(MTSI) 2022 Q4 法說會逐字稿

Welcome to MACOM's Fourth Fiscal Quarter 2022 Conference Call. This call is being recorded today, Thursday, November 3, 2022. (Operator Instructions) I will now turn the call to Mr. Steve Ferranti, MACOM's Vice President of Initiatives and Investor Relations. Mr. Ferranti, please go ahead.

歡迎來到 MACOM 的 2022 財年第四季度電話會議。今天，即 2022 年 11 月 3 日，星期四，將錄製此電話。（操作員說明）我現在將電話轉給 MACOM 的倡議和投資者關係副總裁史蒂夫費蘭蒂先生。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 fourth 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.

謝謝你，奧利維亞。早上好，歡迎來電討論 MACOM 2022 年第四財季的財務業績。我想提醒大家，我們今天的討論將包含前瞻性陳述，這些陳述會受到 Safe 中定義的某些風險和不確定性的影響1995 年私人證券訴訟改革法案中包含的前瞻性陳述的港灣。

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. 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.

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

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

有了這個，我將把電話轉給 MACOM 總裁兼首席執行官史蒂夫戴利。

Thank you, and good morning. I will begin today's call with a general company update. After that, Jack Kober, our Chief Financial Officer, will provide a more in-depth review of our fourth quarter and full year results for fiscal 2022. When Jack is finished, I will provide revenue and earnings guidance for the first fiscal quarter of 2023, and then we will be happy to take some questions.

謝謝，早上好。我將以一般公司更新開始今天的電話會議。之後，我們的首席財務官 Jack Kober 將對我們 2022 財年的第四季度和全年業績進行更深入的審查。傑克完成後，我將提供 2023 年第一財季的收入和收益指導，然後我們很樂意回答一些問題。

We finished our fiscal year with a solid financial performance. Revenue for Q4 was $178.1 million and adjusted EPS was $0.77 per diluted share. For the full fiscal year ending September 30, 2022, revenue was $675 million and adjusted EPS was $2.82 per diluted share. This represents 11% year-over-year revenue growth and over 30% year-over-year growth in adjusted earnings per share. These results demonstrate the strength and leverage in our business model.

我們以穩健的財務業績結束了本財年。第四季度收入為 1.781 億美元，調整後每股收益為 0.77 美元。截至 2022 年 9 月 30 日的整個財政年度，收入為 6.75 億美元，調整後每股收益為 2.82 美元。這意味著收入同比增長 11%，調整後每股收益同比增長超過 30%。這些結果證明了我們商業模式的實力和影響力。

Over the past 4 quarters, we have incrementally improved our gross margins and operating profits, resulting in improved cash flow. We finished the fiscal year with $587 million in cash and short-term investments on our balance sheet. FY '22 was also a strong year for new product development. with our R&D teams launching nearly 150 new products, an increase of approximately 15% year-over-year. We believe many of these products will enable market share gains and support our near- and long-term growth targets.

在過去的 4 個季度中，我們逐步提高了毛利率和營業利潤，從而改善了現金流。我們在本財年結束時資產負債表上有 5.87 億美元的現金和短期投資。 22 財年也是新產品開發強勁的一年。研發團隊推出近150款新品，同比增長約15%。我們相信其中許多產品將有助於增加市場份額並支持我們的近期和長期增長目標。

There is a high level of excitement at MACOM because we have many new projects underway, a growing team of world-class IC designers and unique manufacturing and packaging capabilities. We will continue to expand and build upon these competitive advantages in fiscal year 2023.

MACOM 非常令人興奮，因為我們正在進行許多新項目、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。我們將在 2023 財年繼續擴大和鞏固這些競爭優勢。

In Q4, our book-to-bill ratio was 1.0:1 and our turns business was approximately 10% of total revenue. For the full fiscal year, our book-to-bill was 1.1:1. Our backlog remains at near record levels entering fiscal 2023, providing us with a strong position to achieve our growth goals for the upcoming year. To provide some additional context, over the last 3 years, our backlog is up 2.5x, translating to a 36% CAGR.

在第四季度，我們的訂單出貨比為 1.0:1，輪流業務約佔總收入的 10%。在整個財政年度，我們的訂單出貨比為 1.1:1。進入 2023 財年，我們的積壓訂單仍接近創紀錄水平，這為我們實現來年的增長目標提供了強有力的條件。為了提供一些額外的背景信息，在過去 3 年中，我們的積壓工作增加了 2.5 倍，複合年增長率為 36%。

We believe our backlog growth over this timeframe is reflective of the market strength as well as MACOM's market share gains due to new product adoption. However, to be clear, we do not believe our business will be immune from a global recession or market slowdown. In fact, recently, we have seen softness in order flow. And as a result, we are being cautious and believe our book-to-bill ratio could be at or below 1 this quarter.

我們相信我們在這段時間內的積壓增長反映了市場實力以及 MACOM 因採用新產品而增加的市場份額。但是，需要明確的是，我們認為我們的業務無法免受全球經濟衰退或市場放緩的影響。事實上，最近，我們已經看到訂單流的疲軟。因此，我們持謹慎態度，相信本季度我們的訂單出貨比可能等於或低於 1。

Despite this, we are optimistic about our prospects for fiscal year 2023 and beyond. More and more customers are viewing MACOM as a strategic supplier of high-performance analog, RF, microwave and Lightwave semiconductor solutions, and we believe this is directly attributable to our strengthening product portfolio. Additionally, we see a tremendous opportunity to better address our $5 billion to $6 billion serviceable addressable market, or SAM, by continuing to expand our product lines and portfolio.

儘管如此，我們對 2023 財年及以後的前景持樂觀態度。越來越多的客戶將 MACOM 視為高性能模擬、射頻、微波和光波半導體解決方案的戰略供應商，我們認為這直接歸因於我們不斷加強的產品組合。此外，我們看到了一個巨大的機會，可以通過繼續擴展我們的產品線和產品組合來更好地解決我們 50 億至 60 億美元的可服務可尋址市場 (SAM)。

As a reminder, we maintain a diverse revenue base with little to no consumer exposure, which we believe is a strength and a business advantage for the company. Our diversification spans product lines, customers and end markets. In FY '22, our top 10 end customers represented 31% of our total revenue. We had no direct customers greater than 10% of revenue. And for the full year, no single product generated more than 2% of our total revenue.

提醒一下，我們保持多元化的收入基礎，幾乎沒有消費者接觸，我們認為這是公司的優勢和業務優勢。我們的多元化跨越產品線、客戶和終端市場。在 22 財年，我們的前 10 大終端客戶占我們總收入的 31%。我們沒有直接客戶超過收入的 10%。全年來看，沒有任何一種產品產生的收入超過我們總收入的 2%。

Turning to our end markets. fiscal Q4 revenue was generally as expected, with Industrial and Defense at $78.5 million, Telecom at $62 million and Data Center at $37.6 million. For the full fiscal year 2022, Data Center was flat, I&D was up 5% and Telecom was up 29%. Looking at the details for each end market, our Industrial and Defense end market performed well during Q4 and for the full fiscal year. Our goal is to sell all of our technologies into the I&D markets. And our business development and sales teams continue to find large opportunities to leverage our optical capabilities, RF subsystems and modules, GaN power transistors and mimics, KV CAPS and filter technologies across a wide variety of ground, airborne and ship-based programs.

轉向我們的終端市場。第四財季收入總體上符合預期，工業和國防為 7850 萬美元，電信為 6200 萬美元，數據中心為 3760 萬美元。在整個 2022 財年，數據中心持平，I&D 增長 5%，電信增長 29%。查看每個終端市場的詳細信息，我們的工業和國防終端市場在第四季度和整個財政年度表現良好。我們的目標是將我們所有的技術銷售到 I&D 市場。我們的業務開發和銷售團隊繼續尋找大量機會，在各種地面、機載和艦載項目中利用我們的光學能力、RF 子系統和模塊、GaN 功率晶體管和模擬器件、KV CAPS 和濾波器技術。

As an example, one of our U.S. Defense customers has recently been awarded a large multiyear contract to manufacture and deliver tactical radios to the U.S. government. In fiscal 2023, our low fab will support this production program with our unique technologies and custom ICs. Defense customer requirements often push the limits of semiconductor performance because they're building systems at extreme frequencies, high data rates and high RF or microwave transmit power levels. and these challenging requirements align perfectly with MACOM's core competencies.

例如，我們的一位美國國防客戶最近獲得了一份多年期的大型合同，為美國政府製造和交付戰術無線電。在 2023 財年，我們的低晶圓廠將以我們獨特的技術和定制 IC 支持該生產計劃。國防客戶的要求通常會突破半導體性能的極限，因為他們正在以極端頻率、高數據速率和高 RF 或微波發射功率水平構建系統。這些具有挑戰性的要求與 MACOM 的核心競爭力完美契合。

Our strategy is to further leverage these same technologies into the industrial markets to support test and measurement, medical, automation, commercial radars and new automotive opportunities. Our Telecom end market revenue was flat in Q4. During the quarter, softness in 5G was largely offset by strength in the broadband access segment. For the year, Telecom had a very strong growth performance, growing 29% in FY '22. The drive for higher data rates and faster connections across subsegments like 5G wireless, metro/long haul, PON, hybrid fiber coax, Satcom and microwave networks plays directly into MACOM's strengths.

我們的戰略是進一步利用這些相同的技術進入工業市場，以支持測試和測量、醫療、自動化、商業雷達和新的汽車機會。我們的電信終端市場收入在第四季度持平。本季度，5G 的疲軟在很大程度上被寬帶接入領域的強勢所抵消。今年，電信的增長表現非常強勁，在 22 財年增長了 29%。對 5G 無線、城域/長途、PON、混合光纖同軸電纜、衛星通信和微波網絡等子細分市場的更高數據速率和更快連接的推動直接發揮了 MACOM 的優勢。

Our exceptional growth in telecom in FY '22 was broad-based and driven by these strong end market dynamics, coupled with new product introductions and market share gains. Our Data Center end market revenue was up in Q4, but flat overall for FY '22. As a reminder, our Data Center product portfolio includes our high-performance analog or HPA drivers and transimpedance amplifiers or TIAs for NRZ and PAM4, coherent drivers and TIAs for ZR (sic) [RZ], Crosspoint switch products and legacy OTN mappers and framers in addition to new product offerings, including our linear equalizers, direct drive solutions and 25G DFB and 50G CW lasers.

我們在 22 財年的電信領域取得了非凡的增長，其基礎廣泛，並受到這些強大的終端市場動態的推動，再加上新產品的推出和市場份額的增加。我們的數據中心終端市場收入在第四季度有所增長，但在 22 財年總體持平。提醒一下，我們的數據中心產品組合包括用於 NRZ 和 PAM4 的高性能模擬或 HPA 驅動器和跨阻放大器或 TIA、用於 ZR (sic) [RZ] 的相干驅動器和 TIA、交叉點開關產品以及傳統 OTN 映射器和成幀器除了新產品，包括我們的線性均衡器、直接驅動解決方案以及 25G DFB 和 50G CW 激光器。

Today, we have a strong backlog in place for our Crosspoint switch solutions and OTN products, noting that these orders were impacted by supply constraints for the majority of FY '22. In many cases, we are the sole source supplier for these products. Over the course of FY '23, we expect new products to be the primary drivers for Data Center growth. For example, our sales and marketing efforts for our new 25G DFB lasers and 50G CW lasers is just beginning. Our linear Equalizer products have started ramping during FY '22 and will continue this year in support of high data rate applications, including backplane and active copper cable.

今天，我們的 Crosspoint 交換機解決方案和 OTN 產品有大量積壓訂單，並指出這些訂單受到 22 財年大部分時間供應限制的影響。在許多情況下，我們是這些產品的唯一來源供應商。在 23 財年期間，我們預計新產品將成為數據中心增長的主要驅動力。例如，我們新的 25G DFB 激光器和 50G CW 激光器的銷售和營銷工作才剛剛開始。我們的線性均衡器產品已在 22 財年開始量產，並將在今年繼續支持高數據速率應用，包括背板和有源銅纜。

We are also beginning to see the proliferation of coherent optics in the access market with low-cost tunable 100G solutions. All of these products represent incremental growth drivers of MACOM's business. As we have discussed in prior calls, today, we engage selectively within the data center market, focusing on areas where we can leverage MACOM's competitive advantage and technology portfolio including high-performance analog ICs in optical semiconductors such as lasers and photodetectors. We are a small but broad-based supplier into the Data Center market. We will continue to pursue this targeted engagement strategy and increasingly, we will focus on finding attractive new opportunities outside the Data Center, leveraging these same design resources and technologies.

我們還開始看到相干光學技術在接入市場中的普及以及低成本可調諧 100G 解決方案。所有這些產品代表了 MACOM 業務的增量增長動力。正如我們在之前的電話會議中所討論的那樣，今天，我們有選擇地參與數據中心市場，重點關注我們可以利用 MACOM 的競爭優勢和技術組合的領域，包括激光和光電探測器等光學半導體中的高性能模擬 IC。我們是數據中心市場的小型但基礎廣泛的供應商。我們將繼續追求這種有針對性的參與戰略，並且越來越多地，我們將專注於在數據中心之外尋找有吸引力的新機會，利用這些相同的設計資源和技術。

We had many engineering accomplishments in fiscal 2022, and I would like to recap a few of these today. We opened 2 new design centers located in Seoul, Korea and Western Massachusetts and staffed them with industry-leading talent. Our [.14] GaN on silicon carbide mimic process is on schedule to be qualified and released to production at the beginning of next quarter. Our fab and device engineering teams have done remarkable work to meet schedule and to achieve these results, and we know our customers are waiting for the first wave of product introductions.

我們在 2022 財年取得了許多工程成就，今天我想回顧一下其中的一些。我們在韓國首爾和馬薩諸塞州西部開設了 2 個新的設計中心，並為他們配備了行業領先的人才。我們的 [.14] 碳化矽基 GaN 模擬工藝按計劃將在下個季度初通過認證並投入生產。我們的晶圓廠和設備工程團隊為按時完成並取得這些成果做了出色的工作，我們知道我們的客戶正在等待第一波產品推出。

Our HPA team launched MACOM's PURE DRIVE product line comprising of linear drivers and transimpedance amplifiers that target single mode and multimode 400G PAM4 architectures. This innovative chipset has been designed to support broad dynamic ranges, linear equalization and low noise amplification to enable direct connection to switch and server ASICs. Working together, these linear links can support leading-edge throughput while at the same time, enable specialized functionality for each component in the data path such that power, cost and latency can be minimized. We believe this is disruptive technology as it can eliminate the need for a DSP in certain applications.

我們的 HPA 團隊推出了 MACOM 的 PURE DRIVE 產品線，包括針對單模和多模 400G PAM4 架構的線性驅動器和跨阻放大器。這種創新的芯片組旨在支持寬動態範圍、線性均衡和低噪聲放大，以實現與交換機和服務器 ASIC 的直接連接。通過協同工作，這些線性鏈路可以支持領先的吞吐量，同時為數據路徑中的每個組件啟用專用功能，從而最大限度地降低功耗、成本和延遲。我們認為這是一項顛覆性技術，因為它可以消除某些應用中對 DSP 的需求。

Our Diodes teams completed an important product qualification for a key automotive customer. We expect more design wins from this and other automotive customers in 2023 now that our roll fab is automotive TS 16949 certified. We continue to push the boundaries of compound semiconductor performance in high-power RF applications. We expanded our MACOM pure carbide power amplifier product portfolio to include a 7-kilowatt power amplifier, which we believe is the highest power part in the industry. The 7-kilowatt product is ideal for high power and high-voltage aerospace and defense applications, including [E&P], radar and electronic warfare systems.

我們的 Diodes 團隊為主要汽車客戶完成了一項重要的產品鑑定。既然我們的軋輥製造廠已通過汽車 TS 16949 認證，我們預計 2023 年會從該客戶和其他汽車客戶那裡贏得更多設計。我們不斷突破化合物半導體在高功率 RF 應用中的性能極限。我們擴展了我們的 MACOM 純碳化物功率放大器產品組合，包括一個 7 千瓦的功率放大器，我們認為這是業內功率最高的部分。這款 7 千瓦產品非常適合大功率和高壓航空航天和國防應用，包括 [E&P]、雷達和電子戰系統。

This extremely high power level was achieved by combining novel high-voltage circuits [apologies] with advanced packaging materials for improved thermal management. Our Lightwave team transitioned several customers from qualification status to production status on both photodetectors and 25G lasers. We have slow but steady market penetration. And notably, our Lightwave engineering teams first measured results on our 100G EML products, looks compelling.

這種極高的功率水平是通過將新穎的高壓電路 [道歉] 與先進的封裝材料相結合以改進熱管理來實現的。我們的 Lightwave 團隊將多個客戶從光電探測器和 25G 激光器的認證狀態轉變為生產狀態。我們的市場滲透緩慢但穩定。值得注意的是，我們的 Lightwave 工程團隊首先在我們的 100G EML 產品上測量了結果，看起來很有吸引力。

And last, we expanded our RF subsystems and module design capabilities for IND applications. Here, we will leverage our engineering expertise to provide customers with unique subsystem solutions based on MACOM's proprietary semiconductors. As we focus on fiscal year 2023, our priorities include taking market share in gallium arsenide and GaN on silicon carbide mimics, diversifying our high-performance analog IC business, maintaining our leadership position in coherent IT solutions for Telecom and Data Center markets, continuing to gain content and market share in 10G, XGS PON and other broadband access solutions for North American and European fiber-to-the-home markets and upgrade cycles.

最後，我們為 IND 應用擴展了 RF 子系統和模塊設計能力。在這裡，我們將利用我們的工程專業知識為客戶提供基於 MACOM 專有半導體的獨特子系統解決方案。當我們專注於 2023 財年時，我們的優先事項包括佔據砷化鎵和碳化矽模擬 GaN 的市場份額，使我們的高性能模擬 IC 業務多樣化，保持我們在電信和數據中心市場一致 IT 解決方案方面的領導地位，繼續在北美和歐洲光纖到戶市場和升級週期的 10G、XGS PON 和其他寬帶接入解決方案中獲得內容和市場份額。

Continuing to expand our RF and microwave module and subsystems capabilities and win more amplifier and microwave assembly business, executing on recently awarded radar development programs. Strengthening our competitive advantage by introducing new products based on MACOM's proprietary semiconductor processes, working with federal, state and local authorities on securing CHIPS Act funding, to grow capabilities in our business; further optimizing the efficiency of our operations to improve profitability and cash flow and continuing to develop our employees' careers so that they can grow with the company, as well as enhance our entire organization with attracting industry-leading talent.

繼續擴大我們的射頻和微波模塊及子系統能力，贏得更多放大器和微波組裝業務，執行最近授予的雷達開發項目。通過推出基於 MACOM 專有半導體工藝的新產品，加強我們的競爭優勢，與聯邦、州和地方當局合作確保 CHIPS 法案的資金，以提高我們的業務能力；進一步優化我們的運營效率以提高盈利能力和現金流，並繼續發展我們員工的職業生涯，使他們能夠與公司一起成長，並通過吸引行業領先的人才來增強我們的整個組織。

A central theme for fiscal year '23 is to move quickly and capture market share. In summary, MACOM has a wide range of products in production today, spanning dozens of different product lines, servicing thousands of customers. Many of these products have long life cycles and produce revenues for years after they've been introduced. We view this diversity of technology, products and end market applications as an inherent strength of the company, helping to provide a broad and stable revenue base. Jack will now provide a more detailed review of our financial results.

23 財年的中心主題是快速行動並佔領市場份額。總而言之，MACOM 目前生產的產品種類繁多，涵蓋數十種不同的產品線，為數以千計的客戶提供服務。這些產品中有許多都具有很長的生命週期，並且在推出後的數年內都能產生收入。我們將這種技術、產品和終端市場應用的多樣性視為公司的內在優勢，有助於提供廣泛而穩定的收入基礎。傑克現在將對我們的財務業績進行更詳細的審查。

Thank you, Steve, and good morning, everyone. Before getting into the details of our quarterly results, I would like to summarize a few items associated with our fiscal year 2022 financials. First, our order backlog grew by more than 20% during fiscal 2022, and our full year 2022 revenue grew by more than 11% over the prior fiscal year. Second, we continue to expand our margins with our adjusted gross margin for the full fiscal year 2022 at 62%, up 240 basis points from 59.6% in fiscal 2021.

謝謝你，史蒂夫，大家早上好。在詳細介紹我們的季度業績之前，我想總結一些與我們 2022 財年財務相關的項目。首先，我們的訂單積壓在 2022 財年增長了 20% 以上，我們 2022 年全年的收入比上一財年增長了 11% 以上。其次，我們繼續擴大利潤率，2022 財年調整後的毛利率為 62%，比 2021 財年的 59.6% 高出 240 個基點。

This is the first full fiscal year that our gross margin has exceeded 60% since MACOM went public in 2012. In addition, our adjusted operating margins for fiscal year 2022 were in excess of 31%. Third, our fiscal year 2022 adjusted net income was $201 million compared to $152 million in fiscal year 2021. And fiscal year 2022 adjusted EPS was $2.82 compared to $2.15 in 2021, a more than 30% improvement.

這是自 2012 年 MACOM 上市以來我們的毛利率首次超過 60% 的完整財年。此外，我們調整後的 2022 財年營業利潤率超過 31%。第三，我們 2022 財年的調整後淨收入為 2.01 億美元，而 2021 財年為 1.52 億美元。2022 財年調整後的每股收益為 2.82 美元，而 2021 年為 2.15 美元，增幅超過 30%。

And finally, from an operational perspective, MACOM's team of outstanding employees continue to remain focused on improving the performance of the business and executing our strategy as we move into fiscal 2023. Now on to the quarterly results. Revenue for the fiscal quarter was $178.1 million, up 3.4% sequentially based on modest growth from our data center and I&D markets. Our Q4 completed another year of double-digit growth for MACOM with fiscal year 2022 revenue at $675 million, up from $607 million in fiscal 2021.

最後，從運營的角度來看，隨著我們進入 2023 財年，MACOM 的優秀員工團隊將繼續專注於提高業務績效和執行我們的戰略。現在來看季度業績。本財季收入為 1.781 億美元，環比增長 3.4%，這得益於我們的數據中心和 I&D 市場的適度增長。我們的第四季度 MACOM 又實現了兩位數的增長，2022 財年的收入為 6.75 億美元，高於 2021 財年的 6.07 億美元。

On a geographic basis, revenue from U.S. domestic customers represented approximately 50% of our fiscal Q4 results and 47% for fiscal year 2022, up from 46% in both fiscal Q4 2021 and fiscal year 2021. Adjusted gross profit for fiscal Q4 was $111.5 million or 62.6% of revenue, up 40 basis points sequentially. Over the past fiscal year, we executed on many annual initiatives to improve yields, reduce cycle times and optimize pricing, resulting in these improvements to our gross margin. Going forward, we expect gross margin to continue to trend higher as we commence additional improvement initiatives and as new products contribute to our overall revenue mix.

從地域上看，來自美國國內客戶的收入約占我們第四財季業績的 50%，佔 2022 財年的 47%，高於 2021 財年第四季度和 2021 財年的 46%。第四財季調整後毛利為 1.115 億美元佔收入的 62.6%，環比上升 40 個基點。在過去的財政年度，我們執行了許多年度計劃來提高產量、縮短週期時間和優化定價，從而提高了我們的毛利率。展望未來，我們預計毛利率將繼續走高，因為我們開始採取更多改進措施，並且新產品對我們的整體收入結構做出貢獻。

Total adjusted operating expense was $54.5 million, consisting of research and development expense of $35.3 million and selling, general and administrative expenses of $19.2 million. The $1.4 million sequential increase in adjusted operating expense was primarily driven by the continued expansion of our R&D staff and higher employee-related costs. We plan to continue to invest in our R&D capabilities over the course of fiscal year 2023, which will modestly grow our OpEx over the course of the year. We believe the investments we are making in R&D resources and technology will help us to continue to deliver new technologies and leading-edge semiconductor solutions to our customers in the years ahead.

調整後的運營費用總額為 5450 萬美元，其中包括 3530 萬美元的研發費用和 1920 萬美元的銷售、一般和管理費用。調整後運營費用連續增加 140 萬美元，主要是由於我們研發人員的持續擴張和員工相關成本的增加。我們計劃在 2023 財年繼續投資於我們的研發能力，這將在這一年中適度增加我們的運營支出。我們相信，我們在研發資源和技術方面的投資將有助於我們在未來幾年繼續為客戶提供新技術和領先的半導體解決方案。

Adjusted operating income in fiscal Q4 was $56.9 million, up from $54.1 million in fiscal Q3. Adjusted operating margin increased 60 basis points sequentially, reaching 32% in fiscal Q4. Fiscal year 2022 adjusted operating income was $211 million compared to $170.3 million for fiscal 2021, representing a 24% year-over-year increase, highlighting the operating leverage in our business.

第四財季的調整後營業收入為 5690 萬美元，高於第三財季的 5410 萬美元。調整後的營業利潤率環比增長 60 個基點，在第四財季達到 32%。 2022 財年調整後營業收入為 2.11 億美元，而 2021 財年為 1.703 億美元，同比增長 24%，凸顯了我們業務的運營槓桿。

Depreciation expense for fiscal Q4 was $6.1 million and $23.8 million for fiscal year 2022. Adjusted EBITDA for fiscal Q4 was $63.1 million. Trailing 12 months adjusted EBITDA was approximately $235 million as compared to $194 million last year, representing a 21% year-over-year increase. For fiscal Q4, we had adjusted net interest income of less than $100,000 compared to net interest expense of approximately $400,000 for fiscal Q3. Fiscal year 2022 adjusted net interest expense was $2.6 million, down from $11 million in 2021.

第四財季的折舊費用為 610 萬美元，2022 財年的折舊費用為 2380 萬美元。第四財季的調整後 EBITDA 為 6310 萬美元。過去 12 個月調整後的 EBITDA 約為 2.35 億美元，而去年為 1.94 億美元，同比增長 21%。對於第四財季，我們調整後的淨利息收入不到 100,000 美元，而第三財季的淨利息支出約為 400,000 美元。 2022 財年調整後的淨利息支出為 260 萬美元，低於 2021 年的 1100 萬美元。

The decrease in fiscal year 2022 net interest expense was driven primarily by the partial repayment and associated refinancing on our term loan in our prior fiscal year 2021, as well as higher interest income from our increase in cash and short-term investment balances. Our adjusted income tax rate in fiscal Q4 was 3% and resulted in an expense of approximately $1.7 million. Our net cash tax payments were approximately $400,000 for the fourth quarter and $2.2 million for fiscal year 2022. We expect our adjusted income tax rate to remain at 3% for fiscal year 2023.

2022 財年淨利息支出的減少主要是由於我們在上一個 2021 財年的定期貸款的部分償還和相關再融資，以及現金和短期投資餘額增加帶來的更高利息收入。我們在第四財季調整後的所得稅率為 3%，產生了大約 170 萬美元的費用。我們第四季度的淨現金稅款約為 400,000 美元，2022 財年為 220 萬美元。我們預計 2023 財年調整後的所得稅率將保持在 3%。

Next, I would like to discuss a $200 million noncash tax benefit recorded on our GAAP financial statements during our fiscal fourth quarter. Historically, MACOM had recorded GAAP losses in our financial statements and had accumulated net operating loss and R&D tax credit carryforwards that could potentially be used to offset future income. Due to our history of recording GAAP income statement losses and a limited potential for us to utilize these historical loss carryforwards to offset the future income, the GAAP accounting rules historically did not permit us to reflect these loss carryforwards as an asset on our financials.

接下來，我想討論我們第四財季的 GAAP 財務報表中記錄的 2 億美元非現金稅收優惠。從歷史上看，MACOM 在我們的財務報表中記錄了 GAAP 虧損，並積累了淨運營虧損和研發稅收抵免結轉，這些可能會被用來抵消未來的收入。由於我們記錄 GAAP 損益表虧損的歷史以及我們利用這些歷史虧損結轉抵消未來收入的可能性有限，GAAP 會計規則歷來不允許我們將這些虧損結轉反映為我們財務的資產。

Primarily as a result of our improving GAAP profitability, we have updated our financials here in the fourth quarter of 2022 to now have substantially all of these tax benefits recorded on the face of our balance sheet as a deferred tax asset. This adjustment resulted in a Q4 noncash tax benefit of approximately $200 million recorded on our GAAP income statement. This $200 million tax benefit was not included in our adjusted non-GAAP earnings for the quarter.

主要是由於我們提高了 GAAP 盈利能力，我們在 2022 年第四季度更新了我們的財務數據，現在幾乎所有這些稅收優惠都作為遞延稅資產記錄在我們的資產負債表上。這一調整導致我們的 GAAP 損益表記錄了大約 2 億美元的第 4 季度非現金稅收收益。這筆 2 億美元的稅收優惠未計入我們本季度調整後的非 GAAP 收益。

As of September 30, 2022, our net operating loss carryforwards are approximately $645 million, and our deferred tax asset balance is $237 million. As I noted earlier, one of the primary considerations for this accounting adjustment was that more recently, we have consistently generated positive income on a GAAP basis and expect to continue to generate GAAP income going forward. For reference, our GAAP net income was $38 million in our prior fiscal year 2021 and $444 (sic) [$440] million for our fiscal year ended September 2022, inclusive of the $200 million benefit from the tax adjustment I just noted and a $118 million gain associated with the Q1 sale of an equity interest.

截至 2022 年 9 月 30 日，我們的結轉淨經營虧損約為 6.45 億美元，我們的遞延稅資產餘額為 2.37 億美元。正如我之前提到的，這一會計調整的主要考慮因素之一是，最近，我們一直在 GAAP 基礎上產生正收入，並預計未來將繼續產生 GAAP 收入。作為參考，我們的 GAAP 淨收入在上一個 2021 財年為 3800 萬美元，在截至 2022 年 9 月的財年為 444（原文如此）[4.4 億美元] 百萬美元，其中包括我剛才提到的稅收調整帶來的 2 億美元收益和 1.18 億美元與第一季度股權出售相關的收益。

For fiscal Q4 adjusted net income was $55.1 million compared to $52.1 million in fiscal Q3. Adjusted earnings per fully diluted share was $0.77, utilizing a share count of 71.3 million shares compared to $0.73 of adjusted earnings per share in fiscal Q3. Now moving on to operational balance sheet and cash flow items. Our Q4 accounts receivable balance was $101.6 million, down slightly from $106.6 million in fiscal Q3, mostly due to improved linearity during the quarter.

第四財季調整後淨收入為 5510 萬美元，而第三財季為 5210 萬美元。調整後的完全攤薄後每股收益為 0.77 美元，使用的股數為 7130 萬股，而第三財季的調整後每股收益為 0.73 美元。現在轉向運營資產負債表和現金流量項目。我們第四季度的應收賬款餘額為 1.016 億美元，略低於第三季度的 1.066 億美元，這主要是由於本季度線性度有所提高。

As a result, days sales outstanding were 52 days compared to 56 days in the prior quarter. Inventories were $115 million at quarter end, up sequentially from $110.2 million. During fiscal year 2022, we have continued to make strategic investments in various inventory items, including manufacturing consumables, substrates, precious metals as well as critical wafer stocks and finished goods to support our customer orders.

因此，未完成銷售天數為 52 天，而上一季度為 56 天。季度末存貨為 1.15 億美元，高於上一季度的 1.102 億美元。在 2022 財年，我們繼續對各種庫存項目進行戰略投資，包括製造耗材、基板、貴金屬以及關鍵晶圓庫存和成品，以支持我們的客戶訂單。

Inventory turns were 2.3x, down sequentially in Q3 from 2.4x in the prior quarter. Fiscal Q4 cash flow from operations was approximately $60 million, up $19.6 million sequentially. This quarterly increase is primarily due to the timing of working capital payments. As a result, for our upcoming first fiscal quarter of 2023, we expect our cash flow from operations to moderate and be below this high Q4 level.

第三季度庫存周轉率為 2.3 倍，低於上一季度的 2.4 倍。第四財季運營現金流約為 6000 萬美元，比上一季度增加 1960 萬美元。這一季度的增長主要是由於營運資金支付的時間安排。因此，對於我們即將到來的 2023 年第一財季，我們預計我們的運營現金流將溫和並低於第四季度的高水平。

Capital expenditures totaled $7.7 million in fiscal Q4. Fiscal 2022 CapEx of $26.5 million was up from $18 million in fiscal 2021, attributable to fab and R&D spending. We expect our fiscal 2023 CapEx to be approximately $40 million as we continue to expand capacity and process capabilities at our domestic manufacturing locations and R&D facilities.

第四財季的資本支出總計 770 萬美元。 2022 財年的資本支出為 2650 萬美元，高於 2021 財年的 1800 萬美元，這歸因於晶圓廠和研發支出。隨著我們繼續擴大國內製造基地和研發設施的產能和加工能力，我們預計 2023 財年的資本支出約為 4000 萬美元。

Next, moving on to other balance sheet items. Cash, cash equivalents and short-term investments for the fourth fiscal quarter were $586.5 million, up $50.2 million sequentially and up $242 million or 70% from the same quarter in the prior year. With our continued cash generation and the increase in trailing 12-month EBITDA, our fourth quarter gross leverage is 2.6x, down from 2.7 in Q3. Our net leverage remains below 1, and our net debt is now less than $20 million.

接下來，轉到其他資產負債表項目。第四財季現金、現金等價物和短期投資為 5.865 億美元，比上一季度增加 5020 萬美元，比上年同期增加 2.42 億美元或 70%。隨著我們持續產生現金和過去 12 個月的 EBITDA 增加，我們第四季度的總槓桿率為 2.6 倍，低於第三季度的 2.7 倍。我們的淨槓桿率保持在 1 以下，我們的淨債務現在不到 2000 萬美元。

In summary, our business continues to perform well. The quality of our earnings continues to improve, and our cash flow remains healthy. We are aware of the macroeconomic uncertainty currently impacting the semiconductor industry. However, we maintain a strong balance sheet with ample cash to help fund our strategic goals. We carefully manage our discretionary spending and expect to support healthy margins and remain cash flow positive over the course of these business cycles.

總之，我們的業務繼續表現良好。我們的盈利質量持續改善，現金流保持健康。我們知道目前影響半導體行業的宏觀經濟不確定性。然而，我們保持著強勁的資產負債表和充足的現金來幫助為我們的戰略目標提供資金。我們謹慎地管理我們的可自由支配支出，並期望在這些商業周期中支持健康的利潤率並保持現金流為正。

I will now turn the conversation back over to Steve.

我現在將談話轉回給史蒂夫。

Thank you, Jack. MACOM expects revenue in fiscal Q1 ending December 30, 2022, to be in the range of $177 million to $182 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 $0.78 and $0.82 based on 71.4 million fully diluted shares. In fiscal Q1, we estimate flat or modest growth across the 3 end markets. As I've noted, we maintain a long-term perspective on executing our strategy. We are confident that we can continue to improve our financials and take market share in the months and years ahead.

謝謝你，傑克。 MACOM 預計截至 2022 年 12 月 30 日的第一財季收入將在 1.77 億美元至 1.82 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 0.78 美元至 0.82 美元之間。在第一財季，我們估計 3 個終端市場的增長持平或溫和。正如我所指出的，我們在執行我們的戰略時保持著長遠的眼光。我們有信心在未來數月和數年內繼續改善財務狀況並佔據市場份額。

Our product portfolio is stronger than it was a year ago, and for this reason, we are confident that we can meet or exceed our targets. Over the long term, we believe trends, including the drive towards more bandwidth, faster data speeds, higher frequencies and higher power levels will support MACOM's growth. These trends will require higher performance levels from semiconductor suppliers, which means better analog designs, specialized compound semiconductor materials in manufacturing processing and innovative packaging solutions and strong system-level know-how.

我們的產品組合比一年前更強大，因此，我們有信心能夠達到或超過我們的目標。從長遠來看，我們相信趨勢，包括推動更多帶寬、更快數據速度、更高頻率和更高功率水平，將支持 MACOM 的增長。這些趨勢將要求半導體供應商提供更高的性能水平，這意味著更好的模擬設計、製造工藝中的專用化合物半導體材料和創新的封裝解決方案以及強大的系統級專業知識。

MACOM is unique in our potential to bring all of these requirements together to provide our customers with the highest power, highest frequency and highest data rate analog semiconductor and subsystem solutions in the market. I would now like to ask the operator to take any questions.

MACOM 的獨特之處在於我們有潛力將所有這些要求結合在一起，為我們的客戶提供市場上功率最高、頻率最高和數據速率最高的模擬半導體和子系統解決方案。我現在想請接線員回答任何問題。

(Operator Instructions) Our first question coming from the line of Harsh Kumar with Piper Sandler.

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

Yes, first of all, guys, solid execution. We're seeing semiconductor companies just fall apart in this earning season. So we appreciate a very steady-eddy [printing] guide. So with that, Steve, you did say that you're seeing some softness in orders. I wanted to understand, a, first of all, where are you seeing the softness in orders? And then b, we are cognizant now very, very aware that there's recessionary activity or stock economic activity, how do you perceive your long-term goal of, call it, the low teens growth? Is that still even a valid mark for us to think about?

是的，首先，伙計們，可靠的執行力。我們看到半導體公司在這個財報季分崩離析。因此，我們感謝非常穩定的 [打印] 指南。因此，史蒂夫，你確實說過你看到訂單有些疲軟。我想了解，首先，您在哪裡看到訂單的疲軟？然後 b，我們現在非常非常清楚存在衰退活動或股票經濟活動，您如何看待您的長期目標，稱之為青少年低增長？這仍然是我們考慮的有效標誌嗎？

Thank you, Harsh, for the questions. So the softness that we talked about on the script in terms of bookings are fairly broad-based. I wouldn't necessarily call out any one particular segment as being sort of weaker than the other. I'll highlight that our defense business is still holding in quite strong as well as some of the new design wins in the automotive market are also supporting the overall bookings.

謝謝 Harsh 提出的問題。因此，我們在預訂方面談到的軟性是相當廣泛的。我不一定會說任何一個特定的細分市場都比另一個細分市場弱。我要強調的是，我們的國防業務仍然非常強勁，而且汽車市場的一些新設計勝利也支持了整體預訂。

And I just have to highlight that this was, as Jack said, the eighth consecutive quarter where we had a book-to-bill of greater than 1 which really allows us to set up ourselves for a strong fiscal '23, which really leads to the second part of your question, which is our overall long-term growth and goals. And so as you know, we don't give annual guidance. We generally give 1 quarter at a time. As I mentioned in my script, we feel like we're in a stronger position at the start of this year than we were last year, primarily due to the work we're doing to expand our SAM in the addressable markets, primarily driven by new product lines that we've been launching, many of which we've talked about during the course of the year.

我只想強調，正如傑克所說，這是我們連續第八個季度的訂單出貨比大於 1，這確實讓我們能夠為強勁的 23 財年做好準備，這確實導致你問題的第二部分，這是我們整體的長期增長和目標。如您所知，我們不提供年度指導。我們通常一次給 1 個季度。正如我在我的腳本中提到的，我們覺得今年年初我們比去年處於更有利的地位，這主要是由於我們正在做的工作是在目標市場中擴展我們的 SAM，這主要是由我們一直在推出的新產品線，其中許多我們在這一年中已經討論過。

At the beginning of fiscal '21, we set a target of greater than 10% year-over-year growth, we delivered 14%. At the beginning of fiscal '22, we also set the threshold at 10%, and we delivered 11%, so we were happy about that. And as we think about fiscal '23, we're really taking the same philosophy forward that we want to have at least 10% growth. However, you have to understand that given the macroeconomic conditions, the geopolitical risks, certainly, some of the softness we're seeing in Asia, specifically China, all of those items do provide, I would say, more uncertainty in terms of our targets in terms of fiscal '23.

在 21 財年開始時，我們設定了超過 10% 的同比增長目標，我們實現了 14%。在 22 財年開始時，我們還將門檻設定為 10%，我們交付了 11%，所以我們對此感到高興。當我們考慮 23 財年時，我們確實在推進同樣的理念，即我們希望至少有 10% 的增長。然而，你必須明白，考慮到宏觀經濟狀況、地緣政治風險，當然，我們在亞洲看到的一些疲軟，特別是中國，我想說，所有這些項目確實為我們的目標提供了更多的不確定性就財政'23而言。

But if you take a big step back and look at our long-term goals, which I think is more important, we still do believe we can achieve $1 billion of revenue in our fiscal '25. And the math is quite simple. If you just take our guide for Q1 and annualize that and apply an average growth rate of low single -- sorry, low double-digit growth rates, you get to $1 billion quite quickly. So we think we're doing all the right things. It starts by increasing the number of new products. And I can tell you from 2019 to 2022, we have doubled the amount of products we're launching on an annual basis. And this will be the ultimate driver of our growth.

但如果你退後一步，看看我們的長期目標，我認為這更重要，我們仍然相信我們可以在 25 財年實現 10 億美元的收入。數學很簡單。如果你只是採用我們的第一季度指南並將其年化並應用低單一的平均增長率 - 對不起，低兩位數增長率，你很快就會達到 10 億美元。所以我們認為我們正在做所有正確的事情。首先是增加新產品的數量。我可以告訴你，從 2019 年到 2022 年，我們每年推出的產品數量翻了一番。這將是我們成長的最終動力。

Steve, very helpful. I had a follow-up and then I'll get off the podium. Are you seeing any ASP pressures at all in any of your markets? And then you've got a kind of strong -- very strong new product activity. Can you maybe highlight for us where you feel which areas of the 3 end markets with the new products you feel very optimistic about for growth?

史蒂夫，很有幫助。我進行了跟進，然後我將離開講台。您是否在您的任何市場中看到任何 ASP 壓力？然後你就有了一種強大的——非常強大的新產品活動。您能否向我們強調您對新產品的 3 個終端市場的哪些領域的增長感到非常樂觀？

So the semiconductor industry, as you know, is very competitive, and we're constantly seeing price pressures. And so that is something that I think the team is quite capable of handling. We try to optimize the value of our solutions to customers. We are not a price leader in terms of chasing business at lower prices. We try to differentiate ourselves. And as you've seen over the last really 2 to 3 years, as we've introduced more and more products, our gross margins are going up.

因此，如您所知，半導體行業競爭非常激烈，我們不斷看到價格壓力。所以這是我認為團隊完全有能力處理的事情。我們努力優化我們的解決方案對客戶的價值。在以較低的價格追逐業務方面，我們不是價格領導者。我們試圖讓自己與眾不同。正如你在過去 2 到 3 年中看到的那樣，隨著我們推出越來越多的產品，我們的毛利率正在上升。

And yes, that some of that is due to operational improvements in supply chain management and yield enhancement programs and whatnot. But it also speaks to the fact that the portfolio is getting stronger and more differentiated, which allows us to command stronger pricing. And so we expect those trends to continue, as Jack highlighted in his script.

是的，其中一些是由於供應鏈管理和產量提高計劃等方面的運營改進。但這也說明了一個事實，即產品組合變得越來越強大和更加差異化，這使我們能夠獲得更強大的定價。因此，正如傑克在他的劇本中強調的那樣，我們預計這些趨勢將繼續下去。

In terms of the new products or the [NPI] products that you referred to and what markets or segments are we most excited about? It's hard for me to sort of call out any one particular area, market or technology because we have so many different things going on. But I will say that we are really turning a corner with our [.14 GaN] on silicon carbide process, which we'll be introducing right after New Year's.

就您提到的新產品或 [NPI] 產品而言，我們對哪些市場或細分市場最感興趣？我很難說出任何一個特定的領域、市場或技術，因為我們有太多不同的事情在發生。但我要說的是，我們的 [.14 GaN] on carbide 工藝確實正在扭轉局面，我們將在新年後立即推出。

And so that is a major event for our company, and we're very pleased about the performance of the process. We know the market's there. And over the next 2 to 3 years, it will be a lot of fun to go out into the market and take market share. So I think the whole team is really excited about that.

因此，這對我們公司來說是一件大事，我們對該流程的表現感到非常滿意。我們知道市場在那裡。在接下來的 2 到 3 年裡，進入市場並佔據市場份額將會很有趣。所以我認為整個團隊對此感到非常興奮。

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

我們的下一個問題。下一個問題來自美國銀行的 Vivek Arya。

Steve, I just wanted to go back to the comment you made about the potential and the opportunity to grow perhaps double digits this year. I was hoping you could give us some color by segment? Which segments do you think would help you grow faster or below that rate? Or you think all 3 segments can grow in line with that growth and opportunity?

史蒂夫，我只想回到你對今年可能實現兩位數增長的潛力和機會所做的評論。我希望你能按部分給我們一些顏色？您認為哪些細分市場可以幫助您更快或低於該速度增長？或者您認為所有 3 個細分市場都可以隨著增長和機遇而增長？

So I think it's very difficult for us to sort of communicate with fidelity where we think the year will end in terms of ultimately which markets will drive our growth. If we can achieve high single-digit and low double-digit growth across the mix of markets, I think we'll be able to achieve our goal. So I don't want to necessarily call out any one particular item or end market.

因此，我認為我們很難以保真度溝通我們認為今年將在哪些市場最終推動我們的增長方面結束。如果我們能夠在多個市場實現高個位數和低兩位數的增長，我認為我們將能夠實現我們的目標。所以我不想一定要指出任何一個特定的項目或終端市場。

Certainly, everybody knows that 5G is fairly soft right now. We know that defense is strong and getting stronger. Our telecom business is doing quite well primarily driven by product introductions. As we mentioned during the course of the year, we expanded our SOI product line. We're getting involved more and more in cable infrastructure and broadband access with a variety of control products, amplifiers and filters. I mentioned also on the optical side, really interesting projects that we're working on, including EML lasers, which is very additive to our laser portfolio.

當然，大家都知道5G現在相當軟。我們知道防守很強大，而且越來越強大。我們的電信業務做得很好，主要是受產品推出的推動。正如我們在這一年中提到的那樣，我們擴展了 SOI 產品線。我們越來越多地涉足電纜基礎設施和寬帶接入領域，提供各種控制產品、放大器和濾波器。我還在光學方面提到了我們正在開展的非常有趣的項目，包括 EML 激光器，這對我們的激光產品組合非常有用。

And again, when we think about lasers, we think about establishing a portfolio of functions that addresses not only Data Center and Telecom, but also sensors. And so we have a lot of interesting projects underway in and around lasing. And so we're excited about that for this coming year. So a lot of interesting projects. I wouldn't necessarily highlight any one that will drive our growth. So I guess I'll leave it at that.

再一次，當我們考慮激光器時，我們考慮建立一個功能組合，不僅可以解決數據中心和電信問題，還可以解決傳感器問題。因此，我們有很多有趣的項目正在激光和周圍進行。因此，我們對來年的這一點感到興奮。很多有趣的項目。我不一定會強調任何會推動我們增長的因素。所以我想我會保留它。

All right. The reason I asked that question is there was a big disparity in the relative growth rates of the 3 different segments in fiscal '22. And the one I wanted to really get your perspective on is Industrial and Defense. The 5% growth. Obviously, last year, you grew 44%, so compares are tougher. But how do we put this 5% growth in the context of 15%, 20% growth in Industrial and Defense sales that we saw across a number of your other analog and industrial peers. Like where I'm struggling is how to model growth in Industrial and Defense what to correlate this to?

好的。我問這個問題的原因是 22 財年三個不同部門的相對增長率存在很大差異。我想真正了解您的觀點是工業和國防。 5%的增長。顯然，去年你增長了 44%，所以比較更難。但是，我們如何將這 5% 的增長放在我們在許多其他模擬和工業同行中看到的工業和國防銷售額增長 15%、20% 的背景下。就像我正在努力的地方一樣，如何模擬工業和國防的增長，將其與什麼相關聯？

Sure. And I think it's important to put things in context that our Industrial and Defense business was range-bound for many years in the sort of $40 million to $50 million a quarter range. And that was due to lack of investment, lack of focus and really the strategy of the business. And so when we went through our update of our strategy back in 2019, we made a decision then to make Industrial and Defense a priority.

當然。而且我認為重要的是要考慮到我們的工業和國防業務多年來一直處於每季度 4000 萬至 5000 萬美元的範圍內。這是由於缺乏投資、缺乏重點和真正的業務戰略。因此，當我們在 2019 年更新戰略時，我們決定將工業和國防作為優先事項。

And now fast forwarding to Q4, Q4 was actually the record level of I&D revenue for the company at $78.5 million. So that was a record quarter. And we -- and going into this Q1, we're also expecting either flat or modest growth on that. And so we're actually quite pleased about I&D, and we think we have sort of broken out and we're doing all the right things to continue to see reasonable growth.

現在快進到第四季度，第四季度實際上是公司 I&D 收入的創紀錄水平，達到 7850 萬美元。所以這是一個創紀錄的季度。而且我們 - 進入第一季度，我們也預計這將持平或適度增長。因此，我們實際上對 I&D 感到非常高興，我們認為我們已經突破了，我們正在做所有正確的事情以繼續看到合理的增長。

But in terms of long term, we think we're going to achieve the $1 billion by continuing to have solid performance with our Telecom business as well as our I&D business. So I think I would leave it at that.

但從長遠來看，我們認為我們將通過繼續在我們的電信業務和 I&D 業務中保持穩定的表現來實現 10 億美元。所以我想我會保留它。

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

我們的下一個問題來自巴克萊銀行的 Thomas O'Malley。

I just wanted to go back to a prior comment you made, I think, to an earlier question about the well-known weakness in China. Is there any way you could contextualize the weakness that you're seeing, the company-specific weakness from 2 quarters ago until now? And then also, we recently saw the unverified list come out and there was a large amount of Chinese optical companies that were actually on that list. Could you just give any color on, one, if you've taken a look at that list and two, what you think the impact might be if some of those customers were unable to ship in the future?

我只是想回到你之前發表的評論，我想是關於早先關於中國眾所周知的弱點的問題。有什麼方法可以將您所看到的弱點，從兩個季度前到現在的公司特定弱點聯繫起來嗎？然後，我們最近看到未經核實的名單出來了，實際上有大量中國光學公司在名單上。您能否給出任何顏色，第一，如果您看過該列表，第二，如果其中一些客戶將來無法發貨，您認為會產生什麼影響？

Sure. Well, a few things about China. First of all, as everybody knows, China is a very important market for the semiconductor industry. I think in 2021, China imported $400 billion of semiconductor products. Today, MACOM's overall business, we ship about 25% of our business into China. If you go back and look at the last 3-year trend, that's actually been trending down. In 2020, we were just below $200 million, and now that's trending towards about $175 million. So it's an important market for us. It's a diverse market for us.

當然。好吧，關於中國的一些事情。首先，眾所周知，中國是半導體產業非常重要的市場。我認為在 2021 年，中國進口了 4000 億美元的半導體產品。今天，在 MACOM 的整體業務中，我們將大約 25% 的業務運往中國。如果你回過頭來看看過去 3 年的趨勢，那實際上一直呈下降趨勢。 2020 年，我們的收入略低於 2 億美元，現在正趨向於 1.75 億美元左右。所以這對我們來說是一個重要的市場。對我們來說，這是一個多元化的市場。

This past year, what MACOM did is we actually did a bit of restructuring and rebuilding and expansion of our team inside of China. And as we think about our growth going forward, we recognize that there's some very interesting markets in China, including electric vehicles and new energy markets that will require a wide range of semiconductor. So part of our go-forward strategy is to certainly try to address some of those large markets that we're not currently addressing today.

去年，MACOM 所做的實際上是對我們在中國的團隊進行了一些重組、重建和擴展。當我們考慮未來的增長時，我們認識到中國有一些非常有趣的市場，包括需要廣泛半導體的電動汽車和新能源市場。因此，我們前進戰略的一部分當然是嘗試解決我們目前尚未解決的一些大型市場。

The second thing I'll add in terms of just overall export control. So we take that very seriously whenever there's updates to denied parties or entity lists. Of course, we are very active, and we would react immediately and address all of those changes. And so there has been instances in the past where companies have gone on the entity list. And as a result, we do have to take an impact and we see that our revenues dip down.

我要補充的第二件事是整體出口管制。因此，每當對被拒絕方或實體列表進行更新時，我們都會非常重視這一點。當然，我們非常積極，我們會立即做出反應並解決所有這些變化。因此，過去曾出現過公司進入實體名單的情況。結果，我們確實必須產生影響，我們看到我們的收入下降了。

Of course, Huawei back in 2019, we were trending to about $20 million a year and now that's 0. So I guess, Tom, what I would say is as the as the regulations are updated, we follow the regulations. It's hard for us to sit here today and make comments about how any particular change would impact our business other than we adjust and follow the regulations.

當然，早在 2019 年，華為的年收入就趨向於 2000 萬美元左右，而現在是 0。所以我想，湯姆，我想說的是，隨著法規的更新，我們會遵守法規。除了我們調整和遵守法規之外，我們今天很難坐在這裡就任何特定變化將如何影響我們的業務發表評論。

Got it. Really helpful. And then just a follow-up on the I&D business. Historically, I think you guys have given the breakout of 60% Defense, 40% Industrial. With the moving pieces, you would expect that Defense would be a bit stronger as we go forward. Is the breakdown still 60-40? Or have you seen those -- the relative sizing of those 2 pieces change over the last couple of quarters?

知道了。真的很有幫助。然後只是對 I&D 業務的跟進。從歷史上看，我認為你們已經突破了 60% 防禦，40% 工業。有了移動的棋子，你會期望隨著我們前進，防禦會更強一些。細分還是60-40？或者您是否看到過這些——這兩件作品的相對大小在過去幾個季度發生了變化？

I think that ratio is about correct. I think it's a ratio (technical difficulty) reasonable ratio to use. I think over the long term with some of the big programs we're getting involved in with Defense, I would expect Defense might actually grow beyond that 60-40 ratio.

我認為這個比例是正確的。我認為這是一個合理的比例（技術難度）來使用。我認為，從長遠來看，我們正在參與國防的一些大型項目，我預計國防實際上可能會超過 60-40 的比例。

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

下一個問題來自 Tore Svanberg 與 Stifel 的合作。

And congratulations on the 62% gross margin for the full year. That's a good milestone. First question, maybe I didn't quite catch this, Steve, but when you were doing your prepared remarks, I think you said a SAM of $5 billion to $6 billion. I know in the past, you've talked about $5 billion. So I was just wondering why you said 5 to 6? And is that additional $1 billion? Is it coming -- it's obviously coming from your 3 segments, but obviously, auto is now also becoming a segment. So I was just wondering if you're going to start sort of separating that out as it's on SAM.

並祝賀全年毛利率達到 62%。這是一個很好的里程碑。第一個問題，史蒂夫，也許我不太明白這一點，但是當你做準備好的發言時，我想你說的 SAM 是 50 億到 60 億美元。我知道過去，你談到過 50 億美元。所以我只是想知道你為什麼說 5 到 6？那是額外的 10 億美元嗎？它來了嗎——它顯然來自您的 3 個細分市場，但顯然，汽車現在也正在成為一個細分市場。所以我只是想知道您是否打算開始將其分離出來，因為它在 SAM 上。

So you are correct that we are working hard to expand our SAM. SAM numbers can be -- can range depending on what you include in the SAM and what you don't. So we generally try to be a little conservative on our ranging of SAMs. What I will say is the growth is coming from new product lines and new technologies. And as you know, over the last few years, we've launched a whole number of new product lines. And so that SAM expansion is coming from GaN and silicon carbide.

所以你是對的，我們正在努力擴展我們的 SAM。 SAM 編號可以是 — 範圍取決於您在 SAM 中包含的內容和不包含的內容。因此，我們通常會盡量在我們的 SAM 範圍上保持一點保守。我要說的是增長來自新產品線和新技術。如您所知，在過去幾年中，我們推出了大量新產品線。因此，SAM 擴展來自 GaN 和碳化矽。

It's coming from some of the optical products, including the OTDR products we talked about on the last call, the EML lasers that we're looking to introduce next year as well -- the list goes on. So the SAM expansion and that $6 billion is a real target number. Part of our strategic plan is to make sure that every year, we're adding new functionality to our portfolio. And so you should expect that number to continue to grow.

它來自一些光學產品，包括我們在上次電話會議上談到的 OTDR 產品，以及我們希望在明年推出的 EML 激光器——這樣的例子不勝枚舉。所以 SAM 擴張和 60 億美元是一個真正的目標數字。我們戰略計劃的一部分是確保每年都在我們的產品組合中添加新功能。所以你應該期待這個數字繼續增長。

Very good. And as my follow-up, for your Data Center business, I think MACOM has been a bit contrite, right? I mean, this year, you didn't see any growth there, while a lot of others did. And it does sound at the margin that you have a lot of new products coming in next year, especially the DFP (sic) [DFB] lasers, the FP lasers and so on and so forth. So I'm just wondering, based on what you see today, even if that market were to be weak next year, could you still grow the Data Center segment based on your new products?

很好。作為我的後續行動，對於您的數據中心業務，我認為 MACOM 有點懊悔，對吧？我的意思是，今年，你沒有看到那裡有任何增長，而其他很多人卻看到了。聽起來明年會有很多新產品上市，尤其是 DFP (sic) [DFB] 激光器、FP 激光器等等。所以我只是想知道，根據你今天所看到的情況，即使明年該市場疲軟，你還能根據你的新產品發展數據中心領域嗎？

So we think, yes, and we think that growth could actually achieve double digit. And just to remind everybody, we had forecasted at the beginning of fiscal '22 that there would be about a $15 million drop in legacy business within the Data Center market. So if you were to add that back into our $138 million of revenue, you would have about 10% growth.

所以我們認為，是的，我們認為增長實際上可以達到兩位數。提醒大家，我們在 22 財年開始時曾預測，數據中心市場的遺留業務將減少約 1500 萬美元。因此，如果您將其重新添加到我們 1.38 億美元的收入中，您將有大約 10% 的增長。

But when we think about this coming year, we think about ramping a lot of our 400G products. We -- we actually -- if we look at some of the dynamics right now, we definitely see some of the NRZ platforms that we're involved in today being replaced with 400G platform. So short reach, long reach is an area where we're very strong. As you know, we launched our active copper cable products last year. Those will ramp in '23. And that will provide us some incremental growth.

但是，當我們考慮來年時，我們會考慮大量生產 400G 產品。我們——我們實際上——如果我們現在看一些動態，我們肯定會看到我們今天參與的一些 NRZ 平台被 400G 平台取代。所以短距離，長距離是我們非常強大的領域。如您所知，我們去年推出了有源銅纜產品。那些將在 23 年出現。這將為我們提供一些增量增長。

And generally, as the world starts to move more and more to PAM4 at the higher data rates, this is where our product line really shines when you look at our drivers, our TIAs and now even our lasers.

一般來說，隨著世界開始越來越多地以更高的數據速率轉向 PAM4，當您查看我們的驅動器、TIA 甚至現在的激光器時，這就是我們的產品線真正閃耀的地方。

And 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。

Steve, I wanted to ask -- I think we started the call with a question on just kind of some of the order patterns that you're seeing, and you guys have been above -- book-to-bill above 1 for a while now. but you did mention maybe it would go below 1 in the coming quarter. So I just wanted to maybe have a bit of a clarification on the length of the backlog currently in, I don't know, in revenue relative to the run rate? And are you seeing actual pushouts or delays in orders within the backlog? Or is it just sort of new orders book-to-bill is less than 1?

史蒂夫，我想問——我想我們一開始就問了一個關於你們看到的一些訂單模式的問題，你們已經超過了——預訂到賬單超過 1 一段時間了現在。但你確實提到它可能會在下一季度低於 1。所以我只是想澄清一下目前積壓的長度，我不知道，相對於運行率的收入？您是否看到積壓訂單中的訂單實際推出或延遲？還是新訂單訂單出貨比小於 1？

Okay. So we have a very high-quality backlog, and we're constantly making sure that orders that we're placing are being placed within a reasonable amount of lead time. We don't typically put things on our backlog that extend beyond a year for some of our larger programs. I will say that recently, we have seen a little bit of everything. We've seen some cancellations on the margins. We've seen pushouts, -- we've seen pull-ins. But generally, it becomes very customer specific in terms of what they're doing. We've seen, for example, major customers that were in high-volume production cancel programs in certain of our market segments.

好的。所以我們有一個非常高質量的積壓訂單，我們一直在確保我們下的訂單是在合理的交貨時間內下達的。對於一些較大的項目，我們通常不會將超過一年的積壓工作放在積壓中。我要說的是，最近，我們已經看到了一切。我們已經看到一些邊緣取消。我們已經看到推出， - 我們已經看到拉入。但總的來說，就他們正在做的事情而言，它變得非常特定於客戶。例如，我們已經看到，在我們的某些細分市場中進行大批量生產的主要客戶取消了計劃。

And so yes, we are seeing a little bit of that. At this stage, we think it's manageable. And we -- even when we roll all of those numbers during the quarter, we still came out with a greater than 1 book or a 1 book-to-bill. So we're happy about that. So we're definitely seeing pressure on the bookings side, and maybe Jack can add to the comments in terms of trends and also channel inventory and whatnot.

所以是的，我們看到了一些。在這個階段，我們認為這是可控的。而且我們 - 即使我們在本季度推出所有這些數字，我們仍然拿出了超過 1 本書或 1 本書到賬單。所以我們對此感到高興。所以我們肯定看到預訂方面的壓力，也許傑克可以在趨勢和渠道庫存等方面補充評論。

Thanks, Steve. Yes, Matt, we have a fairly rigorous process here when we look at our order inflow and our backlog over the course of each period. It's time that we spend with our sales and operations team to make sure we've got our fingers on the pulse of what's happening from an overall order and backlog standpoint. And we have been very fortunate over the past couple of years in terms of the book-to-bill across all 3 of the different end markets that we serve.

謝謝，史蒂夫。是的，馬特，當我們查看每個時期的訂單流入和積壓時，我們這裡有一個相當嚴格的流程。現在是我們與銷售和運營團隊合作的時候了，以確保我們從整體訂單和積壓訂單的角度掌握了正在發生的事情的脈搏。在過去的幾年裡，就我們服務的所有 3 個不同終端市場的訂單到賬單而言，我們一直非常幸運。

So it's been fairly well diversified in terms of the strength that we've been receiving from an orders point of view across those 3 different end markets. And then on top of that, in terms of when we look at our backlog, it's generally going out no more than 1 year. So in terms of it being time bound, I'd say substantially all of our existing backlog is under 1 year at this stage.

因此，從我們在這 3 個不同終端市場的訂單角度來看，我們所獲得的實力已經相當多樣化。然後最重要的是，就我們查看積壓的時間而言，它通常不會超過 1 年。因此，就時間限製而言，我想說現階段我們現有的所有積壓工作基本上都不到 1 年。

All the detail there. That's really helpful. Jack, I just wanted to -- I guess, Steve, as well, I just wanted to back up and kind of -- I mean the last no semiconductor downturn is the same, I guess, but they all have similarities. And I guess, Steve, right, before you came in and took over as CEO, we were kind of going through the last one in 2019, and there was the headwind that you mentioned from Huawei as well that impacted the business back then. And I'm just trying to kind of compare and contrast things look like -- I mean you guys have added, what, 13 points or so of gross margin since then. You're now -- you just finished the year at 31% op margin and the op margin in '19 was basically 0.

那裡有所有細節。這真的很有幫助。傑克，我只是想——我想，史蒂夫，我也只是想支持——我的意思是上次沒有半導體的低迷是一樣的，我想，但它們都有相似之處。我想，史蒂夫，對，在你上任並接任首席執行官之前，我們經歷了 2019 年的最後一次，你提到的華為的逆風也影響了當時的業務。我只是想比較和對比事情的樣子——我的意思是你們從那時起增加了 13 個百分點左右的毛利率。你現在——你剛剛以 31% 的運營利潤率結束了這一年，而 19 年的運營利潤率基本上為 0。

And you just flipped sort of net cash positive. So I just wonder if you can maybe compare and contrast the position that the company is in now versus the downturn that the company might have felt in the past. And then any thoughts new or different on capital allocation now that the balance sheet is in a very, very different place than it was in the past? Really appreciate any big picture thoughts there.

你剛剛翻轉了某種淨現金正值。所以我只是想知道你是否可以比較和對比公司現在所處的位置與公司過去可能經歷的低迷時期。鑑於資產負債表的位置與過去截然不同，那麼對資本配置有什麼新的或不同的想法嗎？真的很感激那裡的任何大局觀。

Yes. So interesting question. So you're right, no 2 downturns are the same, I guess. So I guess what we can talk about is why we feel like we're going to do better than most going forward. I think that's an important part of your question. And it really comes down to the diversity of our business. A split almost evenly between domestic and international, no greater than 10% customers are very few. We have 2% of revenue on any one particular product. And in the last 3 years, we've introduced over 400 new products and a whole wide range of product lines.

是的。這麼有趣的問題。所以你是對的，我猜沒有兩次經濟衰退是相同的。所以我想我們可以談論的是為什麼我們覺得我們會比大多數人做得更好。我認為這是你問題的重要組成部分。這真的歸結為我們業務的多樣性。國內和國際之間幾乎平分秋色，不超過10%的客戶寥寥無幾。我們對任何一種特定產品都有 2% 的收入。在過去 3 年中，我們推出了 400 多種新產品和範圍廣泛的產品線。

And so these are the best defenses we can have as we think about dealing with recessions and potentially revenues that might go down in the future. And so the last thing I'll add is that we run a very lean and mean organization. We -- as Jack pointed out in his script, we keep a very careful eye on discretionary spending and waste. And our operations, our sales, our finance, our planning and logistics teams, shipping teams, all do a phenomenal job working together to save the company money. And so that allows us to invest in the things we want to invest in. We think the best place for our cash right now is investing in the business.

因此，當我們考慮應對經濟衰退和未來可能下降的潛在收入時，這些是我們可以擁有的最佳防禦措施。因此，我要補充的最後一件事是，我們經營著一個非常精簡和吝嗇的組織。我們——正如傑克在他的劇本中指出的那樣，我們非常關注可自由支配的支出和浪費。我們的運營、我們的銷售、我們的財務、我們的計劃和物流團隊、運輸團隊都共同努力為公司節省資金。因此，這使我們能夠投資於我們想投資的東西。我們認為目前最好的現金投資方式是投資業務。

We will be allocating, as Jack highlighted, more on a year-over-year basis of more capital spend and a lot of that will be going into our fab here in Lowell as well as Ann Arbor. So we think we have a solid position. Now if our customers start producing less products or canceling programs, of course, will have an impact and we'll have to adjust our strategy and accommodate that.

正如傑克強調的那樣，我們將在同比基礎上分配更多的資本支出，其中很多將用於我們在洛厄爾和安娜堡的工廠。所以我們認為我們有一個堅實的立場。現在，如果我們的客戶開始生產更少的產品或取消計劃，當然會產生影響，我們將不得不調整我們的戰略並適應這種情況。

So I think -- if I think about at the end of the day, where we stand today versus where we stood 3 years ago, as Jack highlighted in his script, even if we go into a downturn, MACOM will remain profitable and cash flow positive. And that is a major difference from where we were 3, almost 4 years ago.

所以我認為——如果我最終想一想，我們今天所處的位置與我們 3 年前所處的位置，正如傑克在他的劇本中強調的那樣，即使我們陷入低迷，MACOM 仍將保持盈利和現金流積極的。這與將近 4 年前我們 3 歲時的情況有很大不同。

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

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

Congratulations on the nice results and outlook. I guess, Steve, you've been through a number of cycles. And I guess I'm just kind of wondering, you've had 8 quarters of better than 1 book-to-bill. You mentioned some adjustments in backlog and order softness, but I'm just kind of wondering, 8 quarters of positive book-to-bill would sort of suggest that you guys can continue to put up kind of flat to sequential growth through next year.

祝賀你取得了不錯的成績和前景。我想，史蒂夫，你已經經歷了很多周期。而且我想我只是有點想知道，你有 8 個季度比 1 個訂單到帳更好。你提到了積壓訂單和訂單疲軟的一些調整，但我只是有點想知道，8 個季度的積極訂單出貨量會在某種程度上表明你們可以在明年繼續保持持平或連續增長。

So my question is, how long would this period of order weakness have to last before you think you might start to see quarterly revenue start to trend down? I mean, can you absorb a quarter or 2 of order weakness? Could you absorb more than a couple of quarters? How should we be thinking about what the impact on quarterly revenue might be if this period of weaker orders continues?

所以我的問題是，在您認為您可能會開始看到季度收入開始下降之前，這段訂單疲軟期必須持續多久？我的意思是，你能吸收四分之一或 2 個訂單疲軟嗎？你能吸收超過幾個季度嗎？如果這段疲軟的訂單持續下去，我們應該如何考慮對季度收入的影響？

Yes, probably 1 or 2 quarters is the short answer. I mean when you're trending with book-to-bills below 1 for too long, it impacts your top line. So I would say probably 1 to 2 quarters now as we -- as Jack also talked about, we have a very, very strong backlog, and we're in a good position. So -- but it's probably in the range of 1 to 2 quarters.

是的，可能 1 或 2 個季度是簡短的答案。我的意思是，當您的訂單出貨比長期低於 1 時，它會影響您的收入。所以我現在可能會說 1 到 2 個季度，因為我們 - 正如傑克也談到的那樣，我們有非常非常強大的積壓，我們處於有利地位。所以 - 但它可能在 1 到 2 個季度的範圍內。

Great. And then obviously, a big focus on new products, and you mentioned about 150 new products in 2022. Do you have a target for '23? Will it be about that same level? Do you expect to grow it potentially in fiscal '23?

偉大的。然後很明顯，重點放在新產品上，你提到 2022 年大約有 150 種新產品。你有 23 年的目標嗎？會是差不多的水平嗎？您是否希望在 23 財年有潛力增長它？

So we do have targets. We have internal targets and the expectation should be for more new products next year. We're not ready to sort of put that number out there. I can tell you that our entire organization revolves around new product introductions. For example, when you walk through this facility here in Lowell, Massachusetts, there's monitors in all the different conference rooms in cafeteria, and it basically has product launch schedules and releases and actual performance to quarterly goals. And so the entire organization is focused on moving products out the door.

所以我們確實有目標。我們有內部目標，預計明年會推出更多新產品。我們還沒準備好把那個數字放在那裡。我可以告訴你，我們整個組織都圍繞著新產品的推出展開。例如，當你走過馬薩諸塞州洛厄爾的這個設施時，自助餐廳的所有不同會議室都有顯示器，它基本上有產品發佈時間表和發布以及季度目標的實際性能。因此，整個組織都專注於將產品推向市場。

And it's not just R&D that needs to support that. It's logistics, it's people building prototypes. It's technicians in the labs that need to test the products. So suffice to say that we have an expectation that there will be more, but we also keep an eye on quality. We're not just launching products for the sake of increasing the number of products in our portfolio. These have to be better products than our competitors, and that's the standard we hold ourselves to. And one interesting fact is about 20% of our revenue today comes from products that were launched less than 3 years ago. So that speaks to the work that the team is doing to launch compelling products that are taking market share.

需要支持的不僅僅是研發。這是物流，是人們構建原型。實驗室的技術人員需要測試產品。可以這麼說，我們期望會有更多，但我們也關注質量。我們推出產品不僅僅是為了增加我們產品組合中的產品數量。這些必須是比我們的競爭對手更好的產品，這是我們堅持的標準。一個有趣的事實是，我們今天大約 20% 的收入來自不到 3 年前推出的產品。因此，這說明了該團隊正在做的工作，以推出正在搶占市場份額的引人注目的產品。

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

我們的下一個問題來自 Harlan Sur 與摩根大通的合作。

Innovation and new products, obviously, has been a big driver for the team. Your standard product offerings are complemented, I believe, by some pretty key custom programs. How does the custom pipeline look heading into fiscal '23? Can you just give us some examples of a few of the key programs and maybe if you can just give us a rough sense of the mix of customer as a percent of your total revenues?

顯然，創新和新產品一直是團隊的重要推動力。我相信，您的標準產品供應由一些非常關鍵的定製程序補充。定制管道如何看待進入 23 財年？你能不能給我們一些關鍵項目的例子，也許你能給我們一個粗略的客戶組合佔你總收入的百分比的概念？

Yes. And so we encourage all of our engineering organizations to enter into custom chip developments. And so we're doing that at the diode level, we're doing it at the mimic level. We're doing it with our analog mixed signal devices across all the different areas. And so we highly value that those engagements because now customers are willing to fund you to develop a solution that's specific to their programs.

是的。因此，我們鼓勵我們所有的工程組織參與定制芯片開發。所以我們在二極管級別上這樣做，我們在模擬級別上這樣做。我們正在所有不同領域使用我們的模擬混合信號設備來做到這一點。因此，我們非常重視這些參與，因為現在客戶願意資助你開發一個針對他們項目的解決方案。

We don't particularly break out the amount of development dollars we're getting or we haven't really sized that type of our business. So we don't really want to break that out here today. But it is an important piece. And I can tell you that generally speaking, all of our different engineering organizations have probably anywhere between 1 and 5 custom developments going on. Some of those are customer funded. Most of them are, but some of them are done for the right reasons because they're strategic accounts. So absolutely, probably in a short response probably busier than ever in terms of custom development work.

我們沒有特別說明我們獲得的開發資金數額，或者我們還沒有真正確定我們的業務類型。所以我們今天真的不想在這裡打破它。但這是一個重要的部分。我可以告訴你，一般來說，我們所有不同的工程組織可能都在進行 1 到 5 項定制開發。其中一些是由客戶資助的。他們中的大多數是，但其中一些是出於正確的原因而完成的，因為它們是戰略客戶。就定制開發工作而言，絕對可以在簡短的響應中比以往任何時候都忙。

Great. And then in Data Center, we keep hearing more and more about active copper cable or active electrical cable, 400-gig, early 800 gig within RAC between RAC connectivity, especially as the switching architecture, right, moves to 26 and at some point, 52 terabits per second. Feels like the direct attach kind of just runs out of steam, right? And so you talked about this contributing to growth here in fiscal '23. I know you guys are targeting it with your linear equalizers. Can you remind me, are you guys also supplying the CDR chip as well? And how many cable vendors have you guys qualified with? And roughly how big is this market opportunity?

偉大的。然後在數據中心，我們不斷聽到越來越多關於有源銅纜或有源電纜的信息，RAC 內部的 400 千兆，早期 800 千兆 RAC 之間的連接，尤其是當交換架構移動到 26 並且在某個時候，每秒 52 太比特。感覺直接連接的方式已經用完了，對吧？所以你在 23 財年談到了這對增長的貢獻。我知道你們正在用線性均衡器瞄準它。你能提醒我一下，你們也提供CDR芯片嗎？你們有多少電纜供應商有資格？這個市場機會大概有多大？

So I think there's a lot of hype around active copper cable. And so we don't want to put fuel on that fire. But we look at the opportunity with our ACC or linear equalizers as just a product in our portfolio. And so there's customers that for short reach do not want to use optics. They want to use -- basically keep the signal in an electrical form and run that higher data rates over copper. And so we have some really elegant linear equalizers that get the job done that work up to in some cases, 10 meters.

所以我認為有源銅纜有很多炒作。所以我們不想火上澆油。但我們將 ACC 或線性均衡器視為我們產品組合中的一個產品。因此，有些客戶不想在短距離內使用光學器件。他們想使用 - 基本上將信號保持為電子形式，並通過銅線運行更高的數據速率。因此，我們有一些非常優雅的線性均衡器，可以在某些情況下完成 10 米的工作。

And so these chips do not have CDRs, they're not retimed. These chips can support PAM4 100G per lane, and we're now developing 200G per lane as well. So we have a very unique position in the market. We can't necessarily disclose how many cable manufacturers we're dealing with. But we do believe given the strength we have with equalization and signal integrity that we are fast becoming the go-to supplier for these type of solutions. Now our solutions are not dumbed down DSPs or solutions that some of our competitors are having. These are low current, low latency, low-cost chips that get the job done for short reach.

所以這些芯片沒有 CDR，它們沒有重定時。這些芯片可以支持 PAM4 每通道 100G，我們現在也在開發每通道 200G。所以我們在市場上擁有非常獨特的地位。我們不一定會透露與我們打交道的電纜製造商數量。但我們確實相信，鑑於我們在均衡和信號完整性方面的實力，我們正在迅速成為此類解決方案的首選供應商。現在我們的解決方案並沒有像我們的一些競爭對手所擁有的那樣簡化 DSP 或解決方案。這些是低電流、低延遲、低成本的芯片，可以完成短距離的工作。

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

我們的下一個問題來自 C.J. Muse with Evercore。

I guess another question on your revenue outlook for fiscal '23. You've clearly talked about aspirational goals of high single digits, low double digits. But at the same time, you highlighted that you're not immune to kind of the macro weakness that we're seeing. So is there a way to kind of parse your portfolio that is cyclical versus secular? And if I kind of threw out a semi revenue world of down 5% to 10% in calendar '23, what would you guys kind of do in that type of environment?

我想還有一個問題是你對 23 財年的收入前景。你已經清楚地談到了高個位數、低兩位數的理想目標。但與此同時，您強調您無法避免我們所看到的那種宏觀疲軟。那麼有沒有一種方法可以分析你的投資組合是周期性的還是長期的？如果我在 23 年的日曆中拋出了一個下降 5% 到 10% 的半收入世界，你們會在那種環境下做什麼？

So that's a very difficult question for us to answer. I'm not sure we could give you something that would be meaningful here. So all I can sort of highlight is that we're launching more and more products. We -- as a priority for the business, we believe taking market share is a great way to buck the trend, so to speak, and that's what we're working on.

所以這對我們來說是一個很難回答的問題。我不確定我們能否給你一些在這裡有意義的東西。所以我只能強調的是，我們正在推出越來越多的產品。我們 - 作為業務的優先事項，我們認為佔據市場份額是逆勢而上的好方法，可以這麼說，這就是我們正在努力的目標。

So MACOM is not a bellwether of the semiconductor industry. We're quite small. So if the semiconductor industry goes one way up or down, we won't necessarily go in the same direction just due to the nature of our portfolio, our customer base and the things that we're working on as a priority. So it's very difficult to answer that question with something meaningful, we'd probably get it wrong.

所以MACOM並不是半導體行業的領頭羊。我們很小。因此，如果半導體行業上升或下降，我們不一定會因為我們的產品組合的性質、我們的客戶群和我們正在優先處理的事情而朝同一方向發展。所以很難用有意義的東西來回答這個問題，我們很可能會弄錯。

That's helpful. Appreciate it. I guess maybe as my follow-up regarding the CHIPS Act, and it sounds like there will be greater clarity in the February kind of timeframe. Curious in terms of kind of your focus, CapEx or R&D related and how you would see that over time, helping your business?

這很有幫助。欣賞它。我想這可能是我對 CHIPS 法案的後續行動，聽起來 2 月份的時間框架會更加清晰。想知道您關注的重點、與資本支出或研發相關的類型，以及隨著時間的推移您將如何看待它，對您的業務有幫助嗎？

So we're very active with efforts to win CHIP Act's funding, and we've had multiple engagements with various government agencies over the last 4 to 5 months. In a nutshell, you can break down our ask, if you will, to really 4 different categories. One is overall modernization and capacity expansion of our wafer fabs as a priority. The second would be funding for advanced process development and working on next-generation processes, whether it's higher power or higher frequency or whatnot.

因此，我們非常積極地努力爭取 CHIP 法案的資助，並且在過去的 4 到 5 個月裡，我們與各個政府機構進行了多次接觸。簡而言之，如果願意，您可以將我們的要求分解為 4 個不同的類別。一是我們的晶圓廠的整體現代化和產能擴張是當務之急。第二個是為先進工藝開發和下一代工藝工作提供資金，無論是更高功率還是更高頻率等等。

The third is an element where we want to develop packaged technologies that are currently being purchased offshore, and we would want to establish an onshore capability for some assembly and test. And then the last element is really workforce enhancement and winning funds to support stronger engagements with universities and bringing in more talent to the company. So those are the sort of the 4 pillars that we're focused on, which we believe aligns with the intent of the CHIPS Act.

第三個要素是我們希望開發目前正在海外購買的成套技術，我們希望建立陸上組裝和測試能力。然後最後一個要素是真正的勞動力增強和贏得資金，以支持與大學加強合作並為公司引進更多人才。因此，這些就是我們關注的 4 大支柱，我們認為這符合 CHIPS 法案的意圖。

And as you know, it's a little unclear right now, the timing and the methodology and the scale that will ultimately flow down. So a lot of those things are being worked out. I think it's something that we'll continue to update everybody on in fiscal '23, but we don't expect funding, let's say, in the first half of '23. We suspect it's beyond that timeline.

如您所知，現在還不清楚最終會下降的時間、方法和規模。所以很多事情都在解決中。我認為這是我們將在 23 財年繼續向所有人更新的內容，但我們預計不會在 23 年上半年獲得資金。我們懷疑它超出了那個時間表。

Our next question coming from the line of Melissa Fairbanks with Raymond James

我們的下一個問題來自 Melissa Fairbanks 和 Raymond James 的台詞

I will trim my list accordingly. Maybe just following up on some of the CHIPS Act, I was just wondering how much of the investment is -- how many of your customers are approaching you in terms of near-shoring or on-shoring activities with some of your future CapEx investments? I know by definition, a lot of your defense business already is there. You have a pretty robust supply chain domestically. But just wondering if you're sensing a shift in your customers' requirements for that supply chain?

我會相應地調整我的清單。也許只是跟進了一些 CHIPS 法案，我只是想知道投資有多少——你有多少客戶在近岸或近岸活動方面與你接觸，以及你未來的一些資本支出投資？根據定義，我知道您的很多國防業務已經存在。您在國內擁有非常強大的供應鏈。但只是想知道您是否感覺到客戶對該供應鏈的要求發生了變化？

Yes. As you know, we're in multiple markets. I think some customers care deeply about the topic and others don't. So it's hard for us to sort of break out and quantify that for you -- but to your point, yes, there's some U.S. defense customers that care deeply about supply chain and where things are being built and processed and whatnot. So to the extent that we can support their concerns with CHIP Act funding, we'll do that. But as a general overlay we look at this opportunity to accelerate things that we would want to do anyways.

是的。如您所知，我們在多個市場。我認為一些客戶非常關心這個話題，而另一些則不關心。因此，我們很難為您進行分類和量化——但就您的觀點而言，是的，有一些美國國防客戶非常關心供應鏈以及正在建造和加工的地方等等。因此，只要我們可以支持他們對 CHIP 法案資金的擔憂，我們就會這樣做。但作為一個總體覆蓋，我們看到了這個機會來加速我們無論如何都想做的事情。

And so that has -- the focus of expanding or investing in our business has to be a long-term strategy because once the CHIP Act money comes and rolls through, you still have to be profitable and grow and have a good business plan around whatever you just invested in. And so that's really what's driving our decision and thinking regarding the asks that we have around the CHIPS Act.

因此，擴展或投資我們業務的重點必須是一項長期戰略，因為一旦 CHIP 法案資金到位並通過，您仍然必須盈利和增長，並圍繞任何事情制定良好的商業計劃你剛剛投資了。所以這才是真正推動我們做出決定和思考我們圍繞 CHIPS 法案提出的問題的原因。

And by the way, the other caveat I'll put out there is there's no guarantee that we'll win a single dollar. We believe we are a candidate, a strong candidate, but it's a process, and it certainly carries risk.

順便說一句，我要提出的另一個警告是，不能保證我們會贏得一美元。我們相信我們是一個候選人，一個強有力的候選人，但這是一個過程，而且肯定會帶來風險。

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

我們的最後一個問題來自 Richard Shannon 和 Craig-Hallum 的對話。

I'll just ask one here. Steve, you talked about having the GaN on silicon 0.14 micron ready here, I think, introducing it early next year. Maybe you could talk about the early customer engagement or if it's even appropriate to talk about a pipeline here. What should we expect, if any, in revenues in fiscal '23? And then how does this compare broadly with the ramp and opportunity with your silicon carbide products as well?

我就在這裡問一個。史蒂夫，你談到在這裡準備好 GaN on silicon 0.14 微米，我想，明年年初推出。也許你可以談談早期的客戶參與，或者在這裡談論管道是否合適。我們應該對 23 財年的收入有何期待（如果有的話）？那麼這與你們的碳化矽產品的增長和機會有何廣泛的比較？

Yes. Thank you. So we have been careful not to promote the technology before it's fully qualified, and we're just getting to the point where we're completing -- successfully completing our HTL or high-temperature life testing and all the data looks good and things are falling well into play. So really, we're just starting to release PDKs and design kits to strategic customers that want to use our process as a foundry as well as our design team really during the course of fiscal '22 was running a whole wide range of designs just to gain the experience on the process.

是的。謝謝你。因此，我們一直小心翼翼地不在技術完全合格之前推廣該技術，而我們正處於完成階段——成功完成我們的 HTL 或高溫壽命測試，所有數據看起來都不錯，一切都很好很好地發揮作用。所以說真的，我們剛剛開始向戰略客戶發布 PDK 和設計套件，這些客戶希望將我們的工藝用作代工廠，而我們的設計團隊實際上在 22 財年期間運行了一系列廣泛的設計，只是為了獲得過程中的經驗。

And so all of those things will come together at the beginning of calendar '23. We do expect to have a reasonable launch where we'll have compelling products. We'll be hitting all the major defense frequency bands as well as SATCOM bands with high-power devices. So in terms of revenue expectations for '23, I don't necessarily want to break anything out. I think it will be a slow ramp. So you should expect modest and only incremental gains in revenue, but we need to enter the market, win sockets and then ramp those programs with our customers.

因此，所有這些事情都將在 23 年日曆開始時匯集在一起。我們確實希望有一個合理的發布，我們將有引人注目的產品。我們將使用大功率設備覆蓋所有主要國防頻段以及衛星通信頻段。因此，就 23 年的收入預期而言，我不一定想打破任何東西。我認為這將是一個緩慢的斜坡。因此，您應該期待適度且只會增加收入，但我們需要進入市場，贏得插座，然後與我們的客戶一起推廣這些計劃。

And in terms of how do we compare this opportunity to our lower frequency pure carbide? I think they're equally exciting. I mean, we are having tremendous success with our point 1 -- with our low frequency pure carbide products, which are generally targeting very high power and lower frequency -- and now with the 0.14 process, we'll be targeting higher power and higher frequency. So very different technologies, equally exciting.

就我們如何將這個機會與我們的低頻純硬質合金進行比較而言？我認為它們同樣令人興奮。我的意思是，我們在第 1 點上取得了巨大的成功——我們的低頻純硬質合金產品通常以非常高的功率和較低的頻率為目標——現在有了 0.14 工藝，我們將以更高的功率和更高的目標為目標頻率。如此截然不同的技術，同樣令人興奮。

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

我現在沒有進一步提問。我現在想把電話轉回給史蒂夫·戴利先生，聽取任何結束語。

Thank you. In closing, I'd like to acknowledge the hard work and dedication of all of our employees that make these results possible. Thank you very much. Have a nice day.

謝謝你。最後，我要感謝我們所有員工的辛勤工作和奉獻精神，使這些結果成為可能。非常感謝。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. Good day.

女士們，先生們，我們今天的會議到此結束。感謝您的參與。您現在可以斷開連接。再會。