Fabrinet (FN) 2026 Q4 法說會逐字稿

Good afternoon. Welcome to Fabrinet's Financial Results Conference Call for the Fourth Quarter of Fiscal Year 2026. (Operator Instructions) As a reminder, today's call is being recorded. I would now like to turn the call over to your host, Garo Toomajanian, Vice President of Investor Relations.

下午好。歡迎參加Fabrinet 2026會計年度第四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。現在我想把電話交給本次會議主持人、投資人關係副總裁Garo Toomajanian。

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 fourth quarter of fiscal year 2026, which ended June 26, 2026. With me on the call today are Seamus Grady, Chairman and Chief Executive Officer; and Csaba Sverha, Chief Financial Officer.

謝謝，接線員，大家下午好。感謝各位參加今天的電話會議，討論Fabrinet截至2026年6月26日止之2026會計年度第四季的財務與營運成果。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。

This call is being webcast, and a replay will be available on the Investors section of our website located at investor.fabrinet.com. During this call, we will present both GAAP and non-GAAP financial measures.

本次電話會議將進行網路直播，重播將可於我們網站的投資人專區（investor.fabrinet.com）取得。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。

Please refer to the Investors section of our website for important information, including our earnings press release and investor presentation, which include our GAAP to non-GAAP reconciliation as well as additional details of our revenue breakdown. In addition, today's discussion will contain forward-looking statements about the future financial performance of the company.

請參閱我們網站的投資人專區以取得重要資訊，包括我們的財報新聞稿與投資人簡報，其中包含GAAP與非GAAP之調節表，以及營收拆分的更多細節。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。

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from management's current expectations. These statements reflect our opinions only as of the date of this presentation, and we undertake no obligation to revise them in light of new information or future events, except as required by law.

前瞻性陳述受風險與不確定性影響，可能導致實際結果與管理階層目前預期有重大差異。這些陳述僅反映截至本簡報日期之我們的觀點；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。

For a description of the risk factors that may affect our results, please refer to our recent SEC filings, in particular, the section captioned Risk Factors in our Form 10-Q filed on May 5, 2026. We will begin the call with remarks from Seamus and Csaba, followed by time for questions.

關於可能影響我們業績之風險因素說明，請參閱我們近期向SEC提交的文件，特別是我們於2026年5月5日提交之Form 10-Q中「風險因素」一節。接下來將先由Seamus與Csaba發表談話，之後開放提問。

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董事長兼執行長Seamus Grady。Seamus？

Thank you, Garo. Good afternoon, everyone, and thank you for joining our call today. We are delighted to report an outstanding fourth quarter that ended a remarkable year of accelerating year-over-year revenue growth, and we are enthusiastic that our momentum will extend in the first quarter and through fiscal year 2027.

謝謝你，Garo。各位下午好，感謝大家參加今天的電話會議。我們很高興報告一個表現卓越的第四季，為營收年增率加速成長的亮眼年度畫下句點；我們也很振奮地認為，這股動能將延續至第一季並貫穿2027會計年度。

Quarter-to-quarter revenue of $1.316 billion increased 45% year-over-year and exceeded the top end of our guidance range. This revenue upside flowed through to the bottom line, with non-GAAP EPS of $4.10, which was also above our guidance range.

本季營收為13.16億美元，年增45%，並超越我們財測區間的上緣。這項營收超預期也反映在獲利端，非GAAP每股盈餘（EPS）為4.10美元，同樣高於我們的財測區間。

We were pleased to see success from multiple sustainable growth drivers simultaneously supporting our business as we closed out fiscal 2026, and we are excited to anticipate an even stronger fiscal 2027. For all of fiscal 2026, revenue was an impressive $4.6 billion, increasing 36% from fiscal 2025. And with strong execution, net income grew even faster than revenue, producing non-GAAP EPS of $14.09 for the year.

我們很高興看到，在2026會計年度結束之際，多項可持續的成長動能同時支撐我們的業務；我們也期待2027會計年度將更為強勁。就2026會計年度全年而言，營收達到令人印象深刻的46億美元，較2025會計年度成長36%。在強勁執行力帶動下，淨利成長速度更快於營收，全年非GAAP每股盈餘達14.09美元。

What's most noticeable to us is that this performance did not come from any one product category or customer, but from increasing demand trends across numerous customers in multiple markets, particularly evident at customers addressing the data center market as well as those serving the communications infrastructure market.

對我們而言最明顯的是，這項表現並非來自單一產品類別或單一客戶，而是來自多個市場中眾多客戶需求趨勢的提升；其中在服務資料中心市場的客戶，以及服務通訊基礎建設市場的客戶身上尤為明顯。

Demand from these markets continues to increase, which makes us optimistic about the long-term durability of these trends. Before we get into the details of our results, I'd like to highlight a change in the way we will be reporting our revenue breakdown going forward.

來自這些市場的需求持續增加，使我們對這些趨勢的長期延續性保持樂觀。在進入業績細節之前，我想先強調我們未來在營收拆分揭露方式上的一項變更。

As complex optical and electronic products become more and more prevalent inside, across and between data centers, it is evident that hyperscalers and other data center service providers are the ultimate customers of many of the products we manufacture, including some of those that have been characterized as telecom products in the past.

隨著複雜的光學與電子產品在資料中心內部、跨資料中心以及資料中心之間愈來愈普及，很明顯地，超大規模業者（hyperscalers）與其他資料中心服務供應商，才是我們所製造許多產品的最終客戶；其中也包括過去曾被歸類為電信產品的一些項目。

At the same time, communications infrastructure continues to be an important part of our business, driven by general purpose, longer rich products with broader applications that are not specific to data centers. Therefore, in order for our revenue breakdown to better reflect the end markets we ultimately serve. Going forward, we will focus on three revenue categories.

同時，通訊基礎建設仍是我們業務的重要組成，主要由通用型、產品生命週期較長且應用更廣的產品所驅動，這些產品並非專為資料中心而設計。因此，為了讓我們的營收拆分能更貼近我們最終所服務的終端市場。未來我們將聚焦於三大營收類別。

Number one, data centers; number two, communications infrastructure; and number three, automotive, industrial and other revenue. In addition to being better aligned with the markets we ultimately serve, this also simplifies our reporting.

第一，資料中心；第二，通訊基礎建設；第三，車用、工業及其他營收。除了能更貼近我們最終服務的市場之外，這也能簡化我們的揭露方式。

We will continue to provide color on trends within all of these categories to extend our transparent revenue reporting practices and to help investors better understand the underlying drivers of our business. I would now like to talk about capacity. As you know, we have been rapidly increasing our manufacturing footprint in order to stay ahead of rising demand, and we are excited to report a number of milestones.

我們將持續就上述各類別內的趨勢提供更多說明，以延續我們透明的營收揭露作法，並協助投資人更了解驅動我們業務的基本因素。接下來我想談談產能。如各位所知，為了領先因應需求上升，我們一直在快速擴大製造版圖；我們也很高興向各位報告多項里程碑。

At Building 10 in our Chonburi Campus, we remain on track to complete Building 10 by early 2027. And which will add a total of 2 million square feet to our footprint. We have already qualified 250,000 square feet on the first floor of this facility, and we expect a similar amount on the third floor to be qualified this quarter.

在春武里園區（Chonburi Campus）的10號大樓方面，我們仍按計畫在2027年初完成10號大樓。該大樓將為我們的廠房面積新增合計200萬平方英尺。我們已完成該設施一樓25萬平方英尺的認證（qualification），並預期本季將完成三樓相近面積的認證。

At our Pinehurst Campus, we have completed the conversion of 120,000 square feet of office space into manufacturing space. We have also completed the acquisition of our new site in Nevanacorn earlier in the fourth quarter, and we are happy to report that this building has just been commissioned, adding another 200,000 square feet of space.

在Pinehurst園區，我們已完成將12萬平方英尺的辦公空間改建為製造空間。我們也在第四季稍早完成收購位於Nevanacorn的新據點，並很高興報告該建物已剛完成啟用（commissioned），再新增20萬平方英尺的空間。

In addition to these capacity increases in Thailand, we have also been focused on expanding our footprint at Fabrinet West. Our Santa Clara operations are primarily focused on helping customers, many of which are in the same neighborhood, bring new products to market. Since Fabrinet West is an on-ramp to Bangkok, success here is measured by how efficiently we transfer our production of products to Thailand for higher volume, low-cost manufacturing at scale.

除了在泰國擴增產能之外，我們也專注於擴大Fabrinet West的據點。我們在聖塔克拉拉（Santa Clara）的營運主要著重於協助客戶（其中許多就在同一區域）將新產品推向市場。由於Fabrinet West是通往曼谷的「上線通道」（on-ramp），我們衡量此處成功與否的標準，在於我們能多有效率地將產品生產移轉至泰國，以在當地進行更高產量、低成本且可規模化的製造。

To support increasing demand for these new product introduction and related services, we recently completed the acquisition of a campus at great America Place in Santa Clara, less than a mile away from our existing facility on Patrick Henry Drive.

為支援新產品導入（NPI）及相關服務日益增加的需求，我們近期完成收購位於聖塔克拉拉Great America Place的一處園區，距離我們位於Patrick Henry Drive的既有設施不到一英里。

This campus consists of two office buildings and a large manufacturing space of approximately 130,000 square feet, that will more than double our Silicon Valley footprint and help support our long-term growth. Looking back at fiscal 2026. It was a remarkable year with accelerating revenue growth and record profits.

該園區包含兩棟辦公大樓以及約13萬平方英尺的大型製造空間，將使我們在矽谷的據點面積增加一倍以上，並有助於支援我們的長期成長。回顧2026會計年度。這是營收成長加速、獲利創新高的非凡一年。

More importantly, we have set the stage for another incredible year in fiscal 2027 as our strategy plays out. In addition to increasing demand across our existing business, we will see our growth bolstered by recent program wins as we continue to pursue further opportunities across our key markets.

更重要的是，隨著我們策略逐步落地，我們已為2027會計年度再創精彩的一年奠定基礎。除了既有業務需求持續提升之外，隨著近期贏得的新專案（program wins），我們的成長也將獲得進一步支撐；同時我們也將持續在核心市場中尋求更多機會。

In summary, this is an incredible time at Fabrinet as we benefit from our focus on complex high-growth markets, and we are proud to be winning more than our fair share of the opportunities. With accelerating year-over-year revenue growth, we are enthusiastic about the strong demand trends we are seeing and confident in our ability to extend our strong track record into the new year.

總結來說，對Fabrinet而言，這是一個令人振奮的時刻；我們受惠於聚焦於複雜且高成長的市場，也很自豪能在眾多機會中取得超出應得份額的勝出成果。在營收年增率加速成長之下，我們對所見到的強勁需求趨勢感到振奮，並對我們能在新年度延續過往亮眼成績深具信心。

Now I'd like to turn the call over to Csaba for more details on our fourth quarter results and our outlook for the first quarter of fiscal 2027. Csaba?

接下來我想把電話交給Csaba，請他進一步說明我們第四季的業績，以及對2027會計年度第一季的展望。Csaba？

Thank you, Seamus, and good afternoon, everyone. We delivered an excellent fourth quarter with year-over-year revenue growth accelerating to 45% and continued strong earnings growth. Revenue reached a record $1.316 billion, above the high end of our guidance range. We also continued to generate operating leverage, resulting in record non-GAAP EPS of $4.10, which also exceeded our expectations.

謝謝你，Seamus，各位下午好。我們交出了一份出色的第四季成績單，營收年增率加速至45%，獲利亦持續強勁成長。營收達到創紀錄的13.16億美元，高於我們財測區間的上緣。我們也持續展現營運槓桿，帶動非GAAP每股盈餘（EPS）創新高至4.10美元，同樣超出我們的預期。

As Seamus described, we have updated our revenue mix reporting to better reflect the end markets we serve and that our customers' products are ultimately deployed. The investor deck posted on our website provides a 12-quarter history under the new reporting structure, along with the reconciliation of our Q4 results to the prior categories.

如Seamus所述，我們已更新營收組合的揭露方式，以更貼近我們所服務的終端市場，以及客戶產品最終的部署場景。我們網站上發布的投資人簡報，提供在新揭露架構下連續12季的歷史資料，並附上第四季結果與舊分類之間的對照調節。

This change is purely presentational and has no impact on total revenue in any period. Now turning to the details, beginning with data center revenue. This category includes optical and interconnect products deployed within data centers including data center networking with an expanded view of DCI, high-performance computing and other AI infrastructure applications.

此變更僅屬呈現方式調整，對任何期間的總營收不造成影響。接著進入細節，先從資料中心營收談起。此類別包含部署於資料中心內的光學與互連產品，包括資料中心網路（並以更廣的視角涵蓋DCI）、高效能運算以及其他AI基礎設施應用。

Data center revenue was $669 million in the fourth quarter, representing growth of 68% from a year ago and 13% from Q3. This is now our largest category, representing 51% of total revenue. DCI products were the largest contributor to data center growth in the fourth quarter with an annualized revenue run rate exceeding $1 billion. High Performance Computing, or HPC, also made a substantial contribution to data center revenue, a solid growth in the quarter.

第四季資料中心營收為6.69億美元，較去年同期成長68%，較第三季成長13%。這已成為我們最大的類別，占總營收的51%。第四季資料中心成長的最大貢獻來自DCI產品，其年化營收運行率已超過10億美元。高效能運算（HPC）也對資料中心營收做出顯著貢獻，帶動本季穩健成長。

Looking ahead, we expect the momentum we saw in the fourth quarter to continue into fiscal 2027, supported further by the new transceiver wins we discussed last quarter. Moving to communications infrastructure.

展望未來，我們預期第四季所見的動能將延續至2027會計年度，並將進一步受惠於我們在上季所提到的新收發器（transceiver）得標案。接著談通訊基礎設施。

This category includes optical and networking products used in telecommunications and enterprise networks, excluding products specific to data center applications. Revenue was $413 million, an increase of 40% from a year ago and 1% from Q3, representing 31% of total revenue. Growth was broad-based across customers and end markets, including telecom systems, satellite communications and telecom components.

此類別包含用於電信與企業網路的光學與網路產品，但不含資料中心應用專用產品。營收為4.13億美元，較去年同期增加40%，較第三季增加1%，占總營收的31%。成長動能來自多元客戶與終端市場，包含電信系統、衛星通訊與電信元件。

We remain optimistic about the long-term growth outlook for this market and expect continuous trend in fiscal 2027. Turning now to automotive, industrial and other category. Revenue was $234 million, up 8% from a year ago and 9% from Q3, representing 18% of total revenue.

我們對此市場的長期成長前景仍保持樂觀，並預期在2027會計年度將延續成長趨勢。接著談汽車、工業及其他類別。營收為2.34億美元，較去年同期成長8%，較第三季成長9%，占總營收的18%。

The improving sequential growth was primarily driven by EV charging infrastructure products with a smaller contribution from growth at certain later customers. Overall, we are extremely excited about the growth trajectory and the broad-based trend in demand across the customers and end markets we serve.

本季環比成長改善主要由電動車（EV）充電基礎設施產品帶動，另有部分來自特定後段客戶的成長貢獻。整體而言，我們對成長軌跡以及我們所服務客戶與終端市場中廣泛的需求趨勢感到非常振奮。

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 fourth quarter was 12.2%, a 10 basis point improvement from Q3 and a 30 basis point decline from a year ago.

在我說明損益表（P&L）細節時，除非另有註明，所有費用與獲利能力指標將以非GAAP基礎呈現。第四季毛利率為12.2%，較第三季改善10個基點，但較去年同期下滑30個基點。

We continue to demonstrate strong operating leverage with operating expenses representing just 1.2% of revenue. This produced an operating margin of 10.9%, our highest level in three years. I'll remind you that our growth model does not require significant incremental operating expense, and we, therefore, expect continued operating leverage as revenue growth.

我們持續展現強勁的營運槓桿，營業費用僅占營收的1.2%。因此營業利益率達10.9%，為三年來最高水準。提醒各位，我們的成長模式不需要顯著增加額外營業費用，因此我們預期隨著營收成長，營運槓桿將持續擴大。

Interest income was $7 million, and we saw a foreign exchange revaluation gain of $1 million in Q4. Income tax was $3 million in the quarter. GAAP net income was $139 million or $3.83 per diluted share. Non-GAAP net income was $149 million or $4.10 per diluted share. In calculating our Q4 non-GAAP earnings, we excluded two items that we believe provide useful information to investors in assessing our results and comparability across periods.

利息收入為700萬美元，第四季亦認列100萬美元的外匯重估收益。本季所得稅費用為300萬美元。GAAP淨利為1.39億美元，稀釋後每股盈餘為3.83美元。非GAAP淨利為1.49億美元，稀釋後每股盈餘為4.10美元。在計算第四季非GAAP獲利時，我們排除了兩項我們認為能協助投資人評估營運成果並提升跨期可比性的項目。

First, we recorded an approximately $56.7 million noncash gain from remeasuring our investment in rate. This was an accounting gain on an existing investment and did not generate cash for the business. We intend to apply the same treatment consistently to the future gains or losses from remeasurement of this investment.

第一，我們因重新衡量對rate的投資而認列約5,670萬美元的非現金收益。這是對既有投資的會計帳面收益，並未為公司帶來現金流入。我們打算對未來因重新衡量該投資所產生的收益或損失，持續採用一致的處理方式。

Second, we recorded $57.4 million provision related to Thailand's top-up tax regime under the OSE, the Global Minimum Tax framework. The provision reflects the first-year application of the new framework is based on the rules in effect at our fiscal year end. No cash was paid in fiscal 2026 in connection with this (inaudible) Thailand's regulatory environment for this tax remains in transition as implementing regulations guidance and related investment support measures continue to develop.

第二，我們就泰國在OECD全球最低稅負（Global Minimum Tax）架構下的補足稅（top-up tax）制度，認列5,740萬美元的提列。該提列反映新架構在首年適用的影響，並以我們會計年度結束時有效的規則為基礎。2026會計年度並未就此支付任何現金（聽不清），且泰國針對此稅制的監管環境仍在過渡期，相關施行細則指引與投資支持措施仍在持續發展中。

As a result, future tax expense and any related benefits will vary over time, and we intend to apply a consistent approach while the transition continues. For the full fiscal year, revenue was a record $4.6 billion, up 36% from fiscal 2025. Non-GAAP EPS was $14.09, an increase of 39% from a year ago. In 2026, we continue to diversify our customer base with four customers representing 10% or more of total revenue.

因此，未來的稅費以及任何相關利益將隨時間而變動；在過渡期持續期間，我們將採取一致的方法處理。就全年而言，營收創紀錄達46億美元，較2025會計年度成長36%。非GAAP每股盈餘為14.09美元，較去年同期增加39%。在2026年，我們持續分散客戶基礎，有四家客戶各自占總營收10%或以上。

These were Cisco at 20%; NVIDIA at 16% and Nokia at 11% and Amazon at 11% of total revenue.Turning to our balance sheet. We ended the fourth quarter with cash and short-term investments of $876 million, down $70 million from the end of Q3. Operating cash flow for the quarter was $55 million.

分別為：Cisco占20%；NVIDIA占16%；Nokia占11%；Amazon占11%的總營收。接著看資產負債表。第四季末現金與短期投資為8.76億美元，較第三季末減少7,000萬美元。本季營運現金流為5,500萬美元。

CapEx increased to $92 million with ongoing construction of Building on in Chonburi and the purchase of our new campus in Nava Nakorn for $11 million. Free cash flow was an outflow of $37 million in the quarter. For the full year, operating cash flow was $257 million, free cash flow was $4 million. This reflects our disciplined capital allocation strategy and our continued investment in capacity to support long-term growth.

資本支出（CapEx）增加至9,200萬美元，主要因春武里（Chonburi）新建大樓工程持續進行，以及以1,100萬美元購入我們位於Nava Nakorn的新園區。本季自由現金流為流出3,700萬美元。全年營運現金流為2.57億美元，自由現金流為400萬美元。這反映我們嚴謹的資本配置策略，以及為支持長期成長而持續投入產能。

We believe reinvesting in the business remains one of the most attractive uses of our cash, supporting continued growth by generating strong ROIC. In the fourth quarter, we did not repurchase a meaningful number of shares. However, our share repurchase program remains active with approximately $169 million available at the end of the quarter under our current authorization.

我們認為將資金再投資於本業，仍是現金最具吸引力的用途之一，可透過創造強勁的投入資本報酬率（ROIC）來支持持續成長。第四季我們並未回購具顯著規模的股份。不過，我們的庫藏股回購計畫仍在進行中，於本季末在現行授權額度下尚有約1.69億美元可用。

Turning to our fiscal Q1 2027 guidance. As we look to the first quarter, we entered a new fiscal year with strong momentum across the business. In the data center market, we anticipate strong broad-based growth across transceivers, DCI and high-performance computing products.

接著說明2027會計年度第一季（Q1）的財測指引。展望第一季，我們在新會計年度開局即在各項業務上具備強勁動能。在資料中心市場，我們預期收發器、DCI與高效能運算產品將呈現強勁且廣泛的成長。

We expect growth from both established programs and new urbans, providing multiple growth engines for the company. In communications infrastructure, we also expect healthy growth, supported by continued strong demand across a broad range of systems, components and other programs.

我們預期既有專案與新的urbans都將帶來成長，為公司提供多重成長引擎。在通訊基礎設施方面，我們也預期將有健康的成長，並受惠於多元系統、元件及其他專案的持續強勁需求。

We are also optimistic that we will see growth in automotive, industrial and other revenue. In total, we expect first quarter revenue to be between $1.375 billion and $1.425 billion, representing year-over-year growth of 43% at the mid-quarter. While our usual first quarter expense seasonality will create a temporary margin headwind, we expect to continue generating operating leverage as revenue growth.

我們也樂觀預期汽車、工業及其他類別營收將出現成長。整體而言，我們預期第一季營收介於13.75億至14.25億美元之間，以區間中值計算年增43%。雖然第一季一向存在費用季節性，將對利潤率造成短期逆風，但我們預期隨著營收成長，仍將持續產生營運槓桿。

As such, we anticipate EPS to be between $4.10 and $4.25. While we only guide 1 quarter at the time, we think it's important to convey that we are more confident than ever in our longer-term outlook as customers provide us with visibility that goes into fiscal 2027 and beyond.

因此，我們預期 EPS 將介於 4.10 美元至 4.25 美元之間。雖然我們一次只提供 1 個季度的指引，但我們認為有必要傳達：隨著客戶提供可見度，涵蓋至 2027 財政年度及其後，我們對較長期展望的信心比以往任何時候都更強。

While this longer-term customer forecasts are not order commitments, they reinforce our confidence in the durability of the very strong demand trends we are seeing. In summary, our outstanding fourth quarter results kept a remarkable year for the company, with revenue increasing 36% and EPS growing 39%.

雖然這些較長期的客戶預測並非訂單承諾，但它們強化了我們對目前所見極為強勁需求趨勢之持久性的信心。總結而言，我們出色的第四季業績為公司締造了非凡的一年，營收成長 36%，EPS 成長 39%。

We enter fiscal 2027 with strong momentum driven by growing demand across existing programs, meaningful contributions from new program ramps and additional capacity coming online to support continued growth. Operator, we are now ready to open the call for questions.

我們以強勁動能邁入 2027 財政年度，動能來自既有專案需求成長、新專案放量帶來的顯著貢獻，以及新增產能陸續到位以支撐持續成長。接線員，我們現在準備開放提問。

(Operator Instructions)

(接線員指示)

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

This is Yasha on for Christopher Rolland. So I wanted to ask on datacom. It was down slightly sequentially in the quarter. So can you help us understand the dynamics there? How much of that was component supply versus any program transition or demand timing.

我是代 Christopher Rolland 提問的 Yasha。我想問一下資料通訊（datacom）。本季較前一季略有下滑。能否協助我們理解其中的動態？其中有多少是元件供應因素，或是任何專案轉換／需求時點所致？

And as we look into September and beyond, how should we think about the shape of datacom recovery? Do the constraints ease and any way to frame like sequential or year-over-year growth?

另外，展望 9 月及之後，我們應該如何看待資料通訊的復甦走勢？限制是否會緩解？是否有方式框架化例如季增或年增的成長？

This is Csaba. Let me take that question first. So we are transitioning to our new revenue categories as we mentioned in our prepared remarks. So if you were to look at or to reconcile our Q4, our datacom was somewhat flat. Obviously, this is a combination of everything that you have mentioned.

我是 Csaba。我先回答這個問題。如同我們在事先準備的講稿中提到的，我們正在轉換至新的營收分類。因此，如果你回頭看或要對帳我們的第四季，資料通訊其實大致持平。顯然，這是你所提到各項因素的綜合結果。

When we are looking at this category in our data center business in the future quarter, we do anticipate this to be up sequentially in our Q1 guidance. So the demand environment remains pretty robust and accelerating. So we are very optimistic about this subcategory that we are now going to report inside our data center revenue category.

就未來季度我們資料中心業務中的這個類別而言，我們預期在第一季指引中將呈現季增。因此，需求環境仍相當強勁且正在加速。我們對這個子類別非常樂觀；未來我們將在資料中心營收類別中揭露並報告它。

And my second question is on HPC. I think previously, you had talked about a $150 million quarterly run rate for September. So is that still the expectation for the next quarter? Or maybe has the timing there kind of shifted. I think in your prepared remarks, you highlighted new transceiver wins with this customer.

我的第二個問題是關於 HPC。我記得先前你們曾談到 9 月季度的單季約 1.5 億美元的 run rate（運行率）。那仍是下一季的預期嗎？或是時程是否有所變動？我想在你們的事先準備講稿中，你們提到與該客戶取得新的收發器（transceiver）勝利。

So any additional color there? Is this for 800 gig, 1.6T or any other color on like applications?

能否再補充一些細節？這是 800G、1.6T，或在應用面還有其他可分享的資訊嗎？

Yes, this is Seamus. Our HPC business continues to perform, I would say, ahead of expectations. We demonstrated good sequential growth in the quarter as a number of programs with the major hyperscaler continues to ramp.

是的，我是 Seamus。我會說，我們的 HPC 業務持續表現優於預期。本季隨著多個與主要超大規模雲端業者（hyperscaler）的專案持續放量，我們展現了良好的季增成長。

We're in the process of ramping the customer's next-generation silicon platform, and we're installing additional capacity to support both the technology transition as well as additional products and capacity that we're adding additional products that will be manufacturing. We remain on track with the customer, and we expect that business to continue to grow.

我們正在推進該客戶下一代矽平台的放量，同時也在安裝額外產能，以支援技術轉換以及我們新增的更多產品與產能（這些新增產品將投入製造）。我們與客戶的進度仍在軌道上，並預期該業務將持續成長。

You mentioned the, let's say, the transceiver business as well with that particular customer. So we're excited to be expanding our data center transceiver business with a number of new customers and programs. We expect these programs to see -- we expect these programs to start ramping as soon as this quarter with the hyperscaler direct program among the first Solange, the one you mentioned.

你也提到了與該特定客戶的收發器業務。因此，我們很高興能與多家新客戶及多個專案擴大我們的資料中心收發器業務。我們預期這些專案將在本季就開始放量——其中超大規模雲端業者的直供（direct）專案會是最早的一批之一，Solange，也就是你提到的那個。

We do expect one of the merchant programs to begin in the December quarter and the others to get off the ground in early calendar 2027. This is all pretty consistent with our prior expectations for a meaningful ramp over the course of the fiscal year, supporting our very strong growth trends.

我們確實預期其中一個商用（merchant）專案將於 12 月季度開始，其他專案則在 2027 年曆年初期啟動。這與我們先前對於本財政年度期間將出現顯著放量的預期相當一致，並支撐我們非常強勁的成長趨勢。

George Notter, Wolf Research.

George Notter，Wolf Research。

I wanted to ask about some of the capacity additions in the business. obviously, we're getting ready to wrap up Building 10 in the next few months. I'm just curious on your thoughts around building an I think, Seamus, if you go back in time, I think you admitted at one point that maybe you started building 10 a little bit too late. I guess I'm just wondering how you think about the triggers now for Building 11 and then longer-term capacity additions?

我想問一些關於業務產能擴增的問題。顯然，我們正準備在接下來幾個月完成 10 號廠房（Building 10）。我只是好奇你們對於興建的想法——Seamus，如果回到過去，我記得你曾在某個時點承認，或許你們開始興建 10 號廠房稍微晚了一點。我想知道你們現在如何看待啟動 11 號廠房（Building 11）的觸發條件，以及更長期的產能擴增？

No. I think we started Building 10 as it turns out at exactly the right time, either by excellent planning or good luck or combination of both. Yes, we continue to expand our capacity ahead of the demand and investing in capacity for us is a very important use of the cash.

不。我認為事後看來，我們啟動 10 號廠房的時點剛剛好，可能是出色的規劃、也可能是運氣好，或兩者兼具。是的，我們持續在需求之前擴充產能，而對我們而言，投資產能是現金非常重要的用途。

And we're really rapidly expanding our manufacturing footprint to support the strong customer growth that we're seeing and to make sure we have sufficient capacity for the new programs. Just to kind of frame it a little bit, we ended fiscal 2025.

我們正非常快速地擴大製造版圖，以支援我們所看到的強勁客戶成長，並確保我們對新專案有足夠的產能。為了稍微框架化一下，我們在 2025 財政年度結束時。

If you take Q4 revenue of $1.32 billion, look by that by 4, you get about 5.3%. So we're at a run rate of $5.3 billion, so a little bit ahead of what we had originally thought was the capacity. So $5.3 billion run rate as we exit Q4. And we have, if you like, land capacity and plans in place to bring that capacity up to between $12.5 billion and $14 billion over the coming years.

如果你以第四季 13.2 億美元的營收來看，乘以 4，大約是 53 億美元。因此，我們目前的 run rate 約為 53 億美元，略高於我們原先認為的產能水準。也就是說，我們在第四季結束時的 run rate 為 53 億美元。而我們也已具備土地、產能與規劃，能在未來幾年把產能提升至 125 億至 140 億美元之間。

And let me just explain how we get from $5.3 million to potentially $14 billion. Again, we finished FY '26 at a run rate of 5.3%. With the space we converted in Pinehurst recently that would take us up to about between 5.5% and 5.8%. We converted some office space into manufacturing. So that takes up to 5.5% to 5.8%. Building 10 will add $3 billion to $3.5 billion of capacity.

我再說明一下我們如何從 530 萬美元到可能的 140 億美元。同樣地，我們在 2026 財政年度結束時的 run rate 是 53 億美元。隨著我們近期在 Pinehurst 轉換的空間，將可把我們提升到約 55 億至 58 億美元之間。我們把部分辦公空間改為製造用途。因此可提升到 55 億至 58 億美元。10 號廠房將新增 30 億至 35 億美元的產能。

So that would take us to between 8.5% and 9.3%. I know that's a pretty broad range, but it really does depend on the mix and the products that we're making for our customers. So like I said, Building 10 will add about $3 billion to $3.5 billion, taking us up to between 8.5% and 9.3%. We've already started to produce in some of just started to produce in some of Building 10. But the vast bulk of that capacity had in front of us.

因此將把我們提升到約 85 億至 93 億美元之間。我知道這是一個相當寬的區間，但確實取決於我們為客戶生產的產品組合與品項。如我所說，10 號廠房將新增約 30 億至 35 億美元，使我們提升到約 85 億至 93 億美元。我們已經開始在 10 號廠房的部分區域進行生產。但其中絕大部分的產能仍在我們前方、尚待釋出。

The Nevanacorn factory that we recently purchased, that will start contributing from Q1 onwards and at full capacity. That building has capacity for about another $200 million to $250 million. Santa Clara, the new campus, again, it's very much mix dependent. But if you just take the kind of the average revenue per square foot and applied, that Santa Clara campus would add about $200 million to $250 million of additional capacity.

我們最近收購的 Nevanacorn 工廠，將從第一季起開始貢獻，並在滿載時。該棟建築的產能約可再增加 2 億至 2.5 億美元。Santa Clara 的新園區，同樣非常取決於產品組合。但如果你以每平方英尺的平均營收來估算並套用，Santa Clara 園區將新增約 2 億至 2.5 億美元的額外產能。

And then we have room to build two more factories in Chonburi, each of about 1.2 million square feet with revenue capacity of about $1.8 billion to $2.1 billion. So if you add up all of that and you take the run rate exiting Q4 and then you add the low and the high of each of those additions, you get between $12.5 billion and $14 billion.

此外，我們在 Chonburi 還有空間可再興建兩座工廠，每座約 120 萬平方英尺，營收產能約 18 億至 21 億美元。因此，如果把以上全部加總，並以第四季結束時的 run rate 為基礎，再加上各項擴增的低端與高端估計，合計將介於 125 億至 140 億美元之間。

And we continue to look for more land to expand. So we've been very fortunate we've been able to keep expanding ahead of the demand, and we plan to continue to do that. We're going to be expanding -- continuing to expand aggressively over the next few years.

而且我們會持續尋找更多土地以擴張。所以我們非常幸運，能夠在需求之前就持續擴張，我們也計畫繼續這麼做。未來幾年我們將擴張——並且會持續積極擴張。

Got it. Super. And then I think last quarter, when you discussed this, I think you kind of circulated or centered on an $11.5 billion revenue run rate, if I have that correct, these numbers are obviously higher. Is it just -- the difference is, obviously, a piece of this, I think, is Nava, but Santa Clara would be another piece. Are there other components in this also, or no?

了解。很好。另外我記得上季你們討論這件事時，提到或聚焦在約 115 億美元的營收年化運行率（run rate），如果我沒記錯的話，而現在這些數字顯然更高。差異是否只是——當然其中一部分我認為是 Nava，但 Santa Clara 也會是另一部分。這裡面還有其他組成因素嗎？還是沒有？

Yes, I think it's a combination of we're adding more space, more square footage, of course, between Nava and the other capacity issues we talked on sent car, of course, but also our revenue per square foot is increasing. We are actually increasing our revenue per square foot.

是的，我認為這是多種因素的組合：我們增加了更多空間、更多平方英尺；當然，Nava 以及我們談到的 Santa Clara 的其他產能問題也是因素之一；但同時，我們每平方英尺的營收也在提高。我們確實正在提高每平方英尺的營收。

We're doing more with less. We find -- we seem to always find ways to make sure we never turned away revenue. We don't disappoint the customers. So we always find ways to get the product out. So our revenue per square foot has been increasing as well as our square footage has been increasing. So both have been increasing.

我們用更少的資源做更多的事。我們發現——我們似乎總能找到方法，確保我們不會把營收拒之門外。我們不會讓客戶失望。所以我們總能找到方法把產品交付出去。因此，我們每平方英尺的營收在增加，同時我們的面積也在增加。所以兩者都在增加。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通（JPMorgan）。

Maybe just one on the discussion in recent weeks around CTO and MTO. And maybe more specifically about the NPL opportunity it seems like it's materializing a bit sooner than what maybe the industry or at least maybe investors have been thinking about.

也許就最近幾週關於 CTO 和 MTO 的討論問一題。更具體來說，關於 NPL 的機會，看起來它比產業、或至少比投資人原先想的更早開始具體化，而且似乎相當重要。

And I'm just curious, just given the combination of the recent relationship that you have with [indiscernible], how are you thinking about Fabrinet's ability to address these type of opportunities? I mean, I guess, CPO and MTO, but I'm just curious if NPOs looking like it's something that maybe is happening earlier for you guys and maybe to a greater magnitude than what was a quarter or two ago? And then I have a quick follow-up.

我想請教的是，考量你們近期與[indiscernible]的合作關係，你們如何看待 Fabrinet 承接這類機會的能力？我的意思是，像 CPO 和 MTO，但我也想了解 NPO 看起來是否對你們而言是更早發生、而且規模可能比一兩季前更大的事情？然後我有個簡短的追問。

Sure. Thanks, Joe. Yes. So NPL technology sits somewhere between pluggable modules and CPO. As you know, we've built tens of millions of pluggable modules over the years. So we've clearly demonstrated that expertise. We're working on CPO today with a handful of customers, and we're already building devices, albeit not yet at full scale volumes.

當然。謝謝你，Joe。是的。NPL 技術介於可插拔模組（pluggable modules）與 CPO 之間。如你所知，多年來我們已經製造了數千萬個可插拔模組。所以我們顯然已經證明了這方面的專業能力。我們目前正與少數客戶合作 CPO，而且我們已經在製造相關裝置，只是尚未達到全面量產規模。

And since NPO, as you said, NPO combines elements of both, we feel we're very well positioned to be the leader in manufacturing and packaging and new package optics devices. As NPO scales to 6.4, 12.8 terabit and beyond, the manufacturing complexity and yield becomes increasingly important, it becomes critical.

而 NPO 如你所說，結合了兩者的元素，因此我們認為自己非常有條件成為新封裝光學（new package optics）裝置在製造與封裝方面的領導者。當 NPO 擴展到 6.4、12.8 Tbps 甚至更高時，製造複雜度與良率就變得愈來愈重要，甚至是關鍵。

And for decades, our core strength has been transforming advanced photonics components into reliable high-volume systems. So that's really what we do. That's our sweet spot. It's probably too early to talk about, let's say, revenues and margins from those opportunities and customers as they depend on program specifics.

而數十年來，我們的核心強項就是把先進光子元件轉化為可靠的高產量系統。所以那正是我們在做的事。那是我們的強項所在。至於這些機會與客戶帶來的營收與毛利等，我想現在談可能還太早，因為會取決於各個專案的具體細節。

But rest assured, we are very much involved in all of the technologies you mentioned, and NPO, I think, probably represents a more near-term opportunity and CPO for what we've seen with our customers. Our partnership with Raytec we think will be very important for us and will really be instrumental in allowing us to unlock the potential of the demand we're seeing rate will be adding capacity in Thailand in our campus.

但請放心，我們確實深度參與你提到的所有技術；而就我們從客戶端看到的情況，我認為 NPO 可能代表比 CPO 更近程的機會。我們認為與 Raytec 的合作對我們會非常重要，並且將在協助我們釋放所看到的需求潛力方面扮演關鍵角色；Raytec 也會在泰國園區增加產能。

So we really feel it's important for us to have all of the packaging capabilities that are required to produce these products in the future. under our roof, either in our own production lines or in partnership with Ray tech. So we're pretty excited about those opportunities, too.

因此，我們認為對我們而言很重要的是，未來生產這些產品所需的所有封裝能力，都能在我們的體系內完成——不論是在我們自有產線之下，或是透過與 Raytech 的合作。所以我們對這些機會也相當興奮。

Very interesting. And then maybe just as my follow-up. You listed Nokia as a 10% customer, which maybe for me was a bit of a surprise. I thought maybe Ciena would be on that list. But maybe just speaking to Nokia. How much of this is a function of the Infinera business that you've had as a large customer at least historical versus maybe additional business that you have subsequently won as a function of the combination of those two companies together.

非常有意思。接著作為我的追問。你們把 Nokia 列為 10% 客戶，這對我來說有點意外。我原本以為 Ciena 會在那個名單上。但就 Nokia 而言，這有多少是因為你們過去（至少歷史上）把 Infinera 視為大客戶所帶來的業務貢獻，對比於兩家公司合併後你們後續贏得的新增業務？

Just curious if you're actually seeing the business you now winning bigger or more opportunities from the combined entity or if it's not just a function of what you have done historically with Infinera and kind of a rising tide situation?

我想了解的是，你們是否真的從合併後的實體贏得更大或更多的機會，還是這只是你們過去與 Infinera 合作的歷史延續，加上「水漲船高」的情況？

It's a little bit of both -- I mean I don't want into too much detail on any one specific customer, but I think I can safely say our first objective, and it's something we don't necessarily control was to make sure that we do everything possible that when Nokia acquired Infinera at the Infinera business stays robust and sometimes in these situations when the big company acquires a smaller company, there can be product rationalizations and things like that and through no fault of your own, you can end up losing business.

兩者都有——我的意思是，我不想對任何單一客戶談太多細節，但我想我可以很有把握地說，我們的第一個目標——而且這不一定是我們能控制的——是確保我們盡一切可能，讓 Nokia 收購 Infinera 之後，Infinera 的業務仍然維持強勁。

That didn't happen in this case. The Infinera products, I think, are instrumental and seem to have very strong demand. So the Infinera business has been rising. And then, of course, the Nokia business is going very strong as well and our relationship with Nokia is very good.

但這次並沒有發生。我認為 Infinera 的產品非常關鍵，而且需求看起來很強。所以 Infinera 的業務一直在上升。當然，Nokia 的業務也進展得非常好，而且我們與 Nokia 的關係非常良好。

We historically have done a little bit of business with Nokia, but they were not a big customer for us historically. So really that that reputation that we had and that we continue to have with the intreneura folks has really set us in good state and we feel we're well positioned and starting, as you say, to make some breakthroughs and winning business with Nokia.

我們過去確實與 Nokia 做過一些業務，但歷史上他們並不是我們的大客戶。所以，真正讓我們站穩良好位置的，是我們在 Infinera 團隊那邊建立並持續維持的聲譽；我們也覺得自己處於很好的位置，並且如你所說，開始取得一些突破、贏得 Nokia 的業務。

So we're pretty excited about that relationship. Yes, they rose to be more than a 10% customer. And we're really just -- we feel getting started with Nokia. We feel there's a huge amount of potential there to continue to grow that relationship.

所以我們對這段關係相當興奮。是的，他們成長到成為超過 10% 的客戶。而我們真的——我們覺得與 Nokia 的合作才剛開始。我們認為那裡有非常巨大的潛力，可以持續擴大這段關係。

Tim Long, Barclays.

Tim Long，巴克萊（Barclays）。

Yes, two, if I could, going to hit some of this again. Seamus, I know you don't want to talk too much about customers, but obviously NVIDIA's a reported one with 10% and a pretty good decline in the year. Understanding there was a lot of component issues that have plagued that business. Just curious of kind of current update on competitive landscape there particularly as the newer programs that you guys tend to lead are a little bit more mature now.

好的，如果可以的話我有兩個問題，會再追問一些剛才提到的內容。Seamus，我知道你不想談太多客戶細節，但顯然 NVIDIA 是外界報導的 10% 客戶，而且該業務在今年出現相當明顯的下滑。我理解那個業務一直受到許多零組件問題的困擾。我想請教目前那邊的競爭態勢更新，特別是你們通常領先的較新專案，現在也逐漸成熟了。

So just curious how -- appreciate it's going to -- that business should overall go up a little up next quarter, but curious about the -- how you view the competitive landscape, particularly as some of the nodes have matured. And then I have a follow-up after that.

所以想了解——我知道那項業務整體下季應該會小幅回升，但我想問的是——你們如何看待競爭態勢，尤其是在一些節點（nodes）已經成熟之後。然後我還有一個追問。

Yes. I mean, we're obviously not going to get into too much specifics on any one customer, but I will say that we're very pleased with our data center performance in Q4. And we're optimistic that we'll see sequential growth in the first quarter, both with long-standing customers, like the one you mentioned, and newer customers contributing to that growth.

是的。我的意思是，我們當然不會針對任何單一客戶談太多細節，但我可以說，我們對第四季資料中心的表現非常滿意。而且我們樂觀預期第一季將出現季增成長，這將同時來自長期客戶（例如你提到的那位）以及較新的客戶共同貢獻成長。

With respect to any specific parts or components don't want to speak on behalf of our customers, our suppliers in these kind of three-way relationships, especially for some of these high-profile components. But our supply chain team has been doing an excellent job managing these relationships, and we have continued to get our share of the components we need.

就任何特定的零件或元件而言，在這類三方關係中，我們不想代表客戶或供應商發言，尤其是針對其中一些備受矚目的元件。但我們的供應鏈團隊在管理這些關係方面做得非常出色，我們也持續取得我們所需元件的配額。

Demand yes, demand for certain components is higher than the available supply, and we're working very hard to mitigate that to make sure we get what we need. And as always, we have taken any potential gaps in supply into account in our guidance. and expectations for growth in all three major revenue categories, including the data center business.

需求方面，是的，某些元件的需求高於可供應的供給，我們正非常努力地加以緩解，以確保取得所需。而且一如既往，我們已在指引中納入任何潛在的供應缺口，以及三大主要營收類別（包括資料中心業務）的成長預期。

Okay. Great. And then maybe back to the HPC, you mentioned some kind of newer opportunities there as well. I was wondering if you could just give us a little bit more color on types of products or any color you can give us or scale of what that could do to the business?

好的。很好。接著回到 HPC，你提到那裡也有一些較新的機會。我想請你能否再多提供一些細節，例如產品類型、你能分享的任何資訊，或是它對業務可能帶來的規模？

It seems like it got off to a pretty good start and the ramp has been pretty good through four quarters. Just curious what other programs could be added to that to keep that business growing?

看起來一開始表現相當不錯，而且在四個季度的爬坡也很順利。只是好奇還有哪些其他專案可能加入，以維持該業務的成長？

Yes. I mean the products we're talking about are really follow-on products from previous generation products. And we've also won some additional products. That relationship is going very well. It's well ahead of our expectations and on track to continue to grow for some time to come.

是的。我的意思是，我們談的產品其實是前一代產品的後續產品。我們也拿下了一些額外的產品。這段合作關係進展得非常順利。它遠超出我們的預期，並且有望在未來一段時間持續成長。

That's -- HPC is now included in our data center category. We won't be breaking out HPC as a separate category in the future, but it is part of our data center category, along with the datacom products and also DCI and HPC because those products are really what drives the data center revenue for us. But back to your question on HPC with AWS, the business is going very well.

另外——HPC 現在已納入我們的資料中心類別。未來我們不會再把 HPC 作為獨立類別拆分揭露，但它屬於我們的資料中心類別的一部分，與 datacom 產品以及 DCI 和 HPC 一起，因為這些產品才是真正驅動我們資料中心營收的來源。但回到你關於 AWS 的 HPC 問題，這項業務進展得非常好。

We're very happy with the relationship. We believe the customer are too, which we just continue to focus on doing a great job for them. And that's the best way for us to win new business is to do an excellent job with the business that we have. So that's our focus.

我們對這段合作關係非常滿意。我們相信客戶也同樣滿意，因此我們會持續專注把服務做到最好。而我們贏得新業務的最佳方式，就是把現有業務做得非常出色。所以這就是我們的重點。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

Seamus, I was wondering if you could talk a little bit about the system integration business doing full system with some of the telecom networking OEMs and how that's going? I believe you talked about one major program and maybe there were others in the works. But any update there would be appreciated. And then I have a follow-up.

Seamus，我想請你談談系統整合業務：與部分電信網路 OEM 合作做整套系統的情況如何？我記得你提過一個主要專案，可能還有其他正在進行中。如果能提供任何最新進展，我會很感謝。另外我還有一個追問。

Yes. I mean we have a number of products that we make for our customers where we do the complete network system. The sweet spot for us, Stephen, is where we do a lot of the component content maybe first and then work our way up through -- start off with components, then do the, let's say, PCBAs and then subsystems and subassemblies all the way up to complete network systems.

是的。我的意思是，我們為客戶製造的多項產品中，有一些是由我們完成整套網路系統。Stephen，對我們而言的甜蜜點在於：我們先做大量的元件內容，然後再往上延伸——先從元件開始，接著做例如 PCBA，然後是子系統與次組件，一路做到完整的網路系統。

So it's for us and for our customers, it's very important that we have sufficient component content that we're making in order for it to be attractive for the customer and also sticky from our point of view that we're doing a lot for the customer more than just assembling systems. So that's really been our focus.

因此，對我們和客戶來說，非常重要的是：我們必須製造足夠的元件內容，這樣對客戶而言才有吸引力；同時從我們的角度也更具黏著度，因為我們為客戶做的不只是系統組裝，而是更多價值。所以這一直是我們的重點。

That's how we've had some success with that with a number of our customers. Probably the first foray into that business for us was with the Infinera now Nokia business when Infinera acquired Corium several years ago. We've also brought on significant Cisco complete network systems business, and we're working on one or two others.

這也是我們在多位客戶身上取得一些成功的方式。對我們而言，最早切入這項業務，可能是幾年前 Infinera 併購 Corium 後、也就是現在的 Nokia 業務。我們也承接了相當可觀的 Cisco 完整網路系統業務，並且正在推進另外一到兩個案子。

They take time. They take a long time to come to fruition, and we usually start with the components and work our way up from there. So we're working very diligently on that, and we hope to have one or two to add in the coming quarters.

這些都需要時間。要開花結果需要很長時間，而我們通常是從元件開始，然後再逐步往上做。因此我們正非常努力地推進，也希望在接下來幾個季度能再新增一到兩個專案。

That's helpful. And then just on your comments about being able to improve revenue per square foot. It sounds like there's some interesting details, but I don't know maybe you want to share or don't. But beyond mix, like can you give us an idea of how you're sort of getting more out the door than maybe we would have expected 90 days ago?

這很有幫助。另外關於你提到能提升每平方英尺的營收。聽起來有一些有趣的細節，但我不確定你是否想分享。但除了產品組合之外，你能否讓我們了解一下，你們是如何在 90 天前可能還不預期的情況下，讓更多產品出貨？

Well, I mean, if you look at the nature of the products and the business that's growing for us. DCI, of course, has been really good for us. And DCI products are generally physically small in form factor and revenue dense. So as we've shipped more -- as we've been shipping more complex products to our customers, that revenue per square foot metric.

嗯，我的意思是，如果你看我們正在成長的產品與業務性質。當然，DCI 對我們一直非常好。而 DCI 產品通常外形尺寸較小，但單位營收密度高。因此，隨著我們向客戶出貨更多——隨著我們出貨更複雜的產品，那個每平方英尺營收的指標就會……

And that's not to be on an end all. It's a function of better mix but also improved efficiencies and better utilization of space. So there's a number of factors that go into it. It's not only one factor, but in a broad sense, it's a combination of more complex products and therefore, more revenue dense products and also a better space utilization and efficiency improvements.

而且那也不是唯一的終極指標。它一方面來自更好的產品組合，另一方面也來自效率提升與空間使用率的改善。所以其中有多個因素。不只是一個因素；概括而言，是更複雜、因此營收密度更高的產品，再加上更好的空間利用與效率改善的綜合結果。

We're pretty relentless about finding savings and finding better ways to utilize space and save on space because space is at a premium. So it's a combination of both, Steven.

我們在尋找節省、以及找出更好的方式來利用空間與節省空間方面非常執著，因為空間非常稀缺。所以這兩者是結合在一起的，Steven。

Ryan Koontz, Needham & Company.

Ryan Koontz，Needham & Company。

I want to ask about the telecom and DCI business, which continues to repair really, really strong numbers. Do you think you're seeing yet impact from scale up across projects, number one. And number two, when do you think that you'll see some impact from the new multi-rail amplified densification? Is that a new market opportunity for you?

我想問電信與 DCI 業務，這部分持續繳出非常、非常強勁的數字。第一，你認為你們是否已經看到專案規模擴大所帶來的影響？第二，你認為何時會看到新的 multi-rail 放大式高密度化帶來的影響？那對你們而言是新的市場機會嗎？

Thanks, Ryan. Yes, we believe we are seeing both a scale out and scale across in our business. Again, bear in mind our customers don't necessarily share with us their plans for where all of the products we make for them are going to end up. But we believe, yes, we are participating in both scale up, scale out and scale across but specific to DCI scale out and scale across. For the -- you asked about the multi-rail product.

謝謝，Ryan。是的，我們相信我們確實看到業務同時出現 scale out 與 scale across。再次提醒，我們的客戶不一定會與我們分享他們的規劃，也就是我們為他們製造的所有產品最終會部署到哪裡。但我們相信，是的，我們同時參與了 scale up、scale out 與 scale across；但就 DCI 而言，主要是 scale out 與 scale across。至於——你問到 multi-rail 產品。

Multi-rail architectures, they package and manage fiber pairs as a highly integrated optical system, creating really more photonics integration and manufacturing complexity per deployment. So they're quite complex and difficult. These platforms they're highly manufacturing intensive. There's a lot of value add and complexity that goes into producing these products.

Multi-rail 架構會將光纖對進行封裝與管理，作為高度整合的光學系統，讓每次部署帶來更多的光子整合與製造複雜度。因此它們相當複雜且難度高。這些平台的製造投入非常高。在生產這些產品時，包含大量的附加價值與複雜度。

You have dense fiber routing and management high-volume fusion splicing and connectorization and a whole array of precision optical manufacturing technologies and assembly processes that we're really very good at we're actively engaged with customers on programs that leverage our strengths in these areas, especially in photonics integration and packaging.

你需要高密度的光纖佈線與管理、大量的熔融接續與連接器端接，以及一整套精密光學製造技術與組裝流程；這些正是我們非常擅長的領域。我們也正積極與客戶合作，推動能發揮我們在這些領域優勢的專案，特別是在光子整合與封裝方面。

And we see multi-rail programs is a really good fit for us to write in our sweet spot. They're complex. They're difficult to make. They require many process steps, which are -- which these process steps are really our secret sauce, if you like. So we're heavily engaged on a number of ultra programs with our customers.

而我們認為 multi-rail 專案非常適合我們，正好落在我們的甜蜜點。它們很複雜。它們很難製造。它們需要許多製程步驟——而這些製程步驟可以說就是我們的獨門秘訣。因此我們正與客戶在多個 ultra 專案上深度投入。

Again, not really our place to announce them, but rest assured we are heavily engaged with another customers on these programs. And we're very excited about this.

再次強調，宣布這些消息並不真正是我們該做的事，但請放心，我們正與其他客戶在這些專案上高度投入。而且我們對此感到非常興奮。

And then maybe just a question on your recasting of the segment here. when you say telecom is going to stay in communication infrastructure, that's everything that's really rack-based, should we think of it that way? So it's line systems and rec-based transponders as opposed to DCI, which I assume is all pluggable set the split that we're going to see here.

接著可能想問一下你們這裡對事業部重分類（recasting）的問題。當你說電信將會留在通訊基礎設施裡，這是否涵蓋所有真正以機架為基礎（rack-based）的東西？我們應該這樣理解嗎？也就是線路系統與機架式（rack-based）的轉發器（transponders），相對於 DCI（資料中心互連），我假設 DCI 全都是可插拔式（pluggable）的；這會是我們將看到的切分方式。

Yes. Ryan, this is Csaba. So let me clarify what is going into the communication infrastructure. So I think the best way to think about it is where our products or our customers' products are being deployed. So that's the number one distinction. Whatever we see a product that goes and ends up in data center or a hyperscale infrastructure.

是的。Ryan，我是 Csaba。我來釐清哪些會歸入通訊基礎設施。我認為最好的理解方式是看我們的產品或客戶的產品部署在哪裡。這是第一個也是最主要的區分。凡是我們看到某個產品最終部署在資料中心或超大規模（hyperscale）基礎設施中。

We would categorize them under data center and then the rest of the business that traditionally has been telecom -- most of them would be network systems, but also some of the longer-term long-reach products will be also falling into this category.

我們會把它們歸類在資料中心；而其餘傳統上屬於電信的業務——多數會是網路系統，但也有一些較長期、長距離（long-reach）的產品也會落在這個類別。

So it's not one fits all, but the number one tumble is that whatever the product is getting deployed if it's a data center or hyperscale that goes into data center, everything else goes into the communication infrastructure that is supporting that.

所以不是一體適用（one fits all），但最主要的準則是：不論產品是什麼，只要部署在資料中心或超大規模環境，就歸入資料中心；其他一切則歸入支援該環境的通訊基礎設施。

Karl Ackerman, BNP Paribas.

Karl Ackerman，法國巴黎銀行（BNP Paribas）。

Seamus, on datacom, have you seen higher interest from hyperscale customers seeking to diversify away from Chinese renter suppliers? And as you address that question, do you have the laser supply commitments needed to support the upcoming transceiver ramp in the next few months. And I have a follow-up, please.

Seamus，關於資料通訊（datacom），你是否看到超大規模客戶為了分散風險、降低對中國供應商的依賴而提高興趣？另外，在回答這個問題時，你們是否已取得足夠的雷射供應承諾，以支援未來幾個月收發器（transceiver）放量爬坡（ramp）？我還有一個追問，謝謝。

Yes. I mean the component supply, as I said in the earlier comments, it's factored into our guidance. So we're not going to go into specifics beyond that. The proposed ban and new transceivers from China, I guess, it's not yet a done deal. It remains to be seen what will happen.

是的。我的意思是，元件供應如同我先前的評論所說，已經納入我們的財測指引。所以我們不會在此之外再提供更具體的細節。至於對來自中國的新收發器的擬議禁令，我想目前還不是定案。接下來會如何發展仍有待觀察。

We don't manufacture for any Chinese providers, and we're, of course, more focused on Western providers. So in theory, that could be a positive as long as materials and components are available. It could be a positive -- should be a positive for us, but I think it's early days. Like I said, it's not a done deal. There's a lot to be unpacked before that actually comes to fruition.

我們不為任何中國供應商製造產品，當然也更聚焦於西方供應商。因此理論上，只要材料與元件供應充足，這可能會是正面因素。這可能——也應該——對我們是正面的，但我認為現在還言之過早。如我所說，這還不是定案。在真正落地之前，還有很多需要釐清與拆解的地方。

A lot of the transceivers that go into these data centers are coming from China. So if you just put a block on -- ban on transceivers coming from China, the whole industry guides to a halt. Besides whether it's good or bad for Fabrinet, so I think it's by no means a done deal, and we'll see what happens.

許多進入這些資料中心的收發器都來自中國。所以如果你直接封鎖——禁止——從中國進口收發器，整個產業的指引（guidance）都會停擺。這已經不只是對 Fabrinet 好或不好了；因此這絕非定案，我們就看看會怎麼發展。

Within comms infrastructure, how are you thinking about the opportunity to address LEO satellites today? Could you discuss your visibility there relative to your earlier view of this year?

在通訊基礎設施方面，你們如何看待目前切入 LEO（低地球軌道）衛星的機會？能否談談相較於你們先前對今年的看法，你們在這方面的能見度如何？

Yes. We include that in our telecom infrastructure category. We have a number of customers we're engaged with there, primarily the two, I would say, major players in that space and there's one or two others who are looking to get into that space that we also do business with. But for us, it's a really good pace because the technology is right in our sweet spot. We have the customers today.

是的。我們把那部分納入電信基礎設施類別。我們在那裡正與多家客戶合作，主要是該領域的兩個——我會說——主要玩家，另外還有一兩家也想進入該領域、我們同樣有往來的公司。但對我們而言，這是非常好的節奏，因為技術正好落在我們的強項範圍（sweet spot）。我們目前就已經有這些客戶。

So as that business ramps, we feel we're very well positioned to. We're making these products. We've been making them for a number of years for one customer in particular, and now a couple of other customers. So -- and they're -- again, they're right in our sweet spot.

因此隨著這項業務放量，我們覺得自己具備非常好的布局。我們正在製造這些產品。其中針對某一位客戶，我們已經製造了好幾年，現在也開始為另外幾位客戶供應。所以——而且它們——再次強調，正好在我們的強項範圍內。

They're very straightforward, if you like, for us to make these products that really fit well with our capabilities. So we feel good about our position there. We have the two big players. And as I said, this one or two smaller ones who were we're also working with. So we think it is a lot of potential for us.

如果你願意這麼說，對我們而言製造這些產品相當直接，且非常符合我們的能力。所以我們對自己在那裡的定位感到樂觀。我們有兩個大玩家。如我所說，還有一兩個較小的玩家我們也在合作。因此我們認為這對我們有很大的潛力。

Mike Genovese, Rosenblatt Securities.

Mike Genovese，Rosenblatt Securities。

(inaudible) stepping in for Mike. I was wondering if you can touch on the progress and mainly the timing for 1.6T driving revenue from your largest datacom customer?

（聽不清）我代替 Mike 提問。我想請你談談 1.6T 由你們最大資料通訊客戶帶動營收的進展，尤其是時程安排。

Yes, that's not something we're going to update the market on in this call. This is a Fabrinet call. You'll have to talk to NVIDIA about the NVIDIA product launches. So that's not something we would be disclosing to that level of detail.

是的，這不是我們會在這通電話中向市場更新的事項。這是一場 Fabrinet 的電話會議。你得去跟 NVIDIA 討論 NVIDIA 的產品發表時程。所以我們不會披露到那樣的細節層級。

Got it. Got it. Understood. And then just a follow-up. Just with the inventory jump, I'm assuming it's relative to supply constraints in the upcoming ramp. Is there anything else there, or is it maybe regarding that?

了解。了解。明白。那再追問一下。關於庫存的跳升，我猜是因應接下來放量爬坡的供應限制。除此之外還有其他因素嗎？還是主要就是這個原因？

Well, I think the inventory jump has to do obviously with the revenue growth. So if you look at it from other perspective, we are positioning material to continue to support our customers. The material constraints are something that we have been used to in the past several years.

嗯，我認為庫存跳升顯然與營收成長有關。所以從另一個角度看，我們是在提前配置材料，以持續支援我們的客戶。材料限制是我們在過去幾年已經習以為常的情況。

So those would not be a meaningful increase in our inventory. So the inventory increase has to do with our growth and then the positioning for future ramps with the customers.

因此那些不會造成我們庫存的顯著增加。所以庫存增加與我們的成長，以及為客戶未來的放量爬坡提前布局有關。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

Congrats on the results. And also, congrats on growing mid-30s with NVIDIA down 20% plus for the year. I think that's the rest of the business is up nearly 60% on that basis. So that's quite impressive. Just a couple of quick questions.First, on -- as you look for Q1 2017 guidance, I imagine data center is the primary driver, but within the three drivers that you mentioned, DCI, transceivers, high-performance compute and noting that you had a really huge quarter with Cisco and DCI, and that was evident in their results.

恭喜這次的成績。另外，也恭喜在 NVIDIA 全年下滑 20% 以上的情況下，你們仍能成長 30% 多。我想以此來看，其餘業務幾乎成長了 60%。這相當令人印象深刻。我有幾個簡短問題。首先，當你們展望 2017 年 Q1 指引時，我想資料中心是主要驅動力；但在你提到的三個驅動因素中——DCI、收發器、高效能運算——並且注意到你們在 Cisco 與 DCI 上有一個非常強勁的季度，這也反映在他們的業績中。

Can you kind of give us a sense of among those categories? I imagine it's transceivers that's going to drive the majority of the growth, but I'd love to get your -- any color on that.

你能否大致說明一下在這些類別之間的情況？我猜主要成長動能會來自收發器，但我也很想聽聽你對此的補充說明或任何觀察。

Well, really, first of all, thanks, Tim, I think you hit the nail on the head. We finished, if you like, a 10-year spell from up to 2024, 17% compound annual growth. And then we had 19% compound annual growth in FY25 and then 36% in FY26 with 45% year-on-year growth in Q4.

嗯，首先謝謝你，Tim，我想你說得很到位。我們完成了——如果你願意這麼說——截至 2024 年的 10 年期間，年複合成長率（CAGR）為 17%。接著 FY25 的年複合成長率是 19%，FY26 則是 36%，而 Q4 年增達 45%。

So we're pretty happy with the growth trajectory that we're on also if you look at our performance over the last while, we have 12 consecutive quarters of record revenues and 6 consecutive quarters of accelerating year-over-year growth. So it's been -- we've been on a very nice trajectory for the last while.

所以我們對目前的成長軌跡相當滿意；另外如果你看我們最近一段時間的表現，我們已連續 12 個季度創下營收新高，並且連續 6 個季度年增率加速。所以這段時間——我們一直處在非常好的軌道上。

Within the data center business, and we think it makes sense to categorize these particular products into data center because DCI, the transceivers, of course, are inside the data centers. And then high-performance compute is also essentially data center product and DCI between the data centers. The growth in all three, we think, is robust. HPC continues to grow. We won't be breaking them out individually going forward.

在資料中心業務方面，我們認為將這些特定產品歸類為資料中心是合理的，因為 DCI、收發器當然都在資料中心內。此外，高效能運算本質上也是資料中心產品，而 DCI 則是資料中心之間的互連。我們認為這三者的成長都很強勁。HPC 持續成長。未來我們不會再將它們逐一拆分揭露。

But HPC continues to be very strong for us. We're doing very well. And we have a number of other customers that we're focused on that are not in the revenue yet, but we're working on the transceiver business, a combination of our new customer but also success we're getting with hyperscale direct and also merchant business.

但 HPC 對我們而言仍然非常強勁。我們表現得非常好。我們也有一些其他客戶正在重點投入，這些客戶目前尚未帶來營收，但我們正在推進收發器業務，這包含我們的新客戶，同時也包括我們在超大規模客戶直供（hyperscale direct）以及商用（merchant）業務上取得的進展。

That is just beginning to get going as well. And we feel very good about that. And of course, DCI has been a real success story for us. I think Csaba said in his prepared remarks, our run rate on DCI is about $1 billion. Over to you, Csaba.

那部分也才剛開始起步。我們對此感到非常有信心。當然，DCI 一直是我們真正的成功案例。我想 Csaba 在事先準備的發言中提到，我們 DCI 的年化營收運行率（run rate）約為 10 億美元。交給你了，Csaba。

Yes. So actually, our DCI business reached close to $1 billion run rate. And if you look at our Q4 numbers, our DCI business was equivalent to our historical datacom business. So that's a meaningful growth and continues to grow.

是的。實際上，我們的 DCI 業務年化營收運行率已接近 10 億美元。如果你看我們第四季的數字，我們的 DCI 業務規模已相當於我們過去的 datacom（資料通訊）業務。這是非常有意義的成長，而且仍在持續成長。

And if you look at each of those categories, I suppose, especially DCI and the transceiver, the demand is just insatiable. It's extremely robust, and we're -- the demand is coming to us and coming at us from several directions. DCI, of course, we have really all the main players the transceiver business, historically, we've had our main customer, but now we have these other growth vectors to layer on top of that, both merchant and hyperscale direct.

如果你看這些類別中的每一項，我想尤其是 DCI 與收發器，需求簡直是無止盡的。需求非常強勁，而且我們——需求正從多個方向湧向我們。就 DCI 而言，當然我們幾乎涵蓋所有主要玩家；至於收發器業務，歷史上我們有主要客戶，但現在我們又疊加了其他成長動能，包括商用（merchant）以及超大規模客戶直供（hyperscale direct）。

And the high-performance computers continues to go from strength to strength. We feel very good, Tim, about our overall position in the data center business. And what's interesting is the customers are giving us visibility well out into the end of 2027 and beyond. That doesn't mean they're giving us firm orders, but they're giving you visibility and there looks to be no end in sight to the demand from the customers. We feel very good about that.

而高效能運算也持續愈來愈強。Tim，我們對於在資料中心業務的整體定位感到非常有信心。有趣的是，客戶給了我們一直到 2027 年底甚至更久以後的能見度。這不代表他們給了我們確定的訂單，但他們提供了能見度，而且看起來客戶端的需求沒有盡頭。我們對此感到非常樂觀。

Well, that is a perfect segue to my next question, which is, you've mentioned accelerating growth several times, including in response to that quick question. Although I would note at the middle of the range, might break your streak, but I imagine you're not heading for the middle of the range, still in the 40s in terms of year-over-year growth.

很好，這正好銜接到我的下一個問題：你們已多次提到成長加速，包括剛才回答那個快問快答時也提到。不過我注意到，如果落在指引區間的中位數，可能會打破你們的連勝紀錄，但我想你們應該不是要走中位數；以年增率來看仍在 40% 多的水準。

But given that lengthy list of demand drivers and the capacity additions, is it within the bounds of reasonableness to think about annual growth in fiscal '27 accelerating from what you saw in '26, especially maybe given the lack of that headwind from your largest customer?

但考量那一長串需求驅動因素以及產能擴增，在合理範圍內是否可以認為 2027 會計年度的年成長率，會比你們在 2026 年看到的還要加速？尤其是也許因為來自最大客戶的那個逆風不再存在？

Yes. I think that's a good point and a good question. I think, of course, the standard answer, Tim, we guide one quarter at a time. However, based on the picture we have right now, it is not beyond the bond's possibility. And that's not something we would ever say.

是的。我認為這是個好觀點，也是個好問題。當然，標準答案是，Tim，我們一次只對一個季度提供指引。不過，基於我們目前看到的情況，這並非完全不可能。而這也不是我們平常會說的話。

I suppose we always we guide one quarter a time. That's -- we're going to continue to do that. But based on the demand we're seeing, certainly, the demand is there that we could see another year of accelerating growth. It's just a staggering demand picture we're seeing from our customers.

我想我們一向都是一次只對一個季度提供指引。我們也會繼續這麼做。但就我們看到的需求而言，確實存在讓我們在下一年看到成長再度加速的需求基礎。我們從客戶端看到的需求態勢令人震撼。

And the thing that's particularly satisfying for us is the trust that the customers are placing and it's obviously the revenue is great, don't get me wrong. But it's really the trust the customers are facing is there they're trusting us with their most important products, they're leading-edge products, and we're on a ramp with several of these customers that is just amazing. So I think it's not the underground possibility, Tim, to answer your question.

而對我們來說特別令人滿意的是客戶所給予的信任；當然，營收很棒，別誤會我。但真正重要的是客戶所展現的信任——他們把最重要、最先進的產品交給我們，我們正與其中幾位客戶一起進入放量爬坡（ramp），那種速度與規模都非常驚人。所以為了回答你的問題，Tim，我認為這並非完全不可能。

Great. And let me close by adding maybe one other growth driver that I don't know that's been discussed that yet, and that's optical cross-connect OCS. And we heard last week big ramp there from the industry leader, but also I think, plans to move from strictly internal to working with contract manufacturers.

很好。最後我想補充另一個成長驅動因素，也許之前還沒談到：光學交叉連接（OCS）。我們上週聽到產業領導者在這方面有很大的放量爬坡，同時我也認為他們計畫從完全內製轉向與代工廠合作。

I wonder if you might be able to give us an update on what you think the timing might be there for you or the opportunity? And does that lie in fiscal '27 as well?

我想請你們更新一下，你們認為你們在這方面的時程或機會可能會是什麼？而這是否也會落在 2027 會計年度？

Yes. I mean OCS it remains a great opportunity for us. It's right in our wheelhouse. It's -- the manufacturing technology is very similar to products that we're already making for our customers. So we already feel like we have a bit of a head start. So no real change in our optimism on OCS to the -- there are incremental opportunities for us and that, for us, OCS is quite small today.

是的。我的意思是，OCS 對我們而言仍是一個很好的機會。這正是我們的強項所在。其製造技術與我們已在為客戶生產的產品非常相似。因此我們覺得自己已經有一些先發優勢。所以我們對 OCS 的樂觀程度沒有實質改變——對我們而言仍有增量機會，而就目前來看，OCS 對我們的規模還相當小。

We are shipping some product, but it's quite small. So I think the big ramp that maybe -- has been talked about, we're pretty confident we will participate in that. So we feel very good about OCS, and I think it could be a bigger, much bigger and more meaningful category for us in the future.

我們確實有出貨一些產品，但規模相當小。所以我認為外界所談到的那個大幅放量爬坡，我們相當有信心會參與其中。因此我們對 OCS 感到非常樂觀，我認為未來它可能成為對我們更大、甚至大得多且更具意義的一個類別。

The specifics of our customers ramp, we leave that to them to talk about, I think we're well positioned.

至於客戶放量爬坡的具體細節，我們留給他們自行對外說明；我認為我們已處於有利位置。

This will conclude our Q&A session for today. I will pass it back to Seamus Grady for closing.

今天的問答環節到此結束。我將把時間交回給 Seamus Grady 進行結語。

Thank you. Thank you for joining our call today, and we delivered an outstanding performance in Q4 with continued top line acceleration that ended a tremendous year for the company. We are entering fiscal 2027 better positioned than at any other point in our history to continue delivering strong growth in response to the increased demand that we are experiencing across our business.

謝謝。感謝各位今天參加我們的電話會議；我們在第四季交出亮眼表現，營收持續加速成長，為公司精彩的一年畫下句點。我們正以公司史上最佳的態勢進入 2027 會計年度，得以持續回應我們在各項業務中所看到的需求提升，並交付強勁成長。

With our deep domain expertise and increasing capacity, we expect to extend our manufacturing leadership as a trusted partner for our customers, both complex products. We look forward to sharing more excellent results with you in the future and to seeing those of you who will be attending the Rosen Black Conference tomorrow and the Wolfe Conference in September.

憑藉我們深厚的領域專業與持續提升的產能，我們預期將延續我們的製造領導地位，作為客戶值得信賴的合作夥伴，承接其複雜產品。我們期待未來與各位分享更多優異成果，也期待在明天將出席 Rosen Black 研討會，以及 9 月將出席 Wolfe 研討會的各位與我們見面。

Thanks again, and goodbye. And thank you all for participating, and you may now disconnect.

再次感謝，再見。也謝謝各位的參與，現在可以掛線了。