MACOM Technology Solutions Holdings, Inc. (MTSI) 2026 Q4 法說會逐字稿

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

歡迎參加 MACOM 2026 會計年度第四財季財報電話會議。本次電話會議於今日（2026 年 11 月 5 日，星期四）錄音。（接線員指示）

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

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

Thank you, operator. Good morning and welcome to our call to discuss MACOM's fourth-quarter and year-end results for fiscal year 2026. 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 could result in those differences, we refer you to MACOM's filings with the SEC.

謝謝，接線員。各位早安，歡迎參加我們的電話會議，討論 MACOM 2026 會計年度第四季與全年業績。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。實際結果可能與今日討論內容有重大差異。關於可能導致該等差異之風險與不確定性的更詳細討論，請參閱 MACOM 向美國證券交易委員會（SEC）提交的文件。

Management's statements during this call will also include discussion of certain adjusted non-GAAP financial information. A reconciliation of GAAP to adjusted non-GAAP results 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的 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，我將把電話會議交給 MACOM 總裁兼執行長 Steve Daly。

Thank you, and good morning. I will begin today's call with a general company update. After that, Jack Kober, our Chief Financial Officer, will review our Q4 and year-end results for fiscal year 2026. When Jack is finished, I will provide revenue and earnings guidance for the first quarter of FY27, 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做一個更新。之後，我們的財務長 Jack Kober 將回顧 2026 會計年度第四季與全年業績。Jack 結束後，我將提供 FY27 第一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 fourth quarter of fiscal 2026 was $424.8 million, in adjusted earnings per diluted share was $2.09. Our full year FY26 revenue was $1.3 billion, and adjusted earnings per diluted share was $5.60. On a full year basis, we achieved 37% year-over-year revenue growth and 61% year-over-year adjusted EPS growth.

2026 會計年度第四季營收為 4.248 億美元，稀釋後每股經調整盈餘為 2.09 美元。我們 FY26 全年營收為 13 億美元，稀釋後每股經調整盈餘為 5.60 美元。以全年計算，我們達成營收年增 37%，以及經調整 EPS 年增 61%。

In Q4, our book-to-bill ratio was 1.4:1 and we ended the fiscal year with record backlog. Orders were strong across all 3 end markets with data center outperforming. Orders booked and shipped within the quarter were 7% of total revenue reflecting our strong backlog and extended manufacturing lead times for certain products.

第四季我們的接單出貨比（book-to-bill）為 1.4：1，並以創紀錄的在手訂單（backlog）結束本會計年度。三大終端市場的訂單皆強勁，其中資料中心表現最為突出。當季內接單並出貨的訂單占總營收的 7%，反映我們強勁的在手訂單，以及部分產品較長的製造前置期。

Q4 revenue performance by end market was as expected, with all markets growing sequentially. Data center revenue was $188.1 million, Industrial and Defense was $164.6 million and Telecom was $72.1 million. Sequentially, data center increased approximately 37%, IND increased 23% and telecom increased 1%. Data center and IND revenue both reached record levels again this quarter. In total, these markets contain thousands of potential customers with a combined serviceable addressable market, or SAM, that we now estimate to be in the range of $15 billion in 2027.

第四季各終端市場的營收表現符合預期，所有市場皆呈現季增。資料中心營收為 1.881 億美元，工業與國防為 1.646 億美元，電信為 7,210 萬美元。按季而言，資料中心約成長 37%，工業與國防（IND）成長 23%，電信成長 1%。資料中心與 IND 營收本季再次雙雙創下新高。整體而言，這些市場涵蓋數以千計的潛在客戶，其合計可服務可觸及市場（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 invested and we will continue to invest in R&D and in expanding our engineering and manufacturing teams and capabilities. In FY26, our team made meaningful progress across many strategic focus areas. Three noteworthy accomplishments, which we expect will support FY27 and FY28 revenue growth include: first, our fab engineers recently made significant progress improving the quality of our indium phosphide lasers facet, allowing our lasers to better address CW applications. These results support MACOM's strategy to enter the multibillion-dollar CW laser market, which we are targeting for 2028.

為把握龐大的 SAM 機會，我們已投入，並將持續投入研發（R&D），同時擴充我們的工程與製造團隊及能力。在 FY26，我們的團隊在多個策略重點領域取得了實質進展。三項值得一提的成果（我們預期將支持 FY27 與 FY28 的營收成長）包括：第一，我們的晶圓廠工程師近期在提升磷化銦雷射（indium phosphide lasers）端面（facet）品質方面取得重大進展，使我們的雷射能更好地滿足連續波（CW）應用。這些成果支持 MACOM 進入數十億美元規模 CW 雷射市場的策略，我們目標在 2028 年切入。

Second, we are upgrading two of our existing millimeter wave GaN on silicon carbide processes to improve performance and enable advanced nodes. We believe this will make MACOM more competitive and help us better address the growing SATCOM and defense markets. And third, we are on plan expanding manufacturing capacity at three wafer fabs in two US-based hybrid manufacturing sites to support our future growth. Our fab, advanced technology and operation teams are doing an excellent job collaborating to develop new technologies for future products while also increasing production capacity for existing products.

第二，我們正在升級兩項既有的碳化矽基板上氮化鎵（GaN on silicon carbide）毫米波製程，以提升效能並支援更先進的製程節點。我們相信這將提升 MACOM 的競爭力，並協助我們更好地切入成長中的衛星通訊（SATCOM）與國防市場。第三，我們正按計畫在兩個位於美國的混合式製造據點中的三座晶圓廠擴充產能，以支援未來成長。我們的晶圓廠、先進技術與營運團隊協作表現出色，一方面開發未來產品所需的新技術，同時也提升既有產品的產能。

We believe these activities will enable MACOM to provide our new and compelling products at scale and meet our customers' growing demand during 2027 and 2028. Turning to recent market trends, starting with data center. Based on our current outlook, we believe that FY27 will be another robust year. We now believe our data center year-over-year revenue growth will exceed our FY26 growth rate of 74%. MACOM has a strong position in the market.

我們相信，這些活動將使 MACOM 能夠以規模化方式提供我們新且具吸引力的產品，並在 2027 與 2028 年滿足客戶持續成長的需求。接著談近期市場趨勢，先從資料中心開始。根據我們目前的展望，我們認為 FY27 將是另一個強勁的年度。我們現在認為，資料中心的年增營收成長將超過 FY26 的 74% 成長率。MACOM 在市場上具備強勢地位。

Notably, we believe the combination of growing 1.6T volumes with increased content opportunities provides a strong tailwind for our data center business. In FY27, we will continue to expand our high-speed analog portfolio to support PAM4 and coherent systems across EML, Teflon and silicon photonic-based platforms. As data center architectures evolve, we expect new optical implementations with higher I/O density known as near packaged Optics or NPO will be deployed. NPO architectures can vary by end customer. But what is common across all NPO customers is that they require smaller IC footprints, more lanes of data and lower power consumption compared to pluggable optical modules.

值得注意的是，我們認為 1.6T 出貨量的成長，加上單機內容價值（content）機會的提升，將為我們的資料中心業務帶來強勁順風。在 FY27，我們將持續擴充高速類比產品組合，以支援 PAM4 與相干（coherent）系統，涵蓋 EML、Teflon 與矽光子（silicon photonic）平台。隨著資料中心架構演進，我們預期將部署一種具更高 I/O 密度的新型光學實作，稱為近封裝光學（near packaged optics，NPO）。NPO 架構會因終端客戶而異。但所有 NPO 客戶的共同需求是：相較於可插拔式光模組，需要更小的 IC 占板面積、更多資料通道（lanes）以及更低的功耗。

We believe NPO provides a tremendous growth opportunity for MACOM and we are actively pursuing high-volume opportunities with multiple hyperscalers. Our Indian phosphide photonics product lines also represent a large growth opportunity for MACOM. Today, we manufacture 200G photodetectors and a wide range of lasers, including 25G lasers for 100G LR4 and 100G CWDM4 applications. As we look ahead, we expect to produce significant volumes of 200G PDs as well as 400 gig PDs. And as I previously mentioned, CW lasers for 800G, 1.6T and 3.2T applications.

我們認為 NPO 為 MACOM 帶來巨大的成長機會，並正積極與多家超大規模業者（hyperscalers）追求高出貨量機會。我們的磷化銦光子（indium phosphide photonics）產品線同樣代表 MACOM 的一大成長機會。目前我們量產 200G 光偵測器（photodetectors），以及多種雷射產品，包括用於 100G LR4 與 100G CWDM4 應用的 25G 雷射。展望未來，我們預期將生產大量 200G PD，以及 400G PD。如我先前提到的，亦包括用於 800G、1.6T 與 3.2T 應用的 CW 雷射。

Customer interest remains high, and we are excited to bring these products to market as quickly as possible. I'll highlight that at the CIOE and ECOC trade shows, we introduced a full front-end chipset solution for 3.2 T optical modules combining transmit and receive technologies optimized for PAM4 optical links. This chipset consists of 2 400G per lane quad linear TIAs 8 400G photodetectors with high coupling efficiency as well as 2 modulator drivers.

客戶興趣仍然很高，我們也很期待盡快將這些產品推向市場。我也要特別提到，在 CIOE 與 ECOC 展會上，我們推出了用於 3.2T 光模組的完整前端晶片組解決方案，結合針對 PAM4 光鏈路最佳化的發射與接收技術。此晶片組包含 2 顆每通道 400G 的四通道線性跨阻放大器（TIA）、8 顆具高耦合效率的 400G 光偵測器，以及 2 顆調變器驅動器。

Our 3.2T chipset solution was designed to help our customers accelerate development of their next-generation optical interconnects for AI infrastructure across thin film, lithium niobate, silicon photonics and EML-based architectures.

我們的 3.2T 晶片組解決方案旨在協助客戶加速開發其下一代用於 AI 基礎設施的光互連，涵蓋薄膜、鈮酸鋰（lithium niobate）、矽光子與 EML 架構。

Turning to our I&D business, our I&D business continues to strengthen driven by our talented teams designing and manufacturing best-in-class IC, module and subsystem solutions. In FY26, our IND revenue grew 27.8% year-over-year and we are targeting even higher growth in FY27. We see multiple favorable trends, including the expansion of US and European defense budgets which are supporting increased development and production of radars, drone and counter-UAS systems, communication systems, electronic warfare systems and hardened optical electronics for a wide range of applications.

轉向我們的 I&D 業務，我們的 I&D 業務在才華洋溢的團隊推動下持續強化，這些團隊設計並製造同級最佳的 IC、模組與子系統解決方案。在 FY26，我們的 IND 營收年增 27.8%，並且我們在 FY27 目標是達成更高的成長。我們看到多項有利趨勢，包括美國與歐洲國防預算擴張，正支撐雷達、無人機與反無人機（counter-UAS）系統、通訊系統、電子戰系統，以及適用於廣泛應用的強固型光電電子產品之開發與量產增加。

Since 2019, we have been focused on improving the quality, performance and breadth of our products for this market. We actively engage customers large and small on long-term programs and work together as partners to help ensure their success. The IND market remains a critical portion of our business, and we are pleased that our franchise and brand continue to strengthen every year as we grow.

自 2019 年以來，我們一直專注於提升面向該市場之產品品質、效能與產品廣度。我們積極與各類型客戶（無論規模大小）就長期專案互動，並以合作夥伴方式共同協作，以協助確保其成功。IND 市場仍是我們業務的關鍵組成部分；隨著我們成長，我們也很高興看到我們的特許經營優勢與品牌力每年持續增強。

We win because we offer customers in this market unique semiconductor processes, a broad product portfolio, spanning high power, high frequency and high data rate functions and the ability to design and manufacture complex customized multifunction solutions. These solutions often combine best-in-class ICs with bumped or copper pillar flip chip technology in LGA packages to achieve the smallest possible form factors.

我們之所以能勝出，是因為我們為該市場客戶提供獨特的半導體製程、涵蓋高功率、高頻與高資料速率功能的廣泛產品組合，以及設計與製造複雜客製化多功能解決方案的能力。這些解決方案常將同級最佳 IC 與凸塊（bumped）或銅柱（copper pillar）倒裝晶片技術結合於 LGA 封裝中，以達成盡可能小的外形尺寸。

Two examples include a receiver protector module that shields an RF or microwave receiver or radar from high-power jamming or interferent signals in the second a transmit receive module used in digital beam forming antenna array systems. Our primary focus in the IND market is providing unique solutions that improve overall system performance and give our customers a competitive advantage.

兩個例子包括：其一為接收器保護模組，可保護 RF 或微波接收器或雷達免受高功率干擾（jamming）或干擾訊號影響；其二為用於數位波束成形天線陣列系統的收發（transmit receive）模組。我們在 IND 市場的主要重點，是提供可提升整體系統效能並賦予客戶競爭優勢的獨特解決方案。

Over the past 6 months, we have been awarded numerous development programs from both large defense primes and newer NEO PRIMEs, which we believe will lead to meaningful long-term business. These platforms include microwave and optical EW systems, missile and drone electronics and next-generation tactical mobile radios. All these wins have one thing in common, they utilize unique MACOM semiconductor content. And finally, during Q4, we received follow-on orders to support continued long-term production of hardware we manufacture for shipborne radar systems and air-to-air missile systems.

在過去 6 個月中，我們已獲得多項開發專案，客戶包括大型國防主承包商（defense primes）以及較新的 NEO PRIMEs；我們相信這些將帶來具意義的長期業務。這些平台涵蓋微波與光學電子戰（EW）系統、飛彈與無人機電子設備，以及下一代戰術行動無線電。所有這些得標案有一個共同點：皆採用 MACOM 獨特的半導體內容。最後，在 Q4 期間，我們也收到追加訂單，以支援我們為艦載雷達系統與空對空飛彈系統所製造硬體的持續長期量產。

Now, moving to telecom, Telecom revenue grew approximately 11% year over year in FY26, driven primarily by 5G and SATCOM. We expect similar growth in FY27 with potential upside as we capture and execute new business during the year. The most significant growth opportunity we see within the telecom market today is the low Earth orbit or LEO satellite segment. We are a supplier to a variety of these LEO networks today, and we expect our revenues in this market to grow in FY27 and FY28.

接著談電信，FY26 電信營收年增約 11%，主要由 5G 與衛星通訊（SATCOM）帶動。我們預期 FY27 仍將有類似成長，且若我們在年度內取得並執行新業務，仍有上行空間。我們目前在電信市場中看到最顯著的成長機會，是低地球軌道（LEO）衛星領域。我們目前已是多個 LEO 網路的供應商，並預期 FY27 與 FY28 我們在此市場的營收將成長。

MACOM supports our LEO customers at various levels, including wafer foundry, standard and custom IC products and multi-chip module solutions. We support this market with high power and high frequency RF products, optical components and analog and mixed-signal ICs. We draw on our heritage in space, in high rel product screening and system engineering know-how to support our customers' designs and time to market.

MACOM 在多個層面支援我們的 LEO 客戶，包括晶圓代工、標準與客製 IC 產品，以及多晶片模組解決方案。我們以高功率與高頻 RF 產品、光學元件，以及類比與混合訊號 IC 來支援此市場。我們運用在太空領域的傳承、在高可靠度（high rel）產品篩選與系統工程方面的專業知識，協助客戶的設計與縮短上市時程。

We were pleased to learn that one of our customers was recently awarded a new contract to support a large constellation. We anticipate this could represent approximately $20 million of new business for MACOM beginning in early 2028. I'll note that LEO satellite constellations require thousands of ground stations which contained uplink and downlinks that communicate with the satellites. The links often utilize microwave frequencies, for example, V-band frequencies between 40 and 52 gigahertz.

我們很高興得知，我們的一位客戶近期獲得一份新合約，以支援一個大型星座。我們預期自 2028 年初開始，這可能為 MACOM 帶來約 2,000 萬美元的新業務。我也要指出，LEO 衛星星座需要數以千計的地面站，其中包含與衛星通訊的上行與下行鏈路。這些鏈路通常使用微波頻段，例如 40 至 52 GHz 的 V 波段頻率。

MACOM has successfully designed and is manufacturing and delivering V-band analog linearizers to be used with V-Band TWTAs for these uplinks. We see this as a growing opportunity within the telecom market. As some satellite network operators move to provide D2D services, we are seeing a new opportunity. Our medium and high-power 5G technology is directly applicable to D2D systems as there is significant similarities in the requirements.

MACOM 已成功設計，並正在製造與交付 V 波段類比線性化器，用於這些上行鏈路中的 V 波段行波管功率放大器（TWTAs）。我們認為這是電信市場中的一項成長型機會。隨著部分衛星網路營運商轉向提供 D2D 服務，我們也看到新的機會。我們的中功率與高功率 5G 技術可直接應用於 D2D 系統，因為其需求具有顯著相似性。

We also continue to see market share gain opportunities in the terrestrial 5G, although the overall RAN market demands remain flat. In wireless infrastructure, our teams are advancing our new GaN products for macro and massive MIMO applications. We are making steady progress, and we believe relationships with the two leading Western telecom OEMs has never been stronger.

我們也持續在地面 5G 領域看到市占率提升的機會，儘管整體 RAN 市場需求仍持平。在無線基礎設施方面，我們的團隊正推進用於宏基地台與大規模 MIMO 應用的新 GaN 產品。我們正穩步取得進展，並且我們相信與兩家領先的西方電信 OEM 的關係從未如此強健。

Investors should be aware that we remain focused on executing a long-term strategy to provide differentiated semiconductor solutions for the highest data rate, highest power in highest frequency applications in no-ncommodity markets. We believe this strategy will create a superior business model and produce strong long-term financial returns for our stockholders.

投資人應了解，我們仍專注於執行一項長期策略：在非大宗商品（non-commodity）市場中，為最高資料速率、最高功率與最高頻率的應用提供具差異化的半導體解決方案。我們相信此策略將打造更優異的商業模式，並為股東帶來強勁的長期財務報酬。

Our strategy relies primarily on organic growth driven by internal product development and R&D investment. However, we also recognize that strategic M&A can play an important role by expanding our management team and engineering teams, our technology portfolio and market exposure. We believe our recent M&A activities and investments have made MACOM a stronger company. We maintain an active pipeline of opportunities and continually evaluate potential targets.

我們的策略主要依賴由內部產品開發與研發投資所驅動的有機成長。然而，我們也認知到策略性併購（M&A）可透過擴充管理團隊與工程團隊、技術組合與市場觸及面而扮演重要角色。我們相信近期的併購活動與投資已使 MACOM 成為更強健的公司。我們維持一條活躍的機會管線，並持續評估潛在標的。

Our approach has been and will continue to be highly selective and disciplined. In summary, we will continue to build a best-in-class and diversified company based on our long-term strategic plan, we believe we have the opportunity to double our revenue and profits over the next couple of years.

我們的作法一向且將持續高度審慎且紀律嚴明。總結而言，我們將依據長期策略計畫，持續打造同級最佳且多元化的公司；我們相信在未來幾年內有機會將營收與獲利翻倍。

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

接下來 Jack 將更詳細地回顧我們的財務結果。

Thank you, Steve, and good morning. Before getting into our fourth quarter results, I'd like to summarize a few items regarding our full fiscal year 2026, which ended on October 2, 2026. Bookings were strong across all of our end markets resulting in a full year book-to-bill of 1.5:1 and marking our highest bookings year ever. We achieved record revenue of over $1.3 billion, which grew more than 37% over fiscal 2025.

謝謝你，Steve，大家早安。在進入第四季結果之前，我想先總結幾項關於我們截至 2026 年 10 月 2 日止的 2026 會計年度（FY26）的重點。我們在所有終端市場的接單表現強勁，使得全年出貨比（book-to-bill）達到 1.5:1，並創下我們歷來最高的年度接單。我們達成超過 13 億美元的創紀錄營收，較 2025 會計年度成長逾 37%。

Our annual adjusted operating margin grew by 660 basis points to 32%. Adjusted earnings per share grew by more than 61% to $5.60. Cash flow from operations continued to strengthen and increased by approximately 52% to $357 million. We've continued to invest in the organization by expanding our production capacity and our research and development capabilities to support our growing business.

我們的年度調整後營業利益率提升 660 個基點至 32%。調整後每股盈餘成長逾 61% 至 5.60 美元。營運活動現金流持續增強，約成長 52% 至 3.57 億美元。我們持續透過擴充產能與研發能力來投資組織，以支援不斷成長的業務。

Now on to our fourth quarter fiscal results. Fiscal Q4 revenue was $424.8 million, up 24.1% sequentially and up 62.7% year-on-year driven by growth across all 3 of our end markets with data center again leading, followed by solid growth within IND and telecom. Adjusted gross profit for Q4 was $260.3 million or 61.3% of revenue, this represents a gross margin increase of 160 basis points over the prior quarter, primarily as a result of revenue growth, product mix and factory utilization.

接著說明我們第四季會計年度結果。會計年度 Q4 營收為 4.248 億美元，季增 24.1%、年增 62.7%，成長動能來自我們三大終端市場全面成長，其中資料中心再次領先，其次為 IND 與電信的穩健成長。Q4 調整後毛利為 2.603 億美元，約占營收 61.3%；相較前一季毛利率提升 160 個基點，主要由營收成長、產品組合與工廠稼動率所帶動。

Total adjusted operating expense for our fourth quarter was $98.1 million, consisting of research and development expense of $67.5 million and selling, general and administrative expense of $30.6 million. As anticipated, the sequential increase in adjusted operating expense compared to Q3 2026 was primarily driven by ongoing R&D investments and employee-related costs.

我們第四季的調整後營業費用總額為9,810萬美元，其中研發費用為6,750萬美元，銷售、一般及行政費用為3,060萬美元。如預期所示，與2026會計年度第三季相比，調整後營業費用的季增主要由持續的研發投資與員工相關成本所帶動。

Adjusted depreciation expense for fiscal Q4 2026 grew modestly to $9.2 million, up 2.4% from the prior quarter. Adjusted operating income in fiscal Q4 was another record coming in at $162.3 million, up 50.6% sequentially from $107.7 million in Q3 2026 and up 142.2% year over year. I would like to note that our Q4 2026 operating margin was 38.2%, reflecting the leverage in our financial model as the business continues to scale.

2026會計年度第四季的調整後折舊費用小幅成長至920萬美元，較前一季增加2.4%。2026會計年度第四季的調整後營業利益再創新高，達1億6,230萬美元，較2026會計年度第三季的1億770萬美元季增50.6%，並年增142.2%。我也想指出，2026會計年度第四季的營業利益率為38.2%，反映出隨著業務持續擴張，我們財務模型的槓桿效益。

I'll also note that we expect our adjusted operating margin to continue to increase and exceed 40% as we move through fiscal 2027. For fiscal Q4 2026, we had adjusted net interest income of $6.1 million, an increase of approximately $600,000 sequentially from $5.5 million in Q3 2026. Our adjusted income tax rate in Q4 was 3% and resulted in an expense of approximately $5.1 million.

我也要補充，我們預期調整後營業利益率將在2027會計年度期間持續提升並超過40%。2026會計年度第四季，我們的調整後淨利息收入為610萬美元，較2026會計年度第三季的550萬美元季增約60萬美元。第四季的調整後所得稅率為3%，對應的稅費約為510萬美元。

As discussed on prior calls, as a result of the growth in our profitability, combined with the utilization of our remaining historical deferred tax assets, we anticipate our adjusted income tax rate to increase from 3% to approximately 6% for fiscal year 2027, beginning in Q1. And to close out our fiscal Q4 2026 income statement discussion, I am pleased to note, our adjusted net income increased 48.8% in sequentially this quarter to $163.3 million compared to $109.8 million in Q3 2026. Adjusted earnings per fully diluted share was $2.09, utilizing a diluted share count of 78.3 million shares compared to $1.40 of adjusted earnings per share in fiscal Q3 2026.

如同先前電話會議所討論，隨著獲利能力成長，加上運用我們剩餘的歷史遞延所得稅資產，我們預期自第一季起，2027會計年度的調整後所得稅率將由3%提高至約6%。此外，為結束我們對2026會計年度第四季損益表的討論，我很高興指出，本季調整後淨利季增48.8%至1億6,330萬美元，相較於2026會計年度第三季的1億980萬美元。以完全稀釋後股數7,830萬股計算，調整後完全稀釋每股盈餘為2.09美元，相較於2026會計年度第三季的調整後每股盈餘1.40美元。

Now, on to operational balance sheet and cash flow items, our Q4 accounts receivable balance was $209.5 million, up $30.4 million compared to our Q3 2026 balance. Our days sales outstanding averaged 45 days, down 3 days compared to 48 days in the previous quarter. Inventories were $284.3 million at quarter end, up $2.8 million sequentially from $281.5 million. This increases to support the demand across the business.

接著談營運資產負債表與現金流項目，第四季應收帳款餘額為2億0,950萬美元，較2026會計年度第三季餘額增加3,040萬美元。應收帳款週轉天數（DSO）平均為45天，較前一季的48天減少3天。季末存貨為2億8,430萬美元，較2億8,150萬美元季增280萬美元。此增加是為了支援全公司範圍內的需求。

Fiscal Q4 cash flow from operations was approximately $155.5 million, up $76.6 million sequentially or an increase of 94.5%. Capital expenditures totaled $17.5 million for fiscal Q4, down from $20.8 million in Q3 2026. Our total CapEx for fiscal year 2026 was $64.4 million, in line with our projections, and we anticipate fiscal year 2027 CapEx to be between $100 million and $110 million. A majority of this CapEx will be focused on expanding capacity at our existing production facilities and enhancing our R&D capabilities in support of customer demand.

2026會計年度第四季營運活動現金流約為1億5,550萬美元，季增7,660萬美元，增幅為94.5%。第四季資本支出合計為1,750萬美元，低於2026會計年度第三季的2,080萬美元。2026會計年度全年資本支出為6,440萬美元，符合我們的預估；我們預期2027會計年度資本支出將介於1億至1億1,000萬美元之間。其中大部分資本支出將用於擴充既有生產設施的產能，並強化研發能力以支援客戶需求。

Next, moving on to other balance sheet items. Cash, cash equivalents and short-term investments as of the end of our fiscal fourth quarter were $792.4 million. These strategic assets provide us with increased flexibility to fund ongoing investments and respond quickly to new opportunities. We are in a net cash position of approximately $451.7 million as of October 2, 2026, when comparing our cash and short-term investments to the book value of our remaining $340.7 million of convertible notes, which mature in December 2029.

接下來，談其他資產負債表項目。截至我們會計年度第四季末，現金、約當現金及短期投資為7億9,240萬美元。這些策略性資產使我們在資助持續投資並快速回應新機會方面更具彈性。截至2026年10月2日，將我們的現金與短期投資與剩餘可轉換公司債（帳面價值3億4,070萬美元，於2029年12月到期）相比，我們約為4億5,170萬美元的淨現金部位。

In closing, I'd like to recognize that the results we have achieved during fiscal year 2026 were due to continued successful new product introductions, disciplined execution and strong contributions from the entire MACOM team.

最後，我想肯定我們在2026會計年度所達成的成果，得益於持續成功的新產品導入、嚴謹的執行力，以及整個MACOM團隊的強力貢獻。

I will now turn the discussion back over to Steve.

接下來我把討論交回給Steve。

Thank you, Jack. MACOM expects revenue in fiscal Q1 ending January 1, 2027, to be in the range of $450 million to $460 million. Adjusted gross margin is expected to be in the range of 62% to 63%, and adjusted earnings per share is expected to be between $2.21 and $2.29 based on 79 million fully diluted shares. We expect approximately 15% sequential growth in data center revenue, single-digit sequential growth in industrial and defense revenue in flat to slightly down revenue in telecom.

謝謝你，Jack。MACOM預期截至2027年1月1日止的2027會計年度第一季營收將介於4億5,000萬至4億6,000萬美元。調整後毛利率預期介於62%至63%，以7,900萬股完全稀釋後股數計算，調整後每股盈餘預期介於2.21至2.29美元。我們預期資料中心營收將季增約15%，工業與國防營收將呈現個位數季增，而電信營收則持平至小幅下滑。

As we look ahead, we believe our strategic plan positions MACOM to become one of the most profitable companies in the semiconductor industry. We are pleased that the midpoint of our Q1 guidance represents a 40% operating margin.

展望未來，我們相信我們的策略計畫使MACOM有望成為半導體產業中獲利能力最強的公司之一。我們很高興第一季財測的中位數對應40%的營業利益率。

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

我現在想請接線員開始接受提問。

(Operator Instructions) Harsh Kumar, BMO.

（接線員指示）Harsh Kumar，BMO。

As usual, phenomenal execution. Steve, I'm going to do you a little unfair question. So humor me with the unfair question. You're the first company in my universe that plays in data center to report after the midterm. When we talk to investors, they are very comfortable with 2027 data center outlook but really uncertain about what happens in 2028 with all these changes in the midterm, whether these data centers will get built to full capacity or not. I'm curious if you have -- as you talk to your large customers, if you have any window or viewpoint into what they are thinking or saying about not outlook, but just viewpoint into 2028. And then I've got a follow-up.

一如既往，執行得非常出色。Steve，我要問你一個對你有點不公平的問題。所以請包涵我這個不太公平的問題。在我所覆蓋的公司中，你們是第一家在期中選舉之後、且涉足資料中心領域的公司來報告。當我們與投資人交流時，他們對2027年資料中心展望非常有信心，但對於期中選舉帶來的各種變化之下，2028年會發生什麼則相當不確定——這些資料中心是否會建到滿載產能。我想了解，當你們與大型客戶溝通時，你們是否能看到一些窗口或觀點，了解他們對2028年的想法或說法——不是對外的展望，而是對2028年的看法。然後我還有一個追問。

Thank you, Harsh, for the question. And certainly, the results of the election this week are very fresh. But I can tell you a lot of the work we're doing as a company revolves around installing and launching products not only for 2027, but also 2028 and 2029. So we're keeping very much a long-term view on the market. My personal opinion is the elections and the results aren't necessarily going to derail a lot of the work that will be done over the next five years inside this industry. So from our point of view, we're staying focused on executing our long-term plan.

謝謝你，Harsh，謝謝你的提問。而且可以確定的是，本週選舉結果才剛出爐。但我可以告訴你，我們公司正在做的許多工作，都是圍繞著不僅是2027年、也包括2028年與2029年的產品安裝與上市。因此，我們對市場保持非常長期的視角。我個人認為，選舉及其結果不一定會讓這個產業在未來五年內要完成的許多工作偏離軌道。所以就我們的角度而言，我們會持續專注於執行長期計畫。

And then maybe one for Jack, the gross margin is going up a lot more than I would have thought. I would have thought you guys would have put up 50, 60 basis points of gross margin increase sequentially. But you've sort of hit a new trajectory of 100-plus basis points of gross margin improvement. Curious what is happening, why it's being driven, the way it's being driven, if it's mix or something in manufacturing that we need to think about?

接著可能問Jack一題：毛利率上升幅度比我原先想的要大得多。我原本以為你們的毛利率季增大概會提高50到60個基點。但你們似乎進入了一個新的軌跡，毛利率改善達到100個基點以上。想請教目前發生了什麼、是什麼在驅動、為何會以這樣的方式驅動——是產品組合因素，或是製造端有什麼我們需要留意的地方？

Yes. Thanks for the question, Harsh. There's a number of factors, obviously, that are contributing to the improvements that we've seen in our gross margin over the fiscal year 2026 time period. Some of it is driven by the top line growth that we've seen, being able to better utilize some of our existing manufacturing facilities has been a contributor. The new products that we've introduced.

是的。謝謝你的提問，Harsh。顯然，在2026會計年度期間，我們看到毛利率改善是由多項因素共同推動的。其中一部分來自我們所看到的營收成長，使我們能更有效地利用既有的製造設施，這也是一項貢獻因素。以及我們推出的新產品。

We've been talking about new product introductions for a long time, and those generally have higher gross margins. So that's helping to support the improvements and also a credit to our operational teams. They've been doing a lot to make sure we're more efficient in terms of reducing waste and getting yields up and things along those lines.

我們談新產品導入已經談了很長一段時間，而這些產品通常具有較高的毛利率。因此，這有助於支撐毛利率的改善，同時也要歸功於我們的營運團隊。他們做了很多工作，確保我們在降低浪費、提升良率等方面更有效率。

So a number of different moving pieces that we've seen that have contributed to those improvements. And as we go forward, we would expect to try and continue to grow our gross margins, but it becomes a bit more challenging as you go forward. But we still think there's more room there to continue to grow at the gross margin level.

因此，我們看到有許多不同的變動因素共同促成了這些改善。展望未來，我們預期會努力持續提升毛利率，但隨著時間推進，難度會變得更高一些。不過我們仍然認為，在毛利率層面還有進一步提升的空間。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Congratulations on the very strong results. Steve, I sort of consider your segment comments for fiscal '27, looks like you're going to approach at least you're going to purchase $2 billion in revenue. I'm just curious, based on where we stand today, are you thinking about sort of that as a base case -- and where could potentially there be some upside to that potential $2 billion number?

恭喜你們取得非常強勁的成果。Steve，我把你對27會計年度的各事業部評論綜合起來看，似乎你們至少將接近、或者說將達到約20億美元的營收規模。我只是好奇，以我們目前所處的位置來看，你們是否把這個視為一個基本情境（base case）——以及這個約20億美元的數字，潛在的上行空間可能來自哪裡？

Thanks, Tore. So as you know, we don't give full year guidance, and it's very early in our fiscal year, but we are very pleased that we're starting the year with record backlog. And based on the backlog and some of the order trends, as I mentioned in my script, we think we can exceed the growth rates inside the data center. We think our base case today is about 80% year-over-year growth. So we're pretty excited about that.

謝謝，Tore。如你所知，我們不提供全年指引，而且我們的會計年度才剛開始不久，但我們非常高興能以創紀錄的在手訂單（backlog）開局。根據在手訂單以及一些訂單趨勢，如我在講稿中提到的，我們認為在資料中心領域的成長率可以高於既有預期。我們目前的基本情境大約是年增80%。所以我們對此相當興奮。

We also believe we're going to beat last year's year-over-year growth in IND, which was just around 28%. Our goal is to push that over 30% and then telecom, low double-digit growth and also very early in the year to sort of really lock that number down. I think we're going to start the year in telecom a little bit on the light side, and it's going to accelerate as we move into the year.

我們也相信，我們將超越去年IND業務的年增幅（約28%）。我們的目標是把它推升到30%以上；至於電信（telecom），我們預期是低雙位數成長，但同樣地，年度才剛開始，現在要把那個數字完全鎖定還言之過早。我認為我們在電信業務上會以相對偏弱的狀態開局，並會隨著年度推進而加速。

But I think your math is correct. If you just annualize the midpoint of our first quarter guide, you get to sort of that $1.8 billion level, which represents 37% year-over-year growth from our fiscal '26 and frankly, we would expect to do better than that. We think the second half of our fiscal '27 will be stronger than the first half. And there are structural reasons why we are bringing capacity online. We have programs that will really ramp in production.

不過我想你的計算是正確的。如果你只是把我們第一季指引的中位數年化，會得到大約18億美元的水準，這相當於相較我們26會計年度年增37%；坦白說，我們預期會做得比這更好。我們認為27會計年度下半年會比上半年更強。而且我們正在把產能上線，背後有結構性的原因。我們有一些專案將在量產上真正快速爬坡。

And we have new programs coming online in really all 3 of the different markets that we serve. So I think while we don't give full year guidance, I think, certainly, we're looking at that $2 billion target in trying to scratch our way there. But there's certainly a lot of work to be done. It's early and there's risk associated with execution and, of course, market risk. But we're feeling very confident that our fiscal is going to be a record year.

而且在我們所服務的三個不同市場中，確實都有新的專案即將上線。因此，雖然我們不提供全年指引，但我想可以說，我們確實把20億美元這個目標放在心上，並努力一步步達成。但當然還有很多工作要做。現在還很早，執行上存在風險，當然也有市場風險。不過我們對本會計年度將成為創紀錄的一年感到非常有信心。

Yes. That's great color. And as my follow-up, you mentioned one of the three areas where you've had some meaningful progress in fiscal '26 was on the CW laser side of things. I think you've always been a little bit cautious on the company's opportunity, but you sound much more upbeat on this particular call. So anything else that you could share with us as far as design wins, I think you did mention you expect to start shipping CW lasers in fiscal '28. But yes, any other color you could share with us on the traction for CW lasers would be really helpful.

是的。這些說明很有幫助。作為追問，你提到在26會計年度你們在三個領域之一取得了相當明顯的進展，其中之一是CW雷射。我覺得你們過去對公司在這方面的機會一直比較保守，但你在這次電話會議上聽起來樂觀許多。所以在設計導入（design wins）方面，你還能分享些什麼嗎？我想你確實提到預期在28會計年度開始出貨CW雷射。不過，是的，任何你能補充的關於CW雷射進展（traction）的資訊都會非常有幫助。

Sure. And I think we've talked about on the last few calls that we have a CW laser that's meeting customer requirements. So from an optical performance point of view, we have a very solid product. What we've been focused on over the past two to three quarters is the quality and the reliability of the laser. And that battle is won or lost on the quality of the facet and so over the past 6 months, our team has really had some nice breakthroughs on the quality of the facet. And we use a very MACOM-specific approach when we create the facet. We do that in our fab using ion beam technology and that has some pros and cons.

當然可以。我想我們在最近幾次電話會議中都有提到，我們已經有一款符合客戶需求的CW雷射。因此，從光學性能的角度來看，我們有一個非常扎實的產品。過去兩到三個季度我們專注的重點，是雷射的品質與可靠度。而這場仗的成敗取決於端面（facet）的品質；因此在過去6個月，我們的團隊在端面品質上確實取得了一些很好的突破。我們在製作端面時採用一種非常MACOM特有的方法。我們在自家晶圓廠（fab）使用離子束技術來完成，這種方式有其優點也有其缺點。

But at the simplest level, it can leave the facet being rougher than you want. And recently, we have made significant technology improvements which effectively take a facet that looks like it was cut by a chainsaw. And now it looks like it was cut by a sushi knife. It is absolutely unbelievable. And we think that will directly translate into an incredibly reliable facet. And that's where that's the hottest point in the laser.

但最簡單地說，它可能會讓端面比你希望的更粗糙。而最近我們做出了重大的技術改進，基本上把原本看起來像是用電鋸切出來的端面，變成看起來像是用壽司刀切出來的。這真的令人難以置信。我們認為這將直接轉化為端面極高的可靠度。而端面正是雷射中最熱的點。

The other thing I'll highlight is we will be a merchant supplier of lasers, and we will be one of the few US-based manufacturers of this technology. So as we make progress on improving the quality of the facet, it will open up new opportunities, not only at the lower 75-milliwatt power levels, but also the 100-milliwatt power levels. And we have other interesting technology development behind that to push ourselves to even higher powers. And certainly, that's further down the road.

另外我想強調的是，我們將成為雷射的商用供應商（merchant supplier），而且我們會是少數幾家以美國為基地製造這項技術的廠商之一。因此，隨著我們在提升端面品質方面取得進展，將會開啟新的機會，不僅是在較低的75毫瓦功率等級，也包括100毫瓦功率等級。而在此之後，我們還有其他有趣的技術開發，讓我們能推進到更高的功率。當然，那會是更後面的事。

So the team has done a great job. We think that we still have a lot of work to do. We're not declaring success today, but I can tell you that we have some meaningful technical progress that the team is very excited about. And I congratulate them for all the hard work they're doing.

所以團隊做得非常好。我們認為仍然還有很多工作要做。我們今天不會宣告成功，但我可以告訴你，我們已經取得一些重要的技術進展，團隊對此非常振奮。我也要恭喜他們所付出的所有努力。

Tom O'Malley, Barclays.

Tom O'Malley，Barclays。

First one is on the linearity of telcom. You're saying the full fiscal year grows faster than fiscal year '26 kind of a starting point, but you're saying kind of a slower start to the year. So you got it down one for December, which just keep it flat in March. That kind of implies strong mid-teens growth in the back half of the year to kind of get there. So can maybe you -- explain a little bit that dynamic? Is there a program that's ramping on? What's a little weaker in the first half of the year? And why does it step up so much?

第一個問題是關於電信業務成長的線性（linearity）。你說整個會計年度的成長會比26會計年度更快，算是一個起點，但你也說年初會比較慢。所以你在12月那季是下修的，而3月那季則只是持平。這樣推算下來，為了達到你所說的目標，下半年似乎需要達到約十幾個百分點中段（mid-teens）的強勁成長。所以你能否——稍微解釋一下這個動態？是否有某個專案正在爬坡？上半年是哪些部分比較弱？為什麼後續會有這麼明顯的跳升？

Yes. And just to highlight that, the target is to get our telecom business over $300 million in our fiscal '27 and that will be the fourth or fifth consecutive year of sequential growth. So our product lines and our business units are doing a great job of growing the business. As you know, it's not linear. And so timing of orders matters, especially when you're at this level of revenue.

是的。而且我想特別強調一下，我們的目標是在我們的 2027 會計年度讓電信業務超過 3 億美元，這將是連續第四或第五年逐季成長。因此，我們的產品線與事業單位在推動業務成長方面做得非常好。如你所知，這不是線性的。因此，訂單的時點很重要，尤其是在這樣的營收規模下。

I will highlight that our book-to-bill for telecom during fiscal '26 was greater than one. So we have pretty good backlog there. But we are seeing softness. We see some softness in pond. We see some softness in some of our broadband business. And while we're doing some great work with securing new 5G sockets, those programs are going to kick in later in the year. So due to all of this, we think things should be stronger in our second half.

我也要強調，我們在 2026 會計年度電信業務的接單出貨比（book-to-bill）大於 1。因此我們那邊有相當不錯的在手訂單。但我們確實看到需求轉弱。我們在 PON 方面看到一些疲軟。我們在部分寬頻業務也看到一些疲軟。而且雖然我們在取得新的 5G 設計導入（sockets）方面做得很好，但那些專案會在今年稍晚才開始放量。因此基於上述因素，我們認為下半年應該會更強。

And I also think during the course of the next 12 months, there's going to be lots of new opportunities that maybe allow us to sort of exceed these numbers. As you know, we include LEO business, LEO Constellations in our Telecom segment. And our LEO business is doing quite well right now. We are building large backlog. A lot of that backlog will ship through in fiscal '27 and also in fiscal '28. So generally speaking, things are going well. In the telecom market, we're moving as quickly as we can to keep it on a reasonable growth pace.

我也認為在接下來 12 個月內，會有很多新的機會，或許能讓我們某種程度上超越這些數字。如你所知，我們在電信事業部中也包含 LEO 業務、LEO 星座。而我們的 LEO 業務目前表現相當不錯。我們正在建立大量在手訂單。其中很大一部分會在 2027 會計年度以及 2028 會計年度出貨。所以整體而言，進展良好。在電信市場方面，我們正以最快速度推進，以維持合理的成長步調。

Great. And then just as my follow-up, just a broader market question. So you had an acquisition in the space earlier this week or last week, don't remember. And you've seen other companies in your space like Aster Labs talk about their TIA and driver portfolios. So I just wanted to ask, when you move from TIAs and drivers in pluggable modules, and you look at NPO solutions. Could you maybe talk about the competitiveness of your portfolio there?

很好。接著作為追問，這是一個更廣泛的市場問題。你們本週稍早或上週在這個領域做了一筆併購，我不太記得確切時間。而且你也看到同業例如 Aster Labs 談到他們的 TIA 與驅動器產品組合。所以我想問的是，當你從可插拔模組中的 TIA 與驅動器，轉向看 NPO 解決方案時，你能否談談你們在那裡的產品組合競爭力？

You're obviously handling more channels, but then you're going to go up against players with more integrated solutions. So maybe walk through if that means that you're going to see some share shift there? And just the quality of your product as you move to handling more channels. Is there any sort of competitive dynamic on the technology side as well?

你們顯然會處理更多通道，但同時也會面對提供更高度整合解決方案的玩家。所以能否說明一下，這是否意味著你們會看到市占出現一些移轉？以及當你們轉向處理更多通道時，你們產品的品質表現如何。在技術面是否也存在某種競爭態勢？

Yes. Well, certainly, the product lines we sell into the data center are very competitive. And the companies you've listed are certainly have been and will continue to be competitors from our point of view. I think it's critical that we bring our best game to the market every day. And when we look at the technology we have and the opportunities with NPO and specifically, you've seen this migration, as you know, from LPO over to sort of XPO now NPO, our technology is perfect for that application.

是的。嗯，當然，我們銷往資料中心的產品線競爭力非常強。而你列舉的那些公司，從我們的角度來看，確實一直是、也將持續是競爭對手。我認為關鍵在於我們每天都必須以最佳狀態面對市場。當我們看我們的技術以及 NPO 的機會，特別是如你所知，你已經看到從 LPO 遷移到某種 XPO、現在到 NPO 的趨勢，我們的技術非常適合該應用。

When you start to get into more highly integrated advanced silicon CMOS-based fully integrated solutions, that's not an area we play in. So we are more of a multifunction or single-function CGI high-performance solution. And we think the size of the opportunities that we're seeing in NPO are significant. We think the hyperscalers are going to do market share across multiple vendors regardless of the data rates or regardless of the form factors.

當你開始進入更高度整合、先進的矽 CMOS 為基礎的全整合解決方案時，那不是我們參與的領域。因此我們更偏向多功能或單一功能的 CGI 高效能解決方案。而我們認為我們在 NPO 看到的機會規模相當可觀。我們認為超大規模業者（hyperscalers）會在多家供應商之間分配市占，不論資料速率或不論外形規格（form factors）。

And I can tell you that we're right in the fight. So we're dealing with the major hyperscalers we're dealing with their supply chain. We're actively sampling and developing products for NPO and we, frankly, look at this opportunity as a multibillion-dollar opportunity. And I would imagine MACOM is going to get some piece of that.

我可以告訴你，我們正身處競爭核心。所以我們正在與主要的超大規模業者合作，也在與他們的供應鏈合作。我們正積極提供樣品並開發 NPO 產品，而且坦白說，我們把這個機會視為一個數十億美元規模的機會。我想 MACOM 會從中取得一部分。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

Maybe I'll follow on -- behind Tom on the NPOs. Just kind of curious, you have engagements. This seems like the Wildwood West, everybody pursuing different flavors. Now, starting to hear some concrete wins, so I'd just be curious when you look at the engagements you have, when do you think those things are awarded? And then any thought on timing? It's probably not fiscal '27, but I'm curious what you're seeing.

我想接在 Tom 後面追問一下 NPO。只是有點好奇，你們有在參與（engagements）。這看起來像是蠻混戰的局面，每個人都在追不同的路線。現在開始聽到一些更具體的勝出案例，所以我想問，當你看你們目前的參與案時，你認為那些案子何時會定案（awarded）？另外對時程有什麼看法？可能不是 2027 會計年度，但我想了解你看到的狀況。

Yes. As you know, Blayne, we keep our cards close to the chest when it comes to customer engagement. So we can't really comment on the wins and engagements or the agreements and contracts and things like that. What I can tell you is we are right in the middle of supporting these opportunities and we'll have to wait and see how things shake out over the next year.

是的。如你所知，Blayne，談到客戶合作（engagement）時，我們一向相當保守，不會輕易透露。所以我們無法真正評論勝出情況與合作進展，或協議、合約之類的事項。我能告訴你的是，我們正處於支援這些機會的核心位置，接下來一年就得看事情如何發展。

Got you. And then I wanted to ask a big step up in CapEx, obviously, seeing another strong growth year, so it makes sense. I'm curious just -- as you look out, you mentioned it's a multibillion-dollar opportunity. It might even be more scale up as a 10x multiplier scale-in bigger. So I'm just kind of curious versus your fab footprint, like how much runway do you have to expand your capacity here?

了解。另外我想問，資本支出（CapEx）大幅提升；顯然你們又看到另一個強勁成長年，所以這合理。我好奇的是——往前看，你提到這是數十億美元的機會。規模甚至可能再放大，像是以 10 倍乘數擴張、規模更大。所以我想問，相對於你們的晶圓廠（fab）版圖，你們在擴充產能方面還有多少空間（runway）？

I think that's a great question. And so when we think about expanding our fabs to support our data center business. That work is primarily here in Massachusetts. And so we have a two-phase program that we're rolling out. We're about two-thirds the way through Phase1.

我覺得這是個很好的問題。因此當我們思考擴充晶圓廠以支援資料中心業務時，這項工作主要在麻薩諸塞州這裡進行。我們正在推動一個兩階段的計畫。第一階段目前大約完成了三分之二。

That program will provide equipment and space to support the ramps in 2027 based on existing business and new business coming in. And then we will have a Phase 2 event, which will support a lot of the CW laser business, and we will kick that effort off probably in mid-2027 based on how things shake out with the performance of our CW lasers. When you look at the $100 million to $110 million, I would say about 60% of that is going into the fabs. Remember, we have a fab here in Massachusetts. We have the RTP fab and we have a fab in France. Those are our three primary fabs. And so, most of the dollars are going into modernization or adding capacity.

該計畫將提供設備與空間，以支援 2027 年的產能爬坡，這是基於既有業務以及新增進來的新業務。接著我們會有第二階段的事件（Phase 2 event），它將支援大量的 CW 雷射業務；我們可能會在 2027 年年中啟動該項工作，取決於我們 CW 雷射的表現最終如何發展。就 1 億至 1.1 億美元而言，我會說其中約 60% 會投入晶圓廠。請記得，我們在麻薩諸塞州有一座晶圓廠。我們有 RTP 晶圓廠，並且在法國也有一座晶圓廠。這三座是我們主要的晶圓廠。因此，大部分資金會用於現代化升級或增加產能。

As you remember, last fiscal year, we talked about adding 30% capacity at our RTP fab. Our RTP fab right now is producing more wafers than they ever have and the outlook for that facility is extremely strong, primarily driven by defense then second telecom and even some future D2D business. So I think the health of our fabs and the spending we're doing in the fabs is quite targeted.

如你所記得的，上一個會計年度我們談到在 RTP 晶圓廠增加 30% 產能。我們的 RTP 晶圓廠目前的晶圓產出量已經高於以往任何時候，而該廠的展望非常強勁，主要由國防需求帶動，其次是電信，甚至還有一些未來的 D2D 業務。所以我認為我們晶圓廠的健康狀況，以及我們在晶圓廠的支出，都是相當聚焦且有針對性的。

And then the other thing I'll highlight is because it's related, we are still actively engaged with the chips program office. As you know, we announced -- we signed a PMT in January of 2025 to make major investments in our Lowell (inaudible) and RTP facilities. We are probably one or two quarters away from signing a DFA that will provide significant funding to MACOM to do a lot of the things that we need to do to stay on our growth trajectory.

接著我還要強調另一件事，因為這與此相關：我們仍在積極與 CHIPS 計畫辦公室合作。如各位所知，我們已宣布——我們在 2025 年 1 月簽署了一份 PMT，將對我們位於 Lowell（聽不清）以及 RTP 的設施進行重大投資。我們大概再過一到兩個季度就會簽署一份 DFA，該協議將為 MACOM 提供可觀的資金，用於推動許多我們為了維持成長軌跡所必須做的事情。

So the team has done a really nice job aligning the CPO program with the needs of the business. And so it's a huge opportunity for MACOM to leverage some of the support from the government. So I think we have capital under control. I will say that since 2019, the first two to three years of running the business, this management team was underspending on capital. And I would say, in the last three years, we've started to be very targeted.

因此，團隊在讓 CPO 計畫與業務需求對齊方面做得非常出色。所以，這對 MACOM 來說是一個巨大的機會，可以運用政府提供的一些支持。因此我認為我們的資本支出是可控的。我會說，自 2019 年以來，在經營業務的前兩到三年，這個管理團隊在資本支出上其實投入不足。而我會說，在過去三年裡，我們開始變得非常有針對性。

And we like to spend the money when we have the business. We don't typically lean in, build the factory and then hope the business comes. So we sort of are very careful as we spend this money.

我們喜歡在有業務需求時才花這筆錢。我們通常不會先大舉投入、把工廠蓋好，然後再期待業務自己上門。所以在花這些錢時，我們會非常謹慎。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Congratulations on a nice outlook for 2027 Steve, just wanted to follow up on the production capacity you kind of went through the company's internal CapEx plans. I think a lot of your data center business, certainly, the SGI part is largely outsourced. You're talking about a base case growth for data center up 80%. How are you feeling about your external foundry relationships in terms of capacity support for CGI as you look to fiscal 2027 and beyond.

Steve，恭喜你們對 2027 年給出很不錯的展望。我想追問一下你剛才談到的產能，也就是公司內部的資本支出（CapEx）規劃。我認為你們很多資料中心業務，當然其中 SGI 的部分大多是外包的。你們談到資料中心在基準情境下成長 80%。展望 2027 財年及之後，在為 CGI 提供產能支援方面，你對外部晶圓代工夥伴關係的感受如何？

I think that's a great question. And I think some of the capital spending that we'll be putting in place support scaling the back end beating assembly and test, a lot of times that is done offshore. So I just want to sort of highlight before we get into the relationships with our foundries that some of the capital spending supporting the back-end work and as we talked about some of these volumes going up by orders of magnitude, we want to make sure we have enough infrastructure to support that on the back end.

我認為這是個很好的問題。而且我認為我們將要投入的一部分資本支出，是用來支援後段擴產，也就是封裝與測試；很多時候這些是在海外完成的。所以在我們談到與代工廠的合作關係之前，我想先強調：有一部分資本支出是用來支援後段作業；而且如我們所談到的，當某些出貨量以數量級的幅度提升時，我們要確保後段有足夠的基礎設施來支撐。

You've seen me companies in the last 4 or 5 months put out press releases that they've signed long-term supply agreements with various companies like Global, ST, Tower, TSMC, that is not our style. We don't do that. We engage very privately and confidentially with our supply chain. We make sure that we are getting the wafers we need. I will say that some of the behaviors of the CGI fabs is more -- rather than sort of target-based commitments, they are firm commitments and MACOM won't be shy about signing and make sure that we are securing the supply that we need to make sure we hit our growth targets.

過去 4、5 個月你看到一些公司發布新聞稿，說他們與像 Global、ST、Tower、TSMC 等公司簽了長期供貨協議；那不是我們的風格。我們不那樣做。我們會以非常私密且保密的方式與供應鏈互動。我們會確保能拿到我們所需要的晶圓。我會說，CGI 晶圓廠的一些做法更偏向——與其說是以目標為基礎的承諾，不如說是更具約束力的確定承諾；而 MACOM 也不會排斥簽署相關協議，以確保我們能鎖定所需供應，確保達成我們的成長目標。

The other thing I'll highlight is our HPC and Lightwave teams that are providing these high-end products have a very strong experience, not only at Tower Jazz, but ST in GLOBALFOUNDRIES. And so we're keenly aware of those technologies, the strengths of those technologies, and we align the best technologies with our product road map. We're very good at that. And so we have a very nimble and experienced team that is not only looking at the technology road maps of our suppliers, but we also look at their capacity as well.

另外我想強調的是，我們提供這些高階產品的 HPC 與 Lightwave 團隊，不僅在 Tower Jazz，也在 ST 與 GLOBALFOUNDRIES 方面擁有非常深厚的經驗。因此我們非常清楚這些技術、這些技術的優勢，並且會把最合適的技術與我們的產品路線圖對齊。我們在這方面做得非常好。因此，我們有一支非常靈活且經驗豐富的團隊，不僅在看供應商的技術路線圖，也同時會看他們的產能。

So when we think about the next five years, that is something that will be well managed by our supply chain staff. What we are primarily focused on is out designing the competition. You have to beat the competition with a better product and then the volume will come.

所以當我們思考未來五年時，這會由我們的供應鏈團隊妥善管理。我們主要聚焦的是在設計上超越競爭對手。你必須用更好的產品打敗競爭對手，然後量自然就會來。

And then just for Jack, as we think about the gross margin progression going forward, do you think we're back to sort of a 25 to 50 basis points a quarter progression as you look through '27?

另外想請教 Jack：就未來毛利率的走勢而言，展望到 2027 年，你認為我們是否會回到每季大約提升 25 到 50 個基點的節奏？

Yes, that's our current view. We really haven't changed that view. We've been fortunate that we've been able to exceed it during fiscal year '26 as the top line grew quite nicely. But yes, that 25 to 50 basis points on a quarterly basis as you step your way through '27 feels appropriate.

是的，這是我們目前的看法。我們其實沒有改變這個看法。我們很幸運，在 2026 財年由於營收成長相當不錯，我們能夠超過這個節奏。但沒錯，當你一路走到 2027 年時，每季提升 25 到 50 個基點的幅度，我覺得是合理的。

Gary Mobley, StoneX Group.

Gary Mobley，StoneX Group。

Given all the inflationary pressures in your supply chain, given your high utilization rate at your own fabs, I'm curious to get your thoughts on the pricing environment on a like-for-like product basis.

考量到你們供應鏈的各種通膨壓力，以及你們自有晶圓廠的高稼動率，我想請教你對於在同等產品（like-for-like）基礎上的定價環境有何看法。

Yes. I think our sales and business unit leadership is very good at optimizing the pricing so that we're providing value to the customer, but also covering our costs and when our costs go up, we study whether it's possible to pass those costs over to customer. So I would say that while our overall costs are going up across the board, whether it's raw materials, energy, labor, we've been able to manage those increases quite well.

是的。我認為我們的銷售與事業單位領導層非常擅長最佳化定價，既能為客戶提供價值，也能覆蓋我們的成本；當我們的成本上升時，我們會評估是否有可能把這些成本轉嫁給客戶。所以我會說，雖然我們的整體成本全面上升，不論是原物料、能源或人力，我們都能相當有效地管理這些上升。

And as you can see, over the last few years, we've moved our gross margins from the mid-50s now to the low 60s. And quite frankly, as Jack mentioned, with our new products coming out that have even higher margins, we see a path to having gross margins in the mid-60s in the not-too-distant future.

而且如你所見，過去幾年我們已把毛利率從 50% 中段提升到現在的 60% 初段。坦白說，正如 Jack 提到的，隨著我們推出毛利率更高的新產品，我們看到在不久的將來，毛利率提升到 60% 中段是有路徑可循的。

And my follow-up, I want to ask about some development earlier this week. It appears as though we might see a terrestrial build out 5G build-out, 6G build-out by Star Link to complement their satellite network, essentially adding another operator in North America. I'd love to get your thoughts on how that might eventually impact the rand market.

我還有一個追問，想問本週稍早的一些進展。看起來 Star Link 可能會進行地面網路建設，包括 5G 建設、6G 建設，以補強其衛星網路，本質上等於在北美新增另一家營運商。我很想聽聽你認為這最終可能會如何影響 RAN 市場。

Well, that's a great question. And so we think that's an opportunity for MACOM. And as I mentioned in my prepared remarks, a lot of our 5G technology is applicable not only to D2D but also for those that want to build out their own RAN network. And so yes, I think you're thinking about that the right way that that's an opportunity for MACOM. I'll highlight that we are the only domestic 5G power amplifier supplier. So if it's important for a network operator to have US content in their equipment, they will turn to MACOM.

嗯，這是個很好的問題。我們認為這對 MACOM 來說是個機會。正如我在事先準備的發言中提到的，我們許多 5G 技術不僅適用於 D2D，也適用於那些想要建置自有 RAN 網路的業者。所以是的，我認為你這樣思考是對的：這對 MACOM 是一個機會。我也要強調，我們是唯一的國內 5G 功率放大器供應商。因此，如果網路營運商重視其設備中包含美國本土內容（US content），他們就會轉向 MACOM。

Karl Ackerman, BNP Paribas.

Karl Ackerman，BNP Paribas。

One of your competitors had an Analyst Day earlier this month that noted interconnect revenues could advance at a 65% CAGR through 2030, in part driven by higher demand for analog components using your package optical applications. You have to address several of these areas. I'm curious if you would also underwrite that industry growth outlook.

你們的一位競爭對手本月稍早舉辦了分析師日，提到互連（interconnect）營收到 2030 年可能以 65% 的年複合成長率（CAGR）成長，部分動能來自於在封裝光學應用中使用的類比元件需求提升。你們也涉足其中幾個領域。我想了解，你是否也會認同並支持這樣的產業成長展望？

We don't typically comment on the size of markets or the growth rates of any particular market. So I wouldn't want to necessarily endorse your comments specifically but what I will say is as we approach our customers, hyperscalers and their supply chain, we are seeing very large opportunities for scale up and we are directly engaged in designing chips or providing samples of chips to meet those needs. And the volumes for scale-up looks significant larger than what we've seen in our past.

我們通常不會評論市場規模或任何特定市場的成長率。因此我不一定想特別背書你剛才的說法，但我可以說的是，當我們接觸客戶、超大規模雲端業者（hyperscalers）及其供應鏈時，我們看到非常龐大的 scale-up 擴展機會，而且我們正直接參與晶片設計，或提供晶片樣品以滿足這些需求。而 scale-up 的出貨量看起來明顯大於我們過去所見。

Sean O'Loughlin, TD Cowen.

Sean O'Loughlin，TD Cowen。

Congrats on the results. Steve, I wanted to lean into the comments you made in the prepared remarks on the V-band and the analog linear liters, let's just pretend I know what those words mean. And as we think about the base or the ground station opportunity for LEO, especially in the expanding VMW bands, they sound a lot like sort of MACOM's wheelhouse. Maybe you could just talk about the competitive landscape on that front? Like who are you going -- or is it a almost a MACOM only market?

恭喜這次的業績。Steve，我想深入追問你在事先準備的講稿中提到的 V-band 與類比線性化器（analog linearizers）——我們先假裝我知道那些詞的意思。當我們思考 LEO 的基地台或地面站機會，特別是在擴張中的 VMW 頻段時，聽起來很像是 MACOM 的主場。也許你可以談談這一塊的競爭態勢？例如你們會面對哪些競爭對手——還是說這幾乎是 MACOM 獨有的市場？

Are there other competitors that we would know about? Or is that just a sort of greenfield growth opportunity for you guys?

是否還有其他我們可能知道的競爭者？或者這對你們而言就是一個類似綠地（greenfield）的成長機會？

Yes. When you look at the SATCOM market and the ground station market, there's an annual trade show in Washington called the SATCOM show. And what you see is hundreds of companies producing uplinks and down links. Some of those companies are designing their own power amplifiers, some are using TWTs almost all of the TWTs are linearized and there's only 1 company that's here in the US that produces this type of linearizer and that's MACOM.

是的。當你看 SATCOM 市場與地面站市場時，華盛頓每年有一個叫 SATCOM show 的年度展會。你會看到數百家公司在做上行鏈路與下行鏈路設備。其中一些公司自行設計功率放大器，有些則使用行波管（TWT）；幾乎所有的 TWT 都會做線性化，而在美國只有 1 家公司生產這類線性化器，那就是 MACOM。

So we do have some other international competition, but generally speaking, whether it's a military uplink or a high-volume uplink, our team is very good at supporting this market.

所以我們確實有一些其他的國際競爭者，但整體而言，不論是軍用上行鏈路或高出貨量的上行鏈路，我們的團隊都非常擅長支援這個市場。

It's not a huge market, but I would say we're #1 in this space. If you remember, we purchased a company called Linear Communication Group about 3.5 years ago. We purchased this company for 3 reasons. One, they were very strong at SSPA, so power amplifiers. Second, they had analog microwave linearizers; and third, they had RF over fiber technology.

這不是一個非常大的市場，但我會說我們在這個領域是第 1 名。如果你還記得，我們大約在 3.5 年前收購了一家公司，叫 Linear Communication Group。我們收購這家公司有 3 個原因。第一，他們在 SSPA（固態功率放大器）也就是功率放大器方面非常強。第二，他們有類比微波線性化器；第三，他們有 RF over fiber（射頻光纖傳輸）技術。

And we embraced all 3. We felt those technologies were very complementary to the work we were doing.

而我們把這三項都納入並加以發展。我們認為這些技術與我們正在做的工作具有很強的互補性。

And so as the SATCOM market has grown, we've been the beneficiary of supporting the growth and a lot of the chips that are going inside these V-band linearizers are MACOM components. So high level of MACOM content, high dollar value, very sticky business, we form very close relationships with the various TWT companies that produce these high-power devices. We're seeing these not only on the ground station. We are actually -- we have won some linearizer business for satellite-based linearization as well. So it's a great business. It's classic MACOM, as you pointed out.

因此，隨著 SATCOM 市場成長，我們因支援這個成長而受惠，而許多裝在這些 V-band 線性化器裡的晶片都是 MACOM 的元件。所以 MACOM 含量很高、單價價值高、黏著度很強的業務；我們也與各家生產這些高功率裝置的 TWT 公司建立非常緊密的合作關係。我們看到這些不只用在地面站。實際上——我們也在衛星端線性化（satellite-based linearization）方面拿下一些線性化器業務。所以這是一門很棒的生意。正如你所說，這是典型的 MACOM。

Great. And I'll look up a lot of those words later. As a follow-up, I wanted to maybe ask, I guess both of you, Steve or Jack, I actually got a question intra-quarter about buybacks or dividends for MACOM, which I think is quite a milestone and reflects sort of the strength of the balance sheet and really the cash flow statement. So just wanted to get your thoughts on the capital allocation priorities. Obviously, the CapEx is stepping up, or maybe is there any shareholder return or maybe you just want to gloat about the cash flow generation.

很好。我之後會再去查查那些詞。作為追問，我想問你們兩位——Steve 或 Jack——我在季度中收到一個關於 MACOM 是否會做庫藏股或發放股利的問題；我覺得這其實是一個重要里程碑，也反映了資產負債表的強勁，以及現金流量表的表現。所以想請教你們對資本配置優先順序的看法。顯然資本支出（CapEx）正在提高；那是否會有任何股東回饋？或者你們只是想炫耀一下現金流的創造能力。

Well, yes, thank you. So we don't have any plans at this point to do buybacks or start a dividend program. And as you highlighted, we believe cash is king, and we're accumulating cash certainly, in the next year, we're going to generate a lot of cash. That will be used for internal R&D and some modest expansion, but it will also be used to make sure we execute our long-term strategy. And if you think out to 2027, let's assume for a minute we can achieve $2 billion and, say, $10 of earnings.

嗯，是的，謝謝。所以我們目前沒有計畫進行庫藏股或啟動股利政策。如你所指出的，我們相信現金為王（cash is king），我們確實在累積現金；當然，在接下來一年我們將產生大量現金。這些現金會用於內部研發以及一些適度的擴產，但也會用來確保我們能執行長期策略。如果把時間拉到 2027 年，先假設我們能達到 20 億美元營收，以及例如每股盈餘 10 美元。

But if you go out to 2030, we want to be a company that's $5 billion. And so when we think about how to get to $5 billion, we recognize that we're going to need additional technologies, more staff, we're going to need to enter some other markets.

但如果看到 2030 年，我們希望成為一家 50 億美元規模的公司。因此當我們思考如何達到 50 億美元時，我們認知到我們需要額外的技術、更多的人才，也需要進入其他市場。

A core part of our strategy is we like running a diversified business. So today or in fiscal '26, IND was 40% of our business, data center was 38% in telecom about 20%. And you might argue that these 3 markets are disassociated and not correlated, and we like that. We think that's good for business. It protects our customers. And so when we think about achieving $5 billion in revenue, we think, okay, we want to start accumulating cash. We want to make sure that we have optionality as we move ahead.

我們策略的核心之一，是我們喜歡經營多元化的業務。所以今天或在 26 財年，工業與國防（IND）占我們業務的 40%，資料中心占 38%，電信約 20%。你可能會認為這三個市場彼此不相關、相關性不高，而我們喜歡這樣。我們認為這對業務是好事。這能保護我們的客戶。因此當我們思考要達成 50 億美元營收時，我們會想：好，我們要開始累積現金。我們要確保在往前走的過程中保有選擇權（optionality）。

And certainly, today, we're in a great growth environment. All the markets are strong. Two, three years down the road, that may not be the case. And we want to make sure that if the bottom falls out from the markets, that we have a lot of dry powder. So we do keep a long-term perspective on our growth strategies. And I think Jack and I are like-minded that more cash is better in Jack health turn it over to you for additional.

而且可以確定的是，今天我們處在很好的成長環境。所有市場都很強勁。但兩、三年後未必如此。我們希望確保如果市場突然下滑，我們手上有很多「乾火藥」（dry powder，可動用資金）。所以我們確實以長期視角看待成長策略。我想 Jack 和我想法一致：現金越多越好。Jack，接下來交給你補充。

Well, I think you did a good job summarizing everything there, Steve.

嗯，我覺得你已經把重點總結得很好了，Steve。

William Stein, Truist Securities.

William Stein，Truist Securities。

I'd like to follow up on an earlier question about profitability that's coming in better than previously expected. And when you were going through the reasons behind that, one that you didn't talk about is mix by end market. And I was just hoping you can remind us among the three end markets, maybe you could say even four, if you break up industrial and defense. Which of these tend to be richer in profitability? And if mix is part of what's driving this upside?

我想延續先前關於獲利能力優於先前預期的問題。當你在說明背後原因時，有一點你沒有談到，就是終端市場組合（mix by end market）。我希望你能提醒我們，在三個終端市場之間——甚至如果把工業與國防拆開算成四個——哪些通常具有較高的獲利能力？以及這次的優於預期是否有一部分是由組合所驅動？

Yes, mix will always be a part of the ultimate gross margin answer. And that could be at product levels or even across some of the three different end markets. And when we look at our end markets from a profitability standpoint, usually fall within a bell curve and don't deviate much from that over time. So we don't necessarily break it out by each of those end markets, but obviously, the volumes are increasing over the past number of years, and that's supporting some of the improvements that we've seen in the gross margin.

是的，組合永遠都會是最終毛利率答案的一部分。這可能發生在產品層級，或甚至在三個不同終端市場之間。而當我們從獲利能力角度看終端市場時，通常會落在一個鐘形曲線範圍內，且隨時間推移不會偏離太多。因此我們不一定會按各終端市場逐一拆分揭露；但很明顯地，過去幾年出貨量一直在增加，而這也支撐了我們在毛利率上看到的一些改善。

And then we're also seeing, as I had mentioned earlier, some of the newer products that we're introducing that are going into these end markets and those newer products tend to have higher gross margins. So those are some of the contributing factors that we have with regard to that gross margin growth we've seen over the past year.

然後我們也看到，如我先前提到的，我們正在導入的一些較新的產品正進入這些終端市場，而這些新產品往往具有較高的毛利率。因此，以上是我們在過去一年所看到的毛利率成長的一些促成因素。

As a follow-up, you guys have done a great job, very efficient job on investing in R&D for new product development, as you've highlighted on the call. Some companies that I cover in semis have talked about using AI tools to improve the efficiency of R&D. And I wonder to what degree you've adopted that? Or are you still evaluating it? Any early successes or direction you can talk about in that regard would help.

追問一下，你們在投入研發以進行新產品開發方面做得非常出色，而且效率很高，正如你們在電話會議中所強調的。我所追蹤的半導體公司中，有些談到使用 AI 工具來提升研發效率。我想了解你們在多大程度上已經採用？或者你們仍在評估中？若能分享任何早期成果或方向，將會很有幫助。

Thank you for the question. And you're right, our spending in R&D is really the future lifeblood of MACOM and we've been increasing our R&D spending by about 20% a year over the past few years. In 2027, we should spend somewhere around $300 million and if you just go back to 2023, it was about $130 million. So significant growth in R&D spending over the past few years. We absolutely are evaluating and utilizing AI in the business today. I won't get into the details as to where.

謝謝你的提問。你說得沒錯，我們在研發上的支出確實是 MACOM 未來的命脈，而在過去幾年我們每年將研發支出提高約 20%。到 2027 年，我們的研發支出應該會在約 3 億美元左右；如果回到 2023 年，約為 1.3 億美元。因此，過去幾年研發支出有顯著成長。我們確實正在評估並且已在今日的業務中運用 AI。我不會深入說明具體用在哪些地方。

But I can say that, yes, our engineering organization is absolutely looking at AI to support the design process. In fact, we have established a dedicated group to only use AI in the design process because we want to push ourselves and push the limits. And so we'll see how that goes. Using AI is not free. And so at the end of the day, we'll do a cost-benefit analysis to see if we're getting a better result in a more efficient and faster result.

但我可以說，是的，我們的工程組織絕對正在研究以 AI 來支援設計流程。事實上，我們已成立一個專責團隊，專門在設計流程中使用 AI，因為我們想推動自己、挑戰極限。所以我們會看看進展如何。使用 AI 並不是沒有成本的。因此，最終我們會做成本效益分析，看看是否能以更有效率、更快速的方式取得更好的結果。

The other thing I'll highlight is we have partnered recently with one of the CAD tool providers, and they have given us an incredible -- we've worked together to create an incredible transaction where we have almost unlimited simulation capacity to run some AI activity, which this capacity would have cost perhaps tens of millions of dollars if we were just buying seats and so we have developed a very nice strategic relationship with a leading CAD supplier.

另外我想強調的是，我們最近與其中一家 CAD 工具供應商建立合作，他們提供了我們一個令人驚豔的——我們共同打造了一個非常出色的合作方案，使我們幾乎擁有無上限的模擬運算能力來執行一些 AI 活動；若只是單純購買授權席次，這樣的運算能力可能要花上數千萬美元。因此，我們已與一家領先的 CAD 供應商建立了非常良好的策略關係。

And over the next year or so, we're going to see if we're able to use AI in a way that really is meaningful to the design process. So early days, but I can assure you that, yes, we are evaluating that. We're trying to properly resource this activity, and we'll have to see how it plays out.

在接下來一年左右，我們將觀察是否能以真正對設計流程有意義的方式來使用 AI。所以目前仍在早期階段，但我可以向你保證，是的，我們正在評估這件事。我們正嘗試為這項活動配置適當資源，並且必須看看最終會如何發展。

Christopher Rolland, Susquehanna International Group.

Christopher Rolland，Susquehanna International Group。

Question around copper and if there are any other developments around either ACCs or copper linear equalizers on PCB and kind of the outlook for next year for these products as well would be great.

想請教關於銅互連，是否在 ACC 或 PCB 上的銅線性等化器方面有任何其他進展？另外也想了解這些產品明年的展望。

Thank you for the question. Excellent progress over the past four months regarding our equalizer products, getting traction and very, very positive results there. If you may remember, we refreshed our linear equalizer products early in FY26. And we're starting to see the fruits of those -- that effort and we're starting to get very, very good results from various cable companies and even one particular hyperscalers is essentially telling us we're meeting requirements. So we'll have to see how things shake out in this year.

謝謝你的提問。在過去四個月，我們的等化器產品取得了極佳進展，開始獲得採用並且結果非常、非常正面。如果你還記得，我們在 FY26 初期更新了我們的線性等化器產品。我們正開始看到那項努力的成果，並且從多家線纜公司，甚至有一家特定的超大規模雲端業者（hyperscaler）基本上告訴我們，我們符合其需求。因此，今年的情況會如何發展，還需要再觀察。

But right now, the team is doing great. So our latest 200-gig equalizers, to be clear. seem to be meeting system requirements. We also have multiple versions of that same equalizer that we think are even better, and we have higher data rate equalizers that will be providing customers as well. So from our point of view, it's a great opportunity. It is absolutely part of the scale up application, which means there could be some significant volume there.

但就目前而言，團隊表現非常好。所以我們最新的 200G 等化器，說清楚一點，似乎正在滿足系統需求。我們也有同一款等化器的多個版本，我們認為表現甚至更好；此外，我們也有更高資料速率的等化器，將提供給客戶。因此，從我們的角度來看，這是一個很好的機會。這絕對是 scale-up 應用的一部分，這意味著可能會有相當可觀的出貨量。

So yes, we would expect to see some business from all this effort in our fiscal '27, most likely in the back half. But generally speaking, I think we've recovered our position in the market, and we're on track.

所以是的，我們預期在會計年度 '27 會從這些努力中看到一些業務，最有可能是在下半年。但整體而言，我認為我們已經恢復了在市場上的地位，而且進度如期。

Excellent. And Steve, as a follow-up, data center, 80% growth is pretty enormous next year. Obviously, you're selling more of what you sold in '26, but any kind of further conversation about how composition changes, how new products roll into that into that portfolio and bookings for the year, just as we contrast '26 versus '27 in data center for that growth.

很好。Steve，再追問一下，資料中心明年 80% 的成長相當驚人。顯然你們會賣出更多在 '26 年賣的產品，但能否再多談一些組合如何變化、新產品如何納入該產品組合，以及全年訂單（bookings）的情況？也就是在比較資料中心 '26 與 '27 的成長時，提供一些對照。

Yes. I think when we look back on 2027 and compare it to '26, I think you're going to see MACOM will have shipped more 200-gig per lane drivers in you will see that we have more capacity to manufacture Indium phosphide products, and we're shipping more there. We may be seeing early revenue in NPO. We'll have to see if it falls into this year or next fiscal year. Coherent light is meaningful.

是的。我認為當我們回頭看 2027 並與 '26 相比時，你會看到 MACOM 出貨了更多每通道 200G 的驅動器；你也會看到我們有更多產能來製造磷化銦（InP）產品，而且我們在那部分的出貨也更多。我們可能會在 NPO 看到早期營收；要看是落在今年還是下一個會計年度。相干光（coherent light）是有意義的。

We think that you'll start to see coherent light kick into gear. We just talked about the equalizers coming online in the back half. We're also -- and we don't talk about this a lot, but we're very active with PCI. And so we have a very strong solution there. We've been demonstrating it over the past six months. We're getting traction there. And we feel like there may be some opportunities in our fiscal '27.

我們認為你將開始看到相干光進入加速成長階段。我們剛談到等化器會在下半年上線。另外——我們不常談這個，但我們在 PCI 方面非常積極，因此我們在那裡有非常強的解決方案。過去六個月我們一直在展示它。我們在那裡正獲得採用。我們覺得在我們的會計年度 '27 可能會有一些機會。

And then the last wildcard, as we talked about, is a CW laser, which is more of a 2028 opportunity. However, as I mentioned, we are seeing big demand on our 25G DFB lasers as a lot of laser manufacturers are sort of shutting that business. And so that 100-gig per lane business is picking up for us, and that will grow year-over-year as well. And maybe the last thing I'll mention is LPO is doing quite well. and the business is growing significantly year-over-year.

然後最後一個不確定因素，如我們所談到的，是 CW 雷射，這更像是 2028 年的機會。不過，如我提到的，隨著許多雷射製造商某種程度上正在收縮該業務，我們看到對 25G DFB 雷射的需求很大。因此，每通道 100G 的業務正在為我們升溫，而且也會呈現年對年成長。也許最後我想提的是，LPO 表現相當不錯，而且該業務年對年顯著成長。

Harlan Sur, JPMorgan.

Harlan Sur，JPMorgan。

Great job on the quarterly execution. The team is doing just an awesome job on the innovation front, bringing your standard products to the market. That being said, I mean, more and more of your customers are building their own internal chip design teams, they want access to your technology, they want active to design advanced type gene capabilities. Foundry and custom design services has always been a part of the MACOM strategy, right? You guys offer the most diverse set of three, five compound semiconductor processes in the industry.

本季執行表現很出色。團隊在創新方面做得非常棒，將你們的標準產品推向市場。話雖如此，我是說，越來越多你們的客戶正在建立自己的內部晶片設計團隊，他們想取得你們的技術，他們希望能夠使用先進類型的基因能力。晶圓代工與客製化設計服務一直是 MACOM 策略的一部分，對吧？你們提供業界最多元的三、五族化合物半導體製程組合。

I think like something like 15 to 20 different process types different device architectures, right dials all the way through PHEMT. How big is the foundry and custom products business? Is it still a focus area for the team and your view on the growth outlook there?

我想大概有 15 到 20 種不同的製程類型、不同的器件架構，對吧，一路涵蓋到 PHEMT。代工與客製化產品業務的規模有多大？這仍然是團隊的重點領域嗎？您對那邊的成長前景怎麼看？

Yes. Foundry is a portion of our business. We would always rather sell a product. But if customers would rather design the chip themselves, we open up our fabs for them. I would say about half of our business coming out of our French fab is foundry business from European defense contractors. In the US, our RTP fab, the foundry business is a shrinking portion of the business, primarily because our product sales are taking off, but we have some major US defense customers using the RTP fab.

是的。代工是我們業務的一部分。我們一向更希望賣產品。但如果客戶更想自行設計晶片，我們就對他們開放我們的晶圓廠。我會說，我們法國廠產出的業務中，大約有一半是來自歐洲國防承包商的代工業務。在美國，我們的 RTP 廠，代工業務占比正在縮小，主要是因為我們的產品銷售正在起飛，但也有一些主要的美國國防客戶在使用 RTP 廠。

And here in low, we have probably about three or four major foundry customers, mostly on the defense and test and measurement market. We have recently engaged a company that wants to use our fab for LiDAR applications. So we've done a sort of a special deal supporting some of their indium phosphide work, which could turn into some interesting volume in the future. But so yes, we embrace foundry. We think that's important to engage customers at any level they want.

而在 Lowell 這邊，我們大概有三到四家主要代工客戶，多數在國防以及測試與量測市場。我們最近與一家希望將我們晶圓廠用於 LiDAR 應用的公司展開合作。因此我們做了一個算是特殊的合作案，支援他們部分的磷化銦工作，未來可能會轉化成一些有意思的量產規模。不過總之，是的，我們擁抱代工。我們認為，無論客戶希望以何種層級合作，能與客戶互動都很重要。

In fact, one of our largest LEO customers has really over the course of four or five years, you've seen that relationship move from basically a module complex module product sale to a foundry relationship. And so yes, we embrace foundry. We consider ourselves having open foundry, and it is a strategic activity for us.

事實上，我們最大的 LEO 客戶之一，在過去四到五年的過程中，你可以看到這段關係從基本上是模組、複雜模組產品銷售，轉變為代工合作關係。所以是的，我們擁抱代工。我們把自己定位為開放式代工（open foundry），而且這對我們而言是一項策略性活動。

And then on the manufacturing footprint expansion, you mentioned expansion at three fabs, one being lower. I believe you said that the other two are going to be Europe and your RTP fabs. Are you guys still doing manufacturing and Arbor in California? And I assume that most of the spend is just equipment buys and that you already have clean room space facilitized and already stood up at these locations.

接著關於製造版圖擴張，你提到三座晶圓廠的擴產，其中一座是 Lowell。我記得你說另外兩座會在歐洲以及你們的 RTP 廠。你們在加州的 Arbor 還有在做製造嗎？我猜大部分支出主要是設備採購，而且你們在這些地點已經有無塵室空間、設施也都已經到位。

Correct. And just I'll very quickly walk through some of the various activities. So first, we still have our in Arbor facility. They are doing a significant amount of R&D on next-generation products. They are really geared towards, I would say, low and medium volume indium phosphide. They have an NBE reactor, and they are able to develop their own epi and that's really one of the key technologies that we bring to our PD product line.

正確。我很快帶過幾項不同的活動。首先，我們仍然保有 Arbor 的設施。他們正在針對下一代產品進行大量研發。我會說，他們主要聚焦在低到中等產量的磷化銦。他們有一座 NBE 反應器，能夠自行開發外延（epi），而這確實是我們帶入 PD 產品線的關鍵技術之一。

Our RTP fab is primarily GaN on silicon carbide. We have no plans to expand beyond the 4 walls of that facility. There's plenty of room inside the facility to expand. And so, we're adding equipment in that fab. Our French fab is primarily moving, again, multiple buildings, plenty of space. We have no plans to build more buildings. Instead, what we're doing is we're migrating their technology from three-inch to six-inch wafer sizes.

我們的 RTP 廠主要是碳化矽基板上的 GaN。我們沒有計畫把該設施擴建到現有四面牆之外。設施內部有充足空間可以擴充。因此，我們正在那座廠新增設備。我們的法國廠主要是（同樣地）跨多棟建築，空間非常充裕。我們沒有計畫再蓋更多建築。相反地，我們正在把他們的技術從三吋晶圓尺寸遷移到六吋晶圓尺寸。

We just recently installed a brand-new G10 reactor so that we'll be able to scale up and support the high-volume production that they're moving towards. And then here in Lowell, our Phase 1 and Phase 2 plans will also be executed within the four walls of our building. We do not want to build another building. So we will add more capacity and we'll remove office space and maybe the cafeteria, if that's what it takes to make more wafers. So very efficient use of space, not greenfielding a fab basically taking advantage of the market and installing capacity as quickly as we can.

我們最近剛安裝了一座全新的 G10 反應器，這樣我們就能擴大規模並支援他們正邁向的高產量生產。然後在 Lowell 這裡，我們的第一期與第二期計畫也都會在我們大樓的四面牆內執行。我們不想再蓋另一棟建築。所以我們會增加更多產能，並移除辦公空間，必要的話也可能移掉員工餐廳，只要能做出更多晶圓。因此是非常有效率的空間運用，不是去新建一座晶圓廠（greenfielding a fab），而是基本上把握市場機會，並以最快速度裝設產能。

Thank you. I am showing no further questions at this time. I would now like to turn it back to the President and CEO, Steve Daly for closing remarks.

謝謝。我這邊顯示目前沒有其他問題。接下來我想把時間交回總裁暨執行長 Steve Daly 進行結語。

Thank you, Amber. And just to be clear, we'll leave the cafeteria alone. We have no plans to convert that to production space yet. So in closing, I'd like to thank our employees our supply chain partners and customers for making these results possible. Thank you.

謝謝你，Amber。另外說清楚一點，我們會讓員工餐廳保持原樣。我們目前還沒有計畫把它改成生產空間。最後，我想感謝我們的員工、供應鏈夥伴與客戶，讓這些成果得以實現。謝謝。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝各位參與今天的會議。本次議程到此結束，您現在可以斷線。