MACOM Technology Solutions Holdings, Inc. (MTSI) 2026 Q3 法說會逐字稿

Welcome to MACOM's third fiscal quarter 2026 conference call. This call is being recorded today, Thursday, August 6, 2026.

歡迎參加 MACOM 2026 會計年度第三季財報電話會議。本次會議於今日（2026 年 8 月 6 日，星期四）錄音。

(Operator Instructions)

（接線員指示）

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

現在我將把電話交給 MACOM 企業發展與投資人關係資深副總裁 Steve Ferranti 女士。Ferranti 先生，請開始。

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

謝謝你，Olivia。各位早安，歡迎參加我們的電話會議，討論 MACOM 2026 會計年度第三季的財務結果。

I would like to remind everyone that our subdiscussion today will contain forward-looking statements, which are subject to certain risks and uncertainties as defined in the Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

我想提醒各位，我們今天的討論將包含前瞻性陳述，該等陳述受 1995 年《私人證券訴訟改革法》所載之前瞻性陳述安全港條款所定義之特定風險與不確定性影響。

Actual results may differ materially from those discussed today. For a more detailed discussion of the risks and uncertainties that could result in those differences, we refer you to MACOM's filings with the SEC. Management's statements during this call will also include 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.

實際結果可能與今日討論內容有重大差異。如需更詳細了解可能導致差異的風險與不確定性，請參閱 MACOM 向美國證券交易委員會（SEC）提交的文件。管理層在本次電話會議中的發言亦將包含對若干經調整之非 GAAP 財務資訊的討論。GAAP 與經調整非 GAAP 結果之調節表已載於公司新聞稿及相關 Form 8-K（已於今日向 SEC 提交）中。

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 總裁暨執行長 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 Q3 results for fiscal year 2026. When Jack is finished, I will provide revenue and earnings guidance for the fourth-quarter of FY26, and then we will be happy to take some questions.

謝謝，各位早安。我將先就公司整體狀況進行更新。之後，我們的財務長 Jack Kober 將回顧 2026 會計年度第三季（Q3）業績。Jack 結束後，我將提供 26 會計年度第四季的營收與獲利指引，接著我們很樂意回答一些問題。

Revenue for the third-quarter of fiscal 2026 was $342.2 million and adjusted EPS was $1.40 per diluted share. Demand for our products is strong across our three end markets, and our backlog continues to build. Our sequential financial performance improved across most key metrics in Q3, including gross and operating margins.

2026 會計年度第三季營收為 3.422 億美元，經調整後每股盈餘（EPS）為每股稀釋後 1.40 美元。我們的產品在三大終端市場的需求皆強勁，且在手訂單（backlog）持續增加。第三季在多數關鍵指標上的序列（環比）財務表現均有所改善，包括毛利率與營業利益率。

Our Q3 book-to-bill ratio was a record 1.6:1, and orders booked and shipped within the quarter were 11% of total revenue. All three end markets had exceptional bookings with notable out-performance in the Data Center. Our record backlog reflects market strength as well as our progress that we are making to expand our product portfolio and better address our customer needs.

第三季接單出貨比（book-to-bill）創下 1.6:1 的歷史新高，且在本季內接單並出貨的訂單占總營收的 11%。三大終端市場的接單表現皆非常出色，其中資料中心表現尤為突出。我們創紀錄的在手訂單反映了市場的強勁，同時也反映我們在擴充產品組合、以更好滿足客戶需求方面所取得的進展。

We are pleased with the customer order trends. Our strategy of strengthening our core technologies and expanding our product portfolio around three central themes: highest power, highest frequency and highest data rate is proving to be effective.

我們對客戶下單趨勢感到滿意。我們強化核心技術並圍繞三大主軸擴展產品組合的策略——最高功率、最高頻率與最高資料速率——正證明是有效的。

We believe the breadth in our technology and product portfolio, coupled with our unique manufacturing capabilities enable a strong and durable business model. MACOM is well positioned in three large markets, namely Data Center, Industrial and Defense and Telecom. In total, these markets contain thousands of potential customers with a combined SAM that we now estimate to be in the range of $15 billion in 2027.

我們相信，我們在技術與產品組合上的廣度，加上獨特的製造能力，能夠支撐一個強健且具持久性的商業模式。MACOM 在三個大型市場具備良好定位，分別為資料中心、工業與國防，以及電信。整體而言，這些市場包含數以千計的潛在客戶，其合計可服務市場（SAM）我們目前估計在 2027 年約為 150 億美元的區間。

To address the large SAM opportunity, we have been and will continue to invest in R&D and expand our engineering and manufacturing teams. We continue to align and expand our engagements with customers that are industry leaders. Two years ago, we had approximately eight customers with $10 million in revenue. Today, we have over 20 customers above $10 million and a few in the range of $50 million to $100 million. While we are growing revenue by over 30% per year, our year-to-date top 10 end-customers still represent less than 40% of our total revenue. Our customer base continues to grow and remain diversified.

為把握龐大的 SAM 機會，我們已經並將持續投資研發，並擴充工程與製造團隊。我們持續與產業領導者客戶對齊並擴大合作。兩年前，我們約有 8 家客戶的營收達到 1,000 萬美元。今天，我們已有超過 20 家客戶的營收高於 1,000 萬美元，且有少數客戶落在 5,000 萬至 1 億美元的區間。雖然我們的營收年增超過 30%，但截至目前為止（year-to-date）前十大終端客戶合計仍占我們總營收不到 40%。我們的客戶基礎持續成長，且維持多元分散。

Now turning to recent market trends. Q3 revenue performance by end market was as expected, with all end markets growing sequentially. Data Center revenue was $137.6 million, Industrial and Defense was $133.4 million and Telecom was $71.3 million. Data Center increased approximately 40% sequentially, I&D increased 11% sequentially and Telecom increased 2% sequentially. Both Data Center and I&D revenues are at record levels.

接著談近期市場趨勢。第三季按終端市場劃分的營收表現符合預期，所有終端市場皆呈現序列（環比）成長。資料中心營收為 1.376 億美元，工業與國防為 1.334 億美元，電信為 7,130 萬美元。資料中心環比成長約 40%，工業與國防環比成長 11%，電信環比成長 2%。資料中心與工業與國防的營收皆創下歷史新高。

Next, I'll take a moment to review each of our three core markets in more detail, starting with the Data Center. Our Data Center business is growing due to increased demand for high-speed connectivity using our 800G and 1.6T PAM4 products. As a reminder, our portfolio is highly diversified, supporting NRZ, PAM4 and coherent modulations across EML, silicon photonics and VCSEL-based architectures. Our connectivity solutions include IC and photonic semiconductors with the photonic products being produced in our internal fabs.

接下來，我將花點時間更詳細回顧我們三個核心市場，先從資料中心開始。我們的資料中心業務成長，主要受惠於對高速連接的需求增加，這些連接採用我們的 800G 與 1.6T PAM4 產品。提醒各位，我們的產品組合高度多元，可在 EML、矽光子（silicon photonics）與 VCSEL 架構上支援 NRZ、PAM4 與相干（coherent）調變。我們的連接解決方案包含 IC 與光子半導體，其中光子產品由我們自有晶圓廠（internal fabs）生產。

We see multiple trends in the industry, including the proliferation of optical links as hyperscalers are moving from passive copper to fiber connectivity in scale-up applications. This trend represents a large SAM expansion opportunity for MACOM as we currently do not promote passive copper solutions.

我們看到產業中有多項趨勢，包括隨著超大規模業者（hyperscalers）在 scale-up 應用中由被動銅線轉向光纖連接，光學鏈路的普及。此趨勢為 MACOM 帶來可服務市場（SAM）擴張的重大機會，因為我們目前並未主推被動銅線解決方案。

Another contributor to our SAM expansion is the need for higher-density interconnects that support both fast and slow data rates. In many cases, our newest products are designed for highly integrated architectures like NPO and XPO. These applications typically require smaller chips, more lanes of data and lower power consumption compared to pluggable modules.

推動我們 SAM 擴張的另一項因素，是需要更高密度的互連，同時支援高速與低速資料速率。在許多情況下，我們最新的產品是為高度整合的架構（如 NPO 與 XPO）所設計。相較於可插拔模組（pluggable modules），這些應用通常需要更小的晶片、更多資料通道（lanes）以及更低的功耗。

These architectures often include LPO and LRO using single mode or multimode modulation. We practice the be first, be fast approach. We also strive to provide options, including lower power, smaller chip size and multiple channels using flip chip, bump chip or through silicon via technologies, all to ensure our customers meet their size, manufacturability, and performance goals.

這些架構通常包含使用單模或多模調變的 LPO 與 LRO。我們奉行「先行、快速」（be first, be fast）的策略。我們也致力於提供多種選項，包括更低功耗、更小晶片尺寸，以及透過倒裝晶片（flip chip）、凸塊晶片（bump chip）或矽穿孔（through silicon via, TSV）技術實現多通道，以確保客戶達成其尺寸、可製造性與效能目標。

Additionally, we are constantly innovating and improving our products to achieve better performance. As an example, today, we are sampling our latest generation of 200G and 400G per lane TIAs and driver products for various advanced interconnect applications.

此外，我們持續創新並改良產品，以達到更佳效能。例如，目前我們正在提供最新一代每通道 200G 與 400G 的跨阻放大器（TIA）與驅動器產品樣品，供各類先進互連應用使用。

Interest in our Indium Phosphide products is growing as optical connectivity expands inside the data center. Our near-term and long-term growth strategy is to gain market share with new lasers and higher-speed photodetector products and to install necessary manufacturing capacity to meet demand. Our team is having strong results with our 200G photodetectors, which are ramping in volume production and becoming a meaningful contributor to our overall Data Center growth. In addition, our 400G photodetectors are receiving very positive customer feedback. Our 75-milliwatt CW laser qualification efforts continue.

隨著資料中心內部的光學連接擴大，市場對我們磷化銦（Indium Phosphide）產品的興趣正在提升。我們的短期與長期成長策略，是以新型雷射與更高速的光偵測器產品提升市占率，並建置必要的製造產能以滿足需求。我們團隊在 200G 光偵測器方面取得強勁成果，該產品正逐步放量進入量產，並成為推動我們整體資料中心成長的重要貢獻來源。此外，我們的 400G 光偵測器也獲得客戶非常正面的回饋。我們 75 毫瓦連續波（CW）雷射的認證工作仍在持續進行。

Our laser team is actively working to lock down a production process. And while we cannot declare success yet, we are gaining confidence in our ability to meet our customers' reliability and performance requirements. Customers have been providing us with positive feedback on our products' performance, and there is intense interest and customer pull to get us into production. We are developing plans to support a potential start to production in late calendar 2027. This includes scoping modest CapEx investments and fab space requirements to support a rapid high-volume ramp for a few strategic customers.

我們的雷射團隊正積極推進，以確立量產製程。雖然我們尚無法宣告成功，但我們對於滿足客戶在可靠度與效能方面的要求愈來愈有信心。客戶對我們產品效能提供了正面回饋，且市場興趣濃厚、客戶拉動力強，促使我們加速導入量產。我們正在制定計畫，以支援在 2027 年曆年下半年潛在的量產啟動。其中包括評估適度的資本支出（CapEx）投資與晶圓廠空間需求，以支援少數策略性客戶的快速高量爬坡。

I will provide an update on the CW laser activities in the coming quarters. On a related note, we are seeing increased demand from our 25G DFB laser products, which serve the 100G QSFP, CWDM4 and LR4 applications. These products launched a few years ago and in some cases, were previously qualified by customers. Customers are coming to us with urgency due to the general supply shortage of indium phosphide DFB lasers. We believe our Indium Phosphide Photonics product lines represent a large growth opportunity for MACOM, and we expect to gain meaningful market share over the next three years.

我將在未來幾個季度提供關於連續波（CW）雷射業務活動的最新進展。此外，我們也看到來自我們 25G DFB 雷射產品的需求增加，該產品用於 100G QSFP、CWDM4 與 LR4 應用。這些產品於數年前推出，且在某些情況下先前已通過客戶認證。由於磷化銦（InP）DFB 雷射普遍供應短缺，客戶正以更急迫的態度與我們接洽。我們相信，我們的磷化銦光子（Indium Phosphide Photonics）產品線為 MACOM 帶來龐大的成長機會，並預期在未來三年取得具意義的市占率。

We continue to promote linear equalizer products that help optimize copper interconnects at 800G, 1.6T and beyond. We are working closely with customers to address their program-specific requirements and various use cases. This includes copper cables and on-board equalizers. We are also seeing growing interest in Coherent Light Solutions as coherent modulation can enable higher bandwidth and better link budgets in short-reach data center applications with the potential to optimize power efficiency as data rates scale beyond 1.6T. In summary, we see many new large opportunities in the data center.

我們持續推廣線性等化器產品，以協助在 800G、1.6T 及更高速度下最佳化銅互連。我們正與客戶密切合作，以滿足其特定專案需求與各種使用情境。這包括銅纜與板上等化器。我們也看到市場對相干光解決方案（Coherent Light Solutions）的興趣日益增加，因為相干調變可在短距離資料中心應用中實現更高頻寬與更佳鏈路預算，並在資料速率擴展至 1.6T 以上時具備最佳化功耗效率的潛力。總結而言，我們在資料中心領域看到許多新的大型機會。

High-speed connectivity is growing in complexity, and in the future, systems will operate at data rates above 1.6T. Our strategy is to collaborate with the leaders in the industry and support their connectivity needs, whether it's scale up, scale out or scale across.

高速連接的複雜度正在提升，未來系統將以高於 1.6T 的資料速率運作。我們的策略是與產業領導者合作，支援其連接需求，無論是 scale up、scale out 或 scale across。

Turning to our I&D business. We see many growth opportunities across the Industrial and Defense markets, primarily in the Defense segment. 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, communication systems, and a wide and wideband electronic warfare systems.

接著談我們的工業與國防（I&D）業務。我們在工業與國防市場看到許多成長機會，主要集中在國防領域。我們的國防客戶基礎龐大且涵蓋面廣，我們通常支援雷達系統、飛彈與飛彈防禦系統、無人機與反無人機系統、通訊系統，以及各式各樣的寬頻電子戰系統。

Last year, our Defense business grew by 19%. And this year, we expect it to grow by approximately 25%. The US defense electronics market is projected to grow significantly over the next few years, and we are in a great position to benefit. In addition, we believe European countries will spend more on existing and new defense systems. We have a growing team of application and design engineers that can support our defense customers and offer the full scope of MACOM's capabilities. Our primary focus is providing unique solutions that improve overall system performance to give our customers an advantage.

去年，我們的國防業務成長了 19%。而今年，我們預期將成長約 25%。美國國防電子市場預計在未來幾年顯著成長，而我們具備極佳的有利位置可受惠。此外，我們相信歐洲國家將在既有與新型國防系統上增加支出。我們擁有持續擴編的應用與設計工程師團隊，可支援國防客戶並提供 MACOM 全方位的能力。我們的主要重點是提供可提升整體系統效能的獨特解決方案，讓客戶取得優勢。

As an example of the type of products we develop, at this year's International Microwave Symposium, also known as IMS in June, we showcased an X-band front-end module, which utilized a combination of MACOM's GaN ICs in a highly integrated multichip module assembly. The X-band frequency is ideal for precise target detection and discrimination and is often used for defense radar applications.

以我們所開發產品類型為例，在今年 6 月的國際微波研討會（International Microwave Symposium，簡稱 IMS）上，我們展示了一款 X 波段前端模組，該模組在高度整合的多晶片模組（MCM）組裝中，結合了多款 MACOM 的 GaN IC。X 波段頻率非常適合精準目標偵測與辨識，常用於國防雷達應用。

Our product can deliver 16-watts of transmit power and over 40% power added efficiency. The receive side features industry-leading recovery time and exceptional linearity in noise figure. This product's small footprint can support compact high-volume radar systems.

我們的產品可提供 16 瓦的發射功率，且功率附加效率（PAE）超過 40%。接收端具備業界領先的恢復時間，以及在雜訊指數方面的卓越線性度。此產品的小型化尺寸可支援緊湊型高出貨量雷達系統。

Our R&D team works to push the limits of our semiconductor technology. And in recognition of our efforts this past quarter, we received incremental funding from the Air Force Research Labs, or AFRL, to support millimetre wave GaN-on-silicon carbide production maturation. This effort is directly in line with our high-frequency and high-power strategy and further aligns MACOM with the needs of the defense industry.

我們的研發團隊致力於突破半導體技術的極限。為表彰我們在上一季度的努力，我們獲得空軍研究實驗室（Air Force Research Labs，AFRL）的追加資金，用以支援毫米波 GaN-on-碳化矽（SiC）製程量產成熟化。這項工作與我們的高頻與高功率策略直接一致，並進一步使 MACOM 與國防產業需求更加契合。

Over the past few quarters, we have also seen an increase in demand from our Industrial market segments, including test and measurement, medical, automotive, and general multi-market products. We believe our test and measurement customers are seeing increased demand from the market, primarily driven by expanding microwave SATCOM and AI-related engineering and production facilitation. Notably, our Automotive business, which is one of our smaller submarkets, is expected to double its revenue this year, primarily driven by market penetration and increased design wins.

在過去幾個季度，我們也看到工業市場區隔的需求增加，包括測試與量測、醫療、汽車，以及一般多元市場產品。我們相信測試與量測客戶正面臨市場需求上升，主要由微波衛星通訊（SATCOM）擴張以及 AI 相關工程與量產導入所帶動。值得注意的是，我們的汽車業務（屬於較小的次市場之一）預期今年營收將倍增，主要由市場滲透提升與更多設計導入（design wins）所驅動。

Now moving to Telecom. Within the Telecom end market, satellite-based broadband access, and direct-to-device or D2D opportunities remain robust with numerous LEO networks in the planning or production stages. These systems support consumer, enterprise, government, and defense requirements.

接著談電信（Telecom）。在電信終端市場中，衛星寬頻接取，以及直連裝置（direct-to-device，D2D）機會仍然強勁，且有多個 LEO 網路正處於規劃或量產階段。這些系統可支援消費者、企業、政府與國防需求。

Today, we are supporting a variety of these LEO networks, and we expect our revenue in this market segment to continue to grow. I'll note that our commercial RF power team, which is traditionally focused on 5G base station opportunities, is now targeting the LEO market given the significant similarities and requirements.

目前我們正支援多個此類 LEO 網路，並預期我們在此市場區隔的營收將持續成長。我也要指出，我們的商用 RF 功率團隊過去主要聚焦於 5G 基地台機會，如今鑑於兩者在相似性與需求上的高度一致，正將目標轉向 LEO 市場。

Our 5G technology is directly applicable to LEO D2D systems. LEO networks typically use microwave or millimetre wave frequencies and free space optics or FSO communications for satellite to satellite or satellite-to-ground communications. Notably, on the business development side, this quarter, our team was selected to support a next-generation satellite optical communication platform. This new award establishes MACOM as a strategic partner and will contribute to our growing LEO business. Why did this customer select MACOM?

我們的 5G 技術可直接應用於 LEO D2D 系統。LEO 網路通常使用微波或毫米波頻率，以及自由空間光學（free space optics，FSO）通訊，用於衛星對衛星或衛星對地通訊。值得注意的是，在業務開發方面，本季度我們的團隊獲選支援一個新一代衛星光通訊平台。這項新案使 MACOM 成為策略合作夥伴，並將推動我們持續成長的 LEO 業務。為何該客戶選擇 MACOM？

Because we are capable of solving their technical and production problems and because all the critical ICs for the system could be sourced from MACOM. This win exemplifies how we continue to penetrate the LEO market with our unique technology. Ground stations are a key part of LEO networks.

因為我們有能力解決其技術與量產問題，且該系統所有關鍵 IC 都可由 MACOM 供應。此項勝出案例展現我們如何憑藉獨特技術持續滲透 LEO 市場。地面站是 LEO 網路的關鍵組成。

In many cases, ground-to-satellite links prefer linearization of SSPAs or TWTs to boost the linear power efficiency of the link. At this year's IMS exhibition, we demonstrated how to linearize a high-power V-Band TWT. The demonstration showcased how to improve linear power and efficiency for microwave transmitters used in satellite communications, defense and other ground and space-based applications.

在許多情況下，地對星鏈路偏好對固態功率放大器（SSPA）或行波管（TWT）進行線性化，以提升鏈路的線性功率效率。在今年的 IMS 展會上，我們展示了如何對一款高功率 V 波段 TWT 進行線性化。該展示說明如何提升用於衛星通訊、國防及其他地面與太空應用之微波發射器的線性功率與效率。

At IMS, MACOM also demonstrated a complete W-band transmit and receive signal chain. LEO satellites are increasingly turning to W-band frequencies, which is approximately 75 gigahertz as this spectrum enables multi-gigabit communication links, high-resolution imaging, more precise sensing, and improved spectrum reuse.

在 IMS 上，MACOM 也展示了一套完整的 W 波段發射與接收訊號鏈。LEO 衛星正日益轉向 W 波段頻率（約 75 GHz），因為此頻譜可支援多 Gbps 通訊鏈路、高解析度成像、更精準感測，以及更佳的頻譜重複使用。

A few more highlights to share. First, in Q3, we began installing our new G10 epitaxial reactor at MACOM's European Semiconductor Center, or MESC, to support future growth and technology development. MESC being located in France, is well positioned to support the European continent's commercial and defense markets. Second, recently, our engineering teams demonstrated how AI can be used to support the chip design process. We are aggressively developing AI capabilities to accelerate our time to market and to make MACOM a more formidable competitor.

再分享幾項重點。第一，在第三季，我們開始在 MACOM 的歐洲半導體中心（European Semiconductor Center，MESC）安裝新的 G10 外延反應器，以支援未來成長與技術開發。MESC 位於法國，具備良好位置以支援歐洲大陸的商用與國防市場。第二，近期我們的工程團隊展示了如何運用 AI 來支援晶片設計流程。我們正積極發展 AI 能力，以加速上市時程，並使 MACOM 成為更具競爭力的對手。

Third, last week, over 50 summer interns presented the results of their summer projects. Our talented interns were recruited from top universities across the US and Europe. Special thanks to our HR team and everyone who has been involved to support another successful internship session. We view this program as a core activity directly tied to growing our talented workforce.

第三，上週，超過 50 位暑期實習生發表了其暑期專案成果。我們優秀的實習生招募自美國與歐洲的頂尖大學。特別感謝我們的人資團隊以及所有參與支持的人員，協助再次完成一個成功的實習計畫。我們將此計畫視為與擴大優秀人才隊伍直接相關的核心活動。

And last, in mid-July, the management team published its 2026 to 2030 Growth Strategy Plan to our Board of Directors. Like prior years, we refined and updated our plans based on lessons learned, market dynamics and evolving business priorities and opportunities.

最後，在 7 月中旬，管理團隊向董事會提交了 2026 至 2030 年成長策略計畫。如同以往年度，我們根據經驗教訓、市場動態，以及不斷演變的業務優先順序與機會，對計畫進行精煉與更新。

In summary, we continue to build a best-in-class and diversified company. Jack will now provide a more detailed review of our financial results.

總結而言，我們持續打造一家具備同級最佳水準且多元化的公司。接下來 Jack 將更詳細地回顧我們的財務結果。

Thank you, Steve, and good morning. MACOM again achieved multiple new quarterly records associated with our financial performance during our fiscal third-quarter. Benefits from ongoing customer demand and operational improvements across the organization have again increased revenue, profitability, and cash flow. Fiscal Q3 revenue was $342.2 million, up 18.4% sequentially and up 35.8% year-over-year, driven by growth across all three of our end markets with Data Center leading, followed by I&D and Telecom. The strong bookings across all our end markets resulted in a book-to-bill of 1.6:1.

謝謝你，Steve，大家早安。MACOM 在本財政年度第三季的財務表現方面，再次創下多項新的季度紀錄。受惠於客戶需求持續強勁，以及全組織營運改善，我們的營收、獲利能力與現金流再次提升。財政年度第三季營收為 3.422 億美元，季增 18.4%、年增 35.8%，成長動能來自三大終端市場全面成長，其中以資料中心領先，其次為 I&D 與電信。各終端市場強勁的接單使得出貨比（book-to-bill）達到 1.6:1。

As a result, we continue to have strong visibility across the business and Q3 marks our highest quarterly bookings ever. Adjusted gross profit for fiscal Q3 was $204.2 million or 59.7% of revenue. This represents a gross margin increase of 120 basis points over the prior quarter. We have and continue to expand our manufacturing capacity to meet growing customer demand. We expect to add new capacity across our operations during the remainder of fiscal 2026 and into fiscal 2027.

因此，我們對整體業務持續維持高度能見度，而第三季也創下我們歷來最高的單季接單。財政年度第三季調整後毛利為 2.042 億美元，占營收比重 59.7%。這代表毛利率較前一季提升 120 個基點。我們已並將持續擴充製造產能，以滿足客戶日益成長的需求。我們預期在 2026 財年剩餘期間以及進入 2027 財年，將於各項營運據點新增產能。

These expansion actions will help ensure that we meet our operational and financial growth plans. The product demand increases across the business have resulted in enhanced utilization of our fabs, helping to drive higher gross margins. As we move forward, we expect ongoing quarterly sequential gross margin improvements through the remainder of fiscal 2026 and fiscal 2027.

這些擴產行動將有助於確保我們達成營運與財務成長計畫。全公司產品需求的提升，帶動我們晶圓廠（fabs）產能利用率提高，進而推升毛利率。展望未來，我們預期在 2026 財年剩餘期間及 2027 財年，毛利率將持續呈現逐季改善。

Total adjusted operating expense for our third-quarter was $96.5 million, consisting of research and development expenses of $65.3 million and selling, general and administrative expenses of $31.2 million. As anticipated, the sequential increase in adjusted operating expense compared to Q2 was primarily driven by ongoing R&D investments and employee-related costs.

第三季調整後營業費用合計為 9,650 萬美元，其中研發費用 6,530 萬美元，銷售、一般及行政費用（SG&A）3,120 萬美元。如先前預期，與第二季相比，調整後營業費用的季增主要來自持續的研發投入與員工相關成本。

As our business expands, we expect to continue to leverage our existing OpEx functions. We will efficiently manage our SG&A and prioritize future R&D investments to support our growth objectives. Adjusted depreciation expense for fiscal Q3 2026 remained relatively stable at $9 million, in line with the prior quarter. Adjusted operating income in fiscal Q3 was another record coming in at $107.7 million, up 33.9% sequentially from $80.5 million in fiscal Q2 2026 and up 69.6% year-on-year. This increase in adjusted operating income further reflects the leverage in our operating model as the business continues to scale.

隨著業務擴張，我們預期將持續運用既有的營業費用職能以提升槓桿效益。我們將有效管理 SG&A，並優先配置未來研發投資，以支持成長目標。2026 財年第三季調整後折舊費用維持相對穩定，為 900 萬美元，與前一季一致。2026 財年第三季調整後營業利益再創新高，達 1.077 億美元，較 2026 財年第二季的 8,050 萬美元季增 33.9%，並年增 69.6%。調整後營業利益的提升，進一步反映出隨著業務規模擴大，我們營運模式的槓桿效益持續顯現。

I would like to note that our Q3 fiscal year 2026 adjusted operating margin was 31.5% and over the past year has increased from 25.2% in Q3 fiscal year 2025. We expect our adjusted operating margin to be approximately 37% for the fourth fiscal quarter.

我想特別指出，我們 2026 財年第三季調整後營業利益率為 31.5%，相較於 2025 財年第三季的 25.2%，過去一年已顯著提升。我們預期第四財政季度的調整後營業利益率約為 37%。

For fiscal Q3, we had adjusted net interest income of $5.5 million, a decrease of approximately $1 million sequentially from $6.5 million in Q2. This lower interest income was partially due to the planned repayment of our 2026 convertible notes in March 2026 as well as our $61 million investment in [ IQE ] during the June quarter. Our adjusted income tax rate in fiscal Q3 was 3% and resulted in an expense of approximately $3.4 million.

2026 財年第三季，我們的調整後淨利息收入為 550 萬美元，較第二季的 650 萬美元季減約 100 萬美元。利息收入下降部分原因在於我們於 2026 年 3 月按計畫償還 2026 年到期的可轉換公司債，以及我們在 6 月季度對 [ IQE ] 的 6,100 萬美元投資。2026 財年第三季調整後所得稅率為 3%，對應稅費約 340 萬美元。

We expect our adjusted income tax rate to remain at 3% for our fiscal Q4 2026. I would like to highlight that due to the increasing profitability, we currently estimate our adjusted income tax rate will increase in fiscal 2027. Depending on the jurisdictional mix of our income, we anticipate our adjusted tax rate will begin to rise from our current 3% to mid-single digits as we progress through fiscal year 2027.

我們預期 2026 財年第四季的調整後所得稅率將維持在 3%。我想強調，隨著獲利能力提升，我們目前估計調整後所得稅率將在 2027 財年上升。視我們所得的司法管轄區組合而定，預期在 2027 財年進程中，調整後稅率將由目前的 3% 開始上升至中個位數水準。

And to close out our fiscal Q3 2026 income statement discussion, I am pleased to note our adjusted net income increased 30.2% to $109.8 million compared to $84.3 million in fiscal Q2 2026. Adjusted earnings per fully diluted share was $1.40, [ utilizing ] a share count of 78.4 million shares compared to $1.09 of adjusted earnings per share in fiscal Q2 2026.

最後就 2026 財年第三季損益表的部分作結，我很高興指出，我們的調整後淨利較 2026 財年第二季的 8,430 萬美元成長 30.2%，達到 1.098 億美元。完全稀釋後每股調整後盈餘為 1.40 美元，[ utilizing ] 的股數為 7,840 萬股；相較之下，2026 財年第二季的每股調整後盈餘為 1.09 美元。

We strive to optimize the business' performance, which has contributed to sequential increases in our adjusted operating income and EPS over the past 12 quarters. Now on to operational balance sheet and cash flow items. Our Q3 accounts receivable balance was $179.1 million, up over $19.5 million compared to our fiscal Q2 2026 balance. Our days sales outstanding averaged 48 days compared to the previous quarter at 50 days. Inventories were $281.5 million at quarter end, up sequentially from $252.2 million to support increasing demand across the business.

我們致力於最佳化企業營運表現，這也促成過去 12 個季度調整後營業利益與每股盈餘（EPS）逐季提升。接下來談營運資產負債表與現金流項目。第三季應收帳款餘額為 1.791 億美元，較 2026 財年第二季增加逾 1,950 萬美元。應收帳款週轉天數（DSO）平均為 48 天，較前一季的 50 天下降。期末存貨為 2.815 億美元，較前一季的 2.522 億美元增加，以支援全公司需求成長。

Inventory turns increased to 2 times, up 0.1 times from the preceding quarter. Fiscal Q3 cash flow from operations was approximately $80 million, up $1.3 million sequentially. We expect that our Q4 cash flow from operations will be in excess of $100 million. Capital expenditures totalled $20.8 million for fiscal Q3. We estimate fiscal year 2026 CapEx to be in the range of $60 million to $65 million.

存貨週轉率提升至 2 次，較前一季增加 0.1 次。2026 財年第三季營運活動現金流約為 8,000 萬美元，季增 130 萬美元。我們預期第四季營運活動現金流將超過 1 億美元。2026 財年第三季資本支出合計為 2,080 萬美元。我們估計 2026 財年資本支出（CapEx）將介於 6,000 萬至 6,500 萬美元。

MACOM has been disciplined with its CapEx in recent years, investing $22.4 million in fiscal year 2024 and $42.6 million in fiscal year 2025. A majority of this CapEx has been focused on expanding capacity at our production facilities and enhancing our R&D capabilities in support of customer demand.

近年來 MACOM 在資本支出方面維持紀律，2024 財年投資 2,240 萬美元，2025 財年投資 4,260 萬美元。其中大部分資本支出聚焦於擴充生產設施產能，以及強化研發能力以支援客戶需求。

I would like to highlight that our capital plans are focused on expanding existing fab manufacturing capacity and capabilities. Typically, our new capacity CapEx is installed and online in less than one year from the start of each project. We believe this approach will support all of our growth objectives, minimize financial risk while maximizing profitability and shareholder value.

我想強調，我們的資本規劃重點在於擴充既有晶圓廠製造產能與能力。一般而言，我們新增產能的資本支出自各專案啟動起，通常在一年內即可完成安裝並上線。我們相信此一作法將支持我們所有成長目標，在將財務風險降至最低的同時，最大化獲利能力與股東價值。

Next, moving on to other balance sheet items. Cash, cash equivalents and short-term investments as of the end of the third fiscal quarter were $663 million. We view our cash balance as a strategic asset that can be used to help fund ongoing investments to support our growing business. An example of this can be seen in the $61 million investment we made in [ IQE ] during the third-quarter. We believe this investment will strengthen our supply chain resilience and competitive position.

接著談其他資產負債表項目。截至第三財政季度末，現金、約當現金及短期投資為 6.63 億美元。我們將現金餘額視為策略性資產，可用於協助資助持續投資，以支持業務成長。其中一個例子是我們在第三季對 [ IQE ] 進行的 6,100 萬美元投資。我們相信此項投資將強化供應鏈韌性與競爭地位。

I would also like to note that this investment resulted in a $41 million noncash gain associated with the GAAP accounting fair value remeasurement of the investments from the investment date through the end of our fiscal quarter on July 3, 2026. This noncash gain was excluded from our non-GAAP results. We are in a net cash position of approximately $322.5 million as of July 3, 2026, when comparing our cash and short-term investments to the book value of our remaining $340.5 million of convertible notes, which mature in December 2029.

我也想指出，該投資使我們因依 GAAP 會計準則對投資自投資日起至本財政季度末（2026 年 7 月 3 日）進行公允價值重估，而產生 4,100 萬美元的非現金收益。此非現金收益已自我們的非 GAAP 結果中排除。截至 2026 年 7 月 3 日，若將現金與短期投資與剩餘 3.405 億美元、於 2029 年 12 月到期的可轉換公司債帳面價值相比，我們的淨現金部位約為 3.225 億美元。

As we move into our fiscal fourth-quarter of 2026 and into fiscal 2027, we remain confident in our ability to keep building upon our strong and diversified foundation to deliver continued financial improvements for MACOM. We acknowledge and appreciate the ongoing hard work and dedication of the MACOM team who make these results possible.

展望 2026 財年第四季以及進入 2027 財年，我們仍對持續在既有強健且多元化的基礎上再接再厲、為 MACOM 帶來持續的財務改善充滿信心。我們也理解並感謝 MACOM 團隊持續的辛勤付出與投入，讓這些成果得以實現。

I'll now turn the discussion back over to Steve.

我現在把討論交回給 Steve。

Thank you, Jack. MACOM expects revenue in fiscal Q4 ending October 2, 2026, to be in the range of $415 million to $425 million. Adjusted gross margin is expected to be in the range of 60% to 61%, and adjusted earnings per share is expected to be between $1.97 and $2.03 based on 78.9 million fully diluted shares. We expect approximately 35% sequential growth in Data Center, approximately 20% sequential growth in Industrial and Defense and low single-digit sequential growth in Telecom. I would now like to ask the operator to take any questions.

謝謝你，Jack。MACOM 預期截至 2026 年 10 月 2 日止的 2026 會計年度第四季營收將落在 4.15 億至 4.25 億美元之間。調整後毛利率預期介於 60% 至 61%，以 7,890 萬股完全稀釋股數計算，調整後每股盈餘預期介於 1.97 美元至 2.03 美元。我們預期資料中心業務季增約 35%，工業與國防季增約 20%，電信則為低個位數的季增。我現在想請接線生開始接受提問。

(Operator Instructions)

(接線生指示)

Tom O'Malley, Barclays.

Barclays 的 Tom O'Malley。

Congrats on the really good results. I wanted to ask specifically within Data Center, what's driving strength. You mentioned across the PAM4 portfolio. Is it TIAs and drivers? Is it the PDs getting better in the near term? And what's driving the increased book-to-bill in that portfolio? Just want to get a little flavour of where the strength is coming from specifically in the quarter and the guide?

恭喜你們交出非常好的成績。我想特別針對資料中心問一下，強勁表現是由什麼驅動的。你提到整個 PAM4 產品組合。是 TIA 與驅動器嗎？還是 PD 在短期內變得更好？另外，該產品組合的接單出貨比（book-to-bill）上升是由什麼帶動的？想更具體了解本季以及你們指引中，強勁動能主要來自哪裡？

Sure. Thanks, Tom, for the question. And just to remind everybody, our Data Center business has been growing quite rapidly over the past three years. In 2024, we grew by 35% in '25, 48%. And now we are -- it looks like we're trending towards about 74% this year.

當然。謝謝你，Tom 的提問。也提醒大家，我們的資料中心業務在過去三年成長相當快速。2024 年我們成長 35%，在 '25 年成長 48%。而現在——看起來今年的趨勢大約會到 74% 左右。

So there's been a lot of moving parts, a lot of new products coming into production. If you pull back and look at our growth from, let's say, fiscal '25 to fiscal '26, the primary driver is 200-gig PAM4 products, primarily in pluggable optical modules. We have seen tremendous growth from other parts of our portfolio for the Data Center in no particular order.

所以其中有很多變動因素，也有許多新產品進入量產。如果把視角拉遠，從例如 2025 會計年度到 2026 會計年度來看，我們成長的主要驅動力是 200G PAM4 產品，主要用於可插拔式光模組。此外，我們在資料中心的產品組合其他部分也看到非常可觀的成長，順序不分先後。

Certainly, our ZR, ZR-light business is growing quite rapidly over 100% year-over-year. Our other data rates, sort of slower data rates, 100-gig per lane, not only multimode, but single mode, all very strong high double-digit growth. And some of our legacy products, our 25-gig per lane products that support 100-gig FR and LR4 type platforms also exhibiting very strong growth.

當然，我們的 ZR、ZR-light 業務年增超過 100%，成長相當快速。我們其他資料速率、相對較低的資料速率產品——每通道 100G，不僅是多模，也包含單模——都呈現非常強勁的高雙位數成長。另外，一些既有產品，例如每通道 25G、支援 100G FR 與 LR4 類平台的產品，也同樣展現非常強勁的成長。

So what you're seeing is tremendous growth across all of the different data rates and really hitting all of our different product lines. In terms of the book-to-bill within the business, if you're asking specifically around the Data Center, I would say it's primarily driven by 1.6 and 800-gig platforms. That is the main driver.

所以你看到的是在各種不同資料速率上都出現顯著成長，且幾乎涵蓋我們所有不同的產品線。至於該業務的接單出貨比（book-to-bill），如果你特別問的是資料中心，我會說主要是由 1.6T 與 800G 平台所帶動。這是最主要的驅動因素。

And then good results -- bring questions on future good results. Traditionally, you've given a little bit of a sneak peek as the fiscal year closes. Just curious if you have any color for where you see the business kind of trending next year? It's been two really good years in a row of above 30% growth. I know you're very much execute as time goes along, but any peek into the growth trajectory into fiscal year '27?

另外，好的結果——也會帶來對未來好結果的提問。傳統上，在會計年度結束時你們會稍微透露一些前瞻。我想請教，你們對明年業務走勢是否有一些看法？你們已經連續兩年成長都超過 30%。我知道你們一向是隨時間推進、專注執行，但能否稍微談談 2027 會計年度的成長軌跡？

Right. Thank you, Tom. So a few things there. You're right, it's a little early to talk about our fiscal '27. We're still very much focused on closing out Q4.

是的。謝謝你，Tom。這裡有幾點。你說得對，現在談 2027 會計年度還稍微早了一點。我們仍然非常專注在完成第四季的收尾。

With that said, if you were just to take the midpoint of our Q4 guidance and annualize that into our fiscal '27, you're going to see numbers that are in the mid-20s, 27%, 28% as a company. If you drill down and look at our highest growth market, which is our Data Center business, that number then trends to 50% year-over-year growth. So for us, sort of from where we stand today, that's very much a base case. When we look at our business, our book-to-bill, as you highlighted, has been quite strong this year. Q1, it was 1.3.

不過，如果你以我們第四季指引的中位數來看，並把它年化推算到 2027 會計年度，你會看到公司層級大約是 20% 中段的成長，約 27%、28%。如果再往下看我們成長最快的市場，也就是資料中心業務，該數字則會趨近於年增 50%。所以就我們目前所處的位置來看，這非常像是一個基本情境（base case）。再看你提到的接單出貨比（book-to-bill），今年確實相當強勁。第一季是 1.3。

Q2, it was 1.5. And this past quarter, it was 1.6. So when you look at those numbers, it certainly suggests that we are starting our fiscal '27 or should start our fiscal '27 in a very strong position for growth.

第二季是 1.5，而上一季是 1.6。從這些數字來看，確實顯示我們在開始 2027 會計年度時，將會或應該會處於非常有利的成長位置。

Blayne Curtis, Jefferies.

Jefferies 的 Blayne Curtis。

Also congratulate you on the results. I wanted to ask on Telecom. I mean, I feel bad asking because everything seems to be firing on all cylinders. Just kind of curious, I mean, you highlighted the LEO opportunity I think I'm just kind of curious when you think that Telecom business may accelerate into next year and how to think about that LEO driver layering in?

也恭喜你們的成果。我想問電信（Telecom）。我問這個都有點不好意思，因為看起來你們各方面都進展順利。我只是好奇，你提到 LEO 的機會；我想了解你認為電信業務何時可能在明年加速，以及該如何看待 LEO 驅動因素逐步疊加進來的影響？

Yes, you're right. The Telecom segment, which is today our smallest segment is forecasted to grow by sort of double digits this year. We would expect similar performance or better performance next year. We do have, as we've talked about in the past, two or three major LEO programs that will start production at the end of this calendar year and at the beginning of next. I talked about in my script, picking up a really nice optical product position at a large satellite OEM that's a leader in the industry, and we feel like that's going to drive growth for the next two to three years.

是的，你說得對。電信部門目前是我們最小的部門，今年預估會有約雙位數的成長。我們預期明年表現相近或更好。如同我們過去談過的，我們有兩到三個主要的 LEO 專案，將在今年曆年年底以及明年年初開始量產。我在講稿中也提到，我們在一家大型衛星 OEM（產業領導者）取得了一個很好的光學產品切入點，我們認為這將在未來兩到三年帶動成長。

And we also see several other programs coming online. There's probably four or five major customers within the LEO market that we're servicing. In some cases, it's direct to sell, which is the lower frequency, high-power products. In some cases, it's the millimetre wave backhaul links. We're getting more and more involved in the optics, including free space optics.

我們也看到其他幾個專案即將上線。在 LEO 市場中，我們大概服務四到五家主要客戶。有些情況是直接銷售，主要是較低頻率、高功率的產品。有些情況則是毫米波回傳鏈路（backhaul links）。我們也越來越深入參與光學領域，包括自由空間光學（free space optics）。

And I'll remind everybody about 1.5 years ago at a SATCOM show, we demonstrated a very high-power optical amplifier. And we are getting a lot of interest from OEMs that want to build high-power optical ground stations. So we're very excited to see that product generate some revenue over the next one to two years. And then the last thing I'll say is we continue to offer these customers the full suite of our manufacturing capability. So they look to us not only as a chip supplier, but also as a module and a subsystem supplier.

我也提醒大家，大約 1.5 年前在一場 SATCOM 展會上，我們展示了一款非常高功率的光學放大器。目前有很多 OEM 對此很感興趣，想要建置高功率的光學地面站。因此我們非常期待這項產品在未來一到兩年帶來一些營收。最後我想說的是，我們持續向這些客戶提供我們完整的製造能力。因此他們不只把我們視為晶片供應商，也把我們視為模組與子系統供應商。

Excellent. And then maybe one for Jack. Just how do you think about -- you said gross margins should increase sequentially all next year. How do you think about the incremental gross margins in the business?

很好。接著可能問 Jack 一題。你提到明年毛利率每一季都會逐季上升。你如何看待公司業務的增量毛利率（incremental gross margins）？

Yes. Thanks for that, Blayne. We've been pleased with the gross margin improvement. I think we've been having some conversations throughout this fiscal year with regard to those sequential improvements. Obviously, looking back over the past quarter, 120 basis point improvement in gross margins is something we've been pleased with.

是的。謝謝你，Blayne。我們對毛利率的改善感到滿意。我想在本會計年度期間，我們一直就這些逐季改善進行一些討論。很明顯地，回顧上一季，毛利率提升 120 個基點是我們感到滿意的成果。

That's been supported through some of the increases in volumes that we've seen, but also a lot of hard work in terms of trying to improve yields and other efficiencies along the way. So as we look out into the future, if you look at the midpoint of our guide for the fourth-quarter, that has us increasing about 130 basis points, once again, supported through the volume increases on the revenue line.

這一直受到我們所看到的部分出貨量成長所支撐，但同時也來自於我們在提升良率以及沿途改善其他效率方面所投入的大量努力。因此，展望未來，若以我們第四季財測指引的中位數來看，毛利率將再提升約130個基點，同樣是由營收端的出貨量增加所支撐。

As we look further out, it's hard to tell, but we would expect to see some of those sequential improvements on a quarterly basis, similar to what we had seen during 2026. But we try to be a little bit more measured as our gross profit gets a little bit higher, gross margins get a little bit higher, it's harder to get things out at such a larger rate. So we think in the 25 basis points to 50 basis points per quarter range going forward.

再往更遠處看，確實很難判斷，但我們預期會在季度層面看到一些連續性的改善，類似於我們在2026年所看到的情況。但隨著我們的毛利額略為提高、毛利率略為上升，我們會試著更為審慎一些，因為要以那麼大的幅度再擠出改善會更困難。因此，我們認為未來每季大約在提升25到50個基點的區間。

Vivek Karia, Bank of America Securities.

Vivek Karia，美國銀行證券。

Steve, there was recently something in the news about the proposed ban on the Chinese module makers for pluggable transceivers. We don't know whether there is anything more to it, but assuming there are those kind of restrictions, how does that impact MACOM in either direction when there are restrictions on some of your potential customers, but then also opens up more opportunities for other US-based customers?

Steve，最近新聞提到擬議禁止中國模組製造商供應可插拔式收發器。我們不確定是否還有更多細節，但假設確實出現這類限制，當部分潛在客戶受到限制、同時也為其他美國本土客戶帶來更多機會時，這對MACOM在正反兩方面會有什麼影響？

That's right. And thank you for the question. And we're also reading the same news you're reading. I'll sort of make a few points here. First, our Data Center business and our growth is really driven by US hyperscalers as well as the enterprise and compute OEMs here in the US. These end users are typically directly involved in supply chain decisions in selecting chips for their hardware. And as you know, MACOM is selected due to the performance of our products, the uniqueness, our ability to scale, the quality cost, things like that.

沒錯。也謝謝你的提問。我們也在看你所看到的同樣新聞。我大概提出幾點。第一，我們資料中心業務及其成長，主要是由美國的超大規模雲端業者（hyperscalers），以及美國本土的企業與運算OEM所驅動。這些終端用戶通常會直接參與供應鏈決策，來選擇其硬體所使用的晶片。如你所知，MACOM之所以被選用，是因為我們產品的效能、獨特性、我們的擴產能力、品質與成本等因素。

Our thinking is that if the hyperscalers have to shift the market share from their supply chain between different transceiver companies due to new regulations, then we would expect to follow that business to those other manufacturers. And so from our point of view, I think we would see a customer mix shift. And I'll just highlight, we have relations with all of the transceiver companies in the industry, including companies that -- in some of our business areas, we actually compete with.

我們的看法是，如果因為新法規，hyperscalers必須在不同收發器公司之間調整其供應鏈的市占配置，那麼我們預期會把這些業務跟著轉移到其他製造商。因此從我們的角度來看，我認為我們會看到客戶組合的轉移。我也要強調，我們與產業內所有收發器公司都有合作關係，包括一些在我們某些業務領域其實也與我們競爭的公司。

So where the transceivers or the NPO or XPO engines are designed and built is a little bit out of our control. As you know, it could be China, Thailand, Taiwan, Vietnam or here in the US. But I think it's important to highlight that the hyperscalers recognize MACOM as a strategic supplier. We have compelling products and manufacturing capability. So we'll continue to monitor this. But at this point, we're keeping our head down and it's business as usual. So that's sort of the first point on that.

因此，收發器或NPO或XPO引擎在哪裡設計與製造，某種程度上不在我們的控制範圍內。如你所知，可能在中國、泰國、台灣、越南或美國本土。但我認為重要的是要強調，hyperscalers將MACOM視為策略性供應商。我們有具競爭力的產品與製造能力。所以我們會持續關注此事。但就目前而言，我們會專注把事情做好，一切照常營運。這是第一點。

And then the second, I'll just highlight, which is pulling back a little bit and looking at our overall exposure to China. We have no manufacturing today in China. We have about 85 employees. They are primarily focused in the application sales and some logistics areas. And the team really is focused in two areas.

第二點，我想稍微拉遠一點，談談我們整體對中國的曝險。我們目前在中國沒有任何製造。我們大約有85名員工。他們主要聚焦在應用端銷售以及部分物流領域。而團隊主要聚焦在兩個方向。

The first is servicing a few Scandinavian telecom companies that have very large design centers in China that support a lot of the 5G base station infrastructure build-outs globally. And so our teams support those locations with application support. It's primarily our RF products and high-power products. And then the second, of course, is we -- our team focuses on the optical industry. And to your point, there's numerous Chinese transceiver companies as well as US and European transceiver companies in China.

第一是服務幾家斯堪地那維亞的電信公司；這些公司在中國設有非常大型的設計中心，支援全球許多5G基地台基礎建設的建置。因此我們的團隊為這些據點提供應用支援。主要是我們的RF產品與高功率產品。第二，當然就是我們的團隊聚焦在光學產業。如你所提，許多中國收發器公司，以及在中國的美國與歐洲收發器公司都在那裡。

And so that team is supporting all of those accounts. So the last point I'll make just regarding our overall China exposure is the vast majority of what we sell into China for products is exported out of China in systems, which are typically headed to the US. It's the vast majority of our business.

因此該團隊正在支援所有這些客戶。最後我想補充我們整體對中國曝險的一點：我們銷往中國的產品中，絕大多數會隨著系統從中國出口，通常目的地是美國。這占了我們業務的絕大部分。

Got it. The second question is you gave us a number for your served addressable market or SAM for '27. And I'm curious, what is that SAM equivalent number for 2026? And do you expect to gain share in '27?

了解。第二個問題是，你們給了我們2027年的可服務可觸及市場（SAM）數字。我想知道，2026年對應的SAM數字是多少？以及你們預期在2027年會提升市占嗎？

Right. It's a great question. And really, our numbers for 2027 and really, we have numbers out through 2030 came from the work we did over the past four months developing and updating our strategic plan. We did -- I would say we did a bit of a reset on some of our market-based numbers. We brought up our Industrial and Defense numbers for obvious reasons.

好的。這是個很好的問題。其實我們對2027年的數字，乃至於我們一路到2030年的數字，都是來自於過去四個月我們在制定並更新策略計畫時所做的工作。我會說，我們對部分以市場為基礎的數字做了一些重置。基於顯而易見的原因，我們上調了工業與國防的數字。

There's a lot of spending going on right now. We talked about that in the script. And we also brought up our Data Center business. So we sort of have sort of a $6 billion number pegged to the Industrial and Defense and the $6 billion in Data Center and then the balance of about $3 billion for Telecom.

目前有大量支出正在進行。我們在講稿中也提到過。我們也上調了資料中心業務。因此我們大致上把工業與國防定在約60億美元、資料中心也約60億美元，另外電信約30億美元作為其餘部分。

I would say that's up about 20% to 30% from '26 to '27. We've seen a lot of new and exciting platforms coming our way. We are absolutely expanding our portfolio to address the market. So our SAM by definition is growing. And I'll just give a few examples.

我會說，從2026到2027大約成長了20%到30%。我們看到許多新的、令人振奮的平台機會正在向我們而來。我們也確實正在擴充產品組合以因應市場。因此按定義來說，我們的SAM正在成長。我再舉幾個例子。

And really, these examples are what I would consider the accelerators for the next three to five years, which is, number one, more 200-gig per lane products for PAM4. We're adding capacity for our Indium Phosphide products. We talked about that. There are new programs we're involved in that are both scale up and scale-out and to some degree, scale-across. And we think NPO is going to start to grow significantly starting in 2028.

而且這些例子，我認為是未來三到五年的加速器：第一，更多用於PAM4的每通道200G產品。我們正在為磷化銦（Indium Phosphide）產品增加產能。我們談過這點。我們參與了一些新專案，涵蓋scale up與scale-out，某種程度上也包括scale-across。我們認為NPO將在2028年開始顯著成長。

We've talked in the past about coherent light. And then there's other interesting applications, including PCIe 6 and also some of the equalizers that we talked about. So those are all very much specific to the Data Center. On the defense side, it's our exposure to the Defense systems, primarily radar-based. So you see big programs like Golden Dome. You see lots of refreshing and rebuilding of the US Armaments and Missile Systems. There's been a lot of discussion about stockpiles coming down.

我們過去談過相干光（coherent light）。此外還有其他有趣的應用，包括PCIe 6，以及我們提到的一些等化器（equalizers）。這些都非常明確地屬於資料中心領域。在國防方面，則是我們在國防系統上的曝險，主要以雷達相關為主。因此你會看到像Golden Dome這樣的大型專案。你也會看到美國武器與飛彈系統的大量汰舊換新與重建。外界也有很多討論提到庫存（stockpiles）正在下降。

And then the last sort of really game changer is the work that we're doing with drones and anti-drone technology. So those sort of in aggregate are reasons why we decided to bump up our SAM.

最後一個真正的遊戲改變者，是我們在無人機與反無人機技術上的工作。因此，綜合以上這些因素，就是我們決定上調SAM的原因。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Steve, you mentioned NPO several times on the call, and I think we're hearing this from others in the industry. And so maybe can you spend a minute talking about MACOM's position in NPO, what you're supplying? Is it TIA driver arrays? Are you looking at other types of solutions? Would you ultimately provide a full optical engine for NPO, but maybe just a little bit more color on your efforts there?

Steve，你在電話會議中多次提到 NPO，我想我們也從產業內其他人那裡聽到這個。所以也許你能花一點時間談談 MACOM 在 NPO 的定位、你們供應什麼？是 TIA 驅動器陣列嗎？你們是否在看其他類型的解決方案？你們最終會為 NPO 提供完整的光學引擎嗎？也請多補充一些你們在這方面的投入與進展？

Sure. Thanks for the question. So I can tell you, we are not going to be building engines and supplying engines to the market. So we -- in the case of the Data Center, we are a chip supplier, not a multichip assembly or module supplier. We've seen an evolution go from sort of pluggable transceivers with DSPs to LPO platforms, which is removing the DSP.

當然。謝謝你的提問。我可以告訴你，我們不會去打造引擎，也不會向市場供應引擎。所以——以資料中心為例，我們是晶片供應商，而不是多晶片組裝或模組供應商。我們看到的演進是，從帶有 DSP 的可插拔收發器，走向 LPO 平台，也就是移除 DSP。

That is now morphing into, as you sort of pointed out, an engine or a smaller package-less NPO platform. And those architectures still need, as you pointed-out, drivers and TIAs. And what's different here is the density that's required to bring all of this interconnect to bear. So as I said in my script, customers want smaller parts. They want more channels.

而這現在正如你所指出的，進一步轉變成引擎或更小、無封裝的 NPO 平台。而這些架構仍然需要——如你所說——驅動器與 TIA。這裡不同之處在於，為了把所有互連整合起來所需的密度。所以如我在講稿中提到的，客戶想要更小的元件。他們想要更多通道。

They want lower power. They want these products in different form factors. Some customers want to use wire bonds, some want to use bumped devices, some use flip chip devices. And so we're engaged with pretty much well, I won't say all, but probably most of the OEMs that are developing NPO solutions. And what we're finding is these solutions are becoming very specific to the architectures that the hyperscalers are driving.

他們想要更低功耗。他們希望這些產品能以不同的外形規格提供。有些客戶想用打線（wire bonds），有些想用凸塊（bumped）元件，有些使用倒裝晶片（flip chip）元件。因此我們幾乎與——我不敢說全部，但大概多數——正在開發 NPO 解決方案的 OEM 都有合作。而我們發現，這些解決方案正變得非常貼合超大規模業者（hyperscalers）所推動的架構。

And so those slowdowns are coming directly to us. So we have numerous over, I would say, somewhere between 10 and 20 active NPO development projects that are servicing various customers and use cases. And so I think that's a general trend. A lot of this revenue will kick in, in our estimation sometime in '28. Some of these programs will never make it to production, some will. We'll have to wait and see.

因此那些放緩會直接傳導到我們這裡。所以我們有許多——我會說大約介於 10 到 20 個——正在進行中的 NPO 開發專案，服務不同客戶與使用情境。我認為這是一個大趨勢。依我們估計，這些營收有很大一部分會在 2028 年左右開始貢獻。其中一些計畫永遠不會進入量產，有些會。我們只能拭目以待。

And then just looking at the acceleration in the Data Center business kind of coming out of fiscal '26, I guess, any thoughts about -- you've got three years of accelerating Data Center growth. Certainly, it looks like fiscal '27 is going to be a good year. But what would it take to see a further acceleration in Data Center revenue in '27? Is it just continuation of trends, market share gains? Kind of what are the puts and takes looking into next year?

另外，從 2026 財年之後資料中心業務加速的角度來看，我想問——你們有三年的資料中心成長加速期。當然，看起來 2027 財年會是很好的一年。但要在 2027 年看到資料中心營收進一步加速，需要什麼條件？只是趨勢延續、或市占率提升嗎？展望明年，影響因素（利多與利空）大概有哪些？

Right. And I think we will answer that question probably more completely next quarter at the end of our fiscal year and the beginning of '27. We'll probably follow the same methodology we did this year where we'll talk about sort of a base case level of business. And then as we move into the year, as we bring on capacity, as we see these design wins go to production, we will modulate up or down our Data Center business.

對。我想我們可能會在下個季度、也就是我們財年結束以及 2027 年開始時，更完整地回答這個問題。我們大概會沿用今年相同的方法：先談一個基準情境（base case）的業務水準。然後隨著我們進入年度、擴充產能、看到這些設計導入（design wins）進入量產，我們會上調或下調我們的資料中心業務。

I suspect it will be going up. There's more good things happening than, let's say, negative things happening. But we'll really just have to wait and see. I'll also highlight that something that's very important to our Data Center business and overall MACOM growth, which is the amount of R&D spending we're doing as a company. And if you go back just three years in 2023, we were spending as a company about $132 million in R&D.

我猜測會往上走。好事情發生的比負面事情多。但我們真的只能再觀察。我也要強調一點：對我們的資料中心業務與 MACOM 整體成長非常重要的是，公司投入的研發（R&D）支出規模。如果回到三年前的 2023 年，我們公司研發支出大約是 1.32 億美元。

This year, we're going to spend almost $250 million. So we've doubled the amount of R&D spending in about three years. And as we look ahead and as we try to grow into this $15 billion SAM, we will continue to build-out and staff our design centers with the best chip designers we can. And we've been very fortunate to be able to really bulk up on our chip design capability, which is really going to pay dividends over the next two to three years. So we'll follow the market dynamics.

今年我們將投入接近 2.5 億美元。也就是說，我們在大約三年內把研發支出翻倍。展望未來，當我們試圖在這個 150 億美元的可服務市場（SAM）中成長時，我們會持續擴建並為設計中心增聘我們能找到的最佳晶片設計人才。我們很幸運能大幅強化晶片設計能力，而這在未來兩到三年將帶來很大的回報。所以我們會跟隨市場動態。

I'm not sure I'm really completely answering your question, but we do have a lot of projects in the works. We talked a lot about the PDs. We are thinking, as I mentioned, that the CW laser activity is quite positive right now. We are well into the back half of a high-temperature operating light test and HTOL test, which typically is 5,000 hours, and the data looks exceptional. So we are building our confidence that we have a winner.

我不確定我是否完全回答了你的問題，但我們確實有很多專案正在進行。我們談了很多 PD（光電二極體）。如我提到的，我們認為目前 CW 雷射的活動相當正面。我們已經進入高溫操作壽命測試（high-temperature operating life test）與 HTOL 測試的後半段；這類測試通常是 5,000 小時，而數據看起來非常出色。因此我們正在建立信心，認為我們手上有一個勝出的產品。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes. Let me echo congratulations on the very strong results. Steve, in your prepared remarks, you sounded much more positive on some of the indium phosphide projects that you have, including new lasers and high-speed PDs. Can you maybe rank order which ones you're more excited about over the next couple of years?

是的。讓我也呼應一下，恭喜你們交出非常強勁的成果。Steve，在你準備好的發言中，你對一些磷化銦（indium phosphide）專案聽起來更為正面，包括新雷射與高速 PD。你能否按未來一兩年的期待程度，幫我們排一下你最看好哪些？

Well, that's a great question. And if you're asking specifically about the PDs or the lasers, the PDs right now are ramping, and we're seeing tremendous demand, and we expect that demand to continue. And we've been adding incremental capacity to support that demand. That has been a great door opener to other strategic relationships with major accounts. So we're very pleased about that.

嗯，這是個很好的問題。如果你特別問的是 PD 或雷射：PD 目前正在放量（ramping），我們看到非常強勁的需求，並預期需求會持續。我們也一直在增加額外產能來支援這些需求。這也成為我們與主要客戶建立其他策略性合作關係的一個很好的敲門磚。所以我們對此非常滿意。

If we're able to bring a CW laser into production in 2028, that's a watershed moment. That will be a big number that will really drive tremendous growth. You can put the laser market in the billions of dollars of revenue. And so if we can get a fraction of that to start and then grow into it over time, I think we'll be quite happy.

如果我們能在 2028 年把 CW 雷射導入量產，那將是一個分水嶺時刻。那會是一個很大的數字，將真正帶動非常可觀的成長。你可以把雷射市場視為數十億美元規模的營收市場。因此，如果我們一開始能取得其中一小部分，並隨時間逐步擴大，我想我們會相當滿意。

Yes, that's great color. And you also mentioned that you're now basically installed with some capacity in Europe to support that market. I'm just curious, when do you expect to -- for especially EU Defense revenue to become more material revenue?

是的，這些補充很有幫助。你也提到你們現在基本上已在歐洲部署了一些產能來支援那個市場。我只是好奇，你預期何時——特別是歐盟國防（EU Defense）營收——會成為更具規模的營收貢獻？

Probably sometime in '28, that Defense number will start to grow. We are, as an example, this year, finishing up the conversion of the production line from 3-inch to 6-inch. So we've completed the transition of one process set, and we have two more to go, which should be done in the next, I would say, four to six months. A lot of the defense contractors that we engage with today are waiting for us to do that. And so the reason why that's important to those customers is our quality goes up, our cost goes down and our capacity doubles.

大概在 2028 年左右，國防那個數字會開始成長。舉例來說，我們今年正在完成把產線從 3 吋轉換到 6 吋。我們已完成其中一套製程的轉換，還有兩套要做，我想在接下來大約四到六個月內應該能完成。我們目前合作的許多國防承包商都在等我們完成這件事。而這對那些客戶之所以重要，是因為我們的品質會提升、成本會下降，而且產能會加倍。

So we're very excited to sort of bring that to bear to the European market. Most of the business that we do with the European defense contractors are custom design related, whether we're doing those designs or whether it's a foundry relationship. And I think over the next month or two, I'm told we're going to get one of the largest orders in MESC's history for a UK defense company that's working on airborne defense systems. So very excited about the prospects of that business and that technology.

因此，我們非常興奮能把這些能力帶到歐洲市場。我們與歐洲國防承包商合作的大多數業務都與客製化設計相關，不論是由我們來做設計，或是以晶圓代工（foundry）合作關係來進行。而且我認為在接下來一兩個月內，據我所知，我們將會收到 MESC 歷史上最大筆訂單之一，來自一家英國國防公司，該公司正在研發機載防禦系統。所以我們對這項業務與這項技術的前景感到非常振奮。

And just to remind everybody, our strategy is the highest power, highest frequency, and highest data rate and the MESC technologies, which, in some cases, are sub-100-nanometer gate links checks the box of the highest frequency. So we will leverage that into the US market, the European market, and the satellite market. And those markets are growing and need that technology. So we do expect good things in the future.

也再提醒大家一次，我們的策略是追求最高功率、最高頻率與最高資料速率，以及 MESC 技術；其中在某些情況下，低於 100 奈米的閘極連結（gate links）就符合「最高頻率」這一項。因此，我們會把這些優勢延伸到美國市場、歐洲市場以及衛星市場。而這些市場都在成長，也需要這樣的技術。所以我們確實預期未來會有好的發展。

And just one last point on that. When we acquired that site, we acquired that site from the French government. We paid about EUR 38 million. The land was worth about EUR 25 million, and they had about $100 million of capital equipment installed in their fab, and they had a broken business. And so it was really, from our point of view, a fixer-upper that we've been working on over the next -- over the past three years, and it will start to pay dividends probably in about a year from now.

最後再補充一點。當我們收購那個廠址時，是向法國政府收購的。我們支付了大約3,800 萬歐元。那塊土地本身價值約 2,500 萬歐元，而他們在晶圓廠裡安裝了約 1 億美元的資本設備，但當時是一個經營失敗的業務。因此從我們的角度來看，那基本上是一個需要整修翻新的標的（fixer-upper）。我們在過去三年一直投入改善，預計大概再過一年左右就會開始帶來回報。

Sean O'Loughlin with TD Cowen.

TD Cowen 的 Sean O'Loughlin。

Congrats on the very solid numbers. I also wanted to ask about Telecom, but I wanted to see if there's a way to understand the growth drivers outside of LEO, whether it's 5G, the RF power opportunity from your competitors' exit, wired or even cable TV? I think investors have been keenly interested in the LEO business for obvious and good reasons, but we've been seeing some solid numbers coming from others in the cable TV industry from the DOCSIS transition. And just are we maybe under-appreciating the non-LEO growth drivers in Telecom as an investor base? And maybe brief thoughts on how we should size those buckets within the business?

恭喜你們交出非常穩健的數字。我也想問電信（Telecom）方面，但我想了解除了 LEO 之外的成長驅動因素，有沒有方法可以更清楚地理解：例如 5G、競爭對手退出後帶來的 RF 功率機會、有線（wired）甚至有線電視（cable TV）？我認為投資人基於明顯且合理的原因，對 LEO 業務非常關注，但我們也看到 DOCSIS 升級轉換帶動有線電視產業的其他公司繳出一些不錯的數字。所以，作為投資人群體，我們是否可能低估了電信業務中非 LEO 的成長動能？也請簡要談談，我們應該如何在業務中衡量這些不同「桶」（buckets）的規模？

Yes. I think that's a very good question. And certainly, we are very focused on the LEO platforms because there's a whole wide array of optical RF, microwave opportunities for us, and those customers are very active right now.

是的。我認為這是個非常好的問題。當然，我們確實非常聚焦在 LEO 平台，因為那裡對我們而言有非常廣泛的光學 RF、微波等機會，而且那些客戶目前非常積極。

But you're correct to highlight that there are other submarkets within our Telecom. 5G today is the biggest portion of the Telecom business that we have. We have seen competitors exit. We've seen two competitors exit in the last three to four years. We would expect to pick up some of that market share.

但你說得對，我們的電信業務裡還有其他子市場。就目前而言，5G 是我們電信業務中占比最大的部分。我們確實看到競爭對手退出。過去三到四年裡，我們看到有兩家競爭對手退出。我們預期能夠拿回其中一部分市占。

I'll highlight that our GaN 4 technology, which is the latest technology suite that our team has developed, is directly applicable to 5G massive MIMO platforms. And today, we actually have very little business on the MIMO side. Most of our 5G business is on the macro side. So we see a huge opportunity to actually perhaps more than double our 5G revenue as we start to win these MIMO sockets over the next few years. That market is a bit slow moving.

我也要強調，我們的 GaN 4 技術是團隊最新開發的一套技術平台，能直接應用於 5G 大規模 MIMO 平台。而目前我們在 MIMO 端其實業務很少。我們大部分的 5G 業務是在宏站（macro）端。因此，隨著未來幾年我們開始在這些 MIMO 設計案（sockets）中取得勝利，我們看到一個巨大的機會，5G 營收甚至可能有機會成長到超過倍增。不過那個市場的推進速度相對較慢。

In aggregate, it's probably not growing, but our strategy there is to take market share with a combination of picking up new programs that perhaps a competitor may have had in the past or bringing in new technologies like our GaN 4. You mentioned cable infrastructure. Our Cable Infrastructure business is doing quite well this year. It's actually year-over-year will be around 40% growth. So that has been a very strong piece of our Telecom business.

整體而言，這個市場可能並沒有成長，但我們的策略是在那裡透過搶市占來成長：一方面承接一些可能過去由競爭對手掌握的新專案，另一方面導入像 GaN 4 這樣的新技術。你提到有線電視基礎建設。我們的 Cable Infrastructure（有線基礎建設）業務今年表現相當好。以年對年來看，成長大約會在 40% 左右。所以這一直是我們電信業務中非常強勁的一塊。

And then the other sort of bright spot inside of Telecom is our metro long-haul business, which is over 50% growth this year. So there is a lot of work we have to do to really capture some of these other applications. As I talked about R&D spending, I think that's a big part of it. We need -- the Telecom market is a very focused market. In some cases or in many cases, their SoCs or system-on-chips or highly integrated silicon, either CMOS or bi-CMOS or SIE products.

另外，電信業務裡另一個亮點是我們的都會與長途（metro long-haul）業務，今年成長超過 50%。因此，我們還有很多工作要做，才能真正把握這些其他應用。如我先前談到研發支出，我認為那是其中很重要的一部分。電信市場是一個非常聚焦的市場。在某些情況下或很多情況下，他們的 SoC（系統單晶片）或高度整合的矽方案，可能是 CMOS、Bi-CMOS 或 SiE 產品。

And we tend to shy away from those applications. And so that is an area as we get bigger as a company, we will start to address more of those applications.

而我們往往會避開這類應用。因此，隨著我們公司規模變大，未來我們會開始去因應並切入更多這類應用。

That's all really helpful. And maybe even related to that as a follow-up, if I could just quickly ask on fiscal '27, not on the revenue side, but any early plans on the expense side, whether OpEx or CapEx? I know Jack mentioned potentially related to the CW Laser business towards the end of the year, but any early benchmarks we should think about for expenses next year?

這些都非常有幫助。也許作為延伸追問，如果可以的話，我想快速問一下 2027 財年：不是營收端，而是費用端是否有任何初步規劃，不論是營運費用（OpEx）或資本支出（CapEx）？我知道 Jack 提到年底可能會與 CW Laser 業務相關，但對於明年費用，有沒有任何我們可以參考的初步基準？

Yes. I think that's a fair question. So the one thing I'll highlight, and Jack mentioned this, and I think it's worth repeating, we're exiting the year over 60% gross margin. We'll have operating margins that are just below 40%. And so you can imagine that our target for next year is to breach operating margins or breach the 40% operating margin level. So that is certainly something we're excited to do.

有。我認為這是個合理的問題。我想先強調一點，Jack 也提到過，我覺得值得再重申：我們今年結束時的毛利率會超過 60%。我們的營業利益率將略低於 40%。因此你可以想像，我們明年的目標是突破、也就是跨越 40% 的營業利益率水準。這當然是我們很期待達成的。

When we think about the expansion, and Jack mentioned this and especially adding capacity to our fabs, we are very focused on spending the least amount of capital to get the maximum amount of producibility. So when we look at our capital spending for next year, it won't be too dissimilar to this year, sort of in that $60 million range. And that includes stepping up some of the infrastructure to support a laser ramp. So we're very judicious. Some people call Jack (technical difficulty) , I don't know. But I can tell you that we are very careful with the capital spending.

談到擴產，Jack 也提到過，特別是為我們的晶圓廠增加產能時，我們非常專注於用最少的資本支出，取得最大的可製造性（producibility）。因此，當我們看明年的資本支出時，會與今年相差不大，大約在 6,000 萬美元的區間。其中也包含提升部分基礎設施，以支援雷射產能爬坡（laser ramp）。所以我們會非常審慎。有人稱 Jack（技術問題），我也不確定。但我可以告訴你，我們在資本支出上非常小心。

Related to that, I'd just like to highlight one other point. So if you remember back in January of 2025, we actually issued a press release saying that we had signed a PMT with The CHIPS Office, and we had developed an investment plan for the North Carolina and the Massachusetts fabs, where the total investment over five years was going to be about $345 million. And half of that was going to be paid for by the US government and the other half MACOM. Well, that plan was written actually in early and mid-2024.

與此相關，我還想再強調另一點。如果你還記得在 2025 年 1 月，我們曾發布新聞稿，表示我們已與 CHIPS Office 簽署 PMT，並為北卡羅來納與麻薩諸塞的晶圓廠制定了一份投資計畫，五年總投資約 3.45 億美元。其中一半由美國政府支付，另一半由 MACOM 支付。不過，那份計畫其實是在 2024 年初到年中撰寫的。

And so it's been almost 3 years, 2.5, 3 years. We have completely updated that project plan, and we have resubmitted it to The CHIPS Office because a lot of things have changed regarding our capabilities. And we have taken our own actions to support the market. For example, when Wolfspeed decided to shut down their Durham fab, we were able to get a significant amount of equipment at pennies on the dollar. So we took advantage of that, and that equipment is now being put into service.

因此到現在已經將近 3 年，大約 2.5 到 3 年。我們已經完全更新了該專案計畫，並重新提交給 CHIPS Office，因為我們的能力面向有很多變化。而且我們也採取了自身行動來支援市場。例如，當 Wolfspeed 決定關閉他們在 Durham 的晶圓廠時，我們得以用非常低的價格（幾乎是零頭）取得大量設備。所以我們把握了那個機會，而那些設備現在也已投入使用。

We also have been spending a lot of money here in [ Lowell ] to expand the capacity in our fab. So with all of those various moving parts as well as a fresh look at what our needs are over the next three to five years, we are now reengaging with The CHIPS Office with a completely rewritten project plan. And so we will continue to work with them and see if we can close the deal. We still have a lot of work to do. There's terms in what they call their DFA definitive agreement, which are sort of nonstarters for us.

我們也一直在[ Lowell ]這裡投入大量資金，以擴充我們晶圓廠的產能。因此，考量到所有這些不同的變動因素，以及重新檢視未來三到五年我們的需求，我們現在正以一份完全重寫的專案計畫，重新與 CHIPS 辦公室接洽。所以我們會持續與他們合作，看看是否能把交易談成。我們仍然還有很多工作要做。在他們所稱的 DFA 最終協議（definitive agreement）裡有一些條款，對我們而言基本上是無法接受的。

So we're continuing to negotiate a deal in this regard. And I mentioned this only because that will certainly be a huge benefit to MACOM as it relates to saving capital money, capital spending. Did you want to add anything?

所以我們在這方面仍持續就協議進行談判。我之所以提到這點，只是因為這對 MACOM 而言，確實會在節省資本資金、資本支出方面帶來巨大的好處。你還想補充什麼嗎？

Just to build upon your, I think, operating expense question, Sean, we've added some operating expenses over the past year. It's been at a much lower rate than the revenue growth that we've seen over that time period. We'll continue to be very disciplined in terms of how we look at our operating expenses. I think in my prepared remarks, I made reference to looking to leverage our OpEx where we need to, but also making sure that we're putting the investments in place where we think it's needed, more specifically from an R&D point of view.

就你剛才提到的營業費用問題，Sean，我補充一下：過去一年我們確實增加了一些營業費用。但其增幅遠低於同期間我們所看到的營收成長。我們會持續以非常嚴謹的方式來檢視營業費用。我在事先準備的發言中提到，我們會在需要的地方提高 OpEx 的槓桿效益，但同時也要確保在我們認為需要的地方到位投資，尤其是從研發（R&D）的角度來看。

And as you look out into the future, and I think we've talked about this adding a couple, $3 million dollars per quarter as we go forward, all dependent upon how the business continues to grow and scale. I can give you a rough order of magnitude in terms of where our OpEx would be as we look out into the future.

而展望未來，我想我們也談過，隨著往後推進，每季大概會增加幾筆、約 300 萬美元的費用，這完全取決於業務如何持續成長與規模化。我可以就我們未來展望下的 OpEx 水準，給你一個大致的量級。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

I guess my first question is on copper. If you guys could perhaps talk on the opportunity for linear equalizers, both in ATC cable form and then also on PCB, what you kind of see for the rest of the year and into next year would be great?

我想我的第一個問題是關於銅互連。如果你們能談談線性等化器（linear equalizers）的機會，不論是在 ATC 纜線形式，以及在 PCB 上的應用；你們對今年剩餘時間以及明年的看法是什麼？

Great question. Yes, we definitely see opportunities with equalizers that can be, as you highlighted, can be used in a cable environment or a copper cable environment. Some people refer those applications as ACCs as well as on PC boards. And so we are absolutely seeing opportunities there. There is one large hyperscaler that is looking to deploy that type of a solution -- is cable solution. The volumes are quite large, and we would expect to be part of that when that moves into production.

問得很好。是的，我們確實看到等化器的機會；如你所指出，它們可用於纜線環境或銅纜環境。有些人也把這些應用稱為 ACC，以及在 PC 板上的應用。因此我們絕對在那裡看到機會。目前有一家大型超大規模業者（hyperscaler）正在評估部署這類解決方案——也就是纜線解決方案。其量非常大，我們預期當它進入量產時，我們會是其中的一部分。

Excellent. And then on the cash situation, you have strong cash flow generation for sure. I was wondering what (technical difficulty) would like to do with this growing cash pile.

很好。接著關於現金狀況，你們的現金流產生能力確實很強。我想知道你們（technical difficulty）打算如何運用這個持續增加的現金部位。

Yes. And by the way, I don't think he's (technical difficulty) , Jack. I think you're one of the best CFOs in the industry. And we are -- and he and I are like-minded in being very conservative as we think about making investments, right? In terms of the cash, our philosophy is you can never have enough cash, and we want to build that. And we've been making strategic investments, including the one we made in IQE about a quarter ago. And with that, I'll see if Jack, do you want to continue that.

是的。順帶一提，我不認為他是（technical difficulty），Jack。我認為你是業界最優秀的 CFO 之一。而且我們——他和我——在思考投資時都抱持非常保守的態度，對吧？就現金而言，我們的理念是現金永遠不嫌多，我們希望持續累積。我們也一直在做策略性投資，包括大約一季前我們對 IQE 的投資。接下來我看看 Jack，你要不要繼續補充。

Yes. I mean we've also looked to utilize our cash to pay down some of our debt as we go forward. We still have some debt to repay internal investments, both from a capital and from an operating expense perspective as we grow the business are top of mind. We've done a number of tuck-in type acquisitions over the past number of years that seems to suit us well in terms of how we round out our portfolio. So I think you'll see some of the same as we go forward from a capital deployment and cash utilization standpoint.

好的。我的意思是，我們也會在往前走的過程中，運用現金償還部分債務。我們仍有一些債務需要償還；同時，隨著業務成長，無論是資本面或營業費用面的內部投資，都是我們優先考量的重點。過去幾年我們做了多起補強型（tuck-in）併購，這種方式在完善我們的產品組合方面看起來很適合我們。因此我想你會看到，從資本配置與現金運用的角度來看，我們未來也會延續類似作法。

William Stein, Truist Securities.

William Stein，Truist Securities。

Congrats on the good results and the great guidance. I'm hoping you could talk a little bit about input cost inflation, whether you're seeing this influence your need to spend on cost of goods and whether that's met with easy pass-through to customers or whether it's a bigger fight or any color around that, please?

恭喜你們有很好的業績與很棒的財測指引。我希望你們能談談投入成本通膨：你們是否看到這影響到你們在銷貨成本上的支出需求？以及這些成本是否能容易地轉嫁給客戶，或是需要更費力的協商？請提供一些看法。

Yes. We definitely are seeing input costs increase, whether it be labor, electricity, general utilities, raw materials, costs are absolutely going up and our supply chain and operations team, I think, do a very good job managing to optimize and minimize our costs. We try to pass those costs on to customers when possible. That's not always possible, as you highlighted. And the good news is even during the last year or so, as we've seen inflation increase, we've been able to expand our gross margins.

是的。我們確實看到投入成本上升，不論是人力、電力、一般公用事業費用、原物料，成本都在上升；而我認為我們的供應鏈與營運團隊在管理、最佳化並盡可能降低成本方面做得非常好。在可能的情況下，我們會嘗試把這些成本轉嫁給客戶。但如你所說，這並非總是可行。好消息是，即使在過去一年左右我們看到通膨上升，我們仍能擴大毛利率。

And so if we continue to launch products that have strong pricing, are best-in-class, are non-commodity, then we should be able to continue to improve the profitability of the company. Jack, do you want to add to that?

因此，如果我們持續推出具備強勁定價能力、同級最佳、且非大宗商品化的產品，我們就應該能持續提升公司的獲利能力。Jack，你要補充嗎？

No, I think you hit the nail on the head with our improving gross margin.

沒有，我覺得你把我們毛利率改善的重點講得很到位。

Great. And a follow-up is directly related to that. We're seeing margins continue to improve. In the past, I think this was a story around industrial demand and utilization at [ Lowell ]. Can you maybe update and level set me on that? Going forward, is this driven more by mix or utilization? Any color would be helpful.

很好。那我追問一個與此直接相關的問題。我們看到毛利率持續改善。過去我記得這個故事更多是圍繞工業需求以及[ Lowell ]的產能利用率。你能否更新一下並幫我重新校準對此的理解？往後看，這更多是由產品組合（mix）驅動，還是由利用率驅動？任何補充說明都很有幫助。

Sure. The utilization at our RTP, North Carolina and Lowell, Massachusetts fabs continues to increase and all during a period where we're adding capacity. And so the good news is we have ample room to grow to meet our targets. Utilization rates are definitely driving some of our lead times out. So we are quoting longer lead times for products that are manufactured inside of MACOM.

當然。我們位於北卡羅來納州 RTP 與麻薩諸塞州 Lowell 的晶圓廠產能利用率持續提升，而且是在我們同時擴充產能的期間發生的。因此好消息是，我們有充足的成長空間來達成目標。利用率確實使我們部分產品的交期拉長。所以對於在 MACOM 內部製造的產品，我們目前報出的交期更長。

But generally speaking, we have these things under control. The mix here in the Massachusetts fab is a combination of Telecom, Defense and now Data Center. This is sort of a new trend as we're really ramping up our Indium Phosphide products here. And yes, that mix will have a bearing on our overall profitability. These PD laser devices, as an example, are quite small.

但整體而言，我們對這些狀況大致掌握得住。麻薩諸塞州這座晶圓廠的產品組合包含電信、國防，現在也包含資料中心。這算是一個新趨勢，因為我們正在這裡大幅拉升磷化銦（Indium Phosphide）產品的產能爬坡。而是的，這樣的組合確實會影響我們整體獲利能力。例如這些 PD 雷射元件，體積相當小。

And so we're able to produce a lot of devices with not so many wafers, let's say. So we are cognizant of the mix shift. We're managing that. We actually think during '27, it will improve and continue to improve. And then when we bring the lasers on board, things should get even better. Jack, do you want to add to that?

因此可以說，我們不需要那麼多晶圓就能生產大量元件。所以我們很清楚產品組合轉移的影響。我們正在管理這件事。我們其實認為在 '27 年期間，情況會改善並持續改善。然後當我們把雷射產品納入之後，狀況應該會更好。Jack，你要補充嗎？

I think just in terms of us being able to leverage some of the existing costs that we have in our existing manufacturing facilities as the top line grows, you're seeing that come through on the gross margin side. So we're pleased with how we've been able to leverage those costs.

我想就我們而言，隨著營收成長，我們能夠在既有製造設施中攤提並槓桿化部分既有成本，你也看到這反映在毛利率上。所以我們對於能夠這樣槓桿化這些成本的成果感到滿意。

Karl Ackerman, BNP Paribas.

Karl Ackerman，法國巴黎銀行（BNP Paribas）。

I have two if I may. Steve, your [ Telecom ] business is certainly breaking out. You're well exposed to address all merchant transceiver suppliers but are you beginning to see a meaningful ramp of orders of optical components and lasers from hyperscalers design their own in-house optical transceivers?

如果可以的話我有兩個問題。Steve，你們的[ 電信 ]業務顯然正在突破成長。你們在因應所有商用收發器供應商方面布局很完整，但你們是否開始看到超大規模業者（hyperscalers）在自行設計自有光收發器時，對光學元件與雷射的訂單出現有意義的放量？

Yes. So we are not a high-volume manufacturer of lasers today. So that is -- right now, we are developing CW lasers primarily for silicon photonic applications. The type of lasers that we are producing today are for LR4, the 25-gig DFB lasers also for CWDM4. So the classical 100-gig module market is more of a merchant market where we're selling those lasers into the, let's say, the merchant market with companies that do not make their own lasers. That is today our business. What happens in the future is TBD. We'll service -- we'll certainly service any company that wants to buy our laser, whether they make their own or not.

是的。所以我們目前還不是雷射的高產量製造商。所以也就是說——目前我們主要在為矽光子應用開發連續波（CW）雷射。我們現在生產的雷射類型是用於LR4的、25G DFB雷射，也用於CWDM4。所以傳統的100G模組市場更偏向商用市場，我們把這些雷射賣給——比方說——那些不自行製造雷射的公司所在的商用市場。這是我們目前的業務。未來會如何仍有待觀察（TBD）。我們會服務——我們當然會服務任何想買我們雷射的公司，不論他們是否自製雷射。

Steve, historically, you suggested that [ datacom ] might be a smaller portion of your segment with more volatility than Telecom or I&D. But given your commentary that datacom could grow 50% or so next year and you've got growing R&D investments in this area, do you think datacom could be, in fact, the largest opportunity for you over the next few years?

Steve，過去你曾表示，[ 資料通訊（datacom） ]在你們的事業部中可能占比較小、且波動性比電信或I&D更高。但考量你提到資料通訊明年可能成長約50%，而且你們在這個領域的研發投入也在增加，你是否認為資料通訊其實可能在未來幾年成為你們最大的機會？

Yes. I'm not sure you got the -- my commentary quite right in your question. But I'll say that when we look at the SAMs, the I&D and the Data Center SAMs are about the same at approximately $6 billion. So that's the opportunity we're chasing. And our ability to capture that market share will very much depend on timing of our successes, the design wins, our ability to beat competition, time to market and things of that nature.

是的。我不確定你在問題中是否完全抓到——我評論的重點。但我會說，當我們看SAM（可服務市場規模）時，I&D與資料中心的SAM大致相同，約為60億美元。所以那就是我們正在追逐的機會。而我們能否取得市占，很大程度取決於我們成功的時點、設計導入（design wins）、我們擊敗競爭對手的能力、上市時程（time to market）以及諸如此類的因素。

But the growth opportunity in both of those large markets is quite big. Clearly, the Data Center market moves very fast. So one would expect that, that in the near term will potentially outgrow the I&D. But we would expect over the long term, those markets, and our revenue to double in those markets. There's no doubt about it.

但這兩個大型市場的成長機會都相當大。很明顯，資料中心市場變化非常快。因此可以預期，短期內它可能會比I&D成長更快。但我們預期長期來看，這些市場以及我們在這些市場的營收都會翻倍。這點毫無疑問。

And that will happen. It's just a matter of when.

而且那會發生。只是時間早晚的問題。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

Congrats on the results. My question is about optical content in data center on the module front. lasers and detectors relative to what you see currently on your TIA and driver ICs, it seems like that content could be larger, maybe significantly larger. And given your -- what I think is a pretty meaningful change in tone here, relative to the laser opportunity, I'd be interested in kind of your estimate of what kind of content you're chasing? And I'll have a real quick follow-up.

恭喜你們的業績表現。我的問題是關於資料中心在模組端的光學含量。相較於你們目前在TIA與驅動IC上看到的內容，雷射與偵測器的內容看起來可能更大，甚至顯著更大。而且鑒於你們——我認為——在雷射機會上的語氣有相當明顯的轉變，我想了解你們估計正在追逐的是多大規模的內容份額？我還有一個很快的追問。

Yes. I'm not sure I would agree that the laser and detector opportunity is larger than the driver and TIA. We've not made that statement, and I don't want you to think that's what we're thinking. So -- and we haven't specifically sized those product line categories and how big their SAM is. That's something that we have internal numbers and we have our thinking about that, but we've never said publicly which one we think is bigger.

是的。我不確定我會同意雷射與偵測器的機會比驅動器與TIA更大。我們沒有做過那樣的表述，我也不希望你以為那就是我們的想法。所以——而且我們也沒有特別去量化這些產品線類別以及它們的SAM有多大。這是我們內部有數字、也有我們的看法，但我們從未公開表示哪一個我們認為更大。

At the end of the day, they're both classes of products are, in our mind, multibillion-dollar product areas that we can service, and we have unique technology, whether it's our chip design capability or our internal indium phosphide manufacturing capability. So we're sort of equally excited about both. We have different teams working on those technologies. The indium phosphide teams are primarily material scientists, fab engineers, process engineers, and very experienced optical designers. The TIAs and drivers is very much a different set of talent.

歸根結底，在我們看來，這兩類產品都是我們可以服務的、數十億美元規模的產品領域，而且我們擁有獨特技術，不論是我們的晶片設計能力，或是我們內部的磷化銦製造能力。所以我們對兩者都同樣感到興奮。我們有不同團隊在做這些技術。磷化銦團隊主要是材料科學家、晶圓廠工程師、製程工程師，以及非常資深的光學設計師。而TIA與驅動器則是完全不同的一套人才。

These are chip designers that have very good experience, long experience working with high-speed interconnect and highly integrated devices that has various attributes, including programmable memory, digital content, high-speed analog, very high [ FTE CT ] processes. And those chip designers have an expertise with the various protocols. So whether it's multimode, which has historically been a strength of MACOM and now single mode and then, of course, coherent, and coherent light.

這些是晶片設計師，他們在高速互連與高度整合元件方面有非常好的、長期的經驗；這些元件具備多種特性，包括可程式化記憶體、數位內容、高速類比、非常高的[ FTE CT ]製程。而這些晶片設計師也精通各種通訊協定。所以不論是多模（multimode）——這歷來是MACOM的強項——到現在的單模，當然還有相干（coherent）以及相干光。

So those chip designers need to speak that language to develop the type of parts that our customers want. And it's a completely different capability, and we're very fortunate to have very strong teams in both areas, and we would expect both product areas to grow significantly in the years to come.

所以這些晶片設計師需要能講那種語言，才能開發出客戶想要的那類元件。這是完全不同的能力，而我們很幸運在兩個領域都有非常強的團隊；我們也預期未來幾年這兩個產品領域都會顯著成長。

And just a follow-up on the photodetectors is where you've gained your current foothold. Are we at a point as you look at the second half, either the results you just reported and/or the guide, where PDs are making a material impact in your growth currently and maybe by material, tens of millions type thing? Or are we not there yet?

再追問一下光偵測器（photodetectors），這是你們目前建立立足點的地方。當你看下半年——不論是你們剛公布的結果和/或指引——我們是否已經到了PD對你們目前成長產生實質影響的階段？所謂實質，像是數千萬美元等級？還是說還沒到那一步？

Yes. We just want to be a little careful breaking out revenue by product line because of the competitive nature. So I don't really want to comment on that. I did say in my script that it's a more meaningful number, and that number will grow significantly in the quarters ahead.

是的。我們在按產品線拆分營收方面想稍微謹慎一些，因為競爭性很強。所以我不太想對此評論。我在講稿中確實提到那是一個更有意義的數字，而且那個數字在接下來幾季會顯著成長。

So yes, I think it's an important part of MACOM. It's certainly helping drive growth here in our Massachusetts fab. Not only do we have what we believe to be one of the industry's best 200-gig PDs, but we've also launched higher data rate PDs, including a 400-gig PD, which is now in the hands of perhaps a dozen customers as they think about the next-generation interconnects. So we are on the very front edge of the market as it relates to photodiodes.

所以是的，我認為這是MACOM很重要的一部分。它確實正在幫助推動我們麻薩諸塞州晶圓廠的成長。我們不僅擁有我們認為是業界最佳之一的200G PD，也推出了更高資料速率的PD，包括400G PD；目前大約已有十幾家客戶拿到樣品，並在思考下一代互連。所以就光電二極體而言，我們正站在市場最前沿。

And the genesis of that is our Ann Arbor Michigan facility has been building the most sensitive photodiodes for over a decade. They have an MBE. They grow their own epitaxy. They understand the science around light emission and light detection. And that team has done a phenomenal job spending close to a decade perfecting this product, which today has industry-leading sensitivity, amazing dark currents, extremely reliable and the customers certainly are enjoying the performance of those products.

而其起源在於，我們位於密西根州安娜堡（Ann Arbor）的廠區十多年來一直在製造靈敏度最高的光電二極體。他們有MBE。他們自行成長外延（epitaxy）。他們理解光發射與光偵測背後的科學。而那個團隊花了將近十年把這項產品打磨到極致；如今它具備業界領先的靈敏度、驚人的暗電流表現、極高的可靠性，客戶也確實很享受這些產品的效能。

And that's all the time we have for our Q&A session. I will now turn the call back over to Mr. Daly for any closing comments.

我們的問答環節時間就到這裡。我現在把電話交回給Daly先生，請他做結語。

Thank you. In closing, I'd like to thank the MACOM team for making these results possible. Have a nice day.

謝謝。最後，我想感謝MACOM團隊讓這些成果成為可能。祝各位有美好的一天。

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。感謝各位的參與，現在可以掛線。