MACOM Technology Solutions Holdings Inc (MTSI) 2025 Q3 法說會逐字稿

Welcome to MACOM's third fiscal quarter 2025 conference call. This call is being recorded today, Thursday, August 7, 2025. At this time, all participants on a listen-only mode. I will now attend the call over to Mr. Stephen Ferranti, MACOM's Vice President of Corporate Development and Investigations.

歡迎參加 MACOM 2025 財年第三季電話會議。本次通話於今天（2025 年 8 月 7 日，星期四）進行錄音。此時，所有參與者都處於只聽模式。我現在將參加與 MACOM 公司企業發展和調查副總裁 Stephen Ferranti 先生的電話會議。

Mr. Ferranti, please go ahead.

費蘭蒂先生，請繼續。

Thank you, Livia. Good morning and welcome to our call today to discuss MACOM's financial results for the third fiscal of 2025. I would like to remind everyone that our discussion today 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 1,995.

謝謝你，莉維亞。早安，歡迎參加今天的電話會議，討論 MACOM 2025 財年第三財年的財務表現。我想提醒大家，我們今天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。

Actual results may differ materially from those discussed today. For 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 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.

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。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 Daley, President and CEO of MACOM.

說完這些，我將把電話轉給 MACOM 總裁兼執行長 Steve Daley。

Thank you and good morning. I will begin today's call with a general company update. After that, John Kober, our Chief Financial Officer, will review our Q3 results for fiscal year 2025. When Jack is finished, I will provide revenue and earnings guidance for the fourth quarter, and then we will be happy to take some questions.

謝謝，早安。今天的電話會議我將以公司整體更新情況開始。之後，我們的財務長 John Kober 將審查我們 2025 財年第三季的業績。當傑克講完後，我將提供第四季度的收入和獲利預測，然後我們很樂意回答一些問題。

Revenue for the third quarter of fiscal 2025 was $252.1 million in adjusted EPS was $0.90 per diluted share. We had a strong quarter of cash generation and ended the quarter with approximately $735 million in cash and short-term investments on our balance sheet. Overall, our team did an excellent job in meeting our business and financial objectives this quarter. Revenues by end market were as follows Industrial and defense was $108.2 million. Data center was $75.8 million, and telecom was $68.1 million.

2025 財年第三季的營收為 2.521 億美元，調整後每股收益為 0.90 美元。本季我們的現金產生能力強勁，本季末我們的資產負債表上現金和短期投資約為 7.35 億美元。總體而言，我們的團隊在本季度出色地實現了業務和財務目標。終端市場收入如下：工業和國防收入為 1.082 億美元。資料中心為 7,580 萬美元，電信為 6,810 萬美元。

IND was up 10% sequentially, Data center was up 5% sequentially, and telecom was up 4% sequentially. Our IND and data center quarterly revenues achieved record results. Our Q3 book to bill ratio was just over [1.1 to 1]. As a result, our backlog remains at a record level. Our turns business or orders booked and shipped within the quarter was around 17% of total revenue.

IND 環比上漲 10%，資料中心較上季上漲 5%，電信季增 4%。我們的 IND 和資料中心季度收入取得了創紀錄的成績。我們的第三季訂單出貨比剛超過[1.1 到 1]。因此，我們的積壓訂單仍處於創紀錄的水平。我們本季預訂和出貨的業務或訂單量約佔總收入的 17%。

We believe our backlog growth is driven by our new products gaining market share, as well as the positive secular trends across our three major markets. Our ability to provide competitive and leading solutions to our customers is what drives our financial performance. As a result, we continue to focus on technology differentiation across all our product lines. Simply put, our strategy is to enable the highest power, highest frequency, and highest data rate applications within our three core markets using proprietary semiconductor processes, IC design techniques, and packaged technologies.

我們相信，我們的積壓訂單成長是由我們的新產品獲得市場份額以及我們三大主要市場的長期積極趨勢所推動的。我們為客戶提供具有競爭力和領先解決方案的能力是我們財務表現的驅動力。因此，我們繼續專注於所有產品線的技術差異化。簡而言之，我們的策略是利用專有的半導體製程、IC 設計技術和封裝技術，在我們的三個核心市場中實現最高功率、最高頻率和最高資料速率的應用。

In addition, over the past six years, our strategy has included strengthening our RF microwave and optical systems engineering capabilities. As a result, we are better able to engage customers early on system architecture discussions rather than offer point product solutions after the schematics and block diagrams have been developed.

此外，在過去六年中，我們的策略包括加強我們的射頻微波和光學系統工程能力。因此，我們能夠更好地在系統架構討論的早期階段就與客戶互動，而不是在原理圖和框圖開發完成後才提供點產品解決方案。

This approach, when combined with the strength of our chip designers and manufacturing capabilities, allows us to have input on the system block diagram, which can translate into larger business opportunities and more cross-selling of products from our diverse portfolio.

這種方法與我們晶片設計人員和製造能力的優勢相結合，使我們能夠對系統框圖進行輸入，從而轉化為更大的商業機會和更多來自我們多樣化產品組合的產品交叉銷售。

Industrial and defense remain strong, and we continue to see opportunities in the US and European markets. We support a wide range of applications including military space electronics, Milcom, onboard drone electronics, and directed energy anti-drone defense systems.

工業和國防依然強勁，我們持續看到美國和歐洲市場的機會。我們支援廣泛的應用，包括軍用空間電子、軍事通訊、機載無人機電子設備和定向能反無人機防禦系統。

Electronic warfare has been very active within our IND business. EW systems typically contain complex, wide band, mimic semiconductors, generally operating at the higher frequency bands. These precision high frequency applications often require high levels of integration, and novel engineering solutions. Examples include components for radio and radar jamming, as well as optical electronics using conjunction with microwave electronics to spoof radar systems. These requirements within the defense electronics sector play into MACOM's strengths.

電子戰在我們的 IND 業務中非常活躍。電子戰系統通常包含複雜、寬頻、類比半導體，一般在較高頻帶下工作。這些精密高頻應用通常需要高水準的整合和新穎的工程解決方案。例子包括用於無線電和雷達幹擾的組件，以及結合微波電子裝置來欺騙雷達系統的光學電子裝置。國防電子領域的這些需求充分發揮了 MACOM 的優勢。

Our industrial and multi-market product lines had modest improvements in demand during the quarter. Standard product sales are increasing across a wide range of low and medium volume applications. Telecom orders remain solid, specifically in 5G infrastructure, broadband access, and metro long haul. While our lead 5G customers expect limited growth in the global radio access network market, our strategy is to gain market share with new designs that outperform the competition.

本季度，我們的工業和多市場產品線的需求略有改善。標準產品的銷售量在各種中小批量應用中不斷成長。電信訂單依然穩健，特別是 5G 基礎設施、寬頻存取和城域長途。雖然我們的主要 5G 客戶預計全球無線接取網路市場的成長有限，但我們的策略是透過超越競爭對手的新設計來獲得市場份額。

In support of this goal over the past 18 months, we have developed our next generation high power again on silicon carbide semiconductor process at our RTP FAB to support existing and future 5G applications. We call this process GaN 4. I am pleased to report products from the GaN 4 process have been sampled to several of our major customers, and we have received very positive feedback on product performance.

為了實現這一目標，在過去的 18 個月裡，我們在 RTP FAB 上再次開發了下一代高功率碳化矽半導體工藝，以支援現有和未來的 5G 應用。我們將此過程稱為 GaN 4。我很高興地報告，GaN 4 製程的產品已經提供給我們的幾個主要客戶，並且我們收到了有關產品性能的非常積極的回饋。

We believe our GaN 4 process will make us more competitive in massive MIMO applications, which we are not currently addressing well. Our metro long haul and SATCOM businesses within the telecom and market continue to perform. Expansion of high-speed data transmission and increased ground to satellite and satellite to satellite communications are driving demand for our products, some of which operate at 130 giga byte data rates and up to 80 gigahertz in frequency.

我們相信，我們的 GaN 4 製程將使我們在大規模 MIMO 應用方面更具競爭力，而目前我們還沒有很好地解決這個問題。我們在電信和市場內的城域長途和衛星通訊業務持續表現良好。高速資料傳輸的擴展以及地面到衛星和衛星到衛星通訊的增加正在推動對我們產品的需求，其中一些產品的運行資料速率為 130 千兆位元組，頻率高達 80 千兆赫。

And finally, our data center business continues to grow, driven by the global expansion of this market. Demand remains solid for a high-performance connectivity IC portfolio supporting 800g and 1.6T deployments. In fact, we believe we will have a record 200 g per lane product revenue in Q4. Additionally, we are seeing demand at the lower data rates, including 100G and 400G, supporting expansion links and more traditional data center architectures.

最後，受該市場全球擴張的推動，我們的資料中心業務持續成長。支援 800g 和 1.6T 部署的高效能連接 IC 產品組合的需求依然強勁。事實上，我們相信第四季每頻道產品收入將創下 200 克的紀錄。此外，我們還看到了對較低資料速率的需求，包括 100G 和 400G，支援擴展鏈路和更傳統的資料中心架構。

As we look at our full year results for the data center, we expect significant growth across almost all data rates and platforms. Even our legacy 25G NRZ business is expected to grow year over year. We are also pleased to report our data center product revenue mix is expanding as two new product lines enter production. First, we recently transitioned our 200g per length photodiodes, or photo detectors, also known as PDs into high volume production.

當我們回顧資料中心的全年業績時，我們預計幾乎所有資料速率和平台都將顯著成長。甚至我們傳統的 25G NRZ 業務預計也將逐年成長。我們也很高興地報告，隨著兩條新的產品線投入生產，我們的資料中心產品收入組合正在擴大。首先，我們最近將長度為 200 克的光電二極體或光電探測器（也稱為 PD）投入大批量生產。

We have a strong market position with 200 g per lane PDs as MACOM is one of the few suppliers, who can offer customers both the TIA and photo detector ICs, and we can offer a chip scale stacked configuration with 4 PDs mounted on top of the TIA. Second, we have secured high volume production orders for 100 g per lane linear pluggable optics or LPO chipsets.

由於 MACOM 是少數能夠同時向客戶提供 TIA 和光電探測器 IC 的供應商之一，因此我們在每通道 200 克 PD 方面擁有強大的市場地位，並且我們可以提供晶片級堆疊配置，其中 4 個 PD 安裝在 TIA 頂部。其次，我們已獲得每通道 100 克線性可插拔光學元件或 LPO 晶片組的大量生產訂單。

Our LPO customer is deploying an 800G network in a medium reach application. We believe this production order confirms that the market will continue to evaluate and adopt LPO architectures and roll out LPO solutions at scale. LPO is beginning to spread, which is good for MACOM. Our R&D product development and operational execution ramping the PD and the LPO products represent a major technical accomplishment by our teams.

我們的 LPO 客戶正在中等範圍的應用程式中部署 800G 網路。我們相信，這份生產訂單證實了市場將繼續評估和採用 LPO 架構，並大規模推出 LPO 解決方案。LPO開始普及，對MACOM來說是好事。我們的研發產品開發和營運執行提升了 PD 和 LPO 產品，代表了我們團隊的一項重大技術成就。

We believe these two new product lines will support future revenue growth. Many investors ask us about our ACC or active copper cable business and opportunities. Internally, we refer to these products as linear equalizers. As the data rates increase, we believe passive connectivity will coexist or be replaced with active solutions.

我們相信這兩條新產品線將支持未來的收入成長。許多投資者向我們詢問有關 ACC 或有源銅纜業務和機會的問題。在內部，我們將這些產品稱為線性均衡器。隨著資料速率的增加，我們相信被動連線將會共存或被主動解決方案取代。

Active connectivity solutions can be organized into three categories, active copper cable or ACC, active optical cables or AOCs, and active electrical cables AECs. MACOM provides linear equalizers and TIA plus driver chipset solutions for ACC and AOC configurations. We do not support AECs, which are typically re-timed DSP-like solutions.

主動連接解決方案可分為三類：有源銅纜或 ACC、主動光纜或 AOC 和主動電纜 AEC。MACOM 為 ACC 和 AOC 配置提供線性均衡器和 TIA 加驅動器晶片組解決方案。我們不支援 AEC，它通常是重新定時的 DSP 類解決方案。

We believe the trends to electrify connectivity with equalization will continue to expand inside and around the data center as well as in other applications. As an example, we see some connection protocol in the compute industry moving to higher data rates and therefore away from passive connections to active electrical or optical solutions.

我們相信，透過均衡實現電氣連接的趨勢將繼續在資料中心內部和周圍以及其他應用中擴展。例如，我們看到計算行業中的一些連接協議正在轉向更高的數據速率，因此從被動連接到主動電氣或光學解決方案。

An example would be PCIe 7 to connect disaggregated GPUs, CPUs, and memory together using high speed connections. Disaggregated computing enables the efficient use of compute, memory and storage resources, but it increases the need for fast, low latency connections. MACOM is addressing this high-volume application with existing InfiniBand and Ethernet devices and developing ICs with PCIe specific protocol features for plug and play compatibility with existing cabling and multiple connector form factors.

一個例子是 PCIe 7，它使用高速連接將分解的 GPU、CPU 和記憶體連接在一起。分解計算可以有效利用運算、記憶體和儲存資源，但它增加了對快速、低延遲連接的需求。MACOM 正在利用現有的 InfiniBand 和乙太網路設備解決這個大容量應用問題，並開發具有 PCIe 特定協定功能的 IC，以實現與現有電纜和多種連接器外形的即插即用相容性。

We have developed PCIe solutions for both single mode and multi-mode fiber applications and demonstrated these at recent OFC and [ECOC] conferences. While MACOM is focused on supporting current generation applications, we are also looking ahead at future applications. As an example, at the last OFC, we demonstrated a 300GB per lane PAM6 driver IC.

我們已經為單模和多模光纖應用開發了 PCIe 解決方案，並在最近的 OFC 和 [ECOC] 會議上進行了展示。雖然 MACOM 專注於支援當前世代應用，但我們也在展望未來的應用。例如，在上屆 OFC 上，我們示範了每聲道 300GB 的 PAM6 驅動器 IC。

As we work on advanced ICs like this, we engage with the industry leaders so we can properly understand future system requirements. Another example of advanced work includes our active design efforts in product sampling on our 400 g per lane products, which we anticipate will support revenues starting about two years from now.

當我們研究此類先進積體電路時，我們會與產業領導者合作，以便我們能夠正確了解未來的系統需求。另一個先進工作的例子包括我們對每通道 400 克產品進行積極的產品抽樣設計，我們預計這將在大約兩年後支援收入。

During Q3, MACOM exhibited at the International Microwave Symposium in San Francisco. This exhibition is a great venue to highlight our latest microwave millimetre wave and optical technology innovations and to introduce new product lines to our customers. At this year's show, MACOM featured 16 live technology demonstrations showcasing our newest products for electronic countermeasures, radar, and SATcom applications.

第三季度，MACOM 在舊金山舉行的國際微波研討會上展出。這次展會是我們展示最新微波毫米波和光學技術創新以及向客戶介紹新產品線的絕佳場所。在今年的展會上，MACOM 進行了 16 場現場技術演示，展示了我們用於電子對抗、雷達和衛星通訊應用的最新產品。

I want to highlight three noteworthy new products. First, a one-kilowatt X-band pulsed power amplifier module developed for electronic countermeasures and directed energy applications. This is a great example of the type of high value add system level offerings that I mentioned earlier. Second, a wide band front-end module or FEM covering 2 gigahertz to 18 gigahertz. This multi-chip transmits receive module solution is ideal for wide band phased array architectures. And third, a new product solution for RF over fiber applications. MACOM's Mat 61M Transmit receive module offers up to 70 gigahertz of bandwidth, making it ideal for antenna remoting.

我想重點介紹三款值得關注的新產品。首先，開發用於電子對抗和定向能應用的一千瓦X波段脈衝功率放大器模組。這是我之前提到的高附加價值系統級產品的一個很好的例子。第二，寬頻前端模組或FEM覆蓋2千兆赫至18千兆赫。這種多晶片發射接收模組解決方案非常適合寬頻相控陣架構。第三，針對光纖射頻應用的新產品解決方案。MACOM 的 Mat 61M 發射接收模組提供高達 70 千兆赫的頻寬，使其成為天線遠端控制的理想選擇。

The module provides a complete solution for transporting wide bandwidth signals over optical fiber within a compact form factor. I'll mention a few other noteworthy items. Our RF powered business continues to perform well with an attractive mix of defense and commercial applications. Supporting this activity is our wafer FAB located in RTP, North Carolina.

該模組提供了在緊湊的外形內透過光纖傳輸寬頻訊號的完整解決方案。我將提到其他一些值得注意的事情。我們的射頻供電業務持續表現良好，國防和商業應用的組合非常有吸引力。我們位於北卡羅來納州 RTP 的晶圓廠為此活動提供支援。

On July 20, this FAB came under MACOM's full control. Almost six months ahead of the original schedule. We felt it was in our best interest to accelerate the transfer to remove risk given the seller's bankruptcy situation. The accelerated transfer will create a modest near term gross margin setback which Jack will review. However, now that we have full control of the FAB, we can intensify yield enhancement efforts and optimize performance and operational metrics of the FAB.

7月20日，該FAB被MACOM全面控制。比原計劃提前了近六個月。我們認為，考慮到賣方的破產情況，加快轉讓以消除風險符合我們的最佳利益。加速轉移將在短期內造成輕微的毛利率下降，傑克將對此進行審查。然而，現在我們已經完全控制了FAB，我們可以加大產量提升力度，優化FAB的效能和營運指標。

We have recently executed a plan to increase FAB output capacity by up to 30% with the purchase of heavily discounted FAB equipment. The equipment installation and qualification will take 12 to 15 months to complete. Our lead high volume customers are excited for this capacity to come online, and we expect that this move will lead to additional high volume program wins starting in 2026.

我們最近實施了一項計劃，透過購買大幅折扣的 FAB 設備，將 FAB 產能提高 30%。設備安裝和鑑定將需要12至15個月才能完成。我們的主要大量客戶對於這項產能的上線感到非常興奮，我們預計這項措施將從 2026 年開始帶來更多大量計畫的成功。

Our business development activities based out of MACOM's European Semiconductor Center or MESC continues to gain momentum in the market. We believe we are better able to penetrate the major European industrial defense space and telecom accounts with the design and manufacturing site in France. Our goal is that our goal is to be the premier designer and manufacturer of high frequency and high-power gas and GAIC semiconductors in Europe, and I am confident our talented team in France can make this happen.

我們以 MACOM 歐洲半導體中心或 MESC 為基礎的業務開發活動在市場上持續獲得發展動能。我們相信，憑藉法國的設計和製造基地，我們能夠更好地滲透到歐洲主要的工業防禦領域和電信客戶。我們的目標是成為歐洲首屈一指的高頻大功率氣體和GAIC半導體設計商和製造商，我相信我們在法國的優秀團隊能夠實現這一目標。

And last, our Six business units continue to engage customers on significant programs at the IC module and subsystem level in all three of our target markets. We continue to strategically expand our workforce with industry-leaning talent to meet the challenge to be first to market with best in class performance.

最後，我們的六大業務部門將繼續與客戶合作，在我們三個目標市場中開展 IC 模組和子系統層級的重要專案。我們將繼續策略性地擴大我們的員工隊伍，引進行領先的人才，以應對以一流業績率先進入市場的挑戰。

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. Our Q3 results are at a record revenue level with strong financial performance, continuing our steady growth in revenue, increased operating income, and ongoing cash generation. We have made sustained operational improvements across the business which have supported our strong balance sheet and cash generation. Fiscal Q3 revenue with a new quarterly record of $252.1 million up 6.9% sequentially based on growth across all three of our end markets.

謝謝，史蒂夫。我們的第三季業績達到了創紀錄的收入水平，財務表現強勁，繼續保持收入的穩定成長、營業收入的增加和持續的現金產生。我們在整個業務範圍內持續改進運營，這支持了我們強勁的資產負債表和現金產生。第三財季營收創下 2.521 億美元的新季紀錄，季增 6.9%，這得益於我們三個終端市場的成長。

Our overall book to build ratio for Q3 was just above one to one. Adjusted gross profit for fiscal Q3 was $145.2 million or 57.6% of revenue, slightly ahead of prior quarters. As Steve had mentioned, we are pleased to have assumed operational control of the RTP North Carolina FAB on July 25, ahead of the original scheduled December transfer date. While we anticipate that the acceleration of this transfer will result in some minor near term gross margin dilution of approximately 60 basis points, or about $1.5 million in Q4.

我們第三季的整體訂單與建造比率略高於一比一。第三財季調整後毛利為 1.452 億美元，佔營收的 57.6%，略高於前幾季。正如史蒂夫所提到的，我們很高興能夠在 7 月 25 日提前接管 RTP 北卡羅來納州 FAB 的營運控制權，比原定的 12 月移交日期提前。我們預計此次轉移的加速將導致近期毛利率小幅下降約 60 個基點，或第四季約 150 萬美元。

We are excited to have eliminated the business risks of not having the important facility under our operational control. With the facility now under MACOM's control, we believe we will be able to increase the speed of improvements to the FAB's production capacity and yields, which will help to stabilize and improve the FAB's performance as we enter fiscal year 2026.

我們很高興能夠消除因重要設施不在營運控制之下而產生的業務風險。現在該設施已由 MACOM 控制，我們相信我們將能夠加快 FAB 產能和產量的提升速度，這將有助於在進入 2026 財年時穩定和提高 FAB 的業績。

Total adjusted operating expense for our second quarter was $81.7 million consisting of research and development expense of $55.1 million and selling general and administrative expenses of $26.6 million. The anticipated sequential increase in adjusted operating expenses compared to Q2 was primarily driven by higher R&D associated with employee-related costs and foundry expenses, as well as higher variable compensation.

我們第二季的調整後總營運費用為 8,170 萬美元，其中包括研發費用 5,510 萬美元和銷售一般及管理費用 2,660 萬美元。與第二季相比，調整後營業費用預計將環比增加，主要是由於與員工相關的成本和代工費用相關的研發費用增加，以及浮動薪資增加。

As we are scaling the business, we have added new capabilities and resources primarily within R&D functions. I would like to note that we have remained very focused on controlling our OpEx as we continue to grow our revenue. Depreciation expense for fiscal Q3 2025 was $6.9 million compared to $6.8 million in Q2 2025. Adjusted operating income in fiscal Q3 was $63.5 million up 6.2% sequentially from $59.8 million in fiscal Q2 2025. For fiscal Q3, we had adjusted net interest income of $6.8 million increasing $400,000 sequentially from $6.4 million in Q2.

隨著業務規模的擴大，我們主要在研發功能方面增加了新的能力和資源。我想指出的是，在不斷增加收入的同時，我們一直非常注重控制營運支出。2025 財年第三季的折舊費用為 690 萬美元，而 2025 年第二季的折舊費用為 680 萬美元。2025 財年第三季的調整後營業收入為 6,350 萬美元，較 2025 財年第二季的 5,980 萬美元較上季成長 6.2%。對於第三財季，我們調整後的淨利息收入為 680 萬美元，較第二季的 640 萬美元季增 40 萬美元。

Our adjusted income tax rate in fiscal Q3 was 3% and resulted in an expense of approximately $2.1 million. We expect our adjusted income tax rate to remain at 3% for the remainder of fiscal year 2025. We are continuing to assess the impact of the US government's recent legislation to understand the longer-term impact on our income tax rates and associated balances. Fiscal Q3 adjusted net income increased approximately 6.1% to $68.2 million compared to $64.3 million in fiscal Q2 2025.

我們第三財季的調整後所得稅率為 3%，導致支出約為 210 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%。我們正在繼續評估美國政府最近的立法的影響，以了解其對我們的所得稅率和相關餘額的長期影響。2025 財年第三季調整後淨收入為 6,820 萬美元，較 2025 財年第二季的 6,430 萬美元成長約 6.1%。

Adjusted earnings per fully diluted share was $0.90, utilizing a share count of 75.9 million shares compared to $0.85 of adjusted earnings per share in fiscal Q2 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 eight quarters.

調整後每股攤薄收益為 0.90 美元，適用股數為 7,590 萬股，而 2025 財年第二季調整後每股收益為 0.85 美元。我們繼續在業務內部進行營運改進，這可以從過去八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 Q3 accounts receivable balance was $129.5 million down from $131.4 million in fiscal Q2 2025. The decrease in our AR balance was driven primarily by stronger cash collections. Our day sales outstanding averaged 47 days, which was below our previous quarter at 51 days.

現在轉到營運資產負債表和現金流量項目。我們的第三季應收帳款餘額為 1.295 億美元，低於 2025 財年第二季的 1.314 億美元。我們的應收帳款餘額的減少主要是由於現金收款增加所致。我們的未償銷售額平均天數為 47 天，低於上一季的 51 天。

Inventories were $215.4 million at quarter end, up sequentially from $209.3 million largely driven by inventory increases to support existing programs and anticipated future demand across the business. Inventory returns increased to 2 times from 1.9 times in the preceding quarter. Fiscal Q3 cash flow from operations was approximately $60.4 million up $21.6 million sequentially, and an increase of more than $11 million over fiscal Q3 2024.

本季末庫存為 2.154 億美元，較上一季的 2.093 億美元有所增加，這主要是由於庫存增加以支持現有項目和預期整個業務的未來需求。庫存回報率由上一季的1.9倍上升至2倍。第三財季經營現金流約 6,040 萬美元，較上一季增加 2,160 萬美元，比 2024 財年第三季增加 1,100 多萬美元。

The sequential increase was primarily due to increased net income combined with fluctuations in working capital. As I have noted in previous quarters, given the dynamics of our growing business, it's typical to have variations in cash flow from quarter to quarter.

連續成長主要是由於淨收入增加以及營運資本波動。正如我在前幾個季度所指出的，考慮到我們業務不斷增長的動態，現金流在各個季度之間變化是很正常的。

Our business model over the last few years has demonstrated strong cash flow from operations. We believe we are on track for our cash flow from operations to be in excess of $220 million for fiscal year 2025. Capital expenditures totaled $8.8 million in fiscal Q3, up $700,000 sequentially.

過去幾年，我們的商業模式展現了強勁的營運現金流。我們相信，到 2025 財年，我們的營運現金流將超過 2.2 億美元。第三財季資本支出總計 880 萬美元，較上一季增加 70 萬美元。

As a result of our increasing demand from customers during the fourth quarter, we expect to purchase $12 million of surplus equipment at the RTP FAB from the previous owner. This will allow us to expand our RTP capacity by up to 30% over the next 12 months to 15 months. Including this $12 million purchase, we expect our total capital expenditures for fiscal year 2025 to be in the range of $40 to $45 million.

由於第四季度客戶需求不斷增加，我們預計將從前所有者購買 RTP FAB 的價值 1,200 萬美元的剩餘設備。這將使我們能夠在未來 12 個月到 15 個月內將 RTP 容量擴大 30%。包括這筆 1,200 萬美元的收購，我們預計 2025 財年的總資本支出將在 4,000 萬至 4,500 萬美元之間。

Next, moving on to other balance sheet items, cash equivalents, and short-term investments for the third fiscal quarter was $735.2 million up $53.7 million from Q2. 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 $235 million as of July 4, 2025. I will highlight that we expect to pay off the $161 million of our remaining 2026 notes over the next three fiscal quarters as these notes become due under the terms of the original agreement.

接下來，轉到其他資產負債表項目，第三財季的現金等價物和短期投資為 7.352 億美元，比第二季增加了 5,370 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 7 月 4 日，我們的淨現金狀況超過 2.35 億美元。我要強調的是，我們預計將在未來三個財政季度內償還剩餘的 1.61 億美元 2026 年票據，因為這些票據將根據原協議條款到期。

As we move into our fiscal fourth quarter, we expect revenue and profitability growth and to also maintain a strong balance sheet with ample cash to support our strategic goals. We will continue to carefully manage our discretionary and capital spending to support annualized revenue in excess of $1 billion while further improving our operational margin, EPS, and cash flow. I would like to thank the entire MACOM team for their contributions over the past quarter, including those that supported the planning and accelerated integration of the RTP FAB.

隨著我們進入第四財季，我們預計收入和利潤將成長，同時保持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我們的可自由支配和資本支出，以支持超過 10 億美元的年化收入，同時進一步提高我們的營業利潤率、每股盈餘和現金流。我要感謝整個 MACOM 團隊在過去一個季度所做的貢獻，包括那些支持 RTP FAB 規劃和加速整合的貢獻。

I look forward to us making ongoing improvements to the business as we complete the remainder of fiscal year 2025. I will now turn the discussion back over to Steve.

我期待我們在完成 2025 財年剩餘時間時不斷改進業務。現在我將把討論交還給史蒂夫。

Thank you, Jack. MACOM expects revenue in fiscal Q4 ending October 3, 2025, to be in the range of $256 million to $264 million. Adjusted gross margin is expected to be in the range of 56% to 58%, inclusive of the near-term impact of the early RTP FAB transfer. And adjusted earnings per share is expected to be between [$0.91] and $0.95 based on $76.5 million fully diluted shares.

謝謝你，傑克。MACOM 預計截至 2025 年 10 月 3 日的第四財季營收將在 2.56 億美元至 2.64 億美元之間。調整後的毛利率預計在 56% 至 58% 之間，其中包括早期 RTP FAB 轉移的近期影響。基於 7,650 萬股完全稀釋股份，預計調整後每股收益在 [0.91 美元] 至 0.95 美元之間。

We anticipate 5% sequential revenue growth in data center and industrial and defense. We expect telecom revenues will be slightly down sequentially. These targets support record revenue and earnings for the company. And finally, I would like to take a moment to announce that Susan Ocampo will be retiring from our board of directors effective as of August 30, 2025.

我們預計資料中心、工業和國防領域的營收將較上季成長 5%。我們預計電信收入將較上季略有下降。這些目標支持公司實現創紀錄的收入和收益。最後，我想宣布，蘇珊·奧坎波 (Susan Ocampo) 將於 2025 年 8 月 30 日起退出我們的董事會。

Susan, together with her late husband John Ocampo, fundamentally transformed MACOM when they acquired the company in 2009, setting MACOM on a path of innovation and growth that continues to this day. Over her 15 years as a Director, Susan has been an integral part of MACOM's journey, providing exceptional guidance through our company's most significant periods.

蘇珊和她已故的丈夫約翰·奧坎波於 2009 年收購了 MACOM，從根本上改變了 MACOM，使 MACOM 走上了一條持續至今的創新和發展之路。在擔任董事的 15 年時間裡，Susan 一直是 MACOM 發展歷程中不可或缺的一部分，在我們公司最重要的時期提供了卓越的指導。

The Ocampo's legacy is permanently woven into the fabric of our company, from our corporate values to our commitment to excellence. Susan has shared with us her plans to dedicate more time to philanthropic endeavours with a particular focus on supporting engineering students pursuing degrees in RF engineering and related technical fields. This commitment to nurturing the next generation of semiconductor talent reflects Susan and John's lifelong passion for education and our industry.

從我們的企業價值觀到我們對卓越的承諾，奧坎波的遺產永遠融入了我們公司的結構中。蘇珊與我們分享了她計劃投入更多時間進行慈善事業的計劃，特別注重支持攻讀射頻工程和相關技術領域學位的工程專業學生。培養下一代半導體人才的承諾反映了蘇珊和約翰對教育和我們行業的終身熱情。

We're inspired by Susan's vision to give back to the industry that has been central to her professional life, and we look forward to seeing the impact of her future endeavours in the years to come. On behalf of the entire board and management team, I want to express our gratitude for Susan's dedication and steadfast commitment to our company's success. While we will certainly miss her guidance in the boardroom, her contributions will continue to benefit MACOM for years to come.

蘇珊回饋職業生涯中至關重要的行業的願景激勵著我們，我們期待在未來幾年看到她未來努力的影響。我謹代表整個董事會和管理團隊，對蘇珊對我們公司成功的奉獻和堅定承諾表示感謝。雖然我們肯定會懷念她在董事會的指導，但她的貢獻將在未來幾年繼續使 MACOM 受益。

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) Quinn Bolton, Needham and Company.

（操作員指示）Quinn Bolton，Needham and Company。

Hey guys, congratulations on the nice results and outlook, I guess, maybe start, with, the RTP FAB conveyance, Stephen Jack, you've mentioned it's going to be a 60 basis points headwind, but you now have the opportunity to sort of get in there, increase capacity, enhance yields. Wondering if you could give us some sense when do you think those improvements could turn RTP from a margin headwind into a margin tailwind?

嘿夥計們，祝賀你們取得了良好的業績和前景，我想，也許從 RTP FAB 運輸開始，斯蒂芬·傑克，你提到這將是一個 60 個基點的逆風，但你現在有機會進入那裡，增加產能，提高收益率。想知道您是否可以告訴我們，您認為這些改進何時可以將 RTP 從利潤逆風轉變為利潤順風？

Thanks for the question, Quinn, and maybe I'll say a few words about the transfer and then Jack can also add some comments. So number one, we're very excited to have this FAB conveyance behind us as part of that conveyance it included bringing over and onboarding about 180 employees, so we're now welcoming the workforce that has been working in the FAB and around the FAB that we're not technically MACOM employees over the past 18 months. So a big hearty welcome to all those employees.

謝謝你的提問，奎因，也許我會就轉會說幾句，然後傑克也可以補充一些評論。因此，首先，我們非常高興能夠完成這次 FAB 轉讓，作為轉讓的一部分，它包括引進和培訓大約 180 名員工，因此我們現在歡迎在過去 18 個月中一直在 FAB 和 FAB 周圍工作的員工，從技術上講，我們不是 MACOM 員工。因此，我向所有員工表示熱烈的歡迎。

Our integration teams have been working very well together over the past 18 months. We've been able to migrate all the IT systems, all of the purchasing, all of the controls that was really at the Under the control of the Wolf speed management team is now fully under MACOM's control. So what that means is there's no more FAB operating committee where they would be sort of Wolf speed and MACOM management defining projects in the FAB, looking at priorities.

在過去的 18 個月裡，我們的整合團隊一直合作得很好。我們已經能夠遷移所有 IT 系統、所有採購、所有控制，這些原本由 Wolf 速度管理團隊控制，現在完全由 MACOM 控制。所以這意味著不再有 FAB 營運委員會，他們將以 Wolf 速度和 MACOM 管理層的方式定義 FAB 中的專案並確定優先事項。

All of that goes away and now we have full rein to do what we want when we want. And of course the first thing we will focus on is improving yields, efficiencies, cycle times, and overall quality and performance of the FAB. And as part of this, I'll just highlight that we took one of our senior executives that had been running the low FAB, and he and his family moved down to RTP and so we have new leadership on the ground that understands how MACOM likes to run its FAB.

所有這些都將消失，現在我們可以隨心所欲地做我們想做的事情。當然，我們首先要關注的是提高產量、效率、週期時間以及 FAB 的整體品質和性能。作為其中的一部分，我要強調的是，我們調走了一位一直負責低 FAB 的高級管理人員，他和他的家人調到了 RTP，因此我們在當地有了新的領導層，他們了解 MACOM 如何管理其 FAB。

So we're very excited to see all the great work from him and his team. So as we look forward, as we start to move these, enhancement programs into financial benefit, we're modelling as we look out over the next few quarters anywhere between 25 basis points and 50 basis points of improvement sort of going forward after Q4. That's what our crystal ball says at the moment. And so, when you do that math, you can see that we're probably a couple of quarters, maybe three quarters away before you start to see a tailwind and then a real contribution.

因此，我們非常高興看到他和他的團隊所做的出色工作。因此，展望未來，當我們開始將這些改進計劃轉化為財務效益時，我們預計未來幾季內第四季之後的改進將在 25 個基點到 50 個基點之間。這就是我們的水晶球此刻所顯示的。因此，當你進行計算時，你會發現我們可能還需要幾個季度，也許三個季度的時間才能開始看到順風，然後看到真正的貢獻。

The other thing I'll highlight, which is really fundamental to the execution of the FAB is increasing the output capacity. And so as we said in our remarks, we have made some purchases to bring in more equipment to eliminate single point failures, open up areas where we have pinch points and capacity, and that will really allow the FAB to run more efficiently, which will also be a benefit to the overall profitability of the operation. So very excited about the transfer, did it about six months before we had originally planned.

我要強調的另一件事，對於 FAB 的執行來說真正至關重要的是提高產出能力。正如我們在發言中所說，我們進行了一些採購，引進了更多設備來消除單點故障，開放了存在瓶頸和容量的區域，這將真正使 FAB 運行得更有效率，這也將有利於整體運營的盈利能力。我對這次轉會感到非常興奮，比我們原計劃提前了大約六個月完成。

We had always wanted the FAB to come over as sort of a gross margin neutral. Clearly, we're just a little bit behind, about $1.5 million on a quarterly basis right now, and we think that's easily managed going forward.

我們一直希望 FAB 能夠達到毛利率中立的效果。顯然，我們只是稍微落後了一點，目前每季大約落後 150 萬美元，我們認為未來很容易實現這一目標。

And maybe Jack can add some comments around our future plans.

也許傑克可以對我們的未來計劃發表一些評論。

Yeah, great, thanks, Steve, and Quinn, we've had the FAB under our full control for all of a little less than two weeks at this stage. So we're still learning and finding items that are out there. We think we've got a good plan to make those improvements from a yield perspective. We are familiar with running a FAB of this size. We have similar capabilities here in Lowell, and that extends. To some of the suppliers that we have and making sure that we're linking up our supply base with the supply base that's down there at RTP.

是的，太好了，謝謝史蒂夫和奎因，目前我們已經完全控制了 FAB 不到兩週了。所以我們仍在學習和尋找現有的物品。我們認為，從收益角度來看，我們有一個很好的計劃來實現這些改進。我們熟悉運行這種規模的 FAB。我們在洛威爾擁有類似的能力，而這種能力可以延伸。對於我們擁有的一些供應商，並確保我們將我們的供應基地與 RTP 的供應基地連結起來。

So we've identified a number of different opportunities that we think we can work through over the next 90 days that will help improve the margins as we go forward and work our way through fiscal year 2026. So great effort and look forward to weaving the RTP FAB fully into MACOM, but a lot of work was done upfront to make sure we understood what we were working through as part of this transition, and a lot of that work had helped us to accelerate it and get it done, almost 6 months ahead of schedule.

因此，我們發現了一些不同的機會，我們認為我們可以在未來 90 天內實現這些機會，這將有助於提高利潤率，並幫助我們順利完成 2026 財年。我們付出了巨大的努力，並期待將 RTP FAB 完全融入 MACOM，但前期已經做了很多工作，以確保我們了解作為這一轉變的一部分我們正在進行的工作，其中很多工作幫助我們加速並完成了這一轉變，比計劃提前了近 6 個月。

Excellent, thank you for all that color. My second question just, I wanted to come back to the LPO opportunity. Very encouraging to hear, I think your first customer starting to go into volume production. Just wondering if you could talk about the pipeline you see for LPO adoption, are you seeing a broader number of customers, sort of, where you're engaged looking to go to production, say in fiscal '26 and beyond just any sort of sense of how quickly you could see broader adoption of LPO?

太棒了，謝謝你提供的所有顏色。我的第二個問題是，我想回到 LPO 機會。聽到這個消息非常令人鼓舞，我想您的第一位客戶已經開始大量生產了。只是想知道您是否可以談談您所看到的 LPO 採用管道，您是否看到了更廣泛的客戶，您是否希望在 26 財年及以後投入生產，您是否能以任何速度看到 LPO 得到更廣泛的採用？

Yes, so if we take a step back and look at some of the work we showcased at the OFC at the end of March, beginning of April this year, it's important to highlight that our demonstration at our booth had an LPO ecosystem being showcased. Which included utilizing switches from two different vendors, servers from three different vendors, and we had 12 different module manufacturers showcasing their hardware, which was either running at 400 GB or 800GB, and both multi-mode and single mode solutions.

是的，所以如果我們回顧一下我們在今年 3 月底、4 月初在 OFC 上展示的一些工作，重要的是要強調我們在展位上的演示展示了一個 LPO 生態系統。其中包括使用來自兩個不同供應商的交換機、來自三個不同供應商的伺服器，並且我們有 12 家不同的模組製造商展示他們的硬件，這些硬體運行在 400 GB 或 800GB 上，並且有多模和單模解決方案。

And so that really, I think it puts a stake in the ground as to where LPO was back in March. And so now as we look at where we're at today, a lot of that hardware is being qualified by end users, and we're starting to see production orders roll in and so we're very happy about that and so we do believe that over time we will continue to sign up new customers for this application and then of course, you might ask why is that and I think fundamental to the LPO solution is it's a solution that eliminates the DSP, which means it's lower power, lower latency, lower cost, it's easier to use, and it's ideal for short lengths.

因此，我認為這確實為 LPO 在 3 月的處境奠定了基礎。現在，當我們回顧目前的情況時，我們發現許多硬體都已通過最終用戶的認證，我們也開始看到生產訂單紛至沓來，對此我們感到非常高興，我們也相信隨著時間的推移，我們將繼續為該應用簽約新客戶，當然，您可能會問這是為什麼，我認為 LPO 解決方案的根本在於它是一種消除 DSP 的解決方案，這意味著更適合使用成本更低、更便宜、更便宜、更便宜、更便宜、更便宜、更便宜、更便宜、更便宜、更便宜、更便宜、成本更低、更低、成本更低

Now the challenge of course is the customer needs to work on getting acceptable bid error rate over all of their use cases. There has to be very clean interop between all the different hardware, and you lose some of the creature features of the DSP in the application, and sometimes that is a problem for the end user.

現在的挑戰當然是客戶需要努力在所有用例中獲得可接受的出價錯誤率。所有不同的硬體之間必須有非常清晰的互通性，並且您會在應用程式中丟失 DSP 的一些生物功能，有時這對最終用戶來說是一個問題。

The adoption of LPO is compelling for the reasons I stated, but it also has its challenges, which means it's not ideal for all cases, but we are seeing pull, and I would say that that pull is increasing as we stand here today, I would say that we've signed up one customer for production. We're very close to signing up a second, and we expect that as we move into 2026, there'll be more business.

由於我所述的原因，採用 LPO 是引人注目的，但它也面臨挑戰，這意味著它並不適合所有情況，但我們看到吸引力，我想說這種吸引力正在增加，因為我們今天站在這裡，我想說我們已經簽約了一位生產客戶。我們即將簽署第二份協議，我們預計隨著進入 2026 年，將會有更多的業務。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Hey, good morning. Thanks to my question. I wanted to ask on the industrial defense, you had strong growth in June, and it looks like it continues in September. I'm just kind of curious, as it relates to 1.1 book to build, if you could just talk about industrial and defense trends, what's driving the strength, and a lot of people with broader industrial businesses have been kind of people have been worried about whether it's starting to tail off, just, specifically anything that you're seeing in industrial, would be great as well.

嘿，早安。感謝我的提問。我想問一下關於工業防禦的問題，你們六月實現了強勁增長，而且看起來這種勢頭將在九月持續下去。我只是有點好奇，因為它與 1.1 本書的構建有關，如果您可以談論工業和國防趨勢，是什麼推動了這種力量，並且許多擁有更廣泛工業業務的人都擔心它是否開始逐漸減弱，具體來說，您在工業領域看到的任何東西也會很棒。

Yes, most of the growth in our industrial and defense category is coming from defense. So let's be clear about that. And that the book to bill of our ID business has been over one for at least six quarters, maybe five quarters, so that the category has been doing quite well.

是的，我們工業和國防類別的大部分成長來自國防。所以讓我們明確這一點。我們的 ID 業務的訂單出貨比至少已經超過 1 個季度了，也許是五個季度了，所以這個類別的表現相當不錯。

The industrial category for us is a little bit of a catch-all, and we did start to see some improvement this past quarter, as I mentioned, in our general business. Some of that's test and measurement related, some of it's medical related, but generally speaking, it's the industrial is a small segment for us and our main strategic focus is taking full advantage of the expanding and growing defense market. And so we really put all our resources on that and so I would just say that the industrial Macom is not a bellwether for how that market is doing. It's a small piece of our business and it's a general category and it's slightly improving today.

對我們來說，工業類別有點包羅萬象，正如我所提到的，上個季度我們確實開始看到我們的整體業務有所改善。其中一些與測試和測量有關，有些與醫療有關，但總的來說，工業對我們來說只是一個小部分，我們的主要戰略重點是充分利用不斷擴大和增長的國防市場。因此，我們確實把所有資源都投入到了這一點上，所以我想說，工業 Macom 並不是該市場表現的領導者。這是我們業務的一小部分，屬於一般類別，目前情況略有改善。

Great thanks. And then I wanted to ask, and I feel bad asking the question because it's been such a good segment since the acquisition, but as we kind of look at you trying to fill this RTP FAB, just curious down slightly in September. What's driving that and you know, I guess.

非常感謝。然後我想問一下，我不好意思問這個問題，因為自從收購以來這一直是一個很好的細分市場，但是當我們看著你試圖填補這個 RTP FAB 時，只是好奇 9 月份的情況略有下降。我想，是什麼推動了這一進程，你知道的。

When you look at this RF business, I think it surprised a lot of people how strong it had been, and you have this great opportunity to gain some share with this capacity maybe just comment on September and then, the kind of outlook for the RF business in general.

當你看到這個射頻業務時，我想很多人會感到驚訝，它曾經是多麼強大，而且你有這個絕佳的機會利用這種產能獲得一些份額，也許只是對 9 月份的評論，然後是整個射頻業務的前景。

Right, and we're very happy that our telecom business generally speaking has been growing really since the beginning of the end of our fiscal 23, and we are running near record levels. And so when you sort of compare our Q3 performance to our Q4 guide, it's, I would say noise level differences. It's not meaningful. I think what's important to note is the secular growth of SATcom, satellite communications, where we have a very strong position on the ground, gateways as well as on the satellites.

是的，我們很高興看到我們的電信業務自 23 財年末以來一直在成長，目前已接近歷史最高水準。因此，當您將我們的 Q3 表現與 Q4 指南進行比較時，我會說噪音水平存在差異。這沒什麼意義。我認為值得注意的是衛星通訊的長期成長，我們在地面、網關以及衛星方面都佔據著非常強勢的地位。

We are seeing solid business, and we are predicting growth into next year for our 5G business year over year. We are starting to see some improvements in our 10G on business over the last couple of quarters, so I wouldn't read anything into the modest sequential decline going into Q4. The fact is, on a full year basis, our telecom business should grow over 40%. So I think we're quite happy with that.

我們的業務表現穩健，我們預計明年我們的 5G 業務將逐年成長。在過去的幾個季度中，我們開始看到 10G 業務有所改善，因此我不會對第四季度的溫和連續下滑做出任何解讀。事實上，以全年計算，我們的電信業務應該會成長 40% 以上。所以我認為我們對此非常滿意。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey you guys, thanks for taking my question. And, congrats to, the team for reaching that $1 billion run rate in the June quarter. I know that's what you kind of started out on this adventure targeting, so congrats on that. I wanted to start off, on the data center bucket, so continued strong growth into the back half of this year. Can you walk through the movie. Pieces of that bucket.

嘿，大家好，感謝你們回答我的問題。並且，恭喜團隊在 6 月季度實現了 10 億美元的營運率。我知道這就是你開始這次冒險的目標，所以恭喜你。我想從資料中心開始，因此今年下半年將繼續保持強勁成長。能講解一下這部電影嗎？那個桶子的碎片。

Historically, I think the largest piece had been kind of TAAs and drivers and optical modules and ACC was kind of coming up the curve, and now you're getting some LPO contribution. But in terms of the drivers of what's continuing that strength here into the back half of the calendar year, maybe spend some time just walking through where specifically you're seeing the strength in that bucket.

從歷史上看，我認為最大的部分是 TAA、驅動器和光學模組，ACC 正在逐漸上升，現在你正在獲得一些 LPO 貢獻。但就推動這種強勁勢頭延續到下半年的驅動因素而言，也許需要花一些時間來具體了解您看到這一領域強勁表現的具體原因。

Sure. And as I said in my remarks, we are seeing broad strength this year across all of the data rates. So I just want to highlight that. To begin with, and I'll also remind listeners that in 2023 we had about 6% year over year growth. In 2024 we had 35%, and now we're triangulating for 2025 to have about 48% year over year growth. So very very strong performance. We've had some great success, primarily at the higher data rates, so 1.6%, 800GB, 400GB, our business and our positions there have been quite strong.

當然。正如我在演講中所說，今年我們看到所有數據速率都呈現普遍強勁勢頭。所以我只想強調這一點。首先，我還要提醒聽眾，2023 年我們的年成長率約為 6%。2024 年我們的成長率為 35%，現在我們預計 2025 年的年成長率將達到 48% 左右。表現非常非常強勁。我們取得了一些巨大的成功，主要是在更高的數據速率方面，即 1.6%、800GB、400GB，我們的業務和地位一直相當強勁。

And I'll highlight, what we're excited about right now is that we're diversifying the revenue stream and that's why I wanted to highlight that LPO is coming in our PDs are coming online. We see many customers moving to the higher data rates and they're coming to recognize that it might be more affordable to use an ACC solution. Or to use an LPO solution than a full DSP-based module. So there's a lot of pull there.

我要強調的是，我們現在興奮的是，我們正在實現收入來源多樣化，這就是為什麼我想強調 LPO 即將在我們的 PD 中上線。我們看到許多客戶正在轉向更高的數據速率，他們開始意識到使用 ACC 解決方案可能更經濟實惠。或使用 LPO 解決方案而不是基於完整 DSP 的模組。因此，那裡有很大的吸引力。

We remain focused on analogue solutions. We are not, even though we do have a DSP in production, we are not spending our R&D dollars on DSP technology. We are spending our R&D dollars on looking forward at the next data rates, and that's why I mentioned the 300GB and the 400GB R&D work that we're doing.

我們仍然專注於模擬解決方案。我們沒有，儘管我們確實在生產 DSP，但我們並沒有在 DSP 技術上投入研發資金。我們投入研發資金來展望下一個數據速率，這就是我提到我們正在進行的 300GB 和 400GB 研發工作的原因。

So, great work by the team. Generally speaking, we were, engaged not only with the pluggable module, people that are in the market, but also people that are working on CPO, some people call it NPO. So we are working with companies that want to push optics onto the PCBs, onto the switchboards, and from our point of view, it's an LPO solution without the package.

所以，團隊做得很好。一般來說，我們不僅與可插拔模組市場中的人員合作，還與從事 CPO（有些人稱之為 NPO）工作的人員合作。因此，我們正在與那些希望將光學元件推到 PCB 和配電盤上的公司合作，從我們的角度來看，這是一種無需封裝的 LPO 解決方案。

Now, the one last thing I'll highlight is our fiscal '25 was a very good year for our linear equalizer for a 1.6% application and our lead customer there is basically during the course of this year they ramped up that application and they ramped it down. And so when we look into our fiscal 26, we want to make sure that we are able to add new 800 or 1.60 programs to our business and we are working to that end. So while we do see lots of growth across the product segments, I think the year over year comps on ACC are still to be determined.

現在，我要強調的最後一件事是，對於我們的 1.6% 應用的線性均衡器而言，25 財年是非常好的一年，而我們的主要客戶基本上在今年內增加了該應用，然後又減少了該應用。因此，當我們審視我們的財政年度 26 時，我們希望確保能夠為我們的業務增加新的 800 個或 1.60 個項目，並且我們正在為此而努力。因此，儘管我們確實看到各個產品領域都出現了大幅成長，但我認為 ACC 的同比表現仍有待確定。

Helpful. And then, the second one is maybe for Jack just on RTP. So you gave some of the cadence on headwind turning into tailwind over the next couple of quarters, but, I know you guys don't want to give away your secret sauce here, but I remember kind of early days of that deal, you had talked about potentially bringing some product in-house that you had done. Externally, could you maybe talk about the product roadmap at RTP?

很有幫助。然後，第二個可能只是針對 Jack 的 RTP。因此，您給出了未來幾季逆風轉為順風的一些節奏，但我知道您不想在這裡洩露秘密，但我記得在那筆交易的早期，您曾談到可能將一些您已經完成的產品帶回公司內部。從外部來看，您能談談 RTP 的產品路線圖嗎？

Is it something where you can bring in compound semis, or make any changes to the product that's coming out of there that also offers the next leg of growth and margin improvement? Just anything that you can offer on strategy longer term with that FAB and why it's so critical for you guys. Thank you.

您是否可以引入複合半導體，或對由此推出的產品進行任何改變，從而實現下一階段的成長和利潤率的提高？您能否提供任何有關 FAB 的長期策略建議，以及為什麼它對您們如此重要。謝謝。

Yes, maybe I'll say a few words first, Tom, and then Jack can add some comments. So when we first acquired the business, we recognized that their mimic portfolio was too small. They had a lot of great foundry business which we wanted to continue to grow, and they had a very good position in 5G. And so when we look at how to improve the margins, obviously looking at adjusting the product mix there primarily weighing towards mimics, which are generally very high margin products.

是的，也許我會先說幾句話，湯姆，然後傑克可以補充一些評論。因此，當我們第一次收購該企業時，我們就意識到他們的模擬投資組合太小了。他們有很多優秀的代工業務，我們希望這些業務能繼續發展，而且他們在 5G 領域佔有非常好的地位。因此，當我們研究如何提高利潤率時，顯然要考慮調整產品組合，主要考慮模仿產品，這些產品通常是利潤率很高的產品。

We wanted to make sure that we had. The best designers in the industry to make use of the processes they have, and you've seen us take actions with hiring and adding R&D resources to our mimic design teams, including the recent acquisition of a company called Engenic, which has design centers in Dallas and San Diego. And so we really feel great about our design talent, which will drive high value products through that FAB.

我們想確保我們已經做到了。業界最優秀的設計師充分利用他們現有的流程，您已經看到我們採取行動，招募員工並向我們的模擬設計團隊增加研發資源，包括最近收購一家名為 Engenic 的公司，該公司在達拉斯和聖地亞哥設有設計中心。因此，我們對我們的設計人才感到非常滿意，這將透過 FAB 推動高價值產品的發展。

When you specifically asked about sort of insourcing and so there was a part of the RF business supporting 5G includes purchasing from external suppliers, things like capacitors and passive devices, we call them IPDs that might be used in a matched amplifier module. And we have a very active program to insource all of that.

當您具體詢問內部採購的情況時，支援 5G 的 RF 業務的一部分包括從外部供應商購買電容器和被動元件等，我們將它們稱為 IPD，可能會用於匹配的放大器模組。我們有一個非常積極的計劃來將所有這些都納入其中。

And we will insource it most likely in our Lowell facility, which will also solve the other issue which is, the utilization issues that we've been talking about here in Lowell. So our strategy for improving the profitability of the products includes making use of all of the technologies at our different FABs. And so some of the insourcing that I think you're referring to is more insourcing some of the silicon. In gas passives that are currently outsourced into one of our other FABs.

我們很可能會在洛威爾工廠進行內部採購，這也將解決另一個問題，即我們在洛威爾一直在討論的使用率問題。因此，我們提高產品獲利能力的策略包括利用我們不同 FAB 的所有技術。所以我認為您提到的部分內部採購更多的是部分矽片的內部採購。目前，氣體被動元件已外包給我們的另一個 FAB。

Did you want to add to that. Jack?

你想補充一點嗎？傑克？

The only thing I would add is that, as we had noted going back over the past year or so, we saw some pretty good strength from our 5G telecom customers. I think a lot of that was a result of MACOM getting involved, and they appreciated the relationship with MACOM. And themselves, so that helped to expand some of the market share we had and to grow the business. There's also the IND piece of the business or the defense piece of the business that goes through that FAB.

我唯一想補充的是，正如我們在過去一年左右所注意到的，我們的 5G 電信客戶表現出了相當強勁的實力。我認為這在很大程度上是 MACOM 參與的結果，他們很重視與 MACOM 的合作關係。以及他們自己，所以這有助於擴大我們的市場份額並發展業務。還有透過 FAB 進行的 IND 業務部分或防禦業務部分。

It is a trusted foundry similar to what we have here in Lowell, so we think that's a strategic capability that we have. And as we've mentioned, it takes a little bit longer to to get things moving from a defense customer perspective. But we have made great strides over the past year or so with those customers and see that as an opportunity to help support growth and with the FAB under our control, we'll be able to expand the capacity.

它是一家值得信賴的鑄造廠，與我們在洛威爾的鑄造廠類似，因此我們認為這是我們擁有的戰略能力。正如我們所提到的，從國防客戶的角度來看，事情需要更長的時間才能取得進展。但在過去一年左右的時間裡，我們與這些客戶取得了長足的進步，並將其視為幫助支持成長的機會，而且在我們的控制之下，FAB 將能夠擴大產能。

We talked about adding some equipment over the next 12 to 18 months. So you know we think we're in a good spot to help improve the overall fundamentals of that FAB as we work our way through fiscal year '26 and beyond.

我們討論了在未來 12 到 18 個月內增加一些設備。因此，您知道，我們認為我們處於一個良好的位置，可以幫助改善 FAB 的整體基本面，因為我們正努力度過 26 財年及以後。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾·阿克曼。

Yes, thank you. I was a lot of good questions already within Datacom and industrial so and the facts I want to pivot a bit to telecom. I guess why, yeah, why flat growth in telecom giving a going strength in DCI. And similar to that, when you, I guess what would we expect a pick up in SATcom from some of the breadth of the design winds you've previously communicated? Does that begin to pick up back in December and and end in 2026? Any thoughts on the SAT com opportunity within Telecom would be great as well. Thanks.

是的，謝謝。我已經在數據通訊和工業領域提出了很多好問題，因此我想稍微轉向電信領域。是的，我想為什麼電信業的平穩成長會為 DCI 產業帶來持續成長的動力。與此類似，我想，根據您之前傳達的一些設計風向，我們會對 SATcom 的興起抱持怎樣的期待？這種現像是否會從 12 月開始回升並於 2026 年結束？關於電信行業內的 SAT 通訊機會的任何想法也都很好。謝謝。

Sure, thank you, Carl. You're correct to highlight that our DCI or Metro long haul business is doing quite strong. We have lots of programs running in terms of very high data rate for long haul as more and more data centers are being built out, it's driving the need for hardware that is in some instances coherent-based solutions. So that business is doing quite well. So that's really not an issue there. I think the quarter over quarter.

當然，謝謝你，卡爾。您說得對，我們的 DCI 或城際長途業務表現相當強勁。隨著越來越多的資料中心的建設，我們有許多程式在以非常高的資料速率運行，以實現長距離傳輸，這推動了對硬體的需求，在某些情況下，這種硬體是基於相干的解決方案。所以這項業務做得相當不錯。所以這實際上不是一個問題。我認為季度環比增長。

If you're seeing in 4Q, I would say is more to do with just managing the backlog, generally speaking, and working with customers to hit their dates. And again, I do have to remind you, like I mentioned earlier that year over year our telecom business in the fourth quarter as forecasted is doing quite well. So, the year over year numbers are very solid. So I don't think there's anything fundamentally broken there. I think it's that market has seen some great growth this year, and we would expect and we've said, and we've talked about the fact that the potential within this segment is quite large. And then your last comment about how are the various satellite programs running.

如果您看到第四季度的情況，我想說，總體而言，這更多地與管理積壓訂單以及與客戶合作以滿足他們的日期有關。我必須再次提醒您，正如我之前提到的，與去年同期相比，我們的第四季電信業務表現相當不錯，正如預測的那樣。因此，同比數據非常穩健。所以我不認為那裡有任何根本性的問題。我認為今年該市場已經取得了一些巨大的成長，正如我們預期的那樣，我們已經說過，我們已經討論過這一領域的潛力相當大。然後您最後評論一下各個衛星計畫的運作。

I did provide an update on last quarter's call that we were finishing up the mimic design phase. We were building engineering models. That work continues and in the near term we're looking. Delivering that our major customer for that one large order engineering models and then once they go through a review of that hardware, we go through what they call the CDR critical design review. We lock down the design and then we start production. The timing of that right now hasn't really changed. We're thinking production could start as early as the end of this calendar year or the beginning of next calendar year. It will really depend on the results of the work that we're doing over the next few months.

我在上個季度的電話會議上確實提供了最新消息，我們正在完成模擬設計階段。我們正在建造工程模型。這項工作仍在繼續，我們期待近期的進展。向我們的主要客戶提供一個大訂單工程模型，然後一旦他們通過了硬體審查，我們就會進行所謂的 CDR 關鍵設計審查。我們確定設計然後開始生產。目前這個時間點其實還沒有改變。我們認為生產最快可能在今年年底或明年年初開始。這實際上取決於我們未來幾個月所做工作的成果。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes, thank you. Steve, you talked about the photo detective product, with the TIA, and I think you mentioned the cheap scale package. I'm just trying to understand, the value proposition there. I mean, it does sound like a level of integration that perhaps some of your competitors don't have. And could you talk a little bit about what specific, use cases there will be for those TIAs? And what I mean by that is that sort of intersecting 800 gig or 1.6 or is it more broad-based than that?

是的，謝謝。史蒂夫，你談到了照片偵探產品和 TIA，我想你還提到了廉價的規模包。我只是想了解那裡的價值主張。我的意思是，這聽起來確實像是您的一些競爭對手所不具備的整合程度。您能否稍微談談這些 TIA 的具體用例？我的意思是，這種相交是 800 千兆還是 1.6 千兆，或是比這更廣泛的範圍？

Great, thank you for the question, Tori. So our photo detector product area is world class in our, in my opinion, and our team's opinion. It's fundamentally rooted in [Epi] design and also the chip design itself. The chip design is backed by submicron processing that allows us to do very close alignment of all the various layers on these photo detectors.

太好了，謝謝你的提問，Tori。因此，在我看來以及我們團隊看來，我們的光電探測器產品領域是世界一流的。它從根本上植根於 [Epi] 設計以及晶片設計本身。這款晶片設計採用亞微米處理技術，使我們能夠對這些光電探測器上的各個層進行非常緊密的對齊。

We -- our products have industry leading dark currents, which means the products are very stable over time, very reliable over time. Our products are what they call self-hermetic, which means they can, you don't need to put them in a hermetic, hermetically sealed module, so they can be open to the environment, and we use a very special processing to achieve self-metricity, which is unique, we believe. And we have a very good control over the lens Fabrication process both on the front side and aligning the lens to the backside of the device.

我們的產品具有業界領先的暗電流，這意味著產品隨著時間的推移非常穩定，非常可靠。我們的產品是所謂的自密封產品，這意味著它們可以，你不需要把它們放在密封的模組中，所以它們可以對環境開放，我們使用一種非常特殊的處理來實現自密封性，我們相信這是獨一無二的。我們對鏡頭製造過程（包括鏡頭正面和鏡頭與設備背面的對齊）都有很好的控制。

And so a lot of engineering has gone into these designs. MACOM has been known historically for having The most sensitive photo detectors in the industry and historically our customer base has been test and measurement companies, people that are making optical testers that might have a sort of a gold box optical receiver in the piece of test equipment that we manufactured. And over the last year we have been focusing very heavily on winning high volume sockets in the data center in 2025 and 2026. You're going to see the results of that effort.

這些設計中融入了大量的工程技術。MACOM 歷來以擁有業內最靈敏的光電探測器而聞名，我們的客戶群一直是測試和測量公司，這些公司製造光學測試儀，我們製造的測試設備中可能有一種金盒光接收器。在過去的一年裡，我們一直致力於在 2025 年和 2026 年贏得資料中心的大容量插槽。您將會看到這項努力的成果。

And to do that, I would just add that we have really set a very nice foundation for high volume testing in manufacturing to meet what really looks like massive step-ups in volume for us. So we're very excited with the with the work that the team is doing. It's been a group effort between our business units, our operations, our, applications teams, and where these parts are used. So it's a 200 gig per lane photo detector, so it's suitable for, an 800-gig receiver or a 1.6T receiver. So in the case of a 1.6T receiver, it would require eight photo detectors. So you're talking about, millions and millions and millions of devices.

為了做到這一點，我只想補充一點，我們確實為製造業的大量測試奠定了非常好的基礎，以滿足我們真正需要的大規模批量提升。因此，我們對團隊所做的工作感到非常興奮。這是我們業務部門、營運部門、應用團隊以及這些零件使用部門共同努力的成果。因此，它是每通道 200 千兆的光電探測器，因此適用於 800 千兆接收器或 1.6T 接收器。因此，對於 1.6T 接收器，它需要八個光電探測器。所以你說的是數以百萬計的設備。

Yeah, no, that's a great color. And as my follow up, you mentioned [PCIe 7]. I assume these are again PCIe over fiber products and not copper, and, again from to sort of trying to understand the timing of that, with this again try and intersect. I guess the 2027 cycle, or could we start to see some revenues even before then?

是的，不，那顏色很棒。正如我接下來提到的，[PCIe 7]。我認為這些是 PCIe 光纖產品，而不是銅線產品，並且，再次嘗試了解其時間，再次嘗試相交。我猜是 2027 年周期，或者我們可以在那之前開始看到一些收入嗎？

So I, yes, you're right that PCIe 7 is. Is optical based and we are working with some customers as well on I would say electrical solutions that are, that will maybe come online before PCIe 7. PCIe 7 is a fairly high data rate, bi-directional, lots of different lanes, 32 gigabits per lane, but many lanes. So as I highlighted in my comments.

是的，你說得對，PCIe 7 確實如此。基於光學，我們也在與一些客戶合作，我認為電氣解決方案可能會在 PCIe 7 之前上線。PCIe 7 具有相當高的資料速率、雙向、許多不同的通道，每條通道 32 千兆位，但通道數很多。正如我在評論中強調的那樣。

The compute industry is really pulling companies like MACOM into Their block diagrams because they need to add equalization as they move high speed data across their computer boards and so it's kind of a perfect ancillary solution and again all of this would fall under our equalizer and yes, to be very clear, we do have equalizer for PCIe that are electrical based, not just optical.

計算行業確實將 MACOM 等公司納入其框圖中，因為他們需要在計算機板上移動高速數據時添加均衡器，因此這是一種完美的輔助解決方案，所有這些都屬於我們的均衡器，是的，非常清楚，我們確實有基於電氣的 PCIe 均衡器，而不僅僅是光學的。

Harsh Kumar, Piper Jaffray.

哈什‧庫馬爾 (Harsh Kumar)，Piper Jaffray。

Yeah, hey guys, congratulations. First of all, on you had another solid and fantastic results. Steve, I wanted to understand the headwind with the margins. You got it a little bit earlier than you wanted. Is that simply it that the revenue isn't quite where it where it needs to be, and I want to understand what you can do or what you need to do. To overcome this small $1.5 million or 60 basis points of margin, are there any functional steps that are needed to be done?

是的，嘿夥計們，恭喜你們。首先，您又取得了一次堅實而出色的成績。史蒂夫，我想了解利潤方面的逆風。您得到它的時間比您想要的要早一點。這是否意味著收入還沒有達到應有的水準？我想了解您能做什麼或需要做什麼。為了克服這個小小的 150 萬美元或 60 個基點的利潤率，是否需要採取一些實際步驟？

Yes, I think it's, and maybe I'll say some comments and Jack can add on, but I think it really comes down to now taking full control of the FA and being able to fix all the things that we've not been able to fix to date. And so in our operations team is doing an absolutely phenomenal job moving the needle as quickly as we can, and I'll just highlight when we first brought the business over this this business was just in a pretty rough state financially.

是的，我認為是這樣，也許我會發表一些評論，傑克也可以補充，但我認為現在實際上要完全控制足協，並能夠解決我們迄今為止無法解決的所有問題。因此，我們的營運團隊正在做著非常出色的工作，盡快取得進展，我只想強調一下，當我們第一次接手這項業務時，這項業務的財務狀況非常艱難。

And so it's been quite transformative over the past 18 months and I'll highlight that even before we close the acquisition, we effectively worked with the seller to restructure the business. So that the day it came into Macom, it would be accretive to our earnings and we met that challenge and met that goal. And we also said that this acquisition would effectively pay for itself in three years, and we think we're on track as well. But as we go forward, it's looking at critical controls, it's looking at areas where we have unacceptable yields. It's turning the material through the FAB faster, which means sort of re-engineering the the industrial side of how material moves in the FAB.

因此，在過去的 18 個月裡，我們經歷了相當大的變革，我想強調的是，甚至在完成收購之前，我們就與賣方進行了有效的合作，以重組業務。因此，當它進入 Macom 時，它將會增加我們的收益，我們迎接了這項挑戰並實現了這一目標。我們也表示，此次收購將在三年內收回成本，我們認為我們也正在按計劃進行。但隨著我們不斷前進，我們正在關注關鍵的控制措施，關注產量不可接受的領域。它可以讓材料在 FAB 中更快地移動，這意味著重新設計材料在 FAB 中移動的工業方面。

So I wouldn't say or point to any one particular thing. I think it's 20 different projects that our team has in flight to incrementally improve financial performance. But the one thing I think we should really focus on, which is We can double the size of this business, and that is our plan. So when we look at our position in the market in gain on silicon carbide with this technology set, we have tremendous upside. And so it's an anchor technology that allows us to address major customers across test and measurement, military defense.

所以我不會說或指出任何特定的事情。我認為我們的團隊正在進行 20 個不同的項目，以逐步提高財務表現。但我認為我們真正應該關注的一件事是，我們可以將這項業務的規模擴大一倍，這就是我們的計劃。因此，當我們審視憑藉這套技術在碳化矽市場上的地位時，我們擁有巨大的優勢。因此，它是一項支柱技術，使我們能夠滿足測試測量、軍事防禦領域的主要客戶需求。

Telecommunications where we can not only sell this anchor product but also all of our other chips around it. So it's really helping Macom get to the next level. And so it's block and tackling in the near term and as we said earlier, 25 basis point to 50 basis point improvements over time, starting, beginning of next year.

在電信領域，我們不僅可以銷售這款主力產品，還可以銷售與之相關的所有其他晶片。因此，它確實幫助 Macom 更上一層樓。因此，這是短期內的阻礙和解決，正如我們之前所說，從明年年初開始，隨著時間的推移，將實現 25 個基點到 50 個基點的改善。

The thing I would add is just we did not have operational control of the entire FAB in terms of the workforce and how we run the equipment when we run the equipment up until a little less than two weeks ago. We had made some pretty good strides with our FAB operating committee.

我想補充的是，直到不到兩週前，我們還沒有對整個 FAB 的勞動力和設備運作方式進行控制。我們的 FAB 營運委員會取得了相當大的進展。

With the former owner of the FAB, so I think out of the gate we were doing pretty well. Obviously over the past six months, the former FAB owner has had a lot going on and there may have been a little bit of a lack of focus. I think that is what drove some of our decision to accelerate the transfer, and I think we were going to be more than willing to accept that little bit of a temporary margin step back for us to ultimately be able to accelerate some of the improvements that we're anticipating now that we have full control, so.

由於我們是 FAB 的前所有者，所以我認為我們一開始就做得很好。顯然，在過去的六個月裡，這位前 FAB 老闆做了很多事情，可能有點缺乏專注力。我認為這就是我們決定加速轉移的原因，我認為我們非常願意接受一點暫時的利潤縮減，以便我們最終能夠加速我們現在預期的一些改進，因為我們擁有完全的控制權，所以。

And once again, we're able to minimize the risk now that we can control it. So, hopefully, that color helps.

再次，既然我們能夠控制風險，我們就能夠將風險降至最低。所以，希望這種顏色能有所幫助。

With regard to that minor margin setback that we referred to --

關於我們提到的小幅利潤下滑--

No, it does, and thank you for that clarity. I guess my next question is also on the FA because most of the product, questions have been sort of asked. I guess I wonder if you would be willing to share with us what level of revenues this FAB is doing now and also, we understand it to be a telecom FAB, but from a technical competency, what kind of technologies can you have in this FAB and what kind of markets can it address?

不，確實如此，謝謝你的澄清。我想我的下一個問題也是關於 FA 的，因為大多數關於產品的問題都已經被問過了。我想知道您是否願意與我們分享這個 FAB 目前的收入水平，而且我們了解它是一個電信 FAB，但從技術能力來看，這個 FAB 可以採用什麼樣的技術，它可以滿足什麼樣的市場需求？

And then also I guess a multi-part questions when it's all said and done and when let's say two years from now I'm talking to you, what could the margins be for this company? Could they be agreed up to your corporate gross margins before you bought this, or would it fall somewhere in the same range? Sorry for the multi part.

然後我想還有一個多部分的問題，當一切都說完了，當兩年後我和你談話時，這家公司的利潤率是多少？在您購買之前，他們是否同意您的公司毛利率，或者是否會在同一範圍內？抱歉，內容比較多。

Harsh these are great questions. And before I answer or TRY to answer many of those questions, I'll also highlight something that we're very happy about is as we exit our fiscal 2025, we're really running at operating margins that are peaking, really in the last couple of years. So, Even though we had a little bit of a setback here on the gross margin, $101.5 million of of COGS or 60 basis points, the business and the overall fall through in the operating income of Macom is growing. And as we look into next year, we believe that the earnings are going to grow faster than the revenue. So I think we have very good control over a lot of the different moving parts.

哈什，這些都是很好的問題。在我回答或嘗試回答這些問題之前，我還要強調一件讓我們非常高興的事情，那就是當我們退出 2025 財年時，我們的營業利潤率確實在過去幾年裡達到了頂峰。因此，儘管我們的毛利率略有下降，銷貨成本為 1.015 億美元，即下降了 60 個基點，但 Macom 的業務和營業收入的整體下降幅度仍在增長。展望明年，我們相信獲利的成長速度將快於收入的成長速度。所以我認為我們對許多不同的活動部件都有很好的控制力。

When you ask about the revenue by the FAB, that's probably a little sensitive to discuss in any level of detail. We did announce when we acquired the FAB what the prior 12 month run rate was, but we really haven't updated the business since then for competitive reasons, publicly. When we look at the strategic value of the FAB and I think that it is not just a telecom FAB, they have, they, when you look at their core technology, the core technology, it's essentially a very high power ga silicon carbide.

當你詢問 FAB 的收入時，討論這個細節可能有點敏感。我們在收購 FAB 時確實宣布了前 12 個月的運行率，但出於競爭原因，我們此後並沒有公開更新業務情況。當我們審視 FAB 的戰略價值時，我認為它不僅僅是一個電信 FAB，當你審視他們的核心技術時，你會發現，核心技術本質上是一種非常高功率的碳化矽。

That operates up through expand or around 10 GHz on most of their most of the legacy processes. Those are ideal for very high power applications. A lot of that technology can replace LDMOS, especially in military applications where you have you can achieve higher powers and get better efficiencies.

在大多數傳統流程中，其運行速度可達擴展或 10 GHz 左右。這些對於高功率應用來說是理想的。許多技術可以取代 LDMOS，特別是在軍事應用方面，您可以實現更高的功率並獲得更好的效率。

The RTPFA also has a 0.15 micron process for microwave applications, and that process operates up to about 20 gigahertz. So now you're able to capture backhaul radio links, you're able to capture other telecommunication, applications, military applications, and it covers many SATcom bands. SATcom is one of our fastest growing areas. We've talked a lot about it over the last couple of years, with more and more Leo constellations being launched and Neo constellations, the RTP technology is ideal for those applications.

RTPFA 還擁有用於微波應用的 0.15 微米工藝，該工藝運行頻率高達約 20 千兆赫。因此，現在您可以捕獲回程無線電鏈路，能夠捕獲其他電信、應用程式、軍事應用程序，並且它覆蓋許多 SATcom 頻段。衛星通訊是我們發展最快的領域之一。在過去的幾年裡，我們對此進行了很多討論，隨著越來越多的獅子座星座和近地天體星座的發射，RTP 技術對於這些應用來說是理想的選擇。

And I'll also add that many of these platforms are now adding direct to cell or direct to device connectivity, which typically run at the cellular bands, and that is where we really have an advantage where we have a very strong position in 5G. And many of these LEO satellites are effectively flying base stations where they need transmitters and receivers, and MACOM has great technology to support that. And then the last thing I'll add is it is a trusted foundry with a very high MRL level for to support military production programs.

我還要補充一點，許多平台現在都增加了直接到蜂窩或直接到設備的連接，這些連接通常在蜂窩頻段運行，而這正是我們真正的優勢所在，我們在 5G 領域佔據著非常強勢的地位。許多低地球軌道衛星實際上都是飛行基地台，需要發射器和接收器，而 MACOM 擁有強大的技術來支援這一點。最後我要補充的是，它是一家值得信賴的鑄造廠，具有非常高的 MRL 水平，可以支援軍事生產計劃。

And so that business for MACOM is booming and it's booming because we have a very strong amplifier and transmitter design capability and when you combine that system level capability, engineering capability with the G silicon carbide technology at RTP, we're hard to beat. So we're very excited about the prospects and as I said earlier, I'm confident we can double this business, double the revenue of this business.

因此，MACOM 的業務正在蓬勃發展，這是因為我們擁有非常強大的擴大機和發射器設計能力，當你將系統級能力、工程能力與 RTP 的 G 碳化矽技術結合時，我們很難被擊敗。因此，我們對前景感到非常興奮，正如我之前所說，我相信我們可以使這項業務翻一番，使這項業務的收入翻倍。

David Williams, The Benchmark Company.

大衛威廉斯（David Williams），基準公司。

Hey, good morning, and thanks for letting me jump on. I guess maybe first thinking about the lower speeds you talked about that are gaining some traction. What is driving that? Is it more of just the expansion beyond the core data center and into maybe edge AI that's kind of moving out or maybe anything that's driving the the legacy type solutions?

嘿，早上好，謝謝你讓我加入。我想也許首先要考慮的是您談到的正在獲得一些關注的較低速度。是什麼原因導致的呢？它是否只是超越核心資料中心的擴展，並進入邊緣人工智慧，或推動傳統解決方案的任何事物？

Yes, we, I think your thinking is correct there. We believe that as the as the AI data centers basically begin to expand, there's sort of a front end traditional data center maybe in front of it looking towards the internet, and so we are seeing an uptick across. Various product categories that would support that, forward-looking, the forward-looking equipment. And so we think that the lower data rates are being sort of dragged along because of the build outs and we believe that's why our our lower data rates are are growing.

是的，我認為你的想法是正確的。我們相信，隨著人工智慧資料中心開始擴展，可能會出現一種面向互聯網的前端傳統資料中心，因此我們看到了這種上升趨勢。各種支援該前瞻性產品類別和前瞻性設備的產品類別。因此，我們認為較低的數據速率是由於建設而被拖累的，我們相信這就是我們的較低數據速率不斷增長的原因。

Okay, great.

好的，太好了。

And I would assume that those products probably have a little better, margin profile and then just secondly on that, can you talk, is there, the, what the impact is from the utilization or underutilization at the Lowell FAB?

我認為這些產品的利潤率可能會更好一些，其次，您能否談談，洛厄爾工廠的利用率或利用不足會產生什麼影響？

Yeah, so, well, two things. The lower data rate products are in most of our, drivers and TIAs are not processed in MACOM FABs, so I want to clarify that. So it's not necessarily impacting the low utilization. And then your question about are the margins higher at the lower data rates, we don't, we probably can't comment specifically on that. And over time as volumes go up, typically prices come down.

是的，那麼，有兩件事。我們大多數的驅動器和TIA數據速率較低的產品不在MACOM FAB中處理，所以我想澄清一下。所以它不一定會影響低利用率。然後您的問題是，在較低的數據速率下利潤率是否更高，我們不知道，我們可能無法對此進行具體評論。隨著時間的推移，隨著產量的增加，價格通常會下降。

That's a general trend, but at the same time with our yield enhancement programs and working with our supply chain, we're able to drive costs down. So it depends on the product, depends on the customer and the application as to whether these lower data rate products are sort of higher or lower margin. It depends.

這是一個總體趨勢，但同時，透過我們的產量提高計劃和與供應鏈的合作，我們能夠降低成本。因此，這取決於產品、客戶和應用，這些較低數據速率產品的利潤率是較高還是較低。這取決於。

Tim Savageaux, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Tim Savageaux 說道。

Hi, good morning, guys. Great job on the quarterly execution. I know there's been a lot of questions on the RTPA conveyance, but I would have thought that there would have been a gross margin step up on the transfer. I mean, you had a supply agreement in place. I assume that your cost per wafer under the supply agreement, well, was Wolf speeds fully loaded costs, right, which includes a lot of the deficiencies.

大家好，早安。季度執行情況非常好。我知道關於 RTPA 轉讓有很多疑問，但我原本以為轉讓會提高毛利率。我的意思是，你已經簽訂了供應協議。我假設根據供應協議，您的每片晶圓的成本是 Wolf speeds 的全部成本，對吧，其中包括許多缺陷。

And inefficiencies you've talked about, yields, etc. Right? But then they add a markup, so now with full ownership, you don't have that markup, which can imply better gross margins. So what am I sort of missing here?

還有您談到的效率低、產量等等，對嗎？但隨後他們會加價，所以現在有了完全所有權，你就沒有了加價，這意味著更好的毛利率。那麼我在這裡遺漏了什麼呢？

Yeah, so our goal was always to have the FAB come over as neutral or positive, and that, and so we clearly missed that goal. It's coming over and we're about 60 basis points away from where we would want it to be neutral.

是的，所以我們的目標始終是讓 FAB 呈現中立或積極的態度，但是，我們顯然沒有實現這個目標。它正在到來，我們距離希望的中性水平還有大約 60 個基點的距離。

I'm not going to comment on the supply chain agreement or the cost structures on our prior arrangements with. With full speed when we were not in full control of the FAB, so I really can't comment there. I think it's important to highlight that. As we've said multiple times that as we look forward, we expect to improve the performance of the FAB, which will drive gross margins. And remember, MACOM is a complex company. We have a FAB in Lowell.

我不會對我們之前安排的供應鏈協議或成本結構發表評論。當我們無法完全控制 FAB 時，我們以全速前進，所以我真的無法對此發表評論。我認為強調這一點很重要。正如我們多次說過的那樣，展望未來，我們期望提高 FAB 的性能，這將提高毛利率。請記住，MACOM 是一家複雜的公司。我們在洛威爾有一個 FAB。

We have a FAB in RTP. We have a small FAB in France, and we have our FAB in. [MichiGaN] and you combine that with a large business that is effectively a fabulous business, there's a lot of moving parts in our model and our gross margin model. We like the diversity of our business and our manufacturing footprint. We think it's a competitive advantage and as we review the execution of the acquisition, the integration, the transfer. We give ourselves a very high grade for for getting to where we're at today, and we think things will only improve from here.

我們在 RTP 中有一個 FAB。我們在法國有一個小型 FAB，我們在 MichiGaN 也有自己的 FAB，如果你把它與一個實際上非常棒的大型企業結合起來，我們的模型和毛利率模型中就有很多活動部件。我們喜歡我們業務和製造足跡的多樣性。我們認為這是一種競爭優勢，我們正在審查收購、整合和轉讓的執行情況。我們對自己今天所取得的成就給予了很高的評價，我們相信事情只會越來越好。

Perfect, thank you for that. And a lot of product questions and technology questions are asked, but Foundry, it's always been a part of the make com strategy, right? It's been a while since we caught up on this part of your business. I believe the team offers, I think, the most diverse set of 35 compound semiconductor processes in the industry, right, I think you guys have something like 20 different process types.

非常好，謝謝你。雖然有許多產品問題和技術問題被問到，但 Foundry 一直是 make com 策略的一部分，對嗎？我們已經有一段時間沒有了解你的這部分業務了。我相信團隊提供了業內最多樣化的 35 種複合半導體工藝，對吧，我認為你們有大約 20 種不同的工藝類型。

You support a number of different devices [architecturesdal, Mossvet, messed, Phamp]. Like, what's the traction been like in tracking Foundry programs? How big is Foundry as a part of your overall revenue profile today and maybe your view on the growth outlook for this part of your business?

您支援多種不同的設備[architecturesdal、Mossvet、messed、Phamp]。例如，追蹤 Foundry 專案的進度如何？目前，Foundry 在您整體收入結構中所佔比例有多大？您對這部分業務的成長前景有何看法？

I'm very impressed that you know all our processes, so thank you for that. You're exactly right. We have a very rich portfolio of processes, and I would perhaps invite investors and listeners to look at our summer newsletter, which we put out, and it highlights a few different things. A lot of the work we're doing with EW Systems, BAE Award, it talks about a contract we received from the French government.

您了解我們所有的流程，這讓我印象非常深刻，因此向您表示感謝。你說得完全正確。我們有非常豐富的流程組合，我或許會邀請投資人和聽眾看看我們發布的夏季時事通訊，它強調了一些不同的事情。我們與 EW Systems、BAE Award 合作開展的許多工作都與我們從法國政府獲得的合約有關。

And it also highlights and summarizes the various processes that we have at our various FABs, whether it's gallium arsenite, GA, some of the gas devices that we use for our limiters and some of our A&D customers, as well as some of our very high frequency GA on silicon. So you're exactly right to highlight that there is a lot of diversity.

它還重點介紹並總結了我們在各個 FAB 中採用的各種工藝，包括亞砷酸鎵 (GA)、我們用於限制器和一些 A&D 客戶的一些氣體設備，以及一些矽上的超高頻 GA。所以你說的非常正確，即存在很大的多樣性。

Our and our philosophy regarding Foundry is to is to allow customers access to our FABs as foundry customers. [MESC] has always had a foundry customer base in Europe. We're continuing to build that. Here in Lowell, we have a small number of foundry customers, mostly test and measurement and defense, and we welcome. From their business and we support that business and of course the FAB in North Carolina also supports Foundry. So our business model is to allow customers to design chips if that's the way they want to run their business, and we welcome their business as a supplier.

我們在晶圓代工方面的理念是，允許客戶以晶圓代工客戶的身份訪問我們的晶圓廠 (FAB)。 [MESC] 在歐洲一直擁有晶圓代工客戶群。我們正在繼續建造它。在洛厄爾，我們有少數代工客戶，主要是測試測量和防禦，我們歡迎。從他們的業務出發，我們支持他們的業務，當然北卡羅來納州的 FAB 也支持 Foundry。因此，我們的商業模式是允許客戶設計晶片，如果他們希望以此方式開展業務，並且我們歡迎他們作為供應商開展業務。

We don't break out the foundry numbers specifically, just again because of competitive reasons.

我們沒有具體公佈代工廠的數字，同樣是出於競爭的原因。

Tim Savageaux, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Tim Savageaux 說道。

Hey, good morning. Thanks for squeezing me in. I know we're running along here, but just a quick question. On telecom, which at least came in a little bit stronger than I expected. And I'd be curious in particular what you're seeing in in cable networking that does seem to be picking up a bit across the industry, and I'll just ask my follow up real quick here with regard to LPO you mentioned new engagement there, and on the topic of the business diversifying, is that with a new customer or a current large customer can you give us a little more color there. Thanks.

嘿，早安。謝謝你把我擠進來。我知道我們正在討論這個問題，但我只是想問一個簡單的問題。在電信方面，至少比我預期的強勁。我特別好奇您在有線電視網絡領域看到了什麼，整個行業似乎都在逐漸復蘇，我想在這裡快速問一下關於 LPO 的後續問題，您提到了那裡的新合作，關於業務多元化的話題，您能否為我們提供更多關於新客戶或現有大客戶的信息。謝謝。

Thank you. Yes, I'll start by saying our cable infrastructure business is growing. It's a small piece of the overall telecom number, but it is going in the right direction and it is growing, so we're pleased about that. The LPO engagements that we have, are with customers that we previously had done business with on other platforms, so they're not foreign to Macom.

謝謝。是的，首先要說的是我們的有線基礎設施業務正在成長。雖然這只佔電信業務總量的一小部分，但它正朝著正確的方向發展，而且還在成長，所以我們對此感到高興。我們與先前在其他平台上有過業務往來的客戶進行了 LPO 合作，因此他們對 Macom 來說並不陌生。

We've been supporting them, with our other products for some of their. Optical modules that are more traditional modules and as I mentioned in our script, we have one lead customer and we think that the dam is beginning to break and we'll be bringing on additional customers soon. I'm not sure I covered all of your questions, but I'll pause there.

我們一直在為他們提供支持，並為他們提供其他產品。光學模組是更傳統的模組，正如我在腳本中提到的那樣，我們有一個主要客戶，我們認為大壩開始破裂，我們很快就會帶來更多客戶。我不確定我是否回答了您的所有問題，但我會就此暫停一下。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Well, great, thanks guys for squeezing me in as well here. And my first question would be a quick and simple one or two parter here just to get a sense of size of revenues here. I'd love to get a sense of the split between I&D, especially the defense here. Sounds like it's going very well. I'd love to get that. And also, especially with the close of the RTP FAB, and you talked a lot about games today, what's the percentage of sales here coming from your various gain processes and products?

好吧，太好了，也謝謝大家把我擠到這裡。我的第一個問題是快速而簡單的一兩個部分，只是為了了解這裡的收入規模。我很想了解 I&D 之間的分歧，尤其是這裡的防禦。聽起來一切進展順利。我很想得到它。而且，特別是隨著 RTP FAB 的結束，而且您今天談了很多關於遊戲的話題，這裡的銷售額有多少百分比來自您的各種收益流程和產品？

Yeah, with regard to the IND split, that's varied over time. I think if you were to go back a number of years, we probably had a majority of our revenue coming through on the on the industrial side of the business. That's obviously changed over the past couple of years as the defense piece has picked up and also through some of the acquisitions. So we're probably closer to a 65, 35 split over time.

是的，關於 IND 分裂，它是隨著時間而變化的。我想，如果回顧幾年前，我們的大部分收入可能都來自工業業務。過去幾年，隨著國防業務的成長以及一些收購的進行，這種情況顯然發生了變化。因此，隨著時間的推移，我們可能會更接近 65% 和 35% 的比例。

And then on-again check.

然後再檢查。

Yeah, we don't generally break those pieces out as part of our public discussions.

是的，我們通常不會在公開討論中討論這些內容。

Okay, fair enough. I thought I'd try that one. My follow-on question is, as people are trying to model for 2026, I want to get a sense of relative growth by your segments here and maybe I'll offer a couple of thoughts here as I was trying to work through this, you're obviously seeing some tough comparison to the telecom business, and data center, it sounds like you're adding some new products which could continue that growth there and obviously defense is going well.

好吧，夠公平。我想嘗試一下。我的後續問題是，當人們試圖為 2026 年建模時，我想了解一下您所在各個細分市場的相對增長情況，也許我會在這裡提供一些想法，因為我正在努力解決這個問題，您顯然看到了與電信業務和數據中心的一些艱難比較，聽起來您正在添加一些新產品，這些產品可以繼續保持增長，而且顯然國防順利進展。

But I know you're not going to give us much on quantification, but if there's any relative growth by segments that you offer for next year, that'd be a great outlook. Thanks. That's all for me.

但我知道您不會給我們太多量化的信息，但如果您能提供明年各個細分市場的相對增長情況，那將是一個很好的前景。謝謝。對我來說就這些了。

Yes, thank you for the question. It's certainly difficult to discuss 2026 at this stage. I'll just highlight that 2025 we should be over 30% growth, maybe closer to 32% or 33% growth. All of our secular growth trends are intact across our core markets. Our portfolio has room to grow. We are still a small company relative to the $8 billion SAM that we sort of stand in front of. I would say at a high level, our revenues are slightly ahead of, maybe what we talked about previously in terms of achieving the $1 billion. We talked a lot about the gross margins being slightly behind and we acknowledge that.

是的，謝謝你的提問。目前階段討論 2026 年確實很困難。我只想強調，到 2025 年我們的成長率應該會超過 30%，甚至接近 32% 或 33%。我們所有核心市場的長期成長趨勢保持完好。我們的投資組合還有成長空間。相對於我們面前價值 80 億美元的 SAM，我們仍然是一家小公司。我想說，從總體上看，我們的收入可能略微超過了我們之前談到的實現 10 億美元的目標。我們多次討論毛利率略微落後的問題，我們承認這一點。

But our earnings are on track, and I think as we achieve that sort of billion dollar run rate, we should have earnings of over $4 a share as we improve the things that we need to improve. Clearly data centers volatile. We've talked about that in the past. That hasn't changed. Our position in the defense market, telecom market is very strong. I think we touched on some of those. Probably too early to talk about what markets will drive our growth next year. I think that's more likely a conversation we'll have on our next call as we wrap up our fiscal '25 and then look forward into 2026.

但我們的獲利仍在正軌上，而且我認為，隨著我們不斷改進需要改進的地方，我們實現 10 億美元的營業額，每股收益應該會超過 4 美元。顯然資料中心是不穩定的。我們過去曾討論過這個問題。這一點沒有改變。我們在國防市場、電信市場的地位非常強。我想我們已經談到了其中的一些。現在談論哪些市場將推動我們明年的成長可能還為時過早。我認為這更有可能是我們下次電話會議上的討論，因為我們將結束 2025 財年並展望 2026 年。

William Stein, Truist Securities.

威廉·斯坦（William Stein），Truist Securities。

Great, thanks for taking my question. I fear I might have misheard the last one and I hope I'm not asking the same question, but there's been a lot of attention paid today on this call, I think to the gross margin. Effect of the, RTP FAB conveyance. We understand there's one other, aspect of the business that's, preventing gross margins from, achieving the.

太好了，感謝您回答我的問題。我擔心我可能聽錯了最後一個問題，我希望我沒有問同樣的問題，但今天有很多人關注這個電話會議，我認為是關注毛利率。RTP FAB傳送的效果。我們知道，業務中還有另一個面向阻礙了毛利率的實現。

The targets that you established at some points were 60% plus at a billion-dollar run rate and you're guiding lower than that, so part of it, I get it, it's the RTP FAB conveyance. I think the other piece is utilization Lowell, but can you talk about your ability to tracked towards that 60% level, you discussed improvement in utilization and performance in RTP. So should we expect perhaps sometime in the middle of next year to hit that, 60% bogey?

您在某些時候設定的目標是在 10 億美元的運行率下實現 60% 以上的增長，但您指導的目標低於這個數字，所以部分原因，我明白，是 RTP FAB 運輸。我認為另一部分是利用率 Lowell，但您能否談談您追蹤到 60% 水平的能力，您討論了 RTP 中利用率和性能的改進。那麼，我們是否應該預期明年年中某個時候會達到 60% 的柏忌率呢？

Yes, thank you for the question. And so as we look out into '26, and I realize it's early to be doing that, but as we look at the programs that we have in place and all the moving parts, we think we're more likely to exit 2026 closer to 59% gross margins and that's sort of a year from now. And so that is sort of the trajectory we think we're on. So.

是的，謝謝你的提問。因此，當我們展望 2026 年時，我意識到現在這樣做還為時過早，但當我們審視我們現有的計劃和所有活動部件時，我們認為我們更有可能在 2026 年實現接近 59% 的毛利率，也就是一年後。這就是我們認為我們所處的軌跡。所以。

I don't think 60% gross margin is going to happen in our fiscal '26. It's more likely a fiscal '27 event.

我認為我們 26 財年的毛利率不會達到 60%。這更有可能是 27 年財政年度的事件。

Okay, thank you. I follow up if I can. You've talked a lot about All the moving parts within your data center business there's a lot of products there, and for some of us, the detail is maybe a little overwhelming, so let me ask a more high level sort of simplified view of this. CapEx is still very strong in in that and market your.

好的，謝謝。如果可以的話我會跟進。您已經談了很多關於資料中心業務中的所有活動部件，其中有很多產品，對於我們中的一些人來說，細節可能有點難以理解，所以讓我從更高層次的簡化角度來看一下。資本支出在該領域和市場中仍然非常強勁。

Guiding to a level where we should expect something about 48% sales growth this fiscal year. If there were no great movements in products, I wonder what we should expect growth to be next year. I would assume you don't want us modeling a similar 48% growth in the coming year as well. That's quite optimistic, but can you talk about the puts and takes and how you might encourage us to think about growth in that market next year?

我們預計本財年的銷售額將成長約 48%。如果產品方面沒有出現重大動向，我不知道明年我們應該期待什麼樣的成長。我認為您也不希望我們在來年實現類似的 48% 的成長率。這是相當樂觀的，但您能否談談利弊，以及您如何鼓勵我們考慮明年該市場的成長？

Thank you.

謝謝。

Yes, and I think you're right to say that we wouldn't recommend putting 48% growth into, year over year growth for fiscal 26% related to the data center segment. When we look at our business, we want to have a business that's constantly improving its profitability, improving its operating margins, constantly diversifying the portfolio and getting a stronger position in the market, and data center is one element of our strategy. Big picture, we think Macom should be growing double digits on the top line, and so you've seen that performance over the past few years, four or five years. We would expect that to continue.

是的，我認為您說得對，我們不建議將 48% 的同比增長計入與資料中心部門相關的財政 26% 的增長率。當我們審視我們的業務時，我們希望業務能夠不斷提高盈利能力、提高營業利潤率、不斷實現產品組合多樣化並在市場上佔據更強大的地位，而數據中心是我們策略的一個要素。總體而言，我們認為 Macom 的營收應該會實現兩位數的成長，這一點你已經看到了過去幾年（四五年）的表現。我們預計這種情況將會持續下去。

The mix will change every quarter and every year, but because of the things we've talked about today, including the heavy investment in the techno technology. And the products for our core markets, we think we have a very good strategy and a very good team that can execute the strategy. So how that shakes out for the data center, we'll have to wait and see.

這種組合每季、每年都會發生變化，但由於我們今天討論的事情，包括對科技的大量投資。對於我們核心市場的產品，我們認為我們有一個非常好的策略，並且有一個非常優秀的團隊可以執行該策略。那麼這對資料中心將產生怎樣的影響，我們只能拭目以待。

We'll take that sort of one quarter at a time, but I think big picture, which I think you were asking about, it would be our expectation that we are growing our top line by double digits and we're beating we have even a higher growth rate on our bottom line.

我們會逐季進行，但我認為從整體來看，也就是您問到的，我們的預期是我們的營收將以兩位數的速度成長，而且我們的利潤成長率甚至會更高。

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

謝謝，我現在沒有其他問題了。現在我將把電話轉回給戴利先生，請他做最後發言。

Thank you. In closing, I'd like to thank all of our employees for making these results possible. Have a nice day.

謝謝。最後，我要感謝我們所有的員工，是他們讓這些成果成為可能。祝你今天過得愉快。

This conference call. Thank you for your participation. You may now disconnect.

本次電話會議。感謝您的參與。您現在可以斷開連線。