MACOM Technology Solutions Holdings, Inc. (MTSI) 2022 Q3 法說會逐字稿

Welcome to MACOM's Third Fiscal Quarter 2022 Conference Call. This costs being recorded today, Thursday, July 28, 2022. (Operator Instructions)

歡迎參加 MACOM 2022 會計年度第三季財報電話會議。本次電話會議正在錄音，今天是 2022 年 7 月 28 日（星期四）。（接線員指示）

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.

現在我將把電話交給 MACOM 策略計畫與投資人關係副總裁 Steve Ferranti 先生。Ferranti 先生，請開始。

Thank you, Olivia. Good morning, and welcome to our call to discuss MACOM's financial results for the third fiscal quarter of 2022. I would like to remind everyone that our discussion today will contain forward-looking statements which are subject to certain risks and uncertainties as defined in the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those discussed today. For a more detailed discussion of the risks and uncertainties that could result in those differences, we refer you to MACOM's filings with the SEC.

謝謝你，Olivia。各位早安，歡迎參加本次電話會議，我們將討論 MACOM 2022 會計年度第三季的財務結果。我想提醒各位，我們今天的討論將包含前瞻性陳述，該等陳述受 1995 年《私人證券訴訟改革法案》中前瞻性陳述安全港條款所界定之特定風險與不確定性影響。實際結果可能與今日討論內容有重大差異。關於可能導致差異之風險與不確定性的更詳細討論，請參閱 MACOM 向美國證券交易委員會（SEC）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.

管理層在本次電話會議中的發言也將包含對若干經調整之非 GAAP 財務資訊的討論。GAAP 與經調整非 GAAP 結果之調節表已載於公司新聞稿及相關的 Form 8-K 中，該文件已於今日向 SEC 提交。

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

接下來，我將把電話交給 MACOM 總裁暨執行長 Steve Daly。

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 review our fiscal Q3 results. When Jack is finished, I will provide revenue and earnings guidance for fiscal Q4, and then we will be happy to take some questions.

謝謝你，各位早安。我將以公司整體近況更新作為今天電話會議的開場。之後，我們的財務長 Jack Kober 將回顧本會計年度第三季（Q3）的業績。Jack 結束後，我將提供本會計年度第四季（Q4）的營收與獲利指引，接著我們很樂意回答一些問題。

Revenue for the third quarter was $172.3 million, and adjusted EPS was $0.73 per diluted share. Gross and operating margins increased sequentially in the third quarter and we continue to generate strong cash flow, ending the quarter with $536 million in cash and short-term investments. Our financial performance reflects ongoing business improvements along with the growing revenue contribution for new products within our portfolio.

第三季營收為 1.723 億美元，經調整後每股盈餘（EPS）為每股稀釋後 0.73 美元。第三季毛利率與營業利益率較前一季提升，我們也持續產生強勁現金流，季末現金與短期投資為 5.36 億美元。我們的財務表現反映了持續的營運改善，以及我們產品組合中新產品日益增加的營收貢獻。

The book-to-bill ratio for the third quarter was 1.1:1, which was the seventh consecutive quarter above 1. Our backlog remains strong, providing us with good near-term visibility. While we are pleased with the bookings, I'll note that it is normal for our book-to-bill ratio to periodically fluctuate below 1.

第三季的接單出貨比（book-to-bill）為 1.1：1，這是連續第七季高於 1。我們的在手訂單（backlog）仍然強勁，為我們提供良好的短期能見度。雖然我們對接單表現感到滿意，但我也要指出，我們的接單出貨比偶爾波動至低於 1 屬正常現象。

Our turns business was approximately 15% of our total revenue during the quarter, which is in line with the last few quarters. Q3 revenue breakdown by end market was as follows: Industrial & Defense was $75.5 million; Telecom was $62 million; and Data Center was $34.8 million. I&D revenue was up 12.5% sequentially and while Telecom and Data Center were relatively flat following a strong Q2. These results were mostly in line with our expectations.

本季的短交期（turns）業務約占總營收的 15%，與過去幾季一致。第三季依終端市場的營收拆分如下：工業與國防（Industrial & Defense）為 7,550 萬美元；電信（Telecom）為 6,200 萬美元；資料中心（Data Center）為 3,480 萬美元。工業與國防營收較前一季成長 12.5%，而電信與資料中心在第二季表現強勁後相對持平。整體結果大致符合我們的預期。

Industrial & Defense remains a key area of opportunity for MACOM. We believe this market has the potential for significant revenue growth over the next few years. Within aerospace and defense applications, we expect growth to be driven by radar modernization programs, electronic warfare applications, unmanned aircraft systems, avionics, secure communication networks and SATCOM applications.

工業與國防仍是 MACOM 的重要機會領域。我們相信該市場在未來幾年具有顯著的營收成長潛力。在航太與國防應用方面，我們預期成長將由雷達現代化計畫、電子戰應用、無人機系統、航電、加密通訊網路以及衛星通訊（SATCOM）應用所帶動。

All of these areas are priorities within the broader U.S. defense budget in our critical programs within the various branches of the Department of Defense. As a result, we expect opportunities within this market to remain robust for the foreseeable future.

上述領域皆是更廣泛的美國國防預算中的優先事項，也是國防部各軍種關鍵計畫的一部分。因此，我們預期在可預見的未來，該市場的機會仍將保持強勁。

Our Telecom end market revenue saw a modest sequential decrease in Q3 following a very strong Q2. Telecom is another broad market for MACOM and it includes broadband access networks, passive optical fiber networks, wireless networks including 5G, metro long-haul optical networks and broadband satellite communication applications. The primary driving forces for growth across all of these applications are higher data rates and more bandwidth supporting increased computing power closer to the end users.

我們的電信終端市場營收在第三季於第二季非常強勁的表現後，出現小幅的季減。電信是 MACOM 的另一個廣泛市場，涵蓋寬頻接取網路、被動式光纖網路、包含 5G 的無線網路、都會與長途光網路，以及寬頻衛星通訊應用。推動這些應用成長的主要動能，是更高的資料速率與更大的頻寬，以支援更接近終端使用者的運算能力提升。

MACOM has a very diverse product portfolio to address the telecom markets, including our monolithic microwave integrated circuits or mimic product line, coherent drivers and TIAs, small signal RF products, RF power amplifiers, high-performance analog ICs and lasers to name a few product lines.

MACOM 擁有非常多元的產品組合以因應電信市場，包括我們的單晶微波積體電路（MMIC）產品線、相干驅動器與跨阻放大器（TIA）、小訊號 RF 產品、RF 功率放大器、高效能類比 IC，以及雷射等多條產品線。

Finally, our Data Center end market revenue was relatively flat in Q3 and following a strong Q2 performance based on continuing demand for our high-performance analog solutions. We are pleased to see modest revenue contributions from our new 25G DFB laser portfolio, and our expectation is for continued slow but steady laser revenue growth and market share gains during the remainder of FY '22 and throughout FY '23.

最後，我們的資料中心終端市場營收在第三季相對持平，係在第二季強勁表現之後，主要受惠於市場對我們高效能類比解決方案的持續需求。我們很高興看到我們新推出的 25G DFB 雷射產品組合帶來溫和的營收貢獻；我們預期在 2022 會計年度剩餘期間以及整個 2023 會計年度，雷射營收將持續緩慢但穩健成長，並帶動市占率提升。

Customer interest in our recently introduced linear equalizers remained high, and we see growth opportunities in active copper cable applications at both 200G and 400G data rates for high-performance computing systems.

客戶對我們近期推出的線性等化器持續保持高度興趣；我們也在 200G 與 400G 資料速率的主動式銅纜（active copper cable）應用上，看見高效能運算系統的成長機會。

I would like to highlight, we recently updated our 5-year strategic plan. This was the third annual update of our strategic plan. And while we've made great progress executing over the past 3 years, we are pleased to have further refined and honed our compelling strategy with the goal of creating long-term stockholder value. Our bottoms-up strategic plan includes an in-depth review of all elements of our business, and establishes strategic goals and growth objectives through 2026.

我想特別強調，我們最近更新了 5 年策略計畫。這是我們策略計畫的第三次年度更新。雖然過去 3 年在執行上已取得很大進展，我們也很高興能進一步精煉並強化我們具吸引力的策略，目標是創造長期股東價值。我們自下而上的策略計畫包含對業務各要素的深入檢視，並建立至 2026 年的策略目標與成長目標。

The foundation of our strategic plan revolves around expanding our served addressable markets, or SAM, by extending existing product lines, introducing new product lines and raising the bar on semiconductor performance in areas where we choose to compete. Our goal is to provide compelling and differentiated solutions that help solve complex technical challenges for our customers while driving highly profitable growth for MACOM.

我們策略計畫的核心，在於透過延伸既有產品線、導入新產品線，以及在我們選擇競爭的領域提高半導體效能門檻，來擴大我們所服務的可觸及市場（served addressable markets，SAM）。我們的目標是提供具吸引力且差異化的解決方案，協助客戶解決複雜的技術挑戰，同時推動 MACOM 的高獲利成長。

An important element of our strategy is to leverage our existing capabilities and technology portfolio to find adjacent opportunities to expand our markets. Some examples of this over the past couple of years have been our 0.14 micron GaN on Silicon Carbide process, our pure carbide product line, active copper cable ICs, KB caps and RF power amplifier pallets. We believe thus far, these new products have helped us expand our SAM by about $400 million to $500 million. And I'll note, our market share in these product gap categories is negligible today, which provides us with a great opportunity for growth.

我們策略的一個重要要素，是運用既有能力與技術組合，尋找相鄰機會以擴大市場。過去幾年的例子包括：我們的 0.14 微米碳化矽基板氮化鎵（GaN on Silicon Carbide）製程、純碳化物（pure carbide）產品線、主動式銅纜 IC、KB 電容（KB caps）以及 RF 功率放大器模組（pallets）。我們相信截至目前，這些新產品已協助我們將 SAM 擴大約 4 億至 5 億美元。另外我也要指出，我們在這些產品缺口類別中的市占率目前幾乎可忽略，這為我們帶來極佳的成長機會。

I'll also note a characteristic of our growth strategy is to target market opportunities that support our financial goal of achieving best-in-class profitability. This requires developing many new and oftentimes niche semiconductor product lines to address these requirements.

我也要補充，我們成長策略的一個特徵，是鎖定能支持我們達成「同業最佳」獲利能力之財務目標的市場機會。這需要開發許多新的、且往往是利基型的半導體產品線，以滿足這些需求。

It might be helpful if I highlight a few recent examples, which exemplify MACOM's strategy. First, at this year's International Microwave Symposium, which was held in June, we announced the expansion of our power amplifier product portfolio with the introduction of a 7-kilowatt power amplifier operating in the 960 megahertz to 1.2 gigahertz frequency range. This product is based on MACOM's pure carbide GaN on Silicon Carbide technology, and we believe it represents the highest power level RF amplifier in the industry.

我或許可以強調幾個近期例子，以具體展現 MACOM 的策略。首先，在今年 6 月舉行的國際微波研討會（International Microwave Symposium）上，我們宣布擴充功率放大器產品組合，推出一款在 960 兆赫至 1.2 吉赫頻率範圍運作的 7 千瓦功率放大器。該產品採用 MACOM 的純碳化物 GaN on Silicon Carbide 技術，我們相信它代表業界最高功率等級的 RF 放大器。

This extremely high power level was achieved by combining novel high-voltage circuit topologies with advanced packaging materials for improved thermal performance. This product is ideal for high power and high-voltage aerospace and defense applications, including radar and electronic warfare systems. Our goal is to establish ourselves as a leader in RF power.

這個極高的功率等級，是透過將新穎的高電壓電路拓撲與先進封裝材料結合，以提升散熱效能而達成。該產品非常適合高功率與高電壓的航太與國防應用，包括雷達與電子戰系統。我們的目標是建立我們在 RF 功率領域的領導地位。

Second, we are actively expanding our R&D teams in bringing new engineering design capability to MACOM. We recently opened 2 design centers, one in the East Coast of the U.S. and one in Seoul, Korea. These actions of hiring more experts in analog and digital IC design and adding new microwave subsystem engineering capability, supports our future product development plans and initiatives. Hiring best-in-class designers to support organic growth is a strategic priority.

第二，我們正積極擴編研發團隊，為 MACOM 帶來新的工程設計能力。我們近期新設立了兩個設計中心，一個位於美國東岸，另一個位於韓國首爾。透過延攬更多類比與數位 IC 設計專家，並新增微波子系統工程能力，這些措施將支持我們未來的產品開發計畫與各項倡議。聘用同業最佳的設計人才以支持內生成長，是一項策略優先事項。

And third, we recently introduced a new optical time domain reflective meter, or OTDR, photodetector product line to support customers that utilize fiber connectivity in their defense, industrial, telecom systems or data center networks. An OTDR test instrument is used to measure a fiber optic cable optical loss and to identify the location of a fiber cable break or performance problem. Portable OTDR test equipment is used during fiber network installation and OTDR functionality can be embedded in remote fiber test systems to permanently monitor a live telecom network or an operating system for any changes or failures.

第三，我們近期推出新的光時域反射儀（optical time domain reflectometer，OTDR）光偵測器產品線，以支援在國防、工業、電信系統或資料中心網路中使用光纖連接的客戶。OTDR 測試儀器用於量測光纖電纜的光損耗，並辨識光纖斷裂位置或效能問題所在。可攜式 OTDR 測試設備用於光纖網路安裝期間；OTDR 功能也可嵌入遠端光纖測試系統中，以永久監控運作中的電信網路或運行中的系統是否出現任何變更或故障。

We believe the field portable OTDR test equipment market is growing due to the worldwide deployment of PON and 5G optical networks. To be clear, the heart of an OTDR is the indium phosphide-based optical photodetector and our strategy is to be a leading supplier of OTDR photodetector IC-based products. Here, we have utilized our proprietary internal MBE technology and photodetector IC design expertise to achieve industry-leading results. We plan to sell our OTDR products with pig tailed fiber for an easy turnkey solution or in a ROSA or chip-on-carrier format, depending on the customer requirements and desired form factors.

我們相信，隨著全球部署 PON 與 5G 光纖網路，現場可攜式 OTDR 測試設備市場正在成長。需要說明的是，OTDR 的核心是以磷化銦（InP）為基礎的光電偵測器，而我們的策略是成為 OTDR 光電偵測器 IC 產品的領先供應商。在此，我們運用自有的內部 MBE 技術與光電偵測器 IC 設計專業，達成業界領先的成果。我們計畫依客戶需求與期望的外形規格，提供帶尾纖（pig-tailed fiber）的 OTDR 產品以利交鑰匙解決方案，或以 ROSA 或 chip-on-carrier 形式銷售。

In recent months, we received 2 qualifications from leading OTDR equipment manufacturers. The 3 examples I just discussed show how MACOM is addressing small- and medium-sized, high-performance applications with solutions that rely on our internal semiconductor process expertise and/or our IC and system design and application expertise. We believe more and more customers are viewing MACOM as a strategic supplier of high-performance analog, RF, microwave and lightweight semiconductor solutions, and we believe this is directly attributable to the strengthening of our product portfolio.

近幾個月，我們獲得了兩家領先 OTDR 設備製造商的 2 項認證（qualification）。我剛才討論的 3 個例子顯示，MACOM 如何以仰賴我們內部半導體製程專業，及／或我們的 IC 與系統設計與應用專業的解決方案，來因應小型與中型的高效能應用。我們相信，越來越多客戶將 MACOM 視為高效能類比、RF、微波與輕量化半導體解決方案的策略性供應商，而我們相信這直接歸因於我們產品組合的強化。

Today, we focus our budgets on R&D, product development, and then engaging customers face-to-face with our regional and technical sales staff, design engineers and technical leadership.

目前，我們將預算聚焦於研發、產品開發，並由我們的區域與技術業務人員、設計工程師與技術領導團隊，與客戶面對面互動。

I'll note, a key element of our strategy is strengthening and expanding our relationships with Tier 1 and Tier 2 OEMs, and we are making good progress in this area. And to a certain degree, our strong bookings for the past 7 quarters is in large part due to the outstanding execution and collaboration between our sales, operations and business development teams and our customers.

我想指出，我們策略的一個關鍵要素是強化並擴大與 Tier 1 與 Tier 2 OEM 的關係，而我們在這方面正取得良好進展。並且在某種程度上，我們過去 7 個季度強勁的訂單（bookings），很大一部分歸功於我們的銷售、營運與業務開發團隊與客戶之間出色的執行力與協作。

Today, we see a growing trend of Tier 1 and Tier 2 customers providing us with their latest requirements for gallium arsenide and GaN mimics, BAW filters, diodes, lasers and analog and mixed-signal ICs. These development projects with our customers across all markets validate that our design capability, products and new technologies are compelling.

目前，我們看到 Tier 1 與 Tier 2 客戶提供其最新需求的趨勢正在增加，涵蓋砷化鎵與 GaN MIMIC、BAW 濾波器、二極體、雷射，以及類比與混合訊號 IC。這些與客戶在各市場共同進行的開發專案，驗證了我們的設計能力、產品與新技術具有吸引力。

Before I turn it over to Jack, I would like to highlight, we are cognizant of the uncertainties around the broader global macroeconomic environment, and we do not presume to think our business would be immune from a global recession. Our long-standing posture has been to run the business in a way which enables us to remain both profitable and cash flow positive during all parts of the business cycle. As such, given the heightened economic uncertainty, we have and will continue to manage the business, particularly the capital investments and spending budgets very carefully.

在交給 Jack 之前，我想強調，我們清楚更廣泛的全球總體經濟環境存在不確定性，也不會假設我們的業務能免於全球衰退的影響。我們長期以來的立場，是以能在景氣循環各階段都維持獲利並保持正向現金流的方式來經營公司。因此，鑑於經濟不確定性升高，我們已經並將持續非常審慎地管理業務，特別是資本投資與支出預算。

I'll highlight, however, that we have very little consumer market exposure, and we believe our defense businesses typically decoupled from near-term negative economic trends. Additionally, we believe our business is relatively small compared to the semiconductor industry at large, and growth can be supported by market share gains as we expand and ramp our latest products and technologies.

不過我也要強調，我們在消費性市場的曝險非常有限，且我們認為國防業務通常與短期負面的經濟趨勢脫鉤。此外，我們認為相較於整體半導體產業，我們的業務規模相對較小；隨著我們擴大並加速導入最新產品與技術，成長可由市占率提升所支撐。

At a higher level, we believe the semiconductor industry growth over the long term is supported by secular growth trends, more specifically the drive towards more bandwidth, faster data speeds, higher frequencies and higher power levels, whether in radar, electronic warfare, broadband access networks, 5G or the data center, play to MACOM's strength in RF, microwave and optical.

從更高層次來看，我們相信半導體產業的長期成長受到結構性成長趨勢支撐，更具體而言，是朝向更大頻寬、更快資料速度、更高頻率與更高功率等需求的推動；無論是在雷達、電子戰、寬頻接取網路、5G 或資料中心，這些都符合 MACOM 在 RF、微波與光學領域的優勢。

In many cases, addressing these markets requires advanced semiconductor technologies like GaN, Bulk Acoustic Wave or BAW filters, advanced lasers and detectors, high-speed analog ICs and high-voltage capacitors.

在許多情況下，切入這些市場需要先進的半導體技術，例如 GaN、體聲波（Bulk Acoustic Wave，BAW）濾波器、先進雷射與偵測器、高速類比 IC，以及高電壓電容。

In summary, we believe our position within the industry is improving due to our strengthening portfolio. We have many compelling new process technologies underway, a growing team of world-class IC designers and unique manufacturing and packaging capabilities. I am confident we will continue to push the boundaries of semiconductor engineering and gain market share.

總結來說，我們相信，隨著產品組合持續強化，我們在產業中的地位正在改善。我們有多項具吸引力的新製程技術正在推進，一支持續成長的世界級 IC 設計團隊，以及獨特的製造與封裝能力。我有信心我們將持續突破半導體工程的界限並提升市占率。

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

接下來 Jack 將更詳細地回顧我們的財務結果。

Thank you, Steve, and good morning, everyone. Financial results for our third fiscal quarter ended July 1, 2022 remained strong, and MACOM's team continues to strongly perform in executing toward our business strategy.

謝謝你，Steve，各位早安。我們截至 2022 年 7 月 1 日止的第三會計季度財務結果依然強勁，MACOM 團隊也持續在執行我們的業務策略方面展現優異表現。

Revenue for the fiscal third quarter was $172.3 million, up 4.3% quarter-over-quarter and exceeded our guidance range based on strength in the Industrial & Defense market. On a geographic basis, revenue from U.S. domestic customers represented approximately 45% of our fiscal Q3 results with continued diversity across our customer base. Adjusted gross profit was $107.2 million or 62.2% of revenue, up 50 basis points sequentially. Exceeding 62% gross margin represents another major milestone in improving our profitability.

第三會計季度營收為 1.723 億美元，較前一季成長 4.3%，並因工業與國防市場的強勁表現而超出我們的財測區間。以地理區域來看，美國本土客戶的營收約占我們第三會計季度結果的 45%，且客戶基礎仍維持多元化。調整後毛利為 1.072 億美元，或占營收 62.2%，較前一季提升 50 個基點。毛利率突破 62% 代表我們提升獲利能力的另一個重要里程碑。

Total adjusted operating expense was $53.1 million, consisting of research and development expense of $34 million, and selling, general and administrative expense of $19.1 million. As anticipated, total operating expenses were sequentially up by $2.1 million from fiscal Q2 as we continue to expand our R&D team and their capabilities. We continue to carefully manage administrative spending as we support growth-related investments across the business.

調整後營業費用合計為 5,310 萬美元，其中研發費用 3,400 萬美元，銷售、一般及行政費用 1,910 萬美元。如預期，隨著我們持續擴編研發團隊並提升其能力，營業費用較第二會計季度增加 210 萬美元。我們在支持全公司與成長相關投資的同時，仍持續審慎管理行政支出。

Adjusted operating income in fiscal Q3 was $54.1 million, up from $50.9 million in fiscal Q2. Adjusted operating margin increased 60 basis points sequentially, crossing the 31% threshold to 31.4% for fiscal Q3. Depreciation expense for fiscal Q3 was $5.9 million and adjusted EBITDA was $60 million. Trailing 12-month adjusted EBITDA was approximately $224 million as compared to $214 million in our prior fiscal quarter.

第三會計季度調整後營業利益為 5,410 萬美元，高於第二會計季度的 5,090 萬美元。調整後營業利益率較前一季提升 60 個基點，突破 31% 門檻，第三會計季度達 31.4%。第三會計季度折舊費用為 590 萬美元，調整後 EBITDA 為 6,000 萬美元。過去 12 個月的調整後 EBITDA 約為 2.24 億美元，相較於上一個會計季度的 2.14 億美元。

Adjusted net interest expense for fiscal Q3 was $433,000, down approximately $500,000 from fiscal Q2, primarily driven by higher short-term investment balances and the associated interest income. With increases in interest rates, we anticipate higher net interest expense during our next fiscal quarter ending in September.

第三會計季度調整後淨利息費用為 43.3 萬美元，較第二會計季度減少約 50 萬美元，主要由較高的短期投資餘額及其帶來的利息收入所驅動。隨著利率上升，我們預期在下一個於 9 月結束的會計季度，淨利息費用將提高。

Our adjusted income tax rate in fiscal Q3 was 3% and resulted in an expense of $1.6 million. Our net cash tax payments were approximately $1.1 million for the third quarter, up $600,000 from fiscal Q2, primarily based on our increases in profitability. We expect our adjusted income tax rate to remain at 3% going forward.

第三會計季度調整後所得稅率為 3%，對應稅費為 160 萬美元。第三季度的現金所得稅支付約為 110 萬美元，較第二會計季度增加 60 萬美元，主要反映我們獲利能力提升。我們預期未來調整後所得稅率將維持在 3%。

Fiscal Q3 adjusted net income was $52.1 million compared to $48.4 million in fiscal Q2. Adjusted earnings per fully diluted share was $0.73, utilizing a share count of 71.1 million shares compared to $0.68 of adjusted earnings per share in fiscal Q2.

第三會計季度調整後淨利為 5,210 萬美元，相較第二會計季度為 4,840 萬美元。以 7,110 萬股的完全稀釋後股數計算，調整後每股盈餘為 0.73 美元，相較第二會計季度調整後每股盈餘 0.68 美元。

Now moving on to operational balance sheet and cash flow items. Our Q3 accounts receivable balance was $106.6 million, up from $100.6 million in fiscal Q2, reflecting our $7.1 million increase in revenue over the prior period. As a result, days sales outstanding as of the end of June were 56 days. During the past 3 quarters, our quarterly revenue has increased by $17 million, which is the primary driver for the fiscal 2022 year-to-date increase in our accounts receivable balance of $22 million.

接著說明營運資產負債表與現金流項目。第三會計季度應收帳款餘額為 1.066 億美元，高於第二會計季度的 1.006 億美元，反映我們較前期營收增加 710 萬美元。因此，截至 6 月底的應收帳款週轉天數（DSO）為 56 天。過去 3 個季度，我們的季度營收增加了 1,700 萬美元，這是 2022 會計年度截至目前應收帳款餘額增加 2,200 萬美元的主要驅動因素。

Inventories were $110.2 million at quarter end, up from $93.4 million sequentially. Inventory turns were 2.4x, down sequentially in Q3 from 2.7x in the prior quarter.

季度末存貨為 1.102 億美元，較前一季的 9,340 萬美元增加。存貨週轉率為 2.4 倍，較上一季度的 2.7 倍在第三季度呈現下滑。

During fiscal year 2022, we have made strategic investments in various inventory items such as manufacturing consumables, substrates, precious metals, as well as critical wafer stocks and finished goods. This strategic increase in inventory is expected to support our growing backlog, which we feel will provide additional stability in the current supply environment.

在 2022 會計年度期間，我們已在多項存貨項目上進行策略性投資，例如製造耗材、基板、貴金屬，以及關鍵晶圓庫存與成品。這項策略性的存貨增加預期將支撐我們持續成長的在手訂單（backlog），我們認為這將在目前的供應環境中提供額外的穩定性。

Fiscal Q3 cash flow from operations was approximately $40.4 million, down $2.1 million sequentially, primarily from increases in working capital. Capital expenditures totaled $6.6 million for fiscal Q3 with additional investments in fab capabilities and R&D equipment. We expect our fiscal year '22 capital expenditures to now be in the range of $25 million to $30 million due to the timing of receipt of certain CapEx items.

會計年度第三季（Q3）營運活動現金流約為 4,040 萬美元，較前一季減少 210 萬美元，主要係因營運資金增加所致。會計年度第三季資本支出合計 660 萬美元，包含對晶圓廠（fab）能力與研發設備的額外投資。我們預期 2022 會計年度資本支出目前將落在 2,500 萬至 3,000 萬美元區間，原因在於部分資本支出項目的到貨時點。

Next, moving on to balance sheet items. Cash, cash equivalents and short-term investments for the third fiscal quarter were $536.3 million, up $33.3 million sequentially. With our continued cash generation and 5% increase in trailing 12-month EBITDA, our third quarter gross leverage is 2.7, down from 2.8 in Q2.

接下來談資產負債表項目。第三個會計季度的現金、約當現金及短期投資為 5.363 億美元，較前一季增加 3,330 萬美元。隨著我們持續產生現金，且過去 12 個月 EBITDA 增加 5%，第三季的總槓桿倍數為 2.7，較第二季的 2.8 下降。

Our net leverage remains below 1 and our net debt is now $67 million. We recognize that we are still in a net debt position. However, we are pleased that the increases in our cash and short-term investment balances will provide us with new and expanding strategic options for future growth.

我們的淨槓桿仍低於 1，而淨負債目前為 6,700 萬美元。我們了解我們仍處於淨負債狀態。然而，我們很高興現金與短期投資餘額的增加，將為未來成長提供新的且更具延展性的策略選項。

Finally, I would like to also note that this week, we published an updated environmental, social and governance report which can be found in the Investor Relations section of our MACOM website. The report highlights progress we have made in improving our ESG reporting metrics.

最後，我也想提到，我們本週發布了更新版的環境、社會與公司治理（ESG）報告，可在我們 MACOM 官網的投資人關係（Investor Relations）專區找到。該報告重點呈現我們在改善 ESG 報告衡量指標方面所取得的進展。

I will now turn the discussion back over to Steve.

我現在把討論交回給 Steve。

Thank you, Jack. MACOM expects revenue in Q4 to be in the range of $175 million to $180 million. Adjusted gross margin is expected to be in the range of 61.5% to 63.5%. And adjusted earnings per share is expected to be between $0.74 and $0.78 based on 71.4 million fully diluted shares.

謝謝你，Jack。MACOM 預期第四季（Q4）營收將介於 1.75 億至 1.80 億美元。調整後毛利率預期介於 61.5% 至 63.5%。調整後每股盈餘預期介於 0.74 至 0.78 美元，係以 7,140 萬股完全稀釋股數為基礎。

In Q4, when compared to Q3, we expect revenue for Industrial and Defense and Data Center to increase by mid-single-digit percentages sequentially and Telecom to be relatively flat.

在第四季，相較第三季，我們預期工業與國防（Industrial and Defense）以及資料中心（Data Center）營收將按季以中個位數百分比成長，而電信（Telecom）則預期大致持平。

In summary, we stand in front of a multibillion-dollar SAM with a unique and growing technology portfolio. Our strategy is to further diversify our 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.

總結來說，我們面對的是一個數十億美元規模的 SAM（可服務市場），並擁有獨特且持續成長的技術產品組合。我們的策略是進一步分散產品、客戶與終端市場。我們以長期視角執行策略，並將致力於管理業務，使其在各種景氣循環中都能維持獲利。我們有信心在未來數月與數年持續改善財務表現並取得市占。

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

我現在想請接線員開始接受提問。

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

（接線員指示）我們的第一個問題來自 Barclays 的 Tom O'Malley。

My first one is just related to the segments. It looks like with your guidance for September, the Data Center business is declining slightly for the year, but the Telecom business is looking a lot stronger than you initially expected.

我的第一個問題與各事業部門有關。看起來依你們對 9 月的指引，資料中心業務全年略為下滑，但電信業務看起來比你們一開始預期強勁得多。

Could you just walk through the puts and takes of what's going on between those? You mentioned some of the Data Center lasers ramping. But any more color on what you saw a little bit weaker in Data Center and what you're seeing a little bit stronger in Telecom.

你能否說明一下兩者之間的增減因素（puts and takes）？你提到部分資料中心雷射產品正在放量（ramping）。但能否再多分享一些：資料中心哪裡看起來稍弱，以及電信哪裡看起來更強？

Sure. So -- you're correct in terms of the trends that you outlined. I'll just also note that on a year-over-year basis, all 3 of our end markets were up. I&D was up 6%, Data Center was up 5%, and Telecom, almost 30%.

當然。就你所描述的趨勢而言，你的判斷是正確的。我也補充一下，以年對年來看，我們三個終端市場都成長：工業與國防成長 6%，資料中心成長 5%，電信接近 30%。

And on a relative basis, we think for the full year, 2 or possibly 3 of the markets will be up. We think the strongest market on a full year comparison will be our Telecom business, again, about 29% year-over-year growth; Industrial & Defense, mid-single digits, around 5% year-over-year growth; and Data Center right now is trending to low single digit or flat performance on a year-over-year basis.

從相對表現來看，我們認為全年將有 2 個、甚至可能 3 個市場呈現成長。以全年比較而言，最強的市場將是電信業務，年對年成長約 29%；工業與國防為中個位數，約 5% 的年對年成長；而資料中心目前趨勢為低個位數成長或年對年持平。

Given the variety of the products that we're selling, of course, and the diversity of our revenue, there are a lot of puts and takes. I think one thing to highlight inside the Data Center is that during the course of this year, we've seen significant movement of our 100G CWDM4 business from U.S.-based customers over to Asia-based customers. And that trend is a favorable trend and it continues.

由於我們銷售的產品種類多元，且營收來源分散，當然會有許多增減因素。我認為資料中心內部有一點值得強調：在今年的過程中，我們看到 100G CWDM4 業務從以美國客戶為主，顯著轉移到以亞洲客戶為主。這是一個有利的趨勢，而且仍在持續。

On the Telecom side, I would highlight that tremendous growth from Telecom coming from access markets, including 10G PON and also a lot of strong growth in metro long-haul. So I think those are just a few key items that I would probably highlight as it relates to the 3 markets.

在電信方面，我會強調電信的強勁成長主要來自接取市場（access markets），包括 10G PON，同時在都會與長途（metro long-haul）也有很多強勁成長。我想以上是與這三個市場相關、我會特別點出的幾個重點。

That's helpful. And then in your preamble, you talked about your lack of consumer exposure and how the Defense business is relatively protected from what you think would be a macro downturn.

這很有幫助。另外在你開場時，你談到你們缺乏消費性曝險，以及國防業務相對能抵禦你們認為可能出現的總體經濟下行。

Can you talk about the broad-based Industrial business? When you look at that business, do you think that, that should track relative to GDP? Or do you think there's areas within the Industrial business? I think you've broken it out like 60% Defense, 40% Industrial in the past. But in that 40%, can you just talk about any areas that may outperform GDP and how you think that market -- how you think that segment may perform in a down market?

你能談談更廣泛的工業業務嗎？當你看這塊業務時，你認為它應該會跟 GDP 同步變動嗎？或者你認為工業業務內部有些領域可能優於 GDP？我記得你們過去曾拆分為約 60% 國防、40% 工業。但在那 40% 裡，能否談談哪些領域可能跑贏 GDP，以及你認為在景氣下行時，該市場——你認為該事業部門可能會如何表現？

Sure. So first, I'm not sure if our growth rate will not track GDP, so I can't really address that. But I would point towards some of the products that we're introducing for the Industrial & Defense markets.

可以。首先，我不確定我們的成長率是否會不跟隨 GDP，因此我無法直接回應那一點。但我會把焦點放在我們為工業與國防市場所推出的一些產品上。

This past June at the International Microwave Symposium, we went through a whole range of product demonstrations and product announcements. And I think I'll highlight a few of these because they demonstrate the focus of the company.

今年 6 月在國際微波研討會（International Microwave Symposium）上，我們進行了一系列產品展示與產品發表。我想挑出其中幾項，因為它們展現了公司的重點方向。

For example, we launched a new SLI switch product line for test instrumentation. We launched our 0.14 GaN on Silicon Carbide mimic process. This is the process we've been working on now coming up on 2 years. That is focused on a wide range of SATCOM and Industrial & Defense applications. We demonstrated a 7-watt Ka-band mimic there.

例如，我們推出了用於測試儀器的全新 SLI 交換器（switch）產品線。我們推出了 0.14 GaN on Silicon Carbide（碳化矽基氮化鎵）的 MIMIC 製程。這是我們已投入研發、即將滿 2 年的製程，聚焦於廣泛的衛星通訊（SATCOM）以及工業與國防應用。我們也在現場展示了一款 7 瓦 Ka 頻段的 MIMIC。

We also demonstrated a 10-watt E-Band amplifier, again, focusing on satellite communications, ground-to-satellite communications. So just some real interesting technology there. We also announced our new BAW filter line, we demonstrated a Switch filter bank at L-band, really targeting defense -- the defense industry and some of the next-generation switch filter banks that our customers are looking for.

我們也展示了一款 10 瓦 E-Band 放大器，同樣聚焦於衛星通訊、地對星通訊等應用，確實是一些非常有意思的技術。我們也宣布了全新的 BAW 濾波器產品線，並展示了 L 頻段的交換器濾波器組（Switch filter bank），主要鎖定國防——國防產業，以及客戶正在尋求的部分下一代交換器濾波器組。

So a lot of the focus and a lot of the work that we've been doing has really been targeting telecom at large, a lot of the wireless standards that are out there as well as high-performance defense applications. And so when we think about our future growth coming from the defense industry, it will be radar-based platforms, it will be communication-based platforms. It will be handheld and mobile radio, high-power radios will be jammers and UAV. So it's a very diverse application set for our Defense business.

因此，我們許多重點與投入的工作，實際上是鎖定更廣義的電信市場、現有的多種無線標準，以及高效能的國防應用。當我們思考未來來自國防產業的成長時，將包括雷達平台、通訊平台，也包括手持與行動無線電、高功率無線電、干擾器（jammers）以及無人機（UAV）。因此，我們的國防業務應用組合非常多元。

On the Industrial side, we've been making tremendous progress penetrating the medical market. We've been doing some next-generation functions, both on the discrete diode-based technology as well as on our analog and mixed-signal technologies. Over the past year, we've been focusing some of our analog designers more and more on industrial applications, and so that's been doing quite well.

在工業方面，我們在切入醫療市場上取得了非常顯著的進展。我們正在開發一些下一代功能，涵蓋分離式二極體（discrete diode）技術，以及我們的類比與混合訊號技術。過去一年，我們也讓部分類比設計人員越來越聚焦於工業應用，因此表現相當不錯。

And then the last thing I'll add is on the test and measurement industry. This is an industry that needs to support the higher data rate applications and higher speed applications, whether it's in the compute market or the telecom market. And MACOM is doing a tremendous amount of chip development for applications like memory testers or high-speed analog testers, or even optical testers. And so the industrial market for us is really a target-rich environment, and there's certainly a lot of diversity there.

最後我再補充測試與量測產業。這個產業需要支援更高資料速率與更高速的應用，不論是在運算市場或電信市場。MACOM 正在為記憶體測試機（memory testers）、高速類比測試機（high-speed analog testers），甚至光學測試機（optical testers）等應用進行大量晶片開發。因此，對我們而言，工業市場確實是一個目標豐富的環境，且其中具有相當高的多樣性。

Our next question coming from C.J. Muse with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 C.J. Muse。

I guess I wanted to focus first on Data Center. I think your outlook for September is a little bit worse than what you thought 3 months ago. And when I look at, kind of, the growth trajectory over the last 3 years, it's about -- running at about a 4% CAGR. So would love to hear your thoughts as we move into fiscal '23 and beyond, whether we should start to see a reacceleration in growth there. And if so, what are the key drivers that you're pointing to, as well as do you already see some of that business in your extended backlog?

我想我想先聚焦在資料中心。我認為你們對 9 月的展望比 3 個月前的預期稍微差一些。而當我回頭看過去 3 年的成長軌跡，大概是——年複合成長率約 4%。因此很想聽聽你們對於進入 2023 會計年度及之後的看法：我們是否應該開始看到那邊的成長再加速？如果是，您所指向的關鍵驅動因素是什麼？另外，你們是否已經在延伸的在手訂單（extended backlog）中看到部分業務？

Yes. So thanks for the question, C.J. So we have definitely seen revenue numbers that are below what our previous expectations were for the full year. And even as we have looked at the business, we've seen shifts within our business there.

是的。謝謝你的問題，C.J.。我們確實看到營收數字低於我們先前對全年所做的預期。而且即便我們檢視這項業務，也看到我們在該業務內部出現了一些結構性的轉移。

I'll just -- first, before I talk about the moving parts within the market segment, I'll just highlight 2 things for investors to remember. We did announce about a year ago that there would be about a $15 million decrease in our Data Center business due to legacy programs falling off, which included platforms like PowerPC and some of our networking products that were legacy AMCC product lines. When you add back that $15 million to our current run rate, you would have over 10% growth.

我先——在談市場區隔內的各種變動因素之前，先強調兩點讓投資人記住。我們大約一年前曾宣布，由於舊有專案逐步退出（legacy programs falling off），我們的資料中心業務將減少約 1,500 萬美元，其中包含像 PowerPC 以及我們部分網路產品等，這些都是 AMCC 的舊產品線。若把這 1,500 萬美元加回我們目前的運行水準（run rate），成長率就會超過 10%。

The second thing I would highlight is that this is the 1 market of the 3 from MACOM that has been more challenged with supply constraint issues. Those challenges have been opening up. We saw some nice growth in Q3 and also we're seeing good performance in Q4. So that's improving.

第二點我要強調的是，這是 MACOM 三個市場之中，唯一一個在供應受限（supply constraint）問題上較具挑戰的市場。這些挑戰正在逐步緩解。我們在第三季看到不錯的成長，第四季也看到良好的表現，所以情況正在改善。

In terms of looking forward and where we think the growth will come from going -- looking into fiscal '23, certainly, our 400G PAM4 business will be strengthening. We like the fact that there's more and more work at 800G. And so again, we will address these markets with multichannel TIAs and drivers for very high-speed applications.

就前瞻來看、以及我們認為成長將從何而來——展望 2023 會計年度，當然，我們的 400G PAM4 業務將會走強。我們也樂見 800G 的工作越來越多。因此，我們將以多通道 TIA 與驅動器來切入這些市場，用於超高速應用。

We also see tremendous opportunities with coherent light. And so as our customers are looking to extend the high-speed reach, they do see limitations with PAM4. So there is sort of a bit of a migration over to an NRZ and a coherent application.

我們也在相干光（coherent light）方面看到巨大的機會。因此，當客戶希望延伸高速傳輸距離時，他們確實看到 PAM4 的限制。所以會出現某種程度的遷移，轉向 NRZ 與相干應用。

And then the last thing I'll add is there's some product lines that are just beginning to blossom within the data center market. That would be our linear drivers, which are going to put a lot of pressure on DSPs for short-reach applications, and our lasers. This year, we have been very, very active with design wins, not only for telecom markets, meaning PON and 5G markets, but also the Data Center. What we were surprised to see this year is many of the module manufacturers, of pluggable module manufacturers were interested in bringing our lasers into the data center.

最後我再補充一點：在資料中心市場中，有一些產品線才剛開始綻放。那就是我們的線性驅動器（linear drivers），它們會在短距離應用上對 DSP 造成很大壓力，以及我們的雷射。今年我們在設計導入（design wins）方面非常、非常積極，不僅在電信市場——也就是 PON 與 5G 市場——同時也在資料中心。我們今年感到意外的是，許多可插拔模組（pluggable module）的模組製造商有興趣把我們的雷射導入資料中心。

And then, as we think about the long-term growth and some of the new technologies we'll bring to the Data Center, I think I announced on the last call that we had actually some early successes with our new EML laser technology. And this is -- the price points in the market for EML lasers is very strong. And we're very excited to start to introduce that technology in the back half of '23 and as we enter '24.

另外，當我們思考資料中心的長期成長以及將帶入的新技術時，我想我在上一次電話會議中提到，我們在新的 EML 雷射技術上已經取得一些早期成功。而且——EML 雷射在市場上的價格水準非常強勁。我們非常期待在 2023 年下半年開始導入這項技術，並在進入 2024 年時持續推進。

So I do think there's tremendous opportunities there within the Data Center. I will highlight, we are absolutely staying in our lane and playing to our strengths. We have -- we are not interested in developing DSP chips, for example. We're very focused on providing customers analog chips that are high-speed components that help them solve various problems and potentially be an alternative to DSPs.

所以我確實認為資料中心內部存在巨大的機會。我也要強調，我們絕對會專注在自己的賽道、發揮我們的強項。舉例來說，我們沒有興趣開發 DSP 晶片。我們非常專注於為客戶提供高速類比晶片（analog chips）這類高速元件，協助他們解決各種問題，並且在某些情況下可能成為 DSP 的替代方案。

And I'll maybe add one other point. We've also noticed as more and more of our customers are working on co-packaged optics. We're actually finding lots of interesting opportunities on the analog and on the optical side, including our photodetectors and our laser arrays. We've been demonstrating single-chip [8] laser devices, which are getting a lot of interest in the market. And we're also increasing the power levels of our CW-laser product. So there's just a lot of interesting things going on. So we are quite bullish on the long-term prospects for the Data Center.

我再補充一點。我們也注意到，隨著越來越多客戶投入共封裝光學（co-packaged optics），我們在類比端與光學端都找到許多有趣的機會，包括我們的光偵測器（photodetectors）與雷射陣列（laser arrays）。我們已展示單晶片 [8] 雷射裝置，在市場上獲得很高的興趣。我們也正在提高我們 CW 雷射產品的功率水準。所以有很多有趣的事情正在發生。因此，我們對資料中心的長期前景相當看多。

Great also and thorough answer. As my follow-up, just a quick modeling question. How should we be thinking about OpEx beyond the September quarter? And you talked about interest expense ticking higher. How should we model that into September and beyond?

很棒而且回答得很完整。作為追問，我有個快速的建模問題：在 9 月季度之後，我們應該如何看待營業費用（OpEx）？另外你提到利息費用會略為上升，我們應該如何把這點納入 9 月以及之後的模型？

C.J., this is Jack. So as we've discussed in the past and as you may have seen here in our June quarter, there was a bit of an uptick in our operating expenses as we continue to invest, primarily in R&D activities across the organization. So depending on growth from a revenue perspective, as we work our way out into the future, you'll see a bit of an uptick in our sequential operating expenses on a go-forward basis.

C.J.，我是 Jack。正如我們過去討論過的、以及你可能在我們 6 月季度看到的，隨著我們持續投資——主要是在整個組織的研發（R&D）活動——我們的營業費用有些微上升。因此，取決於營收端的成長情況，隨著我們往未來推進，你會看到我們的營業費用在後續期間按季（sequential）會有一些上升。

And then from an overall interest point of view, obviously, interest rates are on the rise. And what we're seeing here going into the fourth fiscal quarter or September quarter, that will include basically the full quarter impact of the rate adjustment we had seen back a month or so ago.

至於整體利息的觀點，顯然利率正在上升。我們看到在進入第四個會計季度、也就是 9 月季度時，基本上會反映我們大約一個月前所看到的利率調整之完整季度影響。

And then obviously, we'll have some of the impacts from the rate increase that was announced yesterday, so that will drive some of the interest rates up from an expense point of view. Some of that will be mitigated as we go forward depending on short-term investment returns.

然後很明顯地，我們也會受到昨天宣布的升息所帶來的一些影響，因此從費用角度看，利息成本會再往上。隨著我們往前走，其中一部分會視短期投資報酬而有所抵銷。

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

我們的下一個問題來自 Needham 的 Quinn Bolton。

Congratulations on the nice results. Steve, you mentioned sort of acknowledging that the more challenging economic conditions. I'm wondering, are you starting to see any changes in your customers' order patterns? Are weekly orders becoming more variable on a week-to-week basis? Are you seeing any pushouts or adjustments to delivery schedules, any cancellations? Anything like that yet?

恭喜你們交出不錯的成績。Steve，你提到某種程度上承認經濟環境更具挑戰。我想問的是，你們是否開始看到客戶下單模式有任何變化？每週訂單是否在週與週之間變得更波動？你們是否看到任何延後（pushouts）或交付時程調整、任何取消？目前有出現這類情況嗎？

Thanks for the question. And so this is something we've been very focused on in trying to look for, let's say, early trends of possible future softness. And at the end of the day, we're not seeing that. We're actually seeing continued strong bookings across all of the different end markets. So that's -- that's the good news.

謝謝你的問題。這也是我們一直非常關注的事情，試圖尋找例如未來可能轉弱的早期趨勢。但總結來說，我們沒有看到。我們其實看到各個終端市場的接單（bookings）仍然強勁。所以——這是好消息。

And as I think we mentioned in the earlier remarks, this was our seventh consecutive quarter of having a greater than 1 book-to-bill.

而且如同我們在先前的談話中提到的，這是我們連續第七個季度的接單出貨比（book-to-bill）大於 1。

I'll just also note, one thing we have seen improvements on are some of the availability and lead times for our third-party foundries. We're seeing some of the process nodes that we used come down in lead time. And we think that would suggest that there's capacity opening up, and we actually think this is a good thing. It will allow us to bring some of our manufacturing cycle times down.

我也補充一下，我們確實看到改善的一點是第三方晶圓代工廠的供應可得性與交期。我們看到我們使用的一些製程節點交期縮短。我們認為這表示產能正在釋出，而且我們其實覺得這是好事，因為這將讓我們縮短部分製造週期時間。

So I would say that's the only noteworthy item. Some of our third-party, large silicon fabs are quoting slightly shorter lead times, and we see that as a benefit. But in terms of the day-to-day business and the bookings, I can say that we're not seeing any indications. And we're keenly sensitive to the daily booking trends, and we do keep a close eye on it.

所以我會說那是唯一值得一提的項目。我們的一些第三方大型矽晶圓廠報出的交期略微縮短，我們視之為利多。但就日常業務與接單而言，我可以說我們沒有看到任何跡象。我們對每日接單趨勢非常敏感，也確實密切關注。

Perfect, thank you for that color. I wanted to also know, just ask on the laser opportunity. You've got lasers for -- PON lasers for 5G backhaul and now starting to emerge into the Data Center.

很好，謝謝你提供這些背景。我也想再問一下雷射的機會。你們有用於——PON 的雷射，用於 5G 回傳（backhaul），而現在也開始在資料中心浮現。

Can you give us -- just of those 3 opportunities, maybe relative size or rank order as one is significantly larger than the others or -- how do you sort of see those 3 opportunities for lasers ramping over the next couple of years?

你能否就這三個機會——也許以相對規模或排序的方式——說明是否其中一個明顯大於其他，或是——你們如何看待未來幾年這三個雷射機會的放量（ramping）？

It's an interesting part of our portfolio. And the thing about our lasers, as you highlighted, we are actually focusing on 3 different markets, and now sort of 4 as LiDAR is starting to emerge. We are seeing requirements for very high-powered lasers.

這是我們投資組合中一個很有意思的部分。而關於我們的雷射，如你所強調的，我們其實聚焦於3個不同的市場，而現在隨著LiDAR開始浮現，某種程度上算是第4個。我們看到對於非常高功率雷射的需求。

But of course, you've got the Data Center, you've got access and then you have telecom. In terms of our portfolio, as you know, we have the Fabry-Perot lasers, which are good for the short distances. We have the DFEs, which are for longer distances. And now we're working on EMLs, which are for the very long distance applications.

但當然，你有資料中心、有接入端，然後還有電信。就我們的產品組合而言，如你所知，我們有Fabry-Perot雷射，適用於短距離；我們有DFE，適用於較長距離；而現在我們正在開發EML，適用於超長距離的應用。

MACOM does not, to date produce VCSELs, and that is a large part of the market. I can tell you from a customer base point of view, we have approximately 20 to 25 customers that are -- that we are engaged on, that are qualifying various types of lasers depending on the application. We're seeing qualifications with LR4. We're seeing qualifications in Korea for WDM 12 for 5G. We're seeing CWDM6 for 5G. And certainly, 5G for (inaudible) and also different data rates applications for 5G, actually higher data rates for mid-haul.

截至目前，MACOM並不生產VCSEL，而那是市場中很大的一部分。我可以從客戶基礎的角度告訴你，我們大約有20到25家客戶——我們正在與其合作——他們會依應用情境對各類型雷射進行認證。我們看到LR4的認證；我們看到在韓國針對5G的WDM 12認證；我們看到針對5G的CWDM6。當然，5G用於（聽不清）以及5G的不同資料速率應用，實際上中繼段（mid-haul）需要更高的資料速率。

So my point being is we have a lot of qualifications going on. We have very few customers today that are actually in production. We see many customers beginning to win. If I were to pick one market, which is the largest market of the 3, I would say, the PON market is actually a very interesting market. At 2.5 GPON, the annual laser consumption was about 80 million lasers at its peak. And we're going through a period today where MACOM is one of the largest producers of 2.5 GPON lasers for the market. And over the next 2 to 3 years, there's going to be a shift from 2.5 to 10G.

所以我的重點是，我們正在進行大量的認證。目前真正進入量產的客戶其實很少。我們看到許多客戶開始取得勝利。如果要我在3個市場中挑一個最大的市場，我會說PON市場其實是一個非常有意思的市場。在2.5 GPON時期，雷射年消耗量在高峰約為8,000萬顆。而我們目前正處於一個階段：MACOM是市場上2.5 GPON雷射最大的生產商之一。接下來2到3年，將會從2.5轉向10G。

And this is actually being driven not only by the China market, but also the global expansion of passive optical networks for fiber to the home. And so we plan on being a major participant in that market. I can tell you today, our 10G PON laser revenue is almost 0. We're only in qualification phases. We think that market will turn on some time in '23.

而這不僅是由中國市場帶動，也來自全球被動式光纖網路（PON）在光纖到府（FTTH）上的擴張。因此我們計畫成為該市場的重要參與者。我可以告訴你，目前我們的10G PON雷射營收幾乎為0，我們仍只在認證階段。我們認為該市場會在2023年的某個時間點開始放量。

So I haven't sort of directly answered your question about which is the largest, I think there's tremendous opportunities within each of the segments. As some of the markets adopt silicon photonics or co-packaged optics, they're going to want high-power CW lasers or they're going to want laser arrays, and we are actively engaged with customers in both those applications.

所以我並沒有直接回答你哪一個最大；我認為每個細分領域都有巨大的機會。隨著部分市場採用矽光子或共封裝光學（co-packaged optics），他們會需要高功率CW雷射，或是需要雷射陣列，而我們在這兩種應用上都正積極與客戶合作。

And then the last thing I'll add about our laser portfolio is we expect the profitability of this product line to be accretive to our margins. We have an advantage of being on [4 Indium Phosphide]. Our edge-faceted technology allows us to do on-wafer testing. So we believe we have a cost advantage when we go into high-volume markets.

最後我想補充關於我們雷射產品組合的一點：我們預期這條產品線的獲利能力將對我們的毛利率具有增益。我們的優勢在於採用[4 Indium Phosphide]。我們的邊緣出光（edge-faceted）技術讓我們能進行晶圓上測試（on-wafer testing）。因此我們相信在進入高出貨量市場時，我們具備成本優勢。

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

下一個問題來自Stifel的Tore Svanberg。

Congratulations on the record operating margin. Steve, you -- when you talked about PAM4, you said you're happy to see 800-gig activity. I was just wondering, does that mean some customers will be skipping 400, meaning going straight from 2 to 8? Or is this more of a timing thing where the market is actually already starting to do some 800 gig designs?

恭喜創下營業利益率新高。Steve，你——你在談到PAM4時說你很高興看到800G的活動。我想請問，這是否表示有些客戶會跳過400，也就是直接從2跳到8？還是這比較像是時點問題，市場其實已經開始做一些800G的設計？

I think it's very early, Tore, for 800. And we have -- we are engaging customers with not only 800 but 1.6. So we're addressing the highest speeds and customers are coming to us for analog solutions. And so that's the point I wanted to make there.

Tore，我認為800還非常早期。而我們——我們不僅在800，也在1.6上與客戶接洽。所以我們正在因應最高速率，而客戶也會來找我們提供類比解決方案。這就是我想表達的重點。

So I don't believe customers will be skipping 400G. In fact, 400G is becoming -- or is the majority of our revenue today within the Data Center, and that's across a wide range of subsegments. So we actually divide internally our data center revenue. It's about 9 different categories depending on the distance, the length and the speed.

所以我不認為客戶會跳過400G。事實上，400G正在成為——或者說目前在資料中心領域已占我們營收的大多數，而且涵蓋很廣的子領域。我們內部其實會把資料中心營收再細分，大約分成9個不同類別，取決於距離、長度與速度。

And when we look at our 400G platforms, whether it's short reach, GR4 or FR4 or active copper cables even, in all cases, we see the 400G revenue growing. So we do have a very strong position from our product set point of view to address the market. So I think that -- I'm not suggesting that there are customers that are skipping the 400G.

而當我們看我們的400G平台，不論是短距離、GR4或FR4，甚至是主動式銅纜（active copper cables），在所有情況下，我們都看到400G營收在成長。因此就產品組合而言，我們確實有非常強的市場地位來因應需求。所以我認為——我並不是在暗示有客戶會跳過400G。

Thanks for clarifying that. My follow-up, either for you or for Jack, so MACOM is in striking distance now from no longer being in a net debt position. And I was just wondering, and I was just wondering, once we get to that level, which will be very soon, will the company's capital management plans change?

謝謝你釐清。我的追問，給你或Jack都可以：MACOM現在距離不再處於淨負債狀態已經很近了。我想請問，一旦我們達到那個水準——而且很快就會——公司的資本管理計畫會改變嗎？

Yes. Tore, this is Jack. So as we look at our cash position and our net debt position, as you highlighted and as I had indicated on the prepared remarks, we do view ourselves as still being in a net debt position. We'll have to see how things go as we move forward.

會的。Tore，我是Jack。所以當我們看我們的現金部位與淨負債部位時，如你所提到的、也如我在事先準備的發言中所指出的，我們確實仍將自己視為處於淨負債狀態。接下來我們得看事情如何發展。

We continue to make investments internally throughout the organization. And we believe our cash balance and where we sit today is a strategic asset that provides us with a number of different options as we go forward.

我們持續在整個組織內部進行投資。我們相信目前的現金餘額以及我們今天所處的位置，是一項策略性資產，能在未來提供我們多種不同的選項。

So Steve, I don't know if you've got any other thoughts?

所以Steve，我不知道你是否還有其他想法？

Yes, I think that's exactly right, Jack. And I'll just add that we do recognize that a growing cash position as a strategic advantage. And it is as that cash position grows, it will allow us to have more options as we look forward.

是的，我認為你說得完全正確，Jack。我再補充一點：我們確實認知到，持續增加的現金部位是一項策略優勢。隨著現金部位成長，將使我們在展望未來時擁有更多選擇。

So -- and given the fact that we are either in or maybe soon to be in a recession, having a large cash position also allows us to sleep well at night.

所以——而且考量到我們正處於或可能很快進入衰退，擁有大量現金部位也能讓我們晚上睡得更安穩。

And our next question coming from the line of David Williams with Benchmark.

下一個問題來自Benchmark的David Williams。

Our next question coming from the line of Matt Ramsay with Cowen.

下一個問題來自Cowen的Matt Ramsay。

This is Ethan Potasnick on for Matt. Congrats on the great results and guide here. I was wondering if you guys could discuss on gross margins, things are still progressing really incredibly. I was wondering if you could dive into where you see levels from here? Or is the strength sort of being driven by timing or product mix? Wondering if you guys could explore that dynamic.

我是代替Matt的Ethan Potasnick。恭喜你們交出很棒的結果與指引。我想請你們談談毛利率：目前仍在非常驚人的進展。我想請問你們能否深入說明從這裡開始你們看到的水準？或者這樣的強勁是由時點或產品組合所驅動？想請你們探討一下這個動態。

Yes. Sure, Ethan. This is Jack Kober. So as we look at our gross margins, we have been pleased with the progress that we've made over the past couple of years in terms of those improvements. And as we've also discussed, we have continuous improvement culture here at MACOM. So we're constantly striving to make improvements across the organization.

好的，當然可以，Ethan。我是Jack Kober。就毛利率而言，我們對過去幾年在改善方面所取得的進展感到滿意。正如我們也討論過的，MACOM有持續改善的文化，因此我們不斷努力在整個組織推動改善。

There's been a number of different things that we've done in terms of reducing scrap and waste and trying to improve yields across may, if not all of our different product lines that we have, and that's both internally manufactured products as well as things that we go to the outside folks on.

我們做了許多不同的事情，例如降低報廢與浪費，並嘗試提升良率，涵蓋我們許多——如果不是全部——不同的產品線；這包括內部製造的產品，也包括我們委外給外部夥伴的部分。

So we keep picking away at this and making those improvements. We continually say we'd like to see incremental improvements over time. But we know things don't always occur in a straight line. And as our gross margins get up to this higher than 62% range, we understand that it can be a little bit more challenging as we go forward.

所以我們會持續在這方面一點一滴地推進並做出改善。我們一再表示，希望隨時間看到逐步的增量改善。但我們也知道事情不一定會呈直線發生。當我們的毛利率來到高於62%的區間時，我們理解未來要再往上推進可能會更具挑戰。

So as we look out over the longer term, slow and steady sequential improvement is our goal, but it's not always going to be heading in that consistent direction.

因此，從較長期來看，緩慢且穩健的逐季改善是我們的目標，但它不會總是朝著那個一致的方向前進。

One of the other things to think about as well in some of the new product introductions that we have. And that's a core element of our strategy is to introduce more products and at higher gross margins that specify to some of our customer needs. So as we feather in some of those new products looking out over the longer term, we hope that will also be additive to our gross margins.

另外，在我們推出一些新產品時，還有一點也需要思考。而這也是我們策略的核心要素：推出更多產品，並以更高的毛利率來滿足部分客戶的特定需求。因此，隨著我們逐步導入這些新產品、放眼較長期，我們希望這也能對我們的毛利率帶來正向貢獻。

Understood. And then I was pretty intrigued by some of the commentary in the script on the OTDR product line, given some of the recent qualifications, as deployments of PON, 5G optical networks continue. I was wondering any insight into time to revenue there?

了解。接著，我對講稿中關於 OTDR 產品線的一些評論相當感興趣，尤其是在近期完成一些認證/資格取得之後，且 PON、5G 光網路的部署仍在持續。我想請教那邊從現在到產生營收的時間點，有沒有任何洞見？

Yes. So we just introduced the products recently. We actually had to go through about 3 different iterations of the photodetector to meet customer requirements, qualifications, as I highlighted in my script, are starting now. And we should expect a slow ramp, like all of our different product lines, over the course of the next 12 months. And so we would expect contribution in the near term and ramping up over time.

是的。我們最近才剛推出這些產品。實際上，我們必須針對光偵測器（photodetector）進行大約 3 次不同的迭代，才能符合客戶需求；如我在講稿中提到的，認證/資格取得現在正開始進行。我們預期會像其他各產品線一樣，在接下來 12 個月內呈現緩慢爬坡。因此，我們預期短期內會有一些貢獻，並隨時間逐步放量。

I'll just also note there that there are multiple markets that would use this type of functionality, including PON, like you mentioned, but also metro long haul. There's also various military applications, whether it's underwater cables or systems that are in active platforms that need to monitor electronics.

我也補充一下，會使用這類功能的市場不只一個，包括你提到的 PON，也包含都會網與長途傳輸（metro long haul）。另外也有各種軍用應用，不論是海底電纜，或是需要監控電子設備的主動式平台上的系統。

So it's a fundamental feature that's necessary in a lot of different optical fiber applications. And MACOM wants to be a leader in this area. We have some outstanding packaging technology. We have dialed in the performance of these detectors. They have to be very fast speed, that way it can identify if there's an issue on a fiber that's close to a break or a bend in the cable, the fiber that is near itself. You need to have a fast -- effectively a fast switching photodetector to identify distances between these type of events.

因此，這是一項在許多不同光纖應用中都必不可少的基本功能。MACOM 希望在這個領域成為領導者。我們擁有出色的封裝技術，也已將這些偵測器的效能調校到位。它們必須具備非常快的速度，才能辨識光纖上是否有問題，例如接近斷裂點或電纜彎折處、以及靠近偵測器本身附近的光纖狀況。你需要一個快速——實際上是快速切換的光偵測器，來辨識這類事件之間的距離。

So it is also -- I'll just highlight it, a niche market. This is not a multi-hundred million dollar market. We -- from our point of view, we think the SAM is somewhere between $20 million and $40 million, so over the next few years. if we can win a reasonable portion of that market, I think we'll be doing well.

所以我也要強調，這同時是一個利基市場。這不是一個數億美元規模的市場。以我們的觀點，我們認為 SAM（可服務市場）在未來幾年大約介於 2,000 萬到 4,000 萬美元之間；如果我們能拿下其中合理的市占，我認為表現就會很不錯。

And just as Jack highlighted, your question about gross profit margins, I think this is a perfect example of going into a niche market with a customized product and becoming a dominant supplier. And the product line will meet MACOM's goals of increasing gross margins over time.

另外，正如 Jack 所強調、你問到毛利率的問題，我認為這就是一個很好的例子：進入利基市場、以客製化產品切入並成為主導供應商。而這條產品線也將符合 MACOM 隨時間提升毛利率的目標。

Our next question coming from the line of Mark Lipacis with Jefferies.

下一個問題來自 Jefferies 的 Mark Lipacis。

Steve, I had a question on the Defense commentary you made. I think you've always talked about it as a growth vector for MACOM. Maybe I'm reading too much, but it seems like you highlighted it in particular this quarter.

Steve，我想問你剛才對國防業務的評論。我記得你們一直把它視為 MACOM 的成長動能之一。也許是我解讀過度，但你們這一季似乎特別強調了它。

So I'm wondering, is that a particularly good visibility or improving visibility in that sector now? And maybe as part of that, if you could just step back since you have decades of experience in the defense market. Do events like the Ukraine war, or Desert Storm, do they typically lead to increased demand or visibility for component suppliers like MACOM?

所以我想請教，現在該領域的能見度是否特別好、或正在改善？另外，既然你在國防市場有數十年的經驗，能否退一步談談：像烏克蘭戰爭或「沙漠風暴」這類事件，通常會不會帶動像 MACOM 這樣的元件供應商的需求或能見度提升？

Thank you. So we are very pleased with the performance of our Defense business across a lot of different applications. Historically, MACOM was known to be a supplier of discrete diodes and in some instances mimics, which were mostly for RF and microwave applications. And what we've been doing over the past 3 years is really branching out and introducing all the different technologies to our Defense customers and absolutely getting well received.

謝謝。我們對國防業務在多種不同應用上的表現感到非常滿意。歷史上，MACOM 以供應分離式二極體（discrete diodes）聞名，在某些情況下也供應 MIMIC（多為 RF 與微波應用）。而過去 3 年我們所做的，是大幅拓展，將各種不同技術導入我們的國防客戶，且確實獲得非常好的回饋。

So we're very excited about it. As I highlighted in my script, we're also bringing a new design capability to allow us not only to provide components, but also modules and multi-chip assemblies or subsystems. I think about 6 months ago, we highlighted a 45-kilowatt contract, a multimillion dollar contract from the Navy. We expect more of these type of activities over the next few years, winning and getting involved in very large programs. And this is something that MACOM was not doing 4 or 5 years ago.

所以我們非常振奮。如我在講稿中提到的，我們也帶來新的設計能力，使我們不僅能提供元件，也能提供模組、多晶片組件或子系統。大約 6 個月前，我們提到過一份 45 千瓦的合約——來自海軍、數百萬美元規模的合約。我們預期未來幾年會有更多這類活動，能在非常大型的專案中得標並參與。而這是 MACOM 在 4、5 年前還沒有在做的事情。

The other thing I'll highlight since you talked about some of the general trends is I think it's warranted to bring up the CHIPS Act, which, as everybody knows, the Senate passed this week. And it looks like it should be signed into law sort of imminently. And that provides about $53 billion to the semiconductor industry. And CHIPS stands for creating helpful initiatives to produce semiconductors, and that's exactly what we do. And we are really an ideal candidate to win funding.

另外，既然你提到一些大趨勢，我認為也值得提到《CHIPS 法案》。如大家所知，參議院本週已通過，看起來應該會在相當短的時間內簽署成為法律。該法案將為半導體產業提供約 530 億美元的資金。CHIPS 的含義是「創建有助於生產半導體的倡議」（creating helpful initiatives to produce semiconductors），而這正是我們在做的事。我們確實是非常理想的資金受益候選者。

And the funding will flow through, in many cases, DoD agencies or sponsors. And so as we've been for the last few years reestablishing and building new relationships with the major agencies that will help us as these chip dollars start to flow, because they're going to be looking to not only build out and improve and expand manufacturing, but they're also going to be providing about $13 billion for semiconductor R&D. And we want to be a major beneficiary of those funds.

而這些資金在許多情況下會透過國防部（DoD）的機構或贊助方流入。因此，過去幾年我們一直在重新建立並深化與主要機構的關係；當這些晶片資金開始流動時，這將對我們有幫助，因為他們不僅會尋求建置、改善並擴充製造能力，也將提供約 130 億美元用於半導體研發（R&D）。我們希望成為這些資金的主要受益者。

And so we're very focused on Defense. We have outstanding technology across many different technology areas, whether it's RF, optical, high-speed analog or RF power. And so we're certainly very excited about the market. We've been able, over the past 3 years to take the market that had been stagnant and running in about $40 million a quarter, and now we're approaching $80 million a quarter.

因此，我們非常聚焦於國防。我們在多個技術領域都有出色的技術，不論是 RF、光學、高速類比或 RF 功率。因此我們對這個市場確實非常興奮。過去 3 年，我們已能把原本停滯、每季約 4,000 萬美元的市場規模，推升到現在接近每季 8,000 萬美元。

And so that is certainly due to just market share gains and going after new programs. I wouldn't specifically relate any of this to any particular skirmishes like the Ukraine that you mentioned.

這當然主要是因為市占提升以及我們積極爭取新專案。我不會把這些特別與你提到的烏克蘭等任何特定衝突直接連結。

Certainly, the world is not a safer place today. And so as the challenges emerge for the U.S., that generally drives electronics to higher frequencies and higher power and higher data rates, and these trends play to our strengths. So the fact that we are moving ourselves to the edge of performance should drive our DoD business.

當然，今天的世界並不更安全。因此，當美國面臨的挑戰浮現時，通常會推動電子系統走向更高頻率、更高功率與更高資料速率，而這些趨勢正好符合我們的強項。所以，我們把自己推向效能邊界的事實，應該會帶動我們的 DoD 業務。

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

下一個問題來自 JPMorgan 的 Harlan Sur。

So as a follow-up to that, Steve. So several of your fabs are AS9100D, they're aerospace qualified. I think your Lowell facility has [iCAR] sort of trusted fab status by the Department of Defense. So we've also got a number of standard products in custom programs for defense initiatives as you outlined in your prepared remarks.

Steve，作為延伸追問：你們有幾座晶圓廠符合 AS9100D，也就是航太認證。我記得你們 Lowell 廠房具備國防部的 [iCAR] 類似「可信任晶圓廠」（trusted fab）資格。此外，如你在事先準備的發言中所述，你們也有不少標準產品與客製化專案，支援國防相關計畫。

So as you just mentioned, I mean, you guys are clearly an important partner to the U.S. Defense and Aerospace Industry. And as you combine this with the high-probability of the passing of the CHIPS Act bill, it does seem very likely that you guys are going to get access to the associated subsidies. So I know that proposals were requested by the Department of Commerce, a few months back. So can you guys just give us a sense sort of base case, how much is the team requesting in subsidies? CapEx right now is about 4% to 5% of your revenue. So any subsidies will be a good boost to your free cash flows.

所以如你剛才提到的，你們顯然是美國國防與航太產業的重要合作夥伴。再加上《CHIPS 法案》通過的高機率，看起來你們很可能會取得相關補助。我知道商務部在幾個月前已徵求提案。你們能否分享一下基準情境（base case）下，團隊大概申請多少補助？你們目前資本支出（CapEx）約占營收 4% 到 5%，因此任何補助都會對自由現金流帶來不錯的提振。

Yes, I just think it's probably a bit too early to get to that level of detail, or for us to share that level of detail. It is still certainly early in the process. And I think instead, I can just highlight that as we think about how we can help and where we would want to drive funding, it would be certainly towards supporting our manufacturing facilities.

是的，我認為現在要到那麼細的層級、或由我們分享那麼細的細節，可能還太早。整個流程仍然在早期階段。我想我可以先強調的是：當我們思考我們能如何協助、以及希望把資金導向哪裡時，會主要用於支持我們的製造設施。

But it's also, equally, we're interested in working with different agencies to develop technologies for new programs. And so it's that semiconductor R&D piece, which can come in a lot of different forms. It can come in the form of process development, circuit design or package technologies. And so we want to make sure that we use this vehicle to help in any way, subsidize our advanced R&D.

但同樣地，我們也很有興趣與不同機構合作，為新專案開發技術。因此，半導體研發（R&D）那一塊也很重要，而且形式很多元：可能是製程開發、電路設計或封裝技術。因此，我們希望確保能透過這個機制，在各方面協助並補助我們的先進研發。

So I think you're right in your comments about us being AS9100. We have a trusted boundary facility, and we have a growing capability in this area. And so it's just too early for us to talk about specifics until we have a better understanding of how the dollars will flow.

所以我認為你在評論我們符合 AS9100 方面說得沒錯。我們有一座受信任邊界（trusted boundary）設施，而且我們在這個領域的能力正在成長。因此，在我們對資金將如何流動有更清楚的了解之前，現在談具體細節還太早。

And maybe a good example of the access to R&D dollars. I mean I think a good example of that, right, is your 0.14 micron GaN on Silicon mimic process that was transferred from the Air Force Research Lab. You also characterized this technology as one of the key emerging growth drivers for the team.

也許一個關於取得研發資金的好例子。我是說，我認為一個很好的例子就是你們那個 0.14 微米 GaN on Silicon 的 mimic 製程，是從空軍研究實驗室（Air Force Research Lab）移轉過來的。你們也把這項技術描述為團隊關鍵的新興成長驅動因素之一。

Is the manufacturing process fully qualified? I know it's running in your Lowell facilities. Is the manufacturing process fully qualified? And given that this was a technology that was transferred from AFRL, are you guys limited to just doing custom and standard products purely for defense-related initiatives? Are you guys allowed to use this process for nondefense related standard and custom products and maybe even also offer the process to nondefense related [foundry] customers?

這個製造製程是否已完全通過認證（fully qualified）？我知道它在你們的 Lowell 廠區運行。這個製造製程是否已完全通過認證？另外，鑑於這是從 AFRL 移轉的技術，你們是否僅限於為純粹與國防相關的計畫做客製與標準產品？你們是否被允許將此製程用於非國防相關的標準與客製產品，甚至也把該製程提供給非國防相關的［晶圓代工］客戶？

Yes, a great series of questions. I'll try to answer all of them. So just to highlight the 0.14 GaN on Silicon Carbide process that we transferred from the Air Force was paid for by MACOM. We used MACOM R&D dollars. There was no government subsidies or funding for that.

是的，這是一連串很好的問題。我會盡量全部回答。首先要強調的是，我們從空軍移轉的 0.14 GaN on 碳化矽（Silicon Carbide）製程，是由 MACOM 付費的。我們使用的是 MACOM 的研發資金，沒有任何政府補助或資金挹注。

And that was a commitment we made to the Air Force because we felt it was strategic in nature. We wanted to build relationships. We wanted to begin a working relationship, and that has been an absolute success. We -- and this is a transfer of technology that's royalty free. There's -- we do -- we're not paying the Air Force, and we -- there's no royalties associated with it.

那是我們對空軍做出的承諾，因為我們認為它具有策略性。我們想建立關係、開始合作關係，而這已經是絕對的成功。我們——而且這是一項免權利金（royalty free）的技術移轉。沒有——我們不需要付錢給空軍，而且——也沒有任何相關權利金。

The second thing I'll highlight is we are not -- we are not constrained by how we use the process. We can sell it into the commercial markets. In fact, that's exactly what the Air Force wants. They want to see the process go to volume production. And it can also be used, of course, for DoD applications. You generally start to get into limitations when you start to do particular circuit designs, which could create limitations on applications.

第二點我要強調的是，我們——我們在如何使用這個製程方面不受限制。我們可以把它銷售到商用市場。事實上，這正是空軍想要的。他們希望看到這個製程進入量產。當然，它也可以用於國防部（DoD）應用。一般來說，當你開始做特定的電路設計時，才會出現限制，因為那可能會對應用造成限制。

In terms of the qualification status, so the process is not yet qualified. We expect to be qualified by year-end or early Q1 of '23. However, what we have qualified is our PDK, which is the design tools necessary to start making chips. And so our designers in our business development staff are off collecting requirements in designing devices because effectively, the process is frozen.

就認證狀態而言，這個製程目前尚未完成認證。我們預期在年底或 2023 年第一季初完成認證。不過，我們已經完成認證的是我們的 PDK，也就是開始製作晶片所需的設計工具。因此，我們的設計人員與業務開發團隊正在蒐集需求並設計元件，因為實際上，製程已經凍結（frozen）。

And so that's the status. We've been doing demonstrations. We've been engaging customers. We've been sharing all our data. And I want to highlight that this technology is really a launching point for future technologies. And as the chip dollars start to flow, we want to use some of those future dollars to go to shorter gate lengths and create new capabilities within high frequency GaN.

所以目前就是這樣的狀態。我們一直在做展示（demonstrations）、與客戶互動、分享我們所有的數據。我也想強調，這項技術其實是未來技術的起點。隨著晶片相關資金開始流入，我們希望用其中一部分未來資金把閘極長度做得更短，並在高頻 GaN 領域建立新的能力。

And so it's really just step 1 in a long-term program. And we know there's U.S. competitors, 2 major competitors that are producing hundreds of millions of dollars of revenue within this technology set. And today, we have 0 revenue. And so our goal is to very clearly step into the market, win market share and drive growth.

因此，這其實只是長期計畫的第 1 步。我們知道在這套技術領域，美國有競爭對手——兩家主要競爭者——正在創造數億美元的營收。而今天，我們的營收是 0。因此，我們的目標非常明確：切入市場、贏得市占率並推動成長。

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

下一個問題來自 Craig-Hallum 的 Richard Shannon。

I just had one, it kind of covered a few of the comments you just made here in the last couple of minutes, Steve here, but I'll take a phrase that you used earlier in the call here about staying in your lane.

我只有一個問題，某種程度上涵蓋了你在過去幾分鐘剛提到的一些評論，Steve。我想引用你在這通電話稍早用過的一句話：留在自己的跑道上（staying in your lane）。

I think, in reference to not going after DSPs, which I think most people would make sense. And you've also talked about a lot of the opportunities that you have in new markets you're being kind of niche. But it seems like with the potential from the CHIPS Act, that this might allow you to go after a little bit bigger markets here.

我想這是指不去追逐 DSP，我認為大多數人都會覺得這很合理。你也談到你在新市場有很多機會，而且你們算是比較利基。但看起來，隨著《CHIPS 法案》的潛在助力，這可能讓你們得以去爭取更大一些的市場。

And you just described -- I may have missed some of the detail here about markets where the revenues are well under the hundreds of millions of dollars. So I guess my question to you, Steve, to maybe expand on just your last answer here, is that could staying in your lane allow you to -- or allow you to go after much bigger markets in the past, especially with the CHIPS Act money. And maybe just expand on the last answer, and I'll leave it at that. Thanks, Steve.

而你剛才描述——我可能漏聽了一些細節——提到一些市場的營收遠低於數億美元。所以我想問你，Steve，或許延伸一下你剛才最後的回答：所謂留在自己的跑道上，是否也可能讓你們——或讓你們得以去追逐過去更大的市場，特別是在有《CHIPS 法案》資金的情況下。也請你再延伸一下剛才的回答，我就問到這裡。謝謝，Steve。

Yes, I do think that -- well, first of all, we have a long-term strategic plan as we talked about. And that plan is a self-funded plan. We are not betting our future strategy on winning dollars from the CHIPS Act. For us, this is an accelerator. It will allow us to do things faster and will provide financial benefit and cash flow benefits, of course. And it helps solidify long-term relationships with major agencies and customers.

是的，我確實認為——嗯，首先，我們有一個如同先前所談的長期策略計畫。而那個計畫是自籌資金（self-funded）的計畫。我們並沒有把未來策略押注在能從《CHIPS 法案》拿到資金。對我們而言，這是一個加速器。它會讓我們能更快做事，當然也會帶來財務效益與現金流效益。同時，它也有助於鞏固與主要政府機構及客戶的長期關係。

And so to the extent that we are successful winning funding, it will be an accelerator. And we don't typically talk about our future plans or when we do decide to jump lanes, what lane we'll jump into, that will come later. But there is potential, certainly for us, to continuously expand our SAM. And that is a key part of our growth strategy.

因此，只要我們成功取得資金，它就會是一個加速器。我們通常不會談我們未來的計畫，或是當我們決定要換跑道時會跳到哪一條跑道——那會在之後再說。但我們確實有潛力持續擴大我們的 SAM（可服務市場規模）。而這是我們成長策略的關鍵部分。

Today, we estimate our SAM to be about $5 billion, and we want to push that to about $8 billion or $9 billion over the next few years. And by only spending $130 million or $140 million a year in R&D, you can only do so much. And so we have a very methodical and measured approach to stepping into markets we know we can be successful in. And again, I'll just highlight that the CHIPS Act would only be an accelerator, but it won't change our fundamental strategy.

目前我們估計我們的 SAM 約為 50 億美元，而我們希望在未來幾年把它推升到約 80 億或 90 億美元。若每年研發只花 1.3 億或 1.4 億美元，你能做的事情有限。因此，我們以非常有系統且審慎衡量的方法，逐步切入我們知道能成功的市場。再強調一次，《CHIPS 法案》只會是加速器，但不會改變我們的基本策略。

Thank you. And I will now turn the call back over to Mr. Steve Daly for any closing remarks.

謝謝。現在我將把電話交回給 Steve Daly 先生，請他做任何結語。

Yes, thank you. In closing, we'd like to thank our employees, our customers and our suppliers for their continued support. Have a nice day.

是的，謝謝。最後，我們要感謝員工、客戶以及供應商持續的支持。祝各位有美好的一天。

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

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。