思佳訊 (SWKS) 2003 Q1 法說會逐字稿

Good afternoon ladies and gentlemen. We would now like to welcome you to the Skyworks first quarter earnings conference call. I would now like to introduce Thomas Schiller, Senior Director Investor Relations of Skyworks who will chair this afternoon's conference. Mr. Schiller.

女士們先生們下午好。我們現在歡迎您參加 Skyworks 第一季度收益電話會議。我現在想介紹一下將主持今天下午會議的 Skyworks 投資者關係高級總監 Thomas Schiller。席勒先生。

Thank you operator. Good afternoon everyone and welcome to Skywork's first quarter 2003 conference call. Joining me today are Dave Aldrich, our President and Chief Executive Officer and Paul Vincent, our Chief Financial Officer.

謝謝運營商。大家下午好，歡迎來到 Skywork 的 2003 年第一季度電話會議。今天加入我的是我們的總裁兼首席執行官 Dave Aldrich 和我們的首席財務官 Paul Vincent。

Dave will begin today's call with a review of our first quarter highlights. Later Paul will provide an overview of our operating results and business outlook. We will then open the lines to your questions.

Dave 將以回顧我們第一季度的亮點開始今天的電話會議。稍後保羅將概述我們的經營業績和業務前景。然後我們將打開您的問題的線路。

Please note that our comments today will include statements relating to future results that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those noted in our earnings release and those details from time-to-time in our SEC filings.

請注意，我們今天的評論將包括與未來結果相關的陳述，這些陳述是 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。由於某些風險和不確定性，實際結果可能與預期結果存在重大差異，包括但不限於我們的收益發布中提到的那些以及我們不時向美國證券交易委員會提交的文件中的那些細節。

I will now turn the call over to Dave for his quarterly review.

我現在將把電話轉給戴夫進行季度審查。

Thank you Tom and welcome everyone. I'm pleased to report today that Skyworks team continues to deliver on its promises and exceed expectations.

謝謝湯姆，歡迎大家。今天我很高興地報告，Skyworks 團隊繼續兌現其承諾並超出預期。

Building on the success of our early return to profitability in September the December period marked our sixth consecutive quarter of revenue growth with improving operating performance.

在我們於 9 月提前恢復盈利的成功基礎上，12 月期間標誌著我們的收入連續第六個季度增長，經營業績有所改善。

Revenues for the first quarter were just over $160m. That's up more than 6% sequentially and up more than 26% on a year-over-year basis.

第一季度的收入剛剛超過 1.6 億美元。環比增長超過 6%，同比增長超過 26%。

Gross margin expanded to 42% excluding the Mexicali assembly and test service activity or 38% on an aggregate basis.

毛利率擴大至 42%，不包括墨西卡利組裝和測試服務活動或總計 38%。

Operating expenses grew less at a rate less than that of revenue and the net effect is that we provided a full 200 basis points sequential improvement in operating margin. And ultimately we delivered earnings per share of 1 penny, with a pro forma net loss of $0.01 per share, which is ahead of consensus estimates.

營業費用的增長率低於收入的增長率，淨效應是我們提供了整整 200 個基點的營業利潤率連續改善。最終我們的每股收益為 1 美分，預估淨虧損為每股 0.01 美元，超出了普遍預期。

I think perhaps most importantly during the quarter we successfully completed an accretive transaction to finance our Mexicali Mexico assembly and test facility and retired virtually all of our short-term debt.

我認為也許最重要的是在本季度我們成功完成了一項增值交易，為我們的墨西卡利墨西哥組裝和測試設施提供資金，並償還了我們幾乎所有的短期債務。

With this financing activity behind us, we have intensified our focus on three core strategies, and you've heard these before.

隨著這項融資活動的結束，我們加強了對三個核心戰略的關注，你以前也聽說過這些。

First, to leverage our product depth and breadth to diversify our customer base and steadily add to our average dollar content per phone.

首先，利用我們的產品深度和廣度使我們的客戶群多樣化，並穩步增加我們每部手機的平均美元含量。

Second, to grow significant [inaudible] in the overall market.

其次，在整個市場中顯著 [聽不清]。

Third and perhaps most importantly delivering gross margin, SG&A and R&D leverage as we expand operating income and march towards our target model of 45% gross margin and in excess of 15% operating margin.

第三，也許是最重要的是，隨著我們擴大營業收入並朝著 45% 的毛利率和超過 15% 的營業利潤率的目標模型邁進，實現毛利率、SG&A 和研發槓桿。

On a side note I'd just like to comment briefly on our integration process. As you recall we completed the merger in June. I'm really quite pleased to note that the voluntary turnover rate since the time of the merger has been in the low single digits for our company.

在旁注中，我只想簡要評論一下我們的整合過程。您還記得我們在 6 月完成了合併。我真的很高興地註意到，自合併以來，我們公司的自願離職率一直處於較低的個位數。

I've been advised and I'm sure you've heard these war stories, but under typical circumstances and given the complexity of the Skyworks merger, most companies experienced very high turnover in the first year. And we've not experienced that. To the contrary, it's been extraordinarily low. I believe this indicates that our people are excited to come to work every day. They believe in our core values. They believe in our mission and we firmly believe that at this point, the integration risk is completely behind us.

我被告知，我相信你聽說過這些戰爭故事，但在典型情況下，考慮到 Skyworks 合併的複雜性，大多數公司在第一年都經歷了非常高的人員流動。我們還沒有經歷過。相反，它非常低。我相信這表明我們的員工每天都對上班感到興奮。他們相信我們的核心價值觀。他們相信我們的使命，我們堅信，在這一點上，整合風險已經完全過去了。

For those of you who have known Alpha over the years, we are committed to operational excellence, which is probably best personified I think by short cycle times and best in class inventory turns.

對於那些認識 Alpha 多年的人來說，我們致力於卓越運營，我認為這可能是最短的周期時間和一流的庫存周轉率的最佳體現。

Our business today at Skyworks is already achieving inventory turns north of eight times and is moving steadily towards my stated goal of 10, which is where Alpha turns were historically.

我們今天在 Skyworks 的業務已經實現了 8 次以上的庫存周轉，並且正在穩步朝著我規定的 10 次目標邁進，這是 Alpha 歷史上的目標。

Okay I'd like to now review some business highlights. As we previously outlined, we'll characterize our business along three product areas and I'll comment briefly on each.

好的，我現在想回顧一些業務亮點。正如我們之前概述的那樣，我們將在三個產品領域描述我們的業務，我將對每個領域進行簡要評論。

First, Front-End Modules. This encompasses our portfolio of switch and PA modules and solutions, our RF Sub-systems, which includes the worlds most highly integrated direct conversion transceiver and our Cellular Systems business, where we offer the industry's most comprehensive silicon solution including baseband DST, protocol software and so on.

第一，前端模塊。這包括我們的開關和 PA 模塊及解決方案產品組合、我們的射頻子系統（包括世界上集成度最高的直接轉換收發器）和我們的蜂窩系統業務（我們提供業界最全面的矽解決方案，包括基帶 DST、協議軟件和很快。

First, within the RF Module area. Our portfolio of multi-throw gap switches achieved record unit volumes with further proliferation at top customers. These include Motorola, who are participating on virtually all of their high runner platforms. Also now includes Samsung, our newest top tier OEM for switches where we're gaining significant ground by virtue of the merger synergy.

首先，在 RF 模塊區域內。我們的多擲間隙開關產品組合實現了創紀錄的單位銷量，並在頂級客戶中進一步普及。其中包括摩托羅拉，他們幾乎參與了所有高跑者平台。現在還包括三星，這是我們最新的頂級交換機 OEM，我們憑藉合併協同效應在其中取得了重要進展。

In parallel our switch portfolio continues to find new applications outside of the handset space. We're seeing strong demand for our switch products with an 802.11, particularly as the market moves to higher frequency ranges requiring gas and compound semiconductor capability.

與此同時，我們的開關產品組合繼續在手機領域之外尋找新的應用。我們看到對我們的 802.11 交換機產品的強勁需求，特別是隨著市場轉向需要氣體和化合物半導體功能的更高頻率範圍。

Our participation on inter-cells reference design coupled with our base business at Cisco Assemble, Aski, Action Tech, Gemtech [Linksys] (pf), along with new customer wins enabled us to double shipments of these switches in 802.11 to over 10 million switches in the quarter. And we see traction further going forward.

我們參與 inter-cells 參考設計，加上我們在 Cisco Assemble、Aski、Action Tech、Gemtech [Linksys] (pf) 的基礎業務，以及贏得新客戶，使我們將 802.11 中這些交換機的出貨量翻了一番，達到超過 1000 萬台交換機在本季度。我們看到了進一步的牽引力。

During the quarter our power amplified module products grew strongly as well. Units were up almost 20% sequentially. This is a record level for us. This underscores our market share gains and brings our cumulative shipments of PA modules to almost a quarter of a billion units. And this is far more we believe than any competitor in this space.

本季度，我們的功放模塊產品也增長強勁。單位數環比增長近 20%。這對我們來說是創紀錄的水平。這凸顯了我們市場份額的增長，並使我們的 PA 模塊累計出貨量達到近四分之一十億個。我們比這個領域的任何競爭對手都更相信這一點。

On the CDMA front, customer conversion from older technologies to our in gap HBT based 4mm CDMA 2000 PA is accelerating. Shipments of the 4x4 represented roughly 25% CDMA volume last quarter and are on a steep trajectory going forward.

在 CDMA 方面，客戶正在加速從舊技術向我們基於間隙 HBT 的 4mm CDMA 2000 PA 的轉換。上個季度 4x4 的出貨量約佔 CDMA 出貨量的 25%，並且正處於陡峭的發展軌道上。

Building on this success we recently introduced our second gen. 4x4 solution optimized for lower power applications and we began production shipments to our leading Korean, US and Japanese customers.

在此成功的基礎上，我們最近推出了第二代。 4x4 解決方案針對低功耗應用進行了優化，我們開始向韓國、美國和日本的主要客戶發貨。

Speaking of Japan, we are winning share in this key geography following our ramp within Sanyo's SCP5300 phone, which is the first platform to embed digital camera functionality in the US. And incidentally, winner of the Best Phone Award at this year's Consumer Electronics Show. We've won several new models at four other Japanese CDMA handset OEMs for export around the world. We're doing quite well in Japan.

說到日本，我們在三洋的 SCP5300 手機中取得成功後，我們正在贏得這個關鍵地區的份額，這是美國第一個嵌入數碼相機功能的平台。順便說一下，它還獲得了今年消費電子展的最佳手機獎。我們已經從其他四家日本 CDMA 手機原始設備製造商那裡贏得了數款新機型，用於出口到世界各地。我們在日本做得很好。

Meanwhile at Samsung we continue to support virtually every single one of their CDMA handset models, including their flagship A500, the N400 and A310. These are US phones. As well as the A199 in China and several other platforms targeting India, South America and Eastern Europe. LG is a similar story with volume led by a Verizon models such as the TM510 and the VX10.

與此同時，在三星，我們繼續支持他們幾乎所有的 CDMA 手機型號，包括他們的旗艦產品 A500、N400 和 A310。這些是美國電話。以及中國的 A199 和其他幾個針對印度、南美和東歐的平台。 LG 的情況與 Verizon 型號（如 TM510 和 VX10）相似。

Finally, we continue to support Nokia across their entire lineup of IS95 phones. And soon their family of next generation CDMA 1X platforms with our PA modules plus now our RF Subsystem Solutions, enabling full transmit and receive chain functionality with product ramp anticipated for those products in the mid part of this year.

最後，我們繼續支持諾基亞的整個 IS95 手機系列。很快，他們的下一代 CDMA 1X 平台系列與我們的 PA 模塊加上現在我們的 RF 子系統解決方案，實現了完整的傳輸和接收鏈功能，預計這些產品將在今年年中實現產品量產。

That's the CDMA PA story. On the GSM front, PA module activity was equally impressive and it was really driven by ramps at Motorola across their flagship Color GPRS models including the T720 flip phone and at Sony Erickson in their recently updated 268I and newly launched T300 and PA100 phones. All with color screens and built in multimedia messaging capabilities.

這就是 CDMA PA 的故事。在 GSM 方面，PA 模塊的活動同樣令人印象深刻，這實際上是由摩托羅拉在其旗艦 Color GPRS 型號（包括 T720 翻蓋手機）和索尼埃里克森在其最近更新的 268I 和新推出的 T300 和 PA100 手機中的增長所推動的。所有這些都帶有彩色屏幕和內置的多媒體消息傳遞功能。

Further design and momentum for our new quad band GSM/GPRS power amplifier with an integrated control has been quite strong. With over 40 designs ongoing across more than 50 customers we expect first models to complete FDA testing this quarter and those models being to move into production in the mid summer timeframe.

我們帶有集成控制的新型四頻 GSM/GPRS 功率放大器的進一步設計和發展勢頭非常強勁。我們有 50 多個客戶的 40 多個設計正在進行中，我們預計第一批模型將在本季度完成 FDA 測試，並且這些模型將在仲夏的時間框架內投入生產。

That's our Front-End business. Now secondly within our RF Subsystems area, our single chip direct conversion transceiver continued to build momentum. During this quarter shipments once again more than doubled, this time to nearly 4 million units. And this was powered by ramps at LG, within their CS200 and W3000 platform, at Panasonic in the GDP55, which is the world's smallest triband phone incidentally, at [Saygem](pf) supporting their MYX5 platform, at Samsung across their T200 and T300 series and at Seaman's within their 8008 and CL50 phones, which includes as well as other ODMs such as Banque, Chineay, Compel and Quantive as they support tier one and tier two OEMs.

那是我們的前端業務。其次，在我們的射頻子系統領域，我們的單芯片直接轉換收發器繼續保持發展勢頭。本季度出貨量再次增長一倍以上，達到近 400 萬台。這由 LG 的 CS200 和 W3000 平台，松下的 GDP55，順便說一句，這是世界上最小的三頻手機，[Saygem](pf) 支持他們的 MYX5 平台，三星的 T200 和 T300 提供支持Seaman's 的 8008 和 CL50 手機，其中包括 Banque、Chineay、Compel 和 Quantive 等其他 ODM，因為它們支持一級和二級 OEM。

I think on a far more exciting note, just yesterday we launched the world's first fully integrated GSM/GPRS single package radio. Hopefully you've seen that release. This unprecedented solution represents a fusion of Skyworks core capabilities, including leadership components, process technology and packaging techniques. Our single package radio includes gas switches, directional detectors, soft filters, power amplifier, discrete semiconductors and a BICIMOS direct conversion transceiver.

我認為更令人興奮的是，就在昨天，我們推出了世界上第一款完全集成的 GSM/GPRS 單封裝無線電。希望您已經看過該版本。這一前所未有的解決方案代表了 Skyworks 核心能力的融合，包括領先的組件、工藝技術和封裝技術。我們的單一封裝無線電包括氣體開關、定向檢測器、軟濾波器、功率放大器、分立半導體和 BICIMOS 直接轉換收發器。

As one of our highest priority product development areas, this radio in a packaged solution exemplifies the synergy created from the merger of Alpha and Conexant as it leverages the best in class technologies from both companies. I believe this solution will further distance us from the various single function RF suppliers. Customer response has been simply tremendous with initial sampling today in support of volume shipments later in the year.

作為我們最優先的產品開發領域之一，這款採用打包解決方案的無線電體現了 Alpha 和 Conexant 合併產生的協同效應，因為它利用了兩家公司的一流技術。我相信這個解決方案將進一步拉開我們與各種單一功能 RF 供應商的距離。客戶對今天的初步樣品反應非常熱烈，以支持今年晚些時候的批量發貨。

Finally within our Cellular Systems business we continued to gain traction as traditional OEMs shift to low cost suppliers around the world and as ODMs and contract manufacturers enter the handset market and seek partners with system level experience.

最後，在我們的蜂窩系統業務中，隨著傳統 OEM 轉向全球低成本供應商以及 ODM 和合同製造商進入手機市場並尋求具有系統級經驗的合作夥伴，我們繼續獲得牽引力。

Our highly integrated chip set combines all the hardware and software functions required to build a complete GSM/GPRS handset. The solution implements all front-end direct conversion transceiver, mix signal and base band processing functionality along with a software protocol stack approved on nearly 70 networks in 50 countries.

我們高度集成的芯片組結合了構建完整 GSM/GPRS 手機所需的所有硬件和軟件功能。該解決方案實現了所有前端直接轉換收發器、混合信號和基帶處理功能，以及在 50 個國家/地區的近 70 個網絡上獲得批准的軟件協議棧。

During the quarter, shipments of this product increased about 20% sequentially and this was driven by multiple phone launches at Samsung, coupled with initial ramps at three new customers. Of note, we've commenced volume shipments of our next generation GSM and GPRS system solutions.

本季度，該產品的出貨量環比增長約 20%，這是由三星推出多款手機以及三個新客戶的初步增長所推動的。值得注意的是，我們已經開始批量發貨我們的下一代 GSM 和 GPRS 系統解決方案。

At the same time we're rapidly expanding our customer base with the recent addition of three new ODM systems customers, further augmenting our design mentality. Based upon this progress we now expect to see roughly 30 new phones designed around our core architecture, our System Solution within this calendar year.

與此同時，我們正在迅速擴大我們的客戶群，最近新增了三個 ODM 系統客戶，進一步增強了我們的設計理念。基於這一進展，我們現在預計將在本日曆年內看到圍繞我們的核心架構（我們的系統解決方案）設計的大約 30 款新手機。

So in summary, Skyworks is really beginning to hit its stride. We're executing on our key product initiatives, mainly our Front-End Modules, our direct conversion transceivers, our cellular systems, while expanding our existing relationships and capturing new customers. Further, we're improving on our operational performance and financial positions, which is now setting the stage for a particularly strong 2003.

因此，總而言之，Skyworks 確實開始大步向前。我們正在執行我們的關鍵產品計劃，主要是我們的前端模塊、我們的直接轉換收發器、我們的蜂窩系統，同時擴大我們現有的關係並吸引新客戶。此外，我們正在改善我們的運營業績和財務狀況，這為 2003 年的特別強勁奠定了基礎。

I'll now turn the call over to Paul for his comments.

我現在將電話轉給 Paul，徵求他的意見。

Thanks Dave. Revenue for the first fiscal quarter was $160m, up 26% from combined company year ago levels and 6% sequentially. As Dave mentioned, these results reflect continued market share gains and capture an increased amount of semiconductor content with the handset.

謝謝戴夫。第一財季收入為 1.6 億美元，較上年同期增長 26%，環比增長 6%。正如 Dave 所提到的，這些結果反映了市場份額的持續增長，並通過手機獲得了更多的半導體內容。

Gross margin for the quarter was 42% excluding Mexicali Assembly and Test Services. On an aggregate basis, gross margin was $60m, 38%. Higher factory utilization, a favorable product mix and strong execution of our cost reduction initiatives enabled us to continue to improve upon our margin performance.

本季度的毛利率為 42%，不包括墨西卡利組裝和測試服務。總的來說，毛利率為 6000 萬美元，38%。更高的工廠利用率、有利的產品組合以及我們降低成本計劃的有力執行使我們能夠繼續提高我們的利潤率表現。

Operating income for the first quarter was $6m. Of more relevance when excluding one-time items we delivered pro forma operating income of $4m versus combined company losses of $31m during the year ago period and $0.5m of operating income last quarter.

第一季度的營業收入為 600 萬美元。更重要的是，在排除一次性項目後，我們實現了 400 萬美元的備考營業收入，而去年同期公司虧損 3100 萬美元，上季度營業收入為 50 萬美元。

Including net interest and other income expenses of $5m, the first quarter net income was $1m, a penny per share based on 140 million shares outstanding while the pro forma net loss was $2m, $0.01 per share exceeding bottom line expectations.

包括 500 萬美元的淨利息和其他收入支出，第一季度淨收入為 100 萬美元，每股收益為 1 美分，基於 1.4 億股流通股，而備考淨虧損為 200 萬美元，每股收益為 0.01 美元，超出底線預期。

Turning to our balance sheet, which strengthened considerably during the quarter. We exited the quarter with cash and cash equivalent of $94m, up from $53m last quarter. This increase in cash was driven by adding $86m of net proceeds from our issuance of Convertible Subordinated debt and restructuring our existing debt. Less $37m of one-time merger related fees which we previously outlined in prior conference calls and less another $8m from operations. Although it is important to note that more than half of this $8m from operation was attributable to capital expenditures related to facility consolidations in Massachusetts and California related to the Mexicali Assembly and Test facility [fault on recording] all of our credit facility and removed all the security interest on Skyworks assets.

轉向我們的資產負債表，該表在本季度大幅增強。我們以 9400 萬美元的現金和現金等價物退出了本季度，高於上一季度的 5300 萬美元。現金的增加是由於我們發行可轉換次級債務和重組現有債務增加了 8600 萬美元的淨收益。減去 3700 萬美元的一次性合併相關費用（我們之前在之前的電話會議中概述過），再減去 800 萬美元的運營費用。儘管值得注意的是，這 800 萬美元的運營中有一半以上是與馬薩諸塞州和加利福尼亞州與墨西卡利裝配和測試設施相關的設施整合相關的資本支出 [記錄錯誤] 我們所有的信貸安排並取消了所有Skyworks 資產的擔保權益。

Looking forward to the second quarter now, despite a seasonally weak March quarter we intend to buck the industry trend. Not only will we not decline consistent with our customer and competitors, but we will be modestly up sequentially in our wireless business from approximately $144m in product sales to $146m in revenue, driven by the ramp of new design wins and increased market share.

現在展望第二季度，儘管 3 月季度季節性疲軟，但我們打算逆勢而行。我們不僅不會像我們的客戶和競爭對手一樣下降，而且在新設計獲勝和市場份額增加的推動下，我們的無線業務將從大約 1.44 億美元的產品銷售額逐步上升到 1.46 億美元的收入。

At the same time for our supply agreement with Conexant and based on their outsourcing needs we anticipate that our assembly and test operation will come in at the low end of $10m-$14m per quarter for the balance of this fiscal year, versus roughly $15.5m in the December quarter. Keeping in mind this entire activity carries zero margin impact. Consequently we anticipate gross margin expansion in the range of 50 basis points, coupled with flat operating expenses allowing us to further improve upon our level of operating profitability.

同時，根據我們與科勝訊的供應協議，並根據他們的外包需求，我們預計本財年剩餘時間我們的組裝和測試業務的收入將在每季度 1000 萬至 1400 萬美元的低端，而大約為 15.5 美元米在 12 月季度。請記住，這整個活動帶來零利潤影響。因此，我們預計毛利率將增長 50 個基點，加上持平的運營費用，使我們能夠進一步提高我們的運營盈利水平。

Below the line net interest expense is projected to be approximately $4.6m based on the outstanding debt with taxes at about $700,000 relating to foreign income all against approximately 140 million shares outstanding.

線下淨利息支出預計約為 460 萬美元，基於與外國收入相關的約 700,000 美元的未償債務以及約 1.4 億股已發行股票。

That wraps up our prepared comments. Operator, let's open the lines for question and answers.

我們準備好的評論到此結束。接線員，讓我們打開問答線。

Thank you. At this time we will open the floor for questions. Please limit yourself to one question with a follow up question. If you would like to ask a question, please press the '*' key followed by the '1' key on your touch-tone phone now. Questions will be taken in the order in which they are received and at any time you would like to remove yourself from the questioning queue, simply press '*' followed by '2'.

謝謝。現在我們將開始提問。請將自己限制在一個問題上並提出後續問題。如果您想提問，請現在按按鍵式電話上的“*”鍵，然後按“1”鍵。問題將按照收到問題的順序進行處理，任何時候您想將自己從提問隊列中移除，只需按“*”，然後按“2”。

Our first question comes from Chris Caso from SoundView Technology.

我們的第一個問題來自 SoundView Technology 的 Chris Caso。

Hi, good afternoon. Just wondered if you could breakout percentage of revenue by customer and I guess specifically, have you seen any changes in those percentages over the past quarter?

嗨，下午好。只是想知道您是否可以按客戶細分收入百分比，我想具體來說，您是否看到過去一個季度這些百分比有任何變化？

Are you talking about customer or by product line?

您是在談論客戶還是產品線？

Actually both would be great.

其實兩者都很好。

By product line, our Front-End Modules were just under 60%. This was dominated by our PAs. Our RF Subsystems and Cellular Systems are, if you will, our silicon based product lines were in the 30% range. And infrastructure is now around 10% of revenue.

按產品線劃分，我們的前端模塊略低於 60%。這是由我們的私人助理主導的。如果您願意，我們的射頻子系統和蜂窩系統是我們基於矽的產品線在 30% 的範圍內。基礎設施現在約佔收入的 10%。

Now the customer base is Samsung has been running about 30%. Motorola, if you include Motorola ODM branded as Motorola, is around 20%. If you don't, it's in the low teens. And then our business with Nokia, Sony Erickson and LG are all significant but nonetheless less than 10% customers.

現在客戶群是三星已經跑了30%左右。摩托羅拉，如果算上摩托羅拉品牌的摩托羅拉 ODM，大約是 20%。如果你不這樣做，那就是十幾歲。然後我們與諾基亞、索尼埃里克森和 LG 的業務都很重要，但仍然不到 10% 的客戶。

It's been our stated goal to continue to diversify customer base and we expect the customer concentration to lessen sequentially as we move forward in the next few quarters.

繼續使客戶群多樣化一直是我們的既定目標，我們預計隨著我們在未來幾個季度的發展，客戶集中度將逐步降低。

Okay. I guess specifically you talked about some of the new platforms you're with on Samsung going forward and Nokia on the 1X. Do you expect that business to grow greater of the market? I guess in order to buck the industry trend and see positive revenue in the March quarter, you know perhaps you could point to kind of specifically where you're seeing that strength.

好的。我想你特別談到了三星未來和諾基亞 1X 上使用的一些新平台。您是否希望該業務在市場上取得更大的增長？我想為了扭轉行業趨勢並在三月季度看到積極的收入，你知道也許你可以具體指出你看到這種力量的地方。

Well I don't want to get into forecasting by customer but you're on the right track. We see several new designs coming on-line with our top customer later in this quarter and during the quarter in fact in March through June. We have about half a dozen now ODM contract manufacturer customers that are beginning to ramp our Cellular Systems and we've got our DCR now going. That we shipped 4 million in the December quarter going into almost about 50 phones. 50 phone models throughout the calendar year.

好吧，我不想按客戶進行預測，但你走在正確的軌道上。我們看到幾個新設計在本季度晚些時候以及實際上是在 3 月至 6 月的本季度與我們的頂級客戶一起上線。我們現在有大約六家 ODM 合同製造商客戶開始增加我們的蜂窩系統，我們現在已經開始使用 DCR。我們在 12 月季度出貨了 400 萬部手機，用於近 50 部手機。全年 50 款手機型號。

So we see the sequential growth occurring most dramatically in our DCR and most dramatically in our Cellular Solutions driven by the attractiveness of those in relation to our ODM customers followed by PAs.

因此，我們看到連續增長在我們的 DCR 中最為顯著，在我們的蜂窩解決方案中最為顯著，這是由與我們的 ODM 客戶相關的吸引力所驅動的，其次是 PA。

Our next question comes from Cody Acree from Legg Mason.

我們的下一個問題來自 Legg Mason 的 Cody Acree。

Yes, thanks guys. A couple of things. I guess maybe the timing of, just going back to the previous question. Obviously the ASPs that you're picking up on the new turnkey, sorry the Cellular Systems, is significantly better than your PAs and what not. Now you grew nicely on a sequential basis in those in that division. But I would assume that going forward as these start to ramp that we could start to see kind of a curve at some point during '03. Not to pin down specifics, but I would assume that we're looking first half, second half before we start to see some of those designs start to turn in better volumes?

是的，謝謝大家。幾件事。我想也許是時機，回到上一個問題。很明顯，你在新的交鑰匙上選擇的 ASPs，抱歉蜂窩系統，比你的 PAs 好得多，什麼不是。現在你在那個部門的那些人中按順序成長得很好。但我假設隨著這些開始上升，我們可以在 03 年的某個時候開始看到某種曲線。不是為了確定具體細節，但我假設我們正在看上半年，下半年，然後我們開始看到其中一些設計開始產生更好的銷量？

Are you talking specifically about the Systems Solution?

您是在專門談論系統解決方案嗎？

I am. I am.

我是。我是。

I think that's a valid comment. We are growing that. We look to continue to grow that business. But you are quite perceptive. I mean the model lineup, these are big-ticket items $15-$20 per phone and they're not -- the gestation period, the design cycle is as short as designing in a PA or even a DCR for that matter.

我認為這是一個有效的評論。我們正在成長。我們希望繼續發展該業務。但是你很敏銳。我的意思是模型陣容，這些是每部手機 15 到 20 美元的大件商品，但它們不是——醞釀期，設計週期與在 PA 甚至 DCR 中設計一樣短。

So we do believe that this Cellular Systems business is setting us up we consider for a very exciting second half of the year. I think that's your point and I agree.

因此，我們確實相信，這個蜂窩系統業務正在為我們準備一個非常令人興奮的下半年。我認為這是你的觀點，我同意。

You talked some about the ODMs moving more in this direction and being successful from design wins there. What do you think your progress has been? You talked some about some of the maybe second tier ODMs, but the ability to move some of these larger, the comparable [NQs] more towards a turnkey solution?

你談到了一些關於 ODM 朝著這個方向發展並從那裡的設計勝利中獲得成功的事情。你認為你的進步是什麼？你談到了一些可能是二線 ODM，但是否有能力將其中一些更大的、可比較的 [NQ] 更轉向交鑰匙解決方案？

Well obviously we're engaging those customers. That's where an awful lot of our business. The DCR penetration of Taiwan has just been, I mean it has exceeded my expectation. It's been extraordinary. So we've got a wonderful footprint of our Power Amplifier business. We've migrated that into our DCR and it is a fact that many of the Taiwanese ODMs used in the early days are mix and match strategy, but that's a difficult play. As the phone platform bill of material continues to drop in order to hit sort of the margins that they need going forward, it is a more inexpensive solution what we believe, by quite a bit, to use in an overall integrated solution. In this case, from us.

很明顯，我們正在吸引那些客戶。那是我們很多業務的地方。台灣的DCR滲透率剛剛好，我的意思是它超出了我的預期。這是非同尋常的。因此，我們在功率放大器業務方面取得了不錯的成績。我們已經將其遷移到我們的 DCR 中，事實上早期使用的許多台灣 ODM 都是混合搭配策略，但這是一個困難的遊戲。隨著電話平台材料清單繼續下降以達到他們未來所需的利潤率，我們相信這是一種更便宜的解決方案，在相當程度上，用於整體集成解決方案。在這種情況下，來自我們。

So like we migrated our customers quite successfully from a PA to a PA Module and then a PA Module to a direct conversion transceiver, which we've done very successfully in Taiwan, we're now engaging those customers with our single package radio and with our Cellular Systems solution. We will get orders and gain traction with these solutions in Taiwan. I have no doubt.

因此，就像我們非常成功地將我們的客戶從 PA 遷移到 PA 模塊，然後將 PA 模塊遷移到直接轉換收發器一樣，我們在台灣做得非常成功，我們現在通過我們的單封裝無線電和我們的蜂窩系統解決方案。我們將在台灣通過這些解決方案獲得訂單並獲得關注。我毫不懷疑。

Our next question comes from Dale Pfau from CIBC World Markets.

我們的下一個問題來自 CIBC World Markets 的 Dale Pfau。

Yes, congratulations on the improvement of the operating line. As we look forward out there, let's talk a little bit about what you see from the operating line. You said the model is getting to 45 % gross margin. And that goal does not include Mexali and based upon your overall gross margins we see an up tick in you system solutions Do we see upside to that 45 % gross margin

是的，恭喜運營線的提升。在我們期待的時候，讓我們談談您從運營線上看到的情況。你說該模型的毛利率達到 45%。該目標不包括 Mexali，根據您的整體毛利率，我們看到您的系統解決方案有所上升，我們是否看到 45% 的毛利率有上升空間

That we would be approximately 25% in total. So that's an aggregate and so it would be on the basis that the Systems business will continue to help leverage. But all of the product lines, again as we have greater utilization and cost control, that we will continue to leverage that top line as well as leverage the R&D and the SG&A as it comes down to a lower percentage.

我們總共大約佔 25%。所以這是一個匯總，因此它將基於系統業務將繼續幫助利用的基礎。但是所有的產品線，再次因為我們有更高的利用率和成本控制，我們將繼續利用該頂線以及利用研發和 SG&A，因為它下降到較低的百分比。

And quickly could you comment on your thoughts on inventory, both at the component level and the handset level Dave?

戴夫，您能否快速評論一下您對庫存的想法，包括組件級別和手機級別？

I believe inventory, you know inventory at component level I think is being far more tightly controlled. Last year in the industry there was an issue with inventory exiting the December quarter. From my vantage point I just don't see that being a major issue for the customers we talk to and if we look at our own supply chain. So I would say that I don't see that being an issue for us. Nor do I see it being a major inventory issue and I think that we have less visibility obviously in terms of completed phones, but again I have no indication that there is an inventory problem out there. I get asked the question a lot and I have not seen any concrete evidence of it.

我相信庫存，你知道我認為組件級別的庫存受到更嚴格的控制。去年該行業存在一個問題，即庫存退出 12 月季度。從我的角度來看，我只是不認為這對於我們與之交談的客戶以及我們自己的供應鏈來說是一個主要問題。所以我想說我不認為這對我們來說是個問題。我也不認為這是一個主要的庫存問題，我認為我們在成品手機方面的知名度明顯較低，但我同樣沒有跡象表明存在庫存問題。我經常被問到這個問題，但我還沒有看到任何具體的證據。

Our next question comes from Nathaniel Cohn from Goldman Sachs.

我們的下一個問題來自高盛的納撒尼爾科恩。

Hi great thank you. I guess a couple of questions real quick. First, on the gross margin, are gross margins declining in the wireless business or am I not looking at that correctly.

嗨，非常感謝。我想很快就會有幾個問題。首先，關於毛利率，無線業務的毛利率是在下降，還是我看錯了。

They will be remaining about flat but the overall gross margin will be about 50%. That's at the lower end.

他們將保持基本持平，但整體毛利率將在 50% 左右。那是在低端。

Okay and then if I looked at this quarter in the description Dave in terms of how the business trended, it seems as though every business was up pretty significantly sequentially but yet the revenues were up about 7%. Was there abnormal ASP erosion in one of the specific areas that you mentioned or how should I look at it?

好吧，如果我在描述 Dave 的業務趨勢方面看這個季度，似乎每個業務都在連續顯著增長，但收入增長了約 7%。您提到的某個特定區域是否存在異常 ASP 侵蝕，或者我應該如何看待它？

I think there really are two issues. One is that we continue to see softness in our infrastructure business. That continues to be I think DFI is bottom, although it's not big enough to hurt us in a meaningful way but I think we continue to see softness in infrastructure. And we did see a slight benefit in the September quarter for some last time buys of the older PX solution as we introduced the DCR. So I think we went through a product transition to our DCR modules, which went very, very well. But we also had in September some last time buys, you know a few million dollars of lifetime buy in the DCR. And that's it. Every product line with those minor exceptions, every product line was up.

我認為確實有兩個問題。一是我們繼續看到我們的基礎設施業務疲軟。這仍然是我認為 DFI 處於底部，雖然它還不足以以有意義的方式傷害我們，但我認為我們繼續看到基礎設施的疲軟。在我們推出 DCR 時，我們確實在 9 月季度看到了一些最後一次購買舊 PX 解決方案的輕微好處。所以我認為我們經歷了向 DCR 模塊的產品過渡，進展非常非常順利。但我們在 9 月也有一些最後一次購買，你知道在 DCR 中有幾百萬美元的終身購買。就是這樣。除了那些小例外的每條產品線，每條產品線都在運行。

Okay and then looking into next quarter, is it fair to assume that your PA and Switch business is likely going to see the seasonality but you're bucking the overall seasonality from both DCR and having a Systems Solution business.

好的，然後展望下一個季度，假設您的 PA 和 Switch 業務可能會出現季節性，但您正在抵消 DCR 和系統解決方案業務帶來的整體季節性。

I think that's a fair assessment. I mean we're more diversified obviously across our PA business and across our Switch business and we have more new design committed design wins that are going into production and the other product lines that will impact revenue. Although I'll say this. I don't see the seasonality even in our very broad based business being dramatic as it has been in past years. I think we've been able to gain some traction there with some customers so we have incremental customers coming on line with some diversification. And we also have a big footprint or big market share in CDMA power amplifiers and that seems to be looking quite strong from where I sit.

我認為這是一個公平的評估。我的意思是，我們在 PA 業務和 Switch 業務中明顯更加多元化，我們有更多新的設計承諾將投入生產，以及其他將影響收入的產品線。雖然我會這麼說。即使在我們基礎廣泛的業務中，我也沒有看到像過去幾年那樣劇烈的季節性。我認為我們已經能夠在那裡獲得一些客戶的牽引力，因此我們有越來越多的客戶加入了一些多樣化的行列。而且我們在 CDMA 功率放大器方面也有很大的足跡或很大的市場份額，從我的角度來看，這似乎非常強大。

Our next question comes from Blaine Carroll from Adams Harkness & Hill.

我們的下一個問題來自 Adams Harkness & Hill 的 Blaine Carroll。

Yes. Thank you. Nice quarter guys.

是的。謝謝。好季度伙計們。

Thank you.

謝謝。

A couple of questions if I can. First of all Dave, on the ODM revenue can you say what that was as a percentage of sales?

如果可以，請問幾個問題。首先，戴夫，關於 ODM 收入，你能說說它佔銷售額的百分比嗎？

Not specifically. It's been in the range of 20% I think against a market that's been perhaps, the ODM market being perhaps 13%-15%. So we're better than the overall market in the 20% range.

不具體。我認為它一直在 20% 的範圍內，而 ODM 市場可能是 13%-15%。所以我們在 20% 的範圍內優於整體市場。

Okay and then what's the dollar content per phone right now?

好的，那麼現在每部手機的美元含量是多少？

Good question. Just south of $4. So somewhere in the $3.50-$4.00 range and that's up from about $2.50 a year or so ago.

好問題。就在 4 美元以南。所以在 3.50 美元到 4.00 美元的範圍內，比一年前的 2.50 美元左右有所上漲。

Our next question comes from Michael Masdea of Credit Suisse First Boston.

我們的下一個問題來自瑞士信貸第一波士頓的 Michael Masdea。

Great thanks. Just a couple of quick questions. First can you guys give us a bit of a historical perspective on Q1 launch of phones? It seems like there was more in the past Q2 launch of phones than Q1. So was it new customers, new phones driving it or what is really driving that?

十分感謝。只是幾個簡單的問題。首先，你們能給我們一些關於第一季度手機發布的歷史觀點嗎？似乎過去 Q2 推出的手機比 Q1 多。那麼是新客戶、新手機推動了它，還是真正推動了它？

Driving the sequential revenue in the March quarter?

推動三月季度的連續收入？

No. Your customers, the launch of phone in Q1. Do you have any feel for that? Is that something you typically see - new phones being launched in the first calendar quarter?

不，您的客戶，第一季度推出手機。你對此有什麼感覺嗎？這是您通常會看到的情況嗎——新手機在第一季度推出？

We see some. We do see some and I think that is, you know our thesis for what it's worth has been that there is going to be a little less seasonality going forward, including this year than there has been in the past. And I think there is shorter product lifecycles on the cellular telephone market in general. So there are more churn of new designs. I do see more design traction in Q1 than what we may have seen in prior years. But the real traction is we've got DCR, Systems Solutions and some PAs that are going into sockets in this quarter that are ramping into production that will allow us to buck that trend.

我們看到一些。我們確實看到了一些，我認為那就是，你知道我們的論點是有價值的，那就是未來的季節性會比過去少一些，包括今年。而且我認為一般來說，蜂窩電話市場的產品生命週期較短。所以有更多的新設計流失。我確實在第一季度看到了比往年更多的設計吸引力。但真正的牽引力是我們有 DCR、系統解決方案和一些 PA，它們將在本季度投入生產，這將使我們能夠扭轉這一趨勢。

Great and just a quick follow up on the margin side. Pretty impressive in terms of putting up margins versus some of what we are seeing out there. Can you talk a little bit about what's driving that? Is it purely what you've been talking about in terms of their move to DCRs and System Solutions or is there also it looks like you have a better margin coming from the modules than the traditional PAs?

很好，只是在保證金方面快速跟進。與我們在那裡看到的一些相比，在提高利潤率方面相當令人印象深刻。你能談談是什麼推動了這一點嗎？就他們轉向 DCR 和系統解決方案而言，這純粹是您一直在談論的內容，還是看起來您從模塊中獲得的利潤比傳統 PA 更高？

Well I don't know that that's strictly to do with the fact that it is product mix because again we've talked consistently about the contribution margin. And relatively there is a range that we have in contribution margin that is the variable cost. That is somewhere between you know anywhere from 50%-70% and it really comes, the margin expansion comes from the leveraging of the fixed costs that are in place. And as we have shrunk that cost and worked on the cost initiative, got greater utilization, got greater efficiencies going forward, that's what really is the leveraging feature that I think drives the margin expansion. And the fact that we have a product mix that has a fairly narrow range relatively speaking in terms of overall contribution margin as the balance stays somewhere roughly in the high 60%.

好吧，我不知道這與產品組合這一事實完全相關，因為我們一直在談論邊際貢獻。相對而言，我們在貢獻邊際中有一個範圍，即可變成本。這介於你知道的 50%-70% 之間，而它真的來了，利潤率的增長來自對現有固定成本的利用。隨著我們縮減了成本並致力於成本計劃，提高了利用率，提高了未來的效率，這才是我認為推動利潤率擴張的真正槓桿作用。事實上，就整體邊際貢獻而言，我們的產品組合相對而言範圍相當狹窄，因為餘額大致保持在 60% 的高位。

Michael let me also comment to follow up we have very, very high margins. We have very nice contribution in our PA Modules in spite of the price reductions.

邁克爾讓我也評論跟進我們有非常非常高的利潤率。儘管降價，但我們在 PA 模塊中做出了非常好的貢獻。

Our next question comes from Kalpesh Kapadia from C.E. Unterberg Towbin

我們的下一個問題來自 C.E. Unterberg Towbin 的 Kalpesh Kapadia

Good afternoon guys. Dave a question relating to linearity in Q1. How do you see month by month in terms of linearity? Is it going to be fairly linear or front-end loaded or back-end loaded?

下午好伙計們。在 Q1 中提出一個與線性相關的問題。你如何看待逐月的線性度？它是相當線性的還是前端加載還是後端加載？

I think it will be fairly linear, fairly typical. When we come up with a forecast and a forecast range or guidance in this case, we look at probabilities attached to all of our opportunities. It's quite a robust process. We've used it for years. It's bottoms up. It's top down. And when we look at all the range of probabilities and possibilities out there we get quite comfortable that we have good strong coverage for the March quarter and that we're comfortable with this guidance. And I don't expect linearity to be much different than any other quarter.

我認為這將是相當線性的，相當典型的。在這種情況下，當我們提出預測和預測範圍或指導時，我們會查看所有機會的概率。這是一個非常強大的過程。我們已經使用它很多年了。它是自下而上的。它是自上而下的。當我們查看所有概率和可能性的範圍時，我們對我們對 3 月季度的良好覆蓋範圍以及我們對這一指導感到滿意感到非常滿意。而且我不希望線性度與任何其他季度有太大不同。

And just as a follow up, these three new ODMs that are going to be using Full System Solutions, are they already launched or ramped or are they going to ramp in Q1?

作為後續行動，這三個將使用完整系統解決方案的新 ODM，它們是否已經推出或量產，或者它們將在第一季度量產？

They are ramping. They are launched. In I think every case they've gone through design verification testing, manufacturing verification testing and system inter-operability testing at some level. So we see it midpoint of this year being strong volume ramp but beginning to ramp the process this quarter.

他們正在爬坡。他們發射了。在我看來，每種情況下，他們都在某種程度上經歷了設計驗證測試、製造驗證測試和系統互操作性測試。因此，我們認為今年的中點是強勁的銷量增長，但本季度開始推動這一進程。

Our next question comes from Ambrish Srivastava from GKM.

我們的下一個問題來自 GKM 的 Ambrish Srivastava。

Hi guys. Just to echo the sentiments shared by Mike on the gross margin increase. I think classic performance given what's going on with some of your competitors. I have a couple of quick questions and Dave I might have missed it at the beginning. What I'm trying to understand is if I look at your breakdown of revenues that goes out to the complete solution, how should we look at that exiting '02 would look like in terms of the breakdown? It could even be the Front-End, the RF Subsystems as well as Complete Solutions. And I also have a follow up.

嗨，大家好。只是為了回應邁克對毛利率增長的看法。考慮到你的一些競爭對手的情況，我認為經典的表現。我有幾個簡短的問題，戴夫，我可能一開始就錯過了。我想了解的是，如果我查看完整解決方案的收入明細，我們應該如何看待 02 年的明細？它甚至可以是前端、RF 子系統以及完整的解決方案。我也有跟進。

Okay. Well thank you for your comments. We are now looking at almost, or roughly, 30 handset models being in production by the end of this fiscal year that will incorporate our Systems Solution. That's 30 handset models. That's more than twice what it is today. And a lot of that traction, as someone asked earlier, will be in the back-end of the year. It's ramping this quarter as well. But it's really more in the, much more in the back-end of the year.

好的。好的，謝謝你的意見。我們現在正在考慮在本財政年度結束前投入生產的近 30 款手機型號，這些手機型號將採用我們的系統解決方案。那是 30 種手機型號。這是今天的兩倍多。正如之前有人問的那樣，很多這種吸引力將在今年年底出現。它也在本季度上升。但它真的更多，更多的是在今年年底。

So what you should expect to see if you look at the traction, remember we doubled our DCR revenue, Direct Comparison Transceiver revenue this quarter $4m versus $2m last quarter, versus a $0.5m the quarter before that. You should expect to see our silicon based product, including the DCR and our Cellular Systems Solution growing faster than the market and faster than our Component business. Which will also grow incidentally.

因此，如果您查看牽引力，您應該期望看到什麼，請記住，我們的 DCR 收入翻了一番，本季度直接比較收發器收入為 400 萬美元，上一季度為 200 萬美元，而上一季度為 50 萬美元。您應該期待看到我們基於矽的產品，包括 DCR 和我們的蜂窩系統解決方案，其增長速度快於市場，也快於我們的組件業務。這也會順便增長。

Second question is just trying to understand the mix in the ODM side. What is the breakdown between ODMs that are making handsets for their own labels versus those that are being made for the OEMs?

第二個問題只是試圖了解 ODM 方面的組合。為自己的品牌製造手機的 ODM 與為 OEM 製造的手機之間的細分是什麼？

Well the way we define and ODM is they're really all designing them to be branded by someone else. If I understood the question properly?

好吧，我們定義和 ODM 的方式是，他們實際上都在設計它們以被其他人打上烙印。如果我正確理解了這個問題？

Yes. What I was trying to understand is like [Bentwo](pf) is making the majority of the handsets for Mode. But within the ODM percentage that you just gave out as 20%, what is the breakdown between what you think is going to an OEM like [Amota](pf) versus that with the ODMs making for their own label?

是的。我試圖理解的是 [Bentwo](pf) 正在為 Mode 製造大部分手機。但是在您剛剛給出的 ODM 百分比中，您認為將提供給 [Amota](pf) 這樣的 OEM 與 ODM 為自己的標籤生產的產品之間的細分是什麼？

I can't comment on that. I don't have the number at my fingertips. I will say that you know they're all being branded by somebody else. In some cases it's the top tier folks and you know who those are. But there are an awful lot of discussions between these ODMs and service providers and in places like China who are maybe branded by the carrier themselves.

我不能對此發表評論。我手邊沒有號碼。我會說你知道他們都被別人烙上了烙印。在某些情況下，它是頂級人員，您知道他們是誰。但在這些 ODM 和服務提供商之間以及在中國等可能由運營商自己打上烙印的地方，有很多討論。

So it is a difficult question to answer numerically. But that has been the trend where ODMs are having them branded by a carrier in some cases or an OEM.

所以這是一個很難用數字回答的問題。但這一直是 ODM 在某些情況下由運營商或 OEM 品牌的趨勢。

Our next call comes from Satya Chillara from WR Hambrecht.

我們的下一個電話來自 WR Hambrecht 的 Satya Chillara。

Hi guys. Hi Dave. Samsung has been a customer for you for the past two fiscal years. I'm just trying to understand the recent announcement with Agear. They wanted $150m GPRS contract with Samsung. I was wondering whether you could clarify this and your ability to grow at Samsung in 2003?

嗨，大家好。嗨戴夫。在過去的兩個財政年度中，三星一直是您的客戶。我只是想了解最近與 Agear 的公告。他們想要與三星簽訂價值 1.5 億美元的 GPRS 合同。我想知道您能否澄清這一點以及您在 2003 年在三星的成長能力？

Okay well this has a lot of elements to it. First of all let me just state that Samsung strategy as it has been stated to us and they've been very, very consistent. We have relationships that go right up to the very top of that company. Has been that they would really have a bi-[facated] or a dual track strategy, on in which they would mix and match products from different suppliers. One persons baseband, maybe somebody else's DCR and somebody else's PA and switch. Then another parallel strategy where they would use an overall system solution and they see them being complimentary to their overall company strategy.

好吧，這有很多元素。首先，讓我說明一下三星向我們說明的戰略，他們一直非常、非常一致。我們的關係一直到那家公司的最高層。一直以來，他們確實會採用雙 [面向] 或雙軌戰略，在該戰略中，他們將混合和匹配來自不同供應商的產品。一個人的基帶，也許是其他人的 DCR 和其他人的 PA 和開關。然後是另一個並行策略，他們將使用一個整體系統解決方案，他們認為它們是對他們整體公司戰略的補充。

In the case of Agear they're engaged in that mix and match strategy and with Skyworks we're engaged in that systems solution strategy. So I think it's entirely likely and you should assume that both companies will grow within Samsung. I think that's a fair assumption. Agear has done very well. We will continue to do well, very well with Samsung.

就 Agear 而言，他們參與了混合和匹配策略，而對於 Skyworks，我們參與了該系統解決方案策略。所以我認為這完全有可能，你應該假設這兩家公司都將在三星內部發展。我認為這是一個合理的假設。阿格爾做得很好。我們將繼續與三星一起做得很好，非常好。

With regard to the $150m it is difficult for us to comment because we've been doing business with Samsung for a long time and it's basically we get committed designs out of platform but at the end of the day, it's you get, you know they get, we get, right. So if that phone takes off and they price it at an attractive point and it becomes a very high volume runner, it's a wonderful platform for us. If on the other hand they price it very high, it maybe a lower volume runner and it's a great phone but it may not have the same volume implications and of course if they don't sell the phone, we don't get the orders. So I don't quite frankly know what $150m contract means with Samsung. We have committed designs and that design list is growing.

關於 1.5 億美元，我們很難發表評論，因為我們已經與三星開展業務很長時間了，基本上我們從平台上獲得了承諾的設計，但最終，你知道的，你知道的他們得到，我們得到，對。因此，如果該手機起飛並且他們將其定價在一個有吸引力的點並且它成為一個非常高的銷量跑步者，那麼這對我們來說是一個很棒的平台。另一方面，如果他們給它定價很高，它可能是一個低銷量的跑步者，它是一部很棒的手機，但它可能沒有相同的銷量影響，當然如果他們不賣手機，我們就得不到訂單.所以坦率地說，我不太清楚與三星簽訂的 1.5 億美元合同意味著什麼。我們有承諾的設計，而且設計清單還在增加。

Now what about -- the next question is on your direct conversion radio. You talk about double-digit growth and a lot of growth in there and you talk about 50 phones. What is your market share exiting 2002 and what's your estimate by the end of 2003?

現在怎麼樣 - 下一個問題是關於您的直接轉換收音機。你談論兩位數的增長和大量增長，你談論 50 部手機。您在 2002 年結束時的市場份額是多少？到 2003 年底您的估計是多少？

This is for the DCR?

這是為了DCR？

Yes.

是的。

Well the market share exiting 2002 wasn't terribly high right. I mean in the June quarter we shipped about half a million. So you can do the math. We shipped about half a million devices. In the September quarter that number moved to almost 2 million in the September quarter. In the December quarter the number was 4 million. So now you start to get meaningful share, particularly if you assume the DCR by its nature is a GSM player. The TX products for CDMA are not classified as a DCR by us or by anybody for that matter.

好吧，2002 年的市場份額並不是很高。我的意思是，在 6 月季度，我們出貨量約為 50 萬。所以你可以算一下。我們運送了大約 50 萬台設備。在 9 月季度，該數字在 9 月季度達到近 200 萬。在 12 月季度，這個數字是 400 萬。所以現在你開始獲得有意義的份額，特別是如果你假設 DCR 本質上是一個 GSM 播放器。 CDMA 的 TX 產品未被我們或任何人歸類為 DCR。

So we're starting to get some meaningful traction. Now with design, committed designs we're talking about, that number is going to grow quite substantially. So I think we're going to have meaningful market share by the end of this year and it will certainly be double-digit and I can't comment any specifically than that.

所以我們開始獲得一些有意義的牽引力。現在有了設計，我們正在談論的承諾設計，這個數字將會大幅增長。所以我認為到今年年底我們將擁有可觀的市場份額，而且肯定會達到兩位數，我不能對此發表任何具體評論。

Our next call comes from Tom Sepenzis from ThinkEquity.

我們的下一個電話來自 ThinkEquity 的 Tom Sepenzis。

Hi guys. Congratulations on the quarter.

嗨，大家好。祝賀這個季度。

Thank you.

謝謝。

Just a couple of quick questions, housekeeping questions. I was wondering what you are assuming for your tax rate going forward? And also earlier it sounded like you said you were expecting wireless revenues to be $146m in the second quarter and the test business to be at the low end of the $10m-$14m range. Is that correct?

只是幾個簡單的問題，家務問題。我想知道您對未來的稅率有何假設？而且早些時候聽起來你說你預計第二季度的無線收入將達到 1.46 億美元，而測試業務將處於 1000 萬至 1400 萬美元範圍的低端。那是對的嗎？

First let me comment on the tax position. Really I wouldn't think of it as a provision in this year because of where we are in terms of a loss position. And having loss carried forward that the provision really represents for this year about $700,000 a quarter give or take $100,000 or so relative to the income based on our foreign subsidiaries. And that will prevail through this fiscal year.

首先讓我評論一下稅收狀況。真的，我不會將其視為今年的準備金，因為我們處於虧損狀態。結轉虧損後，該準備金實際上代表了今年每季度約 700,000 美元，相對於我們外國子公司的收入而言，大約為 100,000 美元。這將貫穿本財年。

With regards to the comments on the revenue, we did guide from the $144m that we did in December to $146m of the wireless and yes, with regards to and we [...] the range is between $10m-$14m and we would expect it to be towards the lower end.

關於收入的評論，我們確實從去年 12 月的 1.44 億美元指導了無線業務的 1.46 億美元，是的，關於我們 [...] 範圍在 1000 萬美元到 1400 萬美元之間我們預計它會趨於低端。

Remember that's a take or pay based contract. So essentially it's an artifact of the deal with the merger with Conexant and it covers our cost but it does not provide margin and that's the arrangement we have. So it has no impact on our strategy and it has no impact on our margins.

請記住，這是一份照付不議的合同。因此，從本質上講，這是與科勝訊合併交易的產物，它涵蓋了我們的成本，但不提供保證金，這就是我們的安排。所以它對我們的戰略沒有影響，對我們的利潤率也沒有影響。

I'm just wondering because it gets you to about $156m-$160m on the top line right?

我只是想知道，因為它能讓你的收入達到大約 1.56 億美元到 1.6 億美元，對嗎？

Yes.

是的。

But you're saying that you're going to have modest growth. So is the rest of that turns business or just business that's not accounted for in those two areas?

但你是說你將有適度的增長。那麼，剩下的是轉變業務還是轉變為這兩個領域未考慮的業務？

Our wireless business, our core business as Paul mentioned will be up and you've stated the numbers correctly - $144m-$146m. That assembly test services fees will be down.

正如保羅所提到的，我們的無線業務，我們的核心業務將會增長，你說的是正確的數字——1.44 億美元至 1.46 億美元。組裝測試服務費用將會下降。

Our next call comes from Pierre Maccagno from Needham & Company.

我們的下一個電話來自 Needham & Company 的 Pierre Maccagno。

Congratulations on the quarter. Could you comment on the turns business for the first quarter?

祝賀這個季度。你能評論一下第一季度的轉彎業務嗎？

Could you repeat that please?

你再說一遍，好嗎？

Yes. How much of the business was turns business during the first quarter?

是的。第一季度有多少業務轉為業務？

Approximately in the 15%-20% range.

大約在15%-20%範圍內。

Okay. Also regarding your DCR, could you comment on your market share of Samsung and who are the major competitors that you are facing there?

好的。另外關於您的 DCR，您能否評論一下您在三星的市場份額以及您在那裡面臨的主要競爭對手是誰？

Well within Samsung our DCR is really party of our overall systems solution. So you have to ask the question with whom do we compete for the Systems Solution? So you look at people like Philips, Infinian. So it isn't traditionally as you might think as traditional DCR competitors.

在三星內部，我們的 DCR 實際上是我們整體系統解決方案的一部分。所以你不得不問我們與誰競爭系統解決方案的問題？所以你看看像飛利浦、Infinian 這樣的人。因此，傳統上它並不像您想像的那樣是傳統的 DCR 競爭對手。

However I will add we didn't comment on this earlier. We are beginning to gain traction in those design centers that are mixing and matching and that's helping us in our PA business. And I fully expect that's going to begin to help us in our DCR because they're system people and is seeing the advantage of this single chip transceiver and the latest design samples that are based on that design but are small and more efficient, more highly integrated. And by the way I also should add that we still have, and continue to enjoy, virtually all of their CDMA PA business.

但是我要補充一點，我們之前沒有對此發表評論。我們開始在那些混合和匹配的設計中心獲得牽引力，這對我們的 PA 業務有幫助。我完全希望這將開始幫助我們的 DCR，因為他們是系統人員，並且看到了這種單芯片收發器的優勢以及基於該設計但體積小、效率更高、高度更高的最新設計樣本融合的。順便說一句，我還應該補充一點，我們仍然擁有並繼續享受他們幾乎所有的 CDMA PA 業務。

Our next question comes from Chris Versace from FBR.

我們的下一個問題來自 FBR 的 Chris Versace。

Good afternoon everybody. Just a couple of questions. If we sit back and take a look at what you're saying with the migration to higher content, one of the things that stands out, at least in my mind, is that on the Cellular System side you're going to have some software component. I'm just wondering as we see that ramp and we see the benefit of those software margins, is it possible - you know can you quantify what the impact of those software margins would be going forward?

大家下午好。只是幾個問題。如果我們坐下來看看你所說的向更高內容的遷移，其中一件突出的事情，至少在我看來，是在蜂窩系統方面你將擁有一些軟件成分。我只是想知道，當我們看到這種增長並且我們看到這些軟件利潤率的好處時，是否有可能 - 你知道你能量化這些軟件利潤率的影響嗎？

Well you don't sell the software, you sell the protocol stack and the baseband referenced around our DCR RPA and now our Switch Proto Modules. So you don't really think of it that way. It isn't a menu kind of approach. So the $15-$20 includes the DCR, the PA, the baseband processor and the protocol stack and the MMI software and occasionally we go right up to the graphical user interface if that's what our customer wants us to do.

好吧，你不賣軟件，你賣協議棧和圍繞我們的 DCR RPA 和現在我們的 Switch Proto 模塊引用的基帶。所以你真的不會那樣想。這不是一種菜單式的方法。因此，15-20 美元包括 DCR、PA、基帶處理器和協議棧以及 MMI 軟件，如果客戶希望我們這樣做，我們有時會直接使用圖形用戶界面。

So I don't think of it as an end product. It really is embedded in that baseband and that system solution.

所以我不認為它是最終產品。它確實嵌入了基帶和系統解決方案中。

Okay. What I'm wondering is if the margins say versus the DCR combined with something that is more software, then the margins could be about the same I guess is the question?

好的。我想知道的是，如果利潤率與 DCR 結合更多的軟件，那麼利潤率可能大致相同，我猜這是問題所在？

Yes. Remember the contribution margin as Paul has mentioned in the past is quite consistently high and in our company north of 50%. And obviously if you have capacity that's good news from a leverage point of view.

是的。請記住，正如 Paul 過去提到的那樣，邊際貢獻率一直很高，在我們公司超過 50%。顯然，從槓桿的角度來看，如果你有能力，那是個好消息。

I think on the Cellular Systems side, the orders are much larger. So if you're getting $15-$20 a phone, the growth rate can be higher and the play there is leveraging the R&D. And we commented in the past that our R&D is relatively high for this space and the reason for that is we are investing and it's going to trend downward obviously as a percentage of sales. But we're investing in these product platforms, in the software, in the baseband, in the DCR with a commitment from these product teams with we think incredible design traction to grow the top line faster than the market and that will trend that R&D line.

我認為在蜂窩系統方面，訂單要大得多。因此，如果你的手機售價在 15 到 20 美元之間，增長率可能會更高，而且那裡的遊戲正在利用研發。我們過去評論說，我們在這個領域的研發相對較高，原因是我們正在投資，而且它在銷售額中所佔的百分比明顯呈下降趨勢。但我們正在投資這些產品平台、軟件、基帶、DCR，並得到這些產品團隊的承諾，我們認為令人難以置信的設計牽引力可以比市場更快地增長頂線，這將引領研發線.

So in software it's more of a leverage on R&D play than the other product lines.

因此，在軟件方面，它比其他產品線更能發揮研發作用。

Our next question comes from Mike Whitfield from Wachovia Securities.

我們的下一個問題來自 Wachovia Securities 的 Mike Whitfield。

Thanks. Good afternoon. Dave I was wondering on that software topic, if you can expand on the new Indian center and its regional focus? Is China included in that or is this strictly for the Indian market?

謝謝。下午好。戴夫 我想知道關於那個軟件主題，你是否可以擴展新的印度中心及其區域重點？中國是否包括在內，還是僅針對印度市場？

No. Thank you for asking us to clarify that. We have design center and we have a growing footprint in China and those folks, their mission is to work with the contract manufacturers, the ODMs to launch our system design around their manufacturing capability where they lack a lot of sophisticated systems, cellular integration capability. And there are a lot of those that are emerging and they really need this kind of a breadth of solution to compete.

不，感謝您要求我們澄清這一點。我們有設計中心，我們在中國和那些人的足跡越來越大，他們的任務是與合同製造商合作，ODM 圍繞他們的製造能力啟動我們的系統設計，而他們缺乏許多複雜的系統、蜂窩集成能力。並且有很多新興的公司，他們確實需要這種廣泛的解決方案來競爭。

In the case of India, that design center is really allowing those to have a very cost efficient way to expand our resources in software and in DLSI design. That's the mission for products that would go around the world.

就印度而言，該設計中心確實允許那些以非常經濟高效的方式來擴展我們在軟件和 DLSI 設計方面的資源。這就是產品走向世界的使命。

So they're not focused on penetrating India. They're focused on giving us [inaudible]. You know we're sampling it now and getting by the way just tremendous feedback. So it will be in the latter half of the year. But we're sampling as we speak.

所以他們並不專注於滲透印度。他們專注於為我們提供 [聽不清]。你知道我們現在正在對其進行抽樣，並順便獲得了巨大的反饋。所以會在下半年。但我們正在抽樣。

You know in the cable business was really more of a focus of Alpha. We still have those products. A lot of those are sold through distribution. We have products that are sold in the set top boxes. We have products that are sold in digital broadcast satellite receivers. But you know we focused on that very optimistically. In fact most of that's not going through distribution. It's a reasonable contribution business but not one in which we spend a lot of time developing new products. In fact we don't develop a lot of new products there.

你知道，有線電視業務實際上更像是 Alpha 的重點。我們仍然有那些產品。其中很多是通過分銷銷售的。我們有在機頂盒中銷售的產品。我們有在數字廣播衛星接收器中銷售的產品。但你知道我們非常樂觀地專注於此。事實上，其中大部分都沒有經過分配。這是一項合理的貢獻業務，但不是我們花費大量時間開發新產品的業務。事實上，我們並沒有在那裡開發很多新產品。

Our next question comes from Joseph To from Lehman Brothers.

我們的下一個問題來自雷曼兄弟的 Joseph To。

Hi guys. Just a couple of housekeeping questions. Dave could you go through the split by interface of your handset revenues?

嗨，大家好。只是幾個內務問題。戴夫，您能否通過手機收入的接口進行拆分？

Yes. It's about 60GSM, 30BDMA.

是的。大約是60GSM，30BDMA。

And what's the remaining?

剩下的是什麼？

TDMA I guess.

我猜是 TDMA。

And the other question is for Paul. It looks like the accounts receivable went up a little bit. Was that just because I think you may have mentioned on the call, did you have a lot of shipment at the end of the quarter?

另一個問題是給保羅的。應收賬款好像漲了一點。那是因為我認為您可能在電話中提到過，您在本季度末的出貨量很大嗎？

It was the cash receipts with that season quarter ended just before the end of the calendar year. Just the way the cycle. We had commitments to receive of $8m that came in December 30th and 31st, which unfortunately was after our quarter end. We would have been at that lower rate. So it went up to around 62 days.

這是在日曆年結束前結束的那個季度的現金收入。就這樣循環。我們承諾在 12 月 30 日和 31 日收到 800 萬美元，不幸的是，這是在我們的季度結束之後。我們本來會以較低的速度。所以它上升到大約 62 天。

Our next call comes from Jeremy Bunting from Jeremy Bunting from Thomas Weisel Partners.

我們的下一個電話來自 Thomas Weisel Partners 的 Jeremy Bunting。

Thanks very much. Dave, with reference to what you mentioned earlier about Samsung being roughly 30% and Mode being roughly 20%, is that ex test and assembly?

非常感謝。戴夫，關於你之前提到的三星大約佔 30% 而 Mode 大約佔 20%，那是前測試和組裝嗎？

Is that ex test and assembly? Yes.

那是前測試和組裝嗎？是的。

Great. Could you comment on what your relative mix is within Samsung specifically of GSM versus CDMA?

偉大的。您能否評論一下您在三星內部的相對組合，特別是 GSM 與 CDMA 的組合？

Well the growth in the Cellular Systems business is exclusively GSM. We don't do a CDMA base here. So that's exclusively GSM.

那麼蜂窩系統業務的增長完全是 GSM。我們這裡不做 CDMA 基地。所以這完全是 GSM。

On the CDMA front, we've got almost complete diversification across our CDMA platform base from our power amplifiers. So you almost look at it from the turn, we participate as they gain share in CDMA and we've begun to ship switches since the merger. So now we have switches going in to a few phones and gaining traction.

在 CDMA 方面，我們的功率放大器在我們的 CDMA 平台基礎上幾乎完全多樣化。所以你幾乎從轉彎處看，我們參與，因為他們在 CDMA 中獲得份額，自合併以來我們已經開始運送交換機。所以現在我們有開關進入幾部手機並獲得牽引力。

And most recently we've begun to get DCR design wins. They're not in production yet. But DCR design wins. I take that back. There are a couple in production, but we're getting more that are being teed up. And as I mentioned we're starting to gain more traction in that mix and match strategy that Samsung has with some of our point products. So that's the way it breaks out.

最近，我們開始贏得 DCR 設計。他們還沒有投入生產。但 DCR 設計勝出。我收回之前說過的話。有幾個正在製作中，但我們正在準備更多。正如我所提到的，我們開始在三星與我們的一些單點產品的混合搭配策略中獲得更多吸引力。這就是它爆發的方式。

Our next question comes from Eric Hellman of Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 Eric Hellman。

Thank you. Dave in the quarter did you say how many Cellular System Solutions you shipped?

謝謝。戴夫在本季度有沒有說你出貨了多少蜂窩系統解決方案？

No Eric, we don't give that level of product line detail.

不，埃里克，我們不會提供那種級別的產品線細節。

Okay and how many design wins do you have with Samsung? I know I think last quarter was it 12 or 13. Has that changed since last quarter?

好的，三星贏得了多少設計？我知道我認為上個季度是 12 或 13。自上個季度以來有變化嗎？

Last quarter it was 9 and it was moving to 12 and that has happened. The T208, the T300 and we've got a few more that are GPRS based that are going through field trials and that will be going into production later this quarter and in the June quarter.

上個季度是 9，它正在移動到 12，這已經發生了。 T208、T300 和我們還有一些基於 GPRS 的產品正在進行現場試驗，並將在本季度晚些時候和 6 月季度投入生產。

Mr. Aldrich there are no more questions at this time.

奧爾德里奇先生，現在沒有問題了。

Well thank you very, very much for joining us and your thoughtful questions and we look forward to updating you in the future. Good evening.

非常感謝您加入我們並提出您深思熟慮的問題，我們期待在未來為您更新。晚上好。

We'd like to thank you for participating on today's conference. Replay will be available in approximately one hour. You may disconnect at this time.

感謝您參加今天的會議。重播將在大約一小時後提供。此時您可以斷開連接。