Lumentum Holdings Inc. (LITE) 2021 Q2 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Second Quarter Fiscal Year 2021 Earnings Call. (Operator Instructions) Please also note today's event is being recorded.

各位好，歡迎參加 Lumentum 2021 會計年度第二季財報電話會議。（接線員指示）另請注意，今日活動將進行錄音。

At this time, I'd like to turn the conference call over to Jim Fanucchi of Darrow Associates. Sir, please go ahead.

此刻，我想將電話會議交給 Darrow Associates 的 Jim Fanucchi。先生，請開始。

Thank you, operator. Welcome to Lumentum's Second Quarter Fiscal Year 2021 Earnings Call. This is Jim Fanucchi from Darrow Associates, assisting Lumentum with its Investor Relations.

謝謝，接線員。歡迎參加 Lumentum 2021 會計年度第二季財報電話會議。我是 Darrow Associates 的 Jim Fanucchi，協助 Lumentum 的投資人關係事務。

Joining the call today from the company's management team, we have Alan Lowe, President and Chief Executive Officer; Wajid Ali, Chief Financial Officer; and Chris Coldren, Senior Vice President of Strategy and Corporate Development.

今天與會的公司管理團隊成員包括：總裁兼執行長 Alan Lowe；財務長 Wajid Ali；以及策略與企業發展資深副總裁 Chris Coldren。

Today's call will include forward-looking statements, including statements regarding the markets in which we operate and our position in such markets; the impact of COVID-19 and responsive actions thereto on our business and continuing uncertainty in this regard; trends and expectations for our products and technology; our markets; market opportunity and customers; our proposed acquisition of Coherent 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，包括關於我們所營運之市場及我們在該等市場中的地位；COVID-19 及相關因應措施對我們業務的影響，以及在此方面持續存在的不確定性；我們產品與技術的趨勢與預期；我們的市場；市場機會與客戶；我們擬議收購 Coherent 以及我們預期的財務表現（包括我們的財測指引），以及關於未來營收的陳述；我們的財務模型；以及我們的毛利率目標。

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, including the company's quarterly report on Form 10-Q for the fiscal quarter ended December 26, 2020, which the company expects to file later today and in Lumentum's 10-K for fiscal year 2020 ended June 27, 2020.

這些陳述受風險與不確定性影響，可能導致實際結果與我們目前預期存在重大差異，特別是我們向美國證券交易委員會（SEC）提交之文件中所描述的風險因素，包括公司截至 2020 年 12 月 26 日止會計季度的 Form 10-Q 季度報告（公司預計將於今日稍晚提交），以及 Lumentum 截至 2020 年 6 月 27 日止會計年度的 Form 10-K 年度報告。

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 不承擔更新該等陳述之義務。

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.

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均為非 GAAP。非 GAAP 財務資訊不應被視為 GAAP 編製之財務資訊的替代或優於 GAAP 財務資訊。

Lumentum's press release with the second quarter fiscal 2021 results and accompanying supplemental slides are available on its website at www.lumentum.com under the Investors section and includes additional details about our non-GAAP financial measures and a reconciliation between our historical GAAP and non-GAAP results.

Lumentum 關於 2021 會計年度第二季業績的新聞稿及隨附補充簡報已發布於其網站 www.lumentum.com 的 Investors（投資人）專區，並包含有關我們非 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。

Now I will turn the call over to Alan for his comments.

現在我將電話會議交給 Alan 發表評論。

Thank you, Jim. Good morning, everyone.

謝謝你，Jim。各位早安。

Before getting into the details of our business results, I'd like to make some comments about the COVID-19 pandemic. There have been a lot of developments since our last earnings call. We have unfortunately seen the significant impact of the COVID-19 pandemic expand to millions of people around the globe. Our thoughts are with all of those affected and the health care professionals who selflessly make a difference on the front lines every day.

在進入我們業務成果的細節之前，我想先就 COVID-19 疫情發表一些看法。自上次財報電話會議以來，情勢有許多發展。不幸的是，我們看到 COVID-19 疫情的重大影響已擴及全球數以百萬計的人。我們的心與所有受影響的人以及每天在第一線無私付出的醫護人員同在。

Fortunately, we have also seen the development and early distribution of effective vaccines. This gives me optimism that the dark days we are living through will pass, and there is a path to better days. We thank those who have developed and are now manufacturing these vaccines that are beginning to protect people. While I can't put us in the same category as these lifesavers, I am proud that Lumentum plays an important role in the critical infrastructure that helps people safely continue their work, education and life during these challenging times.

所幸的是，我們也看到有效疫苗的研發完成並開始早期分發。這讓我對我們正在經歷的黑暗日子終將過去、並且有通往更好日子的道路感到樂觀。我們感謝那些研發並正在製造這些疫苗、開始保護人們的人。雖然我無法將我們與這些救命恩人相提並論，但我很自豪 Lumentum 在關鍵基礎設施中扮演重要角色，協助人們在這段艱難時期安全地持續工作、學習與生活。

Now on to our business and financial results for the second quarter. Increased demand in Telecom and Lasers added to the positive momentum from the prior quarter, resulting in record revenue, non-GAAP gross margin, operating margin and earnings per share. For the first time ever, we achieved gross margins in excess of 53% and operating margins above 35%. As pleased as I am with these results and the progress we have made in driving towards our strategic and financial goals, I am as excited as ever about the opportunities ahead. As I often say, the future is truly bright at Lumentum.

接著談我們第二季的業務與財務成果。電信與雷射需求增加，延續上一季的正向動能，帶動營收、非 GAAP 毛利率、營業利益率與每股盈餘皆創下新高。我們史上首次達成毛利率超過 53% 且營業利益率高於 35%。我對這些成果以及我們朝策略與財務目標推進的進展感到欣慰，同時也對未來的機會一如既往地興奮。正如我常說的，Lumentum 的未來確實光明。

We are well positioned to grow revenue and earnings into the future. We believe long-term market trends are very favorable. We also believe there our upcoming growth catalysts in each of our markets. The accelerating shift to digital and virtual approaches to all aspects of work in life is driving staggering amounts of data in the world's networks and cloud data centers. To meet the challenges created by this digital transformation, our industry is poised for major new technology transitions that we believe are well served by our products and capabilities. These include higher speed telecom and datacom transmission solutions in the range of 400 to 800 gig, photonic solutions for 5G front haul and backhaul, and newer advanced ROADMs and other telecom transport solutions.

我們具備良好條件在未來持續成長營收與獲利。我們相信長期市場趨勢非常有利。我們也相信在各個市場中都存在即將到來的成長催化劑。工作與生活各層面加速轉向數位化與虛擬化，正推動全球網路與雲端資料中心產生驚人的資料量。為因應此數位轉型帶來的挑戰，我們的產業正蓄勢迎接重大的新技術轉換，而我們相信我們的產品與能力能很好地支援這些轉換。這些包括 400 至 800G 範圍的更高速電信與數據通訊傳輸解決方案、用於 5G 前傳與回傳的光子解決方案、以及更新一代的先進 ROADM 與其他電信傳輸解決方案。

The computer vision revolution that is driving our 3D sensing and LiDAR business is in its early days. Computational photography and augmented and virtual reality should drive the expansion of world-facing 3D sensing across many new smartphone designs and into consumer electronic devices and wearables. The increasing use of LiDAR and in-cabin 3D sensing in automobile and delivery vehicles significantly adds to our long-term market opportunities. We have made significant investments in R&D and developed a broad portfolio of new products and technologies that address both upcoming and long-term growth opportunities. This has been done in close coordination with our customers, and we have obtained many important design wins.

推動我們 3D 感測與 LiDAR 業務的電腦視覺革命仍處於早期階段。計算攝影以及擴增與虛擬實境，應可推動面向世界（world-facing）的 3D 感測擴展至更多新的智慧型手機設計，並延伸至消費性電子裝置與穿戴式裝置。LiDAR 與車內 3D 感測在汽車與配送車輛中的使用日益增加，將顯著擴大我們的長期市場機會。我們已在研發上投入大量資源，並開發出涵蓋廣泛的新產品與技術組合，以因應即將到來及長期的成長機會。這些工作是在與客戶密切協作下完成，我們也取得了許多重要的設計導入（design wins）。

We are now starting to scale up production of many of these new products. We have exited underperforming product lines that would have been a drag on future growth. We continue to lower our fixed costs, thus increasing operating leverage and profitability as we grow. Our second quarter results underscore all of these points with strong incremental profitability and an increasing level of new products in the revenue mix.

我們現在開始擴大多項新產品的量產。我們已退出表現不佳、原本會拖累未來成長的產品線。我們持續降低固定成本，因而在成長的同時提升營運槓桿與獲利能力。我們第二季的結果以強勁的增量獲利能力，以及營收組合中新產品占比提升，印證了上述各點。

Two weeks ago, we announced the Coherent acquisition, which will expand and diversify our revenue and market opportunities. A motivating factor for this transaction is the significant role we believe photonics will play across the value chains supporting many important long-term secular trends. For example, this includes the increasing role that lasers and photonics play in the manufacturing of the growing number of advanced semiconductors, displays and microelectronics that enable the digital transformation that I mentioned earlier. Another example is the increasing role of lasers and photonics in the manufacturing and supply chains of electric vehicles and energy storage solutions. This is an important and significant opportunity as the world transitions to these sustainable technologies to combat climate change.

兩週前，我們宣布收購 Coherent，這將擴大並多元化我們的營收與市場機會。促成此交易的一項動機，是我們相信光子技術將在支撐多項重要長期結構性趨勢的價值鏈中扮演關鍵角色。例如，雷射與光子技術在製造日益增加的先進半導體、顯示器與微電子元件方面的角色愈發重要，而這些元件正是我先前提到之數位轉型的基礎。另一個例子是，雷射與光子技術在電動車與儲能解決方案的製造與供應鏈中的角色日益提升。隨著全球轉向這些永續技術以對抗氣候變遷，這是一項重要且具規模的機會。

The Coherent acquisition will expand our market opportunities in fertile new areas for photonics, including in bioinstrumentation and aerospace and defense. It will also strengthen our innovation engine to better serve the customers of today and tomorrow. In addition to the top line growth opportunities I have outlined, we believe there are significant efficiencies and optimizations to be gained in the combination with Coherent. With our proven track record of execution, we are confident the combination will ultimately deliver financial performance consistent with the targets we set forth in our first quarterly earnings call last November. I look forward to a timely completion of this transaction and the welcoming of the talented employees of Coherent to the Lumentum team. While the future is truly bright at Lumentum, I believe it will be even brighter with the addition of Coherent.

收購 Coherent 將在光子技術的肥沃新領域擴大我們的市場機會，包括生物儀器與航太及國防。此舉也將強化我們的創新引擎，以更好地服務今日與未來的客戶。除了我所概述的營收成長機會之外，我們相信與 Coherent 的結合也能帶來顯著的效率提升與最佳化。憑藉我們經過驗證的執行紀錄，我們有信心此一結合最終將帶來與我們去年 11 月首次季度財報電話會議所提出目標一致的財務表現。我期待此交易能及時完成，並歡迎 Coherent 的優秀員工加入 Lumentum 團隊。雖然 Lumentum 的未來確實光明，但我相信在加入 Coherent 之後將更加光明。

Now on to more details about our second quarter. Telecom and Datacom revenue grew 10% sequentially and 7% year-on-year. Excluding revenue from the low-margin product lines we have divested or discontinued, Telecom and Datacom revenue grew 17% year-on-year. The largest contributors to growth in the second quarter were ROADMs, high-speed 600 and 800 gig indium phosphide coherent components, DCO modules and submarine products. Late in December, one of our contract manufacturing partners in Malaysia temporarily suspended production to implement measures to protect employees from COVID-19. This impacted second quarter revenue by approximately $6 million. In Telecom, we continue to see our revenue mix shifting towards new products aligned with our customers' next-generation systems. In the second quarter, we further ramped 400G and higher speed transmission solutions, and we qualified several new ROADM designs with major customers in the West and in China.

接下來提供更多第二季細節。電信與數據通訊營收較前一季成長 10%，較去年同期成長 7%。若排除我們已出售或停止的低毛利產品線營收，電信與數據通訊營收較去年同期成長 17%。第二季成長的最大貢獻來源為 ROADM、高速 600G 與 800G 磷化銦（InP）相干元件、DCO 模組以及海底產品。12 月下旬，我們在馬來西亞的一家委外製造合作夥伴為了實施保護員工免受 COVID-19 影響的措施而暫時停產，導致第二季營收約減少 600 萬美元。在電信方面，我們持續看到營收組合朝向符合客戶下一代系統的新產品轉移。第二季我們進一步提升 400G 及更高速傳輸解決方案的出貨爬坡，並與西方及中國的主要客戶完成數項新的 ROADM 設計認證。

To this last point, we began shipping a complex twin MxN ROADM blade with other integrated functionality to a major western customer for new web scale and other network deployments. As I mentioned earlier, the telecom and datacom industry is poised for a transition to next-generation networks. We anticipate strong growth in the coming years as network operators deploy 400, 600 and 800 gig systems with new integrated transmission solutions and ROADMs. We believe this upcoming telecom technology upgrade cycle has been delayed by COVID-19, which should start to accelerate as global vaccinations increase over time.

就最後一點而言，我們開始向一家主要西方客戶出貨一款複雜的雙 MxN ROADM 刀鋒板（blade），並整合其他功能，用於新的網際網路規模（web scale）及其他網路部署。如我先前所提，電信與數據通訊產業正蓄勢轉向下一代網路。我們預期未來幾年將強勁成長，因為網路營運商將部署 400、600 與 800G 系統，並採用新的整合式傳輸解決方案與 ROADM。我們相信這一波即將到來的電信技術升級週期曾因 COVID-19 而延後，並將隨著全球疫苗接種率隨時間提升而開始加速。

In our datacom chip business, as expected, 5G fronthaul weakness in China impacted second quarter growth. Cloud demand remains very robust. Last quarter, we adjusted our wafer start to better align with this new demand mix and expect to grow into the third quarter.

在我們的資料通訊晶片業務方面，如預期所示，中國 5G 前傳需求疲弱影響了第二季的成長。雲端需求仍然非常強勁。上一季，我們調整了晶圓投片，以更好地配合這一新的需求組合，並預期成長將延續至第三季。

We have a large and growing multi-quarter backlog. Market dynamics are favorable with increasing volumes and transitions to higher speeds where we have very differentiated products. Revenue from high-speed PAM4 EMLs has nearly doubled from year ago levels. And we recently introduced a breakthrough 53 gigabaud PAM4 DML as customers seek even more cost-effective solutions to accelerate 400G growth and future 800G applications. Our wafer fab expansion plans are on track with meaningful capacity additions coming online later this calendar year.

我們擁有龐大且持續成長、跨越多季的訂單積壓。市場動態有利：出貨量增加，並轉向更高速率，而我們在此領域具備高度差異化的產品。高速 PAM4 EML 的營收較去年同期幾乎翻倍。我們近期也推出突破性的 53 gigabaud PAM4 DML，因客戶尋求更具成本效益的解決方案，以加速 400G 成長及未來 800G 應用。我們的晶圓廠擴產計畫進展順利，且在本曆年稍晚將有具意義的產能新增上線。

Looking to the third quarter, we expect Telecom and Datacom revenue to be down sequentially due to seasonal factors and the anticipated timing of new end customer deployments. Industrial and consumer revenue declined modestly quarter-on-quarter. We believe we have a larger 3D sensing opportunity this fiscal year compared to the last, but it will be spread out more broadly in time. As such, we expect a lower seasonal decline in the third quarter compared with prior years.

展望第三季，我們預期電信與資料通訊營收將因季節性因素以及新終端客戶部署的預期時點而較前一季下滑。工業與消費性營收則較前一季小幅下降。我們認為本會計年度的 3D 感測機會較上一年度更大，但將在時間上更為分散。因此，我們預期第三季的季節性下滑幅度將低於往年。

Within industrial and consumer, the contribution from industrial is now approximately 5%, about half of where it has been over the past several years. This has been driven by a transition to selling chips versus modules. We are optimistic about growth in the 3D sensing market in the coming years. We believe the introduction of 5G is driving an accelerated smartphone upgrade cycle. New applications, such as computational photography and augmented and virtual reality, have the potential to drive world-facing 3D sensing capabilities more broadly, especially across the Android customer base. We are working closely with major Android customers on world-facing 3D sensing capabilities for their future products as they seek to differentiate their offerings. We believe our experience and leadership in current high-volume world-facing deployments positions us very well with these customers.

在工業與消費性業務中，工業的貢獻目前約為 5%，約為過去數年水準的一半。這主要是由於我們從銷售模組轉向銷售晶片所致。我們對未來幾年 3D 感測市場的成長抱持樂觀。我們認為 5G 的導入正在推動智慧型手機加速換機週期。新的應用，例如計算攝影以及擴增與虛擬實境，有潛力更廣泛地推動面向世界（world-facing）的 3D 感測能力，尤其是在 Android 客戶群中。隨著主要 Android 客戶尋求差異化其產品，我們正與其密切合作，為其未來產品導入面向世界的 3D 感測能力。我們相信，我們在目前高出貨量的面向世界部署方面的經驗與領導地位，使我們在這些客戶中具備非常有利的定位。

We believe new customer devices and wearables that may reach the market in the coming years will benefit from 3D sensing capabilities and will drive additional market growth. Adding to this, customers in the security and access control market are looking for 3D sensing to enable higher security and touchless, contactless solutions. This is of increasing importance in a post-COVID-19 world.

我們相信，未來幾年可能上市的新客戶裝置與穿戴式產品將受益於 3D 感測能力，並帶動額外的市場成長。此外，安防與門禁市場的客戶正尋求以 3D 感測實現更高的安全性，以及免觸碰、非接觸式的解決方案。在後 COVID-19 時代，這一點愈發重要。

LiDAR and 3D sensing for automobiles and delivery vehicles add significantly to our long-term market opportunities. We believe our unmatched and invaluable photonics experience spanning 3D sensing, communications and industrial lasers gives us a competitive advantage as we pursue these new opportunities. We are closely engaged with a wide range of customers. These include autonomous and delivery vehicle manufacturers, major Tier 1 auto suppliers and LiDAR solution providers.

用於汽車與配送車輛的 LiDAR 與 3D 感測，將顯著擴大我們的長期市場機會。我們相信，我們在 3D 感測、通訊與工業雷射等領域累積的無可匹敵且極具價值的光子學經驗，使我們在追求這些新機會時具備競爭優勢。我們正與廣泛的客戶群密切互動，包括自動駕駛與配送車輛製造商、主要一級（Tier 1）汽車供應商，以及 LiDAR 解決方案供應商。

During our second quarter, we completed a number of design wins, some of which are targeting start of production during calendar year '22. In addition, we have many other customer engagements that are in various stages of qualification.

在第二季期間，我們完成了多項設計導入（design wins），其中部分目標是在 2022 曆年開始量產。此外，我們還有許多其他客戶合作案正處於不同階段的認證流程中。

Turning to commercial lasers. Revenue grew 24% quarter-on-quarter. The largest contributor to growth was micro materials processing, including 5G applications. We expect lasers growth to continue into the third quarter. While we believe that it will take several quarters before we get back to the revenue levels we saw in fiscal '20, we are cautiously optimistic that we have seen the worst of the impact from COVID-19.

接著談商用雷射。營收較前一季成長 24%。成長的最大貢獻來自微材料加工（micro materials processing），其中包含 5G 應用。我們預期雷射業務的成長將延續至第三季。雖然我們認為要回到 2020 會計年度所見的營收水準仍需數個季度，但我們審慎樂觀地認為，COVID-19 的影響最嚴重的階段可能已經過去。

Lasers gross margin also grew quarter-on-quarter to 47.5%. We believe we are a leader in the lasers industry on this metric despite having significantly lower scale than larger industry players. We believe this is because we have unique design and manufacturing experience and capabilities borne from our many years of leadership in the photonics market. We expect to leverage this experience and these capabilities when we are able to combine with Coherent.

雷射業務毛利率也較前一季提升至 47.5%。我們相信，儘管我們的規模明顯小於較大型的產業同業，但在此指標上我們仍是雷射產業的領先者。我們認為這是因為我們在光子學市場多年領導地位所累積的獨特設計與製造經驗及能力。當我們能與 Coherent 完成合併時，我們預期將運用這些經驗與能力。

Throughout my remarks, I've highlighted how we are well positioned for continued top and bottom line growth over the next several years. We have made significant investments in differentiated new technology and products for new customer programs, attained many key design wins and are on track for more. In each of our markets, there are significant catalysts for growth. We have a new generation of telecom and datacom solutions and customers who are poised to ramp them. We have the expansion of world-facing 3D sensing in mobile devices and wearables and emerging LiDAR applications further add to our market opportunity. The broader lasers market we address is recovering from the impact of COVID-19, and we will benefit from this and additional growth driven by differentiated new products. We have exited underperforming product lines that would have been a drag on future growth.

在我的發言中，我已強調我們在未來數年持續推動營收與獲利（top and bottom line）成長方面具備良好定位。我們已在差異化的新技術與產品上投入大量資源，以支援新的客戶專案，取得多項關鍵設計導入，並正朝取得更多設計導入邁進。在我們的各個市場中，都存在顯著的成長催化因素。我們擁有新一代的電信與資料通訊解決方案，且客戶已準備好放量。我們在行動裝置與穿戴式產品中擴大面向世界的 3D 感測，以及新興 LiDAR 應用，將進一步增加我們的市場機會。我們所服務的更廣泛雷射市場正從 COVID-19 的影響中復甦，我們將受益於此，以及由差異化新產品所帶動的額外成長。我們已退出表現不佳、原本會拖累未來成長的產品線。

The Coherent acquisition brings a significant opportunity to create a larger, more diverse photonics technology company. One with leading capabilities well aligned with many important long-term trends and financial performance consistent with the targets we previously set for Lumentum.

收購 Coherent 帶來一項重大機會，可打造一家規模更大、更多元的光子學技術公司；其領先能力與多項重要的長期趨勢高度契合，且財務表現可與我們先前為 Lumentum 設定的目標一致。

Before handing it over to Wajid to review the numbers, I want to thank and acknowledge all of our employees around the world. They have been incredible, especially so working through the pandemic. Our employees are absolutely the company's greatest asset. I would also like to thank our customers, suppliers and shareholders for their support and partnership during these challenging times.

在交由 Wajid 檢視數字之前，我想感謝並肯定我們全球所有員工。他們表現非常出色，尤其是在疫情期間仍持續投入工作。我們的員工絕對是公司最重要的資產。我也要感謝我們的客戶、供應商與股東在這段充滿挑戰的時期所給予的支持與合作夥伴關係。

With that, I'll hand it over to Wajid.

接下來我把時間交給 Wajid。

Thank you, Alan. Good morning, everyone.

謝謝你，Alan。各位早安。

Turning to the second quarter's numbers. Net revenue for the second quarter was $478.8 million, which was up 6% sequentially and 5% year-on-year. GAAP gross margin for the second quarter was 48%, GAAP operating margin was 24.1% and GAAP diluted net income per share was $1.06. Second quarter non-GAAP gross margin was 53.4%, which was up 140 basis points sequentially and up 600 basis points year-on-year. The sequential and year-on-year growth was driven by improved gross margins in both the Optical Communications and Lasers segments. As Alan highlighted, this record gross margin performance demonstrates the improvements we have made in our financial model.

接著看第二季的數字。第二季淨營收為 4.788 億美元，較前一季成長 6%，較去年同期成長 5%。第二季 GAAP 毛利率為 48%，GAAP 營業利益率為 24.1%，GAAP 稀釋後每股淨利為 1.06 美元。第二季非 GAAP 毛利率為 53.4%，較前一季提升 140 個基點，較去年同期提升 600 個基點。此一季增與年增主要由光通訊與雷射兩個部門毛利率改善所帶動。如 Alan 所強調，這項創紀錄的毛利率表現展現了我們在財務模型上所做的改善。

Second quarter non-GAAP operating margin at 35.5% increased 180 basis points sequentially and 670 basis points year-on-year. These results were driven by gross margin improvements as operating expenses have increased due to increased investment in new capabilities. Second quarter non-GAAP operating expenses totaled $86 million or 18% of revenue. SG&A expense was $38.2 million. R&D expense was $47.8 million. Second quarter non-GAAP net income was $155.7 million. This includes $200,000 of net interest and other income and $14.4 million of tax expense. Other income is down sequentially as interest rates on our cash and short-term investments are lower overall, and we are being more conservative in our investment portfolio. Non-GAAP diluted net income per share was $1.99 based on a fully diluted share count of 78.4 million.

第二季非 GAAP 營業利益率為 35.5%，較前一季提升 180 個基點，較去年同期提升 670 個基點。這些結果主要來自毛利率改善，儘管營業費用因加大對新能力的投資而增加。第二季非 GAAP 營業費用合計 8,600 萬美元，占營收 18%。銷售、一般及管理（SG&A）費用為 3,820 萬美元。研發（R&D）費用為 4,780 萬美元。第二季非 GAAP 淨利為 1.557 億美元，其中包含 20 萬美元的淨利息及其他收益，以及 1,440 萬美元的稅費。其他收益較前一季下降，因我們的現金與短期投資所獲利率整體較低，且我們在投資組合上採取更保守的策略。非 GAAP 稀釋後每股淨利為 1.99 美元，係以完全稀釋後股數 7,840 萬股計算。

On the balance sheet. We ended the quarter with $1.7 billion in cash and short-term investments, up $90 million quarter-on-quarter. We have $1.5 billion in aggregate principal convertible notes and no term debt. Of these convertible notes, $450 million is due in 2024 and $1.05 billion is due in 2026. The total cash interest expense associated with these notes is approximately $6 million per year.

再看資產負債表。我們在季末持有 17 億美元的現金與短期投資，較前一季增加 9,000 萬美元。我們共有 15 億美元的可轉換公司債本金總額，且沒有定期借款（term debt）。其中，4.5 億美元將於 2024 年到期，10.5 億美元將於 2026 年到期。與這些債券相關的現金利息費用合計約每年 600 萬美元。

Turning to segment details. Second quarter Optical Communications segment revenue at $449.1 million increased 5% sequentially due to growth in telecom and datacom and 10% year-on-year due to higher telecom and datacom and industrial and consumer revenues. Optical Communications segment gross margin at 53.8% increased 130 basis points sequentially, primarily due to higher ROADM volumes and improvements in manufacturing efficiencies and 580 basis points year-on-year due to a more favorable revenue mix, improved telecom and datacom margins and synergies from the Oclaro acquisition.

接著看各部門細節。第二季光通訊部門營收為 4.491 億美元，因電信與資料通訊成長而較前一季增加 5%；因電信與資料通訊以及工業與消費性營收較高而較去年同期增加 10%。光通訊部門毛利率為 53.8%，較前一季提升 130 個基點，主要由於 ROADM 出貨量增加以及製造效率改善；較去年同期提升 580 個基點，主要由於更有利的營收組合、電信與資料通訊毛利率改善，以及收購 Oclaro 所帶來的綜效。

Our Lasers segment revenue at $29.7 million increased 24% sequentially but remains 39% down year-on-year due to COVID-19 impacting demand. Second quarter Lasers gross margin increased to 47.5% due to an increase in manufacturing volumes and mix favorability.

我們雷射部門營收為 2,970 萬美元，較前一季成長 24%，但因 COVID-19 影響需求，較去年同期仍下降 39%。第二季雷射毛利率提升至 47.5%，主要由於製造出貨量增加以及產品組合更有利。

Now on to our guidance for the third quarter of fiscal '21. Please note, the outlook we are providing is on a non-GAAP basis and is based on our assumptions as of today.

接下來是我們對 2021 會計年度第三季的財測指引。請注意，我們提供的展望係以非 GAAP 基礎呈現，並以截至今日的假設為基礎。

We expect net revenue for the third quarter of fiscal '21 to be in the range of $425 million to $440 million. This revenue projection includes telecom and datacom declining sequentially due to seasonality and the timing of end customer deployments Industrial and consumer declining due to seasonality and commercial lasers increasing quarter-on-quarter, driven by further market recovery from COVID-19.

我們預期 21 會計年度第三季的淨營收將落在 4.25 億美元至 4.40 億美元之間。此營收預測包含電信與資料通訊因季節性以及終端客戶部署時點而較前一季下滑；工業與消費因季節性下滑；而商用雷射則在 COVID-19 市場進一步復甦的帶動下，呈現季增。

Based on this, we project third quarter operating margin to be in the range of 27.5% to 29.5% and diluted net income per share to be in the range of $1.31 to $1.46. At the midpoint, these projections incorporate an approximate $6 million increase in operating expenses, primarily related to the annual reset in payroll tax and benefits rates, new hiring and the additional payroll expense associated with our 14-week quarter. These projections also assume an approximate share count of 80 million, an estimated other expense of $0.8 million and an estimated tax expense of $12 million.

基於此，我們預估第三季營業利益率將落在 27.5% 至 29.5% 之間，稀釋後每股淨利將落在 1.31 美元至 1.46 美元之間。以中位數來看，這些預估納入約 600 萬美元的營業費用增加，主要與薪資稅與福利費率的年度重設、新增招募，以及我們 14 週季度所帶來的額外薪資費用相關。這些預估亦假設流通股數約為 8,000 萬股、其他費用估計為 80 萬美元，以及所得稅費用估計為 1,200 萬美元。

During our first quarter earnings call last November, we provided a new target model for the company. While our second half fiscal '21 performance is still expected to be below the target model due to seasonality, given our first half performance, we believe we will meet or exceed our gross and operating margin targets for the full fiscal year. With that said, I should emphasize that we intend to grow our investments in R&D to lead the market in an innovation and to expand our long-term market opportunities, as Alan highlighted earlier.

在去年 11 月我們第一季財報電話會議中，我們為公司提供了一個新的目標模型。雖然由於季節性因素，我們預期 21 會計年度下半年表現仍將低於該目標模型，但鑑於上半年表現，我們相信在整個會計年度，我們將達成或超越毛利率與營業利益率目標。話雖如此，我仍要強調，正如 Alan 先前所提到的，我們打算增加對研發的投資，以在創新方面引領市場，並擴大我們的長期市場機會。

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

接下來，我把電話交回給 Jim 來開始問答環節。Jim？

Thank you, Wajid. (Operator Instructions) Operator, let's begin with a question-and-answer session.

謝謝你，Wajid。（操作員指示）操作員，我們開始問答環節。

(Operator Instructions) Our first question today comes from Thomas O'Malley from Barclays.

（操作員指示）我們今天的第一個問題來自 Barclays 的 Thomas O'Malley。

Congrats on the nice margins here. I just had a question on mix in the top line. You started this year out talking about how this year, December could be seasonally the peak for your largest customer. And diving into the results here, it looks like that might have even come down from the September quarter. Could you just describe what's going on there? Is that something about prebuilding units? Or has there been a shift in some share? Any details there would be helpful.

恭喜你們毛利率表現不錯。我有個關於營收結構（mix）的問題。你們在今年一開始提到，對你們最大客戶而言，12 月可能會是季節性的高峰。深入看這次的結果，似乎相較 9 月季度甚至還下降了一些。你們能否說明一下發生了什麼事？是因為預先備貨（prebuilding）嗎？還是市占有些轉移？任何細節都會很有幫助。

Tom, this is Chris. Certainly. I think, obviously, when we go into the first quarter, this was a different situation given what was going on in the world with COVID and shutdowns in Asia and then ramp back up. But certainly, we feel we are -- or I'm not quite sure if we can comment on any prebuilds per se, but certainly, we shipped a lot of product in the September quarter. And the end customers' products were not available to customers until after that. So certainly, there was some loading up, if you will.

Tom，我是 Chris。當然可以。我想很明顯地，當我們進入第一季時，因為 COVID 以及亞洲的停工、接著再逐步復工，整體情況與以往不同。不過我們確實——我不確定是否能就所謂的預先備貨本身做評論，但可以確定的是，我們在 9 月季度出貨了大量產品，而終端客戶的產品直到那之後才對消費者供貨。因此可以說，確實有一些提前拉貨（loading up）的情況。

And then secondly, obviously, the elephant in the room is around what is our share, and we continue to believe that we maintain a very healthy share with our top customer. Having said that, that certainly, we anticipate competition coming along. And perhaps there is some increasing share loss happening in the December quarter. But certainly, we think nothing that impacts the overall strong position we have with that customer.

第二點，大家最關心的問題是我們的市占。我們仍然相信，我們在最大客戶那裡維持非常健康的市占。話雖如此，我們也確實預期競爭會出現。也許在 12 月季度確實發生了一些市占流失的增加，但我們認為這並不會影響我們在該客戶那裡的整體強勢地位。

That's helpful. And then on the follow-up, obviously, on the gross margins as well. The strong performance in December is indicative of some strength in the telecom and datacom core business. Can you talk about what drove that? You indicated some increased ROADM sales, and then you also talked about a western customer coming on. Is that something that's going to increase that gross margin profile as well going forward? And is this higher rate kind of sustainable as you go through the end of the year? Obviously, you commented on hitting that fiscal year target. But just anything on the margins going forward at this higher rate.

這很有幫助。接著追問一下，關於毛利率。12 月的強勁表現顯示電信與資料通訊核心業務有一定的強度。你們能談談是什麼驅動的嗎？你們提到 ROADM 銷售增加，也提到有一個西方客戶開始導入。這是否也會在未來提升毛利率結構？而且在今年剩餘時間，這樣較高的毛利率水準是否可持續？你們當然也提到會達成會計年度目標，但我想了解更多關於未來在較高水準下的毛利率走勢。

Yes. Tom, I'll give you my thoughts and then let Wajid kind of correct me. But I'd say that if you look at the mix in the quarter, our chip business actually was down and our margins went up. And so that is indicative of gross margin improvement in our Lasers that we talked about, but as well on our Telecom, mainly due to significant growth on the top line from transport, which includes our ROADMs. And so we had a good ROADM quarter. And I think it's about differentiated products, and that's why we're going to continue to invest R&D dollars to give customers the value proposition so they're willing to pay and give us those kinds of margins, and that's really what happened from my perspective.

是的。Tom，我先分享我的看法，再讓 Wajid 來補充或修正。我會說，如果你看本季的產品組合，我們的晶片業務其實下滑了，但毛利率卻上升了。這反映出我們先前談到的雷射產品毛利率改善，同時也反映在我們的電信業務上，主要是因為傳輸（transport）營收大幅成長，而其中包含我們的 ROADM。因此我們這季 ROADM 表現不錯。我認為關鍵在於差異化產品，這也是我們會持續投入研發資金、為客戶提供價值主張，讓他們願意付費並讓我們取得這樣毛利率的原因；從我的角度看，這就是本季發生的事。

Wajid, do you want to add to that?

Wajid，你要補充嗎？

Yes. I mean, if you -- Thomas, if you take a look at our comments at the beginning of the quarter, we had said that we're coming up with a new business model of 50% gross margins and 30% operating margins. And at that point in time, based on how we thought the full fiscal year was going to go, we did not think we were going to achieve that model. And we have set that more as a midterm model.

好的。Thomas，如果你回顧我們在本季一開始的評論，我們曾說我們提出了一個新的商業模型：50% 的毛利率與 30% 的營業利益率。當時，基於我們對整個會計年度走勢的判斷，我們不認為能達成該模型，因此我們把它設定為一個中期模型。

And from our script today, you can see that our expectation now is that we will either achieve or exceed that model for the full fiscal year. So certainly, things have trended better for us, whether that be the new products that Alan just spoke about or whether it's our ability to continue to lower our fixed costs within our manufacturing facilities as well as, quite frankly, the uptick we've seen in our Lasers business also helping the overall operations.

而從我們今天的講稿中你可以看到，我們現在的預期是，在整個會計年度我們將達成或超越該模型。因此，無論是 Alan 剛提到的新產品，或是我們持續降低製造廠房固定成本的能力，以及坦白說，我們在雷射業務看到的回升也對整體營運有所助益，這些趨勢都對我們更有利。

So just like Alan said, despite the chip business coming down a little bit, we've been able to maintain gross margins and give confidence for a full year as well.

所以就像 Alan 說的，即使晶片業務略有下滑，我們仍能維持毛利率，並且也讓我們對全年表現更有信心。

Our next question comes from Alex Needham (sic) [Henderson] from Needham & Company.

我們的下一個問題來自 Needham & Company 的 Alex Needham（原文誤植）[Henderson]。

I wanted to go back on to the 3D sensing business. There seems to be a lot of anxiety around the competition there. There's a thought process coming from some people that perhaps you might have overreached with respect to your allocation and market share and pricing with your primary customer and that pricing may be under more pressure or share loss maybe a little steeper as one of your primary customers reins in the outlook on that front.

我想回到 3D 感測業務。市場對那裡的競爭似乎有很多焦慮。有些人的看法是，你們可能在主要客戶的配額分配、市占與定價方面做得過頭了，因此當主要客戶在這方面收斂展望時，定價可能面臨更大壓力，或市占流失可能更為陡峭。

Can you comment on whether any of that has validity or whether that is an overstatement? Or how -- or should we be seeing a meaningful change in your share allocation? And in that context, do you expect over calendar '21 to be maintaining a growth trajectory in your 3D sensing business?

你們能否評論這些說法是否有其道理，或是否被誇大了？或者——我們是否應該看到你們的份額分配出現顯著變化？在此背景下，你們是否預期在 2021 年曆年期間，你們的 3D 感測業務仍能維持成長軌跡？

Yes, Alex. I think as far as the share is concerned, it's hard to tell where we are. I would say that our focus is to really make sure that we continue to be the design house for not just our leading customer, but for all of our 3D sensing customers. And I'd tell you that the team is focused on allowing our customers to get to market with differentiated products like the world-facing that we are ramped and shipped a lot of those units and doing quite well.

是的，Alex。我想就市占而言，很難判斷我們目前的確切位置。我會說，我們的重點是確保我們持續成為不僅是我們領先客戶、而是所有 3D 感測客戶的設計夥伴（design house）。我也可以告訴你，團隊專注於讓客戶能以差異化產品更快上市，例如我們正在放量並已出貨大量的後置（world-facing）產品，表現相當不錯。

So as far as share commitments and pricing, I'm not going to comment too much on that other than to say we do have long-term agreements in place that we know what our share is going to be at a minimum, and we believe we're getting significantly more than that, especially as we ramp new products because of our leadership position and our ability and proven track record of ramping new products.

至於份額承諾與定價，我不會多做評論；但我可以說的是，我們已簽有長期協議，因此我們知道我們的最低份額會是多少，而我們相信實際上遠高於該最低值，特別是在我們放量新產品時，因為我們的領先地位，以及我們在新產品放量方面的能力與已被驗證的實績。

Chris, do you have anything to add on that?

Chris，你要補充嗎？

No, I think you covered it well, Alan. I mean, I think certainly, that as we look ahead, the computer vision revolution that this 3D sensing plays into is in its very early days. So as we look out to calendar '21 or our fiscal '22, there's plenty of growth catalysts in 3D sensing proper. And then obviously, at least in our vernacular, we're wrappering LiDAR in our 3D sensing business unit.

沒有，我覺得你講得很完整，Alan。我想確實，當我們往前看，3D 感測所參與的電腦視覺革命仍處於非常早期的階段。因此展望 2021 年曆年或我們的 22 會計年度，3D 感測本身仍有許多成長催化劑。然後很明顯地，至少以我們的用語來說，我們把 LiDAR 也納入（wrappering）我們的 3D 感測事業單位之中。

We've got world-facing capabilities have emerged in our top customer and really driven by photography applications, and that's been a killer app for smartphones for the past decade. And we have a lot of engagement and traction with Android customers who need to have that capability in order to have that top-notch world-class camera going into their future product cycles. Then you have things outside of phones and whether they be wearables or other devices that will ultimately incorporate 3D sensing.

我們在最大客戶那裡的後置（world-facing）能力已經浮現，主要由攝影應用所驅動；而在過去十年，這一直是智慧型手機的殺手級應用（killer app）。我們也與需要具備該能力的 Android 客戶有大量的互動與進展，因為他們必須具備這項能力，才能在未來產品週期中導入頂尖、世界級的相機。接著還有手機以外的應用，無論是穿戴式裝置或其他設備，最終都將納入 3D 感測。

And as Alan highlighted in his prepared remarks, that the automotive ramp of LiDAR is in very early stages. We've got design wins, things that should start levels of production in our calendar year '22.

正如 Alan 在其事先準備的發言中所強調的，車用 LiDAR 的量產爬坡仍處於非常早期的階段。我們已取得設計導入（design wins），有些專案應該會在我們的 2022 日曆年度開始進入一定規模的量產。

So I think there's a long growth trajectory in our 3D sensing business, whether that's calendar '21, but out into calendar '22 and beyond.

因此我認為，我們的 3D 感測業務有很長的成長軌跡，不僅是在 2021 日曆年度，還會延伸到 2022 日曆年度及之後。

So is that a yes, you expect growth in 3D sensing in calendar '21?

所以這表示是的，你們預期 2021 日曆年度 3D 感測會成長嗎？

Absolutely.

絕對是。

The second question I had is really on the Android side. Obviously, the high-end Apple products have been much better than anybody had expected. And clearly, the photography app, in particular, was a key piece of that.

我第二個問題其實是關於 Android 端。顯然，高階的 Apple 產品表現遠優於任何人原先的預期。而且很明顯地，尤其是攝影 App，是其中的關鍵因素。

There was a discussion in the prior quarter that the Android manufacturers were worried about COVID and therefore, were shifting more of the focus to the lower end of the margin or of their product line and therefore, were slower to adopt world-facing and some of the additional technologies implied. Has that shifted as a result of the significant success at the high end of the market that Apple experienced?

前一季曾討論到，Android 製造商擔心 COVID，因此把更多重心轉向其產品線中較低毛利或較低階的部分，所以在採用世界向（world-facing）以及一些隱含的額外技術方面進度較慢。隨著 Apple 在高階市場取得顯著成功，這樣的情況有改變嗎？

Yes. Alex, I think whether it's shifted or not, I think we've been engaged with all of the Android suppliers on world-facing products. And I guess the flurry of activity has increased some. But until they announce a product or until they have a plan of record that includes world-facing 3D sensing, it's not part of the plan of record. And so our anticipation is that later this year, we'll start seeing that in a more meaningful way. And that's why we're very confident that calendar year '22, we'll see expansion beyond our lead customer and into the Android world.

有。Alex，我覺得不論是否稱得上「改變」，我們一直都在與所有 Android 供應商就世界向產品進行合作。我想相關活動的確更頻繁了一些。但在他們宣布產品之前，或在他們有一個包含世界向 3D 感測的正式既定計畫（plan of record）之前，它就不算在既定計畫之內。因此我們預期在今年稍晚，我們會開始以更有意義的方式看到這件事。也因此我們非常有信心在 2022 日曆年度，我們將看到從我們的領先客戶擴展到 Android 陣營。

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

下一個問題來自 Morgan Stanley 的 Meta Marshall。

Great. I wanted to ask a couple of questions. One, clearly, the telecom business is doing quite well. But just with one of your major customers, Ciena, kind of expecting the second half rebound in their business. Just the timing of when you might see some further uptick in the telecom business from resumption from major customers?

很好。我想問幾個問題。第一，顯然電信業務表現相當不錯。但就你們的一個主要客戶 Ciena 而言，他們預期其業務在下半年反彈。關於你們何時可能會因主要客戶恢復而在電信業務上看到進一步上升的時點？

And then the second piece is, clearly, the DCO business is doing quite well, as you noted in the transcript. With the Acacia transaction closing, is there any expected disruption to that partnership or you would expect that to continue for the DCO business?

第二個部分是，正如你在逐字稿中提到的，DCO 業務表現也相當好。隨著 Acacia 交易完成，這個合作關係是否預期會有任何干擾？還是你們預期在 DCO 業務上會持續下去？

Yes, I'm not going to comment specifically on a specific customer because I'd get in trouble for doing that. But I will say, as we said in our script, that the new generation of products, from 400, 600, 800 gig and our next-generation ROADM, those systems have been designed by our customers, and they're waiting to be deployed. And the only thing holding back them from being deployed is being able to get on planes and install these new things that take more effort than adding more of the old stuff.

是的，我不會針對特定客戶做具體評論，因為那樣我會惹上麻煩。但我會說，正如我們在講稿中提到的，新一代產品——400、600、800G，以及我們下一代 ROADM——這些系統已由客戶完成設計，正等待部署。唯一阻礙部署的因素，是必須能搭飛機前往安裝這些新設備；相較於只是增加舊設備，安裝新設備需要更多工夫。

And so as we -- at least my view on things is, as we see vaccinations becoming more prevalent across the globe, we think that things will pick up and we'll start seeing in the second half of the year those deployments are becoming more meaningful, and we're poised in adding capacity in anticipation of that.

因此，就我們——至少以我個人的看法——隨著疫苗在全球更普及，我們認為情況會回升，並且在今年下半年開始看到這些部署變得更具規模與意義；我們也正準備擴增產能以因應這樣的預期。

So I think our sentiment is that the second half of the calendar year will see a big deployment of 400, 600, 800 gig and high-end ROADMs for those next generations of systems to handle this digital transformation of what's going on in the world. So that outlook is pretty strong.

所以我認為，我們的看法是：在日曆年度下半年，400、600、800G 以及高階 ROADM 將會有大規模部署，以支撐全球正在發生的數位轉型。這個展望相當強勁。

As far as DCOs are concerned, as I said in our conference -- in the script, we saw significant growth from our DCO product. We're doing a lot of design work now on our 400-gig DCO. I don't think the acquisition of Acacia has any impact on that other than to say that our customers don't want to be beholden to a competitor of theirs. And so I'd say we've probably seen more traction over the last 6 months than we've seen in the past for having an independent supplier of DCO modules in the market. So I think both -- from both fronts, we're optimistic.

至於 DCO，如同我在我們的法說——在講稿中所說，我們的 DCO 產品出現顯著成長。我們目前正在針對 400G DCO 進行大量設計工作。我不認為收購 Acacia 對此有任何影響，除了可以說，我們的客戶不希望受制於他們的競爭對手。因此我會說，過去 6 個月我們看到的進展，可能比以往更多，因為市場上需要一個獨立的 DCO 模組供應商。所以我認為，從兩個面向來看，我們都很樂觀。

And our next question comes from Samik Chatterjee from JPMorgan.

下一個問題來自 JPMorgan 的 Samik Chatterjee。

Great. I just wanted to start off firstly, on the automotive or the LiDAR opportunity and see if you can talk about what are you seeing in relation to how the automotive LiDAR supply chain is developing? I'm just curious because you mentioned you're working with OEMs as well as some of the LiDAR solution providers.

很好。我想先從車用或 LiDAR 的機會談起，看看你們能否說明你們觀察到車用 LiDAR 供應鏈的發展情況？我之所以好奇，是因為你提到你們同時與 OEM 以及部分 LiDAR 解決方案供應商合作。

How critical should we think Lumentum's IP and design capabilities are? Or is there an opportunity for some of the LiDAR solution providers to kind of have their own designs and work with contract manufacturers directly? And I have a follow-up.

我們應該如何看待 Lumentum 的 IP 與設計能力的重要性？或者，是否有機會讓某些 LiDAR 解決方案供應商自行設計，並直接與代工製造商合作？我還有一個追問。

Yes. Thanks, Samik. That's a great question. Yes. So I would say that the value momentum brings to LiDAR in the automotive space in general is obviously the leadership we have in both 3D sensing and telecom and in our industrial or commercial lasers business, we bring a wealth of capability and technology to bear. And our strategy and goal is to be a partner of all the folks building LiDAR, whether that be, I think, the LiDAR solution providers, if you will, the folks that are building modules or the folks that are actually putting LiDAR into their automobile applications.

是的。謝謝你，Samik。這是個很好的問題。是的，所以我會說，Lumentum 在整體車用 LiDAR 領域所帶來的價值動能，顯然來自我們在 3D 感測與電信方面的領先地位，以及在工業或商用雷射業務上的能力；我們能提供大量的能力與技術。我們的策略與目標，是成為所有打造 LiDAR 的夥伴——不論是你所說的 LiDAR 解決方案供應商、製作模組的廠商，或是實際把 LiDAR 導入汽車應用的廠商。

And today, what's exciting about this opportunity, obviously, is over the long run, it can be very significant with base number of, say, 100 million or at least the order of 100 million vehicles that are produced every year. Just having, perhaps at the laser chip level, tens of dollars of content or at the module level, hundreds of dollars of content per automobile adds up to a pretty big market. And what we see today in terms of the supply chain is varied because there's a lot of new players in this. Ad it's very transformational for the automotive industry, new technology that's not necessarily the traditional auto manufacturers, auto suppliers, be clear-cut leaders in.

而今天這個機會令人振奮之處，顯然在於長期來看它可能非常可觀；以每年生產約 1 億輛、至少是 1 億輛量級的車輛作為基礎，只要在雷射晶片層級每車有數十美元的內容價值，或在模組層級每車有數百美元的內容價值，加總起來就是相當大的市場。就我們目前看到的供應鏈而言，情況相當多元，因為有許多新玩家加入。這對汽車產業而言是非常具變革性的事，新技術未必是傳統車廠或傳統汽車供應商能夠明確領先的領域。

So what I would say is our partnerships span from traditional auto manufacturers to autonomous vehicle manufacturers to folks that are building LiDAR modules, then supplying into those same supply chains. And in the nearer term, perhaps the delivery vehicle, autonomous vehicle is where we're seeing not really the most traction, but probably where you'll see the initial sales go into because they're able to move a little faster and ramp a little more quickly. Whereas the consumer or passenger vehicles, if you will, that you or I would drive or hopefully not drive -- sit in, let it drive itself, are a little longer term, but probably the larger opportunity, and those get rolling probably a couple of years after the start of the autonomous vehicle and delivery vehicle applications.

因此我會說，我們的合作夥伴關係涵蓋傳統車廠、自動駕駛車製造商、打造 LiDAR 模組並供應到相同供應鏈的廠商。就較近的時間點而言，也許配送車、自動駕駛車是我們看到——不一定是最多動能，但可能會是最先產生銷售的應用，因為它們能走得更快、也能更快爬坡量產。至於你我會開的（或希望不要自己開——坐在車上讓它自己開的）乘用車，時間會更長一些，但可能是更大的機會；而這些大概會在自動駕駛車與配送車應用開始之後的幾年才會真正啟動。

Got it. That's very helpful. Chris, if I can just follow up on the datacom side. I think you talked about -- you talked about the 5G front haul demand moderating in China. How should we think about your capacity plans? I think you had outlined doubling capacity on the datacom chipset side? Are we still kind of on track to do that given some of the moderation in demand? And then what are the broader implications here for the telecom group? And should we expect to see some softness in telecom as kind of broadly seeping through the weakness you're seeing in China in 5G rollouts?

了解。這很有幫助。Chris，如果可以我想追問一下數據通訊（datacom）方面。我想你提到——你提到中國 5G 前傳（front haul）需求正在趨緩。我們應該如何看待你們的產能規劃？我記得你們曾概述要把 datacom 晶片組端的產能加倍？在需求趨緩的情況下，我們是否仍大致按計畫進行？另外，這對電信事業群更廣泛的影響是什麼？我們是否應預期電信會出現一些疲軟，因為你們在中國 5G 部署看到的疲弱正逐步滲透？

Yes. I think -- this is Alan, Samik. I think what we said in the last call was that we've seen a slowdown or a pause in the deployment of 5G. And I think leading up to that period of time, there was a euphoria of 5G rollout. And so I think that we're kind of going through some inventory burn of datacom chips in 5G that are being deployed now, and radio base stations are being deployed in China, just to a lesser degree than we had expected at the end of last year. That said, I think that there will be a significant amount of radio base stations shipped in China, very significant, and we'll start seeing the 5G pick up as that inventory drops off.

是的。我想——Samik，我是 Alan。我想我們在上次電話會議中提到，我們看到 5G 部署放緩或暫停。我認為在那段期間之前，市場對 5G 部署有一種亢奮情緒。因此我想我們現在正經歷一段 5G datacom 晶片庫存消化（inventory burn）的過程；目前在中國仍在部署這些晶片與無線基地台，只是程度比我們去年底預期的要低一些。即便如此，我認為中國仍會出貨相當大量的無線基地台，非常可觀；而當庫存下降後，我們將開始看到 5G 再度回升。

That said, the hyperscale demand is very strong. And we have very differentiated products in both our EMLs and what I talked about on our DMLs, 53 gigabaud. And so we see a lot of traction as hyperscalers are moving to that higher speed datacom transceiver, utilizing our state-of-the-art EMLs and now DMLs. And so I think we're optimistic for the demand as that capacity comes online.

此外，超大規模（hyperscale）需求非常強勁。我們在 EML 以及我提到的 DML（53 gigabaud）方面都有高度差異化的產品。因此，隨著超大規模客戶轉向更高速的 datacom 收發器並採用我們最先進的 EML、以及現在的 DML，我們看到很多進展。因此我認為，隨著產能上線，我們對需求保持樂觀。

And so I think it was 2 quarters ago, we said we're going to double the wafer capacity, and we're on track to do that later this year. And we think it will be consumed as well because we do have, as we said, we do have a growing backlog of multi quarters. And so we do have demand that we need to satisfy. And as we bring on that capacity, our datacom business will ramp.

因此我想是在兩個季度前，我們說過要把晶圓產能加倍，而我們正按計畫在今年稍晚做到這一點。我們也認為這些產能會被消化，因為如我們所說，我們確實有逐季累積、跨多個季度成長的積壓訂單。因此我們有需要滿足的需求。隨著我們把這些產能導入，我們的資料通訊業務將會爬坡成長。

Chris, do you want to take the telecom part of that?

Chris，你要不要接著談一下電信的部分？

Yes. I mean, I don't think -- we don't think the same factors that are driving the softness in China 5G are necessarily driving a slowdown in telecom. In fact, I think, as Alan said, the 5G was very aggressive upfront as China had set national goals around base station deployments, et cetera. I think the telecom guys are just trying to keep up with that very strong pace. And the telecom market, I think a question earlier had asked about it being very strong today. I'd counter with it's mixed today that we've had over the past year, some areas of strength, certainly, in some of the ACO and 100-gig solutions. But ROADMs have been slow over the past year, and we saw a pickup this past quarter getting back to sort of like a 2-year ago levels, if you will.

好的。我的意思是，我不認為——我們不認為，造成中國 5G 疲弱的同樣因素，必然也在推動電信放緩。事實上，我想如 Alan 所說，5G 一開始非常積極，因為中國針對基地台部署等設定了國家目標。我認為電信端只是努力跟上那個非常強勁的節奏。至於電信市場，我想先前有個問題問到它今天是否非常強勁；我會反駁說，今天的情況是混合的：過去一年我們看到某些領域的強勢，當然包括部分 ACO 與 100G 解決方案。但 ROADM 在過去一年偏慢，而我們在上一季看到回升，若你要說的話，大致回到約兩年前的水準。

And so the telecom market, we believe, as Alan had highlighted in the prepared remarks, is really prepared to take off or accelerate once the world is able to travel and get out and install these new networks. And the 5G challenges that are happening in China, we believe, are just temporary in nature, that there's still a lot more 5G to go in China, and there will be a lot of telecom deployed in China, outside of China to support the 5G that's going in globally.

因此我們相信電信市場，如 Alan 在事先準備的發言中所強調的，一旦全球能夠旅行、外出並安裝這些新網路，就真的已準備好起飛或加速。我們認為中國正在發生的 5G 挑戰只是暫時性的，中國仍有更多 5G 建設要做；而且為了支援全球推進的 5G，無論在中國或中國以外，都會部署大量電信網路。

Our next question comes from Rod Hall from Goldman Sachs.

我們的下一個問題來自高盛（Goldman Sachs）的 Rod Hall。

I wanted to start off with this $6 million of manufacturing push and just double check that -- well, for one thing, it sounded like Alan, that was in telecom, but also, is that in your guidance, so that do you expect to get the $6 million back in the guidance? And I have a follow-up.

我想先從這 600 萬美元的製造端推遲（manufacturing push）談起，並確認一下——首先，聽起來 Alan，這是在電信端；另外，這是否已反映在你們的指引中，也就是說你們預期在指引中把這 600 萬美元補回來嗎？我還有一個追問。

Yes. It was telecom. And whether some of that demand went to other suppliers or not is not clear. I'd say that certainly on the ACO, where -- which is a part of that, that just moved into the Q3 guidance. And so yes, whatever we think is not gone to other competitors is contemplated in our guidance.

是的，是在電信端。至於其中有多少需求是否轉向其他供應商，並不清楚。我會說，至少在 ACO 上——那是其中一部分——已經移到第三季（Q3）的指引裡了。所以是的，我們認為沒有流向其他競爭對手的那部分，都已納入我們的指引考量。

Okay. So it's something less than the $6 million balance, to be clear, I guess?

好的。所以為了說清楚，這會是少於 600 萬美元的餘額，對吧？

Yes.

是的。

Okay. And then the second thing I wanted to ask about was I just want to come back to the Coherent deal. One of the things that it looks to us -- like there's definitely manufacturing overlap, at least in some places. I'm curious if the synergies you guys have talked about contemplate consolidation of manufacturing? Or is it still too early to thought through all that in detail and that's still a possibility down the road.

好的。第二件我想問的是，我想回到 Coherent 這筆交易。我們看到的一點是——看起來在某些地方確實有製造重疊。我很好奇你們談到的協同效益是否包含製造整併？還是說現在要把所有細節都想清楚仍太早，而這仍可能是未來的選項？

Yes. We have a synergy target that we talked about 2 weeks ago, and we said that 2/3 of that will come from COGS. We have to get through the integration planning process to really critically pinpoint the plans to get those synergies. I mean, some of them will come from supply chain. Some will come from manufacturing overlap, to your point. But the details of that still need to be worked out as we get closer to that integration planning phase of the deal.

是的。我們在兩週前談過一個協同效益目標，並表示其中三分之二將來自銷貨成本（COGS）。我們必須完成整合規劃流程，才能真正精準地界定取得這些協同效益的計畫。我的意思是，其中一些會來自供應鏈；一些會來自你所提到的製造重疊。但這些細節仍需要在交易更接近整合規劃階段時再行釐清。

I think my excitement around the Coherent deal is around getting the combined larger company to that model that we talked about earlier. But it's also about putting 2 incredibly talented teams together to accelerate the innovation engine because photonics is really playing a key role in a lot of the long-term megatrends. And I think the combination of the 2 companies really puts us at the forefront of that.

我對 Coherent 這筆交易感到興奮，是因為能把合併後更大的公司帶到我們先前談到的那種營運模式。但同時也在於把兩個極具才華的團隊結合起來，加速創新引擎，因為光子學在許多長期巨型趨勢中確實扮演關鍵角色。我認為兩家公司結合，真的讓我們站在該領域的最前沿。

And our next question comes from John Marchetti from Stifel.

我們的下一個問題來自 Stifel 的 John Marchetti。

I just wanted to follow-up, Chris, on some of your comments around the ROADM business, particularly with the outlook in China as we're looking out here over the second half of the fiscal year. You mentioned some of the strength with the new western vendors and some of the new ROADM business there. Curious how that business is now trending in China? And how we should think about that as a contributor on the telecom side looking out in the second half of the fiscal year?

我想針對你對 ROADM 業務的一些評論追問一下，Chris，特別是當我們展望本財年下半年時，中國的前景如何。你提到一些新西方供應商以及那邊新的 ROADM 業務帶來的強勁表現。我好奇這項業務目前在中國的走勢如何？以及在展望本財年下半年時，我們應該如何看待它在電信端的貢獻？

Yes. So I think as we've talked about in prior calls, that China has historically not been a deployer, if you will, of ROADMs in their domestic networks. And we continue to believe that they will transition to that, and that is driving strength in our outlook with a broad swath of our customers in China. So we do expect that to contribute to growth.

是的。所以我想如我們在先前的電話會議中談過的，中國歷來在其國內網路中並不是 ROADM 的部署者（如果你要這麼說）。我們仍然相信他們會轉向採用，而這正推動我們對中國廣泛客戶群的展望走強。因此我們確實預期這會對成長有所貢獻。

But to be clear, we also expect our western customers to grow quite strongly in ROADMs. I mean, ROADMs are sort of the essential element along with optical amplifiers that go in brandnew network deployments, and we expect new telecom networks to go in globally. So China and in the west. Whether that's starting in the second half of this year, but -- or for this calendar year. But certainly, it's a multiyear upgrade process in both geographies, the west and the east.

但要說清楚，我們也預期我們的西方客戶在 ROADM 上會相當強勁地成長。我的意思是，ROADM 與光放大器一起，算是全新網路部署中的關鍵要素，而我們預期全球都會建置新的電信網路。所以不論是在中國或在西方。至於是否從今年下半年開始——或就今年曆年而言——但可以肯定的是，這在西方與東方兩個地區都是一個為期多年的升級過程。

And then I guess just as a quick clean up for that. Can you guys talk at all about maybe where Huawei was in the quarter? And if there's any change to your outlook on them relative to what you gave last quarter as a kind of outlook for the second half of the year?

另外我想快速釐清一下。你們能否談談華為在本季的情況？以及相較於你們上季對下半年所給的展望，你們對華為的看法是否有任何改變？

Yes, no problem, John. So last quarter or at least on last quarter's earnings call back in November, given there was a change during the quarter in August with the regulations, we provided a bit more commentary around our business on -- our business with Huawei. And we indicated that, well, sales would decline quarter-on-quarter. It will be less than 10% of total sales. That's what's happened and consistent with our commentary. We continue to believe that our sales to Huawei in fiscal '21 will be down from our sales in '20, given the dynamics around that situation.

可以，沒問題，John。所以上一季，或至少在 11 月的上一季財報電話會議上，鑑於 8 月那一季中途法規有所變動，我們對——我們與華為的業務——提供了更多一些評論。我們指出，銷售將會季對季下滑；占總銷售比重將低於 10%。實際情況確實如此，且與我們的評論一致。考量該情勢的動態，我們仍然相信 2021 財年對華為的銷售將低於 2020 財年。

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

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

First thing I wanted to see if maybe you could help us understand is how your mix is between world-facing and front-facing in the 3D sensing? Specifically, you've talked in the past about having better share in world-facing. If you could elaborate on that and whether or not you're starting to see Android trickle into the mix on the world-facing? And then I've got a follow-up.

第一件我想請你們協助我們理解的是，在 3D 感測方面，你們在後置（world-facing）與前置（front-facing）之間的組合比重如何？具體來說，你們過去談到在後置有較高的市占。如果可以的話，請進一步說明這點，以及你們是否開始看到 Android 在後置端逐步導入到組合中？然後我還有一個追問。

Yes. Thanks, Simon. I think as with any new product launch, our expectations is that we have a -- and maintain a large share of that, given our proven track record to our customers. And so I'd say that, to your point, our world-facing share in the December quarter was quite large relative to share of front-facing. But that's all speculation, and I think it's best to ask our friends next week.

是的，謝謝你，Simon。我想如同任何新產品上市，我們的預期是，憑藉我們對客戶已被驗證的實績，我們會擁有並維持相當大的份額。因此如你所說，我們在 12 月季度的後置份額，相對於前置份額而言相當大。但那都只是推測，我想最好還是下週去問我們的朋友們。

As far as Android, it's still very small and -- but optimistic about the future. And I'd say that because the level of activity around world facing, and to Chris' earlier point around computational photography, has got a lot of traction. And given that our leadership position on world-facing production volumes, quality, reliability, we feel that we're in a good position with all of the major Android suppliers. And we expect, as I said earlier, to see some design wins and records of putting world-facing into those devices later this year.

至於 Android，目前仍然非常小——但我們對未來保持樂觀。我這麼說是因為後置端的活動量，以及 Chris 先前提到的計算攝影（computational photography），已獲得很大關注。鑑於我們在後置量產規模、品質與可靠度上的領先地位，我們認為自己在所有主要 Android 供應商那裡都處於有利位置。我們也預期，如我先前所說，今年稍晚會看到一些設計導入（design wins），並開始把後置導入那些裝置的紀錄。

And then just as a follow-up, I wonder if maybe you could offer us a time line of when you would think the LiDAR opportunities could become material. And I'm really not looking for something by quarter, I'm thinking by year. But maybe help us think about the trajectory of how you envision that opportunity materializing?

接著作為追問，我想知道你們是否能提供一個時間軸，說明你們認為 LiDAR 的機會何時會變得具實質性。我不是在找按季度的答案，而是按年度來看。請幫我們理解你們如何想像這個機會逐步實現的軌跡？

Yes, Simon, this is Chris. So kind of as we said earlier, that calendar '22 is really when I think we'll see the first start of production. I mean, certainly, we are shipping poles or very moderate volumes into niche applications for LiDAR. But until we get out into calendar '22 is when we start to see more meaningful revenue.

是的，Simon，我是 Chris。就像我們先前說的，我認為曆年 2022 年才會真正看到第一波量產開始。當然，我們目前確實在出貨樣品或非常有限的數量，供 LiDAR 的利基應用使用。但要到曆年 2022 年之後，我們才會開始看到更有意義的營收。

And with that said, this is a market that -- not quite like the consumer electronics market where there's a whole heck of a lot of revenue can be generated in a year because of the model -- the turnover in customer models. The auto industry, we expect it to be a multiyear to evolve kind of on the S curve, if you will. But I think as we look into calendar '22, the opportunity starts to become more meaningful, but it will take several years to get to the kind of levels that I talked about with the high penetration of that 100 million vehicle units per year.

話雖如此，這是一個市場——並不像消費性電子市場那樣，因為機型更迭、客戶換機所帶來的模式，使得一年之內可以創造非常可觀的營收。汽車產業，我們預期會是以多年期的方式演進，某種程度上可說是沿著 S 曲線發展。不過我認為，當我們展望 2022 年曆年時，機會開始變得更具意義，但要達到我所提到的那種水準——也就是每年 1 億輛車的高滲透率——仍需要好幾年時間。

And our next question comes from George Notter from Jefferies.

下一個問題來自 Jefferies 的 George Notter。

I guess I wanted to follow up on the Huawei discussion. If we go back a number of quarters ago as the whole Huawei situation was flaring up, we talked about a safety valve of sorts in this business. And the idea was that you could ramp other western vendors in terms of your sales. And I think also, you talked about how your dollar content was higher in some of those other vendors' products relative to Huawei.

我想我想延續一下關於華為的討論。如果我們回到幾個季度之前，當整個華為事件正在升溫時，我們談到這項業務有某種「安全閥」的概念。其想法是，你可以在銷售方面拉升其他西方供應商。我也記得你們提到，相較於華為，在某些其他供應商的產品中，你們的美元含量更高。

So I guess a few quarters on now, I'm wondering if you're seeing that shift to other OEMs in your business? And any flavor you could give us for that would be super helpful.

所以我想問的是，過了幾個季度之後，你們是否在業務中看到向其他 OEM 的轉移？如果能給我們一些相關的說明，會非常有幫助。

Sure, George. Yes, as we said in the prepared remarks, we've started production qualification of a western company with the MxN blade with other functionality that we expect to ramp up meaningfully.

當然可以，George。是的，正如我們在事先準備的講稿中所說，我們已開始針對一家西方公司，以具備其他功能的 MxN blade 進行量產資格認證（production qualification），我們預期其出貨將會顯著爬升。

If you go back in time, Huawei was an early adopter of that leading-edge technology that's now going more broadly across the western customers of ours. And as we look forward, when people can deploy these new networks in 400, 600, 800 gig and MxN ROADMs, I think we're optimistic that, that demand will ramp up and be able to really see meaningful growth in our ROADMs and high-speed transmission products.

如果回顧過去，華為是那項先進技術的早期採用者，而該技術如今正更廣泛地導入我們的西方客戶。展望未來，當客戶能在 400、600、800G 以及 MxN ROADM 上部署這些新網路時，我們樂觀認為需求將會加速成長，並讓我們的 ROADM 與高速傳輸產品看到實質性的成長。

And our next question comes from Ananda Baruah from Loop Capital.

下一個問題來自 Loop Capital 的 Ananda Baruah。

Appreciate the questions. Just 2, if I could. The first is on 3D sensing. Alan, you mentioned sort of minimum -- maybe this is Wajid, but it was mentioned minimums in the longer-term share -- in the longer-term agreements. Does that also include minimums for pricing?

感謝讓我提問。我有兩個問題。第一個是關於 3D 感測。Alan，你提到在較長期的協議中，長期市占（share）有某種最低門檻——也許這是 Wajid 提到的——那是否也包含價格的最低門檻？

And then also along with that, I think it was mentioned in the prepared remarks, seasonality spread more throughout this year, through calendar '20 for that 3D sensing growth. So just a clarification there. And then I have a quick follow-up on telecom.

另外，事先準備的講稿中也提到，這一年（2020 年曆年）3D 感測的成長季節性會更分散。想請你澄清一下。然後我還有一個關於電信的快速追問。

Sure. I mean, customer agreements, we don't get into a lot of details. But certainly, in order to be committed to share, they're going to be wanting to be committed to price. And so from that perspective, you would imagine that most of our contracts, if not all of our contracts, have committed share and committed price for some duration.

好的。我的意思是，客戶協議我們不會透露太多細節。但可以確定的是，若要承諾市占，他們也會希望承諾價格。因此從這個角度來看，你可以想像我們大多數（如果不是全部）的合約，在某段期間內都包含承諾的市占與承諾的價格。

The comment around the seasonality spread was around -- historically, we saw between the December quarter and March quarter, a more dramatic dropoff, and then again, in the June quarter, even more. And we're saying that in the March quarter, we're not seeing that much of a dramatic dropoff as compared to prior years.

關於季節性更分散的評論，是指——過去我們在 12 月季度到 3 月季度之間，會看到較明顯的下滑，而到了 6 月季度又會更明顯。我們的意思是，在 3 月季度，我們並沒有看到像往年那麼劇烈的下滑。

Looking forward into June, June is usually where the dropoff is more significant and as new models get ready for the shelves in the September quarter. So that was really the intent. Our fiscal year '21, we believe that our opportunity and our revenue for 3D sensing is going to be bigger than fiscal '20. And it's going to be more broadly spread out. And so that's what's contemplated in our guidance for the March quarter.

展望 6 月，通常 6 月季度的下滑會更顯著，因為新機型會在 9 月季度上架前進入準備期。所以這就是我們的用意。我們的 2021 會計年度，我們相信 3D 感測的機會與營收會高於 2020 會計年度，而且分布會更廣。因此，這也反映在我們對 3 月季度的財測指引中。

That's super helpful. And then just quickly on telecom. Really, 5G dynamics in China when the stuff of Huawei really kicked in, in the new way in the fall. I think the conversation was around over a number of months that the shift from Huawei to other folks in China would sort of level out the dollar opportunity there. Can you just give us an update on -- do you think that still is the case inside of China eventually? And when do you think that could begin to occur?

這非常有幫助。接著快速問一下電信。中國的 5G 動態在去年秋天華為相關因素以新的方式真正發酵之後，我記得當時的討論是：在數個月的時間裡，中國市場從華為轉向其他業者，將會使那邊的美元機會大致持平。你能否更新一下——你是否仍認為在中國境內最終會是如此？以及你認為這可能何時開始發生？

Yes. We have a lot of traction with other Chinese customers of ours outside of Huawei. I think it's going to take a considerable time given the size differences between Huawei in China and the rest of China suppliers in China.

是的。我們在華為以外的其他中國客戶上取得了很多進展。不過考量到華為在中國的規模與其他中國供應商之間的規模差異，我認為這需要相當長的時間。

Now our expectation is that those other companies continue to grow, and our traction with them is very strong. So I don't know if it's quarters or years, but I think from that perspective, we do have higher share of wallet, I would say, outside of Huawei with other Chinese customers as well as western customers. And so if or when share moves from a Huawei network to another supplier network, we believe that's a tailwind for us.

我們的預期是，那些其他公司會持續成長，而我們與他們的合作動能非常強。所以我不確定是以季度計還是以年計，但從這個角度來看，我會說，無論是在華為以外的其他中國客戶，或是西方客戶，我們的錢包份額（share of wallet）都更高。因此，如果或當市占從華為網路轉移到其他供應商的網路，我們相信這會成為我們的順風。

And our next question comes from Ryan Koontz from Rosenblatt Securities.

下一個問題來自 Rosenblatt Securities 的 Ryan Koontz。

I wanted to circle back on your comment on a robust outlook for hyperscale. And I wonder how you kind of contemplate impact of ZR there? And as that starts to ramp late in the year and impact to '22, if you could comment on your perceived market position?

我想回到你們對超大規模（hyperscale）強勁展望的評論。我想知道你們如何看待 ZR 在其中的影響？隨著它在今年稍晚開始放量並影響到 2022 年，如果可以的話，請談談你們認為的市場地位。

Ryan, this is Chris. So I guess when we made our comments around robust hyperscale demand, I think, at least the context in the prepared remarks was around within the data center. So the chips that we supply to folks building transceivers, whether that's 100 gig all the way up to now increasing at 400 gig. And for us, demand is really strong, given our differentiated products, particularly as you go to 200 gig, 400 gig and beyond.

Ryan，我是 Chris。我想我們在談到超大規模需求強勁時，至少在事先準備的講稿脈絡中，是指資料中心內部的需求。也就是我們供應給建置收發器（transceivers）的客戶所用的晶片，從 100G 一直到現在逐步提升到 400G。對我們而言，憑藉差異化產品，需求非常強勁，特別是當你走向 200G、400G 以及更高速度時。

When it comes to ZR, at least in our way of classifying products, that would be a telecom product outside the data center. And certainly, that's something that we're pursuing, developing. It plays in the sweet spot given our photonic integrated circuit capabilities based on the indium phosphide platform that we -- really was accelerated with our acquisition of Oclaro. So that's definitely a product that we have high hopes for as well as other indium phosphide-based products, whether that's higher performance versions of ZR modules and the ZR plus or DCO modules, all based on our indium phosphide photonic integrated circuit.

至於 ZR，至少以我們對產品的分類方式來看，它會是資料中心之外的電信產品。當然，這也是我們正在追求並開發的方向。憑藉我們基於磷化銦（indium phosphide）平台的光子積體電路（photonic integrated circuit）能力，它正好落在我們的甜蜜點；而這項能力也因我們收購 Oclaro 而加速。因此，這確實是我們同樣寄予厚望的產品；此外還有其他以磷化銦為基礎的產品，不論是更高效能版本的 ZR 模組、ZR plus 或 DCO 模組，皆是基於我們的磷化銦光子積體電路。

Chris, do you feel like you are engaged in some of the kind of early design cycles there? Or is that something you'll pick up, say, as a kind of a round 2?

Chris，你覺得你們是否已參與其中一些早期的設計週期？還是說你們會在例如第二輪時再切入？

I would say, certainly, we're -- we have a long-term relationship with all the relevant customers. And so we are engaged with them in ensuring that we have the right product, the right specs and that we have a seat at the table as they allocate commercial business. So absolutely.

我會說，當然，我們——我們與所有相關客戶都有長期關係。因此我們正與他們合作，確保我們有正確的產品、正確的規格，並且在他們分配商業業務時能夠坐上談判桌。所以絕對是。

And ladies and gentlemen, that is all the time that we have for today. I would now like to turn the conference call back over to Jim Fanucchi for closing comments.

各位女士、先生，今天的時間就到這裡。接下來我想把電話會議交回給 Jim Fanucchi 做結語。

Thank you. That does conclude our call. We would like to thank everyone for attending, and we look forward to talking with you again when we report our third quarter fiscal '21 results. Have a good day.

謝謝。以上即為本次電話會議的結束。我們感謝各位的參與，也期待在我們公布 2021 會計年度第三季業績時，再與各位交流。祝各位有美好的一天。

And ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for attending. You may now disconnect your lines.

各位女士、先生，至此我們將結束今天的電話會議。感謝各位出席。您現在可以掛線。