Lumentum Holdings Inc. (LITE) 2022 Q2 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Holdings Second Quarter Fiscal Year 2022 Earnings Call. (Operator Instructions) Please note, today's event is being recorded for replay purposes.

大家好，歡迎參加 Lumentum Holdings 2022 會計年度第二季財報電話會議。（接線員指示）請注意，今天的活動將被錄音，以供日後重播。

At this time, I'd like to hand the conference call over to Kathy Ta, Vice President of Investor Relations. Ms. Ta, please go ahead.

此刻，我想將電話會議交給投資人關係副總裁 Kathy Ta。Ta 女士，請開始。

Thank you, operator. Welcome to Lumentum's Fiscal Second Quarter 2022 Earnings Call. This is Kathy Ta, Lumentum's Vice President of Investor Relations.

謝謝，接線員。歡迎參加 Lumentum 2022 會計年度第二季財報電話會議。我是 Lumentum 投資人關係副總裁 Kathy Ta。

Joining me today are Alan Lowe, President and Chief Executive Officer; Wajid Ali, Chief Financial Officer; and Chris Coldren, Senior Vice President and Chief Strategy and Corporate Development Officer.

今天與我一同出席的有：總裁暨執行長 Alan Lowe；財務長 Wajid Ali；以及資深副總裁、首席策略暨企業發展長 Chris Coldren。

Today's call will include forward-looking statements, including statements regarding our expectations regarding the pending acquisition of NeoPhotonics, including market opportunity, expected synergies, financial and operating results, and expectations regarding accretion, time to close, strategies of the combined company, and benefits to customers in the markets in which we operate; as well as the impact of COVID-19 on our business and continuing uncertainty in this regard; trends and expectations for our products and technology, our markets, market opportunity, and customers; and our expected financial performance, including our guidance as well as statements regarding our future revenues, our financial model and our margin targets.

今天的電話會議將包含前瞻性陳述，包括我們對於擬議中收購 NeoPhotonics 的預期（包含市場機會、預期綜效、財務與營運結果，以及對增益效果、完成交易所需時間、合併後公司策略、以及對我們所營運市場中客戶之效益的預期）；以及 COVID-19 對我們業務的影響與相關持續不確定性；我們產品與技術、我們的市場、市場機會與客戶的趨勢與預期；以及我們預期的財務表現，包括我們的財測指引，以及關於未來營收、財務模型與毛利率目標的陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risk factors described in our SEC filings. We encourage you to review our most recent filings with the SEC, particularly the risk factors described in the quarterly report on Form 10-Q for the quarter ended October 2, 2021, and for those in the 10-Q for the quarter ended January 1, 2022, to be filed by Lumentum with SEC today.

這些陳述受到風險與不確定因素影響，可能導致實際結果與我們目前預期有重大差異，特別是我們向 SEC 申報文件中所描述的風險因素。我們鼓勵各位查閱我們最近向 SEC 提交的文件，尤其是截至 2021 年 10 月 2 日季度的 Form 10-Q 季報中所述的風險因素，以及截至 2022 年 1 月 1 日季度的 10-Q（Lumentum 將於今日向 SEC 提交）中所述的風險因素。

The forward-looking statements provided during this call are based on Lumentum's reasonable beliefs and expectations as of today. Lumentum undertakes no obligation to update these statements, except as required by applicable law.

本次電話會議中所提供的前瞻性陳述，係基於 Lumentum 截至今日之合理信念與預期。除非適用法律要求，Lumentum 不承擔更新這些陳述之義務。

Please also note, unless otherwise stated, all results and projections discussed in this call are non-GAAP. Non-GAAP financials are not to be considered as a substitute for/or superior to financials prepared in accordance with GAAP. Lumentum's press release with the fiscal second quarter 2022 results and accompanying supplemental slides are available on our website at www.lumentum.com under the Investors section. This includes additional details about our non-GAAP financial measures and a reconciliation between our historical GAAP and non-GAAP results.

另請注意，除非另有說明，本次電話會議中討論的所有結果與預測皆為非 GAAP。非 GAAP 財務資訊不應被視為 GAAP 編製財務資訊的替代或優於 GAAP 財務資訊。Lumentum 2022 會計年度第二季財報新聞稿及隨附補充投影片已公布於我們網站 www.lumentum.com 的 Investors（投資人）專區。內容包含我們非 GAAP 財務衡量指標的更多細節，以及歷史 GAAP 與非 GAAP 結果之間的調節表。

With that, I'll turn the call over to Alan.

接下來，我把電話交給 Alan。

Thank you, Kathy, and welcome to the team. Good morning, everyone. This is certainly an exciting time at Lumentum. The insatiable demand for increased bandwidth and communication speed between networks, data centers, and all connected devices, plays to our strength as a technology and market leader in photonics. Demand is exceptionally strong and growing for our products. Our cloud and networking customers are entering a multiyear hardware upgrade cycle and rely on our leading-edge photonics as their fundamental enabling technology. We are broadening the applications of our 3D sensing lasers beyond mobile handsets into automotive driver assistance designs, and AR/VR applications. Demand for our commercial lasers has never been stronger as industrial factories and semiconductor fabs expand and upgrade their capability.

謝謝你，Kathy，也歡迎加入團隊。各位早安。對 Lumentum 而言，這確實是一個令人振奮的時刻。網路、資料中心與所有連網裝置之間對更高頻寬與更快通訊速度的無止境需求，正好發揮我們作為光子技術與市場領導者的優勢。我們產品的需求異常強勁且持續成長。我們的雲端與網路客戶正進入一個為期多年的硬體升級週期，並仰賴我們領先的光子技術作為其關鍵使能技術。我們正將 3D 感測雷射的應用從行動手機擴展至汽車駕駛輔助設計，以及 AR/VR 應用。隨著工業工廠與半導體晶圓廠擴產並升級能力，我們商用雷射的需求也從未如此強勁。

Second quarter demand was very strong across all major product lines. Our results were above the midpoint of our guidance on all metrics. Industry-wide supply shortages have worsened with the recent surge in COVID-19 and are negatively impacting our third quarter revenue guidance by more than $65 million. These shortages come at a time when customer demand is accelerating for our differentiated communications products. Our products are essential to multiyear expansions in next-generation optical network capacity that are just beginning to be deployed.

第二季在所有主要產品線的需求都非常強勁。我們的各項指標結果均高於財測指引的中位數。隨著近期 COVID-19 再度激增，整體產業的供應短缺情況惡化，並使我們第三季營收指引受到超過 6,500 萬美元的負面影響。這些短缺發生在客戶對我們具差異化通訊產品需求加速之際。我們的產品對於下一代光網路容量的多年期擴建至關重要，而這些部署才剛開始展開。

We continue to work to alleviate supply constraints and expect fourth quarter revenue to be up from that of the third quarter. Furthermore we expect supply shortages to improve by the second half of this calendar year. Looking beyond these near-term supply challenges, I'm highly optimistic about our outlook and believe market inflections beneficial to us in our addressable markets will drive double-digit revenue growth in fiscal '23 and beyond, not including the pending acquisition of NeoPhotonics.

我們持續努力緩解供應限制，並預期第四季營收將高於第三季。此外，我們預期供應短缺將在今年下半年改善。放眼這些短期供應挑戰之外，我對我們的展望高度樂觀，並相信在我們可服務市場中對我們有利的市場拐點，將推動 2023 會計年度及之後的營收達到雙位數成長（不包含擬議中收購 NeoPhotonics）。

On our last call, we announced the NeoPhotonics acquisition. This is a very exciting transaction and we continue to receive positive feedback from our customers. The combination gives us a more complete product and technology portfolio. This enables our customers to address their next-generation cloud and networking speeds, and scalability requirements. We are confident in this long-term market opportunity and the value this combination creates. We are also excited about adding NeoPhotonics' talented team of experts to Lumentum.

在上一次電話會議中，我們宣布收購 NeoPhotonics。這是一筆非常令人振奮的交易，我們也持續收到客戶的正面回饋。此次結合讓我們擁有更完整的產品與技術組合，協助客戶滿足下一代雲端與網路速度及可擴展性需求。我們對此長期市場機會以及此結合所創造的價值充滿信心。我們也很期待將 NeoPhotonics 優秀的專家團隊加入 Lumentum。

We have made excellent progress with our integration planning and are on track with the previously announced close time line. Two key closing conditions are now satisfied. On January 21, we announced that we have received U.S. antitrust clearance. And just 2 days ago, NeoPhotonics shareholders approved the transaction in a special meeting of their stockholders. We are working diligently with antitrust authorities in China and our expectations of closing the transaction in the second half of calendar 2022 remain unchanged.

我們在整合規劃方面已取得極佳進展，並正按先前公布的完成交易時程推進。目前已有兩項關鍵交割條件獲得滿足。1 月 21 日，我們宣布已取得美國反托拉斯審查核准。而就在兩天前，NeoPhotonics 股東在其股東特別會議中批准了該交易。我們正與中國的反托拉斯主管機關積極合作，且我們對於在 2022 年下半年完成交易的預期維持不變。

Now let me provide some details on our second quarter's results. Telecom and Datacom revenue was up quarter-on-quarter with exceptional strength in nearly every telecom product line. Demand in these markets is also accelerating. Next-generation customer systems are just hitting an inflection point as new multiyear network deployments are just starting to ramp. While we were supply constrained across many of our product lines, revenue from high-speed 400 gig and above coherent components and modules nearly doubled quarter-on-quarter. As 5G, 4K streaming, and network access requirements increase, the speed at the edge of the network must also increase and the core of the network must upgrade to higher speeds as well.

接下來我提供第二季業績的一些細節。電信與數據通訊（Telecom and Datacom）營收較上季成長，幾乎每一條電信產品線都展現出異常強勁的動能。這些市場的需求也正在加速。隨著新的多年期網路部署開始放量，下一代客戶系統正好來到一個拐點。雖然我們在多條產品線上受到供應限制，但 400G 及以上高速相干元件與模組的營收較上季幾乎翻倍。隨著 5G、4K 串流與網路接取需求增加，網路邊緣的速度也必須提升，而網路核心同樣必須升級至更高速度。

Transceivers serving edge applications were up more than 60% quarter-on-quarter and more than 130% year-on-year. Pump laser sales grew more than 30% sequentially to a new all-time high. As we've said previously, elevated pump shipments frequently have been a leading indicator of future telecom demand. Another leading indicator of telecom demand is optical fiber deployments for networks. Significant investments in fiber infrastructure are underway as operators expand capacity, capability, and access. We expect these infrastructure investments will propel Lumentum into double-digit growth for multiple years.

用於邊緣應用的收發器（transceivers）營收較上季成長超過 60%，較去年同期成長超過 130%。泵浦雷射（pump laser）銷售額連續成長超過 30%，創下歷史新高。正如我們先前所說，泵浦出貨量偏高往往是未來電信需求的領先指標。另一個電信需求的領先指標是網路的光纖部署。隨著營運商擴充容量、能力與接取，光纖基礎設施正進行重大投資。我們預期這些基礎設施投資將推動 Lumentum 在未來多年達成雙位數成長。

In datacom, EMLs serving high-speed cloud data center applications also achieved new record revenue. Book-to-bill for telecom products exceeded [1] for the quarter, and we have more than 2 quarters of datacom backlog already booked. We expect to bring additional EML manufacturing capacity online in March, which will help us ramp our datacom shipments through this calendar year to fulfill strong customer demand of our differentiated products.

在數據通訊方面，服務高速雲端資料中心應用的 EML 也創下新的營收紀錄。本季電信產品的接單出貨比（book-to-bill）超過 [1]，而我們已預訂的數據通訊在手訂單（backlog）超過 2 個季度。我們預期在 3 月新增 EML 製造產能上線，這將協助我們在今年內提升數據通訊出貨，以滿足客戶對我們具差異化產品的強勁需求。

These points, along with our design wins and long-term share and supply agreements with market-leading customers, gives us confidence that we have a strong long-term outlook in telecom and datacom. Accelerating telecom and datacom market demand is coming at a time when the supply environment is very dynamic and challenging. Supply had been improving heading into and throughout the bulk of the second quarter. However, late in the quarter, the latest pandemic surge once again negatively impacted supply. This contributed to a $50 million gap between the supply of material and customer demand in the second quarter.

上述重點，加上我們的設計導入（design wins）以及與市場領先客戶簽訂的長期市占與供應協議，使我們對電信與數據通訊的長期展望充滿信心。電信與數據通訊市場需求加速之際，供應環境也非常動態且具挑戰性。供應在第二季初及大部分期間原本持續改善；然而在季末，最新一波疫情再度對供應造成負面影響。這導致第二季材料供應與客戶需求之間出現 5,000 萬美元的缺口。

Looking forward to the third quarter, we expect shipments of products that rely on third-party supplied semiconductors will be the primary driver of supply constraints. The demand from our customers has also recently accelerated, and we expect this will increase the gap between supply and demand, resulting in more than a $65 million impact to our projected revenue in Q3. Therefore, looking to our third quarter, we expect telecom and datacom revenue to be modestly down quarter-on-quarter. We continue to work diligently with our suppliers and on alternative sources of supply to alleviate shortages.

展望第三季，我們預期依賴第三方供應半導體的產品出貨，將是供應限制的主要驅動因素。我們客戶端的需求近期也加速，我們預期這將擴大供需缺口，並使我們對第三季（Q3）營收預測造成超過 6,500 萬美元的影響。因此，就第三季而言，我們預期電信與數據通訊營收將較上季小幅下滑。我們將持續與供應商密切合作，並尋找替代供應來源以緩解短缺。

Turning to industrial and consumer. Second quarter revenue was down from last quarter as expected, due to 3D sensing seasonality. Being the trusted partner in the industry enabled our 3D sensing revenue in the first half of fiscal '22 to be higher than that of the first half of fiscal '21. An important element of Lumentum's 3D sensing and LiDAR product strategy is to deploy our platforms into new markets and applications. I'm very excited about the milestones we have recently achieved on this front.

接著談工業與消費性業務。第二季營收如預期較上季下滑，原因是 3D 感測的季節性因素。作為產業中值得信賴的合作夥伴，使我們在 2022 會計年度上半年之 3D 感測營收高於 2021 會計年度上半年。Lumentum 的 3D 感測與 LiDAR 產品策略的一個重要要素，是將我們的平台導入新市場與新應用。我對我們近期在這方面達成的里程碑感到非常振奮。

Some of our recent public announcements highlight our progress. We recently announced 2 new automotive customer wins. The first was a partnership with Hesai who is making all solid-state LiDAR modules for ADAS applications, leveraging our differentiated high-power multi-junction VCSEL arrays. We also announced that we have begun mass production of a VCSEL solution with Stanley Electric used for in-cabin driver and occupant monitoring. These announcements complement other design wins and opportunities in our funnel.

我們近期的一些公開公告突顯了我們的進展。我們最近宣布新增 2 項汽車客戶的得標。第一項是與 Hesai 的合作；Hesai 正在為 ADAS 應用製造全固態 LiDAR 模組，並運用我們具差異化的高功率多接面 VCSEL 陣列。我們也宣布已開始與 Stanley Electric 共同量產一套 VCSEL 解決方案，用於車內駕駛與乘員監測。這些公告與我們漏斗中其他設計得標與機會相互呼應。

A broad range of customers are increasingly relying on our enabling technology for their critical LiDAR and in-cabin monitoring systems. We have strong customer traction in augmented and virtual reality opportunities that we expect will come to market in the next few years. We believe most AR/VR applications will employ multiple lasers. The use cases for these lasers include eye tracking, hand tracking or gesture recognition, and world-facing imaging applications.

越來越多不同類型的客戶正仰賴我們的關鍵使能技術，用於其重要的 LiDAR 與車內監測系統。我們在擴增實境與虛擬實境（AR/VR）機會上擁有強勁的客戶動能，預期將在未來幾年進入市場。我們相信多數 AR/VR 應用將採用多顆雷射。這些雷射的使用情境包括眼動追蹤、手部追蹤或手勢辨識，以及面向外界的成像應用。

Customers in this space value our differentiated products as well as our unparalleled experience, quality and reliability track record and scale in the industry as they are targeting high-volume and high-performance applications.

此領域的客戶重視我們具差異化的產品，也重視我們在業界無可比擬的經驗、品質與可靠度紀錄，以及規模，因為他們鎖定的是高出貨量與高效能的應用。

We expect third quarter industrial and consumer revenue to be down sequentially and primarily due to normal consumer product seasonality. Our commercial lasers business was up strongly again quarter-on-quarter as expected. Strength in lasers for manufacturing of semiconductor and consumer electronics and life science applications complemented strength in our fiber lasers for macro material processing. We expect third quarter laser revenue to be up again sequentially driven by growth in new products and the overall market. We expect lasers' quarterly revenue to surpass our previous record as the business grows over the coming year.

我們預期第三季工業與消費性營收將較前一季下滑，主要原因是正常的消費性產品季節性。我們的商用雷射業務如預期般再度呈現強勁的季對季成長。用於半導體與消費性電子製造，以及生命科學應用的雷射需求強勁，並與我們用於巨觀材料加工的光纖雷射強勢表現相互補強。我們預期第三季雷射營收將再度較前一季成長，成長動能來自新產品與整體市場。我們預期隨著未來一年業務成長，雷射單季營收將超越我們先前的紀錄。

Before turning it over to Wajid to run through the numbers, I'd like to thank our employees around the world for all their hard work putting us in such a great position in the market and for the resilience in doing this during such challenging times.

在把時間交給 Wajid 帶大家看數字之前，我想感謝全球員工的辛勤付出，讓我們在市場上處於如此有利的位置，也感謝大家在如此艱難的時期仍展現韌性完成這些工作。

With that, Wajid?

那麼，Wajid？

Thank you, Alan. Net revenue for the second quarter was $446.7 million, which exceeded the midpoint of our guidance range. Net revenue was roughly flat sequentially and down 7% year-on-year. GAAP gross margin for the second quarter was 46.5%. GAAP operating margin was 19.1% and GAAP diluted net income per share was $0.75. Second quarter non-GAAP gross margin was 51%, which was down sequentially and year-on-year primarily driven by the change in product mix. Second quarter non-GAAP operating margin was 31.7%, which decreased sequentially and year-on-year, driven by the gross margin decline. Second quarter non-GAAP operating income was $141.6 million, and adjusted EBITDA was $162.4 million.

謝謝你，Alan。第二季淨營收為 4.467 億美元，超過我們財測區間的中位數。淨營收季對季大致持平，年對年下滑 7%。第二季 GAAP 毛利率為 46.5%。GAAP 營業利益率為 19.1%，GAAP 稀釋後每股淨利為 0.75 美元。第二季非 GAAP 毛利率為 51%，季對季與年對年皆下滑，主要由產品組合變化所致。第二季非 GAAP 營業利益率為 31.7%，季對季與年對年皆下降，係由毛利率下滑所驅動。第二季非 GAAP 營業利益為 1.416 億美元，調整後 EBITDA 為 1.624 億美元。

Second quarter non-GAAP operating expenses totaled $86.4 million or 19.3% of revenue. SG&A expense was $38.6 million, R&D expense was $47.8 million, other income and expense was a net expense of $1 million on a non-GAAP basis. Second quarter non-GAAP net income was $120.2 million and non-GAAP diluted net income per share was $1.60. Our fully diluted share count for the second quarter was 75.3 million. Our non-GAAP tax rate remains at 14.5%.

第二季非 GAAP 營業費用合計 8,640 萬美元，約占營收 19.3%。SG&A 費用為 3,860 萬美元，研發費用為 4,780 萬美元；其他收入與費用在非 GAAP 基礎下為淨費用 100 萬美元。第二季非 GAAP 淨利為 1.202 億美元，非 GAAP 稀釋後每股淨利為 1.60 美元。第二季完全稀釋後股數為 7,530 萬股。我們的非 GAAP 稅率維持在 14.5%。

On to the balance sheet. Cash and short-term investments increased $178 million sequentially to approximately $2 billion. During the second quarter, we generated $206.5 million in cash from operations and purchased 330,000 shares for approximately $30 million. To date, we have purchased a total of 4.5 million shares for $363 million under our previously announced 2-year $700 million share buyback program that was authorized by our Board of Directors in May 2021.

接著看資產負債表。現金與短期投資季對季增加 1.78 億美元至約 20 億美元。第二季我們由營運活動產生 2.065 億美元現金，並以約 3,000 萬美元買回 33 萬股股票。截至目前，我們在先前公告、為期 2 年、總額 7 億美元的庫藏股計畫下，已累計買回 450 萬股、金額 3.63 億美元；該計畫於 2021 年 5 月經董事會核准。

Turning to segment details. Second quarter Optical Communications segment revenue at $397.4 million decreased 2% sequentially due to the expected seasonality for industrial and consumer, partially offset by strong sequential growth in telecom and datacom. Optical Communications segment gross margin at 50.8% decreased sequentially and year-on-year primarily due to the change in the product mix.

接著看各事業部門細節。第二季光通訊事業部營收為 3.974 億美元，季對季下滑 2%，原因是工業與消費性業務如預期出現季節性影響，但部分被電信與數據通訊（datacom）強勁的季對季成長所抵銷。光通訊事業部毛利率為 50.8%，季對季與年對年皆下滑，主要由產品組合變化所致。

Our second quarter laser segment revenue at $49.3 million increased 16% sequentially and 66% year-on-year. Second quarter lasers gross margin at 53.1% was up sequentially and year-on-year due to higher volumes.

第二季雷射事業部營收為 4,930 萬美元，季對季成長 16%，年對年成長 66%。第二季雷射毛利率為 53.1%，因出貨量提高而在季對季與年對年皆上升。

Now on to our guidance for the third quarter of fiscal '22, which is on a non-GAAP basis and is based on our assumptions as of today. We expect net revenue for the third quarter of fiscal '22 to be in the range of $375 million to $405 million. This guidance reflects over $65 million of impact to revenue, driven by shortages of semiconductors and other materials. However, we do believe that this demand is durable, and that as the supply chain improves, we will return to strong growth.

接著是我們對 2022 會計年度第三季的財測，以下皆以非 GAAP 基礎呈現，並以我們截至今日的假設為基礎。我們預期 2022 會計年度第三季淨營收將落在 3.75 億至 4.05 億美元區間。此財測反映營收將受到超過 6,500 萬美元的影響，主因為半導體與其他材料短缺。不過，我們確實相信這些需求具有持續性，且隨著供應鏈改善，我們將回到強勁成長。

Based on this, we project third quarter operating margin to be in the range of 24% to 26%, and diluted net income per share to be in the range of $1.01 to $1.19. Our non-GAAP EPS guidance for the third quarter is based on a non-GAAP annual effective tax rate of 14.5%. These projections assume an approximate share count of 75 million; and interest, and other income and expense that is a net expense of approximately $1 million.

基於此，我們預估第三季營業利益率將落在 24% 至 26% 區間，稀釋後每股淨利將落在 1.01 至 1.19 美元區間。我們第三季非 GAAP EPS 財測係以非 GAAP 年度有效稅率 14.5% 為基礎。上述預估假設流通股數約 7,500 萬股；利息及其他收入與費用為淨費用約 100 萬美元。

With that, I'll turn the call back to Kathy to start the Q&A session. Kathy?

那麼，我把電話交回給 Kathy 來開始問答環節。Kathy？

Thank you, Wajid. Before we start the question-and-answer session, I would like to ask everyone to keep to 1 question and 1 follow-up. This should help us get to as many participants as possible before the end of our allotted time.

謝謝你，Wajid。在開始問答環節之前，我想請大家每人維持 1 個問題加 1 個追問。這將有助於我們在既定時間結束前，讓更多與會者有機會提問。

Operator, let's begin the question-and-answer session.

接線員，請開始問答環節。

(Operator Instructions) Our first question is coming from Samik Chatterjee from JPMorgan.

（接線員指示）我們的第一個問題來自 JPMorgan 的 Samik Chatterjee。

So on the first one, if I can just start with the supply chain. And I want to see if I can get a clarification on your comments about 4Q. It did sound like in terms of your guidance for 4Q for revenues to be up quarter-over-quarter, you're not embedding in as much supply chain improvement, and it's more the fiscal '23 where you see the supply chain improving. So maybe if you can clarify that? Because what I'm trying to get to is how much of that fourth quarter guidance is contingent on supply improving, and you being able to capitalize on some of this constraint-led pent-up demand that you're talking about in fiscal third quarter? And I have a follow-up.

我先從供應鏈開始。我想釐清一下你們對第四季（4Q）的評論。聽起來就你們對 4Q 營收季對季成長的指引而言，你們並沒有把太多供應鏈改善納入假設；反而是到 2023 會計年度（fiscal '23）你們才看到供應鏈改善。所以也許你們可以澄清一下？因為我想了解的是，你們第四季指引有多少是取決於供應改善，以及你們能否把握你們在 2022 會計年度第三季所提到、由限制所造成的累積需求（pent-up demand）。我還有一個追問。

Yes. Okay. Thanks, Samik. Well, I'll start with demand being very, very strong, as we said in the script. And the impact that we're seeing in Q3 was really a result of what we saw happen late in Q2 and into January where some of our suppliers were impacted by an increase in COVID. We've seen that abate a bit. And so we're starting to see a better supply of chips today that turn into deliveries really late this quarter and into Q4. So that gives us confidence even with the seasonality of 3D sensing in Q4, lasers will be up, datacom will be up. We believe the supply will be up, that will give us confidence that Q4 will be up even in the typical low point of 3D sensing in the June quarter. So that's kind of the -- where we are with the short-term outlook.

是的。好的。謝謝你，Samik。我先從需求非常、非常強勁談起，正如我們在講稿中所說。我們在第三季看到的影響，主要是第二季末到 1 月期間發生的情況所致，當時我們的一些供應商因 COVID 增加而受到影響。我們看到這種情況已稍微緩解。因此，我們今天開始看到晶片供應改善，並在本季非常後段以及進入第四季時轉化為交付。這讓我們有信心，即使第四季 3D 感測有季節性，雷射會成長、datacom 會成長。我們相信供應也會增加，這讓我們有信心第四季會成長，即使在 6 月季度通常是 3D 感測的低點。因此，這大致就是我們對短期展望的看法。

I think long term, for '23 and beyond, our confidence is really based upon the demand of -- the inflection point of demand where new networks, we've been talking about this for over a year, new networks are starting to be deployed at higher speeds, at 400 gig and new architectures for ROADMs, and that's just at the very early stages. And we believe that through fiscal '23, we'll see a better supply of componentry and semiconductors that will allow us to get that double-digit annualized growth even with 3D sensing seasonality throughout the year. So I think it's just a great time for us and getting through this short-term supply challenge is challenging for us, but we'll get through it and our products and technology and our people are just doing a great job getting us through it.

我認為長期來看，對 2023 年及之後的信心，主要是基於需求的——需求拐點。關於新網路，我們談了超過一年；新網路正開始以更高速度部署，達到 400G，並且出現用於 ROADM 的新架構，而這才剛在非常早期的階段。我們相信在 2023 會計年度期間，我們將看到元件與半導體供應更為充足，使我們即使全年存在 3D 感測季節性，仍能達成年化雙位數成長。我認為這對我們來說是很好的時機；度過這個短期供應挑戰對我們而言確實具挑戰，但我們會挺過去，而我們的產品、技術與團隊都在非常出色地協助我們渡過難關。

Got it. Got it. And for the follow-up, I know you mentioned the double-digit growth in revenue in fiscal '23 and seeing that sort of being supported over a multiyear period as well. Can't help but ask -- 3D sensing, obviously, is a big portion of your revenue today. So what would be the assumption in terms of growth over a multiyear period in 3D sensing embedded in that sort of guidance?

了解，了解。那追問一下，我知道你們提到 2023 會計年度營收雙位數成長，且也預期在多年期間都能獲得支撐。不免要問——3D 感測顯然是你們目前營收的重要部分。那麼，在這類指引中，對 3D 感測在多年期間的成長假設大概會是什麼？

Well, I mean, we've gone 5 years in a row thinking we're going to be losing share, and we're certainly modeling share loss into our projections. That said, if we continue to execute and out execute our competitors, that's an upside to our expectations. So I think that's number 1 on the mobile handsets.

嗯，我的意思是，我們已經連續 5 年都認為我們會流失市占，而且我們在預測模型中也確實把市占流失納入考量。話雖如此，如果我們能持續執行到位並且比競爭對手做得更好，那就會成為超出我們預期的上行空間。所以我認為在行動手機這一塊，這是第一點。

I do think, as we mentioned in the script, that we are getting into automotive, and we are getting into AR/VR, which is more of a longer-term investment that we've been making over the last several years. And so I think that really starts kicking in, in a more meaningful way in fiscal '24 and beyond. But we are starting to see the early signs of revenue coming from those applications.

我確實認為，正如我們在講稿中提到的，我們正在切入車用領域，也正在切入 AR/VR；這更偏向我們過去幾年一直在進行的長期投資。因此我認為這會在 2024 會計年度及之後，以更有意義的方式開始發揮作用。不過我們已經開始看到來自這些應用的早期營收跡象。

So I think from our perspective, the telecom and datacom growth is at the early stages, and that will really fuel us through the double digits in '23 and '24 and beyond. But that said, I do think there are other drivers and tailwinds that will help us on commercial lasers with new products and industrial production as well as 3D growth that I talked about.

所以我認為，從我們的角度來看，電信與數據通訊（datacom）的成長仍處於早期階段，而這將在 2023 年、2024 年以及之後，真正推動我們達到雙位數成長。不過話說回來，我也認為還有其他驅動因素與順風，會透過新產品、工業生產，以及我提到的 3D 成長，來幫助我們在商用雷射方面的表現。

Our next question is coming from Tom O'Malley from Barclays.

下一個問題來自 Barclays 的 Tom O'Malley。

I had one on your largest iOS customer. Clearly, you've heard other reports this earnings period that results are quite strong there in December and also into March. Supply issues seem to not be impacting them as much as in other areas. Can you just talk about why you're seeing kind of the greater than seasonal decline in the December quarter? I understand that you had kind of signaled that, that would be down, but it seems down more robustly. Any reasons for that?

我有一個關於你們最大 iOS 客戶的問題。很明顯地，你們在這個財報季也聽到其他報告指出，他們在 12 月以及延續到 3 月的表現相當強勁。供應問題看起來不像其他領域那樣影響他們。你們能否談談，為什麼你們在 12 月季度看到某種程度上「高於季節性」的下滑？我理解你們之前有提示會下滑，但看起來下滑更明顯。這背後有什麼原因嗎？

Well, Tom, I mean, this is primarily due to timing of the announced new products. I mean if you look back in calendar '20, if you recall, the introduction of the new handsets was much, much later, and that drove a higher December quarter than September quarter. Well, this year, the products were announced early. The ramp-up happened earlier. And that's why we, in the script, talked about first half of our fiscal '22 compared to first half of our fiscal '21. And so fiscal '22 was actually up from fiscal '21.

嗯，Tom，我的意思是，這主要是因為新產品發表時點的因素。若你回頭看 2020 年曆年，如果你還記得，新手機的推出時間晚得多，這使得 12 月季度高於 9 月季度。而今年產品較早發表，拉貨爬坡也更早發生。這就是為什麼我們在講稿中談到 2022 會計年度上半年相較於 2021 會計年度上半年；而 2022 會計年度其實是高於 2021 會計年度的。

And if you look at in the aggregate of that 6-month period, which is really the launch period, we actually did quite well with growing our revenue, even though the chip size and the ASP of those chips were down, I think that's why we're confident in our continued share at our leading customers. So I think that's really the difference between the 2 years. And it's really about when the products were launched and when they started ramping us up to put devices on the shelves.

而且如果你看那 6 個月期間的整體表現——那其實就是上市導入期——即使晶片尺寸與那些晶片的 ASP（平均售價）都下降，我們的營收仍然成長得不錯；我想這也是為什麼我們對於在主要客戶那裡持續維持市占很有信心。所以我認為兩年之間真正的差異，就在於產品何時上市，以及他們何時開始拉升我們的供貨，讓裝置能上架。

Yes, Alan, I will add that the seasonality we -- I was going to say that the seasonality that we're assuming is not atypical from years prior to last year. And as Alan highlighted this last year was the anomaly from a seasonality standpoint.

是的，Alan，我補充一下：我們所假設的季節性——我本來想說，我們所假設的季節性並不異於去年之前的年度。正如 Alan 強調的，去年從季節性的角度來看是個例外。

Helpful. And then my follow-up is just on the other side of the coin, with some of the shortages that are happening in the telecom and datacom business.

很有幫助。那我追問一下，換個角度，關於電信與數據通訊業務正在發生的一些短缺問題。

Could you just walk through where specifically you're seeing those headwinds get worse? And I think a nice way to kind of lay that out is maybe transport versus transmission in the telecom business and on the datacom side as well. Just to get a better feel for where those increasing headwinds are kind of taking hold?

你能否具體說明你們在哪些地方看到這些逆風正在惡化？我覺得一個不錯的方式是，也許在電信業務中用傳送（transport）對比傳輸（transmission）來拆解，數據通訊端也同樣拆解。想更清楚了解這些加劇的逆風究竟在哪些環節開始顯現？

Sure, sure. Well, I'd say if I look back in Q2, the primary shortage was really in telecom transport. And we were, as I talked about during the earlier remarks, the telecom transmission business was quite strong, and we were able to really ramp coherent components and 10G tunables quite rapidly. Well, that's now also being impacted in Q3.

當然，當然。我會說，如果我回頭看第二季，主要的短缺其實是在電信傳送（transport）。而正如我在先前的發言中提到的，電信傳輸（transmission）業務當時相當強勁，我們也能非常快速地拉升相干（coherent）元件與 10G 可調式（tunables）的產能。不過到了第三季，這部分也開始受到影響。

And so I'd say still the majority of the shortages are on telecom transport, but we are seeing componentry, semiconductors, that are impacting our ability to continue to ramp those coherent components and 10G tunables because demand is so strong as expected in those higher speeds and coherent as well as higher speeds at the edge of the network, why -- which is why our 10-gig tunables are so strong. So that's kind of the telecom story, the shift from mostly transport in Q2 to a mix of transport and transmission in Q3.

因此我會說，短缺的大宗仍在電信傳送（transport），但我們也看到一些零組件、半導體，正在影響我們持續拉升相干元件與 10G 可調式（tunables）的能力，因為如預期般需求非常強勁，包含更高速與相干，以及網路邊緣更高速的需求——這也是為什麼我們的 10G 可調式產品表現很強。所以這就是電信端的情況：從第二季主要是傳送（transport），到第三季變成傳送與傳輸的混合。

On datacom, we grew our EML business year-over-year by 45%. We're bringing on more capacity. The EML revenue will grow in the March quarter and then grow more significantly in the June quarter. And that's really because we have such differentiated products and that transition towards 400-gig in the hyperscalers is really, really starting to happen in a meaningful way. And that's why we have multiple quarters of backlog there as customers are wanting to get in-line to get that capacity as we bring it online. So that's kind of the story in datacom.

在數據通訊（datacom）方面，我們的 EML 業務年增 45%。我們正在導入更多產能。EML 營收會在 3 月季度成長，然後在 6 月季度更顯著地成長。這主要是因為我們有高度差異化的產品，而且超大規模客戶（hyperscalers）朝向 400G 的轉換，真的正在以很有意義的方式發生。也因此，當我們把產能上線時，客戶希望排隊取得產能，所以我們那邊有多個季度的積壓訂單（backlog）。這就是數據通訊端的故事。

I'd say the DML business is still a headwind for us as 5G in China is now starting to consume that inventory we talked about over the last several quarters, but there's still a little bit more work there to do before we start having really more meaningful revenue in DML. So our focus is how fast can we ramp our EML capacity, and that's coming online quite successfully.

我會說 DML 業務對我們仍是逆風，因為中國的 5G 現在才開始消化我們在過去幾個季度談到的庫存，但在 DML 真正出現更有意義的營收之前，還有一些工作要做。所以我們的重點是：我們能多快拉升 EML 產能，而這部分上線進展相當順利。

Our next question is coming from Alex Henderson from Needham.

下一個問題來自 Needham 的 Alex Henderson。

So I wanted to go back into the 3D sensing for a second. I think the numbers in the back half -- or the first half of the fiscal year are actually better than what you had originally expected. And I was wondering if you could talk about what you think happened relative to your share position given the strength of your technology? And what the mix might have looked like so that we can get some sense of how you outperformed relative to the original guide of down 20%, 25%, I think is what you talked about in that business?

我想回到 3D 感測這塊再談一下。我認為在下半年——或是說在會計年度上半年——的數字其實比你們原先預期更好。我想請你談談，考量你們技術的強勢，你認為相較於你們的市占位置，究竟發生了什麼？以及產品組合可能是什麼樣子，讓我們能理解你們相較於原先指引（我記得你們提到該業務下滑 20%、25%）為何能表現更好？

And similarly, as we look forward to the next round, should we anticipate a further reduction in die size? Or does the dynamic that caused that die size change and hence, pressure on the overall demand or revenue for the category, does that reverse as we go into -- or stabilize as we go into the next fiscal year?

同樣地，往下一輪展望時，我們是否應該預期晶粒（die）尺寸會再縮小？或者，造成晶粒尺寸改變、進而對該類別整體需求或營收造成壓力的那個動態，在進入下一個會計年度時會反轉——或至少趨於穩定？

Yes. Thanks, Alex, for the question. Yes, we did do better than we had said probably a year ago. The die size did go down and ASPs did go down. I think our focus with our lead customer is just to make sure we are their launch partner and we execute out of the gate, and are their design partner of choice.

是的。謝謝你，Alex，這個問題。是的，我們確實比大概一年前所說的表現更好。晶粒尺寸確實變小，ASP 也下降。我認為我們與主要客戶合作的重點，就是確保我們是他們的新產品首發合作夥伴（launch partner），能在一開始就把執行做好，並成為他們首選的設計合作夥伴。

And I think that's what we saw play out in the first half of our fiscal year, where we were really the launch partner, and we got a good share of that business, and that's what offset those ASP reductions that we saw due to the chip size. And so I think it's just a matter of the team doing a great job of executing them.

而我認為這正是我們在會計年度上半年看到的結果：我們確實是首發合作夥伴，也拿到了該業務不錯的市占，這就抵消了因晶片尺寸而帶來的 ASP 下滑。因此我認為，這就是團隊把執行做得很到位的成果。

Your second question around further reduction in die size, I'd say no. I mean the shrinkage of the die today that we saw in the launch in the second -- in the first half of our fiscal year, was really the most dense VCSEL array that we think we can do and still give the capabilities that they're looking for.

你第二個問題是關於晶粒尺寸是否會進一步縮小，我會說不會。也就是說，我們在會計年度上半年那次首發中看到的晶粒縮小，基本上已經是我們認為可做到的最緊密（最密集）的 VCSEL 陣列，同時仍能提供他們所需要的功能。

That said, we're working on a lot of different chips for a lot of different applications, and so one might even expect that there might be more content in the next launch of products. Don't know because they don't tell us everything, but we are working on a lot of different chips that have a lot of different capabilities from how we look at it. And so I don't believe there's going to be further die size or shrinkage of componentry from the 3D sensing in handsets. I think there's going to be expansion into other products in a more meaningful way.

話雖如此，我們正在為許多不同應用開發很多不同晶片，因此你甚至可以預期，在下一次產品首發時，可能會有更多的內容（content）。不確定，因為他們不會告訴我們所有事情，但從我們的角度看，我們確實在做很多具備不同能力的晶片。所以我不認為手機 3D 感測會再出現進一步的晶粒尺寸縮小或零組件縮減。我認為會以更有意義的方式擴展到其他產品。

If I could follow up. The second question would be on the chip supply that you're coming on stream in the end of March. Can you scale that for us? And is that a 30% type increase in production? What type of volume increase are you able to get out of that new product line capacity?

如果我可以追問一下。第二個問題是關於你們在 3 月底即將上線的晶片供應。你能幫我們量化一下規模嗎？那會是類似 30% 的產量提升嗎？從那條新產線的產能中，你們能取得多大幅度的出貨量增加？

Yes. I think if you recall back 18 months or so ago, we said we were going to be doubling the EML wafer capacity, but that didn't necessarily mean we'd be doubling the revenue as pricing does come down over time. So last quarter -- in Q2, we were up 45% year-on-year. This quarter, we'll probably be up another 10% from the December quarter. And then we'll get the full quarter of benefit in the June quarter. So we could expect high teens to 20-ish percent growth sequentially in the June quarter.

是的。我想如果你回想大約 18 個月前，我們說過要把 EML 晶圓產能加倍，但那不一定代表營收也會加倍，因為價格會隨時間下降。所以上一季——在 Q2，我們年對年成長 45%。這一季，我們可能會比 12 月那一季再成長約 10%。然後我們會在 6 月那一季獲得整季的效益。因此，我們可以預期 6 月那一季的季對季成長會在高十幾％到約 20% 左右。

That said, we're still not going to be caught up with demand, and that's why 6 or 9 months ago, we actually added more capacity that will be coming online late in the calendar year and into calendar '23. So our confidence is strong that our differentiated products, especially on the high-speed EML, is going to drive our demand for those chips and the capacity that we're bringing online will be utilized. So that's kind of how we envision the growth in the EML business. And then if DML comes back, then that will be an extra added tailwind for us.

即便如此，我們仍然無法完全滿足需求，這也是為什麼在 6 或 9 個月前，我們其實又新增了更多產能，將在今年曆年年底以及進入 2023 曆年時陸續上線。因此，我們對於我們具差異化的產品、特別是高速 EML，將帶動這些晶片的需求充滿信心，而我們正在導入的產能也會被充分利用。這大致就是我們對 EML 業務成長的看法。另外，如果 DML 回溫，那將會是我們額外的順風助力。

Our next question is coming from Rod Hall from Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 Rod Hall。

Yes, I guess, one on the sort of phasing of demand. There are other suppliers into the Apple ecosystem talking about significant reductions in June. And I wonder if you guys look at that consumer electronics sector, maybe more broadly, as you look into the summer, do you expect any kind of demand normalization particularly in 3D sensing like that? Or is it just too early to have visibility on that? Then I have a follow-up.

是的，我想先問一個關於需求節奏的問題。有其他供應商在 Apple 生態系中提到 6 月會有顯著下修。我想請問你們在看消費性電子這個領域、或更廣泛地看進入夏季時，是否預期需求會有某種程度的正常化，特別是在 3D 感測方面？還是說現在要看得那麼遠仍然太早、能見度不足？我後面還有一個追問。

Rod, this is Chris. I think it's a little early to comment that far out in time. That said, we're not seeing anything unusual in our outlook at this point in time. As I said earlier on a prior question, the seasonality in the March quarter is not atypical from what we've seen in years past other than last year given the later launch in products. And the June quarter seems to, at least at this point, look to -- set up in a similar way, similar historical seasonality.

Rod，我是 Chris。我認為要評論那麼久之後的情況還稍早。不過，就目前而言，我們在展望中沒有看到任何不尋常的跡象。正如我先前在回答另一個問題時提到的，3 月季度的季節性並不異常，與過去幾年所見相近（除了去年因為產品較晚推出）。而 6 月季度看起來——至少就目前——也會以類似方式發展，呈現相近的歷史季節性。

And in the prepared remarks, we commented that the first half -- we used the first half this year versus first half last year comp. So we kind of think that's where it averaged out the timing delays of -- or the difference in the timing between the 2 years, and now we're in a much more normal regime. But again, very early to tell.

另外在事先準備的發言中，我們提到上半年——我們用今年上半年對比去年上半年。因此我們認為那樣可以把兩年之間時程延遲、或時點差異的影響平均化，而現在我們正處於更正常的狀態。不過，再次強調，現在要下定論仍然很早。

Okay. Great. And then my follow-up is just on the ZR products. I wonder -- could you give us any kind of a thought on what the content for you might look like in those? Is it similar to a smartphone? Or is it likely to be quite a bit more? It's kind of hard to gauge how many scanning systems there might be and so on? So I just wonder if you could give us any color on what kind of content you might see in that kind of a product.

好的。很好。那我追問一下 ZR 產品。我想問——你們能否分享一下在那類產品中，你們的內容價值（content）可能會是什麼樣子？會跟智慧型手機差不多嗎？還是可能高出不少？因為很難判斷可能會有多少掃描系統等等。所以我想請你們提供一些看法：在那種產品裡，你們可能會看到什麼樣的內容價值。

Yes, Rod, I think from the question, I don't think you meant ZR, I think you're meaning in mixed reality AR/VR. And...

是的，Rod，我想就你的問題來看，我不認為你指的是 ZR，我想你是指混合實境的 AR/VR。然後……

Oh, no. I mean VR/AR. But -- yes.

喔，不，我是指 VR/AR。不過——是的。

Okay. So the point is we have multiple lasers going into a virtual reality, augmented reality headsets, right? They're going to be eye tracking, gesture control, world-facing, all of those require different 3D sensing or sensors, or LiDAR sensors, if you will, each containing lasers. Now the lasers probably will have in the ZIP code of the individual price that we supply into the consumer space today, but since there's more of them, so we believe there's actually an overall content gain opportunity in that case.

好的。重點是，我們會把多顆雷射導入虛擬實境、擴增實境頭戴裝置，對吧？它們會用於眼動追蹤、手勢控制、朝外的環境感測（world-facing）等；這些都需要不同的 3D 感測或感測器，或者你也可以稱為 LiDAR 感測器，而每一個都包含雷射。這些雷射的單價大概會落在我們目前供應給消費性市場的單顆價格區間，但因為數量更多，所以我們相信整體內容價值有機會提升。

Rod, did that answer your question? Were you asking about AR/VR? Or were you asking about ZR? Did we lose Rod? Sorry about that. Go ahead, Harry. Let's get to the next question.

Rod，這有回答到你的問題嗎？你問的是 AR/VR 嗎？還是你問的是 ZR？我們是不是跟 Rod 斷線了？抱歉。繼續吧，Harry。我們進到下一個問題。

And our next question is from Simon Leopold from Raymond James.

下一個問題來自 Raymond James 的 Simon Leopold。

I'm still a little bit confused on what occurred in the supply chain. And Alan, I definitely heard your prepared remarks, but I guess you talked about $50 million constraints in the quarter, which we had assumed were primarily in the telecom and datacom segment, but you ended up putting up $267 million versus $216 million.

我對供應鏈到底發生了什麼仍然有點困惑。Alan，我確實聽到了你在事先準備的發言，但我想你提到本季有 5,000 萬美元的限制，我們原本以為主要是在電信與資料通訊（telecom and datacom）部門，但你們最後做到了 2.67 億美元，相較於 2.16 億美元。

So if I can just confirm that the constraints are in that segment and not in industrial and consumer or lasers, just to make sure? And then in terms of the specific components, I didn't know whether you were exposed to sort of commodity-type low-tech components or whether we're talking about things like FPGAs, if you could clarify that? And then I've got a quick follow-up.

所以我想確認一下，這些限制是在那個部門，而不是在工業與消費或雷射那邊，對嗎？另外就特定零組件而言，我不確定你們暴露的是偏大宗、低技術含量的零件，還是像 FPGA 這類的元件；能否請你澄清？我還有一個簡短的追問。

Sure, Simon. Yes. So the impact -- if you remember the earnings call from last quarter, we said we expected it to be about $40 million impact -- supply constrained impact. And we weren't talking about datacom. And the datacom we view is in our control. We have the wafer fab, we produce and add capacity. So this specifically is talking about the telecom segment, telecom portion of the telecom and datacom. And so that impact actually grew through the quarter, both from a matter of stronger demand that we talked about, but also late in the quarter constraints that came out from semiconductors.

當然可以，Simon。是的。關於影響——如果你還記得上一季的財報電話會議，我們說預期大約會有 4,000 萬美元的影響——也就是供應受限的影響。而我們當時談的不是資料通訊（datacom）。我們認為 datacom 是在我們可控範圍內：我們有晶圓廠，我們生產並擴充產能。所以這裡特別指的是電信（telecom）部門，也就是 telecom and datacom 中的 telecom 部分。而這個影響在本季其實擴大了，一方面是我們提到的需求更強，另一方面則是季末出現的半導體供應限制。

And I'd say that it's a broad range of semiconductors from very simple cookie-cutter components to things as complicated as FPGAs. I would say that as we look forward, we're starting to see some of that get better from the standpoint of products that we expect to get delivered late in this quarter to help us with the Q4 supply. And so that's why the combination of extra strong demand, and an easing of the supply constraints of those componentries gives us confidence that Q4 will be up even in a seasonally slower 3D sensing market.

我會說這涵蓋了很廣泛的半導體，從非常簡單、制式化的元件，到像 FPGA 這麼複雜的元件都有。我會說，往前看，我們開始看到其中一些情況在改善，因為我們預期在本季稍晚會收到一些產品交付，這將有助於我們 Q4 的供應。因此，超強需求加上這些零組件供應限制的緩解，讓我們有信心即使在 3D 感測市場季節性較慢的情況下，Q4 仍會成長。

I would say that if you look at our consumption of semiconductors, they're not the bleeding edge 5- and 7-nanometer node products. They're the older technology nodes. And so not a lot of foundries are adding a lot of capacity in that area. But they are adding some, but it just takes time. So that's coming online. And I think that's what gives us confidence in our ability to start really tackling some of this very, very strong demand as we look into fiscal year '23 and beyond.

我會說，如果你看我們對半導體的使用，它們不是最尖端的 5 奈米或 7 奈米製程節點產品，而是較舊的技術節點。因此，並沒有很多晶圓代工廠在那個領域大量擴產。他們有增加一些，但需要時間。所以那些產能正在上線。我想這也是為什麼我們對於在 2023 會計年度及之後，能開始真正應對這股非常、非常強勁的需求充滿信心。

And then just the follow-up is how are you thinking about wage inflation and the effects on your operating expenses? And I'm sure the employees are going to thank me for that one.

那我追問一下：你們如何看待薪資通膨，以及它對你們營業費用的影響？我相信員工會因為這個問題而感謝我。

Yes. Simon. I think just like -- it's Wajid here, I think just like most other companies, we're also experiencing, I'd call it, normalized wage inflation in the company. I think with the demand that Alan talked about, especially what we're seeing on some of our higher-margin product lines, whether it's EMLs or our laser business growing both sequentially into Q3, and expected actually into Q4 as well, we'll be able to offset some of those inflationary OpEx gains from better margin product shipping.

是的，Simon。我是 Wajid。我想就像大多數其他公司一樣，我們也正在經歷我所稱的、較為常態化的薪資通膨。我認為，隨著 Alan 談到的需求，特別是我們在一些毛利較高的產品線上看到的情況——不論是 EML，或是我們的雷射業務在 Q3 季對季成長，且預期在 Q4 也會成長——我們將能透過出貨較高毛利產品，來抵消部分因通膨帶來的營業費用增加。

We now have our next question from George Notter from Jefferies.

下一個問題來自 Jefferies 的 George Notter。

I guess I would -- I'd be interested in asking about the NeoPhotonics acquisition. You guys are another 3 months down the road in terms of getting towards the close of that transaction. Any more perspectives on your synergy opportunities -- where they come from, sizing? An update there would be great.

我想我會——我有興趣問一下關於收購 NeoPhotonics 的事。你們距離交易完成又往前推進了 3 個月。對於協同效益的機會——來源、規模——是否有更多看法？如果能更新一下會很棒。

Yes. Thanks for the question, George. I couldn't be more excited about where we are with the NeoPhotonics acquisition. And the more I get to know the team there, the more excited I am about bringing them onboard. I'd say from a synergy standpoint, we are diving into the innovation planning in a meaningful way. And there's nothing that has changed our outlook as we talked about in November of $50 million of synergies, of which 60% of that should come from cost of goods sold.

是的，謝謝你的問題，George。我對 NeoPhotonics 收購案目前的進展感到非常振奮。而且我越了解那邊的團隊，就越期待把他們納入我們的團隊。我會說，就協同效益而言，我們正在以相當實質的方式深入進行創新規劃。就如同我們在 11 月所談到的 5,000 萬美元協同效益展望，目前沒有任何改變，其中 60% 應該來自銷貨成本（cost of goods sold）。

So we're still going through the tactical how do we get that, but there's nothing that we've seen so far that changes that set of numbers, and we certainly can give you an update next time we get together because I think we'll have -- will be much further down the road of the detailed synergy planning and integration planning. But again, it's an exciting opportunity, and customers just absolutely love the combination together.

所以我們仍在進行戰術層面的規劃：要如何達成它；但到目前為止，我們沒有看到任何會改變這組數字的情況。當我們下次再聚時，我們當然可以提供更新，因為我想我們會——在更細部的協同效益規劃與整合規劃上走得更遠。不過再次強調，這是一個令人興奮的機會，而客戶也非常喜歡兩者結合後的方案。

And our next question is from Meta Marshall from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Meta Marshall。

Alan, you talked encouragingly about kind of AR/VR or the ADAS opportunity, and that opportunity kicking in over the next couple of years. Just wanted an update on how you're thinking about kind of the Android universe and any potential pickup that could happen there? I have a follow-up question, but I'll let you answer that one first.

Alan，你對 AR/VR 或 ADAS 的機會談得相當令人鼓舞，並提到這個機會會在未來幾年開始發酵。想請你更新一下你對 Android 生態系的看法，以及那邊是否可能出現任何回升？我還有一個追問，但我先讓你回答這個問題。

Sure. Thanks, Meta. We continue to work with all of the Android handset manufacturers and we are shipping, but just not a very -- not very much to them today. I think it's a matter of if they adopt and if they adopt and mainstream products, it will become a meaningful part of our business. We're not counting on that in our guidance, and we're not counting on that with respect to our double digits expectations of growth through fiscal '23 and beyond. And if that does come through, then that will be upside to that expectation.

當然。謝謝你，Meta。我們持續與所有 Android 手機製造商合作，也有出貨，但目前對他們的出貨量不大。我認為關鍵在於他們是否採用；如果他們採用並把產品主流化，這就會成為我們業務中有意義的一部分。我們在財測指引中沒有把這點算進去，也沒有把它納入我們對 2023 財年及之後維持雙位數成長的預期。如果真的實現了，那將會是對該預期的上行空間。

I'd say AR/VR and ADAS, it's a long haul, especially on the ADAS side because of -- that's a multiyear design cycle. And we have some wins, and we're starting to launch, but I think that's really more of a fiscal '24 contribution with -- from our perspective. Your second question?

我會說 AR/VR 和 ADAS 都是長期戰，尤其是 ADAS 端，因為那是多年期的設計週期。我們已經拿到一些案子，也開始量產導入，但從我們的角度來看，那更像是 2024 財年的貢獻。你的第二個問題？

Got it. Yes, just I'll do the other part of Rod's question of ZR. And just -- I mean, I know that, that's primarily kind of from your NeoPhotonics opportunity, but just how you're viewing that opportunity developing?

了解。是的，我來問 Rod 關於 ZR 的另一部分問題。就是——我的意思是，我知道那主要來自你們 NeoPhotonics 的機會，但你們如何看待這個機會的發展？

Yes, Meta, this is Chris. We think it's a huge opportunity. And one of the -- part of the calculus in the NeoPhotonics acquisition that -- data center interconnects and connecting cloud data centers is a huge opportunity. And the transition to 400 gig, and frankly, a [transition] to kind of a more universal solution that all the major cloud operators are using creates a very large opportunity, both at the transceiver level as well as selling components into folks building transceivers. So we think between the combination, we will have all bases covered to do very well in that opportunity.

是的，Meta，我是 Chris。我們認為這是個巨大的機會。NeoPhotonics 併購案的盤算之一就是：資料中心互連、以及連接雲端資料中心，是一個非常大的機會。向 400G 的轉換，以及坦白說，轉向一種所有主要雲端業者都在使用、較為通用的解決方案，會創造非常大的機會——不僅在收發器層級，也包括向建置收發器的廠商銷售元件。因此我們認為，透過這樣的組合，我們將能夠全方位布局，在這個機會中表現得非常好。

Our next question is from Christopher Rolland from SIG.

我們的下一個問題來自 SIG 的 Christopher Rolland。

Alan, that was some great color on FPGAs. I was wondering if you could detail perhaps some more subcomponents that are constraining you guys. As analysts, it's just -- the more data, the better. And to track this kind of stuff -- provides a lot of help for our analysis.

Alan，你剛才對 FPGA 的說明很有幫助。我想請你更詳細說明一下，還有哪些子元件正在限制你們的供應。對我們分析師來說——資料越多越好。追蹤這類狀況——對我們的分析很有幫助。

And also, if you could talk about that $65 million progression over, call it, the next 3 to 4 quarters? And what's your best guess on those constraints?

另外，你能談談那 6,500 萬美元在接下來大概 3 到 4 個季度的變化走勢嗎？你對這些限制因素的最佳判斷是什麼？

Yes. So FPGAs are one of the components that are causing us grief. But we -- through the past couple of months, we've been surprised by decommitments of deliveries that we were counting on, and that's lessened more recently as I think the pandemic has had less of an impact. But it's not just FPGAs, it's analog devices, it's other kinds of devices that are, as I said before, a cookie-cutter stuff that, for whatever reason, we get surprised, and that's why we're working very closely with our suppliers and with our customers who oftentimes have more influence over these suppliers than we do.

是的。所以 FPGA 是讓我們頭痛的元件之一。但在過去幾個月，我們對一些原本指望的交付出現「取消承諾」（decommitments）感到意外；而最近這種情況有所減少，我想是因為疫情的影響變小了。但不只是 FPGA，還有類比元件、以及其他類型的器件——就像我之前說的，那些偏「標準化」的料件，不知為何我們會被突如其來的狀況嚇到；這也是為什麼我們正與供應商以及客戶非常緊密合作，因為客戶往往比我們更能影響這些供應商。

And so it is broad. But again, it's probably a handful or 2 handfuls of suppliers that are creating most of the grief for us that we're working on with -- but also working to, as we've talked about in the past, to get second sources to alleviate some of those constraints. I'd say the $65 million progression over time, I think it's a function of supply that we think is getting better, but also a function of demand that is very, very strong.

所以這是廣泛性的問題。但再說一次，主要造成我們困擾的，可能也就是一把或兩把手指數得出來的供應商；我們正在與他們一起處理——同時也如同我們過去談過的，努力取得第二來源，以緩解部分限制。至於 6,500 萬美元隨時間的變化，我認為一方面取決於供應（我們覺得正在改善），另一方面也取決於需求非常、非常強勁。

And so if you look at Q4 and our expectations for growth in Q4, will that number of $65 million be less? I don't think so. I think we're going to grow in Q4 and have pent-up demand that, as Wajid talked about in the script, is durable. It's really durable because of the product differentiation. And in most cases, we're sole sourced and if not dual sourced, but mostly sole sourced, especially in the high-end ROADMs, where these constraints are hitting us quite frequently.

所以如果你看第四季，以及我們對第四季成長的預期，那個 6,500 萬美元的數字會變小嗎？我不這麼認為。我們第四季會成長，而且會有累積需求；正如 Wajid 在講稿中提到的，那是具持久性的。之所以持久，主要是因為產品差異化。在多數情況下，我們是單一來源供應（sole sourced），即便不是也多為雙來源，但大多是單一來源，尤其是在高階 ROADM 上，這些限制相當頻繁地影響到我們。

So I'd say that we're going to continue to grow in Q4 and into the second half of the calendar year. And then demand becomes the other function of does that number get bigger or not? I think it's probably going to get bigger.

所以我會說，我們會在第四季以及進入下半年（以曆年計）持續成長。接著另一個變數就是需求：那個數字會不會變得更大？我認為很可能會變大。

Alan, maybe something useful that -- I was going to say something maybe yes, useful to add is that the product lines that are being hit by the shortages are pretty big product lines for us. If you were to go sort of look at it, everything else, the product lines that aren't getting hit by semiconductor shortages, they're up almost 100% year-on-year. So now you kind of come back and say, wow, well, that probably underscores if you think about a network, you need a little bit of everything to be able to build a network. So it really highlights that the underlying demand environment is really, really strong.

Alan，也許補充一點有用的資訊：受到缺料衝擊的產品線，對我們來說都是相當大的產品線。如果你去看其他部分，那些沒有受到半導體短缺影響的產品線，年對年成長接近 100%。所以你回頭看會覺得，哇，這可能凸顯了一點：建置一張網路需要各式各樣的東西都到位。這真的突顯出整體的需求環境非常、非常強勁。

So as we get more supply, you can imagine what that's going to do to those product lines that are now impacted being able to grow at those kinds of rates. That's why we're very confident about -- as supply improves, how strong the outlook looks in '23 and beyond.

所以當我們取得更多供應時，你可以想像，現在受影響的那些產品線將能以那樣的速度成長。這也是為什麼我們對——隨著供應改善，2023 年及之後的展望會有多強勁——非常有信心。

And yes, we track 80-plus weeks of lead times for FPGAs. So that does all work. For my second question, for the industrial laser business. Obviously, Coherent didn't happen for you guys, but we kind of see why you were so interested in that market, and it seems really quite resilient here. What about ramping kind of organic investment into that area? And are there some other areas where you can ramp organic investment outsized at this point, given the constraints in your traditional communications businesses?

另外，是的，我們追蹤到 FPGA 的交期超過 80 週。所以這些都說得通。我的第二個問題是關於工業雷射業務。顯然你們沒有買到 Coherent，但我們大概能理解你們為何對那個市場如此感興趣，而且那個市場看起來相當有韌性。你們是否會在那個領域加大有機投資的投入？以及在你們傳統通訊業務受限於供應的情況下，是否還有其他領域可以在此時加大有機投資、並且幅度更大？

Yes. I mean the industrial lasers business is very interesting to us. I think we were willing to buy Coherent at the right price and it got to the wrong price. And so I wish them well.

是的。我的意思是，工業雷射業務對我們來說非常有意思。我想我們願意在合適的價格買下 Coherent，但最後價格變得不合適。所以我祝他們一切順利。

As I said in the script, our expectations are that our industrial lasers business hits new record revenue levels in the coming quarters, and it's really due to both market but also new product introductions that we're introducing new higher-power fiber lasers. We're introducing new ultrafast lasers for different kinds of material processing in new markets that we haven't participated in the past.

如同我在講稿中提到的，我們預期工業雷射業務在接下來幾個季度會創下新的營收紀錄，這既來自市場因素，也來自我們推出的新產品——我們正在推出更高功率的光纖雷射；也在推出用於不同材料加工、面向我們過去未參與之新市場的超快雷射。

And so we are ramping up our investments in industrial lasers, but we're also looking at new markets to consume Photonics, and that could be in lasers markets for EV, battery welding or other kinds of applications where we haven't played in the past, but also into different types of industrial markets where the shift is happening to allow them to use photonics where they haven't in the past.

因此我們正在加大對工業雷射的投資，同時也在尋找能夠消化光子技術（Photonics）的新市場；這可能包括電動車（EV）雷射應用市場、電池焊接或其他我們過去未涉足的應用，也包括不同類型的工業市場——那裡正在發生轉變，使他們能在過去未曾使用光子技術的地方開始採用。

And so our perspective is we've got a lot of great technology that's really useful in other markets, and that's where we're going to be able to expand our addressable market through investing in these types of market investigations, and we have a very, very big program in looking at that.

所以我們的觀點是：我們擁有許多很棒的技術，在其他市場也非常有用；而我們將能透過投資這類市場探索來擴大可服務市場（TAM），我們在這方面有一個非常、非常大的計畫。

Our next question is coming from Richard Shannon from Craig-Hallum.

我們的下一個問題來自 Craig-Hallum 的 Richard Shannon。

I'm going to follow up on the 3D sensing topic here, maybe a slight change in past questions here, kind of looking out into fiscal '23 and later. You talked about some opportunities in automotive, both inside and outside the car and a little bit on Android. I guess from your -- the answer that I heard, I wasn't necessarily -- I wouldn't have concluded that you see a lot of dollar contribution or [adder] to the current base here.

我想追問一下 3D 感測的主題，可能跟以往問題稍微不同，著眼於 2023 財年及之後。你談到汽車領域的一些機會，包括車內與車外，也稍微提到 Android。我想就你剛才的回答——我聽起來並不會得出你認為在目前基礎上會有很多美元貢獻或增量（adder）的結論。

So I guess maybe I'll turn it around and ask the question of do you see the ability to grow your 3D sensing business much in fiscal '23 with these new markets? Or is it going to take years beyond that before that happens?

所以我想換個方式問：你是否看到在 2023 財年，透過這些新市場讓你們的 3D 感測業務有明顯成長的能力？還是要到更久之後、好幾年後才會發生？

I'd say the contribution of fiscal '23 will be small, but there are seeds that we're planting today, and we've made some announcements today that will pay off in the long run. I would say that our expectations are that AR/VR becomes meaningful in '24, and ADAS, and in-cabin become more meaningful in '24 and '25. And so those seeds that we're planting today and through this calendar year are going to pay off in a meaningful way, and contribute to diversifying our customer base in 3D sensing, but also we're working on other types of applications within existing customers that will allow us to grow 3D sensing in fiscal '23 and beyond.

我會說 2023 財年的貢獻會很小，但我們今天正在播下種子，而且我們今天也做了一些公告，長期來看會有回報。我會說，我們預期 AR/VR 在 2024 年變得有意義，而 ADAS 與座艙內（in-cabin）在 2024 與 2025 年變得更有意義。因此，我們今天以及今年曆年期間所播下的種子，將會以有意義的方式開花結果，並有助於分散我們在 3D 感測的客戶基礎；同時我們也在既有客戶內開發其他類型的應用，讓我們能在 2023 財年及之後持續成長 3D 感測業務。

And so I'd say we're focused on making sure we continue to be the partner of choice and we're the NPI partner of choice, development partner of choice for our lead customer but also the Android base. And so if and when they choose to put 3D sensing into their devices, we'll be there for them. And so I'm very optimistic about 3D sensing.

所以我會說，我們專注於確保我們持續成為首選合作夥伴——不論是 NPI（新產品導入）首選合作夥伴、開發首選合作夥伴——不僅針對我們的主要客戶，也針對 Android 生態系。因此，如果以及當他們選擇在其裝置中導入 3D 感測時，我們會在那裡支援他們。所以我對 3D 感測非常樂觀。

Well, thanks, I certainly echo your enthusiasm, right, it's just a matter of timing, and we look forward to hearing about that.

好的，謝謝，我確實也呼應你的熱情；對，這只是時間點的問題，我們也期待聽到相關進展。

Alan, my second question is on your comments and prepared remarks around double-digit growth potential. I think you said that both in fiscal '23 and '24. I wonder if you can delineate a couple of things within that comment, first of all, on telecom versus datacom, relative growth opportunities there? And then within telecom, I would presume, but please correct me if I'm wrong, that the ROADMs are a big part of that. Maybe you can kind of delineate within telecom and maybe kind of give kind -- if you can kind of peel back the layer on kind of the network dynamics that are driving this growth? That would be helpful.

Alan，我的第二個問題是關於你在評論與事先準備的發言中提到的雙位數成長潛力。我想你說在 2023 與 2024 財年都是如此。我想請你把這個說法拆解幾個面向：首先，在電信（telecom）相對於資料通訊（datacom）之間，各自的相對成長機會如何？其次，在電信裡，我推測（但若我錯請指正）ROADM 會是其中很大的一部分。你能否在電信內部再做一些拆解，並且——如果可以的話——更深入說明推動這項成長的網路動態？這會很有幫助。

Sure. I think it's just bandwidth demand that I'd say is probably pent up. As we talked about over the last -- since the pandemic, that most of the capacity adds were happening with 100 gig and 200 gig. That transition is happening now. So higher speeds, 400 gig and above, new generations of ROADMs are being deployed today, pump lasers at new record high, submarine pumps and repeaters at very high levels today. So all of these things are really good leading indicators for what's to come.

當然。我認為主要就是頻寬需求，我會說可能是被壓抑（pent up）的。如同我們在過去——自疫情以來——所談到的，多數的容量擴增都發生在 100G 與 200G。這個轉換現在正在發生。因此更高的速率、400G 及以上，新一代的 ROADM 正在部署；泵浦雷射（pump lasers）處於新的歷史高點；海底（submarine）泵浦與中繼器（repeaters）目前也在非常高的水準。這些都是未來走勢非常好的領先指標。

So ROADMs are a big portion of our growth expectations for '23 and '24. But as well, the transmission speeds, so our componentry, coherent components that we talked about in the script, growing dramatically. The 10-gig at the edge of the network, up over 100% year-on-year. We're adding capacity to probably double that again next year, and adding higher speeds to the edge of the network. So there's just a lot of demand for bandwidth that our telecom products and technology and differentiation is really enabling our customers to address. And so I'd say that's on the telecom side.

因此，ROADM 會是我們對 2023 與 2024 年成長預期中的一大部分。不過同時，傳輸速率也是——也就是我們在講稿中提到的元件、相干（coherent）元件——正在大幅成長。網路邊緣的 10G 年增超過 100%。我們正在擴增產能，明年可能再把它翻倍，並把更高的速率帶到網路邊緣。所以頻寬需求非常強勁，而我們的電信產品、技術與差異化，確實正在讓客戶能夠因應這些需求。我會說這是電信端的情況。

On datacom, up 45% year-on-year on EMLs. We're going to continue to grow that. We're adding more capacity late this year and into next year. So that's going to have a meaningful contributor to our expectations on double-digit growth. And don't forget commercial lasers business. We're going to continue to grow that business and get into new markets. And so I think the combination of those things, putting aside even 3D sensing and what happens there, our confidence is very, very high that as these short-term supply constraints alleviate, we will be on a very, very strong growth trajectory.

在資料通訊方面，EML 年增 45%。我們會持續推動成長。我們會在今年稍晚以及明年增加更多產能。因此，這將對我們雙位數成長的預期做出有意義的貢獻。也別忘了商用雷射業務。我們會持續成長該業務並進入新市場。所以我認為這些因素的組合——即便先不把 3D 感測以及其後續發展算進去——我們仍非常、非常有信心：隨著短期供應限制逐步緩解，我們將走在非常強勁的成長軌道上。

Our next question is from Tim Savageaux from Northland Capital Markets.

下一個問題來自 Northland Capital Markets 的 Tim Savageaux。

Couple of questions here in terms of telecom, datacom, sort of breakdowns. First off, would it be fair to say the sequential growth in fiscal Q2 is pretty evenly split between telecom transmission and datacom chips, given your comments about strength in 400-gig components? So that's one.

這裡有幾個問題，關於電信、資料通訊等拆分。首先，根據你對 400G 元件強勁的評論，是否可以說 2022 財年第二季的季增成長，在電信傳輸與資料通訊晶片之間大致是平均分配的？這是第一個問題。

And then as a follow-up, you talked about some pretty impressive growth rates at 400-gig. I assume that's both telecom and datacom. Can you try and size that business relative to the whole of your telecom and datacom business, that 400-gig plus business?

接著作為追問，你談到 400G 的成長率相當亮眼。我假設這同時涵蓋電信與資料通訊。你能否嘗試估算一下，400G 以上這塊業務相對於你整體電信與資料通訊業務的規模占比？

Tim, so I think first, between the December quarter, telecom, datacom, a lot of the growth was in telecom. I think as we've highlighted, we're capacity constrained in datacom. Demand is not at all an issue in telecom or datacom, but in the case of datacom, certainly, it is our own internal manufacturing capacity. So the growth you're seeing came from telecom.

Tim，我想先談 12 月季度在電信與資料通訊之間：成長有很大一部分來自電信。正如我們強調的，我們在資料通訊方面受到產能限制。需求在電信或資料通訊都完全不是問題，但就資料通訊而言，確實是我們自身內部製造產能的限制。所以你看到的成長主要來自電信。

The split between -- a little tricky because pump lasers and ROADMs and passives are those higher low speed, if you will, 400-gig and above. We certainly believe what we're providing today goes into next-generation networks that are growing. So there's actually a relatively small portion of our business at the 100-gig, 200-gig at this point in the combined telecom-datacom.

至於拆分——有點棘手，因為泵浦雷射、ROADM 與被動元件（passives）屬於那些較高（或可說較低速）——400G 及以上——的部分。我們當然相信，我們目前提供的產品會用在正在成長的下一代網路中。因此，在電信與資料通訊合計之中，目前 100G、200G 的業務占比其實相對較小。

And of that portion, the most interesting part is perhaps the 10-gig tunable piece. It's by far the largest less than 400-gig speed portion of the business, and that's growing because as we highlighted in the script, as you put 400-gig, 600 and 800-gig in the core of the network, you're going to be upgrading the edge of the network to 10-gig. And 10-gig tunable pluggable transceivers are really booming. They've more than doubled year-over-year, and we think they're on a multiyear growth trajectory as well, as they push out into those edge applications, broadband access applications that you're very familiar with.

而在那一部分裡，最有意思的可能是 10G 可調式（tunable）那塊。它是整個業務中低於 400G 速率部分裡規模最大的一塊，而且正在成長；因為如同我們在講稿中強調的，當你在網路核心部署 400G、600G 與 800G 時，你就會把網路邊緣升級到 10G。10G 可調式可插拔收發器（pluggable transceivers）正快速起飛，年增已超過一倍；我們也認為它同樣處於多年成長軌道，因為它正擴展到那些邊緣應用、寬頻接取應用——你非常熟悉的那些領域。

We have time for just one more question. Ananda Baruah from Loop Capital.

我們只剩下時間再問一個問題。Loop Capital 的 Ananda Baruah。

I appreciate you squeezing me in here, squeezing us in here. Alan, just a couple. I believe you had mentioned a little bit ago potential for -- and this is in 3D sensing, for content increases on upcoming models. I was wondering if you'd have any sense of when that may get set, and is there some potential that you could update us on that 90-days from now? And then I have a quick follow-up.

感謝你讓我插進來、讓我們插進來。Alan，就幾個問題。我記得你不久前提到，在 3D 感測方面，未來機型可能有單機內容（content）增加的潛力。我想請問你是否大概知道何時會定案？以及是否有可能在 90 天後向我們更新？然後我還有一個快速追問。

Yes. I mean typically, if something were to go into a new device that were to be released in the fall, we would know for sure by our next earnings call for sure. Sometime between now and in May, we would need to start production of that. And again, as I said, we're working on multiple different chip designs. And so until it becomes a plan of record for 1 of our customers, it's hard to say. But I do think that there's -- there is potential for content increase in the back half of this year.

是的。一般來說，如果某項東西要導入一款預計在秋季發布的新裝置，我們到下一次財報電話會議時通常就會確定。介於現在到 5 月之間，我們需要開始為此進行生產。再一次，如我所說，我們正在進行多種不同的晶片設計。因此，在它成為我們某位客戶的正式既定計畫（plan of record）之前，很難下定論。但我確實認為，今年下半年存在單機內容增加的潛力。

That's super helpful. And then just a quick related follow-up. If that content increase were to occur, would it make sense that dollars like -- basically the blended ASP would be stronger as well?

這非常有幫助。接著一個相關的快速追問：如果真的發生內容增加，那是否也合理推論美元面——也就是整體混合 ASP（平均售價）也會更強？

Yes. Yes. I believe so, if I understand your question right, I think more revenue per handset would, with another chip in it, would also drive ASP increases.

是的，是的。我想如果我理解你的問題沒錯的話，每支手機因為多了一顆晶片而帶來更高的單機營收，也會推動 ASP 上升。

We have run out of time for any further questions. So I'll hand back to Alan Lowe from Lumentum for any closing remarks.

我們已沒有時間再接受其他問題。接下來我把時間交還給 Lumentum 的 Alan Lowe，請他做結語。

Great. Thank you, Harry. I want to thank our customers and suppliers for their partnership in these challenging times. I would also like to leave you with a few thoughts as we wrap up this call.

很好。謝謝你，Harry。我想感謝我們的客戶與供應商在這段充滿挑戰的時期所展現的合作夥伴關係。我也想在結束本次電話會議前，留下幾點想法。

While we have work to do to manage through the current near-term supply shortages, I'm very excited about the accelerating customer demand in telecom, and datacom, and lasers.

雖然我們仍需要努力因應目前短期的供應短缺，但我對電信、資料通訊與雷射領域加速成長的客戶需求感到非常振奮。

Additionally, the opportunities we have in automotive, augmented and virtual reality, and industrial applications, which increasingly leverage 3D sensing and LiDAR capabilities at Lumentum, are beginning to emerge and grow. Our market-leading and proven product and technologies position us well for all of these opportunities ahead.

此外，我們在汽車、擴增與虛擬實境，以及工業應用方面的機會——這些領域正日益運用 Lumentum 的 3D 感測與 LiDAR 能力——也開始浮現並成長。我們具市場領先且經過驗證的產品與技術，使我們在未來所有這些機會上都處於有利位置。

With that, I would like to thank everyone for attending today, and we look forward to talking with you again during upcoming investor events, which you will find posted on our website. Thank you, and have a great day.

最後，我要感謝各位今天的參與；我們也期待在接下來的投資人活動中再次與各位交流，相關資訊將公布在我們的網站上。謝謝各位，祝大家有美好的一天。

Thank you to everyone who has joined us today. This concludes the call, and you may now disconnect your lines.

感謝今天加入我們的各位。本次電話會議到此結束，您現在可以掛斷線路。