MACOM Technology Solutions Holdings Inc (MTSI) 2024 Q4 法說會逐字稿

Welcome to MACOM’s fourth fiscal quarter 2024 conference call. This call is being recorded today, Thursday, November 7, 2024. (Operator Instructions)

歡迎參加 MACOM 2024 年第四財季電話會議。本次通話錄音於今天，即 2024 年 11 月 7 日星期四。（操作員說明）

I will now turn the call over to Mr. Steve Ferranti, MACOM’s Vice President of Corporate Development and Investor Relations. Mr. Ferranti, please go ahead.

我現在將把電話轉給 MACOM 企業發展和投資者關係副總裁 Steve Ferranti 先生。費蘭蒂先生，請繼續。

Thank you, Olivia. Good morning and welcome to our call to discuss MACOM’s financial results for the fourth fiscal quarter and full fiscal year 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.

謝謝你，奧莉維亞。早安，歡迎致電討論 MACOM 第四財季和 2024 年全年的財務業績。我想提醒大家，我們今天的討論將包含前瞻性陳述，這些陳述受到 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。

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

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

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

管理階層在本次電話會議上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。

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

接下來，我將把電話轉給 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 Q4 and full-year results for 2024. When Jack is finished, I will provide revenue and earnings guidance for the first quarter of our fiscal 2025 and then we will be happy to take some questions.

謝謝你，早安。我將首先介紹公司的整體最新情況。之後，我們的財務長傑克·科伯將審查我們 2024 年第四季和全年業績。問題。

Revenue for the fourth quarter of fiscal 2024 was $200.7 million and adjusted EPS was $0.73 per diluted share. For the full year, FY24 revenue was $729.6 million and EPS was $2.56. We ended our fiscal year with record quarterly revenues and our Q4 free cash flow of just over $57 million. At fiscal year-end, we held approximately $582 million in cash and short-term investments on our balance sheet.

2024 財年第四季營收為 2.007 億美元，調整後每股攤薄每股收益 0.73 美元。2024 財年全年營收為 7.296 億美元，每股收益為 2.56 美元。我們以創紀錄的季度收入結束了本財年，第四季自由現金流略高於 5,700 萬美元。截至本財年末，我們的資產負債表上持有約 5.82 億美元的現金和短期投資。

Our Q4 book-to-bill ratio was 1.1:1 and our turns business, where orders booked and shipped within the quarter was 22% of our total revenue. Our backlog entering fiscal 2025 is at a record level, inclusive of some of our recent large program awards. New order demand was strongest at our data center and defense customers, while industrial and certain telecom submarkets remained weak.

我們第四季的訂單出貨比為 1.1:1，週轉業務（本季內預訂和出貨的訂單）占我們總收入的 22%。進入 2025 財年，我們的積壓工作達到了創紀錄的水平，其中包括我們最近獲得的一些大型項目獎項。我們的資料中心和國防客戶的新訂單需求最為強勁，而工業和某些電信子市場仍然疲軟。

Given we are at the start of a new fiscal year, I would like to review our long-term strategy, briefly recap some of last year's accomplishments, and then highlight some of our top priorities for fiscal 2025. Simply put, our strategy is to focus on supporting the highest power, highest frequency, and highest data rate applications in our core three markets.

鑑於我們正處於新財年的開始，我想回顧一下我們的長期策略，簡要回顧去年的一些成就，然後強調我們 2025 財年的一些首要任務。三個市場中最高功率、最高頻率和最高數據速率的應用。

We align our R&D and product development resources around these themes and then using our annual strategic planning process, establish near and long-term goals to strengthen our portfolio's competitiveness and position the company for future success.

我們圍繞這些主題調整我們的研發和產品開發資源，然後利用我們的年度策略規劃流程，制定近期和長期目標，以增強我們產品組合的競爭力，並為公司未來的成功奠定基礎。

Our goal is to have our technical teams work closely with customers and provide unique options for them to consider. By leveraging a wide breadth of unique technologies with world-class manufacturing strength, we believe we can attract many new customers and gain market share.

我們的目標是讓我們的技術團隊與客戶密切合作，並提供獨特的選擇供他們考慮。透過利用廣泛的獨特技術和世界一流的製造實力，我們相信我們可以吸引許多新客戶並獲得市場份額。

Fiscal year 2024 was a busy year for MACOM, and I would like to highlight four notable accomplishments. First, we are pleased that we were awarded several large purchase orders and contracts by industry-leading customers in each of our three major markets. We expect these program wins will help support our growth over the next 12 months and beyond.

2024 財年對 MACOM 來說是忙碌的一年，我想強調四項值得注意的成就。首先，我們很高興我們在三個主要市場中均獲得了行業領先客戶的幾筆大筆採購訂單和合約。我們預計這些計劃的勝利將有助於支持我們未來 12 個月及以後的成長。

Second, we expanded our leadership position in high-performance connectivity solutions for data center customers, and we continue to provide advanced solutions to the leaders in this space. Our full year fiscal 2024 data center revenue was a record and we posted greater than 30% data center growth for the year.

其次，我們擴大了在資料中心客戶高效能連接解決方案方面的領導地位，並繼續為該領域的領導者提供先進的解決方案。我們的 2024 財年全年資料中心營收創紀錄，全年資料中心成長超過 30%。

Third, we continue to execute our strategy to develop industry-leading microwave and millimeter wave frequency processes, products and solutions. Many of our advanced semiconductor development projects have US government support as we highlighted in a press release that we issued earlier this week. In total, in recent times, we have been awarded funding of approximately $29 million to develop advanced semiconductor technology.

第三，我們持續執行開發業界領先的微波和毫米波頻率製程、產品和解決方案的策略。正如我們在本週稍早發布的新聞稿中所強調的那樣，我們的許多先進半導體開發案都得到了美國政府的支持。最近，我們總共獲得了約 2,900 萬美元的資金來開發先進的半導體技術。

And last, the recent strategic acquisitions have resulted in MACOM being larger, stronger, and more competitive. Expanding our portfolio has increased our serviceable addressable market or SAM, significantly. And while we are pleased with the numerous achievements during the past fiscal year, there are some areas that we recognize we did not meet our targets.

最後，最近的策略性收購使 MACOM 變得更大、更強、更具競爭力。擴大我們的產品組合顯著增加了我們的可服務目標市場（SAM）。雖然我們對上一財年所取得的眾多成就感到高興，但我們也意​​識到在某些領域我們沒有實現我們的目標。

First, we fell short of our goal to introduce 50% more IC products year-over-year. More work needs to be done to increase our new product introduction or NPI capacity and efficiencies including expanding automation, streamlining NPI processes, and accelerating fab cycle times.

首先，我們沒有實現 IC 產品推出量年增 50% 的目標。需要做更多的工作來提高我們的新產品推出或 NPI 能力和效率，包括擴大自動化、簡化 NPI 流程和加快晶圓廠週期時間。

Second, we did not achieve optimal utilization of our Lowell wafer fab. MACOM's financials are strongest when our internal fabs are fully utilized. We maintain a continuous improvement mindset and we will certainly be addressing these two important areas in fiscal 2025.

其次，我們並沒有實現洛威爾晶圓廠的最佳利用率。當我們的內部晶圓廠得到充分利用時，MACOM 的財務狀況最為強勁。我們保持持續改進的心態，我們肯定會在 2025 財年解決這兩個重要領域。

As we turn our attention to fiscal 2025, our priorities include extending our leadership in gallium arsenide and GaN MMICs and taking market share in RF and microwave applications, leading the market in 200G per lane high-speed analog solutions for data center applications across copper cable and optical interfaces. Further expanding our optical capabilities within the aerospace and defense applications, growing our module and subsystem business and key high-performance applications while leveraging our domestic and international operations.

當我們將注意力轉向2025 財年時，我們的首要任務包括擴大我們在砷化鎵和GaN MMIC 領域的領先地位，並在射頻和微波應用領域佔據市場份額，在跨銅纜數據中心應用的每通道200G 高速類比解決方案方面引領市場和光學介面。進一步擴大我們在航空航天和國防應用領域的光學能力，發展我們的模組和子系統業務以及關鍵高性能應用，同時利用我們的國內和國際業務。

Completing the qualification of our European semiconductor center six-inch wafer production line before the end of calendar 2025, ramping our high-speed photodetector and CW laser products to support 800G and 1.6T applications. Accelerating the pace of new product introductions which can drive increased fab utilization and finally continuing to recruit and attract industry leading talent to ensure we stay on track with executing our comprehensive strategy.

於 2025 年底前完成歐洲半導體中心六英寸晶圓生產線的認證，提升我們的高速光電探測器和連續雷射產品以支援 800G 和 1.6T 應用。加快新產品推出的步伐，這可以提高晶圓廠利用率，並最終繼續招募和吸引行業領先人才，以確保我們在執行全面戰略方面保持正軌。

Turning to our end markets. Q4 revenue performance by end market was as expected with industrial and defense at $92.8 million, telecom at $51.7 million, and data center at $56.2 million. For the quarter, data center was up 14.7% sequentially and I&D and telecom were both up 2.1% sequentially. I'll note our I&D revenue level was an annual and quarterly record.

轉向我們的終端市場。第四季終端市場收入表現符合預期，其中工業和國防收入為 9,280 萬美元，電信收入為 5,170 萬美元，資料中心收入為 5,620 萬美元。本季度，資料中心較上季成長 14.7%，I&D 和電信較上季成長 2.1%。我要指出的是，我們的 I&D 收入水準創下了年度和季度記錄。

We continue to identify growth opportunities in the industrial and defense market spanning radar, electronic warfare, secure communications, and integrated battlefield systems. The trend across all these applications is towards higher frequencies, higher power levels, wider bandwidth, and higher levels of integration. Threats from UAV's more sophisticated targeting systems and dramatically more complex electromagnetic environment on the battlefield are driving systems towards higher frequency ranges including X-band and V-band to increase system performance.

我們繼續在雷達、電子戰、安全通訊和綜合戰場系統等工業和國防市場中尋找成長機會。所有這些應用的趨勢是更高的頻率、更高的功率等級、更寬的頻寬和更高的整合度。無人機更複雜的瞄準系統和戰場上更複雜的電磁環境的威脅正在推動系統轉向更高的頻率範圍，包括 X 頻段和 V 頻段，以提高系統性能。

I am pleased to report that earlier this month, MACOM delivered a large S-band high power GaN-based phased array transmitter to a navy customer. This was a major milestone for MACOM and I congratulate our dedicated team on completing this complex project. Our system engineering team was supported by our RF power components team which resulted in an efficient design and build of this high-performance system.

我很高興地向大家報告，本月早些時候，MACOM 向海軍客戶交付了一款大型 S 波段高功率 GaN 相控陣發射機。這是 MACOM 的一個重要里程碑，我祝賀我們的專業團隊完成了這個複雜的專案。我們的系統工程團隊得到了射頻功率組件團隊的支持，從而實現了這款高性能係統的高效設計和建造。

We are pleased that our efforts resulted in a new contract at twice the value to design and build a higher frequency next generation high power GaN transmit array. We believe the trends for the I&D market play directly into MACOM's strengths.

我們很高興我們的努力獲得了一份價值兩倍的新合同，用於設計和建造更高頻率的下一代高功率 GaN 發射陣列。我們相信 I&D 市場的趨勢直接發揮 MACOM 的優勢。

In particular, we are focused on supporting US and certain international markets with our very high frequency semiconductor MMIC process technologies and products. For example, the opening of our MACOM European semiconductor center expanded our wafer manufacturing capacity, added epitaxial growth expertise and bolstered our presence with European defense customers.

特別是，我們專注於透過我們的甚高頻半導體 MMIC 製程技術和產品支援美國和某些國際市場。例如，MACOM 歐洲半導體中心的開幕擴大了我們的晶圓製造能力，增加了外延生長專業知識，並增強了我們在歐洲國防客戶中的影響力。

Our telecom end market revenues continue to grow with some MACOM specific bright spots emerging. While many expect global 5G spending to decrease modestly in 2025 compared to 2024, we are currently seeing strength due to demand from the North American market, demand from Europe and India remains weak although we have seen some large 5G award announcements in India which may benefit MACOM.

我們的電信終端市場收入持續成長，一些 MACOM 特定的亮點正在出現。儘管許多人預計2025 年全球5G 支出​​將比2024 年小幅下降，但我們目前看到北美市場需求強勁，歐洲和印度的需求仍然疲軟，儘管我們已經看到印度宣布了一些大型5G 獎項，這可能會受益MACOM。

We are also receiving new demand on older products as inventory at our lead customers has normalized. But more importantly, we believe that we are gaining market share in new platforms for the 5G markets we participate in. This is mainly driven by the need for higher power, multi-band radios where MACOM's products can offer unique advantages over our competitors.

隨著主要客戶的庫存恢復正常，我們也收到了對舊產品的新需求。但更重要的是，我們相信我們正在參與的 5G 市場的新平台中獲得市場份額。這主要是由於對更高功率、多頻段無線電的需求推動的，MACOM 的產品可以提供優於競爭對手的獨特優勢。

The satellite communications market remains very robust. In particular, the market for low earth orbit or LEO satellite based broadband access provides a significant growth opportunity for MACOM. Satellite based broadband access is increasingly being a more viable solution for rural areas, broadband service for ships and planes and emergency services. Some networks are incorporating direct to sell capabilities which MACOM also supports.

衛星通訊市場仍然非常強勁。特別是，低地球軌道或基於 LEO 衛星的寬頻存取市場為 MACOM 提供了重要的成長機會。基於衛星的寬頻存取日益成為農村地區、船舶和飛機寬頻服務以及緊急服務的更可行的解決方案。一些網路正在整合 MACOM 也支援的直銷功能。

LEO networks are typically constructed in a mesh architecture involving thousands of satellites. For example, one of the leading satellite-based internet service providers has launched over 6,000 satellites to date and some believe this number could more than double. We anticipate other large LEO constellations will be designed and deployed over the next few years.

LEO 網路通常採用包含數千顆衛星的網狀架構建構。例如，一家領先的衛星網路服務供應商迄今已發射了 6,000 多顆衛星，有些人認為這個數字可能會增加一倍以上。我們預計未來幾年將設計和部署其他大型低地球軌道星座。

I'll note on the DoD side, new satellite constellations are also being developed to support secure communications robust GPS and space-based radar systems. Within these satellite networks, MACOM provides semiconductor and module solutions for satellite-to-satellite links as well as satellite to ground links.

我要指出的是，國防部方面也正在開發新的衛星星座，以支援安全通訊、強大的 GPS 和天基雷達系統。在這些衛星網路中，MACOM 為衛星到衛星鏈路以及衛星到地面鏈路提供半導體和模組解決方案。

These typically use a combination of microwave, millimeter wave radio frequencies and free space optic communications. In some cases, the satellite to ground links require linearization to boost the power efficiency of the link. We also provide solutions for ground-based gateway networks. MACOM is executing on multiple programs today involving our MMICS, RF power, lightwave and linearize our product lines.

這些通常結合使用微波、毫米波射頻和自由空間光通訊。在某些情況下，衛星到地面鏈路需要線性化以提高鏈路的功率效率。我們也為地面網關網路提供解決方案。MACOM 今天正在執行多個項目，涉及我們的 MMICS、射頻功率、光波和線性化我們的產品線。

Finally, the cable TV infrastructure market is in the midst of a transition from DOCSIS 3.1 to DOCSIS 4.0. Demand typically goes through a lull during these transitions as new systems are designed and go through qualification. We have seen that lull in demand over the last one to two years. But during that time, we continue to release new products and work with customers on new design wins.

最後，有線電視基礎設施市場正處於從 DOCSIS 3.1 到 DOCSIS 4.0 的過渡過程中。在這些轉變過程中，隨著新系統的設計和資格認證，需求通常會經歷一段平靜期。在過去的一到兩年裡，我們已經看到需求的平靜。但在此期間，我們繼續發布新產品，並與客戶合作贏得新的設計。

We are now starting to see modest demand on our new DOCSIS 4.0 products as certain US providers begin their rollouts. We supply amplifiers, balanced couplers and filters for the line amplifiers and nodes in these deployments. And we expect some modest revenue growth in fiscal year 2025 from our cable TV customers.

隨著某些美國供應商開始推出，我們現在開始看到對我們的新 DOCSIS 4.0 產品的需求不大。我們為這些部署中的線路放大器和節點提供放大器、平衡耦合器和濾波器。我們預計 2025 財年有線電視客戶的營收將出現小幅成長。

The data center and market continues to be dynamic with significant growth opportunities. We see favorable trends continuing as the internet service providers are accelerating capital expenditures to deploy next generation data centers. In some cases, new data centers may deploy a large number of processors which can require increased optical and or copper interconnects. And we support these areas with our products.

資料中心和市場繼續充滿活力，並擁有巨大的成長機會。隨著網路服務供應商加快資本支出以部署下一代資料中心，我們看到有利的趨勢仍在持續。在某些情況下，新的資料中心可能會部署大量處理器，這可能需要增加光纖和/或銅互連。我們用我們的產品來支持這些領域。

We remain agnostic as to whether customers select electrical or optical solutions. In certain applications, our market position is strong, and I note that our 800G products are in full production and 1.6T designs are starting to ramp.

對於客戶選擇電氣還是光學解決方案，我們仍然不可知。在某些應用中，我們的市場地位很強，我注意到我們的800G產品已經全面生產，1.6T設計也開始加速。

In fiscal year 2024 we executed shipments to support 800 gigabit per second optical modules which in some cases was eight lanes of 100G. We expect certain parts of this market will transition to the 1.6T products and we are well positioned with key design wins and have started to support customers with these 8 by 200G solutions.

在 2024 財年，我們交付了支援每秒 800 吉比特的光學模組，在某些情況下是八通道 100G。我們預計該市場的某些部分將過渡到 1.6T 產品，並且我們已在關鍵設計方面取得了優勢，並已開始透過這些 8 x 200G 解決方案為客戶提供支援。

While our products support both retimed and linear architectures, DSP based technologies require higher power consumption to perform retiming signal processing functions creating major thermal and cost challenges for customers. To address this linear pluggable optics or LPO and linear copper equalizer technologies keep getting mindshare and we are seeing new customers joining the LPO MSA, which MACOM is a founding member.

雖然我們的產品支援重定時和線性架構，但基於 DSP 的技術需要更高的功耗來執行重定時訊號處理功能，這給客戶帶來了重大的散熱和成本挑戰。為了解決這個線性可插拔光學元件或 LPO 和線性銅均衡器技術不斷受到關注的問題，我們看到新客戶加入了 LPO MSA，MACOM 是 LPO MSA 的創始成員。

We expect to see these technologies starting to take some share to support 800G applications. MACOM is also supporting new applications that have disaggregated computing where pools of processors and memories are interconnected via computing interfaces.

我們預計這些技術將開始佔據一定份額以支援 800G 應用。MACOM 還支援具有分解計算功能的新應用程序，其中處理器和記憶體池透過計算介面互連。

The longer reach PCIe interfaces will operate at higher data rates of 64 and 128 gigabits per second per lane or PCIe six and seven respectively. And MACOM can service these links with our linear TIAs laser drivers and copper equalizers as successfully demonstrated at the recent CIOE and ECOC trade shows.

更長距離的 PCIe 介面將以每通道每秒 64 吉比特和 128 吉比特或 PCIe 6 和 7 的更高資料速率運作。正如最近在 CIOE 和 ECOC 貿易展上成功展示的那樣，MACOM 可以透過我們的線性 TIA 雷射驅動器和銅均衡器為這些鏈路提供服務。

One of our areas of growth is related to data center interconnect or DCI, specifically 400G ZR and ZR+ and the emerging 800G ZR and ZR+ due to rapidly growing demand for more bandwidth that supports cloud computing and content delivery. MACOM's 400G and 800G ZR and ZR+ coherent driver and TIA families are well positioned within the market to support this growing demand.

我們的成長領域之一與資料中心互連或 DCI 有關，特別是 400G ZR 和 ZR+ 以及新興的 800G ZR 和 ZR+，因為對支援雲端運算和內容交付的更多頻寬的需求迅速增長。MACOM 的 400G 和 800G ZR 和 ZR+ 相干驅動器和 TIA 系列在市場中處於有利地位，可以滿足這一不斷增長的需求。

Another area of increasing interest from customers is the use of coherent within the data center campus network also known as Coherent Light. MACOM is supporting efforts to enable the use of coherent optics in less than 15-kilometer lengths with low power cost effective drivers and TIAs and CW lasers for 400G ZR light and eventually 800G.

客戶日益感興趣的另一個領域是在資料中心園區網路中使用相干技術（也稱為相干光）。MACOM 正在支援在 15 公里以內的長度內使用相干光學元件以及低功耗、經濟高效的驅動器、TIA 和 CW 雷射器來實現 400G ZR 光，最終達到 800G。

Deployments of these 400G networks has already begun with volume ramps anticipated in calendar year 2025 and an expectation that 800G will be deployed after that. In summary, the data center market continues to be an exciting area for our high-speed analog designers.

這些 400G 網路的部署已經開始，預計 2025 年銷量將大幅增加，並預計此後將部署 800G。總之，資料中心市場對於我們的高速模擬設計人員來說仍然是一個令人興奮的領域。

And finally, in support of our strategy to strengthen and expand our design capabilities. I'm pleased to announce that this week, we completed the acquisition of ENGIN-IC, a small private fabulous IC design company with offices located in Dallas, Texas and San Diego, California.

最後，支持我們加強和擴大設計能力的策略。我很高興地宣布，本週，我們完成了對 ENGIN-IC 的收購，這是一家小型私人 IC 設計公司，辦公室位於德克薩斯州達拉斯和加利福尼亞州聖地亞哥。

ENGIN-IC has approximately 20 employees who are expert in microwave IC and module design. Since their inception, more than 10 years ago the team has primarily focused on supporting defense applications. The three Co-Founders, Steve Nelson, Chris Eisen, and Jack Giles are industry veterans who have helped define what's possible in gallium arsenide and gallium-nitride circuit and module design.

ENGIN-IC約有20名微波IC和模組設計專家的員工。自十多年前成立以來，該團隊主要專注於支援國防應用。三位共同創辦人 Steve Nelson、Chris Eisen 和 Jack Giles 都是業界資深人士，他們幫助定義了砷化鎵和氮化鎵電路和模組設計的可能性。

We are excited to welcome the talented ENGIN-IC team to MACOM and we look forward to collaborating for the benefit of our mutual customers. ENGIN-IC's wide band amplifier design capabilities and know how complement MACOM's strengths around narrow band amplifier design suitable for radar and communication applications. I invite everybody to visit our website and learn more about ENGIN-IC.

我們很高興歡迎才華橫溢的 ENGIN-IC 團隊來到 MACOM，我們期待為我們共同客戶的利益而合作。ENGIN-IC 的寬頻放大器設計能力和專業知識補充了 MACOM 在適合雷達和通訊應用的窄帶放大器設計方面的優勢。我邀請大家訪問我們的網站並了解更多有關 ENGIN-IC 的資訊。

In summary, our strength is to build a unique best-in-class and diversified semiconductor portfolio which enables MACOM to capture a larger share of the market. Our speed and agility help us address opportunities and ultimately beat competitors that are often larger and have more resources.

總而言之，我們的優勢是建立獨特的一流且多元化的半導體產品組合，使 MACOM 能夠佔領更大的市場份額。我們的速度和敏捷性幫助我們抓住機遇，最終擊敗規模更大、擁有更多資源的競爭對手。

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

傑克現在將對我們的財務業績進行更詳細的審查。

Thank you, Steve and good morning everyone. Before getting into the details of our quarterly results, I would like to summarize a few items associated with our fiscal year 2024 financials.

謝謝你，史蒂夫，大家早安。在詳細介紹我們的季度業績之前，我想總結一下與我們 2024 財年財務狀況相關的一些項目。

Fiscal 2024 was the year that included sequential quarterly revenue, and EPS increases. With our total revenue increasing more than 12% over fiscal 2023. During fiscal years, 2024 and 2023 we have maintained solid and consistent cash flow generation which has allowed us to fund acquisitions with available cash and to also accumulate cash for future corporate priorities.

2024 財年季度營收和每股盈餘均有所成長。與 2023 財年相比，我們的總營收成長了 12% 以上。在 2024 和 2023 財年，我們保持了穩定、穩定的現金流生成，這使我們能夠利用可用現金為收購提供資金，並為未來的公司優先事項積累現金。

Now on to our Q4 quarterly results, as well as some additional commentary on our full fiscal year 2024 and our outlook on fiscal year 2025. Revenue for the fourth fiscal quarter was a quarterly record high of $200.7 million up 5.4% sequentially based on growth across all three of our end markets.

現在介紹我們的第四季度季度業績，以及對 2024 年整個財年和 2025 財年展望的一些補充評論。基於我們所有三個終端市場的成長，第四財季的營收創季紀錄新高，達到 2.007 億美元，季增 5.4%。

On a geographic basis, revenue from US domestic customers represented approximately 45% of our fiscal Q4 results consistent with Q3. For fiscal year 2024 revenue from US domestic customers represented 45% down slightly from 48% in the prior year.

從地理來看，來自美國國內客戶的營收約占我們第四季業績的 45%，與第三季一致。2024 財年，來自美國國內客戶的營收為 45%，略低於前一年的 48%。

We've been working to geographically diversify our business and are pleased to have a healthy mix of US and international based revenue opportunities. Adjusted gross profit for fiscal Q4 was $116.6 million or 58.1% of revenue, 60 basis points higher than the third quarter.

我們一直致力於實現業務的地域多元化，並很高興擁有美國和國際收入機會的健康組合。第四財季調整後毛利為 1.166 億美元，佔營收的 58.1%，比第三季高 60 個基點。

Total adjusted operating expense for our fourth fiscal quarter was $65.9 million consisting of research and development expense of $43.9 million and selling, general and administrative expense of $22 million. The sequential increase in adjusted operating expense of $2 million was primarily driven by higher compensation related expenses as we continued to grow the business.

第四財季調整後營運費用總額為 6,590 萬美元，其中研發費用為 4,390 萬美元，銷售、一般及管理費用為 2,200 萬美元。調整後營運費用較上季增加 200 萬美元，主要是因為我們持續發展業務，薪酬相關費用增加。

Depreciation expense for fiscal Q4 was $7.3 million and $28.1 million for fiscal year 2024. Approximately $4.3 million higher on an annual basis, primarily due to investments in acquired equipment.

第四財季的折舊費用為 730 萬美元，2024 財年的折舊費用為 2,810 萬美元。年比增加約 430 萬美元，主要是由於對購置設備的投資。

Adjusted operating income in fiscal Q4 was $50.7 million, up 11% sequentially from $45.6 million in fiscal Q3. For fiscal year 2024, adjusted operating income was $175 million compared to $189.6 million fiscal 2023, resulting in a 520 basis point reduction in adjusted operating margin compared to fiscal 2023.

第四財季調整後營業收入為 5,070 萬美元，比第三財季的 4,560 萬美元成長 11%。2024 財年，調整後營業收入為 1.75 億美元，而 2023 財年為 1.896 億美元，導致調整後營業利潤率比 2023 財年減少 520 個基點。

We recognize that initially, some of the incremental revenue from our recent acquisitions has reduced our adjusted operating margin from a year over year perspective. However, we note that our adjusted operating income and associated margin have been improving over the past few quarters as we expected.

我們認識到，最初，我們最近收購帶來的一些增量收入降低了我們調整後的營業利潤率。然而，我們注意到，我們調整後的營業收入和相關利潤率在過去幾季一直在改善，正如我們預期的那樣。

For fiscal year 2025 our team plans to further optimize our acquisitions, executing on incremental operational efficiencies and yield enhancement activities. And as Steve highlighted our team operates the entire business with a continuous improvement approach and we will work to further increase our operating margin over the course of the year.

在 2025 財年，我們的團隊計劃進一步優化我們的收購，執行增量營運效率和產量提高活動。正如史蒂夫所強調的那樣，我們的團隊以持續改進的方式經營整個業務，我們將努力在這一年中進一步提高我們的營運利潤率。

For fiscal Q4, we had adjusted net interest income of $5.3 million compared to net interest income of approximately $4.8 million in Q3. Fiscal year 2024 adjusted net interest income was $19 million compared to income of $10 million in 2023.

對於第四財季，我們調整後的淨利息收入為 530 萬美元，而第三季的淨利息收入約為 480 萬美元。2024 財年調整後的淨利息收入為 1,900 萬美元，而 2023 年的收入為 1,000 萬美元。

As we move into fiscal 2025 we expect quarterly net interest income to be consistent with Q4 levels as we increase investment balances through additional quarterly cash flow offset by expected lower interest rates and yields. Our adjusted income tax rate in fiscal Q4 was 3% and resulted in an expense of approximately $1.7 million. Our net cash tax payments were approximately $1.6 million for the fourth quarter and $6 million for fiscal year 2024.

隨著我們進入 2025 財年，我們預計季度淨利息收入將與第四季度的水平保持一致，因為我們透過額外的季度現金流來增加投資餘額，並抵消了預期較低的利率和收益率。我們第四財季調整後的所得稅率為 3%，導致費用約為 170 萬美元。我們第四季的淨現金稅款約為 160 萬美元，2024 財年的淨現金稅款約為 600 萬美元。

We expect our adjusted income tax rate to remain at 3% for fiscal year 2025. As of September 27, 2024, our deferred tax asset balances were $212 million as compared to $218 million at the end of fiscal 2023. We anticipate further utilizing our deferred tax asset balances including R&D tax credits through fiscal 2025 and into 2026, helping to keep our cash tax payments relatively low over these periods.

我們預計 2025 財年調整後的所得稅稅率將維持在 3%。截至 2024 年 9 月 27 日，我們的遞延稅資產餘額為 2.12 億美元，而 2023 財政年度結束時為 2.18 億美元。我們預計將進一步利用我們的遞延稅資產餘額，包括 2025 財年和 2026 財年的研發稅收抵免，幫助我們在這些期間保持相對較低的現金稅支付。

Fiscal Q4 adjusted net income increased to $54.2 million compared to $48.9 million in Q3. Adjusted earnings per fully diluted share was $0.73 utilizing a share count of $74.5 million shares compared to $0.66 of adjusted earnings per share in fiscal Q3.

第四財季調整後淨利增至 5,420 萬美元，而第三季為 4,890 萬美元。使用 7,450 萬美元股數，調整後每股完全攤薄收益為 0.73 美元，而第三財季調整後每股收益為 0.66 美元。

Now moving on to operational balance sheet and cash flow items. Our Q4 accounts receivable balance was $105.7 million down from $106.8 million in fiscal Q3 due to improved shipment linearity and strong collection activity during the quarter. As a result, days sales outstanding were 48 days compared to 51 days in the prior quarter.

現在轉向營運資產負債表和現金流量項目。由於本季出貨線性改善和強勁的收款活動，我們第四季的應收帳款餘額為 1.057 億美元，低於第三財季的 1.068 億美元。結果，應收帳款天數為 48 天，而上一季為 51 天。

Inventories were $194.5 million at quarter end, up sequentially from $190.7 million. Inventory turns were flat sequentially at 1.7 times. The quality and mix of our inventory is strong and continues to support our strategic backlog and our growth plans for fiscal 2025.

季末庫存為 1.945 億美元，高於上一季的 1.907 億美元。庫存週轉率環比持平，為 1.7 倍。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和 2025 財年的成長計畫。

As we move through fiscal 2025, we expect to see improvements in inventory turns. In addition, this marks the fifth quarter in a row where we have reduced channel inventories held at certain of our partners.

隨著 2025 財年的到來，我們預期庫存週轉率將會有所改善。此外，這標誌著我們連續第五個季度減少了某些合作夥伴的通路庫存。

Fiscal Q4, cash flow from operations was approximately $62.3 million, up $13.3 million sequentially. Capital expenditures totaled $5.2 million for fiscal Q4 and fiscal 2024 annual CapEx of $22.4 million decreased slightly from $24.7 million in 2023. As we move into fiscal year 2025, we expect our capital expenditures to be approximately $35 million for the full year.

第四財季，營運現金流約 6,230 萬美元，較上一季增加 1,330 萬美元。第四財季的資本支出總額為 520 萬美元，2024 財年的年度資本支出為 2,240 萬美元，較 2023 年的 2,470 萬美元略有下降。進入 2025 財年，我們預計全年資本支出約為 3,500 萬美元。

Next, moving on to other balance sheet items. Cash, cash equivalents and short-term investments for the fourth fiscal quarter were $581.9 million, up $60.4 million from Q3. I'm pleased to note that we were able to utilize available cash for our RF business acquisition earlier in the fiscal year and comparing our cash and short-term investments to the book value of our convertible notes.

接下來，轉向其他資產負債表項目。第四財季的現金、現金等價物和短期投資為 5.819 億美元，比第三季增加 6,040 萬美元。我很高興地註意到，我們能夠在本財年早些時候利用可用現金進行 RF 業務收購，並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。

We are in a net cash position of more than $133 million as of September 27, 2024. Our balance sheet and cash generation remain sound, and we continue to exercise leverage over our operations and discretionary spending to support MACOM's target margins through ongoing cyclical pressure.

截至 2024 年 9 月 27 日，我們的淨現金部位超過 1.33 億美元。我們的資產負債表和現金產生狀況依然良好，我們繼續對營運和可自由支配支出發揮槓桿作用，以透過持續的周期性壓力支持 MACOM 的目標利潤率。

Fiscal 2024 was a solid year for MACOM and we are pleased with the company's performance and accomplishments and believe the diverse resilient portfolio we have built will support future growth of the business. As we begin fiscal 2025, we've established financial goals too, continue to build a company that can achieve an annualized revenue run rate of $1 billion or more in fiscal year 2026.

2024 財年對 MACOM 來說是堅實的一年，我們對公司的業績和成就感到滿意，並相信我們建立的多元化彈性投資組合將支持業務的未來成長。在 2025 財年開始之際，我們也制定了財務目標，繼續打造一家能夠在 2026 財年實現年化收入運行率達到 10 億美元或更多的公司。

Carefully manage and allocate our discretionary spending and capital expenditures to growth areas of the business. Sequentially improve quarterly operating margins and increase EPS, generate quarterly cash flow from operations that exceeds fiscal year 2024 levels and ensure our capital structure is optimized to provide operating flexibility at a low cost.

仔細管理我們的可自由支配支出和資本支出並將其分配到業務成長領域。依序提高季度營業利潤率和每股盈餘，從營運中產生超過 2024 財年水準的季度現金流，並確保我們的資本結構得到最佳化，以低成本提供營運彈性。

In addition, we remain committed to investing in our employees through career development opportunities, annual merit increases, promotions, bonus, and equity programs as well as offering competitive health care, retirement and other benefits.

此外，我們仍然致力於透過職業發展機會、年度績效加薪、晉升、獎金和股權計劃以及提供有競爭力的醫療保健、退休和其他福利來投資員工。

I will now turn the conversation back over to Steve.

我現在將話題轉回給史蒂夫。

Thank you, Jack. MACOM expects revenue in fiscal Q1 ending January 3, 2025, to be in the range of $212 million to $218 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 $0.75 and $0.81 based on $75 million fully diluted shares.

謝謝你，傑克。MACOM 預計截至 2025 年 1 月 3 日的第一財季營收將介於 2.12 億美元至 2.18 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 0.75 美元至 0.81 美元之間（基於 7,500 萬美元完全稀釋股票計算）。

We expect sequential revenue growth in all of our end markets. We expect data center will lead with approximately 15% sequential growth followed by telecom and industrial and defense with low to mid-single digit sequential growth. I'll note that ENGIN-IC will not contribute materially to our Q1 financial performance.

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約 15% 的環比增長領先，其次是電信、工業和國防，以低至中個位數的環比增長。我要指出的是，ENGIN-IC 不會對我們第一季的財務表現做出重大貢獻。

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

我現在想請接線生回答任何問題。

(Operator Instructions)

（操作員說明）

David Williams, The Benchmark Company.

大衛威廉斯，基準公司。

Hey, good morning and congrats on the solid performance here. I guess maybe first Steve, you talked a little bit, of course, a lot of nice opportunities in the data center. But I wanted to see maybe first if you could talk about the LPO opportunity you mentioned in the script and you talk about some of the new technology starting to take share to support 800G any more color around that and just where you're seeing that develop.

嘿，早上好，恭喜您在這裡的出色表現。我想也許首先史蒂夫，你談到了一點，當然，資料中心有很多很好的機會。但我想先看看您是否可以談談您在腳本中提到的 LPO 機會，以及一些新技術開始分享以支援 800G 的更多顏色，以及您所看到的發展方向。

Yeah, on the LPO, what we've seen really over the last four months, maybe six months is increased interest from the industry. We've seen the growth in the MSA organization from about 10 to12 members now, up close to19 members. And we're starting to see customers begin testing of interoperability of LPO solutions.

是的，在 LPO 上，我們在過去四個月，也許六個月裡真正看到的是業界興趣的增加。我們看到 MSA 組織的成員數量從大約 10 名增加到現在的 12 名，增加到接近 19 名。我們開始看到客戶開始測試 LPO 解決方案的互通性。

So we find that very attractive, but we have to also just note that it's very early for deployments of LPO solutions. And we think that over the next one to two years, LPO will definitely begin to take a certain portion of the market. So we are in a very strong position.

因此，我們發現這非常有吸引力，但我們也必須注意，現在部署 LPO 解決方案還為時過早。我們認為，在未來一到兩年內，LPO肯定會開始佔據一定的市場份額。所以我們處於非常有利的地位。

We've been one of the founding members of the MSA and we've certainly got a very strong design team and product portfolio that supports these types of solutions. And the last point I'll make on LPO is we believe it will intersect the market at 800G data rates. So that seems to be a very good sweet spot for this application.

我們是 MSA 的創始成員之一，我們當然擁有非常強大的設計團隊和產品組合來支援這些類型的解決方案。關於 LPO，我要說的最後一點是，我們相信它將以 800G 數據速率進入市場。因此，這似乎是該應用程式的一個非常好的最佳點。

In terms of some of the newer technologies, obviously, there's as the data rates go higher in frequency, the landscape changes, we feel like we are very well positioned, not only on the high-performance silicon side, but also with our optical solutions. And I mentioned in my remarks introducing photodetectors as well as CW lasers and so we believe that 2025 and 2026 will be good years for these particular product lines.

就一些新技術而言，顯然，隨著數據速率頻率的提高，情況發生變化，我們覺得我們處於非常有利的位置，不僅在高性能矽方面，而且在我們的光學解決方案方面。我在演講中提到引入光電探測器和 CW 雷射器，因此我們相信 2025 年和 2026 年將是這些特定產品線的好年景。

Great. Thanks for the color there. And then maybe just secondly for me is, have you noticed any changes maybe on the active copper cable side in terms of deployment or maybe customers thinking about the different strategies and different ways to deploy there or does everything still maybe the same as it was 6 months ago or even 30 days ago? Thank you.

偉大的。感謝那裡的顏色。然後，對我來說，也許第二個問題是，您是否注意到有源銅纜方面在部署方面的任何變化，或者客戶是否考慮了不同的策略和不同的部署方式，或者一切仍然可能與6相同幾個月前，甚至30天前？謝謝。

Yeah, I think that it's important to highlight and we say this often to investors and analysts that the data center market is very volatile, and our customers are constantly changing solutions, changing architectures, ramping programs up quickly, and ramping programs down quickly. And we again, we always emphasize that this is one of our most volatile end markets.

是的，我認為重要的是要強調，我們經常向投資者和分析師說，資料中心市場非常不穩定，我們的客戶不斷改變解決方案、改變架構、快速增加專案和快速減少專案。我們再次強調，這是我們最不穩定的終端市場之一。

In terms of your question, specifically I would say that there has been some discussion about certainly from some large customers of using less copper cable in certain architectures let's say. And so we certainly follow that that commentary, but from our point of view, our data center revenue is very diversified.

就你的問題而言，我想說的是，一些大客戶肯定已經討論過在某些架構中使用更少的銅纜。因此，我們當然會遵循這一評論，但從我們的角度來看，我們的資料中心收入非常多元化。

So we're supporting not only active optical cables but also active copper cables and various pluggable modules. And so we don't really get too hung up on any one particular portion of the market and what customers may or may not be deploying because of the diversity within our overall data center portfolio.

因此，我們不僅支援有源光纜，還支援主動銅纜和各種可插拔模組。因此，由於我們整個資料中心產品組合的多樣性，我們並不太關注市場的任何一個特定部分以及客戶可能會或可能不會部署的內容。

Remember, our strength is it has been historically short reach as I mentioned in my prepared remarks, you're seeing now even the short reach and medium reach becoming more complicated with new protocols including ZR and coherent light. And so these types of solutions that start to overlay the short and medium length connections again is an opportunity for growth for MACOM. So we don't get too overly excited about any one particular area we're trying to address all of them and make sure that our customers are successful.

請記住，我們的優勢在於它在歷史上一直是短距離，正如我在準備好的發言中提到的那樣，您現在會看到，隨著包括ZR 和相干光在內的新協議的出現，即使是短距離和中距離也變得更加複雜。因此，這些類型的解決方案開始再次覆蓋短距離和中長度連接，這對 MACOM 來說是一個成長機會。因此，我們不會對我們試圖解決所有問題的任何一個特定領域感到過於興奮，並確保我們的客戶取得成功。

Harsh Kumar, Piper Sandler.

嚴厲的庫馬爾，派珀桑德勒。

Hey guys, first of all, let me congratulate you guys on some fantastic guidance here. Steve to that end, I'm seeing the growth pick up materially here for the December guide relative to the last two or three quarters that you've guided to. And I know it's coming from data center.

嘿夥計們，首先讓我祝賀你們在這裡提供了出色的指導。為此，史蒂夫，我看到 12 月指南相對於您指導的過去兩三個季度的增長顯著回升。我知道它來自數據中心。

But is it fair for me to think that maybe data centers hit that sustainable level of growth where we could expect these kind of numbers maybe not quite 15% sequentially, but you know, good solid growth for the next several quarters, particularly as opportunities like ACC and maybe eventually down the line. LPO come to fusion, you grow double digits, for example, sequentially for a couple of quarters in data center.

但我認為也許資料中心達到了可持續的成長水平，我們可以預期這些數字可能不會連續成長 15％，但你知道，未來幾個季度的良好穩健成長，特別是像這樣的機會ACC，也許最終會下線。LPO 融合後，資料中心會連續幾季成長兩位數。

Well, I would temper expectations on continuous double-digit growth. I generally don't believe that would be sustainable. I do think that our fiscal 2025 will be a very strong year for the data center.

嗯，我會降低對持續兩位數成長的預期。我一般不認為這是可持續的。我確實認為 2025 財年對資料中心來說將是非常強勁的一年。

In fact, I think it may be one of our fastest growing end markets and it certainly should deliver double digit growth for the full year very strong double-digit growth, but I would never set expectations that things will be linear and constant sequential growth.

事實上，我認為這可能是我們成長最快的終端市場之一，它肯定會帶來全年兩位數的成長，非常強勁的兩位數成長，但我永遠不會期望事情將是線性和持續的連續成長。

And for the reasons I stated on the last question, which was about the volatility and the points I made about the volatility are very important to highlight here it is a volatile market. And as a result, we can see variability on a quarter-by-quarter basis.

由於我在上一個問題中提到的原因，也就是關於波動性的問題，我對波動性的觀點非常重要，需要強調這是一個波動性的市場。因此，我們可以看到每個季度的變化。

Now, with that said, I would add one other comments, we are definitely seeing fast movement to 1.6T and we are seeing some very strong growth opportunities in this area. And so we think that 2025 will be very strong for 1.6T behind that, of course, will be more solid performance at 800G as well.

現在，話雖如此，我想補充一條評論，我們肯定會看到向 1.6T 的快速發展，並且我們在該領域看到了一些非常強勁的成長機會。因此我們認為 2025 年 1.6T 將會非常強勁，當然，800G 的性能也會更加穩定。

So between these two factors, I do believe we could have a very strong year. However, while we may have very strong near-term visibility, I would say, as we look to the back half of our fiscal year, obviously, that visibility is less clear.

因此，在這兩個因素之間，我確實相信我們可以度過一個非常強勁的一年。然而，雖然我們的近期能見度可能非常強，但我想說，當我們展望本財年後半段時，顯然，這種能見度不太明確。

Of course. And for my follow up, maybe I've got a follow up question or clarification. So let me ask the clarification for Zach, you talked about 2026, $1billion. Did you mean a run rate basis which is $250 million a quarter? Or you're suggesting that you might actually hit $1 billion for the whole company?

當然。對於我的後續行動，也許我有一個後續問題或澄清。那麼讓我請扎克澄清一下，你談到了 2026 年，10 億美元。您指的是每季 2.5 億美元的運行率嗎？或者您建議整個公司實際上可能達到 10 億美元？

And then for my question, Wolf was acquired, that's probably an area that you guys are working on improving the gross margin. Now, we're seeing some business come through your way, you're taking share, you maybe help us think about when those margins could normalize relative to your core business.

對於我的問題，Wolf 被收購了，這可能是你們正在努力提高毛利率的一個領域。現在，我們看到一些業務透過您的方式實現，您正在獲取份額，您也許可以幫助我們考慮這些利潤率何時可以相對於您的核心業務正常化。

Yeah, thanks, Harsh. And from a clarification standpoint, yes, it was reaching that run rate of $1 billion which would equate to $250 million in any one particular quarter and not attaining that until sometime in fiscal year 2026.

是的，謝謝，哈什。從澄清的角度來看，是的，它正在達到 10 億美元的運轉率，這相當於任何一個特定季度的 2.5 億美元，而且要到 2026 財年的某個時候才能達到這一目標。

And from a Wolfspeed acquisition perspective, yeah, we're continuing to work through some of the integration items. Things have been going quite well so far.

從 Wolfspeed 收購的角度來看，是的，我們正在繼續完成一些整合項目。到目前為止，一切進展順利。

We have been seeing improvements in the business from a top line and a bottom-line point of view. And we've touched upon some of the things within our prepared remarks where, there's still a bit more work for us to work through there. But overall, we've been quite pleased with what we've seen thus far.

從收入和利潤的角度來看，我們看到了業務的改善。我們已經在準備好的發言中談到了一些問題，但我們還有一些工作要做。但總的來說，我們對迄今為止所看到的情況非常滿意。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yes. Thank you and congratulations on the strong results. First of all, could you talk about your terms requirement for the December quarter? I think you said 22% turn this last quarter just trying to understand if, that number will be fairly consistent next quarter.

是的。謝謝並祝賀取得的優異成績。首先，您能談談 12 月季度的條款要求嗎？我想你說上個季度 22% 的轉變只是想了解下個季度這個數字是否會相當一致。

Tore, this is Jack. As we've gone through the past year or so, it's hovered in that 20% range some quarters it will tick up a little bit higher and others it'll go below. But we're that's kind of where we've been hovering. I don't think there's any expectation that that will change as we go forward.

托爾，這是傑克。在過去一年左右的時間裡，它一直徘徊在 20% 的範圍內，有些季度會稍微上升，有些季度則會下降。但這就是我們一直徘徊的地方。我認為隨著我們的前進，這種情況不會改變。

Very good. And that's my follow up. I had a question for you Steve. So the market is moving quickly to 200 gig per lane, as you said. And there's sort of a big debate going on between all these various technologies, optical versus copper, linear versus TSP and so on and so forth.

非常好。這就是我的後續行動。我有一個問題想問你，史蒂夫。因此，正如您所說，市場正在迅速發展到每個通道 200 兆。所有這些不同的技術之間都存在著一場大爭論，光學技術與銅技術、線性技術與 TSP 技術等等。

The great thing for you is that you have exposure to everything. So I'm just wondering from your perspective es and especially in relation to optical versus copper, how do you think the market is going to play out for 200 gig per lane?

對你來說最棒的是你可以接觸到一切。所以我只是想知道，從您的角度來看，特別是在光纖與銅纜方面，您認為每通道 200 GB 的市場將如何發展？

Yeah. So I'm probably the wrong person to ask that question to. So we are a merchant supplier to the industry and we engage customers that are really focused on designing the highest performance, lowest cost modules or solutions that they can, and all of our customers take a different approach.

是的。所以我可能不是問這個問題的人。因此，我們是該行業的商業供應商，我們與真正專注於設計最高性能、最低成本的模組或解決方案的客戶合作，我們所有的客戶都採取不同的方法。

Some of them are wanting to use traditional DSP based solutions, others want to experiment with LPO, others are moving towards silicon photonics, some are looking at thin film lithium niobate. Our philosophy is we will tackle all of those and we want to leverage our circuit design capability to support our customers where we can provide some value.

他們中的一些人希望使用傳統的基於 DSP 的解決方案，其他人希望嘗試 LPO，其他人正在轉向矽光子學，還有一些人正在考慮薄膜鈮酸鋰。我們的理念是我們將解決所有這些問題，我們希望利用我們的電路設計能力來支援我們的客戶，我們可以提供一些價值。

And I have to emphasize that there are so many unique implementations of these higher data rate solutions. And our team is extremely busy keeping up with the requirements. And at a fundamental level, what we're very good at is highspeed interconnect design.

我必須強調，這些更高數據速率的解決方案有很多獨特的實現。我們的團隊非常忙於滿足需求。從根本上講，我們非常擅長的是高速互連設計。

And so, whether it's any one of the previous mentioned solutions, our team is able to work with customers and essentially codesign solutions so that they have a high probability of success the first time the solutions are designed and MACOM has the strength to put things into high volume production very, very quickly.

因此，無論是前面提到的任何一個解決方案，我們的團隊都能夠與客戶合作，本質上是共同設計解決方案，這樣他們在第一次設計解決方案時就有很高的成功率，並且MACOM有能力將東西投入到非常非常快地進行大量生產。

And we see that some of the larger industry leaders are really looking at MACOM as a company that has tremendous depth and you're seeing that and certainly with the 30% growth year-over-year for our data center business.

我們看到一些較大的行業領導者確實將 MACOM 視為一家具有巨大深度的公司，您也看到了這一點，當然我們的資料中心業務同比增長了 30%。

But also the fact that we have leading technology in some areas we're integrated, including on the lasers and the photodetector side, which makes our ability to do fast learning cycles and quick deployments of solutions to market, very appealing to our customer base. So we don't know which will win the day, but we want to make sure that we're present on both sides of that question.

事實上，我們在某些​​整合領域擁有領先的技術，包括雷射和光電探測器方面，這使得我們能夠快速學習週期並將解決方案快速部署到市場，這對我們的客戶群非常有吸引力。因此，我們不知道哪一方會獲勝，但我們希望確保我們站在這個問題的雙方的立場。

Srini Pajjuri, Raymond James.

斯里尼·帕朱里，雷蒙德·詹姆斯。

Thank you. Good Morning guys. Steve, on the data center business as you go from 400 to 800 then from 800 to 1.6 could you speak to how that impacts your, I guess, you know, the SAM and also the content? Is it doubling or is it somewhat less than that? Any color on that, I think would be helpful?

謝謝。早安，夥計們。Steve，關於資料中心業務，從 400 到 800，然後從 800 到 1.6，您能談談這對您的 SAM 和內容有何影響嗎？是翻倍還是稍微少一些？我認為任何顏色都會有幫助嗎？

Yeah. So I generally speaking, as you go to the higher data rates, the pricing of the individual components is higher. But ultimately, the SAM is defined by the number of connections, number of ports, the deployments of the data centers, and the overall architectures. So it seems based on the information we're reading that the SAM is expanding.

是的。所以我一般來說，當你達到更高的數據速率時，各個元件的定價就會更高。但最終，SAM 由連接數量、連接埠數量、資料中心的部署以及整體架構來定義。因此，根據我們正在閱讀的信息，地對空飛彈似乎正在擴大。

I would say that generally speaking, our product solution set is not growing, it is a finite number of functions that we sell into the market. That's why we say over the long term, the data center market will probably be one of our smaller markets. And I'm now looking out three, five years from now as we grow other parts of our business, we believe we will grow faster.

我想說的是，一般來說，我們的產品解決方案集並沒有成長，我們向市場銷售的功能數量有限。這就是為什麼我們說從長遠來看，資料中心市場可能是我們較小的市場之一。我現在展望三、五年後，隨著我們業務其他部分的發展，我們相信我們會成長得更快。

So I would say that, there's certainly SAM expansion going on within the data center due to increased number of systems being deployed. But from a product set point of view, it's becomes very situational. And I'll use an example. A lot of the systems are using integrated drivers inside the DSP. So that's sort of shrinkage of the SAM in certain applications.

所以我想說，由於部署的系統數量增加，資料中心內肯定會進行 SAM 擴充。但從產品設定的角度來看，它變得非常情境化。我將舉一個例子。許多系統都在 DSP 內部使用整合驅動程式。這就是 SAM 在某些應用上的縮小。

However, there's other applications where you can't put the driver inside the DSP and so that those opportunities are growing. So you really have to net all these items out to really get a handle on what is the SAM doing. And we have our own internal models.

然而，在其他應用程式中，您無法將驅動程式放入 DSP 中，因此這些機會正在不斷增加。因此，您確實必須將所有這些項目都排除掉，才能真正了解 SAM 正在做什麼。我們有自己的內部模型。

We don't typically share that level of detail because there's a lot of error in the models. But we do keep an eye on that and we use that as a bit of a guiding information regarding our long-term strategic plan and where do we want to invest our money in new product development as these higher data rate solutions come to market.

我們通常不會分享這種程度的細節，因為模型中存在許多錯誤。但我們確實在關注這一點，並將其用作有關我們長期戰略計劃的指導信息，以及隨著這些更高數據速率的解決方案進入市場，我們希望在新產品開發上投入資金。

Got it. Thank you. And then maybe a follow up for Jack. Jack, on the gross margin side, sequentially, I think you're guiding for a relatively flattish gross margins. Just curious if the expectation is still for hitting that 60% level by the end of, I guess, you said that this fiscal year or next calendar year.

知道了。謝謝。然後也許是傑克的後續行動。傑克，在毛利率方面，我認為您正在指導相對平穩的毛利率。我只是好奇，您說的是本財年還是下一個日曆年，到年底，預期是否仍能達到 60% 的水平。

And in terms of the where the improvement might come from? Is it primarily going to be mix driven or, I mean, I know you talked about some of the factory loadings being sub optimal, if you could give us some color as to you know how we should think about gross margins over the next few quarters. That would be helpful. Thank you.

改進可能來自哪裡？它主要是混合驅動的，還是我的意思是，我知道您談到了一些工廠負荷不是最佳的，如果您能給我們一些信息，讓我們知道我們應該如何考慮未來幾個季度的毛利率。那會有幫助的。謝謝。

Yeah, thanks for the question there. With regard to our gross margin guide, I think it's just a function of how we guide with round numbers there in the 57% to 59% number that we had put out there. We've been pleased with some of the gross margin improvements that we've seen over the back half of our fiscal year '24.

是的，謝謝你的提問。關於我們的毛利率指導，我認為這只是我們如何以整數進行指導的函數，即我們公佈的 57% 至 59% 的數字。我們對 24 財年後半段毛利率的一些改善感到滿意。

I think we've talked about a number of different initiatives that we have underway to help improve our gross margins as we work our way through 2025 and into 2026. And I think if you look at where we're projecting things as we work our way through the year, I think we're looking to exit 2025 with a 59% gross margin.

我想我們已經討論了我們正在採取的一些不同舉措，以幫助我們在 2025 年和 2026 年努力提高毛利率。我認為，如果你看看我們在全年工作中的預測，我認為我們希望在 2025 年以 59% 的毛利率退出。

We're still targeting that 60% number. It's just probably going to be a little bit further out in time as we work through some of the mix issues that we've referred to. You've obviously picked up on some of the things we were talking about from a fab perspective.

我們的目標仍然是 60%。當我們解決我們提到的一些混合問題時，時間可能會稍微晚一點。顯然，您已經從精彩的角度理解了我們正在談論的一些事情。

I know Steve had touched upon that, but these are critical initiatives for us for fiscal year '25 to focus on loading our fab to focus on improving some of our NPI metrics that are out there. Still feel pretty good about the new product introductions and those products are enhancing our overall gross margin. So that's another area that will help support improving towards that 60% number as we look out a little bit further into the future.

我知道史蒂夫已經談到了這一點，但這些對於我們 25 財年來說是至關重要的舉措，我們將重點放在加載我們的晶圓廠上，以重點改進我們現有的一些 NPI 指標。仍然對新產品的推出感到非常滿意，這些產品正在提高我們的整體毛利率。因此，當我們展望未來時，這是另一個有助於支持提高到 60% 數字的領域。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes, thank you. Within data -- I wanted to speak on data center. Within data center, are you seeing breadth of ACC customers beyond the primary customer? And similarly, active electrical cables are also seeing an expanding opportunity set within the copper domain. So I was hoping you could also speak to the opportunity you see with AEC's active electrical cables given the demand for both of those products. Thank you.

是的，謝謝。在數據方面——我想談談資料中心。在資料中心內，您是否看到除主要客戶之外的 ACC 客戶範圍？同樣，有源電纜也在銅領域看到了不斷擴大的機會。因此，鑑於對這兩種產品的需求，我希望您也能談談您在 AEC 主動電纜方面看到的機會。謝謝。

Thank you. So I would say at the lower data rates, we are seeing interest in from the broad market on ACC's so yes, on that point and then on the AEC question so that's not a term that we use internally here. So we think of the market as bifurcated as active optical cables or which we call AOCs or the electrical side, which is ACC.

謝謝。因此，我想說的是，在較低的數據速率下，我們看到了廣大市場對 ACC 的興趣，所以是的，在這一點上，然後在 AEC 問題上，所以這不是我們內部使用的術語。因此，我們認為市場分為主動光纜或我們稱之為 AOC 或電氣側（即 ACC）。

We know there are some of our competitors that manufacture cables, and they refer to their, the chips that go in those cables as AECs and we don't typically view our solutions or categorize them in that way. So we would, therefore put that revenue in an ACC bucket.

我們知道我們的一些競爭對手生產電纜，他們將這些電纜中的晶片稱為 AEC，而我們通常不會以這種方式看待我們的解決方案或對它們進行分類。因此，我們會將這筆收入放入 ACC 桶中。

I think. I see. may another one then as you think about Steve, I think about the trajectory toward $1 billion in annual revenue. I guess if we can narrow on the telecom portion of your market for a second, could you -- does most of that growth come from the SATCOM opportunity that you speak to today or are you also seeing opportunities within the wireline and wireless where those can become a larger portion of your mix?

我認為。我懂了。當你想到史蒂夫時，我想到的是年收入達到 10 億美元的軌跡。我想如果我們可以暫時縮小您市場的電信部分，您可以嗎？更大的一部分？

And as you address that maybe we could discuss some of the dynamics you have seen within wireline and wireless as you think about the December quarter guide. Thank you.

當您談到這個問題時，也許我們可以討論您在考慮 12 月季度指南時在有線和無線領域看到的一些動態。謝謝。

Sure. Just in terms of the December guide, a lot of the near-term strength is within the telecom is coming from SATCOM and also 5G deployments primarily here to support radios here in the US, but bigger picture long term.

當然。就 12 月指南而言，電信領域的近期優勢主要來自衛星通訊和 5G 部署，主要是為了支援美國的無線電，但從長遠來看，這是更大的前景。

Yes, SATCOM has a tremendous growth potential for MACOM as I talked about in my script, we're providing solutions, ground based solutions, satellite-based solutions, chips all the way up to modules and subsystems and more optical content. And a lot of these LEO constellations are using free space optics to communicate, and we have solutions that can support that application.

是的，正如我在腳本中談到的，SATCOM 對 MACOM 具有巨大的成長潛力，我們提供解決方案、地面解決方案、衛星解決方案、晶片一直到模組和子系統以及更多光學內容。許多 LEO 星座都使用自由空間光學元件進行通信，我們擁有可以支援該應用的解決方案。

The wire line is slowly coming back. We would consider both PON and Cable as wireline. And we are seeing a little bit of strength, and we expect some growth year over year in our CATV business. Our PON business we think will be flat to slightly up for the full year. I would say generally speaking, we haven't seen a lot of catalysts of growth in our in the PON market. So as we think about '25 we have a sort of a muted expectation.

電線正在慢慢恢復。我們將 PON 和電纜視為有線。我們看到了一點點的實力，我們預計我們的有線電視業務將逐年成長。我們認為全年 PON 業務將持平或略有成長。我想說的是，一般來說，我們在 PON 市場上還沒有看到太多成長的催化劑。因此，當我們想到 25 年時，我們有一種溫和的期望。

But over the long term, we think we can dominate in the RF and microwave telecom industry. And we are seeing companies sort of drop out, we are seeing consolidation or people exiting certain market segments. And our goal is to pick up that business and roll it into our business, let's say.

但從長遠來看，我們認為我們可以在射頻和微波電信產業中佔據主導地位。我們看到公司在某種程度上退出，我們看到整合或人們退出某些細分市場。可以說，我們的目標是接手該業務並將其納入我們的業務中。

The other thing I'll add is that one of the ways we're going to win more and more market shares, we're going to increase our engineering capacity. And you've seen MACOM do that over the past three to four years.

我要補充的另一件事是，我們贏得越來越多市場份額的方法之一是提高我們的工程能力。在過去的三到四年裡，您已經看到 MACOM 這樣做了。

And I'll highlight of course, the acquisition that we mentioned earlier this week or yesterday, we announced ENGIN-IC which is a design center or a design company based out of San Diego and in Plano, Texas. This opens up two markets where we can now set up new beachheads and start to hire and grow off of the base that we will have in these new regions for MACOM.

當然，我要強調的是，我們在本週早些時候或昨天提到的收購，我們宣布了 ENGIN-IC，這是一家位於聖地亞哥和德克薩斯州普萊諾的設計中心或設計公司。這打開了兩個市場，我們現在可以在其中建立新的灘頭陣地，並開始在這些新地區為 MACOM 建立的基礎上進行招募和發展。

And this is a team of leading chip and module designers that will bring tremendous IP and experience and knowledge immediately to MACOM, which will help drive our growth. And as we talked about earlier in the script, while we were disappointed with our new product introduction rate, we wanted 50% more. We actually ended up with about 15% more which is still pretty good given everything we had going on this year.

這是一個由領先的晶片和模組設計人員組成的團隊，他們將立即為 MACOM 帶來大量的智慧財產權、經驗和知識，這將有助於推動我們的成長。正如我們在腳本前面提到的，雖然我們對新產品推出率感到失望，但我們希望增加 50%。事實上，我們最終多了大約 15%，考慮到我們今年所發生的一切，這仍然相當不錯。

However, we do recognize we need more products faster to win market share at a faster rate. And so bringing in resources like ENGIN-IC and the great team there with great ideas and a whole different experience than MACOM has addressing different parts of the market.

然而，我們確實認識到我們需要更快地提供更多產品，以更快的速度贏得市場份額。因此，引入了 ENGIN-IC 等資源以及那裡的優秀團隊，他們擁有出色的想法和與 MACOM 針對市場不同部分的完全不同的經驗。

For example, they are the industry's leading wide band high efficiency amplifier design team. There is no doubt about that, and they have experience using MACOM's semiconductor processes.

例如，他們是業界領先的寬頻高效能擴大機設計團隊。毫無疑問，他們有使用 MACOM 半導體製程的經驗。

So they're going to come into the company hit the ground running and we should be able to very quickly gain market share and where they will be expert is in wide band electronic warfare. They are expert at servicing this segment of the industry. And so this is an area that is very interesting to MACOM and it's also very complementary to our microwave radar-based business.

因此，他們將進入公司並立即投入運營，我們應該能夠非常迅速地獲得市場份額，而他們將擅長寬頻電子戰。他們是為該行業的這一領域提供服務的專家。因此，這是 MACOM 非常感興趣的領域，它也與我們基於微波雷達的業務非常互補。

Peter Peng, JP Morgan.

彭彼得，摩根大通。

Good morning and thanks for taking my questions and congratulations on the strong results and guidance. From the December quarter guidance to your analyzed run rate of $1 billion. It's $35 million of quarterly incremental revenues to quarterly.

早安，感謝您提出我的問題，並祝賀我們取得了良好的成果和指導。從 12 月季度指導到您分析的 10 億美元運行率。每季營收增量為 3,500 萬美元。

Can you get there if telecom doesn't recover? Is there enough juice in your data center business and defense to get that number or do you think that telecom needs to recover to get to that $1 billion analyze run rate?

電信沒恢復可以去嗎？您的資料中心業務和防禦是否有足夠的能力來達到這個數字，或者您認為電信業是否需要恢復才能達到 10 億美元的分析運行率？

Well, I think in order to get to that number, we would want to see growth from all of our end markets for sure. And so that would include telecom. Yes. And just looking at the math, if you apply somewhere between 3% and 5% sequential growth on a quarterly basis, you're at $1 billion run rate sometime in Q1 or Q2 of fiscal year 2026.

嗯，我認為為了達到這個數字，我們肯定希望看到所有終端市場的成長。這將包括電信。是的。只要看一下數學，如果您按季度應用 3% 到 5% 的連續成長，那麼在 2026 財年第一季或第二季的某個時候，您的運行速度將達到 10 億美元。

So obviously, that's just simple math getting there is a lot harder and we're not suggesting we're going to have 5% or 6% sequential growth for the next six quarters. We have to make sure that we continue to launch products that are more competitive than our competition. The markets have to be in a reasonable state so that our customers are spending money on new designs and ramping up their end products.

顯然，這只是簡單的數學計算，要實現這一目標要困難得多，而且我們並不建議未來六個季度實現 5% 或 6% 的環比增長。我們必須確保我們持續推出比競爭對手更具競爭力的產品。市場必須處於合理的狀態，以便我們的客戶能夠花錢購買新設計並提高最終產品的產量。

Obviously, there's some tailwinds with defense tailwinds with a data center. We believe we're gaining market share at an increasing rate inside of the 5G universe. And so we feel pretty good about where we're at right now.

顯然，資料中心有一些防禦優勢。我們相信，我們在 5G 領域的市佔率正在以越來越快的速度獲得。所以我們對現在的處境感覺很好。

And then the only thing I would add is a caveat is as everybody knows, the semiconductor industry is a volatile industry, and it has cycles. So if the industry is hit with a cycle, a down cycle then obviously that would be a headwind to our future plans.

然後我唯一要補充的是，眾所周知，半導體行業是一個不穩定的行業，並且有週期。因此，如果該行業遭遇週期、下行週期，那麼顯然這將是我們未來計劃的阻力。

Got it. And then my follow-on your data center. If I look at some of your historical trends, it's like up three, four quarters and then down one, two quarters. Gpiven that including your guidance, we're going to be up three quarters consecutively.

知道了。然後是我的後續資料中心。如果我看一下你們的一些歷史趨勢，就像上漲三、四個季度，然後下跌一、兩個季度。Gpiven，包括您的指導，我們將連續三個季度成長。

Do you see these buying patent customers change or do you have enough new products coming in that could potentially offset some of these loveliness in your data center? Because if you just leave it to our own device, we probably just model this up every quarter. So maybe you can give some color on how you're seeing buying patterns and then new products kind of drive this kind of pattern?

您是否看到這些購買專利的客戶發生了變化，或者您是否有足夠的新產品出現，可能會抵消您資料中心的一些可愛之處？因為如果你把它留給我們自己的設備，我們可能每季都會對此進行建模。那麼也許您可以對您如何看待購買模式以及新產品推動這種模式提供一些說明？

Yes. And again, I think it's an important question to ask because the data center industry is very volatile and you're exactly right that you have these periods of growth and then steep declines. And so that has been the history, not only with MACOM's revenue, but the industry's revenue.

是的。再說一次，我認為這是一個重要的問題，因為資料中心產業非常不穩定，而且你說的很對，你經歷了這些增長期，然後急劇下降。這就是歷史，不僅是 MACOM 的收入，而且是整個產業的收入。

So I don't expect that to change. So that would be the first thing I would highlight now. Things that are -- so I would probably suggest pull back from the quarterly view and look at the annual growth rates. And MACOM has been growing our data center revenue since our fiscal year 2019, where it was about $114 million and in fiscal '24 we ended just under $200 million.

所以我預計這種情況不會改變。所以這將是我現在要強調的第一件事。事情是這樣的——所以我可能會建議從季度觀點中撤出，看看年增長率。自 2019 財年以來，MACOM 的資料中心營收一直在成長，約 1.14 億美元，24 財年的營收接近 2 億美元。

So in that period of five years, we've doubled the revenue and with the exception of '21 and '22 where the revenues were effectively flat, we've seen growth every other year. And so that's an important point to highlight.

因此，在這五年裡，我們的收入翻了一番，除了 21 和 22 年的收入實際上持平之外，我們每隔一年都會看到成長。所以這是需要強調的重要一點。

The other thing I would highlight is that with the more and more of the next generation data center architectures, that is definitely a bit of a transformational moment for the industry where people need to and want to move to the higher data rates very quickly with very, very large and complex data centers which have more interconnectivity.

我要強調的另一件事是，隨著越來越多的下一代資料中心架構，這對產業來說絕對是一個轉型時刻，人們需要並且希望非常快速地轉向更高的資料速率，非常大和複雜的資料中心，具有更多的互連性。

And so that is definitely a sort of a theme of the last two years, and we would expect that secular growth to continue for at least another couple of years. And so when you add on top of that, the movement to the data rates, the products are getting more complicated, more expensive to deploy, we think we're in a pretty good position.

因此，這絕對是過去兩年的一個主題，我們預計這種長期成長至少還會持續幾年。因此，當您添加最重要的資料速率的變化時，產品變得越來越複雜，部署成本也越來越高，我們認為我們處於一個非常好的位置。

But it is volatile. Yes, I would you should expect at some point in time, our data center revenues will go down in some future quarter. That's a given. But our -- we have a long-term view of our business, and we don't -- we ignore those dips.

但它是不穩定的。是的，我希望您應該預期在某個時間點，我們的資料中心收入將在未來的某個季度下降。這是既定的。但我們對我們的業務有長遠的看法，但我們卻忽略了這些下跌。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Well, hood morning, guys and thanks for taking my question. Steve, maybe I'll ask a question on data center. As you think about fiscal year '25, I wonder if you characterize, I know you won't quantify but characterize how much contribution we might see from a few different elements. I think most people would love to hear your thoughts on 1.6T.

好吧，早上好，夥計們，感謝您提出我的問題。史蒂夫，也許我會問一個有關資料中心的問題。當您思考 25 財年時，我想知道您是否會描述，我知道您不會量化，而是描述我們可能從幾個不同的元素中看到多少貢獻。我想大多數人都想聽聽您對 1.6T 的看法。

But also you've also talked about photodetectors and CW lasers and other things here. How much contribution will we see there will be noticeable material meaningful? Just anyway, you can characterize it would be great, please.

但您也在這裡討論了光電探測器和連續雷射以及其他東西。我們將看到多少貢獻將是有意義的值得注意的材料？不管怎樣，你能描述一下那就太好了。

Yeah. So definitely we believe that our 1.6T solutions will be one of our faster growing areas for fiscal '25 on a year over year basis. Of course, there still will continue to be solid growth and expansion of our 800-gig based business.

是的。因此，我們確信我們的 1.6T 解決方案將成為我們 25 財年同比成長更快的領域之一。當然，我們的 800 場業務仍將繼續穩健成長和擴張。

On the optical side we have some very high-end photodetectors that are very interesting to many customers right now.

在光學方面，我們有一些非常高階的光電探測器，目前許多客戶都對它們非常感興趣。

We have good timing, let's say. And so it's possible that our photodetector and CW components could have meaningful contribution in our fiscal '25. I think it's a little early to tell on that right now, but we do have a good timing for both those solutions.

可以說，我們的時機很好。因此，我們的光電探測器和 CW 組件有可能在我們的 25 財年做出有意義的貢獻。我認為現在談論這個還為時過早，但我們確實為這兩種解決方案提供了良好的時機。

I'll also highlight that with the 200 gig per lane, obviously, 1.6T is really this migration to the 200 gig per lane. That's of course, TIAs linear equalizers, drivers, and the photodetectors.

我還要強調的是，顯然，對於每通道 200 GB，1.6T 實際上是向每個通道 200 GB 的遷移。當然是 TIA 線性均衡器、驅動器和光電探測器。

And when we hear 1.6T we're thinking all of the products we sell that are 200 gig per lane products. And just as general background, I think I mentioned this on last quarter's call, our team is already working and spending significant time and resource on 400 gig per lane solutions as well.

當我們聽到 1.6T 時，我們想到的是我們銷售的所有產品都是每通道 200 GB 的產品。正如一般背景一樣，我想我在上個季度的電話會議上提到了這一點，我們的團隊已經在每通道 400 G 解決方案上投入了大量時間和資源。

Okay. Thanks for that perspective. Very helpful. My follow-on question probably is for Jack here. If I run the numbers on the guide here, it seems like OpEx is going up more than a couple million dollars here. Just I want verify I'm doing the math right here in this kind of a longer-term perspective here.

好的。感謝您的觀點。非常有幫助。我的後續問題可能是針對傑克的。如果我運行這裡指南上的數字，營運支出似乎會增加超過幾百萬美元。我只是想驗證一下我是從長遠角度進行數學計算的。

Obviously, your revenues look excellent here for the December quarter guide. It looks like there's some really good momentum here wondering if you're opening up this spigot just a little bit more than you have in the recent past.

顯然，對於 12 月季度指南來說，您的收入看起來非常好。看起來這裡有一些非常好的動力，想知道你是否比最近更開放了這個龍頭。

Yeah, I think that's a fair point. As we look at this, Richard, we have seen a little bit of a step up in our operating expenses. Some of that is with regard to some of those additional design capabilities that Steve was referring to.

是的，我認為這是一個公平的觀點。理查德，當我們看到這一點時，我們發現我們的營運費用有所增加。其中一些與史蒂夫提到的一些附加設計功能有關。

Obviously, the new acquisition will add a couple of bucks to that operating expense item, but we're also looking to invest in our employees with some of those additional design activities. We also go through a merit process, which hits us here in the December quarter. So there's a culmination of a lot of things that we have going on to support that growth.

顯然，新的收購將為該營運費用項目增加幾美元，但我們也希望透過其中一些額外的設計活動來投資我們的員工。我們也經歷了績效評估流程，這項流程在 12 月季度發生。因此，我們正在採取許多措施來支持這種增長。

We do take a hard look at our operating expenses and think we do a pretty good job in terms of being able to manage those expenses as we go through our strategic planning process, as well as our budgeting process.

我們確實認真審視了我們的營運費用，並認為在我們執行策略規劃流程以及預算流程時，我們在管理這些費用方面做得非常好。

We also look at our operating expenses primarily from an R&D point of view and make sure we're allocating those dollars to growth areas of the business. So that will continue as we go forward.

我們也主要從研發的角度來審視我們的營運支出，並確保我們將這些資金分配給業務的成長領域。因此，隨著我們的前進，這種情況將繼續下去。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Hey, Nick Doyle on for Quinn Bolton. Thanks for squeezing me in. Just kind of following up on Karl's ACC question. What application would be using these lower data rates outside rack-to-rack and NIC-to-ToR connections and would those also be taking share from DACs? Thanks.

嘿，尼克道爾 (Nick Doyle) 替補奎因博爾頓 (Quinn Bolton)。謝謝你把我擠進去。只是對 Karl 的 ACC 問題進行跟進。哪些應用程式會在機架到機架和 NIC 到 ToR 連接之外使用這些較低的資料速率？謝謝。

Yeah, that's a very specific question. So I'll answer it at a very high level. So we are seeing international interest in our ACC products for various implementations, whether it's top to bottom of a rack or rack-to-rack.

是的，這是一個非常具體的問題。所以我會以非常高的水平來回答這個問題。因此，我們發現國際上對我們的 ACC 產品的各種實施方式很感興趣，無論是從機架的頂部到底部還是從機架到機架。

Okay. Thank you for that. And then on the DOCSIS 4.0 demand, you're expecting modest CATV revenue growth next year. I understand we've been in a lull and kind of inventory digestion. But is there anything about the technology advancements or supply chain that's kind of pulling in the transition now?

好的。謝謝你。然後，根據 DOCSIS 4.0 的需求，您預計明年 CATV 收入將出現適度增長。據我所知，我們一直處於平靜狀態，正在消化庫存。但技術進步或供應鏈是否有任何因素正在推動這項轉變呢？

Not so much. I think there's been this sort of multiyear design cycle on next generation DOCSIS platforms. If we look across the various industries that we serve, we would say that the cable infrastructure market probably did some of the most over buying of a product during the COVID cycle.

沒那麼多。我認為在下一代 DOCSIS 平台上存在這種多年的設計週期。如果我們縱觀我們所服務的各個行業，我們會說，在新冠疫情週期期間，電纜基礎設施市場可能是產品過度購買最多的市場之一。

And so it's been a while for that inventory to burn down. So that's been happening over the past couple of years. All the meanwhile, they've been working on the next-gen systems. So we are starting to grow our backlog for product sets that we know are for new platforms, and we would expect to generate some revenue this year with that business.

因此，庫存消耗已經有一段時間了。所以過去幾年一直在發生這種情況。同時，他們一直致力於下一代系統的開發。因此，我們開始增加我們知道用於新平台的產品集的積壓，我們預計今年將透過該業務產生一些收入。

The other thing I'll highlight is the DOCSIS architecture is a little bit different than the prior architectures. And so in some cases, that's bringing additional product opportunities to MACOM.

我要強調的另一件事是 DOCSIS 架構與先前的架構略有不同。因此在某些情況下，這為 MACOM 帶來了額外的產品機會。

Thank you and I'm showing no further questions in the queue at this time. I will now turn the call back over to Mr. Daly for any closing remarks.

謝謝您，目前我在隊列中沒有顯示任何其他問題。我現在將把電話轉回給戴利先生，讓他發表結束語。

Thank you. In closing, Jack and I would like to thank the entire MACOM team for their continued dedication which has made our FY24 results possible. We will continue to work as a team to meet our customers' needs and execute our strategy as we start fiscal year '25. Thank you very much.

謝謝。最後，Jack 和我要感謝整個 MACOM 團隊的持續奉獻，正是他們的奉獻才使我們的 2024 財年業績成為可能。在 25 財年開始時，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。非常感謝。

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

女士們先生們，我們今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。