MACOM Technology Solutions Holdings Inc (MTSI) 2023 Q2 法說會逐字稿

Welcome to MACOM's Second Fiscal Quarter 2023 Conference Call. This call is being recorded today, Thursday, May 4, 2023.

歡迎參加 MACOM 2023 財年第二季電話會議。本次電話會議於 2023 年 5 月 4 日星期四進行錄音。

(Operator Instructions)

（操作說明）

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

現在我將把電話轉給MACOM公司負責策略計畫和投資者關係的副總裁史蒂夫·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 second 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. For more detailed discussions 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.

謝謝奧莉維亞。早安，歡迎參加我們關於MACOM 2023財年第二季財務業績的電話會議。我想提醒各位，我們今天的討論將包含前瞻性陳述，這些陳述受制於1995年《私人證券訴訟改革法案》中關於前瞻性陳述的「安全港」條款所定義的某些風險和不確定性。實際結果可能與今天討論的內容有重大差異。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。管理層在本次電話會議中的發言還將包括對某些經調整的非GAAP財務資訊的討論。

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

公司新聞稿及今天提交給美國證券交易委員會（SEC）的8-K表格中提供了GAAP與調整後非GAAP業績的調節表。接下來，我將把電話會議交給MACOM總裁兼執行長史蒂夫·戴利。

Thank you, and good morning.

謝謝，早安。

I will begin today's call with a general update. After that, Jack Kober, our Chief Financial Officer, will provide a more in-depth review of our results for the second quarter of fiscal 2023. When Jack is finished, I will provide revenue and earnings guidance for our third fiscal quarter, and then we will be happy to take some questions. Revenue for our second quarter of fiscal 2023 was $169.4 million and adjusted EPS was $0.79 per diluted share. Cash flow from operations was approximately $33 million, and we ended the quarter with $577 million in cash in short-term investments on our balance sheet.

今天的電話會議首先會作總體匯報。之後，我們的財務長傑克‧科伯(Jack Kober)將對2023財年第二季的業績進行更深入的分析。傑克報告完畢後，我將提供第三財季的營收和獲利預期，之後我們將回答各位的問題。 2023財年第二季度，我們的營收為1.694億美元，調整後每股攤薄收益為0.79美元。經營活動產生的現金流量約為3,300萬美元，季末，我們資產負債表上的短期投資現金餘額為5.77億美元。

Overall, our team did an excellent job on execution to meet our business and financial targets. Our book-to-bill ratio for Q2 was 0.5, which was well below our expectations. In our turns business, or revenue booked and shipped within the quarter, was approximately 9% of our total revenue, also lower than expected. Despite the weak Q2 bookings, our backlog remains strong as 7 of the 9 past quarters have had greater than 1 book-to-bill ratios and our book-to-bill ratio for the full year FY '22 was 1.1.

總體而言，我們的團隊在執行方面表現出色，實現了業務和財務目標。第二季的訂單出貨比為0.5，遠低於預期。當季已完成的訂單（即已預訂並已出貨的收入）約佔總收入的9%，也低於預期。儘管第二季訂單疲軟，但我們的積壓訂單依然強勁，過去九季中有七季的訂單出貨比均高於1，2022財年全年的訂單出貨比為1.1。

Given the extraordinarily weak Q2 bookings, I thought it would be helpful to discuss the current order trends and address a series of important questions. First, were we surprised with the weak Q2 bookings. As discussed on last -- on our last earnings call, we had anticipated that bookings would be weak in Q2. However, our actual bookings were approximately $40 million below our internal forecast. So while we expected some softness, we did not expect the magnitude of weakness in the number of cancellations that occurred during the quarter. What caused the weak bookings, we believe a combination of excess customer and channel inventory as well as pockets of short-term end demand weakness. What markets have the most inventory. We believe our data center, networking and 5G infrastructure customers and the associated sales channels continue to have high levels of inventory.

鑑於第二季訂單量異常疲軟，我認為有必要探討當前的訂單趨勢並解答一系列重要問題。首先，我們是否對第二季疲軟的訂單量感到驚訝？正如我們在上次財報電話會議上所討論的，我們預計第二季的訂單量會比較疲軟。然而，實際訂單量比我們內部預測低了約4000萬美元。因此，雖然我們預料到訂單量會有所下降，但並未預料到本季會出現如此嚴重的訂單取消。至於訂單量疲軟的原因，我們認為是因為客戶和通路庫存過剩，以及部分地區短期終端需求疲軟。哪些市場的庫存量最大？我們認為，我們的資料中心、網路和5G基礎設施客戶以及相關銷售管道的庫存水準仍然很高。

Additionally, some of our cable broadband customers have significant levels of inventory, and they will not be ordering more products for at least a couple of quarters. Most of these customers placed large orders in FY '21 or FY '22 to lock in capacity and to minimize the risk of supply chain interruption. As supply constraints have been resolved, many of these customers find themselves with excess inventory and therefore, are delaying new orders or asking to push out or cancel certain backlog. Are any of our target end markets slowing down?

此外，我們的部分有線寬頻客戶庫存量較大，至少在接下來的幾季內不會再訂購新產品。這些客戶大多在2021財年或2022財年下了大訂單，以鎖定產能並最大限度地降低供應鏈中斷的風險。隨著供應限制的解除，許多客戶發現自己庫存過剩，因此推遲了新訂單，或要求推遲或取消部分積壓訂單。我們的目標終端市場是否有任何成長放緩？

We believe there is end demand slowdown in certain parts of the data center and telecommunication markets. For example, our customers that manufacture optical transceivers for the U.S.-based cloud ISPs, are telling us they expect to receive new volume production orders but only at 60% to 70% of the prior year's levels.

我們認為資料中心和電信市場某些領域的終端需求正在放緩。例如，我們為美國雲端網路服務供應商 (ISP) 生產光收發器的客戶告訴我們，他們預計會收到新的大量生產訂單，但只有去年同期水準的 60% 到 70%。

We also believe that China PON market demand is currently weak compared to last year. somewhat offset by moderate support for XGS-PON for the U.S. and European markets. We do not see any slowdowns in defense opportunities or end demand. Are there any notable MACOM-specific issues causing the weak bookings. With the exception of the timing of DoD orders, we believe the weakness is excess inventory and/or short-term end demand related. As MACOM losing market share, we do not believe we have lost market share or have lost any major customers or programs.

我們也認為，與去年相比，中國PON市場需求目前較為疲軟，但美國和歐洲市場對XGS-PON的適度需求在一定程度上抵消了這種疲軟。我們並未看到國防領域的機會或終端需求有任何放緩跡象。是否存在任何MACOM特有的問題導致訂單疲軟？除了國防部訂單的時間表外，我們認為疲軟的原因在於庫存過剩和/或短期終端需求。儘管MACOM的市場份額有所下降，但我們認為我們並未失去市場份額，也沒有失去任何重要客戶或專案。

Most of our design wins are sole-source sockets based on our products' performance. Additionally, our design-in activity is strong and the interest in our newest products, very high. Given the weakness in Q2 bookings, what is our outlook for Q3 and Q4. We have identified which major programs and associated orders are delayed, reduced in scale or canceled. We believe it will take time for customer and channel inventory to return to normal levels Therefore, we expect bookings to remain relatively weak in the next 1 or 2 quarters.

我們的設計訂單大多是基於我們產品性能的獨家供貨插座。此外，我們的產品導入活動十分活躍，市場對我們最新產品的關注度也很高。鑑於第二季訂單疲軟，我們對第三季和第四季的展望如何？我們已確定了哪些主要項目及相關訂單被推遲、縮減規模或取消。我們認為客戶和通路庫存需要一段時間才能恢復到正常水準。因此，我們預計未來一到兩個季度訂單量仍將相對疲軟。

That said, we do expect booking trends will begin to improve in Q3. Where is end demand strong for MACOM, defense, medical, avionics, satellite communications and high-performance compute remain strong. Further, we are confident that our growth potential continues to improve. We have been expanding our SAM and our latest products are compelling. The near-term weakness should not be confused with the long-term secular growth potential in our 3 core end markets.

儘管如此，我們預計第三季的預訂趨勢將開始好轉。 MACOM、國防、醫療、航空電子、衛星通訊和高效能運算等領域的終端需求仍然強勁。此外，我們對自身的成長潛力充滿信心。我們一直在拓展SAM業務，並且我們最新的產品極具吸引力。短期疲軟不應與我們三大核心終端市場的長期成長潛力混淆。

In summary, the Q2 bookings do not reflect the strength and the depth of MACOM's portfolio and our long-term growth potential. I hope this extra detail on bookings helps investors understand the current market environment. Turning to our end markets for fiscal Q2. Industrial and defense revenue was $77.2 million, flat sequentially. Telecom was $53.9 million, down 12.3% sequentially and data center was $38.3 million, down 7.6% sequentially. I'll note that both IND and data center revenues are up year-over-year and telecom is down year-over-year. Within Telecom, North America, China and Korea have led in 5G deployments thus far as the number of 5G subscribers increases, additional network densification and capacity expansion will be required to support the associated increase in traffic. Based on these factors, we do believe 5G will remain a growth opportunity over the next few years, and we will continue to invest in penetrating this market.

總而言之，第二季的訂單量未能反映MACOM產品組合的實力和深度，以及我們的長期成長潛力。我希望這些關於訂單量的補充資訊能夠幫助投資者更好地了解當前的市場環境。接下來我們來看看第二財季的終端市場狀況。工業和國防業務收入為7,720萬美元，與上一季持平。電信業務收入為5,390萬美元，季減12.3%；資料中心業務收入為3,830萬美元，季減7.6%。需要指出的是，工業和資料中心業務收入均較去年同期成長，而電信業務收入較去年同期下降。在電信業務方面，北美、中國和韓國目前在5G部署方面處於領先地位。隨著5G用戶數量的成長，需要進一步提高網路密度和擴展容量以支援相應的流量成長。基於這些因素，我們相信5G在未來幾年仍將是個成長機會，我們將繼續投資以拓展這個市場。

Additionally, within our telecom market, fiber-based broadband access networks continue to increase globally, displacing copper and coax based networks, fiber-to-the-home deployments create a very large high-volume market with the total unit shipments of 2.5G and 10G PON approaching 100 million units annually, representing a sizable opportunity for MACOM over the next few years.

此外，在我們的電信市場中，基於光纖的寬頻存取網路在全球範圍內持續增長，取代了基於銅纜和同軸電纜的網絡，光纖到戶的部署創造了一個非常龐大的高銷量市場，2.5G 和 10G PON 的總出貨量每年接近 1 億台，這在未來幾年為 MACOM 帶來了巨大的機會。

Satellite-based broadband networks are seeing a resurgence as a viable alternative or supplement to terrestrial-based systems, Lower [Earth] Orbit, or LEO, satellites configured with mesh network architectures are making global broadband coverage a reality. Constellations announced by SpaceX, OneWeb, Amazon, Kuiper and Telesat will drive demand for thousands of new LEO satellites over the next few years. To support these systems, new ground station infrastructure is being built along with the associated backhaul fiber network. All of these RF and microwave platforms play directly to MACOM's strengths.

基於衛星的寬頻網路正重新崛起，成為地面系統的可行替代方案或補充方案。低地球軌道（LEO）衛星採用網狀網路架構，正使全球寬頻覆蓋成為現實。 SpaceX、OneWeb、亞馬遜、Kuiper 和 Telesat 等公司宣布的星座計畫將在未來幾年內推動對數千顆新型 LEO 衛星的需求。為了支援這些系統，新的地面站基礎設施以及相關的回程光纖網路正在建設中。所有這些射頻和微波平台都與 MACOM 的優勢直接契合。

Turning to the data center. We see new trends emerging fueled by growing bandwidth demand. Today, hyperscale operators are in the early stages of 400G and 800G deployments and 1.6T is following closely behind. The technical challenges for high-speed mixed-signal ICs in systems designed associated with these higher-speed nodes grows more complex with each successive generation. This has a number of positive implications for our business, artificial intelligence and machine learning are just beginning to be deployed, which will drive the next wave of growth within the data center.

轉向數據中心領域。我們看到，在頻寬需求不斷增長的推動下，新的趨勢正在湧現。如今，超大規模營運商正處於400G和800G部署的早期階段，1.6T也緊隨其後。隨著每一代技術的進步，與這些高速節點相關的系統中高速混合訊號積體電路的技術挑戰也日益複雜。這對我們的業務有著許多正面影響，人工智慧和機器學習的部署才剛起步，這將推動資料中心的下一波成長浪潮。

Finally, we see the defense market as a growth opportunity for MACOM in so many areas. Radar, communication systems and electronic warfare requirements across space, airborne, shipborne and ground-based platforms can drive significant growth for our type of semiconductor products.

最後，我們認為國防市場在許多領域為MACOM帶來了成長機會。無論是太空、空中、艦載或地面平台，雷達、通訊系統和電子戰等方面的需求都能顯著推動我們這類半導體產品的成長。

In summary, our target markets contain significant growth drivers, and we believe our differentiated technology will provide MACOM a competitive advantage to capture market share. I'd like to review some major accomplishments across the business during Q2. As previously announced, we released 2 production, our 0.14 GaN on silicon carbide semiconductor process. Today, we have approximately 20 new mimic designs being processed in the Fab. Initially, the target applications will be high-volume shipborne and airborne radar programs and various SATCOM and telecommunication systems.

總而言之，我們的目標市場蘊藏著巨大的成長潛力，我們相信，我們差異化的技術將為MACOM帶來競爭優勢，進而贏得市場佔有率。我想回顧一下公司在第二季度取得的一些主要成就。正如先前宣布的那樣，我們發布了兩項量產計劃，即0.14 GaN/碳化矽半導體製程。目前，我們晶圓廠正在處理大約20種新的類比裝置設計。初期，目標應用領域將是高產量艦載和機載雷達項目以及各種衛星通訊和電信系統。

On a related note, our Fab equipment team has recently completed the installation of a new backside via ETCH tool and an Atomic Layer Deposition or ALD tool to support this and other next-generation GaN processes. During the quarter, we made our first production shipments from our new Bulk Acoustic Wave, or BAW, filter product line. Our BAW growth strategy is to focus on high-performance applications in industrial telecommunications and defense applications. In March, our technical team successfully demonstrated the performance of a newly designed high-power transmitter subarray panel.

此外，我們的晶圓廠設備團隊近期完成了新型背面通孔蝕刻（ETCH）設備和原子層沉積（ALD）設備的安裝，以支援這項以及其他下一代氮化鎵（GaN）製程。本季度，我們完成了新型體聲波（BAW）濾波器產品線的首批產品出貨。我們的BAW成長策略是專注於工業通訊和國防領域的高性能應用。 3月份，我們的技術團隊成功展示了新設計的高功率發射機子陣列面板的性能。

This was an important contract milestone, and we will now begin work on the full array. We expect this program will lead to similar opportunities in the next 12 to 24 months. Notably, this transmitter is designed with almost 100% MACOM RF content.

這是合約中的一個重要里程碑，我們現在將開始整個陣列的建造工作。我們預計該計畫將在未來12至24個月內帶來類似的合作機會。值得一提的是，這款發射機幾乎100%採用了MACOM的射頻元件。

A few trends in the data center market include we are seeing demand -- a demand decline for NRZ products as new systems are moving, boring more to PAM4. Covering product demand for 100G AOCs as well as 100G CWDM4 and LR4 is weak. We expect this to continue for 1 or 2 more quarters. We are seeing strengthening production demand and growth in 100G DR1, 400G and 800G. Most of this demand is supporting AI and high-performance computing applications. During the past few months, we have secured numerous design wins for laser drivers and TIAs for 400G-ZR and ZR light to support coherent systems for data center campus applications. And a few notable items on the RF power products, we have been selected by a Tier 1 defense prime to support an L-band radar program with a custom-designed amplifier subassembly. We expect this large program will begin to ramp production within the next 6 months.

資料中心市場的一些趨勢包括：隨著新系統轉向PAM4，NRZ產品的需求有所下降；100G AOC、100G CWDM4和LR4的覆蓋率較低，預計這種情況將持續一到兩個季度。 100G DR1、400G和800G的生產需求和成長勢頭強勁，其中大部分需求用於支援人工智慧和高效能運算應用。過去幾個月，我們獲得了多個雷射驅動器和TIA的設計訂單，用於400G-ZR和ZR光，以支援資料中心園區應用的相干系統。此外，在射頻功率產品方面也有值得關注的消息：我們被一家一級國防承包商選中，為其L波段雷達專案提供客製化設計的放大器子組件。我們預計這個大型計畫將在未來6個月內開始量產。

We expanded our pure carbide portfolio to include products specifically designed for industrial, RF power cooking and heating applications and STMicroelectronics delivered FET devices from its newly qualified GaN on silicon process. This material will enable us to design our next-generation GaN silicon amplifier products to support low power and lower-cost RF amplifier applications. And during Q2, we received numerous initial orders that have significant long-term revenue potential, including an IC design contract to support a long-range automotive FMCW, LiDAR application, a pilot order from a Tier 1 base station OEM for a new 5G massive MIMO front-end module, and initial diode orders from both Japanese and German customers to support their new tactical radio production programs.

我們擴展了純碳化物產品組合，新增了專為工業、射頻功率烹飪和加熱應用而設計的產品。此外，義法半導體（STMicroelectronics）交付了採用其新近經認證的矽基氮化鎵（GaN on Silicon）製程生產的場效電晶體（FET）元件。這種材料將使我們能夠設計下一代氮化鎵矽放大器產品，以支援低功耗和低成本的射頻放大器應用。第二季度，我們收到了許多具有巨大長期營收潛力的初始訂單，其中包括一份用於支援遠程汽車調頻連續波（FMCW）雷射雷達應用的集成電路設計合約、來自一家一級基地台原始設備製造商（OEM）的新型5G大規模MIMO前端模組的試點訂單，以及來自日本和德國客戶的二極管初始訂單，以支援他們新的戰術生產項目。

In March, we attended the Optical Fiber Conference, or OFC, where we highlighted our newest products and hosted 8 live product demonstrations at our booth. One demonstration, which gained a lot of attention was our linear drive products that support single mode and multimode PAM4 architectures at 800G. The linear drive architecture enables power savings compared to retime solutions and a significant cost reduction due to the elimination of the DSP chip from the optical module.

三月份，我們參加了光纖通訊大會（OFC），並在展位上重點展示了我們的最新產品，並進行了八場現場產品演示。其中，我們支援800G單模和多模PAM4架構的線性驅動產品展示備受矚目。與重定時解決方案相比，線性驅動架構不僅節省了功耗，而且由於光模組中無需DSP晶片，顯著降低了成本。

Our demonstration showcased 800G link performance and interoperability with Broadcom's Tomahawk 5 switch using OSFP modules designed by Eoptolink , Hisense and Cloud Light. The demonstrations confirmed to post FEC error-free operation with multiple orders of magnitude margin over the standards requirements. Additionally, we demonstrated NVIDIA's 800G modules, which we believe will be ideal for applications like artificial intelligence, machine learning and high-performance computing.

我們的示範展示了使用Eoptolink、海信和Cloud Light設計的OSFP模組，在博通Tomahawk 5交換器上實現800G連結的效能和互通性。演示證實，在FEC後，鏈路能夠無誤碼運行，且性能遠超標準要求。此外，我們也展示了NVIDIA的800G模組，我們相信這些模組非常適合人工智慧、機器學習和高效能運算等應用。

The linear drive architecture is protocol independent and can support InfiniBand, Ethernet as well as other low-latency interconnects. We believe our first-to-market linear drive products and associated intellectual property positioned us for growth as this new architecture is adopted.

線性驅動架構與協定無關，可支援 InfiniBand、乙太網路以及其他低延遲互連。我們相信，我們率先推出的線性驅動產品及其相關智慧財產權，將使我們在這項新架構被廣泛採用的過程中，佔據有利的成長地位。

Before I turn the discussion over to Jack, I would like to review 2 recent acquisitions. In early March, we completed the acquisition of Linearizer Communications Group, a private company located in Hamilton, New Jersey. Linearizer is expert in microwave pre-distortion linearization, microwave electronics for satellite payloads and microwave photonic subsystems, or RF over fiber for defense applications. Linearizer are designed and manufactures custom products for space, SATCOM and defense customers. Their customers are primarily U.S.-based, and the revenues will be reported as part of our industrial and defense and telecommunication market segments.

在將討論交給傑克之前，我想先回顧一下我們最近的兩項收購。 3月初，我們完成了Linearizer Communications Group的收購，這是一家位於新澤西州漢密爾頓的私人公司。 Linearizer在微波預失真線性化、衛星有效載荷微波電子裝置、微波光子子系統以及用於國防應用的射頻光纖傳輸等領域擁有豐富的經驗。 Linearizer為航太、衛星通訊和國防領域的客戶設計和製造客製化產品。他們的客戶主要位於美國，其收入將計入我們的工業、國防和電信市場板塊。

I'm excited to welcome the entire Linearizer team to MACOM. Linearizer is a well-run, profitable business with great management, great employees, great technology and customers and a 31-year track record of success. By combining our proprietary semiconductor technology with their component and subsystem design expertise, we can create even more differentiated solutions for our combined customers and further penetrate the relevant markets.

我非常高興地歡迎Linearizer團隊加入MACOM。 Linearizer是一家營運良好、獲利能力強的企業，擁有優秀的管理團隊、傑出的員工、先進的技術和客戶，以及31年的成功業績。透過將我們專有的半導體技術與他們豐富的元件和子系統設計經驗相結合，我們可以為雙方的客戶創造更具差異化的解決方案，並進一步拓展相關市場。

Together, we make a powerful combination. And in January, we announced a definitive agreement to acquire the assets of OMMIC, a semiconductor manufacturer located outside of Paris, France. The transaction has a few more hurdles to clear. And currently, we expect to close in our fiscal third quarter. This acquisition of key manufacturing capabilities and technologies will expand our millimeter wave frequency gas and GaN portfolio, increase our wafer manufacturing capacity with an operational 3-inch and idle 6-inch production line add epitaxial growth expertise, bolster our European presence and strengthen our Mimics semiconductor process and IC design teams.

我們強強聯合，實力更強大。今年1月，我們宣布達成最終協議，收購位於法國巴黎郊外的半導體製造商OMMIC的資產。該交易目前還有一些障礙需要克服，預計在本財年第三季完成。此次收購將拓展我們在毫米波頻率氣體和氮化鎵（GaN）領域的業務組合，透過一條已投入運營的3英寸晶圓生產線和一條閒置的6英寸晶圓生產線提升我們的晶圓製造能力，增強我們的外延生長技術實力，鞏固我們在歐洲的業務，並加強我們的Mimics半導體設計能力，增強電路和集成電路團隊。

This acquisition supports our strategic goal to establish a leadership position in very high frequency, semiconductor mimic processes and products. Jack will now provide a more detailed review of our financial results.

此次收購有助於我們實現策略目標，即在超高頻半導體模擬製程和產品領域確立領先地位。傑克接下來將對我們的財務表現進行更詳細的分析。

Thanks, Steve, and good morning, everyone. Our results for the second quarter of fiscal 2023 were in line with our guidance for the period. Revenue for the second quarter was $169.4 million, down 6% quarter-over-quarter. The sequential decrease was driven mostly by the telecom end market as well as a decrease in the data center market. On a geographic basis, sales to domestic customers represented approximately 49% of revenue, flat sequentially. Sales to China-based customers represented approximately 20%, down from 23% in our fiscal first quarter. Sales to Europe-based customers over the past 4 quarters approximate 7% of our revenue, and we are focused on growing sales in this region.

謝謝史蒂夫，大家早安。我們2023財年第二季的業績與預期相符。第二季營收為1.694億美元，季減6%。環比下降主要受電信終端市場和資料中心市場下滑的影響。從地理來看，國內客戶的銷售額約佔總營收的49%，與上一季持平。中國客戶的銷售額約佔總營收的20%，低於第一季的23%。過去四個季度，歐洲客戶的銷售額約佔總營收的7%，我們正致力於拓展該地區的銷售業務。

Adjusted gross profit was $105.2 million or 62.1% of revenue, down 50 basis points sequentially. Total adjusted operating expense was $48.6 million, consisting of R&D expense of $31.3 million and SG&A expense of $17.3 million. Total operating expenses, as anticipated, were sequentially down by $5.3 million due to lower variable compensation, professional fees and discretionary spend.

調整後的毛利為1.052億美元，佔營收的62.1%，季減50個基點。經調整後的總營運支出為4,860萬美元，其中包括研發支出3,130萬美元及銷售、管理及行政費用1,730萬美元。如預期，由於可變薪酬、專業費用和可自由支配支出減少，總營運支出較上季下降530萬美元。

Adjusted operating income in fiscal Q2 was $56.6 million down from $58.8 million in fiscal Q1. Adjusted operating margin was 33.4% for fiscal Q2 sequentially up from fiscal -- from 32.7% in Q1. Our higher adjusted operating margin compared to fiscal Q1 demonstrates the flexibility in our operating model as we continue to manage internal investments to changes in business cycles.

第二財季調整後營業收入為5,660萬美元，低於第一財季的5,880萬美元。第二財季調整後營業利益率為33.4%，較上季上升，高於第一財季的32.7%。與第一財季相比，我們更高的調整後營業利潤率反映了我們營運模式的靈活性，我們將繼續根據商業週期的變化調整內部投資。

Depreciation expense for fiscal Q2 was $5.8 million and adjusted EBITDA was $62.3 million. Trailing 12 months adjusted EBITDA was $250.3 million compared to $244.7 million in Q1 fiscal 2023. Adjusted net interest income for fiscal Q2 was $2 million, up roughly $1 million from fiscal Q1 on higher investment portfolio returns.

第二財季折舊費用為580萬美元，調整後EBITDA為6,230萬美元。過去12個月的調整後EBITDA為2.503億美元，而2023財年第一季為2.447億美元。第二財季調整後淨利息收入為200萬美元，較第一財季增加約100萬美元，主要得益於投資組合收益的提高。

Our adjusted non-GAAP income tax rate in fiscal Q2 remained at 3% and resulted in an expense of approximately $1.8 million. Our cash tax payments were $1.4 million up from $300,000 in the first quarter of fiscal 2023. We expect our adjusted income tax rate to remain at 3% for the remainder of fiscal year 2023 and into fiscal year 2024. Fiscal Q2 adjusted net income was $56.7 million compared to $58 million in fiscal Q1. Adjusted earnings per fully diluted share was $0.79 utilizing a share count of 71.4 million shares compared to $0.81 of adjusted earnings per share in fiscal Q1.

第二財季調整後的非GAAP所得稅率維持在3%，導致約180萬美元的稅金支出。現金稅支出為140萬美元，高於2023財年第一季的30萬美元。我們預計調整後的所得稅率將在2023財年剩餘時間和2024財年繼續維持在3%。第二財季調整後淨利為5,670萬美元，而第一財季為5,800萬美元。基於7,140萬股的股數，調整後的每股盈餘為0.79美元，而第一財季調整後的每股盈餘為0.81美元。

Now moving on to balance sheet and cash flow items. Our accounts receivable balance was $121.8 million, up from $112 million in fiscal Q1. As a result, days sales outstanding were 65 days compared to 57 days in the prior quarter. The increase in accounts receivable is primarily due to shipment linearity with the majority of our shipments occurring later in the quarter as well as AR from the Linearizer acquisition. Inventories were $131.9 million at quarter end, up by $10.5 million sequentially, primarily due to additional inventory in connection with the Linearizer acquisition. Inventory turns were 2x in Q2, down slightly on a sequential basis from 2.2x in the prior quarter.

接下來來看資產負債表和現金流量表項目。我們的應收帳款餘額為1.218億美元，高於第一財季的1.12億美元。因此，應收帳款週轉天數為65天，而上一季為57天。應收帳款增加的主要原因是出貨線性化，大部分出貨都集中在本季後期，以及收購Linearizer公司產生的應收帳款。季度末庫存為1.319億美元，季增1,050萬美元，主要原因是收購Linearizer公司帶來的額外庫存。第二季庫存週轉率為2倍，較上季略低於上一季的2.2倍。

We feel the quality of our inventory remains strong and despite lower customer orders and shortening lead times, we do expect to reduce our net inventory balance as we progress through fiscal year 2023 and into fiscal year 2024. Fiscal Q2 cash flow from operations was approximately $32.5 million as compared to $38.3 million in fiscal Q1. The decrease is mostly a result of the timing of accounts receivable and accounts payable payments during the quarter. Cash generation continues to be an important priority for us as we manage through changing business cycles. Capital expenditures totaled $6 million for fiscal Q2, down from $9.6 million in the prior quarter. Our full fiscal year 2023 CapEx is now estimated to be $35 million. We are carefully balancing capital spending with the profitability and cash generation of the business and maintain our plan to make critical investments in fab capability and processes during fiscal 2023.

我們認為庫存品質依然強勁，儘管客戶訂單減少且交貨週期縮短，但我們預計隨著2023財年及2024財年的推進，淨庫存餘額將有所下降。第二財季經營活動產生的現金流約為3,250萬美元，而第一財季為3,830萬美元。現金流下降主要是由於本季應收帳款和應付帳款的支付時間安排所致。在應對不斷變化的商業週期時，現金流的產生仍然是我們的重要優先事項。第二財季資本支出總額為600萬美元，低於上一季的960萬美元。我們預計2023財年全年資本支出將達3,500萬美元。我們正在謹慎地平衡資本支出與業務獲利能力和現金流，並將繼續執行2023財年對晶圓廠產能和製程進行關鍵投資的計畫。

Next, moving on to other balance sheet items. During the second fiscal quarter, we utilized approximately $51 million of available cash to close the Linearizer acquisition. As a result, cash, cash equivalents and short-term investments for the second fiscal quarter were $577.3 million, down from $594.7 million in fiscal Q1 2023. Our second quarter gross leverage remains less than 2.5x, and our net debt is less than $50 million.

接下來，我們來看其他資產負債表項目。在第二財季，我們動用了約5,100萬美元的可用現金完成了Linearizer的收購。因此，第二財季的現金、現金等價物及短期投資總額為5.773億美元，低於2023財年第一財季的5.947億美元。我們第二財季的總槓桿率仍低於2.5倍，淨負債低於5,000萬美元。

Before turning the discussion back to Steve, I would like to note a few additional items: first, we are pleased to have closed the Linearizer acquisition in March, and we are working to integrate the team with MACOM. We expect that Linearizer will not have a significant short-term impact on our revenue and will be modestly accretive to our bottom line. Over the long term, when combined with MACOM's brand and infrastructure, we believe the business will offer long-term growth opportunities. We are excited to welcome the linearizer team to MACOM.

在將討論交還給史蒂夫之前，我想補充幾點：首先，我們很高興在三月完成了對Linearizer的收購，目前正在努力將Linearizer團隊整合到MACOM中。我們預期Linearizer的收購不會對我們的短期收入造成顯著影響，但會略微提升我們的利潤。從長遠來看，結合MACOM的品牌和基礎設施，我們相信這項業務將帶來長期的成長機會。我們熱烈歡迎Linearizer團隊加入MACOM。

Second, we continue to work toward the closing of OMMIC with its differentiated technology and dedicated workforce. As previously discussed, in the short term and following the closing of the transaction, we do not expect that OMMIC will have a meaningful impact on our revenue and then it will be slightly dilutive to our EPS. However, over the long term, as we invest in the business, we expect it will provide growth and profitability and drive stockholder value. Additionally, I'd like to note that we continue to make progress with our new product introductions and have plans to release 30% more products this fiscal year compared to last year, which we expect will support revenue growth over the long term.

其次，我們正持續推動OMMIC的收購，OMMIC擁有差異化的技術和敬業的員工團隊。如前所述，短期內，在交易完成後，我們預期OMMIC不會對我們的營收產生顯著影響，即使收購完成後，也會稍微稀釋我們的每股盈餘。然而，從長遠來看，隨著我們對該業務的投資，我們預計它將帶來成長和獲利，並提升股東價值。此外，我想指出的是，我們在新產品上市方面持續取得進展，並計劃在本財年推出比去年多30%的產品，我們預計這將有助於長期營收成長。

Also, during the June quarter, we are looking forward to updating our 5-year annual strategic plan, which has historically included a comprehensive plan to expand our SAM, develop our technical capabilities and grow our product portfolio. We view this as an important process where we develop an in-depth plan and set goals across the entire business to build on our strong financial foundation, setting growth, profitability and investment targets for the next 5 years.

此外，在六月的季度中，我們期待更新五年年度策略規劃。此規劃歷來包含一項全面的計劃，旨在拓展我們的軟體資產管理（SAM）業務，提昇技術能力並豐富產品組合。我們認為這是一個重要的過程，我們將在此過程中製定深入的計劃，並為整個業務設定目標，以鞏固我們強大的財務基礎，並為未來五年設定成長、獲利和投資目標。

And finally, given the current business environment, we plan to carefully manage our expenses during the second half of the fiscal year. I will now turn the discussion back over to Steve.

最後，鑑於當前的商業環境，我們計劃在下半年謹慎控制支出。現在我將把討論交還給史蒂夫。

Thank you, Jack.

謝謝你，傑克。

MACOM expects revenue in fiscal Q3 to be in the range of $145 million to $150 million. Adjusted gross margin is expected to be in the range of 59% to 61%, and adjusted earnings per share is expected to be between $0.52 and $0.56 based on 71.5 million fully diluted shares. This guidance does not include any revenue contributions or financial impact from the planned OMMIC acquisition. In Q3, we expect industrial and defense revenues to be up and data center and telecom revenues to be down for the reasons we've previously discussed.

MACOM預計第三財季營收將在1.45億美元至1.5億美元之間。調整後毛利率預計在59%至61%之間，基於7,150萬股完全稀釋股份計算，調整後每股盈餘預計在0.52美元至0.56美元之間。此預期未包含計劃收購OMMIC帶來的任何營收貢獻或財務影響。第三財季，我們預期工業和國防業務營收將成長，而資料中心和電信業務營收將下降，原因已在前文討論過。

As I've noted, we maintain a long-term perspective on executing our strategy. Our product portfolio is stronger than it was a year ago, and we are confident we can meet or exceed our targets.

正如我之前提到的，我們始終秉持著長遠的策略執行視角。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。

Finally, as we model our second half financials, we expect our full year FY '23 revenues and earnings to be down approximately 4% to 5% and gross margins to be over 60%. I would now like to ask the operator to take any questions.

最後，根據我們對下半年財務數據的預測，我們預計2023財年全年營收和利潤將下降約4%至5%，毛利率將超過60%。現在請問各位有什麼問題嗎？

(Operator Instructions)

（操作說明）

And our first question coming from the line up Matt Ramsay with Cowen.

我們的第一個問題來自嘉賓 Matt Ramsay 和 Cowen。

Yes. I guess the first question, Steve, if you could spend -- and we appreciate, by the way, the detail and the extra stuff in the script about the near-term trends. I realize there's a lot going on in the macro. So what I'm really interested in is just it does not surprise me, I guess, that given the macro environment that you guys have had some pushouts of orders. What I'm really trying to understand is the orders that turned into full-on cancellations. Did that surprise you anything different going on there other than just sort of inventory digestion? I mean the things that you make oftentimes are single source and have extremely low obsolescence risk. So I'm just trying to understand, is this -- should we read all of this as just a temporary push out of a whole bunch of programs and things will resume? Or were there real program cancellations that we could -- we should consider? And if so, in what segment?

是的。史蒂夫，我想問的第一個問題是——順便說一句，我們很欣賞腳本中關於近期趨勢的細節和補充資訊。我知道宏觀經濟情勢複雜多變。所以我真正感興趣的是，考慮到當前的宏觀環境，你們的訂單有所延期，這並不讓我感到驚訝。我真正想了解的是那些最終變成徹底取消的訂單。除了庫存消化之外，這其中是否還有其他讓你感到驚訝的情況？我的意思是，你們生產的產品通常是單一來源的，而且過時風險極低。所以我想弄清楚的是，我們是否應該把這一切理解為一系列項目的暫時延期，之後一切都會恢復正常？或者是否存在我們應該考慮的真正項目取消？如果是的話，具體是哪個領域的專案取消？

Thanks for the question, Matt. So first, I would say that the cancellations that we've had probably fall into 2 categories. The first would be customers managing their inventory and exposure, which we would put in the category of normal business operations given the climate today. And then the second category would be more along the lines that customers have decided to cancel the programs or they lost business. And so they were truly eliminating the demand, let's say, for those products, for those programs.

謝謝你的提問，馬特。首先，我認為我們收到的取消訂單大概可以分成兩類。第一類是客戶為了管理庫存和應對風險而進行的調整，考慮到目前的市場環境，這屬於正常的商業營運範疇。第二類則是客戶主動取消了項目，或是他們的業務出現了下滑。也就是說，他們實際上是在減少對這些產品或項目的需求。

We saw most of that in older networking programs that we've been supporting, I would say, where typically, those products also would be in the category of noncancelable and not returnable. So oftentimes when we see those type of cancellations there's associated cancellation fees. So those are really the 2 categories that I would call out regarding the cancellations I think the total dollar value is in the range of about $10 million, a little over $10 million in the period, which is abnormally high. It should be close to 0 on a regular basis. So yes, we were surprised by those cancellations. And we think over time, that number will drive to 0.

我們發現，這種情況大多出現在我們之前支持的一些老牌網路行銷項目中。通常情況下，這些產品也屬於不可取消和不可退貨的範疇。因此，當我們看到這類取消時，往往會產生相應的取消費用。所以，關於取消，我主要想指出這兩類情況。我認為，在此期間，總金額約為 1000 萬美元，略高於 1000 萬美元，這異常高。正常情況下，這個數字應該接近零。所以，是的，我們對這些取消感到驚訝。我們認為，隨著時間的推移，這個數字最終會降至零。

Got it. Thank you for that color. Steve. I guess this is my follow-up question, you guys -- you said there at the end of the script that you're expecting revenue for the year down 4%. So that would imply, I think, a little bit of a bounce back, but not much in the September quarter. So maybe from the $147.5 million to $150 million ballpark. Is that sort of the right math? And then how do we -- how do you guys think about the recovery from here back to some level of normal run rate business? Is this -- and if you have any visibility at all there on timing of any recovery by segment, that would be helpful. I understand that a lot of this is moving quickly and some of the things that happened in order bookings in the last quarter were unexpected, but we're just trying to get a -- just a ballpark sense of timing to recovery here would be really helpful.

明白了。謝謝你提供的信息，史蒂夫。我想問的是，你們在腳本結尾提到預計全年營收將下降4%。這意味著，我認為，9月的季度營收會略有回升，但幅度不大。大概在1.475億美元到1.5億美元之間。這個估算對嗎？然後，你們如何看待業務從目前的水平恢復到正常水平？如果你們對各個業務板塊的復甦時間有任何了解，那就太好了。我知道很多事情進展迅速，上個季度的訂單量也出現了一些意料之外的情況，但我們只是想大致了解一下復甦的時間，這將非常有幫助。

Thanks, Matt. So I think I'd just like to highlight first that it's very important that we do talk about bookings. And Jack and I have been reporting the book-to-bill ratios for now about 4 years. And we think that's probably one of the most important metrics to discuss on these quarterly calls. What we've seen over the past 4 years is certainly a lot of strength in the bookings back in fiscal 2020, our book-to-bill ratio was about 1.1, close to 1.2. in fiscal '21, it was about 1.2. And then last year -- last fiscal year, it was 1.1. So all of that suggests that there is growing demand, growing interest in MACOM's products. It also, over that same period, allowed us to build a very, very strong backlog for times like this when things start to slow down. There was a period, I think, towards the end of we had a backlog over $400 million. And what we've seen in really the first quarter where we had a 0.9 book-to-bill and then the second quarter of 0.5, we've seen our backlog come down, but it's still around $300 million. So we still have a significant amount of backlog. And this is high-quality backlog within 12 months delivery. And so we have pretty good -- when we talked about this quarter and even next quarter in light of the weak bookings, we still have a lot of confidence in our ability to execute and deliver and hit the targets we want to.

謝謝，Matt。首先我想強調的是，我們必須討論訂單量。我和Jack已經連續四年報告訂單出貨比了。我們認為這可能是季度電話會議上最重要的指標之一。過去四年，我們看到訂單量表現強勁。 2020財年，我們的訂單出貨比約為1.1，接近1.2。2021財年約為1.2。而上個財年，該比率為1.1。所有這些都表明，市場對MACOM產品的需求和興趣正在增長。同時，這也讓我們累積了非常強勁的訂單儲備，以應對像現在這樣市場開始放緩的時期。我記得在財年末，我們的訂單儲備一度超過4億美元。第一季我們的訂單出貨比為0.9，第二季降至0.5，積壓訂單下降，但仍有約3億美元。因此，我們仍然擁有相當可觀的積壓訂單。而這些積壓訂單品質很高，預計12個月內即可交付。所以，儘管我們之前討論過本季甚至下季的業績，考慮到預訂量疲軟，我們仍然對自身的執行能力、交付能力以及實現既定目標充滿信心。

And so we did think it would be helpful to provide some directional information about the fourth quarter to give investors comfort that we are still in a very strong position. So I just wanted to highlight that. And by the way, as you know, the factors that drive bookings are certainly manufacturing cycle times. We've seen those coming down. Inventory levels at customers is high, so they're ordering less. And then, of course, the risk buys for new programs. We are seeing a lot of smaller orders coming in that are really targeting new programs that will ramp not only towards the end of our fiscal year, but the beginning of next.

因此，我們認為有必要提供一些關於第四季度的指引性信息，以增強投資者對我們仍然處於非常強勁的財務狀況的信心。所以我想重點強調這一點。順便一提，如您所知，影響訂單量的因素無疑是生產週期。我們已經看到生產週期有所縮短。客戶的庫存水準很高，所以他們的訂單量有所減少。當然，還有新專案的風險性採購。我們看到許多小額訂單湧入，這些訂單主要針對的是新項目，這些項目不僅會在本財年末，而且會在下個財年初逐步擴大規模。

So when we add all of that up and then we look at our sales forecast, we do think things will slowly improve. We don't think it's going to be a rapid return to, let's say, strong bookings because we do have to work through the inventory situation that we're currently looking at. So I think I -- the comments that I made in my prepared remarks about the trends improving is probably as far as I want to go. We don't know what Q4 bookings will be. We'll have to wait and see. There is certainly a lot of uncertainty around the markets. But I think what's very important for today is investors understand that we're sitting on a very strong backlog. And when we apply a conservative book-to-bill on top of that, we think year-over-year, we should be able to achieve between 4% and 5% decline in revenue, which is not ideal, but I think it's a reasonable outcome given the market environment.

所以，當我們把所有這些因素加起來，再看看我們的銷售預測時，我們認為情況會逐漸改善。我們不認為會迅速恢復到先前強勁的預訂量，因為我們確實需要解決目前面臨的庫存問題。因此，我認為──我在準備好的發言稿中提到的趨勢改善，大概就是我想說的全部了。我們不知道第四季的預訂量會是多少。我們只能拭目以待。市場確實存在許多不確定性。但我認為今天最重要的是，投資人要明白我們有非常強大的積壓訂單。在此基礎上，如果我們採用保守的訂單出貨比，我們認為同比來看，我們的收入應該會下降4%到5%，這雖然不是理想的結果，但考慮到當前的市場環境，我認為這是一個合理的結果。

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

接下來的問題來自巴克萊銀行的湯姆‧奧馬利。

I also appreciate the script where you guys took all the good ones earlier. So thanks for making us think a little bit today. But I just wanted to ask, I think Matt just covered the revenue side. But if you do the math on the earnings, down 5% implies a pretty good step up in the gross margin for September as well. Could you just address, one, do you think that the June 60% is the bottom from a gross margin perspective? And then just given the fact that, that revenue is kind of flattish at that midpoint of 4% to 5%, how do you get that leverage of a couple of hundred basis points going into September from a gross margin perspective?

我也很欣賞你們之前分享的精彩內容。感謝你們今天引發我們的思考。我還有一個問題，Matt 剛才好像已經講到了營收方面。但如果計算一下獲利，下降 5% 意味著 9 月的毛利率會有相當大的提升。您能否解答一下，首先，您認為 6 月的 60% 毛利率是最低點嗎？其次，考慮到營收成長基本持平，維持在 4% 到 5% 的中間水平，您是如何在 9 月實現毛利率幾百個基點的成長的？

Tom, this is Jack. So just as we looked out over Q3, I think the midpoint of the guide is that 60% number and going into Q4, we haven't gotten down to that granular level, but it would probably be somewhat consistent with that at that lower revenue volume. And obviously, we've seen a bit of a step down here in the June quarter versus the March quarter that we just completed from an overall gross margin point of view. I think a majority of that is volume related. We've been very pleased with the gross margins that we've had, which have exceeded 60%, I think, going back over the past 9 or 10 quarters. And I would also highlight with the revenue levels that we've put out there for the upcoming June quarter, if you look back to a comparable period from MACOM, it probably goes back to the end of 2020 or early 2021. And and our gross margins were probably in the mid-50s at that point in time. So there's been quite a bit of things that we've done structurally to improve the gross margins the past couple of years, which we've obviously seen that in the incremental increases that we saw in the past. So if we can get that top line volume back, that will help support improvements in gross margins.

湯姆，我是傑克。正如我們回顧第三季時所看到的，我認為業績指引的中點是60%這個數字。進入第四季度，我們還沒有達到這個細分水平，但考慮到較低的營收量，情況應該會與這個數字大致相符。顯然，從整體毛利率的角度來看，我們看到六月季度的毛利率比剛結束的三月季度有所下降。我認為這主要是由於銷量下降造成的。我們對過去的毛利率非常滿意，過去九到十個季度，我們的毛利率都超過了60%。我還想強調一點，就我們預測的六月季度營收水準而言，如果你回顧一下MACOM公司2020年底或2021年初的同期業績，當時的毛利率大概在50%左右。過去幾年，我們從結構上做了很多工作來提高毛利率，這一點我們已經從過去的逐步成長中看到了成效。所以，如果我們能恢復到之前的銷售水平，將有助於毛利率的進一步提升。

And then one of the other items that we've talked about is the new product introductions that we've had over the past number of years. That has also helped. Obviously, new product introductions will continue as we go forward, and that will further support improvements in the gross margins as we get into fiscal year '24 and beyond.

此外，我們也討論了過去幾年推出的新產品。這些新產品也起到了積極作用。顯然，我們將繼續推出新產品，這將進一步提升2024財年及以後的毛利率。

Helpful. And then I kind of have one out of left field here. But you guys, I'm not sure intentionally or not didn't mention the chips act in the script, and that's something that you brought up in the past. Obviously, it seems that things are moving a little sideways there. Can you just talk about your current efforts there? What you're hearing from the government? And if you still view that as something that you would like to participate in, in terms of receiving the funds.

很有幫助。然後我還有一個有點出乎意料的問題。你們在劇本裡沒有提到晶片法案，我不知道是有意還是無意，你們之前也提到過。顯然，這方面的情況似乎有些不順利。你們能談談目前在這方面的努力嗎？你們從政府那裡得到了什麼消息？以及你們是否仍希望參與其中，獲得相關資金？

Thank you for the question on the chips act. So as we've said previously, we are active. And on previous calls, we outlined our strategy and approach in what we were looking for because we have engaged the government and submitted various paperwork, we are under a bit of a GAG order -- sort of on a go-forward basis. We really can't talk about -- and won't talk about in public the details associated with our strategy now that we've engaged the government. So other investors should know we're looking for opportunities, but we really can't go into any details going forward.

感謝您提出關於晶片法案的問題。正如我們之前所說，我們正在積極推動相關事宜。在先前的電話會議上，我們概述了我們的策略和方法，以及我們正在尋找的目標。由於我們已經與政府接洽並提交了各種文件，目前我們受到某種形式的保密令約束——某種程度上來說，是未來一段時間內都不能透露更多信息的。鑑於我們已經與政府接洽，我們真的不能也不會公開討論與我們的策略相關的細節。因此，其他投資者應該知道我們正在尋找機會，但我們真的不能透露任何細節。

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

接下來的問題來自 Harsh Kumar 和 Piper Sandler。

Okay. Thank you for all the color. This is super helpful. I had a quick question, Steve. First of all, at $145 million and let's say $150 million that you're suggesting in revenues for September -- I'm sorry, the [June] and the September quarter. Is it fair to say that you are massively or significantly under shipping or is just to sell to, in other words, you're burning the excess inventory? And do you think this kind of level is a good enough number to burn the excesses let's say, by the end of the September quarter? Or will you have some excess inventory as you get into the next fiscal year?

好的。非常感謝您提供的這些信息，這真的很有幫助。史蒂夫，我有個問題。首先，您預測9月（抱歉，是6月和9月季度）的營收將達到1.45億美元，甚至1.5億美元。這樣看來，你們的出貨量是否嚴重不足，或者只是在銷售，換句話說，你們正在消化過剩庫存？您認為這樣的營收水準足以在9月底前消化掉過剩庫存嗎？還是說，進入下一個財政年度時，你們還會有一些庫存積壓？

So Harsh, I think we are under shipping in certain areas. So generally, yes, but it's also very difficult for us to get a sense of what might happen in the September quarter. I can tell you that we are being more aggressive looking at what we call the point-of-sale report and the sell-through within all of our sales channels. So we're becoming very, very focused on looking at that data on a more regular cadence, let's say, because that is such an important factor. I would also add, which is sort of aligns to your question that we want to bring our channel inventory down, and that is part of our strategy in the back half as well. And so that is factored into our guidance.

所以，Harsh，我認為我們在某些​​地區的出貨量低於預期。總的來說，是的，但我們也很難預測九月份季度的表現。我可以告訴你，我們正在更積極地關注所謂的銷售點報告以及所有銷售管道的售罄率。因此，我們正非常重視定期查看這些數據，因為這是一個非常重要的因素。我還想補充一點，這與你的問題也有關聯，我們希望降低通路庫存，這也是我們下半年策略的一部分。因此，這一點也已納入我們的業績預期。

Fair enough. And then from the other one, Steve, you mentioned sort of 2 categories of products. You mentioned cable and China PON as having several quarters of inventory where the recovery might be more longer term. So I guess it begs the question almost that seems to spill into next year fiscal year. Is that a fair assessment of that particular business? And then part two of that question is a lot of the analysts that follow your stock also follow some of the compute companies.

好吧。史蒂夫，你剛才提到了兩類產品。你說有線電視和中國PON產品庫存積壓了好幾個季度，復甦可能需要更長。所以，這幾乎引出了一個問題，那就是這個問題似乎會延續到下一個財年。你對這項業務的評估是否合理？第二個問題是，許多關注你公司股票的分析師也關註一些計算公司。

So AMD reported not too long ago, I think 1 or 2 days ago and NVIDIA both suggesting that compute data center seems to be bottoming. And I guess I'm trying to string your statement with what they're seeing whereas you're saying, hey, things are going to slow down a little bit. Those guys are saying things are going to accelerate a little bit. Is that just a timing difference? Or yes, let's just leave it to that. Is that just a timing difference? Or is there something else going on in your opinion? I'd love to get your views.

所以AMD不久前（大概一兩天前）和NVIDIA都發布了報告，都指出資料中心的運算需求似乎已經觸底。我想把你的說法和他們觀察到的情況連結起來，你說的是，情況會稍微放緩。而他們卻說情況會稍微加速一些。這只是時間上的差異嗎？或者，我們暫且就此打住吧。這只是時間上的差異嗎？還是說，你認為還有其他因素在運作？我很想聽聽你的看法。

Sure. So on the first part of your question regarding cable infrastructure and broadband as well as China PON, I think in the case of cable, that is going to have a slower recovery than the PON market. So we would expect going into next year to be at higher volumes or healthier environment for PON. We think cable will be stretched out a little bit more, mainly because we know our lead customers, and there's multiple customers are sitting on significant inventory. So they have to burn that through. We think we'll be seeing orders in about 2 quarters to help us set up for fiscal '24.

當然。關於您問題的第一部分，即有線電視基礎設施、寬頻以及中國PON市場，我認為有線電視的復甦速度會比PON市場慢。因此，我們預期明年PON市場銷售量會更高，市場環境也會更好。我們認為有線電視市場的需求會稍微旺盛一些，主要是因為我們了解我們的主要客戶，而且很多客戶都積壓了大量庫存。他們需要盡快消除這些庫存。我們預計大約兩個季度後就會有訂單，這有助於我們為2024財年做好準備。

And then regarding your question on compute and specifically sort of high high-performance compute. That is a very active area for MACOM, as I talked about in the script, especially our chips supporting 800G applications. These are typically less than 100 meters, less than 500 meters and inside the data center where our customers want to move high volumes of high-speed data. And so that's an area where we are seeing some strength. But unfortunately, that strength is muted by the slowdown with CWDM4, a lot of the SR programs, a lot of the NRZ programs that we've been involved with in the past.

關於您提出的運算問題，特別是高效能運算方面的問題，正如我在演講稿中提到的，這正是MACOM非常活躍的領域，尤其是我們支援800G應用的晶片。這些應用通常在100公尺到500公尺以內，資料中心內部，客戶需要在其中傳輸大量高速資料。因此，我們在這個領域展現了強勁的實力。但不幸的是，CWDM4的放緩，以及我們過去參與的許多SR和NRZ計畫的停滯，削弱了我們在這一領域的實力。

So the weakness outside of, let's say, the higher speed PAM4 area is causing our data center revenues to, in aggregate, be down significantly in Q3 and in Q4. But that doesn't speak to what we think will be a really nice setup for next year as our customers are pushing us to ship and ramping up on those higher speed programs. As I mentioned in the script, we feel like we are in a leadership position there. These are products that were not just developed within the last 12 months. These are products that we've been working on for over 2 years. For us to be able to demonstrate operating modules at OFC with the Tomahawk 5 switch, which suggests that we have been working deeply with not only module manufacturers, but also switch manufacturers and to your point, companies like NVIDIA.

因此，除了高速 PAM4 領域之外的其他疲軟表現，導致我們資料中心整體營收在第三季和第四季大幅下降。但這並不影響我們對明年前景的樂觀預期，因為我們的客戶正在敦促我們加快高速專案的交付和產能提升。正如我在演講稿中提到的，我們認為我們在該領域處於領先地位。這些產品並非是在過去 12 個月內開發的，而是我們已經投入了兩年多的時間進行研發。我們能夠在 OFC 上展示與 Tomahawk 5 交換器配合使用的模組，這表明我們不僅與模組製造商，還與交換機製造商，以及您提到的像 NVIDIA 這樣的公司進行了深入合作。

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

接下來的問題來自 Needham & Company 的 Quinn Bolton。

I'll echo the thanks for the color on the bookings trends by end market. I guess, Steve, maybe just if you could help us what is the normal backlog position for the company, if you're $300 million today, that looks like it's about 1.5 quarters of forward revenue, is that a more normal position as backlog, normal backlog, perhaps even lower than that?

我非常感謝您提供的按終端市場劃分的預訂趨勢數據。史蒂夫，我想請問一下，貴公司正常的積壓訂單量是多少？假設貴公司目前的營收為 3 億美元，這大約相當於 1.5 個季度的預期營收，那麼正常的積壓訂單量是多少？還是應該比這更低？

So that's a great question. And I guess the answer would be, you could never have enough backlog. And over the past 4 years, every -- almost every quarter and almost every fiscal year, we've been driving that number up. And so with all the things we're doing with growth in terms of new products, improving our SAM, launching proprietary technologies, we would expect over time, over the long term, that backlog is always going up. And so that is our expectation. And when we don't see that happening, we're disappointed. And I think Jack has also sort of talked about over the past year or so that we have been consistently hitting record backlog numbers. And we -- as we've also talked about, mentioned that about 20% of our revenue is coming from new products.

這是一個很好的問題。我想答案是，訂單積壓永遠不會太多。在過去四年裡，幾乎每個季度、每個財年，我們的訂單積壓都持續成長。我們透過推出新產品、改善軟體資產管理（SAM）、發布專有技術等方式來推動成長，因此我們預期，從長遠來看，訂單積壓會持續增加。這是我們的預期。如果實際情況並非如此，我們會感到失望。我想傑克也提到過，過去一年左右，我們的訂單積壓數量一直在不斷刷新紀錄。正如我們之前提到的，我們大約20%的收入來自新產品。

So what's clearly driving the growth is all the great things our engineers are doing within the business units to put very compelling products in the market. So I would say there is not a normal level. The number should always be going up. And when it's not going up, we are pedaling twice as fast to make sure it does go up. And so -- you can be sure that our sales teams, our business unit, our leadership, we are on the road, we're engaging customers, and we're early -- about 2 quarters ago, I highlighted the priorities for this fiscal year, and one of them was taking market share. And so we'll do that by engaging our customers at their facilities and having our apps teams and designers doing custom designs for them. And so all of those good things are happening, and it's our expectation that over the long term, that number always goes up.

顯然，推動成長的是我們各業務部門的工程師所做的出色工作，他們為市場推出了極具吸引力的產品。所以我認為，並不存在所謂的正常水準。這個數字應該始終保持成長。如果成長停滯，我們會加倍努力，確保它持續成長。因此，您可以放心，我們的銷售團隊、業務部門和領導層都在積極奔走，與客戶互動，而且我們很早就開始行動了——大約兩個季度前，我強調了本財年的優先事項，其中之一就是搶佔市場份額。我們將透過深入客戶現場，安排我們的應用團隊和設計師為他們提供客製化設計來實現這一目標。所有這些積極的舉措都在進行中，我們預計從長遠來看，這個數字將持續成長。

Understood. And then a more specific question on data center. You've talked now for several quarters about weakness in the NRZ, the CWDM4 for the short reach. It sounds like that business will offset some of the strength in 800 gig or the PAM4 side of the business. But as you get into the June and September quarters, with that business continuing to decline, can you give us any sense what percentage of the data center business would still be represented by those NRZ or kind of more legacy products exiting this fiscal year? Is that still something you would expect to be an overhang or a headwind in fiscal '24? Or is it down to pretty in consequential levels by the end of fiscal '23 that you really set up for growth in the 400, 800 gig PAM, the direct drive, the equalizers and some of the newer data center products.

明白了。接下來我想問一個關於資料中心更具體的問題。您已經連續幾季談到NRZ和CWDM4短距離傳輸的疲軟。聽起來這部分業務會抵銷800G或PAM4業務的部分成長。但隨著6月和9月季度的到來，這部分業務持續下滑，您能否預估一下，本財年資料中心業務中，NRZ或其他傳統產品仍將佔多大比例？您預計這在2024財年仍會構成拖累或阻力嗎？還是說到2023財年末，這部分業務已經大幅下降，以至於您為400G、800G PAM、直驅、均衡器以及一些新型資料中心產品的成長做好了充分準備？

Yes. So certainly, the NRZ is becoming a smaller percentage of the total. And a lot of that business is China-centric as they're building out in deploying modules at our 25G short-reach type either AOCs or pluggables. And so it's not clear to us when that eventually goes to 0, let's say. We would expect, at some point, it becomes a de minimis amount. That might happen over the next 12 months, it may take 2 or 3 years. We just don't know. So I can tell you that when we think about deploying R&D resources, we want to always be working on the highest-speed applications as we talked about earlier and also taking some of those same resources and getting them engaged in other markets, including telecom and defense. And as we've talked about over the long term, we believe that industrial and defense and telecom will outgrow the data center end market primarily because there are so many differentiated opportunities in those other markets.

是的。所以，NRZ（無損區）在總業務中所佔的比例確實越來越小。而且，這部分業務很大程度上集中在中國，因為他們正在部署我們25G短距離類型的模組，無論是AOC（主動光纜）還是可插拔模組。因此，我們目前還不清楚NRZ最終何時會降至零。我們預計，在某個時間點，NRZ的佔比會降至極低。這可能在未來12個月內發生，也可能需要2到3年。我們現在還無法確定。我可以告訴大家的是，當我們考慮部署研發資源時，我們希望始終致力於開發最高速度的應用，正如我們之前討論的那樣，同時也會將部分資源投入到其他市場，包括電信和國防領域。正如我們之前討論過的，從長遠來看，我們相信工業、國防和電信領域的成長速度將超過資料中心終端市場，這主要是因為這些其他市場存在著許多差異化的機會。

And our next question coming from Tore Svanberg from Stifel.

接下來的問題來自 Stifel 公司的 Tore Svanberg。

Yes. I just had a question back on the sort of consumption level especially in data center and telecom? Because based on my math and sort of directionally how you think about the business in the June quarter, it looks like both data center and Telecom will be down about 20%, 30% sequentially. So what are some of the areas that are potentially now running below consumption? And where -- what are some of the segments where you still think there's going to be some excess inventory exiting the June quarter?

是的。我剛才有個問題，是關於資料中心和電信業的消費水準的。因為根據我的計算以及您對六月季度業務走向的大致判斷，資料中心和電信行業的消費量環比可能會下降20%到30%。那麼，目前還有哪些領域的消費量可能低於預期？還有哪些細分市場在六月季度末會出現庫存過剩的情況？

Right. So Tore, thanks for the question. You're right. And as we move from Q2 to Q3, as I highlighted, we believe industrial and defense will be up sequentially, perhaps 9% to 10% and certainly over 10% year-over-year. So we're happy about that. Telecom and data center will be down, data center probably more down than the telecom. As we've talked about a lot of the legacy NRZ programs are dragging the aggregate number down.

好的。托雷，謝謝你的提問。你說得對。正如我剛才提到的，從第二季度到第三季度，我們認為工業和國防領域將環比增長，可能達到9%到10%，同比增長肯定會超過10%。我們對此感到欣慰。電信和資料中心領域將會下滑，資料中心的下滑幅度可能比電信更大。正如我們之前討論過的，許多傳統的NRZ計畫正在拖累整體數據。

In telecom, the areas that are weaker, certainly 5G pretty much across the board, whether it's on the optical side or on the RF side. Metro/Long-haul, where we have a very strong position is also going to be weak in the next -- in this current quarter. And I would say that cable TV that we talked about before is also an area of weakness.

在電信領域，比較薄弱的環節無疑是5G，幾乎涵蓋所有方面，無論是光纖還是射頻。城域/長途傳輸，我們目前的優勢領域，在下一季——也就是本季——也會比較疲軟。此外，我們之前提到的有線電視也是一個弱點。

So when we think about what's going to happen in the September quarter and when inventories sort of level off, it's very difficult for us to say. And that's why we've sort of highlighted that we do expect our Q3 bookings to begin to improve, and that is a leading indicator of inventories coming down across all the markets, but I think it's just too early to be specific on what actually might happen this quarter. I mean as you saw in Q2, there was a significant reduction in bookings and so we have to let things play through here.

所以，當我們考慮九月季度的情況以及庫存趨於穩定時，我們很難做出準確預測。正因如此，我們強調預計第三季的預訂量將開始改善，這預示著所有市場的庫存都將下降。但我認為現在就具體預測本季的情況還為時過早。正如您在第二季所看到的，預訂量大幅下降，所以我們需要觀察市場發展。

No, that's great color. And then on your own internal inventories, I think you said you intend to bring that down throughout the year. The inventory days stand at 187 right now. So do you have a target either by days or by dollars that we should track?

不，這個顏色很棒。關於你們的內部庫存，我記得你們說過打算在年內逐步降低庫存週轉天數。目前的庫存週轉天數是187天。那麼，你們有沒有設定一個以天數或金額為單位的目標，供我們參考呢？

Yes, Tore, this is Jack. We're targeting to bring that down. Obviously, it's going to depend on order flow to some extent as we work our way through this. We've looked at it from a target standpoint, we're targeting to try and get our inventory turns up above that 2 number that we had for the current quarter, targeting something probably closer to 3 over the long term. We know we've got some work to do to get there. We were obviously building some strategic supplies over the past year or so. We still have those. We do an analysis of our inventory. We feel our inventory is very healthy. And as we work through things over the next couple of quarters, we expect to see some overall reductions. And we also had in the quarter, the linearizer acquisition, which drove a majority of that increase that we had seen quarter-over-quarter. So that was an acquisition-related activity that drove our number up from an absolute dollars perspective.

是的，托雷，我是傑克。我們的目標是降低這個數字。顯然，這在一定程度上取決於訂單流，我們會逐步推進這項工作。從目標角度來看，我們的目標是將庫存週轉率提高到本季的2以上，長期目標可能接近3。我們知道要實現這個目標還有很多工作要做。過去一年左右，我們一直在儲備一些策略性庫存。這些庫存目前仍然保留。我們對庫存進行了分析，認為庫存狀況良好。在接下來的幾個季度裡，隨著各項工作的推進，我們預期整體成本會下降。此外，本季度我們還收購了線性化器，這導致了我們環比成長的大部分。因此，從絕對金額來看，這是一項與收購相關的活動，推高了我們的數字。

And our next question coming from 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 the first one, kind of going back to gross margin. If I look at the last time, sales were down double digits sequentially, gross margins fell much more than 200 basis points that you're guiding for the June quarter. So the portfolio has certainly changed since then, but just kind of curious if you can elaborate on what gives you confidence that gross margins won't see further declines kind of amid the second half challenges.

這裡是Blake Freeman，代表Vivek發言。首先，我們來談談毛利率。回顧上次，銷售額季減兩位數，毛利率下降幅度遠超您對6月季的預期，下降幅度超過200個基點。所以，自那時以來，產品組合肯定發生了變化。我很好奇，您能否詳細說明一下，是什麼讓您有信心在下半年的挑戰中，毛利率不會進一步下滑？

Sure. Thanks, Blake, for the question. Maybe I'll make a few comments, and then Jack can add to those comments. So as we talked about, we do have a significant portion of our current quarter in backlog. So that gives us some visibility into the range. And as Jack also highlighted, when we were down at these revenue levels back in fiscal '21. Our gross margins were lower, but we know that the mix is favorable. Our cost structure is favorable. Our ability to execute and the efficiencies within our operations are all favorable. So even at those same revenue levels, we're seeing a significant improvement in the gross margins. And of course, the strength of the portfolio is providing a nice tailwind. So with that, maybe, Jack, you could be more specific.

當然。謝謝布萊克的提問。我先簡單說幾句，然後傑克可以補充。正如我們之前討論的，我們本季積壓訂單佔了很大一部分。這讓我們對業績範圍有了一定的了解。傑克也強調過，在2021財年，當我們營收處於較低水準時，毛利率也較低，但我們知道產品組合是有利的。我們的成本結構是有利的。我們的執行能力和營運效率都是有利的。因此，即使在相同的營收水準下，我們也看到了毛利率的顯著提升。當然，強大的產品組合也帶來了良好的推動作用。傑克，或許你可以更具體地談談。

I think that was helpful summary that you had gone through, Steve, once again, we're in a much better position than we were a number of years ago in terms of how we manage our costs, our flexible manufacturing model where certain of our products are fabbed outside has less of an impact on our overall gross margin. And even the mix that we have through products that are fab, we're not a mega fab where a slight dip in revenue can have a more significant impact on the gross margin. So we are somewhat insulated from that perspective versus some of our peers that may be out there that are higher volume operators.

史蒂夫，我認為你剛才的總結很有幫助。再次強調，就成本控製而言，我們現在的處境比幾年前好得多。我們靈活的生產模式（部分產品外包生產）對整體毛利率的影響較小。即使我們外包生產的產品種類繁多，我們也不是那種規模龐大的工廠，營收的輕微下滑不會對毛利率造成顯著影響。因此，與一些產量較高的同業相比，我們在這方面受到的影響較小。

Got it. And then just a quick follow-up as well just on kind of the OpEx side of things. As you kind of just -- as we kind of go through second half headwinds, but also prioritize investment in new product lines, I guess, can you quantify how you think OpEx should trend through the next few quarters and so forth.

明白了。然後我再快速問一下營運支出方面的問題。鑑於我們下半年面臨一些不利因素，同時也要優先投資新產品線，您能否量化一下您認為未來幾季的營運支出趨勢？

I think if you look to the midpoint of our guide, we're probably in the $50-ish million, which is a bit of a step-up from where we ended this current quarter, which was around $47 million of total OpEx. Some of that is near acquisition coming online for a full quarter, but we will continue to make investments. We've talked about our new product introductions as being an important area for us. So we will continue to focus on making some of those R&D investments where they make sense. But one thing that we stated many times before, we'll keep a close eye on our operating expenses as we go forward and make sure we manage those expenses in an appropriate manner.

我認為，如果我們參考我們業績指南的中點，營運支出大概在5000萬美元左右，這比本季末的4700萬美元左右有所增長。其中一部分是由於收購項目即將上線，並持續一個季度，但我們仍將繼續進行投資。我們之前提到過，新產品上市是我們的重要領域。因此，我們將繼續專注於在合理的領域進行研發投資。但有一點我們之前多次強調過，我們將密切關注未來的營運支出，並確保以適當的方式進行管理。

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。

So quickly, I wanted to see if maybe you had any color around maybe the CapEx spending plans that you're seeing within maybe carriers and service providers. Are you seeing major changes in the CapEx or just maybe just some programs that are being shelved here in the near term?

所以，我想快速了解一下您對營運商和服務提供者的資本支出計劃有何看法。您認為資本支出方面是否有重大變化，或者只是有些項目在短期內被擱置了？

Right. Thanks for the question. So I'm probably not the best person to ask that question regarding the sort of what the industries are doing with their capital spending. We have sort of seen directionally that there is increased spending with 5G. It depends on the country, of course. We see that the data centers are continuing to invest. I mean, they're having massive layoffs on 1 side of their business, but they're investing heavily in equipment on the other sides of their business. And so that capital investment will certainly flow down to companies like MACOM.

好的，謝謝你的提問。關於各行業在資本支出上的動向，我可能不是最適合的提問人選。不過，從整體來看，5G領域的支出有所增加。當然，具體情況因國家而異。我們看到資料中心仍在持續投資。我的意思是，雖然他們正在大規模裁員，但他們也在大力投資其他業務領域的設備。因此，這些資本投資最終肯定會惠及像MACOM這樣的公司。

So I think it's very difficult for us to sort of talk about those higher level of capital spendings because it's -- we're so far removed from how those dollars flow. But I would highlight that there is -- there are secular growth trends that favor MACOM. For example, the defense industry is growing, not only here in the U.S. but also internationally. All of the -- not all, but many, if not most, of the NATO countries are increasing their spending on defense equipment and they want to build that equipment locally.

所以我覺得我們很難談論那些更高水準的資本支出，因為我們離資金的流向相距甚遠。但我必須強調的是，有一些長期成長趨勢對MACOM有利。例如，國防工業正在發展，不僅在美國，而且在國際上也是如此。所有——並非所有，但許多（如果不是大多數）北約國家都在增加國防裝備方面的支出，而且他們希望在本地生產這些裝備。

And so companies like MACOM can support European defense contractors. I talked in the script about participating in some tactical radios for German customers, for example. And so there's a tremendous opportunity for us in the defense industry with the technology that we have. When we think about telecom, most of the systems that are being deployed today are moving to higher frequencies. When you start to look at the number of companies that can support those platforms with high-frequency semiconductors can pretty much count those companies on one hand. And we are one of those companies. And our strategy is to be stronger and be a leader with high-frequency semiconductor technology.

因此，像MACOM這樣的公司可以為歐洲國防承包商提供支援。例如，我在稿子裡提到我們參與為德國客戶研發一些戰術無線電設備。所以，憑藉我們擁有的技術，我們在國防工業領域擁有巨大的機會。說到電信領域，目前部署的大多數系統都在向更高頻率發展。而能夠用高頻半導體支援這些平台的公司屈指可數，一隻手就能數得出來。我們就是其中之一。我們的策略是增強實力，成為高頻半導體技術的領導者。

When you layer on top of that our gallium arsenide and GaN, gallium nitride and GaN on silicon carbide capabilities at those higher frequencies. It really starts to look differentiated. So the telecom market is, we believe, going to continue to grow. There's lots of sort of exciting growth opportunities. We talked about some of the LEO constellations on the script.

當我們把砷化鎵、氮化鎵以及碳化矽基氮化鎵在高頻下的技術能力疊加到這些技術之上時，差異化優勢就顯現出來了。因此，我們相信電信市場將會持續成長，蘊藏著許多令人興奮的成長機會。我們在劇本中也談到了一些低地球軌道星座。

And then last, the data center, we want to participate at the highest data rates. And as things become commoditized or moved to lower data rates, that's when we will step out and we'll put our R&D resources in other areas. So -- while we're not so focused on the capital spending of sort of the end user community, I would highlight that our 3 core markets will have secular growth over the next decade and we're in a great position to take advantage of that.

最後，在資料中心領域，我們希望參與最高資料速率的競爭。隨著數據速率趨於同質化或下降，我們將退出該領域，並將研發資源投入其他領域。因此，雖然我們目前不太關注終端用戶群的資本支出，但我必須強調，我們的三大核心市場在未來十年將持續成長，而我們已做好充分準備，把握這一機遇。

It was great color there. And secondly, maybe for a follow-up. Just anything in terms of China and the demand that you're seeing there? I know there's -- you touched on this a bit earlier, but just kind of thinking about maybe demand trends or even inventory issues there just around that market would be helpful.

那裡的色彩真棒。其次，或許可以追問一下。關於中國市場以及您觀察到的需求狀況，您有什麼看法嗎？我知道您之前稍微提到過，但我想了解中國市場的需求趨勢，甚至是庫存問題，這會很有幫助。

Sure. China is a very important market for us. In the first quarter, about 23% of our revenue or about $40 million was coming from Chinese customers. This past quarter, it was -- the percentage dropped. And so now in absolute dollars, that's around $33 million. So it's certainly come down. I don't think these numbers represent the potential of that market. I would say right now, it's a very muted market in the sense that 5G deployments or even a lot of optical module build-outs. There's a lot of uncertainty around the volumes and sort of what's going to happen next. I would generally say -- generally speaking, things are improving as COVID is sort of behind the local economy and now things are opening up, and that's a positive trend for companies like MACOM.

當然。中國對我們來說是一個非常重要的市場。第一季度，我們約23%的收入，也就是約4,000萬美元，來自中國客戶。上個季度，這個比例有所下降。所以現在，以絕對金額計算，大約是3300萬美元。所以確實有所減少。我認為這些數字並不能反映出這個市場的潛力。就目前而言，我認為中國市場非常低迷，5G部署甚至許多光模組的建設都比較緩慢。銷量以及未來的發展方向都存在著許多不確定性。總的來說，隨著新冠疫情對當地經濟的影響逐漸消退，各行各業都在逐步開放，情況正在好轉，這對像MACOM這樣的公司來說是一個積極的趨勢。

And the last thing I'll add is that there's certainly sort of a against U.S. semiconductor manufacturers selling products into China, and we recognize that, and we will make sure that our strategy addresses that.

最後我想補充一點，中國確實存在某種程度的反對美國半導體製造商向中國銷售產品的風氣，我們認識到這一點，並將確保我們的策略能夠應對這種情況。

And our next question coming from the line Karl Ackerman with BNP Paribas.

接下來的問題來自法國巴黎銀行的卡爾‧阿克曼。

Steve and Jack, in your prepared remarks, you noted that your optical transceiver partners have said that new orders would be down 30% to 40% from the prior year. Is that just specific to your own NRZ products? And is that weighted more toward telecom? Or is it more way toward data center? Any color on that would be helpful.

史蒂夫和傑克，你們在事先準備好的演講稿中提到，你們的光收發器合作夥伴表示，新訂單將比前一年下降30%到40%。這是否僅指你們自己的NRZ產品？而且，受影響的主要是電信業嗎？還是資料中心產業？能否提供一些相關資訊？

I would say that was a broad statement across all data rates in NRZ and PAM4, sort of excluding the higher-end PAM4 products. And I would say that that's more heavily weighted towards data center. We think that when telecom turns on, not only will we have very strong -- we have a very strong position with front haul with our -- not only our electrical products, drivers and TIAs and CDRs but also optical products, including lasers and photo detectors. And then the last thing I'll add is that we do think that Metro -- Metro/long-haul business is relatively weak right now, and we think that will start to strengthen in about 1 to 2 quarters.

我認為，這番話大致涵蓋了NRZ和PAM4的所有資料速率，但高階PAM4產品除外。而且，我認為這主要針對資料中心。我們相信，電信業復甦後，我們在前傳領域將佔據非常有利的地位——這不僅體現在我們的電子產品（驅動器、TIA和CDR）上，也體現在包括雷射和光電探測器在內的光產品上。最後，我想補充一點，我們認為城域網路/長途業務目前相對疲軟，但預計在未來一到兩個季度內會開始好轉。

That's very helpful. Maybe to dovetail on that last part. You noted growing design wins for 400-gig ZR. So I guess I'm not sure if that's in reference to this metro opportunity, but could you discuss your opportunity on ZR products over the next maybe even a year or 2 as you're starting to win some of these designs.

這很有幫助。也許可以和最後一部分內容銜接一下。您提到400G ZR晶片的設計訂單越來越多。我不確定這是否與這次Metro專案有關，但您能否談談未來一兩年內，隨著您開始贏得一些ZR產品的設計訂單，您在ZR產品方面的機會？

Yes. I mean, it's certainly very early, but we are -- what we are seeing is customers developing coherent products that will be used in and around the data center. And so we have with our Metro/long-haul technology, which are generally -- these are generally high-end semiconductor processes for long-distance applications. We are seeing sort of a reset on that technology to apply it to things like 400 ZR light. So it's primarily in 2 product areas. It is drivers and TIAs. And generally, it's for applications around 20 to 40 kilometers. That's sort of how we would classify that segment, let's say.

是的。我的意思是，現在肯定還處於非常早期的階段，但我們確實看到客戶正在開發將在資料中心及其周邊使用的配套產品。例如，我們的城域/長途傳輸技術，通常採用高端半導體工藝，用於長距離應用。我們看到這項技術正在經歷某種程度的革新，以應用於諸如 400 ZR 光傳輸之類的應用。因此，它主要應用於兩個產品領域：驅動器和傳輸阻抗放大器 (TIA)。一般來說，它適用於 20 到 40 公里左右的應用。我們就是這樣劃分這個細分領域的。

Thank you. I'm showing no further questions in the queue at this time. I will now turn the call back over to Mr. Daly for any closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我將把電話轉回給戴利先生，請他作總結發言。

Thank you. In closing, I would like to thank all our employees for their hard work and dedication, which made all these results possible. Have a nice day.

謝謝。最後，我要感謝所有員工的辛勤工作和奉獻精神，正是他們的努力使得這些成果成為可能。祝您愉快。

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

女士們、先生們，今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。