Fabrinet (FN) 2026 Q2 法說會逐字稿

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

午安.歡迎參加 Fabrinet 2026 財年第二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. Please go ahead.

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。請繼續。

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

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 財年第二季（截至 2025 年 12 月 26 日）的財務和營運業績。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.

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。

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 information or future events, except as required by law. For a description of the risk factors that may affect our results, please refer to our recent SEC filings, in particular, the section captioned Risk Factors in our Form 10-Q filed on November 4, 2025.

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講之日的觀點，除法律要求外，我們不承擔根據資訊或未來事件修改這些聲明的義務。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 11 月 4 日提交的 10-Q 表格中標題為「風險因素」的部分。

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

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 excellent second quarter. Revenue and earnings significantly exceeded our guidance ranges with multiple large key strategic programs across our business, all contributing to our strong performance.

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。我們第二季業績非常出色。營收和利潤大幅超出預期，這得益於我們業務中多個大型關鍵策略專案的實施，所有這些都為我們強勁的業績做出了貢獻。

Second-quarter revenue was $1.13 billion, a new record for the company, which represented growth of 36% from a year ago, and is the fastest year-over-year growth we've achieved since our IPO over 15 years ago. Our remarkable top-line performance also represents 16% growth from the prior quarter. Non-GAAP EPS also set a new record at $3.36 per share, exceeding our guidance range despite stronger FX headwinds in the quarter.

第二季營收為 11.3 億美元，創公司新紀錄，比去年同期成長 36%，也是自 15 年前上市以來我們最快的年成長率。我們卓越的營收表現也比上一季成長了 16%。非GAAP每股收益也創下新紀錄，達到每股3.36美元，儘管本季匯率波動不利因素加劇，但仍超過了我們的預期範圍。

Looking at our performance in greater detail. Optical Communications revenue grew 29% from a year ago and 11% from the prior quarter. Telecom revenue reached a new record, increasing 59% from last year and 17% from Q1. Within Telecom, DCI revenue grew 42% from a year ago and 3% from Q1 as strong longer-term growth trends remain firmly intact. Datacom revenue grew 2% sequentially, while the year-over-year decline narrowed to 7% as demand continues to strengthen.

更詳細地分析一下我們的表現。光通訊業務營收年增 29%，季增 11%。電信收入創下新紀錄，比去年同期成長 59%，比第一季成長 17%。在電信領域，DCI 的營收比去年同期成長了 42%，比第一季成長了 3%，強勁的長期成長趨勢仍然穩固。數據通訊收入季增 2%，年減幅收窄至 7%，因為需求持續走強。

In Non-Optical Communications, we delivered a very strong performance, with revenue surging 61% from a year ago and up 30% from last quarter as High-Performance Computing revenue soared to $86 million in the quarter. We expect this strong sequential growth to continue in the near term, particularly as our second and third fully automated production lines get qualified.

在非光通訊領域，我們取得了非常強勁的業績，營收比去年同期成長了 61%，比上一季成長了 30%，其中高效能運算收入在本季飆升至 8,600 萬美元。我們預計這種強勁的環比成長勢頭將在短期內持續，尤其是在我們的第二條和第三條全自動生產線獲得認證之後。

Automotive revenue grew 12% from a year ago, but was down slightly from Q1 as anticipated. While Industrial Laser revenue demonstrated respectable growth of 10% and from a year ago and 4% from last quarter. We are confident that the same growth drivers that contributed to our success in Q2 will extend into Q3. This includes growth in all major areas of our business, with the positive exception of Automotive.

汽車產業營收年增 12%，但如預期，較第一季略有下降。工業雷射業務收入實現了可觀的成長，年成長 10%，較上一季成長 4%。我們相信，推動我們在第二季取得成功的相同成長動力將延續到第三季。這包括我們業務所有主要領域的成長，但汽車產業除外，該產業呈現積極的成長態勢。

We are experiencing sustained telecom demand, including strong DCI module growth, ongoing datacom momentum and continued growth in HPC as our business ramps. In addition, we continue to aggressively pursue new opportunities across all areas of our business. As our business scales, we remain focused on execution as well as strategic capacity expansion.

隨著我們業務的不斷發展，電信需求持續成長，包括DCI模組的強勁成長、數據通訊的持續發展勢頭以及HPC的持續成長。此外，我們將繼續在公司所有業務領域積極尋求新的機會。隨著業務規模的擴大，我們將繼續專注於執行以及策略產能擴張。

Construction of Building 10, which will be a 2 million square foot facility is still on track for completion at the end of calendar 2026. We are making progress on completing about 250,000 square feet of that by the middle of the calendar year.

佔地 200 萬平方英尺的 10 號樓的建設仍按計劃進行，預計將於 2026 年底竣工。我們正努力爭取在年中之前完成其中約 25 萬平方英尺的工程。

At the same time, we are creating additional manufacturing space at our Pinehurst campus, by converting office space into manufacturing space and relocating those offices into a new building on that campus. With this capacity expansion, we are well prepared to continue supporting our anticipated growth in 2026 and beyond.

同時，我們正在派恩赫斯特園區增設生產空間，將辦公空間改造成生產空間，並將這些辦公室搬遷到園區內的新大樓。隨著產能的擴大，我們已做好充分準備，繼續支持我們在 2026 年及以後的預期成長。

In summary, we delivered an impressive second-quarter performance with numerous significant customer programs contributing to our outstanding results. We are well positioned to extend our track record of profitable growth and to meet the increasing level of demand we are experiencing in the third quarter and beyond.

總而言之，我們第二季業績表現出色，許多重要的客戶專案為我們取得了優異的成績。我們已做好充分準備，延續獲利成長的良好勢頭，並滿足第三季及以後不斷增長的需求。

I'll now turn the call over to Csaba for more financial details on our second-quarter results and our outlook for the third quarter. Csaba?

現在我將把電話交給 Csaba，請他詳細介紹我們第二季的財務表現以及我們對第三季的展望。喬巴？

Thank you, Seamus, and good afternoon, everyone. We are extremely pleased with our performance in the second quarter of fiscal year 2026. Revenue exceeded our guidance range, reaching a record $1.13 billion, up 36% from a year ago and 16% from Q1. Strong execution produced non-GAAP EPS that also exceeded our guidance range at $3.36, which includes the negative impact of a $3 million or $0.09 per share, FX revaluation loss. .

謝謝你，西莫斯，大家下午好。我們對2026財年第二季的業績非常滿意。營收超出預期範圍，達到創紀錄的 11.3 億美元，比去年同期成長 36%，比第一季成長 16%。強勁的執行力使得非GAAP每股收益也超過了我們的預期範圍，達到3.36美元，其中包括300萬美元或每股0.09美元的外匯重估損失的負面影響。。

Turning to revenue performance by market in the second quarter. Optical Communications revenue was $833 million, up a strong 29% from a year ago and 11% from Q1. Within Optical Communications, Telecom revenue grew to a record $554 million, surging 59% from a year ago and 17% from Q1. Within Telecom revenue from Data Center Interconnect, or DCI modules, was $142 million.

接下來分析第二季各市場的營收表現。光通訊收入為 8.33 億美元，比去年同期成長了 29%，比第一季度成長了 11%。在光通訊領域，電信收入成長至創紀錄的 5.54 億美元，比去年同期成長 59%，比第一季成長 17%。電信業務中，資料中心互連（DCI）模組的收入為 1.42 億美元。

DCI module revenue delivered another strong year-over-year performance, increasing 42% and grew 3% from the first quarter. Datacom revenue was $278 million, while revenue declined 7% year over year, it increased 2% sequentially and trends appear favorable for continued sequential growth.

DCI模組營收再次實現了強勁的年成長，成長了42%，比第一季成長了3%。數據通訊收入為 2.78 億美元，雖然同比下降了 7%，但環比增長了 2%，目前的趨勢似乎有利於繼續環比增長。

Turning to Non-Optical Communications. Revenue in this category was $300 million, up a sharp 61% from a year ago and 30% from Q1. This exceptional growth was primarily driven by high-performance computing products, which contributed $86 million to revenue in the quarter compared with $15 million in Q1, the first quarter in which we broke out this category. We are confident that our first HPC program will continue to grow rapidly and is on track to be fully ramped over the next two quarters.

轉向非光通信。該類別營收為 3 億美元，比去年同期大幅成長 61%，比第一季成長 30%。這一非凡的成長主要由高效能運算產品推動，該產品在本季度貢獻了 8,600 萬美元的收入，而第一季（我們首次單獨列出該類別）的收入為 1,500 萬美元。我們有信心，我們的第一個高效能運算專案將繼續快速成長，並有望在未來兩個季度內全面投入營運。

Automotive revenue of $117 million was up 12% from a year ago, but was slightly down sequentially as anticipated.

汽車業務收入為 1.17 億美元，比去年同期增長 12%，但正如預期的那樣，環比略有下降。

Industrial Laser revenue grew 10% year over year and increased 4% sequentially, contributing $41 million to the Non-Optical Communications category. 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.

工業雷射業務收入年增 10%，季增 4%，為非光通訊類別貢獻了 4,100 萬美元。正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都將以非GAAP準則列示。

Gross margin in the second quarter was 12.4%, a 10-basis-point improvement from Q1 and consistent with a year ago despite foreign exchange headwinds. At the same time, a modest increase in operating expenses, combined with strong top-line growth, continued to drive operating leverage. Operating margin reached 10.9% in second quarter, up 30 basis points from both Q1 and a year ago.

第二季毛利率為 12.4%，比第一季提高了 10 個基點，與去年同期持平，儘管受到外匯不利因素的影響。同時，營運費用的小幅成長，加上強勁的營收成長，持續推動營運槓桿效應。第二季營業利益率達 10.9%，比第一季和去年同期均成長 30 個基點。

Interest income was $9 million, and was partially offset by a $3 million foreign exchange revaluation loss. The effective GAAP tax rate for the quarter was 5.9%. As a result, net income was $122 million, or $3.36 per diluted share.

利息收入為 900 萬美元，但部分被 300 萬美元的外匯重估損失所抵銷。本季實際GAAP稅率為5.9%。因此，淨收入為 1.22 億美元，即每股攤薄收益 3.36 美元。

Turning to our balance sheet. We ended the second quarter with cash and short-term investments of $961 million, down $7 million from the end of Q1. Operating cash flow for the quarter was $46 million. Capital expenditures of $52 million continued to run above maintenance CapEx levels, reflecting construction of Building 10 and capacity enhancements at our Pinehurst campus. As a result, free cash flow was an outflow of $5 million for the quarter.

接下來來看看我們的資產負債表。第二季末，我們的現金和短期投資為 9.61 億美元，比第一季末減少了 700 萬美元。本季經營活動產生的現金流為 4,600 萬美元。資本支出 5,200 萬美元繼續高於維護性資本支出水平，反映了 10 號樓的建設以及我們在 Pinehurst 校區的容量提升。因此，本季自由現金流為500萬美元的流出。

Turning to our share repurchase program. During the second quarter, we repurchased just over 12,000 shares at an average price of $387 per share for a total cash outlay of $5 million. At the end of the second quarter, $169 million remained available under the program.

接下來談談我們的股票回購計畫。第二季度，我們以每股 387 美元的平均價格回購了 12,000 多股股票，總現金支出為 500 萬美元。第二季末，該計劃下仍有 1.69 億美元可用資金。

Turning to our Q3 guidance. We are confident that the very strong growth trends we have been seeing across our business will continue in the third quarter. We expect revenue to grow sequentially in Telecom, Datacom, and HPC, while anticipating another modest sequential decline in Automotive revenue. We expect total revenue to be in the range of $1.15 billion and $1.2 billion, representing approximately 35% year-over-year growth at the midpoint.

接下來談談我們第三季的業績指引。我們有信心，公司各業務部門目前所看到的強勁成長趨勢將在第三季持續維持。我們預計電信、數據通訊和高效能運算領域的收入將環比成長，同時預計汽車領域的收入將再次小幅環比下降。我們預計總收入將在 11.5 億美元至 12 億美元之間，以中間值計算，年成長約 35%。

While we anticipate that FX headwinds will persist in Q3, we expect to offset of that pressure through continued strong operating leverage. As a result, we expect non-GAAP EPS to be in the range of $3.45 to $3.60, representing approximately 40% year-over-year growth at the midpoint.

儘管我們預計第三季外匯市場將持續面臨不利因素，但我們期望透過持續強勁的營運槓桿作用來抵消這種壓力。因此，我們預計非GAAP每股收益將在3.45美元至3.60美元之間，其中數值表示年增約40%。

In summary, we delivered an excellent second quarter with strong momentum across multiple areas of our business, we are well positioned to extend our track record of success into the third quarter.

總而言之，我們第二季業績出色，業務多個領域均呈現強勁成長勢頭，我們已做好充分準備，將成功勢頭延續到第三季。

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）

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Maybe, Seamus, starting with you. You had a pretty strong ramp with the HPC customer, but maybe if you can sort of share your thoughts in terms of where you are with the ramp with that customer. Particularly, I think you talked about a second and third production line, I mean what does the fully ramped volume look like relative to the $80 million-plus sort of level you did this quarter?

或許，西莫斯，就從你開始吧。你們在 HPC 客戶方面取得了相當不錯的進展，但或許你們可以分享一下目前與該客戶的合作進展。特別是，我想您提到了第二條和第三條生產線，我的意思是，全面投產後的產量與本季度超過 8000 萬美元的產量相比如何？

Are you sort of halfway relative to the full ramp? Or are you sort of only one-third in because you are adding two more production lines? If you can just share your thoughts in terms of what the full ramp looks like? And when do you expect that full ramp? And I have a follow-up.

你現在是不是已經走到坡道中間的位置了？或者說，因為你們還要增加兩條生產線，所以目前只完成了三分之一？能不能分享一下你對完整坡道的想像？你預計何時能全面恢復正常？我還有一個後續問題。

Samik, thank you. Yes, we're in about halfway, I would say, to be a little bit more than halfway. We expect the revenue from our current HPC program to be north of about $150 million when it's fully ramped. We're currently running on 2 fully automated production lines. We had one line. We got a second production line qualified, and we're in the process of qualifying additional lines. Once we're able to achieve that and get the lines around, we'll be well be on our way to that run rate, again, which we expect to achieve over the next couple of quarters.

薩米克，謝謝你。是的，我覺得我們已經完成了一半左右，或者說，應該說已經完成了一半以上。我們預計，目前高效能運算專案全面投產後，營收將超過 1.5 億美元。我們目前運行著兩條全自動生產線。我們只有一條線。我們的第二條生產線已經通過認證，目前正在對其他生產線進行認證。一旦我們能夠做到這一點，並且把線路調整好，我們就能再次朝著那個勝率邁進，我們預計在接下來的幾個季度內就能實現這個目標。

After that, we believe there's a couple of growth at for us in HPC, given our one-stop shop kind of value proposition and competitive cost structure, we're pursuing other HPC customers, of course, as our relationship with AWS is not exclusive. The time lines for these is -- can be fairly long.

之後，我們相信我們在高效能運算領域還有一些成長空間，鑑於我們的一站式價值主張和具有競爭力的成本結構，我們當然也在尋求其他高效能運算客戶，因為我們與 AWS 的關係並非排他性的。這些事情的進度可能會相當長。

Meanwhile, if we can exceed our main -- our initial customer, if we can exceed their expectations for cost, quality and deliveries, we may be able to earn a larger piece of our current program because we're currently a second source in that program. So no matter how you look at it, we're very excited to see our High-Performance Computing business, rapidly becoming a meaningful revenue and growth driver.

同時，如果我們能夠超越我們的主要客戶——我們的初始客戶——在成本、品質和交付方面的期望，我們或許能夠在我們目前的專案中贏得更大的份額，因為我們目前是該專案的第二供應商。所以無論從哪個角度來看，我們都非常高興地看到我們的高效能運算業務正迅速成為重要的收入和成長驅動力。

Got it. Okay. And then maybe I wanted to ask you on a couple of opportunities as well. I mean, one of your big customers is now closer to commercializing CPO in more large volume. So any more clarity that you have on that front as to what your role in co-packaged optics is going to be and what maybe the content opportunity on that front is going to be?

知道了。好的。然後，或許我還想就幾個機會向您請教。我的意思是，你們的一位大客戶現在離大規模商業化生產棕櫚油更近了一步。那麼，您在聯合包裝光學產品領域的角色以及該領域可能存在的內容機會方面，是否有更清晰的認識？

And there's a lot of excitement in the optical space around OCS products as well, optical circuit switches. Do you see that as an incremental opportunity, any customer engagement on that front as well?

在光通訊領域，OCS產品（光路開關）也引起了廣泛關注。您是否認為這是一個潛在的成長機會？您是否也希望在這方面與客戶互動？

No problem. Yes. So we -- for us, co-packaged optics, it's really an evolution from silicon photonics and the precision photonics packaging capabilities we've developed over many years. We have and will continue to invest heavily and working closely with our customers to align our capabilities with their road maps.

沒問題。是的。所以對我們而言，共封裝光學元件實際上是矽光子學和我們多年來開發的精密光子封裝能力的演變。我們過去一直並將繼續投入大量資金，並與客戶緊密合作，使我們的能力與他們的發展規劃保持一致。

For many years, co-packaged optics has been just on the horizon. But for now -- right now, it's much more real than it's ever been, and we are in an excellent position to benefit from that. We believe we're far ahead of most of our competitors in the space in making this technology a reality. And we're already seeing some CPO revenue, although the amounts are relatively small right now.

多年來，共封裝光學元件一直處於發展初期。但就目前而言——現在，它比以往任何時候都更加真實，我們正處於一個極好的位置，可以從中受益。我們相信，在將這項技術變為現實方面，我們遠遠領先於該領域的大多數競爭對手。我們已經看到了一些 CPO 收入，儘管目前金額相對較小。

We're working on co-packaged optics programs with three different customers. It's not just one customer, so like it's actually three different customers. And the specific timings on when the revenue would become more material depends on our customers' road maps and schedules, but we're very excited about CPO.

我們正在與三家不同的客戶合作進行聯合包裝光學產品專案。不只是一個顧客，實際上是三個不同的顧客。收入何時才能變得更加可觀，取決於我們客戶的路線圖和時間表，但我們對 CPO 感到非常興奮。

Again, we don't really want to speak on our customers' behalf, but rest assured, we're quite excited that we have several products that we're working on our projects with our customers. As with other customers, we'd expect to see the impact in line with or slightly ahead of our customers' production schedule.

再次聲明，我們不想代表客戶發言，但請放心，我們非常高興能夠與客戶合作，共同開發多個產品項目。與其他客戶一樣，我們預計影響將與客戶的生產計劃保持一致或略微提前。

On optical circuit switching, we are engaged on a number of fronts. And again, it's a product -- it's a completely new product category. We're quite excited about it. And I'm looking forward, nothing to announce. But really will depend on our customers' ramp schedules, but we are working on a couple of projects on -- in that space. And we are quite excited about OCS as a technology. We think it has a significant role to play in the future.

在光路交換領域，我們正從多個方面進行研究。而且，這是一款產品──一個全新的產品類別。我們對此感到非常興奮。我很期待，沒什麼要宣布的。但實際上這取決於我們客戶的產能爬坡計劃，不過我們正在該領域開展幾個項目。我們對OCS這項技術感到非常興奮。我們認為它在未來將發揮重要作用。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Two questions for me, please. First off, do you remain supply-constrained on Datacom transceivers because I would have thought that you might be maybe improving Datacom mix as lager capacity comes online.

請容許我問兩個問題。首先，你們的數據通訊收發器供應是否仍然受限？因為我原本以為隨著更大容量的上線，你們的數據通訊產品組合可能會有所改善。

I guess as you address that question, could you speak to the growth opportunities you see within that segment across hyperscale and across merchant transceivers OEMs. Any of that would be helpful. And then I've a follow-up, please.

我想，在您回答這個問題時，能否談談您認為超大規模和商用收發器 OEM 領域在該細分市場中的成長機會？這些都會有所幫助。我還有一個後續問題。

Thanks, Karl. So yes, we have been, as you say, supply constrained in our Datacom, particularly on the leading-edge products, the 200 gigawatts per lane both 800 gig and 1.6. Demand continues to strip supply, and we continue to ship significant volumes to our main customer, but of course, we could ship more if we had more components.

謝謝你，卡爾。是的，正如您所說，我們的數據通訊產品一直受到供應限制，尤其是在尖端產品方面，例如每通道 200 吉瓦、800 吉瓦和 1.6 吉瓦的產品。需求持續旺盛，供應不足，我們仍在向主要客戶大量發貨，但當然，如果我們有更多的組件，我們可以發貨更多。

We did get approval for a second source for the EML for the laser, which has been the main cause of the supply constraints. So we were able to get a second source. Our customer was able to approve a second source for the laser during the quarter. And that should benefit us this quarter and in future quarters. So we are making good progress there. We've always felt that, that supply constraint will resolve itself and we're starting to see that resolute come through now.

我們確實獲得了雷射 EML 的第二個供應商的批准，而這正是造成供應限制的主要原因。所以我們找到了第二個貨源。本季度，我們的客戶批准了第二個雷射供應商。這將使我們在本季度以及未來的幾個季度受益。我們在這方面取得了良好進展。我們一直認為，供應限制問題終將解決，現在我們開始看到這種決心正在反映出來。

The mix between 800 gigawatts and 1.6 at that 200 gigawatts per lane, it's really not that relevant to us. We don't mind which the customer orders. We're happy to ship what they need from. So again, good progress, and we're making good progress there.

800 吉瓦和 1.6 吉瓦（每車道 200 吉瓦）的組合對我們來說真的不太重要。我們不在乎顧客點什麼。我們很樂意為他們發貨。所以，再次強調，進展順利，我們在這方面取得了良好進展。

As regards to other potential growth drivers in the Datacom space. Again, we have several projects that we're working on, both with hyperscale direct and with other potential product companies who need our services. So several projects that we're working on. Again, nothing to announce yet, but several that we're working on, again, both hyperscale direct and other, let's say, merchant transceiver manufacturers.

至於數據通訊領域其他潛在的成長驅動因素。同樣，我們目前正在進行幾個項目，既有與超大規模企業的直接合作，也有與其他需要我們服務的潛在產品公司的合作。所以，我們正在進行幾個專案。目前還沒有什麼可以宣布的，但是我們正在努力開發幾個項目，包括超大規模直接銷售項目和其他項目，例如商用收發器製造商項目。

Got it. Very helpful. Perhaps if I can talk about Telecom (inaudible), $80 million sequential increase. Was that evenly split between SATCOM and the core telecom or optical module system business? Just trying to get a relative mix of the SATCOM business there. And then as you address that, do you believe that your SATCOM business opportunity can be similar to your High-Performance Computing opportunity over time?

知道了。很有幫助。或許我可以談談電信（聽不清楚），季增 8,000 萬美元。衛星通訊業務和核心電信或光模組系統業務是否平分秋色？只是想讓衛星通訊業務在那裡得到相對均衡的佈局。那麼，當您探討這個問題時，您是否認為隨著時間的推移，您的衛星通訊業務機會可以與您的高效能運算業務機會類似？

Yes. I mean, as you call it the satellite communications business has been growing steadily for us. It's been a meaningful contributor for a while. We haven't really broken it out separately. A lot of the growth in the quarter was more focused on the DCI, I think.

是的。我的意思是，正如你所說的，我們的衛星通訊業務一直在穩步成長。它長期以來一直發揮著重要的作用。我們還沒有真正把它單獨列出來。我認為，本季的大部分成長都集中在DCI。

DCI has been very strong for us. We have a number of customers there and really mostly 400ZR and 800ZR modules, that business has been growing very nicely for us. So again, we're very optimistic, I would say, about telecom generally, both from a satellite communications point of view and the DCI point of view. And also complete network systems. Our network system business continues to grow as well. So really solid growth, I think, on all fronts in our Telecom business.

DCI 對我們來說一直都非常強大。我們在那裡有很多客戶，而且主要銷售 400ZR 和 800ZR 模組，這項業務對我們來說發展得非常好。所以，總的來說，我們對電信業非常樂觀，無論是從衛星通訊的角度來看，還是從資料中心通訊的角度來看。以及完整的網路系統。我們的網路系統業務也在持續成長。我認為，我們在電信業務的各個方面都實現了非常穩健的成長。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

I guess the first one is around CPO switches as opposed to scale up. Are you hearing about increased desire for CPO switches? Is this perhaps upsiding your capacity plans? And just generally, your outlook for CPO switches versus the typical transceiver set up, how do you think this might move over time?

我猜第一個問題是關於 CPO 交換器而不是擴展。你聽過市場對CPO交換器的需求不斷成長嗎？這或許會影響你們的產能規劃？總的來說，您如何看待 CPO 交換器與典型收發器設定之間的關係？您認為隨著時間的推移，這種關係會如何發展？

Yes. I mean, we're involved in the CPO, let's say, supply chain. We're in the ecosystem there. We haven't actually talked about exactly what we are doing, but certainly CPO switches and a number of the products that our customers are working on are very exciting for us.

是的。我的意思是，我們參與了CPO，比如說供應鏈。我們身處其中的生態系中。我們還沒有具體討論我們正在做的事情，但可以肯定的是，CPO 交換器以及我們的客戶正在開發的一些產品讓我們感到非常興奮。

We haven't really -- like I said, we haven't really talked about the switch -- the CPO switch opportunities in detail. But yes, certainly something we're excited about. But I really wouldn't want to go much deeper than that at this point, Christopher.

就像我說的，我們還沒有真正詳細地討論過首席採購官 (CPO) 的轉換機會。是的，這當然是我們非常興奮的事情。但克里斯多福，我現在真的不想再深入探討這個問題了。

Understood. Perhaps as a follow-up, DCI seemed a little bit disappointing versus at least our model. And then non-DCI under Telecom had some upside. You could perhaps address the -- at least the DCI portion? What's going on there? Is that also laser and supply based? Or is there -- is that a pure demand dynamic?

明白了。或許作為後續研究，DCI 與我們的模型相比似乎有點令人失望。然後，電信業的非DCI業務還有一些上漲空間。或許您可以處理一下──至少是DCI部分？那裡發生了什麼事？那也是基於雷射和耗材的嗎？或者，這只是需求動態變化嗎？

No, it's -- the demand remains very strong. We continue to see great momentum in our DCI module business. We grew 59% year over year. And we have all of the market-leading customers in the space. And we do believe the long-term demand is durable and as we work with the customers on the next-generation 800ZR products, which are yet to ramp.

不，需求依然非常強勁。我們的DCI模組業務持續保持強勁成長動能。我們年增了59%。我們擁有該領域所有市場領先的客戶。我們相信長期需求是持久的，我們正在與客戶合作開發下一代 800ZR 產品，這些產品尚未量產。

Like any leading -- edge-leading technology products, there's always going to be constraints here and there. So with new products and leading technology products, it's not always straightforward. All the components have to line up, the designs have to work, everything has to go perfectly. But the demand remains very strong.

就像任何領先的尖端技術產品一樣，總是會存在一些限制。因此，對於新產品和領先技術產品而言，情況並非總是那麼簡單。所有部件必須對齊，設計必須可行，一切都必須完美無缺。但需求依然非常強勁。

Telecom revenue growth was particularly strong as we started to ramp Ciena's new system program, as well as other new program wins that we're particularly excited about. (technical difficulty) specifically on DCI, we broke out our DCI revenue. We talked -- we want to be clear that in reporting our DCI revenue, it's for coherent telecom modules that we have -- with high confidence are being used in Datacom interconnect -- sorry, data center interconnect applications. And these include both 400 and 800ZR modules and their variants as well as some embedded coherent line car modules as well.

隨著我們開始推進Ciena的新系統項目，以及其他一些我們非常期待的新項目，電信業務的收入成長尤為強勁。 （技術問題）具體到DCI，我們單獨列出了DCI的收入。我們討論過——我們想明確指出，在報告我們的 DCI 收入時，指的是我們高度確信正在用於數據通信互連——抱歉，是數據中心互連應用的相干電信模組。其中包括 400 和 800ZR 模組及其變體，以及一些嵌入式相干線路車模組。

So our DCI revenue does it does not include Telecom systems that's our pure DCI coherent module business. So -- but overall, I think we're we remain very optimistic about DCI. There will always be puts and takes. It won't always grow in a straight line, especially again because, as I said, when you're dealing with leading-edge products.

所以我們的 DCI 收入不包括電信系統，電信系統是我們純粹的 DCI 相干模組業務。所以——但總的來說，我認為我們對DCI仍然非常樂觀。總會有付出和收穫。它不會總是直線增長，尤其是我之前說過的，當你處理的是尖端產品時。

There's always going to be challenges here and there, but nothing we're concerned about. The demand remains very robust.

總是會遇到一些挑戰，但我們並不擔心。需求依然非常強勁。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

I just wanted to kind of lean in on new-customer opportunities on the Telecom side of the business. Like I think you're kind of suggesting that you're working with other customers. Are these like OEM customers that are in the marketplace and shifting existing business from other manufacturers to Fabrinet? Or are these new product categories? I guess I'm just trying to understand what you guys are looking at in terms of new opportunity.

我只是想在電信業務方面爭取一些新客戶機會。我覺得你好像在暗示你也在跟其他客戶合作。這些客戶是否類似於市場上的 OEM 客戶，並正在將現有業務從其他製造商轉移到 Fabrinet？或者，這些是新的產品類別？我只是想了解你們眼中的新機會是什麼。

And I noticed from Nokia's earnings call, they talked about expanding their optical manufacturing capacity. I'm just wondering if you guys are involved in that?

我從諾基亞的財報電話會議上註意到，他們談到了擴大其光學產品製造能力。我只是想問你們是否參與其中？

Yes. I think we're very excited about, obviously, not just the strength in the business but also the new opportunities. It's a really good pipeline we have that we're looking at that's in front of us. And we're always pursuing new opportunities, both with potential new customers as well as existing customers. The kinds of opportunities that we've talked about and continue to pursue, things like the Datacom opportunities we've talked about, including producing transceivers directly for hyperscalers and also building transceivers for merchant vendors.

是的。顯然，我們感到非常興奮，不僅是因為公司目前的強勁勢頭，也因為新的機會。我們正在關注的是一條非常好的管道，它就在我們眼前。我們始終在尋求新的機會，包括潛在的新客戶和現有客戶。我們討論過並將繼續追求的各種機會，例如我們討論過的資料通訊機會，包括直接為超大規模資料中心生產收發器，以及為商業供應商建立收發器。

On the Telecom opportunities, yes, I would include additional system wins and further penetrating existing customers and also new customers or maybe new-to-Fabrinet customers. So we've had some success. We think we have a winning formula where we're able to deliver. We believe superior technology, excellent delivery, quality, responsiveness at a lower cost because we don't merge and stack.

關於電信領域的機遇，是的，我會將贏得更多系統訂單、進一步滲透現有客戶以及新客戶或Fabrinet的新客戶納入其中。所以我們取得了一些成功。我們認為我們找到了成功的秘訣，能夠兌現承諾。我們相信，由於我們不進行合併和堆疊，因此能夠以更低的成本提供卓越的技術、優秀的交付、品質和回應速度。

And we also don't have our own products, which is very important to our customers. We're a pure contract manufacturer. We don't have any of our own products. And that's actually a positive for many of our customers. They don't want us to have our own products.

而且我們也沒有自己的產品，這對我們的客戶來說非常重要。我們是一家純粹的代工製造商。我們沒有任何自己的產品。這對我們的許多客戶來說實際上是件好事。他們不希望我們擁有自己的產品。

So overall, we have several new opportunities there that we're that we're pursuing, George, including existing customers and some new customers that we're trying to win. They take time though. These things always take time.

所以總的來說，喬治，我們正在尋求幾個新的機會，包括現有客戶和我們正在努力爭取的新客戶。不過這需要時間。這些事情總是需要時間的。

And we also have additional High-Performance Computing customers that we're pursuing and additional CPO. So several growth drivers that we're working on right now.

我們還有其他高效能運算客戶正在洽談中，以及需要更多首席產品長 (CPO)。所以，我們目前正在努力推動幾個成長因素。

Great. And then you mentioned potential transceiver designs for hyperscalers and other merchant vendors. I guess, at one point, I kind of thought that was maybe a number of quarters away. But I'm just curious like programs like that, assuming you guys have success, is that a quarter away, multiple quarters away, multiple years away? Like what do you think the time line would look like?

偉大的。然後您提到了面向超大規模資料中心和其他商業供應商的潛在收發器設計。我想，在某個時刻，我曾以為那可能還差好幾個硬幣才能達到。但我很好奇，像這樣的項目，假設你們成功了，那是一個季度後、幾個季度後還是幾年後才能實現？你覺得時間軸會是什麼樣的呢？

I would say, we're quarters away. I don't think it's years away. I think it's quarters away. We've been working on it for well over a year, probably 18 months at this stage. And we're -- so I would say, quarters away rather than years away, George, from that turning into meaningful revenue.

我想說，我們離目標只差四分之一英里了。我覺得不會還有好幾年。我覺得還有四分之一英哩遠。我們已經為此努力了一年多，現階段可能已經有18個月了。所以，喬治，我想說，距離將其轉化為有意義的收入，只需要幾個季度而不是幾年。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

I guess I had two questions. First of all, on the hyperscale business. The ramp is obviously substantial. You mentioned that maybe improving from a second-source position was possible. From the outside again, it looks like it's ramping very well, like you don't see any sort of holes in margins or anything like that.

我想問兩個問題。首先，我們來談談超大規模業務。坡道顯然相當堅固。你提到過，從第二個來源的角度來看，或許有可能會進步。從外面看，坡度似乎控制得很好，看不到邊緣有任何破損之類的問題。

Can you just give a little bit more color on your chances of doing that? And also I thought there was potentially a second program with that customer that was going to ramp. Can you just comment on that as well? And then I have a follow-up.

能否再詳細說說您實現這個目標的可能性？而且我還認為，可能還有第二個針對該客戶的專案正在逐步推進。您能否也就此發表一下看法？然後我還有一個後續問題。

Yes. So I'll take the second question first. So the second program, there's multiple programs. I mean there's no program excluded from what we're working on. We're working on current products and also new products. So we are ramping multiple products.

是的。那我先回答第二個問題。所以第二個項目，其實有多個項目。我的意思是，我們正在努力的專案沒有一個例外。我們正在改進現有產品，同時也正在研發新產品。所以我們正在增加大多產品的生產力度。

Our chances of growing the business further, like I said in my previous answer, we have two lines -- two production lines, fully qualified and additional lines being qualified where little bit more than halfway into the ramp to capacity on those production lines, which we have ample capacity, and we can build more products.

正如我在先前的回答中所說，我們進一步發展業務的機會在於，我們有兩條生產線——兩條完全合格的生產線，以及正在合格的附加生產線，這些生產線的產能爬坡已經過半，我們擁有充足的產能，可以生產更多產品。

Our chances of growing the business more than that level. we're reasonably confident but we have to execute. It's really a case of earning the business by doing an excellent job for the customer, excellent delivery, quality responsiveness, et cetera at very competitive costs.

我們很有可能將業務成長到更高水平。我們對此相當有信心，但我們必須付諸行動。實際上，贏得業務的關鍵在於以極具競爭力的價格，為客戶提供卓越的服務、優質的交付、快速回應等。

So we're -- we enjoy the competition. We -- the existing suppliers is a very good supplier with a long relationship with the customer. But we're confident that we can continue to grow that business because the business is very strong, and we're performing very well. So both things we think are in our favor.

所以我們——我們享受競爭。我們——現有供應商——是與客戶有長期合作關係的優秀供應商。但我們有信心繼續發展這項業務，因為這項業務非常強勁，而且我們的業績也非常好。所以我們認為這兩件事都對我們有利。

Great. That's helpful. And then just as a follow-up, just on the dollar-bhat-currency issue. So $0.09 drag in the quarter you just reported. Any help on how the direct-to-EPS track looks this quarter versus maybe 90 days ago?

偉大的。那很有幫助。然後，作為後續，再補充一點關於美元兌泰銖貨幣的問題。所以，你剛剛報告的季度虧損為 0.09 美元。能否幫忙分析本季直接營收到每股盈餘的轉換率與90天前相比有何變化？

Steve, this is Csaba. Yes, indeed, the exchange rate environment has been favorable for the last several quarters. So we called out about $3 million drag in the last quarter and below the line. And also on the gross margins, we have been seeing unfavorable headwinds. So based on our hedging program that we have in place, we continue to expect about the same impact going into the third quarter from exchange rate perspective.

史蒂夫，我是喬鮑。沒錯，近幾季以來，匯率環境確實一直很有利。因此，我們指出上個季度及以下業績下滑約達 300 萬美元。此外，毛利率方面也面臨不利因素。因此，根據我們現有的對沖計劃，我們預計從匯率角度來看，第三季仍將受到大致相同的影響。

Obviously, we are not forecasting anything on the revaluation and below the line, but we do anticipate about 20, 30 basis point headwind in the gross margin. And -- nevertheless, obviously, we have been able to deliver a slight improvement in gross margin in our last quarters as well as the drive continuous operating leverage. So we are hopeful that we will be able to offset most of the exchange-rate headwinds in operating leverage by keeping our OpEx in check.

顯然，我們沒有對重估和線下業績做出任何預測，但我們預計毛利率將面臨約 20 到 30 個基點的不利影響。不過，顯然，在過去的幾個季度裡，我們的毛利率略有提高，並且持續推動了經營槓桿效應。因此，我們希望透過控制營運支出，來抵銷大部分匯率波動對營運槓桿的不利影響。

And as we grow the top line, we should see continued operating leverage on operating income. But we don't put any guidance for exchange rate other than the color that based on the hedging program we have in place, we do anticipate similar headwinds in the gross margin as in the prior quarter.

隨著營收成長，我們應該會看到營業收入持續獲得營運槓桿效應。但除了根據我們現有的對沖計劃，我們預計毛利率將面臨與上一季類似的阻力之外，我們沒有對匯率做出任何指引。

Mike Genovese, Rosenblatt Securities.

Mike Genovese，Rosenblatt Securities。

Congrats on the record results. Maybe my first question is more of a comment. But I think if you counted that Ciena business where that stuff was going in I you find the vast majority of your Telecom growth was driven by DCI, and then you had a huge sequential DCI quarter. But that's just like kind of a segmenting thing. Any thoughts on that?

恭喜你們取得破紀錄的成績。或許我的第一個問題更像是個評論。但我認為，如果你把 Ciena 的業務也算進去，你會發現電信業務的絕大部分增長都是由 DCI 推動的，而且 DCI 的季度業績也連續大幅增長。但這只是某種細分而已。對此有什麼看法？

Yes, I think that's pretty accurate. DCI has been very, very strong for us. The growth is not just DCI, but it's predominantly DCI. It's been very good, and it continues to grow and the demand looks to be very, very durable, and it's not just Ciena. It's across multiple customers.

是的，我覺得很準確。DCI 對我們來說一直都非常非常重要。成長不只是DCI，但主要還是DCI。情況非常好，而且還在持續成長，需求看起來非常非常持久，而且不只是Ciena一家公司。這個問題涉及多個客戶。

Can you give any details on the data center side or Datacom side, I mean, between the 800 and 1.6 mix, whether in terms of like what the mix is or what the trends are? Is one growing faster than the other? Anything you could tell us about that?

您能否提供一些關於資料中心或資料通訊方面的詳細信息，例如 800 和 1.6 的組合情況，包括組合比例或發展趨勢？其中一個成長速度比另一個快嗎？您能告訴我們一些相關資訊嗎？

Not particularly. I mean it's predominantly 200 gigawatts per lane -- almost all 200 gigawatts per lane 1.6 terabits and 800 gigawatts. The exact mix between the two, we don't really -- I won't say we don't care, but we don't put a huge amount of thought into it because it really is a decision that our customer makes and our customers make. The exact puts and takes as to why the customers would want 800 gigawatts, 200 gigawatts per lane versus 600 -- sorry, versus 1.6, 200 gigawatts per lane. It's not really something we're involved in.

倒也不是。我的意思是，基本上每個通道都是 200 吉瓦——幾乎每個通道都是 200 吉瓦，1.6 太比特和 800 吉瓦。至於這兩者之間的具體比例，我們其實並不在意——我不會說我們不在乎，但我們不會在這方面投入太多精力，因為這確實是我們的客戶做出的決定。確切的解釋是，為什麼客戶會想要 800 吉瓦，每車道 200 吉瓦，而不是 600 吉瓦——抱歉，是 1.6 吉瓦，每車道 200 吉瓦。這並非我們真正參與的事情。

But we're producing everything we can with the components we have and the demand remains very robust. But the mix -- again, the mix between 1.6 and 800 gigawatts, we don't put too much emphasis on because it's not that important to us. They're both produced on the same production line, very similar products.

但是，我們正在利用現有零件盡我們所能生產所有產品，而且市場需求仍然非常強勁。但是，我們並不太重視1.6吉瓦到800吉瓦之間的組合，因為這對我們來說並不那麼重要。它們都是在同一條生產線上生產的，產品非常相似。

I guess just a final question. In Datacom, I mean when you -- I understand you're projecting sequential growth for this quarter. You usually don't guide more than another, but would you continue more than one quarter of sequential growth and kind of how many in Datacom, do you have visibility to?

我想問最後一個問題。在數據通訊領域，我的意思是——我知道你們預計本季將實現環比成長。你通常不會指導超過一個人，但你會繼續連續成長超過一個季度嗎？在Datacom，你對多少人有了解？

Well, we have pretty good visibility. I would say, our visibility right now, it's certainly the furthest that I've in my experience, I think we have more visibility now than we've ever had. I can say, we guide one quarter at a time, but we're very optimistic. We're adding capacity.

嗯，我們這裡的能見度相當不錯。我想說，就我的經驗而言，我們現在的視野絕對是最開闊的，我認為我們現在的視野比以往任何時候都更清晰。我可以這麼說，我們每次只專注在一個季度，但我們非常樂觀。我們正在增加產能。

As Csaba mentioned in his remarks, we've -- we're converting significant office space and warehousing space into manufacturing space at our Pinehurst campus. We're accelerating the build-out of our 2 million square foot Building 10 in our Chonburi campus. We have 250,000 square feet completed by the middle of the year by June. And then the balance of that 2 million square feet would really by probably early 2026, January or February 2026.

正如 Csaba 在演講中提到的，我們正在將 Pinehurst 園區的辦公空間和倉儲空間改造成生產空間。我們正在加快建造位於春武里園區的 10 號大樓，佔地 200 萬平方英尺。我們計劃在年中或六月完成 25 萬平方英尺的專案。而剩餘的 200 萬平方英尺的建設工作可能要到 2026 年初，也就是 2026 年 1 月或 2 月才能完成。

So on just other ways to expand the capacity that we're looking at, we'll probably talk about it in our next earnings call, but there's a number of activities we have underway that should help us to add additional capacity. So we're pretty excited, Mike, about the demand we have in front of us. It's a very exciting time. I'd say.

至於我們正在考慮的其他擴大產能的方法，我們可能會在下次財報電話會議上討論，但我們正在進行一些活動，這些活動應該有助於我們增加額外的產能。麥克，所以我們對眼前的需求感到非常興奮。這是一個非常令人興奮的時刻。我覺得。

When you look at what's going on with our customers and what they need from Fabrinet, it's a good place to be right now. We're pretty excited about it.

當你了解我們的客戶以及他們對 Fabrinet 的需求時，你會發現我們現在的位置非常好。我們對此感到非常興奮。

Ryan Koontz, Needham.

Ryan Koontz，Needham。

Appreciate the updated milestones on Building 10. But you can share just a little more color about where you are in that process? What kind of shape, facilities in terms of the construction and where you are really in the procurement of all the materials you need as well as customers to outfit the building and what that process looks like over the balance of '26?

感謝提供10號樓的最新進度資訊。您能否再詳細說說您目前在這個過程中的進展？建築物的形狀和結構如何？在採購所有需要的材料方面進展如何？以及為建築物配備設備的客戶狀況如何？在 2026 年剩餘的時間裡，這個過程會是什麼樣的呢？

So we're well underway. I was there a few weeks ago. We're well underway that the building is a phenomenal building. And it will be a real showcase when finished. 2 million square feet, it's a lot of factory. It's a big factory.

我們已經進展順利。我幾週前去過那裡。我們已經基本確定，這座建築是一座非凡的建築。建成後必將成為真正的典範。佔地200萬平方英尺，規模相當大。那是一家大型工廠。

But we're well underway. We've had no delays or anything like that with the availability of material to the factory. It's going very, very well. And we'll have about, like I said, about 250,000 square feet finished and ready to move into by the end of June. So that's well ahead of the completion schedule for the full factory.

但我們已經進展順利。工廠的材料供應方面，我們沒有遇到任何延誤或其他類似問題。一切進展得非常順利。正如我所說，到六月底，我們將建成約 25 萬平方英尺的房屋，並可隨時入住。所以這遠遠提前於整個工廠的竣工計劃。

Then the balance of the factory will complete as we go throughout the year. And I think we'll probably take possession of the balance of the factory in like January, February of 2027. So it's going very well, the customer demand to consume the factory.

然後，工廠的其餘部分將在一年中的其他時間陸續完成。我認為我們大概會在 2027 年 1 月或 2 月接管工廠的剩餘部分。所以一切進展順利，客戶對工廠的消費需求很高。

Again, we don't ask our customers to make a hard commitment. We have to have capacity in place ahead of demand. That's why we're moving so fast with this. We see strong demand and strengthening demand from our customers. So we'll put the factory up then the customers. We're optimistic, I would say, Ryan, about our ability to fill the factory.

再次強調，我們不會要求客戶做出硬性承諾。我們必須事先做好產能準備，以滿足需求。這就是我們推進這項工作如此迅速的原因。我們看到客戶需求強勁且不斷成長。所以我們先蓋廠，然後再招客戶。瑞安，我認為我們對填滿工廠的能力持樂觀態度。

When we built Building 8, it was 550,000 square feet, and we filled it pretty quickly. Building 9 was 1 million square feet, and that's almost full. So we're pretty optimistic about Building 10. We also have room for Building 11 and Building 12 on the same campus. So lots of runway in terms of capacity in front of us.

當我們建造 8 號大樓時，面積為 55 萬平方英尺，而且很快就全部租出去了。9號樓面積為100萬平方英尺，幾乎已經全部租滿。所以我們對10號樓的建設相當樂觀。我們在同一校區內還有空間可以建造 11 號樓和 12 號大樓。所以，就產能而言，我們還有很大的發展空間。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北地資本市場。

Congrats on the results from me as well. A couple of questions. First, just I guess continuing on the capacity front. So as you look to add that 250,000 square feet, I guess, at this point where we're standing right now -- and I don't know if this is a reference to transceivers being quarters away?

我也要祝賀你取得這樣的成績。幾個問題。首先，我想繼續談談產能的問題。所以，當您考慮增加 25 萬平方英尺時，我想，就我們現在所處的位置而言——我不知道這是否是指收發器距離很近？

Do you have an idea about where that capacity is going, I guess, since it's coming online pretty soon. Any color on what drove that pull in? And if there's any particular projects that are driving that?

你知道這部分產能將用於哪裡嗎？畢竟它很快就要上線了。有沒有人知道是什麼原因導致他們這麼做的？是否有任何具體項目在推動此趨勢？

And as a quick aside to that, still on capacity, I wonder if you might be able to size the kind of Pinehurst repurposing in the context of the 250,000 that you're adding? I assume it's smaller, but anything you can give us there? It's -- you look like you're adding, what, $300 million in annual revenue capacity plus Pinehurst. So just wondering if we have any more visibility on where that's going?

另外，關於產能問題，我想知道您是否能夠根據您新增的 25 萬個項目來評估 Pinehurst 的改造規模？我猜它比較小，但您能提供一些相關資訊嗎？看起來你們每年要增加 3 億美元的收入，再加上 Pinehurst。所以我想知道我們是否對這件事的走向有了更清晰的了解？

Yes. So I'll let Csaba cover the Pinehurst capacity addition in a moment. Chonburi, we're, as you say, pulling in 250,000 square feet, that's six, eight months ahead of the original schedule. There's several customers, Tim, we wouldn't want to quantify them all here, but it's really several drivers.

是的。那麼，稍後我會讓 Csaba 來介紹 Pinehurst 擴容的情況。正如你所說，春武里府的裝修面積達到了 25 萬平方英尺，比原計劃提前了六到八個月。提姆，客戶有好幾個，我們不想在這裡一一列舉，但確實是好幾個司機。

Again, our Telecom business is very strong. And it's not just TCI, it's TCI, but it's not just TCI, there's also some additional new business and new customer wins that we're working on in the Telecom space. Datacom, its growth with our main customer, but also we're confident in our ability to win other new Datacom customers, both merchants and also hyperscale direct.

再次強調，我們的電信業務非常強勁。而且不只是 TCI，雖然是 TCI，但我們在電信領域也正在努力爭取一些新的業務和新客戶。Datacom 及其主要客戶的成長，以及我們贏得其他 Datacom 新客戶（包括商家和超大規模直接客戶）的能力，都讓我們充滿信心。

Our business overall, Tim, is just strong. Our demand profile we have from our customers is very strong. And for us, it's a relatively easy decision to add this capacity because the way we add this capacity, our balance sheet is very strong. As you know, we have a very strong balance sheet. We're able to build these buildings and add this capacity with zero debt. So the downside risk for us is very small.

提姆，我們公司整體業務發展勢頭非常強勁。我們從客戶那裡得到的需求資訊非常強勁。對我們來說，增加這項產能是一個相對容易的決定，因為我們增加產能的方式使我們的資產負債表非常穩健。如您所知，我們的資產負債表非常穩健。我們能夠在零債務的情況下建造這些建築物並增加產能。因此，對我們來說，下行風險非常小。

As we build Building 10, we'll be, I don't know, about $130 million of CapEx. Csaba, Correct me if I'm wrong on that, about $130 million of CapEx. It will add 2 billion -- sorry, 2 million square feet and capacity for additional depends on the mix. But we said, 2.5 in the past is probably a little bit north of that at the moment, given the mix that we're looking at. So the upside opportunity is huge. It's the -- if you like, the operating profit that we can generate from that business.

建造 10 號大樓，我們大概需要 1.3 億美元的資本支出。Csaba，如果我沒記錯的話，資本支出大約是 1.3 億美元。它將增加 20 億——抱歉，是 200 萬平方英尺，而額外的容量取決於建築組合。但我們說過，考慮到我們目前所看到的成分，過去的 2.5 可能比現在的數值略高一些。因此，上漲空間巨大。如果你願意的話，可以稱之為我們從這項業務中可以獲得的營業利潤。

The downside risk is very small. The downside risk for us of building a factory that doesn't get consumed as quickly as we'd like, it's probably 15 basis points, something like that on a full-year basis. So 15-basis-points gross margin headwind. So the downside risk is tiny because of the strong balance sheet we have, the way we're able to build these in a very efficient way with no debt.

下檔風險非常小。對我們來說，建造一座工廠卻無法像我們希望的那樣快速被消化掉的下行風險，按全年計算，大概是 15 個基點左右。因此，毛利率將面臨 15 個基點的不利影響。因此，由於我們擁有強勁的資產負債表，並且能夠在沒有債務的情況下以非常高效的方式建立這些業務，下行風險很小。

Downside risk is very small. The upside opportunity is huge. So it's a relatively easy decision for us to add this capacity. Coupled with that, our ROIC is about 40%. So really the best return for us is to add capacity, fill that capacity with new business that's able to generate outsized margins for our industry and also outsized returns. So it's a relatively straightforward decision for us, Tim.

下檔風險非常小。上漲空間巨大。因此，對我們來說，增加這項產能是一個相對容易的決定。除此之外，我們的投資報酬率約為 40%。因此，對我們來說，最好的回報是增加產能，用能夠為我們的行業帶來超額利潤和超額回報的新業務來填滿這些產能。所以對我們來說，這是一個相對簡單的決定，提姆。

Great. If I could follow up. And you mentioned strength across the business demand-wise, it sounds like that hasn't really changed as you've gone through the quarter and into the new year here. But given where you're guiding and the sharpness of that HPC ramp, while -- so you expect Telecom to grow. It seems like only slightly on a sequential basis and relative to very strong results you just put up here in the quarter.

偉大的。如果可以的話，我想跟進一下。您提到業務需求方面整體強勁，聽起來隨著本季結束以及進入新的一年，這種情況並沒有太大變化。但鑑於你目前的引導方向以及高效能運算 (HPC) 發展勢頭迅猛，因此——你預計電信業將會成長。從季度環比來看，似乎只是略有下降，而且是相對於你們本季剛剛公佈的非常強勁的業績而言。

And I guess am I -- first, am I reading that right? And second, do you attribute that to anything in particular seasonality of customers or anything else, if indeed, I'm kind of working through the segments properly.

我想說的是──首先，我理解得對嗎？其次，您認為這是因為顧客的季節性或其他因素造成的嗎？如果我的分析方法正確的話。

I'm sorry, Tim, I didn't understand the question. Are you interpreting that correctly? I missed the question.

對不起，提姆，我沒聽懂你的問題。你的理解正確嗎？我錯過了問題。

Just your segment guidance. Basically, I'm saying with HPC let up another big chunk in the quarter, while you're talking about Telecom and Datacom growth, it seems like much slower sequential growth than you saw in December in terms of what you're forecasting in your March figures.

僅供您參考。基本上，我的意思是，HPC 在本季度又大幅下滑，而你談到電信和數據通信的增長，就你 3 月份的預測數據而言，其環比增長似乎比 12 月份慢得多。

Is that accurate? And why would that be? I guess would be the question.

準確嗎？為什麼會這樣呢？我想這就是問題所在。

I think I'll let Csaba give a little bit of color. But I think our HPC growth, it's not in a straight line because we are dealing with some new products that don't always grow at the growth is a little bit lumpy, I would say. So HPC won't necessarily grow in a straight line. It looks like a nice straight line.

我想讓 Csaba 來增添一些色彩。但我認為我們的高效能運算成長並非一帆風順，因為我們正在處理一些新產品，這些產品的成長並不總是同步的，所以成長有點起伏。因此，高效能運算的發展不一定會呈現直線式成長。看起來像一條漂亮的直線。

But really, we only have two data points, two quarters of revenue. And as everyone knows, two data points is not a trend. So we have to wait until we have a little bit more HPC experience under our belt.

但實際上，我們只有兩個數據點，兩個季度的收入數據。眾所周知，兩個數據點並不能代表趨勢。所以我們必須等到累積更多高效能運算經驗後再做決定。

And then I'll let Csaba talk about Telecom and Datacom and also the question you had about the capacity additions in Pinehurst.

然後，我會讓 Csaba 談談電信和數據通信，以及你提出的關於 Pinehurst 容量增加的問題。

Tim, so let me give you some pointers on the guidance. So as we mentioned, all the segments we anticipate to grow, with the exception of Automotive.

提姆，讓我給你一些指導上的建議。正如我們所提到的，除汽車行業外，我們預計所有其他行業都將成長。

So HPC, we had a nice bump of about $70 million sequentially last quarter. So that's not going to grow in that space. but we do anticipate double-digit growth in that area. Within Telecom, we anticipate that DCI is going to grow faster than we have seen in the past quarters. So that strength continues into our third quarter, and we also anticipate Datacom to growth. So that's the color that we can provide at this stage. And Automotive will probably be down in a similar way as it has been in the prior quarter.

所以，高效能運算（HPC）業務上個季度環比成長了約 7,000 萬美元。所以，這部分業務不會成長。但我們預計該領域將實現兩位數成長。在電信領域，我們預計資料中心基礎架構 (DCI) 的成長速度將比過去幾季更快。因此，這種強勁勢頭延續到了第三季度，我們也預期數據通訊業務將實現成長。所以，目前我們只能提供這種顏色。汽車業的下滑幅度可能與上一季類似。

With regards to Pinehurst campus, to answer your prior question, so we are able to create about 120,000 square feet of space or convert offices and warehouse spaces to manufacturing space. A couple of years back, we were able to acquire an adjacent piece of land, which is in a zone that we are able to build office buildings on those -- on that land, but we are not able to put a factory.

關於 Pinehurst 校區，回答您先前的問題，我們能夠創造約 120,000 平方英尺的空間，或將辦公室和倉庫空間改造成生產空間。幾年前，我們收購了一塊相鄰的土地，這塊土地位於可以建造辦公大樓的區域，但我們不能在那裡建造工廠。

So we were able to convert some of the office and manufacturing space in the existing campus. So that adds up to about 120,000 square feet, which if you do the math again, it's highly dependent on mix that should give us over a $150 million revenue upside opportunity. Again, this is subject to mix.

因此，我們得以改造現有園區內的部分辦公室和生產空間。加起來大約是 12 萬平方英尺，如果你再算一下，你會發現這很大程度取決於產品組合，應該能為我們帶來超過 1.5 億美元的收入成長機會。這同樣取決於各種因素。

So overall, and again, in terms of customer requirements for additional space, obviously, Pinehurst is prime from that perspective because one of our legacy customers are there, and they would like to have more space in Pinehurst. Hence, we are doing the best we can to accommodate all those requirements.

所以總的來說，再說一遍，就客戶對額外空間的需求而言，顯然，從這個角度來看，派恩赫斯特是首選，因為我們的一位老客戶在那裡，他們希望在派恩赫斯特獲得更多空間。因此，我們正在盡最大努力滿足所有這些要求。

Great. And just very quick, is the Pinehurst addition, is that on the same time line as the Building 10 pull in mid-year? Or is that kind of happening now or anything (multiple speakers)

偉大的。另外，請問 Pinehurst 的擴建工程是否與 10 號樓的擴建工程在年中同時進行？或者現在就正在發生類似的事情嗎？（多位發言者）

Yes, it is happening now. Seamus doesn't have an office anymore in the campus. So we used to joke, it comes back time to Pinehurst. He no longer have an office. So it's happening for (multiple speakers).

是的，這件事正在發生。西莫斯在校園裡已經沒有辦公室了。所以我們以前常開玩笑說，又到了回到松林鎮的時候了。他已經沒有辦公室了。所以這件事正在發生（多位發言者）

Thank you. And this will end our Q&A session, and I will pass it back to Seamus for closing comments.

謝謝。我們的問答環節到此結束，接下來我將把發言權交還給西莫斯，請他做總結發言。

Thank you for joining our call today. We are very pleased with our excellent second-quarter performance and with continued momentum across our business. We're optimistic that we can deliver a very strong third quarter as we expand on our strong market position.

感謝您今天參加我們的電話會議。我們對我們第二季度出色的業績以及業務持續成長的勢頭感到非常滿意。我們樂觀地認為，隨著我們不斷鞏固強大的市場地位，第三季業績將非常強勁。

We look forward to speaking with you in the future and to seeing those of you who will be attending the Susquehanna Conference later this month and the OFC Conference in Los Angeles next month. Thanks again, and goodbye.

我們期待未來與您交流，也期待見到本月稍後參加薩斯奎哈納會議以及下個月在洛杉磯參加OFC會議的各位。再次感謝，再見。

And with that, we conclude our conference. Thank you all for participating. You may now disconnect.

至此，我們的會議結束。感謝大家的參與。您現在可以斷開連線了。