Fabrinet (FN) 2019 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Fabrinet's financial results conference call for the third quarter of fiscal year 2019. (Operator Instructions) As a reminder, today's call is being recorded. I would now like to turn your call over to your host, Garo Toomajanian, Investor Relations.

女士們先生們，美好的一天，歡迎來到 Fabrinet 2019 財年第三季度財務業績電話會議。（操作員說明）提醒一下，今天的通話正在錄音中。我現在想把你的電話轉給你的主持人，投資者關係部的 Garo Toomajanian。

Thank you, operator, and good afternoon, everyone. Thank you for joining us on today's conference call to discuss Fabrinet's financial and operating results for the third quarter and fiscal year 2019, which ended March 29, 2019. With me on the call today are Seamus Grady, Chief Executive Officer; and TS Ng, Chief Financial Officer.

謝謝接線員，大家下午好。感謝您參加今天的電話會議，討論 Fabrinet 截至 2019 年 3 月 29 日的第三季度和 2019 財年的財務和運營業績。今天和我一起打電話的是首席執行官 Seamus Grady；和首席財務官 TS Ng。

This call is being webcast, and a replay will be available on the Investors section of our website located at investor.fabrinet.com. Please refer to our website for important information, including our earnings press release and investor presentation, which include our GAAP to non-GAAP reconciliation.

此電話會議正在進行網絡直播，重播將在我們網站 investor.fabrinet.com 的“投資者”部分提供。請參閱我們的網站以獲取重要信息，包括我們的收益新聞稿和投資者介紹，其中包括我們的 GAAP 與非 GAAP 對賬。

I would like to remind you that today's discussion will contain forward-looking statements about the future financial performance of the company. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from management's current expectations. These statements reflect our opinions only as of the date of this presentation and we undertake no obligation to revise them in light of new information or future events, except as required by law. For a description of the risk factors that may affect our results, please refer to our recent SEC filings, in particular, the section captioned Risk Factors in our Form 10-Q filed on February 5, 2019.

我想提醒您，今天的討論將包含有關公司未來財務業績的前瞻性陳述。前瞻性陳述受風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與管理層當前的預期存在重大差異。這些陳述僅反映我們截至本演示文稿之日的意見，除法律要求外，我們不承擔根據新信息或未來事件修改這些陳述的義務。有關可能影響我們結果的風險因素的描述，請參閱我們最近提交給美國證券交易委員會的文件，尤其是我們於 2019 年 2 月 5 日提交的 10-Q 表格中標題為“風險因素”的部分。

We will begin the call with remarks from Seamus and TS, followed by time for questions. I would now like to turn the call over to Fabrinet's CEO, Seamus Grady. Seamus?

我們將以 Seamus 和 TS 的評論開始通話，然後是提問時間。我現在想把電話轉給 Fabrinet 的首席執行官 Seamus Grady。西默斯？

Thank you, Garo, and good afternoon, everyone. I am pleased that we exceeded our guidance for revenue and earnings per share in the third quarter. Revenue in the third quarter of $399 million was $7 million above the high end of our guidance range, and non-GAAP net income of $0.92 per share also exceeded the high end of guidance. These results also drove strong cash flows in the third quarter with operating cash flow of nearly $36 million and free cash flow of $33 million.

謝謝你，Garo，大家下午好。我很高興我們在第三季度超出了我們對收入和每股收益的指導。第三季度 3.99 億美元的收入比我們指導範圍的上限高出 700 萬美元，非 GAAP 每股淨收入 0.92 美元也超過了指導範圍的上限。這些結果還推動了第三季度的強勁現金流，運營現金流接近 3600 萬美元，自由現金流為 3300 萬美元。

In addition to these strong headline results, we executed well in the quarter to produce non-GAAP gross margins of 12.1%, representing a return to our target range of 12% to 12.5%.

除了這些強勁的總體業績外，我們在本季度表現良好，非公認會計準則毛利率達到 12.1%，這意味著我們回到了 12% 至 12.5% 的目標範圍。

Component supply constraints that we experienced in the first half of the fiscal year diminished significantly in the third quarter, supporting the return to our industry-leading gross margins. From an end market perspective, optical communications revenue of $298 million, or 75% of total revenue, moderated 1% from the second quarter.

我們在本財年上半年遇到的組件供應限制在第三季度顯著減少，支持我們恢復到行業領先的毛利率。從終端市場的角度來看，光通信收入為 2.98 億美元，佔總收入的 75%，較第二季度下降 1%。

As anticipated, we saw continued sequential growth for telecom applications with revenue of $217 million, up 5% sequentially, and representing 73% of optical communications revenue.

正如預期的那樣，我們看到電信應用持續環比增長，收入為 2.17 億美元，環比增長 5%，佔光通信收入的 73%。

Also as anticipated, datacom revenue decreased sequentially and was $81 million or 27% of optical communications revenues.

同樣如預期的那樣，數據通信收入環比下降，為 8100 萬美元，佔光通信收入的 27%。

By technology, silicon photonic-based optical communications revenue was $82 million or 27% of optical communications revenue, a slight improvement from Q2.

從技術來看，基於矽光子的光通信收入為 8200 萬美元，佔光通信收入的 27%，較第二季度略有改善。

Revenue from QSFP28 and QSFP56 transceivers was $44 million, a decrease from the second quarter, as growth in QSFP56 programs was more than offset by declines in QSFP28 programs as our customers transitioned to next-generation designs.

QSFP28 和 QSFP56 收發器的收入為 4400 萬美元，較第二季度有所下降，因為隨著我們的客戶過渡到下一代設計，QSFP56 項目的增長被 QSFP28 項目的下降所抵消。

By data rate, 100-gig programs continue to represent about half of optical communications revenue or $146 million. Products rated at speeds at 400 gig and above grew 15% from the second quarter to $23 million or 8% of optical communications revenue.

按數據速率計算，100 兆節目繼續佔光通信收入的一半左右或 1.46 億美元。額定速度為 400 gig 及以上的產品比第二季度增長 15%，達到 2300 萬美元，佔光通信收入的 8%。

Looking at nonoptical communications, revenue was $101 million, up 3% from Q2. Revenue from industrial lasers was $48 million compared to $50 million in the second quarter. Automotive revenue increased 6% to more than $24 million with the majority of this growth coming from new automotive applications.

看看非光通信，收入為 1.01 億美元，比第二季度增長 3%。工業激光器的收入為 4800 萬美元，而第二季度為 5000 萬美元。汽車收入增長 6%，超過 2400 萬美元，其中大部分增長來自新的汽車應用。

Sensor revenue was roughly flat at $4 million in the third quarter. Finally, other nonoptical communications revenue increased 17% from the second quarter to $24 million. Revenue from new business increased 4% from the second quarter to $152 million and represented 38% of total revenue in the quarter.

第三季度傳感器收入大致持平，為 400 萬美元。最後，其他非光通信收入比第二季度增長 17% 至 2400 萬美元。新業務收入較第二季度增長 4% 至 1.52 億美元，佔本季度總收入的 38%。

While we don't generally discuss specific transactions, during the third quarter, we entered into an agreement with an existing customer that could have a meaningful impact on our results in the coming quarters and hence warrants further discussion. We typically engage with our customers during the design phase and early in the manufacturing process to help them transition from new product introduction into volume manufacturing. During the third quarter, we signed an agreement with Infinera, an existing customer, to assume manufacturing responsibilities for the products currently being manufactured at their Coriant division in Berlin. We already have staff in Berlin to support this program and anticipate migrating the products currently being manufactured at this location to our facility in Thailand in the coming quarters. While we expect the revenue impact from this program to be small in fiscal 2019, we believe that it could lead to Infinera becoming a greater-than-10% customer in fiscal 2020 in what we believe is a win-win relationship. With this transaction as well as other new business wins, we expect our first building in Chonburi to reach a level of 70% that is either occupied or spoken for in the coming months.

雖然我們一般不討論具體交易，但在第三季度，我們與現有客戶達成了一項協議，該協議可能對我們未來幾個季度的業績產生重大影響，因此值得進一步討論。我們通常在設計階段和製造過程的早期與客戶接觸，以幫助他們從新產品推出過渡到批量生產。在第三季度，我們與現有客戶 Infinera 簽署了一項協議，由其在柏林的 Coriant 分部承擔目前正在生產的產品的製造責任。我們已經在柏林安排了員工來支持該計劃，並預計在未來幾個季度將目前在該地點生產的產品遷移到我們在泰國的工廠。雖然我們預計該計劃對 2019 財年收入的影響很小，但我們認為它可能會導致 Infinera 在 2020 財年成為一個我們認為雙贏關係的超過 10% 的客戶。憑藉此次交易以及其他新業務的成功，我們預計我們在春武里的第一座建築將在未來幾個月內達到 70% 的入住率或成交率。

In summary, we are pleased to have exceeded our expectations for the third quarter with revenue above the high end of our guidance and to have delivered earnings per share that were also above the high end of expectations. We are pleased to see gross margins return to our target range and are optimistic that our new program with Infinera will further support the momentum we see across our business.

總而言之，我們很高興第三季度的收入超出了我們指導的上限，並且每股收益也高於預期的上限。我們很高興看到毛利率回到我們的目標範圍，並樂觀地認為我們與 Infinera 的新計劃將進一步支持我們在整個業務中看到的勢頭。

Now let me turn the call over to TS to discuss the details of our third quarter performance and our outlook. TS?

現在讓我把電話轉給 TS，討論我們第三季度業績的細節和我們的展望。TS？

Thank you, Seamus, and good afternoon, everyone. I will provide you with more details on our performance by end market and our financial results for Q3 as well as our guidance for Q4 of fiscal year 2019.

謝謝 Seamus，大家下午好。我將為您提供有關我們按終端市場劃分的業績和我們第三季度的財務業績以及我們對 2019 財年第四季度的指導的更多詳細信息。

Total revenue in the third quarter for fiscal year 2019 was $399 million. Note that our adoptions of ASC 606 this fiscal year reduced our revenue by approximately $3 million in the third quarter as compared to what our revenue would have been under ASC 605. Because we provide guidance under ASC 605, this means that we will have exceeded the top end of our revenue guidance of $384 million to $392 million by $10 million if we had reported under ASC 605.

2019 財年第三季度的總收入為 3.99 億美元。請注意，與我們在 ASC 605 下的收入相比，我們在本財政年度採用 ASC 606 使我們的收入在第三季度減少了約 300 萬美元。因為我們根據 ASC 605 提供指導，這意味著如果我們根據 ASC 605 進行報告，我們將超過 3.84 億美元至 3.92 億美元的收入指導上限 1000 萬美元。

Non-GAAP net income was $0.92 per share and was also above our guidance range, even after an $0.08 per share foreign exchange headwind in the quarter. Adoptions of ASC 606 further reduced our net income by approximately $0.01 per share as compared to our guidance provided under ASC 605.

非 GAAP 淨收入為每股 0.92 美元，也高於我們的指導範圍，即使在本季度每股 0.08 美元的外匯逆風之後。與我們根據 ASC 605 提供的指導相比，採用 ASC 606 進一步減少了我們每股淨收入約 0.01 美元。

Looking at the third quarter in more detail. Our quarter played out as anticipated with strong continued growth from telecom products, a sequential revenue decline from datacom products and nonoptical communications revenue that was slightly up from the second quarter. Optical communications represents 75% of revenue with nonoptical communications represents 25% of revenue.

更詳細地看第三季度。我們的季度表現如預期，電信產品持續強勁增長，數據通信產品收入環比下降，非光通信收入略高於第二季度。光通信佔收入的 75%，非光通信佔收入的 25%。

Now turning to the details of our P&L. A reconciliation of GAAP to non-GAAP measures is included in our earnings press release and investor presentation, which you can find on our website.

現在轉向我們損益表的細節。GAAP 與非 GAAP 措施的對賬包含在我們的收益新聞稿和投資者介紹中，您可以在我們的網站上找到。

Non-GAAP gross margin in the third quarter was 12.1%, an increase of 50 basis points from the second quarter and within our target range of 12% to 12.5%, as component supply constraints have eased and as we continue to improve productivity.

第三季度非美國通用會計準則毛利率為 12.1%，比第二季度增長 50 個基點，在我們 12% 至 12.5% 的目標範圍內，因為組件供應限制已經緩解，並且我們繼續提高生產力。

Non-GAAP operating expense was $10.1 million in the third quarter. As a result, non-GAAP operating income was a record of $38 million, an increase on the second quarter despite slightly lower revenue. Non-GAAP operating margin was 9.5%, up from the 9.3% in the second quarter. Taxes in the quarter were $1.5 million, and our normalized effective tax rate was 5.2%. We continue to anticipate an effective tax rate of 6% to 7% for the fiscal year.

第三季度非 GAAP 運營費用為 1010 萬美元。因此，非 GAAP 營業收入達到創紀錄的 3800 萬美元，儘管收入略有下降，但比第二季度有所增長。非美國通用會計準則營業利潤率為 9.5%，高於第二季度的 9.3%。本季度的稅收為 150 萬美元，我們的標準化有效稅率為 5.2%。我們繼續預計本財年的有效稅率為 6% 至 7%。

Non-GAAP net income was above our guidance range at $34.3 million in the third quarter or $0.92 per diluted share despite the foreign exchange headwind of $0.08 per share. On a GAAP basis, which includes share-based compensation expenses and amortization of debt issuing costs, net income for the third quarter was $28.6 million or $0.76 per diluted share, also $0.01 above the high end of guidance.

儘管每股 0.08 美元的外匯逆風，第三季度非 GAAP 淨收入仍高於我們的指導範圍 3430 萬美元或每股攤薄收益 0.92 美元。根據 GAAP（包括股權補償費用和債務發行成本攤銷），第三季度淨收入為 2860 萬美元或每股攤薄收益 0.76 美元，也比指引的上限高出 0.01 美元。

Turning to the balance sheet and cash flow statement. At the end of the third quarter, cash and investments were $408.9 million, an increase of $26.4 million from the second quarter. Operating cash flow in the quarter was $36.2 million, and with CapEx of $3.5 million, free cash flow was $32.7 million in the third quarter.

轉向資產負債表和現金流量表。第三季度末，現金和投資為 4.089 億美元，比第二季度增加 2640 萬美元。本季度的運營現金流為 3620 萬美元，資本支出為 350 萬美元，第三季度的自由現金流為 3270 萬美元。

During the quarter, we purchased 100,000 shares of our stock at an average price of $53.78, for a total cash outlook of $5.4 million. In addition, our Board of Directors has approved the repurchase of an additional $50 million of Fabrinet's ordinary share, bringing the aggregate size of our repurchase program to $110 million with $61.2 million (sic - see press release, "$62.2 million") remaining.

本季度，我們以平均 53.78 美元的價格購買了 100,000 股股票，總現金前景為 540 萬美元。此外，我們的董事會已批准額外回購 5000 萬美元的 Fabrinet 普通股，使我們回購計劃的總規模達到 1.1 億美元，剩餘 6120 萬美元（原文如此 - 請參閱新聞稿，“6220 萬美元”）。

I would now like to turn to our guidance for the fourth quarter of fiscal year 2019. This guidance is based on ASC 605, and we will provide a reconciliation with our fourth quarter results. Starting in fiscal 2020, our guidance will be under ASC 606.

我現在想談談我們對 2019 財年第四季度的指導。本指南基於 ASC 605，我們將提供與第四季度業績的對賬。從 2020 財年開始，我們的指南將遵循 ASC 606。

For the fourth quarter, we expect revenue to be consistent with the third quarter with a relatively flat performance on telecom, a modest improvement in datacom, and a relatively flat nonoptical communications performance. As Seamus mentioned, we entered into an agreement with Infinera in the third quarter, whereby we will be assuming manufacturing responsibility of products currently being produced at Infinera former Coriant facility in Berlin. We expect this program to ramp over time, and that we will ultimately transfer this manufacturing to our facility in Thailand. While the near-term revenue contribution is still fairly small, we believe that when fully ramped, this program could generate enough revenue to move Infinera from a less-than-10% customer to a greater-than-10% customer.

對於第四季度，我們預計收入將與第三季度持平，電信表現相對平穩，數據通信表現溫和，非光通信表現相對錶現平平。正如 Seamus 所提到的，我們在第三季度與 Infinera 達成了一項協議，我們將承擔目前在 Infinera 位於柏林的 Coriant 工廠生產的產品的製造責任。我們預計該計劃會隨著時間的推移而逐步推進，並且我們最終會將製造轉移到我們在泰國的工廠。雖然近期的收入貢獻仍然相當小，但我們相信，在全面推進後，該計劃可以產生足夠的收入，將 Infinera 從不到 10% 的客戶轉移到超過 10% 的客戶。

While this program will be accretive to non-GAAP profitability, we expect gross margin headwind to push us closer to the low end of our target range of 12% to 12.5% when fully ramped. As it's our customer-specific program, we do not plan to break out revenue from this relationship, but may provide incremental color from time to time that could be useful to investors.

雖然該計劃將增加非 GAAP 盈利能力，但我們預計毛利率逆風將使我們更接近目標範圍 12% 至 12.5% 的低端。由於這是我們針對特定客戶的計劃，我們不打算從這種關係中獲得收入，但可能會不時提供可能對投資者有用的增量顏色。

With that backdrop, for the fourth quarter of fiscal year 2019, we anticipate revenue to be in the range of $396 million to $404 million, representing growth of 15% to 17% from a year ago, and growth of approximately 15% for all of fiscal year 2019.

在此背景下，我們預計 2019 財年第四季度的收入將在 3.96 億美元至 4.04 億美元之間，較上年同期增長 15% 至 17%，所有業務增長約 15%。 2019 財年。

From an earnings perspective, we anticipate non-GAAP net income per share in the fourth quarter to be in the range of $0.92 to $0.96, and GAAP net income per share of $0.78 to $0.82 based on approximately 37.6 million fully diluted share outstanding.

從收益的角度來看，我們預計第四季度的非 GAAP 每股淨收入在 0.92 美元至 0.96 美元之間，基於約 3760 萬股完全攤薄的已發行股票，GAAP 每股淨收入為 0.78 美元至 0.82 美元。

In summary, we delivered financial results that exceeded our guidance in the third quarter, and we are well positioned for continued momentum across our business as a leading contract manufacturer for the industry's most complex optical and electronic components and devices.

總而言之，我們在第三季度的財務業績超出了我們的預期，作為業界最複雜的光學和電子元件和設備的領先合同製造商，我們有能力在整個業務中保持持續發展勢頭。

Operator, we would now like to open the call for questions.

接線員，我們現在想打開問題電話。

(Operator Instructions) And our first question will come from the line of Alex Henderson with Needham.

（操作員說明）我們的第一個問題將來自 Alex Henderson 與 Needham 的對話。

So I guess I'm a little puzzled by the guidance on the revenue sequentially being flat in the June quarter. It's very much against the historical trends that suggest that this June quarter is sequentially always considerably up and seasonally much stronger quarter given what goes on in the first quarter, particularly in the telco, but even in the datacom side. I was hoping you might give us some sense of what it is that is causing that to be sequentially flatter. Is it capacity constraints? Is it timing of new capacity adds on some of the products? What's behind the mechanics there?

所以我想我對 6 月季度收入環比持平的指導感到有點困惑。這與歷史趨勢大相徑庭，歷史趨勢表明，考慮到第一季度發生的情況，尤其是在電信行業，但即使在數據通信方面，這個 6 月季度總是連續大幅上漲且季節性強得多的季度。我希望您能告訴我們是什麼導致了順序變平。是容量限制嗎？是否是某些產品新增產能的時機？那裡的機制背後是什麼？

Okay. I'd like to thank you for the question. This is TS. I think a mixture of all the things you mentioned. First of all, the datacom is still pretty unsettled. Although we guided a little bit higher than Q3, but again, still away. We have probably less than 20% of the market share. A lot of our customers do not participate in broad range of datacom. So a lot of customers who are in the datacom, major players are not doing business with us. So I really cannot tell -- align that with the industry. So datacom, we believe there will be a little uptick, and telecom, as you mentioned, a lot of capacity constraints, and depends on how well we can execute those capacity together with the customer.

好的。我想感謝你提出這個問題。這是TS。我認為是你提到的所有事情的混合體。首先，數據通信仍然很不穩定。雖然我們的指引比 Q3 高一點，但仍然離我們很遠。我們可能只有不到 20% 的市場份額。我們的許多客戶並未參與範圍廣泛的數據通信。所以很多數據通信領域的客戶，主要參與者都沒有與我們做生意。所以我真的不能說 - 與行業保持一致。所以數據通信，我們相信會有一點上升，而電信，正如你提到的，有很多容量限制，這取決於我們與客戶一起執行這些容量的能力。

If I could just add, Alex. Historically, you're right. Historically, some years we have seen strong sequential growth in Q4. In other years it has been a little bit more modest. I guess our forecasts are based on the committed orders we have from our customers. So it's really a reflection of what we're seeing from our customers. We are pleased, I would say, that after a challenging fiscal 2018, we have returned to year-over-year growth for every quarter in FY '19 and we're looking at about 15% growth for the year.

如果我可以補充一下，亞歷克斯。從歷史上看，你是對的。從歷史上看，有些年份我們在第四季度看到了強勁的連續增長。在其他年份，它稍微溫和一些。我想我們的預測是基於我們從客戶那裡得到的承諾訂單。所以這真的反映了我們從客戶那裡看到的情況。我想說，我們很高興，在充滿挑戰的 2018 財年之後，我們在 19 財年的每個季度都恢復了同比增長，我們預計今年的增長率約為 15%。

So just to the point though, I mean, it seems that this implies that there's some constraints that are a little artificial, harder for us to forecast, And I was hoping you might help with a little bit of that. To the extent that some of this is capacity constraint issues, are you anticipating that after a quarter-over-quarter flatness, which is unusual in the June quarter that you might have more capacity coming on that would help you in the back half of calendar '19, and therefore, it's just a timing of when the growth kicks in? How should we be thinking about that beyond the current constraints?

因此，直截了當，我的意思是，這似乎意味著存在一些人為的限制，我們更難預測，我希望您能對此有所幫助。就其中一些是產能限制問題而言，您是否預計在環比持平之後，這在 6 月季度是不尋常的，您可能會有更多的產能來幫助您在日曆的後半部分'19，因此，這只是增長開始的時間？我們應該如何考慮超出當前限制的問題？

I would say, obviously, we just guide 1 quarter at a time, but it's not a secret that we are installing capacity to support some of the capacity constraints we have had historically. And also, with the new business coming our way, the new program we've announced from Infinera, we do see that having a positive impact in the back half of the year for sure.

我會說，很明顯，我們一次只指導 1 個季度，但我們正在安裝容量以支持我們歷史上遇到的一些容量限制並不是秘密。而且，隨著新業務的開展，我們從 Infinera 宣布的新計劃，我們確實看到這肯定會在今年下半年產生積極影響。

So just to be clear. So the capacity constraints here are your capacity constraints or capacity constraints in particular products? What exactly are we referring to?

所以要明確一點。那麼這裡的產能約束是你的產能約束還是特定產品的產能約束？我們到底指的是什麼？

It's with specific products where our customers make investments in, I would say, product-specific unique equipment that can sometimes become the pacing item, usually a piece of test equipment that -- it's not a piece of, let's say, standard equipment. It's more a piece of unique equipment. So typically our customers will make that investment, ideally, in an ideal world, ahead of the ramp curve, but in some cases, the demand is outpacing the supply and it just takes a little bit of time for capacity to catch up with the demand.

它是我們的客戶投資的特定產品，我想說，特定於產品的獨特設備有時會成為節奏項目，通常是一種測試設備——它不是標准設備的一部分。它更像是一件獨特的設備。因此，通常我們的客戶會在理想情況下，在理想世界中，在斜坡曲線之前進行投資，但在某些情況下，需求超過供應，產能趕上需求只需要一點時間.

So this isn't a function of any move to Chonburi or anything of that sort?

所以這不是搬到春武里府或類似活動的結果嗎？

No, no. Nothing at all to do with Chonburi. It's to do with specific, I would say, product-specific, to be more precise, test equipment. Not at all a function of physical capacity.

不，不。與春武里無關。這與特定的，我想說的，特定於產品的，更準確地說，測試設備有關。根本不是身體能力的函數。

And our next question will come from the line of Troy Jensen with Piper Jaffray.

我們的下一個問題將來自 Troy Jensen 與 Piper Jaffray 的合作。

Congrats on the nice quarter and the new win.

祝賀這個漂亮的季度和新的勝利。

Thanks, Troy.

謝謝，特洛伊。

Thanks.

謝謝。

So I guess I'd love to get just a little bit more color on how big Infinera is. You said it could grow to a greater-than-10% customer, but to my knowledge they're a current customer, so can you just kind of give us some form of reference? Are they close to 10% now, and this is a modest win? Or are they well below that, and this is more material?

所以我想我很想知道 Infinera 有多大。你說它可能會增長到超過 10% 的客戶，但據我所知他們是當前客戶，所以你能給我們一些參考嗎？他們現在接近 10%，這是一個適度的勝利嗎？或者它們遠低於該值，而這更重要？

Well, they're a less-than-10% customer. Obviously, we're not going to put a number on that, Troy, I'm afraid. We really only report the 10% customers once a year and only when they become a 10% customer. So we'll report it, looking back at some time in the future, but they're a less-than-10% customer today. They're a very important customer for us. They've been a long-standing customer for us and just an excellent customer. It's been a great partnership between the 2 companies.

嗯，他們是不到 10% 的客戶。很明顯，我們不會對此給出一個數字，特洛伊，恐怕。我們實際上每年僅報告一次 10% 的客戶，並且僅在他們成為 10% 的客戶時報告。所以我們會報告它，回顧未來的某個時間，但他們今天的客戶不到 10%。他們是我們非常重要的客戶。他們一直是我們的長期客戶，而且是非常出色的客戶。這是兩家公司之間的良好合作夥伴關係。

The Berlin business, or the Coriant business, I would call it, really what we're transferring and we have a team on the ground right now in Berlin managing that transfer. We're transferring all of the business, or all of the products that are currently being manufactured in Coriant in Berlin are being transferred to our operations in Thailand. We're not, just to be clear, we're not acquiring a facility in Germany or anything like that, we're just managing the transfer of those activities to Thailand.

柏林業務，或 Coriant 業務，我會稱之為，真正是我們正在轉移的東西，我們現在在柏林有一個實地團隊來管理該轉移。我們正在轉移所有業務，或者說目前在柏林 Coriant 生產的所有產品都將轉移到我們在泰國的業務。我們不是，只是說清楚，我們不是在德國或類似的地方收購設施，我們只是管理將這些活動轉移到泰國。

And the products, it's a range of, I would say, line cards for transponders, filters, optical amplifiers, interface cards, power management cards, and then as well as complete network systems for transport for both long-haul and metro applications. And then in addition to that, there's also the repair center support and reverse and forward logistics that goes with that. So it's the full suite of offerings or services that are currently being done out of the Berlin operation will be transferred to Bangkok. And it's an excellent fit with our core competencies, and it really strengthens our already, I would say, our already excellent relationship with Infinera. We do expect that they will become a greater-than-10% customer with this transaction, but we're not putting a timing -- a time line on that.

我想說的是產品系列，包括用於轉發器、濾波器、光放大器、接口卡、電源管理卡的線卡，以及用於長途和城域應用的完整傳輸網絡系統。除此之外，還有維修中心支持以及與之相關的逆向和正向物流。因此，目前在柏林運營中完成的全套產品或服務將轉移到曼谷。它非常適合我們的核心競爭力，它確實加強了我們已經，我想說的是，我們與 Infinera 已經非常好的關係。我們確實預計他們將通過此次交易成為超過 10% 的客戶，但我們沒有給出時間——一個時間表。

Okay. All right, understood. And then how about just to dive further into the datacom business. It was down a lot sequentially, but now you're guiding it up. So can you just talk about the visibility you have for the datacom business? And are you expecting to see growth in QSFP28 or different datacom products?

好的。好的，明白了。然後進一步深入數據通信業務怎麼樣。它連續下降了很多，但現在你正在引導它上升。那麼您能談談您對數據通信業務的知名度嗎？您是否期望看到 QSFP28 或不同數據通信產品的增長？

So we're, I guess, it's kind of a mixed message. As you know, Troy, we don't break it out by individual customer, but what I would say is there's a number of factors going on. So there is some price, I would say, price erosion where our customers are giving fairly significant price reductions to win market share. We're working with our customers to make sure when that happens, that we're able to match that with cost reductions so that we preserve our margin. So there's a combination of price reductions coupled with some product transitions where some of our customers, 1 or 2 of them, are transitioning to new generation, new technology products. And usually when that happens, there's a significant improvement in performance. So for example, a customer goes from a 100-gig product to a 400-gig product, the average selling price of the product goes up, but the volume will drop in the short term. So we're seeing a little bit of that where there's a little bit of price erosion coupled with some product transitions.

所以我想，這是一個混合的信息。如你所知，特洛伊，我們不會按個別客戶進行分類，但我要說的是，有很多因素在起作用。所以有一些價格，我會說，價格侵蝕，我們的客戶為了贏得市場份額而給予相當大的降價。我們正在與我們的客戶合作，以確保當這種情況發生時，我們能夠將其與成本降低相匹配，從而保持我們的利潤。因此，降價與一些產品轉型相結合，我們的一些客戶，其中一兩個，正在轉向新一代、新技術產品。通常當這種情況發生時，性能會有顯著提高。因此，例如，客戶從 100 兆的產品轉向 400 兆的產品，產品的平均售價上升，但短期內銷量會下降。因此，我們看到了一些價格下跌以及一些產品轉型的情況。

Overall, I mean, we're very optimistic about the datacom market. I mean data center rollouts around the world are just going at a phenomenal pace. So I would say over the long-term, we still feel very positive about that market. We think we have the right customers that we're supporting in that market space. But -- so it's a couple of things. It's not any one thing. It's a couple of things, and we are looking at a slight uptick then in Q4 with those same set of customers.

總的來說，我的意思是，我們對數據通信市場非常樂觀。我的意思是世界各地的數據中心部署正以驚人的速度進行。所以我想說，從長遠來看，我們仍然對該市場感到非常樂觀。我們認為我們擁有在該市場空間中支持的正確客戶。但是 - 所以這是幾件事。這不是一回事。這是幾件事，我們正在考慮在第四季度與同一組客戶一起略有上升。

And our next question will come from the line of John Marchetti with Stifel.

我們的下一個問題將來自 John Marchetti 與 Stifel 的合作。

Just following up on some of the guidance on the telecom side. You mentioned the capacity constraints there. Just curious, Seamus, in your conversations with customers, and I'm certainly not asking for any one name in particular, but just curious if you're hearing about them seeing any sort of slowing growth, whether it's because of inventory buildups or some of the renewed risk that seems to be coming back in on China? Just curious in your conversations with customers there, how that may be impacting some of the telecom demand, or if they're sharing any of that color with you.

只是跟進電信方面的一些指導。你在那裡提到了容量限制。只是好奇，Seamus，在你與客戶的談話中，我當然不是要特別詢問任何一個名字，而是好奇你是否聽說他們看到任何形式的增長放緩，無論是因為庫存增加還是一些似乎又回到中國的新風險？只是好奇你與那裡的客戶的談話，這可能會如何影響一些電信需求，或者他們是否與你分享任何那種顏色。

A little bit. I think what we're hearing -- so again, you'll appreciate we're a couple of steps removed from the end customers. Let's say, you mentioned China, for example, the end customers in China. But what we do hear from our customers is they tell us that they are not really seeing big inventory builds maybe like was seen a couple of years ago. And if there are inventory builds going on, and this I think was talked about on a couple of our customers' earnings calls the last few days, the last week or so, that if there is inventory builds going on, it's more in support of tenders that are going on where there is a fairly aggressive trial maybe running at the moment. And then subject to the trial going well, there would be an installation in -- later in the year.

一點點。我想我們所聽到的——所以，你會再次意識到我們從最終客戶那裡走了幾個步驟。比方說，你提到了中國，例如中國的終端客戶。但我們從客戶那裡聽到的是，他們告訴我們，他們並沒有真正看到幾年前那樣的大量庫存增加。如果庫存在增加，我想這在過去幾天、上週左右的幾個客戶的財報電話會議上都談到了，如果庫存在增加，它更能支持正在進行的招標可能正在進行相當積極的試驗。如果試驗進展順利，將在今年晚些時候進行安裝。

Again, that's a little bit secondhand or maybe even third-hand information, so take it with a pinch of salt, I would say. But we're -- I'll put it this way, we are not hearing from our customers that there's big inventory buildups going on. We're not hearing that. And the demand, we -- touch wood, the demand does remain quite strong in the telecom space.

再說一次，這有點二手甚至三手信息，所以我會說，請對它持保留態度。但是我們 - 我會這樣說，我們沒有從客戶那裡聽到大量庫存正在增加。我們沒有聽到。而需求，我們 - 觸摸木頭，電信領域的需求確實仍然非常強勁。

Got it. And then if I can just ask another question on the datacom side. You mentioned that transition from 28 to 56. I'm curious in your mind sort of where the industry is in that transition? And you mentioned obviously the uptick a little bit in datacom expected in the current quarter. Is that starting to be resolved? Or am I reading too much into those 2 sort of comments together?

知道了。然後我是否可以在數據通信方面再問一個問題。你提到了從 28 歲到 56 歲的轉變。在您看來，我很好奇這個行業在轉型中處於什麼位置？你顯然提到了本季度預期數據通信的小幅上漲。開始解決了嗎？還是我對這兩種評論一起讀得太多了？

Yes. Maybe reading a little bit too much. But bear in mind, we're, especially with datacom, we're not in any way a kind of a proxy for the industry. We don't have all the players, and we don't make all the products for all the companies that we do support. Having said that, on the transition to QSFP56 we're probably -- again, it depends on which customer we're talking about. We're probably in the middle of that transition, I would say, at the moment, in the early stages of it. And the uptick we're seeing in the current quarter, it's with a couple of customers. In other words, I suppose, the softness we've seen, we don't see it as a long-term trend. We see it more as a transition to newer products with higher ASPs with lower volumes to begin with, coupled with some price erosion from some of our customers.

是的。也許閱讀有點太多了。但請記住，我們，尤其是在數據通信方面，我們絕不是該行業的代理人。我們沒有所有的參與者，我們也沒有為我們支持的所有公司生產所有的產品。話雖如此，在向 QSFP56 過渡時，我們可能——再次，這取決於我們談論的是哪個客戶。我們可能正處於過渡的中間，我想說，目前，處於過渡的早期階段。我們在本季度看到的增長是與幾個客戶有關。換句話說，我想，我們所看到的疲軟，我們不認為它是一個長期趨勢。我們更多地將其視為向具有更高 ASP 的新產品的過渡，開始時銷量較低，再加上我們的一些客戶的一些價格侵蝕。

If you look at Q3, we are down $17 million, $18 million on datacom. So the only way is to go up, so we just guided a little bit. Maybe back to normal count, normal time line, but this quarter was down significantly.

如果你看看第三季度，我們在數據通信方面減少了 1700 萬美元和 1800 萬美元。所以唯一的辦法就是往上走，所以我們只是引導了一點。也許回到正常計數，正常時間線，但本季度顯著下降。

Understood. Understood. And then one last question, if I could, TS. You mentioned with Infinera coming on, as it starts to become more than a 10% customer, that pushes you down towards the lower end of the 12% to 12.5% kind of gross margin guide. Does that have to do with them sort of now reaching certain volume breakpoints and some things like that? Is the business that you're bringing over say structurally different than maybe what you see with some of the other customers? Just trying to get a little color there on how we should think about once that business hits, how gross margin maybe trends after that?

明白了。明白了。最後一個問題，如果可以的話，TS。你提到 Infinera 的到來，因為它開始成為超過 10% 的客戶，這將你推向 12% 至 12.5% 毛利率指南的低端。這是否與他們現在達到某些音量斷點和類似的事情有關？您帶來的業務在結構上是否與您在其他一些客戶中看到的不同？只是想了解一下我們應該如何考慮一旦該業務成功，之後毛利率可能如何變化？

Yes, John, you're probably aware that in any product transfer, there's many moving parts. And everything has to be lined up, the moon, the sun, the universe we have. So when they're fully ramped, we'll get to the more-than-10% customer, but again, in the process, anything can just go sideways, right? So we are kind of a little cautious, obviously. The margin also relates to some of the products. Most of the products we transfer, my understanding is, it is a mass production. It's not a new product. If you listen to our earnings call in the past, we always say that if it is a brand new product, we have better opportunity for gross margin (inaudible). So these are the existing products. We are transferring the whole thing into Thailand. So depending how smooth it goes, and that's why we cannot say the timing when they become a 10% customer. But yes, obviously, we'll try to strive for the higher gross margin. But again, there are a lot of moving parts, as I said.

是的，約翰，你可能知道在任何產品轉移中，都有很多移動部件。一切都必須排成一行，月亮、太陽、我們擁有的宇宙。因此，當他們完全升級時，我們將接觸到超過 10% 的客戶，但同樣，在此過程中，任何事情都可能會橫盤整理，對吧？所以我們顯然有點謹慎。保證金還與某些產品有關。我們轉讓的大部分產品，我的理解是，它是批量生產的。這不是新產品。如果你過去聽過我們的財報電話會議，我們總是說，如果它是一個全新的產品，我們就有更好的毛利率機會（聽不清）。這些是現有產品。我們正在將整個事情轉移到泰國。所以取決於進展的順利程度，這就是為什麼我們不能說他們成為 10% 客戶的時間。但是，是的，很明顯，我們會努力爭取更高的毛利率。但同樣，正如我所說，有很多活動部件。

(Operator Instructions) And our next question will come from the line of Tim Savageaux with Northland Capital Markets.

（操作員說明）我們的下一個問題將來自 Northland Capital Markets 的 Tim Savageaux。

Question on datacom. In the quarter, did you see any impact from the exit of your largest customer? Or at least the sale of that unit to a third party in China? And if not, what sort of impact do you expect to see from that transaction as well as kind of the broader exit of the datacom module business of that customer?

關於數據通信的問題。在本季度，您是否看到最大客戶退出的影響？或者至少將該單位出售給中國的第三方？如果沒有，您希望從該交易中看到什麼樣的影響，以及該客戶數據通信模塊業務的更廣泛退出？

So Tim, just to make sure that we get the question right, you are referring to our top customer who want to diversify some of their datacom products, correct?

所以蒂姆，為了確保我們答對了問題，你指的是我們的頂級客戶，他們想要使他們的一些數據通信產品多樣化，對嗎？

Yes.

是的。

Yes. It's in progress. Again, so far, this or next quarter, we do not see a major shift. This will take some time to transition to maybe another customer. And I understand that. They are trying to sell their business to another customer, and hopefully, we continue to build those products. But so far in the Q4 guidance, we did not factor a significant drop in a particular customer. Is that helpful?

是的。它正在進行中。同樣，到目前為止，本季度或下個季度，我們沒有看到重大轉變。這可能需要一些時間才能過渡到另一個客戶。我明白這一點。他們正試圖將他們的業務出售給另一個客戶，希望我們能繼續生產這些產品。但到目前為止，在第四季度的指導中，我們沒有考慮到特定客戶的顯著下降。這有幫助嗎？

I think the question, as well, Tim, was related to Q3, so no particular impact in Q3.

蒂姆，我認為這個問題也與第三季度有關，因此對第三季度沒有特別的影響。

Q3, no. Yes. Q4, maybe a slight, but it's not significant. Yes.

Q3，沒有。是的。Q4，可能有一點點，但並不重要。是的。

Okay. Well, then to follow up on the Q3 datacom results, can you characterize trends in your datacom business kind of relative to silicon photonics or more traditional datacom modules? Is there any kind of divergence there or anything notable? I'm going to assume you did see an uptick in silicon photonics, a small one, that that was driven by telecom primarily.

好的。好吧，那麼為了跟進第三季度的數據通信結果，您能否描述您的數據通信業務相對於矽光子學或更傳統的數據通信模塊的趨勢？那裡有什麼分歧或有什麼值得注意的地方嗎？我假設你確實看到了矽光子學的增長，一個小的增長，主要是由電信推動的。

That's a fair observation, Tim. Yes. Most of the silicon photonic uptick came from telecom. That's correct. Now in terms of datacom, again, we only have -- our customer collectively probably participate about 20% of the datacom business. If you look at a major player, a lot of them, we don't have business with them. So we can only look at the customer we have, their 13-week rolling forecast and try to do guidance based on that.

這是一個公平的觀察，蒂姆。是的。大部分矽光子增長來自電信。這是正確的。現在就數據通信而言，我們只有——我們的客戶總共可能參與了大約 20% 的數據通信業務。如果你看一個主要參與者，他們中的很多人，我們與他們沒有業務往來。所以我們只能看看我們擁有的客戶，他們 13 週的滾動預測，並嘗試以此為基礎進行指導。

Okay. One last one for me, and I know you probably don't disclose this sort of thing, but in the past, Infinera has had some good times and bad times. Can you say whether they were ever a 10% customer for any particular quarter over the, I don't know, last 5 years-or-so?

好的。最後一個給我，我知道你可能不會透露這類事情，但在過去，Infinera 有過好時光和壞時光。你能說在我不知道過去 5 年左右的時間裡，他們是否曾經是任何特定季度的 10% 的客戶嗎？

Again, as I say, we only report 10% customer once a year. In the last couple of years, they have never make it to the 10% customer from a total year standpoint. Quarter-to-quarter, honestly, I don't have the data in front of me so it's hard for me to say.

同樣，正如我所說，我們每年只報告 10% 的客戶一次。在過去的幾年裡，從全年的角度來看，他們從未達到 10% 的客戶。每個季度，老實說，我手頭沒有數據，所以我很難說。

And our next question will come from the line of Alex Henderson with Needham.

我們的下一個問題將來自 Alex Henderson 與 Needham 的對話。

I just hoped that we could try another way of slicing and dicing the Infinera pumpkin. So is there -- if I exclude existing Infinera business and just look at the business that's being transported, is that roughly a 10% contribution excluding any business that you already had with them? Is that the magnitude of what's being transferred over?

我只是希望我們可以嘗試另一種切片和切丁 Infinera 南瓜的方法。那麼有沒有 - 如果我排除現有的 Infinera 業務並只看正在運輸的業務，那大約是 10% 的貢獻不包括你已經與他們有的任何業務？那是正在轉移的東西的數量級嗎？

Well, what we said is the total will be, we think, will make Infinera, the combination of Infinera plus Coriant, a 10% customer. We're not really breaking it out, Alex, for Coriant on its own.

好吧，我們所說的是，我們認為，Infinera 和 Coriant 的組合將使 Infinera 成為 10% 的客戶。亞歷克斯，我們並沒有真正將其單獨用於 Coriant。

And so in terms of time line, if you think about the process flow here, I assume it's a gradual fade-in as opposed to a hard flashover. Can you talk a little bit about the mechanics of it to help us think about how we should feather it in? Is it -- is 10% of the benefit upfront and then 20% in the next quarter and 20% the quarter after that, is it that kind of slope? Or is it 5% here, 8% there and then 30% in a quarter? Is there any window where we should be more aggressive or less aggressive to help us on the out-year slope of that?

因此，就時間線而言，如果您考慮此處的流程，我認為它是逐漸淡入而不是硬閃絡。你能談談它的機制來幫助我們思考我們應該如何融入它嗎？是預付 10% 的收益，然後是下一季度的 20% 和之後的 20%，是那種斜率嗎？或者這裡是 5%，那裡是 8%，然後一個季度是 30%？是否有任何窗口，我們應該更積極或更不積極，以幫助我們在年外斜坡上？

Sure, I think, first of all, if I talk a little bit about the mechanics of the transfer, you're right. It is a gradual transfer. The question, of course, is how gradual and over how many quarters. So these are, as you know, we say these are complex products with existing customers who have to qualify a new production site. We've actually started that process. We have over 80 people currently on site in Berlin and that will grow to over 100 people over the coming weeks. We're transferring as we speak. The revenue impact this quarter will be, I would say, minimal. And really, we'd start to see revenue impact next quarter and beyond. I think it's probably a 2 to 3 quarter time line to get everything transferred and fully buttoned down and qualified and ramped up in Bangkok. So I would say over a 2 to 3 quarter time horizon.

當然，我想，首先，如果我談談轉會的機制，你是對的。這是一個漸進的轉移。當然，問題是漸進程度和持續多少個季度。因此，如您所知，我們說這些是複雜的產品，現有客戶必須符合新生產基地的條件。我們實際上已經開始了這個過程。我們目前在柏林有 80 多人在現場工作，未來幾週將增加到 100 多人。我們說話的時候正在轉移。我想說，本季度對收入的影響微乎其微。實際上，我們將開始看到下個季度及以後的收入影響。我認為這可能是一個 2 到 3 個季度的時間線，可以讓所有的東西都轉移並完全確定下來，並在曼谷獲得資格和提升。所以我會說在 2 到 3 個季度的時間範圍內。

One more question if I could. So when we were talking last year, the baht had been setting up for a pretty good benefit. And I think you had talked about it potentially adding as much as 1 point to your gross margins if it had been at that level for a full year trailing. We've seen a lot of movement in it. It obviously hasn't come back all the way to where it was, so I assume that you're still getting some benefit. Is it reasonable to think that there's a little bit of a benefit from that to help offset some of the costs associated with the lower margins associated with this business move?

如果可以的話，再問一個問題。所以當我們去年談話時，泰銖一直在為一個很好的利益而努力。而且我認為你已經談到它可能會增加多達 1 個百分點的毛利率，如果它一直處於該水平一整年的尾隨。我們在其中看到了很多動作。它顯然還沒有完全回到原來的位置，所以我認為您仍然會從中受益。認為從中獲得一點好處以幫助抵消與此業務舉措相關的較低利潤率相關的一些成本是否合理？

Obviously, I like to think that way. But if you follow Thai political situation here, they just had the election about maybe a month ago. They haven't announced the result yet. So -- and they go through the crowning of the king, the new king, which was done last Monday, and they are supposed to announce the election results this week. So depend on who from the customer, the baht may go either way, depends on. But right now, based on the prediction is that the pro-military camp is probably going to take control, become the prime minister, run the government. In that case, the baht will continue to be stable and strengthened, which is a little bit -- I'm a bit little worried that because the country is doing well under the military regime. So baht tends to be stable and becomes stronger.

顯然，我喜歡這樣想。但如果你關注這裡的泰國政局，他們大約一個月前剛剛舉行了選舉。他們還沒有公佈結果。所以——他們經歷了上週一舉行的新國王加冕典禮，他們應該在本周宣布選舉結果。因此，取決於客戶是誰，泰銖可能走向任何方向，取決於。但現在，根據預測，親軍陣營可能會掌權，成為總理，管理政府。在這種情況下，泰銖將繼續保持穩定和走強，這有點——我有點擔心，因為這個國家在軍政府統治下表現良好。所以泰銖趨於穩定，變強。

But I watch it very closely. Again, we stick to our hedging policy, 100%, 50% and 25% for the next 3 quarters. Again, if there is an impact there will be a delay factor. It will not impact right away because of our hedging program. And also, based on the advice in the past, I'm trying to look at the document, all these as a cash flow hedge, so there we will take it to the balance sheet, that is the direction given to me. So I'm trying to maybe beginning FY 2020, we will try to get a good documentation and get all this thing into the other comparison income, which is in the balance sheet.

但我非常仔細地觀察它。同樣，我們在接下來的三個季度堅持我們的對沖政策，100%、50% 和 25%。同樣，如果有影響，就會有延遲因素。由於我們的對沖計劃，它不會立即受到影響。而且，根據過去的建議，我正在嘗試查看文件，所有這些都作為現金流量對沖，所以我們將把它帶到資產負債表中，這就是給我的方向。因此，我試圖從 2020 財年開始，我們將嘗試獲得一份好的文件，並將所有這些內容納入資產負債表中的其他比較收入。

So would you then stop reporting negative currency or positive currency translations of the balance sheet because they're functionally not really ongoing operational expenses?

那麼您是否會停止報告資產負債表的負貨幣或正貨幣換算，因為它們在功能上並不是真正的持續運營支出？

Yes. It is not in the...

是的。它不在...

In your non-GAAP?

在您的非 GAAP 中？

Yes. Well, if it's not in the P&L then I won't highlight unless it's significant gain and loss, right? If you look at this year, year-to-date, I [count] breakeven. Q1, I have a gain, $3 million; Q2, I have slight loss; and at Q3, I have a loss. So year-to-date, I'm okay. But then again, from a quarter-to-quarter, it fluctuates. So that will be a case to bring the whole thing to the balance sheet rather than impact every quarter in our earnings.

是的。好吧，如果它不在損益表中，那麼我不會強調，除非它是重大的損益，對嗎？如果你看看今年，年初至今，我 [計算] 收支平衡。Q1，我有收益，300萬美元； Q2，我有輕微的損失；在第三季度，我虧損了。所以年初至今，我很好。但話又說回來，從一個季度到另一個季度，它會波動。因此，這將是將整個事情帶到資產負債表而不是影響我們每個季度的收益的情況。

Thank you. I'm showing no further questions in the queue. So now it is my pleasure to hand the conference back over to Mr. Seamus Grady, Chief Executive Officer, for any closing comments or remarks.

謝謝。我不會在隊列中顯示更多問題。因此，現在我很高興將會議交還給首席執行官 Seamus Grady 先生，聽取任何閉幕評論或評論。

Thank you, operator, and thank you for joining our call today, everyone. We're excited to deliver strong results and a positive outlook as we continue to position the company for sustainable growth and diversification over the longer term. We look forward to speaking with you again. Thank you, and goodbye.

謝謝接線員，也感謝大家今天加入我們的電話會議。隨著我們繼續為公司的長期可持續增長和多元化定位，我們很高興能夠取得強勁的業績和積極的前景。我們期待與您再次交談。謝謝，再見。

Ladies and gentlemen, thank you for your participation on today's conference. This does conclude our program and we may all disconnect. Everybody, have a wonderful day.

女士們，先生們，感謝你們參加今天的會議。這確實結束了我們的計劃，我們可能都會斷開連接。大家，祝你有美好的一天。