(MTSI) 2023 Q3 法說會逐字稿

Welcome to MACOM's Third Fiscal Quarter 2023 Conference Call. This call is being recorded today, Thursday, August 3, 2023. (Operator Instructions)

歡迎參加 MACOM 2023 年第三財季電話會議。本次通話將於今天（2023 年 8 月 3 日星期四）錄音。（操作員說明）

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

我現在將把電話轉給 MACOM 負責計劃和投資者關係的副總裁 Steve Ferranti 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 third 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.

謝謝你，奧利維亞。早上好，歡迎大家致電討論 MACOM 2023 年第三財季的財務業績。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。

Actual results may differ materially from those discussed today. For a more detailed discussion of the risks and uncertainties that could result in those differences, we refer you to MACOM's filings with the SEC.

實際結果可能與今天討論的結果大不相同。如需更詳細地討論可能導致這些差異的風險和不確定性，我們建議您參閱 MACOM 向 SEC 提交的文件。

Management's statements during this call will also include discussion of certain adjusted non-GAAP financial information. A reconciliation of GAAP to adjusted non-GAAP results are provided in the company's press release and related Form 8-K, which was filed with the SEC today.

管理層在本次電話會議期間的聲明還將包括對某些調整後的非公認會計準則財務信息的討論。公司新聞稿和今天向 SEC 提交的相關表格 8-K 中提供了 GAAP 與調整後的非 GAAP 業績的調節表。

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

接下來，我會將電話轉給 MACOM 總裁兼首席執行官 Steve Daly。

Thank you, and good morning. I will begin today's call with a general update on our business. After that, Jack Kober, our Chief Financial Officer, will provide a more in-depth review of our financial results for the third quarter of fiscal 2023. I will then provide revenue and earnings guidance for our fourth fiscal quarter, and we will be happy to take some questions. Revenue for the third quarter of 2023 was $148.5 million and adjusted EPS was $0.54 per diluted share. Cash flow from operations was approximately $46 million and we ended the quarter with $588 million in cash and short-term investments on our balance sheet.

謝謝你，早上好。我將首先介紹我們業務的最新情況。之後，我們的首席財務官傑克·科伯將對我們 2023 財年第三季度的財務業績進行更深入的審查。然後我將為我們第四財季提供收入和盈利指導，我們會很高興回答一些問題。 2023 年第三季度收入為 1.485 億美元，調整後每股攤薄每股收益 0.54 美元。運營現金流約為 4600 萬美元，本季度結束時，我們的資產負債表上有 5.88 億美元的現金和短期投資。

Our team did an excellent job in meeting our business and financial objectives, albeit in a challenging market environment. We are especially pleased with our cash flow as we manage our way through the down part of the cycle. Our book-to-bill ratio in Q3 was 0.9, which was a significant improvement over Q2. Our total company backlog decreased slightly quarter-over-quarter, although it remains at a healthy level. The bookings growth was driven primarily by our data center and defense customers. Our turns business or revenue booked and shipped within the quarter represented approximately 18% of our total revenue, which is approaching historical norms.

儘管市場環境充滿挑戰，但我們的團隊在實現業務和財務目標方面表現出色。我們對現金流特別滿意，因為我們成功度過了周期的下行階段。第三季度我們的訂單出貨比為 0.9，比第二季度有了顯著改善。我們的公司總訂單積壓量環比略有下降，但仍處於健康水平。預訂量增長主要是由我們的數據中心和國防客戶推動的。本季度我們的訂單和發貨業務或收入約佔總收入的 18%，接近歷史正常水平。

While we are encouraged by the improvement in bookings, the broader demand environment remains weak in several of our served markets and in particular, with the telecom end market. I'll note that customer cancellations and pushout requests have slowed, which is a positive indicator. However, I would still characterize overall industry inventory levels as high with many customers still carrying excess inventory. Our external sales channel inventory did decrease in Q3, and we plan to manage our external sales channel inventories down again in Q4.

儘管預訂量的改善令我們感到鼓舞，但在我們服務的幾個市場，尤其是電信終端市場，更廣泛的需求環境仍然疲軟。我會注意到客戶取消和取消請求已經放緩，這是一個積極的指標。然而，我仍然認為整個行業的庫存水平很高，許多客戶仍然持有過剩的庫存。我們的外部銷售渠道庫存在第三季度確實有所下降，我們計劃在第四季度再次降低外部銷售渠道庫存。

Turning to our discussion of our end markets for fiscal Q3. Industrial and Defense revenue was $83.5 million, up sequentially, and it was a company record. Within the I&D market, demand for MACOM's products remains robust. And we continue to see numerous secular drivers within both the industrial and defense markets. Which have the potential to drive slow but steady growth from MACOM over the coming years. Applications include new satellite networks within the DoD, new AESA or active electronically steered antenna radar deployments, electronic warfare applications, secure communications and new very high-frequency electronic sensors. These applications require progressively higher frequency levels, more bandwidth and higher power levels in smaller form factors, which plays directly to MACOM's competitive strengths.

轉向我們對第三財季終端市場的討論。工業和國防收入為 8,350 萬美元，環比增長，創下了公司紀錄。在 I&D 市場中，對 MACOM 產品的需求依然強勁。我們繼續看到工業和國防市場中存在眾多長期驅動因素。這有可能在未來幾年推動 MACOM 緩慢但穩定的增長。應用包括國防部內的新衛星網絡、新的 AESA 或有源電子操縱天線雷達部署、電子戰應用、安全通信和新的甚高頻電子傳感器。這些應用需要在更小的外形尺寸中逐漸提高頻率水平、更大帶寬和更高功率水平，這直接發揮了 MACOM 的競爭優勢。

Our goal is to expand our SAM within the I&D market and to establish differentiated products that span analog ICs, mimics in RF and microwave subsystems. Our portfolio has multiple growth initiatives, which we've previously discussed, including our high-frequency 0.14 GaN process, low-frequency MACOM pure carbide power amplifier products BAW filters, KV CAPS, ruggedized photonic subsystems and RF amplifier pallets. Our recent acquisition of Linear Communications Group is an example of our SAM expansion initiatives.

我們的目標是在 I&D 市場中擴展我們的 SAM，並建立涵蓋模擬 IC、模擬 RF 和微波子系統的差異化產品。我們的產品組合有多項增長計劃，我們之前已經討論過，包括我們的高頻 0.14 GaN 工藝、低頻 MACOM 純碳化物功率放大器產品 BAW 濾波器、KV CAPS、加固型光子子系統和 RF 放大器托盤。我們最近收購 Linear Communications Group 是我們 SAM 擴張計劃的一個例子。

As previously highlighted, the Linearizer team brings MACOM new design and manufacturing capabilities in microwave pre-distortion products for SATCOM and satellite payloads as well as microwave photonic subsystem products for defense applications. Over the past three decades, the Linearizer team has developed an outstanding reputation in the SATCOM industry and forged strong relationships with many leading TWT manufacturers, Tier 1 U.S. defense prime contractors, SATCOM ground station OEMs and satellite manufacturers.

正如之前所強調的，Linearizer 團隊為 MACOM 帶來了衛星通信和衛星有效載荷的微波預失真產品以及國防應用的微波光子子系統產品的新設計和製造能力。在過去的三十年裡，Linearizer 團隊在衛星通信行業中建立了卓越的聲譽，並與許多領先的行波管製造商、美國一級國防主承包商、衛星通信地面站OEM 和衛星製造商建立了牢固的關係。

This acquisition strengthens our market position within the defense industry and improves our ability to capitalize on the estimated incremental $250 million TAM. Since closing the acquisition in March, we have initiated new R&D activities to combine our proprietary semiconductor technologies with Linearizer's, system design expertise to create more differentiated solutions for our combined customers. The industrial market continues to expand with new applications, including by way of example, traffic monitoring radars, automotive sensors such as LiDAR, industrial wireless IoT platforms, factory automation and robotics and wireless and laser-based instruments for medical applications. In short, we continue to build a unique and differentiated product portfolio of RF in microwave and millimeter wave and optical capabilities for the I&D market.

此次收購增強了我們在國防工業中的市場地位，並提高了我們利用預計增量 2.5 億美元 TAM 的能力。自三月份完成收購以來，我們啟動了新的研發活動，將我們專有的半導體技術與 Linearizer 的系統設計專業知識相結合，為我們的聯合客戶創造更具差異化的解決方案。工業市場不斷擴大新的應用，包括交通監控雷達、激光雷達等汽車傳感器、工業無線物聯網平台、工廠自動化和機器人以及用於醫療應用的無線和激光儀器。簡而言之，我們將繼續為 I&D 市場構建獨特且差異化的微波和毫米波射頻以及光學功能產品組合。

While programs in the I&D market take a long time to enter production, the programs typically have long life cycles and carry healthy margins, which ultimately create attractive financial returns. Revenue for the telecom end market was $38.3 million, down 29% sequentially. The global telecom markets remain very challenging with weakness in China, slowing 5G deployments in the U.S. and elevated inventory levels at CATV and metro long-haul customers. Our telecom bookings have been weak for most of fiscal year '23 and at current levels, we believe we are under-shipping to end demand.

雖然 I&D 市場中的項目需要很長時間才能投入生產，但這些項目通常具有較長的生命週期和可觀的利潤，最終創造有吸引力的財務回報。電信終端市場收入為 3830 萬美元，環比下降 29%。全球電信市場仍然充滿挑戰，其中包括中國的疲軟、美國 5G 部署的放緩以及有線電視和城域長途客戶的庫存水平上升。在 23 財年的大部分時間裡，我們的電信預訂量一直疲軟，按照目前的水平，我們相信我們的發貨量不足以滿足最終需求。

In spite of the current market weakness, we continue to view telecom as an attractive market with large and diverse long-term growth opportunities. We believe this market has the potential to be one of our faster growth markets because design cycles are fast, volumes are high and customers typically select products based on performance rather than price. MACOM has compelling products for the telecom market from our diode and mimic portfolio to our analog ICs in optical or opto-electric analog IC products.

儘管當前市場疲軟，我們仍然認為電信是一個有吸引力的市場，擁有大量且多樣化的長期增長機會。我們相信這個市場有潛力成為我們增長較快的市場之一，因為設計週期快，產量大，而且客戶通常根據性能而不是價格來選擇產品。 MACOM 為電信市場提供引人注目的產品，從二極管和模擬產品組合到光學或光電模擬 IC 產品中的模擬 IC。

While this year's order demand has been weak, our sales team have been doing a great job finding new customers and applications, which will drive our future growth. We believe our telecom revenues will improve in the near term when infrastructure deployments increase and as customers in sales channel inventory is depleted. New product introductions remain a core aspect of our growth strategy in the telecom market. As an example, over the past few years, we have expanded our portfolio to include high-power switch in LNA modules to serve 5G base stations, including macro cell, small cell, in massive MIMO active antenna systems and frequency bands up to 6 gigahertz. We've also developed a product line of high-power transmit and receive front-end modules or FEMs that operate in the 5G FR2 microwave frequency bands, which consists of multistage PAs, LNAs and a TR switch in directional couplers.

雖然今年的訂單需求疲軟，但我們的銷售團隊在尋找新客戶和應用方面做得很好，這將推動我們未來的增長。我們相信，隨著基礎設施部署的增加以及銷售渠道庫存中的客戶的耗盡，我們的電信收入將在短期內有所改善。新產品的推出仍然是我們電信市場增長戰略的核心部分。例如，在過去幾年中，我們擴大了產品組合，將高功率開關納入 LNA 模塊中，以服務於 5G 基站，包括宏蜂窩、小型蜂窩、大規模 MIMO 有源天線系統以及高達 6 GHz 的頻段。我們還開發了在 5G FR2 微波頻段運行的高功率發射和接收前端模塊或 FEM 產品線，其中包括多級 PA、LNA 和定向耦合器中的 TR 開關。

MACOM's RF and microwave IC design expertise is compelling. Our chip designers have the ability to utilize a wide range of gas, GaN, SOI and CMOS processes for both internal and external fabs and as a result, we're able to select the process which achieves leading product performance. While this capability is ideal for 5G radios, our growth strategy is broader than the 5G infrastructure market, and our product line managers use the same technology to target other high-volume applications where we can differentiate. For this reason, we see a large telecom growth opportunity for MACOM over the next few years.

MACOM 的射頻和微波 IC 設計專業知識非常引人注目。我們的芯片設計人員能夠在內部和外部晶圓廠中使用各種氣體、GaN、SOI 和 CMOS 工藝，因此，我們能夠選擇實現領先產品性能的工藝。雖然這種功能非常適合 5G 無線電，但我們的增長戰略比 5G 基礎設施市場更廣泛，而且我們的產品線經理使用相同的技術來瞄准我們可以實現差異化的其他大批量應用。因此，我們認為 MACOM 在未來幾年將面臨巨大的電信增長機會。

Data center revenue was $26.6 million in Q3, down 31% sequentially. We still see excess inventories impacting customer demand, at lower 25G and 100G data rates. However, during the quarter, we were pleased to see customer demand for our 400G and 800G products start to accelerate. And this near-term trend will provide an opportunity for significant quarter-over-quarter growth. We have also seen an uptick in 200G short-reach PAM4 demand to address some new U.S. cloud deployments.

第三季度數據中心收入為 2660 萬美元，比上一季度下降 31%。我們仍然認為，在 25G 和 100G 數據速率較低的情況下，庫存過剩會影響客戶需求。然而，在本季度，我們很高興看到客戶對我們的 400G 和 800G 產品的需求開始加速。這種近期趨勢將為季度環比大幅增長提供機會。我們還看到 200G 短距離 PAM4 需求有所增加，以滿足美國一些新的雲部署的需求。

MACOM has a focused product portfolio for the data center to support high-speed analog connectivity, and our products are used in optical transceivers, active optical cables and active copper cable applications. MACOM has been a leader in supporting the analog linear drive architecture across InfiniBand and Ethernet protocols because we believe linear drive in certain applications can provide lower latency and reduced power consumption compared to DSP-based solutions. We believe our solutions are gaining traction in the market, especially at the higher data rates.

MACOM 擁有針對數據中心的專注產品組合，支持高速模擬連接，我們的產品用於光收發器、有源光纜和有源銅纜應用。 MACOM 一直是跨InfiniBand 和以太網協議支持模擬線性驅動架構的領導者，因為我們相信，與基於DSP 的解決方案相比，某些應用中的線性驅動可以提供更低的延遲和更低的功耗。我們相信我們的解決方案正在市場上獲得關注，尤其是在更高的數據速率下。

As an example, our linear drive products can support new deployments in artificial intelligence, machine learning and high-performance computing. Hyper-scale operators are in the early stages of 400G and 800G deployments today, and these customers are actively looking for ways to reduce complexity, DC power and cost. We believe we are well positioned to capture a portion of the market with our analog solutions.

例如，我們的線性驅動產品可以支持人工智能、機器學習和高性能計算領域的新部署。目前，超大規模運營商正處於 400G 和 800G 部署的早期階段，這些客戶正在積極尋找降低複雜性、直流功耗和成本的方法。我們相信，我們有能力通過模擬解決方案佔領部分市場。

I would now like to review a few key events during Q3. We First, we continue to focus on developing cutting-edge semiconductor processes. In support of this effort, we were awarded a contract from the United States Air Force Research Labs or AFRL, to develop advanced semiconductor process technology related to gallium nitride on silicon carbide. The contract will support MACOM's research and development on process technologies used in millimeter-wave mimic products. We believe this contract underscores MACOM's technical leadership and commitment in high-power millimeter wave GaN on silicon carbide, and it will enable us to strengthen our competitive edge. This is a multiyear contract that has a total value of around $4 million.

我現在想回顧一下第三季度的一些關鍵事件。我們首先，我們繼續專注於開發尖端半導體工藝。為了支持這一努力，我們獲得了美國空軍研究實驗室 (AFRL) 的合同，負責開發與碳化矽上氮化鎵相關的先進半導體工藝技術。該合同將支持 MACOM 在毫米波模擬產品中使用的工藝技術的研發。我們相信，這份合同凸顯了 MACOM 在高功率毫米波碳化矽 GaN 領域的技術領先地位和承諾，將使我們能夠增強我們的競爭優勢。這是一份多年期合同，總價值約為 400 萬美元。

Our strategy is to provide customers with the industry's best-performing high-frequency gas and GaN mimic products. Future mimic products from advanced processes represent a large growth opportunity for MACOM over the next 2 to 5 years. Historically, mimics have been among the most profitable products within our portfolio. Second, we are pleased to announce that during the quarter, we were awarded a platinum supplier status by a U.S.-based Tier 1 defense contractor, and we were named as a global preferred supplier by a leading Japanese test and measurement company. Customer satisfaction is at the center of MACOM's business strategy, and these awards are a great recognition of our success in servicing these customers.

我們的戰略是為客戶提供業界性能最佳的高頻氣體和仿氮化鎵產品。來自先進工藝的未來模擬產品代表著 MACOM 在未來 2 到 5 年內的巨大增長機會。從歷史上看，模仿一直是我們產品組合中最賺錢的產品之一。其次，我們很高興地宣布，在本季度，我們被一家美國一級國防承包商授予了白金供應商地位，並且被一家領先的日本測試和測量公司評為全球首選供應商。客戶滿意度是 MACOM 業務戰略的核心，這些獎項是對我們在服務這些客戶方面取得的成功的高度認可。

I would like to congratulate the sales teams, application engineering, operations and all of the other critical members of the MACOM team who helped make these awards possible. Third, we are pleased that during the quarter, we formally established the MACOM European semiconductor center outside of Paris, France. This center bolsters our European presence and provides a manufacturing platform from which we can build upon to expand and better serve our European customers. The center also brings us an amazing team and a portfolio of high-performance mimic products. And finally, I would like to note that the integration of linear Communications Group acquisition is on schedule, and our teams have been excited to start collaborating together to win new business. Before I turn the discussion over to Jack, I would like to review one more item.

我要祝賀銷售團隊、應用工程、運營團隊以及 MACOM 團隊的所有其他重要成員，他們幫助使這些獎項成為可能。第三，我們很高興在本季度，我們在法國巴黎郊外正式建立了MACOM歐洲半導體中心。該中心增強了我們在歐洲的影響力，並提供了一個製造平台，我們可以在此基礎上擴大業務並更好地服務我們的歐洲客戶。該中心還為我們帶來了一支出色的團隊和一系列高性能模仿產品。最後，我想指出的是，線性通信集團收購的整合正在按計劃進行，我們的團隊很高興開始共同合作以贏得新業務。在將討論交給傑克之前，我想再回顧一下一項。

In mid-July, the management team updated its long-term strategic plan. As a reminder, in July of 2020, we initiated a long-term new planning process, and this year was our fourth revision of the plan. As you would expect, the strategic plan analyzes our capabilities, the markets and potential areas for SAM expansion. It reviews our current technology portfolio, product road maps, competitive landscape, SWOT analysis and formulates a road map for growing revenue and profitability at a detailed product line level. We believe that in-depth long-term planning is essential for a semiconductor business, and this is a critical element of how we manage the company. We believe our strategy will strengthen and diversify our business and provide MACOM the ability to capture market share.

7月中旬，管理團隊更新了長期戰略規劃。提醒一下，2020年7月，我們啟動了長期新規劃流程，今年是我們對該規劃的第四次修訂。正如您所期望的，該戰略計劃分析了我們的能力、市場和 SAM 擴展的潛在領域。它回顧了我們當前的技術組合、產品路線圖、競爭格局、SWOT 分析，並製定了在詳細產品線層面增加收入和盈利能力的路線圖。我們相信，深入的長期規劃對於半導體業務至關重要，也是我們管理公司的關鍵要素。我們相信我們的戰略將加強我們的業務並使之多元化，並為 MACOM 提供佔領市場份額的能力。

We are excited to scale the business and achieve $1 billion in revenue. Jack will now provide a more detailed review of our financial results.

我們很高興能夠擴大業務並實現 10 億美元的收入。傑克現在將對我們的財務業績進行更詳細的審查。

Thank you, Steve, and good morning, everyone. Our results for the third quarter of fiscal 2023 were within our guidance for the period. Revenue for the third quarter was $148.5 million, down 12% quarter-over-quarter. The sequential decrease was driven by weakness in telecom and data center markets with a slight sequential increase in industrial and defense. On a geographic basis, sales to domestic customers represented 49% of revenue flat sequentially.

謝謝你，史蒂夫，大家早上好。我們 2023 財年第三季度的業績符合該期間的指引。第三季度收入為 1.485 億美元，環比下降 12%。環比下降的原因是電信和數據中心市場疲軟，而工業和國防市場環比略有增長。從地域來看，國內客戶的銷售額佔收入的 49%，與上一季度持平。

Sales to China-based customers were 16% of revenue, down from 20% in our fiscal second quarter. Despite sales declines in China, we continue to see additional growth opportunities in Asia and Europe. Adjusted gross profit was $89.2 million or 60.1% of revenue, down 200 basis points sequentially, driven by lower absorption of some of our fixed costs with the lower Q3 revenue levels. MACOM utilizes a flexible manufacturing model, leveraging our internal wafer fabs as well as third-party foundries, which we believe will provide financial leverage as the business cycles and revenue improve.

對中國客戶的銷售額佔收入的 16%，低於第二財季的 20%。儘管中國的銷售額下降，但我們繼續看到亞洲和歐洲的額外增長機會。調整後毛利潤為 8,920 萬美元，佔收入的 60.1%，環比下降 200 個基點，這是由於第三季度收入水平較低，部分固定成本吸收減少所致。 MACOM 採用靈活的製造模式，利用我們的內部晶圓廠和第三方代工廠，我們相信隨著商業周期和收入的改善，這將提供財務槓桿。

Total adjusted operating expense was $52.2 million, consisting of R&D expense of $33.2 million and SG&A expense of $19 million. As expected, our total operating expenses were sequentially up by $3.6 million, mostly due to the incremental expense from our acquisition of Linearizer and the establishment of our European semiconductor center in France. Adjusted operating income in fiscal Q3 was $37 million, down from $56.6 million in fiscal Q2.

調整後運營費用總額為 5,220 萬美元，其中研發費用為 3,320 萬美元，SG&A 費用為 1,900 萬美元。正如預期的那樣，我們的總運營費用環比增加了 360 萬美元，主要是由於收購 Linearizer 以及在法國建立歐洲半導體中心而增加的費用。第三財季調整後營業收入為 3700 萬美元，低於第二財季的 5660 萬美元。

Adjusted operating margin was 24.9% for fiscal Q3 sequentially down from 33.4% in Q2. Going forward, we expect our operating margins to improve as revenue recovers. Depreciation expense for fiscal Q3 was $5.8 million and adjusted EBITDA was $42.8 million. Trailing 12-month adjusted EBITDA was $233.1 million compared to $250.3 million in Q2 fiscal 2023.

第三財季調整後營業利潤率為 24.9%，較第二財季的 33.4% 有所下降。展望未來，我們預計隨著收入的恢復，我們的營業利潤率將會提高。第三財季的折舊費用為 580 萬美元，調整後的 EBITDA 為 4280 萬美元。過去 12 個月調整後 EBITDA 為 2.331 億美元，而 2023 財年第二季度為 2.503 億美元。

Adjusted net interest income for Q3 was $2.8 million, up roughly $700,000 from fiscal Q2 on higher investment portfolio returns partially offset by higher interest expense on our term loan. Our adjusted non-GAAP income tax rate in fiscal Q3 remained at 3% and resulted in an expense of approximately $1.2 million. Our cash tax payments were $1.2 million, down from $1.4 million in the second quarter of fiscal 2023. We expect our adjusted income tax rate to remain at 3% for the fourth quarter of fiscal year 2023 and through fiscal year 2024.

第三季度調整後淨利息收入為 280 萬美元，比第二財季增加約 70 萬美元，原因是投資組合回報率上升，部分被定期貸款利息支出上升所抵消。我們第三財季調整後的非 GAAP 所得稅率保持在 3%，導致費用約為 120 萬美元。我們的現金稅款為 120 萬美元，低於 2023 財年第二季度的 140 萬美元。我們預計 2023 財年第四季度和整個 2024 財年調整後的所得稅率將保持在 3%。

Fiscal Q3 adjusted net income was $38.5 million compared to $56.7 million in fiscal Q2. Adjusted earnings per fully diluted share was $0.54, utilizing a share count of 71.4 million shares compared to $0.79 of adjusted earnings per share in fiscal Q2.

第三財季調整後淨利潤為 3850 萬美元，而第二財季調整後淨利潤為 5670 萬美元。調整後每股完全攤薄收益為 0.54 美元（使用 7140 萬股股票），而第二財季調整後每股收益為 0.79 美元。

Now moving on to balance sheet and cash flow items. Our Q3 accounts receivable balance was $105.9 million, down from $121.8 million in fiscal Q2 with our days sales outstanding remaining at 65 days. The decrease in our accounts receivable balance is primarily due to the timing of outstanding receivable collections as well as lower sales in the quarter. Inventories were $139 million at quarter end, up by $7.1 million sequentially, primarily due to inventory balances acquired through our European semiconductor center acquisition as well as increases expected to support future data center revenues.

現在轉向資產負債表和現金流量項目。第三季度的應收賬款餘額為 1.059 億美元，低於第二財季的 1.218 億美元，應收賬款天數仍為 65 天。我們的應收賬款餘額減少主要是由於未償應收賬款催收的時間以及本季度銷售額的下降。截至季度末，庫存為 1.39 億美元，環比增加 710 萬美元，主要是由於通過收購歐洲半導體中心獲得的庫存餘額以及預計支持未來數據中心收入的增加。

Inventory turns were 1.7x in Q3, down slightly on a sequential basis from 2.0x in the prior quarter. We recognize that at this stage of the business cycle, our inventory balance is at a multiyear high. However, the quality and mix of our inventory is strong and continues to support our strategic backlog. I would like to note that our turns business was the highest since our fiscal second quarter of 2022, and our book-to-bill also improved during the quarter, both of which we believe are positive indicators that will support improving inventory turns as we progress through fiscal 2024.

第三季度庫存周轉率為 1.7 倍，比上一季度的 2.0 倍略有下降。我們認識到，在經濟周期的現階段，我們的庫存餘額處於多年來的高位。然而，我們的庫存質量和組合都很強勁，並繼續支持我們的戰略積壓訂單。我想指出的是，我們的周轉業務達到了2022 年第二財季以來的最高水平，本季度我們的訂單出貨量也有所改善，我們認為這兩個指標都是積極的指標，將支持隨著我們的進展改善庫存周轉率到 2024 財年。

Fiscal Q3 cash flow from operations was approximately $45.8 million compared to $32.5 million in fiscal Q2. The increase was due in part to increased accounts receivable collections. Capital expenditures totaled $3.3 million for fiscal Q3, down from $6 million in the prior quarter. Our full year 2023 CapEx and is now estimated to be $25 million based on the timing of payments and as we balance our capital spending with the growth and profitability of the business.

第三財季運營現金流量約為 4580 萬美元，而第二財季為 3250 萬美元。這一增長的部分原因是應收賬款催收增加。第三財季的資本支出總計 330 萬美元，低於上一季度的 600 萬美元。根據付款時間以及我們平衡資本支出與業務增長和盈利能力，我們 2023 年全年資本支出目前估計為 2500 萬美元。

Continued capital investments in our fabs, manufacturing capabilities as well as process and product development initiatives remain strategic priorities for us. Cash generation continues to be an important priority for us as we manage through changing business cycles, and despite the challenging demand environment in Q3, we generated cash flow from operations of $45.8 million and approximately $117 million year-to-date.

對我們的晶圓廠、製造能力以及工藝和產品開發計劃的持續資本投資仍然是我們的戰略重點。在我們應對不斷變化的商業周期時，現金生成仍然是我們的一個重要優先事項，儘管第三季度的需求環境充滿挑戰，我們的運營現金流仍達到 4580 萬美元，年初至今約為 1.17 億美元。

Cash, cash equivalents and short-term investments for the fiscal third quarter were $587.6 million, up from $577.3 million in fiscal Q2 2023. During the third fiscal quarter, we utilized approximately $37 million of available cash to acquire the assets utilized to establish our European semiconductor center located in France.

第三財季的現金、現金等價物和短期投資為5.876 億美元，高於2023 年第二財季的5.773 億美元。在第三財季，我們使用了約3700 萬美元的可用現金來收購用於建立歐洲業務的資產。位於法國的半導體中心。

Today, our net debt remains less than $50 million, and our gross leverage is approximately 2.6x. Before turning the discussion back to Steve, I would like to note a few additional items. As Steve mentioned, we opened our new MACOM European Semiconductor Center, or MESC at the end of May and look forward to integrating the differentiated technology and dedicated workforce. We do not expect that ESC will have a meaningful impact on our revenue in 2023, and its associated operating expenses will result in slight EPS dilution.

如今，我們的淨債務仍低於 5000 萬美元，總槓桿率約為 2.6 倍。在將討論轉回到史蒂夫之前，我想指出一些附加事項。正如 Steve 提到的，我們於 5 月底開設了新的 MACOM 歐洲半導體中心 (MESC)，並期待整合差異化技術和敬業的員工隊伍。我們預計 ESC 不會對我們 2023 年的收入產生重大影響，其相關運營費用將導致每股收益略有稀釋。

However, we are excited that it brings us new products, technology, manufacturing and customers. We are also pleased to announce today that we have paid off the $121 million that remained outstanding on our term loan. The term loan did not come due until May 2024.

然而，我們很高興它給我們帶來了新的產品、技術、製造和客戶。今天我們還很高興地宣布，我們已經還清了尚未償還的 1.21 億美元定期貸款。定期貸款直到 2024 年 5 月才到期。

However, with increasing interest rates and our consistent quarterly cash generation, we felt it was appropriate to put this outstanding floating interest rate debt behind us and reduce our net interest expense by approximately $600,000 per quarter. And finally, as Steve mentioned, we completed our 5-year annual strategic planning process during the quarter, which we believe will result in increased stockholder value. I will now turn the discussion back over to Steve.

然而，隨著利率的上升和我們持續的季度現金生成，我們認為將這一未償還的浮動利率債務拋在腦後並減少我們每季度約 600,000 美元的淨利息支出是適當的。最後，正如史蒂夫提到的，我們在本季度完成了 5 年年度戰略規劃流程，我們相信這將增加股東價值。我現在將討論轉回給史蒂夫。

Thank you, Jack. MACOM expects revenue in fiscal Q4 ending September 29, 2023, to be in the range of $148 million to $152 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 $0.53 and $0.57 based on 71.5 million fully diluted shares. Sequentially, in Q4, we expect revenue in I&D and Telecom to be down and data center up.

謝謝你，傑克。 MACOM 預計截至 2023 年 9 月 29 日的第四財季收入將在 1.48 億美元至 1.52 億美元之間。調整後毛利率預計在 59% 至 61% 之間，調整後每股收益預計在 0.53 美元至 0.57 美元之間（基於 7150 萬股完全稀釋股票）。接下來，我們預計第四季度 I&D 和電信收入將下降，而數據中心收入將上升。

And finally, as you may have seen in the press release issued yesterday, I am pleased to announce the appointment of Wayne Strobel as Senior Vice President, Advanced Semiconductor Technology. A newly created position reporting to me. Wayne will be a key contributor to the development and management of our semiconductor technology roadmap. Wayne has over 40 years of experience in the RF and microwave engineering, and has served as a MACOM distinguished fellow of technology since joining MACOM in 2010. I would like to congratulate Wayne on this well-deserved promotion and the entire management team and I look forward to working more closely with him going forward. I would now like to ask the operator to take any questions.

最後，正如您在昨天發布的新聞稿中看到的那樣，我很高興地宣布任命 Wayne Strobel 為先進半導體技術部高級副總裁。新設立的職位向我報告。韋恩將成為我​​們半導體技術路線圖開發和管理的關鍵貢獻者。 Wayne 在射頻和微波工程方面擁有 40 多年的經驗，自 2010 年加入 MACOM 以來一直擔任 MACOM 傑出技術研究員。我謹祝賀 Wayne 獲得這次當之無愧的晉升以及整個管理團隊，我期待期待今後與他更加密切地合作。我現在想請接線員回答任何問題。

(Operator Instructions) And our first question coming from the line of Tom O'Malley with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的湯姆·奧馬利。

I guess my first question, it's something that you've highlighted since you took over the company, just a strategic review process in July. You mentioned the $1 billion again. Can you just give us any update on the time line there? Could you talk about just the overarching growth drivers that get you to that $1 billion? And just the framework that you put together over the last month that's going to guide you from this point over the next couple of years?

我想我的第一個問題是，自從您接管公司以來，您一直強調這一點，只是 7 月份的戰略審查流程。你又提到了10億美元。您能給我們提供有關時間表的最新消息嗎？您能談談讓您達到 10 億美元的主要增長動力嗎？您上個月整理的框架將在接下來的幾年中指導您從現在開始嗎？

Sure. So the timing of that is in the -- our fiscal '26 or early '27 time frame. Which is about a year or 1.5 years behind what we had sort of originally stated a year ago, primarily due to the softness in the market, slowing things down this year. When we look at our growth trajectory. We want to achieve at least our 10-year historical CAGR, which is about 14%. When we look at what's going to be driving our growth, it's primarily new product driven, not necessarily acquisition-driven.

當然。因此，這個時間是在我們的 26 財年或 27 年初的時間框架內。這比我們一年前最初所說的大約晚了一年或 1.5 年，主要是由於市場疲軟，今年的增長放緩。當我們審視自己的成長軌跡時。我們希望至少實現 10 年曆史複合年增長率，即 14% 左右。當我們審視什麼將推動我們的增長時，主要是新產品驅動，而不一定是收購驅動。

And I think more importantly, when we start to look at the P&L at that $1 billion to $1.3 billion run rate, we see an EPS close to $5. And so part of our strategy is to make sure that we are growing profitable revenue that's accretive to the business model. In terms of the specific product lines or segments that we're focused on. It's really the same markets that we've been speaking about over the past few years. Certainly, we believe telecom over the long term, will drive growth followed by industrial and defense and then the data center. And then the framework that I talked about is really some of those details that I spoke of in my prepared remarks, it's really an external review of market dynamics, looking at our capability to design and then positioning the company in a market where we know we can be successful.

我認為更重要的是，當我們開始以 10 億至 13 億美元的運行速度查看損益表時，我們看到每股收益接近 5 美元。因此，我們戰略的一部分是確保我們不斷增加可盈利的收入，從而促進業務模式的發展。就我們關注的特定產品線或細分市場而言。這實際上與我們過去幾年一直在談論的市場相同。當然，我們相信從長遠來看，電信將推動增長，其次是工業和國防，然後是數據中心。然後，我談到的框架實際上是我在準備好的發言中談到的一些細節，這實際上是對市場動態的外部審查，著眼於我們設計的能力，然後將公司定位在我們知道的市場中可以成功。

Helpful. And then something, I guess, more shorter term than the overarching question there. But it looks like data center was a lot stronger, particularly, well, into the September quarter. You mentioned specifically higher-speed connections at 400G and 800G, is that the area of the data center business that you're seeing accelerate? And could you talk about different areas where you're seeing traction with those deployments?

有幫助。我想，還有比那裡的首要問題更短期的事情。但看起來數據中心要強大得多，尤其是進入九月份的季度。您特別提到了 400G 和 800G 的更高速連接，這是您看到加速發展的數據中心業務領域嗎？您能否談談您認為這些部署具有吸引力的不同領域？

You're correct that we are predicting strong growth in our fourth quarter for the data center business. In fact, we think it will be so strong that we'll have year-over-year growth within the segment. So this would represent 5 years in a row where the data center end market is growing. So we're happy about that. The growth is primarily coming from 400G and 800G short-reach applications.

您是正確的，我們預測數據中心業務第四季度將出現強勁增長。事實上，我們認為它會非常強勁，以至於我們將在該領域實現同比增長。因此，這將代表數據中心終端市場連續五年增長。所以我們對此感到高興。增長主要來自400G和800G短距離應用。

Typically, it's 100G per lane, and we have a very strong position with some of our latest products that are ramping quite quickly. We have not seen a general recovery in the lower data rate applications, sort of the standard 4/50G or 8/50G type applications. Where we see the growth is primarily short reach, 100G per lane. Some of these products are supporting linear drive applications.

通常，每通道為 100G，我們的一些最新產品發展非常迅速，因此我們擁有非常強大的地位。我們還沒有看到較低數據速率應用（例如標準 4/50G 或 8/50G 類型應用）的普遍恢復。我們看到的增長主要是短距離，每通道 100G。其中一些產品支持線性驅動應用。

Most, if not all of the business is coming from PAM4 protocols. And so we do expect that good things in the quarter.

大多數（如果不是全部）業務都來自 PAM4 協議。因此，我們確實預計本季度會出現好事。

And our next question coming from the line of CJ Muse with Evercore ISI.

我們的下一個問題來自 CJ Muse 和 Evercore ISI。

Yes. I guess first question, just to follow up on Tommy's question on the data center. You just highlighted year-over-year growth, which means roughly $10 million plus growth sequentially. And I guess, can you speak to kind of the trends that you're seeing in terms of kind of, I guess, AI data center trends versus kind of base case? And is there enough kind of spending on this high-speed connectivity related on the AI side to sustain growth in data center through the calendar year?

是的。我想第一個問題只是為了跟進湯米關於數據中心的問題。您剛剛強調了同比增長，這意味著環比增長約 1000 萬美元以上。我想，您能談談您所看到的人工智能數據中心趨勢與基本案例的趨勢嗎？與人工智能相關的高速連接是否有足夠的支出來維持數據中心全年的增長？

Right. So our primary focus for product development within the data center is analog solutions as well as optical photodetectors and lasers, those have been really the 3 areas that we focus on. And so wherever we can find an application, whether it's a pluggable transceiver CPO, an active optical cable or even active electrical copper cable, we want to sell our products into those applications.

正確的。因此，我們數據中心內產品開發的主要重點是模擬解決方案以及光學光電探測器和激光器，這些確實是我們重點關注的三個領域。因此，無論我們能找到什麼應用，無論是可插拔收發器 CPO、有源光纜，甚至有源銅纜，我們都希望將我們的產品銷售到這些應用中。

We have definitely seen an increase in what we would consider AI-related deployments and applications. And we've seen many examples where customers are excited to perhaps reduce the diameter of a copper cable by electrifying it and running it at a higher data rate over a slightly longer reach than they could have otherwise. And that's been a growth area for us. And then, of course, the linear drive, as we've talked about in the past, has many advantages over a DSP solution. And so we are seeing a bit of a convergence around this type of architecture and this is typically in areas where you have 100 gig switch effectively and you have 100 gig optical. And so -- this is an example where MACOM can insert 1 or 2 or maybe 3 or 4 different products that go into these applications.

我們確實看到了與人工智能相關的部署和應用程序的增加。我們已經看到許多例子，客戶很高興能夠通過給銅電纜通電並在比其他方式稍長的距離上以更高的數據速率運行來減小銅電纜的直徑。這一直是我們的增長領域。當然，正如我們過去所討論的，線性驅動器比 DSP 解決方案具有許多優勢。因此，我們看到圍繞此類架構的一些融合，這通常發生在有效擁有 100 GB 交換機和 100 GB 光纖的區域。因此，在這個示例中，MACOM 可以將 1 或 2 種或可能 3 或 4 種不同的產品插入到這些應用程序中。

And the key here really for the customer is there's no gearbox, lower power consumption, lower latency and lower cost. And so of course, the challenge is designing these optical channels with just equalization or an analog solution for signal integrity is very difficult. So the design process is complex. And we've been working with major OEMs to support the growth of this part of our business.

對於客戶來說，真正的關鍵是沒有變速箱、更低的功耗、更低的延遲和更低的成本。當然，挑戰在於僅通過均衡或信號完整性的模擬解決方案來設計這些光通道是非常困難的。所以設計過程很複雜。我們一直在與主要原始設備製造商合作，以支持我們這部分業務的增長。

Very helpful. I guess maybe a broader cyclical question. You talked about book-to-bill almost to 1 versus 0.5 last quarter. Turns normalizing. It looks like backlog somewhere close to $300 million, so still strong. Are you suggesting that we're nearing a bottom for the totality of your business? Or might it take a few more quarters for telecom to bottom?

很有幫助。我想這可能是一個更廣泛的周期性問題。您談到上個季度的訂單出貨比幾乎為 1 比 0.5。轉為常態化。看起來積壓訂單接近 3 億美元，仍然強勁。您是否認為您的整體業務已接近底部？或者電信可能還需要幾個季度才能觸底？

So we try not to call the bottom, let's say, because we really don't know. And what we can say based on where we are today that for a year-over-year comparison, 2 of our 3 markets will be up. I&D will be up, data center will be up and telecom will be down somewhere between 20% and 25%.

所以我們盡量不要觸底，因為我們真的不知道。根據我們今天的情況，我們可以說，與去年同期相比，我們的 3 個市場中有 2 個將會上漲。 I&D 將增長，數據中心將增長，而電信將下降 20% 至 25%。

And as I highlighted in my comments that the inbound new business has been quite weak this year for telecom. We do expect at some point, that will turn. We see certainly great opportunities in the SATCOM market. With the deployment of a wide range of different satellite platforms, which we believe can provide certainly near-term growth opportunities. But it's very difficult for us to say sort of where the bottom is and what might happen 3 or 6 months from now.

正如我在評論中強調的那樣，今年電信的入境新業務相當疲弱。我們確實預計在某個時候，情況會發生轉變。我們當然看到了衛星通信市場的巨大機遇。隨著各種不同衛星平台的部署，我們相信這肯定會提供短期增長機會。但我們很難判斷底部在哪里以及 3 或 6 個月後會發生什麼。

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

我們的下一個問題來自 Tore Svanberg 和 Stifel。

Yes. Congrats on the order turnaround here. Steve, you talked about being able to support InfiniBand and Ethernet. You also said that for next quarter, it sounds like most of the growth is going to come from PAM4. So, does that mean InfiniBand is kind of further out? If you could just add any color to that, that would be great?

是的。恭喜這裡的訂單周轉。 Steve，您談到能夠支持 InfiniBand 和以太網。您還表示，下個季度，聽起來大部分增長將來自 PAM4。那麼，這是否意味著 InfiniBand 有點遙遠呢？如果你可以添加任何顏色，那就太好了？

Yes. So most of our -- I would say more than 50% of our data center revenue over the past few quarters has been PAM4 related. And so we see that trend continuing as we go into -- our fiscal '24. So I would certainly highlight that point. The other point I would make, frankly, is that InfiniBand and Ethernet are both PAM4.

是的。因此，過去幾個季度我們數據中心收入的大部分——我想說超過 50% 都與 PAM4 相關。因此，當我們進入 24 財年時，我們看到這種趨勢仍在繼續。所以我肯定會強調這一點。坦率地說，我要說的另一點是，InfiniBand 和以太網都是 PAM4。

Perfect. And as a follow-up, you mentioned China revenue 16%. Is that predominantly pan at this point? Or do you still have some base station business there, just trying to understand regionally where the risks are and so on and so forth with that 16% revenue?

完美的。作為後續，您提到中國收入 16%。目前主要是平底鍋嗎？或者你們那裡還有一些基站業務，只是想了解區域風險在哪裡等等，還有那 16% 的收入？

Well, I would say there's been a broad decrease in our China-based business. It's primarily on the optical side and 5G related. And so I would say that's the area that's the weakest. Areas where we see support would certainly be in some parts of -- some 5G networks we are supporting at a low level. But there's no doubt that this year is going to be a down year for our China business. And as it starts to come back, it will come back primarily due to the recovery from our data center and optical customers.

嗯，我想說的是，我們在中國的業務大幅下降。主要是在光學方面和5G相關。所以我想說這是最薄弱的領域。我們看到支持的領域肯定是在我們正在低水平支持的一些 5G 網絡的某些部分。但毫無疑問，今年對我們的中國業務來說將是低迷的一年。當它開始恢復時，它將主要由於我們的數據中心和光學客戶的恢復而恢復。

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

我們的下一個問題來自法國巴黎銀行的卡爾·阿克曼 (Karl Ackerman)。

Yes. Thank you. I wanted to follow up on data center for a second. I just want to confirm. Are you suggesting that data center is up year-over-year in the fiscal fourth quarter or for fiscal 2023 as a whole? And I have a follow-up.

是的。謝謝。我想跟進一下數據中心。我只是想確認一下。您是否建議第四財季或整個 2023 財年的數據中心同比增長？我有一個後續行動。

Sure. So from a data center point of view going into Q4, it would be up certainly quarter-over-quarter significantly as well as year-over-year. I would say, very strong double-digit quarter-over-quarter and high single digit year-over-year. And just to highlight that the color of our data center revenue has shifted quite a bit this fiscal year. The first half strength predominantly came from shipping backlog that was constrained in fiscal '22 due to supply issues. And we cleared out a lot of that backlog in the first half. Then in Q3, we effectively hit an air gap where there was very little demand on what I would consider our base business due to inventory issues.

當然。因此，從數據中心的角度來看，進入第四季度，季度環比和同比肯定都會大幅增長。我想說的是，季度環比增長非常強勁，同比增長高達個位數。只是想強調一下，本財年我們數據中心收入的顏色發生了很大變化。上半年的強勁增長主要來自於 22 財年由於供應問題而受到限制的運輸積壓。上半年我們清理了很多積壓的訂單。然後在第三季度，我們實際上遇到了一個空白，由於庫存問題，對我認為我們的基本業務的需求很少。

And now what we're starting to see is growth and demand for our higher data rate products for 400G and 800G that is just starting to kick in. So when you add all of that up, what you ultimately get is a growth year-over-year and growth quarter-over-quarter for the fourth quarter.

現在我們開始看到對 400G 和 800G 更高數據速率產品的增長和需求剛剛開始顯現。因此，當您將所有這些加起來時，您最終得到的是同比增長第四季度的年增長率和環比增長率。

I guess is there anything to read into your prepared remarks on slowing sales in China. Is the reduction due to general market malaise and 5G infrastructure as you just called out? Or are you seeing competitive pressures there? Can you just clarify on that, that would be very helpful.

我想您準備好的關於中國銷售放緩的言論有什麼值得解讀的嗎？正如您剛才所說，下降是由於市場整體萎靡和 5G 基礎設施造成的嗎？或者您是否看到了那裡的競爭壓力？您能否澄清一下，這將非常有幫助。

Yes. Well, our -- and just to come back to your last question, we -- so that you're perfectly clear, there will be a full year-over-year growth for our data center. That is what we're expecting. And then answering your question about China. So China, our revenues there have been trending down pretty much all year. We started, I think, in Q1, about 20% to 23% of our business was China-based. And now it's in the mid-teens. Most of that is due to 5G in front haul weaknesses as well as we just talked about the data center.

是的。好吧，我們——回到你的最後一個問題，我們——這樣你就非常清楚了，我們的數據中心將實現同比全面增長。這就是我們所期待的。然後回答你關於中國的問題。在中國，我們的收入全年幾乎呈下降趨勢。我認為，從第一季度開始，我們大約 20% 到 23% 的業務來自中國。現在已經是十幾歲了。其中大部分是由於 5G 前傳弱點以及我們剛才談到的數據中心造成的。

I would say that there's always been a very competitive dynamic in China. And that competitive dynamic, I would say, is increasing. There's certainly more and more focus on supplying locally and having local vendors supply to local OEMs. And so I would say that, that trend is increasing, and some of that is due to geopolitical reasons. We have not been defocusing our efforts on China.

我想說，中國一直存在著非常激烈的競爭。我想說，這種競爭動力正在增強。當然，人們越來越關注本地供應以及讓本地供應商向本地原始設備製造商供應產品。所以我想說，這種趨勢正在增加，其中一些是由於地緣政治原因。我們並沒有將努力的重點轉移到中國。

Today, still some of the major telecom suppliers into the optical networks and whatnot are based in China. So we'll continue to service the market. We're not pulling back per se. However, I would also add that we are focused on developing our revenues in other areas, including Europe, and that's one of the main reasons why we decided to establish facilities and manufacturing inside of the EU.

如今，光網絡等領域的一些主要電信供應商仍然總部位於中國。所以我們會繼續服務市場。我們本身並沒有退縮。不過，我還要補充一點，我們專注於發展包括歐洲在內的其他地區的收入，這是我們決定在歐盟內部建立設施和製造的主要原因之一。

And our next question coming from the line of Harlan L. Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan L. Sur。

Good to see the inflection in order activity, but can be quite now you right during this period of sort of macro weakness -- but it looks like dynamics are stabilizing, which is reflected by the decline in orders and pushouts. So quarter-to-date here in September, are bookings continuing to rise sequentially? And what's the turns assumption embedded in your September quarter guide?

很高興看到訂單活動的變化，但現在可能正是在這種宏觀疲軟的時期，但看起來動態正在穩定，這反映在訂單和推出量的下降上。那麼，從 9 月份至今的季度來看，預訂量是否繼續持續增長？您的 9 月份季度指南中包含的輪次假設是什麼？

So we're certainly very pleased with our 0.9 book-to-bill in the third quarter. And I would say that we have started the fourth quarter with strong bookings and it certainly would be our expectation that we can be somewhere around the 0.9:1 book-to-bill this quarter.

因此，我們對第三季度 0.9 的訂單出貨比感到非常滿意。我想說的是，第四季度伊始，我們的預訂量就很強勁，我們當然期望本季度的預訂與賬單比率能夠達到 0.9:1 左右。

That's our expectation. We'll see how August and September go. A lot of these programs that are coming in are also program-related, large program related. So in some instances, we have good line of sight. But I think your point about the choppiness is absolutely there. As I highlighted, the telecom market is still very, very weak. We see that many of our major customers still are carrying tremendous levels of inventory, including CATV customers. And then regarding your question about the turns, I think we're going to have a similar turns level in Q4 as we had in Q3.

這是我們的期望。我們將看看八月和九月的情況如何。許多即將推出的程序也與程序相關，與大型程序相關。所以在某些情況下，我們有良好的視線。但我認為你關於波動性的觀點絕對是存在的。正如我所強調的，電信市場仍然非常非常疲軟。我們看到，我們的許多主要客戶仍然持有大量庫存，包括有線電視客戶。然後關於你關於轉彎的問題，我認為我們在第四季度的轉彎水平將與第三季度相似。

And then congratulations on the close of the OMMIC deal. It looks like their operations are going to become the hub of your European semiconductor sector. Is the MACOM team going to be transferring some of its MACOM originated gas and GaN-based mimic technology to the OMMIC SAS, including your 0.14 micron GaN technology. And what's the revenue potential out of their current 3-inch manufacturing line?

然後祝賀 OMMIC 交易的完成。看起來他們的業務將成為歐洲半導體行業的中心。 MACOM 團隊是否會將其一些源自 MACOM 的氣體和基於 GaN 的模擬技術轉移到 OMMIC SAS，包括您的 0.14 微米 GaN 技術。他們目前的 3 英寸生產線的收入潛力有多大？

So thanks for that comment and question. So just to highlight, we have -- we've had operations in Europe. We have a fairly large facility in Cork, Ireland. Where we have a design center, we do quality and reliability testing, and we have a fair amount of sales and finance and administration, supporting a lot of our international business. So Cork is certainly today, the main hub of MACOM certainly in Europe.

感謝您的評論和問題。因此，要強調的是，我們在歐洲開展了業務。我們在愛爾蘭科克有一個相當大的工廠。我們擁有設計中心，進行質量和可靠性測試，並且擁有相當數量的銷售、財務和管理部門，支持我們的許多國際業務。因此，今天的科克無疑是 MACOM 在歐洲的主要樞紐。

We've also had a design center in Sophia, France for over 10 years, and they've done a super job supporting a lot of our high-performance analog product development. And then adding a wafer fab and a group that is expert at very high-frequency millimeter wave process technology really complements the portfolio. We do not have any plans to transfer any of our technology that we're running here, including the 0.14 micron process to France.

我們還在法國索菲亞設立了一個設計中心，已有 10 多年的歷史，他們在支持我們的許多高性能模擬產品開發方面做得非常出色。然後增加一個晶圓廠和一個擅長甚高頻毫米波工藝技術的專家團隊，真正補充了該產品組合。我們沒有任何計劃將我們在這裡運行的任何技術（包括 0.14 微米工藝）轉移到法國。

Instead, we will continue to build and develop the technologies that they have been working on. And as a priority moves some of those process technologies from the 3-inch line to a 6-inch line. We haven't explicitly said what the revenue potential is of that fab, we probably wouldn't want to say that -- with that level of detail. But what I can tell you is right now, that is -- that fab is underutilized. We see a tremendous opportunity for growth and our sales team and our business development teams are very actively really turning the business around, and we see that will be a nice growth vector for us over the next 1 to 2 years.

相反，我們將繼續構建和開發他們一直在研究的技術。作為優先事項，將其中一些工藝技術從 3 英寸生產線轉移到 6 英寸生產線。我們還沒有明確說明該晶圓廠的收入潛力是多少，我們可能不想這麼說——如此詳細。但我現在可以告訴你的是，該工廠尚未得到充分利用。我們看到了巨大的增長機會，我們的銷售團隊和業務開發團隊正在非常積極地真正扭轉業務，我們認為這將成為我們未來 1 到 2 年的良好增長向量。

And our next question coming from the line 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 kind of want to focus a little bit more on the Q4 guide. I know you gave color around data center. If you can provide kind of the sequential commentary maybe for the industrial and defense and telecom business, the magnitude of the declines in each of those areas, that would be helpful?

我是維韋克的布萊克·弗里曼。只是想更多地關注第四季度指南。我知道您為數據中心增添了色彩。如果您可以提供工業、國防和電信業務的連續評論，以及每個領域下降的幅度，這會有幫助嗎？

Sure. I'll say a word on that and then maybe Jack can add in. So as we've talked about, we do expect very strong data center growth, and we expect I&D will be down in the sort of mid-single digits in telecom and somewhere between 10% and 15% down sequentially. And Jack, I don't know whether you want to add to that?

當然。我會就此說幾句話，然後也許傑克可以補充一下。正如我們所討論的，我們確實預計數據中心將出現非常強勁的增長，並且我們預計電信行業的 I&D 將下降至個位數左右連續下降10 % 到15% 之間。傑克，我不知道你是否想補充一下？

Yes. I think I would just add we've developed a fairly strong backlog over the past couple of years, and we've eaten into that a little bit over the past couple of quarters. So I think with regard to some of those Q4 guide items that we have with industrial and defense and telecom being down, that's also coming on the back of lower than 1:1 book-to-bill. So we need to work some of those lower order patterns that we've seen going through the past couple of quarters through this Q4 time period.

是的。我想我只想補充一點，在過去的幾年裡，我們已經積壓了相當多的訂單，並且在過去的幾個季度中，我們已經消化了一些積壓的訂單。因此，我認為，對於工業、國防和電信業下降的第四季度指導項目，這也是由於訂單出貨比低於 1:1 造成的。因此，我們需要處理過去幾個季度到第四季度期間我們看到的一些低階模式。

But once again, as I had mentioned, we do have a fairly strong backlog that supports the business going into Q4 and beyond.

但正如我所提到的，我們確實有相當強勁的積壓訂單，可以支持第四季度及以後的業務。

Got it. And then just kind of following up on that, maybe specifically on the industrial and defense side. I know that's certainly across the industry. Several vendors observing some kind of digestion in the core industrial space. I was just -- I know the segment is kind of about 50%, 60% defense. So I was maybe kind of hoping you can kind of provide more specifics, maybe what you're seeing specifically on trends on the defense side and then any rates in core industrial markets that could be a little bit weaker or stronger versus others?

知道了。然後只是跟進，也許特別是在工業和國防方面。我知道這肯定是整個行業的情況。一些供應商觀察到核心工業領域的某種消化。我只是——我知道這個部分大約是 50%、60% 的防守。因此，我可能希望您能提供更多具體信息，也許您在國防方面的趨勢上看到了什麼，然後是核心工業市場中與其他市場相比可能稍弱或稍強的利率？

Yes. I would say, in general, our industrial business is weak and will remain weak in the near term. And most of the growth that we're getting in the I&D segment is coming from defense programs. Primarily radar programs, rate communication programs. I think we mentioned on last quarter's call, some heavy demand for international radios coming out of Europe that we have some content in. So the part of I&D today is weak.

是的。我想說，總的來說，我們的工業業務很弱，而且短期內仍將疲弱。我們在研發領域獲得的增長大部分來自國防項目。主要是雷達程序、速率通信程序。我想我們在上個季度的電話會議上提到，歐洲對國際廣播電台的需求很大，我們有一些內容。所以今天的 I&D 部分很弱。

I talked about in my prepared remarks some of the new applications that we are going after within the I portion there. But generally speaking, it's weak and the other thing I would add is we're not really a good bellwether of the industrial end market, it's one of the smaller parts of our portfolio.

我在準備好的發言中談到了我們正在 I 部分中尋求的一些新應用程序。但總的來說，它很弱，我要補充的另一件事是，我們並不是工業終端市場的真正好領頭羊，它是我們投資組合中較小的部分之一。

Yes. And Blake, this is Jack. I would just add that some of the inherent business that we have going through from a defense perspective, that can be lumpy at times. And I think the other item when you look at our industrial and defense end market is that it's quite diverse. There's a number of different things that work its way into the industrial category as well. So that helps us from a stability standpoint as well.

是的。布萊克，這是傑克。我想補充一點，從國防角度來看，我們正在經歷的一些固有業務有時可能會很不穩定。我認為，當你觀察我們的工業和國防終端市場時，另一個問題是它非常多樣化。還有許多不同的東西也進入了工業類別。因此，從穩定性的角度來看，這也對我們有幫助。

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

我們的下一個問題來自 Matt Ramsay 和 TD Cowen。

Thank you very much, guys. Not to go back to the data center stuff, but you can't get through a call now without saying AI a few times, so we kind of got to have to go there. I wanted to ask about your 400 and 800 gig product portfolio. And particularly, you mentioned the linear drive differentiation versus DSPs. Maybe you could expand on that a little bit more from a technical perspective and also how you're thinking about the penetration of linear drive into those data center markets, where we are today, where that can go over time and what it represents as sort of a dollar TAM for your company?

非常感謝你們。不是回到數據中心的事情，但現在如果不說幾次人工智能就無法接通電話，所以我們必須去那裡。我想詢問一下你們的 400 和 800 演出產品組合。特別是，您提到了線性驅動器與 DSP 的差異。也許您可以從技術角度進一步擴展這一點，以及您如何考慮線性驅動器對這些數據中心市場的滲透，我們今天所處的位置，隨著時間的推移會發展到什麼程度以及它代表什麼為您的公司提供1 美元TAM？

Sure. So I'll try to provide a bit more detail. So where we see linear drive working is when you have 100 gig electrical lane matching up with 100 gig optical lane, that's the ideal application. So you can run that at 400, you can run that at 800, you can run that at 1.6 terabits as well.

當然。所以我會嘗試提供更多細節。因此，我們看到線性驅動器工作的地方是，當 100 GB 電氣通道與 100 GB 光學通道相匹配時，這就是理想的應用。所以你可以以 400 運行它，你可以以 800 運行它，你也可以以 1.6 太比特運行它。

And when you use a linear drive architecture, you're effectively removing the function of the DSP or a CDR from the module and you're having the switch effectively manage the interface, the interface within the module, if it's a module. So there's benefits in doing that just from latency, cost, power consumption. And so that -- those are the benefits and you can eliminate the DSP and still be in a pluggable form. So you can use this for active optical cables. You can use this for pluggable cables. And so there's customers like that option because then they can use many vendors to support their deployments. what it requires is certainly a switch ASIC that and it requires now the module manufacturer to work very closely with the switch vendor. We demonstrated at OFC a few months back, 3 different module manufacturers with an interop with the Tomahawk 5 switch. So that was ideal for primarily short reach, and that's where MACOM has historically serviced the short-reach market.

當您使用線性驅動架構時，您可以有效地從模塊中刪除 DSP 或 CDR 的功能，並且可以讓交換機有效地管理接口，即模塊內的接口（如果它是一個模塊）。因此，這樣做在延遲、成本和功耗方面都有好處。因此，這些就是好處，您可以消除 DSP，但仍然採用可插拔形式。因此您可以將其用於有源光纜。您可以將其用於可插拔電纜。因此，有些客戶喜歡這個選項，因為這樣他們就可以使用許多供應商來支持他們的部署。它所需要的當然是一個交換機 ASIC，並且它現在要求模塊製造商與交換機供應商密切合作。幾個月前，我們在 OFC 上展示了 3 個不同的模塊製造商與 Tomahawk 5 交換機的互操作性。因此，這對於短距離市場來說是理想的選擇，而這正是 MACOM 歷來為短距離市場提供服務的領域。

That's just sort of the lane that we're in. And what we sell into that market are drivers and TIAs, primarily in equalizers. So those are the sort of the 3 product sets. These are highly integrated silicon chips that have all sorts of creature features on them so that the customers can turn the knobs they need to turn to get the product working. And so where we stand right now is we have production at 100G, and we are pretty far along with 200G per lane as well.

這就是我們所處的道路。我們向該市場銷售的是驅動器和 TIA，主要是均衡器。這些就是 3 個產品集的類型。這些是高度集成的矽芯片，具有各種生物特徵，以便客戶可以轉動他們需要的旋鈕以使產品正常工作。因此，我們現在的立場是，我們的生產速度為 100G，而且我們在每通道 200G 方面也距離很遠。

That detail. I really do appreciate it. As my follow-up, I think it is encouraging to see book-to-bill up to 0.9%, and I think you guys indicated close to to1, hopefully, for the September quarter. Maybe you could give a little bit of color, if you could, on the 3 segments and how book-to-bill is trending in each of those are some well ahead of 1 at this point? And what those products might be? And are there certain end markets where we're still coming off the 0.5 that we were last quarter and working our way back up.

那個細節。我真的很感激。作為我的後續行動，我認為看到訂單出貨率上升到 0.9% 是令人鼓舞的，我認為你們表示希望在 9 月份的季度接近 1%。如果可以的話，也許您可​​以對這 3 個細分市場進行一些說明，以及目前每個細分市場的訂單到賬單趨勢如何遠遠領先於 1？這些產品可能是什麼？在某些終端市場中，我們是否仍處於上個季度 0.5 的水平，並正在努力回升。

Right. Well, -- as in Q3, we'll see the same behaviors in Q4. It will be primarily industrial and defense and data center driving the bookings growth or recovery, let's say. We still see tremendous weakness across many of our telecom end segments, cable, test and measurement, 5G. These are still very weak. We don't expect recovery in the fourth quarter. In terms of the products and certainly many of the products that we've talked about in the past, a lot of our mimic products, a lot of our high-end gas and GaN products for military applications. There's a wide range of those are really supporting the growth within the defense sector. When we think about 2024, the growth drivers from a product set point of view, would certainly be GaN. GaN is -- we think 2024 will be a great year for us. We launched the 0.14 micron process about 6 months ago into production and our teams are in the process of getting their first design wins, which will turn into production next year.

正確的。嗯，就像第三季度一樣，我們將在第四季度看到相同的行為。可以說，推動預訂增長或複甦的將主要是工業、國防和數據中心。我們仍然看到許多電信終端領域、電纜、測試和測量、5G 領域存在巨大弱點。這些仍然很弱。我們預計第四季度不會出現復甦。就產品而言，當然還有我們過去討論過的許多產品，我們的許多模仿產品，我們的許多用於軍事應用的高端氣體和氮化鎵產品。其中有很多確實支持了國防部門的增長。當我們考慮 2024 年時，從產品組合的角度來看，增長動力肯定是 GaN。 GaN——我們認為 2024 年對我們來說將是偉大的一年。我們大約 6 個月前將 0.14 微米工藝投入生產，我們的團隊正在獲得第一個設計勝利，該設計將於明年投入生產。

Certainly, on the data center side, we think in 2024, there will be more high data rate applications coming to bear and potentially ramping up. And then in the telecom area, the only real bright spot for us right now is what we're doing in the SATCOM market, both on the ground side and on the satellite side.

當然，在數據中心方面，我們認為到 2024 年，將會有更多的高數據速率應用出現並可能會增加。然後在電信領域，我們現在唯一真正的亮點是我們在衛星通信市場所做的事情，無論是在地面方面還是在衛星方面。

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。

Yes. Steve and Jack, kind of a quick one. Steve, when you talked about your long-term drivers, you mentioned the order of telecom, industrial and then data center. As you try to get to your $1 billion goal by FY '26 or early FY '27, is that how you're thinking about growth to that $1 billion number? Or was that just a random order. And if I can flip the question, if that's not the correct order, what is the correct order as you think about it?

是的。史蒂夫和傑克，動作很快。史蒂夫，當您談到長期驅動因素時，您提到了電信、工業和數據中心的順序。當您試圖在 26 財年或 27 財年年初實現 10 億美元的目標時，您是如何考慮增長到 10 億美元的數字的？或者這只是一個隨機順序。如果我可以翻轉這個問題，如果這不是正確的順序，那麼您認為正確的順序是什麼？

Yes. So that is the correct order. That's the way we think about it. But we're oftentimes wrong, more often wrong than right, when we make forecast. So you have to take that with a grain of salt. But when we look at our R&D spending and we look at the projects that are in our pipeline and where we want to position the company, we see that there's a lot of variability within the telecom space that is very attractive to us. And so we like the diversity. We like the long tail of customers that we can approach and it plays to a lot of our strengths. So we do end up spending a fair amount of our R&D dollars developing chips for that end market.

是的。所以這是正確的順序。這就是我們的想法。但當我們做出預測時，我們常常會出錯，而且錯誤的次數多於正確的次數。所以你必須持保留態度。但是，當我們審視我們的研發支出、我們正在籌備的項目以及我們想要將公司定位在哪裡時，我們發現電信領域存在很多變化，這對我們非常有吸引力。所以我們喜歡多樣性。我們喜歡能夠接觸到的長尾客戶，這可以發揮我們的很多優勢。因此，我們最終確實花費了大量的研發資金為該終端市場開發芯片。

Obviously, the A&D market is another great market for us. I think -- as I think I mentioned on the -- in the script, Q3 was a record for our I&D segment. And this year, we'll have great year-over-year growth for the full year. And we expect more good things to happen next year and the year after that as we start to bring into production some of the new programs that we know we're designed into. And the smallest piece of our business is the data center. I realize we get probably the most questions about the data center. But as I highlighted, we do have a narrow focus in the data center where we focus on analog solutions for short reach where we can insert high-performance connectivity chips or lasers and detectors. That is our strategy there. So that's a fairly narrow focused strategy.

顯然，A&D 市場對我們來說是另一個巨大的市場。我認為——正如我在劇本中提到的——第三季度是我們 I&D 部分的記錄。今年，我們全年將實現大幅同比增長。我們預計明年和後年會發生更多好事，因為我們開始將一些我們知道我們設計的新項目投入生產。我們業務中最小的部分是數據中心。我意識到我們收到的有關數據中心的問題可能最多。但正如我強調的那樣，我們確實專注於數據中心，我們專注於短距離的模擬解決方案，我們可以在其中插入高性能連接芯片或激光器和探測器。這就是我們的策略。所以這是一個相當狹窄的重點戰略。

For what we get things wrong all the time, Gus. I wouldn't be too hard on your stuff. A follow-up. You're seeing some pretty good pickup in the data center space. The kind of trend you're talking about typically don't go away in a quarter or 2. So is it a fair assumption to think that the activity in -- I'm sorry, the activity in 400 and 800 should stick around for a handful of quarters as you look maybe past the next quarter and a little bit more beyond?

因為我們總是出錯，格斯。我不會對你的東西太苛刻。後續行動。您會看到數據中心領域出現了一些相當不錯的增長。您所談論的那種趨勢通常不會在一兩個季度內消失。因此，認為 400 和 800 的活動應該持續一段時間是合理的假設嗎？當你展望下一個季度甚至更長的時間時，你會想到幾個季度嗎？

It is possible, and it's very difficult for us to say. And we have certainly seen in the past examples where programs ramp up very quickly and then they ramp down very quickly. So we have to be cognizant of that. So while we're certainly excited about all the great things we're doing within the data center, we also recognize that it can be a very volatile business.

有可能，但我們很難說。我們在過去的例子中確實看到過，程序的增長速度非常快，然後又很快下降。所以我們必須認識到這一點。因此，雖然我們對數據中心內所做的所有偉大事情當然感到興奮，但我們也認識到它可能是一項非常不穩定的業務。

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。

Steve, just quickly, I guess, on the magnitude of the inventory depletion that you still see needs to happen in the channel. And you've talked about -- I think you've mentioned tremendous a few times. So it sounds like a fairly heavy level of inventory digestion still needs to happen. But I just wonder if you could thought that for us.

史蒂夫，我想，請盡快談談您仍然認為渠道中需要發生的庫存消耗的嚴重程度。你談到過——我想你已經提到過很多次了。因此，聽起來仍然需要進行相當大程度的庫存消化。但我只是想知道你是否能為我們想到這一點。

Yes, sure. I'll make a comment and then certainly, maybe Jack can add to it. And as everybody knows, the manufacturing cycle times for many of our products can be in the range of 6 months, maybe longer, maybe shorter depending on fab and the technology. And as everybody knows, just 2 quarters ago, we had a run rate of $180 million. So when you're looking at our inventory today. And you relate that to sort of $180 million run rate, you could see that we are, as Jack said, carrying excess inventories at today's level, but not necessarily for maybe 1 or 2 quarters ago. So we are going through a digestion period where we need to move that inventory out into the market. And part of what we're also doing is making sure that our channels are not carrying excess inventory. And so we are definitely managing that down. We want to see more depletion and Jack, maybe you can add to that.

是的，當然。我會發表評論，然後當然，也許傑克可以補充。眾所周知，我們許多產品的製造週期時間可能在 6 個月左右，可能更長，也可能更短，具體取決於晶圓廠和技術。眾所周知，就在兩個季度前，我們的運轉率為 1.8 億美元。因此，當您今天查看我們的庫存時。如果將其與 1.8 億美元的運轉率聯繫起來，您可以看到，正如傑克所說，我們在今天的水平上持有過剩的庫存，但不一定是一兩個季度前的庫存。因此，我們正在經歷一個消化期，我們需要將庫存轉移到市場上。我們正在做的部分工作是確保我們的渠道沒有過多的庫存。所以我們肯定會控制住這一點。我們希望看到更多的消耗，傑克，也許你可以補充一下。

Yes, I think as we had discussed in some of our prepared remarks, we're working closely to monitor what's out in the channel and making sure we understand where things are going there. We have had some positive trends over the past quarter that are somewhat encouraging, but we will continue to monitor that. And with regard to MACOM's inventory, I described the uptick that we've seen, some of that uptick is associated with some of the acquisitions that we've brought on board when you look back over the past year, but we're also continuing to purchase inventory to support our backlog. And I think most notably, the data center backlog that we have.

是的，我認為正如我們在一些準備好的發言中所討論的那樣，我們正在密切合作，監控渠道中的情況，並確保我們了解事情的進展情況。過去一個季度我們出現了一些令人鼓舞的積極趨勢，但我們將繼續關注這一情況。關於 MACOM 的庫存，我描述了我們所看到的上升，其中一些上升與當你回顧過去一年時我們進行的一些收購有關，但我們也在繼續購買庫存以支持我們的積壓訂單。我認為最值得注意的是我們的數據中心積壓工作。

Great. And Jack, in the past, you've talked about the flexibility in the model on the expense side. And just hoping you could give us a little more thoughts terms of modeling and what's appropriate. And if you're restraining growth the word development efforts here, but just kind of to the softer demand environment?

偉大的。傑克，過去您談到了模型在費用方面的靈活性。只是希望您能給我們更多關於建模和什麼是合適的想法。如果你在這裡限制增長這個詞的發展努力，但只是為了應對疲軟的需求環境？

Yes. So we've been pleased with the gross margin performance of the business in light of the slowdown over the past few quarters. We've made a fair amount of structural changes to the business to manage the improvements that we've seen over the past couple of years from an overall gross margin standpoint. So we do have the flexible manufacturing model, as I had described with some of the products being manufactured in-house in our internal fabs and others that go to third party.

是的。因此，鑑於過去幾個季度的放緩，我們對該業務的毛利率表現感到滿意。我們對業務進行了大量的結構性變革，以管理過去幾年從整體毛利率角度看到的改進。因此，我們確實擁有靈活的製造模式，正如我所描述的，一些產品在我們的內部工廠內部製造，而其他產品則交給第三方。

So that helps us in terms of being able to mitigate some of the costs that we have with a portion of them being essentially variable. And then I think the other piece that I would like to highlight is our internal manufacturing fabs are generally medium volume. We don't carry the same large overheads like some of the mega fabs have. So that helps protect us too in periods where there may be a slowdown.

因此，這有助於我們減輕部分成本，因為其中一部分成本本質上是可變的。然後我想我想強調的另一件事是我們的內部製造工廠通常是中等產量。我們不像一些大型晶圓廠那樣承擔大量管理費用。因此，這也有助於在經濟放緩時期保護我們。

And then as we look out into the future and hopefully, as we get back to some of the higher run rates that we were at from an overall revenue perspective, I think that will support improving gross margins as we go forward.

然後，當我們展望未來時，希望當我們從整體收入的角度回到一些較高的運行率時，我認為這將支持我們前進時毛利率的提高。

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

我們的下一個問題來自奎因·博爾頓和李約瑟的對話。

Just a quick clarification on the 400 and 800 gig. Is that almost entirely optical? Or are you starting to see copper applications, active copper cable starting to take off within that higher-speed PAM4 business?

只是對 400 和 800 演出進行快速澄清。這幾乎完全是光學的嗎？或者您是否開始看到銅應用、有源銅電纜開始在更高速的 PAM4 業務中起飛？

We see both. And some of our chips are 4 lanes of 100 on a single chip, and you can use 2 of those to achieve 800. And the other thing I'll note, which is sort of a benefit of the linear driver approach is it can really work with a whole variety of architectures within the module, whether it's silicon photonic-based solution, whether it's DML or EML and also thin-film lithium niobate. So whatever technology the module vendor wants to use, we can support those including VCSELs as well if I didn't mention that. So very, very flexible technology from MACOM's point of view.

我們兩者都看到。我們的一些芯片在單個芯片上有4 個通道，每條通道100 個，您可以使用其中2 個通道來實現800 個。我要注意的另一件事是，線性驅動器方法的一個好處是它真的可以可與模塊內的各種架構配合使用，無論是基於矽光子的解決方案，無論是 DML 或 EML 還是薄膜鈮酸鋰。因此，無論模塊供應商想要使用什麼技術，如果我沒有提及的話，我們也可以支持包括 VCSEL 在內的技術。從 MACOM 的角度來看，這是非常非常靈活的技術。

And a follow-up on linear drive. It sounds like your comments, it's mostly on the Ethernet around Tom Hawk 5, but InfiniBand seems like it's a much more close channel. You have effectively one vendor. I think that dominates that market so it would seem to me that InfiniBand could be a pretty significant opportunity for linear drive. Where do you think we are in adoption of linear drive in the InfiniBand market?

以及線性驅動的後續產品。聽起來像你的評論，主要是在 Tom Hawk 5 周圍的以太網上，但 InfiniBand 似乎是一個更接近的通道。您實際上只有一個供應商。我認為它在該市場佔據主導地位，因此在我看來，InfiniBand 可能是線性驅動器的一個非常重要的機會。您認為我們在 InfiniBand 市場中採用線性驅動器的情況如何？

So we -- I would agree that we can service both sides or both protocols. And I think we, in fact, demonstrated a solution using InfiniBand application in OFC. So yes, we're supporting that as well.

因此，我同意我們可以為雙方或兩個協議提供服務。我認為我們實際上在 OFC 中演示了使用 InfiniBand 應用程序的解決方案。所以是的，我們也支持這一點。

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

我們的下一個問題來自理查德·香農（Richard Shannon）和克雷格·哈勒姆（Craig-Hallum）的對話。

Steve, I want to follow up on the point of response to an earlier question on GaN. I think you mentioned you're expecting a great year in fiscal '24. Maybe if you could help us understand those dynamics and maybe even quantify what you see as the opportunity for your -- for that in that year?

Steve，我想繼續回答之前關於 GaN 的問題。我想您提到您預計 24 財年將是美好的一年。也許您可以幫助我們了解這些動態，甚至可以量化您認為當年的機會？

Sure. And I'll sort of define great as we develop the process and now we're selling it. So that we'll start selling it in 2024. So we're starting at 0 for our 0.14 micron process and we are getting design wins, and we expect to see growth in that fiscal year. So that's our -- right now, that's our definition of great. That's a win. And so our sales team, our business development team, our fab engineers are excited to make that happen. We haven't put a fine number on the goal, our internal goals, and we haven't shared that externally. And I think it's premature to do that. But we just look at that as another vehicle for growth. We have the full support from major OEMs here in the U.S. that want to use the technology. We're doing some novel things regarding R&D, as I mentioned on my prepared remarks, including bringing in sort of next-generation process steps to improve performance beyond what we currently have.

當然。當我們開發流程並且現在我們正在銷售它時，我會定義“偉大”。因此，我們將在 2024 年開始銷售它。因此，我們的 0.14 微米工藝從 0 開始，我們正在獲得設計勝利，我們預計在該財年會看到增長。這就是我們現在對偉大的定義。這是一場胜利。因此，我們的銷售團隊、業務開發團隊、晶圓廠工程師很高興能夠實現這一目標。我們還沒有給出一個具體的數字，我們的內部目標，我們也沒有對外分享。我認為現在這樣做還為時過早。但我們只是將其視為另一種增長工具。我們得到了想要使用該技術的美國主要原始設備製造商的全力支持。正如我在準備好的發言中提到的那樣，我們正在做一些有關研發的新穎事情，包括引入下一代流程步驟來提高性能，超越我們目前的水平。

And so certainly, we think next year will be a great year for can...

所以當然，我們認為明年對於罐頭來說將是偉大的一年……

Okay. Perfect. And the last question for me on data center here. I just want to verify, I think you said, I just want to verify. Is all the upside here you're seeing is on the analog side or are you seeing any upside coming with lasers. Obviously, I had some great discussion in the last few quarters on what you're thinking about your laser portfolio, but it seems like it's all analog-oriented. Can you confirm if that's what you're seeing?

好的。完美的。我的最後一個問題是關於數據中心的。我只是想驗證一下，我想你說過，我只是想驗證一下。您所看到的所有優勢都是在模擬方面，還是您看到了激光帶來的任何優勢。顯然，在過去的幾個季度中，我就您對激光產品組合的看法進行了一些精彩的討論，但似乎都是以模擬為導向的。你能確認這是否是你所看到的嗎？

I would say it's true. The growth is coming from the analog side. And I would characterize our fiscal '23 is a building year for our optical products where lots of design-ins and lower revenue than we had expected. So that's been a disappointment. However, the team is making progress winning those design wins, not only add accounts here in the U.S. but also in China. And we're also working on new laser categories, including EMLs and arrays that are -- we have a lot of interest on that. So -- but to your point, yes, the growth for this year, for this quarter in the data center is driven by analog solutions.

我想說這是真的。增長來自模擬方面。我認為我們的 23 財年是我們光學產品的建設年，其中有大量的設計，但收入低於我們的預期。所以這令人失望。然而，該團隊在贏得這些設計勝利方面正在取得進展，不僅在美國而且在中國增加了客戶。我們還在研究新的激光器類別，包括 EML 和陣列，我們對此非常感興趣。所以，但就你的觀點而言，是的，今年、本季度數據中心的增長是由模擬解決方案推動的。

Thank you. And I'm not showing any further questions in the queue at this time. I would now like to turn the call back over to Mr. Steve Daly for any closing remarks.

謝謝。目前我不會在隊列中顯示任何其他問題。我現在想將電話轉回給史蒂夫·戴利先生，請他發表結束語。

Thank you. In closing, I would like to thank our team for their continued hard work and dedication. Have a nice day.

謝謝。最後，我要感謝我們的團隊的持續辛勤工作和奉獻精神。祝你今天過得愉快。

Ladies and gentlemen, that does conclude the conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連接。