Fabrinet (FN) 2027 Q1 法說會逐字稿

Good afternoon, and welcome to Fabrinet's financial results conference call for the first quarter of fiscal year 2027. (Operator Instructions) As a reminder, today's call is being recorded.

下午好，歡迎參加 Fabrinet 2027 會計年度第一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 your host, Garo Toomajanian, VP of Investor Relations.

現在我想把電話會議交給今天的主持人，投資人關係副總裁 Garo Toomajanian。

Thank you, operator, and good afternoon, everyone. Welcome to today's conference call to discuss Fabrinet's financial and operating results for the first quarter of fiscal year 2027, which ended September 25, 2026.

謝謝，接線員，各位下午好。歡迎參加今天的電話會議，討論 Fabrinet 2027 會計年度第一季（截至 2026 年 9 月 25 日）之財務與營運結果。

With me on the call today are Seamus Grady, Chairman and Chief Executive Officer; and Csaba Sverha, Chief Financial Officer.

今天與我一同參與電話會議的有：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 at investor.fibernet.com.

本次電話會議將以網路直播方式進行，並可於 investor.fibernet.com 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 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 call, and we undertake no obligation to revise them in light of new information or future events, except as required by law.

此外，今天的討論將包含關於公司未來財務表現的前瞻性陳述。前瞻性陳述存在風險與不確定性，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次電話會議日期的觀點；除法律要求外，我們不承擔因新資訊或未來事件而修訂這些陳述的義務。

For a description of the risk factors that may affect our results, please refer to our recent SEC filings, in particular, the section captioned Risk Factors in our Form 10-K filed on August 18, 2026.

關於可能影響我們業績之風險因素的說明，請參閱我們近期向 SEC 提交的文件，特別是 2026 年 8 月 18 日提交之 Form 10-K 中題為「風險因素」的章節。

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

我們將先由 Seamus 與 Csaba 發表談話，之後開放提問時間。

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

現在我想把電話會議交給 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.

謝謝你，Garo。各位下午好，感謝各位今天加入我們的電話會議。

We are off to an excellent start to fiscal 2027 with first-quarter revenue that was well above our guidance range and represented another quarter of accelerating growth.

我們在 2027 會計年度有一個非常出色的開局：第一季營收大幅高於我們的指引區間，並且是成長加速的又一季。

First-quarter revenue of $1.474 billion increased a remarkable 51% from a year ago and 12% from the fourth quarter with strong year-over-year and sequential growth from all three of our key revenue categories. In addition to delivering our highest top-line growth in 10 years, our revenue performance helped generate record non-GAAP earnings per share of $4.34, also well above the high end of our guidance range.

第一季營收為 14.74 億美元，較去年同期大幅成長 51%，較第四季成長 12%；我們三大主要營收類別皆呈現強勁的年增與季增。除了繳出近 10 年來最高的營收成長外，我們的營收表現也帶動非 GAAP 每股盈餘創下 4.34 美元的紀錄，同樣遠高於我們指引區間的上緣。

Our impressive results are being driven by broad-based demand across multiple product areas, including continued strong momentum for data center interconnect, growing demand for data center transceivers and expansion in high-performance computing. Looking to the second quarter, we expect new program wins and ramps in addition to growth from existing programs to further enhance our growth profile, while also supporting our industry-leading margins.

我們亮眼的成果來自多個產品領域的廣泛需求，包括資料中心互連（data center interconnect）持續強勁的動能、資料中心收發器需求成長，以及高效能運算的擴張。展望第二季，除既有專案的成長外，我們預期新的專案得標與放量（ramp）將進一步強化我們的成長輪廓，同時也支撐我們業界領先的利潤率。

We have discussed some of the new programs that we expect to contribute to our growth this year, in particular, hyperscale direct transceivers and merchant transceivers for the data center market. We are installing capacity to meet demand for optical circuit switches and multi-rail systems.

我們已討論過一些預期將在今年貢獻成長的新專案，特別是面向資料中心市場的超大規模（hyperscale）直連式收發器，以及商用（merchant）收發器。我們正在擴充產能，以滿足光學電路交換器與多軌（multi-rail）系統的需求。

We are also working with a number of customers on NPO and CPO opportunities and expect contributions from these programs toward the end of fiscal 2027. We continue to be extremely enthusiastic about these opportunities and their role in further scaling our business.

我們也正與多家客戶合作推進 NPO 與 CPO 的機會，並預期這些專案將在 2027 會計年度末開始帶來貢獻。我們對這些機會及其在進一步擴大我們業務規模方面所扮演的角色，仍然感到非常振奮。

In order to support the rapidly increasing demand and new program wins across our business, we have taken a number of important steps. During the first quarter, we completed our purchase of a new site in Santa Clara, more than doubling our capacity in Silicon Valley. We're already in discussions with a handful of customers about leveraging this additional capacity.

為了支援全公司快速增加的需求與新專案得標，我們已採取多項重要措施。第一季期間，我們完成了在聖塔克拉拉（Santa Clara）新據點的購置，使我們在矽谷的產能增加逾一倍。我們已與少數客戶洽談如何運用這些新增產能。

In Thailand, we have been expanding at multiple sites. We are just a few months away from completing Building 10, adding more than 50% to our global footprint. Having accelerated construction and qualification on portions of Building 10, we are already generating initial revenue from the facility.

在泰國，我們已在多個據點進行擴建。我們距離完成第 10 棟廠房僅剩數個月，這將使我們的全球廠房面積增加超過 50%。由於我們加速了第 10 棟部分區域的施工與認證，目前已開始由該設施產生初期營收。

Our manufacturing expansion at Pinehurst and our new Nevada corn site, which is now up and running, are further helping us to stay ahead of increasing customer demand. However, even with this significant expansion, we foresee the need for additional space based on rapid growth from current engagements, combined with new programs that will be ramping in the quarters ahead.

我們在 Pinehurst 的製造擴建，以及目前已啟用運轉的內華達新廠區，正進一步協助我們領先因應客戶需求的增加。然而，即便有如此顯著的擴張，基於現有合作案的快速成長，加上未來幾季將放量的新專案，我們仍預見需要更多空間。

As such, we have made the decision to begin construction of Building 11 at our Chonburi campus as soon as Building 10 is completed in January. Building 11 will add approximately 1.5 million square feet with incremental revenue capacity of approximately $3 billion. Even as we begin executing plans for Building 11, we are already exploring potential new sites to further support the unprecedented levels of customer activity we are experiencing.

因此，我們已決定在第 10 棟於 1 月完工後，立即在春武里（Chonburi）園區開始興建第 11 棟廠房。第 11 棟將新增約 150 萬平方英尺，並帶來約 30 億美元的新增營收產能。即使我們開始執行第 11 棟的計畫，我們也已在評估潛在的新據點，以進一步支援我們目前所經歷的前所未有的客戶活動水準。

In summary, we delivered an excellent first quarter for a strong start to the fiscal year. We are seeing growing demand across the markets we serve and remain focused on executing to meet the exacting needs of our customers.

總結來說，我們第一季表現非常出色，為本會計年度奠定強勁開局。我們看到所服務市場的需求持續成長，並將持續專注於執行，以滿足客戶嚴格的需求。

At the same time, we are rapidly scaling up our manufacturing capacity to meet anticipated demand from the pipeline of opportunities in front of us. All of this makes us more excited than ever about our prospects for continued profitable growth.

同時，我們也正快速擴大製造產能，以滿足眼前機會管線所帶來的預期需求。這一切都讓我們對持續的獲利性成長前景比以往更加振奮。

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

接下來我想把電話會議交給 Csaba，請他更詳細說明第一季業績，以及我們對 2027 會計年度第二季的展望。Csaba？

Thank you, Seamus, and good afternoon, everyone. We are off to an excellent start to fiscal year 2027 with first-quarter revenue that was well above our guidance range.

謝謝你，Seamus，各位下午好。我們在 2027 會計年度有一個非常出色的開局，第一季營收大幅高於我們的指引區間。

Revenue of $1.474 billion grew 51% from a year ago for another quarter of accelerating revenue growth. These results flow through the bottom line. producing record non-GAAP EPS of $4.34, which was also well above our guidance range.

營收 14.74 億美元，較去年同期成長 51%，再度呈現營收成長加速的一季。這些成果也反映在獲利端。非 GAAP 每股盈餘創下 4.34 美元的紀錄，同樣遠高於我們的指引區間。

Looking at the details of the quarter. We had a very strong performance from data center products, which grew 78% from a year ago and 16% from Q4 to $777 million or 53% of total revenue.

接著看本季的細項。資料中心產品表現非常強勁，較去年同期成長 78%，較第四季成長 16%，達 7.77 億美元，占總營收的 53%。

Growth in data center revenue was broad-based driven by strong demand across transceivers, data center interconnect and high-performance computing with continued momentum across all three categories. We continue to see growing demand and improving visibility from customers across the data center market, giving us strong confidence in our outlook for Q2.

資料中心營收的成長相當全面，主要由收發器、資料中心互連以及高效能運算等領域的強勁需求所帶動，且三大類別皆維持持續動能。我們持續看到資料中心市場客戶需求增加、能見度提升，讓我們對第二季展望抱持高度信心。

Looking ahead, the full year also looks very promising, supported by continued growth in existing programs and additional contribution from new transceiver programs as they begin to ramp.

展望未來，全年同樣看起來非常可期，既有專案持續成長，加上新的收發器（transceiver）專案在開始放量後帶來的額外貢獻，將共同支撐表現。

Communications Infrastructure revenue was $444 million, an increase of 35% from a year ago and 8% from Q4. Growth was broad-based across a diverse range of customer programs and applications, including telecom system components and satellite communications.

通訊基礎設施營收為4.44億美元，較去年同期成長35%，較第四季成長8%。成長動能來自多元客戶專案與應用的全面擴張，包括電信系統元件與衛星通訊。

Automotive, industrial and other revenue was $253 million, up 20% from a year ago and 8% from Q4. In the first quarter, the laser market contributed the most to our sequential growth in this category as we make headway with customers who have historically focused on in-house manufacturing.

汽車、工業及其他營收為2.53億美元，較去年同期成長20%，較第四季成長8%。第一季中，雷射市場對此類別的季增貢獻最大，因為我們在過去偏好自製的客戶上取得進展。

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.

如我在損益表（P&L）細節中所述，除非另有說明，所有費用與獲利能力指標將以非GAAP基礎呈現。

Gross margin in the first quarter was 12.1%. a 10 basis points decline from Q4, primarily due to annual merit increases that take effect in Q1. Gross margin declined 20 basis points from a year ago, primarily due to FX headwinds.

第一季毛利率為12.1%，較第四季下滑10個基點，主要因為每年例行的績效調薪於第一季生效。毛利率較去年同期下滑20個基點，主要受外匯不利因素影響。

Operating expenses remained well controlled at 1.3% of revenue in the first quarter, consistent with Q4. As a result, operating margin was 10.8%, down 10 basis points sequentially, but up 20 basis points year over year. Our operating model continues to deliver leverage with operating margin increasing from a year ago despite a slight decline in gross margin.

第一季營業費用維持良好控管，占營收比重為1.3%，與第四季一致。因此，營業利益率為10.8%，季減10個基點，但年增20個基點。儘管毛利率略有下滑，我們的營運模式仍持續展現槓桿效益，使營業利益率較去年同期提升。

Interest income was $6 million, and we had a relatively small foreign exchange revaluation loss of $220,000. Our non-GAAP tax expense was $6 million. Excluding a $20 million noncash Pillar 2 top -up tax provision resulting in a non-GAAP effective tax rate of 4%.

利息收入為600萬美元，外匯重估損失相對較小，為22萬美元。我們的非GAAP所得稅費用為600萬美元。其中不包含2,000萬美元的非現金「第二支柱（Pillar 2）」補足稅（top-up tax）提列，使非GAAP有效稅率為4%。

Tax credits intended to mitigate the impact of Pillar 2 are progressing in Thailand, but have not yet been implemented. As a result, we expect some variability in our reported tax expense over the coming quarters. In addition to the top-up tax provision, GAAP net income include a $21 million non-cash unrealized loss related to our minority investment in Raytek, which is also excluded from our non-GAAP results.

用以緩解第二支柱影響的稅額抵減在泰國正持續推進，但尚未落地實施。因此，我們預期未來幾季的已申報稅費可能會出現一定波動。除補足稅提列外，GAAP淨利亦包含與我們對Raytek少數股權投資相關的2,100萬美元非現金未實現損失，該項亦自非GAAP結果中排除。

GAAP net income was $103 million or $2.86 per diluted share. Non-GAAP net income reached $157 million or $4.34 per diluted share, marking another all-time high for the company.

GAAP淨利為1.03億美元，稀釋後每股盈餘為2.86美元。非GAAP淨利達1.57億美元，稀釋後每股盈餘為4.34美元，再度創下公司歷史新高。

Turning to our balance sheet. We ended the first quarter with cash and short-term investments of $757 million, down $119 million from the end of Q4. Operating cash flow for the quarter was $21 million.

接著看資產負債表。第一季末現金與短期投資為7.57億美元，較第四季末減少1.19億美元。本季營運現金流為2,100萬美元。

CapEx increased $159 million, driven by investments in growth and capacity expansion. This included the $77 million acquisition of our second campus in Santa Clara as well as continued construction costs associated with building an in Chonburi and another capacity expansion initiatives. As a result, free cash flow was an outflow of $137 million in the quarter.

資本支出（CapEx）增加1.59億美元，主要由成長投資與產能擴張所帶動。其中包括以7,700萬美元收購我們在聖塔克拉拉（Santa Clara）的第二座園區，以及與在春武里（Chonburi）建置廠房相關的持續建造成本與其他產能擴張計畫。因此，本季自由現金流為淨流出1.37億美元。

In the first quarter, we repurchased approximately 77,000 shares at an average price of approximately $380 per share for a total cash outlay of $29 million. Since the end of the quarter, our Board authorized an additional $130 million for repurchases, bringing the total remaining authorization to $200 million.

第一季我們以每股約380美元的平均價格回購約77,000股，合計現金支出2,900萬美元。自季末以來，董事會另核准追加1.30億美元回購額度，使剩餘核准總額提高至2.00億美元。

Turning to our guidance for the second quarter of fiscal 2027. We are encouraged by the increasing demand trends that we are seeing across our business. We expect that our growth will again be led by data center revenue with expansion from data center interconnect and transceiver programs, further bolstered by new program lands that we expect to continue increasingly over the course of the year.

接著說明2027會計年度第二季的財測指引。我們對於在各業務線所觀察到的需求趨勢持續升溫感到鼓舞。我們預期成長仍將由資料中心營收領軍，資料中心互連（DCI）與收發器專案擴張，並由我們預期在全年將持續、且愈來愈多的新專案導入（new program lands）進一步支撐。

Data center growth will be complemented by sequential and year-over-year growth in communication infrastructure as well as in automotive, industrial and other revenue.

資料中心成長也將由通訊基礎設施，以及汽車、工業及其他營收的季增與年增所相互補強。

For the second quarter, we anticipate revenue to be in the range of $1.6 billion to $1.65 billion, representing year-over-year growth of 43% at the midpoint.

第二季我們預期營收將落在16.0億至16.5億美元區間，以中位數計算年增43%。

From a profitability perspective, we expect to see efficiencies and leverage drive incremental improvements in margins. We anticipate non-GAAP EPS to be between $4.77 and $4.92.

就獲利能力而言，我們預期效率提升與營運槓桿將帶動利潤率的逐步改善。我們預期非GAAP每股盈餘（EPS）介於4.77至4.92美元。

In summary, our impressive first quarter results represent a strong start to fiscal year 2027, with multiple significant programs ramping over the next few quarters. We are also very optimistic that we can deliver a terrific second quarter with momentum extending through the rest of the fiscal year.

總結而言，我們亮眼的第一季成果代表2027會計年度的強勁開局，未來幾季將有多個重要專案進入放量爬坡。我們也非常樂觀，第二季可望交出非常出色的成績，且動能將延續至本會計年度其餘期間。

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) Christopher Rolland, Susquehanna.

(接線員指示) Susquehanna 的 Christopher Rolland。

I guess my first one, like in your prepared remarks and also the press release, you talked about broad-based demand across multiple significant programs and then new product ramps further supporting growth. I guess, first, the existing programs, were those specifically the hyperscale and merchant opportunity?

我想先問第一個問題：在你們的事先準備講稿以及新聞稿中，你們提到多個重要專案帶來的廣泛需求，以及新產品放量進一步支撐成長。首先，既有專案指的是特別針對超大規模（hyperscale）與商用（merchant）機會嗎？

And secondly, the new programs, was that OCS and multi-rail? And if you could provide any more color as to these new opportunities, the size, engagements, that would be great.

第二，新專案指的是OCS與multi-rail嗎？如果你們能就這些新機會的規模、合作進展等提供更多細節，那就太好了。

Yes, the growth, Christopher, the growth we're seeing is pretty broad-based. The heartening thing from our point of view is it's across really all of the industries. that we serve and all of the customers. The growth has been very strong in our data center business, in our communications infrastructure business and even our automotive and industrial and other business has been growing nicely.

是的，Christopher，我們看到的成長相當廣泛。從我們的角度來看，令人振奮的是，成長橫跨我們服務的幾乎所有產業以及所有客戶。我們的資料中心業務、通訊基礎設施業務成長非常強勁，甚至汽車、工業及其他業務也有不錯的成長。

And some of that growth is with the programs you mentioned, our DCI business continues to be very strong, and we're just starting to get going with the two programs that you mentioned, multirail and OCS.

其中一部分成長來自你提到的那些專案；我們的DCI業務持續非常強勁，而你提到的兩個專案——multirail與OCS——我們也才剛開始啟動。

So the growth vectors, if you like, are multiple and across really all aspects of our business. Even though we've grown, as we said in the prepared remarks, we were up 51% compared to the same quarter a year ago, we're looking at continued very strong momentum as we come into Q2. And a lot of these newer programs are really just beginning to get going. So we're pretty excited about what's in front of us.

所以如果你願意稱之為成長向量（growth vectors），它們是多元的，且幾乎遍及我們業務的各個面向。即使我們已經成長——如同我們在事先準備講稿中所說，與去年同期相比成長51%——我們在進入第二季時仍看到持續非常強勁的動能。而許多較新的專案其實才剛開始起步。因此，我們對眼前的機會感到相當興奮。

And maybe another one. Just the NPO, CPO opportunity, I think there's a lot more discussion about early programs starting in late '27. Maybe if you can talk about the parts of that opportunity you might be able to supply? Is it just NPO? Is it also HPC boards? And how big do you think this can be for you overall?

再問一個問題。關於NPO、CPO的機會，我認為市場上有更多討論指出，較早期的專案可能在27年下半年開始。也許你可以談談你們在那個機會中可能供應哪些部分？是否僅限於NPO？也包含HPC板卡（boards）嗎？你認為整體而言，這對你們的規模可能有多大？

Yes. We have a number of NPO programs that we're confident we will start to see revenue from those towards the latter half of this fiscal year and also some CPO programs with several customers.

是的。我們有多個 NPO 專案，我們有信心在本會計年度下半年開始從這些專案看到營收；另外也有與多家客戶合作的若干 CPO 專案。

The nice thing, I suppose, about our business is, it's not really either or we've always said that NPO and CPO will be complementary to pluggable. So we see pluggables continuing for a long time. We'll probably see more immediate opportunities with NPO. CPO seems to be still a little bit further out, but we have several programs on both -- for both NPO and CPO.

我想我們業務的一個優點在於，這並不是非此即彼；我們一直說 NPO 和 CPO 會與可插拔式（pluggable）產品互補。因此我們認為可插拔式產品仍會持續很長一段時間。我們可能會在 NPO 看到更即時的機會。CPO 似乎仍稍微更偏中長期，但我們在 NPO 與 CPO 兩方面都有多個專案在進行。

We're finding, as the years go by, we're engaging much earlier with the customers. So we're getting involved right at the very early stage in some cases, at the concept stage with the customers and really helping the customers figure out how to build these remarkable products that they design.

我們發現，隨著時間推移，我們與客戶的合作介入得更早。因此在某些情況下，我們會在非常早期就參與，甚至在概念階段就與客戶一起合作，真正協助客戶釐清如何打造他們所設計的這些卓越產品。

So our manufacturing expertise is a real benefit to our customers and that we're able to help them figure out how to make the products manufacturable with a predictable yield. So that's really being a benefit to us and our customers and that we're involved very early and really getting to see those latest and greatest products in many cases years before they're being talked about. So we're very excited about that.

因此，我們的製造專業能力對客戶而言是一項真正的優勢，我們能協助他們找出如何讓產品具備可製造性，並達到可預測的良率。所以這確實對我們與客戶都有幫助：我們很早就參與，並且在許多情況下，能在這些最新、最先進的產品被公開討論之前好幾年就先看到。因此我們對此感到非常興奮。

Karl Ackerman, BNP Paribas.

Karl Ackerman，法國巴黎銀行（BNP Paribas）。

Seamus or Csaba, could you speak to the main drivers of your December quarter outlook by segment? I guess, in particular, within data center, I think you've got a merchant transceiver program layering into your existing datacom, scale-out transceiver business as well as a new customer ramping across coherent pluggables.

Seamus 或 Csaba，能否談談你們對 12 月季度展望在各業務別的主要驅動因素？我想特別是在資料中心方面，我認為你們在既有的資料通訊（datacom）、scale-out 收發器業務之上，還疊加了一個商用（merchant）收發器專案，同時也有一位新客戶在相干可插拔（coherent pluggables）方面正在爬坡。

So maybe you could discuss how you see the scale out versus scale across growth opportunity progressing?

所以也許你們可以談談，你們如何看待 scale-out 與 scale-across 的成長機會接下來的演進？

We don't guide by segments. We obviously -- we talk about the segments when we report the quarter just ended. We don't break out the guidance by segment in -- for the quarter in front of us. But I would say that the growth is broad-based, and it's across really all the segments, including the programs that you just mentioned, the merchant programs are beginning to get going as are the hyperscale direct -- we're ramping those currently.

我們不按業務別提供指引。當然——我們在公布剛結束的季度時會談到各業務別。但對於接下來這一季，我們不會按業務別拆分指引。不過我會說，成長是廣泛的，幾乎涵蓋所有業務別；也包括你剛提到的那些專案：商用（merchant）專案開始啟動，而超大規模客戶的直供（hyperscale direct）——我們目前也正在加速爬坡。

So we have several programs. Again, I wouldn't want to call out or give specific guidance in any one segment or any one product, but we're on track, I would say, to deliver good, solid growth in Q2.

所以我們有多個專案在進行。同樣地，我不想在任何單一業務別或任何單一產品上點名或給出具體指引，但我會說，我們正按計畫在第二季交出良好且穩健的成長。

Got it, thank you. Maybe for Csaba, if I could sneak one more in, please. I know your share repurchases are opportunistic, but does the expansion of your repurchase program suggests you'll be more aggressive given where the stock is here?

了解，謝謝。也許再讓我多問一題給 Csaba，可以嗎？我知道你們的庫藏股回購是機會型的，但擴大回購計畫是否意味著，考量目前股價水準，你們會更積極？

I guess, why the need to broaden the repurchase program today and given the capital requirements for Building 10, 11, is there a minimum cash level you need to run and invest in the business?

另外，為什麼今天需要擴大回購計畫？以及考量第 10、11 棟（Building 10、11）的資本需求，你們在營運與投資業務上是否有必須維持的最低現金水位？

So let me give you some brief regarding our capital allocation. So our strategy hasn't changed. So our number one priority is to continue to invest in growth. As you pointed out, we are using cash, and we are using our balance sheet to expand our capacity and working capital requirement as we are going through this staggering growth.

我先簡要說明我們的資本配置。我們的策略沒有改變。我們的第一優先順序是持續投資成長。如你所指出，我們正在使用現金，也運用資產負債表來擴充產能與因應營運資金需求，因為我們正經歷這種驚人的成長。

Nevertheless, as we have always been opportunistic, we have always been strategic with our share buyback program that we continue to designate surplus cash flow to the 10b5 plan as well as remain opportunistic on the market when we see fit and when we are in an open window.

儘管如此，正如我們一向採取機會型策略，我們對股票回購計畫也一直是策略性運作：我們會持續把多餘的現金流指定投入 10b5 計畫，同時在我們認為合適、且處於可交易窗口期（open window）時，也會在市場上把握機會進行回購。

So last quarter, purchases were mostly driven by our 10b5 plan, and it just happened to be in our first quarter when we review our capital allocation strategy and we launched our new 10b5 plan.

所以上一季的回購主要是由我們的 10b5 計畫所驅動；而且剛好發生在我們第一季——也就是我們檢視資本配置策略並啟動新的 10b5 計畫的時間點。

So we believe that we will continue to adhere to our policy of number one, financing growth. Number two is designating surplus cash to the 10b5 plan. And number three, also being opportunistic with buybacks.

因此我們相信，我們會持續遵循我們的政策：第一，為成長提供資金。第二，把多餘現金指定投入 10b5 計畫。第三，也在回購上保持機會型操作。

So those are the four things of our increased authorization as well. So our Board has just increased that back to $200 million. So that will be deployed between 10b5 and an opportunistic program as well.

這些也是我們提高授權額度的考量。我們董事會剛把授權額度提高回到 2 億美元。因此這筆額度將會在 10b5 與機會型回購計畫之間進行部署。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通（JPMorgan）。

Congrats on the results. Maybe for my first one, bigger picture question. You had some large players in the industry announced an acquisition this morning, and I believe they happen to be customers of yours.

恭喜本季成果。我第一個問題是較宏觀的。今天早上產業內有一些大型業者宣布了一項併購，我相信他們剛好也是你們的客戶。

So maybe curious if you could opine on both whether this -- how are you guys are thinking about this relative to an opportunity for Fibernet as well as any bigger picture thoughts on the consolidation between opto and semis and what this means for the history going forward more broadly?

所以想請你們談談：你們如何看待這件事——相對於 Fabrinet 的機會？以及更宏觀地，你們對光電（opto）與半導體（semis）之間的整併有何看法？這對未來更廣泛的產業發展意味著什麼？

And then I do have a follow-up.

另外我還有一個追問。

Joe. Yes, so we're not familiar with the terms of the deal. It's obviously a late-breaking news for all of us, and we haven't had a chance to speak with either company. I would say both companies are customers of Fabrinet. Lumentum has been a customer for a very long time, really since the foundation of our company. Lumentum has been a customer of Fabrinet and continues to be a really excellent customer for us.

Joe。是的，我們不熟悉這筆交易的條款。這顯然是剛爆出的消息，對我們所有人都很突然，我們也還沒有機會與任何一家公司交流。我會說，兩家公司都是 Fabrinet 的客戶。Lumentum 長期以來一直是客戶，幾乎從我們公司成立之初就是如此。Lumentum 一直是 Fabrinet 的客戶，並且至今仍是我們非常優秀的客戶。

Marvell has become a customer more recently. And so we're excited about the opportunity in front of us.

Marvell 則是較近期才成為客戶。因此我們對眼前的機會感到很興奮。

Historically, when there's been consolidation in the industry, it has tended to benefit Fabrinet. If you look back at some of the consolidations that happened over the last several years. I think at the time, there was maybe a thought that it might be some of those consolidations might be bad for Fibernet, but in all cases, it turned out to be positive for Fabrinet when you look at the, let's say, the Lumentum acquisition of NeoPhotonics or when Infinera acquired Coriant or even the more recent one when Nokia has acquired Infinera.

從歷史來看，當產業出現整併時，往往對 Fabrinet 有利。如果回顧過去幾年發生的一些整併。我想在當時，或許有人認為其中一些整併可能對 Fabrinet 不利，但在所有案例中，當你回頭看結果時，整併最終都對 Fabrinet 是正面的——例如 Lumentum 收購 NeoPhotonics，或 Infinera 收購 Coriant，甚至更近期 Nokia 收購 Infinera 的案例。

In all cases, we've seen our business subsequently grow with the combined entity. So we hope and expect that this will be the same. Obviously, our relationship with both companies is really excellent, and we look forward to learning more about the merger and understanding what that means for us and how we can continue to help and support both companies or the new company.

在所有案例中，我們都看到之後與合併後的實體之間，我們的業務持續成長。因此我們希望並預期這次也會是相同的情況。當然，我們與兩家公司的關係都非常良好，我們也期待進一步了解這次合併，並理解這對我們意味著什麼，以及我們如何能持續協助與支持兩家公司或新的公司。

As regards to the overall, let's say, merger between electronics and photonics, it's something that we've been really benefiting from and pointing to for a long time, really. There is this -- if you like, overarching migration from the electronics world to the photonics world. And it was originally, of course, over vast distances, subsea and the like.

就整體而言，譬如說電子與光子之間的併合，我們確實已經從中受益並且長期以來一直在指向這個趨勢。可以說，存在一個從電子世界走向光子世界的宏觀遷移。而最初，當然，這主要發生在非常長的距離上，例如海底等場景。

And now we're down to much closer distances. And when you get right down to co-packaged optics and your package optics, you're down to very, very close connections and including products like optical circuit switching and the like, which are really exciting products. And really, we are seeing the convergence of solid state and photonics.

而現在我們已經縮短到更近的距離。當你進一步走到共封裝光學（co-packaged optics）以及封裝光學時，連結距離就變得非常、非常近，並且也包含像光學電路交換（optical circuit switching）之類的產品，這些都是非常令人振奮的產品。而且確實，我們正在看到固態與光子技術的匯流。

And fortunately, Fibernet, we're right in the middle of that, and we feel perfectly poised to benefit as that convergence unfolds and continues. So we're very excited about it. We're excited about the opportunity, not just with the Lumentum, Marvell transaction.

幸運的是，就 Fibernet 而言，我們正處於這個趨勢的核心位置，我們也覺得自己已經做好萬全準備，能在這種匯流展開並持續之際受益。所以我們對此非常興奮。我們對這個機會感到興奮，不僅僅是因為 Lumentum、Marvell 這筆交易。

But in general, this convergence that's going on and has been going on for some time, and we're really just at the start of this. This is really the very first innings, I would say, of this kind of overarching convergence that's going on.

而是更廣泛地說，這種匯流正在發生，而且已經持續了一段時間，而我們其實才正要開始。我會說，這種宏觀匯流才剛進入第一局（very first innings）。

Got it. I appreciate the thoughts there, Seamus.

了解。Seamus，感謝你分享這些想法。

And then maybe as my second one, I believe you guys are calling for 1Q to kind of be a trough year for gross margins and then sequential improvement in 2Q. But kind of wanted to take a step back and just can you maybe outline how you guys are thinking about the contribution between some of these ramping programs, [Apex] and then anything else maybe that I'm missing there -- other drivers there?

接著作為我的第二個問題，我相信你們預期第 1 季（1Q）在毛利率上大致會是全年低點，然後第 2 季（2Q）會呈現季增改善。但我想先退一步問一下：你們如何看待一些正在爬坡的專案（ramping programs）、[Apex] 的貢獻，以及是否還有其他我可能漏掉的因素——其他驅動因素？

And then as we think about maybe the full year here, are those tailwinds likely continue? And sorry, the last piece of this would just be, obviously, you guys are talking about -- some of these new opportunities around OCS multi-rail NPI, CPO -- could these programs be margin accretive to the model? Or should we think about them kind of triangulating into the average that you guys have talked about in terms of that range?

另外，若我們看全年，這些順風因素是否可能延續？抱歉，最後一部分是：很明顯你們也在談一些圍繞 OCS multi-rail NPI、CPO 的新機會——這些專案是否可能對模型毛利率具有增益（margin accretive）？還是我們應該把它們視為大致落在你們所提到的區間平均水準附近？

So let me take this step by step. So if you look at historically, one thing we are very pleased is to see the consistency of our gross margins and incremental improvement of our operating margin as we continue to grow the top line. So we have been very disciplined with spending. So our operating leverage does show as the company grows, and we are going through this huge phase of growth.

我一步一步來回答。如果你回顧歷史，我們非常高興看到我們毛利率的一致性，以及在營收持續成長的同時，營業利益率的逐步改善。因此我們在支出上一直非常自律。所以隨著公司成長，我們的營運槓桿會顯現出來，而我們正處於這個巨大的成長階段。

Obviously, this comes with challenges as well. Sometimes our gross margin gets pressured from early ramp expenses, we want to make sure that we hire ahead of the ramp to support our customer needs. But those initial phases of headwinds tend to fade away after a short period of time.

當然，這也伴隨著挑戰。有時候，我們的毛利率會受到早期爬坡費用的壓力；我們希望確保在爬坡之前就先行招募人力，以支援客戶需求。但這些初期的逆風通常在短時間後就會消退。

The biggest variable in our business model is and has been exchange rate, which we continue to hedge and try to take out that volatility as much as we can. So for the rest of the year, exchange rate seems to be flattening out based on the hedges we foresee. So we don't anticipate any more headwinds from exchange rates going to the second half of fiscal 2027.

我們商業模式中最大的變數一直都是匯率；我們持續進行避險，並盡可能降低波動性。因此就今年剩餘期間而言，基於我們預期的避險部位，匯率看起來正在趨於平坦。所以我們不預期匯率在 2027 會計年度下半年帶來更多逆風。

With regards to leverage, obviously, we have a very resilient cost structure with fixed cost being about 5% of our cost, you don't get a lot of fixed cost leverage at gross margin level. However, we do anticipate that our operating margin will continue to expand as we grow. With regards to new programs.

就槓桿而言，很明顯我們的成本結構非常具韌性，固定成本約占我們成本的 5%，因此在毛利率層面，你不會看到太多固定成本槓桿。不過，我們確實預期隨著成長，營業利益率將持續擴張。至於新專案。

Again, new program wins and early stage of the life cycle tend to be beneficial from a gross margin perspective. And obviously, as the company goes through this transformation, as you also -- and James mentioned, this convergence between photonics and electronics, we provide a much greater level of value add to our customers, which we do anticipate to accrete our margins.

同樣地，新專案得標以及生命週期早期階段，往往在毛利率角度是有利的。而且很明顯，隨著公司經歷這次轉型，以及如你所提、James 也提到的光子與電子之間的匯流，我們能為客戶提供更高程度的加值；我們預期這將對我們的利潤率帶來增益（accrete our margins）。

So if you look at strategically, we do anticipate our gross margins to improve over time as we continue to deliver higher level of value to our customers. I think we are doing a good job with managing and mitigating the exchange rate environment. and also being disciplined with our OpEx structure, we continue to expect operating margin to grow as we go through 2027 and years ahead.

因此從策略面來看，我們確實預期，隨著我們持續為客戶交付更高層次的價值，我們的毛利率將隨時間改善。我認為我們在管理並緩解匯率環境方面做得不錯。同時也在 OpEx 結構上保持自律，我們仍預期在 2027 年以及往後年度，營業利益率會持續成長。

I hope it covers all your questions.

希望這涵蓋了你所有的問題。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

I had two questions as well. First of all, maybe just a follow up on the last comment in terms of how convergence with electronics, you were able to add more value. Can you give a couple of examples of how that happens and what kind of impact it has on your profitability?

我也有兩個問題。首先，可能延續上一個評論：就與電子的匯流而言，你們能夠增加更多價值。你能否舉幾個例子說明這是如何發生的，以及它對你們獲利能力有什麼樣的影響？

And then I had a follow-up.

接著我還有一個追問。

I think the main example is several examples where we're able to help the customers bring the products to market the customers tell us that we help them bring the products to market earlier than if they worked with, we call it a traditional contract manufacturer. Our expertise in really figuring out early how to put these products together in a way that's cost-effective, but also high yield and repeatable really helps the customer to get the time-to-market advantage.

我認為最主要的例子——其實有好幾個例子——是我們能協助客戶把產品推向市場；客戶告訴我們，相較於與我們所稱的傳統代工廠（traditional contract manufacturer）合作，我們能幫助他們更早把產品導入市場。我們在早期就能真正釐清如何以具成本效益、同時高良率且可重複的方式把這些產品組裝起來的專業能力，確實能幫助客戶取得上市時間（time-to-market）的優勢。

There are several examples. I wouldn't want to get too specific, but it's everything from the leading-edge transceivers to some of the high-performance compute products and these newer products such as optical surface switching NPO and CPO.

有好幾個例子。我不想講得太具體，但涵蓋範圍從最先進的收發器（leading-edge transceivers），到一些高效能運算（high-performance compute）產品，以及這些較新的產品，例如光學表面交換（optical surface switching）NPO 和 CPO。

So I think having the knowledge on really how to put these photonics products together in a cost-effective way and high yield way gives our customers a big advantage that results in them to continue in to reward us with more and more business.

所以我認為，具備如何以具成本效益且高良率的方式把這些光子產品組裝起來的知識，能為我們的客戶帶來很大的優勢，進而使他們持續以更多、更多的業務來回饋我們。

Got it. That's helpful. And then as a follow-up, just looking at this big revenue beat and raise, I'm not quite sure if I understand all the dynamics of it. Like you mentioned new programs, but you also mentioned demand. So were you seeing forecasts to get upsided? Were you able to pull in production?

了解。這很有幫助。接著追問一下，看到這次營收大幅超預期並上調展望，我不太確定自己是否理解其中所有動態。例如你提到新專案，但也提到需求。所以你們是看到預測上修（upsided）嗎？你們有把生產提前拉進來（pull in production）嗎？

Were you able to add capacity to better meet demand? I'm just not sure what happened here and what were the big just sort of broad drivers forgetting about the product segments for a second.

你們是否能增加產能以更好地滿足需求？我不太確定這裡到底發生了什麼；先暫時不談產品區隔，整體而言主要、廣泛的驅動因素是什麼？

Well, I mean, what happened was our revenue accelerated significantly. Q1 marked our 14 -- it wasn't a kind of a onetime event, Q1 marked our 14th consecutive quarter of growth and our seventh consecutive quarter of accelerating year-over-year growth. In Q1, we grew pretty remarkable 51% year over year.

嗯，我是說，發生的事情是我們的營收顯著加速。第 1 季（Q1）標誌著我們連續第 14 個季度成長——這不是一次性的事件——同時也是我們連續第 7 個季度年對年成長加速。在第 1 季，我們年對年成長了相當驚人的 51%。

That's an increase of $496 million versus the same quarter a year ago. It really is just extraordinary momentum, which we expect to continue into Q2. And the growth we are seeing is broad-based. It's across several customers and segments. It wasn't a onetime big upside from one customer. It's just significant increasing demand across all of our customers.

相較於一年前同一季度，這增加了4.96億美元。這確實是非同尋常的動能，我們預期將延續到第二季。而且我們看到的成長是廣泛分布的。涵蓋多個客戶與多個細分市場。並不是來自單一客戶的一次性大幅超預期。而是我們所有客戶的需求都在顯著增加。

In Q1, our data center business was up $340 million versus year on year versus the same quarter a year ago or 78%. So data center business, up 78%. Our communications infrastructure business was up 35% or $114 million versus Q1 of last year. And our industrial automotive and other business was up 20% or $42 million.

第一季，我們的資料中心業務相較於一年前同一季度年增3.40億美元，亦即78%。所以資料中心業務成長78%。我們的通訊基礎設施業務相較去年第一季成長35%，或增加1.14億美元。而我們的工業、車用及其他業務成長20%，或增加4,200萬美元。

So overall, up $496 million versus the same quarter year across all the industry segments.

因此整體而言，跨所有產業別細分市場，相較於一年前同一季度合計增加4.96億美元。

And then for Q2, we don't break out by segment for Q2, but for Q2 at the midpoint of our Q2 guidance, we would be up again, versus Q2 of last year, we would be up $151 million at the midpoint or 43%. So just remarkable growth and we believe sustainable growth that's broad-based and continuing into Q2 and hopefully, throughout fiscal '27.

至於第二季，我們不會按細分市場拆分第二季數據；但以我們第二季財測指引的中位數來看，相較去年第二季，我們在中位數將再增加1.51億美元，或成長43%。所以這是非常顯著的成長，我們相信這是可持續、且廣泛分布的成長，會延續到第二季，並希望能貫穿整個2027財年。

But just to be clear, this was mainly from existing programs or are you able to upside versus original expectations as opposed to new program ramps going faster than expected?

不過為了釐清，這主要是來自既有專案嗎？還是說，相較於原先預期，你們有上修（upside），而不是新專案爬坡速度比預期更快？

It's both. It's both existing programs. And I mean, new programs, as we ramp them, their immediate impact on revenue is not that significant because we're just beginning to ramp them. Obviously, new programs then become existing programs, and they ramp rapidly, but it's a combination of both.

兩者都有。既有專案有貢獻。而且我的意思是，新專案在我們開始爬坡時，對營收的即時影響其實沒有那麼顯著，因為我們才剛開始爬坡。當然，新專案之後會變成既有專案，並且會快速放量，但整體來說是兩者的組合。

We have a very healthy pipeline of new programs that we're ramping but also programs that were new programs a couple of quarters ago that are now existing programs that we're ramping. So it's a combination of all of the above.

我們有非常健康的新專案管線正在爬坡，同時也有一些在前幾個季度還是新專案、現在已成為既有專案的案子正在放量。所以就是上述各項因素的綜合。

George Notter, Wolfe Research.

George Notter，Wolfe Research。

I wanted to ask about building Building 11. It looks like you upsized the size of that building. Can you remind us how big the plan was for that building previously and then what it is now? And then also just looking at the bigger supply chain environment, it feels like maybe componentry is becoming more readily available for you.

我想問一下第11棟大樓（Building 11）的建設。看起來你們把那棟樓的規模加大了。能否提醒我們先前對那棟樓的規劃規模有多大，現在又是多少？另外，從更大的供應鏈環境來看，感覺零組件對你們而言可能變得更容易取得了。

I guess I'm inferring that based on the upside here and then the upside in terms of the guidance from the sender quarter. But maybe some comments on the supply chain environment would be great.

我這樣推測是基於這次的超預期表現，以及你們對下一季度指引的上修。不過如果能談談供應鏈環境，會很有幫助。

Sure. Thanks, George. So first of all, on the capacity. So just to recap, our revenue capacity at the end of fiscal 2026 was about $5.8 billion. We have been aggressively increasing our capacity, and we expect our revenue capacity to be around $10 billion at the beginning of January. So I'm just a few months from now.

當然。謝謝你，George。先談產能。簡單回顧一下，我們在2026財年末的營收產能大約是58億美元。我們一直在積極提升產能，並預期在1月初，我們的營收產能將達到約100億美元。也就是距離現在只剩幾個月。

But the biggest -- so a significant increase in capacity. The biggest factor driving this will be the completion of Building 10 in Chonburi, which adds 2 million square feet or about $3.5 billion in revenue capacity.

因此產能會大幅提升。推動這一點的最大因素將是春武里（Chonburi）第10棟大樓（Building 10）的完工，該大樓新增200萬平方英尺，或約35億美元的營收產能。

To put that in context, just in terms of the physical size, 2 million square feet is about the surface area taken up by 35 American football fields. So it's quite gigantic. And that revenue increase is about 75% of our actual FY26 revenue. We have commissioned our campus in Nava, we got a Nava1, the campus that we purchased recently.

為了讓大家有概念，就實體面積而言，200萬平方英尺大約相當於35個美式足球場的占地面積。所以規模非常龐大。而這部分帶來的營收產能增加，約相當於我們2026財年實際營收的75%。我們已啟用我們在Nava的園區，也就是我們最近收購的Nava1園區。

And that adds about $400 million of revenue capacity as well as our expanded footprint in Santa Clara, which adds about $300 million. So all told, we'll start the year at about $10 billion of capacity. And we continue to invest ahead of the demand.

這也新增約4億美元的營收產能，另外我們在聖塔克拉拉（Santa Clara）擴增的據點也新增約3億美元。因此合計來看，我們將以約100億美元的產能開始新年度。而且我們會持續在需求之前提前投資。

We're going to rapidly expand our manufacturing footprint to make sure we stay ahead of the demand we're seeing from our customers. To that end, we're not stopping with Building 10. We will be breaking ground on Building 11 in Chonburi in January.

我們將快速擴大製造版圖，以確保我們能持續領先客戶所展現的需求。為此，我們不會止步於第10棟大樓。我們將在1月於春武里動工興建第11棟大樓（Building 11）。

We will probably coincide the ribbon coating for Building 10 with the groundbreaking for Building 11. Building 11 will add about 1.5 million square feet. You're right. That's maybe a little bit bigger than we originally thought. We tend to get a bit smarter as we go along. We learn a few things.

我們可能會把第10棟大樓的剪綵儀式與第11棟大樓的動工儀式安排在同一時間。第11棟大樓將新增約150萬平方英尺。你說得沒錯。這可能比我們原先想的稍微大一些。我們在推進過程中往往會變得更聰明一些。我們也學到了一些事情。

And for Building 11, we don't need meant much office space in Building 11 because we're more than covered with the other buildings on the campus. We don't need much warehousing space. So it's a lot of, let's say, as a percentage of the total space a lot more of Building 11 will be manufacturing space.

而就第11棟大樓而言，我們不需要在第11棟配置太多辦公空間，因為園區內其他大樓已經足夠覆蓋。我們也不需要太多倉儲空間。所以可以說，以總面積占比來看，第11棟會有更高比例是製造空間。

So about 1.5 million square feet or about $3 billion in revenue capacity. And it will take us about 18 months to build and should come online at the end of fiscal 2028. But based on the pipeline of business we see in front of us, we're already looking for potential new sites, both land but also buildings to make sure we stay ahead of the demand.

因此約150萬平方英尺，或約30億美元的營收產能。建造大約需要18個月，預計在2028財年末投入運作。不過基於我們眼前看到的業務管線，我們已經在尋找潛在的新據點，包括土地以及現有建物，以確保我們能持續領先需求。

It's important to note, of course, that this expansion we funded with our own cash on our balance sheet. as you would have seen, our CapEx was significant last year as we purchased the Santa Tower operations. So we continue to fund this growth with our very strong balance sheet. and we continue to deliver ROIC north of 30%.

當然也要強調，這次擴張是用我們資產負債表上的自有現金來支應的。如各位所見，我們去年資本支出（CapEx）相當可觀，因為我們收購了Santa Tower的營運。因此我們會持續以非常強健的資產負債表來支應這些成長。同時我們也持續交出超過30%的投入資本報酬率（ROIC）。

So it's a very compelling business model that we have. All told, if you look at the total, let's say, capacity that we have, if you take Building 10 plus what we had before Building 10 plus Nava, plus Santa Tara plus Building 11 and if we build a Building 12 in the future, which we can on the campus in Chonburi.

所以我們的商業模式非常有吸引力。總體來看，如果你看我們的總產能：把第10棟大樓加上第10棟之前既有的產能，再加上Nava、Santa Tara、以及第11棟大樓，並且如果未來我們在春武里園區再建第12棟大樓（Building 12）（我們是可以在該園區興建的）。

Previously, we had sized all of that at about $14 billion of capacity. We've now revised that up to about $16 billion. So Building 11, we originally said it was about $2.1 billion of capacity. We don't think that's closer to $3 billion.

先前我們把上述全部合計的產能規模估在約140億美元。我們現在已將其上修至約160億美元。因此第11棟大樓，我們原先說大約是21億美元的產能。我們現在認為更接近30億美元。

As the revenue kind of per square foot continues to go in our favor, smaller, denser, more revenue dense products improve the revenue per square foot. So that revenue capacity that we're bringing on will be, like I say, about $10 billion in January.

隨著每平方英尺的營收趨勢持續朝對我們有利的方向發展，更小型、更高密度、營收密度更高的產品能提升每平方英尺的營收。因此，我們正在導入的那部分營收產能，如我所說，到一月大約會是100億美元。

But when Building 11 is completed, that will add another $3 billion to take us to 13. Building 12. We'll add another $3 billion to take us 16, close to whatever we add in the meantime in terms of other capacity that we uncover as we continue to search for capacity.

但當11號樓完工時，將再增加30億美元，使我們達到130億美元。12號樓。我們還會再增加30億美元，使我們達到160億美元，另外再加上我們在持續尋找產能的過程中所發掘、期間可能新增的其他產能。

In terms of components, we -- sorry, go ahead.

就零組件而言，我們——抱歉，你先請。

I was just going to ask about the follow-up question, the component supply chain question. Go ahead, please.

我只是想問一下追問的問題，也就是零組件供應鏈的問題。請繼續。

Yes, I want to say about the components, yes, we have been making good progress and getting our fair share. And thankfully, in some cases, our unfair share of the available components. Components are in tight supply across the board, obviously, demand for everyone is very strong. But we've been fortunate we've been able to keep ahead of that.

是的，關於零組件，我想說，是的，我們一直在取得良好進展，也拿到了我們應得的份額。而且幸運的是，在某些情況下，我們拿到的甚至是不成比例的、超出一般的可用零組件份額。零組件整體供應都很吃緊，顯然每個人的需求都非常強勁。但我們很幸運，能夠一直保持領先。

And obviously, we could always ship more if we have more, but our approach is really to work with the customers and the suppliers to make sure we get what we need to meet the customers' demand and continue to add capacity to make sure that we're never capacity gated in terms of our ability to grow.

而且很明顯，如果我們有更多零組件，我們總是可以出貨更多；但我們的方法其實是與客戶和供應商合作，確保我們取得滿足客戶需求所需的零組件，並持續擴增產能，確保我們在成長能力上不會因產能而受限。

And like I said, we'll continue to add capacity ahead of the demand, and we'll continue to work with the customers and the suppliers to make sure we keep the component supply end up as well.

如我所說，我們會持續在需求之前提前擴增產能，也會持續與客戶和供應商合作，確保零組件供應端也能跟上。

Mike Genovese, Rosenblatt Securities.

Mike Genovese，Rosenblatt Securities。

First of all, on the transceiver OEMs that are coming in, how many -- are we talking about one or are we talking about more than one transceiver OEM that's ramping with the company?

首先，關於正在導入的收發器OEM，有多少家——我們談的是一家，還是有不只一家收發器OEM正在與公司一起放量爬坡？

We have more than one.

不只一家。

And is it more than two?

那有超過兩家嗎？

We're not going to say much more than that because, again, these are always -- as always, like their confidential sensitive conversations that are going on with the customers, and we don't like to say too much, but we have more than one, yes.

我們不會再多說了，因為同樣地，這些一向都是——一如既往，與客戶之間正在進行的機密且敏感的對話，我們不喜歡透露太多；但確實不只一家，是的。

And we continue to ramp those nicely and they're becoming -- as you can see our growth in the data center business was up 78%, and we continue to see strong growth going into Q2.

而且我們持續順利地推進這些放量，它們也正在成為——如你所見，我們資料中心業務的成長達到78%，而且我們在進入第二季時仍持續看到強勁成長。

Perfect. And most of my questions have been asked, so I'm going to ask about the CapEx and the financing. There was about $75 million of long-term borrowing in the quarter. What's the fiscal '27 CapEx plan? And why borrow rather than spun from cash?

很好。我大部分問題都已經有人問過了，所以我想問資本支出（CapEx）和融資。本季大約有7,500萬美元的長期借款。2027會計年度的CapEx計畫是什麼？以及為什麼要借款，而不是用現金支出？

So let me address the borrowing section first. So we have actually a favorable interest rate environment in Thailand, where the cost of borrowing is cheaper than breaking up our cash that is being invested in the US, so that's a simple financial decision when we need cash and for investment in Thailand is cheaper to borrow there than breaking the investment that it earns.

我先回應借款的部分。我們在泰國其實有相對有利的利率環境，借款成本比動用我們在美國投資的現金更便宜；因此當我們在泰國需要現金用於投資時，在那裡借款比起贖回（或中止）能產生收益的投資更划算，這是一個簡單的財務決策。

So secondly, our CapEx plan, as you have seen, we had an outsized CapEx number in Q1 because of the Santa Clara campus purchase. Other than that, our CapEx is running at about 5% of revenue run rate, which has been somewhat consistent in the last fiscal year.

第二，關於我們的CapEx計畫，如你所見，我們在第一季的CapEx數字偏高，因為購買了Santa Clara園區。除此之外，我們的CapEx大約維持在營收水準的5%左右，這在上一個會計年度也算相當一致。

Obviously, as Building 10 comes online, it will be done by January, we will start Building 11 so that we layer on, on the CapEx spending as well as Seamus mentioned, we continue to search for additional capacity. So that should come through, we should see some even further increase in our CapEx spending for 2027.

顯然，隨著10號樓上線——它會在一月完成——我們將開始11號樓的建設，因此我們也會在CapEx支出上再疊加；同時如Seamus提到的，我們也持續尋找額外產能。因此這些都會反映出來，我們應該會在2027年看到CapEx支出進一步增加。

Having said that, if you take this large chunky capacity additions aside, our normal, I would say, CapEx run rate to support this outsized growth would be at about 5% of the revenue run rate for the year.

話雖如此，如果把這些大型、一次性的大幅產能擴增先排除，我會說，為了支撐這種超常的成長，我們正常的CapEx運行水準大約會是全年營收運行水準的5%左右。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

Congrats on the results and guidance. I kind of want to pick up where we left off last quarter. where you expressed some optimism of being able to accelerate revenue growth in fiscal '27 versus '26. I imagine you're feeling far more confident about that now.

恭喜你們的業績與指引。我想接續我們上季討論到的部分。當時你們表達了一些樂觀，認為在2027會計年度相較於2026會計年度，營收成長有機會加速。我想你們現在對此應該更有信心了。

So I wanted to kind of follow up on that, which is your first comp growth rate was 47% given where you guided, talked about that growth being sustainable and indeed some new program ramps in the second half of the year.

所以我想追問一下：你們第一季的同店（可比）成長率是47%，依照你們給出的指引，你們也談到這樣的成長具有可持續性，而且下半年還會有一些新專案開始放量爬坡。

So I guess a two-part question, we get an update on your feelings about accelerating growth. And can you sustain something in that range that you're seeing in the first half for the second?

所以我想問一個兩段式問題：第一，請更新一下你們對成長加速的看法；第二，你們能否在下半年維持上半年所看到的、接近這個區間的成長水準？

Tim, you are nothing, if not consistent. Yes, I think if you look at the growth we've been seeing, it's pretty remarkable really to consider the growth, and it's across the industry segments. As I mentioned, the numbers I walked through a moment ago, 51% in Q1. Q2, our guidance would have us at 43% growth. They're up $151 million year on year at the midpoint of the guidance.

Tim，你一向都很一致。是的，我認為如果你看看我們所看到的成長，確實相當驚人，而且這是跨產業區隔的成長。如我剛才提到、我稍早帶過的數字，第一季是51%。第二季，我們的指引意味著成長43%。以指引中位數來看，年增增加了1.51億美元。

And we're continuing to add capacity as fast as we can Building 10, we have a clear line of sight to what's going into Building 10 and when it's going into Building 10. Hence, our decision to pull the trigger on Building 11, but also to look for additional capacity that we can bring on, hopefully, before Building 11 is completed, Building 11 will take about 18 months from when we start, so somewhere around the middle of calendar 2028, so 18, 20, 20-something months from now.

而且我們正以最快速度擴增產能：10號樓，我們對於將導入10號樓的內容以及導入時程都有非常清楚的能見度。因此我們才決定啟動11號樓，同時也尋找我們可以導入的額外產能，希望能在11號樓完工之前就先增加一些產能；11號樓從開工到完成大約需要18個月，因此大概會在2028曆年年中左右，也就是從現在起約18、20、20多個月後。

That's when Building 11 will come on stream, but we think we'll lead capacity before that. So we're actively looking right now. There's a few projects we're working on, but we're actively looking to bring on additional capacity.

那時11號樓會正式投產，但我們認為在那之前就會先導入一些產能。所以我們目前正積極尋找。我們手上有幾個正在推進的專案，但我們正積極尋求導入額外產能。

Again, both land but also factory space that we can -- if we can get our hands on to bring on additional capacity. So my -- I suppose my feelings about the accelerating growth as positive as they were when we spoke approximately 90 days ago, if not a little bit more positive, I would say. -- sustainability, certainly based on the signals we see from the customers who are really happy to show us the demand picture really as far as the eye can see as far ahead as you can see, it appears to be very sustainable.

同樣地，不只是土地，也包括我們能取得的廠房空間——如果我們能拿到手——以便導入額外產能。所以，關於成長加速的看法——我想我的感受至少和大約90天前我們談的時候一樣正面，甚至可以說更正面一些。至於可持續性，至少從我們從客戶那裡看到的訊號來看——他們很樂意向我們展示需求圖景，幾乎是目之所及、能看到多遠就有多遠——看起來是非常可持續的。

But the nice thing I suppose about our business, Tim, as you know, is we tend to have an asset-light model, so -- and our fixed cost is very low. So even in the Doomsday scenario, if there is a downturn, we haven't added any really significant fixed costs. So we'll continue to grow and make sure we benefit from this upside environment that we're in, but also we're always mindful of being ready for if there is any kind of a downturn.

不過我想，我們這個業務有個好處，Tim，你也知道，我們通常採用輕資產模式，所以——而且我們的固定成本非常低。因此即使在所謂的末日情境下，如果出現景氣下行，我們也沒有新增任何真正重大的固定成本。所以我們會持續成長，確保能受惠於目前所處的上行環境，但同時我們也一直保持警覺，隨時準備應對任何形式的下行。

So we -- we're very -- very optimistic about the future, but also we're pragmatic and we're doing it in a way that we think is low risk and sustainable. So yes, to answer the question, I think we're as optimistic as we were if not a little bit more so than when we spoke 90 days ago, and we do believe that the growth continues to be sustainable, again, because it's across all industry segments that we serve and many, many customers.

所以我們——我們對未來非常——非常樂觀，但同時也務實，並以我們認為低風險且可持續的方式來推進。所以是的，回答你的問題，我認為我們的樂觀程度不亞於——甚至可能比90天前我們交談時還更樂觀一些；而且我們確實相信成長仍具可持續性，原因同樣是：這種成長橫跨我們服務的所有產業區隔，以及非常非常多的客戶。

Okay. Great. Appreciate that. One were to follow up on the NPO, CPO front. Obviously, Lumentum talked about a $5 billion win here this morning and we talked about similar type of numbers in OCS. I guess, how do you look at those two opportunities in terms of relative potential for Fabrinet?

好的。很棒。感謝你的說明。我想再追問一下NPO、CPO這一塊。顯然，Lumentum今天早上談到這裡有一筆50億美元的斬獲，而我們在OCS也談到類似量級的數字。我想問的是，你如何看待這兩個機會對Fabrinet而言的相對潛力？

And it sounds like each of these could be multi-hundred million if not billion-dollar businesses for you guys. Is that a fair way to think about it?

而且聽起來，這兩者各自都可能為你們帶來數億美元、甚至十億美元規模的業務。這樣理解合理嗎？

I think that's a fair way to think about it. And they're not even in the -- if you like, the numbers yet. They're only just getting started. But they both look to be very but had very strong demand, OCS. The demand forecast we see for OCS is very strong.

我認為這樣理解是合理的。而且它們甚至還沒真正——如果你願意這麼說——反映在數字裡。它們才剛剛開始。但兩者看起來都有非常強勁的需求，尤其是OCS。我們看到的OCS需求預測非常強。

And also for these various NPO programs that we're working on looks to be very strong. yes, either of these or both of these could be multi-hundred-million-dollar opportunities on their own. And as I said, they're just getting started. We haven't even really started to ship anything yet. but yes, they're very positive, we think, for our business.

另外，我們正在合作的各項NPO專案，看起來也非常強勁。是的，這兩者其中之一或兩者同時，都可能各自成為數億美元規模的機會。而且如我所說，它們才剛起步。我們甚至還沒有真正開始出貨任何產品。但沒錯，我們認為它們對我們的業務非常正面。

Ryan Koontz, Needham & Co.

Ryan Koontz，Needham & Co.

I want to ask your view kind of the macro level about the transceiver market in light of investor concerns that CPO and NPO are going to be highly cannibalistic. And maybe from your perspective, you have a different view there from talking to your customers and your customers' customers about how you think about the durability of the datacom transceiver market and maybe how the fulfillment models might be changing a bit?

我想從宏觀層面請教你對收發器市場的看法，因為投資人擔心CPO和NPO會高度侵蝕（蠶食）既有市場。也許從你的角度，透過與你們的客戶以及客戶的客戶交流，你會有不同的觀點：你如何看待資料通訊收發器市場的耐久性，以及履約/供應模式是否可能出現一些變化？

Obviously, you're seeing some real nice growth in the green shoots there. So any you can share about the transitions would be appreciated.

顯然你們在那邊已經看到一些相當不錯的成長萌芽。所以若能分享任何關於轉變的看法，我會很感謝。

Yes. Thanks, Ron. I think the idea that it's kind of either our or that CPO was just going to cannibalize the pluggable transceiver market is. I suppose I'll be kind and call it reductive. I think it's a bit overly simplistic I think that it's one or the other.

是的。謝謝你，Ron。我認為那種把情況看成非此即彼、或認為CPO會直接蠶食可插拔收發器市場的想法——我想我客氣一點說，這種看法過於簡化。我認為把它當成只能二選一，是有點太過簡單化了。

We believe that pluggables will continue for a very long time, but that NPO and ultimately, CPO will also continue to grow. So we don't really think it's one or the other for a long time to come. If you saw the recent announcement from Cisco and NVIDIA, they announced a road map for ultra dense small form factor plug this SFP product. which looks to, I guess, continue the pluggable architecture for many years to come.

我們相信可插拔產品還會持續很長一段時間，但同時NPO、以及最終的CPO也會持續成長。所以在很長一段時間內，我們不認為會是非此即彼。如果你看到Cisco和NVIDIA最近的公告，他們發布了一個超高密度小型化可插拔SFP產品的路線圖，看起來會讓可插拔架構在未來很多年持續下去。

So we think we're ideally positioned to produce all the products in the space, pluggables, NPO, CPO. We're happy to work with the customers. And really, our mission is to just always be ready to produce the customers of the future -- sorry, the products of the future for the customers, whatever that might entail, whether it's more dense pluggables or NPO our CPO or all of the evolve.

所以我們認為我們具備理想的定位，能夠生產這個領域裡的所有產品：可插拔、NPO、CPO。我們也很樂意與客戶合作。而且我們的使命就是：永遠做好準備，為客戶生產未來的產品——抱歉，是為客戶生產未來的產品——不管那意味著什麼，無論是更高密度的可插拔、或是NPO、或CPO，或是所有這些的演進。

So we don't see it as an either/or situation. We see it as an and an also situation.

所以我們不把它看成二選一的情況。我們把它看成「兩者都要、而且還會並行」的情況。

Helpful. And maybe just a follow-up there. With regards to your your strength on the datacom side of the world as well as telecom side of the world, the middle ground there is coherent light. Have you announced any coherent light wins? Or is that a market you feel like you're well positioned for?

很有幫助。我再追問一下。就你們在資料通訊端以及電信端的優勢而言，中間的交集是相干光（coherent optics）。你們有宣布過任何相干光方面的得標/專案斬獲嗎？或者你覺得你們在那個市場也具備很好的定位？

Yes. I mean, we feel we're very well positioned. Those products fit perfectly into our kind of capabilities. We haven't announced anything specific in that market. But yes, we would -- that would fit very well with our capabilities.

是的。我的意思是，我們覺得我們的定位非常好。那些產品非常符合我們的能力範圍。我們在那個市場還沒有宣布任何具體事項。但沒錯——那會非常契合我們的能力。

I'm showing no further questions at this time. I would now like to turn it back to Seamus Grady for closing remarks.

我這邊目前沒有看到其他問題。現在我想把時間交回給Seamus Grady做結語。

Thank you for joining our call today. We're off to an excellent start in fiscal 2027 with year-over-year top-line growth of nearly $500 million or 51% and strong momentum continuing into Q2. We are staying ahead of the incredible demand by aggressively expanding our capacity as we see contributions from existing programs and new program ramps. driving our rapid growth.

感謝各位今天參加我們的電話會議。我們在2027會計年度有一個非常出色的開局：年對年營收成長接近5億美元、或51%，而且強勁動能延續到第二季。我們正透過積極擴充產能來保持領先、以因應驚人的需求，同時也看到既有專案的貢獻以及新專案的爬坡，推動我們的快速成長。

We look forward to speaking with you again next quarter. Thanks again, and goodbye.

我們期待在下個季度再次與各位交流。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。本節目到此結束。您現在可以斷線。