Lumentum Holdings Inc. (LITE) 2020 Q3 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Third Quarter Fiscal Year 2020 Financial Results Conference Call. As a reminder, today's call is being recorded for replay purposes through May 12, 2020. I would now like to turn the conference over to Mr. Jim Fanucchi of Darrow Associates. Mr. Fanucchi, please go ahead.

各位好，歡迎參加 Lumentum 2020 會計年度第三季財務業績電話會議。提醒各位，今天的電話會議將錄音，供重播至 2020 年 5 月 12 日。現在我想把會議交給 Darrow Associates 的 Jim Fanucchi 先生。Fanucchi 先生，請開始。

Thank you, operator. Welcome, everyone, to Lumentum's Third Quarter Fiscal 2020 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。各位好，歡迎參加 Lumentum 2020 會計年度第三季財報電話會議。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：總裁暨執行長 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, including potential market sizes, market trends and our position in such markets, the impact of COVID-19 and responsive actions thereto on our business, our partners and the global economy, trends and expectations for our products and technology, including product development and projected new product releases, purchasing trends and demands for our products; our expected financial performance, including our guidance, expenses, risks and uncertainties associated with potential disruption caused by COVID-19, as well as statements regarding our business initiatives and the achievements of synergies following our acquisition of Oclaro. These statements are subject to risk and uncertainties that could cause actual results to differ materially from our current expectations.

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的陳述（包含潛在市場規模、市場趨勢以及我們在該等市場中的地位）、COVID-19 及其對我們業務、合作夥伴與全球經濟之影響與因應措施、我們產品與技術的趨勢與預期（包含產品開發與預計新產品發表）、採購趨勢與對我們產品的需求；我們預期的財務表現（包含我們的財測、費用、與 COVID-19 可能造成之中斷相關的風險與不確定性），以及關於我們業務倡議與收購 Oclaro 後綜效達成情況的陳述。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的預期有重大差異。

Lumentum encourages you to review our most recent filings with the Securities and Exchange Commission, particularly the risk factors described in our SEC filings, including the company's quarterly report on Form 10-Q for the fiscal quarter ended March 28, 2020, to be filed with the SEC later today and Lumentum's annual report on Form 10-K for fiscal year 2019 ended June 29, 2019. 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.

Lumentum 鼓勵您查閱我們最近向美國證券交易委員會（SEC）提交的文件，特別是我們 SEC 申報文件中所述的風險因素，包括截至 2020 年 3 月 28 日止會計季度的 Form 10-Q 季報（將於今日稍晚向 SEC 提交）以及截至 2019 年 6 月 29 日止 2019 會計年度的 Form 10-K 年報。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 不承擔更新這些陳述之義務。

Please also note, unless otherwise stated, all results and projections discussed in this call are non-GAAP. Non-GAAP financials are not to be considered as a substitute for or superior to financials prepared in accordance with GAAP.

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品或更優者。

Lumentum's press release with the third quarter fiscal 2020 results is 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's website also contains our latest SEC filings and supplementary slides relating to today's earnings release, and the company encourages you to review these documents. In addition, a recording of this call will be available by 11:30 a.m. Pacific Time today on our website.

Lumentum 2020 會計年度第三季業績新聞稿可於公司網站 www.lumentum.com 的「投資人」專區取得，其中包含我們非 GAAP 財務衡量指標的更多細節，以及歷史 GAAP 與非 GAAP 結果之間的調節表。Lumentum 網站亦包含我們最新的 SEC 申報文件，以及與今日財報發布相關的補充簡報投影片，公司鼓勵您查閱這些文件。此外，本次電話會議的錄音將於今日太平洋時間上午 11:30 前後在我們網站上提供。太平洋時間今日於我們網站上提供。

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

現在我把電話會議交給 Alan 發表評論。

Thank you, Jim. Good morning, everyone. At the outset, I want to thank our employees. They have been incredible through this crisis despite each having their own personal challenges living and working in these times. They are the ones that have put us in such a great position, both financially as well as with our technology and product leadership. Our employees are absolutely the company's greatest asset, and my top priority is protecting the health and well-being of our employees and their families. I'd also like to thank the rest of our stakeholders, including customers, suppliers, and shareholders for their support and partnership.

謝謝你，Jim。各位早安。首先，我要感謝我們的員工。在這場危機中，他們表現得非常出色，儘管每個人在這段期間的生活與工作都面臨各自的個人挑戰。正是他們讓我們在財務面以及技術與產品領導力方面都處於如此有利的位置。員工絕對是公司最重要的資產，而我最優先的事項是保護員工及其家人的健康與福祉。我也要感謝其他利害關係人，包括客戶、供應商與股東，感謝你們的支持與合作夥伴關係。

While everyone is surely facing difficult challenges, all have been constructively focused on overcoming these challenges together. After protecting our employees, my next highest priority is ensuring we do everything we can to help our customers. This is both in the supply of products as well as the execution on new products to ensure future success for our customers and therefore, us.

雖然每個人無疑都面臨艱難挑戰，但大家都以建設性的態度專注於共同克服這些挑戰。在保護員工之後，我的下一個最高優先事項是確保我們竭盡所能協助客戶。這既包括產品供應，也包括新產品的執行，以確保客戶未來的成功，進而也確保我們的成功。

Third quarter demand was very strong. Our revenue was within the range of our prior guidance, but on the lower end due to COVID-19-related challenges that rapidly accelerated late in the third quarter as the virus quickly spread outside of China. COVID-19 is dramatically impacting our fourth quarter outlook. We estimate that COVID-19 will impact the fourth quarter revenue by more than $90 million as the midpoint of our guidance is more than 20% below what we were anticipating for the fourth quarter before the brunt of our challenges from COVID-19 began.

第三季需求非常強勁。我們的營收落在先前財測區間內，但因 COVID-19 相關挑戰而位於區間下緣；這些挑戰在第三季後期迅速加劇，因病毒快速擴散至中國以外地區。COVID-19 正在大幅影響我們對第四季的展望。我們估計，COVID-19 將使第四季營收減少超過 9,000 萬美元；因為我們財測中點較我們在 COVID-19 挑戰全面爆發前對第四季的預期低了 20% 以上。

A little more than half of this $90 million is a result of our inability to supply communication products due to both component sourcing and production limitations, and the balance from reduced consumer and industrial market demand. We estimate that the COVID-19-related revenue reduction lowers projected fourth quarter earnings by more than $0.50 per share.

這 9,000 萬美元中略多於一半，源自於我們因零組件採購與產能限制而無法供應通訊產品；其餘則來自消費性與工業市場需求下滑。我們估計，與 COVID-19 相關的營收減少將使預計第四季每股盈餘降低超過 0.50 美元。

While we continue to react tactically to address the rapidly evolving and fluid situation, COVID-19 does not change our strategic focus or diminish our long-term opportunity. Our strategic focus since we became an independent public company, has been product and technology leadership with close customer partnerships in markets that we expect will have strong growth and will be healthy over the long term. In addition, we have focused keenly on disciplined management over our operations, investments and capital structure. We believe we are seeing the benefits of executing with this focus. We have attained sustainable technology leadership positions that make us indispensable to the markets we serve. Additionally, we have become financially strong with industry-leading profitability and a very solid balance sheet.

雖然我們仍在戰術層面持續因應這個快速演變且變動不定的情勢，但 COVID-19 不會改變我們的策略重點，也不會削弱我們的長期機會。自我們成為獨立上市公司以來，我們的策略重點一直是產品與技術領導力，並在我們預期將強勁成長且長期健康的市場中，與客戶建立緊密夥伴關係。此外，我們也高度重視以紀律化管理來掌控營運、投資與資本結構。我們相信，專注於此的執行正讓我們看到成效。我們已取得可持續的技術領導地位，使我們對所服務的市場不可或缺。此外，我們也建立了財務實力，具備業界領先的獲利能力與非常穩健的資產負債表。

We believe COVID-19 will accelerate the shift to increasingly digital and virtual approaches to work, entertainment, education, health care, social interaction and commerce around the world. This accelerating shift will stress the world's communications and cloud networks and should, therefore, drive the need for higher volumes of high-performance optical devices. We believe this will favorably impact our communication business over the long term.

我們相信，COVID-19 將加速全球在工作、娛樂、教育、醫療保健、社交互動與商務方面，轉向更數位化與虛擬化的方式。這種加速轉變將使全球通訊與雲端網路承受更大壓力，因此應會推動對更大量高效能光學元件的需求。我們相信，長期而言這將對我們的通訊業務帶來正面影響。

We also believe this accelerating shift will favorably impact our laser and 3D sensing lines of business over the long run, as more secure devices and other hardware that are easier to interact with and more autonomous will be needed to consume, produce and communicate digital and virtual content. Because of these trends, we believe our strategy is even more apt than before.

我們也相信，長期而言，這種加速轉變將對我們的雷射與 3D 感測業務線帶來正面影響，因為將需要更安全的裝置以及其他更易互動且更具自主性的硬體，以用於消費、產出並傳遞數位與虛擬內容。基於這些趨勢，我們相信我們的策略比以往更為貼切。

Further, because we believe the markets we address are driven by accelerating long-term growth trends and are critically dependent on the types of products and technology we supply, we are planning to continue to invest strongly in innovation and new customer programs. By doing this, we expect to drive our growth and further our market-leading positions. Our investments will continue to be guided with the strong strategic and financial discipline that has gotten us to this point. I want to be clear that we are also laser-focused on driving increased efficiency and cost savings in all of our operations to further bolster our financial strength.

此外，由於我們相信我們所服務的市場係由加速的長期成長趨勢所驅動，且高度依賴我們所提供的產品與技術類型，我們計劃持續大力投資於創新與新的客戶專案。藉由此舉，我們預期將推動成長，並進一步鞏固我們的市場領先地位。我們的投資將持續以強而有力的策略與財務紀律為指引，而正是這些紀律帶領我們走到今天。我想清楚說明，我們也將高度聚焦於在所有營運中提升效率並推動成本節省，以進一步強化我們的財務實力。

As we rely on a highly global supply chain, before discussing product line details, I think it is valuable to provide you with some details on the status of our operations around the world. We responded to the COVID-19 outbreak early and rapidly at all of our sites. We quickly implemented company travel restrictions and cancelled participation in external events like trade shows and conferences in February. In early March, many of our employees started working from home. We have not laid off or furloughed employees, including those who are not able to perform their work function from home.

由於我們仰賴高度全球化的供應鏈，在討論各產品線細節之前，我認為先向各位提供一些我們全球各地營運狀況的細節是很有價值的。我們在所有據點對 COVID-19 疫情的爆發採取了及早且迅速的應對。我們在二月迅速實施公司差旅限制，並取消參與外部活動，例如商展與研討會。三月初，我們許多員工開始在家工作。我們未進行裁員或無薪假（furlough），包括那些無法在家執行其工作職能的員工。

We are also helping the communities in which we operate. For example, we have used our commercial supply chains to procure and donate personal protective equipment or PPE, to health care providers. Our employees have been leveraging internal capabilities to produce and donate limited quantities of PPE, and we have also expanded our charitable donation programs.

我們也在協助我們營運所在的社區。例如，我們運用商業供應鏈採購並捐贈個人防護裝備（PPE）給醫療照護提供者。我們的員工也運用內部能力生產並捐贈少量的 PPE，同時我們也擴大了慈善捐贈計畫。

In nearly all of our locations around the world, local governments have mandated social distancing measures, including shelter-in-place orders. We are deemed an essential business by these local governments due to the key role we play in the global supply chains of critical communications and health care systems. As such, we have been encouraged and permitted to continue operations.

在我們全球幾乎所有據點，地方政府都已強制實施社交距離措施，包括居家避難（shelter-in-place）命令。由於我們在關鍵通訊與醫療照護系統的全球供應鏈中扮演重要角色，這些地方政府將我們認定為必要（essential）企業。因此，我們被鼓勵並獲准持續營運。

Regarding our factories in Asia, which perform assembly and test operations. In China, because we had a large number of employees working through the Lunar New Year holiday due to strong demand for our products, we were able to quickly ramp up production from our Shenzhen factory after the extended Lunar New Year holiday. However, our Shenzhen factory was impacted in the third quarter by challenges in obtaining components from third-party suppliers inside and outside of China. While component supply is improving, there continues to be some impact in the fourth quarter.

關於我們在亞洲的工廠，其負責組裝與測試作業。在中國，由於我們在農曆新年假期期間因產品需求強勁而有大量員工持續工作，因此在延長的農曆新年假期後，我們得以迅速自深圳工廠拉升產能。然而，我們的深圳工廠在第三季受到影響，原因是從中國境內與境外的第三方供應商取得零組件面臨挑戰。雖然零組件供應正在改善，但第四季仍持續受到一些影響。

In Thailand, we rapidly implemented employee protective measures in the third quarter. These measures have not limited output so far, but production in Thailand has been impacted by the same challenges that our Shenzhen factory is experiencing with sourcing components.

在泰國，我們於第三季迅速實施員工防護措施。截至目前，這些措施並未限制產出，但泰國的生產同樣受到與深圳工廠相同的挑戰影響，也就是在採購零組件方面遇到困難。

In Malaysia, we use a contract-manufacturing partner for the majority of our telecom transmission revenue. Output was significantly impacted late in the third quarter due to the Malaysian government's movement control order issued on March 16. We had no production for several weeks after this, but have been slowly ramping production since then. Over the coming weeks, we expect to return to production levels close to those prior to the government order.

在馬來西亞，我們針對大部分電信傳輸營收使用一家合約製造合作夥伴。由於馬來西亞政府於 3 月 16 日發布行動管制令，第三季末期產出受到顯著影響。此後我們有數週完全停產，但之後已開始緩慢拉升產能。在接下來幾週內，我們預期可恢復到接近政府命令發布前的生產水準。

Our wafer fabs in the U.S., Japan and the U.K. are all operating, with some at lower efficiencies than before due to implementing social distancing and other protocols to protect the health of our employees. Our Japan fab is the source of our datacom chips. Our U.S. fab supplies chips for telecom transport and commercial lasers products. And our U.K. fab supplies chips for telecom transmission products. The lower efficiency in our Japan and U.K. fabs is limiting our ability to grow to meet strong and increasing customer demand. We are hiring and adding capital equipment to increase our capacity, but this takes time. We use third-party fabs in Taiwan, the U.S. and the U.K. for 3D sensing and have not seen any impact in our ability to meet customer demand for these products.

我們在美國、日本與英國的晶圓廠皆持續運作，但由於為保護員工健康而實施社交距離及其他作業規範，部分晶圓廠的效率較以往降低。我們的日本晶圓廠是我們資料通訊（datacom）晶片的來源。我們的美國晶圓廠供應電信傳輸（transport）與商用雷射產品所需的晶片。而我們的英國晶圓廠供應電信傳輸（transmission）產品所需的晶片。日本與英國晶圓廠較低的效率，限制了我們為滿足強勁且持續增加的客戶需求而擴大成長的能力。我們正在招募人員並增添資本設備以提升產能，但這需要時間。我們在台灣、美國與英國使用第三方晶圓廠生產 3D 感測產品，且未見在滿足此類產品客戶需求方面有任何影響。

Outside of these operations, our employees are, in general, working from home, extensively using virtual meetings and digital collaboration tools. If the increase in network traffic we have created with our virtual meetings, where we have added more than 1 million meeting minutes per week since early February, is an indicator of bandwidth growth, then the future is very bright for Lumentum. We continue to make progress on R&D programs, even with the vast majority of our engineers working from home. We do have a limited number of staff in our labs who are operating the equipment for those working from home. We are continuing the development of new wafer designs for next-generation products in our fabs. All of these essential workers are also following strict social distancing rules and employing other personal protected measures.

除上述營運之外，我們的員工整體而言都在家工作，並大量使用虛擬會議與數位協作工具。若我們因虛擬會議所帶來的網路流量增加（自二月初以來每週新增超過 100 萬分鐘的會議時數）可作為頻寬成長的指標，那麼 Lumentum 的未來將非常光明。即使絕大多數工程師在家工作，我們在研發（R&D）專案上仍持續取得進展。我們確實有少數員工在實驗室內操作設備，以支援在家工作的同仁。我們也在晶圓廠持續開發用於下一代產品的新晶圓設計。所有這些必要工作人員也都遵循嚴格的社交距離規範，並採取其他個人防護措施。

Now I'll turn to the product line details. On our telecom and datacom product lines. Before COVID-19, demand was very strong and accelerating, driven by global telecom infrastructure upgrades, the start of 5G deployments and significant cloud data center expansion. We were already supply-constrained on most key product lines. Despite COVID-19, demand was strong throughout the third quarter across telecom transmission, transport and datacom chips. Bookings for these products expanded by more than 10% sequentially, driving book-to-bill to over 1.3, up from 1.1 in the prior quarter. The outbreak, however, exacerbated existing supply challenges. As a result, telecom and datacom revenue decreased 6% sequentially. In particular, the supply of telecom transmission products from China and Malaysia was significantly negatively impacted late in the third quarter.

接下來我將談到產品線細節。關於我們的電信與資料通訊產品線。在 COVID-19 之前，需求非常強勁且加速成長，主要由全球電信基礎建設升級、5G 部署啟動以及雲端資料中心大幅擴張所驅動。我們在多數關鍵產品線上原本就已受限於供給。儘管有 COVID-19，第三季在電信傳輸、電信傳輸（transport）以及資料通訊晶片方面的需求仍然強勁。這些產品的訂單（bookings）較前一季成長超過 10%，使接單出貨比（book-to-bill）升至 1.3 以上，高於前一季的 1.1。然而，疫情使既有的供應挑戰更加惡化。因此，電信與資料通訊營收較前一季下滑 6%。特別是，來自中國與馬來西亞的電信傳輸產品供應在第三季末期受到顯著的負面影響。

Despite these supply challenges, we continue to grow our DCO module revenue and our next-generation indium phosphide high bandwidth components for 600 gig and 800 gig systems. During the quarter, we closed the sale of our Italian lithium niobate wafer fab and continue to ramp down our U.S.-based lithium niobate production. We had approximately $10 million of lithium niobate revenue in the quarter and we expect this to decline to near 0 over the next 2 quarters as we have highlighted previously.

儘管面臨這些供應挑戰，我們仍持續成長我們的 DCO 模組營收，以及用於 600G 與 800G 系統的下一代磷化銦高頻寬元件。本季期間，我們完成出售位於義大利的鈮酸鋰晶圓廠，並持續縮減我們在美國的鈮酸鋰產能。本季鈮酸鋰營收約為 1,000 萬美元，我們預期在接下來 2 個季度將如先前所強調般下降至接近 0。

Telecom transport was approximately flat quarter-on-quarter. These product lines are more reliant on Thailand than China for manufacturing operations, but growth was limited by the supply of key components from third parties in China and elsewhere within Asia. Datacom chip revenue continues to grow strongly, increasing more than 20% sequentially as data center and 5G demand was robust. Remaining transceiver revenue was approximately $5 million and will decline to 0 in the next quarter or 2 as planned.

電信傳輸（transport）業務較前一季約略持平。這些產品線在製造作業上較依賴泰國而非中國，但成長受到限制，原因是來自中國及亞洲其他地區第三方供應商的關鍵零組件供應不足。資料通訊晶片營收持續強勁成長，因資料中心與 5G 需求強勁，較前一季增加超過 20%。剩餘的收發器（transceiver）營收約為 500 萬美元，並將依計畫在接下來 1 到 2 個季度降至 0。

During the third quarter, we introduced key new telecom datacom products. These new products leveraged our highly differentiated indium phosphide and gallium arsenide capabilities and included 50G PAM4 VCSELs and DMLs to enable higher bandwidths, uncooled 100G PAM 4 EMLs to reduce data center power consumption. And a wide set of new pump laser products that increase efficiency and power while lowering cost. These address the full range of optical amplifier applications.

在第三季，我們推出了多項關鍵的新電信與資料通訊產品。這些新產品運用我們高度差異化的磷化銦與砷化鎵能力，包含 50G PAM4 VCSEL 與 DML，以支援更高頻寬，以及非冷卻式 100G PAM4 EML，以降低資料中心耗電。以及一系列新的幫浦雷射產品，可在降低成本的同時提升效率與功率。這些產品涵蓋光放大器應用的完整範圍。

Looking to the fourth quarter, as I indicated earlier, telecom and datacom demand remains robust and strong bookings continue. However, we expect telecom and datacom revenue growth to be limited by COVID-19 related supply constraints. Supply constraints in telecom transmission in Malaysia are improving, but we are not at 100% output yet. We won't be able to satisfy the more than $100 million of current backlog we have for these products until the second half of the calendar year.

展望第四季，如我先前所提到，電信與資料通訊需求仍然強勁，且訂單動能持續。然而，我們預期電信與資料通訊營收成長將受 COVID-19 相關供應限制所約束。馬來西亞在電信傳輸方面的供應限制正在改善，但我們的產出尚未恢復到 100%。在本曆年下半年之前，我們仍無法滿足目前這些產品超過 1 億美元的在手積壓訂單（backlog）。

Telecom transport revenue is expected to be up sequentially due to progress on relieving supply challenges and new product momentum in the market. Datacom chip revenue is expected to be up sequentially, once again due to continued strong cloud and 5G market demand, but is still gated by capacity in our wafer fab. We are optimistic about the long-term outlook for our telecom and datacom product lines due to expected long-term demand trends, our technology and product leadership position and improving industry dynamics.

電信傳輸營收預期將較前一季成長，主要受惠於供應挑戰緩解的進展，以及新產品在市場上的動能。資料通訊晶片營收預期也將較前一季成長，同樣是因為雲端與 5G 市場需求持續強勁，但仍受我們晶圓廠產能所限制。基於預期的長期需求趨勢、我們在技術與產品上的領先地位，以及產業動態的改善，我們對電信與資料通訊產品線的長期展望保持樂觀。

As I highlighted in my initial remarks, the world's experience with COVID-19 is changing how we do things in all aspects of work and life. This change directly drives the need for our telecom and datacom products. The market is designing networks around our leading products to enable scaling to higher capacity. This is very favorable to us. Our indium phosphide coherent components and modules enable the higher speed and density needed for higher network bandwidth. Our High Port Count and MxN ROADM technology enables networks to scale capacity much more efficiently. And our higher speed, lower power consumption datacom chips are critically important to drive network capacity and efficiencies in 5G and next-generation data center networks.

如我在開場談話中所強調，全球對 COVID-19 的經驗正在改變我們在工作與生活各方面的做事方式。這項改變直接推動了對我們電信與資料通訊產品的需求。市場正在以我們領先的產品為核心來設計網路，以支援擴充到更高容量。這對我們非常有利。我們的磷化銦相干元件與模組可提供更高網路頻寬所需的更高速度與密度。我們的高埠數（High Port Count）與 MxN ROADM 技術，讓網路能更有效率地擴充容量。而我們更高速、低功耗的資料通訊晶片，對於推動 5G 與下一代資料中心網路的容量與效率至關重要。

Turning to industrial and consumer. Our industrial and consumer product lines were down 24% sequentially as expected due to seasonal factors, but up 40% relative to the prior year. Year-on-year growth was driven by customers incorporating 3D sensing in a higher percentage of their product offerings compared to last year, and increased consumer demand for 3D sensing-enabled products. We steeply ramped volume production of lasers for world-facing cameras or LiDAR for consumer applications in the third quarter. We expect to continue to ramp volumes of such lasers throughout the calendar year.

接著談工業與消費性產品。如預期所示，受季節性因素影響，我們的工業與消費性產品線營收較前一季下滑 24%，但較去年同期成長 40%。年對年成長主要來自客戶相較去年在更高比例的產品中導入 3D 感測，以及消費者對具備 3D 感測功能產品的需求增加。第三季我們大幅提升用於消費性應用之世界向（world-facing）相機或 LiDAR 的雷射量產爬坡。我們預期在本曆年期間將持續提升此類雷射的出貨量。

Looking to our fourth quarter. Our guidance contemplates 3D sensing declining significantly by more than 40% due to expectations around consumer demand, the potential for smartphone supply chain challenges impacting demand for our products, and potential risk around the timing of new customer programs. We have a range of new products we are readying to ramp in the second half of the calendar year, including additional world-facing designs that we expect will increase the penetration of world-facing 3D sensing or LiDAR-enabled cameras. It is too early to quantify with confidence any impact to consumer volumes or the timing of new programs due to COVID-19, but we are very closely monitoring the situation.

展望第四季。我們的財測假設 3D 感測將大幅下滑超過 40%，原因包括對消費需求的預期、智慧型手機供應鏈挑戰可能影響對我們產品的需求，以及新客戶專案時程可能存在的風險。我們正準備在本曆年下半年推升量產的一系列新產品，包括更多世界向設計，我們預期將提高具備世界向 3D 感測或 LiDAR 功能相機的滲透率。由於 COVID-19，目前仍過早，尚無法有把握地量化其對消費性出貨量或新專案時程的任何影響，但我們正非常密切地監控情勢。

We believe the 3D sensing market will continue to grow over the long term. Mobile device manufacturers continue to make progress on their plans to incorporate front-facing and world-facing capabilities into a wider range of models. We are engaged with a broad range of customers focused on the consumer, industrial and automotive end markets looking to add 3D sensing or LIDAR capabilities to enable their applications.

我們相信 3D 感測市場長期仍將持續成長。行動裝置製造商持續推進其計畫，將前置與世界向功能導入更廣泛的機型。我們正與廣泛的客戶群合作，這些客戶聚焦於消費性、工業與車用終端市場，並希望加入 3D 感測或 LIDAR 功能以支援其應用。

Now on to lasers. Third quarter lasers revenue decreased to $43.5 million, driven primarily by decline in fiber laser sales. We expect over the next several quarters that our fiber lasers business will soften further as it is tied to growth in global manufacturing. Our solid-state laser revenue expanded nicely quarter-on-quarter and attained levels not seen in nearly 2 years. This was due to strength in certain semiconductor manufacturing end markets, including 5G antenna fabrication. We expect these trends to continue into the fourth quarter with fiber laser declines being larger than solid-state growth, resulting in laser revenue declining sequentially by approximately 20%.

接著談雷射。第三季雷射營收下滑至 4,350 萬美元，主要由光纖雷射銷售下滑所致。我們預期在接下來幾季，光纖雷射業務將進一步走弱，因其與全球製造業成長高度相關。我們的固態雷射營收較前一季明顯成長，並達到近兩年來未見的水準。這主要受惠於部分半導體製造終端市場的強勁需求，包括 5G 天線製造。我們預期這些趨勢將延續至第四季，且光纖雷射下滑幅度將大於固態雷射成長，導致雷射營收較前一季約下滑 20%。

Throughout my remarks, I've tried to give you much more detail than usual about the status of our market demand for our products, our operations and our ability to supply, given the dynamic challenges the world faces with COVID-19. Before COVID-19, we were challenged to satisfy strong customer demand for many of our communications products. The COVID-19 pandemic has exacerbated the situation. Though our ability to supply these products is getting better, catching up on the strong demand will take a few quarters.

在我的談話中，我嘗試比以往提供更多細節，說明在全球面臨 COVID-19 動態挑戰下，我們產品的市場需求狀況、營運情形以及供應能力。在 COVID-19 之前，我們就已面臨難以滿足多項通訊產品強勁客戶需求的挑戰。COVID-19 疫情使情況更加惡化。儘管我們供應這些產品的能力正在改善，但要追上強勁需求仍需要幾個季度。

Finally, I tried to highlight that while we are all living through difficult times, our strategy is even more apt and our market position and financial strength even more important. I believe we are well positioned both to weather the short-term and to succeed in the long term.

最後，我想強調的是，雖然我們都正處於艱難時期，但我們的策略更顯得切中要點，而我們的市場地位與財務實力也更為重要。我相信我們已做好充分準備，既能度過短期挑戰，也能在長期取得成功。

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. I, too, would like to thank our employees for their dedication and perseverance. I am absolutely amazed at their strong execution in such challenging circumstances. Before diving into the details, some high-level comments.

謝謝你，Alan。各位早安。我也要感謝我們員工的投入與堅持。在如此具挑戰的情況下，他們仍展現出強勁的執行力，令我非常驚訝。在深入細節之前，先做幾點高層次的說明。

As Alan highlighted in his opening remarks, COVID-19 is impacting our results and our outlook. We estimate COVID-19 is impacting our fourth quarter revenue by more than 20% and our earnings by more than 35% or approximately $0.50 per share. Despite these impacts, we have made progress in improving our financial model. Year-on-year in the third quarter, we achieved 650 and 720 basis points of improvement in non-GAAP gross and operating margins, respectively, and more than a 37% improvement in non-GAAP EPS, despite revenue being down 7%. Our model improvement is also seen in the improving margins in our guidance for the fourth quarter, even with a substantially lower top line and a less rich revenue mix relative to the prior year.

如 Alan 在開場談話中所強調，COVID-19 正在影響我們的業績與展望。我們估計 COVID-19 使第四季營收受到超過 20% 的影響，並使獲利受到超過 35% 的影響，約相當於每股 0.50 美元。儘管有這些影響，我們在改善財務模型方面仍取得進展。第三季相較去年同期，即使營收下滑 7%，我們仍分別達成非 GAAP 毛利率與營業利益率各改善 650 與 720 個基點，且非 GAAP 每股盈餘（EPS）提升超過 37%。我們的模型改善也反映在第四季財測的毛利率提升上，即便營收規模顯著降低，且相較去年同期的營收組合也不那麼有利。

We continue to make strong investments in new technology and customer programs. This may be obscured in the year-on-year comparisons, where R&D spending is down as we have been simultaneously attaining R&D acquisition synergies and cutting investments in underperforming product lines, all while ramping investments in areas with stronger outlooks and returns.

我們持續在新技術與客戶方案上進行強勁投資。在年對年比較中，這點可能不易看出；因為我們一方面同時實現研發併購綜效、並削減表現不佳產品線的投資，另一方面也在前景與報酬更佳的領域加大投資，使得研發支出呈現下降。

On capital structure, as you are aware, in the second quarter we issued $1.05 billion in convertible debt, paid off our acquisition-related term loan, and repurchased $200 million of our stock. This increased gross cash, which is now approximately $1.5 billion, reduced our share count and increased our flexibility to further drive strategic initiatives while reducing the cash cost of our capital. We achieved this capital structure in the second quarter, not anticipating the COVID-19 pandemic. However, as we have often said afterwards, the best time to raise capital is when you don't need it. The past 2 months is proof to that adage. We are well positioned financially with a strong margin model, high levels of cash with low interest expense and long maturity financing.

就資本結構而言，如各位所知，我們在第二季發行了10.5億美元的可轉換公司債，償還了與併購相關的定期貸款，並回購了2億美元的公司股票。這使得總現金增加（目前約為15億美元），降低了流通股數，並提升了我們在降低資本現金成本的同時，進一步推動策略性計畫的彈性。我們在第二季建立此一資本結構時，並未預期COVID-19疫情。然而，正如我們之後常說的，籌資的最佳時機是在你不需要資金的時候。過去兩個月已證明這句格言。我們在財務上具備良好定位：擁有強勁的利潤率模型、高水位現金、低利息費用，以及期限較長的融資。

Now turning to the third quarter's numbers. Net revenue for the third quarter was $402.8 million, which was down 12% sequentially and 7% year-on-year. Our prior guidance assumed COVID-19 would negatively impact revenue by $15 million to $20 million. However, as Alan discussed, we had a larger impact than we assumed due to the spread of the virus beyond China late in the third quarter. We estimate this additional revenue impact was more than $10 million over our guidance assumptions.

接著看第三季的數字。第三季淨營收為4.028億美元，較前一季下滑12%，較去年同期下滑7%。我們先前的指引假設COVID-19將使營收減少1,500萬至2,000萬美元。然而，如Alan所述，由於病毒在第三季末擴散至中國以外地區，實際影響大於我們的假設。我們估計，相較於指引假設，額外的營收影響超過1,000萬美元。

GAAP gross margin for the second quarter was 39.2%, GAAP operating margin was 10.6% and GAAP diluted net income per share was $0.56. Third quarter non-GAAP gross margin was 45.5%, which was down 190 basis points sequentially, but up 650 basis points year-on-year. The sequential decline was driven by lower overall revenues, particularly in industrial and consumer. The year-on-year increase was primarily driven by improvements in telecom and datacom margins as well as acquisition synergies.

第二季GAAP毛利率為39.2%，GAAP營業利益率為10.6%，GAAP稀釋後每股淨利為0.56美元。第三季非GAAP毛利率為45.5%，較前一季下滑190個基點，但較去年同期上升650個基點。季對季下滑主要由整體營收降低所致，尤其是工業與消費領域。年對年上升主要來自電信與數據通訊毛利率改善，以及併購綜效。

Non-GAAP operating margin for the third quarter was 25%, which was down 380 basis points sequentially, but up by 720 basis points year-on-year. Sequential and year-on-year changes were driven by the same factors as the gross margin improvement. Non-GAAP operating expenses totaled $82.7 million or 20.5% of revenue.

第三季非GAAP營業利益率為25%，較前一季下滑380個基點，但較去年同期上升720個基點。季對季與年對年的變動因素與毛利率改善相同。第三季非GAAP營業費用合計為8,270萬美元，約占營收的20.5%。

SG&A expense was $38.4 million. R&D expense was $44.3 million. The sequential decline in operating expenses was driven by the combination of reduced trade show and travel expenses and the realization of additional acquisition synergies, which were partially offset by higher fringe rates associated with the new calendar year.

銷售、一般及行政（SG&A）費用為3,840萬美元。研發（R&D）費用為4,430萬美元。營業費用的季對季下降，主要來自展會與差旅費用減少，以及進一步實現併購綜效；但部分被新會計年度帶來的附加福利費率上升所抵銷。

Third quarter non-GAAP net income was $98 million. This includes $3.6 million of net interest and other income and $6.3 million of tax expense. Non-GAAP diluted net income per share was $1.26 based on a fully diluted share count of 77.5 million.

第三季非GAAP淨利為9,800萬美元。其中包含360萬美元的淨利息及其他收益，以及630萬美元的所得稅費用。以完全稀釋後股數7,750萬股計算，非GAAP稀釋後每股淨利為1.26美元。

Now turning to segment details. Third quarter Optical Communications segment revenue at $359.3 million decreased 12% sequentially due primarily to 3D sensing seasonality and COVID-19 related supply limitations. Year-on-year Optical Communications segment revenue reduced 5% due to lower telecom and datacom revenue with the exit of datacom modules and COVID-19 supply limitations, which more than offset higher 3D sensing revenue. Optical Communications segment gross margin at 45% decreased 300 basis points sequentially due to the revenue reduction and a less favorable product mix, but increased 700 basis points year-on-year due to a more favorable mix of products, improved telecom and datacom margins and acquisition synergies.

接著看各事業部門的細節。第三季光學通訊事業部門營收為3.593億美元，較前一季下滑12%，主要因3D感測的季節性因素以及COVID-19相關的供應限制。光學通訊事業部門營收年對年下降5%，原因是隨著退出數據通訊模組業務、以及COVID-19供應限制，電信與數據通訊營收降低，且其影響超過3D感測營收的增加。光學通訊事業部門毛利率為45%，較前一季下降300個基點，原因是營收下滑與產品組合較不利；但較去年同期上升700個基點，主要因產品組合更有利、電信與數據通訊毛利率改善，以及併購綜效。

Our laser segment revenue at $43.5 million decreased 10% sequentially and 21% year-on-year, primarily due to lower fiber laser sales. Third quarter lasers gross margin increased to 49.7% due to a better product mix and lower manufacturing costs.

雷射事業部門營收為4,350萬美元，較前一季下滑10%，較去年同期下滑21%，主要因光纖雷射銷售減少。第三季雷射毛利率提升至49.7%，受惠於更佳的產品組合與較低的製造成本。

On the balance sheet. We ended the third quarter with $1.45 billion in cash and short-term investments, up from approximately $1.3 billion in the prior 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.

就資產負債表而言。第三季末我們的現金與短期投資為14.5億美元，高於前一季約13億美元。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。在這些可轉換公司債中，4.5億美元將於2024年到期，10.5億美元將於2026年到期。與這些票據相關的年度現金利息費用合計約為600萬美元。

And now an update on synergies. Through the third quarter of fiscal '20, we completed actions that will result in approximately $100 million of annual expense synergies. As a reminder, we are targeting a total of $110 million in annual run rate acquisition synergies, with the remaining $10 million to be attained over the next few quarters.

接著更新綜效進度。截至2020會計年度第三季，我們已完成相關措施，預計可帶來約1億美元的年度費用綜效。提醒各位，我們的目標是達成年度化（run rate）併購綜效總計1.1億美元，其餘1,000萬美元預計在未來幾個季度內達成。

Turning now to our guidance for the fourth quarter. The projections we are providing today are also on a non-GAAP basis and are based on our assumptions as of today. Please note, the guidance we are providing today incorporates our current expectations for supply and demand reductions related to COVID-19. We are providing a wider than normal revenue range to incorporate uncertainty around the impact of COVID-19. We project net revenue for the fourth quarter will be in the range of $325 million to $365 million. At the midpoint, this revenue projection includes telecom and datacom approximately flat with growth limited by continuing COVID-19 supply limitations. This includes declines from discontinued products, which are estimated to be $6 million to $8 million.

接著說明我們對第四季的指引。我們今天提供的預測同樣以非GAAP基礎編製，並以我們截至今日的假設為基礎。請注意，我們今天提供的指引已納入我們目前對COVID-19相關供給與需求下滑的預期。我們提供較平常更寬的營收區間，以反映COVID-19影響的不確定性。我們預估第四季淨營收將落在3.25億至3.65億美元之間。以區間中點來看，此營收預測包含電信與數據通訊約持平，但成長受持續的COVID-19供應限制所約束。其中包含已停產產品帶來的下滑，估計約為600萬至800萬美元。

Industrial and consumer decreasing by more than 40% due to expectations around consumer spending trends in a macro slowdown and the timing of new programs. And commercial lasers decreasing by approximately 20% due to end market demand, caused by the slowdown in industrial production globally. Based on this, we project fourth quarter operating margin to be in the range of 18% to 21%, and diluted net income per share to be in the range of $0.70 to $0.90. These projections incorporate an approximate share count of 78 million and an estimated other income of $1 million, which is lower than the $3.5 million in the prior quarter due to lower interest rates in general and our taking more conservative positions in our short-term investments.

工業與消費領域將下滑超過40%，原因是宏觀放緩下對消費支出趨勢的預期，以及新方案導入時點的影響。商用雷射將下滑約20%，主要因終端市場需求走弱，係由全球工業生產放緩所致。基於此，我們預估第四季營業利益率將落在18%至21%之間，稀釋後每股淨利將落在0.70至0.90美元之間。上述預測假設股數約為7,800萬股，其他收益估計為100萬美元；相較前一季的350萬美元較低，原因是整體利率較低，以及我們在短期投資上採取更保守的部位配置。

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

那麼，我把電話交回給 Jim 來開始問答環節。Jim？

Thank you, Wajid. Before turning the call over to the operator to start the question-and-answer session, I would like to ask everyone to keep to one question and one follow-up. This should help us get to everyone before the end of

謝謝你，Wajid。在把電話交給接線員開始問答環節之前，我想請大家每人只問一個問題，並且只追問一次。這應該能幫助我們在

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

我們分配的時間結束前，讓每個人都有機會提問。接線員，我們開始問答環節。

(Operator Instructions) The first question is from Samik Chatterjee with JPMorgan.

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

I appreciate all your comments about the supply chain constraints you're seeing. Just wanted to get more visibility about the aspects of your business where you're seeing demand reductions, which you mentioned a couple of times? And how are you thinking about maybe the recovery of the $90 million of headwinds that you're calling out through these remaining quarters? And I have a follow-up.

我很感謝你們對目前看到的供應鏈限制所做的所有評論。我只是想更清楚了解一下，你們提到過幾次，在業務的哪些部分看到需求下滑？另外，對於你們指出在接下來幾個季度將面臨的 9,000 萬美元逆風，你們如何看待其可能的回補／復原？我還有一個追問。

Sure. Thanks, Samik. Well, so the dynamics of the supply chain are really around ability to get components sourced from both within China as well as, for instance, the Philippines and Malaysia. We believe that, that situation is getting much better, but the first half of this quarter was impacted pretty dramatically. And then secondly, our ability to ramp up our contract manufacturing in Malaysia, and that's happening as well. But the first half of the quarter was dramatically below 100% production. And we believe that in the next couple of weeks, that will be back to close to 100%. I think from our perspective, the demand for datacom chips, telecom, transport and transmission is accelerating. And we believe that as we get back to 100% capacity, and we bring on more capital, which we have placed on order to be able to catch up with this demand, but I think is going to be sustainable, will allow us to grow both datacom, telecom transport and transmission in the first fiscal and second fiscal quarters.

好的。謝謝你，Samik。供應鏈的動態主要在於能否取得元件來源，這些元件既來自中國境內，也來自例如菲律賓與馬來西亞。我們相信情況正在明顯改善，但本季度前半段受到相當劇烈的影響。其次，我們在馬來西亞的委外製造產能爬坡能力也在改善。但本季度前半段的產量明顯低於 100% 的生產水準。我們相信在接下來幾週內，將回到接近 100%。從我們的角度來看，數據通訊晶片、電信、運輸與傳輸的需求正在加速。我們相信，當我們回到 100% 產能，並且導入更多資本設備（我們已下單訂購）以追上這波需求，而我們也認為這個需求具有可持續性，將使我們能在第一個與第二個會計季度同時推動數據通訊、電信運輸與傳輸的成長。

Okay. Got it. And as a follow up, we've seen some of your peers report acceleration in the deployment piece for 5G infrastructure in China. Can you give us a sense if revenues, I think Huawei revenues, you said last quarter was $60 million, if that -- what was the number this quarter that you just reported? And what's embedded in your guide? Are you seeing kind of a similar acceleration as your peers are reporting?

好的。了解。追問一下，我們看到你們的一些同業回報中國 5G 基礎建設部署端出現加速。你能否讓我們了解一下營收情況？我記得你上季說華為營收是 6,000 萬美元，那麼——你們這一季剛公布的數字是多少？以及你們的財測指引中包含了多少？你們是否也看到與同業所回報類似的加速？

Yes. So we are seeing -- certainly, we have very strong datacom chip demand. That has been driven in part by 5G deployments. And this quarter had an incredibly strong bookings, presumably driven by a lot of 5G. Can you remind me the second part of your question?

是的。所以我們確實看到——我們的數據通訊晶片需求非常強勁。其中一部分是由 5G 部署所帶動。而本季度的接單非常強勁，推測有很大一部分是由 5G 驅動。你可以提醒我你問題的第二部分嗎？

What -- I think last quarter, you said Huawei revenues were $60 million. So I was just asking if that's in -- what did you see in terms of trends in the reported quarter? And what's embedded in your guide?

就是——我記得上季你說華為營收是 6,000 萬美元。所以我想問的是，在這個已公布的季度，你看到的趨勢如何？以及你們的指引中包含了多少？

That revenue has declined a bit. We don't provide revenue by customer on a quarterly basis. But you can imagine that is down in the -- down 20% sequentially.

那部分營收略有下降。我們不會按季度提供單一客戶的營收。但你可以想像，按季大約下降了 20%。

The next question is from Rod Hall with Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Rod Hall。

Yes. I just thought I'd go back to the $90 million impact on the guidance and sort of walk through the add up on that. So I would estimate, and I'd like to get clarification on whether this is right or not, but that the 3D sensing impact was about $40 million of that. And then if lasers is down 20%, that's just over 4. So then is it all -- like the rest of it is telecom and datacom revenue you think you would have had, but you don't? Or could you just walk back through that and clarify how that breaks down by the different business units? And then I have a follow-up.

是的。我想回到指引中 9,000 萬美元影響這件事，並把它的加總拆解走一遍。我的估算是——我想確認是否正確——其中 3D 感測的影響大約是 4,000 萬美元。然後如果雷射下滑 20%，那大概是 400 多萬。所以剩下的部分是否全部——例如其餘都是你們原本認為會有、但實際沒有的電信與數據通訊營收？或者你能否再走一遍並釐清，這些影響在不同事業單位之間是如何拆分的？然後我還有一個追問。

Yes. I think -- yes, thanks, Rod. I think in general, from a demand standpoint, you're pretty close. I think 3D sensing we said was going to be down 40% or more. I think the balance of approximately $45 million to $50 million is our ability to supply. And that -- majority of that comes from our inability to ramp our production in Malaysia in the first half of the fiscal -- or yes, first half of the quarter, as well as to secure components. And so we have orders, we have demand. Our customers are having daily phone calls with us as to how we prioritize them, how we get them their product. [But] I'd say north of $50 million is our inability to supply. And we believe that had we not had the pandemic, our capacity would be aligned with that demand, and we would have been able to produce it. So that's where the math comes from.

是的。我想——是的，謝謝你，Rod。整體而言，從需求面來看，你的判斷相當接近。我們說過 3D 感測將下滑 40% 或更多。其餘大約 4,500 萬到 5,000 萬美元，則是我們供應能力的限制。其中大部分來自我們在本會計季度前半段無法在馬來西亞順利拉升產量——以及無法取得元件。因此我們有訂單、也有需求。我們的客戶每天都會與我們通話，討論我們如何排定優先順序、如何把產品交付給他們。[但] 我會說超過 5,000 萬美元是我們無法供應所致。我們相信，如果沒有疫情，我們的產能會與需求對齊，我們本來是能夠生產出來的。所以這就是這個數字的由來。

Okay. Yes, that makes sense. I wanted to go back to this comment on -- that you made in the slide on the potential delay in customer programs. And I know you say it's too early to know. When do you think you will know on 3D sensing, whether programs are delayed? And can you give us any idea on how we should think about seasonality now? Or you just don't know yourselves? I mean, is seasonality likely to shift more into Q4 at this stage, you think? Or just too hard to tell, but mainly I'm interested in when you'll find out.

好的。是的，這很合理。我想回到你在投影片中提到的——關於客戶專案可能延遲的評論。我知道你說現在還太早無法判斷。你認為在 3D 感測方面，你們何時會知道專案是否延遲？另外，你能否給我們一些想法，現在我們應該如何看待季節性？還是你們自己也不知道？我的意思是，就目前階段來看，你覺得季節性是否更可能往第四季移動？或者只是太難判斷，但我主要想知道你們何時會知道。

Yes, Rod, it is really hard to tell. And I think we find out when they tell us. And so I think from that perspective, we are ready. We have the product, a whole new set of chips ready to go and waiting for not just one customer, but multiple customers to tell us when they're ready to ramp those products. And there's a very clear date that they tell us and it's a loud scream that we can hear around the world when they say go. So it's -- there's no time line as to when they do that. It's really more of a make sure we're ready to go. And when they say go, we have to jump high.

是的，Rod，這真的很難判斷。我想我們會在他們告訴我們時才知道。所以從這個角度來看，我們已經準備好了。我們有產品，一整套全新的晶片已準備就緒，正在等待不只一個客戶，而是多個客戶告訴我們他們何時準備好把這些產品拉升量產。他們會告訴我們一個非常明確的日期；當他們說「開始」時，那是一個我們在全世界都能聽到的強烈訊號。所以——他們何時做出這個決定並沒有時間表。更重要的是確保我們隨時準備就緒。而當他們說開始時，我們就必須全力以赴。

Yes. And then just clarifying the Huawei point, you said down 20% quarter-on-quarter or down 20% off that $60 million level. I guess that's for March, right? And then I don't know if you said in the guide what Huawei's impact is, but it would be nice to get that as well. And then that's it for me.

是的。另外再釐清一下華為的部分，你說是季對季下降 20%，或是相較於那個 6,000 萬美元水準下降 20%。我想那是指 3 月吧，對嗎？另外我不確定你在指引裡有沒有提到華為的影響，但也希望能一併說明。我這邊就這樣。

Yes. So I would anticipate it roughly the same level.

是的。所以我預期大致會在相同水準。

So minus 20% on the $60 million?

所以是在 6,000 萬美元的基礎上減少 20%？

Correct.

正確。

Just to be clear, that's a supply constraint number, given the constraints we're having on ability to provide telecom transport for that matter as well as transmission. So certainly, the demand is higher than that.

為了講清楚，那個數字是供應受限的數字，考量到我們在提供電信傳輸（telecom transport）以及傳輸（transmission）方面的供應能力所面臨的限制。所以可以確定的是，實際需求高於那個數字。

The next question is from Alex Henderson with Needham.

下一個問題來自 Needham 的 Alex Henderson。

Great. So I was hoping you could talk a little bit about the competitive circumstances around the 3D environment. Obviously, it's difficult to time when production will ramp up for that. But have you seen any change in dynamics? I think when we talked back in March, you talked about picking up some share because of a competitor's inability to supply. Is that still the case? Or have you seen any change in that dynamic at this point? And do you anticipate the products in the back half to be the more advanced products on a broader set of platforms, therefore continued high share in the back half?

很好。我希望你能談談 3D 環境周邊的競爭態勢。顯然很難掌握那邊何時會開始放量爬坡。但你們有看到任何動態上的變化嗎？我記得我們在 3 月談的時候，你提到因為競爭對手供應不足，你們拿到了一些市占。現在還是這樣嗎？或者你們目前看到那個態勢有任何改變嗎？另外你是否預期下半年產品會是在更廣泛的平台上推出更先進的產品，因此下半年仍能維持高市占？

Yes. Thanks, Alex. I'd say that it's hard to say exactly what's going on with our competitor. I think our focus is making sure we have the mind share with our customer as they roll out new products. And so I'd say that the product we talked about in the script, the world-facing LiDAR application. We have an extremely high share of that. We expect to continue to keep that,, as well as any new chips as they use us as more their development arm and priority moving forward. And I think you're right, I think the technology advancements on these new chips makes it not as easy to catch up as fast. And so after 3 years, I think that our competitors are getting it, but now we're moving to the next one.

是的。謝謝你，Alex。我想很難確切說我們競爭對手到底發生了什麼。我認為我們的重點是，確保在客戶推出新產品時，我們在客戶心中占有優先位置（mind share）。所以我會說，我們在講稿裡提到的那個產品，也就是面向外界（world-facing）的 LiDAR 應用。我們在那個領域有極高的市占。我們預期會持續維持這個狀態，同時也包括任何新晶片，因為客戶在未來會更把我們當作他們的開發夥伴並優先採用。而且我想你說得對，這些新晶片的技術進步，使得要快速追上並不容易。所以在 3 年之後，我認為競爭對手逐漸跟上了，但我們現在又往下一代前進。

And then just one more question on the operating lines. Clearly, there are some cost benefits to not doing as much travel and the like. And some of that is probably going to be impacting the June quarter. Given what you're saying about your operating margins, can you talk about what's going on with the OpEx on a more sustainable basis? Are you also trimming back some costs there? Any guidance on whether there's additional synergies on the R&D would be helpful particularly.

另外再問一個關於營運費用（operating lines）的問題。很明顯，像是減少出差等會帶來一些成本效益。其中一部分可能會影響到 6 月季度。基於你對營業利益率的說法，你能談談在更可持續的基礎上，OpEx 的狀況是怎麼樣嗎？你們是否也在那邊削減一些成本？另外，若能提供是否在研發（R&D）方面還有額外綜效的指引，會特別有幫助。

Yes, Alex, I'll take that. It's Wajid. So on the travel, the way to think about kind of travel reductions quarter-to-quarter. Moving from fiscal Q3 to Q4, we should probably think about it in the $2 million to $3 million range moving from 1 quarter to the next. Our expectation is that there will be some travel that starts up again as June rolls around. There certainly is an itch from our sales team as well as our operations team to get back into normal, especially with the number of capital deployments that Alan talked about in his script that we've got going on specifically at our U.K. facility as well as Caswell. So we do need to have our teams start moving around like that. But I think you should think about it from a $2 million to $3 million a quarter standpoint. As far as kind of reducing R&D at an overall level just because of what we're looking at as a COVID-19 issue, that's not occurring. We're continuing to invest. You can take a look at our careers website on lumentum.com. We're actively hiring across multiple functions, specifically in R&D. Our direct labor hires in the U.K. over the next year will probably increase a couple of hundred folks just to ramp up with our transmission products. And so right now, we're just trying to figure out how do we get everybody trained and everybody going. So we're certainly in the mode of leaning in as far as additional targeted hires to support our R&D programs. And I would like to mention, they are targeted hires, so it's not across the board, but we're certainly leaning in from that standpoint because our objective is to stay ahead of the competition as we've done in most of our markets, if not all. And so that's the mindset of the management team. But yes, you'll see some benefits in OpEx just because of travel delays and things of that nature.

好的，Alex，我來回答。我是 Wajid。關於差旅，思考差旅費用季對季的下降方式是這樣。從會計年度第 3 季到第 4 季，我們大概可以把它想成每季到下一季減少約 200 萬到 300 萬美元的幅度。我們預期隨著 6 月到來，會有一些差旅重新開始。我們的業務團隊以及營運團隊確實也很想回到正常狀態，尤其是 Alan 在講稿中提到的多項資本部署，我們正在進行，特別是在英國廠以及 Caswell。因此我們確實需要讓團隊開始像那樣移動與出差。但我認為你可以用每季 200 萬到 300 萬美元的角度來看。至於因為我們把 COVID-19 視為一個議題，而在整體層面削減研發支出，這件事並沒有發生。我們持續投資。你可以看看我們在 lumentum.com 的徵才網站。我們正在多個職能積極招募，特別是在研發。我們在英國未來一年直接勞動力的招募，可能會增加數百人，以配合我們傳輸產品的擴產爬坡。所以目前我們正在思考的是，如何讓所有人完成訓練並投入運作。因此在支援研發計畫方面，我們確實採取更積極的作法，進行額外的、具針對性的招募。我也想補充，這些是針對性的招募，並非全面性擴編，但從這個角度來看我們確實更積極投入，因為我們的目標是像過去在大多數（如果不是全部）市場那樣，持續領先競爭對手。這就是管理團隊的思維。不過是的，你會看到 OpEx 因為差旅延後等因素而帶來一些好處。

The next question is from Tom O'Malley with Barclays.

下一個問題來自 Barclays 的 Tom O'Malley。

I just wanted to talk a little longer-term on the operating model as well. Clearly, you guys have described some manufacturing that you think is picking back up in the next couple of weeks in Malaysia. Can you talk about, at the midpoint of your guidance, when are you assuming that Malaysia is back to 100%? And then within your own factories, how long does the operating margin pressure kind of exist? Is this something that likely lingers into the following quarters? Or are you able to get these things corrected in the next couple of weeks?

我也想從更長期的角度談談營運模型。很明顯，你們提到在馬來西亞的一些製造作業，你們認為會在接下來幾週開始恢復。能否談談，在你們指引的中位數假設下，你們是預期馬來西亞何時回到 100%？另外在你們自有工廠內部，營業利益率的壓力大概會持續多久？這是否可能延續到後續幾個季度？或者你們能在接下來幾週內把這些問題修正到位？

Well, I think we've gotten the go-ahead to bring back all the employees in Malaysia. So that's happening now. We expect that, that will take another week and then we have the cycle time of the product coming through. So I'd say within the next 2 to 3 weeks, we should be close to 100%. But keep in mind that there are social distancing limitations that won't get us all the way back with the current headcount. So we're hiring, we're adding capital. But I think that by the end of May, we should be back close to where we were in February. I'd say that the other areas of focus are, as Wajid talked about, our U.K. fab and our Japan fab, there is just so much demand that we need to be able to get more wafers out and improve the yields and drive the cost and things like that. And that's really what we're focused on. So I would say that I don't have a crystal ball as to when this whole pandemic will end. But I'd say that we probably, as we enter into July and August, we should be back to near-normal from what I can tell.

嗯，我想我們已經獲准讓馬來西亞的所有員工回到工作崗位。所以這件事正在進行中。我們預期這還需要再一週，接著還有產品流經製程的週期時間（cycle time）。所以我會說在接下來 2 到 3 週內，我們應該會接近 100%。但請記得，社交距離的限制會讓我們在目前的人力編制下無法完全回到原狀。所以我們正在招募、也在增加資本投入。但我認為到 5 月底，我們應該會回到接近 2 月時的水準。我會說其他的重點領域是，如同 Wajid 提到的，我們的英國晶圓廠以及日本晶圓廠，需求非常強勁，我們需要能夠產出更多晶圓、提升良率、降低成本等等。這就是我們真正聚焦的方向。所以我會說，我沒有水晶球可以預測這整個疫情何時結束。但就我所見，當我們進入 7 月與 8 月時，應該會回到接近正常的狀態。

Great. And then the second one is just about largest customers. Your team just came out. It looks like there's 2 customers that represented about 37% of revenue. Could you tell us how big your largest customer was? And it looks as though it's down pretty heavily into June. I am just looking at the supply chain, it's down as well. But can you talk about just the share there? You obviously talked about a world-facing sensor, but are your existing sensors, particularly in the front facing, is share maintaining? Or is that just a broader unit depression?

很好。接著第二個問題是關於最大客戶。你們團隊剛發布了資料。看起來有兩位客戶合計約占營收的37%。能否告訴我們你們最大客戶的規模有多大？而且看起來到6月為止下滑得相當明顯。我只是看供應鏈數據，也同樣在下滑。但你能談談那邊的占比情況嗎？你顯然談到了面向全球的感測器，但你們既有的感測器，特別是前置（front-facing）那一塊，占比是否仍在維持？還是那只是更廣泛的出貨量下滑所致？

Yes. So our -- oh, go ahead, Alan.

是的。所以我們——噢，你先說，Alan。

No. Go ahead. Go ahead, Chris.

不。你先。你先說，Chris。

I was going to say, our largest customer is running north of $90 million a quarter. I don't want to get any more precise than that, and I'll hand it to Alan to talk about share.

我本來要說，我們最大客戶每季營收超過9,000萬美元。我不想再更精確了，接著我把問題交給Alan來談占比。

No, I think we're comfortable with our share on that customer. And I think that, as I've said before, our focus is on making sure that we enable the next generation of products. And that we go back to the kind of share we had 3 years ago and over the last couple of years. So that's kind of our focus, and we expect it to do quite well as the next generation of products come out.

不，我想我們對於在該客戶的市占率是有信心的。而且我想，如同我之前說過的，我們的重點是確保我們能夠支援下一代產品。並且讓我們回到三年前以及過去幾年那種市占水準。所以這就是我們的重點，我們預期隨著下一代產品推出，表現會相當不錯。

The next question is from Meta Marshall with Morgan Stanley.

下一個問題來自Morgan Stanley的Meta Marshall。

Great. I just wanted to dive into kind of the China base revenue, just with the tenders being granted or a number of the tenders kind of being granted over the past couple of weeks. Can you just give a sense of how that should flow through to your revenue or demand or pipeline? Or how many of your kind of past orders do you estimate have been kind of getting ready for some of those tenders? And then maybe just on the datacom chip side, should we consider that, that's all kind of coming from one customer? Or is there a growing set of customers for those chipsets?

很好。我想深入了解一下中國基礎（China base）營收，尤其是過去幾週有一些標案（tenders）已授標或陸續授標。你能否說明這些情況會如何反映到你們的營收、需求或管線（pipeline）？或者你們估計過去的訂單中，有多少其實是在為其中一些標案做準備？另外在資料通訊（datacom）晶片方面，我們是否應該認為那全部都來自單一客戶？還是那些晶片組的客戶群正在擴大？

Well, I'll answer the second one first because that's easy. That if you look at the datacom customer base 1.5 years ago when the acquisition completed, it was very concentrated on one lead customer. I'd say that now it's extremely diverse. We're seeing, as we exited the module business, customers came to us because we were no longer a threat to compete with them. And so we've seen a broadening of our customer base, and we've seen a growing set of customers coming to us especially on -- well, existing products, but with our technology development on the products I talked about in the script. And also on our VCSELs, we've seen really a rapid acceleration of customer base growth there. As far as China, there is a lot of activity today. I am on calls and escalations with many of our Chinese customers to be able to supply what they need, and that ranges from datacom chips to high-end ROADMs, high-port count ROADMs, MxN ROADMs as well as transmission products. And so I'd say that the demand is real. Product is being deployed. It's not being stockpiled from what we can tell because I think that the second half of the calendar year, there's going to be a major deployment in China. So getting ready for that.

嗯，我先回答第二個，因為比較簡單。如果你回頭看1.5年前、也就是併購完成時的資料通訊客戶基礎，當時高度集中在一個主要客戶。我會說現在已經非常多元。我們退出模組（module）業務後，客戶反而來找我們，因為我們不再對他們構成競爭威脅。因此我們看到客戶基礎擴大，也看到越來越多客戶來找我們，尤其是在——嗯，既有產品上，以及我在講稿中提到的那些產品技術開發上。另外在我們的VCSEL方面，我們也看到客戶基礎成長真的快速加速。至於中國，目前活動非常熱絡。我正在與許多中國客戶通話並處理升級（escalations），以便供應他們所需，範圍從資料通訊晶片到高階ROADM、高埠數ROADM、MxN ROADM，以及傳輸產品。所以我會說需求是真實存在的。產品正在部署。就我們所能判斷，並沒有在囤貨，因為我認為在曆年下半年，中國將會有一波重大部署。所以現在是在為此做準備。

The next question is from John Marchetti with Stifel.

下一個問題來自Stifel的John Marchetti。

I just wanted to follow up on your last comment there, where you're talking about some major deployments scheduled for the second half of the year. With some of the renewed noise around additional China sanctions and some things like that [way]. Do you envision if something were to come down that you'd have to halt like you did in May of last year or do you think that with what you learned there that you'd be able to continue to supply into China if tensions between the U.S. and some of those OEMs continues to escalate?

我想追問你剛才最後的評論，你提到下半年排定了一些重大部署。在近期又出現一些關於新增中國制裁的雜音，以及類似的事情[way]。你是否認為如果真的有新規定落地，你們會像去年5月那樣必須暫停供貨？還是你認為基於那次的經驗，即使美國與部分OEM之間的緊張情勢持續升高，你們仍能繼續對中國供貨？

Well, I mean, I think it's hard to speculate on what ruling or if a ruling comes down, we will certainly abide by any laws and restrictions but it really comes down to what is that. I think as we look today, the de minimis rule limits very little of what we could have shipped. And so from that perspective, depending on what changes happen, if that limit changes to a lower number, I think we're probably okay. If it changes to 0, then that's a different matter. So it's hard to speculate, but of course, we're going to abide by the laws and make sure that we figure out how to support our customers, but at the same time, also do the right thing.

嗯，我的意思是，很難去推測會是什麼裁定，或是否會有裁定落地；若真的有，我們當然會遵守所有法律與限制，但關鍵還是在於內容是什麼。以目前來看，de minimis規則對我們可出貨的限制其實很少。所以從這個角度，如果門檻改成更低的數字，我想我們大概還可以。如果改成0，那就是另一回事了。因此很難推測，但我們當然會遵守法律，並確保我們想辦法支援客戶，同時也做正確的事。

And then maybe just as a follow-up to some of this. If you had been able to secure supply and ship as normal, do you think that the book-to-bill in the telecom and datacom segment would still have been above 1? Just trying to get a sense of what that underlying sort of demand trend looks like if you had been able to meet that demand in the quarter?

另外，或許作為上述內容的追問。如果你們當時能夠確保供應並照常出貨，你認為電信與資料通訊部門的接單出貨比（book-to-bill）仍會高於1嗎？我只是想了解，如果你們在該季能滿足需求，底層的需求趨勢大概會是什麼樣子？

Well, clearly, if we've been able to ship more, the book-to-bill would have been lower because the billings would have been higher. So I don't think there's a lot of artificial bookings or double bookings, but we'll see when we add capacity. I think we've got a long haul to get back to more equilibrium between our ability to supply what the customers need and what they're deploying in the field. So I think in our telecom datacom business, there are fundamental underlying reasons for growth in that business. And I said in the script, we're creating video minutes on how we do business. And I think that is part of the new normal. So bandwidth requirements are continuing to grow, and I don't see an end in sight for that.

嗯，很明顯地，如果我們能出貨更多，接單出貨比就會更低，因為出貨（billings）會更高。所以我不認為存在很多人為的下單或重複下單，但等我們增加產能後就會看得更清楚。我認為要回到供應能力與客戶需求、以及他們在現場部署之間更均衡的狀態，還有很長一段路要走。所以我認為在我們的電信與資料通訊業務中，確實存在推動該業務成長的基本面原因。我在講稿裡也提到，我們正在用影片分鐘數來衡量我們如何做生意。我認為那是新常態的一部分。因此頻寬需求仍在持續成長，我看不到它會停止的跡象。

The next question is from George Notter with Jefferies.

下一個問題來自Jefferies的George Notter。

I guess I wanted to ask about any views you guys might have on the long-term structure of the market competitively as we think about this COVID-19 experience and you think about maybe some of the smaller competitors in the space, do you see this whole experience driving consolidation? Does it impact their ability to drive innovation, like [do you see] market share changes? Like how do you think the bigger picture changes longer-term on share?

我想我想問的是，當我們回顧這次 COVID-19 的經驗、並思考市場長期的競爭結構時，你們對此有什麼看法？你們是否看到這整段經歷會推動產業整併？它會影響他們推動創新的能力嗎，例如[你們是否看到]市占率的變化？從更宏觀的角度來看，你們認為長期在市占方面會如何改變？

Yes. I mean, it's hard to speculate how it sorts its way out. I think, as Wajid highlighted, having a strong financial business model with a very strong balance sheet allows us to lean in and invest, and that's what we're doing. We are hiring R&D. We're investing. We intend to come out of this even -- with even better product differentiation than we went in. So I think it's going to be very hard for the small guys to keep up, but we'll see. I think there'll be opportunities. But I'd say that also over the last 3 years, there's been a lot of consolidation. And so the market landscape is in a pretty healthy position today. So we'll see what happens. But our focus is satisfying our customers, investing in new products and technology and differentiation so that when we come out of the other end, we are even better positioned.

是的。我的意思是，很難推測最後會如何發展。我認為，正如 Wajid 強調的，擁有強健的財務商業模式與非常強的資產負債表，讓我們能夠加大投入並進行投資，而這正是我們正在做的。我們正在招募研發人員。我們正在投資。我們打算在走出這段期間時，擁有比進入之前更好的產品差異化。所以我認為，小型業者將很難跟上，但我們拭目以待。我認為會有一些機會。但我也想說，在過去 3 年裡，已經出現了大量整併。因此，今天的市場版圖處於相當健康的狀態。所以我們看看會發生什麼。但我們的重點是滿足客戶需求、投資新產品與技術並強化差異化，讓我們在走到另一端時，能處於更有利的位置。

The next question is from Simon Leopold with Raymond James.

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

Great. A couple of things I wanted to ask. One was, Alan, in talking about the $90 million, you talked about over $50 million being supply chain related. So that implies less than $40 million being demand related. Could you maybe unpack that a bit between 3D and industrial or commercial lasers -- the commercial lasers and help us understand what you think about for the prospect for recovery, particularly given that some of the end markets like auto manufacturing seem like they're struggling to turn up factories, et cetera. Just your outlook on the demand aspect of the COVID-19 guidance?

很好。我有幾點想問。第一個是，Alan，在談到那 9,000 萬美元時，你提到超過 5,000 萬美元與供應鏈相關。這表示與需求相關的不到 4,000 萬美元。你能否在 3D 與工業或商用雷射——也就是商用雷射——之間再拆解說明一下，幫助我們理解你對復甦前景的看法？特別是考量到一些終端市場（例如汽車製造）似乎正努力讓工廠重新開工等等。你對 COVID-19 指引中「需求面」的展望是什麼？

Sure, sure. I think just to note, we said more than $90 million. So we expect that between the supply and demand, we probably could have done more than $90 million in Q4. So yes, you're right. It's probably north of $50 million of supply [in] our ability to ramp up, mainly the Malaysian operations. So that's really impacting our Q4 but the prospects for recovery, I'd say you're right. I mean on the lasers business, we think it's several quarters until the global manufacturing infrastructure comes back to normal. So I think we're at a new lower level for lasers, probably through the calendar year. Again, I don't have a crystal ball. And then 3D sensing, it's really hard to tell. I mean, our focus is making sure we're there for our customer when they need us, especially on the new products. But it's hard to know with the levels of unemployment, are people going to go out and buy high-end phones or when they'll do that. I think fundamentally, people will come back and continue to buy, consumers tend to be resilient. So it's really more difficult to project that one. But I'd say on telecom datacom, I'm not losing a lot of sleep on worrying about whether or not there's demand there.

當然，當然。我想先說明一下，我們說的是超過 9,000 萬美元。所以我們預期在供給與需求兩方面加總下，我們在第四季原本可能可以做到超過 9,000 萬美元。所以是的，你說得對。供給端可能超過 5,000 萬美元，主要是我們提升產能的能力，尤其是馬來西亞的營運。所以這確實影響了我們第四季；至於復甦前景，我會說你講得沒錯。我的意思是，在雷射業務方面，我們認為全球製造基礎設施回到正常，可能需要好幾個季度。所以我認為雷射業務會處在一個新的較低水準，可能會持續到整個曆年。再次強調，我沒有水晶球。至於 3D 感測，真的很難判斷。我的意思是，我們的重點是確保當客戶需要我們時，我們能在那裡，尤其是在新產品方面。但在失業率這麼高的情況下，人們是否會外出購買高階手機、或何時會購買，這很難知道。我認為從根本上來說，人們會回來並持續購買，消費者通常具有韌性。所以那一塊更難預測。但我會說，在電信與資料通訊方面，我不太會為了是否有需求而睡不著覺。

Okay. And just as a follow-up, I wanted to get your thoughts on Lumentum's prospects and what you think your role would be in the emerging market for ZR modules?

好的。另外作為追問，我想聽聽你對 Lumentum 前景的看法，以及你認為在新興的 ZR 模組市場中，你們會扮演什麼角色？

Simon, this is Chris. Yes. So certainly, we -- one of our motivations when we acquired Oclaro was to get the industry-leading indium phosphide component and module capabilities, and we continue to invest strongly in that capability and are developing those products as well as a whole wide range of DCO modules that, whether they be 100 gig, 200 gig, 400-gig and eventually above and underlying supporting components for those customers who either build modules or line cards themselves. We expect that the market for 400-gig and at the module level, will start ramping up probably later this calendar year, so that could be much more meaningful in the following years, but it's an exciting market for us, and we think we're very well positioned with our indium phosphide technology.

Simon，我是 Chris。是的。所以當然，我們——我們收購 Oclaro 的其中一個動機，是取得業界領先的磷化銦元件與模組能力；我們也持續大力投資這項能力，並在開發這些產品，同時也在開發一整系列的 DCO 模組，不論是 100G、200G、400G，最終還會更高，以及支援這些產品的底層關鍵元件，提供給那些自行製作模組或線卡的客戶。我們預期 400G 的市場、以及模組層級的需求，可能會在今年稍晚開始放量，因此在接下來幾年可能會更具意義；但這對我們而言是個令人振奮的市場，我們也認為憑藉磷化銦技術，我們的布局非常到位。

The next question is from Tim Savageaux with Northland Capital Management.

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

Question over on the telecom datacom side. I think you'd referenced a continuation of strong booking trends into the June quarter, fiscal Q4. I wonder if we can get any more color on that, whether you've seen an acceleration and expect, given the supply constraints of book-to-bill and kind of similar or backlog build, of similar levels. And as you see those orders materialize, are you able to discern drivers, namely capacity additions driven by network traffic growth kind of in the U.S. and EMEA versus what appears to be pretty strong 5G-driven growth in China?

問題是關於電信與資料通訊這一塊。我想你們提到強勁的接單趨勢延續到 6 月季度，也就是會計年度第四季。我想知道能否再多提供一些細節：你們是否看到接單加速？在供應受限的情況下，book-to-bill（接單出貨比）以及類似的、或積壓訂單（backlog）累積，是否會維持在相近水準？另外，當你們看到這些訂單逐步落實時，是否能辨識其驅動因素：例如美國與 EMEA 因網路流量成長而帶動的擴產，對比中國看起來相當強勁、由 5G 驅動的成長？

Yes. So we saw a continuation of the strong bookings in telecom datacom. It didn't change our ability to supply, that's for sure. But I do think the fundamental drivers are North America bandwidth, hyperscale kinds of deployments as well as connecting all of the people working from home and the use of virtual collaboration tools and things like that. I'd say that 5G in China is back and rolling. And so building out both the fronthaul and backhaul part of that network as well as the regional metro networks with ROADMs and transmission products is happening. So I think from that perspective, I don't see a slowdown. And I see more of a pent-up lack of deployments over the last -- the first calendar quarter in China that's now starting to ramp-up in a meaningful way.

是的。所以我們看到電信與資料通訊的強勁接單持續。這當然沒有改變我們的供應能力。但我確實認為，根本驅動因素是北美的頻寬需求、超大規模（hyperscale）類型的部署，以及把所有在家工作的人連上網，還有使用虛擬協作工具等。我會說，中國的 5G 已經恢復並持續推進。因此，該網路的前傳（fronthaul）與回傳（backhaul）建設，以及以 ROADM 與傳輸產品建置的區域都會/城域網路，都正在進行。所以從這個角度來看，我沒有看到放緩。我看到的反而是：中國在今年第一個曆季部署不足所累積的需求，現在正開始以相當明顯的方式加速。

And just to follow up quickly. You mentioned $100 million backlog in transmission. I don't know if you expect that to grow at all or whether that was current or exiting fiscal Q3 and the expectation is that, that's likely to ship in the calendar second half?

再快速追問一下。你提到傳輸業務有 1 億美元的積壓訂單。我不確定你是否預期它還會成長，或者那是會計年度第三季當期或期末的水準；而你們的預期是，這些可能會在下半年出貨？

Yes. So sorry, I wasn't clear. The $100 million backlog in transmission is backlog we have today that will not be satisfied by the end of June. So we're going to satisfy a lot of the backlog we have today, but this won't be satisfied. So if you look back on our historic transmission business, it's usually $100 million to $120 million a quarter and growing. And with some of the discontinued products that kind of ebbs and flows, but -- so we have strong backlog. We're continuing to get bookings. And so we're going to end the fiscal year with a very strong backlog, is my projection.

是的。很抱歉，我剛才沒有講清楚。傳輸業務中那1億美元的積壓訂單，是指我們目前已有、到6月底仍無法滿足的積壓。所以我們會消化目前積壓中的很大一部分，但這一部分仍無法在那之前滿足。如果回顧我們歷史上的傳輸業務，通常每季約1億到1.2億美元，而且還在成長。再加上一些已停產產品的影響，會有些起伏，但——總之我們的積壓訂單很強勁。我們也持續取得訂單。因此，我的預估是，我們將以非常強勁的積壓訂單結束本財年。

The next question is from Christopher Rolland with Susquehanna International.

下一個問題來自Susquehanna International的Christopher Rolland。

On a prior question that you discussed, you've talked about sets of LiDAR world-facing product ready to go. I guess my question is, has this passed the full qualification process at your customer? And then secondly, just regarding a date, and I know it's difficult, I know you guys are waiting, but isn't there some kind of drop-dead date in which you need to implement and plan for capacity to ultimately satiate that order?

針對你們先前討論的一個問題，你們提到有一系列面向外界（world-facing）的LiDAR產品已準備就緒。我想問的是，這是否已在你們客戶端通過完整的資格認證流程？第二個問題是關於時程，我知道這很困難，也知道你們在等待，但是否存在某種最後期限（drop-dead date），你們必須在那之前導入並規劃產能，才能最終滿足那筆訂單？

Well, I mean, we said we were ramping production of the world-facing LiDAR product in Q3. You don't ramp unless you're qualified. And so product announcements have been made with this product in it. So it's being sold out to consumers. So I think that the -- we're off and running on that one and we will continue to ramp. As far as a drop-dead date is concerned, we are readying inventory at the right positions. There's not a -- our customer and -- our main customer and our sales team and product team is very well aligned on when we need to go based on their schedule. So I'm not so worried about a drop-dead date from that perspective. We'll be ready. And I think we're in a great position relative to our competitors.

嗯，我的意思是，我們說過在第三季（Q3）正在提升面向外界的LiDAR產品產量。如果沒有通過認證，你不會去爬坡量產。而且已經有產品發表把這個產品納入其中。所以它已經在對消費者銷售。因此我認為——我們在這個項目上已經啟動並在運行，並且會持續拉升產量。至於所謂的最後期限，我們正在在適當的位置準備庫存。並沒有——我們的客戶——我們的主要客戶，以及我們的銷售團隊和產品團隊，對於需要依照他們時程推進的時間點都非常一致。所以從這個角度來看，我不太擔心所謂的最後期限。我們會準備好。而且我認為相較於競爭對手，我們處於非常有利的位置。

Our final question is from Richard Shannon with Craig-Hallum.

我們最後一個問題來自Craig-Hallum的Richard Shannon。

I just have one to finish up here, again, on 3D sensing. You've talked -- a lot of the answers on that topic, I think, have been aimed largely at your big customer. Maybe, Alan, if you could talk about the impact on your, kind of your Android customers impact from COVID here in terms of time frame and as well as even implementation of either front-facing or more specifically, world-facing?

我這裡只有一個收尾問題，還是關於3D感測。你們談到——我認為在這個主題上的許多回答，主要是針對你們的大客戶。也許Alan，你能否談談COVID對你們Android客戶的影響，包含時程方面，以及前置（front-facing）或更具體地說，面向外界（world-facing）的導入情況？

Richard, this is Chris. So Android business in the quarter was a bit rough. As you can imagine, smartphone production in China was down quite a bit. So we saw the Android revenues slow considerably quarter-on-quarter. With that said, our design in activity and product positioning with Android customers is good and continuing to improve as we have a broad range of products for front and world-facing that satisfy the Android customer needs. And that's one of the advantages of the scale that we have in the business is our -- in a sense, R&D capacity to be able to customize and develop products for all of the customers in the Android space in addition to our largest customer. So we anticipate the Android -- from a design in standpoint, to continue to progress to a broader set of models and higher volume products. I think, as Alan highlighted, it's a little difficult to handicap the overall smartphone volumes in the world over the coming year, given some macro challenges which could impact consumer demand, but we feel pretty good about both the broadening of 3D sensing in the Android space and our position in supplying those products.

Richard，我是Chris。本季Android業務有點艱難。如你所想像，中國的智慧型手機產量大幅下滑。因此我們看到Android營收較上一季明顯放緩。不過，我們在Android客戶端的design-in活動與產品定位表現良好，且持續改善，因為我們有涵蓋前置與面向外界的廣泛產品組合，能滿足Android客戶需求。而我們在這項業務的規模優勢之一，就是——某種意義上——我們的研發產能，能夠在服務最大客戶之外，也為Android領域的所有客戶進行客製化並開發產品。因此，從design-in的角度來看，我們預期Android將持續推進到更廣泛的機型組合以及更高出貨量的產品。我認為，正如Alan所強調的，鑑於一些可能影響消費需求的總體環境挑戰，要去精準評估未來一年全球智慧型手機的整體出貨量有些困難，但我們對於Android領域3D感測的擴大導入，以及我們在供應這些產品上的地位，仍相當有信心。

That concludes the question-and-answer session, and I will turn the call to Mr. Fanucchi for any closing remarks.

問答環節到此結束，我將把電話交給Fanucchi先生作結語。

Great. Thank you so much. This concludes our call for today. We would like to thank everyone for attending, and we look forward to talking with you again in another few months. Have a good day.

很好。非常感謝。今天的電話會議到此結束。我們要感謝各位的參與，也期待在幾個月後再次與各位交流。祝各位有美好的一天。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.

各位女士、先生，今天的電話會議到此結束。您現在可以掛線。謝謝。