(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 財年第三季度電話會議。此費用將於 2022 年 7 月 28 日星期四記錄。（操作員說明）

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

我現在將把電話轉給 MACOM 戰略計劃和投資者關係副總裁 Steve Ferranti 先生。費蘭蒂先生，請繼續。

Thank you, Olivia. Good morning, and welcome to our 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，奧利維亞。早上好，歡迎來電討論 MACOM 2022 年第三財季的財務業績。我想提醒大家，我們今天的討論將包含前瞻性陳述，這些陳述受到安全中定義的某些風險和不確定性的影響保留 1995 年《私人證券訴訟改革法案》中包含的前瞻性陳述。實際結果可能與今天討論的結果大不相同。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 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.

本次電話會議期間的管理層聲明還將包括對某些調整後的非公認會計原則財務信息的討論。該公司的新聞稿和相關的 8-K 表格提供了 GAAP 與調整後的非 GAAP 結果的對賬，該表格今天提交給 SEC。

With that, I will 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 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，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 將審查我們的第三財季業績。傑克結束後，我將提供第四財季的收入和收益指導，然後我們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.

第三季度收入為 1.723 億美元，調整後每股收益為每股攤薄收益 0.73 美元。第三季度毛利率和營業利潤率環比增長，我們繼續產生強勁的現金流，本季度末現金和短期投資為 5.36 億美元。我們的財務業績反映了持續的業務改進以及我們產品組合中新產品的收入貢獻不斷增長。

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.

第三季度的訂單出貨比為 1.1:1，這是連續第七個季度高於 1。我們的積壓依然強勁，為我們提供了良好的近期可見性。雖然我們對預訂感到滿意，但我會注意到，我們的訂單出貨比定期波動低於 1 是正常的。

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.

我們的轉彎業務在本季度約占我們總收入的 15%，與過去幾個季度一致。第三季度按終端市場劃分的收入細分如下：工業和國防為 7550 萬美元；電信為 6200 萬美元；數據中心為 3480 萬美元。 I&D 收入環比增長 12.5%，而電信和數據中心在第二季度強勁增長後相對持平。這些結果大多符合我們的預期。

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.

工業和國防仍然是 MACOM 的關鍵機會領域。我們相信這個市場在未來幾年有顯著收入增長的潛力。在航空航天和國防應用領域，我們預計雷達現代化計劃、電子戰應用、無人機系統、航空電子設備、安全通信網絡和衛星通信應用將推動增長。

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.

所有這些領域都是美國國防部各部門關鍵項目中更廣泛的美國國防預算中的優先事項。因此，我們預計該市場的機會在可預見的未來將保持強勁。

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.

在第二季度非常強勁之後，我們的電信終端市場收入在第三季度出現了溫和的連續下降。電信是 MACOM 的另一個廣闊市場，包括寬帶接入網絡、無源光纖網絡、包括 5G 在內的無線網絡、城域長途光網絡和寬帶衛星通信應用。所有這些應用程序增長的主要驅動力是更高的數據速率和更多的帶寬，以支持更接近最終用戶的計算能力。

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 擁有非常多樣化的產品組合來應對電信市場，包括我們的單片微波集成電路或模擬產品線、相干驅動器和 TIA、小信號射頻產品、射頻功率放大器、高性能模擬 IC 和激光器等等線。

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，由於對我們高性能模擬解決方案的持續需求，我們的數據中心終端市場收入在第三季度相對持平，並且在第二季度表現強勁。我們很高興看到我們新的 25G DFB 激光器產品組合對收入的貢獻不大，我們預計在 22 財年剩餘時間和整個 23 財年期間，激光器收入將繼續緩慢但穩定地增長，市場份額增加。

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.

客戶對我們最近推出的線性均衡器的興趣仍然很高，我們看到高性能計算系統在 200G 和 400G 數據速率下的有源銅纜應用的增長機會。

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.

我想強調一下，我們最近更新了我們的 5 年戰略計劃。這是我們戰略計劃的第三次年度更新。雖然我們在過去 3 年的執行中取得了巨大進展，但我們很高興能夠進一步完善和磨練我們引人注目的戰略，以創造長期股東價值為目標。我們自下而上的戰略計劃包括對我們業務的所有要素的深入審查，並確定到 2026 年的戰略目標和增長目標。

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.

我們戰略計劃的基礎圍繞著通過擴展現有產品線、引入新產品線和提高我們選擇競爭的領域的半導體性能標準來擴展我們服務的目標市場或 SAM。我們的目標是提供引人注目的差異化解決方案，幫助我們的客戶解決複雜的技術挑戰，同時推動 MACOM 實現高利潤增長。

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.

我們戰略的一個重要元素是利用我們現有的能力和技術組合來尋找相鄰的機會來擴大我們的市場。在過去幾年中，我們的 0.14 微米 GaN 碳化矽工藝、我們的純碳化物產品線、有源銅電纜 IC、KB 帽和射頻功率放大器托盤就是這方面的一些例子。我們相信，到目前為止，這些新產品已幫助我們將 SAM 擴大了約 4 億至 5 億美元。我會注意到，我們在這些產品差距類別中的市場份額今天可以忽略不計，這為我們提供了巨大的增長機會。

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.

我還要指出，我們增長戰略的一個特點是瞄準支持我們實現一流盈利能力的財務目標的市場機會。這需要開發許多新的、通常是利基的半導體產品線來滿足這些要求。

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.

如果我強調一些最近的例子可能會有所幫助，這些例子可以說明 MACOM 的策略。首先，在今年 6 月舉行的國際微波研討會上，我們宣布擴展我們的功率放大器產品組合，推出在 960 兆赫至 1.2 兆赫頻率範圍內工作的 7 千瓦功率放大器。該產品基於 MACOM 的純碳化矽 GaN 技術，我們相信它代表了業界最高功率級別的射頻放大器。

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.

這種極高的功率水平是通過將新穎的高壓電路拓撲與先進的封裝材料相結合以提高熱性能而實現的。該產品是高功率和高電壓航空航天和國防應用的理想選擇，包括雷達和電子戰系統。我們的目標是確立自己在射頻功率領域的領先地位。

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.

其次，我們正在積極擴大我們的研發團隊，為MACOM帶來新的工程設計能力。我們最近開設了 2 個設計中心，一個在美國東海岸，一個在韓國首爾。這些僱傭更多模擬和數字 IC 設計專家並增加新的微波子系統工程能力的行動支持我們未來的產品開發計劃和計劃。聘請一流的設計師來支持有機增長是一項戰略重點。

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，我們最近推出了一種新的光時域反射計或 OTDR 光電探測器產品線，以支持在國防、工業、電信系統或數據中心網絡中使用光纖連接的客戶。 OTDR 測試儀器用於測量光纖電纜的光損耗並確定光纖電纜斷裂或性能問題的位置。在光纖網絡安裝期間使用便攜式 OTDR 測試設備，並且 OTDR 功能可以嵌入遠程光纖測試系統中，以永久監控實時電信網絡或操作系統的任何變化或故障。

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.

我們認為，由於 PON 和 5G 光網絡在全球範圍內的部署，現場便攜式 OTDR 測試設備市場正在增長。需要明確的是，OTDR 的核心是基於磷化銦的光學光電探測器，我們的戰略是成為基於 OTDR 光電探測器 IC 產品的領先供應商。在這裡，我們利用我們專有的內部 MBE 技術和光電探測器 IC 設計專業知識來實現行業領先的結果。我們計劃銷售帶有尾纖的 OTDR 產品，以提供簡單的交鑰匙解決方案或 ROSA 或芯片載芯片格式，具體取決於客戶要求和所需的外形尺寸。

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.

最近幾個月，我們獲得了 2 項來自領先 OTDR 設備製造商的資格。我剛剛討論的 3 個示例展示了 MACOM 如何使用依賴於我們內部半導體工藝專業知識和/或我們的 IC 和系統設計和應用專業知識的解決方案來解決中小型高性能應用程序。我們相信越來越多的客戶將 MACOM 視為高性能模擬、射頻、微波和輕量半導體解決方案的戰略供應商，我們認為這直接歸功於我們產品組合的加強。

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.

今天，我們將預算集中在研發、產品開發上，然後讓客戶與我們的區域和技術銷售人員、設計工程師和技術領導面對面交流。

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.

我要指出，我們戰略的一個關鍵要素是加強和擴大我們與一級和二級原始設備製造商的關係，我們在這一領域取得了良好進展。在某種程度上，我們過去 7 個季度的強勁預訂在很大程度上歸功於我們的銷售、運營和業務開發團隊與客戶之間的出色執行和協作。

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.

今天，我們看到越來越多的 1 級和 2 級客戶向我們提供他們對砷化鎵和 GaN 模擬物、BAW 濾波器、二極管、激光器以及模擬和混合信號 IC 的最新要求。我們與所有市場客戶的這些開發項目驗證了我們的設計能力、產品和新技術具有吸引力。

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.

在我把它交給傑克之前，我想強調一下，我們認識到更廣泛的全球宏觀經濟環境的不確定性，我們不認為我們的業務會免受全球衰退的影響。我們的長期立場是以一種使我們能夠在商業周期的所有部分保持盈利和現金流為正的方式來經營業務。因此，鑑於經濟不確定性加劇，我們已經並將繼續非常謹慎地管理業務，特別是資本投資和支出預算。

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.

然而，我要強調的是，我們的消費市場敞口很小，我們相信我們的國防業務通常會與近期的負面經濟趨勢脫鉤。此外，我們認為與整個半導體行業相比，我們的業務相對較小，隨著我們擴展和提升我們最新的產品和技術，市場份額的增長可以支持增長。

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.

在更高的層面上，我們認為半導體行業的長期增長受到長期增長趨勢的支持，更具體地說，無論是在雷達、電子戰、寬帶接入方面，對更高帶寬、更快數據速度、更高頻率和更高功率水平的推動網絡、5G 或數據中心，發揮 MACOM 在射頻、微波和光學方面的優勢。

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，解決這些市場需要先進的半導體技術，例如 GaN、體聲波或 BAW 濾波器、先進的激光器和探測器、高速模擬 IC 和高壓電容器。

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.

總而言之，我們認為，由於我們加強了投資組合，我們在行業中的地位正在改善。我們正在開發許多引人注目的新工藝技術、不斷壯大的世界級 IC 設計師團隊以及獨特的製造和封裝能力。我有信心我們將繼續突破半導體工程的界限並獲得市場份額。

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

Jack 現在將對我們的財務業績進行更詳細的審查。

Thank you, Steve, and good morning, everyone. 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，史蒂夫，大家早上好。我們截至 2022 年 7 月 1 日的第三財季財務業績依然強勁，MACOM 的團隊在執行我們的業務戰略方面繼續表現出色。

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.

第三財季收入為 1.723 億美元，環比增長 4.3%，超出了我們基於工業和國防市場實力的指導範圍。在地理範圍內，來自美國國內客戶的收入約占我們第三財季業績的 45%，我們的客戶群持續多樣化。調整後的毛利潤為 1.072 億美元，佔收入的 62.2%，環比增長 50 個基點。超過 62% 的毛利率是我們提高盈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.

調整後的總運營費用為 5310 萬美元，其中研發費用為 3400 萬美元，銷售、一般和行政費用為 1910 萬美元。正如預期的那樣，隨著我們繼續擴大我們的研發團隊及其能力，總運營費用比第二財季增加了 210 萬美元。我們繼續謹慎管理行政支出，因為我們支持整個業務的增長相關投資。

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.

第三財季調整後的營業收入為 5410 萬美元，高於第二財季的 5090 萬美元。調整後的營業利潤率環比增長 60 個基點，在第三財季超過 31% 的門檻至 31.4%。第三財季的折舊費用為 590 萬美元，調整後的 EBITDA 為 6000 萬美元。過去 12 個月調整後的 EBITDA 約為 2.24 億美元，而我們上一財季為 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.

第三財季調整後的淨利息支出為 433,000 美元，比第二財季減少約 500,000 美元，主要受短期投資餘額和相關利息收入增加的推動。隨著利率的上升，我們預計在截至 9 月的下一個財政季度，淨利息支出將增加。

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.

我們在第三財季調整後的所得稅率為 3%，導致支出為 160 萬美元。我們第三季度的淨現金稅款約為 110 萬美元，比第二財季增加了 60 萬美元，這主要是由於我們盈利能力的提高。我們預計未來調整後的所得稅率將保持在 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.

第三財季調整後淨收入為 5210 萬美元，而第二財季為 4840 萬美元。調整後的每股完全攤薄收益為 0.73 美元，使用股數為 7110 萬股，而第二財季調整後的每股收益為 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.

現在轉到運營資產負債表和現金流項目。我們第三季度的應收賬款餘額為 1.066 億美元，高於第二財季的 1.006 億美元，反映出我們的收入比上一季度增加了 710 萬美元。因此，截至 6 月底的未結銷售天數為 56 天。在過去的三個季度中，我們的季度收入增加了 1700 萬美元，這是 2022 財年年初至今我們的應收賬款餘額增加 2200 萬美元的主要驅動力。

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.

季度末庫存為 1.102 億美元，高於上一季度的 9340 萬美元。第三季度庫存周轉率為 2.4 倍，低於上一季度的 2.7 倍。

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 財年，我們對各種庫存項目進行了戰略投資，例如製造耗材、基板、貴金屬，以及關鍵的晶圓庫存和成品。庫存的這種戰略性增加預計將支持我們不斷增長的積壓，我們認為這將在當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.

第三季度運營現金流約為 4040 萬美元，環比下降 210 萬美元，主要來自營運資金的增加。第三財季的資本支出總額為 660 萬美元，另外投資於晶圓廠能力和研發設備。由於收到某些資本支出項目的時間，我們預計我們 22 財年的資本支出現在將在 2500 萬美元至 3000 萬美元之間。

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，轉到資產負債表項目。第三財季的現金、現金等價物和短期投資為 5.363 億美元，比上一季度增加 3330 萬美元。隨著我們持續產生現金以及過去 12 個月 EBITDA 增長 5%，我們第三季度的總槓桿率為 2.7，低於第二季度的 2.8。

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.

我們的淨槓桿仍然低於 1，我們的淨債務現在為 6700 萬美元。我們認識到我們仍處於淨債務狀態。然而，我們很高興現金和短期投資餘額的增加將為我們提供新的和不斷擴大的未來增長戰略選擇。

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，我還想指出，本週，我們發布了一份更新的環境、社會和治理報告，可以在我們的 MACOM 網站的投資者關係部分找到。該報告強調了我們在改進 ESG 報告指標方面取得的進展。

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 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，傑克。 MACOM 預計第四季度的收入將在 1.75 億美元至 1.8 億美元之間。調整後的毛利率預計在 61.5% 至 63.5% 之間。基於 7140 萬股完全稀釋的股票，調整後的每股收益預計在 0.74 美元至 0.78 美元之間。

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.

在第四季度，與第三季度相比，我們預計工業、國防和數據中心的收入將環比增長中個位數百分比，而電信將相對持平。

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.

總之，我們站在價值數十億美元的 SAM 面前，它擁有獨特且不斷增長的技術組合。我們的戰略是進一步多元化我們的產品、客戶和終端市場。我們對執行我們的戰略保持著長遠的眼光，我們將努力管理我們的業務，以在所有業務週期中實現盈利。我們有信心在未來幾個月和幾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 Tom O'Malley with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Tom O'Malley。

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.

我的第一個與細分市場有關。根據您對 9 月份的指導，今年數據中心業務略有下降，但電信業務看起來比您最初預期的要強勁得多。

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.

你能簡單介紹一下它們之間發生的事情嗎？您提到了一些數據中心激光器的斜升。但是，您在數據中心看到的東西稍微弱一點，而您在電信中看到的東西稍微強一些。

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。所以——就你概述的趨勢而言，你是正確的。我還要指出，與去年同期相比，我們的三個終端市場都上漲了。 I&D 增長 6%，數據中心增長 5%，電信增長近 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.

相對而言，我們認為全年有 2 個或可能 3 個市場會上漲。我們認為全年比較中最強勁的市場將是我們的電信業務，同比增長約 29%；工業和國防，中個位數，同比增長約 5%；和數據中心目前的同比表現趨於低個位數或持平。

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.

當然，鑑於我們銷售的產品種類繁多，以及我們收入的多樣性，有很多看跌期權。我認為在數據中心內要強調的一件事是，在今年的過程中，我們看到我們的 100G CWDM4 業務從美國客戶向亞洲客戶轉移。這種趨勢是一個有利的趨勢，而且還在繼續。

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，我要強調電信的巨大增長來自接入市場，包括 10G PON 以及城域長途的強勁增長。所以我認為這些只是我可能會強調的幾個關鍵項目，因為它與三個市場有關。

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。然後在你的序言中，你談到了你缺乏對消費者的曝光，以及國防業務是如何相對保護免受你認為的宏觀經濟衰退的影響。

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?

您能談談基礎廣泛的工業業務嗎？當您查看該業務時，您認為這應該與 GDP 相關嗎？或者您認為工業業務中有哪些領域？我認為您過去曾將其劃分為 60% 國防，40% 工業。但是在這 40% 中，您能否談談任何可能超過 GDP 的領域以及您如何看待該市場——您認為該細分市場在低迷市場中的表現如何？

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.

當然。首先，我不確定我們的增長率是否會跟不上 GDP，所以我無法真正解決這個問題。但我會指出我們為工業和國防市場推出的一些產品。

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.

今年六月在國際微波研討會上，我們經歷了一系列產品演示和產品發布。我想我會強調其中的一些，因為它們展示了公司的重點。

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新 SLI 開關產品線。我們推出了 0.14 GaN 碳化矽模擬工藝。這是我們在 2 年內一直在努力的過程。這專注於廣泛的 SATCOM 和工業與國防應用。我們在那裡展示了一個 7 瓦的 Ka 波段模擬信號。

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.

我們還展示了一個 10 瓦的 E 波段放大器，再次專注於衛星通信、地對衛星通信。所以只是一些真正有趣的技術。我們還宣布了新的 BAW 濾波器系列，我們展示了 L 波段的 Switch 濾波器組，真正針對國防——國防工業和我們的客戶正在尋找的一些下一代開關濾波器組。

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，我們一直在做的很多重點和很多工作實際上都是針對整個電信、很多現有的無線標準以及高性能國防應用。因此，當我們考慮來自國防工業的未來增長時，它將是基於雷達的平台，它將是基於通信的平台。它將是手持和移動無線電，大功率無線電將是乾擾器和無人機。因此，對於我們的國防業務來說，這是一個非常多樣化的應用程序集。

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，我們在進入醫療市場方面取得了巨大進展。我們一直在做一些下一代功能，包括基於分立二極管的技術以及我們的模擬和混合信號技術。在過去的一年裡，我們的一些模擬設計人員越來越多地關注工業應用，因此做得很好。

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.

最後我要補充的是測試和測量行業。這是一個需要支持更高數據速率應用和更高速度應用的行業，無論是在計算市場還是電信市場。 MACOM 正在為內存測試儀或高速模擬測試儀甚至光學測試儀等應用進行大量芯片開發。因此，對我們來說，工業市場確實是一個目標豐富的環境，而且那里肯定有很多多樣性。

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

我們的下一個問題來自 C.J. Muse 和 Evercore ISI。

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?

我想我想首先關注數據中心。我認為您對 9 月的展望比您 3 個月前所想的要差一些。當我看一下過去 3 年的增長軌跡時，它的複合年增長率約為 4%。因此，隨著我們進入 23 財年及以後，我們很想听聽您的想法，我們是否應該開始看到那裡的增長重新加速。如果是這樣，您指出的關鍵驅動因素是什麼，以及您是否已經在您的擴展積壓中看到了其中的一些業務？

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。所以謝謝你的問題，C.J.所以我們肯定看到收入數字低於我們之前對全年的預期。即使我們研究了業務，我們也看到了我們業務的變化。

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.

我只是 - 首先，在我談論細分市場中的活動部分之前，我只強調兩件事讓投資者記住。大約一年前，我們確實宣布，由於遺留程序下降，我們的數據中心業務將減少約 1500 萬美元，其中包括 PowerPC 等平台和我們的一些遺留 AMCC 產品線的網絡產品。當您將這 1500 萬美元加回我們當前的運行速度時，您將獲得超過 10% 的增長。

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.

我要強調的第二件事是，這是 MACOM 的 3 個市場中的第一個，在供應限制問題上面臨更大的挑戰。這些挑戰已經開始顯現。我們在第三季度看到了一些不錯的增長，而且我們在第四季度也看到了良好的表現。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.

就展望和我們認為增長的來源而言——展望 23 財年，我們的 400G PAM4 業務肯定會加強。我們喜歡 800G 的工作越來越多的事實。同樣，我們將通過用於超高速應用的多通道 TIA 和驅動器來應對這些市場。

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.

我們還看到了相干光的巨大機會。因此，當我們的客戶希望擴大高速覆蓋範圍時，他們確實看到了 PAM4 的局限性。所以有點遷移到 NRZ 和連貫的應用程序。

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.

最後我要補充的是，有一些產品線剛剛開始在數據中心市場中開花結果。那將是我們的線性驅動器，它將給短距離應用的 DSP 和我們的激光器帶來很大壓力。今年，我們非常非常積極地贏得設計勝利，不僅針對電信市場，即 PON 和 5G 市場，還針對數據中心。今年我們驚訝地看到，許多模塊製造商、可插拔模塊製造商都對將我們的激光器引入數據中心感興趣。

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.

然後，當我們考慮長期增長和我們將為數據中心帶來的一些新技術時，我想我在最後一次電話會議上宣布，我們實際上在我們的新 EML 激光技術方面取得了一些早期成功。這是 - EML 激光器市場的價格點非常高。我們很高興能在 23 年下半年和進入 24 年時開始引入這項技術。

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.

所以我確實認為數據中心內有巨大的機會。我要強調的是，我們絕對會留在我們的車道上並發揮我們的優勢。我們有——例如，我們對開發 DSP 芯片不感興趣。我們非常專注於為客戶提供作為高速組件的模擬芯片，幫助他們解決各種問題，並有可能成為 DSP 的替代品。

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.

我可能會補充一點。我們還注意到，越來越多的客戶正在研究共同封裝的光學器件。實際上，我們在模擬和光學方面發現了許多有趣的機會，包括我們的光電探測器和激光陣列。我們一直在展示單芯片 [8] 激光設備，這些設備在市場上引起了極大的興趣。我們還提高了 CW 激光產品的功率水平。所以發生了很多有趣的事情。所以我們非常看好數據中心的長期前景。

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?

也很好，很徹底的答案。作為我的後續，只是一個快速建模問題。我們應該如何考慮 9 月季度之後的運營支出？你談到了利息支出越來越高。我們應該如何將其建模到 9 月及以後？

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.，這是傑克。因此，正如我們過去所討論的那樣，正如您在 6 月季度在這裡所看到的那樣，隨著我們繼續投資，主要是在整個組織的研發活動中，我們的運營費用略有上升。因此，根據收入的增長情況，隨著我們努力邁向未來，您會看到我們的連續運營費用在前進的基礎上有所上升。

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.

然後從整體利率的角度來看，顯然利率正在上升。我們在這裡看到的是進入第四財季或九月季度，這將基本上包括我們大約一個月前看到的利率調整對整個季度的影響。

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，我們將受到昨天宣布的加息的一些影響，因此從費用的角度來看，這將推動一些利率上升。隨著我們根據短期投資回報向前發展，其中一些將得到緩解。

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 和 Needham。

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?

祝賀你取得了不錯的成績。史蒂夫，你提到承認更具挑戰性的經濟條件。我想知道，您是否開始看到客戶訂單模式的任何變化？每週訂單是否在每週的基礎上變得更加可變？您是否看到對交付時間表的任何推送或調整，是否有任何取消？有這樣的嗎？

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。因此，這是我們一直非常關注的事情，試圖尋找可能的未來疲軟的早期趨勢。歸根結底，我們沒有看到這一點。我們實際上看到所有不同終端市場的預訂量持續強勁。所以這就是好消息。

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.

正如我認為我們在前面的評論中提到的那樣，這是我們連續第七個季度擁有超過 1 個訂單。

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.

我還要指出，我們看到改進的一件事是我們的第三方代工廠的一些可用性和交貨時間。我們看到我們使用的一些流程節點在交貨時間上下降了。我們認為這表明存在產能開放，我們實際上認為這是一件好事。這將使我們能夠縮短一些製造週期。

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.

所以我會說這是唯一值得注意的項目。我們的一些第三方大型矽晶圓廠報價略短，我們認為這是一個好處。但就日常業務和預訂而言，我可以說我們沒有看到任何跡象。我們對每日預訂趨勢非常敏感，並且會密切關注它。

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.

完美，謝謝你的顏色。我也想知道，問一下激光機會。你有用於 5G 回程的 PON 激光器，現在開始出現在數據中心。

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?

你能告訴我們——就這三個機會，也許是相對規模或排名順序，因為一個明顯大於其他機會，或者——你如何看待激光在未來幾年內的這三個機會？

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.

這是我們產品組合中一個有趣的部分。關於我們的激光器，正如您所強調的那樣，我們實際上專注於 3 個不同的市場，現在隨著 LiDAR 開始出現，大約有 4 個。我們看到了對非常高功率激光器的需求。

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.

但是，當然，你有數據中心，你有訪問權，然後你有電信。如您所知，就我們的產品組合而言，我們擁有適用於短距離的法布里-珀羅激光器。我們有用於更遠距離的 DFE。現在我們正在研究用於超長距離應用的 EML。

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.

迄今為止，MACOM 不生產 VCSEL，這是市場的很大一部分。我可以從客戶群的角度告訴您，我們有大約 20 到 25 個客戶，我們正在從事這些客戶，他們根據應用對各種類型的激光器進行鑑定。我們正在看到 LR4 的資格。我們在韓國看到了用於 5G 的 WDM 12 的資格。我們正在看到用於 5G 的 CWDM6。當然，5G 用於（聽不清）以及 5G 的不同數據速率應用，實際上中途的數據速率更高。

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.

所以我的意思是我們有很多資格。我們今天真正投入生產的客戶很少。我們看到許多客戶開始獲勝。如果讓我選擇一個市場，這是三個市場中最大的一個，我會說，PON 市場實際上是一個非常有趣的市場。在 2.5 GPON 時，年激光消耗量在峰值時約為 8000 萬激光。今天，我們正在經歷一個時期，MACOM 是市場上最大的 2.5 GPON 激光器生產商之一。在接下來的 2 到 3 年內，將從 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.

這實際上不僅受到中國市場的推動，也受到光纖到戶無源光網絡全球擴張的推動。因此，我們計劃成為該市場的主要參與者。我今天可以告訴你，我們的 10G PON 激光器收入幾乎是 0。我們只是處於資格階段。我們認為市場將在 23 年的某個時間開啟。

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.

所以我沒有直接回答你關於哪個是最大的問題，我認為每個細分市場都有巨大的機會。由於一些市場採用矽光子學或共同封裝的光學器件，他們將需要高功率連續波激光器或需要激光陣列，我們正積極與這兩個應用中的客戶進行接觸。

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.

然後我要補充的關於我們的激光產品組合的最後一件事是，我們預計該產品線的盈利能力將增加我們的利潤。我們有一個優勢是在 [4 Indium Phosphide]。我們的邊緣技術使我們能夠進行晶圓測試。因此，我們相信，當我們進入大批量市場時，我們具有成本優勢。

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 和 Stifel。

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?

祝賀創紀錄的營業利潤率。史蒂夫，你——當你談到 PAM4 時，你說你很高興看到 800 gig 的活動。我只是想知道，這是否意味著一些客戶會跳過 400，意味著直接從 2 到 8？還是市場實際上已經開始進行大約 800 個演出設計，這更像是一個時機問題？

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 還為時過早。而且我們有 - 我們正在吸引客戶，不僅是 800，還有 1.6。因此，我們正在解決最高速度問題，客戶向我們尋求模擬解決方案。這就是我想在那裡表達的觀點。

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.

所以我不相信客戶會跳過 400G。事實上，400G 正在成為——或者是我們今天在數據中心內的大部分收入，而且這涉及廣泛的細分市場。所以我們實際上在內部分配我們的數據中心收入。根據距離、長度和速度，它大約有 9 個不同的類別。

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.

當我們查看我們的 400G 平台時，無論是短距離、GR4 或 FR4 還是有源銅纜，在所有情況下，我們都看到 400G 收入增長。因此，從我們的產品組合的角度來看，我們確實擁有非常強大的地位來應對市場。所以我認為——我並不是說有些客戶正在跳過 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?

感謝您澄清這一點。我的後續行動，無論是對你還是對傑克，所以 MACOM 現在距離不再處於淨債務狀態很遙遠。我只是想知道，我只是想知道，一旦我們達到那個水平，很快，公司的資本管理計劃會改變嗎？

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.

是的。撕，這是傑克。因此，當我們查看我們的現金頭寸和我們的淨債務頭寸時，正如您所強調的那樣，正如我在準備好的評論中所指出的那樣，我們確實認為自己仍處於淨債務頭寸中。隨著我們的前進，我們將不得不看看事情進展如何。

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.

我們繼續在整個組織內部進行投資。我們相信我們的現金餘額和我們今天所處的位置是一項戰略資產，在我們前進的過程中為我們提供了許多不同的選擇。

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

所以史蒂夫，我不知道你有沒有其他想法？

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，我認為這是完全正確的，傑克。我只想補充一點，我們確實認識到不斷增長的現金頭寸是一種戰略優勢。並且隨著現金頭寸的增長，它將使我們在展望中擁有更多選擇。

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 - 鑑於我們正處於或可能即將陷入衰退的事實，擁有大量現金頭寸也可以讓我們晚上睡個好覺。

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

我們的下一個問題來自 David Williams 與 Benchmark 的對話。

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

我們的下一個問題來自 Matt Ramsay 和 Cowen 的對話。

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.

這是馬特的伊桑波塔斯尼克。祝賀偉大的結果和指導在這裡。我想知道你們是否可以討論毛利率，事情仍在取得令人難以置信的進展。我想知道你是否可以潛入你從這裡看到的水平？還是實力是由時間或產品組合驅動的？想知道你們是否可以探索這種動態。

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.

是的。當然，伊桑。這是傑克科伯。因此，當我們查看毛利率時，我們對過去幾年在這些改進方面取得的進展感到滿意。正如我們也討論過的，我們在 MACOM 擁有持續改進的文化。因此，我們不斷努力在整個組織中進行改進。

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.

我們在減少廢品和浪費方面做了許多不同的事情，並試圖提高產量我們去外面的鄉親。

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.

因此，我們不斷對此進行挑選並進行改進。我們不斷說我們希望隨著時間的推移看到漸進式的改進。但我們知道事情並不總是直線發生。隨著我們的毛利率上升到高於 62% 的範圍，我們知道隨著我們的前進，這可能會更具挑戰性。

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，從長遠來看，緩慢而穩定的連續改進是我們的目標，但並不總是朝著一致的方向前進。

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.

在我們推出的一些新產品中，還有一件需要考慮的事情。這是我們戰略的核心要素，即推出更多產品和更高的毛利率，以滿足我們的一些客戶需求。因此，當我們推出一些從長遠來看的新產品時，我們希望這也能增加我們的毛利率。

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?

明白了。然後我對 OTDR 產品線腳本中的一些評論非常感興趣，考慮到最近的一些資格，隨著 PON 和 5G 光網絡的部署繼續進行。我想知道那裡的收入時間有什麼見解嗎？

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。所以我們最近才介紹了這些產品。實際上，我們必須經歷大約 3 次不同的光電探測器迭代才能滿足客戶的要求，正如我在腳本中強調的那樣，資格認證從現在開始。在接下來的 12 個月裡，我們應該期待一個緩慢的增長，就像我們所有不同的產品線一樣。因此，我們預計短期內的貢獻會隨著時間的推移而增加。

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.

我還要指出，有多個市場會使用這種類型的功能，包括 PON，就像你提到的那樣，還有地鐵長途。還有各種軍事應用，無論是水下電纜還是需要監控電子設備的有源平台中的系統。

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，它是許多不同光纖應用所必需的基本特徵。 MACOM 希望成為該領域的領導者。我們有一些出色的包裝技術。我們已經調整了這些探測器的性能。它們的速度必須非常快，這樣它才能識別靠近斷裂或彎曲的光纖（靠近自身的光纖）是否存在問題。你需要一個快速——有效的快速切換光電探測器來識別這些類型的事件之間的距離。

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.

所以它也是——我只是強調它，一個利基市場。這不是一個價值數億美元的市場。我們 - 從我們的角度來看，我們認為 SAM 的價格在 2000 萬美元到 4000 萬美元之間，所以在接下來的幾年裡。如果我們能贏得該市場的合理份額，我認為我們會做得很好。

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.

正如傑克所強調的那樣，你關於毛利率的問題，我認為這是一個以定制產品進入利基市場並成為主導供應商的完美例子。隨著時間的推移，該產品線將滿足 MACOM 提高毛利率的目標。

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

我們的下一個問題來自 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.

史蒂夫，我對你發表的國防評論有疑問。我認為您一直將其視為 MACOM 的增長載體。也許我讀的太多了，但您似乎在本季度特別強調了它。

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?

所以我想知道，這是一個特別好的知名度還是現在該行業的知名度有所提高？也許作為其中的一部分，如果你能退後一步，因為你在國防市場擁有數十年的經驗。烏克蘭戰爭或沙漠風暴等事件是否通常會導致對 MACOM 等組件供應商的需求或知名度增加？

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.

謝謝你。因此，我們對國防業務在許多不同應用程序中的表現感到非常滿意。歷史上，眾所周知，MACOM 是分立二極管的供應商，在某些情況下是模擬二極管，主要用於射頻和微波應用。我們在過去 3 年中一直在做的事情是真正擴展並向我們的國防客戶介紹所有不同的技術，並且絕對受到好評。

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.

所以我們對此感到非常興奮。正如我在腳本中強調的那樣，我們還帶來了一種新的設計能力，使我們不僅可以提供組件，還可以提供模塊和多芯片組件或子系統。我想大約 6 個月前，我們強調了一份 45 千瓦的合同，一份來自海軍的價值數百萬美元的合同。我們預計未來幾年會有更多此類活動，贏得併參與大型項目。這是 MACOM 在 4 或 5 年前沒有做的事情。

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.

自從您談到一些總體趨勢後，我要強調的另一件事是，我認為有必要提出《芯片法案》，眾所周知，參議院本週通過了該法案。看起來它應該立即簽署成為法律。這為半導體行業提供了大約 530 億美元。 CHIPS 代表著創造有益的舉措來生產半導體，而這正是我們所做的。我們確實是贏得資金的理想人選。

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.

在許多情況下，資金將流向國防部機構或贊助商。因此，在過去幾年中，我們一直在與主要機構重建和建立新的關係，這將在這些籌碼資金開始流動時幫助我們，因為他們不僅要建立、改進和擴展製造業，但他們還將為半導體研發提供約 130 億美元。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.

所以我們非常專注於防守。我們在許多不同的技術領域擁有出色的技術，無論是射頻、光學、高速模擬還是射頻功率。因此，我們當然對市場感到非常興奮。在過去的 3 年裡，我們已經能夠佔領每季度大約 4000 萬美元停滯不前的市場，現在我們每季度接近 8000 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.

所以這肯定是由於市場份額的增加和追求新項目。我不會特別將這與你提到的烏克蘭等任何特定的小規模衝突聯繫起來。

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，今天的世界並不是一個更安全的地方。因此，隨著美國面臨挑戰，通常會推動電子產品向更高頻率、更高功率和更高數據速率發展，這些趨勢發揮了我們的優勢。因此，我們正在將自己推向性能的邊緣這一事實應該會推動我們的國防部業務。

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

我們的下一個問題來自摩根大通的 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.

因此，作為後續行動，史蒂夫。所以你們的幾個晶圓廠是 AS9100D，它們是航空航天合格的。我認為您的洛厄爾工廠具有 [iCAR] 國防部值得信賴的晶圓廠地位。因此，正如您在準備好的評論中概述的那樣，我們還在國防計劃的定制計劃中提供了許多標準產品。

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.

所以正如你剛才提到的，我的意思是，你們顯然是美國國防和航空航天工業的重要合作夥伴。當您將此與通過 CHIPS 法案法案的高概率結合起來時，你們似乎很有可能獲得相關補貼。所以我知道幾個月前商務部要求提出提案。那麼你們能否給我們一個基本案例，團隊要求補貼多少？現在的資本支出約佔您收入的 4% 到 5%。因此，任何補貼都會很好地促進您的自由現金流。

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，我只是認為現在達到那種詳細程度，或者我們分享那種詳細程度可能還為時過早。當然，這個過程還處於早期階段。我認為相反，我可以強調的是，當我們考慮如何提供幫助以及我們希望在哪裡籌集資金時，肯定會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，我們也有興趣與不同的機構合作，為新項目開發技術。這就是半導體研發部分，它可以有很多不同的形式。它可以以工藝開發、電路設計或封裝技術的形式出現。因此，我們希望確保我們使用這輛車以任何方式提供幫助，補貼我們的先進研發。

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.

因此，我認為您對我們成為 AS9100 的評論是正確的。我們有一個值得信賴的邊界設施，我們在這方面的能力也在不斷增長。因此，在我們更好地了解美元將如何流動之前，我們現在談論細節還為時過早。

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.

也許是獲得研發資金的一個很好的例子。我的意思是我認為一個很好的例子就是你從空軍研究實驗室轉移的 0.14 微米矽基 GaN 模擬工藝。您還將這項技術描述為團隊的主要新興增長動力之一。

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?

製造過程是否完全合格？我知道它在你的洛厄爾設施中運行。製造過程是否完全合格？鑑於這是一項從 AFRL 轉移而來的技術，你們是否僅限於純粹為國防相關計劃生產定制和標準產品？你們是否允許將此流程用於非國防相關的標準和定制產品，甚至可能還向非國防相關的 [代工廠] 客戶提供該流程？

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，一系列的問題。我將嘗試回答所有問題。因此，為了突出我們從空軍轉移的 0.14 GaN 碳化矽工藝，MACOM 支付了費用。我們使用了 MACOM 的研發資金。沒有政府補貼或資金。

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.

這是我們對空軍的承諾，因為我們認為它具有戰略性。我們想建立關係。我們想開始一段工作關係，這絕對是成功的。我們——這是一種免版稅的技術轉讓。有 - 我們這樣做 - 我們沒有向空軍支付費用，而且我們 - 沒有與之相關的特許權使用費。

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.

我要強調的第二件事是我們不是——我們不受我們如何使用流程的限制。我們可以把它賣到商業市場。事實上，這正是空軍想要的。他們希望看到該過程進入批量生產。當然，它也可以用於 DoD 應用程序。當您開始進行特定的電路設計時，您通常會開始受到限制，這可能會對應用程序造成限制。

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.

就資質狀態而言，工藝尚不合格。我們預計將在 23 年的年底或第一季度初獲得資格。但是，我們有資格的是我們的PDK，它是開始製造芯片所必需的設計工具。因此，我們業務開發人員中的設計師在設計設備時不再收集需求，因為實際上流程被凍結了。

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.

這就是狀態。我們一直在做示範。我們一直在吸引客戶。我們一直在分享我們所有的數據。我想強調的是，這項技術確實是未來技術的起點。隨著芯片資金開始流動，我們希望利用這些未來資金中的一部分來縮短柵極長度並在高頻 GaN 中創造新功能。

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，這實際上只是長期計劃的第一步。我們知道有美國的競爭對手，兩個主要競爭對手在該技術組合中創造了數億美元的收入。而今天，我們的收入為 0。所以我們的目標是非常明確地進入市場，贏得市場份額並推動增長。

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 的台詞。

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.

我剛剛有一個，它涵蓋了你在過去幾分鐘裡剛剛在這裡發表的一些評論，史蒂夫在這裡，但我會採取你早些時候在電話中使用的一句話，關於留在你的車道上。

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.

我認為，關於不追求 DSP，我認為大多數人都會說得通。你還談到了你在新市場中的很多機會，你是一種利基市場。但看起來 CHIPS 法案的潛力，這可能會讓你在這裡追求更大的市場。

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.

你剛才描述的——我可能在這裡錯過了一些關於收入遠低於數億美元的市場的細節。所以我想我要問你的問題，史蒂夫，也許只是在這裡你的最後一個答案，是留在你的車道上允許你 - 或者允許你在過去追求更大的市場，特別是在芯片法案錢。也許只是擴展最後一個答案，我會留在那裡。謝謝，史蒂夫。

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，我們有一個長期戰略計劃，正如我們所說的那樣。該計劃是一個自籌資金的計劃。我們不會將我們未來的戰略押在從 CHIPS 法案中贏錢上。對我們來說，這是一個加速器。當然，這將使我們能夠更快地做事，並提供財務收益和現金流收益。它有助於鞏固與主要機構和客戶的長期關係。

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，就我們成功獲得資金的程度而言，它將成為一個加速器。而且我們通常不會談論我們的未來計劃，或者當我們決定跳線時，我們將跳入哪條線，這將在稍後進行。但是，我們當然有潛力不斷擴展我們的 SAM。這是我們增長戰略的關鍵部分。

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.

今天，我們估計我們的 SAM 價值約為 50 億美元，我們希望在未來幾年內將其推至約 80 億美元或 90 億美元。而每年僅在研發上花費 1.3 億美元或 1.4 億美元，就只能做到這麼多。因此，我們有一個非常有條不紊和慎重的方法來進入我們知道我們可以成功的市場。我再次強調，CHIPS 法案只是一個加速器，但它不會改變我們的基本戰略。

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

謝謝你。我現在將把電話轉回給史蒂夫·戴利先生，以聽取任何結束語。

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，我們要感謝我們的員工、客戶和供應商的持續支持。祝你今天過得愉快。

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

女士們先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。