Fabrinet (FN) 2026 Q1 法說會逐字稿

Good afternoon. Welcome to Fabrinet's financial results conference call for the first-quarter of fiscal year 2026. (Operator Instructions) As a reminder, today's call is being recorded.

午安.歡迎參加 Fabrinet 2026 財年第一季財務業績電話會議。（操作員說明）提醒您，今天的通話將會被錄音。

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

現在我將把電話交給主持人，投資者關係副總裁加羅·圖馬賈尼安。

Thank you, operator, and good afternoon, everyone. Thank you for joining us on today's conference call to discuss Fabrinet's financial and operating results for the first quarter of fiscal year 2026, which ended September 26, 2025.

謝謝接線員，大家下午好。感謝您參加今天的電話會議，討論 Fabrinet 2026 財年第一季（截至 2025 年 9 月 26 日）的財務和營運業績。

With me on the call today are Seamus Grady, Chairman and Chief Executive Officer; and Csaba Sverha, Chief Financial Officer. This call is being webcast, and a replay will be available on the Investors section of our website located at investor.fabrinet.com.

今天與我一起參加電話會議的有董事長兼執行長 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關係版塊（網址為 investor.fabrinet.com）提供。

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. In addition, today's discussion will contain forward-looking statements about the future financial performance of the company.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。請參閱我們網站的「投資者」部分，以了解重要訊息，包括我們的獲利新聞稿和投資者簡報，其中包含我們的 GAAP 與非 GAAP 調節表以及我們收入明細的更多詳細資訊。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。

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.

前瞻性陳述存在風險和不確定性，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次演示之日的觀點，除法律要求外，我們不承擔因新資訊或未來事件而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-K filed on August 19, 2025. We will begin the call with remarks from Seamus and Csaba followed by time for questions.

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，特別是我們在 2025 年 8 月 19 日提交的 10-K 表格中標題為「風險因素」的部分。本次電話會議將首先由 Seamus 和 Csaba 致辭，然後是提問環節。

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

現在我想把電話交給 Fabrinet 的董事長兼執行長 Seamus Grady。西莫斯？

Thank you, Garo. Good afternoon, everyone, and thanks for joining our call today. We had an exceptional start to fiscal 2026 with record revenue and earnings that exceeded our guidance ranges and demonstrated our continued business momentum.

謝謝你，加羅。各位下午好，感謝各位今天參加我們的電話會議。我們在 2026 財年開局非常出色，營收和利潤均創歷史新高，超出預期範圍，展現了我們持續的業務發展勢頭。

First quarter revenue was $978 million, an impressive increase of 22% from a year ago and an increase of 8% from Q4. Non-GAAP earnings were also outstanding at $2.92 per share, with our revenue upside flowing directly to the bottom line. In addition to these terrific first quarter results, we're very optimistic that this strong momentum will extend into the second quarter with numerous revenue drivers contributing to our growth.

第一季營收為 9.78 億美元，比去年同期成長了 22%，比第四季成長了 8%，增幅顯著。非GAAP收益也十分出色，每股收益為2.92美元，營收成長直接轉化為利潤。除了第一季的優異成績外，我們非常樂觀地認為，這一強勁勢頭將延續到第二季​​度，眾多收入驅動因素將為我們的成長做出貢獻。

Now let's look at the quarter in more detail. Starting with optical communications, telecom revenue hit a new record, increasing 59% from a year ago and 15% from Q4, driven primarily by data center interconnect products. Within telecom, DCI revenue nearly doubled from a year ago to 14% of company revenue. Datacom revenue declined sequentially as predicted, but by a smaller amount than we anticipated. This was a result of a smaller sequential decline than expected at our biggest datacom customer as well as larger contributions from other datacom customers where we are gaining traction.

現在讓我們更詳細地看一下這個季度。從光通訊業務開始，電信收入創下新紀錄，比去年同期成長 59%，比第四季成長 15%，主要得益於資料中心互連產品的成長。在電信領域，DCI 的營收比一年前幾乎翻了一番，占公司營收的 14%。數據通訊收入如預期般環比下降，但降幅小於我們的預期。這是由於我們最大的數據通訊客戶的環比下降幅度小於預期，以及我們正在獲得市場份額的其他數據通訊客戶的貢獻更大所致。

While we believe certain component constraints will persist into the second quarter, we remain optimistic about overall demand trends in datacom. Within non-optical communications, we are excited to introduce a new revenue category for high-performance computing products. In Q1, we qualified and started to ramp our first HPC program, which contributed $15 million to revenue. We believe this program will scale considerably over the coming quarters and become a significant driver to our overall growth.

雖然我們認為某些零件的限制會持續到第二季​​度，但我們對數據通訊的整體需求趨勢仍然保持樂觀。在非光通訊領域，我們很高興推出高效能運算產品這個新的收入類別。第一季度，我們獲得了資格並開始擴大我們的第一個高效能運算 (HPC) 項目，該項目為公司帶來了 1500 萬美元的收入。我們相信，該計劃將在未來幾季大幅擴展，並成為我們整體成長的重要驅動力。

Automotive revenue was down slightly from Q4 as anticipated and industrial laser revenue was flat. With numerous growth drivers supporting our confidence, construction of Building 10, which will total 2 million square feet, remains on track for completion by the end of calendar 2026. We have accelerated the construction of a portion of Building 10, which we expect to be completed in mid-2026, in order to help ensure that we will have ample capacity to support our rapid growth.

如預期，汽車產業收入較第四季略有下降，工業雷射產業收入持平。眾多成長動力支撐著我們的信心，總面積達 200 萬平方英尺的 10 號樓的建設仍按計劃進行，將於 2026 年底竣工。為了確保我們有足夠的產能來支持我們的快速成長，我們加快了 10 號樓部分區域的建設，預計將於 2026 年年中完工。

As we look to the second quarter, we are very optimistic that we can deliver another outstanding quarter with continued growth in telecom, driven by DCI expansion, strong datacom demand and the rapid scaling of our HPC program.

展望第二季度，我們非常樂觀地認為，在資料中心基礎設施擴張、強勁的資料通訊需求以及高效能運算專案的快速擴展的推動下，電信業務將繼續成長，我們將迎來又一個出色的季度。

In summary, we are off to an excellent start in fiscal year 2026, with record first quarter results that exceeded our guidance ranges. With multiple growth drivers across our business, producing increased business momentum, we are well positioned to deliver an outstanding second quarter.

總而言之，我們在 2026 財年開局良好，第一季業績創歷史新高，超出預期範圍。憑藉公司業務的多重成長動力，我們已做好充分準備，迎接第二季的出色業績。

Now I'd like to turn the call over to Csaba for more financial details on our first quarter results and our outlook for the second quarter. Csaba?

現在我想把電話交給 Csaba，讓他詳細介紹一下我們第一季的財務表現以及我們對第二季的展望。喬巴？

Thank you, Seamus, and good afternoon, everyone. Fiscal year 2026 is off to an excellent start with revenue and EPS that were above our guidance ranges. Revenue in the first quarter was a new record $978 million, representing impressive growth of 22% from a year ago and 8% from Q4. Non-GAAP EPS was also a record $2.92, including the impact of a $2 million or $0.06 per share FX revaluation loss.

謝謝你，西莫斯，大家下午好。2026 財年開局良好，營收和每股盈餘都超出預期範圍。第一季營收創下 9.78 億美元的新紀錄，較去年同期成長 22%，較第四季成長 8%，增幅顯著。非GAAP每股盈餘也創下2.92美元的歷史新高，其中包括200萬美元或每股0.06美元的外匯重估損失的影響。

Looking at revenue performance by market for the first quarter. Optical Communications revenue was $747 million, up 19% from a year ago and 8% from Q4. Within optical communications, telecom revenue grew to a record $412 million, surging 59% from a year ago and 15% from Q4. This impressive growth was driven primarily by continued strong demand trends for data center interconnect products.

分析第一季各市場的營收表現。光通訊收入為 7.47 億美元，比去年同期成長 19%，比第四季成長 8%。在光通訊領域，電信收入成長至創紀錄的 4.12 億美元，比去年同期成長 59%，比第四季成長 15%。這一令人矚目的成長主要得益於資料中心互連產品持續強勁的需求趨勢。

In the first quarter, DCI revenue was $138 million, representing remarkable growth of 92% from a year ago and 29% from Q4. Datacom revenue declined by a smaller amount than expected, totaling $273 million, down 17% from a year ago and 1% from Q4. While we continue to experience longer lead times for one critical component in particular, overall demand trends within datacom remains strong.

第一季度，DCI 的營收為 1.38 億美元，與去年同期相比成長了 92%，與第四季相比成長了 29%。數據通訊收入下降幅度小於預期，總計 2.73 億美元，比去年同期下降 17%，比第四季下降 1%。雖然我們仍然面臨某個關鍵零件交貨週期延長的問題，但數據通訊領域的整體需求趨勢仍然強勁。

Non-optical communications revenue was $231 million, up 30% from a year ago and 5% from Q4. This increase was driven primarily by high performance computing revenue of $15 million. We expect this new revenue category to drive even greater growth in Q2. Automotive revenue of $122 million was up 19% from a year ago, but down 5% from Q4. Industrial laser revenue of $40 million was up 12% from a year ago and flat sequentially.

非光通訊收入為 2.31 億美元，比去年同期成長 30%，比第四季成長 5%。這一成長主要得益於高效能運算收入達到 1500 萬美元。我們預計這一新的收入類別將在第二季推動更大的成長。汽車業務收入為 1.22 億美元，比去年同期成長 19%，但比第四季下降 5%。工業雷射業務收入為 4,000 萬美元，比去年同期成長 12%，較上季持平。

As I discussed the details of our P&L, all expense and profitability metrics will be presented on a non-GAAP basis unless otherwise noted. First quarter gross margin of 12.3% was down 30 basis points from Q4 but was in line with expectations as we absorb FX headwinds in addition to the seasonal impact of annual merit increases. This small sequential decrease in gross margin was partially offset by our continued operating leverage.

如我先前討論的損益表細節，除非另有說明，所有費用和獲利能力指標均以非GAAP準則列示。第一季毛利率為 12.3%，比第四季下降了 30 個基點，但符合預期，因為我們除了要應對年度績效工資成長的季節性影響外，還要應對匯率不利因素。毛利率的小幅環比下降被我們持續的經營槓桿作用部分抵消。

Operating expenses were $16 million or 1.7% of revenue, resulting in an operating margin of 10.6%, a 10 basis points decline from the fourth quarter. Interest income was $9 million in Q1 and was partially offset by a $2 million foreign exchange revaluation loss. Effective GAAP tax rate was 5.4%, consistent with expectations. Non-GAAP net income was $105 million or $2.92 per diluted share.

營運費用為 1,600 萬美元，佔營收的 1.7%，導致營運利潤率為 10.6%，比第四季下降了 10 個基點。第一季利息收入為 900 萬美元，但部分被 200 萬美元的外匯重估損失所抵銷。實際GAAP稅率為5.4%，與預期一致。非GAAP淨利為1.05億美元，即每股攤薄收益2.92美元。

Turning to our balance sheet. We ended the first quarter with cash and short-term investments of $969 million, up $35 million from the end of Q4. Operating cash flow in the quarter was $103 million, Capital expenditures of $45 million remained above maintenance CapEx levels as construction of building time progresses, including the acceleration of a portion of the facility.

接下來來看看我們的資產負債表。第一季末，我們的現金和短期投資為 9.69 億美元，比第四季末增加了 3,500 萬美元。本季營運現金流為 1.03 億美元，資本支出為 4,500 萬美元，由於建築工期推進，包括部分設施的加速建設，資本支出仍高於維護性資本支出水準。

In the first quarter, our share repurchase program was not as active as in recent quarters. We repurchased 970 shares at an average price of $276 per share for a total cash outlay of $268,000. As of the end of the first quarter, $174 million remained available for repurchases.

第一季度，我們的股票回購計劃不如最近幾季活躍。我們以每股 276 美元的平均價格回購了 970 股股票，總現金支出為 268,000 美元。截至第一季末，仍有 1.74 億美元可用於股票回購。

Now turning to our Q2 guidance. We expect our strong business momentum to extend in the second quarter with multiple growth drivers across our business. We expect revenue to be up sequentially in all of major markets we serve, except automotive, we expect to be flat to slightly down. Most notably, we anticipate particularly strong growth in HPC as that program continues to ramp quickly.

現在來看看我們第二季的業績指引。我們預期強勁的業務成長動能將在第二季延續，公司各業務領域將有多個成長動力。我們預計我們所服務的所有主要市場的收入將環比增長，但汽車行業除外，我們預計汽車行業的收入將持平或略有下降。尤其值得注意的是，我們預計高效能運算領域將出現特別強勁的成長，因為該專案將繼續快速發展。

As a result, we anticipate second quarter revenue to be in the range of $1.05 billion to $1.1 billion, representing remarkable growth of 29% from a year ago at the midpoint. From a profitability standpoint, we expect to maintain operating leverage with revenue growth outpacing operating expenses this quarter. However, some of the gains may be partially offset by foreign exchange headwinds. Therefore, we anticipate earnings per diluted share to be between $3.15 and $3.30.

因此，我們預計第二季營收將在 10.5 億美元至 11 億美元之間，以去年同期中位數計算，成長幅度高達 29%。從獲利能力的角度來看，我們預計本季營收成長將超過營運支出，從而保持營運槓桿效應。然而，部分收益可能會被外匯逆風所抵消。因此，我們預計稀釋後每股收益將在 3.15 美元至 3.30 美元之間。

In summary, we are extremely excited about our robust start to fiscal year. We are optimistic that we can continue to build on this momentum in the second quarter as we benefit from multiple growth drivers across our business.

總而言之，我們對本財年的強勁開局感到非常興奮。我們樂觀地認為，在第二季度，我們可以繼續保持這一成長勢頭，因為我們將受益於公司業務的多個成長動力。

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

接線員，我們現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Congrats on the quarter, gentlemen. For my first question, what is embedded in your December quarter outlook for datacom? And as you address that, what are your assumptions on having access to necessary 200-gig per lane EML laser capacity to support that growth?

恭喜各位先生本季取得佳績。我的第一個問題是，您在12月季度數據通訊展望中包含了哪些內容？當您討論這個問題時，您對獲得必要的每通道 200G EML 雷射產能以支持這種增長有何假設？

Thank you, Karl. So we're not really going to comment on individual components or individual customers at this stage. I think what we would say is we're in the -- we're in the very early stages really of a generational transition to photonics that we've seen going on for some time. Fabrinet is really ideally positioned to continue to capitalize on this transition. We manage a lot of complexity for our customers.

謝謝你，卡爾。因此，現階段我們不打算對個別組件或個別客戶發表評論。我認為我們應該說的是，我們正處於——我們實際上正處於向光子學過渡的早期階段，而我們已經看到這種過渡已經持續了一段時間。Fabrinet 確實擁有得天獨厚的優勢，能夠繼續從這一轉型中獲益。我們為客戶處理了許多複雜的問題。

And as we've seen, growth doesn't always happen in a straight line. But for any company, I think the best predictor of future performance is past performance. And if you look at our -- over any time horizon, you care to look at our 10-year history, the revenue, we had compounded annual revenue growth of 16%, we compounded the earnings 21% over that same 10-year horizon.

正如我們所看到的，成長並非總是呈直線式發展。但我認為，對於任何一家公司而言，預測未來績效的最佳指標都是過去的表現。如果你縱觀我們的發展歷程——無論從哪個時間段來看，例如我們過去 10 年的歷史，你會發現，我們的收入年複合增長率為 16%，而在這 10 年裡，我們的收益年複合增長率達到了 21%。

Last year, revenue grew 19%. Last quarter, our revenue grew 22% and as Csaba said, at the midpoint of our guidance. For this quarter, we're projecting to grow 29%. So really, Karl, our objective is to make sure we have enough, if you like, earns in the fire and enough customer opportunities in front of us that we can continue to deliver that kind of outsized growth. We're quite excited about the this period that we find ourselves in the middle of. And we think we're readily positioned. And we're just going to continue to to continue to keep pushing ahead, winning those opportunities and executing on them. so we continue to grow in the future the way we have done so in the past.

去年，營收成長了19%。上個季度，我們的營收成長了 22%，正如 Csaba 所說，達到了我們預期目標的中點。本季度，我們預計將成長 29%。所以，卡爾，我們的目標是確保我們有足夠的資金和足夠的客戶機會，以便我們可以繼續實現這種超乎尋常的成長。我們對目前所處的這段時期感到非常興奮。我們認為我們已經做好了充分的準備。我們將繼續努力，抓住機會並加以利用，從而像過去一樣，在未來繼續發展壯大。

Yeah. Seamus, if I may address -- if I may ask 1 more. You you refer to your HPC program as your first HPC program in your prepared remarks. When you know this business will scale considerably, does that take into account any other customer engagements or discussions for other HPC programs with new or existing customers?

是的。西莫斯，如果我可以的話——如果我可以再問一個問題的話。你在準備好的發言稿中將你的高效能運算專案稱為你的第一個高效能運算專案。當你知道這項業務將會大幅擴展時，是否考慮到了與新舊客戶就其他高效能運算 (HPC) 專案開展的任何其他客戶合作或討論？

Yeah. I think HPC for us, we decided to break it out as a separate category for a couple of reasons, really. One is a practical one. It doesn't fit neatly into any of the other categories that we have. So it's not telecom. It's not datacom, it's data center, but it's not communication. So we decided to call it, not to break it out into its own category. And of course, the other reason we decided to was we're quite optimistic about this segment or category as an area for us to really expand and continue to grow. It's early days, but our initial foray into this category is going very well.

是的。我認為，對我們來說，高效能運算（HPC）之所以被單獨列為一個類別，主要有兩個原因。一個是實用性的。它無法簡單地歸類為我們現有的任何其他類別。所以它不是電信公司。它不是數據通信，而是數據中心，但它不是通信。所以我們決定就這麼稱呼它，而不是把它單獨歸類。當然，我們做出這個決定的另一個原因是，我們對這個細分市場或類別非常樂觀，認為這是一個我們可以真正擴張並繼續發展的領域。雖然現在還處於初期階段，但我們首次涉足這一領域進展非常順利。

It takes a little bit of time to get off the ground. These -- again, these are complex products. There's a qualification process that has to be gone through. We're working with our customer, making sure we have a very efficient, highly automated process in place. And that's going very well. The customer is very happy. The business is growing nicely. And we really just got the business kicked off last quarter.

起步需要一些時間。這些——再說一遍，這些都是複雜的產品。必須通過資格審查程序。我們正在與客戶合作，確保我們擁有一個非常有效率、高度自動化的流程。一切進展順利。顧客非常滿意。公司業務發展良好。我們上個季度才真正啟動了這項業務。

We got the qualification builds on and really just started to ship products towards the tail end of the quarter. And we'll continue to see that category grow for us nicely over the next while. There are certainly other opportunities that we're pursuing there in that area, but it's early days yet. But yes, we would be optimistic that at some point in the future, we would have more than 1 customer in that category, we would have multiple growth vectors like we have in all of the markets we serve. So yes, we think it's -- yes, it's the first customer, but we hope not the only one. There's others we're working on.

我們已經完成了資格認證版本，並在本季末才真正開始出貨。在接下來的這段時間裡，我們預計這一類別將繼續保持良好的成長動能。當然，我們也正在該地區尋求其他機會，但現在還處於早期階段。但是，我們樂觀地認為，在未來的某個時候，我們會在該類別中擁有不止一個客戶，我們會像在我們服務的所有市場中一樣，擁有多個增長點。所以，是的，我們認為──是的，這是第一位顧客，但我們希望不是唯一一位。我們還在其他項目上。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Seamus, if I can maybe start with a question on asking you to compare the ramps of the HPC customers vis-a-vis the new telecom customer that you were going to ramp on in this quarter. Our impression going into this quarter was that the HPC customer would ramp faster than the new telecom customer. But just looking at the results, it seems to have been like a lot more skewed towards the new telecom customer, but anything to share on that front, how those 2 ramps are going relative to your own expectations? And how much of a contribution are you getting getting from the new telecom customer that's ramping and how you're thinking about that ramp? And I have a follow-up.

Seamus，如果我可以先問你一個問題，請你比較一下 HPC 客戶的成長速度和你本季要拓展的新電信客戶的成長速度。本季初我們的印像是，高效能運算客戶的成長速度將比新的電信客戶更快。但從結果來看，似乎新電信用戶佔比更高，在這方面您有什麼想分享的嗎？這兩個成長動能與您的預期相比如何？您從不斷成長的新電信客戶中獲得了多少貢獻？您是如何看待這種成長的？我還有一個後續問題。

Yes. I think they're ramping differently. I would say they're very different products. If you look at the high-performance compute product, it's an existing product that's already up and running with very high demand. And we're one of a number of suppliers producing the product. So we're just getting going with that. The telecom, the new telecom program that you mentioned, that's a new product. So now they both end up growing at a certain trajectory, but the other one is a new product.

是的。我認為他們的增幅方式不同。我認為它們是截然不同的產品。如果你看一下高效能運算產品，它是一款已經上市並投入營運且需求量非常高的產品。我們是生產該產品的眾多供應商之一。所以我們才剛開始這項工作。您提到的電信新項目，那是一個新產品。所以現在它們都朝著某個方向發展，但另一個是新產品。

So the product has to grow in the market and then obviously, we'll grow as that product grows, as that product grows in the market. The HPC product, I think it gets off to a fairly slow -- reasonably slow start because it's quite a complex product, and there's a lot to be bedded down in terms of automation, et cetera. But we're pretty confident that we should see some very strong growth in that in the short to medium term. So they're both strong growth drivers for us.

所以產品必須在市場上發展壯大，然後很顯然，隨著產品在市場上的發展壯大，我們也會成長壯大。我認為高效能運算產品的發展速度相當緩慢——起步相當緩慢，因為它是一個相當複雜的產品，在自動化等方面還有很多需要完善的地方。但我們相當有信心，在中短期內，這方面將會出現非常強勁的成長。所以它們都是我們強勁的成長動力。

None of these products grow in a straight line and part of what we provide for our customers is the ability to manage a slow, steady growth. If it's a new product, maybe slightly more steep when we're maybe transferring from another supplier or as we've seen in the past, when you have completely outsized growth, we can also cope with that. So we take the good with the bad. None of these programs, like I said, none of them grow in a straight line. So we're just focused on making sure we execute in a very strong way for our customers, excellent delivery, excellent quality and at a very competitive cost. So that's our focus.

這些產品都不是直線成長的，我們為客戶提供的服務之一就是管理緩慢、穩定的成長。如果是新產品，例如我們從其他供應商轉而來，或者像我們過去看到的那樣，當出現超乎尋常的增長時，價格可能會稍微高一些，我們也能應對。所以我們接受好的一面，也接受壞的一面。正如我所說，這些項目都不是直線發展的。因此，我們專注於確保以強有力的方式為客戶提供服務，包括卓越的交付、卓越的品質和極具競爭力的價格。這就是我們的重點。

And If I may follow-up, you're guiding roughly to $100 million sort of give or take increase in revenue quarter-over-quarter, roughly ballpark. I want to sort of look at the -- your commentary, it seems like the vast majority comes from the HPC ramp. Is it possible to just rank order for us in terms of how should we think about the big drivers into that $100 million increase quarter-over-quarter?

如果我可以追問一下，您預計季度收入將比上一季增長約 1 億美元，這只是一個大概的範圍。我想稍微看一下——你的評論，似乎絕大多數都來自高效能運算的加速發展。能否幫我們按重要性對推動季度環比成長 1 億美元的主要因素進行排序？

Yes, I would say it's possible, but not advisable for us to do that. Obviously, we have a plan at the start of the quarter. We have a plan right now. We're at, call it, coming up on the midpoint of the quarter. So we have a fair idea of how we take the quarter will shake out. We have some -- we still have some very strong growth drivers. We have the HPC program that we talked about.

是的，我認為這是有可能的，但我們不建議這樣做。顯然，我們在本季初就制定了計劃。我們現在已經有了計劃。我們現在正處於，或者說，即將到達季度中點。所以我們對本季的走勢已經有了大致的了解。我們仍然有一些非常強勁的成長動力。我們有之前討論過的高效能運算專案。

We have the new telecom product that we're ramping. We have DCI generally, which is very strong for us. Datacom was also quite strong, stronger than we had thought going into the quarter. We did a little bit better than we thought we would do. And then there's a lot of other growth factors that were growth drivers that we're working very hard to secure and to win.

我們正在大力推廣新的電信產品。我們通常擁有DCI，這對我們來說非常有利。數據通訊業務也表現強勁，比我們本季初的預期還要好。我們做得比預想的要好一些。此外，還有許多其他成長因素，這些都是我們正在努力爭取和贏得的成長驅動力。

So lots of opportunities and it's really a case of -- there's certainly no shortage of demand right now. We're not in any way, demand constrained. It's a case of just executing and making sure we capture everything that's out there and deliver on it for our customers. So Yes. I think HPC will be a significant growth driver, but the others will as well. The DCI, the new programs in telecom and then other projects that we're working on in datacom as well. That will be the three main areas.

所以機會很多，目前的需求確實非常強勁。我們完全不受需求限制。關鍵在於執行，確保我們抓住所有機會，並為我們的客戶提供相應的服務。是的。我認為高效能運算（HPC）將成為重要的成長驅動力，但其他領域也會如此。DCI、電信領域的新項目，以及我們正在進行的數據通訊領域的其他項目。以上就是三個主要領域。

Mike Genovese, Rosenblatt Securities, Inc.

Mike Genovese，Rosenblatt Securities, Inc.

When you look at the telecom growth sequentially, about 15%, $60 million. Was it -- how many customers were really a significant driver of that sequential growth?

如果按季度來看電信業的成長，大約是 15%，即 6,000 萬美元。究竟有多少客戶真正推動了這種連續成長？

Well, there's a number of customers, Mike, behind that. I mean if you look at what's in our telecom, it's traditional telecom and also DCI, if you had to kind of break it into two broad areas. Both of which are growing nicely for us. So there's a good mix of customers. It didn't come from any 1 customer or any 1 product. It's a mix of DCI, traditional telecom and also some of the new wins that we've been working on. So it's fairly broad-based and nicely spread between customers.

嗯，麥克，這背後有很多顧客的支持。我的意思是，如果你看看我們電信領域的內容，它分為傳統電信和分散式通訊（DCI）兩大領域。它們在我們這裡都長得很好。所以顧客群構成很豐富。它並非來自任何一位顧客或任何一款產品。它融合了數位通訊基礎設施 (DCI)、傳統電信以及我們正在努力爭取的一些新項目。因此，它的基礎相當廣泛，並且在客戶群中分佈良好。

Great. And then on datacom, you mentioned other customers besides the main transceiver one. Could you talk both about the kind of datacom customers and products that are contributing to revenue now and as well as any upcoming projects that you hope to win, if there's anything likely, where -- what kind of customers and products should we be looking at?

偉大的。然後，關於數據通信，除了主收發器客戶之外，您還提到了其他客戶。您能否談談目前為公司帶來收入的數據通訊客戶和產品類型，以及您希望贏得的任何即將開展的項目（如果有的話），以及我們應該關注哪些類型的客戶和產品？

So there's really a few that we've talked about in the past, I guess, our biggest driver of datacom revenue is our big customer there in the datacom space. We continue to do very, very well with them. They're launching new products, and we're supplying those for them. But we're also working on several other opportunities in that space. So one is hyperscale direct where we would be supplying to hyperscalers with the product directly. That's not our design. It will be the hyperscalers designed.

所以，我們過去確實討論過一些，我想，我們數據通訊收入的最大驅動力是我們的數據通訊領域的大客戶。我們與他們合作一直都非常非常成功。他們正在推出新產品，而我們正在為他們供應這些產品。但我們也在該領域探索其他幾個機會。其中一種是超大規模直接供貨，即我們直接向超大規模資料中心供應產品。那不是我們的設計。這將是超大規模資料中心的設計方案。

So we're working on that. The other one would be some of the merchants transceiver manufacturers that we're also working on, where in some cases, you have to convince the customer to outsource and also to outsource the Fabrinet. So it's a double sell. But we're working on all of those. Nothing to announce yet at this stage. These things take time. I mean, typically, in our business, Mike, it can take from when you engage with a customer who has a real opportunity until you're shipping something, it's generally an 18-month kind of gestation period.

所以我們正在努力解決這個問題。另一個例子是我們正在合作的一些商家收發器製造商，在某些情況下，你必須說服客戶將生產外包，包括 Fabrinet 的生產外包。所以這是一筆雙重銷售。但我們正在努力解決所有這些問題。目前暫無任何消息可以公佈。這些事情都需要時間。我的意思是，麥克，通常在我們的行業裡，從你接觸到有真正商機的客戶到你發貨，通常需要一個 18 個月的孕育期。

So it does take time. It might look like these are quick wins and that everything is always up and to the right, but I can tell you there's an awful lot of work that goes on behind the scenes to win these opportunities. So several -- I would say, several irons in the fire on all of those fronts that I mentioned, but nothing specific to report at this stage. And we generally won't report until on particular customers until we get to the end of the fiscal year, and we talk about our 10% customers. Outside of that, we generally tend to steer clear of giving too much specifics on the individual customer opportunities we're pursuing.

所以這確實需要時間。看起來這些似乎是快速取得的勝利，一切都一帆風順，但我可以告訴你，為了贏得這些機會，幕後需要付出大量的努力。所以，可以說，在我提到的所有方面，都有好幾件事正在同時進行，但目前還沒有什麼具體的事情可以報告。通常情況下，我們不會等到財政年度結束才會公佈特定客戶的情況，我們只會談論佔比 10% 的客戶。除此之外，我們通常傾向於避免透露太多關於我們正在追求的個別客戶機會的具體細節。

All right. But just quickly on the revenue that you have now outside of the biggest customer, is that mostly the merchant type of stuff? Or is it something else?

好的。但簡單來說，除了最大的客戶之外，你們目前的收入主要來自商家嗎？還是另有隱情？

It's mostly merchants outside of the biggest customer, yes, it will be mostly merchant let's say, non-NVIDIA transceiver business and other datacom products that we're making.

除了最大的客戶之外，大部分都是商家，是的，大部分都是商家，比如說非NVIDIA收發器業務以及我們正在生產的其他資料通訊產品。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

I was just curious on the share repurchase. I noticed you didn't buy many shares back for this quarter. I'm curious if there was something to that? Is it just capital going into the manufacturing expansion or some other thing that's driving your decisions there?

我只是對股票回購感到好奇。我注意到你這季沒有回購很多股票。我很好奇這件事是否真的有幾分道理？是單純的資本投入製造業擴張中，還是有其他因素在驅動你們的決策？

And then separately, I would just love to drill down into the manufacturing Building 10 expansion a little bit more deeply. From memory, I think the expansion was several hundred thousand square feet. Can you just remind us kind of what the update there is? Is it as you envisioned 3 months ago? Or has there been any change to that?

另外，我還想更深入了解 10 號製造大樓的擴建情況。我記得擴建面積好像幾十萬平方英尺。你能大概提醒我們那邊有什麼更新嗎？是否與你三個月前的想像一致？或者說，情況有改變嗎？

I'll take the share purchase questions, George. So our buyback last quarter was driven by our 10b5 plan, which is, as you know, automated and depending on price tiers that we set up initially. And that plan is going in place for one year, so we haven't changed on that. With regards to overall capital allocation strategy. As you have pointed out, our main focus still remains in investing in our future growth. That obviously includes working capital as well as Building 10 capacity addition.

喬治，我來回答有關股票購買的問題。因此，我們上個季度的股票回購是由我們的 10b5 計劃驅動的，正如您所知，該計劃是自動化的，並且取決於我們最初設定的價格等級。該計劃將實施一年，所以我們在這方面沒有改變。關於整體資本配置策略。正如您所指出的，我們的主要重點仍然是投資於未來的成長。這顯然包括營運資金以及10號樓的擴建。

So we did have an outsized capital spend in last quarter, but that has nothing to do with the share repurchase activities. So again, repurchase was done by the 10b5 plan and we remain committed to return the surplus cash we generate to shareholders through 10b5 in an open market. We were not active in the open market. Nevertheless, we still have a 10b5 in place which we continue to.

所以，我們上個季度確實有一筆數額龐大的資本支出，但這與股票回購活動無關。所以，回購再次透過 10b5 計畫完成，我們仍然致力於透過 10b5 在公開市場上將我們產生的盈餘現金回饋給股東。我們沒有積極參與公開市場交易。儘管如此，我們仍然保留並繼續執行 10b5 條款。

And then just as a follow-on there. I'm sorry, did I hear you say you intend to change that going forward? Is that right?

然後，就順便提一下。抱歉，我沒聽錯吧，您說您打算以後改變這一點？是這樣嗎？

I think we're having trouble hearing you.

我們好像聽不清楚你說話。

Guys, can you hear me? Hello?

各位，你們聽得到我說話嗎？你好？

We can hear you. Can you hear me? I think we're having trouble hearing you.

我們能聽到你的聲音。你聽得到我嗎？我們好像聽不清楚你說話。

Yes. I can hear you.

是的。我能聽到你說話。

Could you repeat your answer (inaudible).

您能再說一次您的答案嗎？（聽不清楚）

I'm sorry, my line must have dropped. So sorry about it. So our share repurchase was driven by a 10b5 plan last quarter. We didn't participate in the open market last quarter. So were -- the repurchases were triggered through the 10b5 plan. Our capital allocation remains around -- our priority remains to invest in our future growth, so including working capital and CapEx investment.

抱歉，我的線路可能斷線了。對此我深感抱歉。因此，我們上季度的股票回購是由 10b5 計劃推動的。上個季度我們沒有參與公開市場交易。確實如此——回購是透過 10b5 計劃觸發的。我們的資本配置仍然圍繞著——我們的首要任務仍然是投資於未來的成長，包括營運資本和資本支出投資。

So our CapEx throughout the quarter was higher than our maintenance CapEx level driven by our 10b -- Building 10 which we are pulling in a portion of that building, which will be a 2 million square feet facility and should add in approximately about $2.4 billion revenue, give or take, for the future. And we are -- as communicated earlier, we are pulling a portion of that building in into our June quarter to have that space available.

因此，本季度我們的資本支出高於維護資本支出水平，這主要得益於我們的 10b 項目——10 號樓，我們正在收購該樓的一部分，這將是一個 200 萬平方英尺的設施，未來應該會增加約 24 億美元的收入（上下浮動）。正如之前所溝通的那樣，我們將把該建築的一部分納入我們六月的季度計劃，以便騰出空間。

Got it. So I assume that, that incremental space that you're expecting is the same as you were looking to do 3 months ago. I guess that's my question.

知道了。所以我假設，你所期望的增量空間與你 3 個月前想要實現的增量空間是一樣的。這就是我的問題。

That's correct.

沒錯。

Ryan Koontz, Needham & Company.

Ryan Koontz，Needham & Company。

I wanted to ask about DCI in particular. And obviously, that's getting boosted here, a shift from cloud to AI infrastructure, higher attach rates for ZR. And my question for you is, from your discussions with customers, there's this concept of the distributed cluster to the power requirements? And do you think that the distributed cluster due to power grids is already affecting your demand for ZR? Or do you think that's still?

我想特別詢問一下DCI的情況。顯然，這種情況正在推動，即從雲端基礎設施轉向人工智慧基礎設施的轉變，以及ZR更高的附加率。我的問題是，根據您與客戶的討論，分散式集群的概念與電力需求之間是否存在關聯？您認為由於電網的分散式叢集已經影響到您對 ZR 的需求嗎？或者你認為現在還是這樣嗎？

I'm not sure, Ryan. I think for us, we honestly don't spend too much time trying to figure out the reasons for the demand. When the demand is so strong. We generally focus most of our energy on just trying to fulfill it. But I think you may have a point as that need rolls out and continues to grow, I think it should drive the need for more DCI, more 400 ZR and 800 ZR. So -- but the exact reasons behind the strong growth, we don't spend too much time thinking about. We were too busy just trying to make sure we have everything in place and lined up to meet the demand.

我不確定，瑞恩。我認為對我們來說，我們其實並沒有花太多時間去弄清楚這種需求背後的原因。當需求如此強勁時。我們通常把大部分精力都集中在努力實現這個目標。但我認為你的觀點有一定道理，隨著這種需求的出現和持續增長，我認為這應該會推動對更多 DCI、更多 400 ZR 和 800 ZR 的需求。所以——但強勁成長背後的確切原因，我們並沒有花太多時間去思考。我們當時忙著確保一切就緒，以滿足需求。

Yeah, fair. Great. Great execution. And on the non-DCI telecom, I know you might have touched on it briefly earlier, but as you think about that growth, it was up several $10 million sequentially. Is that mostly share? Or do you have any new wins in the mix there for the non-DCI telecom?

嗯，有道理。偉大的。執行得非常出色。至於非DCI電信領域，我知道您可能已經簡要提及過，但考慮到該領域的成長，它環比增長了數千萬美元。那主要是股份嗎？或者，在非DCI電信領域，你們有什麼新的被斬獲嗎？

It's a little bit of both. So we've been continuing to chip away at our competitors and continuing to win business. It's primarily, I think ramping, we're ramping existing programs that we've won that are kind of becoming existing programs at this point, but it's mostly newer programs that are ramping, newer programs that we've won in recent times that we're ramping.

兩者兼而有之。因此，我們一直在不斷蠶食競爭對手的市場份額，並不斷贏得業務。我認為主要是在擴大規模，我們正在擴大我們已經贏得的現有項目，這些項目現在已經成為現有項目了，但主要是在擴大規模的新項目，也就是我們最近贏得的新項目。

(Operator Instructions)

（操作說明）

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北地資本市場。

And congrats on the results. And I think it was a couple of quarters ago, Seamus, where you made a reference to -- you talked about the 19% growth in fiscal '25. And made a reference to the potential for accelerating growth in '26 and didn't have you quite there, but pretty close. You're guiding to 25% growth in the first half of the year, that certainly would represent acceleration. Is that, in your mind, it looks like a reasonable baseline for the year, but I wonder if you have any thoughts on maintaining or even accelerating that growth rate.

恭喜你取得好成績。西莫斯，我想大概是幾個季度前，你提到過——你談到了 2025 財年 19% 的成長。他也提到了 2026 年成長加速的潛力，雖然沒能完全達到，但也非常接近了。你們預計上半年將成長25%，這無疑代表著成長加速。在你看來，這似乎是今年一個合理的基準線，但我很想知道你對保持甚至加快這一增長率有什麼想法。

Yes. I think as you rightly pointed out, yes, we had -- last year, we grew 19%, last quarter, 22% this quarter at the midpoint. As Travis mentioned, we're projected to grow 29%. We're just going to focus on executing, the demand is strong. I wouldn't want to put a number on what growth would be for the full year because we don't guide for a full year. We only guide one quarter at a time. But yes, certainly, we're quite optimistic about what's in front of us. We're -- it's an unusual time.

是的。正如您所指出的那樣，是的，我們去年增長了 19%，上個季度增長了 22%，本季中期增長了 22%。正如特拉維斯所提到的，我們預計將成長 29%。我們只需專注於執行，市場需求強勁。我不想對全年的成長做出具體數字預測，因為我們不做全年業績預測。我們每次只指導一個季度。是的，我們對未來的前景確實相當樂觀。我們現在所處的時期非常特殊。

Demand is very strong, and it looks to be robust, looks to be sustainable and it's across multiple product categories and customers. So our focus is on execution and hopefully delivering another quarter and hopefully, another year of outsized growth. It's an exciting time. We're very positive about the trends we're seeing because as fast as we can build the products, the customers need them. The demand is very strong across all the segments that we -- all the sectors that we service. So we hope it continues on for a long time.

需求非常強勁，而且看起來十分穩健，具有永續性，並涵蓋多個產品類別和客戶群。因此，我們的重點是執行，希望能夠再實現一個季度乃至未來一年的超高速成長。這是一個令人興奮的時刻。我們對目前的趨勢非常樂觀，因為我們生產產品的速度越快，客戶需要產品的速度就越快。在我們服務的所有細分市場中——所有行業——的需求都非常強勁。所以我們希望它能一直持續下去。

Great. And I want to take another crack at this kind of the composition of the sequential guide. I think you did in your prepared comments, you mentioned DCI, datacom and HPC. I don't know if there was any rhyme or reason to that ordering, but should that be in -- could that be interpreted as kind of the relative demand drivers maybe on an absolute dollar basis? Or is that the (inaudible).

偉大的。我想再試一次這種順序指南的編排方式。我認為你在準備好的發言稿中提到了DCI、資料通訊和高效能運算。我不知道這樣的排序是否有道理，但這是否可以解釋為以絕對美元為基礎的相對需求驅動因素？或者那是…（聽不清楚）

Yeah. Datacom DCI, HPC is just alphabetical, Tim. I'm joking. There's no particular order to that. I wouldn't read too much into that. It's just -- it's probably more likely that sequentially, as we take through the numbers, we kind of tend to focus on telecom first because that's where the -- if you like, the origin of the company, then datacom has become a much bigger part of our revenue and then HPC is more recent.

是的。資料通訊 DCI、HPC 只是按字母順序排列的，Tim。我是在開玩笑。這其中沒有特定的順序。我不會對此過度解讀。只是——更有可能的是，當我們按順序分析這些數字時，我們往往會首先關注電信，因為那是——如果你願意的話，公司起源的地方，然後數據通信已經成為我們收入中更大的一部分，而高效能運算則是最近才出現的。

So it's probably more to do with -- it's the sequence in which each of the categories has grown, frankly. But all three of those look to be very strong. DCI is just -- it's been a fantastic set of products for us and customers. Of course, datacom is great for everybody and then HPC. So I wouldn't read too much into the ordering of those two.

所以，坦白說，這可能更與各個類別的發展順序有關。但這三者看起來都非常強勁。DCI的產品系列對我們和客戶來說都非常棒。當然，數據通訊對每個人都有好處，對高效能運算也是如此。所以，我不會對這兩個字的順序做太多解讀。

Fair enough. And last one for me. I know you commented on it, but I guess you mentioned some of the component shortages are still there. Can you say whether that's improving at all or looks to be? And is that part of your maybe fairly strong guidance for datacom in December?

很公平。這是我最後一個問題。我知道你對此發表過評論，但我想你也提到一些零件短缺的問題仍然存在。你能說說情況是否有改善，或是看起來是否有改善嗎？這是否包含在您12月份對數據通訊市場可能做出的較為強有力的預測中？

Yeah. I mean I think these issues always have a way of resolving themselves or getting resolved. If there are times when you look out to the future and if you're kind of hosed in terms of component supply. But you have to make certain assumptions and certain actions. And generally, our customers and our own team working with the supply base generally do a very, very good job of making sure we get what we need. In the end, even if in the beginning, it doesn't look like we're going to get what we need. So I think it is improving. There are certain component categories that are just in extremely tight supply.

是的。我的意思是，我認為這些問題總會有辦法自行解決或解決。有時當你展望未來，而你的零件供應又遇到困難時。但你必須做出某些假設並採取某些行動。總的來說，我們的客戶和我們自己的團隊與供應商合作，通常都能很好地確保我們得到所需的東西。最終，即使在一開始，我們似乎看起來也無法得到我們想要的東西。所以我認為情況正在好轉。某些零件的供應極度緊張。

But fortunately, we have some pretty blue-chip type customers who tend to get their share and sometimes their unfair share of the available components. So it's not something we're overly concerned about and we do think it will right itself as the component supply -- component suppliers ramp up additional capacity. It does take time to add capacity, especially for these complex components. But -- so I think it will improve, Tim, but there's probably another quarter or 2 of tight supply. But in the end, I think we get what we need.

但幸運的是，我們有一些非常優質的藍籌客戶，他們往往能得到他們應得的份額，有時甚至是他們不應得的份額。所以我們並不太擔心，我們認為隨著零件供應——零件供應商提高產能，這種情況會自行改善。增加產能確實需要時間，特別是對於這些複雜的零件而言。但是——所以我認為情況會好轉，蒂姆，但可能會持續一到兩個季度的供應緊張。但最終，我認為我們會得到我們想要的。

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

謝謝。現在我謹將會議交還給西莫斯·格雷迪，請他作閉幕致詞。

Thank you for joining our call today. We are excited by our first quarter performance with record results that exceeded our guidance ranges. We're also optimistic that we can deliver an even stronger second quarter with multiple growth drivers as our -- with multiple growth drivers as we continue to expand our market leadership. We look forward to speaking with you in the future and to see those of you who will be attending the JPMorgan Tech Conference in Asia and the Needham Conference in November as well as the Barclays and Northland conferences in December. Goodbye.

感謝您今天參加我們的電話會議。我們第一季的業績令人振奮，創下歷史新高，超出預期範圍。我們也樂觀地認為，隨著我們不斷擴大市場領導地位，在多個成長動力的推動下，我們能夠實現更強勁的第二季業績。我們期待未來與您交流，也期待見到各位參加 11 月在亞洲舉行的摩根大通科技大會和 Needham 大會，以及 12 月的巴克萊銀行和 Northland 大會。再見。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。祝大家今天過得愉快。