Fabrinet (FN) 2025 Q4 法說會逐字稿

Good afternoon. Welcome to Fabrinet's financial results conference call for the fourth quarter of fiscal year 2025.

午安.歡迎參加 Fabrinet 2025 財年第四季財務業績電話會議。

(Operator Instructions) As a reminder, today's call is being recorded.

（操作員指示）提醒一下，今天的通話正在被錄音。

I would now like to turn the call over to your host, Garo Toomajanian, VP of Investor Relations.

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. Good afternoon, everyone. Thank you for joining us on today's conference call to discuss Fabrinet's financial and operating results for the fourth quarter of fiscal year 2025, which ended June 27, 2025.

謝謝您，接線生。大家下午好。感謝您參加今天的電話會議，討論 Fabrinet 2025 財年第四季度（截至 2025 年 6 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.

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。

This call is being webcast. A replay will be available on the Investors section of our website, located at investor.fabrinet.com.

本次通話正在進行網路直播。重播將在我們網站的投資者部分提供，網址為 investor.fabrinet.com。

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

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。請參閱我們網站的「投資者」部分以獲取重要信息，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. 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報告發布之日的觀點。除非法律要求，我們不承擔根據新資訊或未來事件修改這些條款的義務。

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 May 6, 2025.

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 (SEC) 提交的文件；特別是我們於 2025 年 5 月 6 日提交的 10-Q 表中標題為「風險因素」的部分。

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

我們將以 Seamus 和 Csaba 的演講開始電話會議，然後是提問時間。

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

現在我想將電話轉給 Fabrinet 的執行長 Seamus Grady。西莫斯？

Thank you, Garo. Good afternoon. Thanks to those joining our call today. We had an excellent fourth quarter, ending an outstanding year with tremendous momentum.

謝謝你，Garo。午安.感謝今天參加我們電話會議的各位。我們度過了一個非常出色的第四季度，以強勁的發展勢頭結束了出色的一年。

Fourth-quarter revenue was $910 million, which was above our guidance range and up more than 20% from a year ago and 4% from Q3. With margins that were a little better than expected, we also achieved record non-GAAP earnings of $2.65 per share. For the full-year fiscal 2025, revenue reached a record $3.4 billion, representing a robust 19% increase over the prior year. Non-GAAP EPS also hit an all-time high at $10.17.

第四季營收為 9.1 億美元，高於我們的預期範圍，較去年同期成長 20% 以上，較第三季成長 4%。由於利潤率略高於預期，我們也實現了每股 2.65 美元的非公認會計準則收益記錄。2025財年全年營收達到創紀錄的34億美元，較前一年強勁成長19%。非公認會計準則每股收益也創下 10.17 美元的歷史新高。

Looking back, fiscal year 2025 was an exceptional year of execution and growth for Fabrinet. We navigated a significant product transition at a major datacom customer, while our Telecom business and overall revenue reached record highs.

回顧過去，2025 財年對於 Fabrinet 來說是一個非凡的執行和成長之年。我們在一家主要數據通訊客戶處完成了重大的產品轉型，同時我們的電信業務和整體收入創下了歷史新高。

We established a significant partnership with Amazon Web Services, which we anticipate will be a meaningful revenue driver in fiscal year 2026. Construction began on Building 10, which will add 2 million square feet of capacity to our overall footprint. We also marked the 15th anniversary of our IPO by ringing the opening bell at the New York Stock Exchange. Additionally, we returned $126 million to shareholders through our buyback program, with continued repurchases expected in fiscal 2026.

我們與亞馬遜網路服務建立了重要的合作夥伴關係，我們預計這將成為 2026 財年的重要收入驅動力。10 號大樓已開始動工，這將使我們的整體佔地面積增加 200 萬平方英尺。我們也在紐約證券交易所敲響開市鐘，慶祝公司首次公開募股 15 週年。此外，我們透過回購計畫向股東返還了 1.26 億美元，預計 2026 財年將繼續回購。

We begin fiscal 2026 with strong broad-based momentum. Robust customer demand across our business leaves us better positioned than ever to capitalize on the many significant opportunities ahead of us. In fact, with multiple growth drivers providing clear visibility toward reaching $1 billion in quarterly revenue, we are now evaluating options to accelerate the completion of a portion of Building 10 to meet increasing customer demand.

我們以強勁的廣泛勢頭開啟 2026 財年。我們整個業務領域強勁的客戶需求使我們比以往任何時候都更有能力利用我們面臨的許多重大機會。事實上，由於多種成長動力為實現 10 億美元季度收入提供了清晰的前景，我們現在正在評估加速完成 10 號樓部分工程的方案，以滿足日益增長的客戶需求。

Looking more closely at our fourth-quarter results, Optical Communications revenue delivered strong growth. Telecom revenue increased 46% from a year ago and 1% from Q3, with System Programs and demand for Data Center Interconnect products driving the bulk of our growth. In fact, DCI revenue represented one quarter of our total Telecom revenue and grew 45% from a year ago. We expect our telecom momentum to continue into Q1, especially as we begin to ramp volume production of a next-generation System Programs for a major customer.

仔細審視我們第四季的業績，我們發現光通訊收入實現了強勁成長。電信收入年增46%，環比成長1%，其中系統項目和資料中心互連產品的需求推動了我們大部分的成長。事實上，DCI 收入占我們電信總收入的四分之一，比一年前成長了 45%。我們預計我們的電信業務動能將持續到第一季，特別是當我們開始為主要客戶大量生產下一代系統程式時。

As anticipated, Datacom revenue was down from a year ago but increased double digits sequentially, as we enter a meaningful growth phase for 1.6T products. With demand still increasing, we are very optimistic about Datacom growth trends for fiscal 2026. In the near term, this surge in demand has created some temporary component supply challenges, which we are working closely with a major customer to overcome.

正如預期的那樣，數據通訊收入較去年同期有所下降，但環比增長了兩位數，因為我們進入了 1.6T 產品的有意義的成長階段。隨著需求持續成長，我們對 2026 財年的數據通訊成長趨勢非常樂觀。短期內，需求激增帶來了一些暫時的零件供應挑戰，我們正在與主要客戶密切合作克服這些挑戰。

Within Non-Optical Communications, Automotive performed better than expected for the quarter, with only a slight sequential decline, while Industrial Laser revenue remained stable.

在非光通訊領域，汽車本季表現優於預期，僅略有環比下降，而工業雷射收入保持穩定。

Looking ahead, multiple simultaneous growth drivers give us strong optimism for fiscal 2026. These include the launch of a new telecom system, continued growth in DCI, increasing demand for 1.6T transceivers, and the ramp of our prominent High-Performance Compute program. We remain confident in our ability to maintain excellent execution, while continuing to grow both revenue and earnings.

展望未來，多種同時成長的動力讓我們對 2026 財年充滿信心。其中包括新電信系統的推出、DCI 的持續成長、對 1.6T 收發器的需求不斷增長，以及我們著名的高效能運算計畫的推進。我們仍然有信心，我們有能力保持出色的執行力，同時繼續增加收入和收益。

In summary, we are pleased with our outstanding performance in Q4 and throughout fiscal 2025. More importantly, we enter fiscal 2026 in a very strong position, reinforcing our optimism for the future as we further solidify our leadership position in the marketplace. We look forward to carrying this momentum into a strong Q1.

總而言之，我們對第四季度以及整個 2025 財年的出色表現感到滿意。更重要的是，我們以非常強勁的地位進入 2026 財年，隨著我們進一步鞏固在市場上的領導地位，這增強了我們對未來的樂觀態度。我們期待將這一勢頭延續到強勁的第一季。

I'll now turn the call over to Csaba for more financial details on our fourth-quarter results and our outlook for the first quarter of fiscal 2026. Csaba?

現在，我將把電話轉給 Csaba，以了解有關我們第四季度業績和 2026 財年第一季展望的更多財務細節。恰巴？

Thank you, Seamus. Good afternoon, everyone. We had a very strong fourth quarter, achieving new quarterly records for both revenue and non-GAAP net income.

謝謝你，西莫斯。大家下午好。我們的第四季表現非常強勁，營收和非公認會計準則淨收入均創下了新的季度記錄。

Revenue in the fourth quarter was $910 million, above our guidance range and an increase of 21% from a year ago and 4% from Q3. Non-GAAP EPS was $2.65, a new quarterly record. This result includes the impact of a $4 million or $0.10 per share FX revaluation loss.

第四季營收為 9.1 億美元，高於我們的預期範圍，比去年同期成長 21%，比第三季成長 4%。非公認會計準則每股收益為 2.65 美元，創下季度新高。這一結果包括 400 萬美元或每股 0.10 美元的外匯重估損失的影響。

Looking at revenue performance by category: in the fourth quarter, Optical Communications revenue was $689 million, up 15% from a year ago and 5% from Q3. Within Optical Communications, Telecom revenue reached a robust $412 million, up 46% from a year ago and 1% from Q3. This performance reflects growing demand, driven primarily by continued strength in Data Center Interconnect products.

分類別來看營收表現：第四季光通訊營收為6.89億美元，年增15%，季增5%。在光通訊領域，電信收入達到了強勁的 4.12 億美元，比去年同期成長 46%，比第三季成長 1%。這一業績反映了不斷增長的需求，主要受資料中心互連產品持續強勁的推動。

For the first time, we are reporting DCI revenue, which reached $107 million in the fourth quarter, representing 12% of overall revenue. To provide investors better insight into this important growth area, we have included historical DCI revenue data in the investor presentation available on our website.

我們首次報告 DCI 收入，第四季達到 1.07 億美元，佔總收入的 12%。為了讓投資人更了解這個重要的成長領域，我們在網站上提供的投資人簡報中加入了 DCI 的歷史收入數據。

Datacom revenue of $277 million was down 12% from a year ago but swung to a strong growth of 10% sequentially, driven by very strong demand for new higher data rate products.

數據通訊收入為 2.77 億美元，較上年同期下降 12%，但由於對新型高數據速率產品的強勁需求，環比增長 10%。

In Optical communications, revenue from 800-gig and faster products was $313 million, up 21% year over year and 32% sequentially, driven primarily by the ramp of new 1.6T Datacom products. Importantly, we have now begun volume shipments of 1.6T transceivers, a major milestone, and expect demand trends to continue ramping in fiscal 2026.

在光通訊領域，800千兆及更快產品的營收為3.13億美元，年增21%，季增32%，主要得益於新的1.6T數據通訊產品的成長。重要的是，我們現在已經開始批量出貨 1.6T 收發器，這是一個重要的里程碑，預計需求趨勢將在 2026 財年繼續上升。

In contrast, revenue from products below 800-gig was $233 million, up 4% from a year ago but down 18% from Q3, reflecting the industry's transition to next-generation products.

相較之下，800G 以下產品的營收為 2.33 億美元，比去年同期成長 4%，但比第三季下降 18%，反映了該產業向下一代產品的過渡。

Revenue from Optical Communications products that are non-speed rated was $143 million, up 4% from Q3.

非額定速度的光通訊產品營收為 1.43 億美元，較第三季成長 4%。

We expect strong revenue momentum from 800-gig and faster products to continue, while revenue from lower speed products is expected to decline gradually, as the industry transitions towards higher data rates. As a result, beginning next quarter, we will no longer report revenue by data rate. Similarly, starting in Q1, we will discontinue the break-out of silicon photonics revenue, as the vast majority of it is now captured under DCI.

我們預計 800G 及更快產品的營收將保持強勁勢頭，而隨著產業向更高數據速率過渡，低速產品的收入預計將逐漸下降。因此，從下個季度開始，我們將不再以數據速率報告收入。同樣，從第一季開始，我們將停止矽光子學收入的細分，因為現在絕大部分收入都歸屬於 DCI。

Non-Optical Communications revenue was $221 million, representing a healthy 41% increase year over year and 3% sequential gain. Automotive revenue came in better than expected at $128 million, experiencing a modest quarterly decline, following several quarters of rapid growth. Industrial Laser revenue was stable at $40 million.

非光通訊收入為 2.21 億美元，年增 41%，季增 3%。汽車業務收入好於預期，達到 1.28 億美元，在經歷了幾個季度的快速成長之後，本季出現了小幅下滑。工業雷射收入穩定在 4000 萬美元。

Other revenue was $53 million, up 38% year over year and 20% from Q3, with the sequential increase primarily reflecting the absence of a non-cash contra revenue item recorded in Q3.

其他收入為 5,300 萬美元，年增 38%，環比增長 20%，環比增長主要反映了第三季度沒有記錄非現金備抵收入項目。

As I discuss the details of our P&L, expense and profitability metrics will be on a non-GAAP basis, unless otherwise noted. Gross margin in the fourth quarter was better than anticipated at 12.5%, with operational efficiencies offsetting a smaller-than-expected impact from large project ramps.

當我討論我們的損益表細節時，費用和獲利指標將採用非 GAAP 基礎，除非另有說明。第四季的毛利率優於預期，達到 12.5%，營運效率抵銷了大型項目上馬帶來的影響小於預期。

Operating expenses remained below 2% of revenue, resulting in record operating income of $97 million or an operating margin of 10.7%, a 50 basis points improvement from Q3.

營運費用仍低於收入的 2%，從而實現創紀錄的 9,700 萬美元營運收入或 10.7% 的營運利潤率，比第三季提高了 50 個基點。

Interest income was $8 million in Q4. As I mentioned, we also incurred a foreign exchange evaluation loss of $4 million.

第四季利息收入為 800 萬美元。正如我所提到的，我們還遭受了 400 萬美元的外匯評估損失。

Effective GAAP tax rate was 6.5%. Non-GAAP net income was $96 million or $2.65 per diluted share.

有效 GAAP 稅率為 6.5%。非公認會計準則淨收入為 9,600 萬美元，即每股攤薄收入 2.65 美元。

For the full fiscal year, revenue was a record $3.4 billion, up 19% from fiscal 2024. Non-GAAP EPS was $10.17 for the year, which includes the impact of an $0.11 headwind from non-cash contra revenue and a $0.26 impact from FX revaluation losses.

整個財年的營收達到創紀錄的 34 億美元，比 2024 財年成長 19%。全年非公認會計準則每股收益為 10.17 美元，其中包括非現金對銷收入帶來的 0.11 美元不利影響和外匯重估損失的 0.26 美元影響。

Looking at customer concentration, in fiscal 2025, we had two customers who represented more than 10% of our total revenue, with NVIDIA at 28% and Cisco at 18% of revenue. Our top 10 customers made up 86% of total revenue for the year, consistent with last year.

從客戶集中度來看，在 2025 財年，我們有兩位客戶占我們總營收的 10% 以上，其中 NVIDIA 佔 28%，思科佔 18%。我們前十大客戶佔全年總收入的 86%，與去年持平。

Turning to our balance sheet highlights, we ended the year with cash and short-term investments of $934 million, down $16 million from the end of Q3. Operating cash flow in the quarter was $55 million. Capital expenditures rose to $50 million, primarily driven by Building 10 construction costs and investments to support new program ramps, resulting in fourth-quarter free cash flow of $5 million.

談到我們的資產負債表重點，我們截至年底的現金和短期投資為 9.34 億美元，比第三季末減少了 1,600 萬美元。本季經營現金流為 5,500 萬美元。資本支出增加至 5000 萬美元，主要由於 10 號樓的建設成本和支持新項目坡道的投資，導致第四季度的自由現金流達到 500 萬美元。

As Seamus mentioned, we are actively evaluating options to accelerate the construction of Building 10, in response to growing customer demand. If we move forward, quarterly capital expenditures could temporarily increase from current levels.

正如 Seamus 所說，我們正在積極評估加速 10 號樓建設的方案，以滿足日益增長的客戶需求。如果我們繼續前進，季度資本支出可能會暫時從當前水準增加。

\With our very strong balance sheet, we believe we have ample cash to support our top capital allocation priorities, which are: first, investing in our future growth; and second, returning value to shareholders through our buyback programs.

憑藉我們非常強勁的資產負債表，我們相信我們有足夠的現金來支持我們的首要資本配置重點，即：首先，投資於我們未來的成長；其次，透過我們的回購計劃向股東返還價值。

In the fourth quarter, we remained active in our share repurchase program. We repurchased 108,000 shares at an average price of $206 per share for a total cash outlay of $22 billion. For fiscal year 2025, we repurchased $126 million worth of Fabrinet shares, which is the most we have ever spent on repurchases in a single fiscal year. We enter fiscal 2026 with $174 million available for repurchases.

第四季度，我們持續積極推動股票回購計畫。我們以每股 206 美元的平均價格回購了 108,000 股，總現金支出為 220 億美元。2025 財年，我們回購了價值 1.26 億美元的 Fabrinet 股票，這是我們有史以來在單一財年中回購金額最高的一次。進入 2026 財年，我們有 1.74 億美元可供回購。

Now, turning to our guidance for the first quarter of fiscal year 2026, we remain very well positioned to extend our track record of excellent growth and execution.

現在，談到我們對 2026 財年第一季的指導，我們仍然處於非常有利的位置，可以延續我們出色的成長和執行記錄。

In Telecom, we expect our very strong revenue growth trends to extend into the first fiscal quarter, driven particularly by ramping system program. In Datacom, we are excited to see growing demand, especially for next-generation products.

在電信領域，我們預期強勁的營收成長趨勢將延續到第一財季，這主要得益於系統計畫的推進。在數據通訊領域，我們很高興看到需求不斷增長，尤其是對下一代產品的需求。

However, the surging demand has resulted in near-term supply constraints for some critical components. As a result, we expect to see a sequential dip in Datacom revenue in Q1. We are working with our customers and suppliers to resolve these supply issues, which we expect to be temporary.

然而，需求激增導致一些關鍵部件的短期供應受到限制。因此，我們預計第一季數據通訊收入將環比下降。我們正在與客戶和供應商合作解決這些供應問題，我們預計這只是暫時的。

In Non-Optical Communications, we anticipate strong growth, driven primarily by a new High-Performance Computing program. Since this new revenue stream does not align with our current disclosure categories, beginning in Q1, we will be introducing a new revenue category called HPC.

在非光通訊領域，我們預計會出現強勁成長，主要受新的高效能運算計畫的推動。由於這個新的收入來源與我們目前的揭露類別不一致，從第一季開始，我們將引入一個名為 HPC 的新收入類別。

In Automotive, we expect the near-term softness experienced in Q4 to continue into Q1 but we remain optimistic about a return to more normalized growth trends. Industrial Laser revenue should be relatively flat.

在汽車領域，我們預計第四季度的短期疲軟將持續到第一季度，但我們對恢復更正常化的成長趨勢仍持樂觀態度。工業雷射的收入應該相對平穩。

Taking all of this together, we anticipate healthy year over year and sequential growth in the first quarter, with total revenue in the range of $910 million to $950 million. From a profitability perspective, please keep in mind that our annual merit increases take effect in Q1, creating seasonal margin pressure of about 10 basis points to 20 basis points that we typically recover through efficiency gains over the course of the year.

綜合考慮所有這些因素，我們預計第一季的業績將同比和環比健康增長，總收入將在 9.1 億美元至 9.5 億美元之間。從獲利能力的角度來看，請記住，我們的年度績效成長將在第一季生效，從而產生約 10 個基點至 20 個基點的季節性利潤率壓力，我們通常會透過全年的效率提升來恢復這一壓力。

In addition, Q1 margins will be impacted by temporary inefficiencies from new product ramps, which are expected to subside as these programs advance through their early production stages.

此外，第一季的利潤率將受到新產品投產帶來的暫時效率低下的影響，但隨著這些項目進入早期生產階段，這種影響預計會逐漸消退。

With that in mind, we remain optimistic that we can achieve gross margins within our mid-5% target range, while continuing to generate operating leverage that supports steady improvement in operating margins over time. We expect earnings per diluted share to be between $2.75 and $2.90.

考慮到這一點，我們仍然樂觀地認為，我們可以實現 5% 中間目標範圍內的毛利率，同時繼續產生營運槓桿，以支持營運利潤率隨著時間的推移穩步提高。我們預計每股攤薄收益在 2.75 美元至 2.90 美元之間。

In summary, this is an exciting time at Fabrinet. We delivered a very strong fourth quarter and an outstanding fiscal year. With multiple new programs fueling our long-term growth trajectory and our strong competitive position, we are highly optimistic about Q1 and the new fiscal year ahead.

總而言之，這是 Fabrinet 激動人心的時刻。我們在第四季表現強勁，財政年度也表現出色。由於多項新計劃推動了我們的長期成長軌跡和強大的競爭地位，我們對第一季和新的財年充滿信心。

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。

Congrats on the quarter. I have a clarification question and a follow-up, if I may.

恭喜本季取得佳績。如果可以的話，我有一個澄清問題和一個後續問題。

The clarification question is, the dip in Datacom revenue that you expect in September, does that exclude or include contributions from the new HPC segment?

需要澄清的問題是，您預計 9 月數據通訊收入會下降，這是否排除了還是包括了新 HPC 部門的貢獻？

Karl, thanks for the question.

卡爾，謝謝你的提問。

The new HPC program is not in our Datacom number in Q1. It will be in a new category that we'll report in the quarter called HPC or High-Performance Compute. So HPC will not be in Datacom. It will be in its own category.

新的 HPC 程式不在我們的第一季的資料通訊號碼中。它將屬於我們在本季度報告的一個新類別，稱為 HPC 或高效能運算。因此 HPC 不會屬於資料通訊領域。它將屬於自己的類別。

In Q4, it was in Other, as it just got off the ground. But in Q1, it will be in its own category.

在第四季度，它被歸類為“其他”，因為它剛剛起步。但在第一季度，它將歸入自己的類別。

Got it. So Seamus, you suggested in the past that hyperscalers are interested and certainly have the opportunity to perhaps have an EMS partner, manufacture transceivers. I know you've been shifting manufacturing capacity away from 800-gig toward 1.6T. Should we assume that any future hyperscaler transceiver opportunities would be on 1.6 terabit port speeds? Or do you still see a very long runway of growth on 800-gig?

知道了。所以 Seamus，您過去曾表示，超大規模企業對此很感興趣，而且肯定有機會找到一個 EMS 合作夥伴來製造收發器。我知道你們一直在將產能從 800GB 轉向 1.6TB。我們是否可以假設，未來任何超大規模收發器的機會都將基於 1.6TB 的連接埠速度？或者您仍然認為 800-gig 的成長前景十分廣闊？

No. I think it depends on, really, whether we're talking about our main customer or the market, generally. For our main customer, it will be predominantly 1.6T. But for the Datacom customers, generally, it will be both 800 and 1.6. We don't see much going on below 800-gig.

不。我認為這實際上取決於我們談論的是我們的主要客戶還是市場。對於我們的主要客戶來說，主要會採用 1.6T 的速率。但對於數據通訊客戶來說，通常會同時採用 800G 和 1.6T 的速率。我們預計 800G 以下的速率不會有太大變化。

For the Datacom opportunities, if you like, in total that we're pursuing, we usually work with our customers on the current, plus the next two generations of products.

對於我們正在追求的數據通訊機會，如果您願意的話，我們通常會與客戶合作開發當前以及接下來的兩代產品。

And so in addition to our leading Datacom customer, we have other longstanding Datacom customers that we're working with, who are designing their own products for 800 gig, 1.6, and also CPO products.

因此，除了我們的主要數據通訊客戶之外，我們還與其他長期數據通訊客戶合作，他們正在為 800 千兆、1.6 和 CPO 產品設計自己的產品。

We're also pursuing engagements with a number of merchant transceiver suppliers, as well as, as you mentioned, hyperscale direct. We have four, if you like, distinct growth vectors in the Datacom space: our largest Datacom customer; other Datacom customers who are designing their own products; merchant transceiver manufacturers and hyperscalers direct.

我們也正在與許多商用收發器供應商合作，以及如您所提到的超大規模直接合作。如果您願意的話，我們在資料通訊領域有四個不同的成長向量：我們最大的資料通訊客戶；正在設計自己的產品的其他資料通訊客戶；商用收發器製造商和超大規模直接製造商。

We're actively pursuing all four of those growth vectors.

我們正在積極追求所有這四個成長方向。

Tim Savageaux, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Tim Savageaux 說道。

Congrats on the results. Just a higher-level question, perhaps.

恭喜取得成果。也許這只是一個更高層次的問題。

I think maybe it was the close of last quarter's call, Seamus, you talked about the potential for accelerating growth in fiscal '26 off of obviously what was a pretty strong '25, growing 19%. The question is any more precision on that, now that we're three months later, do you still feel like that's the case? Does perhaps the component issues change that? I'd just love to get your view on that previous statement.

我認為也許是上個季度的電話會議結束時，Seamus，您談到了 26 財年加速增長的潛力，顯然 25 年的增長相當強勁，增長了 19%。問題是，對此還有更精確的了解嗎？現在三個月過去了，您仍然覺得情況如此嗎？組件問題是否會改變這一點？我只是想聽聽您對先前聲明的看法。

Yeah. I think we enter fiscal year '26 very optimistic about the year ahead. As you say, we had an excellent FY25. We grew 19%. We grew 19% in a year where our largest customer, our business with our largest customer, was down on a dollar-for-dollar basis.

是的。我認為，我們對 26 財年的未來一年充滿信心。正如您所說，我們的 25 財年表現非常出色。我們成長了19%。在我們最大的客戶、也就是我們與最大客戶的業務量較去年同期下降的一年裡，我們的業務卻成長了 19%。

We feel, I would say, very optimistic, Tim, about the year ahead. We guide one quarter at a time so we're not going to give full-year guidance. But I think our cause for optimism remains.

提姆，我想說，我們對未來一年感到非常樂觀。我們每次只提供季度指導，因此我們不會提供全年指導。但我認為我們仍然有理由保持樂觀。

The Datacom business is coming back and the demand is outstripping supply right now. That's a temporary issue but we have very strong demand for 1.6 terabit products right now. We have a number of other Datacom products in the works, as I just mentioned.

數據通訊業務正在復甦，目前需求超過供應。這是一個暫時的問題，但我們現在對 1.6 太比特產品的需求非常強烈。正如我剛才提到的，我們正在開發許多其他數據通訊產品。

The strong Telecom trends continue driven primarily by DCI.

強勁的電信趨勢繼續主要由 DCI 推動。

We have a number of new customer wins, of course, that we've talked about previously. But overall, I think we entered the year with a very positive outlook for the year ahead.

當然，我們贏得了許多新客戶，我們之前已經談過。但總體而言，我認為我們對今年的前景非常樂觀。

Got it. That's evident, to some degree, in your comments about maybe accelerating the Building 10 capacity expansion. Trying to figure out what you're exactly you're trying to communicate here: have you pulled the trigger on something? Are you very close to or -- as you said, evaluating options, how might we see that move forward and over what timeframe?

知道了。從某種程度上來說，這在您關於可能加速 10 號樓產能擴張的評論中是顯而易見的。試著弄清楚你在這裡到底想要傳達什麼：你是否已經對某件事採取行動了？您是否非常接近或 - 如您所說，評估各種選擇，我們如何看待其進展以及在什麼時間範圍內？

Yeah. The decision to pull Building 10 in to get a portion of the building completed maybe one or two quarters ahead of the original schedule, we're really communicating that because it will impact our CapEx. Obviously, we'll have to spend a little bit more to pull in completion of a portion of the building.

是的。我們決定將 10 號樓的部分工程提前一到兩個季度完工，我們確實在傳達這個決定，因為這將影響我們的資本支出。顯然，我們必須多花一點錢才能完成部分建築。

It's a combination of a few things. It's a combination of the business opportunities that we just talked about that we're addressing right now in Telecom, Datacom, and High-Performance Compute, as well as some other potential new opportunities. We really want to be able to occupy some of the space in Building 10 before the total building is completed.

這是一些事情的結合。這是我們剛才談到的目前在電信、數據通訊和高效能運算領域正在解決的商業機會以及一些其他潛在的新機會的組合。我們確實希望能夠在整個建築竣工之前佔用 10 號樓的部分空間。

Meanwhile, we have flexibility. We can accommodate all the demand that we're seeing. But we do want to be able to occupy a few hundred thousand square feet of Building 10, probably three to six months ahead of originally contemplated.

同時，我們也有彈性。我們可以滿足我們所看到的所有需求。但我們確實希望能夠佔用 10 號樓的幾十萬平方英尺的空間，可能比最初計劃提前三到六個月。

Great. Last one for me. I wonder if you can talk about whether your new Telecom Systems win contributed in a material way in Q4?

偉大的。對我來說是最後一個。我想知道您是否可以談談您在新電信系統方面的勝利是否對第四季度做出了實質的貢獻？

It contributed. We're really just getting going. We've always said it will ramp in FY26. So we're just really getting started with that. It will ramp as we go throughout the year.

它有所貢獻。我們真的才剛開始。我們一直說它將在 26 財年實現成長。所以我們才剛開始做這件事。隨著我們全年的發展，這一數字將會上升。

So it did contribute. But it's really as we go through the year that we'll start to see that program ramp. But it's going very well. We're very happy with the relationship.

所以它確實有所貢獻。但實際上，隨著時間的流逝，我們將開始看到該計劃的進展。但一切進展順利。我們對這種關係感到非常滿意。

I think the customer is happy. We're very happy with how it's going and how the ramp schedule is going. But the big -- I would say the bulk of that ramp is still in front of us.

我認為顧客很高興。我們對事情的進展和坡道計劃的進展感到非常滿意。但我想說，那條坡道的大部分仍在我們面前。

Samik Chatterjee, J.P. Morgan.

薩米克‧查特吉，摩根大通。

This is Joe Cardoso on for Samik.

這是喬·卡多索 (Joe Cardoso) 代替薩米克 (Samik)。

Maybe for my first one, in a similar vein to the prior question on the growth prospects for the company heading into next year, just given these multiple customer ramps across various and different products, some of them being newer to the portfolio, anything we should keep in mind relative to the gross margin and OpEx trends, going forward? Anything one-off or different from what we're used to in terms of the historical profile for Fabrinet?

也許對於我的第一個問題，與先前關於公司明年成長前景的問題類似，考慮到這些客戶在各種不同產品上的成長，其中一些是產品組合中的新產品，我們應該記住未來的毛利率和營運支出趨勢方面有什麼變化嗎？就 Fabrinet 的歷史概況而言，有什麼獨特之處或與我們習慣的不同之處嗎？

Just trying to be mindful that there's a lot of irons in the fire here. And so if there's anything that we should be considering?

只是要記住，這裡有很多事情要做。那我們應該考慮什麼嗎？

And then, I have a follow-up.

然後，我有一個後續問題。

Joe, this is Csaba. Let me take that question.

喬，這是 Csaba。讓我來回答這個問題。

With regards to profitability, obviously, our aim is to maintain our gross margin target range in the mid-12%. Obviously, as you would anticipate, some of these large new programs would put some temporary pressure on the gross margins. However, we do anticipate that these headwinds to be temporary and subside over time.

關於獲利能力，顯然我們的目標是將毛利率目標範圍維持在 12% 左右。顯然，正如您所預料的那樣，其中一些大型新項目會對毛利率造成一些暫時的壓力。然而，我們確實預期這些不利因素將是暫時的，並會隨著時間的推移而消退。

We did call out a small headwind in our Q1 guide because that's a seasonal quarter for us, with merit increases as well as these program ramps are coming through. However, we don't anticipate any structural changes in our portfolio or margin profile.

我們確實在第一季指南中指出了一點阻力，因為這對我們來說是一個季節性的季度，績效加薪以及這些計劃的推進都在進行中。然而，我們預計我們的投資組合或保證金狀況不會發生任何結構性變化。

So our aim is to maintain our existing gross margin range.

因此我們的目標是維持現有的毛利率範圍。

And then, just on the OpEx side?

那麼，僅在營運支出方面呢？

And then, I have a follow-up.

然後，我有一個後續問題。

OpEx, we have been very careful about spending on operating expenses. We have been very cautious about adding costs. We will maintain that discipline.

OpEx，我們在營運費用支出方面一直非常謹慎。我們對增加成本一直非常謹慎。我們將堅持這項紀律。

As you see our track record, we have been able to deliver operating leverage, year over year. We'll continue that path. We don't anticipate to add any significant OpEx, other than the usual merit increases throughout the year. So that should continue to drive operating leverage as the top line grows.

正如您所看到的，我們的業績記錄表明，我們能夠逐年實現營運槓桿。我們將繼續走這條路。除了全年通常的績效加薪外，我們預計不會增加任何重大的營運支出。因此，隨著營業收入的成長，這應該會繼續推動營運槓桿。

Very clear. And then, maybe just as my follow-up, 800-gig trends. You mentioned 1.6 being the primary driver of growth, sequentially. But curious how much of a gating factor was the supply constraints that you highlighted? As you think about the ramp going forward, any color on how you're thinking about the magnitude of the impact from these bottlenecks and when we potentially could see them easing?

非常清楚。然後，也許就像我的後續，800千兆趨勢。您提到 1.6 是連續成長的主要驅動力。但令人好奇的是，您所強調的供應限製到底有多大的限制因素？當您考慮未來的發展時，您如何看待這些瓶頸的影響程度以及何時我們可能看到它們得到緩解？

And then, maybe just quickly, like, any color on whether that's -- what components those are? Lasers? DSPs? Anything else that you guys are seeing that's the concentration of the supply constraints?

然後，也許只是快速地，例如，任何顏色是否 - 這些是什麼組件？雷射?DSP？你們還看到什麼與供應限制的集中有關嗎？

Yeah. Really, it's a handful of components that are causing us to have some component constraints. As we saw this past quarter and into this quarter and beyond, we think now a surge in demand for 1.6T transceivers and in particular, 200-gig per lane EML-based products. We are seeing some supply constraints, mainly for specific components. It's a small number of components. It's not broad-based.

是的。事實上，正是少數元件導致我們面臨一些元件限制。正如我們在上個季度以及本季及以後所看到的，我們認為現在對 1.6T 收發器的需求激增，特別是每通道 200 千兆的基於 EML 的產品。我們看到一些供應限制，主要是針對特定組件。它的組件數量很少。它並不是具有廣泛基礎的。

It's unique to really one component for -- one or two components for one product for our customer or for one customer. Because of these constraints, we are anticipating that the datacom revenue will be down.

它對於我們客戶或一個客戶的一個產品而言確實是一個獨特的組件——一個或兩個組件。由於這些限制，我們預計數據通訊收入將會下降。

We've called that out in our prepared remarks. But we think it's short-lived. We're pretty confident we're pursuing multiple paths with our customer and with the supply base to help remedy the constraints, in order to meet the strong demand.

我們在準備好的發言中已經提到了這一點。但我們認為這只是短暫的。我們非常有信心，我們正在與客戶和供應基地一起尋求多種途徑來幫助彌補限制，以滿足強勁的需求。

We believe the supply issues will be temporary. But they will take a little bit of time to fully resolve, maybe one or two quarters. We do think it's a short-lived problem. But it's one we have to deal with, right now.

我們相信供應問題只是暫時的。但這些問題需要一點時間才能完全解決，也許需要一到兩個季度。我們確實認為這是一個短期問題。但我們現在必須處理這個問題。

The good news is the demand is very strong. The current demand is strong and well above the supply availability. But like I said, it's not unusual when you get a new product like this, a leading-edge product with leading-edge technology and a big spike. Coupled with a big spike in demand, it's not unusual to have these temporary supply constraints. But we'll work through that.

好消息是需求非常強勁。目前需求強勁，遠高於供應量。但就像我說的，當你獲得這樣的新產品時，這並不罕見，這是一種具有尖端技術和巨大突破的尖端產品。再加上需求的大幅成長，出現這些暫時的供應限制並不罕見。但我們會努力解決這個問題。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

I think I'm still a little confused on the gross margins. Can we back up and just talk about the fiscal fourth quarter margins, for a second? You did better than you thought you would on efficiencies but I would assume you had some of the product ramps going on. You avoided the component shortages in the quarter and weren't expanding on Building 10 yet faster than previously thought.

我認為我對毛利率仍然有點困惑。我們能否回顧一下第四季的財務利潤率？您在效率方面做得比您想像的要好，但我認為您已經開始了一些產品的提升。您避免了本季的零件短缺，而且 10 號樓的擴建速度也沒有比之前預想的更快。

Like, if you could just break that down, like, why didn't you see some of these headwinds and how else you got efficiencies in Q4 besides better sales?

例如，如果你能把它分解一下，為什麼你沒有看到這些不利因素，除了銷售額提高之外，你在第四季還如何提高效率？

And then, I had a follow-up.

然後，我進行了後續跟進。

Let me clarify. First of all, Steve, Building 10 expenses are not in the numbers. Building 10 is a future event. So we don't see any gross margin headwinds from Building 10 context. That's number one.

讓我澄清一下。首先，史蒂夫，10 號樓的費用不在數字中。10 號樓是未來的事件。因此，我們並未看到 10 號大樓對毛利率造成任何不利影響。這是第一點。

Secondly, obviously, as these programs are ramping, obviously, we do have certain inefficiencies that are baked in in our outlook. However, the existing business continues to execute very well. We have a very strong execution. So on the flip side, that resulted in a better-than-expected gross margin in our Q4.

其次，顯然，隨著這些項目的不斷推進，我們的觀點中確實存在著某些效率低下的問題。然而，現有業務繼續表現良好。我們的執行力非常強。因此，從另一方面來看，這導致我們第四季的毛利率好於預期。

Again, we do anticipate that this product ramps will put some pressure on the near-term gross margin. So going into Q1, we expect mild headwinds.

再次，我們確實預期該產品產量的增加將對近期的毛利率帶來一些壓力。因此，進入第一季度，我們預計會出現溫和的阻力。

But Q4 was strong. It's not particularly because of Building 10. It's just a very strong execution on the legacy business and obviously, starting off with the new programs.

但第四季表現強勁。這並不是因為 10 號樓。這只是對傳統業務的一次非常有力的執行，顯然是從新專案開始的。

If I can just add maybe to Csaba's comments there, Steven, the ramp costs that we had assumed going into the quarter, we came in a little bit better than we had planned. But we have a few quarters, I think, now of fairly strong ramps going on simultaneously. So we are going to have to carry these ramp costs. When we start new programs.

史蒂文，如果我可以補充 Csaba 的評論，那麼我們在本季預計的坡道成本比我們計劃的要好一些。但我認為，目前我們已有幾個季度同時出現了相當強勁的成長勢頭。所以我們必須承擔這些坡道成本。當我們開始新程序時。

Some of these big programs takes a little bit of time to get ramped up to full efficiency. So we do carry some start-up costs or NPI costs when we start these programs.

其中一些大型專案需要一點時間才能達到完全效率。因此，當我們啟動這些專案時，我們確實會承擔一些啟動成本或 NPI 成本。

And then, in Q4, we just did a little bit better on efficiencies. Our operations team did an excellent job to execute to make sure that we came in a little bit better than anticipated in Q4.

然後，在第四季度，我們的效率有所提高。我們的營運團隊執行得非常出色，確保了我們在第四季度的業績比預期要好一些。

Just one other minor detail on all that -- and that's very helpful -- is that you didn't experience any component constraints to speak of in Q4. Is that correct?

關於這一切的另一個小細節——這非常有幫助——就是您在第四季度沒有遇到任何組件限制。對嗎？

Not any huge constraints. We have, again, as we called out there, a couple of constraints going into Q1. There was some in Q4. But the big hit really is in Q1.

沒有任何巨大的限制。正如我們所說的那樣，我們在第一季遇到了一些限制。第四季有一些。但真正受到最大衝擊的是第一季。

We were able to get what we needed in Q4. But we are constrained in Q1, yes.

我們能夠在第四季獲得我們所需要的東西。但確實，我們在第一季受到了限制。

Steven, typically, we don't have margin impacts from component shortages. So we are always able to juggle the capacity to make sure that component constraints don't create near term.

史蒂文，通常情況下，零件短缺不會對我們的利潤產生影響。因此，我們始終能夠平衡產能，以確保短期內不會出現組件限制。

Good thing about component constraints, we have a fairly good visibility on supply. So we are able to adjust capacity. There is no concern of headwinds from component constraints, when it comes to gross margins.

關於組件限制的好處是，我們對供應有相當好的了解。因此我們能夠調整容量。就毛利率而言，無需擔心零件限制的不利影響。

Great. And then, just as a follow-up, can you -- a little bit more on the Data Center Interconnect business. I thought you also had talked about some new customers for the new fiscal year. I know you only guide a quarter at a time but can you give us a sense for the momentum?

偉大的。然後，作為後續問題，您能否再多介紹一下資料中心互連業務。我以為您也談到了新財政年度的一些新客戶。我知道您每次只指導四分之一，但您能讓我們了解一下這種勢頭嗎？

You were up 45% year over year in the quarter. Any way to think about how the momentum directionally continues for the new fiscal year? Any other clues you can provide there?

本季您的銷售額年增了 45%。有什麼方法可以考慮新財年的發展動能如何延續嗎？您還能提供其他線索嗎？

Yeah. Maybe I'll let Csaba put a bit more detail around it. But, in general, Steven, our DCI business has been very strong. We've captured a number of customers there. They're all ramping. We're able to keep up with the demand.

是的。也許我會讓 Csaba 對此進行更詳細的說明。但是，總的來說，史蒂文，我們的 DCI 業務非常強勁。我們在那裡已經吸引了大量客戶。他們都在努力。我們能夠滿足需求。

And the demand seems to be -- it's strong, it's robust, and it looks to be durable. It is increasing over time. So I think as these big data center clusters get rolled out, these big AI workloads get shared around between data centers, the need for DCI is increasing, if anything.

而且需求似乎很強大、很強大、而且看起來很持久。隨著時間的推移，它正在增加。因此我認為，隨著這些大型資料中心叢集的推出，這些大型人工智慧工作負載在資料中心之間共享，對 DCI 的需求也會隨之增加。

So we see DCI demand continue to be very strong for some time to come.

因此，我們預計 DCI 需求在未來一段時間內將持續保持強勁。

Some clarification there, Steve, as well. DCI is a distinct category, as you called out. We wanted to give that additional color to the investors. So it's part of our Telecom business. But we wanted to call out as it's a significant growth driver as we look ahead.

史蒂夫，也需要澄清一些事情。正如您所說，DCI 是一個獨特的類別。我們希望為投資者增添更多色彩。所以這是我們電信業務的一部分。但我們想指出，展望未來，這是一個重要的成長動力。

There is one more thing that's going on in DCI. Obviously, bulk of that growth came in the fiscal year from [400 ZRs]. We started to see transition to 800 ZR as well. But it's not at the expense of 400 ZR at this stage. So there is that growth driver going on there.

DCI 中還發生了一件事。顯然，這項成長主要來自於本財年[400 南非蘭特]。我們也開始看到向 800 ZR 的轉變。但目前還不需要花費 400 ZR。因此，那裡存在著成長動力。

To clarify your question about the new programs, we did not talk about particular DCI programs as a new category going forward. DCI, we have already captured the customers who we have been shipping. We anticipate the growth to come from those customers.

為了澄清您關於新項目的問題，我們並沒有將特定的 DCI 項目作為未來的新類別來討論。DCI，我們已經俘虜了我們一直在運送的客戶。我們預計成長將來自這些客戶。

So the new system wins will be in the telecom space, not the DCI. The HPC is going to be a distinct -- it's all segment and another DCI category.

因此，新系統的勝利將在電信領域，而不是 DCI。HPC 將會是一個獨特的 — — 它是所有部分和另一個 DCI 類別。

George Notter, Wolfe Research.

喬治·諾特（George Notter），沃爾夫研究公司。

Can you just remind us the triggers on vesting of the Amazon warrants and recognition of contra revenue? I know that it was $4 million last quarter. I think none here in the June quarter. Can I assume that you did not generate revenue with Amazon this quarter? Is that the right read-through?

您能否提醒我們一下亞馬遜認股權證歸屬和抵銷收入確認的觸發因素？我知道上個季度是 400 萬美元。我認為六月季度這裡沒有。我可以假設您本季沒有從亞馬遜獲得收入嗎？這是正確的解讀嗎？

George, basically, the first vesting was prior to signing the contract. Upon signing the contract, we vested 10% in Q3. So that was one condition of the vesting. The rest of the shares will vest over revenue and over time.

喬治，基本上，第一次歸屬是在簽約之前。簽訂合約後，我們在第三季歸屬了 10%。這是歸屬的一個條件。剩餘股份將隨著收入和時間的推移而歸屬。

So the fact that you haven't seen anything in Q4 has to do with the fact that there is a threshold that to be met in terms of revenue shipments. It doesn't mean that we haven't shipped anything. But future vesting will be subject to revenue and volume shipments throughout the year.

因此，您在第四季度沒有看到任何進展，是因為在收入出貨量方面存在一個需要滿足的門檻。這並不意味著我們沒有運送任何東西。但未來的歸屬將取決於全年的收入和出貨量。

Got it. And then, any -- we're all curious about how big that Amazon PCB business can be over time. Obviously, you're breaking it out into its own category. I get that, certainly. But is this hundreds of millions of opportunity? Is this in the billions? Like, how do you think about the scale of what you can do here?

知道了。然後，我們都很好奇亞馬遜 PCB 業務隨著時間的推移發展到多大。顯然，您要將其劃分到自己的類別。我當然明白。但這就是數億的機會嗎？這是幾十億嗎？例如，您認為您在這裡能做的事情的規模有多大？

Yeah. As we look at the opportunity, it's certainly a significant opportunity for us. It could be significant. We believe it could be significant this fiscal year. We're not sizing the overall revenue with the customer there or the High-Performance Compute deal we have with them.

是的。當我們審視這個機會時，這對我們來說無疑是一個重要的機會。這可能意義重大。我們相信，本財年這可能會產生重大影響。我們不會與那裡的客戶或與他們達成的高效能運算交易來衡量整體收入。

But the business will start to ramp in Q1. We did ship a little bit in Q4. But it will start to ramp in Q1. That is contributing to our strong anticipated sequential growth.

但業務將在第一季開始成長。我們確實在第四季度發貨了少量貨物。但它將在第一季開始上升。這促成了我們預期的強勁連續成長。

But keep in mind that our shipping -- calendar Q1 is just the beginning for us, though, with AWS. We think there could be more to come. We have one opportunity there, a High-Performance Compute opportunity. But we're working hard to see if we can gain some momentum in other categories there.

但請記住，我們的運輸——日曆 Q1 對我們來說只是與 AWS 合作的開始。我們認為未來還會有更多。我們有一個機會，一個高效能運算的機會。但我們正在努力看看是否能在其他類別中獲得一些動力。

Longer term, High-Performance Compute, we think, represents a significant new TAM expansion opportunity for us. That's why we've decided to classify it as its own category. Again, in our Q1, we'll be disclosing HPC as its own category.

從長遠來看，我們認為高效能運算對我們來說是一個重要的新的 TAM 擴展機會。這就是我們決定將其歸類為單獨類別的原因。再次，在我們的第一季中，我們將把 HPC 作為自己的類別進行揭露。

We'll also be disclosing, as Csaba mentioned, or we'll start to disclose DCI as its own category.

正如 Csaba 所提到的，我們也將進行揭露，或者我們將開始將 DCI 作為自己的類別進行揭露。

Got it. And then -- I'm sorry, just to be clear, the ramp is in your fiscal Q1 or in calendar Q1 of '26?

知道了。然後 - 抱歉，我只是想說清楚，產量上升是在您的財政年度第一季還是在 26 年日曆第一季？

Fiscal Q1. We've already started. We've shipped some revenue in Q4. Really, that's just getting off the ground. That's why we have the -- if you like, we've called out the start-up costs because as you can imagine, when you start up, you don't start at cruising speed.

財政第一季。我們已經開始了。我們在第四季已經實現了部分收入。確實，這才剛開始。這就是為什麼我們有——如果你願意，我們已經列出了啟動成本，因為你可以想像，當你啟動時，你不會以巡航速度啟動。

We start up. We get the lines debugged. We get the efficiencies up. We make sure the yields are good. The customer comes and qualifies the production line and then, we start ramping.

我們開始吧。我們對線路進行了調試。我們提高了效率。我們確保收益良好。客戶來檢查生產線是否合格，然後我們就開始量產。

That work has been largely completed now. We're just beginning to ramp properly then this quarter. So fiscal Q1.

這項工作目前已基本完成。本季我們才剛開始正常成長。因此財政第一季。

Ryan Koontz, Needham & Company.

瑞安·孔茨 (Ryan Koontz)，Needham & Company。

I'll ask also about Datacom, maybe a different angle here, if we could. I certainly understand the ramp going on for your large customer at 1.6T. That's self-evident. You've talked about, I think, 800 remaining strong. Obviously, there are other customers involved in the mix there.

如果可以的話，我也會詢問有關數據通訊的問題，也許可以從不同的角度詢問。我當然理解你們大客戶在1.6T的加速需求。這是不言而喻的。我認為您談到了剩餘 800 名成員。顯然，還有其他客戶參與其中。

But Seamus, how would you characterize your visibility for 800 demand, right now, as you look at this next fiscal year?

但是 Seamus，當您展望下一個財政年度時，您如何描述目前對 800 需求的可見性？

I think there's been some investor concern that that might dry up with your large customer shifting over.

我認為有些投資人擔心，隨著大客戶的轉移，這種優勢可能會消失。

Our visibility is quite good. Our main focus is on the next-generation products, the 1.6T. But we have visibility on 800 gig, as well.

我們的知名度相當好。我們主要關注下一代產品 1.6T。但我們對 800GB 也有一定的展望。

Our visibility is quite good. Like I say, in both areas, it's supply-constrained as opposed to demand-constrained, right now.

我們的知名度相當好。就像我說的，目前這兩個領域都是受到供應限制，而不是需求限制。

Got it. Helpful. And then, you guys had some pretty decent Auto numbers, Auto segment. Any view of how you think that unravels in '26?

知道了。很有幫助。然後，你們在汽車領域獲得了一些相當不錯的汽車數據。您認為 26 年的情況會如何？

I think steady. We think steady. I don't think it's going to have the same growth trajectory as, let's say, High-Performance Compute or Datacom or even, Telecom. It's probably more steady growth as, we gain market share.

我認為穩定。我們思考得很穩。我認為它不會擁有與高效能運算、數據通訊甚至電信相同的成長軌跡。隨著我們市場份額的增加，成長可能會更加穩定。

Again, bear in mind, our Automotive business is more on the infrastructure side, the EV charging side of the business. So we're not as exposed to consumer sentiment as maybe other companies who are producing for automotive companies.

再次提醒，請記住，我們的汽車業務更側重於基礎設施方面，即電動車充電業務方面。因此，我們可能不像其他為汽車公司生產的公司那樣容易受到消費者情緒的影響。

We think Automotive will be steady but maybe not grow quite as fast as Datacom or Telecom or the others.

我們認為汽車產業將會保持穩定，但成長速度可能不會像數據通訊、電信或其他產業那麼快。

That's great. And one last one, if I could just sneak it in, it's around tariffs. Any dialogue with tariffs that you'd be willing to share, in terms of how your discussions are going with customers?

那太棒了。最後一個問題，如果我可以偷偷提一下的話，它是關於關稅的。就您與客戶的討論進度而言，您願意分享有關關稅的對話嗎？

Yeah. It's an interesting one. For us, we haven't seen any meaningful impact, to date, from the tariffs.

是的。這是一個有趣的問題。對我們來說，到目前為止，我們還沒有看到關稅帶來的任何重大影響。

First, bear in mind, our shipping terms with our customers dictate that the receiver or the customer is responsible for the tariffs. So we don't bear the cost of the tariffs.

首先，請記住，我們與客戶簽訂的運輸條款規定收貨人或客戶負責關稅。所以我們不承擔關稅的成本。

The products we make, both in the Optical Communication space and the Non-Optical Communication space, those categories are not necessarily shipped directly to the US as they may be shipped to Asia or Europe or elsewhere to another contract manufacturer for higher-level assembly.

我們生產的產品，無論是光通訊領域還是非光通訊領域，這些類別的產品不一定直接運往美國，因為它們可能會運往亞洲、歐洲或其他地方的另一家合約製造商進行更高級別的組裝。

In many cases, the products we make, they don't ship directly into the US. So thus far, we have not seen any significant impact from tariffs, thankfully.

在很多情況下，我們生產的產品不會直接運往美國。因此，值得慶幸的是，到目前為止，我們還沒有看到關稅的任何重大影響。

Mike Genovese, Rosenblatt Securities.

羅森布拉特證券公司的麥克吉諾維斯 (Mike Genovese)。

Seamus, I'm wondering, do you have any of your 800G customers moving to 200G per lane lasers? Or is 800G still a 100G per lane market?

Seamus，我想知道，您的 800G 客戶中是否有人正在轉向每通道 200G 雷射？還是 800G 仍然是每通道 100G 的市場？

The focus for us is on 200-gig per lane 800-gig products. That's the bulk of the growth that we're seeing. It's on 200-gig per lane 800-gig products.

我們的重點是每通道 200 千兆、800 千兆的產品。這就是我們所看到的成長的大部分。它適用於每通道 200 千兆、800 千兆的產品。

So when you talk about supply constraints then, for the current quarter, is it in both 800G and 1.6? Or is it more in 1.6 than in 800?

那麼，當您談到供應限制時，就本季而言，是 800G 還是 1.6？或 1.6 比 800 更多？

It's affecting both. It's both 800 gig and 1.6T, yes.

這對兩者都有影響。是的，它有 800GB 和 1.6T。

Then, when we talk about being like sequentially down in the quarter, then that sounds like it could happen at more than one customer. That would be something that would happen at multiple customers because, potentially, 200G per lane EMLs are in short supply. Is that a right read?

然後，當我們談論本季度的連續下降時，聽起來這可能發生在多個客戶身上。這種情況可能會發生在多個客戶身上，因為每個通道 200G 的 EML 可能會供不應求。這樣讀對了嗎？

Yes and no. I think there's a number of opportunities we're working on with customers. But they're not producing meaningful revenue in the current quarter, even though we're working on several opportunities.

是也不是。我認為我們正在與客戶合作創造許多機會。但儘管我們正在努力尋找一些機會，但他們在本季並沒有產生可觀的收入。

The big impact is with our main customer on the 200-gig per lane, again, which impacts both 800 gig and 1.6. But, again, there are other customers we're working with on both 800 gig and 1.6 actually. But they're not meaningful, in terms of revenue, in the current quarter.

對我們主要客戶的影響最大，他們使用的是每個通道200G的頻寬，這會影響到800G和1.6G的頻寬。不過，實際上我們也在與其他客戶合作，這些客戶使用的是800G和1.6G的頻寬。但就本季的營收而言，這些變化意義不大。

(Operator Instructions)

（操作員指示）

Tim Savageaux, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Tim Savageaux 說道。

Just a couple of quick ones. One, could you take a shot at quantifying the impact of the component shortages on Datacom? I assume without that, they'd be up. Would that be up significantly? Throw us a number on that one.

僅舉幾例。首先，您能否嘗試量化零件短缺對數據通訊的影響？我認為如果沒有這個，他們就會起來。這會大幅增加嗎？請告訴我們那個號碼。

And also, obviously, 800 gig and above grew quite sharply in the quarter but much more sharply in -- not as sharply as Datacom -- sorry, Datacom didn't grow that sharply. So it looks like you had a big tick-up at 800 gig and above Telecom. That was what I was asking with (inaudible) before.

而且，顯然，800G 及以上容量在本季度增長相當迅速，但增速更快——不如 Datacom——抱歉，Datacom 的增長沒有那麼迅速。因此看起來您在 800 gig 及以上的電信方面取得了巨大的進展。這是我之前用（聽不清楚）問的。

But if I'm reading the numbers right, I wonder what might be driving that. That's it for me.

但如果我讀的數字正確的話，我想知道是什麼導致了這個結果。對我來說就是這樣。

Yeah. I think on the impact of the component shortage in Datacom, we're not going to quantify that, Tim. But I'll put it this way, it's meaningful enough for us to call it out. We would be up fairly significantly were it not for that issue. We're not going to quantify it but it's a substantial enough headwind for us this quarter.

是的。我認為，對於數據通訊組件短缺的影響，我們不會量化，Tim。但我要說的是，它的意義夠重大，值得我們大聲說出來。如果不是因為這個問題，我們的收入將會大幅成長。我們不會量化它，但這對我們來說是本季的一大阻力。

On the 800 gig and above, yeah, that's a mix of, as you rightly point out, both Datacom and Telecom. So good growth in the Datacom business, the 800 gig and above. But also, primarily DCI and other products in the 800-gig Telecom category.

是的，在 800G 及以上，正如您正確指出的那樣，這是數據通訊和電信的混合。800G 及以上的數據通訊業務成長良好。但主要還是 DCI 和 800 千兆電信類別的其他產品。

I don't know, Csaba, if you want to add anything to that?

我不知道，Csaba，您是否想對此進行補充？

No. I think that's the color we can provide there. Obviously, we are seeing some in DCI. It's below 800-gig TIM. 400 ZR is very strong in DCI segment. So potentially, that's a reason for not going as fast as Datacom.

不。我認為這就是我們可以提供的顏色。顯然，我們在 DCI 中看到了一些。它低於 800-gig TIM。400 ZR 在 DCI 領域表現非常強勁。因此，這可能是其速度不如 Datacom 快的一個原因。

Thank you. I would now like to turn the conference back to Seamus Grady for closing remarks. Sir?

謝謝。現在我想請 Seamus Grady 致閉幕詞。先生？

Thank you for joining our call today.

感謝您今天參加我們的電話會議。

We are very pleased with our strong fourth-quarter results, culminating in another record year for the company.

我們對第四季的強勁業績感到非常滿意，這對公司來說又是一個創紀錄的一年。

As we look to the first quarter and fiscal 2026, we are very excited about the opportunities that lie ahead and believe we are better positioned than ever to extend our strong track record of growth and execution.

展望第一季和 2026 財年，我們對未來的機會感到非常興奮，並相信我們比以往任何時候都更有能力延續我們強勁的成長和執行記錄。

We look forward to speaking with you in the future and to seeing those of you who will be attending the Wolfe Research Conference in September.

我們期待將來與您交談，並期待與 9 月參加沃爾夫研究會議的各位見面。

Goodbye.

再見。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。