MACOM Technology Solutions Holdings, Inc. (MTSI) 2015 Q3 法說會逐字稿

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

各位下午好，歡迎參加 M/A-COM Technology Solutions 2015 會計年度第三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, July 28, 2015. I will now turn the call over to Leanne Sievers of Shelton Group, the investor relations agency for MACOM. Leanne, please go ahead.

提醒各位，本次電話會議將於今天（2015 年 7 月 28 日，星期二）錄音。現在我將把電話交給 MACOM 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' third-quarter 2015 earnings conference call. I am Leanne Sievers, Executive Vice President of Shelton Group, MACOM's investor relations firm. With us today are MACOM'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 MACOM's website at www.MACOM.com under the Investor Relations section.

各位下午好，歡迎參加 M/A-COM Technology Solutions 2015 年第三季財報電話會議。我是 Shelton Group 執行副總裁 Leanne Sievers，Shelton Group 為 MACOM 的投資人關係公司。今天與會者包括 MACOM 總裁兼執行長 John Croteau，以及資深副總裁兼財務長 Bob McMullan。若您尚未收到新聞稿，可至 MACOM 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, MACOM 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 MACOM'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 May 13, 2015. Any forward-looking statements represent management's views only as of today, July 28, 2015. MACOM assumes no obligation to update these statements in the future.

在我把電話交給 Croteau 先生之前，我想提醒各位聽眾，管理層的事先準備發言以及對各位提問的回答，包含前瞻性陳述，並受風險與不確定性影響。由於實際結果可能與今日討論內容有重大差異，MACOM 主張適用《1995 年私人證券訴訟改革法案》（Private Securities Litigation Reform Act of 1995）中關於前瞻性陳述的「安全港」保護，並請各位參閱 MACOM 向美國證券交易委員會（SEC）提交之文件中，對可能導致差異之風險與不確定性的更詳細討論，包括今日提交的 Form 8-K 當期報告，以及 2015 年 5 月 13 日提交的 Form 10-Q 季度報告。任何前瞻性陳述僅代表管理層截至今日（2015 年 7 月 28 日）的觀點。MACOM 不承擔未來更新此等陳述之義務。

The Company's press release and the 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 in the Investor Relations section of MACOM'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 MACOM's website.

本公司新聞稿以及本次電話會議期間管理層的陳述，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，已載於本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 MACOM 網站「投資人關係」專區查閱。若各位目前無法全程收聽本次電話會議，網路直播的錄音將於 MACOM 網站「投資人關係」專區提供 30 天。

And now I'll turn the call over to MACOM's President and CEO, John Croteau. John, please go ahead.

現在我將把電話交給 MACOM 總裁兼執行長 John Croteau。John，請開始。

Thank you, Leanne. Welcome, everyone, and thanks for joining us today. I'll begin today's call with an overview of our third-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 a summary of our execution during the quarter, followed by guidance for the fiscal fourth quarter of 2015.

謝謝你，Leanne。歡迎各位，感謝今天加入我們。我將先概述 2015 會計年度第三季的業績，接著把電話交給我們的財務長 Bob McMullan，他將更詳細地說明我們的財務表現。之後我會在事先準備的發言結尾，總結本季的執行情況，並提供 2015 會計年度第四季的財測指引。

Straight to the results. I'm pleased to report that for our fiscal third quarter, we delivered record revenue in EPS. Revenue for the third quarter was $130.7 million. Gross margin was 54%, with net income coming in at $23.1 million, or $0.42 earnings per diluted share, based on 55.2 million shares outstanding.

直接看結果。我很高興報告，我們在會計年度第三季創下營收與每股盈餘（EPS）新高。第三季營收為 1.307 億美元。毛利率為 54%，淨利為 2,310 萬美元；以流通在外股數 5,520 萬股計算，稀釋後每股盈餘為 0.42 美元。

Looking at our end-markets, Networks grew quarter on quarter, on the back of strong demand in 100G for long haul and metro networks, as well as lasers in the access market. We successfully met our first goal following the BinOptics acquisition, doubling laser unit capacity in Ithaca by the end of June. During the quarter, we saw none of the currency effects and headwinds that concerned us in the prior quarter. That said, we did see headwinds in mobile infrastructure, both fiber and wireless backhaul, that resulted from management restructuring at the top three carriers in China. In total, growth in global 100G and share gains in access more than offset the weakness in China backhaul.

從終端市場來看，Networks（網路）業務較前一季成長，主要受惠於長途與都會網路 100G 的強勁需求，以及接取市場的雷射產品。我們在收購 BinOptics 後成功達成第一個目標：於 6 月底前將伊薩卡（Ithaca）的雷射單位產能提升一倍。本季我們未見上一季令我們擔憂的匯率影響與逆風。不過，我們確實在行動基礎建設（包含光纖與無線回程）看到逆風，原因是中國前三大電信業者高層管理重整所致。整體而言，全球 100G 的成長以及在接取市場的市占提升，已足以抵消中國回程市場的疲弱。

Our laser business remains capacity-constrained for the foreseeable future. We also saw weakness in Multi-Market, including industrial, similar to what others have reported. Once again, end-market demand across the full breadth of our catalogue portfolio, including Networks and A&D, more than offset this weakness, and actually grew sequentially. Automotive was down slightly quarter on quarter, within the normal fluctuations in demand that we see at Ford. In summary, we're very pleased with another solid quarter of execution by the team.

在可預見的未來，我們的雷射業務仍將受限於產能。我們也在 Multi-Market（多元市場）看到疲弱，包括工業領域，與其他公司所回報的情況相似。再次強調，我們產品目錄組合涵蓋的各終端市場（包括 Networks 與 A&D）之需求廣度，已不僅抵消此一疲弱，且實際上較前一季成長。Automotive（車用）較前一季小幅下滑，仍屬我們在 Ford 看到的正常需求波動範圍。總結而言，我們對團隊本季再次穩健執行的表現感到非常滿意。

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會計年度第三季的財務表現。

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

謝謝你，John，各位下午好。在我接下來的說明以及 John 的發言中，所有損益表金額與百分比將以非 GAAP 基礎討論，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 $130.7 million, representing a sequential increase of 4.6% compared to reported revenues of $124.9 million in the prior fiscal quarter and an increase of 16.3% compared to $112.4 million in the fiscal third quarter of 2014. The 2014 fiscal quarter included revenues for the CPE business, sold in May 2014, of $5.3 million. Adjusting for the CPE business, revenues grew 22% over the prior year's fiscal quarter. Networks was $74.1 million and 56.7% of revenue. Aerospace and Defense was $20.3 million and 15.5%. Automotive was $21.6 million and 16.5%. And Multi-Market was $14.7 million and 11.3% of revenue.

營收為 1.307 億美元，較上一會計季度報告的 1.249 億美元季增 4.6%，並較 2014 年會計年度第三季的 1.124 億美元年增 16.3%。2014 年該會計季度包含 CPE 業務（已於 2014 年 5 月出售）營收 530 萬美元。若排除 CPE 業務影響，營收較去年同期成長 22%。Networks 為 7,410 萬美元，占營收 56.7%。Aerospace and Defense（航太與國防）為 2,030 萬美元，占 15.5%。Automotive 為 2,160 萬美元，占 16.5%。Multi-Market 為 1,470 萬美元，占營收 11.3%。

Gross profit in the fiscal quarter was $70.6 million or 54% of revenues compared to $66.3 million or 53.1% of revenues in the prior fiscal quarter. And $58.1 million or 51.7% in the fiscal third quarter of 2014. Gross margins increased by 90 basis points sequentially, and benefited from selling a higher gross-margin product mix than the fiscal second quarter, including lower Automotive revenue.

本會計季度毛利為 7,060 萬美元，或占營收 54%；相較上一會計季度為 6,630 萬美元，或占營收 53.1%；2014 年會計年度第三季為 5,810 萬美元，或占 51.7%。毛利率季增 90 個基點，主要受惠於銷售組合較會計年度第二季更偏向高毛利產品，其中也包括車用營收較低。

Total operating expenses were $38.3 million compared to $36 million in the prior fiscal quarter, and $34.2 million in the third quarter of the prior fiscal year's quarter. The increase in operating expenses in the fiscal third quarter included higher levels of variable compensation of almost 50%. Research and development expense for the fiscal third quarter was $20 million. This compares to R&D expense of $18.7 million in the prior fiscal quarter, and $18.8 million in the fiscal quarter of 2014. R&D as a percentage of revenue represented 15.2% in the fiscal third quarter compared to 15% in the previous fiscal quarter, and 16.7% in the prior year's quarter.

營業費用總額為 3,830 萬美元，相較上一會計季度為 3,600 萬美元，上一會計年度同季為 3,420 萬美元。會計年度第三季營業費用的增加，包含變動薪酬水準提高，增幅接近 50%。會計年度第三季研發費用為 2,000 萬美元；相較上一會計季度研發費用為 1,870 萬美元，2014 年同季為 1,880 萬美元。研發費用占營收比重於會計年度第三季為 15.2%，相較前一季為 15%，去年同期為 16.7%。

Selling, general and administrative expenses for the fiscal third quarter were $18.4 million. This compares to SG&A expense of $17.3 million in the prior fiscal quarter, and $15.4 million in the prior fiscal year's quarter. SG&A as a percentage of revenue represented 14.1% in the fiscal third quarter compared to 13.9% in the previous quarter, and 13.7% in the prior year's quarter.

會計年度第三季銷售、一般及行政（SG&A）費用為 1,840 萬美元；相較上一會計季度為 1,730 萬美元，上一會計年度同季為 1,540 萬美元。SG&A 占營收比重於會計年度第三季為 14.1%，相較前一季為 13.9%，去年同期為 13.7%。

Income from operations was $32.3 million or 24.7% of revenue. This compares to $30.3 million or 24.3% of revenue in the prior fiscal quarter, and $23.9 million or 21.3% of revenues in the prior fiscal year's quarter. Solid gross margins and reasonable investment drove the continued improvement in operating income and margin in the fiscal third quarter, driving us further towards our goal of 30% operating margins. EBITDA, or earnings before interest, taxes, and depreciation and amortization was $35.6 million, up from $34.1 million in the prior fiscal quarter, and $27.2 million in the prior year's fiscal third quarter. This represents growth of 4.4% sequentially, and 23.6% year over year. Interest expense of $4.1 million in the fiscal third quarter was down from $4.3 million in the fiscal second quarter on lower levels of outstanding debt.

營業利益為3,230萬美元，約占營收的24.7%。相較之下，上一財政季度為3,030萬美元，約占營收的24.3%；上一財政年度同季為2,390萬美元，約占營收的21.3%。穩健的毛利率與合理的投資，帶動本財政年度第三季營業利益與營業利益率持續改善，使我們更接近30%營業利益率的目標。EBITDA（即息稅折舊攤銷前盈餘）為3,560萬美元，高於上一財政季度的3,410萬美元，亦高於上一財政年度第三季的2,720萬美元。這代表季增4.4%，年增23.6%。本財政年度第三季利息費用為410萬美元，較本財政年度第二季的430萬美元下降，主要因未償還債務水位較低。

Turning to income taxes, our effective income tax rate for the fiscal third and second quarters was 18%. This tax rate compares to 23.5% in the year-ago quarter. Our cash taxes paid in the fiscal third quarter were $96,000 or 2 basis points of pretax income, as compared to $724,000 or 2.8% in the fiscal second fiscal quarter. As current fiscal year taxable income was reduced by tax losses and in NOLs. Our fiscal quarter net income was $23.1 million or $0.42 per diluted share on slightly higher outstanding shares of 55.2 million shares. This compares to fiscal second-quarter net income of $21.3 million or $0.41 per diluted share on 52.5 million outstanding shares. And net income of $15.8 million or $0.33 per diluted share in the prior fiscal quarter. This represents EPS growth of 3.2% sequentially, and 27.2% year over year.

接著談所得稅，本財政年度第三季與第二季的有效所得稅率為18%。此稅率相較於去年同期的23.5%。本財政年度第三季支付的現金所得稅為9.6萬美元，約為稅前所得的2個基點；相較之下，本財政年度第二季為72.4萬美元，約為稅前所得的2.8%。因本財政年度的應稅所得受到稅務虧損及NOL（淨營業損失結轉扣抵）的影響而降低。本財政季度淨利為2,310萬美元，稀釋後每股盈餘為0.42美元，係以略高的流通在外股數5,520萬股計算。相較之下，本財政年度第二季淨利為2,130萬美元，稀釋後每股盈餘為0.41美元，係以5,250萬股流通在外股數計算；而上一財政年度同季淨利為1,580萬美元，稀釋後每股盈餘為0.33美元。這代表EPS季增3.2%，年增27.2%。

Cash flow from operations was $26.8 million in the fiscal third quarter, growing from $13.9 million in the fiscal second quarter. The fiscal third quarter cash flows includes an add-back for prepaid compensation related to the BinOptics transaction. At fiscal quarter-end, our cash and cash equivalents was approximately $80.7 million. Outstanding long-term debt was $340.8 million, and we have an available $130 million under our existing revolving credit agreement, for future use.

本財政年度第三季營運活動現金流量為2,680萬美元，較本財政年度第二季的1,390萬美元成長。本財政年度第三季的現金流量包含與BinOptics交易相關之預付薪酬的加回調整。於財政季度期末，我們的現金及約當現金約為8,070萬美元。未償還長期債務為3億4,080萬美元，且在現有循環信用協議下尚有1億3,000萬美元可用額度，以供未來使用。

Accounts receivable of $89.7 million compares to $89.4 million at the end of the prior quarter. Day sales outstanding was 62.5 days compared to 65.1 days at the end of the prior fiscal quarter. Inventory was $84.4 million compared to $84.1 million in the prior quarter. Inventory turns were 2.9 times compared to 2.8 times in the prior fiscal quarter. Capital expenditures in the fiscal third quarter were $18.5 million or 14.2% of fiscal third-quarter revenue compared to $11.1 million or 8.5% of revenues in the fiscal second quarter.

應收帳款為8,970萬美元，與上一季期末的8,940萬美元相近。應收帳款週轉天數（DSO）為62.5天，較上一財政季度期末的65.1天下降。存貨為8,440萬美元，較上一季的8,410萬美元略增。存貨週轉率為2.9次，較上一財政季度的2.8次提升。本財政年度第三季資本支出為1,850萬美元，約占第三季營收的14.2%；相較之下，本財政年度第二季為1,110萬美元，約占營收的8.5%。

We continue to spend CapEx with a planned expansion of laser capacity in the Ithaca and Lowell fabs. In addition, MACOM was presented with the opportunity to purchase our Lowell headquarters from the former landlord at an attractive price of $8.3 million in the fiscal third quarter. All CapEx was funded by internally generated cash flow. The building purchase, while not anticipated, is expected to be very advantageous to MACOM in the long term. As a US Department of Defense-trusted foundry, we were already, essentially, locked into our Lowell facility. And by buying the facility, we have eliminated the future risk of having to renew our lease on potentially unfavorable terms. Depreciation expense for the fiscal third quarter was approximately $3.3 million and $3.8 million for the fiscal second quarter, as certain equipment became fully depreciated in advance of new equipment being placed into service.

我們持續投入資本支出，以依計畫擴充位於Ithaca與Lowell晶圓廠的雷射產能。此外，MACOM於本財政年度第三季獲得以具吸引力的價格830萬美元，向前房東購買我們Lowell總部大樓的機會。所有資本支出均由內部產生的現金流量支應。此項大樓購置雖非原先預期，但預期長期而言將對MACOM非常有利。作為美國國防部信賴的晶圓代工廠，我們基本上已被鎖定在Lowell廠址；透過購買該設施，我們消除了未來可能需在不利條件下續租的風險。本財政年度第三季折舊費用約為330萬美元，本財政年度第二季為380萬美元，係因部分設備在新設備投入使用前已完全折舊。

Before I turn the call back to John, I want to discuss the accounting for the divestiture of the auto business to Autoliv, and other important considerations. As announced, MACOM will receive $100 million, of which $18 million will be subject to an escrow for potential indemnification claims for 18 months following the closing, netting $82 million to MACOM at closing. In addition, MACOM has the potential to be paid an additional $30 million based upon the attainment of specific revenue and booking targets for the period from closing through FY19, or a lesser amount based upon partial achievement. Payment of this contingent amount will be no later than the attainment of the target or after the close of FY19, whichever comes sooner.

在我把電話交回給John之前，我想討論將汽車業務出售給Autoliv之會計處理，以及其他重要考量。如先前宣布，MACOM將收到1億美元，其中1,800萬美元將在交易完成後的18個月內置於託管帳戶，以因應潛在的賠償（indemnification）請求，因此在交割時MACOM實際可取得8,200萬美元。此外，MACOM亦可能基於自交割日起至FY19期間達成特定營收與接單（booking）目標，而額外獲得3,000萬美元；若僅部分達成，則可能獲得較低金額。此或有款項的支付時間不晚於達成目標之時點，或FY19結束後，以較早者為準。

Autoliv has retained MACOM under a consulting agreement for advice and services, which may generate up to $1.9 million for each of the next eight full quarters following the closing. The fees that are earned will flow through other income as services are rendered by MACOM. Upon closing the sale, the Auto business will be treated, for accounting purposes, as a discontinued operations. At the closing of the transaction, MACOM will file an 8-K which will restate the current and past two fiscal years by quarter, with the auto business revenue and associating expenses, net of tax, included as a one-line income item under the classification: Discontinued Operations Net of Tax. Dual EPS disclosure for continuing and discontinued operations will be presented. With this reclassification, future quarters and past quarters will be comparable, and exclude the auto business.

Autoliv已依顧問協議聘任MACOM提供建議與服務，於交割後接續的八個完整季度中，每一季度最多可為MACOM帶來190萬美元。MACOM在提供服務時所賺取的費用，將列入其他收入。出售交割完成後，汽車業務在會計上將被視為停業單位（discontinued operations）。於交易交割時，MACOM將提交8-K，並按季度重編（restated）本財政年度及前兩個財政年度的財務資訊，將汽車業務的營收及相關費用（扣除稅後）以單行損益項目列示於「停業單位（扣除稅後）淨利」分類之下。將提供持續營業與停業單位的雙重EPS揭露。透過此重新分類，未來季度與過去季度將具可比性，並排除汽車業務。

From a tax perspective, the sale will generate taxable income in FY15, although a portion of the gain will be reduced by NOLs. The sale of the auto business also shifts a mix of taxable income between US and international. It is anticipated that international taxable income will be larger than domestic without the auto business, which may result in a lower tax rate than the present rate of 18%. Also at closing, MACOM will update its guidance for the fiscal fourth quarter, without the auto business. We expect the transaction to close in the upcoming quarter, but our guidance today will be inclusive of the auto business, as we are constituted today.

就稅務角度而言，此出售將於FY15產生應稅所得，惟部分處分利益將由NOLs抵減。汽車業務的出售亦會改變美國與國際間的應稅所得組合。預期在不含汽車業務的情況下，國際應稅所得將高於國內，這可能使稅率低於目前的18%。此外，在交割時，MACOM將在不含汽車業務的基礎上更新本財政年度第四季的財測指引。我們預期交易將於下一季度完成，但我們今天提供的指引將仍包含汽車業務，因為這是我們目前的組成狀態。

Under the terms of the MACOM credit agreement, MACOM will elect not to prepay a portion of the outstanding principal to the extent of the net proceeds, a defined term, received. MACOM will retain the cash, as we believe there will be opportunities to reinvest the cash in future acquisitions. As a disciplined, consolidated and a proven integrator, MACOM believes that potential reinvestment of the cash from the sale of the auto business in future acquisitions offer higher returns than the cost of capital.

依MACOM信用協議條款，MACOM將選擇不以所收到的淨收益（net proceeds，為一已定義之用語）來提前償還部分未償還本金。MACOM將保留該等現金，因我們相信未來併購將有機會重新投資這些現金。作為一家具紀律、整合且已被驗證的整合者，MACOM認為，將出售汽車業務所得現金再投資於未來併購所帶來的潛在報酬，高於資本成本。

On this point, I will turn the call back over to John.

基於上述，我將把電話交回給John。

Thanks, Bob. I'd like to begin by providing an update on our laser capacity expansion efforts. As I mentioned earlier, we successfully achieved our goal of doubling capacity in Ithaca, New York. To be specific, the good die per wafer improved to from 12,000 to over 24,000 at the end of June. Nevertheless, we remain capacity-constrained to meet laser market demands through fiscal Q4. In parallel, we are still on track to double unit capacity yet again in Lowell by the beginning of calendar 2016. This is key as we prepare to address the next secular growth driver in 100G in data centers.

謝謝，Bob。我想先就我們擴充雷射產能的進展提供最新資訊。如我先前提到，我們已成功達成在紐約州Ithaca將產能倍增的目標。具體而言，每片晶圓的良品數（good die per wafer）在6月底已由12,000提升至超過24,000。儘管如此，我們在整個財政年度第四季仍受產能限制，難以完全滿足雷射市場需求。與此同時，我們仍按計畫在Lowell於2016年曆年初再次將單位產能倍增。這一點至關重要，因為我們正準備因應資料中心100G的下一個長期結構性成長動能。

Diving in a bit deeper, COGS reductions associated with that capacity expansion resulted in gross margin improvements that more than offset what otherwise historically would've been an unfavorable mix during the quarter. Due to the well-chronicled management restructuring in China, demand for lasers in the more lucrative fiber backhaul segment experienced significant headwinds.

再深入一點來看，與該產能擴張相關的銷貨成本（COGS）降低，帶來的毛利率改善，已足以抵銷本季在歷史上原本會是不利的產品組合影響。由於中國眾所周知的管理層重整，利潤較高的光纖回傳（fiber backhaul）區隔對雷射的需求遭遇顯著逆風。

In total, though, our market share gains in access more than made up for that shortfall in backhaul. As mobile infrastructure recovers in future quarters, we would expect to see substantial tailwinds further accelerating revenue growth and margin expansion. Perhaps more importantly, our laser position continues to be a strategic differentiator, notably across 100G long haul and metro networks which actually grew faster than access last quarter, allowing us to expand market share and share of wallet across our entire optical portfolio. This positions us ideally to take advantage of the explosive growth opportunities as 100G enters data centers. For these reasons, we remain bullish in terms of our laser and overall optical businesses' ability to continue to outperform for the foreseeable future.

不過整體而言，我們在接取（access）市場的市占率提升，已遠遠彌補回傳（backhaul）的不足。隨著行動基礎建設在未來幾季復甦，我們預期將出現顯著順風，進一步加速營收成長與毛利率擴張。更重要的是，我們的雷射布局仍是關鍵的策略差異化因素，尤其是在 100G 長途（long haul）與都會（metro）網路領域；這些領域上季實際成長速度快於接取市場，使我們得以在整體光學產品組合中擴大市占率與客戶錢包占比（share of wallet）。這讓我們能以理想的姿態把握 100G 進入資料中心所帶來的爆發性成長機會。基於上述原因，對於我們的雷射與整體光學業務在可預見的未來持續優於同業的能力，我們仍維持樂觀（bullish）。

Switching gears, as I've mentioned previously, disruption resulting from consolidation in our quarter of the industry continues to benefit MACOM, whether it be customer design wins or access to talent that was previously unavailable. I'm proud to say that during the quarter, we staffed the application support functions necessary to take GaN mainstream, thereby accelerating MACOM's credibility and access to revenue at major customers worldwide.

換個話題，如我先前提到的，由於我們所處產業領域的整併所造成的擾動，持續讓 MACOM 受益，不論是客戶設計導入（design wins）或是取得先前無法取得的人才。我很自豪地表示，本季我們已建置推動 GaN 走向主流所需的應用支援職能，從而加速提升 MACOM 在全球主要客戶中的可信度與營收觸及。

For the past few quarters, I've been talking about active antenna arrays beginning to turn on, as the third major secular growth driver for MACOM. As of today, we have purchase orders in-house for the initial ramp for the airborne defense radar program. In addition, we believe purchase orders are imminent for field trial units for the next-generation Multi-Function Phased Array Radar program, or MPAR. We'll begin to see positive impact to revenue from these active antenna array programs beginning in this, our fourth fiscal quarter 2015.

過去幾季我一直在談主動式天線陣列（active antenna arrays）開始啟動，作為 MACOM 第三個主要的長期結構性成長驅動因素。截至目前，我們已收到用於空載防禦雷達計畫初期爬坡（initial ramp）的採購訂單。此外，我們也認為下一代多功能相位陣列雷達計畫（Multi-Function Phased Array Radar，MPAR）之野外測試單元（field trial units）的採購訂單即將到來。我們將從本公司 2015 會計年度第四季開始，看到這些主動式天線陣列計畫對營收帶來的正面影響。

Now moving on to the more recent big news. Two weeks ago, we announced a definitive agreement to divest our Automotive business to Autoliv. Simply put, this is the right deal at the right time for MACOM. The divestment of our Automotive business is a watershed moment for MACOM, as it will allow us to realize our full potential as a pure play high-performance analog semiconductor Company.

接著談近期的重大消息。兩週前，我們宣布已簽署最終協議，將汽車（Automotive）事業出售給 Autoliv。簡而言之，這對 MACOM 而言是在對的時間做對的交易。出售汽車事業是 MACOM 的分水嶺時刻，因為這將使我們得以充分發揮作為純粹高效能類比半導體公司的全部潛力。

As many of you are aware, our Automotive business operated on a different financial model than the rest of the business, with lower growth and a lower gross margin profile. MACOM's operating margins are expanding to the point that the Automotive business will no longer be accretive to our operating model, and therefore not consistent with our long-term strategic vision from both a growth and profitability perspective. Given our belief that other parts of our portfolio, such as optical, are poised to outperform, now is the perfect time for us to put the business in the capable hands of an auto industry player like Autoliv.

如各位所知，我們的汽車事業採用與其他事業不同的財務模式，成長較低且毛利率結構也較低。MACOM 的營業利益率正擴張至一個程度，使得汽車事業將不再對我們的營運模式具增益（accretive），因此從成長與獲利兩方面來看，都不符合我們的長期策略願景。鑑於我們相信投資組合中的其他部分（例如光學）具備優於同業的潛力，現在正是把該事業交由像 Autoliv 這樣具能力的汽車產業業者接手的最佳時機。

The focus of our investments going forward can now be exclusively in businesses that are aligned with our high-margin, high-growth model. We believe that the divestment of the Automotive business will significantly accelerate the achievement of our 60% gross margin/30% operating margin model. We believe that the expected growth in our other businesses will backfill the earnings contribution that would've otherwise come from Automotive within a few quarters following the divestment.

未來我們的投資重點，現在可以完全聚焦於與我們高毛利、高成長模式一致的業務。我們相信，出售汽車事業將大幅加速達成我們「60% 毛利率／30% 營業利益率」的目標模型。我們也相信，在出售完成後的幾季內，其他業務的預期成長將回補原本可能由汽車事業貢獻的獲利。

As a pure play, high-performance analog semiconductor Company, I'm confident that our strategic growth drivers optical, GaN, and active antenna arrays, will deliver a powerful combination of high growth and sustained profitability, squarely positioning MACOM in the highest-performing part of our industry.

作為一家純粹的高效能類比半導體公司，我有信心我們的策略成長驅動因素——光學、GaN 與主動式天線陣列——將帶來高成長與持續獲利的強大組合，讓 MACOM 穩居本產業表現最佳的領域。

Before I turn to guidance, I'd like to mention that we'll be hosting our second Analyst Day the week of March 6, 2016, in New York City. This will be a great opportunity for the folks to meet and get an in-depth briefing from my management team on how and why we expect to achieve such aspirational goals, in terms of both growth and profitability.

在我進入財測（guidance）之前，我想先提到，我們將於 2016 年 3 月 6 日當週在紐約市舉辦第二次分析師日（Analyst Day）。這將是一次很好的機會，讓各位與會者與我的管理團隊見面，並深入了解我們如何以及為何預期能在成長與獲利兩方面達成如此具企圖心的目標。

Now, moving over to the guidance, we'll guide this quarter including the Automotive business, and we'll update guidance upon closure of the transaction. For the fiscal fourth quarter ending October 2, 2015, MACOM expects revenue to be in the range of $133 million to $137 million. Non-GAAP gross margin between 53% and 55% and non-GAAP earnings per diluted share between $0.43 and $0.46, based on 55.5 million shares outstanding. I'd like to close today's scripted remarks by thanking the team for yet another quarter of solid execution.

接著談財測。本季我們將在財測中納入汽車事業，並會在交易完成交割後更新財測。對於截至 2015 年 10 月 2 日的 2015 會計年度第四季，MACOM 預期營收介於 1.33 億至 1.37 億美元之間。非 GAAP 毛利率介於 53% 至 55%，非 GAAP 稀釋後每股盈餘介於 0.43 至 0.46 美元之間，係以流通在外股數 5,550 萬股為基礎。最後，我想以感謝團隊在本季再次展現穩健執行力，作為今天預先準備講稿的結語。

Operator, you can now open the call to questions.

接線員，現在可以開放提問。

(Operator Instructions)

（接線員指示）

Gabriela Borges, Goldman Sachs.

Gabriela Borges，高盛。

Great. Thanks so much for taking my question. Congratulations on the strong results. I want to ask for a little more detail on the active antenna array programs that you have ramping. Just relative to the call that you provided at the Analyst Day, any more detail on the timing and the magnitude of the ramp of these programs? And is there any seasonality in the business that we should be aware of? Thank you.

很好。非常感謝讓我提問，恭喜你們的強勁表現。我想就你們正在爬坡的主動式天線陣列計畫，請你們提供更多細節。相較於你們在分析師日所提供的說法，能否再多談一些這些計畫爬坡的時程與規模？另外，這項業務是否有任何我們需要留意的季節性？謝謝。

Sure. Great questions. First of all, there's really two dimensions to the active antenna array programs. One is an airborne defense program, which will be very predictable once it begins ramping, with no seasonality whatsoever. The second relates to the Empire program. For those who listened in or attended our Analyst Day last year, Empire was a joint development, an advanced development with MIT Lincoln Labs. And that is actually on the cusp of transitioning over to commercial programs. There are actually active bids that could be awarded within the next 30 to 60 days. We are hopeful that our lead customer will win those awards. If so, those could begin ramping quite substantially next year. If not, there are still many other programs that are adopting the Empire architecture. And like the airborne defense program, there'll will be no seasonality. Very predictable, long-term programs.

當然。問題很好。首先，主動式天線陣列計畫其實有兩個面向。其一是空載防禦計畫，一旦開始爬坡，將非常可預測，且完全沒有季節性。第二個則與 Empire 計畫相關。對於去年收聽或參加我們分析師日的人來說，Empire 是與 MIT 林肯實驗室（MIT Lincoln Labs）共同開發的先進研發計畫。而它其實正處於轉向商用計畫的臨界點。目前確實有正在進行的投標案，可能在未來 30 到 60 天內決標。我們希望我們的領先客戶能贏得這些標案。若是如此，這些計畫明年可能會相當大幅度地開始爬坡。即使不是，仍有許多其他計畫正在採用 Empire 架構。而且如同空載防禦計畫一樣，將不會有季節性，屬於非常可預測的長期計畫。

Appreciate the color. And as a follow-up, if I may, on the competitive environment in 100-gig lasers, maybe you can give us a sense of what you're hearing from the competition, in terms of their willingness to bring capacity online, any change in pricing environment that you're seeing? And any threat from optical margin-makers potentially trying to delay the technology in-house? Thanks very much.

感謝補充說明。若我可以追問一下，關於 100G 雷射的競爭環境，也許你們可以分享一下你們從競爭對手那邊聽到的情況：他們是否願意把產能開出來？你們看到的定價環境是否有任何變化？另外，是否存在來自光學領域的毛利率參與者（margin-makers）可能試圖延後技術、改為自行內製的威脅？非常感謝。

Sure. Again, a series of great questions. I don't think there's been any meaningful change in the competitive environment. We are still what I would call severely capacity-constrained. That is, our customers are still beating us on a daily, weekly basis to get capacity allocation. We anticipate that will continue at least through this quarter. We anticipate that perhaps in the first fiscal quarter, fourth calendar quarter, supply may catch up with demand. There's no indication that any of our -- the traditional incumbents have expanded capacity. We don't see any challenges of indigenous Chinese or otherwise programs, suppliers coming online. And I think what has happened is, people see with our ability to expand the capacity, and especially as we bring Lowell onboard, that there really isn't the necessity from both a cost structure and reliability/continuity of supply standpoint. My interpretation is, customers see us as solid, going to rock-solid.

好的。再次是一連串很好的問題。我不認為競爭環境有任何實質性的變化。我們仍然可以說是嚴重受限於產能。也就是說，我們的客戶仍然每天、每週都在催促我們取得產能配額。我們預期這種情況至少會持續到本季。我們也預期，或許在下一個會計年度第一季、也就是曆年第四季，供給可能會追上需求。沒有跡象顯示任何——傳統既有業者——已擴增產能。我們也沒有看到任何來自中國本土或其他計畫、供應商上線所帶來的挑戰。我認為實際發生的是，大家看到我們擴充產能的能力，尤其是我們將 Lowell 納入運作之後，從成本結構與可靠性／供應連續性的角度來看，客戶其實沒有必要自行投入。我的解讀是，客戶認為我們很穩健，而且會變得非常穩健。

And the last thing I'll add is, there's a time dimension to the demand profile. Right now, the PON market access is driving the overall market growth -- at least, the part of the industry we operate in. That will transition beginning next year. Not transition, but will get the added benefit as data centers rampat 100 gig in data centers. We are told that overall demand, as that turns on, will be at least an order of magnitude even greater than PON. So it's the reason why we're so manically fixated on getting Lowell up and running. Not just for the existing market, and expand market share, but it's really for the next phase, as I said, the next secular growth driver in data centers.

我最後想補充的是，需求結構是有時間維度的。就目前而言，PON 市場的接入正在推動整體市場成長——至少是在我們所處的產業範疇內。從明年開始，這個情況會轉變。也不是轉變，而是當資料中心以 100G 速度開始放量時，我們將獲得額外的助益。我們被告知，隨著那部分需求啟動，整體需求至少會比 PON 高出一個數量級。因此，這也是為什麼我們如此急切地專注於讓 Lowell 盡快上線運轉。不只是為了既有市場、擴大市占，更是為了下一個階段——如我所說，資料中心的下一個長期結構性成長驅動力。

Great. Appreciate all the color. Thanks very much.

很好。非常感謝你提供的所有細節。多謝。

You're welcome. Thank you.

不客氣。謝謝。

Blayne Curtis, Barclays.

Blayne Curtis，巴克萊。

Maybe just from a high level, in terms of your segments, given your commentary, I'm assuming Networks is up again in September. Is there any other segment that's up? And then just drilling down on networks, just following on the prior question, you talked about a doubling of capacity. And I think last quarter, you said, don't think of revenue doubling. Obviously, the access would have lower ASPs. But clearly you're booked out through another quarter here. How much does Lowell add? What does that do to your cost structure? And what is the trajectory of revenue here? Obviously, if you're doubling capacity and sold out, you should have quite a steep ramp with this BinOptics business.

也許先從高層次來看，就你們的各個事業部而言，根據你剛才的評論，我猜 Networks 在 9 月季度會再度成長。還有其他事業部也會成長嗎？另外再深入問一下 Networks，延續前一題，你提到產能會加倍。我記得上季你說，不要把營收想成也會加倍。顯然接入端的 ASP 會比較低。但你們這裡顯然又被預訂滿到下一個季度。Lowell 會增加多少？這對你們的成本結構有何影響？而營收的走勢會如何？很明顯，如果你們產能加倍又滿載，這個 BinOptics 業務的爬坡應該會相當陡峭。

Yes, exactly. A series of great questions. You're asking great questions. So Networks for the next quarter -- Networks was a strong driver on the back of optical. The backhaul stuff was a very significant headwind, so that mix effect in lasers that I had mentioned last quarter was actually even further aggravated. Because the higher ASP part of the market, the fiber backhaul, was extraordinarily weak. I mean, we saw exactly the kind of softening that other people are reporting over in China there.

是的，完全正確。一連串很棒的問題。你問得很好。所以下一季的 Networks——Networks 的強勁動能主要來自光學。不過回傳（backhaul）相關業務是非常顯著的逆風，因此我上季提到的雷射產品組合效應，這一季其實更被放大了。因為市場中 ASP 較高的那一塊——光纖回傳——異常疲弱。我的意思是，我們在中國那邊看到的走弱，正是其他公司也在回報的那種情況。

The good news is, we could sell every laser we made, so we just shifted the mix over to the access market. But again, you've got that less-than-linear ramp. As that turns back on -- by the way, our guidance for next quarter assume no recovery in mobile infrastructure -- so both wireless and fiber backhaul -- as well as no recovery in the industrial Multi-Market side of our business. So slight growth in Networks associated with further laser capacity expansion. But A&D actually starts contributing growth with the programs that I mentioned -- the airborne defense program and the Empire program. Did I address all of the questions?

好消息是，我們做出來的每一顆雷射都賣得掉，所以我們只是把產品組合轉向接入市場。但同樣地，你會看到那種非線性的爬坡。等那一塊回溫——順帶一提，我們對下一季的指引是假設行動基礎建設不會復甦——也就是無線與光纖回傳都不復甦——同時也假設我們 Multi-Market 工業端業務不會復甦。因此，Networks 會因為雷射產能進一步擴張而小幅成長。但我提到的那些專案——機載防務專案與 Empire 專案——會讓 A&D 開始貢獻成長。我有把問題都回答到嗎？

Sorry, I piled on a lot for you there. Maybe just a follow-up on the Multi-Market business. Obviously, everybody across the board is seeing weakness. Just curious your thoughts on the general trend in the industry? Obviously a couple quarters down here. What is your sense of inventory levels and customer demand behavior?

抱歉，我一次塞了很多問題給你。也許追問一下 Multi-Market 業務。顯然大家都看到全面性的疲弱。想請教你對產業整體趨勢的看法？這裡已經連續幾個季度下滑了。你對庫存水位以及客戶需求行為的感受是什麼？

It's interesting. We switched from the selling model, and last quarter, POS actually held up very strong, the end-market across our catalog business. What we are told is that our leading disti, that June actually finished up pretty strong. So I don't think things are, at least for us, don't look to be the unmitigated disaster that some of the other people are reporting. But again, we're very cautious, in terms of guidance, that it's not going to turn back on and contribute to growth.

很有意思。我們改變了銷售模式，而上季 POS（銷售點）其實維持得很強，涵蓋我們型錄業務的終端市場。我們聽到的說法是，我們的主要經銷商那邊，6 月其實收得相當不錯。所以我不認為情況——至少對我們而言——看起來像其他一些公司所說的那種完全失控的災難。不過，我們在指引上仍然非常保守，假設它不會回升並對成長做出貢獻。

Great, thanks, nice job.

很好，謝謝，做得很棒。

Thank you.

謝謝。

Harlan Sur, JPMorgan.

Harlan Sur，摩根大通。

Hey, guys. Thanks for taking my question, and nice job on the quarterly execution. On the Ford Sync business, which you're selling to Autoliv, my understanding is that this segment generates low-30% gross margins and low-20% operating margins. Is that the right way to think about this business as we try to model the core MACOM business, ex-auto?

嗨，各位。謝謝讓我提問，季度執行表現很不錯。關於 Ford Sync 業務，你們要賣給 Autoliv。我的理解是，這個事業部的毛利率在 30% 出頭、營業利益率在 20% 出頭。當我們要建模核心的 MACOM 業務（排除汽車業務）時，這樣理解這個業務是否正確？

That's correct, Harlan. But as I said, we'll be coming out with some information that will guide you very specifically, post-close, at the close, from the filings with the 8-K, to give the right information on the business and the new business model going forward.

沒錯，Harlan。但如我所說，我們會在交易完成後、在完成時，透過 8-K 的申報文件提供一些資訊，會非常具體地引導你，讓你取得關於該業務以及未來新業務模式的正確資訊。

But am I in the ballpark?

但我大致抓得差不多嗎？

Yes, definitely.

是的，絕對是。

Okay, great. And then in Multi-Markets, obviously you guys saw a weakness in the June quarter. You mentioned industrial. Any other end-markets you saw weakness in? I know you've got a good footprint in test and measurement, and medical. Any commentary on demand by the different geographies? And for the September quarter, what's your sense on the direction of your Multi-Market segment for the September?

好，很好。接著在 Multi-Markets，顯然你們在 6 月季度看到疲弱。你提到工業端。還有其他終端市場也看到疲弱嗎？我知道你們在測試與量測、以及醫療領域也有不錯的布局。能否談談不同地區的需求狀況？另外對 9 月季度，你對 Multi-Market 事業部的走向有何看法？

Again, I consider the best indicator at POS, and POS in June ended up turning on and making somewhat of a recovery. Now whether that ends up sustained through July and the summer months, remains to be seen. Again, our working assumption is no recovery. In terms of color at the sub-segment level, our business is just so diffuse, it's impossible to draw any kind of trends between test and measurement versus industrial and other. So it's just -- our business is very hard to predict that way.

同樣地，我認為最好的指標是 POS，而 6 月的 POS 最後確實回升並出現某種程度的復甦。至於這是否能在 7 月與夏季月份持續，還有待觀察。再次強調，我們的工作假設是不會復甦。至於更細的子領域層級，我們的業務分布太分散了，幾乎不可能在測試與量測、工業以及其他領域之間歸納出任何趨勢。所以——用那種方式來預測，我們的業務非常困難。

Okay. Thanks, guys.

好的。謝謝各位。

Thank you.

謝謝。

Harsh Kumar, Stephens Inc.

Harsh Kumar，Stephens Inc.。

Hey, guys, congratulations. Great results, great guide. Question on your radar upgrade program. Could you, John, give us some idea of the length of these programs? Are these just a couple of quarters once they start, or is it just a multi-year program, global program? Anything would be helpful.

嗨，各位，恭喜。成績很棒，指引也很棒。關於你們的雷達升級專案，John，你能否讓我們了解一下這些專案的週期長度？它們啟動後只是持續幾個季度，還是屬於多年期、全球性的專案？任何資訊都會很有幫助。

I think in all cases, the airborne defense program, as well as the ground-based Empire stuff, the time period is actually measured in decades rather than quarters or years. So once they turn on, it turns into a very stable, predictable long-term business. I would describe airborne defense program as the first program at that particular customer that we would expect to proliferate. But Empire is even much more significant. That is a profound shift in the way people build radar programs. And we've actually got pull from the Department of Defense and the US government to be able to -- with programs that are driving aggressive price targets, to help customers -- to pull customers over to actually adopt the architecture. So that is something that will be step-and-repeat, and we believe can scale -- I best describe it as, it has the juice for growth and gross margin expansion equal to our optical business, as well as our GaN business. It's really that large and lucrative.

我認為在所有情況下，無論是機載防務專案，還是地面型的 Empire 相關專案，其時間尺度其實是以「數十年」來衡量，而不是以季度或年度。一旦啟動，就會成為非常穩定、可預測的長期業務。我會把機載防務專案描述為：在那個特定客戶那裡，我們預期會擴散開來的第一個專案。但 Empire 更加重要。那是在雷達專案建構方式上的一次深刻轉變。而且我們確實看到國防部與美國政府的拉動，透過一些推動激進價格目標的專案，來協助客戶——把客戶拉過來採用這種架構。因此，這會是可複製、可重複推進的模式，我們相信可以擴大規模——我最好的描述是：它在成長與毛利率擴張方面的動能，足以與我們的光學業務以及 GaN 業務相匹敵。規模真的很大、也很有利可圖。

Great. That was actually very helpful. And the other question I had was, could you comment on the Chinese wireless backhaul? Are they just globally in the wireless backhaul market? I know that it's been an area that didn't work out for you. But based on what you're hearing out there in the marketplace, what would you speculate is the best time for recovery for this business?

很好，這其實非常有幫助。我另一個問題是，你能否評論一下中國的無線回傳？他們是在全球無線回傳市場裡的狀況嗎？我知道那一直是你們沒有做起來的一個領域。但根據你在市場上聽到的訊息，你會推測這個業務最可能在什麼時候復甦？

Okay, so my crystal ball and I'll qualify it � is no better or worse than anybody else's. What we've heard is, perhaps in the December quarter, and most definitely in the subsequent quarter, that the management restructuring among the three major carriers would be completed, and we would see a distinct recovery. In my experience, however, that is a very unpredictable part of the world.

好的，那我就用我的水晶球來看——我先聲明——它不會比任何人的更好或更差。我們聽到的說法是，可能在 12 月季度，且更確定是在之後的那個季度，三大電信商之間的管理層重整會完成，然後我們會看到明顯的復甦。但以我的經驗來說，那個地區的情況其實非常難以預測。

Got it. Thank you. Thanks, guys.

了解。謝謝。謝謝各位。

Thank you.

謝謝。

Mark Lipacis, Jefferies.

Jefferies 的 Mark Lipacis。

Hi. Thanks for taking my questions. First question, John -- I had an issue with my line, so I didn't hear this. Could you repeat what you said about what you felt was going to be able to backfill the Automotive business and the timing on that?

嗨。謝謝讓我提問。第一個問題，John——我的線路出了點狀況，所以我沒聽到這段。你能重複一下你剛才說的：你認為哪些業務能回補汽車業務的缺口，以及時間點大概是什麼時候嗎？

Yes. I mean, I'll oversimplify and say it's lasers and optical. Exactly what you would predict it. And it's 100G, as well as access.

是的。我的意思是，我把它簡化來說，就是雷射與光學。完全就是你會預期的那樣。而且是 100G，以及接入端。

And how many quarters?

那大概需要幾個季度？

You know, we don't give forward guidance. But let me just say, given the -- as mobile infrastructure recovers, that was a very substantial headwind. So as that turns around and turns into a tailwind, I think within a couple quarters we could be back to what people have been predicting our EPS to be.

你知道的，我們不提供前瞻指引。但我想說的是，考量到——隨著行動基礎建設復甦，那曾是一個非常重大的逆風。所以當它反轉、從逆風變成順風時，我認為在幾個季度之內，我們就可能回到大家一直預期我們 EPS 應該達到的水準。

Okay, that's helpful. And then one other question, on the BinOptics side of the business. It sounds like you were taking share and that was able to help you with some of the headwinds. Could you give us a sense of what you believe your share is in the market? Did you just pick off the low-hanging fruit? Do you think you have more to go?

好的，這很有幫助。然後還有一個問題，關於 BinOptics 這一塊業務。聽起來你們正在搶市占，這也幫助你們抵消了一些逆風。你能否讓我們了解一下你們認為自己在市場上的市占大概是多少？你們只是摘取了低垂的果實嗎？你覺得還有更多空間嗎？

There's no question we have more to go. I would say picking up low-hanging fruit is probably not a bad term, when customers can't get enough product. Our biggest problem has been dealing with customers who are irate about how many lasers we allocate them. Not a bad problem to have, but a problem, nonetheless. So definitely, as supply catches up to demand, the dynamics change. We feel we have done such a outstanding job of actually meeting that upside demand in the short term -- we really were the guys coming in, saving a lot of people's businesses -- that we have not just the goodwill, but the long-term contracts that are being put in place through 2016 to progressively take additional share. That is unquestionably part of the out-performance in our comments about backfilling for the Automotive business.

毫無疑問，我們還有更多空間。我會說，在客戶拿不到足夠產品的情況下，用「摘取低垂的果實」來形容其實也不算差。我們最大的問題一直是要應付那些因為我們分配給他們的雷射數量而非常不滿的客戶。這不是個壞問題，但終究還是個問題。所以，當供給追上需求時，動態肯定會改變。我們覺得自己在短期內實際滿足那種上行需求方面做得非常出色——我們確實是進來拯救了很多人的生意——因此我們不僅累積了善意，也正在建立到 2016 年、逐步取得更多市占的長期合約。這無疑也是我們表現優於預期的一部分，並且也呼應我們對於回補汽車業務缺口的評論。

Great. If I could just sneak one more in on GaN-on-silicon. Where are you in the process of qualifying your foundries? And could you discuss the competitive environment? Because there's some news that has been coming out recently about GaN becoming more popular in the market, and even some GaN-on-silicon players. If you could talk about that, that would be great. Thank you.

很好。如果我可以再偷偷問一個關於矽基 GaN（GaN-on-silicon） 的問題：你們在代工廠資格認證的流程進展到哪一步了？也能談談競爭環境嗎？因為最近有一些消息指出 GaN 在市場上越來越受歡迎，甚至也出現一些矽基 GaN 的玩家。如果你能談談這些就太好了。謝謝。

Sure. We remain on track. We continue to progress with our qualifications of our production foundries. Again, the critical path here is entirely reducing -- we announced our Gen 4 GaN, which was a spectacular hit at the NPT IMS Show, which matched the performance of GaN-on-silicon carbide, and with a cost structure that ends up below that of the incumbent LDMOS. That was, as you can imagine, a big hit.

當然。我們仍然按計畫推進。我們持續在生產代工廠的資格認證上取得進展。再次強調，這裡的關鍵路徑完全在於降低——我們發布了第四代 GaN（Gen 4 GaN），在 NPT IMS 展上大獲成功，其表現可與碳化矽基 GaN（GaN-on-silicon carbide）匹敵，而且成本結構最終低於既有的 LDMOS。這如你所想像，是個很大的亮點。

But I don't want to understate the task here of getting that ramped, yielding and qualified in the high-volume production foundries that can supply things like base stations. Supply chain is everything to the base station guys. I mean, you can see the gyrations that the industry has gone through from last year to now what's happening. Supply chain flexibility is a big deal. I would say technically, our big progress last quarter was, with the disruption that's going on in the marketplace, there was access to some talent that previously never would've been available. We staffed the support teams in both China and the US to support Europe, the US and in China. So all the major guys, with now guys who have proven -- who understand the customers and the applications, which was a critical piece of the puzzle that had to be put in place.

但我不想低估把它放量、提升良率，並在可供應基地台等產品的高產能生產代工廠完成認證的工作量。對基地台廠商而言，供應鏈就是一切。我的意思是，你可以看到產業從去年到現在發生的劇烈波動。供應鏈的彈性非常重要。我會說，技術面上，我們上個季度的一大進展是：在市場發生動盪之際，我們得以接觸到一些過去根本不可能取得的人才。我們在中國與美國都配置了支援團隊，以支援歐洲、美國以及中國。因此，所有主要客戶現在都有具備實戰經驗的人——了解客戶與應用的人——這是必須補上的關鍵拼圖。

And I would say, I think the customers are keenly aware that we are really the only path to GaN, in my opinion, being capable of supporting those supply chain demands. When we actually come out public with our supply chain partners, it'll be obvious why that is the case. But again, there's a lot of work to get that supply chain qualified and yielding. We are still on track, as far as we are concerned, for first-quarter 2016 being in that position. But it's not done until it's done, and I should say our assumptions -- when we talk about replacing the earnings of the Automotive business, that assumes zero revenue in 2016. Not that we believe zero revenue, but we're not counting those chickens until they hatch.

我也會說，我認為客戶非常清楚：就我看來，我們幾乎是唯一能讓 GaN 有能力滿足那些供應鏈需求的路徑。當我們公開我們的供應鏈合作夥伴時，為什麼會是這樣就會很明顯。但同樣地，要讓那條供應鏈完成認證並達到良率，還有很多工作要做。就我們而言，我們仍按計畫在 2016 年第一季達到那個狀態。但事情沒完成之前都不算完成；我也應該說，我們的假設——當我們談到替代汽車業務的獲利時——是以 2016 年零營收為前提。不是說我們相信會是零營收，而是我們不會在雞孵出來之前就先算進去。

Thank you. That's very helpful.

謝謝。這非常有幫助。

You're welcome.

不客氣。

Steve Smigie, Raymond James.

Raymond James 的 Steve Smigie。

Great, thanks a lot, guys. I'll say: congrats for great performance in an awful environment. Just wanted to follow-up on the GaN. It sounds like you said that your GaN-on-silicon can match the GaN-on-silicon carbide performance. It seems pretty -- like a pretty big deal. I know they've been fairly close, but to match it at your cost structure seems like it should be a pretty deal. So I'm just curious in terms of customer reaction to that, if you've been able to get that, that far. I know you probably don't have your engineers there, but can you talk a little bit about what the performance metrics were that you were able to match?

很好，謝謝各位。我想說：在這麼糟的環境下還能有這麼好的表現，恭喜。想追問一下 GaN。聽起來你說你們的矽基 GaN 可以匹配碳化矽基 GaN 的性能。這看起來是——相當重大的事情。我知道它們一直都很接近，但在你們的成本結構下能做到匹配，感覺應該是很大的賣點。所以我想了解一下客戶對此的反應，你們是否已經推進到那個程度。我知道你們可能不會把工程師帶來這裡，但你能否稍微談談你們能匹配到的性能指標是哪些？

Yes. The two metrics were efficiency -- so we demonstrated -- we had live demos at NPT IMS of 70% efficiency. And power gain was -- I think it was 18 dB or 19 dB, was our power gain spec. Which is -- that's actually best-in-class for LDMOS. So we get the power gate of LDMOS, with the efficiency of GaN. I actually don't consider GaN, to the first approximation in those commercial applications, to be our natural target, because it's just not that well-penetrated. There's some good revenues that people have posted, but it's relatively esoteric programs, so that's really easy pickings. The real issue is being able to expand that penetration of GaN against the incumbent LDMOS. With that, I mean, our cost structure is now, I think, very well-understood.

是的。有兩個指標：效率——我們在 NPT IMS 做了現場展示——達到 70% 的效率。以及功率增益——我記得我們的功率增益規格是 18 dB 或 19 dB。這其實是 LDMOS 的同級最佳。所以我們拿到 LDMOS 的功率增益，同時具備 GaN 的效率。其實在那些商用應用中，從第一近似來看，我不認為 GaN 是我們的自然目標，因為它的滲透率還不高。有人確實做出一些不錯的營收，但多半是相對小眾的專案，所以那其實很容易拿下。真正的問題是，能否把 GaN 對既有 LDMOS 的滲透率擴大。至於這點，我的意思是，我們的成本結構現在我想已經被市場充分理解了。

The one thing that I failed to mention on the previous question was, there is reference to other people with GaN-on-silicon. The thing I can say unequivocally is, our patent base that we acquired from Itronics is multi-dimensional in a minefield that people simply cannot navigate. Anybody who tries to bring GaN-on-silicon into RF applications will be met with a pretty firm legal situation. We think this is a highly defensible market that, as we drive and lead the conversion, it will very high barriers to entry over time.

前一題我漏提了一點：有人提到其他做矽基 GaN 的公司。我可以非常明確地說，我們從 Itronics 取得的專利基礎是多維度的雷區，其他人根本無法穿越。任何人若嘗試把矽基 GaN 帶入 RF 應用，都會面臨相當強硬的法律局面。我們認為這是一個高度可防禦的市場；隨著我們推動並引領這個轉換，長期來看將會有非常高的進入門檻。

Okay, great. And when you spoke about getting the supply chain up here, it seems like you had originally been talking about Q1, some production shipments. And then more the back half of the year, more significant volumes. Is the supply chain just part of making that happen, or is this tracking a little bit ahead of schedule?

好的，很好。當你談到把供應鏈建立起來時，感覺你們原本是在說第一季會有一些量產出貨。然後在下半年會有更顯著的出貨量。供應鏈只是讓這件事發生的一部分嗎？還是說進度有稍微超前？

I wouldn't say anything is ahead of schedule. And I'm trying to very carefully avoid commitments of production volumes any time in 2016, for the following reason. What we hope to have is the process qualified and have production units, and be able to begin production as early as the first quarter. That said, until we pass qualification and we're yielding, we haven't passed qualification and we're not yielding. That is like doing a crossword puzzle on a schedule. You don't really want to commit to that, right?

我不會說有任何事情超前進度。而且我正非常小心地避免對 2016 年任何時間點的量產出貨量做出承諾，原因如下：我們希望能讓製程完成認證並有量產單元，並且最早在第一季就能開始生產。話雖如此，在我們通過認證、並且良率達標之前，我們就還沒通過認證、也還沒達到良率。這就像是要按時程做填字遊戲一樣。你不會真的想對那種事情做承諾，對吧？

But once we have those production units, then customers start turning programs on. And it is completely impossible to predict how many programs and how fast customers will award programs, how quickly they will ramp. I can tell you in general, the base station industry cycles programs at a pretty good churn, especially with the Chinese manufacturers, less so with the Europeans. Specifically, Ericsson tends to be more diligent in taking longer. People like Huawei and ZTE tend to be far more aggressive. But again, cautious optimism is probably the best approach.

但一旦我們有了那些量產單元，客戶就會開始啟動專案。而且完全不可能預測客戶會授予多少專案、速度有多快，以及他們會多快拉升。我可以大致告訴你，基地台產業在專案更迭方面的週期有相當不錯的周轉率，尤其是中國製造商；歐洲廠商則較少。具體來說，Ericsson 往往更為謹慎、節奏更長。像華為和中興則通常更為積極。但再次強調，審慎樂觀大概是最好的做法。

Thanks. If I could just sneak one more in, just a follow-up here on BinOptics. Can you talk about six months out, or call it intermediate-term, whatever, what you might see the mix being of the, say, 100G stuff versus more of the axis point stuff? And at this point on the 100G for metro, et cetera, any one customer, Huawei, et cetera, emerging as a lead customer in that area?

謝謝。如果我可以再塞一個問題，關於 BinOptics 的追問。你能談談六個月後，或稱中期，不管怎麼說，你們可能看到的產品組合會是怎樣——例如 100G 產品相對於更多的 axis point 產品？另外，就目前都會網（metro）等 100G 的進展而言，是否有任何單一客戶（例如華為等）在該領域逐漸成為領先客戶？

I'd say our success is across the board. If you take proportionate shares across the board, I mean, Huawei is a major player, so obviously, they're a major customer. But I don't think disproportionate to others.

我會說我們的成功是全面性的。如果你看各家客戶的相對占比，華為是主要玩家，所以顯然他們也是主要客戶。但我不認為他們的占比相對其他客戶有不成比例地偏高。

Regarding the first part of your question, our long haul -- our 100G business and long haul and now metro networks grew actually at twice the rate of even our access, our laser business. And if you believe what they're saying about metro networks only beginning to deploy and being a very strong growth driver starting in 2016, it's quite possible that 100 gig and the long haul metro stuff could be in excess of our laser business within a few quarters. So that -- there's a halo effect from a vendor standpoint. The laser unquestionably became a strategic differentiator. Obviously, there are different applications and markets. But both optical and then separately the laser stuff, are both poised to outperform.

關於你問題的第一部分，我們的長途——我們的 100G 業務、長途以及現在的都會網路，實際成長速度是我們接入端、雷射業務的兩倍。如果你相信他們所說的：都會網路才剛開始部署，並且會在 2016 年起成為非常強勁的成長驅動力，那麼很有可能在幾個季度內，100G 以及長途/都會相關產品的規模會超過我們的雷射業務。因此——從供應商角度來看會有一種光環效應。雷射毫無疑問已成為策略性差異化因素。當然，應用與市場不同。但無論是光學，或是另外的雷射產品，兩者都蓄勢待發、可望跑贏。

Okay, great. Thanks a lot, guys. Appreciate it.

好的，很棒。非常感謝，各位。感激不盡。

Thank you. Great questions.

謝謝。問題很棒。

Vivec Arya, Bank of America Merrill Lynch.

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

Thank you for taking my question. A few quick questions. First, John, I was wondering if there's a way to quantify how much impact you're having from the slow wireless activity in China? And whenever it turns back up, will there be some benefit from pent-up demand?

謝謝讓我提問。幾個快速問題。第一個，John，我想知道是否有辦法量化中國無線活動放緩對你們造成的影響有多大？以及當它回升時，是否會因為累積需求（pent-up demand）而帶來一些好處？

Yes, great question. We try to avoid reporting down at a product-line level, and that's actually sub product line. Let me put it this way. In our fiber backhaul, the drop sequentially was over 66%. It was a very substantial headwind in our laser business. That said, we took advantage and just shipped more PON. But the ASPs are substantially higher for the higher-rate backhaul stuff, such that, when that turns back on -- I mean, if that turns on in the December quarter in a meaningful way, we're going to have a quarter that we're probably going to surprise even ourselves. But it's just unpredictable if it comes back quickly or if it comes back slowly. Again, it's backhaul, not access -- meaning base stations. Again, I am loath to predict the behavior of that market and recoveries. Things always come upon you in both directions far faster than you could ever imagine, both on the upside and on the downside.

是的，這是個好問題。我們盡量避免在產品線層級揭露，更何況那其實是次產品線層級。我這樣說吧：在我們的光纖回傳（fiber backhaul）方面，季對季下滑超過 66%。這對我們的雷射業務是非常顯著的逆風。話雖如此，我們也把握機會、改為出貨更多 PON。但由於較高速的回傳產品 ASP 明顯更高，因此當它重新啟動時——我是說，如果它在 12 月季度以有意義的幅度回來，我們那一季可能會連我們自己都感到驚喜。但它會快速回來或慢慢回來，完全無法預測。再次強調，這是回傳，不是接入——也就是基地台。再說一次，我不太願意去預測那個市場的行為與復甦。事情往往在兩個方向上都比你想像得更快發生，不論是上行或下行。

Got it. And then the second question related to that. Maybe if, Bob, you could give us some puts and takes of the gross margin guidance for Q4? I think you're expecting trends to be somewhat flattish, even though sales are expected to be up. I would imagine it has to do with the mix of more access versus backhaul. Any color around gross margins?

了解。第二個問題也與此相關。也許 Bob 你可以談談第四季毛利率指引的利多與利空因素？我想你們預期趨勢大致持平，即使營收預期會上升。我猜可能與產品組合（更多接入、較少回傳）有關。毛利率方面能否提供一些說明？

The mix is an important driver to overall gross margins. To confirm, the prediction -- the guidance is inclusive of the auto business, which is quite low, as we talked about earlier in the call. But overall, we are still trending up. I think we had a good quarter at the 54%, even with the puts and takes in the laser business. And I think even our guidance shows that we have more confidence in stepping that up here over the next quarter.

產品組合是影響整體毛利率的重要驅動因素。確認一下，這個預測——指引已包含汽車業務，而該業務毛利率相當低，我們在電話會議前面也談過。不過整體而言，我們仍在走升。我認為我們這一季做到 54% 表現不錯，即使雷射業務有一些拉扯因素。而且我認為即便從我們的指引也看得出來，我們對於在下一季把毛利率再往上推更有信心。

Got it. And then lastly, I know you'll provide more information when the autos business is divested. But if I just take the numbers that have been given on the call, is it fair to assume that it's about a $0.05, $0.06 a quarter type hit? And the assumption is that, let's say, towards the end of FY16, that the growth in your core businesses is able to get you back onto the quarterly EPS trajectory?

了解。最後一個問題，我知道你們在汽車業務剝離完成後會提供更多資訊。但如果我只用電話會議中給出的數字來看，是否可以合理假設大約是每季 EPS 影響 0.05 到 0.06 美元？並且假設在 FY16 接近年底時，你們核心業務的成長能讓你們回到每季 EPS 的成長軌跡？

I'm going to defer til we close the business to answer the first question, with a general statement, it's really in the range. But to reiterate John's commentary, we are poised to accelerate the top-line growth to recover from the sale of that business.

第一個問題我會等到我們完成交易後再回答；一般性地說，確實大致在那個範圍內。但重申 John 的評論，我們已準備好加速營收成長，以彌補出售該業務所帶來的影響。

I'd say, there is both a short-term dip, but it'll be very interesting when we come out with the restated financials and you look at the intrinsic growth rate of our business, excluding automotive. And you look at, with the larger proportion of optical and laser, and now the contribution of even the A&D programs, in a few quarters, I think we'll be back to what people are expecting. For the most part, people hadn't cooked in that upside, so we're arguably taking down some of the upside and replacing the Automotive business. But again, we are confident it will be a very similar expectation for EPS for next year compared to what people's models are at this stage.

我會說，短期確實會有一個下滑，但當我們公布重編後的財務報表、你看到排除汽車業務後我們業務的內生成長率時，會很有意思。再看光學與雷射占比提高，以及現在甚至 A&D 專案的貢獻，我認為幾個季度後我們會回到大家所期待的水準。大多數情況下，人們並沒有把那個上行空間納入模型，所以我們可以說是把部分上行拿掉，並用它來替代汽車業務。但再次強調，我們有信心，明年 EPS 的市場預期會與目前大家模型中的預期非常相近。

Got it, very helpful. Thank you.

了解，非常有幫助。謝謝。

You're welcome.

不客氣。

Quinn Bolton, Needham & Company.

Needham & Company 的 Quinn Bolton。

Hey, guys, congratulations. Just wanted to come back to the laser business. You talk about China, both in optical backhaul and access. Just wondering if you could give us some sense how much of the laser business today is derived from OEMs or customers in China? And then as you look forward to the data center opportunity, I assume that, that's probably going to be more geographically diverse and probably help reduce some of your current exposure to China. But wondering if you could shed some light on that?

嗨，各位，恭喜。想再回到雷射業務。你們談到中國，包含光學回傳與接入。想請問你們能否讓我們了解，目前雷射業務有多少是來自中國的 OEM 或客戶？另外，展望資料中心機會，我猜那應該在地理上更為多元，並可能有助於降低你們目前對中國的曝險。想請你們對此提供一些看法？

Yes, if the access PON market -- global demand is serviced out of China, the Chinese ODMs supply everybody, not just the local indigenous demand, which is very strong growth this year in China. There's a strategic program in China for fiber-to-the-home and home deployment. But that's actually global. But yes, as we talk about some of the other segments, the fiber backhaul absolutely, not just the Chinese business.

是的，如果談接入端 PON 市場——全球需求是由中國供應的，中國的 ODM 供應給所有人，不只是本地的內需；而中國今年本土需求成長也非常強勁。中國有一個光纖到戶（FTTH）與家庭部署的策略性計畫。但那其實也具有全球性。不過是的，當我們談到其他一些區隔時，光纖回傳絕對不只是中國業務。

And then secondly, data center is a very highly diversified business. I'd be putting my money that when that stuff is in volume, it's going to be manufactured in China. So where the transactional sales is one thing, far more important to me is where the design decisions and the architectural and technology and vendor selections are. In that there's no question, data centers is driven by cloud service providers and system OEMs rather than an ODM-driven segment, like PON.

第二點，資料中心是一個高度多元化的業務。我會押注，當那些產品進入大量出貨時，會在中國製造。所以交易銷售發生在哪裡是一回事；對我來說更重要的是設計決策、架構與技術，以及供應商選擇是在哪裡做出的。在這方面毫無疑問，資料中心是由雲端服務供應商與系統 OEM 所驅動，而不是像 PON 那樣由 ODM 驅動的區隔。

Yes, I would just add the point that in this allocation situation, direction to ship to the contract manufacturers are coming from the system manufacturers, which is very critical to have real clear visibility moving forward here.

是的，我只想補充一點：在這種配額/分配（allocation）情況下，出貨給代工廠的指示是由系統製造商發出的；這對於我們接下來要有非常清楚的能見度至關重要。

Yes, so that's a -- I think we mentioned it before, defining the color. What happened when we announced the acquisition of BinOptics, the behavior switched almost instantly over in China. The System OEM stepped up to negotiate their own capacity allocation, bypassing the intermediary transceiver guys, the ODMs. Because they were simply not getting the allocation that they wanted, their unfair share. So the supply agreements that we have are with the power brokers over there, not just the ODM partners. Which are still nice customers, supplying the global world. But the dynamic was almost literally overnight, China-time. Next day we came in, and there were meetings set up, and negotiations began in earnest.

是的，所以那是——我想我們之前提過，這定義了情勢。當我們宣布收購 BinOptics 時，中國那邊的行為幾乎立刻就轉變了。系統 OEM 站出來要談判他們自己的產能分配，繞過中間的收發器業者，也就是 ODM。因為他們根本拿不到他們想要的配額——他們認為不公平的份額。所以我們的供應協議是跟那邊的關鍵決策者簽的，而不只是跟 ODM 夥伴。ODM 仍然是很好的客戶，供應全球市場。但這個動態幾乎真的是一夜之間發生——以中國時間算。隔天我們一進來，就已經安排好會議，談判也正式展開。

Great. And then just looking at the combination of BinOptics, the core Optomai, your core long haul metro optical business, and then the portion of the Mindspeed business that serves as the PON modules. Is it fair to say that the optical business in aggregate is probably now more than half of your total Networks division?

很好。那再看 BinOptics 的整合、Optomai 的核心、你們核心的長途與都會光傳輸業務，以及 Mindspeed 業務中作為 PON 模組的那一部分。可以說整體而言，光學業務現在大概已經占你們 Networks 事業部總量的一半以上了嗎？

I'd have to add it up. But I think it's likely to be the case.

我得把它加總一下。但我覺得很可能是這樣。

Great. And then --

很好。然後——

A big chunk of the high-performance analog business, the previous Mindspeed business was already strong in PON, and already strong in opticals. So add that to the growth that we had in the long haul metro with the G stuff, and now lasers. You're right. I mean, it's a significant chunk.

高效能類比業務中有很大一塊，先前的 Mindspeed 業務在 PON 上本來就很強，在光學上也本來就很強。所以再加上我們在長途與都會網路的 G 相關產品成長，現在又有雷射。你說得對。我的意思是，這占比相當可觀。

Got it, great, thanks. And then just any updates on the CFP2 design win position you had? I think you had mentioned you thought you might be as high as 70% share in CFP2. And it certainly sounds like CFP2 modules really start to ramp for metro applications next year. Can you just talk about that competitive landscape, if there have been any changes?

了解，很好，謝謝。那再請問一下，你們在 CFP2 的 design win 進展有沒有更新？我記得你們提過在 CFP2 的市占可能高達 70%。而且聽起來 CFP2 模組明年會在都會應用開始放量。你能談談競爭態勢嗎？是否有任何變化？

No changes. What tends to happen in those type of programs is, once you're established -- both good and bad. Once a competitor gets entrenched or we get entrenched, it takes almost an act of God for things to transition, until CFP4, for instance. So we feel we've actually had a situation where competitors have actually publicly admitted our position, which is minimally 70% design win share. I think we are very well-positioned to benefit from that growth in metro networks next year. Quantifying that is difficult, but there's no question it is a significant contributor to those -- replacing the earnings of the Automotive sale.

沒有變化。這類專案通常是，一旦你站穩了——有好有壞。一旦競爭對手卡位成功，或我們卡位成功，除非出現幾乎像「天意」般的事件，否則在轉到例如 CFP4 之前，局勢很難改變。所以我們覺得目前的情況是，競爭對手甚至公開承認我們的地位，至少有 70% 的 design win 份額。我認為我們非常有利於受惠於明年都會網路的成長。要量化很困難，但毫無疑問，這會是重要的貢獻者——用來填補出售 Automotive 業務後的獲利缺口。

Great, thank you.

很好，謝謝你。

You're welcome. Thank you.

不客氣。謝謝。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Hey, Tore.

嗨，Tore。

Yes, sorry about that. Just to clarify, the guidance you gave, does that assume the automotive business to stay at the same level it was here in Q2?

是的，不好意思。想確認一下，你們給的指引是否假設汽車業務維持在第二季的同一水準？

Exactly.

沒錯。

Okay, very good. And just to follow up on Quinn's question on CFP2, the design wins you have there, are those for TIAs and drivers? Or is there other things going on there?

好，很好。再追問一下 Quinn 關於 CFP2 的問題，你們在那裡拿到的 design win，是針對 TIA 和 driver 嗎？還是還有其他內容？

No. The strongest position we have is in drivers, and that ends up about 80% of the relevant analog PON content. So we do not have the same strength from the position of TIAs. We're the challenger rather than the leader. But again, the ASP difference between the TIA and the modulator driver is very substantial.

不是。我們最強的地位是在 driver，而那大約占相關類比 PON 內容的 80%。所以在 TIA 的地位上我們沒有同樣的優勢；我們是挑戰者而不是領導者。但同樣地，TIA 與調變器 driver 之間的 ASP 差異非常大。

Very good. And on the BinOptics business, as it ramps into data center next year, is there a chance that data center could be as much as half of the revenue? Or is that a bit aggressive?

很好。那關於 BinOptics 業務，明年切入資料中心放量時，資料中心有沒有可能占到營收的一半？還是那樣有點太激進？

Well, it all depends upon the crystal ball you use for predicting ramp in data centers. I tend to find that markets turn on a little more slowly than people predict. But when they turn on, they turn on in a big way. I would describe it that, our assumption about data center business is extremely modest for next year. We want to be positioned with the right products and the right solutions and the right channels and sales and support structure to position ourselves in data centers like we have done in metro networks. But counting on the revenue ramp being anything substantial, anywhere close to half, is a dangerous prediction.

嗯，這完全取決於你用哪個水晶球來預測資料中心的放量。我通常發現市場啟動會比人們預期得慢一些。但一旦啟動，就會以很大的幅度起來。我會這樣描述：我們對明年資料中心業務的假設非常保守。我們希望具備正確的產品、正確的解決方案、正確的通路，以及銷售與支援架構，讓我們在資料中心的布局能像我們在都會網路所做的一樣。但若指望營收放量會很可觀、甚至接近一半，那是很危險的預測。

Okay.

好的。

And we don't -- again, even though we have aspirational goals for next year, it's not about data centers. It's not about base station GaN. It's not things that are high risk in terms of early ramp.

而且我們也不——再說一次，即使我們對明年有一些願景目標，但重點不在資料中心，也不在基地台 GaN，也不是那些在早期放量方面風險很高的事情。

That's helpful. Just one last one for Bob. There's a lot of things moving around right now obviously, with divestitures and acquisitions and so on. Your inventory days came in at 128 this quarter. Is that the level that we should expect going forward? Or would you say that's probably a bit at the lower end of where you want to be?

這很有幫助。最後一個問題給 Bob。現在顯然有很多事情在變動，包括剝離、收購等等。你們這季的存貨天數是 128 天。這會是未來我們應該預期的水準嗎？還是你會說這可能偏向你們希望區間的較低端？

So without the Ford business, that we do have some inventory to meet their demand, I think it's, from a days perspective, at a high level.

所以如果不含 Ford 業務——我們確實有一些存貨是為了滿足他們的需求——我認為就天數角度來看，這個水準偏高。

Okay.

好的。

And I think it may come down slightly. But again, if you look at the details of our inventory, we're substantially almost 50% in finished goods that are staged for shipment in the next quarter. And another 45% is in raw materials. We have very little in work in processes. It's a major driver to our manufacturing objectives here.

我想它可能會稍微下降。但同樣地，如果你看我們存貨的細項，我們有相當大、接近 50% 是已完成品，已備妥在下一季出貨。另有 45% 是原物料。在製品非常少。這是我們這裡製造目標的一個主要驅動因素。

Very good, helpful. Thank you, guys.

很好，很有幫助。謝謝各位。

You're welcome.

不客氣。

I'm not showing any further questions at this time. I'd like to turn the call back over to Mr. Croteau for closing remarks.

目前我這邊沒有看到其他問題。我想把電話交回給 Croteau 先生做結語。

Very good, thank you, operator. Before closing out today's call, please note that we'll be attending the Jefferies Semiconductor, Hardware and Communications Infrastructure Summit in Chicago on August 25. The Barrington Research Conference, also in Chicago, on September 1. And the Drexel Hamilton Conference in New York, September 10. We welcome the opportunity to meet with investors planning to attend these events. 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 e-mail us at ir@MACOM.com. Very good. You may now close the call.

很好，謝謝接線員。在結束今天的電話會議之前，請注意我們將於 8 月 25 日在芝加哥參加 Jefferies 半導體、硬體與通訊基礎設施高峰會；9 月 1 日也在芝加哥參加 Barrington Research Conference；以及 9 月 10 日在紐約參加 Drexel Hamilton Conference。我們歡迎計畫參加這些活動的投資人與我們會面。若要在未來活動中向管理團隊提出會議申請，或希望在我們下次計畫到您所在區域時收到通知，請寄電子郵件至 ir@MACOM.com。很好。現在可以結束電話會議。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

各位女士、先生，今天的簡報到此結束。您現在可以掛線，祝您有美好的一天。