(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.

歡迎來到 MACOM 的 2023 財年第二季度電話會議。今天，即 2023 年 5 月 4 日，星期四，正在錄製此電話。

(Operator Instructions)

（操作員說明）

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

我現在將電話轉給 MACOM 戰略計劃和投資者關係副總裁史蒂夫費蘭蒂先生。費蘭蒂先生，請繼續。

Thank you, Olivia. Good morning, and welcome to our call to discuss MACOM's financial results for the 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.

謝謝你，奧利維亞。早上好，歡迎來電討論 MACOM 2023 年第二財季的財務業績。我想提醒大家，我們今天的討論將包含前瞻性陳述，這些陳述受到某些風險和不確定性的影響，如1995 年《私人證券訴訟改革法案》中包含的前瞻性陳述的安全港。實際結果可能與今天討論的結果大不相同。有關可能導致這些差異的風險和不確定性的更詳細討論，請參閱 MACOM 向美國證券交易委員會提交的文件。管理層在此次電話會議中的聲明還將包括對某些調整後的非 GAAP 財務信息的討論。

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.

公司的新聞稿和今天向美國證券交易委員會提交的相關表格 8-K 中提供了 GAAP 與調整後的非 GAAP 結果的對賬。有了這個，我將把電話轉給 MACOM 總裁兼首席執行官史蒂夫戴利。

Thank you, and good morning.

謝謝，早上好。

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.

我將以一般更新開始今天的電話會議。之後，我們的首席財務官 Jack Kober 將對我們 2023 財年第二季度的業績進行更深入的審查。Jack 完成後，我將為我們的第三財季提供收入和收益指導，然後我們很樂意回答一些問題。我們 2023 財年第二季度的收入為 1.694 億美元，調整後每股收益為 0.79 美元。來自運營的現金流量約為 3300 萬美元，本季度末我們的資產負債表上的短期投資現金為 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.

總的來說，我們的團隊在執行方面做得非常出色，可以實現我們的業務和財務目標。我們第二季度的訂單出貨比為 0.5，遠低於我們的預期。輪到我們的業務，或本季度內預訂和發貨的收入，約占我們總收入的 9%，也低於預期。儘管第二季度預訂疲軟，但我們的積壓訂單仍然強勁，因為過去 9 個季度中有 7 個的訂單出貨比大於 1，而我們 22 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.

鑑於第二季度的預訂量異常疲軟，我認為討論當前的訂單趨勢並解決一系列重要問題會有所幫助。首先，我們對疲軟的第二季度預訂感到驚訝。正如上次討論的那樣——在我們上次的財報電話會議上，我們曾預計第二季度的預訂量會很低。然而，我們的實際預訂量比我們的內部預測低約 4000 萬美元。因此，雖然我們預計會有一些疲軟，但我們沒有預料到本季度發生的取消數量的疲軟程度。導致預訂疲軟的原因，我們認為是客戶和渠道庫存過剩以及短期終端需求疲軟的結合。哪些市場的庫存最多。我們相信我們的數據中心、網絡和 5G 基礎設施客戶以及相關的銷售渠道繼續擁有高水平的庫存。

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，我們的一些有線寬帶客戶擁有大量庫存，他們至少在幾個季度內不會訂購更多產品。這些客戶中的大多數在 21 財年或 22 財年下了大訂單，以鎖定產能並將供應鏈中斷的風險降至最低。由於供應限制已經解決，這些客戶中的許多人發現自己的庫存過剩，因此正在延遲新訂單或要求推遲或取消某些積壓訂單。我們的任何目標終端市場是否正在放緩？

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.

我們認為數據中心和電信市場的某些部分存在終端需求放緩。例如，我們為美國雲 ISP 製造光收發器的客戶告訴我們，他們希望收到新的批量生產訂單，但僅為上一年水平的 60% 至 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.

我們還認為，與去年相比，目前中國 PON 市場需求疲軟。在一定程度上被美國和歐洲市場對 XGS-PON 的適度支持所抵消。我們沒有看到國防機會或終端需求出現任何放緩。是否有任何明顯的 MACOM 特定問題導致預訂不足。除了國防部訂單的時間安排外，我們認為疲軟是庫存過剩和/或短期終端需求相關。由於 MACOM 失去了市場份額，我們認為我們沒有失去市場份額或失去任何主要客戶或項目。

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.

我們贏得的大部分設計都是基於我們產品性能的單一來源插座。此外，我們的設計活動非常活躍，對我們最新產品的興趣也非常高。鑑於第二季度的預訂疲軟，我們對第三季度和第四季度的展望是什麼？我們已經確定了哪些主要項目和相關訂單被推遲、縮減或取消。我們認為客戶和渠道庫存需要時間才能恢復到正常水平因此，我們預計未來 1 或 2 個季度的預訂量將保持相對疲軟。

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.

也就是說，我們確實預計預訂趨勢將在第三季度開始改善。哪裡對 MACOM、國防、醫療、航空電子、衛星通信和高性能計算的終端需求強勁。此外，我們相信我們的增長潛力將繼續提高。我們一直在擴展我們的 SAM，我們的最新產品非常引人注目。近期疲軟不應與我們 3 個核心終端市場的長期長期增長潛力相混淆。

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，第二季度的預訂並未反映 MACOM 產品組合的實力和深度以及我們的長期增長潛力。我希望有關預訂的這些額外細節可以幫助投資者了解當前的市場環境。轉向我們第二財季的終端市場。工業和國防收入為 7720 萬美元，環比持平。電信為 5390 萬美元，環比下降 12.3%，數據中心為 3830 萬美元，環比下降 7.6%。我會注意到 IND 和數據中心收入同比增長，而電信收入同比下降。迄今為止，隨著 5G 用戶數量的增加，北美、中國和韓國在電信領域的 5G 部署處於領先地位，需要額外的網絡緻密化和容量擴展來支持相關的流量增長。基於這些因素，我們相信 5G 在未來幾年仍將是一個增長機會，我們將繼續投資滲透這個市場。

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，基於光纖的寬帶接入網絡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，光纖到戶部署創造了一個非常大的高容量市場，總單位出貨量為 2.5G 和10G PON 每年接近 1 億個，這對 MACOM 來說是未來幾年的巨大機遇。

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.

基於衛星的寬帶網絡正在復興，作為基於地面的系統、低 [地球] 軌道或 LEO 的可行替代或補充，配置有網狀網絡架構的衛星正在使全球寬帶覆蓋成為現實。 SpaceX、OneWeb、亞馬遜、Kuiper 和 Telesat 宣布的星座將在未來幾年推動對數千顆新 LEO 衛星的需求。為了支持這些系統，正在建設新的地面站基礎設施以及相關的回程光纖網絡。所有這些射頻和微波平台都直接發揮了 MACOM 的優勢。

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。我們看到不斷增長的帶寬需求推動了新趨勢的出現。如今，超大規模運營商正處於 400G 和 800G 部署的早期階段，1.6T 緊隨其後。在與這些高速節點相關聯的系統中，高速混合信號 IC 的技術挑戰隨著每一代產品的發展而變得更加複雜。這對我們的業務有許多積極影響，人工智能和機器學習才剛剛開始部署，這將推動數據中心內的下一波增長。

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，我們將國防市場視為 MACOM 在許多領域的增長機會。跨空間、機載、船載和地面平台的雷達、通信系統和電子戰需求可以推動我們類型的半導體產品的顯著增長。

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，我們的目標市場包含重要的增長動力，我們相信我們的差異化技術將為 MACOM 提供競爭優勢以佔領市場份額。我想回顧一下第二季度整個企業取得的一些主要成就。正如之前宣布的那樣，我們發布了 2 個產品，即我們的 0.14 GaN on carbide 半導體工藝。今天，我們在 Fab 中處理了大約 20 個新的模擬設計。最初，目標應用將是大量艦載和機載雷達項目以及各種衛星通信和電信系統。

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.

與此相關的是，我們的 Fab 設備團隊最近通過 ETCH 工具和原子層沉積或 ALD 工具完成了新背面的安裝，以支持該工藝和其他下一代 GaN 工藝。本季度，我們的新體聲波 (BAW) 濾波器產品線首次出貨。我們的 BAW 增長戰略是專注於工業電信和國防應用中的高性能應用。 3月，我們的技術團隊成功展示了新設計的大功率發射機子陣面板的性能。

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.

這是一個重要的合同里程碑，我們現在將開始整個陣列的工作。我們預計該計劃將在未來 12 到 24 個月內帶來類似的機會。值得注意的是，這款發射器的設計幾乎包含 100% 的 MACOM RF 內容。

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.

數據中心市場的一些趨勢包括我們看到了需求——隨著新系統的移動，對 NRZ 產品的需求下降，對 PAM4 的需求越來越低。覆蓋100G AOC以及100G CWDM4和LR4的產品需求疲軟。我們預計這將持續 1 或 2 個季度。我們看到 100G DR1、400G 和 800G 的生產需求和增長正在增強。大部分需求是支持人工智能和高性能計算應用。在過去的幾個月裡，我們贏得了多項針對 400G-ZR 和 ZR 光的激光驅動器和 TIA 的設計，以支持數據中心園區應用的相干系統。在 RF 功率產品上，我們已經被一級國防精英選中，以支持帶有定制設計的放大器子組件的 L 波段雷達計劃。我們預計這個大型項目將在未來 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.

我們擴展了我們的純碳化物產品組合，包括專為工業、RF 功率烹飪和加熱應用設計的產品，並且 STMicroelectronics 提供了採用其最新合格的矽基 GaN 工藝的 FET 器件。這種材料將使我們能夠設計下一代 GaN 矽放大器產品，以支持低功率和低成本射頻放大器應用。在第二季度，我們收到了許多具有顯著長期收入潛力的初始訂單，包括支持遠程汽車 FMCW 的 IC 設計合同、LiDAR 應用，以及來自一級基站 OEM 的新 5G 大規模網絡試點訂單。 MIMO 前端模塊和來自日本和德國客戶的初始二極管訂單，以支持他們的新戰術無線電生產計劃。

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.

3 月，我們參加了光纖大會 (OFC)，重點介紹了我們的最新產品，並在我們的展位舉辦了 8 場現場產品演示。一個獲得大量關注的演示是我們的線性驅動器產品，該產品支持 800G 的單模和多模 PAM4 架構。與重定時解決方案相比，線性驅動架構可以節省功耗，並且由於從光學模塊中去除了 DSP 芯片，因此可以顯著降低成本。

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.

我們的演示展示了 800G 鏈路性能以及與 Broadcom 的 Tomahawk 5 交換機的互操作性，該交換機使用由 Eoptolink、海信和 Cloud Light 設計的 OSFP 模塊。演示確認發布 FEC 無錯誤操作，比標準要求高出多個數量級。此外，我們還展示了 NVIDIA 的 800G 模塊，我們相信這將是人工智能、機器學習和高性能計算等應用的理想選擇。

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.

線性驅動架構獨立於協議，可以支持 InfiniBand、以太網以及其他低延遲互連。我們相信，隨著這種新架構的採用，我們率先上市的線性驅動產品和相關知識產權使我們能夠實現增長。

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.

在我將討論轉交給傑克之前，我想回顧一下最近的兩筆收購。 3 月初，我們完成了對位於新澤西州漢密爾頓的私營公司 Linearizer Communications Group 的收購。 Linearizer 是微波預失真線性化、用於衛星有效載荷和微波光子子系統的微波電子學，或用於國防應用的光纖 RF 方面的專家。線性化器為太空、衛星通信和國防客戶設計和製造定制產品。他們的客戶主要位於美國，收入將作為我們工業、國防和電信市場部分的一部分進行報告。

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.

我很高興歡迎整個 Linearizer 團隊加入 MACOM。 Linearizer 是一家經營良好、盈利豐厚的企業，擁有出色的管理、出色的員工、出色的技術和客戶，並且擁有 31 年的成功記錄。通過將我們專有的半導體技術與他們的組件和子系統設計專業知識相結合，我們可以為合併後的客戶創建更加差異化的解決方案，並進一步滲透相關市場。

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.

我們一起打造了一個強大的組合。 1 月份，我們宣布了一項收購 OMMIC 資產的最終協議，OMMIC 是一家位於法國巴黎郊外的半導體製造商。該交易還有一些障礙需要清除。目前，我們預計將在第三財季結束。此次對關鍵製造能力和技術的收購將擴大我們的毫米波頻率氣體和 GaN 產品組合，通過運營中的 3 英寸和閒置 6 英寸生產線增加我們的晶圓製造能力，增加外延生長專業知識，加強我們在歐洲的影響力並加強我們的 Mimics半導體工藝和 IC 設計團隊。

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.

此次收購支持我們的戰略目標，即在超高頻、半導體模擬工藝和產品領域建立領導地位。傑克現在將對我們的財務業績進行更詳細的審查。

Thanks, Steve, and good morning, everyone. 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，大家早上好。我們 2023 財年第二季度的業績符合我們對該期間的指引。第二季度收入為 1.694 億美元，環比下降 6%。連續下降主要是由電信終端市場以及數據中心市場的下降所推動的。按地域劃分，面向國內客戶的銷售額約佔收入的 49%，環比持平。對中國客戶的銷售額約佔 20%，低於我們第一財季的 23%。過去 4 個季度，面向歐洲客戶的銷售額約占我們收入的 7%，我們專注於增加該地區的銷售額。

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.

調整後毛利為 1.052 億美元，佔收入的 62.1%，環比下降 50 個基點。調整後的運營費用總額為 4860 萬美元，其中包括 3130 萬美元的研發費用和 1730 萬美元的 SG&A 費用。正如預期的那樣，由於可變薪酬、專業費用和可自由支配的支出較低，總運營費用環比下降了 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 5660 萬美元，低於第一財季的 5880 萬美元。第二財季調整後營業利潤率為 33.4%，高於第一財季的 32.7%。與第一財季相比，我們調整後的營業利潤率更高，這表明我們的運營模式具有靈活性，因為我們繼續管理內部投資以適應商業周期的變化。

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.

第二財季的折舊費用為 580 萬美元，調整後的 EBITDA 為 6230 萬美元。過去 12 個月調整後的 EBITDA 為 2.503 億美元，而 2023 財年第一季度為 2.447 億美元。第二財季的調整後淨利息收入為 200 萬美元，比第一財季增加約 100 萬美元，原因是投資組合回報率更高。

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.

我們在第二財季調整後的非 GAAP 所得稅率保持在 3%，導致支出約為 180 萬美元。我們的現金納稅額從 2023 財年第一季度的 300,000 美元增加到 140 萬美元。我們預計，在 2023 財年剩餘時間和 2024 財年，調整後的所得稅率將保持在 3%。第二財季調整後淨收入為 56.7 美元億美元，而第一財季為 5800 萬美元。調整後每股完全攤薄收益為 0.79 美元，使用 7140 萬股股票，而第一財季調整後每股收益為 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.

現在轉向資產負債表和現金流量項目。我們的應收賬款餘額為 1.218 億美元，高於第一財季的 1.12 億美元。因此，未完成銷售天數為 65 天，而上一季度為 57 天。應收賬款的增加主要是由於發貨線性，我們的大部分發貨發生在本季度晚些時候，以及 Linearizer 收購的 AR。季度末存貨為 1.319 億美元，環比增加 1050 萬美元，這主要是由於與 Linearizer 收購相關的額外存貨。第二季度的庫存周轉率為 2 倍，環比略低於上一季度的 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.

我們認為我們的庫存質量依然強勁，儘管客戶訂單減少且交貨時間縮短，但我們確實預計隨著我們在 2023 財年和 2024 財年的進展，我們的淨庫存餘額將減少。第二財季運營現金流約為 32.5 美元百萬美元，而第一財季為 3830 萬美元。減少的主要原因是本季度應收賬款和應付賬款付款的時間安排。在我們管理不斷變化的商業周期時，現金產生仍然是我們的一個重要優先事項。第二財季的資本支出總計 600 萬美元，低於上一季度的 960 萬美元。我們整個 2023 財年的資本支出現在估計為 3500 萬美元。我們正在仔細平衡資本支出與業務的盈利能力和現金產生，並維持我們在 2023 財年對晶圓廠能力和流程進行關鍵投資的計劃。

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，轉到其他資產負債表項目。在第二財季，我們動用了大約 5100 萬美元的可用現金來完成對 Linearizer 的收購。因此，第二財季的現金、現金等價物和短期投資為 5.773 億美元，低於 2023 財年第一季度的 5.947 億美元。我們第二季度的總槓桿率仍低於 2.5 倍，我們的淨債務低於 50 美元百萬。

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.

在將討論轉回 Steve 之前，我想說明一些額外的事項：首先，我們很高興在 3 月份完成了對 Linearizer 的收購，我們正在努力將該團隊與 MACOM 整合。我們預計 Linearizer 不會對我們的收入產生重大的短期影響，並將適度增加我們的利潤。從長遠來看，當與 MACOM 的品牌和基礎設施相結合時，我們相信該業務將提供長期增長機會。我們很高興歡迎線性化器團隊加入 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，我們繼續致力於關閉 OMMIC 及其差異化技術和敬業的員工隊伍。如前所述，在短期內和交易完成後，我們預計 OMMIC 不會對我們的收入產生重大影響，然後它會略微稀釋我們的每股收益。然而，從長遠來看，隨著我們對該業務的投資，我們預計它將提供增長和盈利能力並推動股東價值。此外，我想指出，我們在新產品推出方面繼續取得進展，併計劃在本財年發布比去年多 30% 的產品，我們預計這將支持長期收入增長。

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 6 月季度，我們期待更新我們的 5 年年度戰略計劃，該計劃歷來包括擴大我們的 SAM、發展我們的技術能力和擴大我們的產品組合的綜合計劃。我們認為這是一個重要的過程，在這個過程中我們制定了一個深入的計劃，並在整個業務中設定了目標，以建立我們強大的財務基礎，為未來 5 年設定增長、盈利和投資目標。

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，我們計劃在本財年下半年謹慎管理我們的開支。我現在將討論轉回給史蒂夫。

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 預計第三財季的收入將在 1.45 億美元至 1.5 億美元之間。調整後的毛利率預計在 59% 至 61% 之間，基於 7150 萬股完全稀釋後的每股收益預計在 0.52 美元至 0.56 美元之間。本指南不包括計劃中的 OMMIC 收購的任何收入貢獻或財務影響。在第三季度，由於我們之前討論過的原因，我們預計工業和國防收入將上升，而數據中心和電信收入將下降。

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.

正如我所指出的，我們在執行我們的戰略時保持著長遠的眼光。我們的產品組合比一年前更強大，我們有信心能夠達到或超過我們的目標。

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，在我們為下半年財務建模時，我們預計 23 財年全年的收入和收益將下降約 4% 至 5%，毛利率將超過 60%。我現在想請接線員回答任何問題。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自馬特拉姆齊和考恩的陣容。

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。我想第一個問題，史蒂夫，如果你能花錢——順便說一下，我們很欣賞腳本中關於近期趨勢的細節和額外內容。我意識到宏中發生了很多事情。所以我真正感興趣的是，我想，鑑於你們已經推出了一些訂單的宏觀環境，這並不讓我感到驚訝。我真正想了解的是訂單變成了全面取消。除了某種庫存消化之外，這讓您感到驚訝嗎？我的意思是，您經常製作的東西都是單一來源，並且過時的風險極低。所以我只是想了解，這是——我們是否應該將所有這些解讀為只是暫時推出一大堆計劃，然後一切都會恢復？或者我們是否應該考慮真正的計劃取消？如果是這樣，在哪個部分？

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.

謝謝你的問題，馬特。首先，我想說我們的取消可能分為兩類。首先是客戶管理他們的庫存和風險敞口，鑑於當今的氣候，我們將其歸入正常業務運營類別。然後第二類將更多地遵循客戶決定取消程序或他們失去業務的思路。因此，他們真正消除了對那些產品、那些程序的需求。

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.

我們在我們一直支持的較舊的網絡程序中看到了大部分，我會說，通常情況下，這些產品也屬於不可取消且不可退貨的類別。因此，當我們看到此類取消時，通常會產生相關的取消費用。因此，這些確實是關於取消的兩個類別，我認為總美元價值在 1000 萬美元左右，在此期間略高於 1000 萬美元，這是異常高的。它應該定期接近 0。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，這個數字將變為 0。

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.

知道了。謝謝你的顏色。史蒂夫。我想這是我的後續問題，你們——你們在劇本末尾說過你們預計今年的收入下降 4%。因此，我認為這意味著會出現一些反彈，但在 9 月季度反彈幅度不大。因此，也許從 1.475 億美元到 1.5 億美元不等。那是正確的數學嗎？然後我們如何 - 你們如何看待從這裡恢復到某種水平的正常運行率業務？是這樣嗎？如果您對按細分市場恢復的時間有任何了解，那將很有幫助。我知道其中很多都在快速發展，上個季度訂單預訂中發生的一些事情是出乎意料的，但我們只是想得到一個——只是大致了解恢復的時機，這真的是有幫助。

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，馬特。所以我想我想首先強調的是，我們討論預訂是非常重要的。傑克和我一直在報告訂單出貨比大約 4 年。我們認為這可能是在這些季度電話會議上討論的最重要的指標之一。我們在過去 4 年中看到的肯定是 2020 財年的預訂量很大，我們的訂單出貨比約為 1.1，接近 1.2。在 21 財年，約為 1.2。然後去年 - 上一個財政年度，它是 1.1。因此，所有這些都表明需求不斷增長，對 MACOM 產品的興趣也越來越大。在同一時期，它還使我們能夠在事情開始放緩的時候建立非常非常強大的積壓工作。我認為，有一段時間我們積壓了超過 4 億美元。我們在第一季度真正看到的是 0.9 的訂單出貨比，然後是第二季度的 0.5，我們已經看到我們的積壓訂單減少了，但仍然在 3 億美元左右。所以我們仍然有大量積壓。這是12個月內交貨的高質量積壓訂單。因此，我們非常好——當我們談到本季度甚至下個季度時，鑑於預訂疲軟，我們仍然對我們執行和交付的能力充滿信心，並實現了我們想要的目標。

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，我們確實認為提供有關第四季度的一些方向性信息會有所幫助，讓投資者感到我們仍然處於非常有利的地位。所以我只想強調這一點。順便說一下，如您所知，推動預訂的因素肯定是製造週期時間。我們已經看到那些下降了。客戶的庫存水平很高，因此他們的訂單減少了。然後，當然，購買新程序的風險。我們看到許多較小的訂單真正針對新計劃，這些計劃不僅會在我們財政年度末，而且會在下個財政年度開始時增加。

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.

因此，當我們將所有這些加起來然後查看我們的銷售預測時，我們確實認為情況會慢慢改善。我們認為這不會很快恢復到強勁的預訂量，因為我們確實必須解決我們目前正在研究的庫存情況。所以我認為我 - 我在準備好的關於趨勢改善的評論中所做的評論可能是我想要的。我們不知道第四季度的預訂情況。我們將不得不拭目以待。市場肯定存在很多不確定性。但我認為對今天來說非常重要的是投資者明白我們正面臨著非常強大的積壓。當我們在此基礎上應用保守的訂單出貨比時，我們認為同比，我們應該能夠實現收入下降 4% 到 5%，這並不理想，但我認為這是一個市場環境下的合理結果。

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

我們的下一個問題來自巴克萊銀行的 Tom O'Malley。

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?

我也很欣賞你們早些時候把所有好的劇本都拿走了的劇本。所以感謝你讓我們今天思考一下。但我只是想問一下，我認為馬特只是談到了收入方面。但如果你對收益進行數學計算，下降 5% 意味著 9 月份的毛利率也有了相當大的提高。你能不能解決，一個，你認為從毛利率的角度來看，6 月的 60% 是底部嗎？然後考慮到這樣一個事實，即收入在 4% 到 5% 的中點有點持平，從毛利率的角度來看，你如何在 9 月份獲得幾百個基點的槓桿作用？

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，這是傑克。因此，正如我們對第三季度的展望一樣，我認為指南的中點是 60% 的數字，進入第四季度，我們還沒有達到那個精細水平，但它可能與收入較低時的水平保持一致體積。顯然，從整體毛利率的角度來看，與我們剛剛完成的 3 月季度相比，我們在 6 月季度看到了一些下降。我認為其中大部分與數量有關。我們對過去 9 或 10 個季度的毛利率非常滿意，我認為毛利率超過 60%。我還要強調我們為即將到來的 6 月季度公佈的收入水平，如果你回顧 MACOM 的可比時期，它可能會追溯到 2020 年底或 2021 年初。而且我們的總收入當時的利潤率可能在 50 年代中期。因此，過去幾年我們在結構上做了很多事情來提高毛利率，我們顯然已經在過去看到的增量增長中看到了這一點。因此，如果我們能夠恢復最高銷量，那將有助於支持毛利率的提高。

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.

然後我們談到的其他項目之一是我們在過去幾年中推出的新產品。這也有所幫助。顯然，隨著我們的前進，新產品的推出將繼續進行，這將在我們進入 24 財年及以後進一步支持毛利率的提高。

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.

有幫助。然後我在這裡有一個左外野。但是你們這些傢伙，我不確定是有意還是無意地沒有提到劇本中的芯片行為，這是你們過去提出的事情。顯然，那裡的事情似乎有點橫向發展。你能談談你目前在那裡所做的努力嗎？你從政府那裡聽到了什麼？如果你仍然認為這是你想參與的事情，就接收資金而言。

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.

感謝您提出有關籌碼法案的問題。因此，正如我們之前所說，我們很活躍。在之前的電話會議上，我們概述了我們正在尋找的戰略和方法，因為我們已經與政府接洽並提交了各種文書工作，我們受到了一些 GAG 的命令——有點像前進的基礎。既然我們已經與政府接洽，我們真的不能談論——也不會公開談論與我們的戰略相關的細節。所以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.

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

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。謝謝你所有的顏色。這非常有幫助。我有一個快速的問題，史蒂夫。首先，1.45 億美元，假設你建議 9 月份的收入為 1.5 億美元——對不起，[6 月] 和 9 月季度。可以公平地說您大量或顯著不足，或者只是出售給，換句話說，您正在燃燒多餘的庫存嗎？你認為這種水平是否足以在 9 月季度末燃燒掉多餘的東西？或者在進入下一個財政年度時您是否會有一些過剩庫存？

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.

太苛刻了，我認為我們在某些地區發貨不足。所以一般來說，是的，但我們也很難了解 9 月季度可能會發生什麼。我可以告訴你，我們正在更加積極地查看我們所謂的銷售點報告和我們所有銷售渠道中的銷售率。所以我們變得非常、非常專注於以更規律的節奏查看數據，比方說，因為這是一個非常重要的因素。我還要補充一點，這與您提出的我們希望降低渠道庫存的問題有點吻合，這也是我們後半部分戰略的一部分。因此，這已納入我們的指導方針。

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.

很公平。然後從另一個人那裡，史蒂夫，你提到了兩類產品。你提到有線電視和中國 PON 有幾個季度的庫存，恢復可能會更長期。所以我想這幾乎迴避了似乎會蔓延到明年財政年度的問題。這是對該特定業務的公平評估嗎？然後這個問題的第二部分是很多關注你的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 不久前報告，我想是在一兩天前，NVIDIA 都暗示計算數據中心似乎觸底。我想我正試圖將你的陳述與他們所看到的聯繫起來，而你說的是，嘿，事情會放慢一點。那些人說事情會加速一點。這只是時間上的差異嗎？或者是的，讓我們就這樣吧。這只是時間上的差異嗎？還是您認為還有其他事情發生？我很想听聽你的意見。

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。因此，關於您關於有線基礎設施和寬帶以及中國 PON 的問題的第一部分，我認為就電纜而言，它的複蘇速度將比 PON 市場慢。因此，我們預計進入明年 PON 的數量或環境會更健康。我們認為電纜會延長一點，主要是因為我們了解我們的主要客戶，並且有多個客戶持有大量庫存。所以他們必須把它燒掉。我們認為我們將在大約 2 個季度內看到訂單，以幫助我們為 24 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.

然後關於您關於計算的問題，特別是關於高性能計算的問題。正如我在腳本中談到的那樣，這是 MACOM 非常活躍的領域，尤其是我們支持 800G 應用的芯片。這些通常不到 100 米、不到 500 米，並且在我們的客戶希望移動大量高速數據的數據中心內。因此，這是我們看到一些力量的領域。但不幸的是，這種力量因 CWDM4、許多 SR 程序、許多我們過去參與的 NRZ 程序的放緩而減弱。

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，比方說，高速 PAM4 區域之外的弱點導致我們的數據中心收入在第三季度和第四季度總體上大幅下降。但這並不能說明我們認為明年將是一個非常好的設置，因為我們的客戶正在推動我們推出並加快那些更高速的程序。正如我在劇本中提到的，我們覺得我們在那里處於領導地位。這些產品不僅僅是在過去 12 個月內開發的。這些是我們已經研究了 2 年多的產品。我們能夠在 OFC 上使用 Tomahawk 5 交換機演示操作模塊，這表明我們不僅與模塊製造商深入合作，而且還與交換機製造商以及像 NVIDIA 這樣的公司深入合作。

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

我們的下一個問題來自 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?

我將對終端市場預訂趨勢的顏色表示感謝。我想，史蒂夫，如果你能幫助我們，公司的正常積壓情況是什麼，如果你今天是 3 億美元，這看起來大約是遠期收入的 1.5 個季度，是不是更正常的積壓情況，正常的積壓，也許甚至比那還低？

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.

所以這是一個很好的問題。我想答案是，你永遠不會有足夠的積壓。在過去的 4 年裡，幾乎每個季度和幾乎每個財政年度，我們都在推動這個數字上升。因此，隨著我們在新產品方面的增長、改進我們的 SAM、推出專有技術方面所做的所有事情，我們預計隨著時間的推移，從長遠來看，積壓總是在增加。這就是我們的期望。當我們看不到這種情況發生時，我們會感到失望。而且我認為 Jack 在過去一年左右也談到過我們一直在創紀錄的積壓數量。我們——正如我們也談到的那樣，提到我們大約 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.

因此，顯然推動增長的是我們的工程師在業務部門內所做的所有偉大的事情，以將非常引人注目的產品推向市場。所以我會說沒有正常水平。這個數字應該一直在上升。當它沒有上升時，我們會以兩倍的速度踩踏板以確保它確實上升。所以——你可以確定我們的銷售團隊、我們的業務部門、我們的領導層，我們正在路上，我們正在吸引客戶，而且我們很早——大約兩個季度前，我強調了這方面的優先事項財政年度，其中之一正在佔據市場份額。因此，我們通過在客戶的設施中吸引客戶並讓我們的應用程序團隊和設計師為他們進行定制設計來做到這一點。所以所有這些好事都在發生，我們期望從長遠來看，這個數字總是會上升。

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。然後是關於數據中心的更具體的問題。您現在已經談論了好幾個季度 NRZ 的弱點，即短距離的 CWDM4。聽起來該業務將抵消 800 gig 或業務的 PAM4 方面的一些優勢。但是當你進入 6 月和 9 月的季度時，隨著該業務的持續下滑，你能否告訴我們數據中心業務的百分比仍將由那些 NRZ 或退出本財年的更多遺留產品所代表？在 24 財年，這仍然是你認為的懸而未決或逆風嗎？或者，到 23 財年結束時，您真正為 400、800 gig PAM、直接驅動器、均衡器和一些較新的數據中心產品的增長而設置的結果是否下降到相當大的水平。

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。因此，可以肯定的是，NRZ 在總數中所佔的比例越來越小。許多業務都是以中國為中心的，因為他們正在為我們的 25G 短距離類型 AOC 或可插拔模塊部署模塊。所以我們不清楚什麼時候最終會變為 0，比方說。我們預計，在某個時候，它會變成最低限度的數額。這可能會在接下來的 12 個月內發生，可能需要 2 或 3 年。我們只是不知道。所以我可以告訴你，當我們考慮部署研發資源時，我們希望始終致力於我們之前談到的最高速應用程序，並利用這些相同的資源，讓他們參與其他市場，包括電信和防禦。正如我們長期討論的那樣，我們相信工業、國防和電信的增長將超過數據中心終端市場，主要是因為其他市場有很多差異化的機會。

And our next question coming from Tore Svanberg from Stifel.

我們的下一個問題來自 Stifel 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。我剛剛有一個關於消費水平的問題，尤其是在數據中心和電信領域？因為根據我的計算和你對 6 月季度業務的方向性看法，看起來數據中心和電信都將依次下降約 20%、30%。那麼，哪些領域現在可能低於消耗量呢？在哪裡 - 您仍然認為在 6 月季度結束後會有一些庫存過剩的部分是什麼？

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.

正確的。所以 Tore，謝謝你的提問。你說得對。正如我強調的那樣，隨著我們從第二季度進入第三季度，我們相信工業和國防將連續增長，可能會增長 9% 到 10%，當然也有超過 10% 的同比增長。所以我們對此感到高興。電信和數據中心都會宕機，數據中心可能比電信宕機更多。正如我們所討論的，許多遺留 NRZ 程序正在拖累總數。

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，較弱的領域當然是 5G，無論是在光學方面還是在射頻方面。地鐵/長途，我們擁有非常強大的地位，在下一個 - 在本季度中也將變得疲軟。我想說我們之前談到的有線電視也是一個薄弱環節。

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.

因此，當我們考慮 9 月季度會發生什麼以及庫存何時趨於平穩時，我們很難說。這就是為什麼我們強調我們確實希望我們的第三季度預訂開始改善，這是所有市場庫存下降的領先指標，但我認為現在具體說明實際情況還為時過早本季度發生。我的意思是，正如您在第二季度看到的那樣，預訂量大幅減少，因此我們必須順其自然。

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，那是很棒的顏色。然後關於你自己的內部庫存，我想你說過你打算全年降低它。庫存天數目前為 187。那麼，您是否有我們應該跟踪的按天或按美元計算的目標？

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，托爾，這是傑克。我們的目標是降低它。顯然，在我們解決這個問題的過程中，它將在某種程度上取決於訂單流。我們從目標的角度來看了它，我們的目標是嘗試讓我們的庫存周轉率超過我們本季度的 2 個數字，長期目標可能接近 3 個。我們知道我們需要做一些工作才能到達那裡。在過去一年左右的時間裡，我們顯然在建造一些戰略物資。我們還有那些。我們對庫存進行分析。我們覺得我們的庫存非常健康。隨著我們在接下來的幾個季度中努力解決問題，我們預計會看到一些整體削減。我們在本季度還收購了線性器，這推動了我們看到的環比增長的大部分。因此，從絕對美元的角度來看，這是一項與收購相關的活動，它推動了我們的數字增長。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

This is Blake Freeman on for Vivek. Just 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.

這是 Vivek 的 Blake Freeman。只是第一個，有點回到毛利率。如果我看上一次，銷售額連續下降了兩位數，毛利率下降了 200 個基點，你指導的 6 月季度。因此，從那以後，投資組合肯定發生了變化，但如果你能詳細說明是什麼讓你有信心在下半年的挑戰中毛利率不會進一步下降，那就有點好奇了。

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。謝謝布萊克提出的問題。或許我會發表一些評論，然後 Jack 可以添加這些評論。因此，正如我們所談到的，我們當前季度確實有很大一部分積壓。因此，這使我們對該範圍有了一些了解。正如傑克還強調的那樣，當我們在 21 財年的收入水平下降時。我們的毛利率較低，但我們知道這種組合是有利的。我們的成本結構是有利的。我們的執行能力和運營效率都令人滿意。因此，即使在相同的收入水平下，我們也看到毛利率有了顯著提高。當然，投資組合的優勢正在提供良好的順風。因此，也許，傑克，你可以更具體一些。

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，我認為你的總結很有幫助，再一次，我們在管理成本方面比幾年前處於更好的位置產品在外面製造對我們的整體毛利率影響較小。甚至我們通過晶圓廠產品所擁有的組合，我們也不是一個大型晶圓廠，收入的輕微下降會對毛利率產生更顯著的影響。因此，從這個角度來看，與我們的一些同行相比，我們在某種程度上是孤立的，這些同行可能是更高容量的運營商。

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.

知道了。然後只是快速跟進，也只是關於事物的 OpEx 方面。當你有點——當我們經歷下半年的逆風，但也優先投資新產品線時，我想，你能量化你認為 OpEx 應該如何在接下來的幾個季度等趨勢。

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.

我想如果你看看我們指南的中點，我們可能在 5000 萬美元左右，這比我們本季度末的水平有所提高，總運營支出約為 4700 萬美元。其中一些即將在整個季度上線收購，但我們將繼續進行投資。我們已經談到我們的新產品介紹對我們來說是一個重要領域。因此，我們將繼續專注於在有意義的地方進行一些研發投資。但是我們之前多次說過的一件事是，我們將在前進的過程中密切關注我們的運營費用，並確保我們以適當的方式管理這些費用。

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

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

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?

這麼快，我想看看您是否對您在運營商和服務提供商中看到的資本支出支出計劃有任何看法。您是否看到資本支出發生重大變化，或者只是一些短期內被擱置的項目？

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.

正確的。謝謝你的問題。因此，我可能不是就各行業的資本支出情況提出這個問題的最佳人選。我們已經從某種程度上看到了 5G 支出的增加。當然，這取決於國家。我們看到數據中心正在繼續投資。我的意思是，他們在業務的一方面進行大規模裁員，但他們在業務的另一端大量投資於設備。因此，資本投資肯定會流向像 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.

所以我認為我們很難談論那些更高水平的資本支出，因為它 - 我們到目前為止與這些美元的流動方式相去甚遠。但我要強調的是，長期增長趨勢有利於 MACOM。例如，國防工業正在發展，不僅在美國這裡，而且在國際上也是如此。所有——不是全部，但如果不是大多數的話，很多北約國家都在增加他們在國防設備上的支出，並且他們希望在當地製造這些設備。

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 這樣的公司可以支持歐洲國防承包商。例如，我在劇本中談到了為德國客戶參與一些戰術無線電。因此，我們擁有的技術在國防工業中有巨大的機會。當我們想到電信時，當今部署的大多數係統都在轉向更高的頻率。當您開始查看可以使用高頻半導體支持這些平台的公司數量時，您幾乎可以用一隻手數出這些公司。我們就是其中之一。而我們的戰略是做強，做高頻半導體技術的領先者。

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.

當您在其之上分層時，我們的砷化鎵和 GaN、氮化鎵和碳化矽基 GaN 能夠在更高頻率下工作。它真的開始看起來與眾不同。因此，我們相信，電信市場將繼續增長。有很多令人興奮的增長機會。我們在劇本中談到了一些 LEO 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，數據中心，我們希望以最高的數據速率參與。隨著事物變得商品化或轉向更低的數據速率，那是我們將走出去並將我們的研發資源投入其他領域的時候。所以——雖然我們不太關注最終用戶社區的資本支出，但我要強調的是，我們的 3 個核心市場將在未來十年內實現長期增長，而且我們處於有利地位，可以利用那。

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.

那裡的顏色很棒。其次，也許是為了跟進。關於中國和你在那裡看到的需求的任何事情？我知道 - 你早些時候談到了這一點，但只是考慮一下該市場周圍的需求趨勢甚至庫存問題可能會有所幫助。

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（約 4000 萬美元）來自中國客戶。上個季度，百分比下降了。所以現在以絕對美元計算，大約是 3300 萬美元。所以它肯定會下降。我認為這些數字並不代表該市場的潛力。我現在要說的是，從 5G 部署甚至大量光模塊擴建的意義上說，這是一個非常安靜的市場。關於交易量以及接下來會發生什麼，存在很多不確定性。我一般會說——總的來說，情況正在改善，因為 COVID 在某種程度上落後於當地經濟，現在情況正在開放，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.

我要補充的最後一件事是，肯定存在某種反對美國半導體製造商向中國銷售產品的行為，我們認識到這一點，我們將確保我們的戰略解決這個問題。

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

我們的下一個問題來自法國巴黎銀行的 Karl Ackerman。

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.

Steve 和 Jack，在您準備好的發言中，您注意到您的光收發器合作夥伴表示新訂單將比上一年下降 30% 至 40%。這是否僅針對您自己的 NRZ 產品？這是否更傾向於電信？還是更傾向於數據中心？上面的任何顏色都會有所幫助。

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.

我想說這是對 NRZ 和 PAM4 中所有數據速率的廣泛陳述，有點不包括更高端的 PAM4 產品。而且我會說這更傾向於數據中心。我們認為，當電信開啟時，我們不僅會擁有非常強大的 - 我們在前端傳輸方面擁有非常強大的地位 - 不僅是我們的電氣產品、驅動器、TIA 和 CDR，還有光學產品，包括激光器和照片探測器。然後我要補充的最後一件事是，我們確實認為地鐵 - 地鐵/長途業務目前相對較弱，我們認為它將在大約 1 到 2 個季度內開始加強。

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。也許與最後一部分吻合。您注意到 400-gig ZR 的設計勝利不斷增加。所以我想我不確定這是否與這個地鐵機會有關，但你能否在接下來的一年或兩年內討論你在 ZR 產品上的機會，因為你開始贏得其中一些設計。

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，這當然還很早，但我們正在——我們看到的是客戶正在開發將在數據中心內外使用的連貫產品。因此，我們擁有地鐵/長途技術，通常是 - 這些通常是用於長途應用的高端半導體工藝。我們看到對該技術進行了某種重置，以將其應用於 400 ZR 燈等產品。所以它主要在 2 個產品領域。它是驅動程序和 TIA。通常，它適用於 20 到 40 公里左右的應用。比方說，這就是我們對該細分市場進行分類的方式。

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。我現在不會在隊列中顯示更多問題。我現在將把電話轉回給戴利先生，聽取任何結束語。

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，使所有這些結果成為可能。祝你今天過得愉快。

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

女士們，先生們，我們今天的會議到此結束。感謝您的參與。您現在可以斷開連接。