MACOM Technology Solutions Holdings Inc (MTSI) 2021 Q1 法說會逐字稿

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（技術難度）

(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.

（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, Shannon. Good morning, and welcome to MACOM's conference call to discuss the financial results for our first fiscal quarter of 2021.

謝謝你，香農。早上好，歡迎參加 MACOM 的電話會議，討論我們 2021 年第一財季的財務業績。

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. 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.

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。

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 first quarter results for fiscal year 2021. When Jack is finished, I will provide revenue and earnings guidance for the second quarter of FY '21 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 財年第一季度的業績進行更深入的審查。Jack 完成後，我將提供 21 財年第二季度的收入和收益指導以及那麼我們很樂意回答一些問題。

Revenue for our first fiscal quarter was $148.5 million and adjusted EPS was $0.46 per diluted share. Our book-to-bill ratio was 1.1:1, and our turns business was approximately 15% of our total revenue. Overall, we are pleased with the continued improvements in our financial results, which are made possible by the tremendous work of our dedicated employees.

我們第一財季的收入為 1.485 億美元，調整後每股收益為 0.46 美元。我們的訂單出貨比為 1.1:1，輪流業務約佔總收入的 15%。總的來說，我們對財務業績的持續改善感到滿意，這得益於我們敬業的員工的辛勤工作。

Our Q1 revenue by end market was generally as expected and included Industrial & Defense at $61.6 million, Telecom at $51.5 million and Data Center at $35.4 million. Industrial & Defense was up 29% sequentially. Telecom was down 7% sequentially and Data Center was down 20% sequentially. As indicated by our positive book-to-bill ratio, the demand for our products has strengthened. As we look forward, we believe that our I&D business will continue to perform well, that our Telecom business will begin to benefit when China's telecom carriers resume their 5G build-outs and that our Data Center business will begin to steadily improve as cloud service providers and enterprise demand increases.

我們按終端市場劃分的第一季度收入總體上符合預期，其中工業和國防為 6160 萬美元，電信為 5150 萬美元，數據中心為 3540 萬美元。工業與國防連續上漲 29%。電信連續下跌 7%，數據中心連續下跌 20%。正如我們積極的訂單出貨比所表明的那樣，對我們產品的需求有所增強。展望未來，我們相信我們的 I&D 業務將繼續表現良好，當中國電信運營商恢復 5G 建設時，我們的電信業務將開始受益，而我們的數據中心業務將作為雲服務提供商開始穩步改善企業需求增加。

Q1 was a positive start to our fiscal 2021, and we believe we are on plan to meet our financial and technical objectives. Our goals for the fiscal year include: at least 10% year-over-year revenue growth, expanding our product and technology portfolio to drive long-term growth, improving our sales strategies to win market share, focusing on engineering excellence and ramping new product introductions and optimizing the efficiency of our operations to improve profitability and cash flow.

第一季度是我們 2021 財年的良好開端，我們相信我們正在按計劃實現我們的財務和技術目標。我們本財年的目標包括：收入同比增長至少 10%，擴大我們的產品和技術組合以推動長期增長，改進我們的銷售策略以贏得市場份額，專注於卓越的工程設計並推出新產品介紹和優化我們的運營效率，以提高盈利能力和現金流。

The semiconductor industry has recently seen a broad increase in demand. We believe this is causing higher-than-normal levels of utilization within some portions of our supply chain, particularly at external foundry partners as well as our assembly and test suppliers in Asia. We do not expect this temporary tightening to have an impact on our ability to service customers. Our operations team does an excellent job working with our key suppliers to ensure our goals are met.

半導體行業最近出現了廣泛的需求增長。我們認為，這導致我們供應鏈某些部分的利用率高於正常水平，特別是在外部代工合作夥伴以及我們在亞洲的組裝和測試供應商。我們預計這種臨時收緊不會影響我們為客戶提供服務的能力。我們的運營團隊在與主要供應商的合作中表現出色，以確保實現我們的目標。

We manufacture a portion of our semiconductor product portfolio internally. In fact, we believe our wafer foundries in Massachusetts and Michigan provide us a competitive advantage. These facilities manufacture differentiated compound semiconductor process technologies that are at the foundation of some portions of our broad product portfolio.

我們在內部製造部分半導體產品組合。事實上，我們相信我們在馬薩諸塞州和密歇根州的晶圓代工廠為我們提供了競爭優勢。這些設施製造差異化的化合物半導體工藝技術，這些技術是我們廣泛產品組合某些部分的基礎。

Our long-term strategic plan includes continuous development of compelling semiconductor process technology and installing best-in-class infrastructure at each of our fabs. This strategy enables differentiation, which ultimately supports the creation of unique products that can drive highly profitable growth. As part of our strategic review, we have concluded that a high-performance microwave and millimeter wave GaN on Silicon Carbide mimic process is a critical must-have technology.

我們的長期戰略計劃包括持續開發引人注目的半導體工藝技術，並在我們的每個晶圓廠安裝一流的基礎設施。這一戰略實現了差異化，最終支持創造獨特的產品，推動高利潤增長。作為我們戰略審查的一部分，我們得出結論，碳化矽模擬工藝上的高性能微波和毫米波 GaN 是一項關鍵的必備技術。

On Monday, we announced that MACOM has entered into a cooperative research and development agreement, or CRADA, with the United States Air Force's Research Laboratory, also known as AFRL. MACOM will collaborate with AFRL to transfer their production-ready 0.14 micron GaN on Silicon Carbide semiconductor process into our fab in Massachusetts. This production-ready process has exceptional performance, and as an example, the process achieves industry-leading power density. This technology is ideal for very high-frequency, very high-power amplifiers.

週一，我們宣布 MACOM 已與美國空軍研究實驗室（也稱為 AFRL）簽訂合作研發協議或 CRADA。 MACOM 將與 AFRL 合作，將其生產就緒的 0.14 微米碳化矽基 GaN 半導體工藝轉移到我們位於馬薩諸塞州的工廠。這種可用於生產的工藝具有卓越的性能，例如，該工藝實現了行業領先的功率密度。該技術非常適用於超高頻、超高功率放大器。

We will use this process to develop unique products that target high-performance noncommodity applications. Specifically, this new capability will enable us to expand our product offerings to customers in the aerospace and defense, test and instrumentation and satellite communications industries. Based on customer engagements, competitive analysis, benchmarking and industry reports, we believe the demand for this technology is rapidly expanding.

我們將使用此過程開發針對高性能非商品應用程序的獨特產品。具體而言，這一新功能將使我們能夠將我們的產品範圍擴展到航空航天和國防、測試和儀器儀表以及衛星通信行業的客戶。基於客戶參與、競爭分析、基準測試和行業報告，我們相信對這項技術的需求正在迅速擴大。

This effort is expected to be additive to our SAM and complementary to our existing RF, power and gas mimic growth strategies. Simply put, this effort establishes a new growth opportunity for MACOM based on a proven best-in-class millimeter wave GaN on Silicon Carbide mimic process. MACOM is already actively supporting this project, and we expect to launch our first products in calendar 2022.

這項工作有望成為我們 SAM 的補充，並補充我們現有的 RF、電力和氣體模擬增長戰略。簡而言之，這項工作基於經過驗證的一流毫米波碳化矽基 GaN 模擬工藝，為 MACOM 創造了新的增長機會。 MACOM 已經在積極支持這個項目，我們預計在 2022 年推出我們的第一批產品。

Now turning to more specifics in our 3 end markets in Q1. Our industrial and defense end market revenue was driven in part by strengthening demand from a variety of U.S. defense programs. Over the past few quarters, we have implemented new strategies to initiate growth, including increased cross-selling of all our technologies into the market, improving our sales channels, refocusing on key accounts and developing additional standard and custom products, which will appeal directly to current and potential customers.

現在轉向我們第一季度的 3 個終端市場的更多細節。我們的工業和國防終端市場收入部分是由美國各種國防項目的需求增加推動的。在過去的幾個季度裡，我們實施了新的戰略來啟動增長，包括增加我們所有技術在市場上的交叉銷售、改善我們的銷售渠道、重新關注關鍵客戶以及開發更多的標準和定制產品，這將直接吸引當前和潛在客戶。

As a reminder, this market consists of a variety of end applications, including long-term U.S. defense programs, satellite communication applications, MILCOM and public safety handheld radio applications, test and measurement equipment and other industrial applications. We believe that it will take time to grow our business in I&D given the long design and cycles in these markets, but we are pleased to see the early signs of traction in Q1. Based on program wins and backlog, we see our Industrial & Defense business remaining strong over the course of fiscal year 2021. Longer term, we view this end market as having tremendous growth potential for MACOM.

提醒一下，這個市場由各種終端應用組成，包括美國長期國防計劃、衛星通信應用、MILCOM 和公共安全手持無線電應用、測試和測量設備以及其他工業應用。我們認為，鑑於這些市場的設計和周期較長，我們在 I&D 方面的業務增長需要時間，但我們很高興看到第一季度出現牽引力的早期跡象。根據贏得的項目和積壓的訂單，我們認為我們的工業和國防業務在 2021 財年保持強勁。從長遠來看，我們認為這個終端市場對 MACOM 具有巨大的增長潛力。

Our telecom end market revenue was down in Q1, driven by softness in 5G, and we expect weakness to remain throughout Q2. We anticipate our Telecom business will begin to improve when the China carriers begin their 2021 5G deployments. We believe we have a strong and expanding position in 5G with our high-performance analog ICs, front-end modules and emerging laser portfolio. While we still have limited visibility as to the exact timing of the resumption of China's 5G deployments, current indications are that tender activity will start to pick up in March or April after Chinese New Year.

受 5G 疲軟的推動，我們的電信終端市場收入在第一季度下降，我們預計整個第二季度都將保持疲軟。我們預計，當中國運營商開始 2021 年 5G 部署時，我們的電信業務將開始改善。我們相信，憑藉我們的高性能模擬 IC、前端模塊和新興激光產品組合，我們在 5G 領域擁有強大且不斷擴大的地位。雖然我們對中國恢復 5G 部署的確切時間仍然知之甚少，但目前的跡象表明，招標活動將在農曆新年後的 3 月或 4 月開始回升。

Nevertheless, we feel the long-term secular growth opportunity in 5G remains intact as worldwide demand for improved connectivity at higher data rates will continue to grow. We continue to view global 5G infrastructure deployments as a key growth driver for MACOM revenue in the coming years. MACOM is present across the 5G network with wireless RF products and antenna systems as well as high-performance analog products in fronthaul and mid-haul and coherent driver in TIAs in metro long-haul optical systems. Today, we are only delivering on a fraction of our potential, and we anticipate further expanding our current 5G portfolio with 25G FP and DFB lasers; 25G Avalanche Photodiodes, or APDs; and more discrete RF components; and more high-performance analog and mixed-signal ICs.

儘管如此，我們認為 5G 的長期長期增長機會仍然完好，因為全球對以更高數據速率改善連接的需求將繼續增長。我們繼續將全球 5G 基礎設施部署視為未來幾年 MACOM 收入的主要增長動力。 MACOM 在整個 5G 網絡中都有無線射頻產品和天線系統，以及前傳和中傳中的高性能模擬產品以及城域長途光學系統中 TIA 中的相干驅動器。今天，我們只發揮了我們潛力的一小部分，我們預計將通過 25G FP 和 DFB 激光器進一步擴展我們當前的 5G 產品組合； 25G 雪崩光電二極管，或 APD；和更多的分立射頻元件；以及更多高性能模擬和混合信號 IC。

Outside of 5G, certain portions of our telecom product portfolio performed well in Q1, including 2.5G PON products, telecom mimics and crosspoint switches, which address submarkets like cable TV and video broadcast. I will highlight that our 10G PON -- that 10G PON is an area of focus for MACOM engineering, and in the future, we expect to offer more products for this application.

在 5G 之外，我們電信產品組合的某些部分在第一季度表現良好，包括 2.5G PON 產品、電信模擬和交叉點交換機，這些產品適用於有線電視和視頻廣播等子市場。我將強調我們的 10G PON——10G PON 是 MACOM 工程的重點領域，在未來，我們希望為該應用提供更多產品。

Our Data Center end market revenue was down in Q1 as our customers continued to consume inventory following a period of multiple quarters of strong sequential revenue growth. We expect future growth to be supported by our 100G high-performance analog products and our emerging 400G analog products. I'll note that our international data center growth has been driven by Asia-based data center expansion, where we sell both 25G and 100G analog products.

我們的數據中心終端市場收入在第一季度下降，因為我們的客戶在經歷了多個季度的強勁連續收入增長後繼續消耗庫存。我們預計未來的增長將得到我們的 100G 高性能模擬產品和新興的 400G 模擬產品的支持。我會指出，我們的國際數據中心增長是由亞洲數據中心擴張推動的，我們在那裡銷售 25G 和 100G 模擬產品。

I would next like to update investors on our Data Center growth strategy. I'll start by noting that we typically target short-reach applications inside the data center, ranging from 50 meters to 5 kilometers. These applications are generally the highest volume applications, and we find that customers are very supportive of evaluating MACOM's high-performance analog solutions. Example applications include 100G CWDM4 and 100G SR4. We believe CWDM4 and SR4 production volumes will continue to grow over the next 5 years. Some industry reports predict 2024 volumes will be 2 to 3x higher than today's volumes. Therefore, it is a priority to service these short-reach applications with current and new products.

接下來我想向投資者介紹我們的數據中心增長戰略。首先我要指出，我們通常針對數據中心內的短距離應用程序，範圍從 50 米到 5 公里。這些應用通常是容量最大的應用，我們發現客戶非常支持評估 MACOM 的高性能模擬解決方案。示例應用包括 100G CWDM4 和 100G SR4。我們相信 CWDM4 和 SR4 的產量將在未來 5 年內繼續增長。一些行業報告預測，2024 年的交易量將比今天高出 2 到 3 倍。因此，優先考慮使用現有產品和新產品為這些短距離應用提供服務。

We also believe there is an opportunity to gain market share in CWDM4. Further, we note that short-reach 400G and 800G applications are now emerging and will grow over the next 5 years. To participate, we are working on next-generation analog solutions, which, when combined together, can support these higher data rates. We have tremendous high-performance analog CDR design capability. However, there are other product areas which are generating growth potential for MACOM in the data center. First, we will continue to develop advanced high-speed TIA and laser driver products. I'll note some customers have expertise in DSP and/or silicon photonics, and they seek to work with us to develop customized, best-in-class TIA and driver solutions as we are a merchant supplier with leading TIA and driver technology.

我們還相信有機會在 CWDM4 中獲得市場份額。此外，我們注意到短距離 400G 和 800G 應用正在興起，並將在未來 5 年內增長。為了參與，我們正在研究下一代模擬解決方案，這些解決方案結合在一起時可以支持這些更高的數據速率。我們擁有強大的高性能模擬CDR設計能力。然而，還有其他產品領域正在為數據中心的 MACOM 帶來增長潛力。首先，我們將繼續開發先進的高速TIA和激光驅動器產品。我會注意到一些客戶在 DSP 和/或矽光子學方面擁有專業知識，他們尋求與我們合作開發定制的一流 TIA 和驅動器解決方案，因為我們是擁有領先 TIA 和驅動器技術的商業供應商。

Second, we are developing a broad portfolio of laser products, including 25G DFB lasers for use in PAM4 applications. In addition, we will offer low, medium and high-power CW lasers to customers who wish to use their own silicon photonics.

其次，我們正在開發廣泛的激光產品組合，包括用於 PAM4 應用的 25G DFB 激光器。此外，我們將為希望使用自己的矽光子學的客戶提供低、中和高功率 CW 激光器。

Third, we will leverage our silicon photonic technology into the Data Center, first, for 400G DR1 and DR4, where today we have limited exposure. Our initial product launches will be photonic ICs.

第三，我們將利用我們的矽光子技術進入數據中心，首先是 400G DR1 和 DR4，目前我們在這方面的曝光有限。我們最初推出的產品將是光子 IC。

Fourth, we will continue to look for ways to gain market share, and we seek new applications inside the Data Center. As an example, we see customers considering to use -- considering use of copper cables in very, very short-reach applications, which might be a new opportunity for MACOM.

第四，我們將繼續尋找獲得市場份額的方法，並在數據中心內尋求新的應用。例如，我們看到客戶考慮使用 - 考慮在距離非常短的應用中使用銅纜，這可能是 MACOM 的新機會。

And last, we will continue to ramp production on our existing 100G PAM4 DSP, which is targeting DR1 applications. We believe our lead customer will continue to increase production volumes over the next few years. Aside from that program, we will pursue new opportunities to gain market share with our existing PRISM DSP.

最後，我們將繼續提高現有 100G PAM4 DSP 的產量，該 DSP 的目標是 DR1 應用。我們相信我們的主要客戶將在未來幾年繼續增加產量。除了該計劃外，我們還將尋求新的機會，通過我們現有的 PRISM DSP 獲得市場份額。

In summary, given our unique technology portfolio and design capability, we believe we have tremendous growth opportunities inside and around the Data Center.

總之，鑑於我們獨特的技術組合和設計能力，我們相信我們在數據中心內部和周圍擁有巨大的增長機會。

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. We had another sound quarter of financial performance for our first fiscal quarter of 2021, posting sequential improvement in revenue, margins and earnings per share.

謝謝你，史蒂夫。我們在 2021 年第一財季的財務業績又是一個良好的季度，收入、利潤率和每股收益均有所改善。

Revenue for our first quarter ended on January 1, 2021, was $148.5 million, up approximately 1% from our fiscal Q4. The sequential improvement in revenue was driven by strength in the industrial and defense end market, which more than offset anticipated declines in Data Center and Telecom. On a geographic basis, approximately 43% of our Q1 revenue was from domestic customers, sequentially up from 36% in Q4.

我們截至 2021 年 1 月 1 日的第一季度收入為 1.485 億美元，比第四財季增長約 1%。收入的連續改善是由工業和國防終端市場的強勁推動的，這大大抵消了數據中心和電信的預期下滑。按地域劃分，我們第一季度約 43% 的收入來自國內客戶，高於第四季度的 36%。

Adjusted gross profit in fiscal Q1 was $85.4 million or 57.5% of revenue. Adjusted gross margin was up 110 basis points sequentially. The sequential improvement in gross margin was supported by ongoing continuous improvement initiatives that we have underway at MACOM. These include increased manufacturing efficiencies around production cycle times, utilization and scrap reduction as well as supply chain and logistics enhancements. We feel there will be additional opportunities for us to continue improving our gross margins as we move forward.

第一財季調整後的毛利為 8540 萬美元，佔收入的 57.5%。調整後毛利率環比上升 110 個基點。我們在 MACOM 正在進行的持續改進計劃支持了毛利率的連續改善。其中包括圍繞生產週期時間、利用率和廢料減少以及供應鍊和物流改進提高製造效率。我們認為，隨著我們的前進，我們將有更多機會繼續提高毛利率。

Total adjusted operating expense was $47.6 million, consisting of R&D expense of $31.8 million and SG&A expense of $15.8 million. Operating expenses were down $1.2 million sequentially, primarily due to our ongoing company-wide focus on expense management. One area of focus for us has been the optimization of our worldwide office lease footprint. Over the last several quarters, we have continued to consolidate offices, implement subleases in space that was underutilized and also exit facilities that were no longer needed. The net result of these actions has been around a 10% reduction in square footage, which helps drive savings well beyond rent expense. These efforts are ongoing, and we are continuously looking for innovative ways to improve the efficiency of our facilities.

調整後的運營費用總額為 4760 萬美元，其中包括 3180 萬美元的研發費用和 1580 萬美元的 SG&A 費用。運營費用環比下降 120 萬美元，這主要是由於我們在全公司範圍內持續關注費用管理。我們關注的一個領域是優化我們的全球辦公室租賃足跡。在過去的幾個季度裡，我們繼續整合辦公室，對未充分利用的空間進行轉租，並退出不再需要的設施。這些行動的最終結果是建築面積減少了 10% 左右，這有助於節省的費用遠遠超過租金支出。這些努力正在進行中，我們也在不斷尋找創新方法來提高我們設施的效率。

This is just one example of the many internal initiatives we have in place. Our operations and administrative teams remain highly focused on the details of our operations to find ways to manage our discretionary spending. I would like to note that we do maintain a long-term perspective on our R&D spending, and we will carefully continue to balance the management of our discretionary spending with investments in new product development and other growth opportunities.

這只是我們實施的眾多內部舉措中的一個例子。我們的運營和行政團隊仍然高度關注我們的運營細節，以找到管理我們可自由支配支出的方法。我想指出的是，我們確實對研發支出保持著長遠的眼光，我們將謹慎地繼續平衡可自由支配支出的管理與對新產品開發和其他增長機會的投資。

Looking ahead to Q2, we expect operating expenses to increase modestly from Q1 levels. Adjusted operating income in fiscal Q1 was $37.8 million, up from $34.1 million in fiscal Q4. Adjusted operating margin was 25.4% for fiscal Q1, sequentially up from 23.2% in Q4. We are pleased to note that it's been more than 13 quarters since we have recorded adjusted operating margin in excess of 25% of revenue. We expect the combination of top line growth, improving gross margins and/or stable operating expenses to provide continued operating leverage over the remainder of fiscal 2021.

展望第二季度，我們預計運營費用將從第一季度的水平小幅增長。第一財季調整後營業收入為 3780 萬美元，高於第四財季的 3410 萬美元。第一財季調整後營業利潤率為 25.4%，高於第四季度的 23.2%。我們很高興地註意到，自從我們記錄調整後的營業利潤率超過收入的 25% 以來，已經超過 13 個季度了。我們預計營收增長、毛利率提高和/或運營費用穩定將在 2021 財年剩餘時間內提供持續的運營槓桿。

Depreciation expense for fiscal Q1 was $6.2 million, and adjusted EBITDA was $44 million. We posted another increase in trailing 12-month adjusted EBITDA, which came in at approximately $148 million as compared to last 12-month EBITDA of $124 million for fiscal fourth quarter. Fiscal Q1 adjusted net interest expense was $4.2 million, roughly in line with fiscal Q4 2020. Looking ahead, depending on interest rates, we expect adjusted net interest expense to remain roughly at this level.

第一財季的折舊費用為 620 萬美元，調整後的 EBITDA 為 4400 萬美元。我們公佈了過去 12 個月調整後的 EBITDA 的另一個增長，約為 1.48 億美元，而去年第四財季的 12 個月 EBITDA 為 1.24 億美元。第一財季調整後的淨利息支出為 420 萬美元，與 2020 財年第四季度大致持平。展望未來，根據利率，我們預計調整後的淨利息支出將大致保持在這一水平。

Our adjusted income tax rate in fiscal Q1 was 5%, in line with our expectations, and resulted in an expense of approximately $1.7 million. We expect our adjusted income tax rate to stay at 5% for at least the remainder of fiscal 2021, and we expect to continue to have relatively low cash tax payments. Fiscal Q1 adjusted net income was $32.2 million compared to $27.6 million in fiscal Q4. Adjusted earnings per fully diluted share was $0.46, utilizing a share count of 69.8 million shares compared to $0.40 of adjusted earnings per share in fiscal Q4.

我們在第一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 170 萬美元的費用。我們預計至少在 2021 財年的剩餘時間內，調整後的所得稅率將保持在 5%，並且我們預計現金稅支付將繼續保持在較低水平。第一財季調整後的淨收入為 3220 萬美元，而第四財季為 2760 萬美元。調整後每股完全攤薄收益為 0.46 美元，使用 6980 萬股股票，而第四財季調整後每股收益為 0.40 美元。

Now moving on to cash flow and balance sheet items. I would like to note that in November, we issued approximately 850,000 shares of stock related to a cashless exercise of warrants. The warrants dated back to the time of our IPO in 2012 and were primarily held by Summit Partners. These warrants were scheduled to expire in December 2020. The warrants had historically been carried on our balance sheet as a liability at their fair value. Each quarter, we recorded increases and decreases in the value of the warrants on our GAAP income statement as noncash gains or losses below operating income. This was historically one of the larger items in our reconciliation of GAAP to non-GAAP financial metrics. Based on the accounting treatment of these warrants, the November transaction had no impact on our non-GAAP income statement, our cash flows and substantially no impact on our diluted share count.

現在轉向現金流量和資產負債表項目。我想指出，在 11 月，我們發行了大約 850,000 股與無現金認股權證相關的股票。認股權證可以追溯到我們 2012 年首次公開募股時，主要由 Summit Partners 持有。這些認股權證原定於 2020 年 12 月到期。這些認股權證歷來以其公允價值計入我們的資產負債表。每個季度，我們都會在 GAAP 損益表中將認股權證價值的增減記錄為低於營業收入的非現金損益。從歷史上看，這是我們將 GAAP 與非 GAAP 財務指標進行核對的較大項目之一。根據對這些認股權證的會計處理，11 月的交易對我們的非 GAAP 損益表、現金流量沒有影響，對我們稀釋後的股份數量基本沒有影響。

Fiscal Q1 was another strong quarter for cash flow. Q1 cash flow from operations was $34.8 million, driven primarily by the improvements in operating profit. Cash flow from operations represented just over 100% of our adjusted net income. Directionally speaking, over time, as we go forward, we believe cash flow from operations should run at a comparable amount of our adjusted non-GAAP net income. Capital expenditures totaled $2.9 million for fiscal Q1, and free cash flow was $31.9 million for the first fiscal quarter. We do anticipate higher quarterly capital expenditures during the remainder of our fiscal year as we continue to make investments in our R&D and fab infrastructure, inclusive of the 0.14 micron GaN on Silicon Carbide program Steve noted earlier.

第一財季是另一個現金流強勁的季度。第一季度運營現金流為 3480 萬美元，主要受運營利潤改善的推動。來自運營的現金流占我們調整後淨收入的 100% 以上。從方向上講，隨著時間的推移，隨著我們前進，我們認為來自運營的現金流量應該與我們調整後的非 GAAP 淨收入相當。第一財季的資本支出總計 290 萬美元，第一財季的自由現金流為 3190 萬美元。我們確實預計在本財年的剩餘時間裡季度資本支出會增加，因為我們將繼續投資我們的研發和晶圓廠基礎設施，包括史蒂夫之前提到的碳化矽上 0.14 微米 GaN 項目。

Our Q1 accounts receivable balance was $55.2 million, up from $45.9 million in Q4. As a result, days sales outstanding were 34 days. I would note that we had an exceptional quarter for collections in fiscal Q4. And while our Q1 accounts receivable balance was up around $9 million sequentially, our DSO has been improving over the past few quarters and in line with industry metrics. Inventories were $89 million at quarter end, down another $2.6 million sequentially. Inventory turns were 2.8x during the first fiscal quarter. Inventory management remains an area of emphasis, and we see ongoing opportunities to further improve these metrics going forward.

我們第一季度的應收賬款餘額為 5520 萬美元，高於第四季度的 4590 萬美元。結果，未完成銷售天數為 34 天。我要指出的是，我們在第四財季的收款季度表現出色。雖然我們第一季度的應收賬款餘額環比增加了約 900 萬美元，但我們的 DSO 在過去幾個季度一直在改善，並符合行業指標。季度末存貨為 8900 萬美元，環比又減少 260 萬美元。第一財季庫存周轉率為 2.8 倍。庫存管理仍然是一個重點領域，我們看到了進一步改進這些指標的持續機會。

Cash, cash equivalents and short-term investments for the first fiscal quarter were $355 million, up $22 million from Q4. Our short-term investments are comprised of liquid, high-quality corporate bonds and commercial paper and are classified as held for sale. Long-term debt of $658 million is covenant-light and has minimal annual principal repayments until its maturity in May 2024. In addition, we have $30 million of finance leases. With the increases in our cash position and the improving -- improvements in trailing 12-month EBITDA, we exit the quarter with a net leverage ratio of around 2.8x.

第一財季的現金、現金等價物和短期投資為 3.55 億美元，比第四季度增加 2200 萬美元。我們的短期投資包括流動性強的優質公司債券和商業票據，並歸類為持有待售。 6.58 億美元的長期債務是輕型債務，在 2024 年 5 月到期之前每年的本金償還最少。此外，我們還有 3000 萬美元的融資租賃。隨著我們現金頭寸的增加和過去 12 個月 EBITDA 的改善，我們以 2.8 倍左右的淨槓桿率退出本季度。

In summary, we would like to thank all of the hard-working MACOM employees who continue to help drive these operational and financial improvements. We believe that fiscal year 2021 is off to a solid start. As I've previously noted on numerous occasions, we believe there continues to be more for us to do to continuously improve the business and achieve our longer-term objectives over the course of fiscal 2021 and beyond.

總之，我們要感謝所有辛勤工作的 MACOM 員工，他們繼續幫助推動這些運營和財務改進。我們相信 2021 財年開局良好。正如我之前在許多場合指出的那樣，我們相信在 2021 財年及以後，我們還有更多工作要做，以不斷改進業務並實現我們的長期目標。

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 Q2, ending April 2, 2021, to be in the range of $148 million to $152 million, which is approximately 18% year-over-year growth at the midpoint. Adjusted gross margin is expected to be in the range of 57% to 59%, and adjusted earnings per share is expected to be between $0.46 and $0.50 based on 70.2 million fully diluted shares. In Q2, when compared to Q1, we expect Industrial & Defense to grow around 10%, Data Center to be flat and Telecom to be down approximately 10%.

謝謝你，傑克。 MACOM 預計，截至 2021 年 4 月 2 日的第二季度收入將在 1.48 億美元至 1.52 億美元之間，中點同比增長約 18%。調整後的毛利率預計在 57% 至 59% 之間，基於 7020 萬股完全稀釋後的每股收益預計在 0.46 美元至 0.50 美元之間。在第二季度，與第一季度相比，我們預計工業和國防將增長 10% 左右，數據中心將持平，而電信將下降約 10%。

In summary, we stand in front of a multibillion-dollar SAM with a unique technology portfolio. In any given quarter, we expect some end markets will experience periods of high growth and periods of low growth and possibly even negative growth, which is normal for our industry. For these reasons, our strategy is to establish a diverse portfolio of products, customers and end markets. We maintain a long-term perspective on executing our strategy, and we will work to manage our business to be profitable throughout all business cycles. We are confident we can continue to improve our financials and take market share in the months and years ahead.

總之，我們站在價值數十億美元、擁有獨特技術組合的 SAM 面前。在任何給定的季度，我們預計一些終端市場將經歷高增長期和低增長期，甚至可能出現負增長，這對我們行業來說是正常的。出於這些原因，我們的戰略是建立多元化的產品、客戶和終端市場組合。我們在執行我們的戰略時保持長遠的眼光，我們將努力管理我們的業務，使其在所有業務週期中都能盈利。我們有信心在未來數月和數年內繼續改善我們的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 Harsh Kumar with Piper Sandler.

（操作員說明）我們的第一個問題來自 Harsh Kumar 和 Piper Sandler 的台詞。

First of all, huge congratulations, tremendous execution. And Steve, boy, you weren't kidding when you said you guys were focused on supply chain and operational enhancements. So a tremendous move there. I just had a couple of questions. So revenues are going up. Your largest end market, telecom is -- sorry, industrial and defense is starting to move. Your OpEx is coming down. You mentioned some real estate type benefits where you consolidated some facilities, but was there any operational stuff that was done relative to people or other measures in that?

首先，非常祝賀，巨大的執行力。史蒂夫，男孩，當你說你們專注於供應鍊和運營改進時，你不是在開玩笑。所以這是一個巨大的舉動。我只是有幾個問題。所以收入在增加。你最大的終端市場，電信是——抱歉，工業和國防正在開始行動。您的運營支出正在下降。您在合併一些設施時提到了一些房地產類型的好處，但是是否有任何與人員或其他措施相關的運營工作？

Harsh, thank you for those comments. So no, nothing particular to call out regarding staffing levels. In fact, we're in the mode of hiring, and we would expect to continue to hire throughout the year. You are correct, though, to point out that we have been very focused on controlling costs. If we look at our overall OpEx from our fiscal '19 to fiscal '20, it came down about 20%. As we exited our fiscal '20, we feel that our OpEx level is at the right level, let's say. We're able to execute our R&D plans. We're looking at investing in new technologies, as we highlighted, with our GaN on Silicon Carbide project. And we are also, at the same time, very focused on running a more efficient business, and maybe Jack can comment on some of the programs in more detail.

苛刻，謝謝你的評論。所以不，關於人員配備水平沒有什麼特別需要注意的。事實上，我們正處於招聘模式，我們預計全年都會繼續招聘。不過，您指出我們一直非常專注於控製成本是正確的。如果我們看看我們從 19 財年到 20 財年的整體運營支出，它下降了約 20%。當我們退出 20 財年時，我們認為我們的 OpEx 水平處於正確的水平，比方說。我們能夠執行我們的研發計劃。正如我們強調的那樣，我們正在考慮通過我們的碳化矽基 GaN 項目投資新技術。同時，我們也非常專注於運營更高效的業務，也許傑克可以更詳細地評論一些計劃。

Thanks, Steve. Harsh, as Steve noted, we do have a number of initiatives. In my prepared remarks, I did talk about some of the office lease initiatives that we have underway, but there's numerous items that we have that continue beyond operating expenses, and operating expenses comprises both R&D and SG&A. We are in that hiring mode that Steve had noted, but we're also in the mode of making sure we can focus on our operating expenses and reduce unnecessary costs where possible. There probably is some bit of a reduction that we've seen over the past year as a result of COVID, primarily on the travel front. But that's, I'd say, in the noise levels, but something that would be a headwind once we emerge from the COVID time.

謝謝，史蒂夫。正如史蒂夫指出的那樣，我們確實有很多舉措。在我準備好的發言中，我確實談到了我們正在進行的一些辦公室租賃計劃，但我們還有許多項目在運營費用之外繼續進行，運營費用包括研發和 SG&A。我們處於史蒂夫提到的那種招聘模式，但我們也處於確保我們可以專注於我們的運營支出並儘可能減少不必要成本的模式。由於 COVID，我們在過去一年中看到了一些減少，主要是在旅行方面。但是，我想說的是，在噪音水平上，但一旦我們擺脫 COVID 時代，這將是一個不利因素。

Understood, guys. And for my follow-up, Steve, a question for you. One question that we get a lot from investors is, how do you size the new markets that you're going to enter in second half, call it, lasers and silicon photonics. So a, what is the size? And then what is your available opportunity within that? And then maybe you could update us on timing as well, and then I'll be done with my questions.

明白了，伙計們。對於我的後續行動，史蒂夫，有一個問題要問你。我們從投資者那裡得到的一個問題是，你如何衡量你將在下半年進入的新市場，稱之為激光和矽光子學。那麼，尺寸是多少？那麼你在其中的可用機會是什麼？然後也許你也可以更新我們的時間安排，然後我就可以完成我的問題了。

Sure. Well, first of all, I think it's very difficult to size the overall laser market because we are in 3 very different end markets, including access infrastructure, mobile fronthaul infrastructure and even backhaul infrastructure and then also the data center. And so depending on what you include in terms of the overall SAM for those 3 large markets, the number will vary quite a bit. So I would be hesitant to, first of all, size that SAM for you. And by the way, by extension, I would almost apply the same logic to silicon photonics. It really depends on what we include in those end markets.

當然。嗯，首先，我認為很難確定整個激光市場的規模，因為我們處於 3 個截然不同的終端市場，包括接入基礎設施、移動前傳基礎設施，甚至回傳基礎設施，然後是數據中心。因此，根據您在這 3 個大型市場的整體 SAM 中包含的內容，數字會有很大差異。所以我會猶豫，首先要為你確定 SAM 的尺寸。順便說一句，推而廣之，我幾乎會將相同的邏輯應用於矽光子學。這實際上取決於我們在這些終端市場中包含的內容。

I will say, regarding the timing, I'll say a few words about each. We have made tremendous progress on our laser development. And if you remember, at CIOE, back in September, we actually demonstrated to the market a 25G DFB for very specific 5G applications, where we demonstrated that we had product that worked in CWDM6, MWDM12 and a variety of other standards. The reason why this is important is, as the fronthaul infrastructure is being developed in China, specifically, we see that the operators are using different wavelengths and different modulation schemes. And when you add up all the different wavelengths for all the different modulation schemes, you literally get dozens of wavelengths. And I'll highlight that some of these lasers are operating at different temperature ranges, including what they call itemp or etemp or gtemp.

我要說的是，關於時間安排，我將對每一個說幾句話。我們在激光開發方面取得了巨大進步。如果您還記得，在 9 月的 CIOE 上，我們實際上向市場展示了用於非常特定的 5G 應用的 25G DFB，我們在那裡展示了我們的產品適用於 CWDM6、MWDM12 和各種其他標準。這一點很重要的原因是，隨著前傳基礎設施在中國的發展，具體來說，我們看到運營商正在使用不同的波長和不同的調製方案。當您將所有不同調製方案的所有不同波長相加時，您實際上會得到幾十個波長。我要強調的是，其中一些激光器在不同的溫度範圍內運行，包括它們所謂的 itemp 或 etemp 或 gtemp。

So it's a very complicated matrix. And the good news is since September, when we made those demonstrations, we went through a phase of sampling customers really over the past 6 months. We've had very positive feedback on the performance of our lasers. I would say that we are now moving into that phase where customers are more seriously looking at the product and going through a selection process. And we think that overall, we will have very favorable results as we get to -- we start to get qualifications. I can tell you that just generally speaking, in terms of 5G fronthaul modules, there's roughly 8 million to 10 million modules manufactured a year, and that's sort of based on 600,000 base stations. That number will change. We think over time, it will go up. And then if you look at how the operators are laying down their fiber, we'll see that some of those modules might have 6 different lasers in them or 12 different lasers in them, depending on the application.

所以這是一個非常複雜的矩陣。好消息是自 9 月以來，當我們進行這些演示時，我們在過去 6 個月中經歷了一個客戶抽樣階段。我們的激光器性能得到了非常積極的反饋。我想說的是，我們現在正進入客戶更加認真地看待產品並進行選擇過程的階段。我們認為，總的來說，我們將獲得非常有利的結果——我們開始獲得資格。我可以告訴你，一般來說，就 5G 前傳模塊而言，每年大約生產 800 萬到 1000 萬個模塊，這是基於 60 萬個基站。這個數字會改變。我們認為隨著時間的推移，它會上升。然後如果你看看操作員是如何鋪設光纖的，我們會發現其中一些模塊可能有 6 個不同的激光器或 12 個不同的激光器，具體取決於應用。

So all I -- to summarize, I would say that we are in a very good position right now. As we look at the back half of our year, we are tempering our expectation. We know that these qualifications take time. And so I would only recommend that investors recognize that we are setting ourselves up for success here, but we're keeping very modest expectations in the back half of our fiscal year.

因此，總而言之，我想說我們現在處於非常有利的位置。當我們回顧今年的下半年時，我們正在降低我們的期望。我們知道這些資格需要時間。因此，我只建議投資者認識到我們正在為成功做好準備，但我們在本財年的後半段保持非常適度的期望。

Regarding silicon photonics, the work there is primarily focused on launching our first products, which means we need to complete the development. We are focused on basically 400G applications. We do not believe we'll be launching a product this fiscal year, but we will be getting very close to completing the development work. So regarding expectations for revenue contributions in the back half of our fiscal year, I would say that you should take that out of your models. It's more of a fiscal '22 activity.

關於矽光子，那裡的工作主要集中在推出我們的第一個產品，這意味著我們需要完成開發。我們基本上專注於 400G 應用。我們不相信我們會在本財政年度推出產品，但我們將非常接近完成開發工作。因此，關於我們財政年度下半年的收入貢獻預期，我想說你應該把它從你的模型中去掉。這更像是一項財政 '22 活動。

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。

Congratulations on the really nice results. My question was just around the shape of the fiscal year. You're seeing this I&D business now that's growing pretty strong double digits. You talked about 10% growth. I'm sure that's a soft target, I'm sure internal expectations are to outgrow that. But could you talk about what you're seeing in the second half that kind of gets you to that double-digit range? You keep seeing this growth on the I&D side, I mean, you get there pretty easily. Are you looking at Telecom and data com (sic) [Data Center] and expecting some weakness from one of those in the back half that kind of offsets? Any color around just the moving pieces into the back half would be really helpful.

祝賀你取得了非常好的結果。我的問題是關於財政年度的形式。你現在看到這個 I&D 業務正在以兩位數的速度增長。你談到了 10% 的增長。我確信這是一個軟目標，我確信內部期望會超過它。但是你能談談你在下半場看到的那種讓你達到兩位數範圍的東西嗎？你不斷看到 I&D 方面的這種增長，我的意思是，你很容易到達那裡。您是否在關注電信和數據通信（原文如此）[數據中心]，並期望後半部分的其中一個出現一些弱點？只是移動到後半部分的任何顏色都會非常有幫助。

Yes. Thank you. So we do expect our I&D business to continue to be strong this fiscal year. We're very confident of that. We are hedging our expectations for Data Center and Telecom for some of the reasons that I stated earlier on Telecom, specifically the -- sort of that unknown of what will be happening in China regarding the timing and the deployment and the number of base stations that are being built. I can tell you that our -- as I just talked about the lasers, we are actually improving our position in the market. So when things turn on, we think we'll benefit.

是的。謝謝。因此，我們確實希望我們的 I&D 業務在本財年繼續保持強勁勢頭。我們對此非常有信心。由於我之前在電信上提到的一些原因，我們正在對沖我們對數據中心和電信的期望，特別是關於中國將會發生什麼的時間和部署以及基站數量的未知數。正在建設中。我可以告訴你，正如我剛才談到的激光器，我們實際上正在提高我們在市場上的地位。所以當事情開始時，我們認為我們會受益。

So I would say that we are taking a very conservative look at the second half, and that's sort of why we're saying at least 10% revenue growth. We are setting ourselves up, like I said, for success. But there is uncertainty given the COVID overlay, given China dynamics and certainly what might be a fragile global economy. So we're proceeding with caution, and we hope to exceed everybody's expectations in the second half.

所以我想說我們對下半年持非常保守的看法，這就是為什麼我們說收入至少增長 10%。正如我所說，我們正在為成功做好準備。但考慮到 COVID 疊加、中國動態以及肯定可能脆弱的全球經濟，存在不確定性。所以我們謹慎行事，我們希望在下半年超出大家的預期。

All right. That's helpful. My second one was a broader topic. You spoke in your prepared remarks about the R&D agreement with the United States Air Force Laboratory, and I think you mentioned that it's additive to the SAM. Obviously, it seems like something you're really excited about. Can you talk about how additive that could be to the SAM? And what areas you could see growth?

好的。這很有幫助。我的第二個是一個更廣泛的話題。你在準備好的評論中談到了與美國空軍實驗室的研發協議，我想你提到它是對 SAM 的補充。顯然，這似乎是您真正興奮的事情。你能談談這對 SAM 有多大的幫助嗎？您可以在哪些領域看到增長？

Yes. So -- and I'm glad you asked that question because the millimeter wave GaN mimic process is very different than the discrete RF power products that we currently are building under the pure carbide brand. So this is a mimic process. It allows us to include capacitors, inductors, resistors and build a complete chip, which allows us to make a complete power amplifier as well as integrating switches and LNAs onto the same power amplifier chip. So we size this market today at north of $200 million when we look at the competitive landscape. We think that in 5 years that number will be over $350 million. And today, we have 0 market share.

是的。所以 - 我很高興你問了這個問題，因為毫米波 GaN 模擬工藝與我們目前在純碳化物品牌下製造的分立射頻功率產品非常不同。所以這是一個模擬過程。它使我們能夠包括電容器、電感器、電阻器並構建一個完整的芯片，這使我們能夠製造一個完整的功率放大器以及將開關和 LNA 集成到同一功率放大器芯片上。因此，當我們審視競爭格局時，我們今天將這個市場規模定為 2 億美元以上。我們認為在 5 年內，這個數字將超過 3.5 億美元。而今天，我們的市場份額為 0。

And so we are very excited to work with AFRL. This process fills the gap in our technology portfolio. AFRL has been working on this process for years, and they have effectively set the bar for power density and frequency performance. So we really look forward to implementing this process. I will say that we're taking the approach of a copy smart where we will literally pick up the modules and the methods and the formulas and drop them into our fab. In areas where we may not have the exact same equipment that the Air Force has, we will either go out and buy that equipment, some of which, by the way, is already on order or we will work with the Air Force to use the existing equipment that MACOM has in-house. So this is not a science project. This is a transfer of technology on a process that's known to have leading performance. And we will build a product line not only for the defense industry as a primary target, primarily airborne applications, phased array radars, most specifically. But we'll also target commercial applications, including some of the ones I mentioned in the script, test and measurement, satcom. This process lends itself very nicely to a Ku-band or 14 to 15 gigahertz products as well as Ka-band, which is in the 30-gigahertz range. So we're very excited about it. It is, as I pointed out, a 2-year project. We are -- we hit the ground running, and it is absolutely additive to our overall SAM.

因此，我們非常高興能與 AFRL 合作。這個過程填補了我們技術組合的空白。 AFRL 多年來一直致力於這一過程，他們有效地設定了功率密度和頻率性能的標準。所以我們真的很期待實施這個流程。我要說的是，我們正在採用智能複制的方法，我們將從字面上挑選模塊、方法和公式，並將它們放入我們的工廠中。在我們可能沒有與空軍擁有的設備完全相同的地區，我們要么出去購買那些設備，順便說一下，其中一些已經訂購，要么我們將與空軍合作使用MACOM 內部擁有的現有設備。所以這不是一個科學項目。這是對已知具有領先性能的工藝的技術轉讓。我們將建立一條產品線，不僅以國防工業為主要目標，主要是機載應用，最具體的是相控陣雷​​達。但我們還將針對商業應用，包括我在腳本中提到的一些應用、測試和測量、衛星通信。此過程非常適用於 Ku 波段或 14 至 15 GHz 產品以及 30 GHz 範圍內的 Ka 波段。所以我們對此感到非常興奮。正如我所指出的，這是一個為期 2 年的項目。我們是——我們開始行動了，這絕對是對我們整體 SAM 的補充。

And 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。

Two questions, if I may. Just maybe to follow-on that millimeter wave discussion. Any update on your GaN on Silicon partnership? And I guess what kind of -- what sort of customer feedback and design opportunities are you getting from your recently introduced GaN on Silicon Carbide amplifier line? I think your silicon carbide products previously would take until the end of this calendar year to ramp. But I guess I'm curious if design wins are ahead of your prior view 90 days ago. And I have a follow-up.

兩個問題，如果可以的話。也許只是為了繼續那個毫米波討論。你們的 GaN on Silicon 合作夥伴有任何更新嗎？我猜你從最近推出的碳化矽放大器系列中獲得了什麼樣的客戶反饋和設計機會？我認為你們以前的碳化矽產品要到本日曆年年底才能量產。但我想我很好奇設計勝利是否領先於您 90 天前的看法。我有一個後續行動。

Yes. So the first part of your question was regarding the GaN on Silicon project with ST. I can tell you that, that project continues to proceed and is making progress. I can report that all of our equipment is in place at ST's Catania fab, and they are going through a series of DOEs to bring that equipment online and qualify it. Now that the equipment's online, they can also finish the development of the transistor cells that we need to make our products. And so they're making reasonable progress on that front as well. We would expect to receive the first devices from their process in about 6 months' time. And from that, we will begin to evaluate the competitiveness of those transistors and look at how they -- how those transistors perform inside of very specific applications.

是的。所以你的問題的第一部分是關於 ST 的 GaN on Silicon 項目。我可以告訴你，那個項目還在繼續進行，正在取得進展。我可以報告說，我們所有的設備都在 ST 的卡塔尼亞工廠就位，他們正在通過一系列的 DOE 使該設備上線並對其進行鑑定。現在設備上線了，他們也可以完成我們製造產品所需的晶體管單元的開發。因此，他們也在這方面取得了合理的進展。我們希望在大約 6 個月的時間內收到他們的流程中的第一批設備。從那以後，我們將開始評估這些晶體管的競爭力，並研究它們——這些晶體管如何在非常具體的應用中發揮作用。

In terms of your question on GaN on Silicon Carbide under our pure carbide product line, as you know, we have 5 products, most specifically, products that are targeting what we call multi markets. So these are generally 50-watt all the way up to a 2.6-kilowatt product. So they're targeting industrial and defense, test and measurement type of applications. Since we launched this product line, we have won over $2 million of development or, I'll call, special project business from customers in the defense industry. So they're very excited. They like what they see. We're doing some novel things regarding achieving high power levels. And so I can tell you that our sales force is extremely excited to have these products and they're off running.

關於您在我們的純碳化物產品線下關於碳化矽基 GaN 的問題，如您所知，我們有 5 種產品，最具體地說，是針對我們所謂的多市場的產品。所以這些通常是 50 瓦一直到 2.6 千瓦的產品。所以他們的目標是工業和國防、測試和測量類型的應用程序。自推出該產品線以來，我們已經贏得了超過 200 萬美元的開發資金，或者我稱之為來自國防工業客戶的特殊項目業務。所以他們非常興奮。他們喜歡他們所看到的。我們正在做一些關於實現高功率水平的新穎事情。所以我可以告訴你，我們的銷售人員對擁有這些產品感到非常興奮，而且它們已經開始銷售了。

So we're excited about the early successes, but I'll also caveat those comments that these markets are also slow moving. And so it's about planting lots of seeds and lots of different applications so we can build up the revenue. But I would say that the team is on track. We have another wave of products that are in development, that we're targeting for release before June of this year. And so the team is very focused on executing that new product introduction plan.

所以我們對早期的成功感到興奮，但我也要提醒那些評論說這些市場也進展緩慢。因此，這是關於種植大量種子和大量不同的應用程序，以便我們可以增加收入。但我要說的是，球隊正在走上正軌。我們還有另一波產品正在開發中，我們的目標是在今年 6 月之前發布。因此，團隊非常專注於執行新產品推出計劃。

No. I appreciate that. For my follow-up, clearly, you've seen the consolidation in the optical space as an acknowledgment of how important this will be on a go-forward basis for -- across data center and telecom markets. And I appreciate the demand update in your optical business in your prepared commentary. But could you discuss in a bit more detail the opportunity you see from 400 gig? I ask because the bare debate for quite some time has been the analog-based optical products are challenged as line speeds grow to 400 gig. But in December, even December, you introduced several products for 400 gig and even 800 gig. So your longer-term opportunity in optical would be great.

不，我很感激。對於我的後續行動，很明顯，您已經看到光領域的整合是對這在數據中心和電信市場的前進基礎上的重要性的認可。在您準備好的評論中，我感謝您對光學業務的需求更新。但是您能否更詳細地討論您從 400 場演出中看到的機會？我問是因為很長一段時間以來，人們一直在爭論，隨著線路速度增長到 400 gig，基於模擬的光學產品受到挑戰。但是在 12 月，甚至是 12 月，您推出了幾種 400 gig 甚至 800 gig 的產品。因此，您在光學領域的長期機會將是巨大的。

Yes. Thank you for that. And so I think you're right, as you move higher in the data rates, it certainly does get harder for the analog solution to be successful. Just to remind everybody, so part of our core business is supporting 100G analog solutions, which represent 25 gig per lane and these lanes run in parallel when combined for 100. We're now doing the same thing to support 200G applications with 50 gig per lane. We will continue that effort in that scaling, and we'll have 100G per lane solutions that support 400G. The 400G DR4 market is a very large market, and we think we can be successful there. I can tell you that our focus is primarily with effectively quad channel TIAs as well as optical drivers, multichannel optical drivers.

是的。謝謝你。所以我認為你是對的，隨著數據速率的提高，模擬解決方案確實越來越難成功。提醒大家，我們的核心業務的一部分是支持 100G 模擬解決方案，即每通道 25 gig，這些通道在合併為 100 時並行運行。我們現在正在做同樣的事情來支持 200G 應用，每通道 50 gig車道。我們將繼續努力擴大規模，我們將擁有支持 400G 的每通道 100G 解決方案。 400G DR4 市場是一個非常大的市場，我們認為我們可以在那裡取得成功。我可以告訴你，我們的重點主要是有效的四通道 TIA 以及光學驅動器、多通道光學驅動器。

And so that is really where we see ourselves being very, very competitive. We are a merchant supplier, and we see there are companies that have their own DSPs that want to look to MACOM to support them, not only for, I'll say, 100G DR1, but also 400G DR4. So our focus is continuing to be successful with the TIA in the drivers. We will also and we are working on what I would consider a complete analog solution, which includes the clock and data recovery. That may be more challenging for us to be successful there, but it is a work that we're -- it's on our road map, and it's work that we're doing today. So that's really the focus for the company. And then, of course, when we overlay lasers and we overlay silicon photonics, you're going to get a bump in revenue due to that -- those new technologies adding content to our business.

因此，這確實是我們認為自己非常非常有競爭力的地方。我們是一家商業供應商，我們看到有些公司擁有自己的 DSP，希望 MACOM 為其提供支持，不僅是 100G DR1，還有 400G DR4。因此，我們的重點是繼續在驅動程序中使用 TIA 取得成功。我們還將並且我們正在研究我認為是完整的模擬解決方案，其中包括時鐘和數據恢復。對我們來說，要在那裡取得成功可能更具挑戰性，但這是我們正在做的工作——它在我們的路線圖上，也是我們今天正在做的工作。所以這真的是公司的重點。然後，當然，當我們覆蓋激光和矽光子學時，你會因此而獲得收入增長——這些新技術為我們的業務增加了內容。

And 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 results. Steve, back to the AFRL announcement you had earlier this week, where was that process already today? And my understanding, your fab in Massachusetts is pretty full. So what type of CapEx commitments do you have to do in order to get that project up and running?

祝賀結果。史蒂夫，回到你本週早些時候的 AFRL 公告，這個過程今天已經在哪裡了？據我所知，你們在馬薩諸塞州的工廠已經滿員了。那麼，為了啟動和運行該項目，您必須做出哪些類型的資本支出承諾？

Right. So that -- well, so that process was developed at Wright-Patterson's Air Force Base in Ohio, and that's the prime -- in their labs, let's just say, where they have a -- there in some other locations, they have semiconductor capability and development capability. And so our plan is, as I pointed out, is to move that technology directly into our fab. In terms of your comment regarding the fab being full, I would say that our fab is highly utilized, but we have tremendous leverage. We run a sort of a medium-volume, high-mix business. And this technology fits perfectly into that model because we are targeting very high-end applications. We're not talking about tens of thousands of wafers. We're talking about hundreds or thousands of wafers, which is very manageable for our business. So we don't see that we're going to have capacity constraints. And to the point that we see that coming, of course, we add staff, and at the various pinch points, we'll add additional equipment. In terms of the overall capital expenditure, so I would say that we can complete this transfer for -- and spend between $2 million to $3 million of capital in total over the course of 2 years.

正確的。所以 - 好吧，這個過程是在俄亥俄州的賴特帕特森空軍基地開發的，這是最好的 - 在他們的實驗室裡，讓我們說，他們有 - 在其他一些地方，他們有半導體能力和開發能力。因此，正如我所指出的，我們的計劃是將該技術直接轉移到我們的工廠中。就您對晶圓廠滿員的評論而言，我會說我們的晶圓廠利用率很高，但我們有巨大的影響力。我們經營的是一種中等產量、高度混合的業務。這項技術非常適合該模型，因為我們的目標是非常高端的應用程序。我們不是在談論數以萬計的晶圓。我們談論的是成百上千個晶圓，這對我們的業務來說是非常易於管理的。所以我們看不到我們會有容量限制。當然，我們會看到這一點，我們會增加人員，在各個關鍵點，我們會增加額外的設備。就總體資本支出而言，我想說我們可以完成這項轉移——並在 2 年內總共花費 200 萬至 300 萬美元的資本。

Well, that's great news. My follow-up question is on Data Center. So you did talk a little bit about when you expect Telecom to perhaps start improving. But any visibility on Data Center other than you guiding it to be flat sequentially this coming quarter?

嗯，這是個好消息。我的後續問題是關於數據中心的。因此，您確實談到了您預計電信何時可能開始改進。但是，除了您指導數據中心在下個季度按順序持平之外，還有其他關於數據中心的可見性嗎？

Tore, it's very difficult for us to really look out to Q3 and Q4. So I would not necessarily want to comment on what might happen in the back half of the year. I will say that we expect both Industrial & Defense and Data Center business to experience high double-digit growth this fiscal year when we look year-over-year. So we would expect the Data Center to grow by at least 20% or more year-over-year. There are new design wins, as we talked about on our last conference call, in Asia. That good work continues, and we're picking up market share in Asia for our 25G and 100G products. And so we think there's lots of interesting opportunities.

撕裂，我們很難真正關注第三季度和第四季度。所以我不一定想評論下半年可能發生的事情。我要說的是，我們預計本財年工業與國防和數據中心業務都將實現兩位數的高增長。因此，我們預計數據中心將同比增長至少 20% 或更多。正如我們在上次電話會議上談到的那樣，在亞洲取得了新的設計勝利。這項出色的工作仍在繼續，我們的 25G 和 100G 產品正在亞洲獲得市場份額。所以我們認為有很多有趣的機會。

We're also going after different areas within the Data Center. As I highlighted in my comments, we're looking seriously at working with customers that are developing solutions using copper cables, which are very, very short-reach connections within the data center. And so that's an area of interest for MACOM, and I'm confident we can be successful there.

我們還關注數據中心內的不同區域。正如我在評論中強調的那樣，我們正在認真考慮與使用銅纜開發解決方案的客戶合作，這些銅纜是數據中心內距離非常非常短的連接。所以這是 MACOM 感興趣的領域，我相信我們可以在那裡取得成功。

And our next question coming from the line of Quinn Bolton with Needham.

我們的下一個問題來自 Quinn Bolton 與 Needham 的對話。

Guys, let me offer my congratulations on the great margins. Steve, just wanted to come back to the AFRL agreement. I'm wondering, is that exclusive? Or would they have the rights to license that process to other folks in the mimic industry with whom you compete?

伙計們，讓我對巨大的利潤表示祝賀。史蒂夫，只想回到 AFRL 協議。我想知道，這是獨家的嗎？或者他們是否有權將該過程許可給與您競爭的模仿行業中的其他人？

So I can't get into the specific details of the agreement, so -- difficult for me to comment there. I will say that, ultimately, AFRL's goal is to have this technology industrialized. So to the extent that they want to work with other wafer foundries or defense contractors that have their own fabs, they'll do that. And so that -- it's hard for me to say or comment on what they might do or what they've done in the past. I can tell you that they are very focused on seeing MACOM be successful. This is good for them. It's good for us. It will be good for a variety of U.S. defense programs when we kick into production.

所以我無法了解協議的具體細節，所以我很難在那裡發表評論。我要說的是，AFRL 的最終目標是讓這項技術實現工業化。因此，如果他們想與其他擁有自己晶圓廠的晶圓代工廠或國防承包商合作，他們會這樣做。因此，我很難說或評論他們可能會做什麼或他們過去做過什麼。我可以告訴你，他們非常專注於看到 MACOM 取得成功。這對他們有好處。這對我們有好處。當我們投入生產時，這將有利於各種美國國防計劃。

There are very limited companies here in the U.S. that have this capability. And so we will be part of the select few. And MACOM has a very strong manufacturing muscle. And when we put our minds to moving things into high volume production, we can do it very successfully. So the Air Force is very excited about that as are we. One other point I'll highlight. Every year with our employees, we create a top 10 priority list, and this is right up there on that list.

在美國，擁有這種能力的公司非常有限。因此，我們將成為少數人中的一員。 MACOM 擁有非常強大的製造能力。當我們下定決心將產品投入大批量生產時，我們就能非常成功地做到這一點。因此，空軍和我們一樣對此感到非常興奮。我要強調的另一點。每年，我們都會與我們的員工一起創建一個前 10 大優先事項列表，而這就在該列表中。

Great. And then the second question is just kind of looking forward to calendar '21 and the next round of 5G tenders. If 600,000 base stations drive something like 8 million to 10 million fronthaul modules, I guess my question is, do you tend to see the module vendors beginning to build or pre-stock inventory ahead of the tenders? Or do you think that a lot of that manufacturing build only happens once those tenders are released?

偉大的。然後第二個問題只是有點期待日曆'21 和下一輪 5G 招標。如果 600,000 個基站驅動大約 800 萬到 1000 萬個前傳模塊，我想我的問題是，您是否傾向於看到模塊供應商在招標前開始構建或預存庫存？或者您是否認為只有在這些招標發布後才會發生很多製造建設？

Some -- we do see some customers getting in front of it, and they do start production ahead of those tender releases. We have seen some movement of our channel inventory in the last, I'll say, 4 weeks, and it's probably addressing the exact point you're making.

一些 - 我們確實看到一些客戶在它前面，他們確實在這些招標發布之前開始生產。在過去，我會說，4 週內，我們已經看到我們的渠道庫存發生了一些變化，它可能正在解決您提出的確切問題。

Got it. So it sounds like the leading indicators are pretty good that, that activity is picking up, even though we don't have exact timing on the tenders.

知道了。因此，儘管我們沒有確切的招標時間，但聽起來領先指標非常好，該活動正在回升。

Correct.

正確的。

And 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。

I guess the first question is regarding some of the commentary regarding some of the tight supply we've seen in the industry, particularly at some of the foundries and back-end vendors. I guess, firstly, for your internal capacity, if you could give us some more color about where utilization is right now. And it sounds like you're comfortable in your ability to meet that supply from internal. Some more color there. And then with regard to some of the outsourcing, what we've heard from some others is some price increases at some of those outsources in order to secure supply. Are you seeing that as well? And are you able to pass some of those cost increases, if that's the case, on to your customers?

我想第一個問題是關於我們在行業中看到的一些供應緊張的一些評論，特別是在一些代工廠和後端供應商處。我想，首先，對於你的內部能力，如果你能給我們更多關於現在利用率的顏色。聽起來您對滿足內部供應的能力感到滿意。那裡還有一些顏色。然後關於一些外包，我們從其他一些人那裡聽到的是，為了確保供應，其中一些外包的價格有所上漲。你也看到了嗎？如果是這樣的話，您是否能夠將其中一些成本增加轉嫁給您的客戶？

Great. So thank you for the questions. And our fab here in Massachusetts runs 7 days a week, 24 hours a day. We're always busy. I can't really comment specifically on the actual utilization. That varies from period to period. I would say that we are not constrained by our ability to meet our goals. And to the extent that we need to hire more people or add more equipment, we'll certainly do that. Clearly, from our operating margins achieving sort of a 13-year high, you can see that we're running very efficiently right now, and we do expect that to continue.

偉大的。謝謝你的問題。我們在馬薩諸塞州的工廠每週 7 天、每天 24 小時不間斷運行。我們總是很忙。我真的不能具體評論實際使用情況。這因時期而異。我要說的是，我們不受實現目標能力的限制。就我們需要雇用更多人或增加更多設備而言，我們一定會這樣做。顯然，從我們的營業利潤率達到 13 年來的最高水平，您可以看到我們現在的運營效率非常高，我們確實希望這種情況會持續下去。

Regarding the industry and our -- some of our wafer foundry partners, we do typically have long-term agreements, including price agreements. I can't really comment specifically what any of our fab partners are doing with pricing to us directly. As -- generally speaking, though, whether it's a fab or a component or a package, if we see that our suppliers are raising prices, we will go through a calculus to determine whether it's appropriate to pass that cost on to customers or not. In some markets, that's easily done. In other markets, it's just not acceptable. So there's a bit of a balancing act there.

關於行業和我們的一些晶圓代工合作夥伴，我們通常有長期協議，包括價格協議。我真的不能具體評論我們的任何晶圓廠合作夥伴在直接向我們定價方面做了什麼。不過，一般來說，無論是晶圓廠、組件還是封裝，如果我們看到供應商提高價格，我們將通過計算來確定將成本轉嫁給客戶是否合適。在某些市場，這很容易做到。在其他市場，這是不可接受的。所以那裡有一點平衡。

But I would say, generally speaking, we're not concerned about the supply chain. As I highlighted, our operations, our planners, our team in purchasing does just a phenomenal job. And the results clearly show, as we've been driving margins up -- gross margins up, they've had a big hand in some of that work. So I congratulate them there. This is not on our top worry list. We worry about getting our products into the market as fast as we can and making sure that those products are extremely competitive, and that's our focus.

但我想說，一般來說，我們不關心供應鏈。正如我強調的那樣，我們的運營、我們的計劃人員、我們的採購團隊做得非常出色。結果清楚地表明，隨著我們一直在提高利潤率——毛利率上升，他們在其中的一些工作中發揮了重要作用。所以我在那裡祝賀他們。這不在我們最擔心的名單上。我們擔心盡快將我們的產品推向市場並確保這些產品極具競爭力，這是我們的重點。

And just to build on that, our teams are constantly moving through continuous improvement initiatives to help offset some of those price increases to the extent that we can. And then just one other point of clarification. I think Steve had mentioned our operating margins were at a 13-year high. I think it was a 13-month high in my prepared remarks -- 13-quarter high on that front, not 13 years. Thanks.

在此基礎上，我們的團隊不斷通過持續改進計劃來幫助抵消部分價格上漲。然後再澄清一點。我想史蒂夫曾提到我們的營業利潤率處於 13 年來的最高水平。我認為這是我準備好的言論中的 13 個月高點——在這方面是 13 個季度的高點，而不是 13 年。謝謝。

That's very helpful. As a follow-up, if I could just drill into a little bit about some of the conservatism you expressed, particularly in Data Center, for the second half of the fiscal year. And based on 20% year-on-year growth, but I guess that's not a lot of growth on a quarterly basis for these levels that you're talking about. But there's still some digestion at your customers, meaning they'd be burning off inventory. So -- and I guess, is this a question of that inventory needs more time to burn off? If it's just general uncertainty and you're just being very conservative on it? If you could just explain that a bit more for me.

這很有幫助。作為後續行動，我能否深入了解一下您表達的一些保守主義，特別是在本財年下半年的數據中心。基於 20% 的同比增長，但我想對於你所說的這些水平，每季度的增長並不多。但是您的客戶仍有一些消化，這意味著他們會消耗掉庫存。所以——我想，這是庫存需要更多時間來消耗的問題嗎？如果這只是普遍的不確定性，而您只是對此非常保守？如果你能為我多解釋一下就好了。

Yes. I think a lot of what you said applies, right, to our view in giving guidance. And as you know, we're in different parts of the data center. We're in short reach -- high-volume 25G short-reach applications. We're in 100G SR4 applications. We're now getting designed into 400G PAM4 applications. And each one of these programs is running at a different rate at different customers for different reasons. So we have -- I have seen and we've experienced, certainly in the last 18 months, a lot of different dynamics even within the Data Center. We had a tremendous Q4 in the last fiscal year driven by the Data Center. It was about $44 million of revenue.

是的。我認為您所說的很多內容都適用於我們提供指導的觀點。如您所知，我們位於數據中心的不同部分。我們處於近距離——大容量 25G 短距離應用。我們在 100G SR4 應用中。我們現在正在設計 400G PAM4 應用程序。由於不同的原因，這些程序中的每一個都以不同的速度運行在不同的客戶身上。所以我們已經 - 我已經看到並且我們已經經歷過，當然在過去的 18 個月裡，甚至在數據中心內也有很多不同的動態。在數據中心的推動下，我們在上一財年的第四季度表現出色。這大約是 4400 萬美元的收入。

And so if you take that quarter out and you look at how we've been ramping for the last 4 or 5 quarters, you do actually see incremental growth, where our Q1 results were actually better than last year's Q3 results. So we do like the steady progress. We are diversifying the revenue stream, which I think is very important. But it's just very difficult for us to comment on what might happen in the back half of the year given the uncertainty.

因此，如果你把那個季度拿出來，看看我們在過去 4 或 5 個季度的增長情況，你實際上會看到增量增長，我們第一季度的結果實際上比去年第三季度的結果要好。所以我們確實喜歡穩步前進。我們正在使收入來源多樣化，我認為這非常重要。但鑑於不確定性，我們很難對下半年可能發生的事情發表評論。

Our next question coming from the line of Ruben Roy with Benchmark.

我們的下一個問題來自 Ruben Roy 與 Benchmark 的合作。

Steve, I just wanted to follow up on the previous question on the supply commentary. Certainly sounds like you're happy with sort of where you are from a supply perspective. But just -- I want to understand, in terms of any bottlenecks out there that other suppliers might be having, are you hearing anything from your customers on potential pauses of builds because certain components rather passives or otherwise, are not widely available at this point? Or do you think that everything is kind of flowing smoothly throughout the supply chain?

史蒂夫，我只想跟進上一個關於供應評論的問題。當然，從供應的角度來看，您對自己所處的位置感到滿意。但只是 - 我想了解，就其他供應商可能存在的任何瓶頸而言，您是否從客戶那裡聽到任何關於構建可能暫停的消息，因為某些組件而不是無源組件或其他組件目前尚未廣泛使用？還是您認為整個供應鏈的一切都在某種程度上順利進行？

Yes. So I'm not aware of any specific bottlenecks that are -- where our customers are having component shortages that's preventing them to ramp and purchase MACOM products. I will say -- with that said, I will say that the automotive industry has experienced some issues, and we do have a few parts designed into some platforms and there's maybe been a small impact on that -- on those volumes. But I would also say that there's other dynamics in the market, including COVID in general and demand within some of these end markets. So it's difficult for us to connect all the dots. But I would say, generally speaking, we do not have supply issues with our main customers -- sorry, main suppliers. It's -- our team is doing a great job managing anything that comes up, and it's just not an issue for this fiscal year.

是的。因此，我不知道有任何特定的瓶頸——我們的客戶存在組件短缺，這會阻止他們增加和購買 MACOM 產品。我會說 - 話雖如此，我會說汽車行業遇到了一些問題，我們確實在某些平台上設計了一些部件，並且可能對那些數量產生了很小的影響。但我還要說，市場上還有其他動態，包括一般的 COVID 和其中一些終端市場的需求。所以我們很難把所有的點都聯繫起來。但我想說，一般來說，我們的主要客戶沒有供應問題——對不起，主要供應商。這是 - 我們的團隊在管理出現的任何事情方面做得很好，這在本財政年度不是問題。

Got it. And just a quick follow-up for Jack. Great margin performance again. And with the guidance for the March quarter, obviously, some product mix and end market segment mix going on. Can you give us a little bit of an idea now with some of the detail that you've given us around Data Center and telco, and obviously with the infrastructure and defense (sic) [Industrial & Defense] continuing to be strong, how to think about gross margin as you kind of flow through the year -- fiscal year?

知道了。只是對傑克的快速跟進。利潤率再次表現出色。顯然，根據 3 月季度的指導，一些產品組合和終端細分市場組合正在進行中。你現在能不能給我們一些關於數據中心和電信的一些細節的想法，顯然基礎設施和國防（原文如此）[工業和國防]繼續強大，如何考慮一下毛利率，因為你有點流過一年 - 財政年度？

Yes. Thanks, Ruben. Yes, we've been pleased with our gross margin improvements. And as I mentioned, there's a number of things that we have underway. We have not disclosed any longer-term target model that's out there. We have been in the high 50s going back over time. We're starting to bump up against that now, which is a credit to the teams and all the work that they've been doing. But we still believe there's more for us to do internally to help try and improve those margins going forward. And with the guide going into Q2, we've taken that up to the 57% to 59% range, which was a step-up from our guide last quarter.

是的。謝謝，魯本。是的，我們對毛利率的提高感到滿意。正如我提到的，我們正在進行許多事情。我們尚未披露任何現有的長期目標模型。隨著時間的推移，我們一直處於 50 年代的高峰期。我們現在開始遇到這種情況，這是對團隊和他們一直在做的所有工作的讚揚。但我們仍然相信，我們內部還有更多工作要做，以幫助嘗試提高未來的利潤率。隨著指南進入第二季度，我們將其提高到了 57% 到 59% 的範圍，這比我們上個季度的指南有所提高。

And our next question coming from the line of C.J. Muse with Evercore ISI.

我們的下一個問題來自 C.J. Muse 與 Evercore ISI 的合作。

This is Kevin Feeney on for C.J. So there's kind of been an increased focus on U.S. national and domestic semiconductor manufacturing in recent months, including additional semis provisions in the most recent NDAA. So does MACOM stand to potentially benefit on the shift from either additional contracts on the more positive stance toward U.S. semis or increased subsidies for either R&D or manufacturing beyond the announced U.S. Air Force contract?

這是 C.J. 的凱文·菲尼 (Kevin Feeney)。因此，近幾個月來，人們越來越關注美國國內和國內的半導體製造業，包括最近的 NDAA 中的額外半成品條款。那麼，MACOM 是否有可能從對美國半成品的更積極立場的額外合同轉變或在已宣布的美國空軍合同之外增加對研發或製造的補貼中受益？

Yes. I think it's a very important topic that you've raised, and we will certainly be canvassing various agencies for funding to modernize and expand and improve to the extent that there's grant money, we want to be sitting at the table with our hand out. So yes, that is absolutely something that we are focused on. I can tell you that our fab here in Massachusetts is already considered a U.S. trusted foundry, which makes it a preferred fab to run DoD business in. And so we will certainly pursue those avenues for grant money or contracts or support. I will say that those are very difficult to win. It's a multiyear program. So even if we started today, I wouldn't expect any major awards for modernization for a year or 2. These things generally take time to come to fruition.

是的。我認為這是您提出的一個非常重要的話題，我們肯定會為各種機構爭取資金，以實現現代化、擴展和改進，以達到有贈款的程度，我們希望坐在談判桌前伸出援助之手。所以是的，這絕對是我們關注的事情。我可以告訴你，我們在馬薩諸塞州的晶圓廠已經被認為是美國值得信賴的代工廠，這使其成為運營國防部業務的首選晶圓廠。因此，我們肯定會尋求這些途徑來獲得贈款、合同或支持。我會說那些很難贏。這是一個多年計劃。因此，即使我們今天開始，我也不希望在一兩年內獲得任何重大的現代化獎項。這些事情通常需要時間才能實現。

Okay. Great. And lots of discussion on Data Center and Telecom, but Industrial, I think, overall, is kind of expected to see a strong cyclical recovery in '21, and I think you're already starting to show pretty good growth there. So how are you positioned to kind of take advantage of potential upside here on core Industrial, whether that be underlying demand or share gains as we go through '21?

好的。偉大的。還有很多關於數據中心和電信的討論，但我認為，總體而言，工業有望在 21 年看到強勁的周期性複蘇，我認為你已經開始在那裡顯示出相當不錯的增長。那麼，在我們經歷 21 世紀時，您如何定位以利用核心工業的潛在上行空間，無論是潛在需求還是股票收益？

Thank you. I think we are getting stronger and stronger, and we're continuing to improve the product line to make our products more competitive. We have a focus on cross-selling a lot of our technologies into the industrial market. That includes our optical capability, our high-speed analog and certainly our RF and microwave. We see that this is a sort of a target-rich environment for the technology that we have. We are making sure that all of our engineering organizations are spending more than their fair share of time in the industrial markets. And so that's something that's a little different than what MACOM has really done in the past.

謝謝。我認為我們正在變得越來越強大，我們正在不斷完善產品線，使我們的產品更具競爭力。我們專注於將我們的許多技術交叉銷售到工業市場。這包括我們的光學能力、我們的高速模擬，當然還有我們的射頻和微波。我們看到，對於我們擁有的技術來說，這是一種目標豐富的環境。我們正在確保我們所有的工程組織在工業市場上花費的時間超過其公平份額。因此，這與 MACOM 過去真正做的有點不同。

And as you highlighted, today, Industrial & Defense is about 40% of our overall revenue, and it is probably our largest segment and could be our -- continue to be our largest segment as we go forward. So we do expect long-term growth from that end market. There are a numerous number of end submarkets within that industrial and defense headline name, and we are absolutely focused on growing this part of our business.

正如你強調的那樣，今天，工業和國防約占我們總收入的 40%，它可能是我們最大的部分，並且可能是我們 - 在我們前進的過程中繼續成為我們最大的部分。因此，我們確實預計該終端市場將實現長期增長。在這個工業和國防標題名稱中有許多終端子市場，我們絕對專注於發展這部分業務。

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。

Congratulations on the solid results and execution. As you guys mentioned, we're starting to see 400-gig optical deployments in cloud and hyperscale. I think Amazon was the first to pull the trigger last year, and you've got a lot more of the cloud-type units transitioning this year. I know I think you guys are targeting this market, right, with your amplifiers, your 56-gigabaud laser drivers. But I feel like you guys also have the opportunity to potentially intercept this emerging opportunity with a 56-gigabaud laser. I think you already have a 56-gigabaud laser that supports your 100-gig single lambda PRISM solution. So can you guys just be purposed the laser for, let's say, 400-gig DR4 module configurations? And just what's the plan of attack here for this particular opportunity?

祝賀您取得了堅實的成果和執行力。正如你們所提到的，我們開始在雲和超大規模中看到 400 千兆的光學部署。我認為亞馬遜是去年第一個扣動扳機的，今年你有更多的雲類型單位在轉型。我知道我認為你們正瞄準這個市場，對，用你們的放大器，你們的 56-gigabaud 激光驅動器。但我覺得你們也有機會用 56 吉波特的激光器抓住這個新興的機會。我認為您已經擁有支持 100-gig 單 lambda PRISM 解決方案的 56-gigabaud 激光器。那麼，你們可以將激光用於 400-gig DR4 模塊配置嗎？對於這個特殊的機會，這裡的攻擊計劃是什麼？

Right. So you are correct that we can use our laser technology for applications at 400G, and so -- and we will absolutely do that. We've talked a lot publicly about our 25G laser. I can tell you that we have versions of our 25G lasers that are working at 50G PAM4. And so obviously, the next step will be 100G PAM4, but we'll have to see if we're able to do that. But I will -- the short answer is, yes, we will address that market, whether it's a DFB laser or a CW laser. We do see a lot of our customers that are working at 400G moving towards silicon photonics, and they'll use a Mach-Zehnder modulator, and they'll require a CW laser. And so I think in my prepared remarks, I talked a little bit about that, and it's an area of focus for us.

正確的。所以你說得對，我們可以將我們的激光技術用於 400G 等應用——我們絕對會這樣做。我們已經公開談論了很多關於我們的 25G 激光器的事情。我可以告訴你，我們的 25G 激光器版本可以在 50G PAM4 上工作。很明顯，下一步將是 100G PAM4，但我們必須看看我們是否能夠做到這一點。但我會——簡短的回答是，是的，我們將解決這個市場，無論是 DFB 激光器還是 CW 激光器。我們確實看到很多從事 400G 工作的客戶正在轉向矽光子學，他們將使用 Mach-Zehnder 調製器，並且需要 CW 激光器。所以我想在我準備好的發言中，我談到了一點，這是我們關注的一個領域。

You guys continue to do a good job of building out the catalog portfolio. It sounds like you've got good traction with the pure carbide line of GaN amplifiers. Do you guys manufacture these GaN PAs in Lowell or Ann Arbor? Or are these with your outsourced manufacturing partners? And then if you could just give us a quick update on 10-gig connectivity trials, qualifications, early deployment time lines?

你們繼續在構建目錄組合方面做得很好。聽起來您對 GaN 放大器的純碳化物系列有很好的牽引力。你們是在洛厄爾還是安娜堡製造這些 GaN PA？或者這些是與您的外包製造合作夥伴？然後，您是否可以向我們快速介紹一下 10 gig 連接試驗、資格、早期部署時間表？

Sure. And maybe I'll take the second question first. GPON is going well. We are seeing -- and by the way, I'll highlight at -- sort of at the -- our base business is 2.5G PON, where we think that total market size for lasers, for example, would be about 80 million lasers a year. We estimate we have about 50% market share, and that's growing. As we look at 10G PON, what I've talked about in the past that we look to expand our product line to include more products, we think, potentially up to 5 different products, including different types of lasers as well as APDs or photodetectors and basically burst mode TIAs. So very -- and lasers, as I mentioned. So we are beginning to see higher volumes. We think our 10G laser -- sorry, our 10G overall revenue year-over-year will grow by at least 50%, maybe closer to 100%. So we are seeing an uptick in volumes. And we think the back half of this year and going into next fiscal year, those volumes will increase.

當然。也許我會先回答第二個問題。 GPON 進展順利。我們看到 - 順便說一下，我會強調 - 我們的基礎業務是 2.5G PON，我們認為激光器的總市場規模約為 8000 萬個激光器一年。我們估計我們擁有大約 50% 的市場份額，而且這個份額還在增長。當我們審視 10G PON 時，我過去曾談到我們希望擴展我們的產品線以包括更多產品，我們認為可能多達 5 種不同的產品，包括不同類型的激光器以及 APD 或光電探測器基本上是突發模式 TIA。正如我提到的，非常——還有激光。所以我們開始看到更高的數量。我們認為我們的 10G 激光器——抱歉，我們的 10G 總收入將同比增長至少 50%，可能接近 100%。因此，我們看到數量在增加。我們認為今年下半年和進入下一個財政年度，這些數量將會增加。

Regarding your comment or your question on our GaN portfolio. So it really depends on what parts of the portfolio you're referring to. The GaN on Silicon, today, we have licensed to a third-party to manufacture for us. In the case of our other power devices, we have not commented publicly on where that -- those products are being manufactured.

關於您對我們的 GaN 產品組合的評論或問題。因此，這實際上取決於您所指的投資組合的哪些部分。矽基氮化鎵，今天，我們已經授權第三方為我們製造。對於我們的其他功率設備，我們沒有公開評論這些產品的生產地點。

And 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。

I think, Steve, my first question is on data center. You've talked about for a few quarters about seeing some success in international markets. As we look forward here, I think your comments earlier on the call about potentially seeing 20% growth in Data Center, how should we think about the relative dynamics between domestic and international growth? And is domestic going to grow? And what are the dynamics driving success in the international markets here recently?

我想，史蒂夫，我的第一個問題是關於數據中心的。幾個季度以來，您一直在談論在國際市場上取得的一些成功。當我們在這裡期待時，我想你早些時候在電話會議上發表的關於數據中心可能增長 20% 的評論，我們應該如何考慮國內和國際增長之間的相對動態？國內會增長嗎？最近在國際市場取得成功的動力是什麼？

So I would say that today, the vast majority of our business is U.S.-centric, and we're just beginning to tap into the Asia market. And -- so that's the first comment I would make. The dynamics around the international market are primarily 25G and 100G analog solutions. We are seeing market share gains on CWDM4, which is very exciting for us because that's a very large market. And we have the right products, and we are beginning to form very solid relationships with our target customers in Asia. So generally speaking, the dynamics for the market, we've talked a lot about today about the uncertainty and the timing of various programs. I probably don't have any other comments on what I've already said on that point.

所以我想說，今天，我們的絕大部分業務都以美國為中心，我們才剛剛開始進軍亞洲市場。而且——這是我要發表的第一個評論。國際市場的動態主要是 25G 和 100G 模擬解決方案。我們看到 CWDM4 的市場份額有所增加，這對我們來說非常令人興奮，因為這是一個非常大的市場。我們擁有合適的產品，我們開始與亞洲的目標客戶建立非常穩固的關係。所以總的來說，市場的動態，我們今天已經談了很多關於各種計劃的不確定性和時間安排。對於我已經說過的那一點，我可能沒有任何其他評論。

Okay. Fair enough. My quick follow-up question on gross margins. Jack, I think you talked largely about efficiencies. Any dynamics here regarding mix, either backward-looking or specifically forward looking? I think your industrial and defense markets typically are fairly rich and you're growing there, but you didn't identify mix as a driver there. How should we think about those dynamics as we look at your gross margins going forward?

好的。很公平。我關於毛利率的快速跟進問題。傑克，我想你主要談論的是效率。這裡有關於混合的任何動態，無論是向後看還是特別向前看？我認為您的工業和國防市場通常相當豐富，並且您正在那裡發展，但您沒有將混合視為那裡的驅動力。當我們展望未來的毛利率時，我們應該如何看待這些動態？

Yes. Thanks, Richard. The -- we do have a very diverse portfolio of products with some of them manufactured internally and others that are fabbed outside of MACOM. So that mix item can come into play on numerous occasions. In terms of looking at our individual end markets and specific margins there, we haven't broken that out historically, and it can vary from period-to-period depending on what we have going through. But I don't think there's anything too discernible looking back in terms of having a major impact on our margins. And going forward, we've got initiatives that are happening not only within our manufacturing locations, but our operations teams are also working with folks on the outside to see what we can do to become more efficient as we go forward from a margin point of view. So there's a lot of things going on internally within MACOM as well as externally to make sure we stay focused on our margins.

是的。謝謝，理查德。 - 我們確實擁有非常多樣化的產品組合，其中一些是內部製造的，另一些是在 MACOM 之外製造的。這樣混合項目就可以在很多場合發揮作用。就我們個人的終端市場和那裡的具體利潤率而言，我們在歷史上沒有打破這一點，而且它可能會因我們所經歷的情況而有所不同。但我認為在對我們的利潤率產生重大影響方面，回顧過去並沒有什麼太明顯的。展望未來，我們不僅在我們的製造基地內採取了一些舉措，而且我們的運營團隊也在與外部人員合作，看看我們可以做些什麼來提高效率，因為我們從邊緣點前進看法。因此，MACOM 內部和外部都在做很多事情，以確保我們始終專注於利潤。

I'm not showing any further questions. I would now like to turn the call back over to Mr. Steve Daly for closing remarks.

我不會再提出任何問題。我現在想把電話轉回給史蒂夫·戴利先生作結束語。

Thank you. In closing, we would like to acknowledge our customers, suppliers and our hard-working employees for making all these results possible. Have a nice day.

謝謝。最後，我們要感謝我們的客戶、供應商和我們辛勤工作的員工，是他們讓所有這些結果成為可能。祝你今天過得愉快。

Ladies and gentlemen, that concludes our conference call today. Thank you for your participation. You may all disconnect.

女士們，先生們，我們今天的電話會議到此結束。感謝您的參與。你們都可以斷開連接。