Ciena Corp (CIEN) 2025 Q4 法說會逐字稿

Good morning, and welcome to Ciena's Fiscal Fourth Quarter and Year-End 2025 Financial Results Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Gregg Lampf, Vice President of Investor Relations. Please go ahead.

早安，歡迎參加Ciena公司2025財年第四季及全年財務業績電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給投資者關係副總裁格雷格·蘭普夫。請繼續。

Thank you, Drew. Good morning, and welcome to Ciena's 2025 Fiscal Fourth Quarter and Year-end Results Conference Call. On the call today is Gary Smith, President and CEO; and Marc Graff, CFO. Scott McFeely, Executive Adviser, is also with us for Q&A.

謝謝你，德魯。早安，歡迎參加Ciena 2025財年第四季及全年業績電話會議。今天參加電話會議的有總裁兼執行長 Gary Smith 和財務長 Marc Graff。執行顧問史考特‧麥克菲利也來到現場，參與問答環節。

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 for the fiscal quarter and year-end.

除了本次電話會議和新聞稿之外，我們還在網站的投資者關係部分發布了一份配套的投資者演示文稿，其中反映了本次討論以及本財季和年末的一些重點事項。

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. 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.

我們今天的演講將涉及我們近期的業績表現、我們對當前市場動態和業務驅動因素的看法，以及我們對財務前景的探討。今天的討論包括Ciena公司經營績效的某些調整後指標或非GAAP指標。今天的新聞稿包含了這些非GAAP指標與我們的GAAP績效的調節表。

Before turning the call over to Gary, I'll remind you that during this call, we'll be making certain forward-looking statements. Such statements including our quarterly and annual guidance, commentary on market dynamics and discussion of our 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.

在將電話交給 Gary 之前，我要提醒各位，在本次通話中，我們將做出一些前瞻性陳述。此類聲明，包括我們的季度和年度指導、對市場動態的評論以及對我們的機會和戰略的討論，均基於公司及其市場的當前預期、預測和假設，其中包含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 are included in the investor presentation that we posted earlier today, are an important part of such forward-looking statements, and we encourage you to consider them.

與我們展望相關的假設，無論是否在本次電話會議中提及，都包含在我們今天早些時候發布的投資者演示文稿中，這些都是此類前瞻性聲明的重要組成部分，我們鼓勵您考慮這些假設。

Our forward-looking statements should also be viewed in the context of the risk factors detailed in our most recent 10-Q and in our upcoming 10-K filing. 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 will allow for as much Q&A as possible today, though we ask that you limit yourselves to one question and one follow-up.

我們的前瞻性聲明也應結合我們最新的 10-Q 報告和即將發布的 10-K 文件中詳述的風險因素來看待。Ciena 不承擔因新資訊、未來事件或其他原因而更新本次電話會議中所討論資訊的義務。像往常一樣，我們今天將盡可能多地安排問答環節，但請各位盡量只提一個問題和一個後續問題。

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

接下來，我將把電話交給加里。

Thanks, Gregg, and good morning, everyone. Today, we reported record fiscal fourth quarter and full year revenue of $1.35 billion and $4.77 billion, respectively. These records are a direct result of our sustained, purposeful investment and focus on leading high-speed connectivity technologies, together with disciplined execution and deep collaboration with our customers.

謝謝格雷格，大家早安。今天，我們公佈了創紀錄的第四財季和全年營收，分別為 13.5 億美元和 47.7 億美元。這些記錄是我們持續、有目的地投資和專注於領先的高速連接技術，以及嚴謹的執行和與客戶的深入合作的直接成果。

Combined, these advantages have positioned and will continue to position Ciena to deliver value in the AI ecosystem, serving both cloud and service provider customers for many years to come. And our progress in driving value from our operating model is also reflected in Q4 earnings per share of $0.91, up 69% year-over-year and full year EPS of $2.64, up 45% from fiscal 2024.

這些優勢結合起來，已經並將繼續使 Ciena 在人工智慧生態系統中佔據有利地位，為雲端服務和服務供應商客戶在未來多年內創造價值。我們在營運模式中創造價值方面的進展也反映在第四季度每股收益為 0.91 美元，年增 69%；全年每股收益為 2.64 美元，比 2024 財年增長 45%。

And lastly, we generated record orders for the year of $7.8 billion, which resulted in our entering this year, again, with record backlog. These strong results really underscore our overall market leadership position as well as the ramping broad-based demand across our business. And to this point, I'd like to provide some insights into what we believe to be robust and durable demand over the next several years.

最後，我們全年訂單金額創下 78 億美元的紀錄，這也導致我們今年的積壓訂單再次創下紀錄。這些強勁的業績真正凸顯了我們整體的市場領導地位，以及我們業務各環節日益增長的廣泛需求。在此，我想就我們認為未來幾年強勁且持久的需求提供一些見解。

Firstly, we continue to see accelerating demand from our cloud customer providers. And that includes the large hyperscalers and the emerging neoscaler segment that we talked with you about last quarter. In fact, cloud providers today are as focused on scaling their network as they are on their access to power.

首先，我們持續看到來自雲端客戶提供者的需求加速成長。這其中就包括我們上個季度和你們討論過的大型超大規模資料中心和新興的新規模資料中心領域。事實上，如今雲端服務供應商對網路擴展的關注程度與對電力供應的關注程度一樣高。

Orders from cloud providers are very strong, and ramping across our portfolio and they constitute a substantial portion of our growing backlog. It's important to note that this accelerating demand is being driven by several dynamics. And as counterintuitive as it may seem, the cloud providers largely actually underinvested in their networks to date, particularly relative to other areas of AI infrastructure.

來自雲端服務供應商的訂單非常強勁，並且正在我們產品組合中迅速成長，它們構成了我們不斷增長的積壓訂單的很大一部分。值得注意的是，這種加速成長的需求是由多種因素所驅動的。儘管這看起來可能與直覺相悖，但迄今為止，雲端服務供應商實際上對其網路的投資嚴重不足，尤其與其他人工智慧基礎設施領域相比更是如此。

The major hyperscalers who are seeing rapid traffic growth not only have the capital to invest but also have real sustainable business models that are currently constrained by the need to dramatically scale their global networks. These cloud providers cannot and do not intend to strengthen their significant investments in AI-related data center infrastructure. And I would stress that, that traffic needs to leave the data center to be monetized and operationalized, and we are their strategic technology partner for those network requirements.

那些流量快速成長的大型超大規模資料中心營運商不僅有資金進行投資，而且擁有真正可持續的商業模式，但目前這些模式受到大幅擴展其全球網路的需求的限制。這些雲端服務供應商既不能也不打算加強其在人工智慧相關資料中心基礎設施方面的大量投資。我還要強調，這些流量需要離開資料中心才能實現貨幣化和運營，而我們是他們滿足這些網路需求的策略技術合作夥伴。

Secondly, demand from our service provider customers continues to grow steadily as they, too, reinvest in their transport infrastructure after years of digesting accumulated inventory and also be focused on other areas of their networks, most notably and specifically 5G.

其次，隨著服務提供者客戶在多年消化累積的庫存後也對其傳輸基礎設施進行再投資，並且專注於其網路的其他領域（尤其是 5G），他們的需求持續穩定成長。

In addition, service providers' businesses are also being fueled by AI through the enterprise cloud demand and specifically cloud providers need for managed optical fiber networks or MOFN. And as a proof point here, we have recently won and are working to deploy a large MOFN project in India with two service providers for a major hyperscaler. Additionally, in the quarter, we have secured multiple major MOFN wins in other regions, including several in new and emerging geographies for our business.

此外，人工智慧也推動了服務供應商的業務發展，企業雲端需求，特別是雲端供應商對託管光纖網路（MOFN）的需求。作為證明，我們最近贏得了一個大型 MOFN 項目，目前正在與兩家服務提供商合作，為一家大型超大規模資料中心在印度部署該項目。此外，本季我們還在其他地區獲得了多個重大 MOFN 訂單，包括我們業務在新興地區的多個訂單。

And as a result of these dynamics, service provider orders were up nearly 70% for the year. And in fact, our top three service providers revenue from '24 to '25 grew 16%. Due to the increasing momentum across both cloud and service providers, Ciena's optical market share has continued to grow and extend our overall leadership, adding two points year-to-date, and we expect further gains clearly in 2026.

受這些因素影響，服務提供者的訂單量全年增長了近 70%。事實上，我們前三名的服務提供者的收入從 2024 年到 2025 年成長了 16%。由於雲端服務和服務供應商的成長勢頭強勁，Ciena 的光市場份額持續成長，擴大了我們的整體領先地位，今年迄今增加了兩個百分點，我們預計 2026 年將取得進一步的成長。

In order to address this accelerating demand, we are committed to increasing investments and working with our supply chain partners to scale the business. With product delivery lead times extending in the face of this unprecedented demand, we are proactively expanding our capacity to ensure our ability to timely meet our customers' demands. Indeed, this has already yielded results for fiscal '25 as we delivered double our initial revenue growth expectations for the year. Marc will discuss how we are stepping up investments to support demand and the expanding opportunities we expect over the coming years.

為了應對不斷增長的需求，我們致力於增加投資，並與我們的供應鏈合作夥伴共同努力，擴大業務規模。面對前所未有的需求，產品交付週期延長，我們正在積極擴大產能，以確保能夠及時滿足客戶的需求。事實上，這在 2025 財年已經取得了成效，我們實現了年初預期營收成長的兩倍。馬克將討論我們如何加大投資以支持需求，以及我們預計未來幾年將出現的不斷擴大的機會。

The simple truth is that AI continues to drive network expansion across all our customer segments, and the scale of investment currently underway is massive and accelerating faster than anything we or indeed the industry have seen to date. I would also mention that unlike the COVID-inspired supply-demand imbalance, we are seeing this demand be installed and leveraged for real near-term revenue opportunities at our customers as evidenced by accelerated implementation services that increased in revenue by 34% in fiscal '25.

事實很簡單：人工智慧正在持續推動我們所有客戶群的網路擴張，目前正在進行的投資規模巨大，而且增速比我們乃至整個行業迄今為止所見到的任何情況都要快。我還想提一下，與新冠疫情引發的供需失衡不同，我們看到這種需求正在被客戶接受和利用，從而帶來真正的近期收入機會，加速實施服務的收入在 2025 財年增長了 34%，就證明了這一點。

With that, I'd like to take a moment to share our sort of broader perspectives on the AI opportunity as it relates to high-speed connectivity. As bandwidth continues to grow inside the data center and as this traffic flows out of the data center, AI inference models are moving closer to the network edge. And for the reasons that I mentioned earlier, we will continue to expand our existing leadership and addressable market in high-speed connectivity in the WAN.

在此，我想花一點時間分享我們對人工智慧在高速連接方面所帶來的機會的更廣泛的看法。隨著資料中心內部頻寬的不斷增長以及流量從資料中心流出，人工智慧推理模型正逐漸向網路邊緣移動。基於我之前提到的原因，我們將繼續擴大我們在廣域網路高速連接領域的現有領先地位和潛在市場。

In addition to the wide area network, we're also seeing a significant addressable market opportunity in the -- in and around the data center. It is, I think, well understood that cloud providers are investing heavily in data centers to deliver on the current and future promises of AI. Many third parties are estimating capital spending of more than $7 trillion through the end of the decade in all AI-related infrastructure. And this is obviously necessitating the need for both training and inference workloads at massive scale.

除了廣域網路之外，我們還看到資料中心及其周邊地區存在著巨大的潛在市場機會。我認為，人們普遍認為，雲端服務供應商正在對資料中心進行大量投資，以實現人工智慧當前和未來的發展目標。許多第三方機構估計，到本世紀末，所有與人工智慧相關的基礎設施的資本支出將超過 7 兆美元。顯然，這需要大規模的訓練和推理工作負載。

As a result of the massive growth in AI workloads and to address growing power and space constraints, cloud providers are planning and building distributed AI data center training clusters or AI factories, which require multiple clusters to act as one. In fact, along with those power and space constraints, the ability of the cloud providers and specifically the major hyperscalers to scale their global networks is becoming the critical long pole in the tent for them to operationalize AI for both training and inference purposes.

由於人工智慧工作負載的大幅成長，為了解決日益增長的電力和空間限制，雲端服務供應商正在規劃和建造分散式人工智慧資料中心訓練叢集或人工智慧工廠，這需要多個叢集協同工作。事實上，除了這些電力和空間限制之外，雲端服務供應商，特別是大型超大規模雲端服務供應商擴展其全球網路的能力，正成為他們實現人工智慧訓練和推理的關鍵所在。

Within these data center environments, there are three key connectivity requirements to scale up within a data center rack, to scale out between racks in a data center, and finally, to scale cross between geographically distributed data centers, which must operate at the highest levels of performance with super high capacity and the lowest latency possible.

在這些資料中心環境中，要實現資料中心機架內的向上擴展、資料中心機架間的橫向擴展以及最終實現地理位置分散的資料中心之間的橫向擴展，有三個關鍵的連接要求，這些要求必須以最高的效能等級運行，具有超高的容量和盡可能低的延遲。

With our innovation and time-to-market leadership in high-speed connectivity solutions, our position could not be better to fulfill this critical demand. This growing AI-driven opportunity for Ciena is what we refer to as in and around the data center. In fact, our in and around the data center opportunities grew threefold from '24 to '25 and are a major contributor to our '26 expected growth rate.

憑藉我們在高速連接解決方案方面的創新能力和上市速度優勢，我們完全有能力滿足這一關鍵需求。Ciena 面臨的這種不斷增長的 AI 驅動機遇，就是我們所說的資料中心內外的機會。事實上，從 2024 年到 2025 年，我們在資料中心內外的機會成長了三倍，並且是我們 2026 年預期成長率的主要貢獻者。

We have proactively invested in our portfolio to intersect this growing market segment and with a few notable examples. First is our interconnects portfolio, comprising both our power and space savings ZR and ZR+ pluggables and our optical components. We expect Interconnect to play a meaningful role in scale up, scale out and, in fact, scale across workloads.

我們已積極投資於我們的投資組合，以期涵蓋這個不斷成長的市場領域，以下是一些值得注意的例子。首先是我們的互連產品組合，包括我們的節能省空間的 ZR 和 ZR+ 可插拔元件以及我們的光元件。我們期望互連技術在向上擴展、向外擴展以及跨工作負載擴展方面發揮重要作用。

In fiscal year '25, we surpassed our target of more than doubling FY '24 pluggable revenue, reaching revenue of more than $168 million. In the quarter, our WaveLogic 6 Nano (WL6n) 800-gig pluggables are shipped for initial revenue. And since the end of the quarter, we have shipped 800ZR plugs to three additional cloud providers for testing and certification.

在 2025 財年，我們超額完成了 2024 財年可插拔產品營收翻倍的目標，營收超過 1.68 億美元。本季度，我們的 WaveLogic 6 Nano (WL6n) 800G 可插拔設備開始出貨，帶來初始收入。自本季末以來，我們已向另外三家雲端服務供應商出貨 800ZR 插頭，用於測試和認證。

And with regard to components, we address the cloud providers preferred disaggregated consumption model with our high-speed Coherent and other industry-leading WaveLogic technologies including a DSP, Curtis, and other high-speed analog and electro optical components. In addition, our components business now includes the electrical and optical interconnect solutions from our acquisition of Nubis Communications. The Nubis technologies and expertise will help us address the scale-up and scale-out opportunities inside the data center. We're excited to have the Nubis team as part of Ciena and are on track to GA first products in fiscal '26.

至於組件方面，我們採用高速相干技術和其他領先業界的 WaveLogic 技術（包括 DSP、Curtis 以及其他高速模擬和光電組件），以滿足雲端供應商偏好的分散式消費模式。此外，我們的組件業務現在還包括了我們收購 Nubis Communications 後獲得的電氣和光互連解決方案。Nubis 的技術和專業知識將幫助我們應對資料中心內部的擴展和橫向擴展機會。我們很高興 Nubis 團隊加入 Ciena，並預計在 2026 財年推出首批 GA 產品。

And as we've previously noted, as technology advances and data rates increase, the components portion of our Interconnects portfolio primarily represents revenue opportunities beyond fiscal '26. In addition to our Interconnects portfolio, as market needs continue to evolve, driven by AI, we're seeing new architectural applications arise in and around the data center with two recent cloud provider use cases, I think, of particular note.

正如我們之前指出的那樣，隨著技術的進步和數據速率的提高，我們互連產品組合中的組件部分主要代表了 2026 財年以後的收入機會。除了我們的互連產品組合之外，隨著人工智慧驅動的市場需求不斷演變，我們看到資料中心內外出現了新的架構應用，我認為最近兩個雲端供應商用例尤其值得關注。

First use case is the scale across architecture, linking geographically dispersed AI training clusters using our market-leading RLS photonic line system, wave servers and Interconnects portfolio. This is an opportunity we discussed over the past couple of quarters, where a large hyperscale is linking to two regional data centers to build an AI backbone. I'm pleased to report that this hyperscaler is now extending this architecture to more locations.

第一個用例是跨架構的規模化，使用我們市場領先的 RLS 光子線系統、波伺服器和互連產品組合，連接地理位置分散的 AI 訓練叢集。這是我們在過去幾季討論過的機會，即一個大型超大規模資料中心連接到兩個區域資料中心，以建立人工智慧骨幹網路。我很高興地報告，這家超大規模資料中心營運商正在將此架構擴展到更多地區。

Additionally, I am pleased to announce that two more major hyperscalers have chosen our optical solutions for their scale across training applications as well. The second use case is out of the network management. Ciena's unique DCOM solution leverages our XGS-PON and other routing and switching products and was initially designed with Meta to meet hyperscale requirements. Today, I'm pleased to announce that our DCOM business with Meta has expanded as they plan to deploy in multiple new data centers.

此外，我很高興地宣布，又有兩家大型超大規模資料中心營運商選擇我們的光學解決方案，以滿足其在訓練應用方面的規模需求。第二個應用場景是網路管理以外的領域。Ciena 獨特的 DCOM 解決方案利用了我們的 XGS-PON 和其他路由和交換產品，最初是與 Meta 合作設計的，旨在滿足超大規模需求。今天，我很高興地宣布，我們與 Meta 的 DCOM 業務已經擴展，他們計劃在多個新的資料中心進行部署。

Also, we're engaged in advanced technical discussions with additional hyperscalers to deploy this DCOM solution in their data centers. I'd like to briefly acknowledge here that the scale across and DCOM wins are just the most recent AI-related use cases to materialize for us in recent months. They are great examples of how we co-create and productize with market-leading solutions to address critical customer scaling requirements. And we fully anticipate continuing to develop additional innovative solutions with our customers as they monetize AI across the various architectures.

此外，我們正在與其他超大規模資料中心營運商進行深入的技術討論，以便在他們的資料中心部署此 DCOM 解決方案。我想在此簡要說明一下，此次在 DCOM 專案中取得的成就只是近幾個月來我們取得的最新 AI 相關應用案例。這些都是我們如何與市場領先的解決方案共同創造和產品化，以滿足客戶關鍵擴展需求的絕佳範例。我們完全期待與客戶繼續合作，開發更多創新解決方案，幫助他們在各種架構中實現人工智慧的商業化。

Before I turn it over to Marc, I really want to reiterate that as we leave Q4 and indeed the entirety of 2025, we have absolute conviction that the positive market dynamics and our technology leadership provides us with increasing confidence that the durability of demand and our business and financial trajectory are very strong.

在把發言權交給馬克之前，我真的想重申，隨著我們告別第四季度，乃至整個 2025 年，我們絕對相信積極的市場動態和我們的技術領先地位，讓我們越來越有信心，需求的持久性以及我們的業務和財務軌跡都非常強勁。

I'll now hand it over to Marc for a closer look at our Q4 and fiscal '25 performance and outlook. Marc?

現在我將把鏡頭交給馬克，讓他更詳細地分析我們第四季和 2025 財年的業績和展望。馬克？

Thank you, Gary, and thank you to everyone for joining the call this morning. Before I review the specific results for Q4 and the full year, I'd like to provide an update on the priorities I outlined in the last earnings call, specifically gross margin performance, working capital management and capital allocation.

謝謝 Gary，也謝謝今天早上參加電話會議的各位。在回顧第四季度和全年的具體業績之前，我想先更新我在上次財報電話會議上概述的優先事項，特別是毛利率表現、營運資本管理和資本配置。

First, gross margin performance. You have seen that our Q4 gross margin sequentially improved and exceeded the high end of our guide by 90 basis points. This was largely due to higher revenue and software mix. We have had constructive discussions with our customers to improve fair value exchange with those improvements appearing in late '26 given the large backlog entering the year. Additionally, we are navigating through particular headwinds from ramping NPI products and rising input costs as supply becomes further constrained due to fast-growing demand. All told, I expect year-over-year gross margin improvements with second half margins being higher than first half margins.

首先，來看毛利率表現。你們已經看到，我們第四季的毛利率環比有所提高，比我們預期的上限高出 90 個基點。這主要是由於更高的收入和更優的軟體組合。我們與客戶進行了建設性的討論，以改善公平價值交換，鑑於年初積壓訂單量巨大，這些改進措施將在 2026 年底實施。此外，由於需求快速成長，供應進一步受限，我們正面臨新產品上市速度加速和投入成本上升所帶來的特殊不利因素。總的來說，我預計毛利率將年比提高，下半年毛利率將高於上半年毛利率。

Second, working capital management. We have improved our cash conversion cycle by 34 days sequentially, largely on faster collections and improved inventory days. In fact, our inventory turns improved by four-tenths of a turn. We left the year with $1.4 billion in cash after generating $371 million in cash from operations in Q4 and free cash flow of $326 million.

其次，是營運資金管理。我們的現金週轉週期已持續縮短 34 天，主要得益於更快的收款速度和更短的庫存週轉天數。事實上，我們的庫存週轉率提高了0.4次。截至年底，我們擁有 14 億美元的現金，其中第四季經營活動產生的現金為 3.71 億美元，自由現金流為 3.26 億美元。

With respect to capital allocation, we completed the first year of our most recent $1 billion stock repurchase authorization, repurchasing approximately $330 million for the year at an average price of $83.34. We invested $140 million in capital expenditures in the business focused on developing the next generation of leading products and enabling capacity to nearly double our 2025 growth rate.

在資本配置方面，我們完成了最近10億美元股票回購授權的第一年，當年以平均每股83.34美元的價格回購了約3.3億美元。我們投資了1.4億美元用於資本支出，專注於開發下一代領先產品，並使產能能夠使我們2025年的成長率幾乎翻倍。

We also completed the cash purchase of Nubis, supplementing our interconnect portfolio to service the end portion of in and around the data center opportunity. We have also reallocated resources that will allow the company to meet the growth challenges ahead with new business processes and technology rationalization.

我們也完成了對 Nubis 的現金收購，補充了我們的互連產品組合，以滿足資料中心內外的互聯需求。我們也重新分配了資源，使公司能夠透過新的業務流程和技術合理化來應對未來的成長挑戰。

Finally, let me turn to operating leverage. We will hold to our commitment of flat OpEx in 2026, while investing in new opportunities for our interconnect portfolio.

最後，我想談談經營槓桿。我們將堅持2026年營運支出保持不變的承諾，同時投資於互連產品組合的新機會。

Now let me turn to the specifics of our Q4 and full year performance. As Gary noted, Q4 revenue reached $1.35 billion, up 20% year-over-year and $70 million above the midpoint of our guide. For the year, annual revenue was up 19% to $4.77 billion, a new record. Q4 was strong across all lines of business. Specifically, our optical business was up 19% year-over-year, driven by strength in RLS, which was up 72% year-over-year.

現在讓我具體談談我們第四季和全年的業績。正如 Gary 指出的那樣，第四季營收達到 13.5 億美元，年成長 20%，比我們預期的中點高出 7,000 萬美元。該年度，公司年營收成長19%，達47.7億美元，創歷史新高。第四季所有業務線均表現強勁。具體來說，我們的光學業務年增 19%，這主要得益於 RLS 業務的強勁成長，該業務較去年同期成長 72%。

Our routing and switching business grew 49% year-over-year, with the 3,000 series and 5,000 series product revenue doubling on a combined basis with the DCOM opportunity driving much of this growth. Global Services had a strong quarter, growing 25% year-over-year driven largely by advisory and enablement and installation and implementation services, which grew 53% and 45% year-over-year, respectively.

我們的路由和交換業務年增 49%，其中 3000 系列和 5000 系列產品的收入合計翻了一番，DCOM 的機會推動了這一增長的大部分。全球服務業務本季表現強勁，年增 25%，主要得益於諮詢和賦能服務以及安裝和實施服務，這兩項服務分別年增 53% 和 45%。

I'd also like to note that Blue Planet had a very successful year, achieving $34 million of revenue in the quarter, a record $115 million in fiscal '25 and achieving full year profitability. We had three 10% revenue customers in Q4, including two global cloud providers and one Tier-1 North American service provider.

我還想指出，Blue Planet 度過了非常成功的一年，該季度收入達到 3400 萬美元，2025 財年收入創下 1.15 億美元的紀錄，並實現了全年盈利。第四季我們有三個營收佔 10% 的客戶，其中包括兩家全球雲端服務供應商和一家北美一級服務供應商。

We are exiting the year with about $5 billion of backlog, of which, approximately $3.8 billion is hardware and software with the remaining being software services. This backlog supports a large share of our fiscal '26 revenue expectations, and we see indications of strong demand continuing into '27 and beyond, giving us exceptional visibility and confidence in our outlook and medium-term expectations.

今年底，我們的積壓訂單約為 50 億美元，其中約 38 億美元為硬體和軟體，其餘為軟體服務。積壓訂單支撐了我們 2026 財年收入預期的大部分，我們看到強勁的需求跡象表明，這種需求將持續到 2027 年及以後，這使我們對前景和中期預期有了極大的信心和清晰的認識。

Adjusted gross margin in Q4 was 43.4%, 90 basis points above the midpoint of our guide, driven by higher revenue and software mix. For the year, adjusted gross margin was 42.7%. We continue to mitigate most of the impacts of tariffs as we currently constructed and the net impact of tariffs are immaterial to our bottom line. We continue to monitor the situation and work closely with both our supply chain and customers as necessary.

第四季調整後毛利率為 43.4%，比我們預期的中點高出 90 個基點，主要得益於更高的營收和軟體產品組合。該年度調整後毛利率為 42.7%。我們繼續採取措施減輕關稅的大部分影響，因為我們目前的架構能夠有效應對這些影響，因此關稅的淨影響對我們的最終收益而言微不足道。我們將繼續密切關注事態發展，並根據需要與我們的供應鏈和客戶緊密合作。

Q4 adjusted operating expense was approximately $409 million and $1.51 billion for the year. Excluding the higher incentive compensation, we achieved in-line OpEx for the quarter and underspent slightly for the year, reflecting our ongoing disciplined approach and operational efficiency. This led to Q4 adjusted operating margin of 13.2%, up 250 basis points sequentially and 320 basis points year-over-year.

第四季調整後營運費用約 4.09 億美元，全年約 15.1 億美元。除較高的激勵性薪酬外，本季我們的營運支出符合預期，全年支出略有低於預期，這反映了我們一貫嚴謹的態度和高效的營運。這使得第四季調整後的營業利潤率為 13.2%，較上季成長 250 個基點，較去年同期成長 320 個基點。

Operating margin for the year reached 11.2%, 150 basis points from fiscal '24. We achieved EPS of $0.91, up 69% year-over-year with annual adjusted EPS of $2.64, up a healthy 45%. Finally, cash from operations was $371 million in the quarter. For the year, free cash flow reached $665 million after $140 million in capital expenditures.

本年度營業利益率達 11.2%，比 2024 財年提高了 150 個基點。我們實現了每股收益 0.91 美元，年增 69%；年度調整後每股收益為 2.64 美元，年增 45%。最後，本季經營活動產生的現金流量為 3.71 億美元。本年度，在資本支出 1.4 億美元後，自由現金流達 6.65 億美元。

Now turning to guidance. Last quarter, our confidence and visibility due to AI-driven dynamics enabled us to atypically provide an early outlook for 2026. As we move into the new fiscal year for all the reasons Gary and I have discussed, those dynamics and the customer demand environment not only remain robust, they have accelerated. As a result, today, I'd like to update that guidance from September as our outlook has improved even from just a few months ago. We now expect revenue in fiscal '26 to be approximately $5.7 billion to $6.1 billion or nearly 24% annual growth at the midpoint versus the 17% growth rate discussed in September. We continue to expect gross margins for fiscal '26 to be in the range of 43%, plus or minus a point.

現在進入指導環節。上個季度，由於人工智慧驅動的動態變化，我們的信心和視覺性使我們能夠破例提前發布 2026 年的展望。隨著我們進入新的財政年度，正如我和 Gary 討論過的所有原因一樣，這些動態和客戶需求環境不僅依然強勁，而且還在加速發展。因此，今天我想更新一下9月的指導意見，因為我們的前景比幾個月前已經有所改善。我們現在預計 2026 財年的營收約為 57 億美元至 61 億美元，或年增長率接近 24%（取中間值），而 9 月討論的成長率為 17%。我們仍預期 2026 財年的毛利率將在 43% 左右，上下浮動一個百分點。

And as I mentioned earlier, we continue to work to mitigate input cost pressures through supply rebalancing, designing cost out and additional pricing actions over time. We expect the impact of these mitigation efforts will be realized in late fiscal '26. With these dynamics, we expect the margins to improve first half to second half as cost reductions and pricing actions take hold. We expect adjusted operating expense in fiscal '26 to be flat at approximately $1.52 billion after accounting for the Nubis operating expenses post acquisition. With respect to operating margin, we previously advised an acceleration of our longer-term goal of 15% to 16% operating margin from '27 into 2026. We now expect fiscal '26 operating margins to improve further to 17% plus or minus a point.

正如我之前提到的，我們將繼續透過重新平衡供應、降低成本以及隨著時間的推移採取額外的定價措施來緩解投入成本壓力。我們預計這些緩解措施的效果將在 2026 財政年度結束時顯現。在這種趨勢下，我們預計隨著成本削減和定價措施的實施，上半年利潤率將比下半年有所提高。我們預計，在計入收購 Nubis 後的營運費用後，2026 財年的調整後營運費用將與去年持平，約 15.2 億美元。關於營業利益率，我們先前建議將2027年營業利益率達到15%至16%的長期目標提前至2026年實現。我們現在預計 2026 財年的營業利潤率將進一步提高到 17% 左右。

Our capital expenditures for fiscal '26 are expected to be between $250 million and $275 million. This is higher than our typical capital intensity in order to invest in supporting expected robust demand in late 2026 and into 2027 as well as incremental costs for three-nanometer mask sets. In fiscal '26, we expect to repurchase approximately $330 million in shares under our 2024 stock repurchase authorization plan.

我們預計 2026 財年的資本支出將在 2.5 億至 2.75 億美元之間。為了支持預計在 2026 年末和 2027 年強勁的需求以及三奈米掩模組的增量成本，我們的資本密集度高於通常水平。在 2026 財年，我們預計將根據 2024 年股票回購授權計畫回購約 3.3 億美元的股票。

Finally, with respect to Q1 guidance, we expect to deliver revenue in the range of $1.35 billion to $1.43 billion, adjusted gross margin between 43% and 44% and adjusted operating expenses of approximately $380 million yielding an operating margin of 15.5% to 16.5%.

最後，關於第一季業績指引，我們預計營收將在 13.5 億美元至 14.3 億美元之間，調整後毛利率在 43% 至 44% 之間，調整後營運費用約為 3.8 億美元，營業利潤率為 15.5% 至 16.5%。

To conclude, Ciena had a strong 2025, and we are looking to an even stronger 2026. We are thoughtfully allocating our owners' capital to deliver value both to our customers and for our owners. We are singularly focused on executing our strategy and winning in the market.

總之，Ciena 在 2025 年取得了強勁的成績，我們期待 2026 年取得更輝煌的成績。我們正在謹慎地分配所有者的資金，以期為我們的客戶和所有者創造價值。我們一心專注於執行我們的策略，並在市場中取得勝利。

And with that, let me turn it back to Gary.

那麼，現在讓我把話題轉回給加里。

Thank you, Marc. And let me reiterate those comments. We had an incredibly strong quarter in fiscal 2025, which we believe is a seminal one for Ciena, and one that provides a remarkable springboard for continued growth.

謝謝你，馬克。讓我重申一下這些觀點。我們在 2025 財年取得了非常強勁的業績，我們認為這對 Ciena 來說是一個具有里程碑意義的季度，並為持續成長提供了巨大的跳板。

Our momentum continues to build. Our balance sheet have never been stronger and industry dynamics have never been more positive for Ciena. We are executing well and have high confidence we will continue to do so. We remain very focused on our strategy and continued to deliver the world's best high-speed connectivity, that really underpins today's AI-driven environment.

我們的勢頭持續增強。我們的資產負債表從未如此強勁，產業動態也從未對Ciena如此有利。我們目前執行良好，並且非常有信心繼續保持這種狀態。我們始終專注於我們的策略，並繼續提供世界上最好的高速連接，這真正支撐了當今人工智慧驅動的環境。

With that, we will now take questions from the sell-side analysts. Thank you.

接下來，我們將接受賣方分析師的提問。謝謝。

(Operator Instructions) The first question comes from Ruben Roy with Stifel. Please go ahead.

（操作說明）第一個問題來自 Stifel 公司的 Ruben Roy。請繼續。

Thank you and congratulations, Gary and Marc, just great to see the progress here. So the first question, Marc, when we think about the guidance and the raise Gary talked about some of the new use cases and more hyperscalers looking at either scale across or also discussions around e-com with other hyperscalers. How much of that is in the new guidance versus just continued sort of growth across the existing relationships that you have?

謝謝並恭喜 Gary 和 Marc，很高興看到這裡的進展。馬克，第一個問題是，當我們考慮指導和加薪時，加里談到了一些新的用例，以及更多超大規模企業正在考慮跨領域擴展，或與其他超大規模企業討論電子商務。其中有多少是來自新的指導方針，又有多少是來自現有關係的持續成長？

And then the second question for Gary is just thinking about the new scale across opportunities, Gary, you gave us some metrics around the first wins in terms of either revenue or bandwidth and bandwidth measured in petabit. Are the discussions that you're having in the wins with the new hyperscaler similar? Or if you could maybe give us a little more detail on those, that would be great.

那麼，第二個問題是關於 Gary 面臨的新機會規模問題。 Gary，你為我們提供了一些關於首批成功案例的指標，包括收入或頻寬，頻寬以拍比特 (petabit) 為單位。你與新超大規模業者在合作中討論的內容是否類似？如果您能提供更詳細的信息，那就太好了。

Yes. Ruben, this is Marc. Thanks for joining. In terms of how much of the new opportunities that Gary talked about are in the guide, they are all in the guide. If you think about the in and around data center, which many of the wins that Gary talked about include, we're seeing nearly a tripling of the percent of revenue from what we saw in 2025 of low single digits to the percent of revenue that we have in 2026 has got low double digits.

是的。魯本，這位是馬克。謝謝參與。至於 Gary 提到的新機會有多少包含在指南中，答案是全部都包含在指南中。如果你考慮一下資料中心及其周邊地區（Gary 提到的許多成功案例都包括這些地區），我們看到，到 2025 年，收入佔比將達到個位數，而到 2026 年，收入佔比將達到兩位數，增長近三倍。

And so I think we've captured a lot of that. Obviously, we're continuing to work to satisfy all that demand. But you've seen -- it's all included in there, short answer.

所以我覺得我們已經捕捉到了很多這樣的內容。顯然，我們正在繼續努力滿足所有這些需求。但你已經看到了——所有這些都包含在裡面了，簡而言之。

Ruben, to the second question around the sort of models around the -- across piece. First of all, I'd say, there obviously, all of these hyperscalers are not sort of homogeneous around their business models and therefore, their network requirements reflect -- so they are different, notwithstanding, they all need to train.

魯本，關於第二個問題，圍繞著──這塊拼圖的模型類型。首先，我想說，很顯然，所有這些超大規模資料中心營運商的商業模式並不完全相同，因此它們的網路需求也各不相同——儘管如此，它們都需要進行培訓。

So what we're seeing with the initial hyperscaler is obviously just expanding the amount of sites, and that will happen over multiple years. We've had two other hyperscalers now adopt our architecture. So we've got three out of the four hyperscalers have selected us for their scale across training models.

因此，我們看到的初始超大規模資料中心顯然只是在擴大站點數量，而這將在幾年內發生。目前已有另外兩家超大規模企業採用了我們的架構。因此，四家超大規模資料中心營運商中有三家選擇了我們，因為他們在訓練模型方面的規模優勢。

In terms of how -- quantifying how much they are, they are clearly hundreds of millions each but they are different in terms of their scale at this stage. But really, that's just -- we're just beginning to see the traffic come out of the data center for training around these regional backbones or clusters. We're just beginning to see that. And I don't think that there's going to be a cookie style sort of quantification of the traffic at this point.

就規模而言——量化它們的數量，它們顯然都是數億，但就目前而言，它們的規模有所不同。但實際上，這只是——我們才剛開始看到圍繞這些區域骨幹或叢集的訓練流量從資料中心流出。我們才剛開始意識到這一點。我認為目前還不會出現類似 cookie 那樣的流量量化方法。

The next question comes from Simon Leopold with Raymond James. Please go ahead.

下一個問題來自雷蒙德詹姆斯公司的西蒙利奧波德。請繼續。

Great, thanks for taking the question. Yes, I wanted to maybe expand a bit on the scale across outlook in particular. So you've gotten these two additionals that certainly earlier than we were expecting. I want to see if you can give us maybe a timeline of when you would expect those two other hyperscalers to really kick into the numbers, how imminent that is?

太好了，謝謝你回答這個問題。是的，我尤其想就前景的規模問題再展開一些討論。所以你們比預期更早獲得了這兩個額外的球員。我想請您大概估算一下，您預計另外兩家超大規模資料中心營運商何時才能真正開始投入運營，以及這種情況何時會到來？

And then maybe you could talk about sort of a longer-term cadence of scale across activity? Because I think when you first disclosed it, you talked about the initial customer, perhaps having opportunities of eight or nine kind of projects. So now that we see additional hyperscalers entering the fray, how would you look at it more broadly over the multiyear number of projects? That's question number one.

然後，或許您可以談談活動規模的長期發展節奏？因為我覺得你最初透露的時候，你談到了最初的客戶，可能有機會承接八、九種類型的專案。現在我們看到更多的超大規模資料中心營運商加入競爭，從更廣泛的角度來看，從多年的專案數量來看，您會如何看待這個問題？這是第一個問題。

Question number two is hopefully the easiest one you'll get today. But if you could just break up the 10% disclosures, you said two cloud and an operator, if you can give us the detail that will ultimately be in your SEC filings. But if we could break that down, I'd appreciate it.

希望第二個問題是你今天遇到的最簡單的問題。但是，如果您能詳細說明這 10% 的披露內容，您提到了兩個雲端平台和一個運營商，如果您能提供最終將出現在您提交給美國證券交易委員會的文件中的詳細信息，那就太好了。但如果能詳細解釋一下，我將不勝感激。

Simon, let me take the first part of that. In summary, I would expect us to take revenue for all three of these hyperscalers in '26 or begin to take revenue in '26. I think the large part of this is going to be scaling up in '27 and through '28.

西蒙，讓我來回答第一部分。總而言之，我預計我們將在 2026 年從這三家超大規模資料中心獲得收入，或在 2026 年開始獲得收入。我認為其中很大一部分將是 2027 年和 2028 年的規模擴大。

I mean these are enormous amounts of scale and commitments around massive amounts of fiber between these data centers, which takes time from an infrastructure point of view. I believe we'll take revenue on all three during the course of this year. But Simon, I really see the ramp on this as we get to '27 and through '28. I mean this is going to be the backbone for these training models. I would also say, at this stage, it is all U.S. centric around the training models as well.

我的意思是，這些資料中心之間需要鋪設大量的光纖，規模非常龐大，從基礎設施的角度來看，這需要時間。我相信今年我們將從這三項業務中獲得收入。但是西蒙，我真的看到了2027年和2028年的發展趨勢。我的意思是，這將成為這些訓練模式的基礎。我還想說，現階段，所有訓練模式也都是以美國為中心的。

Yes. So Simon, let me hit your second question. The three plus 10% customers that we had in Q4, one was AT&T, you'll see that in the [K]. The other two were not being specific on who they were. But collectively, for Q4, those three coverage just under 44% of Q4's revenue.

是的。西蒙，讓我來回答你的第二個問題。我們在第四季擁有的三個超過10%的客戶中，有一個是AT&T，您會在下文中看到這一點。[K].另外兩人沒有具體說明自己的身分。但總的來說，第四季這三項業務的營收佔第四季總營收的近 44%。

And then for the full year, it was one cloud provider and one service provider that collectively -- and it was AT&T as a service provider. Collectively, for the year, they covered about 28% of our revenue.

然後，在整整一年裡，只有一家雲端服務供應商和一家服務提供者——而作為服務提供者的是 AT&T。這一年，它們合計占我們收入的約 28%。

Yes. Can you give us that split? So what each one was within that 44% in the quarter?

是的。可以提供我們一下細分數據嗎？那麼，這 44% 的佔比分別是多少呢？

Yes, I'll have to get back to you, Simon. I don't have that specific in front of me.

是的，我得稍後再回覆你，西蒙。我手邊沒有那份具體資料。

The next question comes from Atif Malik with Citi. Please go ahead.

下一個問題來自花旗銀行的阿提夫‧馬利克。請繼續。

Hi, thank you for taking the question and great job by the team. First one for Gary. Gary on Nubis, in September, you talked about in the second half of '26 and early '27 adoption for CPO, NPO type products. Are you seeing an acceleration over there?

您好，感謝您回答這個問題，團隊做得非常棒。第一個是給加里的。Gary 在 Nubis 上，您在 9 月談到了 2026 年下半年和 2027 年初 CPO、NPO 類型產品的採用。你那邊看到加速現象了嗎？

I would say that, yes, we're engaged with multiple opportunities with them. Obviously, we're waiting for first GA product, but we have a lot of market engagement, even prior to our acquisition with them, I would say that what we've seen since -- and this is early days, we only did the acquisition last quarter, but I think we've seen sort of accelerated interest now that they're part of a broader -- a broader company. Scott, do you want to?

是的，我們可以說，我們正在與他們探討多個合作機會。顯然，我們還在等待第一款正式版產品，但我們已經與他們進行了大量的市場互動，甚至在我們收購他們之前也是如此。我想說，自從我們收購他們以來——現在還處於早期階段，我們上個季度才完成收購——但我認為，自從他們成為一家更廣泛的公司的一部分以來，我們看到了某種程度上加速的興趣。史考特，你願意嗎？

Yes, just to remind you, they're sort of at a high level, two product families within Nubis portfolio, one is a linear retimer that is very effective in terms of extending the life of active copper cable. And we see that as an opportunity that will start in '26. The optical part of the portfolio, the second part of the portfolio, we see more as a '27 and beyond opportunity. But as Gary said, we're getting great feedback from customers on a bunch of different dimensions. First of all, the sort of open ecosystem approach to CPO.

是的，提醒一下，它們大致屬於 Nubis 產品組合中的兩個產品系列，其中一個是線性重定時器，它在延長有源銅纜的使用壽命方面非常有效。我們認為這是一個從 2026 年開始的機會。我們認為，投資組合中的光學部分，也就是投資組合的第二部分，更像是 2027 年及以後的機會。但正如 Gary 所說，我們從客戶那裡獲得了來自各個方面的良好回饋。首先，要採用開放的生態系統方法來因應 CPO。

Secondly, just the caliber of the team. And then I'd say more an internal reaction. And we -- one of the big things -- one of the big filters as we looked at this company was did we think they are a good cultural fit. And I'd say, 90 days in, we're absolutely thrilled with that.

其次，就是球隊的實力。然後我覺得這更像是一種內在反應。我們檢視這家公司時，其中一個重要的考量是：他們的文化是否與我們契合？我想說，90天過去了，我們對此感到非常滿意。

Great. And as my follow-up, Marc, a nice view on gross margins and keeping OpEx discipline. You have talked about advantages from bringing lasers in-house. I'm wondering what else is driving sustainable outlook for operating margins of 17%?

偉大的。馬克，我的後續問題是：你對毛利率和維持營運支出紀律的看法很不錯。您曾談到將雷射設備引入公司內部的優勢。我想知道還有哪些因素推動了17%的營業利潤率的永續成長？

Yes. So there's a couple of things that I would say. The first is one of the big things that we're working on in the first half of the year is ramping our 800-gig pluggables. And so as we ramp that, you basically get yield economics, which will lower the unit costs over time. And we expect that as we go through Q2, Q3 to Q4, we'll see significantly lower cost than we're seeing at the beginning of the year. So that would be the first aspect that I would say.

是的。所以，我有幾點想說。今年上半年，我們的一項重要工作是加快 800G 可插拔設備的生產。因此，隨著我們逐步提高產量，基本上就能實現收益經濟效益，從而隨著時間的推移降低單位成本。我們預計，隨著第二季、第三季和第四季的到來，成本將比年初時大幅下降。所以，這是我要說的第一點。

The second aspect is the conversations that we've had with a lot of our customers have yielded good results. And so -- once we get through the backlog that we're entering the year with a lot of those new orders will start to see the benefits of those pricing discussions. And so we would exit the year at a higher entry -- higher exit rate then we feel that we'll see in the first half of the year.

第二點是，我們與許多客戶的對話都取得了良好的效果。因此，一旦我們處理完積壓的訂單，進入新的一年，我們將開始看到這些定價談判帶來的好處。因此，我們預計年底的流入率——流出率——將高於我們預計上半年將看到的水平。

The next question comes from George Notter with Wolfe Research. Please go ahead.

下一個問題來自 Wolfe Research 的 George Notter。請繼續。

Hi, thanks very much. It seems like there's just obviously tons and tons of demand here. Could you give us more on what you're doing on the supply side of things. Just curious like what do you see as the supply constraints in the business? Is it fabing chips? Is it contract manufacturing?

您好，非常感謝。顯然，這裡的需求非常非常大。能否詳細介紹一下你們在供應方面所做的工作？我很好奇，您認為公司在供應方面有哪些限制？這是在製造晶片嗎？這是代工生產嗎？

Like anything you can tell us on what those bottlenecks are and what you're doing to open those up would be great.

如果您能告訴我們這些瓶頸是什麼，以及您正在採取哪些措施來解決這些問題，那就太好了。

Hey George, it's Marc. I'll start and then hand it over to Gary and Scott for more color. So a couple of things. You heard me talk about a pretty nice increase in our CapEx year-on-year. And within that, there's about a 50% increase in what we're doing to ensure that we could have more capacity to support what will really be end of year and into 2027 demand.

嘿，喬治，我是馬克。我先開始，然後交給 Gary 和 Scott 來補充細節。有兩件事。你聽我說過，我們的資本支出較去年同期成長相當可觀。其中，我們正在加大投入，增加約 50% 的產能，以確保我們能夠更好地滿足年底甚至 2027 年的需求。

But what we're seeing is really a constraint on the photonics parts, right? And I would say optical parts in general. And we've worked really closely with our key suppliers, and I know you know who those are to make sure that we can secure supply. And the investments that we've made in 2025 actually yielded a doubling of the growth rate from what we expected a year ago, right? And so between that the level of vertical integration that we've got in just what we control as well as the investments that we're making in 2027, we're trying to support as much of that revenue as we possibly can through '26 and into '27.

但我們看到的其實是光子部件的限制，對吧？我指的是光學元件。我們與主要供應商密切合作，我知道你們也知道他們是誰，以確保供應安全。我們2025年的投資實際上實現了比一年前預期成長速度翻倍的成長，對吧？因此，憑藉我們目前所控制的垂直整合水平以及我們在 2027 年進行的投資，我們正努力在 2026 年和 2027 年盡可能地維持這些收入。

And Marc, I'd add to that in terms of the constraints you talked about in terms of the industry optical component subsegment, if you like. An advantage that we have is a couple of advantages that we have, I think, relative to other peers. Number one is, we have a very tight relationship with the cloud providers. We have market share leadership there and a great set of relationships.

馬克，如果你願意的話，我想就你剛才提到的行業光學元件細分領域的限制因素補充一點。我認為，相對於其他同行，我們擁有一些優勢。第一，我們與雲端服務供應商有著非常緊密的合作關係。我們在那裡擁有市場份額領先地位，並建立了良好的關係網絡。

So even though the demand outstripped what everybody expected. I think we had the earliest view of that in the industry and therefore, our conversations with those industry components to started earlier than everybody else. So that gave us that gave us a benefit. I think as we've talked about in the past, we're more vertically integrated than anybody else. So to some degree, we we do have a little bit more control of our own destiny.

儘管需求超出了所有人的預期。我認為我們是業內最早意識到這一點的人，因此，我們與業內各方的對話也比其他任何人都開始得更早。所以這給我們帶來了好處。我認為正如我們過去討論過的那樣，我們的垂直整​​合程度比其他任何公司都高。所以某種程度上，我們確實對自己的命運有了更多的掌控權。

And part of the reason why in the last 90 days, we've been able to take 2026 out is the activity that we did in '25 that allowed us to double our growth perspective in '25 is carrying over into '26. So we're getting more confident in our ability to deliver to that demand as well.

在過去 90 天裡，我們能夠將 2026 年的業績排除在外，部分原因是我們在 2025 年開展的活動使我們能夠將 2025 年的成長預期翻一番，而這些活動也延續到了 2026 年。因此，我們對滿足這項需求的能力也越來越有信心。

Got it. And then one last one. What are lead times right now? Any sense for kind of what blended or average lead times would look like for you guys?

知道了。最後還有一個。目前的交貨週期是多久？你們對混合或平均交貨週期大概有什麼概念嗎？

This is Gary. It really varies by specific product areas. I mean, they're all generally -- in the optical infrastructure base, so sort of think scale across or LS, they have extended out, but it depends on the product grouping. What we're working on with -- as Marc and Scott said, we're confident -- if you look at the midpoint of our guide, which is what, 24% growth for this year. So that's the work as Scott said, we did kind of last year to increase capacity and component supply.

這是加里。具體情況因產品領域而異。我的意思是，它們通常都屬於光纖基礎設施，所以可以考慮橫向或縱向擴展，但這取決於產品分組。正如馬克和斯科特所說，我們對此充滿信心——如果你看一下我們指導方針的中點，那就是今年 24%​​ 的成長。正如斯科特所說，這就是我們去年為提高產能和零件供應所做的工作。

We're now working on towards the end of '26 and '27 and making sure that we're in a good position from that point of view. So hopefully, by the time we get to the end of year, we get to '27, lead times can come down a little. But we're seeing increase in demand, including order flows in Q1 being strong as well.

我們現在正著手準備 2026 年末和 2027 年的工作，確保我們在這方面處於有利地位。所以希望到今年年底，也就是 2027 年的時候，交貨週期能稍微縮短一些。但我們看到需求正在成長，包括第一季的訂單量也十分強勁。

The next question comes from Tal Liani with Bank of America. Please go ahead.

下一個問題來自美國銀行的塔爾·利亞尼。請繼續。

Hi, I have three questions. The first one is the sort of perspective. You guided before to 8% growth. And that -- you increased it multiple times, and now you're guiding for 30% growth for next quarter. That's a massive change.

您好，我有三個問題。第一種是視角。您之前指導實現了 8% 的成長。而且——你們多次提高了目標，現在你們預計下個季度將成長 30%。這是一個巨大的改變。

So you didn't have good visibility before for the growth. And the question I'm asking myself is, do you have now good visibility going forward. So can you take us through the historical perspective, meaning what happened over the last four quarters or five quarters that drove up the growth, so much better than expectations. And you spoke a little bit about customer concentration, but what kind -- what happened that enabled this kind of growth? Maybe I'll stop here and then I'll ask my other questions after because they're more on the margin side.

所以之前你對成長情況的了解並不充分。而我一直在問自己的問題是，你現在對未來的發展前景有清楚的了解嗎？那麼，您能否從歷史角度為我們介紹一下，也就是過去四、五個季度發生了什麼，推動了成長，使其遠超預期？您剛才也談到了客戶集中度，但是究竟是什麼樣的集中度——是什麼因素促成了這種成長？或許我就先說到這裡，之後再問其他問題，因為那些問題比較邊緣化。

Tal, it's Marc. I'll start and Gary can add in here. I think there's really a couple of dynamics that's going on. One is the close proximity that we have with our hyperscaler customers has really allowed us to get insight into what their demands are and how we plan for those demands. And they followed that demand up with pretty significant orders, right?

塔爾，我是馬克。我先開始，Gary 可以接著說。我認為這裡確實存在著兩種動態因素。一方面，我們與超大規模客戶的密切聯繫讓我們真正了解了他們的需求以及我們如何規劃以滿足這些需求。他們也確實根據這項需求下了相當大的訂單，對吧？

So I mean, you heard Gary talk about we achieved $7.8 billion of orders over 2025. As we look at what we're seeing in Q1, we're essentially sold out, right? If we had more supply, we'd be able to sell more. And so we've got really good visibility of what the next several quarters look like just because we've got those orders in place.

我的意思是，你們都聽到了 Gary 的講話，他說我們在 2025 年實現了 78 億美元的訂單。從第一季的情況來看，我們基本上已經售罄了，對吧？如果我們有更多的供應，我們就能賣出更多。因此，由於我們已經下了這些訂單，所以我們對未來幾季的情況有了非常清晰的了解。

And then the last thing I'll say before Gary can chime in, is through 2025, I think our supply chain team has done quite a good job of squeezing every drop of blood from the stone that they can to drive that revenue. We're investing -- we invested in 2025. We're increasing that investment by about 50% through 2026, and we're seeing those annualization layers kind of help us drive higher revenue that for the year, we expect a midpoint growth of 24%.

最後，在 Gary 插話之前，我想說的是，到 2025 年，我認為我們的供應鏈團隊已經做得相當不錯了，他們竭盡所能地榨取每一滴血來推動收入成長。我們正在投資—我們投資了2025年。到 2026 年，我們將把這項投資增加約 50%，我們看到這些年度化層級有助於我們推動更高的收入，我們預計今年的收入中位數將達到 24%。

Yes, Tal, I would say sort of zooming out from this sort of big picture. I think everything Marc said that we've -- I think we've done a good job operationally of scaling it up quickly. I would say that what's behind that really with the cloud guys, just in general, is that I think early in the year there at the beginning of '25 as we're going to get through it was a realization that their networks needed to be scaled massively.

是的，塔爾，我想說的是，要從這種宏觀的角度來看問題。我認為馬克所說的一切都是正確的——我認為我們在營運上做得很好，迅速擴大了規模。我認為，對於雲端運算從業者來說，這背後的真正原因在於，我認為在 2025 年初，也就是我們即將經歷的這段時期，他們意識到自己的網路需要大規模擴展。

And now if you think about the sort of hierarchy of flow around long poles in the tent and focus areas, obviously, there's been tremendous focus in the context of AI infrastructure around GPUs, TPUs and getting access and scaling those up, power within the data centers, et cetera. I think you began to then see the network.

現在，如果你想想帳篷裡圍繞長桿和重點領域的流程層級，顯然，在人工智慧基礎設施方面，人們非常關注 GPU、TPU 以及如何存取和擴展這些資源，資料中心內的電力等等。我想你那時開始看到這個網路了。

And that coincided with the need for backbone networks to train across multiple data centers and the increase they were seeing in inference traffic. Obviously, this is unchartered territory from a forecasting of a network perspective. But I think they're now coming up to speed very quickly that it's now about the network as the gating item. And I think there was a real realization of that in the first part of '25, and you're seeing that play through now. So that's the sort of context that I would offer on that.

這與骨幹網路需要在多個資料中心進行訓練以及推理流量增加的需求不謀而合。顯然，從網路預測的角度來看，這是一個未知的領域。但我認為他們現在很快就意識到，現在關鍵在於網路。我認為在 2025 年上半年，人們真正意識到了這一點，而你現在正在看到這一點的體現。這就是我想提供的背景資訊。

And Tal, within that, if you go back a year or 18 months, we talked quite a bit about our belief system of optics and particularly, Coherent optics having a bigger and bigger role to play in the network inside and around the data center. And what we weren't sure of though, and we were averted about this, what we weren't sure about is the timing of when you see that inflection point. What's happened in that period is with the scale across network is you're seeing that inflection point, new use cases for Coherent optical high-speed connectivity.

塔爾，如果你回顧一年或一年半前，我們曾多次談到我們對光學的信念體系，特別是相干光學在資料中心內部和周圍的網路中發揮越來越重要的作用。但我們不確定，也一直迴避的一點是，我們不確定何時才能看到那個轉捩點。在此期間，隨著網路規模的擴大，我們看到了一個轉折點，相干光高速連接出現了新的應用場景。

Got it. My second question is on margins. In previous cycles, your margins shot up all the way to even 49%, even over 50%, if we go back a few years and cycles always had a direct impact on gross margin, like you always had a cycle in margin as well. This time, because it's coming in pluggables because it's coming in cloud, your margins are 43%, you're guiding to 43%, 43.5%. And the question is, is there a chance that the margin will also have a -- gross margin will also have a cycle with revenues or what needs to happen for the gross margin to have a similar cycle to revenues?

知道了。我的第二個問題是關於利潤率的。在之前的周期中，你們的毛利率一路飆升，甚至達到了 49%，甚至超過 50%。如果我們回顧幾年前的情況，週期總是對毛利率產生直接影響，就像你們的利潤率也總是有週期性波動一樣。這次，因為它是可插拔的，因為它是雲端產品，所以你的利潤率是 43%，你預計是 43%，43.5%。問題是，毛利率是否有可能也像收入一樣呈現週期性波動？或者說，毛利率需要滿足什麼條件才能與收入呈現類似的周期性波動？

Yes. I think how I'd respond, Tal, is there's a couple of headwinds that we're seeing, at least in the near term, and I've talked about the 800-gig. So we're in an NPI phase of that product. So that's creating some headwinds that we expect to kind of normalize out through the end of the year.

是的。塔爾，我想我的回應是，至少在短期內，我們遇到了一些不利因素，我已經談到了 800G。所以，我們目前正處於該產品的新產品導入階段。因此，這造成了一些不利影響，我們預計這些影響將在年底前逐漸恢復正常。

The other piece is I think the customers are starting to see the value in what we're providing, both in space savings and power savings. And we're getting some benefit from that relative to the value that we're delivering. So I think between those two things, we're seeing that. And my sense is that, that's going to be more sustainable than the cyclicality that we've seen in the past because we're really starting to talk about foundation level of benefit that our customers are seeing.

另一方面，我認為客戶開始意識到我們所提供產品的價值，無論是在節省空間還是節省能源方面。相對於我們所創造的價值而言，我們從中獲得了一些好處。所以我覺得，正是這兩件事之間的連結導致了這種情況。我的感覺是，這將比我們過去看到的周期性波動更具可持續性，因為我們真正開始談論客戶所看到的基礎性利益。

And as Gary said, they're realizing that they've underinvested in the network, both on the cloud provider side and the service providers are catching up as well. And so I think we're going to see steady improvement to what we've described previously as our aspiration to get back to the mid-40s which at this point, we kind of view as a waypoint, not the end game. So I think we're on a steady track. You'll see sequential improvement, we'll exit the year better than we will perform in the first half of the year, but I'm pretty confident that we're going to see ongoing multiyear gross margin expansion.

正如 Gary 所說，他們意識到自己對網路的投資不足，無論是雲端服務供應商方面，還是其他服務提供者方面，都在迎頭趕上。因此，我認為我們將穩步提高我們之前所說的回到 40 多歲的目標，目前我們將其視為階段性目標，而不是最終目標。所以我覺得我們正走在一條穩定前進的道路上。你會看到業績逐年改善，年底的業績會比上半年好，但我相當有信心，我們將看到毛利率在未來幾年持續成長。

Next question comes from Samik Chatterjee with JPMorgan. Please go ahead.

下一個問題來自摩根大通的薩米克·查特吉。請繼續。

Maybe for the first one, I had a question on scale across. And Gary, you mentioned the additional engagement with hyperscalers -- are you seeing any engagements yet from the new clouds on that front? Or would you expect most of that new cloud demand for scale across to come through the hyperscalers itself? And can you help us think about margin implications for scale across relative to like there's a heavy mix of client systems as well as capacity. So how should we think about margin implication of scale cross ramping here relative to your corporate average?

或許對於第一個問題，我有一個關於規模的問題。Gary，你提到了與超大規模雲端服務商的額外合作——你是否已經看到新雲端服務商在這方面有任何合作？或者您認為大部分新增的雲端規模需求將來自超大規模雲端服務商本身？您能否幫助我們思考一下，在客戶系統和容量混合的情況下，規模對利潤率的影響？那麼，相對於貴公司的平均水平，我們該如何看待規模交叉爬坡對利潤率的影響呢？

And I have a quick follow-up.

我還有一個後續問題。

Yes. I think largely, at this stage, the training scale across AI backbones is largely a purview of the large hyperscalers. And I think the neoscalers, there's a couple of them that are using the backlog, they're on the back of that for one of a better description. So I think it's -- this is largely right now given the frankly, the scale of it with the hyperscalers.

是的。我認為，在現階段，人工智慧骨幹網路的訓練規模主要由大型超大規模資料中心營運商掌控。我認為，有幾家新規模的伺服器開發人員正在利用積壓的項目，他們正朝著更好的方向發展。所以我覺得——坦白說，考慮到超大規模資料中心的規模，目前的情況很大程度上是正確的。

And I don't see that -- I think it's going to take a while for that to bleed through into the neoscalers. In terms of the deployment there. As Marc said, it's going to be this combination of next-generation line systems, RLS, which is also fairly recent into market and also with the 800-gig plugs as well. So yes, in the early stages, that's a sort of headwind from a margin point of view, which is why we're kind of guiding as we are. But as those platforms get more into volume, the yields improve and we get through that NPI phrase on both of those, then we'd have better margins as we exit the year.

我不認為這種情況會發生——我認為這種趨勢需要一段時間才能滲透到新標度架構中。就那裡的部署而言。正如馬克所說，這將是下一代線路系統、RLS（也是最近才進入市場的）以及 800G 插頭的組合。所以，是的，在早期階段，從利潤率的角度來看，這算是一種逆風，這也是我們採取目前這種引導方式的原因。但隨著這些平台交易量的增加，殖利率也會提高，如果我們能夠順利度過這兩個平台的 NPI 階段，那麼到年底時，我們的利潤率就會更高。

And of course, you've also got the benefits of just scale and volume as well.

當然，規模和數量帶來的好處也顯而易見。

Okay. And just for my follow-up. I mean, clearly, FY '26 is your guide largely covered by the backlog. When you look at now sort of the long-term guide that you provided of 8% to 11% growth, like how -- what level of visibility are you getting from your customers about fiscal '27? Are they sort of giving you more detailed plans for the out year just so that you can plan out capacity?

好的。我再補充一點。我的意思是，很明顯，2026 財年的指南很大程度上被積壓的工作所涵蓋。現在，當你審視你提供的8%到11%的長期成長指引時，你從客戶那裡獲得了關於2027財年的多少可見度？他們是否在提供你更詳細的未來一年計劃，以便你規劃產能？

And does that sort of imply that your growth rate sort of stays above the 8% to 11% level in sort of the out year as well?

這是否意味著在未來一年裡，你的成長率也將保持在 8% 到 11% 的水平以上？

Yes. Samik, it's Marc. A couple of things. One is, when we talked about the longer-term guide last quarter, we kind of took those off the table just because in the medium term, we're not very good at calling -- call it, the growth rates on the upside, right? So that 11% to -- 8% to 11%, I think, is off the table.

是的。薩米克，我是馬克。有幾件事。一方面，上個季度我們談到長期指引時，我們基本上把這些都排除在外了，因為在中期內，我們不太擅長預測——或者說，預測增長速度，對吧？所以，我認為 11% 到 8% 到 11% 這個區間是不可能了。

We're not really talking to 2027 at this point. But I would say, overall, maybe qualitatively, we feel very strong going into '26. We think a lot of that momentum continues into 2027, and the proof point there is really the increase that we've seen in our CapEx for capacity, which is up 50% year-on-year.

我們現在討論的還不是2027年。但總的來說，或許從定性角度來看，我們覺得進入 2026 年時狀態非常強勁。我們認為這種勢頭將持續到 2027 年，而這方面的明證就是我們在產能資本支出方面看到的增長，同比增長了 50%。

I think the other thing you could obviously extrapolate out. We're not sort of guiding into '27 right now. We're just starting '26. But clearly, the dynamics have changed here. And that's why I said this is a sort of -- '25 was a seminal year for us in this regard.

我認為另一點顯然也可以推論出來。我們現在還沒有開始引導進入 2027 年。我們才剛開始26年。但很顯然，這裡的情況已經改變了。所以我說，2025 年對我們來說是具有里程碑意義的一年。

I mean I think you're seeing multiple scale across wins that will -- they are -- by their very nature, they're going to be multiyear. So that gives us confidence in '27 and '28. The other thing I would say is that really a context of our optical WAN type business in around the data center to it. We're making tremendous amounts of investments and progress on the other dimensions there, we'll give sort of insight and around the data center, which are completely new markets for Ciena.

我的意思是，我認為你會看到多種規模的勝利，這些勝利本質上就是多年的。這使我們對 2027 年和 2028 年充滿信心。我想說的另一點是，這實際上是我們圍繞資料中心構建的光廣域網路業務的背景。我們正在其他方面進行大量的投資和進展，我們將提供一些見解，特別是關於資料中心方面，這些都是 Ciena 的全新市場。

And the revenues to those are largely -- we're taking some now, we're making good progress, largely '27 and '28 plays. And specifically, Coherent inside the data center. That's all additional revenue to us in addition to all the things we've talked about right now. So that gives us confidence in the multi-year dimension to this.

這些收入主要來自——我們現在正在取得一些進展，主要來自 2027 年和 2028 年的比賽。具體來說，就是資料中心內部的 Coherent。除了我們剛才討論的所有內容之外，這些都是我們額外的收入。因此，這讓我們對這項計劃的多年期發展充滿信心。

The next question comes from Tim Long with Barclays. Please go ahead.

下一個問題來自巴克萊銀行的提姆朗。請繼續。

Two questions for me as well. First, Gary, follow on which you were just talking about. Could you maybe talk a little bit about DCOM and see if you can somewhat scale that for us and good news that it's expanded with Meta and being tested at others. Could this be a type of technology that would really accelerate that move into inside the data center as it gives you kind of a each front?

我也有兩個問題想問你。首先，加里，接著你剛才說的繼續說下去。您能否稍微談談 DCOM，看看能否幫我們擴充一下規模？好消息是，它已經通過 Meta 進行了擴展，並且正在其他地方進行測試。這種技術能否真正加速資料中心內部的轉型，因為它能讓你從各方面掌控局面？

And then second, on the telco side, I guess, the MOFN part and 5G currently, but tends to be a little bit more cyclical than probably what you're going to see from hyperscalers. How do you look about sustainability of that business over the next few years on the telco certificate side?

其次，在電信方面，我想，MOFN 部分和目前的 5G 部分，但其週期性可能比超大規模資料中心營運商的情況要強一些。您如何看待電信牌照業務在未來幾年的可持續性？

Yes. On the DCOM part of that, obviously, that was cocreated specifically with Meta over a period of time. And I think what we're seeing with that is the expansion of the opportunity within the data center piece to that. It saves power and space for them, which is absolutely critical. And we've seen an expansion even in '26. And you're talking hundreds of millions of dollars of this.

是的。至於DCOM部分，很顯然，那是與Meta經過一段時間的共同創作的。我認為我們看到的是資料中心領域的機會正在不斷擴大。這為他們節省了能源和空間，這絕對至關重要。甚至在 2026 年，我們也看到了擴張。這可是價值數億美元的事情啊。

And as they refresh and build out new data centers, that's become part of their adopted architecture. So I think this, again, is going to be a multiyear opportunity within Meta. And I also think about these large hyperscalers really when you think now about the diversity of portfolio that we're dealing with them, they're really markets in their own right, given their size and scale. We're also, as you said, engaged deeply with two to three other hyperscalers around this kind of architecture. And I would expect to see wins during the course of the year and adoptions for additional cloud players for DCOM.

隨著他們對資料中心進行更新和建設，這已成為他們採用的架構的一部分。所以我認為這又將是 Meta 內部一個持續多年的發展機會。而且，當你考慮到這些大型超大規模資料中心營運商的投資組合的多樣性時，我也會想到它們，鑑於它們的規模和體積，它們本身就是獨立的市場。正如您所說，我們也正與另外兩到三家超大規模企業就這種架構進行深入合作。我預計今年內會取得一些成果，並且會有更多雲端服務供應商採用 DCOM。

So -- and it gives us an entree point into the data center, together with Nubis, together with the scale across because that is actually even the scale across is actually installed inside the data center. So you put all those things together, and we're definitely under the tent here. And that's before the Nubis, which will start to deliver product in '26 and before the opportunity with Coherent inside the data center.

所以——它為我們提供了一個進入資料中心的入口點，與 Nubis 以及規模化設備一起，因為規模化設備實際上是安裝在資料中心內。所以把所有這些因素綜合起來，我們肯定已經完全理解了。而且這還不包括 Nubis（將於 2026 年開始交付產品）以及與 Coherent 在資料中心合作的機會。

To your point on the telco piece, I think they've kind of been underinvested in transport, frankly, for the last five years, ever since COVID began. They didn't want to mess with their networks during COVID. Then you had the supply chain whiplash, and then you had this massive investment they all had to make in 5G, which largely has not yielded the financial terms that they anticipate. Now you're seeing, I think, a multiyear investment back into transport. They are largely underinvested in the networks. And I think whilst that's not at the rapid scale and growth rate of the cloud, I think it's nice, steady mid-digit kind of single-digit growth within the telco space. And I think that's quite sustainable.

關於你提到的電信方面的問題，坦白說，我認為過去五年來，自從新冠疫情開始以來，他們在交通運輸領域的投資一直不足。他們不想在新冠疫情期間影響他們的網路。然後供應鏈出現了劇烈波動，接著他們又必須對 5G 進行巨額投資，而這些投資在很大程度上並沒有帶來他們預期的財務回報。我認為，現在大家看到的是對交通運輸領域多年的重新投資。他們在網路方面的投資嚴重不足。我認為，雖然電信業的成長規模和速度不如雲端運算產業那麼迅猛，但電信業目前的成長速度相當不錯，達到了中等偏上的個位數水準。我認為這相當可持續。

What is amplifying that though is the AI traffic for things like MOFN. And you saw last year, hundreds of millions of dollars of our telco business was, in fact, MOFN, specifically for hyperscalers. And you saw it, typically, we've seen it internationally. We're also seeing it now in North America ramp up as well. So you put those two things together, and I think that gives us confidence around that telco, which is half our business currently, having nice sustained growth rates, albeit lower than the cloud players.

然而，像 MOFN 這樣的 AI 流量正在加劇這種情況。去年你們也看到了，我們電信業務的數億美元其實是 MOFN，專門針對超大規模資料中心。正如你所看到的，這種情況在國際上也屢見不鮮。現在我們在北美也看到這種情況正在加劇。所以把這兩件事結合起來，我認為這讓我們對這家電信公司充滿信心，它目前占我們業務的一半，擁有良好的持續成長率，儘管低於雲端服務商。

One more question, please.

請再問一個問題。

And that question will come from Ryan Koontz with Needham. Please go ahead.

這個問題將由 Needham 公司的 Ryan Koontz 提出。請繼續。

Gary, maybe you can just take a step back and regarding your great growth you're seeing here in the cloud segment. How has your product mix changed over, say, the last 12 months? Obviously, a lot around scale across and RLS and DCI, where you're historically more of a long-haul and subsea player. Can you give us any kind of perspective there on the product mix?

Gary，或許你可以退後一步，好好檢視你在雲端運算領域的巨大成長。例如，在過去 12 個月中，您的產品組合發生了哪些變化？顯然，許多因素都與規模有關，RLS 和 DCI 歷來都是遠端和海底運輸領域的參與者。您能否就產品組合方面提供一些見解？

Yes. I would say sort of we're laying more tracks at massive scale because it's -- than we would normally see. You've specifically seen that with scale across because they're laying the tracks down first. So the much higher proportion of line systems would be the initial take on that. Now that will then move to plugs.

是的。可以說，我們正在大規模鋪設更多的軌道，因為——這比我們通常看到的要多得多。你已經特別注意到，由於他們先鋪設軌道，所以規模很大。因此，線路系統的比例要高得多，這就是最初的結論。接下來將轉到插頭部分。

We're seeing, obviously, a very large ramp-up in our 800-gig plugs, which we think will be largely adopted amongst most of the hyperscalers. And that is a different mix than we've seen traditionally, and more intelligence on the line systems, then also you've seen traditionally because given the massive scale that they're going to need to put in with multiple fibers across it, then you're going to need to increase the intelligence and the scalability of the line systems. Pull that with DCOM, which, frankly, was a very quickly emerged as a portfolio offering. That was not projected into the '26 plan when we did that in our three-year planning piece. So mix has changed quite a lot around that architecture.

顯然，我們看到 800G 插槽的需求量大幅成長，我們認為大多數超大規模資料中心營運商都會廣泛採用這種插槽。這與我們以往看到的有所不同，線路系統也更加智能，因為考慮到他們需要部署多根光纖，規模巨大，所以需要提高線路系統的智能性和可擴展性。把這個概念應用到 DCOM 上，坦白說，DCOM 很快就成為了產品組合中的一個組成部分。我們在製定三年規劃時，並沒有將這一點納入 2026 年的計畫中。所以，圍繞著這個架構，Mix 已經發生了很大的變化。

Really helpful. And just a quick follow-up, if I could. Just around growth limiters outside of your control as it relates to fiber supply, permitting, labor and really putting these lanes in the ground. What kind of supply constraints are you seeing for the industry for your cloud customers?

真的很有幫助。如果可以的話，我想快速補充一點。成長受限的原因有很多，有些是你無法控制的，例如纖維供應、許可、勞動力以及真正把這些車道鋪設到地面上。您認為您的雲端客戶在業界面臨哪些供應限制？

I think the large -- the relationship with the fiber providers, people at Corning, et cetera, is very tight amongst the cloud players and the service -- particularly the wholesalers, people Lumin who publicly talked about that. So I think there's a lot of commitment to scale capacity. So we're seeing that -- we are seeing that happen.

我認為，雲端服務供應商與光纖供應商、康寧公司等各方的關係非常密切，尤其是批發商，例如 Lumin 公司公開談論過此事的人。所以我認為各方都非常致力於擴大產能。所以我們看到這種情況正在發生。

The other thing I would say is it's a real opportunity for us because we have the largest optical support and services organization in the world. And we are increasingly engaged with the deployment of these. In fact, our largest service customer last year was a cloud provider for the first time. And we're now providing multiple services across the hyperscalers, and we see that as an area of tremendous growth to help to your point, facilitate the delivery of this infrastructure.

我想說的另一點是，這對我們來說是一個真正的機會，因為我們擁有世界上最大的光學支援和服務機構。我們正日益參與這些技術的部署。事實上，去年我們最大的服務客戶是一家雲端服務供應商，而這還是它第一次成為我們的客戶。我們現在為超大規模資料中心提供多種服務，我們認為這是一個具有巨大成長潛力的領域，正如您所說，這有助於促進基礎設施的交付。

Thanks, Ryan, and thanks, everyone, for joining us today. We look forward to catching up with folks today and over the next week or so, happy holidays and happy New Year to all.

謝謝瑞恩，也謝謝各位今天收看我們的節目。我們期待今天以及接下來的一週左右與大家見面，祝大家節日快樂，新年快樂。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。