MACOM Technology Solutions Holdings Inc (MTSI) 2025 Q2 法說會逐字稿

Welcome to MACOM's second fiscal quarter 2025 conference call. This call is being recorded today, Thursday, May 8, 2025. (Operator Instructions)

歡迎參加 MACOM 2025 財年第二季電話會議。本次通話於今天（2025 年 5 月 8 日，星期四）進行錄音。（操作員指示）

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.

現在我將把電話轉給 MACOM 公司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 today to discuss MACOM's financial results for the second fiscal quarter of 2025.

謝謝你，奧莉維亞。早安，歡迎參加今天的電話會議，討論 MACOM 2025 財年第二季的財務表現。

I would like to remind everyone that our discussion will include forward-looking statements, which are subject to certain risks and uncertainties, as defined in the Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those discussed today. For a more detailed discussion of the risks and uncertainties that could result in those differences, we refer you to MACOM's filings with the SEC.

我想提醒大家，我們的討論將包括前瞻性陳述，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所定義的某些風險和不確定性的影響。實際結果可能與今天討論的結果有重大差異。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。

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

本次電話會議中的管理層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（已於今日向美國證券交易委員會 (SEC) 提交）提供了 GAAP 與調整後的非 GAAP 結果的對帳表。

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 Steve Daly。

Thank you, and good morning. I will begin today's call with the general company update. Jack Kober, our Chief Financial Officer, will review our Q2 results for fiscal year 2025.

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。我們的財務長傑克·科伯 (Jack Kober) 將審查我們 2025 財年第二季的業績。

When Jack is finished, I will provide revenue and earnings guidance for the third quarter of fiscal '25, and then we will be happy to take some questions. Revenue for the second quarter of fiscal 2025 was $235.9 million, and adjusted EPS was $0.85 per diluted share. We ended the quarter with approximately $682 million in cash in short-term investments on our balance sheet. The diversity of MACOM's end markets, product portfolio, and global customer base continues to provide us with great opportunities for growth.

當傑克講完後，我將提供 25 財年第三季的營收和獲利預測，然後我們很樂意回答一些問題。2025財年第二季營收為2.359億美元，調整後每股盈餘為0.85美元。截至本季末，我們的資產負債表上的短期投資現金約為 6.82 億美元。MACOM 終端市場、產品組合和全球客戶群的多樣性持續為我們提供巨大的成長機會。

Revenue by end market were as follows: industrial and defense was $98.5 million; data center was $72.2 million; and telecom was $65.2 million. Telecom was up 18% sequentially, data center was up 11% sequentially, and IND was up 1% sequentially. Our IND and data center quarterly revenues achieved record levels. Our Q2 book-to-bill ratio was 1.1 to 1. Notably, this was the fifth consecutive quarter of strong bookings, and we are pleased our backlog is at a record level.

終端市場收入如下：工業和國防收入為 9,850 萬美元；資料中心成本為 7,220 萬美元；電信業為 6,520 萬美元。電信季增 18%，資料中心較上季成長 11%，IND 較上季成長 1%。我們的 IND 和資料中心季度收入達到了創紀錄的水平。我們第二季的訂單出貨比為 1.1 比 1。值得注意的是，這是連續第五個季度的預訂量強勁，我們很高興我們的積壓訂單達到了創紀錄的水平。

Our turns business, or orders booked and shipped within the quarter, was around 20% of total revenue. We believe our growth is driven by our new products gaining market share, as well as positive secular trends in certain segments of our three major end markets.

我們的周轉業務（即本季內預訂和出貨的訂單）約佔總收入的 20%。我們相信，我們的成長是由新產品不斷獲得市場份額以及我們三大終端市場某些領域的長期積極趨勢所推動的。

Now turning to the end markets. First, industrial and defense demand continues to grow, driven by the US and international DoD system upgrades in radar, EW, and communication systems. The need for higher frequencies, higher power levels, and higher levels of integration within the defense electronic sector plays directly to MACOM's strengths and enhances our addressable opportunities. Outside of the aerospace and defense business, demand in our traditional industrial and multi-markets area, which includes automotive, factory automation, and medical, was unremarkable.

現在轉向終端市場。首先，受美國和國際國防部對雷達、電子戰和通訊系統升級的推動，工業和國防需求持續成長。國防電子領域對更高頻率、更高功率等級和更高整合度的需求直接發揮了 MACOM 的優勢並增強了我們的可利用機會。除航空航太和國防業務外，我們傳統工業和多市場領域（包括汽車、工廠自動化和醫療）的需求並不顯著。

Second, telecom order trends have been improving, specifically in 5G infrastructure, broadband access, and metro long haul. The most active areas of the telecom market is our SATCOM segment, where we continue to secure design wins in ground and space-based systems, supporting broadband connectivity and direct-to-sell applications.

其次，電信訂單趨勢不斷改善，特別是5G基礎設施、寬頻接入和城域長途業務。電信市場最活躍的領域是我們的衛星通訊部門，我們繼續在地面和太空系統的設計中獲勝，支援寬頻連接和直接銷售應用。

Third, data center business is strong, continue with demand from domestic and international cloud service providers. We see an accelerated pace of new technology deployments in this market, as well as rapid shifts in demand between various platforms and production. Our data center business is on pace to have a strong growth year, although we always like to remind investors that this market is our most volatile end market.

第三，資料中心業務強勁，國內外雲服務供應商的需求持續成長。我們看到該市場新技術部署的步伐正在加快，同時各個平台和生產之間的需求也在快速轉變。儘管我們總是提醒投資者，資料中心市場是我們最不穩定的終端市場，但我們的資料中心業務今年仍有望實現強勁成長。

During Q2, MACOM had exhibits at two significant industry trade shows, including the Satellite 2025 Conference in Washington, D.C., and the Optical Fiber Conference, or OFC, in San Francisco, California. These large industry events were great venues to demonstrate the full breadth of our technology offerings and to introduce new product lines to our customers.

第二季度，MACOM 參加了兩場重要的行業貿易展會，包括華盛頓特區舉行的衛星 2025 會議和加州舊金山舉行的光纖會議（OFC）。這些大型行業活動是展示我們全部技術產品和向客戶介紹新產品線的絕佳場所。

So I'll take a moment to highlight some key products we displayed. At SATELLITE 2025, we introduced our new OptoAMP product line. Our flagship product is capable of producing up to 40 watts of optical power. Our OptoAMP is an all-optical amplifier and has been developed to support free-space optic applications, including satellite-to-satellite links and gateways-to-satellite links.

因此，我將花點時間來重點介紹我們展示的一些主要產品。在 SATELLITE 2025 上，我們推出了新的 OptoAMP 產品線。我們的旗艦產品能夠產生高達 40 瓦的光功率。我們的 OptoAMP 是一種全光放大器，旨在支援自由空間光學應用，包括衛星到衛星鏈路和網關到衛星鏈路。

This new product line leverages MACOM's command and experience with optical amplification. Our knowledge and relationships in the space and SATCOM industry, as well as our RF over fiber, photonics, and material science expertise. OptoAMP utilizes advanced materials like erbium and ytterbium to achieve high output power and efficiencies. Because of our engineering capabilities and manufacturing scale, I believe this new product line can rapidly gain market share over the next few years.

此新產品線充分利用了 MACOM 在光學放大方面的優勢和經驗。我們在太空和衛星通訊行業的知識和關係，以及我們的光纖射頻、光子學和材料科學專業知識。OptoAMP 利用鉺和鐿等先進材料來實現高輸出功率和效率。由於我們的工程能力和製造規模，我相信這條新的產品線可以在未來幾年內迅速獲得市場份額。

At OFC, MACOM had a total of 17 product and technology demonstrations. One of the major themes at OFC was the maturity of the linear pluggable optics, or LPO ecosystem. MACOM's booth featured a full ecosystem demonstrating at 100 gigabyte per lane, consisting of switches from two different vendors, three different servers, and 400 and 800G modules from 12 different module vendors. The multimode and single-mode fiber-optic link demonstrations ran seamlessly during the show, well below required thresholds.

在OFC上，MACOM共進行了17項產品與技術展示。OFC 的主要主題之一是線性可插拔光學系統（LPO 生態系統）的成熟度。MACOM 的展位展示了一個完整的生態系統，每通道 100 GB，包括來自兩個不同供應商的交換機、三個不同的伺服器以及來自 12 個不同模組供應商的 400 和 800G 模組。展會期間，多模和單模光纖鏈路演示無縫運行，遠低於要求的閾值。

One of the applications for LPO that appears to be gaining traction is server-to-switch links at 100G and 200G per lane. These high-volume short-reach links, which typically involve active optical cables, require very low power consumption.

LPO 的一個應用似乎越來越受到關注，那就是每通道 100G 和 200G 的伺服器到交換器鏈路。這些大容量短距離鏈路通常涉及主動光纜，所需的功耗非常低。

We also unveiled our chip-stacked TIA and photodetector for 800G and 1.6T applications. This solution utilizes four of MACOM's new 200G photodetectors, which are die-stacked onto a MACOM 800G transimpedance amplifier. This solution leverages MACOM's expertise in high-speed signal integrity, ICs, photonics, system design, and advanced packaging.

我們還推出了用於 800G 和 1.6T 應用的晶片堆疊 TIA 和光電探測器。該解決方案採用了四個 MACOM 的新型 200G 光電探測器，這些光電探測器被晶片堆疊到 MACOM 800G 跨阻放大器上。該解決方案利用了 MACOM 在高速訊號完整性、積體電路、光子學、系統設計和先進封裝方面的專業知識。

As we have just passed the midpoint of our fiscal year, I would like to update and remind everyone of our long-term strategy. Simply put, we are focused on designing semiconductor-based products and platforms to support the highest power, highest frequency, and highest data rate applications within our three core markets. We estimate our SAM is approximately $7 billion to $8 billion.

由於我們剛度過財政年度的中點，我想更新並提醒大家我們的長期策略。簡而言之，我們專注於設計基於半導體的產品和平台，以支援我們三個核心市場中最高功率、最高頻率和最高資料速率的應用。我們估計我們的 SAM 約為 70 億至 80 億美元。

I'll take a moment to discuss a few fundamental themes of our strategy. First, highest power. Our strategy is to build a best-in-class semiconductor portfolio that will enable commercial and defense systems to operate at the highest possible RF and microwave power levels.

我將花點時間討論我們策略的一些基本主題。第一，最高權力。我們的策略是打造一流的半導體產品組合，使商業和防禦系統能夠以最高的射頻和微波功率等級運作。

Our portfolio is underpinned by an array of leading proprietary 3.5 semiconductor process technologies, and we continue to focus on innovation in these areas. Differentiated semiconductor process performance is a critical factor in our product's competitive advantage, and therefore, advanced process development is an important part of our strategic plan. Today's development efforts may not impact our revenue for three or four years, but they are the lifeblood of the future growth of the company.

我們的產品組合以一系列領先的專有 3.5 半導體製程技術為基礎，我們將繼續專注於這些領域的創新。差異化的半導體製程效能是我們產品競爭優勢的關鍵因素，因此先進製程開發是我們策略計畫的重要組成部分。今天的發展努力可能不會影響我們三、四年的收入，但卻是公司未來成長的命脈。

When we think about high power, we don't just think about amplifiers, but a wide range of products, like control products, kilovolt capacitors, 50 watt to 7 kilowatt transistors, filters, power combiners, TWT linearizers, and receiver-protector limiters, just to mention a few. And as I just discussed, we have added high-power optical amplifiers to the portfolio, which will be a new growth vector for us.

當我們考慮高功率時，我們不僅考慮放大器，還考慮各種各樣的產品，例如控制產品、千伏電容器、50瓦至7千瓦電晶體、濾波器、功率合成器、TWT線性化器和接收器保護器限制器，僅舉幾例。正如我剛才所討論的，我們在產品組合中增加了高功率光放大器，這將成為我們的新成長點。

As we focus on future requirements for commercial systems, I'll also highlight that our team is making great progress on the development of our fourth-generation GaN on silicon carbide RF power process, also known as GaN 4. We expect this new process will ensure Macom's next-generation cellular infrastructure products support customers' demands of higher power, better efficiency, and improved linearity. Second is highest frequency. Our strategy is to develop differentiating gas and GaN high-frequency processes to support our core three markets.

當我們關注商業系統的未來需求時，我還要強調的是，我們的團隊在第四代碳化矽基 GaN 射頻功率製程（也稱為 GaN 4）的開發方面取得了巨大進展。我們預計這項新製程將確保 Macom 的下一代蜂窩基礎設施產品能夠滿足客戶對更高功率、更高效率和更高線性度的需求。第二是最高頻率。我們的策略是開發差異化的氣體和GaN高頻製程來支援我們的核心三大市場。

As a reminder, in 2021, we announced a Cooperative Research Development Agreement, or CRADA, with the Air Force Research Labs on the topic of millimeter-wave GaN on silicon carbide. This CRADA led to the release of our first-generation 140-nanometer GaN process, which is in production. Since then, we have been awarded numerous government contracts to support development of advanced millimeter-wave GaN. This work has been underpinned by a recently signed second CRADA with the Air Force Research Labs, which focuses on sub-100-nanometer GaN technology.

提醒一下，2021 年，我們與空軍研究實驗室宣布了一項關於碳化矽上毫米波 GaN 的合作研究開發協議（CRADA）。此次 CRADA 促成了我們第一代 140 奈米 GaN 製程的發布，目前該製程正在生產中。自那時起，我們已獲得多項政府合同，以支持先進毫米波 GaN 的開發。這項工作得到了最近與空軍研究實驗室簽署的第二份 CRADA 的支持，該協議專注於 100 奈米以下 GaN 技術。

Associated with these efforts, we recently completed the installation of a new molecular beam epitaxy, or MBE, reactor at our Lowell Wafer Fab that gives us the ability to perform advanced semiconductor processing steps, including developing new ways to reduce ohmic contact resistance.

與這些努力相關，我們最近在洛厄爾晶圓廠完成了新型分子束外延（MBE）反應器的安裝，這使我們能夠執行先進的半導體處理步驟，包括開發降低歐姆接觸電阻的新方法。

A lower resistance equates to higher frequency operation, higher gain, and higher power efficiencies, especially at sub-140-nanometer gate lengths. The reactor is installed and operational, and our team is already developing proprietary processes to create industry-leading ohmic contact performance.

較低的電阻意味著更高的工作頻率、更高的增益和更高的功率效率，尤其是在閘極長度小於 140 奈米的情況下。反應爐已安裝並投入運行，我們的團隊正在開發專有工藝，以創造業界領先的歐姆接觸性能。

I'll note the reactor will also be used on other product lines besides GaN, including X-Band BAW filter technology, which is currently in development. Installing and qualifying the [MBE] is a major undertaking, and our fab, equipment, and technology teams have done a great job executing this project on time and in budget.

我要指出的是，該反應器還將用於除 GaN 之外的其他產品線，包括目前正在開發的 X-Band BAW 濾波器技術。安裝和驗證 [MBE] 是一項重大任務，我們的晶圓廠、設備和技術團隊出色地按時並在預算內完成了這個專案。

These US-based activities are complemented with efforts to expand our presence in Europe at MACOM's European Semiconductor Center, or MESC, which has expertise in [epi] growth, compound semiconductor wafer processing, and IC design. MESC offers leading-edge high-performance HEMT and HPT processes in gallium arsenide as well as gallium nitride, ideal for microwave and millimeter-wave applications. We are seeing an increase in customer adoption of MESC's core products and technologies, and we are gaining market share across Europe and the US.

除了在美國進行這些活動之外，我們還努力擴大在歐洲的業務，透過 MACOM 的歐洲半導體中心 (MESC)，該中心在 [epi] 生長、複合半導體晶圓加工和 IC 設計方面擁有專業知識。MESC 提供尖端高性能砷化鎵和氮化鎵 HEMT 和 HPT 工藝，非常適合微波和毫米波應用。我們看到客戶對 MESC 核心產品和技術的採用率正在不斷提高，並且我們在歐洲和美國的市場份額也在擴大。

Customers are pleased to see MACOM revitalize and scale MESC's capabilities. Our efforts to transfer the current processes from 3 inch to 6 inch production tooling are on plan and should be completed within the next few quarters.

客戶很高興看到 MACOM 重振並擴展了 MESC 的功能。我們正在按計劃將當前工藝從 3 英寸轉移到 6 英寸生產工具，並將在未來幾季內完成。

Once the transfers are complete, we will initiate an exciting technology development roadmap with the goal of becoming Europe's leading [3-5] foundry for gas and GaN silicon carbide. In parallel, we expect to expand our European engineering and hybrid manufacturing capabilities to support a wide range of growing European industries.

一旦轉移完成，我們將啟動令人興奮的技術發展路線圖，目標是成為歐洲領先的 [3-5] 氣體和 GaN 碳化矽代工廠。同時，我們希望擴大我們的歐洲工程和混合製造能力，以支持廣泛發展的歐洲產業。

Third is high-performance connectivity. Our strategy in high-performance connectivity revolves around high-speed data transfer over copper and optical fiber. While we often say our solutions are analog-based, in fact, many of our ICs contain significant proprietary mixed-signal and digital IP to support complex functionality and performance modes as required by the applications. Our growing team of analog, mixed-signal, and digital IC designers have a rich history of advanced circuit design and innovation.

第三是高性能連線。我們的高效能連接策略圍繞著銅和光纖的高速資料傳輸。雖然我們經常說我們的解決方案是基於類比的，但事實上，我們的許多 IC 都包含重要的專有混合訊號和數位 IP，以支援應用程式所需的複雜功能和效能模式。我們不斷成長的類比、混合訊號和數位 IC 設計師團隊擁有豐富的先進電路設計和創新歷史。

Our strategy is to focus on customers building systems for data center and telecom optical networking, emulation and prototyping, broadcast video, and semiconductor testing. In addition, we look to diversify our product portfolio and customer base. We are fluent in NRZ, PAM4, and coherent modulation schemes, and multiple protocols including Ethernet, Fiber Channel, InfiniBand, and PCIe, multiple automotive and industrial standards.

我們的策略是專注於為資料中心和電信光網路、模擬和原型設計、廣播視訊和半導體測試建置系統的客戶。此外，我們也希望實現產品組合和客戶群的多樣化。我們精通 NRZ、PAM4 和相干調製方案，以及多種協議，包括乙太網路、光纖通道、InfiniBand 和 PCIe、多種汽車和工業標準。

For the data center, we focus on using advanced high-performance silicon processes and leverage our design techniques to address requirements at 800G, 1.6T, and 3.2T data rates to achieve best-in-class performance in support of next-generation data center deployments. Our experienced designers collaborate across multiple design centers to support a single mission, to provide advanced, highly integrated, analog and mixed-signal IC solutions to help customers solve complex signal integrity problems while moving high-speed data. In summary, our long-term growth strategy revolves around developing high-performance solutions using a wide range of semiconductor technologies and circuit design expertise.

對於資料中心，我們專注於使用先進的高性能矽工藝，並利用我們的設計技術來滿足 800G、1.6T 和 3.2T 資料速率的要求，以實現一流的性能，支援下一代資料中心部署。我們經驗豐富的設計師跨多個設計中心協作支援單一任務，提供先進、高度整合的類比和混合訊號 IC 解決方案，幫助客戶在傳輸高速資料時解決複雜的訊號完整性問題。總而言之，我們的長期成長策略圍繞著利用廣泛的半導體技術和電路設計專業知識來開發高效能解決方案。

We seek to deploy our expertise to provide our customers standard and customized IC solutions that achieve the highest speeds, lowest noise, best distortion, and highest power. Our diverse portfolio is unique to the industry, and we remain focused on growing our business in a differentiated way.

我們力求運用我們的專業知識為客戶提供標準和客製化的 IC 解決方案，以實現最高的速度、最低的噪音、最佳的失真和最高的功率。我們多元化的產品組合在產業中是獨一無二的，我們始終專注於以差異化的方式發展我們的業務。

Next, I would like to provide an update on the status of Wolfspeed RF Business FAB conveyance to MACOM. As a reminder, MACOM acquired Wolfspeed's RF Business in December of 2023, and it was estimated it would take Wolfspeed approximately 24 months to prepare the RTP North Carolina FAB for transition to MACOM. Our respective teams remain focused on meeting or beating the original timeline. Three specific current events to highlight regarding the FAB. First, we believe the transition activities are on or ahead of schedule, and it is possible that we may elect to transfer the FAB before December 2025.

接下來，我想提供有關 Wolfspeed RF Business FAB 向 MACOM 轉讓的最新情況。提醒一下，MACOM 於 2023 年 12 月收購了 Wolfspeed 的 RF 業務，預計 Wolfspeed 需要大約 24 個月的時間來準備 RTP 北卡羅來納 FAB 向 MACOM 的過渡。我們各自的團隊仍然專注於滿足或超越原先的時間表。關於 FAB 需要強調的三個特定時事。首先，我們認為過渡活動正在按計劃進行或提前進行，我們有可能選擇在 2025 年 12 月之前轉移 FAB。

Second, due to increasing demand, the FAB is experiencing high equipment utilization, and in some cases, bottlenecks. To reduce execution risks and expand capacity, we are developing plans to increase the current four-inch capacity by up to 30% over the next 12 to 15 months. We see an opportunity to increase four-inch capacity with a modest investment by purchasing and installing a short list of used equipment.

其次，由於需求增加，FAB 的設備利用率很高，在某些情況下甚至會出現瓶頸。為了降低執行風險並擴大產能，我們正在製定計劃，在未來 12 到 15 個月內將目前的四英寸產能提高 30%。我們看到了透過購買和安裝少量二手設備以適度投資來增加四英寸產能的機會。

And third, as part of the original RF Business transaction, we established the right of first refusal to acquire the real estate associated with the RTP site. We have exercised our right, and we are facilitating a real estate transaction in which our current landlord of our Lowell location would purchase the RTP real estate and then lease it to MACOM. This real estate exchange will have no material impact on our P&L.

第三，作為原始 RF 業務交易的一部分，我們確立了收購與 RTP 站點相關的房地產的優先購買權。我們已經行使了我們的權利，我們正在促成一項房地產交易，其中我們洛厄爾分店的現任房東將購買 RTP 房地產，然後將其租賃給 MACOM。此次房地產交易不會對我們的損益產生重大影響。

To summarize, we are focused on ensuring a smooth transfer of the [FAB] and enabling further growth of the RF Business.

總而言之，我們專注於確保 [FAB] 的順利轉移並促進 RF 業務的進一步成長。

Before I pass the discussion to Jack, I would like to review a few recent customer engagements which exemplify the diversity and span of our portfolio. We recently received a Supplier Award from BAE in recognition of our quality and delivery performance. Congratulations to our Linear Module Systems team for this well-deserved recognition.

在我將討論轉交給傑克之前，我想回顧一下最近與一些客戶的合作，這些合作體現了我們產品組合的多樣性和廣度。我們最近獲得了 BAE 頒發的供應商獎，以認可我們的品質和交付表現。恭喜我們的線性模組系統團隊獲得這項當之無愧的認可。

Our LightWave BU's new 200G photodetector products are gaining traction in the market for next generation data center applications. Our sales, engineering, and operation teams have been collaborating to achieve major wins, and we are in the midst of ramping up volume production.

我們的 LightWave BU 的新型 200G 光電探測器產品在下一代資料中心應用市場上越來越受歡迎。我們的銷售、工程和營運團隊一直齊心協力，取得了重大勝利，目前我們正處於提高大量生產的過程中。

And finally, we received pilot production orders from a leading European radar manufacturer to support its new large ground-based radar program.

最後，我們收到了歐洲一家領先雷達製造商的試點生產訂單，以支援其新的大型地面雷達計畫。

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。

Thank you, Steve. Our Q2 results reflect record revenue levels and strong financial performance, building upon our steady growth in revenue, increased operating income, and ongoing cash generation. Our operational performance has allowed us to maintain a strong balance sheet while continuing to generate cash, which we believe positions us well.

謝謝你，史蒂夫。我們第二季的業績反映了創紀錄的收入水平和強勁的財務表現，這得益於我們收入的穩定成長、營業收入的增加以及持續的現金產生。我們的營運表現使我們能夠保持強勁的資產負債表，同時繼續產生現金，我們相信這為我們帶來了良好的地位。

Fiscal Q2 revenue hit a new quarterly record of $235.9 million, up 8.1% sequentially, based on growth across all three of our end markets. Notable double-digit sequential growth within data center and telecom were the primary drivers. Our overall book-to-bill ratio for Q2 was again above one, with customer orders exceeding our revenue by approximately 10%.

由於我們三個終端市場均實現成長，第二財季營收創下 2.359 億美元的季度新高，季增 8.1%。資料中心和電信領域顯著的兩位數連續成長是主要推動力。我們第二季的整體訂單出貨比再次高於 1，客戶訂單超過我們的收入約 10%。

Adjusted gross profit for fiscal Q2 was $135.6 million, or 57.5% of revenue, in line with the past few quarters. Total adjusted operating expense for our second quarter was $75.8 million, consisting of research and development expense of $50.4 million, and selling, general, and administrative expenses of $25.4 million. The sequential increase in adjusted operating expense compared to Q1 was primarily driven by higher R&D and marketing costs, as well as employee-related costs associated with calendar year payroll tax resets and variable compensation.

第二財季調整後毛利為 1.356 億美元，佔營收的 57.5%，與過去幾季持平。我們第二季的調整後總營運費用為 7,580 萬美元，其中包括研發費用 5,040 萬美元以及銷售、一般和行政費用 2,540 萬美元。調整後營業費用與第一季相比連續增加，主要是由於研發和行銷成本增加，以及與日曆年工資稅重置和可變薪酬相關的員工相關成本增加。

As we are scaling the business, we have added new capabilities and resources, primarily within R&D functions, including those from the recently completed and previously announced ENGIN-IC acquisition. I would like to note that we remain very focused on controlling our OpEx as we continue to grow our revenue. Depreciation expense for fiscal Q2 2025 was $6.8 million, compared to $6.7 million in Q1 2025.

隨著業務規模的擴大，我們增加了新的能力和資源，主要是在研發功能方面，包括最近完成和先前宣布的 ENGIN-IC 收購。我想指出的是，在繼續增加收入的同時，我們仍然非常注重控制營運支出。2025 財年第二季的折舊費用為 680 萬美元，而 2025 年第一季的折舊費用為 670 萬美元。

Adjusted operating income in fiscal Q2 was $59.8 million, up 8% sequentially from $55.4 million in fiscal Q1 2025. For fiscal Q2, we had adjusted net interest income of $6.4 million, which increased $500,000 sequentially from $5.9 million in Q1. Our adjusted income tax rate in fiscal Q2 was 3% and resulted in an expense of approximately $2 million. Our net cash tax payments were approximately $2.8 million in Q2. We expect our adjusted income tax rate to remain at 3% for the remainder of fiscal year 2025.

2025 財年第二季調整後營業收入為 5,980 萬美元，較 2025 財年第一季的 5,540 萬美元較上季成長 8%。對於第二財季，我們調整後的淨利息收入為 640 萬美元，較第一季的 590 萬美元季增了 50 萬美元。我們第二財季的調整後所得稅率為 3%，導致支出約 200 萬美元。我們第二季的淨現金稅約為 280 萬美元。我們預計，2025 財年剩餘時間內調整後的所得稅率將維持在 3%。

As of April 4, 2025, our deferred tax asset balances were $213 million, as compared to $212 million at the end of fiscal Q4 2024. We anticipate continued utilization of our deferred tax asset balances through the remainder of 2025 into fiscal 2026 and beyond.

截至 2025 年 4 月 4 日，我們的遞延稅務資產餘額為 2.13 億美元，而 2024 財年第四季末為 2.12 億美元。我們預計，我們將在 2025 年剩餘時間、2026 財政年度及以後繼續使用遞延稅務資產餘額。

Our utilization of these deferred tax asset balances, as well as other items, will help to minimize our future cash tax payments. I would like to highlight that based on our continued and increasing profitability, we currently estimate our adjusted tax rate will increase in the future. We anticipate our tax rate will begin to rise from 3% to mid-single digits as we progress through fiscal year 2026.

我們對這些遞延稅務資產餘額以及其他項目的利用將有助於最大限度地減少我們未來的現金稅款支付。我想強調的是，基於我們持續成長的獲利能力，我們目前估計未來調整後的稅率將會增加。我們預計，隨著 2026 財年的到來，我們的稅率將從 3% 上升至中等個位數。

Fiscal Q2 adjusted net income increased approximately 8% to $64.3 million, compared to $59.5 million in fiscal Q1 2025. Adjusted earnings per fully diluted share was $0.85, utilizing a share count of $75.7 million shares, compared to $0.79 of adjusted earnings per share in fiscal Q1 2025. We continue to make operational improvements within the business, which can be seen in the sequential increases in our adjusted operating income and EPS over the past seven quarters.

2025 財年第二季調整後淨收入為 6,430 萬美元，而 2025 財年第一季為 5,950 萬美元，成長約 8%。調整後每股攤薄收益為 0.85 美元，計入 7,570 萬股股票，而 2025 財年第一季調整後每股收益為 0.79 美元。我們繼續在業務內部進行營運改進，這可以從過去七個季度調整後的營業收入和每股盈餘的連續成長中看出。

Now, moving on to operational balance sheet and cash flow items. Our Q2 accounts receivable balance was $131.4 million, up from $91.8 million in fiscal Q1 2025. The increase in our AR balance was driven by higher Q2 revenue, as well as revenue timing during the quarter, with more revenue being recorded later in the March quarter as compared to our December quarter.

現在，轉到營運資產負債表和現金流量項目。我們第二季的應收帳款餘額為 1.314 億美元，高於 2025 財年第一季的 9,180 萬美元。我們的應收帳款餘額增加是由於第二季收入增加以及本季收入時間安排所致，與 12 月季度相比，3 月季度後期記錄的收入更多。

Our day sales outstanding averaged 51 days, which we feel is within our normal operating range. Inventories were $209.3 million at quarter end, up sequentially from $198.4 million. Inventory turns increased to 1.9 times from 1.7 times in the preceding quarter. We have continued to make strategic investments in inventory to support key programs and feel our growth in inventory over the past year is in line with our overall revenue growth. We remain confident that the quality and mix of our inventory is strong and supports our strategic plans.

我們的應收帳款週轉天數平均為 51 天，我們認為這在正常營運範圍內。本季末庫存為 2.093 億美元，較上一季的 1.984 億美元有所成長。庫存週轉率從上一季的1.7次增加至1.9次。我們繼續對庫存進行策略性投資以支持關鍵項目，並認為過去一年庫存的成長與我們的整體收入成長一致。我們仍然相信，我們的庫存品質和組合很高，並且能夠支持我們的策略計劃。

Fiscal Q2 cash flow from operations was approximately $38.7 million, down $28 million sequentially, and an increase of more than $20 million over the fiscal Q2 2024 time period. The sequential decrease was primarily due to working capital increases. Given the dynamics of our growing business, it is typical to have variations in cash flow from quarter to quarter. MACOM's proven business model has, over the last few years, demonstrated strong cash flow from operations.

2024 財年第二季的營運現金流約為 3,870 萬美元，較上季下降 2,800 萬美元，與 2024 財年第二季相比增加 2,000 多萬美元。環比下降主要是由於營運資本增加。鑑於我們業務不斷增長的動態，現金流每季都會發生變化，這是很正常的。過去幾年來，MACOM 成熟的商業模式已展現出強勁的營運現金流。

As an example, in fiscal year 2023, our cash flow from operations was $167 million. Fiscal year 2024 was $163 million, and we believe we are on track for our cash flow from operations to be in excess of $210 million for fiscal year 2025. Capital expenditures totaled $8.2 million for fiscal Q2, up $2.9 million sequentially. Much of this increase is driven by upgrades to our wafer foundry and R&D facilities. We expect our capital expenditures to be approximately $30 million for the full fiscal year 2025.

例如，在 2023 財年，我們的營運現金流為 1.67 億美元。2024 財年的現金流量為 1.63 億美元，我們相信，2025 財年的營運現金流量預計將超過 2.1 億美元。第二財季資本支出總計 820 萬美元，較上一季增加 290 萬美元。這一增長很大程度上得益於我們晶圓代工廠和研發設施的升級。我們預計 2025 財年全年的資本支出約為 3,000 萬美元。

Next, moving on to other balance sheet items. Cash, cash equivalents, and short-term investments for the second fiscal quarter were $681.5 million, up $25 million from Q1. 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 $182 million as of April 4, 2025.

接下來，討論其他資產負債表項目。第二財季的現金、現金等價物和短期投資為 6.815 億美元，比第一季增加 2,500 萬美元。將我們的現金和短期投資與可轉換票據的帳面價值進行比較，截至 2025 年 4 月 4 日，我們的淨現金狀況超過 1.82 億美元。

We are aware of the increasing macroeconomic uncertainty impacting the global business environment. We maintain a strong balance sheet with ample cash to support our strategic goals. We continue to carefully manage our discretionary spending and capital spending to help drive improving margins and cash flow over the long-term.

我們意識到日益增加的宏觀經濟不確定性正在影響全球商業環境。我們保持著強勁的資產負債表和充足的現金來支持我們的策略目標。我們將繼續謹慎管理可自由支配的支出和資本支出，以幫助推動長期利潤率和現金流的提高。

In summary, I'm pleased with the company's performance and accomplishments during the first half of fiscal year 2025. We will execute our financial goals as we continue down the path of building a company to support annualized revenue in excess of $1 billion while further improving our operating margin, EPS, and cash flow.

總而言之，我對公司2025財年上半年的業績和成就感到滿意。我們將繼續沿著打造一家支持年收入超過 10 億美元的公司的道路前進，實現我們的財務目標，同時進一步提高我們的營業利潤率、每股收益和現金流。

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

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。史蒂夫，現在回到你身邊。

Thank you, Jack. MACOM expects revenue in fiscal Q3 ending July 4, 2025 to be in the range of $246 million to $254 million. Adjusted gross margin is expected to be in the range of 56.5% to 58.5% and adjusted earnings per share is expected to be between $0.87 and $0.91 based on $76.5 million fully diluted shares.

謝謝你，傑克。MACOM 預計截至 2025 年 7 月 4 日的第三財季營收將介於 2.46 億美元至 2.54 億美元之間。調整後的毛利率預計在 56.5% 至 58.5% 之間，調整後的每股盈餘預計在 0.87 美元至 0.91 美元之間（基於 7,650 萬美元的完全稀釋股份）。

We expect sequential growth, revenue growth in all of our end markets. We anticipate that industrial and defense will lead with approximately 10% sequential growth followed by data center at 5% sequential growth and telecoms slightly up sequentially. As Jack noted, we acknowledge the increased uncertainty in the markets.

我們預計所有終端市場都將實現連續成長和收入成長。我們預計工業和國防領域將領先，環比增長約 10%，其次是數據中心領域，環比增長 5%，電信領域環比略有增長。正如傑克所指出的，我們承認市場不確定性增加。

Nevertheless, we have an amazing product portfolio, a sound long-term growth strategy, and we continue to focus on execution to capture market share. I would now like to ask the operator to take any questions. Thank you.

儘管如此，我們擁有令人驚嘆的產品組合、完善的長期成長策略，並且我們將繼續專注於執行以佔領市場份額。現在我想請接線員回答任何問題。謝謝。

(Operator Instructions) Tore Svanberg, Stifel.

（操作員說明）Tore Svanberg，Stifel。

Yes, thank you and congratulations on the strong results here. Steve, so your data center business is on track to growing, I think, you know, close to 50% or above 50% this fiscal year. You've talked about this business being quite volatile. What's your current read on the market and do you think this growth momentum can sustain going into fiscal '26?

是的，謝謝你，並祝賀你取得如此優異的成績。史蒂夫，所以你的資料中心業務正在穩步增長，我認為本財年的成長率將接近 50％ 或超過 50％。您曾說過這個行業非常不穩定。您目前對市場有何看法？您認為這種成長動能能否持續到 26 財年？

Great, thanks for the question, Tori. And you're right to observe that our data center business has been growing. In fact, it's really been growing since 2018, year on year. More recently in our fiscal '23, we had about 6% year-over-year growth and then in our fiscal '24, about 35%. And here we are halfway through fiscal 25 and I would say we're on track to be somewhere in the mid-40% year-over-year growth range.

太好了，謝謝你的提問，Tori。您說得對，我們的資料中心業務一直在成長。事實上，自 2018 年以來，這一數字確實逐年增加。最近，在 23 財年，我們的年成長率約為 6%，而在 24 財年，我們的年成長率約為 35%。現在我們已經度過了 25 財年的一半時間，我想說我們預計將實現 40% 左右的同比增長。

And a lot of that is coming from the movement within the data center to go to the higher data rates. A lot of that is being driven by the adoption of the 100G per lane platforms across multiple data rates, including 800G, SR8, 400G, SR4, and even some early adopters at 1.6T.

其中很大一部分來自於資料中心內部向更高資料速率的轉變。這在很大程度上是由多種數據速率的每通道 100G 平台的採用所推動的，包括 800G、SR8、400G、SR4，甚至一些 1.6T 的早期採用者。

Generally speaking, we think those trends will continue. And then as a tailwind, we do see that the industry is beginning to seriously look at LPO. And I think the industry sort of hit a milestone in March at OFC when it ratified the LPO standard within the MSA. And so just to remind everybody, there's an industry organization that's helping define the interface standard for LPO solutions.

整體而言，我們認為這些趨勢將會持續下去。然後，作為順風，我們確實看到業界開始認真考慮 LPO。我認為，當該行業在 3 月的 OFC 上批准了 MSA 中的 LPO 標準時，該行業達到了一個里程碑。因此，提醒大家，有一個產業組織正在協助定義 LPO 解決方案的介面標準。

And a specification was released in March. It's basically an ethernet-based single-mode link at 100G per lane, and it allows the switch and the NIC and the module manufacturers to understand what the interface specs are. And so now that that is settled, we believe over the next year to two years, LPO will become a mainstay in a variety of applications. And we believe if that happens, then we could continue to see strong growth.

並且三月發布了規範。它基本上是一個基於乙太網路的單模鏈路，每個通道 100G，它允許交換器、NIC 和模組製造商了解介面規格。現在這個問題已經解決了，我們相信在未來一到兩年內，LPO 將成為各種應用的主流。我們相信，如果發生這種情況，我們就能繼續看到強勁的成長。

Now, with all that said, I would just also highlight as I did on my script, this is a very volatile market. We have seen examples of fast-moving ramp-ups and ramp-downs during this year. And we would expect that type of volatility to continue. So from our point of view, we have to continue to be on that leading edge of high data rate. We have to introduce new products.

現在，說了這麼多，我只想強調，就像我在劇本中所做的那樣，這是一個非常不穩定的市場。今年，我們看到了快速上升和下降的例子。我們預計這種波動將會持續下去。因此，從我們的角度來看，我們必須繼續處於高資料速率的前沿。我們必須推出新產品。

And I talked about our 200G photo detector, how we're now mounting those devices on our TIAs. And we're also working on lasers. On our last conference call, we talked about the efforts that Macom is making with CW lasers. So a lot of moving parts. I would probably not recommend investors or analysts to expect continued growth at these growth rates. We think that over the long-term, things will settle down into a more rational growth rate.

我談到了我們的 200G 光電探測器，以及我們現在如何將這些設備安裝在我們的 TIA 上。我們也在研究雷射。在我們上次的電話會議中，我們討論了 Macom 在 CW 雷射器方面所做的努力。有很多活動部件。我可能不會建議投資者或分析師期望以這樣的成長率持續成長。我們認為，從長遠來看，情況將會穩定下來，達到更合理的成長率。

That's great. Thank you for that. And as my follow-up, I had a question on the Wolfspeed RF transition. So we're about six months away here. Sounds like things are ahead of schedule. So just trying to get an understanding of some of the gross margin impact as that transition happens here in about six months, especially given your comment that things are running ahead of schedule.

那太棒了。謝謝你。作為我的後續問題，我對 Wolfspeed RF 轉換有一個疑問。所以我們還有大約六個月的時間。聽起來事情已經提前完成了。因此，只是想了解這種轉變在大約六個月後發生時對毛利率的影響，特別是考慮到您所說的事情正在提前進行。

Yes, and maybe we'll do a two-part answer. I'll take the front end of that with some comments and then Jack can also add some commentary. So when we originally acquired the business, we highlighted to investors that the overall business had very low profitability. The gross margins were very low. And we did a lot of work before we closed the deal to restructure and adjust the OpEx so that on day one, the business would be accretive to MACOM's P&L, although it would be dilutive to the gross margins.

是的，也許我們會給出兩個部分的答案。我會對此提出一些評論，然後傑克也可以添加一些評論。因此，當我們最初收購該業務時，我們向投資者強調，該業務的整體獲利能力非常低。毛利率非常低。在完成交易之前，我們做了大量工作來重組和調整營運支出，以便在第一天，該業務可以增加 MACOM 的損益，儘管這會稀釋毛利率。

And you saw that come into fruition back in 2023, when we, you know, on that first quarter where we had a step back in gross margins. Since then, over the past 17, 18 months, we have been incrementally improving the margins, the gross margins. And we always had a goal that when the FAB transferred, it would be neutral or positive to our gross margins. And I would say that today we're not there.

您可以在 2023 年看到這一成果，當時我們在第一季的毛利率有所下降。從那時起，在過去的 17、18 個月裡，我們一直在逐步提高利潤率和毛利率。我們始終有一個目標，當 FAB 轉移時，它將對我們的毛利率產生中性或正向影響。我想說，今天我們還沒有達到這個目標。

I think we have more of a gap to close in terms of looking at yields, looking at throughput cycle times and things of that nature. And so I do think that there is a gap. It's not easy for us to say what that gap is right now because we're not running the FAB. We only have our models, which I think are very good. So I would say that we still have a little bit of work to do and certainly we have more time to do that as you highlighted the FAB would be conveying maybe between now and year end.

我認為我們在產量、生產週期時間以及諸如此類的事情方面還有很大的差距需要彌補。所以我確實認為存在差距。由於我們沒有運行 FAB，因此現在我們很難說出差距有多大。我們只有我們的模型，我認為這些模型非常好。所以我想說我們還有一些工作要做，當然我們有更多的時間去做這些工作，正如你所強調的，FAB 可能會在現在到年底之間傳達。

And that work will continue after the FAB conveys. And the last thing I'll say before I turn it over to Jack is we established a model where this transaction would pay for itself in three years. We are on or ahead of plan to make that happen. So the cash generation from this transaction has been very positive.

在 FAB 傳達後，這項工作將繼續進行。在將麥克風交給傑克之前，我要說的最後一件事是，我們建立了一個模型，這筆交易將在三年內收回成本。我們正在按照計劃或提前實現這一目標。因此，這筆交易產生的現金非常積極。

Jack, do you want to go a little deeper on gross margins?

傑克，你想更深入了解毛利率嗎？

Sure, I think I would just add as Steve had mentioned in his prepared remarks, there is increasing demand on the FAB down there. We are looking to expand the capacity. And I think as things continue to transition for us where we can take effectively more control when the FAB is under our direction, we'll be able to make further improvements from an overall gross margin perspective. So hopefully that helps more to come as we work our way through the remainder of the calendar year.

當然，我想我只想補充一點，正如史蒂夫在他的準備好的演講中提到的那樣，那裡對 FAB 的需求正在增加。我們正在尋求擴大產能。我認為，隨著事情的不斷轉變，當 FAB 在我們的指導下時，我們可以有效地進行更多控制，從整體毛利率的角度，我們將能夠取得進一步的改進。因此，希望這能對我們在今年剩餘時間的工作提供更多幫助。

David Williams, The Benchmark Company.

大衛威廉斯（David Williams），基準公司。

I guess, Steve, first, you talked a little bit about the volatility and the changing trends that happened within the data center. But I guess from a bigger picture, how are you seeing the budgets play out this year? And maybe what are your expectations for next year in that data center, especially where you're positioned? And where do you think you're going to see the largest growth opportunities there, maybe by technology?

我想，史蒂夫，首先，你談了一下資料中心內部的波動性和變化趨勢。但我想從更大的角度來看，您認為今年的預算執行如何？您對明年該資料中心有何期望，尤其是您所在的位置？您認為最大的成長機會在哪裡，可能是科技嗎？

Well, we do see continued trends that the ISPs are continuing to invest in data centers. So that's a positive trend that we think will continue into next year and even the year after that. That's number one.

嗯，我們確實看到了網路服務供應商繼續投資資料中心的趨勢。所以我們認為這是一個積極的趨勢，並將持續到明年甚至後年。這是第一點。

Number two, we also are seeing a high level of innovation within the platforms that we service. And you hear things like CPO and NPO and LPO and all of these different variations of how to connect high-speed data. And as a merchant supplier, we're sticking ourselves right in the middle of that conversation, whether we're talking with somebody that's in compute or whether somebody is building a server or a switch or a module. And we want to bring to them not only high-speed electrical solutions, but also optical solutions.

第二，我們也看到我們所服務的平台內部的創新水準很高。您會聽到諸如 CPO、NPO 和 LPO 之類的說法，以及有關如何連接高速資料的各種不同說法。作為商家供應商，我們正處於這場對話的中心，無論我們是在與運算領域的人交談，還是與正在建立伺服器、交換器或模組的人交談。我們希望為他們提供的不僅是高速電氣解決方案，還有光學解決方案。

So whether they make those short-reach connections using copper cable or optical cables, or fiber optic links, we want to be involved in that. And so we think that the SAM within the data center for MACOM is growing. And so because of that, we think that there's still tremendous room to grow in the future, but we of course have to pick and choose our battles.

因此，無論他們使用銅纜、光纜或光纖鏈路進行短距離連接，我們都希望參與其中。因此我們認為 MACOM 資料中心內的 SAM 正在成長。因此，我們認為未來仍有巨大的成長空間，但我們當然必須選擇我們的戰鬥。

We have to make sure we have the right product at the right time. We have to remain competitive on a lot of different levels in terms of performance, cost, producibility, time to market. So it's an exciting place to be. We're not short of opportunities. And we do think that we'll continue to grow and gain market share in the data center.

我們必須確保在正確的時間提供正確的產品。我們必須在性能、成本、生產能力、上市時間等多個不同層面上保持競爭力。所以這是一個令人興奮的地方。我們並不缺乏機會。我們確實認為，我們將繼續發展並在資料中心獲得市場份額。

Great, thanks for that. And then maybe just secondly, the satellite business, it sounds like you're continuing to gain some nice traction there. Just wonder if you can kind of size the magnitude of what you think your opportunity is there. And then maybe just any color around how quickly that market is developing would be helpful.

太好了，謝謝。其次，在衛星業務方面，聽起來你們在該領域繼續取得一些良好的進展。我只是想知道您是否可以衡量一下您認為存在的機會有多大。那麼也許任何有關該市場發展速度的顏色都會有所幫助。

Thank you, David. So the SATCOM business for MACOM is continuing to grow. It's been growing over the past few years and we expected more good things in the future.

謝謝你，大衛。因此，MACOM 的衛星通訊業務正在持續成長。過去幾年它一直在成長，我們期待未來有更多好事情發生。

And maybe I would just highlight an example of increasing our SAM within that market by adding new product lines. And I talked about the OptoAMP, which is a high-power optical amplifier that's suitable for gateways or onboard satellites to have a free space optical link, which will not only provide data streaming from satellite to satellite, but also location, position and other overhead that's necessary to run the network. So we're very excited about doing things like that, bringing unique, difficult products to bear, helping our customers find solutions.

也許我只是想強調一個透過增加新的產品線來增加我們在該市場中的 SAM 的例子。我談到了 OptoAMP，這是一種高功率光放大器，適用於網關或機載衛星，以建立自由空間光鏈路，它不僅可以提供衛星之間的資料流，還可以提供運行網路所需的位置、定位和其他開銷。因此，我們對做這樣的事情感到非常興奮，帶來獨特、難以生產的產品，幫助我們的客戶找到解決方案。

And I think that OptoAMP is just a really good example of adopting new technology, coming up with unique circuit designs so that we can support our customers. The other thing I'll highlight in the SATCOM market, which is historically a lot of the links have been a KU band, which is about a 10 to 13 gigahertz, maybe 14 gigahertz frequency.

我認為 OptoAMP 是採用新技術的一個很好的例子，它提出了獨特的電路設計，以便我們能夠為客戶提供支援。我要強調的衛星通訊市場的另一件事是，從歷史上看，很多連結都是 KU 波段，頻率約為 10 至 13 千兆赫，也許是 14 千兆赫。

And what we're seeing is a lot of the newer satellite networks and the connectivity is moving up to KA band, which is in that 30 gigahertz range, as well as Q band and V band, and to throw another one out there, W band. And so these are all very high frequencies, 40 gigahertz, 50 gigahertz, and even 65, 70 gigahertz. And so there are very few companies in the industry that can provide chips for these networks.

我們看到許多較新的衛星網路和連接正在上升到 KA 波段，即 30 千兆赫範圍，以及 Q 波段和 V 波段，還有一個 W 波段。這些都是非常高的頻率，40千兆赫、50千兆赫，甚至65、70千兆赫。因此，業內能夠為這些網路提供晶片的公司非常少。

And in addition to that, there's very few companies that can build modules or subsystems or help a customer close a link at these frequencies. And we're one of those companies that can do that. And so when we go to market and we think about the SATCOM opportunity, we think about optics, we think about power, RF power, and we think about very high frequency. So these play to our strengths.

除此之外，很少有公司能夠建立模組或子系統或幫助客戶關閉這些頻率的連結。我們就是能夠做到這一點的公司之一。因此，當我們進入市場並考慮衛星通訊機會時，我們會考慮光學、功率、射頻功率以及非常高的頻率。這些都發揮了我們的優勢。

So we think that the opportunity size is actually very attractive. We're always hesitant to put a number on it because it depends on where you draw the line, but I would say that we are continuing to invest our R&D dollars to support the opportunity.

因此我們認為機會規模實際上非常有吸引力。我們總是猶豫著是否要給出一個數字，因為這取決於你劃定的界限，但我想說的是，我們將繼續投入研發資金來支持這個機會。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼。

Steve, I'd like to go back to that comments on SATCOM. I was hoping you could address the timing of the previously announced [55 million] SATCOM and whether you have greater clarity on the opportunity for the program to expand an additional [25 million]. I guess as you address that, perhaps you could discuss the breadth of design wins and size of the SATCOM business within your telecom business today. And I'll have a follow-up, please.

史蒂夫，我想回到關於 SATCOM 的評論。我希望您能談談先前宣布的[5500萬] SATCOM 的時間安排，以及您是否更清楚地了解該計劃是否有機會擴展額外的[2500萬]我想，當您談到這一點時，也許您可以討論一下當今電信業務中設計勝利的廣度和衛星通訊業務的規模。我會進行跟進。

Sure. So the large contract that we announced about a year ago, we explained that that sort of two phases, the first phase is an R&D phase where we were doing a wide range of chip developments. I think there's between 10 and 15 specific chips that we are designing for that platform. We're pretty much, I would say, three quarters through that phase, things look great.

當然。因此，我們大約一年前宣布的大型合約分為兩個階段，第一階段是研發階段，我們在此進行廣泛的晶片開發。我認為我們正在為該平台設計 10 到 15 種特定晶片。我想說，我們已經完成了該階段的四分之三，一切看起來都很棒。

We're having some amazing results from our chip designers and they're hitting the specs they need to hit and things like that. And now we're moving into more of a build phase and getting our EMs or engineering models built up and delivered to customer and going through sort of a certification phase. What will follow after that will be a ramp in revenue and production. We expect that that's probably about six months away. And so probably starting towards the end of this year, beginning of next year, depending on how things go.

我們的晶片設計師取得了一些令人驚嘆的成果，他們達到了他們需要達到的規格等等。現在我們正進入建造階段，建立我們的 EM 或工程模型並交付給客戶，並經歷某種認證階段。隨之而來的是收入和產量的增加。我們預計這大概還需要六個月的時間。因此可能從今年年底或明年年初開始，具體取決於情況的進展。

And so I would say generally that large program is on track. I don't want to comment on the potential follow-on of that [25 million] additional modules. And so I really just don't want to comment on that. At this point, we're very focused on executing the program we're on and if there's announcements that need to be made on that later, we'll certainly do that.

因此，我想說，總體而言，大型專案正在按計劃進行。我不想對這 [2500 萬] 個附加模組的潛在後續情況發表評論。所以我真的不想對此發表評論。目前，我們非常專注於執行我們正在進行的計劃，如果稍後需要宣布任何消息，我們肯定會這樣做。

But I would say generally speaking, that program is on track and the team is doing a great job. In terms of some of the other questions you had about the overall size and other opportunities, I'll just say that we're continuing to see new companies enter the market. They have different approaches to solving communication, sensor and networking problems.

但我想說，總體而言，該計劃正在順利進行，團隊也做得很好。至於您提出的有關整體規模和其他機會的一些其他問題，我只想說，我們不斷看到新公司進入市場。他們採用不同的方法來解決通訊、感測器和網路問題。

And we are, again, inserting ourselves and providing lots of semiconductor content. And perhaps one example would be, you're starting to see more and more networks adopt direct-to-cell connectivity, which means the LEOs or the MEOs are going to have connectivity directly to your cell phone.

我們再次介入並提供大量半導體內容。也許有一個例子是，您開始看到越來越多的網路採用直接到蜂窩的連接，這意味著 LEO 或 MEO 將直接連接到您的手機。

And so if you can imagine that MACOM is a big supplier into the cellular infrastructure market, we understand what's necessary to have an efficient transmitter or receiver in a base station and we're bringing that same knowledge to bear to our satellite customers and they love it.

因此，如果您能想像 MACOM 是蜂窩基礎設施市場的重要供應商，我們就會了解在基地台中配備高效發射器或接收器的必要條件，並且我們將同樣的知識帶給我們的衛星客戶，他們對此非常滿意。

They like the fact that we understand the protocol, we understand all the different bands, we understand how to make these products work and we have the space heritage. So they're embracing us to help them solve the direct-to-cell issues.

他們喜歡我們了解協議、了解所有不同頻段、了解如何使這些產品發揮作用以及我們擁有太空遺產。因此他們希望我們能夠幫助他們解決直接進入電池的問題。

Got it, thank you for that. I want to pivot to defense. You indicated that industrial defense should grow 10% sequentially. Perhaps both of those markets are growing with industrial maybe preparing to be bottoming. But within defense, I was hoping you could address what your exposure is to European defense spending directly or indirectly. I ask, given your very large defense business and certainly growing government interest to expand defense spending globally, thank you. Thank you.

明白了，謝謝你。我想轉向防守。您指出工業國防應該季增 10%。也許這兩個市場都在成長，而工業市場可能正準備觸底。但在國防領域，我希望您能夠直接或間接地談談您對歐洲國防開支的影響。鑑於你們的國防業務規模非常大，而且政府對在全球範圍內擴大國防開支的興趣日益濃厚，我請求您，謝謝。謝謝。

So our direct exposure to European defense spending is growing and we see that as a good thing. And part of our long-term growth strategy was to build out a stronger presence in Europe and really the catalyst for that was the acquisition of a small wafer fab based right outside of Paris in France. And that has given us a great platform to work with customers across Europe to support their programs.

因此，我們對歐洲國防開支的直接投入正在增加，我們認為這是一件好事。我們長期成長策略的一部分是在歐洲建立更強大的影響力，而真正的催化劑是收購位於法國巴黎郊外的小型晶圓廠。這為我們提供了一個良好的平台，可以與歐洲各地的客戶合作並支持他們的專案。

Now, historically, that business had about 50% of its revenue came from foundry business, meaning the customers designed the chips and the other 50% was product-based. The 50% that was foundry-based was primarily coming from European defense contractors. And so when we completed that acquisition, it gave us a really sort of a running start and a instant relationship with a lot of companies we hadn't done business with.

現在，從歷史上看，該業務約有 50% 的收入來自代工業務，這意味著客戶設計晶片，而另外 50% 則基於產品。50% 的代工業務主要來自歐洲國防承包商。因此，當我們完成收購時，它為我們提供了真正的良好開端，並立即與許多我們之前沒有合作過的公司建立了關係。

And so over the last two years, we've been developing those relationships, we've been improving the performance of the MESC facility, we've been introducing a lot of our US-based technologies, including optical technology and gamma ray technology, and GaN of silicon carbide. And so all of these things are starting to fall into place and will generate future growth. And as I highlighted in my comments, we recently received a very significant pilot order to support a large European radar program.

因此，在過去的兩年裡，我們一直在發展這些關係，一直在提高 MESC 設施的性能，一直在引進許多基於美國的技術，包括光學技術和伽馬射線技術，以及碳化矽的 GaN。因此，所有這些事情都開始步入正軌並將帶來未來的成長。正如我在評論中所強調的那樣，我們最近收到了一個非常重要的試點訂單，以支持一個大型歐洲雷達計畫。

And so we expect more good things to happen. We expect that exposure will increase. There is not in Europe, they do not have the depth in my opinion that the US has in terms of the capabilities on the RF and microwave side. So they're looking for companies like ours to set up shop and support them. And that is exactly what we plan on doing.

因此我們期待更多好事發生。我們預計曝光率將會增加。歐洲沒有，我認為他們在射頻和微波方面的能力不如美國。因此，他們正在尋找像我們這樣的公司來開設商店並為他們提供支援。這正是我們計劃要做的事。

And I'll add that we will use our MESC facility as a foundation to build higher level solutions for our customers, not only on the defense side, but also on the space side.

我還要補充一點，我們將以 MESC 設施為基礎，為我們的客戶建立更高層級的解決方案，不僅在國防方面，而且在太空方面。

William Stein, Truist Securites.

威廉‧史坦 (William Stein)，Truist Securites。

Congrats on the good results and outlook. I'd like to start by asking you about the telco end market broadly. It seems to me by my less trained eye that this was the end market that drove the majority of the upside in the quarter.

恭喜您取得的良好成績和前景。我想先向您詢問有關電信終端市場的廣泛問題。以我不太熟練的眼光來看，這是推動本季大部分上漲的終端市場。

And yet I recognize that revenue performance in that end market over the last few quarters has been relatively depressed. So was this a matter of sort of true end market demand or was this more a matter of inventory through the supply chain having been consumed and we're starting to grow from that? Maybe you could clarify which of those two dynamics is really driving this.

但我承認過去幾季該終端市場的營收表現相對低迷。那麼，這是真正的終端市場需求的問題，還是供應鏈中的庫存已被消耗，我們開始從中成長的問題？也許您可以澄清一下這兩種動力中的哪一種真正推動了這一現象。

Sure, and maybe just a few words on the telco. So you're right that it had a great quarter in Q2. I would say that if you compare our current run rate, we should start to get into a range where we're having record telecom revenues on a yearly basis. So we're very happy about that.

當然，也許我只想談談電信公司。所以你說得對，第二季表現非常好。我想說的是，如果比較一下我們目前的運作率，我們應該開始進入每年創紀錄的電信收入範圍。所以我們對此感到非常高興。

From a market segment point of view, I would just highlight that the 5G market generally, if we listen to the major OEMs, they're saying that business is relatively flat. Nevertheless, we continue to grow our business by gaining market share, introducing more products to these same customers.

從細分市場的角度來看，我只想強調一下，總體而言，如果我們聽聽主要原始設備製造商 (OEM) 的意見，他們會說 5G 市場業務相對平穩。儘管如此，我們仍透過擴大市場份額、向這些客戶推出更多產品來繼續發展我們的業務。

So that has been a tailwind for our 5G business. Second, we put SATCOM inside of the telecom number. So that's also a big driver of some of the growth that we're seeing. And regarding inventory, I would say that there are some segments of the telecom market that have pretty much gone through and burned down their inventory.

這對我們的 5G 業務來說是一個順風。第二，我們在電信號碼裡面加上了SATCOM。這也是我們所看到的一些成長的一大推動力。至於庫存，我想說電信市場的某些部分已經基本上耗盡了庫存。

One of them would be cable infrastructure. We're starting to see an increase in orders, albeit at a very low level, but increases in orders from our cable infrastructure customers here in the US. And also, we're starting to see a slight growth in sequential growth in 10G pond.

其中之一就是有線基礎設施。我們開始看到訂單量增加，儘管水準很低，但來自美國有線基礎設施客戶的訂單量有所增加。此外，我們開始看到 10G 池的連續成長略有成長。

The last item I'll highlight within telecom is a segment we call metro long haul, which is generally, these are links between data centers that are in different cities that use coherent modulation. These are generally very high data rate, 128 gigabaud data rates. And the customer base that's building these is sort of a different customer base than the, let's say, the traditional data center customer, a customer base. And we've started to see a ripple effect that the growing data center demand is now increasing the connectivity between data centers at higher rates.

我在電信領域要重點強調的最後一項是我們稱為城域長途的部分，一般來說，這些是位於不同城市的資料中心之間使用相干調製的連結。這些通常都是非常高的數據速率，128 千兆波特的數據速率。建構這些的客戶群與傳統資料中心的客戶群有所不同。我們已經開始看到連鎖反應，即不斷增長的資料中心需求正在以更高的速度增加資料中心之間的連接。

And so we are involved in some nice programs that are as high as 1.2T for coherent modules where we supply chips into those solutions. So that business is doing well. We're actually continuing to build backlog to support our metro long haul business. So we think that business will continue to grow over the next few quarters.

因此，我們參與了一些很好的項目，這些項目的相干模組功率高達 1.2T，我們為這些解決方案提供晶片。所以生意做得很好。實際上，我們正​​在繼續累積訂單，以支持我們的城域長途業務。因此我們認為未來幾季業務將持續成長。

That helps, thank you. And maybe help me understand whether, I think there's a similar dynamic in the industrial part of your industrial defense. I think in your prepared remarks, you said that performance was unremarkable in those industrial end markets. And I suspect there's an over inventory situation there as well, but I'm not sure. So maybe you can clarify, please.

這很有幫助，謝謝。也許可以幫助我理解，我認為你們的工業防禦的工業部分是否有類似的動態。我想您在準備好的發言中說過，這些工業終端市場的表現並不出色。我懷疑那裡也存在庫存過剩的情況，但我不確定。所以也許你可以澄清一下。

Yes, I would say that we see that there's a few catalysts in the industrial sector right now for growth. And that is, so I would say end demand is weak. And then perhaps there's an overhang of inventory issues, but we see the more fundamentally a weak environment.

是的，我想說，我們看到目前工業領域存在一些促進成長的催化劑。因此，我認為最終需求疲軟。然後也許存在庫存問題，但我們從根本上看到的是環境疲軟。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Neil Young. I'm for Quinn Bolton. I know you touched on gross margin a little bit when discussing the Wolfspeed RF fab, but I guess looking forward, what are your gross margin expectations throughout the rest of the year? And if possible, could you walk us through the puts and takes?

尼爾楊。我支持奎因·博爾頓。我知道您在討論 Wolfspeed RF 工廠時稍微提到了毛利率，但我想展望未來，您對今年剩餘時間的毛利率預期是多少？如果可能的話，您能向我們介紹其中的利弊嗎？

Yeah, Neil, this is Jack Cober. So as we've looked back over the past couple of quarters, we've been in the mid 57% gross margin range. And also looking forward to our guide that puts us roughly in a similar spot at 57.5% as the midpoint of the guide. As we get out longer term, I think we'll have to see how things play out from an overall mixed perspective. We've continued to have some lower utilization of our [Lowell] fab, just where all of the costs are not being absorbed like they were a number of years ago.

是的，尼爾，我是傑克‧科伯。回顧過去幾個季度，我們的毛利率一直處於 57% 左右的區間。並且也期待我們的指南能將我們置於與指南中點大致相似的位置 57.5%。從長遠來看，我認為我們必須從整體的混合角度來觀察事情如何發展。我們的 [Lowell] 晶圓廠的利用率持續處於較低水平，因為所有成本尚未像幾年前那樣被吸收。

Some of that is driven by the low demand that Steve was just referencing with regard to the industrial end markets that we service. So as we go out longer term, we're going to have to see how it plays out. But in terms of the guide that we have going out through Q3, still in that mid 57% range is where we see things.

部分原因是史蒂夫剛才提到的我們所服務的工業終端市場需求低迷。因此，從長遠來看，我們必須觀察其結果如何。但根據我們第三季的指導，我們看到的情況仍然在 57% 的中間範圍內。

Okay, great. Thanks. And you didn't mention tariffs in your prepared remarks. I was wondering if you've seen any direct or indirect impact so far, and if not, I guess looking forward, which areas of business by product line or end market do you think would be more exposed and which would be more insulated?

好的，太好了。謝謝。而且您在準備好的演講中也沒有提到關稅。我想知道到目前為止您是否已經看到任何直接或間接的影響，如果沒有，我想展望未來，您認為哪些產品線或終端市場的業務領域會受到更大的影響，哪些領域會受到更大的影響？

So I would say that we've not seen any noticeable impact to date regarding customer behavior, whether pull-ins, push-outs, cancellations, we've seen none of that. I'll just remind everybody that over 95% of our business is direct with customers and in some cases with partners, reseller partners. So we have good line of sight of major programs. We're selling non-commodity products that are generally sole source. So we have a lot of stickiness with our business.

所以我想說，到目前為止，我們還沒有看到對客戶行為的任何明顯影響，無論是吸引、推出還是取消，我們都沒有看到。我只想提醒大家，我們 95% 以上的業務都是直接面對客戶的，有時也面向合作夥伴、經銷商合作夥伴。因此，我們對主要項目有很好的了解。我們銷售的非商品產品一般都是單一來源的。因此，我們對我們的業務具有很強的黏性。

So I would say that I will continue to monitor the situation. Of course, we have a complex manufacturing and assembly, you know, manufacturing footprint, but I would say that this is something that the team is more than capable of managing.

所以我想說我會繼續關注情況。當然，我們有複雜的製造和組裝流程，你知道，製造足跡，但我想說，這是團隊完全有能力管理的事情。

And in terms of breaking out country of origin by product line, we're not going to do that due to competitive reasons and other reasons. And the potential impact is always subject to change anyway. So I would just reassure investors that our business is unique. It's in many ways, very US centric, about half our business is here in the US built and shipped into the US. And then the balance, the other sort of half of our business, I think we're going to be able to manage quite well.

至於以產品線劃分原產國，由於競爭和其他原因，我們不會這樣做。而且無論如何，潛在影響總是會改變。因此我只想向投資者保證，我們的業務是獨一無二的。從很多方面來說，它都是以美國為中心的，我們大約一半的業務是在美國製造並運往美國。至於餘額，也就是我們業務的另一半，我認為我們能夠管理得很好。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Hey guys, good morning and great results. I actually wanted to go back to on the data center market. I thought you said mid 40s, and I just clarify that. I'm assuming that's fiscal year. And I just want to understand, I mean, I guess if you take it straight, literally, that would be a down September. And I think you said something about lumpiness.

嘿，大家早安，成績很棒。我實際上想回到數據中心市場。我以為您說的是 40 多歲，我只是想澄清一下。我假設那是財政年度。我只是想了解一下，我的意思是，如果你直接去理解，那麼從字面上看，9月份的銷量將會下降。我認為您談到了關於腫塊的事情。

So I thought when we saw you at OFC, it seemed like you had that transition 800G and it was going well. You had that transition 800G and it was coming in at plan. So I just, maybe you can just elaborate on what that messaging was.

所以我認為當我們在 OFC 上看到你時，你似乎已經完成了 800G 的轉型，而且進展順利。您已完成 800G 的過渡，一切按計劃進行。所以，也許您可以詳細說明該資訊的含義。

I think as we had -- this is Jack, Blayne. As we had talked about high level, if you look year over year, and that's fiscal year '25 for us, we'd probably be in the mid 40s. I think we can support growth as we talked about going into the third quarter.

我想正如我們所見——這是傑克，布萊恩。正如我們在高水準上所討論的那樣，如果逐年回顧，對於我們來說，這是 25 財年，我們的收入可能在 40 多美元。我認為，正如我們談到的進入第三季一樣，我們可以支持成長。

Fourth quarter, as Steve had mentioned, still to be determined, but still the underlying demand is there to support growth, even going into our fiscal fourth quarter.

正如史蒂夫所提到的，第四季度還有待確定，但潛在的需求仍然存在以支持成長，甚至進入我們的財政第四季。

Got you, thanks, Jack. And then maybe another one for you. Just want to ask on OpEx. I think it increased $5 million or $6 million in March. And I think the implied guide's probably something similar, maybe $4 million or $5 million. So how do we think about OpEx for the year?

明白了，謝謝，傑克。然後也許還有另一個適合你。只是想問 OpEx。我認為 3 月增加了 500 萬或 600 萬美元。我認為隱含的指導價可能也差不多，可能是 400 萬美元或 500 萬美元。那我們如何看待今年的營運支出？

Yeah, we've seen a step up here in the operating expenses, as I had described in my prepared remarks with some continued investments. We've been carefully managing our operating expenses over the past number of years.

是的，我們看到營運費用增加，正如我在準備好的發言中所描述的那樣，還有一些持續的投資。過去幾年來，我們一直在謹慎管理營運費用。

So with that step up, we've made investments, obviously in R&D type applications, but there's also been other things as we're growing to that billion dollar run rate that we hope to achieve in terms of investing in the business and things, including IT infrastructure and IT security. So there's other things that we're seeing.

因此，隨著這一步伐的加快，我們顯然在研發類型的應用方面進行了投資，但隨著我們發展到 10 億美元的運行率，我們也做了其他事情，我們希望在業務和其他方面（包括 IT 基礎設施和 IT 安全）的投資方面實現這一目標。我們還看到了其他的事情。

As we work our way through the remainder of the year, and once we get beyond that, the Q3 time period, we would probably see a bit more of a leveling off of the operating expense increases from an absolute dollars increase standpoint, going into Q4 and as we work our way through fiscal year '26.

隨著我們度過今年剩餘的時間，一旦我們度過第三季度，從絕對美元成長的角度來看，我們可能會看到營運費用的成長趨於平穩，進入第四季度，並度過 26 財年。

Srini Pajjuri, Raymond James.

Srini Pajjuri，雷蒙德‧詹姆斯。

I just want to go back to the previous question on data center. The September commentary, I understand the visibility is not great in these businesses, but at the same time, are you seeing any sort of inventory at your customers? Is that what's giving you pause? Because on one hand, I see that, the market is moving to [1.6], and you also talked about, the potential opportunity on the LPO, LRO side.

我只想回到之前關於資料中心的問題。九月份的評論，我知道這些業務的可見性不是很好，但與此同時，您是否看到客戶有任何庫存？這就是讓你猶豫的原因嗎？因為一方面，我看到市場正在向 [1.6] 轉變，而且您也談到了 LPO、LRO 方面的潛在機會。

But I guess, your commentary about September sounds a bit cautious. I'm just trying to understand what's giving you that little bit of caution as we head into September.

但我猜，您對九月的評論聽起來有點謹慎。我只是想知道在進入九月之際，是什麼讓您如此謹慎。

Yes, thank you for the question. So just to be clear, we're not guiding for the fourth quarter. So we go out one quarter at a time, and we're certainly very confident in the numbers that we're forecasting for Q3. So I just want to make that point. And we would always be very, very cautious about commenting on more than one quarter out.

是的，謝謝你的提問。因此需要明確的是，我們並沒有對第四季做出預測。因此，我們每次都會發布一個季度的數據，我們對第三季的預測非常有信心。所以我只是想說明這一點。我們總是非常非常謹慎地對超過一個季度的評論發表評論。

And you shouldn't read into that as negative news, let's say, or negative commentary or sentiment. It's just being cautious, and especially cautious in our most volatile market, as we talked about, which is the data center. In terms of the general trends, I would say that what we talked about on the last call is also playing out as we had expected, which is that we were seeing a major customer of ours ramp down multiple 800 gigabyte platforms. And at the same time, we were ramping up other customers at 800 gig, and the timing and how those things come together has yet to play out. So I would just highlight that.

你不應該把它解讀成負面新聞，或負面評論或情緒。這只是謹慎的做法，尤其是在我們最動盪的市場，也就是資料中心，要特別謹慎。就整體趨勢而言，我想說我們在上次電話會議上討論的內容也正如我們預期的那樣，那就是我們看到我們的一個主要客戶減少了多個 800 GB 的平台。同時，我們正在以 800 千兆的速度增加其他客戶，但時間和方式尚未確定。所以我只想強調這一點。

The second thing I would highlight just regarding 1.6T is there's really only one major company in the world in the industry that is very focused on 1.6T. The rest of the industry is primarily focused on 800, 400, and even 100. And when we peel apart our revenue and our numbers as we look forward, we see continued growth in even some of the lower data rates, including 100G platforms. So I just want to highlight that.

關於 1.6T，我想強調的第二件事是，世界上實際上只有一家大型公司非常專注於 1.6T。其餘產業主要集中在 800、400 甚至 100。當我們展望未來時，如果我們將收入和數據分開來看，我們會發現甚至一些較低數據速率的數據也在持續增長，包括 100G 平台。所以我只想強調這一點。

The other thing I would highlight is we do not see an inventory issue in the data center segment. I would say it's the opposite. We are being expedited across multiple platforms, multiple data rates, multiple end customers, and so it's really the opposite. Customers, they want their products, they see demand, and there's a lot of pressure on MACOM and our operations team to do more faster, which is a good problem to have. So hopefully that gives you comfort without guiding to Q4.

我想強調的另一件事是，我們沒有看到資料中心領域有庫存問題。我想說事實恰恰相反。我們正在跨多個平台、多種數據速率、多個最終客戶加速，所以事實恰恰相反。客戶想要他們的產品，他們看到了需求，MACOM 和我們的營運團隊面臨著很大的壓力，需要更快地完成更多工作，這是一個好問題。因此，希望這能帶給您安慰，但不會引導您進入 Q4。

Yeah. Thanks, Steve. That's very helpful. And then on the same topic, you kind of mentioned that the LPO, LRO standards have been ratified.

是的。謝謝，史蒂夫。這非常有幫助。然後在同一主題上，您提到 LPO、LRO 標準已經得到批准。

Just want to hear your thoughts on what you're hearing from your customers in terms of what sort of interest there is in the market and what sort of applications are customers looking to implement these solutions and in terms of speeds, are you seeing more interest in lower speed versus higher speed for these applications? And also if you can talk about whether these applications are seeing interest from the so-called mega-clusters or is it more for cloud workloads? I think that would be very helpful.

只是想聽聽您對客戶的看法，就市場上有什麼樣的興趣以及客戶希望在什麼樣的應用中實施這些解決方案以及就速度而言，您是否看到這些應用對低速比高速更感興趣？另外，您能否談談這些應用程式是否引起了所謂的大型叢集的興趣，或者是否更適用於雲端工作負載？我認為那將會非常有幫助。

Yes, I would say a few things. What's interesting is, first of all, most of the folks that are interested are at 100 gigabyte per lane for 800G solutions. That's number one. The second comment I would make is not all ISPs are interested right now in LPO. Some are very interested and some are going to take a wait and see. And we see the full spectrum. We have, as an example, ISPs that they care about reliability and they don't care about power consumption or cost.

是的，我想說幾件事。有趣的是，首先，大多數有興趣的人都對 800G 解決方案的每個通道 100 GB 感興趣。這是第一點。我要說的第二點是，目前並非所有 ISP 都對 LPO 感興趣。有些人非常感興趣，有些人打算觀望一下。我們看到了整個光譜。舉個例子，網路服務供應商關心的是可靠性，而不關心功耗或成本。

And others, it's all about power, latency, and cost. And they're willing to lean into new technologies like LPO. So I think we're in this mode where people are very interested. They are looking at different use cases and it's still very early, okay?

而其他的，都與功率、延遲和成本有關。他們願意依賴 LPO 等新技術。所以我認為我們正處於這種人們非常感興趣的模式。他們正在研究不同的用例，現在還為時過早，好嗎？

And so ultimately, which ISPs are interested and not, I mean, that's proprietary information to MACOM, so we're not going to discuss the engagements at that level. But I can say that we see the continuum of interest. And I would highlight that not all ISPs are interested today. I think over time that will change as the use cases and scale are proven out.

因此，最終，哪些 ISP 感興趣，哪些不感興趣，我的意思是，這是 MACOM 的專有信息，所以我們不會討論該級別的參與。但我可以說，我們看到了利益的連續性。我想強調的是，目前並非所有 ISP 都對此感興趣。我認為隨著時間的推移，隨著用例和規模得到證明，這種情況將會改變。

And then the more risk averse will perhaps adopt. In terms of the application, we see server to NIC, or I should say NIC to switch, and generally very short reach. And that is the area that we will probably go into production first.

然後，更厭惡風險的人也許會採取這種做法。就應用而言，我們看到伺服器到 NIC，或者我應該說 NIC 到交換機，通常距離很短。這可能是我們首先投入生產的領域。

Peter Peng, JPMorgan.

摩根大通的 Peter Peng。

On the data center, you guys do have like several new products coming, you know, like your photo detectors, your CW lasers, and your ACC solutions. Maybe you can talk about like how to think about the revenue ramp there and how material could it be in the second half of this year and more so in the next fiscal year.

在資料中心，你們確實推出了幾款新產品，例如光電探測器、CW 雷射和 ACC 解決方案。也許您可以談談如何看待那裡的收入成長，以及它在今年下半年以及下一個財年有多大的重要性。

Sure, I mean, just to highlight that within our data center segment, we have multiple product lines, multiple functions, multiple form factors. And so to sort of call out two or three that may or may not be ramping, it sort of understates the breadth of the product line. So I just want to highlight that. I did comment in the remarks that our 200 gigabyte photo detectors are ramping.

當然，我的意思是，只是為了強調，在我們的資料中心領域，我們有多條產品線、多種功能、多種形式。因此，僅僅指出兩三個可能或可能不增加產量的產品，就低估了產品線的廣度。所以我只想強調這一點。我在評論中確實提到過，我們的 200 千兆位元組光電探測器正在加速發展。

And those are primarily for 800G DR4 applications. And that, you know, I don't want to necessarily comment on the materiality of that. We also see opportunities in activity at 1.6T as well, just to be clear on the 200 gigabyte PD.

這些主要用於 800G DR4 應用。而且，你知道，我不想對此的重要性發表任何評論。我們也看到了 1.6T 活動的機會，只是為了明確 200 GB PD。

I would say that the overall performance of our NPI metrics for our data center products is best in class. We have a very high success rate of designing products, getting them to market and getting design wins that we had originally targeted. So our team does a very strong job with execution in this area. And I'll highlight that today, supporting our data center business, we actually have eight different design centers collaborating on different projects to support this business.

我想說，我們資料中心產品的 NPI 指標的整體效能是同類產品中最好的。我們在設計產品、將產品推向市場以及獲得我們最初設定的設計勝利方面擁有非常高的成功率。因此，我們的團隊在這一領域的執行工作做得非常出色。今天我要強調的是，為了支持我們的資料中心業務，我們實際上有八個不同的設計中心合作開展不同的專案來支援這項業務。

And so a lot of moving parts, a lot of different end use cases. As I mentioned in my script, we're starting to take a very serious look at PCIe as the networks and the data centers begin to disaggregate memory and storage, that creates opportunities for high-speed connectivity. And so that would be another example of the SAM expanding where we are going to try to insert ourselves directly into those opportunities.

因此有很多活動部件，很多不同的最終用例。正如我在腳本中提到的，隨著網路和資料中心開始分解記憶體和存儲，我們開始認真考慮 PCIe，這為高速連接創造了機會。這將是 SAM 擴展的另一個例子，我們將嘗試直接融入這些機會中。

Perfect, thank you. And then just on the gross margin, I think in [aggravate], your telecom and industrial defense, kept coming in a little better. And I would think that would maybe help some of the utilization that you're a little fab. Maybe just remind us like what is running through your, what kind of products are running through your little fab and maybe why, even on the upside, it's more flattish gross margin.

非常好，謝謝。然後就毛利率而言，我認為在[加劇]方面，你們的電信和工業防禦業務表現會更好一些。我認為這可能對你的一些利用有所幫助。也許只是提醒我們你們在做什麼，你們的小工廠生產什麼樣的產品，以及為什麼即使在好的方面，它的毛利率也比較平穩。

Sure, and I think Jack touched on this a little bit that generally speaking, the utilization rates of our low fab have not changed over the past couple of quarters. Most of the products within the low fab are RF products. We have different categories, we have discrete diodes and there's about a half a dozen different product families within the diode product line. We also have MMICs that are gas or GaN running through the fab.

當然，我認為傑克稍微提到了這一點，總的來說，我們低產能晶圓廠的利用率在過去幾季中沒有變化。低產能工廠內的產品大多是射頻產品。我們有不同的類別，我們有分立二極管，二極體產品線內有大約六個不同的產品系列。我們還有透過晶圓廠運作的氣體或 GaN MMIC。

Additionally, we are running indium phosphide lasers through the fab. So it's a high mix, medium volume fab. I would say there generally is more exposure to defense and industrial related markets with the low fab, not entirely, but I would say that's the most exposure. And as we've been talking about over the past couple of quarters, our industrial business is down.

此外，我們正在透過晶圓廠運行磷化銦雷射。所以它是一家高混合、中等產量的工廠。我想說的是，一般來說，低晶圓廠對國防和工業相關市場的曝光度更高，雖然不是全部，但我認為這是曝光度最高的。正如我們過去幾個季度所談論的那樣，我們的工業業務正在下滑。

And so while our defense business is growing quite strongly, it's coming from other areas of our technology portfolio.

因此，雖然我們的國防業務成長相當強勁，但它來自我們技術組合的其他領域。

Richard Shannon, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的理查德·香農。

Maybe I'll follow up in the IND segment here. Clearly suggesting industrial soft, which is not necessarily surprising. It says the defense part here is doing very well. Love to get a sense of if there's any large programs that are driving this very strong growth we're seeing in this quarter. Does that convey over to following quarters here? And would it seem to suggest that the IND segment kind of takes growth leadership for MACOM as we get into fiscal '26?

也許我會在這裡跟進 IND 部分。顯然暗示工業軟，這不一定令人驚訝。這表明這裡的防禦部分做得很好。很想知道是否有任何大型專案推動了我們在本季看到的強勁成長。這是否會對接下來的幾季產生影響？這是否意味著，當我們進入 26 財年時，IND 部門將為 MACOM 帶來成長領導力？

Thank you for the question, Richard. Our core area in defense is centered around radar systems. Second to that would be EW and communication systems. And so when we look at these platforms, we envision not just selling RF content, but also optical content and subsystem content. And so you have a wide range of solutions and platforms that we're selling to these large programs. There is absolutely a refresh going on with radar systems across multiple platforms to address drone related threats.

謝謝你的提問，理查德。我們的防禦核心領域是雷達系統。其次是電子戰和通訊系統。因此，當我們審視這些平台時，我們設想不僅銷售射頻內容，還銷售光學內容和子系統內容。因此，我們向這些大型專案銷售各種各樣的解決方案和平台。為了應對無人機相關的威脅，跨多個平台的雷達系統正在進行更新。

We are involved in both sides of that equation. We're involved on the next generation drones that have more sophisticated sensors, as well as technologies that want to knock the drone out of the sky. And so we would be looking at ways to support both of those applications. As we look at our business and our strategy, our strategy is to bring more technologies to bear on this market.

我們都參與了這一等式的兩邊。我們參與了配備更複雜感測器的下一代無人機的研發，以及旨在將無人機從空中擊落的技術。因此，我們會尋找支援這兩種應用程式的方法。當我們審視我們的業務和策略時，我們的策略是將更多的技術推向這個市場。

And we've talked over the last couple of years about MACOM pivoting a lot of its analog mixed signal and optical technologies into the defense market. And that strategy has been playing out and proven to be very successful.

過去幾年，我們一直在討論 MACOM 將其大量類比混合訊號和光學技術轉向國防市場。這一策略已得到實施並被證明非常成功。

In terms of our 2026 and the potential growth there, I think it's too early to say, other than I just highlight that our team has never been busier in terms of the amount of opportunities. When we acquired Wolfspeed's portfolio, it was a major booster shot of high-power technology to MACOM. And we are taking full advantage of that in the market.

就我們的 2026 年及其潛在成長而言，我認為現在說還為時過早，但我只想強調，就機會數量而言，我們的團隊從未像現在這樣忙碌。當我們收購 Wolfspeed 的產品組合時，這對 MACOM 的高功率技術來說是一劑強心針。我們正在市場上充分利用這一點。

So we believe we are gaining market share in large radar systems, not only ground-based, but ship-borne and airborne.

因此，我們相信，我們不僅在大型雷達系統的市場份額方面有所成長，不僅是陸基雷達，還包括艦載和機載雷達。

Very helpful details, Steve there. Thanks for that. My second question is in data center. Really kind of looking at the newer products and how do we think of this over the next one to two years? Obviously, you just started selling the PDs here at 200 gigabyte Talked about CW lasers and LPO. How do we think about kind of the timing, I guess more so on the CW lasers and LPO, but then if you look, say one to two years out, which one of these newer areas within this bucket do you think can have the most impact?

非常有用的細節，史蒂夫。謝謝。我的第二個問題是關於資料中心的。真正專注於新產品以及我們如何看待未來一到兩年的產品？顯然，您剛開始在這裡以 200 千兆位元組的價格銷售 PD，討論了 CW 雷射和 LPO。我們如何考慮時機，我猜更多的是在 CW 雷射和 LPO 上，但是如果你看一到兩年後，你認為這個桶中的哪一個較新的領域能夠產生最大的影響？

Yeah, I think that's a tricky question because I would say our batting average on calling the future is not so good. And we've had examples in the past where we thought one product line would have a breakout year and it turns out it was another one. And so I would say that we would rather talk about the successes of these new product lines retrospectively.

是的，我認為這是一個棘手的問題，因為我想說我們預測未來的成功率並不是很好。我們過去曾有過這樣的例子，我們以為一條產品線會在某一年取得突破，但結果卻是另一條產品線。所以我想說，我們寧願回顧性地談論這些新產品線的成功。

And so we're talking about the PD because we have big orders and we're ramping production. And as the other product lines come on, we'll certainly do the same there. With that said, I would just highlight we are very interested in taking a position in the market on CW lasers. We have a unique technology with our edge faceted technology.

我們正在討論 PD，因為我們有大量訂單並且正在提高產量。隨著其他產品線的推出，我們也肯定會採取同樣的措施。話雖如此，我只想強調一下，我們對在 CW 雷射市場佔有一席之地非常感興趣。我們擁有獨特的邊緣刻面技術。

And we believe that the market demand for CW lasers is increasing, but we still have a lot of work to do. I think that the market wants a 75 milliwatt or a hundred milliwatt part. And we're working to make sure that we can field a very competitive part. So still a lot of work to do there.

我們相信，市場對連續波雷射的需求正在增加，但我們仍有許多工作要做。我認為市場需要 75 毫瓦或 100 毫瓦的零件。我們正在努力確保我們能夠提供非常有競爭力的職位。所以還有很多工作要做。

But of course, if we have success on lasers, it could be a meaningful number, but we don't want to count our chickens before they hatch.

當然，如果我們在雷射方面取得成功，這可能是一個有意義的數字，但我們不想在事情還沒解決就打消念頭。

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. Steve Daly for any closing remarks.

謝謝。目前隊列中沒有其他問題。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 acknowledge and thank all of our employees for their continued dedication. Have a nice day.

謝謝。最後，我要感謝我們所有員工的持續奉獻。祝你今天過得愉快。

This concludes today's conference call. Thank you for your participation and you may now disconnect.

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。