(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)

歡迎來到 MACOM 的 2022 財年第二季度電話會議。今天，2022 年 4 月 28 日星期四，此通話正在錄音。（操作員說明）

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.

我現在將把電話轉給 MACOM 戰略計劃和投資者關係副總裁 Steve Ferranti 先生。費蘭蒂先生，請繼續。

Thank you, Olivia. Good morning, and welcome to our call to discuss MACOM's financial results for the 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，奧利維亞。早上好，歡迎致電討論 MACOM 2022 年第二財季的財務業績。我想提醒大家，我們今天的討論將包含前瞻性陳述，這些陳述受1995 年《私人證券訴訟改革法案》中包含的前瞻性陳述的安全港。實際結果可能與今天討論的結果大不相同。

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.

有關可能導致這些差異的風險和不確定性的更詳細討論，請參閱 MACOM 向 SEC 提交的文件。本次電話會議期間的管理層聲明還將包括對某些調整後的非公認會計原則財務信息的討論。該公司的新聞稿和相關的 8-K 表格提供了 GAAP 與調整後的非 GAAP 結果的對賬，該表格今天提交給 SEC。有了這個，我將把電話轉給 MACOM 總裁兼首席執行官 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.

謝謝你，早上好。我將以一般公司更新開始今天的電話會議。之後，我們的首席財務官 Jack Kober 將審查我們的第二季度財報。傑克完成後，我將提供第三財季的收入和收益指導，然後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.

第二季度收入為 1.651 億美元，調整後每股收益為每股攤薄收益 0.68 美元。隨著毛利率和營業利潤率的連續增長，我們繼續提高盈利質量。我們還產生了強勁的現金流，在本季度末現金和短期投資超過 5 億美元，創歷史新高。

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.

我們的財務業績反映了我們在業務的許多方面取得的眾多改進。對我們產品的總體需求繼續增加。我們本季度的訂單出貨比為 1.2:1，連續第六個季度高於 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.

我們的積壓訂單再次達到創紀錄水平，這對我們計劃 2022 財年剩餘時間很有幫助。我們認為，強勁的第二季度預訂反映了市場份額的增長、我們新產品的市場牽引力以及遙遙領先的長期領先訂單所需的發貨日期。

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.

本季度，我們的轉向業務略有上升，約佔總收入的 19%。我們新產品的業務指標表現良好。總的來說，以總收入的百分比來看，不到 3 年的產品今天對收入的貢獻比過去更多，毛利率也高於我們目前的公司平均水平。這些趨勢符合我們建立多元化和高利潤產品組合的戰略。

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.

我們的團隊繼續有效地工作以加速產品和技術的發展。為了實現我們的未來目標，我們正在為現有員工投資新的人力資源計劃和福利，並通過增加設計、運營和銷售人員來擴大我們的員工隊伍。

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.

我對我們團隊的表現以及我們在組織的所有職能部門吸引到公司的驚人新人才感到滿意。第二季度按終端市場劃分的收入細分如下：工業和國防為 6710 萬美元。電信為 6290 萬美元，數據中心為 3510 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.

數據中心和電信收入實現了強勁的兩位數環比增長，但由於出貨時機導致的 I&D 收入下降抵消了這一增長。此外，我們預計下半年的收入增長將略高於本財年上半年。

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.

現在轉移到我們的 3 個終端市場。工業和國防市場一直是 MACOM 的重點領域，因為我們相信這些市場在未來幾年內具有顯著收入增長的潛力。

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長的產品，這可以為 MACOM 創造類似年金的收入流。在某種程度上，我們的戰略側重於加強和擴展我們的高性能產品組合，以更好地應對這些市場中最高頻率、最高功率和最高數據速率的機會。

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 客戶以績效為導向，他們希望採用新技術。我們將利用我們專有的半導體技術、我們的 IC 設計能力和我們不斷增長的子系統設計能力來參與這個市場。我們對這個市場的持續關注正在發現許多巨大的機會，在這些機會中，我們的技術可以完美地滿足客戶的需求。

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.

我們看到了新的 0.14 微米 GaN 碳化矽模擬工藝、純碳化物大功率放大器、模擬和混合信號 IC 以及我們的專業光學和射頻子系統產品的機會。我們的新產品正在創造越來越多的有意義的機會，涉及各種地面機載和艦載項目，包括雷達、電子戰、航空電子設備和微波通信應用。

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.

我很高興我們現在與一些最大的客戶合作，在他們的應用中插入光學連接技術。我要指出，我們在這個市場上保持著長遠的眼光，因為大多數國防項目需要很長時間才能過渡到生產。但是，這些程序的生命週期很長，我們能夠堆疊多個具有高美元內容的程序，這使得財務回報令人信服。

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.

我很高興地宣布，在第二季度，我們獲得了價值數百萬美元的 2 年開發合同，利用我們的氮化鎵放大器和相控陣天線技術生產 45 千瓦發射機。

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.

與海軍簽訂的這份管理合同驗證了我們的 GaN 放大器和相控陣技術是一流的。祝賀捕獲團隊獲得此獎項。在強勁的第一季度之後，我們的電信終端市場收入在第二季度環比增長。

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.

我們繼續感受到各種電信應用的廣泛需求，包括 5G、城域/長途、寬帶接入和廣播視頻。提醒一下，對於 MACOM 來說，電信是一個非常廣泛和多樣化的終端市場，涵蓋眾多通信協議、網絡架構和拓撲。

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.

今天，我們只為這個市場提供了整體機會的一小部分。我們在這些市場機會中的主要長期增長動力將是新產品的推出。例如，我們最近宣布推出用於相干網絡應用的 128 吉波特跨阻放大器和調製器驅動器。

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.

這些新產品通過支持長途城域和數據中心互連或 DCI 應用，提高了 MACOM 在這些市場中已經強大的競爭地位。這個新產品系列包括高帶寬、低噪聲和低功耗、雙通道和四通道 TIA 以及四通道驅動器，旨在實現每秒 800 Gb 到 1.6 TB 的相干發射和接收系統。

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，在過去幾個季度中，我們的前端模塊、大功率開關和放大器的射頻產品組合一直受到 5G OEM 和 O-RAN 設備製造商的青睞。我們的一些客戶最近使用我們的功率放大器產品將程序轉移到低速率初始生產。

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.

在這裡，我們為美國和國際部署的小型基站和宏基站提供 100 瓦、220 瓦和 450 瓦峰值功率 GaN 碳化矽放大器。基站功率放大器市場很大，包含眾多機會，涵蓋不同的客戶、頻率和功率水平。我們剛剛開始滲透這個市場。

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.

對我們用於電信和接入應用的光波產品的需求也在持續增長，尤其是我們的 25G DFB 激光器。我們有多個 5G 前傳客戶，並且我們的激光器主要用於 CWDM6 調製方案的低速率生產。

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.

我們預計未來 6 至 12 個月的產量將增加。最後，由於我們的高性能模擬解決方案（包括 CDR、TIA 和驅動器產品）的需求增加，我們的數據中心終端市場收入在第二季度有所增長。

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，我們參加了在聖地亞哥舉行的 2022 年光纖會議（OFC），在那裡我們進行了 10 多場產品演示，展示了我們的最新產品。例如，其中一個演示包括一個帶有 8 個 CW 激光器的單芯片激光器陣列，每個激光器工作在不同的波長。激光陣列採用了 MACOM 的蝕刻刻面技術，是共同封裝光學器件的理想選擇。

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.

該激光陣列旨在與我們客戶的一個芯片組一起工作，以實現高達 2 TB 的連接速度，使其成為 AI 或高速芯片到芯片連接的理想選擇。 MACOM 目前正與多家客戶合作，通過我們的下一代線性驅動器和 TIA 滿足 800G 和 1.6 TB 的數據中心互連需求。

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，我們將支持線性接口架構，也稱為直接驅動，以優化從主機交換機 ASIC 到光學接口的整個信號路徑的性能。首批預期部署之一將是針對利用低延遲 InfiniBand 網絡進行高性能計算的深度學習和 AI 應用程序。

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 對客戶對我們最近推出的線性均衡器的興趣程度感到滿意，我們看到了高性能計算平台在 200G 和 400G 數據速率下的有源銅纜應用的增長機會。

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.

我們增長戰略的基礎圍繞著引入新產品線、新技術和提高我們選擇競爭領域的半導體性能標準。

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.

我們經常使用貿易展覽作為產品發布的場所，並讓我們的團隊推動與這些活動相關的截止日期。距離支持射頻和微波行業的 IMS 或國際微波研討會還有不到 2 個月的時間。在本次活動中，我們計劃展示我們的一些最新產品、技術和產品線。

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.

在今年的活動中，我們計劃展示我們最高功率級別的放大器，即 GaN 功率放大器，它提供 4.5 千瓦的射頻功率，幾乎是我們去年推出的 2.6 千瓦設備的 1.7 倍。我們的首款 8 瓦和 10 瓦 5G 大規模 MIMO GaN on SiC 功率放大器模塊或 PAM，其中包括驅動級、CMOS 電源管理 IC 和 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.

我們將介紹我們內部 AFRL 0.14 微米碳化矽基氮化鎵工藝的第一款 GaN 模擬產品，特別是 10 瓦 Ka 波段模擬芯片。我們還將介紹我們的第一個波導封裝產品，特別是 e 波段功率放大器模塊，它使用新型波導組合器組合了我們 80 GHz 模擬中的 16 個。

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 射頻模塊中使用 SOI 技術已有一段時間了，但我們正在推出我們的第一款 SOI 標準產品，即 DC 至 67 GHz 開關，用於測試和測量以及 I&D 客戶。也許最值得注意的是在 IMS，我們計劃展示我們的第一個 BAW 或體聲波產品。

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 技術是一種無源矽晶體濾波器技術，用於大多數手機和無線應用，以過濾不需要的信號。我們的目標不是商業無線應用或消費電子市場，而是高性能工業和國防電子產品。

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，我們的團隊計劃實施新的半導體加工技術，以推動 BAW 技術的頻率性能。今天的 BAW 技術僅限於 6 GHz 左右，我們計劃將我們的技術推到 15 GHz。 I&D 客戶越來越需要過濾掉微波系統中的高頻信號。

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.

我們的目標是啟用基於濾波器的解決方案——基於我們專有的半導體處理技術的濾波器。在 IMS，我們的芯片級封裝 BAW 產品將在 2 個應用中展示，一個 2 通道開關濾波器組和一個 MACOM 梳狀發生器以選擇所需的頻率。

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.

很難估計這個市場的規模，但我們保守估計機會超過 1 億美元，我們相信客戶會願意為我們的技術支付溢價。在傑克回顧我們的財務狀況之前，我想強調一下，三月份，我們慶祝了我們作為上市公司的十週年。

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.

今天，MACOM 被公認為值得信賴的合作夥伴，我祝賀我們整個團隊的辛勤工作和對我們的客戶和我們所服務的行業的重大貢獻。為紀念週年，我們的營銷團隊更新並推出了具有現代外觀和感覺的新網站，更好地組織信息和產品並改進產品導航，以便我們的客戶可以快速找到他們需要的信息。

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.

總之，我們擁有許多引人注目的新工藝、世界一流的 IC 設計師以及獨特的製造和封裝能力。我相信我們可以繼續突破半導體工程的界限。 Jack 現在將對我們的財務業績進行更詳細的審查。

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，史蒂夫，大家早上好。在截至 2022 年 4 月 1 日的第二財季，我們繼續鞏固穩健的財務業績。第二季度收入為 1.651 億美元，環比增長 3.5%。從地域來看，我們來自美國國內客戶的收入約占我們第二財季業績的 45%，代表了我們客戶群的地域多樣性。

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.

從供應的角度來看，環境對我們的運營、規劃和物流團隊來說仍然充滿挑戰。最近亞洲 COVID-19 的死灰復燃導致各個城市進一步封鎖，這對我們的一些外部組裝和測試供應商產生了影響。此外，我們供應商基礎內某些關鍵部件的短缺和生產能力限制正在影響我們的產品運輸能力。

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.

我們預計這些情況將在本財年下半年適度改善。 MACOM 的運營團隊在這個艱難的環境中進行了出色的管理，使我們能夠實現我們的近期收入目標。

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.

調整後的毛利潤為 1.019 億美元，佔收入的 61.7%，環比增長 30 個基點。第二季度調整後的毛利率接近我們指導範圍的上限，主要是基於持續的運營改進。我們對我們不斷增長的毛利率感到滿意，並期望隨著時間的推移進一步改善，儘管利率較低。

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.

調整後的總運營費用為 5100 萬美元，其中研發費用為 3180 萬美元，SG&A 費用為 1920 萬美元。由於研發和人員配備相關成本的增加，總運營費用比 2022 財年第一季度增加了 200 萬美元。雖然我們預計隨著我們研發能力的提高，OpEx 會隨著時間的推移而適度增長，投資於新技術開發並擴大我們的產品組合，但我們確實希望對我們所有的可自由支配支出保持財政紀律。

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.

第二財季調整後的營業收入為 5090 萬美元，高於第一財季的 4910 萬美元。第二財季調整後的營業利潤率為 30.8%，高於第一季度的 30.7%。第二季度的折舊費用為 580 萬美元，調整後的 EBITDA 為 5670 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 個月調整後 EBITDA 為 2.139 億美元，而我們截至 2021 年 12 月的上一財季為 2.051 億美元。第二財季調整後的淨利息支出為 100 萬美元，比第一財季減少約 20 萬美元，主要受短期投資增加的推動餘額和相關的利息收入。

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.

我們在第二財季調整後的所得稅率為 3%，導致支出約為 150 萬美元。我們第二季度的淨現金稅款約為 500,000 美元，比第一財季增加了 300,000 美元。我們預計未來調整後的所得稅率將保持在 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.

第二財季調整後淨收入為 4840 萬美元，而第一財季為 4540 萬美元。調整後每股完全攤薄收益為 0.68 美元，使用股數為 7110 萬股，而第一財季調整後每股收益為 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.

現在轉到運營資產負債表或現金流項目。我們第二季度的應收賬款餘額為 1.006 億美元，高於第一財季的 9740 萬美元。因此，未結銷售天數為 55 天。我們的應收賬款餘額反映了較前期的增加，主要是由於本季度收入增加和發貨時間增加。

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.

季度末庫存為 9340 萬美元，比上一季度增加 480 萬美元，庫存周轉率為 2.7 倍，低於上一季度的 2.8 倍。這些較高的庫存水平將支持未來的收入增長。第二財季運營現金流約為 4250 萬美元，比上一財季增加 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.

隨著我們進一步投資於我們的晶圓廠、設施和研發設備，第二財季的資本支出總計 710 萬美元。我們繼續預計我們在 2022 財年的戰略資本投資將在 3000 萬美元至 3500 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.

第二財季的自由現金流為 3540 萬美元，環比增長 640 萬美元，主要是由於調整後的淨收入增加。現在轉到其他資產負債表項目。第二財季的現金、現金等價物和短期投資為 5.03 億美元，環比增長 2530 萬美元，比去年第二財季增長 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.

我們將現金和短期投資餘額視為一項戰略資產，有助於在我們前進的過程中支持未來的增長計劃。隨著過去 12 個月 EBITDA 的進一步改善，我們第二季度的總槓桿率目前為 2.8 倍，低於第一季度的 2.9%。

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，我們的淨債務現在約為 1 億美元，淨槓桿率目前低於 1。在 3 月的年度股東大會之前和全年，我們開展了廣泛的投資者外展活動，重點是更好地了解股東的擔憂和觀點，包括多樣性、治理和其他與 ESG 相關的主題。我們討論了我們正在進行的全公司範圍內對 ESG 相關事項和舉措的審查，目的是隨著時間的推移加強或創建額外的政策、計劃和實踐。

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，我還要強調的是，穆迪上週將我們的企業信用評級從 B2 上調至 B1。我們認為這是對我們在過去一年中不斷改善的運營和財務成就以及我們持續不斷地努力改善業務的持續認可。如果沒有整個 MACOM 組織的團隊合作和奉獻精神，整個業務的這些改進是不可能實現的，我要感謝我們團隊的努力。我現在將討論轉回給史蒂夫。

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，傑克。 MACOM 預計第三季度的收入將在 1.68 億美元至 1.72 億美元之間。調整後的毛利率預計在 61% 至 63% 之間。基於 7130 萬股完全稀釋的股票，調整後的每股收益預計在 0.68 美元至 0.72 美元之間。在第三季度，與第二季度相比，我們預計工業和國防收入將增長約 5% 至 10%，電信和數據中心收入將相對持平。

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.

正如我之前強調的，我們預計 22 財年下半年的增長將超過 22 財年上半年的增長。總之，我們站在價值數十億美元的 SAM 面前，它擁有獨特且不斷增長的技術組合。

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.

我們的戰略是進一步多元化我們的產品客戶和終端市場。我們對執行我們的戰略保持著長遠的眼光，我們將努力管理我們的業務，以在所有業務週期中實現盈利。我們有信心在未來幾個月和幾年內繼續改善我們的財務狀況並佔據市場份額。我現在想請接線員回答任何問題。

(Operator Instructions)

（操作員說明）

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

現在第一個問題來自 Quinn Bolton 與 Needham & Company 的對話。

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?

恭喜您取得了穩定一致的結果。我只想問一下，隨著業務組合的變化，您對 22 財年各部門的同比增長有何期望？感覺電信業務可能比你一季度或二季度前想像的要強大。並且想知道您是否仍然認為數據中心在 22 財年與 21 財年相比略有上升？

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.

奎因，謝謝你的提問。因此，就我們對全年的展望而言，您的評論是準確的。我們看到電信的增長非常強勁，我們預計這將持續到第三季度和第四季度。我們也確實預計 I&D 和數據中心將實現同比增長。我們確實相信我們有望實現全年至少 10% 的增長。

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了廣泛的實力。比方說，上個季度我們在所有細分市場的訂單出貨比再次接近 1.2。因此，所有細分市場的廣泛表現都非常強勁。我們正在按照最初的計劃進行，因為我們預計今年至少有 10% 的增長。

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?

偉大的。然後是關於數據中心業務的後續問題。聽起來您在 3 月季度的表現比預期的要好一些，但我認為您已經談到上個季度的積壓情況非常可觀，您面臨的最大挑戰是供應限制。想知道您是否可以談談供應限制？

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?

當您在數據中心方面展望 9 月季度時，您認為您能夠滿足非常強勁的客戶需求嗎？

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.

所以所有跡像都表明我們會這樣做。隨著我們對今年下半年的數學計算，我們看到第四季度我們的數據中心業務部門接近 4000 萬美元。所以我們 - 其中很多來自供應鏈的改進。但話雖如此，我們確實看到了該領域的一些積極趨勢，包括，正如我在評論中強調的那樣，對我們用於 200 和 400G 銅電纜的線性均衡器非常感興趣。

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.

我們看到我們所有的 PAM4 產品部分或數據中心的子部分都已啟動。我們看到我們所有的 400G 業務都在增長，並且我們開始更多地參與我談到的更高數據速率的高性能計算。因此，數據中心內有很多積極的趨勢，這肯定會有助於我們的長期增長前景。

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

我們的下一個問題來自與 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?

也祝賀我。在這種非常動蕩的時代紮實執行。我只是——史蒂夫，你似乎對電信業務很興奮。我是 - 你在那裡開始了很多機會，但我很好奇如果我是 - 如果我要求你將你在電信中最興奮的前 1 或 2 個機會進行排名，在那裡你想想臨近中期，最大的增長量會來自哪裡？

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。所以我認為這是一個很難回答的問題，因為我們在電信內部有很多活動部分。如果我只看第二季度的表現，那麼強度和增長主要來自 5G，無論是在射頻產品方面還是光學方面。

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.

因此，這將包括前端模塊等產品，然後是用於前端的模擬 IC。此外，我們的 Lightwave 組件也開始受到關注，無論是在激光側還是一些前傳平台內部的光電探測器側。所以這肯定會支持增長，這是 - 這些是我們在這一年中談到的產品線。

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的那樣順利進行。我們還看到了我們所謂的接入市場的增長，其中包括 10 GPON。我們在該市場中的一些模擬芯片擁有非常強大的地位。

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.

我們也開始用光電探測器支持該市場，這是今年該市場的內容收益。在今年晚些時候和明年，我們計劃將激光器添加到該市場，這將真正從 MACOM 開啟該市場。

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.

如您所知，從歷史上看，當 MACOM 向 2.5 GPON 市場提供激光器時，僅在該細分市場，我們每個季度的收入就達到了 1000 萬到 2000 萬美元。

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.

最後我要補充的是，地鐵/長途業務現在也非常強大，不僅是我們傳統的 32 吉波特業務，還有 64 吉波特的新內容。正如我在腳本中強調的那樣，我們還將推出我們的 128 吉波特產品。所以我們在那裡確實有一個很好的位置。因此，所有這些市場的共同點實際上是基礎設施。我們在電信的基礎設施市場中獲得了良好的牽引力，當然對此感到非常高興。

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.

然後這是我下一個問題的一個很好的延續。你們正在——實際上開始在選定的市場推出激光器。我認為電信是您已經強調的一個。我很好奇你提到的數據中心業務第四季度的 4000 萬美元數字，裡面有激光嗎？其次，您能否幫助我們了解一下您進入激光領域的範圍，以及進入與激光相關的各種市場的 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，激光收入在數據中心領域有所貢獻。它確實在兩個方面。它是 LAN WDM，目前正在生產中，我們預計該平台將在今年下半年實現增長，這是針對數據中心的。

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.

然後另一個是CWDM4贏得市場份額。我們預計這也將在未來 6 個月內發生。這樣就回答了你的問題，數據中心內是否有激光收入。所以答案是肯定的。但更廣泛地說，我們正在關注電信，特別是 5G。而且我們 - 在過去的 1.5 年裡，我們一直在努力爭取市場份額並讓客戶認可我們的產品。我們看到了定向光鏈路對 CWDM6 和 BiDi 平台的吸引力。

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感興趣，因為我們相信 MACOM 具有競爭優勢，因為我們使用的是 4 英寸磷化銦。我們在晶圓級進行所有激光測試和激光發射，這是一個差異化因素，因為我們的競爭對手會切割晶圓並在此之後進行測試。

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.

所以我們的成本結構要好得多。因此，當我們推出這些激光器時，它們將增加我們的毛利率。這是我們業務中非常有利可圖的部分。當然，這有助於我們提高毛利率的目標。最後我要補充的是激光——我們的激光業務實際上是一個投資組合。所以今天，我們銷售 Fabry-Perots 和 DFB，它們通常適用於 2 到 15 公里的長度。

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.

我們為使用矽光子學的人們銷售 CW 激光器。我們也在推出越來越高功率的 CW 激光器。我們還希望擴展到其他類型的激光類別，包括 EML，它適用於更遠距離的應用，我們對 EML 非常感興趣，因為它們的價格非常高。

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.

我們還認為，EML 領域的產能不足。因此，從長遠來看，您將看到更多的激光系列產品進入更多市場。當然，還有其他使用激光的工業市場，我們將繼續在這方面做得越來越好。

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.

順便說一下，我要強調一下，我們最近 - 我們的 DFB 平台剛剛超過了 10,000 小時的資格認證里程碑。這個平台是我們 EML 業務或我們未來業務的基礎，它將以數據中心為目標。

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

我們的下一個問題來自 Tore Svanberg 和 Stifel。

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?

這是傑里米在召喚托雷。讓我在這裡對執行表示祝賀。只是對激光評論的跟進。如果供應鏈方面發生任何變化或最近對這裡的競爭格局產生地緣政治影響，您能否就競爭動態向我們提供一個快速更新？

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.

是的。因此，首先，激光領域是一個競爭非常激烈的領域。因此，我們有與我們競爭的美國公司。我們有與我們競爭的亞洲公司。我們也有與之競爭的中國公司。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.

我會說不，真的沒有 - 真的沒有轉變。我們已經看到一些較小的公司停止提供一些產品。激光確實是光鏈路的基石技術。客戶在為大批量應用程序引入供應商時非常謹慎。因為如果激光停止延遲鏈接，那就是鏈接。因此，我們一直確保當我們進入這個市場時，我們以質量和可靠性領先，並且我們希望客戶知道我們在功能和可靠性方面都設置了一些最高分。

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.

但要直接回答你的問題，我會說，不，動態沒有真正的變化。這是非常有競爭力的。當我們進入這個市場時，我們進入了為客戶提供模擬解決方案的市場。這包括驅動激光器的驅動器以及接收端使用的 TIA。所以我們在很多這些光發射器和接收器中都有很好的內容。

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.

最後我要強調的是，我們仍然是業內唯一一家在 4 英寸磷化銦上運行此類產品的公司。

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?

知道了。也許切換到 I&D 方面。您能告訴我們您在當前環境中看到的需求方面的任何變化嗎？也許未來的一些關鍵應用是什麼？

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。好吧，我想說環境確實沒有變化，我們的客戶繼續為他們的平台尋找先進的技術。但也許我會花點時間就我們在這一領域的戰略多說幾句。

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.

正如我所強調的，我們希望為客戶提供最高功率、最高頻率和最高數據速率的解決方案。因此，本週早些時候，我們宣布了一份相當大的合同，與海軍簽訂了一份價值數百萬美元、為期 2 年的開發合同，使用我們的 GaN 技術生產一個 45 千瓦的有效發射器。

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，我們認為這對 MACOM 來說是一個重要的里程碑，因為我們正在增強我們進行多芯片組裝和高 - 非常高功率組件的能力。所以我們只是認為這是 MACOM 工程能力的一個很好的例子。它涉及我們的熱工程、運行設備的功率控制，當然還有我們生產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.

所以這對我們來說是一個不錯的項目。這是一個多年的項目。這將導致更多這樣的項目，團隊在那裡做得非常出色。

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

我們的下一個問題來自巴克萊銀行的 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.

我只是想專門問一下 I&D 方面的問題。您提到了由於客戶時間安排而導致的一些推出，您顯然正在引導該業務在您的 3 個細分市場中最為強勁。與I面或D面有關嗎？傳統上，除了國防部之外，你並沒有真正擁有這些大筆收入。所以我會假設它在那裡。但 3 月之間移動棋子上的任何顏色都比 6 月要弱，這裡的顏色要強一些。

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。也許我會說幾句話，湯姆，然後傑克也可以補充。所以當然， - 正如你所強調的那樣，我們的 I&D 下降了。這實際上與根據客戶優先級在本季度內重新平衡運營和重新確定發貨優先級有關。正如我們在劇本中強調的那樣，正如傑克強調的那樣，我們有一個更高的轉折業務。

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.

我們看到了對數據中心的增量需求。因此，基本上，我們所做的是我們在季度中期根據客戶優先級重新組合優先級，比方說。所以這就是為什麼 I&D 以它的方式下降的原因。沒有任何結構、沒有問題、沒有執行問題或類似的東西。這只是在本季度中期重新設置優先級的問題。傑克，我不知道你是想補充一下，還是只是想補充一些關於 I&D 的一般趨勢。

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。更重要的是，湯姆，正如史蒂夫所提到的，整個業務的訂單到賬單一直很強勁，特別是在 I&D 內部。我們像在本季度通常所做的那樣移動了一些東西。因此，我們預計我們在第三季度看到的這種實力在我們前進的過程中將保持不變。

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.

因此，沒有什麼特別突出的事情往往會在整個業務中移動，這就是我們在本季度結束的地方，我們的展望進入了第三季度。

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?

得到你。然後作為後續行動，我認為很明顯，隨著中國的停工，特別是模塊製造商，存在很多擔憂。您能否向我們提供您所擁有的任何詳細信息或您在供應鏈方面看到的情況？

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.

您在剛剛提供給我們的結果中是否發現了任何財務影響？您看到情況有所改善還是變得更糟？那裡的任何顏色也會很有幫助。

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。簡單介紹一下我們在中國的業務。所以我們在不同的城市有大約 4 個不同的辦事處。這些辦公室中的大多數都是在更多的應用實驗室進行銷售。所以在上海這樣已經被關閉的地區。我們有很多員工在家工作。在深圳，我們做了一些規劃和後勤工作，它已經全面運作，甚至在過去 2 年裡我們曾有過人們需要在家工作的時期。

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.

我們在中國沒有任何供應商。我們有 - 所以我們不會受到某些地區關閉的影響。它實際上是對客戶、銷售和應用的關注。所以我們已經能夠克服它。我們沒有受到影響。

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，該國部分地區關閉存在一些阻力。但從我們的角度來看，我們的客戶一直非常活躍，我們的銷售和應用團隊一直非常活躍，我們很幸運沒有受到一些公司因城市關閉而受到的影響。

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.

史蒂夫，我在 I&D 領域還有一個。如果我採取一種更長遠的歷史觀點。似乎 I&D 往往有一個強勁的一年，然後是一個疲軟的一年，因此該業務似乎存在這種週期性。

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?

我很好奇，思考 I&D 增長機會的正確方法是什麼？這是否可以高於或低於您認為整個公司的 10% 到 15% 的增長率？

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.

我願意。而且我認為--我不確定您對上年和下年的評論是--我不--我不確定那是準確的。但從我們的角度，我可以告訴你，MACOM的I&D業務，如果你回顧過去的5、6年，由於缺乏關注，非常疲軟，而在2019年我們開始專注於市場，情況發生了變化。 .

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.

所以你看到我們做的是交叉銷售我們現有的產品組合，增加被該市場吸引的產品和技術，並推動我們的銷售人員進入市場，以贏得我們談到的合同，海軍合同，我們想做更多。這是一個非常非常大的市場。而且我們 - 在過去 3 年中，我們的收入從每季度 3000 萬美元到低 4000 萬美元不等，從 40 多歲到 50 多歲，現在我們是在 70 年代。

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.

因此，我們相信這種趨勢將繼續下去，因為我們在這個市場上投入了大量的精力，無論是在光學方面，還是在射頻和微波方面，甚至現在甚至通過我認為的小型高端子系統來支持客戶對於非常利基的應用程序。

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，從長遠來看，正如我們所談到的，我們的目標是到 25 財年達到 10 億美元。它將首先由我們的電信業務領導，因為它是如此多樣化，其次是我們的國防業務或工業與國防業務。最後，這將是我們的數據中心業務，主要是因為與其他 2 個相比，該市場可用的解決方案集是有限的。

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?

這就是我們的一般感覺。這是一個巨大的市場，是我們最大的機會之一。順便說一句，正如我在評論中強調的那樣，我們剛剛為這個市場——工業和國防市場推出了 BAW 技術。如果你被問到這個問題，那麼，你為什麼這樣做？

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.

我們的答案是向市場銷售一些業內最好的 AlGaAs 大功率引腳開關。坐在這些組件旁邊的是各種不同技術的濾波器，客戶希望擺脫陶瓷濾波器或 IPD 甚至腔體濾波器或可調諧模擬濾波器，他們希望轉向更小、性能更高的產品。

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.

所以要做到這一點，就需要創新。因此，我們基本上已經走上軌道，使用非常高頻的 BAW 技術進行生產和創新，這將是業界首創。這就是我們邁出進入市場的第一步的原因。我們認為這將再次打開一個全新的增長機會窗口。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 2 年中談到的實際上是我們的 0.14 GaN 碳化矽工藝，它絕對將針對相控陣雷達項目、SATCOM 項目和各種用於 I&D 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.

因此，我們將重點放在這個市場上。這些客戶有非常粘性的程序。因此，一旦我們進入程序，我們相信收入流可以持續多年，當然，這與您在數據中心看到的動態非常不同，您可以在數據中心快速打開和關閉程序。因此，我們對工業和國防市場的業務屬性非常感興趣。

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.

順便說一句，關於工業方面的最後一條評論。我們最近在醫療應用領域取得了一些不錯的勝利，我們現在正在從單組件轉向多芯片組件再到醫療應用。

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.

眾所周知，我們大約在 6 個月前對我們的工廠進行了汽車認證。在上個季度，我們贏得了一個用於遠程信息處理項目的汽車平台，該項目將在未來 6 個月內投入生產。因此，我們的 I&D 領域內有很多有趣的活動，我們相信它會繼續保持強勁勢頭。

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.

知道了。很有幫助。對於我的後續行動，傑克，我希望你能讓我們了解我們應該如何看待資產負債表庫存。我知道由於眾所周知的原因，每個人都比平時持有更多的庫存。

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，您的目標是什麼？如果有影響，這將如何影響您的晶圓廠利用率和毛利率？

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。正如我們在過去幾年中所討論的那樣，庫存一直是我們關注的一個領域。而且我認為，如果您回顧幾年，在過去幾個季度中，我們將庫存水平降低到了我們認為的健康水平，出於戰略目的，我們的庫存有所增加，我認為這已經奏效在支持未來增長和收入機會出現時，這對我們來說非常有利。

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.

在長期目標方面，我認為我們沒有建立長期目標。我認為我們已經達到了 3 倍左右。隨著我們在庫存中看到的一些增加，我們已經比這個略低了一點，但我認為我們一直在 3 倍左右，這將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.

從周轉的角度來看，隨著我們毛利率的提高，這也給庫存周轉帶來了壓力。因此，當您查看關於我們所擁有的邊際改進的轉彎時，我們一直在進行一場艱苦的戰鬥。

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

我們的下一個問題來自摩根大通的 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.

在季度執行和強勁的利潤方面做得很好。關於強大的創新概況，這顯然會推動——增長將推動中長期的利潤率概況，對嗎？你們是否有一個目標是增加新的數量，我相信，這是今年的標準產品引入量約 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?

你們能給我們粗略的百分比嗎，比如新產品在終端市場上的重點是什麼？我只是想知道你認為未來幾年研發重點在哪裡？

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?

也許只是作為一個後續，你們確實有一個非常強大的管道，我相信，定制產品開發也是如此。這些活動中的大多數是否都集中在您的 I&D 業務上，主要是與國防相關的客戶？或者您在電信和數據中心也有定制產品開發計劃？

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.

哈蘭，謝謝你的提問。我們很難按終端市場或產品線或部門為您劃分研發。所以這可能是很多敏感信息。所以我們寧願不這麼說。

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

但我會說一些一般性的評論。因此，我們的高性能模擬業務是我們最大的細分市場之一。

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，您可以想像這將獲得我們研發資金的相當大比例。該市場歷來支持 HPA 業務，高性能模擬業務歷來專注於數據中心。因此，我們戰略的一部分是將他們的重點擴展到數據中心之外的工業、國防以及更多模擬和混合信號類型的組件。

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，我們的目標是將這個群體擴展到其他市場。所以我肯定會強調這一點。當您將其與我們業務中的一個較小部分（即我們的 Lightwave 業務）進行對比時，我們確實 - 該業務包含 3 種不同的技術，我們今天討論過的激光、光電探測器，然後是矽光子學.

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，我們繼續在所有這三個領域進行大量投資。因此，今天 3 個細分市場中有 2 個正在產生收入，即激光器和光電探測器，我們將繼續投資於矽光子學。因此，除了說我們在研發投資的指導原則之外，我可能不想再進一步了，它實際上圍繞著我們的戰略計劃，我們已經制定了我們想要投資的技術，在不久的將來術語，我們想要擴展的產品線以及填補產品組合中的空白。

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.

我的意思是，我們認識到與行業內的同行相比，我們的投資組合很小。正如我們今天在準備好的評論中談到的那樣，您開始看到越來越多的新產品線出現在現有和相鄰市場上。我們相信這是我們超越行業的最佳方式。

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.

但我們不一定想詳細說明。我會說我們沒有做什麼。我們不會投資於某種下一代 DSP。我們將非常小心，不要投資於利潤率非常低的大型項目或系統。這對我們來說並不有趣。

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.

那裡有很多公司生產光學、射頻和微波設備，它們的財務狀況不佳，通常都在為盈利而苦苦掙扎。因此，我們絕對會選擇不僅可以提供差異化產品的領域，而且還可以滿足我們增加盈利能力的財務標準。

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?

很有見地。你們繼續推動毛利率的強勁增長。這是混合、製造效率和優化的結合，可能在優化方面更強大，但實際上看起來你的增量利潤率現在已經穩定在 70% 到 75% 之間的某個穩定範圍內，這是我們想要的期望他們獲得更豐富的產品組合？

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?

而且，我知道你們已經談到了 60 年代中期毛利率的中長期目標。因此，我們預計增量利潤率將在 70%、75% 的範圍內。但這是我們應該如何考慮在那種低至 70 年代中期的增量利潤率範圍內持續收入增長的利潤率軌跡嗎？

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。所以也許我會說幾句話，然後傑克也可以做出貢獻。我們的運營團隊、我們的銷售組織、我們的財務團隊在提高業務盈利能力方面做得非常出色，包括通過結合您提到的定價、執行、收益提升計劃、與我們的供應商合作來提高毛利率為所有這些東西以及更多東西獲得更好的定價——而且這項工作每天都在繼續。

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.

我們的方式——當它被淘汰時，我們將繼續推出——提高利潤率的方式將是通過創新產品。今天，我們在電話會議上強調了許多產品線或產品集的例子，這些產品線或產品集是真正一流的，將獲得更高的毛利率。

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.

隨著這些元素開始融入我們的業務，它將繼續推高利潤率。我們不給出目標模型的原因是因為很難預測這些東西的時間和組合。眾所周知，新產品需要幾個月甚至幾年的時間才能真正發揮作用，無論是在收入上還是在毛利率上。

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，我們寧願回顧性地談論毛利率和營業利潤率，看看我們做了什麼，而不是試圖預測未來 1 年或 2 年。除了說，在方向上，我們繼續提高利潤率，我們收集的新產品數據非常支持我們的目標。你想補充一下嗎，傑克？

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.

就我們一直在經歷的一些內部舉措以及這些舉措如何繼續為我們所看到的利潤率提高和收入增加做出貢獻，以及通過頂部的額外數量增加一點點生產線也有助於提高利潤率。

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，到目前為止，這確實是支持我們的因素的組合，我們認為隨著我們走向未來，它將繼續支持我們，但隨著我們繼續推進我們的改進，它確實變得更具挑戰性'在過去的幾年裡，我做了。

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

我們的下一個問題來自 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.

只是，我猜，幾個高級問題，但是想想訂單，它仍然是非常強大的訂單到賬單，但是你有沒有看到任何變化，我猜，你的客戶的行為可能他們的長期計劃，只是考慮到過去幾週我們在市場上看到的波動。

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.

最簡潔的答案是不。當我們進入本月或本月結束時，所有不同細分市場的訂單繼續強勁。因此，我們沒有看到客戶的任何回調或放緩。所以沒有什麼可報告的。

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.

極好的。然後其他一些人評論了基板限制，實際上是高性能產品。我只是想知道您是否在那裡看到任何類似的東西，或者可能是在我們進入第二季度時可能會遇到麻煩的特定限制領域。

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。因此，我們絕對受到與行業產能相關的基板問題的困擾。它影響了我們業務的 2 個部分。過去我們談到了數據中心，我們的一些高端產品、HPA 產品以及我們所說的連接產品，例如交叉點交換機、非常高端的交換機。

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.

那就是- 是的，所以答案是肯定的，我們受到了影響。這已納入我們在過去 2 至 3 個季度的指導中。我們在上次電話會議上談到了這個問題，導致我們的數據中心收入在後端有所增加。

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.

所以這仍然是我們目前的想法。這就是為什麼我們將在第四季度看到數據中心的顯著提升，其中一些供應限制正在得到解決，MACOM 將能夠獲得我們運送產品所需的包裝。隨著時間的推移，它會慢慢變得更好。

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擺脫某些技術，並將我們的組件和產品轉移到其他合適的技術中。所以所有的工程工作都在幕後進行。

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.

當我們想到 2023 年時，我們認為情況會慢慢好轉。這不會是一個問題。因此，這是我們的業務部門在管理方面做得很好的事情，他們全心投入，而這只是我們正在管理的事情之一。

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

我們的下一個問題來自與 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.

我想在供應限制方面有一個後續問題。想知道您對中國之前的封鎖有何看法，您認為事情何時會正常化，以及封鎖對這種情況有何影響？只是想在那裡更好地理解。

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.，是傑克。為了澄清，在我準備好的評論中，我對供應鏈有一些評論。我認為這只是為了強調這些項目仍然存在。顯然，隨著時間的推移，它們一直在發展，並且最近出現了一些更具體地在中國出現的項目。

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.

而且我認為史蒂夫在他早些時候對其中一個問題的回答中已經解決了這個問題，但準備好的評論的一部分也是為了表彰我們的運營團隊在過去的數歲月，真的當你回顧過去的時候。

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，與 3 個月前相比，過去一個季度對我們沒有真正的重大影響。我們確實強調，隨著我們在今年下半年的工作，我們期待一些適度的改進。但與往常一樣，正如我們所了解到的，這總是會發生變化的。但是根據我們今天坐在這裡的位置，與四分之一前的位置相比沒有真正的重大變化。

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。作為我的後續問題，我想關注航空航天和國防方面的事情。很明顯，世界在過去發生了變化，它是什麼，62天，正負。隨著北約現在希望真正達到他們的國防開支目標，你的談話或你的內部參與計劃是否發生了變化？以及我們應該如何考慮設計週期的持續時間以及您何時可能會看到您的這部分業務有所提升？

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。因此，正如我們之前談到的，我們在 2019 年真正開始關注 I&D 終端市場。我們一直在繼續投資於我們認為對這一領域的客戶來說是理想的產品和技術。因此，這可能比當今世界上正在發生的當前動態更重要。

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.

因此，我只想帶您回到這一點，因為真正的重點是 MACOM 正在改進工業和國防終端市場的技術。我們的銷售和營銷團隊在與這些客戶的各個不同層面進行互動方面做得很好。所以這才是重點。我不希望投資者認為，由於烏克蘭的活動，我們的業務將會出現增長或特定項目的意外收穫。

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.

我不會這麼想的。相反，我會認識到這是一個區域，3 個市場中的 1 個，隨著時間的推移，它將成為我們非常強大的市場，繼續成為我們非常強大的市場。但我不會——我不會關注當前事件，因為這可能會為公司帶來一筆意外之財。

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

我們的下一個問題來自 Richard Shannon 和 Craig-Hallum 的台詞。

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，我想在這裡深入探討 GaN 的主題。我在這裡的最後幾個電話中得到了一些積極的評論。聽起來業務確實在發展，尤其是在預訂方面。您還談到了在幾年內以 10 億美元的價格進入公司的目標。

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?

我想知道您是否可以讓我們了解這裡的積壓工作是如何建立的？以及您如何看待您的 GaN 業務相對於該目標在幾年內的規模？我的意思是 GaN 可以佔總數的 10% 嗎？您如何看待 I&D 和電信部門之間的關係？

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.

當然。所以我們真的有我們 GaN 戰略的 3 個部分。然後我會說只是為了指出這一點。所以我們 GaN 的第一部分——實際上是我們 GaN 戰略的 4 個部分。第一個是在碳化矽上使用 0.14 GaN 的高頻模擬。這將解決使用 GaN 的高頻、I&D 和 SATCOM 以及微波無線電鏈路。

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.

這些是 - 可以是用於微波系統的發射和接收端的多功能模擬物。第二部分是較低的頻率，但非常非常高的功率。我們稱之為純碳化物。而1年前，我們推出了業界最高功率的設備，2.6千瓦。在 6 月份的 IMS 上，我們將展示一個 4.5 千瓦的設備。

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.

這些將瞄準雷達系統、干擾器、電子戰，以及任何你想要極高功率的地方。我們將向客戶銷售產品，不僅是芯片級的，還包括封裝或多芯片組件或我們稱之為托盤的產品，我們將非常高功率的設備放在托盤上，並在其周圍放置其他輔助電路、驅動器、隔離器等像這樣，組合器。所以這是第二部分。

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.

第三部分將用於電信和所有無線設備，主要是大規模 MIMO，我們將在 IMS 上展示我們的功率放大器模塊，5G 行業現在已經從分立放大器陣容、驅動器和 Doherty 上升階段到更多的組合功放模塊。我們在這方面的鬥爭是正確的。

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.

而且我們 - 正如我所談到的，我們正在贏得小型基站和宏基站的設計勝利，並且在明年，我們將開始在功率放大器模塊 PAM 上贏得設計勝利。然後我談到的所有這三個部分都是碳化矽上的 GaN。然後第四項是矽基氮化鎵。

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.

我們繼續致力於這項技術，我們繼續與 ST 在這項技術上合作，ST 繼續取得進展。因此，當該技術準備就緒時，我們將進入最有意義的市場，並且我們已經看到不同的頻段以不同的功率水平開放，可以說較低的功率水平可能會在矽上獲得實際上比作為解決方案更具吸引力的解決方案碳化矽。

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，在接下來的 6 到 12 個月內，可能會出現 GaN on Silicon 足以擊敗 LDMOS 和碳化矽的情況。所以這還沒有發揮出來。但是那些——在高層次上，那些是我們用於射頻功率的 4 條通道。所以當你問這個問題時，這可以是我們收入的 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.

好吧，今年，我們的收入應該在 6.7 億美元到 680 美元之間。那麼我們能再次創造 6700 萬美元的收入嗎？答案是絕對的。事實上，我們的電力業務是當今我們投資組合中增長最快的部分之一，儘管基礎很小。但是團隊做得很好，我們繼續招聘。我們剛剛聘請了 DPD 工程師夢寐以求的團隊，他們真正了解如何讓放大器在 5G 無線電中工作。

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.

然後當它移動到 6G 並且當你開始看到新頻率出現更高的頻段時。這個小組真的會幫助我們。所以我們非常相信射頻功率。這是我們的 DNA，我們希望在未來 2 年內贏得更多的市場份額。

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?

史蒂夫，感謝您提供的詳細信息。我會問一個後續問題。可能會很長，我不打算這麼長，但是您準備好的評論之一，您談到了 I&D 中新興的子系統功能。你能談談這對戰略和財務的影響嗎？我們什麼時候可以看到？

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。而且我認為我們是 - 我們確實認識到一些客戶希望將問題交給我們解決，特別是在需要專門設備和有經驗處理它的人員的高功率領域。因此，我們談到的海軍合同確實是朝著這個方向發展的一個例子。但我們會非常小心地行動。

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.

我們最近確實在馬薩諸塞州西部馬薩諸塞州開設了一個小型設計中心，主要專注於構建解決這個市場所需的構建模塊。這些工程師擅長構建多芯片組件，使用波導實現更高頻率。

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，隨著時間的推移，這將開始出現。不會有重大的關鍵時刻。 MACOM 將開始在市場上尋找更多機會，我們認為它非常適合我們的能力。我們不想追求的是你可以將來自 5 或 6 家不同半導體公司的芯片推向市場，然後整合解決方案的業務。我們將基於我們在半導體方面的專有技術而不是其他人的芯片來構建模塊。

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，過濾器消除了大約 75% 的機會。因此，當我們從事小型子系統或模塊機會時，我們將非常有選擇性。

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.

傑克，我對毛利率討論進行了快速跟進。只是考慮不同的細分市場、產品細分市場和產品組合。正如你所想的——正如史蒂夫所說，不到 3 年的產品開始為你們正在設計的這些新產品的收入和更高的利潤做出更多貢獻。

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?

您能否提醒我們今天 3 個產品組的利潤率差異是多少？當您考慮到第四季度和數據中心開始真正回暖時，下一個季度（我們稱之為 4 到 6 個季度）的混合變化是否會對利潤產生任何影響？

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，魯本。是的，從每個終端市場的整體毛利率來看，這不是我們要突破的。我們確實查看了毛利率，並且在我們的整個產品組合中都有一條鐘形曲線，其中一些明顯高於公司平均水平，而另一些則低於公司平均水平。

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.

史蒂夫在他準備好的評論中提到的新產品介紹也是如此，這些產品將有一系列不同的毛利率概況。

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.

我們顯然希望專注於毛利率較高的公司，以嘗試專注於我們如何做更多的事情。我們還專注於一些表現不佳的產品，即使是我們推出的產品，以確保我們理解為什麼它們的利潤率低於我們的預期，甚至可能沒有我們的收入期望開發週期。

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.

但 NPI 和整體毛利率是我們在整個組織中關注的一個領域。我們已經在我們自己的內部晶圓廠和內部測試和組裝設施中擁有的一些生產能力方面發揮了一些毛利率影響，然後對一些產品也有其他影響我們有外部工廠，從整體組合的角度來看，這與我們的整體毛利率有關。

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.

很有幫助。只是一個快速的跟進。史蒂夫，我認為你今天的發言中沒有提到 PON。我知道您在 OFC 進行了 25 gig PON 演示。只是想知道您是否可以向我們提供有關我們在 10-gig PON 方面的最新情況以及您對我們何時達到 25-gig 以及這可能如何影響您的電信業務的看法。

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.

當然。因此，10G PON 的數量繼續增加，我們在一些產品線中看到了這一點。正如我們過去所說，我們的目標是在平台內擴展內容。所以今天，我們有一個非常強大的司機業務。

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.

我們正在通過光電探測器搶占市場份額。我們將向客戶介紹激光器。這是一項持續的活動。所以一般來說，最後一個是第一模式 TIA，我們仍然需要做一些工作。

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 - 一般來說，我們的 PON 業務是 - 因為 10G 正在增長。這是一個國際市場。不僅僅是中國。我們正在加強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.

謝謝你。我現在將把電話轉回戴利先生的任何結束語。

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，奧利維亞。最後，我們要感謝我們的員工、客戶和供應商的持續支持。祝你今天過得愉快

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

女士們，先生們，這就是我們今天的會議。感謝您的參與。您現在可以斷開連接。