Fabrinet (FN) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to Fabrinet's Financial results conference call for the second quarter of fiscal year 2025. (Operator Instructions).

午安.歡迎參加 Fabrinet 2025 財年第二季財務業績電話會議。（操作員指令）。

As a reminder, today's call is being recorded. I would now like to turn the call over to your host, Garo Toomajanian, Vice President of Investor Relations.

提醒一下，今天的通話正在錄音。現在，我想將電話轉給主持人、投資者關係副總裁 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 second quarter of fiscal year 2025, which ended December 27, 2024.

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 2025 財年第二季（截至 2024 年 12 月 27 日）的財務和營運業績。

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.

今天與我一起參加電話會議的還有執行長 Seamus Grady；以及財務長 Csaba Sverha。本次電話會議將進行網路直播，重播可在我們網站的「投資者」部分（網址為 investor.fabrinet.com）上找到。

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 的對帳以及我們的收入明細的更多詳細信息。

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.

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。前瞻性陳述受風險和不確定因素的影響，可能導致實際結果與管理階層目前的預期有重大差異。

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.

這些聲明僅反映我們在本次演示之日的觀點，除非法律要求，否則我們不承擔根據新資訊或未來事件修改這些聲明的義務。

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 10-Q filed on November 5, 2024.

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 2024 年 11 月 5 日提交的 10-Q 文件中「風險因素」部分。

We will begin the call with remarks from Seamus and Csaba 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 Csaba 的發言開始此次電話會議，然後是提問時間。現在我想將電話轉給 Fabrinet 的執行長 Seamus Grady。西莫斯？

Thank you, Garo. Good afternoon, and thanks to those of you joining our call today. Our strong business momentum continued in the second quarter and represented a record quarter for both revenue and profitability, with growth that exceeded our expectations. Revenue of $834 million was an increase of 17% from a year ago and 4% from Q1. Our team executed well to produce record non-GAAP earnings per share of $2.61.

謝謝你，Garo。下午好，感謝今天參加我們電話會議的各位。我們強勁的業務動能在第二季得以延續，營收和獲利均創下歷史新高，成長超出了我們的預期。營收為 8.34 億美元，比去年同期成長 17%，比第一季成長 4%。我們的團隊表現出色，創造了創紀錄的非公認會計準則每股收益 2.61 美元。

While this is a remarkable performance, we are also very excited to see the positive trends in key areas of our business extending into the third quarter. This reflects both increasing demand in the high-growth markets we serve as well as our ability to further deepen relationships with existing customers and gain additional market share. As a result, we are confident that our strong revenue growth will extend into the third quarter, along with the corresponding increase in profitability. We are excited about these growth trends and have ample capacity to meet our near- to medium-term requirements and -- to our customers.

雖然這是一個了不起的表現，但我們也非常高興地看到我們業務關鍵領域的正面趨勢延續到第三季。這反映了我們所服務的高成長市場的需求不斷增長，以及我們進一步深化與現有客戶的關係並獲得更多市場份額的能力。因此，我們相信，強勁的營收成長將延續到第三季度，獲利能力也將隨之提高。我們對這些成長趨勢感到興奮，並且有足夠的能力滿足我們的近期和中期需求以及我們的客戶。

That said, with our continued growth, we will need additional capacity in the future which is why we are pleased to announce that last month, we broke ground on Building 10, a new 2 million square foot facility at our Chonburi campus, adding more than 50% to our total footprint. This new building will provide us with plenty of capacity to support our anticipated growth over the longer term.

儘管如此，隨著我們的持續成長，我們將來需要更多的產能，這就是為什麼我們很高興地宣布，上個月，我們在春武里園區破土動工建造了10 號樓，這是一座佔地200 萬平方英尺的新設施，將增加超過占我們總碳足跡的 50%。這座新大樓將為我們提供充足的容量來支持我們長期預期的成長。

Also reflecting our confidence, during the second quarter, we repurchased more than 1/3 of our $200 million authorized for share repurchases, and our Board just authorized an additional $100 million for share buybacks. Looking at the dynamics of the quarter in more detail, within optical communications, datacom experienced some bumpiness ahead of the ramp of next-generation products at a major customer and grew 4% from a year ago, but declined 9% from the [ fourth ] quarter. While we believe datacom demand could see a slight decrease in the third quarter, we remain confident that datacom revenue trends will improve as next-generation technologies at the 1.6 terabit data rate begin to ramp later this calendar year.

同樣反映出我們信心的是，在第二季度，我們回購了超過2億美元授權股票回購金額的三分之一，而我們的董事會剛剛批准了額外的1億美元用於股票回購。Looking at the dynamics of the quarter in more detail, within optical communications, datacom experienced some bumpiness ahead of the ramp of next-generation products at a major customer and grew 4% from a year ago, but declined 9% from the [ fourth ]四分之一.雖然我們認為第三季數據通訊需求可能會略有下降，但我們仍然相信，隨著 1.6 太比特數據速率的下一代技術在今年稍後開始普及，數據通訊收入趨勢將會改善。

Meanwhile, we were pleased to see telecom revenue performed even better than anticipated in the quarter, increased 24% from a year ago and 17% sequentially. Our telecom revenue strength was driven primarily by increased demand for data center interconnect products and by early success with recent telecom systems. We are optimistic that this positive trend will extend into the third quarter.

同時，我們很高興看到本季電信營收表現優於預期，較去年同期成長 24%，較上一季成長 17%。我們的電信收入強勁成長主要得益於資料中心互連產品需求的增加以及近期電信系統的早期成功。我們樂觀地認為這一正面趨勢將延續到第三季。

Turning to non-optical communications. We experienced another healthy performance in automotive with revenue up 32% from a year ago and roughly flat from Q1. Also contributing to our growth in the quarter, industrial laser revenue was up 24% from a year ago and 6% from last quarter. In summary, with the confluence of several positive growth drivers ahead of us, we are more confident than ever in our business. In the coming quarters, we expect our Datacom business to return to faster growth.

轉向非光通信。我們的汽車業務再次表現良好，營收較去年同期成長 32%，與第一季基本持平。工業雷射營收較去年同期成長 24%，較上季成長 6%，這也為本季的成長做出了貢獻。總而言之，隨著未來幾個積極成長動力的匯聚，我們對我們的業務比以往任何時候都更有信心。在接下來的幾個季度，我們預計我們的數據通訊業務將恢復更快的成長。

In telecom, we anticipate further growth driven by increasing momentum from recent shipments coupled with lighting demand for data center interconnect products. Collectively, we are very optimistic as we look to the third quarter and beyond.

在電信領域，我們預期近期出貨量成長動能和資料中心互連產品的照明需求將推動電信業務進一步成長。總的來說，我們對第三季及以後的前景非常樂觀。

Now I'll turn the call over to Csaba for more financial details on our second quarter and our guidance for the third quarter of fiscal 2025. Csaba?

現在，我將把電話轉給 Csaba，以了解有關我們第二季度的更多財務細節以及我們對 2025 財年第三季的指引。恰巴？

Thank you, Seamus, and good afternoon, everyone. We had a strong second quarter with revenue and net income per share that were above our guidance ranges. Revenue in the second quarter was $834 million, an increase of 17% from a year ago, and 4% from Q1.

謝謝你，西莫斯，大家下午好。我們第二季表現強勁，營收和每股淨收入均高於我們的預期範圍。第二季營收為 8.34 億美元，較去年同期成長 17%，較第一季成長 4%。

Non-GAAP EPS was $2.61 with revenue upside and FX revaluation gain contributing to our results. Details of our revenue breakdown are included in the investor presentation on our website.

非公認會計準則每股收益為 2.61 美元，收入成長和外匯重估收益為我們業績做出了貢獻。我們的收入明細包含在我們網站的投資者介紹中。

So I will focus my comments on some of the more notable highlights.

因此，我將重點討論一些比較值得注意的亮點。

In the second quarter, Optical Communications revenue was $647 million, up 14% from a year ago and 3% from Q1. Within optical communications, datacom revenue was $299 million or 46% of optical communications revenue, an increase of 4% from a year ago, but a decline of 9% as a major customer transition to next-generation products.

第二季度，光通訊營收為6.47億美元，較去年同期成長14%，較第一季成長3%。在光通訊領域，數據通訊收入為 2.99 億美元，佔光通訊收入的 46%，比去年同期成長了 4%，但由於主要客戶向下一代產品過渡，收入下降了 9%。

Telecom revenue was $348 million or 54% of optical communications revenue, a remarkable increase of 24% from a year ago and 17% from Q1, driven primarily by growth in DCI products and early contributions from recent system business wins.

電信收入為 3.48 億美元，佔光通訊收入的 54%，比去年同期大幅成長 24%，比第一季成長 17%，主要得益於 DCI 產品的成長以及近期系統業務勝利的早期貢獻。

By data rate, revenue from 800 gig and faster products was $257 million, up 12% from a year ago and flat sequentially. Revenue from products below 800 gig was $277 million, an increase of 25% from a year ago and 5% from Q1.400 ZR products for the center interconnect applications were very strong contributors to growth, reaching 10% of total revenue in the quarter.

以數據速率計算，800G及更快產品的營收為2.57億美元，比去年同期成長12%，與上一季持平。800G 以下產品的營收為 2.77 億美元，比去年同期成長 25%，比第一季成長 5%。 用於中心互連應用的 400 ZR 產品對成長貢獻巨大，達到本季總營收的 10%。

Revenue from optical communications products that are non-titrated was $140 million, up 6% from Q1. Non-optical communication revenue was $186 million, up 29% from a year ago and 5% sequentially. Each of automotive, industrial laser and other revenue category was up sequentially and grew over 20% year-over-year.

非滴定光通訊產品營收為1.4億美元，較第一季成長6%。非光通訊收入為1.86億美元，比去年同期成長29%，比上一季成長5%。汽車、工業雷射和其他收入類別均較上季成長，年增超過 20%。

As I discuss the details of our P&L, expense and profitability metrics field on a non-GAAP basis, unless otherwise noted. Gross margin in the second quarter was 12.4%, compared to 12.7% in the first quarter, primarily due to Q1 FX tailwinds turning into slight headwinds as anticipated.

當我討論我們的損益表細節時，費用和獲利能力指標領域都是以非公認會計準則為基礎的，除非另有說明。第二季毛利率為 12.4%，而第一季為 12.7%，這主要由於第一季外匯順風如預期轉為輕微逆風。

Operating expenses were flat sequentially at $16 million, of most of the impact of slightly lower gross margins. Operating income was a record $88 million, representing an operating margin of 10.6% compared to 10.7% both a year ago and last quarter.

營業費用與上一季持平，為 1,600 萬美元，大部分原因是毛利率略有下降。營業收入達到創紀錄的 8,800 萬美元，營業利潤率為 10.6%，而去年同期和上季均為 10.7%。

Interest income of $11 million in the quarter was in line with Q1 and our foreign exchange revaluation gain contributed $4 billion. Effective GAAP tax rate was elevated in the quarter at 8.7% due to discrete items. We continue to effect on effective tax rate in the mid-single digits for the fiscal year.

本季的利息收入為 1,100 萬美元，與第一季持平，我們的外匯重估收益貢獻了 40 億美元。由於單獨項目的影響，本季有效 GAAP 稅率上升至 8.7%。我們本會計年度的有效稅率將繼續維持在個位數的中段。

Non-GAAP net income was $95 million or $2.61 per diluted share which was above our guidance range and a quarterly record.

非公認會計準則淨收入為 9,500 萬美元，即每股攤薄收入 2.61 美元，高於我們的預期範圍並創下了季度紀錄。

Turning to the balance sheet. We ended the second quarter with cash and short-term investments of $935 million, up $26 million from the end of the first quarter. Operating cash flow in the quarter was strong at $116 million. OpEx was $22 million, resulting in free cash flow of $94 million in the second quarter. As Seamus mentioned, we recently program on our new building plan in Chonburi, which will considerably increase our manufacturing capacity.

轉向資產負債表。截至第二季末，我們的現金和短期投資為 9.35 億美元，比第一季末增加了 2,600 萬美元。本季經營現金流強勁，達到 1.16 億美元。營運支出為 2,200 萬美元，導致第二季自由現金流為 9,400 萬美元。正如 Seamus 所提到的，我們最近計劃在春武里府實施新的建設計劃，這將大大提高我們的生產能力。

As a result, we expect to incur a higher CapEx outlay over the next several quarters.

因此，我們預計未來幾季的資本支出將更高。

Turning to share buybacks. Recall that we increased the size of our share repurchase program in August to $200 million. During the second quarter, we were very active in the program and acquired 292,000 shares at an average price of $235 per share for a total cash outlay of $69 million.

轉向股票回購。回想一下，我們八月將股票回購計畫的規模增加至2億美元。在第二季度，我們非常積極參與該計劃，以平均每股 235 美元的價格收購了 292,000 股，總現金支出為 6,900 萬美元。

As a result, at the end of the second quarter, we had $131 million remaining under our repurchase authorization. As a sign of continued confidence in our business, last week, our Board authorized an additional $100 million for share repurchases.

因此，截至第二季末，我們的回購授權餘額為 1.31 億美元。為了表明對我們業務的持續信心，上週，我們的董事會批准額外撥款 1 億美元用於股票回購。

Now I will turn to our guidance for the third quarter of fiscal year 2025. As James highlighted, we have several reasons to be optimistic about our business in Q3 and beyond, and this is reflected in our outlook. For the third quarter, we expect total revenue to be between $850 million and $870 million.

現在，我將談談我們對 2025 財年第三季的指導。正如詹姆斯所強調的，我們有幾個理由對第三季及以後的業務感到樂觀，這反映在我們的展望中。我們預計第三季總營收在 8.5 億美元至 8.7 億美元之間。

By major product area, we anticipate datacom revenue to be down slightly sequentially in anticipation of the ramp in coming quarters from next-generation products. We expect telecom revenue to see strong sequential growth again in Q3 as the increasing DCI momentum and new system means make larger contributions.

按主要產品領域，我們預計數據通訊收入將環比略有下降，因為預計未來幾季下一代產品的收入將會增加。我們預計，隨著 DCI 勢頭的增強和新系統手段的貢獻加大，電信收入將在第三季再次實現強勁成長。

We also expect automotive revenue to continue to grow sequentially. We expect FX pressure on gross margin to persist in the third quarter, but believe we can again offset much of that impact with continued operating leverage. Therefore, we anticipate EPS in the third quarter to be between $2.55 to $2.63 per diluted share.

我們也預計汽車收入將繼續連續成長。我們預計外匯對毛利率的壓力將在第三季度持續，但我們相信透過持續的經營槓桿，我們可以再次抵消大部分影響。因此，我們預計第三季每股收益將在 2.55 美元至 2.63 美元之間。

In summary, after a very strong second quarter, we continue to be very optimistic about our business as we benefit from several positive trends. We believe Q3 will represent another quarter of record revenue for the company as our strong business momentum continues in the third quarter and beyond.

總而言之，在經歷了非常強勁的第二季度之後，我們繼續對我們的業務非常樂觀，因為我們受益於幾個積極的趨勢。我們相信，由於我們強勁的業務動能將在第三季及以後延續，第三季將代表公司再創歷史新高。

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

接線員，我們現在可以開始回答問題了。

(Operator Instructions)

（操作員指令）

Karl Ackerman from BNP.

法國國家銀行的卡爾·阿克曼。

Yes, thank you gentlemen. For my first question, I was hoping to discuss telecom for a second. When should we expect to see record revenue in telecom? I guess, is that implied in your March quarter outlook? I asked because Telecom fell from about $400 million a quarter two years ago to a trough of $280 million in June of last year, but now you're seeing fraction coherent ZR modules and two large system business wins that appear to be just flowing into your results that do support this end market recovery. So you've got several things acting as tailwinds.

是的，謝謝各位先生。對於我的第一個問題，我希望討論一下電信。我們何時能夠期待電信業創下歷史新高？我想，這是否暗示了您對三月季度的展望？我之所以問這個問題，是因為電信業務從兩年前的一個季度的約4 億美元下降到去年6 月的2.8 億美元低谷，但現在你看到分數相干ZR 模組和兩個大型系統業務勝利似乎正流入你的結果確實支持了終端市場的復甦。因此，有幾件事可以起到順風的作用。

So if you can talk about the visibility you see within telecom and when we should see revenue in that segment?

那麼，您能否談談您在電信領域看到的前景以及我們何時應該看到該領域的收入？

Yeah, Thanks, Karl. So yes, as you're right to say, our telecom revenue was down for the last several quarters as the whole industry digested inventory. The nice thing is the countercyclicality we have in the business when our telecom revenue was flat, our datacom revenue is growing nicely at the moment. So our datacom revenue was a little bit flat as we wait for new product launch and our telecom revenue is back to strength.

是的，謝謝，卡爾。是的，正如您所說，由於整個行業消化庫存，我們的電信收入在過去幾個季度下降。值得慶幸的是，當我們的電信收入持平時，我們的業務具有逆週期性，而我們的數據通訊收入目前正在良好成長。因此，由於我們正在等待新產品的推出並且我們的電信收入恢復強勁，因此我們的數據通訊收入略有持平。

And the drivers of that are a mixture of new program wins and strength in primarily DCI products and ZR products. So we expect that trend to continue. Some of these system wins are in the beginning to show in the numbers, but the majority of the new system wins are actually not in our results yet. The [ CNN ] we talked about previously is more of an FY '26 story from a revenue perspective and the other system win where we took business away from one of our competitors is really just beginning to ramp. So yes, good strength in telecom really offsetting that softness in datacom, but we expect that strength in telecom to continue for the next several quarters, exactly when it gets back to where we were before the inventory digestion, it's really hard to say and I wouldn't like to speculate.

而推動這一趨勢的因素包括新項目的成功以及 DCI 產品和 ZR 產品的優勢。因此我們預計這一趨勢將會持續下去。其中一些系統的勝利已經開始在數字中顯現，但是大多數新系統勝利實際上尚未出現在我們的結果中。我們之前談到的 [CNN] 從收入角度來看更像是 26 財年的故事，而我們從競爭對手手中奪走業務的另一個系統勝利實際上才剛剛開始。因此，是的，電信業的強勁表現確實抵消了數據通訊行業的疲軟，但我們預計電信行業的強勁勢頭將在未來幾個季度繼續，具體什麼時候能回到庫存消化之前的水平，這很難說，我我不想猜測。

But we're just focused on getting the customers what they need. And we're very happy to see, as I say, the telecom business being very strong for us, just where we needed to be when the datacom business is at soft.

但我們只注重滿足客戶的需求。正如我所說，我們很高興地看到，電信業務對我們來說非常強勁，當數據通訊業務疲軟時，這正是我們所需要的。

Yeah. No, thank you for that. If I may have a follow-up, the growth in your silicon photonics business is now approaching record levels as well. I guess within silicon photonics, is the incremental growth coming from high-speed transceivers inside the data center? Or is it mainly coherent ZR for DCI and other telecom applications? Thank you.

是的。不，謝謝你。如果我可以跟進的話，你們的矽光子業務的成長現在也接近創紀錄的水平。我猜測，在矽光子學領域，增量成長是否來自資料中心內部的高速收發器？或者它主要是針對 DCI 和其他電信應用的相干 ZR？謝謝。

That's mainly the latter coherent transceivers for ZR transceivers for DCI applications between the data centers. That's the main driver of our silicon photonics growth. And we were a very early adopter of silicon photonics. We've been building silicon photonics products for a decade at this stage. So we really feel we're in a strong position as the industry moves more towards silicon photonics and also -- packaged optics that for us, it's a fairly natural transition to go from one to the other.

這主要是後者用於資料中心之間 DCI 應用的 ZR 收發器的相干收發器。這是我們矽光子學發展的主要驅動力。我們是最早採用矽光子學技術的人之一。現階段，我們已經打造矽光子產品十年了。因此，隨著產業逐漸轉向矽光子學和封裝光學元件，我們確實感到自己處於有利地位，對我們來說，從一個技術到另一個技術的過渡是相當自然的。

But yes, that growth in silicon photonics is primarily driven by coherent ZR DCI products.

但是，矽光子學的成長主要是由相干 ZR DCI 產品所推動的。

Got it. Thank you. Thank you, sir.

知道了。謝謝。謝謝您，先生。

Samik Chatterjee from JPMorgan.

摩根大通的 Samik Chatterjee。

Hi. Thanks for taking my questions. Seamus, you talked about the next generation product on, in, on in Datacom for the primary customer that you have here. And I think you've referenced sort of the strong visibility you have in ramping the next generation product. I mean, how, what's driving that confidence in terms of timing? You, you're guiding here to a moderation in three Q as well.

你好。感謝您回答我的問題。Seamus，您談到了 Datacom 為您主要客戶提供的下一代產品。我認為您已經提到了在推出下一代產品方面所具有的強大預見性。我的意思是，從時間角度來看，是什麼推動了這種信心？您，您在這裡也指導了三 Q 的適度化。

So should we just conclude that the new product sort of ramps starting in four Q towards the end of the year and has the timing from the customer in terms of when that next product ramps, has that also changed or is it still pretty intact in terms of the timing that you were expecting to ramp the next generation product and have a follow up? Thank you.

那麼我們是否應該得出結論，新產品將在年底前第四季度開始量產，而客戶對於下一款產品量產時間的安排是否也發生了變化，或者是否仍然相當完整？下一代產品並進行跟進？謝謝。

Yeah, I think the timing of the next generation product really depends on our customers launch timing. We would expect to see a ramp, about one quarter before our customer wants to ship product to their customers. You know, we're ready, we're prepared and we're ready to go from a capacity perspective. And we're really just, working to the customer schedule.

是的，我認為下一代產品的推出時間確實取決於我們客戶的發佈時間。我們預計，在我們的客戶希望將產品運送給他們的客戶之前約一個季度，產量將會增加。你知道，我們已經準備好了，我們已經做好準備，從容量角度來看，我們已經準備好出發了。我們實際上只是按照客戶的時間表來工作。

So no, no big change other than, we're working to the customer schedule. In terms of the, of the launch, we have, we have good visibility, we still have the same visibility we've had, we have visibility, well beyond the component lead times and you know, we're quite optimistic.

所以，除了我們正在按照客戶時間表開展工作之外，沒有什麼重大的變化。就發布而言，我們具有良好的可見性，我們仍然具有與以前相同的可見性，我們的可見性遠遠超出了組件交付週期，而且您知道，我們非常樂觀。

We're not concerned. It's really just a question of, making sure we're ready to go when the customer is ready to go. So we're ready to ramp and ready to go whenever they, whenever the product launches.

我們不擔心。這實際上只是一個問題，確保當客戶準備好時我們也準備好出發。因此，無論何時產品推出，我們都已經準備好了。

Okay. Got it. And related to the volumes that you're expected to ramp initially or even sort of volumes through the cycle as well as pricing on these sort of products, what is the capability that you have currently from the customer, and particularly if you compare it to 800,000 when you were initially ramping in terms of price and volume, how does the next-generation product compare?

好的。知道了。與您預計最初增加的產量，甚至整個週期的產量以及這些產品的定價有關，您目前從客戶那裡獲得的能力是什麼，特別是如果您將其與當您最初在價格和數量方面擴大規模時，其產量為80 萬，那麼下一代產品與之相比如何？

I think in terms of -- if I take volume, first of all, I think the volume, I think once it gets going, it will be a pretty steep ramp. That's not unusual in that part of our business. So we're ready for that. In terms of ASPs, we continually reduce our costs and therefore, our prices to our customers. There's nothing about that.

我認為就——如果我考慮成交量而言，首先，我認為成交量一旦開始上升，就會出現相當陡峭的上升趨勢。在我們的業務中，這並不罕見。我們已經做好準備了。就平均售價 (ASP) 而言，我們不斷降低成本，從而降低客戶價格。沒什麼。

I think if anything, maybe the delay with launching the end product has allowed us and the customer to refocus on cost and make sure we're very cost competitive. So we expect when the 1.6 product launches that we'd be very cost competitive, let's say, relative to 800 gig. It won't be as much of an uplift as might traditionally happen when you double the speed. Like I say, we're ready to go. We're working very hard to make sure the costs are competitive.

我認為，如果有的話，也許是最終產品的推出延遲使我們和客戶重新專注於成本，並確保我們具有強大的成本競爭力。因此，我們預計，當 1.6 產品推出時，我們的成本將非常有競爭力，相對於 800G 而言。它所帶來的提升不會像傳統上速度加倍時那麼大。就像我說的，我們已經準備好出發了。我們正在努力確保成本具有競爭力。

And yet, the volumes we're just ready to go wherever the customer is, but we're optimistic. We have no reason to be pessimistic or anything like that. We're quite optimistic. It's just a question of timing.

然而，我們已經準備好將貨物發送到客戶所在地，但我們對此持樂觀態度。我們沒有理由感到悲觀或諸如此類。我們非常樂觀。這只是一個時間問題。

Alright, great. Thank you. Thank you for taking my questions. You're welcome.

好的，太棒了。謝謝。感謝您回答我的問題。不客氣。

George Notter from Jefferies.

傑富瑞 (Jefferies) 的喬治諾特 (George Notter)。

Hi there. Thanks very much guys. I guess I was going to ask the question of the day, I think, which is tariffs. Obviously, it's been something the industry has been concerned about for some time. I'm wondering if you guys are seeing incremental opportunity associated with tariffs coming in place now, was this an opportunity for Fabrinet to take share? Can you kind of give us a sense for what you're seeing from the customers in your conversations? Thanks.

你好呀。非常感謝大家。我想我今天要問的問題就是關稅。顯然，這是業界一段時間以來一直關注的問題。我想知道你們是否看到了與即將實施的關稅相關的增量機會，這對 Fabrinet 來說是一個獲取市場份額的機會嗎？您能否向我們介紹一下您在與顧客的交談中了解到的情況？謝謝。

Yeah. Hi George. Yeah, we're keeping a close eye on that, based on where our factories are located so far. At least we haven't seen any, any, any tariffs being imposed on China. So we don't expect any negative impact if anything we may expect a potential positive impact if customers want to move production. You know, with the most recent tariffs, a lot of the supply chain our industry if you like is still a lot of it is in Mexico and some of it is still in China.

是的。你好，喬治。是的，根據我們工廠目前的所在地，我們正在密切關注這一點。至少我們還沒有看到對中國徵收任何關稅。因此，我們預計不會有任何負面影響，但如果客戶想要轉移生產，我們可能會預期潛在的正面影響。你知道，由於最近的關稅，我們行業的許多供應鏈，如果你願意的話，很大一部分仍然在墨西哥，有些仍然在中國。

So, we're, we're quite happy to work with the customers if they want to move production to in our direction. So if anything, we see the tariffs and leaving aside the kind of macroeconomic impact, which I leave it to people smarter than me to talk about.

因此，如果客戶願意按照我們的要求進行生產，我們非常樂意與他們合作。因此，如果有的話，我們看到關稅並且拋開宏觀經濟影響，我把這個問題留給比我更聰明的人去討論。

But just in terms of the demand and, the our ability to win business, we don't see tariffs as a, as a headwind. If anything, we think it could actually help us a little bit, but it's very early days, it's hard to see. It's hard to say what would, what would help.

但僅就需求和我們贏得業務的能力而言，我們並不認為關稅是一種阻力。如果有的話，我們認為它實際上可以對我們有點幫助，但現在還為時過早，很難看出效果。很難說什麼會、什麼會有幫助。

Got it. And then, I think part of the trick in this is that there is some lead time, moving manufacturing from one country or one geography to another is that, if there is a benefit is that, is that months away, quarters away, years away, like how do you think about what's, what's reasonable in terms of when it could help you?

知道了。然後，我認為這其中的訣竅在於，將製造業從一個國家或地區轉移到另一個國家或地區需要一定的準備時間，如果有好處的話，那是幾個月、幾個季度甚至幾年的事情。

Very hard to say, George. I don't, I don't like to not answer the question, but it's very hard to say. I think if there is a benefit, I put it this way, I think if the benefit hasn't, hasn't materialized in months or quarters, it probably won't at that point because, sometimes customers companies decide to stay where they are because they, and they'll, they'll find other ways to reduce cost or whatever. But, you know, I think it's an opportunity.

很難說，喬治。我不會，我不喜歡不回答這個問題，但這很難說。我認為如果有好處，我這樣說，我認為如果好處在幾個月或幾個季度內沒有實現，那麼到那時可能就不會實現，因為有時客戶公司決定留在原地是因為他們會找到其他方法來降低成本或其他什麼的。但你知道，我認為這是一個機會。

I wouldn't get too excited about it though. I think it's, it's an opportunity but I'd say it's probably more months and quarters than, than years. The products are complex, but, we tend to move, we have a track record of being able to move very complex products very quickly. So if customers want to move, we're ready to support them, we can move very quickly.

但我不會對此感到太興奮。我認為這是一個機會，但我想說的是，這可能還需要幾個月或幾季的時間，而不是幾年。產品很複雜，但是，我們傾向於移動，我們有能力非常快速地移動非常複雜的產品。因此，如果客戶想要搬家，我們已經準備好支持他們，我們可以非常迅速地採取行動。

Super, thank. You.

非常好，謝謝。你。

You're welcome.

不客氣。

Ryan Koontz from Needham.

來自尼德姆的 Ryan Koontz。

Great. Thanks for the question. Seamus, with your momentum in ZR and DCI, I wonder if you're contemplating or your customers are contemplating yet much of a transition over 800 ZR yet? Or are you really seeing 400 as the dominant force here in '25?

偉大的。謝謝你的提問。Seamus，鑑於您在 ZR 和 DCI 方面的勢頭，我想知道您是否正在考慮或您的客戶是否正在考慮超過 800 ZR 的轉變？還是您真的認為 400 是 '25 年的主導力量？

So yes, so first of all, in F Q4 and F Q1, 400 ZR was 10% or more of our optical revenue and in Q2, 400 ZR was 10% of our total revenue. So it's a very important, if you like, category. If you do the math, that represents about a 43% sequential increase to $83 million. So ZR is very, very important for us. We do expect 400 ZR to remain strong in the coming quarters.

是的，首先，在 F Q4 和 F Q1，400 ZR 占我們光學收入的 10% 或更多，在 Q2，400 ZR 占我們總收入的 10%。所以如果你願意的話，這是一個非常重要的類別。如果你算一下，這意味著環比成長 43%，達到 8,300 萬美元。所以 ZR 對我們來說非常非常重要。我們確實預計 400 ZR 在未來幾季將保持強勁。

We have actually qual and shipped 800 ZR as well. But I think the schedule for ZR is 30 days, but we have actually qualified and have shipped some 800 ZR as well.

我們實際上已經合格並運送了 800 ZR。但我認為 ZR 的時間表是 30 天，但我們實際上已經合格並且已經運送了大約 800 ZR。

Got it great. And it relates to your expectations. You talked about some lumpiness here on the Datacom side. Do you are, are you, is that primarily the your lower speed Datacom? Do you think that will suffer more or more the high end at 800? Do you think we will see a little of a slow down anything you can share there?

太棒了。這與您的期望有關。您談到了數據通訊方面的一些不順利之處。您是，您是，這主要是您的低速數據通訊嗎？您認為 800 的高端價格會受到更多影響嗎？您認為我們的速度會稍微放慢一點嗎？

Yeah, so we don't have much low speed Datacom business. It's most, it's mostly predominantly, 800 gig and above, what I would say is, we're very optimistic about our Datacom business overall. When we, when we provided guidance, we indicated that Datacom would be roughly flat and, and things turned out a little bit softer than anticipated.

是的，所以我們沒有太多低速數據通訊業務。大多數情況下，主要是 800G 及以上，我想說的是，我們對我們的數據通訊業務整體非常樂觀。當我們提供指導時，我們表示數據通訊將大致持平，而且結果比預期的要弱一些。

And then the near term the product transition we talked about means our overall Datacom revenue will see additional softness in Q3. Again, nothing that we're overly concerned about. But it is at those higher speed products, we continue to anticipate increasing demand and revenue as our customer ramps the next generation 1.6 terabyte products, which makes us optimistic over the longer term.

然後，我們談論的短期產品轉型意味著我們的整體數據通訊收入在第三季將進一步疲軟。再說一遍，我們不需要過度擔心任何事情。但正是在這些更高速的產品中，隨著我們的客戶推出下一代 1.6 TB 產品，我們繼續預期需求和收入將會增加，這使我們對長期前景感到樂觀。

Albeit we have some near term softness. You know, in the meantime, we have, we have several other drivers that contributed to strong growth in Q2 and we continue to benefit from those in Q3. Interestingly, if you look at, we often talk about our countercyclicality in our business that it seems when one part of our business is down, another part is up.

儘管我們近期有些疲軟。您知道，同時，我們還有其他幾個驅動因素推動了第二季的強勁成長，我們將繼續從第三季的驅動因素中受益。有趣的是，如果你仔細觀察就會發現，我們經常談論業務的逆週期性，也就是說，當我們業務的一部分下滑時，另一部分就會上升。

That's really what we've been seeing here with our Telecom and Datacom business. You know, historically, when we were going through that inventory digestion for several quarters, our Datacom business was strong and at the moment, our, our Datacom business is a little bit flat but our telecom business is very strong but, but the mix of our of our business is more on the leading edge, higher speed products, not the, not the older products. Got.

這確實是我們在電信和數據通訊業務中看到的情況。你知道，從歷史上看，當我們經歷幾個季度的庫存消化時，我們的數據通信業務表現強勁，而目前，我們的數據通信業務略顯平淡，但我們的電信業務表現非常強勁，但是，我們的業務更多的是尖端的、高速的產品，而不是舊款的產品。得到。

It makes sense. And just last, if I could around, what's the rough time frame between your CapEx and when you can bring capacity online, we're talking months quarters.

這是有道理的。最後，如果可以的話，您的資本支出和上線產能之間的大致時間範圍是怎樣的？

So are you go ahead.

所以你繼續吧。

Ryan, if you are talking about our Building 10, the lead time of that is about 18 months. So we will see a linear cash outlay in terms of CapEx. So you will see probably about $20 million uplift in CapEx spend and cash out in the next, let's say, six to eight quarters.

瑞安，如果你說的是我們的 10 號大樓，那麼它的交付週期大約是 18 個月。因此，我們將看到資本支出方面的線性現金支出。因此，您可能會看到在接下來的六到八個季度中，資本支出和現金支出增加約 2000 萬美元。

Thanks so much and just maybe, Ryan, just to put some context around Building 10 in terms of the revenue capacity that we're adding, general datacom, we generate about $1,200 per square foot in annual revenue. So Building 10 will be a 2 million square foot facility.

非常感謝，Ryan，也許只是為了介紹一下 10 號樓的背景，就我們增加的收入能力而言，通用數據通訊每平方英尺每年的收入約為 1,200 美元。因此，10 號樓將是一個佔地 200 萬平方英尺的設施。

So it's about a $2.4 billion capacity addition that we're investing in. So obviously, the actual revenue will depend on the mix of products, but that's the ballpark capacity that we're adding is about $2.4 billion.

因此，我們投資約 24 億美元增加產能。因此，顯然實際收入將取決於產品組合，但我們增加的大致容量約為 24 億美元。

That's great, really impressive. Thank you, gentlemen.

太棒了，真令人印象深刻。謝謝各位先生。

Thank you, Ryan.

謝謝你，瑞安。

George Wang from Barclays.

巴克萊銀行的喬治王 (George Wang)。

Hey guys, thanks for taking my question. Just two quick one. Firstly, Just two quick ones. The first one, just I kind of want to hold me on 1.6T ramp. Just maybe kind of versus the last quarter. Are you guys seeing further delay or kind of status quo kind of still waiting for B-300 transition kind of as you guys called out later this year?

嘿夥計們，謝謝你們回答我的問題。只需兩個即可。首先，我只想簡單說兩點。第一個，只是我有點想在1.6T坡道上抱住我。可能與上一季相比有所差異。你們是否看到了進一步的延遲，或者某種現狀，仍在等待 B-300 過渡，就像你們今年晚些時候所說的那樣？

And also kind of are there other impediments for wider adoption of the full 1.6T such as maybe the supply chain is waiting for the 800G network interface cards, which probably doesn't arrive until later this year.

另外，還有哪些其他障礙阻礙更廣泛地採用完整的 1.6T，例如供應鏈可能正在等待 800G 網路介面卡，而該卡可能要到今年稍後才能上市。

Can you kind of unpack some of the potential other underlying constraints aside from just your largest datacom customer kind of solving on the transition on the ballpark?

除了解決您最大的數據通訊客戶在球場轉型過程中遇到的問題之外，您能否解釋一下其他一些潛在的潛在限制因素？

Yeah, I think on the on the wider questions around the supply chain and, and waiting for network interface cards and things like that, that's probably a question more better directed to our customer. It's not something we really, really comment on or have any particular knowledge of, we've, been producing you know, sample qualification bills of 1.6 and to the point where we're ready to go, whenever the customer is,

是的，我認為關於供應鏈的更廣泛的問題，以及等待網路介面卡和類似的東西，這可能是更適合向我們的客戶提出的問題。這不是我們真正要評論或特別了解的事情，我們已經製作了 1.6 的樣品資格單，並且已經準備好，無論何時客戶需要，

As I talked about earlier, it's really just a question of the timing of that product launch again, wider questions about other parts of the network. We're not really in a position to talk about mostly because we don't know. But it's also just a question that will be better directed to our customer.

正如我之前所說的，這實際上只是該產品發佈時間的問題，以及有關網路其他部分的更廣泛的問題。我們實際上無法談論這個問題，主要是因為我們不知道。但這只是一個可以更好地直接向我們的客戶提出的問題。

Okay, thanks. And just a quick one if I can, I just, in terms of Sienna business, obviously, it's anticipated is going to be a much bigger customer. You know, in the next few quarters, kind of FY26 as you guys called out, is there any sort of a refresh view in terms of, the peak revenue run rate? I mean, do you think it can, you know, surpass the Cisco kind of, 10% customer and any of the latest thoughts in terms of the prospect, for Sienna, recognizing it's early days, just curious if you have additional thoughts on that.

好的，謝謝。如果可以的話，我只想快速問一下，就 Sienna 業務而言，顯然我們預計它將會成為更大的客戶。您知道，在接下來的幾個季度中，就像你們所說的那樣，在 2026 財年，在峰值收入運行率方面是否會有某種刷新觀點？我的意思是，您認為它能否超越思科的 10% 客戶群，對於 Sienna 的前景，您有什麼最新的想法嗎？

Yeah. So we've, we've had a couple of, solid recent system wins. One of which is the Sienna new products that we talked about in prior quarters. It's a new networking product that Sienna is introducing this year. We, I think we said at the time when we continue to expect that the bulk of the Sienna ramp will be in late fiscal 2025 and to earn into early fiscal 2026.

是的。因此，我們最近取得了一些穩固的系統勝利。其中之一就是我們在前幾個季度討論過的 Sienna 新產品。這是Sienna 今年推出的新型網路產品。我想我們當時就說過，我們預計 Sienna 的大部分產能將在 2025 財年末達到峰值，並在 2026 財年年初實現盈利。

So it's more of an FY26 story from a revenue point of view. And that's really is, we'd be ramping, of course, in line with the customer's ramp plans. You know, that the revenue run rate for Sienna, we wouldn't, we wouldn't comment on, we don't comment on individual revenue other than at the end of the fiscal year. If the customer becomes a 10% customer, we disclose the revenue.

因此，從收入的角度來看，這更像是 26 財年的故事。當然，事實確實如此，我們會根據客戶的產能提升計畫進行產能提升。您知道，我們不會對 Sienna 的收入運行率發表評論，我們不會對財政年度末以外的個人收入發表評論。如果客戶成為10%的客戶，我們就會揭露收入。

But outside of that, we don't comment on individual customers revenue and we certainly don't forecast revenue at the customer level. So I'm afraid I can't give you a whole lot more information there, George.

但除此之外，我們不會對個人客戶的收入發表評論，當然我們也不會預測客戶層面的收入。因此，恐怕我無法向您提供更多信息，喬治。

Okay. Thank you. I'll go back.

好的。謝謝。我會回去的。

To the queue. You're welcome. Thank you.

去排隊。不客氣。謝謝。

Tim Savageaux from Northland Capital Markets.

來自 Northland Capital Markets 的 Tim Savageaux。

Thanks, good afternoon. And Congrats on the results and outlook here. Maybe I can try and come at that from another direction. So first question, if you look at the sequential growth in telecom this quarter, you've been pretty clear about the ZR data center interconnect impact. fair to conclude that the other piece of that $50 million is the new program ramp with the major customer that you're talking about or anything to discuss within with regard to the broader telecom landscape recovering?

謝謝，下午好。並對這裡的成果和前景表示祝賀。也許我可以嘗試從另一個方向來解決這個問題。所以第一個問題，如果您看本季電信業務的連續成長，您就會非常清楚 ZR 資料中心互連的影響。可以公平地得出結論嗎？

So yes, it's primarily ZR and also the beginning, the early days of the ramp of another program win that we had a competitive new business win where we took a little bit of share away from one of our competitors. The customer we named before the Sienna business, that is really not in the numbers yet that hasn't really started yet. So it's a combination of that other competitive system win plus the ramp-up of ZR and DCI.

所以是的，這主要是 ZR，也是另一個專案勝利的開始，在早期階段，我們獲得了有競爭力的新業務勝利，我們從我們的一個競爭對手那裡奪走了一點份額。我們在 Sienna 業務之前提到的客戶，實際上還沒有進入業務量，也還沒有真正開始。因此，這是其他競爭系統的勝利與 ZR 和 DCI 的提升的結合。

We really took the opportunity and when the telecom business was flat because of inventory digestion, we've spoken about this we took the opportunity to use that to go win business. So beginning to see the fruits of that now.

我們確實抓住了機會，當電信業務因為庫存消化而持平時，我們已經討論過這個問題，我們抓住機會利用它來贏得業務。現在已經看到其成果了。

Okay. Well, that makes this question a little easier. And Chabas referred to a couple of times, strengthen the business in Q3 and beyond. So I think, I think that fairly opens up a discussion about fiscal Q4.

好的。嗯，這讓這個問題變得簡單一些。查巴斯曾多次提到，要在第三季及以後加強業務。所以我認為，我認為這公平地開啟了關於財政第四季度的討論。

And, and Seamus, you just said that the CN ramp you do expect to begin fiscal '25. So I guess looking at the sum total of that, you're typically seasonally pretty strong in the June quarter anyway.

而且，Seamus，您剛剛說過，CN 的產能預計將於 25 財年開始。因此，我想從整體來看，無論如何，六月季度的季節性表現通常都相當強勁。

But it looks like you got a fair bit of momentum heading into that June quarter regardless of whether you see 1.6 T start to ramp them, which, I imagine you might but feel free to comment on that as well. And just your assessment on that overall set up there.

但無論您是否看到 1.6 T 開始加速，看起來您在進入 6 月季度時都獲得了相當大的發展勢頭，我想您可能會這樣認為，但也請隨意對此發表評論。這就是您對那裡整體設置的評估。

You're, you're exactly right, Tim, I couldn't have said it better myself. So we have, we have, you know, the part of our business, which is, has been a headwind for the longest time. The telecom business has now turned, turned back into a tailwind with a number of growth factors in there. You know, ZR continues to grow nicely.

你，你完全正確，提姆，我自己也說不出更好的了。所以，你知道，我們的業務中有一部分長期以來一直面臨阻力。如今，電信業務已重回順風狀態，並出現了許多成長因素。你知道，ZR 繼續保持良好的成長勢頭。

The new network system wins that we've, we've taken share of existing products away from one of our competitors and then of course, the Sienna win that hasn't, hasn't really figured in our, in our numbers yet. And then there's other system wins that we're also working on. Like I said, we alluded to earlier. We've been very busy trying to win telecom business during the time when the industry was flat and we've been working very, very hard with that.

新的網路系統使我們從競爭對手手中奪取了現有產品的份額，當然，Sienna 的勝利還沒有真正體現在我們的數據中。我們也正在努力實現其他系統勝利。正如我所說，我們之前提到過。在業界平穩時期，我們一直忙於爭取電信業務，並為此付出了非常非常的努力。

We generally don't announce anything until there's something to announce, but there's others that we're still working hard on. So Telecom yes, is turning from being a headwind to being a tailwind and then around the same time, all going well, we should start to ramp those next generation Datacom products as well.

通常，除非有值得宣布的事情，否則我們不會宣布任何消息，但有些事情我們仍在努力完成。因此，電信確實正在從逆風轉為順風，然後大約在同一時間，如果一切進展順利，我們也應該開始推出下一代數據通訊產品。

So we're, we're quite optimistic going into the second half of the year, that coupled with the announcement around the new, the new factory and the increased share buyback, I think should give you some indication of that.

因此，我們對下半年非常樂觀，再加上有關新工廠和增加股票回購的公告，我想應該會給你一些跡象。

Absolutely and well, quick one for me, I missed the non optical guide if you wouldn't mind repeating that briefly. And, and the last real question is, my assumption would be, I guess I'm trying to get you to rank order of magnitude, the size of the relative new systems opportunities.

絕對正確，而且對我來說很快，如果您不介意的話，我錯過了非光學指南。最後一個真正的問題是，我的假設是，我想我試著讓你對相對較新的系統機會的數量級、規模進行排序。

I would assume the NNA would be larger to much larger, but, but maybe not if you're willing to comment on that. Thanks.

我認為 NNA 會更大甚至大得多，但是，如果你願意對此發表評論的話，也許並非如此。謝謝。

Yeah, I think I'll let you to give you the nonoptical guide in a moment. But I think the Sienna win, we're very happy with that. They're just a fantastic customer, fantastic companies do business with. And we're so honored to be, to be part of their supply chain and really looking forward to that business ramping. You know, we're ready to support them.

是的，我想我稍後會給你非光學指南。但我認為 Sienna 獲勝了，我們對此感到非常高興。他們是一位出色的客戶，與許多出色的公司開展業務往來。我們非常榮幸能夠成為他們供應鏈的一部分，並真誠期待業務的成長。你知道，我們已經準備好支持他們了。

You know, we're very excited about that, but we're also excited about the other, new business wins. We've had to see anyone because it's a new product. Okay? It doesn't ramp straight away. But when it does ramp then, it has longer, longer legs, we have it for the life of the product where some of the other ones, it's great to get the win because you get a quick infusion of revenue.

你知道，我們對此感到非常興奮，但我們對其他新業務的成功也感到非常興奮。因為這是一個新產品，所以我們必須見任何人。好的？它不會立即上升。但是當它確實開始成長時，它的銷售量就會越來越好，我們會將其貫穿到整個產品的生命週期，而對於其他一些產品來說，獲得勝利是件很棒的事情，因為你可以快速獲得收入。

But if you're ramping it, we're ramping it in the middle of the product life cycle, you don't get that full, run at the, at the business. But so we're, we're very happy overall. I wouldn't like to try and try and rank them, rank them. It's like trying to tell you which of my Children I prefer, we love them all.

但是如果你要擴大規模，我們是在產品生命週期的中間擴大規模，那麼你無法在業務上充分運作。但總體來說，我們非常高興。我不想嘗試對它們進行排名。這就像試圖告訴你我更喜歡我的哪一個孩子，我們都愛他們。

So with regards to, with regards to the guidance team, we are anticipating automotive to be sequentially up and laser to be flat to slightly up as well. So across the board, we are seeing upside going into Q3 other than the temporary softness in data.

因此，就指導團隊而言，我們預計汽車業務將連續上升，雷射業務也將持平或略有上升。因此，總體而言，除了數據暫時疲軟之外，我們預計第三季將出現上行趨勢。

Great Thanks a lot. You're welcome.

非常好，非常感謝。不客氣。

Thank you. You're welcome. Thank you. Our next question or comment comes from the line of Mike Genovese from Rosenblatt Securities. Mr Genovese, your line is open.

謝謝。不客氣。謝謝。我們的下一個問題或評論來自羅森布拉特證券公司的 Mike Genovese。吉諾維斯先生，您的電話已接通。

Great, thanks. I mean, just to clarify something that's been asked a couple of times already, I probably won't get a new answer but so on June versus September for when we might see, you know, Datacom grow again, sequentially. Is it just too early to tell or, I mean, do you have a, do you have a sense one way or the other, whether that would happen in June or September?

太好了，謝謝。我的意思是，只是為了澄清已經被問過幾次的問題，我可能不會得到新的答案，但是，在 6 月與 9 月相比，我們可能會看到 Datacom 再次連續增長。現在說這是否為時過早，或者我的意思是，您是否有感覺，這是否會在六月或九月發生？

Well, I mean, we only guide one quarter at a time, Mike. So, right now we're, we're, we're guiding one quarter at a time. So we're not going to really go beyond that. Yeah, we have a, we have a sense of when the new products will begin to ramp, but as we've learned the hard way over the years, sometimes new products, they don't launch exactly in line with your expectations and sometimes they launch much, much quicker than we, than we think they will.

嗯，我的意思是，我們每次只指導一個季度，麥克。因此，現在我們，我們，我們每次只引導一個季度。所以我們實際上不會超越這個範圍。是的，我們知道新產品什麼時候會開始量產，但正如我們多年來吃盡苦頭所學到的，有時新產品的推出並不完全符合你的預期，有時他們的發射速度比我們想像的要快得多。

So it's really, it's really early days, but from a, from a, from our point of view, we're just, ready to support the customer whenever they're ready to start ramping the product. But I wouldn't want to get into whether it's June or September at this point.

所以現在真的還為時過早，但從我們的角度來看，只要客戶準備開始推出產品，我們就隨時準備為其提供支援。但目前我還不想討論現在是六月還是九月。

And then I guess you probably, again, like, don't have a view on the overall market, but do you think that your results are representative of the overall 800 G market or, just, you just, I mean, obviously you have one customer there. Do you think the market is maybe doing better than, than what you guys are showing or, or do you have any idea about that?

然後我想你可能再次對整個市場沒有看法，但你認為你的結果是否代表了整個 800G 市場，或者只是，我的意思是，顯然你有那裡有一位顧客。您是否認為市場表現可能比您們所展示的要好，或者您對此有什麼想法？

I don't really, we just, we just you would go by what the customers need from us. You know, I think if you look at 800 gig, let's say data center 800 gig, there are several players there. Now we're one of, we're the only supplier, let's say producing our customers design as a contract manufacturer, but then there are other merchant, merchant suppliers there.

我真的不知道，我們只是，我們只是根據客戶對我們的需求來做決定。你知道，我認為如果你看 800Gig，比如說資料中心 800Gig，那裡有幾個參與者。現在我們是其中之一，是唯一的供應商，可以說作為合約製造商生產我們客戶的設計，但那裡還有其他商家，商家供應商。

So we don't have visibility to the overall if you look at, our overall 800 gig and above number in our numbers that also includes, of course telecom products.

因此，如果您看一下我們的整體 800G 及以上數字，我們無法了解整體情況，當然也包括電信產品。

So it's, it's really a mixed bag. I don't think we're necessarily representative of the overall industry because of course, we don't have all the customers, we don't have all the products.

所以，這真是好壞參半。我認為我們不一定能代表整個產業，因為我們當然沒有所有的客戶，也沒有所有的產品。

Okay. And this is just finally for me, if I could sneak one more in. Is there, are you seeing anything with E MLS, you know, particularly 200 G per lane or even 100 G per lane E MLS being hard to get, is that having any impact on, you know, either the size or the timing of the, of the 800 G market going to 1.6.

好的。這對我來說只是最後的結局，如果我可以再偷偷地進去一次的話。您是否看到 E MLS 有什麼問題，特別是每通道 200 G 甚至每通道 100 G 的 E MLS 很難獲得，這對規模或時間有任何影響嗎？

Yeah, I think they're, it's, it's not a secret. They're very hard to get the world needs more, more eml. So, yeah, they're, they're, they're one of the components that's in fairly short supply.

是的，我認為，這不是什麼秘密。他們非常努力地獲得世界所需的更多、更多的 eml。所以，是的，它們是供應相當短缺的組件之一。

Okay. I would ask one more if I could. As long as I have you know, look in the beginning of the 800 G, there weren't a lot of merchant guys ready yet. So the start of 800 G was a lot of share game for, for fina. Almost because you guys were the only player in town, the only game in town, I guess 1.6 everyone is had more of a time to sort of develop on the same timeline. But, but do you see 1.6 as an opportunity to gain, to gain some share or how do you think that that could play out?

好的。如果可以的話我想再問一個。據我所知，在 800 G 開始時，還沒有很多商人做好準備。因此，800 G 的開始對於 FINA 來說是一個很大的共享遊戲。幾乎是因為你們是鎮上唯一的玩家，鎮上唯一的遊戲，我想 1.6 每個人都有更多的時間在同一時間線上發展。但是，您是否認為 1.6 是一個獲得份額的機會，或者您認為這將如何發展？

It's hard to say, I think it's a little bit different this time around. I mean, for 800 gig, the products were new, that the application was new. And I think, we were probably sold source for a period of time until some of the merchant suppliers really caught up with the demand. I think this time around is different.

很難說，我認為這次有點不同。我的意思是，對於 800Gig 來說，產品是新的，應用程式也是新的。我認為，我們可能會在一段時間內一直銷售貨源，直到一些商家供應商真正滿足了需求。我認為這次有所不同。

Everyone knows the demand is very real. Plus, the industry, I would assume all the merchant guys are working very hard to get their 1.6 you know, offering ready and ready to roll out as well on 800 gig. You know, I think the one of the reasons we were the sole source in the early days was more to do with just I assume reducing the amount of complexity and the number of variables in the total network.

每個人都知道需求非常現實。此外，我認為，業界所有的商家都在努力讓他們的 1.6 做好準備，並準備在 800G 上推出。你知道，我認為我們早期成為唯一來源的原因之一更多的是為了減少整個網路中的複雜性和變數數量。

I think that's probably still the case. But I think as soon as the merchant suppliers are ready, are ready to go, I would assume they'll be in the supply chain fairly quickly.

我認為情況可能仍然如此。但我認為，只要商家供應商做好準備，他們很快就會進入供應鏈。

So I think one of the depends on your perspective, but one of the good things about the delay with launching 1.6 is that everyone is ready to go, our customer is ready to go, the supply base is more ready to go. So I think, more, more supply overall should, should see things ramp fairly quickly.

因此，我認為其中一個取決於你的觀點，但延遲推出 1.6 的一個好處是每個人都準備好出發，我們的客戶已準備好出發，供應基地也已做好準備。因此我認為，整體而言，供應量越多，事情就越快好轉。

I appreciate that the, straightforward answers and the interesting discussion. Thanks so much.

我很欣賞這些直截了當的回答和有趣的討論。非常感謝。

No problem. Thank you, Mike.

沒問題。謝謝你，麥克。

Thank you. I'm sure no additional questions in the queue at this time. I'd like to turn the conference back over to Mr Grady for any closing remarks.

謝謝。我確信此時隊列中沒有其他問題。我想將會議交還給格雷迪先生，請他作最後發言。

Thank you for joining our call today. We're excited that our second quarter results again exceeded our guidance to produce record revenue and EPS for the company. We continue to be very optimistic about our future with several tailwinds driving our growth in the third quarter and beyond, we look forward to speaking with you again and to seeing those of you who will be attending the Susquehanna Virtual conference later this month. Goodbye.

感謝您今天參加我們的電話會議。我們很高興，第二季的業績再次超出了我們的預期，為公司創造了創紀錄的收入和每股盈餘。我們對我們的未來仍然非常樂觀，在第三季度及以後推動我們成長的幾個順風因素下，我們期待著再次與您交談，並期待著見到那些將於本月晚些時候參加Susquehanna 虛擬會議的人。再見。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect everyone. Have a wonderful day.

女士們、先生們，感謝大家參加今天的會議。本節目到此結束。您現在可以斷開所有人的連線。祝您有美好的一天。