MACOM Technology Solutions Holdings Inc (MTSI) 2025 Q1 法說會逐字稿

Welcome to MACOM's first fiscal quarter 2025 conference call. This call is being recorded today, Thursday, February 6, 2025. (Operator Instructions) and I will now turn the call to Mr. Stephen Ferranti, MACOM's Vice President of Corporate Development and Investor Relations. Mr. Ferranti, please go ahead.

歡迎參加 MACOM 2025 財年第一季電話會議。本次通話於今天（2025 年 2 月 6 日，星期四）進行錄音。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 first fiscal quarter of 2025.

謝謝你，奧莉維亞。早安，歡迎參加我們的電話會議，討論 MACOM 2025 財年第一季的財務表現。

I'd 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.

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 1995 年《私人證券訴訟改革法案》中前瞻性陳述安全港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. 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.

實際結果可能與今天討論的結果有重大差異。有關可能導致這些差異的風險和不確定性的更詳細討論，請參閱 MACOM 向美國證券交易委員會提交的文件。管理階層在本次電話會議中的聲明還將包括對某些調整後的非公認會計準則財務資訊的討論。該公司的新聞稿和相關 8-K 表格（已於今天提交給美國證券交易委員會）中提供了 GAAP 與調整後的非 GAAP 結果的對帳表。

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

說完這些，我將把電話轉給 MACOM 總裁兼執行長史蒂夫戴利 (Steve Daly)。

Thank you, and good morning. I will begin today's call with a general company update. After that, Jack Kober, our Chief Financial Officer, will review our Q1 results for fiscal year 2025. When Jack is finished, I will provide revenue and earnings guidance for the second quarter of fiscal '25 and then we will be happy to take some questions.

謝謝，早安。我將在今天的電話會議上首先介紹公司的最新情況。之後，我們的財務長傑克·科伯 (Jack Kober) 將審查我們 2025 財年第一季的業績。當傑克講完後，我將提供 25 財年第二季的營收和獲利預測，然後我們很樂意回答一些問題。

Revenue for the first quarter of fiscal 2025 was $218 million and adjusted EPS was $0.79 per diluted share. We continue to execute our strategy, and we are pleased with our Q1 cash flow and increased earnings. Free cash flow for Q1 was approximately $63 million. At quarter end, we held approximately $657 million in cash and short-term investments on our balance sheet. Overall, Q1 was a great way to start our fiscal 2025.

2025財年第一季的營收為2.18億美元，調整後每股收益為0.79美元。我們繼續執行我們的策略，我們對第一季的現金流量和收益成長感到滿意。第一季的自由現金流約為 6,300 萬美元。截至季末，我們的資產負債表上持有約 6.57 億美元的現金和短期投資。整體而言，第一季是我們開啟 2025 財年的絕佳方式。

Revenues by end market were as follows: Industrial and defense was $97.4 million, Data Center was $65.3 million and Telecom was $55.4 million. Data Center was up 16% sequentially, Telecom was up 7% sequentially and IND was up 5% sequentially. I'll note that both our IND and data center quarterly revenues were at record levels.

終端市場收入如下：工業和國防為 9,740 萬美元，資料中心為 6,530 萬美元，電信為 5,540 萬美元。資料中心較上季成長 16%，電信較上季成長 7%，IND 較上季成長 5%。我要指出的是，我們的 IND 和資料中心季度收入都達到了創紀錄的水平。

Our Q1 book-to-bill ratio was 1.1:1, and new order activity was strong in certain areas of our business. While our backlog is at record levels, we do see pockets of both strength and weaknesses across our customer base. Our turns business or orders booked and shipped within the quarter, was approximately 23% of total revenue.

我們第一季的訂單出貨比為 1.1:1，且我們某些業務領域的新訂單活動強勁。雖然我們的積壓訂單達到了創紀錄的水平，但我們確實看到客戶群中既有優勢也有劣勢。我們本季預訂和出貨的業務量或訂單量約佔總收入的 23%。

MACOM serves three large and diverse end markets, some of which have strong secular growth drivers. Our targeted end markets collectively represent approximately $7 billion to $8 billion serviceable addressable market or SAM.

MACOM 服務於三個龐大且多樣化的終端市場，其中一些市場具有強勁的長期成長動力。我們的目標終端市場總計約為 70 億至 80 億美元的可服務目標市場或 SAM。

Today, we have a small fraction of the market, and we continue to deploy a variety of strategies to gain market share. We intend to capture market share by leveraging our advanced IC design in semiconductor technologies by expanding our portfolio with compelling new products and by launching new product lines, all while focusing our investments in areas where our product performance will be a differentiator.

今天，我們只佔有很小的市場份額，並且我們繼續部署各種策略來獲得市場份額。我們打算利用我們在半導體技術方面的先進積體電路設計，透過推出引人注目的新產品來擴大我們的產品組合，並推出新的產品線，從而佔領市場份額，同時將我們的投資集中在我們的產品性能具有差異化的領域。

Now turning to our three end markets. IND revenue is approaching $100 million per quarter, driven largely by growth in our Defense business. The defense market is evolving rapidly in response to changes in new threats seen in the battlefield due to recent technology advancements. We are seeing an uptick in the design of novel and innovative radar and EW systems, many of which have increased RF and microwave semiconductor content.

現在轉向我們的三個終端市場。IND 營收每季接近 1 億美元，主要得益於國防業務的成長。由於近年來技術進步，國防市場正在迅速發展以應對戰場上出現的新威脅的變化。我們看到新型創新雷達和電子戰系統的設計上升，其中許多都增加了射頻和微波半導體內容。

In some cases, these systems are being designed by new and well-funded defense start-ups, with innovative technology and business models. MACOM plays an enabling role in the defense market, providing technology solutions to Tier 1 defense primes, Tier 2 subsystem suppliers and a long list of medium and small customers that service the industry.

在某些情況下，這些系統是由資金充足的新興國防新創公司設計的，採用創新技術和商業模式。MACOM 在國防市場中發揮推動作用，為一級國防主要供應商、二級子系統供應商以及為該行業服務的眾多中小型客戶提供技術解決方案。

Most opportunities we address trend towards higher frequencies, higher power levels, wider bandwidths and higher levels of integration, all of which plays to MACOM's strengths. In some cases, customers are focused on high-volume applications where they're looking for partners that can deliver complete system solutions and domestic manufacturing scale, while meeting aggressive cost targets.

我們所關注的大多數機會都趨向於更高的頻率、更高的功率等級、更寬的頻寬和更高的整合度，而所有這些都能發揮 MACOM 的優勢。在某些情況下，客戶專注於大量應用，他們正在尋找能夠提供完整系統解決方案和國內製造規模的合作夥伴，同時滿足積極的成本目標。

The increased use of UAVs and low-cost drones has created a growing and urgent need for upgrades to legacy airborne and ground-based radar platforms, along with entirely new electronic warfare platforms to detect, identify, track and eliminate threats.

無人機和低成本無人機的使用增加，對傳統機載和地面雷達平台的升級需求日益迫切，同時也需要全新的電子戰平台來偵測、識別、追蹤和消除威脅。

In addition, the DoD's need for ubiquitous anytime, anywhere access to high-speed broadband connectivity is driving new investments in DoD satellite programs. And finally, newer avionics, radar and EW platforms are increasingly adopting analog and digital optical links to adapt to greater data transport requirements.

此外，國防部需要隨時隨地存取高速寬頻連接，這也推動了國防部衛星計畫的新投資。最後，新型航空電子設備、雷達和電子戰平台越來越多地採用類比和數位光纖鏈路來適應更大的資料傳輸要求。

Our strategy to service defense customers is built upon a few key differentiators. First, MACOM's industry-leading gallium arsenide and gallium nitride capabilities, spanning both our RF power and MMIC product portfolios. As an example of complexity, MACOM's products utilize nearly a dozen unique GaN semiconductor processes, which allow us to address a wide range of applications and technical requirements.

我們為國防客戶提供服務的策略建立在幾個關鍵的差異因素之上。首先，MACOM 擁有業界領先的砷化鎵和氮化鎵能力，涵蓋我們的射頻功率和 MMIC 產品組合。作為複雜性的一個例子，MACOM 的產品採用了近十幾種獨特的 GaN 半導體工藝，這使我們能夠滿足廣泛的應用和技術要求。

And we now have design teams that specialize in both narrowband and wideband use cases for radar, EW, Secure Communications and signal intelligence. Second, MACOM has broad expertise and comprehensive product portfolio for hardened optical solutions, including RF over fiber subsystems. RF over fiber utilizes linear photonics to transmit a radio signal directly over fiber without the need for digital conversion.

我們現在擁有專門研究雷達、電子戰、安全通訊和訊號情報的窄頻和寬頻用例的設計團隊。其次，MACOM 擁有豐富的專業知識和全面的強化光學解決方案產品組合，包括光纖射頻子系統。光纖射頻利用線性光子學透過光纖直接傳輸無線電訊號，而無需進行數位轉換。

The result is higher bandwidth, longer transmission distances, lower signal loss and better immunity to interferences versus traditional coax cable. These solutions are typically used in phased array radar, remote antenna and to decode applications. RF over fiber can replace copper coax cable or high-speed digital cables. Third, MACOM has leading RF diode technologies, which are ideal for receiver protection, high-power switching, comb generators and tunable filter applications.

與傳統同軸電纜相比，其頻寬更高、傳輸距離更長、訊號損耗更低、抗干擾能力更強。這些解決方案通常用於相控陣雷達、遠端天線和解碼應用。光纖射頻可以取代銅同軸電纜或高速數位電纜。第三，MACOM擁有領先的射頻二極體技術，非常適合接收器保護、高功率開關、梳狀產生器和可調諧濾波器應用。

In some of these areas, MACOM is regarded as the gold standard in the industry for performance and quality. Many customers within the A&D markets have been using MACOM diodes in their platforms for decades.

在其中一些領域，MACOM 被視為行業性能和品質的黃金標準。A&D 市場中的許多客戶幾十年來一直在其平台中使用 MACOM 二極體。

And the final differentiator is MACOM's growing microwave system engineering capabilities. We've spent the last few years building our system engineering and applications engineering team with industry-leading veterans and technology experts across our core area of expertise.

最後一個差異是 MACOM 不斷增強的微波系統工程能力。過去幾年來，我們一直致力於組建系統工程和應用工程團隊，其中包括核心專業領域的業界領先資深人士和技術專家。

This team has enabled us to engage much earlier in our customers' project design cycles to present the full scope of MACOM's capabilities to help solve the customers' technical challenges. With the combination of our technology portfolio, along with our growing ability to support higher level system design, we are increasingly viewed as a partner of choice for many of our defense and space customers.

這個團隊使我們能夠更早參與客戶的專案設計週期，以展示 MACOM 的全部能力來幫助解決客戶的技術難題。透過結合我們的技術組合，以及我們不斷增長的支援更高級別系統設計的能力，我們越來越多地被視為許多國防和航太客戶的首選合作夥伴。

To extend our reach and to gain market share, we plan to add new technologies to our portfolio in calendar 2025. We plan to announce two new product lines at upcoming trade shows in March and June in just a few months' time. Additionally, we have an amazing pipeline of high-performance products coming to market this year for our defense and space customers.

為了擴大我們的業務範圍並獲得市場份額，我們計劃在 2025 年將新技術添加到我們的產品組合中。我們計劃在幾個月後的三月和六月即將舉行的貿易展會上發布兩條新的產品線。此外，今年我們還將為國防和航太客戶推出一系列令人驚嘆的高性能產品。

Within the telecom market, there are also multiple areas where MACOM's technology shines. MACOM has a comprehensive portfolio of GaN on silicon carbide solutions for 5G applications. 5G base stations require medium and high-power amplifiers and this provides us a great growth opportunity. Our products use unique device structures, proprietary circuit architectures and high-performance packaging solutions.

在電信市場中，MACOM 的技術也在多個領域大放異彩。MACOM 擁有適用於 5G 應用的全面碳化矽基 GaN 解決方案組合。5G基地台需要中高功率的放大器，這為我們提供了巨大的成長機會。我們的產品採用獨特的裝置結構、專有電路架構和高效能封裝解決方案。

We believe that we are gaining market share in the macro base station segment of 5G, driven by the need for higher power multi-band radios where MACOM's products offer unique advantages over our competition. That said, we are not complacent, and we are developing new epitaxial solutions to improve our products' competitiveness and performance, especially for massive MIMO applications.

我們相信，我們在 5G 宏基地台領域的市佔率正在不斷擴大，這得益於對更高功率多頻段無線電的需求，而 MACOM 的產品比我們的競爭對手具有獨特的優勢。儘管如此，我們並沒有自滿，我們正在開發新的外延解決方案，以提高我們產品的競爭力和性能，特別是對於大規模 MIMO 應用。

Second, we have established a broad portfolio of products for low Earth orbit or LEO satellite-based broadband and direct to-sell applications. MACOM provides semiconductor and module solutions for satellite-to-satellite links as well as satellite-to-ground leaks, utilizing technology from our HPC, diode, MMIC, RF power, Lightwave and Linearizer product lines.

其次，我們為低地球軌道或低地球軌道衛星寬頻和直接銷售應用建立了廣泛的產品組合。MACOM 利用我們的 HPC、二極體、MMIC、RF 功率、光波和線性化器產品線的技術，為衛星到衛星鏈路以及衛星到地洩漏提供半導體和模組解決方案。

As an example, our linear modules and subsystems team, or LMS, specializes in designing products and solutions that overcome nonlinearity of RF, microwave and millimeter wave signal transmission for space-based communication systems.

例如，我們的線性模組和子系統團隊 (LMS) 專門設計產品和解決方案，以克服太空通訊系統的射頻、微波和毫米波訊號傳輸的非線性。

In some cases, SATCOM links required linearization to boost the power efficiency and improve the quality of the connection. This team can leverage our European space agency space-qualified processes from our MACOM European semiconductor center when designing very high-frequency linearizers, SSPAs or frequency converters.

在某些情況下，SATCOM連結需要線性化來提高電源效率並改善連接品質。團隊在設計超高頻線性化器、SSPA 或頻率轉換器時，可以利用我們 MACOM 歐洲半導體中心的歐洲太空總署太空合格製程。

We also have a team that specializes in state-of-the-art linear photonic components and optical modules and systems for use in free space optics and ground system distribution networks.

我們還有一支團隊，專門研究用於自由空間光學和地面系統分配網路的最先進的線性光子元件和光學模組和系統。

Other segments within the telecom market we focus on is front haul, 132-gigabaud coherent systems and metro and long-haul deployments, PON and cable infrastructure. We leveraged the strength of our high-speed IC portfolio in our photonic products from our Lightwave portfolio to address these markets.

我們關注的電信市場的其他部分是前傳、132千兆波特相干系統和城域和長途部署、PON和有線基礎設施。我們利用光波產品組合中光子產品中高速 IC 產品組合的優勢來滿足這些市場的需求。

Our data center market revenue is on pace to have another strong growth year. There are favorable, secular growth trends driven by cloud service providers, accelerating capital expenditure to deploy next-generation data center architectures.

我們的資料中心市場收入可望再創強勁成長年。雲端服務供應商推動了良好的長期成長趨勢，加速了部署下一代資料中心架構的資本支出。

Our broad-based expertise in high-speed signal integrity allows us to support the industry with our existing products. More importantly, we have aligned our product road maps with our customers' needs to deliver the right technology at the right time. We can differentiate in this market based on our IC and system design expertise as well as our unique photonic materials and product expertise.

我們在高速訊號完整性方面的廣泛專業知識使我們能夠透過現有產品為該行業提供支援。更重要的是，我們已將我們的產品路線圖與客戶的需求結合，以便在正確的時間提供正確的技術。我們可以憑藉我們的積體電路和系統設計專業知識以及我們獨特的光子材料和產品專業知識在這個市場上脫穎而出。

Today, we are servicing customers with products that support from 100G to 1.6 T applications. Our 100G per lane product support 400 and 800G systems and our 200G per lane product support 800G and 1.6 T systems.

今天，我們為客戶提供支援從100G到1.6T應用的產品。我們的每通道 100G 產品支援 400 和 800G 系統，而我們的每通道 200G 產品支援 800G 和 1.6 T 系統。

As we look ahead, we are focused on designing 400G per lane products, which will eventually support 3.2T connectivity. Our ability to stay on the leading edge while supporting multiple generations of products across a wide customer base is a key differentiating factor.

展望未來，我們專注於設計每個通道 400G 的產品，最終將支援 3.2T 連接。我們能夠保持領先優勢，同時為廣泛的客戶群提供多代產品的支持，這是我們的一個關鍵的差異化因素。

And as a reminder, our products support both retimed and linear PAM4 architectures as well as non-DSP solutions using linear, pluggable optics or LPO. Regardless of the technology or architectures selected by our customers, we lean in and we support them with best-in-class engineering and application support. We assist our customers whether they're designing active copper cables, pluggable modules and active optical cables using DSPs or no DSPs.

提醒一下，我們的產品支援重定時和線性 PAM4 架構以及使用線性可插拔光學元件或 LPO 的非 DSP 解決方案。無論客戶選擇何種技術或架構，我們都會全力以赴，為他們提供一流的工程和應用支援。無論客戶是使用 DSP 或不使用 DSP 設計主動銅纜、可插拔模組或主動光纜，我們都會為他們提供協助。

We also support customers that utilize silicon photonics and co-packaged optics or near packaged optics. Our products for 400G and 800G ZR and ZR+ coherent are also well positioned within the market to support future growth.

我們也為使用矽光子學和共封裝光學元件或近封裝光學元件的客戶提供支援。我們的 400G 和 800G ZR 和 ZR+ 相干產品在市場上也佔據有利地位，可以支持未來的成長。

And finally, as we look ahead, we see new applications emerging with disaggregated computing, such as PCI 6 and PCI 7. In summary, our strategy is to build a unique, best-in-class and diversified semiconductor portfolio that will enable MACOM to capture a larger share of the three markets we focus on.

最後，展望未來，我們將看到隨著分解計算而出現的新應用程序，例如 PCI 6 和 PCI 7。總而言之，我們的策略是建立獨特、一流且多樣化的半導體產品組合，使 MACOM 能夠在我們關注的三個市場中佔據更大的份額。

Our agility helps us address opportunities and ultimately beat our competitors that are often larger and have more resources. Before I pass the conversation to Jack, I would like to review two recent press releases. On January 14, we issued a detailed press release summarizing our long-term wafer fab capital investment plan and the associated CHIPS Act and state funding. Our investment plan has two major tenets, which we believe will make MACOM a more competitive company over the long term.

我們的敏捷性幫助我們抓住機遇，最終擊敗那些規模更大、資源更多的競爭對手。在我將話題轉給傑克之前，我想回顧一下最近的兩份新聞稿。1 月 14 日，我們發布了一份詳細的新聞稿，總結了我們的長期晶圓廠資本投資計畫以及相關的 CHIPS 法案和國家資助。我們的投資計劃有兩大原則，我們相信這將使 MACOM 在長期內成為一家更具競爭力的公司。

First, we have plans to modernize our Lowell Massachusetts fab and expand its technology base with advanced node GaN on silicon carbide. And second, we plan to expand the manufacturing capacity and capabilities at our North Carolina fab. To enable faster execution of our strategy, we will seek to take advantage of the grants and tax benefits offered by federal and state programs.

首先，我們計劃對位於馬薩諸塞州洛厄爾的工廠進行現代化改造，並透過先進節點的碳化矽上 GaN 擴展其技術基礎。其次，我們計劃擴大北卡羅來納州工廠的製造能力和產能。為了更快地執行我們的策略，我們將尋求利用聯邦和州計劃提供的補助和稅收優惠。

As of today, MACOM has only signed a nonbinding preliminary memorandum of terms or PMT, with the CHIPS program office. Over the coming weeks and months, we expect to finalize the terms of the definitive agreement. In the near term, there will be minimal or no impact to our P&L.

截至今天，MACOM 僅與 CHIPS 專案辦公室簽署了一份不具約束力的初步條款備忘錄或 PMT。我們預計在未來幾週和幾個月內完成最終協議的條款。短期內，這對我們的損益表的影響很小甚至沒有影響。

And second, on February 5, we issued a press release announcing that MACOM's European semiconductor Center, or MES, was awarded a MMIC development project funded by the French government within the framework of the France 2030 program.

第二，2月5日，我們發布新聞稿，宣布MACOM的歐洲半導體中心（MES）榮獲法國政府在法國2030計畫框架內資助的MMIC開發案。

We look forward to collaborating with our private and public sector partners to execute this exciting program. This award symbolizes recognition of our MESC team and facility as a supplier and partner to the French industrial base it potentially opens the door for MESC to collaborate on larger French and European Union technology development and capital investment programs.

我們期待與私營和公共部門合作夥伴合作執行這項令人興奮的計劃。該獎項象徵著對我們 MESC 團隊和設施作為法國工業基地供應商和合作夥伴的認可，它可能為 MESC 在法國和歐盟更大規模的技術開發和資本投資項目上的合作打開大門。

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

傑克現在將對我們的財務結果進行更詳細的回顧。

Thanks, Steve, and good morning to everyone. Our Q1 results show strong financial performance, building upon our steady growth in revenue, operating income and cash generation. This has allowed us to strengthen our balance sheet, while accumulating cash and positions us well to execute our corporate priorities. Before getting into the numbers, I would like to highlight a recent announcement.

謝謝，史蒂夫，大家早安。我們的第一季業績顯示出強勁的財務表現，這得益於我們收入、營業收入和現金創造能力的穩定成長。這使我們能夠加強資產負債表，同時累積現金並使我們能夠很好地執行我們的公司重點任務。在討論數字之前，我想先強調一下最近的一份公告。

In December 2024, we refinanced approximately 65% or $289 million of our convertible notes that are due in March of 2026. As part of the refinancing, we issued new convertible notes of approximately $340 million, which have a 0% coupon rate and are due in December 2029. Also in connection with the refinancing, we issued approximately 1.6 million shares of common stock to certain of the noteholders who refinanced their notes.

2024 年 12 月，我們對 2026 年 3 月到期的可轉換票據進行了約 65% 或 2.89 億美元的再融資。作為再融資的一部分，我們發行了約 3.4 億美元的新可轉換票據，其票面利率為 0%，到期日為 2029 年 12 月。此外，在再融資過程中，我們向某些再融資票據的票據持有人發行了約 160 萬股普通股。

Based on the accounting rules, the majority of these shares were already included in our diluted shares as of the date of the refinancing. From a GAAP reporting perspective, we recorded a onetime primarily noncash loss on the extinguishment of the debt of $193.1 million. The refinancing has had a neutral impact on our pro forma net leverage, and we believe helps to strengthen our balance sheet and future financial performance.

根據會計準則，截至再融資日，這些股份中的大部分已計入我們的稀釋股份。從 GAAP 報告角度來看，我們記錄了因債務清償而產生的一次性非現金損失 1.931 億美元。再融資對我們的預期淨槓桿率產生了中性影響，我們認為有助於加強我們的資產負債表和未來財務表現。

And now on to our quarterly results. Fiscal Q1 revenue was a new quarterly record high of $218.1 million, up 8.7% sequentially based on growth across all three of our end markets. On a geographic basis, revenue from US domestic customers represented approximately 45% of our fiscal Q1 results, levels consistent with fiscal Q4 2024. Adjusted gross profit for fiscal Q1 was $125.3 million or 57.5% of revenue, 60 basis points lower than the preceding quarter.

現在來看看我們的季度業績。財報第一季營收創下 2.181 億美元的季度新高，由於我們三個終端市場的成長，季增 8.7%。從地理來看，來自美國國內客戶的營收約占我們第一財季業績的 45%，水準與 2024 財年第四季一致。第一財季調整後毛利為 1.253 億美元，佔營收的 57.5%，比上一季下降 60 個基點。

We recognize that our gross margin for the first quarter is below our targets, and we'd like to provide some additional trend information on this. As a result of ongoing softness within certain of our industrial and telecom end markets, we have had lower wafer volumes going through our low fab resulting in underabsorbed costs compared to prior periods.

我們認識到第一季的毛利率低於我們的目標，我們想就此提供一些額外的趨勢資訊。由於我們的某些工業和電信終端市場持續疲軟，我們低端晶圓廠的晶圓產量較低，導致與前期相比成本吸收不足。

Further, based on our estimated mix of future product shipments, including the increased revenue contribution from our RF Power business, we expect gross margins for the remainder of fiscal year 2025 to be in the range of 57% to 58%.

此外，根據我們對未來產品出貨量的估計組合，包括射頻功率業務的收入貢獻增加，我們預計 2025 財年剩餘時間的毛利率將在 57% 至 58% 之間。

I would like to note that we are making good progress on numerous initiatives where our team continues to refine and optimize our cost structure and execute on incremental operational efficiencies and yield enhancements. These improvements can be seen in the sequential increases in our adjusted operating income, operating margin and EPS over the past three quarters.

我想指出的是，我們在眾多計劃中都取得了良好進展，我們的團隊將繼續完善和優化我們的成本結構，並提高營運效率和效益。這些改善可以從過去三個季度我們調整後的營業收入、營業利益率和每股盈餘的持續成長中看出。

Total adjusted operating expense for our first quarter was $69.9 million, consisting of research and development expense of $47.5 million and selling, general and administrative expense of $22.4 million. The sequential increase in adjusted operating expense of $4 million was primarily driven by higher compensation-related expenses associated with our annual employee merit increases and higher R&D costs.

我們第一季的調整後總營業費用為 6,990 萬美元，其中包括研發費用 4,750 萬美元以及銷售、一般及管理費用 2,240 萬美元。調整後營業費用連續增加 400 萬美元，主要由於與我們年度員工績效加薪相關的薪酬相關費用增加以及研發成本增加。

Depreciation expense for fiscal Q1 was $6.7 million compared to $6.3 million in Q1 2024. Adjusted operating income in fiscal Q1 was $55.4 million, up 9% sequentially from $50.7 million in fiscal Q4 2024. For fiscal Q1, we had adjusted net interest income of $5.9 million compared to net interest income of approximately $5.3 million in Q4. As we continue through fiscal 2025, we expect quarterly net interest income to increase at a similar rate as the Q1 increase.

2024 財年第一季的折舊費用為 670 萬美元，而 2024 年第一季的折舊費用為 630 萬美元。2024 財年第一季的調整後營業收入為 5,540 萬美元，較 2024 財年第四季的 5,070 萬美元較上季成長 9%。就第一季而言，我們調整後的淨利息收入為 590 萬美元，而第四季的淨利息收入約為 530 萬美元。隨著我們進入 2025 財年，我們預計季度淨利息收入將以與第一季類似的速度成長。

We expect to increase investment balances through operational cash generation, which will more than offset potentially lower future interest rates and associated yields. Our adjusted income tax rate in fiscal Q1 was 3% and resulted in an expense of $1.8 million. Our net cash tax payments were approximately $1.1 million for the first quarter. We expect our adjusted income tax rate to remain at 3% for fiscal year 2025.

我們期望透過營運現金產生來增加投資餘額，這將足以抵消未來可能出現的利率下降和相關收益下降的影響。我們第一財季的調整後所得稅率為 3%，導致支出為 180 萬美元。我們第一季的淨現金稅款約為 110 萬美元。我們預計 2025 財年的調整後所得稅率將維持在 3%。

As of January 3, 2025, our deferred tax asset balances increased to $217 million as compared to $212 million at the end of fiscal Q4 2024. We anticipate utilizing our deferred tax asset balances, including R&D tax credits through the remainder of fiscal 2025 and into fiscal 2026, hoping to keep our cash tax payments relatively low over these periods. Fiscal Q1 adjusted net income increased to $59.5 million compared to $54.2 million in fiscal Q4.

截至 2025 年 1 月 3 日，我們的遞延所得稅資產餘額從 2024 財年第四季末的 2.12 億美元增加至 2.17 億美元。我們預計將在 2025 財年剩餘時間和 2026 財年利用我們的遞延稅項資產餘額，包括研發稅收抵免，希望在此期間將我們的現金稅款支付保持在相對較低的水平。財年第一季調整後淨收入從財年第四季的 5,420 萬美元增至 5,950 萬美元。

Adjusted earnings per fully diluted share was $0.79, utilizing a share count of 75.6 million shares compared to $0.73 of adjusted earnings per share in fiscal Q4 2024. Now moving on to operational balance sheet and cash flow items.

調整後每股攤薄收益為 0.79 美元，適用股數 7,560 萬股，而 2024 財年第四季的調整後每股收益為 0.73 美元。現在轉到營運資產負債表和現金流量項目。

Our Q1 accounts receivable balance was $91.8 million, down from $105.7 million in fiscal Q4 2024 due to improved shipment linearity and strong collection activity during the quarter. As a result, days sales outstanding were 41 days compared to 48 days in the prior quarter. Inventories were $198.4 million at quarter end, up sequentially from $194.5 million.

我們第一季的應收帳款餘額為 9,180 萬美元，低於 2024 財年第四季的 1.057 億美元，原因是本季出貨線性改善且收款活動強勁。因此，應收帳款週轉天數為 41 天，而上一季為 48 天。季度末庫存為 1.984 億美元，較上一季的 1.945 億美元有所成長。

Inventory turns were flat sequentially at 1.7 times. The increase in our inventory balance is to support our growing customer order backlog and our strategic growth plans for fiscal 2025. Fiscal Q1 cash flow from operations was approximately $66.7 million, up $4.3 million sequentially and more than $33 million over fiscal Q1 2024.

庫存週轉率與上一季持平，為 1.7 次。我們的庫存餘額增加是為了支持我們不斷增長的客戶訂單積壓和我們的 2025 財年策略成長計畫。2024 財年第一季的經營現金流約為 6,670 萬美元，比上一季增加 430 萬美元，比 2024 財年第一季增加 3,300 多萬美元。

Capital expenditures totaled $5.3 million for fiscal Q1, slightly above the preceding quarter. As Steve had mentioned earlier, we are pleased with the announcement of the nonbinding, preliminary memorandum of terms with the CHIPS program office and look forward to finalizing the details of a definitive agreement in the near term.

第一財季的資本支出總計 530 萬美元，略高於上一季。正如史蒂夫之前提到的，我們很高興看到與 CHIPS 計畫辦公室簽署的非約束性初步條款備忘錄，並期待在近期敲定最終協議的細節。

We expect our capital expenditures to be approximately $30 million for the full fiscal year 2025, excluding any CHIPS program spending. Next, moving on to other balance sheet items. Cash, cash equivalents and short-term investments for the fourth fiscal quarter were $656.5 million, up $74.6 million from Q4.

我們預計 2025 財年全年的資本支出約為 3,000 萬美元（不包括任何 CHIPS 計畫支出）。接下來，討論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 6.565 億美元，較第四季增加 7,460 萬美元。

Comparing our cash and short-term investments to the book value of our convertible notes, we are in a net cash position of more than $157 million as of January 3, 2025. Our balance sheet and cash generation remains sound, and we continue to exercise leverage over our operations and discretionary spending to support MACOM's target margins through ongoing cyclical pressure.

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，截至 2025 年 1 月 3 日，我們的淨現金狀況超過 1.57 億美元。我們的資產負債表和現金產生仍然穩健，我們將繼續利用我們的營運和可自由支配的支出來支持 MACOM 在持續的周期性壓力下實現目標利潤率。

We are pleased with the company's performance and accomplishments during Q1, and we will continue to execute on the financial goals to build a company that can achieve an annualized revenue run rate of $1 billion or more in fiscal year 2026, to carefully manage and allocate our discretionary spending and capital expenditures to growth areas of the business, sequentially improved quarterly operational margins and increased EPS, generate quarterly cash flow from operations that exceed prior year levels and ensure our capital structure is optimized to provide operating flexibility at a low cost.

我們對公司第一季的表現和成就感到滿意，我們將繼續執行財務目標，打造一家在2026財年實現年化收入運行率達到10億美元或以上的公司，謹慎管理並將我們的可自由支配支出和資本支出分配到業務的增長領域，連續提高季度運營利潤率和增加每股收益，產生超過上年水平的季度運營靈活性，並確保我們的資本流動靈活性。

I would like to thank the entire MACOM team for their support and look forward to the remainder of fiscal year 2025. And now back over to you, Steve.

我要感謝整個 MACOM 團隊的支持，並期待 2025 財年剩餘時間的表現。現在回到你身上，史蒂夫。

Thank you, Jack. MACOM expects revenue in fiscal Q2 ending April 4, 2025, to be in the range of $227 million to $233 million. Adjusted gross margin is expected to be in the range of 57% to 58%, and adjusted earnings per share is expected to be between $0.82 and $0.86 based on 76 million fully diluted shares.

謝謝你，傑克。MACOM 預計截至 2025 年 4 月 4 日的第二財季營收將介於 2.27 億美元至 2.33 億美元之間。調整後毛利率預計在 57% 至 58% 之間，基於 7,600 萬股完全稀釋股份，調整後每股收益預計在 0.82 美元至 0.86 美元之間。

We expect sequential revenue growth in all our end markets. We expect that data center will lead with approximately 10% growth followed by telecom and industrial and defense, both with low to mid-single-digit sequential growth. As evidenced by our Q2 outlook, we continue to make steady progress to achieve our goal of $1 billion in annual revenues.

我們預計所有終端市場的收入都將持續成長。我們預計資料中心將以約 10% 的成長率領先，其次是電信、工業和國防，兩者均將實現低至中等個位數的連續成長。從我們第二季的展望可以看出，我們繼續穩步前進，朝著年收入 10 億美元的目標邁進。

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

現在我想請接線員回答任何問題。

(Operator Instructions) Thomas O'Malley, Barclays.

（操作員指示）巴克萊銀行的托馬斯·奧馬利。

I want to start on the data center side as it's really the growth engine of the business right now, kind of two-part question there. So you guys have always talked about the ACC inflection point potentially happening kind of in the middle of calendar year '25, you sounded a bit more modest on your expectations for ACC last call, but could you just update us there on the progress with ACC this year? Do you still kind of see the inflection point in middle of '25?

我想從資料中心方面開始，因為它現在確實是業務的成長引擎，這個問題分為兩部分。所以你們一直在談論 ACC 拐點可能在 25 年中期發生，你對 ACC 上次預期聽起來比較謙虛，但你能否向我們介紹一下今年 ACC 的進展？您仍能看到 25 年中期的轉折點？

And then the second is really around LPO, which you spoke a little bit on the call. There's been a lot more talk about co-packaged optics. There's been a lot more talk about optics potentially moving to the back of the rock.

第二個實際上是關於 LPO，您在電話中談到了一點。關於共封裝光學元件的討論已經有很多。關於光學器件可能轉移到岩石背面的討論已經很多。

Could you talk about what solutions you're offering an LPO and if that's an opportunity that potentially could exceed the opportunity that you kind of laid out for the ACC side, apologies with everything being in data center, but I wanted to kick it off there.

您能否談談您為 LPO 提供的解決方案，以及這個機會是否可能超出您為 ACC 方面提供的機會，抱歉，一切都在資料中心，但我想從那裡開始。

Thank you, Tom, for the question. And I think you're correct to conclude that the data center end market is having a very good year. It had a very good year last year with 35% growth. And based on providing guidance into the second quarter, it looks like we might even be able to exceed that growth level in our fiscal '25.

謝謝湯姆提出的問題。我認為你得出的結論是正確的：資料中心終端市場今年表現非常好。去年，該公司業績表現非常好，成長了 35%。根據對第二季的預測，我們甚至可能在 2025 財年超越這一成長水準。

A lot of that growth is being driven by the optical side of our portfolio. So I want to make that very clear. A lot of that growth has been driven by strength in our 800 gig portfolio. And what we see happening, during the course of our fiscal '25 is actually probably a bit of a slowdown in 800 gig as some of our lead customers transition over to 1.6T.

這一增長很大程度上是由我們產品組合中的光學部分所推動的。所以我想把這一點講清楚。這一成長很大程度上得益於我們 800G 資產組合的強勁成長。我們看到的情況是，在 25 財年期間，800G 的成長速度實際上可能會有所放緩，因為我們的一些主要客戶正在轉向 1.6T。

So I just want to highlight that. Now when you overlay the dynamics around the ACC product line, which we offer to customers to support various data rates, not just the highest data rates, I think there are a few notable facts.

我只想強調這一點。現在，當您疊加 ACC 產品線的動態時，我們為客戶提供支援各種資料速率（而不僅僅是最高資料速率）的產品線，我認為有幾個值得注意的事實。

Number one, we have seen in the market architecture changes in some of the data centers and that will absolutely change the trajectory of the demand for that customer for ACCs. We've built that into our guidance. We don't see this as a major challenge for the company given we have lots of variety within the data center.

首先，我們看到一些資料中心的市場架構發生了變化，這絕對會改變客戶對 ACC 的需求軌跡。我們已將其納入我們的指導之中。鑑於我們的資料中心內部擁有多種多樣的類型，我們並不認為這對公司來說是一個重大挑戰。

But I would just highlight that we are seeing one customer as they've moved from, let's say, a two-rack solution to a one-rack solution that will ultimately reduce the overall demand for that particular product. Now with that said, I have to highlight that the fact that we have proven that we can provide electrified copper cables at 800 gig and 1.6T is a little bit of a game changer for the entire environment.

但我想強調的是，我們看到一位客戶已經從雙機架解決方案轉向單機架解決方案，最終將減少該特定產品的整體需求。現在說了這麼多，我必須強調的是，我們已經證明我們可以提供 800G 和 1.6T 的電氣化銅纜，這一事實對於整個環境來說是一個小小的改變。

And so we are seeing tremendous interest from across a very broad customer base to evaluate this technology. And so that, in our mind, is really the game changer. So the early adopters are making some changes, clearly, on architecture, but we think long term, it's a very positive trend.

因此，我們看到廣大客戶群對評估這項技術表現出了極大的興趣。所以，在我們看來，這才是真正的遊戲規則改變者。因此，早期採用者顯然在架構上做出了一些改變，但我們認為從長遠來看，這是一個非常積極的趨勢。

And then your second question was really on LPO, which to remind everybody, is a solution without the DSP. We are also sort of -- there's an equivalence here between LPO and ACC. We also see a lot of interest, a lot of activity, primarily at the higher data rates, so 800 gig and also 1.6T.

然後你的第二個問題其實是關於 LPO 的，提醒大家，這是一個沒有 DSP 的解決方案。我們也有點——LPO 和 ACC 之間有等價性。我們也看到很多興趣、很多活動，主要是在更高的數據速率上，所以800Gb和1.6T。

We have a very, very strong product line for that for solutions in this area. And I would say, from our point of view, this is a late '25, late calendar '25 and calendar '26 contribution to our overall data center revenue.

我們擁有非常強大的產品線，可以為該領域的解決方案提供解決方案。我想說，從我們的角度來看，這是25年末、25年日曆末和26年日曆對我們整體資料中心收入的貢獻。

David Williams, Benchmark Company.

大衛威廉斯 (David Williams)，Benchmark Company。

Congratulations on the execution and the really strong results here. I guess, maybe first, just kind of thinking about the DoD satellite programs that you mentioned earlier. I mean, satellite-comm's been an area that you've been enthusiastic about for some time. Just kind of wonder if you could give a little more color on that and what you're seeing in that overall satellite com space? And how do you think about that revenue opportunity over the next couple of years, just given the strength we're seeing in that space?

祝賀您的執行以及取得的強勁成果。我想，也許首先，只是思考一下您之前提到的國防部衛星計畫。我的意思是，衛星通訊一直是你熱衷的領域。只是有點想知道您是否可以對此進行更詳細的介紹，以及您對整個衛星通訊領域的看法？鑑於我們在該領域看到的強勁發展勢頭，您如何看待未來幾年的獲利機會？

Well, I think that strength will continue for the next three to five years, and we are seeing tremendous demand, not only from established satellite manufacturers, but also, let's say, a new class of satellite manufacturers that are building more, let's say, low-cost LEOs.

我認為這種強勁勢頭將在未來三到五年內持續下去，而且我們看到了巨大的需求，不僅來自老牌衛星製造商，而且還有正在建造更多低成本低地球軌道（LEO）的新型衛星製造商。

So it's a very active environment across the space industry. So clearly, there's a global broadband services being provided by commercial providers but also there's a DoD overlay. And what we see is there's multiple bands of opportunity or high-frequency bands of opportunity, including E-band, V-band and even Ku-band.

整個航太工業的環境非常活躍。很明顯，商業供應商正在提供全球寬頻服務，但同時也存在國防部覆蓋。我們看到有多個機會波段或高頻機會波段，包括 E 波段、V 波段甚至 Ku 波段。

So these are generally very, very high frequency levels. There's very limited semiconductor solutions for those bands. And MACOM can be a leading provider of solutions just from an RF or microwave point of view.

因此這些通常都是非常非常高的頻率等級。針對這些頻段的半導體解決方案非常有限。僅從射頻或微波角度來看，MACOM 就可以成為領先的解決方案提供者。

The systems, generally speaking, have lots of different components that we can sell into the platforms. Not only are we selling in analog mixed-signal devices, selling products that are effectively moving high-speed data on the platform, but we're also involved on the optical side as well, whether it be really free space optics for satellite-to-satellite or satellite-to-ground communications.

一般來說，系統具有許多不同的組件，我們可以將其銷售到平台上。我們不僅銷售類比混合訊號設備、銷售能夠在平台上有效傳輸高速資料的產品，而且我們還涉足光學領域，無論是用於衛星對衛星還是衛星對地面通訊的真正的自由空間光學。

Now when you overlay on top of that, the connectivity to either airborne platforms or ground-based terminals, there's a lot of content that's happening on those other ends. And that's where also we shine. And in my prepared remarks, we talked about the work that our linear module subsystems group is doing or LMS is doing.

現在，當你將與機載平台或地面終端的連接疊加在一起時，你會發現在另一端會發生很多內容。這也是我們閃耀光芒的地方。在我準備好的發言中，我們討論了線性模組子系統組或 LMS 正在進行的工作。

And this has really been their bread and butter for 30 years. And so with MACOM scale and breadth and access to customers, we're really seeing just some great opportunities to produce linearized SSPAs and TWTs. We're pushing more photonics onto these platforms. We have some very exciting new product lines we're going to introduce in the back half of this year that will support even more growth.

而這確實是他們 30 年來的收入來源。因此，憑藉 MACOM 的規模和廣度以及客戶管道，我們確實看到了生產線性化 SSPA 和 TWT 的絕佳機會。我們正在將更多的光子技術推向這些平台。我們將在今年下半年推出一些非常令人興奮的新產品線，這將支持進一步的成長。

So I think it's a great environment for MACOM, it's a great environment because we have unique technology. We're vertically integrated, obviously, with the millimeter wave semiconductors. So we have a lot of proprietary processes that we can provide our customers.

所以我認為這對 MACOM 來說是一個很好的環境，因為我們有獨特的技術。顯然，我們與毫米波半導體進行了垂直整合。因此，我們有很多專有流程可以提供給我們的客戶。

And of course, on the optical side, the fact that we're making lasers and photodetectors is a tremendous advantage to our DoD customers where they can go to one company to provide them the solution that they want. So it will be a good business. It is -- there are -- there will be periods of high growth and slow growth depending on how these contracts flow.

當然，在光學方面，我們製造雷射和光電探測器的事實對我們的國防部客戶來說是一個巨大的優勢，他們可以去一家公司為他們提供他們想要的解決方案。所以這將是一樁好生意。是的，根據這些合約的流動情況，將會有高成長時期和低成長時期。

As you may remember, we did announce a $55 million contract, probably about six to nine months ago. And I'll just highlight that we are in the development phase of executing on that contract, and the revenues associated with that contract won't happen until the back half of our fiscal '25 and it's really a fiscal '26 revenue contributor. So we like the market. It's very dynamic. It's not only commercial, it's also defense.

您可能還記得，我們​​確實宣布過一份價值 5500 萬美元的合同，大概是在六到九個月前。我只想強調的是，我們正處於執行該合約的開發階段，與該合約相關的收入要到 25 財年下半年才會產生，它實際上是 26 財年的收入貢獻者。所以我們喜歡這個市場。它非常有活力。這不僅是商業上的，也是防禦上的。

Lots of really great color there. And then maybe secondly, just on the data center side, you talked a bit about this earlier, but can you talk maybe about any changes that you've seen in terms of just the spending expectations over the next couple of years.

那裡有很多非常美麗的色彩。其次，就資料中心方面而言，您之前已經談到了這一點，但您能否談談未來幾年支出預期方面您所看到的任何變化？

We've all heard the the changes that potentially could happen just kind of given the state of that industry now and kind of what we heard from DeepSeek. But just curious if you're hearing anything from customers early on in terms of their spending thoughts or plans this early.

我們都聽說過，考慮到該行業目前的狀況，可能會發生一些變化，就像我們從 DeepSeek 那裡聽到的那樣。但我只是好奇，您是否早就聽過客戶關於他們的消費想法或計劃的任何資訊。

So we generally have a bullish posture on the expansion and the capital spending within the data center. And so it continues to be a focus area for MACOM. And I'll add that we're not only supporting our existing customers with very high data rate products on the electrical side, PAM4 solutions, but also we believe in the future, we'll be providing more on the optical side as well.

因此，我們總體上對資料中心的擴張和資本支出持樂觀態度。因此，它仍然是 MACOM 的重點關注領域。我還要補充一點，我們不僅在電氣方面為現有客戶提供極高數據速率的產品、PAM4 解決方案，而且我們相信未來我們還將在光學方面提供更多支援。

We have a very strong 200 gig per lane PD product, and we have a very strong CW laser product, 75-milliwatt and 100-milliwatt product that can support silicon photonic solutions. And we think during the course of '25 and into '26, this will add additional revenue to our overall portfolio.

我們擁有非常強大的每通道 200 千兆 PD 產品，並且我們擁有非常強大的 CW 雷射產品、75 毫瓦和 100 毫瓦產品，可以支援矽光子解決方案。我們認為，在2025年至2026年期間，這將為我們的整體投資組合增加額外的收入。

The other thing, I'll highlight, is with regards to the connectivity around compute, and we're starting to see opportunities with PAM4 solutions for PCIe 6 and PCIe 7. And we are one of the few companies that really understands the electronics around those interfaces. And so we plan on bringing the full way to MACOM into these markets for the interconnect portion of those PCIe systems.

我要強調的另一件事是關於計算的連接性，我們開始看到 PAM4 解決方案為 PCIe 6 和 PCIe 7 帶來的機會。我們是少數真正了解這些介面周圍電子設備的公司之一。因此，我們計劃將 MACOM 全面引入這些市場，以滿足這些 PCIe 系統的互連部分的需求。

So we're forming partnerships. We're working with some major customers, and we'll be offering not only electrical solutions, but also optical chipsets, which support those new protocols. And PCI 7 is right now still in the forming stage, they're still ironing out a lot of the standards, but it's essentially a 500 gigabit per second PAM4 link. So we are continuing to see opportunities.

因此我們正在建立合作夥伴關係。我們正在與一些主要客戶合作，我們不僅提供支援這些新協議的電氣解決方案，還提供光學晶片組。PCI 7 目前仍處於形成階段，他們仍在製定許多標準，但它本質上是每秒 500 千兆位元的 PAM4 連結。因此我們繼續看到機會。

And I'll just add to that. There's other markets that are being dragged into sort of the high-speed data connectivity area. Obviously, I just talked about defense, but I would also add automotive as well. We are starting to see more and more opportunities for high-speed connectivity within the automobile harnesses and the connectivity associated with inside the cabin as well as connecting to things outside the cabin.

我只想補充一點。其他市場也被拖入高速數據連接領域。顯然，我剛才談到了國防，但我還想補充一下汽車領域。我們開始看到越來越多的汽車線束內部高速連接的機會以及與駕駛室內部和駕駛室外部物體的連接。

Tore Svanberg, Stifel.

托爾·思文伯格（Tore Svanberg），Stifel 公司。

Yes. Congratulations on the results. Steve, could you just sort of take a step back and talk about the data center business for this calendar year. So it sounds like the growth is going to be driven mainly by the transition to 1.6 optical. You may see some growth in copper. And then obviously, LPO comes late this year. Is that how we should think about it?

是的。恭喜你所取得的成果。史蒂夫，您能否稍微回顧一下，談談今年的資料中心業務。因此聽起來成長將主要受到向 1.6 光學的過渡所推動。您可能會看到銅有所增長。顯然，LPO 今年來得太晚了。我們該這樣思考嗎？

Yes. I think that's right. There's been very strong growth over the past few quarters with our 800-gig optical products. There's going to be in some instances, some customers migrating away from that and going to 1.6T. And so that is for MACOM, we're already, let's say, low rate production, and that's going to ramp up. And so that will continue.

是的。我認為那是對的。過去幾個季度，我們的 800G 光學產品實現了非常強勁的成長。在某些情況下，有些客戶會放棄該型號，轉而使用 1.6T。對於 MACOM 來說，我們已經處於低速率生產狀態，並且將會加速生產。這種情況將會持續下去。

And remember that in the back half and as we go into 2026, we would expect LPO solutions standard, pluggable module solutions with DSPs and of course, continued contribution from ACC just because there's been, let's say, a reduction in the SAM size within one particular application, we actually think overall, the SAM is increasing.

請記住，在下半年，當我們進入 2026 年時，我們預計 LPO 解決方案將標準化，帶有 DSP 的可插拔模組解決方案，當然還有 ACC 的持續貢獻，因為可以說，在某個特定應用中 SAM 尺寸有所減小，我們實際上認為總體而言，SAM 正在增加。

That's great color. And then either for you or Jack, on the gross margin. So it sounds like there's a mix element here that's driving lower utilization in the lower fab. Just curious, what are some of the specifics there? Is it products primarily for telecom or data center? And what's the team doing to try and get that gross margin back up again?

顏色真棒。然後，無論是對您還是傑克來說，都是關於毛利率的。因此，聽起來這裡有一個混合因素，導致較低晶圓廠的利用率降低。只是好奇，那裡有什麼具體內容？它的產品主要用於電信還是資料中心？那麼團隊正在做什麼來嘗試重新提高毛利率呢？

Thanks, Tore. Maybe I'll say a few words and then turn it over to Jack. And as everybody has seen, MACOM has had gross margins in the low 60s just really just a few quarters ago. And we really were hitting our stride when we had -- our core base MACOM telecom business was very strong. And I would say right now that, that piece of our business is relatively weak, as I talked about in my script and also Jack.

謝謝，托爾。也許我會說幾句話，然後把它交給傑克。如大家所見，就在幾個季度前，MACOM 的毛利率還僅為 60% 以下。當我們的核心基礎 MACOM 電信業務非常強勁時，我們確實取得了長足的進步。我現在要說的是，我們的這部分業務相對較弱，正如我在劇本中以及傑克所談論的那樣。

And so we -- there'll be in time when that returns to strength that will really be the -- will be what's necessary for us to get back over 60. So I want to make sure that people understand that it's really a base MACOM, low fab related topic. It's not necessarily related to the Wolfspeed acquisition of the RF business or other dynamics within our business. It really has to do with the overall utilization, which maybe Jack can expand upon.

所以，當經濟恢復強勁時，我們才能真正重返 60 歲左右。因此，我想確保人們明白，這實際上是一個與基礎 MACOM、低晶圓廠相關的主題。這不一定與 Wolfspeed 對 RF 業務的收購或我們業務內的其他動態相關。這確實與整體利用率有關，也許傑克可以對此進行擴展。

Yeah. Thanks, Steven. And as we had discussed in the prepared remarks, it's just making sure that we've got a bit more product running through that low fab when we're most efficient and it is a high mix fab. So we're continuing to utilize the fab. It's just -- we just don't have as many products going through there at this stage that are absorbing some of that additional cost as we had seen in the past.

是的。謝謝，史蒂文。正如我們在準備好的評論中所討論的那樣，這只是為了確保當我們效率最高並且它是高混合晶圓廠時，我們可以透過低產量晶圓廠生產出更多的產品。因此我們將繼續利用該晶圓廠。只是——目前，我們還沒有像過去那樣有那麼多產品透過那裡吸收部分額外成本。

And I think just to build upon that, there are some mix issues. We've been pleased with some of the growth areas that we've seen that are driving top line improvements as well as bottom line improvements that are just coming through at slightly lower than the corporate average gross margins for MACOM.

我認為，在此基礎上，仍存在一些混合問題。我們對看到的一些成長領域感到滿意，這些成長領域正在推動營收和利潤的改善，而這些成長的毛利率略低於 MACOM 的企業平均毛利率。

So there's a little bit of a mix element that we're seeing that we talked about in our prepared remarks. But overall, we're pleased with the growth that these product lines have been bringing to the organization.

因此，我們看到了我們在準備好的發言中討論過的一些混合元素。但總體而言，我們對這些產品線為組織帶來的成長感到滿意。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼（Karl Ackerman）。

I have two questions, if I may. First, could you discuss your in-house capabilities to address silicon photonics optical transceivers, particularly whether you want or have customers asking you to scale your CW laser portfolio that you've been discussing about the last couple of quarters? I have a follow-up, please.

如果可以的話，我有兩個問題。首先，您能否討論一下您內部解決矽光子光學收發器的能力，特別是您是否想要或是否有客戶要求您擴展您在過去幾個季度一直在討論的 CW 雷射器產品組合？我有後續問題，請告知。

Sure. So we have -- just to be clear, we have no internal silicon photonic processes running within any of our fabs. We do have indium phosphide and other than that, it's generally other gas and GaN on silicon carbide-type processes. So we are not a producer of silicon photonic materials and wafers. There is a merchant market and foundry services available from others.

當然。因此，我們需要明確一點，我們的任何晶圓廠內都沒有運行內部矽光子製程。我們確實有磷化銦，除此之外，通常還有其他氣體和碳化矽型製程上的 GaN。所以我們不是矽光子材料和晶片的生產商。有商家市場和其他機構提供代工服務。

MACOM, let's say, going back seven or eight years, was spending a significant amount of effort and resources and investment. Looking at silicon photonics, we had partnered up with a large silicon photonics fab, and we were trying to attach a laser to our silicon photonic platform, let's say. At the end of the day, that did not work out. We canceled the program.

可以說，回顧七、八年前，MACOM 已經投入了大量的精力、資源和投資。在矽光子學方面，我們與一家大型矽光子工廠合作，並試圖將雷射器連接到我們的矽光子平台上。到頭來，這件事並沒有成功。我們取消了該計劃。

We basically reduced our silicon photonic design capability down to a small team that we retain today, primarily to service defense-related applications. So we've effectively exited the silicon -- the commercial silicon photonics space. Now what we've seen since then, by the way, is many of our customers, many module manufacturers and larger companies have been utilizing other foundries and developing their own silicon photonic solutions.

我們基本上將矽光子設計能力縮減到今天保留的一個小團隊，主要為國防相關的應用提供服務。因此，我們實際上已經退出了矽——商業矽光子學領域。順便說一下，從那時起我們看到的是，我們的許多客戶、許多模組製造商和大公司一直在利用其他代工廠開發自己的矽光子解決方案。

And so we want to complement that effort. We are a merchant supplier of CW lasers. There's a finite number of companies that can do that. So what we find ourselves doing today is partnering with module manufacturers that are designing their own silicon photonic devices that need a CW laser. And so this actually opens up a bit of an opportunity for us.

因此，我們希望補充這項努力。我們是連續波雷射的商家供應商。能夠做到這一點的公司數量是有限的。因此，我們今天所做的事情是與模組製造商合作，設計自己的需要 CW 雷射的矽光子設備。這實際上為我們帶來了一些機會。

The other thing, I'll add is, those solutions will also need laser drivers and transimpedance amplifiers in some cases. And so it's a very nice setup from our point of view, where we're not competing necessarily with our customers, and we're able to provide them a unique technology or unique performance that they can't get elsewhere.

我要補充的是，這些解決方案在某些情況下還需要雷射驅動器和跨阻放大器。因此，從我們的角度來看，這是一個非常好的設置，我們不一定與客戶競爭，而且我們能夠為他們提供他們在其他地方無法獲得的獨特技術或獨特性能。

Yeah. Very clear. Thanks, Steve. For my follow-up, I wanted to pivot to satellite. I guess within that, there's clearly a lot going on. Should we expect government funding to shift toward this area as well. And are -- and separately, are you seeing any pickup in your PON business ahead of BEAD funding initiatives.

是的。非常清楚。謝謝，史蒂夫。為了後續工作，我想轉向衛星。我想其中顯然有很多事情發生。我們是否應該期待政府資金也轉向這一領域？另外，在 BEAD 融資計劃之前，您是否看到 PON 業務有所回升？

Well, the question about government funding anything these days is an interesting question to ask. So we'll have to wait and see how things ultimately shake out, but I can tell you that the need is there, and we're actively engaged with the traditional as well as the new companies that are manufacturing or designing satellites and launching satellites.

嗯，關於如今政府為任何事物提供資金的問題是一個有趣的問題。因此，我們必須拭目以待，看看事情最終會如何發展，但我可以告訴你，需求是存在的，我們正在積極與製造或設計衛星以及發射衛星的傳統公司和新興公司合作。

And we're in pretty deep on a lot of different programs. So we believe that it's needed for a variety of reasons, some of which I stated on the prepared remarks. And so it is sort of our expectation that the government funding to improve the posture of the DoD's position in space is necessary. And so that funding will continue. So that's our expectation.

我們對許多不同的項目都進行了深入的研究。因此，我們認為出於多種原因，這是必要的，其中一些我在準備好的發言中已經說明。因此，我們期望政府提供資金來改善國防部在太空領域的地位。這樣資金就會持續下去。這就是我們的期望。

Have we seen a direct impact to the PON market per se, I can't say that we could draw that correlation. Our PON business has been slowly ticking up over the past few quarters, but it's only at a small level compared to what it was a few years ago. So I would say that they're disassociated generally speaking.

我們是否看到對 PON 市場本身的直接影響，我不能說我們可以得出這種相關性。過去幾個季度，我們的 PON 業務一直在緩慢成長，但與幾年前相比，成長幅度仍然很小。因此我想說，從總體上來說，它們是分離的。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯（Blayne Curtis），傑富瑞（Jefferies）。

I had two. I just want to start on the kind of the gross margin comment. You're obviously at the middle of that range. I think when you look at the RF business, you kind of -- you had a margin improvement there. I just want to kind of understand the moving pieces. Is that the overall business is growing and kind of offsetting the internal margin improvement with that? Or should we see some margin improvement within that range you gave from RF?

我有兩個。我只是想開始談論毛利率。顯然，您處於該範圍的中間。我認為當你看一下射頻業務時，你會發現那裡的利潤率有所提高。我只是想大致了解其中的動向。是整體業務在成長並且在某種程度上抵銷了內部利潤率的提高？或者我們應該看到您給出的 RF 範圍內的利潤率有所提高嗎？

I'm just trying to understand the moving pieces. It does sound like the bulk of growth from telecom has been from RF. So that mix is kind of going against you. But maybe you can address the kind of the margin improvement within that business.

我只是想了解其中的動靜。聽起來電信業的大部分成長確實來自於射頻。因此，這種混合對你來說是不利的。但也許你可以解決該業務中的利潤率提高的問題。

Sure. Let me try to take a take a crack at an answer, and then Jack can help out here. So in terms of the -- our RF business, you can sort of break it out into multiple pieces. The piece that we acquired from Wolfspeed which has -- we've been growing over the past year quite significantly for a variety of reasons.

當然。讓我試著回答一個問題，然後傑克可以幫忙。因此就我們的射頻業務而言，您可以將其分成多個部分。我們從 Wolfspeed 收購的部分，由於各種原因，我們在過去的一年裡得到了長足的發展。

We have -- that the trend line on that margin is improving, and it's actually exceeding our expectations in terms of our ability to improve yields, lower cost, be more efficient running the business. So we see tremendous improvements with the sort of the pro forma P&L of that business.

我們發現利潤率的趨勢正在改善，而且在提高收益、降低成本、提高業務營運效率的能力方面，它實際上超出了我們的預期。因此，我們看到該業務的預期損益表有了巨大的改善。

So we're very happy about that. And the team has done a great job. Our operations team, the support with Wolfspeed, the sales team. So that is working as expected. And by the way, I'll add to that, that part of our strategy is to launch more MMIC products within that portfolio.

我們對此感到非常高興。並且該團隊已經做出了出色的工作。我們的營運團隊、Wolfspeed 的支援團隊和銷售團隊。一切正如預期的那樣。順便說一句，我要補充一點，我們策略的一部分是在該產品組合內推出更多的 MMIC 產品。

When you actually look at the sort of the Wolfspeed portfolio as it came over, we felt there just weren't enough standard products. So we've been accelerating the launch of standard products within that portfolio, and that will also have a benefit to the P&L. And the gross margins of that business. When you look at base MACOM, which our base MACOM business, generally speaking, has been growing.

當你真正看到 Wolfspeed 產品組合時，我們會覺得標準產品不夠多。因此，我們一直在加速推出該產品組合內的標準產品，這也將為損益帶來好處。以及該業務的毛利率。當您查看基礎 MACOM 時，我們的基礎 MACOM 業務總體上一直在成長。

However, we have pockets in gaps in some of our demand, primarily cable infrastructure related and some other wireless platforms as well as some industrial platforms that demand has been weak, I would say, over the past three quarters. And as a direct result of that, you've seen underutilization within the low fab creep up, and that's having a direct effect on the gross margins at the corporate level.

然而，我們的一些需求存在缺口，主要是有線基礎設施相關和一些其他無線平台以及一些工業平台，我想說在過去三個季度這些需求一直很疲軟。其直接結果是，低端晶圓廠的利用率正在逐漸下降，這對企業層面的毛利率產生了直接影響。

Outside of that, industrial and defense, great profitability profile, our data center business, great profitability profile. The issue really revolves around filling the low fab. That is a priority for the business. And Jack, do you want to add to that?

除此之外，工業和國防業務的獲利狀況良好，我們的資料中心業務的獲利狀況也很好。問題其實在於填補低產能空缺。這對企業來說是當務之急。傑克，你還有什麼要補充的嗎？

I think you did a good job with that one, Steve.

我認為你做得很好，史蒂夫。

And Steve, I just want to understand the commentary on optical. Should we assume -- can you maybe comment on your comment at 1.6T versus 800? I'm just trying to understand if you're just saying overall volumes are going down? Or is there a difference in your content between the two to indicating the slowdown?

史蒂夫，我只是想了解光學的評論。我們應該假設——您能否對 1.6T 與 800 的評論進行評論？我只是想知道您是否是說整體銷量正在下降？或者您的內容在表明速度減慢方面是否存在差異？

So I would say that over the past few quarters, we've had concentrated revenues around our 800-gig business, that is expected to expand as we enter the back half of the year and go into -- as that demand at where we're concentrated dips down over the next quarter or so, it will be filled with a ramp of 1.6T.

因此我想說的是，在過去幾個季度中，我們的收入集中在 800G 業務上，預計進入下半年後，這一收入將會擴大——隨著我們集中的領域需求在下個季度左右下降，它將以 1.6T 的速度增長。

So net-net, we expect the data center revenues to be growing. They grew last quarter. They're growing this quarter and we're starting to build backlog for our Q3 and Q4. So there is a little bit of a transition at one of our lead customers which we're noting. But more importantly, we're expanding the breadth of our customer base at 800 gig, and that's the key point here.

因此，我們預計資料中心收入將會成長。上個季度它們實現了成長。他們本季正在成長，我們開始為第三季和第四季累積訂單。我們注意到我們的一個主要客戶發生了一些轉變。但更重要的是，我們正在以 800G 的規模擴大我們的客戶群廣度，這是這裡的關鍵點。

Quinn Bolton, Needham & Company.

奎因博爾頓，Needham & Company。

I guess I just want to come back to the Lowell fab and the under-loadings there. The defense business is at record levels. And I guess I thought a lot of the defense revenue also went through Lowell. So I understand cable infrastructure and industrial is weak given we've heard that from pretty much everyone in the industry.

我想我只是想回到洛威爾工廠和那裡的負荷不足的地方。國防業務正處於創紀錄的水平。我想，很多國防收入也經過了洛威爾。因此，我理解有線電視基礎設施和工業領域很薄弱，因為幾乎業內所有人都這麼說過。

But I guess, I would have thought that loadings on the defense side would have certainly offset some of that. So could you just give us a sense how much of the defense business goes through Lowell and why that wouldn't be helping fill that fab?

但我想，我以為防守的負擔肯定會抵銷其中的一些影響。那麼，您能否告訴我們有多少國防業務是透過洛威爾進行的，以及為什麼這不會幫助填補該晶圓廠的空缺？

Yeah. I would say that you're correct that the fab here supports a significant amount of defense business. The only thing that I would highlight is that we do have a large RADAR program that is, I would say, the volumes on that one particular program have come down as we wait for a reload of another long-term contract. And so that is having a headwind effect which we think is a temporary effect.

是的。我想說您說得對，這裡的晶圓廠支援了大量國防業務。我唯一要強調的是，我們確實有一個大型的 RADAR 項目，也就是說，由於我們正在等待另一項長期合約的重新加載，該特定項目的數量已經下降。因此，這會產生逆風效應，但我們認為這只是暫時的。

But generally speaking, you're correct. There's a lot of different technologies within the fab that support the broader defense market. And then I'll just add to that. A lot of the products for industrial and medical, like some of our high-power devices, high-power switches, the demand on those products recently has been down, and we expect that to come back at some point in time.

但總體來說，你是對的。該工廠內有許多不同的技術可支援更廣泛的國防市場。然後我再補充一點。許多工業和醫療產品，例如我們的一些高功率設備、高功率開關，這些產品的需求最近有所下降，我們預計在某個時間點會回升。

And [Tore], this is Jack. I would also add that some of the growth that we've seen from a defense perspective has come through some of the newer acquisitions. So that's once again driving the top line, not necessarily all flowing through the Lowell fab. So with that increase in the revenues that we're seeing on the defense side, it's not helping to support that the Lowell fab underutilization.

[托爾]，這是傑克。我還要補充一點，從國防角度來看，我們看到的一些成長來自於一些較新的收購。因此，這再次推動了營業收入的成長，而不一定全部流經洛威爾工廠。因此，我們看到國防方面的收入增加，但這無助於支持洛威爾工廠的利用不足。

Got it. And then I guess just a follow-up on the. I'll call it the linear equalizer opportunity because you've kind of highlighted that the ACC cable opportunity may be smaller now given customer transition. But overall, you seem more excited or more upbeat about linear equalizers.

知道了。然後我想這只是一個後續行動。我將其稱為線性均衡器機會，因為您已經強調過，考慮到客戶的轉變，ACC 電纜機會現在可能變得更小。但總體而言，您似乎對線性均衡器更為興奮或更樂觀。

And I'm just kind of wondering how much of that is driven by sort of cable back playing. There's certainly been reports in the industry of large customers having signal integrity issues in their copper back planes and maybe needing to go to active cables to help those signal integrity issues.

我只是有點想知道其中有多少是由有線回放推動的。業界確實有報告指出，大客戶的銅背板有訊號完整性問題，可能需要使用主動電纜來解決這些訊號完整性問題。

How do you see that opportunity? I think you've also talked about applications like lower-speed PCIe cables that use linear equalizers. I mean, just where is the growth coming from in that larger linear equalizer TAM if you could just spend a minute there, that would be very helpful.

您如何看待這個機會？我想您也談到了使用線性均衡器的低速 PCIe 電纜之類的應用。我的意思是，更大的線性均衡器 TAM 的成長究竟來自哪裡，如果您能花一點時間在那裡，那將非常有幫助。

Yeah. I would just say that the primary growth will be on the cables as opposed to on the back plan. So I think that is where we believe the volume will be. And you're correct to think that there'll be equalizers or equalization put on in various places to boost gain and help signal integrity. So that that will be ancillary to the main focus or the main volumes, which we believe will be on the cables themselves.

是的。我只想說主要的增長點將是電纜而不是後台計劃。所以我認為這就是我們所預期的交易量。而且您的想法是正確的，在各個地方都會安裝均衡器或均衡器來提高增益並幫助實現訊號完整性。因此，這將是對主要焦點或主要內容的輔助，我們認為主要焦點或主要內容將集中在電報本身。

Srini Pajjuri, Raymond James.

Srini Pajjuri，雷蒙德‧詹姆斯。

A couple of questions on the -- one on the data center first. Steve, as we go from 800 to 1.6T, could you speak to what sort of ASP benefit do you see? And then we hear a lot about LPO. I guess there is an ASP benefit as you go to 1.6. But as we go to, I guess, from DSP-based solution to LPO, is there a benefit as well on top of 1.6T transition for you?

我首先想問幾個關於資料中心的問題。史蒂夫，當我們從 800 升級到 1.6T 時，您能說說您看到了什麼樣的 ASP 優勢嗎？然後我們聽到很多有關 LPO 的消息。我想當您升級到 1.6 版時會有一個 ASP 優勢。但是，我想，當我們從基於 DSP 的解決方案轉向 LPO 時，1.6T 的轉變是否對您也有好處？

Yeah. So it's very difficult for us to comment on the ASPs of the products, given the competitive nature of the business. So I can't really comment specifically there on that. I think it's important to highlight that the benefit of the LPO solution is the customer is able to eliminate a DSP, which is really the major cost savings for them.

是的。因此，考慮到業務的競爭性質，我們很難對產品的平均售價發表評論。因此我實際上無法對此發表具體評論。我認為需要強調的是，LPO 解決方案的好處是客戶能夠消除 DSP，這對他們來說確實是主要的成本節省。

Additionally, there's certainly significant power savings. So less power. And the last sort of benefit is the latency with the [one-time] solution is better. So that -- those reasons alone, one could argue somebody should pay a premium for an LPO solution. If you can put it into service and make it work in your environment. And so from our point of view, we're providing an enabling technology, and we want to make sure we also always provide our customers good value.

此外，還可以顯著節省電力。因此功率較小。最後一種好處是，一次性解決方案的延遲更低。所以 —— 僅憑這些原因，人們就可以爭辯說某人應該為 LPO 解決方案支付額外費用。如果您可以將其投入使用並使其在您的環境中發揮作用。因此從我們的角度來看，我們提供一種支援技術，並且我們希望確保始終為客戶提供良好的價值。

And then similar, when you talk about sort of 1.6T, I think all those same arguments supply, things get harder, the interface is more difficult, how you assemble the unit whether you use a bare die, a bump die, wire bonds, flip chip die stacking, all of that matters. And so we're very good at dealing with a lot of those details.

然後類似地，當您談論 1.6T 時，我認為所有相同的論點都提供了，事情變得更加困難，界面更加困難，您如何組裝單元，無論您使用裸片，凸塊芯片，引線鍵合，倒裝芯片堆疊，所有這些都很重要。因此我們非常擅長處理很多細節。

The other thing I would add, which is, I think, relevant to, as things move up the higher data rates is MACOM's expertise with photodiodes. And we are one of -- I think we may be the only company in the industry that makes transimpedance amplifiers and photodiodes.

我想補充的另一件事是，隨著數據速率的提高，MACOM 在光電二極體方面的專業知識也隨之提高。我認為我們是業內唯一生產跨阻放大器和光電二極體的公司。

And so we're able to eliminate that connection for our customer by mounting one on the other. And so -- and then teach our customers how to do it so that they can buy the chips from us. So a lot of depth and expertise around these solutions and I think MACOM's in a very good position as the data rates go to higher speeds.

因此，透過將一個安裝到另一個上，我們可以為客戶消除這種連接。然後——然後教我們的客戶如何做到這一點，以便他們可以從我們這裡購買晶片。因此，圍繞這些解決方案有很多深度和專業知識，我認為，隨著數據速率越來越高，MACOM 將處於非常有利的地位。

My other question is on the LEO satellite business. Are you able to kind of give us at least a high level qualitatively, what the contribution is? And also how you think about the opportunity here in terms of the SAM or whatever else you're willing to share with us in terms of how big this market is going to be and how do you see your competitive position?

我的另一個問題是關於低地球軌道衛星業務。您能否至少從高水準的品質角度告訴我們，您的貢獻是什麼？另外，您如何看待 SAM 方面的機遇，或者您願意與我們分享的其他信息，例如這個市場將會有多大，以及您如何看待自己的競爭地位？

So it really depends on the engagement and what ultimately the customer is buying for the satellite, whether it's different products from across our portfolio at the CHIP level or whether they want us to build a module or multi-chip assembly or a full-up subsystem.

因此，這實際上取決於參與度以及客戶最終為衛星購買什麼，無論是來自我們整個晶片層級的產品組合中的不同產品，還是他們希望我們建立模組或多晶片組件或完整的子系統。

So you could imagine that the prices for these products or the contribution can range from sort of hundreds of dollars to thousands or tens of thousands of dollars depending on exactly what we're building for them. Some of the more exotic products that our linear module systems team is building, these are five- and six-figure type products that would go on board a satellite.

因此，你可以想像這些產品的價格或捐款可以從數百美元到數千或數萬美元不等，這取決於我們為他們建造的具體內容。我們的線性模組系統團隊正在建構一些比較奇特的產品，這些是可以搭載在衛星上的五位數和六位數類型的產品。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

Congratulations, first of all, on great results and guidance as usual. And then I had a multipart question, let me start with that one, Steve, for you. ACC, are you shipping right now? Is it a contributor? When do you think it will come?

首先，恭喜您取得的優異成績以及一如既往的指導。然後我有一個多部分的問題，史蒂夫，讓我先問你這個問題。ACC，您現在正在出貨嗎？它是貢獻者嗎？您認為它什麼時候會到來？

And then, we get this question a lot, is ACC a long-term viable solution? Or is this just a trend in the technology path, and it probably doesn't have functionality three, four, five years out. What are some of the other uses that you've been thinking of outside of rack to rack.

然後，我們經常會遇到這個問題，ACC 是一個長期可行的解決方案嗎？或者這只是技術路徑中的一種趨勢，並且可能在三、四、五年後仍不具備功能。除了機架到機架之外，您還考慮過哪些其他用途？

So the first part of your question is, are we shipping and we have been shipping and we'll continue to ship. So yes to that question. And then the second piece is, do we believe there's a long-term opportunity there. And I can tell you that today, we are seeing that.

所以你問題的第一部分是，我們正在發貨嗎？所以，這個問題是肯定的。第二點是，我們是否相信那裡有長期機會。我可以告訴你們，今天我們就看到了這一點。

And you can even see some of the capabilities spill over into PCIe 6 and PCIe 7. So I think that finding ways to make use of the ASIC power within the switches or within compute and then using linear equalizers or the equivalent of an ACC chip in these connections is very attractive to customers.

您甚至可以看到某些功能延伸至 PCIe 6 和 PCIe 7。因此，我認為找到利用交換器或計算中的 ASIC 電源的方法，然後在這些連接中使用線性均衡器或相當於 ACC 晶片的產品對客戶來說非常有吸引力。

So we believe that it's -- this is not a 2024, 2025 fad. We believe the demand will continue. It's very much use case specific. I mean these are typically short-reach applications. And so if you're doing long reach, very long reach, you're going to need a DSP, it will be single mode architecture, and it will be a very different solution.

因此我們相信，這不是 2024 年、2025 年的時尚。我們相信需求將會持續下去。它與具體用例密切相關。我的意思是這些通常都是短距離應用。因此，如果您要進行長距離、超長距離傳輸，那麼您將需要一個 DSP，它將是單模架構，並且它將是一個非常不同的解決方案。

But clearly, there's a cost advantage and it's -- there's a simplicity associated with ACC that the industry is trying to sort out what is the exact use case. And as the industry gets more experienced, I guess, we'll have the answer to that that question. So in the meantime, we will continue to engage customers and try to make them successful.

但顯然，ACC 具有成本優勢，而且比較簡單，業界正在努力釐清其確切的用例。我想，隨著行業經驗的豐富，我們將會找到這個問題的答案。因此同時，我們將繼續吸引客戶並努力幫助他們獲得成功。

Fair enough. That's very clear, Steve. And then maybe one for Jack. Jack, I'm sort of surprised that your 23% turns number, it seems like -- your book-to-bill is strong. Everything is good. At this time, I would expect turns to be down and orders to be up. The orders are up, but your turns are also pretty high. Is this an accurate assessment on my part? And then if you could also clarify how much is defense of the Defense and Industrial segment.

很公平。這非常清楚，史蒂夫。然後也許還有一個給傑克。傑克，我對你的 23% 的周轉率感到有點驚訝，看來你的訂單出貨比很強勁。一切都很好。此時，我預計轉彎次數會減少而訂單量會增加。訂單增加了，但輪流也相當高。我的評估準確嗎？然後，如果您可以澄清一下國防和工業部門的國防費用是多少嗎？

Sure. No problem. So we've been pleased with our book-to-bill ratio. That came in at 1.1, again, this quarter. So we've been building backlog. And from a turns perspective, yeah, there's been a bit of a bump up. That's just the nature of where we've been, but it's been relatively consistent in that 20% range for the past number of quarters.

當然。沒問題。因此，我們對我們的訂單出貨比感到滿意。本季度，該數字再次達到 1.1。因此我們一直在累積訂單。從轉變的角度來看，是的，確實有一些進步。這就是我們所處情況的本質，但過去幾個季度，這一比例一直相對穩定在 20% 的範圍內。

So I don't think there's anything really out of the ordinary from a turns perspective to highlight. We are pleased with the backlog piece that we've been going through and building backlog. And yes, as evidenced by our growing defense revenues that's been an area where we have continued to build backlog. We generally don't break out the bookings by each of the three different end markets, but it will vary from period to period. But as evidenced by the growth in defense and some of the other areas, you could see that's where it's been focused over the past number of quarters.

因此，我認為從轉變的角度來看，並沒有特別值得強調的地方。我們對一直在處理和建造的積壓工作感到滿意。是的，正如我們不斷增長的國防收入所證明的那樣，這是我們持續累積訂單的一個領域。我們通常不會以三個不同的終端市場分別列出預訂量，但不同期間的預訂量會有所不同。但從國防和其他一些領域的成長可以看出，過去幾季我們的重點一直集中在這裡。

Michael Mani, Bank of America Securities.

美國銀行證券公司的麥可‧馬尼 (Michael Mani)。

This is Michael Mani on for Vivek Arya. Just to double click on the backlog point. Are there any areas of the backlog where you've kind of seen incremental weakness or strength versus last quarter. It sounds like if there is any weakness it might be coming from the telecom front, but was there anything on the industrial side that change your prospects as well?

這是 Michael Mani 為 Vivek Arya 主持的節目。只需雙擊積壓點即可。與上一季相比，積壓訂單中有哪些領域您看到了增量的弱點或優勢？聽起來如果有任何弱點，它可能來自電信方面，但工業方面是否也存在什麼改變您前景的事情呢？

And do these changes that all impact your thinking for how you get back to -- or how you get to that $250 million per quarter run rate. It doesn't sound like it does, but just what are the moving parts there.

這些變化是否都會影響您對如何恢復或如何實現每季 2.5 億美元的運行率的思考？聽起來似乎不是，但那裡到底有哪些活動部件呢？

Sure. Thank you, Michael, for the question. Just to remind everybody, as we said, our backlog is at a record level. This has been the fourth quarter in a row that we've had a book-to-bill of 1 or higher, I think the last three quarters have been a book-to-bill of 1.1.

當然。謝謝邁克爾提出這個問題。只是想提醒大家，正如我們所說，我們的積壓工作量處於創紀錄的水平。這是我們的訂單出貨比連續第四個季度達到或超過 1，我想過去三個季度的訂單出貨比都是 1.1。

And as you look at sort of where we stand today and the trajectory, it seems that our year-over-year growth is going to be quite strong today, even looking at the data center end market where we've had 35% growth last year. Even if you assume modest slowdowns of growth in the back half, you're talking about close to 50% year-over-year growth there and then strong double-digit growth for telecom and industrial.

當您回顧我們目前的狀況和發展軌跡時，似乎我們的同比成長將會非常強勁，甚至看看去年資料中心終端市場我們已經實現了 35% 的成長率。即使你假設下半年成長會略有放緩，但那裡的同比增長率仍接近 50%，而且電信和工業將實現強勁的兩位數增長。

So we're actually quite pleased with the setup. We're booking large contracts, multiyear contracts. I wouldn't read anything into the turns business per se on any particular quarter because it just has to do with the execution and the normal moving parts of our business. What I would be hyper focused on is our booking book-to-bill number, that is the most important number we put out every quarter. It's why it's one of the first things we say is this is the bookings.

因此我們實際上對這個設置非常滿意。我們正在簽訂大型合約、多年期合約。我不會對任何特定季度的營業額業務本身做出任何解讀，因為這只與我們業務的執行和正常運作有關。我最關注的是我們的訂單出貨比數字，這是我們每季發布的最重要的數字。這就是為什麼我們首先要說的是預訂。

And so we're very proud of the work that the sales team, the business development team has done, and our operations team has been able to keep up so that we've been able to deliver this very diversified growth. So I wouldn't read anything into the turns business.

因此，我們對銷售團隊、業務開發團隊所做的工作感到非常自豪，我們的營運團隊能夠跟上步伐，從而實現這種多元化的成長。所以我不會對轉變做出任何解讀。

Our revenue during the course of the quarter is evenly balanced over the three months of the quarter. That shows up in our cash flow and the overall financial performance of the business. So very strong, very healthy business and some great growth in front of us.

我們本季的營收在本季的三個月內保持均衡。這體現在我們的現金流和業務的整體財務表現上。所以，我們的業務非常強勁、非常健康，而且正在迎來巨大的成長。

Got it. And then for my follow-up, just on these initiatives at the Lowell fab and the capacity expansion in the North Carolina fab as well. So for Lowell, I mean what opportunities do you think these modernization efforts will help you pursue?

知道了。然後作為我的後續跟進，關於洛厄爾工廠的這些舉措以及北卡羅來納工廠的產能擴張。那麼對於洛威爾來說，您認為這些現代化努力將幫助您追求哪些機會？

And then for both initiatives, could you give us a sense of time line? When do you expect both of these initiatives to kind of conclude. And how should we think about the impacts of the P&L, especially from a gross margin impact? Like are there any kind of headwinds to gross margin, especially as you're ramping up capacity in North Carolina or does that become a tailwind eventually? Or is it fairly negligible?

那麼，對於這兩項計劃，您能給我們介紹一下時間表嗎？您預計這兩項措施何時能夠完成。我們該如何看待損益表的影響，尤其是毛利率的影響？例如，是否存在任何對毛利率不利的因素，特別是當您在北卡羅來納州擴大產能時，還是這最終會成為順風？或者說它相當微不足道？

Sure. Thank you for the question, and I'll try to briefly run through some of the key elements regarding our investment plan and overall CHIPS commentary. And just to remind everybody, we have today significant R&D funding under the CHIPS program, primarily for advanced GaN projects.

當然。感謝您的提問，我將嘗試簡要介紹我們的投資計劃和整體 CHIPS 評論的一些關鍵要素。需要提醒大家的是，我們今天在 CHIPS 計畫下獲得了大量研發資金，主要用於先進的 GaN 計畫。

These projects are supported by the DoD. And most of them are sort of in the category of high national security, and we probably have about $25 million to $30 million of generally active programs to do some of this advanced development.

這些項目得到了國防部的支持。其中大多數都屬於高度國家安全類別，我們大概有 2500 萬到 3000 萬美元的常規活躍項目來進行一些先進的開發。

The announcement we've made in January, on January 14, came through -- really through the commerce department and that was to address different elements, modernization, supply chain resiliency, some capacity expansion and general technology development.

我們在 1 月 14 日發布的公告實際上是透過商務部發布的，旨在解決不同要素、現代化、供應鏈彈性、部分產能擴張和一般技術開發。

And our overall application was very highly regarded by the Commerce Department. So MACOM is the poster child of who should get this funding in our minds. So that's -- I just want to point out that that number one. Number two, the program is a long-term program.

我們的整體申請得到了商務部的高度評價。因此，在我們心目中，MACOM 是應該獲得這筆資金的典型代表。所以這就是——我只想指出第一點。第二，該計劃是一個長期計劃。

So you would not expect to see some of the benefits of this program for at least five years. And at the low site, we plan on modernizing and improving some of the infrastructure within the fab, replacing some antiquated equipment. We're not building any new buildings.

因此，你至少在五年內不會期望看到該計劃的一些好處。在低地工廠，我們計劃對工廠內的一些基礎設施進行現代化改造和改進，以更換一些陳舊的設備。我們不會建造任何新建築。

We're just going to give certain areas that have single point failure or low, let's say, low-end equipment we want to upgrade. And so that will have an immediate benefit to our gross margins because our end quality will improve and our yields will improve and our throughput will be increased.

我們只是要對存在單點故障或低階設備的特定區域進行升級。這將對我們的毛利率產生直接的好處，因為我們的最終品質將提高，我們的產量將增加。

So we'll actually be picking up capacity benefit there as well. In addition to that, in Lowell, part of our application was to install a six-inch, a small six-inch GaN on silicon carbide line to support advanced GaN technology. So we do not plan on shutting down our four-inch line. We will continue to run that line. We do not plan on moving our products off of our four-inch line. We're just going to modernize it and keep running that as a very profitable part of our business.

因此我們實際上也會在那裡獲得產能效益。除此之外，在洛厄爾，我們的部分應用是安裝一條六英寸、一條小型六英寸碳化矽 GaN 線，以支援先進的 GaN 技術。因此我們不打算關閉我們的四英寸生產線。我們將繼續堅持這條路線。我們不打算將我們的產品移出四英寸生產線。我們只是要對其進行現代化改造，並繼續將其作為我們業務中非常有利可圖的一部分來運作。

And then we'll augment that here in Lowell with a small, very focused advanced GaN capability. In North Carolina, it's a little bit different. That fab, as we do the calculus, we see that in the next year or two, we're going to bump up against capacity issues, and we want to expand capacity. And so that application was primarily installing a six-inch line right next to the four-inch line in the existing building.

然後，我們將在洛厄爾透過小型、非常集中的先進 GaN 功能來增強這一點。在北卡羅來納州，情況略有不同。透過計算，我們發現該晶圓廠在未來一兩年內將面臨產能問題，因此我們希望擴大產能。因此，該應用主要是在現有建築物中的四英寸管道旁邊安裝一條六英寸管道。

And over time, we would fill the six-inch line with high-volume programs. And so in addition to that, we were going to buy an MOCVD reactor so that we can work on advanced epi for GaN. So that in a nutshell is the program. It's all subject to approval. And as we highlighted, there's a lot of dynamics in Washington.

隨著時間的推移，我們會用大容量的節目填滿六英寸生產線。除此之外，我們打算購買一台 MOCVD 反應器，以便能夠研究 GaN 的先進外延。簡而言之，這就是該計劃。一切都需獲得批准。正如我們所強調的，華盛頓有很多動態。

So there's always a risk factor that the whole thing gets canceled. And if it does, we will adjust our strategy accordingly. But I do want to highlight that in the near term, no impact to the P&L. It's a long-term investment program. The benefits will be -- MACOM will be a stronger supplier of these technologies in the market.

因此整個事情被取消的風險因素始終存在。如果確實如此，我們將相應地調整我們的策略。但我想強調的是，短期內不會對損益產生影響。這是一個長期投資計劃。其好處是——MACOM 將成為市場上這些技術的更強大的供應商。

(Operator Instructions) Peter Peng, JPMorgan Chase.

(操作員指示) 摩根大通 (JPMorgan Chase) 的 Peter Peng。

Just based on some commentary about your record backlog and some expectations of pretty sizable ramp in your 1.6T in the Q3 and Q4 quarters. Is there any reason to think that we can't grow sequentially in your data center business throughout the year?

僅基於對您的記錄積壓的一些評論以及對第三季度和第四季度 1.6T 大幅增長的一些預期。有什麼理由認為我們的資料中心業務無法在全年實現連續成長？

That's always a risk. And as we talked about every quarter, the data center end market is certainly one of our most volatile, and our lead times for our products are typically anywhere between four and six months. And so our visibility in the next two quarters is generally very good. But after that, it does fade away, let's say. And so based on all the discussions we had today about the different programs we're getting involved in, we're confident that we can continue to have strength within this segment.

這始終是有風險的。正如我們每季所談論的那樣，資料中心終端市場無疑是我們最不穩定的市場之一，我們產品的交貨時間通常在四到六個月之間。因此，我們未來兩個季度的前景總體非常好。但在那之後，它便會逐漸消失。因此，基於我們今天就所參與的不同項目進行的所有討論，我們有信心能夠繼續在這一領域保持優勢。

We're expanding and broadening our customer base. We're adding new products like the PDs and the lasers that I talked about. So we're confident that this year will be a record year for MACOM within the segment.

我們正在擴大和拓寬我們的客戶群。我們正在添加新產品，例如我之前談到的 PD 和雷射。因此，我們相信今年將是 MACOM 在該領域創紀錄的一年。

Got it. And then maybe if you can level set me on on your expectations for at least for fiscal '25, what is a percentage that is levered to the higher speed (inaudible), so 800 gig and 1.6T applications and then the lower speed and how you expect those to to kind of play out in the year?

知道了。然後，也許您可以告訴我至少對 25 財年的期望，其中與更高速度（聽不清楚）相關的百分比是多少，所以 800gig 和 1.6T 應用程式以及較低的速度以及您預計它們在一年內會如何發揮作用？

That's an interesting question. Our base business has been actually improving. So a lot of our 100G CWDM4 platforms for LR4 have which are all NRZ platforms have been -- we've been seeing some strength there. Our 100-gig SR for AOCs also doing quite well. And we even have a bump up in some of our 100G DR1 platforms where we actually are manufacturing a DSP.

這是一個有趣的問題。我們的基礎業務實際上一直在改善。因此，我們的許多用於 LR4 的 100G CWDM4 平台都是 NRZ 平台 - 我們已經看到了其優勢。我們的 AOC 100-gig SR 也表現相當不錯。我們甚至在一些 100G DR1 平台上實現了提升，我們實際上正在製造 DSP。

So our base data center business is actually improving. And then sort of the next stop would be 400-gig. We also see strength there, both FR4 and DR4. So I would say, generally speaking, that business is improving. So all of that is considered the lower data rate base business and now you layer on top of that all the other elements that we talked about gives us confidence that fiscal year '25 will be a good year.

因此我們的基礎資料中心業務實際上正在改善。那麼下一站就是 400-gig。我們也看到了FR4和DR4的優勢。因此我想說，總體來說，業務正在改善。因此，所有這些都被視為較低數據速率基礎業務，現在您將在此基礎上加上我們討論的所有其他因素，這使我們相信 25 財年將是豐收的一年。

I see there are no further questions in the queue. I will now turn the call back over to Mr. Steve Daly for any closing remarks.

我看到隊列中沒有其他問題了。現在我將把電話轉回給史蒂夫·戴利先生，請他做最後發言。

Thank you. In closing, I would like to thank all our employees for their hard work and dedication, which made these results possible. Have a nice day.

謝謝。最後，我要感謝我們所有員工的辛勤工作和奉獻精神，正是他們的努力和奉獻使得這些成果成為可能。祝你今天過得愉快。

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

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。