MACOM Technology Solutions Holdings Inc (MTSI) 2021 Q4 法說會逐字稿

Welcome to MACOM's Fourth Fiscal Quarter 2021 Conference Call. This call is being recorded today, Thursday, November 4, 2021. (Operator Instructions)

歡迎來到 MACOM 的 2021 財年第四季度電話會議。今天，即 2021 年 11 月 4 日，星期四，將錄製此通話。（操作員說明）

I will now turn the call to Mr. Steve Ferranti, MACOM's Vice President of Strategic Initiatives and Investor Relations.

我現在將電話轉給 MACOM 戰略計劃和投資者關係副總裁史蒂夫費蘭蒂先生。

Mr. Ferranti, please go ahead.

費蘭蒂先生，請繼續。

Thank you, Olivia. Good morning, and welcome to our call to discuss MACOM's Fourth Fiscal Quarter and Fiscal Year 2021 Financial Results. I would like to remind everyone that our discussion today will contain forward-looking statements, which are subject to certain risks and uncertainties as defined in the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those discussed today. For a more detailed discussion of the risks and uncertainties that could result in those differences, we refer you to MACOM's filings with the SEC.

謝謝你，奧利維亞。早上好，歡迎來電討論 MACOM 的第四財季和 2021 財年財務業績。我想提醒大家，我們今天的討論將包含前瞻性陳述，這些陳述受到 1995 年《私人證券訴訟改革法案》中前瞻性陳述安全港定義的某些風險和不確定性的影響。實際結果可能與今天討論的內容大不相同。有關可能導致這些差異的風險和不確定性的更詳細討論，請參閱 MACOM 向美國證券交易委員會提交的文件。

Management's statements during this call will also include discussion of certain adjusted non-GAAP financial information. A reconciliation of GAAP to adjusted non-GAAP results are provided in the company's press release and related Form 8-K, which was filed with the SEC today.

管理層在此次電話會議中的聲明還將包括對某些調整後的非 GAAP 財務信息的討論。公司的新聞稿和今天向美國證券交易委員會提交的相關表格 8-K 中提供了 GAAP 與調整後的非 GAAP 結果的對賬。

With that, I'll turn over the call to Steve Daly, President and CEO of MACOM.

有了這個，我將把電話轉給 MACOM 總裁兼首席執行官史蒂夫戴利。

Thank you, Steve, and good morning. I will begin today's call with a general company update. After that, Jack Kober, our Chief Financial Officer, will provide a more in-depth review of our fourth quarter and full year results for fiscal 2021. When Jack is finished, I will provide revenue and earnings guidance for the first fiscal quarter of 2022, and then we will be happy to take some questions.

謝謝你，史蒂夫，早上好。我將以一般公司更新開始今天的電話會議。之後，我們的首席財務官 Jack Kober 將對我們 2021 財年的第四季度和全年業績進行更深入的審查。Jack 完成後，我將提供 2022 年第一財季的收入和收益指導，然後我們很樂意回答一些問題。

Our fourth fiscal quarter financial results represent continued improvements in overall performance. Revenue for Q4 was $155.2 million and adjusted EPS was $0.61 per diluted share. Notably, we exceeded 30% adjusted operating margin, which is an important milestone for the MACOM team. With another quarter of strong cash flow, we ended our fiscal year with $345 million in cash and short-term investments on our balance sheet.

我們第四財季的財務業績代表了整體業績的持續改善。第四季度收入為 1.552 億美元，調整後每股收益為 0.61 美元。值得注意的是，我們超過了 30% 的調整後營業利潤率，這對 MACOM 團隊來說是一個重要的里程碑。憑藉又一個季度的強勁現金流，我們在資產負債表上以 3.45 億美元的現金和短期投資結束了本財年。

For the full fiscal year ending October 1, 2021, revenue was $607 million, and adjusted EPS was $2.15 per diluted share. We are pleased to report 14.5% year-over-year revenue growth and 126% year-over-year earnings growth.

截至 2021 年 10 月 1 日的整個財政年度，收入為 6.07 億美元，調整後每股收益為 2.15 美元攤薄後每股收益。我們很高興地報告收入同比增長 14.5%，收益同比增長 126%。

Our financial results this year would not have been possible without the hard work and dedication of all our employees. In spite of certain supply chain challenges and COVID-19 headwinds, we met our internal corporate goals, our new product development schedules and our revenue and earnings targets. I would like to thank the entire team for their extraordinary efforts and commitment. MACOM is fortunate to have such a hard-working and dedicated management team and employees.

如果沒有全體員工的辛勤工作和奉獻精神，我們今年的財務業績是不可能實現的。儘管存在某些供應鏈挑戰和 COVID-19 逆風，但我們實現了內部企業目標、新產品開發計劃以及收入和收益目標。我要感謝整個團隊的非凡努力和承諾。 MACOM有幸擁有如此勤奮敬業的管理團隊和員工。

Our Q4 and full year book-to-bill ratio was 1.2:1 and our turns business was approximately 13% of total revenue. We believe that the strong Q4 bookings reflect market share gains, a few large long-term IND orders, which we'll ship over multiple quarters, as well as orders being placed by customers 1 or 2 quarters ahead of required ship dates due to longer than normal manufacturing cycle times.

我們的第 4 季度和全年訂單出貨比為 1.2:1，輪流業務約佔總收入的 13%。我們認比正常的製造週期時間。

Our strong bookings over the course of FY '21 allows us to start FY '22 with a higher-than-typical backlog. We continue to manage various supply-related interruptions and challenges due to COVID-19 and production capacity limitations with certain semiconductor, package and substrate technologies. Our operations, planning and logistics teams have done an excellent job managing through these industry dynamics, and they are working around the clock to meet customer commitments.

我們在 21 財年期間的強勁預訂使我們能夠以高於典型水平的積壓開始 22 財年。由於 COVID-19 和某些半導體、封裝和基板技術的產能限制，我們將繼續應對各種與供應相關的中斷和挑戰。我們的運營、規劃和物流團隊在管理這些行業動態方面做得非常出色，他們全天候工作以履行對客戶的承諾。

Fiscal Q4 revenue by end market was generally as expected, with Industrial & Defense at $75.1 million, Telecom at $46.6 million and Data Center at $33.5 million. I&D was up 5% sequentially, Telecom was down 3% sequentially and Data Center was up around 1% sequentially. For fiscal year 2021, I&D was up 44%, Data Center up 10% and Telecom down 10%.

按終端市場劃分的第四財季收入總體上符合預期，其中工業和國防為 7510 萬美元，電信為 4660 萬美元，數據中心為 3350 萬美元。 I&D 環比上漲 5%，電信環比下跌 3%，數據中心環比上漲約 1%。 2021 財年，I&D 增長 44%，數據中心增長 10%，電信下降 10%。

In FY '21, our top 10 end customers represented 26.5% of our total revenue, and our revenue concentration on any one product was less than 1.6% of our total revenue. We maintain a diversified technology portfolio as well as a very diversified customer base with thousands of customers.

在 21 財年，我們的前 10 大終端客戶占我們總收入的 26.5%，我們對任何一種產品的收入集中度不到我們總收入的 1.6%。我們擁有多元化的技術組合以及擁有數以千計客戶的非常多元化的客戶群。

Our Industrial & Defense end market performed well during fiscal Q4 and for the 2021 fiscal year. Our success in this end market is the result of the efforts that we began in 2019 within our engineering groups to revitalize our portfolio of RF and microwave products, including increasing the of base of new product introduction, expanding to fill in the gaps of our product lines, developing new innovative technologies and reengaging major customers with a more focused sales and marketing effort.

我們的工業和國防終端市場在第四財季和 2021 財年表現良好。我們在這個終端市場的成功是我們於 2019 年在我們的工程團隊中開始的努力的結果，以振興我們的射頻和微波產品組合，包括增加新產品推出的基礎，擴大以填補我們產品的空白線，開發新的創新技術，並通過更集中的銷售和營銷努力重新吸引主要客戶。

More recently, we also began ramping up efforts to cross-sell our optical and high-performance analog products to Industrial & Defense customers, which creates a sizable growth opportunity for us.

最近，我們還開始加大力度向工業和國防客戶交叉銷售我們的光學和高性能模擬產品，這為我們創造了巨大的增長機會。

Overall, I am pleased with the level of engagement our sales and business development teams have had at major defense OEMs over the last few quarters, involving a variety of ground, airborne, ship-based programs, including radar, electronic warfare, avionics and RF and optical communication applications. These programs are typically long life cycle programs, and we expect they will contribute to our growth in FY '22 and beyond.

總的來說，我對過去幾個季度我們的銷售和業務開發團隊在主要國防原始設備製造商中的參與程度感到滿意，涉及各種地面、機載、艦載項目，包括雷達、電子戰、航空電子和射頻和光通信應用。這些項目通常是長生命週期項目，我們預計它們將有助於我們在 22 財年及以後的增長。

Our Telecom end market revenue was slightly down in Q4 primarily due to softness in the 5G market, which was offset by strong demand in broadband access and DOCSIS 3.1 cable TV infrastructure markets.

我們的電信終端市場收入在第四季度略有下降，這主要是由於 5G 市場疲軟，這被寬帶接入和 DOCSIS 3.1 有線電視基礎設施市場的強勁需求所抵消。

MACOM has a broad CATV product portfolio, including single ended and differential amplifiers, transformers, power dividers, combiners, couplers and Dyflex filters. 5G represents a large growth opportunity for MACOM as worldwide demand for improved connectivity at higher data rates grows. In addition, we see growth opportunities in PON, CATV infrastructure, microwave radios and SATCOM during FY '22, primarily driven by strong end market dynamics, new product introductions and market share gains.

MACOM 擁有廣泛的 CATV 產品組合，包括單端和差分放大器、變壓器、功率分配器、組合器、耦合器和 Dyflex 濾波器。 5G 為 MACOM 帶來了巨大的增長機會，因為全球對以更高數據速率改善連接性的需求不斷增長。此外，我們在 22 財年看到了 PON、CATV 基礎設施、微波無線電和 SATCOM 的增長機會，這主要是受到強勁的終端市場動態、新產品推出和市場份額增長的推動。

Our Data Center end market revenue was essentially flat in Q4. Nevertheless, we believe Data Center remains a large growth opportunity for MACOM. We expect new product introductions will be the primary driver for growth for us in this market. Some examples include 25G DFB lasers and 50G CW lasers, photodetectors, laser drivers and transimpedance amplifiers. I'll note that earlier this week, we announced a new linear equalizer product line, which will support high data rate applications, including active copper cables used inside the Data Center.

我們的數據中心終端市場收入在第四季度基本持平。儘管如此，我們認為數據中心仍然是 MACOM 的一個巨大增長機會。我們預計新產品的推出將成為我們在這個市場增長的主要動力。一些示例包括 25G DFB 激光器和 50G CW 激光器、光電探測器、激光驅動器和互阻放大器。我會注意到，本週早些時候，我們宣布了一個新的線性均衡器產品線，它將支持高數據速率應用，包括數據中心內使用的有源銅纜。

We believe our strategy to collaborate with leading DSP chip suppliers allows MACOM to stay focused on designing and producing the industry's next-generation high-speed TIAs and laser drivers. I'll note with the ramp-up of 400G ZR and Data Center interconnects, we are seeing an increased interest in the development of coherent solutions for next-generation 800G and higher data rates for connections, both between and within Data Centers. Coherent ZR technology typically utilizes silicon photonic optics, along with a coherent DSP to transmit a QAM modulated optical signal on a single wavelength.

我們相信，我們與領先的 DSP 芯片供應商合作的戰略使 MACOM 能夠專注於設計和生產業界的下一代高速 TIA 和激光驅動器。我會注意到，隨著 400G ZR 和數據中心互連的增加，我們看到人們越來越關注為下一代 800G 和數據中心之間和數據中心內的連接開發更高數據速率的相干解決方案。相干 ZR 技術通常利用矽光子光學器件和相干 DSP 在單一波長上傳輸 QAM 調製光信號。

MACOM is a leading merchant supplier of modulator drivers and linear TIAs for coherent modules, and we are currently in volume production with 32 gigabaud, 64 gigabaud and 96 gigabaud product families. We are also beginning to see the proliferation of coherent optics into the access market with low-cost tunable 100G solutions.

MACOM 是用於相干模塊的調製器驅動器和線性 TIA 的領先商業供應商，我們目前正在量產 32 吉波特、64 吉波特和 96 吉波特產品系列。我們也開始看到相干光學通過低成本可調諧 100G 解決方案進入接入市場。

As a merchant supplier, we are working with our module customers in the Data Center and enterprise markets to support their development of coherent optics with our existing product portfolio and are developing new products as the requirements for higher bandwidth continues to emerge across all market segments.

作為商業供應商，我們正在與數據中心和企業市場的模塊客戶合作，以支持他們利用我們現有的產品組合開發相干光學，並隨著所有細分市場對更高帶寬的需求不斷湧現而開發新產品。

We had many technical accomplishments in fiscal 2021, and I would like to highlight a few. First, we internally documented 43 new invention disclosures, we formally submitted 49 new patent applications to the U.S. patent office, and we were awarded 44 new patents. Innovation and invention is critical to our future success and I would like to congratulate our engineering community for their excellent work in this area.

我們在 2021 財年取得了許多技術成就，我想強調其中的幾個。首先，我們內部記錄了 43 項新發明公開，我們向美國專利局正式提交了 49 項新專利申請，並獲得了 44 項新專利。創新和發明對我們未來的成功至關重要，我要祝賀我們的工程界在這一領域所做的出色工作。

Second, during the year, we introduced over 130 standard products, and we expect to grow product introductions in FY '22 by an additional 35%. In addition, we had great success with our custom IC development activities, which complements the build-out of our standard product portfolio. During the year, we supported approximately 20 customer-funded major IC developments and many smaller unfunded projects.

其次，在這一年中，我們推出了 130 多種標準產品，我們預計 22 財年的產品推出量將再增加 35%。此外，我們在定制 IC 開發活動方面取得了巨大成功，這補充了我們標準產品組合的構建。在這一年中，我們支持了大約 20 個客戶資助的主要 IC 開發項目和許多規模較小的未資助項目。

Further, I am pleased to provide a progress report on 4 important strategic technology developments. First, our 0.14 GaN on Silicon Carbide process transfer from AFRL is on plan, and our fab and device engineering teams have done remarkable work over the past 12 months. To date, we have verified the processes' small signal performance. And more importantly, we have measured over 4.5 watts per millimeter at 25 volts at expand frequencies. We believe this power density performance is extremely competitive.

此外，我很高興提供有關 4 項重要戰略技術發展的進度報告。首先，我們 AFRL 的 0.14 GaN on Carbide 工藝轉移正在按計劃進行，我們的晶圓廠和設備工程團隊在過去 12 個月裡做了出色的工作。迄今為止，我們已經驗證了流程的小信號性能。更重要的是，我們在擴展頻率下在 25 伏特下測量了超過 4.5 瓦特/毫米。我們相信這種功率密度性能極具競爭力。

In the coming months, we will be optimizing the process with a goal to achieve even higher power level. I'll note, we have recently designed a MMIC power amplifier and processed it on both the AFRL and MACOM process. And with the exception of power levels, we have almost identical performance.

在接下來的幾個月裡，我們將優化流程，目標是實現更高的功率水平。我會注意到，我們最近設計了一個 MMIC 功率放大器，並在 AFRL 和 MACOM 工藝上對其進行了處理。除了功率級別外，我們的性能幾乎相同。

During FY '22, we plan to complete the installation of new backside process equipment as well as installing atomic layer deposition or ALD capability for device passivation. We recognize we have a lot of work ahead. However, our engineering results to date are compelling, and we believe in time, we will capture market share in the high-frequency GaN MMIC market.

在 22 財年期間，我們計劃完成新背面工藝設備的安裝以及安裝原子層沉積或 ALD 設備鈍化能力。我們認識到我們還有很多工作要做。然而，我們迄今為止的工程成果令人信服，我們相信假以時日，我們將佔領高頻 GaN MMIC 市場的市場份額。

Second, we are making excellent progress on our silicon photonics product development. As I reported last quarter, we are now working with our fab partner on producibility and yields.

其次，我們在矽光子產品開發方面取得了長足的進步。正如我在上個季度報告的那樣，我們現在正在與我們的晶圓廠合作夥伴就生產能力和良率進行合作。

Third, our pure carbide high-power GaN amplifier product line continues to expand since its introduction over 1 year ago. Notably, we recently released 3 additional high-power products including a 60-watt narrowband C-band product for RADAR and 2 general purpose, 15-watt broadband products operating at DC to 12 gigahertz and 30 megahertz to 3.5 gigahertz.

第三，自推出一年多以來，我們的純碳化物高功率 GaN 放大器產品線不斷擴大。值得注意的是，我們最近發布了 3 款額外的高功率產品，包括用於雷達的 60 瓦窄帶 C 波段產品和 2 款通用的 15 瓦寬帶產品，工作頻率為直流至 12 GHz 和 30 兆赫至 3.5 GHz。

And last, as a reminder, our 1,000 volt chip capacitor product line or KV CAPS, is fully production released, and we are beginning to take orders and gain traction in the market. KV CAPS are ideal for high-voltage applications where small size and reliability is critical.

最後，提醒一下，我們的 1,000 伏片式電容器產品線或 KV CAPS 已全面投產，我們開始接受訂單並在市場上獲得關注。 KV CAPS 非常適合注重小尺寸和可靠性的高壓應用。

As we look ahead to fiscal year 2022, our priorities include: further accelerating and streamlining our new product development process, gaining market share by staying focused on addressing customer needs and providing continuous engineering support, strengthening our competitive advantage by introducing new products based on MACOM's proprietary semiconductor processes, increasing our direct business with major OEMs and further optimizing the efficiency of our operations to improve profitability and cash flow.

展望 2022 財年，我們的優先事項包括：進一步加快和簡化我們的新產品開發流程，通過專注於滿足客戶需求和提供持續的工程支持來獲得市場份額，通過推出基於 MACOM 的新產品來增強我們的競爭優勢專有半導體工藝，增加我們與主要 OEM 的直接業務，並進一步優化我們的運營效率，以提高盈利能力和現金流。

Our organization is lean and can move quickly to ensure we capture market share. We believe that making modest internal investments in our business can provide opportunities to achieve higher-than-average return on invested capital. And therefore, supports our goal of establishing best-in-class profitability. The risk-to-reward ratios on these internal investments can be compelling since they leverage existing assets that we already have in place. For example, we are investing in our Massachusetts and Michigan wafer fabs to modernize, develop new process technologies, improve quality and expand capacity. We believe investments in new and existing process technologies like 0.14 and 90-nanometer GaN on silicon carbide, or high-voltage capacitors, will enable differentiation across our RF and optical products, which ultimately supports our goals of very profitable growth.

我們的組織結構精簡，可以快速行動以確保我們佔領市場份額。我們相信，對我們的業務進行適度的內部投資可以提供實現高於平均投資資本回報率的機會。因此，支持我們建立一流盈利能力的目標。這些內部投資的風險回報率可能很有吸引力，因為它們利用了我們已有的現有資產。例如，我們正在投資馬薩諸塞州和密歇根州的晶圓廠，以實現現代化、開發新工藝技術、提高質量和擴大產能。我們相信，對 0.14 和 90 納米碳化矽 GaN 或高壓電容器等新工藝和現有工藝技術的投資將使我們的 RF 和光學產品實現差異化，最終支持我們實現利潤豐厚的增長目標。

Related to our wafer fab investment, we are pleased to announce that our low wafer fab recently achieved IATF16949 certification for automotive quality management systems. As a reminder, this certification focuses on defect prevention, waste reduction and supply chain management for the international automotive industry. We believe this certification will help to open new doors for us in the automotive industry. In particular, we believe our lightwave, RF and microwave, KV capacitor and high-speed analog technologies are ideal for automotive applications such as sensors, LiDAR, under-the-hood power management and autonomous driving applications.

關於我們的晶圓廠投資，我們很高興地宣布，我們的低晶圓廠最近獲得了汽車質量管理體系的 IATF16949 認證。提醒一下，該認證側重於國際汽車行業的缺陷預防、廢物減少和供應鏈管理。我們相信該認證將有助於為我們在汽車行業打開新的大門。特別是，我們相信我們的光波、射頻和微波、KV 電容器和高速模擬技術是傳感器、LiDAR、引擎蓋下電源管理和自動駕駛應用等汽車應用的理想選擇。

In addition to investing in our fab facilities, we're also expanding our assembly, new product prototyping and engineering test capabilities at some of our other facilities. For example, we anticipate that our Nashua, New Hampshire facility will expand its manufacturing operations space by 100% over the next 12 months. This facility supports a wide range of commercial and defense-related product development and production programs. In addition, we just opened a new state-of-the-art product engineering and application lab at our Newport Beach, California facility.

除了投資我們的晶圓廠設施外，我們還在其他一些設施中擴展我們的組裝、新產品原型設計和工程測試能力。例如，我們預計我們位於新罕布什爾州納舒厄的工廠將在未來 12 個月內將其製造運營空間擴大 100%。該設施支持廣泛的商業和國防相關產品開發和生產計劃。此外，我們剛剛在加利福尼亞州紐波特海灘的工廠開設了一個新的最先進的產品工程和應用實驗室。

All of these activities require strong and expanding workforces, and we have not been standing still in hiring. We are focused on expanding R&D with best-in-class talent. And as an example, in fiscal year '21, we hired over a dozen PhDs to join our already strong workforce.

所有這些活動都需要強大且不斷擴大的勞動力，我們在招聘方面一直沒有停滯不前。我們專注於通過一流的人才擴大研發。例如，在 21 財年，我們聘請了十幾位博士加入我們本已強大的員工隊伍。

In summary, MACOM has a wide range of products in production today, spanning dozens of different product lines, serving thousands of customers. Many of these products have long life cycles and produced revenue for years after they've been introduced. We view this diversity of technology, products and end market applications as an inherent strength of the company, helping to provide a broad revenue base.

總而言之，MACOM 目前生產的產品種類繁多，涵蓋數十條不同的產品線，為數以千計的客戶提供服務。這些產品中有許多都具有很長的生命週期，並且在推出後數年內都能產生收入。我們將這種技術、產品和終端市場應用的多樣性視為公司的內在優勢，有助於提供廣泛的收入基礎。

Jack will now provide a more detailed review of our financial results.

傑克現在將對我們的財務業績進行更詳細的審查。

Thank you, Steve, and good morning, everyone. We continued the trend of improving profitability during the fourth fiscal quarter ended October 1, 2021. Revenue, gross margin, operating margin and earnings per share all showed improvement on a sequential and year-over-year basis. Adjusted operating margin exceeded 30%, which is a notable milestone for the company.

謝謝你，史蒂夫，大家早上好。在截至 2021 年 10 月 1 日的第四財季，我們延續了盈利能力提高的趨勢。收入、毛利率、營業利潤率和每股收益均環比和同比有所改善。調整後的營業利潤率超過 30%，這對公司來說是一個重要的里程碑。

Revenue for the fourth quarter was $155.2 million, up 1.7% quarter-over-quarter. As expected, the sequential improvement in revenue was driven primarily by an increase in Industrial & Defense. Data Center was up modestly, partially offset by a modest decline in Telecom end markets. For the full fiscal year, revenue was $607 million in fiscal 2021, up 14.5% from $530 million in fiscal 2020.

第四季度收入為 1.552 億美元，環比增長 1.7%。正如預期的那樣，收入的環比增長主要是由工業和國防業務的增長推動的。數據中心小幅上漲，部分被電信終端市場的小幅下滑所抵消。就整個財年而言，2021 財年收入為 6.07 億美元，比 2020 財年的 5.3 億美元增長 14.5%。

On a geographic basis, domestic customers represented approximately 46% of both our fiscal Q4 and fiscal year 2021 results. These amounts represent increases from the approximate 36% and 41% of sales to domestic customers in fiscal Q4 2020 and fiscal year 2020, respectively.

按地域劃分，國內客戶約占我們第四財季和 2021 財年業績的 46%。這些金額分別比 2020 財年第四季度和 2020 財年國內客戶銷售額的約 36% 和 41% 有所增加。

Adjusted gross profit in fiscal Q4 was $94.9 million or 61.1% of revenue, up another 80 basis points sequentially. Adjusted gross margin for the full fiscal year 2021 was 59.6%, up 460 basis points from 55% in fiscal 2020.

第四財季調整後的毛利為 9490 萬美元，佔收入的 61.1%，比上一季度再增長 80 個基點。 2021 財年調整後的毛利率為 59.6%，比 2020 財年的 55% 高出 460 個基點。

The strong gross margin performance for fiscal year 2021 was the result of a variety of ongoing initiatives that we've touched on in the past. We have numerous internal actions focused on improving the efficiency of our operations, including optimizing yields, reducing scrap, cycle time enhancements and supply chain management. We have also been focused on pricing across our pipeline and customer base. We believe all of these efforts will support our gross margins to continue to be above 60% and over time, further contribute to additional gains in gross margins.

2021 財年強勁的毛利率表現是我們過去提到的各種持續舉措的結果。我們有許多內部行動專注於提高我們的運營效率，包括優化產量、減少廢品、縮短週期時間和供應鏈管理。我們還一直專注於我們的管道和客戶群的定價。我們相信所有這些努力都將支持我們的毛利率繼續保持在 60% 以上，並隨著時間的推移進一步促進毛利率的進一步增長。

Total adjusted operating expense was $48.1 million, consisting of R&D expense of $30.2 million and SG&A expense of $17.9 million. Total operating expenses were sequentially flat from fiscal Q3 levels. For fiscal year 2021, total adjusted operating expense was $191.2 million, down 2.4% from fiscal year 2020 levels. For fiscal year 2022, we believe that -- operating expenses will increase as we expand sales and marketing activities and enhance our R&D capabilities by investing in new programs to support our future growth while also continuing to be very disciplined with our discretionary spending.

調整後的運營費用總額為 4810 萬美元，其中包括 3020 萬美元的研發費用和 1790 萬美元的 SG&A 費用。總運營費用與第三財季水平持平。 2021 財年，調整後的運營費用總額為 1.912 億美元，比 2020 財年水平下降 2.4%。對於 2022 財年，我們相信——隨著我們擴大銷售和營銷活動，並通過投資新項目來支持我們未來的增長來增強我們的研發能力，同時繼續嚴格控制我們的可自由支配支出，運營費用將會增加。

Adjusted operating income in fiscal Q4 was $46.8 million, up from $43.9 million in fiscal Q3. Adjusted operating margin was 30.2% for fiscal Q4, sequentially up from 28.7% in Q3. Adjusted operating margin in excess of 30% represents a new record for MACOM since we went public back in 2012. For fiscal year 2021, adjusted operating income was $170.3 million compared to $96 million for fiscal 2020, representing 77% year-over-year increase. Depreciation expense for fiscal Q4 was $5.7 million and adjusted EBITDA was $52.5 million.

第四財季的調整後營業收入為 4680 萬美元，高於第三財季的 4390 萬美元。第四財季調整後營業利潤率為 30.2%，高於第三季度的 28.7%。調整後營業利潤率超過 30%，創下 MACOM 自 2012 年上市以來的新紀錄。2021 財年，調整後營業收入為 1.703 億美元，而 2020 財年為 9600 萬美元，同比增長 77% .第四財季的折舊費用為 570 萬美元，調整後的 EBITDA 為 5250 萬美元。

For fiscal year 2021, our last 12 months adjusted EBITDA was $194 million as compared to $124.5 million in fiscal 2020, representing a 56% increase year-over-year. Adjusted net interest expense for fiscal Q4 was $1.4 million, sequentially flat from fiscal Q3. Fiscal year 2021 adjusted net interest expense was $11 million, down from $23.3 million in 2020, primarily due to the restructuring of debt in March of 2021.

在 2021 財年，我們過去 12 個月的調整後 EBITDA 為 1.94 億美元，而 2020 財年為 1.245 億美元，同比增長 56%。第四財季調整後的淨利息支出為 140 萬美元，與第三財季持平。 2021 財年調整後的淨利息支出為 1100 萬美元，低於 2020 年的 2330 萬美元，主要原因是 2021 年 3 月的債務重組。

Our adjusted income tax rate in fiscal Q4 remained at 5% and resulted in an expense of approximately $2.3 million. Our cash tax payments were $200,000 for the fourth quarter and $1.6 million for fiscal year 2021. We expect our adjusted income tax rate to remain at 5% for fiscal 2022.

我們在第四財季調整後的所得稅率保持在 5%，導致支出約為 230 萬美元。我們第四季度支付的現金稅為 200,000 美元，2021 財年為 160 萬美元。我們預計 2022 財年調整後的所得稅稅率將保持在 5%。

Fiscal Q4 adjusted net income was $43.3 million compared to $40.3 million in fiscal Q3. Adjusted earnings fully diluted share was $0.61, utilizing a share count of 71.1 million shares compared to $0.57 of adjusted earnings per share in fiscal Q3.

第四財季調整後淨收入為 4330 萬美元，而第三財季為 4030 萬美元。調整後的完全攤薄後每股收益為 0.61 美元，使用股數為 7110 萬股，而第三財季的調整後每股收益為 0.57 美元。

For fiscal year 2021, adjusted net income was $151.9 million, more than double fiscal year 2020 income of $67.1 million. Fiscal year adjusted EPS was $2.15 compared to $0.98 in fiscal year 2020.

2021 財年調整後淨收入為 1.519 億美元，是 2020 財年收入 6710 萬美元的兩倍多。財年調整後每股收益為 2.15 美元，而 2020 財年為 0.98 美元。

Now moving on to the balance sheet and cash flow items. Our Q4 accounts receivable balance was $84.6 million, up from $71.6 million in fiscal Q3. As a result, days sales outstanding were 49 days. Our accounts receivable balance reflects an increase over prior periods as our revenue has been increasing and also due to more shipments occurring later in the quarter as compared to prior quarters. Inventories $82.7 million at quarter end, down a little less than $1 million sequentially. Inventory turns were flat sequentially at 2.9x during the fourth fiscal quarter. Our fiscal Q4 cash flow from operations of approximately $40.8 million was down $4.1 million sequentially, primarily due to the increase in accounts receivable balances.

現在轉到資產負債表和現金流量項目。我們第四季度的應收賬款餘額為 8460 萬美元，高於第三財季的 7160 萬美元。因此，未完成銷售天數為 49 天。我們的應收賬款餘額反映出比上一時期有所增加，因為我們的收入一直在增加，而且與上一季度相比，本季度晚些時候出貨量更多。季度末庫存為 8270 萬美元，環比下降略低於 100 萬美元。第四財季庫存周轉率環比持平，為 2.9 倍。我們第四財季的運營現金流量約為 4080 萬美元，環比下降 410 萬美元，主要原因是應收賬款餘額增加。

Capital expenditures totaled $5 million in fiscal Q4. Fiscal 2021 CapEx of $18 million was up slightly from $17.6 million in fiscal 2020, primarily attributable to investments in our fabs as well as R&D infrastructure. We expect CapEx to increase in fiscal year '22 and be in the range of $30 million to $35 million as we continue to invest in our internal fab and production capabilities as well as R&D equivalent.

第四財季的資本支出總計 500 萬美元。 2021 財年的資本支出為 1800 萬美元，略高於 2020 財年的 1760 萬美元，這主要歸因於對我們的晶圓廠和研發基礎設施的投資。我們預計 CapEx 將在 22 財年增加，並在 3000 萬至 3500 萬美元之間，因為我們將繼續投資於我們的內部晶圓廠和生產能力以及研發等同物。

Free cash flow was $35.8 million for the fourth fiscal quarter and $130.5 million for fiscal 2021. Cash, cash equivalents and short-term investments for the fourth fiscal quarter were $345 million, up $36 million from fiscal Q3 and up by $11.8 million versus the same quarter in the prior year. As a reminder, in March 2021, we repaid $100 million of our outstanding term loans and also entered into a $450 million convertible note arrangement, utilizing the proceeds to further pay down our outstanding term loans.

第四財季自由現金流為 3580 萬美元，2021 財年為 1.305 億美元。第四財季現金、現金等價物和短期投資為 3.45 億美元，比第三財季增加 3600 萬美元，同比增加 1180 萬美元前一年的季度。提醒一下，2021 年 3 月，我們償還了 1 億美元的未償還定期貸款，並簽訂了 4.5 億美元的可轉換票據安排，利用所得款項進一步償還未償還的定期貸款。

Our long-term debt currently consists of $450 million of convertible notes due in 2026 and $121 million remaining on our term loans due in 2024. Neither of these arrangements require any principal repayments until the maturity. We also have $29 million of finance leases.

我們的長期債務目前包括 4.5 億美元的 2026 年到期的可轉換票據和 1.21 億美元的 2024 年到期的定期貸款。這些安排都不需要在到期前償還任何本金。我們還有 2900 萬美元的融資租賃。

With the improvements in trailing 12-month EBITDA, we exit the fourth quarter with a net leverage ratio of around 1.7x and gross leverage of 3.1x, down from 3.4 and 5.5x, respectively, in fiscal 2020. During September, Standard & Poor's upgraded our credit rating from B to B+. We view this as a recognition of our operational and financial achievements during the fiscal year and our continued efforts to strengthen our balance sheet. These improvements across the business would not have been possible without the teamwork and dedication of the entire MACOM organization.

隨著過去 12 個月 EBITDA 的改善，我們以 1.7 倍左右的淨槓桿率和 3.1 倍的總槓桿率退出第四季度，分別低於 2020 財年的 3.4 倍和 5.5 倍。9 月份，標準普爾將我們的信用評級從 B 升級到 B+。我們認為這是對我們在本財年的運營和財務成就以及我們為加強資產負債表所做的持續努力的認可。如果沒有整個 MACOM 組織的團隊合作和奉獻精神，整個企業的這些改進是不可能的。

I would like to note that MACOM is a diverse business with a strong financial model and possesses many opportunities to grow and expand as we execute our strategic priorities moving into fiscal year '22 and beyond.

我想指出，MACOM 是一家多元化的企業，擁有強大的財務模型，並且在我們執行進入 22 財年及以後的戰略重點時擁有許多成長和擴展的機會。

I will now turn the discussion back over to Steve.

我現在將討論轉回給史蒂夫。

Thank you, Jack. MACOM expects revenue in fiscal Q1 ending December 31, 2021, to be in the range of $157 million to $161 million. Adjusted gross margin is expected to be in the range of 60% to 62%, and adjusted earnings per share is expected to be between $0.60 and $0.64, based on 71.4 million fully diluted shares.

謝謝你，傑克。 MACOM 預計截至 2021 年 12 月 31 日的第一財季收入將在 1.57 億美元至 1.61 億美元之間。調整後的毛利率預計在 60% 至 62% 之間，基於 7140 萬股完全稀釋的股票，調整後的每股收益預計在 0.60 美元至 0.64 美元之間。

In fiscal Q1, we estimate Industrial and Defense revenues to be flat, Data Center to be down 10% and Telecom to be up 15%. As I have noted, we maintain a long-term perspective on executing our strategy, and we are confident that we can continue to improve our financials and take market share in the months and years ahead.

在第一財季，我們估計工業和國防收入持平，數據中心收入下降 10%，電信收入增長 15%。正如我所指出的，我們在執行我們的戰略時保持著長遠的眼光，我們有信心在未來的幾個月和幾年裡繼續改善我們的財務狀況並佔據市場份額。

Based on the opportunities in front of us, we believe that MACOM has the potential to achieve at least 10% year-over-year revenue growth in FY '22. In addition, we believe our business model has the leverage to improve profitability. Our product portfolio is stronger than it was a year ago. And for this reason, we are confident we can meet or exceed our FY '22 targets.

基於我們面前的機遇，我們認為 MACOM 有潛力在 22 財年實現至少 10% 的同比收入增長。此外，我們相信我們的商業模式有能力提高盈利能力。我們的產品組合比一年前更強大。因此，我們有信心能夠達到或超過我們的 22 財年目標。

I would now like to ask the operator to take any questions.

我現在想請接線員回答任何問題。

(Operator Instructions) Our first question coming from the line of Vivek Arya with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Vivek Arya。

Steve, on the last call, you kind of outlined this March to $1 billion or so in terms of sales by 2025. So that implies kind of a low double-digit growth CAGR and you were above that trend line in the last fiscal year. Just curious to get your thoughts as you start the new fiscal year. You're starting Q1 at a growth rate that's below that trend line. What helps you accelerate later in the year? Just give us some puts and takes as you start the year? And what role does supply constraints kind of play as you think about the growth prospects for the coming year?

史蒂夫，在上次電話會議上，你概述了今年 3 月到 2025 年銷售額將達到 10 億美元左右的目標。這意味著複合年增長率將達到較低的兩位數，而你在上一財年高於該趨勢線。只是想知道您在新財政年度開始時的想法。您以低於該趨勢線的增長率開始第一季度。是什麼幫助你在今年晚些時候加速？剛開始的時候給我們一些看跌期權？在您考慮來年的增長前景時，供應限制會起到什麼作用？

Sure. Thank you. So I think our comments from the last call still stand. I think we are on a good trajectory to hit our long-term goals of $1 billion. So not much has materially changed since those comments were made 3 months ago. I will say that we are starting the year with almost a near-record backlog. We have been diligently working on bringing better and better products to market. So I think we're in a stronger point today than we were, say, a year ago. I also would just highlight not to look at any one particular quarter as a bellwether of sort of long-term growth because we are in dynamic markets, and we are constantly seeing some markets accelerate and others decelerate at different times. So I wouldn't read too much into any particular quarter.

當然。謝謝。所以我認為我們在上次電話會議中發表的意見仍然有效。我認為我們正處於實現 10 億美元長期目標的良好軌道上。因此，自 3 個月前發表這些評論以來，並沒有發生太大變化。我要說的是，我們以幾乎創紀錄的積壓開始了這一年。我們一直在努力將越來越好的產品推向市場。所以我認為我們今天比一年前更強大。我還要強調的是，不要將任何一個特定的季度視為某種長期增長的風向標，因為我們處於充滿活力的市場中，並且我們不斷看到一些市場在不同時間加速，而另一些市場則在減速。所以我不會過多地閱讀任何特定的季度。

And I'll also just highlight that the underlying growth driver for our business is new products. And as I talked about, in my prepared remarks, we continue to increase the velocity of new products that we're bringing to market. So generally speaking, I think we're on plan. As I noted in the script also, as we look forward, we think we can achieve at least 10% year-over-year growth. This is similar to the messaging that we gave really a year ago at this time when we looked into our fiscal '21.

我還要強調，我們業務的潛在增長動力是新產品。正如我所說，在我準備好的發言中，我們繼續提高我們推向市場的新產品的速度。所以總的來說，我認為我們在計劃中。正如我在劇本中指出的那樣，正如我們期待的那樣，我們認為我們至少可以實現 10% 的同比增長。這類似於我們在一年前的這個時候調查我們的 21 財年時所傳達的信息。

Got it. And then one more question on the supply side. Which is the bottleneck? Is it the ability to get your components out? Is it the ability of somebody else in the supply chain which is gating your growth because the customer cannot complete the bill of materials? What is the real bottleneck for you? Or is the bottleneck somebody else in the industry? And what is changing or can change to help ease those bottlenecks over the next few quarters?

知道了。然後是供應方面的另一個問題。哪個是瓶頸？是否能夠取出您的組件？是供應鏈中其他人的能力阻礙了您的發展，因為客戶無法完成物料清單嗎？你真正的瓶頸是什麼？或者是行業中的其他人的瓶頸？在接下來的幾個季度中，哪些正在發生或可以發生變化以幫助緩解這些瓶頸？

Thank you. So I think we see both dynamics at play. First one being our ability to, let's say, get capacity or deliver products on the required schedule. So we are constrained in certain areas there. And those areas would revolve around, in some instances, semiconductor technology or package technology. And also, in some instances, OSAT capacity, which is the assembly and test portion. So there are some constraints there. And then I would say within the last 3 months, we have seen some of our customers actually coming up short on components necessary for them to build their systems, and that has resulted in pushouts of schedules and whatnot.

謝謝。所以我認為我們看到了這兩種動力在起作用。第一個是我們的能力，比方說，獲得能力或按要求的時間表交付產品。所以我們在那裡的某些領域受到限制。在某些情況下，這些領域將圍繞半導體技術或封裝技術展開。而且，在某些情況下，OSAT 能力，即組裝和測試部分。所以那裡有一些限制。然後我要說的是，在過去的 3 個月內，我們已經看到我們的一些客戶實際上缺少構建系統所需的組件，這導致了時間表等等。

But I have to say one thing. These I view as short-term issues. These are not going to stand in the way of MACOM growing and hitting its long-term targets. We look at these issues as tactical issues that our operations team needs to manage and work with our customers. And the fact that we have such a diversified business, I think, puts us in a very enviable spot. And as I highlighted on my remarks again, the highest volume product that we sold last year was less than 2% of our total revenue. So we have a very diverse business.

但我必須說一件事。這些我認為是短期問題。這些不會阻礙 MACOM 的發展和實現其長期目標。我們將這些問題視為我們的運營團隊需要管理和與客戶合作的戰術問題。事實上，我們擁有如此多元化的業務，我認為，這讓我們處於一個非常令人羨慕的位置。正如我再次強調的那樣，我們去年銷售的最高銷量產品不到我們總收入的 2%。所以我們的業務非常多樣化。

So while there are constraints in the industry, we are not getting too focused on that. We are focused on developing the new technologies and the products that we need to grow over the long term.

因此，儘管行業存在限制，但我們並沒有過於關注這一點。我們專注於開發我們需要長期發展的新技術和產品。

Maybe we'll take the next question.

也許我們會回答下一個問題。

Our next question coming from the line of Quinn Bolton with Needham & Company.

我們的下一個問題來自 Quinn Bolton 與 Needham & Company 的合作。

Congratulations on the nice results and outlook. Steve, I wanted to ask 2 questions on the Data Center business. You guided it down 10%. Wondering if there's any specific factors for the weakness in the December quarter. And then a follow-on question. You mentioned the new equalization product for active copper cables. It seems like there's growing interest for active copper cables to extend reach in the Data Center. I'm just wondering if you could give us your outlook for the adoption of active cables in the Data Center and where your opportunities may lie with that product?

祝賀你取得了不錯的成績和前景。史蒂夫，我想問兩個關於數據中心業務的問題。你引導它下降了 10%。想知道是否有任何特定因素導致 12 月季度的疲軟。然後是後續問題。您提到了用於有源銅纜的新均衡產品。似乎人們越來越關注有源銅纜以擴大數據中心的覆蓋範圍。我只是想知道您是否可以向我們介紹您對在數據中心採用有源電纜的展望以及該產品的機會在哪裡？

Sure. Thank you. So -- maybe I'll make some -- a few broader comments on our business in the Data Center and then talk about some of the sub product areas that we address. So -- if we put things in perspective, I'd just highlight first that the data is one of our smallest end markets. It's the third smallest. In fiscal year '19, we had about $114 million of revenue. In fiscal year '20, that grew to $126 million in revenue. And then last year, it grew to $138 million in revenue. And as we look out over the next 12 months, we think that there'll be continued growth of in the range of 8% to 10%. So that will be 4 consecutive years of growth in the Data Center. This is also with the backdrop, as we discussed 2 quarters ago that some of our legacy AMCC business was tailing off, and we expected about a $15 million decline fiscal year '22 compared to fiscal year '21.

當然。謝謝。所以——也許我會對我們在數據中心的業務發表一些更廣泛的評論，然後談談我們處理的一些子產品領域。所以 - 如果我們正確看待事情，我首先強調數據是我們最小的終端市場之一。這是第三小。在 19 財年，我們的收入約為 1.14 億美元。在 20 財年，收入增長到 1.26 億美元。去年，它的收入增長到 1.38 億美元。展望未來 12 個月，我們認為將繼續增長 8% 至 10%。因此，這將是數據中心連續 4 年增長。這也是背景，正如我們在兩個季度前討論的那樣，我們的一些遺留 AMCC 業務正在減少，我們預計 22 財年與 21 財年相比將減少約 1500 萬美元。

So I'll mention those points as the backdrop. As we ended the year, we actually -- our fiscal year, we had a very strong backlog. Our book-to-bill in the Data Center segment was the strongest of the 3. But then when you start to look at our business in the different areas where we sell our products, we see a lot of different moving parts. So for example, our core business of 100G CWDM4 analog solutions for optical modules has been down in the last few quarters. In fact, our lead customer, their volumes are down 30% to 40%. But what's been happening here is we've been gaining market share at other accounts, and that's been offsetting that decline. And we see that as a good thing. We see that as diversifying our overall business. So when we look out into our full fiscal year '22, we would expect our core 100G CWDM4 business to grow.

所以我會提到這些要點作為背景。當我們結束這一年時，我們實際上 - 我們的財政年度，我們有非常多的積壓。我們在數據中心領域的訂單出貨量是三者中最強的。但是當你開始審視我們銷售產品的不同領域的業務時，我們會看到很多不同的移動部分。因此，例如，我們用於光模塊的 100G CWDM4 模擬解決方案的核心業務在過去幾個季度一直在下滑。事實上，我們的主要客戶，他們的銷量下降了 30% 到 40%。但這裡發生的事情是我們在其他賬戶上獲得了市場份額，這抵消了這種下降。我們認為這是一件好事。我們認為這是使我們的整體業務多樣化。因此，當我們展望整個 22 財年時，我們預計我們的核心 100G CWDM4 業務將會增長。

The other 2 areas that we're very active, of course, is active optical cables where we sell products to both 25G and 100G applications. The 25G business last year was very strong, primarily due to build out in international markets. That has slowed this year, and we think that will slow in the next few months as well. The 100G applications for active optical cables has also declined. We think that there's a lot of inventory. And we also think some of our customers are having issues getting supply of other components, and that's putting a bit of a headwind on our ability to ship to them.

我們非常活躍的另外兩個領域當然是有源光纜，我們在其中向 25G 和 100G 應用銷售產品。去年的 25G 業務非常強勁，主要是由於在國際市場上的擴張。今年已經放緩，我們認為未來幾個月也會放緩。有源光纜的100G應用也有所下滑。我們認為有很多庫存。而且我們還認為我們的一些客戶在獲得其他組件的供應方面存在問題，這對我們向他們發貨的能力造成了一些不利影響。

When we think about the areas that will be very strong over the next year, we look at 100G and 400G DR1 and DR4, as being very strong. We're seeing tremendous growth These are PAM4 platforms. We're also seeing very strong growth with 200G PAM4 solutions as well. So that's an area of very strong growth.

當我們考慮明年將非常強大的領域時，我們認為 100G 和 400G DR1 和 DR4 非常強大。我們看到了巨大的增長 這些是 PAM4 平台。我們還看到 200G PAM4 解決方案的增長非常強勁。所以這是一個增長非常強勁的領域。

We're also seeing growth in the Data Center from crosspoint switches. We haven't talked about that a lot recently. And we sell into 2 applications in the Data Center. One is redundant switching and the other is areas that are requiring very low latency. We have fairly sophisticated 160 x 160 crosspoint switches that we sell into this market.

我們還看到交叉點交換機在數據中心的增長。我們最近沒有談論太多。我們在數據中心銷售 2 個應用程序。一個是冗餘切換，另一個是需要非常低延遲的區域。我們在這個市場上銷售相當複雜的 160 x 160 交叉點開關。

And then as I pointed out in the script, 400 ZR applications are growing. And this is an area where -- as this market is growing, it's sort of coming to MACOM in the sense that we are a leader with modulator drivers, whether we're driving lithium niobate or indium phosphide or silicon photonic modulators, we have the industry's best drivers and best TIAs. And so as this market is beginning to develop where coherent is coming closer to the Data Center, and perhaps inside the Data Center, we think that will drive growth. So there's a lot of moving parts within the Data Center, depending on the type of product we're selling.

然後正如我在腳本中指出的那樣，400 個 ZR 應用程序正在增長。這是一個領域——隨著這個市場的增長，從某種意義上說，我們是調製器驅動器的領導者，無論我們是在驅動鈮酸鋰、磷化銦還是矽光子調製器，我們都有業界最好的驅動器和最好的 TIA。因此，隨著這個市場開始發展，相干越來越接近數據中心，也許在數據中心內部，我們認為這將推動增​​長。因此，數據中心內有很多活動部件，具體取決於我們銷售的產品類型。

And then as you asked specifically about active copper cable, we are excited about the new launch of the product line. It's an area that we have core competency. I'll say that we're not quite sure how big it could be. We do know that passive cables are one of the highest volume areas within the Data Center. And so as our customers adopt active solutions, we'll have to see what the adoption rate is. I don't think anybody really knows. We'll have to wait and see.

然後，當您特別詢問有源銅纜時，我們對該產品線的新推出感到興奮。這是我們擁有核心競爭力的領域。我會說我們不太確定它有多大。我們確實知道無源電纜是數據中心內體積最大的區域之一。因此，當我們的客戶採用主動解決方案時，我們必須看看採用率是多少。我認為沒有人真正知道。我們將不得不拭目以待。

But our products, I can tell you, support 50G, 100G, 200G and 400G applications. And so we are very actively working with companies that are building copper cables that want to use our products. So there's a lot of moving parts within the data center. I haven't really spoken also about the fact that we are starting to see early traction with our laser portfolio. And so we're also excited about that.

但是我們的產品，我可以告訴你，支持50G、100G、200G和400G的應用。因此，我們非常積極地與想要使用我們產品的製造銅纜的公司合作。所以數據中心內有很多活動部件。我還沒有真正談到我們開始看到激光產品組合的早期吸引力這一事實。所以我們對此也很興奮。

And our next question coming from the line of Tom O'Malley with Barclays.

我們的下一個問題來自 Tom O'Malley 與 Barclays 的合作。

I just want to hit on another one of the large segments in Telecom. You had talked about earlier this year some weakness in Fronthaul. You're obviously guiding that business up pretty strong in December. Is that a return to some growth there? And then if you could just address some of the supply issues that we're hearing on that side of the business, that would be really helpful%.

我只想談談電信中的另一個大細分市場。您在今年早些時候談到了 Fronthaul 的一些弱點。您顯然在 12 月引導該業務強勁增長。這是那裡恢復了一些增長嗎？然後，如果您能解決我們在該業務方面聽到的一些供應問題，那將非常有幫助。

Yes. So in terms of Telecom, there's -- also it's a very diverse end market. It's one of our -- potentially one of our most diverse and possibly fastest growing over the next 3 to 5 years. Your question about weakness in fronthaul, I would say that it's at a steady run rate at the moment, which is definitely lower than where it was 1.5 years ago. But I wouldn't necessarily categorize it as weak. I would say that -- there's a steady pull of products for 5G fronthaul but not at the rate that it was 1.5 years ago. Where we're seeing growth in telecom is certainly cable infrastructure and PON, and we think these areas will continue to grow over the next 1 to 2 years. And so -- that's an area that we're very, very focused on.

是的。因此，就電信而言，它也是一個非常多樣化的終端市場。它是我們的一個 - 可能是我們在未來 3 到 5 年內最多樣化和可能增長最快的之一。你關於前傳弱點的問題，我想說它目前處於穩定的運行速度，這肯定低於 1.5 年前的水平。但我不一定會將其歸類為弱。我想說的是——5G 前傳的產品正在穩步增長，但速度不如 1.5 年前。我們看到電信增長的地方當然是電纜基礎設施和 PON，我們認為這些領域將在未來 1 到 2 年內繼續增長。所以——這是我們非常非常關注的領域。

The last item I'll mention just about Telecom in general is our activity on the RF side of 5G telecom infrastructure. We've been making great progress with our front-end modules and also our power amplifiers, our GaN on silicon carbide power amplifiers are starting to gain traction, and we expect growth from that product line over the next 12 months.

關於電信，我要提到的最後一項是我們在 5G 電信基礎設施的 RF 方面的活動。我們在前端模塊和功率放大器方面取得了長足進步，我們的碳化矽基 GaN 功率放大器開始受到關注，我們預計該產品線將在未來 12 個月內實現增長。

That's helpful. And then just as a follow-up, we're seeing some consolidation in the optical universe this morning with Lumentum and Neo. Could you talk about -- I know it's very early here, and you guys probably just learned about it this morning as well. But could you talk about downstream impact there, obviously, you'd assume that there's some analog componentry that you're selling across multiple customers. How do you think that consolidation may impact you guys?

這很有幫助。然後作為後續行動，我們今天早上看到光學領域與 Lumentum 和 Neo 進行了一些整合。你能談談——我知道現在還很早，你們可能也是今天早上才知道的。但是你能談談那裡的下游影響嗎，很明顯，你會假設你正在向多個客戶銷售一些模擬組件。您認為合併會對你們產生怎樣的影響？

Yes. So Tom, I haven't really thought about that, and that hasn't been of focus for MACOM here in the last 24 hours. So this industry has seen consolidation, and we'll continue to see consolidation in our position in the market as a merchant supplier to companies that build RF, microwave, optical, telecom equipment. And so from our perspective, at a very high level, nothing has really changed from that merger or any other mergers that may happen in the future%.

是的。所以湯姆，我還沒有真正考慮過這個問題，在過去的 24 小時裡，這並不是 MACOM 關注的焦點。因此，這個行業已經出現整合，我們將繼續看到我們在市場上作為製造射頻、微波、光學和電信設備的公司的商業供應商地位的整合。因此，從我們的角度來看，在非常高的層面上，這次合併或未來可能發生的任何其他合併並沒有真正改變 %。

Our next question coming from the line of Harsh Kumar with Piper Sandler.

我們的下一個問題來自 Harsh Kumar 和 Piper Sandler 的台詞。

First of all, congratulations, once again, solid execution and avoiding a lot of supply issues that the industry is seeing. Steve, if I can ask you on that question, did you happen to leave any revenues behind? I know you mentioned some supply issues, but I was curious if you would characterize the amount that you might have left behind on the table?

首先，再次祝賀，紮實的執行力並避免了行業中出現的許多供應問題。史蒂夫，如果我可以問你這個問題，你有沒有碰巧留下任何收入？我知道你提到了一些供應問題，但我很好奇你是否會描述你可能留在桌面上的數量？

Yes. I'll just make a comment and maybe ask Jack to also help answer that question. When we put forward our guidance for the next quarter, we take all things into consideration, including customer schedules, availability material. We make judgments based on turns business. And so we come up with what we consider a reasonable target for the next period. And in areas where we think there may be supply constraints, we have to factor that in and then make a judgment. So I would view all of that activity as normal business operations. And so I would -- I don't look at that -- those projections as leaving revenue on the table and that's not how we look at it. We look at it strictly how do we service the customers, what can we do in a reasonable amount of time. And we don't necessarily want to start putting a dollar value on what revenues we might have shipped in the past. But Jack, maybe you can help answer the question more completely.

是的。我只是發表評論，也許還請 Jack 幫助回答這個問題。當我們提出下一季度的指導意見時，我們會考慮所有因素，包括客戶時間表、可用性材料。我們根據輪流業務做出判斷。因此，我們提出了我們認為下一時期的合理目標。在我們認為可能存在供應限制的領域，我們必須將其考慮在內，然後做出判斷。所以我會將所有這些活動視為正常的業務運營。所以我會——我不這麼認為——那些預測是將收入留在桌面上，而這不是我們的看法。我們嚴格地看待我們如何為客戶服務，我們可以在合理的時間內做什麼。而且我們不一定要開始對我們過去可能交付的收入進行美元價值評估。但是傑克，也許你可以幫助更完整地回答這個問題。

Yes. Thanks, Steve. Harsh, yes, I think we performed as expected when we set our forecast, there can be a certain amount of variability with any forecast, as the quarter evolves. But it's through that interaction that we've had with our customers and to some extent with our suppliers as well that we're able to end up coming in where we did. And we just haven't put a number on the impact to any one quarter. And as Steve had mentioned earlier, it'll just become part of our day-to-day processes that we have here as opposed to onetime issue that we're dealing with.

是的。謝謝，史蒂夫。苛刻，是的，我認為我們在設定預測時表現符合預期，隨著季度的發展，任何預測都可能存在一定程度的變化。但正是通過我們與客戶以及在某種程度上與我們的供應商以及我們能夠最終取得成功的互動。而且我們還沒有對任何一個季度的影響給出一個數字。正如史蒂夫之前提到的，它將成為我們日常流程的一部分，而不是我們正在處理的一次性問題。

Understood, guys. And if I can ask a 2-part question here for my follow-up. So with the Data Center, the initial turn that happened in MACOM 2 years ago when you came on was that Data Center was going to grow and then we had a little bit of a setback for the customer, I think last quarter, a quarter ago, something like that. As you look out into the next year and you try to compare the growth of Data Center for next fiscal year versus your 10%, at least 10% target. Do you think Data Center will overgrow that 10% number and contribute to growth? Or will it be in line with the rest of the corporate number.

明白了，伙計們。如果我可以在這裡問一個由兩部分組成的問題以供後續跟進。因此，對於數據中心，2 年前你加入時 MACOM 發生的最初轉變是數據中心將增長，然後我們對客戶有一點挫折，我認為上個季度，一個季度前，類似的東西。當您展望明年並嘗試將下一財年數據中心的增長與您的 10%，至少 10% 的目標進行比較。您認為數據中心會超過 10% 的數字並為增長做出貢獻嗎？或者它會與公司編號的其餘部分保持一致。

Please stand by while speaker line reconnected.

重新連接揚聲器線路時請等待。

Hello, everyone. We're back on. We apologize for that technical difficulty. We got disconnected for a brief moment. So hopefully, everybody is still there, and we'll continue with the Q&A at this moment.

大家好。我們回來了。對於技術上的困難，我們深表歉意。我們暫時斷開了連接。所以希望每個人都還在那裡，我們現在將繼續進行問答。

So let me just repeat my question. I guess the question was, do you see Data Center in this coming fiscal year to grow faster than your overall corporate at least 10% sort of outline that you gave? And then you talked about the -- to Vivek's question, you talked about a $1 billion number last quarter. I was wondering if you could help give us a little bit more color on what kind of margin structure you would expect the company to have at that sort of a run rate?

所以讓我重複一下我的問題。我想問題是，您是否認為數據中心在下一個財政年度的增長速度比您的整體公司至少快 10%？然後你談到了 - 對於 Vivek 的問題，你在上個季度談到了 10 億美元的數字。我想知道您是否可以幫助我們更多地了解您希望公司以這種運行率擁有什麼樣的保證金結構？

Sure. So the first part of your question, as we look at the 3 markets, we're estimating today that the Industrial and Defense and Data Center will be in the range of 8% to 10% and Telecom will be around 15% for year-over-year growth figures. So that's our best estimate today. And those are -- we're we want to caveat those comments as it's still early in the year, and a lot can happen in the next 12 months.

當然。所以你的問題的第一部分，當我們審視這三個市場時，我們今天估計工業、國防和數據中心將在 8% 到 10% 的範圍內，而電信將在 15% 左右——同比增長數據。所以這是我們今天的最佳估計。這些是 - 我們想要警告這些評論，因為現在還處於今年年初，未來 12 個月可能會發生很多事情。

And then your question around what our margin profile might look like as we grow in scale, we really have to wait and see on that. I mean, it's very difficult for us to make that level of a projection. I can tell you that as we're launching our products, we are focused on launching products that are having above corporate average margins so that we can drive additional profitability. When we start to bring on products like the KV CAPS, when we start to bring on our GaN on Silicon Carbide, when we start to diversify and sell products into the automotive industry, we think that we're going to have stronger positions with our customers, and they're going to be willing to pay a premium for our products. So we'd like to think that things will continue to improve, but it's very difficult for us to really quantify that specifically at this point.

然後你的問題是隨著我們規模的擴大，我們的利潤率會是什麼樣子，我們真的需要拭目以待。我的意思是，我們很難做出那種程度的預測。我可以告訴你，當我們推出我們的產品時，我們專注於推出具有高於公司平均利潤率的產品，以便我們能夠推動額外的盈利能力。當我們開始推出像 KV CAPS 這樣的產品時，當我們開始推出基於碳化矽的 GaN 時，當我們開始多樣化並將產品銷售到汽車行業時，我們認為我們將擁有更強大的地位客戶，他們將願意為我們的產品支付溢價。所以我們想事情會繼續改善，但我們很難在這一點上具體量化它。

Our next question coming from the line of Harlan Sur with JPMorgan.

我們的下一個問題來自 Harlan Sur 與摩根大通的合作。

Great job on the quarterly and fiscal year execution and strong margins. The team has had a strong execution on new product introductions across all of the end markets. It's clearly a strong indicator of the forward revenue growth potential. I believe that you guys had a target to grow new product introductions by 15% last year. How does that translate to the 130 new standard products that you talked about on the call? Did you guys hit that 15% target? And then just as importantly, what's the profile of gross margin across those new products? I would assume the majority of them are above current corporate gross margins, but wanted to get your views.

在季度和財政年度執行方面做得很好，利潤率很高。該團隊在所有終端市場的新產品推出方面執行力很強。這顯然是未來收入增長潛力的有力指標。我相信你們去年的目標是將新產品推出量增加 15%。這如何轉化為您在電話會議上談到的 130 種新標準產品？你們達到了 15% 的目標了嗎？然後同樣重要的是，這些新產品的毛利率情況如何？我假設他們中的大多數都高於當前的公司毛利率，但想听聽你的看法。

Sure. So we did hit our targets in terms of new product introductions last year. And as we look into fiscal year '22, we'll be launching even more products. So we're accelerating the rate of product introduction, and it's coming across all of our different business units. And as you remember, we organize our business into technology area. So each of our 6 technology areas is just doing a great job, hitting their targets and they've been very focused.

當然。因此，我們去年在新產品推出方面確實達到了目標。當我們展望 22 財年時，我們將推出更多產品。因此，我們正在加快產品推出的速度，並且它正在跨越我們所有不同的業務部門。正如您所記得的，我們將我們的業務組織到技術領域。因此，我們的 6 個技術領域中的每一個都做得很好，達到了他們的目標，而且他們一直非常專注。

We don't typically break out gross margins by end market or product line or technology. So I can't really comment further on that. Recognize that we are always focused on improving profitability. But also, it's important to us to increase absorption and make sure that our fabs are full. And so we have to make sure that we balance volume with pricing at some point. But I will say we have a tremendous amount of leverage in our business model to grow without bringing on any significant incremental costs? And maybe, Jack, you can talk about that for a moment.

我們通常不會按終端市場、產品線或技術來細分毛利率。所以我真的不能對此發表進一步評論。認識到我們始終專注於提高盈利能力。而且，增加吸收並確保我們的晶圓廠滿員對我們來說也很重要。因此，我們必須確保在某個時候平衡數量與定價。但我要說的是，我們的商業模式擁有巨大的槓桿作用，可以在不帶來任何顯著增量成本的情況下實現增長？也許，傑克，你可以談談這個。

Yes. Thanks, Steve. And we do have a variety of different gross margin profiles that some of the new product introductions that we do have that they may meet. And with the current business model that we have, where we've got certain products that are internally manufactured from a fab and also from a back-end process perspective. And then we've got other product lines and areas of the business where the fab and the back end are all outsourced. So that gives us a fair amount of leverage as we go forward where we could expand the top line without having to meaningfully impact some of the incremental costs. So we are very focused on overall on the bottom line improvements as well as these -- as the top line improvements that we might get through new product introductions. So all in all, we think we've got the fair amount of leverage within the existing model where it can continue to grow.

是的。謝謝，史蒂夫。我們確實有各種不同的毛利率概況，我們確實有一些新產品介紹可能會滿足這些情況。根據我們目前的商業模式，我們有一些產品是在工廠內部製造的，也是從後端流程的角度來看的。然後我們還有其他產品線和業務領域，晶圓廠和後端都外包了。因此，這為我們提供了相當大的槓桿作用，因為我們可以在不顯著影響一些增量成本的情況下擴大收入。因此，我們非常關注整體的底線改進以及這些 - 作為我們可能通過新產品推出獲得的頂線改進。所以總而言之，我們認為我們已經在現有模型中獲得了相當大的槓桿作用，它可以繼續增長。

Yes. And you guys already have a pretty strong position in metro and long-haul coherent optics, TIAs, drivers. So it's good to see that you guys are leveraging that on the new coherent 400 ZR DCI technology. This is a new technology that's just starting to ramp up. But I believe Microsoft is just starting to fire in the second half of this year. You've got the other cloud titans firing next year. So I guess the question for you guys is, does the team already have design wins for its modulated drivers and coherent amplifiers with the qualified 400 ZR pluggable module vendors? And do you expect these products to contribute to revenues this fiscal year?

是的。你們已經在城域和長途相干光學、TIA、驅動程序方面佔據了非常強大的地位。所以很高興看到你們正在利用新的相干 400 ZR DCI 技術。這是一項剛剛開始興起的新技術。但我相信微軟今年下半年才剛剛開始火起來。明年其他雲巨頭將開火。所以我想你們的問題是，該團隊是否已經從合格的 400 ZR 可插拔模塊供應商那裡獲得了調製驅動器和相干放大器的設計？您預計這些產品是否會為本財年的收入做出貢獻？

So the short answer is yes, we do have customer traction, and we do expect a very modest contribution in our fiscal '22. The big growth will come in '23. So I think we're doing all the right things. We are known in the metro and long-haul area, as you've highlighted, to have best-in-class products. And so we're very busy right now focusing on supporting a wide range of module manufacturers that want to get into this business. It's going to break away from being a captured market to more of a merchant market for module solutions here. And we think we will have a very strong position in the next 1 to 2 years.

所以簡短的回答是肯定的，我們確實有客戶吸引力，我們確實希望在我們的 22 財年做出非常適度的貢獻。巨大的增長將在 23 年到來。所以我認為我們正在做所有正確的事情。正如您所強調的，我們在地鐵和長途運輸領域以擁有一流的產品而聞名。因此，我們現在非常忙，專注於支持想要涉足這項業務的各種模塊製造商。它將從一個被捕獲的市場轉變為更多模塊解決方案的商業市場。我們認為我們將在未來 1 到 2 年內擁有非常強大的地位。

And the next question coming from the line of Karl Ackerman with Cowen & Company.

下一個問題來自 Cowen & Company 的 Karl Ackerman。

Two questions, if I may. First, you've continued to transition the business overall to industrial and aerospace applications that tend to have product cycles longer than your average. I was hoping you could discuss some of the key drivers as you look into your fiscal 2022, such as selling more of a module and/or subsystem versus a discrete solution?

兩個問題，如果可以的話。首先，您繼續將整個業務過渡到產品週期往往比平均水平長的工業和航空航天應用。我希望您能在展望 2022 財年時討論一些關鍵驅動因素，例如銷售更多的模塊和/或子系統與分立解決方案？

So the vast majority of our business is component-based business. So we -- the growth that we have this year will not be coming from modules per se. In some of our RF and microwave product lines, we do package assemblies, but we would consider those components where we might have a few active devices and substrates and it might be a connectorized box, but we don't really view that as a sub (technical difficulty). Can you hear me.

所以我們的絕大部分業務都是基於組件的業務。所以我們 - 我們今年的增長不會來自模塊本身。在我們的一些射頻和微波產品線中，我們進行封裝組裝，但我們會考慮那些我們可能有一些有源器件和基板的組件，它可能是一個連接器盒，但我們並不真正將其視為子組件（技術難度）。你能聽到我嗎。

Ladies and gentlemen, please stand by.

女士們先生們，請稍候。

Hello, everyone. We apologize again for the technical difficulties. We are back here, and we'll pick up where we left off on Karl's question.

大家好。對於技術上的困難，我們再次表示歉意。我們回到這裡，我們將從我們在 Karl 的問題上中斷的地方繼續。

And Karl, I'm not sure how much of that you heard, but my short answer is in the next -- in 12 months, we do not expect strong contribution from module and subsystems that's primarily a component-based business. However, we are, over the long term, going to be going after this business. We recently opened up a remote design center, which is explicitly focused on very high-frequency modules and subsystems. So it's an area of strong strategic interest.

卡爾，我不確定你聽到了多少，但我的簡短回答是在接下來的 12 個月內，我們預計模塊和子系統不會做出重大貢獻，而這些模塊和子系統主要是基於組件的業務。但是，從長遠來看，我們將繼續從事這項業務。我們最近開設了一個遠程設計中心，該中心明確專注於超高頻模塊和子系統。因此，這是一個具有強烈戰略意義的領域。

I appreciate that. For my follow-up, I want to focus on Data Center and follow up with your comments in response to Quinn's question on Data Center. Is the growth of 100 gig next year coming from outside the U.S.? And then second, as you answer that question, do you have a view of when your PAM4 solutions would reach revenue crossover versus, say, NRZ products as you gain these opportunities in 100-gig and 400-gig Tier 1 offerings?

我很感激。對於我的後續行動，我想關注數據中心並跟進您對 Quinn 關於數據中心的問題的評論。明年 100 gig 的增長是否來自美國以外？其次，當您回答這個問題時，您是否了解您的 PAM4 解決方案何時會與 NRZ 產品實現收入交叉，因為您在 100-gig 和 400-gig 一級產品中獲得了這些機會？

Yes. So a lot of the growth is coming from international markets for the 100G CWDM4. So that's absolutely correct. In terms of when there'll be that crossover that you talked about, it's very difficult for me to make an estimate there. So I really don't have a comment on that.

是的。因此，100G CWDM4 的大量增長來自國際市場。所以這是絕對正確的。至於什麼時候會出現你所說的交叉，我很難在那裡做出估計。所以我真的沒有對此發表評論。

Our next question coming from the line of Chris Caso with Raymond James.

我們的下一個問題來自 Chris Caso 和 Raymond James 的對話。

Just a clarification regarding some of the fiscal '22 growth numbers that you've mentioned in response to some of the questions. It would seem if I heard you right, with the Telecom up about 15% a year and then Data Center and I&D up each about 8% to 10% year-on-year. It suggests that all of the sequential growth that you get through the year comes from Data Center, with the other segments kind of being flat on a quarterly basis. Is that interpretation correct? And maybe you could just address that what -- is there a seasonal aspect to it? Or is that just Data Center driving all the growth incrementally through the year?

只是澄清一下您在回答某些問題時提到的一些 22 財年增長數字。如果我沒聽錯的話，電信每年增長約 15%，然後數據中心和 I&D 各增長約 8% 至 10%。這表明您全年獲得的所有連續增長都來自數據中心，而其他部分按季度持平。這樣的解釋正確嗎？也許你可以解決這個問題——它有季節性嗎？或者僅僅是數據中心推動了全年的所有增長？

Yes. I think that -- I think there's some truth to what you're saying, but I would say that we're not giving such specific guidance that we can comment on sequential growth. I think there's going to be periods where markets are going up and markets are going down over the course of fiscal year '22. And we saw that even in this past quarter where Telecom was down and I&D was up and Data Center was essentially flat. So I would essentially set the expectation that you'll continue to see, on a sequential basis, a lot of variability in the growth rates. And it has to do with -- just the timing of orders, our ability to execute given supply issues and demand, which is oftentimes difficult to predict. So I wouldn't want you to draw that conclusion. Instead, I would step back and look that and understand that the 3 end markets should grow if not all, double digit, close to double digit with the exception of Telecom, we feel that will certainly be at a minimum double-digit growth.

是的。我認為 - 我認為你所說的有些道理，但我會說我們沒有給出我們可以對連續增長發表評論的具體指導。我認為在 22 財年期間，市場將出現上漲和下跌的時期。我們看到，即使在過去的這個季度，電信業務下滑，I&D 業務增長，而數據中心業務基本持平。因此，我基本上會設定您將繼續看到的預期，在連續的基礎上，增長率有很多變化。它與 - 只是訂單的時間，我們執行給定供應問題和需求的能力有關，這通常很難預測。所以我不希望你得出那個結論。相反，我會退後一步，了解 3 個終端市場應該會增長，如果不是全部，兩位數，接近兩位數，但電信除外，我們認為肯定會至少有兩位數的增長。

Got it. Okay. As a follow-up, if you addressed some of your prior comments on pricing, and obviously, we've seen across the space that pricing is starting to go up, particularly in response to some of the input cost increases. So maybe talk about what you're doing with respect to the input cost, how that's applying to pricing? And is that a headwind or a tailwind or perhaps neutral to gross margins?

知道了。好的。作為後續行動，如果你解決了之前關於定價的一些評論，顯然，我們已經看到整個領域的定價開始上漲，特別是為了應對一些投入成本的增加。那麼也許可以談談您在投入成本方面所做的工作，這如何應用於定價？這對毛利率來說是逆風還是順風，或者可能是中性的？

Sure. And I think Jack did even make mention of pricing in some of his comments regarding strategies and whatnot. So pricing is strategic in areas where we believe we have pricing strength, we try to optimize pricing. But generally speaking, we're in very competitive markets and customers really understand the value of their components. They're constantly comparing your performance against your competitors.

當然。而且我認為 Jack 甚至在他的一些關於策略和諸如此類的評論中提到了定價。因此，在我們認為我們具有定價優勢的領域，定價具有戰略意義，我們會努力優化定價。但總的來說，我們所處的市場競爭非常激烈，客戶真正了解他們組件的價值。他們不斷地將您的表現與競爭對手進行比較。

And so I wouldn't say that there is this wholesale opportunity to increase pricing across the board in this environment. That is not our approach. We look at pricing very strategically. We try to win market share and set pricing that's compelling for customers while also optimizing profitability. When we see areas where there's cost increases, we would always try to absorb that first. And if that's not possible, then we would have to work with customers and figure out a path to potentially pass some of that cost along.

因此，我不會說在這種環境下存在全面提高定價的批發機會。那不是我們的方法。我們非常有策略地看待定價。我們努力贏得市場份額並製定對客戶有吸引力的定價，同時優化盈利能力。當我們看到成本增加的領域時，我們總是會首先嘗試吸收它。如果那不可能，那麼我們將不得不與客戶合作，找出一條可能轉嫁部分成本的途徑。

Our next question coming from the line of Tore Svanberg with Stifel.

我們的下一個問題來自 Tore Svanberg 與 Stifel 的合作。

Congratulations on the operating margin milestone. First question is -- and congratulations on getting the automotive certification. When is the earliest we can expect revenues from automotive? And you listed a few applications, was just wondering if there's 1 or 2 that you think you could get the traction in earlier?

祝賀營業利潤率里程碑。第一個問題是 - 祝賀您獲得汽車認證。我們最早什麼時候可以預期汽車收入？你列出了一些應用程序，只是想知道是否有 1 或 2 個你認為你可以更早地獲得牽引力？

Yes. So we, today, have some parts in production for automotive customers. Those are generally on the RF side of our technology. And we want to expand that into our lightwave and also capacitors and even power management. In addition, our high-performance analog is working at studying some of the new standards that are coming out for high-speed data connectivity within automobiles. So our view of this certification in our view with automotive in general is really long-term growth. We think there may be some near-term opportunities with some of our high-voltage capacitors since they are run in our fab which is automotive certified. We think that will be compelling technology for customers. We also want to try to take advantage of some of the shortages that we're seeing within the industry. And we've been actively reacting to opportunities that are coming our way across various parts of our portfolio. So it is, Tore, it's a long-term effort, and it will incrementally support our growth.

是的。因此，我們今天為汽車客戶生產了一些零件。這些通常在我們技術的射頻方面。我們希望將其擴展到我們的光波、電容器甚至電源管理中。此外，我們的高性能模擬正在研究一些即將推出的汽車內高速數據連接的新標準。因此，我們對整個汽車行業的這一認證的看法確實是長期增長。我們認為我們的一些高壓電容器在近期可能會有一些機會，因為它們是在我們通過汽車認證的工廠中運行的。我們認為這將是吸引客戶的技術。我們還想嘗試利用我們在行業內看到的一些短缺。我們一直在積極應對我們投資組合各個部分出現的機會。是的，Tore，這是一項長期的努力，它將逐步支持我們的發展。

Great. And as my follow-up, could you just give us a little bit of a detailed updates on the DFB laser business, timing, ramps, so on and so forth?

偉大的。作為我的後續行動，你能不能給我們一些關於 DFB 激光器業務、時間、斜坡等的詳細更新？

Yes. So as everybody knows, we announced the Clear Diamond portfolio in June of '21, and that was essentially a portfolio of 25G DFB lasers. We were initially targeting Telecom. So that would be fronthaul and midhaul type applications. So it's been about 5 months since we made that announcement.

是的。因此，眾所周知，我們在 2021 年 6 月宣布了 Clear Diamond 產品組合，這實際上是 25G DFB 激光器的產品組合。我們最初的目標是電信。因此，這將是前傳和中傳類型的應用程序。因此，自我們發布該公告以來已經過去了大約 5 個月。

And I can tell you that -- we're very pleased with the results today. We see that we are gaining market share. We have numerous customers that have qualified the product. Those customers are in low- rate production, and we're supporting a variety of protocols, including devices that operate at 1310 nanometer as well as BiDi modules, which is 1270 and 1330, which is typically used for international 5G as well as CWDM6, which is for China. So we're very pleased with traction. We're very pleased that we're shipping in low volume production to date.. And we think that fiscal year '22 will be a growth year for 5G laser business for MACOM.

我可以告訴你——我們對今天的結果非常滿意。我們看到我們正在獲得市場份額。我們有許多客戶對產品進行了鑑定。這些客戶採用低速率生產，我們支持各種協議，包括以 1310 納米運行的設備以及 BiDi 模塊，即 1270 和 1330，通常用於國際 5G 和 CWDM6，這是給中國的。所以我們對牽引力非常滿意。我們很高興迄今為止我們正在以小批量生產出貨。我們認為 22 財年將是 MACOM 5G 激光業務增長的一年。

What's really surprised us with our laser activities is the traction that we're getting from customers that are building modules for the Data Center. And we're actually seeing an equal amount of activity with CWDM4 modules, which is up to about 2 kilometers. And also [RANW-DM4], which is up to 10 kilometers for Data Center interconnect.

我們的激光活動真正讓我們感到驚訝的是，我們從為數據中心構建模塊的客戶那裡獲得了牽引力。我們實際上看到 CWDM4 模塊的活動量相同，最遠可達 2 公里。還有 [RANW-DM4]，數據中心互連可達 10 公里。

Again, we have multiple customers where we're qualified and we're beginning to ship low-rate volume production. And that's a bit of a surprise for us. And so it's certainly a pleasant surprise.

同樣，我們有多個客戶，我們有資格並且我們開始發貨低速率批量生產。這對我們來說有點意外。所以這當然是一個驚喜。

And then the last area for the lasers that I'll just highlight is on our 25G FP lasers. We are actively working to bump out competitors' 10G DFB's with our lower cost and higher performance 25G [fabric]. And we think this solution lowers the overall module cost for our customers, and so it's compelling for them.

然後我要強調的最後一個激光器區域是我們的 25G FP 激光器。我們正在積極努力，以我們成本更低、性能更高的 25G [結構] 來擊敗競爭對手的 10G DFB。我們認為該解決方案為我們的客戶降低了整體模塊成本，因此對他們來說很有吸引力。

So when we step back and look at our laser business, we think we're going to have very strong growth. It's going to support not only our Telecom growth this year, but also it will start to support Data Center. And again, our philosophy of having a portfolio where we have 2.5G all the way up to 50G lasers, we have DML lasers, CW lasers. We're also working on laser arrays for next-generation data center platforms.

因此，當我們退後一步審視我們的激光業務時，我們認為我們將實現非常強勁的增長。它不僅將支持我們今年的電信增長，還將開始支持數據中心。再一次，我們的理念是擁有 2.5G 一直到 50G 激光器的產品組合，我們有 DML 激光器、CW 激光器。我們還在為下一代數據中心平台開發激光陣列。

We're pleased with the results from the team, and this next 12 months will be a period where we start ramping to higher volumes.

我們對團隊的結果感到滿意，接下來的 12 個月將是我們開始提高產量的時期。

Our next question is coming from the line of David Williams with Benchmark.

我們的下一個問題來自 Benchmark 的 David Williams。

I just wanted to maybe touch on the supply side. And it seems like you side set some of the Southeast Asia COVID issues that some of your peers have noted. And I think last quarter, you have noted maybe a higher risk execution in the fourth quarter. And just kind of curious how you're seeing that as we head into the first quarter here? Is that risk still there? Or do you feel like maybe some of that's abated a bit?

我只是想談談供應方面。似乎您側重了您的一些同行已經註意到的一些東南亞 COVID 問題。我認為上個季度，您已經註意到第四季度的執行風險可能更高。只是有點好奇當我們進入第一季度時你是怎麼看的？那個風險還存在嗎？還是您覺得其中一些可能有所減弱？

So one of the things we were concerned about last quarter was we were seeing certain countries shutting down and having factories either divide or operate at less than 100% utilization. And we've seen that situation improve dramatically. So Thailand, Vietnam, Malaysia, they're all starting to sort of come back to normal. And so that risk has come down dramatically.

因此，上個季度我們擔心的一件事是，我們看到某些國家/地區關閉，工廠要么分裂，要么以低於 100% 的利用率運營。我們已經看到這種情況得到了顯著改善。所以泰國、越南、馬來西亞，它們都開始恢復正常。因此，這種風險已大大降低。

Okay. Great. And then maybe some base station deployments in China. It seems like they've been a little bit slower roll out and COVID pockets are starting to appear. Just kind of curious your thinking about the base station deployments and just generally overall, kind of the China, Mainland, how you see that performing over the next maybe 12 months?

好的。偉大的。然後可能在中國部署一些基站。似乎他們的推出速度有點慢，並且開始出現 COVID 口袋。只是有點好奇你對基站部署的看法，以及總體上，中國大陸，你如何看待未來 12 個月的表現？

So I think there's going to be steady, very moderate growth. That's our expectation. There's been a lot of tenders out earlier in the year, mostly for 700 megahertz. We have little exposure to that platform. So from our point of view, deployment in China will be very muted, I would say, based on our current outlook.

所以我認為會有穩定、非常適度的增長。這是我們的期望。今年早些時候有很多招標，主要針對 700 兆赫。我們很少接觸該平台。因此，從我們的角度來看，根據我們目前的展望，在中國的部署將非常低調。

And from our point of view, what's important is that we win market share when we get our newest products, including our gain on silicon carbide, massive MIMO power amplifiers designed in wherever we can, and that's the focus for the business. We are seeing also an uptick in interest with ORAN. We're seeing an increased interest from international companies outside of China that are interested in MACOM's products, not only on the RF side, but also on the optical side as well as on the PON side of Telecom networks. So while China might be a bit muted, we see other opportunities outside of China.

從我們的角度來看，重要的是我們在獲得最新產品時贏得市場份額，包括我們在碳化矽上的收益，盡可能設計的大規模 MIMO 功率放大器，這是業務的重點。我們還看到對 ORAN 的興趣有所上升。我們看到中國以外的國際公司對 MACOM 產品的興趣越來越大，不僅在 RF 方面，而且在光學方面以及電信網絡的 PON 方面。因此，雖然中國可能有點沉默，但我們看到了中國以外的其他機會。

Our next question coming from the line of Sam Peterman with Craig-Hallum Capital.

我們的下一個問題來自 Sam Peterman 與 Craig-Hallum Capital 的合作。

I wanted to go back to Telecom and ask about growth drivers for the next year. I think at the beginning of the call, you listed out 4 things, if I remember right, as growth drivers there, including PON, cable infrastructure, microwave radios and SATCOM. And I was curious if you guys could just kind of rank order those, how you think those will impact your telecom growth in F '22? And then if you could kind of comment on how you see potential cable CapEx spending rollover, balance out between kind of a lot of the new initiatives for fiber and fiber-to-the-home that have been going out here in the last couple of months?

我想回到電信並詢問明年的增長動力。我想在電話會議開始時，如果我沒記錯的話，你列出了 4 件事作為那裡的增長動力，包括 PON、有線基礎設施、微波無線電和 SATCOM。我很好奇你們是否可以對這些進行排序，您認為這些將如何影響您在 F '22 中的電信增長？然後，如果你能評論一下你如何看待潛在的電纜資本支出展期，那麼在最近幾年這裡推出的許多光纖和光纖到戶的新舉措之間取得平衡幾個月？

Thank you. So it's very difficult for us to rank order in those end markets. I think they're going to grow at different rates at different times during the next 12 months. We think that, as I talked about at a high level, our expectation is 15% year-over-year growth for the entire segment. Certainly, 5G will contribute, no doubt. Cable infrastructure is very strong right now here in the U.S., we do expect that to continue.

謝謝。因此，我們很難在這些終端市場中對訂單進行排名。我認為在接下來的 12 個月中，它們將在不同時間以不同的速度增長。我們認為，正如我在高層談到的那樣，我們的預期是整個細分市場同比增長 15%。當然，毫無疑問，5G 將有所貢獻。目前美國的有線電視基礎設施非常強大，我們確實希望這種情況會繼續下去。

To your question about sort of CapEx spending. We think this is a multiyear cycle. This will not be a 12-month cycle. This is a 3-year cycle minimum. We also believe that we're winning market share in 10G PON, specifically on burst mode TIAs and drivers, where we have a very strong position and lasers. So the 10G PON market will be an area where we have very strong growth.

關於您關於資本支出支出的問題。我們認為這是一個多年周期。這不會是一個 12 個月的周期。這是最少 3 年的周期。我們還相信我們正在贏得 10G PON 的市場份額，特別是在突發模式 TIA 和驅動器方面，我們在這方面擁有非常強大的地位和激光器。因此，10G PON 市場將成為我們增長非常強勁的領域。

We also, I'll just point out -- and again, this speaks to the -- our thesis that our growth is product driven. We are gaining traction with our Avalanche photodetectors inside of GPON equipment. And so that's also exciting for us. So really, as we think about Telecom, it's our core product lines getting stronger and winning market share, whether it's high-power switches, front-end modules for base stations, components for fronthaul and GPON. So a lot of moving parts. I wouldn't necessarily want to rank order any one of them as being more important than the other.

我們也，我只是指出——再一次，這說明了——我們的論點，即我們的增長是由產品驅動的。我們在 GPON 設備中使用雪崩光電探測器獲得了關注。所以這對我們來說也是令人興奮的。所以真的，當我們想到電信時，我們的核心產品線變得更強大並贏得市場份額，無論是大功率交換機、基站前端模塊、前傳和 GPON 組件。所以有很多活動部件。我不一定想將其中任何一個排序為比另一個更重要。

Got it. Okay. And then just a quick follow-up on CapEx. It looks like a pretty big step up to -- from $20 million-ish in the last 2 years to over $35 million this next year. You said it was mostly around production capacity in your fabs. Is this kind of ramping for certain products, maybe within auto or elsewhere? Or could you just give any color on kind of what that CapEx spend is going for?

知道了。好的。然後只是對資本支出的快速跟進。這看起來是一個相當大的進步——從過去兩年的 2000 萬美元到明年的 3500 萬美元以上。你說這主要是圍繞你工廠的產能。某些產品是否會出現這種增長趨勢，可能是在汽車行業或其他領域？或者您能否就資本支出支出的用途給出任何顏色？

Yes. Maybe I'll say a few words and then Jack can follow up. So if we go back to 2019, we effectively shutoffs CapEx spending to do a thorough top-to-bottom review of current assets. And so then we -- after that reset in the middle of our fiscal 2019 we began to open it up. And our goal for the first 2 years was to have more depreciation roll off than we rolled on with new CapEx spending, and we were able to do that very successfully for, let's say, year 1 and year 2. But that did create a bit of a pent-up demand for CapEx spending.

是的。也許我會說幾句話，然後傑克可以跟進。因此，如果我們回到 2019 年，我們實際上會停止資本支出支出，以對當前資產進行自上而下的徹底審查。然後我們——在 2019 財年中期重置之後，我們開始開放它。我們前 2 年的目標是減少折舊，而不是增加新的資本支出，我們能夠非常成功地做到這一點，比方說，第一年和第二年。但這確實創造了一點資本支出支出被壓抑的需求。

And so what you're seeing this year is us increasing capital in the range of $10 million. But if you look at the 3-year average, we've actually -- our depreciation in CapEx is almost a wash in terms of increasing our overall depreciation. And that's -- we're happy. When we think about where that -- where those dollars are going, we're spending about $8 million a year on general refresh expansion, new equipment upgrades within our fab here in Massachusetts. And then the balance of that spending goes across the business units for test and measurement equipment or other general uses to support growth.

所以你今年看到的是我們增加了 1000 萬美元的資本。但如果你看看 3 年的平均值，我們實際上 - 我們的資本支出貶值幾乎是增加我們整體折舊的洗錢。那就是——我們很高興。當我們考慮那些 - 這些美元的去向時，我們每年花費大約 800 萬美元用於我們位於馬薩諸塞州的工廠內的一般更新擴展和新設備升級。然後，該支出的餘額將用於測試和測量設備或其他一般用途的業務部門，以支持增長。

So there's no -- not any 1 program driving the CapEx increase. We think it's continued investment in the business. It's true we are developing new technologies like our 0.14 GaN on Silicon Carbide but the capital expenditure on that program is actually quite modest. It's not a big driver of our overall spending.

所以沒有 - 沒有任何 1 個程序推動資本支出增加。我們認為這是對該業務的持續投資。的確，我們正在開發新技術，例如我們的 0.14 GaN 碳化矽，但該項目的資本支出實際上非常適中。它不是我們整體支出的主要驅動力。

And Jack, I don't know whether you want to add some color to that?

傑克，我不知道你是否想為此添加一些顏色？

Yes. And Sam, I think the number we put out there was some CapEx to be in the range of $30 million to $35 million. So not over the $35 million number that I think you had mentioned. And we are looking at each of our CapEx investments very closely to make sure we have the appropriate returns. there are certain infrastructure items that we do believe will support the business and some of the new products that we are introducing over time. And there's a combination of manufacturing capabilities as part of that CapEx number, but there's also some capital equipment that is working its way into our R&D investments as well, once again, supporting some of the new product introductions that we have.

是的。山姆，我認為我們在那裡提出的一些資本支出在 3000 萬到 3500 萬美元之間。所以不要超過我認為你提到的 3500 萬美元的數字。我們正在密切關注我們的每一項資本支出投資，以確保我們獲得適當的回報。我們確實相信某些基礎設施項目將支持業務以及我們隨著時間的推移推出的一些新產品。作為資本支出數字的一部分，有製造能力的組合，但也有一些資本設備正在進入我們的研發投資，再次支持我們推出的一些新產品。

Our last question is coming from the line of Harsh Kumar with Piper Sandler.

我們的最後一個問題來自 Harsh Kumar 和 Piper Sandler 的台詞。

Sorry. I wanted to go back to Chris Caso's question earlier that related to the Data Center cadence for call it, 8% to 10% growth. Would -- if I understood it correctly, I think your starting point is down 10% sequentially into the December quarter. So you start the year down. And to get to 10%, we have to basically plug in kind of double-digit sequential growth numbers for all practical purposes to get to that 8% to 10% cadence. Is that feasible? And if so, Steve, could you maybe elaborate? I know you talked a lot about Data Center business, but what would be the 1 or 2 things that would drive it?

對不起。我想回到 Chris Caso 之前提出的與數據中心節奏有關的問題，即 8% 到 10% 的增長。會——如果我理解正確的話，我認為你的起點是在 12 月季度連續下降 10%。所以你開始新的一年。為了達到 10%，我們必須為所有實際目的基本上插入兩位數的連續增長數字，以達到 8% 到 10% 的節奏。那可行嗎？如果是這樣，史蒂夫，你能詳細說明一下嗎？我知道您談了很多關於數據中心業務的話題，但是推動它發展的一兩件事是什麼？

So one of the things we've seen with our Data Center business is impact from back-end supply and packaging. So if we were to look at all of our end markets and pick one that has the most impact, it would certainly be the Data Center. We use very high-density traits that are used in some of our packages and we're having issues associated with supply on those technologies. So that's causing the revenue to be, I'll say, back-end loaded for this fiscal year, and it's primarily driven by supply. So we think that will open up towards the back half. And as a result, that will -- that's why we're starting the year, let's say, at a low point, but we do think there will be strong sequential growth after that with ending the year in a very strong position. But supply definitely has a play here.

因此，我們在數據中心業務中看到的一件事是後端供應和包裝的影響。因此，如果我們要查看我們所有的終端市場並選擇影響最大的一個，那肯定是數據中心。我們使用一些包裝中使用的非常高密度的特性，我們遇到了與這些技術供應相關的問題。所以這導致收入，我會說，本財政年度的後端加載，它主要是由供應驅動的。所以我們認為這將向後半部分開放。因此，這將 - 這就是為什麼我們在今年開始的時候，比方說，在一個低點，但我們確實認為在那之後將會有強勁的連續增長，並在今年結束時處於非常強勁的位置。但供應肯定在這裡發揮作用。

And I'm showing no further questions at this time. I would now like to turn the call back over to Mr. Steve Daly for closing remarks.

我現在沒有進一步提問。我現在想把電話轉回給史蒂夫·戴利先生作結束語。

Thank you, Olivia. And I'd first like to apologize to all of our attendees for the 2 interruptions on the call today. We'll have to work on our infrastructure here to make sure that doesn't happen again. And then in closing, I'd like to thank all of our employees for the support during fiscal year '21 and we all look forward to having a great fiscal '22. Thank you for attending.

謝謝你，奧利維亞。我首先要為今天的電話會議被打斷兩次而向我們所有的與會者道歉。我們將不得不在這裡改善我們的基礎設施，以確保不再發生這種情況。最後，我要感謝我們所有員工在 21 財年的支持，我們都期待著擁有一個偉大的 22 財年。感謝您的出席。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

女士們，先生們，我們今天的會議到此結束。感謝您的參與。您現在可以斷開連接。