Ciena Corp (CIEN) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to Ciena's fiscal third quarter 2025 financial results conference call. (Operator Instructions) Please also note, today's event is being recorded.

大家早安，歡迎參加 Ciena 2025 財年第三季財務業績電話會議。（操作員指示）另請注意，今天的活動正在被記錄。

At this time, I would like to turn the conference call over to Mr. Gregg Lampf, Vice President of Investor Relations. Sir, please go ahead.

現在，我想將電話會議交給投資者關係副總裁 Gregg Lampf 先生。先生，請繼續。

Thank you, Jamie. Good morning, and welcome to Ciena's 2025 fiscal third quarter conference call. On the call today is Gary Smith, President and CEO, and with us here today for the first time is Marc Graff, who officially joined Ciena as CFO on August 1. Welcome, Mark. We look forward to introducing you to our investment community in person for the coming weeks and months. Scott McFeely, Executive Adviser is also with us for Q&A.

謝謝你，傑米。早上好，歡迎參加 Ciena 2025 財年第三季電話會議。參加今天電話會議的是總裁兼首席執行官加里·史密斯 (Gary Smith)，今天第一次參加電話會議的是馬克·格拉夫 (Marc Graff)，他於 8 月 1 日正式加入 Ciena 擔任首席財務官。歡迎光臨，馬克。我們期待在未來幾週和幾個月內親自向您介紹我們的投資界。執行顧問 Scott McFeely 也與我們一起進行問答。

In addition to this call and the press release, we have posted to the investors section of our website an accompanying investor presentation that reflects this discussion as well as certain highlighted items from the quarter. Our comments today speak to our recent performance, our view on current market dynamics and drivers of our business as well as a discussion of our financial outlook.

除了此次電話會議和新聞稿之外，我們還在我們網站的投資者部分發布了一份投資者演示文稿，其中反映了此次討論以及本季度的一些重點事項。我們今天的評論談到了我們最近的表現、我們對當前市場動態和業務驅動力的看法以及對我們財務前景的討論。

Today's discussion includes certain adjusted or non-GAAP measures of Ciena's results of operations. A reconciliation of these non-GAAP measures to our GAAP results is included in today's press release. Before turning the call over to Gary, I'll remind you that during this call, we'll be making certain forward-looking statements.

今天的討論包括對 Ciena 經營業績的某些調整後或非 GAAP 衡量指標。今天的新聞稿中包含了這些非 GAAP 指標與我們的 GAAP 結果的對帳。在將電話轉給加里之前，我要提醒您，在這次通話中，我們將做出一些前瞻性的陳述。

Such statements, including our quarterly and annual guidance commentary on market dynamics and discussion of our long-term opportunities and strategy are based on current expectations, forecasts and assumptions regarding the company and its markets which include risks and uncertainties that could cause actual results to differ materially from the statements discussed today.

這些聲明，包括我們對市場動態的季度和年度指導評論以及對我們的長期機會和策略的討論，均基於對公司及其市場的當前預期、預測和假設，其中包括可能導致實際結果與今天討論的聲明存在重大差異的風險和不確定性。

Assumptions relating to our outlook, whether mentioned on this call or included in the investor presentation that we posted earlier today are important part of our forward-looking statements, and we encourage you to consider them. Our forward-looking statements should also be viewed in the context of the risk factors detailed in our most recent 10-K and our 10-Q, which we expect to file with the SEC later today.

與我們的展望相關的假設，無論是在本次電話會議中提到還是包含在我們今天早些時候發布的投資者介紹中，都是我們前瞻性陳述的重要組成部分，我們鼓勵您考慮它們。我們的前瞻性陳述也應結合我們最新的 10-K 和 10-Q 中詳述的風險因素來理解，我們預計將於今天晚些時候向美國證券交易委員會 (SEC) 提交這些文件。

Ciena assumes no obligation to update the information discussed in this conference call, whether as a result of new information, future events or otherwise. As always, we'll allow for as much Q&A as possible today, and we ask that you limit yourselves to one question and one follow-up.

Ciena 不承擔更新本次電話會議中討論的資訊的義務，無論是由於新資訊、未來事件或其他原因。像往常一樣，我們今天將盡可能多地進行問答，並且我們要求您將提問限制在一個問題和一個後續問題上。

With that, I'll turn the call over to Gary.

說完這些，我將把電話轉給加里。

Thanks, Greg, and good morning, everyone. I'd like to start by welcoming Mark to Ciena and to today's call. We're excited to have you onboard and look forward to the value and experience you'll bring in leading our finance organization and our global financial strategy moving forward. Now let me turn to the quarter's results.

謝謝，格雷格，大家早安。首先，我歡迎馬克加入 Ciena 並參加今天的電話會議。我們很高興您能加入我們，並期待您為領導我們的財務組織和全球金融策略向前發展帶來的價值和經驗。現在讓我來談談本季的業績。

We had another really strong quarter across the board. Q3 '25 revenue was $1.22 billion, above the top end of our guidance. Importantly, as we focus on driving increased profitability, we delivered quarterly adjusted EPS of $0.67, up 60% sequentially and 91% year-over-year. This really demonstrating our expanded operating leverage from our business.

我們又度過了一個全面強勁的季度。25 年第三季的營收為 12.2 億美元，高於我們預期的最高值。重要的是，由於我們專注於提高盈利能力，我們實現了季度調整後每股收益 0.67 美元，環比增長 60%，同比增長 91%。這確實證明了我們業務的經營槓桿有所擴大。

I would characterize demand during the quarter as continuing to be broad-based and durable across both cloud provider and service provider segments. In fact, we had two 10% customers in the quarter, including one global cloud provider and one Tier 1 service provider, really underscoring our diversified strength and momentum.

我認為本季的需求在雲端提供者和服務提供者領域繼續保持廣泛和持久。事實上，本季我們有兩個 10% 的客戶，其中包括一家全球雲端供應商和一家一級服務供應商，這真正凸顯了我們多元化的優勢和發展勢頭。

Further evidence of strong demand was in our Q3 order book, which was again considerably above revenue and in fact, sets a new quarterly record for us. This function increase in orders we've seen in recent quarters really underscores how the Network is now fundamental to the underpinning growth and monetization of AI. At a strategic level, for cloud providers to monetize their substantial AI investments in LLM and GPUs and related data center infrastructure, they need to invest in the network infrastructure that interconnect data centers or they risk stranding their massive investments.

我們第三季的訂單量進一步證明了強勁的需求，訂單量再次大幅高於收入，事實上，創下了我們的季度新高。最近幾季我們看到的訂單量成長確實凸顯了網路對於人工智慧基礎成長和貨幣化的重要性。從戰略層面來看，雲端供應商要將其在 LLM 和 GPU 以及相關資料中心基礎設施上的大量 AI 投資轉化為現實，就需要投資連接資料中心的網路基礎設施，否則他們就有可能使其巨額投資陷入困境。

Quite simply, AI enablement and adoption is only achieved when data is moved beyond the data center by the network to end customers, whether for training or inferring, these data center investments need to be interconnected by cutting-edge, low-latency, high-speed connectivity solutions. This is a powerful combination that requires the scaling up of system rack density, scaling out between racks within the data center and scaling across with connectivity between data centers.

很簡單，只有當資料透過網路從資料中心轉移到最終客戶時，才能實現人工智慧的實現和採用，無論是用於訓練還是推理，這些資料中心投資都需要透過尖端、低延遲、高速的連接解決方案進行互連。這是一個強大的組合，需要擴大系統機架密度、擴大資料中心內機架之間的橫向擴展以及擴大資料中心之間的連接性。

This will entail a multiyear investment effort on a truly global scale. And this growing focus on high-speed connectivity plays directly to our core strengths and value proposition. Our portfolio, as you know, including WaveLogic Technologies, the RLS platform, the Navigator Domain Controller and our Interconnect Solutions continue to be recognized as the industry standard for AI network infrastructure, solidifying our role as a critical enabler in this transformation.

這將需要全球範圍內多年的投資努力。對高速連結的日益關注直接發揮了我們的核心優勢和價值主張。如您所知，我們的產品組合包括 WaveLogic Technologies、RLS 平台、Navigator 網域控制器和我們的互連解決方案，繼續被公認為 AI 網路基礎設施的行業標準，鞏固了我們作為這項轉型關鍵推動者的角色。

And with an 18-months to 24-month lead with WaveLogic 6 and RLS, we clearly have the world's most advanced technology. When coupled with our global customer relationships, this means that Ciena is best positioned to serve these opportunities. Now let's return to our customer highlights, starting with cloud providers.

憑藉 WaveLogic 6 和 RLS 18 個月到 24 個月的領先優勢，我們顯然擁有世界上最先進的技術。與我們全球的客戶關係相結合，這意味著 Ciena 最有能力抓住這些機會。現在讓我們回到客戶亮點，從雲端提供者開始。

Cloud providers continue to invest in AI at an unprecedented pace, with many announcing over the past quarter, their intent to increase their expected spend on AI for future quarters and years beyond. Here, I'd like to update you on our progress with two industry-first wins with cloud providers that we signaled last quarter. The first win is for the scale across architecture that I just mentioned.

雲端供應商繼續以前所未有的速度投資人工智慧，許多公司在過去一個季度宣布，他們打算在未來幾季甚至幾年內增加對人工智慧的預期支出。在這裡，我想向您通報我們上個季度與雲端供應商取得的兩項業內首創勝利的進展。第一個勝利就是我剛才提到的跨架構的規模。

More specifically, this is a dedicated AI infrastructure project related to training and the interconnection of geographically distributed regional GPU clusters. This North American-based project is the industry's first dedicated build for this use case and is comprised of our RLS platform and the WaveLogic 6 Nano 800-gig ZR plug from our interconnects portfolio.

更具體地說，這是一個專門的人工智慧基礎設施項目，涉及訓練和地理分佈的區域 GPU 集群的互連。這個位於北美的專案是業界第一個專門針對此用例建構的項目，由我們的 RLS 平台和互連產品組合中的 WaveLogic 6 Nano 800-gig ZR 插頭組成。

Initial revenue shipments are underway, and we expect this to ramp to hundreds of millions of dollars over the next several quarters. Second of these wins that I'd like to highlight is for a focused application inside the data center for out-of-band network management, a solution we have shorthanded as DCOM. We codeveloped this solution with a hyperscaler, which allows them to streamline the installation and management of its large-scale data center operations, improving scalability and reducing power and space.

初始收入出貨正在進行中，我們預計未來幾季營收將增至數億美元。我想強調的第二個優勢是資料中心內部用於帶外網路管理的專用應用程序，我們將其簡稱為 DCOM。我們與超大規模企業共同開發了此解決方案，使他們能夠簡化其大型資料中心營運的安裝和管理，提高可擴展性並降低功耗和空間。

We also now have significant orders in-house for this application. Overall, we have increasingly strong partnerships with all of the major hyperscalers, driving increased demand for our industry-leading technology in these AI infrastructure builds. In Q3, another major hyperscaler placed its first large order for 400ZR+ pluggables, establishing Ciena as the lead supplier of this technology for this customer.

目前，我們內部也有大量針對該應用程式的訂單。總體而言，我們與所有主要的超大規模企業建立了日益牢固的合作夥伴關係，推動了我們在這些 AI 基礎設施建設中對我們行業領先技術的需求不斷增長。在第三季度，另一家大型超大規模企業首次下達了 400ZR+ 可插拔產品的大訂單，這使得 Ciena 成為該客戶該技術的主要供應商。

Consequently, we are on track to meet our expectations to at least double revenue year-over-year for our Interconnect portfolio in 2025. We now also believe that we're likely to be in a position to at least double and more our interconnect revenue again in FY '26. I want to mention here that there is another sizable emerging group of cloud providers beyond the four to five large well-known hyperscalers.

因此，我們預計將實現預期，到 2025 年我們的互連產品組合收入將比去年同期至少翻倍。我們現在也相信，我們的互連收入在 26 財年有可能再次至少翻倍甚至更多。我想在這裡提一下，除了四到五家知名的大型超大規模雲端供應商之外，還有另一批規模可觀的新興雲端供應商。

This diverse group of network operators is now generally being referred to as neo-scalers, a term which is inclusive for AI compute specialists, such as GPU-as-a-service provider, cloud and edge service providers and smaller data center and co-location providers. As they build and scale their own infrastructure, neo-scalers are strategically positioned to leverage AI traffic growth distributed compute and automation, creating significant opportunities for Ciena globally over time and adding to the durability of the demand.

現在，這個多元化的網路營運商群體通常被稱為新擴展者，這個術語涵蓋了人工智慧運算專家，例如 GPU 即服務供應商、雲端和邊緣服務提供者以及較小的資料中心和主機託管供應商。在建構和擴展自己的基礎設施時，新擴展者在策略上處於有利地位，可以利用 AI 流量成長、分散式運算和自動化，從而為 Ciena 在全球範圍內創造重大機遇，並增加需求的持久性。

In fact, we've already secured multiple new wins with these cutting-edge neo-scalers, and we see this as a rapidly expanding new market for Ciena. Turning now to service providers, really on trend with the last few quarters, we continue to see more steady and sustainable investment patterns, both in North America and internationally. And in fact, three of our top five customers in Q3 were service providers.

事實上，我們已經憑藉這些尖端的新擴展器贏得了多個新的勝利，我們認為這對 Ciena 來說是一個快速擴張的新市場。現在轉向服務供應商，與過去幾季的趨勢一致，我們繼續看到北美和國際上更穩定和可持續的投資模式。事實上，我們第三季的前五名客戶中有三個是服務提供者。

This includes renewed investment in building out their core infrastructure, in part driven by strong demand from cloud providers for Managed Optical Fiber Networks or MOFN. It also reflects strong enterprise demand pull-through and Service Provider's increasing focus on the role they can play in delivering AI to the edge as more enterprises move workloads to the cloud, and AI-driven applications get adopted over time.

這包括重新投資建置其核心基礎設施，部分原因是雲端供應商對託管光纖網路或 MOFN 的強勁需求。這也反映了強勁的企業需求拉動和服務供應商越來越關注他們在將人工智慧推向邊緣方面所能發揮的作用，因為越來越多的企業將工作負載轉移到雲端，並且人工智慧驅動的應用程式隨著時間的推移而被採用。

It is clear that both our cloud and service provider customers are focusing their network investments where bandwidth and network scale are critical to support and enable AI traffic growth to drive monetization and adoption. This dynamic is reinforcing the significance of the current and long-term opportunity for both our Systems business and our Interconnects portfolio, including over time for inside-the-data-center.

顯然，我們的雲端和服務供應商客戶都將網路投資重點放在頻寬和網路規模上，以支援和實現 AI 流量成長，從而推動貨幣化和採用。這種動態強化了我們的系統業務和互連產品組合的當前和長期機會的重要性，包括資料中心內部的長期機會。

To ensure we can take full advantage of those growth opportunities and as part of our regular review of our overall product portfolio, we recently made decisions to align our strategic investments on our Coherent Optical Systems, interconnects, Coherent Routing and Innovative Solutions like our data center out-of-band management solution, which I mentioned earlier.

為了確保我們能夠充分利用這些成長機會，並且作為我們對整體產品組合的定期審查的一部分，我們最近決定調整對相干光系統、互連、相干路由和創新解決方案（如我之前提到的資料中心帶外管理解決方案）的策略性投資。

To that end, we will be redirecting additional R&D investment into these technologies and away from our residential broadband access portfolio, given the larger customer priorities for AI-driven and cloud network investments over the next several years. To be clear, we will continue to sell and support our existing broadband access products. However, we will be limiting forward investments only to strategic areas such as DCOM.

為此，考慮到未來幾年客戶對人工智慧驅動和雲端網路投資的更大優先考慮，我們將把額外的研發投資轉向這些技術，而不是我們的住宅寬頻存取組合。需要明確的是，我們將繼續銷售和支援我們現有的寬頻存取產品。然而，我們將把前期投資僅限於 DCOM 等策略領域。

I'll now hand over to Mark for a closer look at our Q3 performance and our business outlook. Mark?

現在我將把時間交給馬克，讓他仔細看看我們第三季的業績和業務前景。標記？

Thank you, Gary, and good morning, everyone. Let me start by saying how excited I am to join Gary and the rest of the team to capitalize on the tremendous opportunities ahead for the company. While only a month in, my enthusiasm has only grown as I found my new colleagues, both focused and determined, our technology portfolio world class and the company's cultured center on delighting our customers.

謝謝你，加里，大家早安。首先，我非常高興能夠與 Gary 和團隊的其他成員一起抓住公司未來的巨大機會。雖然才一個月的時間，但我的熱情卻與日俱增，因為我發現我的新同事們都專注而堅定，我們的技術組合是世界一流的，而且公司的文化是以取悅客戶為中心的。

Moreover, Ciena and its owners have benefited greatly from Jim Moylan's leadership and guidance as well as a strong financial foundation he's built. As I look to build upon that strong foundation, my concentration will be on driving incremental value creation for our owners. While learning continues, my initial areas of focus will be structurally improving our gross margin performance, establishing world-class working capital management practices and a continuing focus on our capital allocation policies, which will prioritize organic investment in our product and technology road map ensuring adequate capital available for inorganic accretion and returning excess free cash flow to our owners.

此外，Ciena 及其所有者從 Jim Moylan 的領導和指導以及他建立的強大財務基礎中受益匪淺。當我著眼於鞏固這堅實基礎時，我將專注於為我們的業主創造增量價值。在繼續學習的同時，我最初的重點領域將是從結構上改善我們的毛利率表現，建立世界一流的營運資本管理實踐，並繼續關注我們的資本配置政策，這將優先考慮對我們的產品和技術路線圖進行有機投資，確保有足夠的資本用於無機增值，並將多餘的自由現金流返還給我們的所有者。

And I plan to continue advancing the operational efficiencies already underway. Lastly, I will be reviewing our framework and approach to providing long-term financial targets. With that, let me recap our strong fiscal third quarter performance. Revenue of $1.22 billion exceeded the high end of our guidance, up 8% sequentially and nearly 30% year-over-year, with a strong showing in our RLS optical products and Routers and Switches.

我計劃繼續提高已經在進行的營運效率。最後，我將檢視我們提供長期財務目標的框架和方法。藉此，讓我回顧一下我們第三財季的強勁業績。12.2 億美元的營收超過了我們預期的最高值，環比成長 8%，年成長近 30%，其中 RLS 光學產品以及路由器和交換器表現強勁。

Adjusted gross margin in Q3 was 41.9%, 90 basis points above our guidance, primarily driven by benefits from sales of previously reserved material and lower net tariff impacts. Adjusted operating expense in Q3 was $380 million, this was higher than expected, driven entirely by incentive compensation associated with strong order performance and our continued strong overall financial performance in fiscal '25.

第三季調整後的毛利率為 41.9%，比我們的預期高出 90 個基點，主要得益於先前預留資料的銷售收益和較低的淨關稅影響。第三季調整後的營運費用為 3.8 億美元，高於預期，完全受強勁訂單表現相關的激勵薪酬以及我們 25 財年持續強勁的整體財務表現的推動。

When adjusted for these impacts, we remain on track to meet our base OpEx spending level for the full year. With regard to profitability measures in Q3, we delivered adjusted operating margin of 10.7%, up 270 basis points year-on-year. Adjusted net income was $96 million and adjusted EPS was $0.67, up 91% year-on-year. In addition, we generated $174 million in cash from operations and a free cash flow margin of 11%. Adjusted EBITDA was $158 million or 13% of revenue.

經過這些影響的調整後，我們仍有望達到全年的基本營運支出水準。就第三季的獲利指標而言，我們實現的調整後營業利潤率為 10.7%，較去年同期成長 270 個基點。調整後淨收入為 9,600 萬美元，調整後每股收益為 0.67 美元，年增 91%。此外，我們還產生了 1.74 億美元的經營現金，自由現金流利潤率為 11%。調整後的 EBITDA 為 1.58 億美元，佔營收的 13%。

We ended the quarter with approximately $1.4 billion in cash and investments, which included a repurchase of 1 million shares for $81.8 million in the third quarter which brought our year-to-date share repurchases to $245 million. And we expect to repurchase another $85 million in fiscal Q4 to bring the total share repurchase to $330 million for the fiscal year or about 1/3 of our current authorization.

截至本季末，我們擁有約 14 億美元的現金和投資，其中包括第三季以 8,180 萬美元回購 100 萬股股票，這使我們年初至今的股票回購額達到 2.45 億美元。我們預計在第四財季再回購 8,500 萬美元，使本財年的股票回購總額達到 3.3 億美元，約占我們目前授權金額的 1/3。

Before I get to guidance, let me provide a brief update on tariffs. Last quarter, we told you that we expect to mitigate most of the quarterly tariff impact and believe that the net effect to our bottom line in future quarters would be immaterial. While still a highly fluid environment, Q3 played out slightly better than expected as we gained more clarity on specific tariffs.

在給予指引之前，讓我先簡單介紹一下關稅的最新情況。上個季度，我們告訴過您，我們預計將減輕大部分季度關稅的影響，並相信未來幾季對我們底線的淨影響將微乎其微。儘管環境仍然高度不穩定，但隨著我們對具體關稅有了更清晰的了解，第三季的表現略好於預期。

We continue to work closely with our supply chain and customers to monitor and respond to any changes in the tariff environment. So as I turn to guide, it is against the backdrop of today's tariff regime and any changes would have a resulting impact on our results. Barring any unforeseen changes, we continue to expect the impacts to be immaterial.

我們繼續與我們的供應鏈和客戶密切合作，以監控和應對關稅環境的任何變化。因此，當我轉向指南時，它是在當今關稅制度的背景下，任何變化都會對我們的結果產生影響。除非出現任何不可預見的變化，否則我們仍然預期影響不會太大。

Now on to guidance. For the fiscal fourth quarter, we expect to deliver revenue in a range of $1.24 billion to $1.32 billion. We expect Q4 adjusted gross margins to be between 42% and 43%. We believe fiscal Q2 marked the floor for gross margins, and we expect improving trends over the next several quarters. We expect adjusted operating expense in Q4 to be in the range of $390 million to $400 million reflecting the impacts of continued strong order flow and overall financial performance on incentive compensation.

現在開始指導。對於第四財季，我們預計營收將在 12.4 億美元至 13.2 億美元之間。我們預計第四季調整後的毛利率將在 42% 至 43% 之間。我們認為，第二財季標誌著毛利率的底部，我們預計未來幾季的趨勢將會改善。我們預計第四季度調整後的營運費用將在 3.9 億美元至 4 億美元之間，這反映了持續強勁的訂單流和整體財務業績對激勵薪酬的影響。

As Gary noted, subsequent to the close of the quarter, we made the decision to further align our strategic investments toward our Coherent Optical Systems, Interconnects, Coherent Routing and Innovative Solutions like out-of-band Data Center Management Applications or DCOM. As a result of redirecting R&D investments into these technologies and ceasing further development of our 25-gig PON broadband activities, we expect to record a noncash charge in Q4 and against in-process R&D with a carrying value of approximately $90 million.

正如 Gary 所指出的，在本季結束後，我們決定進一步調整我們的策略投資，轉向相干光系統、互連、相干路由和創新解決方案，如帶外資料中心管理應用程式或 DCOM。由於將研發投資重新轉向這些技術並停止進一步開發我們的 25 千兆 PON 寬頻活動，我們預計將在第四季度記錄一筆非現金費用，用於帳面價值約為 9000 萬美元的在研研發。

This will be adjusted from our GAAP reported earnings. Further, as we align our investments and as part of a broader effort to drive operating efficiencies, we are implementing a reduction in head count that impacts approximately 4% to 5% of our workforce inclusive of the broadband investment shift. This will result in a Q4 restructuring expense of approximately $20 million to cover employee severance and related costs, expected to be paid starting in Q4 and additionally adjusted out from our GAAP reported earnings.

這將根據我們的 GAAP 報告收益進行調整。此外，隨著我們調整投資並作為提高營運效率的更廣泛努力的一部分，我們正在實施裁員計劃，包括寬頻投資轉變在內，這將影響到我們約 4% 至 5% 的員工。這將導致第四季度重組費用約為 2000 萬美元，用於支付員工遣散費和相關費用，預計將從第四季度開始支付，並從我們的 GAAP 報告收益中額外調整。

Looking further out, we believe demand to be very durable over the mid-term horizon in both our systems and interconnect portfolios. This is being borne out by our orders and backlog that provide visibility into the second half of 2026. With this strength and the momentum we're seeing in 2025, we have increased confidence to provide a preliminary view of 2026.

放眼未來，我們相信從中期來看，我們的系統和互連產品組合的需求將非常持久。我們的訂單和積壓訂單證實了這一點，為 2026 年下半年的前景提供了可預見性。憑藉我們在 2025 年看到的實力和勢頭，我們有信心對 2026 年做出初步預測。

As we see it today, we expect to deliver approximately 17% year-on-year growth in fiscal 2026 similar to what we're currently projecting in fiscal '25, achieving the high end of our three-year revenue CAGR target one year early. We expect that gross margins will continue to improve in fiscal 2026 with an initial estimate of 43%, plus or minus 1 point.

正如我們今天所看到的，我們預計 2026 財年將實現約 17% 的同比增長，與我們目前對 25 財年的預測相似，提前一年實現三年收入複合年增長率目標的高端。我們預計 2026 財年的毛利率將持續改善，初步估計為 43%，上下浮動 1 個百分點。

And we expect to continue investment in our product and technology road map funded by a combination of portfolio decisions and operational efficiencies. The net result of which will enable fiscal 2026 OpEx and to be flat to fiscal 2025 at approximately $1.5 billion. Taken together, we now believe that we will accelerate our longer-term goal of 15% to 16% operating margin by one year from 2027 to 2026 driven by increased operating leverage and improving gross margins.

我們預計將繼續對我們的產品和技術路線圖進行投資，資金來自投資組合決策和營運效率的結合。其淨結果將使 2026 財年的營運支出與 2025 財年持平，約 15 億美元。綜合起來，我們現在相信，在經營槓桿率提高和毛利率改善的推動下，我們將把長期目標從 2027 年提前一年實現至 2026 年，即 15% 至 16%。

Given that, and in combination with the continued rapid growth we are seeing in the market, we will not be providing new three-year targets.

有鑑於此，並結合我們所看到的市場持續快速成長，我們不會提供新的三年目標。

With that, let me turn it back to Gary for some closing comments before we take your questions.

在我們回答你們的問題之前，請容許我把話題轉回給加里，讓他做一些總結性的評論。

Mark. And in summary, we are seeing strong broad-based growth across our portfolio, driven by accelerated demand from AI workloads related cloud traffic and steadily improving service provider investments. To be clear, we believe we're in the midst of a positive secular change in the scope of our opportunity, as well as our growth trajectory, given that the network has never been more critical, particularly as traffic flows out of the data centers.

標記。總而言之，我們看到我們的投資組合呈現強勁的廣泛成長，這得益於與人工智慧工作負載相關的雲端流量需求的加速成長以及服務提供者投資的穩步改善。需要明確的是，我們相信，鑑於網路從未像現在這樣重要，特別是當流量從資料中心流出時，我們的機會範圍和成長軌跡正處於積極的長期變化之中。

And as you know, for the last several years, we've been investing in technologies and products that address this demand. That demand is here now, and it's only just the beginning. Globally, more than $7 trillion is projected to be spent through 2030 to accelerate investments in data centers, GPU clusters, the power grid and AI model development, and increasingly, networking will have a greater wallet share of this spend.

正如您所知，過去幾年來，我們一直在投資滿足這項需求的技術和產品。這種需求現在已經存在，而這只是一個開始。預計到 2030 年，全球將花費超過 7 兆美元來加速對資料中心、GPU 叢集、電網和 AI 模型開發的投資，而且網路將在這些支出中佔據越來越大的份額。

We believe we are at the early stage of a multiyear, highly durable network investment era. It's now all about the network and Ciena's high-speed connectivity is front and center in this critical AI scaling, as it basically moves from electrons to photons, it's all about optical.

我們相信，我們正處於多年、高度持久的網路投資時代的早期階段。現在一切都與網路有關，而 Ciena 的高速連接是這項關鍵 AI 擴展的核心，因為它基本上從電子轉移到光子，一切都與光學有關。

With that, we'll now take questions from the sell-side analysts.

現在，我們將回答賣方分析師的問題。

(Operator Instructions) George Notter, Wolfe Research.

（操作員指示）喬治·諾特（George Notter），沃爾夫研究公司。

I guess I wanted to start by just asking some questions about sort of the industry structure and how you see that impacting your gross margin over time. Obviously, we've seen Infinera get consumed by Nokia. They're putting those two businesses together. A lot of the small or subscale guys in the industry have fallen by the wayside. I think to some degree and so it seems like the market environment should be much better for you guys.

我想先問一些有關行業結構的問題，以及您認為這會對您的長期毛利率產生什麼影響。顯然，我們已經看到 Infinera 被諾基亞收購。他們將把這兩家公司合併在一起。很多行業中的小公司或規模不足的公司已經倒下。我認為從某種程度上來說，市場環境對你們來說似乎要好得多。

How do you think about that as it relates to gross margin going forward? And do you see some opportunities to be more firm on price or even raise price as the market kind of coalesces around two vendors or even just Ciena?

您認為這與未來的毛利率有何關係？隨著市場逐漸集中在兩家供應商甚至只是 Ciena 的周圍，您是否看到了一些機會來堅定價格甚至提高價格？

Thanks, George. Listen, I think, as you know, we've invested very strongly in the high-speed connectivity, and we clearly have an 18-months to 24-month lead on that. So I think that's highly valued by the cloud providers and hyperscalers and service providers as well. So I think we have a very strong competitive advantage there. And I think the structure of the industry has improved considerably over the last few years.

謝謝，喬治。聽著，我認為，正如你所知，我們在高速連接方面投入了大量資金，而且我們在這方面明顯領先 18 個月到 24 個月。因此，我認為雲端提供者、超大規模提供者和服務提供者也高度重視這一點。所以我認為我們在那裡具有非常強大的競爭優勢。我認為過去幾年該行業結構已經有了顯著改善。

And that does play through to our expectation. It's a confluence of elements around our improving gross margin. I'll let Mark talk to some of the other elements there. But basically, that's part of the economics that we believe we can get over time into the mid-40s gross margin. As Mark said, we called really Q2 was the bottom for that, and we expect to see steadily improving gross margins quarterly over time.

這確實符合我們的預期。這是多種因素共同作用的結果，推動了我們的毛利率不斷提高。我會讓馬克談談那裡的一些其他元素。但基本上，這是經濟效益的一部分，我們相信隨著時間的推移，我們可以實現 40% 左右的毛利率。正如馬克所說，我們確實稱第二季度為最低谷，我們預計隨著時間的推移，毛利率將逐季穩步提高。

Yes, George, this is Mark. What I would add to what Gary said is we're really trying to take a pretty structured approach to how we think about gross margins, and we think about those really in three buckets. The first bucket is how do we design products that have a long life with continuing reducing cost structures. The second is optimizing how we work with our supply chain and our suppliers to really make sure that we're realizing and accelerating those unit costs on those items that we procure.

是的，喬治，這是馬克。我想補充一下加里所說的話，我們確實在嘗試採取一種非常結構化的方法來考慮毛利率，我們實際上從三個方面來考慮毛利率。第一個問題是，我們如何設計出壽命長且成本結構持續降低的產品。第二是優化我們與供應鏈和供應商的合作方式，以真正確保我們實現並加速所購買物品的單位成本。

And then the third piece is really making sure that we're having the conversations, which we are real time with some of our customers to ensure a fair value exchange. As we think about the current construct, we're really excited about expanding our footprint, and given the long life of these products, we think that sets us up really well for gross margin expansion as they continue to invest in their networks.

第三點是確保我們與一些客戶進行即時對話，以確保公平的價值交換。當我們考慮當前的結構時，我們真的很高興能擴大我們的足跡，並且考慮到這些產品的長壽命，我們認為這為我們繼續投資於他們的網絡而擴大毛利率奠定了良好的基礎。

In terms of value exchange, I assume you're talking about the potential for raising price or being firmer on price. Is that an option for you guys?

就價值交換而言，我認為您談論的是提高價格或維持更穩定價格的可能性。這對你們來說是個選擇嗎？

I think the expression value exchange is a much nicer expression, George. Yes.

喬治，我認為價值交換這種表達方式比較好。是的。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Congrats on the strong outlook here. Maybe just to start with the neo-scaler opportunity. And sort of how you're thinking about how that evolves more in terms of sizing and timing as well? And how should we think about that contributing to your updated guide for fiscal '26? What are the sort of range of engagements you have on that front? And I have a follow-up as well.

祝賀您擁有如此強勁的前景。也許只是從新規模化機會開始。您如何看待它在規模和時間方面如何進一步發展？我們應該如何看待這對您更新的 26 財年指南的貢獻？您在這方面開展了哪些工作？我還有一個後續行動。

Samik, listen, I think it's a net incremental opportunity for us that's going to scale overtime. We're encouraged by what we're seeing at the early stages of that. A lot of these neoscalers are identifying fairly early on that they want to invest in the network. They understand the issues around inter-connectivity and how they're going to enable their business.

薩米克，聽著，我認為這對我們來說是一個淨增量機會，並且會隨著時間的推移而擴大。我們對早期階段所看到的情況感到鼓舞。許多新擴展者很早就確定他們想要投資網路。他們了解有關互聯互通的問題以及如何開展業務。

So you're seeing a lot of new builds beginning with these neo-scalers and we've won a number of them, and we have a number in our pipeline. So I think as we go through '26 we've included that, obviously, in our guide, what our expectations are for these. But I think they will increasingly over the next few years, play a more significant role in our overall growth.

因此，您會看到許多新構建都是從這些新縮放器開始的，我們已經贏得了其中的許多，並且我們的管道中還有許多。因此，我認為，當我們經歷 26 年後，我們顯然已經在指南中包含了我們對這些的期望。但我認為，在未來幾年裡，它們將在我們的整體成長中發揮越來越重要的作用。

Got it. And maybe for my follow-up, staying on this sort of guidance for about 17% growth similar to fiscal '25. How should I think about the composition if it's at all different compared to fiscal '25 because between Telcos, MOFN, cloud companies and then you have the incremental opportunities around NeoCloud and the component revenues that you've also talked about. Is there sort of a way to think about how maybe the composition of the growth is different from fiscal '25 even though the growth rate is pretty similar?

知道了。也許在我的後續行動中，我會繼續保持這種指導，實現與 25 財年類似的 17% 左右的成長。如果與 25 財年相比有任何不同，我應該如何考慮其組成，因為在電信公司、MOFN、雲端公司之間，您有圍繞 NeoCloud 的增量機會以及您談到的組件收入。有沒有辦法思考，儘管成長率非常相似，但成長的組成可能與 25 財年有所不同？

I think increasingly obviously, it's driven by AI workloads. But I would also say that we expect service providers to play an increasing role in that. Both delivering hybrid networks to the cloud players and also in these managed optical fiber networks. We're seeing multiple opportunities both in North America and internationally in MOFN.

我認為越來越明顯的是，它是由人工智慧工作負載所驅動的。但我還想說，我們希望服務提供者在其中發揮越來越大的作用。既為雲端運算供應商提供混合網絡，也為這些託管光纖網路提供混合網路。我們在北美和國際上都看到了 MOFN 的多重機會。

So roughly, right now, directly, hyperscalers in their various forms, including neoscalers, is roughly about 50% of our business. Our kind of view is I expect that to be similar actually in '26. But a large part of that service provider workload will be MOFN, and cloud and AI Edge related. So I think it's going to be a confluence of platforms that deliver those workloads.

因此，粗略地說，目前，各種形式的超大規模企業（包括新大規模企業）直接占我們業務的 50% 左右。我們的觀點是，我預期 26 年的情況實際上會類似。但服務提供者的工作負載很大一部分將與 MOFN、雲端和 AI Edge 相關。所以我認為這將成為承擔這些工作負載的平台的整合。

Yes. I would just -- Samik, it's Mark. I would just add that we've got reasonably good visibility into that, given the huge backlog that we have today and what we expect to leave Q4 with. So I would agree with what Gary is saying.

是的。我只是──薩米克，我是馬克。我想補充一點，考慮到我們今天積壓的大量訂單以及我們對第四季度的預期，我們對此有相當好的了解。所以我同意加里的說法。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great. I just wanted to get a sense of -- you guys have been making efforts to increase utilization on some of the pluggable platforms and just kind of getting increased utilization out of that. Just wondered how much of the gross margin upside kind of came from mix relative to kind of initiatives on your own part? And then just if you could kind of identify on gross margins, just what was the upside from tariffs versus expectations?

偉大的。我只是想了解一下——你們一直在努力提高一些可插拔平台的利用率，並且從中獲得了更高的利用率。我只是想知道，相對於您自己的舉措，毛利率上升有多少是來自於組合？那麼，如果您能確定毛利率，那麼與預期相比，關稅帶來的好處是什麼？

Yes, it's Mark. Let me take that and then I'll let Scott and Gary add some color. In terms of the gross margin uptick that we're looking at, as we scale those parts, we're expecting, obviously, those unit costs to come down. And that really got the way we expected in Q3. As we look forward to the 42% to 43% guide that we gave and then the 43% plus or minus guide that we gave for '26.

是的，是馬克。讓我來接受它，然後讓斯科特和加里添加一些顏色。就我們所關注的毛利率上升而言，隨著我們擴大這些部分的規模，我們預計單位成本顯然會下降。這確實符合我們在第三季的預期。我們期待給予的 42% 至 43% 的指導，然後是 26 年給出的 43% 的正負指導。

We expect those trends to continue. And so we should be seeing some tailwinds from improving ramps of those products as they get costs reduced just through scale. The second part of your question around the goodness that we saw in Q3 from tariffs. We told you last quarter that we expected to be about $10 million roughly in tariff costs per quarter.

我們預計這些趨勢將會持續下去。因此，我們應該看到這些產品的產量提高將帶來一些順風，因為它們僅透過規模就能降低成本。您問題的第二部分涉及我們在第三季看到的關稅利好。我們上個季度曾告訴您，我們預計每季的關稅成本約為 1000 萬美元。

As we saw the administration kind of work out some of the trade deals with various nations that impact us. Like India, Vietnam, et cetera, we're able to tighten up some of those expectations. So we saw a little bit of good news, maybe it's 20 basis points or 30 basis points of the benefit that we got out of the $90 million that decided. And that's really -- yes, that's really what was driving it was just getting tighter on a uncertain environment.

我們看到政府與一些國家達成了一些對我們有影響的貿易協定。像印度、越南等國一樣，我們能夠收緊一些預期。因此，我們看到了一些好消息，也許是我們從決定的 9000 萬美元中獲得了 20 個基點或 30 個基點的收益。是的，這確實是導致它在充滿不確定性的環境中變得更加緊張的原因。

And Meta, just to follow up on your margin question. You referred to headwinds that we referenced in previous calls around some of our new product introduction, whether it be pluggables or 6ZR or RLS. And Mark gave you the dimensions of what the margin changes were quarter-over-quarter. But I would say we did that margin improvement despite the fact that we were shipping a lot more are less and a lot more RLS and a lot more plugs and to give you a sample of that quarter-over-quarter on their plug business that ports that we shipped were 20% sequentially.

Meta，我只是想跟進一下你的保證金問題。您提到了我們在先前的電話會議中提到的一些新產品推出的不利因素，無論是可插拔產品、6ZR 還是 RLS。馬克向您提供了季度環比利潤變化的具體情況。但我想說的是，儘管我們的出貨量大大增加，RLS 和插頭的出貨量也大大減少，但我們的利潤率仍然提高了。舉個例子，我們的插頭業務季度較上季成長了 20%。

So we were able to deliver margin improvement even in the face of that and RLS had another bumper quarter. And that's all coming from scale in general matters, the natural life cycle of these new introduction products and our continuous focus on cost reduction over time. And then as we look forward into '26, we will be able to take advantage of a technology transition into our WaveLogic 6 family as well, which will yield better margins for us.

因此，即使面對這種情況，我們仍然能夠提高利潤率，而 RLS 又迎來了一個豐收的季度。這一切都源自於一般事務的規模、這些新推出的產品的自然生命週期以及我們對長期降低成本的持續關注。然後，當我們展望 26 年時，我們將能夠利用技術轉型進入我們的 WaveLogic 6 系列，這將為我們帶來更好的利潤。

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

A question for Gary or Scott. I wanted to dig in a little more to scale across. You obviously talked about the GPU clusters last quarter, Gary. But this term scale across is popping up more and with NVIDIA talking about a dedicated switch for scalercross. I wonder if you could talk through the opportunity relative to coherent light and sort of your broader portfolio.

向 Gary 或 Scott 提問。我想進一步深入挖掘，以擴大規模。加里，你顯然在上個季度談到了 GPU 叢集。但是「scale across」這個術語出現得越來越多，並且 NVIDIA 正在討論用於 scalercross 的專用交換機。我想知道您是否可以談談與相干光相關的機會以及更廣泛的產品組合。

Because it seems like you've been talking about coherent light for a while now, maybe mostly a year, but it seems like there's a bigger opportunity across these dedicated areas of infrastructure that are being discussed with this concept of scale across. Am I thinking about that right?

因為看起來你已經談論相干光已經有一段時間了，可能差不多有一年了，但似乎在這些正在討論的基礎設施專用領域中，隨著這種規模化概念的出現，存在著更大的機會。我這樣想對嗎？

Yes. You're absolutely correct. The scale across network, as you say, is sort of connecting GPUs at distance beyond a single data center. The actual specific example that we referenced in terms of the first customer movement on that, at a high level, you would have thought that may have been an opportunity for Coherent Light, but what we actually see is more and more often, these cloud providers are needing to bring the network to the power.

是的。你完全正確。正如您所說，跨網路的規模就是將遠距離的 GPU 連接到單一資料中心之外。我們提到的第一個客戶動向的實際具體例子，從高層次來看，您可能會認為這可能是 Coherent Light 的一個機會，但我們實際上看到的是，這些雲端供應商越來越多地需要為網路提供動力。

And the power and where they can get the power is dictating the distances and the performance requirements in order for you to be a leader to service that demand, you need to have a breadth of capabilities, Coherent Light be an important one of those on the menu. But this particular example, we had to actually use our Performance Optics. So it's 800-gig 6 Nano because of the distance they were pushing.

而功率以及他們能夠獲得功率的地方決定了距離和性能要求，為了使您能夠成為滿足這一需求的領導者，您需要擁有廣泛的能力，相干光是其中的重要一項。但在這個特定例子中，我們必須真正使用我們的性能光學元件。因此，由於他們推動的距離，它是 800-gig 6 Nano。

But for sure, Coherent Light still believe in the opportunity is not even a question of if it's a question in. And we're -- the view we put out in the past was that we would expect to see revenue start to flow on those technologies in '27. I don't that our perspective has changed from that.

但可以肯定的是，Coherent Light 仍然相信機會，甚至不是一個是否存在的問題。我們過去提出的觀點是，我們預期這些技術將在 27 年開始帶來收入。我不認為我們的觀點從那時起發生了改變。

Got it. And then just a quick follow-up on the essential broadband. I might have missed this. But in terms of -- I think you said you're going to continue to support the business. It sounds like there's a little bit of connectivity going on again, and we've got some does get related stuff happening here in North America. Is that something that you folks might be looking to potentially divest or just no more investment and just kind of run rate that out over however long the time period is?

知道了。然後我們再快速跟進一下基本寬頻的問題。我可能錯過了這個。但就——我認為您說過您會繼續支持這項業務。聽起來好像又有點連結性了，而且我們在北美也確實發生了一些相關的事情。這是你們可能想要剝離的東西嗎？或者只是不再投資，只是在一段較長的時間內進行運行？

I think, Ruben, it's more the latter approach. And I think if you think about the growth opportunities that we've got, across the board on our AI workloads, we really want to prioritize those. So we're going to continue to support our broadband initiatives there. We are just really not going to put the longer-term road map for that in place, which we were embedding in. And I think given our priorities, it makes absolute sense to -- but it front and center behind the optical portfolio.

我認為，魯本，這更多的是後一種方法。我認為，如果你考慮到我們在人工智慧工作負載方面所擁有的成長機會，我們確實希望優先考慮這些機會。因此我們將繼續支持那裡的寬頻計劃。我們實際上不會制定我們正在嵌入的長期路線圖。我認為，考慮到我們的優先事項，這絕對有意義——但它是光學產品組合背後的核心。

Yes. And Ruben, specifically, when we say defocus or prioritize the future investment. What we're talking about here is the higher capacity PON technology is 25-gig and 100-gig PON. PON is still an important technology for us in terms of offering an access choice on our Routing and Switching portfolio and a key contributor to optics inside the data center with our DCOM solution set.

是的。魯本，具體來說，當我們說不關注或優先考慮未來的投資時。我們在這裡討論的是更高容量的PON技術是25千兆和100千兆PON。PON 對我們來說仍然是一項重要技術，它為我們的路由和交換產品組合提供了存取選擇，並且是我們 DCOM 解決方案集資料中心內部光學系統的關鍵貢獻者。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

The first thing I wanted to ask about is maybe a little bit of a kind of compare and contrast of this DCI opportunity because clearly, Ciena has been interconnecting data centers for years. But -- in this use case, you're talking about hundreds of millions to interconnect a pair of data centers. And so what I'm trying to get a better sense of here is sort of the distinct differences.

我想問的第一件事可能是這個 DCI 機會的一點比較和對比，因為顯然，Ciena 多年來一直在互連資料中心。但是——在這個用例中，您談論的是數億個用於互連一對資料中心。因此，我在這裡試圖更好地理解這些明顯的差異。

And then what is sort of that market opportunity from here? And then just -- I'll give you my follow-up as well, which is the routing and switching business outperformed expectations this quarter. And when we pair this with the reduced focus on residential broadband, it would imply that there's some other aspect driving it. And I'd like to see if you could unpack -- is this more about the service provider activity in routing?

那麼，這裡的市場機會是什麼樣的呢？然後——我也會給你我的後續訊息，本季路由和交換業務的表現超出了預期。當我們將此與對住宅寬頻的關注度降低結合起來時，就意味著還有其他因素在推動它。我想看看您是否可以解釋一下——這是否更多地與服務提供者在路由中的活動有關？

Or is the strength this telemetry opportunity that Gary mentioned earlier in the call?

或者說，這種優勢就是 Gary 之前在電話中提到的遙測機會？

Simon, let me take the first part of that, and Scott will take the second part of the question. I think what's different around this data DCI connectivity we're seeing, it's shorter distance, and it's a dedicated training network, if you were to put it simply. So it's super high speed, low latency. That's why it's using our RLS and the 800-gig plugs at scale. This is just one region of this particular hyperscaler.

西蒙，讓我來回答問題的第一部分，史考特將回答問題的第二部分。我認為我們看到的這種數據 DCI 連接的不同之處在於，它的距離更短，而且它是一個專用的訓練網絡，簡單來說。所以它具有超高速、低延遲的特性。這就是它大規模使用我們的 RLS 和 800 千兆插頭的原因。這只是這個特定超大規模器的一個區域。

We believe that there are other applications that will -- this same application will roll out both at this hyperscale and at others. It's the first one of its kind that we're aware of, and we're beginning to roll that out now, but it's dedicated for training across multiple GPU clusters.

我們相信還有其他應用程式——同一個應用程式將在這種超大規模和其他規模上推出。這是我們所知的同類產品中的第一個，我們現在開始推出它，但它專用於跨多個 GPU 叢集的訓練。

And on the writings question, Simon, I think there's two dynamics here. One, for sure, it has mirrored sort of the comeback in terms of service provider spending. As you know, it was largely exposed to the service provider space in terms of the opportunity set. So that that's one key driver. The second one, though, is we are seeing an emergence of Coherent Routing opportunities.

關於寫作問題，西蒙，我認為這裡有兩種動態。首先，可以肯定的是，它反映了服務提供者支出的復甦。如您所知，就機會集而言，它主要暴露於服務提供者領域。所以這是一個關鍵驅動因素。第二個是我們看到了相干路由機會的出現。

This is playing to the strength of our optics inside our routers, and you start to see that in service provider aggregation networks. And then the third one you mentioned it, which is the opportunity to take that routing portfolio and the technologies that we have and create this optics inside the data center for their communication network. So the DCOM, as we called it, opportunity. So those are the three drivers, and they're all contributing.

這發揮了我們路由器內部光學元件的優勢，您會在服務提供者聚合網路中看到這一點。然後您提到的第三個機會是利用我們擁有的路由產品組合和技術，在資料中心內為他們的通訊網路創建這種光學系統。因此，我們稱之為 DCOM，這是一個機會。這就是三個驅動因素，它們都發揮作用。

Tim Long, Barclays.

巴克萊銀行的提姆朗。

Yes, two for me as well. First, if you could just touch on the kind of interconnect pluggable business with a double -- the double or more next year as well. Just talk a little bit about kind of the breadth of customer base currently in that interconnect pluggable business. And to get to that level of doubling again next year, does that imply you need some incremental wins there or not? That's number one.

是的，我也有兩個。首先，如果您能談談互連可插拔業務，那麼明年的增幅將翻倍甚至更多。請稍微談談目前互連可插拔業務的客戶群的廣度。而為了明年再次達到翻倍的水平，這是否意味著你需要在那裡取得一些漸進的勝利？這是第一點。

And number two, back to that win, Gary, that you were just talking about. If you could just touch on it -- sounded like hundreds of millions, maybe discuss a little bit the ramp of what you have in that one region like kind of what's in hand right now. And any margin implications that we would expect as that deal gets up to full run rate?

第二，回到你剛才談到的那場勝利，蓋瑞。如果您可以簡單談談——聽起來像是數億，也許可以稍微討論一下您在那個地區所擁有的東西的增長，就像現在所掌握的東西一樣。當該交易達到最高運行率時，我們預計會對利潤產生什麼影響？

Yes. Let me tackle the first one on the interconnect business. Just a reminder for folks on the call, when we talk about interconnect, it's really the categorization of selling our speed optical technologies, either as plugs or subcomponents independent of our system business, so that's what embodies the interconnect business. As I said earlier, we had our best quarter ever in terms of plug shipments.

是的。讓我先解決互連業務方面的第一個問題。只是提醒一下電話中的各位，當我們談論互連時，它實際上是銷售我們的高速光學技術的分類，無論是作為插頭還是獨立於我們系統業務的子組件，所以這就是互連業務的體現。正如我之前所說，就插頭出貨量而言，我們經歷了有史以來最好的一個季度。

They're up 20% sequentially and up something like 140% year-on-year, which puts us well on track to beat or exceed our stated goal of doubling that piece of the business from '24 to '25. We are shipping revenue against our 6-N, which is the next technology platform, both in terms of complete plugs, but also subcomponents of that as DSPs and our electro-optics sold as component unbundled from our plugs.

該業務環比增長 20%，同比增長約 140%，這使我們有望超越或超過我們設定的目標，即從 24 年到 25 年將該業務翻一番。我們的運輸收入來自我們的 6-N，這是下一個技術平台，不僅包括完整的插頭，還包括其子組件，如 DSP 和作為與插頭分開的組件出售的電光產品。

And that's just starting. I would say the number of customers here measures in the 10s, -- multiple 10s. And the confidence that we have to say we are capable of doubling it year-over-year actually is in our order book. We have a fantastic backlog in order book here. We got great visibility into next year.

而這才剛開始。我想說這裡的顧客數量有幾十個，甚至幾十個。我們有信心實現同比增長一倍，這實際上體現在我們的訂單上。我們這裡的訂單積壓量非常大。我們對明年有了很好的展望。

The second part of your question around the application I talked about with the dedicated training network. It is multiple hundreds of millions. It is a considerable amount of RLS, which is pretty much the de facto standard now amongst all of the hyperscalers, our line system. We're laying a massive amount of tracks around the globe. This is another example of it.

你問題的第二部分是關於應用的，我談到了專用訓練網絡。數以億計。這是相當數量的 RLS，這幾乎是目前所有超大規模系統（我們的線路系統）的事實標準。我們正在全球各地鋪設大量軌道。這是另一個例子。

We have the orders for this first region in-house. And we are beginning to deliver in Q4, recognized some revenues in Q4 with fairly small. But it will ramp up in Q1 and Q2 of next year. And that is really just one region, and it's the first time that we've seen this application -- and this obviously is a new application for connecting data centers.

我們內部有針對第一個地區的訂單。我們將在第四季度實現交付，並在第四季度確認一些相當小的收入。但明年第一季和第二季將會加速。這實際上只是一個區域，這是我們第一次看到這種應用程式——這顯然是一個連接資料中心的新應用程式。

And it really represents, we think, over time, a pretty expansive TAM opportunity for us. And obviously, we're super well placed for both our line system, our modem technology and in fact our domain manager, they're all industry-leading. And you put those things together, -- and it's -- it really is sort of de facto standard for this kind of high speed, low latency application.

我們認為，隨著時間的推移，它確實為我們帶來了一個相當廣闊的 TAM 機會。顯然，我們的線路系統、數據機技術以及網域管理器都處於行業領先地位。把這些東西放在一起，它實際上是這種高速、低延遲應用程式的事實標準。

This is Mark. You had a question about the impact on the margin. The 43% that plus or minus that we gave you for 2026 is inclusive of what we have in place today, as we continue to ramp that, one of the benefits that we see of these large orders is it gets us to scale faster. And so that will be a tailwind for us as we continue to ramp those solutions.

這是馬克。您對利潤率的影響有疑問。我們給出的 2026 年正負 43% 的增減幅度包含了我們目前所擁有的規模，隨著我們繼續加大這一規模，我們看到這些大訂單的好處之一就是它讓我們能夠更快地擴大規模。因此，當我們繼續推進這些解決方案時，這將成為我們的順風。

Tim Savageaux, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Tim Savageaux 說道。

My first question is on WaveLogic 6. Can you give us any color or details in terms of customer additions in the quarter and where you are from a total customer count or revenue impact? Or any kind of details you might be able to add there.

我的第一個問題是關於 WaveLogic 6。您能否向我們提供本季度客戶增加情況的詳細信息，以及總客戶數量或收入影響的情況？或者您可能能夠在那裡添加任何類型的詳細資訊。

Thanks, Tim. I assume you're talking about WaveLogic 6 Extreme. If that's not right, you can jump in and correct me. Great success with 6-E in early days. We added 11 new customers last quarter up to a total of 60 customers. The port shipments on 6-E doubled last quarter, quarter-over-quarter sequentially. So we're in a significant ramp phase.

謝謝，蒂姆。我假設您正在談論 WaveLogic 6 Extreme。如果不正確，你可以跳出來糾正我。6-E 在早期取得了巨大的成功。上個季度我們增加了 11 個新客戶，客戶總數達到 60 個。上個季度，6-E 港口的貨運量較上季翻了一番。因此，我們正處於重要的成長階段。

We are either standardize or in the process of standardizing across all the major hyperscale cloud providers. And from a generation perspective, it's a bit of a subjective statement, but I believe it's sort of our fastest ramp on any of our generations on coherent technologies.

我們正在對所有主要的超大規模雲端提供者進行標準化，或者正在標準化過程中。從一代人的角度來看，這是一個有點主觀的說法，但我相信這是我們這一代在連貫技術方面進步最快的一次。

And my follow-up is on the supply side. It doesn't really seem to be impacting you, but I wonder if you could comment on the overall component or supply-constrained situation?

我的後續關注點是供應方面。這似乎並沒有真正影響到您，但我想知道您是否可以評論一下整體組件或供應受限的情況？

Yes, Tim, I would say that we've invested significantly across the supply chain ecosystem, and we continue to do so. That's really what has enabled us to grow year 30% year-on-year by quarter comparison, that's a result of that 17% midpoint of the guide for the year. So you can see we've scaled that up. We have made considerable investments to continue that scaling up in 2026, given the opportunity and the sort of, as Mark indicated, we expect similar kind of growth rates next year.

是的，提姆，我想說我們已經在整個供應鏈生態系統中投入了大量資金，而且我們還會繼續這樣做。這確實使我們能夠按季度實現同比增長 30%，這是今年指導中點 17% 的結果。所以你可以看到我們已經將其擴大了。我們已經進行了大量投資，以便在 2026 年繼續擴大規模，考慮到機會和類型，正如馬克所指出的，我們預計明年的成長率將與去年相似。

Obviously, the scale of the business, we're at, you can imagine that requires considerable investment, which we've already made. So we believe that whilst we're constrained, our revenues would be higher if we've had bigger capacity, but we are ramping that up in alignment with what we see the market opportunity to be. So we still have challenges in certain components, as you ramp up this kind of scale, but we're working our way through them.

顯然，你可以想像，我們所處的業務規模需要大量投資，而我們已經進行了投資。因此，我們相信，儘管我們受到限制，但如果我們擁有更大的產能，我們的收入就會更高，但我們會根據我們所看到的市場機會來提高產能。因此，隨著這種規模的擴大，我們在某些​​組件上仍然面臨挑戰，但我們正在努力解決這些挑戰。

And we believe that the things that we've put in place across our global supply chain will put us in a very good position to, over time, potentially, as we get through '26, reduce some of our lead times as that capacity comes online.

我們相信，我們在全球供應鏈中實施的措施將使我們處於非常有利的地位，隨著時間的推移，隨著產能上線，我們的交貨時間可能會縮短，例如當我們度過 26 年時。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

I have two as well. I guess, maybe to start with -- Gary, given the comments you just have been making on the strength of your backlog and auto momentum, is it fair to think that your cloud revenue should actually accelerate in fiscal '26 versus '25. And if that's fair, then does that sort of imply that the rest of the business is going to decelerate next year? Or -- is that more a reflection of -- it's fairly early in the year and we're trying to be a bit more conservative versus now?

我也有兩個。我想，也許首先——加里，考慮到你剛才對你的積壓訂單和汽車勢頭強勁的評論，是否可以公平地認為你的雲端收入在 26 財年實際上應該比 25 財年加速增長。如果這是公平的，那麼這是否意味著明年其餘業務的成長將會減速？或者——這是否更反映了——今年還處於初期階段，我們正試圖採取比現在更保守的措施？

No. Amit, I think there's a big change going on. And it's not just, obviously, you're layering on service provider is continuing to have very good sustainable growth. If you think about the service provider market, it's really under-invested in core optical infrastructure over the last five years, A, because of all the COVID supply chain, absorption and all the rest of it and b, the preoccupation with 5G.

不。阿米特，我認為正在發生巨大的變化。顯然，這不僅僅是服務提供者在繼續實現非常好的永續成長。如果你考慮一下服務提供者市場，你會發現過去五年來它在核心光學基礎設施方面的投資確實不足，A，因為所有 COVID 供應鏈、吸收和所有其他因素，B，對 5G 的關注。

They're now, I think, well over that. And we're seeing, I think, a good runway for just service provider growth. It's at a lower growth rate. It's in the mid-single digits, but it's super helpful, it's half of our business. So we have pretty good line of sight to that. I would also say that three out of the top five customers this quarter were service providers.

我認為，他們現在已經遠遠克服了這個問題。我認為，我們看到了服務提供者發展的良好局面。它的增長率較低。雖然它處於中等個位數，但它非常有幫助，它是我們業務的一半。所以我們對此有很好的了解。我還要說的是，本季前五大客戶中有三個是服務提供者。

And I also think the other dynamic around this shift of workloads as you start getting these AI workloads closer to the edge, you're really talking service providers. And that in addition to the MOFN opportunities, which we're seeing both in North America and globally continue to expand. I think service providers are going to play a critical role in this whole AI workload delivery.

而且我還認為，當你開始將這些人工智慧工作負載推向邊緣時，工作負載轉變的另一種動態是，你實際上是在談論服務提供者。除了 MOFN 機會之外，我們還看到北美和全球的機會都在不斷擴大。我認為服務提供者將在整個 AI 工作負載交付中發揮關鍵作用。

So I would expect even though we're going to have outsized relative to service provider growth in cloud, I think the mix is going to be fairly similar in terms of direct next year. So they're both growing. Hyperscale is obviously at a higher rate, given the global sale of the investment necessary for the data center interconnect.

因此，我預計，儘管我們在雲端領域的成長相對於服務供應商而言會更大，但我認為明年的直接成長組合將相當相似。所以它們都在成長。考慮到資料中心互連所需的投資的全球銷售，超大規模顯然處於更高的速度。

Got it. Super helpful. And then when I saw you listen, you talked about some of the big wins you've had on the AI side, especially the out-of-band networking management and the Ciena crosswind. It always sounds like you're starting to co-develop and co-design some of these solutions with your customers. Is that fair? And if that's the case then, should we think about Ciena having perhaps better market share which you've historically had going forward in this cloud opportunity?

知道了。超有幫助。然後，當我看到你傾聽時，你談到了你在人工智慧方面取得的一些重大勝利，特別是帶外網路管理和 Ciena Crosswind。聽起來您總是開始與客戶共同開發和設計其中一些解決方案。這樣公平嗎？如果情況確實如此，那麼我們是否應該認為 Ciena 在這一雲端計算機遇中可能擁有比你們以往擁有的更好的市場份額？

I think that's a very fair observation. If you look at RLS. RLS was actually also a collaboration with hyperscalers in terms of the design to it. And we're actually leaning into them across a number of technologies where we're co-creating the technology and the evolution of both the line system and the modem technology as well. So you look at the kind of growth rates we're having here. And I think over time, one can now only conclude that we're going to continue to expand our market share in this space.

我認為這是非常公正的觀察。如果你看一下 RLS。從設計角度來看，RLS 其實也是與超大規模企業的合作。實際上，我們在多種技術上都依賴它們，共同創造線路系統和調製解調器技術的技術以及發展。所以你看看我們現在的成長率。我認為隨著時間的推移，我們現在只能得出結論，我們將繼續擴大我們在這個領域的市場份額。

David Vogt, UBS.

瑞銀的戴維·沃格特。

I have two as well and my line cut out if you answered this, I apologize. Can you -- Gary, can you help frame or mark the sort of contribution from the new DCOM opportunity maybe in the quarter and kind of how we should think about that in terms of scale relative to the broader broadly defined networking space out there? And then the second question is appreciate the early look into fiscal '26.

我也有兩個，如果您回答了這個問題，我的線路就會中斷，我很抱歉。加里，您能否幫助我們建立或標記出本季新的 DCOM 機會所帶來的貢獻，以及我們應該如何從相對於更廣泛的廣義網路空間的規模角度來看待它？第二個問題是感謝您對 26 財年的早期了解。

Just trying to get a sense for how much of your confidence comes from where your backlog sit today, given how strong orders have been and how that converts into revenue or sort of an explanation is that maybe you think the continued growth in orders in 3Q and 4Q translates into continued strength in fiscal '26 as well? Like how much is coming from sustained order growth versus some of it coming from backlog rev rec at this point?

我只是想了解一下，考慮到訂單量有多大，以及訂單量如何轉化為收入，您的信心有多少來自於今天的積壓訂單情況，或者某種解釋是，也許您認為第三季度和第四季度訂單的持續增長也意味著 26 財年的持續強勁？例如，目前有多少收入來自持續的訂單成長，有多少收入來自積壓訂單收入？

David. On the DCOM side, this is one customer that we've co-created with. We think -- well, we know that this application can be generic to data center technology given that it plays nicely to reducing power and space. which is critical. I would say just with this one customer, it is hundreds of millions. And we've got the first initial orders for that, and we will begin deployments shortly, but that's continuing to ramp. So it is hundreds of millions and that's just one customer.

大衛。在 DCOM 方面，這是我們共同創建的一位客戶。我們認為——我們知道這個應用程式可以通用到資料中心技術，因為它可以很好地降低功耗和節省空間，這一點至關重要。我想說，光是這一位客戶，價值就高達數億美元。我們已經獲得了第一批初始訂單，並將很快開始部署，但部署工作仍在繼續。所以，這個數字是數億，而這只是一個客戶。

Yes. And so again, as you think about the impact to the margins, David, as that thing ramps, again, we get the scale benefit and that scale benefit kind of ripples through the entirety of the P&L. And so like Gary said, we're starting to ramp that now. This particular customer is one of our largest customers for this quarter. This particular workload, DCOM is starting to ramp within that customer's envelope.

是的。所以，大衛，當你考慮對利潤率的影響時，隨著這個數字的增加，我們再次獲得規模效益，而這種規模效益會波及整個損益表。正如加里所說，我們現在開始加大力度。這位特定客戶是我們本季最大的客戶之一。對於這個特定的工作負載，DCOM 開始在該客戶的範圍內增加。

And so we expect to get some tailwinds from that from a margin perspective as it ramps through Q4 and then obviously to hundreds of millions, as Gary talked about in 2026.

因此，我們預計從利潤率的角度來看，隨著利潤率在第四季度上升，我們預計利潤率會從中獲得一些順風，然後顯然會達到數億，正如加里在 2026 年所說的那樣。

And then overall fiscal 26 kind of color, if you can share? -- How much of your confidence comes from your elevated backlog strength in orders versus kind of sustained demand going into next year?

那麼，您能分享一下 26 財年的整體情況嗎？ ——您的信心有多少來自於訂單積壓量的增加，以及明年持續的需求？

Yes. So it's really around the backlog that we're seeing this year. right? So as we talked about in the previous question, if we had more supply. We're able to get more revenue. As that supply kind of goes into 2026, those orders are going to get fulfilled in '26, and I'll recognize that revenue then. So as we talked about the visibility into the second half of -- we've got fairly high confidence that the guide that we gave you is going to be achievable.

是的。所以我們今年看到的確實是積壓問題，對嗎？正如我們在上一個問題中討論的那樣，如果我們有更多的供應。我們能夠獲得更多收入。隨著供應進入 2026 年，這些訂單將在 26 年完成，屆時我將確認收入。因此，當我們談論下半年的可見性時 - 我們非常有信心，我們給您的指導是可以實現的。

As Gary mentioned earlier, we're also seeing some pretty healthy growth as witnessed again by orders from our service providers. And so the combination of those two things from both our cloud side of the customer house and the service provider customer house, is giving us quite a bit of confidence as we go into 2026, which is why we decided to give you the 2026 guidance a quarter earlier than we normally would.

正如加里之前提到的，我們也看到了相當健康的成長，這從我們服務提供者的訂單中再次得到證明。因此，來自客戶雲端和服務供應商客戶這兩方面的結合，讓我們在進入 2026 年時充滿信心，這也是我們決定比平常提前一個季度提供 2026 年指引的原因。

I'm not sure we'll do that again. But given the confidence that we had and the momentum that we're leaving this year with, we felt pretty comfortable giving you guys a sneak peek on what 2026 would look like.

我不確定我們是否會再這樣做。但考慮到我們擁有的信心和今年的勢頭，我們很樂意讓你們先睹為快 2026 年的樣子。

The other point I would make is as you look out longer term here to the durability to it, first of all, you're looking at massive scale of investment that's going to be necessary. So I think we will take comfort from that. Secondly, you've got a lot of these new applications, some of which we've talked about today. But we also -- none of this sort of guide that we've given you includes really inside the data center coherent adoption, which we think that intersection as you move from electrons to photons as you require less latency and higher speed is going to happen.

我想說的另一點是，當你從長遠來看它的持久性時，首先，你會看到需要大規模的投資。所以我想我們會從中得到安慰。其次，您已經看到很多這樣的新應用程序，其中一些我們今天已經討論過了。但是我們也 - 我們給您的這種指南實際上並不包括資料中心內部的一致性採用，我們認為當您從電子移動到光子時，由於您需要更少的延遲和更高的速度，這種交叉將會發生。

It's just a matter of when. And so that's all in front of us. So not just the '26, but beyond, I think we have a very good high confidence in the dynamics that we're seeing. There's a secular shift in our opportunity.

這只是時間問題。這就是擺在我們面前的一切。因此，不僅是 26 年，而且以後，我認為我們對所看到的動態非常有信心。我們的機會正在發生長期轉變。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾·阿克曼。

Yes. Given the doubling of the module business next year, you're growing backlog, higher-margin blades and now these two hyperscale industry-first wins that underscore your opportunity to partner with hyperscalers and perhaps GPU vendors earlier in the cycle as well as your prudent investment in broadband. I guess why can't operating margins attain the -- your long-term goal of 15% next year?

是的。鑑於明年模組業務將翻一番，您的積壓訂單不斷增加，刀鋒伺服器的利潤率也更高，現在又獲得了這兩個超大規模行業首創的勝利，這凸顯了您在周期早期與超大規模伺服器和 GPU 供應商合作的機會，以及您在寬頻方面的審慎投資。我想問一下，為什麼營業利益率無法達到你們明年 15% 的長期目標呢？

They are. So sorry, maybe I wasn't super clear. So one of the things that we're looking at is pretty significant increase in operating leverage as we go from one 17% growth year to the next 17% growth here, while we're keeping OpEx flat. And so what I mentioned in the prepared remarks was we are pulling in the 2027 15% to 16% op margin goal into 2026. All right? So I want to be super clear. It's a one-year acceleration. And our expectation is we hit 15% to 16% in fiscal 2026. Does that help, Karl?

是的。非常抱歉，也許我說得不是太清楚。因此，我們正在關注的事情之一是，隨著我們從 17% 的成長年過渡到下一個 17% 的成長年，營運槓桿將顯著增加，同時我們的營運支出將保持穩定。因此，我在準備好的發言中提到，我們將把 2027 年 15% 至 16% 的營業利潤率目標納入 2026 年。好的？所以我想說得非常清楚。這是一年的加速。我們的預期是，到 2026 財年，這一比例將達到 15% 至 16%。這樣有幫助嗎，卡爾？

That does. Yes. And then if you -- just a quick follow-up. You spoke a lot about the revenue opportunity you see in '26, but you talk about whether your order visibility extends into fiscal '27 with these cloud providers that you spoke about today?

確實如此。是的。然後如果你——只需快速跟進一下。您談了很多關於 26 年的收入機會，但您談到了透過今天談到的這些雲端供應商，您的訂單可見度是否會延伸到 27 財年？

Karl, I think I addressed some of that in terms of the other opportunities that we're seeing -- that layer on basically in addition to what we're already seeing. Obviously, it's a little early to talk about '27. It's a little early to talk about 26%, but we have good visibility into it. So we're giving those. Listen, I think this is a very durable multiyear secular shift in the demand environment.

卡爾，我認為我已經從我們看到的其他機會的角度討論了其中的一些問題——這些機會基本上是我們已經看到的機會的補充。顯然，現在談論 27 年還為時過早。現在談論 26% 還為時過早，但我們對此有很好的了解。所以我們就提供這些。聽著，我認為這是需求環境中非常持久的多年長期轉變。

And when you think about it, so much investment has gone into AI in its various forms. The GPU accelerators, the LLM, data centers and all infrastructure about that. Now it's time for the network because without the network, it's got to come out of the data center to enable all of this stuff to happen. Monetization, training, inference, all of those things need the network.

想想看，人們已經對各種形式的人工智慧投入瞭如此多的投資。GPU 加速器、LLM、資料中心以及所有相關基礎架構。現在該是網路的時候了，因為如果沒有網絡，就必須從資料中心出來才能實現所有這些事情。貨幣化、訓練、推理，所有這些都需要人脈。

And there's a greater prioritization right now in terms of driving the growth of that network -- so you don't strand these assets and you really enable the whole AI infrastructure. And we're at the very early innings of that.

現在，推動該網路的發展具有更高的優先事項——這樣你就不會擱淺這些資產，而且你真正可以支援整個人工智慧基礎設施。而我們正處於這進程的初期。

Thanks, Jamie. We have time for one more question.

謝謝，傑米。我們還有時間再回答一個問題。

Ryan Koontz, Needham.

瑞安·孔茨，尼德姆。

To talk about your comments on vertical integration and supply chain and really at the optical layer here. Can you maybe expand on where you are there relative to your own supply versus commercial components and how you've been able to navigate the tight supply situation out there?

談談您對垂直整合和供應鏈以及光學層面的評論。您能否詳細說明一下貴公司相對於自有供應和商業組件的狀況，以及您如何應對那裡緊張的供應情況？

Ryan, I'd say this, if I look at the optical modem piece, which is a big part of our portfolio. We are in terms of capability, I believe, the most vertically integrated supplier in the industry. And that's not to say that we depend only 100% on our own component, because we -- from a strategic perspective, we use our own component, and we also use third-party component providers to provide us flexibility. And in a constrained environment like we are now, we're using all those levers.

瑞安，如果我看一下光纖數據機產品，我會這麼說，它是我們產品組合的重要組成部分。我相信，就能力而言，我們是業界垂直整合程度最高的供應商。這並不是說我們只 100% 依賴我們自己的元件，因為從策略角度來看，我們使用我們自己的元件，我們也使用第三方元件提供者來為我們提供靈活性。在我們現在所處的受限環境中，我們正在使用所有這些槓桿。

That's helpful. If I can squeeze in one more around what you're seeing in share in North America because of the consolidation with Nokia and Infinera, are you -- do you feel that's been an opportunity of strength for you guys to build more share in US? Or do you feel it's your customers are spending more maybe than theirs traditionally -- are you seeing competitive takeaways? Or is it more just a spending shift where your customers are stronger?

這很有幫助。如果我可以再補充一點關於你們在與諾基亞和 Infinera 合併後在北美的市場份額的情況，你是否認為這對你們來說是一次在美國擴大市場份額的良機？或者您是否覺得您的客戶花費的錢可能比他們傳統的花費更多——您是否看到了競爭優勢？或者這只是您的客戶更強大的支出轉變？

I actually think we're seeing both, frankly. Because of our leading technology and the investments we've made, the very focused technology spend online system, modem, domain management. We're 18-months to 24-months ahead of everybody else on that. Obviously, consolidation is a helpful dynamic in the industry as well for sure.

坦白說，我實際上認為我們看到了這兩種情況。由於我們擁有領先的技術和所做的投資，我們非常專注於線上系統、數據機、網域管理等技術支出。在這方面，我們比其他所有人都領先 18 個月到 24 個月。顯然，整合對該行業來說也是一種有益的動力。

But you're seeing, I think, at a very similar level, you're seeing service provider return to spending on infrastructure after a sort of underinvestment in for five years. So that's a nice dynamic to have and then you're leaning in on all the AI workloads. It's all about the network and optical as it moves from electrons to photons, both in the DCI market and eventually in the data center kind of plays to our strength.

但我認為，你會看到，在非常相似的水平上，服務提供者在經歷了五年的投資不足之後，又開始在基礎設施上支出。這是一個很好的動態，然後你就可以承擔所有的人工智慧工作負載。這一切都與網路和光學有關，因為它從電子轉變為光子，無論是在 DCI 市場還是最終在資料中心，都發揮著我們的優勢。

And that's why we think this is a very durable multiyear fantastic demand dynamic. And we are incredibly well positioned to it. The investments we've made in the last few years really intersect all of the key elements around this high-speed connectivity that's going to be required.

這就是為什麼我們認為這是一個非常持久的多年的良好需求動態。我們在這方面處於極為有利的地位。我們過去幾年所做的投資實際上涵蓋了高速連接所需的所有關鍵要素。

Thank you, everyone. We look forward to catching up with you later today and over the coming weeks. Thank you.

謝謝大家。我們期待在今天晚些時候以及未來幾週內與您聯繫。謝謝。

Ladies and gentlemen, the conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.

女士們、先生們，會議現已結束。我們非常感謝您參加今天的演講。現在您可以斷開線路了。