Lumentum Holdings Inc (LITE) 2015 Q4 法說會逐字稿

Good day, ladies and gentlemen and welcome to the Lumentum Q1 Outlook Conference Call.

女士們、先生們，大家好，歡迎參加 Lumentum Q1 展望電話會議。

(Operator Instructions). As a reminder this conference is being recorded.

（操作員指令）。提醒一下，本次會議正在錄製中。

I would now like to introduce your host for today's conference, Mr. Chris Coldren, vice-president of Strategy and Corporate Development.

現在，我想介紹今天會議的主持人、策略與企業發展副總裁克里斯·科爾德倫先生。

Sir, please begin.

先生，請開始。

Thank you, Operator. Welcome to Lumentum's first conference call as an independent public company. My name is Chris Coldren, Vice-President of Strategy and Corporate Development. Joining me on today's call are Alan Lowe, President and Chief Executive Officer, and Aaron Tachibana, Chief Financial Officer.

謝謝您，接線生。歡迎參加 Lumentum 作為獨立上市公司的首次電話會議。我叫克里斯‧科爾德倫 (Chris Coldren)，是策略與企業發展副總裁。參加今天電話會議的還有總裁兼執行長 Alan Lowe 和財務長 Aaron Tachibana。

Today we will be discussing our business outlook for the first quarter of our Fiscal 2016. We are not able to provide specific commentary about our fourth quarter, or full year Fiscal 2015 results, because the Lumentum standalone GAAP financials are not yet finalized.

今天我們將討論 2016 財年第一季的業務展望。我們無法對 2015 財年第四季或全年業績提供具體評論，因為 Lumentum 獨立 GAAP 財務數據尚未最終確定。

Earlier today JDSU, newly-renamed Viavi Solutions reported results for their fourth quarter and full Fiscal Year 2015, which included results for the product lines that have contributed to Lumentum in the spin-off.

今天早些時候，JDSU（新更名為 Viavi Solutions）公佈了其 2015 財年第四季度和全年業績，其中包括在分拆中對 Lumentum 做出貢獻的產品線的業績。

Please note that our separation from JDSU was completed and we became an independent public company on August 1st, 2015, five weeks into the first quarter of Fiscal 2016 which influences the type of projections we are providing.

請注意，我們與 JDSU 的分離已完成，我們於 2015 年 8 月 1 日（2016 財年第一季開始五週後）成為一家獨立上市公司，這影響了我們提供的預測類型。

This call will include forward looking statements, including statements regarding Lumentum's expected financial performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations.

本次電話會議將包括前瞻性陳述，包括有關 Lumentum 預期財務表現的陳述。這些聲明受風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。

Because projections for the first quarter of our Fiscal 2016 include a period when we were operating as a part of JDSU and not a standalone company, these projections are estimates only and may not be indicative of our past or future performance. We encourage you to review our filings with the SEC, particularly the risk factors described in our Form 10.

由於我們對 2016 財年第一季的預測包括我們作為 JDSU 的一部分而非獨立公司運營的時期，因此這些預測僅為估計值，可能無法表明我們過去或未來的表現。我們鼓勵您查看我們向美國證券交易委員會提交的文件，特別是我們的 10 號表中所述的風險因素。

The forward looking statements, including projections we provide during this call are based on our reasonable beliefs and expectations as of today. Lumentum undertakes no obligation to update these statements except as required by applicable law.

前瞻性陳述，包括我們在本次電話會議中提供的預測，均基於我們今天的合理信念和預期。除非適用法律要求，否則 Lumentum 不承擔更新這些聲明的義務。

Please also note, unless otherwise stated, all projections are non-GAAP. Our press release, with our first quarter Fiscal 2016 projection, is available on our website www.lumentum.com, under the investors section, and includes additional commentary about our non-GAAP financial measures. Our website also has our latest SEC filings which we encourage you to review.

另請注意，除非另有說明，所有預測均為非 GAAP。我們的新聞稿包含 2016 財年第一季的預測，可在我們的網站 www.lumentum.com 的投資者部分查閱，其中還包括有關我們的非 GAAP 財務指標的補充評論。我們的網站還提供我們最新的 SEC 文件，我們鼓勵您查看。

Finally, a recording of today's call will be available by 6:00 PM, Pacific Time this evening on our website.

最後，今天的電話會議錄音將於今晚太平洋時間下午 6:00 之前在我們的網站上提供。

Now, I would like to turn the call over to Aaron.

現在，我想把電話交給 Aaron。

Thank you, Chris. Lumentum made its debut as an independent public company on August 1st, 2015, and began regularly trading on the NASDAQ stock market on August 4th.

謝謝你，克里斯。Lumentum於2015年8月1日作為獨立上市公司首次亮相，並於8月4日開始在納斯達克股票市場定期交易。

Our team is excited about the opportunities in front of Lumentum in the optical communications, commercial lasers and the emerging 3D sensing markets. And we look forward to sharing our progress during future earnings calls.

我們的團隊對 Lumentum 在光通訊、商用雷射和新興 3D 感測市場面臨的機會感到非常興奮。我們期待在未來的財報電話會議上分享我們的進展。

Now on to our business outlook, first quarter Fiscal 2016. We project net revenue for the entirety of the first quarter to be in the range of $205 million to $215 million, including approximately $3 million of WaveReady revenue.

現在來談談我們對 2016 財年第一季業務的展望。我們預計第一季的淨收入將在 2.05 億美元至 2.15 億美元之間，其中包括約 300 萬美元的 WaveReady 收入。

As Chris noted earlier, Lumentum separated from JDSU five weeks into the first quarter. Because the first quarter will include a mixture of pre-spinoff allocated costs from JDSU and Lumentum standalone costs, the financial results for the first quarter will not be indicative of Lumentum's standalone performance.

正如克里斯之前提到的，Lumentum 在第一季開始五週後就與 JDSU 分離了。由於第一季將包括 JDSU 分拆前分配的成本和 Lumentum 獨立成本，因此第一季的財務結果將不能反映 Lumentum 的獨立表現。

As such, we're not providing first quarter standalone projections for non-GAAP operating margin or earnings per share. However, for the purposes of evaluating trends versus pre-spinoff time periods, if Lumentum had remained a business segment of JDSU with similar cost allocation methodologies as used in determining JDSU's historical non-GAAP segment operating margin for CCOP we project non-GAAP segment operating margin for the first quarter would be in the range of approximately 9.5% to 11.5%.

因此，我們不會提供第一季非 GAAP 營業利潤率或每股盈餘的獨立預測。然而，為了評估與分拆前時期相比的趨勢，如果 Lumentum 仍然是 JDSU 的一個業務部門，並採用與確定 JDSU 的 CCOP 歷史非 GAAP 部門營業利潤率類似的成本分配方法，我們預計第一季度非 GAAP 部門營業利潤率將在約 9.5% 至 11.5% 的範圍內。

Continue to expect to incur additional costs including separation and transitional costs of approximately 3.5% to 4.5% of non-GAAP net revenue for operating as a standalone public company relative to operating as a business segment of JDSU.

作為獨立上市公司運營相對於作為 JDSU 的一個業務部門運營，預計仍將產生額外成本，包括分離和過渡成本，約佔非 GAAP 淨收入的 3.5% 至 4.5%。

As we have not finalized our standalone GAAP financials for our most recent time period, the fourth quarter of Fiscal 2015, we don't have a sufficiently precise or current basis to provide reasonable guidance for non-GAAP earnings per share. However, to help you better understand our expectations for other drivers of our net income, we expect interest and other income and expense to be immaterial and our non-GAAP effective tax rate to be less than 10%.

由於我們尚未最終確定最近一個時期（2015 財年第四季）的獨立 GAAP 財務數據，因此我們沒有足夠精確或當前的基礎來為非 GAAP 每股收益提供合理的指導。但是，為了幫助您更好地理解我們對淨收入其他驅動因素的預期，我們預計利息和其他收入和支出並不重要，我們的非公認會計準則有效稅率將低於 10%。

I will now turn the call over to Alan for additional commentary about our business.

現在我將把電話轉給艾倫，請他對我們的業務發表更多評論。

Alan?

艾倫？

Thank you, Aaron. I would like to extend my welcome to our new Lumentum shareholders and to express my excitement about the future opportunities in front of our new company.

謝謝你，亞倫。我謹向我們的新 Lumentum 股東表示歡迎，並對我們新公司未來機會的興奮之情。

Our expectations for the first quarter include growth in both optical communications and lasers. We expect telecom revenues to be up quarter on quarter as we continue to see increase in demand across most of our product lines.

我們對第一季的預期包括光通訊和雷射的成長。由於我們大多數產品線的需求持續成長，我們預期電信收入將逐季成長。

Notable strength in submarine 100 G modulators and next-generation flex ROADMs are key drivers to this growth.

海底 100 G 調製器和下一代柔性 ROADM 的顯著優勢是推動這一成長的關鍵因素。

Our customers are using our products in their systems for lab and field trials currently underway for a major North American metro build-out. We expect full scale deployments for this metro build-out to start early next calendar year.

我們的客戶正在他們的系統中使用我們的產品進行實驗室和現場試驗，目前正在為北美主要的地鐵建設進行試驗。我們預計該地鐵建設將於明年年初全面開始部署。

In Datacom we expect continued growth in our 100 G products, including our CFP-2, CFP-4 and QSFP28 transceivers. We continue to secure design wins for our 100 G GSFP28 transceivers which positions us for clear leadership and growth in 100 G Datacom.

在數據通訊領域，我們預計我們的 100 G 產品（包括 CFP-2、CFP-4 和 QSFP28 收發器）將持續成長。我們繼續確保 100 G GSFP28 收發器的設計成功，這使我們在 100 G 資料通訊領域佔據明顯的領導地位並實現成長。

At lower speeds, 10 G abd below we are seeing touch pricing pressure in the market. This pressure will likely limit growth and margins for market participants. Looking forward we are likely to see a decline in our 10 G and below Datacom business as we become more selective in the business we accept.

在較低的速度下，10G 及以下，我們看到市場上的觸控定價壓力。這種壓力可能會限制市場參與者的成長和利潤。展望未來，隨著我們在接受業務時變得更加挑剔，我們的 10 G 及以下數據通訊業務可能會出現下滑。

Demand for our commercial lasers should be higher in the first quarter as we are seeing a recovery in the fiber laser, as well as strength in solid state and ultra-fast products. We expect our 3D sensing revenue to up modestly throughout the fiscal year as we are now shipping production volume for new personal computer applications. We believe this business could strengthen further over the longer term as more consumer electronic devices incorporate 3D sensing capabilities.

由於我們看到光纖雷射的復甦以及固態和超快產品的強勁增長，我們商用雷射的需求在第一季應該會更高。我們預計，由於我們目前正在為新的個人電腦應用提供批量生產，我們的 3D 感測收入將在整個財年適度增長。我們相信，隨著越來越多的消費性電子設備融入 3D 感應功能，這項業務將在長期內進一步增強。

Before I turn the call over to Q&A, I would like to thank our customers, our suppliers, our shareholders and especially our employees who have performed incredibly during our transition to Lumentum.

在我將電話轉入問答環節之前，我想感謝我們的客戶、供應商、股東，特別是在我們向 Lumentum 過渡期間表現出色的員工。

This is an exciting new phase for our company and we have the team to create real value for all of our stakeholders.

對於我們公司來說，這是一個令人興奮的新階段，我們擁有為所有利害關係人創造真正價值的團隊。

With that said I, will turn the call back over to Chris to begin the Q and A session.

說完這些，我會把電話轉回給克里斯，開始問答環節。

Thank you, Alan.

謝謝你，艾倫。

As highlighted at the start of this call we can not provide commentary regarding our fourth quarter or Full Year Fiscal 2015 momentum financial results and must limit all discussions to trends and components of our business and their impact to our first quarter projections.

正如本次電話會議開始時所強調的那樣，我們無法對 2015 財年第四季度或全年的財務業績做出評論，並且必須將所有討論限制在我們業務的趨勢和組成部分及其對我們第一季度預測的影響上。

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

接線員，我們開始問答環節。

(Operator Instructions).

（操作員指令）。

Our first question comes from the line of Patrick Newton with Stifel, your line is now open. Please go ahead.

我們的第一個問題來自 Stifel 的 Patrick Newton，您的線路現已開通。請繼續。

Yes, thank you. Congratulations, Alan and Aaron on the separation and thank you for taking my questions.

是的，謝謝。恭喜艾倫和亞倫分居，謝謝你們回答我的問題。

I wanted to jump in with one on the fiber side, and then kind of an optical question. But on the fiber lasers can you help us understand the relative level of the four Q revenue and walk through a little bit of the inventory management that you are seeing from [AMADA] and some of the components (inaudible) issues that you saw on the fourth quarter.

我想先從光纖方面入手，然後再討論光學方面的問題。但是關於光纖雷射器，您能否幫助我們了解四個季度收入的相對水平，並介紹您從 [AMADA] 看到的庫存管理情況，以及您在第四季度看到的一些組件（聽不清楚）問題。

And then as we look forward -- if we look at kind of the trailing 12 month revenue, heading into fourth quarter you read a level of about $48 million on the fiber laser side, is there any reason to think that that level cannot be eclipsed as we look into Fiscal Year 2016?

然後我們展望未來——如果我們看一下過去 12 個月的收入，進入第四季度，您會發現光纖雷射器方面的收入約為 4800 萬美元，是否有理由認為，在 2016 財年，這一水平不會被超越？

Yes, let me take the first question. We did $6.2 million in Q4 in fiber laser. And I think the inventory correction is behind us now. We did have a component problem in the month of June that prevented us from shipping one of the variants of the fiber laser. And that has now been fixed and we are shipping volume today. So we expect that revenue to grow substantially this quarter.

是的，讓我回答第一個問題。我們在第四季的光纖雷射銷售額為 620 萬美元。我認為庫存調整已經結束。我們在六月確實遇到了一個組件問題，導致我們無法運送其中一種光纖雷射。現在這個問題已經解決，我們今天正在批量發貨。因此我們預計本季營收將大幅成長。

As far as $48 million trailing 12 months, I don't see any reason why we shouldn't be able to see that continue to grow as we branch into the six kilowatt fiber lasers and as well as ramp our two and four.

就過去 12 個月的 4800 萬美元而言，我認為隨著我們涉足六千瓦光纖雷射領域並擴大二千瓦和四千瓦的產量，我們沒有理由看不到這一數字繼續增長。

Great. And then I guess on the optical side, two parts, one is there's been a little bit of consternation around demand trends in China and some positives there. I just wonder if you could comment on what you're seeing from the Lumentum side of the business.

偉大的。然後我想從光學方面來說，有兩個部分，一個是人們對中國的需求趨勢有些擔憂，但同時也有一些正面的跡象。我只是想知道您是否可以評論一下您所看到的 Lumentum 業務方面的情況。

And then thank for the product updates. One product that I didn't hear an update on was your [CFP2] coherent solution. I would love an update on how that's progressing, timing on entering the market-- and how you see that product line as shaping out as an opportunity, as we move into Calendar 2016?

然後感謝產品更新。我沒有聽到更新的一個產品是您的 [CFP2] 相干解決方案。我很想了解進展、進入市場的時機，以及隨著我們進入 2016 年，您如何看待該產品線帶來的機會？

Yes, well, demand in China, I heard kind of our competitors saying that we're seeing a slowdown. We haven't seen that. So I'm just assuming we're gaining share. We're shipping a lot of 100 G modulators and 100 G ITLAs into China. So we're seeing actual growth in China for us, as we look forward.

是的，嗯，就中國的需求而言，我聽到我們的競爭對手說，我們正在看到成長放緩。我們還沒有看到過。所以我只是假設我們正在獲得份額。我們正在向中國運送大量 100 G 調製器和 100 G ITLA。因此，我們期待看到中國市場實現實際成長。

And CFP2 coherent, we still think that that's going to be introduced into production early next calendar year. And so, again I think we have the right architecture that will hit the cost targets that our customers need, because we have a single chip solution whereas our competitors are using two-chip solutions.

和 CFP2 相干，我們仍然認為它將在明年年初投入生產。因此，我再次認為我們擁有正確的架構，可以滿足客戶所需的成本目標，因為我們擁有單晶片解決方案，而我們的競爭對手使用的是雙晶片解決方案。

I would say that we have to acknowledge that our competitors have sampled earlier than we have, but I have confidence in our ability and what I have seen in our labs to say that we'll be able to meet the needs of our customers when they go to volume with that product.

我想說，我們必須承認我們的競爭對手比我們更早提供樣品，但我對我們的能力以及我在實驗室看到的情況充滿信心，當客戶批量生產該產品時，我們將能夠滿足他們的需求。

Great. Thank you, Alan. Thanks for taking my questions. Good luck.

偉大的。謝謝你，艾倫。感謝您回答我的問題。祝你好運。

Thanks, Patrick.

謝謝，派崔克。

Our next question comes from the line of Alex Sanderson with Needham. your line is now open. Please go ahead.

我們的下一個問題來自 Needham 的 Alex Sanderson。您的線路現已開通。請繼續。

Thanks. Since you just mentioned the coherent -- when you say, you know, you'll have production up in the first half of CY 2016, are you talking about sampling at that point. And how long do you think it takes from sample to, you know, to ramping to full volume?

謝謝。既然您剛才提到了連貫性——當您說，您知道，您將在 2016 年上半年開始生產時，您是在談論那時的採樣嗎？您認為從採樣到達到最大產量需要多長時間？

No, we expect to be sampling in the first half of this fiscal year. And then, you know, being into production by the end of the fiscal year.

不，我們預計將在本財年上半年推出樣品。然後，你知道，在財政年度結束前投入生產。

So it's 1H FY, not CY, okay.

所以這是 1H FY，而不是 CY，好吧。

1H sampling, yes.

1H 採樣，是的。

Right. In terms of the industrial laser piece, can you just go over the pulls and pushes on the quarter that was just reported and how that translates into the September guidance. It wasn't fully clear to me what was going on there.

正確的。就工業雷射部分而言，您能否簡單介紹剛剛報告的本季的拉動因素以及如何將其轉化為 9 月的指導。我並不完全清楚那裡到底發生了什麼事。

Yes, our lasers was $30 million in Q4, of which $6.2 million is fiber laser. So we expect to see growth in both the fiber laser and as well as our solid state and Ultrafast, so we should see, you know, a few million dollars of growth in our lasers business as we look forward.

是的，我們的雷射在第四季度的銷售額為 3000 萬美元，其中 620 萬美元是光纖雷射。因此，我們預計光纖雷射、固態雷射和超快雷射都會實現成長，因此，展望未來，我們的雷射業務應該會成長數百萬美元。

And the margin impact of the production problem in the June quarter, I assume that that impacted gross margins, can you talk about what the gross margin looked like in the two quarters?

而 6 月季度生產問題對利潤率的影響，我認為這影響了毛利率，您能談談這兩個季度的毛利率情況嗎？

Yes, I think Viavi had those numbers -- Aaron, do you have the gross margin, I think it was 41% and--

是的，我認為 Viavi 有這些數據——Aaron，你有毛利率嗎？我認為是 41% 和——

Yes, the gross margin was 41%, so in terms of the impact, Alex, in terms of the fiber laser component issue and the inventory rebalancing, it probably impacted us, you know, 20 to 30 basis points in terms of gross margin impact.

是的，毛利率是 41%，所以就影響而言，亞歷克斯，就光纖雷射組件問題和庫存重新平衡而言，它可能對我們的毛利率影響了 20 到 30 個基點。

Normally gross margins are closer to 50 in this business, so that leaves--

通常這個行業的毛利率接近 50%，所以——

I mean, on a consolidated basis, total Lumentum. So we had--

我的意思是，從合併的基礎來看，Lumentum 總量。所以我們有——

What would have been the impact on those two relative to the gross margin for fiber lasers or for the industrial lasers--

相對於光纖雷射或工業雷射的毛利率，這兩者會受到什麼影響？

The impact for lasers alone would have been probably 200 basis points, 200 to 300 basis points.

光是雷射的影響就可能達到 200 個基點，200 到 300 個基點。

Okay, what accounts for the other 500 to 600 basis point swing?

那麼，是什麼導致了另外 500 到 600 個基點的波動呢？

We've made some significant investing in terms of capacity as well, capacity expansion. As we remember we were running close to $40 million in terms of total commercial laser. So right now we're not running, you know, nearly at the levels we were expecting to from a capacity utilization standpoint.

我們在產能、產能擴張方面也進行了一些重大投資。我們記得，我們​​的商用雷射總成本接近 4000 萬美元。因此，從產能利用率的角度來看，我們現在的營運水準遠未達到我們預期的水準。

Okay, so how long do you think it takes to get back to the 50% gross margin threshold, is it going to take two or three quarters to rebound that business to that type of gross margin?

好的，那麼您認為需要多長時間才能恢復到 50% 的毛利率門檻，需要兩到三個季度才能使該業務反彈到這種毛利率嗎？

It could take a little bit longer than that. It's probably, it could take four to six quarters to get back to that level. Right now we're anticipating getting into the -- into the mid-40s and then back into the upper 40s.

這可能需要更長的時間。可能需要四到六個季度才能恢復到該水平。現在我們預計會進入 40 多度，然後回到 40 多度。

Okay, I see. And then going back to the [ROADM] side of the business for a second, where are we in terms of ROADM revenues as, you know, a driver of your business, and to what extent do you expect -- you know, can you give us any metrics around what the growth is on the ROADM side of the business, and, you know, where do you -- when do you expect that to move to significantly higher numbers based on the metro markets taking off?

好的，我明白了。然後回到 [ROADM] 業務方面，就 ROADM 收入而言，作為您業務的驅動力，我們處於什麼位置，您預計在多大程度上 - 您能否為我們提供有關 ROADM 業務增長的任何指標，以及，您預計何時會隨著城域市場的起飛而實現顯著增長？

Is that going to take a period of time to develop in 2016 or will that be in the back half of Calendar 2016, or should we be thinking of the ramp of that in the metro market?

這是否需要花一段時間才能在 2016 年實現，還是在 2016 年下半年實現，或者我們應該考慮大都會市場的成長？

Yes, I think in general the ROADM market has been and kind of flattish for this entire year as the transition from, you know, fixed grid to TrueFlex ROADMs is taking off.

是的，我認為總體而言，由於從固定電網到 TrueFlex ROADM 的轉變正在啟動，今年 ROADM 市場總體上一直比較穩定。

And last quarter we saw an 18% growth in our true flex products, you know, really we are into labs and the first field trials of that North American metro build-out. So we could -- and it's meaningful revenue. I think we could see meaningful upside to ROADM in the second half of the fiscal year, but probably a meaningful growth more towards the fourth fiscal quarter than the third.

上個季度，我們的 True Flex 產品成長了 18%，您知道，我們確實進入了實驗室並進行了北美地鐵建設的首次現場試驗。所以我們可以——這是有意義的收入。我認為，我們可以在本財年下半年看到 ROADM 出現顯著的成長，但更可能在第四財季而不是第三財季出現顯著的成長。

So just so I understand the mechanics of that, so you had a spike in the business in the most recent quarter based on prototyping that now that they have the prototypes in hand and they're doing the testing and evaluation it flattens for a quarter or two and then it starts to pick up?

所以，為了讓我理解其中的機制，你們最近一個季度的業務量因原型設計而激增，而現在他們手上有了原型，並且正在進行測試和評估，業務量會在一兩個季度內趨於平穩，然後開始回升？

No.

不。

Or is it - could have growth on a year over year basis in the interim and then hit a steep part of the S curve in the back half out? But I'm not sure I followed the --

或者是 - 在此期間可能實現同比增長，然後在後半段達到 S 曲線的陡峭部分？但我不確定我是否遵循了——

OK. Sure. Well, no, I'm saying that it's more than prototyping. These are units that are qualified at our customer site. And they're going into field trials with their customers.

好的。當然。嗯，不，我是說它不僅僅是原型設計。這些是我們的客戶現場已認證合格的單位。他們正在與客戶一起進行現場試驗。

So our ROADM growth from fourth fiscal quarter of 2014 to fourth fiscal quarter of 2015 grew in the area of 30%, off a pretty low number of sub $20 million. So we're expecting to see that continue to grow but really start taking off into the latter part of the fiscal year.

因此，從 2014 年第四財季到 2015 年第四財季，我們的 ROADM 成長率約為 30%，而增幅僅為 2,000 萬美元以下。因此，我們預計這一數字將繼續增長，但真正開始起飛是在財政年度的後半段。

Is this a business that could get back to its 2011 kind of level up in the $50 million quarter range, say, six to eight quarters out?

這個業務能否在未來六到八個季度內，恢復到 2011 年的水平，達到 5,000 萬美元的季度水平？

I think it just depends on how fast the metro deployment happens. The ROADM counts that I've read from some of your co-workers and analysts say the ROADM count is huge for that one carrier. And if that happens quickly, then we could see revenue levels that were back in the fiscal 2011 timeframe. If it drags out for many, many years, we could see an uptick in revenue but maybe not get to that $50 million or $60 million a quarter.

我認為這只取決於地鐵部署的速度。我從您的一些同事和分析師那裡讀到的 ROADM 數量表明，對於該運營商來說，ROADM 數量非常大。如果這種情況很快發生，那麼我們可能會看到收入水準回到 2011 財年的水準。如果這種情況持續很多年，我們可能會看到收入增加，但可能無法達到每季 5000 萬美元或 6000 萬美元的目標。

OK. Thank you. I'll yield the floor.

好的。謝謝。我讓出發言權。

Thanks, Alex.

謝謝，亞歷克斯。

Our next question comes from the line of Dave Kang with B. Riley.

我們的下一個問題來自 B. Riley 的 Dave Kang。

Your line is now open. Please go ahead.

您的線路現已開通。請繼續。

Thank you. Yes, good afternoon. First, regarding your comments about seeing uptick in China, is it because maybe you're levered to China Unicom and Telecom and maybe not China Mobile? Could that be the case?

謝謝。是的，下午好。首先，關於您所說的中國業務出現成長，是因為您可能依賴中國聯通和電信，而不是中國移動？有可能嗎？

It's hard for me to say, Dave. I think we don't have that much visibility when we ship a modulator or ITLA into any of the NEMs to where it goes. But we are growing both with the NEMs in China as well as some other non-Chinese NEMs that end up shipping to into China. But to be honest with you, I don't know if it's a China Mobile thing or not.

我很難說，戴夫。我認為，當我們將調製器或 ITLA 運送到任何 NEM 時，我們並沒有那麼多的可見性。但我們與中國 NEM 以及最終運往中國的一些其他非中國 NEM 都在共同成長。但說實話，我不知道這是否是中國移動的事。

Got it. Got it. And then regarding your comments about pricing pressure in 10G, now that's - just to be clear, that's just Datacom 10G not telecom?

知道了。知道了。然後關於您對 10G 定價壓力的評論，現在 - 只是為了清楚起見，這只是數據通信 10G，而不是電信？

It's Datacom 10G and primarily on the short reach stuff.

它是 Datacom 10G，主要用於短距離傳輸。

Got it. Got it. Going forward, are you going to break out a little bit more in terms of revenue mix the difference between 10G versus 100G both telecom and Datacom just to give us better on how you leverage I mean the 10G versus 100G?

知道了。知道了。展望未來，您是否會在收入組合方面進一步細分電信和數據通訊領域 10G 與 100G 之間的差異，以便讓我們更了解您如何利用 10G 與 100G？

No, we typically wouldn't break down margins to that level.

不，我們通常不會將利潤率細分到那個水準。

Well, not margins but the revenue mix. Can you provide that revenue spread?

嗯，不是利潤，而是收入組合。您能提供該收入差額嗎？

Yes. Dave, typically, we give details on new products to give you kind of some color on the growth of new products like the TrueFlex or the fiber laser, things like that. But we tend to stay away from the mix quarter to quarter because there are ships that happen within a quarter that we'll give big picture commentary to you, but not the details around some of the older products.

是的。戴夫，通常，我們會提供有關新產品的詳細信息，以便讓您了解 TrueFlex 或光纖雷射等新產品的發展。但我們傾向於避免逐季度進行混合，因為有些產品在一個季度內上市，我們會向您提供總體評論，但不會提供有關某些較舊產品的細節。

Got it. Got it. And then just I guess we can assume North American market is doing well. What about Europe? How is the visibility there?

知道了。知道了。然後我想我們可以假設北美市場表現良好。歐洲怎麼樣？那裡的能見度怎麼樣？

It's hit and miss frankly, you know I think there is a lot of deal activity. But I wouldn't say that it's robust and growing at this point in time. So I don't know. I should say North America is strong, China, we're not seeing a slowdown and Europe, it's kind of better than it has been, but not going gangbusters.

坦白說，這是碰運氣的，你知道我認為有很多交易活動。但我不會說它目前是強勁且正在成長的。所以我不知道。我應該說北美很強勁，中國也沒有出現經濟放緩，歐洲的情況比以前好一些，但也沒有那麼強勁。

Got it. Got it. And then lastly on your commercial lasers, not fiber lasers but your other lasers, what's your exposure to the semicap industry because some of your competitors have blamed the semicap industry as their - the soft condition right now.

知道了。知道了。最後，關於你們的商用雷射器，不是光纖雷射而是你們的其他雷射器，你們對半導體產業的了解程度如何，因為你們的一些競爭對手將半導體產業歸咎於他們目前的疲軟狀況。

Yes. We do sell into semiconductor equipment manufacturers for things like scribing and dicing wafers. And we have some slowdown, but we expect that to pick back up this first half of the fiscal year.

是的。我們確實向半導體設備製造商銷售諸如劃片和切割晶圓之類的產品。我們的成長有些放緩，但我們預計本財年上半年的成長將會回升。

When we ship a solid-state laser into one of our customers, we don't typically know if it's going for a PCB drilling or wafer scribing application. So it's hard for me to say.

當我們將固體雷射器運送給我們的某個客戶時，我們通常不知道它是用於 PCB 鑽孔還是晶圓劃線應用。所以我很難說。

Got it. Got it. So it sounds - just to be clear, when you say your commercial laser sales will be up this quarter, it sounds like you're counting more on fiber lasers rather than other lasers. Is that correct?

知道了。知道了。所以聽起來 - 只是為了清楚起見，當您說本季您的商用雷射銷售額將會上升時，聽起來您更依賴光纖雷射而不是其他雷射。對嗎？

I would say we're counting more growth from fiber lasers than the others, but would say that we are expecting the non-fiber lasers to grow as well.

我想說的是，我們認為光纖雷射的成長速度比其他雷射更快，但我們預計非光纖雷射也會有同樣的成長。

Got it. Oh, and lastly regarding one of your top 10% customers, the Web 2.0 customer, the CFO, talked about becoming more disciplined with spending and yet your Datacom was up nicely and it sounds like it will be up again this quarter. What do you see from those guys?

知道了。哦，最後，關於你們前 10% 的客戶之一，Web 2.0 客戶，首席財務官，談到在支出方面要更加自律，但你們的數據通信業務卻增長良好，聽起來本季度還會再次增長。你從這些人身上看到了什麼？

Well, we're actively engaged with many of the Web 2.0 hyper scale datacenter guys. And their deployments depend on when they're building new datacenters. So it's hard for me to give you more commentary on that.

嗯，我們正在積極與許多 Web 2.0 超大規模資料中心人員合作。他們的部署取決於他們何時建造新的資料中心。所以我很難對此給出更多評論。

I don't want to leave you with the impression that Datacom is going to continue to go up because, well, our 100G Datacom is going to grow and continue to be robust. I'd say the pricing pressure on the 10G and below, short reach, is going to bring our Datacom down more than our 100G is going to go up. So I would say in the short term don't expect to continue to see the kind of growth we've seen in Datacom in the past. But for the right reasons, 100G is going to continue to grow but the lower margin 10G is going to slow down.

我不想給你留下數據通訊將繼續上漲的印象，因為我們的 100G 數據通訊將會成長並繼續保持強勁。我想說，10G 及以下、短距離的定價壓力將使我們的數據通訊價格下降的幅度大於 100G 價格上漲的幅度。因此我想說，短期內不要期望繼續看到我們過去在數據通訊領域看到的那種成長。但出於正確的原因，100G 將繼續成長，而利潤率較低的 10G 的成長速度將會放緩。

Right. So just to be clear then for the current quarter, the fiscal first quarter, are you - shall we expect Datacom to be kind of flat to maybe even down a little bit and the rest of the growth will be coming from fiber lasers and telecom? Is that how we should be thinking about the September quarter?

正確的。那麼，為了明確當前季度，即第一財季，您是否預計數據通訊將保持平穩甚至略有下降，其餘增長將來自光纖雷射和電信？我們應該這樣看待九月的季度嗎？

Yes. Yes. What I said in the script was that we'd see an increase in optical communications which is both Datacom and telecom. And I would say that Datacom would be down less than telecom up.

是的。是的。我在腳本中說過，我們會看到數據通訊和電信的光通訊的成長。我想說，數據通訊的下滑幅度將小於電信的上升幅度。

Got it. Got it.

知道了。知道了。

Datacom, we're expecting Datacom to be down in (inaudible).

數據通信，我們預期數據通信將在（聽不清楚）時出現故障。

Got it. Got it. Thank you.

知道了。知道了。謝謝。

(Short answer).

（簡短回答）。

Our next question comes from the line of Dodd Clark with Goldman Sachs.

我們的下一個問題來自高盛的多德克拉克。

Your line is now open. Please go ahead.

您的線路現已開通。請繼續。

Great. Thanks. Just to follow up on that Datacom conversation with respect to 40-gig as well on that one particular large customer, can you just discuss trends and are you seeing the same type of pricing pressures on the 10-gig that you are on 40?

偉大的。謝謝。為了跟進 Datacom 關於 40Gig 以及某個特定大客戶的對話，您能否討論一下趨勢，您是否看到 10Gig 和 40Gig 面臨相同類型的定價壓力？

I would say that 40-gig is under pressure as well, but not to the same extent that we're seeing on 10-gig. And what was the other part of your question?

我想說 40Gig 也面臨壓力，但壓力程度不如 10Gig。您問題的另一部分是什麼？

That pretty much covers it as well. I was just thinking broadly 40-gig trends outside of the pricing dynamic.

這幾乎也涵蓋了所有內容。我只是在廣泛思考定價動態之外的 40G 趨勢。

Yes, I think 40-gig is going to continue to be the primary data speed for those hyper scale datacenters until 2016 calendar when the economics makes sense as well as the 25-gig servers are available to make that transition to our QSFP 28 100-gig product. So that's what - 40-gig is going to be around for quite some time. And I'd say the next year our QSFP 28 100-gig will start deploying in those hyper scale datacenters.

是的，我認為 40 千兆將繼續成為這些超大規模資料中心的主要資料速度，直到 2016 年日曆，屆時經濟效益將變得合理，並且 25 千兆伺服器可用於過渡到我們的 QSFP 28 100 千兆產品。所以 40-gig 將會存在相當長的一段時間。我想說，明年我們的 QSFP 28 100-gig 將開始部署在這些超大規模資料中心。

OK. Great. That makes sense. Well, one quick kind of clarification on a question, 10% customers either for the quarter for the fiscal year, I know we were given it in the prior filings, but wondering if you can give an update on that.

好的。偉大的。這很有道理。好吧，我想快速澄清一下一個問題，即財政年度每個季度 10% 的客戶，我知道我們在之前的文件中已經給出了這個信息，但我想知道您是否可以提供最新消息。

Aaron?

亞倫？

Yes, yes. So we do have two 10% customers both in Q4 as well as for the full fiscal year.

是的，是的。因此，我們在第四季度以及整個財政年度確實有兩個 10% 的客戶。

Any additional detail that you can provide on that or should we wait for the filings?

能提供更多詳細資訊嗎？還是我們應該等待文件？

Probably wait for the filings.

大概要等待文件。

OK.

好的。

We typically don't disclose them.

我們通常不會透露這些資訊。

OK, not a problem. And then broadly, just on the optical components gross margins, certainly snapped back a little bit sequentially and in light of the 10-gig pricing pressure and the margin pressure going on there, what was really the driver to that sequential growth?

好的，沒問題。然後從廣義上講，僅就光學元件的毛利率而言，肯定會比上一季度有所回升，考慮到 10G 的定價壓力和利潤壓力，這種連續增長的真正驅動力是什麼？

So we had optimal mix, favourable mix. Volumes were up a little bit which also helped us from a utilization standpoint.

因此，我們有最佳組合、有利組合。產量略有上升，從利用率的角度來看這也對我們有幫助。

Yes. And just to add to that, the mix is helped when we ship more of our newer products. So when we get big growth in TrueFlex ROADMs or 100G Datacom, we see those products typically carry above average gross margins.

是的。除此之外，當我們運送更多新產品時，產品組合也會得到改善。因此，當 TrueFlex ROADM 或 100G 數據通訊大幅成長時，我們發現這些產品的毛利率通常高於平均值。

Got it. Thank you very much.

知道了。非常感謝。

Sure.

當然。

Our next question comes from the line of Amitabh Passi with UBS.

我們的下一個問題來自瑞銀的阿米塔布·帕西 (Amitabh Passi)。

Your line is now open. Please go ahead.

您的線路現已開通。請繼續。

Hi, guys. Thank you. I guess my first question was just a clarification. Did you give us any insight in terms of what your laser business will do sequentially? Will it be up 2 million, 3 million, 4 million? It wasn't clear to me how we should be thinking about the growth in sales sequentially.

嗨，大家好。謝謝。我想我的第一個問題只是為了澄清一下。您能否透露一下您的雷射業務接下來將採取哪些措施？會漲200萬、300萬、400萬嗎？我不清楚我們應該如何考慮銷售額的連續成長。

Yes, I would say probably in that range that you talked about. And so we would see probably a couple of million dollars of growth in fiber laser and then another little bit of growth from our (inaudible).

是的，我想說可能就在您談到的範圍內。因此，我們可能會看到光纖雷射的銷售額成長數百萬美元，然後我們的銷售額也會再成長一點點（聽不清楚）。

OK. And then I guess, (Aaron), just on your Datacom business, the last couple of years including fiscal 2015, I think the business is growing north of 20 percent. You've been talking about pricing pressure now on 10-gig, potentially 40-gig. You know, as we look at fiscal 2016, do you still anticipate the overall segment still demonstrating growth or should we now be looking at the potential of a flattening year over year trajectory from - sorry - fiscal 2015 to 2016.

好的。然後我想，（Aaron），就您的數據通訊業務而言，過去幾年（包括 2015 財年），我認為業務增長率超過 20%。您一直在談論 10G、甚至 40G 的定價壓力。您知道，當我們展望 2016 財年時，您是否仍預計整個部門仍將呈現成長，或者我們現在是否應該關注從 - 抱歉 - 2015 財年到 2016 財年逐年趨於平緩的軌跡。

I would expect that we would see a continued growth in F.Y. 2016 over F.Y. 15.

我預計 2016 財年將比 2015 財年持續成長。

OK. And then just a final one, you mentioned the metro ramp with a large Tier North American operator. I just wanted to get your broader commentary around other metro ramps and maybe even the subsea market if you could just update us what you're seeing just across metro as well as subsea.

好的。最後一個問題，您提到了與北美大型 Tier 營運商合作的地鐵坡道。我只是想聽聽您對其他地鐵坡道甚至海底市場的更廣泛的評論，如果您能告訴我們您對地鐵和海底市場的看法的話。

Yes. Well, we are seeing deployment of the metro at an existing large carrier in North America start back up again last quarter and expect that to continue for some time.

是的。嗯，我們看到北美一家現有大型營運商上個季度重新開始部署城域網，預計這種情況將持續一段時間。

And then as far as subsea, we've seen that to be very, very strong and we have a very, very large market share of that business. And more and more cables are being bid on and being awarded. The question is when do they get deployed? And sometimes because they're consortiums it sometimes takes a long time between an award and an actual deployment to get all the contracts in place.

至於海底業務，我們發現其發展非常強勁，我們在該業務中佔有非常大的市場份額。越來越多的電纜正在被投標並被授予合約。問題是他們什麼時候部署？有時由於它們是財團，從授予合約到實際部署有時需要很長時間才能完成所有合約。

And so I would say we're going to see that continue to be strong through fiscal 2016 as more and more of these hyper scale datacenters are requiring that information between datacenters is shared real time around the clock. So I think the subsea market is a good market and is on an upward trend through the fiscal year.

因此我想說，我們將看到這一趨勢在 2016 財年繼續保持強勁，因為越來越多的超大規模資料中心要求資料中心之間全天候即時共享資訊。所以我認為海底市場是一個很好的市場，整個財政年度都呈現上升趨勢。

Can you just clarify if you classify that as telecom or Datacom and maybe just some rough sense of how big it is?

您能否澄清一下，將其歸類為電信還是數據通信，並大致了解它的規模？

It's in our telecom numbers and it uses similar products that we use on terrestrial telecom products. But they're tested extraordinarily long and rigorously to make sure that they don't fail at the bottom of the ocean over 20 years. And so it's a good business and very, very high barriers to entry because of the reliability standard. And we haven't typically given the amount of revenue that that is and don't expect to continue to break that out either.

它存在於我們的電信號碼中，並使用與我們在地面電信產品上使用的類似的產品。但它們經過了極其長期和嚴格的測試，以確保它們在 20 年內不會沉入海底。因此，這是一項很好的業務，而且由於可靠性標準，進入門檻非常高。我們通常不會公佈具體的收入金額，也不指望繼續公佈這個數字。

OK. Thank you.

好的。謝謝。

Sure.

當然。

Our next question comes from the line of Simon Leopold with Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的西蒙利奧波德。

Your line is now open. Please go ahead.

您的線路現已開通。請繼續。

Great. Thank you. A couple of things I wanted to check on first. From the Viavi presentation we got the Datacom and the lasers numbers. I just want to see if you could give us the quarterly sales for the telco consumer. Sorry if I missed that.

偉大的。謝謝。首先我想檢查幾件事。從 Viavi 的演示中，我們獲得了數據通訊和雷射的數字。我只是想看看您是否可以提供電信消費者的季度銷售額。如果我錯過了，很抱歉。

Aaron, you want to take that?

亞倫，你想拿走那個嗎？

Yes. So in terms of the telecom, telecom was roughly - let's see - about $120 million, $120.5 million. Commercial or consumer 3D sensing was $2.5 million or so.

是的。因此，就電信而言，電信費用約為 - 1.2 億美元，1.205 億美元。商業或消費者 3D 感測的成本約為 250 萬美元。

Yes. We typically break it out (inaudible) and industrial and that was $11.3 million.

是的。我們通常將其分為（聽不清楚）和工業兩部分，金額為 1,130 萬美元。

OK. Thank you. And in the commentary, you talked about sort of the operating margin in sort of structure that it used to be presented as part of JDSU and then made a reference to an adjustment. I want to make sure I'm interpreting that commentary about the operating margin 9.5 to 11.5, and then the adjustment of 3.5 to 4.5. So I'm interpreting that as meaning the operating margin with the allocated expenses in the quarter would have been in the range of 5% to 8%. Am I doing this correctly or is that a yes (inaudible)?

好的。謝謝。在評論中，您談到了以前作為 JDSU 的一部分呈現的結構中的營業利潤率，然後提到了調整。我想確保我了解關於營業利潤率從 9.5 到 11.5 以及從 3.5 到 4.5 的調整的評論。因此，我將其理解為本季分配費用後的營業利潤率將在 5% 至 8% 之間。我這樣做對嗎？或者這是一個肯定的回答（聽不清楚）？

Yes. So basically it's a standalone operating segment. So the operating margin has historically been between 10% and 11%. So we're going to need to add roughly 3.5% to 4.5% as a standalone cost which would include IT, legal and finance facilities and other types of G&A cost. And so you would typically just add those costs and subtract it off with the operating margin. So yes, you'd get into the range of 6% to 8% or so.

是的。所以基本上它是一個獨立的營運部門。因此，營業利潤率歷來在 10% 至 11% 之間。因此，我們需要增加約 3.5% 到 4.5% 作為獨立成本，其中包括 IT、法律和財務設施以及其他類型的 G&A 成本。因此，您通常只需將這些成本加起來，然後用營業利潤率減去。所以是的，你會進入 6% 到 8% 左右的範圍。

Okay, great. That makes sense to me. And then in terms of kind of this outlook, I assume you've got some perspective of what your operating budget will be as a company. So I think it would be helpful to level set the folks participating the call in terms of what you think operating expenses are once everything settles out.

好的，太好了。我覺得很有道理。然後就這種前景而言，我假設您對公司營運預算有一些看法。因此，我認為，一旦一切塵埃落定，就營運費用而言，向參加電話會議的人們進行公平的評估將會很有幫助。

Can you give us an idea of what you expected or in a quarterly or annual basis on OpEx?

您能否告訴我們您對營運支出的季度或年度預期是多少？

Yes. So right now if you take this, the 3.5% to 4.5% that we just articulated, it would give you an OpEx number ranging 24.5% to 25.5% or so of net revenue and that's a good number on current revs and as our revenue ticks up. We don't believe we're going to have to add a lot of SG&A as our revenues grow and so we're going to be able to leverage that and you'll see the (inaudible) to the operating margin level.

是的。因此，現在如果您採用我們剛才闡述的 3.5% 到 4.5% 的比例，它將為您提供一個佔淨收入 24.5% 到 25.5% 左右的營運支出數字，這對於當前收入和收入的增長來說是一個不錯的數字。我們認為，隨著收入的成長，我們不需要增加大量的銷售、一般和行政費用，因此我們將能夠利用這一點，你會看到（聽不清楚）營業利潤率水準。

Great, that's very helpful. And then just one last trending question in regards to your commentary about the competitive pricing environment around 10 gig, I want to get a better sense, is that coming from the scale players in the -- that you're competing against or is coming from newer entrance into the market? Thank you.

太好了，這非常有幫助。然後，關於您對 10G 周圍競爭定價環境的評論，最後一個熱門問題，我想更好地了解一下，這是來自您正在競爭的規模參與者，還是來自新進入市場的人？謝謝。

I would say both. I mean as the 10 gig has become more and more mature, there're suppliers that are willing to sell chips to Chinese assemblers and that creates new entrance if you will and still they are willing to take much lower margins. And so that's why it's my view on why the pricing dynamic has changed recently over the last couple of quarters on 10 gig and below.

我想說兩者都有。我的意思是，隨著 10G 越來越成熟，有些供應商願意向中國組裝商出售晶片，如果你願意的話，這會創造新的入口，但他們仍然願意接受低得多的利潤。這就是我對過去幾季 10G 及以下價格動態變化的原因的看法。

And you expected the 100 gig market in the datacenter will be much better than average gross margin relative to other datacenter products?

您是否預期資料中心的 100G 市場相對於其他資料中心產品的平均毛利率會高得多？

Yes.

是的。

Great. Thank you for taking my questions.

偉大的。感謝您回答我的問題。

Sure.

當然。

Our next question comes from the line of James Kisner with J. Your line is now open. Please go ahead.

我們的下一個問題來自 J 的 James Kisner。您的線路現已開放。請繼續。

Hi, this is Jason North for James. A quick question here, this is some chatter in terms of a hyper-scale. Have you seen that or how that's reflected in your second-half guidance here? Thanks.

大家好，我是詹姆斯的傑森諾斯。這裡有一個簡單的問題，這是關於超大規模的一些討論。您是否看到了這一點，或者這在您的下半年指導中是如何體現的？謝謝。

It's hard to say because we have been a relatively small player in many of those hyper-scale datacenter guys that we're starting to win business at today. So I don't have a whole lot of visibility on that. I will say that their outlook for longer-term growth is still very robust on the hyper-scale datacenter stuff.

這很難說，因為在如今我們開始贏得業務的許多超大規模資料中心領域中，我們一直只是一個相對較小的參與者。所以我對此沒有太多的了解。我想說的是，他們在超大規模資料中心領域的長期成長前景仍然非常強勁。

Okay. And looking at the December quarter for seasonality then in particular for industrial recognition or some of the new products ramping, I suppose on the commercial laser side, any thoughts you have?

好的。看看 12 月季度的季節性，特別是工業認可度或一些新產品的崛起，我想在商用雷射方面，您有什麼想法嗎？

I would say that for 3D sensing around holiday buying, that would typically happen in the September quarter and to stock shelves in October and November for the holiday season. So I don't expect to see any large uptick in the December quarter as a result of that.

我想說的是，對於假日購物季的 3D 感應來說，這通常會發生在 9 月的季度，並在 10 月和 11 月為假日季節上架貨物。因此，我預計 12 月季度不會出現任何大幅上漲。

I think the 3D sensing is going to grow when applications make people want to go out and upgrade their PC because they have facial recognition or retinal recognition or things like that that make people's lives easier and with not having to worry about passwords and things like that. So I think that's what's going to drive more adoption and then as we start seeing it in phones or tablets, I think that will also drive longer-term growth in 3D sensing into calendar 2016 and 2017.

我認為，當應用程式讓人們想要出去升級他們的電腦時，3D 感應將會增長，因為他們擁有臉部辨識或視網膜辨識或類似的東西，可以讓人們的生活更輕鬆，而不必擔心密碼和類似的事情。所以我認為這將推動更多人採用這項技術，然後當我們開始在手機或平板電腦上看到它時，我認為這也將推動 3D 感應在 2016 年和 2017 年的長期成長。

As far as lasers are concerned, you know, it's hard to have a lot of visibility out of a couple of quarters in lasers and we try to stay away from guidance more than one quarter out.

就雷射而言，您知道，在幾個季度內很難對雷射有太多的可見性，而且我們試圖避免超過一個季度的指導。

All right. Thank you very much.

好的。非常感謝。

Sure.

當然。

Our next question comes from the line of Rod Hall with JP Morgan. Your line is now open, please. Go ahead.

我們的下一個問題來自摩根大通的羅德·霍爾。您的線路現已開通。前進。

Yes, hi. Thanks, guys. A couple of questions for you I guess. I just wanted to just check the (dissynergies) or the separation cost net off of the operating margin just in terms of time. Do you expect those to fade overtime? Do you think that those go to zero after a few quarters? I mean can you help us understand what those look like maybe a year down the road?

是的，你好。謝謝大家。我想問您幾個問題。我只是想從時間角度檢視一下（不協同效應）或分離成本淨額與營業利益率的關係。您是否希望這些會隨著時間的推移而消失？您認為幾個季度後這些數字會變成零嗎？我的意思是，您能幫助我們了解一年後這些會是什麼樣子嗎？

And then secondly, I just wanted to come back to the lasers and I guess industrial lasers in particular. We've seen you report reporting poor laser results and we've also seen some other manufacturing equipment-type companies reporting poor results. And so I'm just wondering are you guys already factoring some macro risk into your lasers numbers or do you think that there is some risk out there? I'm just curious what you think is going on out in the manufacturing capacity arena? Thanks?

其次，我只想回到激光，特別是工業激光。我們看到你們報告了雷射效果不佳的情況，我們也看到一些其他製造設備類型的公司報告了效果不佳的情況。所以我只是想知道你們是否已經將一些宏觀風險考慮在雷射數字中，或者你們認為存在一些風險？我只是好奇您認為製造能力領域正在發生什麼？謝謝？

Hi. So I can take the first question on the separation process and maybe Alan can take the one on the laser. In terms of the separation cost, so the operating margin and OpEx that we've been discussing so far does not include any separation or transitional expenses. We anticipate those to be non-GAAP adjustments. So we have included just our normal operating expenses on a go-forward basis today.

你好。因此，我可以回答有關分離過程的第一個問題，也許艾倫可以回答有關雷射的問題。就分離成本而言，我們迄今為止討論的營業利潤和營運支出不包括任何分離或過渡費用。我們預計這些將是非公認會計準則調整。因此，我們今天僅將正常的營運費用納入未來基礎。

So again we're going to be in the range of 24.5% to 25.5% in terms of total OpEx at the current revenue levels and then as we go forward, again, we probably don't have to add a lot of G&A cost. We might have some variable selling cost as we continue to expand and grow geographically, but nothing sizable that should impede us with growing the operating margin line.

因此，在當前收入水準下，我們的總營運支出將在 24.5% 到 25.5% 之間，然後隨著我們的發展，我們可能不需要增加大量的 G&A 成本。隨著我們繼續擴張和地理成長，我們可能會有一些變動銷售成本，但不會有什麼大到阻礙我們提高營業利潤率。

So the 3.5 to 4.5 lines, specifically what you're referring to, you see that just temporary and should erode overtime.

因此，您提到的 3.5 到 4.5 條線只是暫時的，隨著時間的推移會逐漸消失。

I'm sorry. Yes, the 3.5 to 4.5 is really our operating expenses to be a standalone company. It has nothing to do with separation or transitional cost. Those are related to [clients but]--

對不起。是的，3.5 到 4.5 實際上是我們作為獨立公司的營運費用。這與分離或過渡成本無關。這些與[客戶有關，但是]--

Yes. I guess my question was more are those costs, are they higher at the beginning and do they then overtime can you see an opportunity to reduce them or do you think they're just sort of static cost will be there for the duration?

是的。我想我的問題更多的是這些成本，它們在開始時是否較高，然後隨著時間的推移，您是否看到降低它們的機會，或者您認為它們只是一種靜態成本，會一直存在嗎？

It's going to be a static cost. It's really the cost we need to operate as an independent standalone company.

這將是一筆靜態成本。這確實是我們作為一家獨立公司運作所需的成本。

Okay.

好的。

But I think as we grow the top line as percentage pay, it should become less, but I think we need to have IT systems and finance group and HR and legal as well as the board and all of the things that go right along with being a public company, those costs don't go away.

但我認為，隨著我們按百分比支付的頂線不斷增長，它應該會變得更少，但我認為我們需要有 IT 系統和財務組以及人力資源和法律以及董事會以及作為上市公司所需的所有東西，這些成本不會消失。

And then Rob, on your question on, excuse me, on lasers, we have had lasers revenue more 40 million a quarter. So the last two quarters at 32 and 30 have already experienced some downside. And I think one of the other questions around semiconductor slowdown was asked and I think that's partially what we're seeing.

然後，羅布，關於你的問題，對不起，關於雷射器，我們每季的雷射收入超過 4000 萬美元。因此，過去兩個季度（32 和 30）已經經歷了一些下滑。我認為另一個問題是有關半導體放緩的，我認為這部分就是我們所看到的。

And so I would expect that as things become more normal, we would certainly be able to see the $40 million number again when all things come back to normal.

因此，我預計，隨著一切恢復正常，我們肯定能夠再次看到 4000 萬美元的數字。

Okay, great. Thanks, guys.

好的，太好了。謝謝大家。

Our next question comes from the line of Joseph Wolf with Barclays. Your line is now open. Please go ahead.

我們的下一個問題來自巴克萊銀行的約瑟夫·沃爾夫。您的線路現已開通。請繼續。

Thank you and congratulations on the spin. My question I guess is a little bit broader if you look at the overall one- to five-year data on capital spending, it looks like the, I guess, first of all, do you agree that the hyper-scale datacenters will be larger than traditional telecom?

謝謝你，並祝賀你成功旋轉。我想我的問題有點廣泛，如果你看一下資本支出的總體一到五年數據，看起來，我想，首先，你是否同意超大規模數據中心將比傳統電信更大？

And could you just give us I think now that you're independent or maybe you haven't changed about how you think about the investment [thing] business as you think about those trends and whether you'll be investing a new product or being asked specifically or whether you're taking an approach that you got a part that kind of expands and can be adjusted for a different opportunity?

您能否告訴我們，我認為現在您已經獨立了，或者也許您在考慮這些趨勢時對投資業務的看法沒有改變，以及您是否會投資新產品或被特別問到，或者您是否採取了一種可以擴展並可以根據不同的機會進行調整的方法？

Chris, do you want to take the hyper-scale versus telecom market sizes?

克里斯，你想了解超大規模與電信市場規模嗎？

Yes. So I mean I think it's, one, how you define what's in the telecom market. Today, the telecom market is considerably larger than the Datacom market, but given the growth rates that we're looking at in the Datacom market, it will be comparable and eventually surpass telecom as our view for sure.

是的。所以我的意思是，我認為，首先，你如何定義電信市場。如今，電信市場比數據通訊市場大得多，但考慮到數據通訊市場的成長率，我們認為它將與電信市場相當，並最終超過電信市場。

And then as far as--

然後至於——

Is that a five-year -- go ahead.

那是五年嗎？繼續吧。

Probably the five-year timeframe is yes.

五年的時間框架可能是肯定的。

And Joseph, can you restate your second question about investments?

約瑟夫，您能重申一下關於投資的第二個問題嗎？

I'm just curious how you think about R&D investment given that transition. I think you can take the approach of building product exactly for the datacenter guys or you can take a broader approach as you have the products fit into a cross section of customers and I'm wondering how much investments you'll make specifically for the hyper-scale customer or how much you're doing now?

我只是好奇，考慮到這種轉變，您如何看待研發投資。我認為您可以採取專門為資料中心人員建立產品的方法，或者您可以採取更廣泛的方法，因為您的產品可以適應不同類型的客戶，我想知道您將為超大規模客戶進行多少投資，或者您現在正在做多少投資？

Well I would say that it's growing faster than our R&D on other areas just because as you say that the hyper-scale opportunity is large. The challenge in the hyper-scale is that each of the customers typically have a different requirement based on the kind of traffic patterns they have. And so doing a custom product for one of them is sort of required because they have such a unique future requirements in their datacenters and they're looking at ways of making sure they have the right product for their requirements as opposed to just taking what they typically do today as a 40-gig QSFP+ and plug it in and is works.

嗯，我想說它的成長速度比我們在其他領域的研發速度要快，因為正如你所說，超大規模的機會很大。超大規模的挑戰在於，每位客戶通常會根據其流量模式有不同的要求。因此，為他們中的一個定制產品是必要的，因為他們的數據中心有如此獨特的未來需求，他們正在尋找方法來確保他們擁有適合他們需求的正確產品，而不是僅僅採用他們今天通常做的 40 千兆 QSFP+ 並將其插入並工作。

So as they look at architecting their infrastructure, they come up with some unique requirements that make us have to spend more R&D dollars to meet the requirements of each of the hyper-scale datacenter guys. And so I would say that as we go forward, our R&D growth and the Datacom side of the business is probably going to outpace the growth elsewhere.

因此，當他們考慮建造基礎設施時，他們提出了一些獨特的要求，這使得我們必須花費更多的研發資金來滿足每個超大規模資料中心人員的要求。因此我想說，隨著我們不斷前進，我們的研發成長和數據通訊業務的成長可能會超過其他方面的成長。

Just as a follow up, does that provide you or is that an inkling of where your M&A may be directed if you think about some start-ups that are out there grabbing some markets by focusing specifically on a one-customer kind of solution?

順便問一下，如果您考慮一些新創公司透過專注於單一客戶解決方案來搶佔某些市場，那麼這是否為您提供了什麼，或者這是否暗示了您的併購可能指向的方向？

Chris, you want to take that one?

克里斯，你想拿那個嗎？

Yes. I mean, number one, obviously I don't want to reveal our secret strategies here, but in the bigger picture obviously, there are more opportunities and there is a richer space with a lot of different technologies that are being brought to bare for Datacom. In the telecom space, there's a fewer number of players that are with leading-edge technology and with more significant market share in telecom, so that would lead one to believe that it's more logical for us to look at Datacom M&A.

是的。我的意思是，首先，顯然我不想在這裡透露我們的秘密策略，但從更大的角度來看，顯然有更多的機會和更豐富的空間，許多不同的技術正在為數據通訊帶來發展。在電信領域，擁有尖端技術且佔有較大市場份額的參與者數量較少，因此人們會相信，關注數據通訊併購更為合理。

But with that said, there's a good deal to be done on the telecom space. We're certainly going to jump on it.

但話雖如此，電信領域仍有許多工作要做。我們一定會抓住這個機會。

Great. Thank you.

偉大的。謝謝。

Our next question comes from the line of Mark Sue with RBC Capital Markets. Your line is now open. Please go ahead.

我們的下一個問題來自加拿大皇家銀行資本市場的馬克·蘇。您的線路現已開通。請繼續。

Thank you. Gentlemen if I -- you're seeing pricing pressure in 10 gig similar to what we saw in the past with 1 gig and the investor worry as that pricing will eventually hit 40 gig and subsequently 100 gig. So perhaps your thoughts of effecting pricing pressure for future technologies and is there some thought also for portfolio pruning? I understand there's some absorption issue and there's also a reduction cost of goods, but how do you move it throughout the value chain? Is there an activity plan for that?

謝謝。先生們，如果我——您看到 10G 的定價壓力與我們過去看到的 1G 的定價壓力類似，投資者擔心定價最終會達到 40G，隨後是 100G。那麼，也許您考慮過影響未來技術的定價壓力，也考慮過投資組合修剪嗎？我知道存在一些吸收問題，而且商品成本也有所降低，但如何將其轉移到整個價值鏈中？有相關活動計畫嗎？

Yes. I mean I think as we saw on the transition on 1 gig, we're seeing it on 10 gig. There's no reason to believe that basically it won't come full force on 40 gig. I think on 100 gig it's a little different because there are only a few businesses in the world that can make (inaudible) lasers for 100 gig. And so I think that will be healthy for quite some time assuming we most the cost objectives that our customers need when they need it.

是的。我的意思是，我認為正如我們在 1G 上看到的轉變一樣，我們也在 10G 上看到了它。沒有理由相信它不會在 40G 上充分發揮作用。我認為 100G 的情況有點不同，因為世界上只有少數企業可以製造 100G 的（聽不清楚）雷射。因此，我認為，如果我們在客戶需要時能夠最大程度地實現他們所需的成本目標，那麼在相當長的時間內，這將是健康的。

So we're already working on 400 gig, so we just need to continue to invest in R&D and stay out in front of the game. And as these pricing pressures hit certain products, we let them go and focus more of our efforts on the next generation of products.

因此，我們已經在致力於 400Gig，因此我們只需要繼續投資研發並保持領先地位。當這些定價壓力影響到某些產品時，我們會放棄它們，並將更多的精力集中在下一代產品上。

Did that answer your question, Mark?

這回答了你的問題嗎，馬克？

As you're doing that gentlemen, there's some of your -- some of the hyper-scale customers such as Google are investing in their own optical companies as well. So I'm just trying to get a sense of do you believe that that's an isolated case or do you feel some of your customers are incentivized to reduce their cost, so it's just something that might continue or actually increase?

先生們，當你們這樣做的時候，你們的一些超大規模客戶，例如穀歌，也在投資他們自己的光學公司。所以我只是想了解一下，您是否認為這是一個孤立的案例，或者您是否覺得您的一些客戶有降低成本的動機，所以這種情況可能會持續下去或實際上會增加？

Well I mean pricing pressures happen all the time in our business. This was out of the norm for what we typically see and so we made a point of mentioning it. Our focus is on continuing to drive efficient operations to drive cost out of our products so that we can have the kind of margins we need to reinvest in R&D.

嗯，我的意思是，在我們的業務中，定價壓力一直存在。這與我們通常看到的現像不同，所以我們特意提到了這一點。我們的重點是繼續推動高效運營，降低產品成本，以便我們能夠獲得重新投資於研發所需的利潤。

So I think everybody is looking at different options and different ways of driving cost out of their infrastructure. And as you said if that means that they're going to invest in Chinese based companies to help them to drive the cost down, then they're going to do that. I think our focus is on providing them with the next generation of products that nobody else can make. So that's what we're trying to do.

所以我認為每個人都在尋找不同的選擇和不同的方法來降低基礎設施成本。正如你所說，如果這意味著他們將投資中國公司以幫助他們降低成本，那麼他們就會這樣做。我認為我們的重點是為他們提供其他人無法製造的下一代產品。這就是我們正在嘗試做的事情。

Lastly, just on a big picture point of view, if we look at it from our annual point of view, any thoughts of how we should consider the range of industry price with clients in an annual basis?

最後，從大局來看，如果我們從年度角度來看，我們應該如何考慮年度基礎上與客戶的產業價格範圍？

Yes. As you may have heard in the Viavi call, our price reduction in Q4 was 3.1% and I think that's pretty typical of what we expect to get into the 10% to 15% annual price reductions and we don't see that changing now or into the future.

是的。正如您可能在 Viavi 電話會議中聽到的那樣，我們在第四季度的降價幅度為 3.1%，我認為這與我們預期的 10% 至 15% 的年度降價幅度相當吻合，而且我們認為現在或將來這種情況不會改變。

That's helpful. Thank you and the best of luck.

這很有幫助。謝謝您，祝您好運。

Thanks, Mark.

謝謝，馬克。

Our next question comes from the line of Jorge Rivas with Craig-Hallum Capital. Your line is now open. Please go ahead.

我們的下一個問題來自 Craig-Hallum Capital 的 Jorge Rivas。您的線路現已開通。請繼續。

Hello, guys. Thanks for taking my question. Just a couple of quick questions for me, one, it's a housekeeping question, for the WaveReady revenues, in which segment are those being allocated now?

大家好。感謝您回答我的問題。我只想問幾個簡單的問題，第一，這是一個內部問題，對於 WaveReady 收入，現在分配到哪個部分？

The WaveReady revenue would be in optical components, primarily at telecom.

WaveReady 的收入將來自光學元件，主要在電信領域。

Right, (so it will be at telecom)?

對嗎，（所以它會在電信）？

Telecom, yes, telecom and optical components.

電信，是的，電信和光學元件。

Okay. And then also on your CFP2 Coherent, I was wondering if you can comment on the number of DSP of vendors that you are doing work with.

好的。另外，關於您的 CFP2 Coherent，我想知道您是否可以評論一下與您合作的 DSP 供應商的數量。

Well I think we have several DSPs in our labs today. I think we are trying to provide a CFP2 Coherent module that works with whatever DSP our customers are choosing to use including their vertically integrated in-house designs. And so we have to work with all of them and our customers will be testing them very thoroughly with their unique DSPs and code around the DSPs.

嗯，我認為我們今天實驗室裡有幾台 DSP。我認為我們正在嘗試提供一個 CFP2 相干模組，該模組可與我們的客戶選擇使用的任何 DSP 配合使用，包括他們的垂直整​​合內部設計。因此，我們必須與他們所有人合作，我們的客戶將使用他們獨特的 DSP 和圍繞 DSP 的程式碼對它們進行非常徹底的測試。

Okay. And when would you expect those -- that testing to be finalized?

好的。您預計這些測試什麼時候能完成？

At our customers or (inaudible)?

對於我們的客戶還是（聽不清楚）？

Yes.

是的。

Well I think as I said before I expect to see deployment of CFP2 Coherent in the first half of calendar 2016, and so it really does need to be happening between now and the first quarter and I think we're starting to see that now.

嗯，我想就像我之前說的，我預計在 2016 年上半年看到 CFP2 Coherent 的部署，所以它確實需要在現在到第一季之間發生，我認為我們現在就開始看到這一點了。

Okay. All right, that's all for me. Thanks a lot.

好的。好的，我就講到這裡。多謝。

Thanks, Jorge.

謝謝，豪爾赫。

And our last question comes from the line of James Faucette with Morgan Stanley. Your line is now open. Please go ahead.

我們的最後一個問題來自摩根士丹利的詹姆斯·福塞特。您的線路現已開通。請繼續。

Thank you very much. A lot of my questions have been answered. I just wanted to dig in once again on the datacenter market and you made the comment that you're starting to see a little bit of pricing pressure on 40 G but you thought that that would have a long runway whereas 100 G would start to ramp really in 2016.

非常感謝。我的許多疑問都得到了解答。我只是想再次深入研究資料中心市場，您評論說您開始看到 40 G 有點定價壓力，但您認為這將有很長的路要走，而 100 G 將在 2016 年開始真正成長。

I'm just wondering for your thought and planning purposes how you're thinking about the timeframe in which you think that 100 G related revenues could surpass those with 40 G? Is that something that could happen in 2016 or do you think the relevant [ramp] will allow 40 G to be large for longer than that? Thanks.

我只是想知道，出於您的想法和計劃目的，您認為 100 G 相關收入何時能夠超過 40 G 相關收入？這會不會在 2016 年發生？或者您認為相關的 [ramp] 是否將允許 40 G 保持更長的時間？謝謝。

Sure, James. I think 100 G could surpass at least for us our 40 G revenue in 2016. You know we're already having to make purchases of capital equipment for the testing of very large programs of 100 G, QSFP28, so I would expect that we would see a transition of higher revenue for 100 G over our 40 G in 2016 calendar.

當然，詹姆斯。我認為 100 G 的收入至少可以超過我們 2016 年的 40 G 收入。您知道，我們已經開始購買資本設備來測試 100 G、QSFP28 等大型項目，因此我預計在 2016 年，我們將看到 100 G 的收入高於 40 G。

That may not be representative of the market overall, but I would say it's more representative of our revenue because of where we're investing and where I'd say we have a leadership position in CFP4 and a couple of different variants of our QSFP28.

這可能無法代表整個市場，但我想說它更能代表我們的收入，因為我們投資的地方以及我們在 CFP4 和 QSFP28 的幾個不同變體方面處於領導地位。

Great. Thank you.

偉大的。謝謝。

That answered your question, James?

這回答了你的問題，詹姆斯？

Yes, it did. Thank you.

是的，確實如此。謝謝。

Okay.

好的。

That concludes today's question-and-answer session. I'd like to turn the call back to Chris Coldren for closing remarks.

今天的問答環節到此結束。我想將電話轉回給克里斯·科爾德倫 (Chris Coldren) 做最後發言。

Okay. Thank you, operator. This concludes our earnings call for today. Thank you very much for joining us.

好的。謝謝您，接線生。今天的收益電話會議到此結束。非常感謝您加入我們。

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program and you may now disconnect. Anyone have a great day.

女士們、先生們，感謝大家參加今天的會議。程式到此結束，您現在可以斷開連線。祝大家有個愉快的一天。