(MTSI) 2023 Q1 法說會逐字稿

Welcome to MACOM's First Fiscal Quarter 2023 Conference Call This call is being recorded today, Thursday, February 2, 2023. (Operator Instructions) I will now turn the call to Mr. Steve Ferranti, MACOM's Vice President of Strategic Initiatives and Investor Relations. Mr. Ferranti, please go ahead.

歡迎來到 MACOM 的 2023 財年第一季度電話會議 今天，即 2023 年 2 月 2 日，星期四，我們正在錄製此電話會議。（操作員說明）我現在將電話轉給 MACOM 戰略計劃和投資者關係副總裁史蒂夫費蘭蒂先生。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 first fiscal quarter of 2023. 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.

謝謝你，奧利維亞。早上好，歡迎來電討論 MACOM 2023 年第一財季的財務業績。我想提醒大家，我們今天的討論將包含前瞻性陳述，這些陳述受到某些風險和不確定性的影響，如1995 年《私人證券訴訟改革法案》中包含的前瞻性陳述的安全港。實際結果可能與今天討論的結果大不相同。

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

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。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 financial results for the first quarter of fiscal 2023. When Jack is finished, I will provide revenue and earnings guidance for our second fiscal quarter, and then we will be happy to take some questions.

謝謝，早上好。我將以一般公司更新開始今天的電話會議。之後，我們的首席財務官 Jack Kober 將對我們 2023 財年第一季度的財務業績進行更深入的審查。Jack 完成後，我將為我們的第二財季提供收入和收益指導，以及那麼我們很樂意回答一些問題。

Revenue for our first fiscal quarter of 2023 was $180.1 million and adjusted EPS was $0.81 per diluted share. Our financial performance translated to strong cash flow from operations of $38 million, and we ended the quarter with $595 million in cash and short-term investments on our balance sheet. Our book-to-bill ratio for Q1 was 0.9.

我們 2023 年第一財季的收入為 1.801 億美元，調整後每股收益為 0.81 美元。我們的財務業績轉化為 3800 萬美元的強勁運營現金流，本季度末我們的資產負債表上有 5.95 億美元的現金和短期投資。我們第一季度的訂單出貨比為 0.9。

This was the first time in 8 quarters that our book-to-bill was less than 1. Our turns business or revenue booked and shipped within the quarter, was approximately 13% of our total revenue. Overall, our sales team executed well in Q1, albeit in a challenging market environment. On our last earnings call, we highlighted that demand was weakening in our 3 end markets. Today, I can report that the business environment has not improved. For this reason, we expect our Q2 book-to-bill ratio to be less than 1.

這是 8 個季度以來我們的訂單出貨比首次低於 1。我們在本季度內預訂和發貨的業務或收入大約占我們總收入的 13%。總體而言，儘管市場環境充滿挑戰，但我們的銷售團隊在第一季度表現良好。在我們上次的財報電話會議上，我們強調了我們 3 個終端市場的需求正在減弱。今天，我可以報告營商環境沒有改善。出於這個原因，我們預計我們的第二季度訂單出貨比將低於 1。

Weakness is most prevalent at our largest 5G telecommunications and broadband access infrastructure customers as well as many of our data center customers. Generally speaking, our major customers in these markets are slowing orders, and they are focused on reducing inventory levels. Beyond our main customers, broadly speaking, demand is also weak. However, one bright spot is that our industrial and defense end market continues to perform well, and demand for our products is strong.

弱點在我們最大的 5G 電信和寬帶接入基礎設施客戶以及我們的許多數據中心客戶中最為普遍。一般來說，我們在這些市場的主要客戶正在放緩訂單，他們專注於降低庫存水平。除了我們的主要客戶，從廣義上講，需求也很疲軟。然而，一個亮點是我們的工業和國防市場繼續表現良好，對我們產品的需求強勁。

Additionally, our backlog entering fiscal Q2 remains at historically high levels despite the current softness in bookings. I think it's important to emphasize that we balance our short-term financial goals with a long-term perspective. And despite the current slowdown, we remain confident in our strategic plan and our future growth prospects. MACOM is positioned to capitalize on a number of secular trends across our end markets related to growing bandwidth needs and increasing data rates which, in turn, drive the need for higher power levels and higher frequency transmission signals.

此外，儘管目前預訂量疲軟，但我們進入第二財季的積壓訂單仍處於歷史高位。我認為強調我們平衡短期財務目標與長期觀點很重要。儘管目前經濟放緩，但我們對我們的戰略計劃和未來的增長前景仍然充滿信心。 MACOM 定位於利用我們終端市場的一些長期趨勢，這些趨勢與不斷增長的帶寬需求和不斷提高的數據速率相關，這反過來又推動了對更高功率水平和更高頻率傳輸信號的需求。

Our customer systems are more complicated than ever before and they need specialized suppliers like MACOM to provide high-performance solutions. Many of our products have long life cycles and produce revenue for years after they've been introduced with the potential to generate best-in-class financial returns. We view the diversity of our technologies, products and end markets as an inherent strength of our company, helping to provide financial stability.

我們的客戶系統比以往任何時候都更加複雜，他們需要像 MACOM 這樣的專業供應商來提供高性能解決方案。我們的許多產品都具有很長的生命週期，並且在推出後數年內都能產生收入，並有可能產生一流的財務回報。我們將技術、產品和終端市場的多樣性視為我們公司的內在優勢，有助於提供財務穩定性。

And finally, the quality of competitiveness of our products released to the market over the past few years is outstanding, and it continues to improve. Turning to our end markets for fiscal Q1. Industrial and Defense revenue was $77.2 million, down 1.8% sequentially, Telecom was $61.5 million, down 0.8% sequentially and data center was $41.5 million up 10.2% sequentially.

最後，我們過去幾年投放市場的產品質量競爭力非常突出，而且還在不斷提高。轉向我們第一財季的終端市場。工業和國防收入為 7720 萬美元，環比下降 1.8%，電信收入為 6150 萬美元，環比下降 0.8%，數據中心收入為 4150 萬美元，環比增長 10.2%。

The sequential growth in data center was driven by a combination of increase to shipments of our crosspoint switches and networking products, both of which had been supply constrained during much of FY '22, along with a modest increase in our high-performance analog portfolio. While we see softness in current large production programs, we remain engaged in a wide range of exciting new opportunities, which we believe will drive MACOM's future success.

數據中心的連續增長是由我們的交叉點交換機和網絡產品的出貨量增加共同推動的，這兩種產品在 22 財年的大部分時間裡都受到供應限制，同時我們的高性能模擬產品組合也有適度增長。雖然我們看到當前大型生產計劃的疲軟，但我們仍在從事各種令人興奮的新機會，我們相信這將推動 MACOM 未來取得成功。

I would like to highlight a few recent engagements to illustrate the breadth of our customer base and applications. All of these wins have multimillion dollar revenue potential. Our diode team continues to be a leader in the market for discrete control products in diode circuits, including high-power switching and high-power limiters. We have secured a new high-power limiter socket on an Aegis shipboard radar platform.

我想重點介紹最近的一些活動，以說明我們的客戶群和應用程序的廣度。所有這些勝利都具有數百萬美元的收入潛力。我們的二極管團隊繼續成為二極管電路分立控制產品市場的領導者，包括高功率開關和高功率限制器。我們在宙斯盾艦載雷達平台上安裝了一個新的大功率限制器插座。

The team has also won new sockets on automatic toll detection platforms and achieved 2 design wins on an automotive wireless communication system. Our high-performance analog, or HPA team, continues to diversify their revenue and has successfully penetrated a Tier 1 U.S. defense OEM with custom IC design wins. The application is a mobile manpacked high-power radio.

該團隊還在自動收費檢測平台上贏得了新插座，並在汽車無線通信系統上取得了 2 項設計勝利。我們的高性能模擬或 HPA 團隊繼續實現收入多元化，並成功打入了美國一級國防 OEM，贏得了定制 IC 設計。該應用程序是一種移動式單人攜帶大功率無線電。

They also secured a large IC development contract from a major customer to support next-generation and DDR memory test infrastructure. Our MMIC team is actively supporting various U.S.-based radar and satellite system requirements that utilize our trusted foundry and gallium arsenide technologies.

他們還從一家主要客戶那裡獲得了一份大型 IC 開發合同，以支持下一代和 DDR 內存測試基礎設施。我們的 MMIC 團隊正在積極支持各種基於美國的雷達和衛星系統要求，這些要求利用了我們值得信賴的鑄造和砷化鎵技術。

Specifically, our MMIC team has won close to $10 million in development contracts across a wide range of customers, functions and solutions. Our metro long haul design team is supporting data center customers that are designing next-generation coherent light or ZR light systems, and we have won an [8/200G] driver in TIA socket to support a major U.S. Internet service provider with production ramping this fiscal year.

具體來說，我們的 MMIC 團隊已經贏得了近 1000 萬美元的開發合同，涵蓋範圍廣泛的客戶、功能和解決方案。我們的城域長途設計團隊正在為設計下一代相干光或 ZR 光系統的數據中心客戶提供支持，我們已經贏得了 TIA 插座中的 [8/200G] 驅動程序，以支持一家主要的美國互聯網服務提供商提高產量財政年度。

These wins validate that our products and solutions are compelling and that MACOM is a trusted partner to support critical or long-term programs. These examples also illustrate we are gaining market share in our core markets. Most of these wins are coming from new products, and we believe a portion of our future growth will come from our most recently introduced products, which everyone knows takes time to ramp up.

這些勝利證明我們的產品和解決方案具有吸引力，並且 MACOM 是支持關鍵或長期計劃的值得信賴的合作夥伴。這些例子還說明我們正在核心市場中獲得市場份額。這些勝利大部分來自新產品，我們相信我們未來增長的一部分將來自我們最近推出的產品，眾所周知，這些產品需要時間來提升。

As an example, we are excited to be sampling our new 10G XGS-PON laser and customers have confirmed the product meets their system requirements. This market is a high-volume market. And while today, we have no laser sales in the 10G XGS-PON, we expect that to change over the next 12 months. In addition, our Lightwave team continues to successfully engage with customers on 25G DFB design wins.

例如，我們很高興能夠對我們的新型 10G XGS-PON 激光器進行採樣，客戶已經確認該產品滿足他們的系統要求。這個市場是一個大批量市場。雖然今天我們沒有在 10G XGS-PON 中銷售激光器，但我們預計這種情況會在未來 12 個月內發生變化。此外，我們的 Lightwave 團隊繼續成功地與客戶就 25G DFB 設計贏得合作。

More and more of our customers are completing their requisite 5,000-hour [module HTL] qualifications, which is required by the ISP or network end users. These wins will support future revenue beyond Q2. I would like to review a few key activities across the business.

我們越來越多的客戶正在完成他們必需的 5,000 小時 [模塊 HTL] 資格，這是 ISP 或網絡最終用戶所要求的。這些勝利將支持第二季度以後的未來收入。我想回顧一下整個企業的一些關鍵活動。

First, our engineers, sales and applications team will be attending the Optical Fiber Conference, or OFC, in March, where we will be highlighting our latest products to our customers and hosting 8 live product demonstrations at our booth, including we will demonstrate a 200G per lane solution to support 1.6 terabit OSFP module designs.

首先，我們的工程師、銷售和應用團隊將參加 3 月份的光纖會議 (OFC)，屆時我們將向客戶重點介紹我們的最新產品，並在我們的展位舉辦 8 場現場產品演示，其中包括我們將展示 200G每通道解決方案，以支持 1.6 太比特 OSFP 模塊設計。

Our chipset solution includes MACOM's industry-leading coherent drivers and transimpedance amplifiers along with a new photodetector offering. 200G per lane applications are the leading edge of high-speed data throughput in the industry today. We will also demonstrate MACOM's PURE DRIVE solution for optical connectivity in conjunction with switch hardware from a leading U.S. ASIC supplier. Our PURE DRIVE solution comprises of a linear driver in transimpedance amplifier designed specifically for single mode and multimode PAM4 architectures that operate up to 800G.

我們的芯片組解決方案包括 MACOM 業界領先的相干驅動器和跨阻放大器，以及新的光電探測器產品。每通道 200G 應用是當今行業高速數據吞吐量的領先優勢。我們還將展示 MACOM 用於光連接的 PURE DRIVE 解決方案以及來自美國領先 ASIC 供應商的開關硬件。我們的 PURE DRIVE 解決方案包括跨阻放大器中的線性驅動器，專為高達 800G 的單模和多模 PAM4 架構而設計。

Our 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. This solution represents industry-leading low power, low-latency solutions for 100G per lane optical communications.

我們的創新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。該解決方案代表了行業領先的低功耗、低延遲解決方案，適用於每通道 100G 光通信。

As previously announced, approximately 2 years ago, we established a company priority to transfer a 0.14 micron GaN-on-Silicon Carbide MMIC process from the Air Force Research Labs to our wafer fab in Massachusetts with the goal to commercialize the technology and make products for our aerospace, defense and commercial customers.

正如之前宣布的那樣，大約 2 年前，我們確定了公司優先將 0.14 微米碳化矽基氮化鎵 MMIC 工藝從空軍研究實驗室轉移到我們在馬薩諸塞州的晶圓廠，目標是將該技術商業化並為我們的航空航天、國防和商業客戶。

I'm happy to announce that the process is being released to production this month. We are excited to now offer our customers a state-of-the-art GaN-on-Silicon Carbide technology with industry-leading power density. In parallel with the transfer activities, our IC design engineers have been designing products on the process and we will begin introducing these products later this month.

我很高興地宣布，該流程將於本月投入生產。我們很高興現在可以為我們的客戶提供具有行業領先功率密度的最先進的碳化矽基氮化鎵技術。在轉移活動的同時，我們的 IC 設計工程師一直在設計工藝產品，我們將在本月晚些時候開始推出這些產品。

Our flagship MMIC product from this process, which is available for sampling in sale today is the MAPCMP-003, a Ka-band power amplifier designed for satellite uplink applications. This MMIC amplifier provides 10 watts of output power and delivers Power Added Efficiency or PAE performance, which is comparable with the best products in the market today.

我們採用這一工藝生產的旗艦 MMIC 產品是 MAPCMP-003，這是一款專為衛星上行鏈路應用設計的 Ka 波段功率放大器，現已提供樣品銷售。這款 MMIC 放大器提供 10 瓦的輸出功率和功率附加效率或 PAE 性能，可與當今市場上最好的產品相媲美。

This process will support MMICs that operate up to about 40 gigahertz including power amplifiers, low noise amplifiers, high-power switches and transmit receive ICs as well as beam-forming ICs. We are very excited about achieving this production release and product launch milestone, and I congratulate the entire team for getting it done on schedule and on budget.

該工藝將支持工作頻率高達 40 GHz 的 MMIC，包括功率放大器、低噪聲放大器、高功率開關和發射接收 IC 以及波束形成 IC。我們對實現這一產品發布和產品發布里程碑感到非常興奮，我祝賀整個團隊按時按預算完成了它。

We believe this process opens a $300 million segment of the high-frequency GaN-on-Silicon Carbide MMIC market. As you may have seen in a press release issued earlier today, I am pleased to announce MACOM has entered into a definitive agreement to acquire the assets and operations of OMMIC SAS, a semiconductor manufacturer located near Paris, France.

我們相信這個過程打開了 3 億美元的高頻碳化矽基氮化鎵 MMIC 市場。正如您在今天早些時候發布的新聞稿中看到的那樣，我很高興地宣布 MACOM 已達成最終協議，收購位於法國巴黎附近的半導體製造商 OMMIC SAS 的資產和運營。

OMMIC has a 40-plus-year heritage in 3, 5 materials and specializes in gallium arsenide and gallium nitride, epitaxy, wafer processing and integrated circuit design. The OMMIC team comprises of approximately 100 employees, including process engineers, skilled IC designers and technicians and wafer production staff. Today, the company has a small portfolio of differentiated products and compelling compound semiconductor processes suitable for microwave and millimeter wave applications in telecommunications, aerospace and defense.

OMMIC 在 3、5 材料方面擁有 40 多年的歷史，專注於砷化鎵和氮化鎵、外延、晶圓加工和集成電路設計。 OMMIC 團隊由大約 100 名員工組成，包括工藝工程師、熟練的 IC 設計師和技術人員以及晶圓生產人員。如今，該公司擁有一小部分差異化產品和引人注目的化合物半導體工藝，適用於電信、航空航天和國防領域的微波和毫米波應用。

This acquisition provides numerous strategic benefits to MACOM. First, OMMIC's high-frequency processes and products expand and strengthen MACOM's portfolio so we can better address our target markets. OMMIC's team have spent years developing and refining their proprietary 100-nanometer and 60-nanometer mimic processes, and we plan to build upon their expertise.

此次收購為 MACOM 帶來了許多戰略優勢。首先，OMMIC 的高頻工藝和產品擴展並加強了 MACOM 的產品組合，使我們能夠更好地滿足我們的目標市場。 OMMIC 的團隊花了數年時間開發和改進他們專有的 100 納米和 60 納米模擬工藝，我們計劃在他們的專業知識的基礎上再接再厲。

Today, they offer very high-frequency products including True Time Delay, Radar Core Chips, high-power amplifiers as well as low-noise amplifiers that have industry-leading performance. Simply put, OMMIC produces products that typically operate at higher frequencies than MACOM's. Second, OMMICs material and epitaxial growth expertise is world-class, and we believe strengthening our material science expertise in epi growth knowledge and manufacturing capabilities is strategic, increasing our in-sourcing of epi growth across our entire business has the potential to simplify our supply chain, increase our gross margins on certain products and improve our products' performance all of which improve our competitive advantage.

如今，他們提供超高頻產品，包括真正的時間延遲、雷達核心芯片、高功率放大器以及具有行業領先性能的低噪聲放大器。簡而言之，OMMIC 生產的產品通常以比 MACOM 更高的頻率運行。其次，OMMIC 的材料和外延生長專業知識是世界一流的，我們相信加強我們在外延生長知識和製造能力方面的材料科學專業知識具有戰略意義，增加我們整個業務的外延生長內包有可能簡化我們的供應鏈，增加我們某些產品的毛利率並提高我們產品的性能，所有這些都提高了我們的競爭優勢。

Third, OMMIC represents a significant revenue growth opportunity. Historically, OMMIC has serviced a small customer base, many of whom were foundry customers. We believe we can grow their customer base and associated revenues significantly. Revenue growth will also come by leveraging MACOM's larger IC design team onto their processes to accelerate expansion of their standard products portfolio and by emphasizing custom chip development work at major OEMs.

第三，OMMIC 代表了一個重要的收入增長機會。從歷史上看，OMMIC 服務的客戶群很小，其中許多是代工客戶。我們相信我們可以顯著增加他們的客戶群和相關收入。收入增長也將通過利用 MACOM 更大的 IC 設計團隊到他們的流程來加速擴展他們的標準產品組合，並通過強調主要 OEM 的定制芯片開發工作來實現。

We are also confident our larger global sales force can gain market share with their existing products. I'll note several of OMMIC's processes and products are already qualified by the European Space Agency, or ESA for satellite use. Fourth, we see an opportunity to fully utilize their idle 6-inch wafer manufacturing capability to improve gross margins and profitability on both OMMIC and MACOM products.

我們也相信我們更大的全球銷售團隊可以通過他們現有的產品獲得市場份額。我會注意到 OMMIC 的一些流程和產品已經獲得歐洲航天局 (ESA) 的衛星使用資格。第四，我們看到有機會充分利用他們閒置的 6 英寸晶圓製造能力來提高 OMMIC 和 MACOM 產品的毛利率和盈利能力。

While they have purchased and installed a 6-inch wafer production line, they have not yet transitioned their production to the 6-inch line. Today, OMMIC runs all production on their 3-inch line and notably, MACOM's Massachusetts fab is a 4-inch fab.

雖然他們已經購買並安裝了 6 英寸晶圓生產線，但他們還沒有將生產過渡到 6 英寸生產線。如今，OMMIC 在其 3 英寸生產線上進行所有生產，值得注意的是，MACOM 的馬薩諸塞州工廠是 4 英寸工廠。

And finally, this acquisition significantly expands MACOM's European presence which will enable us to better serve European-based customers, which is a strategic focus for us. Having an engineering and manufacturing operation inside the EU will enable us to better access a wide range of customers in aerospace, telecommunications, industrial and automotive markets.

最後，此次收購顯著擴大了 MACOM 在歐洲的影響力，這將使我們能夠更好地為歐洲客戶提供服務，這也是我們的戰略重點。在歐盟內部擁有工程和製造業務將使我們能夠更好地接觸航空航天、電信、工業和汽車市場的廣泛客戶。

We have a strategic goal to increase our European business to offset any potential future geopolitical headwinds from other regions. The acquisition is structured as an asset purchase for consideration of approximately EUR 38.5 million. MACOM will purchase OMMIC's assets and operations using existing cash on hand. The purchase includes OMMIC's existing business operations, intellectual property, real estate and facilities.

我們的戰略目標是增加我們的歐洲業務，以抵消來自其他地區的任何潛在的未來地緣政治逆風。此次收購的結構為資產購買，對價約為 3850 萬歐元。 MACOM 將使用手頭現有現金購買 OMMIC 的資產和業務。此次收購包括 OMMIC 現有的業務運營、知識產權、房地產和設施。

We expect the transaction to close during MACOM's second fiscal quarter. However, I would like to highlight that the transaction is subject to regulatory approvals and customary closing conditions. Jack will now provide a more detailed review of our financial results.

我們預計交易將在 MACOM 第二財季完成。不過，我想強調的是，該交易還需獲得監管部門的批准和慣例成交條件。傑克現在將對我們的財務業績進行更詳細的審查。

Thanks, Steve, and good morning, everyone. The first quarter of fiscal 2023 was in line with our expectations with sequential improvements in revenue as well as record operating margin and earnings per share. Revenue for the first quarter was $180.1 million, up 1% quarter-over-quarter. The sequential increase was driven by a modest increase in data center revenue.

謝謝，史蒂夫，大家早上好。 2023 財年第一季度符合我們的預期，收入連續改善以及創紀錄的營業利潤率和每股收益。第一季度收入為 1.801 億美元，環比增長 1%。環比增長是由數據中心收入的適度增長推動的。

On a geographic basis, sales to domestic U.S. customers represented approximately 49% of our fiscal Q1 results compared to 50% in the fourth fiscal quarter of 2022. Q1 sales to China customers represented approximately 23% compared to approximately 26% for both our Q4 and full year fiscal 2022.

從地域上看，對美國國內客戶的銷售額約占我們第一財季業績的 49%，而 2022 年第四財季為 50%。對中國客戶的第一季度銷售額約佔 23%，而我們第四季度和第二季度的銷售額均約為 26%。 2022 財年全年。

I would also like to highlight that sales to European customers over the past 4 quarters has been approximately 6%. And as Steve highlighted, focusing on growing revenue in this region is a strategic priority for us. Adjusted gross profit was $112.7 million or 62.6% of revenue, flat sequentially. As we've discussed in the past, MACOM utilizes a flexible manufacturing model, leveraging our [lull] in and Ann Arbor fabs as well as third-party foundries.

我還想強調，過去 4 個季度對歐洲客戶的銷售額約為 6%。正如史蒂夫強調的那樣，專注於增加該地區的收入是我們的戰略重點。調整後毛利為 1.127 億美元，佔收入的 62.6%，環比持平。正如我們過去所討論的那樣，MACOM 利用靈活的製造模型，利用我們的 [lull] in 和 Ann Arbor 工廠以及第三方代工廠。

This allows us to access a portfolio of proprietary leading process technologies and also provides financial leverage as business cycles change. Total adjusted operating expense was $53.9 million, consisting of R&D expense of $33.9 million and SG&A expense of $20 million.

這使我們能夠訪問專有的領先工藝技術組合，並隨著業務週期的變化提供財務槓桿。調整後的運營費用總額為 5390 萬美元，其中研發費用為 3390 萬美元，SG&A 費用為 2000 萬美元。

Total operating expenses were down sequentially by $600,000 from fiscal Q4 2022 due to slightly lower R&D expenses. Adjusted operating income in fiscal Q1 was $58.8 million, up from $56.9 million in fiscal Q4. Adjusted operating margin was a record 32.7% for fiscal Q1, sequentially up from 32% in Q4. We are closely managing our operating expenses as we balance investments in the business while maintaining profitability.

由於研發費用略有下降，總運營費用較 2022 財年第四季度連續下降 600,000 美元。第一財季的調整後營業收入為 5880 萬美元，高於第四財季的 5690 萬美元。第一財季調整後的營業利潤率為創紀錄的 32.7%，高於第四季度的 32%。我們正在密切管理我們的運營費用，因為我們在平衡業務投資的同時保持盈利能力。

Over the longer term, we see leverage in our operating model as we introduce new products and they contribute to future revenue growth. Depreciation expense for fiscal Q1 was $6 million and adjusted EBITDA was $64.9 million. Trailing 12 months adjusted EBITDA was $244.7 million as compared to $234.8 million in Q4 of fiscal 2022.

從長遠來看，我們會在推出新產品時看到我們運營模式的槓桿作用，它們有助於未來的收入增長。第一財季的折舊費用為 600 萬美元，調整後的 EBITDA 為 6490 萬美元。過去 12 個月調整後的 EBITDA 為 2.447 億美元，而 2022 財年第四季度為 2.348 億美元。

Adjusted net interest income for fiscal Q1 was $1 million, up from $40,000 in fiscal Q4. The higher returns on our growing portfolio of short-term marketable securities more than offset the increased interest expense associated with our floating rate term loan.

第一財季調整後的淨利息收入為 100 萬美元，高於第四財季的 40,000 美元。我們不斷增長的短期有價證券投資組合的更高回報足以抵消與我們的浮動利率定期貸款相關的利息支出增加。

Our adjusted non-GAAP income tax rate in fiscal Q1 remained at 3% and resulted in an expense of approximately $1.8 million. Our cash tax payments were $300,000 for the first quarter, down slightly from fiscal Q4 2022. We expect our adjusted income tax rate to remain at 3% for the remainder of fiscal year 2023 and into fiscal year 2024.

我們在第一財季調整後的非 GAAP 所得稅率保持在 3%，導致支出約為 180 萬美元。我們第一季度的現金納稅額為 300,000 美元，略低於 2022 財年第四季度。我們預計調整後的所得稅率在 2023 財年剩餘時間和 2024 財年將保持在 3%。

Fiscal Q1 adjusted net income was $58 million compared to $55.1 million in fiscal Q4. Adjusted earnings per fully diluted share was $0.81, utilizing a share count of 71.4 million shares compared to $0.77 of adjusted earnings per share in fiscal Q4. Now moving on to balance sheet and cash flow items.

第一財季調整後淨收入為 5800 萬美元，而第四財季為 5510 萬美元。調整後的每股完全攤薄收益為 0.81 美元，使用的股票數量為 7140 萬股，而第四財季的調整後每股收益為 0.77 美元。現在轉向資產負債表和現金流量項目。

Our Q1 accounts receivable balance was $112 million, up from $101.6 million in fiscal Q4. As a result, days sales outstanding were 57 days compared to 52 days in the prior quarter. Our accounts receivable balance reflects an increase over prior periods due primarily to the increase in sales and the timing of shipments in the quarter.

我們第一季度的應收賬款餘額為 1.12 億美元，高於第四財季的 1.016 億美元。因此，未完成銷售天數為 57 天，而上一季度為 52 天。我們的應收賬款餘額反映出較前期有所增加，這主要是由於本季度銷售額和發貨時間的增加。

Inventories were $121.3 million at quarter end, up by $6.4 million sequentially. We had a modest increase in certain finished goods due to customer-requested delivery postponements occurring during the quarter. Inventory turns were 2.2x in Q1, down slightly on a sequential basis from 2.3x in the prior quarter.

季度末存貨為 1.213 億美元，比上一季度增加 640 萬美元。由於本季度客戶要求延遲交貨，我們的某些製成品略有增加。第一季度的庫存周轉率為 2.2 倍，環比略低於上一季度的 2.3 倍。

The quality of our inventory remains strong and based on lower customer orders and shortening lead times, we expect to reduce our net inventory balance as we progress through fiscal year 2023.

我們的庫存質量依然強勁，基於客戶訂單減少和交貨時間縮短，我們預計隨著 2023 財年的進展，我們的淨庫存餘額將減少。

Fiscal Q1 cash flow from operations was approximately $38.3 million. As we've noted on our prior call, we experienced a sizable increase in cash flow from operations during our September quarter due to the timing of working capital items, and our current fiscal Q1 figure represents a moderated operating cash flow level.

第一財季運營現金流約為 3830 萬美元。正如我們在之前的電話會議上所指出的那樣，由於營運資金項目的時間安排，我們在 9 月季度的運營現金流量大幅增加，而我們目前的第一財季數據表明運營現金流量水平有所緩和。

Capital expenditures totaled $9.6 million for fiscal Q1, up from $7.7 million in the prior quarter. We plan to continue to make CapEx investments to expand our fab capacity and expand technical process capabilities over the next few quarters. We still expect fiscal 2023 CapEx to be in the range of $40 million.

第一財季的資本支出總計 960 萬美元，高於上一季度的 770 萬美元。我們計劃在未來幾個季度繼續進行資本支出投資，以擴大我們的晶圓廠產能並擴大技術工藝能力。我們仍然預計 2023 財年的資本支出將在 4000 萬美元左右。

As we've done in the past, we will continue to carefully manage our capital spending, balancing investments in new technologies, process development capabilities and efficiency programs with the overall profitability of the business. In addition to pursuing CHIPS Act funding, I would also like to highlight that we expect the CHIPS Act to provide an advanced manufacturing investment tax credit of 25% for certain of our capital expenditures placed into service after January 1, 2023.

正如我們過去所做的那樣，我們將繼續謹慎管理我們的資本支出，平衡對新技術、流程開發能力和效率計劃的投資與企業的整體盈利能力。除了尋求 CHIPS 法案資助外，我還想強調，我們預計 CHIPS 法案將為我們在 2023 年 1 月 1 日之後投入使用的某些資本支出提供 25% 的先進製造投資稅收抵免。

This tax credit will apply to certain qualifying capital items, and we do not expect the associated cash from these credits to be received until fiscal year 2024. We expect these tax credits will be recognized as an offset to depreciation expense over time. And as such, we do not anticipate this tax credit to have a material impact on our financials for fiscal year 2023.

該稅收抵免將適用於某些符合條件的資本項目，我們預計在 2024 財年之前不會收到這些信貸的相關現金。我們預計這些稅收抵免將隨著時間的推移被確認為折舊費用的抵消。因此，我們預計這項稅收抵免不會對我們 2023 財年的財務狀況產生重大影響。

Cash, cash equivalents and short-term investments for the fiscal first quarter were $594.7 million, up from $586.5 million in fiscal Q4 of 2022. Our first quarter gross leverage is down to less than 2.5x and our net debt is now less than $10 million. I would also like to highlight that during the quarter, the MACOM team has engaged in our annual stockholder outreach to better understand and discuss governance items with our top stockholders as we approach our annual meeting on March 2, 2023.

第一財季的現金、現金等價物和短期投資為 5.947 億美元，高於 2022 財年第四季度的 5.865 億美元。我們第一季度的總槓桿率降至不到 2.5 倍，我們的淨債務現在不到 1000 萬美元.我還想強調的是，在本季度，MACOM 團隊參與了我們的年度股東外展活動，以便在我們臨近 2023 年 3 月 2 日的年會時更好地了解和與我們的頂級股東討論治理項目。

Before turning it back to Steve, I'd like to note a few items. First, our Q2 guidance includes plans to manage our discretionary spending down by approximately 10%, including reduced variable compensation, outside service fees and supplies expense, to name a few. Through these efforts, we expect to support healthy margins and remain cash flow positive over the course of these business cycles.

在將其轉回給史蒂夫之前，我想說明一些事項。首先，我們的第二季度指南包括將我們的可自由支配支出減少約 10% 的計劃，包括減少可變薪酬、外部服務費和用品費用等。通過這些努力，我們希望在這些商業周期中支持健康的利潤率並保持正現金流。

Second, MACOM is excited to acquire OMMIC's valuable European-based operation, it's new and differentiated technology as well as a dedicated and talented workforce at what we believe to be a favorable valuation. In the short term, from a financial perspective, OMMIC should not have a meaningful impact on our revenue or EPS.

其次，MACOM 很高興能夠以我們認為有利的估值收購 OMMIC 有價值的歐洲業務，它是新的差異化技術以及敬業和有才華的員工隊伍。短期內，從財務角度來看，OMMIC 不應對我們的收入或每股收益產生重大影響。

However, longer term, as we invest in the business, we expect that it will provide growth and profitability opportunities which will drive additional stockholder value. I look forward to 2023 and the continued investments MACOM plans to make in our people, plant and processes and also to welcome the OMMIC team to MACOM. I will now turn the discussion back over to Steve.

然而，從長遠來看，隨著我們對該業務的投資，我們預計它將提供增長和盈利機會，從而推動額外的股東價值。我期待著 2023 年以及 MACOM 計劃對我們的人員、工廠和流程進行的持續投資，並歡迎 OMMIC 團隊加入 MACOM。我現在將討論轉回給史蒂夫。

Thank you, Jack. MACOM expects revenue in fiscal Q2 ending March 31, 2023, to be in the range of $166 million to $170 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 $0.76 and $0.80 on based on 71.5 million fully diluted shares.

謝謝你，傑克。 MACOM 預計截至 2023 年 3 月 31 日的第二財季收入將在 1.66 億美元至 1.7 億美元之間。調整後的毛利率預計在 61.5% 至 63.5% 之間。基於 7150 萬股完全稀釋的股票，調整後每股收益預計在 0.76 美元至 0.80 美元之間。

This guidance does not include any revenue contributions or financial impact from the planned OMMIC acquisition. In Q2, we expect our sequential industrial and defense and data center revenues to be down slightly and the balance coming from weakness in our telecommunications business. As I have noted, we maintain a long-term perspective on executing our strategy.

本指南不包括計劃中的 OMMIC 收購的任何收入貢獻或財務影響。在第二季度，我們預計我們的連續工業和國防以及數據中心收入將略有下降，平衡來自我們電信業務的疲軟。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。

We are confident that we can continue to improve our financials and take market share in the months and years ahead. Our product portfolio is stronger than it was 1 year ago, and we are confident we can meet or exceed our targets. I would now like to ask the operator to take any questions.

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。我們的產品組合比 1 年前更強大，我們有信心能夠達到或超過我們的目標。我現在想請接線員回答任何問題。

(Operator Instructions) Our first question coming from the line of Quinn Bolton with Needham.

（操作員說明）我們的第一個問題來自 Quinn Bolton 和 Needham 的對話。

Congratulations on the strong 2022 results. I guess as we look into the first part of 2023, obviously, you're guiding down for March on weakness in demand and some inventory correction. But do you have a sense how long do you think the inventory correction across your end markets will last? Do you think that's largely a first half of the calendar year event, and you see recovery in revenue as you look into the second half of the year? Or can you give us any sort of sense as to how you think the revenue pattern may look this year?

祝賀 2022 年取得了強勁的成績。我想當我們展望 2023 年上半年時，顯然，由於需求疲軟和一些庫存調整，您正在指導 3 月份下行。但是您知道您認為終端市場的庫存調整會持續多久嗎？您是否認為這主要是日曆年上半年的事件，並且在展望下半年時您會看到收入復甦？或者你能告訴我們你認為今年的收入模式如何嗎？

Yes. Quinn. So it's really difficult for us to be giving guidance on customers' inventory trends. So I think that's something that we would struggle to give an accurate answer on. When we -- so that's sort of the first part of your question.

是的。奎因。因此，我們真的很難就客戶的庫存趨勢提供指導。所以我認為這是我們很難給出準確答案的事情。當我們——所以這是你問題的第一部分。

And then when we look at the balance of our fiscal '23 and we look at the markets and our backlog and make projections, what we're thinking is at least 2 of our 3 markets will be up. We believe I&D, Industrial and Defense will continue to grow during the course of the year. And we also believe that our data center will continue to do well and should certainly grow on a year-over-year basis.

然後，當我們查看 23 財年的餘額並查看市場和我們的積壓訂單並做出預測時，我們認為我們的 3 個市場中至少有 2 個會上漲。我們相信 I&D、工業和國防在這一年中將繼續增長。我們也相信我們的數據中心將繼續表現良好，並且肯定會逐年增長。

The one area that we're probably most concerned about is the telecom. As everybody knows, we had a very, very strong FY '22 with 30% growth. And so this year, we do see that weakening. As I mentioned on my prepared remarks, 5G and the broadband markets are weak at the moment, and it's difficult for us to understand when those might turn. And the other point I'll make is, generally speaking, there is a macro overhang on many of our markets. And so it's difficult for us to make these longer-term projections. I hope that answers your question, Quinn.

我們可能最關心的一個領域是電信。眾所周知，我們的 22 財年非常非常強勁，增長率為 30%。所以今年，我們確實看到了這種減弱。正如我在準備好的發言中提到的那樣，5G 和寬帶市場目前疲軟，我們很難理解它們何時會轉向。我要說的另一點是，一般來說，我們的許多市場都存在宏觀經濟懸而未決的問題。因此，我們很難做出這些長期預測。我希望這能回答你的問題，奎因。

It does. And then I guess, either for Steve or Jack, I guess as you look at the OMMIC acquisition, it sounds like they maintained manufacturing operations with the fixed expense of operating the 3-inch fab plus having an idle 6-inch fab in. So I guess can you just walk us through sort of the impact as you close that transaction? It sounds like there's enough revenue through that fab that largely offsets any fixed expenses of maintaining those operations. Is that the right way to think about it?

確實如此。然後我猜，無論是對於史蒂夫還是傑克，我想當你看一下 OMMIC 的收購時，聽起來他們維持製造業務的方式是運營 3 英寸晶圓廠的固定費用加上閒置的 6 英寸晶圓廠。所以我想您能否在完成該交易時向我們介紹一下影響？聽起來這家工廠的收入足以抵消維持這些業務的任何固定費用。這是正確的思考方式嗎？

I think that's right. I think you should think of their overall revenue run rate at sort of that 1% to 2% of our total revenue. So it's a very low number today. And so our plan is, as we talked about, to not only build out the product line, market the product line globally, but also begin to migrate their products to the 6-inch line.

我認為這是對的。我認為你應該將他們的總收入運行率視為我們總收入的 1% 到 2%。所以今天這是一個非常低的數字。因此，正如我們所說，我們的計劃不僅是建立產品線，在全球範圍內銷售產品線，而且還開始將他們的產品遷移到 6 英寸產品線。

And in doing all of that, we think that the business has tremendous potential for growth. And let me just maybe highlight if I could -- this is the first acquisition that the MACOM new management team has done. And I just like to say that the rationale for this acquisition I think are important for investors to understand. OMMIC brings to MACOM an expertise that we don't currently have today.

在做所有這些的過程中，我們認為該業務具有巨大的增長潛力。如果可以的話，讓我強調一下——這是 MACOM 新管理團隊完成的第一筆收購。我只想說，我認為這次收購的理由對投資者來說很重要。 OMMIC 為 MACOM 帶來了我們目前不具備的專業知識。

As everybody knows, we just launched to production our 0.14 or 140-nanometer process. OMMIC is working on 100-nanometer and 60-nanometer and even 40-nanometers. So that's -- they are further along in developing and producing those products, which would take MACOM years to do.

眾所周知，我們剛剛開始生產我們的 0.14 或 140 納米工藝。 OMMIC 正在研究 100 納米和 60 納米甚至 40 納米。這就是 - 他們在開發和生產這些產品方面走得更遠，這需要 MACOM 數年才能完成。

So a tremendous amount of time spent -- saved by bringing OMMIC into the MACOM portfolio. Second, they have a tremendous barriers of entry. They have an incredible epitaxial growth capability, which is quite unique. They have developed some very interesting metal contact technology to improve high-frequency performance, which will very much complement the work that we're doing.

因此，通過將 OMMIC 納入 MACOM 產品組合，節省了大量時間。其次，他們有巨大的進入壁壘。它們具有令人難以置信的外延生長能力，這是非常獨特的。他們開發了一些非常有趣的金屬接觸技術來提高高頻性能，這將非常補充我們正在做的工作。

This business is also not a commodity business. These products will have high margins, high ASPs, and we'll be targeting medium to -- small to medium niches. And when we look at the market opportunity, we size that to be about $100 million SAM. So our goal is to take this business today that arguably is hovering just below breakeven, and we want to drive it to be a growing profitable part of our business. That will take time. But we think when we're successful, we will be in a leadership position at the millimeter wave frequencies, and we look forward to that position.

該業務也不是商品業務。這些產品將具有高利潤率、高平均售價，我們將瞄準中小型利基市場。當我們審視市場機會時，我們將其規模定為 1 億美元左右的 SAM。因此，我們的目標是在今天開展這項可以說徘徊在盈虧平衡點以下的業務，我們希望推動它成為我們業務中不斷增長的盈利部分。這需要時間。但我們認為，當我們成功時，我們將在毫米波頻率上處於領先地位，我們期待著這一地位。

Our next question coming from the line of Tom O'Malley with Barclays.

我們的下一個問題來自巴克萊銀行的 Tom O'Malley。

So when I look out into the year, you're talking about relative strength in the Industrial and Defense business. I would expect you've heard some others of your peers talk about some weakening on the industrial side. Could you just talk about if you're seeing any changes in ordering patterns there? And then secondly, as you look into the out quarter, clearly, there's a big reduction in OpEx to kind of get to the midpoint of your guide. Could you talk about where that's coming from? It's pretty substantial, you guys have been good at that in the past, but I just want to understand how it's declining so quickly.

因此，當我展望這一年時，您談論的是工業和國防業務的相對實力。我希望您已經聽過其他一些同行談論工業方面的一些疲軟。你能談談你是否看到那裡的訂購模式有任何變化嗎？其次，當您查看四分之一時，很明顯，OpEx 大幅減少，以達到指南的中點。你能談談這是從哪裡來的嗎？這是相當可觀的，你們過去一直擅長於此，但我只想了解它為何下降得如此之快。

Thank you, Tom. So I'll take the first part of that question, then Jack can handle the second piece. As you know, last year for MACOM, Industrial and Defense was a record year. And I believe Q4 may have even been -- Q4 FY '22 is a record quarter. And we're seeing continued opportunities to grow. Most of this is coming from gaining market share not only in defense but also industrial, and we've talked over the last year or 2 that we believe over the long term, I&D would continue to be a strong end market for us. So we think we're doing a lot of good things in this market.

謝謝你，湯姆。所以我將回答該問題的第一部分，然後 Jack 可以處理第二部分。如您所知，去年對於 MACOM、工業和國防來說是創紀錄的一年。而且我相信第四季度甚至可能是 - 22 財年第四季度是一個創紀錄的季度。我們看到了持續增長的機會。其中大部分來自於不僅在國防領域而且在工業領域獲得市場份額，我們在過去一兩年中討論過，我們相信從長遠來看，I&D 將繼續成為我們強大的終端市場。所以我們認為我們在這個市場上做了很多好事。

We actually are projecting that, that market will grow low single digits for the full year. In terms of the industrial ordering pattern, I think there are pockets of weakness for sure. But generally speaking, what we see is the larger companies are burning down their inventories while the medium and smaller companies are continuing to order on a regular sort of more normal basis.

我們實際上預測，該市場全年將以低個位數增長。就工業訂單模式而言，我認為肯定存在弱點。但總的來說，我們看到的是大型公司正在消耗庫存，而中小型公司則繼續以更正常的方式定期訂購。

And then before I turn it over to Jack about the OpEx, I'll just highlight that as we mentioned in the script, we focus very much on short-term financial performance as well as long-term financial performance. And the team here at MACOM has done a super job dealing with that day when Huawei went on the entity list when we had to deal with COVID shutdowns.

然後在我把它交給傑克關於 OpEx 之前，我只是強調正如我們在腳本中提到的那樣，我們非常關注短期財務業績和長期財務業績。當我們不得不處理 COVID 關閉時，MACOM 的團隊在處理華為進入實體名單的那一天做了出色的工作。

And then while we had to deal with now the macro global issues and the softness in the industry. So we have a very talented team that is ready to address issues as they come and try to get in front of them. And that's a little bit of what you're seeing as we think about Q2 and throttling back some of our spending. So we were ready for this. We were not surprised by sort of the current environment and we're taking actions to address those. And Jack can add some detail to that.

然後，當我們現在不得不處理宏觀全球問題和行業疲軟時。因此，我們擁有一支非常有才華的團隊，隨時準備解決出現的問題並努力解決問題。當我們考慮第二季度並限制我們的一些支出時，這就是你所看到的一點點。所以我們為此做好了準備。我們對當前的環境並不感到驚訝，我們正在採取行動來解決這些問題。 Jack 可以添加一些細節。

And I guess, just to build upon that and then to address your question on the spending, Tom, it's really maintaining that continuous improvement and maintaining the profitability of the business. Those have been key attributes of the business and that ripples through to all levels of the organization. But with regard to some of the discretionary spending items that I was referring to, that flows into the operating expense line.

我想，只是以此為基礎，然後解決你關於支出的問題，湯姆，這真的是在保持持續改進並保持企業的盈利能力。這些一直是業務的關鍵屬性，並且波及到組織的各個級別。但關於我所指的一些可自由支配的支出項目，這些項目流入了運營支出項目。

It also flows into some of the things we're doing from a cost of goods perspective as we look at our guide going into Q2. I touched upon a couple of things in my prepared remarks, including outside services and variable compensation and things like supplies, but there's a number of different things that we're doing across the organization, obviously, with our topline coming down a bit. There's things like commissions, which will be coming down. So there's a series of items that are contributing to that.

當我們查看進入第二季度的指南時，它也從商品成本的角度流入我們正在做的一些事情。我在準備好的發言中談到了一些事情，包括外部服務和可變薪酬以及供應之類的事情，但我們在整個組織中正在做許多不同的事情，顯然，我們的收入有所下降。佣金之類的東西會下降。因此，有一系列項目為此做出了貢獻。

And I think one other thing is we've looked at the business, we're continually looking to assess the way the organization comes together. We did have a, what I would call, a minor staffing reduction, including the consolidation of a small design center that we had. So some of those items are also contributing to the OpEx savings that you were referring to.

而且我認為另一件事是我們已經研究了業務，我們一直在尋求評估組織走到一起的方式。我們確實有一個，我稱之為小規模的人員減少，包括整合我們擁有的一個小型設計中心。因此，其中一些項目也有助於您所指的運營支出節省。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

This is Blake Freeman on for Vivek. Just focusing on revenue from a geography perspective, based on your comments, it seems like sales to China customers were down about 10% sequentially in the quarter. Can you quantify the potential headwind heading into Q2? Or in general, can you provide any commentary on demand trends by geography?

這是 Vivek 的 Blake Freeman。根據您的評論，僅從地理角度關注收入，本季度對中國客戶的銷售額似乎環比下降了約 10%。您能否量化進入第二季度的潛在逆風？或者總的來說，您能否按地域提供任何關於需求趨勢的評論？

Yes. This is Jack, Blake. With regard to the China revenues, I think we had mentioned that China represented 23% of our total revenue compared to 26% back in Q4 and for our full fiscal year. So not down quite as steep as what you were referring to, but it's an area that we thought was worth noting. I'll pass to Steve.

是的。這是傑克，布萊克。關於中國收入，我想我們已經提到中國占我們總收入的 23%，而第四季度和我們整個財政年度的這一比例為 26%。所以不像你所指的那樣陡峭，但這是我們認為值得注意的領域。我將傳遞給史蒂夫。

Yes, I'll just add to that comment. So China continues to be a strategic market for MACOM. We see a lot of growth opportunities, not only with our high-performance analog products, our laser and lightwave products, but also a lot of the RF and microwave components that we sell into the industrial markets there. They also have some emerging markets, including green energy and electric vehicles. And so we're constantly looking for opportunities to break into those applications with our technology.

是的，我將添加到該評論中。因此，中國仍然是 MACOM 的戰略市場。我們看到了很多增長機會，不僅是我們的高性能模擬產品、激光和光波產品，還有我們向那裡的工業市場銷售的大量射頻和微波元件。他們還有一些新興市場，包括綠色能源和電動汽車。因此，我們一直在尋找機會，利用我們的技術打入這些應用程序。

And then since you brought up the issue of geography, I just wanted to sort of highlight again that we believe that there's tremendous growth opportunities in Europe in setting up a manufacturing facility and a wafer fab in the backyard of some major OEMs inside of the European Union will help us take our European-based revenue, which is about 6% up into the double digits.

然後既然你提到了地理問題，我只是想再次強調，我們相信在歐洲內部一些主要原始設備製造商的後院建立製造工廠和晶圓廠有巨大的增長機會Union 將幫助我們將歐洲收入提高約 6%，達到兩位數。

Got it. Understood. And then just as a quick follow-up. On past calls, I believe you mentioned a $1 billion revenue target. I think we believe it was fiscal '25. Just given the weaken macro -- weakening macro today, just curious if there's any adjustment to that target?

知道了。明白了。然後作為快速跟進。在過去的電話會議上，我相信你提到了 10 億美元的收入目標。我認為我們相信這是 25 財年。剛剛考慮到疲軟的宏觀——今天疲軟的宏觀，只是好奇這個目標是否有任何調整？

Well, we're not changing the target of $1 billion. We're still confident we can hit that. And as we've talked about in the past, that is an aspirational goal. I think what's changed here in the last number of months is really the time line associated with that given the current climate. I think it's reasonable to assume that we'll be shifting the timing of that $1 billion of revenue out in time. And so we haven't fully reviewed that. I'll highlight that.

嗯，我們不會改變 10 億美元的目標。我們仍然有信心我們能做到這一點。正如我們過去談到的那樣，這是一個雄心勃勃的目標。我認為過去幾個月這裡發生的變化實際上是與當前氣候相關的時間線。我認為可以合理地假設我們將及時改變那 10 億美元收入的時間。所以我們還沒有完全審查。我會強調這一點。

Our targets come through a very detailed bottom-up analysis, which typically is aligned with our strategic planning process. And so I would suspect in the July and August time frame when we complete that cycle, we'll be evaluating where we think we'll be in fiscal '25 and fiscal '26. But it's fair to -- I think, to your point, it's fair to assume that the environments are providing a headwind, which one would conclude would push that out in time.

我們的目標來自非常詳細的自下而上的分析，這通常與我們的戰略規劃流程保持一致。因此，我懷疑在我們完成該週期的 7 月和 8 月時間框架內，我們將評估我們認為我們將在 25 財年和 26 財年的位置。但這是公平的——我認為，就你的觀點而言，假設環境正在提供逆風是公平的，人們會得出結論會及時將其推出。

Our next question coming from the line of Harsh Kumar with Piper Sandler.

我們的下一個問題來自 Harsh Kumar 和 Piper Sandler 的台詞。

I appreciate you guys are clamping on OpEx to maintain profitability. As investors, we do appreciate that very much. Jack and Steve, I wanted to ask about gross margins. They were steadily going up for a while and now for the last couple of quarters, you've been kind of stuck in the 62%, 62.5% kind of range. I know you have plans and aspirations to be higher than that. So I was curious, just midterm to long term, what would be some of the things that might make that margin go up to maybe the mid-60s if potentially that's your goal? And then I have a follow-up.

我很欣賞你們限制 OpEx 以維持盈利能力。作為投資者，我們對此非常感激。傑克和史蒂夫，我想問一下毛利率。他們穩步上升了一段時間，現在在過去的幾個季度裡，你一直停留在 62%、62.5% 的範圍內。我知道你有比這更高的計劃和願望。所以我很好奇，從中期到長期，如果這可能是你的目標，那麼可能使利潤率上升到 60 年代中期的一些事情是什麼？然後我有一個後續行動。

Sure. So I'll take the first part of that question and maybe Jack can add on. So we are -- I think the gross margins that we're delivering today really represent the business and the portfolio that exists today. And the way we're going to drive our margins from the low 60s to the high 60s is through new product development and products that can come in to higher price.

當然。所以我將回答這個問題的第一部分，也許 Jack 可以補充。所以我們 - 我認為我們今天提供的毛利率確實代表了今天存在的業務和投資組合。我們將利潤率從 60 年代的低點提高到 60 年代的高點的方法是通過新產品開發和價格更高的產品。

Examples would be the entire OMMIC portfolio where these are the highest frequency products in the market, leading cutting-edge performance. That portfolio would be an example of a business that we would expect to come into our portfolio that would drive margins up and be accretive.

例如，整個 OMMIC 產品組合是市場上頻率最高的產品，具有領先的尖端性能。該投資組合將是我們期望進入我們的投資組合的業務的一個例子，它將提高利潤率並增加收益。

Second, our 140-nanometer GaN process that we just announced, as we talked about, that's a $300 million SAM that we'll be addressing. And we believe that our latest products coming from that process will drive margins up. So our theme here at MACOM is the highest frequency, highest power and highest data rate. And if we stay on that edge, within the markets and the technologies that we develop, we will be successful driving the margins up.

其次，正如我們所說，我們剛剛宣布的 140 納米 GaN 工藝是我們將要解決的價值 3 億美元的 SAM。我們相信我們來自該過程的最新產品將提高利潤率。所以我們在 MACOM 的主題是最高頻率、最高功率和最高數據速率。如果我們在市場和我們開發的技術範圍內保持優勢，我們將成功地提高利潤率。

And so that is thematically how we will do what I -- I'm not sure we're going to be driving margins up by operational and executional issues. Maybe there's additional potential there. But moving to the next phase is about the technology and the strength of your differentiated products.

因此，這就是我們將如何做的主題——我不確定我們是否會通過運營和執行問題來提高利潤率。也許那裡還有額外的潛力。但進入下一階段是關於差異化產品的技術和實力。

Very helpful -- sorry...

非常有幫助-對不起...

And just to add to that, Harsh, in terms of our gross margins as we work out before, we've been pleased with some of the progress we've made over the past number of quarters. I think if you look back over, I think, it's 7 or 8 quarters, we've been above that 60% number and have made sequential improvements. And with our flexible manufacturing model that we have with certain of our products being fab internally and certain of them also going out to third parties, that provides us with some protection over the varying different business cycles that allows us to ramp as well.

除此之外，Harsh，就我們之前計算的毛利率而言，我們對過去幾個季度取得的一些進展感到滿意。我想如果你回顧一下，我想，這是 7 或 8 個季度，我們已經超過了 60% 的數字，並且已經取得了連續的改進。憑藉我們靈活的製造模式，我們的某些產品在內部製造，其中某些產品也外銷給第三方，這為我們提供了一些保護來應對不同的業務週期，從而使我們也能夠實現增長。

So that kind of protects our overall gross margins. And from a gross margin point of view, from -- as we look at our operations and all the contributions that the teams have been making over the past couple of years, we feel like we're in a much stronger place and those improvements that we've made will continue as we go forward.

因此，這可以保護我們的整體毛利率。從毛利率的角度來看，當我們審視我們的運營以及團隊在過去幾年中所做的所有貢獻時，我們覺得我們處於更強大的位置，而這些改進隨著我們的前進，我們所做的將繼續下去。

And for my follow-up, I wanted to go back to a question that Tom O'Malley asked earlier. So maybe phrase the question a little bit differently. In the core industrial space, the hard core industrial space where you play, there are not too many companies that are calling out any weakness in that.

對於我的後續行動，我想回到 Tom O'Malley 之前提出的一個問題。所以也許用不同的方式來表達這個問題。在核心產業空間，你玩的硬核產業空間，沒有太多公司在這方面指出任何弱點。

They're all -- most of the other sort of industrial players are calling out weakness in consumer. So I wanted to understand if maybe it's a function of the growth you had last year or you're actually starting to see some issues with 1 or 2 customers or if it's broader based than that, where maybe we should put our blinders on and start focusing on that area as something of interest, but just curious if you could provide some more color around that.

他們都是 - 大多數其他類型的工業參與者都在呼籲消費者疲軟。所以我想知道這是否可能是你去年的增長的一個函數，或者你實際上開始看到 1 或 2 個客戶的一些問題，或者它是否比這更廣泛，也許我們應該把我們的眼罩放在一邊並開始專注於該區域作為感興趣的東西，但很好奇您是否可以圍繞它提供更多顏色。

Yes. And I think it really comes down to MACOM specific industrial business, which may be different than some of the bellwethers that service that industry with microcontrollers or large ASICs. So we have -- so that would be the first point. I think you're seeing MACOM-specific performance. We sell, for example, into door openers, sensors, medical equipment and test and measurement. So I would say that those markets have been performing well for MACOM, and we expect that to continue. But we don't consider ourselves really a bellwether. So I wouldn't read a lot into our trend the fact that we're maybe deviating from industry trends.

是的。而且我認為這真的歸結為 MACOM 特定的工業業務，這可能不同於一些使用微控制器或大型 ASIC 為該行業提供服務的領頭羊。所以我們有 - 所以這是第一點。我認為您看到的是 MACOM 特定的性能。例如，我們銷售開門器、傳感器、醫療設備以及測試和測量。所以我想說，這些市場對 MACOM 來說一直表現良好，我們預計這種情況會繼續下去。但我們並不認為自己真的是領頭羊。因此，我不會過多解讀我們的趨勢，因為我們可能正在偏離行業趨勢。

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

我們的下一個問題來自 Benchmark 的 David Williams。

Congrats on the execution here. I wanted to ask, maybe first just kind of about China and some of the demand, and there was a question on this earlier, but thinking more about the demand environment as we head into the second quarter, maybe into the back half of the year, it feels like the freedom of movement there. And once we kind of get through some of this COVID impact, that feels like a market that could rebound fairly quickly. And just kind of curious how you're seeing that if that's a possibility and if that could potentially be an upside that we can look forward to?

恭喜這裡執行。我想問，也許首先只是關於中國和一些需求，之前有一個問題，但隨著我們進入第二季度，也許是下半年，更多地考慮需求環境，感覺就像那裡的行動自由。一旦我們從某種程度上克服了 COVID 的影響，這感覺就像一個可以相當迅速反彈的市場。只是有點好奇你是如何看待這是否有可能，以及這是否有可能成為我們可以期待的好處？

Yes. Thank you for the question. So we think it is possible, and there could be some upside. But with that said, we are taking probably a little bit more of a conservative view just coming off of Chinese New Year. We haven't really -- people are sort of getting back to work.

是的。感謝你的提問。所以我們認為這是可能的，並且可能會有一些好處。但話雖如此，我們對剛過農曆新年的看法可能會更保守一些。我們還沒有真正——人們正在恢復工作。

We have been monitoring the inventory levels within the channel in China, and we're seeing some positive trends there. But quite frankly, we think it's way too early to call which way China is going to go over the next 3 to 6 months. But I do think there's the potential of it improving. There's also the potential that things will remain at a muted pace.

我們一直在監控中國渠道內的庫存水平，我們在那裡看到了一些積極的趨勢。但坦率地說，我們認為現在判斷中國在未來 3 到 6 個月內將走向何方還為時過早。但我確實認為它有改進的潛力。事情也有可能保持緩慢的步伐。

So the way we're going to counter that is we're going to continue to introduce products. Obviously, we're going to focus on North America and Europe. But also when China really starts to open up and we can send more and more of our staff into China to engage with customers, we think that will be the activity that really ignites better growth and stronger revenue for MACOM.

因此，我們要應對的方式是我們將繼續推出產品。顯然，我們將專注於北美和歐洲。但當中國真正開始開放並且我們可以派遣越來越多的員工到中國與客戶接觸時，我們認為這將是真正為 MACOM 帶來更好的增長和更強勁的收入的活動。

The COVID overhang has really slowed down and hampered our ability to engage customers directly. Today, MACOM has about just under 100 employees in China. We operate in 4 different cities. These are typically sales and application centers that are visiting customers, and they've been doing a great job keeping MACOM in front of customers, but we also feel like we need to rotate our business development folks and application engineers and to drive that growth. So if that happens towards the middle of the calendar year, we think good things will fall from that.

COVID 懸而未決確實放慢了速度，並阻礙了我們直接吸引客戶的能力。如今，MACOM 在中國的員工人數不到 100 人。我們在 4 個不同的城市開展業務。這些通常是拜訪客戶的銷售和應用中心，他們在將 MACOM 保持在客戶面前方面做得很好，但我們也覺得我們需要輪換業務開發人員和應用工程師並推動這種增長。因此，如果這種情況發生在日曆年的中期，我們認為好事會隨之而來。

Great color. And then maybe for my follow-up is just around the data center and any areas of particular weakness or maybe strength that you're seeing and maybe anything from a customer or even areas that are better or worse. So we're just kind of color there would be helpful, I think.

很棒的顏色。然後，我的後續行動可能只是圍繞數據中心以及您所看到的任何特定弱點或優勢領域，以及來自客戶的任何事物，甚至是更好或更差的領域。所以我們只是一種顏色會有幫助，我想。

Yes. So -- just one point I want to make about the data center in our revenues this year because we are hearing a lot of -- and seeing a lot of negative trends inside the data center. But our -- we actually think our revenue will be reasonably strong this year because a lot of the products we couldn't ship last fiscal year will roll into this fiscal year. And so that will provide a growth opportunity for MACOM. And that includes many of our crosspoint switches that had complex packaging or substrate materials included in the product. So supply chain is improving. That's helping our revenue this year for the data center.

是的。所以 - 我想在今年的收入中就數據中心提出一點，因為我們聽到了很多 - 並且看到了數據中心內部的很多負面趨勢。但是我們 - 我們實際上認為我們今年的收入將相當強勁，因為我們上一財年無法發貨的許多產品將進入本財年。因此，這將為 MACOM 提供增長機會。這包括我們的許多交叉點開關，這些開關在產品中包含複雜的封裝或基板材料。所以供應鏈正在改善。這有助於我們今年數據中心的收入。

Outside of that, I would say, generally speaking, the short-reach, NRZ platforms that we're on, whether it's AOCs, like SR4 AOCs or CWDM4s, these markets or these applications have been relatively weak. That has been offset by an increase in our PAM4 activity in business. So for example, we're seeing reasonable growth in DR1 and for SR4 for PAM4 applications.

除此之外，我想說的是，一般來說，我們所使用的短距離 NRZ 平台，無論是 AOC，如 SR4 AOC 還是 CWDM4，這些市場或這些應用都相對較弱。這已被我們業務中 PAM4 活動的增加所抵消。因此，例如，我們看到 DR1 和 PAM4 應用程序的 SR4 出現合理增長。

So it's -- I would say there's a mix. It really depends on the customer, where we're positioned at that customer. For example, we had a very large platform we were in last year, a DR4 application that we know that revenue won't be in our forecast of this year. So things are constantly moving depending on the market environment and which of our customers are winning business.

所以它 - 我會說有一個混合。這真的取決於客戶，我們在該客戶中的位置。例如，我們去年有一個非常大的平台，一個 DR4 應用程序，我們知道收入不會出現在我們今年的預測中。因此，事情會根據市場環境和我們的哪些客戶贏得業務而不斷變化。

And then the last thing I'll point out is that we do feel like, in general, there is a significant amount of inventory at our customers and at our customers' customers. And so this will also provide a bit of a headwind for a lot of our electronic devices, CDRs, drivers, TIAs, things of that nature.

然後我要指出的最後一件事是，我們確實覺得，總的來說，我們的客戶和客戶的客戶都有大量庫存。因此，這也將為我們的許多電子設備、CDR、驅動程序、TIA 等類似性質的產品帶來一些阻力。

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

我們的下一個問題來自 Tore Svanberg 與 Stifel 的合作。

Yes. Steve, I was hoping you could talk a little bit more about OMMIC and where the revenues are today. So I mean it sounds like maybe it's a $10 million business. Should I assume that that's primarily in satellite today? And as you obviously grow this business, will satellite still be sort of the main segment? Or are there other areas where you intend to introduce the technology as well?

是的。史蒂夫，我希望你能多談談 OMMIC 以及今天的收入情況。所以我的意思是，這聽起來像是一項價值 1000 萬美元的業務。我應該假設這主要是在今天的衛星上嗎？隨著您明顯發展這項業務，衛星仍將是主要部分嗎？還是您打算在其他領域也引入該技術？

Right. So I just want to be a little careful about talking too specifically about their business, given we haven't closed the deal yet. So what I -- there's a tremendous amount of information on their website. I would encourage everybody to visit ommic.com. They actually list some of their legacy customers.

正確的。因此，考慮到我們尚未完成交易，我只是想謹慎地談論他們的業務。所以我 - 他們的網站上有大量信息。我鼓勵大家訪問 ommic.com。他們實際上列出了一些他們的老客戶。

And what you'll see based on that public information is really a blend of satellite manufacturers, some North American and European defense OEMs. So because they've been operating on a 3-inch line, they have typically been targeting satellites, satellite manufacturers as well as defense applications. And so as we think about the business in the future, we want to bring them into the high-volume commercial worlds, including many different markets that MACOM today is already in, but not at the higher frequencies.

根據這些公開信息，你會看到實際上是衛星製造商、一些北美和歐洲國防原始設備製造商的混合體。因此，由於他們一直在 3 英寸生產線上運行，因此他們通常將目標對準衛星、衛星製造商以及國防應用。因此，當我們考慮未來的業務時，我們希望將它們帶入高容量的商業世界，包括 MACOM 今天已經進入的許多不同市場，但頻率不高。

Remember, their products can operate up to W band. So it's just -- provides the company a great opportunity to grow. But you're thinking about it the right way. Generally speaking, they're in satellite and defense applications today.

請記住，他們的產品最高可運行至 W 波段。所以它只是 - 為公司提供了一個很好的發展機會。但是您正在以正確的方式考慮它。一般來說，它們在當今的衛星和國防應用中。

That's very helpful. And perhaps a question on sort of business dynamics. So you mentioned you turned about 13% this quarter. I know there's been nothing normal the last few years in the civic type industry. But is sort of 15% to 20% terms where you expect the business to run it going forward? And maybe you can even comment on how much turns you need to get to the midpoint of your guidance for the March quarter?

這很有幫助。也許是關於某種業務動態的問題。所以你提到你本季度的收入約為 13%。我知道過去幾年在民用型行業沒有什麼不正常的。但是，您希望企業在未來繼續運營的條件是 15% 到 20% 的條款嗎？也許您甚至可以評論您需要多少輪次才能達到 3 月季度指導的中點？

So we have seen an increase in the turns business. Last quarter, I believe it was 10% -- or the quarter before Q1. And then in Q1, it was 13%. So we do see a trend of increasing turns business. We think this is coming from the fact that lead times are coming down, cycle times are coming down. Many customers are now waiting and buying, knowing that suppliers like MACOM have inventory. So we're on the other side of that curve where people are not placing long lead orders, they're actually returning to, let's say, a more normal dynamic in performance.

因此，我們看到轉彎業務有所增加。上個季度，我相信是 10%——或者說第一季度之前的那個季度。然後在第一季度，它是 13%。因此，我們確實看到了輪流業務增加的趨勢。我們認為這是因為交貨時間正在縮短，週期時間正在縮短。許多客戶現在都在等待和購買，因為他們知道像 MACOM 這樣的供應商有庫存。所以我們正處於曲線的另一邊，人們沒有下長期訂單，他們實際上正在回歸，比方說，性能更正常的動態。

We can't really comment on what percent were booked to meet our current targets. I would say that we're following the same methodology that we have in the past in terms of looking at our backlog, making assumptions on what we think will book and ship within the quarter. So -- but we are seeing that trend of book-to-bill increase, and we think that's a good thing. And I'll just highlight that one -- I think an important point here, which is we had a tremendous booking performance last fiscal year, we had a 1.1:1 book-to-bill for our fiscal '22.

我們無法真正評論為滿足當前目標而預訂的百分比。我想說的是，我們在查看積壓訂單方面採用了與過去相同的方法，對我們認為將在本季度內預訂和發貨的內容做出假設。所以 - 但我們看到訂單出貨量增加的趨勢，我們認為這是一件好事。我只想強調這一點——我認為這裡有一個重要的觀點，那就是我們在上一財年的預訂表現非常出色，我們在 22 財年的訂單出貨比為 1.1:1。

And everybody knows in Q4, we had a book-to-bill of 1 and then last quarter, 0.9. So we are in a very strong position regarding our backlog. We don't have consumer exposure. Our top 10 is about 30% of our total revenue and no big 10% customers. And no one product is more than 2% of our revenue. So we truly have a very diversified business. And so I think that's important to note.

眾所周知，在第四季度，我們的訂單出貨率為 1，而上一季度為 0.9。因此，我們在積壓方面處於非常有利的地位。我們沒有消費者接觸。我們的前 10 名大約占我們總收入的 30%，沒有 10% 的大客戶。沒有一種產品超過我們收入的 2%。所以我們確實擁有非常多元化的業務。所以我認為這一點很重要。

And our next question coming from the line of Matt Ramsey with Cowen.

我們的下一個問題來自 Matt Ramsey 和 Cowen 的對話。

This is Sean O'Loughlin on for Matt. Congrats on a nice quarter. I wanted to ask and dig a bit deeper on the GaN-on-SiC process that you mentioned. And first, congrats for getting that across the finish line. But on the $300 million long-term opportunity there. I know that, that's sort of the long-term addressable market. But if you could just maybe scale initial expectations in terms of time to revenue and then may sort of ramp into that opportunity, that would be helpful.

這是馬特的肖恩奧洛林。祝賀一個不錯的季度。我想深入了解一下您提到的 GaN-on-SiC 工藝。首先，恭喜你通過了終點線。但是那裡有 3 億美元的長期機會。我知道，那是一種長期可尋址的市場。但是，如果您可以在實現收入的時間方面擴大最初的預期，然後可能會抓住這個機會，那將是有幫助的。

Sure. So that $300 million SAM that we're identifying is primarily defense-related -- aerospace and defense, as well as maybe the second key market we want to address is satellite communications, whether it's uplink, downlink or satellite to satellite. So these are the markets that we will focus on. The defense market, as you know, is a slow-moving market. So it will take time to get the design wins and turn the technology into product revenue. As I think about this year and we do some modeling so we're just announcing today, we're starting to sample this month.

當然。因此，我們確定的價值 3 億美元的 SAM 主要與國防相關——航空航天和國防，也許我們想要解決的第二個關鍵市場是衛星通信，無論是上行鏈路、下行鏈路還是衛星到衛星。所以這些是我們將關注的市場。如您所知，國防市場是一個發展緩慢的市場。因此，贏得設計並將技術轉化為產品收入需要時間。考慮到今年，我們做了一些建模，所以我們今天才宣布，我們將在本月開始提供樣品。

I would expect to see a nonmaterial amount of revenue probably starting to appear in Q4 of this fiscal year and rolling into the beginning of fiscal '24. So no material contribution this year. This is really a growth opportunity for fiscal '24 and '25. And in terms of what those numbers might be, I think it's way too early to tell.

我預計本財年第四季度可能會出現大量收入，並進入 24 財年伊始。所以今年沒有物質貢獻。對於 24 和 25 財年來說，這確實是一個增長機會。就這些數字可能是多少而言，我認為現在下結論還為時過早。

Yes, makes sense. Super helpful. And then maybe a different part of the GaN world. I wanted to ask a broader long-term question on telco. It sounds like 2023 is going to be a difficult year, but one of your peers had commented that the GaN transition in RF power specifically was maybe accelerating and gaining more traction over LDMOS. And I was wondering if you're seeing similar trends and how may that impact your opportunity set going forward.

是的，有道理。超級有幫助。然後可能是 GaN 世界的不同部分。我想問一個關於電信公司的更廣泛的長期問題。聽起來 2023 年將是艱難的一年，但您的一位同行曾評論說，射頻功率領域的 GaN 過渡可能正在加速，並獲得超過 LDMOS 的更多牽引力。我想知道你是否看到了類似的趨勢，以及這將如何影響你未來的機會集。

Right. If that's true, then that would certainly support MACOM strategy, we, today do not sell LDMOS. We focus on gallium arsenide, HBT, pHEMT, and, of course, GaN. So to the extent that different market segments are focusing on -- again, I would consider that a good thing for MACOM. I would also highlight that when we look at the overall GaN opportunity, you have the Commercial and Communications sector and you have Industrial and Defense. And we believe that those markets are about equal in size, but the profit is on the defense side of the line, and we are very focused on that.

正確的。如果那是真的，那肯定會支持 MACOM 策略，我們今天不賣 LDMOS。我們專注於砷化鎵、HBT、pHEMT，當然還有 GaN。因此，就不同的細分市場所關注的程度而言——再次，我認為這對 MACOM 來說是一件好事。我還要強調的是，當我們審視整個 GaN 機會時，您有商業和通信部門，也有工業和國防。我們相信這些市場的規模大致相等，但利潤在防禦方面，我們非常關注這一點。

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 was hoping you could speak a little bit to kind of cyclical metrics. I guess as you think about the 3 different businesses and perhaps the subsegments within each, how are you thinking about kind of normalization of lead times backlog? And I guess, what normal visibility will look like once we kind of get through inventory correction and whatever kind of potential shortages that remain?

我希望你能談談一些週期性指標。我想當您考慮 3 種不同的業務以及每個業務中的子部分時，您如何考慮提前期積壓的正常化？而且我想，一旦我們完成庫存調整以及仍然存在的任何潛在短缺，正常的能見度會是什麼樣子？

Great. Thanks for the question. So it's hard to summarize that in aggregate because of our diverse portfolio as well as the technologies. As you know, we're building in manufacturing 2-terminal diodes all the way up to pay PAM4 DSP. So the manufacturing cycle, the test time, the back end time, all of these are very different across the portfolio and our customers know that. So depending on where we're selling our products, our customers have very different ordering patterns.

偉大的。謝謝你的問題。因此，由於我們的產品組合和技術多樣化，因此很難將其匯總起來。如您所知，我們一直在製造 2 端子二極管以支付 PAM4 DSP。因此，製造週期、測試時間、後端時間，所有這些在產品組合中都非常不同，我們的客戶都知道這一點。因此，根據我們銷售產品的地點，我們的客戶有非常不同的訂購模式。

And so when we think about normalized -- a normalized environment, I just think it's hard to parse that here. So I'm not sure I can really answer your question specifically.

因此，當我們考慮規範化 - 規範化環境時，我只是認為很難在這裡解析它。所以我不確定我能否真正具體地回答你的問題。

I guess what I'm trying to get at is how much of your, I guess, relative optimistic view for '23 is based on kind of current backlog versus not?

我想我想知道的是，我猜，您對 23 年的相對樂觀看法有多少是基於當前積壓的，而不是？

So I would say that it's not necessarily based on backlog. It's based on looking at the markets because we still need to book a significant amount of business to achieve the goals that we need to. So we're making assumptions based on a bottoms-up sales forecast where we identify customers and programs and part numbers and in speaking with customers, getting an understanding of their future demands.

所以我會說它不一定基於積壓。它基於對市場的觀察，因為我們仍然需要預訂大量業務才能實現我們需要的目標。因此，我們根據自下而上的銷售預測做出假設，在這種預測中，我們確定客戶、程序和零件編號，並與客戶交談，了解他們未來的需求。

And so when we talk about the fiscal year, we -- that's the data we're looking at, not specifically in only our backlog. And so as you go out in time, as you can imagine, there's more risk, and that's one of the reasons why we generally don't give full year guidance. Clearly, in this environment, I think it would be even more difficult to give full year guidance.

因此，當我們談論財政年度時，我們——這就是我們正在查看的數據，而不僅僅是我們的積壓工作。所以當你及時出去時，就像你想像的那樣，會有更多的風險，這就是我們通常不提供全年指導的原因之一。顯然，在這種環境下，我認為給出全年指導會更加困難。

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

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

Maybe one digging into the telecom side of the business, Steve, I'm checking my notes, and hopefully, I got them correctly here, calling out the areas of weakness here with 5G and broadband. I just want to confirm that you're not seeing in other areas within telecom specifically coherent. And then within those 2 weaker segments, 5G and broadband, are you seeing different dynamics here either by differences in customer activity, levels of inventory or expectations of when those businesses return to more normal patterns.

史蒂夫，也許是一個深入研究電信業務的人，我正在檢查我的筆記，希望我在這裡正確地理解了它們，指出了 5G 和寬帶的薄弱領域。我只想確認您沒有在電信的其他領域看到特別一致的情況。然後，在 5G 和寬帶這 2 個較弱的細分市場中，您是否看到了不同的動態，要么是客戶活動的差異、庫存水平的差異，要么是對這些業務何時恢復正常模式的預期。

Right. So I would say that if I heard you correctly, are we seeing weakness in coherent? Was that your question?

正確的。所以我想說，如果我沒聽錯的話，我們是否看到了連貫性的弱點？那是你的問題嗎？

Yes, I'm wondering if that was higher if we -- yes.

是的，我想知道如果我們——是的，那是否更高。

I would say that we are definitely seeing a bit of weakness primarily due to inventory adjustments. And then when we look at the weakness in 5G and broadband, there are very different dynamics there, very different markets, particularly in broadband, we have large CATV customers that we believe have a significant amount of inventory, and that's really the back story with broadband.

我要說的是，我們肯定會看到一些疲軟，主要是由於庫存調整。然後當我們看 5G 和寬帶的弱點時，那裡有非常不同的動態，非常不同的市場，特別是在寬帶方面，我們有大量的 CATV 客戶，我們認為他們有大量的庫存，這真的是背景故事寬帶。

And then on 5G, we think there's inventory burn down from our major customers primarily on the RF side, so front end -- things like front-end modules or amplifiers.

然後在 5G 上，我們認為我們的主要客戶主要在 RF 方面消耗庫存，所以前端 - 前端模塊或放大器之類的東西。

Okay. Perfect. That's great. And then following up on the topic of OpEx, I may have missed the kind of theme here, but you talked about some reductions here going into the March quarter here. They sound mostly structural in nature. So just want to make sure that's the case here. And then is there a pattern we should see from an absolute dollar basis going through the rest of the year.

好的。完美的。那太棒了。然後跟進 OpEx 的話題，我可能錯過了這裡的主題，但你談到了進入 3 月季度的一些削減。它們聽起來主要是結構性的。所以只想確保這裡是這種情況。然後我們應該從今年餘下時間的絕對美元基礎上看到一種模式。

Yes. And Richard, this is Jack. I would say a majority of the items are not structural. There is some of that in there in our guide going into Q1, but it's more on the discretionary side as you look to what we're doing from an OpEx standpoint. So having said that, as you look a little bit further out, there will be some rebounding as some of those discretionary items are pushed out into future periods. But amongst all the things that we do here, we want to make sure we're maintaining an appropriate level of profitability. So we will be judicious with all of our spending as we go forward.

是的。理查德，這是傑克。我會說大部分項目都不是結構性的。在我們進入第一季度的指南中有一些內容，但當您從 OpEx 的角度來看我們正在做的事情時，更多的是在自由裁量權方面。所以話雖如此，當你看得更遠一些時，會出現一些反彈，因為其中一些可自由支配的項目被推遲到未來時期。但在我們在這裡所做的所有事情中，我們希望確保我們保持適當的盈利水平。因此，在我們前進的過程中，我們將謹慎對待所有支出。

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 would like to thank our employees for their contributions this past quarter. We look forward to closing the acquisition and welcoming the OMMIC team to MACOM. Have a nice day.

謝謝。最後，我要感謝我們的員工在上個季度所做的貢獻。我們期待完成收購併歡迎 OMMIC 團隊加入 MACOM。祝你今天過得愉快。

Ladies and gentlemen, that does conclude the 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。