MACOM Technology Solutions Holdings Inc (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.

歡迎參加MACOM 2023財年第一季電話會議。本次電話會議於2023年2月2日（星期四）開始錄音。 （操作說明）現在我將把電話轉交給MACOM戰略計劃與投資者關係副總裁史蒂夫·費蘭蒂先生。費蘭蒂先生，請開始。

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.

謝謝奧莉維亞。早上好，歡迎參加我們今天關於MACOM 2023財年第一季財務業績的電話會議。我想提醒大家，我們今天的討論將包含前瞻性陳述，這些陳述受到1995年《私人證券訴訟改革法案》中關於前瞻性陳述的安全港條款所界定的某些風險和不確定性的影響。實際結果可能與今天討論的內容有重大差異。

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.

關於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（SEC）提交的文件。管理層在本次電話會議中的發言還將包括對某些調整後的非GAAP財務資訊的討論。 GAAP與調整後的非GAAP結果的調整表已在公司新聞稿和今天提交給SEC的相關8-K表格中提供。接下來，我將把電話會議交給MACOM總裁兼執行長Steve Daly先生。

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，早安。今天的電話會議首先會介紹一下公司的最新情況。之後，我們的財務長傑克·科伯將對2023財年第一季的財務表現進行更深入的分析。傑克分析完畢後，我會給出第二財季的營收和獲利預期，之後我們很樂意回答大家的問題。

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.

2023財年第一季，公司營收為1.801億美元，調整後每股收益為0.81美元。強勁的經營活動現金流達3,800萬美元，季度末資產負債表上的現金及短期投資總額為5.95億美元。第一季訂單出貨比為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.

這是八個季度以來，我們的訂單出貨比首次低於1。本季內完成訂單並已出貨的業務量（即已預訂並已出貨的收入）約佔總收入的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表現出色。在上次財報電話會議上，我們強調了三大終端市場的需求正在減弱。今天，我可以報告，市場環境並未改善。因此，我們預計第二季的訂單出貨比將低於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.

疲軟的局面主要體現在我們最大的5G電信和寬頻存取基礎設施客戶以及許多資料中心客戶身上。總體而言，這些市場的主要客戶都在放緩訂單，並專注於降低庫存水準。除了主要客戶之外，整體需求也較為疲軟。不過，值得一提的是，我們的工業和國防終端市場表現依然良好，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，儘管目前訂單量疲軟，但我們進入第二財季的積壓訂單仍處於歷史高點。我認為必須強調的是，我們會在短期財務目標和長期發展之間取得平衡。儘管目前經濟成長放緩，但我們對策略規劃和未來成長前景依然充滿信心。 MACOM 已做好充分準備，掌握終端市場中與頻寬需求成長和資料速率提升相關的許多長期趨勢，而這些趨勢反過來又會推動對更高功率和更高頻率傳輸訊號的需求。

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效能解決方案。我們的許多產品生命週期長，在推出後的數年內都能持續產生收益，並有可能帶來業界領先的財務回報。我們認為，我們技術、產品和終端市場的多元化是公司固有的優勢，有助於確保財務穩定性。

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，過去幾年我們推出市場的產品的競爭力非常出色，而且還在不斷提升。接下來看看我們第一財季的終端市場狀況。工業及國防業務收入為7,720萬美元，較上季下降1.8%；電信業務收入為6,150萬美元，季減0.8%；資料中心業務營收為4,150萬美元，季增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.

資料中心業務的持續成長主要得益於交叉點交換器和網路產品出貨量的成長，這兩款產品在2022財年的大部分時間裡都受到供應限制；此外，高效能類比產品組合的出貨量也略有成長。儘管目前的大型生產項目有所放緩，但我們仍然積極參與許多令人振奮的新機遇，相信這些機會將推動MACOM未來的成功。

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.

我想重點介紹幾個近期項目，以說明我們客戶群和應用領域的廣度。所有這些項目都具有數百萬美元的潛在收入。我們的二極體團隊在二極體電路分立控制產品市場中持續保持領先地位，包括高功率開關和高功率限幅器。我們已成功為宙斯盾艦載雷達平台爭取到一個新的高功率限幅器插座。

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.

該團隊還贏得了自動收費平台的新插座訂單，並在汽車無線通訊系統設計方面取得了兩項成功。我們的高效能類比電路（HPA）團隊持續拓展收入來源，並成功打入一家美國一級國防OEM廠商的客製化IC設計專案。該應用是一款便攜式高功率無線電台。

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.

他們還從一家重要客戶那裡獲得了一份大型集成電路開發合同，用於支援下一代和DDR記憶體測試基礎設施。我們的MMIC團隊正積極支持美國各種雷達和衛星系統的需求，這些系統都採用了我們值得信賴的代工製程和砷化鎵技術。

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.

具體而言，我們的MMIC團隊已贏得近1000萬美元的開發合同，涵蓋眾多客戶、功能和解決方案。我們的城域長途設計團隊正在為資料中心客戶提供支持，幫助他們設計下一代相干光或ZR光系統。此外，我們還贏得了TIA插槽的[8/200G]驅動器，以支援美國大型網路服務供應商在本財年實現量產。

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.

這些成功案例驗證了我們的產品和解決方案具有強大的競爭力，也證明了MACOM是值得信賴的合作夥伴，能夠為關鍵或長期專案提供支援。這些案例也表明，我們在核心市場正不斷擴大市場份額。這些成功案例大多來自新產品，我們相信，未來部分成長將來自我們最新推出的產品，眾所周知，新產品需要時間才能獲得市場認可。

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，我們很高興能夠提供新型 10G XGS-PON 雷射的樣品，客戶也已確認該產品符合其係統要求。這是一個高容量市場。雖然目前我們還沒有 10G XGS-PON 雷射的銷售訂單，但我們預計未來 12 個月內情況會有所改變。此外，我們的 Lightwave 團隊在與客戶合作的 25G DFB 設計專案中也取得了持續的成功。

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.

越來越多的客戶正在完成由網路服務供應商 (ISP) 或網路終端用戶要求的 5000 小時 [HTL 模組] 資格認證。這些成功案例將為第二季以後的營收成長奠定基礎。我想回顧一下公司的一些關鍵業務活動。

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 月份舉行的光纖會議 (OFC)，屆時我們將向客戶重點介紹我們的最新產品，並在我們的展位上舉辦 8 場現場產品演示，其中包括我們將演示每通道 200G 的解決方案，以支援 1.6 太比特 OSFP 模組設計。

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.

我們的晶片組解決方案包含MACOM業界領先的相干驅動器和跨阻放大器，以及全新的光電探測器產品。 200G/通道的應用代表了當今業界高速資料吞吐量的前沿水準。我們還將展示MACOM的PURE DRIVE光連接解決方案，該方案與一家美國領先的ASIC供應商提供的交換器硬體配合使用。我們的PURE DRIVE解決方案包含一個專為單模和多模PAM4架構設計的線性驅動器和跨阻放大器，最高支援800G傳輸速率。

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.

我們創新的晶片組旨在支援寬動態範圍、線性均衡和低雜訊放大，從而實現與交換器和伺服器ASIC的直接連接。此解決方案代表了業界領先的低功耗、低延遲100G單通道光通訊解決方案。

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.

正如先前宣布的那樣，大約 2 年前，我們制定了一項公司優先事項，將 0.14 微米 GaN-on-Silicon Cardide MMIC 製程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、國防和商業客戶製造航太產品。

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，該工藝將於本月正式投產。我們非常興奮地向客戶提供業界領先的、功率密度領先的碳化矽基氮化鎵（GaN-on-Silicon Caride）先進技術。在製程轉移工作的同時，我們的積體電路設計工程師也一直在基於該製程進行產品設計，我們將於本月稍後開始推出這些產品。

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.

我們採用此製程生產的旗艦級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，目前已開始提供樣品銷售。這款MMIC放大器可提供10瓦的輸出功率，並具有與目前市場上最佳產品相媲美的功率附加效率（PAE）性能。

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.

該製程將支援工作頻率高達約 40 吉赫茲的 MMIC，包括功率放大器、低雜訊放大器、高功率開關、收發積體電路以及波束成形積體電路。我們非常高興能夠實現這項量產發布和產品上市的里程碑，並祝賀整個團隊按時按預算完成了這項工作。

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，這項製程將開拓價值 3 億美元的高頻氮化鎵碳化矽基 MMIC 市場。正如您在今天稍早發布的新聞稿中所看到的，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 的資產和業務。

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材料領域擁有超過40年的經驗，專注於砷化鎵和氮化鎵、外延生長、晶圓加工和積體電路設計。 OMMIC團隊由約100名員工組成，包括製程工程師、經驗豐富的積體電路設計師和技術人員以及晶圓生產人員。如今，公司擁有精選的差異化產品組合和極具競爭力的化合物半導體工藝，適用於電信、航空航太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的高頻製程和產品拓展並強化了MACOM的產品組合，使我們能夠更好地服務目標市場。 OMMIC團隊多年來致力於研發和完善其專有的100奈米和60奈米仿製工藝，我們將在此基礎上進一步發展壯大。

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，他們提供包括真時延、雷達核心晶片、高功率放大器以及性能領先的低噪聲放大器在內的高頻產品。簡而言之，OMMIC 生產的產品通常比 MACOM 的產品工作頻率更高。其次，OMMIC 的材料和外延生長技術堪稱世界一流，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長具有戰略意義。在整個業務範圍內增加外延生長的內部化生產，有望簡化我們的供應鏈，提高某些產品的毛利率，並提升產品性能，所有這些都將增強我們的競爭優勢。

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 代表著巨大的營收成長潛力。 OMMIC 一直以來服務於規模較小的客戶群，其中許多是代工廠客戶。我們相信，我們可以大幅擴大其客戶群並提升相關營收。此外，透過利用 MACOM 更強大的 IC 設計團隊來加速其標準產品組合的擴展，以及重點拓展與主要 OEM 廠商的客製化晶片開發業務，也將帶來營收成長。

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.

我們相信，憑藉我們龐大的全球銷售團隊，他們能夠利用現有產品贏得更多市場份額。值得一提的是，OMMIC 的多項製程和產品已獲得歐洲太空總署 (ESA) 的衛星應用認證。第四，我們認為，充分利用其閒置的 6 吋晶圓製造能力，可以提升 OMMIC 和 MACOM 產品的毛利率和獲利能力。

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一條6吋晶圓生產線，但尚未將生產轉移到這條生產線上。目前，OMMIC的所有生產都在其3英寸生產線上運行，值得注意的是，MACOM位於馬薩諸塞州的晶圓廠是一條4英寸晶圓廠。

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在歐洲的業務版圖，使我們能夠更好地服務歐洲客戶，這正是我們的策略重點。在歐盟境內設立工程和製造機構，將使我們更能服務航空航太、電信、工業和汽車市場的眾多客戶。

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.

我們的戰略目標是擴大在歐洲的業務，以抵消未來其他地區可能出現的地緣政治不利因素。此次收購以資產收購的形式進行，對價約3850萬歐元。 MACOM將使用現有現金收購OMMIC的資產和營運。收購內容包括OMMIC現有的業務營運、智慧財產權、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.

我們預計該交易將在MACOM第二財季完成。但需要強調的是，該交易尚需獲得監管部門批准並滿足其他慣例成交條件。接下來，Jack將對我們的財務表現進行更詳細的分析。

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，大家早安。 2023財年第一季業績符合預期，營收環比成長，營業利潤率和每股盈餘均創歷史新高。第一季營收為1.801億美元，季增1%。環比成長主要得益於資料中心營收的小幅成長。

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.

從地理來看，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 財年第四季這一比例為 50%。第一財季對中國客戶的銷售額約佔 23%，而 2022 財年第四季和全年這一比例均約為 26%。

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，過去四個季度對歐洲客戶的銷售額約佔總銷售額的6%。正如史蒂夫所強調的，專注於提升該地區的收入是我們的戰略重點。調整後的毛利為1.127億美元，佔營收的62.6%，與上一季持平。正如我們之前討論過的，MACOM採用靈活的製造模式，充分利用我們在安娜堡的晶圓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.

這使我們能夠獲得一系列專有的領先工藝技術，並在商業週期變化時提供財務槓桿。經調整後的總營運支出為5,390萬美元，其中包括研發支出3,390萬美元及銷售、管理及行政支出2,000萬美元。

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，總營運費用較2022財年第四季季減60萬美元。第一財季調整後營業收入為5,880萬美元，高於第四財季的5,690萬美元。第一財季調整後營業利益率達到創紀錄的32.7%，高於第四財季的32%。我們正在嚴格控制營運費用，力求在保持獲利能力的同時，平衡業務投資。

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，隨著我們推出新產品並推動未來營收成長，我們營運模式的優勢將得以體現。第一財季的折舊費用為600萬美元，調整後EBITDA為6,490萬美元。過去12個月的調整後EBITDA為2.447億美元，而2022財年第四季為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.

經調整後，第一財季淨利息收入為100萬美元，高於第四財季的4萬美元。我們不斷增長的短期有價證券投資組合的更高回報，足以抵消浮動利率定期貸款相關利息支出的增加。

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.

我們第一財季調整後的非GAAP所得稅率維持在3%，導致約180萬美元的支出。第一財季的現金稅支出為30萬美元，略低於2022財年第四財季。我們預計2023財年剩餘時間和2024財年將維持3%的調整後所得稅率。

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.

第一財季調整後淨利為5800萬美元，而第四財季為5510萬美元。經調整後的每股盈餘（完全稀釋後）為0.81美元，股數為7,140萬股，而第四財季經調整後的每股盈餘為0.77美元。接下來分析資產負債表和現金流量表項目。

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.

我們第一季的應收帳款餘額為1.12億美元，高於上一財年第四季的1.016億美元。因此，應收帳款週轉天數為57天，而上一季為52天。應收帳款餘額較前期增加，主要原因是本季銷售額成長以及出貨時間表的調整。

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.

截至季末，庫存為1.213億美元，季增640萬美元。由於本季客戶要求推遲交貨，部分成品庫存略有增加。第一季庫存週轉率為2.2倍，較上一季的2.3倍略有下降。

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.

我們的庫存品質仍然強勁，由於客戶訂單減少和交貨時間縮短，我們預計隨著 2023 財年的推進，我們的淨庫存餘額將會減少。

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.

第一財季經營活動產生的現金流量約為3,830萬美元。正如我們在先前的電話會議中所提到的，由於營運資本項目的入帳時間，我們在9月份的季度中經歷了經營活動現金流量的大幅增長，而目前第一財季的數據則反映了較為溫和的經營活動現金流量水平。

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.

第一財季資本支出總額為960萬美元，高於上一季的770萬美元。我們計劃在未來幾季繼續進行資本支出投資，以擴大晶圓廠產能並提昇技術製程能力。我們仍預計2023財年的資本支出將在4,000萬美元左右。

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.

我們將繼續秉承以往的做法，謹慎管理資本支出，在投資新技術、製程開發能力和效率提升專案的同時，兼顧企業的整體獲利能力。除了積極爭取《晶片技術創新與生產法案》（CHIPS Act）的資金支持外，我還想強調，我們預計該法案將為部分在2023年1月1日之後投入使用的資本支出提供25%的先進製造業投資稅收抵免。

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.

這項稅收抵免將適用於某些符合資格的資本項目，我們預計相關抵免款項要到2024財年才能到賬。我們預計這些稅收抵免將隨著時間的推移抵扣折舊費用。因此，我們預期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.

截至2023年3月2日，公司第一財季的現金、現金等價物及短期投資為5.947億美元，高於2022財年第四財季的5.865億美元。第一財季的總槓桿率已降至2.5倍以下，淨負債也已降至1,000萬美元以下。此外，我想強調的是，在本季度，MACOM團隊開展了年度股東溝通活動，旨在更好地了解並與主要股東討論公司治理相關事宜，為2023年3月2日的年度股東大會做好準備。

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.

在把發言權交還給史蒂夫之前，我想先說明幾點。首先，我們第二季的業績預期包括將可自由支配支出削減約10%，其中包括降低浮動薪資、外部服務費和用品支出等等。透過這些措施，我們預計能夠維持健康的利潤率，並在整個商業週期中保持正現金流。

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合理的估值收購OMMIC位於歐洲的寶貴業務、其創新且差異化的技術以及敬業且才華橫溢的員工隊伍。短期內，從財務角度來看，OMMIC的收購應該不會對我們的營收或每股盈餘產生重大影響。

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，隨著我們對業務的持續投入，我們預期這將帶來成長和獲利機會，從而提升股東價值。我期待2023年，以及MACOM計畫在員工、工廠和流程方面的持續投資，同時也歡迎OMMIC團隊加入MACOM。現在，我將把發言權交還給Steve。

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.

謝謝傑克。 MACOM預計截至2023年3月31日的第二財季營收將在1.66億美元至1.7億美元之間。調整後毛利率預計介於61.5%至63.5%之間。基於7150萬股完全稀釋股份，調整後每股盈餘預計在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.

這份業績指引並未包含計畫收購OMMIC所帶來的任何收入貢獻或財務影響。我們預計第二季工業與國防以及資料中心業務的營收將較上季略有下降，其餘部分則來自電信業務的疲軟。正如我之前提到的，我們始終秉持著長期策略執行的理念。

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.

我們有信心在未來幾個月和幾年內繼續改善財務狀況並擴大市場份額。我們的產品組合比一年前更強大，我們有信心達到甚至超越既定目標。現在請操作員提問。

(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奎因·博爾頓和尼德姆的路線。

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?

祝賀貴公司2022年業績強勁。展望2023年上半年，顯然，由於需求疲軟和庫存調整，貴公司下調了3月的業績預期。您認為終端市場的庫存調整會持續多久？您認為這主要集中在上半年，下半年收入會開始復甦嗎？或者您能否對今年的營收走勢做出一些預測？

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。所以我們很難就客戶的庫存趨勢提供指導。因此，我認為我們很難給出準確的答案。這算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，當我們審視2023財年的剩餘業績，分析市場和積壓訂單並做出預測時，我們認為至少三大市場中的兩個將會成長。我們相信，研發、工業和國防市場將在今年持續成長。我們也相信，資料中心業務將繼續保持良好勢頭，並有望實現同比增長。

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.

我們最擔心的領域可能是電信業。眾所周知，我們在2022財年取得了非常強勁的成長，增幅高達30%。但今年，我們確實看到成長有所放緩。正如我在準備的演講稿中提到的，5G和寬頻市場目前表現疲軟，我們很難預測這些市場何時會好轉。另外，我想指出的是，總體而言，我們的許多市場都面臨著宏觀經濟的負面影響。因此，我們很難做出這些長期預測。希望我的回答能解答你的疑問，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。然後我想，無論是對史蒂夫還是傑克來說，從收購OMMIC的角度來看，他們似乎維持了生產運營，這筆費用包括運營3英寸晶圓廠的固定成本，以及一座閒置的6英寸晶圓廠。所以我想請您簡單介紹一下完成這筆交易的影響？聽起來，那座晶圓廠的收入足以基本抵銷維持營運的固定成本。我的理解對嗎？

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.

我認為沒錯。他們的整體營收佔比應該在我們總營收的1%到2%左右。所以目前這個數字非常低。正如我們之前討論的，我們的計劃不僅是拓展產品線，在全球範圍內推廣產品，還要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.

我們認為，透過以上種種努力，公司擁有巨大的成長潛力。我想特別強調一點──這是MACOM新管理團隊完成的首筆收購。我認為，投資人需要了解此次收購的理由。 OMMIC為MACOM帶來了我們目前所不具備的專業知識。

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，我們剛剛投產了0.14奈米或140奈米製程。 OMMIC正在研發100奈米、60奈米甚至40奈米製程。因此，他們在產品研發和生產方面比MACOM更勝一籌，而MACOM需要數年時間才能完成這些工作。

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，將OMMIC納入MACOM產品組合可以節省大量時間。其次，他們擁有極高的進入門檻。他們擁有令人難以置信的外延生長能力，這非常獨特。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，這將與我們正在進行的工作形成很好的互補。

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.

這項業務並非大宗商品業務。這些產品利潤率高，平均售價也高，我們將瞄準中小型細分市場。我們評估市場機會時，認為其規模約為1億美元（以銷售和市場規模計算）。因此，我們的目標是將這項目前勉強維持在盈虧平衡點附近的業務，並發展成為我們業務中不斷增長的獲利部分。這需要時間。但我們相信，一旦成功，我們將在毫米波頻段佔據領先地位，我們期待這一目標的實現。

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

下一個問題來自巴克萊銀行的湯姆·奧馬利。

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.

展望今年，您提到工業和國防業務相對強勁。我想您也應該聽到一些同行談到工業領域的疲軟。您能否談談您是否觀察到該領域的訂單模式有任何變化？其次，展望下一季度，營運支出明顯大幅下降，達到了您預期目標的中點。您能否解釋一下下降的原因？降幅相當大，貴公司過去在這方面一直做得很好，但我只是想了解為什麼下降速度如此之快。

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.

謝謝湯姆。那我先回答問題的第一部分，傑克再回答第二部分。如你所知，去年對於MACOM的工業和國防業務來說是創紀錄的一年。我相信2022財年第四季甚至可能是創紀錄的季度。我們看到持續的成長機會。這主要得益於我們在國防和工業領域的市場份額提升。在過去一兩年裡，我們一直在討論，我們相信從長遠來看，工業和國防將繼續是我們強勁的終端市場。所以我們認為我們在這個市場做了很多有益的事情。

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.

我們預計該市場全年將保持個位數低成長。就工業訂單模式而言，我認為肯定存在一些疲軟的領域。但總體而言，我們看到大型企業正在消耗庫存，而中小型企業則繼續保持較正常的訂貨頻率。

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.

在把營運支出（OpEx）的話題交給傑克之前，我想強調一點，正如我們在腳本中提到的，我們非常重視短期和長期財務表現。 MACOM團隊在華為被列入實體清單以及我們必須應對新冠疫情封鎖的那段時間裡，表現得非常出色。

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.

此外，我們還要應對宏觀全球問題和產業疲軟的現況。我們擁有一支非常優秀的團隊，隨時準備好應對各種問題，並力求防患於未然。這正是我們展望第二季並縮減部分支出的原因之一。我們對此早有準備，對當前的市場環境並不感到意外，並且正在採取措施應對這些問題。傑克可以就此補充一些細節。

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，為了進一步闡述這一點，並回答你關於支出的問題，湯姆，關鍵在於持續改善和維持業務獲利能力。這些一直是公司的關鍵特質，並且貫穿組織的各個層面。至於我提到的某些可自由支配的支出項目，這些都計入了營運費用。

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.

這也與我們第二季的績效指引中，從商品成本角度出發所做的一些工作息息相關。我在事先準備好的發言稿中提到了一些內容，包括外部服務、浮動薪酬以及用品等，但顯然，由於我們的營收略有下降，我們在整個公司範圍內採取了許多不同的措施。例如佣金也會減少。因此，有許多因素導致了這種情況。

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.

我認為還有一點，我們一直在審視業務，並持續評估組織的運作方式。我們確實進行了一些人員精簡，包括合併了一個小型設計中心。因此，這些因素也促成了您所提及的營運成本節約。

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

接下來的問題來自美國銀行的維韋克·阿亞。

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?

這裡是Blake Freeman，代表Vivek提問。我們僅從地理角度來看營收，根據您的發言，本季對中國客戶的銷售額似乎較上季下降了約10%。您能否量化一下第二季可能面臨的不利因素？或者，您能否就各地區的市場需求趨勢做一些分析？

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，我是傑克，布萊克。關於中國市場的收入，我們之前提到過，中國市場占我們總收入的23%，而第四季和整個財年這一比例為26%。所以下降幅度沒有你提到的那麼大，但我們覺得這方面值得一提。我把麥克風交給史蒂夫。

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，我補充一下。中國仍是MACOM的戰略市場。我們看到了許多成長機會，不僅包括我們的高性能類比產品、雷射和光波產品，還包括我們銷往中國工業市場的大量射頻和微波元件。中國還有一些新興市場，例如綠色能源和電動車。因此，我們一直在尋找機會，利用我們的技術來打入這些應用領域。

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.

既然你提到了地理位置的問題，我想再次強調，我們相信歐洲蘊藏著巨大的成長機會。在歐盟一些主要原始設備製造商 (OEM) 的後院建立製造工廠和晶圓廠，將有助於我們將歐洲的收入（目前約為 6%）提升至兩位數。

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?

明白了。我理解了。還有一個後續問題。在之前的電話會議中，我記得您提到過10億美元的營收目標。我們當時認為那是2025財年的目標。鑑於目前宏觀經濟疲軟——尤其是今天宏觀經濟疲軟——我想知道這個目標是否會有調整？

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，我們並沒有改變10億美元的目標。我們仍然有信心實現這個目標。正如我們之前所說，這是一個遠大的目標。我認為過去幾個月來真正發生變化的是，鑑於目前的情況，實現這個目標的時間表也發生了變化。我認為可以合理地假設，我們會推遲實現這10億美元營收的時間。因此，我們還沒有對此進行全面審查。我再強調一下這一點。

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.

我們的目標是透過非常詳盡的自下而上的分析所製定的，這通常與我們的策略規劃流程一致。因此，我預計在7月和8月完成這個週期後，我們將評估我們對2025財年和2026財年的預期。但正如您所說，可以合理地假設，當前的環境構成了不利因素，這必然會延緩目標的實現。

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

下一個問題來自 Harsh Kumar 和 Piper Sandler 的問題。

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.

我很欣賞你們為了維持獲利而嚴格控制營運成本的做法。作為投資者，我們對此非常讚賞。傑克和史蒂夫，我想問毛利率的問題。毛利率之前一直在穩步上升，但最近幾季卻一直徘徊在 62% 到 62.5% 之間。我知道你們有更高的目標和計劃。所以我想問一下，從中長期來看，有哪些因素可能有助於毛利率提升到 60% 左右（如果這是你們的目標）？另外，我還有一個後續問題。

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。那我先回答問題的第一部分，傑克可以補充。我認為我們目前的毛利率真實反映了我們現有的業務和產品組合。而我們將透過新產品開發推出價格較高的產品，把毛利率從60%左右提升到60%以上。

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，OMMIC 的整個產品組合就是一個很好的例子，這些產品是市場上頻率最高的，性能領先業界。我們預期，OMMIC 產品組合將是我們投資組合中能夠提升利潤率並帶來增值業務的典範。

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，正如我們剛才提到的，我們剛剛發布的140奈米GaN工藝，是一個價值3億美元的市場，我們將全力投入。我們相信，採用該工藝的最新產品將提升利潤率。因此，MACOM的核心理念是追求最高頻率、最高功率和最高資料速率。如果我們能夠保持這一優勢，並在我們所開發的市場和技術領域不斷突破，我們將成功提升利潤率。

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.

所以，從主題上講，這就是我們將要採取的方式——我不確定我們能否透過營運和執行方面的問題來提高利潤率。或許這方面還有進步空間。但進入下一階段的關鍵在於技術和差異化產品的實力。

Very helpful -- sorry...

非常有用——抱歉…

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.

哈什，補充一點，就我們先前的毛利率計算而言，我們對過去幾季的進展感到滿意。回顧過去七、八個季度，我們的毛利率一直高於60%，並且持續提升。我們採用靈活的生產模式，部分產品由內部生產，部分產品則外包給第三方，這為我們抵禦不同商業週期的影響提供了保障，也使我們能夠靈活調整產能。

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.

這樣就能在某種程度上保護我們的整體毛利率。從毛利率的角度來看，當我們審視我們的營運情況以及團隊在過去幾年中所做的所有貢獻時，我們感覺我們現在的處境要好得多，而且我們取得的這些進步將會在未來繼續下去。

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.

接下來，我想回應湯姆·奧馬利之前提出的問題。或許我可以換個方式問。在你們所處的這個核心工業領域，也就是硬派工業領域，很少有公司公開承認自身有任何弱點。

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.

其他大多數行業參與者都在指出消費疲軟的問題。所以我想了解一下，這是否與你們去年的成長有關，或者你們是否真的開始注意到一兩個客戶出現了一些問題，又或者問題的範圍更廣，以至於我們應該集中精力關注這方面，但我很好奇你們能否就此提供更多細節。

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。我認為這主要取決於MACOM的特定工業業務，這可能與為該行業提供微型控制器或大型ASIC晶片的一些行業領頭羊企業有所不同。所以，這是第一點。我認為您看到的是MACOM特有的業績表現。例如，我們的產品銷往門禁系統、感測器、醫療設備以及測試和測量等領域。因此，我認為這些市場對MACOM來說表現良好，我們預計這種勢頭將持續下去。但我們並不認為自己是真正的產業領頭羊。因此，我不認為我們偏離行業趨勢這一事實意味著什麼。

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

接下來的問題來自 Benchmark 公司的 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?

恭喜你們的執行。我想先問關於中國市場和需求方面的問題，之前也有人問過。但我想更深入地思考一下，隨著我們進入第二季度，甚至下半年，需求環境會如何變化，感覺中國市場的人員流動自由度會比較高。一旦我們克服了新冠疫情的影響，中國市場似乎很快就會反彈。我很好奇你們如何看待這種可能性，以及這是否會成為我們期待的利多因素？

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，謝謝你的提問。我們認為這是有可能的，而且可能有一些利多因素。但話雖如此，考慮到春節剛過，我們目前持較保守的態度。畢竟，大家還在陸續復工。

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.

我們一直在監測中國渠道的庫存水平，並發現了一些積極的趨勢。但坦白說，現在預測中國未來3到6個月的走勢還為時過早。不過，我認為中國市場有改善的潛力，但也存在著繼續維持低迷狀態的可能性。

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，我們應對這種情況的方法是繼續推出新產品。顯然，我們會專注於北美和歐洲市場。但同時，隨著中國市場真正開始開放，我們可以派遣越來越多的員工前往中國與客戶互動，我們認為這將真正推動MACOM實現更好的成長和更強勁的營收。

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.

新冠疫情的影響確實減緩並阻礙了我們與客戶直接互動的能力。目前，MACOM在中國擁有近100名員工，分佈在四個不同的城市。這些通常是銷售和應用中心，負責拜訪客戶。他們一直盡職盡責地保持著MACOM與客戶的聯繫，但我們也認為需要輪換業務拓展人員和應用工程師，以推動業務成長。因此，如果這項計劃在年中實施，我們相信會帶來正面的影響。

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.

顏色很棒。接下來，我可能需要跟進一下數據中心的情況，看看是否存在任何明顯的弱點或優勢，或者客戶反饋的任何信息，甚至是哪些方面有所改進或改進。我認為，如果能提供一些細節資訊就更好了。

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。關於今年資料中心業務的收入，我想重點說明一點，因為我們聽到了很多關於資料中心業務的負面消息，也看到了很多負面趨勢。但我們預計今年的營收會相當強勁，因為上個財年許多未能交付的產品將延續到本財年。這將為MACOM帶來成長機會。這其中就包括我們許多採用複雜封裝或基板材料的交叉點交換器。供應鏈正在改善，這有助於我們今年資料中心業務的收入成長。

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，總的來說，我們所採用的短距離、NRZ平台，無論是SR4 AOC或CWDM4等AOC，這些市場或應用都相對疲軟。不過，我們在PAM4業務的成長彌補了這一不足。例如，我們在DR1和SR4的PAM4應用方面都看到了可觀的成長。

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，我認為情況比較複雜。這主要取決於客戶，以及我們在該客戶中的定位。例如，去年我們參與了一個非常大的平台，一個DR4應用，但我們知道今年的收入預測中不會包含該平台的收入。因此，情況會隨著市場環境的變化以及哪些客戶正在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.

最後我想指出的是，我們普遍感覺到我們的客戶以及客戶的客戶那裡都存在大量庫存。因此，這也將對我們的許多電子設備、光碟燒錄機、驅動程式、TIA 等產品造成一定的不利影響。

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

接下來的問題來自 Stifel 的 Tore Svanberg。

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，我希望你能再詳細談談OMMIC以及目前的收入狀況。聽起來好像是一家年收入1000萬美元的公司。我是否可以認為它目前主要集中在衛星領域？隨著業務的成長，衛星領域還會是主要業務嗎？還是說你們也打算將這項技術應用到其他領域？

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.

好的。鑑於我們還沒最終敲定交易，我想謹慎一些，避免過度談論他們的業務細節。他們的網站上有很多信息，我建議大家去 ommic.com 看看。他們網站上列出了一些老客戶。

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.

根據公開消息，你會發現，這實際上是由衛星製造商以及一些北美和歐洲的國防OEM廠商組成的混合體。由於他們一直專注於3英寸頻段，因此他們的目標客戶通常是衛星、衛星製造商以及國防應用領域。展望未來，我們希望將他們引入高容量商業領域，包括MACOM目前已涉足的眾多市場，但並非更高頻段。

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.

記住，他們的產品可以工作在W波段。所以，這為公司提供了巨大的發展機會。你的想法是對的。總的來說，他們目前主要應用於衛星和國防領域。

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。或許我想問一個關於業務動態的問題。您提到本季營業額成長了約13%。我知道過去幾年市政工程業一直不太正常。但您預期未來業務的營業額成長幅度會在15%到20%之間嗎？您能否也談談，要達到三月季度業績指引的中點，需要多少營業額成長？

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，我們看到週轉業務有所成長。上個季度（也就是第一季之前的那個季度）的成長率為10%。而第一季則成長了13%。所以我們確實看到了周轉業務成長的趨勢。我們認為這源自於交貨週期和生產週期的縮短。許多客戶現在都在等待併購買，因為他們知道像MACOM這樣的供應商有庫存。因此，我們已經走出了先前的困境，客戶不再下達長週期訂單，而是回歸到更正常的生產模式。

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.

我們目前無法透露已完成多少百分比的訂單才能達到我們的目標。我想說的是，我們在分析積壓訂單方面，仍然沿用以往的方法，對本季預計的訂單量和出貨量進行預測。因此，我們看到訂單出貨比呈上升趨勢，我們認為這是一個好兆頭。我還要強調一點——我認為這一點很重要——那就是我們上個財年的訂單表現非常出色，2022財年的訂單出貨比達到了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.

大家都知道，第四季我們的訂單出貨比是1，上個季度是0.9。所以，就我們的積壓訂單而言，我們處於非常有利的地位。我們沒有消費品業務。我們前十大客戶的收入約佔總收入的30%，且沒有佔比超過10%的大客戶。而且沒有任何單一產品的收入佔比超過2%。因此，我們的業務確實非常多元化。我認為這一點很重要。

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

接下來的問題來自考恩的馬特拉姆齊。

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.

我是 Sean O'Loughlin，替 Matt 發言。恭喜您本季業績出色。我想就您提到的 GaN-on-SiC 製程進行更深入的探討。首先，恭喜您成功完成這項工藝。關於 3 億美元的長期市場機會，我知道這指的是長期潛在市場。但如果您能調整最初的預期，例如實現營收所需的時間，以及逐步擴大規模以抓住這個機會的過程，那就太好了。

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。我們確定的這3億美元的SAM專案主要與國防相關——航空航太和國防領域，其次是衛星通訊市場，包括上行鏈路、下行鏈路和衛星間通訊。這些是我們重點關注的市場。您也知道，國防市場是一個發展緩慢的市場。因此，我們需要時間來贏得設計訂單，並將技術轉化為產品收入。考慮到今年的情況，我們做了一些建模，今天正式宣布，我們本月開始進行抽樣調查。

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會開始出現少量收入，並持續到2024財年初。因此，今年不會有實質貢獻。這其實是2024和2025財年的成長機會。至於具體數字，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，很有道理，非常有幫助。接下來或許可以談談氮化鎵領域的其他面向。我想問一個關於電信業的更廣泛的長期問題。聽起來2023年會是艱難的一年，但您的一位同行提到，氮化鎵在射頻功率領域的轉型可能正在加速，並且比LDMOS更具優勢。我想知道您是否也觀察到了類似的趨勢，以及這會對您未來的發展機會產生怎樣的影響。

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.

沒錯。如果真是這樣，無疑會支持MACOM的策略。我們目前不銷售LDMOS，而是專注於砷化鎵、HBT、pHEMT，當然還有GaN。因此，不同市場領域的關注點各不相同——我認為這對MACOM來說是一件好事。我還想強調一點，當我們審視GaN的整體市場機會時，會發現它涵蓋了商業和通訊領域以及工業和國防領域。我們認為這兩個市場的規模大致相當，但利潤主要集中在國防領域，而我們也正全力投入其中。

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

接下來的問題來自 Evercore 樂團的 C.J. Muse。

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?

我希望您能談談週期性指標。我想，當您考慮這三個不同的業務部門以及每個部門內部的子業務時，您是如何看待交貨週期和積壓訂單的正常化的？我想，一旦我們完成庫存調整並解決任何可能的短缺問題，正常的可見性會是什麼樣子？

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.

好的，謝謝你的提問。由於我們的產品組合和技術都非常多元化，很難用一句話來概括。如你所知，我們生產的產品涵蓋了從雙端二極體到PAM4 DSP等各種類型。因此，不同產品的生產週期、測試時間和後端開發時間都存在很大差異，我們的客戶也了解這一點。所以，根據我們產品銷售地區的不同，客戶的訂購模式也會有所不同。

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.

所以當我們想到「規範化」——一個規範化的環境——的時候，我覺得在這裡很難解釋清楚。因此，我不太確定我能否具體回答你的問題。

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?

我想問的是，你對 2023 年相對樂觀的看法，有多少是基於目前的積壓訂單情況，又有多少是基於其他因素？

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.

所以我覺得不一定取決於積壓訂單。它是基於對市場的觀察，因為我們仍然需要獲得相當數量的訂單才能實現既定目標。因此，我們採用由下而上的銷售預測方法，透過識別客戶、項目和零件編號，並與客戶溝通，了解他們未來的需求，從而做出相應的假設。

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.

所以，當我們談到財年業績時，我們指的是整個財年的數據，而不僅僅是積壓訂單。隨著時間的推移，正如您所想，風險也會增加，這也是我們通常不提供全年業績指引的原因之一。顯然，在當前環境下，我認為提供全年業績指引會更加困難。

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

下一個問題來自理查德·香農和克雷格的連線。

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，或許我們可以深入探討電信業務的問題。我正在查閱筆記，希望我沒記錯，這裡提到的5G和寬頻領域存在一些弱點。我只是想確認一下，你是否在電信業務的其他領域也發現了類似的弱點？另外，在5G和寬頻這兩個較弱的細分市場中，你是否觀察到不同的動態，例如客戶活躍度、庫存水平，或對這些業務何時恢復正常營運的預期？

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

好的。所以我想說，如果我理解沒錯的話，我們是不是在連貫性方面看到了弱點？這就是你的問題嗎？

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

是的，我想知道如果我們——是的，那個數字是否會更高。

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.

我認為我們確實看到一些疲軟的跡象，這主要是由於庫存調整造成的。而當我們審視5G和寬頻的疲軟時，就會發現它們的情況截然不同，市場也大相徑庭，尤其是在寬頻領域，我們有很多有線電視客戶，我們認為他們擁有大量的庫存，這才是寬頻疲軟的真正原因。

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.

而在 5G 方面，我們認為主要客戶的庫存正在減少，主要集中在射頻方面，也就是前端——例如前端模組或擴大機。

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，太好了。關於營運支出（OpEx）這個主題，我可能錯過了您剛才提到的重點，您提到三月份季度會有一些削減措施。聽起來主要是結構性調整。所以我想確認一下是否確實如此。另外，從絕對美元金額來看，今年剩餘時間我們是否會看到某種趨勢？

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，這位是傑克。我想說，大部分項目並非結構性支出。我們第一季的業績指引中確實包含一些結構性支出，但從營運支出的角度來看，這些支出較多屬於可自由支配的範疇。因此，展望未來，隨著部分可自由支配計畫被推遲到未來時期，支出將會出現一定程度的回升。但無論如何，我們希望確保在各項工作中保持適當的獲利水準。因此，我們將謹慎對待未來的所有支出。

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.

我目前沒有其他問題。現在我想把電話交還給史蒂夫·戴利先生，請他作總結發言。

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，我要感謝全體員工在過去一個季度的貢獻。我們期待完成此次收購，並歡迎 OMMIC 團隊加入 MACOM。祝您愉快。

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。感謝各位的參與。現在可以斷開連線了。