MACOM Technology Solutions Holdings Inc (MTSI) 2025 Q4 法說會逐字稿

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

歡迎參加 MACOM 2025 財年第四季電話會議。本次電話會議於2025年11月6日星期四進行錄音。現在我將把電話會議交給MACOM公司企業發展和投資者關係副總裁Stephen Ferranti先生，Ferranti先生，請開始。

Thank you, Olivia. Good morning, and welcome to our call today to discuss MACOM's fourth quarter and year-end financial results for fiscal year 2025. I would like to remind everyone that our discussion today will contain forward-looking statements, which are subject to certain risks and uncertainties as defined in the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

謝謝你，奧莉維亞。早安，歡迎參加我們今天的電話會議，我們將討論 MACOM 2025 財年第四季和全年的財務表現。我想提醒大家，我們今天的討論將包含前瞻性陳述，這些陳述受到某些風險和不確定性的影響，這些風險和不確定性已在 1995 年《私人證券訴訟改革法案》中包含的前瞻性陳述安全港條款中進行了定義。

Actual results may differ materially from those discussed today. For a more detailed discussion of the risks and uncertainties that could result in those differences, we refer you to MACOM's filings with the SEC. Management's statements during this call will also include discussion of certain adjusted non-GAAP financial information. A reconciliation of GAAP to adjusted non-GAAP results 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內容有重大差異。有關可能導致這些差異的風險和不確定性的更詳細討論，請參閱 MACOM 向美國證券交易委員會提交的文件。管理層在本次電話會議中的發言還將包括對某些經調整的非GAAP財務資訊的討論。公司新聞稿和今天提交給美國證券交易委員會的相關 8-K 表格中提供了 GAAP 與調整後的非 GAAP 結果的調整表。

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

接下來，我將把電話交給 MACOM 的總裁兼執行長 Steve Daly。

Thank you, and good morning. I will begin today's call with a general company update. After that, Jack Kober, our Chief Financial Officer, will review our Q4 and full year results for fiscal 2025. When Jack is finished, I will provide revenue and earnings guidance for the first quarter of fiscal 2026, and then we will be happy to take some questions.

謝謝，早安。今天的電話會議我將首先介紹公司的最新情況。之後，我們的財務長傑克·科伯將審查我們 2025 財年第四季和全年業績。等傑克講完後，我將提供 2026 財年第一季的營收和獲利預測，之後我們很樂意回答一些問題。

Revenue for the fourth quarter of fiscal 2025 was $261.2 million and adjusted EPS was $0.94 per diluted share. For the full year, FY25 revenue was $967 million, more than a 32% increase year-over-year; and EPS was $3.47, more than a 35% increase year-over-year. We generated $193 million in free cash flow, and we finished the year with approximately $786 million in cash and short-term investments on our balance sheet.

2025 財年第四季營收為 2.612 億美元，調整後每股收益為 0.94 美元（稀釋後）。2025 財年全年營收為 9.67 億美元，較去年同期成長超過 32%；每股盈餘為 3.47 美元，較去年同期成長超過 35%。我們產生了 1.93 億美元的自由現金流，到年底，我們的資產負債表上大約有 7.86 億美元的現金和短期投資。

Q4 book-to-bill ratio was just over 1.0 to 1. In our turns business, or orders booked and shipped within the quarter was 14.5% of total revenue. For the full fiscal year 2025, our book-to-bill was 1.1 to 1, and our current backlog remains at a record level.

第四季訂單出貨比略高於 1.0 比 1。在我們業務中，季度內預訂和發貨的訂單佔總收入的 14.5%。2025 財年全年，我們的訂單出貨比為 1.1:1，目前的積壓訂單仍處於歷史最高水準。

Turning to our recent booking trends and end markets. Q4 revenue performance by end market was as expected, with industrial and defense at $115.6 million, telecom at $66 million and data center at $79.6 million. For the quarter, IND was up approximately 7% sequentially, data center was up approximately 5% sequentially, and telecom was slightly down sequentially. Both IND and data center revenues were annual and quarterly records.

接下來，我們來看看近期的預訂趨勢和終端市場。第四季終端市場營收表現符合預期，其中工業和國防領域營收為 1.156 億美元，電信領域營收為 6,600 萬美元，資料中心領域營收為 7,960 萬美元。本季度，IND產業季增約7%，資料中心產業較上季成長約5%，電信業較上季略有下降。IND 和資料中心收入均創下年度和季度新高。

A few years ago, we set a goal to achieve $1 billion in annual revenues. And I'm pleased to report that with our Q1 2016 guidance, we expect to achieve this goal based on trailing 12-month performance. Congratulations to all our employees as we near this milestone and more importantly, for building upon our strong foundation to enable continued growth and improved profitability. New products are the lifeblood of future growth. In FY25, we launched over 200 new products, which was a record. In addition, we executed numerous custom-designed projects across our three core markets.

幾年前，我們設定了一個目標，就是實現年收入10億美元。我很高興地報告，根據我們 2016 年第一季的業績指引，基於過去 12 個月的業績表現，我們預計將實現這一目標。恭喜所有員工，我們即將迎來這一里程碑，更重要的是，感謝你們在我們堅實的基礎上繼續努力，以實現持續增長和提高盈利能力。新產品是未來成長的命脈。2025財年，我們推出了200多款新產品，創下了紀錄。此外，我們在三大核心市場執行了許多客製化設計專案。

Our ability to provide competitive new products in a timely manner, ultimately drives our financial performance. Metrics show our new product introductions or products less than three years old as a group, have outpaced MACOM's overall revenue growth and are accretive to MACOM's gross margins.

我們能否及時提供具競爭力的新產品，最終決定了我們的財務表現。指標顯示，我們推出的新產品或上市不到三年的產品，作為一個整體，其成長速度超過了 MACOM 的整體營收成長速度，並提高了 MACOM 的毛利率。

We continue to focus on technology and product differentiation across our portfolio, which often leads us to the development of IC products that operate at the highest frequency, highest power or highest data rates. The secular growth trends across our end markets coupled with our expertise in IC design and manufacturing, are driving an increased number of revenue opportunities.

我們持續專注於產品組合的技術和產品差異化，這通常促使我們開發出以最高頻率、最高功率或最高資料速率運行的積體電路產品。我們終端市場的長期成長趨勢，加上我們在積體電路設計和製造方面的專業知識，正在推動越來越多的收入機會。

To capitalize on this, we have been increasing R&D spending, hiring more engineers in acquiring companies that have specialized complementary design capabilities. In keeping with this trend, over the next couple of months, we plan to open two additional IC design centers, one in Southern California and the other in Central Europe, where we were able to secure specialized talent and teams.

為了利用這項優勢，我們一直在增加研發投入，僱用更多工程師，並收購擁有專業互補設計能力的公司。順應這一趨勢，在接下來的幾個月裡，我們計劃再開設兩個積體電路設計中心，一個在南加州，另一個在中歐，我們在那裡找到了專業人才和團隊。

Hiring best-in-class engineers with complementary skills will help enable us to increase our SAM and execute on the growth opportunities ahead. I'll note that we prioritize recruiting designers with advanced silicon design expertise and experience.

聘用具備互補技能的一流工程師將有助於我們擴大銷售資產規模，並抓住未來的成長機會。我要指出的是，我們優先招募具有先進矽晶片設計專業知識和經驗的設計師。

On Tuesday, we announced an agreement with HRL, or Hughes Research Laboratories, to transfer their 40-nanometer GaN on silicon carbide process known as T3L to MACOM. As part of this agreement, MACOM will be an exclusive licensee with rights to manufacture the T3L process.

週二，我們宣布與 HRL（休斯研究實驗室）達成協議，將其 40 奈米 GaN 碳化矽製程（稱為 T3L）轉讓給 MACOM。根據該協議，MACOM 將成為 T3L 製程的獨家授權生產商，擁有生產該製程的權利。

T3L is an industry-leading high-frequency GaN on silicon carbide process, and it was developed with DARPA, DoD and HRL funding. T3 was engineered to achieve exceptional high-power performance at very high frequencies. HRL recently completed long-term reliability studies and qualified the process, and it is now ready to transition to production.

T3L 是業界領先的高頻碳化矽上氮化鎵工藝，由 DARPA、美國國防部和 HRL 資助開發。T3 的設計目標是在高頻率下實現卓越的高功率性能。HRL 最近完成了長期可靠性研究並驗證了該工藝，現在已準備好過渡到生產階段。

The T3L 40-nanometer process perfectly complements our existing GaN portfolio because it allows us to address applications at higher frequencies than our 140-nanometer GaN process. We anticipate that licensing this technology will also accelerate our ability to launch other sub 100-nanometer GaN processes, including 90-nanometer.

T3L 40 奈米製程完美地補充了我們現有的 GaN 產品組合，因為它使我們能夠滿足比我們的 140 奈米 GaN 製程更高頻率的應用需求。我們預計，這項技術的授權也將加速我們推出其他 100 奈米以下 GaN 製程（包括 90 奈米製程）的能力。

We believe this transaction is a win-win because HRL, primarily a research organization, will be able to commercialize the process technology they spent years developing. And MACOM can industrialize and ramp the process into production.

我們認為這項交易是雙贏的，因為 HRL 主要是一個研究機構，它將能夠將其花費多年開發的工藝技術商業化。MACOM 可以實現此製程的工業化和量產。

Many of our mutual customers in the defense and space markets want to see T3L process in production -- in a production wafer fab in order to address their volume needs. This strategic transaction supports one of our core tenets, which is to produce the industry's highest frequency semiconductors.

我們在國防和航太市場的許多共同客戶都希望看到 T3L 製程投入生產——在生產型晶圓廠中，以滿足他們的產量需求。這項策略性交易支持了我們的一項核心原則，即生產業內頻率最高的半導體。

We believe this part of the GaN mimic market is growing and we are seeing new requirements at Q, v, E, and W band driven by both commercial and defense applications. We believe the T3L process will help us capture significant market share over time.

我們認為 GaN 模擬市場的這一部分正在成長，我們看到在商業和國防應用的推動下，Q、v、E 和 W 波段出現了新的需求。我們相信，T3L流程將幫助我們逐步獲得顯著的市場份額。

And finally, related to GaN on silicon carbide, over the past few quarters, we were awarded several new and add-on development programs for advanced GaN on silicon carbide process technologies. Across the DoD agencies, MACOM is recognized as a leader in developing advanced compound semiconductors and our pipeline of funded technology development contracts is growing.

最後，關於碳化矽上的氮化鎵，在過去的幾個季度裡，我們獲得了幾個新的和附加的開發項目，用於先進的碳化矽上氮化鎵製程技術。在國防部各機構中，MACOM 被公認為先進化合物半導體開發領域的領導者，我們已獲得資助的技術開發合約專案正在增加。

I'll note, in the defense radar and electronic warfare markets, our GaN-based components and products experienced over 50% year-over-year revenue growth. This growth leverages our high-power GaN portfolio, where we maintain a competitive position in low- and mid-band applications. Our goal is to expand into the higher-frequency airborne radar market where we believe share gain opportunities exist.

值得一提的是，在國防雷達和電子戰市場，我們基於氮化鎵的組件和產品實現了超過 50% 的年收入成長。這一增長得益於我們的高功率氮化鎵產品組合，我們在低頻和中頻應用領域保持著競爭優勢。我們的目標是拓展到更高頻率的機載雷達市場，我們相信那裡有獲得市場份額的機會。

To support this strategy, we recently upgraded the RTP fab G28-V5 115-nanometer GaN on silicon carbide process to include atomic layer deposition, passivation or ALD, ALD is a hermetic coating process that enables mimic products to pass moisture and has tests. This process is one of the most reliable and rugged processes in the market, and it is ideal for ground-based radar systems and Satcom links and is now ready for airborne radars.

為了支持這項策略，我們最近對 RTP fab G28-V5 115 奈米 GaN on 碳化矽製程進行了升級，加入了原子層沉積、鈍化或 ALD 技術。 ALD 是一種氣密塗層工藝，能夠使模擬產品通過水分，並經過測試。該製程是市場上最可靠、最堅固的製程之一，非常適合地面雷達系統和衛星通訊鏈路，現在也適用於機載雷達。

Across the defense market, the trend for new systems is toward higher frequencies, higher power levels, wider bandwidth and higher levels of integrations; factors that all play to MACOM strengths. We collaborate with most major US defense contractors across a wide range of applications. For example, we have been collaborating with a customer that produces a drone defense system, and we look forward to their expected production ramp-up in 2026, utilizing our high-power GaN technology.

整個國防市場的發展趨勢是更高的頻率、更高的功率等級、更寬的頻寬和更高的整合度；所有這些因素都符合 MACOM 的優勢。我們與美國大多數主要國防承包商在廣泛的應用領域合作。例如，我們一直在與一家生產無人機防禦系統的客戶合作，我們期待他們能在 2026 年利用我們的高功率 GaN 技術實現預期的產量提升。

We also continue to build new relationships with major European defense contractors, who are increasingly focused on securing a European supply of critical semiconductors for their systems. We believe our manufacturing facility in France can play an important role in enabling MACOM to win market share with these customers. Generally speaking, the industrial markets are stable and beginning to improve, although we do not expect significant growth in the near term compared to the data center, defense, 5G and Satcom sectors.

我們也繼續與歐洲主要國防承包商建立新的合作關係，這些承包商越來越重視確保其係統所需的關鍵半導體在歐洲的供應。我們相信，我們在法國的生產設施可以在幫助 MACOM 贏得這些客戶的市場份額方面發揮重要作用。總的來說，工業市場穩定並開始好轉，儘管與資料中心、國防、5G 和衛星通訊產業相比，我們預計短期內不會出現顯著成長。

Within the telecom end market, satellite-based broadband access and direct-to-sell opportunities remain robust with numerous LEO networks in the planning or development stages. These networks typically use microwave or millimeter wave frequencies and free space optics, or FSO, communications for satellite-to-satellite or satellite-to-ground communication links. In some cases, the satellite transmitters require analog microwave linearization to boost the transmitted signal and improve Link margin.

在電信終端市場中，基於衛星的寬頻存取和直接銷售機會仍然強勁，許多低地球軌道 (LEO) 網路正處於規劃或開發階段。這些網路通常使用微波或毫米波頻率和自由空間光通訊（FSO）進行衛星間或衛星​​與地面之間的通訊鏈路。在某些情況下，衛星發射機需要模擬微波線性化來增強發射訊號並提高鏈路裕度。

I'll note the number of LEO constellations continues to grow, and more companies compete to provide commercial data, voice and video communications by satellite or defense intelligence and functionality. Almost a dozen different companies are now planning to launch LEO Constellations supporting direct-to-sell or direct-to-device communications.

我要指出的是，低地球軌道星座的數量持續成長，越來越多的公司競相透過衛星或國防情報和功能提供商業數據、語音和視訊通訊服務。目前已有近十家不同的公司計劃推出 LEO 星座，支援直接銷售或直接設備通訊。

Again, these LEO constellations have many areas where MACOM can contribute including direct-to-device links operating at UHF or S-band, backhaul links operating a Ka, QV and E-band, high-speed optical links transferring data within the satellite and free space optics for satellite-to-satellite communications and gateway linearization for high-power transmitters.

同樣，這些低地球軌道星座有很多領域可以讓 MACOM 做出貢獻，包括運行在 UHF 或 S 波段的直接到設備鏈路、運行在 Ka、QV 和 E 波段的回程鏈路、在衛星內部傳輸數據的高速光鏈路、用於衛星間通信的自由空間光學以及用於高功率發射機的網關線性化。

Depending on the customer preferences and capabilities, we position ourselves to support them at any level in the supply chain from foundry services, custom IC design, standard products and even full module and subsystem design and manufacturing.

根據客戶的偏好和能力，我們能夠為他們提供供應鏈各個環節的支持，包括代工服務、客製化積體電路設計、標準產品，甚至完整的模組和子系統設計與製造。

Demand from our cable TV infrastructure market is also improving. Cable networks are in the early days of a transition from DOCSIS 3.1 to DOCSIS 4.0. We've spent the last two years releasing new products and working with customers on design wins to support this upgrade.

來自有線電視基礎設施市場的需求也在改善。有線電視網絡正處於從 DOCSIS 3.1 向 DOCSIS 4.0 過渡的初期階段。在過去的兩年裡，我們一直在發布新產品，並與客戶合作贏得設計項目，以支持此次升級。

We are beginning to see new orders on our DOCSIS 4.0 products. Our portfolio today includes amplifiers, balance, couplers and filters for line amplifiers and nodes in these new deployments. We expect the cable TV market to be one of the contributors to our telecom revenue growth in fiscal year '26.

我們開始收到 DOCSIS 4.0 產品的新訂單。我們目前的產品組合包括用於這些新部署中的線路放大器和節點的放大器、平衡器、耦合器和濾波器。我們預計有線電視市場將成為 2026 財年電信收入成長的貢獻者之一。

We continue to see strong demand from our data center portfolio, particularly within 800G and 1.6 T applications. We expect the ramp of 1.6 T optical solutions to continue to support both scale up and scale out interconnects, and we believe demand is growing rapidly. Within these solutions, MACOM provides drivers and TIAs that support EML and silicon photonic architectures.

我們資料中心產品組合的需求持續強勁，尤其是在 800G 和 1.6T 應用領域。我們預計 1.6T 光解決方案的量產將繼續支援互連技術的規模化和規模化擴展，並且我們相信需求正在快速成長。在這些解決方案中，MACOM 提供支援 EML 和矽光子架構的驅動程式和 TIA。

In addition, over the course of FY26, we expect year-on-year demand for our photonic semiconductor products to significantly increase. As an example, we are pleased with the growing traction of our 200 gig per lane photo detector products that support advanced 800 and 1.6 T optical connectivity. MACOM's 200-gig PD has industry-leading sensitivity and dark current performance, enabling our customers to achieve better manufacturing margin and optical receiver sensitivity performance.

此外，我們預計在 2026 財年期間，我們光子半導體產品的需求將逐年大幅成長。例如，我們很高興看到我們每車道 200 GIG 光電探測器產品的支援先進的 800 和 1.6 T 光連接技術越來越受歡迎。MACOM 的 200G PD 具有業界領先的靈敏度和暗電流性能，使我們的客戶能夠獲得更好的製造利潤率和光接收器靈敏度性能。

We believe we have had a breakthrough where our cloud customers and their supply chain recognize the strategic value of MACOM's proprietary indium phosphide technology and high-volume manufacturing capabilities to produce photonic products. We are pleased to have PD design wins at all major module manufacturers supporting 800G and/or 1.6T applications.

我們相信，我們已經取得了突破性進展，我們的雲端客戶及其供應鏈認識到 MACOM 專有的磷化銦技術和大規模生產光子產品的能力具有戰略價值。我們很高興在所有主要模組製造商處都獲得了支援 800G 和/或 1.6T 應用的 PD 設計訂單。

A few quarters ago, we initiated a transfer of the 200-gig PD process from our smaller Michigan fab to our larger Massachusetts fab to ensure we could support the forecasted demand. Today, our Ann Arbor fab is approaching maximum capacity, and our Massachusetts fab is qualified and ramping volume production.

幾個季度前，我們啟動了將 2​​00G PD 製程從我們較小的密西根州工廠轉移到我們較大的馬薩諸塞州工廠，以確保我們能夠滿足預測的需求。目前，我們位於安娜堡的工廠已接近產能極限，而我們位於麻薩諸塞州的工廠已獲得認證並逐漸擴大產量。

In addition to our focus on ramping PDs, we have intensified our CW laser development efforts as customers and the industry look for strategic suppliers that have CW laser technology and high-volume manufacturing capabilities. We also see a steady adoption of single-mode LPO 100-gig per lane solutions.

除了專注於提高PD的產量外，我們還加大了CW雷射的研發力度，因為客戶和產業都在尋找擁有CW雷射技術和大規模生產能力的策略供應商。我們也看到單模 LPO 100G/通道解決方案正在穩步普及。

Today, we have multiple customers in production, and we expect to transition more customers into production in fiscal '26. Additionally, we continue to support new architectures, including near packaged optics or NPO, utilizing non-retimed LPO solutions.

目前，我們有多家客戶正在生產，我們預計在 2026 財年將有更多客戶投入生產。此外，我們繼續支援新的架構，包括近封裝光學元件 (NPO)，以及採用非重定時 LPO 解決方案的近封裝光學元件 (NPO)。

As data centers continue to disaggregate memory and compute, we believe the adoption of PCIe 6 solutions will create an opportunity for MACOM. At this year's ECOC trade show in September, we demonstrated our latest linear optical PCIe chipset, consisting of a VCSEL driver in TIA that support sideband data streams over fiber.

隨著資料中心不斷將記憶體和運算分離，我們相信 PCIe 6 解決方案的採用將為 MACOM 創造機會。在今年 9 月的 ECOC 貿易展上，我們展示了我們最新的線性光 PCIe 晶片組，該晶片組由 TIA 中的 VCSEL 驅動器組成，支援透過光纖傳輸邊帶資料流。

We also continue to expand our portfolio in the area of electrical high-speed connectivity. As data speeds move to 200 gig per lane and beyond, copper-based solutions such as direct-attach cables begin to reach their functional limit. MACOM provides a family of linear equalizer products that can help extend the reach of copper interconnects at 1.6T.

我們也不斷拓展我們在高速電力連接領域的業務組合。隨著資料傳輸速度達到每通道 200 Gbps 甚至更高，基於銅纜的解決方案（例如直連接線）開始接近其功能極限。MACOM 提供一系列線性等化器產品，可協助擴展 1.6T 銅互連的傳輸距離。

Over the course of FY26, as 1.6T deployments expand, we believe these solutions will be of interest to some of the major cloud vendors who are deploying next-generation solutions. Additionally, we are seeing opportunities for these products in backplane applications to enhance onboard signal integrity.

在 2026 財年，隨著 1.6T 部署規模的擴大，我們相信這些解決方案將引起一些正在部署下一代解決方案的主要雲端供應商的興趣。此外，我們看到這些產品在背板應用中具有增強板載訊號完整性的機會。

As we turn our attention to FY26, our priorities include: first, taking full advantage of the data center growth opportunity in servicing our customers with differentiated solutions. This includes expanding our portfolio into new product areas such as PDs and lasers, where we can add value.

展望 2026 財年，我們的首要任務包括：首先，充分利用資料中心成長機遇，為客戶提供差異化解決方案。這包括將我們的產品組合擴展到PD和雷射等新產品領域，在這些領域我們可以創造價值。

In the near term, we will seek to increase market share in 800G and 1.6T high-speed analog solutions, expand our customer base for linear equalizers and PCIe solutions, ramp photonic products and support customer LPO launches. We will also continue the design work to establish a leadership position in 300 and 400 gig per lane connectivity ICs and for future 1.6 and 3.2T systems.

近期，我們將尋求提高 800G 和 1.6T 高速模擬解決方案的市場份額，擴大線性均衡器和 PCIe 解決方案的客戶群，增加光子產品產量，並支援客戶的 LPO 產品發布。我們將繼續進行設計工作，以在每通道 300 和 400 Gb 的連接 IC 以及未來的 1.6T 和 3.2T 系統中確立領先地位。

Second, we will seek to expand our market share in 5G applications by leveraging our new and improved GaN process. Our next-generation base station products will be updated with in-sourced IPD and matching circuits to: one, improved performance; and two, lower our manufacturing costs.

其次，我們將利用我們全新改進的GaN工藝，尋求擴大我們在5G應用領域的市佔率。我們的下一代基地台產品將採用內部整合的IPD和匹配電路進行更新，以：一、提高效能；二、降低製造成本。

Third, extending our leadership in A&D and winning market share in microwave and optical RF over fiber applications across all major accounts in the US and working to expand our business across Europe and support new defense and space programs like Iris Squared.

第三，鞏固我們在航空航太和國防領域的領先地位，並在美國所有主要客戶的微波和光纖射頻應用領域贏得市場份額，同時努力拓展我們在歐洲的業務，並支援像 Iris Squared 這樣的新國防和航太專案。

Fourth, continue to develop advanced semiconductor technologies for high-frequency mimics, high-power diodes and high-speed optical semiconductors. Our goal in FY26 is to make meaningful progress on HUT via flip chip, bump technologies like copper pillar to enable MACOM to lead the industry in advanced chip scale package solutions.

第四，繼續開發用於高頻模擬裝置、高功率二極體和高速光半導體的先進半導體技術。我們在 2026 財年的目標是透過倒裝晶片、凸點技術（如銅柱）在 HUT 方面取得實質進展，使 MACOM 能夠在先進的晶片級封裝解決方案方面引領業界。

Fifth, carefully managing our capital expenses and prioritizing investments that, one, expand our existing manufacturing capabilities; and two, support new technology developments. As an example, we intend to purchase and install a modern MOCVD epi reactor in our European Semiconductor Center, or MSC. This reactor will support our 6-inch production transition and the growing volumes of GaN on silicon and other gas processes.

第五，謹慎管理我們的資本支出，優先考慮以下投資：一、擴大我們現有的製造能力；二、支持新技術發展。例如，我們計劃在我們的歐洲半導體中心（MSC）購買並安裝一台現代化的 MOCVD 外延反應器。該反應器將支援我們 6 英吋生產轉型以及矽基氮化鎵和其他氣體製程日益增長的產量。

In summary, our strategy is to build a diversified semiconductor portfolio that enables MACOM to capture a larger share of the markets we serve. Our strong organizational foundation along with our speed and agility, help us win opportunities and ultimately beat our competitors that are often larger and have more resources.

總而言之，我們的策略是建立多元化的半導體產品組合，使 MACOM 能夠在我們所服務的市場中佔據更大的份額。我們強大的組織基礎，加上我們的速度和敏捷性，幫助我們贏得機會，並最終擊敗那些規模更大、資源更多的競爭對手。

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

接下來，傑克將對我們的財務表現進行更詳細的分析。

Thank you, Steve, and good morning, everyone. Before getting into our fourth quarter results, I would like to summarize a few items regarding our full fiscal year, which ended on October 3, 2025.

謝謝你，史蒂夫，大家早安。在介紹我們第四季業績之前，我想總結一下我們截至 2025 年 10 月 3 日的整個財政年度的一些情況。

We achieved record revenue of $967 million, which grew more than 32% over fiscal 2024. Our annual adjusted operating margin grew by 140 basis points to 25.4%. Adjusted earnings per share grew by more than 35% to $3.47. Cash flow from operations continued to strengthen and increased by 45% to $235.4 million. We refinanced and extended the maturity of the majority of our convertible note debt at favorable rates.

我們實現了創紀錄的 9.67 億美元收入，比 2024 財年增長超過 32%。我們的年度調整後營業利潤率成長了 140 個基點，達到 25.4%。經調整後的每股盈餘成長超過 35%，達到 3.47 美元。經營活動產生的現金流持續走強，成長 45%，達到 2.354 億美元。我們以優惠利率對大部分可轉換債券債務進行了再融資並延長了其到期日。

Our workforce, which now totals approximately 2,000 employees, grew by 17% over the past year as we have expanded our research and development and production employees to support our growing business. Now on to fourth quarter results as well as some additional commentary on the full fiscal year 2025 and outlook on fiscal year 2026.

我們目前的員工總數約為 2000 人，在過去一年中成長了 17%，因為我們擴大了研發和生產員工隊伍，以支持我們不斷成長的業務。接下來我們將介紹第四季業績，並對 2025 財年全年業績和 2026 財年展望做一些補充說明。

Q4 revenue again reached record levels with strong financial performance across all three end markets and record revenue across data center and industrial and defense. This sustains a trend of consistent revenue growth, improving operating income and ongoing cash generation. Fiscal Q4 revenue was a new quarterly record of $261.2 million, up 3.6% sequentially and up 30.1% year-over-year, driven by growth across all three of our end markets. Our overall book-to-bill for Q4 was 1 to 1.

第四季營收再次創下歷史新高，三大終端市場均表現強勁，資料中心、工業和國防領域的營收也創下歷史新高。這維持了持續的收入成長趨勢，提高了營業收入，並持續產生現金流。第四財季營收創下季度新紀錄，達到 2.612 億美元，季增 3.6%，年增 30.1%，這主要得益於我們三大終端市場的成長。我們第四季的整體訂單出貨比為 1:1。

On a geographic basis, revenue from US domestic customers represented approximately 43% of our fiscal Q4 results. Our full fiscal year 2025 US-based revenue was approximately 44%. Adjusted gross profit for fiscal Q4 was $149.1 million or 57.1% of revenue. Through the hard work and our dedicated operations team, we have continued to increase capacity and improve yields, and we expect to see ongoing incremental progress across all four of our fab operations.

從地理來看，來自美國國內客戶的營收約占我們第四財季業績的 43%。我們 2025 財年在美國的營收約佔 44%。經調整後，第四財季毛利為 1.491 億美元，佔營收的 57.1%。透過辛勤工作和我們敬業的營運團隊，我們不斷提高產能和產量，我們預計在我們所有四個晶圓廠的營運中都將看到持續的漸進式進步。

I'll note, we are seeing an improvement in product demand across our internal fabs, which is driving higher production volumes and associated utilization. As a result, we expect sequential quarterly gross margin improvements between 25 to 50 basis points as we move through fiscal 2026. These gross margin improvements include any offsets to cost increases, such as gold and other precious metals, depreciation and labor costs.

需要指出的是，我們看到公司內部各工廠的產品需求正在改善，這推動了產量和相關利用率的提高。因此，我們預計到 2026 財年，季度毛利率將逐週提高 25 至 50 個基點。這些毛利率的提高包括抵銷成本增加的任何因素，例如黃金和其他貴金屬、折舊和勞動成本。

Total adjusted operating expense for our fourth quarter was $82.1 million, consisting of research and development expense of $55.6 million and selling, general and administrative expenses of $26.6 million. The sequential increase in adjusted operating expenses compared to Q3 was primarily driven by ongoing R&D investments and employee-related costs.

第四季調整後的總營運費用為 8,210 萬美元，其中包括研發費用 5,560 萬美元及銷售、一般及行政費用 2,660 萬美元。與第三季相比，調整後營運費用的環比成長主要是由於持續的研發投資和員工相關成本所致。

As we continue to grow our revenue, we will remain very focused on managing our OpEx. Depreciation expense for fiscal Q4 2025 was $8.7 million compared to $6.9 million in Q3 2025. The increase was primarily due to taking control of the RTP fab during the quarter.

隨著我們收入的持續成長，我們將繼續高度重視營運支出管理。2025 財年第四季的折舊費用為 870 萬美元，而 2025 財年第三季的折舊費用為 690 萬美元。此增長主要是由於本季接管了RTP晶圓廠。

As a reminder, since we have taken control of the RTP fab, we have shifted from purchasing wafers from a third party to manufacturing wafers, resulting in MACOM now incurring all of the associated manufacturing costs, including labor, facilities and depreciation, to mention a few.

再次提醒大家，自從我們接手了 RTP 晶圓廠以來，我們已經從從第三方購買晶圓轉變為自行製造晶圓，因此 MACOM 現在承擔了所有相關的製造成本，包括人工、設施和折舊等等。

Adjusted operating income in fiscal Q4 was $67 million, up 5.5% sequentially from $63.5 million in fiscal Q3 2025 and up 32.1% year-over-year. For fiscal Q4, we had adjusted net interest income of $6.6 million, a net decrease of $200,000 sequentially from $6.8 million in Q3, primarily driven by lower interest rates and interest expense associated with new leases.

2025財年第四季調整後營業收入為6,700萬美元，較2025財年第三季的6,350萬美元較上季成長5.5%，較去年同期成長32.1%。第四財季，我們調整後的淨利息收入為 660 萬美元，較第三財季的 680 萬美元環比淨減少 20 萬美元，主要原因是利率下降以及與新租賃相關的利息支出。

Our adjusted income tax rate in fiscal Q4 was 3% and resulted in an expense of approximately $2.2 million. As of October 3, 2025, our deferred tax asset balances, which includes R&D tax credits, were $208 million as compared to $212 million at the end of fiscal 2024.

我們第四財季的調整後所得稅率為 3%，導致支出約 220 萬美元。截至 2025 年 10 月 3 日，我們的遞延所得稅資產餘額（包括研發稅收抵免）為 2.08 億美元，而 2024 財年末為 2.12 億美元。

We anticipate further utilizing our deferred tax asset balances through fiscal 2026 and beyond, helping to keep our cash tax payments relatively low over these periods. We expect our adjusted income tax rate to remain at 3% as we enter fiscal 2026.

我們預計在 2026 財年及以後將繼續利用遞延所得稅資產餘額，這將有助於我們在這些期間內維持較低的現金稅支出。我們預計，進入 2026 財年時，調整後的所得稅率將維持在 3%。

Depending on the jurisdictional mix of our income, we expect the US government's recent tax legislation to support a low to mid-single-digit adjusted tax rate for the next few fiscal years. Fiscal Q4 adjusted net income increased approximately 4.7% to $71.4 million compared to $68.2 million in fiscal Q3 2025. Adjusted earnings per fully diluted share was $0.94, utilizing a share count of 76.2 million shares compared to $0.90 of adjusted earnings per share in fiscal Q3 2025. Our team continues to optimize the business' performance, which has resulted in sequential increases in our adjusted operating income and EPS over the past nine quarters.

根據我們收入的司法管轄區組成，我們預計美國政府最近的稅收立法將在未來幾個財政年度內支持低至中等個位數的調整後稅率。2025財年第四季調整後淨收入成長約4.7%，達到7,140萬美元，而2025財年第三季為6,820萬美元。經調整後的每股完全稀釋收益為 0.94 美元，採用 7,620 萬股的股份數量，而 2025 財年第三季的經調整每股收益為 0.90 美元。我們的團隊不斷優化業務績效，使得過去九個季度的調整後營業收入和每股盈餘持續成長。

Before moving on to balance sheet items, I would like to note that during the fourth fiscal quarter, in connection with the RTP fab transfer, we recorded a $10.1 million gain on acquired assets, which is recorded below operating income on our income statement. This gain, which has been excluded from our adjusted operating results, primarily represents the difference between the fair value of inventory we received from the prior fab owner on July 25, 2025, as compared to the estimated value we established in December 2023 at the time of the RF business acquisition.

在討論資產負債表項目之前，我想指出，在第四財季，由於 RTP 晶圓廠的轉讓，我們確認了收購資產的 1010 萬美元收益，該收益記錄在我們的損益表營業收入下方。這項收益已從我們調整後的經營業績中剔除，主要代表我們在 2025 年 7 月 25 日從前晶圓廠所有者收到的存貨公允價值與我們在 2023 年 12 月收購射頻業務時確定的估計價值之間的差額。

Now on to operational balance sheet and cash flow items. Our Q4 accounts receivable balance was $148.6 million, up from $129.5 million in fiscal Q3 2025. The increase in our accounts receivable balance was driven by revenue growth as well as the timing of customer shipments and payments. Our day sales outstanding averaged 52 days as compared to our previous quarter at 47 days.

接下來是營運資產負債表和現金流量表項目。我們第四季的應收帳款餘額為 1.486 億美元，高於 2025 財年第三季的 1.295 億美元。應收帳款餘額的增加是由收入成長以及客戶出貨和付款的時間表所驅動的。我們的應收帳款週轉天數平均為 52 天，而上一季為 47 天。

Inventories were $237.8 million at quarter end, up sequentially from $215.4 million, largely driven by additional work-in-process inventory at the RTP fab as well as higher balances to support anticipated future demand across the business. Inventory turns decreased to 1.9 times from 2.0 times in the preceding quarter.

截至季末，庫存為 2.378 億美元，較上一季的 2.154 億美元有所增加，這主要是由於 RTP 工廠的在製品庫存增加，以及為支持整個業務預期未來需求而增加的庫存餘額增加所致。存貨週轉率從上一季的 2.0 次下降到 1.9 次。

Our fiscal Q4 cash flow from operations was approximately $69.6 million, up $9.2 million sequentially and an increase of more than $7.3 million over fiscal Q4 2024. The sequential increase was primarily due to increased net income combined with fluctuations in working capital.

我們第四財季的經營活動現金流約為 6,960 萬美元，比上一財年增加了 920 萬美元，比 2024 財年第四財季增加了 730 多萬美元。環比成長主要是由於淨收入增加以及營運資金波動所致。

Capital expenditures totaled $20.2 million for fiscal Q4, up $11.5 million sequentially. The major driver of this increase was the anticipated purchase of $12 million of surplus equipment at the RTP fab from the previous owner. We anticipate that the installation of this and other equipment will allow us to expand our RTP fab capacity and capabilities by up to 30% over the next 12 to 18 months. Our fiscal year 2025 CapEx was $42.6 million, and we estimate fiscal year 2026 CapEx to be $50 million to $55 million as we upgrade and enhance our production equipment, facilities and expand capacity where needed.

第四財季資本支出總額為 2,020 萬美元，較上季增加 1,150 萬美元。此次成長的主要驅動因素是預計從前任所有者手中購買 RTP 工廠價值 1,200 萬美元的剩餘設備。我們預計，安裝此設備及其他設備後，我們將在未來 12 至 18 個月內將 RTP 晶圓廠的產能和能力擴大 30%。我們 2025 財年的資本支出為 4,260 萬美元，我們預計 2026 財年的資本支出將達到 5,000 萬美元至 5,500 萬美元，因為我們將升級和改善我們的生產設備、設施，並在需要的地方擴大產能。

Next, moving on to other balance sheet items. Cash, cash equivalents and short-term investments for the fourth fiscal quarter were $786 million, up $50.7 million from Q3. We are in a net cash position of more than $285 million as of October 3, 2025, when comparing our cash and short-term investments to the book value of our convertible notes. Over the next couple of quarters, we anticipate paying off the $161 million of principal value of our remaining March 2026 notes as they become due under the terms of the original agreement from 2021.

接下來，我們來看其他資產負債表項目。第四財季的現金、現金等價物和短期投資為 7.86 億美元，比第三季增加了 5,070 萬美元。截至 2025 年 10 月 3 日，我們的現金和短期投資與可轉換票據的帳面價值相比，淨現金部位超過 2.85 億美元。在接下來的幾個季度裡，我們預計將按原協議條款從 2021 年開始償還剩餘的 2026 年 3 月到期票據的 1.61 億美元本金。

And finally, I'd like to recognize that the results we have achieved during fiscal year 2025 would not have been possible without the contributions from the entire MACOM team. We remain committed to investing in our employees through annual merit increases promotions, bonuses and stock awards as well as offering competitive healthcare, retirement and other benefits.

最後，我要感謝 MACOM 全體成員的貢獻，如果沒有他們的努力，我們在 2025 財政年度所取得的成果是不可能實現的。我們將繼續致力於投資員工，透過年度績效加薪、晉升、獎金和股票獎勵，以及提供有競爭力的醫療保健、退休和其他福利。

I will now turn the conversation back over to Steve.

現在我將把談話交還給史蒂夫。

Thank you, Jack. MACOM expects revenue in fiscal Q1 ending January 2, 2026, to be in the range of $265 million to $273 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 $0.98 and $1.02, based on 76.6 million fully diluted shares. We expect sequential revenue growth in all our end markets. Data center will lead with approximately 5% sequential growth, followed by telecom and industrial and defense with low single-digit sequential growth.

謝謝你，傑克。MACOM預計截至2026年1月2日的第一財季收入將在2.65億美元至2.73億美元之間。經調整後的毛利率預計在 56.5% 至 58.5% 之間，經調整後的每股盈餘預計在 0.98 美元至 1.02 美元之間（基於 7,660 萬股完全稀釋後的股份）。我們預計所有終端市場的收入都將達到環比成長。資料中心將引領成長，季增約 5%，其次是電信和工業及國防，較上季成長幅度較低，為個位數。

As Jack mentioned, we expect to see increased operating leverage over the course of fiscal '20 and through a combination of top line growth and improving gross margins due to increased fab utilization and launching more profitable products. We will maintain operating discipline even as we continue to invest in the growth of the business.

正如傑克所提到的，我們預計在 2020 財年期間，營運槓桿將有所提高，這得益於營收成長和毛利率的提高，而毛利率的提高則源於晶圓廠利用率的提高和利潤更高產品的推出。即使我們繼續投資於業務成長，我們也會保持嚴謹的營運紀律。

Given our talented and experienced team, our core technologies and the secular growth trends in our market, we are confident we will achieve our goals. I would now like to ask the operator to take any questions.

憑藉我們才華橫溢、經驗豐富的團隊、我們的核心技術以及我們市場的長期成長趨勢，我們有信心實現我們的目標。現在我想請接線生回答大家的問題。

(Operator Instructions)

（操作說明）

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Hey, guys. This is [Kyle Busen] on for Tom O'Malley. I just wanted to start off with the telecom business. I think through earnings, you've seen a couple of companies point to traditional telecom being better. So I just wanted to kind of get your sense of how you think about that business through the fiscal year kind of the biggest pull factors you're seeing there?

嘿，夥計們。替補湯姆·奧馬利上場的是凱爾·布森。我只想先從電信業著手。我認為從財報來看，一些公司已經表明傳統電信業表現更好。所以我想了解一下您對本財年該業務發展的看法，以及您認為最大的驅動因素是什麼？

Thank you for the question. The two main pull factors for MACOM this year will be 5G continuing to grow, and that's a core business for MACOM. And second would be the satellite communications and LEO business. If you're referring to the RF-related telecom part of the market, if you're talking about the metro long-haul piece, we are seeing continued growth in that business, and we expect that trend to continue during the year.

謝謝你的提問。今年 MACOM 的兩大主要吸引力在於 5G 的持續成長，而 5G 正是 MACOM 的核心業務。其次是衛星通訊和低地球軌道業務。如果您指的是射頻相關的電信市場，如果您指的是城域長途運輸，我們看到該業務持續成長，我們預計這一趨勢將在今年繼續保持。

And then just for my follow-up, last quarter, I think you talked about broadening some of the ACC engagements. Can we kind of get an update on how that's been progressing over the past 90 days? Have you seen any of those engagements or the customers? And just how we should kind of think about that business through the next fiscal year?

然後，我想跟進一下，上個季度，我想您談到了擴大一些 ACC 的參與範圍。能否簡單介紹一下過去 90 天的進展？你有看過這些互動或客戶嗎？那麼，在接下來的財政年度裡，我們該如何看待這項業務呢？

Yeah, we continue to be engaged across the industry with all different product lines, including the chipset we put inside the ACC product line. I would say, generally speaking, we have great engagements with the major hyperscalers, and we're certainly excited about some of the potential within that product set. And we'll see how that plays out as we move into the course of the year. We don't generally comment on, let's say, pre-revenue topics. We would always talk about our successes retrospectively, and that would be our approach here as well.

是的，我們一直與整個行業保持密切聯繫，涉及所有不同的產品線，包括我們為 ACC 產品線配備的晶片組。總的來說，我認為我們與主要的超大規模資料中心營運商建立了良好的合作關係，我們當然對該產品組合中的一些潛力感到興奮。接下來，我們將看看這一年會如何發展。我們一般不會對尚未產生收入的話題發表評論。我們過去總是回顧過去的成功，在這裡我們也將採取同樣的做法。

David Williams, Benchmark Company.

David Williams，Benchmark 公司。

Good morning and congrats on the $1 billion run rate. Let me first -- just kind of the transition and the demand pool between the 100G and 200 gig moves that next genome of solution, how are you seeing that? And maybe [demand] developing as you would have expected or maybe accelerated a bit?

早安，恭喜年收入突破10億美元。首先，我想問一下——100G 到 200G 之間的過渡和需求池推動了下一代解決方案的發展，您對此有何看法？需求或許如你所預期的發展，甚至可能略有加速？

Thank you for the question. So our core 100G business, last year, was very stable and actually grew quite nicely. And as we look out into our fiscal '26, we would expect the 100G growth trend to continue. However, the massive growth is really at the higher data rates. So that would be 200 gig per lane servicing primarily 1.6T. And we are very early in the cycle of the rollout of those interconnects. And so that is one of the fastest-growing parts of our data center business. It was last year, and we believe it will be as well again in fiscal '26.

謝謝你的提問。所以去年我們的核心 100G 業務非常穩定，而且成長得相當不錯。展望 2026 財年，我們預期 100G 的成長趨勢將持續下去。然而，真正的大幅成長發生在更高的數據速率上。這樣一來，每條通道的頻寬將達到 200G，主要服務於 1.6T 的資料量。而我們目前還處於這些互連技術部署的早期階段。因此，這是我們資料中心業務中成長最快的部分之一。去年是這樣，我們相信2026財年也會如此。

Great. And then just maybe on some of the new capabilities you talked about acquisition in the quarter, just any color there around the magnitude of that and really the capabilities you can see that range? And you talked about some of them. But just the additional color, I think, would be helpful. Thank you.

偉大的。然後，關於您在本季度收購的一些新能力，能否提供一些顏色來表示其規模以及您實際看到的能力範圍？你也談到了其中一些。但我認為，光是增加一些顏色就會很有幫助。謝謝。

Yeah. You were referring to the HRL IP license agreement. Is that right?

是的。您指的是HRL智慧財產權授權協議。是這樣嗎？

Yes, I'm sorry. That's correct.

是的，我很抱歉。沒錯。

Yeah. So thank you for the question. Very interesting technology. as I highlighted in the script, it very much complements what we're doing with our -- what we call our GSIC140 process, which we launched a couple of years ago. And we're continuing to improve that process even today.

是的。謝謝你的提問。非常有趣的技術。正如我在腳本中所強調的那樣，它與我們幾年前推出的 GSIC140 工藝非常契合。即使到了今天，我們仍在不斷改進這個流程。

The HRL technology was a combination of US government and HRL funding to really develop a technology that would be able to operate at higher power levels at the highest frequency. So this is a technology that really begins to shine above 40 gigahertz.

HRL 技術是美國政府和 HRL 共同出資研發的，旨在真正開發一種能夠在最高頻率下以更高功率等級運作的技術。所以這項技術在 40 吉赫茲以上頻率才能真正展現其優勢。

And why we felt this transaction would be important is it allows us to service the higher-frequency Satcom bands, which are becoming more and more critical for the LEO constellations. And there will be a transition from, what I would consider, PHM gas technology at these frequencies to GaN technology, and we will be leading that transition.

我們認為這筆交易之所以重要，是因為它使我們能夠服務更高頻率的衛星通訊頻段，而這些頻段對於低地球軌道星座來說正變得越來越重要。屆時，我認為在這些頻率下，PHM 氣體技術將向 GaN 技術過渡，而我們將引領這項過渡。

And the reason why you would want to make that transition is a GaN amplifier on this process will have a higher power density, almost 2x what PHM can do, and you'll also get 10 points of higher efficiency on that particular amplifier. So there's a compelling reasons why we believe the LEO constellations will -- and our customers will want to adopt this technology as soon as it's ready in our fab.

之所以要進行這種轉變，是因為採用這種製程的 GaN 放大器將具有更高的功率密度，幾乎是 PHM 的兩倍，而且該放大器的效率也將提高 10 個百分點。因此，我們有充分的理由相信，低地球軌道星座將會——而且我們的客戶也會希望在我們工廠完成這項技術後立即採用它。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

Yeah. Hey, guys. Thank you, guys for asking me some questions. Congratulations on some great results. Steve, if I look at your guidance, I think there's a little bit of a step-up in growth. Just at a broad level, I mean you talked about multiple drivers. But if I had to be specifically ask you about what is driving the step-up in growth, how would you characterize that? And I have a follow-up.

是的。嘿，夥計們。謝謝大家提問。恭喜取得如此優異的成績。史蒂夫，如果我看一下你的指導意見，我認為你的成長速度會更快一些。從宏觀層面來說，我的意思是，你談到了多個驅動因素。但如果我必須具體問你是什麼推動了成長的加速，你會如何描述它？我還有一個後續問題。

Are you referring to Q1 specifically or in general?

您指的是Q1具體問題還是泛指Q1？

Yeah. (inaudible)

是的。（聽不清楚）

Well, I think it's, first and foremost, driven by the continued rollout of 1.6T and 800-gig platforms across various customers with various products. That is absolutely driving the growth. And then I would say the other factor is we're seeing a little bit of a bounce back in telecom.

嗯，我認為首先也是最重要的原因是，各個客戶的各種產品都在不斷推出 1.6T 和 800G 平台。這絕對是推動成長的主要因素。然後，我認為另一個因素是，我們看到電信業出現了一些反彈。

As you know, going Q3 to Q4, it was sequentially down a little bit, really due to the timing of orders and also just continued strength in our defense business. And then the other thing I'll add, as we really are at the beginning of our fiscal '26, our October bookings were one of the best months we've had in years. And so we're really excited to start the year with a strong backlog and a lot of momentum.

如您所知，從第三季度到第四季度，業績環比略有下降，這主要是由於訂單時間表以及國防業務的持續強勁表現所致。另外，我還要補充一點，現在我們確實已經進入了 2026 財年，10 月份的預訂量是我們多年來最好的月份之一。因此，我們非常高興能夠以強勁的訂單儲備和良好的發展勢頭開啟新的一年。

Fair enough. And Steve, you talked a lot about satellite on this call, something you haven't done. You've talked about -- you mentioned satellite, but not to this extent. And you talked a lot about LEO satellites. I guess, could you help us understand the timing of some of these new products, the scale? Where is the business at today? And how big could it be? And also, I was wondering, part two, the standard question LPO, you started shipping seems like -- could you help us size that market for 2026?

很公平。史蒂夫，你在這通電話中談了很多關於衛星的事情，這是你以前從未做過的事情。你之前談過衛星，但沒有深入到這種程度。你當時談了很多關於低地球軌道衛星的話題。我想請您幫我們了解這些新產品的上市時間、規模等資訊？公司目前的業務狀況如何？它究竟能有多大？另外，我想問一下，第二部分，LPO，你們開始出貨後，似乎會問——你們能幫我們估算一下 2026 年的市場規模嗎？

Yes. Thanks, Harsh. So I would say that the current LEO business is included in the telecom numbers that we're currently reporting. We don't particularly want to break out that particular submarket within telecom. So I would say, the timing is now, and it's -- we're ramping. And the LEO business that we have is expected to grow over the next 12 to 18 months.

是的。謝謝你，哈什。所以我認為，目前的 LEO 業務已經包含在我們目前報告的電信數據中。我們並不特別想將電信業的那個特定細分市場單獨拿出來。所以我覺得，現在正是時候，而且──我們正在加緊。我們現有的 LEO 業務預計在未來 12 至 18 個月內將實現成長。

How big could it be? It can be hundreds of millions of dollars in size. This is not a small market, it's a large market. As I mentioned, we support this business at the chip level, the module level and even the subsystem level. And when we talk about LEO constellations, I also have to highlight it includes not only the payload on the satellite, but it also includes the ground gateways and the terminals, which also have very high value-added products.

它能有多大？它的規模可能高達數億美元。這不是一個小市場，而是一個大市場。正如我之前提到的，我們在晶片級、模組級甚至子系統級都為這項業務提供支援。當我們談到低地球軌道星座時，我還必須強調，它不僅包括衛星上的有效載荷，還包括地面網關和終端，它們也擁有非常高附加價值的產品。

In terms of the LPO question you mentioned -- you asked, we talked about having one customer in production on our last conference call. I can tell you, that number has tripled. So now we have three and growing. And so we would expect that number to continue to increase as the industry adopts LPO.

關於您提到的 LPO 問題——您問過，我們在上次電話會議上討論過有一個客戶正在生產。我可以告訴你，這個數字已經翻了三倍。現在我們有三個人了，而且還在增加。因此，隨著行業採用 LPO，我們預計這一數字將繼續增長。

We don't necessarily want to size the market. It really depends on what the customers do in terms of their deployments, and that's a very difficult number to put out there. We have our own internal models. But we would rather -- we're sure that there's error associated with those estimates.

我們未必想要估算市場規模。這實際上取決於客戶的部署情況，因此很難給出確切的數字。我們有自己的內部模型。但我們更願意——我們確信這些估計有誤差。

I will say that our competitive advantage with LPO shines very very well because there's no DSP. So the landscape and the competitive dynamics changed quite dramatically when you remove the DSP. And then the other thing I'll just highlight, the LPO solutions today are running at 100-gig per lane.

我想說，我們在LPO方面的競爭優勢非常明顯，因為我們沒有DSP。因此，移除 DSP 後，市場格局和競爭態勢發生了相當大的變化。還有一點我要強調，目前 LPO 解決方案的單通道運行速度為 100G。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yeah, thank you. Steve, you spoke of record backlog, but does that include a record backlog for datacom products such as TIAs, drivers and PDs? And as you address that, can you quantify the level of order visibility with your customers, perhaps in terms of quarters as you seek to add capacity to fulfill this customer demand?

是啊，謝謝。史蒂夫，你提到了創紀錄的積壓訂單，但這是否包括TIA、驅動程式和PD等數據通訊產品的創紀錄積壓訂單？在解決這個問題時，您能否量化一下您與客戶之間的訂單可見度水平，例如以季度為單位，來說明您如何增加產能以滿足客戶需求？

Yeah. Thank you. We don't really break the backlog out by product line or market per se. But you can imagine that coming off of a year where we had 50% year-over-year growth in the data center, and there's a lot of momentum that the data center backlog is growing nicely.

是的。謝謝。我們並沒有依照產品線或市場本身來細分積壓訂單。但你可以想像，在資料中心業務年增 50% 的一年之後，資料中心積壓訂單的成長勢頭良好。

Some of our other end-markets like defense, they typically have longer lead times and manufacturing cycle time. So we typically would build backlog with our defense customers at the beginning of the year. So overall, a healthy backlog, and we really can't break it out any further than that.

我們其他一些終端市場，例如國防領域，通常交貨週期和生產週期都比較長。因此，我們通常會在年初與國防客戶建立訂單積壓。所以總的來說，積壓的工作量還算充足，我們真的無法再細分了。

Got it. That's fair. Jack, perhaps one for you, if I may. Just on the RF business, any updated thoughts on the timing of yield enhancements and operational performance? Would you anticipate this business going to be margin neutral once these yield enhancements are complete perhaps before you add the planned 30% of wafer capacity?

知道了。這很合理。傑克，如果可以的話，或許可以給你一個。僅就射頻業務而言，關於良率提升和營運效能方面，有什麼最新的想法嗎？您認為在增加計畫中的 30% 晶圓產能之前，一旦這些良率提升措施完成，這項業務的利潤率能否達到中立？

Yeah, I think what you're referring to, Karl, is some of the gross margin improvements, and we talked about it in our prepared remarks, the sequential improvements that we expect to see on a quarterly basis of anywhere from 25 to 50 basis points. As we've also discussed, we've completed the RTP fab conveyance. So that's part of the MACOM portfolio.

是的，卡爾，我想你指的是毛利率的改善，我們在準備好的發言稿中也談到了這一點，我們預計每個季度毛利率將環比提高 25 到 50 個基點。正如我們之前討論過的，我們已經完成了RTP工廠的交付。所以這是 MACOM 產品組合的一部分。

And through a combination of enhancements to our gross profits and cost reductions and yield improvements across all of MACOM, including facilities like Lowell and our other two fab manufacturing locations, are going to be helping to contribute to some of those gross margin improvements that we had talked about earlier. So it's more of a global effort that we have as opposed to being focused on any one area of the business.

透過提高毛利、降低成本以及提升 MACOM 所有工廠（包括 Lowell 等工廠和我們另外兩個晶圓廠製造基地）的良率，我們將有助於實現先前提到的毛利率提升目標。因此，我們採取的是一種全球性的努力，而不是專注於業務的某個特定領域。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes. Thank you, and let me add my congrats on the record results. Steve, I know you typically don't guide more than a quarter out, but just so many irons in the fire here across all three segments. So directionally, how should we think about growth in the three segments next year, especially also in light of the more than 40% growth in both data center and telecom this year?

是的。謝謝，也請容許我祝賀你們取得了破紀錄的成績。史蒂夫，我知道你通常不會提前超過四分之一的時間做決定，但是現在三個部分都有很多事情要處理。那麼，從方向來看，我們該如何看待明年這三個領域的成長呢？特別是考慮到今年資料中心和電信領域的成長都超過了 40%？

Thank you for the question, Tore. As you know, we don't typically give full-year guidance. But I'd be happy to make some general comments on our expectations for 2026. And maybe before I do so, I think there's some important trends to highlight, and I think you mentioned a few.

謝謝你的提問，托雷。如您所知，我們通常不提供全年業績指引。但我很樂意就我們對 2026 年的預期發表一些總體看法。或許在此之前，我想先強調一些重要的趨勢，我想你已經提到了一些。

Number one, we had very strong growth year-over-year, 32% growth on the top line. And that really represented the four out of six years in a row, we've had double-digit growth. and we're excited about that. Our CAGR over the last six years has been in the mid-teens, and we're pleased with that type of performance.

第一，我們實現了非常強勁的年成長，營收成長了 32%。這確實代表著我們連續六年中有四年實現了兩位數的成長，我們對此感到非常興奮。過去六年我們的複合年增長率一直維持在十幾個百分點，我們對這樣的業績感到滿意。

As we think about '26, we have various scenarios, we have our base case scenarios and our improved or best case scenarios. But if I just focus on the base case for a minute, we would certainly expect double-digit growth with no less than mid-teens on the top line. We believe the growth will be driven by the data center business. It will have -- it will be our strongest market, then followed by industrial and defense and telecom. And it will be a year where you begin to see leverage on -- of our business model and improved operating income and earnings growth. So we're very excited about that as well.

當我們展望 2026 年時，我們有各種不同的情景，我們有基本情景，也有改進或最佳情景。但如果我先關註一下基本情況，我們肯定會預期兩位數的成長，營收至少達到15%左右。我們認為，資料中心業務將推動成長。它將成為我們最強大的市場，其次是工業、國防和電信。今年，您將開始看到我們商業模式的優勢發揮，營業收入和獲利成長得到改善。所以我們對此也感到非常興奮。

Great. Thank you for that, Stephen. And as my follow-up, it sounds like you turned about 14%, 15% of the revenue this quarter. I'm just curious, given the strong momentum, the order rates, are you starting to see some tightness, whether that's with your own fabs or lead times starting to stretch? Because obviously, the growth momentum seems to be accelerating. So I just want to make sure that everything is on track as far as capacity is concerned.

偉大的。謝謝你，史蒂芬。我的後續問題是，聽起來你們本季的營收轉換率約為 14% 到 15%。我只是好奇，鑑於目前的強勁勢頭和訂單量，您是否開始看到一些緊張局面，無論是您自己的工廠產能不足，還是交貨週期開始延長？因為很明顯，成長動能似乎正在加速。所以我想確認一下，就產能而言，一切都在按計畫進行。

Yes. Well, we're growing as quickly as we are. There's always stress points throughout our operations and supply chain, and we have an outstanding team that can manage those tactical and strategic issues quite well. So we're very pleased with the team's performance, and we're able to get the things we need and have the capacity available.

是的。嗯，我們的成長速度就是這樣。我們的營運和供應鏈中總會存在一些壓力點，但我們擁有一支優秀的團隊，能夠很好地處理這些戰術和戰略問題。因此，我們對團隊的表現非常滿意，我們能夠獲得所需的東西，並且有足夠的產能。

I highlighted as an example with our 200 gig per lane photo detector. We recognized last year that we were going to have some very strong growth in the next 24 months. And so we took actions to move that product to our large Lowell facility here, where we have really unlimited manufacturing capability to produce PDs to support the industry.

我以我們每車道 200 GB 的光電偵測器為例進行了說明。我們去年就意識到，未來24個月我們將迎來非常強勁的成長。因此，我們採取措施將該產品轉移到我們位於洛厄爾的大型工廠，我們在那裡擁有真正無限的生產能力來生產PD，以支持該行業。

So we're taking those steps. A lot of those things you see behind the scenes, where we're making sure we have a front-end, back-end test capacity in place, there's always areas where we need to do more and pinch points. And the team is managing those very well. So yes, it's always a challenge in a high-growth environment, but I think we have it under control.

所以我們正在採取這些措施。很多幕後工作，例如確保前端和後端測試能力到位，總是會有一些領域需要我們做得更多，也總是會有一些瓶頸。團隊在這方面處理得非常好。是的，在高成長的環境中，這始終是一個挑戰，但我認為我們已經掌控了局面。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

Good morning, guys. Thanks for takint my question. I want to ask you, I mean, obviously, very strong comments about growth in fiscal '26. The book to bill just over 1%, I guess, I think you said maybe there's some function with the defense business. But I'm just kind of curious, is that the case across all three segments? Is there something that's down? Or is that just timing-wise and if that should improve?

各位早安。謝謝你回答我的問題。我想問您，我的意思是，很顯然，您對 2026 財年的成長有非常強烈的評價。這本書的銷售額估計略高於 1%，我想你說過，這可能與國防業務有關。但我很好奇，這種情況在所有三個細分市場都是如此嗎？是不是有什麼設備故障了？或者這只是時間上的問題，以及這種情況是否會有所改善？

Yeah. We track the book-to-bill for each of our markets and submarkets and customers on a very granular level. And every quarter, it's a different setup. And so over the long term, is really what matters. And over fiscal year '25, our book-to-bill ratio was 1.1, to be clear. And that's a very strong number.

是的。我們對每個市場、子市場和客戶的訂單出貨情況進行非常細緻的追蹤。每個季度，情況都不一樣。所以，從長遠來看，這才是真正重要的。需要說明的是，在 2025 財年，我們的訂單出貨比為 1.1。這是一個非常高的數字。

And we started fiscal '26 in October with one of our best Octobers and as long as I can remember. So we're not -- you have to read through the noise. I wouldn't get too fixated on any particular quarter's book-to-bill. And if you remember a few years ago, we had a -- we had a quarter where we had 0.5 book-to-bill, and we survived that quite nicely. But -- so that's the nature of the business. Some of our markets are a little volatile. Some of them have different timing of orders, and customers have different schedules, and we just try to blend it all together and report the results.

2026 財年於 10 月開始，而 10 月也是我們有史以來業績最好的 10 月之一。所以，我們並不是──你必須透過表像看清真相。我不會過度關注某個特定季度的訂單出貨比。如果你還記得幾年前，我們有一個季度帳面出貨比只有 0.5，但我們挺過來了，而且過得相當不錯。但是——這就是行業的本質。我們部分市場的波動性稍大。有些訂單的下單時間不同，顧客的日程安排也不同，我們只是嘗試把所有這些因素綜合起來，然後報告結果。

Thanks. And then I wanted to ask on the gross margin, the 25 to 50 basis points improvement. Obviously, you took over the Wolfspeed fab, and there was some lifting to do there. Maybe you could just talk about the contribution from those improvements versus just what it looks like overall, volumes are going up as well.

謝謝。然後我想問毛利率方面的問題，也就是提高 25 到 50 個基點。顯然，你接管了 Wolfspeed 工廠，那裡需要進行一些搬遷工作。或許你可以談談這些改進帶來的貢獻，而不是只專注在整體情況，銷售量也在上升。

Yeah. Thanks for that. And I'll just highlight on a go-forward basis, we don't really want to talk about the gross margins by fab. I think that -- our business is too complicated than that. I know, before the closing of the fab and during the transition, we were very transparent about the puts and the takes on the RTP site specifically.

是的。謝謝。我還要強調一點，今後我們不想再照工廠討論毛利率了。我認為——我們的業務遠比這複雜得多。我知道，在工廠關閉之前和過渡期間，我們對 RTP 工廠的買賣情況非常透明。

But now that it's in the MACOM tent and we're changing so many things, including the mix, the customer base, the focus, as I highlighted as an example, we took 1oneof the RTP 15-nanometer GaN on silicon carbide processes and we upgraded it by adding an ALD covering and now that's going to open up a new market segment and that will lead to great things; so there's just a lot of moving parts at each one of the fabs.

但現在它已經進入了 MACOM 的框架，我們正在改變很多東西，包括產品組合、客戶群、重點等等。正如我所舉的例子，我們採用了一種 RTP 15 奈米碳化矽氮化鎵工藝，並透過添加 ALD 覆蓋層對其進行了升級，這將開闢一個新的市場領域，並帶來巨大的成果；所以每個晶圓廠都有很多變化。

And to get fixated on any particular fabs, near-term performance is -- could be limiting. So I think we take a broader approach and we're not really going to be discussing gross margins by fab because that could be a tell on the profitability of those associated products, which we don't want to disclose.

如果過度專注於某個特定的晶圓廠，那麼短期性能可能會成為一種限制。所以我認為我們應該採取更廣泛的方法，我們不會真的去討論各個晶圓廠的毛利率，因為這可能會洩漏相關產品的獲利能力，而我們不想透露這些資訊。

Now the other thing I'll highlight is a big part of our business uses external fabs. And we are working with the leading fabs across the US, Europe and Asia to support a lot of our high-speed business, primarily data center centric, as well as various tests -- very high-performance test chips or products for broadcast video or other high-speed trading-type chips that are very high-speed matrices that are used in high-speed trading.

還有一點我要強調的是，我們業務的很大一部分都依賴外部晶圓廠。我們正在與美國、歐洲和亞洲的領先晶圓廠合作，以支援我們的許多高速業務，主要以數據中心為中心，以及各種測試——非常高性能的測試晶片或用於廣播視頻或其他高速交易類型的晶片的產品，這些晶片是用於高速交易的非常高速的矩陣。

So we have a lot of high-end chips that we externally sourced from four to five different fabs, depending on the technology. And that -- those product lines also contribute quite nicely to our business and can also affect the overall corporate gross margins. Jack, I don't know whether you want to add to that?

因此，我們有很多高階晶片，這些晶片是根據技術的不同，從四到五個不同的晶圓廠採購的。而且，這些產品線也對我們的業務做出了相當大的貢獻，也會影響公司的整體毛利率。傑克，我不知道你是否想補充什麼？

I think just maybe just providing a little bit more color in terms of RTP, right, when we had talked about it last quarter, we had only had it for two weeks. So it came in line with our expectations. It allowed us to also derisk the business in terms of being able to take control of that business. So the team has done a fantastic job with everything that's going on there.

我覺得或許應該在 RTP 方面提供一些更詳細的信息，對吧？上個季度我們討論 RTP 的時候，它才使用了兩週。所以這符合我們的預期。這也使我們能夠降低業務風險，從而更好地掌控該業務。所以，團隊在處理所有相關事宜方面做得非常出色。

Sean O'Loughlin, TD Cowen.

肖恩·奧洛克林，TD Cowen。

Hey, guys. Thanks for letting me hop on and ask a question and like my peers, I'll congratulate you on the excellent results. I wanted to ask, two of your, I guess, I'll call them sort of competitors announced a merger last week, a question that we've gotten from investors is whether you anticipate much changing on the competitive landscape following that merger.

嘿，夥計們。感謝您允許我提問，和我的同行一樣，我也要祝賀您取得如此優異的成績。我想問一下，你們的兩家公司，我姑且稱它們為競爭對手，上周宣布合併。投資人問我們，你們是否預期合併後競爭格局會發生很大變化。

Obviously, you don't compete in the handset market, but maybe as you think about those companies' respective broad markets businesses coming together, does that change much? Or is it too early to say with any certainty?

顯然，你們並不在手機市場競爭，但是，當你考慮到這些公司各自的廣泛市場業務合併時，情況會有很大改變嗎？或者現在下定論還為時過早？

Yes. Thank you for the question, and congratulations to both companies. And you're right, we're not in the handset business, so it shouldn't affect us. Neither companies are customers or suppliers to us, so there's no sort of impact there. So we don't really see a direct impact.

是的。感謝您的提問，也恭喜兩家公司。你說得對，我們不做手機生意，所以這不會影響到我們。這兩家公司都不是我們的客戶或供應商，所以不會對我們造成任何影響。所以我們並沒有看到直接的影響。

We have noticed that each of those companies is closing down their fabs, and I imagine over the course of time, there'll be some restructuring. And so it's possible that, that could create an opportunity for us to maybe win some more sockets or hire some great talent. So we'll see how it goes. And we again, congratulate both companies on that deal.

我們注意到這些公司都在關閉他們的晶圓廠，我想隨著時間的推移，將會出現一些重組。因此，這有可能為我們創造機會，讓我們贏得更多客戶或招募到一些優秀人才。我們拭目以待。我們再次祝賀兩家公司達成這項交易。

Great. And then as a follow-up, I wanted to ask an AI question that is actually not about the data center market, if you can believe that. But in telecom, one of the themes that our colleagues on the comm infrastructure side of the house have been exploring is the potential impact of some of these deployments and the data center builds on access and long-haul networks as bandwidth increases either due to distributed training or more two-way inference traffic. Are you -- I guess, put simply, are you seeing that at all? Or do you anticipate that in the future? And then maybe how should we be thinking about the puts and takes of those trends as it relates to MACOM?

偉大的。然後，作為後續問題，我想問一個與資料中心市場無關的人工智慧問題，你相信嗎？但在電信領域，我們通訊基礎設施的同事一直在探索的一個主題是，隨著分散式訓練或雙向推理流量的增加，頻寬的增加可能會對接入和長途網路產生一些影響，而這些部署和資料中心建設正是基於此。我猜，簡單來說，你有沒有註意到這一點？或者您預計未來會出現這種情況？那麼，我們該如何看待這些趨勢與 MACOM 之間的關係呢？

Well, we have very good relations with the major RAN manufacturers that are deploying 5G and working on 6G. We also have a very strong understanding of the front-haul network itself because that's a big part of our business. And we're very, very strong with RF over fiber. And in some future generations, there may be more RF over fiber directly to the radio.

我們與正在部署 5G 和研發 6G 的主要無線接取網路 (RAN) 製造商保持著非常好的關係。我們對前傳網路本身也有非常深刻的了解，因為這是我們業務的重要組成部分。我們在光纖射頻方面非常非常強大。在未來的某些世代中，可能會有更多的射頻訊號透過光纖直接傳輸到無線電設備。

And so all of these things would contribute to moving high-speed data or large blocks of data faster. And so we are definitely working with customers and trying to keep up with their investigations of different architectures like the ones you mentioned.

因此，所有這些因素都有助於更快地傳輸高速資料或大塊資料。因此，我們肯定會與客戶合作，並努力跟上他們對不同架構（例如您提到的那些架構）的研究。

So we do have -- again, I think the key point here is that trend would most likely be a long-term trend, and we think we have the right technology, given the highest speed, highest data rate, highest frequency. A lot of these applications might also deploy very high frequencies. And so we think we're in a good spot to take advantage of that.

所以我們確實擁有——再次強調，我認為關鍵在於，這種趨勢很可能是一個長期趨勢，我們認為我們擁有正確的技術，因為它具有最高的速度、最高的數據速率和最高的頻率。這些應用中許多也可能採用非常高的頻率。因此，我們認為我們處於有利地位，可以充分利用這一點。

William Stein, True Securities.

威廉·斯坦，True Securities。

Great. Thank you for taking my question and also, congratulations on the strong results and outlook and perhaps especially on the fiscal '26 commentary, which sounds good. Steve, I was hoping that you might reflect on the one hand, relatively light comments about the industrial end market performance, while on the other hand, gross margin sounds like they're going to be tracking better consistently over the coming year.

偉大的。感謝您回答我的問題，也祝賀貴公司取得了強勁的業績和良好的前景，尤其祝賀貴公司對 2026 財年的評論，聽起來很不錯。史蒂夫，我希望你一方面能對工業終端市場的表現發表一些相對輕鬆的評論，另一方面，毛利率聽起來會在未來一年裡持續走得更好。

I've historically sort of associated these two things together that that low in the industrial end market has been sort of a weight on gross margins. Is that still the case? Is that part of the thinking behind expanding gross margins next year or recovery in that market? And if any other details you could provide around that thinking, would be helpful. Thank you.

我一直以來都把這兩件事連結在一起，認為工業終端市場的低迷對毛利率造成了一定的影響。現在情況仍然如此嗎？這是明年提高毛利率或預期市場復甦背後的考量嗎？如果您能提供更多關於這方面細節的信息，那就太好了。謝謝。

Yes. And I think you're thinking about it the right way. And historically, we've had a lot of our industrial revenue was internal fab centric. And that's because it would be servicing markets like test and measurement or medical markets where they use a non-magnetic high-voltage diodes, which we have a very strong position in the market on, as well as factory automation and other wireless platforms.

是的。我認為你的思考方式是對的。從歷史上看，我們大部分的工業收入都集中在內部晶圓廠。這是因為它將服務於測試測量或醫療市場等市場，這些市場使用非磁性高壓二極管，而我們在該市場擁有非常強大的地位，此外，它還將服務於工廠自動化和其他無線平台。

And so as that market improves, that benefits the loading and can have a benefit on the gross margins. Generally speaking, I would -- with that said, generally speaking, as we look into '26, we think there will be some positive trends in industrial, but more importantly, stronger trends in defense, and that will also be a tailwind on our gross margins.

因此，隨著市場好轉，裝載量會提高，毛利率也會提高。總的來說，展望 2026 年，我們認為工業領域會有一些正面的趨勢，但更重要的是，國防領域會有一些更強勁的趨勢，這也將對我們的毛利率起到推動作用。

That's helpful. Maybe as a follow-up, can you maybe help us understand the diversification in the data center end market? And maybe explore a little bit where the design wins come from. Are they more from module makers, from semiconductor suppliers, from the cloud service providers? And maybe give us an idea of the diversification and the types of customers that you're actually getting design wins from and transacting with. Thank you.

那很有幫助。作為後續問題，您能否幫助我們了解資料中心終端市場的多元化情況？或許還可以探究一下，設計上的成功究竟源自於何處。它們更多來自模組製造商、半導體供應商還是雲端服務提供者？或許可以讓我們了解你們的客戶群多元化程度，以及你們實際上從哪些類型的客戶那裡獲得設計訂單並進行交易。謝謝。

Thank you for the question. We address to the back half of your question, all three of those customer categories. So that would be the module manufacturers or cable manufacturers, semiconductor companies and the cloud or the hyperscalers directly. So we engage it all in all of those categories. And so when you take that and add that all up, you'll see that there's a lot of mix of what those different companies would want in terms of product for MACOM.

謝謝你的提問。我們針對您問題的後半部分，即所有這三類客戶群進行解答。所以，這包括模組製造商或電纜製造商、半導體公司以及雲端服務商或超大規模雲端服務供應商。因此，我們在所有這些類別中都參與其中。因此，當你把這些因素加起來，你會發現，這些不同的公司對 MACOM 產品的需求有很多。

As we look at the market, we break it up into really three segments, it would be the multi-mode market itself, which is generally short reach; single mode, which is medium, long reach; and then metro long haul and coherent. And so as we look down and service these different companies in those different categories you mentioned, depending on what they're focused on, we'll try to be a merchant supplier and sell them chips. It might be a driver, it might be a laser, it might be a photo detector or TIA. And so that is -- there's about a half a dozen primary product lines, let's say, that we service the data center with, and that's how we go to market.

當我們審視市場時，我們將其分為三個部分：多模式市場本身（通常為短途）；單模式市場（中長途）；以及地鐵長途和連貫線路。因此，當我們向下看，並根據您提到的不同類別中的這些不同公司的關注點，為他們提供服務時，我們將努力成為供應商，並向他們銷售晶片。它可能是驅動器，可能是雷射器，可能是光電探測器或TIA。所以，我們大概有六條主要產品線，比如說，我們用它們來服務資料中心，這就是我們進入市場的方式。

Peter Pang, JPMorgan.

Peter Pang，摩根大通。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北地資本市場。

Okay, just made it. Good morning. Congrats on the results. And indeed, we've seen some pretty positive results across this optical landscape thus far this week, even with a lot of references to step-function accelerations and demands, I think, both inside and outside the data center. And I think maybe that marries up well with your very strong October bookings commentary, I think.

好了，剛好到了。早安.恭喜取得好成績。確實，本周到目前為止，我們在光學領域已經看到了一些相當積極的成果，儘管有許多關於階躍函數加速和需求的討論，我認為，無論是在資料中心內部還是外部。我認為這或許與您先前對十月份強勁預訂量的評論非常吻合。

I guess the question is, in that environment, so you're guiding data center to high 20s growth, maybe 28% growth in Q1; and I guess given this environment that we're seeing and what seems to be a bit of a title wave of demand, is that type of growth rate sustainable for the year in fiscal '26? Or can it even increase?

我想問的是，在這種環境下，您引導資料中心實現 20% 以上的成長，第一季可能達到 28% 的成長；鑑於我們目前看到的這種環境以及似乎出現的一波強勁的需求浪潮，這種成長率在 2026 財年是否可持續？或者它甚至還能增加嗎？

Yeah, I think it can increase. And we have a base case, and then we have our sort of best case. And we're setting guidance on it, I would say, our base case are more conservative which even provides strong sequential growth coming off of a very strong Q4. And so we would expect that to continue.

是的，我認為它可能會增加。我們有一個基本情況，然後我們還有一個理想情況。我們正在製定相關指引，我認為，我們的基本預期更為保守，即使在第四季度表現強勁的情況下，也能實現強勁的環比增長。因此，我們預計這種情況還會持續下去。

There are scenarios, as we model our fiscal '26, where our data center can actually really outperform and have very strong performance similar to last year. But we're not forecasting that now. We know a lot of things have to happen, including various ramps have to occur and things of that nature.

在我們對 2026 財年進行建模時，存在一些情況，在這些情況下，我們的資料中心實際上可以表現出色，並取得與去年類似的強勁業績。但我們現在並不預測這種情況。我們知道有很多事情必須發生，包括各種過渡措施的實施等等。

So we're not forecasting that sort of super strong growth. We're going to start the year and look at our backlog and plan accordingly. But you're correct, and those trends are there, and it's primarily around 1.6T. That's where the volume is, that's where the demand is, that's where the shortage of supply in some key technologies is. And quite frankly, that's where MACOM can be a strategic partner.

所以我們預計不會出現那種超強勁的成長。年初伊始，我們將審視積壓的工作，並據此制定計畫。但你說得對，這些趨勢確實存在，而且主要集中在1.6噸左右。這個噸位是產能集中的地方，也是需求所在，一些關鍵技術的供應短缺也集中在這裡。坦白說，這正是 MACOM 可以成為策略夥伴的地方。

Great. Thanks very much and congrats.

偉大的。非常感謝，也恭喜你。

Quinn Bolton, Needham Company.

奎因·博爾頓，尼德姆公司。

Hey, guys. Thanks for taking my questions. I guess maybe, Steve, just coming out of the ECOC Optical Show a few weeks back, there was some chatter about market share shifts in the TIA and the driver side at 800 gig and 1.6T modules. I just wonder if you could address how do you feel about your relative share position across TIA drivers? Have you seen any shifts? Do you feel like you're still pretty well holding share or maybe even taking share? But any comment just how you're doing in the PMDs for optical modules at 800 and 1.6T?

嘿，夥計們。謝謝您回答我的問題。我想，史蒂夫，就在幾週前剛從 ECOC 光學展出來的時候，有一些關於 TIA 和 800 G 和 1.6T 模組的驅動端市場份額變化的討論。我想問一下，您如何看待您在TIA駕駛群體中的相對份額？你觀察到任何變化嗎？你覺得自己目前仍然穩固地持有市場份額，甚至可能正在擴大市場份額嗎？但您能否就800T和1.6T光模組的PMD（光電模組開發）進度發表一下看法？

Thank you for the question. I think we're doing well. I think we have differentiated product, and it's a very competitive landscape. So you have to earn every socket based on performance, timing, price, and I think we're bringing our best game to the market.

謝謝你的提問。我認為我們做得很好。我認為我們的產品具有差異化優勢，而且市場競爭非常激烈。所以你必須根據性能、時機和價格來贏得每一個機會，我認為我們正在將我們最好的產品推向市場。

So holding share?

所以持有股份？

I'm not going to comment on particular product lines, whether we're gaining or losing market share.

我不會對具體的產品線發表評論，也不會評論我們是獲得還是失去市場份額。

Okay. Thank you.

好的。謝謝。

There are no further questions at this time. I will now turn the call back over to Mr. Steve Daly for any closing remarks.

目前沒有其他問題了。現在我將把電話轉回給史蒂夫·戴利先生，請他作總結發言。

Thank you. In closing, Jack and I would like to thank the entire MACOM team for their continued dedication, which made our FY25 results possible. We will continue to work as a team to meet our customers' needs and execute our strategic plan as we start fiscal year '26. Thank you very much, and have a nice day.

謝謝。最後，我和傑克要感謝整個 MACOM 團隊的持續奉獻，正是他們的努力才使我們 2025 財年的業績得以實現。我們將繼續作為一個團隊努力工作，以滿足客戶的需求，並在 2026 財年開始之際執行我們的策略計劃。非常感謝，祝您今天愉快。

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了。