MACOM Technology Solutions Holdings Inc (MTSI) 2021 Q3 法說會逐字稿

Welcome to MACOM's Third Fiscal Quarter 2021 Conference Call. This call is being recorded today, Thursday, July 29, 2021. (Operator Instructions) I will now turn the call to Mr. Steve Ferranti, MACOM's Vice President of Strategic Initiatives and Investor Relations. Mr. Ferranti, please go ahead.

歡迎來到 MACOM 的 2021 財年第三季度電話會議。今天，即 2021 年 7 月 29 日，星期四，將錄製此通話。（操作員說明）我現在將電話轉給 MACOM 戰略計劃和投資者關係副總裁 Steve Ferranti 先生。費蘭蒂先生，請繼續。

Thank you, Olivia. Good morning, and welcome to our conference call to discuss MACOM's financial results for the third fiscal quarter of 2021.

謝謝你，奧利維亞。早上好，歡迎參加我們的電話會議，討論 MACOM 2021 年第三財季的財務業績。

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.

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結果大不相同。

For more detailed discussions of the risks and uncertainties that could result in those differences, we refer you to MACOM's filings with the SEC.

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 on this call will also include discussions 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.

管理層關於此次電話會議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。

And 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, 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 third quarter fiscal year 2021 results. When Jack is finished, I will provide revenue and earnings guidance for the fourth fiscal quarter, and then we will be happy to take some questions.

謝謝，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 財年第三季度的業績進行更深入的審查。傑克結束後，我將提供第四財季的收入和收益指導，然後我們將很樂意回答一些問題。

Revenue for our third fiscal quarter was $152.6 million and adjusted EPS was $0.57 per diluted share. We are pleased to achieve 60.3% gross margin and 28.7% operating margin. We believe that our culture of continuous improvement, along with our disciplined financial management and investment in developing differentiated products, will support further gains in market share as well as improved profitability in the quarters and years ahead.

我們第三財季的收入為 1.526 億美元，調整後每股收益為 0.57 美元。我們很高興實現 60.3% 的毛利率和 28.7% 的營業利潤率。我們相信，我們持續改進的文化，以及我們紀律嚴明的財務管理和對開發差異化產品的投資，將支持在未來幾個季度和幾年進一步擴大市場份額並提高盈利能力。

Our Q3 book-to-bill ratio was 1.3:1, and our turns business was approximately 16% of our total revenue. We believe our strong Q3 bookings reflect market share gains as well as the current industry trend of customers placing orders well in advance of demand due to continued supply concerns.

我們第三季度的訂單出貨比為 1.3:1，輪流業務約佔總收入的 16%。我們認為，我們強勁的第三季度預訂反映了市場份額的增長以及當前行業趨勢，即由於持續的供應擔憂，客戶在需求之前提前下訂單。

As most are aware, the semiconductor industry and our business are currently being challenged on multiple fronts. First, we see exceptionally high utilization levels at many of our wafer foundry suppliers, which results in extended ordering lead times. Second, we see pockets of component shortages due to manufacturing capacity limitations. This is especially true with certain package and PCB technologies. And third, we are once again seeing COVID-19 cause operational disruptions across Southeast Asia, where many of our assembly and test suppliers are located.

正如大多數人所知，半導體行業和我們的業務目前正面臨多方面的挑戰。首先，我們看到許多晶圓代工供應商的利用率水平異常高，這導致訂購交貨時間延長。其次，由於製造能力的限制，我們看到了一些零部件短缺的情況。對於某些封裝和 PCB 技術尤其如此。第三，我們再次看到 COVID-19 導致整個東南亞的運營中斷，我們的許多組裝和測試供應商都位於該地區。

Our operations, planning and logistics teams are doing an excellent job managing these issues and working to meet customer commitments. We believe we can meet our near-term targets. However, given the deteriorating situation I just noted, we do see a higher execution risk profile in Q4 when compared to last quarter.

我們的運營、規劃和物流團隊在管理這些問題和努力履行客戶承諾方面做得非常出色。我們相信我們可以實現我們的近期目標。然而，鑑於我剛才提到的不斷惡化的情況，與上一季度相比，我們確實看到第四季度的執行風險狀況更高。

Our fiscal Q3 revenue by end market was generally as expected and included Industrial & Defense at $71.4 million, Telecom at $48 million and Data Center at $33.3 million. I&D was down 1% sequentially, Telecom was up 14% sequentially and Data Center was down 8% sequentially. For the first 3 quarters of FY '21, I&D was up 40%, Data Center up 27.6% and Telecom down 8%.

我們按終端市場劃分的第三季度財政收入總體上符合預期，其中工業和國防為 7140 萬美元，電信為 4800 萬美元，數據中心為 3330 萬美元。I&D 環比下降 1%，電信環比增長 14%，數據中心環比下降 8%。在 21 財年的前三個季度，I&D 增長了 40%，數據中心增長了 27.6%，電信下降了 8%。

Our Industrial & Defense end market performed well in Q3 with only a modest sequential decline following 2 quarters of strong double-digit growth. Demand is being driven by industrial applications, including test and measurement and medical systems along with continued traction in various U.S. defense programs. Our strategy of developing compelling and more innovative products is opening up new opportunities for us across our existing industrial and aerospace and defense customer base.

我們的工業和國防終端市場在第三季度表現良好，在連續兩個季度實現兩位數的強勁增長後僅出現小幅環比下滑。需求受到工業應用的推動，包括測試和測量以及醫療系統以及美國各種國防計劃的持續發展。我們開發引人注目和更具創新性的產品的戰略正在為我們現有的工業、航空航天和國防客戶群開闢新的機會。

Additionally, we continued to make progress in our campaign to better leverage our entire portfolio within the I&D market. We seek opportunities that will create a diverse, sustainable and profitable business in the I&D space based on our differentiated product lines, including RF power, millimeter wave MMICs, high-speed data ICs and optical components. We will also begin evaluating select subsystem opportunities to further leverage our IC and system knowledge.

此外，我們繼續在我們的活動中取得進展，以更好地利用我們在 I&D 市場中的整個產品組合。我們尋求機會，根據我們差異化的產品線，在 I&D 領域創造多樣化、可持續和盈利的業務，包括射頻功率、毫米波 MMIC、高速數據 IC 和光學元件。我們還將開始評估選定的子系統機會，以進一步利用我們的 IC 和系統知識。

Our Telecom end market revenue was up in Q3, driven by a modest increase in 5G product shipments, along with increased product shipments in PON, cable TV and SATCOM markets. I'll note that over the last month, we've been tracking the 5G awards to support the next phase of China's domestic 5G network deployments.

我們的電信終端市場收入在第三季度有所增長，這是受 5G 產品出貨量適度增長以及 PON、有線電視和 SATCOM 市場產品出貨量增加的推動。我會注意到，在過去的一個月裡，我們一直在跟踪 5G 獎項，以支持中國國內 5G 網絡部署的下一階段。

As a reminder, MACOM has a comprehensive 5G solution portfolio, which supports coherent metro long haul and fronthaul optical hardware as well as a suite of RF products used within the radio base station. The specific opportunities for MACOM vary depending on the base station configuration, regional frequency bands and details of the network architecture being deployed. For example, within China, 5G deployments at 2.1 and 2.6 gigahertz typically utilize 25G fronthaul links and deployments at 700 megahertz typically utilize 10G fronthaul links.

提醒一下，MACOM 擁有全面的 5G 解決方案組合，支持相干城域長途和前傳光學硬件以及無線電基站內使用的一套 RF 產品。MACOM 的具體機會因基站配置、區域頻段和正在部署的網絡架構的細節而異。例如，在中國，2.1 和 2.6 GHz 的 5G 部署通常使用 25G 前傳鏈路，而 700 兆赫茲的部署通常使用 10G 前傳鏈路。

In aggregate, we believe 5G represents a large secular growth trend for MACOM over the next few years as the worldwide demand for improved connectivity at higher data rates grows. We also expect contribution from 10G PON, cable TV infrastructure and SATCOM, primarily driven by strong end market dynamics, new product introductions and market share gains.

總的來說，我們認為 5G 代表著 MACOM 在未來幾年內的長期增長趨勢，因為全球對以更高數據速率改善連接性的需求不斷增長。我們還預計 10G PON、有線電視基礎設施和 SATCOM 的貢獻，主要受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 down in Q3. As expected, traction with our new 200G and 400G products and gains in international 25G and 100G deployments was offset by a decrease in demand for our 100G products. We believe the 100G slowdown is related to inventory consumption at our largest customer. In fact, we believe 100G volumes will remain healthy for the foreseeable future and we continue to secure new design wins within the 100G segment.

我們的數據中心終端市場收入在第三季度有所下降。正如預期的那樣，我們新的 200G 和 400G 產品的吸引力以及國際 25G 和 100G 部署的收益被我們 100G 產品的需求減少所抵消。我們認為 100G 放緩與我們最大客戶的庫存消耗有關。事實上，我們相信 100G 容量在可預見的未來將保持健康，我們將繼續確保在 100G 領域內贏得新的設計。

Long term, we are confident in our Data Center growth prospects with our leading CDR driver and TIA product portfolio and with our strategy to expand into new applications such as active copper cables, which is an emerging and very high-volume short reach, typically less than 3 meters, 400G and 800G Data Center segment.

從長遠來看，我們對數據中心的增長前景充滿信心，因為我們領先的 CDR 驅動器和 TIA 產品組合以及我們擴展到新應用（例如有源銅纜）的戰略，這是一種新興的、非常大容量的短距離，通常更少超過 3 米、400G 和 800G 數據中心段。

At this year's Optical Fiber Conference, we announced the availability of a 2-chip analog PAM4 solution for 200G and 400G modules and active optical cable applications within the Data Center. This is our second-generation product for 200G and 400G PAM4 applications, and this chipset solution provides customers an alternative to DSP-based solutions with lower power consumption, lower latency, lower cost and utilizes a smaller footprint. We believe this chipset is ideal for short-reach applications within the Data Center.

在今年的光纖大會上，我們宣布推出適用於數據中心內 200G 和 400G 模塊以及有源光纜應用的 2 芯片模擬 PAM4 解決方案。這是我們用於 200G 和 400G PAM4 應用的第二代產品，該芯片組解決方案為客戶提供了基於 DSP 的解決方案的替代方案，具有更低的功耗、更低的延遲、更低的成本並佔用更小的空間。我們相信該芯片組非常適合數據中心內的短距離應用。

Notably, in May, 1 of the 3 projects approved by OIF or the Optical Internetworking Forum is a project for linear interface directly from the service -- the server switch ASIC to the optical front-end module, effectively eliminating the DSP component from the optical module and moving the functionality into the switch ASIC. This interface was proposed by several leading cloud service providers, IC, optics and IP vendors to enable a low-cost, lower-power, lower-latency solution for next-generation interconnects. MACOM is working to bring to market IC solutions for this effort, and the OIF's project aligns well with MACOM's technology road map to achieve 100G per lane analog solutions.

值得一提的是，今年5月，OIF或光互聯論壇批准的3個項目中，有1個項目是直接從服務線性接口的項目——服務器交換機ASIC到光前端模塊，有效地消除了光網絡中的DSP組件模塊並將功能移動到交換機 ASIC 中。該接口由幾家領先的雲服務提供商、IC、光學和 IP 供應商提出，旨在為下一代互連提供低成本、低功耗、低延遲的解決方案。MACOM 正在努力將 IC 解決方案推向市場，OIF 的項目與 MACOM 的技術路線圖非常吻合，以實現每通道 100G 的模擬解決方案。

Next, I would like to provide a progress report on various important topics. I am pleased to report the transfer of the Air Force Research Lab's 0.14 micron GaN on Silicon Carbide process into our low wafer fab is on schedule. We have successfully completed front side development, including the formation of the special T-gate structure using complex photoresist stack-ups and e-beam exposure technology. This effort is a top corporate priority and our world-class team of dedicated process and device engineers in the fab have been working around the clock to complete the transfer so we can bring this technology to market. As a reminder, this technology is ideally suited for very high-frequency, very high-power MMIC products, and we are targeting aerospace and defense, test and instrumentation and SATCOM markets. We believe that this process will establish MACOM as a major supplier of millimeter wave GaN MMICs. Putting this process into production is the first step of our multipronged millimeter wave GaN technology strategy.

接下來，我想就各個重要議題作一個進展報告。我很高興地報告，空軍研究實驗室的 0.14 微米碳化矽基 GaN 工藝正在按計劃轉移到我們的低晶圓廠。我們已成功完成正面開發，包括使用複雜的光刻膠疊層和電子束曝光技術形成特殊的 T 型門結構。這項工作是公司的首要任務，我們在晶圓廠的世界級專業工藝和設備工程師團隊一直在夜以繼日地工作以完成轉移，以便我們可以將這項技術推向市場。提醒一下，這項技術非常適合超高頻、超高功率 MMIC 產品，我們的目標是航空航天和國防、測試和儀器儀表以及 SATCOM 市場。我們相信這一過程將使 MACOM 成為毫米波 GaN MMIC 的主要供應商。將該工藝投入生產是我們多管齊下的毫米波 GaN 技術戰略的第一步。

Recently, we received and are currently testing our first GaN on Silicon devices from ST's wafer fab. We expect to receive additional samples over the next few months as ST works on process experiments and refinements. We believe we will need multiple iterations in order to achieve product success, and we continue to view this as a long-term and high-risk effort.

最近，我們從 ST 的晶圓廠收到並正在測試我們的第一個矽基 GaN 器件。隨著 ST 進行工藝實驗和改進，我們希望在接下來的幾個月內收到更多樣品。我們相信我們需要多次迭代才能取得產品成功，我們繼續將此視為一項長期且高風險的工作。

Early in the quarter, we announced a new vendor relationship with Modelithics. Modelithics has set the gold standard in the RF and microwave industry for producing accurate device and product models that system engineers and designers can rely on when they simulate their designs. With Modelithic's support, we have released a series of device models on our new MACOM PURE CARBIDE GaN products, which will aid our customers to accurately simulate their designs. Quick access to product samples and accurate models, along with outstanding customer and application support, will help ensure we win market share.

本季度初，我們宣布與 Modelithics 建立新的供應商關係。Modelithics 在射頻和微波行業樹立了黃金標準，用於生成準確的設備和產品模型，系統工程師和設計師在模擬設計時可以依賴這些模型。在 Modelithic 的支持下，我們發布了一系列關於我們新的 MACOM PURE CARBIDE GaN 產品的器件模型，這將幫助我們的客戶準確地模擬他們的設計。快速獲取產品樣本和準確的模型，以及出色的客戶和應用支持，將有助於確保我們贏得市場份額。

Next, I'll highlight that our lightwave R&D team continues to make steady progress on the development of our 400G silicon photonic ICs. Investors should also view this effort as a long-term technology development with first products expected to be introduced late next fiscal year at the earliest. Our product introduction schedule is driven in part by the production readiness and the stability of the silicon photonic process we are using. We will continue to work with our foundry partner to perform producibility experiments and resolve technical issues as they emerge. And when the process is ready, we will release our designs to production.

接下來，我將強調我們的光波研發團隊在 400G 矽光子 IC 的開發方面繼續取得穩步進展。投資者還應將這一努力視為一項長期技術開發，預計最早將於下個財政年度晚些時候推出首批產品。我們的產品推出計劃部分取決於生產準備情況和我們使用的矽光子工藝的穩定性。我們將繼續與我們的代工合作夥伴合作，進行可生產性實驗並解決出現的技術問題。當流程準備就緒時，我們將把我們的設計發佈到生產中。

During fiscal Q3, we announced the production release of our new high-speed 25G and 50G DFB laser portfolio, following our successful completion of Telcordia qualification testing. The new laser platform trademarked CLEAR DIAMOND LASERS is based on MACOM's Etched Facet Technology, or EFT technology, and utilizes a new single ridge design for an enhanced performance and reliability. The portfolio includes over 50 laser products, which support multiple 5G infrastructure applications, including CWDM6, MWDM12, LWDM 12 and 50 gigabits PAM4 and 1310 BiDi. We are pleased to report that multiple customers have successfully finished their 5G module qualifications with our lasers and we believe this will support revenue in the coming quarters.

在第三財季，我們宣佈在成功完成 Telcordia 資格測試後發布新的高速 25G 和 50G DFB 激光器產品組合。商標為 CLEAR DIAMOND LASERS 的新激光平台基於 MACOM 的蝕刻面技術或 EFT 技術，並採用新的單脊設計來增強性能和可靠性。該產品組合包括 50 多種激光產品，支持多種 5G 基礎設施應用，包括 CWDM6、MWDM12、LWDM 12 和 50 Gb PAM4 和 1310 BiDi。我們很高興地報告，多個客戶已經使用我們的激光器成功完成了他們的 5G 模塊認證，我們相信這將支持未來幾個季度的收入。

Looking forward, as the next-generation data center and high-performance compute architectures evolve, we are seeing growing interest in our high-power CW lasers in our ability to produce CW laser arrays. Next-generation architectures will inevitably increase the data throughput in a smaller form factor, which creates thermal challenges for the system, specifically the laser. MACOM's team is working on novel semiconductor and package technology to support these new laser array requirements, and we believe we have properly aligned our laser road map with industry needs.

展望未來，隨著下一代數據中心和高性能計算架構的發展，我們看到對我們生產 CW 激光陣列的能力的高功率 CW 激光器越來越感興趣。下一代架構將不可避免地以更小的外形增加數據吞吐量，這給系統帶來了熱挑戰，特別是激光器。MACOM 的團隊正在研究新的半導體和封裝技術來支持這些新的激光陣列要求，我們相信我們已經根據行業需求正確調整了我們的激光路線圖。

Our future financial performance is dependent on launching compelling new products. During Q3, we launched over 30 new products and we remain on pace to release more products in fiscal 2021 compared to last fiscal year. We showcased many of these products at the International Microwave Symposium, or IMS, in Q3 where we successfully held many demo sessions with customers showcasing the breadth of MACOM's technology.

我們未來的財務業績取決於推出引人注目的新產品。在第三季度，我們推出了 30 多種新產品，與上一財年相比，我們將繼續保持在 2021 財年發布更多產品的步伐。我們在第三季度的國際微波研討會 (International Microwave Symposium, IMS) 上展示了其中的許多產品，我們在會上成功地與客戶舉行了多次演示會議，展示了 MACOM 技術的廣度。

Investors should understand that our growth strategy includes further diversifying our business. This includes launching new product lines as well as further penetrating or entering adjacent markets, including the automotive market. In support of our automotive growth strategy, I am pleased to report we successfully completed a major milestone in our certification process in Q3 and we believe we are on schedule to be fully certified before the end of calendar 2021. This will open the door for customers to evaluate our lightwave, RF and microwave, kilovolt capacitor and high-speed analog technologies, which are ideal for automotive applications such as sensors, LiDAR, under-the-hood power management and autonomous driving applications.

投資者應該明白，我們的增長戰略包括進一步多元化我們的業務。這包括推出新產品線以及進一步滲透或進入鄰近市場，包括汽車市場。為了支持我們的汽車增長戰略，我很高興地報告我們在第三季度成功完成了認證過程中的一個重要里程碑，我們相信我們將按計劃在 2021 日曆年底之前獲得全面認證。這將為客戶評估我們的光波、射頻和微波、千伏電容器和高速模擬技術打開大門，這些技術非常適合傳感器、LiDAR、引擎蓋下電源管理和自動駕駛應用等汽車應用。

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 to everyone. We established additional financial records for the company during the third fiscal quarter ended July 2, 2021, with adjusted gross margins exceeding 60% and adjusted operating margin over 28%. We also continued our sequential revenue and earnings per share growth. We're very proud of the hard work, dedication and focus from the entire MACOM team, which has resulted in the establishment of these records.

謝謝你，史蒂夫，大家早上好。我們在截至 2021 年 7 月 2 日的第三財季為公司建立了額外的財務記錄，調整後的毛利率超過 60%，調整後的營業利潤率超過 28%。我們還繼續實現連續收入和每股收益增長。我們為整個 MACOM 團隊的辛勤工作、奉獻精神和專注感到非常自豪，正是這些努力促成了這些記錄的建立。

Revenue for the third quarter was $152.6 million, up 1.4% quarter-over-quarter. The sequential improvement in revenue was driven by increases in the Telecom end market. partially offset by a modest decline in the Data Center and Industrial & Defense end markets.

第三季度收入為 1.526 億美元，環比增長 1.4%。收入的連續改善是由電信終端市場的增長推動的。部分被數據中心和工業與國防終端市場的小幅下滑所抵消。

On a geographic basis, approximately 46% of both our fiscal Q3 and fiscal year-to-date 2021 revenue was from domestic customers. This represents an increase from the approximately 43% of sales to domestic customers during last year's 9-month year-to-date period.

從地域上看，我們第三財季和 2021 財年至今的收入中約有 46% 來自國內客戶。這比去年年初至今的 9 個月期間約 43% 的國內客戶銷售額有所增加。

Our Q4 guidance implies we are on track for an estimated 14% revenue growth in fiscal year 2021, and our business trends continue to appear strong looking forward to our September fourth fiscal quarter of 2021.

我們的第四季度指引表明，我們有望在 2021 財年實現預計 14% 的收入增長，並且我們的業務趨勢在 2021 年 9 月第四財季前繼續表現強勁。

As Steve highlighted earlier, we are currently facing a higher number of business risks and challenges. However, we believe our guidance and outlook for our fourth fiscal quarter take these challenges into consideration. Adjusted gross profit in fiscal Q3 was $92 million or 60.3% of revenue, up 110 basis points sequentially. We are excited to have exceeded the 60% adjusted gross margin level and view this as a key accomplishment for the company. The improvement in adjusted gross margin underscores our continuous improvement efforts across the business. Looking ahead into Q4, we see opportunities to further improve our gross margins.

正如史蒂夫之前強調的那樣，我們目前面臨著更多的業務風險和挑戰。但是，我們相信我們對第四財季的指導和展望已將這些挑戰考慮在內。第三財季調整後毛利為 9200 萬美元，佔收入的 60.3%，環比增長 110 個基點。我們很高興超過 60% 的調整後毛利率水平，並將其視為公司的一項重要成就。調整後毛利率的改善凸顯了我們在整個業務領域的持續改進努力。展望第四季度，我們看到了進一步提高毛利率的機會。

Total adjusted operating expense was $48.1 million consisting of R&D expense of $30.3 million and SG&A expense of $17.8 million. Total operating expenses were sequentially up $800,000 from fiscal Q2 levels. We continued to invest in new product development and other growth opportunities for the company, while carefully managing our discretionary spending.

調整後的運營費用總額為 4810 萬美元，其中研發費用為 3030 萬美元，SG&A 費用為 1780 萬美元。總運營費用較第二財季水平連續增加 800,000 美元。我們繼續投資於公司的新產品開發和其他增長機會，同時謹慎管理我們的可自由支配支出。

Adjusted operating income in fiscal Q3 was $43.9 million, up from $41.8 million in fiscal Q2. Adjusted operating margin was 28.7% for fiscal Q3, sequentially up from 27.8% in Q2. As noted earlier, this adjusted operating margin represents a new record for MACOM since we went public back in 2012. We expect a combination of top line growth, expanding gross margins and our stable operating expenses to provide the opportunity for continued increases to operating leverage in the fourth quarter of fiscal 2021 and into fiscal year '22.

第三財季調整後營業收入為 4390 萬美元，高於第二財季的 4180 萬美元。第三財季調整後營業利潤率為 28.7%，高於第二季度的 27.8%。如前所述，這一調整後的營業利潤率代表了 MACOM 自 2012 年上市以來的新紀錄。我們預計收入增長、毛利率擴大和我們穩定的運營支出相結合，將為 2021 財年第四季度和 22 財年持續增加運營槓桿提供機會。

Depreciation expense for fiscal Q3 was $5.8 million and adjusted EBITDA was $49.7 million.

第三財季的折舊費用為 580 萬美元，調整後的 EBITDA 為 4970 萬美元。

Trailing 12-month adjusted EBITDA increased again in our fiscal third quarter to $182 million as compared to $169 million for fiscal Q2.

過去 12 個月調整後的 EBITDA 在我們的第三財季再次增長至 1.82 億美元，而第二財季為 1.69 億美元。

Adjusted net interest expense for fiscal Q3 was $1.4 million, down $2.5 million from fiscal Q2. Interest expense benefited from a full quarter of lower interest expense after our $100 million debt paydown in Q2 and the lower 0.25% interest rate associated with our new $450 million convertible notes.

第三財季調整後的淨利息支出為 140 萬美元，比第二財季減少 250 萬美元。在我們第二季度償還了 1 億美元的債務以及與我們新的 4.5 億美元可轉換票據相關的較低的 0.25% 利率之後，利息支出受益於整個季度的較低利息支出。

Our adjusted income tax rate in fiscal Q3 was 5%, in line with our expectations and resulted in an expense of approximately $2.1 million. Our cash tax payments were $700,000 for the quarter. We expect our adjusted income tax rate to remain at 5% for the remainder of fiscal 2021.

我們在第三財季調整後的所得稅率為 5%，符合我們的預期，並產生了大約 210 萬美元的費用。本季度我們的現金稅款為 700,000 美元。我們預計在 2021 財年的剩餘時間裡，調整後的所得稅率將保持在 5%。

Fiscal Q3 adjusted net income was $40.3 million compared to $36.1 million in fiscal Q2. Adjusted earnings per fully diluted share was $0.57 utilizing a share count of 70.9 million shares, compared to $0.51 of adjusted earnings per share in fiscal Q2.

第三財季調整後淨收入為 4030 萬美元，而第二財季為 3610 萬美元。調整後每股完全攤薄收益為 0.57 美元，使用 7090 萬股股票，而第二財季調整後每股收益為 0.51 美元。

Now moving to balance sheet and cash flow items. Our Q3 accounts receivable balance was $71.6 million, up slightly from $68.3 million in fiscal Q2. As a result, days sales outstanding were 43 days.

現在轉向資產負債表和現金流量項目。我們第三季度的應收賬款餘額為 7160 萬美元，略高於第二財季的 6830 萬美元。因此，未完成銷售天數為 43 天。

Inventories were $83.5 million at quarter end, down $1 million sequentially. Inventory turns remained at 2.9x during the third fiscal quarter. We remain focused on inventory management and believe our current inventory levels and production capabilities, along with product we have on order or held at our suppliers, will support our growth targets.

季度末存貨為 8350 萬美元，環比下降 100 萬美元。第三財季庫存周轉率保持在 2.9 倍。我們仍然專注於庫存管理，並相信我們目前的庫存水平和生產能力，以及我們在供應商處訂購或持有的產品，將支持我們的增長目標。

Our fiscal Q3 cash flow from operations was approximately $45 million, primarily driven by improvements in operating profit. Cash flow from operations was up $16.9 million sequentially and $10.8 million from the same quarter in the prior year. Cash flow from operations represented around 100% of our fiscal year-to-date adjusted net income. This is in line with our expectation for cash flow from operations to run at a comparable amount of non-GAAP net income over time.

我們第三季度的運營現金流量約為 4500 萬美元，這主要是由於運營利潤的改善。運營現金流量環比增加 1690 萬美元，比去年同期增加 1080 萬美元。來自運營的現金流約占我們財年迄今調整後淨收入的 100%。這符合我們的預期，即隨著時間的推移，運營現金流量將以可比的非 GAAP 淨收入計算。

Capital expenditures totaled $5.6 million for fiscal Q3. The increase in CapEx in Q3 was primarily attributable to additional investments in our fabs as well as R&D infrastructure.

第三財季的資本支出總計 560 萬美元。第三季度資本支出的增加主要歸因於對我們的晶圓廠和研發基礎設施的額外投資。

Free cash flow was $39.3 million for the third fiscal quarter, up sequentially from $23.5 million.

第三財季自由現金流為 3930 萬美元，高於上一季度的 2350 萬美元。

Cash, cash equivalents and short-term investments for the third fiscal quarter were $309 million, up $41 million from fiscal Q2 and up $44 million versus the same quarter in the prior year. As a reminder, during our second fiscal quarter in March, we utilized $100 million of our available cash to pay down a portion of our outstanding term loans.

第三財季的現金、現金等價物和短期投資為 3.09 億美元，比第二財季增加 4100 萬美元，比去年同期增加 4400 萬美元。提醒一下，在 3 月份的第二個財政季度，我們動用了 1 億美元的可用現金來償還部分未償還的定期貸款。

Over the past few years, we've been working to make improvements to our return on invested capital metrics and expect to continue making additional improvements in the future.

在過去的幾年裡，我們一直在努力改進我們的投資資本回報率指標，並期望在未來繼續做出更多改進。

Lastly, I will note that with the improvement in trailing 12-month EBITDA, we exited the third quarter with a net leverage ratio of around 1.9x and gross leverage of 3.3x, down from 2.3% and 3.5x, respectively, in the fiscal second quarter. These leverage calculations include $79.7 million of convertible notes classified as equity as well as $29.4 million of financing leases.

最後，我要指出的是，隨著過去 12 個月 EBITDA 的改善，我們在第三季度結束時的淨槓桿率約為 1.9 倍，總槓桿率為 3.3 倍，分別低於本財年的 2.3% 和 3.5 倍第二季度。這些槓桿計算包括 7970 萬美元的歸類為股權的可轉換票據以及 2940 萬美元的融資租賃。

We are pleased with our financial performance to date and look forward to making additional improvements to the business and the opportunity to establish new records as we move forward into our fourth fiscal quarter and beyond.

我們對迄今為止的財務業績感到滿意，並期待在進入第四財季及以後的過程中進一步改進業務，並有機會創造新的記錄。

Before turning it back to Steve, I would like to note that over the past 6 months we have been engaging with stockholders and other stakeholders to discuss topics to help define some of our environmental, social and governance goals. This week, we published our initial ESG report, which can be found in the Investors section of our MACOM website. The publication of our ESG report is an important step toward enhancing our ESG practices and disclosures.

在將其轉回給史蒂夫之前，我想指出，在過去的 6 個月中，我們一直在與股東和其他利益相關者討論主題，以幫助確定我們的一些環境、社會和治理目標。本週，我們發布了我們的初始 ESG 報告，可以在我們的 MACOM 網站的投資者部分找到。我們的 ESG 報告的發布是加強我們的 ESG 實踐和披露的重要一步。

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 the fiscal Q4 ending October 1, 2021, to be in the range of $153 million to $157 million. Adjusted gross margin is expected to be in the range of 59.5% to 61.5%. And adjusted earnings per share is expected to be between $0.56 and $0.60 based on 71.3 million fully diluted shares.

謝謝你，傑克。MACOM 預計截至 2021 年 10 月 1 日的第四財季收入將在 1.53 億美元至 1.57 億美元之間。調整後的毛利率預計在 59.5% 至 61.5% 之間。基於 7130 萬股完全稀釋的股票，調整後的每股收益預計在 0.56 美元至 0.60 美元之間。

In fiscal Q4, we expect Industrial & Defense to be up slightly and Data Center and Telecom to be relatively flat. As I've noted, we maintain a long-term perspective on executing our strategy. We are confident that we can continue to improve our financials and take market share in the months and years ahead.

在第四財季，我們預計工業和國防將略有增長，而數據中心和電信將相對持平。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。我們有信心在未來數月和數年內繼續改善財務狀況並佔據市場份額。

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) And our first question coming from the line of Tom O'Malley from Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Tom O'Malley。

Congrats on the nice results. I just wanted to dive into the fourth quarter. You highlighted on the call that you're seeing -- or you're using a little bit more conservatism in the guidance. Can you talk about where you're seeing some of the stresses on the fourth quarter? Is it really supply related? And if it is supply related, could you talk about the different end markets that you're seeing that in just to give us a better feel of what's going on to the next quarter.

祝賀你取得了不錯的成績。我只想進入第四季度。你在你看到的電話中強調了——或者你在指南中使用了更多的保守主義。你能談談你在第四季度看到的一些壓力嗎？這真的與供應有關嗎？如果它與供應相關，您能否談談您看到的不同終端市場，只是為了讓我們更好地了解下一季度的情況。

Sure. So I would say the main areas that we see issues associated with supply relate to different PCB technologies that we use with some of our networking products. That is really the area where we're most focused. And then on the margin, we're seeing some interruption with some of our OSAT suppliers, specifically in Malaysia, where we're having -- where we're seeing some of our suppliers do temporary shutdowns. I would say those are really the 2 main issues that we're focused on.

當然。所以我想說，我們看到與供應相關的問題的主要領域與我們在某些網絡產品中使用的不同 PCB 技術有關。這確實是我們最關注的領域。然後在邊際上，我們看到我們的一些 OSAT 供應商出現了一些中斷，特別是在馬來西亞，我們在那裡 - 我們看到我們的一些供應商臨時停工。我想說的是，這些確實是我們關注的兩個主要問題。

So I just want to highlight that these considerations as well as others are factored into our guidance for Q4. And as you know, we really went through a similar type situation at the beginning of COVID when there was a high degree of uncertainty with supply chains, with customer interactions and whatnot. So I think the team is certainly capable of handling the new set of challenges this quarter.

因此，我只想強調，這些考慮因素以及其他因素已納入我們對第四季度的指導中。如您所知，我們在 COVID 初期確實經歷過類似的情況，當時供應鏈、客戶互動等存在高度不確定性。所以我認為團隊肯定有能力應對本季度的新挑戰。

Great. And then my follow-up is really on the CLEAR DIAMOND product portfolio. You saw a really strong quarter in Telecom in June. I was curious, was there contribution from the laser platform in the quarter? And can you talk about the opportunities that, that platform brings you in the 5G market as we move into September and December just given the fact that you now have more products that you can sell into that market? Can you talk about what the financial impact could look like from adding that to the portfolio?

偉大的。然後我的後續行動真的是關於 CLEAR DIAMOND 產品組合。你在 6 月份看到電信的一個非常強勁的季度。我很好奇，這個季度激光平台有貢獻嗎？你能談談這個平台在我們進入 9 月和 12 月時給你帶來的 5G 市場的機會，因為你現在有更多的產品可以賣到那個市場嗎？您能談談將其添加到投資組合中會產生什麼樣的財務影響嗎？

Yes. So the CLEAR DIAMOND LASER portfolio has not started to contribute at a meaningful level to our revenues. We'll start to see very modest contributions in Q4. But that product portfolio and the growth we'll see from primarily the 5G end market will happen in our fiscal '22, so really next year. We did set a goal of starting production before the end of our fiscal year and we're happy that we hit that goal.

是的。因此，CLEAR DIAMOND LASER 產品組合尚未開始對我們的收入做出有意義的貢獻。我們將在第四季度開始看到非常適度的貢獻。但是我們將主要從 5G 終端市場看到的產品組合和增長將發生在我們的 22 財年，所以真的是明年。我們確實設定了在財政年度結束前開始生產的目標，我們很高興我們實現了這個目標。

The uptick that you saw in Q3 with regards to the telecom market has more to do with some growth in PON as well as cable infrastructure. We did see a little bit of legacy what I'll call 5G fronthaul and mid-haul business contributing. And then we had a very good quarter in the SATCOM end market.

您在第三季度看到的電信市場的增長更多地與 PON 和電纜基礎設施的增長有關。我們確實看到了一些我稱之為 5G 前傳和中傳業務的遺留問題。然後我們在 SATCOM 終端市場有一個非常好的季度。

And I'll just highlight one other market that we really haven't spoken about a lot and that has to do with broadcast video. We're continuing to see increased demand and really a comeback with some of our customers in this end market. And so this is an area where we have actually a fairly broad product line of cable drivers. We have reclocking devices, equalizers and even crosspoint switches. And so we are seeing that the broadcast end market, which is typically TV studios or sort of prosumer end markets where you have professional level video equipment running at roughly 12 gigabit speeds, seeing increasing demand due to all the different streaming that we're seeing across the globe.

我只想強調另一個我們真正沒有談論太多的市場，它與廣播視頻有關。我們繼續看到需求增加，並且我們在這個終端市場的一些客戶確實捲土重來。因此，在這個領域，我們實際上擁有相當廣泛的電纜驅動器產品線。我們有時鐘恢復設備、均衡器甚至交叉點開關。因此，我們看到廣播終端市場，通常是電視演播室或專業消費者終端市場，在那裡您擁有以大約 12 吉比特速度運行的專業級視頻設備，由於我們看到的各種不同的流媒體，需求不斷增加在全球範圍內。

So the Telecom market really grew as a result of a lot of different factors. It was not specifically 5G, but really had contributions from a lot of different end markets.

因此，電信市場的增長確實是由許多不同因素造成的。它不是專門針對 5G，但確實有來自許多不同終端市場的貢獻。

And then just sort of coming back again to your question about the CLEAR DIAMOND LASER portfolio. So we believe as the dam breaks and as people begin to use our lasers, they will start to use them in 5G applications. but we do expect some of our customers, which also service the data center to begin module qualifications for their data center customers, and we're seeing that. And so that gives us confidence that next year and going into our fiscal '23 that we'll start to see laser revenue for CWDM4 specifically.

然後再回到您關於 CLEAR DIAMOND LASER 產品組合的問題。所以我們相信，隨著大壩的破裂以及人們開始使用我們的激光器，他們將開始在 5G 應用中使用它們。但我們確實希望我們的一些客戶，也為數據中心提供服務，開始為其數據中心客戶進行模塊認證，我們正在看到這一點。因此，這讓我們有信心明年進入我們的 23 財年，我們將開始特別看到 CWDM4 的激光器收入。

So a real good story there on the lasers. We've been very conservative with our revenue expectations with this portfolio this fiscal year. But as we look into next year, we are seeing some really nice growth opportunities.

所以關於激光器的一個真正的好故事。我們對本財年該投資組合的收入預期一直非常保守。但展望明年，我們看到了一些非常好的增長機會。

And 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, guys. Very consistent steady results, and we appreciate it. I had 2 questions as well. Steve, first one for you. Gross margin keeps going up, which is a great, great thing to have -- great thing to have happened. But it's not easy, and we want to understand, I guess, how you were able to turn the wheel just every quarter a little bit more and get more out of the gross margins? And I asked that because a lot of the businesses at your revenue scale come to sort of a halt around this point in the gross margin and are not able to do it.

首先，祝賀你們，伙計們。非常穩定的結果，我們對此表示讚賞。我也有兩個問題。史蒂夫，第一個給你。毛利率不斷上升，這是一件非常非常棒的事情——已經發生了。但這並不容易，我們想了解，我想，你是如何能夠每季度多轉動輪子並從毛利率中獲得更多收益的？我之所以這麼問，是因為在你的收入規模上，很多企業在毛利率的這一點附近停滯不前，無法做到這一點。

So I'm curious, where do you think these margins can go, one? And then also, what are some of the things maybe that you're doing that are turning the wheel here?

所以我很好奇，你認為這些利潤可以去哪裡，一個？然後，您正在做的哪些事情正在推動這裡的發展？

Sure. And I think you're exactly right, as your gross margins increase, it becomes more difficult to add on top of that. And I'd first like to just comment that the work that we've done over the past 2 years is really a result of all different parts of MACOM supporting this effort: purchasing, sales, operations, quality, the business units, the way we're looking at pricing, we've established what we call a sales operations organization that is very focused on optimizing pricing. So there's been a lot of holistic work done over the past 2 years, which has allowed us to incrementally improve the gross margins.

當然。而且我認為你是完全正確的，隨著你的毛利率增加，它變得更難增加。我首先想說的是，我們過去兩年所做的工作實際上是 MACOM 所有不同部門支持這項工作的結果：採購、銷售、運營、質量、業務部門、方式我們正在研究定價，我們已經建立了我們所謂的銷售運營組織，該組織非常專注於優化定價。因此，在過去的兩年裡，我們做了很多整體工作，這使我們能夠逐步提高毛利率。

We also said about a year ago a corporate priority to look at some of our highest-volume products running through our fab and put -- we were putting effort into improve the overall yields associated with those high-volume products. And so you're starting to see some of those products shine through with better margins. And quite frankly, we expect that to continue as we go into next fiscal year.

大約一年前，我們還表示，公司優先考慮通過我們的工廠生產的一些產量最高的產品，並且我們正在努力提高與這些產量高的產品相關的整體產量。所以你開始看到其中一些產品以更高的利潤率脫穎而出。坦率地說，我們預計在進入下一個財政年度時這種情況會繼續下去。

When you ask about where can this go, my answer would be when we look at our peer group, our named peer group, which if you add up their revenue, it's about $43 billion of revenue. And you look at some of the leaders within that space, they have margins significantly higher than ours. We actually size our SAM to be approximately $5 billion. And so our goal is to pick product lines and pick technologies that we believe will command higher-than-corporate average gross margins, and that's really the mantra that we're pushing down on to our different business units. So it's really about positioning the company in an area where you have a competitive advantage and you can create stronger pricing.

當你問這可以去哪裡時，我的回答是，當我們看看我們的同行組，我們指定的同行組，如果你把他們的收入加起來，大約是 430 億美元的收入。你看看那個領域的一些領導者，他們的利潤率明顯高於我們。實際上，我們的 SAM 規模約為 50 億美元。因此，我們的目標是選擇我們認為將獲得高於公司平均毛利率的產品線和技術，這確實是我們向不同業務部門推廣的口頭禪。因此，這實際上是將公司定位在您具有競爭優勢並且可以創造更高定價的領域。

We can't say, as we sit here today, what that peak number will be. We don't -- I don't have a short answer for you on that. I think the good news is we do expect in the near term to continue to see incremental improvement. We think we're doing all the right things as it relates to internal execution as well as picking new product lines that will be accretive to the gross margins.

當我們今天坐在這裡時，我們不能說那個峰值數字是多少。我們沒有 - 我沒有一個簡短的答案給你。我認為好消息是我們確實希望在短期內繼續看到漸進的改善。我們認為我們正在做所有正確的事情，因為它與內部執行以及選擇將增加毛利率的新產品線有關。

But there's also another piece. We have 2 fabs. We want to make sure these fabs are running at optimal utilization. And so we don't want investors to think that every single product we're selling has 60.3% gross margin. We like to go after high-volume business and enjoy the absorption that you get when you run high-volume wafers through your fab. So it's a bit of a mix. Jack, I don't know whether you want to add to that to help?

但還有另一塊。我們有 2 家晶圓廠。我們希望確保這些晶圓廠以最佳利用率運行。因此，我們不希望投資者認為我們銷售的每一種產品都有 60.3% 的毛利率。我們喜歡追求大批量業務，並享受當您在工廠中運行大批量晶圓時所獲得的吸收。所以這有點混亂。傑克，我不知道你是否想補充一點幫助？

Yes. I guess just to build upon that, we take a look at this from a holistic perspective and also take a longer-term perspective in terms of improving the overall profitability of the business. The gross margin improvements that we've seen where we set another record here this quarter is something that we're very proud of. But we're also looking at the overall operating margins of the business and making sure that is sustainable for a longer term time period. And it's really just the sustaining aspect of many of the different things that we're doing to make sure that we don't just focus on one thing one quarter and then jump to something else the next quarter. We want to make sure we're continually building upon the successes and the improvements that we've made, which is helping to drive that improvement that we've seen from quarter-to-quarter.

是的。我想只是以此為基礎，我們從整體的角度來看待這個問題，並從提高企業整體盈利能力的角度考慮更長遠的問題。我們在本季度在這裡創下了另一個記錄，我們看到毛利率有所改善，這讓我們感到非常自豪。但我們也在關注業務的整體營業利潤率，並確保其在較長時期內可持續。這實際上只是我們正在做的許多不同事情的持續方面，以確保我們不會在一個季度只專注於一件事，然後在下一個季度跳到其他事情上。我們希望確保我們不斷地在我們取得的成功和改進的基礎上再接再厲，這有助於推動我們從一個季度到另一個季度看到的改進。

Steve, one more for you, a question on growth. So you're on a cadence of kind of like, call it, $2 million sequential growth a quarter. But there's -- as you talked about in your script, there's a lot of stuff in the works. There's the lasers coming out, analog PAM4, et cetera, et cetera. Your commentary was sort of limited to your fiscal year, which is a lot of that will hit past that.

史蒂夫，再給你一個關於成長的問題。所以你的節奏有點像，稱之為每季度 200 萬美元的連續增長。但是有——正如你在劇本中所說的那樣，有很多東西正在製作中。激光出來了，模擬 PAM4，等等，等等。你的評論有點局限於你的財政年度，其中很多都會超過那個。

But let's just say I ask you to look out next year, which includes the December quarter when a lot of this stuff starts to hit. How do you -- could you paint a picture for us in terms of growth for fiscal '22 that includes a lot of your new products versus where you are now?

但是，我只是說我請你注意明年，其中包括 12 月季度，那時很多此類東西開始受到打擊。你如何 - 你能為我們描繪一幅 22 財年的增長圖，其中包括你現在的許多新產品嗎？

Sure. I'll try to answer that question as best I can. So I think it -- let's take a step back for a minute. So if you look at MACOM's growth rate between 2010 and 2020. It's about a 7.5% CAGR for the first 10 years, let's say, that MACOM was a public company. If we look out over the next 5 years to 2025, so going from 2020 to 2025, roughly 5 years, if we were to get to $1 billion, we would require about a 13.5% CAGR and that would get us to $1 billion of revenue. And as I said earlier, we are moving into a neighborhood where we have larger competitors that have large multi-hundred million dollar product areas that are very attractive. And as we look at positioning the company, we'll be going after different product lines that, as we just talked about, will have higher gross margins.

當然。我會盡力回答這個問題。所以我認為 - 讓我們退後一步。因此，如果您查看 MACOM 在 2010 年至 2020 年間的增長率。假設 MACOM 是一家上市公司，前 10 年的複合年增長率約為 7.5%。如果我們展望未來 5 年到 2025 年，那麼從 2020 年到 2025 年，大約 5 年，如果我們要達到 10 億美元，我們將需要大約 13.5% 的複合年增長率，這將使我們的收入達到 10 億美元.正如我之前所說，我們正在進入一個社區，在那裡我們有更大的競爭對手，這些競爭對手擁有價值數億美元的大型產品領域，這些領域非常有吸引力。當我們考慮定位公司時，我們將追求不同的產品線，正如我們剛剛談到的那樣，這些產品線將具有更高的毛利率。

So we have a long-term strategy. And as we think about our business and we think about what is the right growth rate, I think it's somewhere between our historical first 10 years of 7.5% and somewhere between a reasonable number that would get us to $1 billion of revenue in a reasonable amount of time.

所以我們有一個長期戰略。當我們考慮我們的業務並考慮什麼是正確的增長率時，我認為它介於我們歷史上第一個 10 年的 7.5% 和一個合理的數字之間，這個合理的數字將使我們的收入達到 10 億美元的合理數額的時間。

Now if I look at our end market dynamics and if I just go back over the past 2 years, and I look at the Data Center peak revenue, the I&D peak revenue and the Telecom peak revenue for any -- for the best quarters over the past 2 years and add it all up, you get to about $175 million of revenue on a quarterly basis, which is about a $700 million run rate. So if all the stars align, you can start to see numbers like that come together.

現在，如果我看看我們的終端市場動態，如果我回顧過去 2 年，我會看看數據中心的峰值收入、I&D 的峰值收入和電信的峰值收入 - 最好的季度將過去 2 年全部加起來，每季度的收入約為 1.75 億美元，即約 7 億美元的運行率。所以如果所有的星星都對齊，你就可以開始看到這樣的數字聚集在一起。

The hard part is to understand when that will happen, the timing of how it happens, and the stars don't always align. So we can't forecast with accuracy, but I can tell you that we have a long-term plan to capture more of the SAM that we're in. We are engaging, by the way, with more Tier 1 customers. And I'll highlight, by the way, even within the color of our business, as we look at our business this past quarter, we have fewer greater than 10% customers. I think a year ago, we had 3. This quarter, we have 1. We have more diversity within the customer base. Our top 10 customers, I think, a year ago were about 61% of our revenue; today, they're 51% of our revenue. So you have a business that's more diversified. It's growing at a reasonable rate. I think Jack mentioned our year-over-year growth year-to-date is 14%. And so when we think about next year, we think about executing and making sure that we win more than our fair share of the market. But we want to come short of talking about what our targets are for next year. We haven't come to that number internally yet. We generally put our AOPs together in the late August, early September time frame, right before our fiscal year.

困難的部分是了解什麼時候會發生，它發生的時間，以及星星並不總是對齊的。所以我們無法準確預測，但我可以告訴你，我們有一個長期計劃來捕獲更多我們所在的 SAM。順便說一下，我們正在接觸更多的一級客戶。順便說一句，我要強調的是，即使在我們業務的範圍內，當我們回顧上個季度的業務時，我們的客戶也少於 10%。我想一年前，我們有 3 個。本季度，我們有 1 個。我們的客戶群更加多樣化。我認為，一年前我們的前 10 大客戶約占我們收入的 61%；今天，它們占我們收入的 51%。因此，您的業務更加多元化。它以合理的速度增長。我想傑克提到我們今年迄今為止的同比增長率是 14%。因此，當我們考慮明年時，我們會考慮執行並確保我們贏得的市場份額超過我們的公平份額。但我們不想談論我們明年的目標是什麼。我們內部還沒有得出這個數字。我們通常在 8 月下旬、9 月初的時間框架內將我們的 AOP 放在一起，就在我們的財政年度之前。

And so I think the short answer is we'll try to provide a bit of color on our next earnings call about what might happen in fiscal '22. But we do want to be very cautious. This is a very dynamic industry where you don't always have long-term visibility.

因此，我認為簡短的回答是，我們將嘗試在下一次財報電話會議上提供一些關於 22 財年可能發生的事情的顏色。但我們確實要非常謹慎。這是一個充滿活力的行業，您並不總是擁有長期的知名度。

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。

I'll echo the congratulations, especially on the 60%-plus gross margins. Steve, wanted to start with the market for Telecom, particularly 5G. It sounds like 5G wasn't really a contributor to the Telecom growth in the June quarter. We now have the next round of China tenders. North America has completed the C-Band auction and looking to deploy late this year.

我也表示祝賀，尤其是 60% 以上的毛利率。史蒂夫想從電信市場開始，尤其是 5G。聽起來 5G 並不是 6 月季度電信增長的真正貢獻者。我們現在有下一輪中國招標。北美已完成 C 波段拍賣，並希望在今年晚些時候部署。

Can you give us a sense -- are you starting to see better traction in 5G as you look into September and December quarters? And if so, are there offsets from some of the other product areas you highlighted in Telecom that might decline sequentially that potentially offset an uptick in 5G as you look into the September and beyond?

你能給我們一個感覺嗎——當你展望 9 月和 12 月的季度時，你是否開始看到 5G 有更好的吸引力？如果是這樣，您在電信中強調的其他一些產品領域是否存在抵消，這些領域可能會連續下降，從而可能抵消 5G 在您展望 9 月及以後的增長時的增長？

Yes. And so we absolutely are continuing to see secular growth in 5G, that continues. And there is absolutely a tremendous growth opportunity for MACOM because, as everybody knows, we support 5G networks on the optical side whether it's fronthaul equipment or metro long-haul equipment as well as on the radio board. We typically have success with the higher-frequency, higher-data rate and higher-power applications. As you've highlighted, some of the tenders that have been released in China talk -- are specific around the 700-megahertz band. There was about 480,000 base stations announced and those contracts have been awarded to the different base station manufacturers.

是的。因此，我們絕對會繼續看到 5G 的長期增長，這種情況還在繼續。MACOM 絕對有巨大的增長機會，因為眾所周知，我們在光端支持 5G 網絡，無論是前傳設備還是城域長途設備以及無線電板。我們通常在更高頻率、更高數據速率和更高功率的應用中取得成功。正如您所強調的那樣，在中國發布的一些招標談論的是 700 兆赫波段。宣布了大約 480,000 個基站，這些合同已授予不同的基站製造商。

I think that there are some opportunities within the 700-megahertz band, but we actually get more excited about the 2.1, 2.6, and as you highlighted, the C-Band frequencies of around 3.5 gigahertz for the U.S. market. So there is a tremendous growth opportunity here. I would also add that we are seeing more opportunities with O-RAN. As it expands, it becomes more accepted, let's say and so that's a tremendous growth opportunity for us there.

我認為 700 兆赫茲頻段內有一些機會，但我們實際上對 2.1、2.6 以及美國市場約 3.5 兆赫茲的 C 波段頻率更加興奮。因此，這裡存在巨大的增長機會。我還要補充一點，我們看到 O-RAN 有更多機會。隨著它的擴展，它變得越來越被接受，比方說，這對我們來說是一個巨大的增長機會。

In terms of looking into the fourth quarter, to your question about sort of what's going up and what's going down, I think that the 5G fronthaul quarter-over-quarter will probably be flat to slightly down mainly due to inventory channel issues. I think we have good channel inventory levels and I think that will be worked down in the fourth quarter. I do see that our microwave business is picking up, our diode business is picking up in the fourth quarter. So overall, I think Q4 will be very solid.

就第四季度的展望而言，關於什麼是上升什麼是下降的問題，我認為 5G 前傳環比可能持平或略有下降，這主要是由於庫存渠道問題。我認為我們有良好的渠道庫存水平，我認為這將在第四季度得到解決。我確實看到我們的微波業務正在回升，我們的二極管業務在第四季度正在回升。所以總的來說，我認為第四季度會非常穩固。

Great. Then wanted to ask a follow-up on the laser opportunity. Great to hear that you're already passing qualification at multiple module vendors. But wondering if you might be able to give us either a total TAM opportunity for 5G fronthaul or mid-haul lasers and data center lasers or maybe a content per module in the fronthaul and the data center? I mean are we talking $0.50 to $1? Are we talking multiple dollars of content in those applications?

偉大的。然後想詢問有關激光機會的後續信息。很高興聽到您已經通過多個模塊供應商的資格認證。但是想知道您是否可以為我們提供 5G 前傳或中傳激光器和數據中心激光器的總 TAM 機會，或者前傳和數據中心中每個模塊的內容？我的意思是我們說的是 0.50 美元到 1 美元嗎？我們是在談論這些應用程序中的多美元內容嗎？

Yes. So we probably don't necessarily want to talk about ASPs or our target SAM with that level of detail. In terms of the laser volume, we -- I'll sort of just comment that when we look at some of our competitors, we see them selling $30 million, $40 million of lasers per year and we have multiple competitors doing that. And so our goal is to capture that market share. We will first start with 5G, as we've talked about in the past. There's multiple different wavelengths that are necessary when we add up all of those different wavelengths, there are over 50 different wavelengths. We think we have a competitive advantage because we're offering customers a full suite of products.

是的。因此，我們可能不一定想以這種詳細程度談論 ASP 或我們的目標 SAM。就激光量而言，我們 - 我會評論說，當我們觀察我們的一些競爭對手時，我們看到他們每年銷售 3000 萬美元、4000 萬美元的激光器，而且我們有多個競爭對手這樣做。因此，我們的目標是奪取該市場份額。正如我們過去談到的那樣，我們將首先從 5G 開始。當我們將所有這些不同的波長加起來時，需要多個不同的波長，有超過 50 種不同的波長。我們認為我們具有競爭優勢，因為我們為客戶提供全套產品。

But I would say that the overall dollar content, investors should recognize that it will start at a small level and it will grow over time. But we don't want to call out revenue on our laser product line specifically. I think that's just a little too sensitive.

但我要說的是，從整體美元含量來看，投資者應該認識到它會從一個小水平開始，然後會隨著時間的推移而增長。但我們不想特別指出我們激光產品線的收入。我認為這有點太敏感了。

And 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 execution and strong margins. Given the strong demand environment and tight supply, both wafers and assembly and test, I know you had estimated unfulfilled backlog of around $5 million for the June quarter. Since then, it looks like the demand profile is getting stronger as you move into the second half of this calendar year then you've got the COVID-19-related risks kind of layered on top of that. Orders were strong.

在季度執行和高利潤率方面做得很好。鑑於強勁的需求環境和供應緊張，包括晶圓和組裝測試，我知道你估計 6 月季度未完成的積壓訂單約為 500 萬美元。從那以後，隨著您進入本日曆年的下半年，需求狀況似乎變得越來越強勁，然後您將與 COVID-19 相關的風險疊加在其之上。訂單很強勁。

So does the team anticipate that the unfilled backlog number actually going up here in the September quarter? And are lead times up quarter-over-quarter as well?

那麼，團隊是否預計到 9 月季度這裡未完成的積壓數量實際上會上升？交貨時間是否也環比增長？

And then more importantly, as you look at the capacity expansion plans, your outsourced partners' expansion plans, when does the team expect supply/demand situation to kind of normalize?

然後更重要的是，當您查看產能擴張計劃、外包合作夥伴的擴張計劃時，團隊預計供需情況何時會恢復正常？

Great set of questions, and I'll take some of them and maybe Jack can finish answering. So generally speaking, the lead times have increased quarter-over-quarter, which was one of your questions. We don't have a clear -- we don't have clear visibility as to when all of these constraints will clear. It will definitely be some time, at least 6 months from now, is the way we look at it.

很好的問題集，我會回答其中的一些問題，也許 Jack 可以回答完。所以一般來說，交貨時間環比增加，這是你的一個問題。我們不清楚——我們不清楚所有這些限制何時會消失。肯定需要一段時間，至少從現在起 6 個月，這是我們看待它的方式。

In terms of our backlog, we are absolutely delighted that we had a 1.3:1 book-to-bill. It's actually one of our strongest booking quarters in the history of the company. A significant amount of that is scheduled out over time. And so we look at that strong booking number in sort of 2 -- we break it into 2 categories. One, customers coming in under the normal behavior, especially some of our larger customers placing long lead orders for large I&D contracts. And then the second are the customers that are very concerned about supply, and they just want to get their parts on water and they're placing orders ahead of demand. And so -- and I would say that, that piece is going to be the piece where there's ordering ahead of demand. We're talking maybe 2, 3 quarters ahead of when they actually need the products.

就我們的積壓而言，我們非常高興我們有 1.3:1 的訂單出貨比。這實際上是我們公司歷史上最強勁的預訂季度之一。隨著時間的推移，其中很大一部分會被安排出去。因此，我們以 2 的形式查看強勁的預訂數量——我們將其分為兩類。第一，客戶以正常行為進入，特別是我們的一些大客戶為大型 I&D 合同下了長期訂單。然後第二個是非常關心供應的客戶，他們只想讓他們的零件上水，他們在需求之前下訂單。所以 - 我會說，那件作品將成為在需求之前訂購的作品。我們談論的可能比他們實際需要產品的時間提前 2、3 個季度。

The last thing I'll mention and then I'll turn it over to Jack is that we do have an advantage where we have 2 of our own fabs and we're able to be very quick to service unforecasted demand, and so that is an advantage right now. And we are seeing customers come to us on certain product lines where they're not able to get fulfillment from their current supplier and they're looking to MACOM. So we are being a bit opportunistic to win business away from our competitors that are not able to supply products, and we'll work hard to make sure that we take the business now when we can.

我要提到的最後一件事，然後我會把它交給傑克，我們確實有一個優勢，我們有 2 個我們自己的晶圓廠，我們能夠非常快速地滿足不可預測的需求，所以這就是現在的優勢。我們看到客戶在某些產品線上來找我們，他們無法從他們當前的供應商那裡得到滿足，他們正在尋找 MACOM。因此，我們有點機會主義地從無法提供產品的競爭對手那裡贏得業務，我們將努力確保在可能的情況下立即開展業務。

Jack, did you want to comment about the unfilled backlog, the question?

傑克，你想評論未完成的積壓問題嗎？

Sure. And I guess just to build upon some of the things you had talked about, Steve, with the improvements that we've seen in orders and the improved visibility we have. One of the numbers that we also report on is our turns business or orders that are received and shipped out in the quarter. That number we've been working very hard to make sure we are driving that number down to a much lower number than where we could have been a couple of years ago. So that allows us some additional visibility and to work with our suppliers and our customers to make sure we're meeting their requirements when needed.

當然。我想只是在你談到的一些事情的基礎上，史蒂夫，我們在訂單中看到的改進和我們擁有的提高的可見性。我們還報告的數字之一是本季度收到和發貨的輪流業務或訂單。這個數字我們一直在非常努力地工作，以確保我們將這個數字降低到比幾年前更低的水平。因此，這讓我們有更多的可見性，並與我們的供應商和客戶合作，以確保我們在需要時滿足他們的要求。

There's a lot of moving pieces as there is in every quarter in terms of things moving around and we deal with that on a regular basis, and our operational teams do a good job managing that. But in terms of putting a number on it, it's something that we're just -- we're not looking to do it at this stage because it's going to be evolving. We're fairly early on in the quarter at this stage, so to understand what the current impact is going to be to the current quarter at this stage it would just be too premature at this point.

每個季度都有很多變動的事情，我們會定期處理，我們的運營團隊在管理方面做得很好。但就數字而言，我們只是 - 我們不打算在這個階段這樣做，因為它會不斷發展。在這個階段，我們還處於本季度的早期階段，因此要了解當前階段對當前季度的影響，現在還為時過早。

Great. Thank you for the insights there. And it's interesting, you talked about the opportunities in O-RAN and vRAN and we know the virtualization of the radio access network, or RAN, is a big focus area for operators, right, because it provides strong economic benefit, both from a CapEx and OpEx perspective.

偉大的。謝謝你的見解。有趣的是，您談到了 O-RAN 和 vRAN 中的機會，我們知道無線電接入網絡或 RAN 的虛擬化是運營商的一個重要關注領域，對吧，因為它提供了強大的經濟效益，無論是來自資本支出和運營支出的觀點。

So I'm curious to know where -- how does MACOM benefit from the move to O-RAN and vRAN over the next few years as the service providers continue to virtualize their networks?

所以我很好奇，隨著服務提供商繼續虛擬化他們的網絡，MACOM 在未來幾年內如何從轉向 O-RAN 和 vRAN 中獲益？

Well, O-RAN opens up the market to new entrants. So we will -- we see new companies coming into the market, and the barrier of entry for a company like MACOM to get in and to work with these customers and consume all the oxygen in the room, so to speak, with our solutions is there. And so we're taking advantage of that due to the let's say, lower barrier of entry where you might have a traditional telecom company that has their go-to vendors and they're focused on them and they're entrenched. Because O-RAN is opening up the field, we see new opportunities and we're being very aggressive to go after them.

好吧，O-RAN 為新進入者打開了市場。所以我們將 - 我們看到新公司進入市場，像 MACOM 這樣的公司進入並與這些客戶合作並消耗房間裡所有氧氣的進入壁壘，可以說，我們的解決方案是那裡。因此，我們正在利用這一點，因為比方說，進入門檻較低，您可能擁有一家傳統的電信公司，這些公司擁有他們的首選供應商，並且他們專注於他們並且他們根深蒂固。因為 O-RAN 正在開拓這個領域，我們看到了新的機會，並且我們非常積極地去追趕它們。

The other benefit is that it's also more of an international platform and it's going to bring less China exposure, and so we're seeing European and North American companies really driving O-RAN. And so there are some benefits on the margin with regards to that as well.

另一個好處是它更像是一個國際平台，它將減少中國的曝光度，因此我們看到歐洲和北美公司真正推動 O-RAN。因此，在這方面也有一些好處。

In terms of the product sets, they're very similar. The overall architectures of the radios and the requirements are quite similar. So to the extent that we have competitive parts where we can win the day, we'll do that. But I think that the big opportunity for MACOM is the lower barrier of entry to engage customers.

就產品集而言，它們非常相似。無線電的整體架構和要求非常相似。因此，只要我們擁有可以贏得勝利的競爭部分，我們就會這樣做。但我認為 MACOM 的巨大機遇在於降低吸引客戶的准入門檻。

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。

A question on the Data Center segment and you saw a good acceleration around the middle of last year, and since then, we've been kind of bouncing around these revenue levels. I know that some Data Center customers were digesting some inventory towards the end of last year.

一個關於數據中心領域的問題，你在去年年中看到了良好的加速，從那以後，我們一直在圍繞這些收入水平反彈。我知道一些數據中心客戶在去年年底消化了一些庫存。

I guess could you give us a little bit more color about what's going on within the customers in that segment? And what's the catalyst for moving the Data Center numbers higher? Is that more about your own product cycles? Or is that more about your customers normalizing?

我想你能給我們更多關於該細分市場客戶內部發生的事情的顏色嗎？推動數據中心數量增加的催化劑是什麼？這更多是關於您自己的產品週期嗎？還是更多關於您的客戶正常化？

Sure. And I'll -- maybe I'll start with the back half of your question regarding what will MACOM's catalysts for growth be within this market. There's really about 10 different items that I think are important for investors to understand. First, today's business is primarily 100G CWDM4, and historically, that business has been very concentrated on one major customer that had a significant part of the market. And what we're seeing today is that customer's volumes have come down, so year-over-year, it ended up plateauing. And so when we think about our growth strategy, we are looking to win new designs of 100G CWDM4 at other customers, many of which are international customers. So that, number one, provides a very interesting growth opportunity for us.

當然。我會 - 也許我會從你的問題的後半部分開始，關於 MACOM 在這個市場中的增長催化劑是什麼。我認為實際上有大約 10 個不同的項目對投資者理解很重要。首先，今天的業務主要是 100G CWDM4，從歷史上看，該業務一直非常集中在一個擁有重要市場份額的主要客戶身上。我們今天看到的是客戶的數量下降了，所以年復一年，它最終趨於平穩。因此，當我們考慮我們的增長戰略時，我們希望贏得其他客戶的 100G CWDM4 新設計，其中許多是國際客戶。因此，第一，為我們提供了一個非常有趣的增長機會。

The second is we're starting to get design wins for our 200G short-reach chips, primarily TIAs and drivers. And these chips are used generally with competitors' DSPs. So we are now working with multiple companies that produce their own DSPs and they're selecting MACOM's driver and TIA because it's the best -- these are the best chips in the industry. And we're having very good success there. And we're agnostic as to which DSP our customers select, and that's been a very successful program that we started about a year ago.

第二個是我們的 200G 短距離芯片（主要是 TIA 和驅動程序）開始獲得設計勝利。這些芯片通常與競爭對手的 DSP 一起使用。因此，我們現在正在與多家生產自己的 DSP 的公司合作，他們選擇 MACOM 的驅動器和 TIA，因為它是最好的——這些是業內最好的芯片。我們在那裡取得了非常好的成功。我們不知道客戶選擇哪種 DSP，這是我們大約一年前開始的一個非常成功的計劃。

The third item I'll highlight is while there are many 200G DSP-based solutions where we sell the driver and the TIA, we also believe for certain short-reach applications, it should be an analog solution. And so what we actually want to do is bump the DSP and we want to provide our 200G combo chips, and we announced those combo chips at this year's OFC. And these combo chips basically are a VCSEL driver and CDR and a TIA and CDR. And with these 2 chips, you do not need a DSP. We're very excited about that. These chips have just entered the market.

我要強調的第三項是，雖然我們銷售驅動器和 TIA 的許多基於 200G DSP 的解決方案，但我們也認為對於某些短距離應用，它應該是模擬解決方案。所以我們真正想做的是增加 DSP，我們想提供我們的 200G 組合芯片，我們在今年的 OFC 上宣布了這些組合芯片。這些組合芯片基本上是 VCSEL 驅動器和 CDR，以及 TIA 和 CDR。有了這 2 個芯片，您就不需要 DSP。我們對此感到非常興奮。這些芯片剛剛進入市場。

The fourth item I'll highlight is really our 400G products. So we have a very competitive TIA and driver for DR4 basically and also we have a version that's suitable for DR1. And we're getting very strong traction there and we are seeing the volumes grow exponentially. If we look back over the last 2 years, we are seeing exponential growth with our 400G products and that includes the TIA and sort of just starting now is our 400G driver.

我要強調的第四項實際上是我們的 400G 產品。所以我們基本上有一個非常有競爭力的 TIA 和 DR4 驅動程序，我們還有一個適合 DR1 的版本。我們在那裡獲得了非常強大的吸引力，我們看到數量呈指數增長。如果我們回顧過去 2 年，我們會看到我們的 400G 產品呈指數級增長，其中包括 TIA，現在才剛剛開始的是我們的 400G 驅動程序。

And then we talked about, and I mentioned this on the prepared remarks, that we are entering the active copper cable segment within the Data Center. And we have a chip today, it's been sampled for the past 6 months. We are seeing very strong customer adoption. We are starting to get pilot orders in the tens of thousands of pieces from multiple customers, and we are confident we will have success as we go into next year.

然後我們談到，我在準備好的評論中提到了這一點，我們正在進入數據中心內的活動銅纜部分。我們今天有一個芯片，它已經在過去 6 個月內進行了採樣。我們看到客戶採用率非常高。我們開始從多個客戶那裡獲得數万件的試點訂單，我們有信心在進入明年時取得成功。

The last items I'll add are, of course, we do have a 100G PAM4 DSP in production, steady business there. It's looking like it will start to grow going into next year in terms of volumes. And the lasers, we believe the lasers will start to come on towards the end of next year and the following year.

當然，我要添加的最後一項是，我們確實有一個 100G PAM4 DSP 在生產中，業務穩定。就數量而言，它看起來將在明年開始增長。而激光，我們相信激光將在明年年底和下一年開始出現。

When you add all these things up, even if we take our lead customer and we model their revenues as being flat to down, we actually do see growth coming out of the Data Center segment even with the offset of the connectivity declines that we talked about on the last conference call where we mentioned year-over-year we expected a $15 million decline of our -- with our connectivity business, which is primarily Data Center.

當你把所有這些加起來時，即使我們把我們的主要客戶和我們的收入建模為持平或下降，我們實際上確實看到了數據中心部分的增長，即使我們談到的連接下降被抵消了在我們提到的上次電話會議中，我們預計我們的連接業務（主要是數據中心）將下降 1500 萬美元。

So when you put all that together, we think we're doing the right things. We have a very strong strategy. I talked about some of the trends also in the industry where the industry wants to look at what we call direct drive at the higher data rates, which will eliminate the DSP and move that functionality into the switch.

因此，當您將所有這些放在一起時，我們認為我們正在做正確的事情。我們有一個非常強大的戰略。我還談到了行業中的一些趨勢，行業希望以更高的數據速率研究我們所謂的直接驅動，這將消除 DSP 並將該功能轉移到交換機中。

When you ask about, well, what are the customer trends, I would say that we are not a good bellwether of the industry. The fact that one of our customers is going up or down doesn't necessarily reflect what's going on in the broader industry. I can say that there is definitely a move from NRZ to PAM4 and we are going to make sure that we have sufficient chips to cover that.

當您問及客戶趨勢是什麼時，我會說我們不是行業的領頭羊。我們的一個客戶正在上升或下降的事實並不一定反映更廣泛行業的情況。我可以說肯定有從 NRZ 到 PAM4 的轉變，我們將確保我們有足夠的籌碼來解決這個問題。

And then the last item I'll mention, we are starting to see more and more traction in China with our chips being sold into the Data Center there at data rates between 25, 100 and 200G. And so we have a very strong sales force within China, and I think we're starting to win market share there.

然後我要提到的最後一項，我們開始在中國看到越來越多的吸引力，我們的芯片以 25、100 和 200G 之間的數據速率出售給數據中心。因此，我們在中國擁有一支非常強大的銷售隊伍，我認為我們正在開始贏得那裡的市場份額。

So I think I said on the last call that we did expect to exceed our peak watermark in the Data Center, which was roughly $45 million. The question is -- per quarter and the question is the timing of that. We're not sure it will happen next year, but we think we're on a good path in doing all the right things.

所以我想我在上次電話會議上說過，我們確實預計會超過數據中心的峰值水線，大約是 4500 萬美元。問題是 - 每個季度，問題是時間。我們不確定它會在明年發生，但我們認為我們在做所有正確的事情方面走在了一條良好的道路上。

Great. That's extremely helpful. As a follow-up question on 5G, understand what's happening with China with the deployments down at 700 megahertz. But the U.S. deployments are at higher frequency. So therefore, I guess we'd expect that there's more content opportunity for you in the U.S. I guess we're expecting some of that -- some of those deployments to kind of start toward the end of this year, beginning of next year. Is that when MACOM starts to see some benefit -- some stronger benefit from the 5G market? Could you give some more color there, please?

偉大的。這非常有幫助。作為關於 5G 的後續問題，了解中國在 700 兆赫茲的部署情況下發生了什麼。但美國的部署頻率更高。因此，我想我們希望在美國有更多的內容機會。我想我們期待其中的一些——其中一些部署將在今年年底、明年年初開始。是不是當 MACOM 開始看到一些好處時——從 5G 市場中獲得一些更強大的好處？你能給那裡更多的顏色嗎？

So the short answer is yes. The higher frequency, 3.4 to 3.7, does provide us opportunities. I think this is also the platform where we may start to see our first design wins for our power amplifier product line, our GaN on Silicon Carbide products primarily. Whether it be massive MIMO or a macro architecture, we have compelling product today that is very interesting to many different customers.

所以簡短的回答是肯定的。更高的頻率，3.4 到 3.7，確實為我們提供了機會。我認為這也是我們可能開始看到我們的功率放大器產品線的第一個設計獲勝的平台，主要是我們的碳化矽基 GaN 產品。無論是大規模 MIMO 還是宏架構，我們今天都有引人注目的產品，許多不同的客戶都非常感興趣。

I'll also highlight that we have a very strong front-end modules or FEMs on the RF side for the higher frequencies as well.

我還要強調的是，我們在射頻端也有非常強大的前端模塊或 FEM，適用於更高的頻率。

So I think your question is right on that as you start to see deployments in the U.S., we should see MACOM seeing an advantage there.

所以我認為你的問題是正確的，因為你開始看到在美國的部署，我們應該看到 MACOM 在那裡看到了優勢。

And our next question coming from the line of Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

I actually had 2 quick ones. First, you mentioned there are some supply headwinds that are having an impact on your Q4. I was hoping if you could help us quantify how much of a headwind? And importantly, is that demand you can recover over the next several quarters?

我實際上有 2 個快速的。首先，您提到有一些供應逆風正在影響您的第四季度。我希望你能幫助我們量化逆風的程度嗎？重要的是，這種需求是否可以在接下來的幾個季度內恢復？

Yes. So as Jack highlighted, we really want to step away from sort of quantifying the exact amount that we're not able to ship. I know we did that a quarter ago. But as Jack highlighted, we're early in the quarter, there's a lot of different moving parts and we just sort of want to step away from that.

是的。因此，正如傑克強調的那樣，我們真的想擺脫量化我們無法發貨的確切數量。我知道我們一個季度前就這樣做了。但正如傑克強調的那樣，我們在本季度初，有很多不同的移動部件，我們只是想遠離它。

In terms of will we be able to roll that demand into future quarters, the answer is, yes, we will. We are not losing business. We are rescheduling business. And so we're working with our major customers that are being impacted. We have certainly, if not daily, we're having weekly calls with some major customers to make sure that we support them. Our operations team, our logistics team and our supply chain management team is really doing a nice job managing and making sure that our customers have the best information we can give them.

就我們能否將這種需求轉移到未來幾個季度而言，答案是，是的，我們會的。我們沒有失去生意。我們正在重新安排業務。因此，我們正在與受到影響的主要客戶合作。我們當然有，如果不是每天，我們每週都會與一些主要客戶通電話，以確保我們支持他們。我們的運營團隊、我們的物流團隊和我們的供應鏈管理團隊確實在管理和確保我們的客戶擁有我們可以提供給他們的最佳信息方面做得很好。

As I highlighted also, this is really an industry-wide issue and MACOM is not immune to some of these factors. We have, and we'll emphasize this again, we have built in and hedged our guidance based on the higher risk profile. So we'd like investors to be confident that the guidance we're giving is following the same methodology that we've done in the past.

正如我還強調的那樣，這確實是一個全行業的問題，MACOM 也不能倖免於其中的一些因素。我們已經並且我們將再次強調這一點，我們已經根據更高的風險狀況建立並對沖了我們的指導。因此，我們希望投資者相信我們提供的指導遵循了我們過去所做的相同方法。

Got it. And a quick follow-up. Your Industrial & Defense sales are now running close to 50%, right, year-on-year. I realize that, that's of a somewhat easier comparison. But how would you characterize the sustainability of this business?

知道了。並進行快速跟進。您的工業和國防銷售額現在接近 50%，對，同比增長。我意識到，這是一個比較容易的比較。但是您如何描述這項業務的可持續性？

Yes. I think that growth rate is not sustainable. And typically, you would expect lower growth rates from a large, slow-moving market like defense. However, we are, with our changing strategies, are really focusing on this market, cross-selling all the different product lines. We are actually driving very reasonable growth. But we don't want investors to expect sort of $10 million or $20 million sequential growth on a quarterly basis going into next year. It's more likely to slow down, plateau and then after running at a certain plateau level, it will start to grow again. That's what our expectation would be.

是的。我認為這種增長率是不可持續的。通常情況下，您會期望國防等大型、緩慢發展的市場的增長率較低。然而，隨著我們不斷變化的戰略，我們真正專注於這個市場，交叉銷售所有不同的產品線。我們實際上正在推動非常合理的增長。但我們不希望投資者期望明年每季度有 1000 萬美元或 2000 萬美元的連續增長。它更有可能減速、穩定，然後在達到某個穩定水平後，它會再次開始增長。這就是我們的期望。

We do have a very strong backlog of I&D business. We have multiyear contracts as well that we're working on. And we -- as we are bringing on some of our GaN on Silicon Carbide products, we are seeing opportunities that, quite frankly, we hadn't seen in the last 2 to 3 years. So we're very excited about that.

我們確實有大量積壓的 I&D 業務。我們還有多年合同，我們正在努力。而且我們——當我們推出一些基於碳化矽的 GaN 產品時，我們看到了坦率地說，我們在過去 2 到 3 年裡從未見過的機會。所以我們對此感到非常興奮。

We think long term, I&D will be -- it will remain the largest segment for us. And I've said this before, I'll just highlight that when we think about the RF power market, we think it's evenly split between Telecom and Industrial & Defense. And so that really excites us. We think this is a very large market and should bring really nice growth opportunities to MACOM, especially when we introduce our millimeter wave GaN on Silicon Carbide MMICs. So customers are already very excited about that.

我們認為從長遠來看，I&D 將是——它仍將是我們最大的部分。我之前已經說過，我只是強調，當我們考慮射頻功率市場時，我們認為它在電信和工業與國防之間平分秋色。所以這真的讓我們很興奮。我們認為這是一個非常大的市場，應該會給 MACOM 帶來非常好的增長機會，尤其是當我們推出我們的碳化矽 MMIC 上的毫米波 GaN 時。所以客戶已經對此感到非常興奮。

Here in the U.S. domestically, there's 1, maybe 2 companies that are the entrenched suppliers of this technology and we are very confident that we can step into the market and win market share.

在美國國內，有 1 家，也許 2 家公司是這項技術的根深蒂固的供應商，我們非常有信心能夠進入市場並贏得市場份額。

Our next question is coming from the line of C. J. Muse with Evercore.

我們的下一個問題來自 C. J. Muse 與 Evercore 的合作。

Yes. I guess, Steve, first question. You typically choose your words carefully, particularly timing as well, so your increased disclosure around automotive definitely peaked my interest. So could you expand on your go-to-market strategy there? And at what point should that start to have a meaningful impact to your overall business?

是的。我想，史蒂夫，第一個問題。您通常會謹慎選擇用詞，尤其是時機，因此您對汽車的更多披露無疑引起了我的興趣。那麼你能在那裡擴展你的進入市場戰略嗎？這應該在什麼時候開始對您的整體業務產生有意義的影響？

Sure. So we started -- or really refreshed our automotive strategy about a year ago, and we set a target to ensure that the company was automotive certified or TS certified. And so we actually went through an audit this past quarter. We effectively passed the audit with a few action items to close, which will close in the next few weeks, and we would expect full certification by year-end.

當然。所以我們在大約一年前開始——或者說真的更新了我們的汽車戰略，我們設定了一個目標，以確保公司獲得汽車認證或 TS 認證。因此，我們實際上在上個季度進行了審計。我們有效地通過了審計，並完成了一些行動項目，這些行動項目將在未來幾週內結束，我們預計年底前將獲得全面認證。

So what that will allow us to do is really engage the Tier 1 OEMs, align technology road maps, understand the requirements that they may have and then we can begin developing the chips for their requirements if we don't already have them.

因此，這將使我們能夠真正讓一級 OEM 參與進來，調整技術路線圖，了解他們可能有的要求，然後我們可以開始開發滿足他們要求的芯片（如果我們還沒有的話）。

The areas that we will focus on, as I highlighted in my script, our LiDAR type applications, which have a combination of lightwave and opto-electrical high data rate chips, which is right in our wheelhouse, especially for our -- what we call our high-performance analog business unit. We're looking at in-cabin applications. We're looking at sort of advanced driver-assistance navigation systems that might require radar as well as there's more and more Ethernet connectivity throughout the car. And as everybody knows, this is a strength of MACOM.

正如我在我的腳本中強調的那樣，我們將關注的領域是我們的 LiDAR 類型應用程序，它結合了光波和光電高數據速率芯片，這就在我們的駕駛室中，特別是對於我們 - 我們所說的我們的高性能模擬業務部門。我們正在研究艙內應用。我們正在尋找一種可能需要雷達的高級駕駛輔助導航系統，而且整個汽車都有越來越多的以太網連接。眾所周知，這是 MACOM 的強項。

So it's a target-rich environment, as we say. It will be a long-term strategy we would not expect to have material revenue next year or probably not even the year after. It will be -- this is a long-term growth strategy. What I can tell you is that we have tremendous interest from major customers today across our portfolio, and so we intend to fully maximize the growth opportunity here.

因此，正如我們所說，這是一個目標豐富的環境。這將是一項長期戰略，我們預計明年或什至後年都不會獲得實質性收入。這將是——這是一項長期增長戰略。我可以告訴你的是，今天我們的產品組合中的主要客戶對我們產生了極大的興趣，因此我們打算充分利用這裡的增長機會。

We like the automotive business because when you're designed in, it's typically sole source. You're seeing multiyear manufacturing cycles. And once you're in, you can build and go wider and start to bring on new product lines.

我們喜歡汽車業務，因為當您進行設計時，它通常是唯一來源。您會看到多年的製造週期。一旦你進入，你就可以建立並擴大範圍，並開始引入新的產品線。

The one technology that I will highlight that I think we're seeing interest in from the automotive industry is our kilovolt CAP product line, mainly because this is a semiconductor-based capacitor that can handle 300-degree C environments, which is necessary in some applications within automotive. So we are excited to really promote that technology to the automotive industry, whether it's under the hood or whether it's for electric vehicle type applications.

我要強調的一項技術是我們看到汽車行業感興趣的技術是我們的千伏 CAP 產品線，主要是因為這是一種基於半導體的電容器，可以承受 300 攝氏度的環境，這在某些情況下是必需的汽車內的應用。因此，我們很高興能夠真正將該技術推廣到汽車行業，無論是在引擎蓋下還是用於電動汽車類型的應用。

Very helpful. And a quick follow-up. It looks like we're going to get an infrastructure bill passed. Have you thought about the implications to your business and what kind of upside that might drive?

很有幫助。並進行快速跟進。看來我們要通過一項基礎設施法案。您是否考慮過對您的業務的影響以及可能帶來什麼樣的好處？

So we're aware of the CHIPS Act, I'll start with that. I haven't been watching the news recently regarding some of the things running through Congress. But I will highlight on the CHIP Act where there will be dollars allocated to the semiconductor industry. We do have a strategy to work with different government agencies that support the semiconductor industry and make sure that they understand that MACOM has a long list of needs, and we're looking for investment and support from the government so that we can expand and modernize some of our facilities.

所以我們知道 CHIPS 法案，我將從它開始。我最近沒有看有關國會正在討論的一些事情的新聞。但我將強調 CHIP 法案，其中將向半導體行業分配資金。我們確實有與支持半導體行業的不同政府機構合作的戰略，並確保他們了解 MACOM 有很多需求，我們正在尋求政府的投資和支持，以便我們能夠擴展和現代化我們的一些設施。

And so that is a priority for the company. We are working with 1 lobbyist right now. We plan on expanding that. And we look at this effort as really a multiyear effort where, perhaps 1 or 2 years from now, we might see some funding for special projects associated with the growth and the development of MACOM.

因此，這是公司的首要任務。我們現在正在與 1 名遊說者合作。我們計劃擴大它。我們將這項努力視為真正的多年努力，也許從現在起一兩年後，我們可能會看到一些資金用於與 MACOM 的增長和發展相關的特殊項目。

Our next question coming from the line of Karl Ackerman with Cowen.

我們的下一個問題來自 Karl Ackerman 和 Cowen 的對話。

This is Eddy for Karl. Most of my questions were answered, but still have a couple. So a few quarters ago, you indicated that STMicro would be installing tools to support manufacturing of 6-inch GaN on silicon wafers. Can you please provide an update on your progress there?

這是卡爾的埃迪。我的大部分問題都得到了回答，但還有幾個問題。所以幾個季度前，您表示 STMicro 將安裝工具來支持在矽晶圓上製造 6 英寸 GaN。你能提供一下你在那裡的最新進展嗎？

Yes. Thank you. So we are just now receiving samples from ST. So just to remind everybody, one of the big delays with this program was moving certain dedicated equipment into ST's wafer fab and then qualifying that equipment. Those actions have been completed. So that allowed ST to effectively run a wafer end-to-end within their fab. They've been doing that. They have provided MACOM samples just this past quarter, and we've been running through a series of tests with those first samples and providing feedback to ST.

是的。謝謝。所以我們剛剛收到來自 ST 的樣品。因此，提醒大家，該計劃的重大延誤之一是將某些專用設備轉移到 ST 的晶圓廠，然後對這些設備進行鑑定。這些動作已經完成。因此，ST 可以在其晶圓廠內有效地端到端地運行晶圓。他們一直在這樣做。他們剛剛在上個季度提供了 MACOM 樣品，我們一直在對這些第一批樣品進行一系列測試，並向 ST 提供反饋。

This is part of the process, which will become iterative and will take time. So as I highlighted in my script, we do view this as a long-term high-risk technology transfer program. And in the meantime, we are focused on winning RF power business using GaN on Silicon Carbide. And when the -- when and if the GaN on Silicon technology is ready for high-volume production, we will absolutely insert it. We do believe there are certain applications where GaN on Silicon makes a lot of sense. So no major updates other than that. I view this as a long-term project.

這是過程的一部分，它將變得反复並且需要時間。因此，正如我在腳本中強調的那樣，我們確實將其視為一項長期的高風險技術轉讓計劃。與此同時，我們專注於使用基於碳化矽的 GaN 贏得射頻功率業務。當 - 當矽基氮化鎵技術準備好進行大批量生產時，我們絕對會插入它。我們確實相信在某些應用中矽基氮化鎵非常有意義。所以除此之外沒有重大更新。我認為這是一個長期項目。

And another one. Your sales through distribution are modest, but some peers across the supply chain have spoken about OEMs and resellers and restocking inventory where possible in order to avert any future supply shortages in the second half. I'm curious if you're seeing that customer activity across your Data Center and communication across your market?

還有一個。您通過分銷實現的銷售額不高，但供應鏈中的一些同行已經談到了 OEM 和經銷商，並在可能的情況下補充庫存，以避免下半年出現任何供應短缺。我很好奇您是否看到整個數據中心的客戶活動以及整個市場的溝通？

Thank you. So I'm not sure that I can comment on the trends that you highlighted there, but maybe I'll say a few words about our sales channel. So one of our areas of focus has been to further develop and expand and strengthen our sales organization, especially across Europe as a priority. And so we've been doing that. We've been hiring country managers. We've been hiring new representatives, manufacturers representatives across Europe. We've been supplementing our team here in the U.S. as well. And we also have embarked on a strategy where we want to do more direct business with our major customers and do less business through distribution, and that has been a bit of a trend that we've had over the past year.

謝謝。所以我不確定我能否評論你在那裡強調的趨勢，但也許我會談談我們的銷售渠道。因此，我們的重點領域之一是進一步發展、擴大和加強我們的銷售組織，尤其是在整個歐洲作為優先事項。所以我們一直在這樣做。我們一直在招聘國家經理。我們一直在招聘新的代表，歐洲各地的製造商代表。我們也一直在補充我們在美國的團隊。我們還開始了一項戰略，我們希望與主要客戶開展更多直接業務，減少通過分銷開展業務，這已成為我們過去一年的趨勢。

So our strategy, our go-to-market strategy, is really relying on our direct sales force and applications force as well as our business units to have direct engagement. And we also believe that these direct engagements actually help during this period of supply shortage because now we have direct discussions with our customers about their long-term needs, and we can build that into our plan.

因此，我們的戰略，我們的上市戰略，實際上是依靠我們的直接銷售人員和應用人員以及我們的業務部門直接參與。而且我們還相信，這些直接參與在供應短缺期間實際上有所幫助，因為現在我們與客戶直接討論他們的長期需求，我們可以將其納入我們的計劃。

So generally speaking, our sales force year-over-year is a lot stronger. I think this time next year it will be even stronger. And over time, we will, as a company, be less dependent on distribution.

所以總的來說，我們的銷售隊伍比去年同期要強大得多。我認為明年這個時候它會更強大。隨著時間的推移，作為一家公司，我們將減少對分銷的依賴。

Our next question coming from the line of Richard Shannon with Craig-Hallum.

我們的下一個問題來自 Richard Shannon 和 Craig-Hallum 的對話。

Just one question for me. Had a couple of other questions earlier in the call regarding growth, and Steve, you haven't quantified them, I certainly understand your reticence to do that. Maybe I'll kind of attack it from a different angle here, which is look at your top line growth over the next 1 to 2 years. What do you see as the biggest dollar contribution drivers to that by product line or markets, GaN on Silicon, lasers, et cetera, et cetera. Wondering if you can kind of rank order those contributions?

只問我一個問題。在電話會議的早些時候有幾個關於增長的其他問題，史蒂夫，你沒有量化它們，我當然理解你不願這樣做。也許我會在這裡從不同的角度來攻擊它，看看你未來 1 到 2 年的收入增長。您認為產品線或市場對它的最大美元貢獻驅動因素是什麼，矽基氮化鎵、激光器等等。想知道您是否可以對這些貢獻進行排序？

Sure. Thank you for the question. So we have 6 different business units, as everybody knows. We call them business units are really engineering technology centers. Our larger business units, our high-performance analog and our diode areas. And then some of our smaller ones include RF power and even lightwave. And so when we step back and we look at growth rates, of course, we would expect RF power and lightwave and even connectivity to have the highest growth rates, given they're small relative to the overall size of MACOM. And we would expect the larger groups to grow at a more rational rate.

當然。感謝你的提問。眾所周知，我們有 6 個不同的業務部門。我們稱它們為業務部門，實際上是工程技術中心。我們更大的業務部門，我們的高性能模擬和我們的二極管領域。然後我們的一些較小的包括射頻功率甚至光波。因此，當我們退一步看增長率時，當然，我們預計 RF 功率和光波甚至連接具有最高的增長率，因為它們相對於 MACOM 的整體規模較小。我們預計更大的群體將以更合理的速度增長。

We don't necessarily want to call out any one product line that might be our most successful or sort of an end application that will drive growth. That's sensitive information. But what I can say is we have a very detailed product plan, bottoms-up plan. We've been looking very carefully at our growth forecast over the next 1 to 2 years. In fact, this past July, we updated our 5-year strategic plan. And so we have fresh numbers and we have updated plans and activities to support our growth.

我們不一定要指出任何一條可能是我們最成功的產品線或某種將推動增長的最終應用程序。那是敏感信息。但我能說的是，我們有一個非常詳細的產品計劃，自下而上的計劃。我們一直在非常仔細地研究未來 1 到 2 年的增長預測。事實上，今年 7 月，我們更新了我們的 5 年戰略計劃。因此，我們有了新的數字，我們更新了計劃和活動來支持我們的增長。

So I think we're doing all the right things. But ultimately, what we deliver for growth, we'll really have to wait and see. It's very difficult to forecast. We have a lot of exciting technologies that we're bringing to market. We have a lot of exciting technologies we haven't talked about publicly that we'll bring to market and we'll announce in the next 1 to 2 years.

所以我認為我們正在做所有正確的事情。但最終，我們為增長提供了什麼，我們真的必須拭目以待。很難預測。我們有很多令人興奮的技術正在推向市場。我們有許多尚未公開討論的令人興奮的技術，我們將把這些技術推向市場，並在未來 1 到 2 年內公佈。

But I'll just say at a high level, one of the things we're doing, I think, well is we're expanding our SAM with the new product lines and the new technologies that we're now bringing to market. And that is exciting and should bring a new color of revenue to MACOM over the next 1 to 2 years.

但我只是在高層次上說，我認為我們正在做的一件事就是我們正在用新的產品線和我們現在推向市場的新技術來擴展我們的 SAM。這令人興奮，應該會在未來 1 到 2 年內為 MACOM 帶來新的收入。

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。

Yes. First question, Steve, you gave a list of 6, 7 things that are driving your Data Center growth, but you also said in your prepared remarks that you're working on some subsystem level opportunities in Data Center. Could you just elaborate on that, please?

是的。第一個問題，史蒂夫，你列出了推動數據中心增長的 6、7 件事，但你也在準備好的評論中說你正在數據中心的一些子系統級機會上工作。請您詳細說明一下好嗎？

Yes. So I think the subsystem comment was not directly targeted at the Data Center and so I -- so maybe I should clarify that. What I was referring to there is, as we engage customers in different end markets, we want to make sure that we leverage our system knowledge, capability to the greatest extent we can. And if in certain instances, it means the customer is better off if we take the pen on the design of that subsystem, we want to do that and we want to support them in that area.

是的。所以我認為子系統評論並不是直接針對數據中心的，所以我——所以也許我應該澄清一下。我指的是，當我們在不同的終端市場吸引客戶時，我們希望確保我們最大程度地利用我們的系統知識和能力。如果在某些情況下，如果我們親自設計該子系統，這意味著客戶會更好，那麼我們希望這樣做，並且我們希望在該領域為他們提供支持。

That is most likely going to happen in Industrial & Defense end markets where customers want to really lean on our chip level technology and to design a system based on customized chips for their application. So that would more typically be more typically be RF and microwave as well as hardened optical applications where the customers require domestic manufacturing capability.

這很可能會發生在工業和國防終端市場，客戶希望真正依賴我們的芯片級技術，並根據定制芯片為他們的應用設計系統。因此，更典型的是射頻和微波以及客戶需要國內製造能力的硬化光學應用。

And so I don't envision, and of course, we will not be building modules for the Data Center as an example or -- and most likely not for anything within the Telecom space per se. An area that we'll focus on is building out and gaining market share where it makes sense inside the Industrial & Defense markets.

因此，我不認為，當然，我們不會為數據中心構建模塊作為示例，或者——很可能不會為電信領域本身的任何事物構建模塊。我們將重點關注的一個領域是在工業和國防市場中擴大並獲得有意義的市場份額。

Yes. Thanks for clarifying that. And as my follow-up and just to make sure I'm clear on this. So the main capacity constraints right now are at the back end. Your own fabs, I mean I assume they're running pretty high, but I know you're also adding some capacity. And what's the current mix between inside versus outsourced on the front end?

是的。感謝您澄清這一點。作為我的後續行動，只是為了確保我清楚這一點。所以現在主要的能力限制在後端。你自己的晶圓廠，我的意思是我假設它們運行得很好，但我知道你也在增加一些產能。前端內部與外包之間的當前組合是什麼？

So you're correct to say that we are having constraints on the back end, which is typically assembly in test, let's say, or package technology associated with assembly. But we also are seeing extended lead times with our external foundries. And so that is, of course, impacting us as well. And so I don't want you to think it's just the back end. It's also -- we're working with extended lead times with our fab partners in some instances, not all instances.

所以你說我們在後端有限制是正確的，這通常是測試中的組裝，比方說，或者與組裝相關的封裝技術。但我們也看到我們的外部代工廠的交貨時間延長了。因此，這當然也對我們產生了影響。所以我不想讓你認為這只是後端。它也是 - 在某些情況下，我們正在與我們的晶圓廠合作夥伴延長交貨時間，而不是在所有情況下。

In terms of the mix within internal fab versus external fab, Jack, I don't believe we've disclosed that. Is that right?

就內部晶圓廠與外部晶圓廠的混合而言，傑克，我認為我們沒有透露這一點。是對的嗎？

That's correct.

這是正確的。

So I don't think we would be able to make a comment there, Tore.

所以我認為我們不能在那裡發表評論，Tore。

And I am showing no further questions at this time. I would now like to turn the conference back to Mr. Daly for any closing remarks.

我現在沒有進一步提問。我現在想把會議轉回給戴利先生，聽取任何閉幕詞。

Thank you. In closing, we'd like to thank our employees for their outstanding contributions during the quarter. Thank you very much.

謝謝。最後，我們要感謝我們的員工在本季度做出的傑出貢獻。非常感謝。

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。