Fabrinet (FN) 2024 Q2 法說會逐字稿

Good afternoon. Welcome to Fabrinet's Financial Results Conference Call for the Second Quarter of Fiscal Year 2024. (Operator Instructions) As a reminder, today's call is being recorded.

午安.歡迎參加 Fabrinet 2024 財年第二季財務業績電話會議。

I would now like to turn the call over to your host, Garo Toomajanian, Vice President of Investor Relations. You may begin.

現在我想將電話轉給主持人投資者關係副總裁 Garo Toomajanian。你可以開始了。

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 second quarter of fiscal year 2024, which ended December 29, 2023. With me on the call today are Seamus Grady, Chief Executive Officer; and Csaba Sverha, Chief Financial Officer. This call is being webcast, and a replay will be available on the Investors section of our website located at investor.fabrinet.com.

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 2024 財年第二季度（截至 2023 年 12 月 29 日）的財務和運營業績。和 Csaba Sverha，財務長。本次電話會議正在進行網路直播，我們網站的投資者部分將提供重播，網址為investor.fabrinet.com。

During this call, we will present both GAAP and non-GAAP financial measures. Please refer to the Investors section of our website for important information, including our earnings press release and investor presentation, which include our GAAP to non-GAAP reconciliation as well as additional details of our revenue breakdown.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。請參閱我們網站的投資者部分，以了解重要訊息，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 調節表以及我們收入明細的其他詳細資訊。

In addition, 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.

此外，今天的討論將包含有關公司未來財務表現的前瞻性陳述。前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與管理階層目前的預期有重大差異。這些陳述僅反映我們截至本簡報發布之日的觀點。我們沒有義務根據新資訊或未來事件進行修改，除非法律要求。

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 November 7, 2023. We will begin the call with remarks from Seamus and Csaba, followed by time for questions.

有關可能影響我們結果的風險因素的描述，請參閱我們最近向SEC 提交的文件，特別是我們於2023 年11 月7 日提交的10-Q 表格中標題為「風險因素」的部分。電話會議開始時發表評論Seamus 和 Csaba，接下來是提問時間。

I would now like to turn the call over to Fabrinet's CEO, Seamus Grady. Seamus?

我現在想將電話轉給 Fabrinet 的執行長 Seamus Grady。西莫？

Thank you, Garo. Good afternoon, and thank you for joining our call today. We had a very strong second quarter, which again set new records for revenue and EPS and also exceeded our guidance ranges. Rapid datacom growth continues to fuel our overall performance, driven by next-generation AI interconnect. Telecom revenue remains impacted by inventory absorption in the ecosystem, but we are encouraged that the magnitude of these declines is getting smaller.

謝謝你，加羅。下午好，感謝您今天加入我們的電話會議。我們的第二季表現非常強勁，再次創下了營收和每股盈餘的新紀錄，也超出了我們的指導範圍。在下一代人工智慧互連的推動下，數據通訊的快速成長持續推動我們的整體績效。電信收入仍受到生態系統中庫存吸收的影響，但令我們感到鼓舞的是，這些下降的幅度正在縮小。

Total revenue was $712.7 million, an increase of 7% from a year ago and 4% from the first quarter. Our strong execution helped to improve operating margins from the first quarter and generate non-GAAP net income of $2.08 per share, a new quarterly record.

總營收為 7.127 億美元，年增 7%，季增 4%。我們強大的執行力幫助我們提高了第一季的營業利潤率，並產生了每股 2.08 美元的非 GAAP 淨利潤，創下了新的季度記錄。

Looking at the second quarter in more detail. Optical communications revenue grew both from a year ago and the first quarter. Within optical communications, telecom revenue decreased sequentially as anticipated.

更詳細地看第二季。光通訊收入較去年同期和第一季均有所成長。在光通訊領域，電信收入季減，符合預期。

However, within telecom, we saw increasing demand for extended reach pluggable optics, which helped soften the sequential decline. We expect that this trend will continue in Q3. When combined with what appears to be a diminishing impact from inventory absorption, we believe telecom revenue could be up slightly in the third quarter.

然而，在電信領域，我們看到對長距離可插拔光學元件的需求不斷增加，這有助於緩解連續下降的趨勢。我們預計這一趨勢將在第三季持續。加上庫存吸收的影響似乎正在減弱，我們認為第三季電信收入可能會小幅成長。

Datacom revenue growth was strong again in the second quarter, driven by AI optical interconnect products. For the first time in our history, datacom revenue exceeded telecom revenue, largely driven by AI programs. We expect to maintain this higher datacom revenue mix even as sequential datacom growth moderates and as telecom revenue trends improve.

在AI光互連產品的推動下，第二季數據通訊營收成長再次強勁。我們歷史上第一次，數據通訊收入超過了電信收入，這主要是由人工智慧程式推動的。即使數據通訊連續成長放緩且電信收入趨勢改善，我們預計仍將維持較高的數據通訊收入組合。

Our non-optical communications business saw a small sequential revenue decline in the second quarter. This was primarily due to continued inventory absorption from certain automotive programs. We expect this inventory digestion in the automotive market to persist into the third quarter. But we currently anticipate a sequential improvement in the fourth quarter.

我們的非光通訊業務第二季營收季減。這主要是由於某些汽車項目持續吸收庫存。我們預計汽車市場的庫存消化將持續到第三季。但我們目前預計第四季將出現連續改善。

Industrial laser revenue remained stable in the second quarter. Operationally, we performed very well in the second quarter with operating margins improving to 10.7%, a 20-basis-point improvement from the first quarter.

第二季工業雷射收入維持穩定。營運方面，我們第二季的表現非常好，營運利潤率提高至 10.7%，比第一季提高了 20 個基點。

Looking to the third quarter, we are optimistic that we can deliver another strong performance for revenue and profitability. Despite softer near-term automotive trends, we believe telecom is positioned to show sequential revenue improvement, led by growth in ZR.

展望第三季度，我們樂觀地認為我們能夠在收入和獲利能力方面再次取得強勁表現。儘管近期汽車趨勢較為疲軟，但我們相信，在 ZR 成長的帶動下，電信業的營收將較上季改善。

In addition, we expect further growth in datacom revenue, which continues to be driven primarily by strength in AI programs. At the same time, we expect to extend our track record of strong operational execution and profitability. In summary, we are excited to have delivered another record quarter for both revenue and earnings per share. And we are confident that we can deliver another strong performance in the third quarter.

此外，我們預計數據通訊收入將進一步成長，這將繼續主要受到人工智慧專案實力的推動。同時，我們預計將延續我們強勁的營運執行力和獲利能力的記錄。總之，我們很高興本季的營收和每股盈餘再次創下紀錄。我們有信心在第三季再創強勁業績。

Now I'd like to turn the call over to Csaba for additional financial details on our second quarter of fiscal 2024 and our guidance for the third quarter. Csaba?

現在，我想將電話轉給 Csaba，以了解 2024 財年第二季的更多財務細節以及第三季的指導。恰巴？

Thank you, Seamus, and good afternoon, everyone. Second quarter revenue was above our guidance range at a record $712.7 million, up 7% from a year ago and up 4% from the first quarter. The strong top line performance led to non-GAAP earnings per share of $2.08, which was also above our guidance range.

謝謝你，Seamus，大家下午好。第二季營收達到創紀錄的 7.127 億美元，高於我們的指導範圍，比去年同期成長 7%，比第一季成長 4%。強勁的營收業績導致非 GAAP 每股盈餘達到 2.08 美元，也高於我們的指引範圍。

This record EPS includes the impact of a foreign exchange revaluation loss, which reduced net income by $0.10 per share. Details regarding our revenue breakdown are included in the investor presentation on our website. So my comments today will focus mainly on the most noteworthy areas.

這項創紀錄的每股收益包含了外匯重估損失的影響，導致每股淨利潤減少了 0.10 美元。有關我們收入細目的詳細資訊包含在我們網站上的投資者介紹中。所以我今天的評論將主要集中在最值得注意的領域。

Optical communications revenue was $567.9 million or 80% of total revenue. Datacom revenue was $288.1 million, exceeding telecom revenue for the first time. Datacom revenue increased 19% from the first quarter, driven primarily by 800-gig AI programs. Although the rate of sequential growth has begun to moderate, datacom revenue still increased by over 150% from a year ago. We expect new high data rate -- datacom programs to continue making significant contributions to our top line as we look ahead.

光通訊收入為 5.679 億美元，佔總收入的 80%。數據通訊收入為 2.881 億美元，首次超過電信收入。數據通訊收入較第一季成長 19%，主要由 800 兆人工智慧專案推動。儘管環比成長率已開始放緩，但數據通訊收入仍比一年前成長了 150% 以上。我們預計新的高數據速率——展望未來，數據通訊計劃將繼續為我們的收入做出重大貢獻。

Telecom revenue was $279.8 million, or just under half of total optical communications revenue. Telecom revenue declined 4% sequentially as we continue to see softness due to excess inventory in the channel. Similar to the first quarter, growing demand for 400ZR programs helped to offset some of this impact. We are optimistic that in the third quarter, we could see a small sequential increase in telecom revenue. By data rate, products rated 400-gig and faster grew 118% from a year ago and 18% from the first quarter and represented 2/3 of total optical communications revenue.

電信收入為 2.798 億美元，略低於光通訊總收入的一半。電信收入環比下降 4%，因為我們繼續看到通路庫存過剩導致的疲軟狀態。與第一季類似，對 400ZR 計劃的需求不斷增長有助於抵消部分影響。我們樂觀地認為，第三季電信營收將較上季小幅成長。以數據速率計算，400G以上產品年增118%，較第一季成長18%，佔光通訊總營收的2/3。

Non-optical communications revenue decreased 5% sequentially to $144.8 million and comprised 20% of total revenue. This decline was driven primarily by inventory absorption of certain automotive products as we indicated last quarter. We anticipate automotive revenue will continue to decline in the third quarter but expect to see a return to sequential growth in the fourth quarter.

非光電通訊收入季減 5%，至 1.448 億美元，佔總收入的 20%。正如我們上季度指出的那樣，這種下降主要是由於某些汽車產品的庫存吸收所致。我們預計第三季汽車收入將繼續下降，但預計第四季將恢復環比成長。

Industrial laser revenue was flat sequentially, and we expect that trend to continue in the third quarter. As I discussed the details of our P&L, expense and profitability metrics will be on a non-GAAP basis, unless otherwise noted. Gross margin in the second quarter was consistent with the first quarter at 12.6%. Operating expenses were $14 million or 2% of revenue. This produced operating income of $76 million, representing an operating margin of 10.7%, an improvement of 20 basis points from the first quarter.

工業雷射收入環比持平，我們預計第三季這一趨勢將持續。正如我討論的損益表的詳細信息，除非另有說明，費用和盈利指標將基於非公認會計原則（non-GAAP）。第二季毛利率與第一季持平，為12.6%。營運費用為 1,400 萬美元，佔收入的 2%。這產生了 7,600 萬美元的營業收入，營業利潤率為 10.7%，比第一季提高了 20 個基點。

With a strong balance sheet, we benefited from $7.7 million of interest income, which more than offset the $3.8 million FX loss from foreign currency asset and liability revaluations at the end of the second quarter. Effective GAAP tax rate was 5.2% in the second quarter, in line with the mid-single-digit level we anticipate for the fiscal year. Non-GAAP net income was a new quarterly record of $76.1 million or $2.08 per diluted share. On a GAAP basis, net income was $1.89 per diluted share.

憑藉強勁的資產負債表，我們受益於 770 萬美元的利息收入，足以抵消第二季末外幣資產和負債重估帶來的 380 萬美元的外匯損失。第二季有效 GAAP 稅率為 5.2%，與我們預期本財年的中個位數水準一致。非 GAAP 淨利潤創下新的季度記錄，達到 7,610 萬美元，即稀釋後每股收益 2.08 美元。以 GAAP 計算，攤薄後每股淨利為 1.89 美元。

Looking at the balance sheet and cash flow statements. At the end of the second quarter, cash and short-term investments were $740.6 million, up $69.8 million from the end of the first quarter. The primary driver of this increase was healthy operating cash flow of $84.2 million. With CapEx of $9.8 million, free cash flow in the quarter was $74.4 million.

看資產負債表和現金流量表。第二季末，現金和短期投資為7.406億美元，比第一季末增加6,980萬美元。這一成長的主要推動力是 8,420 萬美元的健康營運現金流。本季資本支出為 980 萬美元，自由現金流為 7,440 萬美元。

We were active in our share buyback program during the quarter, repurchasing approximately 38,000 shares at an average price of $166.61 per share, for a total cash outlay of $6.4 million. In addition to investing in our growth, returning value to shareholders remains a key capital allocation priority. At the end of the second quarter, $93.6 million remained in our share repurchase authorization.

本季我們積極開展股票回購計劃，以每股 166.61 美元的平均價格回購了約 38,000 股股票，現金支出總額為 640 萬美元。除了投資我們的成長之外，為股東回報價值仍然是資本配置的關鍵優先事項。截至第二季末，我們的股票回購授權中尚有 9,360 萬美元。

Now I will turn to our guidance for the third quarter. We remain optimistic about our business momentum and ability to execute well. In the third quarter, we expect further sequential revenue growth in datacom, which continues to be driven by demand for optical communications products for AI applications.

現在我將談談我們對第三季的指導。我們對我們的業務動能和良好執行能力保持樂觀。在第三季度，我們預計數據通訊收入將進一步環比成長，這將繼續受到人工智慧應用光通訊產品需求的推動。

In the telecom market, after several quarters of declines, we believe that we could see modest sequential revenue growth in the third quarter. We expect this increase to be driven by further stabilization of industry-wide inventory issues, coupled with continued growth of data center interconnect products.

在電信市場，經過幾季的下滑後，我們認為第三季營收可能會出現溫和的環比成長。我們預計這一成長將受到全行業庫存問題進一步穩定以及資料中心互連產品持續成長的推動。

We foresee another quarter of softness in our automotive business due to inventory absorption in the channel. And we expect that industrial laser revenue will be flat. As a result, we anticipate total revenue will be in the range of $705 million to $725 million in the third quarter. We expect to continue to execute well and anticipate net income of $2.08 to $2.15 per share.

由於通路的庫存吸收，我們預期汽車業務將出現另一個季度的疲軟。我們預計工業雷射收入將持平。因此，我們預計第三季的總營收將在 7.05 億美元至 7.25 億美元之間。我們預計將繼續保持良好的業績，並預計每股淨利潤為 2.08 美元至 2.15 美元。

In summary, we are excited to continue with our strong track record of exceeding guidance as well as achieving new records for both revenue and EPS. We are optimistic that we are well positioned to deliver strong results again in the third quarter and extend our leadership position in the market.

總而言之，我們很高興能夠繼續保持超出指導的良好記錄，並創下收入和每股盈餘的新記錄。我們樂觀地認為，我們有能力在第三季再次取得強勁業績，並擴大我們在市場上的領導地位。

Operator, we are now ready to open the call for questions.

接線員，我們現在準備開始提問。

(Operator Instructions) Our first question comes from the line of Karl Ackerman with BNP Paribas.

（操作員說明）我們的第一個問題來自法國巴黎銀行的卡爾‧阿克曼（Karl Ackerman）。

I know you don't typically guide beyond one quarter. But perhaps, you could discuss the backlog visibility you have on 400-gig-and-above optics over the next few quarters, perhaps as well as the breadth of high-speed optical programs ramping.

我知道你的指導通常不會超過四分之一。但也許您可以討論未來幾季 400 吉級以上光學元件的積壓情況，以及高速光學專案的廣度。

I ask because while a peer of yours indicated a temporary pause in 400-gig and 800 deployments in March, backlog visibility appears very good for 800-gig and multiple hyperscalers appear to be deploying 800-gig this year. So if you could comment on that, the visibility you have, that would be very helpful.

我之所以這麼問，是因為雖然您的一位同行表示3 月份暫時暫停了400 G 和800 G 的部署，但800 G G 的積壓可見性似乎非常好，而且今年似乎有多個超大規模企業正在部署800 G G。因此，如果您能對此發表評論，您所擁有的知名度，那將非常有幫助。

Thanks, Karl. Yes, we have pretty good visibility, especially on the newer programs. Typically, in normal steady state business, we would have rolling 13 weeks forecast. But for these newer programs, we have visibility beyond that.

謝謝，卡爾。是的，我們有很好的知名度，尤其是在新項目上。通常，在正常的穩態業務中，我們會進行 13 週的滾動預測。但對於這些較新的項目，我們的可見度遠不止於此。

As you rightly point out, we just guide one quarter at a time. So I won't get into too many specifics. But I will say we are optimistic about the breadth of the pipeline for 400-gig and above: 400-gig, 800-gig and higher. And we have a number of programs and a number of customers in the pipeline that we're pretty excited about.

正如您正確指出的那樣，我們一次只指導一個季度。所以我不會透露太多細節。但我要說的是，我們對 400g 及以上的管道廣度持樂觀態度：400g、800g 及更高。我們有許多計劃和許多客戶正在籌備中，對此我們感到非常興奮。

But again, nothing to get into too much detail about. And we don't -- we certainly don't want to be announcing any products on behalf of our customers. But we're pretty optimistic about the pipeline that we have for those higher speed, higher data rate products.

但同樣，沒有什麼需要討論太多細節的。我們不會——我們當然不想代表我們的客戶宣布任何產品。但我們對那些速度更快、數據速率更高的產品的管道非常樂觀。

Perhaps if I may, I have a follow-up. Could you provide any update on the timing of Building 10? And also, if you could address your ability to service what appears to be very strong demand for high-speed optics in datacom, certainly if capacity that's serving telecom were to tighten quickly as well.

如果可以的話，也許我有後續行動。您能否提供有關 10 號樓建設時間的最新資訊？此外，如果您能夠滿足數據通訊領域對高速光纖的強勁需求，當然，如果服務於電信的容量也迅速收緊的話。

Yes. Building 10, we opened Building 9 a little over a year ago. And we're already ramping at a fast pace in Building 9. Typically, when we get to 70% utilization on our last building, we then pull the trigger on the next building.

是的。 10 號大樓，我們在一年多前啟用了 9 號大樓。我們已經在 9 號大樓中快速提升產能。

We're not at that point yet and nothing to announce certainly at this stage. It is getting closer. I think we are pleasantly surprised by the pace at which we've been adding capacity and ramping in Building 9. Demand, in particular, for optical interconnect for AI applications is very strong and has been probably the biggest driver of our capacity additions in Building 9.

我們還沒到那個階段，現階段沒有什麼可以宣布的。越來越近了。我認為我們對 9 號樓產能增加和提升的速度感到驚喜。

So again, nothing to announce. But it is something that's in, I would say, if not the top of our mind, that's close to the top of our minds and something we're very mindful of and paying very close attention to. And we'll be really making a decision on in the coming quarters, I would say.

再說一次，沒有什麼好宣布的。但我想說的是，即使不是我們最關心的事情，也是我們最關心的事情，也是我們非常關注和密切關注的事情。我想說，我們將在未來幾季真正做出決定。

If I go back maybe a couple of years ago, a 1 million-square-foot facility like Building 9 is -- to think that we'd be even contemplating a Building 10 a little over a year after Building 9 would have been hard to imagine, but here we are.

如果我回到幾年前，像 9 號樓這樣佔地 100 萬平方英尺的設施——很難想像我們會在 9 號樓一年多後考慮建造 10 號樓。 。

Capacity -- the second part of your question, capacity additions in general, we've been adding capacity at a fairly blistering pace and keeping up with supply, really. We haven't been -- we have been able to keep up with all the demand. Thankfully, any constraints we've seen along the way are typically component related.

產能——你問題的第二部分，總體而言產能增加，我們一直以相當快的速度增加產能，並跟上供應，真的。我們還沒有──我們已經能夠滿足所有的需求。值得慶幸的是，我們一路上看到的任何限制通常都與組件相關。

But we have been -- we would have been able to ship more, I would say, over the last while were it not for a couple of component constraints along the way. With any of these new products, especially when they're ramping very quickly, component constraints can catch you out sometimes. But overall, we feel very happy with the pace of growth and with the strength of the pipeline.

但我想說，如果不是一路上受到一些組件限制，我們本來可以在過去一段時間交付更多的產品。對於任何這些新產品，尤其是當它們快速增長時，組件限制有時會讓您陷入困境。但總的來說，我們對成長速度和管道的實力感到非常滿意。

Our next question comes from the line of Alex Henderson with Needham.

我們的下一個問題來自亞歷克斯·亨德森和李約瑟的對話。

First, just a clarification. Can you detect whether you're expecting any currency translations in the March quarter? I know the BOT has peaked around the very end of the December quarter, and it's come off since then. So is that -- are you assuming flat in that calculus?

首先，澄清一下。您能否檢測一下您是否期望在三月季度進行任何貨幣換算？我知道 BOT 在 12 月季度末左右達到頂峰，從那時起它就開始下降。那麼，您是否假設該微積分是平的？

Alex, this is Csaba. Certainly, we had a revaluation impact in the December quarter. So we are off the peak. But as you know, we are continuing to hedge our currency exposure. So from an operations perspective, we anticipate a flat FX environment going into Q3.

亞歷克斯，這是 Csaba。當然，我們在 12 月季度受到了重估影響。所以我們已經脫離了高峰期。但如您所知，我們正在繼續對沖我們的貨幣風險。因此，從營運角度來看，我們預計第三季外匯環境將持平。

However, obviously, in the March quarter, we do contemplate a certain exchange rate revaluation impact. Again, BOT has reached a peak earlier. So we are contemplating some reval impact in the EPS, but not in the cost of goods sold environment, if that makes sense.

然而，顯然，在三月季度，我們確實考慮了一定的匯率重估影響。再次，BOT 更早達到了頂峰。因此，我們正在考慮對每股盈餘產生一些重估影響，但如果這有意義的話，則不會對銷售商品成本產生影響。

Great. And the tax, I assume, is going to be pretty consistent with the first half level and the second half. Is that reasonable?

偉大的。我認為稅收將與上半年和下半年的水平非常一致。這樣合理嗎？

Yes. That's reasonable at that we anticipate mid-single digits.

是的。這是合理的，因為我們預期中間個位數。

So I wanted to ask a couple of questions on operations. Can you give us any sense of what the non-speed products did, particularly in the telco space, the ROADMs and OLS-type products? And second, can you give us some sense of what's going on with systems business, which obviously has become an increasingly large piece of your business over time?

所以我想問幾個關於操作的問題。您能否向我們介紹非速度產品的作用，特別是在電信領域、ROADM 和 OLS 類型產品？其次，您能否讓我們了解系統業務的進展情況，隨著時間的推移，系統業務顯然已成為您業務中越來越大的一部分？

So non-speed-rated, Alex, in the quarter, maybe, Csaba, if you could help me with the exact numbers. And then I'll talk about what's in non-speed-rated.

所以，亞歷克斯，在本季度，也許是非速度評級，Csaba，如果你能幫我提供確切的數字的話。然後我會談談非速度等級的內容。

Yes. So the non-speed-rated business was flat, Alex, in Q2 versus Q1. It was $118 million revenue from non-speed-rated. And I'll pass back onto Seamus, but it does include more than ROADMs. So I'll let Seamus to clarify that.

是的。因此，亞歷克斯，非速度評級業務在第二季度與第一季持平。來自非速度評級的收入為 1.18 億美元。我將回到 Seamus，但它確實包含的不僅僅是 ROADM。所以我會讓 Seamus 來澄清這一點。

That's right, Csaba. It was $118 million, so up $1 million, slightly up from the prior quarter. And for us, non-speed-rated includes ROADMs.

沒錯，恰巴。銷售額為 1.18 億美元，比上一季略有增加 100 萬美元。對我們來說，非速度等級包括 ROADM。

It's about 1/3 of the non-speed-rated business; also fiber arrays, another 1/3; and then the balance is made up of other components, primarily optical amplifiers. So there's a good mix of products in there. It's not just one particular category.

約佔非限速業務的1/3；還有光纖陣列，另外1/3；然後平衡由其他組件組成，主要是光放大器。所以那裡有很好的產品組合。這不僅僅是一個特定的類別。

Right. And systems?

正確的。還有系統？

Systems, we don't break that out separately. We remain optimistic about our -- I would call it our pipeline of new business that we're working on in that space. There -- of course, there are several opportunities to win additional systems business over time, both at our existing customers and new customers.

系統，我們不會單獨分解它。我們對我們在該領域正在進行的新業務管道保持樂觀。當然，隨著時間的推移，我們有很多機會贏得更多的系統業務，無論是我們現有的客戶還是新客戶。

And we have probably upwards of a dozen programs that are in our sights right now. While the favorable economics are typically quite easy to demonstrate to the customer, the sales process for those can be very long, often requiring some external catalysts. So we're being patient, but we're very, very focused on that.

目前我們可能有十幾個項目正在考慮中。雖然有利的經濟效益通常很容易向客戶展示，但銷售過程可能非常漫長，通常需要一些外部催化劑。所以我們很有耐心，但我們非常非常關注這一點。

Okay. One last question, and then I'll cede the floor. On the AI side, I assume that you're still capacity constrained on production as opposed to any demand issues. And that's probably going to stay that way all year.

好的。最後一個問題，然後我就讓出發言權。在人工智慧方面，我認為生產能力仍然受到限制，而不是任何需求問題。這種情況可能會持續一整年。

Can you give us any sense of what the rate of commitment to new production capacity coming on looks like for that AI product line, and whether you expect to broaden your customer base in terms of other AI customers?

您能否告訴我們該人工智慧產品線對新產能的承諾率是多少，以及您是否希望在其他人工智慧客戶方面擴大您的客戶群？

So the pace of capacity adds has been very strong, and we have been able to more than keep up with the demand. Any constraints we've seen, Alex, have been at the component level.

因此，產能增加的步伐非常強勁，我們已經能夠滿足需求。亞歷克斯，我們看到的任何限制都是在組件層級。

From time to time, there are certain components that are in very high demand. So any constraints we've seen have been more at the -- in terms of component supply than actually our ability to manufacture. So we've been able to keep up with the demand from a manufacturing point of view, and we're continuing to add capacity.

有時，某些組件的需求量非常大。因此，我們看到的任何限制更多是在零件供應方面，而不是我們的實際製造能力。因此，從製造的角度來看，我們已經能夠滿足需求，並且我們正在繼續增加產能。

In terms of additional customers and maybe additional products, there's really a couple of routes for us for additional business that's fueled by AI. And when we say AI interconnect, we don't mean things like DCI. We mean specific short-reach, low-latency, low-power optical interconnect that's used specifically for these AI products.

就額外的客戶和可能的額外產品而言，我們確實有幾種途徑可以透過人工智慧推動額外業務。當我們說人工智慧互連時，我們指的並不是 DCI 之類的東西。我們指的是專門用於這些人工智慧產品的特定短距離、低延遲、低功耗光學互連。

We have, I would say, 2 ways where we see some -- or 2 causes for optimism in that space. One is our existing customer base. We're working hard to make sure we win -- obviously, meet all the requirements for the current products, but also win the follow-on products and the next-generation products. So we're working very hard on that.

我想說，我們有兩種方式可以看到這個領域的樂觀情緒，或者說有兩個原因。一是我們現有的客戶群。我們正在努力確保我們獲勝——顯然，滿足當前產品的所有要求，同時也贏得後續產品和下一代產品。所以我們正在這方面非常努力。

And then in addition, there are a number of other customers who we're working with to bring on new products. They're probably a little bit further out. But we have more than one set of opportunities we're working on. We have a number of customers that we're working hard to win in the AI space.

此外，我們也與許多其他客戶合作推出新產品。他們可能有點遠了。但我們正在努力的機會不只一組。我們正在人工智慧領域努力贏得許多客戶。

So just to be clear, you had said in the past that 10%, 15% to 25% quarter-to-quarter capacity growth was attainable over the next year. I think -- is that still the reasonable way to think about capacity growth?

需要明確的是，您過去曾說過，明年可以實現 10%、15% 至 25% 的季度產能成長。我認為——這仍然是考慮產能成長的合理方式嗎？

I'm not sure that we talked about capacity growth in those terms. I mean, typically, we work with the customer to give us -- again, these new products have long visibility so that we can put capacity in place. It's quite an involved process working with the customer, with the equipment suppliers. Some of this equipment is on very long lead times.

我不確定我們是否用這些術語談論了產能成長。我的意思是，通常情況下，我們會與客戶合作，再次為我們提供這些新產品的長期可見性，以便我們能夠將產能到位。這是一個與客戶、設備供應商合作的複雜過程。其中一些設備的交貨時間很長。

So it's quite an involved process. We've been able to keep ahead of the capacity. So our -- sorry, keep ahead of the demand. We have not been constrained by demand in any way. And we have also not been constrained by capacity.

所以這是一個相當複雜的過程。我們已經能夠保持領先的產能。因此，我們的——抱歉，請保持領先於需求。我們沒有以任何方式受到需求的限制。我們也沒有受到能力的限制。

So I wouldn't feel comfortable sizing it exactly at 20% to 25%. But what I would say is we remain confident we can keep capacity adds ahead of demand. Thanks, Alex.

所以我不太願意將其大小精確地調整為 20% 到 25%。但我想說的是，我們仍然有信心保持產能成長領先於需求。謝謝，亞歷克斯。

Our next question comes from the line of Samik Chatterjee with JPMorgan.

我們的下一個問題來自 Samik Chatterjee 與摩根大通的對話。

I have a couple. Maybe for the first one, you -- relative to your datacom business, you had a sequential revenue growth of about $46 million this quarter. When you're talking about the guidance for fiscal 3Q, it just appears to be the case that you're talking about a more moderate sequential growth going from 2Q to 3Q. Just looking at the overall guidance as well, it appears to be a bit more moderate than what you've seen in the past couple of quarters.

我有一對。也許對於第一個，相對於您的數據通訊業務，您本季的連續收入增長約為 4600 萬美元。當您談論第三季財報的指導時，您似乎正在談論從第二季到第三季的較溫和的環比成長。只要看看總體指導，它似乎比過去幾個季度看到的要溫和一些。

So just curious if that's the case and what are the drivers there potentially? Is it the component constraint that you talked about? Or is it the customer -- more timing around the customer purchases? Or is it market share? Any drivers that you can call out that's driving more moderation there?

所以只是好奇是否是這種情況以及潛在的驅動因素是什麼？是不是你說的組件約束？或者是客戶——更多地圍繞客戶購買進行計時？還是市佔率？您能指出哪些推動者正在推動更節制的做法嗎？

Sure. Thanks, Samik. Yes, a couple of parts to the question and also a couple of parts to the answer. You're correct that the datacom growth, we're certainly calling out some moderation in our guidance, but still very healthy growth.

當然。謝謝，薩米克。是的，問題有幾個部分，答案也有幾個部分。你說得對，數據通訊的成長確實在我們的指導中提出了一些適度的要求，但仍然非常健康的成長。

Just to point out, our overall growth, if you look, we have a track record, of course, of exceeding our guidance. And we always work hard to make sure we do that. Our guidance right now for Q3, at the midpoint of the guidance, if we were to accomplish that at the midpoint of the guidance, we'd see is up 7.5% year-on-year in what has traditionally been a seasonally soft quarter.

只是要指出的是，如果你仔細觀察，我們的整體成長，當然，我們有超過我們指導的記錄。我們始終努力確保做到這一點。我們現在對第三季的指導，在指導的中點，如果我們要在指導的中點實現這一點，我們會看到在傳統上季節性疲軟的季度中同比增長 7.5%。

At the high end of the guidance, we will be up 9% year-on-year. So if we were to exceed the high end of the guidance, double-digits growth year-on-year is not out of the question in Q3. The quarter-on-quarter, the guidance we've given for Q3 contemplates a number of factors. One of which is the transfer out of the 100-gig Intel business will really begin in Q3. And the impact will really be in Q3 and in Q4. So that's one factor that's, if you like, factored into our guidance.

在指導的高端，我們將年增 9%。因此，如果我們要超過指引的上限，第三季同比兩位數成長並非不可能。我們為第三季給出的季度環比指引考慮了許多因素。其中之一是英特爾 100GB 業務的轉移將於第三季真正開始。影響真正會出現在第三季和第四季。如果你願意的話，這是我們指南中考慮的一個因素。

Secondly, growth in datacom will moderate somewhat as our initial AI programs pass the initial part of the growth curve. So as we get to the point where we're beginning to lap ourselves with 4 consecutive quarters of growth, that growth will begin to moderate, albeit we're working hard to win the follow-on programs and the follow-on products and the new products and other customers. But that initial phase of growth will begin to moderate.

其次，隨著我們最初的人工智慧程式通過成長曲線的初始部分，數據通訊的成長將有所放緩。因此，當我們開始連續 4 個季度成長時，成長將開始放緩，儘管我們正在努力贏得後續計劃、後續產品和新產品和其他客戶。但最初階段的成長將開始放緩。

That said, we do believe we're still very early in the overall AI cycle. And that will continue to contribute to our performance for a long time. And we do expect datacom to remain our biggest revenue contributor. It's a little too early to call out specific future programs, new programs. And we don't have anything to announce today, but we're -- we believe we're very well positioned to win additional AI programs.

也就是說，我們確實相信我們仍處於整個人工智慧週期的早期階段。這將在很長一段時間內繼續為我們的業績做出貢獻。我們確實預計數據通訊仍將是我們最大的收入貢獻者。現在提出具體的未來計劃、新計劃還為時過早。今天我們沒有什麼要宣布的，但我們相信我們已經做好了贏得更多人工智慧專案的準備。

But the specific question you asked in relation to the guidance, really a couple of factors, primarily the 100-gig business. And 100-gig has started to really taper off as well. We take that the industry is transitioning to 400-gig probably quicker.

但您提出的與指南相關的具體問題實際上有幾個因素，主要是 100 場演出的業務。 100 場演出也開始真正減少。我們認為該行業正在更快地向 400 場過渡。

So 100-gig is beginning to taper off, and we're going to be transferring that program out in Q3. And secondly, as I said, the growth in datacom will temporarily moderate as our initial AI programs begin to be lapped at this point, if that makes sense.

因此，100 場演出開始逐漸減少，我們將在第三季將該計劃轉移出去。其次，正如我所說，隨著我們最初的人工智慧程式此時開始被淘汰，數據通訊的成長將暫時放緩，如果這有意義的話。

Yes. And for my follow-up, on the telecom business for fiscal 3Q, the takeaway that I had from your prepared remarks for sequential growth into 3Q was the growth driver are the ZR pluggables.

是的。對於我的後續行動，關於第三財季的電信業務，我從您準備的關於第三季度連續增長的言論中得到的結論是，增長動力是 ZR 可插拔。

If I can just maybe not ask for a guide but sort of ask you for a bit more of a forward look, are the -- is there enough pipeline that you see for growth in ZR pluggables to sort of drive you back to more sequential growth on a bit more sustainable basis beyond the March quarter? Are we sort of seeing very limited or very moderate inventory-related sort of headwinds at this point where the growth in ZR plug will be a bit more of a sustainable tailwind to drive you back to sequential growth there?

如果我可以不要求指導，而是要求您多一點前瞻性，那麼您是否有足夠的管道看到 ZR 可插拔式產品的增長，以推動您回到更加連續的增長在三月份季度之後更加可持續的基礎上？目前，我們是否會看到與庫存相關的非常有限或非常溫和的逆風，ZR 插頭的增長將成為一種可持續的順風，推動您恢復連續增長？

Yes. I think you hit the nail in the head. The growth in telecom is primarily driven by -- let's broadly call it ZR and DCI generally. That doesn't mean that traditional telecom is going away far from it.

是的。我認為你擊中了要害。電信業的成長主要是由 ZR 和 DCI 驅動的。這並不意味著傳統電信正在遠離它。

The traditional telecom is really going through this inventory digestion. So there is a -- but that said, there is a longer-term trend. If you look at our mix and the shift in our mix to, for the first time, having more datacom than telecom, it's really driven by the explosive growth we've seen in AI, but also the cloudification, the trend towards cloudification of telecom that's underway, which lets telecoms -- telcos leverage elastic cloud computing to scale their network capacity based on demand to meet the workload needs. So that's a trend that's ongoing.

傳統電信確實正在經歷這種庫存消化。所以有一個——但也就是說，有一個長期趨勢。如果你看看我們的組合以及我們的組合的轉變，數據通信首次超過電信，這實際上是由我們在人工智慧領域看到的爆炸性增長以及雲端化、電信雲化的趨勢推動的。正在進行中，電信公司可以利用彈性雲端運算根據需求擴展其網路容量，以滿足工作負載需求。所以這是一個持續的趨勢。

But the growth we're seeing, it is coming back to a little bit of growth, which is encouraging to see. But it's primarily driven by ZR and DCI. We have a good pipeline of ZR, 400ZR currently, but also some other follow-on products that we're working on with our customers. So we're quite optimistic about that. Again, ZR and DCI generally seems to be quite strong.

但我們看到的成長正在恢復一點成長，這是令人鼓舞的。但它主要是由 ZR 和 DCI 驅動的。我們目前擁有良好的 ZR、400ZR 產品線，而且我們正在與客戶合作開發其他一些後續產品。所以我們對此非常樂觀。同樣，ZR 和 DCI 總體上似乎相當強勁。

(Operator Instructions) Our next question comes from the line of Mike Genovese with Rosenblatt Securities.

（操作員指令）我們的下一個問題來自 Rosenblatt Securities 的 Mike Genovese。

Seamus, do you have a sense of your market share in 800G cables for NVLink applications?

Seamus，您對 NVLink 應用 800G 電纜的市場份額有了解嗎？

We do, but it's not something we would be prepared to discuss publicly. We have a very good sense of it.

我們確實這樣做，但這不是我們準備公開討論的事情。我們對此有很好的認識。

I mean is it -- but you can say -- I mean, is it 100% or less than 100%?

我的意思是 - 但你可以說 - 我的意思是，它是 100% 還是低於 100%？

Well, for -- let's say, for -- let me put it this way. For the -- our main customers, for their own designed products, we're the only manufacturer. There are other interconnect solutions that they use. But for their product that they've designed themselves, we're the only people who manufacture that. So I mean, I guess you could say we have 100% market share.

好吧，對於——讓我們說，對於——讓我這樣說。對於我們的主要客戶，對於他們自己設計的產品，我們是唯一的製造商。他們還使用其他互連解決方案。但對於他們自己設計的產品，我們是唯一製造該產品的人。所以我的意思是，我想你可以說我們擁有 100% 的市場份額。

Yes. I guess I'm just thinking for the very shortest application of just sort of GPU to GPU. I don't know if there's other cables out there. Are you aware of any others?

是的。我想我只是在考慮 GPU 到 GPU 的最短應用程式。不知道還有沒有其他的線。您還知道其他人嗎？

Other what?

其他什麼？

Other competing products out there besides your own. Like do they exist? Or are you the only one making the very, very short ones?

除了您自己的產品之外，還有其他競爭產品。就像它們存在嗎？或者你是唯一一個製作非常非常短的作品的人嗎？

No. There are 2 other approved. Again, it's our customer who decides what's in -- what's approved for that, let's call it, the sockets. There are 2 other approved manufacturers, but those 2 companies have their own designs.

否。同樣，是我們的客戶決定了其中的內容 - 批准的內容，我們稱之為套接字。還有另外 2 家獲得批准的製造商，但這 2 家公司有自己的設計。

Okay. Perfect. And then -- well, I guess, is there an opportunity here with other GPU makers to make the same kind of product for -- I guess, 1 or 2 or 3 other companies out there that also make GPUs? Is that an opportunity that you're pursuing?

好的。完美的。然後，我想，是否有機會與其他 GPU 製造商合作，為 1、2 或 3 個也生產 GPU 的其他公司生產同類產品？這是您正在追求的機會嗎？

Yes, it is. And we think we're well positioned. We have a very strong track record of producing transceivers generally. But these very high-speed, low-power, low-latency, short-reach transceivers, we have a very good reputation. We're very good at this. And we think we're the leader.

是的。我們認為我們處於有利位置。我們在生產收發器方面擁有非常良好的記錄。但這些非常高速、低功耗、低延遲、短距離收發器，我們擁有非常好的聲譽。我們非常擅長這一點。我們認為我們是領導者。

We're the leader in terms of service, delivery, quality and also, we believe our costs are the lowest. So we think we're very well positioned to capture more business in that space from other -- as other companies push into that space and start to capture market share, they will all need optical interconnect. And we think we're in a good position to help them.

我們在服務、交付、品質方面處於領先地位，而且我們相信我們的成本是最低的。因此，我們認為我們處於非常有利的位置，可以從其他公司手中奪取該領域的更多業務——隨著其他公司進入該領域並開始佔領市場份額，他們都將需要光互連。我們認為我們有能力幫助他們。

Yes. Great. And then last question for me. I guess when we think about sort of what comes next as you go from the GPUs to the top-of-rack switches and then out to other parts of the data center and you need longer cables and sort of discrete 800G transceivers, my question is, do you see yourself participating in that market with direct relationships with the end customer?

是的。偉大的。然後是我的最後一個問題。我想，當我們考慮接下來會發生什麼，從 GPU 到架頂交換機，然後再到資料中心的其他部分，並且需要更長的電纜和離散的 800G 收發器時，我的問題是，您認為自己參與該市場時是否與最終客戶有直接關係？

Or should we think about you participating in that market through your more traditional datacom transceiver customers, who will clearly need help to ramp up to the volumes they need to get to? How should we think about that, these longer-reach datacom transceivers evolving for you?

或者我們是否應該考慮透過更傳統的數據通訊收發器客戶參與該市場，這些客戶顯然需要幫助來擴大他們需要達到的數量？我們該如何看待這些為您不斷發展的長距離數據通訊收發器？

Yes. So we think probably both, directly with the large consumers of these devices, but also with the optical interconnect company. So we think we can support both.

是的。因此，我們認為可能既直接與這些設備的大消費者合作，也與光學互連公司合作。所以我們認為我們可以支持兩者。

We don't have our own products, nor will we have. We're not an ODM. We have no plans to have our own products. So that's one of the things that's a little bit different about Fabrinet is we're not an ODM and we won't be an ODM. But if one of the hyperscalers, hypothetically, if they have their own design or if they have a design that they own that they want us to manufacture, we'd be happy to do that.

我們沒有，也不會有自己的產品。我們不是 ODM。我們沒有計劃擁有自己的產品。因此，Fabrinet 的一點不同之處在於我們不是 ODM，也不會成為 ODM。但是，假設其中一個超大規模企業有自己的設計，或者他們擁有自己的設計並希望我們製造，我們會很樂意這樣做。

But conversely, the traditional transceiver companies, we're happy to support them as well. We support both. And I think that's something that's quite unique about us is we're able to support both. And we don't have any kind of conflicts because we don't have our own products. That allows us to support both.

但相反，對於傳統的收發器公司，我們也很樂意為他們提供支援。我們都支持。我認為我們的獨特之處在於我們能夠同時支持兩者。我們沒有任何衝突，因為我們沒有自己的產品。這使我們能夠同時支持兩者。

So it sounds like we should probably think about datacom being larger than telecom for -- we don't have any expectations of telecom becoming larger than datacom at any particular point here, do we? It seems like datacom will sort of stay larger. Is that correct?

因此，聽起來我們應該考慮數據通訊比電信更大——我們不期望電信在任何特定時刻都比數據通訊更大，不是嗎？數據通訊似乎會保持更大的規模。這是正確的嗎？

I think so, yes. We seem to have crossed over to the point where datacom is larger than telecom for us. And again, it's driven by really a couple of things: the growth in AI; the cloudification of telecom generally; but also this inventory digestion.

我想是的，是的。對我們來說，我們似乎已經進入了數據通訊比電信更重要的階段。再說一遍，它實際上是由幾個因素驅動的：人工智慧的成長；電信雲端化普遍；而且還有這個庫存的消化。

But the inventory digestion, of course, is temporary. That demand will come back. So for all those reasons, we think that datacom will continue to be larger for us, at least, than telecom.

但庫存消化當然是暫時的。這種需求將會回來。因此，基於所有這些原因，我們認為數據通訊對我們來說將繼續比電信更大。

Our next question comes from the line of Tim Savageaux with Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Tim Savageaux。

Thanks, and good afternoon. I don't know if you -- Seamus, I don't know if you touched on this. But can you -- it seems that's going over to Jabil or associated with their acquisition of the Intel transceiver assets.

謝謝，下午好。我不知道你是否——Seamus，我不知道你是否提到過這一點。但你能嗎——這似乎將轉移給捷普或與他們收購英特爾收發器資產相關。

But can you quantify the impact of that? I mean, I know it's come down a lot. But it seems like it could still be significant, I don't know, $10 million, $20 million. Can we take a swing at that?

但你能量化其影響嗎？我的意思是，我知道它已經下降了很多。但看起來它仍然可能很重要，我不知道，1000 萬美元，2000 萬美元。我們可以嘗試一下嗎？

No. We wouldn't be prepared to take a swing at that. I think if you -- over the next couple of quarters, you'll see that 100-gig business decline and really that -- as that 100-gig business transfers out. But we -- but it's factored into our guidance. So we -- but I wouldn't be prepared to put a number on it right now, Tim.

不，我們不准備對此採取行動。我認為，如果你在接下來的幾個季度中，你會看到 100 台業務的下降，而且隨著 100 台業務的轉移，情況確實如此。但我們——但這已納入我們的指導中。所以我們——但提姆，我現在不准備給出具體數字。

Fair enough. At a higher level on the AI front -- and you touched on this before. You had described the stage of this market with varying numbers of the word very to describe how early it was. It seems like we might have lost one here.

很公平。在人工智慧方面的更高層次上——你之前也談到過這一點。您用不同數量的“非常”一詞描述了這個市場的階段，以描述它的早期程度。看來我們可能在這裡失去了一位。

So I just want to get your kind of update on -- now that you've ramped pretty substantially, where do you think we are in terms of that market growth? And are we -- we're clearly less early than we were. But has your view changed over the last 6 months as to where we are from an AI datacom growth stage or market perspective?

所以我只想了解您的最新情況 - 既然您已經大幅成長，您認為我們在市場成長方面處於什麼位置？我們顯然比以前更早了。但是，在過去 6 個月裡，您對於 AI 數據通訊成長階段或市場角度的看法是否發生了變化？

I think it depends on what your time horizon is. If your time horizon and the prism that you're looking through is a quarter or 2, then yes, you're probably right. We're probably beyond that initial phase. But if your time horizon is much longer, right, I think we're in the very early stages of this.

我認為這取決於你的時間範圍。如果你的時間範圍和你所看到的棱鏡是四分之一或二分之一，那麼是的，你可能是對的。我們可能已經超越了最初階段。但如果你的時間範圍更長，對吧，我認為我們正處於這個過程的早期階段。

You can add or subtract as many very's as you like. But I still think we're in the very, very early stages of this. And we're just beginning to see what this explosive growth in AI and the infrastructure that's required to power this network will do and what it will need in terms of optical interconnect.

您可以根據需要添加或減去任意數量的very。但我仍然認為我們正處於非常非常早期的階段。我們才剛開始看到人工智慧的爆炸式增長以及為該網路提供動力所需的基礎設施將發揮什麼作用，以及它在光學互連方面將需要什麼。

I think it's -- because optical is the only way that you can get to speed and the bandwidth that you need to get the signals to move around. You just can't do it with traditional interconnect. So I think there's a kind of a paradigm shift to optical interconnect becoming kind of almost mainstream. And you have to have optimal for this. There's no other way to do it. So I still think we're in the very early stages.

我認為是的，因為光纖是獲得訊號移動所需的速度和頻寬的唯一方法。傳統的互連無法做到這一點。因此，我認為光學互連正在發生一種範式轉變，幾乎成為主流。你必須對此進行優化。沒有其他辦法可以做到這一點。所以我仍然認為我們還處於非常早期的階段。

I'm still as optimistic as I was 6 or 8 months ago. My view hasn't changed on that. I think it's amazing to see what these products can do and what they drive in terms of technology. And we're just so excited to be a part of it and to be able to continue to produce, again, not just the current products that are powering the data centers, but also to be working on the next-generation products.

我仍然像六、八個月前一樣樂觀。我對此的看法沒有改變。我認為看到這些產品的功能以及它們在技術方面的驅動力是令人驚奇的。我們非常高興能夠成為其中的一部分，並且能夠繼續生產不僅為資料中心提供動力的當前產品，而且還致力於開發下一代產品。

Got it. And last one for me, in terms of ZR, any more color on that? Are you back through previous peak levels in ZR? Are we now looking at getting over 10% of revenues? Or could you try and size that for us or give us any color where we are now versus what we've seen in the past?

知道了。對我來說最後一個，就 ZR 而言，還有更多顏色嗎？您是否回到了 ZR 之前的峰值水平？我們現在的目標是獲得超過 10% 的收入嗎？或者你可以嘗試為我們確定尺寸，或給我們現在的顏色與過去看到的顏色嗎？

Let me take this, Seamus. Tim, we haven't gotten back to the levels -- the high levels that we have been. Obviously, we have to be mindful about the inventory digestion in the industry. So -- but we are excited to see that it returned to growth sequentially and the outlook is very promising for us.

讓我接受這個，西莫。提姆，我們還沒有回到原來的水準——我們曾經的高水準。顯然，我們必須關注產業的庫存消化。所以，但我們很高興看到它連續恢復成長，而且前景對我們來說非常有希望。

So I think there is still a lot of runway left on ZR to become a significant growth driver. So I guess the narrative in our prepared remarks was about full with excitement because of the return to growth and the early signs of recovery of the industry. So while that needs -- it's still far from where it could be and where it has been in the past.

因此，我認為 ZR 仍有很長的路要走，才能成為重要的成長動力。因此，我想我們準備好的演講中的敘述充滿了興奮，因為行業恢復成長和復甦的早期跡象。因此，儘管有這種需要，但距離它可能達到的水平和過去的水平仍然相距甚遠。

Our next question comes from the line of Dave Kang with B. Riley.

我們的下一個問題來自 Dave Kang 和 B. Riley 的對話。

My first question is on the telecom side. So it sounds like, Seamus, you're splitting that up -- them up between DCI versus a traditional telecom. Just wondering if you can -- kind of what the mix is between DCI versus a traditional telecom?

我的第一個問題是關於電信方面的。所以聽起來，Seamus，你正在將其分開——將它們分為 DCI 和傳統電信。只是想知道您是否可以——DCI 與傳統電信之間的組合是什麼？

Yes. We haven't actually broken out the mix that way. I guess the point I was making, Dave, was that the growth that we're seeing in telecom is primarily coming from DCI and 400ZR in our forecast.

是的。我們實際上還沒有以這種方式打破混合。 Dave，我想我想說的是，我們在電信領域看到的成長主要來自我們預測的 DCI 和 400ZR。

Traditional telecom is still somewhat flat and digesting inventory. But because the industry categorizes DCI into telecom, we are seeing some growth in telecom from DCI and 400ZR. But we don't actually break them out separately.

傳統電信仍然有些平淡，正在消化庫存。但由於業界將 DCI 歸類為電信，我們看到 DCI 和 400ZR 帶來了電信方面的一些成長。但我們實際上並沒有將它們分開。

Fair enough. But then is it fair to assume that traditional segment is still larger than DCI? I mean if you look at like Cienas and Infineras of the world, traditional is certainly bigger than DCI.

很公平。但是，假設傳統細分市場仍然大於 DCI 是否公平？我的意思是，如果你看看世界上的 Cienas 和 Infineras，傳統肯定比 DCI 更大。

Yes. Fairly correct.

是的。相當正確。

Okay. And then just on the -- go ahead.

好的。然後就——繼續吧。

Bear in mind, Dave, that our traditional business includes system business. So DCI being larger than our traditional telecom business would take a lot of growth. So just another color.

請記住，戴夫，我們的傳統業務包括系統業務。因此，DCI 比我們傳統的電信業務規模更大，需要大量的成長。所以只是另一種顏色。

Got it. Yes. And then just sticking with the traditional side, so you're guiding telecom to be up sequentially. But just wondering -- I'm assuming that's mostly driven by DCI or ZR. How should we think about traditional? Is it going to be kind of flat or slow down?

知道了。是的。然後就堅持傳統的一面，這樣你就可以引導電信業依序上漲。但只是想知道 - 我假設這主要是由 DCI 或 ZR 驅動的。我們該如何看待傳統？會變得平坦還是放緩？

Traditional would be still slightly down, Dave. So the growth we are seeing, moderate -- modest improvement quarter-on-quarter is driven by DCI and ZR.

傳統的仍會略有下降，戴夫。因此，我們看到的成長是溫和的——季度環比的適度改善是由 DCI 和 ZR 推動的。

Got it. And my second question is on DZS. You talked about them as a new customer last year. Just wondering what the latest is. Have they become sort of a meaningful customer or still ramping? Any color would be appreciated.

知道了。我的第二個問題是關於 DZS 的。去年您作為新客戶談到他們。只是想知道最新的是什麼。他們是否已成為有意義的客戶或仍在成長？任何顏色都會受到讚賞。

We've transferred, let's say, everything that was in the initial list of products that was slated to transfer. We've transferred everything now. So they're -- the business from DZS is baked into our forecast. And it's in our actuals for last quarter.

比方說，我們已經轉移了最初計劃轉移的產品清單中的所有內容。現在我們已經轉移了一切。因此，DZS 的業務已納入我們的預測中。這是我們上個季度的實際情況。

So that's already wrapped. There's other business we're working on -- we're working hard on to win and grow with DZS. But that initial phase of the business is already ramped at this point.

所以這已經包裝好了。我們正在進行其他業務——我們正在努力爭取勝利並與 DZS 一起成長。但此時該業務的初始階段已經開始推進。

We have a follow-up question from the line of Alex Henderson with Needham.

我們有一個來自 Alex Henderson 和 Needham 的後續問題。

So doing the mechanics of the math that you've given on the non-optical and the telco and comparing the remainder to the guidance, it implies kind of low single-digit datacom growth. So a couple of questions. One, is the fallout of the Intel business in the datacom piece? Is that where that would be located?

因此，根據您對非光纖和電信公司給出的數學原理進行計算，並將其餘部分與指導進行比較，這意味著數據通訊的單位數增長較低。有幾個問題。第一，英特爾業務在數據通訊領域的影響是什麼？那是那個地方嗎？

Yes.

是的。

And second, within that context, is this a function of supply of components that is causing a fair amount of flatness sequentially that you just can't get the components necessary to ramp that business sequentially on the AI side? Because it implies fairly modest AI growth, certainly not in line with the growth at your major customer on a quarter-to-quarter basis.

其次，在這種情況下，這是否是組件供應的功能，導致了相當多的連續平坦性，以至於您無法獲得在人工智慧方面連續增加業務所需的組件？因為這意味著人工智慧的成長相當溫和，當然與主要客戶的季度成長不相符。

So I would say on the first part of your question, the Intel business is in datacom. So any of that business that we will be transferring out in Q3, that will hit our datacom number. Our growth in datacom, there's a lot of moving parts there. And I wouldn't attribute it all to one customer or anything like that. There's a lot of moving parts there.

所以我想說，關於你問題的第一部分，英特爾業務是在數據通訊領域。因此，我們將在第三季轉移的任何業務都將影響我們的數據通訊數量。我們在數據通訊領域的發展，有很多變化的部分。我不會將這一切歸因於某個客戶或類似的事情。那裡有很多活動部件。

The other thing that we don't have visibility to necessarily is the inventory position that our customer has. We ship to their demand. What they hold in inventory versus what's getting installed straight out of the oven, we don't really have visibility to that. So there's probably a little bit of inventory normalization going on there as well. But overall, the demand remains strong. But that's the piece we don't have visibility to is the inventory.

我們無法了解的另一件事是我們客戶的庫存狀況。我們按照他們的需求出貨。他們庫存中的內容與直接從烤箱中安裝的內容相比，我們並沒有真正了解這一點。因此，庫存也可能會出現一定程度的正常化。但整體而言，需求依然強勁。但我們無法看到的是庫存。

If I were to look at the datacom business, excluding AI, it's been pretty stable at around $40 million a quarter, I believe. And so I could take some stuff out of that for the Intel piece, but it still implies a meaningful deceleration in the AI.

如果我看看數據通訊業務（不包括人工智慧），我相信它相當穩定在每季 4000 萬美元左右。所以我可以從英特爾的部分中取出一些東西，但這仍然意味著人工智慧的顯著減速。

Is that something that you see is fairly temporary and that the overall growth rate is still on track to -- for fairly high grades of growth for the calendar '24 year?

您認為這是相當暫時的事情嗎？

Well, we're expecting datacom to be up sequentially in the quarter. I'm not sure I follow your logic [for the number].

嗯，我們預計數據通訊將在本季連續成長。我不確定我是否遵循你的邏輯（對於數字）。

If I take the company's guidance and subtract out the comment about slightly up on telco, flat on auto or somewhat down on auto and flat on industrial lasers, subtracting that out gives you the datacom piece.

如果我按照公司的指導，減去有關電信業務略有上升、汽車業務持平或汽車業務略有下降、工業激光器業務持平的評論，減去它就可以獲得數據通信部分。

So the datacom piece is kind of low single-digit growth, I believe, if I do the math right. And sequentially, and certainly, there's a piece falling out. But that's a lot slower growth than you had been posting. And I guess I'm trying to get to the elephant in the room, which is why that's the case and to what extent that that's a temporary lull before continuing a steep ramp in future periods.

因此，如果我計算正確的話，我相信數據通訊部分的成長是低個位數的。然後，當然，會有一塊掉下來。但這比您發布的增長速度要慢得多。我想我正試圖抓住房間裡的大象，這就是為什麼會出現這種情況，以及在多大程度上這是暫時的平靜，然後在未來一段時間內繼續急劇上升。

Yes, as I said, it's a combination of the Intel business transferring and also those initial AI programs. They're passing into stable production now. The -- they're through the initial part of the growth curve.

是的，正如我所說，這是英特爾業務轉移和最初的人工智慧專案的結合。他們現在正在進入穩定生產。他們正在經歷成長曲線的初始部分。

So that's why we called out that the growth is starting to moderate in Q3 for that very reason. I'm not sure what is -- Alex, I can't really get into the specifics of an individual customer. But again, it's a combination of both of those continued growth in AI, but then offset by business transferring out on 100-gig transceiver business.

因此，這就是為什麼我們指出第三季成長開始放緩的原因。我不確定是什麼——亞歷克斯，我無法真正了解單一客戶的具體情況。但同樣，這是人工智慧持續成長的結合，但後來被業務轉移到 100 吉收發器業務所抵消。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Seamus for closing remarks.

女士們先生們，我不會在隊列中顯示任何其他問題。現在我想將電話轉回給謝莫斯進行總結演講。

Thank you for joining our call today. We are pleased to have exceeded our guidance again in the quarter. With another quarter of record revenue and EPS behind us, we are optimistic that we are well positioned to continue our strong execution track record in the third quarter. We look forward to speaking with you again. Goodbye.

感謝您今天加入我們的電話會議。我們很高興本季度再次超出了我們的指導。隨著又一個季度創紀錄的收入和每股盈餘的過去，我們樂觀地認為，我們有能力在第三季繼續保持強勁的執行記錄。我們期待再次與您交談。再見。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。