MACOM Technology Solutions Holdings Inc (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 財年第三季電話會議。此通話於今天（2023 年 8 月 3 日，星期四）進行錄音。

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

現在，我將電話轉給 MACOM 計畫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 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，奧莉維亞。早安，歡迎參加我們的電話會議，討論 MACOM 2023 財年第三季度的財務業績。

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有重大差異。有關可能導致這些差異的風險和不確定性的更詳細討論，請參閱 MACOM 向美國證券交易委員會提交的文件。

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.

管理階層在本次電話會議中的聲明還將包括對某些調整後的非公認會計準則財務資訊的討論。該公司的新聞稿和相關 8-K 表格（已於今天提交給美國證券交易委員會）中提供了 GAAP 與調整後的非 GAAP 結果的對帳表。

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

說完這些，我將把電話轉給 MACOM 總裁兼執行長史蒂夫戴利 (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，早安。我將在今天的電話會議上首先介紹我們的業務進度。之後，我們的財務長傑克·科伯 (Jack Kober) 將對我們 2023 財年第三季度的財務業績進行更深入的回顧。 2023 年第三季的營收為 1.485 億美元，調整後每股收益為 0.54 美元。經營活動產生的現金流約為 4,600 萬美元，本季末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，我們的團隊仍然出色地實現了業務和財務目標。當我們成功渡過週期的下行階段時，我們對我們的現金流感到特別滿意。我們第三季的訂單出貨比為0.9，比第二季有顯著改善。儘管我們公司的總積壓訂單量仍處於健康水平，但與上一季相比略有下降。訂單量成長主要得益於我們的資料中心和國防客戶。我們本季預訂和出貨的周轉業務或收入約占我們總收入的 18％，接近歷史正常水準。

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.

雖然我們對預訂量的改善感到鼓舞，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。我注意到客戶取消和推遲請求已經放緩，這是一個積極的指標。不過，我仍然認為整個行業庫存水準很高，許多客戶仍然持有過剩庫存。我們的外部銷售通路庫存在第三季確實減少了，我們計劃在第四季再次降低外部銷售通路庫存。

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。工業與國防收入為 8,350 萬美元，環比成長，創下了公司最高紀錄。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許多長期驅動因素。這有潛力在未來幾年推動 MACOM 緩慢但穩定的成長。應用包括國防部內的新衛星網路、新型 AESA 或主動電子掃描天線雷達部署、電子戰應用、安全通訊和新型甚高頻電子感測器。這些應用需要更小的尺寸、更高的頻率水平、更大的頻寬和更高的功率水平，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 市場內擴展我們的 SAM，並建立涵蓋模擬 IC、RF 和微波子系統的差異化產品。我們的產品組合有多個成長計劃，我們之前已經討論過，包括我們的高頻 0.14 GaN 製程、低頻 MACOM 純碳化物功率放大器產品 BAW 濾波器、KV CAPS、加固光子子系統和 RF 放大器托盤。我們最近收購 Linear Communications Group 就是我們 SAM 擴展舉措的一個例子。

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.

如前所述，Linearizer 團隊為 MACOM 帶來了用於 SATCOM 和衛星有效載荷的微波預失真產品以及用於國防應用的微波光子子系統產品的新設計和製造能力。在過去的三十年中，Linearizer 團隊在 SATCOM 行業贏得了卓越的聲譽，並與許多領先的 TWT 製造商、美國一級國防主承包商、SATCOM 地面站 OEM 和衛星製造商建立了牢固的合作關係。

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，提高了我們利用預計 2.5 億美元 TAM 增量的能力。自從三月完成收購以來，我們已經啟動新的研發活動，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，為我們共同的客戶創造更具差異化的解決方案。工業市場隨著新應用的出現而不斷擴大，例如包括交通監控雷達、汽車感測器（如光達）、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基於雷射的儀器。簡而言之，我們將繼續為 I&D 市場打造獨特的、差異化的微波和毫米波射頻及光學產品組合。

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.

儘管 I&D 市場中的專案需要很長時間才能投入生產，但這些專案通常具有較長的生命週期並具有可觀的利潤率，最終可創造可觀的財務回報。電信終端市場收入為3,830萬美元，季減29%。全球電信市場仍充滿挑戰，包括中國市場疲軟、美國 5G 部署放緩以及有線電視和城域長途客戶的庫存水準上升。在23財年的大部分時間裡，我們的電信預訂一直很疲軟，而且按照目前的水平，我們認為我們的出貨量無法滿足最終需求。

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，但我們仍然認為電信市場是一個具有巨大且多樣化的長期成長機會的有吸引力的市場。我們相信這個市場有潛力成為我們成長較快的市場之一，因為設計週期快、數量大，而且客戶通常根據性能而不是價格來選擇產品。 MACOM 為電信市場提供了引人注目的產品，包括二極體和類比產品組合以及光學或光電模擬 IC 產品中的類比 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新應用程式方面做得很好，這將推動我們未來的成長。我們相信，隨著基礎設施部署的增加以及銷售通路庫存的客戶耗盡，我們的電信收入將在短期內改善。新產品的推出仍是我們電信市場成長策略的核心部分。例如，在過去幾年中，我們擴展了產品組合，包括用於服務 5G 基地台（包括宏基地台、小型基地台、大規模 MIMO 主動天線系統和高達 6 千兆赫的頻段）的高功率開關 LNA 模組。我們還開發了在 5G FR2 微波頻段運行的高功率發射和​​接收前端模組或 FEM 產品線，它由多級 PA、LNA 和定向耦合器中的 TR 開關組成。

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 設計專業知識引人注目。我們的晶片設計師能夠在內部和外部晶圓廠中利用各種氣體、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。雖然這種功能對於 5G 無線電來說是理想的，但我們的成長策略比 5G 基礎設施市場更廣泛，我們的產品線經理使用相同的技術來瞄準我們可以差異化的其他大容量應用。因此，我們認為未來幾年 MACOM 將擁有龐大的電信成長機會。

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.

第三季資料中心營收為 2,660 萬美元，季減 31%。我們仍然看到過剩庫存影響客戶需求，25G 和 100G 數據速率較低。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成長。這一近期趨勢將為實現季度環比大幅增長提供機會。我們也看到 200G 短距離 PAM4 需求上升，以滿足美國一些新的雲端部署。

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 擁有專注於資料中心的產品組合，以支援高速類比連接，我們的產品用於光收發器、主動光纜和主動銅纜應用。 MACOM 一直是支援跨 InfiniBand 和乙太網路協定的類比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青睞，特別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援人工智慧、機器學習和高效能運算領域的新部署。超大規模營運商目前正處於 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、直流功率和成本的方法。我們相信，我們有能力利用我們的模擬解決方案佔領一部分市場。

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.

現在我想回顧一下第三季的一些關鍵事件。首先，我們繼續專注於開發尖端半導體製程。為了支持這項工作，我們獲得了美國空軍研究實驗室（AFRL）的合同，以開發與碳化矽上氮化鎵相關的先進半導體製程技術。該合約將支援MACOM對毫米波模擬產品所使用的製程技術的研究和開發。我們相信，這份合約彰顯了MACOM在碳化矽上高功率毫米波GaN領域的技術領導地位和承諾，並將使我們能夠增強競爭優勢。這是一份多年期合約，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.

我們的策略是為客戶提供業界性能最佳的高頻氣體和GaN類比產品。採用先進製程的未來模擬產品為 MACOM 在未來 2 至 5 年內帶來了巨大的成長機會。從歷史上看，模仿品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白金供應商地位，並被一家日本領先的測試和測量公司評為全球首選供應商。客戶滿意度是 MACOM 業務策略的核心，這些獎項是對我們為這些客戶提供服務所取得的成功的極大認可。

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.

我要向銷售團隊、應用工程團隊、營運團隊以及 MACOM 團隊的所有其他重要成員表示祝賀，是他們幫助我們獲得了這些獎項。第三，我們很高興在本季在法國巴黎以外正式建立了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進一步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擬產品。最後，我想指出的是，線性通訊集團收購的整合正在按計劃進行，我們的團隊很高興開始合作以贏得新業務。在我將討論交給傑克之前，我想再回顧一件事。

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策略規劃。提醒一下，2020年7月，我們啟動了一項長期新規劃流程，今年是我們對該計畫的第四次修訂。正如您所期望的，該策略計劃分析了我們的能力、市場和 SAM 擴展的潛在領域。它審查了我們目前的技術組合、產品路線圖、競爭格局、 SWOT 分析，並在詳細的產品線層面製定了增加收入和盈利能力的路線圖。我們認為，深入的長期規劃對於半導體業務至關重要，這是我們管理公司的關鍵要素。我們相信，我們的策略將加強和多樣化我們的業務，並使 MACOM 能夠佔領市場份額。

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規模並實現 10 億美元的收入。傑克現在將對我們的財務結果進行更詳細的回顧。

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，大家早安。我們的 2023 財年第三季的業績符合我們對該期間的預期。第三季營收為1.485億美元，季減12%。環比下降是由於電信和資料中心市場疲軟，而工業和國防市場環比略有增長。從地理來看，對國內客戶的銷售額佔總營收的 49%，與上一季持平。

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占我們收入的 16%，低於第二財季的 20%。儘管中國市場的銷售額出現下滑，但我們仍看到亞洲和歐洲市場有更多的成長機會。調整後毛利為 8,920 萬美元，佔營收的 60.1%，比上一季下降 200 個基點，原因是第三季營收水準較低，部分固定成本的吸收率較低。 MACOM 採用靈活的製造模式，利用我們的內部晶圓廠以及第三方代工廠，我們相信隨著業務週期和收入的改善，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.

調整後總營運費用為 5,220 萬美元，其中包括研發費用 3,320 萬美元及銷售、一般及行政費用 1,900 萬美元。正如預期的那樣，我們的總營運費用環比增加了 360 萬美元，這主要是由於我們收購 Linearizer 和在法國建立歐洲半導體中心而產生的增量費用。第三財季調整後營業收入為 3,700 萬美元，低於第二財季的 5,660 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.

第三季調整後營業利益率為 24.9%，較第二季的 33.4% 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 4,280 萬美元。過去 12 個月的調整後 EBITDA 為 2.331 億美元，而 2023 財年第二季為 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.

第三季調整後的淨利息收入為 280 萬美元，較第二財季增加約 70 萬美元，原因是投資組合回報率較高，但定期貸款利息支出較高部分抵消了這一影響。我們第三財季調整後的非 GAAP 所得稅率仍為 3%，導致支出約 120 萬美元。我們的現金稅為 120 萬美元，低於 2023 財年第二季的 140 萬美元。

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.

第三財季調整後淨收入為 3,850 萬美元，而第二財季調整後淨收入為 5,670 萬美元。調整後每股攤薄收益為 0.54 美元，股份總數為 7,140 萬股，而第二財季的調整後每股收益為 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.

現在轉到資產負債表和現金流量項目。我們第三季的應收帳款餘額為 1.059 億美元，低於第二季的 1.218 億美元，未收帳款天數仍為 65 天。我們的應收帳款餘額減少主要是由於未償還應收帳款收款時間以及本季銷售額下降。季度末庫存為 1.39 億美元，比上一季增加 710 萬美元，主要由於透過收購歐洲半導體中心獲得的庫存餘額以及預計將支持未來資料中心收入的成長。

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.

第三季的庫存週轉率為 1.7 倍，較上一季的 2.0 倍略有下降。我們認識到，在商業週期的這個階段，我們的庫存餘額處於多年來的最高水準。然而，我們的庫存品質和組合很高，並繼續支持我們的策略積壓。我想指出的是，我們的周轉業務達到了自 2022 財年第二季度以來的最高水平，並且我們的訂單出貨比在本季度也有所改善，我們認為這兩者都是積極的指標，將有助於我們在 2024 財年期間改善庫存週轉率。

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.

第三財季經營活動現金流約 4,580 萬美元，而第二財季為 3,250 萬美元。成長的部分原因是應收帳款收款增加。第三財季的資本支出總計 330 萬美元，低於上一季的 600 萬美元。根據付款時間以及我們在資本支出與業務成長和獲利能力之間取得平衡，我們 2023 年全年資本支出目前估計為 2,500 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.

持續對我們的晶圓廠、製造能力以及製程和產品開發計劃進行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週期時，現金創造仍然是我們的首要任務，儘管第三季的需求環境充滿挑戰，但我們的經營活動產生的現金流仍為 4,580 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 財年第二季的 5.773 億美元。

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.

今天，我們的淨債務仍低於 5,000 萬美元，我們的總槓桿率約為 2.6 倍。在把討論轉回給史蒂夫之前，我想再提幾點。正如史蒂夫所提到的，我們在 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專業員工。我們預計 ESC 不會對我們 2023 年的收入產生重大影響，其相關營運費用將導致 EPS 輕微稀釋。

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，我們很高興它為我們帶來了新產品、新技術、製造和客戶。今天我們也高興地宣布，我們已經償還了未償還的1.21億美元定期貸款。該定期貸款直到 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，隨著利率上升和我們持續的季度現金產生，我們認為將這筆未償還的浮動利率債務拋在腦後並將每季的淨利息支出減少約 60 萬美元是合適的。最後，正如史蒂夫所提到的，我們在本季完成了五年年度策略規劃流程，我們相信這將提高股東價值。現在我將把討論交還給史蒂夫。

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 日的第四財季營收將介於 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，基於 7,150 萬股完全稀釋股份，調整後每股收益預計在 0.53 美元至 0.57 美元之間。連續地，在第四季度，我們預計工業和研發以及電信部門的收入將下降，而資料中心的收入將上升。

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，正如您可能在昨天發布的新聞稿中看到的，我很高興地宣布任命 Wayne Strobel 為先進半導體技術高級副總裁。一個新設立的職位，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 在射頻和微波工程領域擁有 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。現在我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.

(操作員指示)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，這是您接管公司以來一直強調的事情，即七月份的策略審查流程。您再次提到10億美元。您能提供我們那裡的時間軸更新資訊嗎？您能否談談推動您實現 10 億美元目標的整體成長動力？您上個月建立的框架將在未來幾年指導您做什麼？

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。所以這個時間是在——我們的 26 財年或 27 年初的時間範圍內。這比我們一年前最初預測的晚了大約一年或一年半，主要是由於市場疲軟，導致今年的成長放緩。當我們回顧我們的成長軌跡時。我們希望至少能實現10年的歷史複合年增長率，即14%左右。當我們研究什麼將推動我們的成長時，我們發現主要是新產品驅動，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 億美元到 13 億美元的運行率查看損益表時，我們會發現每股收益接近 5 美元。因此，我們策略的一部分是確保我們能夠增加獲利收入，從而促進商業模式的發展。就我們關注的特定產品線或細分市場而言。這實際上就是我們過去幾年一直在談論的市場。當然，我們相信從長遠來看，電信業將推動成長，其次是工業和國防，然後是資料中心。然後，我談到的框架實際上是我在準備好的發言中提到的一些細節，它實際上是對市場動態的外部審查，著眼於我們的設計能力，然後將公司定位在我們知道可以成功的市場中。

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?

很有幫助。然後，我想，有些問題比整體問題更短期。但看起來資料中心的表現要強勁得多，特別是在九月季度。您特別提到了 400G 和 800G 的更高速度的連接，這是您所看到的資料中心業務加速發展的領域嗎？您能否談談這些部署在哪些不同領域取得進展？

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.

您說得對，我們預測第四季資料中心業務將強勁成長。事實上，我們認為它將會非常強勁，以至於我們該領域將實現同比增長。這意味著資料中心終端市場已經連續五年實現成長。所以我們對此感到高興。成長主要來自於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.

通常情況下，每個通道為 100G，而且我們在某些​​最新產品方面佔據非常強勢的地位，並且發展速度非常快。我們還沒有看到較低數據速率應用（類似於標準的 4/50G 或 8/50G 類型的應用）的普遍復甦。我們看到的成長主要是短距離，每條通道100G。其中一些產品支援線性驅動應用。

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 協定。因此我們確實預計本季會出現良好的業績。

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

我們的下一個問題來自 Evercore ISI 的 CJ Muse。

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 Tommy 關於資料中心的問題。您剛才強調了同比增長，這意味著環比增長約 1000 萬美元以上。您能否談談您所看到的人工智慧資料中心趨勢與基本情況？在人工智慧方面的高速連線方面是否有足夠的支出來維持全年資料中心的成長？

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，我們在資料中心產品開發的主要重點是模擬解決方案以及光電探測器和雷射器，這實際上是我們關注的三個領域。因此，無論我們在哪裡找到應用，無論是可插拔收發器 CPO、有源光纜還是有源銅纜，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.

我們確實看到與人工智慧相關的部署和應用有所增加。我們已經看到許多例子，客戶很高興能夠透過電氣化來減少銅纜的直徑，並以更高的數據速率在比原來稍長的距離上運行銅纜。這是我們的一個成長領域。當然，正如我們過去討論過的，線性驅動比 DSP 解決方案具有許多優勢。因此，我們看到這種類型的架構出現了一些融合，這通常發生在有效擁有 100 GB 交換器和 100 GB 光纖的領域。所以 — 這是 MACOM 可以在這些應用程式中插入 1 個、2 個或 3 個、4 個不同產品的範例。

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.

對客戶來說，這裡真正的關鍵是沒有變速箱，功耗更低、延遲更低、成本更低。因此，當然，挑戰在於，僅使用均衡或模擬解決方案來設計這些光通道以確保訊號完整性是非常困難的。因此設計過程很複雜。我們一直在與主要的 OEM 合作，以支持我們這一部分業務的成長。

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?

非常有幫助。我想這可能是一個更廣泛的周期性問題。您談到了訂單出貨比幾乎達到 1，而上個季度該比率為 0.5。變化正體化。看起來積壓訂單接近 3 億美元，因此仍然強勁。您是否認為您整個業務的狀況已經接近底部？或者電信業可能還需要幾季才能觸底？

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%.

所以我們盡量不去觸底，因為我們真的不知道。根據目前的狀況，我們可以說，與去年同期相比，我們的 3 個市場中 2 個將會上升。工業和研發將會上升，資料中心將會上升，而電信將會下降 20% 到 25% 左右。

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.

正如我在評論中所強調的那樣，今年電信業的入境新業務相當疲軟。我們確實預計，在某個時候，情況會發生轉變。我們確實看到了衛星通訊市場的巨大機會。隨著各種不同衛星平台的部署，我們相信這肯定可以提供近期的成長機會。但我們很難說出底部在哪裡，以及 3 個月或 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 Stifel 的 Tore Svanberg。

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。恭喜此處的訂單週轉順利。史蒂夫，您談到了能夠支援 InfiniBand 和乙太網路。您也說過，對於下個季度來說，大部分成長似乎將來自 PAM4。那麼，這是否意味著 InfiniBand 還處於更前的位置？如果您能添加任意顏色，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，我想說，過去幾季我們資料中心收入的 50% 以上都與 PAM4 有關。因此，我們看到，在進入 24 財年時，這一趨勢將持續下去。所以我當然要強調這一點。坦白說，我想說的另一點是，InfiniBand 和乙太網路都是 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。作為後續問題，您提到中國收入佔 16%。目前主要還是以平移為主嗎？或者你們在那裡是否仍有一些基地台業務，只是想了解區域上的風險在哪裡，等等，以及那 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，我們在中國的業務全面下滑了。它主要涉及光學方面和5G相關。因此我想說這是最薄弱的領域。我們看到支援的領域肯定是一些我們正在低水準支援的 5G 網路的部分。但毫無疑問，今年對我們的中國業務來說將是低迷的一年。隨著它的開始復甦，它將主要由於我們的資料中心和光學客戶的復甦而復甦。

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。

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。我想跟進一下資料中心。我只是想確認一下。您是否認為資料中心在第四財季或整個 2023 財年都會年增？我還有一個後續問題。

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，從資料中心的角度來看，進入第四季度，其環比增長和同比增長肯定會大幅增加。我想說的是，本季的環比增長非常強勁，達到了兩位數，而同比則增長了個位數。需要強調的是，本財政年度我們的資料中心收入發生了很大變化。上半年的強勁表現主要源自於 22 財年因供應問題而受到限制的運輸積壓。我們在上半年清理了很多積壓的工作。然後在第三季度，我們實際上遇到了一個空隙，由於庫存問題，我認為我們的基礎業務的需求很少。

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，對於 400G 和 800G 等更高數據速率產品的需求才剛開始成長。

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.

我想問一下，您準備好的關於中國銷售放緩的演講稿裡有什麼值得解讀的嗎？正如您剛才所說，這種減少是否是由於普遍的市場低迷和 5G 基礎設施造成的？或者您看到了那裡的競爭壓力？您能否澄清一下這一點，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，回到你的最後一個問題，我們——為了讓你完全清楚，我們的數據中心將實現同比增長。這正是我們所期待的。然後回答你關於中國的問題。因此，在中國，我們的收入幾乎全年都呈現下降趨勢。我認為，從第一季開始，我們大約 20% 至 23% 的業務來自中國。而現在已是十五六歲了。其中大部分是由於5G前傳的弱點以及我們剛才談到的資料中心。

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態勢。我想說，這種競爭態勢正在增強。人們越來越關注本地供應以及讓本地供應商向本地 OEM 供貨。所以我想說，這種趨勢正在增強，部分原因是地緣政治原因。我們的努力從未偏離對中國的關注。

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，光纖網路等領域的一些主要電信供應商仍然位於中國。因此我們將繼續為市場提供服務。我們本質上並沒有撤退。不過，我還要補充一點，我們專注於在包括歐洲在內的其他地區發展我們的收入，這也是我們決定在歐盟內部建立工廠和製造基地的主要原因之一。

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出現拐點，但在宏觀經濟疲軟時期，情況可能會相當穩定——但看起來動態正在穩定，這反映在訂單和推出數量的下降上。那麼截至 9 月的季度內，預訂量是否持續較上季上升？您在九月季度指南中提出的轉變假設是什麼？

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 0.9 的訂單出貨比感到非常滿意。我想說的是，我們第四季的訂單量非常強勁，我們預計本季的訂單出貨比可以達到 0.9 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。許多即將推出的項目也與程式相關，與大型程式相關。因此在某些情況下，我們有良好的視線。但我認為你關於波動性的觀點是完全正確的。正如我所強調的那樣，電信市場仍然非常非常疲軟。我們發現，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。關於你提到的轉彎問題，我認為我們在第四季的轉彎水準將與第三季相似。

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?

祝賀 OMMIC 交易完成。看起來他們的業務將成為歐洲半導體產業的中心。 MACOM 團隊是否會將其部分 MACOM 起源的氣體和基於 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 吋生產線的獲利潛力有多大？

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.

感謝您的評論和提問。需要強調的是，我們已經在歐洲開展業務。我們在愛爾蘭科克有一個相當大的工廠。我們設有設計中心，進行品質和可靠性測試，並擁有大量銷售、財務和行政人員，支援我們的許多國際業務。因此，科克如今無疑是 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.

我們在法國索菲亞的設計中心也已經存在十多年了，他們為我們許多高性能模擬產品的開發提供了出色的支援。然後添加一個晶圓廠和一個擅長高頻毫米波製程技術的團隊，真正補充了該產品組合。我們沒有計劃將我們在這裡運行的任何技術，包括0.14微米製程轉移到法國。

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，我們將繼續建立和開發他們一直致力於研究的技術。並優先將部分工藝技術從 3 英寸線轉移到 6 英寸線。我們還沒有明確說明該晶圓廠的收入潛力，我們可能也不想透露那麼多細節。但我現在可以告訴你的是，該晶圓廠的利用率較低。我們看到了巨大的成長機會，我們的銷售團隊和業務開發團隊正在非常積極地扭轉業務局面，我們認為這將是我們未來 1 到 2 年的一個很好的成長方向。

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?

這是 Blake Freeman 代替 Vivek 報道的。只是想多關註一下第四季度指南。我知道您為資料中心賦予了色彩。如果您可以針對工業、國防和電信業務提供連續評論，以及每個領域的下滑幅度，這會有所幫助嗎？

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，然後傑克也許可以補充一下。傑克，我不知道您是否想補充一點？

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。我想補充一點，我們在過去幾年中積累了相當多的訂單，而在過去幾個季度中，我們已經稍微消耗了一些訂單。因此，我認為就我們第四季的一些指導項目而言，工業、國防和電信業的下滑，也是由於訂單出貨比低於 1：1 造成的。因此，我們需要在第四季度期間研究過去幾季中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.

但是，正如我之前提到的，我們確實有相當強勁的積壓訂單，可以支持業務進入第四季度及以後。

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。然後繼續跟進，特別是工業和國防方面。我知道這肯定是整個行業都存在的。一些供應商觀察到核心工業領域正在發生某種消化現象。我只是——我知道該部分大約有 50% 到 60% 是防禦。所以我可能希望您能提供更具體的細節，也許您具體看到了國防方面的趨勢，然後核心工業市場中的任何利率相對於其他市場可能會稍微弱一些或強一些？

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，整體來說，我們的工業業務比較疲軟，短期內仍將保持疲軟狀態。我們在 I&D 領域的大部分成長都來自於國防項目。主要是雷達項目、速率通信項目。我想我們在上個季度的電話會議上提到過，來自歐洲的國際廣播需求很大，我們有一些內容。

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.

我在準備好的演講中談到了我們在 I 部分中正在追求的一些新應用。但總體來說，它很弱，我想補充的另一件事是，我們並不是工業終端市場的領頭羊，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出現問題。我認為，當您觀察我們的工業和國防終端市場時，另一個特點是它相當多樣化。還有許多不同的東西也進入了工業類別。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 TD Cowen 的 Matt Ramsay。

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。不是要回到資料中心的事情，但現在如果不說幾次 AI，你就無法接通電話，所以我們必須去那裡。我想詢問一下你們的 400 和 800 千兆產品組合。特別是，您提到了線性驅動與 DSP 之間的差異。也許您可以從技術角度進一步闡述這一點，同時您如何看待線性驅動器在資料中心市場的滲透，我們現在處於什麼位置，隨著時間的推移它會發展到什麼程度，以及它對貴公司的美元 TAM 意味著什麼？

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。因此我會嘗試提供更多細節。因此，我們看到線性驅動器的工作方式是當 100 GB 電氣通道與 100 GB 光學通道相匹配時，這是理想的應用。因此，您可以以 400 運行它，可以以 800 運行它，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，您就可以有效地從模組中移除 DSP 或 CDR 的功能，並且讓交換器有效地管理接口，即模組內的接口（如果它是一個模組）。因此，僅從延遲、成本和功耗來看，這樣做都是有好處的。這就是好處，你可以消除 DSP，但仍然保持可插入形式。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，客戶喜歡這個選項，因為他們可以使用許多供應商來支援他們的部署。它所需要的當然是一個交換器 ASIC，現在需要模組製造商與交換器供應商密切合作。幾個月前，我們在 OFC 上展示了 3 家不同的模組製造商與 Tomahawk 5 交換器的互通性。因此，這對於主要的短距離通訊來說是理想的，而這也是 MACOM 歷來為短距離通訊市場提供服務的地方。

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.

這只是我們所處的領域。以上就是三種產品組合。這些是高度整合的矽晶片，具有各種各樣的功能，以便客戶可以旋轉他們需要的旋鈕來使產品工作。我們現在的狀況是，我們的生產速度達到 100G，而且我們在每通道 200G 的生產速度方面也已經取得了相當大的進展。

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。我非常感激。作為我的後續報道，我認為看到訂單出貨比上升到 0.9% 是令人鼓舞的，而且我認為你們預計 9 月份季度的訂單出貨比將接近 1。如果可以的話，您能否稍微介紹一下這 3 個部分，以及每個部分的訂單出貨比趨勢如何，目前有些趨勢遠遠領先於 1？那麼這些產品可能是什麼呢？在某些終端市場上，我們的銷售額是否仍處於上一季 0.5 的水平，並且正在逐步回升？

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，就像在第三季一樣，我們會在第四季看到同樣的行為。可以說，主要推動預訂量成長或復甦的將是工業、國防和資料中心。我們仍然看到電信終端領域、電纜、測試和測量、5G等許多領域存在巨大的弱點。這些仍然非常薄弱。我們預計第四季不會出現復甦。就產品而言，當然包括我們過去談論過的許多產品，很多我們的模擬產品，很多用於軍事應用的高端氣體和 GaN 產品。其中有許多確實支持了國防部門的發展。當我們展望2024年時，從產品組合的角度來看，成長動力肯定是GaN。 GaN——我們認為 2024 年對我們來說將是偉大的一年。我們大約在六個月前將 0.14 微米製程投入生產，我們的團隊正在爭取首批設計成果，並將於明年投入生產。

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，在資料中心方面，我們認為到 2024 年，將會有更多的高資料速率應用出現並有可能加速成長。然後在電信領域，目前我們唯一真正的亮點是我們在衛星通訊市場所做的工作，包括地面端和衛星端。

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

我們的下一個問題來自 Piper Sandler 的 Harsh Kumar。

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，很快。史蒂夫，當您談到長期驅動力時，您提到了電信、工業和資料中心的順序。當您嘗試在 26 財年或 27 財年初實現 10 億美元的目標時，您是否考慮過增長到 10 億美元這個數字？或者這只是一個隨機命令。我可以反過來問，如果這不是正確的順序，那麼你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。這是正確的順序。我們就是這樣思考的。但是，當我們做出預測時，我們經常會犯錯，錯誤比正確更多。所以你對此必須持懷疑態度。但當我們審視我們的研發支出、正在進行的項目以及我們想要定位公司的位置時，我們發現電信領域有很多變化，這對我們來說非常有吸引力。所以我們喜歡多樣性。我們喜歡能夠接觸到長尾客戶，這可以發揮我們很多優勢。因此，我們最終花費了相當多的研發資金來開發針對終端市場的晶片。

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龐大的市場。我認為——正如我在腳本中提到的那樣，第三季度創下了我們 I&D 部門的記錄。今年，我們全年將實現同比增長。隨著我們開始將一些我們已知的新項目投入生產，我們期待明年和後年會發生更多好事。我們的業務中最小的部分是資料中心。我意識到我們收到的最多問題可能是有關資料中心的。但正如我所強調的那樣，我們的重點確實集中在資料中心，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晶片或雷射和探測器。這就是我們的策略。所以這是一個相當狹窄的策略。

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?

因為我們總是犯錯，格斯。我不會對你的東西太苛刻。後續行動。您會看到資料中心領域出現了相當不錯的成長。您談論的這種趨勢通常不會在一兩個季度內消失。

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.

這是有可能的，但我們很難說。我們在過去的例子裡確實看到過，程式加速非常快，然後又很快減速。所以我們必須認識到這一點。因此，雖然我們對資料中心內所做的所有偉大的事情感到非常興奮，但我們也認識到這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，您能快速地談談渠道中仍然需要發生的庫存消耗的程度。而且您已經談過——我想您已經多次提到巨大。因此聽起來仍然需要進行相當大量的庫存消化。但我只是想知道您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可能在 6 個月左右，也可能更長，也可能更短，這取決於工廠和技術。眾所周知，就在兩個季度前，我們的營業額達到了 1.8 億美元。因此，當您今天查看我們的庫存時。如果你將其與 1.8 億美元的運行率聯繫起來，你會發現，正如傑克所說，我們今天的庫存水平過剩，但不一定與 1 或 2 個季度前的情況一樣。因此，我們正在經歷消化期，需要將庫存轉移到市場。我們所做的工作之一就是確保我們的通路沒有過多的庫存。所以我們肯定會降低這一水平。我們希望看到更多的消耗，傑克，也許你可以補充一點。

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，我們正在密切關注管道中的情況，並確保我們了解事情的發展。過去一個季度，我們看到了一些令人鼓舞的正面趨勢，但我們將繼續關注這一點。關於 MACOM 的庫存，我描述了我們看到的上漲趨勢，回顧過去的一年，這種上漲與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資料中心積壓問題。

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，過去您曾談到該模型在費用方面的靈活性。只是希望您能就建模和適當性問題給我們更多的想法。如果您在這裡抑製成長，那麼發展力度是否會減弱，但這是否只是針對較弱的需求環境？

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，考慮到過去幾季的經濟放緩，我們對業務的毛利率表現感到滿意。我們對業務進行了相當多的結構性調整，以從整體毛利率的角度管理過去幾年來我們看到的改進。因此，我們確實擁有靈活的製造模式，正如我所描述的那樣，一些產品在我們的內部晶圓廠生產，而其他產品則交給第三方生產。

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.

這有助於我們減輕部分成本，其中一部分成本本質上是可變的。然後我想強調的另一點是，我們的內部製造工廠通常都是中等產量。我們並不像一些大型晶圓廠那樣承擔高昂的管理費用。因此，這也有助於在經濟可能放緩的時期保護我們。

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，希望從整體收入角度來看，我們可以恢復到更高的運行率，我認為這將有助於我們未來提高毛利率。

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

我們的下一個問題來自 Needham 的 Quinn Bolton。

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?

只是想快速澄清一下 400 和 800 千兆。這幾乎完全是光學的嗎？或者您開始看到銅應用、有源銅纜開始在更高速度的 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。我們的某些晶片在單一晶片上有 4 個通道，每個通道 100 個，您可以使用其中 2 個來實現 800 個。因此，無論模組供應商想要使用什麼技術，如果我沒有提到的話，我們也可以支援包括 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?

以及對線性驅動的後續研究。聽起來您的評論主要是關於 Tom Hawk 5 周圍的以太網，但 InfiniBand 似乎是一個更近的管道。您實際上只有一個供應商。我認為它主導了該市場，因此在我看來，InfiniBand 可能為線性驅動器帶來相當重大的機會。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種協議提供服務。我認為我們實際上已經在 OFC 中展示了使用 InfiniBand 應用程式的解決方案。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 Craig-Hallum 的 Richard Shannon。

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?

史蒂夫，我想跟進一下之前關於 GaN 的一個問題的回答。我記得您提到過，您期待 24 財年將會是豐收的一年。也許您可以幫助我們理解這些動態，甚至可以量化您認為的當年的機會？

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。隨著我們開發出這一流程並且正在銷售它，我會將其定義為偉大。所以我們會在 2024 年開始銷售它。這就是我們的——現在，這就是我們對偉大的定義。這是一次勝利。因此，我們的銷售團隊、業務開發團隊和晶圓廠工程師都很高興能夠實現這一目標。我們沒有為目標、我們的內在目標設定一個具體的數字，而且我們也沒有向外界分享這個目標。我認為現在這麼做還為時過早。但我們只是將其視為另一種成長工具。我們得到了美國想要使用該技術的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，我們在研發方面正在做一些新穎的事情，包括引入下一代工藝步驟來提高目前的性能。

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

因此，我們當然認為明年將是偉大的一年…

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資料中心的。我只是想核實一下，我想你說過，我只是想核實一下。您所看到的所有優勢都是模擬方面的優勢嗎，還是您看到雷射帶來的優勢？顯然，過去幾季我曾就您對雷射產品組合的看法進行過一些很好的討論，但似乎都是以模擬為導向的。你能確認這就是你所看到的嗎？

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。成長來自於模擬方面。我認為 23 財年是我們的光學產品建設年，其中設計量較大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，不僅在美國增加了帳戶，而且在中國也增加了帳戶。我們也正在研究新的雷射類別，包括 EML 和陣列——我們對此很感興趣。所以 - 但就您的觀點而言，是的，今年本季資料中心的成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。我目前不會在隊列中顯示任何其他問題。現在我想將電話轉回給史蒂夫戴利先生，請他做最後發言。

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，我要感謝我們團隊的持續努力和奉獻。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。您現在可以斷開連線。