Ciena Corporation (CIEN) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the Ciena fiscal Q3 2026 financial results call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Ciena 2026 會計年度第三季（Q3）財務業績電話會議。（接線員指示）

I will now hand the conference over to Gregg Lampf, Vice President, Investor Relations. Gregg, please go ahead.

現在我將把會議交給投資人關係副總裁 Gregg Lampf。Gregg，請開始。

Thank you, Jennifer. Good morning, and welcome to Ciena's 2026 fiscal third quarter 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，Jennifer。各位早安，歡迎參加 Ciena 2026 會計年度第三季電話會議。今天與會者包括總裁暨執行長 Gary Smith，以及財務長 Marc Graff。執行顧問 Scott McFeely 也將出席問答環節。

In addition to this call and the press release, we've 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 views 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 release.

除本次電話會議與新聞稿外，我們也已在公司網站「投資人」專區發布一份隨附的投資人簡報，內容反映本次討論並包含本季若干重點事項。我們今天的評論將涵蓋近期表現、對當前市場動態的看法與業務驅動因素，以及對財務展望的討論。今天的討論包含若干經調整或非 GAAP 的 Ciena 營運結果衡量指標。這些非 GAAP 指標與 GAAP 結果之間的調節表已包含於今日發布內容中。

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 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.

在把電話交給 Gary 之前，我先提醒各位，本次電話會議中我們將作出若干前瞻性陳述。此類陳述（包括我們的季度與年度指引、對市場動態的評論，以及對機會與策略的討論）係基於對公司及其市場的當前預期、預測與假設，其中包含可能導致實際結果與今日所述內容出現重大差異的風險與不確定性。

Assumptions relating to our outlook, whether mentioned on this call or included in the investor presentation that we posted earlier today are 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（無論是在本次電話會議中提及，或包含於我們今日稍早發布的投資人簡報中）都是此類前瞻性陳述的重要組成部分，我們鼓勵各位加以考量。

Our forward-looking statements should also be viewed in the context of the risk factors detailed in our most recent 10-K and our forthcoming 10-Q. 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, though we ask that you limit yourselves to one question and one follow-up.

我們的前瞻性陳述亦應結合我們最新的 10-K 以及即將發布的 10-Q 中所詳述的風險因素一併理解。Ciena 不承擔更新本次電話會議所討論資訊的任何義務，無論係因新資訊、未來事件或其他原因。一如既往，我們今天會盡可能保留更多時間進行問答，但也請各位將提問限制為一個問題及一個追問。

Now I'll hand the call over to Gary.

現在我把電話交給 Gary。

Thanks, Gregg, and good morning, everybody. Today, we reported record financial results across the board. We demonstrated outstanding third quarter performance, including revenues of $1.7 billion, another quarterly record and up 37% year-on-year. Adjusted operating margin of 22.5%, exceeding guidance was more than doubling year-on-year and the highest ever achieved for the company. Our adjusted earnings per share are up 215% year-on-year to a record $2.11.

謝謝，Gregg，各位早安。今天我們公布了全面創紀錄的財務成果。我們展現了卓越的第三季表現，包括營收 17 億美元，再創單季新高，年增 37%。經調整營業利益率為 22.5%，高於指引，較去年同期增加逾一倍，並創公司歷史新高。我們的經調整每股盈餘年增 215%，達到創紀錄的 2.11 美元。

We delivered results in the context of an extraordinary industry demand environment that continues to accelerate. We continue to see strong momentum in customer demand and order flow with a Q3 book-to-bill ratio that was significantly greater than one, which resulted in a substantial quarterly increase in our backlog. And we also expect backlog to grow at an even greater rate in Q4.

我們是在一個非同尋常、且持續加速的產業需求環境下交出這些成果。我們持續看到客戶需求與訂單流入的強勁動能，第三季的接單出貨比（book-to-bill）顯著大於 1，帶動我們的積壓訂單在單季大幅增加。我們也預期第四季的積壓訂單將以更快的速度成長。

In fact, just one quarter -- sorry, one month into this quarter, we are approaching a level of orders booked equal to the entirety of Q3. As a result, we are currently projecting to exit fiscal 2026 with over $10 billion in backlog.

事實上，本季才剛過一季——抱歉，是才過一個月——我們的接單量就已接近第三季全季的接單總量。因此，我們目前預估在 2026 會計年度結束時，積壓訂單將超過 100 億美元。

Overall, our outstanding Q3 performance reflects Ciena's essential role in the fundamental re-architecting of network infrastructure. And looking at these industry dynamics, I would remind everybody that we remain in the very early stages of a multiyear, highly durable network investment era. This is springboarding and caused by the large and growing investments in data center infrastructure.

整體而言，我們第三季的傑出表現反映了 Ciena 在網路基礎架構根本性重新架構中的關鍵角色。從產業動態來看，我想提醒各位，我們仍處於一個多年期、且高度持久的網路投資時代的非常早期階段。這一波投資由資料中心基礎架構的大規模且持續成長的投入所推動並加速。

AI is starting to build on the previous eras of communications, including those driven first by the Internet and then by the cloud, but it is doing so at a massive scale. As a result, AI is currently driving and will continue to drive significant increases in both bandwidth connectivity demand and network traffic growth.

AI 正開始在先前的通訊時代基礎上再往前推進，這些時代先由網際網路驅動，接著由雲端驅動，但 AI 的推進規模極為龐大。因此，AI 目前正在推動，且未來也將持續推動，對頻寬連接需求與網路流量成長的顯著提升。

In that context, high-speed, low-latency optical connectivity has become a critical enabler to not only operationalizing the AI-driven investments in the network and the data center, but also monetizing those investments over time. And because of the increasing demands for higher capacity, faster speed, greater density, improved reliability, reduced space and lower power and cost, optics have become the indispensable element for next-generation AI architectures.

在此背景下，高速、低延遲的光學連接已成為關鍵推動者，不僅能使 AI 驅動的網路與資料中心投資得以落地運作，也能隨時間推進將這些投資變現。而由於對更高容量、更快速度、更高密度、更佳可靠性、更少空間占用，以及更低功耗與成本的需求日益增加，光學技術已成為下一代 AI 架構不可或缺的要素。

And this is manifesting across all three of our primary markets. First, we call it the traditional network or the wide area network, the WAN, encompasses the network backbone, network edge and network operations. It includes optical connectivity for long-haul, subsea, metro regional applications that people are familiar with. And it has also been impacted by AI in a number of ways, from challenges of fiber availability in the backbone to quality of service demands at the edge to the requirements of automation to address the increasing complexity of network operations.

而這一點正體現在我們三大主要市場之中。第一個是我們所稱的傳統網路或廣域網路（WAN），涵蓋網路骨幹、網路邊緣與網路營運。其中包括大家熟悉的長途、海底、都會與區域應用的光學連接。同時，AI 也以多種方式影響了該市場，從骨幹網路光纖可用性的挑戰，到邊緣端對服務品質的要求，再到為因應網路營運日益複雜而對自動化提出的需求。

Second is a market that we are referring to as AI WAN. It includes both data center interconnect or DCI for the WAN backbone and scale across, currently used for distributed training across data centers and subsequently to be used for inferencing. Here, the fundamental challenges are related to power caused by the increasing GPU compute capacity and energy load required to train large language models at scale and the high-volume, low-price demands of deploying modems at much greater scale.

第二個是我們稱之為 AI WAN 的市場。它包括用於 WAN 骨幹的資料中心互連（DCI）以及橫向擴展（scale across），目前用於跨資料中心的分散式訓練，之後也將用於推論（inferencing）。在此領域，根本性的挑戰與電力相關，原因在於 GPU 運算能力提升所帶來的功耗增加，以及以規模化方式訓練大型語言模型所需的能源負載，另也包括以更大規模部署數據機所帶來的高出貨量、低單價需求。

The third is, of course, the data center themselves, which includes the fabric connectivity domains of scale up and scale out as well as data center operations. And as AI continues to drive up the data rates and bandwidth requirements inside the data center, new optical technologies and applications are required to provide the needed improvements in capacity and density for short-reach, low-power connections.

第三個當然是資料中心本身，涵蓋縱向擴展（scale up）與橫向擴展（scale out）的網狀（fabric）連接領域，以及資料中心營運。隨著 AI 持續推升資料中心內部的資料速率與頻寬需求，需要新的光學技術與應用，以在短距離、低功耗連接上提供所需的容量與密度提升。

Given the acceleration and projected increase in the compounding waves of spend on network infrastructure across these markets, we continue to believe that the total addressable market for our business will effectively double over the next three years, growing from approximately $25 billion today to approximately $50 billion by 2029.

鑑於上述市場中網路基礎架構支出加速，且預期將以疊加波浪式持續增加，我們仍相信未來三年我們業務的可服務總市場（TAM）將實質倍增，從目前約 250 億美元成長至 2029 年約 500 億美元。

Moreover, given our growing competitive advantages, we expect our share of that TAM to continue to increase over that time frame. More specifically, Ciena's long established technology leadership in optical networking positions us to capture a growing share of wallet as optical connectivity expands its role throughout the WAN and inside the data center.

此外，鑑於我們不斷增強的競爭優勢，我們預期在該期間內，我們在 TAM 中的市占將持續提升。更具體而言，Ciena 長期建立的光網路技術領先地位，使我們能在光學連接於 WAN 與資料中心內部擴大其角色之際，取得更高的客戶錢包份額。

Across generations of Coherent technology, Ciena's first-to-market benchmarks have set the bar for the industry and continue to do so. Ciena was the first to commercialize Coherent optics decades ago, and we continue to lead the industry in optical innovation, backed by very focused R&D, deep expertise and proven deployment at scale. Moving forward, performance gains will increasingly depend on precisely these capabilities.

在一代又一代的相干（Coherent）技術演進中，Ciena 的率先上市基準（first-to-market benchmarks）為產業樹立了標竿，且至今仍然如此。Ciena 早在數十年前即率先將相干光學商業化，我們也持續引領產業的光學創新，背後有高度聚焦的研發投入、深厚專業能力，以及經驗證可大規模部署的實績作為支撐。展望未來，效能提升將愈來愈依賴正是這些能力。

Because of our leadership position and value proposition, we've developed a high degree of competitive differentiation across our portfolio, with the clearest proof being the customer adoption that we're seeing across our portfolio in each of the primary market segments. So starting with both the traditional WAN market, as I outlined, and the AI WAN.

由於我們的領導地位與價值主張，我們在整體產品組合中建立了高度的競爭差異化；最明確的證據，就是我們在各主要市場區隔中，看到客戶對我們產品組合的採用情況。因此，先從我先前概述的傳統 WAN 市場，以及 AI WAN 開始。

Today's market dynamics are driving higher adoption rates for our WaveLogic 6 Extreme platform, which after 18 months is still the only 1.6 terabit high-performance modem on the market today. Notably, its ramp has already exceeded that of our prior generation WaveLogic 5e. Separately, customer adoption and scaling of our intelligent line systems remains exceptionally strong.

當前的市場動態正推動我們 WaveLogic 6 Extreme 平台的採用率提升；在推出 18 個月後，它仍是目前市場上唯一的 1.6 太位元高效能數據機。值得注意的是，其放量速度已經超過我們上一代的 WaveLogic 5e。另外，我們的智慧型線路系統在客戶採用與擴展方面依然極為強勁。

RLS is basically the industry standard in disaggregated optical line systems, where Ciena's first-mover advantage has driven a leading installed base where roughly we have 70% market share. In addition to serving cloud providers and service providers in the network backbone and cloud providers for DCI in the AI WAN, RLS is the industry's first system deployed for scale across applications.

RLS 基本上是解耦式光學線路系統的業界標準；Ciena 的先行者優勢帶動了領先的裝機基礎，我們約擁有 70% 的市占率。除了在網路骨幹為雲端供應商與服務供應商提供服務，以及在 AI WAN 中為 DCI 提供服務之外，RLS 也是業界第一個可在多種應用上進行規模化部署的系統。

And the next generation of RLS, Hyper-Rail, is our second generation of RLS and represents our sixth generation of photonic line systems leadership. Co-created with the hyperscalers, it dramatically increases the density of existing optical amplifier infrastructure and as such, is purpose-built to address the needs to distribute AI training workloads in data centers across greater distances. With customer orders ramping, we remain on track for initial customer standardization for RLS Hyper-Rail by the end of 2026 and scaling to material revenue as we move throughout 2027.

而下一代 RLS——Hyper-Rail——是我們第二代 RLS，代表我們在光子線路系統領域的第六代領導地位。它與超大規模業者共同開發，可大幅提升既有光學放大器基礎設施的密度，因此是為了滿足在更遠距離的資料中心之間分散 AI 訓練工作負載的需求而量身打造。隨著客戶訂單加速成長，我們仍按計畫在 2026 年底前完成 RLS Hyper-Rail 的首批客戶標準化，並在 2027 年逐步擴大至具實質貢獻的營收規模。

Turning to our interconnects portfolio. We're applying our optical leadership to a growing portfolio of connectivity solutions that address surging bandwidth demands inside and around the data center and the performance limitations, of course, of today's short-reach technologies.

接著談我們的互連（interconnects）產品組合。我們正將光學領導力應用於不斷擴大的連接解決方案組合，以因應資料中心內部及周邊激增的頻寬需求，以及當然也包括當前短距離技術的效能限制。

Starting with our WaveLogic 5 Nano pluggable optics, we are seeing strong market adoption as we continue to ramp into production volume. In fact, in Q3, we shipped more than twice the volume of 800ZR plugs than in the previous quarter. In addition, during the quarter, we made strong progress with the components portion of our interconnects portfolio.

從我們的 WaveLogic 5 Nano 可插拔光學模組開始，隨著我們持續提升至量產規模，我們看到強勁的市場採用。事實上，在第三季，我們出貨的 800ZR 插拔模組數量較前一季增加逾一倍。此外，本季我們在互連產品組合中的元件（components）部分也取得了顯著進展。

We are seeing strong market receptivity to Nitro, our Linear Redriver for active copper cable solutions. And I'm pleased to report that we received sample orders from several anchor customers in the ecosystem for Vesta, our open co-packaged optical or CPX solution.

我們看到市場對 Nitro（我們用於主動式銅纜解決方案的線性重驅動器 Linear Redriver）反應熱烈。同時，我也很高興報告，我們已收到生態系中數家關鍵客戶對 Vesta（我們的開放式共封裝光學，或 CPX 解決方案）的樣品訂單。

This represents another important step towards the commercialization of our open ecosystem approach towards short-reach data center optics. And we believe this is gaining meaningful industry momentum, most importantly, with potential customers. As any new growth sector, our CPX business will continue to strengthen over time with revenue expected to begin in 2027 and ramping into 2028.

這代表我們在推動短距離資料中心光學的開放式生態系策略商業化方面，又向前邁出重要一步。我們相信這正在獲得具實質意義的產業動能，尤其是在潛在客戶端。如同任何新興成長領域，我們的 CPX 業務將隨時間持續強化，預期營收將於 2027 年開始，並在 2028 年加速成長。

And finally, it's worth noting that last quarter, we announced a significant win with a major hyperscaler that integrates our WaveLogic 6e Coherent technology into their own platform. This solution goes well beyond the modem and combines our DSP, drivers, TIAs and Coherent expertise into a complete module that will be deployed broadly across the customer's global optical network via their own optical platform. I think this win demonstrates our ability to deliver for our customers across multiple consumption models with our best-in-class portfolio, and this represents a significant takeaway from a component competitor.

最後值得一提的是，上季我們宣布與一家主要超大規模業者（hyperscaler）取得重大勝利，該客戶將我們的 WaveLogic 6e 相干（Coherent）技術整合至其自有平台。此解決方案遠不僅是數據機，並將我們的 DSP、驅動器、TIA 以及相干技術專長整合為完整模組，將透過客戶自有的光學平台，在其全球光學網路中廣泛部署。我認為這項勝利展現了我們以同級最佳的產品組合，能在多種採購/使用模式下為客戶交付成果的能力，同時也代表我們從一家元件競爭對手手中取得了顯著的份額轉移。

At the highest level, the current and future waves of AI-driven demands on bandwidth and network traffic will require industry-leading high-speed optical connectivity. We remain focused on managing the business with this long-term view, supported by durable demand, a broad set of co-creation opportunities and customer design wins, robust orders and a backlog that extends well into fiscal 2028.

從最高層面來看，當前與未來由 AI 驅動的頻寬與網路流量需求浪潮，將需要業界領先的高速光學連接能力。我們仍以此長期視角來經營業務，並由持久的需求、廣泛的共同開發機會與客戶設計導入（design wins）、強勁訂單，以及延伸至 2028 財年的在手訂單（backlog）所支撐。

Looking forward, the strength of our market position and the breadth of our portfolio provide us with growing confidence and visibility into a multiyear runway of growth, operating leverage and increasing profitability. As a result, and to add to this level of confidence, we recently secured a significant increase in customer commitments that extend through 2029. At the same time, as Marc will discuss in a few moments, we've also secured incremental supply capacity for critical components -- optical components to service that multiyear demand.

展望未來，我們市場地位的強度與產品組合的廣度，讓我們對多年期的成長跑道、營運槓桿與獲利能力提升，具備日益增加的信心與能見度。因此，為了進一步強化這份信心，我們近期取得客戶承諾的大幅提升，並延伸至 2029 年。同時，正如 Marc 稍後將說明的，我們也為關鍵元件——光學元件——取得了額外的供應產能，以支援這項多年期需求。

So in summary, Ciena's unmatched combination of leading optical technologies, incumbency, portfolio breadth and deep expertise across systems, components, software and services gives us a powerful and sustainable competitive advantage. And really is the only pure-play optical systems and interconnects vendor operating at scale, we are uniquely positioned to convert AI-driven demand into durable top line growth with increasing operating leverage and earnings power over multiple years, delivering differentiated value for our customers and our shareholders.

總結而言，Ciena 無可匹敵地結合了領先的光學技術、既有客戶基礎（incumbency）、產品組合廣度，以及在系統、元件、軟體與服務方面的深厚專業，為我們帶來強大且可持續的競爭優勢。而且作為唯一能以規模化運作的純光學系統與互連供應商，我們具備獨特優勢，能將 AI 驅動的需求轉化為多年期、可持續的營收成長，並伴隨營運槓桿與獲利能力提升，為客戶與股東創造差異化價值。

With that, I'll hand the call over to Marc for an update on our financials and our outlook.

接下來，我把電話交給 Marc，請他更新我們的財務表現與展望。

Thank you, Gary, and good morning, everyone. As Gary just discussed, our focus is on delivering strong financial performance while ensuring security of supply and manufacturing capacity necessary to support the significant multiyear demand in front of us. Within that context, we continue to make excellent progress against our three financial priorities.

謝謝你，Gary，各位早安。正如 Gary 剛才所談，我們的重點是在交出強勁財務表現的同時，確保供應安全與製造產能，以支援我們眼前顯著的多年期需求。在此背景下，我們持續在三項財務優先事項上取得非常好的進展。

First, let me discuss our progress on gross margin. We achieved 46.4% adjusted gross margin this quarter, which was positively impacted by the treatment of tariff refunds by about 70 basis points. Even without the tariff impact, gross margin achieved the top end of guidance, reflecting disciplined cost execution, favorable mix and pricing discipline.

首先，我先談我們在毛利率方面的進展。本季我們達成 46.4% 的調整後毛利率，其中關稅退稅的會計處理帶來約 70 個基點的正面影響。即使不考慮關稅影響，毛利率仍達到指引區間上緣，反映出嚴謹的成本執行、有利的產品組合，以及價格紀律。

Our midterm goal is to structurally position the company to achieve mid-40s gross margins. With our results over the past several quarters, we are confident that we have reset our margin baseline to this mid-40s goal. But as we've said over the past year, the mid-40s goal was a waypoint, not the final destination. We have the cost structure and leadership portfolio to expand gross margins further over the next few years.

我們的中期目標，是在結構上讓公司達成 40% 中段（mid-40s）的毛利率水準。根據過去幾季的表現，我們有信心已將毛利率的基準重設至這個 40% 中段目標。但正如我們過去一年所說，40% 中段的目標只是里程碑，而非最終目的地。我們具備相應的成本結構與領導型產品組合，可在未來幾年進一步擴大毛利率。

Second, as we balance the investments to support the growth of our business, working capital remains a focus. While our cash conversion has taken a step back quarter-on-quarter, the overall trend is positive relative to the year ago results. We've invested working capital to support slightly higher inventory levels and to increase revenue through the quarter. Even with these investments, we've generated $116 million in free cash flow.

第二，在我們平衡支持業務成長所需投資的同時，營運資金仍是重點。雖然我們的現金轉換率較上一季有所回落，但相較去年同期，整體趨勢仍為正向。我們投入營運資金以支援略高的庫存水位，並推動本季營收成長。即便有這些投入，我們仍產生了 1.16 億美元的自由現金流。

Third is capital allocation. We continue to take meaningful steps to improve the operational and financial efficiency of the business. Our June convertible debt issuance achieved two specific goals. First, it lowered our cost of capital with a five-year zero coupon instrument at an economic conversion premium of 114%, from which we retired our 5.5% interest term loan.

第三是資本配置。我們持續採取具實質意義的措施，以提升業務的營運與財務效率。我們在 6 月發行的可轉換公司債達成兩項具體目標。第一，它以五年期零息工具、經濟轉換溢價 114% 的條件降低了我們的資金成本，並使我們得以償還 5.5% 利率的定期貸款。

Second, it provided the capital to help secure supply over the next three years. We maintain strategic flexibility as a result and have $2.8 billion in cash and equivalents at the end of Q3. Our capital investments this year have increased capacity sufficient to support RLS, plug and Waveserver revenue growth, all over 60% year-to-date.

第二，它提供了資金，以協助確保未來三年的供應。因此我們得以維持策略彈性，並在第三季末持有28億美元的現金及約當現金。我們今年的資本投資已提升產能，足以支援RLS、plug與Waveserver營收成長，年初至今皆超過60%。

Additionally, we continue to return capital to our shareholders in Q3. We repurchased 356,000 shares for an aggregate price of $172 million, reflecting the acceleration associated with the convert deal. Lastly, we expect to be on the high end of our capital expenditure range of $250 million to $275 million.

此外，我們在第三季持續向股東返還資本。我們回購了356,000股，總價1.72億美元，反映了與可轉債交易相關的加速回購。最後，我們預期資本支出將落在2.5億至2.75億美元區間的高端。

Now let's move to the quarterly results in more detail. As Gary noted in his opening remarks, revenue achieved $1.67 billion at the top end of our guidance, an increase of 37% year-on-year and another quarterly record. Our total combined optical networks revenue, including interconnects, grew over 45% year-on-year, supported by over 55% growth for both our RLS and Waveserver systems. Our interconnects more than doubled year-on-year, while our direct cloud provider revenue grew over 80%.

現在讓我們更詳細地說明本季業績。如Gary在開場致詞中所提到，營收達到16.7億美元，位於我們指引區間的上緣，年增37%，並再創單季新高。我們的光網路總合併營收（含互連）年增超過45%，其中RLS與Waveserver系統皆成長超過55%提供支撐。我們的互連業務年增逾一倍，而直接雲端服務供應商營收年增超過80%。

Our in and around the data center percent of revenue has quadrupled year-to-date, well ahead of our committed 3 times growth from the beginning of the year. We had two customers that each contributed more than 10% of revenue. And lastly, we exited Q3 with an $800 million increase in backlog to $8.5 billion. Orders continue to accelerate, as Gary noted, one month into the quarter, we have booked nearly as much demand as all of Q3 and expect to end the year with more than $10 billion in backlog.

我們「資料中心內及周邊」的營收占比年初至今已成長至原來的四倍，遠高於年初承諾的三倍成長。有兩位客戶各自貢獻了超過10%的營收。最後，我們在第三季結束時，積壓訂單增加8億美元至85億美元。訂單持續加速；如Gary所述，本季才過一個月，我們已簽下的需求幾乎與第三季全季相當，並預期年底積壓訂單將超過100億美元。

As I noted earlier, adjusted gross margin was 46.4%, exceeding the top end of our guidance by 90 basis points and up 450 basis points year-on-year. Q3 adjusted operating expense was $400 million, coming in at the low end of our guide and driving a record adjusted operating margin of 22.5%, 250 basis points over our guide and more than doubling the year ago result. Adjusted EPS reached $2.11, more than triple the year ago figure and achieving a new record level for the company.

如我先前提到，調整後毛利率為46.4%，較指引上緣高出90個基點，並較去年同期提升450個基點。第三季調整後營業費用為4億美元，落在指引低端，帶動調整後營業利益率創紀錄達22.5%，較指引高出250個基點，且較去年同期結果增加逾一倍。調整後每股盈餘（EPS）達2.11美元，較去年同期超過三倍，並創公司新高。

Now let's move to guidance for the last quarter of the year. In Q4 '26, we expect to deliver revenue of $1.75 billion, plus or minus $50 million, raising the full year midpoint to $6.42 billion, up $120 million from last quarter. With this revenue guide, we expect to increase our market share in the combined optical systems and plug market by about 4 points to approximately 30%. We expect adjusted gross margins of 45%, plus or minus 50 basis points, bringing the year to a similar range, a raise of 50 basis points from last quarter.

接著談談今年最後一季的財測指引。在2026會計年度第四季，我們預期營收為17.5億美元，上下浮動5,000萬美元，將全年中位數上調至64.2億美元，較上季增加1.2億美元。依此營收指引，我們預期在合併光學系統與plug市場的市占率將提升約4個百分點至約30%。我們預期調整後毛利率為45%，上下浮動50個基點，使全年落在相近區間，較上季上調50個基點。

Adjusted operating expense will be roughly $415 million, plus or minus $10 million, with our annual OpEx at $1.6 billion, slightly down from the June guide. All told, we expect to drive an adjusted operating margin of approximately 20%, plus or minus 50 basis points, bringing the full year to between 20% and 21% and exceeding the 20% annual figure for the first time in the company's history.

調整後營業費用約為4.15億美元，上下浮動1,000萬美元，使全年OpEx為16億美元，較6月指引略為下調。整體而言，我們預期調整後營業利益率約為20%，上下浮動50個基點，使全年介於20%至21%，並將在公司歷史上首次全年超過20%。

Now let me address the topic of supply more closely. Gary described an unprecedented durable demand environment with backlog now into 2028. To ensure our ability to service this demand, we've taken decisive steps to strengthen our supply security and to increase our output. In recent weeks, we finalized long-term agreements that secure supply of certain key components through 2029, including incremental capacity for those key components that will enable us to support growing customer demand.

現在我更深入說明供應議題。Gary描述了一個前所未有且具持續性的需求環境，積壓訂單已延伸至2028年。為確保我們有能力滿足這些需求，我們已採取果斷措施強化供應安全並提升產出。近幾週，我們完成了長期協議，確保部分關鍵元件的供應可延續至2029年，並包含這些關鍵元件的額外產能，以支援客戶需求成長。

This extends the investments we've made for this year to drive 35% revenue growth. We continue to invest upstream to drive security of supply to meet and eventually bring into balance the demand backlog. As a result, we expect to see a reduction in cash from operations in Q4 as investments are disbursed to support these agreements. At the same time, we continue to make progress in the value exchange discussions with our customers.

這也延續了我們今年為推動35%營收成長所做的投資。我們持續向上游投資，以提升供應安全，滿足並最終使需求積壓回到平衡。因此，隨著資金撥付以支持這些協議，我們預期第四季營運活動現金將下降。同時，我們也持續在與客戶的價值交換（value exchange）討論上取得進展。

In addition to price discussions, these conversations are increasingly focused on the alignment of various demand terms and conditions with the capacity required to support them. With this ongoing momentum and improved visibility into future demand, we believe it's prudent to provide early direction for fiscal 2027.

除了價格討論外，這些對話也愈來愈聚焦於：各項需求條款與條件，如何與支援其所需的產能相互對齊。在這股持續動能以及對未來需求能見度提升的情況下，我們認為提前提供2027會計年度的初步方向是審慎之舉。

As we see it today, we expect to deliver another record year with revenue growing a minimum of 30% year-on-year, yielding at least $8.3 billion to $8.4 billion in revenue with supply-driven upsides. Our investments in capacity and supply allow us to accelerate absolute revenue growth from '25 to '26 and now into '27.

以我們目前的觀察，我們預期將再創紀錄的一年，營收年增至少30%，對應至少83億至84億美元的營收，且在供應帶動下仍有上行空間。我們在產能與供應上的投資，使我們得以加速從'25到'26、並延伸至'27的絕對營收成長。

At these levels, we expect to again increase our market share in optical systems and plugs in fiscal 2027. We expect gross margins to be at least between 45% and 46%. And we expect to achieve fiscal 2027 adjusted operating margin between 25% and 27%, posting yet another record in profitability and serving as yet another proof point for the earnings potential of Ciena's model.

在這些水準下，我們預期在2027會計年度將再次提升光學系統與plug的市占率。我們預期毛利率至少介於45%至46%。我們也預期2027會計年度調整後營業利益率介於25%至27%，再度創下獲利新高，並再次證明Ciena商業模式的獲利潛力。

Again, this is our preliminary view of 2027, and we'll provide an update when we report our Q4 results in December. In the interim, we look forward to continuing the dialogue in a few weeks' time in Ottawa at our investor forum, the content from which will be posted on our investor website afterwards.

再次強調，這是我們對2027年的初步看法；我們將在12月公布第四季業績時提供更新。在此期間，我們期待在數週後於渥太華的投資人論壇持續對話，相關內容之後也會發布在我們的投資人網站上。

To close out, Q3 was a testament to the strength of Ciena's technology leadership, customer engagements and supply resiliency in the face of unprecedented multiyear demand. The execution of our business model has driven an acceleration of our earnings in Q3 in 2026, and we now believe into '27 and beyond.

總結而言，第三季證明了在前所未有的多年期需求面前，Ciena在技術領導力、客戶互動以及供應韌性方面的實力。我們商業模式的執行推動了2026年第三季獲利加速成長，而我們現在也相信這股趨勢將延續至'27及更長遠。

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

接下來，接線員，我們將開始回答賣方分析師的提問。

(Operator Instructions)

（接線員指示）

George Notter, Wolfe Research.

Wolfe Research的George Notter。

I guess -- and congrats on the terrific results here. I guess I wanted to start just by -- you mentioned value exchange on the call. Certainly, I think you mentioned prices as well as alignment of demand terms and conditions. Could you just talk a little bit more about what's going on there? Any sense for what price increases might look like? Any sense for what terms and conditions might be looking like in terms of the context of value exchange?

我想——也恭喜你們交出非常出色的成績。我想先從——你們在電話會議中提到價值交換（value exchange）。當然，我想你們也提到了價格，以及需求條款與條件的對齊。能否再多談一點目前那邊的情況？對於可能的漲價幅度，有沒有一些概念？就價值交換的脈絡而言，對於條款與條件可能會長什麼樣子，有沒有一些概念？

Yes. George, it's Marc. Thanks for the question. I'll take it kind of in two parts. On the pricing piece, we've had conversations with customers across different product lines. And we've gotten to a space where we would expect, depending on the customer and the product line, anywhere between, call it, high single digits types of price increases to something in the range of high teens, low 20s type of price increases. And what's remarkable, and I think you'll appreciate this, George, is some of that will selectively hit backlog, right? So I think we've made really, really good progress there.

是的。George，我是Marc。謝謝你的問題。我會大致分兩部分回答。在定價方面，我們已與不同產品線的客戶進行了對話。我們目前的進展是：視客戶與產品線而定，我們預期漲價幅度大約介於「高個位數百分比」到「高十幾%、低20%」的區間。而值得注意的是，我想你會理解這點，George，其中一部分漲價會選擇性地適用於積壓訂單（backlog），對吧？所以我認為我們在那方面已取得非常、非常好的進展。

The second pillar in terms of conditions is really a two-way discussion. The first is we're on the hook to make sure that we deliver what we say we're going to deliver, but we expect the reciprocity of that from the customer side as well. And so we've covered those aspects. We've talked a little bit about payment terms. We've talked a little bit about fill rates and things like that.

就條件而言，第二個支柱其實是一個雙向的討論。第一是我們有責任確保交付我們所承諾要交付的內容，但我們也期待客戶端同樣給予對等的回應。因此我們已經涵蓋了那些面向。我們也稍微談到付款條件。我們也稍微談到交付滿足率（fill rates）以及諸如此類的事項。

So we're trying to make it a pretty holistic conversation in terms of that value exchange and not just have a conversation about price because just like we're looking for supply security, our customers are looking for supply security from us as well. And it's something that we feel pretty confident that with the supply agreements that we can fulfill.

所以我們試著把它做成一個相當全面的對話，聚焦在那個價值交換，而不只是談價格；因為就像我們在尋求供應安全一樣，我們的客戶也同樣在尋求我們能提供的供應安全。而這也是我們相當有信心、透過供應協議能夠履行的事情。

Got it. Super. And then I know that there were some price increases, I think, earlier in the year last year, just around tariffs. Is that something that's flowing into the model now? I know that in the past, you guys weren't -- you were not repricing backlog certainly, but is that something that's helping the gross margin now? Any sense there?

了解。很好。另外我知道去年年初左右，因為關稅的關係好像有一些漲價。那這件事現在有反映到模型裡嗎？我知道過去你們當然不會去重訂在手訂單（backlog）的價格，但這是否正在幫助現在的毛利率？這方面有沒有什麼看法？

Yes. It's -- this is Marc again, George. It's relatively neutral. We're not putting margin on top of tariffs, right? If we get $10 of tariffs, we kind of pass on that $10 of tariffs. What we saw in Q1 was kind of -- or I'm sorry, in Q3 was kind of a onetime accounting adjustment for those tariff refunds that we don't expect to continue moving forward, and that gave us about 70 basis points of uplift.

是的。George，我是 Marc。整體來說影響相對中性。我們不會在關稅之上再加一層毛利，對吧？如果我們承擔了 10 美元的關稅，我們大致就是把那 10 美元的關稅轉嫁出去。我們在第一季看到的是——或抱歉，在第三季看到的是一次性的會計調整，來自那些關稅退稅（refunds），我們不預期未來會持續；那讓我們大約提升了 70 個基點。

But moving forward, I would say the tariff impact, again, under today's current regime is relatively neutral. We're monitoring pretty closely some of the impacts that are coming out of the new Canadian tariff regime, that could have an impact of, call it, $10-ish million a quarter. But again, we're still trying to work through the mitigation actions that we've got associated with that.

但往前看，我會說在目前的制度下，關稅影響仍然相對中性。我們正非常密切地監控加拿大新關稅制度帶來的一些影響，這可能會造成每季約 1,000 萬美元左右的影響。但同樣地，我們仍在推進與之相關的緩解措施（mitigation actions）。

Tal Liani, Bank of America.

Tal Liani，美國銀行。

Gary, if I told you three years ago that you're going to grow 30% -- can you hear me?

Gary，如果我三年前告訴你，你會成長 30%——你聽得到我嗎？

Yes, I can hear you loud and clear.

是的，我聽得很清楚。

Perfect. If I told you three years ago, you're going to grow 30% with 26% margin, you would have asked to drink the same thing I'm drinking. So the question I have is about backlog. So your backlog is doubling this year, and it grows even faster than revenues. Your revenues are growing fast and it grows even faster than revenues.

太好了。如果我三年前告訴你，你會在 26% 利潤率下成長 30%，你一定會想喝跟我現在喝的一樣的東西。所以我想問的是在手訂單（backlog）。你們今年的在手訂單翻倍，而且成長甚至比營收更快。你們的營收成長很快，而在手訂單成長得更快。

I'm trying to understand the early ordering portion of the backlog, the maybe customers are buying ahead just because of supply constraints. I'm not -- it's not a concern. I'm just -- I just want to understand, kind of get understanding of how backlog could behave in 2027. That's the reason for my question.

我想了解在手訂單中「提前下單」的部分，也許客戶只是因為供應受限而提前採購。我不是——這不是擔憂。我只是——我只是想理解一下，在 2027 年在手訂單可能會如何表現。這就是我提問的原因。

Okay. I think it's almost entirely just driven by a function of lead times. The demand is absolutely there. And just to sort of illustrate that, Marc gave an early indication of what we think our guidance is for the year. It's just an early directional indication for next year. It would be greater than that if supply was greater. I mean that sort of, I think, summarizes it.

好的。我認為幾乎完全是由交期（lead times）的因素所驅動。需求絕對存在。為了說明這點，Marc 先前已經對我們認為今年的指引給了一個初步的訊號。那只是對明年的早期方向性指引。如果供應更多，數字會更高。我的意思是，我想這大致就總結了。

We've got, we think, at least a $10 billion backlog as we leave this year. And in the midpoint of what Marc was talking about, you're looking at revenues of $8.4 billion as sort of baseline for us for next year. It would be greater than that if we had more supply. And so the demand is absolutely there. You look at our installation services, they're up 35% for the year. And as soon as we can ship it, it's installed and carrying traffic.

我們預期今年結束時，在手訂單至少有 100 億美元。而以 Marc 所談的中位數來看，你會看到明年營收約 84 億美元，作為我們的基準。如果我們有更多供應，數字會更高。所以需求絕對存在。你看我們的安裝服務，今年成長 35%。而且只要我們能出貨，就會被安裝上線並承載流量。

Yes. Tal, maybe I'll just add maybe a little bit more context here. If you look back all the way back to 2024, our orders, call that demand doubled from '24 to '25. From '25 to '26, we're expecting another 50% increase. And as you rightly noted, backlog is doubling across all three of those years, from '24 to '25 was a double, from '25 to '26 is a double.

是的。Tal，我再補充一點背景。如果你一路回看至 2024 年，我們的訂單——把那視為需求——從 2024 到 2025 翻倍。從 2025 到 2026，我們預期還會再增加 50%。而如你正確指出的，在手訂單在這三年都翻倍：從 2024 到 2025 翻倍，從 2025 到 2026 也翻倍。

And so what we're really constrained with is the industry needs to add a significant amount of capacity to keep up with that demand. And so we think it's going to be a multiyear journey before we see that supply and demand get back into balance and multiyear. So we don't see that happening before '28 at all. And so I think you'll see a very similar constrained dynamic going into '27 and likely into '28.

所以我們真正受限的是，整個產業需要新增大量產能才能跟上那樣的需求。因此我們認為，在供需重新回到平衡之前，會是一段跨多年的旅程，而且是多年的。所以我們完全不認為在 2028 年之前會發生。因此我想你會在 2027、很可能也到 2028，都看到非常類似的受限態勢。

Got it. And any -- if I can just ask a follow-up, any color on customer composition, meaning hyperscalers, I understand. What about smaller hyperscalers, meaning new clouds and new hyperscalers like Oracle. So without names of customers, but can you discuss your ability to kind of grow the customer list over time? And where is the demand?

了解。如果我可以追問一下，關於客戶組成有沒有更多資訊？也就是超大規模客戶（hyperscalers），我理解。那較小的 hyperscalers 呢，也就是新雲端與新的 hyperscalers，例如 Oracle。所以不需要點名客戶，但你們能否談談隨時間推進擴大客戶名單的能力？以及需求在哪裡？

Yes. About 50% of our business is now hyperscalers directly. But increasingly, I think to your point, we're seeing this sort of neoscalers, umbrella of neoscalers, which covers a multitude of different business models, et cetera. We are very focused on that space. They are leaning very much into networking now, and they are securing networks on MOFN deals.

可以。我們現在大約 50% 的業務是直接來自 hyperscalers。但如你所說，我們也越來越看到所謂的 neoscalers——一個涵蓋多種不同商業模式等的 neoscalers 傘狀類別。我們非常專注在那個領域。他們現在非常積極投入網路建設，並且在 MOFN 交易上確保網路。

They're beginning to put their own fiber in when they can get it. And we are taking more than our fair share of that market as it grows. So we are very focused on addressing that market, both in the US and globally. We're seeing that in certain parts of the world where these neoscalers are investing in the networking. So I think as we go through '27 and '28, that will become an increasingly important part of our business.

在他們能取得的情況下，也開始鋪設自有光纖。而隨著市場成長，我們拿到的份額超過我們「應得」的份額。所以我們非常專注於服務這個市場，無論在美國或全球。我們也在世界某些地區看到這種情況，這些 neoscalers 正在投資網路。因此我認為，當我們走過 2027 與 2028 年，這將成為我們業務中愈來愈重要的一部分。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

A couple of questions. Maybe just following up on George's question. Just in terms of some of these new arrangements that you guys are having with -- or discussions that you're having with customers, is some of those -- are some of those pricing adjustments dependent on time line of delivery, like in terms of if you can deliver six months earlier, you can capture high single digits versus a mid-single-digit price adjustment? Just trying to get a sense of whether there's any kind of escalators in there.

我有幾個問題。也許先接續 George 的問題。就你們與客戶之間一些新的安排——或正在進行的討論——其中某些定價調整是否取決於交付時程？例如如果你們能提前六個月交付，就能取得高個位數的調價幅度，而不是中個位數的調價幅度？我只是想了解裡面是否有任何類似遞增條款（escalators）。

And then second question, just as you guys look to assure more supply, have you qualified additional suppliers at this point? Or is this largely reaching long-term agreements with existing suppliers?

然後第二個問題，當你們著眼於確保更多供應時，目前是否已經認證了額外的供應商？還是主要是與現有供應商簽訂長期協議？

Yes. Thanks, Meta. It's Marc. So on your first question in terms of escalators, we really haven't built those in. Like the price increases that we've talked about aren't necessarily performance-based per se. They will cut in as more and more backlog from those orders becomes a bigger part of our revenue. So I wouldn't say that it's performance related. Once we agree to those price increases, it's really around when we deliver it, they'll pay for it.

是的。謝謝，Meta。我是 Marc。就你第一個關於調價機制（escalators）的问题而言，我們其實沒有把那些機制納入。就像我們談到的漲價，並不一定是以績效為基礎。它們會在那些訂單的積壓（backlog）越來越多、並成為我們營收更大一部分時開始反映出來。所以我不會說這與績效相關。一旦我們同意這些漲價，重點其實在於交付時點；我們交付時，他們就會按該價格付款。

In terms of qualifying new suppliers, yes, that is part of our supply resiliency strategy that we're driving. We've got our typical providers that are in the table that you know very well, but we are looking at expanding both the types -- the numbers of suppliers that we have as well as we're constantly looking at new technologies to satisfy the same type of functionality. So we're taking both a quantity as well as a technology perspective to our supply chain.

至於認證新的供應商，是的，這是我們正在推動的供應韌性策略的一部分。我們有你非常熟悉、一直在名單上的典型供應商，但我們也在考慮擴大供應商的類型——供應商的數量，同時也持續尋找新技術，以滿足相同類型的功能需求。因此，我們從供應鏈的數量面以及技術面兩個角度同步推進。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通（JPMorgan）。

I'll share my congrats as well on the results and guidance here. Maybe another backlog question and more on the composition of it. As we think about the portfolio of offerings that you guys have and maybe the irons in the fire that you guys are trying to address, where are you seeing the strong demand inflection as we're entering the back half of the fiscal year?

我也要對這次的業績與指引表示祝賀。我想再問一個關於積壓訂單的問題，偏向其組成。當我們思考你們的產品組合，以及你們正在推進、試圖解決的各項機會時，隨著我們進入本財年下半年，你們在哪些領域看到需求出現強勁的拐點？

And as a second part to that, it's great to hear that you're seeing visibility now into '28. But any color you can provide on the weighting of orders coming in for '27 versus '28? Essentially just trying to get a better understanding of how much of '27 is already covered versus what is building for '28 now? And then I have a follow-up.

另外第二部分，很高興聽到你們現在已經能看到到 2028 年的能見度。但你們能否提供一些資訊，說明 2027 年與 2028 年新進訂單的比重？本質上是想更清楚了解：2027 年目前已被覆蓋了多少，以及現在有多少是在為 2028 年累積？然後我還有一個追問。

So the first part of that question, Joe, is really we're seeing broad demand across the portfolio. And you'd say characterized as being line systems, both in terms of the existing RLS and Hyper-Rail. We've got a number of new wins for Hyper-Rail that we're beginning to -- will begin to ramp up during '27. So there's a lot of infrastructure going in for that. I mean, I think scale across not entirely, but predominantly the deployments for that, that's driving it.

Joe，關於第一部分，我們確實看到整個產品組合都有廣泛需求。你可以把它概括為線路系統（line systems），包括現有的 RLS 與 Hyper-Rail。我們在 Hyper-Rail 上也拿下了多個新案子，並將在 2027 年開始逐步放量。因此，相關基礎設施正在大量建置。我的意思是，雖然不是全部，但主要是這些部署的規模在推動需求。

And then on the modem side, we shared some of the statistics that you've seen for WaveLogic 6. We doubled output. It's already, at this point, exceeding 5e in terms of its adoption. And I think that, again, just talks to the need for high-speed distance for these kinds of applications. So we're seeing it on the modem side. And of course, we're seeing it on the infrastructure of line systems.

然後在數據機（modem）方面，我們也分享過你看到的 WaveLogic 6 的一些統計數據。我們把產出提高了一倍。就目前而言，它的採用程度已經超過 5e。我認為這再次反映出這類應用對高速、長距離傳輸的需求。所以我們在數據機端看得到。當然，我們也在線路系統的基礎設施端看得到。

We're also seeing that both in terms of MOFN deals globally as well to support this expansion, particularly markets like India and the Middle East and certain parts of Asia where the hyperscalers are leaning into provisioning of extension of their networks. Submarine as well, massive build-outs going on across the global submarine market, where we have number1 market share in the world. So we're seeing that across it, Joe.

我們也在全球的 MOFN 專案上看到這點，以支援這波擴張，特別是在印度、中東，以及亞洲某些地區；在這些市場，超大規模業者（hyperscalers）正積極投入其網路延伸的佈建。海底電纜方面也是如此，全球海底市場正在進行大規模建置，而我們在全球擁有第一的市占率。所以，Joe，我們在各個面向都看得到這股趨勢。

And in terms of the profile of the backlog we've got -- as you said, we'll probably have about $10 billion plus backlog as we go into 2027. We cannot satisfy basically all of the requirements that they would take to deliver all of that in '27.

至於積壓訂單的輪廓——如你所說，我們在進入 2027 年時，積壓訂單可能會達到 100 億美元以上。但我們基本上無法滿足所有需求，無法在 2027 年把這些全部交付完畢。

Joseph, the vast majority of that $10 billion comes with a customer request date that's actually in '27, meaning that they would take it if we could give it to them. So to your question, the backlog covers most of the '27 guide.

Joseph，那 100 億美元中的絕大多數，其客戶要求交付日期其實是在 2027 年，也就是說，如果我們能交付，他們就會收貨。所以回答你的問題：這些積壓訂單已覆蓋了 2027 年指引的大部分。

Ruben Roy, Stifel.

Ruben Roy，Stifel。

Gary, for the first question, I wanted to maybe drill into the performance optics discussion and sort of the consumption model that compared to the systems model. Can you -- is that a bespoke arrangement with one customer? Are you productizing this consumption model as you go forward?

Gary，第一個問題我想更深入探討一下你們提到的「績效呈現（performance optics）」的討論，以及相較於系統模式的「按使用量/消費（consumption）模式」。你能否說明——這是針對單一客戶的客製化安排嗎？你們未來會把這種 consumption 模式產品化嗎？

And I guess, as you think about that longer term and how that sits in the interconnect family, if you could talk a little bit about the margin structure as that consumption model starts to build.

另外，我想從更長期的角度來看，當它在互連（interconnect）產品家族中的定位逐步成形時，你能否談談隨著這種 consumption 模式開始放量，其毛利/利潤率結構會是如何？

Ruben, it's Scott. So first of all, you kind of asked the question from two different angles or that's how I heard it anyway. So first of all, the performance modem portfolio, the Extreme family, if you like, WaveLogic 5 and then WaveLogic 6 is obviously a very broadly deployed solution within our systems business. So we have a lot of deployments out there on extreme modems.

Ruben，我是 Scott。首先，你的問題我聽起來是從兩個不同角度在問。先說「高性能數據機（performance modem）」產品組合，也就是 Extreme 系列（如果你這麼稱呼的話），WaveLogic 5 以及 WaveLogic 6，顯然是在我們系統業務中非常廣泛部署的解決方案。所以我們在極致數據機上有大量的部署。

The specific opportunity you're referring to, though, of taking that and offering it up in a different consumption model is bespoke relationships with individual customers. We have two examples of that today, one that was a recent announcement last quarter. It's certainly something that we don't shy away from. We made the technology available, however our customers want to consume it.

不過，你所指的那個特定機會，是把它拿來以不同的 consumption 模式提供，這屬於與個別客戶的客製化（bespoke）合作關係。我們目前有兩個例子，其中一個是在上一季最近才公告的。這當然是我們不會迴避的方向。我們會讓技術以客戶希望的方式來使用。

But in those examples, those are very, very unique in terms of how those customers want to deploy them. So they're kind of custom development for them. And the relationship we have with those customers reflects that.

但在那些案例中，就客戶想要如何部署而言，都非常、非常獨特。因此某種程度上是為他們進行的客製化開發。而我們與那些客戶的合作關係也反映了這一點。

Okay. And then as a quick follow-up for Marc, sorry if I missed this, Marc, but with the 25% to 27% operating margin, guidance for '27 or first look at '27, that implies, I think, roughly flat to maybe up a little bit in operating expenses. If you could just walk us through sort of the mechanics around operating expense as you look out into fiscal '27, that would be helpful.

了解。然後我想對 Marc 快速追問一下，抱歉如果我漏聽了，Marc，但以 2027 年（或對 2027 年的首次展望）25% 到 27% 的營業利益率指引來看，這意味著我認為營業費用大致持平，或可能小幅上升。如果你能帶我們走一遍你們在展望 2027 財年時，營業費用的增減因素與運作機制，會很有幫助。

Yes. No problem, [Joe]. We haven't really closed in yet. We're kind of in the middle of our annual planning process. But the puts and takes that you should kind of be thinking about is this year, we'll spend roughly, call it, $1.6 billion. Keep in mind that $1.6 billion includes a bunch of onetime variable compensation that a year ago, we were telling you it was going to be about $1.5 billion. We're at $1.6 billion, mostly because of that variable comp.

好的。沒問題，[Joe]。我們其實還沒有完全定案。我們正處於年度規劃流程的中段。但你應該思考的增減因素是：今年我們大約會花費約 16 億美元。請記得，這 16 億美元包含了一些一次性的變動薪酬；一年前我們告訴你大約會是 15 億美元。我們現在是 16 億美元，主要就是因為那筆變動薪酬。

We're going to reinvest that onetime. So that's -- when you say it's about flat, all the folks sitting around the table here are looking at $100 million more of investment that they get regardless of the performance of the company. So we are reinvesting those onetime things.

我們將把那筆一次性的項目再投資回去。所以——當你說大致持平時，坐在這張桌子旁的所有人都在看著多出來的 1 億美元投資，無論公司表現如何，他們都能拿到這筆投資。因此，我們正在把那些一次性的項目再投資回去。

And I think you'll also see there'll be a little bit more investment in some of the activities, particularly around line systems as we continue to grow that business and invest in our interconnect portfolio.

而且我認為你也會看到，在某些活動上會有一些額外投資，特別是在傳輸線路系統（line systems）方面，因為我們持續擴大那項業務並投資於我們的互連（interconnect）產品組合。

Ryan Koontz, Needham & Co.

Ryan Koontz，Needham & Co.

In light of some of the politics around data center construction and the like, which I know weighs on investor minds a lot and whips a lot of the broader sector around, how do you feel about the pace of catch-up of your WAN projects relative to data center construction? Do you feel like you've got visibility independent of pacing of data centers in that light? Maybe you can comment on that, Gary.

鑑於圍繞資料中心建設等議題的一些政治因素——我知道這在投資人心中占很大比重，也會讓整個更廣泛的產業板塊大幅波動——你如何看待你們 WAN 專案的追趕進度相對於資料中心建設的節奏？在這種情況下，你是否覺得即使不看資料中心的建設節奏，你們也有足夠的能見度？也許你可以評論一下，Gary。

Yes. No, listen, it's a great topical question. I would say that as we talk to the hyperscalers and we talk about durability of demand and their long-term view and the rest of it and getting long-term agreements with them and commitments, all part of that. One of the comments that was made to me was basically that if they stopped building data centers tomorrow, Gary, you probably wouldn't notice for two years, meaning they've already got these data centers out there and they need connectivity, and they're not going to strand the assets.

是的。不，聽著，這確實是個很切題的問題。我會說，當我們與超大規模雲端業者（hyperscalers）交流，談到需求的持久性、他們的長期觀點等等，以及與他們簽訂長期協議與承諾——這些都是其中一部分。有人對我說過一句話，大意是：Gary，就算他們明天停止興建資料中心，你可能兩年內都不會察覺；意思是他們已經有這些資料中心在那裡，而且需要連接性，他們不會讓這些資產閒置。

And secondly, they've got data centers that they must increase the network capacity to. And so largely what we've got in backlog here and what we've got visibility to going forward is really the data centers that are already there. And particularly, you've got a lot of international expansion as well. And it's really the refresh of the GPUs in these data centers that are already there that require massive amounts of additional connectivity.

其次，他們也有一些資料中心必須提升網路容量。因此，我們目前在手訂單（backlog）以及我們對未來的能見度，主要其實來自那些已經存在的資料中心。而且，還有大量的國際擴張。真正驅動的是這些既有資料中心裡 GPU 的更新換代，需要大量額外的連接性。

And bear in mind, we have a unique insight into this because we've got number1 market share in data center connectivity before all of this AI expansion began. So we have got the connection to most of the data centers around the world. A lot of what we're seeing is the expansion and increasing of that capacity and connectivity to enable the refreshing of the GPUs et cetera.

另外請記住，我們對此有獨特的洞察，因為在這波 AI 擴張開始之前，我們在資料中心連接性方面就已經是市占第一。因此，我們已經連接到全球大多數資料中心。我們看到的很多情況，是在擴充並提升容量與連接性，以支援 GPU 更新等需求。

And you've also got all of the inference and agentic stuff in front of us. So Ryan, certainly, for the next couple of years, we think we're largely immune from what may or may not happen with the pacing of new data centers.

而且，接下來還有所有推論（inference）以及代理式（agentic）相關的需求在前方。所以 Ryan，至少在未來幾年，我們認為我們在很大程度上不會受到新資料中心建設節奏可能快或慢的影響。

That's great. And maybe as a follow-up, any commentary on the product mix here as you've seen like in the most recent quarter or maybe recent bookings in terms of shift of line systems versus pluggables and transponders? Any commentary there?

很好。另外追問一下，關於產品組合方面——你們在最近一季或近期接單中，線路系統相對於可插拔（pluggables）與轉發器（transponders）的比重是否有變化？這方面有什麼評論嗎？

Yes. Maybe I'll jump in and others can add color, Ryan. So as I think through what we've seen, particularly over the last 12 months, I think we've seen our plugs and our line systems, particularly RLS, really grow at much higher than corporate average growth rates, right? I think I mentioned plugs and RLS together as part of our optical piece growing 45%. So you kind of see how that's becoming a bigger piece of the pie.

有的。Ryan，也許我先回答，其他人也可以補充。就我們看到的情況，特別是過去 12 個月，我認為我們的可插拔模組（plugs）與線路系統——尤其是 RLS——成長率確實遠高於公司平均成長率，對吧？我想我提過，把 plugs 和 RLS 放在一起看，作為我們光學（optical）業務的一部分，成長了 45%。所以你可以看到它正逐漸成為更大的一塊。

One of the things that from a margin perspective that we're seeing is as our DCOM solution really starts to increase over the last year, that's really driven a pretty accretive dynamic for us moving forward. We expect that to continue. And then obviously, as we add Hyper-Rail, that's going to be another accretive motion for us.

從毛利率角度來看，我們看到的是，隨著我們的 DCOM 解決方案在過去一年開始放量，這確實為我們未來帶來相當具增益（accretive）的動能。我們預期這會持續。然後很明顯，隨著我們加入 Hyper-Rail，這也會成為另一個對我們有增益的推動力。

And so I think what you're seeing is the optical piece of our portfolio really driving a bunch of the growth for the company. And then obviously, we've got the DCOM piece, which is shown in route and switch really in the early part of its ramp as well.

因此，我認為你看到的是，我們產品組合中的光學部分正在為公司帶來大量成長。而且很明顯，我們還有 DCOM 這一塊，它在路由與交換（route and switch）領域也正處於爬坡初期。

I think, Ryan, I mean, a dynamic that's been going on since 2024. We're just seeing more and more demand for line systems, meaning more fibers are getting lit. And those are getting lit with Coherent optics of all flavors, whether it be plugs or performance optics consumed in Waveserver. And all those, to Marc's point, are up well north of the 35% or 37% that we're reporting as a corporate average.

我想，Ryan，自 2024 年以來一直存在的一個趨勢是：我們看到對線路系統的需求越來越多，也就是有更多光纖被點亮（lit）。而這些光纖是用各種相干（Coherent）光學方案點亮的，無論是可插拔模組（plugs），或是以 Waveserver 形式消耗的高性能光學元件。而這些——如 Marc 所說——成長都遠高於我們所報告的公司平均 35% 或 37%。

And that's going to continue, we think, going into the foreseeable future. The DCOM piece is a great adder, but it's a bit lumpy because of the concentration of the customers. So from quarter-to-quarter, DCOM will come and go, but it's a net new add for us.

我們認為這種趨勢在可預見的未來會持續。DCOM 這一塊是很好的增量，但由於客戶集中度高，會比較不平滑（lumpy）。所以從季度到季度，DCOM 可能會有起有落，但對我們而言它是全新的增量貢獻。

Tim Long, Barclays.

Tim Long，Barclays。

Appreciate it. Two for me as well. Maybe first, if we could dig a little deeper into Hyper-Rail. I mentioned it a few times here on the value-add side and ramp. Just kind of update us on -- it sounds like a few customers, but where are we in the demand profile? And how quickly could we see the ramp of this product? And kind of just remind us on the economics versus like more of the RLS prior generation?

謝謝。我也有兩個問題。首先，能否更深入談談 Hyper-Rail？你們在這裡提到幾次它在附加價值（value-add）與爬坡（ramp）方面的情況。聽起來已有幾個客戶，但我們目前在需求輪廓（demand profile）上處於什麼階段？我們可能多快會看到這個產品的放量？另外也請提醒一下，相較於上一代 RLS，它的經濟性（economics）如何？

And then the follow-up would be on just the pure telco business, maybe ex MOFN. If you could just talk a little bit about the durability of that business. In the past, that's been a little bit more cyclical. So just curious of the outlook on just the pure telco piece.

接著追問是關於純電信（telco）業務，可能不含 MOFN。能否談談該業務的持久性（durability）？過去那塊業務比較具週期性。所以想了解一下純電信這一塊的展望。

Yes. I'll start on Hyper-Rail, Tim, and then others can jump in. We're on track for getting that product to standardization by the end of this calendar year, and you'll see the ramp starting in '27. And that ramp in '27 will be to several hundred million dollars, right? So we're looking at that as a pretty meaningful ramp for us. The back story on that is it probably could be faster if we get more components, right? So obviously, we're working day and night on that.

好的。Tim，我先談 Hyper-Rail，其他人也可以補充。我們正按計畫在今年曆年年底前讓該產品完成標準化（standardization），你會在 2027 年看到開始放量。而 2027 年的放量規模將達到數億美元，對吧？所以我們把它視為對我們相當有意義的一次放量。背後的情況是，如果我們能取得更多元件，它可能還能更快，對吧？所以很明顯，我們正日以繼夜地在這方面努力。

From an economics perspective, relative to RLS, I think the team has done a fantastic job of improving the margins over the last four to eight quarters on RLS to get us to a pretty decent margin profile. Hyper-Rail will be a step function on top of that. And with the size of the ramp and the opportunity that we think that is coming through with Hyper-Rail and the economics of that, it's going to be accretive to the company as a whole once we get into '27, '28, '29.

從經濟性角度、相對於 RLS 而言，我認為團隊在過去四到八個季度在提升 RLS 毛利率方面做得非常出色，使我們達到相當不錯的毛利結構。Hyper-Rail 會在此基礎上再上一個台階（step function）。而且考量到我們預期 Hyper-Rail 的放量規模與機會，以及其經濟性，一旦進入 2027、2028、2029 年，它將對公司整體具增益（accretive）。

So we're really looking forward to getting Hyper-Rail out there. And I think our customers are placing quite a few orders that's represented in that $10 billion of backlog that we expect at the end of the year.

因此我們真的非常期待把 Hyper-Rail 推向市場。而且我認為我們的客戶正在下相當多的訂單，這反映在我們預期年底將達到的 100 億美元積壓訂單中。

And on service provider growth, it's actually quite difficult to separate it from a lot of the MOFN activity that's going on. And we know the MOFN activity is high. But I'd say there's two things going on with the service provider piece. One, it is growing anyway because I think there's been underinvestment in optical infrastructure in the last five years. And you've got the service providers returning to drive out infrastructure for optical infrastructure.

至於服務供應商的成長，實際上很難把它與目前大量進行中的 MOFN 活動區分開來。我們知道 MOFN 活動很活躍。但我會說，服務供應商這一塊有兩件事同時在發生。第一，即使不看 MOFN，它本身也在成長，因為我認為過去五年在光學基礎設施上的投資不足。而服務供應商正重新回來推動光學基礎設施的建設。

And you've also got this MOFN piece. And you're seeing that phenomenon now certainly in North America. If you go back about 18 months, it was very much an international phenomenon. But now with training and the rest of it, we're seeing that very much so in North America. And that is driving a lot of the -- particularly the wholesale market in the US and the wholesale carriers that specialize in that. We're seeing very strong growth in that space, and we expect that to continue.

另外還有這個 MOFN 的部分。而你現在確實在北美看到這種現象。如果回到大約 18 個月前，那更多是一種國際性的現象。但現在隨著訓練以及其他因素，我們在北美也非常明顯地看到它。而這正在推動大量的——特別是美國的批發市場，以及專注於此的批發電信業者。我們看到該領域非常強勁的成長，並預期這種趨勢會持續。

Markets like India, particularly for MOFN, we're seeing explosive growth in provisioning of MOFN networks to multiple hyper railers in places like India. Japan, I would also highlight and then certain parts of the Middle East. So we expect to see good, steady service provider growth continue over the next few years, irrespective of the MOFN phenomenon.

像印度這樣的市場，特別是在 MOFN 方面，我們看到在印度等地為多家超大規模業者佈建 MOFN 網路的供給出現爆發式成長。日本我也要特別點出，另外還有中東的某些地區。因此我們預期未來幾年服務供應商的成長將持續保持良好且穩健，不論 MOFN 現象如何。

Simon Leopold, Raymond James.

Simon Leopold，Raymond James。

Jeff Koche in for Simon. I really wanted to ask on -- first question on the software business. It doesn't really appear like the web-scale RLS deployments are a driver here. Is that like kind of the right interpretation? Is that because they have their own solutions into that? And like how do you win the RLS deals if it's not like a management platform type play? And I have a follow-up.

我是 Jeff Koche，代替 Simon 提問。我想先問軟體業務的問題。看起來網路級（web-scale）的 RLS 部署並不是這裡的驅動因素。這樣解讀是否正確？是否因為他們在這方面有自己的解決方案？如果不是偏向管理平台的打法，你們要如何贏得 RLS 的案子？我還有一個追問。

Jeff, Scott here. Yes, can you hear us? We can hear you.

Jeff，我是 Scott。是的，你聽得到我們嗎？我們聽得到你。

Yes.

是的。

Okay. Yes. I mean your hypothesis that there's less off-box software components in a web scale deal in general, not just an AI deal is valid. That's a fair statement. However, having said that, to your second question, don't take that comment to mean that the only thing these guys are buying is merchant hardware from us because the value that they get is much broader than that. And whether it's submarine networks, their existing backbone, their DCI networks or their scale across networks, the statement is true across the piece.

好的。是的。我的意思是，你的假設——在一般的網路級交易中（不僅是 AI 交易），盒外（off-box）軟體元件較少——是成立的。這是合理的說法。不過話說回來，針對你的第二個問題，不要把那個評論解讀成這些客戶唯一向我們採購的只是商用（merchant）硬體，因為他們獲得的價值遠不止於此。無論是海底網路、既有骨幹、DCI 網路，或是其跨網路的規模化部署，這個說法在整個範疇都成立。

They're getting, yes, a hardware platform, but some very sophisticated on-box software capabilities that is embedded into their back-office system that has an awful lot of intelligence in it, protection mechanisms, et cetera, to allow them to deliver to their SLAs. They're getting planning tools and deployment tools. They're getting link engineering tools.

他們確實取得了一個硬體平台，但也取得了非常成熟的盒內（on-box）軟體能力，這些能力嵌入到他們的後台系統中，包含大量智慧、保護機制等等，以便他們能達成其 SLA。他們也取得規劃工具與部署工具。他們也取得鏈路工程（link engineering）工具。

They're getting a global across the world service capability to turn these things on, preposition them, preconfigure them and turn them on, a set of skills that we've developed with them and their relationships for more than a decade now. So just because we're not selling as much off-box software components to service providers don't conclude, therefore, it's just a commodity hardware sale. It's far from that.

他們還取得我們遍佈全球的服務能力，用以啟用這些設備、預先佈署、預先設定並上線；以及我們與他們共同建立、並維繫十多年之久的一整套技能與合作關係。所以僅僅因為我們沒有向服務供應商銷售那麼多盒外軟體元件，就不要因此下結論說這只是一次商品化硬體銷售。完全不是那樣。

Great. Great answer. So maybe just with that in mind, can you maybe give a little bit of color on how the gross margins are for that business and maybe how they're changing just maybe even just relative to the average?

很好。回答得很好。那麼在這個前提下，你能否稍微補充一下該業務的毛利率情況，以及它如何變化——即使只是相對於平均水準也可以？

You're talking about the software, the off-box software?

你指的是軟體、盒外軟體嗎？

For the RLS, sorry. For the line systems.

抱歉，我指的是 RLS。指線路系統（line systems）。

Yes. So as I said previously with Tim, we've seen really good improvements in the RLS gross margins over the last two, three years. And I expect that to continue, and those are approaching what I would call the corporate average.

是的。所以如同我先前和 Tim 提到的，過去兩到三年我們看到 RLS 毛利率有非常好的改善。我預期這會持續，而且它們正接近我所稱的公司平均水準。

As we move into the next-generation Hyper-Rail, the economics get significantly better, right? And so those will be above the current corporate average. And I would expect with the size of opportunity that we have with Hyper-Rail over the next couple of years, that will be accretive.

當我們進入下一代 Hyper-Rail 時，經濟性會顯著變得更好，對吧？因此那將高於目前的公司平均水準。而且我預期，考量到未來幾年 Hyper-Rail 的機會規模，這將帶來增益（accretive）。

Terrific. Terrific. And then if I could just do another follow-up on the interconnect business and really just inside the data center. We know that Google -- we hear that Google is looking to deploy 2.4 terabit Coherent-Lite solution for CPUs. Maybe talk about -- are you in those deals? Are you being evaluated? What's your take there? And what's your take on optical circuit switching? Is that a product that Ciena would explore?

太好了。太好了。接著如果可以，我想再追問互連（interconnect）業務，主要是資料中心內部。我們知道 Google——我們聽說 Google 正在考慮為 CPU 部署 2.4Tb 的 Coherent-Lite 解決方案。能否談談——你們有參與那些案子嗎？你們有在被評估嗎？你們怎麼看？以及你們對光路交換（optical circuit switching）的看法是什麼？那會是 Ciena 會探索的產品嗎？

Yes. So a couple of things. There's a couple of questions there. The Coherent moving inside the data center, we said for a long time now that we think that's a trend that is inevitable, and it's going to happen, and we're committed to that. We absolutely believe in the Coherent-Lite market. We think the right intercept for that for the general market is at 3.2 terabits. And we think we'll be in a great position to be a leader in that market.

是的。所以有幾點。你這裡其實問了幾個問題。關於相干（Coherent）進入資料中心內部，我們已經講了很長一段時間，我們認為這是一個不可避免的趨勢，它會發生，而我們也會投入其中。我們絕對看好 Coherent-Lite 市場。我們認為對一般市場而言，合適的切入點是在 3.2Tb。我們也認為我們將處於非常有利的位置，成為該市場的領導者。

In terms of OCS, we love OCS because it is part of the continuation of more optics inside the data center. And it will drive actually the adoption of Coherent inside that data center faster than without OCS in our belief system. So that's all good news. That's a separate answer to whether or not we're going to jump into the OCS market ourselves. And we're not going to comment on plans, make any product announcements or that on the call today.

至於 OCS，我們很喜歡 OCS，因為它是資料中心內部導入更多光學的一部分延伸。而且在我們的信念體系中，相較於沒有 OCS 的情況，它實際上會更快推動相干技術在資料中心內的採用。所以這些都是好消息。但這與我們是否要自己跳進 OCS 市場是兩回事。我們今天不會在電話會議上評論計畫、做任何產品公告或類似事項。

We're going to move on to one last question.

我們將進入最後一個問題。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

Congrats on the results and especially the guide, that's kind of the focus of my question, which is along several lines, the case for accelerating revenue growth in fiscal '27 looks particularly strong, whether we're talking about anecdotal commentaries, backlog, Hyper-Rail scale across, which will be my focus of my follow-up.

恭喜你們的業績，尤其是指引；這也是我問題的重點。

And I know you sort of termed this as an initial guide, but I'd be interested in your commentary on the prospects for delivering accelerating revenue growth in fiscal '27. I know you mentioned supply is a constraint and maybe what things might look like if that constraint were relaxed a bit.

我知道你把這稱作初步指引，但我想聽聽你對於在 2027 財年實現營收成長加速的前景有何評論。我知道你提到供給是限制因素，也想了解如果這項限制稍微放鬆，情況可能會是什麼樣子。

Yes. Tim, it's Marc. I think you kind of answered your own question. As we look at it -- and you're right, we are early, right? And typically, we wouldn't do this. But as we look at the demand or the dynamics that we're seeing in the market, we thought it was prudent to give our owners and the investment community at least some initial thoughts on what we think the floor will be going into 2027.

是的。Tim，我是 Marc。我想你某種程度上已經回答了你自己的問題。從我們的角度來看——你說得對，我們還在早期階段，對吧？而且通常我們不會這麼做。但就我們看到的需求或市場動態而言，我們認為審慎起見，應該至少向我們的股東與投資社群提供一些初步想法，說明我們認為進入 2027 年時的底線會是什麼。

But as you rightly pointed out, all of our focus right now is on how do we get more supply to get more of that demand. And as Gary said, if -- and Scott said as well, if we could get more demand, we would unwind that $10 billion of backlog faster, right? And that $8.3 billion to $8.4 billion that we talked about as the floor would be higher.

但正如你正確指出的，我們目前所有的重點都在於：如何取得更多供給，以滿足更多需求。而且如 Gary 所說——Scott 也提到，如果我們能取得更多供給，我們就能更快消化那 100 億美元的積壓訂單，對吧？那麼我們所談到作為底線的 83 億到 84 億美元也會更高。

And so from an absolute dollar terms, we think we are accelerating the growth from '24 to '25 to '26 and into '27, excuse me. But it's really going to be dependent on that supply. And a year ago, when we did this for the first time, we said we thought '26 would grow 17% and here we are at 35%.

因此以絕對金額來看，我們認為成長會從 '24 到 '25、到 '26，並加速延伸到 '27，抱歉。但這真的會取決於供給。一年前我們第一次這麼做時，我們說我們認為 '26 會成長 17%，而現在我們是 35%。

Now I'm not suggesting that my 30% in the year is going to be 60%, right, because we're in obviously a different supply environment. But we want to make sure that we give you guys a floor and make sure that we can achieve at least that number that we give you while we continue to work on supply.

我不是在暗示今年的 30% 會變成 60%，對吧，因為我們顯然處於不同的供給環境。但我們想確保給各位一個底線，並確保在我們持續努力改善供給的同時，至少能達成我們提供給各位的那個數字。

Great. And as a quick follow-up on scale across, I mean, to what extent is that maybe even the primary driver of growth in '27? And I'd be interested in your reaction, some pretty extraordinary comments from suppliers and competitors about dynamics and scale across. I think Cisco talking about 14 times the port count versus traditional DCI and some pretty spectacular comments from Lumentum as well.

很好。另外快速追問一下關於 scale across：我的意思是，這在多大程度上可能甚至是 '27 年成長的主要驅動因素？我也想聽聽你對供應商與競爭對手一些相當驚人的評論的看法，談到動態與 scale across。我記得 Cisco 談到相較於傳統 DCI，埠口數是 14 倍，Lumentum 也有一些相當驚人的評論。

Maybe we can sharpen the focus on the scale across opportunity, how you see that TAM having maybe increased in recent quarters?

也許我們可以更聚焦在 scale across 的機會上，你怎麼看這個 TAM 在最近幾季是否有所增加？

Yes, Tim, I think it's a major driver of demand. And we were the first out there with the first scale across piece that came out of the data center. So we've got good visibility to it. I concur with most of the industry comments that's gone on to it. I think it's -- excuse the pun, it is at a massive scale, and it's just beginning. That's the point I would make is we're just beginning to roll out the first connectivity between these data centers. It is almost entirely North American, US-based. And we're just beginning to link the first few data centers for a couple of hyperscalers to it. And that's all in front of us. So yes, it's a massive driver to it.

是的，Tim，我認為這是需求的一個主要驅動因素。而且我們是第一個推出第一個從資料中心延伸出來的 scale across 方案的廠商。所以我們對此有很好的能見度。我同意業界對此的大多數評論。我想——恕我雙關一下——它的規模非常龐大，而且才剛開始。我要強調的是，我們才剛開始部署這些資料中心之間的第一批連接。目前幾乎完全是在北美、以美國為主。而我們也才剛開始為幾家超大規模業者連結最初的幾個資料中心。而這些都還在我們前方。所以是的，這是一個非常巨大的驅動因素。

But I also -- we're also seeing just a general increase in connectivity around the data centers as well. The agentic stuff is beginning to flow, particularly on the submarine cables. And the inference traffic, we also think is a big step function, mainly in front of us.

但我也——我們也看到資料中心周邊的連接性整體在提升。Agentic 的相關內容開始流動，特別是在海底電纜上。而推論流量我們也認為會出現一個很大的躍升，主要都還在前方。

So everywhere you look, basically, Tim, you're looking at compounding waves of applications and traffic growth that will just build on top of each other because even the scale across, which is really predominantly now on training, started off with synchronous training, you're going to get asynchronous training as well.

所以基本上，Tim，你放眼所及看到的是一波又一波相互疊加的應用與流量成長浪潮，會在彼此之上持續堆疊；因為即使是 scale across——目前主要仍以訓練為主——一開始是同步訓練，接下來也會出現非同步訓練。

You're also going to get large amounts of inference cascading into that as well. So massive amounts of connectivity between these data centers in front of us. And we're only just at the early innings of that. And we are incredibly well positioned to it, having the leading platform for Hyper-Rail. RLS was an industry standard.

你也會看到大量的推論同樣會層層疊加進來。因此，這些資料中心之間將出現巨量的連接需求。而我們現在也才剛在早期階段。而我們在這方面的布局非常有利，因為我們擁有 Hyper-Rail 的領先平台。RLS 是一項產業標準。

We have about 70% of that market share, and we expect that to continue with Hyper-Rail and this next generation and the leading modem technology, we can basically move bits faster and longer than anybody else in the world. And that's a super valued critical element that will enable us.

我們大約擁有 70% 的市占率，而且我們預期在 Hyper-Rail、這一代與下一代，以及領先的數據機（modem）技術的帶動下，這個市占率會持續。我們基本上能比世界上任何人更快、傳得更遠地傳輸位元（bits）。

Thanks, Tim, for the question. Thanks, Gary. We look forward to seeing everyone over the next several weeks at a very busy schedule. Thanks for your time this morning.

謝謝你，Tim，提出這個問題。謝謝你，Gary。接下來幾週我們行程非常滿，期待與各位見面。謝謝各位今天早上的時間。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。