(MTSI) 2023 Q4 法說會逐字稿

Welcome to MACOM's Fourth Fiscal Quarter 2023 Conference Call. This call is being recorded today, Thursday, November 9, 2023. (Operator Instructions). I will now turn the call to Mr. Stephen Ferranti, MACOM's Vice President of Corporate Development and Investor Relations. Mr. Ferranti, please go ahead.

歡迎參加 MACOM 2023 年第四財季電話會議。本次通話將於今天（2023 年 11 月 9 日星期四）錄音。（操作員說明）。我現在將電話轉給 MACOM 企業發展和投資者關係副總裁 Stephen 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 fourth fiscal quarter and fiscal year 2023 financial results. I would like to remind everyone that our discussion today will contain forward-looking statements which are subject to certain risks and uncertainties as defined in the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those discussed today.

謝謝你，奧莉維亞。早安，歡迎致電我們討論 MACOM 第四財季和 2023 財年的財務表現。我想提醒大家，我們今天的討論將包含前瞻性陳述，這些陳述受到1995 年《私人證券訴訟改革法案》中前瞻性陳述安全港所定義的某些風險和不確定性的影響。實際結果可能會有所不同實質上來自今天討論的內容。

For more detailed discussion of the risks and uncertainties that could result in those differences, we refer you to MACOM's filings with the SEC. Management's statements during this call will also include discussion of certain adjusted non-GAAP financial information. A reconciliation of GAAP to adjusted non-GAAP results are provided in the company's press release and related Form 8-K which was filed with the SEC today.

有關可能導致這些差異的風險和不確定性的更詳細討論，我們建議您參閱 MACOM 向 SEC 提交的文件。管理階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資訊的討論。該公司的新聞稿和今天向 SEC 提交的相關 8-K 表格中提供了 GAAP 與調整後的非 GAAP 業績的調整表。

And 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 總裁兼執行長 Steve Daly。

Thank you, and good morning. I will begin today's call with a general company update. After that, John Kober, our Chief Financial Officer, will provide a more in-depth review of our fourth quarter and full year results for fiscal 2023. When Jack is finished, I will provide revenue and earnings guidance for the first fiscal quarter of 2024, and then we will be happy to take some questions.

謝謝你，早安。我將首先介紹公司的最新情況。之後，我們的財務長約翰·科伯將對我們 2023 財年第四季度和全年業績進行更深入的審查。傑克完成後，我將提供 2024 年第一財季的收入和盈利指導，然後我們將很樂意回答一些問題。

Revenue for Q4 was $150.4 million, a slight increase over the prior quarter. Adjusted EPS was $0.56 per diluted share and operating cash flow was approximately $50 million. For the full fiscal year ending September 29, 2023, revenue was $648 million, and adjusted EPS was $2.70 per diluted share. Fiscal 2023 revenue and EPS were both down 4% year-over-year.

第四季營收為 1.504 億美元，較上一季略有成長。調整後每股攤薄每股收益為 0.56 美元，營運現金流約 5,000 萬美元。截至 2023 年 9 月 29 日的整個財年，營收為 6.48 億美元，調整後每股攤薄每股收益為 2.70 美元。 2023 財年營收和每股盈餘均較去年同期下降 4%。

We completed 2 small but strategic acquisitions in fiscal '23, which combined contributed approximately 2% to our total fiscal year '23 revenue. During the fiscal year, we eliminated all of our remaining short-term debt and funded these acquisitions using cash recently generated by the business. We ended the fiscal year with approximately $515 million in cash and cash equivalents.

我們在 23 財年完成了兩項小型但策略性的收購，這兩項收購合計約占我們 23 財年總收入的 2%。在本財年中，我們消除了所有剩餘的短期債務，並使用業務最近產生的現金為這些收購提供資金。本財年結束時，我們擁有約 5.15 億美元的現金和現金等價物。

In Q4, our book-to-bill ratio was 1.1:1, and our turns business, or orders booked and shipped within the quarter, was approximately 16% of total revenue. These are positive trends and notably, Q4 bookings improved across all 3 of our end markets. Improvements were led by pockets of strength at certain defense and data center customers.

第四季度，我們的訂單出貨比為 1.1:1，我們的周轉業務（即本季內預訂和出貨的訂單）約佔總收入的 16%。這些都是正面的趨勢，值得注意的是，第四季我們所有 3 個終端市場的預訂量都有所改善。某些國防和資料中心客戶的實力推動了改進。

Our total company backlog increased slightly quarter-over-quarter, and it remains at a healthy level. We are starting the new fiscal year in a strong position. While we are pleased with the recent improvement in total bookings in certain markets, orders remained weak in Q4. Demand continues to be weak in telecom and to a lesser degree, in certain parts of the industrial markets and we remain negative on the near-term outlook for these markets.

我們公司的總積壓訂單量較上季略有增加，但仍保持在健康的水平。我們正以強勢的姿態開啟新的財政年度。雖然我們對近期某些市場總預訂量的改善感到滿意，但第四季的訂單仍然疲軟。電信領域的需求持續疲軟，工業市場某些部分的需求仍然疲軟，我們對這些市場的近期前景仍然持悲觀態度。

However, more positively, we see growing demand in data center, aerospace and defense as well as in satellite communication markets. Fiscal Q4 revenue by end market was as expected, with Industrial and Defense at $79.2 million, Data Center at $40.5 million and Telecom at $30.6 million. IND was down 5% sequentially. Data Center was up 52% sequentially and Telecom was down 20% sequentially.

然而，更積極的是，我們看到資料中心、航空航太和國防以及衛星通訊市場的需求不斷增長。按終端市場劃分的第四財季收入符合預期，工業和國防收入為 7,920 萬美元，資料中心收入為 4,050 萬美元，電信收入為 3,060 萬美元。 IND 環比下降 5%。資料中心較上季成長 52%，電信季減 20%。

Notably, our top 10 end customers represented approximately 30% of our total revenue in fiscal 2023 and no one customer was more than 10% of our total revenue. We maintain a highly diversified customer base consisting of thousands of customers.

值得注意的是，我們的前 10 位最終客戶約占我們 2023 財年總收入的 30%，沒有任何一個客戶占我們總收入的 10% 以上。我們擁有由數千名客戶組成的高度多元化的客戶群。

Industrial and Defense was a strong market for us during fiscal 2023 and revenues achieved a historic level. Fiscal 2023 represented our third consecutive year of growth within the IND market, with 8% year-over-year growth. In fact, over the last 3 years, our IND revenues achieved an 18% compounded annual growth rate. We believe our growth initiatives for this market are on track.

2023 財年，工業和國防對我們來說是一個強勁的市場，收入達到了歷史水準。 2023 財年是我們在 IND 市場連續第三年成長，年增 8%。事實上，在過去 3 年裡，我們的 IND 收入實現了 18% 的複合年增長率。我們相信我們針對該市場的成長計劃正在步入正軌。

Core to our strategy is expanding our serviceable addressable market, or SAM, within the IND market by launching compelling new products. As a reminder, examples of new growth initiatives, which we've discussed in prior quarterly calls, includes our new 0.14 GaN on silicon carbide process, kilovolt capacitors or KV caps and BAW filters. These product lines are still in the early stages of their growth in product life cycles.

我們策略的核心是透過推出引人注目的新產品，在 IND 市場中擴大我們的可服務可尋址市場 (SAM)。提醒一下，我們在之前的季度電話會議中討論過的新增長計劃的例子包括我們新的 0.14 GaN 碳化矽製程、千伏特電容器或 KV 電容器和 BAW 濾波器。這些產品線仍處於產品生命週期成長的早期階段。

One important area of the IND market we are supporting is the RF over fiber segment. In these applications, customers convert RF or microwave signals into light by directly modulating a linear laser. This resulting signal can be transmitted over fiber with minimal signal degradation or loss versus traditional coax cable. Fiber provides a lower weight and more secure transmission compared to coax. RF over fiber is ideal for demanding applications like Satcom ground station networks, distributed antenna systems and many defense applications like secure communications, critical GPS systems and radar systems, all of which require high reliability and long life cycles while operating in harsh environments.

我們支持的 IND 市場的一個重要領域是光纖射頻領域。在這些應用中，客戶透過直接調製線性雷射將射頻或微波訊號轉換為光。與傳統同軸電纜相比，產生的訊號可以透過光纖傳輸，訊號衰減或損失最小。與同軸電纜相比，光纖提供更輕的重量和更安全的傳輸。光纖射頻非常適合衛星通訊地面站網路、分散式天線系統等要求嚴苛的應用，以及安全通訊、關鍵GPS 系統和雷達系統等許多國防應用，所有這些應用在惡劣環境下運作時都需要高可靠性和長生命週期。

MACOM's strength in microwave and optical design, laser and detector technologies and ruggedized packaging and subsystem manufacturing capabilities positions us for growth in this segment of the defense market. We are seeing a growing number of long-term program opportunities today.

MACOM 在微波和光學設計、雷射和探測器技術以及堅固耐用的封裝和子系統製造能力方面的實力使我們能夠在這一國防市場領域取得成長。今天，我們看到越來越多的長期計劃機會。

Another area of focus for MACOM in Industrial and Defense is further penetrating the test and measurement market. A notable recent new product introduction for this market segment is our optical clock recovery or OCR solutions. Here, our high-performance connectivity team is leveraging our [5], our high-speed optical receivers and high-performance analog design expertise. MACOM's OCRs can be used in our customers' production test environment to validate their performance of their short-reach 400G and 800G optical transceiver products.

MACOM 在工業和國防領域的另一個重點領域是進一步滲透測試和測量市場。最近針對該細分市場推出的一個值得注意的新產品是我們的光學時鐘恢復或 OCR 解決方案。在這裡，我們的高效能連線團隊正在利用我們的 [5]、高速光接收器和高效能類比設計專業知識。 MACOM 的 OCR 可用於客戶的生產測試環境，以驗證其短距離 400G 和 800G 光收發器產品的性能。

Our Telecom end market revenues continues to be weak. In fiscal year 2023, Telecom was down 24% year-on-year. Weakness in this market is broad-based, spanning most of our larger subsegments, including 5G, metro long haul, cable infrastructure and passive optical networks. That said, we believe the secular growth drivers for telecom remain intact. Global telecom infrastructure needs to expand capacity to carry higher data rates and more bandwidth, all while having lower latency.

我們的電信終端市場營收持續疲軟。 2023財年，電信業務較去年同期下降24%。市場的弱點是廣泛的，涵蓋我們大部分較大的細分市場，包括 5G、城域長途、電纜基礎設施和被動光網路。儘管如此，我們認為電信業的長期成長動力仍然完好無損。全球電信基礎設施需要擴大容量以承載更高的資料速率和更多的頻寬，同時降低延遲。

As an example, recently, a U.S. carrier completed field trials in New York State, which demonstrated 1.2 terabits per second of data over a single wavelength of long haul -- in a long-haul metro application as part of an ongoing fiber optic upgrade. MACOM supported this trial with our products. One segment in the telecom market, which we believe is growing is broadband satellite communications or SATCOM and many of these ground and satellite systems operate at microwave or millimeter wave frequencies, which plays to our expertise. Telecom remains an attractive and diverse market, and we see numerous opportunities to expand our position in this market.

例如，最近，一家美國營運商在紐約州完成了現場試驗，在長途地鐵應用中，作為正在進行的光纖升級的一部分，展示了長途單波長每秒 1.2 太比特的數據傳輸速度。 MACOM 用我們的產品支持了這個試驗。我們相信寬頻衛星通訊或衛星通訊是電信市場中正在成長的一個領域，其中許多地面和衛星系統在微波或毫米波頻率下運行，這發揮了我們的專業知識。電信仍然是一個有吸引力且多元化的市場，我們看到了擴大我們在該市場地位的大量機會。

Our Data Center end market revenues grew sequentially in Q4. In addition, for the full fiscal year 2023, Data Center revenues grew by 6% year-over-year, growth that was primarily driven by high data rate short-reach applications. The Data Center market continues to provide growth opportunities for MACOM, and we expect new product introductions will be the primary growth driver for us in this market. We are focused on designing and producing industry-leading crosspoint switches, high-speed TIAs and laser drivers for a wide range of applications. Our strategy is to be the first to market when data rates jump to higher speeds.

我們的資料中心終端市場營收在第四季連續成長。此外，在 2023 整個財年，資料中心營收年增 6%，成長主要是由高資料速率短距離應用推動的。資料中心市場繼續為 MACOM 提供成長機會，我們預計新產品的推出將成為我們在該市場的主要成長動力。我們專注於設計和生產行業領先的交叉點開關、高速 TIA 和雷射驅動器，適用於各種應用。我們的策略是當數據速率躍升至更高速度時成為第一個進入市場的人。

As an example, we recently announced and demonstrated an industry-leading 200G per lane transimpedance amplifier or TIA, for short-reach applications and a 200G per lane linear equalizer for use in active copper cables. Both products will support 1.6G deployments. Data center architectures continue to evolve. We believe many of today's deployments require significantly more short-reach optical and/or copper cable to make connections. Our high-performance connectivity team offers an industry-leading portfolio of products at 50G, 100G and 200G per channel to support these requirements.

例如，我們最近宣布並展示了一款適用於短距離應用的業界領先的每通道 200G 跨阻放大器或 TIA，以及用於有源銅纜的每通道 200G 線性均衡器。兩款產品均支援 1.6G 部署。資料中心架構不斷發展。我們相信，當今的許多部署需要更多的短距離光纖和/或銅纜來進行連接。我們的高效能連線團隊提供業界領先的每通道 50G、100G 和 200G 的產品組合來支援這些要求。

In some applications, our solutions enable lower cost, lower latency, and lower power consumption versus traditional solutions. Additionally, our linear equalizer products enable copper interconnects to be extended in reach and into higher-speed applications. Previously, a market segment addressed with more expensive active optical cables or AOCs and pluggable transceivers. Our solutions have been tested with the latest generation of switch, ASIC, available on the market today, and our customers are pleased with the performance.

在某些應用中，與傳統解決方案相比，我們的解決方案可實現更低的成本、更低的延遲和更低的功耗。此外，我們的線性均衡器產品使銅互連能夠擴展到更高速的應用。此前，該細分市場採用更昂貴的主動光纜或 AOC 以及可插拔收發器。我們的解決方案經過當今市場上最新一代交換器 ASIC 的測試，我們的客戶對其效能感到滿意。

Given we are at the start of a new fiscal year, I would like to review our long-term strategy, briefly recap some of last year's accomplishments and review our priorities for fiscal 2024. Simply put, our strategy is to focus on the highest power, highest frequency and highest data rate applications in our 3 core markets. We align our R&D and product development resources around these themes and then using our annual strategic planning process, establish near- and long-term goals to strengthen our portfolio's competitiveness and to position the company for future success.

鑑於我們正處於新財年的開始，我想回顧一下我們的長期戰略，簡要回顧一下去年的一些成就，並回顧一下我們 2024 財年的優先事項。簡單地說，我們的戰略是專注於最高權力、我們3 個核心市場中最高頻率和最高數據速率的應用。我們圍繞這些主題調整我們的研發和產品開發資源，然後利用我們的年度策略規劃流程，制定近期和長期目標，以增強我們產品組合的競爭力，並為公司未來的成功奠定基礎。

Our goal is to have our technical teams work closely with our customers to provide unique options for them to consider. By leveraging a wide breadth of unique technologies with world-class manufacturing strength, we believe we can attract many customers and gain additional market share. We believe customers will seek out suppliers who can, over the long term, become strategic partners.

我們的目標是讓我們的技術團隊與客戶密切合作，為他們提供獨特的選擇供他們考慮。透過利用廣泛的獨特技術和世界一流的製造實力，我們相信我們可以吸引許多客戶並獲得額外的市場份額。我們相信客戶會尋找能夠長期成為策略夥伴的供應商。

During last year's Q4 earnings call, we outlined our priorities for fiscal '23. Our team made meaningful progress against those stated priorities. As a reminder, a central theme we communicated then was to capture market share in '23. We believe we've been gaining market share by increasing our new product offerings, expanding our technology base and strengthening our presence in certain geographic regions.

在去年第四季的財報電話會議上，我們概述了 23 財年的優先事項。我們的團隊在這些優先事項方面取得了有意義的進展。提醒一下，我們當時傳達的一個中心主題是佔領 23 年的市場份額。我們相信，透過增加新產品供應、擴大我們的技術基礎以及加強我們在某些​​地理區域的影響力，我們一直在贏得市場份額。

As I've mentioned, a key component of our strategy involves building a portfolio of compelling semiconductor processes to support high frequency and high-power applications. The opening of our MACOM European semiconductor center expanded our manufacturing capacity, added epitaxial growth expertise, bolstered our European presence and strengthened our design teams. This acquisition supports our strategic goal to establish a leadership position in very high frequency semiconductor mimic process technologies and products.

正如我所提到的，我們策略的關鍵組成部分涉及建立一系列引人注目的半導體製程來支援高頻和高功率應用。 MACOM 歐洲半導體中心的開幕擴大了我們的製造能力，增加了外延生長專業知識，增強了我們在歐洲的影響力並加強了我們的設計團隊。此次收購支持我們的策略目標，即在甚高頻半導體模擬製程技術和產品領域建立領先地位。

While this was a relatively small acquisition, we believe it is strategic and it brings us tremendous growth potential. We are confident our strategy will enable higher-than-average return on invested capital and, therefore, support our goals of establishing exemplary profitability and cash flow.

雖然這是一項相對較小的收購，但我們相信這是策略性的，它為我們帶來了巨大的成長潛力。我們相信，我們的策略將實現高於平均的投資資本回報率，從而支持我們建立典範獲利能力和現金流的目標。

In support of diversifying our revenues geographically, we are expanding our sales efforts across Europe. During Q4, we attended the European Microwave week in Berlin, where we hosted a number of live demonstrations at our booth, which featured our latest products and technologies. In addition, we are pleased that the European Space Agency, or ESA, recently completed a site visit at our France facility. We intend to build new relationships with major organizations and customers across Europe with the goal of driving long-term revenue growth, diversifying our customer base and adding further stability to our overall business.

為了支持我們收入的地域多元化，我們正在歐洲範圍內擴大銷售力度。第四季度，我們參加了在柏林舉行的歐洲微波週，我們在展位上舉辦了多次現場演示，展示了我們的最新產品和技術。此外，我們很高興歐洲太空總署 (ESA) 最近完成了對我們法國工廠的實地考察。我們打算與歐洲各地的主要組織和客戶建立新的關係，目標是推動長期收入成長、使我們的客戶群多樣化並進一步增強我們整體業務的穩定性。

During the year, we introduced 170 standard products, an increase of 15% compared to last year. We also had great success with our custom IC development activities and we supported a wide range of customer-funded projects. We recognize that continued investments in expanding our design engineering, new product prototyping and engineering test capabilities will ensure we move quickly and rapidly bring products to market and ultimately gain market share.

年內推出標準產品170個，較去年增加15%。我們的客製化 IC 開發活動也取得了巨大成功，並支持了廣泛的客戶資助計畫。我們認識到，持續投資擴大我們的設計工程、新產品原型設計和工程測試能力將確保我們迅速行動，迅速將產品推向市場並最終獲得市場份額。

As we look ahead to fiscal year 2024, we anticipate that the rate of new product introductions will further accelerate. In fact, we believe it is possible to launch 50% more products in FY '24 compared to FY '23. As we focus on fiscal year '24, our priorities include extending our leadership in RF and microwave applications, taking market share on GaAs and GaN mimics, continuing to gain traction with our high-speed analog solutions for short-reach data center applications, completing the integration activities of our recent and pending acquisitions, driving additional growth of our RF power, analog and lightweight product areas, building out and growing our module and subsystems business in select high-performance markets ensuring management challenges, develops and rewards employees and supports their needs to ensure they have a long and enriching career at MACOM and last, managing the business and strategy to enable us to achieve record earnings for the future.

展望 2024 財年，我們預期新產品推出的速度將進一步加快。事實上，我們認為與 23 財年相比，24 財年推出的產品數量可能會增加 50%。在我們專注於24 財年的過程中，我們的首要任務包括擴大我們在射頻和微波應用領域的領先地位，佔領GaAs 和GaN 模擬產品的市場份額，繼續利用我們針對短距離資料中心應用的高速模擬解決方案獲得吸引力，完成我們最近和即將進行的收購的整合活動，推動我們的射頻功率、模擬和輕量級產品領域的進一步增長，在選定的高性能市場中建立和發展我們的模組和子系統業務，確保管理挑戰，發展和獎勵員工並支持他們需要確保他們在 MACOM 擁有長期而豐富的職業生涯，最後，管理業務和戰略，使我們能夠在未來實現創紀錄的盈利。

In summary, MACOM has a wide range of products in production today. Many of these products have long life cycles and can produce revenues for years after they've been introduced. We view these business attributes as an inherent strength of our business model.

總之，MACOM 目前正在生產多種產品。其中許多產品的生命週期很長，在推出後可以產生收入多年。我們將這些業務屬性視為我們業務模式的固有優勢。

And last, I'll note that MACOM and Wolfspeed have been working collaboratively on a carve-out of their RF business over the past few months. I would like to thank the integration planning teams from both companies for their great work. Our integration planning efforts include aligning the team we are hiring, their organizations and the ERP and other data systems with MACOM's infrastructure, so we are fully operational and independent at closing. I have no doubt this transaction will be a win for MACOM.

最後，我要指出的是，過去幾個月，MACOM 和 Wolfspeed 一直在合作分拆 RF 業務。我要感謝兩家公司的整合規劃團隊所做的出色工作。我們的整合規劃工作包括將我們正在招募的團隊、他們的組織以及 ERP 和其他資料系統與 MACOM 的基礎設施保持一致，以便我們在交易結束時能夠全面運作且獨立。我毫不懷疑這筆交易對 MACOM 來說將是一場勝利。

Jack will now provide a more detailed review of our financial results.

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. Before getting into the details of our quarterly results, I would like to summarize a few items associated with our fiscal year 2023 financials. As Steve noted, fiscal 2023 was down approximately 4% from a top and bottom line perspective. Despite this, we've been able to maintain adjusted gross margins in excess of 60%, with full year fiscal 2023 adjusted gross margin of 61.3%.

謝謝你，史蒂夫，大家早安。在詳細介紹我們的季度業績之前，我想總結一下與我們 2023 財年財務狀況相關的一些項目。正如史蒂夫指出的那樣，從營收和利潤的角度來看，2023 財年下降了約 4%。儘管如此，我們仍能夠將調整後毛利率維持在 60% 以上，2023 財年全年調整後毛利率為 61.3%。

During fiscal 2023, we have maintained solid and consistent cash flow generation, which has allowed us to close and fund 2 strategic acquisitions with available cash and also pay off the remaining $121 million balance of our term loan that was scheduled to mature in May 2024.

在2023 財年，我們保持了穩定、穩定的現金流生成，這使我們能夠用可用現金完成並資助兩項戰略收購，並還清原定於2024 年5 月到期的定期貸款的剩餘1.21 億美元餘額。

Now on to our Q4 quarterly results as well as some additional commentary on our full fiscal year 2023 and outlook on fiscal year 2024. Revenue for the fiscal fourth quarter was $150.4 million, up 1.2% sequentially based on growth in our Data Center end market. On a geographic basis, revenue from U.S. domestic customers represented approximately 46% of our fiscal Q4 results down from 49% in fiscal Q3. We have been working to geographically diversify our business and are pleased to have a healthy mix of U.S. and international-based revenue opportunities.

現在介紹我們的第四季度季度業績以及對 2023 財年整個財年和 2024 財年展望的一些補充評論。第四財季收入為 1.504 億美元，基於數據中心終端市場的增長，環比增長 1.2%。從地理來看，來自美國國內客戶的營收約占我們第四財季業績的 46%，低於第三財季的 49%。我們一直致力於實現業務的地域多元化，並很高興擁有美國和國際收入機會的健康組合。

On a fiscal year '23 annual basis, revenue from U.S. domestic customers represented 48%, up slightly from 47% in the prior year. A notable trend is our fiscal year '23 revenue from the China market decreased, while revenue to our European-based customers grew compared to the prior year. Adjusted gross profit for fiscal Q4 was $90.3 million or 60.1% of revenue, essentially flat from the third quarter.

以 23 財年的年度計算，來自美國國內客戶的收入佔 48%，略高於上一年的 47%。一個顯著的趨勢是我們 23 財年來自中國市場的營收下降，而我們歐洲客戶的營收與前一年相比有所成長。第四財季調整後毛利為 9,030 萬美元，佔營收的 60.1%，與第三季基本持平。

Total adjusted operating expense for our fourth fiscal quarter was $53.1 million consisting of research and development expense of $33.8 million and selling, general and administrative expense of $19.3 million. The modest sequential increase in adjusted operating expense was primarily driven by incremental costs from our recent acquisitions, partially offset by lower spending across the remainder of the MACOM based business.

第四財季調整後營運費用總額為 5,310 萬美元，其中研發費用為 3,380 萬美元，銷售、一般及管理費用為 1,930 萬美元。調整後營運費用的環比小幅成長主要是由我們最近收購的增量成本推動的，但部分被 MACOM 其餘業務支出的減少所抵消。

Depreciation expense for fiscal Q4 was $6.3 million and $24 million for fiscal year 2023, essentially flat on an annual basis. MACOM's asset base includes a variety of production and research and development equipment that we are continuously working to optimize, which has helped to keep our capital expenditures and the associated depreciation expense relatively stable over the years.

第四財季的折舊費用為 630 萬美元，2023 財年的折舊費用為 2,400 萬美元，與年度基本持平。 MACOM的資產基礎包括我們不斷優化的各種生產和研發設備，這有助於我們多年來保持資本支出和相關折舊費用的相對穩定。

Adjusted operating income in fiscal Q4 was $37.2 million, up slightly from $37 million in fiscal Q3. For fiscal year 2023, adjusted operating income was $189.6 million compared to $211 million for fiscal 2022 resulting in a 200 basis point reduction in adjusted operating margin compared to fiscal '22. For fiscal year 2024, our team plans to further integrate and optimize our acquisitions. Further executing on incremental synergies and cost savings, while running the entire business with a continuous improvement mindset and working to increase our operating margin over the course of the year.

第四財季調整後營業收入為 3,720 萬美元，略高於第三財季的 3,700 萬美元。 2023 財年，調整後營業收入為 1.896 億美元，而 2022 財年為 2.11 億美元，導致調整後營業利潤率比 22 財年減少 200 個基點。 2024財年，我們的團隊計劃進一步整合和優化我們的收購。進一步執行增量協同效應和成本節約，同時以持續改進的心態運營整個業務，並努力在一年內提高我們的營業利潤率。

For fiscal Q4, we had adjusted net interest income of $4.2 million compared to net interest income of approximately $2.8 million in fiscal Q3. Fiscal year 2023 adjusted net interest income was $10 million compared to an expense of $2.6 million in 2022. The increase in fiscal year 2023 adjusted net interest income was driven primarily by higher yields on our short-term investment balances.

對於第四財季，我們調整了 420 萬美元的淨利息收入，而第三財季的淨利息收入約為 280 萬美元。 2023 財年調整後淨利息收入為 1,000 萬美元，而 2022 年支出為 260 萬美元。2023 財年調整後淨利息收入的成長主要是由於我們的短期投資餘額收益率上升。

Our adjusted income tax rate in fiscal Q4 was 3% and resulted in an expense of approximately $1.2 million. Our net cash tax payments were approximately $100,000 for the fourth quarter and $2.9 million for fiscal year 2023. We expect our adjusted income tax rate to remain at 3% for fiscal year 2024. As of September 29, 2023, our deferred tax asset balance was $218 million as compared to $237 million at the end of fiscal 2022. We anticipate further utilizing our deferred tax asset balance through fiscal 2024 and into fiscal 2025, helping to keep our cash tax payments relatively low over these periods.

我們第四財季調整後的所得稅率為 3%，導致費用約為 120 萬美元。我們第四季的淨現金稅款約為10 萬美元，2023 財年的淨現金稅款約為290 萬美元。我們預計2024 財年調整後的所得稅稅率將維持在3%。截至2023 年9 月29 日，我們的遞延稅資產餘額為2.18 億美元，而2022 財年末為2.37 億美元。我們預計在2024 財年和2025 財年進一步利用我們的遞延稅資產餘額，幫助我們在這些時期保持相對較低的現金稅支付。

Fiscal Q4 adjusted net income increased to $40.1 million compared to $38.5 million in fiscal Q3. Adjusted earnings per fully diluted share was $0.56 utilizing a share count of 71.8 million shares compared to $0.54 of adjusted earnings per share in fiscal Q3.

第四財季調整後淨利增至 4,010 萬美元，而第三財季為 3,850 萬美元。使用 7,180 萬股股票時，完全攤薄後每股調整後收益為 0.56 美元，而第三財季調整後每股收益為 0.54 美元。

Now moving on to operational balance sheet and cash flow items. Our Q4 accounts receivable balance was $91.3 million, down from $105.9 million in fiscal Q3 due to improved shipment linearity and strong collection activity during the quarter. As a result, days sales outstanding were 55 days compared to 65 days in the prior quarter.

現在轉向營運資產負債表和現金流量項目。由於本季出貨線性改善和強勁的收款活動，我們第四季的應收帳款餘額為 9,130​​ 萬美元，低於第三財季的 1.059 億美元。因此，應收帳款週轉天數為 55 天，而上一季為 65 天。

Inventories were $136.3 million at quarter end, down sequentially from $139 million. Inventory turns were 1.8x, up sequentially in Q4 from 1.7x in the prior quarter. We recognize that our inventory balance is relatively high and associated turns continue to be relatively low. However, the quality and mix of our inventory is strong and continues to support our strategic backlog.

季度末庫存為 1.363 億美元，比上一季的 1.39 億美元有所下降。第四季庫存週轉率為 1.8 倍，較上一季的 1.7 倍上升。我們認識到我們的庫存餘額相對較高，而相關週轉率仍然相對較低。然而，我們的庫存品質和組合都很強勁，並繼續支持我們的策略性積壓訂單。

Fiscal Q4 cash flow from operations was approximately $50.4 million, up $4.5 million sequentially. Capital expenditures totaled $5.8 million in fiscal Q4. Fiscal 2023 annual CapEx of $24.7 million decreased slightly from $26.5 million in fiscal 2022. Our operations and facilities teams are very disciplined and do a great job managing our capital expenditure budget. As we move into fiscal year 2024, we expect our capital expenditures to be in the range of $30 million to $35 million for the full year.

第四財季營運現金流量約 5,040 萬美元，較上一季增加 450 萬美元。第四財季資本支出總計 580 萬美元。 2023 財年的年度資本支出為 2,470 萬美元，較 2022 財年的 2,650 萬美元略有下降。我們的營運和設施團隊紀律嚴明，在管理資本支出預算方面做得很好。進入 2024 財年，我們預計全年資本支出將在 3,000 萬美元至 3,500 萬美元之間。

Next, moving on to other balance sheet items. Cash, cash equivalents and short-term investments for the fourth fiscal quarter were $514.5 million, down $73.1 million sequentially driven by the $121 million paydown of the remaining term loan. I am pleased to note that as of the end of our fiscal year 2023, we were in a net positive cash position of approximately $25 million after closing 2 acquisitions and paying off the term loan. Our balance sheet and cash generation remains sound, and we continue to exercise leverage over our operations and discretionary spending to support MACOM's target margins through ongoing cyclical pressure.

接下來，轉向其他資產負債表項目。第四財季現金、現金等價物和短期投資為 5.145 億美元，比上一財季減少 7,310 萬美元，原因是償還了剩餘定期貸款 1.21 億美元。我很高興地註意到，截至 2023 財年末，在完成 2 項收購並償還定期貸款後，我們的淨現金部位約為 2,500 萬美元。我們的資產負債表和現金產生仍然穩健，我們繼續對我們的營運和可自由支配支出發揮槓桿作用，以透過持續的周期性壓力支持 MACOM 的目標利潤率。

In summary, fiscal 2023 was a solid year for MACOM, and I am proud of our team's performance and accomplishments and believe the diverse, resilient portfolio we have built will support future growth of the business. In addition, we are working with Wolfspeed to close our previously announced acquisition of their radio frequency business before the end of December. As we have previously discussed, we expect the RF business to be immediately accretive to MACOM's non-GAAP earnings, and this acquisition is not expected to change MACOM's long-term adjusted gross margin goals of being above 60%.

總而言之，2023 財年對 MACOM 來說是堅實的一年，我為我們團隊的表現和成就感到自豪，並相信我們建立的多元化、有彈性的產品組合將支持業務的未來成長。此外，我們正在與 Wolfspeed 合作，在 12 月底之前完成之前宣布的對其射頻業務的收購。正如我們之前所討論的，我們預計 RF 業務將立即增加 MACOM 的非 GAAP 收益，而此次收購預計不會改變 MACOM 超過 60% 的長期調整毛利率目標。

We also expect the business to generate enough cash to provide a 100% return of the purchase price in around 3 years. We believe that based on the structure of the transaction, actions to be taken prior to closing, as well as post closing synergies, we will be able to improve the current gross margins of the Wolfspeed's RF business. That said, given MACOM's and Wolfspeed RF business' current revenue levels we anticipate modest gross margin pressure immediately following closing as certain post-closing synergies will take time to realize.

我們也預計該業務將產生足夠的現金，以在 3 年內實現購買價格 100% 的回報。我們相信，根據交易的結構、交割前要採取的行動以及交割後的協同效應，我們將能夠提高 Wolfspeed 射頻業務當前的毛利率。也就是說，考慮到 MACOM 和 Wolfspeed RF 業務目前的收入水平，我們預計交易完成後毛利率將面臨適度的壓力，因為某些交易完成後的綜效需要時間才能實現。

We believe the acquisitions announced during fiscal 2023 will be strategic for MACOM's capacity, capability and customer base for fiscal year 2024 and beyond. I will now turn the conversation back over to Steve.

我們認為，2023 財年期間宣布的收購將對 MACOM 2024 財年及以後的產能、能力和客戶群具有戰略意義。我現在將話題轉回給史蒂夫。

Thank you, Jack. MACOM expects revenue in fiscal Q1 ending December 29, 2023 to be in the range of $149 million to $153 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 $0.55 and $0.59 based on 72.2 million fully diluted shares.

謝謝你，傑克。 MACOM 預計截至 2023 年 12 月 29 日的第一財季營收將介於 1.49 億至 1.53 億美元之間。調整後毛利率預計在 59% 至 61% 之間，調整後每股盈餘預計在 0.55 美元至 0.59 美元之間（基於 7,220 萬股完全稀釋股票）。

In fiscal Q1, we expect Industrial and Defense and Telecom revenues will be down or flat quarter-over-quarter and Data Center revenues will be up 10% quarter-over-quarter. Our guidance does not include any contributions from the pending acquisition of Wolfspeed's RF business, which we expect to close prior to the end of December.

在第一財季，我們預計工業、國防和電信收入將環比下降或持平，而資料中心收入將環比成長 10%。我們的指引不包括即將收購 Wolfspeed RF 業務的任何貢獻，我們預計該收購將在 12 月底前完成。

We maintain a long-term perspective on executing our strategy, and we are confident that we can continue to improve our financials and take market share in the months and years ahead. Our level of engagement with leading customers is improving, and we have a robust opportunity pipeline. In short, we believe MACOM will be bigger, stronger and more profitable in fiscal 2024.

我們對執行策略保持著長遠的眼光，我們有信心在未來的幾個月和幾年裡能夠繼續改善我們的財務狀況並佔據市場份額。我們與領先客戶的互動程度正在提高，並且我們擁有強大的機會管道。簡而言之，我們相信 MACOM 將在 2024 財年變得更大、更強、盈利能力更強。

I would now like to ask the operator to take any questions.

我現在想請接線生回答任何問題。

(Operator Instructions) And our first question coming from the line of Tore Svanberg with Stifel.

（操作員說明）我們的第一個問題來自 Tore Svanberg 和 Stifel 的線路。

Yes. My first question is on the Industrial and Defense business, especially near term, Steve, you said there's some puts and takes there with -- especially in Industrial, perhaps some areas still doing okay, but others perhaps weak. So could you just elaborate on which of the segments that are holding up versus those that may potentially seeing some weakness?

是的。我的第一個問題是關於工業和國防業務，特別是近期，史蒂夫，你說那裡有一些看跌期權和看跌期權——特別是在工業領域，也許某些領域仍然表現良好，但其他領域可能表現疲弱。那麼您能否詳細說明哪些細分市場表現強勁，哪些細分市場可能會疲軟？

Sure. I would say, in general, across the board, our Defense business is strong. So that segment is doing quite well. And it's our expectation that, that strength will continue as we move into 2024. On the Industrial side, I would say that there's probably 3 areas that I would call out as being weak. One would be the Medical segment, which we support primarily with MRI systems and things like that. Second would be general sensors. These could be automotive traffic sensors or industrial sensors. And then the third would be our supporting the general RF and microwave test and measurement segment where we see our major customers' demand is quite weak.

當然。我想說，總的來說，我們的國防業務總體來說都很強勁。所以這個部分做得很好。我們預計，進入 2024 年，這種強勁勢頭將持續下去。在工業方面，我想說，可能有 3 個領域我認為是薄弱的。其中之一是醫療領域，我們主要透過 MRI 系統等提供支援。其次是通用感測器。這些可以是汽車交通感測器或工業感測器。第三是我們對一般射頻和微波測試與測量領域的支持，我們發現我們的主要客戶的需求相當疲軟。

Yes. That's very helpful. And as my follow-up for Jack. Obviously, we're not including any financials from the Wolfspeed acquisition this quarter, although, obviously, it's going to -- it sounds like it's going to close before the end of the quarter. But you mentioned some gross margin pressure initially. Could you maybe expand on the magnitude of that? I mean, are we talking about maybe a couple of hundred basis points? Or should we start to think about more potential more dilution than that?

是的。這非常有幫助。作為我對傑克的後續行動。顯然，我們不會包括本季收購 Wolfspeed 的任何財務數據，儘管顯然，它將會——聽起來它將在本季末之前完成。但您最初提到了一些毛利率壓力。您能否詳細說明一下其嚴重程度？我的意思是，我們談論的是幾百個基點嗎？或者我們應該開始考慮更多潛在的稀釋？

Yes. Thanks, Tore. And I think you're referring to the Wolfspeed RF pending acquisition. So I think...

是的。謝謝，托雷。我認為您指的是待收購的 Wolfspeed RF。所以我認為...

Correct. I apologize.

正確的。我道歉。

Just wanted to make sure we were aligned. Yes. So there may be some slight dip that we may see as we work through the closing, but I wouldn't expect that to be that significant in to last for a longer duration. Our gross margin story remains intact and expectations are to be back up into the 60% range. And even as we work our way through the closing and shortly after that time period, there's a possibility that we could remain above the 60%. There's just a lot going on that we need to digest as we work our way through the closing period and integration time period.

只是想確保我們保持一致。是的。因此，當我們完成收盤工作時，我們可能會看到一些輕微的下跌，但我不認為這種情況會持續更長的時間。我們的毛利率保持不變，預期將回到 60% 的範圍。即使我們努力完成收盤階段以及該時段之後不久，我們也有可能保持在 60% 以上。在我們度過結束期和整合期的過程中，有很多事情需要我們消化。

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

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

Congrats on navigating this challenging environment. I guess, first maybe on the Data Center business. Do you expect to see any seasonality there? And how long do you think this continuation of demand can be sustained? Is it throughout 2024? Or do you see a period in which we might see maybe a step back in the Data Center to maybe slow a bit for you?

恭喜您度過了這個充滿挑戰的環境。我想，首先可能是資料中心業務。您預計那裡會出現季節性變化嗎？您認為這種需求能持續多久？是整個2024年嗎？或者您認為在一段時期內，我們可能會看到資料中心可能會後退一步，從而可能會減慢您的速度？

Thank you for the question, David. So the Data Center, which is today our smallest segment is probably our most volatile segment. And I would probably characterize the revenue as dependent on ramps -- ramping up and ramping down as opposed to seasonality, sort of calendar-based seasonality.

謝謝你的提問，大衛。因此，資料中心是當今我們最小的部分，也可能是我們最不穩定的部分。我可能會將收入描述為依賴斜坡——上升和下降，而不是季節性，基於日曆的季節性。

Today, what we see is, certainly, we saw this quarter, very strong growth primarily from short-reach applications. And we believe that growth will continue as we're guiding 10% growth this quarter off of tremendous growth in Q4. As we look into '24 and even into our fiscal '25, we think the strength will remain, but there will definitely be a shift from what today is, let's say, 400 and 800 gig demand to more 1.6 terabit-based demand. And we feel we're on that cutting edge.

今天，我們看到的是，本季我們看到了主要來自短距離應用的非常強勁的成長。我們相信，成長將持續下去，因為我們指導本季在第四季度的巨大成長基礎上實現 10% 的成長。當我們展望「24 年」甚至「25 財年」時，我們認為這種強勁勢頭將依然存在，但肯定會從今天的 400 和 800 演出需求轉變為基於 1.6 太比特的需求。我們覺得我們處於最前線。

So we do believe there'll be volatility over the next 24 months as things turn on and turn off. But generally speaking, we think we're well positioned, and we'll have a good '24 and we'll see how things shake out in our fiscal '25.

因此，我們確實相信，隨著事物的起起落落，未來 24 個月將會出現波動。但總的來說，我們認為我們處於有利位置，我們將度過一個美好的 24 年，我們將看到 25 財年的情況如何發展。

And then just if I recall, most of the Wolfspeed acquisition, most of the products are expected to kind of flow through that industrial side. How do you think about this segment? Just kind of given the macro weakness you're seeing and we've been hearing about on the industrial side. Anything changed there in terms of your short-term thinking and synergies or other fundamentals?

然後，如果我記得的話，Wolfspeed 的大部分收購、大部分產品預計都會流經工業方面。您如何看待這個細分市場？考慮到您所看到的宏觀疲軟以及我們一直聽到的工業方面的疲軟。就您的短期思維和協同效應或其他基本面而言，有什麼變化嗎？

Well, yes. And I think we have a lot of thoughts about the Wolfspeed business, and I really don't want to comment on sort of the -- how they characterize their business today. We'll certainly do that on our next earnings call when we talk very specifically about perhaps some of the changes we're going to be making and some of the focus that we'll make.

嗯，是。我認為我們對 Wolfspeed 業務有很多想法，我真的不想評論他們今天如何描述他們的業務。我們肯定會在下一次財報電話會議上這樣做，當時我們會非常具體地討論我們可能要做出的一些改變以及我們將要關注的一些重點。

But I would highlight that it's a very strategic acquisition for us. They have compelling technology in growing markets, whether it's A&D, Industrial or Telecom. They have a tremendous built-in customer base today that really spans our industry. And they have a real strong portfolio of high-voltage, lower frequency process technology that today, MACOM does not have. So we're very excited about it. We've been working with the management team.

但我要強調的是，這對我們來說是一次非常具有戰略意義的收購。他們在不斷發展的市場中擁有引人注目的技術，無論是航空與國防、工業或電信。如今，他們擁有龐大的內建客戶群，真正跨越了我們的產業。他們擁有真正強大的高壓、低頻處理技術組合，而如今 MACOM 還沒有這些技術。所以我們對此感到非常興奮。我們一直在與管理團隊合作。

As Jack mentioned, we've gone through and done a lot of work to make sure that the resources that we bring over support our growth as well as financial targets. And we think we've done a reasonable job there trying to sort of pick the team that will ensure success in the future. So very excited about that, but I really can't comment about exactly their business today, and we'll talk more about that after the close.

正如傑克所提到的，我們已經經歷並做了很多工作，以確保我們帶來的資源支持我們的成長和財務目標。我們認為我們已經做了合理的工作，試圖選擇能夠確保未來成功的團隊。對此感到非常興奮，但我真的無法準確評論他們今天的業務，我們將在收盤後進一步討論這一點。

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。

Echo my congratulations on steady execution in a challenging market. Steve, I wanted to kind of follow up on the data center question. You guys have seen some pretty strong growth in September and forecast to continue to grow in December. Admittedly off a low base, but it sounds like to transition to 400 to 800 and the future 1.6. Modules is driving a lot of that growth. And I guess I'm wondering on the PMD side of the business, are you benefiting from a move back to more discrete PMDs that are silicon germanium or compound semiconductor based rather than CMOS-based as we move to those higher speeds? Do you see that trend to higher speeds benefiting your PMD portfolio?

恭喜您在充滿挑戰的市場中穩定執行。史蒂夫，我想跟進一下資料中心問題。你們在 9 月看到了相當強勁的成長，並預計 12 月將繼續成長。誠然，基數較低，但聽起來像是要過渡到 400 到 800 以及未來的 1.6。模組在很大程度上推動了這種成長。我想我想知道在 PMD 業務方面，當我們向更高的速度邁進時，您是否會從基於矽鍺或化合物半導體而不是基於 CMOS 的更分立 PMD 的轉變中受益？您認為更高速度的趨勢是否有利於您的 PMD 產品組合？

Right. So I would say that a few things. Certainly, the trend to the higher data rates is an area where we want to position ourselves. We use a wide range of process technologies, not just silicon-based but also [35] based. And so we'll make sure we bring the right technology to bear on the application. So I don't necessarily want to comment any further in terms of what flavors or what process of technology we're using for certain applications. That's a competitive -- that's competitive information, let's say.

正確的。所以我想說幾件事。當然，更高數據速率的趨勢是我們想要定位的領域。我們使用廣泛的製程技術，不僅基於矽，還基於[35]。因此，我們將確保採用正確的技術來實施該應用程式。因此，我不一定想進一步評論我們在某些​​應用中使用的口味或技術流程。可以說，這是競爭性的訊息。

The other thing I'll highlight is we have -- while we are seeing very strong growth on the higher data rates, we are seeing a lot of weakness at the lower data rates, including the [NRC], both that 25 and 100G, whether it be AOCs or pluggable transceivers for the data center. So the data center -- our data center business is shifting. It's a bit of a mixed bag. But the good news is we have some real bleeding edge technology for those PMDs that you mentioned, specifically the TIAs and the drivers, the equalizers and we've really built out a really nice portfolio there.

我要強調的另一件事是，雖然我們看到較高資料速率的成長非常強勁，但我們也看到較低資料速率的許多弱點，包括 [NRC]，25 和 100G，無論是AOC 還是資料中心的可插拔收發器。因此，資料中心—我們的資料中心業務正在改變。這是一個魚龍混雜的情況。但好消息是，對於您提到的那些 PMD，我們擁有一些真正的前沿技術，特別是 TIA 和驅動器、均衡器，並且我們確實在那裡建立了非常好的產品組合。

And I have to highlight that within each one of these product categories, there's multiple products. We find that our customers are designing their systems in a very unique way. So oftentimes, we target applications in target footprints that are unique to those sockets. And given the speeds and the data rates, we feel like that's necessary. So this is not a commodity product. It's not something that's easily removed from a platform, let's say. And so for that reason, it has very attractive business attributes.

我必須強調，在每一類產品中，都有多種產品。我們發現我們的客戶正在以非常獨特的方式設計他們的系統。通常，我們將應用程式定位在這些套接字特有的目標足跡中。考慮到速度和數據速率，我們認為這是必要的。所以這不是商品。可以說，它不是可以輕易從平台上刪除的東西。因此，它具有非常有吸引力的商業屬性。

And then my follow-up question on the data center business. I wanted to ask about the linear pluggable or just linear drive optics, kind of feels like at recent trade shows that [Ecard] show and Open Compute Summit, everybody in the industry seems to be acknowledging that there's been progress made on linear optics. I'm just kind of wondering if you could give us an update as to what you're seeing on the linear side and when you may start to see linear drive or linear optics starting to move to production applications.

然後我的後續問題是關於資料中心業務的。我想問線性可插拔或線性驅動光學元件，有點像在最近的貿易展上 [Ecard] 展示和開放計算峰會，業內每個人似乎都承認線性光學元件取得了進展。我只是想知道您是否可以向我們提供有關您在線性方面所看到的最新信息，以及您何時開始看到線性驅動或線性光學器件開始轉向生產應用。

Thanks, Quinn. So certainly, in our fiscal '24 is when you're going to really start to see linear drive kick in. And I would just add to that, that linear drive is not for all applications. It's really for applications where you have either a 100G or 200G per lane. So an [8 by 100] or an [8 by 200] is sort of the optimal case and then that being a short-reach application. So some of the other applications like [8/50G,] those type applications are going to continue to use DSPs and gearboxes, and that's really not an area of the market we're focused on.

謝謝，奎因。因此，當然，在我們的 24 財年，您將真正開始看到線性驅動器發揮作用。我想補充一點，線性驅動器並不適合所有應用。它確實適用於每個通道具有 100G 或 200G 的應用。因此，[8 x 100] 或 [8 x 200] 是最佳情況，並且是短距離應用。因此，一些其他應用，例如 [8/50G]，這些類型的應用將繼續使用 DSP 和變速箱，而這確實不是我們關注的市場領域。

So I would just highlight that linear drive is not for all applications. It's not going to eliminate the necessity of DSPs within the data center. I think it's applicable in certain applications and those are the applications that we're focused on.

因此，我想強調的是，線性驅動並不適合所有應用。它不會消除資料中心內 DSP 的必要性。我認為它適用於某些應用程序，而這些正是我們關注的應用程式。

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)。

Two questions, if I may, as well. I guess sticking to the datacom theme. Could you remind us which portion of your products are at 25 gig per lane and below? I ask because I'm hoping you can juxtapose the demand trends you're seeing across hyperscale versus on-prem and enterprise campus applications?

如果可以的話，還有兩個問題。我想堅持數據通信主題。您能否提醒我們，您的哪些產品的每通道容量為 25 GB 以下？我問這個問題是因為我希望您能夠將您在超大規模應用程式與本地和企業園區應用程式中看到的需求趨勢並列起來？

So 25G or below would be products like clock and data recovery type products. It could be what we call combo chips, which could be a CDR and driver or CDR in TIA. I would say that's the bulk of the type of product we sell into that market. Then sort of a second degree to that would be some of our lightweight products, including some of our lasers.

所以25G或以下是時脈和資料恢復類型的產品。它可能是我們所說的組合晶片，可能是 CDR 和驅動程序，也可能是 TIA 中的 CDR。我想說這是我們銷往該市場的大部分產品類型。其次是我們的一些輕量級產品，包括我們的一些雷射。

Okay. I guess pivoting to Telecom then, how should we think about the linearity of your Telecom segment outlook in fiscal '24 or over the next couple of quarters? I ask because several of your end customers suggest a mixed recovery but noted an inventory overhang for DWDM transceivers that may extend in mid-2024. So just curious to hear your thoughts on that segment.

好的。我想接下來轉向電信，我們該如何考慮 24 財年或未來幾季電信部門前景的線性？我之所以這麼問，是因為你們的一些最終客戶建議採取混合復甦的方式，但指出 DWDM 收發器的庫存過剩可能會在 2024 年中期延續。所以只是想聽聽您對此部分的想法。

Yes. So in this case, I think, as you're defining Telecom, your focus on the sort of optical segment or the long haul. So in this case, we would -- in our vernacular, we call that metro long haul business. We do think that there will be pockets of strength in 2024 with our metro long-haul business. We see that some of those networks are being upgraded and also as I mentioned in my script, we're participating in some of those transitions.

是的。因此，在這種情況下，我認為，當您定義電信時，您的重點是光學領域或長途。因此，在這種情況下，我們會——用我們的白話來說，我們稱之為地鐵長途業務。我們確實認為，到 2024 年，我們的地鐵長途業務將會有一定的實力。我們看到其中一些網路正在升級，正如我在腳本中提到的，我們正在參與其中一些過渡。

And I'll just highlight that these newer platforms are at 130 gigabytes. So they're extremely high frequency it's -- the equipment is extremely expensive, and that's an area where we want to position ourselves.

我只想強調一下，這些新平台的容量為 130 GB。所以它們的頻率非常高——設備非常昂貴，這是我們想要定位的領域。

Our next question coming from the line of (inaudible) with Raymond James.

我們的下一個問題來自雷蒙德詹姆斯（聽不清楚）。

A couple of questions. Steve, first on a little bit of a longer-term question. You talked about market share gains contributing to fiscal '23 growth. Could you maybe elaborate on that? What -- I guess, subsegments would end markets -- you are seeing market share opportunities. I guess where were the market share opportunities last fiscal year? And how should we think about going forward? What sort of opportunities do you see? And what sort of, I guess, top line contribution you expect from share gains?

有幾個問題。史蒂夫，首先是一個更長期的問題。您談到了市場佔有率的成長對 23 財年成長的貢獻。能詳細說明一下嗎？我想，細分市場將會結束市場——你會看到市場佔有率的機會。我想上一財年的市佔率機會在哪裡？我們該如何思考未來的發展？您看到什麼樣的機會？我想，您期望從股票收益中獲得什麼樣的收入貢獻？

Sure. So the first thing I would just highlight is that we have a very diverse business, and we don't typically see a significant portion of revenue on any one product. So when we talk about gaining market share, it's a lot of small- and medium-sized wins at a lot of different customers. So I'll just highlight that right up front.

當然。因此，我要強調的第一件事是，我們的業務非常多元化，而且我們通常不會在任何一種產品上看到很大一部分收入。因此，當我們談論獲得市場份額時，指的是贏得許多不同客戶的中小型企業。所以我會在前面強調這一點。

Certainly, we are gaining market share in industrial and defense, 18% CAGR over the past 3 years. That is due to the company's renewed focus on the market primarily. It's based on doing more custom development work, doing modules and subsystems for certain applications. And so we are really very focused on that market. Today, that market is about 50% of our total business at least it was in fiscal '23, 49%. And we think we have leading technology that will be a great interest to the major OEMs across this space.

當然，我們正在工業和國防領域獲得市場份額，過去 3 年複合年增長率為 18%。這主要是由於該公司重新關注市場。它基於做更多的客製化開發工作，為某些應用程式做模組和子系統。所以我們真的非常關注這個市場。如今，該市場約占我們總業務的 50%，至少在 23 財年是 49%。我們認為我們擁有領先的技術，這將引起該領域主要原始設備製造商的極大興趣。

The second thing I'd highlight is we're definitely gaining market share in satellite communications, both in ground stations as well as on the satellite themselves with our various components. So that's an area where we're definitely focused. We think this subsegment of the market will grow for us in fiscal '24 and sort of related to that is something I mentioned in the script, which is RF over fiber, which is a very attractive application within not only commercial communication systems, but also defense applications. And so those are just 3 general areas that we're focused on.

我要強調的第二件事是，我們肯定會在衛星通訊領域獲得市場份額，無論是在地面站還是在衛星本身以及我們的各種組件上。所以這是我們絕對關注的領域。我們認為這個細分市場將在24 財年為我們成長，與此相關的是我在腳本中提到的內容，即光纖射頻，這不僅在商業通訊系統中是一個非常有吸引力的應用，而且在商業通訊系統中也是一個非常有吸引力的應用。國防應用。這些只是我們關注的 3 個一般領域。

But remember, it's all about the new products. And so to the extent we can launch more and more products every year, that will be the driver for our growth. And this past year, we did 15% more new products than the prior year. And I mentioned in my script, our goal for fiscal '24 is to do 50% more new products. And certainly, that takes into account the closing of the Wolfspeed team in December and then adding their contributions to our metrics. So we are a product-driven growth company.

但請記住，這一切都與新產品有關。因此，只要我們每年推出越來越多的產品，這將成為我們成長的動力。去年，我們生產的新產品比前一年多了 15%。我在劇本中提到，我們 24 財年的目標是增加 50% 的新產品。當然，這考慮到了 Wolfspeed 團隊在 12 月的關閉，然後將他們的貢獻添加到我們的指標中。所以我們是一家產品驅動型成長型公司。

Got it. And Jack, on the book-to-bill, it's good to see. It's -- I guess it came in at 1.1. And just trying to get some color on where you're seeing the most improvement? Is this being driven by any particular subsegment? Or I see that data center you're guiding for growth. But if you could just give us some color on what's driving this improvement? Because the other 2 segments seems to be just checking along at the bottom, if anything, maybe some declines in industrial. So just wondering what's driving the improvement in book-to-bill?

知道了。傑克，在訂單到賬單方面，很高興看到。我猜它是 1.1 版本的。只是想了解您看到的最大改進的地方？這是由任何特定細分市場所驅動的嗎？或者我看到您正在引導的資料中心的成長。但您能否告訴我們推動這項改進的因素是什麼？因為其他兩個領域似乎只是在底部徘徊，如果有的話，可能是工業領域出現了一些下滑。那麼只是想知道是什麼推動了訂單到帳單的改善？

Yes. And with regard to the book-to-bill, we have challenges, as Steve had mentioned in some of his prepared remarks that we had gone through. But if you look at some of the strength that we had seen here in the current quarter, much of that was around defense as well as data center bookings that had come in. And some of these are longer-term type delivery arrangement. So they have longer lead times. So you'll see some of that benefit us as we work our way through fiscal year '24.

是的。在訂單到賬單方面，我們面臨著挑戰​​，正如史蒂夫在他準備好的一些評論中提到的，我們已經經歷過。但如果你看看我們在本季看到的一些實力，其中大部分是圍繞國防以及資料中心預訂而產生的。其中一些是長期類型的交付安排。所以他們的交貨時間更長。因此，當我們在 24 財年努力工作時，您會發現其中一些對我們有利。

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

我們的下一個問題來自摩根大通的 Harlan Sur 專線。

In Telecom, it just seems that all aspects of wired and wireless infrastructure money continues to be at low levels and obviously making that -- I think it's a little bit difficult for you guys to clear some of the excess inventories. But it does seem like quarter-over-quarter declines are shrinking. So does it feel like the telco business is at a bottom after 3 to 4 quarters of other shipping consumption? Have things like orders started to sort of flatten out here in telco?

在電信領域，有線和無線基礎設施資金的各個方面似乎仍然處於較低水平，顯然，我認為你們清理一些過剩庫存有點困難。但季度環比降幅似乎正在縮小。那麼，在其他航運消費三到四個季度之後，電信業務是否已經觸底呢？電信公司的訂單量等情況是否開始趨於平緩？

So unfortunately, I don't know the answer to that question, Harlan. And it's -- you're correct that the telecom -- our telecom segment has come down significantly. In fact, I think that the performance we had in Q4 was, I think, at a 3- or 4-year low. So just a few quarters ago, we were in the low $60 million run rate, and we had been at that run rate for 4 quarters.

不幸的是，我不知道這個問題的答案，哈倫。你說得對，我們的電信部門已經大幅下滑。事實上，我認為我們第四季的表現處於三、四年來的最低點。因此，就在幾個季度前，我們的運行速度還處於 6000 萬美元的低水平，我們已經連續 4 個季度保持這種運行速度。

So we really can't say with a lot of confidence what that -- where that's going in sort of in the broader sense. Year-over-year, down 24%. When we look out into our fiscal '24, we think that the Data Center will continue to be a strong market for us. We think the Defense market will be a strong market for us. And we are the most worried about the Telecom market. We think that certainly, it's weak now, and when it turns and how it turns and who turns has yet to play out.

因此，我們確實不能很有信心地說出這是什麼——從更廣泛的意義上講，這將發生在哪裡。年減24%。當我們展望 24 財年時，我們認為資料中心將繼續成為我們的強大市場。我們認為國防市場對我們來說將是一個強大的市場。而我們最擔心的是電信市場。我們認為，當然，它現在很弱，何時轉向、如何轉向以及由誰轉向還沒有結果。

I appreciate that. And then on the Data Center segment, in addition to the strong demand pull for AI, which is obviously driving a lot of strong demand for 100-gig per channel solutions from you guys. There's been one large cloud and hyperscaler that up until this point in time, has not started their broader data center footprint upgrade to 400 gig, which is more like 50 gig per channel. Is that U.S. player finally starting to deploy 400 gig? Or is still most of the data center strength for you guys still around AI and maybe some incremental networking capacity build-outs?

我很感激。然後在資料中心領域，除了對人工智慧的強勁需求拉動之外，這顯然也推動了你們對每通道 100G 解決方案的強勁需求。到目前為止，有一家大型雲端和超大規模供應商尚未開始將其更廣泛的資料中心佔地升級至 400 GB，這更像是每個通道 50 GB。那個美國玩家終於開始部署 400 場演出了嗎？或者對你們來說，大部分資料中心的實力仍然圍繞著人工智慧，也許還有一些增量網路容量建設？

Yes. So without talking customer specific, I would say that the strength that we're seeing we saw in our fiscal '23, and we think we'll continue to see will be at the higher data rates. So 200, 400 and 800 short reach, multichannel devices that can support those data rates. And then we have different levels of penetration at different accounts. And we're by no means omnipresent in the industry. We're a small player, but we have solid relationships not only with some of the ASIC manufacturers, but also the merchant DSP manufacturers.

是的。因此，在不談論特定客戶的情況下，我想說的是，我們在 23 財年看到的優勢以及我們認為將繼續看到的優勢將是更高的數據速率。 200、400 和 800 個短距離多通道設備可以支援這些數據速率。然後我們在不同的帳戶上有不同的滲透程度。我們絕不是這個行業無所不在的。我們是一家小公司，但我們不僅與一些 ASIC 製造商，而且還與商用 DSP 製造商有著牢固的關係。

We want to support them. If they're offering a DSP, we want to make sure that we have our drivers and TIAs designed in as reference components if possible. So that's where we're positioning ourselves. That's our focus.

我們想支持他們。如果他們提供 DSP，我們希望確保盡可能將驅動器和 TIA 設計為參考組件。這就是我們給自己定位的地方。這是我們的重點。

And then again, I'll just highlight that we've done a lot of work over the past 3 to 4 years. Developing a laser portfolio that would be competitive and we have a variety of lasers in low-rate production right now. It's been a bit disappointing in the past 12 months in terms of getting sort of a breakout for that product area, but we have some great technology there, including CW lasers, which can support silicon photonics and also laser arrays, which can support next-generation systems.

我再次強調，我們在過去 3 到 4 年裡做了很多工作。開發具有競爭力的雷射器產品組合，我們目前有多種雷射器處於低速生產狀態。在過去 12 個月中，該產品領域取得突破有點令人失望，但我們在這方面擁有一些出色的技術，包括可以支援矽光子學的 CW 雷射器，以及可以支援下一代的雷射陣列——發電系統。

And our next question coming from the line of Mark Lipacis with Jefferies.

我們的下一個問題來自馬克·利帕西斯 (Mark Lipacis) 和傑弗里斯 (Jefferies) 的電話。

I had a couple I did have a question on the 50% increase. Steve, you suggested that Wolfspeed is adding into that, which is why it's higher. So is there -- so would we think about a normal productivity improvement of another 15% organically and then the balance added from Wolfspeed, I'm wondering if you are accelerating on what appears to be a kind of a flattish or slightly growing R&D expense base?

我確實對 50% 的成長有疑問。史蒂夫，你建議 Wolfspeed 加入其中，這就是它更高的原因。那麼，我們是否會考慮將正常的生產力有機地再提高 15%，然後透過 Wolfspeed 添加平衡，我想知道你們是否正在加速看似持平或略有增長的研發費用根據？

Yes. So I would say there's sort of 2 pieces there. One, we will have a full year contribution from our European semiconductor center. So there's a segment of products or a grouping of products that will come to market in 2024. So that was not there in '23. And then, of course, there will be a Wolfspeed contribution. And then there'll be some modest growth from our existing base MACOM. I think that's the way you should really look at it.

是的。所以我想說那裡有兩塊。第一，我們的歐洲半導體中心將提供全年貢獻。因此，有一部分產品或一組產品將在 2024 年上市。所以這在 23 年是不存在的。當然，還有 Wolfspeed 的貢獻。然後我們現有的基礎 MACOM 將會有一些適度的成長。我認為這才是你真正該看待的方式。

I'll just add that a lot of the work that our linear module systems group does that we don't really include those in the product count. Most of their work is custom development and not made public.

我只想補充一點，我們的線性模組系統小組所做的許多工作並沒有真正包括在產品數量中。他們的大部分工作都是客製化開發，並不公開。

Got you. Okay. That's helpful. And then if you look at your revenues here, like peak to trough, assuming things don't go down from here, it looks like your peak to trough revenues like down 18%. Can you share with us your view, to what extent is that decline in inventory correction versus just a drop-off of end market consumption of your products?

明白你了。好的。這很有幫助。然後，如果你看看這裡的收入，例如從高峰到低谷，假設情況不會從這裡下降，那麼你的從高峰到低谷的收入看起來會下降 18%。您能否與我們分享您的觀點：相對於您產品的終端市場消費量的下降，庫存調整的下降幅度有多大？

Thanks for the question. So I think certainly, inventory is an element of it. There's also end demand, and you see major carriers throttling back some of their spending. So there's certainly shifts within the end-user community, let's say, in certain segments of the Telecom specifically. I think generally speaking, Industrial and Defense budgets are going up and will continue to go up. So that will be a secular benefit to our business.

謝謝你的提問。所以我認為庫存當然是其中的一個因素。還有最終需求，您會看到主要運營商削減了部分支出。因此，最終用戶群體內部肯定會發生變化，特別是在電信的某些領域。我認為總的來說，工業和國防預算正在增加並將繼續增加。因此，這將為我們的業務帶來長期利益。

I think we're in a good spot in the Data Center for the next few years. And certainly, on Telecom, there's broad-based weakness due to a variety of reasons, some of which you've highlighted. We are not good at predicting the future, and we would definitely get it wrong. So it's -- we're aware of the situation where as a result of that, we're being very conservative with our financials. We're focused on generating cash. As Jack highlighted, we have been very reserved on our capital spending. When we look at to making investments, we want to make sure we get good returns, whether that is investments internally or looking at targets and acquisitions.

我認為未來幾年我們在資料中心的發展處於有利位置。當然，在電信領域，由於多種原因，存在著廣泛的弱點，您已經強調了其中一些原因。我們不擅長預測未來，我們肯定會預測錯誤。因此，我們意識到這種情況，因此我們對財務狀況非常保守。我們專注於創造現金。正如傑克所強調的，我們對資本支出一直非常保留。當我們考慮進行投資時，我們希望確保獲得良好的回報，無論是內部投資還是尋找目標和收購。

So this is the time when you want to be sort of conservative and generate cash. And that's our posture as a company. And with that, if we can continue to grow our portfolio and strengthen the portfolio, I think we will do just fine.

所以現在是你想要保持保守並賺取現金的時候。這就是我們作為一家公司的立場。因此，如果我們能夠繼續擴大我們的投資組合併加強投資組合，我認為我們會做得很好。

And our next question coming from the line of Robert Aguanno with Piper Sandler.

我們的下一個問題來自羅伯特·阿瓜諾和派珀·桑德勒。

This is Robert on for Harsh Kumar here. You guys talked about a little bit on China customers and revenue decreasing it and shifting over to Europe. Can you shed some more light on how you're thinking about that geography and whether or not a bounce back or any sort of recovery matters in your forecast going forward? So any updates on that would be nice.

我是羅伯特，為嚴厲的庫馬爾發言。你們談到了一些關於中國客戶和收入減少並轉移到歐洲的問題。您能否進一步說明您如何看待該地區，以及反彈或任何形式的復甦是否對您未來的預測很重要？所以任何關於這方面的更新都會很好。

Thanks for the question. So we are definitely forecasting conservatively when it comes to growth within the China region. We, today, have facilities in 4 different cities. We have about 85 to 90 employees there that are focused on growing our telecom business, our data center business. There's still a significant amount of hardware that's supporting global networks that's manufactured, designed and manufactured in China.

謝謝你的提問。因此，對於中國地區的成長，我們的預測肯定是保守的。今天，我們在 4 個不同的城市設有工廠。我們在那裡有大約 85 到 90 名員工，他們專注於發展我們的電信業務和資料中心業務。目前仍有大量支援全球網路的硬體是在中國製造、設計和製造的。

So we will continue to have a strong presence and grow our presence to make sure that we're gaining market share in that area. That said, we are definitely investing in other areas to strengthen up our overall global footprint. And so we recognized a few years ago that we needed to strengthen our position within Europe. That was one of the drivers for our acquisition and to open up a small fab and we now call that MACOM European Semiconductor Center, and we want to build off of that.

因此，我們將繼續保持強大的影響力並擴大我們的影響力，以確保我們在該領域獲得市場份額。也就是說，我們肯定會在其他領域進行投資，以加強我們的整體全球足跡。因此，我們幾年前就認識到，我們需要加強我們在歐洲的地位。這是我們收購並開設小型晶圓廠的驅動因素之一，我們現在稱之為 MACOM 歐洲半導體中心，我們希望以此為基礎進行建造。

So in our minds, having a balanced portfolio of products, customers and geographic revenue is the goal. And -- but to the extent that China continues to be a major player in the markets we're in, we will continue to support them.

因此，在我們看來，擁有平衡的產品組合、客戶和地理收入才是我們的目標。而且，只要中國繼續成為我們所在市場的主要參與者，我們就會繼續支持他們。

And just on the cost side as well as my follow-up. How should we be thinking about OpEx contribution as maybe revenues come back to more normalized levels following this inventory correction. I guess, we're in and around the 30% op margin going before this. Any color on recovery there would be as helpful as well.

就成本方面以及我的後續行動而言。我們應該如何考慮營運支出的貢獻，因為在庫存調整之後收入可能會回到更正常的水平。我想，在此之前我們的營運利潤率已經達到了 30% 左右。任何關於恢復的顏色也會有幫助。

Sure. Maybe I'll say just a comment and then pass it to Jack for more complete answer. I would just highlight that the team here at MACOM did a great job managing our total OpEx. And if you compare our total OpEx from fiscal year '22 to fiscal year '23, it's almost flat for total OpEx. And so I think that's a credit to the work that the finance organization, our operations, R&D, everybody has really stepped up to try to manage overall expenses and we will continue to carry this footing. Jack, do you want to add to that?

當然。也許我只會說一條評論，然後將其傳遞給傑克以獲得更完整的答案。我想強調的是，MACOM 團隊在管理我們的總營運支出方面做得非常出色。如果您比較我們從 22 財年到 23 財年的總營運支出，您會發現總營運支出幾乎持平。因此，我認為這要歸功於財務組織、我們的營運、研發以及每個人都真正加緊努力管理整體費用的工作，我們將繼續保持這一基礎。傑克，你想補充一下嗎？

Yes, that's helpful, Steve. And we do take a very disciplined approach to our operating expenses a lot of those operating expenses are within our research and development area. And as Steve had mentioned in his earlier response, making sure we're getting returns from our investments in those R&D OpEx numbers that we're spending is a critical area of focus for us. But along the way, we continue to make some structural-type changes to our overall organization, to continue to optimize it, and that's resulting in the stability we've seen in our operating expenses.

是的，這很有幫助，史蒂夫。我們確實對營運費用採取了非常嚴格的方法，其中許多營運費用都在我們的研發領域內。正如史蒂夫在先前的回應中提到的那樣，確保我們從我們支出的研發營運支出中獲得投資回報是我們關注的關鍵領域。但一路走來，我們繼續對我們的整體組織進行一些結構性的改變，繼續優化它，這導致我們的營運費用保持穩定。

And also, we had with fiscal year '23, we had 2 new acquisitions come online, and we were able to absorb some of the additional operating expenses that came through those businesses by being disciplined with our base business. So I think there's still some leverage that we have. Obviously, as the top line grows, we will be adding some operating expenses. But I think we'll be very disciplined as we were going back to fiscal year '20 and '21 and into '22 when we were growing the top line and we were growing the operating expenses at a much lower rate than our revenue growth. So more of the same as we continue going into fiscal year '24.

此外，在 23 財年，我們進行了 2 項新收購，並且我們能夠透過對我們的基礎業務進行約束來吸收這些業務產生的一些額外營運費用。所以我認為我們仍然有一些籌碼。顯然，隨著收入的成長，我們將增加一些營運費用。但我認為我們會非常自律，因為我們要回到 20 財年和 21 財年，以及進入 22 財年，當時我們的收入增長，而且我們的營運支出增長速度遠低於收入增長速度。因此，隨著我們繼續進入 24 財年，情況會更加相似。

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

我們的下一個問題來自 Vivek Arya 與美國銀行的聯繫。

This is Lauren Guy on for Vivek. So I'll just start with noting that inventory dollars seemed to come down sequentially in the quarter. Could you just speak a little bit on how you're managing inventory and utilization during the downturn? And if you can give any comments segment specific on how inventory is looking. That would be great.

我是維韋克的勞倫·蓋伊。因此，我首先要指出的是，本季庫存美元似乎連續下降。您能否簡單談談您在經濟低迷時期如何管理庫存和利用率？如果您可以就庫存情況給出任何具體評論。那太好了。

Yes. No problem, Laurie. With regard to inventory, we were pleased with some of the reduction that we had seen here in the current quarter. Things continue to be challenged. We are careful in terms of where we invest our inventory dollars as well. We had noted this a couple of quarters back, where we did see a bit of an uptick in our inventory, and some of that was to support some of the orders and backlog that we had coming through.

是的。沒問題，勞裡。關於庫存，我們對本季看到的一些減少感到滿意。事情繼續受到挑戰。我們在投資庫存方面也很謹慎。我們在幾個季度前就注意到了這一點，我們的庫存確實有所增加，其中一些是為了支持我們已經完成的一些訂單和積壓訂單。

It's a careful balance as we work our way through the cycles here in terms of maintaining the appropriate levels of inventory to support our customer needs. But we've got a number of different metrics that we look to across the business that we're working to try and manage. And I'll also add that we did have the 2 acquisitions that had come to us over the past fiscal year, so that was a bit additive to our inventory balances as well, and we're working through some of the integration with those businesses as well. And hopefully, we'll see a further refinement and improvement in some of the inventory metrics as we go forward but we are keeping a constant eye on the dynamics that we have across the business. So it's something that we pay close attention to.

當我們在整個週期中保持適當的庫存水準以滿足客戶需求時，這是一種謹慎的平衡。但我們在整個業務中尋找了許多不同的指標，我們正在努力嘗試和管理這些指標。我還要補充一點，我們確實在過去的財政年度中進行了兩次收購，因此這也對我們的庫存餘額有所增加，並且我們正在努力與這些業務進行一些整合以及。希望隨著我們的前進，我們會看到一些庫存指標的進一步完善和改進，但我們會持續關注整個業務的動態。所以這是我們密切關注的事情。

Okay. Great. And for my follow-up, just wondering how are you thinking about recent industry consolidation between Lumentum and Cloud Light and optical transceivers. How does that kind of impact your component first strategy?

好的。偉大的。對於我的後續內容，我只是想知道您如何看待最近 Lumentum 和 Cloud Light 以及光收發器之間的行業整合。這對您的元件優先策略有何影響？

I don't think it changes our overall strategy.

我認為這不會改變我們的整體策略。

And our next question is 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。

This is Sean Alain on for Matt. Just 2 quick ones for me. First off, I was wondering if you could talk about the long-term model a little bit more. I know that you guys at one point had this $1 billion revenue target and that got pushed out a little bit. But I think it also came with a maybe double-digit growth rate expectation. Obviously, a lot has changed since then. But I was just wondering how you're thinking about it from here.

我是肖恩·阿蘭 (Sean Alain) 替馬特 (Matt) 發言。對我來說只有 2 個快速的。首先，我想知道您是否可以多談談長期模型。我知道你們曾經有過 10 億美元的收入目標，但這個目標被推遲了一點。但我認為它也帶來了可能是兩位數的成長率預期。顯然，自那時以來發生了許多變化。但我只是想知道你是如何看待這個問題的。

Thanks for the question, Sean. So achieving $1 billion in revenue is a question of not if but when. So -- and when we originally put that out there, we had targeted our fiscal '25 and this was going back maybe about 18 months or 2 years ago. And certainly, there's been a lot of headwinds in the industry that have slowed us down. So we definitely, over the past few quarters have stepped back from that target given our growth rate declining year-over-year, certainly, that makes sense.

謝謝你的提問，肖恩。因此，實現 10 億美元收入不是是否會發生的問題，而是何時發生的問題。因此，當我們最初提出這一點時，我們的目標是 25 財年，這可能要追溯到大約 18 個月或 2 年前。當然，該行業存在著許多阻力，拖慢了我們的步伐。因此，考慮到我們的成長率逐年下降，我們在過去幾季肯定已經放棄了這一目標，這當然是有道理的。

Right now, we have a run rate of about $150 million if you annualize that and then add Wolfspeed on to that, you can see MACOM getting into the low $700 million run rate just by simple math, and then a 10% growth rate on that for a few years gets us into that $1 billion revenue range. So I think it's -- our crystal ball sort of says sometime in the late '25 or '26 time frame is not unreasonable. That would mean that we would have to put up some pretty strong growth numbers. So there's tremendous risk associated with that.

現在，我們的運行率約為1.5 億美元，如果將其按年計算，然後加上Wolfspeed，您可以看到MACOM 僅通過簡單的數學運算即可進入7 億美元的低運行率，然後再以10 % 的成長率成長幾年後我們的營收就進入了 10 億美元的範圍。所以我認為——我們的水晶球說，在 25 年末或 26 年的某個時間範圍內的某個時間並不是不合理的。這意味著我們必須提供一些相當強勁的成長數據。因此，這存在巨大的風險。

So -- but when we think about planning and execution and focusing on positioning ourselves, we -- that is the goal that we're targeting. And I'll highlight that the way we're going to get there is expanding our SAM and we're adding very new vectors of growth to our portfolio, and that should allow us to achieve these targets.

所以，但是當我們考慮規劃和執行並專注於自我定位時，這就是我們的目標。我要強調的是，我們要實現這一目標的方法是擴大我們的 SAM，並且我們正在為我們的投資組合添加非常新的成長向量，這應該使我們能夠實現這些目標。

And the other thing I'll highlight is we will not sacrifice profitability for growth. We are focused on earnings per share. As I mentioned and Jack mentioned, $2.70 this year. We generated close to $200 million of net income for the full year. And as we grow over the next 2 to 3 years, we want to grow the top line, and more importantly, we want to grow the bottom line. And our model should support that. Our model consists of internal unique process technologies and products and going to the merchant market and being in running sort of a fabless business model. So we make full use of all of the major foundries on the silicon side. GlobalFoundries, TowerJazz, TSMC and others. So we think we have a strong fighting chance to achieve our targets, but there's lots of dynamics and lots of wood to chop between now and then.

我要強調的另一件事是，我們不會為了成長而犧牲獲利能力。我們關注每股收益。正如我和傑克提到的，今年 2.70 美元。我們全年淨利接近 2 億美元。隨著我們在未來 2 到 3 年的發展，我們希望增加收入，更重要的是，我們希望增加利潤。我們的模型應該支持這一點。我們的模式由內部獨特的製程技術和產品組成，進入商業市場並運作某種無晶圓廠的商業模式。因此，我們充分利用了矽方面的所有主要代工廠。 GlobalFoundries、TowerJazz、台積電等。因此，我們認為我們有很大的機會來實現我們的目標，但從現在到那時，還有很多動力和大量的木材需要砍伐。

That's really helpful. And then a very quick clarification on the RF acquisition from Wolfspeed. Are there any regulatory impediments to closing that? Or is it just getting the paperwork in order?

這真的很有幫助。然後是對 Wolfspeed 射頻採集的快速澄清。是否存在任何監管障礙來關閉它？還是只是整理文書工作？

So there were 2 regulatory hurdles, which we've gone through. One is HSR waiting period, which expired and the second was a U.K. approval, which was received. So -- after that, it's just making sure that Wolfspeed and MACOM do the final work on aligning so that when we close, we will be operational and this is rather unique. Most companies would acquire a business and that integrate. We are organizing in a way to have a lot of planning upfront so that when we close, it can be an instantaneous integration, so to speak. And so -- outside of that, there's nothing stopping us.

因此，我們已經克服了兩個監管障礙。一是高鐵等待期已到期，二是已收到英國批准。因此，在那之後，只需確保 Wolfspeed 和 MACOM 完成最終的協調工作，以便當我們關閉時，我們就能投入運營，這是相當獨特的。大多數公司都會收購一項業務並進行整合。我們的組織方式是預先進行大量規劃，這樣當我們關閉時，可以說是即時整合。因此，除此之外，沒有什麼可以阻止我們。

And so we have another question from Tore Svanberg from Stifel.

Stifel 的 Tore Svanberg 向我們提出了另一個問題。

Just 2 quick follow-ups. So Steve, first of all, you commented a little bit on the laser business, but I know it's been a bit sort of fits and stops there. And I'm just wondering if -- is it a market issue? Is it a yield issue? Is it because the technology is so unique? Just trying to understand when the laser business could really start to grow.

只需 2 個快速跟進。史蒂夫，首先，您對雷射業務發表了一些評論，但我知道這有點斷斷續續。我只是想知道這是否是一個市場問題？是收益問題嗎？是因為科技如此獨特嗎？只是想了解雷射業務何時才能真正開始成長。

So we -- MACOM was very late to the market with our 25G DFB laser portfolio. And so it's -- I would put it in the category of timing. And then when we really had our portfolio established and we're selling it in the market, our timing just was not good in terms of generations and focus of a lot of the transceiver companies. We're starting to break through some of that, and we're starting to gain traction. So we don't see a performance issue. We don't see a yield issue. It's not a cost issue. It's really just knocking out the competition, so to speak, and that takes time, and it's taking more time than we had originally thought.

因此，MACOM 的 25G DFB 雷射產品組合進入市場的時間非常晚。所以我會把它歸類在時機範疇。然後，當我們真正建立了我們的產品組合併在市場上銷售它時，就許多收發器公司的世代和關注點而言，我們的時機並不好。我們正在開始突破其中的一些，並且開始獲得牽引力。所以我們沒有看到效能問題。我們沒有看到產量問題。這不是成本問題。可以說，這實際上只是淘汰競爭對手，這需要時間，而且比我們最初想像的要花更多的時間。

The other thing I'll add is as we go into the next fiscal year, we are adding -- we plan to add EMLs to the portfolio. So this will mean CW lasers, FP lasers, DFP lasers and EMLs. We do not manufacture VCSELs. But we are -- the next add-on to the product line will be EMLs, which generally speaking, are considered high-value lasers and they generally command higher price points.

我要補充的另一件事是，當我們進入下一財年時，我們計劃將 EML 加入投資組合中。因此，這意味著 CW 雷射、FP 雷射、DFP 雷射和 EML。我們不生產 VCSEL。但我們的產品線的下一個附加產品將是 EML，一般來說，它們被認為是高價值雷射器，並且通常具有更高的價格點。

That's great. And one quick one for Jack. For turns this quarter, should we sort of assume a similar level as you achieved in the September quarter?

那太棒了。給傑克一個快速的。對於本季的營業額，我們是否應該假設與您在 9 月季度實現的水平類似？

Yes. And I think you're referring to our turns business where we receive orders and ship them in the same quarter. Where we've been in the, I'd say, the mid-teens. So I think that's a safe assumption as we go forward.

是的。我認為您指的是我們的輪班業務，我們收到訂單並在同一季度發貨。我想說，我們已經到了十幾歲的時候了。所以我認為在我們前進的過程中這是一個安全的假設。

Great. Thank you very much, and congrats.

偉大的。非常感謝，也恭喜。

I will now turn the call back over to Mr. Steve Daly for any closing remarks.

現在，我將把電話轉回給史蒂夫·戴利先生，讓他發表結束語。

Thank you. In closing, I would like to thank the entire MACOM team for their outstanding effort and commitment during fiscal 2023. MACOM is fortunate to have such hard-working and dedicated employees, which make these financial results possible. And we all look forward to welcoming the Wolfspeed team to MACOM. I'm confident that together we can achieve great results. Thank you.

謝謝。最後，我要感謝整個 MACOM 團隊在 2023 財年做出的傑出努力和承諾。MACOM 很幸運擁有如此勤奮和敬業的員工，使得這些財務業績成為可能。我們都期待著 Wolfspeed 團隊來到 MACOM。我相信，只要我們共同努力，就能取得偉大的成果。謝謝。

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

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。