別強調，產品組合非常有利，幾乎是完美風暴；因此這次的小幅下降，主要是因為汽車業務走強，而汽車是我們毛利率較低的業務之一。正如 Bob 所說，我們的指引與前幾季相同，實際結果會依產品組合而定，可能落在區間上緣、中位數，理論上也可能落在下緣。

Okay. Thanks.

好的，謝謝。

Vivek Arya, BofA Merrill Lynch.

Vivek Arya，美銀美林。

One more on the June guidance. When you look at the growth that you are targeting, are you already including some FX -- I think John, you mentioned some headwinds some headwinds from FX. Does it already include that? And if yes, how much is that? And are you seeing any additional headwinds from the slowdown in base station deployments, for example, or consolidation between networking OEMs? I'm just trying to get a sense for if there are any headwinds that you see in the June quarter guidance, that you've already baked in.

再問一個關於 6 月指引的問題。當你們看待目標成長時，是否已經把一些匯率（FX）因素納入？我記得 John 你提到匯率有一些逆風。這已經包含在內了嗎？如果有，大概是多少？另外，例如基地台部署放緩，或網通 OEM 之間的整併，你們是否看到任何額外逆風？我想了解在 6 月季度指引中，你們是否已把看到的逆風先行反映進去。

I would say there is some stuff, like we have limited exposure to base stations. We did have some high-power switch business that was nice business, but not really material compared to the exposure that other folks have. So, that's softening a little bit. Frankly, it's within the noise of the overall puts and takes for our business. So, I would say less so on that.

我會說確實有一些因素。像是我們對基地台的曝險有限。我們確實有一些高功率開關業務，這是很不錯的業務，但相較於其他同業的曝險程度，並不算重大。所以那部分有些轉弱。坦白說，這在我們整體業務的各項增減因素中，屬於雜訊範圍內。因此我會說那方面影響較小。

It's hard to describe the other, on the multi-market, in broad-based catalog business. It isn't things that we see, it's the things that we don't see that concern us. With the currency effects, we transact business primarily in dollars, so there isn't a direct impact. Our concern is the behavior of customers may change, in terms of delaying orders, or having some business impaired entirely. So, I would just describe it more that we are cautious in our guidance, rather than guiding down, because of some known problem.

至於多元市場、廣泛型錄（catalog）業務方面，其他因素很難描述；我們看到的不是問題，反而是我們沒看到的東西讓我們擔心。就匯率影響而言，我們主要以美元交易，因此沒有直接影響。我們擔心的是客戶行為可能改變，例如延後下單，或某些業務完全受到影響。所以我會把它描述為：我們在指引上較為審慎，而不是因為某個已知問題而下修指引。

Got it. For my follow-up, Bob, if you could give us as a sense of how we should think about OpEx, now that you have the full quarter of BinOptics OpEx already in the numbers. As we look out the next several quarters, do you anticipate any big need for any specific R&D, or other programs?

了解。追問一題，Bob，能否讓我們了解一下 OpEx（營業費用）該如何看待？現在你們的數字已經包含 BinOptics 全季度的 OpEx。展望未來幾季，你們是否預期在特定研發（R&D）或其他專案上，會有任何重大需求？

Vivek, we are forecasting expense increases. $1.5 million to $2 million over the next two quarters. There are some specific areas where we are investing, and we'll continue to see the OpEx grow here, along with the increasing margins and revenues.

Vivek，我們預估未來兩季費用會增加，約增加 150 萬到 200 萬美元。我們在一些特定領域持續投資，隨著毛利率與營收提升，我們也會看到 OpEx 在此持續成長。

Got it. One last one, if I may. We know that NXP is trying to sell their RF amplifier business. I'm wondering if that, depending on who they sell it to, does it have any implication on your GaN strategy over the next few years at all?

了解。若可以的話最後一題。我們知道 NXP 正在嘗試出售其 RF 功率放大器業務。我想知道，視他們賣給誰而定，這是否會對你們未來幾年的 GaN 策略產生任何影響？

No. I wouldn't consider -- NXP, we always consider them to be not a natural competitor. LDMOS technology is pretty clearly the incumbent for 4G LTE, 3G base stations, but the whole next generation of GaN is really a different set of players. So, I guess, it could go to someone with a GaN portfolio, that could end up implicitly being a threat.

不會。我不會把——我們一直認為 NXP 不是自然的競爭對手。LDMOS 技術很明顯是 4G LTE、3G 基地台的既有主流，但下一代 GaN 的整體格局其實是另一批玩家。所以我想，它有可能賣給某個擁有 GaN 產品組合的公司，這樣可能在某種程度上形成威脅。

We are actually quite confident that our GaN on silicon position is very powerful, regardless of what other flavor of GaN is brought against us. I would say, if anything, that disruption that would occur could only play in our favor. I don't see it really playing against us in any material way.

不過我們對自身「矽基 GaN（GaN on silicon）」的定位非常有信心，不論其他不同路線的 GaN 來與我們競爭。我會說，如果有任何因此產生的市場擾動，反而可能對我們有利。我不認為它會在任何重大程度上對我們不利。

Thank you.

謝謝。

Steve Smigie, Raymond James.

Steve Smigie，Raymond James。

I just wanted to follow-up on the BinOptics a little bit, in terms of the doubling and I think it was like quadrupling capacity there. In terms of new parts, is it roughly a trade-off, in terms of size, so if you bring in one chip that's for PON or something, versus a chip for 100G optical, is it the same size and fills up the wafers that way, so we should think about it as a one-for-one exchange, or is it much more complex than that?

我想再追問一下 BinOptics，關於你們提到的營收倍增以及我記得是產能大概增加到四倍。就新產品而言，尺寸上大致是取捨關係嗎？也就是說，如果你導入一顆用於 PON 之類的晶片，對比一顆用於 100G 光學的晶片，它們尺寸是否相同、在晶圓上占用方式也相同，因此我們可以把它視為一比一的替換？還是其實複雜得多？

I'd say there's a lot of levers, but that is one of them. But, I think on an apples to apples basis, it's generally a doubling in capacity. But, of course, a large part of the market, the existing TAM for those lasers is in PON, is in access, so logically speaking, a lot of the incremental demand that we would be servicing is, indeed, in access, and that is, hence, a more ASP-constrained environment. That's exactly consistent with my comments.

我會說有很多可調的槓桿，而你提到的確是其中之一。不過我認為在同類比較（apples to apples）的基礎上，整體而言大致是產能加倍。但當然，市場很大一部分、這些雷射的既有 TAM 主要在 PON、在接取端（access），所以從邏輯上來說，我們新增能服務的增量需求，確實很大一部分會在接取端，而那也因此是一個 ASP 較受限制的環境。這正好與我先前的評論一致。

Okay. Can you talk a little bit about what kind of mix you might be thinking over the course of the next 18 months roughly, between the lasers versus PONs - like the 100G lasers versus PON?

好的。您能否談談在未來大約18個月的期間內，您可能在雷射與PON之間會如何配置組合——例如100G雷射相對於PON？

Well, it's an interesting equation because time, dimensionally, the access market is where the action is today. Very healthy business in fiber backhaul, and mobile infrastructure. The future is, by orders of magnitude, greater in data centers. So, time, dimensionally, 100G is the fastest growing, but it's growing from a relatively smaller number.

嗯，這是一個很有意思的方程式，因為從時間與規模的維度來看，接入市場是當下最活躍的領域。光纖回傳與行動基礎建設的業務非常健康。未來在資料中心的成長，將以數個數量級更大。因此，就時間與規模而言，100G是成長最快的，但它是從相對較小的基數開始成長。

So in the short-term, when we talk about doubling or quadrupling in capacity, implicitly, it applies to a greater position of access. It's really a leading path toward getting a cost structure that's very attractive for data centers, because they are different products, but the cost structure of the lasers is based upon the same factory utilization yields, overhead structure, and so on.

所以在短期內，當我們談到容量倍增或變成四倍時，隱含地說，這更多適用於接入端的更大比重。這其實是一條通往資料中心極具吸引力成本結構的領先路徑，因為雖然它們是不同產品，但雷射的成本結構是建立在相同的工廠稼動率、良率、間接費用結構等等之上。

Okay. Great. Just a quick question about your GaN solutions. I think you said at an upcoming conference, you were going to be talking actually about your GaN on silicon carbide solutions, I think it's your fourth generation.

好的。很好。關於你們的GaN解決方案我有個快速問題。我記得你在即將到來的一場會議上提到，你們會談到你們的碳化矽基板上的GaN（GaN on silicon carbide）解決方案，我想那是你們的第四代。

Can you talk a little bit about your GaN strategy going forward? Obviously you have certain markets where you play GaN on silicon carbide, and then certain markets you will have GaN on silicon. Can you talk a little bit about how those two pieces should develop and grow, over the next 18 months?

你能談談你們未來的GaN策略嗎？顯然你們在某些市場會採用碳化矽基板上的GaN，而在某些市場會採用矽基板上的GaN。你能談談這兩個部分在未來18個月應該如何發展與成長嗎？

Yes. Actually, one correction. Our Gen4 for GaN is actually GaN on silicon.

可以。其實先更正一下。我們GaN的第四代（Gen4）其實是矽基板上的GaN（GaN on silicon）。

Okay.

好的。

It's a real breakthrough because we have now demonstrated in volume production, an ability for the performance, in terms of efficiency and power gain, which are the two critical specifications for GaN performance, to exactly match the performance of GaN on silicon carbide. But, the cost structure, as you know, for GaN on silicon, Is much closer to LDMOS.

這是一個真正的突破，因為我們現在已經在量產中證明，在效率與功率增益這兩個GaN性能的關鍵規格上，我們的表現可以完全匹配碳化矽基板上的GaN。但如你所知，矽基板GaN的成本結構更接近LDMOS。

In fact, we have a 4X benefit of power density versus LDMOS. The cost structure of GaN on silicon is actually less than LDMOS, when you normalize for die cost. So, it's really a breakthrough, in terms of next generation of RF power systems, because you don't have to go to the expense of GaN on carbide, GaN on silicon carbide, to get the performance. So for commercial applications, normally 4G LTE base stations, this is the last step in terms of product and technology delivery to actually make it viable to basically take out LDMOS.

事實上，相較於LDMOS，我們的功率密度有4倍的優勢。若以晶粒成本（die cost）做標準化，矽基板GaN的成本結構其實低於LDMOS。因此，這對下一代RF功率系統而言是重大突破，因為你不必為了取得性能而付出使用碳化物（碳化矽基板）GaN、也就是GaN on silicon carbide的高成本。對商用應用而言，通常是4G LTE基地台，這是在產品與技術交付上最後一步，讓它真正可行，基本上可以把LDMOS替換掉。

Okay. Great. Then, if I could just ask a little bit about aerospace and defense, again, over the next year. You've obviously got a bunch of radar applications ramping, but at the same time, you've got some defense wins ramping. Can you talk a little bit about how you see those pieces of that business ramping over the next year?

好的。很好。那如果我再問一下航太與國防，接下來一年。你們顯然有一批雷達應用正在放量，同時也有一些國防案子在放量。你能談談你如何看待這些業務在未來一年內的放量節奏嗎？

We get some program wins that are in the airborne defense space, for AESA radar. Those will begin material revenue contribution, as early as our fourth fiscal quarter. Even more wonderfully, we've got a lot of traction, and what we had talked about last year at our Analyst Day in MPAR, which was kind of an advanced development with MIT Lincoln Labs, and the next quarter or so, I expect to be able to talk much more publicly about some commercial breakthroughs where that's going to be brought into mainstream defense, as well as civil radar applications.

我們拿到一些專案勝出，位於機載防禦領域，用於AESA雷達。這些最快會在我們的第四個會計季度開始帶來實質營收貢獻。更令人振奮的是，我們獲得了很大的進展；我們去年在分析師日談到的MPAR——那是與MIT林肯實驗室合作的一項較偏先進開發——在接下來一季左右，我預期能更公開地談一些商業上的突破，這些將被導入主流國防領域，同時也會用於民用雷達應用。

I can tell you, the people -- both from a defense industry standpoint, as well as civil, talking about this, is disruptive in terms of cost structure of radar systems. As that comes to full -- as we can become fully transparent in terms of who we are working with and how, it's going to be pretty compelling. That will ramp over the course of 2016, especially 2017. There are some programs that have already been bid, and will be awarded in the summer or fall timeframe. Believe it or not, when you start adding up that capability, it starts rivaling our optical and GaN potential, in terms of end market growth potential.

我可以告訴你，無論是從國防產業的角度，還是民用領域，大家在談這件事時，都認為它在雷達系統成本結構上具有顛覆性。當它走向完整——當我們能在合作對象與合作方式上完全透明時——會非常有說服力。這會在2016年逐步放量，尤其是2017年。有些專案已經投標，並將在夏季或秋季期間授標。信不信由你，當你把這些能力加總起來，它在終端市場成長潛力上，開始可以與我們的光學與GaN潛力相匹敵。

That's great. Thank you very much. Harsh Kumar, Stephens.

太好了。非常感謝。Stephens的Harsh Kumar。

Thanks for letting me ask a question. I had all a couple of quick questions. We've heard from a couple of companies that China is actually seeing a lot of strength in wireline. I'm wondering, since you play in that area, and you play in the territory, if you could maybe clarify or just have some commentary on this statement?

謝謝讓我提問。我有幾個很快的問題。我們從幾家公司聽說，中國的有線（wireline）其實非常強勁。我想知道，既然你們也在那個領域、也在那個市場區域經營，能否澄清一下或對這個說法做些評論？

When you say wireline, you mean?

你說的有線（wireline）是指？

Optical.

光學。

Optical, yes. Absolutely. There's some government programs, we've heard both two and three-year programs from different customers, the guys who know, and I believe it was 20% growth in the PON market, and they expect that to remain stable for the next two to three years. That, in fact, was what triggered the shortage of laser supply that I had been referring to, with BinOptics acquisition, and what we have in the scripted remarks.

光學，是的。絕對如此。有一些政府專案，我們從不同客戶那裡聽到有兩年期與三年期的專案；那些內行的人說，我相信PON市場成長了20%，而且他們預期未來兩到三年會保持穩定。事實上，這正是我先前提到的雷射供應短缺的觸發因素，也與我們收購BinOptics以及我們在事先準備的發言稿中提到的內容一致。

Thanks for that clarification. Then, John, I couldn't help but notice in the R&D numbers that you put up, despite the fact that BinOptics was supposed to be research intensive, your R&D actually didn't go up very much at all. Was there any specific reason, John or Bob? Or, was it just the way the numbers fell down this quarter?

謝謝你的澄清。接著，John，我注意到你們公布的研發（R&D）數字，儘管BinOptics理應是研發密集型，你們的研發費用其實並沒有增加太多。John或Bob，是否有任何特定原因？還是只是這一季數字呈現的結果？

That's an interesting question. Believe it or not, if we could spend more in the laser and photonics solutions, we would. It's just a limited talent pool that one can draw upon. So, we do our best to spend more, but it's on track.

這是個有趣的問題。信不信由你，如果我們能在雷射與光子解決方案上花更多研發費，我們會的。只是可用的人才庫有限。所以我們盡力增加投入，但目前是按計畫推進。

Okay. My last question was, you're starting to generate -- hopefully, quarters out -- you will start to generate some cash. What would be the primary use of cash at this point? Would it just be to build up the balance sheet, or would it be to look at the debt, and start to pay that off?

好的。我最後一個問題是，你們開始產生——希望在未來幾季——你們會開始產生一些現金。此時現金的主要用途會是什麼？是用來強化資產負債表，還是用來處理債務並開始償還？

That's a great question, and I appreciate the question, actually. We do have some expenses related to transactions, and some of the restructurings that have consumed cash. We have invested in the working capital of the business, to be in a position to be very responsive to our customers as opportunities present themselves. The long-term debt is fixed at a rate -- a small rate of principal repayment. So, short-term, here, we would look to add to the balance sheet and to continue to invest, from our strategic plan perspective in potential acquisitions. We do, though, reiterate our conservative and shareholder-friendly approach to delivering neutral to accretive acquisitions in the first year of a transaction.

這是個很好的問題，我也很感謝你問這個。我們確實有一些與交易相關的費用，以及一些重組所消耗的現金。我們也投資了營運資金，以便在機會出現時能非常迅速地回應客戶。長期負債的利率是固定的——本金償還比例也不高。因此短期來看，我們會考慮增加資產負債表的現金與資源，並從策略規劃角度持續投資於潛在併購。不過，我們也再次強調，我們在交易第一年交付「中性到增益」（neutral to accretive）的併購上，會採取保守且對股東友善的做法。

Thanks, guys. And if I can ask this one last one. On the GaN on silicon manufacturing agreements that you're working on, and you've got wafer quals going on there, what would trigger you to announce those? Would it be a successful set of wafers? Or, what you wait for revenues to come in? When can we expect these announcements as they get done?

謝謝各位。如果我可以再問最後一個。關於你們正在推進的矽基板GaN製造協議，以及你們正在進行的晶圓認證（wafer quals），什麼情況會觸發你們對外宣布？會是某一批晶圓成功通過嗎？還是你們會等到營收進來？這些協議完成後，我們大概何時能期待你們發布公告？

That's a great question. In fact, I think I was alluding to possibly even announcing sooner rather than later. I think the simple answer is, there's been some competitive developments with businesses that have come on the market, where we have decided to hold our cards closer to our vest for another quarter.

這是個很好的問題。事實上，我想我先前也暗示過，可能會選擇更早而不是更晚宣布。簡單的答案是，市場上出現了一些競爭方面的發展，有些業者進入市場，因此我們決定再多一個季度把牌握得更緊一些。

There's really no need -- until we can sample broad-based, and fulfill demand from those production foundries, with the material that we are confident will be qualified, and ultimately production material, there's really no urgent need to announce those. So, again, we had a lot of turbulence in our competitive landscape. We figured it's better safe, keeping things confidential a bit longer.

其實沒有必要——在我們能夠進行更廣泛的送樣，並且能用我們有信心會通過認證、最終成為量產材料的產品，去滿足那些量產代工廠的需求之前——我們並沒有迫切需要宣布。因此，再次強調，我們的競爭環境有不少動盪。我們認為更安全的做法是把事情再多保密一段時間。

That's great. Thanks.

太好了。謝謝。

Tore Svanberg, Stifel.

Stifel的Tore Svanberg。

Nice quarter. A few questions. First of all, coming back to BinOptics, and not a question on revenue, but on gross margin. So, it sounds like you feel a little bit better about contribution to gross margin from the additional capacity.

這一季表現不錯。我有幾個問題。首先回到BinOptics，不是問營收，而是問毛利率。聽起來你們對新增產能對毛利率的貢獻感覺更有把握一些。

I was just wondering, as we get to the June quarter, and into the second half of the calendar year, what types of gross margin expansion should we expect? Are we talking about 50 basis points per quarter, very gradual improvements? Or, could you get potentially into the 100 to 200 basis points per quarter?

我想請教的是，當我們進入6月季度、以及進入下半年曆年時，你們預期毛利率擴張會是什麼樣的幅度？我們是在談每季擴張50個基點、非常逐步的改善？還是有可能每季達到100到200個基點？

There are scenarios where it could be very rapid, as we bring on that capacity, the utilization goes way up, and it would be very attractive. Now, the other flip side of the equation is, we now have capacity to sell, to find homes for, and getting more, we would be addressing more cost sensitive parts of the market, not the least of which is the PON, fiber to the home stuff.

在某些情境下，這可能會非常迅速；當我們把那個產能導入後，產能利用率會大幅上升，這會非常有吸引力。現在，等式的另一面是，我們現在有產能可以銷售、可以為其找到出路，而且隨著產能增加，我們將會切入市場中對成本更敏感的部分，其中很重要的一塊就是 PON、光纖到府（FTTH）這些應用。

So, there's moving ASPs, there's moving COGS, and until we have that capacity landed with agreements at the higher volumes, it's really hard to predict which way the gross margin is going to end up. I can tell you that things looked so attractive on the COGS reductions, that we are pretty darn confident that meeting our target of 60% when things settle down will be in the cards.

所以，ASP 在變動、COGS 也在變動；在我們把那個產能落地，並以更高的出貨量簽下協議之前，真的很難預測毛利率最後會往哪個方向走。我可以告訴你，COGS 降低看起來非常有吸引力，因此我們相當有信心，等一切塵埃落定後，達成 60% 的目標是很有機會的。

That's very helpful. On the optical business, as it relates to the Metro markets, you said you're already starting to see some revenue there. But, should we expect that business to see more meaningful ramps in the second half of the year? Or, what you expect it to be more gradual increases?

這很有幫助。關於光學業務、就都會（Metro）市場而言，你說你們已經開始看到一些營收。但我們是否應該預期這項業務在今年下半年會有更明顯的放量？還是你預期會是比較漸進式的成長？

That's a very good question. I think it's going to be some pretty interesting growth. If you read all the reports about forecasts for the Metro market, it's going to be unequivocally the growth driver. To date, a lot of our 100 gig revenue has come from long-haul.

這是個非常好的問題。我認為會有相當有趣的成長。如果你讀過所有關於都會市場預測的報告，它毫無疑問會是成長驅動力。到目前為止，我們很多 100G 的營收都來自長途（long-haul）。

But we have a fabulous design win position in terms of clear, clear, clear market share leadership in the initial Metro deployments. In the next wave of CFP2 form factors which are really optimized for Metro applications. So we would expect that with the Metro ramp, and you are starting to see the announcements now, that would be really fueling growth, I would say, through 2016. How quickly it is in the next quarter or two, remains to be seen. Unequivocally, with Verizon set to go live in 2016, there's some real end market demand that will be fueling that growth.

但就初期都會部署而言，我們在設計導入（design win）上的位置非常出色，擁有清楚、清楚、清楚的市占領先。在下一波 CFP2 外形規格（form factor）中，這些產品其實是針對都會應用做了最佳化。因此我們預期，隨著都會市場放量——你現在也開始看到相關公告——這將真正推動成長，我會說會一路推動到 2016 年。至於接下來一兩季會有多快，還有待觀察。毫無疑問，隨著 Verizon 預計在 2016 年上線，終端市場確實存在需求，將會推動這個成長。

Very good. On the GaN and silicon PA products that will eventually be in production, as they penetrate, let's say, a base station, would you expect your customers to maybe design it into -- maybe a product here or there, or would they right away, just given the performance and the cost advantages, would they right away design it into several platforms, do you think?

很好。關於最終會進入量產的 GaN 與矽 PA 產品，當它們滲透到例如基地台時，你是否預期客戶可能會先把它設計到——可能某一兩個產品上？還是基於效能與成本優勢，你認為他們會很快就把它設計到多個平台上？

I do have some experience with this. What I would expect is, it's less to do about the technology and more to do with the supply chain. So, they would start cautious with some initial programs to test, to make sure that we can, in fact, supply their volumes with commensurate quality that they need in those applications, and then the proliferation within those customers tends to go geometrically. You go from a couple of designs to 4, 8, 16 and so on. Then, before you know it, within a couple of years, you are at full adoption.

我對這方面確實有些經驗。我預期這與其說是技術問題，不如說更多是供應鏈問題。因此他們會先謹慎地從一些初始專案開始測試，以確認我們確實能以他們在那些應用所需的相應品質供應其需求量；接著在這些客戶內部的擴散通常會呈幾何級數成長。你會從幾個設計增加到 4、8、16 等等。然後不知不覺，在幾年內就會達到全面採用。

Very good. Last question for Bob, on CapEx. It's obviously a little bit higher right now, because of the capacity additions. It's 9% of revenue. When do you think it would come back down to the 4% or 5% range? With that happened this year at all? Or is that more in 2016?

很好。Bob 的最後一題，關於資本支出（CapEx）。很明顯因為擴增產能，目前稍微高一些，約為營收的 9%。你認為什麼時候會回到 4% 或 5% 的區間？今年會發生嗎？還是要到 2016 年？

It will get back to that range this quarter.

本季就會回到那個區間。

Okay. Perfect. Very good. Thank you very much.

好的。完美。很好。非常感謝。

Mark Lipacis, Jefferies.

Jefferies 的 Mark Lipacis。

I had a question on the pricing strategy of the new products, and then a second one on the competitive environment. John, I think you mentioned that you'd be demoing in May again on silicon products, or showing them. And, the cost, you expected it to be below LDMOS, which for me, that's new, and I think that's interesting, because my understanding is the products have much higher efficiency than LDMOS products. So, I was wondering if you could help us understand on both that product and on the BinOptics products, how much better is the pricing than what you would expect in the marketplace? Are we caught talking 5% to 10% better, or are we talking orders of magnitude better, of the cost structure? That's the first question.

我有一個關於新產品定價策略的問題，然後第二個是關於競爭環境。John，我想你提到你們會在 5 月再次針對矽產品做展示或演示。而在成本方面，你預期會低於 LDMOS；對我來說這是新的，我覺得很有意思，因為我的理解是這些產品的效率比 LDMOS 產品高很多。所以我想請你幫我們理解：不論是那個產品，或是 BinOptics 的產品，你們的定價相較於市場預期到底好多少？我們是在談 5% 到 10% 的改善，還是成本結構上有數量級（orders of magnitude）的差異？這是第一個問題。

Let me separate the cost question from the price question. Two independent variables, right?

我先把成本問題和價格問題分開。兩個獨立變數，對吧？

Absolutely.

完全同意。

On the cost side of things, the reason why we said it's a lower inherent cost structure than LDMOS, is we have demonstrated four times the power density. So to get equivalent power output, you would need an LDMOS die that is four times the size of our GaN on silicon die. In theory, our wafer cost could be four times the cost of the LDMOS wafer, and you would still be at parity.

在成本面，我們之所以說它的固有成本結構低於 LDMOS，是因為我們已經證明功率密度是四倍。因此要達到同等的輸出功率，你需要一顆面積是我們 GaN on silicon 晶粒四倍大的 LDMOS 晶粒。理論上，我們的晶圓成本就算是 LDMOS 晶圓的四倍，你仍然可以打平。

The reality is, a GaN on silicon wafer is a fractional increase in cost structure, primarily materials cost, compared to LDMOS. So pretty much under any conditions that maturity, the structure, the cost structure will be below that of LDMOS, at maturity. Quite separate from that is the value proposition, and the pricing strategy with customers. And I would describe it this way.

現實是，GaN on silicon 晶圓的成本結構相較於 LDMOS 只是一個小幅增加，主要是材料成本。因此在幾乎任何條件下，當製程成熟時，其結構性成本在成熟階段都會低於 LDMOS。與此完全分開的是價值主張，以及對客戶的定價策略。我會這樣描述。

Customers initially view these products through the lens of their existing experience with GaN on silicon carbide, which is a substantially higher price than LDMOS. At the same time, they understand that our ability to get it to address their mainstream programs is there. So it's really, the pricing question becomes a time dimensional one.

客戶一開始會用他們既有對 GaN on silicon carbide 的經驗來看這些產品，而那種產品的價格明顯高於 LDMOS。同時，他們也理解我們有能力把它推進到他們的主流專案中。因此，定價問題其實變成一個時間維度的問題。

They understand that in the early phases of production, you are not at that mature cost structure, so it ends up not a price driven equation. The real transition comes as we bring on these scale manufacturing sources. Then, we will have the cost structure, and we can take a much more aggressive stance in the subsequent year, of proliferating across their programs and really taking out the bulk of the market. Did that answer your question?

他們明白在量產初期，你還沒有達到那個成熟的成本結構，所以最後就不是一個由價格驅動的方程式。真正的轉折點是在我們導入這些規模化製造來源之後。那時我們就會具備成本結構，並且在接下來的一年採取更積極的立場，讓它在他們的各項專案中擴散，真正拿下市場的大部分份額。這有回答你的問題嗎？

That's very helpful, and I had a follow-up or two. And how about on the cost structure of the etched facet, versus the cleaved facet lasers that are in the market. Are we talking -- is this like measured -- is the benefit measured in the tens of percentages, or is this an order of magnitude cheaper, lower-cost product?

這很有幫助，我還有一兩個追問。那麼關於蝕刻端面（etched facet）相對於市場上劈裂端面（cleaved facet）雷射的成本結構呢？我們談的是——這個優勢是以數十個百分點來衡量，還是便宜一個數量級、屬於更低成本的產品？

I would infer from the public information that we know, acquisition of one of the BinOptics competitors by another company in the industry, based upon their reported gross margins, that you can infer integer multiples difference in cost structure, based upon their reported gross margins, compared to BinOptics. I would say the improvements we are talking about in moving -- not just to the doubling of capacity in Ithaca, but into our four-inch line in Lowell is integer multiples yet again lower-cost.

我會從我們所知的公開資訊推論：產業中有另一家公司收購了 BinOptics 的某個競爭對手，根據他們披露的毛利率，你可以推斷其成本結構相較於 BinOptics 存在整數倍（integer multiples）的差異。我會說，我們所談的改善——不只是伊薩卡（Ithaca）產能翻倍，還包括導入我們在洛厄爾（Lowell）的四吋產線——成本還會再以整數倍的幅度進一步下降。

So, we have a profound cost advantage that's really all rooted in the fact that the etched facet technology is a wafer scale technology. It's a classic semiconductor wafer manufacturing model that to us, in M/A-COM, we've been doing these compound semiconductor fairly sophisticated devices for decades. So, it's right in our wheelhouse.

所以，我們有非常深厚的成本優勢，而這一切都根植於蝕刻端面技術是一種晶圓級（wafer scale）技術。它是典型的半導體晶圓製造模型；對我們 M/A-COM 而言，我們在化合物半導體上做這些相當複雜的元件已經做了數十年，所以這正是我們的強項所在。

It's really sweet, and it's not just for the access market that's cost sensitive, but the implication about when you get into data centers, with orders of magnitude higher demand rates, the ability to scale manufacturing, simply from a capacity standpoint is a huge deal, nevermind from a cost standpoint. There's a lot of juice there, on both the gross margin side and the market expansion.

這真的很棒，而且不只是針對對成本敏感的接入市場；其含意是，當你進入資料中心時，需求速率高出數量級，從產能角度來看，能夠擴大製造規模是一件大事，更不用說從成本角度。這裡面有很大的空間，無論是在毛利率端或市場擴張端。

Thank you. That just leads me to my final question on the competitive environment. Can you discuss where -- to the extent that you have a moat or a wall around the etched facet technology on BinOptics, or the GaN on silicon, what do think your lead is on your closest competitors there? Thank you.

謝謝。這也引出我最後一個關於競爭環境的問題。你能否談談——在你們對 BinOptics 的蝕刻端面技術或 GaN on silicon 的護城河或壁壘方面，在那裡你認為相對於最接近的競爭對手，你們領先多少？謝謝。

We've really, given the strong patent position, and it's not just patents. I mean, Alex Behfar was an IP expert coming out of IBM Microelectronics. He put together a multi-layered, multi-dimensional IP strategy that included trade secrets, not just patents and intellectual property.

我們確實——基於強大的專利布局，而且不只是專利。我的意思是，Alex Behfar 是從 IBM Microelectronics 出來的智慧財產權專家。他建立了一套多層次、多維度的 IP 策略，其中包含商業機密（trade secrets），不僅僅是專利與智慧財產。

So, it's very well protected. I don't believe they see anybody, really, I think, even on the horizon with something equivalent. You always have to be healthy skepticism -- paranoia, I should say, healthy paranoia about someone coming out of the blue. But, there's nothing that I think we've seen that causes us any concern at this juncture.

所以，保護得非常完善。我不認為他們看到任何人——真的，我想即使在地平線上也沒有什麼等同的東西。你永遠都得保持健康的懷疑——我應該說是健康的偏執——以防有人突然冒出來。但就目前而言，我們沒有看到任何會讓我們擔心的跡象。

How about on the GaN on silicon side?

那麼在矽基 GaN（GaN on silicon）這一端呢？

It's interesting. There are people who are out there talking publicly about GaN on silicon, for RF applications, and it's going to be an interesting period as we begin to defend our intellectual property position. The Nitronex team, I think they invested $60 million in building the patent base, and the IP base that is shared between Infineon, now, originally International Rectifier and M/A-COM, originally Nitronex. So you can see what kind of valuation Infineon put on that for the power conversion field of use. We consider this a very high-value asset, and we are going to defend it.

這很有意思。確實有人在公開談論用於 RF 應用的矽基 GaN，而隨著我們開始捍衛自身的智慧財產權地位，接下來將會是一段很有看頭的時期。Nitronex 團隊我認為投入了 6,000 萬美元來建立專利基礎，以及由 Infineon（英飛凌）共享的 IP 基礎；而這個 IP 基礎原本是在 International Rectifier（國際整流器）與 M/A-COM 之間共享，最初則來自 Nitronex。因此你可以看出，英飛凌對於該資產在電力轉換（power conversion）使用領域所給予的估值。我們認為這是一項非常高價值的資產，我們也將會捍衛它。

Thank you very much.

非常感謝。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

I just wanted to come back, and I apologize because I missed part of the prepared script. Just looking at the laser business, obviously, I understand that a lot of the growth today is coming from the access segments. As you look out over the next couple of years, the data center opportunity seems pretty significant. At OFC this year there were a significant number of 25 gig QSFP modules, 4 by 25 configuration. Wondering if you can comment on your design position in some of those QSFP 28 lasers, and if you are not in them today, when do you think you could intersect that market, and then I have a couple of follow-up questions. Thanks.

我想再回到剛才的話題，先致歉，因為我錯過了部分事先準備的講稿。就雷射業務來看，顯然我理解目前很多成長來自接取（access）區隔。展望未來幾年，資料中心的機會看起來相當可觀。今年的 OFC 上有相當多 25G 的 QSFP 模組，採 4×25 的配置。想請你談談你們在某些 QSFP28 雷射上的設計導入（design position）情況；如果你們目前還不在其中，你們認為何時能切入那個市場？另外我還有幾個追問。謝謝。

As I understand, the BinOptics team had established a very respectable design in position into a lot of those first-generation designs. I can say that the way they were perceived at the time is profoundly different, the way we are perceived now. You can imagine, when people are talking about orders of magnitude of incremental demand, a venture capital backed $50 million start-up was not exactly at the top of the list of priorities for strategic vendor status. That's profoundly changed, now.

據我了解，BinOptics 團隊在許多第一代設計中已建立了相當受尊敬的設計導入地位。我可以說，他們當時在市場上的被認知方式，與我們現在的被認知方式有著天壤之別。你可以想像，當人們談到數量級的新增需求時，一家由創投支持、規模 5,000 萬美元的新創公司，並不會正好排在成為策略供應商（strategic vendor）優先名單的最前面。這點現在已經徹底改變了。

So, in terms of our ability to penetrate the 100 gig, the 25 gig, the 100 gig data center opportunities, I think, especially as we bring our cost structure to bear, it bodes extremely well. That is, from a future growth standpoint, and volume standpoint five years out, the real prize. Right now, access is where the action is. It's where the volume is. It's where the share gains -- the availability for share gains are, and 20% top line growth this year with the China programs building out rural access to fiber, fiber to the home, it's quite substantial.

因此，就我們切入 100G、25G，以及 100G 資料中心機會的能力而言，我認為，特別是當我們把成本結構的優勢發揮出來時，前景非常好。也就是說，從未來成長與五年後的出貨量角度來看，那才是真正的獎賞。就目前而言，接取端才是最熱絡的地方：那裡有量、那裡有市占提升的空間；而今年在中國計畫推動下，擴建鄉村光纖接取、光纖到戶（FTTH），帶動今年營收年增 20%，規模相當可觀。

Great. And then just wanted to move over to the GaN on silicon. You mentioned working with two production lines to ramp the process and, hopefully start to date a position to sample next -- I think early 2016. If that's the timing, can you just, given your experience in the base station power amp business, do think you start sampling products to the base station vendors?

很好。接著我想轉到矽基 GaN。你提到與兩條量產線合作來提升製程，並希望建立一個能在下一個——我想是 2016 年初——開始提供樣品的節點。如果時程是這樣，能否請你以你在基地台功率放大器業務的經驗來看，你是否會開始向基地台供應商提供產品樣品？

How long does it take them to first design in the product and then once they designed it in, to take those productions to a volume ramp? I know some other semiconductor companies can say it may take a year plus, maybe as long as two years from when they actually receive a design win in base station to when it actually ramps. Just trying to get a handle of when you think you could be in production, volume production and shipping in base stations with the GaN on silicon, given its advantages.

他們從首次把產品設計導入，到設計導入後再把量產拉升到規模化爬坡（volume ramp），通常需要多久？我知道有些半導體公司會說，從在基地台拿到 design win 到真正放量，可能要一年以上，甚至長達兩年。我只是想掌握一下：考量矽基 GaN 的優勢，你們認為何時能在基地台上進入量產、達到規模量產並開始出貨？

Let me answer the question in two parts. One is where we stand, and get to the part of your question which is the behavior of the base station market. Where we stand, we've actually been sampling customers. We are announcing our Gen4 GaN products.

我把這個問題分兩部分回答。一部分是我們目前的進度，另一部分是你問到的基地台市場的行為模式。就我們的進度而言，我們其實已經在向客戶送樣。我們正在發表我們的第四代（Gen4）GaN 產品。

Those have been sampling, we've been demonstrating capability and customers have given us the feedback. They gave us the target specs. They now give us the production spec requirements, and basically everyone who matters in that market, it's a heavily concentrated market. We have our sights set clearly on what we need to do to execute on the product side.

這些產品已在送樣，我們也一直在展示能力，客戶也給了我們回饋。他們給了我們目標規格，現在也提供了量產規格需求；基本上，這個市場中所有重要的玩家——這是一個高度集中的市場——我們都已經對準了。我們非常清楚在產品端需要做到什麼才能執行到位。

So, it's not a theory, it's actually being reduced to practice. The real task now is, we have to deliver those products with that same performance from the production lines that I referred to, who are capable of supplying the volume and quality that is required by the base station industry. That will be happening through the rest of this year. We actually have customers who would, ideally, like to begin production in the beginning of calendar 2016.

所以這不是理論，而是正在落地實作。現在真正的任務是：我們必須從我剛提到的量產線交付同樣性能的產品，而這些量產線必須能供應基地台產業所要求的產能與品質。這會在今年剩餘時間內持續推進。我們確實有客戶理想上希望在 2016 年曆年初開始量產。

Now, whether we can get there and get the process qualified and get those productions ramped and the capacity in place is the real challenge. Until we've got it, we don't have it, so, we are not going to forecast it. We need to be cautious. I would describe it that sometime in 2016 is when things start turning on.

至於我們是否能達成、把製程完成認證（qualified）、把量產爬坡起來並把產能建置到位，這才是真正的挑戰。在我們真正做到之前，就等於還沒做到，所以我們不會去預測。我們需要保持謹慎。我會形容為：大概在 2016 年的某個時點，事情會開始啟動。

Now, to the second part of your question, the behavior of the base station guys, it really depends on which one. Some tend to have power amplifier platforms that are long-term technology roadmaps. They take as much as two years to really sync up and turn on production programs. There others that move much more rapidly, and are much more aggressive in terms of deploying new technology, and taking share. We're working with all of the above.

再談你問題的第二部分：基地台廠商的行為，確實取決於是哪一家。有些廠商的功率放大器平台是長期的技術路線圖，他們可能需要長達兩年才能真正對齊並啟動量產專案。也有一些動作快得多，在導入新技術與搶市占方面更積極。我們與上述各類型的客戶都有合作。

Okay. Great. Just wanted to -- this is for Bob, to follow up on Blayne's question on gross margin. If I look at the fact that you have revenues increasing in the June quarter, and you tend to have pretty good fall through on incremental revenue, I think you commented that the network, specifically optics, would probably be the strongest part of the business, and lastly the auto business, probably flattish in June. All of three of those factors to me sound like they're positive for gross margin. Just wondering if there's anything that offsets that in the June quarter.

好的，很好。我還想——這題是問 Bob，用來追問 Blayne 關於毛利率的問題。如果我看你們 6 月季度營收增加，而且你們通常在增量營收上有不錯的落底（fall-through）；再者你也提到網通、特別是光學，可能會是業務中最強的一塊；最後汽車業務在 6 月可能大致持平。這三個因素在我看來都對毛利率是正面的。想請問 6 月季度是否有任何因素會抵銷這些正面影響？

Quinn, there's nothing that offsets it. It's just a mix. There is some variability to the mix that comes on. As you've seen, it can go up and down a little bit, so we're managing -- in terms of the guidance, to the range today.

Quinn，沒有任何因素會抵銷。主要就是組合（mix）。進來的產品組合會有一些變動性。如你所見，它可能會小幅上上下下，所以我們在給指引時，是以目前的區間來管理。

Bob, mix perhaps within segments, not necessarily among segments?

Bob，你說的組合可能是在各區隔內部，而不一定是在區隔之間，對嗎？

Yes. It's product lines versus end markets.

是的。是產品線相對於終端市場的組合。

Got it. Okay. Thank you for the clarification.

了解。好的，謝謝你的說明。

That does conclude our question-and-answer period. I would like to turn the conference back over to Mr. John Croteau for any closing remarks.

以上為問答環節的結束。我想把電話會議交回給 John Croteau 先生，請他做結語。

Thank you, operator. Before closing out today's call, please note that Bob will be attending the Cowen TMT conference in New York on May 27. We welcome the opportunity to meet with any investors in attendance.

謝謝，接線員。在結束今天的電話會議之前，請注意 Bob 將於 5 月 27 日在紐約出席 Cowen TMT 研討會。我們也歡迎有出席的投資人把握機會與我們會面。

To request a meeting with management at a future event, or be notified of the next time that we plan to be in your area, please email us at IR@MACOM.com. Thank you all for joining us on today's call, and I look forward to reporting our fiscal third-quarter results and progress in late July. Operator, you may now disconnect the call.

若要在未來活動中向管理團隊申請會議，或希望在我們下次計畫到訪你所在區域時收到通知，請寄電子郵件至 IR@MACOM.com。感謝各位參加今天的電話會議，我也期待在 7 月下旬向各位報告我們的會計年度第三季業績與進展。接線員，您現在可以中斷通話。

Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program and you may all disconnect. Have a great rest of your day.

各位女士、先生，感謝您參與今天的會議。本次議程到此結束，請各位現在可以掛線。祝各位今天剩餘時間愉快。