Lumentum Holdings Inc (LITE) 2018 Q4 法說會逐字稿

Good morning. My name is Marcella, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Q4 and Full Fiscal Year 2018 Lumentum Earnings Conference Call. (Operator Instructions) Chris Coldren, Interim Chief Financial Officer, you may begin your conference.

早安.我叫瑪塞拉，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 2018 年第四季和整個財年 Lumentum 收益電話會議。（操作員指示）臨時財務長 Chris Coldren，您可以開始會議了。

Thank you, Marcella. Welcome to Lumentum's Fourth Quarter 2018 Earnings Call. This is Chris Coldren, Interim Chief Financial Officer and Senior Vice President of Strategy and Corporate Development. Joining me on today's call is, Alan Lowe, President and Chief Executive Officer.

謝謝你，瑪塞拉。歡迎參加 Lumentum 2018 年第四季財報電話會議。我是克里斯‧科爾德倫 (Chris Coldren)，臨時財務長兼策略與企業發展資深副總裁。與我一起參加今天電話會議的是總裁兼執行長艾倫·洛 (Alan Lowe)。

This call will include forward-looking statements, including statements regarding the markets in which we operate, including potential market sizes, trends and expectations for products and technology, purchasing trends and demand for our products, Lumentum's expected financial performance, expenses and position in the market as well as statements regarding our pending acquisition of Oclaro. 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 filings for our third quarter, which ended March 31, 2018, the registration statement on Form S-4 and the risk factors that will be included in the Form 10-K to be filed for fiscal 2018. The forward-looking statements we provide during this call, including the 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.

本次電話會議將包括前瞻性陳述，包括有關我們經營所在市場的陳述，包括潛在市場規模、產品和技術的趨勢和預期、我們產品的採購趨勢和需求、Lumentum 的預期財務業績、費用和在市場中的地位市場以及有關我們即將收購 Oclaro 的聲明。這些陳述存在風險和不確定性，可能導致實際結果與我們目前的預期有重大差異。我們鼓勵您查看我們最近向 SEC 提交的文件，特別是截至 2018 年 3 月 31 日的第三季 10-Q 文件中描述的風險因素、S-4 表格上的註冊聲明以及將包含在2018 財年提交的10-K 表格中。我們在本次電話會議中提供的前瞻性陳述，包括對未來績效的預測，是基於我們截至目前為止的合理信念和預期。除適用法律要求外，Lumentum 不承擔更新這些聲明的義務。

Please also note, unless otherwise stated, all results and projections are non-GAAP. Non-GAAP financials should not be considered as a substitute for or superior to financials prepared in accordance with GAAP. Our press release with our fourth quarter and full year fiscal 2018 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.

另請注意，除非另有說明，所有結果和預測均非公認會計準則。非 GAAP 財務數據不應被視為替代或優於根據 GAAP 編制的財務數據。有關2018 財年第四季和全年業績的新聞稿可在我們的網站www.lumentum.com 的「投資者」部分查看，其中包括有關我們的非GAAP 財務指標以及我們的GAAP 與非GAAP 之間的調節的更多詳細資訊結果。我們的網站還提供最新的 SEC 文件（我們鼓勵您查看）以及與今天的收益發布相關的補充幻燈片。

A recording of today's call will be available by 11:30 a.m. Pacific Time this morning on our website.

今天的通話錄音將於上午 11:30 之前提供。今天早上太平洋時間在我們的網站上。

Before turning the call over to Alan, we have some additional comments relating to the pending acquisition of Oclaro. First, today's call is not an offering of securities. The information discussed today is qualified, in its entirety, by the S-4 proxy statement prospectus on file with the SEC in connection with the proposed transaction. We encourage security holders to read the joint proxy statement prospectus and other documents filed with the SEC carefully, as they contain important information about the pending transaction. Further on the pending Oclaro transaction, we previously mentioned that we have received HSR approval. The merger is subject to certain other closing conditions including antitrust regulatory approval in China. We entered Phase I of this approval process in mid-July. Additionally, Oclaro's stockholders approved the transaction at their meeting in July. We continue to work with Oclaro on completing this pending transaction.

在將電話轉交給 Alan 之前，我們對即將進行的 Oclaro 收購有一些額外的評論。首先，今天的電話會議不是證券發行。今天討論的資訊完全符合 SEC 備案的與擬議交易相關的 S-4 委託書招股說明書。我們鼓勵證券持有人仔細閱讀聯合委託書招股說明書和向 SEC 提交的其他文件，因為它們包含有關待決交易的重要資訊。關於待定的 Oclaro 交易，我們之前提到我們已獲得 HSR 批准。此次合併尚需滿足某些其他成交條件，包括中國反壟斷監管機構的批准。我們於七月中旬進入了這個審批流程的第一階段。此外，Oclaro 的股東在 7 月的會議上批准了該交易。我們將繼續與 Oclaro 合作完成這項懸而未決的交易。

During the Q&A session, please keep in mind that the focus of this call is our earnings report and guidance, and we will not be sharing incremental information related to the status of our pending acquisition of Oclaro beyond our prepared remarks.

在問答環節中，請記住，本次電話會議的重點是我們的收益報告和指導，除了我們準備好的發言之外，我們不會分享與我們即將收購 Oclaro 的狀態相關的增量資訊。

Now, I would like to turn the call over to Alan for his comments and fourth quarter and full year business highlights.

現在，我想將電話轉給艾倫，請他發表評論以及第四季度和全年的業務亮點。

Thank you, Chris; good morning, everyone. Last week was Lumentum's third anniversary of being a stand-alone public company. Today, I'm very excited to be here for a third year in a row discussing new record revenues and profitability. Record revenues in TrueFlex ROADMs, commercial lasers and industrial diode lasers drove strong fourth quarter results. These capped off the fiscal 2018 that saw net revenue grow 25% to $1.25 billion and non-GAAP earnings more than double over fiscal 2017. Our fiscal 2018 results underscore that our strategy of investing in differentiated products, addressing multiple growing end markets, critically dependent on our photonics, is succeeding.

謝謝你，克里斯；大家，早安。上週是 Lumentum 作為獨立上市公司的三週年紀念日。今天，我很高興連續第三年在這裡討論新紀錄的收入和獲利能力。TrueFlex ROADM、商用雷射和工業二極體雷射創紀錄的營收推動了第四季的強勁業績。2018 財年的淨收入成長了 25%，達到 12.5 億美元，非 GAAP 收益比 2017 財年增加了一倍多。我們 2018 財年的業績強調，我們投資差異化產品、解決多個不斷成長的終端市場（嚴重依賴我們的光子學）的策略正在取得成功。

The global markets in which Lumentum participates have fundamentally robust, long-term trends that increase the need for our photonics products and technologies. The world is becoming more reliant on ever-increasing amounts of data flowing through optical networks and data centers.

Lumentum 參與的全球市場從根本上來說具有強勁的長期趨勢，這增加了對我們的光子產品和技術的需求。世界正變得越來越依賴透過光網路和資料中心流動的不斷增加的資料量。

New networks and data centers need to be built to satisfy this insatiable demand for data. Globally, regardless of who is supplying the optical networking equipment or who is deploying the network, the products and technology Lumentum supplies are essential. Higher level of precision, new materials, and factory and energy efficiency are all increasingly important to manufacturers around the world. To address these trends, suppliers of manufacturing tools globally are turning more and more to laser-based approaches and the types of lasers Lumentum supplies.

需要建立新的網路和資料中心來滿足這種永不滿足的資料需求。在全球範圍內，無論誰提供光網絡設備或誰部署網絡，Lumentum 提供的產品和技術都是必不可少的。更高水準的精度、新材料以及工廠和能源效率對於世界各地的製造商來說都越來越重要。為了應對這些趨勢，全球製造工具供應商越來越多地轉向基於雷射的方法和 Lumentum 提供的雷射類型。

Laser-based 3D sensing is a rapidly developing market. The technology enables computer vision applications that enhance security, safety and new functionality in the electronic devices that people rely on every day.

基於雷射的 3D 感測是一個快速發展的市場。該技術使電腦視覺應用能夠增強人們日常依賴的電子設備的安全性和新功能。

Now I'd like to turn to fourth quarter highlights.

現在我想談談第四季的亮點。

Our lasers segment grew 7% over the prior quarter and achieved new record revenues. Growth was driven by strong demand from customers in both the micro and macro material-processing markets. We achieved new record revenues from our Kilowatt-Class Fiber Lasers. We continue to ramp our newest fiber laser products to meet strong customer demand and are benefiting from investments in capacity expansion made earlier in the year. Later this calendar year, we will be introducing a full turnkey fiber laser system to broaden our customer base. We expect this, along with other new laser products to be introduced in the future, will even further accelerate growth.

我們的雷射業務較上一季成長 7%，營收創下新紀錄。微觀和宏觀材料加工市場客戶的強勁需求推動了成長。我們的千瓦級光纖雷射收入創下新紀錄。我們持續推出最新的光纖雷射產品，以滿足強勁的客戶需求，並受益於今年稍早的產能擴張投資。今年晚些時候，我們將推出全套交鑰匙光纖雷射系統，以擴大我們的客戶群。我們預計這一點以及未來推出的其他新雷射產品將進一步加速成長。

Our industrial diode laser product lines, which is primarily driven by customers building their own fiber lasers, also delivered record revenue. Growth was enabled by newly expanded capacity and efficiency improvement. However, even with these, the combination of external customer demand and internal demand for use in our own fiber lasers outstripped our ability to supply in the fourth quarter. As noted on our last call, part of these capacity additions are in our own factory in Thailand, which started shipping qualified industrial diode products in the fourth quarter.

我們的工業二極體雷射產品線主要由建造自己的光纖雷射的客戶驅動，也創造了創紀錄的收入。成長得益於新擴大的產能和效率的提高。然而，即使如此，外部客戶需求和內部對我們自己的光纖雷射的使用需求相結合仍超出了我們第四季度的供應能力。正如我們在上次電話會議中所指出的，這些新增產能的一部分來自我們位於泰國的自己的工廠，該工廠於第四季度開始運送合格的工業二極體產品。

Even though in the fourth quarter, 3D sensing revenue declined due to customer seasonality, early in the fourth quarter, we started shipping VCSEL products we believe will be used in next-generation product cycles. We expect this volume ramp to continue through the first quarter and into this fiscal second quarter of 2019. This earlier ramp will result in 3D sensing volumes being spread across more quarters compared to last year's peak profile. In the fourth quarter, we had modest revenue contributions from multiple Android customers who have or will be announcing new high-end devices. We have numerous additional products in design with our lead customer. We are also engaged with new customers on multiple new products and have received production purchase orders from several of these customers. We expect to broaden our customer base and product mix over time as 3D sensing proliferates from high-end mobile devices to a broader range of products and price points. We also expect -- we also continue to work on 3D sensing and LIDAR for automobile applications expect this to be a growth driver in 2021 and beyond. With our proven manufacturing scalability, proven field reliability and new product pipeline, we believe we are well positioned to be the partner of choice for 3D sensing customers around the world in fiscal 2019 and over the long run.

儘管在第四季度，3D感測收入因客戶季節性而下降，但在第四季度初，我們開始出貨VCSEL產品，我們相信這些產品將用於下一代產品週期。我們預計這種銷售成長將持續到 2019 年第一季和第二財季。與去年的峰值相比，這一較早的增長將導致 3D 感測量分佈在更多季度。在第四季度，我們從多個已經或將要發布新高階設備的 Android 客戶中獲得了適度的收入貢獻。我們與我們的主要客戶一起設計了許多其他產品。我們也與新客戶就多種新產品進行了接觸，並已收到其中幾位客戶的生產採購訂單。隨著 3D 感測從高階行動裝置擴展到更廣泛的產品和價位，我們預計將隨著時間的推移擴大我們的客戶群和產品組合。我們也預計，我們還將繼續致力於汽車應用的 3D 感測和雷射雷達，預計這將成為 2021 年及以後的成長動力。憑藉我們經過驗證的製造可擴展性、經過驗證的現場可靠性和新產品系列，我們相信我們有能力成為 2019 財年及長期內全球 3D 感測客戶的首選合作夥伴。

Turning to our communications product lines.

轉向我們的通訊產品線。

Fourth quarter Telecom demand was strong and drove 9% quarter-on-quarter revenue growth. We had notable strength in TrueFlex ROADMs, which achieved new record sales. ROADM modules and line card systems continue to be limited by production capacity in the quarter. We are adding more new capacity to meet the increasing customer demand. Our strong ROADM demand is from customers around the world, including from multiple customers in China.

第四季電信需求強勁，帶動收入季增 9%。我們在 TrueFlex ROADM 方面擁有顯著的優勢，並創下了新的銷售記錄。ROADM模組和線路卡系統持續受到本季產能的限制。我們正在增加更多新產能，以滿足不斷增長的客戶需求。我們強勁的ROADM需求來自世界各地的客戶，包括來自中國的多個客戶。

Telecom pump laser sales continued to be strong, but remained limited by capacity. With increasingly strong ROADM sales, our internal need for pumps further exacerbates pump capacity limitations. Therefore, we are also expanding pump laser capacity to meet customer demand, which we expect to remain strong.

電信泵浦雷射銷售持續強勁，但仍受到產能限制。隨著 ROADM 銷售的日益強勁，我們對泵浦的內部需求進一步加劇了泵浦容量的限制。因此，我們也正在擴大泵浦雷射產能以滿足客戶需求，我們預計這種需求將保持強勁。

Datacom revenues were down 5% quarter-on-quarter and margins remain challenged. As I've highlighted on prior calls, later this calendar year, we are planning to introduce a significantly cost-reduced 100G transceiver, targeting the hyperscale data center market to increase our competitiveness and margins in this rapidly growing end market. We also continue to make good progress on our 400G datacom transceiver programs, which are receiving a lot of interest from a broad range of customers. In moving from 100G to 400G, significant technology leaps are required, and Lumentum's core technologies positions us well.

數據通訊收入季減 5%，利潤率仍面臨挑戰。正如我在之前的電話會議中所強調的那樣，今年晚些時候，我們計劃推出一款成本大幅降低的100G 收發器，瞄準超大規模資料中心市場，以提高我們在這個快速成長的終端市場的競爭力和利潤。我們的 400G 數據通訊收發器專案也持續取得良好進展，該專案受到了廣大客戶的濃厚興趣。從 100G 到 400G 的過程中，需要重大的技術飛躍，而 Lumentum 的核心技術使我們處於有利地位。

Since our last call, we've made progress towards the closing of the Oclaro acquisition. In July, the stockholders of Oclaro approved the transaction. We are still subject to antitrust regulatory approval in China, but as Chris mentioned earlier, we are in Phase I of the Chinese process and cannot predict when we will receive clearance.

自上次通話以來，我們在完成 Oclaro 收購方面取得了進展。7 月，Oclaro 股東批准了此項交易。我們仍然需要在中國獲得反壟斷監管機構的批准，但正如克里斯之前提到的，我們正處於中國流程的第一階段，無法預測何時會獲得許可。

Earlier in my remarks, I highlighted significant long-term trends that make the markets in which we participate increasingly dependent upon our photonics solutions.

在早些時候的演講中，我強調了重要的長期趨勢，這些趨勢使我們參與的市場越來越依賴我們的光子解決方案。

During fiscal 2018, we made good progress on our key strategic objectives that accelerated growth, margin expansion and customer and end market diversification. This positions us very well for the future. We ramped new major product lines in 3D sensing for mobile devices and engage numerous customers globally, planting the seed for future product and customer expansion. We developed key new ROADM products that we expect to be the basis for future network deployments, while at the same time ramped next-generation ROADM sales globally, including in China, and achieved record sales levels. We launched a new fiber laser platform and ramped sales to record levels. This new fiber laser platform will enable laser customer expansion globally in the future.

2018 財年，我們在加速成長、利潤擴張以及客戶和終端市場多元化的關鍵策略目標方面取得了良好進展。這為我們的未來奠定了良好的基礎。我們在行動裝置 3D 感測領域推出了新的主要產品線，並吸引了全球眾多客戶，為未來的產品和客戶擴展播下了種子。我們開發了關鍵的新 ROADM 產品，預計將成為未來網路部署的基礎，同時提高了包括中國在內的全球下一代 ROADM 銷量，並實現了創紀錄的銷售水平。我們推出了新的光纖雷射平台，並將銷售額提升至創紀錄水平。這個新的光纖雷射平台將在未來實現雷射客戶在全球的擴張。

We have a lot going on at Lumentum and it is a very exciting time here. I would like to thank our customers for their partnership and our dedicated employees for their hard work, which has put us in an excellent position for long-term growth.

我們在 Lumentum 發生了很多事情，這是一個非常令人興奮的時刻。我要感謝我們的客戶的合作夥伴關係以及我們敬業的員工的辛勤工作，這使我們處於長期發展的有利地位。

I will now hand the call over to Chris for more details on our financial results and guidance for the first quarter of fiscal 2019.

我現在將把電話轉給 Chris，以了解有關我們 2019 財年第一季財務業績和指導的更多詳細資訊。

Thank you, Alan. Before jumping into our fourth quarter results, I'd like to run down our full year fiscal 2018 results.

謝謝你，艾倫。在討論第四季業績之前，我想先概述一下 2018 財年全年業績。

Net revenue for fiscal 2018 was $1.25 billion, up 25% compared with fiscal 2017. Growth in both our Optical Communications and laser segments contributed to this revenue increase. Fiscal 2018 Optical Communications segment revenues were up 23% and our laser segment revenues were up 31% compared to the prior year. Within our Optical Communications segment, Telecom and datacom revenues were each down relative to the prior year, while our industrial and consumer revenues were up substantially in fiscal 2018. For the full year, GAAP gross margin was 34.6%. GAAP operating margin was 11.2% and GAAP diluted net income per share was $3.82. Full year fiscal 2018 non-GAAP gross margin expanded 420 basis points to 38.9%, driven by higher levels of higher margin industrial and consumer and laser products in our revenue mix, as well as overall increased leverage over our fixed manufacturing costs. Non-GAAP operating margin expanded 730 basis points to 19.7% for the full year. Operating margin expansion was larger than gross margin expansion due to strong leverage over operating expenses. Our full year non-GAAP operating expenses only grew 7%, while our top line grew 25%, relative to the prior year. Fiscal 2018 non-GAAP net income, at $247.8 million, also increased more than 100% relative to the prior year, resulting in non-GAAP diluted net income per share of $3.82.

2018財年淨收入為12.5億美元，較2017財年成長25%。我們的光通訊和雷射領域的成長推動了收入的成長。2018 財年光通訊部門營收比前一年成長 23%，雷射部門營收比前一年成長 31%。在我們的光通訊部門，電信和數據通訊收入均較上一年下降，而我們的工業和消費者收入在 2018 財年大幅成長。全年 GAAP 毛利率為 34.6%。GAAP 營業利益率為 11.2%，GAAP 攤薄後每股淨利為 3.82 美元。2018 財年全年非GAAP 毛利率成長420 個基點，達到38.9%，這得益於我們收入組合中利潤率較高的工業、消費和雷射產品水準的提高，以及我們固定製造成本槓桿率的整體提高。全年非 GAAP 營業利潤率成長 730 個基點至 19.7%。由於對營運費用的強大槓桿作用，營運利潤率擴張大於毛利率擴張。與前一年相比，我們全年的非 GAAP 營運費用僅增加了 7%，而我們的營收則增加了 25%。2018 財年非 GAAP 淨利潤為 2.478 億美元，較上年增長超過 100%，導致非 GAAP 攤薄後每股淨利潤為 3.82 美元。

We ended the year with cash and short-term investments of $711.5 million, an increase of $156.2 million, relative to the prior year, driven by strong free cash flow, despite elevated capital investment levels throughout the year related to manufacturing capacity expansion and new products and expenses relating to the bring-up of our new factory in Thailand.

儘管全年與製造產能擴張和新產品相關的資本投資水準有所提高，但在強勁的自由現金流的推動下，我們年底的現金和短期投資為 7.115 億美元，較上年增加了 1.562 億美元以及與我們在泰國建立新工廠有關的費用。

Now turning to the fourth quarter. Net revenue for the fourth quarter was $301.1 million, which increased 1% sequentially and increased 35% compared with the same period last year. GAAP gross margin for the fourth quarter was 31.7%, GAAP operating margin was 6.9%, and GAAP diluted net income per share was $0.40. Fourth quarter non-GAAP gross margin was 37.2%, which increased 90 basis points sequentially and increased 430 basis points compared with the same period last year. Gross margin increased due to improved Optical Communications gross margin as well as overall higher lasers volumes. Non-GAAP operating margin for the fourth quarter was 17.8%, and increased by 130 basis points sequentially and 860 basis points compared to the same period in the prior year. Operating margin expansion was driven by gross margin expansion, combined with leverage over operating expenses.

現在轉向第四季。第四季淨營收為3.011億美元，季增1%，與去年同期相比成長35%。第四季 GAAP 毛利率為 31.7%，GAAP 營業利益率為 6.9%，GAAP 攤薄後每股淨利潤為 0.40 美元。第四季非美國通用會計準則毛利率為37.2%，季增90個基點，較去年同期成長430個基點。由於光通訊毛利率的提高以及雷射整體產量的增加，毛利率增加。第四季非公認會計準則營業利益率為 17.8%，較上一季成長 130 個基點，較上年同期成長 860 個基點。營業利潤率擴張是由毛利率擴張以及營業費用槓桿所推動的。

Non-GAAP net income was $61.6 million for the fourth quarter and includes $3.3 million of other income and expense, and a tax benefit of $4.7 million recognized in the quarter. Non-GAAP diluted net income per share was $0.95, based on a fully diluted share count of 65 million. Operating expenses totaled $58.5 million or 19.4% of revenue compared with $59.1 million or 19.8% of revenue for the prior quarter. R&D expense was $34.2 million and SG&A expense was $24.3 million.

第四季非 GAAP 淨利潤為 6,160 萬美元，包括 330 萬美元的其他收入和支出，以及本季確認的 470 萬美元的稅收優惠。根據 6500 萬股完全稀釋後的股票數量，非 GAAP 稀釋後每股淨利潤為 0.95 美元。營運費用總計 5,850 萬美元，佔營收的 19.4%，而上一季營運費用為 5,910 萬美元，佔營收的 19.8%。研發費用為 3,420 萬美元，SG&A 費用為 2,430 萬美元。

Turning to segment and product line details, our Optical Communications segment revenue at $244.9 million declined by less than 1% sequentially and was up 31% relative to the same period in the prior year. Within our Optical Communications segment, Telecom revenue at $133.1 million, was up 9% sequentially and up 11% relative to the same period in the prior year. As Alan highlighted, Telecom transport products including ROADMs were significant contributors to the Telecom growth.

至於部門和產品線細節，我們的光通訊部門營收為 2.449 億美元，比上一季下降了不到 1%，與去年同期相比成長了 31%。在我們的光通訊部門，電信收入為 1.331 億美元，比上一季成長 9%，比去年同期成長 11%。正如 Alan 所強調的那樣，包括 ROADM 在內的電信傳輸產品是電信成長的重要貢獻者。

Datacom revenue at $34.5 million, was down 5% sequentially and down 31% relative to the same period in the prior year.

數據通訊收入為 3,450 萬美元，比上一季下降 5%，比去年同期下降 31%。

Industrial and consumer revenue, at $77.3 million, was down 12% sequentially due to 3D sensing seasonality, but up 368% relative to the same period in the prior year due to large growth associated with the introduction of 3D sensing into consumer mobile applications. Optical Communications segment gross margin, at 34.8%, increased 110 basis points sequentially, despite the degradation in revenue mix, with more Telecom and less industrial and consumer revenue. The drivers of expanded gross margin were both improvements in Telecom margins, associated with the higher mix of higher-margin transport products and lower average manufacturing costs due to higher volumes.

由於 3D 感測季節性，工業和消費收入為 7,730 萬美元，環比下降 12%，但由於將 3D 感測引入消費移動應用而實現大幅增長，較上年同期增長 368%。光通訊部門的毛利率為 34.8%，環比成長了 110 個基點，儘管收入結構惡化，電信收入增加，工業和消費者收入減少。毛利率擴大的驅動因素是電信利潤率的提高，這與高利潤運輸產品的更多組合以及銷量增加導致的平均製造成本降低有關。

Our laser segment revenue at $56.2 million, grew 7% sequentially and was up 57% relative to the same period in the prior year, driven by strong demand for both fiber lasers and other lasers used in the consumer electronics and manufacturing space. Fourth quarter lasers gross margin was 47.9% and declined 50 basis points relative -- 50 basis points due to the relative increase in fiber lasers in the revenue mix. Fiber lasers have, on average, lower gross margins than our other lasers products.

在消費性電子和製造領域對光纖雷射和其他雷射的強勁需求的推動下，我們的雷射部門收入為 5,620 萬美元，環比增長 7%，較上年同期增長 57%。第四季雷射毛利率為 47.9%，相對下降 50 個基點——下降 50 個基點是由於光纖雷射在收入組合中的相對增加。平均而言，光纖雷射的毛利率低於我們的其他雷射產品。

Now on to our guidance for the first quarter of fiscal 2019. Noting again, that all projections are on a non-GAAP basis, do not take into account any effects from the acquisition of Oclaro, as we currently cannot predict the timing of the closing.

現在讓我們來談談 2019 財年第一季的指引。再次注意，所有預測均基於非公認會計原則，未考慮收購 Oclaro 的任何影響，因為我們目前無法預測交割時間。

We project net revenue for the first quarter to be in the range of $340 million to $360 million, with operating margin in the range of 19% to 21% and diluted net income or earnings per share to be in the range of $0.90 to $1.10. Notable quarter-on-quarter changes in product line revenues in our projections include, Telecom being up, driven by continued transport product growth, industrial and consumer being up, due to the ongoing 3D sensing ramp and lasers being down, due to customer seasonality and product cycles, though we expect fiber lasers to continue to grow in the first quarter.

我們預計第一季淨收入將在 3.4 億美元至 3.6 億美元之間，營業利潤率將在 19% 至 21% 之間，稀釋後淨利潤或每股收益將在 0.90 美元至 1.10 美元之間。在我們的預測中，產品線收入的顯著季度環比變化包括，由於運輸產品持續增長，電信收入增長，工業和消費收入增長，由於持續的3D 感測增長，而激光收入下降，由於客戶季節性和產品週期，儘管我們預計光纖雷射在第一季將繼續成長。

Before turning the call over to Marcella to start the question-and-answer session, I would like to ask everyone to limit discussion to one question and one follow-up. Marcella, let's please begin the Q&A session.

在將電話轉給 Marcella 開始問答環節之前，我想請大家將討論限制為一個問題和一個後續行動。Marcella，讓我們開始問答環節。

(Operator Instructions) Your first question comes from the line of Samik Chatterjee from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Samik Chatterjee。

I just wanted to start off on 3D sensing and see what changes you've seen in the competitive landscape in 3D sensing with your primary customer over the last generation -- compared to the last generation and how should we think about market share for Lumentum going on a go-forward basis, given sort of how much more time your competitors have had to prepare for kind of ramp-up?

我只是想從 3D 感測開始，看看您在上一代的 3D 感測領域的競爭格局中與您的主要客戶相比，與上一代相比有何變化，以及我們應該如何考慮 Lumentum 的市場份額在前進的基礎上，考慮到你的競爭對手還需要多少時間來準備某種形式的提升？

Yes, thanks for the question. It's a little bit hard to know down to the level of share, we have contractual share commitments, but we believe we're getting significantly higher share than the contractual obligations that we have with our customers. I think at this point in time, what we're focused on is making sure we don't give our customer any excuse to want to buy from anyone else, and that's really exacerbated by the fact that we've shipped tens of millions, if not over hundreds of millions of units, with no failures. And so those kind of statistics and field reliability data that we can point to really gives us a seat at the leadership position of shares. So we expect to continue to have a very strong share position, not only on the existing products, but on next-generation products, where we're working hand-in-hand with our lead customer as well as other customers for products that will be introduced in 2019 as well as 2020. So we're feeling very comfortable with where we are today.

是的，謝謝你的提問。很難了解具體的份額水平，我們有合約份額承諾，但我們相信我們獲得的份額明顯高於我們與客戶的合約義務。我認為目前我們的重點是確保我們的客戶不會有任何藉口想要從其他人那裡購買產品，而我們已經發貨了數千萬件，這一事實確實加劇了這種情況，即使不超過數億台，也不會有任何故障。因此，我們可以指出的那些統計數據和現場可靠性數據確實讓我們佔據了股票的領導地位。因此，我們希望繼續擁有非常強大的市場份額，不僅在現有產品上，而且在下一代產品上，我們正​​在與我們的主要客戶以及其他客戶攜手合作，開發能夠開發新產品的產品。年和2020 年推出。所以我們對今天的處境感到非常滿意。

Got it. And just a clarification, you said the 3D sensing revenues in FY '19 would be more spread out in terms of the quarterly cadence relative to what kind of the peak we saw in the second quarter in FY '18, but do you still expect the second quarter in FY '19 to be sort of still the highest revenue quarter? Or is -- do you expect more of a sequential ramp-up through the year in 3D sensing revenues?

知道了。只是澄清一下，您說 19 財年的 3D 感測收入相對於我們在 18 財年第二季度看到的峰值，在季度節奏方面會更加分散，但您仍然期望19 財年第二季度仍然是收入最高的季度嗎？或者，您是否預期 3D 感測收入今年會出現更多連續成長？

Yes, we continue to expect the second quarter or the December quarter to be the larger quarter associated with this product ramp. But reminding everybody that last year it was quite peaked with more than $200 million of revenue in the December quarter, while only $40 million in the September quarter and nothing effectively in the June quarter, or very low levels in the June quarter, whereas now, as we said, our June quarter, our fourth quarter, we believe we were shipping product that would be ending up in customer products in the fall. And we've guided for September, and we expect the 3D sensing to be larger in December than September, but not nearly that dramatic of a peak that we saw last year.

是的，我們仍然預計第二季或 12 月季度將是與該產品成長相關的較大季度。但提醒大家，去年它在12 月季度的收入達到了頂峰，超過2 億美元，而在9 月季度只有4000 萬美元，在6 月季度沒有任何有效的收入，或者在6 月季度處於非常低的水平，而現在，正如我們所說，我們的六月季度，我們的第四季度，我們相信我們正在運送的產品將在秋季最終出現在客戶產品中。我們已經對 9 月進行了指導，預計 12 月的 3D 感測量將比 9 月更大，但不會達到我們去年看到的那麼戲劇性的峰值。

Your next question comes from the line of James Kisner from Loop Capital Markets.

您的下一個問題來自 Loop Capital Markets 的 James Kisner。

Just a follow-up on the last question, for 3D, obviously -- I'm glad to hear that Q4 count will be up, but there's a pretty wide distribution of estimates out there for Q4. I'm wondering if you could help us out even just very qualitatively, could volumes be up 20% in Q4 sequentially, 10%, 50%, 100%, obviously not a 100%, but just any kind of texture at all. And then just separately, I just want to understand the operating margin guidance a bit better, in June, you'd guide 14% to 16%, you just delivered almost 18%, and you're guiding 20%. It just seems like that, that might be a bit conservative just given how much the mix is improving and the revenues are improving in September, just wondering, if there's a reason why you're not getting more leverage.

只是最後一個問題的後續，對於 3D，顯然 - 我很高興聽到第四季度的計數將會增加，但第四季度的估計分佈相當廣泛。我想知道您是否可以在品質上幫助我們，第四季度的銷量能否連續增長 20%、10%、50%、100%，顯然不是 100%，而是任何類型的紋理。然後單獨來說，我只是想更了解營業利潤率指導，6 月份，你指導為 14% 到 16%，你剛剛交付了近 18%，指導為 20%。看起來，考慮到 9 月的組合改善和收入改善，這可能有點保守，只是想知道是否有原因導致您沒有獲得更多槓桿。

Maybe I'll start with the latter question first, that certainly -- first, guidance we try to be conservative, but I would also say that during the quarter, we did quite well with improvements in yield and cost that brought manufacturing cost down and with a favorable mix with strong ROADM sales, continued strength in lasers, that resulted in an increase in margin beyond our guidance. With regards to talking about December volumes, we only provide guidance 1 quarter at a time. I think when we look at the range of Street estimates out there, I think most analysts are kind of looking at that there's a generally a fixed sort of amount, if you will, of market demands between multiple quarters, and so what we're hoping is, folks will take our view on how things are spread out this year, and use that to be able to estimate the December quarter off of the entire size of the pie and the fact that we've shipped stuff in June and have a stronger September than the Street expected, but we don't provide guidance for December at this point.

也許我會先從後一個問題開始，當然，首先，我們的指導方針盡量保守，但我也想說，在本季度，我們在產量和成本方面做得很好，這降低了製造成本，憑藉強勁的ROADM 銷售和雷射持續強勁的有利組合，導致利潤率的成長超出了我們的指導。關於 12 月份的銷量，我們一次只提供 1 個季度的指導。我認為，當我們查看街道估計的範圍時，我認為大多數分析師都在考慮，如果你願意的話，多個季度之間的市場需求通常是固定的，所以我們要做什麼希望人們能夠接受我們對今年的情況如何分佈的看法，並用它來估計12 月份季度的整體規模以及我們在6 月份發貨並有一個事實9 月份的表現強於華爾街預期，但我們目前不提供 12 月份的指引。

And maybe if could add on the operating margin for the September quarter, as we said in the script, our lasers revenue will be down despite growth in fiber lasers, which Chris highlighted, have lower gross margin than our overall lasers margins. So the high-margin lasers business is going to decline and that comes into play when we gave our guidance.

也許如果可以增加九月季度的營業利潤率，正如我們在腳本中所說，儘管光纖雷射器有所增長，但我們的雷射收入將會下降，克里斯強調，光纖雷射的毛利率低於我們的整體雷射利潤率。因此，高利潤的雷射業務將會下降，當我們給予指導時，這一點就會發揮作用。

Your next question comes from the line of Joseph Wolf from Barclays.

你的下一個問題來自巴克萊銀行的約瑟夫·沃爾夫。

I guess, another 3D sensing question. Just in terms of the commentary on -- and the other applications, I guess, for the Android ecosystem, if you think about that and timing, can you talk a little bit about a range of applications, a range of ASPs and perhaps some sort of mix we could be thinking about 12 to 18 months from now in terms of the overall business?

我想，又一個 3D 感測問題。我想，就 Android 生態系統以及其他應用程式的評論而言，如果您考慮一下這一點和時間安排，您能否談談一系列應用程式、一系列 ASP 以及也許某種類型的應用程式？考慮從現在起12 到18 個月後的整體業務嗎？

Yes, the customers, as you probably are aware, are very secretive with respect to what the application they are using the 3D sensing for, so it's hard to tell. I will say that we are working on Android customers for what we believe to be front-facing as well as world-facing applications. So we're expecting to see new applications in calendar '19 that use the other side of a mobile device, which is pretty exciting. As far as mix, it's hard to say. I mean, as we said in the script, we have seen announcements as well as expect announcements to be on very high-end phones, on the Android market, initially. And your guess is as good as mine as, with respect to how fast that proliferates to the mid-range products as well as the lower-end price ranges for those mobile devices. So I think our focus is making sure we're there for all of the customers and on the high-end and prove our track record on reliability and cost and delivery. And your last question on ASPs, I don't expect them to be any different than what we had on a ASP or margin standpoint in the past, as we look forward in the Android market.

是的，您可能知道，客戶對於他們使用 3D 感測的應用程式非常保密，因此很難說清楚。我想說的是，我們正在為 Android 客戶提供我們認為是面向前端以及面向世界的應用程式。因此，我們期望在 19 年日曆中看到使用行動裝置另一端的新應用程序，這非常令人興奮。至於混合，很難說。我的意思是，正如我們在腳本中所說，我們已經看到了公告，並預計公告將首先在 Android 市場上的非常高階手機上發布。對於中檔產品以及這些行動裝置的低端價格範圍的擴散速度，您的猜測和我的一樣好。因此，我認為我們的重點是確保我們為所有客戶提供高端服務，並證明我們在可靠性、成本和交付方面的記錄。關於您關於 ASP 的最後一個問題，我不認為它們與我們過去在 ASP 或利潤角度上的情況有任何不同，正如我們對 Android 市場的展望一樣。

All right. And then just as a follow-up, on the datacom side, where there's been some declines in the sales, at least, sequentially. Pricing versus volume in this segment and does the new product launch later in the year recover some of that? Just kind of the trends you're seeing. Is the business not worth going after? Or is the competitiveness of that sector changing at all from your perspective?

好的。然後，作為後續行動，在數據通訊方面，銷售額出現了一些下降，至少是連續下降。該細分市場的定價與銷售以及今年稍後推出的新產品是否會恢復一些？這就是您所看到的趨勢。難道這生意不值得追求嗎？或者從您的角度來看，該行業的競爭力是否發生了根本變化？

I think it's been a very competitive part of the market for the past couple of years, and we haven't had a product that had the right cost to be able to go after the hyperscale side of the market. On the client side of the Telecom networks, where datacom transceivers play, we have a very good product line, very high reliability and meet the needs of those customers. But in the hyperscale, we haven't had anything that has really been able to compete effectively, except when we first initially introduced 100 gig transceivers when we were first to market. I'd say that, later this year, we will have product that will be able to address the hyperscale in a meaningful way, even with continued compression on ASPs. So we're pretty pleased with where we are. I wouldn't count on a whole lot of that volume in the December quarter, but really initial ramp in that quarter with further growing volume in the first half of calendar '19.

我認為在過去的幾年裡，這是市場上競爭非常激烈的部分，我們還沒有一款具有適當成本的產品可以滿足超大規模市場的需求。在數據通訊收發器發揮作用的電信網路用戶端，我們擁有非常好的產品線和非常高的可靠性，可以滿足這些客戶的需求。但在超大規模領域，除了我們首次推向市場時首次推出 100 GB 收發器外，我們還沒有真正能夠有效競爭的產品。我想說的是，今年晚些時候，我們將擁有能夠以有意義的方式解決超大規模問題的產品，即使持續壓縮 ASP。所以我們對目前的情況非常滿意。我不會指望 12 月所在季度的交易量會很大，但該季度的交易量確實會出現初步增長，並在 19 年上半年進一步增長。

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

您的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的西蒙利奧波德 (Simon Leopold)。

I wanted to delve into 2 topics, the first one is reflecting on your second -- sorry, your June, fourth fiscal quarter, 3D sensing strength. I want to get a better understanding of the sources of what appear to be upside versus at least our expectations. In other words, is it the smoothing of the orders from the historical customer? Is it that better share than you had anticipated? Or is the delta this incremental demand from Android? So what was the upside driver to that June quarter? And then I've got a follow-up.

我想深入研究兩個主題，第一個主題反映了您的第二個主題 - 抱歉，您的 6 月、第四財季的 3D 感測實力。我想更了解至少與我們的預期相比似乎有利的來源。換句話說，是對歷史客戶的訂單進行平滑處理嗎？這個份額比您預期的要好嗎？或者增量是來自 Android 的增量需求嗎？那麼六月季度的上行驅動因素是什麼？然後我有一個後續行動。

Yes. So I would say that the upside, well, kind of tear it apart a bit. The Android revenues are in the few million dollar range, sub-$10 million certainly. So revenues primarily consist still of our lead customer. I would say that, this year, it's the smoothing that the ramp is starting earlier than last year, not because it's early, last year was quite a late ramp. And I think that that's the upside that you're seeing in the June and September guidance.

是的。所以我想說的是，好的一面有點撕裂它。Android 的收入在幾百萬美元範圍內，當然低於 1000 萬美元。因此，收入主要仍來自我們的主要客戶。我想說的是，今年，斜坡比去年開始得早，這是一種平滑，而不是因為它早，去年是一個相當晚的斜坡。我認為這就是您在 6 月和 9 月的指導中看到的好處。

Great. And I wanted to follow up with a question regarding the operating margin outlook for the September quarter. I know you did give us some directional comments on Telecom, commercial lasers, 3D sensing. I guess, what I'm struggling with is, I look at the comparison to the December 2017 quarter where the operating margin was 28%, I look at where you landed this quarter around 18% operating margin and then your guidance puts you in sort of this 20-ish kind of level. And I'm left with the impression that it should be higher, and I just want a little bit of help to see if I'm missing something intuitively, is this conservatism or some onetime-ish or mix aspect that we should get a better appreciation for in September's operating margin forecast?

偉大的。我想跟進一個有關九月份季度營業利潤率前景的問題。我知道您確實給了我們一些關於電信、商用雷射、3D 感測的定向評論。我想，我正在努力解決的是，我看看與2017 年12 月季度的營業利潤率為28% 的比較，我看看您本季的營業利潤率約為18%，然後您的指導會讓您排序這種20左右的水平。我的印像是它應該更高，我只是想要一點幫助來看看我是否直觀地錯過了一些東西，這是保守主義還是一些一次性或混合的方面，我們應該得到更好的9月份的營業利潤率預測是否升值？

Yes, I think, Simon, I guess, a couple of things going on. First, obviously, as Alan highlighted, that our -- commercial lasers business is a nicely profitable business and with that turning down a bit, particularly the micro materials processing lasers, which are above lasers average gross margins, that is impactful to the overall operating margin. And there is a level of conservatism in our numbers.

是的，我想，西蒙，我想，有幾件事正在發生。首先，顯然，正如艾倫所強調的那樣，我們的商用雷射器業務是一項利潤豐厚的業務，隨著利潤率的下降，特別是微材料加工雷射器，其毛利率高於雷射的平均毛利率，這對整體營運產生了影響利潤。我們的數字中存在著一定程度的保守主義。

Yes, I'd say the other thing is, as we bring up our Thailand facility, there is some added costs that are somewhat of a drag that weren't there last year. And we hope that to go away over the next few quarters.

是的，我要說的另一件事是，當我們建立泰國工廠時，會增加一些成本，這在某種程度上是去年沒有的拖累。我們希望這種情況在接下來的幾個季度內消失。

Your next question comes from the line of Alex Henderson from Needham.

您的下一個問題來自 Needham 的 Alex Henderson。

I'll ask just one real mundane one. Could you give us some sense of what your think your tax rate is going to look like in FY '19?

我只會問一個真正平凡的問題。您能否告訴我們您認為 19 財年的稅率會是什麼樣子？

I think for modeling purposes, I would assume something in the 10% range.

我認為出於建模目的，我會假設 10% 範圍內的某個值。

Great. So no change there. My primary question, really is around the leveling between 2Q and 3Q calendar on the 3D sensing. So, relative to where you had expected this -- the June quarter to come in and relative to what you actually showed up at, are we talking about a $10 million or $15 million pull-in from the September quarter? Is that kind of the level of variance relative to the surprise that you experienced in that quarter?

偉大的。所以那裡沒有變化。我的主要問題實際上是圍繞 3D 感測的第二季和第三季日曆之間的平衡。那麼，相對於您的預期 - 6 月季度的收入以及您實際出現的情況，我們是在談論 9 月季度的 1000 萬美元還是 1500 萬美元的拉動？與您在該季度經歷的驚喜相比，這種差異水平是多少嗎？

Well, yes. I mean certainly we had more strength with an earlier ramp that -- as I said, there's probably a fixed amount between the June, September and December amount, so pulling it in -- came from September and potentially from December.

嗯，是。我的意思是，我們當然擁有更早的成長力量，正如我所說，6 月、9 月和12 月之間可能有一個固定的數量，因此將其拉入——來自9 月，也可能來自12 月。

Is that leveling the right vicinity though?

那是在正確的附近嗎？

Let me just add to that. If you recall, in the September 2017 quarter, we shipped $40 million at the end of '17 -- at the end of September, and we were on a huge ramp that I think was gating our customers' ability to launch the product. Just given that newness of the technology and the challenges that we had and the learning curve we were going through. So I think that was an abnormal type of ramp, and this is more of a normal type of ramp. We're getting prepared for new products and so I'd say, this is more of the new normal than last year by a long shot.

讓我補充一下。如果您還記得，在2017 年9 月的季度中，我們在17 年底（即9 月底）發貨了4000 萬美元，我們正處於一個巨大的增長階段，我認為這限制了我們的客戶推出該產品的能力。鑑於技術的新穎性、我們面臨的挑戰以及我們正在經歷的學習曲線。所以我認為這是一種異常類型的坡道，而這更像是一種正常類型的坡道。我們正在為新產品做準備，所以我想說，這比去年更像是新常態。

Yes just to be clear, I get the point of the normality, I'm just trying to figure out what the variance relative to what you expected was? And going back to the baseline question, is the number that I threw out, the $10 million to $15 million delta between what you'd expected and what came in, a reasonable proxy for how much was pulled out of the -- which came in earlier than expected and therefore smooth. So is that the upside -- magnitude of the upside to 3D that you had in the June quarter?

是的，為了清楚起見，我明白了常態的意義，我只是想弄清楚相對於您的預期的差異是什麼？回到基準問題，是我扔掉的數字，你的預期和實際收入之間的 1000 萬美元到 1500 萬美元的增量，一個合理的代理，代表了從實際收入中提取了多少資金。早，因此順利。那麼，這就是 6 月季度 3D 的上行空間嗎？

I guess, I think we had more orders and more demand from Android than we had originally 3 months ago expected and slightly more on our lead customer. But it's hard to tell, their consumption rate versus their -- our shipment rate. So it would be speculation if I were to guess it was $15 million of stuff that there -- building for next year's model or next release model versus existing product, so it's hard to tell.

我想，我們從 Android 獲得的訂單和需求比我們 3 個月前最初預期的要多，而且我們的主要客戶的訂單和需求也略多。但很難說他們的消費率與我們的出貨率。因此，如果我猜測那裡有 1500 萬美元的東西——為明年的模型或下一個版本的模型與現有產品構建，那就是猜測，所以很難說。

But that is the variance from your internal prior expectations for the June quarter, regardless of where it came from? Is that correct?

但這是與您之前對六月季度的內部預期的差異，無論它來自哪裡？那是對的嗎？

I'd say that lasers came in with stronger demand than we had expected and we made improvements on fiber laser productivity and production to do a little bit better in lasers than we had in the plan. ROADMs were stronger than we expect -- not expected, we had demand that we were not going to be able to satisfy. And we worked with our CM partners to get more ROADMs outsides, so it's pretty broad based that helped us get up over $300 million for the quarter.

我想說，雷射的需求比我們預期的要強，我們在光纖雷射的生產力和產量方面進行了改進，以便在雷射方面比我們的計劃做得更好一些。ROADM 比我們預期的要強大——不是預期的，我們有無法滿足的需求。我們與 CM 合作夥伴合作，在外部獲得更多 ROADM，因此基礎相當廣泛，幫助我們在本季度獲得了超過 3 億美元的收入。

Yes. I just not to be a dog with a bone here, but I was really only asking about 3D sensing. The upside in 3D sensing in the quarter, was -- is my guess of $10 million to $15 million of the variance relative to what you'd expected a reasonable proxy for what occurred, regardless of what the reason is?

是的。我只是不想在這裡成為一條有骨頭的狗，但我實際上只是在問 3D 感測。本季 3D 感測的優勢在於——我的猜測是，相對於您預期發生的事件的合理代理，無論原因是什麼，差異為 1,000 萬至 1,500 萬美元？

Alex, I think the challenge in us answering the question is, we've never shared what our expectations for 3D sensing for the quarter were. So I -- what you're trying to drive at is, is it 10% or 15% of this is going into future devices? Or is it 100%, or is it 0%? And we just don't know, other than to state that we believe a healthy fraction, hence why we called out that we started ramping products that we think are going to be used in next product cycles in this quarter or in the June quarter, that is.

Alex，我認為我們回答這個問題的挑戰是，我們從未分享過我們對本季 3D 感測的期望是什麼。所以我——你想要推動的是，其中 10% 還是 15% 會用於未來的設備？還是100%，還是0%？我們只是不知道，除了聲明我們相信一個健康的比例，因此我們為什麼呼籲我們開始增加我們認為將在本季度或六月季度的下一個產品週期中使用的產品，那是。

Your next question comes from the line of Rod Hall from Goldman Sachs.

您的下一個問題來自高盛的 Rod Hall。

I wanted to actually -- I got two, but I wanted to focus on the lasers business a little bit. You said, Chris, I think in your prepared remarks, that the diode demand was above your ability to supply. But then, you guys are saying, lasers are down, which would be normal seasonally. I just wonder, are you expecting some of that demand that you left on the table to flow into the next quarter. Or is it -- did you just lose the demand? I'm just curious what's going on with that supply meeting demand and whether you're able to meet demand in the forward quarter, in the September quarter? And I've got a follow-up question.

實際上我想——我有兩個，但我想稍微專注於雷射業務。克里斯，你說，我認為在你準備好的發言中，二極體的需求超出了你的供應能力。但是，你們會說，雷射功率下降了，這在季節性上是正常的。我只是想知道，您是否期望留在桌面上的部分需求流入下個季度。或者是——您剛剛失去需求了嗎？我只是好奇供應滿足需求的情況如何，以及您是否能夠在前一季（即九月的季度）滿足需求？我還有一個後續問題。

Yes, Rod. I think we apologize, maybe some confusion. So we've got 2 different set of product lines, both lasers. One is, our industrial diode laser, semiconductor laser products that share the same manufacturing capacity, for example, with pump lasers for Telecom, in the case of wafer fab and chip capacity, but also those same industrial diode laser lasers, are the lasers that go into our fiber lasers as pumps. We expect continued fiber laser strength going into the September quarter. And therefore, continue to have that capacity constraint situation on both industrial diodes and fiber lasers. The part of the lasers business that is declining, is that which is sold into the -- essentially, the microelectronics space or what we call, the micro materials processing side. There, that is impacted by the typical consumer electronics cycle, where manufacturers add capacity in late springs and in through the summer and then aren't adding new equipment in the late summer and into the fall, because they need to have already had that capacity to produce consumer electronics products. So we do expect that, that micro materials processing portion of our lasers business to -- into the new calendar year, to resume back on a growth trajectory.

是的，羅德。我想我們道歉，也許有些混亂。所以我們有兩套不同的產品線，都是雷射。一是，我們的工業二極體雷射、半導體雷射產品具有相同的製造能力，例如電信用的泵浦雷射器，在晶圓廠和晶片產能方面，而且那些相同的工業二極體雷射雷射器，是雷射器作為泵浦進入我們的光纖雷射。我們預計光纖雷射的強勁勢頭將持續到九月季度。因此，工業二極體和光纖雷射仍面臨產能限制的情況。雷射器業務中正在下降的部分是銷售給微電子領域或我們所說的微材料加工領域的業務。在那裡，這受到典型的消費性電子產品週期的影響，製造商在春末和整個夏季增加產能，然後在夏末和秋季不再添加新設備，因為他們需要已經擁有該產能生產消費性電子產品。因此，我們確實預計，我們雷射業務的微材料加工部分將在新的一年中恢復成長軌道。

And could you just comment, Chris, on when you think those industrial laser diodes -- when that capacity meets demand? Or does it in the next few quarters?

克里斯，您能否評論一下您認為這些工業雷射二極體的產能何時滿足需求？還是在接下來的幾個季度內？

So I think there's a couple of things that are coming into play. We're still constrained today and will be constrained through the September quarter. As we're adding new capacity in our Thailand facility, so we expect that to help alleviate but not totally satisfy the demand. I will say that, as we introduce our own turnkey fiber laser and broaden our customer base for our fiber laser customers and products that will consume more of those diodes and more of those pumps. And so I think, we've been planning for adding additional capacity in Thailand, we have more capacity coming online. And we're doing best we can to try to estimate what the demand is going to be in the future. But we expect both fiber lasers as well as those pumps to external fiber laser manufacturers to continue to grow in the future quarters.

所以我認為有幾件事正在發揮作用。今天我們仍然受到限制，並且整個九月季度都將受到限制。由於我們正在泰國工廠增加新產能，因此我們預計這將有助於緩解但不能完全滿足需求。我會這麼說，因為我們推出了自己的交鑰匙光纖雷射器，並擴大了我們的光纖雷射器客戶和產品的客戶群，這些客戶和產品將消耗更多的二極管和泵浦。所以我認為，我們一直在計劃在泰國增加額外的產能，我們有更多的產能上線。我們正在盡最大努力來估計未來的需求。但我們預計光纖雷射以及外部光纖雷射製造商的泵浦將在未來幾季繼續成長。

Okay. And then I wanted to just see if you guys would give us any color on 3D module yields. Whether -- I guess, the broad question I have is, whether you believe we get back to sort of normal yields for components like this? Or do you think we're living in a world where yields just remain abnormally well? So just curious, what you think about that?

好的。然後我想看看你們能否給我們提供有關 3D 模組產量的任何資訊。我想，我面臨的一個廣泛問題是，您是否相信我們會恢復到此類組件的正常產量？或者您認為我們生活在一個收益率保持異常良好的世界？所以只是好奇，你對此有何看法？

Yes, we don't have a ton of visibility to the module integrators and what their yields are. I can tell you that, that our yields are very stable and very high and we're very happy with our cost structure with respect to our continued increase in yields and productivity for our part of the process. As far as what's going on at the module integrators -- and we're shipping now to additional module integrators to address the Android market. It's hard to tell, they don't give us a lot of detail on that. And so from our perspective, that's a good sign that our component is not the problem, if there is a problem, but that, I think there's been progress certainly and we really can't comment more on that.

是的，我們對模組整合商及其產量沒有太多了解。我可以告訴您，我們的產量非常穩定且非常高，我們對我們的成本結構非常滿意，因為我們的製程部分的產量和生產率不斷提高。至於模組整合商的情況，我們現在正在向其他模組整合商發貨，以應對 Android 市場。這很難說，他們沒有給我們很多細節。因此，從我們的角度來看，這是一個好跡象，表明我們的組件不是問題，如果有問題的話，但是，我認為肯定已經取得了進展，我們真的無法對此發表更多評論。

Do you guys make module yield assumptions in your own calculations, Alan? Or you just kind of take the orders as they come and...?

艾倫，你們在自己的計算中做出了模組產量假設嗎？還是你只是接受訂單，然後......？

We try to cross our estimates with the order rates to try to figure out our share and so we do, but not knowing what they actually are, it's only speculation.

我們試圖將我們的估計與訂單率交叉，以找出我們的份額，所以我們這樣做了，但不知道它們實際上是什麼，這只是猜測。

Yes, it's certainly (inaudible) keep our customers happy. So we're not turning away orders, so...

是的，這確實（聽不清楚）讓我們的客戶滿意。所以我們不會拒絕訂單，所以...

Your next question comes from the line of Michael Genovese from MKM Partners.

您的下一個問題來自 MKM Partners 的 Michael Genovese。

I have a bigger-picture question about the optical market, because in ROADMs, pumps and other optical products, things sound very good across regions. But when we think about China, the U.S., Europe and the rest of Asia, looking forward for the next 12 months, which have the best drivers for growth behind them? Which regions do you think might just be flat? And are there any that are at a risk to decline over the next year?

我對光學市場有一個更宏觀的問題，因為在 ROADM、泵浦和其他光學產品中，各個地區的情況聽起來都非常好。但當我們思考中國、美國、歐洲和亞洲其他地區時，展望未來 12 個月，哪些國家擁有最佳的成長動力？您認為哪些地區可能持平？是否有哪些產業面臨明年下降的風險？

Yes, so I would say that in the products where we have strength, we're seeing strength across all regions with respect to ROADMs, pumps, amplifiers and things like that. So I think we're seeing broad-based strength in China with respect to those products, especially, as a year ago, they didn't deploy ROADMs and now they're deploying ROADMs. So we're expecting China growth in ROADMs to be -- to continue to be robust and we're adding capacity to address that. Broader, higher level, it's hard to say, I'd say that non-China APAC is strong, India is strong, North America continues to be strong. Europe is, anecdotally it's just okay, but hard to really speculate where our product actually ends up going other than where we ship to.

是的，所以我想說，在我們有優勢的產品中，我們看到了所有地區在 ROADM、泵浦、擴大機等方面的優勢。因此，我認為我們看到中國在這些產品方面具有廣泛的實力，特別是一年前他們沒有部署 ROADM，而現在他們正在部署 ROADM。因此，我們預計中國 ROADM 的成長將持續強勁，我們正在增加產能來解決這個問題。更廣泛、更高層次，很難說，我想說，除中國之外的亞太地區強，印度強，北美繼續強。有趣的是，歐洲還不錯，但很難真正推測我們的產品除了我們運送到的地方之外實際上最終會流向哪裡。

Yes, and I think, Mike, just to add to that. Certainly, our customers are global in nature. So when we sell to a Chinese customer, that Chinese customer may be selling into Europe or India and vice versa, if we sell to a North American customer, they may be selling into India or for Europe as well as North America. And as we highlighted in our prepared remarks, we've got broad-based pull from virtually our entire customer base for next-generation ROADMs. So I believe, it's overall global in nature and, as Alan highlighted, the anecdotally, certainly between India and China are -- lots of discussion around them because those are new geographies relative to the North America from a ROADM standpoint.

是的，麥克，我想補充一下。當然，我們的客戶本質上是全球性的。因此，當我們向中國客戶銷售時，該中國客戶可能會向歐洲或印度銷售，反之亦然，如果我們向北美客戶銷售，他們可能會向印度或歐洲和北美銷售。正如我們在準備好的演講中所強調的那樣，我們幾乎從整個客戶群中獲得了對下一代 ROADM 的廣泛支持。所以我相信，它本質上是全球性的，正如艾倫所強調的，印度和中國之間確實存在著許多圍繞它們的討論，因為從 ROADM 的角度來看，這些是相對於北美的新地理區域。

Great. And then just quickly, on Oclaro, not asking about the deal so much as asking about the -- or not asking about the milestones for the closure, I'm asking about the strategy behind the deal. I think, given that the pluggable market, CFP2-ACO product cycle probably is not lasting forever and there is certain products moving beyond that. But could you talk strategically just about the integration of their transmit and their receiver technology and how that's going to help your product portfolio going forward? And any updated thoughts since you held the conference call announcing the deal.

偉大的。然後很快，在奧克拉羅上，我不是在詢問這筆交易，而是在詢問關閉的里程碑，而是在詢問交易背後的策略。我認為，考慮到可插拔市場，CFP2-ACO 產品週期可能不會永遠持續下去，並且某些產品會超越這個週期。但您能否從戰略角度談談他們的發射器和接收器技術的集成，以及這將如何幫助您的產品組合向前發展？以及自您召開宣布該交易的電話會議以來的任何最新想法。

Yes. Well I think we'll reiterate what we talked about when we announced the deal that, Oclaro is a leader in the transmission technologies and we're a leader in the transport technologies. And combining the 2, gives us better relevance to our customers as well as better scale to make longer-term larger investments in R&D. Kind of to your opening statement about ACO product life cycle, I would look at things in the light of, ACOs are just one implementation of a very differentiated photonic integrated circuit technology that Oclaro has. And that's what put them into a leadership position on those modules. And as the world evolves to what's next, it's not going to be something radically different, it's going to be an evolution or a refinement of that same technology, and whether that's next-generation DCO module or whether that's customers that choose to buy said components directly that would be going into those modules. I think, leadership in the first generation of these integrated 100 gig and above modules will naturally translate into leadership -- into subsequent generation.

是的。嗯，我想我們會重申我們在宣布這筆交易時所討論的內容，即奧克拉羅是傳輸技術的領導者，而我們是運輸技術的領導者。將兩者結合起來，使我們能夠更好地與客戶相關，並擴大規模，以便在研發方面進行長期的、更大的投資。就像您關於 ACO 產品生命週期的開場白一樣，我會從以下角度看待事物：ACO 只是 Oclaro 擁有的一種非常差異化的光子積體電路技術的一種實現。這就是他們在這些模組上處於領先地位的原因。隨著世界向未來發展，它不會是完全不同的東西，它將是同一技術的演變或完善，無論是下一代 DCO 模組還是選擇購買所述組件的客戶直接進入這些模組。我認為，第一代整合 100 G 及以上模組的領先地位自然會轉化為下一代的領先地位。

Your next question comes from the line of Meta Marshall from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Meta Marshall。

Maybe following up on Mike's question. Just kind of looking at overall ROADM demand. What percentage of that is China now? Kind of assuming that China is maybe 30% of the optical market in general. Are they to that point of your ROADM demand yet? And then maybe second question, just quickly an update on the CFO search and if you would kind of potentially hope to have anybody identified prior to the Oclaro acquisition closing?

也許可以跟進麥克的問題。只是看看總體 ROADM 需求。現在中國佔百分之多少？假設中國大概佔整個眼鏡市場的 30%。它們達到了您的 ROADM 需求嗎？然後也許是第二個問題，請快速介紹一下 CFO 搜尋的最新情況，以及您是否希望在 Oclaro 收購完成之前找到任何人？

Okay. So I'll handle the first, leave Alan on the second. So on the first question, trying to think how to answer the question. So ROADMs in China, we don't know, we presume generally that, our customers in China would be the ones who are selling into Chinese deployments. We don't know the exact split between what we sell to them, what ends up in China or what ends up being exported from China elsewhere. But just to put a ballpark of roughly 20% of our ROADM sales are going to Chinese customers. I think your point of being 30% of the market is probably an underestimate as to what the major Chinese customers have in market share, it could be a little higher. So I think that, that highlights or underscores that there's a lot of opportunity to grow with those Chinese customers.

好的。所以我會處理第一個，讓艾倫處理第二個。所以對於第一個問題，試著思考如何回答這個問題。所以中國的 ROADM，我們不知道，我們一般認為，我們在中國的客戶將是向中國部署銷售產品的客戶。我們不知道我們賣給他們的產品、最終銷往中國的產品或最終從中國出口到其他地方的產品之間的確切比例。但粗略估計，我們 ROADM 銷售額的約 20% 都流向了中國客戶。我認為你所說的 30% 的市場份額可能低估了中國主要客戶的市場份額，可能會更高一點。所以我認為，這凸顯或強調了與中國客戶一起成長的許多機會。

And to your questions on CFO search, we've have had no problem bringing in very capable and experienced CFO candidates. It's hard to say when we're going to have somebody on board relative to the closure of Oclaro, because I don't know when that's going to happen. I'd say that, we're going to take our time and make sure we get the right person on board and not to compliment Chris publicly, but he's not doing a bad job himself. So I'd rather make sure we take the time and find the right person as opposed to rush to find somebody that may not be the right person. But I'd say that I've met with many excellent candidates that are very well qualified, so I don't have any doubt that we'll find a very, very capable CFO, the timing is just uncertain relative to Oclaro.

對於您關於財務長搜尋的問題，我們在引進非常有能力和經驗豐富的財務長候選人方面沒有任何問題。很難說我們何時會有人參與 Oclaro 的關閉，因為我不知道什麼時候會發生。我想說的是，我們會花時間確保我們找到合適的人選，並且不會公開稱讚克里斯，但他自己的工作也不錯。因此，我寧願確保我們花時間找到合適的人，而不是急於找到可能不合適的人。但我想說的是，我遇到了許多非常優秀的候選人，他們的資格非常好，所以我毫不懷疑我們會找到一位非常非常有能力的首席財務官，只是相對於奧克拉羅來說，時機還不確定。

Your next question comes from the line of Thejeswi Venkatesh.

您的下一個問題來自 Thejeswi Venkatesh。

When do you expect Tier 1 Android handset makers to adopt 3D sensing? I assume most of what you're seeing already is sort of the Tier 2, Tier 3.

您預計一級 Android 手機製造商何時會採用 3D 感測？我認為您已經看到的大部分內容都屬於第 2 層、第 3 層。

I would say that, well, I'm not sure how we would define Tier 1, 2, 3, to us, they're all Tier 1, but I think what you're really alluding to is, the guys that we're designed into now and/or the ones that have at least publicly launched, tend to be a little smaller than some of the larger Android handset vendors, or at least, they are smaller when you consider high-end devices. We are engaged with every large Android manufacturer and have design-in processes. We can't comment on the timing of their launches, that would be disclosing their confidential information. But I would say that, over the next 12 months, virtually every one of them has plans at this point to launch product, but just can't comment on exactly when.

我想說，好吧，我不確定我們如何定義第 1、2、3 層，對我們來說，他們都是第 1 層，但我認為你真正提到的是，我們的人現在重新設計的和/或至少已經公開推出的，往往比一些較大的Android 手機供應商要小一些，或者至少，當你考慮到高階設備時，它們會更小。我們與各大 Android 製造商都有合作，並擁有設計流程。我們無法評論他們的發佈時間，否則會洩露他們的機密資訊。但我想說的是，在接下來的 12 個月裡，幾乎每個人都計劃在此時推出產品，但無法評論特定時間。

Understood. And with respect to your lead 3D sensing customer now, what does pricing per device look like for the fiscal '19 cycle relative to the $4 in the previous cycle?

明白了。對於您現在的主要 3D 感測客戶來說，19 財年周期每台設備的定價與上一周期的 4 美元相比如何？

Yes, we're not going to comment on pricing other than to say that prices have come down a little bit year-over-year. And this is semiconductor product, the volumes go up, prices come down, and year-over-year price downs are nothing unusual, if you will, and maybe consistent with other analogous high-performance semiconductor devices in the similar kind of supply chain.

是的，我們不會對定價發表評論，只是說價格比去年同期略有下降。這是半導體產品，銷量上升，價格下降，如果你願意的話，同比價格下降並不罕見，並且可能與類似供應鏈中的其他類似高性能半導體設備一致。

Understood. And just one last question, there were concerns about excess VCSEL inventory in the supply chain, but it doesn't sound like you're quite seeing that? So I was hoping you could comment on that.

明白了。最後一個問題，有人擔心供應鏈中 VCSEL 庫存過剩，但聽起來您並沒有完全看到這一點？所以我希望你能對此發表評論。

I think the key question is, where in the supply chain? Certainly, we do have some inventory of VCSEL chips, given we were, last year or -- into early this calendar year, running our manufacturing quite hot to meet larger demand than ultimately materialized in this calendar year. And therefore, those wafers were started, with a lengthy manufacturing cycle, you can't just hit the brakes immediately. And so we have some level of inventory that enables us to generate more revenue than, say, some of our suppliers' projections would suggest.

我認為關鍵問題是，供應鏈在哪裡？當然，我們確實有一些 VCSEL 晶片庫存，因為去年或今年年初，我們的製造工作相當繁忙，以滿足比今年最終實現的更大的需求。因此，那些晶圓已經啟動，製造週期很長，你不能立即踩剎車。因此，我們擁有一定水準的庫存，使我們能夠產生比某些供應商預測的更多的收入。

Your next question comes from the line of Jun Zhang from Rosenblatt Securities.

您的下一個問題來自羅森布拉特證券的張軍。

So staying on 3D sensing topics. So one of your VCSEL wafer suppliers in Taiwan provided a softer guidance for Q3. I'm just wondering if you could give us some colors on the gap between the wafer consumption and in your VCSEL shippings. And could you also talk about inventory level on the VCSEL product level? And are you able to continue using the some of the existing wafer inventory or existing wafer chipset for the second half shipment, because I think that there might be some newer requirement for the VCSEL or a newer generation of VCSEL coming in the second half. That's my question.

所以繼續討論 3D 感測主題。因此，你們台灣的一家 VCSEL 晶圓供應商為第三季提供了較為溫和的指導。我只是想知道您是否可以給我們一些關於晶圓消耗量和 VCSEL 運輸量之間差距的資訊。您能否談談 VCSEL 產品層面的庫存水準？你們是否能夠繼續使用一些現有的晶圓庫存或現有的晶圓晶片組來進行下半年的出貨，因為我認為下半年可能會對 VCSEL 或新一代的 VCSEL 有一些更新的需求。這就是我的問題。

Sure, Jun. Yes, just to echo what Chris said, I think the supply chain for VCSELs is a multiple-month supply chain that you can't just shut off. So I'd say, I can't really comment on our supply chain and the production levels that they're at. I will say that we're very comfortable with the inventory that we have being able to be used in the market and so we're not expecting any obsolescence of any chips that we have in finished goods or that we have flowing through the line today.

當然，君。是的，只是為了呼應 Chris 所說的，我認為 VCSEL 的供應鏈是一個長達數月的供應鏈，你不能就這樣關閉它。所以我想說，我無法真正評論我們的供應鏈及其當前的生產水準。我想說的是，我們對能夠在市場上使用的庫存感到非常滿意，因此我們預計成品中或今天流經生產線的任何晶片都不會過時。

Okay, great. And also, do you think that the improving yield rate at your side could potentially consume less wafer and also potentially help them on the gross margin side?

好的，太好了。另外，您是否認為您這邊提高的良率可能會消耗更少的晶圓，並且也可能在毛利率方面幫助他們？

Yes, certainly, we continue to strive to increase yields as well as shorten cycle times or at least increase equipment utilization. So that leaves us upside in gross margin. We expect that we're in the very early stages of a very large market. So I don't think on a sort of an annual run rate basis that we expect to be consuming fewer wafers moving forward by any stretch.

是的，當然，我們繼續努力提高產量並縮短週期時間或至少提高設備利用率。因此，這使我們的毛利率有上升空間。我們預計我們正處於一個非常大的市場的早期階段。因此，我認為，從年度運行率來看，我們預計未來消耗的晶圓數量不會減少。

Okay. And also, any further potential cost reduction on the VCSEL laser production side?

好的。另外，VCSEL 雷射器生產方面是否有進一步降低成本的可能？

Well, we continue to work throughout our supply chain to work together with them to drive their cost down, so that we can continue to drive our cost down. So I'd say that it's an ongoing process that we have to work with our partners to make sure that we're being competitive in the market as we continue to ramp up volume. So as Chris said, it's a semiconductor process that is expected to come down in cost over time, and with higher volume, and that's what we're working with our partners to achieve.

嗯，我們繼續在整個供應鏈中與他們合作，降低他們的成本，這樣我們就可以繼續降低我們的成本。因此，我想說，這是一個持續的過程，我們必須與合作夥伴合作，以確保我們在繼續增加銷售的同時在市場上具有競爭力。正如克里斯所說，這是一種半導體工藝，預計成本會隨著時間的推移而下降，產量會增加，這就是我們正在與合作夥伴合作實現的目標。

Okay. So my last question is that, you mentioned there's some opportunity from the 3D sensing module in the back camera from Android market. And I just want to get some color from you guys about, what's the difference between the 3D sensing module in the back camera and the front-facing camera? And also what's the ASP difference between those 2 chipsets?

好的。所以我的最後一個問題是，您提到Android市場的後置相機中的3D感測模組有一些機會。我只是想請教一下，後置相機和前置鏡頭中的 3D 感測模組有什麼區別？這兩種晶片組之間的 ASP 差異是什麼？

So I can't necessarily comment on the module details and that's what our customers deal with. But on our side, in the chips we produce, presumably -- and how we infer often, it's a back side or world-facing, it's just that the chip either has higher power or it has a different beam profile to be able to image over longer distances. In order to accomplish that, the chips tend to be larger and potentially more complex, meaning multiple addressable sections, able to be modulated or turned on and off rapidly, all of that next to generally a higher ASP, every customer is asking for something a little different. So I don't think there is a great rule of thumb of how much higher ASP, but it can be significantly higher than the other chip used for the same functionality on the front side. Really it's, again, a semiconductor process, so it's really just that the chip is twice as big, it's probably going to be priced twice as much.

所以我不一定對模組細節發表評論，這就是我們的客戶所處理的。但在我們這邊，在我們生產的晶片中，大概 - 我們經常推斷，它是背面或面向世界，只是晶片要么具有更高的功率，要么具有不同的光束輪廓才能成像更長的距離。為了實現這一目標，晶片往往更大且可能更複雜，這意味著多個可尋址部分，能夠快速調製或打開和關閉，所有這些通常都伴隨著更高的ASP，每個客戶都要求一些東西有點不同。因此，我不認為 ASP 高多少有一個很好的經驗法則，但它可以明顯高於前端用於相同功能的其他晶片。實際上，它又是一種半導體工藝，所以實際上只是晶片大了一倍，它的價格可能會是原來的兩倍。

Your next question comes from the line of Tim Savageaux from Northland Capital.

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

Question on Telecom to start with and then a follow-up on 3D sensing. You saw 9% sequential growth on the Telecom side in the June quarter. This based on how I'm looking on a number -- well looking at peer reports and what we're seeing across the space, I think there's a pretty solid case to be made for acceleration in that rate of sequential growth, maybe up into the low and maybe even mid-teens depending on what we're assuming on the 3D side. I wonder what sort of assumptions, in terms of sequential growth rates in Telecom, are informing your September quarter guide?

首先是關於電信的問題，然後是關於 3D 感測的後續問題。您看到電信方面在 6 月的季度環比增長了 9%。這是基於我對數字的看法——仔細觀察同行報告以及我們在整個領域所看到的情況，我認為有一個非常可靠的理由可以加速連續增長率，也許可以達到低甚至可能是十幾歲左右，取決於我們對3D 方面的假設。我想知道你們的 9 月份季度指南是根據電信業的環比增長率做出什麼樣的假設的？

Yes, as I said, the products where we have strong leadership position are capacity-constrained. So our guidance reflects how fast we're bringing on capacity in our factories and how fast we can ramp that capacity as well as get higher productivity of the existing capacity. So we don't guide the specific percentages of increase, but I'd say that, certainly demand for those products is higher than a double-digit sequential growth rate. The question in my mind is, how fast can we bring that capacity on to satisfy the customers' demand and that's really what we're working on.

是的，正如我所說，我們擁有強大領導地位的產品是產能有限的。因此，我們的指導反映了我們工廠產能的增加速度以及我們提高產能以及提高現有產能生產力的速度。因此，我們不會指導具體的成長百分比，但我想說的是，對這些產品的需求肯定高於兩位數的連續成長率。我心中的問題是，我們能夠以多快的速度提高產能來滿足客戶的需求，而這正是我們正在努力的方向。

Right. And as a quick aside, you seem to have seen a pretty decent uptick on the gross margin side in the Optical Communications front this quarter as well. But my real follow-up is on 3D, which I want to try look at from a broader perspective, in looking at really the entire supply chain, there is -- and here this is a calendar year '18 over calendar year '17 perspective. In doing that analysis, there is a number that keeps popping up, it's sort of like Pi or the golden ratio in nature, and that's really kind of a doubling or really more precising 90% year-over-year increase in revenue across the 3D ecosystem. Just as a reminder, your calendar '17 revenue was $243 million. From a trajectory standpoint, does that make sense to you kind of that overall doubling in calendar year revenue? And that way, we're looking at it over a period of multiple quarters versus various fiscal years or long cycles or what have you.

正確的。順便說一句，本季光通訊領域的毛利率似乎也出現了相當不錯的成長。但我真正的後續行動是 3D，我想嘗試從更廣泛的角度來看待它，從真正的整個供應鏈角度來看，這是 18 日曆年和 17 日曆年的視角。在進行分析時，有一個數字不斷出現，它有點像 Pi 或本質上的黃金比例，這實際上是 3D 收入同比增長一倍或更精確，同比增長 90%生態系統。提醒一下，您 17 年曆的收入為 2.43 億美元。從軌跡的角度來看，日曆年收入整體翻倍對您來說有意義嗎？這樣，我們就會在多個季度、不同財政年度或長週期或其他什麼情況下審視它。

I guess, calendar year, I get your logic, although calendar year is a little screwy just because of last calendar year only having 3D sensing in half of the calendar year, if you will, so...

我想，日曆年，我明白你的邏輯，儘管日曆年有點奇怪，因為去年日曆年只有一半的時間有 3D 感測，如果你願意的話，所以......

Ergo the doubling, Chris.

因此，加倍，克里斯。

Yes, yes. So that's my point is, doubling, that's not much of a change, right.

是的是的。所以我的觀點是，翻倍，這並不是什麼太大的變化，對吧。

There are no further questions. I will now turn the call over to Alan Lowe.

沒有其他問題了。我現在將把電話轉給艾倫·洛。

Thank you, operator. We regularly discuss our business at Investor Relations events. These events are listed on our website in the Investor Relations section and are regularly updated. This concludes our call for today. We would like to thank everyone for attending, and we look forward to talking with you again in another few months. Thank you.

謝謝你，接線生。我們定期在投資者關係活動中討論我們的業務。這些活動列在我們網站的投資者關係部分，並定期更新。我們今天的呼籲到此結束。我們感謝大家的出席，並期待在接下來的幾個月內再次與您交談。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。