Lumentum Holdings Inc. (LITE) 2021 Q1 法說會逐字稿

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

各位好，歡迎參加 Lumentum 2021 會計年度第一季財報電話會議。(接線員指示) 請注意，今天的活動將被錄音。

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 First Quarter Fiscal Year 2021 Earnings Call. This is Jim Fanucchi from Darrow Associates, assisting Lumentum with its Investor Relations. 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.

謝謝，接線員。歡迎參加 Lumentum 2021 會計年度第一季財報電話會議。我是 Darrow Associates 的 Jim Fanucchi，協助 Lumentum 的投資人關係事務。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 the 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 and our expected financial performance, including our guidance as well as statements regarding our future revenues from Huawei, our financial model and our long-term 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，以及我們預期的財務表現（包括我們的財測），並包含關於我們未來來自華為的營收、我們的財務模型以及我們的長期毛利率與營業利益率目標等陳述。

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

這些陳述受到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）提交文件中所描述的風險因素，包括公司截至 2020 年 9 月 26 日止會計季度的 Form 10-Q 季報（公司預計將於今日稍晚提交），以及 Lumentum 截至 2020 年 6 月 27 日止 2020 會計年度的 Form 10-K 年報。

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. 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.

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的義務。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可替代或優於依 GAAP 編製之財務資訊。

Lumentum's press release with the first quarter 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 已在其網站 www.lumentum.com 的「投資人」專區提供第一季 2021 財報新聞稿及隨附補充簡報，並包含關於我們非 GAAP 財務衡量指標的更多細節，以及我們歷史 GAAP 與非 GAAP 結果之間的調節表。

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

現在我將電話交給 Alan 發表評論。

Thank you, Jim. Good morning, everyone. I would like to make a couple of broader points before providing my business commentary. While we will be discussing our strong financial results, and we benefit from the digital transformation that COVID-19 is accelerating, we recognize and don't want anyone to lose sight of the significant economic, health and well-being challenges COVID-19 has tragically brought to millions of people around the globe. Our thoughts are with all of those affected. Our thoughts are also with the health care professionals and first responders who selflessly make a difference on the front lines every day. I am proud that Lumentum plays an important role in the critical infrastructure that helps people safely continue their work, their education and their life during these challenging times.

謝謝你，Jim。各位早安。在我就業務發表評論之前，我想先提出幾點較宏觀的看法。雖然我們將討論強勁的財務結果，且我們受惠於 COVID-19 正在加速的數位轉型，但我們也理解並不希望任何人忽略 COVID-19 悲劇性地為全球數百萬人帶來的重大經濟、健康與福祉挑戰。我們的心與所有受影響的人同在。我們也向每天在第一線無私付出、帶來改變的醫護人員與第一線應變人員致意。我很自豪 Lumentum 在關鍵基礎設施中扮演重要角色，協助人們在這些艱難時期安全地持續工作、學習與生活。

Now on to my comments about our business and financial results. We started fiscal '21 on a strong note. In the first quarter, we achieved record non-GAAP gross margin, operating margin and earnings per share. For the first time, we achieved gross margin in excess of 50% and operating margin above 30%. This performance demonstrates the strength and resilience of our business and financial model. We expect this positive momentum to continue into the second quarter. As pleased as I am with our results and the progress we've made in driving towards our strategic goals, I'm as excited as ever about the opportunities ahead. As I often say, the future is truly bright at Lumentum.

接下來談談我們的業務與財務結果。我們以強勁的態勢展開 2021 會計年度。在第一季，我們達成創紀錄的非 GAAP 毛利率、營業利益率與每股盈餘。我們首次達成毛利率超過 50% 且營業利益率高於 30%。此一表現展現了我們業務與財務模型的強度與韌性。我們預期這股正向動能將延續至第二季。儘管我對我們的成果以及在推進策略目標方面的進展感到欣慰，但我對未來的機會同樣感到前所未有的振奮。如我常說，Lumentum 的未來確實一片光明。

Long-term market trends and industry dynamics are very favorable. The world has accelerated its shift to increasingly digital and virtual approaches to work, entertainment, education, health care, social interaction and commerce, which all drive increasing needs for our differentiated products and technology. We intend to invest strongly in R&D to address these positive long-term trends and strengthen our market leadership positions.

長期市場趨勢與產業動態非常有利。全球正加速轉向更數位化與虛擬化的工作、娛樂、教育、醫療照護、社交互動與商務模式，這些都推動對我們差異化產品與技術的需求持續增加。我們打算大力投資研發，以因應這些正向的長期趨勢，並強化我們的市場領導地位。

First quarter revenue was in the upper half of our guidance range. Our revenue mix was different than we had contemplated in our guidance due to changes throughout the quarter. Our assumptions for 3D sensing proved conservative and demand for our 3D sensing products accelerated through the quarter. Strength in 3D sensing sales more than offset lower-than-anticipated telecom and commercial laser sales. Telecom and datacom revenue grew 2% sequentially and 5% year-on-year. Excluding revenue from the low-margin product lines we have divested or discontinued, telecom and datacom revenue grew 4% sequentially and 14% year-on-year.

第一季營收落在我們財測區間的上半部。由於季度期間的變化，我們的營收組合與我們在財測中所設想的不同。我們對 3D 感測的假設證明偏保守，而對我們 3D 感測產品的需求在季度中加速成長。3D 感測銷售的強勁表現，足以抵銷電信與商用雷射銷售低於預期的影響。電信與資料通訊（datacom）營收較上一季成長 2%，較去年同期成長 5%。若排除我們已出售或停止的低毛利產品線之營收，電信與資料通訊營收較上一季成長 4%，較去年同期成長 14%。

The largest contributor to this growth was telecom transmission. We had strong sales of indium phosphide-based coherent transmission modules and components, including ACO and DCO modules and 600 gig and 800 gig modulators. ROADM sales increased from last quarter, but were still down year-on-year. However, our contentionless MxN ROADMs grew more than 30% quarter-on-quarter to a new high, highlighting the increasing shift to this technology in new customer systems.

此一成長的最大貢獻來自電信傳輸。我們在以磷化銦（InP）為基礎的相干傳輸模組與元件方面銷售強勁，包括 ACO 與 DCO 模組，以及 600G 與 800G 調變器。ROADM 銷售較上一季增加，但仍較去年同期下滑。然而，我們的無阻塞（contentionless）MxN ROADM 較上一季成長超過 30%，創下新高，凸顯新客戶系統正日益轉向採用此技術。

During the first quarter, we saw some pushouts in telecom customer orders. We also saw a reduction in customer forecast due to COVID-19, impacting the timing of new deployments in addition to customer inventory management. These contributed to lower telecom revenue than we assumed in our guidance. On certain key new telecom products, however, demand exceeded our ability to supply, and we are working hard to expand output.

在第一季期間，我們看到部分電信客戶訂單出現延後。我們也看到客戶因 COVID-19 而下調預測，除影響新部署時程外，也影響客戶的庫存管理。這些因素使電信營收低於我們在財測中的假設。不過，對於某些關鍵的新電信產品，需求超出我們的供應能力，我們正努力擴大產出。

During the first quarter, we made a lot of progress on new products, further strengthening our telecom leadership position. On the transmission side, we began sampling our 400G DCO transmission modules. On the transport side, we continued to proliferate our contentionless MxN and high-port count ROADM technologies with C, L and extended C band versions to enable customers to next-generation systems globally. Prior quarter trends continued in datacom with chip sales growing 6% sequentially.

在第一季期間，我們在新產品方面取得大量進展，進一步鞏固我們在電信領域的領導地位。在傳輸方面，我們開始提供 400G DCO 傳輸模組樣品。在傳送（transport）方面，我們持續推廣無阻塞 MxN 與高埠數 ROADM 技術，並推出 C 波段、L 波段與延伸 C 波段版本，以協助客戶在全球導入下一代系統。資料通訊方面延續前一季趨勢，晶片銷售較上一季成長 6%。

We have seen a shift in near-term customer forecast with lower projected 5G demand offset by continued strength in demand for our market-leading chips for data centers. We have adjusted our wafer start plans accordingly. Our backlog for datacom chips remains very robust, and demand continues to outstrip our wafer fab capacity. As such, we are continuing to aggressively expand our wafer fab capacity based on long-term demand trends and expectations.

我們看到短期客戶預測出現轉變：較低的 5G 需求預估，被我們在資料中心市場領先晶片的持續強勁需求所抵銷。我們已相應調整晶圓投片（wafer start）計畫。我們的資料通訊晶片在手訂單（backlog）仍非常強勁，且需求持續超過我們晶圓廠產能。因此，我們將基於長期需求趨勢與預期，持續積極擴充晶圓廠產能。

On the new product front, we are working closely with our lead customers on their needs for future 800G-and-above datacom transceivers. To this end, we have recently demonstrated high-performance 200 gig PAM4 EMLs for such applications. Looking to the second quarter, we expect telecom and datacom revenue to be up sequentially with the strongest growth coming from telecom transport, driven by growth in next-generation ROADMs.

在新產品方面，我們正與我們的主要客戶密切合作，了解其對未來 800G 及以上數據通訊收發器的需求。為此，我們近期已展示適用於此類應用的高效能 200G PAM4 EML。展望第二季，我們預期電信與數據通訊營收將較前一季成長，其中最強勁的成長將來自電信傳輸，並由下一代 ROADM 的成長所帶動。

Industrial and consumer revenue grew strongly quarter-on-quarter and was significantly higher than in our guidance assumptions. Our unmatched experience in shipping hundreds of millions of VCSEL arrays per year continues to put us in a leadership position in the market. Since we became an independent public company 5 years ago, we have shipped approximately $1.5 billion of 3D sensing revenue. We continue to believe we have a larger addressable opportunity over this product cycle. This is due to the significant increase in 3D sensing content per consumer device who are now shipping.

工業與消費性營收較前一季強勁成長，且顯著高於我們指引假設。我們每年出貨數億顆 VCSEL 陣列的無可匹敵經驗，持續使我們在市場上保持領先地位。自我們於 5 年前成為獨立上市公司以來，我們已出貨約 15 億美元的 3D 感測營收。我們仍然相信，在此產品週期中我們擁有更大的可服務市場機會。這是因為目前出貨的每台消費性裝置中，3D 感測的內容量顯著增加。

Looking to the second quarter, we expect industrial and consumer revenue to be flat to modestly up quarter-on-quarter. We are optimistic about 3D sensing demand in the coming quarters and years. In addition to increasing content, we believe there is potential for a strong consumer upgrade cycle, driven by new features, including 5G, augmented and virtual reality and computational photography. Further, we believe there is potential for market share shifts at our customers' level, which could be beneficial to us.

展望第二季，我們預期工業與消費性營收將較前一季持平至小幅成長。我們對未來幾季與未來幾年的 3D 感測需求持樂觀態度。除了內容量增加之外，我們也認為在新功能帶動下，消費者換機週期有機會強勁展開，這些新功能包括 5G、擴增與虛擬實境以及運算攝影。此外，我們也認為客戶端層級可能出現市占率移轉，這可能對我們有利。

On Android, we continue to make very good progress on new opportunities. However, we are taking a conservative approach to Android revenue in our near-term projections due to COVID-19 and geopolitical factors. Looking even further ahead, we have multiyear product and technology roadmaps aligned with our consumer electronics customers. These include unique technologies to increase the integration of other components, enable under-screen 3D cameras, produce higher density and larger arrays to enable higher performance 3D NG as well as to create new lasers to increase our opportunity within other consumer mobile devices.

在 Android 方面，我們在新機會上持續取得非常良好的進展。然而，基於 COVID-19 與地緣政治因素，我們在近期預測中對 Android 營收採取保守作法。再更長遠來看，我們已與消費性電子客戶對齊多年期的產品與技術藍圖。這些藍圖包含獨特技術，用以提升其他元件的整合度、實現螢幕下 3D 相機、製造更高密度與更大尺寸的陣列以支援更高效能的 3D NG，並開發新型雷射以擴大我們在其他消費性行動裝置中的機會。

We are also focused on planting seeds for growth in markets beyond consumer electronics. We have unmatched and invaluable experience in 3D sensing lasers for consumer electronic applications and broad, industry-leading photonic capabilities used across other markets. We believe this gives us a competitive advantage as we pursue emerging long-term opportunities outside of consumer electronics.

我們也專注於在消費性電子以外的市場播下成長種子。我們在用於消費性電子應用的 3D 感測雷射方面擁有無可匹敵且極具價值的經驗，並具備可跨其他市場運用的廣泛、業界領先的光子能力。我們相信，這使我們在追求消費性電子以外的新興長期機會時具備競爭優勢。

In the past quarter, our VCSEL arrays have completed the important AEC automotive qualification through a module partner, and we expect initial deployments of these products to be in automobile in-cabin applications. We are also now sampling high-power VCSEL arrays into LiDAR for last-mile vehicle applications. According to our customers, these last mile applications could be one of the largest LiDAR opportunities in the next several years. In addition, we are also sampling or are in qualification with major Tier 1 auto suppliers for broader automobile opportunities that we'll deploy and develop over time.

在過去一季，我們的 VCSEL 陣列已透過模組合作夥伴完成重要的 AEC 車用認證，我們預期這些產品的初期部署將用於汽車座艙內應用。我們也正在將高功率 VCSEL 陣列送樣至用於「最後一哩」車輛應用的 LiDAR。依據我們客戶的說法，這些最後一哩應用在未來幾年可能會是最大的 LiDAR 機會之一。此外，我們也正與主要一級（Tier 1）汽車供應商進行送樣或認證，以拓展更廣泛的車用機會，並將隨時間逐步部署與開發。

We are making progress in the security and access control markets. We are already shipping in volume for facial recognition on payment kiosks. We are engaged with providers of security and access control systems who are looking to add 3D sensing to enable touchless or contactless high-security access control. These applications are also accelerating due to public health and safety concerns.

我們在安防與門禁控制市場持續取得進展。我們已在支付自助終端的人臉辨識應用上進行大量出貨。我們正與安防與門禁控制系統供應商合作，他們希望加入 3D 感測以實現免觸或非接觸式的高安全等級門禁控制。由於公共衛生與安全疑慮，這些應用也正在加速。

Turning to commercial lasers. Revenue declined 37% quarter-on-quarter. This is a larger decline than what we had assumed in our guidance. Given our customer mix, this decline was related to manufacturing weakness outside of China. We expect second quarter lasers revenue to be flat to up modestly. We believe that it will be several quarters before we get back to the revenue levels we saw in fiscal 2020.

接著談商用雷射。營收較前一季下滑 37%。這一下滑幅度大於我們在指引中的假設。考量我們的客戶組合，這次下滑與中國以外地區的製造業疲弱有關。我們預期第二季雷射營收將持平至小幅成長。我們認為，還需要好幾季時間才能回到我們在 2020 會計年度所見的營收水準。

On the new product front, our latest 12 kilowatt fiber laser engines are now shipping to our lead customer for their newest platform. Additionally, we are very proud that our PicoBlade 3 was recently recognized by Laser Focus World with an Innovators Award for being one of the most innovative products impacting the photonics community this year.

在新產品方面，我們最新的 12 千瓦光纖雷射引擎已開始出貨給我們的主要客戶，用於其最新平台。此外，我們也非常自豪，我們的 PicoBlade 3 近期獲 Laser Focus World 頒發 Innovators Award，表彰其為今年影響光子社群最具創新性的產品之一。

I want to provide some color on our business with Huawei, given the regulatory restrictions that were announced in August. Sales to Huawei declined in the first quarter and were less than 10% of total company revenue. In the second quarter, our guidance contemplates sales to Huawei to decline further due to the regulatory restrictions. Beyond the second quarter, for modeling purposes, we currently expect sales to Huawei to be less than 5% of quarterly sales.

鑑於 8 月宣布的監管限制，我想就我們與華為的業務提供一些補充說明。第一季對華為的銷售下滑，且占公司總營收不到 10%。在第二季，我們的指引已納入因監管限制而使對華為銷售進一步下滑的情境。第二季之後，為便於建模之用，我們目前預期對華為的銷售將低於單季銷售的 5%。

Before handing it over to Wajid to review the numbers, I want to thank and acknowledge all of our employees around the world. They are the ones who have put us in such a great position, both financially as well as with our technology and product leadership. They have been incredible, especially so working through the pandemic. This is despite each having their own personal challenges living and working in these times.

在交由 Wajid 檢視數字之前，我想感謝並表揚我們全球所有員工。正是他們讓我們在財務面以及技術與產品領導地位上都處於如此有利的位置。他們表現非常出色，尤其是在疫情期間仍持續努力工作。即使每個人在這段時間的生活與工作中都面臨各自的個人挑戰。

In addition to our business goals, contributing to society and our local communities is very important to Lumentum and to our employees. We are committed to the highest standard of social, ethical and environmental conduct and responsibility. This includes promoting safe, diverse and inclusive workplaces, free from discrimination and harassment. Again, thank you to all of our employees. They are absolutely the company's greatest asset.

除了業務目標之外，對 Lumentum 及我們的員工而言，回饋社會與在地社區也非常重要。我們致力於最高標準的社會、倫理與環境行為與責任。這包括推動安全、多元且具包容性的職場，免於歧視與騷擾。再次感謝我們所有員工。他們絕對是公司最重要的資產。

I would also like to thank our customers, suppliers and shareholders for their continued support and partnership during these challenging times.

我也要感謝我們的客戶、供應商與股東在這些充滿挑戰的時期持續給予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. Turning to the first quarter's numbers. Net revenue for the first quarter was $452.4 million, which was up 23% sequentially and 1% year-on-year. GAAP gross margin for the first quarter was 45.5%. GAAP operating margin was 21.9% and GAAP diluted net income per share was $0.86.

謝謝你，Alan。各位早安。接著看第一季的數字。第一季淨營收為 4.524 億美元，較前一季成長 23%，較去年同期成長 1%。第一季 GAAP 毛利率為 45.5%。GAAP 營業利益率為 21.9%，GAAP 稀釋後每股淨利為 0.86 美元。

First quarter non-GAAP gross margin was 52%, which was up 480 basis points sequentially and up 620 basis points year-on-year. The sequential and year-on-year growth was driven by an improvement in product mix and acquisition synergies. As Alan highlighted, this record gross margin performance demonstrates the improvements we have made in our financial model.

第一季非 GAAP 毛利率為 52%，較前一季提升 480 個基點，較去年同期提升 620 個基點。較前一季與較去年同期的成長主要由產品組合改善與併購綜效所帶動。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。

First quarter non-GAAP operating margin at 33.7% increased 890 basis points sequentially and 640 basis points year-on-year. Improvements were made by gross margin improvements as operating expenses were approximately flat with the comparable periods.

第一季非 GAAP 營業利益率為 33.7%，較前一季增加 890 個基點，較去年同期增加 640 個基點。改善主要來自毛利率提升，因為營業費用與可比期間大致持平。

Non-GAAP operating expenses totaled $82.7 million or 18% of revenue. SG&A expense was $36.8 million. R&D expense was $45.9 million. Operating expenses continue to be a little lower than normal run rates due to COVID-19 reducing travel, trade show and other expenses.

非 GAAP 營業費用合計為 8,270 萬美元，約占營收的 18%。SG&A 費用為 3,680 萬美元。研發（R&D）費用為 4,590 萬美元。由於 COVID-19 減少了差旅、展會及其他費用，營業費用持續略低於正常的常態水準。

First quarter non-GAAP net income was $139.2 million. This includes $900,000 of net interest and other income and $14.2 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 conservative in our investment portfolio. Non-GAAP diluted net income per share was $1.78 based on a fully diluted share count of 78.2 million.

第一季非 GAAP 淨利為 1.392 億美元。其中包含 90 萬美元的淨利息及其他收益，以及 1,420 萬美元的所得稅費用。其他收益較前一季下降，因我們的現金與短期投資的利率整體較低，且我們在投資組合上採取較保守的策略。非 GAAP 稀釋後每股淨利為 1.78 美元，係以完全稀釋後股數 7,820 萬股計算。

Now turning to the balance sheet. We ended the quarter with $1.61 billion in cash and short-term investments, up $57 million quarter-on-quarter. Strong growth in our accounts receivable during the first quarter should lead to an even stronger cash generation in the second 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. We are well positioned financially with a strong margin model, high levels of cash and low interest expense as well as long maturity financing.

接著看資產負債表。本季末我們的現金與短期投資為 16.1 億美元，較上一季增加 5,700 萬美元。第一季應收帳款的強勁成長，應可帶動第二季更強勁的現金創造能力。我們的可轉換公司債本金總額為 15 億美元，且沒有定期借款。在這些可轉債中，4.5 億美元將於 2024 年到期，10.5 億美元將於 2026 年到期。與這些票據相關的現金利息費用每年約為 600 萬美元。憑藉強勁的毛利率模型、高水位現金、低利息費用以及長天期融資，我們的財務狀況具備良好優勢。

Turning to segment details. First quarter Optical Communications segment revenue at $428.5 million increased 29.7% sequentially due to 3D sensing seasonality and growth in telecom and datacom. Year-on-year, Optical Communications segment revenue increased 3% due to higher telecom and datacom revenue particularly in datacom due to strong growth in our chip business. Optical Communications segment gross margin at 52.5% increased 590 basis points sequentially due to a better product mix with higher chip related revenue, and increased 640 basis points year-on-year due to a more favorable product mix, improved telecom and datacom margins, and acquisition synergies. Our laser segment revenue at $23.9 million decreased 37% sequentially and 29% year-on-year. First quarter lasers gross margin decreased to 43.5% due to the significant reduction in manufacturing volumes.

接著說明各事業部門細節。第一季光通訊（Optical Communications）事業部營收為 4.285 億美元，因 3D 感測季節性以及電信與資料通訊（datacom）成長，較前一季增加 29.7%。年對年而言，光通訊事業部營收增加 3%，主要因電信與資料通訊營收較高，尤其是資料通訊，受惠於我們晶片業務的強勁成長。光通訊事業部毛利率為 52.5%，因產品組合改善、晶片相關營收占比提高，較前一季提升 590 個基點；年對年則因更有利的產品組合、電信與資料通訊毛利率改善，以及併購綜效，提升 640 個基點。我們的雷射事業部營收為 2,390 萬美元，較前一季下降 37%，年對年下降 29%。第一季雷射毛利率降至 43.5%，主因製造量大幅下降。

Now on to our guidance for the second quarter of fiscal '21. Please note, the outlook we are providing is on a non-GAAP basis and are based on our assumptions as of today. We expect net revenue for the second quarter of fiscal '21 to be in the range of $465 million to $485 million. This revenue projection includes telecom and datacom increasing sequentially, industrial and consumer being flat to up modestly quarter-on-quarter, and commercial lasers also being flat to up modestly quarter-on-quarter. Based on this, we project second quarter operating margin to be in the range of 32% to 34%, and diluted net income per share to be in the range of $1.70 to $1.90.

接著是 2021 會計年度第二季的財測指引。請注意，我們提供的展望係以非 GAAP 基礎編製，並以截至今日的假設為基礎。我們預期 2021 會計年度第二季淨營收介於 4.65 億至 4.85 億美元。此營收預估包含：電信與資料通訊較前一季成長；工業與消費性業務較前一季持平至小幅成長；商用雷射亦較前一季持平至小幅成長。基於此，我們預估第二季營業利益率介於 32% 至 34%，稀釋後每股淨利介於 1.70 至 1.90 美元。

These projections incorporate an increase in operating expenses, primarily due to an increase in R&D as we invest in new products and technology, an approximate share count of 79 million and an estimated other income of $0.5 million as well as an estimated tax expense of $15 million.

上述預估已納入營業費用增加（主要因我們投資新產品與技術而增加研發費用）、約 7,900 萬股的股數、預估其他收益 50 萬美元，以及預估所得稅費用 1,500 萬美元。

Before wrapping up, I'd like to make a few important comments about our financial model. It might be helpful to refer to the earnings slide deck on our website for the following points as well. When we announced the acquisition of Oclaro, we put forth a target financial model with a gross margin range of 40% to 45% and an operating margin range of 22% to 28%. For the trailing 12 months from the end of the first quarter of fiscal '20 to the end of the first quarter of fiscal '21, we exceeded this target model. We believe we will continue to grow margins over time due to further improvements in product mix, efficiency and operating leverage. As such, we are now increasing this annual target in our midterm financial model. Our annual gross margin target moves up to 50%, and our annual operating margin target increases to 30%.

在結束之前，我想就我們的財務模型提出幾點重要說明。以下幾點也可參考我們網站上的財報簡報投影片。當我們宣布收購 Oclaro 時，我們提出一個目標財務模型：毛利率區間為 40% 至 45%，營業利益率區間為 22% 至 28%。在截至 2020 會計年度第一季末至 2021 會計年度第一季末的過去 12 個月期間，我們已超越該目標模型。我們相信，隨著產品組合、效率與營運槓桿的進一步改善，毛利率將隨時間持續成長。因此，我們現在上調中期財務模型中的年度目標。我們的年度毛利率目標上調至 50%，年度營業利益率目標上調至 30%。

We don't expect to exceed these new targets for the current fiscal year due to 3D sensing seasonality as well as regulatory restrictions on sales to Huawei impacting the second half of the fiscal year.

由於 3D 感測的季節性，以及對華為銷售的法規限制將影響本會計年度下半年，我們預期本會計年度不會超越這些新目標。

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，開始問答環節。Jim？

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

謝謝你，Wajid。（接線員指示）接線員，我們開始問答環節。

(Operator Instructions) Our first question today comes from Samik Chatterjee from JPMorgan.

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

Alan, I just wanted to start with the telecom group. I think a lot has changed related to your key customers like Huawei and Ciena over the last kind of 2 to 3 months. Wondering if you can go into a bit more details or share thoughts about how sustainable telecom demand is, given kind of the changes we're seeing and what's driving the delays and the pushouts that you talked about. Is it kind of more focused on a particular geography? Or is it kind of broad-based? And then I have a follow-up.

Alan，我想先從電信業務群開始。我認為在過去大約 2 到 3 個月間，與你們關鍵客戶（如華為與 Ciena）相關的情況有很大變化。想請問你是否能更詳細說明或分享你對電信需求可持續性的看法，考量到我們看到的這些變化，以及你提到的延遲與遞延（pushouts）是由什麼因素所驅動。這是否更集中在特定地理區域？還是屬於較廣泛的現象？另外我還有一個追問。

Sure. I mean if you looked at our guidance or in the script, that we talked about telecom and datacom actually increasing in fiscal Q2. So we're pretty confident that we'll have growth in telecom this quarter. I'd say we were probably expecting higher growth, but due to some deployments not happening per the original schedule, I think mostly due to COVID and the ability to get out into the field and deploy these networks, we've seen some slowdown, but we're still expecting growth across the globe in our fiscal second quarter.

當然。我的意思是，如果你看我們的指引或講稿，我們提到電信與資料通訊在 2021 會計年度第二季其實會成長。所以我們相當有信心本季電信會有成長。我會說我們原本可能預期成長更高，但由於部分部署未能依原定時程進行，我認為主要是因 COVID 影響外出到現場部署這些網路的能力，我們看到一些放緩，但我們仍預期在本會計年度第二季全球範圍內會有成長。

Sorry, anything on what's driving the delays? Is it more likely chips leaning on the geographies in deploying 5G?

抱歉，關於延遲的驅動因素有更多說明嗎？是否更可能是晶片供應偏向於在部署 5G 的地理區域？

Well, we -- as I said in the script as well, we did see some delays in the demand for our datacom chips for 5G deployment, mostly in China. But that is easily taken up by demand, strong demand in hyperscale cloud data centers. And so we've had to shift our wafer starts in our datacom business towards more of the higher speed inside the data center applications. But I'd say that is one area that we saw some delay in the deployments, slower than expected in our 5G deployments in China.

嗯，我們——如同我在講稿中也提到的，我們確實看到用於 5G 部署的資料通訊晶片需求出現一些延遲，主要在中國。但這很容易被超大型（hyperscale）雲端資料中心的強勁需求所吸收。因此，我們必須將資料通訊業務的晶圓投片（wafer starts）轉向更多用於資料中心內部的更高速應用。但我會說，這是我們看到部署出現一些延遲的其中一個領域，也就是中國的 5G 部署比預期更慢。

Okay. And if I can follow up on 3D sensing, the industrial and consumer group, you're guiding to flat to modestly up. But I think related to the guidance you had last quarter where you sounded a bit more confident about December being the peak in revenues, I'm just wondering if anything's changed on that front? Or what are your assumptions in relation to maybe market share when you're kind of guiding to that for the December quarter?

好的。如果我可以追問一下 3D 感測，工業與消費者事業群，你們的指引是持平到小幅成長。但我記得你們上季在指引中，聽起來對 12 月營收見頂更有信心，我想確認這方面是否有任何變化？或者在你們對 12 月季度做出這樣的指引時，關於可能的市占率，你們的假設是什麼？

Yes. As we said, throughout fiscal Q1, demand came in stronger than expected and stronger than what we had guided in our August call. We've had a very strong October and expect flat to slightly up. Now that could change, depending on how successful our lead customer's launch is. But so far, everything looks positive.

是的。如同我們所說，在會計年度第 1 季期間，需求表現比預期更強，也比我們在 8 月電話會議中所指引的更強。我們 10 月表現非常強勁，並預期持平到小幅成長。當然這可能會改變，取決於我們主要客戶的新品上市有多成功。但到目前為止，一切看起來都很正面。

I do think one thing that may be a little different this year is that we expect some of the demand that would typically be consumed in the December quarter to roll into the March quarter. So that's perhaps a dynamic that maybe wasn't contemplated earlier.

我確實認為今年可能有一點不同的是，我們預期部分原本通常會在 12 月季度消化的需求，會遞延到 3 月季度。所以這或許是一個先前未必納入考量的動態。

Our next question comes from Rod Hall from Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 Rod Hall。

Nice job on the earnings here. I wanted to start off with the -- just the order trajectory or orders trajectory here recently in the last few weeks, now that the new, let's call them the lead customer phones have launched. I wonder if you guys have seen any change in 3D sensing order trajectories or if that's all been pretty constant in the last couple of weeks, and I have a follow-up.

這次財報表現不錯。我想先從——最近幾週的訂單走勢或訂單軌跡談起，現在新的、我們稱之為主要客戶的手機已經上市。我想請問你們是否看到 3D 感測訂單走勢有任何變化，或是過去這幾週都相當一致？我還有一個追問。

Well, I mean we've seen strong demand through August and September, and it carried through October. So it's more of a front-end loaded quarter. Now that could carry throughout the balance of the quarter, but our guidance doesn't contemplate that. So I'd say we're in a good position.

嗯，我們在 8 月與 9 月看到需求強勁，並延續到 10 月。所以這比較像是一個前段拉貨較多的季度。當然這可能會延續到本季剩餘期間，但我們的指引並未把這點納入。所以我會說我們處於不錯的位置。

As far as market share, I think you'd have to ask our competitor because he doesn't give the numbers and our customer doesn't tell us what share we have. We have a contractual obligation that they abide by at a minimum, and we're fairly confident that that's certainly being abided by.

至於市占率，我想你得去問我們的競爭對手，因為他不公布數字，而我們的客戶也不會告訴我們我們的占比。我們有一項合約義務，對方至少必須遵守某個最低承諾，而我們相當有信心他們確實有遵守。

Okay. And then I wanted to, on datacom, just check the capacity situation and ask if you could give us any idea more specifically when that fab capacity comes on. And how much more fab capacity are you adding proportionately? Can you just kind of give us some idea of what's going on with capacity there?

了解。接著我想就資料通訊（datacom）確認一下產能狀況，並請你們更具體說明晶圓廠產能何時到位。以及你們按比例大概增加多少晶圓廠產能？能否大致說明一下那邊的產能情況？

Yes. As we said in the August call, we're expecting to -- Chris, you might have to correct me -- double the wafer capacity over the next 18 to 24 months. It does come in in chunks. And our cycle time for datacom wafers is more than a quarter. So like I said in the script, as we see a shift from 5G to data center, that takes time to move over. So in the short term, we're going to be constrained on those data center chips.

好的。如同我們在 8 月電話會議所說，我們預期——Chris，你可能要糾正我——在未來 18 到 24 個月把晶圓產能加倍。產能會分批到位。而資料通訊晶圓的週期時間（cycle time）超過一個季度。所以就像我在講稿裡說的，當我們看到需求從 5G 轉向資料中心，這個轉移需要時間。因此短期內，我們在那些資料中心晶片上會受到產能限制。

I would say that -- could we go from where we are today to double that in revenue and volume? I'd say that there's probably some offsetting price reductions over time that would offset some of that. But our expectations are that we'll have plenty of demand 2 years from now to consume twice of what we're producing today. (multiple speakers)

我會說——我們能否從今天的水準，在營收與出貨量上成長到兩倍？我認為隨時間推移，可能會有一些相互抵銷的降價因素，會抵消其中一部分。但我們的預期是，兩年後會有足夠的需求來消化我們今天產量的兩倍。（多位講者）

Keep in mind, some of the newer chips have -- are bigger and so they consume more real estate on a wafer. So it may not be more doubling out there -- sorry, it may not be doubling of units, but it would be doubling of wafers as the newer 200 gig chips that I talked about are actually larger and there's fewer chips per wafer.

請記住，有些較新的晶片——尺寸更大，因此會占用晶圓上更多面積。所以可能不是單位數量翻倍——抱歉，可能不是顆數翻倍，但會是晶圓數翻倍，因為我提到的新款 200G 晶片實際上更大，每片晶圓可切出的晶片數更少。

Okay. But you can't say when the next big chunk of capacity comes on?

了解。但你們無法說下一個大批產能何時到位嗎？

I would say probably middle of next year, we'll see some step-up of capacity. We're getting incremental capacity last quarter. We grew 6%. We're going to continue to get some incremental improvement through yields and productivity. But I'd say probably middle of next calendar year, we'd see a step-up of installed capacity to be able to take advantage of the second half of the year.

我會說大概在明年年中，我們會看到產能有一個階段性的提升。我們在上一季就拿到一些增量產能。我們成長了 6%。我們也會持續透過良率與生產力提升，取得一些增量改善。但我會說大概在下一個曆年年中，我們會看到已裝機產能（installed capacity）有一個階段性提升，以便把握下半年的機會。

Our next question comes from Alex Henderson from Needham & Company.

下一個問題來自 Needham & Company 的 Alex Henderson。

Great. Can you hear me okay?

很好。你們聽得到我嗎？

Yes, Alex.

聽得到，Alex。

Perfect. I wanted to go into the ROADM side of the business. Obviously, very good performance in NxM (sic) [MxN]. I would assume that that's more Western accounts than Huawei. Huawei, as I understand, tends to be more of the lower-speed stuff.

太好了。我想談談業務中的 ROADM 部分。顯然 NxM（原文如此）[MxN] 的表現非常好。我猜那應該更多來自西方客戶，而不是華為。據我了解，華為通常偏向較低速的產品。

So given the strength of demand there, isn't -- aren't those somewhat tied to the timing of chassis deployments, in which case, slower chassis sales would slow down the demand growth there, at least temporarily? So I was wondering if you could talk a little bit about that aspect of it and to what extent you're adding capacity, what rate of capacity adds you're looking at. Any timing around that would be very, very helpful. I appreciate it.

因此在那邊需求強勁的情況下，這些不是——是不是在某種程度上與機箱（chassis）部署的時點綁在一起？如果是這樣，機箱銷售放緩就會讓那邊的需求成長至少暫時放慢。所以我想請你們談談這個面向，以及你們在多大程度上增加產能、產能擴增的速度大概如何。任何相關的時程資訊都會非常、非常有幫助。謝謝。

Sure. I think as we look at that very high port count in the MxNs, as I've said in the past, China was leading the way, but the rest of the world was following. And I'd say that today, we're seeing that rest of the world start deploying in a meaningful way. And so I expect that the non-Huawei business for our high port count in MxN will grow dramatically over the next 18 months.

當然。我想就 MxN 中非常高的埠數來看，正如我過去所說，中國走在前面，而世界其他地區在跟進。而我會說，今天我們看到世界其他地區開始以有意義的規模進行部署。因此我預期，在未來 18 個月，我們高埠數 MxN 的非華為業務將大幅成長。

I'd say that we are adding capacity. Capacity adds take 6 to 9 months. So the decisions we made that are adding capacity today happened in the first calendar quarter, those are coming online now. So we're expecting to continue to add capacity as the rest of the world puts these in their mainstream systems to get deployed in -- later this year and into calendar '21.

我會說我們正在增加產能。產能擴增需要 6 到 9 個月。所以我們在今年第一個曆年季度所做、使得今天產能增加的決策，現在正陸續上線。因此，隨著世界其他地區把這些產品納入其主流系統並在——今年稍晚以及進入 2021 年曆年——進行部署，我們預期會持續增加產能。

Can you give us any calibration on the size of those capacity adds and whether you're planning the next step for, say, the first half of next year?

你能否就這些產能擴增的規模提供一些參考，並說明你們是否規劃下一步，例如在明年上半年？

Well, I mean I think if you look at what we said, the MxN grew 30% last quarter, that was a big chunk coming online, but that's not going to come online this quarter. I'd say that we'll probably have more MxN coming on in the first half of next year as our non-Huawei customers are really starting to have meaningful deployments. That's our expectation at this point.

嗯，我的意思是，我想如果你看我們所說的，MxN 上季成長 30%，那是有一大部分產能上線，但這一季不會上線。我會說，隨著我們的非華為客戶真的開始有具規模的部署，我們可能會在明年上半年看到更多 MxN 產能到位。這是我們目前的預期。

Our next question comes from Tom O'Malley from Barclays.

我們的下一個問題來自巴克萊（Barclays）的 Tom O'Malley。

Nice results. My first question is on the really strong gross margins. Could you talk about what's driving the OpComm communications? You mentioned products mix a couple of times, and I assume that's from that larger customer rolling on. But you also upped your long-term range. So is there some real gains in the core telecom and datacom gross margins? And can you kind of break out what the contribution is for the better margins? Is it just the big customer? Or is there also some real gains in that core business as you move more towards chips?

結果很不錯。我的第一個問題是關於非常強勁的毛利率。你能談談是什麼在推動 OpComm 通訊業務嗎？你提到產品組合好幾次，我猜那是因為那位較大的客戶開始放量。但你也上調了長期區間。所以核心電信與資料通訊的毛利率是否真的有實質提升？你能否大致拆解一下毛利率改善的貢獻來源？只是那個大客戶嗎？還是當你們更多轉向晶片時，核心業務也確實有一些實質改善？

Tom, it's Wajid. I'll take that one, and then Alan and Chris can follow up. So yes, the strong gross margins were obviously driven by very strong product mix. We've also had an accumulation of synergies that we talked about for a number of quarters that have added up and have added to our overall financial model. Our datacom chip business increasing 6% quarter-over-quarter, that was all chip business as well. And the gross margins on those product lines are quite healthy.

Tom，我是 Wajid。我先回答這題，之後 Alan 和 Chris 可以補充。是的，強勁的毛利率顯然是由非常強的產品組合所帶動。我們也累積了我們在過去幾個季度談到的協同效益，這些效益逐步顯現並強化了我們整體的財務模型。我們的資料通訊晶片業務季對季成長 6%，那也全部都是晶片業務。而這些產品線的毛利率相當健康。

To your question on the long-term model, really, the long-term model assumes that our lasers business comes back up and starts running at a normal run rate again. And one of the reasons we haven't said that we'll exceed the long-term model for this fiscal year is because we expect to have our lasers business continue to be weak into the back half of the fiscal year and then expect it to improve as we move into fiscal year '22.

關於你問到的長期模型，長期模型其實是假設我們的雷射業務回升，並再次以正常的運行速率運作。而我們之所以沒有說本會計年度會超越長期模型，其中一個原因是我們預期雷射業務在本會計年度下半年仍會偏弱，並預期在進入 2022 會計年度時改善。

And so that's what's really giving us confidence in our overall company long-term gross margin model, being able to achieve over 50% gross margins, is really lasers coming back and having OpComm continuing to improve with all the capacity improvements that Alan talked about in datacom chips in our 3D sensing business, especially the new products and 3D sensing continuing to have an uptake. As you can appreciate, that's just starting to get going, and we expect that to be a real success, helping us into the next few quarters.

因此，讓我們對公司整體長期毛利率模型、能夠達成超過 50% 毛利率更有信心的關鍵，主要在於雷射業務回升，以及 OpComm 在 Alan 所談到的資料通訊晶片產能改善、以及我們 3D 感測業務（特別是新產品）持續提升並帶動 3D 感測持續放量。如你所知，這才剛開始起步，我們預期這會非常成功，並在接下來幾個季度對我們有所助益。

Great. That's helpful. And then my follow-up was really on the datacom business. You mentioned there were some pushouts in 5G. I assume that's fronthaul related product. But then you mentioned that there was some strength in the hyperscale business. Where are you seeing that strength? And is that something that you expected? Or is that something that you recently saw a pickup?

很好。這很有幫助。接著我的追問是關於資料通訊業務。你提到 5G 有一些延後出貨（pushouts）。我猜那是前傳（fronthaul）相關產品。但你也提到超大規模（hyperscale）業務有一些強勁表現。你們在哪裡看到這股強勁？這是你們原本就預期的嗎？還是最近才看到需求回升？

Tom, this is Chris. So yes, the 5G is fronthaul related. And as you can imagine, 5G deployments, at least initially, have been concentrated in China, and we've seen a slowdown from those customers given the ecosystem around 5G in China is affected by what's going on in the geopolitical regime and regulations on Huawei.

Tom，我是 Chris。是的，5G 是前傳相關。而且如你所想像，至少在初期，5G 部署主要集中在中國；由於中國 5G 生態系受到地緣政治局勢以及對華為的監管影響，我們看到來自這些客戶的需求放緩。

But as we've talked about in prior quarters, we've had multiple quarters of backlog in our datacom business. So not a big surprise that there's very strong demand for our chips going into data centers. And I think that's a combination of both our type of customer that we supply into in datacom by the transceiver customers winning more business within the hyperscale cloud operators as well as our relative competitive position as speeds increase and more performance is needed. As you go from 40 to 100, 100 to 200, 200 to 400, our footprint in those customers tends to increase.

不過如同我們在前幾個季度所談到的，我們的資料通訊業務有連續多個季度的在手訂單（backlog）。因此，資料中心對我們晶片的需求非常強勁並不令人意外。我認為這是多重因素的組合：一方面是我們在資料通訊供應的客戶類型——收發器（transceiver）客戶在超大規模雲端營運商那邊拿到更多業務；另一方面則是隨著速率提升、需要更高效能時，我們相對的競爭地位。當你從 40 升到 100、100 升到 200、200 升到 400 時，我們在這些客戶中的占比通常會提高。

Our next question comes from John Marchetti from Stifel.

我們的下一個問題來自 Stifel 的 John Marchetti。

Alan, I wanted to touch on the Huawei outlook that you gave both for the December quarter as well as the second half of the year. I just wanted to get a little bit of an understanding from the reduced outlook. How much of that is really based on actual restrictions of what you are allowed to ship versus Huawei's maybe overall demand declining because of their lack of access to some other products that they can't get for the full bill of materials?

Alan，我想談談你對華為展望的說法，包含 12 月季度以及今年下半年。我想更了解一下這個下修的展望。其中有多少是基於你們實際被允許出貨的限制，對比華為可能因為無法取得其他產品、導致其整體需求下降（因為無法湊齊完整物料清單 BOM）？

Yes. I'd say it's a combination of both, right? And when you look at what we ship into Huawei, there's still strong demand for all of our telecom and datacom products. There are some of those products, we cannot continue to ship. And so I'd say the majority of the reduction from being greater than a 10% customer a few quarters ago to today, less than 10% and going down below 5%, most of that is due to regulatory restrictions and a little bit is based on demand, I'd say, that -- like in the consumer products.

是的。我會說兩者都有，對吧？當你看我們出貨給華為的產品時，我們所有電信與資料通訊產品仍有強勁需求。但其中有一些產品我們無法繼續出貨。所以我會說，從幾個季度前華為還是超過 10% 的客戶，到現在低於 10% 並將降到 5% 以下，這個下滑的大部分是因為監管限制；另外有一小部分是需求面的因素——例如在消費性產品方面。

Okay. And then, Wajid, if I can follow up on some of your gross margin outlook comments. If we think about that laser business getting back into sort of the mid- to upper 40s or maybe even a $50 million sort of quarterly run rate, how much upside off of this sort of $43.5 million that you did this quarter should we expect it to be?

了解。接著，Wajid，如果我可以追問你對毛利率展望的一些評論。如果我們假設雷射業務回到約中高 40% 的水準，甚至每季約 5,000 萬美元的運行率，那麼相較於你們本季做出的約 4,350 萬美元，我們應該預期有多少上行空間？

Well, I mean in fiscal Q4, where we had a $37 million quarter for lasers, we were above 50% gross margins. And so we have different margin mix within our lasers business itself with some of the products achieving better gross margins, but our new products in lasers are expected to be well above that. And so as that gets into the $40 million or $45 million range, we should see a nice bump back into the 50% gross margin line for lasers.

嗯，我是說在會計年度第 4 季，當雷射業務單季是 3,700 萬美元時，我們的毛利率就已經超過 50%。因此雷射業務內部也有不同的毛利率組合，有些產品能達到更好的毛利率，而我們雷射的新產品預期會明顯高於那個水準。所以當雷射業務回到 4,000 萬到 4,500 萬美元區間時，我們應該會看到雷射毛利率漂亮地回升到 50% 的水平。

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, I wanted to just get a better understanding of the issues with Huawei in that you talked about some level of sales below 10% in this quarter, which we understand, and then the outlook eventually getting below 5%. I certainly know that 0 is also less than 5%. But why does the value not go to 0? Could you help us understand what are the aspects of the rules that allow you to do business with Huawei that is still a positive number?

首先，我想更清楚了解華為相關的問題：你提到本季對華為的銷售占比低於 10%，我們理解；而展望最終會降到 5% 以下。我當然知道 0 也小於 5%。但為什麼這個數字不會降到 0？你能否協助我們理解，規則中有哪些面向讓你們仍能與華為做生意，並且仍是一個正數？

Yes. We're not going to get into the details of the restrictions in our products and which ones abide -- which ones are falling to the restrictions and not, other than just to say the business with Huawei is becoming less material for our future business and down below 5%. Whether that's 0% or 4.5% is still a TBD at this point. We try not to guide more than one quarter at a time, but we wanted to give some color around our expectations that it's going to continue to go down and become even less meaningful to our overall business in the second half of the fiscal year.

是的。我們不會深入討論限制的細節、以及我們哪些產品符合——哪些落入限制、哪些不落入限制；我們只能說，與華為的業務對我們未來的重要性正在降低，並會降到 5% 以下。至於是 0% 還是 4.5%，目前仍有待確定（TBD）。我們通常不會一次提供超過一個季度的指引，但我們想補充一些背景，說明我們的預期是它會持續下降，並在本會計年度下半年對我們整體業務變得更不具意義。

And then just understanding you don't want to guide beyond a quarter, I think it would be helpful to everyone if we could at least get some qualitative aspects around the March quarter seasonality in that you've got a couple of odd things going on this year where your 3D sensing is time-shifted from September to December, creating a tougher comparison. And then you've got the Huawei issues we just talked about, so maybe less China business, which usually affects seasonality. Could you help us understand a little bit about how your seasonality may be different in calendar '21 versus prior years?

接著，了解你們不希望提供超過一個季度的指引，我認為如果我們至少能就 3 月季度的季節性提供一些定性面的說明，會對大家都有幫助，因為今年你們有幾個比較特殊的情況：你們的 3D 感測從 9 月移到 12 月，造成比較基期更具挑戰。另外還有我們剛談到的華為問題，因此可能中國業務較少，而這通常會影響季節性。你能否協助我們稍微了解一下，相較於過去幾年，日曆年 '21 的季節性可能會有哪些不同？

Well, I'd say -- and Chris can jump in as well. I'd say that our China business is impacted by the restrictions at Huawei. And I think if you just take a look at where they have been, where they were in the September quarter and where we're expecting them to be in the March and June quarter, I think you can take 5% to 8% of our revenue out as a result of that. And so that's a broad range. And things are going to change. Things are going to change probably tomorrow, who knows, but that's our current expectation.

嗯，我會說——Chris 也可以補充。我會說，我們在中國的業務受到對華為限制的影響。我想如果你看看他們的狀況、他們在 9 月季度的情況，以及我們預期他們在 3 月與 6 月季度的情況，我認為因此你可以把我們營收中的 5% 到 8% 扣除掉。所以那是一個很寬的區間。而且事情會改變。事情可能明天就會改變，誰知道，但那是我們目前的預期。

As far as 3D sensing is concerned, we've taken a very conservative approach on Android. So I'd say that our expectations are Android is very small in the first half of next year, although we're working with many of the customers to make sure that if or when they decide to put 3D sensing into their mainstream phones, we'll be there for them. And I'd say that for our lead customer, they don't really tell us. Our expectations are that there is some strength in 3D sensing in the March quarter more than normally, given the later launch of the product line. Does that answer your question, Simon?

至於 3D 感測，我們在 Android 方面採取了非常保守的做法。所以我會說，我們的預期是明年上半年 Android 的占比非常小，儘管我們正與許多客戶合作，以確保如果或當他們決定把 3D 感測導入其主流手機時，我們能夠支援他們。我也會說，對於我們的主要客戶，他們其實不太會告訴我們。我們的預期是，由於產品線較晚推出，3 月季度的 3D 感測強度會比通常更強一些。Simon，這樣有回答到你的問題嗎？

Our next question comes from Meta Marshall from Morgan Stanley.

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

Just wanted to get a sense of -- maybe coming back to Huawei. As that business kind of winds down a little bit or is restricted a little bit, just are you seeing any broadening out of demand from other kind of China optical vendors?

我想了解一下——也許回到華為。隨著那塊業務逐步縮小或受到一些限制，你是否看到來自其他中國光學供應商的需求有更廣泛的擴張？

And then maybe second, just -- you talked a lot about the auto opportunity. Just in terms of general time lines we should be thinking of for maybe in-cabin and out of cabin?

然後第二個問題——你談了很多汽車方面的機會。就一般時程而言，我們應該如何看待車內與車外的時間線？

Sure. I'll take the Huawei one, and I'll let Chris answer the auto one. I'd say that there's activity around traditional carriers that have been relying on Huawei. But that takes time, meaning there's nervous carriers that don't want to rely on Huawei, and I think that's natural. I'd say that -- again, that's probably a multi-quarter thing before that bidding cycle and the responses turn into deployments. And so I think it's happening. I don't think there's a slowdown in bandwidth demand. And so networks are going to need to continue to be built and bandwidth is going to need to continue to grow.

當然。華為那題我來回答，汽車那題我讓 Chris 回答。我會說，對於過去依賴華為的傳統電信業者（carriers），目前確實有一些動作。但那需要時間，也就是說，有些業者會緊張、不想依賴華為，我認為這很自然。我會說——同樣地，在那個投標週期以及回應轉化為實際部署之前，可能會是跨好幾個季度的事情。所以我認為這正在發生。我不認為頻寬需求有放緩。因此網路仍需要持續建置，頻寬也需要持續成長。

So I think that if you look at our share of wallet of other customers, it's actually a long-term positive trend for us. It's just a matter of the air pocket between now and those new deployments happening. And I'd say that's 2 to 3 or 4 quarters. Chris?

所以我認為，如果你看我們在其他客戶那邊的錢包份額（share of wallet），其實對我們而言是長期正向的趨勢。只是問題在於，從現在到那些新部署發生之間會有一段空窗期。我會說那大概是 2 到 3 或 4 個季度。Chris？

Maybe just following up right there on that real quickly, I mean just in terms of understanding kind of overall global share, but just in terms of selling into ZTE or FiberHome, more China-specific vendors than just kind of share shifts taking place there?

我想就你剛剛那點快速追問一下，我的意思是，就理解整體全球市占而言，但就賣給中興（ZTE）或烽火（FiberHome）這類更偏中國本土的供應商來說，而不只是一般性的份額轉移，那邊的情況如何？

Well, we've seen strength in our non-Huawei China customers over the last several quarters and really consuming high-end ROADMs, consuming high-end coherent transmission components and modules. So I don't know if that's a result of the Huawei restrictions or a result of our products being state-of-the-art and leading edge. And I'd say that we're going to continue to see growth from those customers over the short and mid-term time horizon.

嗯，我們在過去幾個季度看到非華為的中國客戶表現強勁，他們確實在採用高階 ROADM，也在採用高階相干傳輸元件與模組。所以我不確定這是華為限制所帶來的結果，還是因為我們的產品是最先進、最具領先性的結果。我會說，在短期與中期的時間範圍內，我們將持續看到來自這些客戶的成長。

Our next question comes from...

我們的下一個問題來自……

Hang on, operator. Chris, there was a question about automobile happening...

等一下，接線員。Chris，剛才有一個關於汽車的問題……

Yes. So we're playing into automobiles in multiple ways, both in-cabin as well as outside cabin for driver assistance systems or, in the case of autonomous vehicles, sensor systems to enable the [car see] in order to go, i.e., LiDAR systems. And as Alan highlighted on the call, in the past quarter, we've qualified in a module level product that enables in-cabin applications.

是的。所以我們以多種方式切入汽車領域，包含車內以及車外，用於駕駛輔助系統，或在自動駕駛車的情況下，用於讓[車能看見]以便行駛的感測系統，也就是 LiDAR 系統。如 Alan 在電話會議中強調的，在上一季度，我們已在模組層級完成一項產品的認證，可支援車內應用。

Europe is really leading the way for in-cabin driver monitoring systems. They have regulations that require it to be installed in vehicles, I believe, starting out in calendar '22. In-cabin is probably the smaller of the opportunities relative to the outside cabin opportunity in LiDAR.

歐洲在車內駕駛監控系統方面確實走在最前面。他們有法規要求必須在車輛中安裝，我相信是從日曆年 '22 開始。相較於車外 LiDAR 的機會，車內可能是較小的機會。

All of these are long-term markets. They don't really start taking off out into the '23, '24 or '25 time frame. Even then, the penetration is relatively low. But over time, we believe these become multi-hundred-million-dollar opportunities for Lumentum even at the laser level. And we are definitely supplying at the laser level, have opportunities to move up to the module level where the dollar content might be a bit higher. But what's really critical is because these markets take a long time to get designed in and qualified and eventually ramp up, we need to plant those seeds today, get designed in with module integrators and ultimately, Tier 1 auto manufacturers. And that's really what we wanted to highlight today is that design-in activity and traction is happening.

這些全都是長期市場。它們真正開始起飛大概要到 '23、'24 或 '25 的時間框架。即便到那時，滲透率仍相對偏低。但隨著時間推進，我們相信即使只在雷射層級，這些也會成為 Lumentum 數億美元規模的機會。而且我們確實在雷射層級供貨，也有機會往模組層級提升，那裡的單車價值量（dollar content）可能會更高一些。但真正關鍵的是，因為這些市場需要很長時間才能完成設計導入、認證並最終放量，我們必須今天就播下種子，與模組整合商完成設計導入，並最終與一級汽車供應商（Tier 1）合作。而這正是我們今天想強調的：設計導入活動與進展正在發生。

Our next question comes from George Notter from Jefferies.

我們的下一個問題來自 Jefferies 的 George Notter。

I wanted to ask a 3D sensing question. Is there -- obviously, the parts that you're shipping into your lead customer are all new this cycle, or maybe most of where you're shipping into that customer is brand new. Is there some desire to build an inventory safety stock by your large customer as they shift over to those new parts? And I think, Alan, you were referencing something about March consumption sell-in versus sellout. Can you just talk about how you see inventory at that customer?

我想問一個 3D 感測的問題。很明顯，你們這一輪出貨給主要客戶的零件都是新的，或者說你們出貨給那位客戶的大多數產品都是全新的。當他們切換到這些新零件時，是否有建立安全庫存（safety stock）的需求？而且我想 Alan，你提到 3 月的消耗（consumption）在 sell-in 與 sellout 之間的差異。你能否談談你如何看待那位客戶的庫存狀況？

Yes, George, we really don't have a lot of visibility into what is the inventory of modules and consumer devices beyond when we ship a VCSEL chip to the module integrator. So, sorry, I'm not going to be able to provide a kind of color on what that looks like.

是的，George，我們其實對模組與消費性裝置的庫存沒有太多能見度，超出我們把 VCSEL 晶片出貨給模組整合商之後的部分就看不到了。所以抱歉，我無法就那看起來如何提供更多的細節說明。

I will say, though, that through the quarter, we saw upticks in the demand, which would tell me that something changed, whether it's a share shift or [relations] were stronger to in-customer demand. And so that's the only kind of color I can give you on inventory or what's going on at our customers' level.

不過我會說，在本季度期間，我們看到需求有所上升，這讓我覺得有些事情發生了變化，無論是市占率的移轉，或是與既有客戶需求之間的[關係]更為緊密。因此，關於庫存或我們客戶端層面正在發生什麼事，我能提供的補充說明大概就只有這些。

Got it. Okay. That's helpful. And then one last one, linearity. I noticed that the days sales outstanding calculation was pretty low relative to what you guys have typically reported in recent quarters. Was the quarter front-end loaded, linear? How would you characterize it?

了解。好。這很有幫助。然後最後一個問題，關於線性（linearity）。我注意到你們的應收帳款週轉天數（DSO）計算結果，相較於你們近幾季通常揭露的水準偏低。本季是前段出貨較多、還是線性分布？你會如何描述？

Wajid, you're on mute, I think.

Wajid，我想你麥克風靜音了。

I'm sorry. I forgot to hit the unmute button. Our quarter was pretty similar to previous quarters in terms of overall linearity. You can see shifts in customers in terms of their own linearity, and that can have an impact on our DSOs, just depending on what the payment terms are with each one of them. And then sometimes they'll come along and either pay within the first couple of weeks of the new quarter or the last couple of weeks of the end of the quarter, depending on how their batch processing works.

抱歉。我忘了按取消靜音。就整體線性而言，我們本季和前幾季相當類似。你會看到不同客戶在其自身線性上有些變化，而這會對我們的 DSO 造成影響，取決於我們與各客戶的付款條件。另外，有時他們會在新季度的前一兩週付款，或是在季度末的最後一兩週付款，視其批次處理作業方式而定。

We're expecting our cash flow to be significantly better in fiscal Q2 versus fiscal Q1, just given the type of profitability we've achieved during the quarter. So it should all be good from a cash flow standpoint.

我們預期在會計年度第2季的現金流將明顯優於會計年度第1季，主要是因為本季達成的獲利水準所致。因此從現金流角度來看應該都會很好。

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

下一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on the results. Yes. Just 2 quick ones for me, if I could. Alan's sort of the comments about 2 to 4 quarters, the air pocket to make up some of the Huawei revenue, was that China-specific? Or is that a worldwide remark? And then I have a quick follow-up.

恭喜本季成果。是的。如果可以的話，我這邊有兩個很快的問題。Alan 提到大約需要 2 到 4 個季度、用來彌補部分華為營收的空窗期（air pocket），那是針對中國的情況嗎？還是這是全球性的說法？然後我還有一個簡短的追問。

Yes. I mean I don't have a crystal ball, but I'd say that there is activity today outside of China, where traditionally Chinese -- Huawei-based carriers are looking for other suppliers. And that was what my comment was around. It was outside of China, it's probably 2 to 3 quarters before that kind of activity turns into revenue for us and revenue for our network equipment manufacturing customers.

是的。我的意思是，我沒有水晶球，但我會說目前在中國以外確實有一些活動；傳統上以中國—以華為為主的電信商正在尋找其他供應商。我的評論就是針對這點。這是在中國以外的市場，可能需要 2 到 3 個季度，這類活動才會轉化為我們的營收，以及我們網路設備製造客戶的營收。

Got it. That's really helpful. And just a quick follow-up on gross margins. You guys gave context around what drove them this quarter. To what extent, sort of with regards to the new long-term model, does capacity utilization play a role? Obviously, mix does. And then are there any other factors like size and capacity utilization that will influence the margins meaningfully long term, the gross margin?

了解。這真的很有幫助。另外針對毛利率我有個簡短追問。你們已經說明了本季毛利率的驅動因素。就新的長期模型而言，產能利用率在其中扮演多大角色？顯然產品組合（mix）會影響。那麼長期來看，是否還有其他因素，例如規模與產能利用率，會對毛利率造成顯著影響？

Yes. No, I'll start with that one. So it's not just capacity utilization, but the addition of capacity is going to help us quite a bit from a gross margin standpoint. And Alan talked about the fact that we're seeing improving yields and productivity to get more supply to meet demand for our datacom chip products, and obviously, that's helping as well.

是的。我先回答這個。所以不只是產能利用率，新增產能本身也會在毛利率面帶給我們相當大的幫助。Alan 也提到，我們正看到良率與生產力提升，以提供更多供給來滿足資料通訊晶片產品的需求，這當然也有幫助。

The one thing we noted earlier that I'll note again is really our laser is acting as a headwind to our overall corporate model. Our OpComm segment has very strong tailwinds in it whether it's our telecom transport business, our telecom transmission business, our telecom and datacom business as well as 3D sensing with our new products and new opportunities we've got there.

我們先前提過的一點，我再強調一次：雷射業務確實正在對我們整體公司模型形成逆風。我們的 OpComm 部門則有非常強的順風，無論是電信傳輸（transport）業務、電信傳送（transmission）業務、電信與資料通訊業務，以及 3D 感測方面的新產品與新機會。

So as we see lasers come back up from an overall revenue standpoint and capacity utilization within our own fabs where laser products improves, we should see the nice bump up. I pointed out earlier that on $37 million of lasers revenue in fiscal Q4, we had above 50% gross margins. And so really, that's because of capacity utilization, helping us improve our overall lasers gross margin profile, which obviously helps the consolidated company. So it does play a pretty big part of it.

因此，當我們看到雷射在整體營收面回升，且我們自有晶圓廠中雷射產品的產能利用率改善時，我們應該會看到相當不錯的上升幅度。我先前指出，在會計年度第4季雷射營收為 3,700 萬美元時，我們的毛利率超過 50%。這主要就是因為產能利用率提升，幫助我們改善雷射業務的毛利率結構，進而也有助於合併後的公司整體表現。所以這確實扮演相當重要的角色。

Our next question comes from Chris Rolland from Susquehanna.

下一個問題來自 Susquehanna 的 Chris Rolland。

I'll also echo my congrats on the quarter as well. My first question was kind of higher level. I was wondering if I could get your thoughts on the Marvell and Inphi proposed acquisition and kind of what that means for your outlook for vertical integration in optical, and whether this changes your strategy in terms of when it might be appropriate to tie up with another company or whether you think you can go it alone for now and forever, perhaps. But yes, just your high-level thoughts there and how you might execute going forward.

我也同樣恭喜你們本季表現。我的第一個問題比較偏高層次。我想請教你們對 Marvell 擬收購 Inphi 這件事的看法，以及這對你們在光學領域垂直整合的展望意味著什麼；另外，這是否會改變你們的策略，例如何時適合與其他公司結盟，或你們是否認為目前以及未來都可以單打獨鬥。總之想聽聽你們的高層次看法，以及未來可能如何推進執行。

Yes. Chris, this is Chris. So I think the fact that Inphi was picked up by another semiconductor company as opposed to, say, a network equipment manufacturer really means that -- at least our view is that they will remain a merchant IC supplier. Less clear whether they will be as focused on providing modules where we may compete with Inphi in the future. That still remains to be seen.

是的。Chris，我是 Chris。我認為 Inphi 被另一家半導體公司收購，而不是例如被網路設備製造商收購，這其實意味著——至少以我們的觀點——他們仍會維持作為商用 IC（merchant IC）供應商。至於他們是否會同樣專注於提供模組，而在未來我們可能會在模組上與 Inphi 競爭，這點就比較不明朗。這仍有待觀察。

So I think overall, from our standpoint, this doesn't necessarily change the landscape very much in that 1 fabless semi company becomes another fabless semi company. And if we were purchasing products for them, that buying it from Marvell as opposed to buying from Inphi is probably not a big change for us as opposed to, for example, other deals that have been out in the industry, Acacia being acquired by Cisco.

所以整體而言，從我們的角度看，這不一定會大幅改變產業版圖，因為只是某一家無晶圓廠半導體公司變成另一家無晶圓廠半導體公司。而如果我們原本就向他們採購產品，那改成向 Marvell 買、而不是向 Inphi 買，對我們來說可能不是很大的變化；相較之下，產業中其他交易例如 Acacia 被 Cisco 收購，影響就更不同。

Over the longer run, I mean I think we're very, very confident in our ability to compete and prosper in the telecom markets with our industry-leading indium phosphide components. That's really where we see our differentiation. And what we choose to do from that forward on whether that be organic development or M&A, we'll let you know if or when something happens there.

從更長期來看，我的意思是，我們對於憑藉業界領先的磷化銦（indium phosphide）元件，在電信市場競爭並持續成長的能力非常、非常有信心。這正是我們認為自身差異化所在。至於接下來我們選擇怎麼做——無論是有機開發或併購（M&A）——如果或當有進展時，我們會再告訴各位。

And then just a couple of housekeeping. I don't know if you offer any other details around things like book-to-bill or changes in lead times or perhaps capacity utilization.

另外再問幾個例行性問題。我不確定你們是否能提供更多細節，例如接單出貨比（book-to-bill）、交期變化，或是產能利用率等。

Yes. We typically don't do that unless there's something to highlight like our datacom chip backlog is very large and we're capacity constrained and will be such for some period of time. Similarly, in our wafer fab, in our indium phosphide wafer fab with a strong demand in 600 and 800 gig modulators, that's capacity constrained. And so -- but beyond that, we typically don't give book-to-bills or backlog because some of it doesn't really mean much in that a lot of our customers are on BMI agreements, and some of our customers are placing long-lead-time purchase orders 1 year in advance. And so it kind of fluctuates what's going on with book-to-bill and backlog. But I'd say that we're -- our guidance contemplates normal run-of-the-mill type of demand is strengthening across the board.

是的。除非有特別值得強調的事項，否則我們通常不會提供這些資訊；例如我們的資料通訊晶片訂單積壓（backlog）非常大、且產能受限，並且在一段時間內都會如此。同樣地，在我們的晶圓廠、也就是磷化銦晶圓廠方面，由於 600G 與 800G 調變器需求強勁，也存在產能受限的情況。不過除此之外，我們通常不提供接單出貨比或訂單積壓，因為其中有些數字其實意義不大：我們許多客戶採用 BMI 協議，且有些客戶會提前 1 年下長交期採購訂單。因此接單出貨比與訂單積壓的變動會受到影響、呈現波動。但我會說，我們的財測假設的是一般常態的需求，且整體需求正在全面走強。

And our next question comes from Tim Savageaux from Northland Capital Markets.

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

Congrats on of the results. I wanted to focus in on telecom and datacom from a guidance perspective. In particular, that looks to be where you expect the growth here this quarter, maybe even more notable given the anticipated declines, further declines at Huawei. So when you look at what you're effectively guiding to, kind of a mid-teens percentage sequential increase, I think you've already called out ROADM as the primary driver of that growth, but I just want to confirm that and maybe get your comments to expand beyond Meta's question earlier, seeing increased traction among other Chinese OEMS.

恭喜本次業績表現。我想從財測指引的角度聚焦在電信與資料通訊（telecom 與 datacom）。尤其看起來你們預期本季的成長會來自這一塊，考量到華為預期還會下滑、甚至進一步下滑，這點更顯著。所以當你們給出的指引大概是季比中十位數百分比的成長，我想你們已經指出 ROADM 是該成長的主要驅動因素，但我想確認一下，並請你們在先前回覆 Meta 的問題之外再多談一些，例如是否看到其他中國 OEM 的拉動力道增加。

But I wonder if you could comment on more broadly about customer diversification globally and what might be driving that strength. We saw some pretty strong optical results out of Nokia, for example, last week. So I guess the overall question is about growth drivers for that sequential guide and what you're seeing from kind of an OEM diversification standpoint globally.

另外我也想請你們更廣泛地談談全球客戶多元化，以及可能驅動這股強勁表現的因素。例如我們上週看到 Nokia 的光學業績相當強勁。所以整體問題是：這次季比指引的成長動能是什麼？以及你們從全球 OEM 多元化的角度看到了什麼趨勢？

Yes. So we said that a lot of the growth is coming from our ROADMs as we're adding capacity and trying to meet the strong demand of our high-end ROADMs. We're also seeing strength in the higher speed coherent components like our 600 and 800 gig modulators and tunable lasers. I'd say those are probably the 2 big areas.

是的。我們提到，成長有很大一部分來自我們的 ROADM，因為我們正在擴充產能，並試圖滿足高階 ROADM 的強勁需求。我們也看到更高速的相干（coherent）元件表現強勁，例如我們的 600 與 800G 調變器以及可調式雷射。我想這大概是兩個最大的領域。

Datacom chips with the shift between 5G and hyperscale, that's probably not an area where we're going to see huge growth because of the [lift it's with]. And so I'd say most of it is coming from those 2 areas in ROADMs and indium phosphide.

至於資料通訊晶片，隨著 5G 與 hyperscale 之間的轉移，這可能不是我們會看到大幅成長的領域，因為有[原文：lift it's with]的因素。所以我會說大部分成長來自這兩個領域：ROADM 與磷化銦（indium phosphide）。

Chris, do you have anything to add on that?

Chris，你有什麼要補充的嗎？

No. I mean I think the key point really, Tim, is if you go back pre-pandemic, we've been preparing, if you will, for the sort of next-generation systems, whether they be 400, 600, 800 gig, whereas the 100, 200 gig systems have kind of grown long in the tooth, where transport products going into those systems have softened. That's why ROADMs came down late last year. And then obviously, the pandemic caused disruption in our ability to supply. We're catching up with that. And really, the growth is being driven from a product standpoint across high-end ROADMs and the newest coherent components.

沒有。我的意思是，我認為關鍵點其實是，Tim，如果你回到疫情前，我們一直在準備所謂的下一代系統，不論是 400、600、800G；而 100、200G 系統已經有點老舊，導致供應到這些系統的傳輸產品需求轉弱。這也是為什麼 ROADM 在去年年底下滑。然後很明顯地，疫情也擾亂了我們的供應能力。我們正在追趕補上。而從產品角度來看，成長主要由高階 ROADM 與最新的相干元件所帶動。

From an OEM diversification standpoint, there's not a lot of new OEMs, per se, out there. So we're pretty well covered. I think what we're seeing, though, is those new products that are growing typically start in one-ish customers, where your lead customer, when you develop and design in and then proliferate across a broader customer set. And I think as we highlighted in the script, something like the MxN ROADM is something that initially started in China and is now proliferated across a broader set of customers. We anticipate the same thing happening with the 600 to 800 gig high-speed coherent components as well as our DCO modules. Providing a broader customer set for those individual new products doesn't necessarily mean we're adding new customers, per se.

從 OEM 多元化的角度來看，市場上嚴格說並沒有很多新的 OEM。所以我們的覆蓋其實相當完整。不過我們看到的是，這些正在成長的新產品通常會先從一個左右的客戶開始，也就是你在開發、設計導入時的領先客戶，接著再擴散到更廣泛的客戶群。我想正如我們在講稿中強調的，像 MxN ROADM 這樣的產品一開始是在中國起步，現在正擴散到更廣泛的客戶群。我們也預期同樣的情況會發生在 600 到 800G 的高速相干元件以及我們的 DCO 模組上。讓這些單一新產品覆蓋更廣的客戶群，並不一定表示我們在增加新客戶。

But then, we only had one 10% customer last quarter. So the customer diversification is happening, and I think we'll continue to see that.

不過，上季我們只有一個占比達 10% 的客戶。所以客戶多元化確實正在發生，我想我們也會持續看到這個趨勢。

Ladies and gentlemen, we do have time for one additional question. This question comes from Tom Diffely from D.A. Davidson.

各位女士先生，我們還有時間再回答一個問題。這個問題來自 D.A. Davidson 的 Tom Diffely。

Maybe just one final question on 3D sensing. What is your view of the relative revenue or pricing or margin differences between the standard and the world-facing components that you sell?

最後一個關於 3D 感測的問題。你們怎麼看你們所銷售的標準元件與面向外界（world-facing）元件之間，在相對營收、定價或毛利上的差異？

Not really much difference. I'd say that this is a product cycle where a refresh of all of the chips kind of resets expectation on pricing. And we've been able to come up the yield and productivity curves quite strongly on both the front-facing and world-facing chips. So I wouldn't say that there's a meaningful difference in margin or revenue per wafer area, per se.

其實差異不大。我會說這是一個產品週期：當所有晶片都更新換代時，對定價的預期也會被重新設定。而我們在前置（front-facing）與面向外界（world-facing）晶片上，都能在良率與生產力曲線上有相當強勁的提升。所以我不會說在毛利或每單位晶圓面積的營收方面有顯著差異。

And ladies and gentlemen, with that, we'll end today's question-and-answer session. I'd like to turn the conference call back over to Jim Fanucchi for any closing remarks.

各位女士先生，以上就是今天的問答環節。我想把電話會議交回給 Jim Fanucchi，請他做結語。

Thank you, operator. This does conclude our call for today. We'd like to thank everyone for attending, and we look forward to talking with you again when we report the second quarter fiscal '21 results. Have a good day.

謝謝，接線員。我們今天的電話會議到此結束。感謝各位的參與，我們期待在公布 2021 會計年度第二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. 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。您現在可以掛斷電話。