MACOM Technology Solutions Holdings Inc (MTSI) 2024 Q2 法說會逐字稿

Welcome to MACOM's Second Fiscal Quarter 2024 Conference Call. This call is being recorded today, Thursday, May 2, 2024. (Operator Instructions) I will now turn the call to Mr. Steve Ferranti, MACOM's Vice President of Corporate Development and Investor Relations. Mr. Ferranti, please go ahead.

歡迎參加MACOM 2024財年第二季電話會議。本次電話會議於2024年5月2日（星期四）開始錄音。 （操作說明）現在我將把電話轉交給MACOM公司企業發展與投資者關係副總裁史蒂夫·費蘭蒂先生。費蘭蒂先生，請開始。

Thank you, Olivia. Good morning, and welcome to our call to discuss MACOM's financial results for the second fiscal quarter of 2024. 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.

謝謝奧莉維亞。早安，歡迎參加我們關於MACOM 2024財年第二季財務業績的電話會議。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》中關於前瞻性陳述的安全港條款所界定的某些風險和不確定性的影響。實際結果可能與今天討論的內容有重大差異。

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. 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.

關於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（SEC）提交的文件。管理層在本次電話會議中的發言還將包括對某些調整後的非GAAP財務資訊的討論。 GAAP與調整後的非GAAP結果的調整表已在公司新聞稿和今天提交給SEC的相關8-K表格中提供。

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

接下來，我將把電話交給 MACOM 的總裁兼執行長 Steve Daly。

Thank you, and good morning. I will begin today's call with a general company update. After that, Jack Kober, our Chief Financial Officer, will review our Q2 results. When Jack is finished, I will provide revenue and earnings guidance for fiscal Q3 and then we will be happy to take some questions.

謝謝，早安。今天的電話會議首先會介紹一下公司的最新情況。之後，我們的財務長傑克·科伯將回顧第二季度的業績。傑克回顧完畢後，我會提供第三財季的營收和獲利預測，之後我們很樂意回答大家的問題。

Revenue for Q2 was $181.2 million, and adjusted EPS was $0.59 per diluted share. We ended the quarter with approximately $476 million in cash and short-term investments on our balance sheet. Our business remains healthy and profitable and we continue to generate strong cash flow while investing in future growth opportunities. We expect our net income and associated cash generation to increase in the second half of our fiscal year compared to the first half.

第二季營收為1.812億美元，調整後每股盈餘為0.59美元。截至季末，我們的資產負債表上持有約4.76億美元的現金及短期投資。公司業務保持健康獲利，在持續創造強勁現金流的同時，我們也積極投資未來的成長機會。我們預計下半年淨利及相關現金流將較上半年成長。

In Q2, our book-to-bill ratio was 1.0:1. In our turns business, where orders booked and shipped within the quarter, was approximately 20% of total revenue. This was a notable quarter for new orders and our team did a great job securing 2 large future programs, which I will discuss in a few moments.

第二季度，我們的訂單出貨比為1.0:1。在我們當季業務中，當季已完成訂單並已出貨的業務，約佔總收入的20%。本季新訂單量顯著成長，我們的團隊出色地拿下了兩個大型未來項目，稍後我將詳細介紹。

Despite the sequential bookings improvement, we still see weakness in our telecom and industrial end markets. Fiscal Q2 revenue by end market was as expected, with industrial and defense at $90.9 million, telecom at $47.2 million and data center at $43.1 million. For the quarter, data center was down 12.9% sequentially. I&D was up 18% sequentially and telecom was up 54.1% sequentially.

儘管訂單量較上季有所改善，但我們仍然看到電信和工業終端市場疲軟。第二財季各終端市場的收入符合預期，其中工業和國防市場收入為9,090萬美元，電信市場收入為4,720萬美元，資料中心市場收入為4,310萬美元。本季，資料中心市場營收季減12.9%，工業及國防市場營收季增18%，電信市場營收季增54.1%。

We maintain a highly diversified customer base consisting of thousands of customers across a broad range of end markets. And our strategy is to further diversify and expand our geographic and industry exposure. We continue to see new growth opportunities across all our end markets. Industrial and Defense is our largest market, and it has been steadily growing over the past few years. Defense orders remained robust, while industrial orders remains weak.

我們擁有高度多元化的客戶群，涵蓋眾多終端市場，客戶數量達數千家。我們的策略是進一步拓展地域和產業覆蓋範圍，實現多元化發展。我們持續在所有終端市場看到新的成長機會。工業和國防是我們最大的市場，並且在過去幾年中一直保持穩定成長。國防訂單依然強勁，而工業訂單則依然疲軟。

We believe the long-term trends in our I&D business are favorable, and our growth strategies are working. Our focus over the last few years has been on building out our engineering capabilities so we can better serve our defense customers. For example, we approach our Defense customers as a merchant supplier of high-performance IC components. In doing so, we offer standard and custom IC and packaged solutions to support their needs. We embrace custom design projects, which we view as a great way to build strong relationships with our customers' engineering teams.

我們相信研發業務的長期發展趨勢良好，我們的成長策略也行之有效。過去幾年，我們一直致力於提升工程能力，以便更好地服務國防客戶。例如，我們以高效能積體電路元件供應商的身份與國防客戶合作。為此，我們提供標準和客製化的積體電路及封裝解決方案，以滿足他們的需求。我們積極承接客製化設計項目，因為我們認為這是與客戶工程團隊建立牢固合作關係的絕佳途徑。

We also offer Defense customers access to our wafer foundries and technology. In some instances, our Defense customers have their own wafer fabs and IC designers, but they are inclined to use DoD trusted foundries like MACOM to access differentiated process technologies. And we offer to design and manufacture custom component, module and subsystem solutions but only in areas where we have high MACOM IC content in true subsystem expertise, which typically revolves around millimeter wave, very high RF or microwave power, filtering or switching and specialized fiber optic subsystems.

我們也為國防客戶提供晶圓代工廠和技術。在某些情況下，我們的國防客戶擁有自己的晶圓廠和積體電路設計人員，但他們傾向於使用像MACOM這樣國防部信賴的代工廠，以獲取差異化的製程技術。我們提供客製化組件、模組和子系統解決方案的設計和製造服務，但僅限於我們在真正具備MACOM集成電路含量和子系統專業技術的領域，這些領域通常圍繞毫米波、超高射頻或微波功率、濾波或開關以及專用光纖子系統展開。

I would now like to highlight a few trends that we are seeing and will be favorable to our I&D business. We are seeing accelerated development of electronic warfare systems, increased production rates, upgrades or expansion of existing radar systems, addition of features to existing integrated battlefield defense systems to improve performance and investment in new technologies to address the threat of drone attacks including the use of very high RF power and microwave signals.

現在我想重點介紹一些我們觀察到的、有利於我們研發業務的趨勢。我們看到電子戰系統發展加速，生產速度加快，現有雷達系統升級或擴容，現有綜合戰場防禦系統新增功能以提升性能，以及對新技術（包括使用超高功率射頻和微波信號）的投資，以應對無人機攻擊的威脅。

We are seeing an increased number of large opportunities across these areas. As an example, in Q2, our team secured design wins and low rate initial production orders from a Tier 1 Defense OEM on a very large new defense program. We believe we won this competitively bid program due to our unique in-house semiconductor technology and our ability to rapidly scale production.

我們看到這些領域湧現越來越多的大型機會。例如，在第二季度，我們的團隊成功從一級國防原始設備製造商 (OEM) 獲得了一項大型新國防項目的設計訂單和小批量初始生產訂單。我們相信，憑藉我們獨特的自主半導體技術和快速擴大生產規模的能力，我們才能贏得這項競爭激烈的專案。

While the current purchase orders are a few million dollars in size, we believe this fast-moving program has the potential to be a leading contributor to our I&D growth over the next few years. Our opportunity pipeline with major defense customers is robust and our capture rate is strong.

儘管目前的採購訂單金額只有幾百萬美元，但我們相信，這個快速發展的項目有望在未來幾年成為我們研發業務成長的主要動力。我們與主要國防客戶的合作機會充足，而且我們的訂單轉換率也很高。

And finally, as noted in the press release issued on March 19, MACOM received quality and best supplier awards from Northrop Grumman, one of the largest defense contractors in the U.S. Northrop Grumman has thousands of suppliers and a limited number of companies were selected for special recognition. During the event, MACOM was 1 of 5 suppliers to receive multiple awards and I congratulate our dedicated quality, engineering, operations and sales teams for earning these prestigious awards.

最後，正如3月19日發布的新聞稿中所述，MACOM榮獲了美國最大的國防承包商之一——諾斯羅普·格魯曼公司頒發的品質獎和最佳供應商獎。諾斯羅普·格魯曼公司擁有數千家供應商，只有少數公司能獲得特別表揚。在頒獎典禮上，MACOM是五家獲得多項獎項的供應商之一，我在此祝賀我們敬業的品質、工程、營運和銷售團隊榮獲這些殊榮。

Our data center end market continues to be an exciting and dynamic market with significant growth opportunities. We believe demand is growing for 100 gig per lane, 400 and 800-gig short-reach optical connectivity solutions. And for this reason, our current expectation is the demand for high-speed products will drive steady growth during the second half of our fiscal year. Today, our 100G per lane multimode and single mode drivers and TIAs and active copper solutions are in high-volume production. The vast majority of these shipments are supporting the industry's deployment of 800G interconnects.

我們的資料中心終端市場仍是一個充滿活力且前景看好的市場，蘊藏著巨大的成長機會。我們相信，市場對單通道 100G、400G 和 800G 短距離光連接解決方案的需求正在不斷增長。因此，我們預計，高速產品的需求將在本財年下半年推動業績穩定成長。目前，我們的單通道 100G 多模和單模驅動器、TIA 以及有源銅纜解決方案均已實現量產。這些出貨量中的絕大部分都用於支援業界部署 800G 互連。

Our engineering team is actively engaged in developing next-generation solutions at 200 gig per lane to further enable 1.6 terabit applications. We are pleased that we have secured key design wins in first production orders for our 200 gig per lane, chipsets for 1.6T interconnects and we expect to begin ramping deliveries in mid-fiscal 2025.

我們的工程團隊正積極開發每通道 200 Gb 的下一代解決方案，以進一步支援 1.6 Tb 應用。我們很高興地宣布，我們已成功拿下首批 200 Gb/通道、用於 1.6 Tb 互連的晶片組的關鍵設計訂單，預計將於 2025 財年中期開始量產交付。

We believe high-speed connectivity will be ubiquitous and spread to applications outside the data center, including automotive, telecommunications and general networking infrastructure. Related to this expansion, it is noteworthy to highlight at this year's Optical Fiber Conference in San Diego in March or OFC, we demonstrated with partners optical PCIe solutions based on our laser driver and TIA, targeting disaggregated computing applications.

我們相信高速連接將無所不在，並擴展到資料中心以外的應用領域，包括汽車、電信和通用網路基礎設施。與此相關的是，值得一提的是，在今年三月於聖地牙哥舉行的光纖通訊大會（OFC）上，我們與合作夥伴共同展示了基於我們雷射驅動器和TIA的光纖PCIe解決方案，該方案旨在應用於解耦式運算領域。

Interest in MACOM's linear products portfolio continues to grow. MACOM is one of the founding partners of the linear pluggable optics LPO, multisource agreement or MSA formed by industry-leading companies to develop the specifications required to enable an ecosystem for LPO solutions. We support a wide range of data transmission protocols, including NRZ, PAM4, coherent and PCIe. The full breadth of MACOM's high-performance capabilities was on display in March at OFC. Areas that sparked particular interest were the demonstrations of our 200G per lane, single-mode fiber LPO, our 200G active copper cable solutions and optical PCIe solutions.

市場對MACOM線性產品組合的興趣持續增長。 MACOM是線性可插拔光元件（LPO）的創始合作夥伴之一，LPO是由業界領導者組成的多源協定（MSA），旨在製定建構LPO解決方案生態系統所需的規格。我們支援多種資料傳輸協議，包括NRZ、PAM4、相干傳輸和PCIe。 MACOM的高性能產品組合在3月的OFC展會上全面亮相。其中，我們展示的200G單通道單模光纖LPO、200G主動銅纜解決方案以及光PCIe解決方案尤其引人注目。

These products will support high-speed data opportunities, including the latest disaggregated data center architectures. Finally, demand for our legacy Ethernet data center products, which has become a smaller part of our revenue, is now modestly improving and we are pleased to see some positive trends. Our telecom end market is showing improvements in certain areas. While the macro environment for carrier 5G investments is weak, we are seeing platform shifts at our lead 5G customer, which may result in revenue growth opportunities for MACOM over the next 12 months.

這些產品將支援高速資料傳輸，包括最新的解耦式資料中心架構。此外，我們傳統乙太網路資料中心產品的需求（其在我們收入中所佔比例已有所下降）目前正略有回升，我們欣喜地看到一些正面的趨勢。我們的電信終端市場在某些領域也呈現出改善的跡象。儘管營運商5G投資的宏觀環境疲軟，但我們領先的5G客戶正在進行平台轉型，這可能在未來12個月內為MACOM帶來營收成長機會。

In addition, we see the opportunity to gain market share at certain key accounts where we currently have limited penetration. Overall, we are excited about the opportunities in 5G in spite of the current market dynamics. In addition, as 5G networks are being rolled out, we are finding opportunities in adjacent applications such as distributed antenna system networks or DAS networks.

此外，我們看到了在某些關鍵客戶中提升市場份額的機會，這些客戶目前我們的滲透率有限。整體而言，儘管當前市場情況複雜，但我們對5G帶來的機會充滿信心。此外，隨著5G網路的部署，我們在分散式天線系統網路（DAS網路）等相關應用領域也發現了機會。

A DAS system combines multiple radio bands such as LTE with 5G and acts as repeater to provide local but strong full carrier coverage. Deployments are typically inside buildings or in a private enterprise or campus-like environment. The systems are designed with high-performance, wideband RF and optical components, which plays to MACOM's strengths. The cable TV and wired broadband market remains very weak. We believe the cable TV market is in a transition between DOCSIS 3.1 and DOCSIS 4.0. MACOM is engaged with these OEMs who are currently qualifying solutions for DOCSIS 4. However, there is uncertainty in the timing of market deployments and adoption. So we have set a low revenue growth expectation for DOCSIS 4.0 over the next 1 to 2 years.

DAS系統結合了LTE和5G等多個無線頻段，並作為中繼器提供本地化的強大全覆蓋。該系統通常部署在建築物內部、私人企業或類似園區的環境中。這些系統採用高效能、寬頻射頻和光元件設計，充分發揮了MACOM的優勢。有線電視和有線寬頻市場依然疲軟。我們認為有線電視市場正處於DOCSIS 3.1向DOCSIS 4.0過渡的階段。 MACOM正與正在進行DOCSIS 4認證的OEM廠商合作。然而，市場部署和普及的時間存在不確定性。因此，我們對未來1到2年DOCSIS 4.0的營收成長預期較低。

While we remain cautious on certain portions of the telecom market, we are excited about the expansion of our technology portfolio and customer engagements within telecom. We believe telecom remains an attractive and diverse market for MACOM as data speeds continue to increase across wireless, wireline, cable and satellite networks globally, we see numerous opportunities for MACOM. And of course, we believe our RF power product line is well positioned to capture market share and over time, we expect to be a larger player in this market.

儘管我們對電信市場的某些領域仍保持謹慎態度，但我們對電信領域技術組合的拓展和客戶合作的加強感到振奮。我們相信，隨著全球無線、有線、有線電視和衛星網路的數據傳輸速度不斷提升，電信市場對MACOM而言依然是一個極具吸引力且多元化的市場，我們看到了MACOM的許多發展機會。當然，我們也相信我們的射頻功率產品線具備搶佔市場份額的優勢，並且隨著時間的推移，我們有望成為該市場中更重要的參與者。

We also believe the SATCOM portion of the telecom market will continue to provide exciting opportunities for MACOM and we see an expanding SAM for ground terminals, gateways and space-based hardware. We can provide these customers unique, high-performance IC and module solutions based on proprietary semiconductor process technologies and capabilities.

我們相信，電信市場中的衛星通訊領域將繼續為MACOM帶來令人振奮的機遇，並且我們預見到地面終端、網關和天基硬體的衛星應用市場（SAM）將持續擴大。我們可以基於專有的半導體製程技術和能力，為這些客戶提供獨特的高效能積體電路和模組解決方案。

I am pleased to announce that in Q2, we were awarded a contract worth approximately $55 million from a major satellite manufacturer. The contract which also has the option for the customer to purchase an additional $25 million of hardware represents one of the larger commercial contracts in MACOM's history. I congratulate our business development and engineering teams on this win. Our novel high-frequency process technologies and unique IC design and manufacturing capabilities helped to solidify this large award.

我很高興地宣布，第二季我們與一家大型衛星製造商簽訂了價值約5500萬美元的合約。該合約還包含客戶額外購買價值2500萬美元硬體的選擇權，是MACOM史上規模最大的商業合約之一。我祝賀我們的業務拓展和工程團隊取得這場勝利。我們先進的高頻製程技術以及獨特的積體電路設計和製造能力是贏得這份大合約的關鍵因素。

Ultimately, we believe our solution will enable our customer to achieve superior system-level performance compared to the competition. This multiyear contract has 2 phases: a design phase, which will last about 9 months in a production phase, which starts late in our fiscal 2025 and is expected to run for approximately 18 to 24 months thereafter. As a practice, because long-term customer contracts can be subject to certain inherent risks, we typically do not include orders that have deliveries beyond a 12-month horizon in our reported quarterly bookings.

我們最終相信，我們的解決方案將幫助客戶實現優於競爭對手的系統級效能。這份多年合約分為兩個階段：設計階段（約9個月）和生產階段（將於2025財年末啟動，預計持續18至24個月）。由於長期客戶合約可能存在某些固有風險，因此我們通常不會將交貨期限超過12個月的訂單計入季度報告的訂單量中。

So only $3 million of this order was included in my previously mentioned Q2 book-to-bill ratio. I would like to take a moment to update investors on our pursuit activities for CHIPS and Science Act Federal Funding. As previously discussed, through the Department of Commerce, we are pursuing support and funding for a potential foundry modernization and expansion project. Because this process is under review, we are unable to comment further on this specific activity. Separately, through the Department of Defense, we are also pursuing technology development funding.

因此，這筆訂單中只有300萬美元計入了我之前提到的第二季訂單出貨比。我想藉此機會向投資者報告我們申請CHIPS和《科學法案》聯邦資金的最新進展。正如之前討論過的，我們正在透過商務部尋求對一個潛在的晶圓代工廠現代化和擴建項目的支持和資金。由於該項目仍在審核中，我們目前無法就此具體活動發表更多評論。此外，我們也正在透過國防部申請技術開發資金。

The DoD has created 8 regional innovation hubs in MACOM as a hub member or a core partner in 5 of 8 of these hubs. This part of the CHIPS Act is referred to as the Microelectronics Commons program and its goal is to accelerate commercialization of new semiconductor technologies that are of military importance.

美國國防部在主要司令部（MACOM）下設立了8個區域創新中心，其中5個中心由美國國防部作為中心成員或核心合作夥伴參與。這部分內容屬於《晶片技術創新法案》（CHIPS Act）的“微電子共享計劃”，旨在加速具有軍事重要性的新型半導體技術的商業化。

The Microelectronics Commons program established a network of technology hubs designed to accelerate domestic hardware prototyping and lab to fab commercialization of semiconductor technologies as well as develop the U.S.-based semiconductor workforce. Earlier this month, MACOM was awarded a multiyear contract valued at up to $11.4 million through one of these hubs. The focus of this contract is advancing GaN technology for RF and millimeter wave applications. While this award is relatively modest in size, it represents our first CHIPS Act award, and we are pleased to participate in the project. Investors should expect that we will continue to pursue additional technology development funding in areas that are critical to the DoD and also in line with our technology road map and strategy.

微電子共享計畫建立了一個技術中心網絡，旨在加速國內硬體原型開發和半導體技術從實驗室到工廠的商業化進程，並培養美國本土的半導體人才隊伍。本月初，MACOM透過其中一個技術中心獲得了一份價值高達1,140萬美元的多年合約。該合約的重點是推進氮化鎵（GaN）技術在射頻和毫米波應用領域的發展。雖然此次合約金額相對較小，但這是我們首次獲得《晶片技術創新法案》（CHIPS Act）的資助，我們很高興能夠參與該專案。投資人可以預期，我們將繼續在對美國國防部至關重要的領域，以及符合我們技術路線圖和策略的領域，尋求更多的技術開發資金。

In summary, there have been a number of very positive results within the business this fiscal year that we believe helps set MACOM up to have a strong fiscal 2025 from a revenue growth and profitability standpoint.

總而言之，本財年公司取得了一系列非常積極的成果，我們相信這有助於 MACOM 在 2025 財年實現強勁的營收成長和獲利能力。

These include: one, executing a strategy that focuses on market positioning to capitalize on trends, advanced technology development, strengthen our franchise and differentiate ourselves from the competition to win market share; two, securing key design wins in the data center end market to participate in next-generation advanced architecture rollouts; three, winning large new multiyear programs in defense and commercial satellite programs. Some of these are amongst the largest program awards in MACOM's history. We expect these will start to contribute to revenue in fiscal year 2025 and 2026 time frame. Four, gaining market share in telecom by leveraging our RF power team's leading GaN capabilities. Five, winning new higher-level subassembly business leveraging MACOM's unique semiconductor content in system-level expertise and last, of course, always focusing on improving productivity and profitability. We are excited about the future and confident in our plan to achieve our goals.

這些目標包括：第一，執行以市場定位為核心的戰略，以把握市場趨勢，推進先進技術研發，強化自身品牌優勢，並與競爭對手形成差異化競爭，從而贏得市場份額；第二，在數據中心項目市場贏得關鍵設計項目，參與下一代先進架構的部署；第三，贏得國防和商業衛星領域的大型多年期。其中一些項目是MACOM歷史上規模最大的項目之一。我們預計這些專案將在2025和2026財年開始產生收入；第四，利用我們射頻功率團隊在氮化鎵（GaN）技術方面的領先優勢，在電信領域獲得市場份額；第五，利用MACOM在系統級半導體技術方面的獨特優勢，贏得新的高級子組件業務；最後，當然，我們始終致力於提高生產效率和盈利能力。我們對未來充滿信心，並對實現目標充滿信心。

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

接下來，傑克將對我們的財務表現進行更詳細的分析。

Thank you, Steve, and good morning, everyone. Revenue for the fiscal second quarter was $181.2 million, up 15.3% sequentially based on growth in our Industrial and Defense and telecom end markets. Our I&D and telecom revenue was supported by the first full quarter of revenue contribution from the acquired RF business. On a geographic basis, revenue from U.S.-based customers represented approximately 44% of our fiscal Q2 results flat sequentially. Adjusted gross profit for fiscal Q2 was in line with our expectations at $103.5 million or 57.1% of revenue compared to 59.2% in fiscal Q1 2024. 2 items impacted the quarter's margins.

謝謝史蒂夫，大家早安。第二財季營收為1.812億美元，季增15.3%，主要得益於工業與國防以及電信終端市場的成長。工業與國防和電信業務的營收成長得益於收購的射頻業務首個完整季度的營收貢獻。從地理來看，美國客戶的營收約佔第二財季總營收的44%，與季比持平。第二財季調整後毛利為1.035億美元，佔營收的57.1%，與預期相符，而2024財年第一財季的毛利率為59.2%。有兩個項目影響了本季的利潤率。

One, mix associated with the Wolfspeed RF business acquisition; and two, underabsorbed costs primarily at our low wafer fab. As we move forward through continuous improvement actions and grow our revenue, we expect to drive our consolidated gross margins to be closer to 60%. Total adjusted operating expense for our second fiscal quarter was $63.3 million, consisting of research and development expense of $40.1 million and selling, general and administrative expense of $23.2 million. Total operating expenses were up sequentially by $8.7 million, primarily due to the full quarter of expenses associated with acquisitions. Adjusted operating income in fiscal Q2 was $40.2 million, up from $38.6 million in fiscal Q1 2024. Adjusted operating margin was 22.2% compared to 24.5% in fiscal Q1 2024.

第一，與收購 Wolfspeed RF 業務相關的業務組合；第二，主要來自我們低產能晶圓廠的成本吸收不足。隨著我們持續改善並提高收入，我們預計合併毛利率將接近 60%。第二財季調整後總營運支出為 6,330 萬美元，其中包括研發支出 4,010 萬美元及銷售、一般及行政支出 2,320 萬美元。總營運支出較上季增加 870 萬美元，主要原因是本季與收購相關的全部支出。第二財季調整後營業收入為 4,020 萬美元，高於 2024 財年第一季的 3,860 萬美元。調整後營業利益率為 22.2%，低於 2024 財年第一季的 24.5%。

I'll note, our operations team has been focused on margin and yield enhancement activities associated with current production programs from which we expect to see near-term incremental benefits to our operating margin. Depreciation expense for fiscal Q2 was $7.3 million, up from $6.3 million in fiscal Q1 2024, driven by a full quarter of the acquired RF business.

需要指出的是，我們的營運團隊一直專注於與目前生產項目相關的利潤率和良率提升活動，我們預計這些活動將在短期內對我們的營業利潤率產生增量效益。第二財季的折舊費用為730萬美元，高於2024財年第一財季的630萬美元，主要是因為收購的射頻業務已計入一個季度。

Adjusted EBITDA was $47.4 million, up $2.6 million or approximately 6% sequentially. Trailing 12 months adjusted EBITDA was $178.5 million. Adjusted net interest income for fiscal Q2 was $4.4 million, roughly $200,000 lower than the prior quarter, primarily due to lower average investment balances during the quarter due to recent acquisitions. Our adjusted income tax rate in fiscal Q2 was 3% and resulted in an expense of approximately $1.3 million. Our net cash tax payments were approximately $1.7 million for the second quarter.

調整後的 EBITDA 為 4,740 萬美元，較上季成長 260 萬美元，增幅約 6%。過去 12 個月的經調整 EBITDA 為 1.785 億美元。第二財季經調整後的淨利息收入為 440 萬美元，較上一季減少約 20 萬美元，主要原因是近期收購導致本季平均投資餘額下降。第二財季經調整後的所得稅率為 3%，提列所得稅費用約 130 萬美元。第二季淨現金稅支出約 170 萬美元。

We expect our adjusted income tax rate to remain at 3% for the second half of fiscal year 2024 and into fiscal year 2025. Fiscal Q2 adjusted net income was $43.2 million compared to $41.8 million in fiscal Q1 2024. Adjusted earnings per fully diluted share was $0.59, utilizing a share count of 73.3 million shares compared to $0.58 of adjusted earnings per share in fiscal Q1 2024. I would now like to spend a few moments discussing some of the items that resulted in the increase to our diluted share count over the past quarter.

我們預計2024財年下半年及2025財年調整後所得稅率將維持在3%。 2024財年第二季調整後淨利為4,320萬美元，而2024財年第一季為4,180萬美元。經調整後的每股盈餘為0.59美元（基於7,330萬股的股份數量），而2024財年第一季調整後的每股盈餘為0.58美元。接下來，我想花幾分鐘時間討論一下導致上個季度稀釋股份數量增加的一些因素。

Our diluted shares increased by approximately $1 million from December 2023 to the end of our fiscal March quarter primarily for 2 reasons. First, our March quarter diluted share count included a full quarter impact from the 712,000 shares issued on December 2, 2023, in connection with the RF business acquisition. Second, due to accounting rules, our diluted share count increased by approximately 400,000 shares as a result of our average stock price being above the strike price of our convertible notes for a portion of the quarter. In total, these 2 items represented an approximate 1% increase in our share count compared to the prior quarter.

從2023年12月到本財年3月季度末，我們的稀釋後股份數量增加了約100萬美元，主要原因有二。首先，3月季稀釋後股份數量包含了因2023年12月2日發行的71.2萬股股票（與射頻業務收購相關）而產生的整個季度影響。其次，由於會計準則的規定，本季部分時段我們的平均股價高於可轉換債券的行使價格，導致我們的稀釋後股份數量增加了約40萬股。總而言之，這兩項因素使我們的股份數量較上一季增加了約1%。

Now moving on to operational balance sheet and cash flow items. Our Q2 accounts receivable balance was $120 million, up from $101 million in fiscal Q1 2024, primarily due to higher revenue contribution from the RF business. As a result, days sales outstanding were 60 days compared to 59 days in the prior quarter. The acquired RF business contributed approximately $14 million to the sequential increase in accounts receivable for the quarter.

接下來來看營運資產負債表和現金流量項目。我們第二季的應收帳款餘額為1.2億美元，高於2024財年第一季的1.01億美元，主要原因是射頻業務的營收貢獻增加。因此，應收帳款週轉天數為60天，而上一季為59天。收購的射頻業務為本季應收帳款的環比成長貢獻了約1400萬美元。

Inventories were $177.8 million at quarter end, up sequentially from $159.5 million. The sequential increase was primarily driven by the acquired RF business and will enable us to continue to ramp new programs, customers and revenue. Inventory turns were 1.8x, up sequentially in Q2 from 1.6x in the prior quarter. We expect inventory turns to improve throughout the remainder of fiscal 2024 as we continue to optimize wafer starts and material utilization.

截至季末，庫存為1.778億美元，較上一季的1.595億美元有所成長。環比成長主要得益於收購的射頻業務，這將使我們能夠繼續推動新專案、拓展新客戶並增加收入。庫存週轉率為1.8倍，較上一季的1.6倍增加。我們預計，隨著晶圓開工和材料利用率的持續優化，庫存週轉率將在2024財年剩餘時間內持續改善。

It's also important to note that we have been actively reducing inventory balances held at certain of our channel partners in the past 4 consecutive quarters. Fiscal Q2 cash flow from operations was approximately $18.2 million, down from $33.1 million sequentially. There were 2 notable onetime cash flow items in the quarter, a working capital increase of approximately $14 million associated with a full quarter's activities of the RF business acquisition and payments for acquisition-related expenses of approximately $9 million, which were accrued in prior fiscal quarters. Going forward, in fiscal Q3 and Q4, we expect our quarterly cash generation to be in excess of $35 million.

值得注意的是，在過去連續四個季度中，我們一直在積極減少部分通路合作夥伴的庫存餘額。第二財季的經營活動現金流約1,820萬美元，低於上一季的3,310萬美元。本季有兩項值得注意的一次性現金流項目：一是與射頻業務收購相關的約1400萬美元的營運資金增加，該增加涵蓋了整個季度的營運活動；二是支付了約900萬美元的收購相關費用，這些費用已在之前的財季提列。展望未來，我們預計第三財季和第四財季的季度現金流將超過3500萬美元。

Capital expenditures totaled $5.1 million for fiscal Q2. Even with MACOM's expanded operational footprint, we will continue to carefully balance capital expenditures with our revenue, depreciation expense and income. We expect our fiscal year 2024 capital expenditures to be between $30 million to $35 million.

第二財季資本支出總額為510萬美元。即使MACOM的營運規模擴大，我們仍將繼續謹慎平衡資本支出與收入、折舊費用和利潤。我們預計2024財年的資本支出將在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 second fiscal quarter were $476.4 million, up $13.1 million sequentially, driven by net cash from operations. Again, in fiscal Q2, our $476.4 million of cash equivalents and short-term investments exceeds the book value of our $448 million convertible note debt.

接下來，我們來看其他資產負債表項目。第二財季的現金、現金等價物及短期投資為4.764億美元，較上季增加1,310萬美元，主要得益於經營活動產生的淨現金流。同樣，在第二財季，我們的現金等價物和短期投資總額為4.764億美元，超過了我們4.48億美元可轉換債券的帳面價值。

Finally, I would also like to recognize the teamwork and dedication of the entire MACOM organization, and thank you all for your efforts to help grow and support the business. I will now turn the conversation back over to Steve.

最後，我還要特別感謝MACOM全體員工的團隊合作與奉獻精神，感謝大家為公司發展與支持所付出的努力。現在，我將把發言權交還給史蒂夫。

Thank you, Jack. MACOM expects revenue in fiscal Q3 ending June 28, 2024, to be in the range of $187 million to $193 million. Adjusted gross margin is expected to be in the range of 56% to 58%, and adjusted earnings per share is expected to be between $0.63 and $0.69 based on $74 million fully diluted shares. In fiscal Q3, we expect revenue in all markets to be up sequentially. We believe data center will lead with low double-digit growth, followed by telecom with mid-single-digit growth and Industrial and Defense with low single-digit growth. We believe we can achieve modest sequential improvements in revenue and operating profit over the remainder of fiscal 2024.

謝謝傑克。 MACOM預計截至2024年6月28日的第三財季營收將在1.87億美元至1.93億美元之間。調整後毛利率預計在56%至58%之間，基於7,400萬股完全稀釋股份計算，調整後每股盈餘預計在0.63美元至0.69美元之間。我們預計第三財季所有市場營收將較上季成長。我們認為資料中心將引領成長，實現兩位數低段成長，其次是電信，實現個位數中段成長，工業和國防領域實現個位數低段成長。我們相信，在2024財年剩餘時間內，營收和營業利潤將達到小幅較上季成長。

And over the longer term, as revenues in our telecom and Industrial business recover and as our margin enhancement activities continue, we expect gross margins to trend back towards 60% with operating margins above 30%. I would now like to ask the operator to take any questions.

從長遠來看，隨著電信和工業業務收入的復甦以及我們持續推進利潤率提升活動，我們預計毛利率將回升至60%左右，營業利潤率將超過30%。現在請問各位有什麼問題嗎？

(Operator Instructions) First question coming from the line of Thomas O'Malley with Barclays.

（操作員指示）第一個問題來自巴克萊銀行的托馬斯·奧馬利。

I just wanted to start off with the progress thus far on the RF acquisition. You guys clearly had some milestones laid out for when you would take over that fab. But in the intermediary period of time, you were talking about maybe running some more of your lines. You now have the business under your roof for the first full quarter. Can you talk about what's going on there thus far? And then in terms of what you're able to do in terms of getting that gross margin profile to where you want it to be, what steps your are taking to do that because I would assume that's a large portion of where the headwind on gross margins right now?

我想先了解一下射頻收購目前的進度。你們顯然為接管這家晶圓廠制定了一些里程碑計劃。但在過渡期間，你們也提到可能會繼續營運一些生產線。現在，你們已經全面接管這家工廠，進入了第一個完整的季度。能否談談目前為止的進展？另外，為了將毛利率提升到預期水平，你們採取了哪些措施？因為我猜想，這應該是目前毛利率面臨的主要挑戰之一。

Thank you, Tom. So as everybody knows, we closed the acquisition about 4 months ago and I can report that the customer engagements have been outstanding. Our RF team and the Wolfspeed RF team have been meshed together and the team is settling in and working well together. So we're very pleased about the level of collaboration with all the new employees that came over to MACOM. I can also say that the work that's being done in our operations organizations is really truly world-class. That includes working with the team in Morgan Hill with the back end manufacturing capability that came over with the transaction as well as our team in Malaysia. We had a team in Malaysia and Wolfspeed had a team, and we brought those 2 teams together to support a lot of the high-volume demand.

謝謝湯姆。正如大家所知，我們大約四個月前完成了收購，我可以報告說，客戶互動非常出色。我們的射頻團隊和Wolfspeed的射頻團隊已經融合在一起，團隊成員正在順利融入團隊，合作默契。因此，我們對所有加入MACOM的新員工的合作程度感到非常滿意。我還可以肯定地說，我們營運部門的工作水準確實達到了世界一流水準。這包括與摩根山團隊的合作，他們擁有這筆交易帶來的後端製造能力，以及我們在馬來西亞的團隊。我們之前在馬來西亞有一個團隊，Wolfspeed也有一個團隊，我們把這兩個團隊合併在一起，以滿足大量的大量需求。

So I would say that from an integration point of view, we're doing quite well. As it relates to looking at the gross margins and taking steps to improve the gross margins, I think we have a lot of work to do. I can tell you that our team has laid out a long list of action items outside of the fab to address a lot of the areas that we have full control over. But then when you move into the fab, as I think I mentioned on our last call, we have to operate within a certain framework, which is defined by the fab operating committee, which is comprised of both Wolfspeed and MACOM staff. And this team is really looking at the day-to-day operation of the fab, setting priorities, setting up various projects. MACOM controls the wafer starts and the mix and also the amount of development versus production.

所以，從整合的角度來看，我們做得相當不錯。但就毛利率以及提高毛利率的措施而言，我認為我們還有很多工作要做。我可以告訴大家，我們的團隊已經制定了一長串晶圓廠外的行動計劃，以解決我們完全掌控的許多領域的問題。但是，當我們進入晶圓廠內部時，正如我在上次電話會議上提到的，我們必須在一定的框架內運作，這個框架由晶圓廠運營委員會制定，該委員會由Wolfspeed和MACOM的員工組成。這個團隊負責晶圓廠的日常運營，設定優先級，並啟動各種專案。 MACOM負責晶圓的開片、組合、研發與生產的比例。

And so really, it's early innings, let's say, we're still establishing a good working relationship inside the fab. We have always felt with this transaction that the biggest risk with the transaction is really making improvements, operational improvements related to the fab, and that is certainly a work in progress. But I can report, we're very happy with the results. We have an outstanding working relationship with the Wolfspeed team. And as Jack mentioned in his script, we expect incremental improvements in the gross margins really starting now and going into our fiscal 2025. And then the last thing I'll just highlight is the business itself is hitting all of the key markers that we wanted from a revenue and an operating profit point of view. So we're very pleased with the performance and the financials of the business to date.

所以，現在還處於初期階段，我們仍在與晶圓廠內部建立良好的工作關係。我們一直認為，這筆交易最大的風險在於如何改善晶圓廠的運營，而這無疑是一項正在進行的工作。但我可以報告，我們對目前的結果非常滿意。我們與Wolfspeed團隊建立了卓越的合作關係。正如Jack在演講稿中提到的，我們預計從現在開始，到2025財年，毛利率將逐步提高。最後，我想強調的是，從營收和營業利潤的角度來看，公司業務已經達到了我們預期的所有關鍵指標。因此，我們對公司迄今為止的業績和財務狀況非常滿意。

Yes. The second one is broader as well and not looking for exact guidance, but just want to hear your thoughts. So you guys have historically said that you expect telecom to be your fastest growing business. And if you look at the fiscal year '24 and how it's tracking, that data center business is going to be a big leader in terms of growth. So when you look at fiscal year '25, do you still think that telecom is going to be the leader in your growth? Or are you seeing some of these opportunities in data center come on, at least in the near term in terms of this year and next year, come on so quickly that, that may be the leader in growth when you look at fiscal year '25.

是的。第二個問題範圍更廣，我並不需要具體的指導，只是想聽聽你們的看法。你們之前說過，電信業務預計會是成長最快的業務。如果看看2024財年的情況，資料中心業務將會是成長的主要驅動力。那麼，展望2025財年，你們是否仍認為電信業務會是成長的領頭羊？或者你們看到資料中心業務的一些機遇，至少在短期內（例如今年和明年），發展速度如此之快，以至於到2025財年，資料中心業務可能會成為成長的領頭羊？

I think that's a good question. And I don't think we're prepared to comment on the growth rates of the different markets today. As we take a step back and look at our telecom business and our data center business, they're about the same size right now within a few million dollars on a quarterly basis. So we do think over the long term, the telecom will outgrow data center just due to the amount of different opportunities in different market segments. So we think over the long term, that will be the leading market over data center.

我認為這是一個好問題。目前我們不方便對各市場的成長率發表評論。如果我們回顧電信業務和資料中心業務，就會發現它們目前的規模大致相同，季度收入差距在數百萬美元以內。因此，我們認為從長遠來看，電信業務的成長速度將會超過資料中心業務，這主要是因為電信業務在不同的細分市場中蘊藏著更多不同的機會。所以，我們認為從長遠來看，電信業務將會超越資料中心業務，成為主導市場。

Now with that said, the data center market is doing really well. We're having a great year this year. We expect, as I talked about in my script, a very strong year next year. The data rates are going higher, and this makes it more complex in terms of fielding solutions due to the sort of the changes going on inside the data center. We find that there is a tremendous amount of opportunities for short-reach, high data rate connectivity. And that's where we play. And then the industry is trying to bring on different ways to solve the same problem. And that's why I spoke about the LPO MSA, which is really the industry coming together and saying, how do we make an optical or a copper link that uses less power. And we are absolutely right in the mix of that.

話雖如此，資料中心市場目前發展勢頭良好。今年我們取得了巨大的成功。正如我在演講稿中提到的，我們預計明年也將是強勁的一年。資料速率不斷提高，由於資料中心內部正在發生的變化，這使得解決方案的部署變得更加複雜。我們發現，短距離、高數據速率的連線存在著巨大的機會。而這正是我們所擅長的領域。同時，整個產業也在嘗試用不同的方法來解決同樣的問題。這就是我之前提到的LPO MSA的原因，它實際上是整個行業齊聚一堂，共同探討如何製造更節能的光纖或銅纜鏈路。而我們正是其中的關鍵力量。

And what we're very happy to see is a growing number of companies joining the MSA leading networking companies, leading module manufacturers and even leading chip companies. And so we think over the long term, that will be a tailwind to our business.

我們非常高興地看到，越來越多的公司加入MSA，其中包括領先的網路公司、領先的模組製造商，甚至是領先的晶片公司。因此，我們認為從長遠來看，這將對我們的業務發展起到積極作用。

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

接下來的問題來自 Harsh Kumar 和 Piper Sandler。

Congratulations once again, a solid quarter, solid guide. I was going to ask this later on, but since you were talking about LPO, I'll ask this right now, Steve, there was a big debate at the OFC around LPO. Everybody was showing it you, everybody was wanting to get there. But it seems like the luminaries in the networking world had doubts and they expressed it pretty openly. We all know the benefits are there. But I was curious how you see the path of adoption of the RPU in the market, it would be fantastic for you and a handful of other players and really bad for some guys that make DSPs. But I was curious how you see the adoption happening and what the impediments are at this point in time?

再次恭喜，季度業績穩健，報告寫得很好。我本來打算晚點再問，但既然你剛才提到了LPO，那我就現在問吧，史蒂夫。 OFC上關於LPO的討論非常熱烈。大家都在向你展示它，大家都想實現它。但似乎網路領域的權威人士對此有所懷疑，而且他們也毫不掩飾地表達了自己的看法。我們都知道它的好處顯而易見。但我很好奇你如何看待RPU在市場上的普及路徑，這對你和其他一些廠商來說當然是好事，但對某些DSP廠商來說可能非常不利。我很想知道你認為RPU的普及過程會如何發展，以及目前有哪些障礙？

Sure. Well, a few things. First, you have to understand that the LPO solution that we're working on is being done in the context of a broader portfolio of products for the market. So whether LPO kicks in or not, isn't going to change our -- the opportunity set, let's say, inside the data center. We don't -- I don't want investors to feel like we're evangelizing LPO. We're not. We see it as an interesting product set that is very similar to the current analog solutions that we sell today in active optical cables and also it's sort of a cousin to our 200 gig electrical solutions for ACC. So with that said, I think it's going to take time. I think what you see in the industry right now is people showing examples of links working and meeting the bit error rate requirements at significantly lower power, lower latency and a lower cost compared to DSPs.

當然。嗯，有幾點要說明。首先，您必須明白，我們正在研發的LPO解決方案是在我們面向市場的更廣泛的產品組合框架下進行的。因此，無論LPO最終是否投入使用，都不會改變我們在資料中心領域的市場機會。我們不想讓投資人覺得我們在大力推廣LPO，我們沒有這個意思。我們認為它是一套很有趣的產品組合，與我們目前在有源光纜領域銷售的模擬解決方案非常相似，而且也與我們用於ACC的200G電氣解決方案有異曲同工之妙。所以，我認為它需要時間才能成熟。目前由業內人士展示的案例表明，與DSP相比，LPO鏈路能夠以更低的功耗、更低的延遲和更低的成本滿足誤碼率要求。

So I think it will take time. The first step is to have the industry come together and create [interop] specs so that the hardware people know exactly what the switch and the server people want from a specification point of view. And that work is really happening this year. So it's true that there are a lot of companies showing examples of hardware working in a lab environment, that's very different than making 10 million or 20 million links. And so there -- the concept needs to mature and we think that will take time. And a certain part of the work that we're doing at MACOM. So I just want to highlight that it's an activity. We think it's an important activity. It's in line with our analog solutions that are pushing higher and higher data rates but I don't want folks to believe that if LPO doesn't work, then our data center revenues won't grow.

所以我認為這需要時間。第一步是讓整個產業齊心協力，制定互通性規範，這樣硬體廠商才能確切知道交換器和伺服器廠商在規範方面需要什麼。這項工作今年確實正在推進。的確，很多公司都在展示硬體在實驗室環境下的運作案例，但這與建構1000萬或2000萬個連結截然不同。因此，這個概念需要時間去完善，我們認為這需要時間。這也是我們在MACOM正在進行的部分工作。所以我想強調的是，這是一項重要的工作。它與我們不斷提升資料速率的模擬解決方案是一致的，但我不想讓大家誤以為，如果LPO（鏈路聚合）失敗，我們的資料中心收入就不會成長。

Of course. Steve. And then we're hearing good things in data center. We obviously see what the growth rate of the generative AI spaces and all of those compute power needs to be connected. So I was curious if you could just maybe give us an idea of how you see your data center trending. I know you said telecom grows bigger in the longer term. But perhaps in the near to midterm, maybe you could comment to the extent you're comfortable with, with the prospects of your data center business. Yes, that's it.

當然，史蒂夫。我們也聽到了很多關於資料中心的好消息。我們當然看到了生成式人工智慧領域的成長速度，以及所有這些運算能力都需要連接起來。所以我很好奇，您能否談談您對資料中心發展趨勢的看法？我知道您說過，從長遠來看，電信業會發展得更大。但或許在中短期內，您能否就資料中心業務的前景發表一些您認為合適的看法？好的，就這些。

Yes. I think in the near term, we're going to do quite well and we're building backlog with lead customers. We're seeing 800 gig, the leaders at 800 gig have a very strong position in the market, and we're part of that supply chain. And we see it now spreading to other ISPs and other folks building the hardware. So the 800 gig business for MACOM right now is very strong. These are basically short reach, 100 gig per lane, mostly pluggables. And so we think that is -- that business will continue to grow. Then we get to layer on basically solutions for 1.6 terabit, and that's where our 200 gig per lane products come in for next generation. And we're starting to build backlog for those solutions.

是的。我認為短期內我們會發展得相當不錯，而且我們正在與主要客戶建立長期訂單儲備。我們看到800Gbps市場，800Gbps領域的領導者在市場上佔有非常強勢的地位，而我們正是這條供應鏈上的重要一環。現在我們看到這種趨勢正在蔓延到其他網路服務供應商（ISP）和其他硬體製造商。因此，MACOM目前的800Gbps業務非常強勁。這些產品基本上是短距離的，每通道100Gbps，而且大多是可插拔的。所以我們認為這項業務將會持續成長。接下來，我們將提供1.6Tbps的解決方案，這就是我們面向下一代市場的每通道200Gbps產品的切入點。我們也開始為這些解決方案建立長期訂單儲備。

So we think going into 2025, 800-gig solutions will grow. Our position at 1.6 will grow. We think we will have more diversity in our revenue by customer next year, which is a good thing. And then sort of adding to that, we are also seeing some traction with our 400-gig ZR light for sort of the 12 to 15-kilometer reach in and around the data center, and we have good content on some of those platforms. So we think the near term is looking very good. However, as we always say, it's the most volatile part of our portfolio. It turns on quickly, and it turns off quickly. There's a -- it's a fast-paced environment and so it can be volatile. And so we always temper expectations. But given the trajectory, I think this year will be one of MACOM's best years in terms of total revenue in the data center. It should be a record or near record year.

因此，我們認為到2025年，800G解決方案將會成長。我們在1.6%市佔率上的市佔率也會成長。我們預計明年客戶收入來源將更加多元化，這是一件好事。此外，我們的400G ZR Light解決方案在資料中心及其周邊12至15公里範圍內也取得了一定的進展，我們在一些平台上擁有優質的內容。因此，我們認為短期前景非常樂觀。然而，正如我們一直強調的，資料中心業務是我們產品組合中波動性最大的部分。它的發展速度很快，但下滑速度也很快。這是一個快節奏的環境，因此波動性也很大。所以我們始終會控制預期。但鑑於目前的成長勢頭，我認為今年將是MACOM資料中心業務總收入最高的年份之一。它應該會創下歷史新高或接近歷史新高。

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

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

I wanted to follow up on the data center opportunity. One of the big things that seem to come out of OFC is that you're starting to see potentially a pretty large ACC opportunity at 200 gig per lane to connect GPUs together in -- across somewhere between 8 to 16 racks sounds like this opportunity could reach into the 10s, if not exceed $100 million as it ramps. And I wanted to see how MACOM is positioned -- if you guys think that there is a significant opportunity for you as you look into fiscal or calendar '25.

我想跟進一下資料中心方面的商機。 OFC展會上的一個重要訊息是，我們開始看到一個相當大的ACC（整合運算中心）商機，每條通道200G的頻寬可以將GPU連接起來——大約需要8到16個機架，這個商機聽起來有可能達到數千萬美元，甚至隨著規模的擴大而超過1億美元。我想了解一下MACOM的定位──你們認為在2025財年或2025日曆年中，這其中是否蘊藏著巨大的商機？

Well, I -- we certainly heard and saw the same things at OFC. So I don't think we would disagree with the fact that there's a big opportunity there. And -- so we'll have to wait and see on that. I guess would be the best thing to say, Quinn. So it is a big opportunity. There's more customers coming online at the higher data rates, which plays to our favor. We have a lot of different products and form factors and solutions for these customers. But you have to understand that there's still a lot of work being done, a lot of testing, a lot of qualification and we think that this year will really be the year where we can secure strong positions for 200-gig ACC. But I would say that, yes, there's an opportunity. I think you're -- we're seeing the same things you are.

嗯，我們在OFC上也聽到和看到了同樣的事情。所以，我想我們不會否認這裡蘊藏著巨大的機會。至於未來該如何發展，我想這才是最好的說法，奎因。這的確是一個巨大的機會。越來越多的客戶開始使用更高數據速率的設備，這對我們非常有利。我們為這些客戶提供各種不同的產品、外形尺寸和解決方案。但你必須明白，目前還有很多工作要做，很多測試，很多認證工作要做，我們認為今年將是我們在200G ACC領域佔據穩固地位的一年。但我想說的是，是的，這裡確實存在著機會。我想你——我們看到的也是同樣的事情。

Great. And then Steve, you called out a couple of the larger programs in your prepared comments. And you mentioned something about that, that sort of helps accelerate or drive pretty strong growth in fiscal '25, I know you haven't given guidance for '25, but I think -- the Street was already looking for '25 to be probably back in your long-term CAGR of 10% to 15%. I'm kind of wondering, does this push you potentially to the high end or above that range as some of these new programs ramp to volume?

好的。史蒂夫，你在事先準備好的評論中提到了幾個較大的項目。你也提到，這些項目有助於加速或推動2025財年的強勁成長。我知道你還沒有給出2025財年的業績指引，但我認為──華爾街先前已經預期2025財年的複合年增長率可能會回到你10%到15%的長期預期水準。我想知道，隨著這些新項目逐步擴大規模，它們是否會推動你的表現達到甚至超過這個區間的上限？

Well, potentially, but it's -- as things are ramping up, we have to remember, things are also ramping down. And there's also uncertainty associated with the market and our customers run rates and whatnot. So I would not want to signal sort of our target for next year. I think there are certainly models out there that people can look at. But from our point of view, what we're seeing this year is good performance in the back half as we're guiding into Q3. All 3 markets are up. Our data center business will be up by double digit, telecom mid-single digit. We are building very strong backlog. As I highlighted, that large contract is significant in the bulk of that revenue will begin at the midyear -- middle of our fiscal year '25. And so potentially, we could have a very good year next year, but we're not really giving more specific guidance than that.

嗯，理論上是這樣，但正如業務成長一樣，我們也必須記住，業務下滑也在發生。此外，市場和客戶的營運成本等因素也存在不確定性。因此，我不想透露我們明年的目標。當然，市面上肯定有一些模型可供參考。但就我們而言，今年下半年業績表現良好，正如我們對第三季的預期。三大市場均實現成長。我們的資料中心業務將實現兩位數成長，電信業務將實現個位數中段成長。我們正在累積非常強勁的訂單儲備。正如我所強調的，那份大合約意義重大，因為大部分收入將從年中——也就是我們2025財年的中期——開始。因此，明年我們可能會迎來非常不錯的業績，但我們不會給出更具體的指引。

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

接下來的問題來自法國巴黎銀行的卡爾‧阿克曼。

It sounds like telecom is beginning to recover, I think, (inaudible).

聽起來電信業似乎開始復甦了，我想（聽不清楚）。

Karl, this is Jack. We're having trouble hearing you.

卡爾，我是傑克。我們聽不清楚你說話。

Sorry, can you hear me now?

抱歉，現在能聽到我說話嗎？

Yes, better.

是的，更好。

Okay. Great. So it sounds like the telecom is beginning to recover a bit sooner than what some of your peers have suggested is the near-term performance in June and your outlook for fiscal '25 driven primarily by satellite products that you spoke about? Or is it broader than that?

好的，太好了。聽起來電信業的復甦速度比一些同業預測的要快一些，這與你提到的主要由衛星產品驅動的2025財年業績展望相符？還是說情況比這更廣？

Right. So I think it's -- I think every company has a different position within the telecom markets. And so I think we're just -- our behavior is very different than maybe what our competitors are doing. And so we have a lot of very specific things happening within the telecom end market that are favorable. We talked about the large SATCOM business that we announced this large award. We -- I mentioned that we are seeing some shifts in some of the production run rates at some of our existing 5G base station customers and some growth opportunities there. I think that's very specific to MACOM. It doesn't necessarily reflect what's going on in 5G. And I also mentioned, of course, that cable is very weak, and we expect it to be weak. So we don't think that's going to be helping things next year. The other sort of bright spot that I might mention is our Metro/Long-haul business is also beginning to improve.

沒錯。我認為──我認為每家公司在電信市場的定位都不同。所以我覺得我們——我們的行為可能與競爭對手截然不同。電信終端市場中有很多對我們有利的具體情況正在發生。我們談到了我們宣布獲得巨額合約的大型衛星通訊業務。我提到過，我們看到一些現有5G基地台客戶的生產運作速度有所變化，並且存在一些成長機會。我認為這主要針對MACOM業務，並不一定反映5G業務的整體狀況。當然，我也提到過，有線業務非常疲軟，我們預計它會繼續疲軟。所以我們認為明年有線業務不會對我們有幫助。另一個值得一提的亮點是，我們的城域/長途業務也開始好轉。

We had some great product releases recently, including 130 gigabaud coherent IC, which is just starting mass production and that supports connectivity up to 1.2 terabits per second. So that's going to be a tailwind. I think the legacy Metro Long-haul business is relatively weak, but we also are seeing strengthen some of our 800-gig ZR applications in that space as well. So -- and then the last thing I'll mention is PON is very weak from our -- for a general point of -- or general comment and our thinking is it will remain weak for at least another few quarters. So I wouldn't necessarily say that we are a bellwether of what's going on in telecom. Our markets and our product set is very different than our closest peers.

我們最近發布了一些非常棒的產品，包括130吉波特相干積體電路，這款產品剛開始量產，支援高達1.2太比特/秒的連線速度。這將會是一個利好因素。我認為傳統的城域長途業務相對疲軟，但我們也看到一些800G零速率應用在該領域的成長勢頭強勁。最後我想提一下，就我們目前的整體情況來看，PON（無源光網路）非常疲軟，我們認為這種情況至少還會持續幾個季度。因此，我並不認為我們能夠預示電信業的走向。我們的市場和產品組合與最接近的競爭對手截然不同。

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

接下來的問題來自 Stifel 的 Tore Svanberg。

Yes. Could you share with us the contribution from the acquisition in the quarter? And the industrial defense being up 18% sequentially, was that all organic? Or did that also include some of the acquisition?

好的。能否請您分享本季收購帶來的貢獻？工業國防業務較上季成長18%，這全部是內生成長嗎？還是也包含了部分收購帶來的成長？

Yes. So maybe I'll say a few words and Jack can also add. So I think we mentioned on our last earnings call that we expected the Wolfspeed business to contribute about $30 million this quarter, Q2. And so that was about the amount they contributed this quarter. It was a little bit higher than that. So very happy about that. And then in terms of the growth that we're seeing this quarter, sort of Q3 to -- Q2 to Q3, half the growth is coming from our data center sequential growth. And then the balance of that is really spread between the telecom and the I&D markets. And -- it's both Wolfspeed business or the RF business and MACOM business or said differently, the MACOM based business is beginning to improve.

是的。那我先說幾句，Jack也可以補充。我們在上次財報電話會議上提到，我們預計Wolfspeed業務在本季（第二季）將貢獻約3,000萬美元的營收。而實際貢獻金額與預期基本一致，略高於預期，我們對此非常滿意。至於本季（第三季到第二季）的成長，一半的成長來自資料中心業務的環比成長。其餘部分則分佈在電信和I&D市場。 Wolfspeed業務（或射頻業務）和MACOM業務（或更準確地說，基於MACOM的業務）都開始好轉。

Just to add, I think we had discussed the acquired RF business being profitable and generating some bottom line. So we did see that come through as expected for the full quarter here in the March time period.

補充一點，我們之前討論過收購的射頻業務能夠獲利並帶來實際收益。正如預期，我們在三月的整個季度都看到了這一點。

Very good. And as my follow-up, Steve, you just mentioned you expect data center to potentially reach a record year. If I'm not mistaken, the record was $173 million and you just guided to a $50 million quarterly run rate. So I mean, wouldn't you be above that record for this year, unless I'm misreading some potential volatility in the business for the back half?

很好。史蒂夫，我還有一個後續問題。你剛才提到預計資料中心業務今年可能會創下歷史新高。如果我沒記錯的話，之前的最高紀錄是 1.73 億美元，而你剛才預測的季度年化收入為 5000 萬美元。所以我的意思是，除非我對下半年業務可能出現的波動性判斷有誤，否則今年的實際收入難道不應該超過這個紀錄嗎？

Yes. I think I was looking at the last 5 years, Tore. I think the number you're quoting is probably back in 2016 or '17 as sort of the high watermark for the data center. And so I have to caveat my comments to being back to 2019.

是的。托雷，我想我當時看的是過去五年的數據。你提到的數字可能是2016年或2017年的數據，那段時間資料中心的發展達到了高峰。所以我的評論要從2019年開始才作相應補充說明。

Got it. So maybe because of that, how should we think about the volatility of the data center business? Because it grew very strongly for 2 quarters last year then it took a breather this last quarter, now starting to grow again. So is that sort of the cadence going forward sort of like 2 quarters of strong growth over one digestion? Any other types of visibility there would be helpful.

明白了。所以，或許正因如此，我們該如何看待資料中心業務的波動性？因為去年它經歷了兩個季度的強勁成長，然後在上個季度有所放緩，現在又開始成長。那麼，未來的成長節奏是否會是這樣的：兩個季度的強勁成長之後是一段消化期？如果能提供其他方面的資訊就更好了。

Well, I think you hit the nail on the head. It's a very volatile end market, and we can't control that volatility. So I think investors need to expect continued volatility over time so long as the trend line is showing that overall, the business is growing and becoming more diversified. I think we'll be able to manage that business. So you're certainly right that it can turn on and off. You typically see that when the ISPs release large orders into the supply chain as they're doing a build-out or you see that when they're moving from one data rate to another. Some people are saying that the speed of these transitions is increasing. And so we're trying to keep up with all of that. But yes, you are exactly right. The data center is certainly a volatile end market. We have a very conservative approach to forecasting and managing the business so that we don't get ahead of ourselves in terms of investor expectations.

嗯，我覺得你說得對。這是一個波動性很大的終端市場，而我們無法控制這種波動。所以我認為，只要整體趨勢顯示業務在成長並日益多元化，投資人就需要預料到未來一段時間市場會持續波動。我認為我們能夠管理好這項業務。你說的沒錯，市場確實會時而活躍時而低迷。通常情況下，當網路服務供應商（ISP）在進行網路建置時向供應鏈下達大量訂單，或當他們從一種資料速率升級到另一種資料速率時，就會出現這種情況。有人說，這些過渡的速度正在加快。所以我們正在努力跟上所有這些變化。沒錯，你說得完全正確。資料中心確實是一個波動性很大的終端市場。我們在預測和業務管理方面採取了非常保守的方法，以免超出投資者的預期。

And our next question coming from the line of Srinivas Pajjuri with Raymond James.

接下來的問題來自 Raymond James 的 Srinivas Pajjuri。

One of the questions on the data center. I think copper connections are becoming more and more important as AI gains traction, especially clusters, AI clusters gain traction. I'm just trying to understand the market size is the way you think about it, Steve, maybe? And your positioning because we keep hearing that this could be hundreds of millions of dollars of opportunity longer term. So I just want to hear your thoughts on how you think about the ACC market, in particular, and how you're positioned to kind of capture and leverage that potential?

關於資料中心，我有個問題。我認為隨著人工智慧（AI）的普及，尤其是人工智慧集群的興起，銅纜連接的重要性日益凸顯。史蒂夫，我想了解你對這個市場的規模有何看法？以及你們的市場定位，因為我們一直聽說，從長遠來看，這可能是一個價值數億美元的商機。所以我想聽聽你對ACC市場的看法，特別是你們如何定位才能抓住並利用這一潛力？

Yes. Well, we certainly hear the same things. And what we're trying to do is make sure that we have the best equalizers in the market to capture market share to work with all of the cable manufacturers work directly with the network folks, work with people that are designing next-generation switches, working with people that are struggling to improve signal integrity. And so that is where we sit in terms of a position in the market. You are correct to say that there is a lot of copper deployed in the data centers. More and more, that's becoming electrified to carry higher speed data. And the limitation is certainly distance. It -- you can get it to work very well over short distances.

是的。我們當然也聽到了同樣的說法。我們正在努力確保我們擁有市場上最好的均衡器，以搶佔市場份額，與所有線纜製造商合作，直接與網路工程師合作，與設計下一代交換機的人員合作，與致力於提高訊號完整性的人員合作。這就是我們在市場上的定位。您說得對，資料中心部署了大量的銅纜。越來越多的銅纜正在電氣化，以傳輸更高速度的資料。當然，它的限制在於距離。在短距離內，它可以很好地工作。

But as you go longer in distances, you need to most likely switch over to an active optical cable or a pluggable solution and use a DSP, especially if it's a long link. So I think there is a spot inside of the data centers for active copper cable. We -- you have to recognize that the history of our data center revenue has always revolved around analog solutions and the active copper cable end product that we're designing is exactly that. It's an analog solution, which makes adjustments in terms of the signal integrity through the copper.

但隨著傳輸距離的增加，您很可能需要切換到主動光纜或可插拔解決方案，並使用數位訊號處理器 (DSP)，尤其是在長距離鏈路的情況下。因此，我認為有源銅纜在資料中心領域仍佔有一席之地。我們必須認識到，我們資料中心的收入一直以來都圍繞著模擬解決方案展開，而我們正在設計的有源銅纜終端產品也正是如此。它是一種類比解決方案，透過銅纜對訊號完整性進行調整。

It's also early in this cycle, and we think over the next few years, there is certainly great potential. It's probably one of the highest volume products in the data center, especially due to the reconfiguration of the data centers these days. And so yes, we are -- we see the opportunity. We are very sober about what that means to MACOM and how much revenue we'll generate. There's competition. There will be more competition. And so we think we're in a lead position from a technology point of view, and we'll work hard to try to keep that.

目前還處於這個週期的早期階段，我們認為未來幾年肯定蘊藏著巨大的潛力。這可能是資料中心銷售量最高的產品之一，尤其是在如今資料中心重新配置的背景下。所以，是的，我們看到了其中的機會。我們非常清醒地認識到這對MACOM意味著什麼，以及我們將創造多少收入。競爭是存在的，而且競爭還會加劇。因此，我們認為從技術角度來看，我們處於領先地位，我們將努力保持這一優勢。

Very helpful. And then just one clarification. On the cable weakness that you mentioned, could you maybe help us understand how much exposure you have to cable market? And you seem to think that even next year, that market could remain weak. Just wondering what's giving that level of visibility as why you think, I mean you talked about DOCSIS 4 probably not ready or either the technology issue with more of a market demand issue? Any color would be helpful.

非常有用。還有一個問題想請教一下。您提到有線電視市場疲軟，能否請您解釋一下貴公司在有線電視市場的投資比例？您似乎認為即使明年，這個市場也可能仍然疲軟。我想知道是什麼讓您對這個市場如此看好，您之前提到DOCSIS 4可能尚未成熟，或者說是技術問題，還是市場需求問題？任何細節都將不勝感激。

Yes. We have about maybe 5 to 10 different product lines that we sell into cable infrastructure. And so we follow the industry very carefully. During COVID, we saw a huge run-up of production from our cable customers, many of which today are sitting on a tremendous amount of inventory. So we think that all of that inventory needs to bleed down with sort of the current generation. When we look at the market and the financial models of a lot of sort of this industry, it struggles to make money, let's say. And so it's a difficult market, and there's a lot of pressure coming online in terms of alternative solutions, including PON, fiber to the home, satellite solutions and whatnot.

是的。我們大約有5到10條不同的產品線銷售給有線電視基礎設施。因此，我們非常密切地關注著這個行業。在新冠疫情期間，我們看到有線電視客戶的產量大幅增加，其中許多客戶現在都積壓了大量庫存。所以我們認為，所有這些庫存都需要隨著當前世代產品的上市而逐漸減少。當我們審視這個產業的市場和財務模型時，會發現它很難獲利。因此，這是一個充滿挑戰的市場，而且來自PON、光纖到府、衛星解決方案等替代解決方案的競爭也非常激烈。

So I can tell you today, our cable revenue is close to 0. And so that's the good news. So if anything turns on or comes back, then that will be a tailwind for our revenue. But we think that it's going to be some time. We think that the hardware manufacturers want to continue to sell the DOCSIS 3 product because they have a tremendous amount of inventory, and that could last for a couple of years before people start investing and it's a big -- it's a heavy lift to launch DOCSIS 4 into the market. So we'll have to wait and see. We continue to engage the customers. We have some great differentiated technology. And as we think about the next 3 years, like I mentioned, we are keeping our expectations very low.

所以今天我可以告訴大家，我們的有線電視收入接近零。這是個好消息。如果有線電視業務恢復或重新開通，那將對我們的收入起到積極作用。但我們認為這還需要一段時間。硬體製造商希望繼續銷售 DOCSIS 3 產品，因為他們擁有大量的庫存，這可能需要幾年時間才能讓人們開始投資。而且，將 DOCSIS 4 推向市場是一項艱鉅的任務。所以我們只能拭目以待。我們會繼續與客戶保持溝通。我們擁有一些非常獨特的技術。至於未來三年，正如我剛才提到的，我們保持著非常低的預期。

And our next question is coming from the line of Peter Peng with JPMorgan.

下一個問題來自摩根大通的 Peter Peng。

Wanted to touch on the gross margin and what your expectations are for the -- recall for the Wolfspeed RF business that you were in the low 40% and there's plans to maybe bring that up to the 50% as we exit. So is that still on track? And then just on the overall -- how do we think about gross margins kind of moving forward?

我想談談毛利率以及您對未來的預期——回想一下Wolfspeed RF業務，您之前的毛利率在40%左右，並計劃在退出後將其提升至50%。那麼這個目標目前還在照計畫進行嗎？另外，就整體而言，您如何看待未來的毛利率？

Yes. I'll say just a word on that and then Jack can answer your question. So we look at this as a long-term project to improve their gross margins in a similar way to what we really did as a company over the last few years, moving MACOM's gross margins, which were in the low to mid-50% up to above 60% and we had to do a lot of work internally, operationally, yield enhancement programs, managing costs associated with high-volume production and so our team is very skilled at taking a business that has underperforming gross margins and improving them. And so that is part of what we're going to do.

是的。我先簡單說幾句，然後傑克可以回答你的問題。我們把這看作是一個長期項目，旨在提高他們的毛利率，就像我們公司過去幾年所做的那樣，將MACOM的毛利率從50%左右的低位提升到60%以上。為此，我們在內部營運、良率提升、控制大量生產成本等方面做了許多工作。我們的團隊非常擅長改善毛利率低迷的企業。這也是我們接下來要做的事情之一。

And the last thing I'll say before I turn it over to Jack is we do want to let investors know that this will take time. It's not -- there's no magic bullet here that will all of a sudden move there. The RF Power business up to, let's say, 60% or above. There's multiple pieces inside of that business that will be addressed on a case-by-case basis. Jack, maybe you can add to that.

在把發言權交給傑克之前，我最後想說的是，我們想讓投資人明白，這需要時間。沒有靈丹妙藥能一蹴可幾。射頻功率業務的佔比可能達到60%甚至更高。這項業務包含多個部分，我們需要逐一解決。傑克，或許你可以補充一下。

Yes, just to provide some additional color, we do have numerous margin and yield enhancement programs that are occurring throughout the entire MACOM organization in addition to what we're doing more specifically with the acquired RF business. And then if you take a step back, just overall from a gross margin standpoint, there's a number of things that we have going as well from a new product introduction standpoint, and we've talked about this a bit in the past with our new product introductions, having gross margins higher than the corporate averages for MACOM. So that will be another area that we continue to focus on as we go forward that will support improving margins as we work our way into the future. But it will take time. These things don't happen overnight. There's a lot of hard work that goes into it.

是的，為了更詳細地說明情況，除了我們針對收購的射頻業務所採取的具體措施之外，我們還在整個MACOM組織內開展了多項利潤率和良率提升計劃。此外，從整體毛利率的角度來看，我們在新產品導入方面也採取了多項措施，我們過去也曾討論過新產品導入的毛利率高於MACOM公司平均水平。因此，這將是我們未來持續關注的另一個重點領域，有助於我們持續提高利潤率。但這需要時間，這些事情不會一蹴而就，需要付出大量的努力。

But going back to where Steve had mentioned, our goal would be to approach it similar to the way we approach things back in the 2020 through 2023 time period with looking to make incremental improvements across the business over time.

但回到史蒂夫剛才提到的，我們的目標是採取與 2020 年至 2023 年期間類似的方式，尋求隨著時間的推移在整個業務中逐步改進。

And then for your data center, can you just provide some color on what's the exposure to more of the higher speed line products versus the more legacy? And then as we think about the 1.2, 1.6 products. What kind of -- is there any content gains that you guys are expecting from this?

那麼，就你們的資料中心而言，能否詳細說明一下高速線路產品和傳統線路產品的使用情況？另外，當我們考慮 1.2 和 1.6 版本產品時，你們預計會從中獲得哪些方面的成長？

Yes. So the -- just sort of looking at the recent quarter, I can say the vast majority was servicing 800-gig applications. So more than 50%. The legacy business has been improving, as I mentioned in my comments, that includes 100 gig CWDM4 long-reach type applications. We've seen some strength there. Also Tier 1 has been showing some improvements. So the legacy business is moving in the right direction, nothing or shattering, but certainly, we are seeing positive trends there.

是的。就最近一個季度的情況來看，可以說絕大多數業務都在服務800Gbps的應用，超過50%。正如我之前提到的，傳統業務一直在改善，其中包括100Gbps CWDM4長距離應用。我們看到這方面表現強勁。一級供應商也取得了一些進展。所以傳統業務正朝著正確的方向發展，雖然沒有爆發式成長，但我們確實看到了正面的趨勢。

In terms of the content for the 1.6, it primarily revolves around laser drivers and transimpedance amplifiers. Those are the 2 functions that we want to sell into this hardware. Also, it's not just on the optical side, it's also on the active copper cable side. Our customers want to move 1.6 over copper, if it's possible. And we're certainly up for the challenge.

就 1.6 版本的內容而言，它主要圍繞雷射驅動器和跨阻放大器。這是我們希望在該硬體中推廣的兩項功能。此外，它不僅涉及光纖方面，也涉及有源銅纜方面。我們的客戶希望盡可能透過銅纜傳輸 1.6 版本。我們當然樂於接受這個挑戰。

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

現在我將把電話交還給史蒂夫·戴利先生，請他作總結發言。

Thank you. In closing, I would like to thank our employees, customers and suppliers for making these results possible. We are excited to be involved with new I&D programs and cutting-edge data center applications for next-generation high-speed infrastructure and to service the growing SATCOM market. We will continue to work as a team to meet our customers' needs and execute our strategic plan. Thank you and have a nice day.

謝謝。最後，我要感謝我們的員工、客戶和供應商，正是他們的支持使得這些成果成為可能。我們很高興能夠參與新的研發項目和尖端資料中心應用，為下一代高速基礎設施提供支持，並服務於不斷增長的衛星通訊市場。我們將繼續精誠合作，滿足客戶需求，並有效執行我們的策略規劃。謝謝，祝您愉快！

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

女士們、先生們，今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。