MACOM Technology Solutions Holdings Inc (MTSI) 2024 Q3 法說會逐字稿

Welcome to MACOM's third fiscal quarter 2024 conference call. This call is being recorded today, Thursday, August 1, 2024. (Operator Instructions)

歡迎參加 MACOM 2024 年第三財季電話會議。本次通話錄音於今天，即 2024 年 8 月 1 日星期四。（操作員說明）

I will now turn the call over to Mr. Stephen Ferranti, Vice President of Corporate Development and Investor Relations. Mr. Ferranti, please.

我現在將把電話轉給企業發展和投資者關係副總裁史蒂芬費蘭蒂先生。費蘭蒂先生，有請。

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

謝謝你，奧莉維亞。早安，歡迎致電討論 MACOM 2024 年第三財季的財務表現。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。實際結果可能與今天討論的結果大不相同。如需更詳細地討論可能導致這些差異的風險和不確定性，我們建議您參閱 MACOM 向 SEC 提交的文件。

Management's statements during this call will also include discussion of certain adjusted non-GAAP financial information. A reconciliation of GAAP to adjusted non-GAAP results are provided in the company's press release and related Form 8-K, which was filed with the SEC today. With that, I'll turn over the call to Steve Daly, President and CEO of MACOM.

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。公司新聞稿和今天向 SEC 提交的相關表格 8-K 中提供了 GAAP 與調整後的非 GAAP 業績的調整表。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, Jack Kober, our Chief Financial Officer, will review our Q3 results (sic - see Company's website, where the CFO is "John F. Kober"). When Jack is finished, I will provide revenue and earnings guidance for fiscal Q4, 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，我們的財務長傑克·科伯將審查我們的第三季業績（原文如此 - 請參閱公司網站，其中財務長是「John F. Koher」）。當傑克完成後，我將提供第四財季的收入和獲利指導，然後我們將很樂意回答一些問題。

Revenue for the third quarter of fiscal 2024 was $190.5 million and adjusted EPS was $0.66 per diluted share. During the quarter, we generated over $40 million of free cash flow, and we ended the quarter with approximately $521 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.

2024 財年第三季營收為 1.905 億美元，調整後每股攤薄每股收益 0.66 美元。本季度，我們產生了超過 4,000 萬美元的自由現金流，本季結束時，我們的資產負債表上有約 5.21 億美元的現金和短期投資。我們的業務保持健康和盈利，我們在投資未來成長機會的同時繼續產生強勁的現金流。

In Q3, our book-to-bill ratio was 1.1 times to 1 times, and our turns business or orders booked and shipped within the quarter was 21% of our total revenue. Booking trends are one of the most important metrics we track as they are a leading indicator of future revenue. We recognize bookings can be volatile. However, we are pleased that this is the third quarter in a row that our bookings improved. It's also the second time in 12 months that we achieved a quarterly book-to-bill ratio of 1.1 times.

第三季度，我們的訂單出貨比為1.1倍至1倍，當季度我們的訂單量或訂單量佔總營收的21%。預訂趨勢是我們追蹤的最重要的指標之一，因為它們是未來收入的領先指標。我們認識到預訂量可能會波動。然而，我們很高興這是我們的預訂量連續第三個季度有所改善。這也是 12 個月內我們第二次實現季度訂單出貨比 1.1 倍。

New order demand was strongest in our I&D and data center end markets. Q3 revenue performance by end market was as expected, with industrial and defense at $90.9 million, telecom at $50.6 million, and data center at $49 million. For the quarter, data center was up 13.6% sequentially. Telecom was up 7.1% sequentially.

我們的 I&D 和資料中心終端市場的新訂單需求最為強勁。第三季終端市場收入表現符合預期，工業和國防收入為 9,090 萬美元，電信收入為 5,060 萬美元，資料中心收入為 4,900 萬美元。本季度，資料中心業務較上季成長 13.6%。電信股較上一季上漲 7.1%。

And I&D was flat sequentially. I'll note that our I&D business had record revenues in the prior quarter. Industrial and defense is our largest market and our I&D revenues have been steadily growing over the past few years. We believe the secular trends for the I&D market are favorable and our growth strategies are working. Our focus over the last few years has been strengthening our engineering capabilities to better serve these customers. For example, we approach our defense customers as merchant suppliers of high-performance IC components.

I&D 環比持平。我要指出的是，我們的 I&D 業務上一季的營收創歷史新高。工業和國防是我們最大的市場，過去幾年我們的研發收入一直在穩定成長。我們相信 I&D 市場的長期趨勢是有利的，我們的成長策略正在發揮作用。過去幾年我們的重點是加強我們的工程能力，以更好地服務這些客戶。例如，我們將國防客戶視為高性能 IC 元件的商業供應商。

In doing so, we offer standard in custom IC and package 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. We also offer our defense customers access to our wafer foundries and approximately 20 proprietary process technologies. 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.

為此，我們提供標準的客製化 IC 和封裝解決方案來滿足他們的需求。我們接受客製化設計項目，我們認為這是與客戶的工程團隊建立牢固關係的好方法。我們也為國防客戶提供使用我們晶圓代工廠和大約 20 種專有製程技術的機會。在某些情況下，我們的國防客戶擁有自己的晶圓廠和 IC 設計人員，但他們傾向於使用 MACOM 等國防部信任的代工廠來獲得差異化的製程技術。

And we offer to design and manufacture custom component module and subsystem solutions, but only in areas where we have high MACOM IC content and true subsystem expertise, which typically revolves around millimeter wave, very high RF or microwave power, filtering and switching and specialized fiber-optic subsystems.

我們提供設計和製造客製化組件模組和子系統解決方案，但僅限於我們擁有高MACOM IC 含量和真正的子系統專業知識的領域，這些專業知識通常圍繞著毫米波、極高的射頻或微波功率、濾波和開關以及專用光纖-光學子系統。

On last quarter's call, I highlighted electronic warfare, radar, anti drone, and integrated battlefield systems. As for examples of defense applications, which can utilize MACOMS technology, we see a number of large opportunities across these and other application areas at our major defense customers. As a reminder, our focus has been and will continue to be developing products and technology for the highest frequency, highest power, and highest data rate applications.

在上個季度的電話會議上，我強調了電子戰、雷達、反無人機和綜合戰場系統。至於可以利用 MACOMS 技術的國防應用範例，我們在主要國防客戶的這些和其他應用領域中看到了許多巨大的機會。提醒一下，我們的重點一直並將繼續是開發用於最高頻率、最高功率和最高資料速率應用的產品和技術。

We are pleased that our newest technology and latest products are being evaluated and adopted by leading defense OEMs and government customers.

我們很高興看到領先的國防原始設備製造商和政府客戶正在評估和採用我們的最新技術和最新產品。

And finally, I'm pleased to announce that during the quarter, we were awarded a special development contract from the US Air Force. Under the contract, we will conduct research and development on microwave filter technologies using novel epitaxial and semiconductor processing. We are excited to begin the work and we believe our efforts will help improve the performance of next-generation defense systems, which require more precise filtering.

最後，我很高興地宣布，在本季度，我們獲得了美國空軍的特殊開發合約。根據合約，我們將利用新型外延和半導體製程進行微波濾波器技術的研究和開發。我們很高興開始這項工作，我們相信我們的努力將有助於提高下一代防禦系統的性能，這需要更精確的過濾。

We are pleased to see that our telecom end market revenues have stabilized, albeit in a generally weak environment for a few of our core submarkets. I'll note we are not seeing signs of a broad telecom recovery. However, as noted last quarter, we are seeing platform shifts at our lead 5G customer, which may result in revenue growth opportunities for MACOM over the next 12 months. In addition, we believe we are gaining market share at certain key 5G accounts.

我們很高興看到我們的電信終端市場收入已經穩定，儘管我們的一些核心子市場普遍疲軟。我要指出的是，我們沒有看到電信廣泛復甦的跡象。然而，正如上季度所指出的，我們看到我們的主要 5G 客戶發生了平台轉變，這可能會為 MACOM 在未來 12 個月帶來收入成長機會。此外，我們相信我們正在獲得某些關鍵 5G 客戶的市場份額。

While global 5G network CapEx spending may have peaked, we are still excited about the growth opportunities in 5G networks. Our existing customers are providing MACOM more opportunities on the transmit and receive side of 5G radios as well as the high-speed digital and optical portions of the network. A bright spot in the telecom market is satellite communications or SATCOM. We see opportunities to sell our products into a growing number of satellite constellations, which are delivering broadband, Internet, and direct to sell services to global customers.

儘管全球 5G 網路資本支出可能已見頂，但我們仍然對 5G 網路的成長機會感到興奮。我們現有的客戶正在為 MACOM 在 5G 無線電的發送和接收端以及網路的高速數位和光纖部分提供更多機會。電信市場的一個亮點是衛星通訊或SATCOM。我們看到了向越來越多的衛星星座銷售我們的產品的機會，這些衛星星座正在向全球客戶提供寬頻、網路和直銷服務。

These systems typically operate at microwave or millimeter wave frequencies, which plays to make on strength. The data center end market continues to be a dynamic market with significant growth opportunities. The industry's movement to higher data rates combined with increasing number of interconnects that are required for next generation networking and high-performance computing applications are creating meaningful opportunities for MACOM.

這些系統通常在微波或毫米波頻率下運行，這會發揮作用。資料中心終端市場仍然是一個充滿活力的市場，具有巨大的成長機會。產業向更高數據速率的發展，加上下一代網路和高效能運算應用所需的互連數量不斷增加，正在為 MACOM 創造有意義的機會。

For example, a single compute cluster could use hundreds of thousands of cores, GPUs across hundreds of equipment racks. Connecting everything together requires large volumes of fiber optic and or copper interconnects, creating a potential opportunity from MACOM. Within these complex compute architectures, there are typically a wide range of connectivity requirements, including GPU to GPO, switch to switch, network interface card or NIC to switch, and DCI links. Connectivity requirements can vary by customer, including linked distance protocol and physical medium.

例如，單一運算叢集可以在數百個裝置機架上使用數十萬個核心、GPU。將所有東西連接在一起需要大量光纖和/或銅互連，這為 MACOM 創造了潛在的機會。在這些複雜的運算架構中，通常存在廣泛的連線需求，包括 GPU 到 GPO、交換器到交換器、網路介面卡或 NIC 到交換器以及 DCI 連結。連接要求可能因客戶而異，包括連結距離協定和實體介質。

As a result, our strategy is to bring to market a product portfolio that offers solutions for short and long distance connections utilizing NRZ, PAM-4, coherent modulations carrying Ethernet, PCIE or other customer proprietary protocols. We designed high speed analog chips to support both single-mode and multi-mode fiber optic deployments using DML, VIXEL or EML lasers as well as silicon photonic modulators with CW lasers.

因此，我們的策略是將產品組合推向市場，利用 NRZ、PAM-4、承載乙太網路、PCIE 或其他客戶專有協定的相干調製，為短距離和長距離連線提供解決方案。我們設計了高速模擬晶片，支援使用 DML、VIXEL 或 EML 雷射以及使用 CW 雷射的矽光子調製器的單模和多模光纖部署。

And of course, we offer analog products that support both retained and linear architectures. Or said differently, we can sell our ICs to work in conjunction with DSPs or to replace DSPs. We believe there is a fast pace of innovation within the data center industry. For example, today 400G and 800G data center systems operating at up to 100 gigabits per lane are being deployed utilizing our products. At the same time, these systems are being designed, production ramped and deployed. We are also seeing new and increasing demand for our 200 gigabits per lane chipsets for both 800G and 1.6 key applications.

當然，我們提供支援保留架構和線性架構的模擬產品。或者換句話說，我們可以出售我們的 IC，與 DSP 配合使用或取代 DSP。我們相信資料中心產業的創新步伐很快。例如，如今，每通道運行速度高達 100 GB 的 400G 和 800G 資料中心系統正在使用我們的產品進行部署。同時，這些系統正在設計、生產和部署中。我們還發現，800G 和 1.6 key 應用程式對每個通道 200 GB 晶片組的需求不斷增長。

As part of the deployment of 200 gigabit per lane network architectures, we see our customers designing and adopting 200 gigabit per lane linear pluggable optics or LPO, and active copper cables, or ACCUs, in their networks to improve latency, thermals and power consumption. Our products can be very helpful in these applications, and they have been well received by leading customers in this space.

作為每通道 200 GB 網路架構部署的一部分，我們看到客戶在其網路中設計和採用每通道 200 GB 線性可插拔光纖或 LPO 以及主動銅纜或 ACCU，以改善延遲、熱量和功耗。我們的產品在這些應用中非常有幫助，並且受到了該領域領先客戶的好評。

As we look ahead, we see growth in our data center business being driven primarily by our 100 gigabits and 200 gigabits per lane solutions across optical and copper demand for our legacy Ethernet data center products at 25 gigabits and 50 gigabits per lane, which has become a smaller part of our data center revenue, has recently shown modest improvements, and we are pleased to see these positive trends.

展望未來，我們看到資料中心業務的成長主要由每通道100 吉比特和200 吉比特解決方案推動，滿足對每通道25 吉比特和50 吉比特傳統乙太網路資料中心產品的光纖和銅纜需求，這已成為我們資料中心收入的一小部分最近顯示出適度的改善，我們很高興看到這些積極的趨勢。

And finally, as 100 gigabits per lane and 200 gigabits per lane products become a reality, our engineering teams have already started designing the next-generation products to support 3.2T applications. Now I'd like to discuss a few recent highlights. In June, we attended the 2024 International Microwave Symposium, which was one of the most important trade shows of the year from MACOM. We use this venue to showcase our latest diodes, RF power, and mimic product lines.

最後，隨著每通道 100 GB 和每通道 200 GB 產品成為現實，我們的工程團隊已經開始設計下一代產品以支援 3.2T 應用。現在我想談談最近的一些亮點。6 月，我們參加了 2024 年國際微波研討會，這是 MACOM 年度最重要的貿易展之一。我們利用這個場地展示我們最新的二極體、射頻功率和類比產品線。

This year, we organized 14 product demonstrations at our booth with products from across our core business units as well as from our recent acquisitions. Some of these demos illustrate how our recent acquisitions and their associated technologies integrate seamlessly into our core portfolio and business.

今年，我們在展位上組織了 14 場產品演示，展示了來自我們核心業務部門以及最近收購的產品。其中一些演示展示了我們最近的收購及其相關技術如何無縫整合到我們的核心產品組合和業務中。

For example, we demonstrated 100 watt C-band GaN on silicon carbide power amplifier mimic with 57% power added efficiency in an over molded package in conjunction with the silicon PMIC or power management IC. We believe this is one of the highest efficient efficiency power amplifiers in its class. And our team was able to combine the GaN on silicon carbide technology from the recent RF business acquisition, together with our silicon power management IC technology designed by our analog designers.

例如，我們展示了碳化矽功率放大器模擬上的 100 瓦 C 波段 GaN，在與矽 PMIC 或電源管理 IC 結合的超模壓封裝中具有 57% 的功率附加效率。我們相信這是同類產品中效率最高的功率放大器之一。我們的團隊能夠將最近收購的射頻業務中的碳化矽氮化鎵技術與我們的類比設計師設計的矽電源管理 IC 技術結合。

We demonstrated a GaN on silicon low-noise amplifier or LNA with one of the fastest recovery times in the industry processed at our new French wafer fab. The combination of low noise figure, superfast recovery time, and ruggedness make our LNAs attractive for use in radar and electronic warfare. We are pleased that our North American applications and sales teams have successfully introduced the product line to new customers that can exploit the key features of this existing product.

我們展示了矽基氮化鎵低雜訊放大器或 LNA，其恢復時間是業內最快的之一，在我們新的法國晶圓廠加工。低噪音係數、超快恢復時間和耐用性的結合使我們的 LNA 在雷達和電子戰中具有吸引力。我們很高興我們的北美應用和銷售團隊已成功向新客戶介紹了該產品線，這些客戶可以利用該現有產品的關鍵功能。

And finally, we demonstrated our linearizer technology together with our GaN amplifier pilot technology to highlight how it's possible to simultaneously optimize linearity, power added efficiency, and output power in SATCOM applications. These are just three examples of where our M&A strategy has created a one plus one equals three results. I'll note we are very pleased with the progress we are making with our recent acquisitions, and I especially want to acknowledge the strong support from Wolfspeed over the past quarter.

最後，我們展示了我們的線性化器技術和 GaN 放大器試點技術，以強調如何在衛星通訊應用中同時優化線性度、功率附加效率和輸出功率。這些只是我們的併購策略創造一加一等於三結果的三個例子。我要指出的是，我們對最近的收購所取得的進展感到非常滿意，我特別要感謝 Wolfspeed 在過去一個季度的大力支持。

I would like to take a moment to update investors on our pursuit activities for CHIPS Act funding. As reported previously, MACOM completed the full application process for our low Massachusetts wafer fab. Today, I can report we also completed a full application process for the RTP, North Carolina wafer fab. Congratulations to our capture team for developing these plans, completing the documentation and putting forward compelling applications.

我想花點時間向投資者介紹我們尋求 CHIPS 法案資金活動的最新情況。如同先前報導的，MACOM 完成了我們馬薩諸塞州低晶圓廠的完整申請流程。今天，我可以報告說，我們也完成了北卡羅來納州 RTP 晶圓廠的完整申請流程。恭喜我們的捕獲團隊制定了這些計劃、完成了文件並提出了引人注目的應用程式。

In addition to pursuing domestic government funding, we seek French, state and European Union funding to support capital investments and technology development projects at our MACOM European semiconductor center or MESC near Paris, France. Our small but strategic semiconductor center is located in the heart of Europe and is ideally situated to support European telecom, industrial, automotive, and defense customers. I'll note since the acquisition in the spring of 2023, our teams have been actively working to bring online and qualify MESCs existing six inch wafer production line. We expect this activity to increase our manufacturing capacity while lowering manufacturing costs. As a reminder, our goal of modernization and expansion of our facilities is driven by our long-term strategy to make MACOM stronger and more competitive, and it is not dependent on external funding.

除了尋求國內政府資助外，我們還尋求法國、州和歐盟的資助，以支持法國巴黎附近的 MACOM 歐洲半導體中心或 MESC 的資本投資和技術開發項目。我們的小型但具有戰略意義的半導體中心位於歐洲中心，地理位置優越，可以為歐洲電信、工業、汽車和國防客戶提供支援。我要指出的是，自 2023 年春季收購以來，我們的團隊一直在積極致力於將 MESC 現有的 6 吋晶圓生產線上線並進行鑑定。我們預計這項活動將提高我們的製造能力，同時降低製造成本。需要提醒的是，我們設施現代化和擴建的目標是由我們的長期策略所驅動的，目的是使 MACOM 更強大、更具競爭力，而不依賴外部資金。

Before turning the discussion over to Jack, I am pleased to report that in July, we completed an update to our 5-year strategic plan. We believe that detailed long-term planning is essential to be successful in the semiconductor industry. And while our plan is confidential, I can share that it revolves around a few central themes, which are: one, to focus on market positioning; two, capitalize on trends to execute advanced technology development; three, strengthen our franchise; and four, always look for ways to differentiate ourselves from the competition in order to win market share.

在將討論交給 Jack 之前，我很高興地向大家報告，我們在 7 月完成了 5 年戰略計劃的更新。我們相信，詳細的長期規劃對於在半導體產業取得成功至關重要。雖然我們的計劃是保密的，但我可以分享的是，它圍繞著幾個中心主題，它們是：一是專注於市場定位；二是順勢而為，實施先進技術開發；三、加強我們的特許經營；第四，始終尋找在競爭中脫穎而出的方法，以贏得市場份額。

Our long term goal is to build a unique best in class and diversified semiconductor portfolio, which enables MACOM to capture a larger share of the market. We are excited about the future and confident we can continue to gain market share.

我們的長期目標是建立獨特的、一流的、多元化的半導體產品組合，使 MACOM 能夠佔領更大的市場份額。我們對未來感到興奮，並相信我們能夠繼續獲得市場份額。

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 thanks to everyone for joining the call this morning. Revenue for the fiscal third quarter was $190.5 billion, up 5.1% sequentially based on growth in our data center and telecom end markets. Industrial and defense markets were flat sequentially. On a geographic basis, revenue from US domestic customers represented approximately 46% of our fiscal Q3 results, up from 44% in fiscal Q2. Adjusted gross profit for fiscal Q3 was $109.5 million or 57.5% of revenue, up 40 basis points sequentially, increasing from 57.1% in Q2.

謝謝史蒂夫，也謝謝大家今天早上加入電話會議。第三財季營收為 1,905 億美元，由於資料中心和電信終端市場的成長，季增 5.1%。工業和國防市場環比持平。從地理來看，來自美國國內客戶的營收約占我們第三財季業績的 46%，高於第二財季的 44%。第三財季調整後毛利為 1.095 億美元，佔營收的 57.5%，較第二季的 57.1% 較上季成長 40 個基點。

I would like to highlight that our operations team has been able to control costs and also execute improvement plans across the entire company, including within our recently acquired businesses, helping to increase our gross margin. As we implement additional operational improvements, grow our revenue and better utilize our wafer foundries, overtime, we expect our gross margin to get back to prior levels of 60% or better.

我想強調的是，我們的營運團隊能夠控製成本，並在整個公司範圍內執行改進計劃，包括我們最近收購的業務，這有助於提高我們的毛利率。隨著我們實施額外的營運改善、增加收入並更好地利用我們的晶圓代工廠，隨著時間的推移，我們預計毛利率將恢復到先前 60% 或更高的水平。

Total adjusted operating expense for our third fiscal quarter was $63.9 million, consisting of research and development expense of $41.5 million and selling, general and administrative expense of $22.4 million. Total operating expenses were up by $600,000 sequentially, primarily due to R&D investments in new product initiatives. Adjusted operating income in fiscal Q3 was $45.6 million, up from $40.2 million in fiscal Q2 2024. Adjusted operating margin was 24%, up 180 basis points from fiscal Q2. The sequential increase was driven by higher revenue, improved gross margin, and management of our operating expenses.

第三財季調整後營運費用總額為 6,390 萬美元，其中研發費用為 4,150 萬美元，銷售、一般及管理費用為 2,240 萬美元。總營運費用比上一季增加了 60 萬美元，主要是由於新產品計劃的研發投資。第三財季調整後營業收入為 4,560 萬美元，高於 2024 年第二財季的 4,020 萬美元。調整後營業利益率為 24%，較第二財季上升 180 個基點。環比成長是由收入增加、毛利率提高以及營運費用管理所推動的。

Depreciation expense for fiscal Q3 was $7.3 million, essentially flat on a sequential basis. Adjusted EBITDA was $53 million, up $5.5 million or approximately 12% sequentially. Trailing 12 months adjusted EBITDA was $188.6 million. Adjusted net interest income for fiscal Q3 was $4.8 million, roughly $450,000 higher than the prior quarter, primarily due to growing cash and investment balances. Our adjusted income tax rate in fiscal Q3 was 3% and resulted in an expense of approximately $1.5 million. Our net cash tax payments were approximately $1.7 million for the third quarter.

第三財季的折舊費用為 730 萬美元，與上一季基本持平。調整後 EBITDA 為 5,300 萬美元，比上一季增加 550 萬美元，約 12%。過去 12 個月調整後 EBITDA 為 1.886 億美元。第三財季調整後淨利息收入為 480 萬美元，比上一季增加約 45 萬美元，主要是由於現金和投資餘額不斷增長。第三財季調整後的所得稅稅率為 3%，導致費用約 150 萬美元。第三季我們的淨現金稅約 170 萬美元。

We expect our adjusted income tax rate to remain at 3% for fiscal year 2024 and through fiscal year 2025. Fiscal Q3 adjusted net income was $48.9 million compared to $43.2 million in fiscal Q2 2024. Adjusted earnings per fully diluted share was $0.66, utilizing a share count of $74.2 million shares compared to $0.59 of adjusted earnings per share in fiscal Q2. I would like to highlight that during the third quarter, as a result of our average stock price being above the strike price of our convertible notes, our diluted share count increased by approximately 1% as compared to the prior quarter.

我們預計 2024 財年和 2025 財年調整後的所得稅稅率將維持在 3%。第三財季調整後淨利為 4,890 萬美元，而 2024 年第二財季為 4,320 萬美元。調整後每股完全攤薄收益為 0.66 美元，股數為 7,420 萬美元，而第二財季調整後每股收益為 0.59 美元。我想強調的是，在第三季度，由於我們的平均股價高於可轉換票據的執行價格，我們的稀釋後股票數量比上一季增加了約 1%。

Now moving on to operational balance sheet and cash flow items. Our Q3 accounts receivable balance was $106.8 million, down from $120.2 million in fiscal Q2 2024. As a result, days sales outstanding were 51 days compared to 60 days in the prior quarter. Inventories were $180.7 million at quarter end, up sequentially from $177.8 million. Inventory turns were 1.7 times down sequentially in Q3 from 1.8 times in the prior quarter. The sequential increase in our inventory balance was driven by anticipated higher demand within our data center business, the timing of certain program shipments, and also inventory builds to support future revenue.

現在轉向營運資產負債表和現金流量項目。我們第三季的應收帳款餘額為 1.068 億美元，低於 2024 年第二季的 1.202 億美元。結果，應收帳款天數為 51 天，而上一季為 60 天。季末庫存為 1.807 億美元，高於上一季的 1.778 億美元。第三季庫存週轉率比上一季的 1.8 倍下降了 1.7 倍。我們的庫存餘額連續增加是由於我們的資料中心業務中預期的更高需求、某些程序的發貨時間以及支持未來收入的庫存建設所推動的。

We feel the quality and mix of our inventory is strong and continues to support our strategic backlog. We expect inventory turns to improve next quarter as our revenue increases. Additionally, over the last five quarters, we have continued to reduce channel inventories held at certain of our partners fiscal Q3 cash flow from operations was approximately $49 million, up from $18.2 million sequentially due to higher adjusted net income and improved AR collections. We expect cash flow from operations in the fourth quarter to be in excess of $35 million.

我們認為我們的庫存品質和組合都很強勁，並將繼續支持我們的策略性積壓訂單。隨著我們收入的增加，我們預計下季庫存週轉率將會改善。此外，在過去的五個季度中，我們繼續減少某些合作夥伴持有的通路庫存，由於調整後淨利潤增加和應收帳款收款改善，第三財季營運現金流量約為4,900 萬美元，高於上一季的1,820 萬美元。我們預計第四季營運現金流將超過 3500 萬美元。

Capital expenditures for the first nine months of fiscal 2024 totaled $17.3 million. We have a rigorous approach associated with our capital expenditure process, which helps to ensure we are only spending on projects that are absolutely necessary and also meet our required returns. We expect our fiscal year 2024 capital expenditures to be approximately $25 million, primarily due to investments in manufacturing facilities and R&D initiatives.

2024 財年前九個月的資本支出總計 1,730 萬美元。我們對資本支出流程採取嚴格的方法，這有助於確保我們只在絕對必要且滿足我們所需回報的項目上進行支出。我們預計 2024 財年的資本支出約為 2,500 萬美元，主要是由於對製造設施和研發計畫的投資。

Next, moving on to other balance sheet items. Cash, cash equivalents and short-term investments for the third fiscal quarter were $521.5 million, up 45.1 million sequentially driven by net cash from operations. Comparing our cash and short-term investments to the book value of our convertible notes, we are now in a net cash position of more than $70 million. As previously noted, we recently completed our long-term strategic planning process, and our management team is focused on developing and executing a compelling strategic plan that will drive stockholder value over time. Our plan sets out a strategy to expand our SAM, grow the business beyond $1 billion in revenue, increase profitability while generating positive cash flow. I will now turn the conversation back over to Steve.

接下來，轉向其他資產負債表項目。第三財季現金、現金等價物和短期投資為 5.215 億美元，在營運淨現金的推動下環比增長 4,510 萬美元。將我們的現金和短期投資與可轉換票據的帳面價值進行比較，我們現在的淨現金頭寸超過 7000 萬美元。如前所述，我們最近完成了長期策略規劃流程，我們的管理團隊專注於制定和執行一項引人注目的策略計劃，隨著時間的推移，該計劃將推動股東價值。我們的計劃制定了一項策略，旨在擴大我們的 SAM，使業務收入超過 10 億美元，提高盈利能力，同時產生正現金流。我現在將話題轉回給史蒂夫。

Thank you, Jack. MACOM expects revenue in fiscal Q4 ending September 27, 2024 to be in the range of $197 million to $203 million. Adjusted gross margin is expected to be in the range of 57% to 59% and adjusted earnings per share is expected to be between $0.70 and $0.76 based on $75 million fully diluted shares. We expect sequential revenue growth in all of our end markets. We expect data center will lead with low-to-mid 10s growth, followed by telecom and industrial and defense with low single digit growth.

謝謝你，傑克。MACOM 預計截至 2024 年 9 月 27 日的第四財季營收將介於 1.97 億至 2.03 億美元之間。調整後毛利率預計在 57% 至 59% 之間，調整後每股盈餘預計在 0.70 美元至 0.76 美元之間（基於 7,500 萬美元完全稀釋股票計算）。我們預計所有終端市場的收入將持續成長。我們預計資料中心將以 10 歲以上的中低速成長領先，其次是電信、工業和國防，以低個位數成長。

Based on these Q4 projections on a full year basis for FY24, we would expect data center to be up approximately 35%, I&D up around 10%, and telecom to be down slightly year-on-year.

根據 2024 財年全年的第四季預測，我們預計資料中心將年增約 35%，I&D 成長約 10%，電信將較去年同期略有下降。

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。

Thank you. (Operator Instructions) Quinn Bolton, Needham & Co.

謝謝。（操作員說明）Quinn Bolton, Needham & Co.

Hey guys. It's John Neal on for Quinn Bolton, and thanks for taking our questions. Two questions from me. First, could you share where you are and the qualification process for active copper cables?

嘿夥計們。我是奎因·博爾頓的約翰·尼爾，感謝您回答我們的問題。我有兩個問題。首先，您能分享一下您的情況以及有源銅電纜的資格認證流程嗎？

Sure. So that really depends on the customer and the data rate and the particular application. So it really varies. We have customers ramping up our products. We have customers qualifying our products and we have customers just starting to design with our products. So it really depends very much on the customer, their application, and of course, the data rate.

當然。因此，這實際上取決於客戶、數據速率和特定應用。所以它確實有所不同。我們有客戶在增加我們的產品。我們有客戶對我們的產品進行鑑定，也有客戶剛開始使用我們的產品進行設計。因此，這實際上在很大程度上取決於客戶、他們的應用程序，當然還有數據速率。

Okay, thanks. And then you talked about share market, our options and you talked about market share gains in 5G. And then more specifically, last quarter, you talked about market share gains in the base station power end market. I was wondering if you could size those opportunities? Thanks.

好的，謝謝。然後您談到了股票市場、我們的選擇，也談到了 5G 市場份額的成長。更具體地說，上個季度，您談到了基地台電源端市場的市佔率成長。我想知道您能否評估這些機會？謝謝。

Sure. So the 5G RF power uplift opportunity for us is significant. Today, the vast majority of the revenue that we have in 5G is on macro base station. So higher power devices. Generally, our products are above 20 watts in power, and we see a tremendous opportunity to really tap into the massive MIMO platforms, which over time may be a larger portion of the market. And so I would say that over the next three to five years, we could more than double our RF power revenue. That market is there.

當然。因此，5G 射頻功率提升的機會對我們來說意義重大。如今，我們在5G方面的收入絕大部分來自於宏基站。所以功率更高的設備。一般來說，我們的產品功率都在 20 瓦以上，我們看到了真正利用大規模 MIMO 平台的巨大機會，隨著時間的推移，該平台可能會佔據更大的市場份額。所以我想說，在未來三到五年內，我們的射頻功率收入可以增加一倍以上。那個市場就在那裡。

Some people look at the GaN RF power market as sort of a $2 billion to $3 billion market, about half of that being in industrial and defense and the other half being in telecom, primarily 5G. And so we are today only winning or our market share, let's say, is very small compared to the overall market size. And we think that there's opportunities not only on the macro side to gain market share as well as the MIMO, but also in industrial and defense.

有些人將 GaN 射頻功率市場視為 20 億至 30 億美元的市場，其中約一半在工業和國防領域，另一半在電信領域，主要是 5G。因此，我們今天只是獲勝，或者說，與整體市場規模相比，我們的市場份額非常小。我們認為，不僅在宏觀方面有機會獲得市場份額以及 MIMO，而且在工業和國防領域也有機會。

Thank you.

謝謝。

Thank you. Harsh Kumar, Piper Sandler.

謝謝。嚴厲的庫馬爾，派珀桑德勒。

Yes, hey, guys. First of all, congratulations again on solid execution. I had two as well. Let me follow up on the question that was just asked, but in a slightly different way. So you acquired the Wolf business and admittedly, the market is sort of stagnant. Can you talk about what the low-hanging easy opportunities are for you to be able to grow into the telecom space? Is it just sockets that you're winning because Wolf was not interested or focused on that business or is there something else going on that you can do to kind of grow that business? And then I have a follow-up.

是的，嘿，夥計們。首先，再次恭喜您的紮實執行。我也有兩個。讓我以稍微不同的方式跟進剛才提出的問題。所以你收購了 Wolf 業務，誠然，市場有點停滯。您能談談哪些容易實現的機會可以讓您進入電信領域嗎？您贏得的只是插座，因為沃爾夫對該業務不感興趣或不專注，還是您可以採取其他措施來發展該業務？然後我有一個後續行動。

Right. So there's no doubt that Wolfspeed up was a significant player in the RF power markets for telecom as well as on the defense side. And so coupling with MACOM has really allowed us to get more scale. We have a larger engineering team. Collectively, we are seeing more opportunities. So that speaks to the comments I made about gaining market share. There also has to be additional work done on execution and also on technology development to make sure that we stay at the forefront of performance within the telecom market.

正確的。因此，毫無疑問，Wolfspeed up 是電信和國防射頻功率市場的重要參與者。因此，與 MACOM 的結合確實使我們能夠擴大規模。我們有一個更大的工程團隊。總的來說，我們看到了更多的機會。這說明了我關於獲得市場份額的評論。還必須在執行和技術開發方面做更多的工作，以確保我們在電信市場中保持領先地位。

So I think over the next two to three years, you'll definitely see next-generation GaN processes coming to market that are even more competitive than what we have today. So it's a combination of engaging customers more completely with a better stronger portfolio, it's better execution in terms of supporting existing customers and existing volumes, as well as technology development to stay on that leading edge. And by the way, I would apply the same core themes to the defense side as well as the telecom side.

因此，我認為在未來兩到三年內，您肯定會看到下一代 GaN 工藝進入市場，它們比我們今天的工藝更具競爭力。因此，這是更全面地吸引客戶與更強大的產品組合的結合，是在支援現有客戶和現有數量方面更好的執行，以及保持領先優勢的技術開發。順便說一句，我會將相同的核心主題應用於防禦方和電信方。

So can I have a follow up on that? I think in the commentary, Steve, you mentioned that you might be able to double the business in three to five years. This is telecom where the market is supposedly nothing happening at a broad level. There hasn't been a lot of investment. So is that all coming from share gain, predominantly just sort of refocusing and better operations under MACOM? I just want to understand what will be the driver or is it a function of the fact that your share is so small that doubling is not a big deal?

那我可以跟進一下嗎？我想，史蒂夫，你在評論中提到，你可能能夠在三到五年內將業務翻一番。這是電信市場，據說市場在廣泛層面上沒有發生任何事情。並沒有太多的投資。那麼，這一切是否都來自於份額成長，主要是 MACOM 下的重新聚焦和更好的營運？我只是想了解驅動因素是什麼，還是因為您的份額太小而翻倍不是什麼大問題？

Well, it's kind of a combination of both and understand that while the telecom or the OEMs that are building these 5G radios, generally speaking, are building the same volume of radios. What's changing, though is the density of the RF radio itself. So there's more channels, there's more opportunities to get content. So while the overall number of radios is sort of staying the same, the number of channels is increasing.

嗯，這是兩者的結合，並且要理解，雖然正在建造這些 5G 無線電的電信公司或 OEM 廠商，一般來說，正在建造相同數量的無線電。不過，正在改變的是射頻無線電本身的密度。因此，管道更多，獲取內容的機會也更多。因此，雖然無線電總數保持不變，但頻道數量卻在增加。

And one thing that still exists is that there are many regions of really the globe that have capacity limitations. And so the deployment of 5G is not just for new coverage, it's actually to expand capacity. So just want to highlight that. And then the last thing I'll say is there's really not that many GaN suppliers that are qualified to support this market. And we want to be a leader and certainly be one of the leading companies doing that.

仍然存在的一件事是，全球許多地區確實存在容量限制。所以5G的部署不只是為了新增覆蓋，實際上是為了擴容。所以只想強調這一點。最後我要說的是，真正有資格支持這個市場的 GaN 供應商並不多。我們希望成為領導者，當然也希望成為這方面的領先公司之一。

Thank you. Vivek Arya, Bank of America Merrill Lynch.

謝謝。Vivek Arya，美銀美林。

Thanks for taking my question. Steve, I was hoping we could dig into the data center and what is the mix between what one would consider AI versus non AI. I think people would look at whatever 400 gigabits or 800 gigabits plus components and call them AI generically. So if we have to segment your data center business that way, what is it right now? And what was it like last year?

感謝您提出我的問題。史蒂夫，我希望我們能夠深入研究資料中心，以及人們所認為的人工智慧與非人工智慧之間的混合。我認為人們會關注 400 GB 或 800 GB 加上組件，並統稱為 AI。那麼，如果我們必須以這種方式劃分您的資料中心業務，那麼現在是什麼？去年情況如何？

Yes. So that's an interesting question. So we don't typically speak publicly about the end application of where we're selling our products and whether it's in a, say, a traditional configuration of a data center deployment or whether it's more of a newer let's say, AI cluster.

是的。這是一個有趣的問題。因此，我們通常不會公開談論我們銷售產品的最終應用程序，以及它是在資料中心部署的傳統配置中，還是在較新的人工智慧叢集中。

So we don't parse our revenue that way publicly. It's clear that there are tremendous opportunities on both sides, both on the traditional Ethernet, as I highlighted in my prepared remarks, we are seeing an uptick in 25G and 50G deployments for those sort of traditional Ethernet, but we're also seeing increased interest in demand for 100G, 100G, and 200 G. products. And certainly those higher data rate products are tending to be on the more sophisticated applications.

所以我們不會公開這樣分析我們的收入。很明顯，雙方都存在巨大的機會，無論是在傳統以太網上，正如我在準備好的發言中強調的那樣，我們看到此類傳統以太網的25G 和50G 部署有所增加，但我們也看到人們的興趣不斷增加100G、100G 和 200G 產品的需求。當然，那些更高數據速率的產品往往適用於更複雜的應用。

Okay. And then for a follow up, I think you did -- I think you said book-to-bill, 1.1 times was, I think, closer to parity last quarter. Which areas are you starting to see the pickup. Are these kind of more company-specific or you think this is more kind of a recovery in some of these areas? And conversely, which areas do you think are still muted and I think you called out Telco after sort of being in a muted state right now.

好的。然後，對於後續行動，我認為您做到了 - 我認為您說過，我認為，按訂單計算，1.1 倍更接近上個季度的平價。您開始在哪些區域看到取貨。這些是否更針對公司特定，或者您認為這更像是其中某些領域的復甦？相反，您認為哪些區域仍然處於靜音狀態，我認為您在目前處於靜音狀態後呼叫了電信公司。

That's right. Looking back on Q3, we saw the data center bookings being the strongest within the three market segments, then followed by industrial and defense and the weakest was telecom. So collectively, we were very pleased to have a book-to-bill of 1.1 times. And as I highlighted, this is certainly a leading indicator. We do expect on a quarterly basis there to be variation.

這是正確的。回顧第三季度，我們看到資料中心預訂量在三個細分市場中最為強勁，其次是工業和國防，最弱的是電信。總的來說，我們很高興訂單出貨比達到了 1.1 倍。正如我所強調的，這無疑是一個領先指標。我們確實預計每季都會出現變化。

Sometimes we'll book a large contract that has a 12-month or 18-month contract. So that factors into the timing of the revenue in the future quarters. But I would say, generally speaking, solid industrial and defense, mostly on the defense side is where we're seeing strength. Strong demand in data center end, as I pointed out, telecom is relatively weak with the exception of the SATCOM industry where we have a lot of activity and a lot of engagements for really a lot of large programs, one of which I discussed last quarter, which was a contract that we were awarded for $55 million. That contract is in the development phase right now. And we expect those revenues to began to flow towards the end of our fiscal 2025.

有時我們會預訂一份為期 12 個月或 18 個月的大合約。因此，這會影響未來幾季的收入時間。但我想說，一般來說，堅實的工業和國防，尤其是國防方面，才是我們看到的實力所在。正如我所指出的，資料中心端的需求強勁，除了衛星通訊行業外，電信相對較弱，我們在該行業有很多活動，並且有很多大型項目的參與，我上季度討論了其中一個項目，這是一份價值5500 萬美元的合約。該合約目前正處於開發階段。我們預計這些收入將在 2025 財政年度結束時開始流入。

Thank you. Karl Ackerman, BNP Paribas.

謝謝。卡爾‧阿克曼，法國巴黎銀行。

Yes, thank you. I have two as well, if I may just following up on that, with regard to the satellite opportunity, you spoke about the SATCOM opportunity last call. Any update on timing of that program?

是的，謝謝。我也有兩個，請允許我跟進一下，關於衛星機會，您在上次電話會議中談到了衛星通訊機會。該計劃的時間安排有更新嗎？

It sounds like it's still on track for the end of fiscal 2025, but how about new opportunities here within Can you talk about some of your discussions and opportunities that you see within that business? Thank you.

聽起來好像到 2025 財年末仍有望實現，但內部的新機會怎麼樣？謝謝。

Sure, I have. So I certainly can say that we are actively engaged with a wide range of customers within the space, looking at supplying at the chip level, at the module level to support their particular needs. We are seeing that there's more activity with direct to cell type systems and constellations and we want to be engaged in that. And these are these are satellite platforms that operate not only at millimeter wave but also at cellular bands. And so we want to participate in that those payloads and support those customers.

當然，我有。因此，我當然可以說，我們正在積極與該領域的廣泛客戶合作，考慮在晶片級、模組級提供服務，以支援他們的特殊需求。我們看到有更多直接針對細胞類型系統和星座的活動，我們希望參與其中。這些衛星平台不僅在毫米波上運行，而且在蜂窩頻段上運行。因此，我們希望參與這些有效負載並支持這些客戶。

So I would say we're very active additionally on the ground station side through our business unit of linear module systems, as you know, most of the transmitters on the ground are either using TWTs or SSPAs. And many of those customers prefer to use a linearizer to get more power and more efficiency out of the transmitter. And so you can imagine as there's more satellites going up, there's more ground stations communicating and those deployments are that infrastructure also demands more linearizers. And so we're active at the chip level, on the satellite end, on the ground side, and all the way up to the module level.

因此，我想說，透過我們的線性模組系統業務部門，我們在地面站方面也非常活躍，如您所知，地面上的大多數發射機要么使用 TWT，要么使用 SSPA。其中許多客戶喜歡使用線性化器來從發射器中獲得更多功率和更高效率。因此，您可以想像，隨著越來越多的衛星升空，越來越多的地面站進行通信，而這些部署基礎設施也需要更多的線性化器。因此，我們在晶片級、衛星端、地面端，一直到模組級都很活躍。

So very active there. We have really a very compelling capability of technologies, including the MESC. technologies, which is very high-frequency power from our North Carolina, the RF power will speed acquisition. And of course, all of this is supported by really best-in-class manufacturing where we are one of the few companies that can produce high volume, low cost millimeter wave, or microwave transceivers onshore in the US at very competitive prices. And so our customer base not only commercial customer base, but also our defense customer base like this.

那裡非常活躍。我們確實擁有非常引人注目的技術能力，包括 MESC。技術，這是來自我們北卡羅來納州的非常高頻功率，射頻功率將加快採集速度。當然，所有這一切都得到了真正一流的製造的支持，我們是少數能夠在美國陸上以極具競爭力的價格生產大批量、低成本毫米波或微波收發器的公司之一。所以我們的客戶群不僅是商業客戶群，還有我們的國防客戶群。

Thank you, Steve. For my follow-up, I was hoping to get back to data comm. Could you talk about the breadth of engagements you have with perhaps linear pluggable optics and then secondly, could you perhaps discuss whether your linear utilizers would be used in scale out compute deployments? Or could they be mainly for scale up or interact applications? Thank you.

謝謝你，史蒂夫。對於我的後續行動，我希望回到數據通訊。您能否談談您與線性可插拔光學元件的合作範圍？或者它們主要用於擴展或互動應用程式？謝謝。

Yes. So the of the LPO or linear pluggable optics app sort of opportunity is significant for MACOM. As you may know, there was a MSA or consortium an industry consortium that was brought together within the last year with all of sort of the leading members of the industry, MACOM was one of the founding members of the MSA and really the purpose of this organization was to create a standardization and an interop spec for LPO.

是的。因此，LPO 或線性可插拔光學應用的機會對於 MACOM 來說意義重大。如您所知，有一個 MSA 或聯盟，一個行業聯盟，在去年聚集了行業內的所有領先成員，MACOM 是 MSA 的創始成員之一，其真正目的是該組織的目標是為LPO 創建標準化和互操作規範。

So that it could be broadly adopted by the industry. And so we are heavily engaged in that. We're talking to sort of the who's who of end users, switch manufacturers, module manufacturers, enterprise, system OEMs, and we're certainly right in there supporting the industry as it looks to try to adopt LPO broadly. And so we do think there's a big opportunity. We think that it's not only a 100 gigabits, but also potentially 200 gigabits. And we think that the higher the data rate, the more interesting the solution, yes.

以便能夠被業界廣泛採用。因此，我們正在積極參與其中。我們正在與最終用戶、交換器製造商、模組製造商、企業、系統 OEM 等知名人士進行交談，我們當然會支持該行業，因為該行業希望廣泛採用 LPO。所以我們確實認為這是一個很大的機會。我們認為它不僅是100吉比特，而且還有可能是200吉比特。我們認為數據速率越高，解決方案就越有趣，是的。

And just as a data point to do a 1.6T module, some people talking about over 30 watts of power necessary to run the module. If you select an LPO solution that could be in the range of 10 watts. So that's a significant power savings. We happen to have the chips that support that implementation. So you can be sure that we are working with the leaders to tried to adopt, get them to adopt our solutions.

正如製作 1.6T 模組的數據點一樣，有人談論運行該模組所需的功率超過 30 瓦。如果您選擇 LPO 解決方案，功率可能在 10 瓦範圍內。因此，這可以顯著節省電力。我們碰巧擁有支援該實施的晶片。因此，您可以確信我們正在與領導者合作，試圖採用、讓他們採用我們的解決方案。

But I will highlight that this is very early, the traditional classic approaches using DSPs, and that's why I also highlighted that our very high speed chips are also being used and deployed today with DSPs. And so we're able to play both sides of the market with our leading analog solutions.

但我要強調的是，使用 DSP 的傳統經典方法還為時過早，這就是為什麼我還強調我們的超高速晶片今天也與 DSP 一起使用和部署。因此，我們能夠利用領先的類比解決方案打入市場的兩端。

And then in terms of linear equalizers and ACC, this is sort of a cousin to LPO where you -- what you see are some customers wanting to not use optical, but stick with copper and electric. And so electrifying cables is really what their mission is. And that has certainly been proven at the lower data rates. We have done that. We have been shipping product. And so now we are working, as you know, at the higher data rates for the same or similar applications.

然後就線性均衡器和 ACC 而言，這有點類似於 LPO，您會看到一些客戶希望不使用光纖，而是堅持使用銅纜和電力。因此，為電纜提供電力確實是他們的使命。這當然已經在較低的數據速率下得到了證明。我們已經做到了。我們一直在運送產品。如您所知，現在我們正在為相同或類似的應用程式提供更高的數據速率。

And so it's fair to say that we have solutions at 100 gigabits for sort of 5 meter ranges and 200 gigabits for just a little bit shorter reach and a very interesting product line, lots of engagements. We do expect some significant growth in the next 12 to 18 months in this area.

因此，可以公平地說，我們擁有適用於 5 公尺範圍的 100 GB 解決方案和適用於稍短距離的 200 GB 解決方案，以及非常有趣的產品線和大量的合作。我們確實預計該領域在未來 12 至 18 個月內將顯著成長。

Thank you. David Williams, The Benchmark Company.

謝謝。大衛威廉斯，基準公司。

Hey, good morning. Thanks for taking my question. I guess, Steve, I wanted to ask a little bit about your cycle business and kind of where you're seeing the adoption and where do you think that can go over time? Just how big a portion you think that could become of the overall?

嘿，早安。感謝您提出我的問題。我想，史蒂夫，我想問一些關於你的自行車業務的問題，以及你在哪裡看到了採用，以及你認為隨著時間的推移，它會走向何方？您認為這將佔整體的多大比例？

You're referring to silicon photonics cycle, just to be clear?

為了清楚起見，您指的是矽光子循環？

Yeah.

是的。

Okay. So I would say that this is an area that over the past few years, we have been deemphasizing and we made a strategic decision to focus on other parts of the market. And so over time, we have been spending less on silicon photonics. I would say that our experience trying to get product in the market was painful. And so we have decided to limit our activity with silicon photonics only for high value applications, which are primarily in defense.

好的。所以我想說，這是一個在過去幾年我們一直在淡化的領域，我們做出了策略決策，並將重點放在市場的其他部分。因此，隨著時間的推移，我們在矽光子學上的支出越來越少。我想說，我們試圖將產品推向市場的經驗是痛苦的。因此，我們決定將矽光子學的活動僅限於高價值應用，主要用於國防。

So we want we want to work with customers that want to work with us on specialized non-standard silicon photonic applications. So we are sort of tapping out of the commercial market with silicon photonics. With that said, we support many customers that are implementing silicon photonics. And if a module for an optical application is using silicon photonics, they still need a driver and they still need a transimpedance amplifier and they also need a CW laser.

因此，我們希望與那些願意與我們合作開發專門的非標準矽光子應用的客戶合作。因此，我們正在利用矽光子學來開拓商業市場。儘管如此，我們還是為許多正在實施矽光子學的客戶提供支援。如果光學應用的模組使用矽光子學，它們仍然需要驅動器，仍然需要跨阻放大器，並且還需要 CW 雷射。

And so these are three pieces to the puzzle that we do sell into these applications. But at the end of the day, we spent a lot of money for many years investing in silicon photonics. It really didn't pan out. And so we pivoted our strategy over the past few years to focus on defense and very specialized applications.

因此，這就是我們銷售到這些應用程式中的三個難題。但歸根究底，我們多年來花了很多錢投資矽光子學。確實沒有成功。因此，我們在過去幾年中調整了戰略，重點關注國防和非常專業的應用。

Great. Thanks for the color there. And then secondly, maybe just on the bookings and maybe how your customers are thinking. We're hearing of some caution at least on the ordering patterns. And just curious if you're seeing any caution or do you feel like we're through all of these stocking and that customers are becoming maybe a little more optimistic about the demand trends maybe to the next several quarters? Thank you.

偉大的。感謝那裡的顏色。其次，也許只是關於預訂以及您的客戶的想法。我們聽說至少在訂購模式方面有一些謹慎。只是好奇您是否看到任何警告，或者您是否覺得我們已經完成了所有這些庫存，並且客戶對未來幾季的需求趨勢可能變得更加樂觀？謝謝。

Hi. Thank you for the question. I think it really depends on the market. We see some end markets that we believe there's limited or no demand. And so it's not an issue of clearing channel inventory. It's the fact that there's just no demand. There's no catalyst either through CapEx spending or infrastructure deployments. And so there's many markets that are down and we would expect them to stay down until there's a catalyst. And so, then we have other customers that are extremely busy, not only ramping up existing programs but launching new programs.

你好。謝謝你的提問。我認為這確實取決於市場。我們認為一些終端市場的需求有限或沒有需求。所以這不是清理渠道庫存的問題。事實就是沒有需求。資本支出或基礎設施部署都沒有催化劑。因此，許多市場都在下跌，我們預計它們將保持下跌，直到催化劑出現。因此，我們的其他客戶非常忙碌，不僅增加現有計劃，還推出新計劃。

And I would say that applies to many of our defense customers. We are extremely busy supporting a whole wide range of applications in the defense industry. The industrial market is, I would say, similar to your comments, it really depends in terms of what those particular customers are producing, whether it's test equipment or factory automation or sensors for automotive applications or traffic tolling. So it really depends. From our point here, we don't feel like there's an inventory overhang in our business. We think we're now pretty much sort of reacting to end market demand.

我想說這適用於我們的許多國防客戶。我們非常忙於支持國防工業中的各種應用。我想說，工業市場與您的評論類似，它實際上取決於這些特定客戶生產的產品，無論是測試設備、工廠自動化還是汽車應用或交通收費的傳感器。所以這真的取決於。從我們的角度來看，我們並不認為我們的業務有庫存過剩。我們認為我們現在基本上是在對終端市場需求做出反應。

And as Jack said in his comments, we have been bringing our inventory level down over the past few quarters, I think he said five quarters. And so our channel inventory has been really brought down to manageable levels. And now we're really looking for catalysts of end applications and end demand. And then the last thing I'll say is we have a very diversified business.

正如傑克在評論中所說，我們在過去幾個季度一直在降低庫存水平，我想他說的是五個季度。因此，我們的通路庫存確實已降至可管理的水平。現在我們真正在尋找最終應用和最終需求的催化劑。我要說的最後一件事是我們的業務非常多元化。

We don't have a lot of customer concentration. We have thousands of customers. We're a global supplier and our strategy is to create an even more diverse portfolio. Our growth story ultimately is a product driven growth story. We're in a very -- we stand in front of a very large market. Today, we think it's about $6 billion to $7 billion. We think our market will grow to about $9 billion to $10 billion in the next three to four years.

我們沒有太多的客戶集中度。我們有成千上萬的客戶。我們是一家全球供應商，我們的策略是創造更多樣化的產品組合。我們的成長故事最終是一個產品驅動的成長故事。我們正處於一個非常大的市場面前。今天，我們認為這個數字約為 60 億至 70 億美元。我們認為未來三到四年我們的市場將成長到大約 90 億到 100 億美元。

And our goal is to launch more products, capture more market share, optimize our sales, and applications to make sure that we're able to address the customer needs and be fast to market. And these are some of the core things that we work on. And if we do all of those things, we think we'll have favorable booking trends over the long term.

我們的目標是推出更多產品，佔領更多市場份額，優化我們的銷售和應用，以確保我們能夠滿足客戶需求並快速上市。這些是我們正在努力的一些核心事情。如果我們做到所有這些事情，我們認為從長遠來看，我們將擁有有利的預訂趨勢。

Thank you. Tore Sandberg, Stifel.

謝謝。托雷·桑德伯格，斯蒂菲爾。

Yes, thank you, and congrats on the steady execution here. So my first question, Steve, I know that when you do your 5-year plan, it's obviously proud that and it doesn't like you can't disclose, but I know you have sort of a sales number out there, it's $5 billion. I assume that number has grown quite a bit since you share that with investors. And if you do have a number, could you also potentially let us know what it is by segment at this point?

是的，謝謝，並祝賀這裡的穩定執行。所以我的第一個問題，史蒂夫，我知道當你制定你的 5 年計劃時，你顯然會感到自豪，而且你不可以透露，但我知道你有一個銷售數字，它是 5 美元十億。我認為自從您與投資者分享以來，這個數字已經增長了很多。如果您確實有一個號碼，您是否也可以讓我們知道目前按細分市場劃分的號碼？

Yes, it's so a timely question. And I would say that the work that we've done is clear, as I just as I commented a moment ago. We do believe that our stand is expanding. We think it's a high single digit expansion rate over the next three to four years. So that would put our SAM in about four to five years around the $9 billion to $10 billion mark. We are very hesitant to break out the SAM by end market.

是的，這是一個非常及時的問題。我想說，正如我剛才所說，我們所做的工作是明確的。我們確實相信我們的立場正在擴大。我們認為未來三到四年的成長率將達到較高的個位數。因此，我們的 SAM 在大約四到五年內將達到 90 億到 100 億美元大關。我們非常猶豫是否要在終端市場上突破 SAM。

There's a lot of assumptions and there's -- it really depends where you draw the line. We see many companies talk about it extremely large SAMs, and we scratch our heads trying to figure out how they get to that number. And so we take sort of a different approach, which is be more conservative on how we size the market opportunity and do so sort of with a bottoms up approach.

有很多假設，這實際上取決於你的界限。我們看到許多公司都在談論非常大的 SAM，我們絞盡腦汁試圖弄清楚他們是如何達到這個數字的。因此，我們採取了一種不同的方法，即在如何評估市場機會方面更加保守，並採用自下而上的方法。

But with that said, the way we're going to increase our SAM is by adding more product lines. And if you look at our portfolio today and we have six business units. They have very, very different technologies. If we look ahead three, four, five years from now, we would expect to have significantly more business units with more diverse technology, which would allow us to capture more market.

但話雖如此，我們增加 SAM 的方法是增加更多產品線。如果你看看我們今天的產品組合，我們有六個業務部門。他們擁有非常非常不同的技術。如果我們展望未來三年、四年、五年，我們預計將擁有更多擁有更多樣化技術的業務部門，這將使我們能夠佔領更多市場。

There are many parts of the industry that we're not tapping into. And we've put together an internal plan to really take actions to go after those markets in a way where we feel we can be successful. And by the way, a great example of reallocation of capital is what I just talked about on silicon photonics. We were beating our head against the wall, not making forward progress. And finally, we decided to pivot and use those same R&D dollars to do something else where we had an increased probability of success, perhaps a shorter time to revenue and in front of a large market.

這個行業有很多部分我們還沒有涉足。我們制定了一項內部計劃，真正採取行動，以我們認為能夠取得成功的方式來開拓這些市場。順便說一句，資本重新分配的一個很好的例子就是我剛才談到的矽光子學。我們一直在用頭撞牆，沒有進展。最後，我們決定轉向並使用相同的研發資金來做其他事情，在這些事情上我們成功的可能性更大，也許可以更短地實現收入，並且面對一個大市場。

That's great perspective. And as my follow-up, I think MACOM sits in a very unique position because as you mentioned, you can participate in in optical and copper. I'm now specifically asking about data center infrastructure as we go to 1.6T, and I know you said your engineers are working for 3.2T. How do you see that mix evolving between optical and copper? Do you think it will stay the same? Or will do you in one direction or the other?

這是一個很棒的觀點。作為我的後續行動，我認為 MACOM 處於一個非常獨特的位置，因為正如您所提到的，您可以參與光纖和​​銅纜業務。我現在特別詢問關於 1.6T 的資料中心基礎設施，我知道您說過您的工程師正在為 3.2T 工作。您如何看待光纖和銅纜之間的混合發展？你認為它會保持不變嗎？還是你會朝一個方向或另一個方向做？

So I think it's too early to tell why copper has its limitations. But if you think about volumes and where the interconnects are within the data center, typically it's the shorter reaches that have the highest volume and so that could suggest that copper could win, but that has yet to be proven out. There is a tremendous cost savings. If you stay out of optical obvious for many reasons, so if you can come up with an elegant electrified copper cable, then you would want and the customers would want to use that.

所以我認為現在判斷銅有其限制還為時過早。但是，如果您考慮數量以及資料中心內互連的位置，通常較短的距離具有最高的數量，因此這可能表明銅可能會獲勝，但這尚未得到證實。可以節省大量成本。如果您出於多種原因不使用光學電纜，那麼如果您能設計出一種優雅的電氣化銅電纜，那麼您就會想要並且客戶也會想要使用它。

But there are limitations. And so it really depends on the reach. It depends on the data rate. And as I remember, as things go to higher and higher data rates, copper will again have another set of challenges. And so, we believe you can get copper to work at 200 gigabits per lane. We know that we have real examples of that. And so to get to 1.6T, obviously, you're using multiple lanes of 200 gigabits per lane up, whether that's the same that work can be done and be successful at 400 gigabits per lane. So we'll have to wait and see.

但也有限制。所以這實際上取決於影響範圍。這取決於數據速率。我記得，隨著數據速率越來越高，銅將再次面臨另一組挑戰。因此，我們相信您可以讓銅纜以每通道 200 GB 的速度工作。我們知道我們有這方面的真實例子。因此，為了達到 1.6T，顯然，您需要使用每個通道 200 GB 的多個通道，無論這是否可以在每個通道 400 GB 的情況下完成並成功完成工作。所以我們必須拭目以待。

But I think there's going to be a mix. I think that our contribution with our analog chips will always be complementing the DSP universe. Today, the retail solutions are the majority of the market, and we don't participate in that. We are participating on the analog side and we seem to be, in our opinion, a leader with analog solutions. And we have early adopters, not only at 100 gigabits but also 200 gigabits and we want to maintain that leadership position over the next three to four years.

但我認為將會是混合的。我認為我們對類比晶片的貢獻將永遠是對 DSP 領域的補充。如今，零售解決方案佔據了市場的大部分，而我們不參與其中。我們正在參與模擬方面，在我們看來，我們似乎是模擬解決方案的領導者。我們擁有早期採用者，不僅有 100 GB，還有 200 GB，我們希望在未來三到四年內保持這一領先地位。

Thank you. Peter Peng, JP Morgan.

謝謝。彭彼得，摩根大通。

Hi. Good morning, guys, and thanks for taking my questions and congrats on the solid quarter. I just kind of want to follow up on the question that's been asked differently. Is there any I guess, as you look at your five year, any changes on your thoughts about the growth of the end markets? I know historically you've always emphasized that telecom is going to be one of the fastest growing, but just given how strong data centers and some of the opportunities there, are there any updates on that?

你好。早安，夥計們，感謝您回答我的問題，並祝賀本季業績穩定。我只是想跟進以不同方式提出的問題。我想，當您回顧過去的五年時，您對終端市場成長的想法有什麼變化嗎？我知道歷史上您一直強調電信將成為成長最快的行業之一，但考慮到資料中心的強度以及那裡的一些機會，這方面有什麼更新嗎？

No, there's no changes on our general thinking that over the long term, and we're talking five to 10 years that we believe that I&D and telecom will be the leading markets.

不，我們的整體想法沒有變化，從長遠來看，我們相信在五到十年內，I&D 和電信將成為領先市場。

Now with that said, you've seen MACOM since 2019 have data center business that was running at about $115 million a year, that fiscal year. And this year we're going to be just under $200 million. So we've almost doubled the data center revenue in five years. And obviously, we'd like to do that again over the next five years. But we'll have to wait and see how that pans out.

話雖如此，自 2019 年以來，您已經看到 MACOM 的資料中心業務在該財年每年運行約 1.15 億美元。今年我們的預算將接近 2 億美元。因此，五年內我們的資料中心收入幾乎翻了一番。顯然，我們希望在未來五年內再次這樣做。但我們必須等待，看看結果如何。

The reason why we think telecom over the long term will be of a larger market is because of the diversity within the space. As we talked about you have SATCOM, 5G as a whole range of wireless applications, many of which today we're not involved in and we want to get involved in them. We also believe adopting more analog and mixed signal silicon solutions for markets such as automotive or other wireless applications. It is an area that we can be successful. So we just think that the overall opportunity, the diversity within the telecom market is larger than the opportunity that we see in the data center.

我們之所以認為電信從長遠來看將擁有更大的市場，是因為該領域的多樣性。正如我們所討論的，衛星通訊、5G 作為整個無線應用範圍，其中許多應用目前我們還沒有參與，但我們希望參與其中。我們也相信，汽車或其他無線應用等市場將採用更多的類比和混合訊號矽解決方案。這是我們能夠取得成功的領域。因此，我們認為電信市場的整體機會和多樣性比我們在資料中心看到的機會更大。

Right. Thank you. And my follow-up question is just on your gross margin, talk about getting back to 60% over time. Maybe you can just walk us through what some of the low-hanging fruits in get there and how likely are we going to get back to those 60% levels in, say, over the next six to eight quarters?

正確的。謝謝。我的後續問題只是關於你們的毛利率，談談隨著時間的推移恢復到 60%。也許您可以向我們介紹一些容易實現的目標，以及我們在接下來的六到八個季度內恢復到 60% 水平的可能性有多大？

Yes, Peter, this is Jack. Thanks for the question. So in terms of the timelines, I think that's to be determined. We've been over that 60% gross margin number in our more recent past. Obviously, there's some things that have occurred within the business, including the acquisition activity that we had when we brought in some business that had below MACOM historic gross margin amount.

是的，彼得，這是傑克。謝謝你的提問。因此，就時間表而言，我認為這還有待確定。最近，我們的毛利率已經超過了 60%。顯然，業務內部發生了一些事情，包括我們引入一些低於 MACOM 歷史毛利率的業務時進行的收購活動。

So I think we've shown over the years that done that we can improve our gross margins through a lot of operational activities that we're doing and a lot of focus on the business in terms of how we go to market from a customer perspective from a new product introduction perspective, these things are driving higher gross margins. But I think if you look over the near term, our expectation is we'll continue to make sequential improvements from a gross margin standpoint.

因此，我認為多年來我們已經證明，我們可以透過我們正在進行的大量營運活動以及從客戶角度進入市場的方式對業務進行大量關注來提高毛利率從新產品推出的角度來看，這些因素正在推動更高的毛利率。但我認為，如果你從短期來看，我們的預期是，從毛利率的角度來看，我們將繼續取得連續性的改善。

There's a lot of activities that we've got lined up through the acquisitions as well as some of the things that we just do from a day-to-day basis here. It may come to trying to improve our gross margin. So it is an area that we focus quite heavily on. And I think there continues to be more opportunities to drive overall operating margin improvements as well as we look at the business.

我們透過收購安排了很多活動，以及我們日常所做的一些事情。這可能涉及到試圖提高我們的毛利率。所以這是我們非常關注的領域。我認為，在我們審視業務的同時，仍有更多的機會來推動整體營業利潤率的提高。

Thank you. Srini Pajjuri, Raymond James.

謝謝。斯里尼·帕朱里，雷蒙德·詹姆斯。

Thank you. Good morning, guys. A couple of questions. First, on the data center market, we've been hearing about 1.60T cycles starting fairly soon. Steve, maybe you can talk to the readiness of the, I guess, ecosystem, especially the optics side and then maybe help us understand how your own content benefits from as we go from, I guess, 400 gigabits, 800 gigabits, to 1.6T.

謝謝。早安，夥計們。有幾個問題。首先，在資料中心市場，我們聽說 1.60T 週期很快就會啟動。史蒂夫，也許你可以談談生態系統的準備情況，尤其是光學方面，然後也許可以幫助我們了解當我們從 400 GB、800 GB 到 1.6T 時，你自己的內容將如何受益。

And then I guess, you know, on the other hand, some of the DSP suppliers seem to be integrating some of the analog components. I'm just curious, on one hand you have LPL that's probably a new opportunity for you. But on the other hand, we will see, I guess, more integration. So just want to hear your thoughts on that other hand.

然後我想，另一方面，一些 DSP 供應商似乎正在整合一些模擬組件。我只是很好奇，一方面你有LPL，這對你來說可能是一個新的機會。但另一方面，我想我們會看到更多的整合。所以只想聽聽你另一方面的想法。

Right. So for the 1.60T, clearly on the optical side, what you see typically are EML solutions for single-mode applications and maybe silicon photonics, that sort of two comps there. But if it's an EML solution to be clear, we don't have an EML product in the market today. We are actually working on it. We have 200 gigabits EML in test right now. But I think that's going to be a tall hurdle for MACOM to get over there. Today are probably three, maybe four different laser suppliers that have 200 gigabits EMLs, so that they're in the market today there and they're getting the wins on this.

正確的。因此，對於 1.60T，顯然在光學方面，您通常看到的是單模應用的 EML 解決方案，也許還有矽光子學，即兩種組合。但要先明確的是，如果這是 EML 解決方案，那麼我們目前市場上還沒有 EML 產品。我們實際上正在努力。我們目前正在測試 200 GB EML。但我認為這對 MACOM 來說是一個很大的障礙。今天可能有 3 個、4 個不同的雷射供應商擁有 200 Gb EML，因此他們今天在市場上並且在這方面取得了勝利。

So on the silicon photonic side, you're going to need a CW laser. We make CW lasers. We have a wide range of lasers. And so there is an opportunity for MACOM today on CW lasers. So then, the last piece that we would contribute on would be the receive side in the photo detector. We believe we have leading technology for photo detector performance, not only at 100 gigabits, but also at 200 gigabits. And so we'll have to wait and see if we're successful. But I would say that our timing for the market is it's not that bad, and we'll have to wait and see how that works out.

因此，在矽光子方面，您將需要連續雷射。我們製造連續雷射。我們擁有多種雷射。因此，MACOM 今天在 CW 雷射器上有一個機會。那麼，我們要貢獻的最後一部分是光電探測器的接收側。我們相信我們擁有領先的光電探測器性能技術，不僅在 100 GB 上，而且在 200 GB 上。因此，我們必須等待，看看我們是否成功。但我想說的是，我們的市場時機並沒有那麼糟糕，我們必須等待，看看結果如何。

And then, of course, on the analog side, depending on the customer you might have a customer building a traditional module, a plug in sort of a pluggable module using a classical approach with the DSP. We are seeing mostly these 200 gigabits per lane platforms using external components today that may change in the future.

當然，在模擬方面，根據客戶的不同，您可能會讓客戶建立傳統模組，即使用 DSP 的經典方法的可插拔模組的插件。我們現在看到的每通道 200 GB 平台大多使用外部元件，而這些元件在未來可能會發生變化。

But today, I can tell you that for the most part, because these EMLs need to be driven with the significant voltage level, they are preferring customers are preferring to use external drivers and TIAs. That may change in the future. We've seen that happen at the lower data rates at 25 gigabits and 50 gigabits. And even in some instances, at 100 gigabits at 100 gigabits per lane for some 800 gigabits modules, we see DSPs in the market with integrated drivers that do the job. And so we certainly understand that, but I just want to highlight that there's kind of opportunities depending on the different applications.

但今天，我可以告訴您，在大多數情況下，因為這些 EML 需要用高電壓電平驅動，所以他們更喜歡客戶更喜歡使用外部驅動器和 TIA。未來這種情況可能會改變。我們已經看到這種情況在 25 GB 和 50 GB 的較低資料速率下發生。即使在某些情況下，大約 800 GB 模組的傳輸速度為 100 GB，每通道 100 GB，我們在市場上看到帶有整合式驅動器的 DSP 可以完成這項工作。所以我們當然理解這一點，但我只想強調，根據不同的應用程序，存在著一些機會。

When you look at 1.6T active copper cable, so there's obviously, try to get the job done without a DSP and we think we have a solution working there. The last thing I'll mention is typically the 1.6T are single-mode applications. When you look at multi-mode applications at 100 gigabits per lane, I think you are seeing some on the optic side, heavy VIXEL demand and some might argue there's even VIXEL's shortages at 100 gig. We're not sure that that will remain the case as new entrants come into the market. But again, we don't make VIXEL's. So we don't we don't really have a play on that. Not sure. I answered your full question. If I miss something, please follow up.

當您查看 1.6T 有源銅纜時，很明顯，嘗試在沒有 DSP 的情況下完成工作，我們認為我們有一個可用的解決方案。我要提到的最後一件事是 1.6T 通常是單模應用。當您查看每個通道 100 GB 的多模應用時，我認為您會看到光學方面的一些情況，即 VIXEL 需求旺盛，有些人可能會認為甚至 VIXEL 在 100 GB 時也出現短缺。我們不確定隨著新進入者進入市場，這種情況是否會持續下去。但再次強調，我們不生產 VIXEL。所以我們不這樣做，我們真的沒有參與其中。沒有把握。我回答了你的完整問題。如果我錯過了什麼，請跟進。

That's very helpful, Steve. Thank you. And then on the telecom front, Steve, I know it's two quarters of a decent growth here. I know you said it's probably not a reflection of the broader demand just curious as to what exactly what specifically is driving that growth? Is it more wireless or versus wireline or do you have any new programs or is this share gains? And if you can speak to the sustainability of that growth as you go into, I guess, the next few quarters, that would be helpful. Thank you.

這非常有幫助，史蒂夫。謝謝。然後在電信方面，史蒂夫，我知道這裡有兩個季度的好成長。我知道你說這可能無法反映更廣泛的需求，只是好奇到底是什麼推動了這種成長？與有線相比，它是無線的還是有線的？ 或者你們有什麼新計劃嗎？我想，如果你能在接下來的幾個季度談論這種成長的可持續性，那將會有所幫助。謝謝。

Yes, I would say that the two areas that stand out would be SATCOM driving growth as well as increased volume shipments into 5G radios on the transmit side. So those are the two areas that are driving our growth. The wire line market is quite muted right now. So that would be cable infrastructure and to sort of by extension upon for some of the overseas market. So the growth is really on the wireless side.

是的，我想說，兩個突出的領域是衛星通訊推動成長以及發射端 5G 無線電出貨量的增加。這些是推動我們成長的兩個領域。目前有線市場相當低迷。因此，這將是有線電視基礎設施，並延伸到一些海外市場。所以成長其實是在無線方面。

Thank you. Thomas O'Malley, Barclays.

謝謝。托馬斯·奧馬利，巴克萊銀行。

Hey, guys. Thanks for taking my question. And sorry for coming late here. Bouncing across a couple, but I just kind of wanted to get an update on the Wolfspeed acquisition. Obviously, you guys are starting to execute once again, pretty well off the bottom on the gross margin side. But when you kind of originally laid out the plan there of your kind of core running the fab, ultimately, you're going to start putting your own products in, but that takes time.

嘿，夥計們。感謝您提出我的問題。抱歉來晚了。偶然發現了一些，但我只是想了解 Wolfspeed 收購的最新情況。顯然，你們開始再次執行，毛利率方面已經遠低於谷底。但是，當您最初制定了運行晶圓廠的核心計劃時，最終您將開始投入自己的產品，但這需要時間。

But if you could help kind of break out how much of the gross margin improvement from kind of the March timeframe to the September timeframe where we are today is a function of that improvement versus just general volume coming back, that would be super helpful?

但是，如果您能幫助我們了解從 3 月時間範圍到 9 月時間範圍的毛利率改善有多少是這種改善與總體銷量回歸的函數，那會非常有幫助嗎？

Thanks. Tom. We probably don't want to breakout the particulars on the business. We look at this as a product line. And so we don't buy because of that. We don't break out publicly the improvements at the product line level. With that said, we are absolutely delighted with the work we're doing with full speed. We have a fab operating committee, which is a joint group that basically works with all of the day-to-day activities in the fab. Some of the -- MACOM is part of this committee. So we have people that are hands-on engaged in the day-to-day running of the business and supporting and getting ready for that fab transfer in the future.

謝謝。湯姆.我們可能不想透露該業務的細節。我們將其視為一條產品線。因此我們不會購買。我們不會公開公佈產品線層面的改進。話雖如此，我們對全速進行的工作感到非常滿意。我們有一個晶圓廠營運委員會，這是一個聯合小組，基本上負責晶圓廠的所有日常活動。MACOM 的一些成員是該委員會的成員。因此，我們有人員親自參與業務的日常運營，並為未來的晶圓廠轉移提供支援和準備。

So that includes getting an understanding of how materials running through the fab, what the priorities are, what the wafer starts are, what are the pinch points and issues in the fab that might need to be addressed. And so we're sort of taking that approach where we're here to help, and we're going to do whatever it takes today to improve overall performance in the fab. And so I think we'll speed and MACOM have a really nice working relationship to make sure all of that happens.

因此，這包括了解材料如何通過晶圓廠、優先事項是什麼、晶圓開始是什麼、晶圓廠中可能需要解決的關鍵點和問題是什麼。因此，我們正在採取這種方法來提供幫助，並且我們將盡一切努力來提高晶圓廠的整體性能。因此，我認為我們會加快速度，並與 MACOM 建立非常良好的工作關係，以確保這一切得以實現。

And so with that, I think we are seeing signs of improved performance. I would say that the output of the fab is increasing. We have seen some general benefits on yields, both inside the fab and outside the fab, including some of the back-end assembly and tests that we're doing. And so we are in the early stages of working to improve, improve the overall gross margins of the business. And I would say we're pretty much on track with that and maybe Jack can speak to the broader issue about our trajectory of gross margins.

因此，我認為我們看到了性能改善的跡象。我想說的是，晶圓廠的產量正在增加。我們已經看到了晶圓廠內部和外部產量的一些整體優勢，包括我們正在進行的一些後端組裝和測試。因此，我們正處於努力改善、提高業務整體毛利率的早期階段。我想說，我們基本上已經步入正軌，也許傑克可以談論有關我們毛利率軌蹟的更廣泛問題。

Yes, Tom. And as I had indicated earlier, there's a number of things that we're doing across the entire organization, including the acquisitions, but also the legacy MACOM businesses to help trying to improve the gross margins.

是的，湯姆。正如我之前指出的，我們在整個組織中做了很多事情，包括收購，以及遺留的 MACOM 業務，以幫助嘗試提高毛利率。

The new product introductions is definitely an area that we look to where those new products that are coming off the line generally have higher gross margins than the corporate average. So those are helping to shape things for us as well in terms of that improvement that we've been seeing and hope to see as we as we go forward from an overall gross margin point of view.

新產品的推出絕對是我們關注的一個領域，那些即將下線的新產品的毛利率通常高於企業平均值。因此，這些也有助於我們從整體毛利率的角度來看，我們已經看到並希望看到的改善。

Helpful.

有幫助。

But just one more as a follow-up, Steve, if you were to rewind, you know, 12 months ago and kind of look at this year, I think you would have said that your expectation was for telecom to grow. Obviously the world has changed and you're kind of ending up fiscal year 2024 down slightly. When you look at kind of the recovery in telecom, which I don't think we're hearing much from anyone that sounds positive.

但作為一個後續行動，史蒂夫，如果你倒回 12 個月前，看看今年，我想你會說你的期望是電信業的成長。顯然，世界已經發生了變化，2024 財年的業績將會略有下降。當你看到電信業的復甦情況時，我認為我們沒有從任何人那裡聽到太多聽起來積極的消息。

Do you think that into the fiscal year 2025 that what's occurred is kind of a destruction of demand? Or do you think that you're kind of pushing this out until then until the next fiscal year end? Could you just give your best estimate just based on today, when you think that recovery may pick up? Obviously, you had a couple of quarters of sequential growth, but the more substantial recovery there, just because it's been a bit in clearly it's pushed out a little bit. Just would love your thoughts.

您認為進入 2025 財政年度所發生的情況是否會破壞需求？或者你認為你會將該計劃推遲到下一個財政年度結束嗎？當您認為復甦可能會加快時，您能否僅根據今天給出您的最佳估計？顯然，有幾個季度的連續增長，但那裡有更大幅度的復甦，只是因為它已經有點明顯地被推遲了一點。只是會喜歡你的想法。

Yes, I think that unfortunately, it's probably the former case of your comment about demand not being there as probably our posture today. And so as you highlighted, year over year, we're going to be down slightly in telecom. We're certainly way off of the highs where we were doing over 60 million a quarter. But as we talked about the growth and adding new products and winning large contracts that will kick in next year, we think next year could be a reasonable year for low-single digit growth. There will be new cycles coming on.

是的，我認為不幸的是，這可能是您關於需求不存在的評論的前一種情況，這可能是我們今天的立場。正如您所強調的，我們在電信領域的業績將逐年略有下降。我們確實距離每季超過 6000 萬次的高點還很遠。但當我們談論成長、增加新產品以及贏得明年將開始的大合約時，我們認為明年可能是低個位數成長的合理年份。將會有新的周期出現。

Obviously, we just talked about the Wolfspeed acquisition that that's a major really strengthens MACOM's portfolio in a major way, and there will be new markets and opportunities. So I think that collectively, we like what's going on. We are at a bottom a lot of the older telecom programs, legacy programs have gone down. And from our point of view, we're going to assume that they're not coming back and if they do great, but we're moving on to the next applications.

顯然，我們剛剛談到了 Wolfspeed 收購，這是一次重大收購，確實在很大程度上增強了 MACOM 的產品組合，並將會有新的市場和機會。所以我認為總的來說，我們喜歡正在發生的事情。我們處於底部，許多舊的電信項目、遺留項目已經下降。從我們的角度來看，我們將假設他們不會回來，如果他們做得很好，但我們將繼續下一個應用程式。

Thank you. Richard Shannon, Craig Hallum.

謝謝。理查德·香農，克雷格·哈勒姆。

Well, great. Thanks for getting me in at the end of the call here. I guess a couple of questions for you. See the first one is in data center. Wanted to get a sense of any changes in visibility of you're seeing orders farther out here? We're seeing obviously some strength in the higher end AI-related part of this market here. And I guess maybe more specific point to this question is we've seen a number of suppliers of components and modules into the high end of the market with volatile results, we see a large clusters as we deployed and see a couple of good quarters and then it falls off.

嗯，太好了。感謝您在通話結束時讓我加入。我想有幾個問題想問你。請參閱第一個位於資料中心。想要了解您在更遠的地方看到的訂單的可見度變化嗎？我們顯然看到了這個市場中與人工智慧相關的高端部分的一些優勢。我想也許這個問題更具體的一點是，我們已經看到許多組件和模組供應商進入高端市場，結果不穩定，我們在部署時看到了一個大型集群，並看到了幾個良好的季度和然後它就會脫落。

Curious to the degree to which you're worried about that kind of volatility, or do you see it more of a monotonically increasing outlook here going out for the, say, the next year or so. So typically the, um, the data center sockets that we're winning are high-volume sockets. And so there's a lot of planning that goes into that. Jack talked about increasing inventories with the expectation of future revenue growth. I would say ,our visibility is pretty good into the market.

很好奇您對這種波動的擔憂程度，或者您是否認為未來一年左右的前景會單調增長。因此，通常情況下，我們贏得的資料中心插座都是大容量插座。因此，這方面有很多計劃。傑克談到了增加庫存以及對未來收入成長的預期。我想說，我們的市場知名度非常好。

So our customers know what our manufacturing lead times are and they may have to plan accordingly and they don't want to take that risk and they're on their production lines if they don't have parts, and they can't ship that as sort of a disaster.

因此，我們的客戶知道我們的製造交貨時間是多少，他們可能必須做出相應的計劃，他們不想冒這個風險，如果他們沒有零件，他們就在生產線上，他們無法運送零件就像一場災難。

So we've been working with customers to make sure that we build secure backlog in this regard. But you do highlight a very important point which we've talked about sort of every quarter, which is the data center can be very volatile. And that's sort of the nature of the market where you see large orders deployed when from the ISPs when there's demand or when they're getting ready to build out new infrastructure. So that volatility flows down.

因此，我們一直在與客戶合作，以確保我們在這方面建立安全的積壓工作。但您確實強調了我們每季都會討論的非常重要的一點，那就是資料中心可能非常不穩定。這就是市場的本質，當有需求或準備建造新的基礎設施時，您會看到來自 ISP 的大量訂單被部署。這樣波動性就會下降。

Now the good news is we are at the beginning of 100 gigabits ramp because remember the Tomahawk 5 switch just came out about a year ago or so. It's just getting out there in the market, which means the entire ecosystem needs to switch over to 100 gigabits. So that will generally be 800 gigabits Ethernet, which is the core of the market that is the mainstay.

現在好消息是我們正處於 100 千兆位元成長的開始階段，因為還記得 Tomahawk 5 交換器大約一年前剛推出。它剛剛上市，這意味著整個生態系統需要切換到 100 GB。因此，通常是 800 吉比特以太網，這是市場的核心，也是中流砥柱。

And then you add on top of that, some of the advanced technologies at 200 gigabits per lane coming in and layering on as well. It's a pretty good setup for MACOM. But I do want to I agree with your core of your question, which is could there be volatility and we would always say, yes, there could be. But we are at the beginning of a switch over from the lower data rates to the higher data rates.

除此之外，還增加了一些每通道 200 GB 的先進技術並進行分層。對於 MACOM 來說這是一個非常好的設定。但我確實想同意你問題的核心，即是否會出現波動，我們總是會說，是的，可能會出現。但我們正處於從較低資料速率轉換為較高資料速率的開始。

Okay. Great perspective there, Steve. Nice. Second question, a very simple one here. You guided the I&D segment for low single-digit growth sequentially here in the quarter. Is there any major difference in the industrial part versus defense baked into that?

好的。史蒂夫，這真是一個偉大的視角。好的。第二個問題，這是一個非常簡單的問題。您指導 I&D 部門在本季連續實現低個位數成長。工業部分與國防部分有重大差異嗎？

Generally, no.

一般來說，不會。

Okay, perfect. That's all for me. Thank you.

好的，完美。這就是我的全部。謝謝。

Thank you. And with that, I will now turn the call back over to Steve Daly for any closing remarks.

謝謝。現在，我將把電話轉回給史蒂夫·戴利，讓其發表結束語。

Thank you. In closing, Jack and I would like to thank the entire MACOM team for their continued dedication which has made these results possible. We will continue to work as a team to meet our customers' needs and to execute our strategic plan. Thank you and have a nice day.

謝謝。最後，Jack 和我要感謝整個 MACOM 團隊的持續奉獻，而正是他們的奉獻使這些結果成為可能。我們將繼續作為一個團隊努力滿足客戶的需求並執行我們的策略計劃。謝謝您，祝您有愉快的一天。

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。感謝您的參與。您現在可以斷開連線。