Lumentum Holdings Inc. (LITE) 2016 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Lumentum Q2 2016 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位女士、先生，大家好，歡迎參加 Lumentum 2016 會計年度第二季（Q2）財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

I would now like to introduce your host for today's conference, Mr. Chris Coldren. Sir, you may begin.

現在我想介紹今天會議的主持人，Chris Coldren 先生。先生，您可以開始了。

Thank you, Lauren. Welcome to Lumentum's second-quarter fiscal 2016 earnings call. 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.

謝謝你，Lauren。歡迎各位參加 Lumentum 2016 會計年度第二季財報電話會議。我叫 Chris Coldren，策略與企業發展副總裁。今天與我一同參與電話會議的有總裁兼執行長 Alan Lowe，以及財務長 Aaron Tachibana。

This call will include forward-looking statements, including statements regarding Lumentum's expected financial performance, expenses, trends, and position in our markets, as well as expectations related to our customers and our products. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations. We encourage you to review our most recent filings with the SEC, particularly the risk factors described in our 10-Q filing for the fiscal quarter ended September 26, 2015.

本次電話會議將包含前瞻性陳述，包括關於 Lumentum 預期財務表現、費用、趨勢以及我們在市場中的定位之陳述，亦包括與客戶及產品相關的預期。這些陳述存在風險與不確定性，可能導致實際結果與我們目前的預期出現重大差異。我們建議您查閱我們最近向美國證券交易委員會（SEC）提交的文件，特別是截至 2015 年 9 月 26 日止會計季度之 10-Q 申報文件中所述的風險因素。

The forward-looking statements we provide during this call, including projections for future performance, 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.

我們在本次電話會議中提供的前瞻性陳述（包括對未來表現的預測）係基於我們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任何義務。

Please also note unless otherwise stated, all results and projections are non-GAAP. Non-GAAP financial should not 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，所有結果與預測均為非 GAAP。非 GAAP 財務資訊不應被視為依 GAAP 編製之財務資訊的替代或更優者。

Our press release with our second-quarter fiscal 2016 results is available on our website, www.lumentum.com, under the investors section and includes additional details about our non-GAAP financial measures and a reconciliation between our GAAP and non-GAAP results. Our website also has our latest SEC filings, which we encourage you to review, and supplementary slides relating to today's earnings release. Finally, a recording of today's call will be available by 6 PM Pacific Time this evening on our website.

我們公布 2016 會計年度第二季業績的新聞稿已發布於公司網站 www.lumentum.com 的投資人專區，並包含關於我們非 GAAP 財務衡量指標的更多細節，以及 GAAP 與非 GAAP 結果之間的調節表。我們的網站亦提供最新的 SEC 申報文件（建議您查閱），以及與今日財報發布相關的補充簡報投影片。最後，今日電話會議的錄音將於今晚太平洋時間 6 點前後在我們網站上提供。

Now I would like to turn the call over to Alan for his comments and second-quarter business highlights.

現在我想把電話會議交給 Alan，請他發表評論並分享第二季的業務重點。

Thank you, Chris. We are in the early stages of a dramatic bandwidth expansion across the globe. Market demand for our products is strong and growing. There are multiple significant new network deployments underway and more are to ramp up in the coming quarters.

謝謝你，Chris。我們正處於全球頻寬大幅擴張的早期階段。市場對我們產品的需求強勁且持續成長。目前有多項重要的新網路部署正在進行中，未來幾季還會有更多專案加速放量。

Hyperscale data center operators are readying for the transition to 100G within their data centers, which will drive significant revenue for their suppliers. This is a very exciting time for Lumentum.

超大規模（hyperscale）資料中心營運商正為其資料中心內部轉向 100G 做準備，這將為其供應商帶來可觀的營收。對 Lumentum 而言，這是一個令人振奮的時刻。

In every communication network in the world, from data centers, to the network's interconnecting data centers, to enterprises, to the terrestrial and subsea communication networks, there is an ever-increasing demand for higher bandwidth and greater speed, agility, and efficiency. This demand is relentless.

在全球每一個通訊網路中，從資料中心、到連接各資料中心的網路、到企業、再到陸地與海底通訊網路，對更高頻寬以及更快速度、更高敏捷性與效率的需求都在不斷增加。這種需求勢不可擋。

As a result, our technologies and new products are critical to almost every type of communication network today. At Lumentum, we see the lines blurring between telecom and datacom, which were once distinct markets -- both in terms of customer base and technologies they require. Traditional telecom network operators look more like cloud and data center operators every day, in the services they offer to the -- and the underlying networks and data centers they build.

因此，我們的技術與新產品對當今幾乎每一種類型的通訊網路都至關重要。在 Lumentum，我們看到電信（telecom）與資料通訊（datacom）之間的界線正在模糊；這兩者過去曾是截然不同的市場——無論在客戶基礎或其所需技術方面皆然。傳統電信網路營運商在其提供的服務——以及其所建置的底層網路與資料中心——方面，每一天都更像雲端與資料中心營運商。

Cloud and data center operators now need to add longer-distance, very high-bandwidth fiberoptic links to interconnect their data centers and to provide network access to their customers. These trends and their requirements they place on the underlying technology and manufacturing capability play directly into our strengths and our technology leadership.

雲端與資料中心營運商如今需要新增更長距離、超高頻寬的光纖連結，以互連其資料中心並為客戶提供網路存取。這些趨勢及其對底層技術與製造能力所提出的要求，正好直接契合我們的優勢與技術領先地位。

Since our last conference call, demand for our optical communication products has gotten stronger. Demand from China and our customers supplying into North America metro builds is particularly strong. The investments we made in industry-leading products, including 100G components and modules, amplifier and pump lasers, and ROADMs position us very well.

自上次財報電話會議以來，我們光通訊產品的需求進一步增強。來自中國以及我們供應北美都會區（metro）建置的客戶之需求尤其強勁。我們在業界領先產品上的投資——包括 100G 元件與模組、放大器與泵浦雷射，以及 ROADM——使我們具備非常有利的競爭位置。

While recent Company-level growth has been driven primarily by our telecom business, looking forward we expect datacom will begin to contribute to our growth again. Demand for our 100G datacom products is markedly increasing, and we are ramping production of our portfolio of QSFP28, CFP2 and CFP4 transceivers.

雖然近期公司層級的成長主要由電信業務帶動，但展望未來，我們預期資料通訊將再次開始為成長做出貢獻。我們的 100G 資料通訊產品需求顯著增加，我們正提升 QSFP28、CFP2 與 CFP4 收發器產品組合的產能爬坡。

These products position us well with both our hyperscale data centers and enterprise customers as they transition to 100G. The decline in our datacom business over the past couple of quarters was the result of the lower-speed market having become overly competitive and customers at 40G slowing their consumption in anticipation of 100G. We are now at a point where we expect growth in 100G products to more than offset declines in our lower-speed products.

這些產品使我們在超大規模資料中心與企業客戶轉向 100G 的過程中，具備良好布局。過去幾季我們資料通訊業務下滑，係因低速市場競爭過度激烈，以及 40G 客戶為迎接 100G 而放緩採購。我們目前已來到一個階段，預期 100G 產品的成長將足以抵消低速產品的下滑。

We executed to our plan in the second fiscal quarter and are pleased to report our first quarterly results as Lumentum for the entire quarter. As expected, we saw strong growth in our telecom products. Telecom revenues grew sequentially, driven primarily by the rapid growth of our industry-leading ROADM products.

我們在本會計年度第二季依計畫執行，並很高興報告：這是我們以 Lumentum 名義涵蓋完整季度的第一份季度業績。如預期所示，我們的電信產品呈現強勁成長。電信營收較前一季成長，主要由我們業界領先的 ROADM 產品快速成長所帶動。

We saw our overall ROADMs revenue grew more than 44% sequentially and 103% year-over-year. Of note, our TrueFlex ROADMs and blades grew even faster, with a 64% sequential increase. We believe the strong demand is due to our share gains at key customers supplying into the Metro deployments as well as a broad market adoption due to our superior product performance.

我們的 ROADM 總體營收較前一季成長超過 44%，較去年同期成長 103%。值得注意的是，我們的 TrueFlex ROADM 與刀鋒板（blades）成長更快，較前一季增加 64%。我們認為強勁需求來自於我們在供應都會區部署的關鍵客戶中取得市占提升，以及因產品性能更優而帶動的廣泛市場採用。

We also saw strong 100G component sales in the quarter, which resulted in record 100G modulators and tunable laser revenues. We saw a robust demand across the range of our telecom products but were capacity-constrained on many product lines. We are adding capacity as we expect strong demand to continue throughout calendar 2016.

本季我們也看到 100G 元件銷售強勁，帶動 100G 調變器與可調式雷射營收創下新高。我們在各類電信產品上都看到強勁需求，但多條產品線受到產能限制。我們正在擴增產能，因為我們預期強勁需求將在 2016 年曆年全年持續。

Offsetting some of this growth we saw delays in two undersea cable projects which impacted our submarine revenues, which was down approximately $6 million sequentially. We expect the submarine market to the cover in the second half of the calendar year.

部分抵消上述成長的是，我們看到兩個海底電纜專案出現延遲，影響了我們的海纜營收，較前一季約減少 600 萬美元。我們預期海底市場將在曆年下半年回升。

Excluding the impact of our lower submarine revenue, our telecom business grew 8.4% sequentially. Second-quarter datacom revenue declined $700,000 relative to the prior quarter. Revenue from our 100G CFP2, CFP4, and QSFP28 grew 22% sequentially, but this growth was offset by declines in 10G and 40G products.

若排除海纜營收較低的影響，我們的電信業務較前一季成長 8.4%。第二季資料通訊營收較前一季減少 70 萬美元。我們的 100G CFP2、CFP4 與 QSFP28 營收較前一季成長 22%，但此成長被 10G 與 40G 產品的下滑所抵消。

We are winning customers with our 100G products due to our differentiated photonic integration and in-house optical chip platforms and our proven ability to rapidly ramp to high volumes. We are in production with our single-mode QSFP28 products, which will be central to many hyperscale data center 100G deployments. Initial QSFP28 shipments are primarily to enterprise network equipment manufacturers. We expect the hyperscale data centers to transition to 100G in a meaningful way this summer. We expect our third-quarter datacom revenue will be up due to the strong traction of our 100G products. We also expect our 100G datacom products to be a major growth driver of our business moving forward.

我們憑藉差異化的光子整合（photonic integration）與自有光學晶片平台，以及已被驗證能快速提升至大批量出貨的能力，正以 100G 產品贏得客戶。我們的單模 QSFP28 產品已進入量產，將成為許多超大規模資料中心 100G 部署的核心。初期 QSFP28 出貨主要面向企業網路設備製造商。我們預期超大規模資料中心將在今年夏季以具實質規模的方式轉向 100G。我們預期第三季資料通訊營收將因 100G 產品的強勁進展而上升。我們也預期 100G 資料通訊產品將成為未來推動我們業務成長的主要動能。

Industrial and consumer revenue was up $4.3 million sequentially, though our first-quarter revenue was down a bit due to an industrial diode laser customer who had delayed a significant order to the second quarter. 3D sensing revenue was up $1.1 million from the prior quarter, although still at relatively low levels.

工業與消費性營收較前一季增加 430 萬美元，然而由於一位工業二極體雷射客戶將一筆重大訂單延後至第二季，我們第一季營收略有下滑。3D 感測營收較前一季增加 110 萬美元，但仍處於相對偏低的水準。

Commercial laser revenue was down $3 million, driven by a $3.2 million sequential decline in our kilowatt fiber laser sales. Customer demand for our kilowatt fiber laser remained strong, but we had challenges meeting this demand for one of our products.

商用雷射營收下滑 300 萬美元，主因為我們千瓦級光纖雷射銷售較前一季減少 320 萬美元。客戶對我們千瓦級光纖雷射的需求仍然強勁，但我們在其中一項產品上面臨滿足需求的挑戰。

We previously indicated we had encountered an issue on a component that impacted our ability to deliver one of our fiber laser products two quarters ago. We developed a new process in order to overcome the manufacturing issue and increased our fiber laser output, but we have had challenges in ramping this up sufficiently yet to meet our customers' strong demand.

我們先前指出，兩季前我們在某個元件上遇到問題，影響了我們交付其中一款光纖雷射產品的能力。我們為克服製造問題而開發了新的製程並提高了光纖雷射產出，但在將產能爬坡至足以滿足客戶強勁需求方面，仍面臨挑戰。

Sales of our solid-state lasers, primarily used in semiconductor chip manufacturing processes, were down as expected; but the impact of this was offset by growth in sales of our new ultrafast laser products.

我們的固態雷射（主要用於半導體晶片製造流程）的銷售如預期下滑；但此影響被我們新型超快雷射產品銷售成長所抵銷。

For the third quarter, we are expecting commercial lasers' revenues to be flat to slightly up.

對於第三季，我們預期商用雷射營收將持平至小幅成長。

Book-to-bill for optical communications was above 1, while that of commercial lasers was approximately 1. Due to the higher percentage of revenue running through VMI programs and some of our customers placing long-term, multi-quarter orders, we continue to advise caution in drawing conclusions from book-to-bill results. Nonetheless, we saw strong bookings in the second quarter, and that strength has continued into this quarter.

光通訊的接單出貨比（book-to-bill）高於 1，而商用雷射約為 1。由於透過 VMI 計畫認列的營收占比提高，以及部分客戶下達長期、跨多季的訂單，我們仍建議在從接單出貨比結果推導結論時保持審慎。儘管如此，我們在第二季看到強勁的接單，而這股力道也延續到本季。

I would like to now highlight to organizational changes we are making. First, we are combining our product line management and sales organizations under Jason Reinhardt, our Senior Vice President of Global Sales. Second, we are combining our R&D and operations teams under a common leader, Vince Retort. Vince has been our Senior Vice President of R&D. Craig Cocchi, our Senior Vice President of Operations, will support Vince during this change and then will transition out of the Company on April 1, as announced earlier today.

我現在想重點說明我們正在進行的組織調整。第一，我們將產品線管理與銷售組織整併，由全球銷售資深副總裁 Jason Reinhardt 統一領導。第二，我們將研發與營運團隊整併，並由同一位主管 Vince Retort 領導。Vince 一直擔任我們的研發資深副總裁。我們的營運資深副總裁 Craig Cocchi 將在此變更期間支援 Vince，之後將如今天稍早所宣布，於 4 月 1 日離開公司。

Lumentum has been on our own for six months now, and these changes will more tightly align our new product development process to our manufacturing process and further strengthen and streamline our new Company for growth. This is a very exciting time for us, as demand continues to grow for bandwidth and speeds across the world's data centers and the communication networks that connect them. As a newly independent company, we are strongly positioned with our products, our technology roadmaps, and our team's ability to execute.

Lumentum 獨立運作至今已六個月，這些變更將使我們的新產品開發流程與製造流程更緊密對齊，並進一步強化與精簡我們這家新公司以促進成長。對我們而言，這是一個非常令人振奮的時刻，因為全球資料中心以及連結它們的通訊網路對頻寬與速度的需求持續成長。作為一家新近獨立的公司，我們在產品、技術藍圖以及團隊的執行能力方面都具備強勁的競爭位置。

I will now turn the call over to Aaron for more details on our financial results and our guidance for the third quarter. Aaron?

接下來我把電話會議交給 Aaron，請他更詳細說明我們的財務結果以及第三季的展望指引。Aaron？

Thank you, Alan. Net revenue for the second quarter was $218.3 million and above the midpoint of our guidance of $212 million to $222 million. GAAP gross margin was 31.2% and decreased 30 basis points quarter to quarter. GAAP operating margin was 2.8%, and GAAP net income per share was $0.05.

謝謝你，Alan。第二季淨營收為 2.183 億美元，高於我們指引區間 2.12 億至 2.22 億美元的中位數。GAAP 毛利率為 31.2%，較前一季下降 30 個基點。GAAP 營業利益率為 2.8%，GAAP 每股淨利為 0.05 美元。

Our second-quarter non-GAAP gross margin was 32.7% and decreased 10 basis points relative to the prior quarter, driven by sequential decline in optical communications gross margin, which was not fully offset by the increase in commercial lasers' gross margin for the period. Non-GAAP operating margin for the second quarter was 9%, an increase of 190 basis points sequentially. Non-GAAP earnings per share was $0.31, based on a fully diluted share count of 60.7 million along with $500,000 of other expense from foreign currency losses and zero tax expense.

第二季非 GAAP 毛利率為 32.7%，較前一季下降 10 個基點，主因為光通訊毛利率較前一季下滑，且未被本期商用雷射毛利率上升所完全抵銷。第二季非 GAAP 營業利益率為 9%，較前一季增加 190 個基點。非 GAAP 每股盈餘為 0.31 美元，係以完全稀釋後股數 6,070 萬股計算，並包含 50 萬美元的其他費用（來自外幣損失）以及零所得稅費用。

Optical communications revenue was $185.8 million, an increase of approximately 5% relative to the prior quarter, driven by a $5 million or approximately 4% increase in telecom revenues of $4.3 million, or a 50% increase in consumer and industrial revenues, which was partially offset by a $700,000 or approximately 2% decrease in datacom revenues. Optimal communications gross margin, at 30.7%, declined 70 basis points sequentially.

光通訊營收為 1.858 億美元，較前一季增加約 5%，主要受電信營收增加 500 萬美元（約 4%）所帶動；消費性與工業營收增加 430 萬美元（成長 50%）亦有貢獻，但部分被數據通訊營收減少 70 萬美元（約 2%）所抵銷。光通訊毛利率為 30.7%，較前一季下降 70 個基點。

As Alan mentioned, we experienced lower submarine revenues in the quarter. These products carry above-average margins, impacting our overall optical gross margins. Commercial lasers revenue was $32.5 million, a decrease of $3 million quarter on quarter, driven primarily by lower fiber lasers revenues.

如 Alan 所提到，我們本季海底產品營收較低。這些產品的毛利率高於平均水準，因而影響我們整體光通訊毛利率。商用雷射營收為 3,250 萬美元，較前一季減少 300 萬美元，主要由光纖雷射營收下降所致。

Gross margin, at 43.7%, increased 360 basis points due to the impact of cost reduction actions as well as favorable mix that included more of our new ultrafast lasers. We had three customers in the quarter that each contributed 10% or more of our third-quarter revenue compared with two in the prior quarter.

毛利率為 43.7%，因成本降低措施的影響以及有利的產品組合（包含更多新型超快雷射）而增加 360 個基點。本季有三位客戶各自貢獻我們第三季營收的 10% 或以上，而前一季為兩位。

Operating expenses totaled $51.7 million, with R&D expense at $32.7 million and SG&A expense of $19 million. The sequential decline in SG&A expenses was due to the prior quarter including certain allocated costs from Viavi for the pre-spin-off time period.

營業費用合計 5,170 萬美元，其中研發費用為 3,270 萬美元，銷售、一般及行政（SG&A）費用為 1,900 萬美元。SG&A 費用較前一季下降，係因前一季包含 Viavi 在分拆前期間分攤的部分成本。

Income tax expense was zero for the quarter, and we continue to realize a very low tax rate due to a couple of factors: first, at the time of separation from Viavi, all Lumentum-related assets and liabilities were contributed to an entity owned by Lumentum in a taxable transaction, which resulted in Lumentum tax basis increasing by approximately $715 million. This increased tax basis provides us with long-term annual tax deduction. Second, we have more than $90 million of NOLs, which are being utilized to offset current-year income.

本季所得稅費用為零；由於幾項因素，我們持續實現非常低的稅率：第一，在自 Viavi 分拆之際，所有與 Lumentum 相關的資產與負債在一筆應稅交易中注入至由 Lumentum 持有的實體，導致 Lumentum 的稅基增加約 7.15 億美元。此稅基增加為我們提供長期的年度稅務扣抵。第二，我們擁有超過 9,000 萬美元的淨營業損失（NOLs），正用以抵減本年度所得。

Our cash balance was $161.9 million at the end of the second quarter and increased $19.8 million from the prior quarter. This increase in cash was primarily result of disbursement timing.

截至第二季末，我們的現金餘額為 1.619 億美元，較前一季增加 1,980 萬美元。現金增加主要是由於付款時點的影響。

Capital equipment additions were approximately $20 million or 9% of revenue during the second quarter. This level of CapEx is meaningfully above historical investment levels of roughly 4% to 6% of revenue. However, we are increasing our investments in capital equipment in order to expand capacity to meet the rapidly-growing demand from our customers, particularly for our 100G and ROADM products. We expect CapEx investments to be in the range of 9% to 10% of revenue over the balance of the fiscal year.

第二季資本設備新增投資約 2,000 萬美元，約占營收的 9%。此 CapEx 水準顯著高於歷史投資水準（約占營收的 4% 至 6%）。然而，我們正在增加資本設備投資，以擴充產能來滿足客戶快速成長的需求，特別是針對我們的 100G 與 ROADM 產品。我們預期在本會計年度剩餘期間，CapEx 投資將落在營收的 9% 至 10% 區間。

Now onto our guidance for our third quarter of fiscal 2016: we project net revenue for the third quarter to be in the range of $222 million to $232 million, with an operating margin in the range of 8.0% to 9.5%, and earnings per share to be in the range of $0.28 to $0.34. In considering this guidance, please note the following factors that impact our projections: first, the third quarter will have 14 weeks versus the normal 13 weeks; but the revenue impact of the extra week is reduced by lost manufacturing time due to the lunar new year holiday in Asia. Because we are capacity-constrained across many product lines, it's more challenging to mitigate the impact of this holiday by exploiting excess capacity at other times in the quarter, as we have done in prior years.

接著是我們對 2016 會計年度第三季的指引：我們預估第三季淨營收將介於 2.22 億至 2.32 億美元之間，營業利益率介於 8.0% 至 9.5% 之間，每股盈餘介於 0.28 至 0.34 美元之間。在考量此指引時，請注意以下影響我們預測的因素：第一，第三季為 14 週，而非一般的 13 週；但多出一週對營收的影響，會因亞洲農曆新年假期造成的製造時間損失而降低。由於我們在多條產品線上都受產能限制，相較於往年我們曾在季度其他時間利用閒置產能來緩解假期影響，今年要降低此假期影響更具挑戰。

Second, we expect demand for our products will still outstrip supply as capacity constraints on certain product lines continue. Additionally, we are encountering shortages and longer lead times for components from our supply chain.

第二，我們預期由於某些產品線的產能限制仍在持續，我們產品的需求仍將超過供給。此外，我們也正面臨供應鏈零組件短缺以及更長的交期。

And third, we expect our operating expenses will increase relative to the second quarter due to the impact of having extra week of salary and benefits expense, the payroll tax reset that occurs in January, and the slight increase in all other expenses for the additional week.

第三，我們預期相較於第二季，我們的營運費用將增加，原因是多了一週的薪資與福利費用影響、一月發生的薪資稅重置，以及因多出一週而使其他各項費用略有增加。

Now I'll turn the call back over to Chris to begin the Q&A session. Chris?

現在我把電話交回給 Chris，開始問答環節。Chris？

Thank you, Aaron. I would like to ask everyone to limit discussion to one question and one follow-up. Lauren, let's please begin the question-and-answer session.

謝謝你，Aaron。我想請大家將討論限制在一個問題以及一個追問。Lauren，請開始問答環節。

(Operator Instructions) Jorge Rivas, Craig-Hallum.

（接線員指示）Jorge Rivas，Craig-Hallum。

Good afternoon, guys, and congratulations on the great results. I want to start, first, if you could provide any comments on what you have seen in the annual price renegotiations so far -- whether it's in line with previous years, a typical 10% to 15%? Whether it's on the high end, low end? Any comments on that will be really helpful.

各位下午好，恭喜你們取得很棒的成果。我想先從年度價格重新談判談起——到目前為止你們看到的情況如何？是否與往年一致，通常是 10% 到 15%？是偏高端還是偏低端？任何相關評論都會非常有幫助。

Thanks, Jorge; this is Alan. I think it's pretty typical. We saw ASP reductions in Q2 that were typical for that time of year. And some of our customers have changed their annual price negotiations to align with their fiscal years. And so we've seen more of a spreading out of that annual price reduction over multiple quarters.

謝謝你，Jorge；我是 Alan。我認為這相當典型。我們在第二季看到的 ASP（平均銷售單價）下降幅度，符合每年這個時點的常態。另外，我們有些客戶已將年度價格談判調整為配合其會計年度。因此，我們看到年度降價更分散地攤在多個季度發生。

So, for instance, in Q2 our optical annual price reduction was between 3.5% and 4%. And we expect similar kind of reduction in Q3. But those are typically our two largest ASP reductions in optical. So we don't expect anything different than normal.

例如，在第二季我們光學產品的年度降價約在 3.5% 到 4% 之間。我們預期第三季也會有類似幅度的降價。但這兩季通常是我們光學產品 ASP 降幅最大的兩個季度。所以我們不預期會有任何不同於正常情況的變化。

Okay, great. And then I wanted to get into your ROADM business. So pretty encouraging -- but I wanted to also ask about the pricing of ROADMs. Do those follow the same typical telecom rates? The price, I mean?

好的，很棒。接著我想談談你們的 ROADM 業務。看起來相當令人鼓舞——但我也想問 ROADM 的定價。它們是否遵循同樣典型的電信定價趨勢？我是指價格。

Yes, well -- sometimes. And why I say that is because when we start a development of a ROADM blade with a customer, typically we set prices far in advance of even production start time. And we commit to price reductions over time for some period of time, because our customers are doing a joint development with us, and they want to make sure that that development will pay off for them with respect to price reductions over time.

是的——有時候是。我之所以這麼說，是因為當我們與客戶開始共同開發某個 ROADM 刀片（blade）時，通常會在甚至還沒開始量產之前很久就先把價格訂好。而且我們會承諾在一段期間內逐步降價，因為客戶與我們共同開發，他們希望確保這項開發能透過隨時間推進的降價而對他們有回報。

So for a blade program, typically, prices are set far in advance of production start. But for modules, those are typically done similar to the rest of our telecom business.

因此，就刀片專案而言，價格通常在量產開始前很久就已設定。但就模組（modules）而言，通常會以與我們其他電信業務相似的方式來處理。

Okay. And then one last one for me. So you alluded to some supply constraints, and I'm wondering -- that it's also affecting the components that you source for ROADMs?

了解。我最後一個問題。你們提到一些供應限制，我想知道——這是否也影響到你們為 ROADM 採購的零組件？

Yes, we're seeing, as we add capacity and as we increase our demand on our suppliers, we are seeing lead times expand pretty much across the board with our suppliers. We are seeing component constraints for our ROADMs, but probably more impactful on our ROADM blades. And we're working anxiously and very diligently to resolve those component shortages with our suppliers and free up that supply base, so that we can utilize the capacity that we are putting in place. But we are still having challenges with that, as our demand continues to grow faster than we had originally expected.

是的，隨著我們擴增產能、並提高對供應商的需求，我們看到供應商端的交期幾乎全面拉長。我們確實看到 ROADM 的零組件受限，但影響可能更大的是 ROADM 刀片。我們正焦急且非常努力地與供應商合作，解決這些零組件短缺並釋放供應基礎，讓我們能夠運用正在建置的產能。但我們仍面臨挑戰，因為需求持續以比我們原先預期更快的速度成長。

Great, thanks a lot. That's all for me, guys. Keep up the good work.

很好，謝謝。我就到這裡，各位。繼續保持好表現。

Michael Genovese, MKM Partners.

Michael Genovese，MKM Partners。

Is it fair -- kind of a fair characterization to say that the solid optical results in the December quarter were driven by North America? And then maybe the strength of the outlook, maybe, is more driven by orders coming from China? Is that fair?

這樣說是否合理——可以算是一個合理的描述：12 月季度光學業務的強勁表現是由北美所帶動？而展望的強勁，可能更多是由來自中國的訂單所驅動？這樣說對嗎？

No. I would say in Q2 we saw strength from both North America as well as China. I'd say for outlook, we're expecting similar kind of continued growth and demand for both regions. And I'll say that EMEA is also starting to look like they're picking up as well. And so I'd say EMEA probably more on an outlook standpoint, but North America and China are both in Q2 as well as forward-looking.

不。我會說在第二季，我們看到北美與中國兩個地區都很強勁。就展望而言，我們預期兩個地區都會有類似的持續成長與需求。我也要說，EMEA（歐洲、中東與非洲）看起來也開始回升。所以我會說 EMEA 在展望面可能更明顯一些，但北美與中國在第二季以及前瞻上都同樣重要。

Right, right. This is a notoriously lumpy industry, but with the kind of programs you're ramping now and the kind of capacity additions that need to be made in the industry, are you sitting down across from your customers, and looking them in the eye, and getting more confidence that your visibility maybe extends out further than normal at this particular time?

了解，了解。這個產業以需求波動大而聞名，但以你們目前正在爬坡的專案，以及產業需要新增的產能來看，你們是否正與客戶坐下來面對面溝通，並更有信心你們的能見度在此時點可能比以往更長？

Yes, certainly we sit at our customers' tables, and look at them across the table, and try and understand their view of the demand picture. But we are also meeting with their customers and understanding what their network deployments look like. So I think that's kind of a way that we can understand how much capital we should be spending, and how far we should be driving our supply base to meet not only our customers' demand, but their customers' demand as well.

是的，我們當然會坐在客戶的會議桌前，與他們面對面，試著了解他們對需求情勢的看法。但我們也會與他們的客戶會面，了解其網路部署的樣貌。因此我認為，這是一種讓我們能判斷應投入多少資本支出、以及應將供應基礎推進到多遠的方法，以滿足不僅是我們客戶的需求，也包括他們客戶的需求。

Okay, great. And then finally for me, just any update on ROADMs in China? I mean, ROADMs here -- is it in the $30 million kind of range? And any of that into China yet? Or when would that happen in the future?

好的，很棒。最後一個問題：中國的 ROADM 有沒有任何最新進展？我的意思是，這裡的 ROADM——是否大約在 3,000 萬美元左右的區間？目前有任何進到中國嗎？或者未來什麼時候會發生？

Yes, I mean, we're shipping ROADMs today into the Chinese network equipment manufacturers. And I would say that probably most of those are leaving China, going into network deployments outside of China. However, we are working with those network equipment manufacturers to understand when they believe they will be deploying ROADMs in China. Because when that happens, that could be a significant bump up in demand. And I still am consistent in my belief that I think that's really a 2017 type of implementation. And the evaluations are going on today.

是的，我們今天就有向中國的網路設備製造商出貨 ROADM。而我會說其中大多數是離開中國，部署到中國以外的網路建置中。不過，我們正與這些網路設備製造商合作，了解他們認為何時會在中國部署 ROADM。因為一旦發生，那可能會使需求顯著跳升。我仍維持一致的看法：我認為那會是 2017 年左右的導入。而相關評估目前正在進行。

I was hoping you would check my math, too, on that number. I just kind of threw it out there.

我也希望你能幫我核對一下我對那個數字的計算。我只是隨口提出來。

Well, I think we tried to help triangulate the number last quarter, where we were -- you know, about 50% of our peak volume of ROADMs in 2010/2011, when the last North America metro deployment really came up in a meaningful way. And so we grew 44% from that. So we're north of $40 million today in ROADM.

嗯，我想我們上季試著協助推算那個數字：我們當時——你知道——大約是 2010/2011 年 ROADM 高峰出貨量的 50%，當時北美都會區的部署在實質上大幅起來，是上一波重要的成長期。而我們在此基礎上又成長了 44%。所以我們目前 ROADM 的規模已超過 4,000 萬美元。

Great. Thanks a lot.

很好。非常感謝。

Joseph Wolf, Barclays.

Joseph Wolf，Barclays。

I wanted to focus a little bit on the incremental CapEx, which appears to be about double. Could you just talk through geographically where you're adding capacity, given some of the changes in production that you're doing?

我想稍微聚焦在新增的資本支出（CapEx）上，看起來大約翻倍。鑑於你們正在進行的一些生產變更，能否談談你們在地理區域上是在哪些地方增加產能？

And then how much capacity are you adding over the next -- I think you said for the rest of fiscal year -- for two more quarters of that additional $20 million or so that you're adding, how much more capacity does that get on the products that are at capacity right now?

那麼在接下來的——我想你說的是本財政年度剩餘期間——也就是再兩個季度、你們額外增加約2,000萬美元的投入之下，你們還會增加多少產能？對於目前已經滿載的產品，這能帶來多少額外產能？

So year-to-date we spent about $33 million to $34 million in CapEx, and the majority of that is going into assembly and test -- mostly test capacity -- for things like 100G, telecom and datacom products, and ROADMs. So most of what we buy ends up at our CMs in China and in Thailand. But we are also investing into our fabs as we consolidate our lithium niobate fab into San Jose. And as we grow our capacity here in San Jose, we are investing in our wafer fabs in North America.

截至目前為止，我們在資本支出（CapEx）上大約花了3,300萬到3,400萬美元，其中大部分投入在組裝與測試——主要是測試產能——用於像是100G、電信與數據通訊（datacom）產品，以及ROADM。因此我們採購的大多數設備最後都會配置在我們位於中國與泰國的代工製造商（CM）那邊。但我們也在投資我們的晶圓廠，因為我們正在把鈮酸鋰（lithium niobate）晶圓廠整併到聖荷西。而且隨著我們在聖荷西擴充產能，我們也在投資北美的晶圓廠。

As far as what does that mean for incremental capacity, it's really hard to generalize that, because it really depends by product line how much more revenue we can get per CapEx dollar. I'd say the two biggest chunks of capital we're spending today are for the ramp-up of our QSFP28 datacom product, in anticipation of the summertime flip for the hyperscale data center guys to move from 40 to 100, as well as ROADM and ROADM line cards.

至於這對增量產能意味著什麼，其實很難一概而論，因為這真的取決於各產品線：每投入1美元的CapEx，能帶來多少額外營收。我會說，我們目前資本投入最大的兩塊，一是為了我們QSFP28數據通訊產品的放量爬坡，因應夏季時超大規模資料中心客戶從40G切換到100G；另一塊則是ROADM以及ROADM線卡。

Did that answer your question?

這樣有回答到你的問題嗎？

Yes, that was very helpful. I mean, is there a way to -- well, I don't -- correlate either volume or dollars to the amount that you're spending or some sort of return that you're looking for before you make the invest decision?

有的，這非常有幫助。我的意思是，有沒有辦法——嗯，我不知道——把你們的支出與某種量（出貨量）或金額做關聯，或是在做投資決策前，你們會看某種回報？

Yes, so Joe, this is Aaron. So we actually do go take a look longer-term as well, to see what the return on invested capital is going to be, right? Because it doesn't make sense to deploy a lot of CapEx if we can't see that it's going to be utilized longer-term, because the depreciation of that goes over several years. In terms of being able to tie that back to specific capacity for specific product lines, like Alan had mentioned, it's a little hard to do, because some of the capacity you can shift from product line to product line, depending upon what that equipment might look like.

有的，Joe，我是Aaron。我們確實也會從更長期的角度去看，評估投入資本報酬率（return on invested capital）會是多少，對吧？因為如果看不到長期會被使用，就不合理去部署大量CapEx，畢竟折舊會攤提好幾年。至於能否把它回推到特定產品線的特定產能，如Alan提到的，這有點難，因為部分產能可以在不同產品線之間調配，取決於那些設備的型態。

All right, thanks. That was helpful.

好，謝謝。這很有幫助。

James Kisner, Jefferies.

James Kisner，Jefferies。

Just wanted to dig a little bit into your comments about 100-gig datacom and its strength in calendar Q4 and expected strength in calendar Q1. Can we assume that CFP2 remains the majority of that 100-gig revenue, and that QSFP28 is still pretty small in there?

我想再深入一點了解你們對100G數據通訊在曆年第四季的強勁表現，以及預期在曆年第一季也會強勁的評論。我們是否可以假設，CFP2仍然占你們100G營收的大宗，而QSFP28在其中仍然相對很小？

And could you also kind of comment on the competitive environment at 100-gig? Particularly for QSFP28, just given the number of players that are entering this piece of the market, do you still think the gross margins there will be above average? Thanks.

另外也請你們談談100G的競爭環境。特別是QSFP28，考量到有很多業者正在進入這個市場區塊，你們是否仍認為那裡的毛利率會高於平均？謝謝。

Yes. So just for background, we skipped over CFP. I think there's still a lot of CFP 100-gig datacom products being shipped today. But we've seen a shift in many of those customers to CFP2. So the majority of our shipments today are CFP2, although we saw growth in CFP2, CFP4 and QSFP28 last quarter.

是的。先補充一下背景，我們略過了CFP。我認為目前仍有大量CFP的100G數據通訊產品在出貨。但我們看到許多客戶已轉向CFP2。所以我們目前出貨的主力是CFP2，不過上一季我們也看到CFP2、CFP4以及QSFP28都有成長。

And you're right -- well, the competitive landscape on QSFP28 right now has a lot of people talking and only one person that I know delivering, and that would be us. So -- especially on the single-mode hyperscale data center kind of product, like we're doing on our CWDM4, which is our 2-kilometer reach product.

你說得沒錯——目前QSFP28的競爭態勢是很多人在談，但我所知道真正有在交付的只有一家，那就是我們。尤其是在單模（single-mode）的超大規模資料中心這類產品上，例如我們的CWDM4，也就是2公里傳輸距離的產品。

So it's just under $1 million in revenue in Q2. And we expect that to grow dramatically in Q3, when the hyperscale guys grow, make that switch -- that will grow many-fold times.

所以第二季這部分營收略低於100萬美元。我們預期第三季會大幅成長，當超大規模客戶成長並完成那個切換時——將會呈現數倍的成長。

That helps a lot. And just separately on ACO, CFP2 ACO for coherent applications -- I think you said in the past that you're a little late to market, but you're going to be cost effective. And just wondering, will you be kind of around for just bidding in the ramp in the Q2/Q3 time frame for that product as well? Or might it take a little longer for you to benefit from that ramp?

這幫助很大。另外，關於ACO、用於相干（coherent）應用的CFP2 ACO——我記得你們之前說過你們上市時間稍晚，但會具備成本效益。想請問，你們是否會在該產品於第二季/第三季放量爬坡的時間點就參與競標？還是你們可能要再晚一點才能受惠於那波放量？

Yes, we are behind the people that are sampling today. We have sampled and gotten feedback from our customers. We still have some work to do. But I still believe that our strategy is the right one, which is a higher level of integration in a single chip for our laser and modulator in the CFP2 ACO. We are going to be sampling our customers continually, but I'd say that our production ramp is not in Q2 -- calendar Q2 or Q3, but more probably in the Q4 time frame. And I think that, frankly, aligns with when the telecom customers will be able to implement that.

是的，我們確實落後於目前正在送樣的那些廠商。我們已經送樣並取得客戶回饋。我們還有一些工作要做。但我仍然相信我們的策略是正確的，也就是在CFP2 ACO中，將雷射與調變器以單晶片達到更高程度的整合。我們會持續對客戶送樣，但我會說，我們的量產爬坡不會在曆年第二季或第三季，而更可能是在第四季的時間點。而且坦白說，這也符合電信客戶能夠導入的時程。

So while where probably missing the beginning of the ramp for the DCI, or the data center interconnect, on CFP2 ACO, I say we'll be able to catch up on the telecom. And then through having greater ability to ramp in production because of the technology and architects we have, I think we'll be able to ramp up faster and surpass the guys that are sampling earlier than us.

所以雖然我們可能會錯過CFP2 ACO在DCI（資料中心互連）這一段放量的起步，但我認為我們能在電信端追上。然後，憑藉我們的技術與架構所帶來更強的量產爬坡能力，我認為我們能更快放量，並超越那些比我們更早送樣的廠商。

Great. Thanks very much.

很好。非常感謝。

Patrick Newton, Stifel.

Patrick Newton，Stifel。

Congratulations, Alan and Aaron. Before we jump into my questions, could you provide or did I miss your fiber laser revenue in the quarter?

恭喜你們，Alan和Aaron。在進入我的問題之前，你們能否提供——或是我漏聽了——本季的光纖雷射營收？

It was down three --.

它下降了三——。

It was down $3 million quarter to quarter.

它較上一季下降了300萬美元。

Yes -- $10 million last quarter.

是的——上一季是1,000萬美元。

Great. Okay. And then I guess, Aaron, given your commentary on revenue and the extra week in the March quarter, it looks like we should not look at the outlook as being inflated by an extra week. I just want to confirm that.

很好。好的。接著我想，Aaron，根據你對營收以及3月季度多一週的評論，看起來我們不應該把展望視為因多一週而被墊高。我只是想確認一下。

And then, thinking beyond into the June quarter, I just want to make sure that we should not see an abnormal downtick in revenue, given that you will then be operating with one less week.

然後再往後看6月季度，我想確認我們不應該看到營收出現不正常的下滑，因為到時你們會少一週的營運週數。

Yes, so that's a great question. So in terms of this quarter that we're in today, it is a 14-week quarter; but we do have to be a little bit cautious, primarily because of the lunar holiday. There's a full week of the lunar holiday in Asia. And we are capacity-constrained in certain areas. So it's our belief today that some of the loss capacity due to different situations is hard to make up.

是的，這是個很好的問題。就我們目前所在的這一季而言，這是一個14週的季度；但我們確實需要稍微謹慎，主要是因為農曆假期。在亞洲有完整一週的農曆假期。而且我們在某些領域受到產能限制。所以我們目前的看法是，由於不同情況造成的部分產能損失，很難補回來。

You know, the March quarter is typically a down quarter for us, primarily because we have significant price reductions and negotiations that take place in Q2 and Q3. But having said that, we might have a small benefit from the 14th week. And so in terms of how you model it and how we look at it -- we don't anticipate a significant drop-off in the fourth quarter, although we're not providing guidance for Q4 at this time.

你知道，3月季度通常對我們而言是較弱的季度，主要因為我們在第二季和第三季會進行大幅降價以及談判。不過即便如此，我們可能會從第14週得到一些小幅助益。因此就你們如何建模以及我們如何看待——我們不預期第四季會有顯著下滑，儘管我們目前不提供第四季的指引。

Great. And then, Alan, you seem to have some comfort or visibility around an aggressive summer uptick in hyperscale 100G datacom. I think that's kind of the universal expectation across the market.

很好。接著，Alan，你似乎對超大規模（hyperscale）100G資料通訊在夏季出現強勁上升趨勢有一定的把握或能見度。我想這大概是市場上普遍的預期。

But I'm curious if you could help us understand what is providing you with that comfort? What is causing the inflection in demand around the summertime? And then if you could also perhaps -- you know, thank you for the details on the $1 million, roughly, in QSFP28. What's the time frame for you to eclipse something meaningful, something that moves the needle -- maybe $20 million a quarter -- with that product?

但我很好奇，你能否幫我們理解，是什麼讓你有這樣的把握？是什麼因素導致夏季前後需求出現拐點？另外，也謝謝你提供關於QSFP28約100萬美元的細節。就這個產品而言，你們要在什麼時間範圍內，才能超越某個有意義、能帶動整體表現的水準——例如每季2,000萬美元？

Okay. Well, what gives me confidence is what my customers are telling me and how they starting to buy pilot runs of our QSFP28. I think as far as why, then, I think their systems and their switches will be available -- the chipsets are available now. And I think it just takes them some time to roll out all of the infrastructure and fiber needed for those data centers. So I think that's what gives me comfort.

好的。嗯，讓我有信心的是客戶告訴我的資訊，以及他們開始採購我們QSFP28的試產批次（pilot runs）。至於原因，我認為他們的系統與交換器將會到位——晶片組現在已經可用。我想他們只是需要一些時間，去部署那些資料中心所需的所有基礎設施與光纖。所以我覺得這就是讓我安心的原因。

I'd say that the feedback we're getting on the QSFP28 CWDM4 is outstanding. So I think we're by far in the leadership position on that product today, although a lot of people are talking and quoting prices for it. As far as when it becomes $20 million a quarter -- it's certainly feasible to do that. We have pulled the trigger on a lot of capital. But I'd be hard-pressed to say that gets us to $20 million. I think the capital that we have in place today and on order would get us probably halfway there.

我會說，我們收到對QSFP28 CWDM4的回饋非常出色。所以我認為就目前而言，我們在這個產品上明顯處於領先地位，儘管很多人都在談、也在報價。至於何時能做到每季2,000萬美元——這當然是可行的。我們已經啟動了大量資本支出。但要我斷言這就能讓我們達到2,000萬美元，我會很為難。我認為我們目前已到位及已下單的資本設備，大概能讓我們達到那個目標的一半。

Great. Thank you for taking my questions, good luck.

很好。謝謝你回答我的問題，祝你們好運。

Simon Leopold, Raymond James.

Raymond James 的 Simon Leopold。

Wanted to follow-up on ROADMs. It's our impression that you've got a significant market share advantage on some of these North American efforts. And I wanted to see if, one, we could confirm that; and, two, get essentially some insight from you as to what's been sort of the secret sauce giving you that advantage and how sustainable it might be. And then I've got a follow-up.

我想追問一下ROADM。我們的印象是，你們在北美的一些專案上擁有顯著的市占優勢。我想確認兩點：第一，是否屬實；第二，希望你能分享一下，究竟是什麼「秘方」讓你們有這樣的優勢，以及這種優勢的可持續性如何。之後我還有一個追問。

Sure, Simon. I think today we have, if not all of the business, 99% of it. And I think that that's due to the secret sauce in collaboration that we've had with the two North American network providers that won that business. We've done blades with them for many, many years. And we work hand-in-hand with their engineering teams throughout the world. So I think that gives us an advantage -- and the fact that our transport team making ROADMs and blades is by far the best in the industry, and I think they've done just a fantastic job -- having our customers count on us. And so we don't let them down, and we continue to build momentum on those designs and next-generation designs.

當然，Simon。我認為目前我們即使不是拿下全部業務，也拿下了其中的99%。我想這要歸功於我們與兩家贏得該業務的北美網路服務供應商之間的協作「秘方」。我們和他們合作刀鋒板（blades）已經很多很多年了。而且我們在全球各地都與他們的工程團隊密切合作。所以我認為這給了我們優勢——再加上我們負責ROADM與刀鋒板的傳輸團隊在業界絕對是最強的，我覺得他們做得非常出色——讓客戶能夠依賴我們。因此我們不會讓客戶失望，並且持續在這些設計與下一代設計上累積動能。

So I think we're in a good position. I don't expect to keep 100% of that business forever. So we're already working on cost-reduction platforms to make sure that we'll be able to compete effectively and maintain the margins that we need to continue to reinvest.

所以我認為我們處於很好的位置。我不預期我們能永遠保有100%的業務。因此我們已經在做降成本平台的工作，以確保我們能有效競爭，並維持我們需要的毛利率，以便持續再投資。

Great. And then my follow-up -- I wanted to go back to the extra week in the quarter, understanding you've got the lunar holiday, which does occur every year with the slowdown in Asia -- but on the OpEx side, I assume that we should think about operating expenses, on kind of a like-for-like basis, should be up roughly 7% plus kind of the annual increases sequentially versus December? Is that the right way to think about it?

很好。接著我的追問——我想回到本季多了一週的問題。理解你們有農曆假期，而亞洲每年都會因而放緩——但在營業費用（OpEx）方面，我的假設是：若以同口徑（like-for-like）來看，營業費用相較12月應該會季增約7%，再加上年度調薪等逐季增加的部分？這樣理解對嗎？

I think that's pretty close. So in terms of the additional week, a couple million dollars from a payroll and benefits expense standpoint. And then the payroll tax reset is another $1 million or so and then there's probably another, you know, little bit -- $0.5 million or so for all other expenses, being open an extra week.

我覺得差不多。就多出的一週而言，從薪資與福利費用角度，大概增加幾百萬美元。然後薪資稅重置（payroll tax reset）大概再增加約100萬美元，另外可能還有一些——大概50萬美元左右——其他費用，因為多營運了一週。

So roughly -- we're talking about something in the neighborhood of $60 million versus the $54 million pro forma in December?

所以大致上——我們談的是大約6,000萬美元，相較於12月按備考（pro forma）計算的5,400萬美元？

No, that's too high. It's probably $3.5 million to $4 million of incremental OpEx.

不，那太高了。增量OpEx大概是350萬到400萬美元。

Okay. Well, thank you very much for that.

好的。非常感謝。

Doug Clark, Goldman Sachs.

Goldman Sachs 的 Doug Clark。

My first one is on the comments that you outlined on North America, and the strength there obviously impacting the ROADM business. I am wondering if that's specifically related to kind of the single customer metro build, or if it is more broad-based than that, and there are kind of other projects going on as well?

第一個問題是關於你剛才提到北美的評論，以及那邊的強勁表現顯然正在影響ROADM業務。我想了解，這是否特別與某個單一客戶的都會網（metro）建置相關，還是其實更為廣泛，還有其他專案也在進行？

Yes, it's broader than just a single customer, although I think in the long-term, that single customer would drive a tremendous amount of business for us. Our TrueFlex ROADMs are being widely adopted in many carriers in North America as well as in EMEA. So I think the growth in ROADMs is not solely due to the one guy, because I still think that's in the very early stages of deployment.

是的，這比單一客戶更廣泛，雖然我認為長期來看，那個單一客戶會為我們帶來非常可觀的業務。我們的TrueFlex ROADM正在北美以及EMEA的許多電信業者中被廣泛採用。所以我認為ROADM的成長不僅僅是因為那一位客戶，因為我仍然認為那還處於非常早期的部署階段。

Okay, great. That's helpful. And then, similarly, you mentioned kind of weakness in submarine revenues? Wondering if you can -- to the best extent possible -- kind of pinpoint what's causing those delays, perhaps? And then just kind of a third, very quick question: the third 10% customer -- is that the one that we've seen historically, or is it perhaps kind of a new customer that's never popped up at that 10% level?

好的，很好。這很有幫助。另外，同樣地，你提到海底（submarine）營收偏弱？想請你在可能的範圍內，指出造成這些延遲的原因是什麼？然後第三個非常快的問題：第三個達到10%的客戶——是我們過去歷史上看過的那一家，還是可能是一個以前從未在10%水準出現過的新客戶？

Okay. Well, the submarine business is kind of unique in that most of the cables that get deployed across the oceans are built by a consortium of customers. And so them getting together and agreeing upon the terms and conditions of how that cable gets paid for and how that cable gets deployed sometimes creates delays in those deployments.

好的。嗯，海底業務有點特殊，因為大多數跨洋部署的海纜都是由客戶聯盟（consortium）共同建置。因此，這些成員要聚在一起並就該海纜如何付款、以及如何部署的條款與條件達成一致，有時會造成部署延遲。

So I could be wrong, and the cables could come back immediately, and we could start seeing submarine business sooner than the second half of the calendar quarter come back; but I think that this is just the typical nature of the submarine business. It is cyclical, and it is dependent upon groups of customers coming together and agreeing upon terms of each of the cables.

所以我可能也會判斷錯，海纜專案也可能立刻回溫，我們也可能在本曆季下半年之前就看到海底業務回來；但我認為這就是海底業務的典型特性。

As far as the third 10% customer, I think you'll probably have to wait until we file our 10-K before you see that. But I think it's a new one.

至於第三個達到10%的客戶，我想你可能得等到我們提交10-K之後才會看到。但我認為那是一個新的。

Yes, it's not the one that historically had been disclosed in our 10-K.

是的，不是我們過去在10-K中歷來揭露的那一家。

Okay, that's helpful. Thanks a lot.

好的，這很有幫助。非常感謝。

Alex Henderson, Needham & Company.

Needham & Company 的 Alex Henderson。

Great. Just a couple of housekeeping clarifications. The China comment about ROADMs in 2017 -- were you talking fiscal year 2017 or calendar 2017?

很好。我只有幾個例行性的釐清問題。你提到2017年中國的ROADM評論——你指的是2017會計年度，還是2017曆年？

Alex, I think it's more calendar 2017. While they may do some pilots in this calendar year, I really think it's more deployments in a meaningful way in calendar 2017.

Alex，我認為更可能是在2017曆年。雖然他們可能會在今年曆年做一些試點，但我真的認為會在2017曆年以有意義的方式進行更多部署。

Right. And similarly, off of China, obviously there's been a couple of very large tranches of orders that came in in November then again in December. Could you talk a little bit about what you think the spend intentions will be over the course of 2016 based on your conversations with them on their -- you know, the size of those deployments, both in terms of the long-haul backbone build as well as what we're hearing as a number of provincial builds?

對。同樣地，談到中國方面，顯然在11月以及12月又有幾筆非常大的訂單批次進來。你能否根據你與他們的對話，談談你認為他們在2016年整體的支出意向會是如何——你知道，這些部署的規模，無論是長途骨幹網建設，還是我們聽到的一些省級建設？

Yes, I think we have visibility as far as our customers tell us. And I think the visibility goes through the summertime and into calendar Q3. But given that it's China, it can change. The government can say, slow spending, and all of a sudden it could slow.

是的，我認為就客戶告訴我們的而言，我們是有能見度的。我認為這個能見度可以看到夏季並延伸到曆年第三季。但鑑於是在中國，情況可能會改變。政府可能會說要放慢支出，然後突然之間就可能放慢。

But I think every indication we have today is that it's not limited to just China Mobile, but also the other two carriers. And they're kind of lining up one after another. So I believe that at this point in time, from what we can see, the visibility is about as good as it's ever been for China. Keep in mind that the government to change their mind.

但我認為我們今天掌握的所有跡象顯示，並不僅限於中國移動，另外兩家運營商也是如此。而且他們有點像是一家接著一家排隊上來。所以我相信就目前而言，從我們所能看到的，中國的能見度幾乎是歷來最好的一次。但請記住，政府仍可能改變主意。

All right. And just going back to the constrained environment: I assume that it's way too early for double ordering or any of that type of nonsense to show up in the mix here. I mean, it's only been constrained for a couple of months. Usually that takes three or four quarters to develop. Is that a reasonable way to think about that issue?

好。再回到供應受限的環境：我想現在要出現重複下單或那類胡鬧的情況，應該還太早，對吧。畢竟受限也才幾個月。通常那需要三到四個季度才會發展出來。這樣理解合理嗎？

I think so. So much of our business is through VMI; it's very different than it was back in 2010, when everything was pretty much on discrete orders, when it was easy just to double order. I mean, if product is not getting pulled from the VMI hubs, we slow down production, and we shift it somewhere else. So from everything I can see today, we are not seeing double ordering. It's real demand.

我認為是的。我們很大一部分業務是透過VMI（供應商管理庫存）；這跟2010年時很不一樣，當時幾乎都是單筆離散訂單，很容易就重複下單。我的意思是，如果產品沒有從VMI樞紐被拉貨，我們就會放慢生產，並把產能轉移到其他地方。所以就我今天所看到的一切，我們沒有看到重複下單。這是真實需求。

Perfect. And just one other question on the production ramps here. Is there a particular timeline on when some of these large investments will kick in, or do you think it will be a fairly smooth ramp? And is it getting the test and diagnostic systems -- is that the constraint that's holding things back? And what's the lead time on those, if that's the case? And then I'll cede the floor. Thanks.

很好。另外還有一個關於這裡產能爬坡的問題。這些大型投資何時會開始發揮作用，有沒有特定時間表？還是你認為會是一個相當平順的爬坡？另外，測試與診斷系統——是不是這個限制因素在拖慢進度？如果是的話，那些設備的交期是多久？然後我就把時間讓出來。謝謝。

Thanks, Alex. Well, I guess I'll use ROADMs as an example. There's long lead-time items because we automate -- we have aligners that are automated to do the alignment of the LCoS the ROADM itself. Those lead times can be three, four months. And so we had placed orders late last year and again this quarter already in anticipation of the need for capacity growth for those alignment stations out through June. Along with that comes the test capability as well for testing both the modules as well as testing the blades, because we test it at both levels. And those are three-plus months as well.

謝謝，Alex。我想我以ROADM為例。有些項目交期很長，因為我們做自動化——我們有自動化的對準設備（aligners），用來對準LCoS以及ROADM本體。那些交期可能是三、四個月。因此我們在去年底以及本季也已經再次下單，預先因應到6月為止對這些對準工站產能成長的需求。同時也包含測試能力，用於測試模組以及測試板卡，因為我們在兩個層級都會測試。而那些也需要三個月以上。

And as our orders with our suppliers increase, those lead times tend to get bigger as well. So we're trying to do our best to give them visibility, so they can go out and procure piece parts and add capacity that they need to be able to build that test gear and those alignment stations for our ROADMs.

而且當我們對供應商的訂單增加時，那些交期往往也會變得更長。所以我們正盡力提供他們能見度，讓他們能外出採購零組件並增加所需產能，以便能為我們的ROADM打造那些測試設備與對準工站。

On the datacom side of it, it's really more -- it's similar to that, because we have to -- we build, we buy automated alignment stations for building the optical subassemblies, and then the equipment that goes along with that, both at the OSA level as well as the module. So it's very similar; three to five months it takes to put this capacity in place.

在數據通訊（datacom）這一端，其實更是——也很類似，因為我們必須——我們會建置、採購自動化對準工站來製作光學次組件（optical subassemblies），以及與之配套的設備，無論是在OSA層級還是模組層級。所以非常類似；要把這些產能建置到位需要三到五個月。

So it sounds like it feathers in over multiple tranches of orders. So slug each quarter of capacity add. Is that right?

所以聽起來是分多個訂單批次逐步導入。也就是每一季分段增加一些產能。是這樣嗎？

Yes, I mean, it depends when we get the signal and when I sit across the table from our customers. I'd say that we probably pull the trigger monthly on ROADMs today. Over the last three months, it's probably been three different tranches, so that we can increase our capacity on a monthly basis as that equipment comes in.

是的，我的意思是，這取決於我們何時收到訊號，以及我何時能與客戶坐下來談。我會說，就ROADM而言，我們現在大概是每月就會按下扳機。過去三個月大概是三個不同的批次，讓我們能在設備到位時按月提升產能。

That's helpful. Thanks.

這很有幫助。謝謝。

Thanks, Alex.

謝謝，Alex。

Dave Kang, B. Riley.

Dave Kang，B. Riley。

The first question is -- just wondering how much revenue was left on the table due to lack of capacity? And of that, how much was pushed into this March quarter, and how much was lost to your competitors?

第一個問題是——想請教因為產能不足，有多少營收是沒能做到的？其中有多少被遞延到這個3月季度，又有多少流失給競爭對手？

Well, it's hard to quantify, but it's certainly double-digit millions. It spans from ROADMs, to modulators, to 100-gig narrow line-width lasers, I would say, were the three biggest impacted -- as well as on our fiber laser. We left several million dollars on the table in the fiber laser because of not necessarily component constraints or capacity constraints, but our ability to implement this new process that we have to be able to ramp back up on one of our fiber lasers. So somewhere between $10 million and $20 million.

嗯，這很難量化，但確實是數千萬美元等級（雙位數百萬）。涵蓋從ROADM、調變器（modulators）、到100G窄線寬雷射，我會說這三項受影響最大——另外還有我們的光纖雷射。在光纖雷射方面，我們少做了數百萬美元的營收，原因不一定是零組件或產能限制，而是我們導入一個新製程的能力，必須藉此把其中一款光纖雷射的產能再爬坡回來。所以大約在1,000萬到2,000萬美元之間。

I would say that given the state of the industry, not a lot of that was picked up by other of our competitors, because they are all in similar situations with respect to modulators and tunable lasers. So I think that all kind of falls into the next quarter and the next quarter.

我會說，考量產業現況，其中並沒有太多被其他競爭對手承接走，因為他們在調變器與可調式雷射（tunable lasers）方面也都處於類似狀況。所以我認為那大多會落到下一季以及再下一季。

We are already seeing orders come in for requests this quarter that we're not able to satisfy because of components and because of capacity, because once you don't have a component, you lose that capacity -- and you can't make it up. And that's what Aaron was talking about during Chinese New Year. We just -- typically, we can ramp up ahead of Chinese New Year, because we have some flex in capacity. But this quarter we really don't.

我們已經看到本季有一些需求/訂單進來，但因為零組件以及產能，我們無法滿足；因為一旦缺了某個零件，你就失去那段產能——而且補不回來。這就是Aaron在談中國新年期間所說的。我們只是——通常我們可以在中國新年前提前拉升，因為我們的產能有一些彈性。但這一季我們真的沒有。

And the products or components that you source for your products -- what are some components that's causing a bottleneck?

那你們為產品所採購的零組件——有哪些零組件正在造成瓶頸？

Well, everything from PCBs to the ICs that go onto those. And we do buy optical components from outside suppliers that are in similar situations to us. So their lead times have gotten longer, and we're having to work with them to be able to pull those back in and figure out: how do we solve those sourcing problems? So it's across the board on the types of components that we're after.

嗯，從PCB到裝在上面的IC，什麼都有。而且我們也會向外部供應商採購光學元件，而他們也跟我們一樣處於類似狀況。所以他們的交期變長了，我們必須與他們合作，設法把交期拉回來並釐清：我們要如何解決這些採購/供應來源問題？所以我們所需要的各類零組件，幾乎全面都受到影響。

Got it. And then on the MCS, on multicast switch, are you lumping that as part of ROADM sales, or can you just talk about the demand for MCS?

了解。另外關於MCS（multicast switch，多播交換器），你們是把它歸在ROADM銷售的一部分，還是你能談談MCS的需求情況？

Yes. So we are lumping that into the ROADMs. And because our MCS is a TrueFlex MCS, we lump that also into the TrueFlex revenue. It's still low single-digit millions, but it's ramping up as the North America metro builds pick up.

是的。所以我們把那部分併入 ROADM。而且因為我們的 MCS 是 TrueFlex MCS，我們也把它併入 TrueFlex 的營收。目前仍是低個位數百萬美元的規模，但隨著北美都會區建置加速，正在逐步攀升。

Got it. And then lastly for Aaron, what was -- actually, never mind. I see it now. Thank you, that was it.

了解。那最後一個給 Aaron 的問題是——其實算了。我現在看到了。謝謝，就這樣。

Tim Savageaux, Northland Capital.

Tim Savageaux，Northland Capital。

First, after a pretty strong -- or very strong -- sequential growth performance on the ROADM side, I wonder if you're able to provide any indications for -- you know, assuming you are probably not expecting to see that degree of strength continue heading forward on a sequential basis, but can you provide any commentary with sort of how you expect that growth to look going forward?

首先，在 ROADM 這邊出現相當強——或非常強——的季對季成長表現之後，我想請問你們是否能提供一些指引——你知道，假設你們可能不預期未來在季對季基礎上仍能維持那樣的強度，但你們能否就未來成長走勢提供一些評論？

We do expect, and we are adding capacity to expect, continued growth in ROADMs -- not to the same level of 44% sequentially, but it should certainly be double-digit growth for the next couple of quarters.

我們確實預期會持續成長，而且也正在擴增產能以支撐 ROADM 的持續成長——不會再是季對季 44% 那種水準，但接下來幾個季度應該仍會是雙位數成長。

Great. And also looking at that strong ROADM growth, it appears to me that even if you account for the submarine weakness, and I'll assume that primarily impacts your amplifier pump laser business, but probably has some other impacts; and also considering your commentary about record modulator and tunable shipments, you know, the rest of the telecom business, I guess, looks kind of flattish after you take the ROADMs out, even accounting for the subsea.

很好。另外看這個強勁的 ROADM 成長，在我看來，即使把海底（submarine）疲弱因素納入——我假設那主要影響你們的放大器泵浦雷射業務，但可能也有其他影響；再加上你們提到調變器與可調式（tunable）出貨創新高，你知道，其餘的電信業務在把 ROADM 拿掉之後，即便考慮海底因素，看起來也有點偏平。

So with that overall scenario in mind, was there sort of an area of weakness on the legacy side, or am I doing my math right, on the one hand? And then looking forward, how do you expect that subsea delay to sort of come back into the numbers? Do you have any indications on whether that's a gradual thing, or coming right back in fiscal Q3 or what have you?

所以在這個整體情境下，傳統（legacy）業務那邊是否有某個領域偏弱？或者我一方面的計算是否正確？另外往前看，你們預期這個海底延遲會如何回到數字裡？你們是否有任何跡象顯示它會是逐步回升，還是會在會計年度 Q3 之類的時間點直接回來？

Yes, so let me answer that submarine question first, because that's easy. What we said in the prepared comments was that we believe that that should come back. Those two cables should come back in the second half of the calendar year. So we're not expecting that $6 million to pick back up in submarine this quarter or next, although I could be wrong.

是的，我先回答海底那個問題，因為比較簡單。我們在事先準備的評論裡說過，我們相信那部分應該會回來。那兩條海纜應該會在曆年下半年回來。所以我們不預期這 600 萬美元會在本季或下季就回到海底業務，雖然我也可能判斷錯。

As far as what is softening, because we did see such strong growth in ROADMs, keep in mind -- as we build a Super Transport Blade, those incorporate many of our telecom 980 pumps and a lot of our passives into those products. So that meant we had fewer external 980 pump and passive sales externally, because we were certainly going to use our pumps and passes to build blades for our customers as opposed to sell them as components.

至於哪些地方變得疲弱，因為我們看到 ROADM 成長非常強，請記住——當我們製造 Super Transport Blade 時，裡面會整合我們許多電信用 980 泵浦以及大量被動元件。因此對外的 980 泵浦與被動元件外部銷售就會比較少，因為我們當然會優先把自家的泵浦與被動元件用來替客戶組裝 blade，而不是把它們當作零組件賣出去。

So the constraint on the ability to meet our customers' demand on pumps and passes was pretty severe last quarter, and it continues to be this quarter as we've been trying to add capacity to keep up with it. But those kinds of products were down, but not because we produced less; it's because we used them internally to build blades for our customers. Does that make sense?

所以上一季在泵浦與被動元件方面，滿足客戶需求的產能限制相當嚴重，而這一季也仍然如此；我們一直在擴增產能以跟上需求。但這類產品的營收是下降了，不是因為我們產量變少；而是因為我們把它們內部用掉，用來替客戶組裝 blade。這樣說有道理嗎？

It makes sense. And one real quick one; I may have just this. Did you -- I think you may have provided a metric about aggregate concentration for your top five customers last quarter? I don't know if you provided something similar or are able to for this quarter?

有道理。再很快一個問題；我可能只是想確認一下。你們——我記得你們上季可能提供過前五大客戶的合計集中度指標？不知道這一季你們是否也提供了類似資訊，或是否能提供？

We haven't really provided anything like that. But in terms of contrition for top 10 customers, it's in excess of 60%.

我們其實沒有提供過那樣的資訊。但就前十大客戶的集中度而言，超過 60%。

Great, thank you.

很好，謝謝。

James Faucette, Morgan Stanley.

James Faucette，Morgan Stanley。

Hi, this is Meta Marshall for James Faucette. A question on a previous comment you made about ROADMs shipping into China that where then shipping elsewhere -- do you have a sense of where that equipment is going? And is that some of the commentary about EMEA outlook being stronger?

嗨，我是代 James Faucette 提問的 Meta Marshall。關於你先前提到 ROADM 先出貨到中國、之後再出貨到其他地方的評論——你們是否知道那些設備最後去了哪裡？那是否也是你們提到 EMEA 展望較強的部分原因？

Yes, I would say that when we ship a ROADM into China, it doesn't come back to North America, but normally it ends up in EMEA. And that's where we believe it's going. There are some large deployments in Germany that we believe a lot of our TrueFlex ROADMs are ending up. So that's what I meant by that.

是的，我會說當我們把 ROADM 出貨到中國，它不會再回到北美，但通常最後會到 EMEA。而我們相信它就是往那裡去。我們認為德國有一些大型部署，很多 TrueFlex ROADM 最終會用在那裡。所以我指的就是這個。

Okay, great. And then I know that you gave a comment that at 100-gig and datacom, you guys are leading the pack as far as having product. But pricing as far as kind of sub-100 gigs, so 40-gig or 10-gig -- what are you guys seeing there?

好的，很好。另外我知道你們提到在 100G 與資料通訊（datacom）方面，你們在產品供應上領先同業。但在低於 100G 的定價方面，例如 40G 或 10G——你們看到的情況如何？

Pricing --?

定價——？

In datacom.

在資料通訊（datacom）。

Pricing is still pretty competitive. So, you know, as we had mentioned on prior calls, we are being selective in terms of what we take for 10-gig and below. And I think in Alan's commentary during the earnings call here, we did mention that there is a little bit of pause in 40-gig, primarily due to some of the folks waiting and looking at QSFP28. Pricing is competitive; it's tough.

定價仍然相當競爭。所以，如同我們在先前的電話會議提過的，我們在 10G 及以下的案子會更有選擇性地承接。而且我想在這次法說中 Alan 的評論也提到，40G 有一點暫停，主要是因為有些客戶在觀望並評估 QSFP28。定價很競爭；很艱難。

Yes. And one of the other things that I mentioned last earnings call was that our 40-gig offering, our single-mode 40 gig offering is not as competitive as it needs to be, because we rely on an outside source for some of the optical chips. So we made the decision to have everything built inside on our 100-gig, which will give us the cost we need to be very competitive in that market.

是的。另外我在上次法說也提過，我們的 40G 產品——我們的單模 40G 產品——競爭力還不夠，因為我們部分光學晶片仰賴外部供應。所以我們決定在 100G 上把所有東西都改為內製，這將讓我們取得所需的成本結構，以便在那個市場非常有競爭力。

Great. Thank you, guys.

很好。謝謝各位。

Rod Hall, JPMorgan.

Rod Hall，JPMorgan。

Thanks for taking my question; this is Ashwin on behalf of Rod. I wanted to go back to your comments on North America. You mentioned something like this trend in North America is driven by a broad set of customers; but, first of all, I want to clarify if I heard that right? And if yes, then how many carriers are really driving the demand?

謝謝讓我提問；我是代表 Rod 的 Ashwin。我想回到你們對北美的評論。你們提到北美這個趨勢是由廣泛的客戶群所驅動；但首先我想確認我是否聽對了？如果是，那到底有多少家電信業者在真正推動需求？

Well, put it this way: my understanding is that all North America carriers deploy ROADMs, and many of them are making deployments today in the metro. Some of the Tier 1s, but a lot of the MSOs as well as some of the second- and third-tier carriers are deploying networks today and are deploying our ROADMs through the network equipment manufacturers that we sell to.

嗯，這麼說吧：我的理解是，所有北美電信業者都在部署 ROADM，而且其中很多目前正在都會區進行部署。有一些是一級（Tier 1）業者，但也有很多 MSO，以及一些第二、第三級業者也正在部署網路，並透過我們銷售的網路設備製造商，在其網路中部署我們的 ROADM。

Okay, I want to ask another question on EMEA. You said there was some strength driven by deployments in Germany; but as you talk to carriers and customers, do you get a sense of when -- do you have a sense of when other European nations can start deploying your carriers, and other nations can start deploying 100-gig in their metro?

好的，我想再問一個關於 EMEA 的問題。你們說有一些強勁表現是由德國的部署所帶動；但當你們與電信業者和客戶交流時，你們是否能感受到——你們是否知道其他歐洲國家何時會開始部署你們的設備，以及其他國家何時會開始在其都會區部署 100G？

Well, I think they are deploying today 100-gig, but not in the kind of scale that's going on in North America. To be honest, I don't have a tremendous amount of visibility as to where all of our components and modules end up when we sell them to our network equipment manufacturers, except when they come to me and say, I need to have hundreds of ROADMs for this network. And that's why I mentioned the one in Germany that I do know of. But there are others that are mentioned. And I think it's pretty broad -- not to the scale of North America, but it is broad in EMEA.

嗯，我認為他們今天正在部署 100G，但規模不像北美那樣大。老實說，當我們把元件和模組賣給網路設備製造商時，除非他們來跟我說「我需要為這個網路準備數百台 ROADM」，否則我對我們的零組件與模組最後會用到哪裡，並沒有非常高的能見度。這也是我為什麼提到我確實知道的德國那個案例。不過也還有其他被提到的案例。我認為覆蓋面相當廣——雖然不到北美的規模，但在 EMEA 的確相當廣泛。

Great. Thank you.

很好。謝謝你。

Alex Henderson, Needham & Company.

Alex Henderson，Needham & Company。

Great, a couple of quick questions. First, the I&C segment -- I have no idea how to forecast that thing. Could you give us some hints on what we should be thinking about there? It's not a category that most of the people on this call have a lot of familiarity with.

很好，幾個簡短問題。第一個，I&C 部門——我完全不知道該怎麼預測那塊業務。你能給我們一些提示，讓我們知道應該怎麼看待那邊嗎？這不是這通電話上大多數人很熟悉的類別。

I think it's pretty stable run rate business. And I kind of believe that the work that we've been doing in 3D sensing and gesture recognition will eventually pay off in a meaningful way again, like it did with our first two generations of product that when into game applications.

我認為那是一個相當穩定、以固定節奏運行的業務。而且我也相信，我們在 3D 感測與手勢辨識上所做的工作，最終會再次以有意義的方式帶來回報，就像我們前兩代產品導入遊戲應用時那樣。

Today in that set of revenue, we sell pumps for other people making fiber lasers, as well as 3D sensing for the games as well as notebook computers. I do think that a year out or so, we could see an uptick in 3D sensing as more of those products get designed into mobile devices, cell phones, and tablets. So I think from my perspective, it's a pretty stable business today, with some upside if things go as we expect.

目前在那部分營收中，我們銷售泵浦（pump）給其他製造光纖雷射的人，也有用於遊戲以及筆記型電腦的 3D 感測。我確實認為，大約一年左右後，隨著更多產品被設計導入行動裝置、手機與平板，我們可能會看到 3D 感測的成長。所以從我的角度看，今天它是一個相當穩定的業務；如果事情如我們預期發展，還會有一些上行空間。

But I believe it's a fairly large seasonality on that, and it looks like the June quarter and the December quarters tend to be your larger quarters, and then a big fall-off in the March quarter. Is that the pattern we should be modeling?

但我認為那塊業務有相當明顯的季節性，看起來 6 月季度與 12 月季度通常是較大的季度，然後在 3 月季度會大幅下滑。這是我們應該建模的模式嗎？

No, not really, Alex. This is Aaron. So last quarter we did have a project on the IDL side that delayed a little bit. So we had a little bit of drop-off last quarter, and this quarter it's back up. And so that's maybe what you're seeing, a little bit of lumpiness. But I don't think there's a lot of seasonality. It's been flattish when you look back the last four to six quarters.

不，Alex，不完全是。我是 Aaron。所以上一季我們在 IDL 端有一個專案稍微延後了一點。因此上一季有些下滑，而這一季又回升。所以你看到的可能是一些小幅的波動。但我不認為有很強的季節性。回頭看過去四到六個季度，其實相對平坦。

Yes, there's seasonality when we get into a major 3D sensing application, because those consumer electronic devices are seasonal. But the vast majority of that business today is pumps that go into fiber lasers, with a small portion of it being kind of a run rate 3D sensing stuff.

是的，當我們進入一個主要的 3D 感測應用時會有季節性，因為那些消費性電子裝置本來就有季節性。但目前那塊業務的絕大部分是用於光纖雷射的泵浦，只有一小部分是屬於固定節奏的 3D 感測業務。

Second question: the short-range optics business -- you know, it looks like you guys kind of put your toe in there and then pulled your toe back out, and that caused some perturbation in your growth rates in the datacom piece. Are you now functionally no longer exposed to that piece, so that it stops being a drag?

第二個問題：短距離光學業務——你知道，看起來你們好像先試水溫，然後又把腳抽回來，這造成你們在資料通訊（datacom）部分的成長率有些波動。你們現在在功能上是否已經不再曝險於那一塊，讓它不再成為拖累？

Oh, no, we still sell a lot of 10- and 40-gig pixel-based multimode transceivers. But it is very aggressive. Although I think, since we do build our own pixels, we have a product that can keep up, albeit at lower-than-average margins. So that's why were being selective in those products. But we do have pixels. I would say 100G short-range stuff is probably further out than our single-mode stuff that we talked about earlier.

喔，不，我們仍然銷售大量 10G 與 40G、以像素為基礎的多模收發器。但那個市場競爭非常激烈。不過我認為，由於我們自己生產像素，我們的產品仍能跟上，只是毛利率會低於平均。所以我們才會在那些產品上採取選擇性策略。但我們確實有像素能力。我會說，100G 的短距離產品可能比我們先前談到的單模產品還要更晚一些。

And the pricing on the short-range -- that's down, what, 30% year-over-year, or something in that range?

那短距離產品的定價——年對年下滑大概 30% 左右，或是差不多那個範圍？

I don't have that, but I would say that it's in that ballpark.

我手上沒有那個數字，但我會說大概就在那個區間。

All right. Okay. And then the last question: can you give us any break between 100-gig versus 10 gig, 40-gig within the datacom, so that we can get a sense of what portion is the fast-growth piece versus what portion we're lugging against? I mean, is it 60%/40%, 40%/60%? Any sense at all?

好。好的。那最後一個問題：你們能否在資料通訊裡，提供 100G 相對於 10G、40G 的拆分，讓我們了解哪一部分是高速成長的業務、哪一部分是我們還在扛著的？我的意思是，是 60%/40%、40%/60%？有沒有任何概念？

We typically don't give that breakout, Alex; but what we can say is the 100-gig is ramping quite rapidly, and so it should overtake the 10- and 40-gig shortly.

Alex，我們通常不提供那樣的拆分；但我們可以說的是，100G 正在非常快速地爬坡，因此它應該很快就會超過 10G 與 40G。

Yes, I would say certainly by Q1, 100-gig will be the majority of our datacom business. But today it's not.

是的，我會說，最晚到 Q1，100G 將會成為我們資料通訊業務的主要部分。但今天還不是。

Ladies and gentlemen, that concludes our question-and-answer session. I would like to turn the call back over to Mr. Alan Lowe for closing remarks.

各位女士先生，我們的問答環節到此結束。我想把電話交回給 Alan Lowe 先生做結語。

Thank you, Lauren. The Lumentum team is excited to support our customers, grow our business, and create value for our shareholders. We see strong market demand from our customers. Our new products, including our TrueFlex ROADMs and 100G datacom transceivers are winning the market and position us very well as we look forward. As I said earlier, I do believe we are at the early stages of a worldwide bandwidth expansion, making the future bright at Lumentum.

謝謝你，Lauren。Lumentum 團隊很高興能支持我們的客戶、成長我們的業務，並為股東創造價值。我們看到客戶端有強勁的市場需求。我們的新產品，包括 TrueFlex ROADM 與 100G 資料通訊收發器，正在贏得市場，並讓我們在展望未來時處於非常有利的位置。如我先前所說，我確實相信我們正處於全球頻寬擴張的早期階段，讓 Lumentum 的未來一片光明。

We will be discussing our business at several investor relations events in the coming weeks. These events are listed on our website in the investor relations section.

在接下來幾週，我們將在數場投資人關係活動中討論我們的業務。這些活動已列在我們網站的投資人關係專區。

This concludes our call for today. We would like to thank everyone for attending, and we look forward to speaking to you again in another three months. Thank you.

今天的電話會議到此結束。我們要感謝各位的參與，也期待三個月後再次與各位交流。謝謝。

Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program. You may all disconnect. Everyone have a great day.

各位女士先生，感謝您參與今天的會議。本節目到此結束。各位可以掛線。祝各位今天愉快。