MACOM Technology Solutions Holdings, Inc. (MTSI) 2022 Q2 法說會逐字稿

Welcome to MACOM's Second Fiscal Quarter 2022 Conference Call. This call is being recorded today, Thursday, April 28, 2022. (Operator Instructions)

歡迎參加 MACOM 2022 會計年度第二季財報電話會議。本次會議於今日（2022 年 4 月 28 日，星期四）錄音。（接線員指示）

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

現在我將把電話交給 MACOM 策略計畫與投資人關係副總裁 Steve Ferranti 先生。Ferranti 先生，請開始。

Thank you, Olivia. Good morning, and welcome to our call to discuss MACOM's financial results for the second fiscal quarter of 2022. 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.

謝謝你，Olivia。各位早安，歡迎參加我們的電話會議，一同討論 MACOM 2022 會計年度第二季的財務結果。我想提醒各位，我們今天的討論將包含前瞻性陳述；此類陳述受若干風險與不確定性影響，相關定義載於 1995 年《私人證券訴訟改革法案》（Private Securities Litigation Reform Act of 1995）中關於前瞻性陳述的安全港條款。實際結果可能與今日討論內容有重大差異。

For a more detailed discussion of the risks and uncertainties that could result in those differences, we refer you to MACOM's filings with the SEC. Management's statements during this call will also include discussion of certain adjusted non-GAAP financial information. A reconciliation of GAAP to adjusted non-GAAP results are provided in the company's press release and related Form 8-K, which was filed with the SEC today. With that, I'll turn over the call to Steve Daly, President and CEO of MACOM.

如需更詳細了解可能導致上述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若干經調整的非 GAAP 財務資訊之討論。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。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 fiscal Q2 results. When Jack is finished, I will provide revenue and earnings guidance for fiscal Q3, 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般性更新。之後，我們的財務長 Jack Kober 將回顧本會計年度第二季（Q2）業績。Jack 結束後，我將提供本會計年度第三季（Q3）的營收與獲利指引，接著我們很樂意回答一些問題。

Revenue for the second quarter was $165.1 million, and adjusted EPS was $0.68 per diluted share. We continue to improve the quality of our earnings as both gross and operating margins increased sequentially. We also generated strong cash flow, ending the quarter with over $500 million in cash and short-term investments which is a record level.

第二季營收為 1.651 億美元，經調整後每股盈餘（EPS）為每股稀釋後 0.68 美元。隨著毛利率與營業利益率皆較前一季提升，我們持續改善獲利品質。我們也創造了強勁的現金流，季末現金與短期投資超過 5 億美元，創下歷史新高。

Our financial performance reflects the numerous improvements that we have made across many aspects of the business. Overall demand for our products continues to increase. Our book-to-bill ratio for the quarter was 1.2:1, representing the sixth consecutive quarter above 1.

我們的財務表現反映出我們在業務多個面向所做的諸多改善。整體而言，市場對我們產品的需求持續增加。本季的接單出貨比（book-to-bill）為 1.2：1，為連續第六季高於 1。

Our backlog is again at record levels, which is helpful as we plan the remainder of fiscal 2022. We believe that the strong Q2 bookings reflects market share gains, market traction from our new products as well as long lead orders which are being placed well ahead of the required ship dates.

我們的在手訂單（backlog）再次創下新高，這有助於我們規劃 2022 會計年度剩餘期間。我們認為，第二季強勁的接單反映了市占率提升、新產品帶來的市場牽引力，以及因交期較長而在所需出貨日期之前很早就下達的訂單。

Our turns business was up slightly to approximately 19% of our total revenue during the quarter. The business metrics for our new products shows favorable performance. In aggregate, as a percentage of total revenue, products less than 3 years old are contributing more to revenue today than in the past and with gross margins that are higher than our current corporate average. These trends are in line with our strategy to build a diversified and highly profitable product portfolio.

本季的短交期（turns）業務小幅上升，約占總營收的 19%。新產品的業務指標顯示表現良好。整體而言，以總營收占比來看，上市未滿 3 年的產品目前對營收的貢獻高於過去，且其毛利率也高於公司目前的整體平均。這些趨勢符合我們打造多元化且高獲利產品組合的策略。

Our team continues to work effectively to accelerate product and technology developments. To meet our future goals, we are investing in new HR programs and benefits for our existing employees as well as expanding our workforce with additional design, operations and sales staff.

我們的團隊持續有效運作，以加速產品與技術開發。為達成未來目標，我們正投資新的 HR 計畫與員工福利，並透過增聘設計、營運與銷售人員來擴大人力規模。

I am pleased with how our team has been performing and with the amazing new talent we are attracting to the company across all functions of our organization. Revenue breakdown by end market for Q2 was as follows: Industrial & Defense was $67.1 million. Telecom was $62.9 million, and Data Center was $35.1 million.

我對團隊的表現以及我們在組織各職能所吸引到的優秀新人才感到滿意。第二季按終端市場的營收拆分如下：工業與國防（Industrial & Defense）為 6,710 萬美元；電信（Telecom）為 6,290 萬美元；資料中心（Data Center）為 3,510 萬美元。

Data Center and Telecom revenues achieved strong double-digit sequential growth, which was offset by a decline in I&D revenues due to timing of shipments. Additionally, we expect our top line growth in the second half to be slightly higher than in the first half of our fiscal year.

資料中心與電信營收皆實現強勁的連續季雙位數成長，但因出貨時點因素，工業與國防（I&D）營收下滑而抵銷部分增幅。此外，我們預期本會計年度下半年營收成長率將略高於上半年。

Now moving to our 3 end markets. The Industrial & Defense markets have been a focus area for MACOM because we believe these markets have the potential for significant revenue growth over the next few years.

接下來談我們的三個終端市場。工業與國防市場一直是 MACOM 的重點領域，因為我們相信這些市場在未來幾年具有顯著的營收成長潛力。

Customers in these markets typically produce products with long life cycles, which can create an annuity-like revenue stream for MACOM. In part, our strategy is focused around strengthening and expanding our high-performance product portfolio to better address the highest frequency, highest power and highest data rate opportunities across these markets.

這些市場的客戶通常生產生命週期很長的產品，這可為 MACOM 帶來類年金式的營收來源。我們的策略部分聚焦於強化並擴展高效能產品組合，以更好地掌握這些市場中最高頻率、最高功率與最高資料速率的機會。

I&D customers are performance driven, and they look to adopt new technologies. We will engage this market with our proprietary semiconductor technologies, our IC design capability and our growing subsystem design capabilities. Our continued focus on this market is uncovering numerous large opportunities in which our technology is a perfect match for the customers' needs.

I&D 客戶以效能為導向，並傾向採用新技術。我們將以自有的半導體技術、IC 設計能力，以及日益成長的子系統設計能力來切入此市場。我們對該市場的持續聚焦，正發掘出許多大型機會，而我們的技術與客戶需求高度契合。

We see opportunities with our new 0.14 micron GaN on Silicon Carbide mimic process, our pure carbide high-power amplifiers, our analog and mixed signal ICs and our specialty optical and RF subsystem products. Our new products are creating a growing pipeline of meaningful opportunities involving a variety of ground airborne and ship-based programs, including radar, electronic warfare, avionics and microwave communication applications.

我們看到的機會包括：全新的 0.14 微米碳化矽基板氮化鎵（GaN on Silicon Carbide）mimic 製程、純碳化物高功率放大器、類比與混合訊號 IC，以及特殊光學與 RF 子系統產品。我們的新產品正在形成日益擴大的重要機會管線，涵蓋多種地面、空中與艦載計畫，包括雷達、電子戰、航電與微波通訊應用。

And I am pleased that we are now engaged with some of our largest customers to insert optical connectivity technology in their applications. I'll note, we maintain a long-term perspective in this market because most defense programs take a long time to transition to production. However, the programs have long life cycles, and we are able to stack up multiple programs with high dollar content, which makes the financial returns compelling.

我也很高興我們目前正與部分最大客戶合作，將光學連接技術導入其應用中。我想指出，我們對此市場維持長期觀點，因為多數國防計畫從開發轉入量產需要較長時間。然而，這些計畫的生命週期很長，我們能夠累積多個單案金額高的計畫，使財務回報相當具吸引力。

I am pleased to announce that in Q2, we were awarded a multimillion-dollar 2-year development contract to produce a 45-kilowatt transmitter utilizing our gallium nitride amplifier and phased array antenna technology.

我很高興宣布，在第二季我們獲得一項為期兩年、金額達數百萬美元的開發合約，用以生產一款 45 千瓦發射機，該發射機採用我們的氮化鎵放大器與相控陣天線技術。

This governing contract with the Navy validates that our GaN amplifier and phased array technologies are best-in-class. Congratulations to the capture team for this award. Our Telecom end market revenue increased sequentially in Q2 following a strong Q1.

這份與海軍簽訂的主合約驗證了我們的 GaN 放大器與相控陣技術為同級最佳。恭喜拿下此案的團隊。繼第一季強勁表現後，我們的電信終端市場營收在第二季較前一季增加。

We continue to experience broad strength in demand across various Telecom applications, including 5G, metro/long haul, broadband access and broadcast video. As a reminder, Telecom is a very broad and diverse end market for MACOM, spanning numerous communication protocols, network architectures and topologies.

我們持續在多項電信應用中感受到廣泛且強勁的需求，包括 5G、都會／長途傳輸、寬頻接取與廣播影音。提醒各位，對 MACOM 而言，電信是一個非常廣泛且多元的終端市場，涵蓋眾多通訊協定、網路架構與拓撲。

Today, we are only delivering a fraction of the overall opportunity for this market. Our primary long-term growth drivers across these market opportunities will be new product introductions. As an example, we recently announced availability of our 128-gigabaud transimpedance amplifiers and modulator drivers for coherent networking applications.

目前我們僅交付了此市場整體機會中的一小部分。我們在這些市場機會中的主要長期成長動能將來自新產品導入。舉例而言，我們近期宣布推出 128 Gbaud 的跨阻放大器（TIA）與調變器驅動器，供相干網路應用使用。

These new products improve upon MACOM's already strong competitive position in these markets by supporting long-haul metropolitan and Data Center Interconnect, or DCI applications. This new product family includes high bandwidth, low noise and low power consumption, dual channel and quad channel TIAs and quad channel drivers that are designed to enable coherent transmit and receive systems that operate from 800 gigabits to 1.6 terabits per second.

這些新產品透過支援長途、都會網路以及資料中心互連（Data Center Interconnect，DCI）應用，進一步強化 MACOM 在這些市場既有的競爭優勢。此新產品系列包含高頻寬、低雜訊、低功耗的雙通道與四通道 TIA，以及四通道驅動器，旨在支援可運作於每秒 800Gb 至 1.6Tb 的相干發射與接收系統。

Additionally, over the last several quarters, we have been gaining traction with 5G OEMs and O-RAN equipment manufacturers for our RF portfolio of front-end modules, high-power switches and amplifiers. A number of our customers have recently moved programs to low rate initial production using our power amplifier products.

此外，在過去幾個季度，我們的 RF 產品組合（包含前端模組、高功率開關與放大器）在 5G OEM 與 O-RAN 設備製造商中持續取得進展。近期已有多家客戶使用我們的功率放大器產品，將專案推進至低量初期量產（low rate initial production）。

Here, we are providing 100-watt, 220-watt and 450-watt peak power GaN on Silicon Carbide amplifiers for small cell and macro base stations for both U.S. and international deployments. The base station power amplifier market is large and comprised of numerous opportunities, spanning different customers, frequencies and power levels. We are just beginning to penetrate this market.

在此方面，我們為美國及國際部署的小型基地台與宏基地台提供 100 瓦、220 瓦與 450 瓦峰值功率的碳化矽基板氮化鎵（GaN on Silicon Carbide）放大器。基地台功率放大器市場規模龐大，包含眾多機會，涵蓋不同客戶、頻段與功率等級。我們才剛開始切入這個市場。

Demand for our Lightwave products for Telecom and access application also continues to grow, especially for our 25G DFB lasers. We have multiple 5G front haul customers and low rate production with our lasers primarily for CWDM6 modulation schemes.

我們的 Lightwave 產品在電信與接取應用的需求也持續成長，尤其是 25G DFB 雷射。我們擁有多家 5G 前傳（front haul）客戶，並以雷射產品進入低量生產，主要用於 CWDM6 調變方案。

Our expectation is that production volumes will increase over the next 6 to 12 months. Finally, our Data Center end market revenue was up in Q2 based on incremental demand from our high-performance analog solutions, which include CDRs, TIAs and driver products.

我們預期未來 6 到 12 個月內產量將提升。最後，第二季資料中心終端市場營收上升，主要來自我們高效能類比解決方案的增量需求，其中包括 CDR、TIA 與驅動器產品。

In March, we attended the 2022 Optical Fiber Conference, or OFC, in San Diego, where we had more than 10 product demonstrations to showcase our latest products. For example, one of the demos included a single chip laser array with 8 CW lasers each operating at different wavelengths. The laser array utilized MACOM's etched facet technology and is ideal for co-packaged optics.

3 月，我們參加了在聖地牙哥舉辦的 2022 年光纖通訊大會（Optical Fiber Conference，簡稱 OFC），期間我們進行了超過 10 項產品展示，以呈現我們的最新產品。例如，其中一項展示包含一個單晶片雷射陣列，內含 8 顆連續波（CW）雷射，且各自於不同波長運作。該雷射陣列採用 MACOM 的蝕刻端面（etched facet）技術，並非常適合用於共封裝光學（co-packaged optics）。

This laser array was developed to work alongside one of our customers' chipsets to enable connectivity at speeds as high as 2 terabits making it ideal for AI or high-speed chip-to-chip connectivity. MACOM is currently engaged with several customers to enable data center interconnect requirements at 800G and 1.6 terabits with our next-generation linear driver and TIAs.

此雷射陣列的開發旨在與我們某位客戶的晶片組協同運作，以實現高達 2 太位元（terabits）的連線速度，使其非常適用於 AI 或高速晶片對晶片連線。MACOM 目前正與多家客戶合作，透過我們的下一代線性驅動器與跨阻放大器（TIA），以滿足資料中心互連在 800G 與 1.6 太位元的需求。

In some instances, we will support a linear interface architecture, also known as Direct Drive to optimize performance of the entire signal path from host switch ASIC to the optical interface. One of the first expected deployments will be for applications addressing deep learning and AI for high-performance computing utilizing low-latency InfiniBand networks.

在某些情況下，我們將支援線性介面架構（亦稱為直接驅動，Direct Drive），以最佳化從主機交換器 ASIC 到光學介面的整體訊號路徑效能。預期最早的部署之一將用於高效能運算中、針對深度學習與 AI 的應用，並採用低延遲的 InfiniBand 網路。

And last, MACOM is pleased with the customer interest level in our recently introduced linear equalizers, and we see growth opportunities in active copper cable applications at both 200G and 400G data rates for high-performance computing platforms.

最後，MACOM 對客戶對我們近期推出的線性等化器之興趣程度感到滿意；我們也看到在主動式銅纜（active copper cable）應用方面的成長機會，涵蓋 200G 與 400G 兩種資料速率，適用於高效能運算平台。

The foundation of our growth strategy revolves around introducing new product lines, new technologies and raising the bar on semiconductor performance in areas where we choose to compete.

我們成長策略的基礎，圍繞在推出新產品線、新技術，並在我們選擇競爭的領域中提高半導體效能標準。

We often use trade shows as a venue for product announcements and for our teams to drive deadlines associated with these events. IMS or International Microwave Symposium, which supports the RF and microwave industry is less than 2 months away. During this event, we plan to unveil some of our latest products, technologies and product lines.

我們經常將展會作為產品發表的場合，也讓團隊以這些活動為節點推動相關時程。支援射頻與微波產業的 IMS（International Microwave Symposium，國際微波研討會）距今不到 2 個月。在此次活動中，我們計畫揭露一些最新的產品、技術與產品線。

At this year's event, we plan to demonstrate our highest power level amplifier, a GaN power amplifier, which delivers 4.5 kilowatts of RF power, almost 1.7x higher than our 2.6-kilowatt device we introduced last year. Our first 8-watt and 10-watt 5G massive MIMO GaN on SiC power amplifier modules, or PAMs, which include driver stage, CMOS power management ICs and a Doherty output stage.

在今年的活動上，我們計畫展示我們最高功率等級的放大器——一款 GaN 功率放大器，可輸出 4.5 千瓦的射頻功率，幾乎是我們去年推出的 2.6 千瓦裝置的 1.7 倍。我們也將展示首款 8 瓦與 10 瓦的 5G 大規模 MIMO（massive MIMO）GaN-on-SiC 功率放大器模組（PAM），其包含驅動級、CMOS 電源管理 IC，以及 Doherty 輸出級。

We'll introduce the first GaN mimic products from our internal AFRL 0.14 micron GaN on Silicon Carbide process, specifically a 10-watt Ka-band mimic chip. We will also introduce our first waveguide packaged products, specifically an e-band power amplifier module, which combines 16 of our 80 gigahertz mimics using a novel waveguide combiner.

我們將推出首批 GaN MMIC 產品，來自我們內部 AFRL 0.14 微米 GaN-on-碳化矽（Silicon Carbide）製程，具體而言是一款 10 瓦 Ka 頻段 MMIC 晶片。我們也將推出首批波導封裝產品，具體而言是一款 E 頻段功率放大器模組，透過新型波導合成器將 16 顆我們的 80 GHz MMIC 結合在一起。

And last, while we've been utilizing SOI technology in our 5G RF modules for some time, we are launching our first SOI standard product a DC to 67 gigahertz switch for test and measurement and I&D customers. Perhaps most notably at IMS, we plan to demonstrate our first BAW or bulk acoustic wave product.

最後，雖然我們在 5G 射頻模組中使用 SOI 技術已有一段時間，我們將推出首款 SOI 標準產品——一款 DC 至 67 GHz 的開關，面向測試與量測以及工業與國防（I&D）客戶。或許在 IMS 最值得關注的是，我們計畫展示首款 BAW（bulk acoustic wave，體聲波）產品。

BAW technology is a passive silicon crystal filter technology used in most handset and wireless applications to filter unwanted signals. We are not targeting commercial wireless applications or consumer electronic markets but rather high-performance industrial and defense electronics.

BAW 技術是一種被動式矽晶體濾波技術，廣泛用於多數手機與無線應用中，以濾除不需要的訊號。我們並不鎖定商用無線應用或消費性電子市場，而是聚焦於高效能工業與國防電子。

In addition, our team plans to implement novel semiconductor processing techniques to push the frequency performance of BAW technology. Today's BAW technology is limited to about 6 gigahertz, and we plan to push our technology through 15 gigahertz. I&D customers have a growing need to filter out high-frequency signals in their microwave systems.

此外，我們的團隊計畫導入新穎的半導體製程技術，以提升 BAW 技術的頻率效能。現今的 BAW 技術大約受限於 6 GHz，而我們計畫將技術推進至 15 GHz。工業與國防（I&D）客戶在其微波系統中，對於濾除高頻訊號的需求正在增加。

Our goal is to enable solutions with filter-based -- with filters based on our proprietary semiconductor processing techniques. At IMS, our chip scale package BAW product will be showcased in 2 applications, a 2-channel switch filter bank and alongside a MACOM Comb generator to selected desired frequency.

我們的目標是提供以濾波器為基礎的解決方案——其濾波器建立在我們專有的半導體製程技術之上。在 IMS 上，我們的晶片級封裝（chip scale package）BAW 產品將在兩項應用中展示：一是 2 通道開關濾波器組（switch filter bank），二是與 MACOM 梳狀產生器（Comb generator）搭配，以選取所需頻率。

It is difficult to estimate the size of this market, but we conservatively estimate the opportunity exceeds $100 million, and we believe customers will be willing to pay a premium for our technology. Before Jack reviews our financials, I would like to highlight that in March, we celebrated our tenth anniversary as a public company.

此市場規模難以估算，但我們保守估計其機會超過 1 億美元，且我們相信客戶願意為我們的技術支付溢價。在 Jack 檢視我們的財務之前，我想強調：3 月我們慶祝成為上市公司滿十週年。

Today, MACOM is recognized as a trusted partner, and I congratulate our entire team for their hard work and significant contributions to both our customers and the industries we serve. To mark the anniversary, our marketing team updated and launched a new website with a modern look and feel, which better organizes information and product and improves product navigation so our customers can quickly find the information they need.

如今，MACOM 被視為值得信賴的合作夥伴；我也恭賀全體團隊的辛勤付出，以及對客戶與我們所服務產業的重大貢獻。為紀念十週年，我們的行銷團隊更新並推出了全新網站，採用更現代的外觀與體驗，更妥善地整理資訊與產品並改善產品導覽，讓客戶能快速找到所需資訊。

In summary, we have many compelling new processes underway, world-class IC designers and unique manufacturing and packaging capabilities. I am confident we can continue to push the boundaries of semiconductor engineering. Jack will now provide a more detailed review of our financial results.

總結而言，我們正推動多項具吸引力的新製程，擁有世界級 IC 設計人才，以及獨特的製造與封裝能力。我有信心我們能持續突破半導體工程的界限。接下來 Jack 將更詳細檢視我們的財務結果。

Thank you, Steve, and good morning to everyone. We continue to build on our sound financial performance during our second fiscal quarter ended on April 1, 2022. Revenue for the second quarter was $165.1 million, up 3.5% quarter-over-quarter. On a geographic basis, revenue from our domestic U.S. customers was approximately 45% of our fiscal Q2 results, representing geographic diversity across our customer base.

謝謝你，Steve，也向各位道早安。我們持續在截至 2022 年 4 月 1 日止的第二會計季度穩健財務表現基礎上再接再厲。第二季營收為 1.651 億美元，較前一季成長 3.5%。以地理區域來看，來自美國本土客戶的營收約占我們 2022 會計年度第二季結果的 45%，反映我們客戶基礎在地理上的多元性。

From a supply standpoint, the environment continues to be challenging for our operations, planning and logistics teams. The recent resurgence of COVID-19 in Asia has resulted in additional lockdowns in various cities, which has an impact on some of our outside assembly and test suppliers. Also, shortages of certain key components and production capacity limitations within our supplier base is impacting our ability to ship product.

從供應面來看，環境對我們的營運、規劃與物流團隊而言仍具挑戰。近期 COVID-19 在亞洲再度升溫，導致多個城市新增封控，進而影響我們部分外部封裝與測試供應商。此外，某些關鍵零組件短缺，以及供應商體系內的產能限制，也正在影響我們出貨產品的能力。

We expect these conditions to improve modestly in the second half of the fiscal year. MACOM's operations team has done an excellent job managing through this difficult environment, enabling us to meet our near-term revenue goals.

我們預期這些狀況在本會計年度下半年將小幅改善。MACOM 的營運團隊在此艱難環境下管理得宜，使我們得以達成近期營收目標。

Adjusted gross profit was $101.9 million or 61.7% of revenue, up 30 basis points sequentially. Q2 adjusted gross margin came in toward the upper end of our guidance range based primarily on continuing operational improvements. We are pleased with our growing gross margins and expect further improvements over time, albeit at lower rates.

調整後毛利為 1.019 億美元，約占營收的 61.7%，較前一季增加 30 個基點。第二季調整後毛利率落在我們指引區間的上緣，主要來自持續的營運改善。我們對毛利率的提升感到滿意，並預期隨時間推進仍可進一步改善，但改善幅度可能較低。

Total adjusted operating expense was $51 million, consisting of R&D expense of $31.8 million and SG&A expense of $19.2 million. Total operating expenses were sequentially up $2 million from fiscal Q1 2022, driven by an increase in R&D and staffing-related costs. While we anticipate modest increases in OpEx over time as we grow our R&D capabilities, invest in new technology development and expand our product portfolio we do expect to maintain fiscal discipline over all of our discretionary spending.

調整後營業費用總額為 5,100 萬美元，其中研發費用 3,180 萬美元，銷售、一般及行政（SG&A）費用 1,920 萬美元。營業費用總額較 2022 會計年度第一季按季增加 200 萬美元，主要由研發與人力配置相關成本增加所致。雖然我們預期隨著擴充研發能力、投資新技術開發並擴大產品組合，營業費用（OpEx）將隨時間小幅增加，但我們仍預期對所有可自由裁量支出維持財務紀律。

Adjusted operating income in fiscal Q2 was $50.9 million, up from $49.1 million in fiscal Q1. Adjusted operating margin was 30.8% for fiscal Q2 sequentially up from 30.7% in Q1. Depreciation expense for Q2 was $5.8 million and adjusted EBITDA was $56.7 million.

2022 會計年度第二季調整後營業利益為 5,090 萬美元，高於第一季的 4,910 萬美元。第二季調整後營業利益率為 30.8%，較第一季的 30.7% 略為上升。第二季折舊費用為 580 萬美元，調整後 EBITDA 為 5,670 萬美元。

Trailing 12-month adjusted EBITDA was $213.9 million as compared to $205.1 million in our prior fiscal quarter ending in December 2021. Adjusted net interest expense in fiscal Q2 was $1 million, down approximately $200,000 from fiscal Q1, primarily driven by higher short-term investment balances and the associated interest income.

過去 12 個月的調整後 EBITDA 為 2.139 億美元，相較於上一個會計季度（截至 2021 年 12 月）之 2.051 億美元。2022 會計年度第二季調整後淨利息費用為 100 萬美元，較第一季減少約 20 萬美元，主要由較高的短期投資餘額及其帶來的利息收入所驅動。

Our adjusted income tax rate for fiscal Q2 was 3% and resulted in an expense of approximately $1.5 million. Our net cash tax payments were approximately $500,000 for the second quarter, up $300,000 from fiscal Q1. We expect our adjusted income tax rate to remain at 3% going forward.

2022 會計年度第二季的調整後所得稅率為 3%，對應的所得稅費用約 150 萬美元。第二季的現金所得稅淨支付約 50 萬美元，較第一季增加 30 萬美元。我們預期調整後所得稅率未來將維持在 3%。

Fiscal Q2 adjusted net income was $48.4 million compared to $45.4 million in fiscal Q1. Adjusted earnings per fully diluted share was $0.68 and utilizing a share count of 71.1 million shares compared to $0.64 of adjusted earnings per share in fiscal Q1.

2022 會計年度第二季調整後淨利為 4,840 萬美元，相較第一季的 4,540 萬美元。以 7,110 萬股的完全稀釋股數計算，調整後每股盈餘為 0.68 美元；相較之下，第一季調整後每股盈餘為 0.64 美元。

Now moving on to operational balance sheet or cash flow items. Our Q2 accounts receivable balance was $100.6 million, up from $97.4 million in fiscal Q1. As a result, days sales outstanding were 55 days. Our accounts receivable balance reflects an increase over prior periods, primarily due to higher revenue and the timing of shipments during the quarter.

現在接著談營運資產負債表或現金流項目。我們第二季應收帳款餘額為1.006億美元，高於第一財季的9,740萬美元。因此，應收帳款週轉天數（DSO）為55天。我們的應收帳款餘額較前期增加，主要是因為營收較高以及本季出貨時點的影響。

Inventories were $93.4 million at quarter end, up by $4.8 million sequentially, and inventory turns were 2.7x, down sequentially in Q2 from 2.8x in the prior quarter. These higher inventory levels are to support future revenue growth. Fiscal Q2 cash flow from operations was approximately $42.5 million, up $8.4 million from our prior fiscal quarter.

季末存貨為9,340萬美元，較前一季增加480萬美元；存貨週轉率為2.7倍，較上一季的2.8倍在第二季呈現季減。這些較高的存貨水位是為了支援未來營收成長。第二財季營運活動現金流約為4,250萬美元，較上一財季增加840萬美元。

Capital expenditures totaled $7.1 million for fiscal Q2 as we further invested in our fabs, facilities and R&D equipment. We continue to expect our strategic capital investments for fiscal year 2022 to be in the range of $30 million to $35 million.

第二財季資本支出合計710萬美元，因我們持續加碼投資於晶圓廠、廠務設施與研發設備。我們仍預期2022財年的策略性資本投資將落在3,000萬至3,500萬美元之間。

Free cash flow was $35.4 million for the second fiscal quarter, up $6.4 million sequentially, mostly due to higher adjusted net income. Now moving on to other balance sheet items. Cash, cash equivalents and short-term investments for the second fiscal quarter were $503 million, up $25.3 million sequentially and $235 million or 88% from the previous year second fiscal quarter.

第二財季自由現金流為3,540萬美元，較前一季增加640萬美元，主要來自較高的調整後淨利。接著談其他資產負債表項目。第二財季的現金、約當現金與短期投資為5.03億美元，較前一季增加2,530萬美元，較去年第二財季增加2.35億美元（或88%）。

We view our cash and short-term investment balances as a strategic asset that will help support future growth initiatives as we go forward. With further improvements in trailing 12-month EBITDA, our second quarter gross leverage is currently 2.8x, down from 2.9% in Q1.

我們將現金與短期投資餘額視為策略性資產，有助於支援未來的成長計畫。隨著過去12個月EBITDA持續改善，我們第二季的總槓桿比目前為2.8倍，低於第一季的2.9倍。

Further, our net debt is now around $100 million and net leverage is currently below 1. Prior to our annual stockholder meeting in March and throughout the year, we conducted extensive investor outreach focused on better understanding the concerns and perspectives of our stockholders, including diversity, governance and other topics related to ESG. We discussed our ongoing company-wide review of ESG-related matters and initiatives with the goal of enhancing or creating additional policies, programs and practices over time.

此外，我們的淨負債目前約為1億美元，淨槓桿比目前低於1。在3月年度股東大會之前以及全年期間，我們進行了廣泛的投資人溝通，重點在於更深入理解股東的關切與觀點，包括多元性、公司治理以及其他與ESG相關的議題。我們也討論了公司持續進行的ESG相關事項與倡議之全面檢視，目標是隨時間推進強化或建立更多政策、方案與實務作法。

Finally, I would also like to highlight that last week, Moody's upgraded our corporate credit rating from B2 to B1. We view this as continued recognition of our improving operational and financial achievements during the past year as well as our ongoing and consistent efforts to improve the business. These improvements across the business would not have been possible without the teamwork and dedication of the entire MACOM organization, and I'd like to thank our team for their efforts. I will now turn the discussion back over to Steve.

最後，我也想強調，上週穆迪（Moody's）將我們的公司信用評等由B2調升至B1。我們認為這是對過去一年我們在營運與財務表現持續改善，以及我們持續且一致地致力於改善業務的肯定。若沒有整個MACOM組織的團隊合作與投入，這些跨業務的改善不可能達成；在此我要感謝團隊的努力。接下來我把討論交回給Steve。

Thank you, Jack. MACOM expects revenue in Q3 to be in the range of $168 million to $172 million. Adjusted gross margin is expected to be in the range of 61% to 63%. And adjusted earnings per share is expected to be between $0.68 and $0.72 based on 71.3 million fully diluted shares. In Q3, when compared to Q2, we expect Industrial & Defense revenue to increase by approximately 5% to 10% and Telecom and Data Center revenues to be relatively flat.

謝謝你，Jack。MACOM預期第三季營收將介於1.68億至1.72億美元。調整後毛利率預期介於61%至63%。調整後每股盈餘預期介於0.68至0.72美元，係以7,130萬股完全稀釋股數為基礎。第三季相較第二季，我們預期工業與國防（Industrial & Defense）營收將增加約5%至10%，電信以及資料中心營收則大致持平。

As I highlighted earlier, we expect our second half FY '22 growth to outpace our first half FY '22 growth. In summary, we stand in front of a multibillion-dollar SAM with a unique and growing technology portfolio.

如我先前所強調，我們預期2022財年下半年成長將快於2022財年上半年。總結而言，我們面對的是一個數十億美元規模的可服務市場（SAM），並擁有獨特且持續擴大的技術產品組合。

Our strategy is to further diversify our products customers and end markets. We maintain a long-term perspective on executing our strategy, and we will work to manage our business to be profitable throughout all business cycles. We are confident we can continue to improve our financials and take market share in the months and years ahead. I would now like to ask the operator to take any questions.

我們的策略是進一步分散產品、客戶與終端市場。我們以長期觀點執行策略，並將致力於在各種景氣循環中都能維持獲利。我們有信心在未來數月與數年持續改善財務表現並取得市占率。現在我想請接線員開始進行提問。

(Operator Instructions)

（接線員指示）

Now first question coming from the line of Quinn Bolton with Needham & Company.

現在第一個問題來自Needham & Company的Quinn Bolton。

Congratulations on the nice steady consistent results. I wanted just to ask with the business mix shifting around a little bit, what are your expectations for year-on-year growth by segment in fiscal '22? It sort of feels like the Telecom business may be stronger than what you might have thought a quarter or 2 ago. And wondering if you still think data center is tracking to be up slightly fiscal year '22 versus fiscal year '21?

恭喜你們交出漂亮、穩健且一致的成果。我想請教，隨著業務組合有些變動，你們對2022財年各事業部門的年增率有何預期？感覺電信業務可能比你們在一到兩季前所預想的更強。另外也想確認，你們是否仍認為資料中心在2022財年相較2021財年會小幅成長？

Quinn, Thank you for the question. So your comments are accurate in terms of our outlook for the full year. We are seeing very strong growth from Telecom, and we expect that to continue through Q3 and Q4. And we do also expect both I&D and the Data Center to deliver year-over-year growth. And we do believe we are on track to deliver a minimum of 10% growth for the full year.

Quinn，謝謝你的提問。就全年展望而言，你的評論是正確的。我們看到電信業務成長非常強勁，並預期這股動能會延續到第三季與第四季。我們也預期工業與國防（I&D）以及資料中心都將繳出年增。我們相信全年可達成至少10%的成長。

We're seeing broad strength across all of our markets. Our book-to-bill across all market segments this past quarter was again close to 1.2 individually, let's say. So very strong broad performance across all of the segments. And we are on track for our original planning as we looked into the year for at least 10% growth.

我們在所有市場都看到廣泛的強勢表現。上一季我們各市場區隔的接單出貨比（book-to-bill）再次接近1.2（就個別來看）。因此，各事業部門整體表現非常強勁且廣泛。我們也正按原先年度規劃推進，目標是至少10%的成長。

Great. And then my follow-up question just on the Data Center business. It sounds like you came in a little bit better than expected in the March quarter, but I think you had talked about last quarter having pretty solid backlog and your biggest challenge was sort of supply constraints. Wondering if you could just sort of talk about the supply constraints?

很好。接著我想追問資料中心業務。聽起來你們在3月那一季的表現略優於預期，但我記得你們上季提到有相當扎實的在手訂單（backlog），而最大的挑戰是供應限制。想請你們談談供應限制的情況？

And do you think you'll be able to hit that very strong customer demand as you look into the September quarter on the Data Center side?

另外，展望9月那一季，在資料中心這一端，你們認為能否滿足非常強勁的客戶需求？

So all indications are we will. And as we sort of roll the math for the back half of the year, we see our Data Center business segment in Q4 being close to $40 million. So we -- and a lot of that is coming from improvements in supply chain. But with that said, we do see some positive trends within that segments, including, as I highlighted in my comments, a very strong interest in our linear equalizers for copper cables for both 200 and 400G.

目前所有跡象顯示我們可以。當我們推算下半年數字時，我們看到第四季資料中心事業部門的營收接近4,000萬美元。我們——其中很大一部分來自供應鏈改善。不過即便如此，我們也在該事業部門看到一些正向趨勢，包括如我在評論中提到的，市場對我們用於銅纜、支援200G與400G的線性等化器（linear equalizers）有非常強烈的興趣。

We see that all of our PAM4 product segments or subsections of the data center are up. We see all of our 400G business growing, and we're starting to get more involved with high-performance computing at the higher data rates that I talked about. So there's a lot of positive trends there within the data center that will certainly help our long-term growth prospects.

我們看到資料中心中所有PAM4產品區隔或子區隔都在成長；我們看到所有400G業務都在擴張；而且我們也開始更多參與我先前提到的、更高資料速率的高效能運算（HPC）。因此，資料中心內部有許多正向趨勢，將明顯有助於我們的長期成長前景。

Our next question coming from the line of Harsh Kumar with Piper Sandler.

下一個問題來自Piper Sandler的Harsh Kumar。

Congratulations on my part as well. Solid execution in these kind of very turbulent times. I just -- Steve, you seem to be very excited about the telecom business. And I was -- and you started a bunch of opportunities there, but I was curious maybe if I was -- if I would ask you to stack rank your top 1 or 2 opportunities that you're most excited about within Telecom, where you think near to midterm, the most amount of growth will come from?

我也要恭喜你們。在這種非常動盪的時期仍能穩健執行。我想——Steve，你看起來對電信業務非常興奮，你也提到了一些機會；我好奇，若要你把電信領域中你最興奮的前1到2個機會做個排序，你認為在短到中期，成長動能最大會來自哪裡？

Yes. So I think that's a difficult question to answer because we have so many moving parts within Telecom. If I just look at the performance in, Q2 the strength and the growth came from primarily 5G, both on the RF product side as well as the optical side.

是的。我認為這題很難回答，因為電信領域有太多變動因素。若只看第二季的表現，強勁與成長主要來自5G，包含RF產品端以及光學端。

So that would include products like front-end modules and then analog ICs for front haul. And also, we're starting to get traction with our Lightwave components, both on the laser side and the photodetector side inside of some of the front-haul platforms. So that's certainly supporting the growth, and this is -- these are product lines that we've talked about during the course of the year.

這包括像是前端模組（front-end modules），以及用於前傳（fronthaul）的類比IC。此外，我們的光波（Lightwave）元件也開始取得進展，在部分前傳平台中，無論是雷射端或光偵測器（photodetector）端都開始導入。因此這確實支撐了成長，而這些——這些產品線也是我們在今年過程中持續談到的。

So we're very pleased that things are coming together as we had expected. We're also seeing growth from what we call access markets, which includes 10 GPON. We have a very strong position with some of our analog chips within that market.

因此，我們很高興事情如我們預期般逐步到位。我們也看到所謂接取市場（access markets）的成長，其中包含10 GPON。我們在該市場的部分類比晶片具備非常強的競爭地位。

We are also starting to support that market with photodetectors, which is a content gain for that market for this year. And later on this year and going into next year, we plan on adding lasers to that market, which will really turn that market on from MACOM.

我們也開始以光偵測器來支援該市場，這對該市場而言是今年的內容增量。並且在今年稍晚以及進入明年，我們計畫把雷射也加入到該市場，這將真正讓該市場由 MACOM 帶動起來。

And as you know, historically, when MACOM was supplying lasers to the 2.5 GPON market, there were quarters where we were doing $10 million to $20 million of revenue per quarter just for that market segment alone.

而且如你所知，過去當 MACOM 向 2.5 GPON 市場供應雷射時，有些季度僅就該市場區隔，我們每季就能做到 1,000 萬到 2,000 萬美元的營收。

And then the last thing I would add is Metro/Long-haul business is also very strong right now, not only our legacy 32-gigabaud business but also the new content for 64 gigabaud. And as I highlighted in my scripts, we're introducing our 128-gigabaud products as well. So we really have a nice position there. And so the common denominator for all of these markets is really infrastructure. We are getting good traction within the infrastructure markets within Telecom and certainly quite pleased about that.

最後我想補充的是，城域/長途（Metro/Long-haul）業務目前也非常強勁，不僅是我們既有的 32 gigabaud 業務，還包括 64 gigabaud 的新內容。正如我在講稿中強調的，我們也正在推出 128 gigabaud 產品。因此我們在那裡確實有很好的位置。這些市場的共同分母其實都是基礎建設。我們在電信的基礎建設市場中取得了良好的進展，對此當然相當滿意。

And then this is a good segue into my next question. You guys are on the -- actually started launching lasers in selected markets. I think Telecom is one which you highlighted already. I was curious of the $40 million number that you cited for the fourth quarter for the data center business, does it have lasers in it? And then secondly, can you help us think about understanding what the scope of your entry into lasers is and perhaps SAM or TAM opportunity with this entry into the variety of markets associated with lasers.

那這正好銜接到我的下一個問題。你們已經在—其實已開始在特定市場推出雷射。我想電信是你們已經提到的一個。我想請教，你們提到第四季資料中心業務的 4,000 萬美元數字，裡面有包含雷射嗎？第二，能否協助我們理解你們切入雷射的範圍，以及在與雷射相關的多個市場中，可能的 SAM 或 TAM 機會？

Yes. So yes, there is contribution of laser revenue within the data center segment. And it really is in 2 areas. It's LAN WDM, which is currently in production, and we expect growth in the back half of the year with that platform, and that's for the data center.

是的。所以是的，資料中心區隔中有雷射營收的貢獻。而且主要在兩個領域：第一是 LAN WDM，目前已在量產，我們預期今年下半年該平台會成長，這是針對資料中心。

And then the other is CWDM4 winning market share. And that we expect to also happen within the next 6 months. So that sort of answers your question about, is there laser revenue within the data center. So the answer to that is yes. But more broadly, we're looking at Telecom and specifically 5G. And we are -- we've been working for the last 1.5 years on gaining market share and getting customers to qualify our product. We are seeing traction for CWDM6 and also BiDi platforms, by directional optical links.

另一個是 CWDM4 的市占率提升，我們也預期會在未來 6 個月內發生。這就回答了你關於資料中心是否包含雷射營收的問題，答案是有。但更廣泛來看，我們也在看電信，特別是 5G。我們在過去 1.5 年一直致力於提升市占並讓客戶完成產品認證。我們看到 CWDM6 以及 BiDi 平台（雙向光鏈路）都有進展。

And we're very interested in this market because we believe MACOM has a competitive advantage because we're on 4-inch indium phosphide. We do all of the testing of the laser and the lasing of the laser at wafer level, which is a differentiator because our competitors cleave the wafers and test after that.

我們對這個市場非常有興趣，因為我們相信 MACOM 具備競爭優勢，原因在於我們採用 4 吋磷化銦（InP）。我們在晶圓層級就完成雷射的所有測試以及雷射發光（lasing）測試，這是一個差異化點，因為競爭對手會先把晶圓劈裂（cleave）後才進行測試。

So we just have a far superior cost structure. And so when we launch these lasers, they will be accretive to our gross margins. This is a very profitable part of our business. And certainly, it's helpful for our goal to increase gross margins. And then the last thing I'll add is the laser -- our laser business is really a portfolio. So today, we sell Fabry-Perots and DFBs, which are generally good for 2 to 15-kilometer lengths.

因此我們的成本結構明顯更優。當我們推出這些雷射時，將會對毛利率有正向貢獻（accretive）。這是我們業務中非常獲利的一部分，對我們提升毛利率的目標當然也很有幫助。最後我再補充一點：我們的雷射業務其實是一個產品組合（portfolio）。目前我們銷售 Fabry-Perot 與 DFB，通常適用於 2 到 15 公里的距離。

We sell CW lasers for folks that are using silicon photonics. We are launching higher and higher power CW lasers as well. And we also have aspirations to extend into other types of laser classes, including EMLs, which is for the longer reach applications, and we're very attracted to EMLs because these have very strong price points.

我們也銷售 CW 雷射給使用矽光子（silicon photonics）的客戶。我們也正在推出功率越來越高的 CW 雷射。此外，我們也希望延伸到其他類型的雷射等級（laser classes），包括 EML，用於更長距離的應用；我們對 EML 很有興趣，因為這類產品的價格點非常強。

And we also believe that there is a shortage of capacity in the EML segment. And so over the long term, you're going to see more laser families coming out into more markets. Of course, there's other industrial markets that consume lasers, and we're continuing to do a better and better job there.

我們也認為 EML 區隔存在產能不足。因此從長期來看，你會看到更多雷射產品家族進入更多市場。當然，還有其他會使用雷射的工業市場，我們也持續在那裡做得越來越好。

And I'll highlight, by the way, we recently -- we just exceeded a 10,000-hour qualification milestone for our DFB platform. And this platform is the foundation of our EML business or of our future business, which would target the data center.

另外我也要強調，我們最近—我們剛剛在 DFB 平台上達成超過 10,000 小時的認證里程碑。這個平台是我們 EML 業務的基礎，也是我們未來業務的基礎，未來將鎖定資料中心。

Our next question coming from the line of Tore Svanberg with Stifel.

下一個問題來自 Stifel 的 Tore Svanberg。

This is Jeremy calling for Tore. And let me add my congratulations on the execution here. Just a follow-up on the laser comments. Can you give us maybe a quick update in terms of the competitive dynamics, if there's been any changes in terms of supply chain or recent geopolitical impacts on the competitive landscape here?

我是 Jeremy，代 Tore 提問。我也想補充恭喜你們在執行上的表現。針對雷射的評論再追問一下：能否請你們簡要更新一下競爭態勢？在供應鏈或近期地緣政治影響方面，競爭版圖是否有任何變化？

Yes. So, first of all, the laser segment is a very competitive segment. And so we have U.S. companies we compete with. We have Asian-based companies that we compete with. We have Chinese companies that we compete with as well. So it's very competitive.

好的。首先，雷射區隔是一個競爭非常激烈的區隔。我們的競爭對手包括美國公司、亞洲公司，也包括中國公司，所以競爭非常激烈。

And I would say no, there's really no -- there's really no shift. We have seen some smaller companies discontinue some of their product offerings. The laser is really a cornerstone technology for optical links. And customers are very careful about bringing vendors on for high-volume applications. Because if the laser stops lazing the link, that's it for the link. So we have been making sure that when we step into this market, we lead with quality and reliability and that we want customers to know that we're setting some of the highest marks in terms of not only functionality but reliability.

我會說沒有，基本上沒有—沒有什麼轉變。我們確實看到一些較小的公司停止提供部分產品。雷射是光鏈路的關鍵核心技術。客戶在高出貨量應用上導入供應商時非常謹慎，因為如果雷射不再發光（lasing），那條鏈路就完了。因此我們一直確保在進入這個市場時，以品質與可靠性為先，並希望客戶知道，我們在功能性與可靠性方面都設定了非常高的標準。

But to answer your question directly, I would say, no, there's no real change in the dynamics. It's very competitive. And when we enter this market, we enter the market having analog solutions for the customers. That includes drivers that drive the lasers as well as TIAs that are used on the receive side. So we have nice content within a lot of these optical transmitters and receivers.

但直接回答你的問題，我會說沒有，競爭動態沒有實質改變；它仍然非常競爭。而我們進入這個市場時，也會為客戶提供類比（analog）解決方案，包括驅動雷射的 driver，以及用於接收端的 TIA。因此在許多光發射器與接收器中，我們都有不錯的內容占比。

And then the last thing I'll highlight is we still are the only company in the industry that's running this type of product on 4-inch indium phosphide.

最後我想強調的是，我們仍然是業界唯一一家在 4 吋磷化銦上運行這類產品的公司。

Got it. And maybe switching to the I&D side. Can you tell us about any shift in terms of demand that you're seeing there, just again in the current environment? And maybe what are some of the key applications going forward?

了解。那再切換到 I&D 端。能否談談你們在目前環境下看到的需求是否有任何變化？以及未來一些關鍵應用會是什麼？

Sure. Well, I would say there's really no changes in the environment, our customers continue to seek out advanced technologies for their platforms. But maybe I'll take a moment to just say a few more words about our strategy within this segment.

當然。我會說環境其實沒有什麼變化，我們的客戶仍持續為其平台尋求先進技術。不過我想花點時間再多談幾句我們在這個區隔的策略。

We want to, as I highlighted, provide customers with the highest power, highest frequency and highest data rate solutions. And so earlier this week, we announced a fairly large contract, a multimillion-dollar 2-year development contract with the Navy to produce a 45-kilowatt effectively transmitter, using our GaN technology.

如我所強調的，我們希望為客戶提供最高功率、最高頻率以及最高資料速率的解決方案。因此在本週稍早，我們宣布了一份相當大的合約：與海軍簽訂一份為期兩年的、數百萬美元等級的開發合約，使用我們的 GaN 技術來製作一個等效 45 千瓦的發射器。

And so we think this is an important milestone for MACOM as we build out our capabilities to do multi-chip assemblies and high -- very high power components. And so we just think that's a great example of the capability of MACOM's engineering. It speaks to our thermal engineering, our power control to run the devices and of course, our ability to produce a phased array antenna systems.

因此我們認為，這是 MACOM 的一個重要里程碑，因為我們正在擴展多晶片組裝（multi-chip assemblies）以及高—非常高功率元件的能力。我們認為這是 MACOM 工程能力的一個很好的例子，展現了我們的熱工程能力、用於驅動器件的功率控制能力，當然也包括我們製作相控陣天線系統的能力。

So it's a nice project for us. It's a multiyear project. It will lead to more programs like this and the team is just doing a phenomenal job there.

所以這對我們而言是一個很好的專案。這是一個多年期專案，將帶來更多類似的計畫，而團隊在那裡的表現非常出色。

And our next question coming from the line of Tom O'Malley with Barclays.

下一個問題來自 Barclays 的 Tom O'Malley。

I just wanted to ask specifically on the I&D side. You mentioned some pushout due to customer timing and you're obviously guiding that business up strongest of your 3 segments. Is that related to the I side or the D side? And traditionally, you don't really have these big chunky revenue bunches except in the defense department. So I would assume it's there. But any color on the moving pieces between March being weaker than June being a bit stronger here.

我想特別針對 I&D 端提問。你提到因客戶時程而有一些延後（pushout），而你們也在指引中表示這項業務在你們三個區隔中成長最強。這是與 I 端還是 D 端相關？而且傳統上，除了國防部門之外，你們通常不會有這種大筆、塊狀（chunky）的營收集中。我猜應該是在那裡。但能否補充一下，為什麼 3 月較弱、6 月稍強之間的變動因素？

Sure. Maybe I'll say a few words, Tom, and then Jack can also add. So certainly, -- we are, as you highlighted, had a down I&D. And that really had to do with operations rebalancing and reprioritizing shipments within the quarter based on customer priorities. And as we highlighted, as Jack highlighted, in the script, we had a higher turns business.

當然可以。Tom，也許我先說幾句，然後 Jack 也可以補充。確實，正如你所強調的，我們的 I&D 有所下滑。而這主要與營運上的重新平衡有關，也就是在該季度內，依照客戶優先順序對出貨進行重新配置與重新排序。並且如我們所提到的、也如 Jack 在講稿中所強調的，我們有較高的周轉型業務。

We saw incremental demand for the Data Center coming in. And so essentially, what we did is we had a mid-quarter remixing of priorities based on customer priorities, let's say. And so that's really why I&D came down the way it did. There's nothing structural, no issues, no execution issues or anything like that. It was simply a matter of resetting priorities during the middle of the quarter. And Jack, I don't know whether you want to add to that or just some general trends on I&D.

我們看到資料中心的增量需求進來。因此本質上，我們所做的是在季度中段，基於客戶優先順序對優先事項做了一次重新混配。這就是 I&D 下降的原因。沒有任何結構性問題、沒有問題、沒有執行問題或諸如此類的情況。純粹是在季度中段重設優先順序而已。Jack，我不確定你是否想補充，或是談一些 I&D 的整體趨勢。

Yes. And just to add to that, Tom, as Steve had mentioned, the book-to-bill across the business has been strong, specifically within I&D. And we moved some things around like we typically do during the course of the quarter. So we expect that strength that we're seeing going into Q3 to remain as we go forward.

是的。再補充一點，Tom，正如 Steve 提到的，整體業務的接單出貨比（book-to-bill）一直很強，尤其是在 I&D 方面。我們在季度進行過程中像往常一樣調整了一些項目。因此，我們預期我們在進入 Q3 時看到的強勁態勢，未來仍會延續。

So nothing really specific to highlight things tend to move around throughout the business, and that's where we ended up here for the quarter and with our outlook going into Q3.

所以沒有什麼特別需要強調的；業務中的各項目往往會在整體範圍內移動調整，而本季度我們就是落在這樣的結果，以及我們對進入 Q3 的展望。

Got you. And then as a follow-up, I think there's a lot of concern out there, obviously, with the China shutdown, particularly with the module makers. Could you just fill us in with any details you have or what you're seeing in terms of your supply chain there?

了解。接著追問一下，我想外界有很多擔憂，顯然是關於中國封控，特別是對模組製造商的影響。你能否就你掌握的細節或你所看到的供應鏈情況，跟我們說明一下？

Is there any financial impact that you're recognizing in the results that you just gave us? Are you seeing that improve or get a bit worse? Any color there would be really helpful as well.

你們在剛剛提供的業績結果中，有沒有認列任何財務影響？你們看到情況是在改善還是變得更糟？如果能提供一些補充說明也會很有幫助。

Sure. So just a few words about our business in China. So we have about 4 different offices in different cities. Most of those offices are sales at more application labs. And so in areas like Shanghai that have been shut down. We have a lot of the staff working from home. In Shenzhen, we do some planning and logistics, and it's been fully operational, even sort of on and off over the past 2 years where we've had periods where folks need to work from home.

當然。我先簡單談談我們在中國的業務。我們在不同城市大約有 4 個辦公室。多數辦公室以銷售與應用實驗室為主。因此在像上海這類封控的地區，我們有很多員工在家工作。在深圳，我們做一些規劃與物流，而且一直維持全面運作，即便在過去兩年中斷斷續續出現需要居家辦公的期間也是如此。

We do not have any suppliers in China. We have -- so we're not impacted of certain regions shut down. It's really a focus on the customers and the sales and applications. And so we've been able to push through it. We've not been impacted.

我們在中國沒有供應商。因此我們不會因為某些地區封控而受到影響。重點其實在客戶端，以及銷售與應用支援。就這點而言，我們一直能夠推進，並未受到影響。

Certainly, at some level, there's a bit of a headwind there of parts of the country shut down. But from our point of view, our customers have been very active, our sales and applications teams have been very active, and we've been fortunate to not be impacted the way some companies have with the cities shutting down.

當然，在某種程度上，部分地區封控確實帶來一些逆風。但就我們的角度來看，我們的客戶一直非常活躍，我們的銷售與應用團隊也非常積極。我們很幸運，沒有像一些公司那樣因城市封控而受到影響。

Our next question coming from the line of Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行（Bank of America）的 Vivek Arya。

Steve, I have one more on the I&D segment. If I take kind of a longer-term historical view. It seems like I&D tends to have a strong year followed by a softer year, so there seems to be that cyclicality in the business.

Steve，我還有一個關於 I&D 部門的問題。如果我用較長期的歷史角度來看，似乎 I&D 往往是一個強勁年份之後接著較疲弱的一年，因此看起來這個業務有一定的循環性。

And I'm curious, what is the right way to think about the growth opportunity for I&D? Can this grow in line above or below kind of the 10% to 15% kind of growth rate that you think for the company as a whole?

我想了解，應該用什麼方式來看待 I&D 的成長機會？它能否與你們對公司整體所預期的約 10% 到 15% 成長率同步、或高於、或低於？

I do. And I think -- I'm not sure your comments about an on-year and an off year are -- I don't -- I'm not sure that's accurate. But from our point of view, I can tell you that MACOM's I&D business, if you look back over the past 5, 6 years, was very weak due to lack of attention, and that changed in 2019 where we began to focus on the market.

我認為可以。而且我想——我不確定你提到的「旺年、淡年」的說法是否——我不——我不確定那是否準確。但就我們的角度，我可以告訴你，如果回顧過去 5、6 年，MACOM 的 I&D 業務因為缺乏關注而非常疲弱；這在 2019 年開始改變，當時我們開始聚焦這個市場。

And so what you see us doing is cross-selling our existing portfolio, adding products and technologies that are attracted to that market and driving our sales force into the market to win contracts like we talked about, the Navy contract, and we want to do more of that. This is a very, very large market. And we're -- we've moved over the last 3 years, our revenue from being range found really in the $30 million to low $40 million per quarter, up from -- to the high 40s to the 50s and now we're in the 70s.

因此你看到我們正在做的是：交叉銷售我們既有的產品組合、增加這個市場所青睞的產品與技術，並推動我們的銷售團隊深入市場，去贏得我們提到的那類合約，例如海軍合約，而且我們希望做得更多。這是一個非常、非常大的市場。過去三年，我們的季度營收從大約每季 3,000 萬到 4,000 多萬美元的區間，提升到 4,000 多萬後段到 5,000 多萬，現在已經來到 7,000 多萬。

So we believe this trend will continue because we're throwing a lot of weight at this market, whether it's on the optical side, whether it's on the RF and microwave side or now even supporting customers with what I would consider small high-end subsystems for very niche applications.

所以我們相信這個趨勢會持續，因為我們在這個市場投入了很大的資源，不論是在光學端、不論是在 RF 與微波端，或是現在甚至以我認為是小型高階子系統的方式，支援客戶在非常利基的應用上。

So over the long term, as we've talked about, our goal is to reach $1 billion by our fiscal '25. It will be led by our Telecom business first because it's so diverse, followed by our defense business or Industrial & Defense business. And then last, it would be our Data Center business, primarily because the solution set available for that market is limited compared to the other 2.

因此從長期來看，如我們所談到的，我們的目標是在 2025 財年達到 10 億美元。這將首先由我們的電信業務帶動，因為它非常多元；其次是我們的國防業務或工業與國防（Industrial & Defense）業務；最後才會是我們的資料中心業務，主要是因為相較於另外兩個市場，資料中心可提供的解決方案組合較為有限。

So that's our general sense. It's a huge market, one of our largest opportunities. And by the way, as I highlighted in my commentary, we just launched our BAW technology for this market, the Industrial & Defense market. And if you were asked the question, well, why did you do that?

這就是我們的整體看法。這是一個巨大的市場，也是我們最大的機會之一。順帶一提，如我在評論中強調的，我們剛為這個市場——工業與國防市場——推出了我們的 BAW 技術。如果有人問，嗯，你們為什麼要這麼做？

Our answer would be we sell some of the industry's best AlGaAs, high-power pin switches to the market. Sitting right next to these components are filters of all different technologies, and customers want to move away from ceramic filters or IPDs or even cavity filters or tunable mimic filters, and they want to move towards something smaller with higher performance.

我們的回答會是：我們向市場銷售一些業界最好的 AlGaAs 高功率 PIN 開關。緊挨著這些元件的是各種不同技術的濾波器，而客戶希望從陶瓷濾波器或 IPD，甚至腔體濾波器或可調式 mimic 濾波器轉移，轉向更小尺寸且效能更高的方案。

And so to do that, there needs to be innovation. And so we've put ourselves on the track essentially to produce and innovate with a very high-frequency BAW technology, which would be the first for the industry. And so that's why we've taken our first step into the market. And we think that will again open up a whole new window of growth opportunities. And so that's just one example.

因此要做到這一點，就需要創新。所以我們基本上已讓自己走上軌道，去生產並以非常高頻的 BAW 技術進行創新，這將是業界首創。這就是我們為何踏出進入該市場的第一步。我們認為這也將再次開啟一個全新的成長機會窗口。這只是一個例子。

The other example, of course, which we've talked about for the past 2 years is really our 0.14 GaN on Silicon Carbide process, which will absolutely target a phased array radar programs, SATCOM programs and all sorts of microwave applications for I&D.

另一個例子，當然，我們在過去兩年談過的，是我們的 0.14 GaN on Silicon Carbide 製程，它將明確鎖定 I&D 的相控陣雷達計畫、SATCOM 計畫，以及各式各樣的微波應用。

So we're putting a lot of our focus on this market. These customers have very sticky programs. So once we get into programs, we believe that the revenue streams can last for multiple years, which, of course, is a very different dynamic than what you might see in the data center, where you have programs turn on and turn off rapidly. And so we're very attracted to the business attributes of the Industrial & Defense market.

所以我們把很多重點放在這個市場。這些客戶的專案黏著度很高。因此一旦我們進入專案，我們相信營收來源可以持續多年；這當然與你在資料中心可能看到的動態非常不同，資料中心的專案可能很快啟動、也很快停止。因此我們非常看重工業與國防市場的業務特性。

And by the way, one last comment on the industrial side. We've recently had some nice wins inside of medical applications where we're now moving from single component to multichip assemblies to medical applications.

另外，關於工業端最後再補充一點。我們最近在醫療應用領域取得了一些不錯的勝利，我們正從單一元件，轉向多晶片組裝（multichip assemblies）供應給醫療應用。

As everybody knows, we automotive certified our fab about 6 months ago. In this past quarter, we won an automotive platform for a telematics program, which will go into production within the next 6 months. So a lot of interesting activities within our I&D space, and we do believe it will continue to be strong.

如大家所知，我們大約在 6 個月前讓我們的晶圓廠通過車用認證。在上一季度，我們贏得了一個用於車聯網（telematics）專案的汽車平台，將在未來 6 個月內進入量產。因此在我們的 I&D 領域有很多有趣的活動，我們也確信它將持續保持強勁。

Got it. Very helpful. And for my follow-up, Jack, I was hoping you could just give us a sense for how we should think about balance sheet inventory. I understand everyone is holding more inventory than usual because of all the well-known reasons.

了解。非常有幫助。我的追問是，Jack，我希望你能大致說明一下，我們應該如何看待資產負債表上的存貨。我理解由於眾所周知的各種原因，大家都在持有比平常更多的存貨。

What is your target in terms of days of inventory? And how does that impact your fab utilization and gross margins if there is an impact?

就庫存天數而言，你們的目標是多少？如果有影響的話，這會如何影響你們的晶圓廠稼動率以及毛利率？

Yes. And as we've discussed over the past few years, inventory has been an area of focus for us. And I think if you go back a few years, we brought our inventory levels down to what we thought were healthy levels over the past couple of quarters, there's been a bit of a build in our inventory for strategic purposes, and I think that's played out well for us in terms of supporting future growth and revenue opportunities as they emerge.

是的。而且如同我們過去幾年所討論的，庫存一直是我們的重點領域之一。我想如果你回顧幾年前，我們在過去幾個季度把庫存水位降到我們認為健康的水平；而最近幾個季度，出於策略性目的，我們的庫存有些增加。我認為這對我們很有幫助，因為它能在未來成長與營收機會出現時提供支撐。

In terms of a long-term goal, I don't think we've established a longer-term goal. I think we've been around 3x. We've come a little bit below that with some of the increases that we've seen in inventory, but I think right around that 3x is where we've been, would be a healthy enough target.

就長期目標而言，我不認為我們已經設定更長期的目標。我想我們一直大約在 3 倍左右。隨著我們看到庫存的一些增加，我們略低於那個水平，但我認為大致在 3 倍左右一直是、也會是一個足夠健康的目標。

And from a turns perspective, with our improving gross margins, that puts pressure on the inventory turns as well. So it's a little bit of an uphill battle that we've been fighting overall when you look at turns with regard to the margin improvement that we've had.

從周轉率的角度來看，隨著我們毛利率改善，庫存周轉也會承受壓力。因此，當你把周轉率與我們所取得的毛利改善放在一起看時，整體而言這是一場我們一直在打的逆風仗。

Our next question coming from the line of Harlan Sur with JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Harlan Sur。

Great job on the quarterly execution and strong margins. On the strong innovation profile, which obviously is going to drive -- the growth is going to drive the margin profile kind of mid- to longer term, right? Do you guys have a target to increase the number of new, I believe, it's standard product introductions by about 35% this year.

本季執行表現與強勁毛利做得很好。就強勁的創新動能而言，顯然它將推動——成長將在中長期推動毛利結構，對吧？你們今年是否有目標把新的、我相信是標準產品導入數量提高大約 35%？

Can you guys just give us rough percentages, like where the new products are focused on by end market? I'd just like to know where more of the R&D focus is as you think out over the next few years?

你們能否給我們一些大概的百分比，例如到終端市場來看，新產品主要聚焦在哪些領域？我想了解在你們展望未來幾年時，研發重點更多放在哪裡？

And maybe just kind of as a follow-on to that, you guys do have actually a pretty strong pipeline, I believe, of custom product development as well. Are most of these activities focused on your I&D business, primarily a defense-related customers? Or do you have custom product development programs in Telecom and Data Center as well?

另外作為延伸問題，你們其實也有相當強的客製化產品開發管線。我相信也是如此。這些活動大多聚焦在你們的 I&D 業務、主要是國防相關客戶嗎？還是你們在電信與資料中心也有客製化產品開發計畫？

Harlan, thank you for the question. It would be very difficult for us to break out R&D for you by end market or by product line or by section. So that would be a lot of maybe sensitive information. So we'd rather not say that.

Harlan，謝謝你的問題。我們很難按終端市場、產品線或部門來為你拆分研發支出。那會涉及很多可能屬於敏感資訊的內容，所以我們寧可不做這樣的揭露。

But I will say sort of some general comments. So our high-performance analog business in our -- is one of our largest segments.

不過我可以做一些概括性的說明。我們的高效能類比（high-performance analog）業務是我們最大的事業群之一。

And so you could imagine that that's receiving a fairly large percentage of our R&D dollars. And that market has historically supported or that HPA business, high-performance analog business has historically focused on the Data Center. And so part of our strategy is to expand their focus into industrial, defense and more analog and mixed signal type components outside of the Data Center.

因此你可以想像，它獲得了相當大比例的研發投入。歷史上，那個市場——也就是 HPA 業務（高效能類比業務）——一直聚焦在資料中心。因此我們策略的一部分，是把他們的重點擴展到工業、國防，以及資料中心以外更多類比與混合訊號類型的元件。

And so that group, our goal is to expand that group into other markets. And so I would certainly highlight that. When you contrast that to one of our smaller parts of our business, which would be our Lightwave business, we really -- that business contains sort of 3 different technologies, lasers, which we've talked about today, the photodetectors and then silicon photonics.

因此，對那個團隊而言，我們的目標是把它擴展到其他市場，我會特別強調這一點。相較之下，我們業務中較小的一部分是 Lightwave 業務；那個業務大致包含三種不同技術：我們今天談到的雷射、光偵測器，以及矽光子。

And so we continue to invest significantly in all 3 of those segments. And so 2 of the 3 segments today are generating revenue, the lasers and photodetectors and we're continuing to invest in silicon photonics. So I probably wouldn't want to go any further than that other than to say that our guiding principle on investing in R&D, it really revolves around our strategic plan where we've laid out the technologies we want to invest in, in the near term, the product lines that we want to expand as well as filling in gaps within the portfolio.

因此我們持續在這三個領域都進行相當顯著的投資。目前三個領域中有兩個已在產生營收：雷射與光偵測器；我們也持續投資矽光子。除此之外我大概不想再深入細節；我只能說，我們在研發投資上的指導原則，主要圍繞我們的策略計畫：我們已列出短期想投資的技術、想擴展的產品線，以及補齊產品組合中的缺口。

I mean we recognize we have a small portfolio compared to our peers within our industry. And so as we've talked about today during the prepared remarks, you're starting to see more and more new product lines coming out for existing and adjacent markets. And we believe that is the best way for us to outgrow the industry.

我們也認知到，相較於同業，我們的產品組合規模較小。因此如同我們今天在事先準備的講稿中所提到的，你開始看到越來越多新的產品線，面向既有市場與相鄰市場推出。我們相信這是我們超越產業成長速度的最佳方式。

But we don't necessarily want to break out with any more detail than that. I will say what we're not doing. We're not investing in sort of next-generation DSPs. We will be very careful not to invest in large programs or systems that have very low margins. That is not interesting to us.

但我們不一定想再提供更細的拆分。我也可以說明我們「不會」做什麼：我們不會投資所謂下一代 DSP。我們會非常謹慎，避免投資在毛利很低的大型專案或系統上；那對我們沒有吸引力。

There's a lot of companies out there that produce optical and RF and microwave equipment and their financials are weak and they generally struggle for profitability. And so we will absolutely pick and choose areas where not only can we provide something differentiated, but also it will meet our financial criteria of being accretive to our profitability.

市面上有很多公司生產光學、RF 與微波設備，但它們的財務表現偏弱，通常也難以維持獲利。因此我們一定會挑選領域：不僅要能提供差異化，也必須符合我們的財務標準，能夠增厚（accretive）我們的獲利能力。

Very insightful. You guys continue to drive strong gross margin improvements. It's been a combination of mix, manufacturing efficiencies and optimizations, maybe stronger on the optimization front, but it actually looks like your incremental margins are kind of now settling into a stable range of somewhere between 70%, 75%, which is where we would expect them to be given the richer mix of your products?

非常有洞見。你們持續推動強勁的毛利率改善，這是由產品組合、製造效率與最佳化等因素共同帶動的，或許在最佳化方面更為突出；但看起來你們的增量毛利率現在正落在一個穩定區間，大約 70% 到 75%，考量到你們產品組合更高端，這也符合我們的預期？

And also, I know you guys have talked about mid- to longer-term target of mid-60s gross margin. So we would expect that incremental margins to be in that 70%, 75% range. But is this how we should think about the margin trajectory on continued revenue growth kind of in that sort of low to mid-70s type of incremental margin range?

另外，我知道你們談過中長期毛利率目標在 60% 中段。因此我們也會預期增量毛利率落在 70% 到 75% 的區間。但就持續的營收成長而言，我們是否應該把毛利率走勢理解為：增量毛利率大致維持在 70% 初到 70% 中段的區間？

Great question. And so maybe I'll say a few words and then Jack can also contribute. Our operations team, our sales organization, our finance team has done a phenomenal job improving the profitability of the business, including the gross margins through a combination of the things that you mentioned, pricing, execution, yield enhancement programs, working with our vendors to get better pricing all of those things and more -- and that work continues every day.

好問題。我先說幾點，之後 Jack 也可以補充。我們的營運團隊、銷售組織與財務團隊，在提升公司獲利能力方面做得非常出色，包括透過你提到的多種方式來改善毛利率：定價、執行力、良率提升計畫、與供應商合作取得更好的價格，還有其他更多措施——而且這些工作每天都在持續。

The way we -- when that is flushed out, the way we will continue to push out -- push up the margins will be through innovative products. And today, we've highlighted on the call so many examples of product lines or product sets that are truly best-in-class that will command higher gross margins.

當這些措施逐步發揮效果後，我們持續推升——推高——毛利率的方式，將會是透過創新產品。今天我們在電話會議中已舉出許多例子，說明有很多產品線或產品組合確實是同級最佳（best-in-class），能夠支撐更高的毛利率。

And as those elements start to layer on to our business, it will continue to push the margins up. The reason why we do not give a target model is because it's very difficult to predict the timing and the mix of those things. And the new products, as everybody knows, takes months, if not years, to really kick in to move the needle, both on the revenue and also on the gross margin line.

隨著這些要素逐步疊加到我們的業務中，毛利率將持續上升。我們之所以不提供目標模型，是因為很難預測這些事情的時間點與組合。眾所周知，新產品需要數個月、甚至數年，才會真正開始發力、產生顯著影響，不論是在營收端或毛利率端。

So we would rather talk about the gross margin and operating margins retrospectively about look what we've done as opposed to trying to forecast 1 or 2 years down the road. Other than to say, directionally, we are continuing to push the margins higher, and the data that we collect on our new products is very supportive of our goals. Do you want to add to that, Jack?

因此，相較於嘗試預測未來 1 到 2 年，我們更願意以回顧的方式談毛利率與營業利益率：看看我們已經做到什麼。除此之外，我們只能說方向上，我們會持續推升毛利率，而我們蒐集到的新產品數據也非常支持我們的目標。Jack，你要補充嗎？

Just to pile on a little bit more in terms of some of the internal initiatives that we have been going through and how those continue to contribute to the margin improvements that we've seen as well as the revenue increases, that additional volume through the top line is helping to drive incremental margins as well.

我再補充一些，談談我們正在推動的一些內部計畫，以及它們如何持續貢獻我們所看到的毛利改善與營收成長；此外，營收端增加的額外出貨量也有助於推動增量毛利率。

So it's really a combination of factors that have supported us thus far, and we think will continue to support us as we go out into the future, but it does become a bit more challenging as we continue to go forward with the improvements that we've made over the past few years.

因此，迄今為止支撐我們的是多種因素的組合，我們也認為未來仍會持續支撐我們；但隨著我們在過去幾年已取得的改善持續往前推進，難度確實會變得更高一些。

Our next question coming from the line of David Williams with Benchmark.

下一個問題來自 Benchmark 的 David Williams。

Just, I guess, a couple of high-level questions, but just kind of think about the order book, it's still very strong book-to-bill, but have you seen any changes, I guess, in the behavior of your customers maybe their longer-term planning, just kind of given the volatility that we've seen in the marketplace over the last several weeks.

我想問幾個較高層次的問題。就訂單能見度來看，book-to-bill 仍然非常強勁；但鑑於過去幾週市場出現的波動，你們是否看到客戶行為有任何變化，例如他們在較長期規劃上的改變？

The short answer is no. As we entered this month or as we're finishing out this month, orders continue to be strong across all the different market segments. So we've not seen any pullback or slowdown from our customers. So nothing to report there.

簡短的答案是否定的。當我們進入本月或即將結束本月時，各個不同市場區隔的訂單仍然強勁。因此我們沒有看到客戶有任何縮手或放緩。所以這方面沒有什麼可報告的。

Fantastic. And then a few others have commented on substrate constraints, really on the high-performance products. I'm just wondering if you're seeing anything similar there or maybe specific areas of constraints that could potentially be troublesome as we head to the second quarter.

很好。接著也有幾位提到基板（substrate）方面的限制，主要是在高效能產品上。我想請教你們是否也看到類似情況，或是否有特定的限制領域，可能在我們邁向第二季時會變得棘手？

Yes. So we have absolutely been afflicted by the substrate issues associated with capacity in the industry. And it's hit 2 parts of our business. We talked about in the past, the Data Center, some of our high-end products, HPA products and also what we call connectivity products, which could be, for example, crosspoint switches, very high-end switches.

是的。我們確實受到產業產能相關的基板問題影響。而且影響到我們業務的兩個部分。我們過去談過，資料中心的一些高階產品、HPA 產品，以及我們所稱的連接性產品，例如 crosspoint 交換器、非常高階的交換器。

So that is -- yes, so the answer is yes, we have been affected by that. That has been built into our guidance over the past 2 to 3 quarters. We talked about on our last call that issue causing a back-end sort of step up in our Data Center revenue.

所以那就是——是的，答案是是的，我們確實受到影響。這已經在過去 2 到 3 個季度的財測指引中反映。我們在上次電話會議也提到，這個問題導致我們資料中心營收在後段出現某種程度的階梯式上升。

And so that is still our current thinking. And that's why we're going to see a significant step-up in Data Center in Q4, which is some of those supply constraints being worked out and MACOM will have access to the packaging that we need to ship our products. It's something that will slowly get better over time.

因此這仍是我們目前的看法。也因此我們會在第四季看到資料中心業務顯著的跳升，因為部分供應限制將逐步解除，MACOM 也將能取得我們出貨所需的封裝資源。這會隨時間慢慢改善。

We've been taking actions to move away from certain technologies and to move our components and our products into other technologies that are suitable. And so all that engineering work has been happening behind the scenes.

我們一直在採取行動，逐步遠離某些技術，並把我們的元件與產品轉移到其他合適的技術上。因此這些工程工作一直在幕後進行。

And as we think about 2023, we think things will slowly get better. And it won't be an issue. So it's something that our business units do a great job managing, they're fully engaged, and it's just 1 of those things that we're managing through.

而當我們展望 2023 年，我們認為情況會逐步好轉，並且不會成為問題。這是我們各事業單位非常擅長管理的事項，他們全力投入，而這只是我們正在持續管理與克服的其中一件事。

Our next question coming from the line of C.J. Muse with Evercore.

下一個問題來自 Evercore 的 C.J. Muse。

I guess a follow-up question on the supply constraint side. Curious what your view was pre-China lockdowns in terms of when you thought things would normalize and how that's been affected due to lockdown? Just trying to get a better understanding there.

我想追問一下供應限制的部分。想了解在中國封控之前，你們對於何時能恢復正常的看法是什麼？而封控又如何影響了這個判斷？只是想更清楚理解。

C.J., it's Jack. Just to clarify, in my prepared remarks, I had some commentary with regard to supply chain. And I think that's just a to highlight that those items still do exist. Obviously, they've been evolving over time, and there have been some more recent items that have come up more specifically in China.

C.J.，我是 Jack。先澄清一下，在我事先準備的發言中，我對供應鏈有一些評論。我想那只是用來強調這些問題仍然存在。顯然它們會隨時間演變，而近期也出現了一些更具體、特別是在中國的事項。

And I think Steve had addressed that in his earlier response to one of the questions, but part of the prepared remarks was also for recognition to our operations team in terms of how well they've been able to manage through this over the past number of years, really when you look back over time.

我想 Steve 在先前回覆其中一個問題時已經談到，但事先準備的發言也同時是為了肯定我們營運團隊，因為回顧過去幾年，他們在應對這些挑戰方面做得非常好。

So no real major impacts to us over the past quarter versus where we were 3 months ago. We did highlight that we were expecting some modest improvement as we work our way through the back half of the year. But as always and as we've learned, that's always subject to change. But based on where we're sitting here today, no real major change from where we were a quarter ago.

因此，相較於 3 個月前，過去一季對我們沒有真正重大的影響。我們確實提到，隨著我們走過今年下半年，預期會有一些溫和改善。但一如既往、也如我們所學到的，這些都可能改變。不過以我們今天所處的位置來看，與一季前相比沒有真正重大的變化。

Okay. That's helpful. And as my follow-up question, wanted to focus on aerospace and defense side of things. Obviously, the world's changed in the last, what is it, 62 days, plus or minus. And with NATO now looking to actually hit their targets for defense spending, have your conversations or your internal plans for engagement changed at all? And how should we think about the kind of the duration of design cycles and when you might see a step-up in that part of your business?

好的，這很有幫助。我的追問想聚焦在航太與國防端。顯然世界在過去大約 62 天左右（上下）已經改變了。隨著北約現在看起來要真正達成國防支出目標，你們與客戶的對話或內部的投入計畫有任何改變嗎？以及我們該如何看待設計週期的長度，以及你們何時可能在這部分業務看到一個跳升？

Sure. So as we talked about earlier, we really began to focus on the I&D end market in 2019. And we've been continuing to invest in products, technologies that we believe would be ideal for the customers within this segment. And so that is probably more important than the current dynamics that are happening today in the world.

當然。如同我們先前提到的，我們在 2019 年就開始真正聚焦 I&D 終端市場，並持續投資我們認為最適合該區隔客戶的產品與技術。因此，這可能比當前世界正在發生的動態更重要。

And so I would just bring you back to that as being really the main point is that MACOM is improving the technologies for Industrial & Defense end markets. And our sales and marketing teams have been doing a great job engaging at all different levels of these customers. And so that's really the point. I wouldn't want investors to think that because of the activities in the Ukraine that there's going to be an uptick in our business or a windfall on a particular program.

所以我會把你帶回到這個重點：MACOM 正在提升工業與國防終端市場的技術能力。我們的銷售與行銷團隊也在各個層級與這些客戶積極互動，做得非常好。這才是重點。我不希望投資人認為因為烏克蘭的活動，我們的業務就會出現上揚，或在某個特定專案上獲得意外之財。

I wouldn't think of it that way. I would instead just recognize that this is an area, 1 of 3 markets, it will, over time, be a very strong market for us, continue to be a very strong market for us. But I wouldn't be -- I wouldn't focus on the current events as something that might create a financial windfall for the company.

我不會用那種方式來看。我反而會認知到，這是三大市場之一，隨著時間推進，它會成為我們非常強勁的市場，並且會持續是我們非常強勁的市場。但我不會——我不會把當前事件視為可能為公司帶來財務意外之財的因素。

Our next question coming from the line of Richard Shannon with Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Richard Shannon。

Steve, I'd like to dive into the topic of GaN here. I've had some positive commentary in the last few calls here. It sounds like the business is really building, particularly on the bookings side. You've also talked about a goal of getting to the company at $1 billion in a few years.

Steve，我想深入談談 GaN 這個主題。過去幾次電話會議我聽到一些正面的評論。聽起來這項業務正在成長，特別是在接單（bookings）方面。你也談到過幾年內把公司做到 10 億美元的目標。

And I wonder if you can give us a sense of how the backlog is building here? And how you think about the size of your GaN business relative to that goal out in a few years? I mean can GaN be 10% of that total? And how would you kind of think of it between your I&D and Telecom segments?

我想請你談談目前在手訂單（backlog）是如何累積的？以及你如何看待你們的 GaN 業務規模，相對於幾年後那個目標的占比？我的意思是，GaN 會不會占總額的 10%？以及你會如何在 I&D 與電信（Telecom）兩個區隔之間來看待它？

Sure. So we have really 3 parts of our GaN strategy. Then I'll say just to point that out. So the first part of our GaN -- actually 4 segments of our GaN strategy. The first is high-frequency mimics using 0.14 GaN on Silicon Carbide. That will address high-frequency, I&D and SATCOM and microwave radio links using GaN.

好的。我們的 GaN 策略其實有 3 個部分。然後我再補充說明一下——其實是 4 個部分。第一個是使用 0.14 GaN on Silicon Carbide 的高頻 MIMICs。這將涵蓋高頻的 I&D、SATCOM，以及使用 GaN 的微波無線電鏈路。

And those are -- can be multifunction mimics that would be used on the transmit and receive side of microwave systems. The second piece is lower frequency, but very, very high power. We call that PURE CARBIDE. And 1 year ago, we introduced the industry's highest power device, 2.6 kilowatts. And at IMS in June, we'll be demonstrating a 4.5 kilowatt device.

而這些——可以是多功能的 MIMICs，可用於微波系統的發射端與接收端。第二個部分是較低頻，但功率非常、非常高。我們稱之為 PURE CARBIDE。一年前，我們推出了業界最高功率的元件，2.6 千瓦。而在 6 月的 IMS，我們將展示一款 4.5 千瓦的元件。

And those will be targeting radar systems, jammers, EW, anywhere where you want extremely high power. And we will sell products to customers, not only at the chip level, but also packaged or multichip assemblies or what we call pallets, where we take our very high-power devices and we put other ancillary circuits around it, drivers, isolators, things like that, combiners. So that's the second piece.

這些將鎖定雷達系統、干擾器、電子戰（EW），以及任何需要極高功率的應用。我們不僅會在晶片層級銷售產品，也會提供封裝後或多晶片組件，或我們所稱的 pallets：也就是把我們的超高功率元件，搭配其他周邊電路，例如驅動器、隔離器、合波器等。這是第二個部分。

The third piece would be for Telecom and all things wireless, which is primarily massive MIMO, and we'll be demonstrating at IMS also our power amplifier modules, and the industry within 5G has moved from discrete amplifier lineups, drivers and Doherty upward stages now to more combined power amplifier modules. And we are right in the fight on that.

第三個部分是電信與所有無線相關領域，主要是 massive MIMO。我們也會在 IMS 展示我們的功率放大器模組。5G 產業已從分立式放大器線性陣列、驅動器與 Doherty 上級級聯，轉向更整合的功率放大器模組。我們正積極參與其中。

And we -- as I talked about, we are gaining traction in design wins for small base stations and macro base stations and over the next year, we'll start to get design wins on PAMs, the power amplifier modules. And then all of those 3 segments that I've talked about are GaN on Silicon Carbide. And then the fourth item is GaN on Silicon.

而且——如我所說，我們在小型基地台與宏基地台的設計導入（design wins）上正取得進展；在接下來一年，我們將開始在 PAM（功率放大器模組）上取得設計導入。以上我談到的這 3 個部分都是 GaN on Silicon Carbide。第四個項目則是 GaN on Silicon。

We continue to work on this technology, and we continue to work with ST on this technology and ST continues to make progress. And so when that technology is ready, we will step into the market where it makes the most sense, and we have seen different bands opening up at different power levels, arguably lower power levels that may gain on silicon actually more attractive as a solution than silicon carbide.

我們持續投入這項技術，也持續與 ST 在這項技術上合作，而 ST 也持續取得進展。因此當這項技術成熟時，我們會在最合理的市場切入；我們也看到不同頻段在不同功率等級上逐步開放，可以說在較低功率等級下，GaN on silicon 可能會比 silicon carbide 更具吸引力，成為一種解決方案。

And so there may be instances in the next 6 to 12 months where GaN on Silicon is good enough to beat LDMOS and to beat silicon carbide. So that has yet to play out. But those -- at a high level, those are the 4 lanes that we're in for RF power. And so when you ask the question, can that be 10% of our revenue.

因此，在未來 6 到 12 個月內，可能會出現 GaN on Silicon 已經足以擊敗 LDMOS 並擊敗碳化矽的情況。所以這還有待觀察。但從高層次來看，這些——就是我們在 RF 功率領域所處的 4 條賽道。因此當你問這個問題：那是否能占我們營收的 10%。

Well, this year, we should be somewhere in the range of $670 million to $680 on the top line. And so can we do $67 million of revenue again? The answer is absolutely. And in fact, our power business is one of the fastest-growing parts of our portfolio today, albeit from a small base. But the team is doing a great job, we continue to hire. We just hired the dream team of DPD engineers that really know how to get into the weeds on getting amplifiers to work inside of 5G radios.

嗯，今年我們的營收（top line）應該會落在 6.70 億到 6.80 億美元的區間。所以我們能否再次做到 6,700 萬美元的營收？答案是絕對可以。而且事實上，我們的功率業務是目前我們產品組合中成長最快的部分之一，儘管基期較小。但團隊做得非常出色，我們也持續招募。我們剛聘請了一支堪稱夢幻團隊的 DPD 工程師，他們非常了解如何深入細節，讓功率放大器能在 5G 無線電設備內正常運作。

And then when it moves to 6G and when you start to see the new frequencies come up with the higher bands. This group is really going to help us out. So we're big believers in RF power. It's in our DNA, and we look to win more market share over the next 2 years.

接著當演進到 6G，並且你開始看到更高頻段帶來的新頻率時，這個團隊將會對我們很有幫助。所以我們非常看好 RF 功率。這是我們的 DNA，我們希望在未來 2 年內贏得更多市占率。

Steve, thanks for that great detail. I'll ask a follow-on question. It could be a long, I don't intend it to be, but one of your prepared comments, you talked about an emerging subsystem capability in I&D. Can you talk to that the strategic and financial implications of that and when we might see that?

Steve，謝謝你提供這麼詳盡的說明。我想追問一個問題。它可能會很長，我並不打算讓它很長，但在你事先準備的評論中，你提到 I&D 正在形成一項新興的子系統能力。你能談談這件事的策略與財務意涵，以及我們可能何時會看到它嗎？

Sure. And I think we are -- we do recognize that some customers want to hand the problem to us to solve, especially in areas of high power where you need specialized equipment and people that are experienced dealing with it. And so the Navy contract that we talked about would be really an example of moving in that direction. But we will move very carefully.

當然。我想我們——我們確實認知到，有些客戶希望把問題交給我們來解決，尤其是在高功率領域，因為那需要專業設備以及具備相關經驗的人員來處理。因此我們提到的那份海軍合約，會是朝這個方向前進的一個例子。但我們會非常謹慎地推進。

We did recently open up a small design center in Western Mass, which is Massachusetts, which is primarily focused on building up the building blocks necessary to address this market. And these engineers are expert at building multichip assemblies, working with waveguide for the higher frequencies.

我們最近在麻州西部（Western Mass，也就是 Massachusetts）開設了一個小型設計中心，主要聚焦於建立切入這個市場所需的基礎模組（building blocks）。這些工程師擅長打造多晶片組裝（multichip assemblies），並且在更高頻率下與波導（waveguide）協作。

And so this is something that will just start to emerge over time. There won't be a big pivotal moment. It will be MACOM starting to address more opportunities in the market where we see that it's a perfect fit for our capabilities. What we don't want to go after is business where you can go out to the market by chips from 5 or 6 different semiconductor companies and then put together a solution. we will build modules based on our proprietary technology in semiconductors, not other people's chips.

因此，這會隨著時間逐步浮現，不會有一個重大的轉折點。它會是 MACOM 開始在市場上承接更多我們認為與自身能力完美契合的機會。我們不想追逐的是那種你可以到市場上向 5 或 6 家不同的半導體公司買晶片，然後再拼裝成解決方案的業務。我們會基於我們在半導體上的專有技術來打造模組，而不是用別人的晶片。

And so that filter eliminates probably 75% of the opportunity. So we will be very selective when we engage on a small subsystem or a module opportunity.

因此，這個篩選條件大概會排除 75% 的機會。所以當我們投入小型子系統或模組機會時，會非常有選擇性。

Next question coming from the line of Ruben Roy with WestPark Capital.

下一個問題來自 WestPark Capital 的 Ruben Roy。

I had a quick follow-up, Jack, on the gross margin discussion. Just kind of thinking about the different segments, the product segments and product mix. As you think about -- as Steve mentioned, products less than 3 years old starting to contribute more to revenue and higher margins on these new products that you guys are designing.

我有個簡短的追問，Jack，關於毛利率的討論。主要是從不同區隔、產品區隔與產品組合的角度來思考。當你們考量——如 Steve 提到，上市未滿 3 年的產品開始對營收貢獻更多，以及你們正在設計的這些新產品具有較高毛利。

Can you remind us what the margin differentials are, if any, across the 3 product groups today? And as you think about Q4 and data center starting to really pick up, are there going to be any margin impacts from sort of the mix change over the next, let's call it, 4 to 6 quarters?

你能提醒我們，目前三大產品群之間的毛利差異（如果有的話）是什麼？另外，當你們展望第 4 季、資料中心業務開始明顯回升時，未來大約 4 到 6 個季度，產品組合變化是否會對毛利造成任何影響？

Yes. Thanks, Ruben. Yes, from an overall gross margin perspective by each of the end markets, that's not something that we break out. We do look at the gross margins, and there is a bell curve across our entire product portfolio, where we've got some that are obviously higher than the corporate averages and some that are lower.

是的。謝謝你，Ruben。是的，從各終端市場的整體毛利率角度來看，這不是我們會拆分揭露的項目。我們確實會看毛利率，而在我們整體產品組合中存在一個鐘形分布：有些產品顯然高於公司平均，有些則較低。

The same holds true for the new product introductions that Steve had referenced in his prepared remarks, there's going to be a spectrum of different gross margin profiles that those products have.

Steve 在事先準備的發言中提到的新產品導入（NPI）也是如此，這些產品會呈現不同的毛利率輪廓（gross margin profiles）光譜。

We are looking to obviously focus on the ones with the stronger gross margins to try and focus on how we can do more of that. We also focus on some of the lower-performing products, even the ones that we're introducing to make sure we understand why they have below our margins that may be below our expectations or may not even have the revenue desires that we had going into the development cycles.

我們顯然會把重點放在毛利率較強的產品上，並思考如何做得更多。同時，我們也會關注一些表現較弱的產品，甚至包括我們正在導入的新產品，以確保我們了解為何它們的毛利低於我們的水準——可能低於我們的預期，或甚至未能達到我們在開發週期開始時所期待的營收目標。

But NPI and overall gross margin is an area that we focus on across the organization. And some of those gross margin implications that we have come into play in terms of some of the production capabilities that we have within our own internal fab and our internal test and assembly facilities, and then there's other implications as well with some of the product that we have externally fab and how that might play out from an overall mix perspective as it relates to our overall gross margins.

不過，NPI 與整體毛利率是我們在全公司範圍內都會聚焦的領域。我們所面臨的一些毛利影響，會與我們自有晶圓廠（internal fab）以及內部測試與組裝設施的部分生產能力相關；此外，還有其他影響因素，例如我們部分產品採外部代工（externally fab），以及這在整體產品組合角度下，可能如何影響我們的整體毛利率。

Very helpful. And just a quick follow-up. Steve, I don't think you mentioned PON in your remarks today. I know you had a 25-gig PON demonstration at OFC. And just wondering if you can give us an update on where we are at 10-gig PON and kind of your perspective on when we're going to get to 25 gig and how that might impact your Teleco business.

非常有幫助。再快速追問一下。Steve，我想你今天的發言中沒有提到 PON。我知道你們在 OFC 做了 25G PON 的展示。想請你更新一下我們在 10G PON 的進展，以及你對何時能到 25G 的看法，還有這可能如何影響你們的 Teleco 業務。

Sure. So 10G PON volumes continue to ramp, and we see that with some of our product lines. As we've talked about in the past, our goal is to expand content within the platform. So today, we have a very strong driver business.

好的。10G PON 的出貨量（volumes）持續爬升，我們在部分產品線上也看到了這點。如同我們過去談過的，我們的目標是在該平台內擴大內容（content）。所以目前我們有非常強的驅動器（driver）業務。

We are picking up market share with the photodetectors. We will be introducing lasers to customers. That's an ongoing activity. And so generally speaking, and then the last is first mode TIAs, which we're -- we still have to do a little work on.

我們在光偵測器（photodetectors）方面正在取得市占。我們也會向客戶導入雷射（lasers），這是一項持續進行的工作。一般來說，最後一項是第一級（first mode）的 TIA（跨阻放大器），我們——仍需要再做一些工作。

So -- generally speaking, our PON business is -- for 10G is growing. It's an international market. It's not just China. And we are strengthening our position within the market.

所以——整體而言，我們的 PON 業務——就 10G 而言正在成長。這是一個國際市場，不僅僅是中國。我們也正在強化我們在市場中的地位。

Thank you. I will now turn the call back over to Mr. Daly for any closing remarks.

謝謝。我現在把電話交回給 Daly 先生，請他做任何結語。

Thank you, Olivia. In closing, we would like to thank our employees, customers and suppliers for their continued support. Have a nice day

謝謝你，Olivia。最後，我們要感謝員工、客戶與供應商持續的支持。祝各位有美好的一天

Ladies and gentlemen, that does our conference for today. Thank you for your participation. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。