Fabrinet (FN) 2026 Q3 法說會逐字稿

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

各位下午好。歡迎參加 Fabrinet 2026 會計年度第三季財務業績電話會議。（接線員指示）提醒各位，今天的電話會議將被錄音。

I would now like to turn the call over to Garo Toomajanian, Vice President of Investor Relations. You may begin.

現在我想把電話交給投資人關係副總裁 Garo Toomajanian。請開始。

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 third quarter of fiscal year 2026, which ended March 27, 2026. 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，各位下午好。感謝各位參加今天的電話會議，討論 Fabrinet 2026 會計年度第三季（截至 2026 年 3 月 27 日）之財務與營運成果。今天與我一同出席的有董事長兼執行長 Seamus Grady，以及財務長 Csaba Sverha。本次電話會議將以網路直播方式進行，並可於我們網站 investor.fabrinet.com 的「投資人」專區收看重播。

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，我們將同時提供 GAAP 與非 GAAP 財務衡量指標。請參閱我們網站「投資人」專區的重要資訊，包括新聞稿與投資人簡報，其中包含 GAAP 與非 GAAP 的調節表，以及我們營收拆分的更多細節。

In addition, today's discussion will contain forward-looking statements about the future financial performance of the company. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from management's current expectations. These statements reflect our opinions only as of the date of this presentation, and we undertake no obligation to revise them in light of new information or future events, except as required by law. For a description of the risk factors that may affect our results, please refer to our recent SEC filings, in particular, the section captioned Risk Factors in our Form 10-Q filed on February 3, 2026.

此外，今天的討論將包含關於公司未來財務表現的前瞻性陳述。前瞻性陳述受風險與不確定性影響，可能導致實際結果與管理層目前預期有重大差異。這些陳述僅反映截至本簡報日期的觀點；除法律要求外，我們不承擔因新資訊或未來事件而修訂之義務。關於可能影響我們業績的風險因素說明，請參閱我們近期向 SEC 提交的文件，特別是 2026 年 2 月 3 日提交之 Form 10-Q 中「Risk Factors（風險因素）」章節。

We will begin the call with remarks from Seamus and Csaba, followed by time for questions. I would now like to turn the call over to Fabrinet's Chairman and CEO, Seamus Grady. Seamus?

我們將先由 Seamus 與 Csaba 發表談話，之後開放提問。現在我想把電話交給 Fabrinet 董事長兼執行長 Seamus Grady。Seamus？

Thank you, Garo. Good afternoon, everyone, and thanks for joining our call today. We delivered an outstanding financial performance in the third quarter along with several notable achievements that we believe can extend our strong growth trends into the fourth quarter and fiscal year 2027. Revenue was above our guidance range at a record $1.214 billion with year-over-year growth accelerating to an impressive 39%. Record non-GAAP EPS of $3.72 also exceeded our guidance range, reflecting continued excellent execution.

謝謝你，Garo。各位下午好，感謝今天加入我們的電話會議。我們在第三季交出亮眼的財務表現，同時達成數項重要里程碑；我們相信這些成果可將強勁的成長趨勢延伸至第四季以及 2027 會計年度。營收高於我們的指引區間，創下 12.14 億美元新高，年增率加速至令人印象深刻的 39%。非 GAAP 每股盈餘（EPS）亦創新高達 3.72 美元，同樣超出指引區間，反映我們持續卓越的執行力。

Looking at our quarter by product area, optical communications revenue growth increased to 35% from a year ago. This was driven by a 55% year-over-year growth in telecom revenue, which was fueled by strong growth in a wide range of products. Within telecom, data center interconnect revenue grew a robust 90% from a year ago and 38% from Q2. And we believe strong longer-term DCI growth trends remain firmly intact. This remarkable telecom performance more than offset softer-than-expected datacom revenue, which grew 4% year-over-year but declined 6% from Q2.

以產品領域來看，本季光通訊營收年增率提升至 35%。主要動能來自電信營收年增 55%，受惠於多項產品的強勁成長。在電信領域中，資料中心互連（DCI）營收較去年同期大增 90%，較第二季成長 38%。我們認為長期 DCI 的強勁成長趨勢依然穩固。這項卓越的電信表現，足以抵銷資料通訊（datacom）營收低於預期的情況；datacom 營收雖年增 4%，但較第二季下滑 6%。

Underlying datacom demand remains exceptionally strong. In fact, demand during the quarter far exceeded what we were able to ship, meaning our reported revenue does not fully reflect the true momentum of the business. Right now, demand is outpacing the broader supply of certain components and we are actively working to narrow that gap. While we expect the supply/demand imbalance to persist into the fourth quarter, we remain optimistic that supply conditions will improve over time. The strong demand we are seeing today positions us well as that improvement unfolds.

datacom 的基本需求仍然極為強勁。事實上，本季需求遠高於我們能出貨的數量，意味著我們揭露的營收未能完全反映業務的真實動能。目前需求正超越某些零組件的整體供應，我們正積極縮小此差距。雖然我們預期供需失衡將延續至第四季，但我們仍樂觀認為供應狀況將隨時間改善。當改善逐步展開時，當前所見的強勁需求將使我們處於有利位置。

As we have outlined, our datacom strategy is to continue supporting the strong demand trends we are seeing with our largest customer while actively expanding into new high-growth channels such as direct engagement with hyperscalers and partnerships with merchant vendors. With that in mind, we are happy to report that we have made meaningful tangible progress on both fronts.

如我們先前所述，我們的 datacom 策略是在持續支援最大客戶所呈現的強勁需求趨勢之同時，積極拓展至新的高成長通路，例如直接與超大規模（hyperscaler）客戶合作，以及與商用（merchant）供應商建立夥伴關係。基於此，我們很高興向各位報告，我們在這兩個方向都取得了具體且有意義的進展。

First, we're excited to share that we have successfully completed qualification and have already begun shipping two datacom -- programs directly to a hyperscale customer with initial ramp starting in the fourth quarter. We expect volumes to ramp steadily throughout fiscal 2027 with these programs becoming a meaningful contributor to our datacom revenue over time.

第一，我們很興奮地分享：我們已成功完成資格認證，並已開始針對一位超大規模客戶直接出貨兩個 datacom 專案，初期放量將自第四季開始。我們預期在 2027 會計年度期間出貨量將穩步爬升，這些專案將隨時間推進，逐步成為我們 datacom 營收的重要貢獻來源。

Second, building on the groundwork laid over the last several quarters. We are on track to qualify and ramp multiple merchant transceiver programs, including several for data center scale-out applications with existing and new customers. We expect production to begin in the second half of the calendar year aligning with the early part of fiscal 2027, with additional ramps progressing into the second half of the fiscal year.

第二，在過去數季所奠定的基礎之上，我們正按計畫完成多個商用收發器（merchant transceiver）專案的資格認證並進行放量，其中包括多個用於資料中心橫向擴展（scale-out）應用的專案，涵蓋既有與新客戶。我們預期量產將於日曆年下半年開始，對應 2027 會計年度初期，並在該會計年度下半年持續推進更多放量。

We expect this combination of hyperscale and merchant program wins to further diversify our datacom revenue and provide multiple new growth factors in the new year and beyond.

我們預期，這些來自 hyperscale 與 merchant 的專案勝出組合，將進一步分散我們的 datacom 營收來源，並在新年度及更長遠的未來提供多重新的成長動能。

In non-optical communications, revenue jumped 52% year-over-year and 8% sequentially from Q2. This growth was driven primarily by high performance compute revenue, which continues to ramp as we support our customers' transition to their latest product generation. At the same time, we are seeing encouraging traction beyond the current ramp with new program wins and expanded scope across additional products that we will be manufacturing to support their accelerated computing infrastructure. We're also increasing capacity to align with the customers' ambitious growth plans, reflecting a deepening and increasingly strategic relationship.

在非光通訊領域，營收年增 52%，較第二季季增 8%。成長主要由高效能運算（HPC）營收帶動；隨著我們協助客戶轉換至最新一代產品，HPC 仍持續放量。同時，除了目前的放量之外，我們也看到令人鼓舞的進展，包括新專案得標，以及在更多產品上擴大合作範圍；我們將為其加速運算基礎設施製造相關產品。我們也正擴充產能以配合客戶雄心勃勃的成長計畫，反映雙方關係更深化且更具策略性。

Automotive revenue moderated in the third quarter as anticipated, with revenue decreasing modestly from Q2. This decline was more than offset by continued growth in industrial laser revenue, which was up 9% from a year ago and 7% from Q2. An important area of strategic focus for us over the past several years has been co-packaged optics or CPO. In this space, we are deepening our engagement with customers across the CPO ecosystem, including optical components, external laser source pluggables as well as other integrated precision optical packaging solutions, building on our long-standing silicon photonics expertise. GPO relies heavily on advanced semiconductor packaging technologies.

汽車業務營收在第三季如預期趨於溫和，較第二季小幅下滑。不過，這一下滑被工業雷射營收的持續成長所抵銷；工業雷射營收較去年同期成長 9%，較第二季成長 7%。過去幾年我們一個重要的策略聚焦領域是共封裝光學（CPO）。在此領域，我們正加深與 CPO 生態系客戶的合作，涵蓋光學元件、外部雷射光源（ELS）可插拔模組，以及其他整合式高精度光學封裝解決方案，並建立在我們長期的矽光子（silicon photonics）專業之上。GPO 高度依賴先進半導體封裝技術。

And we have been actively investing to expand our capabilities in this area with a focus on scalable, high-quality manufacturing processes and broader system-level integration.

我們也一直積極投資以擴充在此領域的能力，重點放在可擴展、高品質的製造流程，以及更廣泛的系統層級整合。

This includes leveraging and extending our in-house silicon photonics expertise but also partnering with key technology providers to enhance our ability to deliver more integrated end-to-end manufacturing solutions. With that backdrop, we have made a minority investment in Raytek Semiconductor, a one based provider of advanced wafer-level packaging technologies as an ecosystem partner.

這包括運用並延伸我們內部的矽光子專業，同時也與關鍵技術供應商合作，以提升我們交付更整合、端到端製造解決方案的能力。在此背景下，我們已對 Raytek Semiconductor 進行少數股權投資；該公司是一家位於 one 的先進晶圓級封裝技術供應商，作為生態系夥伴。

We already serve a number of common customers and expect this collaboration to further strengthen our capabilities and extend our offering. This investment supports our continued evolution from silicon photonics into more advanced packaging and integration solutions, reinforcing our role as a key manufacturing partner within the CPO ecosystem.

我們已服務多家共同客戶，並預期此合作將進一步強化我們的能力並延伸我們的產品與服務範疇。這項投資支持我們從矽光子持續演進至更先進的封裝與整合解決方案，並鞏固我們在 CPO 生態系中作為關鍵製造夥伴的角色。

Looking at our business as a whole, we are very excited by both the number and size of customer engagements for our advanced manufacturing services. The breadth and depth of these projects provides us with significant opportunities to demonstrate our differentiation and expertise that we've established as a key enabler for the success of our customers' most advanced products.

從整體業務來看，我們對於先進製造服務所獲得的客戶合作案之數量與規模都感到非常振奮。這些專案的廣度與深度，為我們提供了重大機會，得以展現我們的差異化與專業能力；我們已建立自身作為客戶最先進產品成功的關鍵推動者。

As you know, we have been expanding our capacity to support our accelerating growth trends. We continue to make progress in the construction of Building 10, which will add 2 million square feet to our current 3.7 million square feet of space, with plans to be fully completed around the beginning of the new calendar year, we are on track to have a portion of Building 10 ready by next month, consistent with what we described last quarter.

如各位所知，我們一直在擴充產能以支援加速的成長趨勢。我們在第 10 棟大樓（Building 10）的建設上持續取得進展；該大樓將在我們現有 370 萬平方英尺的空間基礎上，再增加 200 萬平方英尺，並計畫於新日曆年初左右全面完工。我們也按計畫在下個月讓第 10 棟大樓的一部分可投入使用，與我們上季所描述一致。

In addition to that, with our accelerated construction time line, we now expect to commission an additional floor in this five-story structure by the end of September, with the rest of the building still scheduled to be completed by January. Beyond Building 10, we have sufficient land available at our campus in Chonburi for two additional buildings of more than 1 million square feet each. While this means we expect to have ample capacity available for the next several years, we continue to think ahead.

此外，隨著我們加速施工時程，我們現在預期可在 9 月底前，於這棟五層建築中再啟用額外一個樓層，其餘部分仍預計於 1 月完工。除第 10 棟大樓外，我們在春武里（Chonburi）園區仍有足夠土地，可再興建兩棟各超過 100 萬平方英尺的建築。雖然這表示我們預期未來幾年將擁有充足產能，但我們仍持續提前規劃。

In that context, we have recently acquired a building and land in the Nava Nakorn industrial estate in Thailand, not far from our Pinehurst campus. We have already begun renovations to make the existing 200,000 square foot building world-class clean room factory with sufficient space on the -- site for additional expansion at a later time.

在此脈絡下，我們近期已在泰國 Nava Nakorn 工業園區收購一棟建築與土地，距離我們 Pinehurst 園區不遠。我們已開始進行整修，將現有 20 萬平方英尺的建築打造為世界級無塵室工廠，並在該 -- 基地上保留足夠空間，以便日後進一步擴建。

In summary, our success in the third quarter extends well beyond our strong financial performance. We are particularly encouraged by the multiple new growth vectors we are adding across our datacom business, while our diversified telecom portfolio continues to show solid momentum, and our non-optical communications segment expands further. This combination of execution and strategic progress reinforces our confidence in sustaining our growth trajectory, extending our leadership position in the fourth quarter and carrying that momentum into fiscal year 2027.

總結而言，我們在第三季的成功遠不僅止於強勁的財務表現。我們特別受到鼓舞的是，在資料通訊（datacom）業務方面，我們正新增多個成長向量；同時，我們多元化的電信產品組合持續展現穩健動能，而我們的非光通訊（non-optical communications）事業也進一步擴張。這種執行力與策略進展的結合，強化了我們對於維持成長軌跡的信心，並將在第四季延伸我們的領導地位，且把這股動能帶入2027會計年度。

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

接下來我想把電話會議交給Csaba，請他更詳細說明我們第三季的業績以及對第四季的展望。Csaba？

Thank you, Seamus, and good afternoon, everyone. We delivered another record-breaking performance in the third quarter of fiscal year 2026. Revenue of $1.214 billion exceeded our guidance range with revenue growth accelerating to a remarkable 39% from a year ago and 7% from the prior quarter. Strong execution and FX revaluation tailwinds led to non-GAAP EPS of $3.72 that also exceeded our guidance range.

謝謝你，Seamus，各位下午好。我們在2026會計年度第三季再度交出破紀錄的表現。營收達12.14億美元，超出我們的指引區間；營收成長加速至令人矚目的年增39%，並較前一季成長7%。強勁的執行力以及外匯重估帶來的順風，使非GAAP每股盈餘（EPS）達3.72美元，同樣超出我們的指引區間。

Turning to revenue by market in the third quarter. Optical communications revenue was $889 million, with revenue growth accelerating to 35% from a year ago and 7% from Q2. Within optical communications, telecom revenue was a record $628 million, climbing 55% from a year ago and 13% from Q2. Within telecom, revenue from data center interconnect modules or DCI, jumped to $197 million, growing 90% from a year ago and 38% from the second quarter. Datacom revenue of $260 million increased 4% from a year ago but moderated 6% from Q2 due to broadening component and material supply constraints in the quarter.

接著看第三季按市場別的營收。光通訊（optical communications）營收為8.89億美元，年增35%且較去年加速，並較第二季成長7%。在光通訊之中，電信（telecom）營收創下6.28億美元的新高，年增55%，較第二季成長13%。在電信之中，資料中心互連模組（data center interconnect modules，或DCI）營收躍升至1.97億美元，年增90%，較第二季成長38%。資料通訊（datacom）營收為2.60億美元，年增4%，但因本季元件與材料供應限制擴大，較第二季下滑6%。

Turning to non-optical communications. Revenue reached $326 million, growing 52% year-over-year and 8% sequentially from Q2. This strong performance was once again driven primarily by continued momentum in our HPC program, which delivered $107 million in revenue, up 25% from Q2. Automotive revenue declined slightly as anticipated to $115 million, while industrial laser revenue increased to $44 million.

接著看非光通訊（non-optical communications）。營收達3.26億美元，年增52%，並較第二季季增8%。這項強勁表現再度主要由我們HPC專案的持續動能所帶動，該專案營收為1.07億美元，較第二季成長25%。車用（automotive）營收如預期小幅下滑至1.15億美元，而工業雷射（industrial laser）營收增加至4,400萬美元。

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. Gross margin in the third quarter was 12.1%, a 10 basis point improvement from a year ago and a 30 basis point decline from Q2 as anticipated, primarily due to foreign exchange headwinds. We continue to demonstrate operating leverage with operating expenses declining to 1.4% of revenue. This resulted in an operating margin of 10.7%, a 50 basis point improvement from a year ago and 20 basis point decline from Q2.

在我說明損益表（P&L）細節時，除非另有說明，所有費用與獲利指標將以非GAAP基礎呈現。第三季毛利率為12.1%，較去年同期改善10個基點，但如預期較第二季下滑30個基點，主要因外匯逆風所致。我們持續展現營運槓桿，營業費用降至營收的1.4%。因此，營業利益率為10.7%，較去年同期改善50個基點，但較第二季下滑20個基點。

Interest income was $7 million and -- foreign exchange revaluation gain of $7 million in the quarter. Our effective GAAP tax rate for the quarter was 6.7%. We expect our tax rate to moderate in Q4, resulting in a mid-single-digit effective GAAP tax rate for the year. Net income was a record $135 million or $3.72 per diluted share.

利息收入為700萬美元，且—本季外匯重估收益為700萬美元。本季有效GAAP稅率為6.7%。我們預期第四季稅率將趨於溫和，使全年有效GAAP稅率落在中個位數水準。淨利創新高，達1.35億美元，或稀釋後每股3.72美元。

Turning to our balance sheet. We ended the third quarter with cash and short-term investments of $946 million, down $16 million from the end of Q2. Operating cash flow for the quarter was $53 million. Capital expenditure spending of $64 million reflects continued accelerated construction of Building 10 as well as capacity expansions to support the rapid growth across the business. As a result, free cash flow was an outflow of $11 million in the quarter.

接著看資產負債表。我們在第三季末的現金與短期投資為9.46億美元，較第二季末減少1,600萬美元。本季營運現金流為5,300萬美元。資本支出為6,400萬美元，反映第10號大樓（Building 10）持續加速施工，以及為支援全公司快速成長而進行的產能擴充。因此，本季自由現金流為淨流出1,100萬美元。

Before getting into our guidance, I want to provide some additional color on our recent capital allocation decisions. As Seamus mentioned, we have made a minority investment in rate semiconductor to support our efforts in advancing manufacturing solutions for CPO. In April, we completed a private placement of approximately $32 million for 20 million shares of Raytek, representing approximately a 14% position. This investment deepens our partnership and supports our joint efforts to our bringing CPO technology to market at scale.

在進入我們的財測指引之前，我想補充一些我們近期資本配置決策的背景。如Seamus所提，我們已對rate semiconductor進行少數股權投資，以支持我們推進CPO製造解決方案的努力。4月，我們完成一筆約3,200萬美元的私募，認購Raytek 2,000萬股，約代表14%的持股比例。此投資加深了我們的合作關係，並支持我們共同推動CPO技術以規模化方式導入市場。

Early in the fourth quarter, we expect to complete the purchase of an 8-acre campus Nava Nakorn industrial estate Thailand, located approximately 15 minutes from our Pinehurst campus. The Nava Nakorn facility currently consists of a 200,000 square foot building with additional space on the site for future expansion. We have already initiated minor renovations to support world-class crane manufacturing capabilities, and we expect to begin utilizing the space early next quarter. The total purchase price of $11 million will be reflected in our fourth quarter financials.

在第四季初，我們預期將完成購買位於泰國Nava Nakorn工業園區的一處8英畝園區，距離我們的Pinehurst園區約15分鐘車程。Nava Nakorn設施目前包含一棟20萬平方英尺的建築，且基地上另有可供未來擴建的額外空間。我們已啟動小規模整修，以支援世界級的起重機製造能力，並預期在下季初開始使用該空間。總購買價1,100萬美元將反映在我們第四季財務報表中。

With our very strong balance sheet, we are well positioned to deploy capital efficiently, support our growth initiatives and continue to generate superior returns while remaining committed to returning surplus cash to shareholders through our share repurchase program.

憑藉我們非常強健的資產負債表，我們具備良好條件以有效率地部署資本、支持成長計畫，並在持續致力於透過庫藏股回購計畫將多餘現金回饋股東的同時，持續創造優異報酬。

In the third quarter, we did not repurchase a meaningful number of shares. However, our share repurchase program remains active, and we ended the quarter with approximately $169 million available under our current authorization.

第三季我們並未回購具顯著規模的股份。然而，我們的庫藏股回購計畫仍在進行中，且本季末在現行授權額度下仍約有1.69億美元可用。

Now turning to the details of our guidance. We expect revenue in all major product categories to increase in the fourth quarter despite a broader supply constrained environment. With datacom growth expected to be more measured as we continue to navigate component availability that is not keeping pace with strong demand. At the same time, we are excited by the number of new customer programs coming online which we expect will contribute more meaningfully to our performance in fiscal year 2027 than in the fourth quarter.

接下來說明財測指引細節。儘管整體供應受限的環境更為普遍，我們預期第四季所有主要產品類別的營收仍將成長。資料通訊（datacom）方面，因我們持續因應元件供應無法跟上強勁需求，預期成長將較為溫和。同時，我們對於多個新客戶專案陸續上線感到振奮；我們預期這些專案對2027會計年度的貢獻將比第四季更為顯著。

With that backdrop, we expect total revenue to be in the range of $1.25 billion to $1.29 billion, representing year-over-year growth of approximately 40% at the midpoint. We expect gross margin dynamics to be similar to Q3 with continued operating leverage as top line growth continues. As a result, we expect non-GAAP EPS to be in the range of $3.72 to to $3.87.

在此背景下，我們預期總營收將落在12.5億至12.9億美元區間，以中位數計算約為年增40%。我們預期毛利率動態將與第三季相近，且隨著營收持續成長，營運槓桿將延續。因此，我們預期非GAAP EPS將落在3.72至3.87美元區間。

In summary, our third quarter results were exceptional, with record revenue and earnings that exceeded our guidance as good continued to accelerate. We also made strong progress against our longer-term strategic priorities, establishing additional vectors of sustainable growth that we expect to begin contributing as early as the fourth quarter, positioning us to extend our strong track record into fiscal 2027 and beyond.

總結而言，我們第三季業績表現卓越，營收與獲利皆創新高並超出指引，且成長持續加速。我們也在較長期的策略優先事項上取得重大進展，建立更多可持續成長的向量，並預期最早自第四季開始貢獻，讓我們得以把強勁的成績延伸至2027會計年度及其後。

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

接線員，我們現在準備開放提問。

(Operator Instructions)

（接線員指示）

George Notter, Wolfe Research.

George Notter，Wolfe Research。

Hi, guys. Thanks very much. I just wanted to double-click on the datacom business. I know that last quarter, you talked about having some new supply of 200-gig per lane EMLs coming online that would help support growers on the datacom business. It sounds like that didn't happen. I'm just wondering kind of what's going on in terms of EML supply. Is that the gating item you're referencing?

嗨，各位。非常感謝。我想再深入追問一下資料通訊（datacom）業務。我知道上季你們提到會有一些每通道200G的EML新增供應上線，以協助支撐資料通訊業務的成長。聽起來似乎沒有發生。我想了解一下EML供應目前到底是什麼狀況。你們所提到的瓶頸就是指這個嗎？

Or are there other components that are problematic now? Anything more you can tell us would be great.

還是現在有其他元件也出現問題？如果能再多分享一些資訊就太好了。

Yeah, There's -- this is Seamus. Yes, there's a number of, I guess, commodities, you could say that are causing us constraints. First of all, we're very excited at the breadth and depth of the opportunities we see in front of us, not just with our main customer, but across a number of new products, new markets for us. Since we started to see the revenue accelerate from this -- demand, our strategy has been to support the existing demand and also pursue while pursuing additional hyperscale direct and also merchant relationships.

是的—我是Seamus。是的，我想可以說有多種「大宗」項目正在造成我們的限制。首先，我們對眼前所看到的機會之廣度與深度感到非常振奮，不僅來自我們的主要客戶，也涵蓋多項新產品與對我們而言的新市場。自從我們開始看到這股需求帶動營收加速成長以來，我們的策略一直是：一方面支援既有需求，同時也積極拓展更多超大規模客戶（hyperscale）的直供關係以及通路（merchant）合作關係。

So we're -- we're excited with the progress we're making there and what we're managing right now. It's not demand risk, it's supply constraints.

因此，我們對目前的進展以及正在管理的事項感到振奮。我們面臨的不是需求風險，而是供應限制。

With respect to datacom supply, we saw a broadening of supply shortages for components and materials for datacom products. And as a result, shipments and revenue were well below demand levels. We could have shipped a lot more if we had those components. Without these supply constraints, datacom revenue would have been a new record by a weak margin while we expect the constraints to get resolved over time, we do have to deal with them right now in the near term, we anticipate that supply volatility will continue. And it's in a number of areas.

就資料通訊（datacom）供應而言，我們看到用於資料通訊產品的元件與材料供應短缺範圍擴大。因此，出貨與營收明顯低於需求水準。如果我們有那些元件，我們本可以出貨更多。在沒有這些供應限制的情況下，資料通訊營收本會以些微幅度創下新高。雖然我們預期這些限制會隨時間逐步解決，但短期內我們仍必須面對；我們預期供應波動仍將持續，而且涉及多個領域。

It's not only one component. It's a number of areas, mainly lasers, memory, which I think is no secret that there's a global shortage of memory and also certain ASICs. So it's across a number of commodities.

不只是一個元件的問題，而是多個領域，主要包括雷射、記憶體（我想大家都知道全球記憶體短缺），以及某些ASIC。因此，影響範圍涵蓋多種大宗元件。

Great. And then I just wanted to ask one also on CPO. I just want to be clear on where you guys see your opportunity in CPO. I guess I assume that LSPs that go into CPO switches are kind of a real natural for you guys. Are you also going to manufacture other elements of CPO switches?

很好。接著我也想問一個關於 CPO 的問題。我想確認一下你們認為在 CPO 上的機會在哪裡。我猜我假設，進入 CPO 交換器的 LSP 對你們來說算是很自然的延伸。你們也會製造 CPO 交換器的其他元件嗎？

I mean, historically, you guys have not really been involved in manufacturing the switches themselves. But obviously, this is a unique architecture. There's a giant amount of sort of fiber attached that goes into your fiber tech units into that CPO package. I just want to be clear on what you guys see yourselves kind of doing in terms of that manufacturing exercise. Thanks a lot, guys.

我的意思是，從歷史上看，你們其實並沒有真正參與製造交換器本體。但顯然這是一種獨特的架構。有大量的光纖連接，會進入你們的光纖技術單元並整合到那個 CPO 封裝裡。我只是想釐清，在這個製造作業上，你們認為自己會扮演什麼樣的角色。非常感謝，各位。

Yes. So for us, CP for us is really an evolution from silicon photonics and precision photonics patching capabilities that we've had for many years. And it continues to be an area of investment for us to align our capabilities with our customers' road maps. For many years, CPO has been just on the horizon, but it's a lot more real now than it's ever been. We're in an excellent position to benefit.

是的。對我們而言，CPO 對我們來說其實是從我們多年來具備的矽光子與精密光子封裝／跳接（patching）能力演進而來。這也持續是我們的投資領域，用以讓我們的能力與客戶的產品路線圖對齊。多年來，CPO 一直像是在地平線上，但現在它比以往任何時候都更真實。我們處於非常有利的位置可以受益。

We feel we're well ahead of our competitors in making this technology a reality. And we're already seeing some CPO revenue, so the amounts are relatively small at this point.

我們認為在讓這項技術落地成為現實方面，我們已經明顯領先競爭對手。而且我們已經看到一些 CPO 營收，只是目前金額相對還小。

We're working on a number of CPO programs with three different customers specific timing on each of them. We don't really want to speak on their behalf, but we're working on three separate programs. And as with our custom programs, we expect to see the impact in line with or slightly ahead of our customers production schedules. So the growth in CPO is in front of us. And as you rightly point out, there are several opportunities for us in CPO, and we feel we can participate at a maybe a higher level of the food chain than we have historically.

我們正與三個不同客戶合作多個 CPO 專案，每個專案的具體時程各不相同。我們不太想代替他們發言，但我們確實在做三個獨立的專案。就像我們的客製化專案一樣，我們預期其影響會與、或略早於客戶的量產時程。因此，CPO 的成長就在我們前方。如你所指出，CPO 對我們有好幾種切入機會，而且我們認為我們可以在價值鏈中以比過去更高的層級參與。

So we're excited about CPO.

所以我們對 CPO 感到很興奮。

Thank you.

謝謝。

Karl Ackerman, BNP Paribas.

BNP Paribas 的 Karl Ackerman。

Yes, thank you. I have two, if I may. Seamus, do you believe you will be at the full run rate of the current HPC program in June. I think the previous expectation was March and June time frame. And I guess, how much visibility do you have with that follow-on program? I have a follow-up, please.

是的，謝謝。我有兩個問題，如果可以的話。Seamus，你認為你們會在 6 月達到目前 HPC 專案的完整 run rate（滿載運行速率）嗎？我記得先前的預期是在 3 月到 6 月這個時間範圍。另外，對於後續專案，你們的能見度有多高？我還有一個追問。

Yes. So our current HPC program is ramping according to our customers' expectations. It's not ramping in a perfect straight line. These things never do. But we've been working closely with the customer to transition production to their latest generation product, and that transition is making good progress.

是的。我們目前的 HPC 專案正依照客戶的預期在爬坡。它不會以完美的直線方式爬坡，這類事情從來不會。但我們一直與客戶緊密合作，把生產轉換到他們最新一代的產品，而這個轉換進展良好。

We've also been awarded some follow-on business rational programs, separate from the main, if you like, the main programs. We've awarded some additional programs with that customer. So we're really helping to support their accelerated computing infrastructure in a broader way than have been in the past.

我們也獲得了一些後續業務／理性化（rational）專案，這些是獨立於主要專案之外的。也就是說，除了主要專案之外，我們又拿到該客戶的一些額外專案。因此，我們正在以比過去更廣的方式，協助支援他們的加速運算基礎設施。

We're installing additional capacity right now to support both the technology tension and also the additional products that we'll be manufacturing, because of this technology transition, we now believe that $150 million mark will be pushed out by maybe one quarter. But as a result, we expect our high-performance compute revenue to continue growing even after we reached the first $150 million quarterly revenue milestone.

我們目前正在安裝額外產能，以同時支援技術轉換以及因轉換而將要製造的額外產品。由於這次技術轉換，我們現在認為 1.5 億美元這個里程碑可能會延後大約一季。但相對地，我們預期即使達到第一個單季 1.5 億美元營收里程碑之後，我們的高效能運算營收仍會持續成長。

So short term, this quarter, let's say, we don't think we get to the $150 million, but we think it's probably a quarter away, but longer term because we're now making more than just, if you like, one family of products, we think the opportunity is more than that. So like I said, when the timing has shifted slightly the overall trajectory is stronger, actually, and we expect continued growth beyond that $150 million level. And we remain very optimistic about the long-term outlook for our high-performance compute business overall.

所以短期來看，就本季而言，我們認為不會達到 1.5 億美元，但我們覺得大概再一季就會到。不過長期來看，因為我們現在不只是製造（如果你願意這麼說）單一產品家族，我們認為機會不只如此。也就是說，雖然時程稍微往後移，但整體軌跡其實更強，我們預期在 1.5 億美元水準之上仍會持續成長。我們對高效能運算業務整體的長期展望仍然非常樂觀。

Very helpful. And then maybe for Csaba. Building 10, that was 2 million square feet. We're adding a fifth floor. So is it 2 million square feet still the case?

非常有幫助。接著可能問 Csaba。10 號大樓是 200 萬平方英尺。我們要加蓋第五層。所以仍然是 200 萬平方英尺嗎？

Or is it presumably 2.5 or so. And then with respect to the two additional buildings of 1 million square feet, given the high ROIC and also lower for cost of building this new manufacturing fab, how quickly can you accelerate these manufacturing facility investments, so you're not capacity get restrained for these very large opportunities? Thank you.

還是說應該是大約 250 萬之類？另外，關於另外兩棟各 100 萬平方英尺的大樓，考量到高 ROIC（投入資本報酬率）以及新製造廠房建置成本較低，你們能多快加速這些製造設施投資，讓你們不會因產能受限而錯失這些非常大的機會？謝謝。

So Karl, maybe I'll just comment first on the capacity. Right now, our current capacity, we have capacity for about $4.8 billion in our current footprint. As we mentioned on the last call, we're converting about 200,000 -- sorry, about 120,000 square feet at our Pinehurst campus into manufacturing space that will add an additional $200 million in capacity. So that would take our capacity up to $5 million before Building 10. Building 10 would add about $3 billion of capacity.

Karl，我先評論一下產能。目前以我們現有的廠區（footprint）來看，我們的產能大約可支撐 48 億美元。正如我們在上次電話會議提到的，我們正在把 Pinehurst 園區約 200,000——抱歉，約 120,000 平方英尺改造成製造空間，將額外增加 2 億美元的產能。這會把我們的產能提升到 50 億美元（在 10 號大樓之前）。10 號大樓將增加約 30 億美元的產能。

And then the new factory that we just purchased in Nava Nakorn down the road from us. Initially, that will have capacity for about $250 million in the current factory that's on that land, but then there's room to build another factory. So overall, that purchase will give us capacity for about another $0.5 billion. So $4.8 million in our current footprint, plus the Pinehurst -- it didn't plus the Nava factory plus Building 10, that would take us to a capacity of about $8.5 billion, if you add all that up.

然後是我們剛買下、位於 Nava Nakorn、就在我們附近的新工廠。初期，該地塊上現有工廠的產能大約可支撐 2.5 億美元，但那塊地還有空間再蓋一座工廠。所以整體而言，這筆收購將為我們帶來約另外 5 億美元的產能。因此，把現有廠區的 48 億美元，加上 Pinehurst（改造）、再加上 Nava 工廠、再加上 10 號大樓，全部加總起來，我們的產能大約會到 85 億美元。

And then building -- and the timing on Building 10, we talked about the first floor of that will be coming on stream in June, and we plan to have another floor ready, which will be mostly a clean room space by September, October. And then the building will be finished by the end of the year, we'll probably have the opening ceremony in January towards the end of January.

至於 10 號大樓的時程，我們提過第一層會在 6 月投入運作；我們計畫在 9 月、10 月左右再準備好另一層，該層大多會是無塵室空間。然後整棟大樓會在年底完工，我們可能會在 1 月、接近 1 月底舉行啟用典禮。

Building 11, which we haven't broken ground on that yet, but Building 11 would give us capacity for about another $1.5 billion of revenue and Building 12 the same. So if we were to build out everything we have on the current land and space that we have that would give us capacity for $11.5 billion there or thereabouts, probably a little bit more because while our growth is accelerating, our revenue per square foot is also going in the right direction. It's increasing as time goes on.

11 號大樓我們還沒動工，但 11 號大樓可為我們帶來約另外 15 億美元的營收產能，12 號大樓也是一樣。因此，如果我們把目前土地與空間能建的都建滿，產能大約可達 115 億美元左右，可能還會多一點，因為在我們成長加速的同時，我們每平方英尺的營收也朝正向發展，會隨時間增加。

So $11.5 billion fairly conservatively, probably a little bit more. The timing of that, it's too early really to talk about that card at this stage. We're focused on meeting our customers' needs, making sure we have capacity in place. So we have ample capacity for the next few years, but we are seriously considering what the timing might be for Building 11 and Building 12. We're also looking for additional land in and around both the Pinehurst campus and also Chonburi. So high quality problems.

所以 115 億美元是相當保守的估計，可能會略高一些。至於時程，現在這個階段還太早，真的不適合談那張牌。我們的重點是滿足客戶需求，確保產能到位。因此未來幾年我們有充足產能，但我們也在認真評估 11 號與 12 號大樓可能的時程。我們也在 Pinehurst 園區周邊以及 Chonburi 一帶尋找額外土地。所以這算是高品質的煩惱。

Very clear. Thank you.

非常清楚。謝謝。

Thank you.

謝謝。

Samik Chatterjee, JPMorgan.

JPMorgan 的 Samik Chatterjee。

Hi, thanks for taking my questions. Seamus, maybe if I can start with the new datacom customer opportunities that you outlined with both the hyperscaler and some of the merchant opportunities. Can you help us sort of size that in terms of what these customers are communicating to you in terms of what their demand will look like at full run rate?

嗨，謝謝回答我的問題。Seamus，我想先從你提到的新資料通訊（datacom）客戶機會開始，包括超大規模客戶（hyperscaler）以及一些商用（merchant）機會。你能否協助我們量化一下：這些客戶向你們傳達的需求，在滿載 run rate 時大概會是什麼樣子？

Just trying to compare it to your primary customer with whom you're doing about sort of $250 million a quarter or so. How do these new opportunities sort of size up relative to that? And is the supply chain different where we should not expect some of the supply constraints you have with your primary customer to impact ramp with the new customers that you have.

我只是想把它和你們的主要客戶做個比較，你們與主要客戶的業務大概是每季 2.5 億美元左右。這些新機會相對於那個規模大概如何？另外，供應鏈是否不同，使得我們不應預期你們在主要客戶那邊遇到的一些供應限制，會影響你們對新客戶的爬坡？

And I have a follow-up after that. Thank you.

之後我還有一個追問。謝謝。

Yeah, I think the supply chain is broadly similar across most of these primarily scale-out applications. It's very similar supply chain taking both of those in turn that you just mentioned, so the hyperscale relationship. Yes, we're excited about the new datacom opportunities where we announced today. There are two separate products.

是的，我認為供應鏈在大多數這些以 scale-out 為主的應用上大致相似。就你剛提到的兩點來看，供應鏈非常類似。至於 hyperscale 的合作關係，是的，我們對今天宣布的新 datacom 機會感到很興奮。這是兩個不同的產品。

And we've already began shipping, albeit in small qualification type quantities, but we've begun shipping those, and we expect that growth is already in front of us. And we believe it will be significant. It's a significant piece of business for us. The demand that we're seeing from the customer is very significant, and we are very focused on making sure we have the right capacity and capability and everything else in place to support the customer.

而且我們已經開始出貨，雖然目前仍是小量、偏向認證（qualification）性質的數量，但我們已經開始出貨，並且我們預期成長已經在我們前方。我們相信它會很顯著。這對我們而言是一塊重要的業務。我們從客戶那邊看到的需求非常可觀，我們也非常專注於確保具備正確的產能、能力以及其他一切，以支援客戶。

In terms of merchant programs, again, for several quarters, we've been working towards expanding our datacom business to encompass again, to direct hyperscale as we talked about, but also deep dealing and broadening the merchant relationships, and we have made sizable progress there. We have a couple of programs there as well that we're working on. So both very significant, both the hyperscale direct and the merchant, both very significant and have the potential to be very meaningful revenue contributors for us. But like as I say, both of those. All of those opportunities are essentially a very similar supply chain kind of ecosystem.

就商用客戶（merchant）方案而言，同樣地，在過去好幾個季度，我們一直致力於擴展我們的數據通訊（datacom）業務，使其再次涵蓋我們所談到的直接服務超大規模（hyperscale）客戶，同時也深化合作並拓寬商用客戶關係，而我們在這方面已取得相當大的進展。我們在那裡也有幾個方案正在推進。因此，這兩者都非常重要——無論是超大規模直供，還是商用客戶——都非常關鍵，並且都有潛力成為對我們非常有意義的營收貢獻來源。但就像我說的，這兩者、所有這些機會，本質上都屬於非常相似的供應鏈式生態系統。

I hope that makes sense.

希望這樣說得通。

Yeah, okay. Seamus, maybe I'll just ask you a clarification question on that and have a question for Csaba. Are you expecting that these programs stand-alone are like 10% of your revenue? Is it that sizable relative to the opportunity?

好的。Seamus，我想就此再請你澄清一點，然後也有一個問題要問 Csaba。你是否預期這些方案單獨來看會占你們營收的 10% 左右？相對於這個機會而言，規模有那麼大嗎？

And then, Saba, just the gross margin outlook here, like it sounds like you'll be at this sort of low 12% for the next quarter as well? How should we think about the recovery on the gross margin profile, particularly as ramp costs continue to sort of feed through the P&L? Thank you.

另外，Saba，關於這裡的毛利率展望，聽起來你們下一季也會維持在約 12% 出頭的低檔？我們應該如何看待毛利率結構的回升，特別是在爬坡（ramp）成本持續反映到損益表（P&L）的情況下？謝謝。

Yeah On the contribution from these customers, we never predict which customer may or may not become a 10% customer. We always talk about that. at the end of the year when we have to disclose which customers are 10% customers. So we only talk about that looking back.

是的。關於這些客戶的貢獻，我們從不預測哪一個客戶可能或不可能成為占營收 10% 的客戶。我們一直都是這麼說的。到了年底，當我們必須揭露哪些客戶是 10% 客戶時，我們才會談這件事。所以我們只會在回顧時談。

We never talk about it looking forward. But there are significant opportunities. That's all I'd say about that.

我們不會以前瞻的方式談。但確實存在重大的機會。我對此就只能說到這裡。

And then on the gross margin, I'll let Csaba provide a little bit more color on the gross margin.

至於毛利率，我讓 Csaba 再補充一些毛利率方面的說明。

Sameek, so basically, what we are seeing on gross margin is a combination of external and internal factors. On the external side, we have been communicating exchange rates, which have been a headwind for a while and that dynamic continues into this quarter. So the margins from exchange rate perspective will be similar in our Q4 as it was in Q3. Obviously, we have some visibility with our hedging program in place. So Q3 panned out as much as in terms of headwinds as we had anticipated.

Sameek，基本上，我們看到的毛利率是外部與內部因素的組合。外部方面，我們一直在溝通匯率問題，這段時間以來一直是逆風，而這個動態在本季仍然持續。因此，從匯率角度來看，我們第四季（Q4）的毛利率影響將與第三季（Q3）相近。當然，我們有避險計畫在運作，因此我們對此有一定能見度。所以第三季的結果，就逆風程度而言，與我們先前預期相符。

So Q4, we anticipate to be at that same level. Obviously, at the same time, we are ramping a large number of new programs across multiple growth factors, which is sometimes creates short-term inefficiencies. So obviously, this is a function of strong demand and the pace we are scaling the business. So as this program mature, we do expect those efficiencies to improve and get back to our higher margin ranges. Obviously, the good news is that we are very disciplined on the operating expenses. As you saw last quarter, we continued to generate operating leverage and OpEx is trending down.

因此第四季我們預期會在相同水準。同時，我們正在多個成長驅動因素上，為大量新方案加速導入（ramp），這有時會造成短期效率不彰。這顯然是強勁需求與我們擴張業務速度的結果。隨著這些方案逐步成熟，我們確實預期效率會改善，並回到我們較高的毛利率區間。好消息是，我們在營運費用（OpEx）方面非常自律。如你們在上季所見，我們持續產生營運槓桿，OpEx 也呈下降趨勢。

Overall as a percentage of the revenue. Last quarter, we were at 1.4%. So there are some near-term pressures on gross margin, some of it we cannot control from an exchange perspective, but the overall model continues to deliver a very, very strong and solid and improving profitability as we scale. So we feel very good about the underlying model and our ability to drive long-term profitability growth. And obviously, our ultimate focus is to remain driving strong return on capital and delivering consistent value to shareholders as we scale these programs.

整體而言，作為營收的百分比。上季我們是 1.4%。因此毛利率短期確實有一些壓力，其中一部分從匯率角度我們無法控制，但整體商業模式在我們擴張規模時，仍持續帶來非常、非常強勁、穩健且持續改善的獲利能力。因此，我們對底層模式以及推動長期獲利成長的能力感到非常有信心。當然，我們最終的重點是，在擴大這些方案的同時，持續推動強勁的資本報酬率，並為股東帶來一致的價值。

Thank you. Thanks for taking my question.

謝謝。感謝回答我的問題。

Thank you.

謝謝。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

This is [Dylan Olivier] on for Chris Rolland. So for my first question, I wanted to ask, you spent some time talking about in your role here. So you mentioned that you're working with three customers or two programs and that you've begun getting revenue now. So are all these programs getting revenue today? And then any color you could provide on if these are all scale out or if any of these engagements are related to scale up.

我是代 Chris Rolland 提問的 [Dylan Olivier]。我的第一個問題是，你在這裡的發言中花了一些時間談到你們的進展。你提到你們正在與三個客戶合作或兩個方案，且現在已開始有營收。所以這些方案目前都有營收嗎？另外，你能否補充一下，這些是否全都是 scale-out，或其中是否有任何合作與 scale-up 相關？

We are shipping to all three customers. They're both scale up (technical difficulty) . Both will scale up and scale out. And we're really putting the capacity in place and making sure we have the right technology in place. You'll see with our investment in rate tech.

我們正在對這三個客戶出貨。它們兩者都是 scale-up（技術問題）。兩者都會同時涵蓋 scale-up 與 scale-out。我們正在真正把產能建置到位，並確保我們具備正確的技術能力。你們也會看到我們在 rate tech 上的投資。

It's really to help us make sure we have the right capability. So we are excited about CPO, but it's largely -- revenue is largely in front of us at this point.

這主要是為了幫助我們確保具備正確的能力。因此我們對 CPO 感到興奮，但就目前而言——營收在很大程度上仍在前方。

Great. And then for my second question, I wanted to ask maybe about another opportunity that you didn't discuss on this call, but is kind of seeing it's a nice little explosion right now. Are you -- any sort of color that you can provide on our engagements are going, when do you think this can materialize and if you can get a dominant chair of the externally contracted OCS market.

很好。第二個問題，我想問一個你們這通電話沒有談到、但目前似乎正出現一波不錯爆發的機會。你們——能否分享一下你們的合作進展如何、你認為何時可能實現，以及你們是否有機會在外包的 OCS 市場取得主導市占？

Yeah, So OCS remains. We think it's a great opportunity for us as we look ahead. The technology is very similar to products that we already make for our customers. So it gives us a real head start versus our competition.

是的。OCS 仍然是——我們認為展望未來，這對我們是很好的機會。其技術與我們已為客戶製造的產品非常相似，因此相較於競爭對手，我們有很大的先發優勢。

There's no change in our optimism about OCS. But to be clear, the new merchant opportunities that we talked about earlier that they are not -- we'll see us related, they're separate. But yes, we see opportunities are incremental to that. And again, similar to CPO are largely in front of us. But we're focused on 1 or 2, too early to talk about in -- until we have something to have something to talk about, but we're pretty excited about OCS as a segment.

我們對 OCS 的樂觀程度沒有改變。但要說清楚，我們先前談到的新商用客戶機會並不是——不是與 OCS 相關，它們是分開的。不過，是的，我們看到的機會是額外增量的。而且同樣地，與 CPO 類似，機會在很大程度上仍在前方。我們目前聚焦在 1 到 2 個項目，現在談還太早——要等到我們真的有內容可以談時再說，但我們對 OCS 這個領域相當興奮。

All right. Thank you. Thank you.

好的。謝謝。謝謝。

Ryan Koontz, Needham & Co.

Ryan Koontz，Needham & Co.。

Great. Thanks for the question. I just want to ask a little more generically regarding your transceiver wins. Can you just expand for us kind of where you would be in your milestone process before you'd announce to us that you have a win? Is it you have a contract, you have qualification, you have sampling. I'm not asking specifics about the same customer, but generically, at what point do you typically disclose and might we consider these different programs in the process between ramping material revenue and maybe an MOU that's not contractually bound.

很好，謝謝讓我提問。我想更概括地問一下你們的收發器（transceiver）得標（wins）。你能否為我們說明一下，通常在你們的里程碑流程走到哪一步時，你們才會對外宣布已經拿下案子？是已簽合約、完成認證（qualification）、已送樣（sampling）嗎？我不是要問同一個客戶的細節，而是一般而言，你們通常在什麼時間點披露？另外，我們是否可以把這些不同方案理解為：有些已在爬坡並產生實質營收，有些可能只是尚未具法律約束力的 MOU？

Thank you. Yeah, It's a good question. Actually, generally, we don't really talk about wins until we have actually won the program. So that would mean we have been awarded the business. We have a contract in place.

謝謝。是的，這是個好問題。其實一般而言，我們不太會談所謂的得標，直到我們確實已經拿下該方案。也就是說，我們已被授予該業務，並且合約已到位。

We have purchase orders. We've been qualified and approved. So we're really at that milestone phase where we're being ready to ramp at this point. Ryan, that's really our -- we don't really signal specifics and new programs and until we have them won. That's generally how we've tended to do things historically because not all not all products that you think you've won early on turn into real products.

我們已有採購訂單（purchase orders），也已通過認證並獲核准。因此我們確實是在那個里程碑階段——已準備好在此時開始爬坡。Ryan，這就是我們的——我們通常不會在尚未確定得標前，就釋放新方案的具體訊號。歷史上一向如此，因為不是所有你在早期以為贏下的產品，最後都會變成真正的產品。

or in demand. So in this case, I'm happy to report here, we have a number of programs that we won, like I say, contracts in place, product being shipped, contract signed with customers. So there -- we've actually won those.

或形成需求。所以在這個案例中，我很高興在此報告，我們確實贏下了多個方案——如我所說，合約已到位、產品正在出貨、與客戶的合約已簽署。因此——我們確實已經拿下那些。

That's helpful, Seamus. And then give us a follow-up just on your strength in telecom. Obviously, DCI and it's a big star there. How would you characterize your customer mix within telecom is changing? Can you share anything about kind of the product mix there?

這很有幫助，Seamus。接著追問一下你們在電信領域的優勢。顯然 DCI 是其中的大明星。你會如何描述你們在電信領域的客戶組合正在如何改變？你能否分享一些那裡的產品組合情況？

400, 800ZR, I mean I know you guys pretty much touch everything going on there, but are you seeing some industry shifts that are working in your favor within the telecom mix? Thank you.

400、800ZR——我的意思是，我知道你們幾乎涵蓋那裡正在發生的一切，但你們是否看到一些產業變化正在讓你們在電信組合中受益？謝謝。

Yeah, I think there are. We're really -- our position supplying the DCI market is very strong. We have really all of the major players there as customers of ours. And as we talked about in the prepared remarks, our growth in DCI has been pretty staggering. And our datacom -- I'm sorry, our telecom portfolio continues to go from strength to strength.

是的，我認為確實有。我們在供應 DCI 市場方面的地位非常強。我們幾乎把所有主要玩家都納為我們的客戶。正如我們在事先準備的講稿中提到的，我們在 DCI 的成長相當驚人。而我們的電信產品組合也持續愈來愈強。

We don't just provide components, we provide the DCI, the 400ZR modules as well as our telecom systems. So we really -- I suppose we've really evolved our business from being a niche optical component supplier, which we were several years ago into a diversified strategic ecosystem partner for the leading OEMs. For both optical components, but also systems across all dimensions of AI-driven growth in both datacom and telecom.

我們不只是提供元件，我們也提供 DCI、400ZR 模組，以及我們的電信系統。因此我們確實——我想我們已經把業務從幾年前的利基光學元件供應商，演進成為領先 OEM 的多元化、策略性生態系夥伴。不僅是光學元件，也包括系統，涵蓋 AI 驅動成長在數據通訊與電信兩端的各個面向。

And like I say, the best example of that is probably our strength in in DCI, data center interconnect. So the demand looks to be very strong. We continue to win business in that space and continue to execute very well for our customers. And there's a number of new programs that we're working on as well. as well as ramping the existing programs as new products in the works as well that we're not shipping in volume yet, but we're gearing up to ship.

而且就像我說的，最好的例子大概就是我們在 DCI（資料中心互連，data center interconnect）方面的實力。因此需求看起來非常強勁。我們持續在那個領域贏得業務，並且持續為客戶執行得非常到位。同時我們也在推進一些新的專案；也在把既有專案往上拉升，另外也有一些新產品正在開發中，目前還沒有大量出貨，但我們正在為出貨做準備。

So we feel very good about our momentum in DCI with the leading customers there.

所以我們對於在 DCI、以及與那裡領先客戶合作所展現的動能感到非常有信心。

Helpful. And do you consider multi-rail an opportunity for you in your wheelhouse there to go with the telecom sector?

很有幫助。那你們是否認為 multi-rail 對你們而言是一個機會、也屬於你們的強項，並可搭配電信領域一起推進？

I think it's -- anything in the telecom space where we can have a good high level of content is a good fit for us. So yes, certainly, those type of products will be a good fit for us.

我認為——在電信領域裡，只要我們能夠提供很高的內容價值（content），對我們來說就是很合適的。所以是的，當然，這類產品會很適合我們。

Thank you. Appreciate you.

謝謝你。很感謝你。

Thank you.

謝謝。

Steven Fox, Fox Advisors, LLC.

Steven Fox，Fox Advisors, LLC。

Hi, good afternoon everyone. Seamus, I guess I was curious on the supply constraints. It sounds like they got worse during the quarter. And at the same time, it sounds like even if we think about just end market demand, end markets are getting stronger. So can you paint a picture for how constraints don't get worse going forward and how do you manage through this and start catching up with demand? Is there any line of sight to improvements?

嗨，各位下午好。Seamus，我想我對供應限制有點好奇。聽起來它們在本季變得更嚴重。同時，如果我們只看終端市場需求，終端市場似乎也在變得更強。你能否描繪一下，為什麼接下來限制不會變得更糟？你們要如何管理並開始追上需求？是否有任何改善的可見度？

And then I had a follow-up.

然後我還有一個追問。

Yes, I think we're not unduly concerned long term, but we do feel obliged to point it out in the short term because we guide one quarter at a time. It did impact our ability to ship last quarter, we could have shipped a lot more if we had those components and the same this quarter. But overall, it's really a function of the growth that we see in the industries that we serve and in our business overall. That growth -- we're very proud of our our track record of excellent execution built on dedication to customer service.

是的，我想我們長期並不會過度擔心，但短期我們覺得有義務指出來，因為我們一次只提供一季的指引。它確實影響了我們上季的出貨能力——如果有那些元件，我們本來可以出貨更多；本季也是一樣。但整體而言，這其實是我們所服務產業以及我們整體業務所看到的成長所致。這個成長——我們對於自己在以客戶服務為核心、並以卓越執行為基礎的優異紀錄感到非常自豪。

That's really the secret sauce here. That track record is what has allowed us to deliver the sales growth we've seen over the last.

那真的是這裡的關鍵祕方。正是這樣的紀錄，讓我們得以交付過去所看到的銷售成長。

If you look over a 10-year period, even up to FY 2025, we compounded the revenue growth of 16%, the compounded earnings is 22%. And then in FY 2025, we grew 19% versus FY24. And if you look at FY26, since we're now in Q4, if you take the midpoint of our Q4 guidance, that will put us up 34% versus FY25. So FY25 grew 19% versus FY24, FY26, at the midpoint of our Q4 guidance would be up 34% versus FY25. So growth is accelerating.

如果你看 10 年期間，甚至到 FY 2025，我們的營收複合成長率是 16%，獲利的複合成長是 22%。而在 FY 2025，我們相較 FY24 成長了 19%。再看 FY26，因為我們現在在 Q4，如果以我們 Q4 指引的中點來看，將使我們相較 FY25 成長 34%。所以 FY25 相較 FY24 成長 19%；FY26 以 Q4 指引中點來看，將相較 FY25 成長 34%。也就是說，成長正在加速。

And with that acceleration of growth, it does expose certain supply constraints. The component supply ecosystem is doing everything they can to catch up with the demand. But there is a lag right now between the demand we're seeing and the supply base catching up with that demand.

而隨著成長加速，確實會暴露出某些供應限制。元件供應的生態系正在盡一切努力追上需求，但目前我們看到的需求與供應端追上需求之間，仍存在時間落差。

And really our focus is on execution and ensuring we capitalize on this really strong demand environment that we're seeing having more than enough capacity in place to support each of our customers while we work on these challenges in the supply chain. So it's nothing unusual. We think it's really a function of just this explosive growth we're seeing.

而我們真正的重點在於執行，並確保我們能把握目前所看到的這個非常強勁的需求環境——在我們處理供應鏈挑戰的同時，確保有足夠的產能來支援每一位客戶。所以這並不罕見。我們認為這主要就是我們看到的爆發性成長所造成的結果。

That's fair. And then just one other question on the flip side of that, you're accelerating your own capacity additions. I guess if we started today as another starting point, like your ability to accelerate further like what else would you have to see? Would it be more in programs or loosening up of the supply chain that you -- the supplies you need? And how long would that take? Thanks very much.

合理。那再問一個相反面的問題：你們正在加速擴充自己的產能。我想如果以今天作為另一個起點，你們要再進一步加速的能力——你們還需要看到什麼？會是更多專案，或是供應鏈更鬆動、你們所需的供應更到位？以及那大概需要多久？非常感謝。

I think -- for us, it sounds like we're adding a lot of capacity. They're quite straightforward, if you like, capital allocation decisions for us because of the huge upside potential, we guess, we build a 2 million square foot factory that will give us capacity for an addition of $3 billion of revenue. The CapEx is just -- depends on the exchange rate on the day you look at it, when it's $130 million, $132 million, something like that.

我想——對我們而言，聽起來我們正在增加很多產能。這些對我們來說是相當直接的資本配置決策，因為上行潛力非常大。比方說，我們建一座 200 萬平方英尺的工廠，就能帶來額外 30 億美元營收的產能。資本支出（CapEx）其實就是——取決於你看當天的匯率，大概是 1.30 億美元、1.32 億美元之類。

The upside opportunity for us at full run rate in that factory. 6 months' worth of operating profit would pay for the entire 2 million square feet of manufacturing space. On the downside, if there is a downturn, and we end up with no new business going into that factory, which we don't anticipate, but just if we did, if that were to happen, the gross margin headwind would be about 50 basis points, something like that. So a negligible headwind and a significant upside opportunity. So that makes these decisions for us relatively straightforward.

對我們而言，在那座工廠滿載運轉時的上行機會是：只要 6 個月的營業利益，就能支付整個 200 萬平方英尺製造空間的成本。下行方面，如果景氣下滑，而我們最後沒有任何新業務進到那座工廠——我們不預期會發生，但假設真的發生——毛利率的逆風大約是 50 個基點左右。也就是說，下行逆風可忽略，但上行機會很可觀。因此這些決策對我們來說相對直接。

The capacity is very is fungible, whether it's the 2 million square feet in Chonburi, or the -- a couple of hundred thousand square feet that we just acquired in the Chonburi or the 150,000 square feet that we're converting in Pinehurst. The capacity is very fungible. And the customers are very comfortable working -- most of the customers are very comfortable having us build their products in either location.

產能的可替代性（fungible）非常高，不論是春武里（Chonburi）的 200 萬平方英尺，或是——我們剛在春武里取得的幾十萬平方英尺，或是我們在 Pinehurst 正在改造的 15 萬平方英尺。產能非常具有可替代性。而客戶也很願意配合——大多數客戶都很願意讓我們在任一地點生產他們的產品。

So -- and like I said earlier, we have room to add two additional factories in Chonburi, and we can have another 200,000 square foot factory on the land which was purchased in the Havana Corner . So we have ample land and capacity to seize up for the next several years and then we continue to look for more land.

所以——而且如我先前所說，我們在春武里還有空間再增加兩座工廠；另外在 Havana Corner 購買的土地上，我們也可以再建一座 20 萬平方英尺的工廠。因此我們有充足的土地與產能，可以在未來幾年把握擴張機會，同時我們也持續尋找更多土地。

So certainly, as we're seeing the strong demand segments seen from our customers making those capital investments is a relatively straightforward decision for us because it's -- we're not we're not taking any big risks. We're just really making sure we have capacity in place to support the needs of our customers, and that's really our focus.

所以當我們看到客戶端的強勁需求區塊時，進行這些資本投資對我們而言是相對直接的決策，因為——我們並沒有承擔什麼重大風險。我們只是確保產能到位，以支援客戶的需求，而這就是我們真正的重點。

Got it. That's very helpful. Thank you.

了解。這非常有幫助。謝謝。

Thank you.

謝謝。

Michael Genovese, Rosenblatt Securities.

Michael Genovese，Rosenblatt Securities。

Thank you, Seamus, in talking about the direct hyperscale datacom business, I think you mentioned that there's two products. Can I ask, does that imply an 800G and a 1.6 or are they to 2 800G products? Can you comment on that?

謝謝你，Seamus。談到直接的 hyperscale datacom 業務時，我想你提到有兩個產品。我可以問一下，這是否意味著一個是 800G、另一個是 1.6T，還是兩個都是 800G 產品？你能評論一下嗎？

They're both 800 gig, but they are different applications. They scale across -- sorry, they're both scale apps not scale across.

兩個都是 800G，但它們是不同的應用。它們是 scale apps——抱歉，是兩個都是 scale apps，不是 scale across。

Perfect. Okay. And then on the -- I mean just very good DCI growth this quarter, and I think you were asked, but is a little bit more kind of vaguer question. I just want to ask a little bit more pointedly, if 800ZR in particular, drove an outsized portion of the growth this quarter or if it was more broadly spread. And then I also noticed that you had some telecom growth above and beyond -- so if you could just call out those products that were not DCI that also grew in telecom, that would be helpful. Thank you.

完美。好。然後關於——我是說，本季 DCI 成長非常好，我想你也被問過，但我想更直接一點問：特別是 800ZR，是否在本季帶動了相對更大比例的成長，還是成長更廣泛地分散在各產品？另外我也注意到你們的電信成長超出——所以如果你能點出那些不是 DCI、但同樣在電信領域成長的產品，會很有幫助。謝謝。

Yes. So on the mix between, let's say, 800ZR and 400ZR, it's probably more appropriate for our customers to talk about that. But really 800ZR is ramping, I would say it's getting going, and we do have very big hopes for that. It looks to be a very strong product. But again, the growth like a lot of these programs that we've won despite the fact that we've demonstrated really excellent growth, we think this past while.

是的。所以就 800ZR 與 400ZR 的組合來說，可能更適合由我們的客戶來談。不過 800ZR 確實正在爬坡，我會說它正在啟動中，我們對它抱有很大的期待。它看起來會是一個非常強的產品。但同樣地，成長——就像我們贏得的許多專案一樣，儘管我們在這段時間展現了非常出色的成長，我們認為……

A lot of those new programs are really in front of us that are just beginning to ramp. And I would put 800ZR in that category. And your second question?

我們贏得的許多新專案其實都還在前方，才剛開始放量。我會把 800ZR 也歸在這一類。那你的第二個問題是？

Just the telecom growth there was above and beyond, DCI didn't drive at 100% of the telecom growth. There was more telecom growth in DCI. So if you could just call out some of the strong products outside of DCI and telecom, that would be helpful.

就是電信的成長超出 DCI——DCI 並沒有貢獻電信成長的 100%。在 DCI 之外還有更多電信成長。所以如果你能點出一些在 DCI 之外、同樣在電信領域表現強勁的產品，會很有幫助。

Yes, we continue to win -- we continue to win business with our customers, both DCI but also outside of DCI, both in -- at the component level and also at the system level with a number of our customers. We continue to win business, mostly share gain maybe from some of our competitors. So that continues at a pace with our customers. We're very fortunate. We have the -- we believe, some of the really best companies in the industry, and the demand for their products is very strong.

是的，我們持續——我們持續與客戶贏得業務，不僅是 DCI，也包括 DCI 之外；在——無論是元件層級，也包括系統層級，我們都與多家客戶持續拿下業務。我們持續贏得業務，主要可能是從一些競爭對手那裡取得市占（share gain）。因此在客戶端這樣的進展仍以一定速度持續。我們非常幸運。我們擁有——我們相信——產業中一些最優秀的公司，而他們產品的需求非常強勁。

And because of the -- we believe, a very good job we do, taking care of them and executing the reward us by giving us more business. So it's a kind of a self rewarding loop. The better we do, the better job we do executing for the customers, the more business they seem to give us.

而且因為——我們相信，我們在照顧他們以及執行交付方面做得非常好，他們會以給我們更多業務來回報我們。所以這有點像一個自我回饋的循環。我們做得越好、為客戶執行得越到位，他們似乎就會給我們越多的業務。

So it's a combination, like I said, of both the growth in growth in DCI. It's also ramps of programs we've been awarded previously, and thirdly, new business that our customers continue to award us.

所以這是多種因素的組合，如我所說，既包括 DCI 的成長——DCI 的成長，也包括我們先前已獲授予之專案的放量爬坡，第三則是客戶持續授予我們的新業務。

(Operator Instructions)

（接線員指示）

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

Hey, good afternoon. And Seamus, I'm going to take you back to OFC. And I think you commented that you wished you guided farther out sometimes. And I'm going to try and to forge you that opportunity here with the following contracts.

嗨，午安。Seamus，我想把你帶回到 OFC。我記得你提到過，有時你希望能把指引拉得更遠一些。我想用下面這些合約，試著在這裡替你創造那個機會。

I appreciate that.

我很感謝。

I know my pleasure. In the context to some comments you've made earlier in the call about maintaining momentum into '27, you mentioned '27 and sustaining this growth trajectory. Now as I look at these datacom wins, maybe by themselves, but -- and I have a follow-up question on that. But I mean it seems to me quite plausible that you could sustain and accelerate this 34% growth rate that you're putting up in fiscal '26. Any comments on that?

不客氣。結合你在電話會議前面提到的、關於把動能維持到 '27 的一些評論——你提到 '27 以及維持這條成長軌跡。現在我看這些 datacom 的得標案，或許單獨看是這樣——我後面也有一個追問。但我的意思是，我覺得你們很有可能可以維持甚至加速你們在 2026 會計年度所展現的 34% 成長率。對此有什麼看法？

Well, I think again, as you point out, yes, FY25 grew 19%. FY26 will grow at 34% versus FY25 at the midpoint of our guidance. And the thing that we're particularly as proud of is we've managed to do that if you look at, again, FY26 at the midpoint of the guidance, if you take this quarter, for example, compared to the same quarter a year ago, we grew the revenue from $872 million to $1.214 billion, so 39% year-over-year growth in Q3. Our operating expenses grew by 6.2%. We went from $16 million to $16.99 million.

我想，如你所指出的，是的，FY25 成長了 19%。以我們指引中點來看，FY26 相較 FY25 將成長 34%。而我們特別引以為傲的是，如果你看——同樣以 FY26 指引中點來看——以本季為例，與去年同期相比，我們營收從 8.72 億美元成長到 12.14 億美元，也就是 Q3 年增 39%。我們的營業費用只成長了 6.2%，從 1,600 萬美元增加到 1,699 萬美元。

So we grew the OpEx by a mere 6.2%. So therefore, on revenue growth of 39%, our operating income grew 46% and our net income grew 48%. So growth without profit is not much fun for anyone. So we're very focused on making sure as we grow that we are we're very cautious with the use of the company's resources and the company's assets, but that we also execute in a way that allows us to get that operating leverage that we've been delivering for quite some time. The growth is accelerating.

所以我們的 OpEx 只增加了 6.2%。因此，在營收成長 39% 的情況下，我們的營業利益成長了 46%，淨利成長了 48%。沒有獲利的成長，對任何人來說都不太有趣。所以我們非常專注於確保在成長的同時，我們對公司資源與資產的使用非常謹慎，同時也以能讓我們取得營運槓桿的方式來執行——而這種營運槓桿我們已經交付相當長一段時間了。成長正在加速。

There's no doubt about that. And certainly, the demand segments we see from our customers. There's always things going on in the world that we don't control. So we don't worry too much about those things, because we can't do anything about them other than respond to them.

這點毫無疑問。而且我們確實看到來自客戶的需求區塊。世界上總是會發生一些我們無法控制的事情。所以我們不會太擔心那些事，因為除了回應之外，我們也無能為力。

But certainly, if you look at the key fundamentals that drive our business and that allow us to make these capital allocation decisions and if you like, investments and expansion decisions, it looks to be very promising. And for some time to come, it looks to be very promising. Again, we'll continue to guide one quarter at a time, Tim.

但如果你看驅動我們業務、並讓我們能做出這些資本配置決策——如果你願意，也包括投資與擴張決策——的關鍵基本面，看起來非常有前景。而且在未來一段時間內，看起來都會非常有前景。再說一次，Tim，我們仍會一次只提供一季的指引。

But at the same time, that doesn't stop us from being optimistic about the future. And certainly probably more optimistic than we've been in quite some time. It's a very, very strong demand pipeline that we're seeing across the board, both telecom and datacom. And also our industrial laser business, we're seeing some growth there, and we're making some traction there with some new business wins. So it's really across our business.

但同時，這不妨礙我們對未來保持樂觀。而且可以說，我們可能比相當長一段時間以來都更樂觀。我們看到的是一個非常、非常強勁的需求管線，涵蓋電信與資料通訊。此外，在我們的工業雷射業務方面，我們也看到一些成長，並且透過一些新的得標案取得進展。所以這是橫跨我們整體業務的現象。

Okay. And along those lines, would you expect your two datacom direct wins to be in full ramp, I guess, by the end of fiscal '27 or maybe even earlier than that.

好的。那沿著這個方向，你是否預期你們兩個 datacom 直接得標案，會在 2027 會計年度結束前完成全面放量爬坡，或甚至更早？

I think probably earlier -- sorry, Tim, I didn't mean to -- I think earlier than the end of fiscal '27 probably middle -- kind of middle of fiscal '27.

我想可能更早——抱歉，Tim，我不是要——我想會比 FY27 結束更早，可能在 FY27 的中段——大概是 FY27 的中間。

Great. And then last one for me is on the merchant wins, and maybe I'll -- because who knows these could be related I want to combine that with a question about outsourcing opportunities from some of your historical, let's say, onetime 10% customers. But how do you -- I guess, how should we look at those merchant opportunities? I mean, look, on these direct things, it seem to be any reason that any one of those two guys could be as big as your current big datacom customer at least. But from a merchant standpoint, how should we be thinking about that in terms of those opportunities and how they ramp?

很好。那我最後一個問題是關於 merchant 的得標案——也許我會——因為誰知道這些可能彼此相關——我想把它和一個關於外包機會的問題合在一起，這些外包機會可能來自你們一些歷史上的、姑且說曾經佔比 10% 的客戶。但你們——我想，我們應該怎麼看這些 merchant 機會？我的意思是，從這些直接案來看，似乎沒有理由這兩家其中任何一家不能至少做到像你們目前那個大型 datacom 客戶一樣大。但從 merchant 的角度，我們應該如何思考這些機會以及它們的放量節奏？

And indeed, does that kind of cross over to the boundary of outsourcing?

而且，這是否會跨越到外包的邊界？

Yeah, I think, yes, certainly both of the opportunities, both the hyperscale direct, which will probably ramp throughout FY27. With the new program, it's hard to say exactly how quickly it will run, but it'll probably ramp throughout FY27. On the merchant opportunities, again, some of these opportunities are very significant. The demand is very strong.

是的，我想，是的，當然這兩類機會都是如此。兩個 hyperscale 直接案，可能會在 FY27 全年持續放量。至於新的專案，很難精確說它會跑得多快，但大概也會在 FY27 全年逐步放量。至於 merchant 的機會，同樣地，其中一些機會非常重大，需求非常強勁。

And for us, we don't really mind who we're making, for example, transceivers. We don't mind who we're making transceivers for as long as we're making somebody else's design because we're really adamant about that, Tim.

對我們來說，我們其實不太在意我們是替誰製造——例如——收發器。我們不在意替誰做收發器，只要我們做的是別人的設計，因為我們在這一點上非常堅持，Tim。

We're a service company. We will never have our own product. We never compete with our customers. It's very, very important for us, and it's very important for our customers. So we have to make sure we thread that needle carefully and never end up in a situation where we have a product design.

我們是一家服務型公司。我們永遠不會有自己的產品。我們從不與客戶競爭。這對我們非常、非常重要，對我們的客戶也非常重要。所以我們必須確保小心拿捏分寸，絕不能落入我們擁有產品設計的情況。

So we don't have that. We're facilitating our customers with somebody else's design and we just happen to manufacture it. But certainly, the demand is very strong. Even if you were to take a relatively modest percentage of the -- of any hyperscalers demand. And if we were to be able to supply a relatively modest percentage with a product that we can ship direct and it's still very significant. So we're very focused on it. Those represent a big opportunity. You're exactly right.

所以我們沒有那樣做。我們是在用別人的設計來協助客戶，而我們只是剛好負責製造。但可以肯定的是，需求非常強勁。即便你只拿任何一家 hyperscaler 需求中相對不高的比例來看，如果我們能以可直接出貨的產品供應其中相對不高的比例，規模仍然非常可觀。所以我們非常專注在這上面。這些代表一個很大的機會。你說得完全正確。

And any one of these will be significant opportunity worth noteworthy and worth talking about. And the exciting part is we have several of these. We have, like I say, two separate programs linked to a hyperscaler. And we have merchants business, and we have our main customer as well. So -- and we haven't really talked that much on this call about our telecom business, which again goes from strength to strength. So lots of growth factors.

而且這些當中的任何一個，都會是重要、值得關注、也值得拿出來談的機會。令人興奮的是，我們有好幾個這樣的機會。如我所說，我們有兩個與某家 hyperscaler 相關的獨立專案；我們有 merchant 業務；我們也有主要客戶。此外——而且我們在這通電話會議中其實沒有花太多時間談我們的電信業務，而那塊同樣是愈來愈強。所以成長因素很多。

Great. Thanks very much.

很好。非常感謝。

Thank you. And I am showing no further questions from our phone lines. I'd now like to turn the conference back over to Seamus Grady for any closing remarks.

謝謝。目前我這邊顯示電話線上沒有其他問題。現在我想把會議交回給 Seamus Grady，請他做結語。

Thank you for joining our call today. We are excited to have delivered another impressive quarter that exceeded our guidance. Moreover, we're very enthusiastic about the several key new business opportunities that will further support our strong growth starting in the fourth quarter and that also positions us to extend our remarkable performance record into fiscal year 2027. We look forward to speaking with you in the future and to seeing those of you who will be attending the upcoming Needham and JPMorgan conferences. Thanks again, and goodbye.

感謝各位今天參與我們的電話會議。我們很高興再度交出一個亮眼的季度表現，並且超越我們的指引。此外，對於幾個關鍵的新業務機會，我們也非常振奮；這些機會將自第四季起進一步支撐我們的強勁成長，同時也讓我們有條件把這份卓越的績效紀錄延伸到 2027 會計年度。我們期待未來再與各位交流，也期待在即將舉行的 Needham 與 JPMorgan 研討會上見到將出席的各位。再次感謝，再見。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。節目到此結束。您現在可以掛線。