MACOM Technology Solutions Holdings Inc (MTSI) 2026 Q1 法說會逐字稿

Welcome to MACOM's first fiscal quarter 2026 conference call. This call is being recorded today, Thursday, February 5, 2026. (Operator Instructions)

歡迎參加 MACOM 2026 財年第一季電話會議。本次通話於2026年2月5日星期四進行錄音。（操作說明）

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

現在我將把電話轉給 MACOM 公司企業發展和投資者關係資深副總裁 Steve Ferranti 先生。費蘭蒂先生，請繼續。

Thank you, Olivia. Good morning, and welcome to our call to discuss MACOM's financial results for the first fiscal quarter of 2026.

謝謝你，奧莉維亞。早安，歡迎參加本次電話會議，我們將討論 MACOM 2026 財年第一季的財務表現。

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

我想提醒大家，我們今天的討論將包含前瞻性陳述，這些陳述受到1995年《私人證券訴訟改革法案》中關於前瞻性陳述的安全港條款所定義的某些風險和不確定性的影響。實際結果可能與今天討論的內容有重大差異。有關導致這些差異的風險和不確定性的更詳細討論，請參閱 MACOM 向美國證券交易委員會提交的文件。

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

管理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 Q1 results for fiscal year 2026. When Jack is finished, I will provide revenue and earnings guidance for the second quarter of FY26, 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 2026 財年第一季的業績。等傑克講完後，我將提供 2026 財年第二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 first quarter of fiscal 2026 was $271.6 million, and adjusted EPS was $1.02 per diluted share. Demand for our products is strong across our three end markets, and our backlog continues to build. Our financial performance improved across most key metrics in Q1.

2026 財年第一季營收為 2.716 億美元，調整後每股收益為 1.02 美元（稀釋後）。我們的產品在三大終端市場需求強勁，積壓訂單持續增加。第一季度，我們大多數關鍵指標的財務表現均有所改善。

At quarter end, we held approximately $768 million in cash and short-term investments on our balance sheet. Our Q1 book-to-bill ratio was 1.3:1, and orders booked and shipped within the quarter was 23% of total revenue. Our Q1 turns business was higher than recent quarters due to strong early quarter bookings. Our current backlog remains at record level.

截至季末，我們的資產負債表上持有約 7.68 億美元的現金和短期投資。我們第一季的訂單出貨比為 1.3:1，本季已預訂和已出貨的訂單佔總收入的 23%。由於第一季初的訂單量強勁，我們的營業額高於最近幾季。我們目前的積壓訂單仍處於歷史最高水準。

Turning to other recent trends. Q1 revenue performance by end market was as expected, and all end markets grew sequentially. Industrial and Defense was $117.7 million, Data Center was $85.8 million, and telecom was $68.1 million.

接下來再看看其他近期趨勢。第一季各終端市場的營收表現符合預期，所有終端市場均較上季成長。工業和國防領域為 1.177 億美元，資料中心領域為 8,580 萬美元，電信領域為 6,810 萬美元。

Data Center was up approximately 8% sequentially, Telecom was up 3% sequentially, and IND was up 2% sequentially. Both IND and Data Center revenues were at record levels. As we review our full fiscal year forecast, we are gaining confidence that our Data Center revenue could achieve 35% to 40% year-over-year growth.

資料中心板塊較上季成長約 8%，電信板塊較上季成長 3%，工業板塊較上季成長 2%。IND 和資料中心收入均創歷史新高。在回顧整個財年預測時，我們越來越有信心，我們的資料中心收入可以實現 35% 至 40% 的年成長。

Hyperscalers capital investments are robust, which is driving demand for our 800 and 1.6T optical and high-speed analog products. To capitalize on this opportunity, we have been expanding, and we will continue to expand, our data center product portfolio.

超大規模資料中心的資本投資強勁，這推動了對我們 800T 和 1.6T 光纖和高速模擬產品的需求。為了抓住這一機遇，我們一直在擴大，並將繼續擴大我們的資料中心產品組合。

As a reminder, our portfolio currently supports NRZ and PAM4 in coherent modulations, and we provide products that support VCSEL, EML, and silicon photonic-based optical transmission technologies as well as electrical connectivity solutions over copper.

提醒一下，我們目前的產品組合支援相干調製中的 NRZ 和 PAM4，我們提供支援 VCSEL、EML 和基於矽光子的光傳輸技術以及銅線電連接解決方案的產品。

Revenue growth inside the data center is robust, primarily in pluggable optical modules and optical cables with our 800G and 1.6T PAM-4 products. We support our customers with DSP, LPO and LRO module architectures.

資料中心內部的營收成長強勁，主要來自我們的 800G 和 1.6T PAM-4 產品中的可插拔光模組和光纜。我們為客戶提供 DSP、LPO 和 LRO 模組架構的支援。

We also support customer requirements for coherent DCI hardware, including ZR and ZR Light. MACOM's coherent light solutions, designed for shorter-reach coherent applications, enable higher bandwidth performance with significantly improved power efficiency compared to traditional coherent systems.

我們也支援客戶對相干 DCI 硬體的需求，包括 ZR 和 ZR Light。MACOM 的相干光解決方案專為短距離相干應用而設計，與傳統相干系統相比，可實現更高的頻寬性能和顯著提高的功率效率。

Interest in LPO continues to spread, and we are further supporting customers as they leverage the benefits of a low-power and low latency 400G and 800G optical interconnect solution. In addition, we see interest in enabling a similar value proposition at 1.6T using LRO or LPO implementations.

人們對 LPO 的興趣持續成長，我們正在進一步支持客戶利用低功耗、低延遲的 400G 和 800G 光互連解決方案的優勢。此外，我們看到，人們有興趣使用 LRO 或 LPO 來實現 1.6T 的類似價值主張。

In this case, a 200 gig per lane solution would be used. We're also supporting LPO use in PCIe and NPO implementations as the industry strives to optimize interconnects for both scale up and scale out. And notably, we are starting to see interest in LPO from telecom fronthaul applications. Demand for our 200 gig per lane photodetectors continues to grow supporting 800G and 1.6T connectivity.

在這種情況下，將採用每通道 200G 的解決方案。我們也支持在 PCIe 和 NPO 實作中使用 LPO，因為業界正努力優化互連，以實現向上擴展和向外擴展。值得注意的是，我們開始看到電信前傳應用對 LPO 產生了興趣。支援 800G 和 1.6T 連接的 200G/通道光電探測器的需求持續成長。

As I highlighted on our last earnings call, we are adding manufacturing capacity to keep up with our customers' forecasted demand. We have indications that demand will remain strong in calendar 2027 into calendar 2027. Further, MACOM is positioning itself to support next-generation optical receiver platforms at speeds beyond 200 gig per lane.

正如我在上次財報電話會議上所強調的那樣，我們正在增加生產能力，以滿足客戶的預測需求。有跡象表明，2027 年的需求將保持強勁。此外，MACOM 正在為支援下一代光接收器平台做好準備，其速度超過每通道 200 Gbps。

Part of our near-term and long-term growth strategy is to expand our photonics portfolio with higher speed photodetectors and new CW lasers. We are also seeing renewed interest in our linear Equalizer products that help extend the reach of copper interconnects in 800G and 1.6T.

我們近期和長期成長策略的一部分是擴大我們的光子產品組合，推出速度更快的光電探測器和新型連續波雷射。我們還看到，人們對我們的線性均衡器產品重新燃起了興趣，該產品有助於擴展 800G 和 1.6T 銅互連的傳輸距離。

Linear equalizers enable longer reach active copper cables or ACCs, and can enhance signal integrity when used in backplane applications. We are working closely with multiple customers to address their program-specific requirements and various use cases. MACOM's road map extends to 3.2G technologies and we have aligned our product road maps and resources with our customers' needs to ensure we deliver the right technology at the right time.

線性均衡器可實現更長距離的主動銅纜或 ACC，並且在背板應用中使用時可增強訊號完整性。我們正與多家客戶緊密合作，以滿足他們特定的專案需求和各種使用情境。MACOM 的發展路線圖涵蓋 3.2G 技術，我們已將產品路線圖和資源與客戶的需求相匹配，以確保我們在適當的時間提供合適的技術。

Our future products are increasingly optimized for co-packaged and highly integrated architectures like CPO and NPO. We can differentiate in this market based on our strong customer relationships, IC and system design expertise as well as our unique photonic materials and product design expertise. And finally, we have successfully launched a PCIe 6 optical chipset that supports sideband data streams over fiber, and we have expanded the portfolio with a new PCIe 7 equalizer.

我們未來的產品將越來越針對共封裝和高度整合的架構進行最佳化，例如 CPO 和 NPO。我們憑藉強大的客戶關係、積體電路和系統設計專業知識以及獨特的光子材料和產品設計專業知識，在這個市場中脫穎而出。最後，我們成功推出了支援光纖邊帶資料流的 PCIe 6 光晶片組，並且透過新的 PCIe 7 均衡器擴展了產品組合。

These ICs provide new exposure to the compute side of the data center network. These products and associated solutions will be on display at the design can show in Santa Clara, California later this month. Similar to the data center, we see many growth opportunities across the industrial and defense markets, but primarily in the Defense segment.

這些積體電路為資料中心網路的計算端提供了新的視角。這些產品及相關解決方案將於本月稍後在加州聖克拉拉舉行的設計展上展出。與資料中心類似，我們看到工業和國防市場有許多成長機會，但主要集中在國防領域。

Advanced radars, electronic warfare and new communication systems are using higher frequencies, higher RF or microwave power levels and higher levels of integration. These requirements play to our strengths, and we offer our customers turnkey support from custom chip design to subsystem solutions.

先進的雷達、電子戰和新型通訊系統正在使用更高的頻率、更高的射頻或微波功率等級和更高的整合水準。這些要求正合我們心意，我們為客戶提供從客製化晶片設計到子系統解決方案的一站式支援。

We are a supplier of choice among many of the large US defense OEMs and we continue to work to expand MACOM's presence and brand in Europe. The pace of innovation in the defense market is accelerating by both the traditional defense primes and the newer, more nimble defense companies.

我們是許多美國大型國防OEM廠商的首選供應商，我們將持續努力擴大MACOM在歐洲的影響力和品牌知名度。國防市場的創新步伐正在加快，這不僅包括傳統的國防巨頭，也包括新興的、更靈活的國防公司。

As an example, new risks from drone attacks are driving the need for an entirely new platform to detect, identify, track and respond to these threats. MACOM has a portfolio of products and system engineering capabilities to support our customers' fast design and manufacturing time lines. Our defense customer base is large and very broad, and we typically support radar systems, missile and missile defense systems, drone and drone defense systems and wideband electronic warfare systems.

例如，無人機攻擊帶來的新風險促使人們需要一個全新的平台來偵測、識別、追蹤和應對這些威脅。MACOM擁有豐富的產品組合和系統工程能力，能夠支援客戶快速完成設計和製造流程。我們的國防客戶群龐大且範圍廣泛，我們通常支援雷達系統、飛彈和飛彈防禦系統、無人機和無人機防禦系統以及寬頻電子戰系統。

I'll illustrate four examples where our products have a competitive advantage in the defense market. MACOM has developed a family of industry-leading, high-efficient wideband game mimic amplifiers that significantly reduce the transmitters heat dissipation. This is critical for small form factor applications.

我將舉四個例子來說明我們的產品在國防市場上具有競爭優勢。MACOM 開發了一系列業界領先、高效的寬頻遊戲類比放大器，可顯著降低發射器的散熱量。這對於小型化應用至關重要。

Our GaN technology supports directed RF energy solutions, our 7-kilowatt devices lead the industry. Our RF over fiber products enabled distribution of RF and microwave signals over long distances using linear photonics. Our products are typically used in phased array radars, remote antennas and tow decoy applications.

我們的氮化鎵技術支援定向射頻能量解決方案，我們的 7 千瓦元件引領產業。我們的光纖射頻產品利用線性光子學技術實現了遠距離射頻和微波訊號的傳輸。我們的產品通常用於相控陣雷達、遠端天線和拖曳誘餌應用。

And when it comes to receiver protection diodes, whether in a radio or a radar, MACOM is the golden standard in the industry for performance and quality. We like to combine our proprietary core technologies with microwave systems engineering capabilities. This enables us to engage much earlier in our customers' project design cycles and presents the full scope of MACOM's capabilities to help solve the customers' technical challenges.

而說到接收器保護二極體，無論是在收音機還是雷達中，MACOM 都是業界性能和品質的黃金標準。我們喜歡將我們專有的核心技術與微波系統工程能力結合。這使我們能夠更早參與客戶的專案設計週期中，並充分展現 MACOM 的能力，以幫助客戶解決技術難題。

Within the telecom end market, satellite-based broadband access and direct to sell opportunities remain robust with numerous LEO networks in the planning stages. The number of LEO satellites planned to be launched continues to grow as more companies compete to provide commercial broadband data, voice and video communications by satellite. These networks typically use microwave or millimeter wave frequencies and free space optics or FSO, communications for satellite to satellite or satellite to ground communications.

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) 網路正處於規劃階段。隨著越來越多的公司競相透過衛星提供商業寬頻數據、語音和視訊通訊服務，計畫發射的低地球軌道衛星數量持續成長。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），進行衛星到衛星或衛星到地面的通訊。

LEO and MEO constellations have many key areas where MACOM can contribute, including large phased array antennas with active beam steering, direct-to-device links operating at UHF or S-band, backhaul links operating at Ka, CV and E-band data center-like electronics with high-speed optical links transferring data within or across the satellite, free-space optics for satellite to satellite communications and ground terminal and gateway linearization for high-power transmitters.

LEO 和 MEO 星座有許多關鍵領域 MACOM 可以做出貢獻，包括具有主動波束控制的大型相控陣天線、在 UHF 或 S 波段工作的直接到設備鏈路、在 Ka、CV 和 E 波段工作的回程鏈路、類似數據中心的電子設備（具有高速光鏈路，可在衛星內部或衛星之間傳輸數據）、用於衛星間的自由式網路和高功率終端機。

Ground stations and gateways are a key part of the LEO networks. MACOM specializes in designing products and solutions that overcome nonlinearity of RF, microwave and millimeter wave signal transmission for satellite communication systems. In many cases, ground to satellite links prefer linearization of SSPAs or TWTAs to boost the linear power efficiency of the link. I would like to update investors on the status of our $55 million satellite contract that we were awarded and announced previously.

地面站和網關是低地球軌道網路的重要組成部分。MACOM 專注於設計產品和解決方案，以克服衛星通訊系統中射頻、微波和毫米波訊號傳輸的非線性問題。在許多情況下，地面到衛星鏈路傾向於對固態功率放大器 (SSPA) 或行波管放大器 (TWTA) 進行線性化，以提高鏈路的線性功率效率。我想向投資者報告我們先前宣布並獲得的價值 5500 萬美元的衛星合約的最新進展。

Production is planned to start in the second half of calendar 2026. The schedule delay is primarily driven by satellite system changes flow down from our customer, which impact the design of the hardware we deliver. Overall, we view this as a positive because the system changes can add new functionality, which broadens the application space for the Constellation.

計劃於2026年下半年開始生產。進度延誤主要是由於客戶提出的衛星系統變更向下傳遞，從而影響了我們交付的硬體設計。總的來說，我們認為這是一個正面的訊號，因為系統變更可以增加新功能，從而擴大 Constellation 的應用範圍。

Turning towards the 5G segment we serve. Our global team continues to secure new business in the macro base station market, driven by the need for high-performance amplifiers and multi-band radios. We are making good progress improving the overall performance and competitiveness of our base station portfolio with major improvements in the 2.7 and 3.5 gigahertz bands.

轉向我們所服務的 5G 市場。在高效能放大器和多頻段無線電的需求推動下，我們的全球團隊繼續在宏基地台市場獲得新業務。我們在提高基地台產品組合的整體性能和競爭力方面取得了良好進展，尤其是在 2.7 和 3.5 吉赫茲頻段方面取得了重大改進。

Our RF power team is sampling products using our new GaN 4 technology, which will further improve our competitiveness. We recognize the two major European base station OEMs expect global -- the global RAN market to be flat in 2026 with regional variations. Both companies recently commented on a significant potential upside from the EU's high-risk vendor replacement initiative, and this might provide MACOM upside growth over the long term.

我們的射頻功率團隊正在使用我們新的GaN 4技術對產品進行樣品測試，這將進一步提高我們的競爭力。我們了解到，兩大歐洲基地台OEM廠商預計全球無線接入網市場在2026年將保持平穩，但存在區域差異。兩家公司最近都對歐盟高風險供應商更換計劃帶來的巨大潛在收益發表了評論，這可能會在長期內為 MACOM 帶來成長。

Future base station demand is supported by additional 5G rollouts, growing AI-driven connectivity needs and emerging mission-critical defense markets. We believe the cable infrastructure market segment is also improving. Cable Networks are in transition from DOCSIS 3.1 to DOCSIS 4.0, and we have been releasing new products and working with customers on design wins to support this upgrade. We expect the cable TV market will be a modest contributor to our telecom revenue growth in FY26.

未來基地台需求將受到更多 5G 網路部署、人工智慧驅動的連接需求不斷增長以及新興的關鍵任務國防市場的支持。我們認為電纜基礎設施市場領域也在不斷改善。有線電視網正從 DOCSIS 3.1 過渡到 DOCSIS 4.0，我們一直在發布新產品並與客戶合作，爭取設計成功，以支援此次升級。我們預計有線電視市場將在 2026 財年對我們的電信收入成長做出適度貢獻。

Next, I'll quickly summarize progress on our five goals for FY26 and which we outlined on our last earnings call. First, take advantage of the data center opportunity. We continue to enhance our design teams and expand our presence in the data center and we are raising our data center year-over-year revenue growth base case from 20% to 35% to 40%. Second, to expand our 5G market share.

接下來，我將快速總結我們在上次財報電話會議上概述的 2026 財年五個目標的進展。首先，要抓住資料中心帶來的機會。我們將繼續加強設計團隊，擴大在資料中心的業務，並將資料中心年度營收成長基準預期從 20% 提高到 35% 再提高到 40%。其次，擴大我們的 5G 市場佔有率。

We are excited to be sampling our next-generation GaN 4 products to our customers. In addition, we see that one of our competitors is exiting the 5G RF power GaN market, and we hope to benefit from this competitive landscape shift. Related to this event, we recently hired a team of experienced engineers to complement our existing RF power team. Third, extend leadership in A&D.

我們很高興能向客戶提供下一代 GaN 4 產品樣品。此外，我們看到我們的一個競爭對手正在退出 5G 射頻功率氮化鎵市場，我們希望能夠從這種競爭格局的變化中受益。與此相關的是，我們最近聘請了一支經驗豐富的工程師團隊來補充我們現有的射頻功率團隊。第三，擴大在航空航太與國防領域的領導地位。

Our defense business continues to grow, and our team continues to win large IC module and subsystem programs. Fourth, continue to develop advanced 35 semiconductor technologies. Our technology teams are making progress developing advanced GaN on silicon processes while also installing new equipment to modernize and expand manufacturing capabilities. And last, to manage our capital and investments.

我們的國防業務持續成長，我們的團隊不斷贏得大型積體電路模組和子系統專案。第四，繼續研發先進的35種半導體技術。我們的技術團隊在開發先進的矽基氮化鎵製程方面取得了進展，同時也安裝新設備以實現現代化和擴大製造能力。最後，還要管理我們的資本和投資。

As Jack will note, our return on capital metrics and trends continue to improve, and we plan to manage investments to achieve superior returns. In summary, our strategy is to continue to build a best-in-class and diversified semiconductor portfolio that will enable MACOM to capture a larger share of the three markets we focus on.

正如傑克所指出的，我們的資本回報率指標和趨勢持續改善，我們計劃管理投資以實現優異的回報。總而言之，我們的策略是繼續建立一流且多元化的半導體產品組合，使 MACOM 能夠在我們關注的三個市場中佔據更大的份額。

Our agility and strong teamwork across our organization helps us address opportunities and ultimately beat our competitors that are often larger and have more resources. Jack will now provide a more detailed review of our financial results.

我們組織內部的敏捷性和強大的團隊合作精神幫助我們抓住機遇，並最終戰勝那些規模更大、資源更多的競爭對手。接下來，傑克將對我們的財務表現進行更詳細的分析。

Thanks, Steve, and good morning, everyone. The results from our first quarter were solid and MACOM achieved a few new quarterly records associated with our financial performance. Our teams continue to focus on executing our strategic plan and driving increased revenue and profitability. Fiscal Q1 revenue was $271.6 million, up 4% sequentially and up 24.5% year over year, driven by growth across all three of our end markets.

謝謝你，史蒂夫，大家早安。第一季業績穩健，MACOM 在財務業績方面取得了一些新的季度記錄。我們的團隊將繼續專注於執行我們的策略計劃，並推動收入和獲利能力的成長。財年第一季營收為 2.716 億美元，季增 4%，年增 24.5%，主要得益於我們所有三個終端市場的成長。

We have seen continued strong bookings across all of our end markets, resulting in a book-to-bill which increased to 1.3:1. This was one of our strongest quarterly bookings in the company's history and our highest quarterly book-to-bill ratio since Q3 2021. On a geographic basis, revenue from US domestic customers represented approximately 45.6% of our fiscal Q1 results.

我們在所有終端市場都持續保持強勁的預訂量，使得訂單出貨比提高至 1.3:1。這是該公司歷史上最強勁的季度預訂量之一，也是自 2021 年第三季以來最高的季度訂單出貨比。從地理來看，來自美國國內客戶的營收約占我們第一財季業績的 45.6%。

A slight increase over both the prior quarter and Q1 of fiscal year 2025. Adjusted gross profit for fiscal Q1 was $156.5 million or 57.6% of revenue. Through the diligent and consistent hard work of our dedicated operations team, we have continued to increase our capacity and improve yields and we expect to see ongoing incremental progress across all four of our fab operations during fiscal 2026.

與上一季和 2025 財年第一季相比均略有成長。經調整後，第一財季毛利為 1.565 億美元，佔營收的 57.6%。透過我們敬業的營運團隊的勤奮和持續努力，我們不斷提高產能和良率，我們預計在 2026 財年期間，我們所有四個晶圓廠的營運都將持續取得穩步進展。

The increase in product demand across our internal fabs has resulted in improving utilization and associated incremental gross margin improvement. As a result, we continue to expect sequential quarterly gross margin improvements of between 25 to 50 basis points as we move through the remainder of fiscal 2026. These improvements include any potential offsets to cost increases, such as gold and other precious metals, depreciation and labor costs.

我們內部各工廠的產品需求增加，提高了產能利用率，並帶來了相應的毛利率成長。因此，我們繼續預計，在 2026 財年剩餘的時間裡，季度毛利率將逐週提高 25 至 50 個基點。這些改進措施包括抵銷成本增加的任何潛在因素，例如黃金和其他貴金屬、折舊和勞動成本。

Total adjusted operating expense for our first quarter was $82.5 million, consisting of research and development expense of $55.8 million and selling, general and administrative expense of $26.7 million. The anticipated sequential increase in adjusted operating expense compared to Q4 was primarily driven by ongoing R&D investments and employee-related costs.

第一季調整後的總營運費用為 8,250 萬美元，其中包括研發費用 5,580 萬美元及銷售、一般及行政費用 2,670 萬美元。與第四季度相比，調整後營運費用的預期環比成長主要受持續研發投資和員工相關成本的驅動。

As our business continues to grow, we expect associated OpEx growth, primarily related to higher R&D and higher variable costs. Consistent with our practice, we will remain very focused on managing our OpEx to balance long-term revenue growth and profitability with continued investment in the business.

隨著業務的持續成長，我們預期營運支出也會隨之成長，主要與研發投入增加和變動成本增加有關。一如既往，我們將繼續專注於管理營運支出，以平衡長期收入成長和獲利能力與對業務的持續投資。

Depreciation expense for fiscal Q1 2026 remained stable at $8.7 million, the same as the prior quarter. Adjusted operating income in fiscal Q1 was another record coming in at $74 million, up 10.4% sequentially from $67 million in fiscal Q4 2025 and up 33.5% year over year. For fiscal Q1, we had adjusted net interest income of $6.7 million, a slight decrease of less than $100,000 sequentially from $6.6 million in Q4.

2026 財年第一季的折舊費用保持穩定，為 870 萬美元，與上一季相同。經過調整後，第一財季的營業收入再次創下紀錄，達到 7,400 萬美元，比 2025 財年第四財季的 6,700 萬美元環比成長 10.4%，年增 33.5%。在第一財季，我們調整後的淨利息收入為 670 萬美元，比第四季的 660 萬美元略微減少了不到 10 萬美元。

Our adjusted income tax rate in fiscal Q1 was 3% and resulted in an expense of approximately $2.4 million. As of January 2, 2026, our deferred tax asset balances remained at $208 million. We anticipate further utilizing our deferred tax asset balances, including R&D tax credits, through fiscal 2026 and beyond, helping to keep our cash tax payments relatively low over these periods.

我們第一財季的調整後所得稅率為 3%，導致支出約 240 萬美元。截至 2026 年 1 月 2 日，我們的遞延所得稅資產餘額仍為 2.08 億美元。我們預計在 2026 財年及以後，將繼續利用我們的遞延所得稅資產餘額（包括研發稅收抵免），以幫助我們在這些期間內維持較低的現金稅支出。

We expect our adjusted income tax rate to remain at 3% as we continue through fiscal 2026. 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.

我們預計，在 2026 財年結束之前，我們的調整後所得稅率將維持在 3%。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。

Fiscal Q1 adjusted net income increased approximately 9.6% to $78.2 million compared to $71.4 million in fiscal Q4 2025. Adjusted earnings per fully diluted share was $1.02, utilizing a share count of 76.7 million shares compared to $0.94 of adjusted earnings per share in fiscal Q4 2025. I'll note, exceeding $1 per share of quarterly EPS is a milestone for the company.

2025財年第一季調整後淨收入成長約9.6%，達到7,820萬美元，而2025財年第四季為7,140萬美元。經調整後的每股完全稀釋收益為 1.02 美元，採用 7,670 萬股的股份數量，而 2025 財年第四季的經調整每股收益為 0.94 美元。值得一提的是，季度每股收益超過 1 美元是該公司的一個里程碑。

Our team continues to optimize the business' performance which has resulted in sequential increases in our adjusted operating income and EPS over the past 10 quarters. Now on to operational balance sheet and cash flow items.

我們的團隊不斷優化業務績效，使得過去 10 個季度的調整後營業收入和每股盈餘持續成長。接下來是營運資產負債表和現金流量表項目。

Our Q1 accounts receivable balance was $160 million, up from $148.6 million in fiscal Q4 2025. The increase in our accounts receivable balance was driven by sequential quarterly revenue growth as well as timing of customer shipments and payments.

我們第一季的應收帳款餘額為 1.6 億美元，高於 2025 財年第四季的 1.486 億美元。應收帳款餘額的增加是由於季度收入的連續增長以及客戶發貨和付款的時間安排所致。

Our days sales outstanding averaged 54 days compared to the previous quarter at 52 days. Inventories were $238.9 million at quarter end, up sequentially from $237.8 million, largely driven by additional work in process inventory at the RTP and (inaudible) as well as higher balances to support anticipated future demand across the business.

我們的應收帳款週轉天數平均為 54 天，而上一季為 52 天。截至季末，庫存為 2.389 億美元，較上一季的 2.378 億美元有所增加，這主要是由於 RTP 的在製品庫存增加，以及（聽不清楚）為了支持整個業務預期的未來需求而增加的餘額。

Inventory turns remained steady at 1.9 times the same level as the preceding quarter. Fiscal Q1 cash flow from operations was approximately $42.9 million, down $26.7 million sequentially. The sequential decrease was primarily due to the typical timing of supplier and employee-related payments as well as other changes in working capital balances during the quarter.

庫存週轉率保持穩定，為上一季的 1.9 倍。財年第一季經營活動產生的現金流約 4,290 萬美元，較上季減少 2,670 萬美元。環比下降主要是由於供應商和員工相關款項的正常支付時間以及本季營運資金餘額的其他變化所致。

We expect that our Q2 cash flow from operations will be in excess of $60 million. Capital expenditures totaled $12.9 million for fiscal Q1. We continue to estimate fiscal year 2026 CapEx to be in the range of $50 million to $55 million as we upgrade and enhance our production and engineering equipment, facilities and expand capacity where needed.

我們預計第二季經營活動產生的現金流將超過 6,000 萬美元。第一財季資本支出總額為1,290萬美元。我們預計 2026 財年的資本支出將在 5,000 萬美元至 5,500 萬美元之間，用於升級和改進我們的生產和工程設備、設施，並在需要的地方擴大產能。

Moving on to other balance sheet items. Cash, cash equivalents and short-term investments for the first fiscal quarter were $768 million. We are in a net cash position of more than $268 million as of January 2, 2026, when comparing our cash and short-term investments to the book value of our convertible notes.

接下來來看資產負債表的其他項目。第一財季的現金、現金等價物和短期投資為 7.68 億美元。截至 2026 年 1 月 2 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 2.68 億美元。

In mid-March, we anticipate retiring our 2021 convertible notes by paying out $161 million of principal value in cash and settling any conversion premium with shares of our common stock. Shares associated with this settlement have been included in our fully diluted share count as well as our guidance for Q2.

我們預計將於 3 月中旬償還 2021 年可轉換票據，屆時將以現金支付 1.61 億美元的本金價值，並以普通股結算任何轉換溢價。與本次和解相關的股份已計入我們的完全稀釋股份數量以及我們對第二季度的業績指引中。

Our remaining debt balance is approximately $340 million of convertible notes, which mature in December 2029. I would like to highlight that over the past several years, we have been focused on growing our profitability and carefully managing our operating asset base, resulting in an improving return on invested capital.

我們剩餘的債務餘額約為 3.4 億美元的可轉換票據，將於 2029 年 12 月到期。我想強調的是，在過去的幾年裡，我們一直專注於提高獲利能力和精心管理我們的營運資產基礎，從而提高了投資資本回報率。

We feel this ROIC improvement demonstrates the effectiveness of our business strategy and furthers our goal of building long-term financial strength for the company. Thanks to the entire MACOM team for their contributions to help make this another quarter which included the achievement of additional record results. Now back over to Steve.

我們認為，ROIC 的提升證明了我們業務策略的有效性，並進一步實現了我們為公司建立長期財務實力的目標。感謝 MACOM 團隊全體成員的貢獻，使本季又取得了一系列創紀錄的成績。現在把鏡頭交還給史蒂夫。

Thank you, Jack. MACOM expects revenue in fiscal Q2 ending April 3, 2026 to be in the range of $281 million to $289 million. Adjusted gross margin is expected to be in the range of 57% to 59%, and adjusted earnings per share is expected to be between $1.05 and $1.09 based on 77.7 million fully diluted shares. We expect sequential revenue growth in each of our three end markets.

謝謝你，傑克。MACOM預計截至2026年4月3日的第二財季收入將在2.81億美元至2.89億美元之間。調整後的毛利率預計在 57% 至 59% 之間，根據 7,770 萬股完全稀釋後的股份計算，調整後的每股盈餘預計在 1.05 美元至 1.09 美元之間。我們預期三大終端市場的營收將逐週成長。

We expect that data center will achieve low to mid-teens sequential growth, and we expect telecom and industrial and defense will achieve low single-digit sequential growth.

我們預計資料中心將實現兩位數到五位數的環比成長，電信、工業和國防將實現個位數的環比成長。

As Jack highlighted, we expect to make incremental progress improving our profitability and financial performance in Q2. And last, I would like to welcome Brian Ingram, who joined our Board of Directors on January 12. Brian's industry experience and strategic acumen managing large, multibillion-dollar businesses will be an asset to our management team and the Board.

正如傑克所強調的那樣，我們預計在第二季度，我們的獲利能力和財務表現將逐步提高。最後，我謹代表董事會歡迎布萊恩·英格拉姆先生，他於 1 月 12 日加入我們的董事會。Brian 在管理數十億美元大型企業方面的行業經驗和策略才能，對我們的管理團隊和董事會來說將是一筆寶貴的財富。

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

現在我想請接線生回答大家的問題。

(Operator Instructions) Quinn Bolton, Needham & Company.

（操作說明）Quinn Bolton，Needham & Company。

Congratulations on the nice results. Steve, I wanted to ask, obviously, a nice uptick in your annual outlook for the data center business from 20% to $35 million to 40% this year.

恭喜取得好成績！史蒂夫，我當然想問一下，您對資料中心業務的年度預期是否會大幅提升，從 20% 到 3500 萬美元，今年將達到 40%。

I wonder if you could just spend a minute talking what gives you the confidence to raise that outlook. Is it just the rising tide you now have better visibility as orders have filled in? Is it driven by share gains? What's driving the improved outlook in Data Center?

我想請您花一分鐘時間談談是什麼讓您有信心提出這樣的觀點。是因為訂單越來越多，水位上升，所以現在視野更開闊了？是股價上漲所驅動的嗎？是什麼因素推動了資料中心前景的改善？

Thanks, Quinn, for the question. And to some degree, it's a little bit of all of the above for your question. But the key underlying driver is 1.6T. That's where we see the most activity, the most design wins transitioning into production runs.

謝謝奎因的提問。在某種程度上，你的問題包含了以上所有因素。但關鍵的根本驅動力是1.6T引擎。我們看到，在這個引擎領域，活動最多，最多的設計方案都轉化為量產。

So I would just highlight 1.6T is really the long term or near -- I would say the long-term trend that will be very favorable to MACOM. And you're correct that as we look at our data center business today, we have a very healthy backlog. We think our second half will be stronger than our first half. in terms of the overall absolute dollars of revenue shifted.

所以我只想強調，1.6T 實際上是長期或近期趨勢——我認為長期趨勢對 MACOM 非常有利。您說得對，就我們目前的資料中心業務而言，我們的訂單積壓情況非常良好。我們認為，就總收入絕對值而言，下半年業績將強於上半年。

So we are in a very good position. We have programs that are ramping that gives us confidence to, as a base case, hit 35% to 40%. There is also upside to that number, which is a bit unquantifiable right now. And we'll update everybody certainly on our next call as to more specific guidance for Q3 and Q4.

所以我們處境非常有利。我們正在逐步推進一些項目，這讓我們有信心，作為基本目標，達到 35% 到 40%。這個數字也有正面的一面，但目前還無法量化。我們會在下次電話會議上向大家提供第三季和第四季的更具體指導。

Excellent. And Steve, you mentioned -- I mean, there's been a lot of talk about CPO in the past couple of weeks and months, I guess. You mentioned NPO maybe even CPO in your prepared script, but maybe just spend a minute talking about how MACOM could benefit to the extent we start to see a shift more towards either near packaged or co-packaged optics.

出色的。史蒂夫，你提到了——我的意思是，在過去的幾週和幾個月裡，關於首席產品長（CPO）的討論很多。你在準備好的稿子中提到了 NPO，甚至可能提到了 CPO，但或許可以花一分鐘時間談談，如果我們開始看到更多轉向近封裝或共封裝光學器件，MACOM 將如何受益。

Yes. And the product set that we would sell into a CPO or NPO platform is very similar to what we sell into pluggable modules. So it's the same drivers, TIAs, photodetectors and possibly lasers. I will highlight that a lot of these platforms are moving quickly to silicon photonic-based solutions, which is putting heavy demand on the optic -- certainly the CW laser and the photo detector optical chips.

是的。我們向 CPO 或 NPO 平台銷售的產品組合與我們向可插拔模組銷售的產品組合非常相似。所以，驅動器、TIA、光電探測器以及可能還有雷射都是一樣的。我要強調的是，許多這類平台都在迅速轉向基於矽光子學的解決方案，這對光學元件提出了很高的要求——尤其是連續波雷射和光電偵測器光學晶片。

And so we have a very competitive photo detector today. It's ramping in production, primarily for pluggables and we're making very quick progress on our CW lasers. We now have two customers that have confirmed that our CW lasers are meeting their requirements electrically.

因此，我們現在擁有了一款極具競爭力的光電探測器。該產品正在加速生產，主要用於可插拔裝置，我們的連續波雷射也取得了非常快速的進展。現在已有兩位客戶確認，我們的連續波雷射在電氣方面滿足他們的要求。

And so now we are going through a qualification phase, which will last some number of months and also looking at the production readiness of our fab. These are 75-milliwatt lasers. These are not what I would consider the higher power 400-milliwatt class lasers. Those are not the type of lasers that we make today.

因此，我們現在正處於資格認證階段，這將持續數月時間，同時也在檢視我們晶圓廠的生產準備。這些是75毫瓦的雷射。這些並非我所認為的高功率 400 毫瓦級雷射。那些不是我們今天生產的雷射類型。

But we do think that the CPO and the transition is a benefit to MACOM. I'll also add that from an overall architecture, you see many, many channels in a smaller form factor. So a lot of the traditional chips that we sold into pluggables are becoming more complex for NPO and CPO.

但我們認為首席採購官和過渡對 MACOM 有利。我還要補充一點，從整體架構來看，你會看到在更小的外形尺寸內有很多很多通道。因此，我們銷售給可插拔設備的許多傳統晶片對於 NPO 和 CPO 來說變得越來越複雜。

There's far more channels per chip. And this is a change that we have a lot of strength and in terms of a design capability. And then the last thing I'll add is some of these systems are actually moving towards coherent modulation and coherent light specifically.

每個晶片上的通道數量要多得多。而這正是我們在設計能力上擁有強大優勢的變革。最後我要補充一點，其中一些系統實際上正在朝著相干調製和相干光的方向發展。

And so in this case, we have a very strong design capability given the history with our metro long-haul chips that we've been shipping for years.

因此，鑑於我們多年來一直在出貨的城域長途晶片的歷史，我們在這方面擁有非常強大的設計能力。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券。

See, you were nice enough to give us the prospects for data center growth this year. I was hoping you could give us some similar growth potential in your other two segments also.

你看，你還算好心，給我們介紹了今年資料中心的發展前景。希望您也能介紹一下貴公司其他兩個業務領域類似的成長潛力。

And I'm particularly interested in the telecom side because of this RF power exit that NXP announced, I think they had close to $300 million or so business last year, which is larger than your entire telecom segment. So I'm curious, when do you think you can start to gain some share? When does it start to really become accretive to your base telecom business?

我對電信領域尤其感興趣，因為恩智浦宣布退出射頻功率領域，我認為他們去年的業務額接近 3 億美元左右，比你們整個電信部門的規模還要大。所以我很好奇，你認為什麼時候才能開始獲得一些市佔率？它何時才能真正開始對你的基礎電信業務產生增益？

Yes. So it was certainly a fortunate stroke of serendipity that one of our competitors is exiting the business. I can't really comment on how much market share this will translate to, I think it will take one or two years for that to play out.

是的。因此，我們的一位競爭對手退出市場，這無疑是一件幸運的巧合。我無法評論這將轉化為多少市場份額，我認為這需要一到兩年的時間才能見分曉。

And so our goal is to strengthen our design team, accelerate product development, go to the market with more intensity to try to maximize the opportunity. But I think it's premature today to put a dollar value on that. I think the 5G market space is a relatively slow-moving market where it might take one year to get a design win and then after that, you have a ramp.

因此，我們的目標是加強設計團隊，加速產品開發，並更積極地進入市場，以期最大限度地抓住機會。但我認為現在就給它貼上美元標籤還為時過早。我認為 5G 市場是一個相對緩慢發展的市場，可能需要一年時間才能贏得設計訂單，之後才能逐步擴大規模。

And so we want to basically engage the same customer base that we have today with more intensity. And we also want to let them know that we're going to be there not only for the current 5G generation, but also the next-generation platforms.

因此，我們希望以更積極的力度與現有客戶群進行互動。我們也要讓他們知道，我們不僅會支援當前的 5G 時代，還會支援下一代平台。

And as they move to different architectures, some of which will include more fiber right up to the remote radio unit, we want to be there and offer the full suite of products and so we do find this to be a very exciting time to be addressing the market. Now with that said, the market is flat, as I mentioned in our -- my prepared remarks, so the overall number of radios being manufactured per year is relatively flat, but we believe we can grow through share gains.

隨著他們轉向不同的架構，其中一些架構將包括更多光纖直接連接到遠端無線電單元，我們希望能夠參與其中，並提供全套產品，因此我們認為現在是進入市場的絕佳時機。話雖如此，正如我在準備好的發言稿中提到的，市場目前較為平穩，因此每年生產的收音機總數相對平穩，但我們相信我們可以透過提高市場份額來實現成長。

And so that is certainly front of mind for us. The other important area that we focus on in the telecom space is SATCOM. And as I mentioned, we have a very large backlog. We have a LEO program moving into production in the second half of calendar '26 and we have many, I would say, significant opportunities that we're working on, which will really provide growth in our 2027 and beyond time frame.

所以，這當然是我們首先要考慮的問題。我們在電信領域關注的另一個重要領域是衛星通訊。正如我之前提到的，我們積壓的工作量非常大。我們有一個 LEO 專案將於 2026 年下半年投入生產，我們正在努力抓住許多重要的機遇，這些機會將在 2027 年及以後為我們帶來真正的成長。

And what we basically see is an incredible amount of investment going into LEO constellations for direct-to-device applications. And we think that there's certain structural reasons why the market wants space-based direct-to cell connectivity.

我們看到的是，大量資金正湧入低地球軌道星座，用於直接面向設備的應用。我們認為，市場需要基於太空的直接蜂窩網路連接是有其結構性原因的。

And we want to make sure that we offer the full suite of products to these different satellite systems. And every customer is doing something a little different. Our content varies dramatically from customer to customer, but we have just a really rich treasure trove of technology we can offer our customers here.

我們希望確保為這些不同的衛星系統提供全套產品。每個顧客的做法都略有不同。我們為客戶提供的內容差異很大，但我們確實擁有非常豐富的技術寶庫，可以提供給我們的客戶。

And anything on the overall segment growth for this year? And if I could just squeeze in my second question there on the gross margins.

關於今年該細分市場的整體成長情況，有什麼建議嗎？如果我能在這裡擠出時間問第二個問題，關於毛利率的話。

If your mix shifts to data center and more optical components, several of your peers tend to have somewhat lower margins, but I don't know what is the right way to do apples-to-apples margin comparison between several of your optical there because they sell complete transceivers and modules as well, which you don't -- so I'm just curious if the mix shifts to data center, what that does to gross margins and if Steve, if you could help us with just the overall growth prospects for IND this year.

如果你的產品組合轉向數據中心和更多光器件，你的一些同行利潤率往往會略低一些，但我不知道如何正確地對你們幾家光器件供應商的利潤率進行直接比較，因為他們也銷售完整的收發器和模組，而你們不銷售——所以我只是好奇，如果產品組合轉向數據中心，這對毛髮利率會有什麼影響？史蒂夫，你能幫我們分析一下IND今年的整體成長前景嗎？

Sure. And why don't I start with the first part of that question, and then Jack can address the second part. So we don't give full year guidance, and I think you're asking what is the rest of our fiscal '26 look like. And as you know, last year, we grew by 32% and in fact, that was driven a lot in part by our telecom business that grew over 40% last year.

當然。不如我先回答這個問題的第一部分，然後傑克再回答第二部分。所以我們不提供全年業績指引，我想您是想問我們 2026 財年剩餘時間的業績情況如何。如您所知，去年我們實現了 32% 的成長，事實上，這很大程度上得益於我們電信業務的成長，去年成長超過 40%。

This year, we don't expect the same level of growth. It's more likely going to be high single digit, maybe low double digit, but we'll have to wait and see on the timing of some of the programs that I've talked about. But it is growing, as I talked about, the market opportunities for us not only in 5G, but also the SATCOM and of course, cable improving is providing us with those growth opportunities.

今年，我們預計成長水準不會像去年一樣高。更有可能是接近兩位數，也可能是接近兩位數，但對於我提到的一些項目的具體時間安排，我們還需要拭目以待。但正如我剛才所說，市場機會正在不斷增長，不僅在 5G 領域，而且在衛星通訊領域也是如此，當然，有線電視的改進也為我們提供了這些成長機會。

And then the last segment, just for completeness, I'll talk about is our IND. IND last year also did very well, close to 20% year-over-year growth. And as we look out into the second half of the year and our look at the tea leaves, again, we probably are unlikely to hit 20% growth.

最後，為了完整起見，我還要談談我們的獨立研發項目（IND）。去年印度股市表現也非常好，年成長接近 20%。展望下半年，根據目前的情況來看，我們可能不太可能達到 20% 的成長。

It's probably somewhere between 15% and 20% if we look at our backlog and all the different moving parts. So collectively, MACOM should grow and we have internal targets that put us somewhere in the 20% range, plus or minus.

如果我們看一下我們的待辦事項和所有不同的變動因素，大概在 15% 到 20% 之間。因此，MACOM 整體上應該會成長，我們內部的目標使我們的成長幅度在 20% 左右，上下浮動。

But of course, all of this is dependent on booking orders, ramping successfully, executing on various programs. But there are fundamental growth opportunities that are intact, the movement to higher data rates inside the data center, the movement to more optics in the data center. This is a tailwind for us.

當然，這一切都取決於訂單預訂情況、產能提升是否成功以及各項計劃的執行情況。但一些根本性的成長機會依然存在，例如資料中心內部資料速率的提高，以及資料中心內光學元件的增加。這對我們來說是個順風。

And our IND more and more again on silicon carbide, and we're providing more modules and subsystems to our customers. And then in the telecom space, as I talked about, we see opportunities with LEO in 5G. So these are really the primary pieces that we get excited about. And then on the profitability side and (inaudible) further.

我們的IND越來越多地採用碳化矽，我們正在為客戶提供更多的模組和子系統。然後，正如我剛才提到的，在電信領域，我們看到了低地球軌道在 5G 中的機會。所以這些才是真正讓我們感到興奮的主要部分。然後是獲利能力方面，以及（聽不清楚）更進一步。

And back to the root of your question, Vivek, with regard to our profitability versus some of our other peers. We're going to be different in terms of how those peers may look, whether it's within the data center end market or within IND and telecom.

回到你問題的本質，Vivek，關於我們與其他一些同行相比的盈利能力。無論是在資料中心終端市場還是在工業和電信領域，我們的競爭對手都會有所不同。

So the mix of fabs that we have versus things that are maybe fab externally, may create a different answer. As Steve had mentioned that 25 to 50 basis points of sequential quarterly increases on the gross margin side, is comprised of a number of different items that we've got, which we think are working in our favor, including some volume increases as well as some new product introductions across the business that is supporting that expected gross margin improvement as we work our way through the remainder of the year.

因此，我們擁有的晶圓廠與可能在外部製造的產品的組合，可能會產生不同的結果。正如史蒂夫所提到的，毛利率環比增長 25 至 50 個基點，是由我們擁有的多個不同項目組成的，我們認為這些項目對我們有利，包括銷量增長以及業務中一些新產品的推出，這些都支持了我們在今年剩餘時間裡預期的毛利率改善。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

I just wanted to dive a little bit more on the gross margin line. You pulled in the RTP fab in-house. You talked previously about bringing more products into that fab that they can use to run externally. Can you maybe give us an update on how that's going so far?

我只是想更深入地研究一下毛利率這一項。你們把RTP工廠收回了公司內部。你之前提到要引進更多產品到那個工廠，以便他們可以在外部運作。您能否向我們報告一下目前進展？

And then you've guided that 25 to 50 basis points of incremental improvement. Over time, do you think that RTP could contribute a little bit more to the upside on that gross margin profile? Any update there would be helpful.

然後，您引導實現了 25 到 50 個基點的漸進式改進。隨著時間的推移，您認為RTP能否對毛利率的成長做出更大的貢獻？任何更新資訊都將不勝感激。

Thanks for the question, Tom. Just to highlight, since we closed that acquisition of the RTP fab, our team in North Carolina has been incrementally improving the profitability ever since we purchased the fab. So almost every quarter, we have seen positive movement in terms of cost of manufacturing, improving yields, lowering the scrap improving overall efficiencies throughout the building and removing costs.

謝謝你的提問，湯姆。需要強調的是，自從我們完成對 RTP 工廠的收購以來，我們在北卡羅來納州的團隊一直在逐步提高獲利能力。因此，幾乎每個季度我們都看到製造成本、產量、廢料、整體效率和成本方面都有積極的進展。

And so the team has done a phenomenal job there. The improvements that we're seeing this year and going into next year for gross margins, well, I think, primarily revolve around improving the utilization of our Massachusetts-based fab and to some degree, our French-based fab. We do see increased demand, and that is improving the overall gross margin and operating margin models.

所以，團隊在那裡做得非常出色。今年以及明年毛利率的改善，我認為主要歸功於我們位於馬薩諸塞州的工廠以及在某種程度上我們位於法國的工廠的利用率的提高。我們確實看到需求增加，這正在改善整體毛利率和營業利潤率模型。

And that's being driven by the market. I will say that there's significant more work to do at our North Carolina fab. One of the primary goals there is to increase output. We have a very aggressive plan to increase output by 30%. We have bought some amount of equipment to support that.

而這一切都是由市場驅動的。我想說的是，我們在北卡羅來納州的工廠還有很多工作要做。其中一個主要目標就是提高產量。我們制定了一項非常積極的計劃，目標是將產量提高30%。我們購買了一些設備來支援這項工作。

But a big part of that added capacity will be reducing the cycle times. That is that site's number one corporate priority is to speed up not only development wafers but also production wafers. And that just has so many benefits to the business.

但新增產能的很大一部分將用於縮短生產週期。也就是說，該廠的首要企業目標不僅是加快晶圓的研發速度，還要加快生產晶圓的生產速度。這對企業來說有很多好處。

So that is a key focus for that particular fab. As it relates to in-sourcing some of the components that we currently outsource, those benefits have not hit the P&L. They won't those items will really come on, most likely into 2027 and beyond because you're talking about taking IPDs or capacitors from a third-party vendor and replacing it in new products with MACOM content.

所以這是該工廠的重點工作。至於將我們目前外包的一些零件收回內部生產，這些收益尚未計入損益表。這些產品不會真正面世，很可能要到 2027 年及以後才會出現，因為你談論的是將第三方供應商的 IPD 或電容器替換為 MACOM 的產品。

And so that has to go through a design cycle and those benefits will come on incrementally over time. It's not -- you're not seeing that shine through today. The last thing I'll highlight is our French fab is doing a phenomenal job with the transition of their technology from a 3-inch wafer to a 6-inch wafer.

因此，這需要經過一個設計週期，而這些好處也會隨著時間的推移而逐步顯現。不是的——你今天並沒有看到那種光芒閃耀出來。最後我要強調的是，我們的法國晶圓廠在技術從 3 吋晶圓過渡到 6 吋晶圓方面做得非常出色。

And we are just about ready to wrap up that work and release to production all of the different processes. We have a goal of -- by June of 2026. Everything will be fully qualified and released to production. And so as we go into '27, that will also provide a benefit not only from a quality point of view and efficiency point of view, but just -- we're also seeing improved performance of some of our chips in the processes as we migrate to newer equipment.

我們即將完成這項工作，並將所有不同的流程發佈到生產環境中。我們的目標是－到2026年6月。所有產品都將經過全面驗證並投入生產。因此，進入 2027 年，這不僅在品質和效率方面會帶來好處，而且隨著我們遷移到更新的設備，我們還看到一些晶片在製程流程中的性能得到了提高。

In our low fab, I'll just add one other item. It's a high mix fab. So we're running gas, and silicon, indium phosphide. And we continue to -- the team here does a phenomenal job balancing all of the different technologies. So you're starting to see that come through now, Tom, is a conclusion.

在我們的低成本工廠裡，我只需要再增加一件物品。這是一個高混合度的工廠。所以我們使用的是氣體、矽和磷化銦。而且我們一直在這樣做——我們團隊在平衡所有不同的技術方面做得非常出色。所以你現在開始看到這一點了，湯姆，這就是結論。

And Jack, I know that was a long-winded answer. Do you want to add to that?

傑克，我知道我的回答很冗長。還要補充什麼嗎？

I think the short answer, Tom, is it's not any one specific item that we have that's helping to drive the improvement that we see in front of us. It's a combination of a lot of things happening across the entire organization, where we're looking to take out costs where it makes sense, try and be more efficient, work with our suppliers. So there's a lot of contributing factors to this as we go forward from a gross margin standpoint.

湯姆，我認為簡而言之，並不是我們擁有的任何具體物品在推動我們眼前的進步。這是整個組織內發生的許多事情的綜合結果，我們正在努力在合理的地方削減成本，提高效率，並與供應商合作。因此，從毛利率的角度來看，有許多因素會影響這個結果。

Super helpful. Just as a follow-up, I'm going to cheat here and ask two at once. But two growth drivers where people are really focused this year, SATCOM and then also ACCs. It's difficult to get the relative sizing of these given they live within larger buckets. Historically, you haven't really broken that out.

非常有用。作為後續問題，我打算作弊一下，一次問兩個問題。但今年人們真正關注的兩個成長驅動因素是衛星通訊和ACC。由於它們生活在較大的桶子裡，因此很難確定它們的相對大小。從歷史上看，你並沒有真正把這一點拿出來討論。

But any help on the relative sizing of those two drivers? And then as you look into the out year, I think you talked about strong telco growth and pointed to SATCOM specifically. You spent most of your time on the data center talking about 1.6T modules and optical side. Maybe a little bit on the ACC market and how that can contribute to data center growth as well.

但能否提供一些關於這兩個驅動單元相對尺寸的資訊？然後，展望未來一年，我想你談到了電信業的強勁成長，並特別提到了衛星通訊產業。你大部分時間都花在資料中心討論 1.6T 模組和光纖的問題。或許還可以稍微談談ACC市場，以及它如何促進資料中心的發展。

Sure. And certainly, I tried to address the ACC question in my prepared remarks. I'll just add to that, that as we look at our revenue for Q1, there was no ACC revenue in there. In terms of the SATCOM market, it is a growth market, not only on the commercial side, I'll add, but also on the military side and the DoD side. And so we do expect our SATCOM business to grow very nicely as we move into 2027.

當然。當然，我在準備好的演講稿中也嘗試回答了 ACC 的問題。我還要補充一點，當我們查看第一季的收入時，其中沒有 ACC 的收入。就衛星通訊市場而言，這是一個成長型市場，不僅在商業領域，而且在軍事領域和國防部領域也是如此。因此，我們預計到 2027 年，我們的衛星通訊業務將發展良好。

We have multiple SATCOM LEO programs in the design phase today. And by the way, I'll also highlight that the telecom revenue last year, growing by 40%. One of the drivers, not the only, but one of the drivers was some of our LEO business. We don't -- and then last time, we don't typically size product lines or market segments. We have our own -- I mean, we do it internally, but we don't typically share that externally.

目前我們有多個衛星通訊低地球軌道專案處於設計階段。順便提一下，去年電信收入成長了 40%。其中一名駕駛（不是唯一）是我們執法部門的員工。我們不會這樣做——而且上次我們也表示，我們通常不會對產品線或細分市場進行規模評估。我們有自己的——我的意思是，我們在內部進行，但我們通常不會對外分享。

I know there's certainly a lot of very good information in the industry about peeling the onion back on those market sizes, and we would deflect the answer to maybe having you look at those -- that other information. But we don't typically give out Sam's by product line or market segment.

我知道業內肯定有很多關於深入了解這些市場規模的非常好的信息，我們可能會把答案推給你們，讓你們去看看那些——其他的信息。但我們通常不會按產品線或市場區隔公佈 Sam's 的排名。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes. Two for me as well, please. Steve, going back to SATCOM, if I could, for a moment. You indicated that satellite system changes can support more functionality than before. Is it fair to assume the size of the satellite program is the same or larger than your previous view? And as you address that, could you also speak to the breadth of seat programs that you are engaged on.

是的。我也要兩份，謝謝。史蒂夫，如果可以的話，我想稍微回到衛星通訊的話題。您指出，衛星系統的改進可以支援比以前更多的功能。假設衛星計畫的規模與您先前的看法相同或更大，這種假設是否合理？當您談到這一點時，能否也談談您正在參與的席位計劃的範圍？

So we think that if you're referring to the large contract that I mentioned, we believe our customers adding functionality that will bring new customers to that constellation, which is a positive for the long-term prospects of that platform. And so I hope I answered that particular question. And what was the second part -- second question?

所以我們認為，如果您指的是我提到的那份大合同，我們相信我們的客戶正在添加一些功能，這些功能將為該平台帶來新的客戶，這對該平台的長期前景來說是一個積極的信號。希望我已經回答了這個問題。那麼第二部分──第二個問題是什麼？

Just the breadth of satellite programs that you have engaged on?

您參與過的衛星專案範圍有多廣？

Yes. So we have multiple, as I mentioned. We are addressing not only on the microwave side, which would be either a backhaul link ground to satellite. Also, we're engaged with satellite to satellite communications.

是的。正如我之前提到的，我們有多個。我們不只要解決微波方面的問題，微波方面指的是從地面到衛星的回程連結。此外，我們也從事衛星間通訊。

We're engaged with optics we're pretty much -- it's probably fair to say that we are engaged at some level with all of the major LEO constellations today. Some of that is narrow support, maybe it's direct-to-device or direct to sell circuitry or electronics. Some of it's on the optics side. Some of it is on the microwave side.

我們參與了光學領域的工作，可以說，我們在某種程度上參與了當今所有主要的低地球軌道星座計畫。其中一些支援範圍很窄，可能是直接面向設備或直接面向銷售電路或電子產品。一部分原因在於光學方面。一部分可以用微波爐加熱。

Some of it is on the ground station side. But it's fair to say that we have blanketed the major players as well as the up and coming companies that are trying to produce their first satellites. So it's a strategic focus for the company. we have a lot to offer.

一部分在地面站那邊。但公平地說，我們已經涵蓋了主要參與者以及正在嘗試生產第一顆衛星的新興公司。所以這是公司的策略重點。我們有很多東西可以提供。

And I think over time, the business will grow. And just maybe more specifically on that larger contract. I think we said previously it was a $55 million contract with the potential of an additional $25 million add-on. And in our minds, what we think will happen is once we're in steady-state production, will be turned on for additional orders that will dovetail onto the back end of the contract.

我認為隨著時間的推移，這項業務將會發展壯大。或許更具體地說，是關於那份更大的合約。我想我們之前說過，這是一份價值 5500 萬美元的合同，並且有可能額外增加 2500 萬美元的附加條款。我們認為，一旦生產進入穩定狀態，就會開始接受額外的訂單，這些訂單將與合約的後續階段銜接起來。

David Williams, The Benchmark Company.

David Williams，基準公司。

Let me add my congratulations to a really solid progress and demand here. I guess maybe first gentlemen, thinking about your demand across the data center. Is there a way to think about that from a regional perspective? And are there transitions or maybe the pace of transition that's happening in terms of the speeds between the different regions you service?

我也要祝賀大家在這裡取得如此顯著的進展和需求。我想首先各位先生，請考慮一下您對資料中心的需求。能否從區域角度來思考這個問題？那麼，在你服務的不同地區之間，速度方面是否有變化，或者說變化的速度如何？

There is. There is certainly a geographic spread, but I would highlight maybe more one area that we focus on and the way we look at the data is also by data rate. And so a significant portion of our data center revenue is 400 gig and above with the fastest-growing portion of the market being the 1.6T applications.

有。雖然存在地域分佈，但我更想強調我們關注的一個領域，而且我們查看資料的方式也是按資料速率劃分的。因此，我們資料中心收入的很大一部分來自 400 Gi 及以上的應用，而市場成長最快的部分是 1.6T 應用。

Now we do, as you know, still service a lot of the other traditional older-style data centers. For example, we still sell today 25 gig per lane NRZ chips with CDRs. That business is hanging in there and doing reasonably well. our 50 gig per lane PAM-4 business is also, I would say, flat, not really growing.

如您所知，我們現在仍然為許多其他傳統的舊式資料中心提供服務。例如，我們今天仍然銷售每通道 25 Gb 的 NRZ 晶片，帶有 CDR。那項業務目前還在維持，而且經營狀況尚可。我們的50G/通道PAM-4業務也基本持平，沒有真正成長。

Our traditional 100 gig per lane PAM4 business is solid, both in multimode and single mode fiber. And then, of course, the real actions at 200 gig per lane PAM4 and also some of the next-generation coherent systems is an area of intense focus for us. I would also just add that it's fair to say that we are supporting all of the hyperscalers here in the US as well as international hyperscalers.

我們傳統的每通道 100G PAM4 業務非常穩健，無論是多模光纖還是單模光纖。當然，每個通道 200 Gb PAM4 的實際應用以及一些下一代相干系統是我們重點關注的領域。我還要補充一點，我們不僅支持美國境內的所有超大規模資料中心營運商，也支援國際超大規模資料中心營運商。

So we typically find our products being sold into people building modules, AOCs or cables, and they are disseminated across the various hyperscalers.

因此，我們發現我們的產品通常銷售給製造模組、AOC 或電纜的人，並且這些產品會分發到各個超大規模資料中心。

Great. And then maybe just secondly, in terms of shortages and pricing environment. Can you talk maybe about just what you're seeing in terms of your supply on the IMP side? And anything that's impacting there? And is pricing -- how is the pricing environment as we think about going through the rest of the year?

偉大的。其次，或許還要考慮短缺和價格環境的問題。您能否談談您在進口藥品供應方面看到的情況？有什麼因素會影響到那裡嗎？那麼定價方面－展望今年剩餘時間，定價環境如何？

Yes. I think on the pricing side, I think our competitors in MACOM are being rational. So I don't think there's any news there. It's certainly -- all of our markets are very competitive. The customers are price sensitive.

是的。我認為在定價方面，我們的競爭對手 MACOM 的做法是理性的。所以我覺得這方面沒什麼新聞。的確如此——我們所有的市場競爭都非常激烈。顧客對價格很敏感。

We try to balance our pricing with the value we're offering. But I would say we're in an environment where there is scarcity in some areas. And in that case, one would generally not be lowering their prices, but that's not always the case.

我們努力在定價和我們提供的價值之間取得平衡。但我認為，我們目前所處的環境中，某些領域存在著資源匱乏的情況。在這種情況下，一般情況下不會降低價格，但情況並非總是如此。

And then on the supply side, we are absolutely in ramp mode in various programs, and there's always stress on the supply chain as well as on the execution side and our global supply chain management team does an outstanding job making sure we have what we need when we need it.

在供應方面，我們各個專案都處於全力推進狀態，供應鏈和執行方面都面臨著壓力，而我們的全球供應鏈管理團隊出色地完成了工作，確保我們在需要的時候能夠獲得所需的一切。

So it's certainly a key area of focus, especially as it relates to, as you mentioned, indium phosphide, but also other exotic materials. We're always keeping an eye on availability and potential constraints around those areas.

因此，這無疑是一個重點關注領域，特別是與你提到的磷化銦以及其他特殊材料相關的領域。我們始終關注這些地區的供應和潛在限制。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

Congratulations on very good results and possibly even better guidance. Maybe, Jack, one for you, housekeeping, and then I'll ask my real question. the 1.3 book-to-bill is very strong. I think you mentioned, Steve, that it's the strongest probably in the last four, five years. Is that primarily driven by data center? Or are there other components that you're seeing within that?

恭喜你取得非常好的成績，也恭喜你得到了更好的指導。傑克，或許你可以先問你一個關於客房服務的問題，然後再問我真正的問題。 1.3的帳面價值與實際支出之比非常高。史蒂夫，我想你之前提到過，這可能是近四、五年最強勁的一次。這主要是由資料中心驅動的嗎？或者你還看到了其中的其他組成部分嗎？

And then I wanted to -- for my main question, I wanted to go back to the one that Vivek asked about gross margins on the data center business. Is it fair for me to assume that your margins on the data center business are below your corporate goal of 60%.

然後我想——我的主要問題是，我想回到 Vivek 提出的關於資料中心業務毛利率的問題。我可以合理地假設貴公司資料中心業務的利潤率低於 60% 的企業目標嗎？

Yes. Thanks for the question, Harsh. And with regard to the book-to-bill we generally don't break it out by end market. But obviously, based on the guide that we put out there and some of the other items, we did see a fair amount of strength within the December quarter as it relates to the data center book-to-bill.

是的。謝謝你的提問，Harsh。至於訂單出貨比，我們通常不會以最終市場進行細分。但顯然，根據我們發布的指南和其他一些項目，我們在 12 月的季度中確實看到了資料中心訂單出貨量的相當強勁的成長。

So things are definitely going in the right direction there. In terms of the data center margin profile, as I said, we manage a portfolio of products; and gross margins will vary across the business. And Steve, I don't know if there's any other commentary that you'd like to add on that.

所以事情肯定是朝著正確的方向發展。就資料中心利潤率而言，正如我所說，我們管理一系列產品；毛利率會因業務而異。史蒂夫，我不知道你還有什麼要補充的。

That's a perfect answer, Jack.

傑克，這回答太完美了。

Okay. Great. And maybe one thing that you can get touched upon on the call is the LPO business. So I think you -- you mentioned in one of the earlier quarters that you were expecting revenues, I think, maybe last quarter already. If you can just update if you already have commercial revenues?

好的。偉大的。或許你們可以在電話會議中談到LPO業務。所以我覺得你——你在之前的某個季度提到過，你預計收入，我想，可能是上個季度吧。如果您已經有商業收入，是否可以只進行更新？

And then also, I wanted to ask about how you're thinking about the OPO business. You talked about it in your commentary. It seems like a lot of exciting things going on. what market size do you think LPO can deserve for your company or TAM or however you want to scope it in the next two to three years?

另外，我也想問問您對 OPO 業務的看法。你曾在評論中談到這一點。看起來有很多令人興奮的事情正在發生。您認為在未來兩到三年內，貴公司或TAM（或其他任何您認為合適的衡量標準）的LPO市場規模應該達到多大？

Thanks for the question. So we are very bullish on LPO. In fact, we now have three hyperscalers embracing LPO and we are in various phases of production with those three hyperscalers. Just to remind everybody, these are typically or in all cases, 100-gig per lane for generally 800 gig modules.

謝謝你的提問。因此，我們非常看好LPO。事實上，目前已有三家超大規模資料中心採用 LPO 技術，而我們與這三家資料中心的合作正處於不同的生產階段。提醒大家一下，這些通常（或在所有情況下）都是每通道 100G，一般為 800G 模組。

And so we also see that LPO will evolve to NPL and CPO or XPO, if you want to include everything. And so we're following that trail into different form factors. So we like to -- we're finally getting success here I think it's still a small part of the market and some -- we get various data points from various resources about how big the market could be.

因此，我們也可以看到，LPO 將演變成 NPL 和 CPO 或 XPO（如果要把所有內容都包含進去的話）。因此，我們正在沿著這條路線探索不同的外形尺寸。所以我們希望——我們終於在這裡取得了成功，我認為這仍然只佔市場的一小部分，而且——我們從各種渠道獲得了各種數據點，以了解市場可能有多大。

But I think today, it's small, I would expect it will remain relatively small in the next one to two years and maybe over time, it grows. But it is a -- you have to be careful with the use case it is certainly compelling. The power savings that you're getting with LPO is compelling for the end users.

但我認為，就目前而言，它的規模很小，我預計在未來一到兩年內它將保持相對較小的規模，也許隨著時間的推移，它將增長。但是，你必須謹慎對待它的使用場景，儘管它確實很有吸引力。使用 LPO 帶來的節能效果對最終用戶來說極具吸引力。

But we, again, as I mentioned earlier, we're a little hesitant to size the market because we really have to wait and see. But we do have a full suite of products here and the fact that we have three hyperscalers in production or at various stages is great.

但是，正如我之前提到的，我們對評估市場規模還有些猶豫，因為我們真的需要拭目以待。但我們這裡有一整套產品，而且我們有三個超大規模資料中心正在生產或處於不同階段，這非常棒。

And I think the one thing maybe that I should highlight in my answer is -- we're also seeing our customers investigate LRO at 1.6T using 200 gig per lane chips. And so that is exciting for us, and that is an area of focus currently.

我覺得我應該在回答中重點強調一點——我們也看到我們的客戶正在研究使用每通道 200 Gb 的晶片實現 1.6T 的 LRO 技術。所以這讓我們感到興奮，這也是我們目前關注的重點領域。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

I just want to go back to the strength in the data center. Obviously, 1.6T is ramping. The market is very strong. I'm just curious for you, in particular, whether there's a share aspect as well to the growth you're seeing in 1.60T for the analog components, which I'm assuming is the bulk of that growth.

我只想恢復資料中心的實力。顯然，1.6T正在加速。市場行情非常強勁。我特別想問您，您看到的 1.60T 模擬元件的成長是否也與市場佔有率有關，我假設這部分成長佔了大部分。

I'm not sure it's so much share growth per se. I mean, as we look at our dashboards and where we have content and where we don't have content, we see competitors on all sides. And so I wouldn't necessarily say that this is a share gain.

我不確定這是否真的是市場佔有率的成長。我的意思是，當我們查看我們的儀表板，以及哪些地方有內容、哪些地方沒有內容時，我們會發現四面八方都是競爭對手。因此，我並不認為這是股份增值。

I think it's -- the market's growing. We're winning designs. We always go up against the same competitors. And it's -- it's a combination of timing and support and having new products. I mean, one of the key growth drivers for MACOM, of course, is the 200 gig per lane portfolio, but also on the optics side.

我認為——市場正在成長。我們的設計方案很受歡迎。我們總是和同樣的競爭對手較量。這是時機、支持和新產品三者共同作用的結果。我的意思是，MACOM 的主要成長動力之一當然是每通道 200 Gb 的產品組合，但光纖方面也是如此。

And we do see significant opportunities with our photodiodes. And as I mentioned, we have I think, arguably one of the best 200-gig PDs in the market today, and we are working on higher speed PDs to support higher data rates.

我們確實看到了光電二極體的巨大發展機會。正如我之前提到的，我們擁有目前市場上最好的 200G PD 之一，而且我們正在研發速度更快的 PD，以支援更高的數據速率。

And then last, as I mentioned, we have two customers that are very excited about our CW lasers for their silicon photonics solutions, and this would certainly be picking up market share because today, we don't sell lasers into 1.6T applications.

最後，正如我所提到的，我們有兩位客戶對我們用於矽光子解決方案的連續波雷射非常感興趣，這肯定會提升我們的市場份額，因為目前我們還沒有向 1.6T 應用領域銷售雷射。

Perfect. And then maybe just some housekeeping with Jack. I just want to understand the impacts, I would say modeling converts. So when you look at March, and maybe just comment on -- I think you said the shares to settle are already in the share count.

完美的。然後也許會和傑克一起處理一些家事。我只是想了解其影響，我想說，這會影響模型轉換。所以，當你查看三月的數據時，也許可以評論一下——我想你說過，待結算的股份已經計入股份數量了。

What's the impact positive or negative on OI&E? Just trying to triangulate how the rest of the P&L and OpEx is guided. And then -- maybe you could just also talk about capital returns. I think you had signaled maybe you'd do some share buybacks, but I'm assuming the debt retirement takes precedent in March. How are you thinking about it for the rest of the year?

對營運、創新和效率 (OI&E) 的影響是正面的還是負面的？我只是想弄清楚損益表和營運支出的其他部分是如何運作的。然後——或許你還可以談談資本回報。我認為你之前曾暗示可能會進行一些股票回購，但我估計3月份償還債務是首要任務。今年剩下的時間你有什麼打算？

Yes. Thanks for the question, Blayne. Yes, with regard to the share count, yes, there's a number of factors that can contribute to share count as we go forward.

是的。謝謝你的提問，布萊恩。是的，關於股份數量，是的，未來有許多因素會影響股份數量。

Part of it is just our normal employee equity that's awarded, and we've kept pretty well control over that in terms of adding to our outstanding share count over the past number of years. And then the convert is another piece. And we've been adding some of the additional shares to the share count as we work our way through the year and leading up to the final settlement, which we expect to be in mid-March.

其中一部分是我們正常授予員工的股權，在過去幾年裡，我們對增加流通股數量方面一直保持著相當好的控制。然後，轉換過程又是另一部分。在這一年中，我們一直在逐步增加股份數量，直到最終結算完成，我們預計結算將在 3 月中旬完成。

And then with regard to your capital allocation question. Yes, I think our primary focus is getting through this debt repayment, which is $161 million in the mid-March time period.

然後是關於您提出的資本配置問題。是的，我認為我們目前的首要任務是償還這筆債務，3月中旬的債務總額為1.61億美元。

And I'll just add to that, that -- as it relates to share buybacks, that is not something that we're contemplating, and you should not expect that in the future.

我還要補充一點，關於股票回購，我們目前沒有考慮過，你們也不應該期待將來會有這樣的計畫。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Congrats on the record results. Steve, I wanted to come back to a comment you made on growth in telecom for this year? I mean, I know it wasn't guidance per se, but it just feels like high single digit, low double digit for telecom growth this year.

恭喜你們取得破紀錄的成績。史蒂夫，我想再談談你之前對今年電信業成長情況的評論？我的意思是，我知道這不算是業績指引，但感覺今年電信業的成長幅度會在個位數高點到兩位數低點之間。

Seems quite conservative, especially given your position in SATCOM, 5G coming back and so on and so forth. So I mean, is that just like a really base case number? Anything you can add that would be great.

考慮到您在衛星通訊、5G 回歸等方面的地位，這似乎相當保守。所以我的意思是，這只是一個非常基本的情況數字嗎？如果您還能補充什麼，那就太好了。

Yes. I think also keeping in perspective that last year, we had about 40% growth. So we're coming off a pretty high base there. I highlighted that the RAN market is relatively flat with us having potential to pick up market share.

是的。我認為還要考慮到，去年我們的成長率約為 40%。所以我們目前的起點很高。我強調，無線存取網 (RAN) 市場相對平穩，我們有潛力獲得市場份額。

We have a great position in the SATCOM market. And these are generally long design cycle complex builds that take time and a lot of the growth in SatCom, I would say, is more of a late '26 early '27, which makes it difficult for us today to settle in on, let's say, a best case number. So I think thinking below 10% is a good way to think about it today.

我們在衛星通訊市場擁有非常有利的地位。這些通常是設計週期長、結構複雜的項目，需要時間，而且衛星通訊領域的許多成長，我認為，更像是 2026 年末到 2027 年初，這使得我們今天很難確定一個最佳情況的數字。所以我認為，如今把比例控制在 10% 以下是一個不錯的思考方式。

That's fair. And then as my follow-up, I believe last year at OFC, you guys were sampling a 1.6T LPO solution. Now when you talk about LP with 1.6%, there's more references to LRO. So I'm just curious, based on your conversations -- are we going to see 1.6T LPO? Or is the thinking now that LRO is probably the better way to go specifically for 1.6.

這很合理。然後，作為我的後續問題，我相信去年在OFC上，你們正在試用1.6T LPO解決方案。現在，當談到收益率為 1.6% 的 LP 時，就會更多地提到 LRO。所以我很好奇，根據你們的談話——我們會看到 1.6T LPO 嗎？或者現在人們認為，LRO 可能是 1.6 版本更好的選擇。

Yes, I would have to go back and check on that. I know we certainly were demonstrating 1.6T ACCs and AOCs, but I have to go back, Tore and check on the at the LPO version of that. Certainly, we were demonstrating 400 and 800 gig modules in the booth from our customers.

是的，我得回去查一下。我知道我們當時確實演示了 1.6T ACC 和 AOC，但我得回去，托雷，去 LPO 那裡查一下。當然，我們在展位上展示了客戶提供的 400G 和 800G 模組。

I think that the answer to your question is the customers are evaluating both right now, but there's significant benefits even with LRO, and it gets down to the specifics around really the DSP, the power budget, the link length.

我認為你問題的答案是，客戶目前正在對兩者進行評估，但即使使用 LRO 也有顯著的優勢，這最終取決於 DSP、功率預算和鏈路長度等具體細節。

And so it's really TBD. And so there's a higher probability of LRO working than LPO working because there's just more capability from the ASIC itself, let's say, to support the interface. So we would -- from a probability point of view, I would say LRO is more likely to happen first. and then LPO and there's still more work that needs to be done there. But we see that work happening at our customers.

所以，目前還未確定。因此，LRO 比 LPO 更有可能正常運作，因為 ASIC 本身就具備更強的能力來支援介面。所以從機率角度來看，我認為LRO更有可能先發生，然後是LPO，但LPO方面還有更多工作要做。但我們看到客戶那邊正在進行這項工作。

Sean O'Loughlin, TD Cowen.

肖恩·奧洛克林，TD Cowen。

Congrats on a nice set of results. I had a quick question about the CW laser customer commentary. Just wanted to clear up, are those customers if you're able to disclosed. Are we talking about module maker customers? Or was that a reference to more hyperscale-type customers?

恭喜你取得了不錯的成績。我有一個關於CW雷射客戶評論的小問題。我只是想確認一下，這些客戶是否可以透露？我們說的是模組製造商的客戶嗎？或者，這是指更大規模的客戶群？

Yes. I mean I would say that we're engaging with more of the former. So it's really the module customers that are our first line of entry. So we want to make sure that they are able to use our laser. They're getting good module level results.

是的。我的意思是，我認為我們更多是在與前者互動。所以，模組客戶才是我們真正的第一道防線。所以我們希望確保他們能夠使用我們的雷射。他們在模組學習中取得了不錯的成績。

The next step is to collect a large body of reliability data and when our customer is happy with that data set, then they go to the hyperscalers and run through a PCN process to get us on the approved vendor list, let's say. And so we're early in that phase.

下一步是收集大量的可靠性數據，當我們的客戶對該數據集滿意後，他們就會去找超大規模數據中心運營商，運行 PCN 流程，讓我們進入合格供應商名單。所以我們現在還處於這個階段的早期。

But it is a watershed moment because six months ago, we were not in a position where we had compliant laser today we do. And so that -- we're excited about that. Now we also recognize there's a process to get into production, and it's -- we're in the early stages of that.

但這是一個具有里程碑意義的時刻，因為六個月前，我們還沒有符合標準的雷射設備，而現在我們有了。所以——我們對此感到興奮。現在我們也意識到，要進入生產階段需要一個過程，而我們目前正處於這個過程的早期階段。

Great. Yes, it's great to hear on the progress there. And then just a blue sky question, I was interested to hear you mentioned front haul as an application for LPO as you've often reminded us that LPO is typically suited for short-reach applications within the data center.

偉大的。是的，很高興聽到那邊的進展。然後，我還有一個比較隨便的問題。我很感興趣地聽到您提到前傳是 LPO 的一個應用場景，因為您經常提醒我們，LPO 通常適用於資料中心內的短距離應用程式。

Typically, I don't think of front haul as a short-reach applications. So I'd love to hear just any more details on that application potential for a linear pluggable option?

通常情況下，我不認為前程運輸是短程運輸應用。所以我很想了解更多關於線性可插拔選項的應用潛力方面的細節？

Yes. And I think your question speaks to the fact that the -- our customers are critically looking at the network connections and where they use optics. For their next-generation systems and how do they reduce cost and complexity. And LPO in brings that benefit.

是的。我認為你的問題說明，我們的客戶正在認真審視網路連線以及他們在哪些方面使用了光纖。他們的下一代系統是如何降低成本和複雜性的？LPO（物流流程外包）帶來了這種好處。

So we have to -- so yes, we are going through design and trials with various customers to see if it works in system. The benefit they see, quite frankly, is that it is a low latency solution. So there's it's more of a real-time transmission, let's say, than a retime solution.

所以我們必須——是的，我們正在與不同的客戶進行設計和試驗，看看它在系統中是否有效。坦白說，他們認為其優勢在於低延遲。所以，與其說是重新定時解決方案，不如說更像是一種即時傳輸。

So we'll have to wait and see as AI starts to creep into the networks and as things move towards the edge a lot of the optical interconnect becomes more relevant. And then the other tangent I'll add is we are engaged also to help customers rearchitect remote radios where you bring fiber right to the radio, and we want to be involved in that part of the network as well.

所以，隨著人工智慧開始滲透到網路中，隨著科技向邊緣發展，許多光互連技術將變得更加重要，我們只能拭目以待。另外，我還想補充一點，我們也參與幫助客戶重新架構遠端無線電，將光纖直接連接到無線電，我們也希望參與網路的這一部分。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

I guess my question here is around linear equalizers. I think on PCB, which you mentioned in your prepared remarks, if you could talk a little bit more about that, the growing interest there. Do you think this could be a bigger product than ACCs, linear equalizers and ACC and what is that -- what do the economics here look like for you versus the ACC approach?

我想問的是關於線性均衡器的問題。關於您在準備好的演講稿中提到的PCB，我想如果您能再多談談這方面，以及人們對它日益增長的興趣。你認為這會比 ACC、線性均衡器和 ACC 更受歡迎嗎？如果是這樣，對你來說，與 ACC 方法相比，這種方案的經濟效益如何？

Yes. So adding the linear equalizers to various back planes is of interest to lots of customers, not only in not only, let's say, in the traditional AI construct but also closer to the -- as you get into the compute, we see opportunities to eliminate retimers and various compute connections. That's number one.

是的。因此，將線性均衡器添加到各種背板對許多客戶來說都很有吸引力，不僅在傳統的 AI 結構中，而且在更接近計算的領域，我們看到了消除重定時器和各種計算連接的機會。這是第一點。

Number two, as things move to 400 gig per lane having equalization on these boards is going to be very important. And so customers recognize there's trace losses and interface issues, and they're going to need something to compensate.

第二，隨著每通道傳輸速度提升至 400G，這些電路板上的均衡功能將變得非常重要。因此，客戶意識到存在追蹤損失和介面問題，他們需要一些補償措施。

And so the use case at a 400 gig lane speed is compelling. Today, though, with our 200-gig per lane, you're looking to augment passive DAC is something we're looking at. But I don't think all of those things combined will be as big as the ACC opportunity where it becomes architectural and there's lots of cables, and we just see that as a bigger growth opportunity.

因此，400G 通道速度的應用場景非常有吸引力。不過，如今我們每聲道 200G 的容量，如果您想增強被動式 DAC，我們正在考慮這個問題。但我認為所有這些因素加起來，也比不上 ACC 帶來的機會，因為 ACC 涉及建築設計，而且有很多電纜，我們認為這是一個更大的成長機會。

So the volumes that some talked about on the ACC side are quite large compared to, let's say, the back plane applications. And then the last thing I'll add is we also have customers looking at AECs and asking themselves, do I can I convert this to an AC and we're trying to help them with those -- answer that question as well.

因此，有些人在 ACC 方面討論的體積與背板應用相比相當大。最後我想補充一點，我們還有一些客戶在考慮 AEC 時會問自己，我能不能把它改成空調，我們也在努力幫他們解答這個問題。

Very helpful. And then I was wondering if maybe you could just provide a big picture answer here. You have such a diverse product set. You also have new products coming on to your road map. What are the -- in your opinion, like biggest needle-moving new offerings that you think is really going to make a difference on the top line for MACOM over the next couple of years.

很有幫助。然後我想問的是，您能否提供一個概括性的答案？你們的產品種類真豐富。你們的路線圖上也有新產品即將推出。您認為未來幾年內，哪些最具變革意義的新產品/服務能真正對 MACOM 的營收產生影響？

Well, I think that's a great question. And I'll just highlight that this management team in about six years has doubled the size of the company. Our fundamental focus has been on high power, high frequency and high data rate. When we look ahead, we want to double the size of this company and not take six years. We want to do it faster.

嗯，我覺得這是一個很好的問題。我還要強調一點，這個管理團隊在短短六年內就讓公司規模翻了一番。我們一直致力於高功率、高頻率和高數據速率的研究。展望未來，我們希望在六年內將公司規模擴大一倍。我們希望加快速度。

So we're trying to execute our strategic plan that gets us to $2 billion with a reasonable CAGR, and we want to double the share price. The earnings per share.

所以我們正在努力執行我們的戰略計劃，目標是實現 20 億美元的營收和合理的複合年增長率，並且我們希望股價翻一番。每股收益。

And so -- that is our focus, and that means noncommodity differentiated products stay with the large growing markets, but also diversify and that is a big part of our story here, and that differentiates us, I think, from a lot of the companies that are very focused on, let's say, indium phosphide components for the data center.

因此——這就是我們的重點，這意味著非商品差異化產品將繼續留在大型成長市場，同時也要實現多元化，這是我們故事的重要組成部分，我認為這使我們與許多非常專注於資料中心磷化銦組件的公司區分開來。

These are structural organizations that do not have diversity. And our approach to these large opportunities is to bring the diversity. So when you look at our fabs, as an example, they're running lots of different technologies, and there'll be periods where some technologies grow very quickly in periods where they don't. So fundamental to our business model is diversification in product lines and geography end markets.

這些是缺乏多樣性的結構性組織。我們應對這些重大機會的方式是引入多樣性。以我們的晶圓廠為例，它們運作著許多不同的技術，有些技術會在某些時期發展得非常快，而有些技術則不會。因此，產品線和地理終端市場的多元化是我們商業模式的根本。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北地資本市場。

Congrats on the results and good timing here given you just mentioned indium phosphide. That's my question. Actually, as you mentioned capacity addition. I wondered -- I'm really looking for magnitude and timing for that capacity addition, say, from the beginning to the end of the fiscal year, what are you targeting there?

恭喜你取得好成績，而且你剛才還提到了磷化銦，真是恰逢其時。這就是我的問題。實際上，正如您所提到的，增加產能。我想知道──我真正想了解的是新增產能的規模和時間安排，比如說，從本財政年度開始到結束，你們的目標是什麼？

And as a quick follow-up, how material are those optical devices within the overall data center unit right now? And where do you expect that to go?

最後，我想快速問一下，這些光學裝置目前在整個資料中心單元中的地位如何？你覺得它會走向何方？

Thank you. So we're not going to really disclose the amount of capacity we're adding for competitive reasons. I can tell you that our Indium phosphide PD business is growing rapidly. It's primarily focused on 200 gig per lay. But we -- I don't really want to talk about the number of wafer starts or where we started the fiscal year, and we will end the year.

謝謝。基於競爭原因，我們不會透露新增產能的具體數量。我可以告訴大家，我們的磷化銦光電探測器業務正在快速成長。它主要關注每次 200 GB 的數據量。但是——我不太想談論晶圓開工數量，也不想談論本財年的開始和結束情況。

I will say that there's -- it's a major focus to bring on capacity, and we've been doing that. And so the results of that will be reflected in the guide in our general comments. In terms of -- and again, akin to that, the materiality of that business, we really don't disclose the revenue by product line or by technology.

我想說的是，提高產能是我們工作的重點，我們也一直在努力提升產能。因此，研究結果將在指南的總體評論中有所體現。至於——而且同樣地，與此類似，關於該業務的實質性，我們實際上不會按產品線或技術披露收入。

Again, I would just highlight that we -- as I just mentioned, we do have a diversified business. And when we look at our data center revenue, today, it consists of TIAs, drivers, combo chips that are basically TIAs and CDRs. We've now added photo diodes or photodetectors.

我再次強調一下，正如我剛才提到的，我們的業務是多元化的。當我們審視我們資料中心目前的收入時，它包括TIA、驅動程式、組合晶片（基本上是TIA和CDR）。我們現在添加了光電二極體或光電探測器。

The next step is to add lasers. We also have in the back room, we're working on EML lasers, and we have various versions of that in test right now. So I think you should think of our data center business as diversified by end customer by data rate and by product family, both on the optical side and on the electrical side.

下一步是添加雷射。我們後面的房間也在研究EML雷射器，目前正在測試各種版本。所以我認為，你應該把我們的資料中心業務看作是按終端客戶、資料速率和產品系列（包括光纖方面和電氣方面）進行多元化的。

And we do recognize, as an example, there's opportunities for us on the compute side of the network, and we're investigating and designing products for things like PCIe 6 that will also add new growth vectors.

例如，我們也意識到，在網路的運算方面，我們有很多機會，我們正在研究和設計 PCIe 6 等產品，這些產品也將帶來新的成長點。

William Stein, Truist Securities.

威廉·斯坦，Truist Securities。

Great. Two quick questions. First, on the LEO satellite business. Can you talk about average dollar content per satellite and the duration between your rev rec and the satellite launch. Is that like a quarter or like a year? Any color there would help.

偉大的。兩個問題，簡單問一下。首先，我們來談談低地球軌道衛星業務。能否談談每顆衛星的平均美元價值以及從收到收益通知到衛星發射之間的時間間隔？那相當於一個季度還是一年？任何顏色都會有所幫助。

Sure. Well, we recognize the revenue when we ship our products to the customer. It's hardware deliverable. So that it's a hardware shipment. We don't wait for the customer to launch the satellite to take our revenue.

當然。我們會在產品出貨給客戶時確認收入。這是硬體可以交付的。所以這是一批硬體貨物。我們不會等到客戶發射衛星才開始收取收入。

And then in terms of the dollar content per satellite, it varies quite a bit. As I mentioned, there's a lot of variation in the construct of these satellites. Some of them have very large beam steer to raise. Some of them have very complex optics.

至於每顆衛星的美元價值，則差異很大。正如我之前提到的，這些衛星的結構有許多變化。其中一些具有非常大的波束轉向升程。有些光學元件結構非常複雜。

Some of them have data center-centric electronics, so moving high-speed data across the bus of the satellite. Some are using linear risers to communicate back to the ground. So it would be very difficult to put a dollar value on that. So it varies quite a bit.

其中一些衛星配備了以資料中心為中心的電子設備，因此可以在衛星總線上高速傳輸資料。有些人使用線性立管與地面進行通訊。所以很難用美元來衡量它的價值。所以差別挺大的。

And I'll also argue that as I mentioned earlier, we're dealing with all the major constellations in different ways. Some -- as an example, some customers want to buy wafers from us. They want to be a foundry customer. And we have other customers that want us to design an entire subsystem. So we have the full gamut.

而且我還要指出，正如我之前提到的，我們正在以不同的方式處理所有主要的星座。例如，有些客戶想向我們購買晶圓。他們想成為代工廠的客戶。我們還有其他客戶希望我們設計整個子系統。所以我們擁有全部種類。

To clarify the first part of my question, I fully understand that you rev rec when you ship, but we don't necessarily get alerts to that, whereas we do get alerts as to launches. And so I'm just trying to line up when we see a launch happen what that relates to in terms of your revenue.

為了澄清我問題的第一部分，我完全理解你們會在發貨時進行版本控制，但我們不一定會收到版本控制的通知，而我們會收到產品發布的通知。所以，我只是想弄清楚，當產品發佈時，這會對你的收入產生什麼影響。

Is that revenue that you would have recognized a quarter ago, a month ago, a year ago so we can try to align the parts of the market that are visible to us with your revenue generation?

這是您本應在季度前、一個月前或一年前確認的收入嗎？這樣我們就可以嘗試將我們能夠看到的市場部分與您的收入產生進行配對。

Yes. I mean, I think those are dots that it would be difficult for us to connect here on the call, but I understand. Certainly, it's measured in many months. And beyond that, we would have to do work, and it would be very situational. Jack, did you want to add to that?

是的。我的意思是，我認為這些事情我們很難在這次電話會議上聯繫起來，但我理解。當然，這是以月為單位來計算的。除此之外，我們還需要做一些工作，具體情況還要視情況而定。傑克，你還有什麼要補充的嗎？

Even though it will be situational probably wouldn't be accurate either just based on the ebbs and flows of this end market.

即使情況有所不同，僅憑終端市場的潮起潮落，也可能不會準確。

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

我目前不再提出其他問題。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, I would like to thank all of our employees for their continued hard work and dedication which has made these results possible. Have a nice day.

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

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

電話會議到此結束。感謝您的參與。您現在可以斷開連線了。