Fabrinet (FN) 2025 Q3 法說會逐字稿

Good afternoon. Welcome to Fabrinet's Financial Results conference call for the third quarter of fiscal year 2025. At this time, all participants are in a listen-only mode.

午安.歡迎參加 Fabrinet 2025 財年第三季財務業績電話會議。此時，所有參與者都處於只聽模式。

Later, we will conduct a question and answer session and instructions on how to participate will be provided at that time. 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.

稍後我們將進行問答環節，屆時將提供如何參與的說明。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.

謝謝接線員，大家下午好。

Thank you for joining us on today's conference call to discuss Fabrinet's financial and operating results for the third quarter of the fiscal year 2025, which ended March 28, 2025.

感謝您參加今天的電話會議，討論 Fabrinet 2025 財年第三季（截至 2025 年 3 月 28 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 the replay will be available on the investor 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 和財務長 Csaba Sverha。本次電話會議將進行網路直播，重播將在我們網站的投資者專區（網址為 investor.fabrinet.com）上提供。

During this call, we will present both GAAP and non-GAAP financial measures. Please refer to the Investor 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 調節，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. 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。這些聲明僅反映我們截至本簡報發布之日的觀點，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 Form 10-Q filed on February 4, 2025. 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 CEO, Seamus Grady. Seamus.

有關可能影響我們業績的風險因素的描述，請參閱我們最近向美國證券交易委員會提交的文件，特別是我們於 2025 年 2 月 4 日提交的 10-Q 表中標題為「風險因素」的部分。我們將以 Seamus 和 Csaba 的演講開始電話會議，然後是提問時間。現在我想將電話轉給 Fabrinet 執行長 Seamus Grady。謝默斯。

Thank you, Garo.

謝謝你，Garo。

Good afternoon and thanks to everyone joining us today.

下午好，感謝今天參加我們的各位嘉賓。

We had a very strong third quarter with revenue of $872 million which was above our guidance range. Our execution in the quarter was also strong, and we generated non-GAAP earnings per share of $2.52 which was also above our guidance range.

我們的第三季表現非常強勁，營收達到 8.72 億美元，高於我們的預期範圍。我們本季的執行情況也很強勁，非公認會計準則每股收益為 2.52 美元，也高於我們的預期範圍。

Looking more closely at our strong quarterly results, we saw continued growth in optical communications. Telecom revenue was particularly exceptional and more than offset and anticipated decline in Datacom revenue.

仔細觀察我們強勁的季度業績，我們發現光通訊業務持續成長。電信收入尤其出色，足以抵銷數據通訊收入的預期下降。

Our telecom growth, which was up 42% from a year ago and 17% from Q2, was driven by a combination of contributions from recent system wins. Continued 400 ZR momentum for data center interconnect applications and the strengthening telecom market. We're confident that our strong telecom trends will extend into the fourth quarter.

我們的電信業務比去年同期成長了 42%，比第二季度成長了 17%，這得益於近期系統勝利的多種貢獻。資料中心互連應用和電信市場持續保持 400 ZR 的成長動能。我們相信，我們強勁的電信趨勢將延續到第四季。

With respect to Datacom, we continue to see near term softness due to a product transition at a large customer. However, we remain optimistic about a return to Datacom growth as demand for 1.6TB devices increases. And with the steepest part of the 1.60TB ramp yet to come.

就數據通訊而言，由於大客戶的產品轉型，我們繼續看到短期內業務疲軟。然而，隨著對 1.6TB 設備的需求增加，我們仍然對資料通訊的恢復成長持樂觀態度。而 1.60TB 成長的最陡峭部分尚未到來。

In non-optical communications revenue, automotive again saw strong growth, with revenue up 76% from a year ago and 24% from Q2. Our industrial laser revenue also increased both year-over-year and sequentially.

在非光通訊收入方面，汽車再次出現強勁成長，營收比去年同期成長 76%，比第二季成長 24%。我們的工業雷射收入也較去年同期和季比都有所成長。

Looking ahead, while we expect continued year-over-year growth in non-optical communications in the fourth quarter, we anticipate that sequential growth may moderate, particularly in the automotive segment, where we have experienced outsized growth over the past few quarters.

展望未來，雖然我們預計第四季度非光通訊領域將繼續實現同比增長，但我們預計環比增長可能會放緩，特別是在汽車領域，過去幾個季度我們在該領域經歷了超額增長。

During the quarter, we also announced a new commercial relationship with Amazon Web Services. This is our first direct relationship with the leading hyperscalar, where we will be providing Amazon with advanced manufacturing services in a multi-year agreement. Our agreement with Amazon reinforces our longer term optimism. And further aligns our interests through a warrant agreement for up to 1% of our outstanding shares.

本季度，我們也宣布與亞馬遜網路服務建立新的商業關係。這是我們與領先的超標量公司建立的首次直接合作關係，我們將根據多年協議為亞馬遜提供先進的製造服務。我們與亞馬遜的協議增強了我們長期的樂觀情緒。並透過認股權證協議進一步協調我們的利益，認股權證協議最高可達我們流通股的 1%。

We expect our Amazon partnership to provide an additional boost to revenue starting in fiscal year 2026.

我們預計與亞馬遜的合作將從 2026 財年開始為收入帶來額外的成長。

Our long-term confidence is also reflected in our share repurchase activity, with over $100 million worth of Fabrinet shares repurchased so far this fiscal year. In addition, our expansion plans remain on track with Building 10 construction underway to meet our longer term capacity needs.

我們的長期信心也體現在我們的股票回購活動中，本財年迄今已回購了價值超過 1 億美元的 Fabrinet 股票。此外，我們的擴建計畫仍在進行中，10 號樓的建設正在進行中，以滿足我們長期的產能需求。

Looking ahead, we continue to be very excited about our future.

展望未來，我們仍對未來充滿期待。

We expect to see our consistent track record of year over year revenue growth extend into the fourth quarter with the corresponding increase in profitability. Most importantly, we remain confident in our proven ability to execute extremely well as we have demonstrated throughout our company history.

我們預計，我們持續的逐年收入成長記錄將延續到第四季度，獲利能力也將相應提高。最重要的是，我們仍然對自己出色的執行能力充滿信心，正如我們在整個公司歷史中所展示的那樣。

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

現在，我將把電話轉給 Csaba，以了解有關我們第三季業績和 2025 財年第四季指引的更多財務細節。恰巴。

Thank you, Seamus, and good afternoon, everyone. We had a strong third quarter with revenue and non-GAAP net income per share that were above our guidance ranges. Revenue in the third quarter was $872 million, an increase of 19% from a year ago and 5% from Q2. This includes the impact of $4 million in contra revenue from the upfront vesting of a portion of the warrant with Amazon.

謝謝你，西莫斯，大家下午好。我們第三季表現強勁，營收和非公認會計準則每股淨收入均高於我們的預期範圍。第三季營收為 8.72 億美元，較去年同期成長 19%，較第二季成長 5%。這包括亞馬遜預先授予部分認股權證所產生的 400 萬美元抵消收入的影響。

We expect that future investing events will not result in meaningful impacts in our quarterly financial results.

我們預期未來的投資事件不會對我們的季度財務表現產生重大影響。

Non-GAAP EPS was $2.52 exceeding our guidance range with revenue impact flowing to the bottom line. Details of our revenue breakdown are included in the investor presentation on our website. So I will keep my comments focused on noteworthy highlights.

非公認會計準則每股收益為 2.52 美元，超出了我們的預期範圍，收入影響了利潤。我們的收入明細包含在我們網站上的投資者介紹中。因此，我的評論將集中在值得注意的亮點上。

For the third quarter, Optical Communications revenue was $657 million, up 11% from a year ago and 2% from Q2. Within Optical Communications, Datacom revenue was $251 million or 38% of Optical Communications revenue, a decrease of 18% from a year ago and 16% from Q2, mainly due to product transitions at a large customer as well as normal demand fluctuations at other customers.

第三季度，光通訊收入為 6.57 億美元，比去年同期成長 11%，比第二季度成長 2%。在光通訊領域，數據通訊收入為 2.51 億美元，佔光通訊收入的 38%，比去年同期下降 18%，比第二季度下降 16%，主要原因是大客戶的產品轉型以及其他客戶的正常需求波動。

Telecom revenue was $406 million or 62% of Optical communications revenue. Another significant increase with revenue up 42% from a year ago and 17% from Q2.

電信收入為 4.06 億美元，佔光通訊收入的 62%。營收再次顯著成長，比去年同期成長 42%，比第二季成長 17%。

This exceptional telecom performance was again driven by a powerful combination of strong data center interconnect demand, recent systems and improving trends for traditional telecom products. Looking at Optical Communications revenue by data rate, revenue from 800-Gig and faster products was $236 million down 8% both from a year ago and sequentially.

這項卓越的電信業績再次受到強勁的資料中心互連需求、最新系統和傳統電信產品改善趨勢等強大組合的推動。以數據速率來看光通訊收入，800Gig 及更快產品的收入為 2.36 億美元，比去年同期和上一季均下降 8%。

Note that we don't break out revenue by specific speeds. However, I will comment that while 800-Gig revenue declined in the quarter, we are seeing increasing 1.6TB revenue and believe that the steepest part of the 1.6TB ramp is yet to come.

請注意，我們不會根據具體速度來細分收入。不過，我要說的是，雖然本季 800Gig 的營收有所下降，但我們看到 1.6TB 的營收正在增加，並且相信 1.6TB 成長最快階段尚未到來。

Revenue from products below 800-Gig was $284 million an increase of 27% from a year ago and 3% from Q2. Growth in this category is being driven primarily by 400 ZR products for data center interconnect applications. The ZR products again representing 10% of total revenue.

800G 以下產品的營收為 2.84 億美元，比去年同期成長 27%，比第二季成長 3%。這一類別的成長主要由資料中心互連應用的 400 ZR 產品推動。ZR 產品再次佔總營收的 10%。

Revenue from Optical communications products that are non-speed rated was $137 million, up 21% from Q2. Non-optical communications revenue was $2150 million up a strong 53% from a year ago and 15% sequentially. Automotive revenue was the biggest driver of this growth, with revenue of $129 million up 76% from a year ago and 24% from Q2.

非額定速度的光通訊產品營收為 1.37 億美元，較第二季成長 21%。非光通訊收入為 21.5 億美元，比去年同期成長 53%，比上一季成長 15%。汽車營收是這一成長的最大推動力，營收達 1.29 億美元，較去年同期成長 76%，較第二季成長 24%。

Industrial revenue of $40 million increased 33% from a year ago and 8% from Q2. Other revenue of $45 million was flat sequentially.

工業收入為 4,000 萬美元，比去年同期成長 33%，比第二季成長 8%。其他收入為 4500 萬美元，與上一季持平。

As I discussed the details of our P&L, expense and profitability metrics will be on a non-GAAP basis unless otherwise noted.

正如我所討論的我們的損益表細節，除非另有說明，費用和盈利指標將採用非 GAAP 基礎。

Gross margin in the third quarter was 12%, but would have been consistent with Q2 levels if not for the contrary venue impact.

第三季的毛利率為 12%，但如果不是場地因素的負面影響，毛利率將與第二季的水準保持一致。

Operating expenses were flat sequentially at $16 million.

營運費用與上一季持平，為 1,600 萬美元。

Operating income reached a new record of $89 million representing an operating margin of 10.2%, which would also have been consistent with the prior quarter, similar to our gross margin.

營業收入達到 8,900 萬美元的新紀錄，營業利潤率為 10.2%，與上一季持平，與我們的毛利率相似。

Our strong balance sheet continues to produce high interest income of $10 million in Q3, which was partially offset by a foreign exchange evaluation loss of $3 million.

我們強勁的資產負債表在第三季繼續產生 1,000 萬美元的高利息收入，但 300 萬美元的外匯評估損失部分抵銷了這筆收入。

Effective GAAP tax rate was 5.8%. And we continue to expect an effective tax rate in the mid single digits for the fiscal year.

有效 GAAP 稅率為 5.8%。我們繼續預期本會計年度的有效稅率將維持在個位數的中等水準。

Non-GAAP net income was $91 million or $2.52 per diluted share, which was above our guidance range.

非公認會計準則淨收入為 9,100 萬美元，即每股攤薄收入 2.52 美元，高於我們的預期範圍。

Turning to our balance sheet, we ended the third quarter with cash and short-term investments of $951 million, up $16 million from the end of the second quarter.

回顧我們的資產負債表，第三季末我們的現金和短期投資為 9.51 億美元，比第二季末增加了 1,600 萬美元。

Operating cash flow in the quarter was $74 million. CapEx was $29 million resulting in free cash flow of $46 million in the third quarter.

本季經營現金流為 7,400 萬美元。資本支出為 2,900 萬美元，導致第三季自由現金流為 4,600 萬美元。

We remained active in our share repurchase program during the third quarter, buying back 162,000 shares at an average price of $214 per share for a total cash outlay of $35 million. Over the past two quarters, we have repurchased just over $103 million with approximately $197 million remaining under our current authorization at the end of the quarter.

我們在第三季繼續積極推進股票回購計劃，以平均每股 214 美元的價格回購了 162,000 股，總現金支出為 3,500 萬美元。在過去兩個季度中，我們已回購超過 1.03 億美元，截至本季末，根據目前授權，我們仍剩餘約 1.97 億美元。

Now I will turn to our guidance for the fourth quarter of fiscal year 2025.

現在我將談談我們對 2025 財年第四季的指導。

While global tariffs have been in the headlines, we have not seen any material impacts to date.

儘管全球關稅一直是頭條新聞，但迄今為止我們尚未看到任何實質影響。

Given our FOB Fabrinet shipping terms, tariffs are typically handled by customers, and so far we have not observed any meaningful changes in demand.

鑑於我們的 FOB Fabrinet 運輸條款，關稅通常由客戶處理，到目前為止我們還沒有觀察到需求有任何有意義的變化。

As a result, they remain highly optimistic about our business outlook, supported by several growth drivers. These include contributions from recent telecom systems, the transition and ramp of 1.6TB datacom products, rising demand for data center interconnect solutions, and improving dynamics across traditional telecom markets.

因此，在多種成長動力的支持下，他們對我們的業務前景仍然非常樂觀。其中包括近期電信系統的貢獻、1.6TB 資料通訊產品的轉型和成長、資料中心互連解決方案需求的不斷增長以及傳統電信市場的動態改善。

In non-optical communications, we expect continued year-over-year growth overall, although we may face some near-term headwinds in the automotive segment where we have seen outside growth over the past few quarters.

在非光通訊領域，我們預計整體上將繼續同比增長，儘管我們可能在汽車領域面臨一些短期阻力，但過去幾個季度我們已經看到了汽車領域的外部成長。

Nevertheless, we believe the long term fundamentals across our non-optical portfolio remain strong.

儘管如此，我們相信，我們的非光學產品組合的長期基本面依然強勁。

For the fourth quarter, we are guiding total revenue between $860 million and $900 million. This broader range mainly reflects the doubling of our revenue since we last set a $20 million guidance range and also a prudent acknowledgement of the current global macroeconomic environment, including tariff risks and other external uncertainties.

我們預計第四季總營收將在 8.6 億美元至 9 億美元之間。這一更廣泛的範圍主要反映了自我們上次設定 2000 萬美元指導範圍以來我們的收入翻了一番，也反映了對當前全球宏觀經濟環境（包括關稅風險和其他外部不確定性）的審慎認識。

We expect earnings per diluted share to be between $2.55 and $2.70.

我們預計每股攤薄收益在 2.55 美元至 2.70 美元之間。

While the significant number of new product gramps underway may present some short term margin headwinds, we view these initiatives as strong catalysts for future growth. These programs are positioning us exceptionally well as we head into fiscal 2026, reinforcing our confidence in the long-term trajectory of our business.

儘管大量正在進行的新產品開發可能會在短期內為利潤帶來一些阻力，但我們認為這些舉措是未來成長的強大催化劑。這些計劃在我們邁向 2026 財年時為我們提供了極佳的地位，增強了我們對業務長期發展方向的信心。

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)

（操作員指示）

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼。

Yes, thank you gentlemen. Two questions if I may, for my first question, I wanted to focus on Datacom. So Datacom fell about $50 million sequentially, but your total 800-Gig sales fell only about $20 million. Does that mean the decline in Datacom fell within 400-Gig and below port speeds, or does that mean that the program wins within telecom are 800-Gig and above, and that's supporting. Or at least offsetting some of the decline of 800-Gig products in Datacom.

是的，謝謝各位先生。如果可以的話，我有兩個問題，第一個問題我想集中在數據通訊上。因此，Datacom 的銷售額連續下降了約 5,000 萬美元，但 800-Gig 總銷售額僅下降了約 2,000 萬美元。這是否意味著數據通訊的下降是在 400-Gig 及以下連接埠速度範圍內，還是意味著電信領域的專案勝利是在 800-Gig 及以上範圍內，這是支援的。或至少抵銷數據通訊領域 800-Gig 產品的部分下滑。

So hi, this is Csaba. Let me take that question. So it's the later, so we are seeing some strong growth, particularly in the DCI, which falls under the below 800-Gig segment. So that perhaps explains why we are seeing declining data com, but not as much as of a decline that you would expect in 800-Gig. And also we still have 400-Gig programs in in Datacom segment as well. So it's a combination of both strong DCI. As well as Datacom still had 400-Gig, which is tapering off now.

大家好，我是 Csaba。讓我來回答這個問題。所以是後者，所以我們看到了一些強勁的成長，特別是在 DCI，它屬於 800-Gig 以下的領域。所以這也許可以解釋為什麼我們看到數據通訊正在下降，但下降幅度卻沒有你預期的 800-Gig 那麼大。而且我們在數據通訊領域還有 400Gig 專案。所以它是兩種強 DCI 的結合。Datacom 仍然擁有 400Gig，但現在正在逐漸減少。

Got it.

知道了。

Thank you.

謝謝。

Thank you for that. And then just secondly on margins, I was hoping you could, address some of the maybe the, some reasons for the lower gross margins this quarter, and I'm specifically wondering how much perhaps the, warrant and or the type bot influence margins, gross margins this quarter, and it appears that your outlook. It seemed to come for a slight improvement in gross margins in June. I just wanted to clarify that.

謝謝你。其次，關於利潤率，我希望您能解決本季毛利率較低的一些原因，我特別想知道這些保證或機器人類型對本季利潤率、毛利率的影響有多大，而且看起來您的前景如何。6 月份毛利率似乎略有改善。我只是想澄清這一點。

Thank you.

謝謝。

So let me take the warrant first. So we did have an impact of about $4 million in our gross margin in our fiscal Q3. So with that, our gross margin had an impact of about 40 basis points. Without a warrant, it would have been consistent both on gross margin and operating margin for Q3.

那麼讓我先領取搜索令。因此，我們第三財季的毛利率確實受到了約 400 萬美元的影響。因此，我們的毛利率受到了約 40 個基點的影響。如果沒有認股權證，第三季的毛利率和營業利潤率都會保持一致。

The exchange rate headwinds was already baked in our guidance. It was not very meaningful. Now shifting to our Q4 forecast and guidance, our guidance, although we are not guiding gross margin, implies that we will encounter some short term headwinds from product trends which are typically would be absorbed in our results. However, this time in Q4 we are ramping quite a few significant recent winds, and we have some startup costs which are preparing us for a strong 2026. So we anticipate some margin headwinds in Q4, but but not not any any significant numbers.

匯率逆風已經體現在我們的預期中。這沒什麼意義。現在轉向我們的第四季度預測和指導，我們的指導雖然沒有指導毛利率，但意味著我們將遇到一些來自產品趨勢的短期阻力，這些阻力通常會在我們的業績中被吸收。然而，在第四季度，我們正在加大近期幾項重要風力發電的投入，並且我們已經有一些啟動成本，為 2026 年的強勁增長做好了準備。因此，我們預計第四季度利潤率將面臨一些阻力，但不會達到顯著水準。

With regards to exchange rate, we anticipate somewhat flat environment going into Q4. So again in summary we had a one time, I would say impact from Amazon to 40 basis points in our Q3 results. We don't anticipate that to reoccur going forward. However, we do anticipate some short term compression because of the new ramps that are leading us to fiscal 2026.

就匯率而言，我們預期第四季匯率環境將較為穩定。所以，總而言之，我想說亞馬遜對我們第三季業績的影響有一次達到了 40 個基點。我們預計這種情況不會再發生。然而，由於2026財年即將到來，我們確實預期會出現一些短期壓縮。

Got it thank you.

明白了，謝謝。

You're welcome.

不客氣。

Samik Chatterjee, JP Morgan.

摩根大通的 Samik Chatterjee。

Hi, thanks for taking my question. I guess if I can start off on the Datacom revenue as well and your Datacom revenue declined quarter to quarter, so did 800-Gig. As well, and you talked about the product transition for the customer driving that decline. Maybe if you can just flesh that out for us a bit more in terms of is that customer really transition driven by that the customer has a lot of inventory and hence you're waiting for that to clear out before we see a more return to normal demand patterns or is this more share allocation shifting between different suppliers when it comes to 800-Gig and you mentioned the 1.6TB ramp is still in front of you. Maybe if you can just outline how much of that ramp should we expect in the June quarter, which is what is embedded in your guide on that front? I have a quick follow up after that.

你好，謝謝你回答我的問題。我想如果我也可以從數據通訊收入開始的話，您的數據通訊收入會逐季下降，800-Gig 也是如此。另外，您也談到了導致這種下降的客戶產品轉型。也許您可以為我們更詳細地解釋一下，客戶的真正轉型是否是由客戶擁有大量庫存所驅動的，因此您要等待庫存清空後才能看到需求模式恢復正常，還是在 800-Gig 方面，不同供應商之間的份額分配會有所轉變，而您提到 1.6TB 的增長仍在您面前。也許您可以簡單概括一下我們預期 6 月季度的成長幅度，這是否是您的指南中對此有所提及的？此後我會進行快速跟進。

Thank you.

謝謝。

Hi.

你好。

Yeah, the 1.6TB ramp is really in front of us. We, we've built some qualification bills. We've, we have built ship some 1.6% product, but really the bulk of the ramp is in front of us. Exactly why that might be, that's again a question probably more for our customer than for us. They don't necessarily share with us all of the puts and takes, but, we don't believe we've lost any market share or anything like that. We believe a function of, the product that uses 1.6TB.

是的，1.6TB 的成長確實就在我們面前。我們已經制定了一些資格法案。我們已經建造了大約 1.6％ 的產品，但實際上大部分產量還在我們面前。究竟為什麼會這樣，這又是一個問題，可能更多的是我們的客戶而不是我們自己。他們不一定會與我們分享所有的得失，但是，我們認為我們沒有失去任何市場份額或類似的東西。我們相信，使用1.6TB的產品的功能。

I think the customers said that that product will really ramp and launch in the second half of the year. So we're gearing up to support the customer in whatever timeline they need from us. So we have shipped some, but the big 1.6TB ramp is really in front of us.

我認為客戶表示該產品將在今年下半年真正加速上市。因此，我們正準備在客戶需要的任何時間範圍內為他們提供支援。因此，我們已經發貨了一些，但 1.6TB 的巨大成長空間仍在我們面前。

And on the 800-Gig ?

那麼 800-Gig 呢？

Sorry, what was the question on 800?

抱歉，800 的問題是什麼？

800-Gig is this product transition for the the the decline that you're seeing is that more a function of the customer having inventory of 800-Gig, or are they allocating share between the different suppliers when it comes to 800-Gig that is driving the decline?

800-Gig 是產品轉型導致的，您所看到的下滑更多的是因為客戶擁有 800-Gig 的庫存，還是他們在不同的供應商之間分配 800-Gig 份額，從而導致了下滑？

Yeah, I think it's more likely share than than inventory. I think in our case, because we we're gearing up to ramp 1.6TB, we have been putting capacity in place and in some cases, converting capacity, the capacity is somewhat fungible, I would say, but not completely. So we have been converting capacity to gear up to produce 1.6TB and once you've transitioned that capacity over to 1.6TB, you don't really want to be transitioning back to 800-Gig. We, from our point of view, if we look out to FY26, we'd really be tapering off 800-Gig and ramping 1.6TB.

是的，我認為更有可能的是份額而不是庫存。我認為就我們的情況而言，因為我們正準備增加 1.6TB，所以我們一直在投入容量，在某些情況下，轉換容量，我想說，容量在某種程度上是可替代的，但不是完全可替代的。因此，我們一直在轉換容量以準備生產 1.6TB，一旦您將容量轉換為 1.6TB，您就不會再想轉換回 800Gig。從我們的角度來看，如果我們展望 26 財年，我們實際上會逐漸減少 800-Gig 並增加 1.6TB。

Got it. And maybe I can just sneak one in your engagement with Amazon Web Services, which you announced, obviously it's a different nature of a customer than what you've traditionally worked with. So maybe just, outline for us, how should we think about the margin opportunity as well as what is the nature of the advanced manufacturing that you're supporting the customer on? Does it include transceivers and what is the magnitude of the opportunity that you see with the customer?

知道了。也許我可以偷偷地了解您與亞馬遜網路服務公司的合作情況，正如您所宣布的，顯然與您傳統上合作的客戶性質不同。因此，也許只是為我們概述一下，我們應該如何看待利潤機會，以及您為客戶提供的先進製造的性質是什麼？它是否包括收發器？您認為客戶的機會有多大？

Thank you.

謝謝。

We expect the relationship to begin with a particular product family and and to expand from there over time, nothing is excluded in our agreement with Amazon or in our warrants arrangement with Amazon. There there's nothing specified and also nothing excluded. So, we're excited to get going again with one product family and we'll be working hard. We're already engaged, I would say with two particular products, two product types that were, ramping and we're working hard on others. So multiple products, within that customer.

我們預計這種關係將從特定的產品系列開始，並隨著時間的推移從那裡擴展，我們與亞馬遜的協議或與亞馬遜的認股權證安排中沒有排除任何內容。那裡沒有指定任何內容，也沒有排除任何內容。因此，我們很高興能夠再次推出產品系列，並且我們會努力工作。我想說的是，我們已經在開發兩種特定的產品、兩種類型的產品，並且正在努力開發其他產品。因此，該客戶有多種產品。

But again, the qualification bills are really going on at the moment and the revenue is ahead of us. The revenue is in FY26. The revenue will ramp in FY26. Does it, there will be a little bit of revenue this quarter, but as Csaba mentioned earlier, it's one of many qualification bills, startup costs we'll have this quarter where we're getting ready to get going, but the majority of the ramp is in front of us.

但目前資格認證法案確實在進行中，收入也擺在我們面前。收入是在 FY26。26 財年收入將會增加。會嗎？本季會有一點收入，但正如 Csaba 之前提到的，這是我們本季準備開始的眾多資格費用和啟動成本之一，但大部分成長都在我們面前。

Thank you, thanks for taking the questions.

謝謝，感謝您回答這些問題。

No problem.

沒問題。

Thank you so much.

太感謝了。

Mike Genovese, Rosenblatt Securities.

羅森布拉特證券公司的麥克吉諾維斯 (Mike Genovese)。

Great, thanks very much. Obviously Telecom has been, very positive here for a few quarters. I guess just the visibility going forward, how long do you expect telecom to continue to sequentially grow for into the future?

太好了，非常感謝。顯然，電信業在過去幾季中一直表現非常積極。我想只是展望未來，您預計電信業在未來多久內將繼續持續成長？

I think for us, we have some pretty strong growth factors going on in Telecom, in the quarter. Telecom revenue in the quarter just ended was $406 million which is a high point for us. The previous high point was $405 million all the way back in Q1 of 2023, so almost two years ago. And then as we all know, over the last couple of years, we've been going through inventory digestion and everything else that was going on, but we're now back to growth. So [4/6] in Q4 and we think we have some several growth vectors there that will, should over well for the future. We have the see win, which is really yet to ramp.

我認為，對我們來說，本季電信領域出現了一些相當強勁的成長因素。剛結束的季度的電信收入為 4.06 億美元，這對我們來說是一個高點。之前的最高點是 2023 年第一季的 4.05 億美元，也就是差不多兩年前。眾所周知，在過去的幾年裡，我們一直在經歷庫存消化和其他一切正在發生的事情，但現在我們又恢復了成長。因此，第四季的預期為 [4/6]，我們認為我們有幾個成長向量，這些向量在未來應該會表現良好。我們看到了勝利，但勝利還沒有真正到來。

And also, the ZR business, the DCI business in general, 400ZR , 800ZR are beginning to ramp. So several growth factors there for us that we feel we feel good about, I think.

此外，ZR 業務、DCI 業務、400ZR、800ZR 也開始蓬勃發展。所以我認為，有幾個成長因素讓我們感覺良好。

Overall, I would say, that the Telecom business obviously remains very important for us and we seem to have this pattern of if one part of our business is soft, because we've always said we have this counter cyclicality, previously when our telecom business was quite soft, our datacom business showed particular strength. And now with our our datacom business, I wouldn't call it soft. I'd call it, we're waiting to really ramp a couple of programs that we've won.

總的來說，我想說，電信業務顯然對我們來說仍然非常重要，我們似乎有這樣的模式，如果我們的部分業務疲軟，因為我們總是說我們有這種反週期性，以前當我們的電信業務相當疲軟時，我們的數據通信業務表現出特別的強勁。現在，有了我們的數據通訊業務，我不會稱其為軟弱。我想說的是，我們正在等待真正推進我們已經贏得的幾個項目。

But our telecom business, yeah, Mike, it has been particularly strong. We see that, we think it's set to continue.

但是我們的電信業務，是的，麥克，表現特別強勁。我們看到了這一點，我們認為這種情況將會持續下去。

Oh, great, thanks for that. I guess I'm just following up on the Datacom side since you're laying out this, exactly what you just spoke about, sort of in between 800 and ramping 1.6TB with the customer, is there anything more you can tell us just from externally as observers which products from the customer we should be looking for to be more tied to your opportunity versus. The products that they've, shipped so far in the past, is there any help you can give us there?

噢，太好了，謝謝。我想我只是在跟進數據通信方面，因為您已經闡述了這一點，正如您剛才所說的，在 800 和為客戶增加 1.6TB 之間，您是否可以從外部觀察者的角度告訴我們更多信息，我們應該尋找哪些來自客戶的產品與您的機會更緊密地聯繫在一起。他們迄今為止運送的產品，您能為我們提供什麼幫助嗎？

Oh. Okay.

哦。好的。

I'm sorry.

對不起。

So, go ahead.

那麼，繼續吧。

I'm sorry, did you hear the question?

抱歉，您聽到我的問題了嗎？

I did.

我做到了。

Can you hear me? Can you hear me okay?

你聽得到我嗎？你聽見我說話嗎？

I think my sound was gone from sorry. Yeah, Mike, our understanding is that the 1.6TB transceivers that we produce will be used for the customer's Blackwell ultra product. And that's really as much as we know the exact timing of, when they're ready to launch that, that's that's a question for them, but we're ready to support them whenever they're ready to go.

我覺得我的抱歉之聲已經消失了。是的，Mike，我們的理解是，我們生產的 1.6TB 收發器將用於客戶的 Blackwell ultra 產品。我們確實知道他們準備啟動的確切時間，這對他們來說是一個問題，但無論何時他們準備好，我們都準備好為他們提供支援。

Okay, perfect. And just last quick follow up for me on the Amazon, the new stuff that we're talking about related to the warrant, will that be counted in the Datacom, I assume?

好的，完美。最後我想快速跟進一下關於亞馬遜的問題，我們正在討論的與授權有關的新內容，我認為這會算在數據通信中嗎？

Yeah.

是的。

We're looking at that currently, the revenue at the moment is probably in the other category. It's quite small at the moment because it's just qualification bills. But at the end of the year, we will probably revise how we categorize the revenue to make it more meaningful and more helpful for people such as yourselves. So we may add a category. And we may provide a little bit further granularity on some of the other product revenues that we have. But for now, I think unless Chaba wants to correct me, I think it's in the other category at the moment.

我們目前正在研究這個問題，目前的收入可能屬於其他類別。目前規模還很小，因為這只是資格要求的帳單。但到年底，我們可能會修改收入的分類方式，以使其更有意義，對像你們這樣的人更有幫助。因此我們可以新增一個類別。我們可能會對我們擁有的其他一些產品收入提供更詳細的資訊。但就目前而言，我認為除非 Chaba 想要糾正我，否則我認為它目前屬於另一個類別。

And then in the future we would expect to have, it would be in a couple of categories, we believe.

我們相信，未來我們期望它分為幾個類別。

Okay, thanks again. I'll pass it on to me.

好的，再次感謝。我會傳給我的。

Thank you.

謝謝。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon. I had a couple of questions too, I guess first off, maybe a little bit more color on, sort of the, not that it's a huge headwind, but the headwind for as you ramp all these programs you mentioned some sizable programs ramping that 1.6TB sounds like Amazon and ZR. How do we think about sort of the extent of these drags and maybe when they turn into sort of more of a incremental tailwind or do we assume that there's other. Ramps behind them that sort of keep the margins at these levels and then I had to follow up.

嗨，下午好。我也有幾個問題，我想首先，也許可以更詳細地講一下，這並不是一個巨大的阻力，而是當你擴大所有這些項目時，阻力就來了，你提到一些相當大的項目，1.6TB 聽起來像亞馬遜和 ZR。我們如何看待這些阻力的程度，以及它們何時會變成一種漸進的順風，或者我們是否假設還有其他因素。它們後面的坡道可以將邊緣保持在這樣的水平，然後我必須跟進。

Yeah, I think, overall, Steven, the long term growth drivers that we look at and that we use to make the long term decisions for our business, they remain very much intact.

是的，史蒂文，我認為，總的來說，我們所關注的長期成長動力以及我們用來為我們的業務做出長期決策的長期成長動力仍然非常完整。

At the midpoint of our guidance for Q4, if it comes to pass, if we were to come in at the midpoint of our guidance for Q4, that will put us at about an 18% growth for the year, which is really, we think industry leading.

如果按照我們對第四季度的預期中點計算，如果這一目標得以實現，那麼如果我們按照我們對第四季度的預期中點計算，那麼全年的增長率將達到 18% 左右，我們認為這確實是行業領先的。

Any short term headwinds due to program ramps and startup costs are very temporary in nature. Typically, Steven, when we bring on a new product, the quarter in which you bring on that product, we'll have Csaba call them startup costs, but that's very short-lived. That tends to go away as soon as we start ramping.

由於專案加速和啟動成本而產生的任何短期阻力本質上都是暫時的。通常情況下，史蒂文，當我們推出一款新產品時，也就是推出該產品的那個季度，我們會讓 Csaba 稱之為啟動成本，但這是非常短暫的。一旦我們開始加速，這種情況就會消失。

So, like I say, the long-term growth drivers remain intact. We looking at about 18% year-on-year growth at the mid-point of our Q4 guidance. And maybe more importantly, the new winds. That we've talked about for the last while are now really all starting to contribute.

因此，正如我所說，長期成長動力仍然完好。我們預計第四季度的預期中位數將比去年同期成長 18% 左右。也許更重要的是，新風。我們最近討論過的問題現在都開始真正發揮作用了。

And in fact, the ramp for all of them are in front of us and and will take place in FY26, the 1.6TB ramp, the Sienna win, we've always talked about that as an FY26 ramp and the Amazon business, we're doing the qualification builds on that, but that will ramp in FY26 as well. So we're looking forward to a strong FY26. The Telecom business is back to growth.

事實上，所有這些產品的成長都在我們面前，並將在 2026 財年實現，1.6TB 的成長、Sienna 的勝利，我們一直將其作為 2026 財年的成長和亞馬遜業務的成長進行討論，我們正在以此為基礎進行資格認證，但這也將在 2026 財年實現成長。因此，我們期待 26 財年能取得強勁成長。電信業務恢復成長。

And like I said, we had record Telecom revenue of $406 million in the quarter, and it looks like the growth drivers for Telecom are are quite sustainable. So our long term drivers remain intact in any short term headwinds that we're seeing to our margin because the startup costs are very short-lived typically.

正如我所說，本季我們的電信收入創下了 4.06 億美元的紀錄，而且看起來電信的成長動力相當可持續。因此，我們的長期驅動力在任何短期不利因素的影響下仍能保持完好，因為啟動成本通常非常短暫。

Right, that's super helpful. And then just as a follow up, I was just wondering the Amazon business that you've won, does that preclude you from going after other cloud players or maybe or or the opposite help you go after other cloud, customers who may be pursuing similar type of supply chain strategies as Amazon when it comes to the the services you provide. Thanks.

對，這非常有幫助。然後作為後續問題，我只是想知道您贏得的亞馬遜業務是否會阻止您追逐其他雲端運算公司，或者也許相反，這是否有助於您追逐其他雲端運算客戶，這些客戶可能在您提供的服務方面追求與亞馬遜類似的供應鏈策略。謝謝。

Yeah, we think it should help us to go after other cloud providers. We as Steven, we don't have any of our own products. We manufacture our customers' products, and, we are in conversations with other hyper scalers as well. None of our customer relationships are exclusive and in fact, our success with Amazon could be a proof point for other potential similar customers. So we'll be working hard on that over the next while.

是的，我們認為它應該可以幫助我們追趕其他雲端供應商。作為史蒂文，我們沒有任何自己的產品。我們生產客戶的產品，我們也正在與其他超大規模企業進行對話。我們與任何客戶的關係都不是排他性的，事實上，我們與亞馬遜的成功可以作為其他潛在類似客戶的證明點。因此，我們將在接下來的一段時間內努力實現這一目標。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

George Wang, Barclays.

巴克萊銀行的喬治王 (George Wang)。

Oh, hey guys, thanks for taking my question. So firstly, just, see, can you kind of talk about overall, ASP trends for the industry, and the kind of, especially from your standpoint, in terms of the 800-Gig and the kind of 1.6TB , earlier you talked about, maybe because of, abundance. Supply kind of you know incremental supply for the 1.6TB , you have less of a 1.5 times multiplier for the ASP and this kind of generally speaking, kind of, can you also address in terms of the merchant supplies kind of initially for the 1.6TB kind of how how are you comparing versus, in all cycle 800-Gig in the past.

哦，嘿夥計們，謝謝你們回答我的問題。首先，您能否談談整個產業的 ASP 趨勢，特別是從您的角度來看，就 800-Gig 和 1.6TB 而言，您之前談到過，可能是因為資源豐富。你知道 1.6TB 的增量供應，平均售價乘數不到 1.5 倍，一般來說，你能否就商家最初為 1.6TB 提供的供應情況，與過去所有周期的 800G 相比如何？

Unfortunately, George, you seem to have asked me two questions, neither of which I'm able to answer. And ASP trends, the customers ASP, we don't have any particular visibility on the pricing trends of the merchant transceivers. We don't have any particular visibility on. We know what our price trend is like with with our customer and it's it's generally not something we comment in any great detail on other than to say, I think we said in the past that the price the price uplift.

不幸的是，喬治，你似乎問了我兩個問題，我都無法回答。而 ASP 趨勢，也就是客戶 ASP，我們對商家收發器的定價趨勢沒有任何特別的了解。我們對此並沒有任何特別的了解。我們知道我們的客戶的價格趨勢是怎樣的，我們通常不會對此發表任何詳細的評論，除了說，我想我們過去說過價格上漲。

From our point of view, for what we sell a 1.6TB transceiver for as compared to what we would have sold an 800-Gig transceiver is less than you might imagine. We've worked very hard with the customer to bring costs down, to drive yields up and to make sure that we're very cost competitive. So, we feel we have a very cost competitive solution for our customers, but really beyond that when it comes to broader ASP trends and ASP trends for the merchant suppliers, we don't have any particular particular view on that, George.

從我們的角度來看，我們銷售 1.6TB 收發器的價格與銷售 800Gig 收發器的價格相比，比您想像的要低。我們與客戶一起努力降低成本、提高產量並確保我們的成本競爭力。因此，我們認為我們為客戶提供了非常具有成本競爭力的解決方案，但除此之外，當談到更廣泛的 ASP 趨勢和商家供應商的 ASP 趨勢時，我們對此沒有任何特別的看法，喬治。

Okay, great. Just quickly if I can squeeze in Seamus just in terms of kind of outsourcing trends, potential upside from, your sort of co-petition kind of partners including coherent momentum with a new leadership, like any refresh view in terms of. Getting more business from them in terms of kind of, outsourcing as they might, you outsource more so they for you kind of, from a more so a, OEM kind of standpoint, just any thoughts on, potentially kind of getting more share there.

好的，太好了。我可以簡單地讓 Seamus 談談外包趨勢、潛在的好處、合作夥伴的合作競爭，包括與新領導層的一致勢頭，以及任何刷新觀點等方面的問題。從某種程度上來說，從外包的角度來說，從他們那裡獲得更多的業務，你外包更多，所以他們為你提供更多的服務，從更像 OEM 的角度來看，任何想法，都有可能在那裡獲得更多的份額。

Yeah, I mean, we work hard with all our customers to convince them to outsource more with us, including the two that you mentioned, but it would be premature for me to kind of comment on the progress with that. But certainly we would very much like to do more manufacturing for for both of those companies and all of the other companies, but again, nothing particularly to talk about in a public forum, George.

是的，我的意思是，我們努力與所有客戶合作，說服他們與我們進行更多外包，包括您提到的兩家客戶，但現在就評論這方面的進展還為時過早。但我們當然非常希望為這兩家公司以及所有其他公司提供更多的製造服務，但喬治，在公開論壇上沒有什麼特別值得談論的。

Okay, great. I'll go back to the queue.

好的，太好了。我將回到隊列。

Thank you George.

謝謝你，喬治。

Ryan Koontz, Needham.

瑞安·孔茨，尼德姆。

Great, thanks. I want to drill into the tariffs if I could a little bit, Seamus, and your thoughts there. I mean, there's been chatter about attempts by commerce to kind of close loopholes for the Chinese setting up facilities outside of, in other countries. I wondered if you know what you can share that you where what your thoughts are about how this might be resolved for US companies that have set up, facilities in foreign countries. Any anything you can share there?

太好了，謝謝。如果可以的話，我想深入探討一下關稅問題，西莫斯，以及你的想法。我的意思是，有傳言說，商務部正試圖堵住中國在其他國家設立設施的漏洞。我想知道您是否可以分享一些想法，關於如何為在國外設立工廠的美國公司解決這個問題。有什麼可以分享的嗎？

Not particularly. We haven't seen any great impact from our customers, I think, since Liberation Day. I think like our customers, we're just waiting to see what the future holds.

不是特別。我認為，自解放日以來，我們還沒有看到客戶受到任何重大影響。我想，就像我們的客戶一樣，我們只是在等著看未來會發生什麼事。

The way we look at the business again, as I mentioned earlier, the long term drivers remain intact and any of the kind of disruption that is likely to be caused by tariffs, we haven't seen any particular impact yet. Our customers are responsible for the tariffs, because we are we ship our product FOB our factory in Thailand, so generally the customers are responsible for the for the tariffs.

正如我之前提到的，我們再次審視業務，長期驅動因素仍然完好無損，而且關稅可能造成的任何混亂，我們還沒有看到任何特別的影響。我們的客戶負責關稅，因為我們的產品是在泰國工廠以離岸價運送的，所以一般來說客戶負責關稅。

But while the situation is very fluid, the customer demand we're seeing for optical communications appears to be holding.

儘管情況非常不穩定，但我們看到客戶對光通訊的需求似乎仍在保持。

Great, and just a quick update on Building 10 if you could in terms of where you are, your milestones and any rough idea what you might think you might have a, begin some early production there?

太好了，請簡單介紹一下 Building 10，請問您目前的情況、里程碑以及您認為可能在那裡開始一些早期生產的任何粗略想法？

I'm sorry, could you repeat the question?

抱歉，您能重複這個問題嗎？

On Building 10, any milestones you can say you're approaching or any new targets on when you might see your first production from the new capacity.

在 10 號大樓，您可以說您正在接近任何里程碑，或何時可以看到新產能生產的第一批產品的任何新目標。

Yeah, I think we're on track. I would say, we started, we broke ground in in January and we said it's about an 18-month timeline to be to be fully completed. We could start to produce before that, but it's about an 18-month timeline. We're on track, I would say very much on track. We haven't in any way slowed down our progress on building to. I mean, in fact, if anything. We were talking last week about maybe looking at options to see if we could, if the need arose, if we could move a little bit quicker to get Building 10 up and running, but no, we're very much committed to expanding our capacity and we think we need all of us.

是的，我認為我們正走在正確的軌道上。我想說，我們從一月就開始動工了，我們說要花大約 18 個月的時間才能完全完成。我們可以在此之前開始生產，但大約需要 18 個月的時間。我們正步入正軌，我想說，我們正步入正軌。我們並沒有以任何方式減緩我們的建設進​​度。我的意思是，事實上，如果有的話。我們上週討論了是否可能尋找一些選擇，看看如果有需要，我們是否可以更快地啟動和運行 10 號樓，但是不行，我們非常致力於擴大我們的產能，我們認為我們需要所有人的努力。

Great deal that's all I've got thank you.

太好了，這就是我所得到的，謝謝。

Thank you, Ryan.

謝謝你，瑞安。

(Operator Instructions)

（操作員指示）

Tim Savageaux, Northland.

提姆‧薩維奇奧克斯 (Tim Savageaux)，北地人。

Tim, your line is open. Hey.

提姆，你的線路暢通了。嘿。

Great, good afternoon. Can you guys hear me?

太好了，下午好。你們聽得到我說話嗎？

Yes, hi Tim, we can.

是的，嗨，提姆，我們可以。

Hear you. Sorry about that.

聽見了。很抱歉。

Going to try to take another crack at quantifying the Amazon opportunity and here's how I'll go about it. I mean, you've got peers slash competitors, with agreements talking about revenues of, $400 million a year. Now something like that would make Amazon around a 10% customer for you guys and it seems like they ought to have that potential and I don't know if you said it or not, but it seems like Sienna does as well.

我將嘗試再次量化亞馬遜的機會，以下是我的做法。我的意思是，你的同業和競爭對手之間達成的協議每年的收入高達 4 億美元。現在這樣的事情會讓亞馬遜成為你們 10% 左右的客戶，而且他們似乎應該有這種潛力，我不知道你們是否這麼說過，但 Sienna 似乎也這麼做了。

I mean, do you think Amazon could get to that level with you guys and I guess for both of these ramps, I don't know if this is a concept that applies anymore, given the opportunity you have, but how long do you think you take to get fully ramped there?

我的意思是，您認為亞馬遜可以達到您們的那個水準嗎？我想對於這兩個坡道來說，考慮到您擁有的機會，我不知道這個概念是否仍然適用，但您認為需要多長時間才能完全達到那個水平？

So I think as with all of our customers in the commercial arrangements between us and Amazon prohibit us from discussing any of those kind of details, but your question was, could it get to that level, I think it could. We'll be working very hard to make sure we we start off with one or two product families that we'll be making and that we expand that to others. So, we we don't necessarily see that let's say there's a revenue.

因此，我認為，就像我們與亞馬遜之間的商業安排中的所有客戶一樣，禁止我們討論任何此類細節，但您的問題是，它能否達到那個水平，我認為可以。我們將竭盡全力確保從生產一兩個產品系列開始，然後擴展到其他產品系列。所以，我們不一定會看到有收入。

There's a revenue that's tied to the warrant.

有一項收入與該授權書有關。

We don't see that as a target. We see it as more of a minimum that we'd be, we'll be going for on a platform upon which to build.

我們不認為這是一個目標。我們認為這是我們所追求的最低限度，我們將在這個平台上進行建置。

So that's, yeah, we're quite excited about that. We can, we think we'll do a great job for Amazon. We're already doing a great job for them and we're really looking forward to expanding that relationship. Did you have a question about Sienna as well?

是的，我們對此感到非常興奮。我們可以，我們相信我們會為亞馬遜做出偉大的貢獻。我們已經為他們做了大量工作，我們非常期待擴大這種關係。您對 Sienna 也有疑問嗎？

It's basically the same question, I guess.

我想，這基本上是同一個問題。

Okay, well, I think you and others have done a pretty good job backing into the number. If you look at the kind of trajectory that the customer has had previously with new product launches and then the kind of the revenue level that they're able to get to and what that might mean when you, strip out their gross margin. We have a, let's say a forecast that we have from the customer, but we only guide one quarter at a time, but we're very optimistic about it, Tim. It is and it is in front of us. We're just beginning. To get qualified and just beginning to ramp. So yeah, there's a few very big ones that we think would all ramp in FY26, like you said, the 1.6TB ramp is the end of business.

好的，我認為您和其他人已經很好地支持了這個數字。如果您觀察客戶以前推出新產品時的軌跡，然後看看他們能夠達到的收入水平，以及當您去掉他們的毛利率時這可能意味著什麼。我們有一個來自客戶的預測，但我們每次只指導一個季度，但我們對此非常樂觀，蒂姆。它確實存在，而且它就在我們面前。我們才剛開始。獲得資格並剛開始提升。是的，我們認為有幾個非常大的業務將在 26 財年全部增加，就像你說的，1.6TB 的成長意味著業務的結束。

And then the Amazon new business wins, all of which will ramp in FY26.

然後亞馬遜的新業務獲勝，所有這些業務都將在 26 財年實現成長。

Great, and that kind of takes me to my second question.

太好了，這讓我想到了我的第二個問題。

With regard to you mentioned, Dana is in very early days, but in terms of the, very strong Telecom growth. You saw in the quarter you cited several a couple of factors, a few I guess to be precise. We are strengthening Telecom, which, I'll take your non-speed rated business increase there as a proxy for that to some degree, and then, and new wins, and I assume that, maybe those are wins other than the ramps that you're talking about or that we were just talking about so as you look at that $60 million sequential increase I kind of I'm inclined to think.

正如您所提到的，Dana 還處於起步階段，但就電信業務而言，其成長非常強勁。您在本季度看到了幾個因素，我想準確地說是幾個。我們正在加強電信業務，在某種程度上，我會將你們的非速度評級業務的增長作為代表，然後是新的勝利，我認為，也許這些是除了你正在談論的或我們剛才談論的坡道之外的勝利，所以當你看到 6000 萬美元的連續增長時，我有點傾向於這麼想。

That the new wins and and strengthening Telecom or or the balance of that but you know or sorry or most of that but I'd like to hear any comments about how you would kind of rank the prospect the drivers for the March quarter in terms of telecom growth.

新的勝利和加強電信或其平衡，但你知道或抱歉或大部分，但我想聽聽你如何對 3 月份季度電信成長前景驅動因素進行排名的任何評論。

Well, I think if you look at the growth in Telecom in the March quarter, ZR has been growing nicely for us. That's a good, a good chunk of it. The non-speed rated products are back to growth again and then the new winds are really just in qualification type volumes. They're not particularly meaningful, in the revenue in the March quarter. So that growth is really yet to come.

嗯，我認為如果你看看三月季度電信業務的成長情況，ZR 對我們來說成長得很好。這是一件非常好的事情。非額定速度產品再次恢復成長，而新的風潮實際上只是資格類型的銷售量。對於三月當季的收入來說，這些並不是特別有意義。因此，這種增長實際上尚未到來。

Okay thanks for that.

好的，謝謝。

Thank you Tim.

謝謝你，提姆。

That concludes today's question and answer session. I'd like to turn the call back to Seamus Grady for closing remarks.

今天的問答環節到此結束。我想將電話轉回給 Seamus Grady 來做最後發言。

Thank you for joining our call today. We had a strong third quarter with results that exceeded our revenue guidance and many positive trends in our business. We're excited about closing out another record year with revenue growth of 18% at the midpoint of our guidance, and we're even more excited about FY26 with new programs further contributing to our growth. We look forward to speaking with you in the future and to seeing those of you who will be attending the JP Morgan conference next week.

感謝您今天參加我們的電話會議。我們第三季表現強勁，業績超出了我們的收入預期，業務呈現許多正面趨勢。我們很高興能夠以 18% 的營收成長率（達到預期的中位數）結束另一個創紀錄的一年，我們對 26 財年更加興奮，新的專案將進一步促進我們的成長。我們期待著將來與您交談，並期待見到下週參加摩根大通會議的各位。

Thank you and goodbye.

謝謝，再見。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。