Lumentum Holdings Inc. (LITE) 2019 Q4 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Fourth Quarter and Fiscal Year 2019 Financial Results Conference Call. As a reminder, today's call is being recorded for replay purposes through August 15, 2019.

各位好，歡迎參加 Lumentum 2019 會計年度第四季暨全年度財務結果電話會議。提醒各位，今天的電話會議將錄音，供重播使用至 2019 年 8 月 15 日。

I would now like to turn the conference over to Mr. Jim Fanucchi of Darrow Associates. Mr. Fanucchi. Please go ahead.

現在我想把電話會議交給 Darrow Associates 的 Jim Fanucchi 先生。Fanucchi 先生。請開始。

Thank you, operator. Welcome to the Lumentum's Fourth Quarter and Fiscal Year 2019 Earnings call. This is Jim Fanucchi from Darrow Associates assisting Lumentum with its Investor Relations. Joining the call today from the company's management, we have Alan Lowe, President and Chief Executive Officer; Wajid Ali, Chief Financial Officer; and Chris Coldren, Senior Vice President of Business Development.

謝謝，接線員。歡迎參加 Lumentum 2019 會計年度第四季暨全年度財報電話會議。我是 Darrow Associates 的 Jim Fanucchi，協助 Lumentum 的投資人關係事務。今天與會的公司管理團隊包括：總裁兼執行長 Alan Lowe；財務長 Wajid Ali；以及業務發展資深副總裁 Chris Coldren。

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, including product development and projected new product releases, purchasing trends and demand for our products, our expected financial performance, expenses and position in the market as well as statements regarding the recent acquisition of Oclaro. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations. Lumentum encourages you to review our most recent filings with the SEC, particularly the risk factors described in our filings with the Securities and Exchange Commission, including the company's quarterly report on Form 10-Q for the fiscal quarter ended March 30, 2019 filed with the SEC on May 7, 2019, and in Lumentum's 10-K for fiscal year 2019 that ended June 29, 2019, which the company expects to file within 60 days of the fiscal year end.

本次電話會議將包含前瞻性陳述，包括關於我們所營運市場的陳述（包含潛在市場規模、趨勢，以及對產品與技術的預期），亦包括產品開發與預計新產品發表、採購趨勢與對我們產品的需求、我們預期的財務表現、費用與市場地位，以及關於近期收購 Oclaro 的陳述。這些陳述受到風險與不確定性影響，可能導致實際結果與我們目前預期有重大差異。Lumentum 鼓勵各位查閱我們最近向美國證券交易委員會（SEC）提交的文件，特別是我們向 SEC 提交文件中所述的風險因素，包括公司截至 2019 年 3 月 30 日之會計季度的 Form 10-Q 季報（已於 2019 年 5 月 7 日向 SEC 提交），以及 Lumentum 2019 會計年度（截至 2019 年 6 月 29 日）之 Form 10-K 年報，公司預期將於會計年度結束後 60 天內提交。

The forward-looking statements provided during this call are based on Lumentum's reasonable beliefs and expectations as of today. Lumentum undertakes no obligation to update these statements, except as required by applicable law. Please also note, unless otherwise stated, all results and projections discussed on this call are non-GAAP. Non-GAAP financials should not be considered as a substitute for or superior to financials prepared in accordance with GAAP. Lumentum's press release with its fourth quarter and full year fiscal 2019 results is available on its website at www.lumentum.com under the Investors section and includes additional details about our non-GAAP financial measures and a reconciliation between our historical GAAP and non-GAAP results. Lumentum's website also has its latest SEC filings and supplementary slides relating to today's earnings release and the Company encourages you to review this. A recording of today's call will be available by 11:30 a.m. Pacific Time today on our website.

本次電話會議中所提供的前瞻性陳述，係基於 Lumentum 截至今日之合理信念與預期。除非適用法律要求，Lumentum 不承擔更新這些陳述之義務。另請注意，除非另有說明，本次電話會議中討論的所有結果與預測均為非 GAAP。非 GAAP 財務資訊不應被視為依 GAAP 編製之財務資訊的替代或更優者。Lumentum 關於 2019 會計年度第四季與全年度結果的新聞稿可於其網站 www.lumentum.com 的 Investors（投資人）專區取得，並包含我們非 GAAP 財務衡量指標的更多細節，以及歷史 GAAP 與非 GAAP 結果之間的調節表。Lumentum 網站亦提供最新的 SEC 申報文件，以及與今日財報發布相關的補充投影片，公司鼓勵各位查閱。今日電話會議的錄音將於今日太平洋時間上午 11:30 前後，於我們網站提供。（同上）

Now I will turn the call over to Alan for his comments and fourth quarter market and product highlights.

現在我將把電話會議交給 Alan，由他發表評論並分享第四季市場與產品重點。

Thank you, Jim. Good morning, everyone. Before my comments on our business, I will start with the sad news we communicated in the press release yesterday. We recently learned that our Board Chairman Marty Kaplan passed away. Marty in his role as Chairman was a trusted and wise advisor, but he was much more than that. He was a friend, a truly amazing human being, who will be greatly missed. On behalf of Lumentum, we send the Kaplan family our most heartfelt condolences and sympathy.

謝謝你，Jim。各位早安。在我評論我們的業務之前，我先談談我們昨天在新聞稿中傳達的一則令人悲痛的消息。我們近日得知董事會主席 Marty Kaplan 逝世。Marty 以主席身分是值得信賴且睿智的顧問，但他遠不止於此。他是朋友，是一位真正了不起的人，我們將深深懷念他。我謹代表 Lumentum，向 Kaplan 家族致上最誠摯的哀悼與慰問。

I will now move on to my comments on the business and markets. The fourth quarter with rental to say the least, but it capped off at fiscal year during which we made significant progress towards our long-term strategic and financial goals. During the past year, we believe we have added 2 or extended our market and technology leadership positions in telecom and 3D sensing. We introduced many highly differentiated new products and one new design win with market-leading customers in all of our markets.

接下來我將談談業務與市場。第四季可以說是相當動盪，但也為我們在該會計年度畫下句點；在此期間，我們朝向長期策略與財務目標取得了顯著進展。在過去一年中，我們相信我們已在電信與 3D 感測領域新增或鞏固了市場與技術領導地位。我們推出了多款高度差異化的新產品，並在所有市場中與領先客戶取得一項新的設計導入（design win）。

In our Commercial Lasers business unique new products enabled us to grow revenue to new record levels in a down market. The Oclaro acquisition has given us a first mover advantage and a transforming industry. First, we attained a leading position in telecom transmission based on fundamental indium phosphide photonic integrated circuit technology. We believe this technology will be critical to our customers ability to scale to higher network bandwidth in the future, including 800 gigabits per second and eventually higher speeds. Second, we re-vectored our datacom business to a significantly more profitable model that is based on a highly differentiated photonic chip capability. We expanded our datacom market focus to include 5G wireless and other high-volume applications.

在我們的商用雷射業務中，獨特的新產品使我們在市場下行的情況下仍將營收成長至新的歷史高點。收購 Oclaro 讓我們在一個正在轉型的產業中取得先行者優勢。首先，我們憑藉以磷化銦光子積體電路（PIC）為基礎的核心技術，在電信傳輸領域取得領先地位。我們相信，這項技術對客戶未來擴展至更高網路頻寬至關重要，包括每秒 800Gb，並最終達到更高速度。其次，我們將數據通訊（datacom）業務重新定位為一個顯著更具獲利性的模式，該模式建立在高度差異化的光子晶片能力之上。我們也擴大了 datacom 的市場聚焦，涵蓋 5G 無線與其他高出貨量應用。

And finally, we improved our business model by achieving cost synergies on a more accelerated timeline than originally estimated and are now increasing our annual synergy target to $100 million from our initial $60 million target, which we have exceeded. These additional savings will be attained over the next 5 quarters. Over the past year, we have seen a trend toward further industry consolidation. Several other M&A deals in our space have been announced to date. There are perhaps more to come as market participants recognize the need for scale. Fiscal '19 revenue was at a new high, exceeding $1.5 billion and was up 25% relative to the prior year. For the first time full-year operating margin expanded to more than 20%. I believe these results and accomplishments both underscore the significant progress we have made toward our strategic goals during fiscal '19 and position us well for revenue growth and margin expansion in fiscal '20 and beyond. I'm proud to lead the best team in the industry and one that customers continue to turn to first for the photonics technologies they need to win.

最後，我們透過在比原先估計更快的時程內實現成本綜效，改善了我們的商業模式；我們目前將年度綜效目標由最初的 6,000 萬美元提高至 1 億美元，而我們已超越原先的 6,000 萬美元目標。這些額外節省將在未來 5 個季度內達成。在過去一年中，我們看到產業進一步整併的趨勢。迄今為止，我們領域內已宣布數筆其他併購交易。隨著市場參與者認知到規模的重要性，未來或許還會有更多交易。2019 會計年度營收創新高，超過 15 億美元，較前一年成長 25%。全年營業利益率首次擴大至 20% 以上。我相信，這些成果與成就不僅凸顯我們在 2019 會計年度朝策略目標所取得的重大進展，也讓我們在 2020 會計年度及其後的營收成長與利潤率擴張方面具備良好定位。我很自豪能領導業界最優秀的團隊；客戶也持續優先選擇我們，以取得他們致勝所需的光子技術。

Before turning to more details on our results, I'd like to provide an update on our business with Huawei. On May 20th, we indicated we had stopped shipping to Huawei in response to their addition to the entity list and to become compliant with US Department of Commerce requirements. Subsequently, we completed a detailed analysis of the products we supply to Huawei and determined that certain products were not subject to export administration regulations. We resumed shipments of these products late in the quarter after putting in place, new business processes to ensure compliance with government requirements on an ongoing basis. We intend to fully comply with US Department of Commerce requirements. Sales to Huawei were down 25% sequentially in the fourth quarter as a result of these actions. Looking to the first quarter, we expect sales to Huawei to be flat to down sequentially. As you can imagine the very dynamic nature of the current geopolitical situation adds to the challenges of projecting future Huawei revenues.

在進一步說明我們的業績之前，我想先更新我們與華為的業務狀況。5 月 20 日，我們表示因華為被列入實體清單（entity list），為符合美國商務部的要求，我們已停止對華為出貨。其後，我們完成了對供應給華為之產品的詳細分析，並判定部分產品不受出口管理法規（export administration regulations）約束。在本季度後段，我們在建立新的業務流程、以確保持續符合政府要求之後，恢復了這些產品的出貨。我們將意圖完全遵循美國商務部的要求。由於上述措施，第四季對華為的銷售額較前一季下降 25%。展望第一季，我們預期對華為的銷售將與前一季持平至下滑。如各位所能想像，目前地緣政治情勢的高度動態性，增加了預測未來華為營收的挑戰。

Now for details on the fourth quarter and full fiscal year performance. Telecom revenue was up 65% in fiscal '19. Within telecom, transport revenue increased by nearly 50%. In the fourth quarter telecom revenue declined 6% sequentially due to lower shipments to Huawei, partially offsetting the Huawei decline, was growth in other customers. Despite the geopolitical disruption during the fourth quarter, we again achieved record ROADM revenue. We were able to partially offset lost Huawei ROADM revenue in the quarter through sales to other customers, after we redirected manufacturing capacity to them late in the quarter. Fourth quarter revenue from coherent transmission modules was up 10% sequentially with sales of both ACO and DCO products growing.

接下來說明第四季與全會計年度的表現細節。2019 會計年度電信營收成長 65%。在電信業務中，傳輸（transport）營收增加近 50%。第四季電信營收較前一季下滑 6%，原因是對華為出貨減少；部分抵銷華為下滑的是其他客戶的成長。儘管第四季受到地緣政治干擾，我們仍再次達成 ROADM 營收的歷史新高。在本季度後段，我們將製造產能重新導向其他客戶後，得以透過對其他客戶的銷售部分彌補本季度流失的華為 ROADM 營收。第四季相干傳輸模組營收較前一季成長 10%，ACO 與 DCO 產品的銷售皆有所成長。

Looking into the first quarter, we expect telecom revenue will be flat to up sequentially. Telecom customer demand outside of Huawei is strong. However, this demand is for different mix of products than Huawei purchases from us and for which our supply chain has been driving material. Challenges in obtaining supply of long lead time materials is currently the limitation. Additionally, impacting telecom is an expected temporary dip in our submarine business, which has historically been a lumpy project-based business.

展望第一季，我們預期電信營收將較前一季持平至小幅成長。除華為以外的電信客戶需求強勁。然而，這些需求的產品組合與華為向我們採購的不同，而我們的供應鏈一直在為華為採購的材料進行備料。目前的限制在於難以取得交期較長的材料供應。此外，對電信業務的影響還包括我們海底業務預期出現的暫時性下滑；該業務歷來屬於以專案為主、波動較大的業務。

Looking further out, based on our expected continued strong growth in global network bandwidth and data center traffic, the needed optical infrastructure for 5G wireless, we believe that telecom market should be strong on a multi-year basis. We believe the strength we have seen in telecom transport over the past year is a leading indicator of future strength and demand for transmission products. We are well positioned to capitalize on these market trends with our industry-leading telecom transmission and transport products and deep customer relationships. We benefit from global bandwidth expansion regardless of who builds or supplies the networks. Our next-generation products including MxN and high-port count twin ROADMs, DCO modules including (inaudible) indium phosphide components including those for 800 gigabits per second are critical to our customers' global -- our global customer base.

再往後看，基於我們預期全球網路頻寬與資料中心流量將持續強勁成長，以及 5G 無線所需的光學基礎建設，我們相信電信市場在未來多年應會維持強勁。我們認為過去一年在電信傳輸（transport）所見到的強勢，是未來強勢與傳輸產品需求的領先指標。憑藉我們業界領先的電信傳輸與傳送產品，以及深厚的客戶關係，我們已做好準備把握這些市場趨勢。無論由誰建置或供應網路，我們都能受惠於全球頻寬擴張。我們的次世代產品，包括 MxN 與高埠數雙路 ROADM、DCO 模組（含（聽不清））、以及磷化銦元件（包括用於每秒 800Gb 的元件），對我們的客戶全球——我們的全球客戶群至關重要。

Turning to datacom, early in the fourth quarter, we closed a previously announced divestiture, our Japan-based datacom transceiver business. This was a key milestone in our strategic pivot to focus exclusively on photonic chip sales in the datacom market and exit the challenged datacom transceiver business. Since the announcement of this transaction, we have seen strong engagement from customers for datacom photonic chips, including in 5G wireless applications. This drove fourth quarter datacom chip sales up a 11% sequentially to new record levels. In many cases, new customer interest is from leading competitors who previously would not purchase from us due to the competitive nature of the transceiver us competing in the transceiver business. As a reminder, we are discontinuing all remaining datacom transceivers and certain low margin telecom product lines. Revenue from this product lines totaled $31 million in the fourth quarter and should decline to 0 over the next few quarters.

談到數據通訊（datacom），在第四季初，我們完成了先前已公告的資產剝離，即位於日本的 datacom 收發器業務。這是我們策略轉型的重要里程碑：在 datacom 市場專注於光子晶片銷售，並退出具挑戰性的 datacom 收發器業務。自宣布此交易以來，我們看到客戶對 datacom 光子晶片的高度互動與需求，包括在 5G 無線應用中。這使得第四季 datacom 晶片銷售較前一季成長 11%，創下新高。在許多情況下，新的客戶興趣來自主要競爭對手；過去由於我們在收發器業務中與其競爭的性質，他們不會向我們採購。提醒一下，我們正停止所有剩餘的 datacom 收發器以及部分低毛利的電信產品線。這些產品線在第四季的營收合計為 3,100 萬美元，並應在未來幾季內下降至 0。

Turning to our industrial and consumer product lines, which includes 3D sensing. Fourth quarter revenue was up 13%. This growth was larger than our prior guidance for both industrial diodes and 3D sensing lasers. In the case of 3D sensing, in the fourth quarter, we started ramping deliveries to customers, to support customers' product cycles expected to start this fall. We expect unit growth to exceed price declines as 3D sensing is expected to be incorporated in a higher percentage of end customer models and supply chain inventory levels appeared to be more normalized, when compared to last year.

接著談我們的工業與消費性產品線，其中包含 3D 感測。第四季營收成長 13%。此成長幅度高於我們先前對工業二極體與 3D 感測雷射的指引。就 3D 感測而言，我們在第四季開始提升對客戶的出貨，以支援客戶預計於今年秋季開始的產品週期。我們預期，隨著 3D 感測預計導入更高比例的終端客戶機型，且相較去年供應鏈庫存水位看起來更趨正常，單位出貨成長將超過價格下滑。

Taking into account, the accelerated fourth quarter shipments and expectations around global smartphone volumes and our market share, we expect 3D sensing revenue in the first half of fiscal '20 be slightly up from the first half of fiscal '19. We continue to make good progress on 3D sensing customers worldwide including in world-facing applications. Favorable consumer and media reviews for initial (inaudible) facing enabled smartphones has caught customers product roadmaps to more broadly incorporate 3D sensing -- 3D depth sensing for photography and augmented in virtual reality applications.

綜合考量第四季加速出貨、全球智慧型手機出貨量的預期以及我們的市占率，我們預期 2020 會計年度上半年（'20）3D 感測營收將較 2019 會計年度上半年（'19）小幅成長。我們在全球 3D 感測客戶（包括面向世界的應用）方面持續取得良好進展。消費者與媒體對首批具備（聽不清）面向功能的智慧型手機之正面評價，已促使客戶的產品藍圖更廣泛地導入 3D 感測——用於攝影與擴增／虛擬實境應用的 3D 深度感測。

Based on customer activity, we expect major smartphone manufacturers to introduce products with new world facing capabilities in calendar '20. This combined with increased customer demand for smart phones driven by future 5G availability, should drive a significant increase in 3 sensing market in calendar '20 and '21. We are very well positioned for this growth up growing opportunity. Customers around the world know they can count on our proven and unrivaled reliability and volume capability. We have shipped hundreds of millions of devices with unmatched performance quality and reliability, and expect to exceed a 0.5 billion cumulative devices shipped by the end of our first quarter. This experience is a valuable advantage and is difficult for our competitors to replicate.

根據客戶動態，我們預期主要智慧型手機製造商將在 2020 年曆年（'20）推出具備新的面向世界能力的產品。再加上未來 5G 可用性所帶動的智慧型手機需求提升，應可在 2020 與 2021 年曆年（'20 與 '21）推動 3D 感測市場顯著成長。我們在這個成長且持續擴大的機會上具備非常有利的定位。全球客戶都知道，他們可以仰賴我們經驗證且無可匹敵的可靠度與量產能力。我們已出貨數億台裝置，具備無與倫比的效能品質與可靠性，並預期在第一季末累計出貨量將超過 5 億台。這些經驗是寶貴的優勢，競爭對手難以複製。

Turning to commercial lasers, as highlighted earlier, new products enabled us to grow fiscal '19 laser revenue to new record levels in a down market. This growth was driven by a nearly 100% increase in fiber laser sales relative to the prior year. In the fourth quarter, our commercial lasers segment revenue was down 13% quarter-on-quarter as expected. Our commercial lasers business is important to our long-term strategy. It provides us a significant addressable market to grow into, while leveraging our core set of optical technologies and manufacturing capabilities. Further, it provides us a level of customer and end market diversification.

接著談商用雷射。如先前所強調，新產品使我們在市場下行的情況下，仍將 2019 會計年度（'19）雷射營收推升至新高。此成長主要來自光纖雷射銷售較前一年幾乎成長 100%。第四季我們的商用雷射部門營收如預期較前一季下滑 13%。商用雷射業務對我們的長期策略很重要。它為我們提供可大幅拓展的可服務市場，同時能運用我們核心的光學技術組合與製造能力。此外，它也為我們帶來一定程度的客戶與終端市場多元化。

Looking into the first quarter, we expect lasers revenue to soften further as we enter the seasonally weaker fall time period. However, based on customer requests for [code] activity we believe the commercial lasers market will return to growth in the new calendar year. Over the long run because of our investments in unique new products and technologies, we believe we have good opportunity for growth driven by new product introductions in addition to market growth. Throughout my remarks, I've highlighted the significant progress we have made toward our strategic and financial goals during fiscal '19 and how we have positioned ourselves well for fiscal '20 and beyond. This combined with the growth catalyst we see in each of our major product lines, it makes it a very exciting time at Lumentum for all stakeholders. At Lumentum we are releasing the power of light to create a brighter future.

展望第一季，隨著我們進入季節性較疲弱的秋季期間，我們預期雷射營收將進一步走弱。然而，根據客戶對 [code] 活動的需求，我們相信商用雷射市場將在新的曆年恢復成長。長期而言，因我們投資於獨特的新產品與技術，我們相信除市場成長外，還有由新產品導入所帶動的良好成長機會。在我的發言中，我已強調我們在 2019 會計年度（'19）朝向策略與財務目標所取得的重大進展，以及我們如何為 2020 會計年度（'20）及未來做好良好布局。再加上我們在各主要產品線所看到的成長催化因素，這使得對 Lumentum 的所有利害關係人而言，現在是一個非常令人振奮的時刻。在 Lumentum，我們釋放光的力量，創造更光明的未來。

With that said, I will now turn the call over to Wajid.

話說到這裡，我現在把電話會議交給 Wajid。

Thank you, Alan. Good morning, everyone. Before jumping into our fourth quarter results and our guidance for the fiscal first quarter of '20, I'd like to run down our full year fiscal 2019 results. Net revenue for fiscal '19 was $1.57 billion, up 25% compared with fiscal '18. Fiscal '19 optical communication segment revenue was up 29%, driven by strong market demand for telecom products and the Oclaro acquisition. Our laser segment revenue was up 4% compared to the prior year, driven by strong fiber laser sales. For the full year GAAP gross margin was 27.2%, GAAP operating margin was negative 1.4% and GAAP diluted net loss per share was $0.54. These GAAP results include the impact of restructuring, write-downs, amortization of intangibles and other charges related to the acquisition and our actions to attain acquisition synergies.

謝謝你，Alan。各位早安。在進入我們第四季業績以及 2020 會計年度第一季（'20）指引之前，我想先概述我們 2019 會計年度的全年業績。2019 會計年度（'19）淨營收為 15.7 億美元，較 2018 會計年度（'18）成長 25%。2019 會計年度光通訊部門營收成長 29%，主要受電信產品強勁的市場需求以及併購 Oclaro 所帶動。我們的雷射部門營收較前一年成長 4%，主要由強勁的光纖雷射銷售所驅動。全年 GAAP 毛利率為 27.2%，GAAP 營業利益率為負 1.4%，GAAP 稀釋後每股淨損為 0.54 美元。這些 GAAP 結果包含重整、減記、無形資產攤銷，以及與併購相關的其他費用，並包含我們為達成併購綜效所採取行動的影響。

Full year fiscal '19 non-GAAP gross margin expanded 60 basis points to 39.5%, driven by higher levels of higher margin products in our revenue mix as well as overall increased leverage over our fixed manufacturing costs. Non-GAAP operating margin expanded 80 basis points to 20.5% for the full year and non-GAAP net income increased more than 23% relative to the prior year, resulting in non-GAAP diluted net income per share of $4.25. We ended the year with cash and short-term investments of $769 million, an increase of $71 million relative to the prior quarter.

2019 會計年度（'19）全年非 GAAP 毛利率擴大 60 個基點至 39.5%，主要受惠於營收組合中較高毛利產品占比提升，以及我們對固定製造成本的整體槓桿效益增加。全年非 GAAP 營業利益率擴大 80 個基點至 20.5%，非 GAAP 淨利較前一年增加逾 23%，使非 GAAP 稀釋後每股淨利達 4.25 美元。年末我們的現金與短期投資為 7.69 億美元，較前一季增加 7,100 萬美元。

Now turning to fourth quarter. Net revenue for the fourth quarter was $404.6 million, which was down 7% sequentially due to lower sales to Huawei and the expected decline in lasers. GAAP gross margin for the fourth quarter was 21.5%, GAAP operating margin was negative 3.4% and GAAP-diluted net loss per share was $0.34. Again GAAP results include the impact of restructuring, write-downs, amortization of intangibles and other charges related to the acquisition and our actions to attain acquisition synergies.

現在轉到第四季。第四季淨營收為4.046億美元，因對華為銷售下降以及雷射業務如預期下滑，較前一季下降7%。第四季GAAP毛利率為21.5%，GAAP營業利益率為負3.4%，GAAP稀釋後每股淨虧損為0.34美元。再次說明，GAAP結果包含重整、減損、無形資產攤銷，以及與併購及我們為達成併購綜效所採取行動相關的其他費用之影響。

Fourth quarter non-GAAP gross margin was 38.9%, which was approximately flat sequentially on lower revenue levels. Non-GAAP operating margin for the third quarter was 19%, non-GAAP operating expenses totaled $80.7 million or 19.9% of revenue. R&D expense was $46.4 million, SG&A expense was $34.3 million. I think it is important to highlight here that synergies achieved to-date through the fourth quarter help to drive a sequential 120 basis point expansion in operating margin, despite a 7% sequential decline in revenue. Non-GAAP net income was $70.8 million for the fourth quarter and includes $2.4 million of net interest expense and tax expense of $3.5 million. Non-GAAP diluted net income per share was $0.92 based on the fully diluted share count of $77.1 million.

第四季非GAAP毛利率為38.9%，在營收水準較低的情況下，較前一季約略持平。第三季非GAAP營業利益率為19%，非GAAP營業費用合計為8,070萬美元，約占營收的19.9%。研發費用為4,640萬美元，銷售、一般及管理費用（SG&A）為3,430萬美元。我認為在此強調很重要：截至第四季已實現的綜效，儘管營收較前一季下降7%，仍有助於推動營業利益率較前一季擴張120個基點。第四季非GAAP淨利為7,080萬美元，其中包含240萬美元的淨利息費用及350萬美元的所得稅費用。以完全稀釋後股數7,710萬股計算，非GAAP稀釋後每股淨利為0.92美元。

Now turning to segment and product line details. Optical communications segment revenue was $356.8 million, which declined 6% sequentially. Within our optical communication segment, telecom revenue at $227.7 million was down 6% sequentially due to lower Huawei sales. Datacom revenue at $41.5 million was down 28% sequentially, driven by the transceiver product line divestiture. Industrial and consumer revenue at $87.6 million was up 13% sequentially due to higher industrial diode and 3D sensing revenues. Optical communications segment gross margin at 38.3% increased 30 basis points sequentially on lower revenue due to the divestiture of lower margin datacom product lines and higher industrial and consumer in the mix.

接著說明各事業部與產品線細節。光通訊事業部營收為3.568億美元，較前一季下降6%。在光通訊事業部內，電信營收為2.277億美元，因對華為銷售下降，較前一季下降6%。數據通訊（Datacom）營收為4,150萬美元，受收發器產品線剝離影響，較前一季下降28%。工業與消費性營收為8,760萬美元，因工業二極體與3D感測營收增加，較前一季成長13%。光通訊事業部毛利率為38.3%，在營收較低的情況下仍較前一季增加30個基點，主因為剝離低毛利的數據通訊產品線，以及組合中工業與消費性占比提高。

Our laser segment revenue at $47.8 million decreased 13% sequentially. Fourth quarter lasers gross margin was 43.5%, a decrease of 250 basis points due to lower revenue. From the close of the Oclaro transaction through the end of the fourth quarter, we have taken actions that when annualized achieved more than $60 million in synergies, which is the target we put forward when we announced the transaction. We achieved these synergy levels earlier than we estimated when we announced the transaction by strong execution after the close of the transaction. We are not yet done on the synergy front, however. We now estimate that synergies will be approximately $100 million in total for $40 million higher than our original target. Additional synergies will primarily benefit cost of goods sold as further operating expense synergies are likely to be reinvested in new capabilities and R&D programs to fuel growth and extend our market leadership positions. We expect to complete the additional synergy actions over the next 5 quarters, although the bulk of these positive financial impacts will be realized towards the tail end of this time line. We continue to target the financial model announced at the time of the transaction. We believe these additional COGS synergies should drive average gross margins to the upper half of the 40% to 45% gross margin range of the target model.

我們的雷射事業部營收為4,780萬美元，較前一季下降13%。第四季雷射毛利率為43.5%，因營收下降而下滑250個基點。自Oclaro交易完成交割至第四季末，我們已採取多項行動，若以年化計算已實現超過6,000萬美元的綜效，達到我們在宣布交易時提出的目標。由於交割後執行有力，我們比宣布交易時估計的時間更早達到這些綜效水準。然而，我們在綜效方面尚未完成。我們目前估計綜效總額約為1億美元，較原先目標高出4,000萬美元。新增綜效將主要有利於銷貨成本（COGS），因為進一步的營業費用綜效很可能會再投資於新能力與研發計畫，以推動成長並延伸我們的市場領導地位。我們預期在未來5個季度完成額外的綜效行動，儘管大部分正面的財務影響將在此時間軸後段才會顯現。我們仍以交易宣布時所提出的財務模型為目標。我們相信這些額外的COGS綜效應可推動平均毛利率達到目標模型40%至45%毛利率區間的上半部。

Now onto our guidance for the first fiscal quarter of fiscal '20. The projections we are providing today are on a non-GAAP basis and are based on our assumptions as of today. We project net revenue for the first quarter to be in the range of $435 million to $455 million. This revenue projection includes telecom being approximately flat to slightly up. Datacom declining as we continue to wind down transceiver sales. Commercial lasers decreasing approximately 20% driven by the factors Alan mentioned earlier and industrial and consumer increasing as we enter the seasonally strong time period for 3D sensing. We project first quarter operating margin to be in the range of 22.5% to 24.5% and diluted net income per share to be in the range of a $1.12 to $1.26. These projections incorporate an approximate share count of $78 million.

接著說明2020會計年度第一季的展望。我們今天提供的預測以非GAAP基礎編製，並以我們截至今日的假設為基礎。我們預估第一季淨營收介於4.35億至4.55億美元。此營收預測包含電信業務約略持平至小幅成長。數據通訊因我們持續縮減收發器銷售而下滑。商用雷射在Alan先前提到的因素帶動下約下降20%，而工業與消費性則因進入3D感測的季節性旺季而成長。我們預估第一季營業利益率介於22.5%至24.5%，稀釋後每股淨利介於1.12至1.26美元。上述預測假設股數約為7,800萬股。

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

接下來我把電話交回Jim，開始問答環節。

Yes. Thank you, Wajid. I'll turn the call over to the operator to start the Q&A session. I would like to ask everyone to keep to one question and one follow-up. This should help us get to everyone before the end of our 1-hour time frame.

是的。謝謝你，Wajid。我將把電話交給接線員，開始問答環節。我想請大家每人只提一個問題並加上一個追問。這將有助於我們在1小時的時間範圍內讓每位都能提問。

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

接線員，請開始問答環節。

(Operator Instructions) The first question comes from the line of Alex Henderson of Needham.

(接線員指示) 第一個問題來自Needham的Alex Henderson。

First a clarification, you said that the 3D sensing would be up slightly from the first half of '19, but I'm not sure whether you meant the first half of ' 19 fiscal year or first half of '19 calendar year, could you clarify that please?

先釐清一下，你提到3D感測會比2019年上半年略有成長，但我不確定你指的是2019會計年度上半年，還是2019曆年上半年，可以請你澄清一下嗎？

We were talking the first half of fiscal year compared to first half of this year.

我們指的是會計年度上半年，與今年的上半年相比。

Great. And that's what I thought.

很好。這也正是我所理解的。

In the next 6 months, we expect to be, but to slightly up from the first 6 months of fiscal 19

在接下來6個月，我們預期會較2019會計年度前6個月持平到小幅成長。

Second question, if I could. The Huawei stuff obviously is top of mind. Have you asked the government for any exclusions relative to Huawei and has the 3D sensing piece been included in the ban so far, or is that something that might be allowed to ship in at some point?

如果可以的話，第二個問題。華為相關議題顯然是大家最關心的。你們是否已向政府申請任何與華為相關的豁免？以及目前禁令是否已涵蓋3D感測這一塊，或是未來某個時間點可能允許出貨？

I think, as I said, we've really developed a new process to make sure we comply with regulations. The majority of our products are not subject to EAR across the board with respect to being allowed the ship. So I don't want to comment on specific products, but I would say that the vast majority of our products are not subject to EAR.

我想，如我所說，我們確實建立了一套新流程以確保遵循法規。就允許出貨而言，我們的大多數產品整體上並不受EAR（出口管理條例）約束。因此我不想評論特定產品，但我會說，我們絕大多數產品不受EAR約束。

And if I could ask just one more question. How long do you think the supply constraints on telecom will be evident? And is that a matter of just simply shifting the type of product that you're producing as a result of any shifts in production or is that something that you think it will last well into the back half of the year and maybe even into next year? Can you give us any timeline on that?

如果我可以再問一個問題。你認為電信端的供應限制還會持續多久？這是否只是因應生產變動而調整你們所生產的產品類型，還是你認為會一路延續到今年下半年，甚至到明年？你能否提供任何時間表？

I certainly expect that to be able to solve the supply constraint over the next several months. It is impacting this quarter and into a bit of Q2, but we've got a whole focus on making sure that the gating material items and suppliers are being coached to help us, and I'm sure we'll make progress, but it is impacting this quarter and the beginning of the next quarter.

我確實預期在接下來幾個月內能解決供應限制。它正在影響本季並延伸到第二季的一部分，但我們正全力確保關鍵物料項目與供應商能在我們的協助與督導下配合，我相信我們會取得進展；不過它確實正在影響本季以及下季初。

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

(操作員指示) 下一個問題來自摩根大通（JPMorgan）的 Samik Chatterjee 專線。

This is Joe Cardoso on for Samik. My first question is related to the 3D sensing guidance. You guys kind of seeing more bullish in terms of 3D sensing ramping into this well your fiscal first half. Can you just provide us an update on whether you're seeing that coming from your largest customer or whether that's more optimism around adoption from the Android camp?

我是代替 Samik 的 Joe Cardoso。我的第一個問題與 3D 感測指引有關。你們似乎對 3D 感測在本財年上半年放量（ramp）更為看多。能否請你們更新一下：你們看到的動能是來自你們最大客戶，還是更多來自 Android 陣營採用的樂觀預期？

Yes, we're not going to talk specifically about customers, but I'd say that we've been working on new product design wins across the board, both with our largest customer as well as Android and I'd say that we're -- based on where we are today, we expect a good first half of the fiscal year. That said, I would say that we weren't expecting as much growth as we saw in the fourth quarter and we think that, that is a bit of a result of earlier ramp of new products for the fall, but we still believe that the inventory levels are in a better situation than they were a year ago. So that gave us confidence that the first half of fiscal years is in pretty good shape.

是的，我們不會具體談論客戶，但我會說，我們一直在全面推進新產品的設計導入（design win），不論是我們最大的客戶，還是 Android 陣營；而且我會說——以我們目前的狀況來看，我們預期本財年上半年會有不錯的表現。話雖如此，我也會說，我們原本並未預期第四季會看到那麼多成長，我們認為那在某種程度上是因為秋季新產品較早開始放量所致，但我們仍相信庫存水位比一年前處於更好的狀態。因此，這讓我們對本財年上半年的狀況相當有信心。

And then relative to your growth, your long-term target of being in the upper range of your gross margin targets. Is that -- clarification -- is that largely coming from the synergies or is that kind of coming from the mix of business that you guys are seeing?

另外，關於你們的成長，以及你們長期目標是達到毛利率目標區間的上緣。我想釐清一下——這主要是來自協同效益，還是更多來自你們所看到的業務組合（mix）？

It's Wajid here. It's a little bit of both, we're seeing favorable product mix across our product lines and we're expecting that to continue over the next number of quarters, but in addition to that, it's the $40 million of annualized synergies that we expect to flow through in the tail end of that 5-quarter period that will really help us and give us confidence in moving up the range of 40% to 45%.

我是 Wajid。兩者都有。我們在各產品線看到有利的產品組合，並預期未來幾個季度會持續；此外，我們預期在那個 5 個季度期間的後段，會有年化 4,000 萬美元的協同效益逐步反映出來，這將真正幫助我們，並讓我們有信心把毛利率推升到 40% 到 45% 區間的更高端。

And just a clarification on the synergies, where exactly are you guys seeing the upside to the synergy targets?

再釐清一下協同效益，你們究竟是在哪些方面看到有機會超越協同目標？

Well, I think, across the board. I think we've made some decisions more rapidly and executed more rapidly than we had originally advertised and that's why we were able to get the full $60 million done already. I'd say, looking forward, we still have some product rationalization to take place as well as in my prepared remarks, I talked about some of the lower margin telecom products exiting over the next several quarters in that, along that kind of drags along a bunch of fixed costs in fabs that are going to go away during that time period. So I think it's a combination of really focused on how do we streamline our manufacturing processes. How do we combine our ERP system, which is not done and will be done later this fiscal year. So it's a combination of those things that give us confidence that there is another $40 million to go.

我想是全面性的。我認為我們做出某些決策的速度更快、執行也更快，超出我們原先對外所說的時程，因此我們才能已經完成全部 6,000 萬美元。我會說，往前看，我們仍有一些產品精簡（product rationalization）要進行；另外在我事先準備的發言中也提到，未來幾個季度我們將退出一些較低毛利的電信產品，而這也會連帶讓晶圓廠（fabs）中的一批固定成本在那段期間逐步消失。所以我認為這是多項因素的組合：真正聚焦於如何精簡我們的製造流程。以及如何整合我們的 ERP 系統——這件事尚未完成，將在本財年稍晚完成。因此，這些因素的組合讓我們有信心還有另外 4,000 萬美元可以達成。

Just to add to that, I mean we've got, just like with the first $60 million, we had clearly defined actions with timelines and a bottoms-up, it's the same with the next $40 million. We've got a bottoms-up, with clearly defined timelines and actions that we're following, which is why, Alan mentioned earlier, we've got a lot of confidence around achieving it.

補充一下，我是說，我們就像第一階段的 6,000 萬美元一樣，有明確定義的行動項目與時程，並採取自下而上（bottoms-up）的方式；下一階段的 4,000 萬美元也是如此。我們有自下而上的規劃，並有清楚定義的時程與行動在追蹤執行，這也是為什麼 Alan 先前提到，我們對達成目標非常有信心。

Your next question comes from the line of John Marchetti of Stifel.

下一個問題來自 Stifel 的 John Marchetti 專線。

Just wanted to get back to your comments about an expected sort of mix shift here in the telecom world as you continue to move at least over the short term away from some of the Huawei mix. Should we think of ROADM sales maybe moderating some of that growth as we're looking at, certainly, the first half of this fiscal year but maybe on a full year basis as well?

我想回到你們先前提到的電信領域預期會出現某種產品組合轉移（mix shift）的評論，因為至少在短期內你們會逐步降低部分華為的占比。我們是否應該認為 ROADM 的銷售可能會放緩一些成長——不論是看本財年上半年，或是以全年角度來看？

Well, I think our expectation given where we are today is that ROADMs regardless of our guide and our expectations with Huawei, continue to grow. So we're expecting ROADM growth in the first quarter and continued ROADM growth as we introduce new products and new design wins across our customer base globally. So I think our expectation and we still are adding capacity, especially for the new leading edge in by end products as well as a very high-port count, which has broad adoption across our customer base. So we're expecting another good year for ROADM.

我想，以我們目前的狀況來看，我們的預期是：不論我們對華為的指引與預期如何，ROADM 都會持續成長。因此，我們預期第一季 ROADM 會成長，並且隨著我們推出新產品、在全球客戶群中取得新的設計導入（design win），ROADM 也會持續成長。所以我認為我們的預期是——我們仍在擴充產能，特別是針對新的先進終端產品，以及非常高埠數（high-port count）的產品，這些在我們的客戶群中有廣泛採用。因此，我們預期 ROADM 今年會是另一個不錯的一年。

And then maybe just a follow-up to Alan on the comments that you made around submarine, that being a little bit lumpy for you at least in the first half of this fiscal year. Is that a change in customer behavior there? Is it a sign that you're starting to see customers either move away from new builds into upgrades or vice versa? Just curious what you're seeing in that Submarine market, has it's been relatively strong for the industry here for quite some bit?

接著可能追問 Alan 一下，你提到海底（submarine）業務在本財年上半年對你們而言會比較不均勻（lumpy）。這是客戶行為的改變嗎？是否代表你開始看到客戶從新建（new builds）轉向升級（upgrades），或反之亦然？只是想了解你在海底市場看到的狀況，因為這個市場在產業內已經相對強勁一段時間了？

I think it's a combination of a couple of things, one of which is -- it is lumpy. It's project-based. We, if you recall, we made most of our submarine products at our contract manufacturer in China. We ramped up production in order to make the transition to our own Thailand facility and that is coming up in Thailand. So I'd say it's a combination of 2 things, one is project based and lumpy. We had a really strong quarter in fiscal Q4 on submarine, and I think part of that is result of us winding down production in one location and moving it to bring up in a new location and that takes some time. So I think there probably was some inventory taken in Q4 that it's going to be consumed over the next several months and quarters and then bring it up the new facility on submarine, it takes time. So we're on track with the bring up, but I'd say that this quarter is just going to be a low quarter for submarine due to those factors.

我認為是幾個因素的組合，其中之一是——它本來就會不均勻。它是以專案為基礎。如果你還記得，我們大部分海底產品是由我們在中國的代工廠生產。我們提高了產量，以便完成轉移到我們自有的泰國廠區，而泰國那邊正在爬坡。所以我會說這是兩件事的組合：一是專案型、因此會不均勻。我們在本財年第四季的海底業務非常強，我認為其中一部分是因為我們在一個地點逐步結束生產、並轉移到新的地點開始量產，而這需要一些時間。因此，我認為第四季可能有一些庫存備貨，接下來幾個月與幾個季度會逐步消化；而海底產品在新廠區的量產爬坡也需要時間。所以我們的爬坡進度符合計畫，但我會說本季海底業務會因為這些因素而偏低。

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

下一個問題來自摩根士丹利（Morgan Stanley）的 Meta Marshall 專線。

This is Erik on for Meta. Maybe just first on the lasers business, what is the timeline for adoption of the product outside of the model (inaudible) now there is a bit more capacity? Could you see revenue in second half of fiscal ' 20?

我是代替 Meta 的 Erik。先談雷射業務，隨著現在產能增加，該產品在（聽不清）（inaudible）之外的機型採用時程是什麼？你們是否可能在 2020 財年下半年看到營收？

I mean we are winding down the completion of the development specific products for other customers and have shipped samples. So I wouldn't expect any meaningful revenue in the first half, but expect it to contribute in the second half of the fiscal year.

我的意思是，我們正在收尾完成針對其他客戶的特定產品開發，並且已經出貨樣品。因此，我不預期上半年會有任何顯著營收，但預期它會在本財年下半年開始貢獻。

And then on the datacom chip sales, could you maybe give us a sense on just the size that you would hope to achieve in that business over the next 12 months?

另外關於資料通訊（datacom）晶片銷售，你能否讓我們了解一下，你們希望在未來 12 個月內把這項業務做到多大規模？

I think it's a [day], quite frankly, we are constrained by our ability to produce more wafers and more chips. We have demand that is not being satisfied and we're making investments to handle that demand. I think with what's going on fundamentally in data centers and hyperscale build-outs and 5G, the demand for unit volume is growing rapidly and we expect to really be able to -- over the longer term double that business, and I don't see any reason that we can't do that.

坦白說，我認為這是個「好問題」，我們受限於生產更多晶圓與更多晶片的能力。我們有尚未被滿足的需求，而我們正在投資以因應該需求。我認為，從資料中心與超大規模（hyperscale）建置，以及 5G 的基本面來看，單位出貨量需求正在快速成長；長期而言，我們預期確實能把這項業務規模翻倍，而且我看不出我們做不到的理由。

And then just finally on Huawei. If a waiver were to be granted for kind of those outstanding products that aren't shipping, is that something that you would start filling products immediately or is there a bit of a lag in timeline to start resuming shipments?

最後一個關於華為。如果針對那些尚未出貨的既有產品獲得豁免（waiver），你們會立即開始補出貨嗎？還是恢復出貨的時程會有一些延遲？

Yes, there would be a -- probably a bit of a lag only in that, if we're unable to ship a product today, we're not going to be building product continually. We do have some inventory respond, but we do typically have manufacturing times that can be a quarter end in length and therefore some delay.

是的，確實會有——可能會有一些滯後，主要在於如果我們今天無法出貨產品，我們就不會持續不斷地生產產品。我們確實有一些庫存作為緩衝，但我們通常的製造週期可能長達一個季度末，因此會有一些延遲。

Your next question comes from the line of Tejas Venkatesh of UBS.

下一個問題來自 UBS 的 Tejas Venkatesh。

What sort of ASP declines do you expect in VCSELs for fiscal '20 versus '19?

相較於 2019 財年，你們預期 2020 財年 VCSEL 的 ASP 會下滑多少？

Yes, we're not going to get into specifics on that. I think, what I will answer is that we expect with world facing coming on board in a meaningful way in calendar '20 and with a new set of chips that we believe will be introduced in calendar '20. We will have an ASP reset or a content per device will increase in calendar '20 we believe in a meaningful way. I think our expectations in what we tried to say in the prepared remarks was that unit growth would be higher than ASP reduction therefore driving growth in our first half of fiscal '20. But I think calendar '20 is going to be a very solid year for us in 3D sensing because more content per phone and new devices that will go into [handset] or mobile devices.

是的，我們不會就此提供具體數字。我想我能回答的是，我們預期隨著世界面（world facing）在 2020 年曆年以具體規模導入，以及我們相信將在 2020 年曆年推出的一套新晶片。我們將在 2020 年曆年看到 ASP 的重置，或是我們認為每台裝置的內容量將以顯著幅度增加。我想我們的預期、以及我們在事先準備的講稿中試圖表達的是，出貨量成長將高於 ASP 下滑，因此帶動我們 2020 財年上半年的成長。但我認為 2020 年曆年對我們的 3D 感測將會是非常穩健的一年，因為每支手機的內容量增加，以及將進入[手機]或行動裝置的新裝置。

And as a follow-up, I wanted to revisit ROADMs. What was ROADM revenue in 4Q? I believe you had $130 million per quarter of capacity. So it sounds like you're still adding capacity, so just an update on that would be great?

另外追問一下，我想再回到 ROADM。第四季 ROADM 的營收是多少？我記得你們每季大約有 1.3 億美元的產能。所以聽起來你們仍在擴增產能，若能更新一下狀況就太好了？

Tejas, we're not disclosing revenue by product line. I think you can imagine that triple-digit number and we grew quarter-over-quarter. It did not grow as much as we had originally anticipated prior to mid-May, but as we redirect the manufacturing capacity, we expect to grow more strongly in road going from…

Tejas，我們不會按產品線揭露營收。我想你可以想像是三位數的金額，而且我們季對季成長。它的成長沒有我們在 5 月中旬之前原先預期的那麼多，但隨著我們重新導向製造產能，我們預期在未來的道路上會更強勁地成長，從……

Your next question comes from the line of Troy Jensen of Piper.

下一個問題來自 Piper 的 Troy Jensen。

Alan maybe for you. I'd love to get your thoughts on the Acacia-Cisco deal. I mean clearly Cisco is a big ACO customer for you and Oclaro with the intention, I'm sure you get to the DCOs and just thoughts on what this means longer term with that customer? And then also will you guys want to be bidders in the Acacia transaction?

Alan，可能想請教你。我很想聽聽你對 Acacia-Cisco 交易的看法。顯然 Cisco 是你們和 Oclaro 的大型 ACO 客戶，意圖上我確定你們會切入 DCO；想請問這對你們與該客戶的長期關係意味著什麼？另外，你們是否會想成為 Acacia 交易的競標方？

Well, we're certainly not going to comment on the second part of your question. But our perspective on the deal is, it's a good deal for everyone involved. I mean, Cisco has been a long time partner customer of ours and a solid -- really strategic customer of ours. Acacia has been a supplier to us, a customer to us and a competitor to us. I think the transaction has a couple of dynamics, one of which is that customers are going to want a second source and we've seen activity increase with respect to DCO's in the announcement from Lumentum and I think that Cisco is going to continue to be both a transport and transmission customer of ours into the future. So all of that said, I think it's a very positive outcome for the industry and a positive outcome for Lumentum because I expect fully to be continuing to be a supplier to Cisco and to Acacia and we believe that the dynamic will be a catalyst for growth for us on DCOs and [ZRs] in the future.

嗯，我們當然不會評論你問題的第二部分。但我們對這筆交易的看法是，這對所有相關方都是一筆好交易。Cisco 長期以來一直是我們的合作夥伴客戶，也是我們非常穩固——真正具策略性的客戶。Acacia 一直是我們的供應商、我們的客戶，同時也是我們的競爭對手。我認為這筆交易有幾個面向，其中之一是客戶會希望有第二來源（second source），而且我們已看到在 Lumentum 公告之後，DCO 相關活動增加；我也認為 Cisco 未來仍會同時是我們的傳輸（transport）與傳送（transmission）客戶。綜合以上，我認為這對產業是非常正面的結果，對 Lumentum 也是正面的結果，因為我完全預期我們會持續成為 Cisco 與 Acacia 的供應商；我們也相信這樣的態勢將成為我們未來在 DCO 與 [ZRs] 上成長的催化劑。

And maybe just a question on OpEx. I mean, I understand there's more synergies, but I mean just specifically looking at the September numbers here, is OpEx on an absolute dollar basis going to be declining sequentially or do you get to this range or is it just going to be a bigger spike in gross margins?

再問一個關於 OpEx 的問題。我的意思是，我理解會有更多綜效，但具體來看 9 月這些數字，OpEx 以絕對金額來看會季對季下降嗎？還是會落在這個區間？或者只是毛利率會有更大的跳升？

It's Wajid here. We'll probably see OpEx stay within the range of fiscal Q4 plus or minus a couple of million dollars. You'll really see the synergies start flowing through, like we said on our prepared remarks within the gross margins, but more in the latter part of the 5 quarter timeline that we provided. This upcoming quarter gross margins obviously will be higher because we've got a stronger mix of 3D sensing, but outside of that the synergies that we talked about that are in addition to the $60 million we already achieved will be primarily in our cost of goods sold line. So OpEx will stay relatively flat plus or minus, based on the investment levels we make and the timing of those investment levels.

我是 Wajid。我們可能會看到 OpEx 維持在 2020 財年第四季的區間內，上下浮動約幾百萬美元。你會真正看到綜效開始反映出來——如同我們在事先準備的講稿中所說——是在毛利率上，但更多會落在我們提供的 5 個季度時間表的後段。接下來這一季毛利率顯然會更高，因為 3D 感測的組合更強；但除此之外，我們談到的、且是在我們已達成的 6,000 萬美元之外的綜效，主要會體現在銷貨成本（cost of goods sold）項目。因此 OpEx 會相對持平、上下小幅波動，取決於我們的投資水準以及這些投資的時點。

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

下一個問題來自高盛（Goldman Sachs）的 Rod Hall。

I wanted to ask about the ROADM demand situation. So I know that you had said previously that in the September quarter you expected to serve a bunch of backlog that you had in terms of orders and so I'm assuming that that's being done and I wondered beyond the September quarter is -- and now that the backlog is cleared or maybe you can clarify whether it will be, what the demand situation looks like, I think, Alan, you had alluded to some growth there, but I just wanted to clarify what that ROADM demand looks like on an organic basis as we get into the December quarter and beyond?

我想問一下 ROADM 需求的情況。我知道你們先前提到，在 9 月季度你們預期會交付一批先前累積的訂單（backlog），所以我假設這正在進行；我想問的是，過了 9 月季度之後——在 backlog 清掉之後（或你可以澄清是否會清掉），需求情況看起來如何？

Yes, so demand for ROADMs across all of our customer base is very strong. We are not satisfying the overall demand in the September quarter and we'll see how it goes in the December quarter as we add more capacity, but I'd say that the capacity is not interchangeable in every case and that like our MxN is a unique capacity, it's not shared with other product lines and then the mix between modules or changes dynamically through the quarters, so that's why it gives us confidence that the September quarter ROADMs will grow. I would have every expectation that December quarter ROADMs will grow as well assuming we have the right capacity for the mix that comes through. And we are seeing a shift to continue higher port count when 2/35 and MxN as well blades associated with this new technology. So we're going to continue to grow our ROADM capacity and our ROADM revenue.

是的，因此在我們所有客戶群中，ROADM 的需求都非常強勁。我們在 9 月季度無法滿足整體需求；至於 12 月季度會如何，將取決於我們擴增更多產能的進展，但我想說的是，產能並非在每種情況下都可互換；例如我們的 MxN 是獨特的產能，並不與其他產品線共用，而且模組之間的組合也會在各季度動態變化，因此這就是為什麼我們有信心 9 月季度 ROADM 會成長。我也完全預期 12 月季度 ROADM 也會成長，前提是我們針對進來的組合有合適的產能。而且我們看到持續往更高埠數（port count）轉移，包括 2/35 與 MxN，以及與這項新技術相關的刀鋒（blades）。因此我們將持續擴增 ROADM 產能與 ROADM 營收。

So Alan, just to clarify that, are you thinking there's a good chance that in December and beyond the ROADM supply will still be short of demand or do you think that by the time we get into December supply should at least equal demand assuming, you've been able to reconfigure production the way that you need to?

所以 Alan，我想再確認一下：你是否認為在 12 月以及之後，ROADM 的供給仍很可能會短缺於需求？還是你認為等我們進入 12 月時，只要你們能按需要重新配置產線，供給至少應該能等於需求？

Well, I think again it's going to be based on mix we get and as we continue to be working with our customers across the globe, our new design for the high capacity and contentionless and directionless ROADMs, we believe that those will continue to be constrained for some period of time until we bring on additional new capacity. So we're trying to tighten the capacity to get some flexibility, but we continue it to be more demand than our customers are forecasting in the longer term and it takes a while to add the capacity.

嗯，我想同樣地，這將取決於我們拿到的產品組合；而且當我們持續與全球客戶合作、針對我們新的高容量、無阻塞（contentionless）且無方向限制（directionless）的 ROADM 設計，我們相信在一段時間內仍會受限，直到我們導入額外的新產能。所以我們正努力收緊產能以取得一些彈性，但長期來看，我們看到的需求仍高於客戶的預測，而擴增產能需要時間。

We are bringing on more capacity, but again we're having to anticipate that mix, but today I'd say we don't have any excess capacity in any of our product lines on ROADMs. So we're feverishly trying to get more out of the existing capacity, drive yields, drive productivity and drive output without having to add a bunch of capacity.

我們正在導入更多產能，但同樣地我們必須預先判斷那個組合；但就目前而言，我會說我們在 ROADM 的任何產品線都沒有多餘產能。因此我們正全力以赴，試圖在不新增大量產能的情況下，從既有產能中榨出更多產出、提升良率、提升生產力並提高出貨量。

And then on the second kind of major question we had was on lasers gross margins, those were down quarter-over-quarter and I know you guys are targeting 50%, could you just comment on that margin trajectory and what you're thinking now in terms of how that progresses toward that 50% goal?

接著第二個主要問題是關於雷射的毛利率；該毛利率較上一季下滑。我知道你們的目標是 50%，能否請你們評論一下毛利率走勢，以及你們目前對於如何朝 50% 目標推進的看法？

Yes, I mean, I think the drop we saw in the June quarter was really volume based and revenue based, and there are some fixed costs that don't get absorbed with lower volume. I think as we expect in calendar '20, the volume will pick back up and as we introduced new products from new fiber lasers to new ultrafast lasers, we expect that we will go closer to the higher 40% margin and it could get to a 50% margin in calendar '20, assuming the mix is right and that the economy allows us to really grow that business.

是的，我的意思是，我認為我們在 6 月季度看到的下滑，主要是由出貨量與營收所致；在出貨量較低時，有一些固定成本無法被吸收。我想隨著我們預期在 2020 年曆年出貨量會回升，並且我們推出從新型光纖雷射到新型超快雷射等新產品，我們預期毛利率會更接近 40% 後段的較高水準；若產品組合正確且經濟環境允許我們真正擴大該業務，則在 2020 年曆年毛利率有機會達到 50%。

That said, I'd say that lasers competitors of ours are hitting some pretty heavy headwinds and so I think we bought the trend as we said, by growing our lasers business in a pretty tough environment, but we expect that calendar '20 will be a different story. To even amplify that, over the past years a lot of the growth in lasers -- fiber lasers, which historically for us were below our lasers the average margin given there and over the past year, become a substantial portion of it, but the lasers mix and gross margins have increased up until now with revenue coming down, it's compressing margins.

話雖如此，我會說我們的雷射競爭對手正面臨相當強的逆風，因此我認為我們如同先前所說，是順勢而為：在相當艱困的環境下仍讓雷射業務成長，但我們預期 2020 年曆年會是不同的情況。再進一步說明，過去幾年雷射的成長很大一部分來自光纖雷射——就我們而言，光纖雷射的毛利率歷來低於雷射業務的平均毛利率；而在過去一年，光纖雷射已成為其中相當大的比重。不過，直到目前為止，雷射的產品組合與毛利率其實是提升的；但在營收下滑的情況下，毛利率就會被壓縮。

But I think the -- the point I'm trying to emphasize is that the non-fiber laser portion has had a pretty brutal year, but it's at a higher margin than average. So as Alan alluded to calendar '20, we believe non-fiber laser portion will begin to rebound and that will have a very positive influence on the mix and therefore margin.

但我想——我想強調的重點是，非光纖雷射的那一部分今年表現相當艱困，但它的毛利率高於平均水準。因此如 Alan 所提到的，在 2020 年曆年，我們相信非光纖雷射的部分將開始反彈，這將對產品組合、進而對毛利率帶來非常正面的影響。

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

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

This is Mauricio in for Simon. A quick housekeeping item. Can you just give us the number of 10% customers this quarter and the present contributions please?

我是 Mauricio，代替 Simon 提問。一個快速的例行問題。你們能否提供本季 10% 客戶的數量，以及目前的貢獻度，謝謝？

We had 3 10% customers. I don't think we're releasing that in our press release today. We'll have the 10% customer detailed our in our (inaudible) later this month.

我們有 3 位 10% 客戶。我想我們今天的新聞稿不會揭露那些資訊。我們會在本月稍晚的（聽不清）中，詳細說明 10% 客戶。

And then I wanted to go back to the Huawei question. Back in May, you guys reduced your June guidance by close to $33 million at the midpoint, following the US addition of Huawei to the Entity List. Today's results highlight a close to $22 million beat to that guidance, again at the midpoint, and I was wondering if you could give us some color on what portion of this could be attributed to your ability to ship more products into Huawei than you previously anticipated?

接著我想回到華為的問題。在 5 月時，在美國將華為列入實體清單之後，你們把 6 月的財測在中位數下調了接近 3,300 萬美元。而今天的結果顯示，相較該財測中位數，你們又高出接近 2,200 萬美元；我想請你們補充一些背景：其中有多少可以歸因於你們能夠向華為出貨的產品比先前預期更多？

I think I'll start and let Alan finish. The $30 million something come down when we re-guided. I think if you look what we ended up with was Huawei being down 25% or amounts to approximately $20 million and so. The net-net of that is obviously not as much as we were up and therefore, I think, as we highlighted in the prepared remarks was really in the industrial and consumer business that probably was the most significant driver of upside, though we were able to redirect some of that telecom business that we weren't able to serve Huawei to 2 other customers. The challenge was just -- all of this happened very late in the quarter. So with our manufacturing lead times, it's difficult to redirect and get much impact within the quarter, when it was really only about a month, month and a half to go.

我先回答，然後讓 Alan 補充。我們在重新給指引時下調了 3,000 萬多美元。我想如果你看我們最後的結果，華為下滑 25%，約等於 2,000 萬美元左右。因此，整體來看，顯然不像我們原先下調的幅度那麼大；所以我認為，如同我們在事先準備的講稿中強調的，主要的超預期動能其實來自工業與消費性業務。不過，我們也確實把部分原本無法供應華為的電信業務，轉向供應給另外兩位客戶。挑戰在於——這些事情都發生在季度非常後段。因此以我們的製造前置時間來看，要在季度內重新導向並產生很大影響是困難的，因為當時只剩大約一個月到一個半月。

I think that covers.

我想這樣就涵蓋了。

I'm -- I'm sorry.

我——我抱歉。

Go ahead.

請繼續。

I know that you're not going -- not disclosing at this point, what kind of products you're able to ship or currently able to ship into Huawei. What is -- given your prepared remarks, is it fair to assume that the majority of products outside of telecom

我知道你們目前不會——不會揭露你們能夠出貨或目前能夠出貨給華為的是哪些產品。那麼——根據你們事先準備的講稿，是否可以合理推論：電信以外的大多數產品……

(technical difficulty)

(技術問題)

Your next question comes from the line of Jun Zhang.

下一個問題來自 Jun Zhang。

So do you mind if you give us a little bit color, how much capacity -- how much more capacity do you add to meet the current ROADM demand in order to -- lead time for ROADM supply?

你們介意提供一些背景嗎：為了滿足目前的 ROADM 需求，你們增加了多少產能——以及為了——ROADM 供應的交期？

I think if you look at what we did in fiscal '19, we more than doubled the output of ROADM. We will continue to add, but don't expect to double again this fiscal year. So our CapEx plans for our fiscal '20 are lower than they were for fiscal '19, but substantially higher installed capacity base. So the decisions that we made 6 months ago are coming online now, most of which are for the very high end ROADM and by end and high-port count ROADM. And we're going to continue to invest, to bring that in and I think as Chris mentioned, we are over $100 million in ROADM. We grew last quarter. We expect to grow this quarter. I fully expect to grow in the December quarter and most of that growth will be coming from the very high end of ROADMs and ROADM blade. So I'm not going to give a number. I think one of the other analysts said that they believe we had $130 million of installed capacity. I don't see any reason why we shouldn't be able to get to that level of ROADMs in calendar '20. So I hope that answers your question.

我想如果你看我們在 2019 會計年度所做的，我們把 ROADM 的產出提高到原來的兩倍以上。我們會持續增加，但不預期在本會計年度再翻倍。因此，我們 2020 會計年度的資本支出計畫低於 2019 會計年度，但已建置的產能基礎大幅提高。所以我們在 6 個月前做的決策現在正陸續上線，其中大多是針對最高階的 ROADM，以及高階高埠數的 ROADM。我們也會持續投資，把這些導入；而且我想如 Chris 提到的，我們 ROADM 的營收已超過 1 億美元。我們上季成長。我們預期本季也會成長。我完全預期 12 月季度也會成長，而大部分成長將來自最高階的 ROADM 與 ROADM 刀片。所以我不會給出一個數字。我想有其他分析師提到，他們認為我們已建置的產能是 1.3 億美元。我看不出有任何理由讓我們在 2020 年曆年無法達到那樣的 ROADM 水準。希望這回答了你的問題。

And also, one more question. In addition to 5G and the ROADM, what else you're seeing the strength in the telecom market, which could provide the potential upside for your revenue in the next few quarters?

另外再一個問題。除了 5G 與 ROADM 之外，你們在電信市場還看到哪些強勁的領域，可能在接下來幾季為你們的營收帶來上行空間？

What other products we're seeing growth…

我們還看到哪些產品在成長……

In the telecom space…

在電信領域……

As we said in the prepared remarks, we saw a 10% growth in our coherent module. So our ACOs and DCOs, we're expecting continued growth. We are constrained on ACOs today, significantly constrained in ACOs as we've seen demand pick up more than anticipated and we are at the very early stage of DCO shipments that we expect that will continue to grow through the fiscal year and be a meaningful part of our telecom revenue over the next several quarters.

如同我們在事先準備的講稿中所說，我們的相干模組成長了 10%。因此，我們的 ACO 與 DCO 預期會持續成長。我們目前在 ACO 方面受到產能限制，ACO 的限制相當明顯，因為我們看到需求回升幅度超出預期；而 DCO 出貨仍在非常早期的階段，我們預期它會在本會計年度持續成長，並在未來幾個季度成為我們電信營收中有意義的一部分。

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

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

Good morning, everyone or should I refer to you as party A this morning. (inaudible) A couple of questions. With regard to the commentary around gross margin. I wanted to get a little more detail on that. You talked about being towards the upper end of a 40% to 42% target range. Could you go over the timing on that again and whether that's driven by kind of organic improvements in telecom margins, better mix with less datacom, more 3D or what have you? And I have a follow-up.

各位早安，或者我今天早上應該稱你們為甲方。(聽不清) 有幾個問題。關於你們對毛利率的評論。我想再多了解一些細節。你們提到毛利率會落在 40% 到 42% 目標區間的較高端。你們能否再說明一下時間點？以及這是由電信毛利率的內生成長所驅動、還是因為產品組合改善（例如資料通訊占比降低、3D 占比提高等）或其他因素？我還有一個追問。

It's Wajid. I'll start it off and then Alan and Chris can jump in as well. So obviously product mix plays a role, kind of quarter-to-quarter. And so what we're talking about is looking 5 quarters out for a given product mix. What do we think our gross margins are going to look like. So there is a couple of positive trends that are happening organically that are supporting our margin target of 40% to 45%. Alan talked about the growth in datacom chip sales. We talked earlier about having more content with 3D sensing and in addition to all that, we're expecting to have $40 million worth of annualized synergies, which we mentioned earlier on the call. We've got clearly defined actions with timelines on. And so that's going to happen probably at the tail end of the 5 quarter target that we've given, but it's really those 3 things that are driving our expectations on gross margins up looking forward. Even in the lasers business, as Alan mentioned earlier, we're expecting to see higher levels of revenue and so that should help us from an organic gross margin perspective as well. So it's all of those things combined. Alan?

我是 Wajid。我先開場，接著 Alan 和 Chris 也可以補充。很明顯地，產品組合確實會影響表現，季度之間會有變動。因此我們在談的是：以某一特定產品組合來看，往後 5 個季度。我們認為毛利率會呈現什麼樣貌。目前有幾個自然發生的正向趨勢，正在支撐我們 40% 到 45% 的毛利率目標。Alan 提到資料通訊晶片銷售的成長。我們先前也談到 3D 感測帶來更多內容量；此外，我們預期可取得年化 4,000 萬美元的綜效，這點我們在電話會議前面也提過。我們已經有明確定義的行動方案與時程。因此這大概會在我們所給出的 5 個季度目標的尾端發生，但真正推動我們對未來毛利率上調預期的，就是這三件事。即使在雷射業務方面，如 Alan 先前提到的，我們也預期營收水準會更高，因此從自然的毛利率角度也會有所助益。所以是上述所有因素的綜合。Alan？

I would just add to that. I mentioned that we have $31 million of products datacom transceivers and low-margin telecom products. But over the next several quarters, w're going to go to 0, that will help the average gross margin go up, but $10 million a quarter in synergy attainment mostly in COGS is going to be 2% to 2.5% in itself given no mix change. So I think we're pretty confident in our ability to make that happen. So I think it's a combination of all the above.

我再補充一下。我提到我們有 3,100 萬美元的產品，包含資料通訊收發器以及低毛利的電信產品。但在接下來幾個季度，我們會降到 0，這將有助於提升平均毛利率；此外，綜效達成每季約 1,000 萬美元，主要在銷貨成本（COGS），在不考慮產品組合變動的情況下，本身就相當於提升 2% 到 2.5%。所以我認為我們對於達成這件事相當有信心。因此我認為是以上所有因素的組合。

And to follow up on the 3D sensing, it actually kind of levers out that datacom comment really depending on how fast you assume that drops off in your September quarter guide. What I see is actually pretty solid double-digit growth being implied on a year-on-year basis in 3D sensing and very strong sequential growth obviously. And so to get to your kind of up slightly calendar guide, you need to have a pretty substantial decline in calendar Q4 and maybe that comes as a result of an earlier build cycle and maybe borrowing some of that here in the June quarter, but from an overall trajectory standpoint, am I thinking about that kind of the right way?

另外就 3D 感測追問一下，它其實會把你剛剛那個資料通訊的評論拉出槓桿效果，端看你假設在 9 月季度指引中那部分下滑的速度有多快。我看到的是，在 3D 感測方面，按年（year-on-year）其實隱含相當穩健的兩位數成長，而且季對季成長也非常強勁。因此要達到你們那種「行事曆年度指引僅小幅上調」的說法，你就必須在行事曆第四季出現相當明顯的下滑；也許這是因為更早的備貨週期，可能把部分需求提前到 6 月季度，但從整體趨勢軌跡來看，我這樣理解對嗎？

I think, Tim, (inaudible) I think when we start talking about December, it's -- still a little further out, we've got plenty of time to the manufacture.

我想，Tim，（聽不清）我想當我們開始談到 12 月時——那仍然稍微更遠一些，我們還有充足的時間來製造。

Well, you did guide to it…

但你們確實對此給了指引……

Well, I think our point being is, it depends on the timing of what we do this quarter and as we highlighted also, what happens in the overall smartphone market, but I think based on the comments that we put in the script that you’re heading in the right direction.

我想我們的重點是，這取決於我們本季的執行時點；同時如我們也強調的，還取決於整體智慧型手機市場的情況。不過我認為，基於我們在講稿中所做的評論，你的方向是對的。

Your next question comes from the line of Richard Shannon of Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Richard Shannon。

I guess the 3D sensing question for me. Alan, maybe if you can talk about the competitive environment here in terms of what you're seeing for capacity and also capability of competitors coming online here? And also the degree to which there are opportunities out there in 3D sensing that may ask or maybe looking for lower specs, but Lumentum may not be interested in competing for?

我這邊的 3D 感測問題是：Alan，也許你可以談談目前的競爭環境，包含你看到的產能，以及競爭對手上線的能力（capability）如何？另外，在 3D 感測方面，市場上是否存在一些機會，可能要求或正在尋找較低規格，但 Lumentum 可能不太有興趣去競爭的？

We're interested in everything, Richard. I'd say that -- we've had 2 years that extremely high market share, a year ago, we thought that was going to go down and it didn't. I think right now we think it's going to go down, but we will see. I think our competitors are going to figure it out eventually, but as I said in the prepared remarks by end of this fiscal quarter, we will have shipped over 0.5 billion units of 3D sensing products and that's hard for our competitors to keep up with. In the quality level and reliability levels of the product we ship is phenomenal -- absolutely phenomenal. So I think the combination of having scale, reliability and the investment in R&D for new products is going to continue to have us -- we're in front and that's why we're pretty confident. Especially as you look forward into calendar '20, content per phone is going to go up, products are going to change to higher technology. I think we're going to continue to stay out in front. We're continuing to invest in new technologies to give our customers, new capability to do some things with their devices.

Richard，我們對所有事情都有興趣。我會說——我們曾有兩年擁有極高的市占率；一年前我們以為市占會下降，但並沒有。我想目前我們認為市占會下降，但我們再看看。我認為競爭對手終究會摸索出來，但如我在事先準備的發言中所說，到本財季結束時，我們將累計出貨超過 5 億個 3D 感測產品單位，這很難讓競爭對手跟上。我們出貨產品的品質與可靠度水準非常出色——絕對是非常出色。因此我認為，具備規模、可靠度，以及在新產品研發（R&D）上的投資，這些組合將持續讓我們——保持領先，這也是我們相當有信心的原因。特別是展望行事曆 2020 年，每支手機的內容量會增加，產品也會轉向更高階的技術。我認為我們會持續保持領先。我們也持續投資新技術，為客戶提供新的能力，讓他們能用裝置做更多事情。

Second question for me on telecom stuff here. Obviously ROADMs seems to be very strong trends here, maybe, if you look at in telecom outside of ROADMs, what you're seeing here in terms of growth here from your non-Huawei customer base here, do you worry about any sort of inventory build there?

我第二個問題是關於電信這塊。很明顯 ROADM 的趨勢看起來非常強勁；也許如果看電信領域中 ROADM 以外的部分，你們在非華為客戶基礎上看到的成長如何？你們會擔心那邊有任何庫存堆積嗎？

Inventory build outside of Huawei?

華為以外的庫存堆積？

Yes, outside of ROADMs, yes.

是的，在 ROADM 以外，是的。

Outside of ROADM, no, I don't. I think we are -- set aside submarine, because I think that there was probably some shipments accepted last quarter in anticipation of this manufacturing and why we think that submarine will be down this quarter. I don't see a buildup of inventory and in fact, I see the opposite because we are still not able to, as I said, meet the demand for ACOs and coherent component in ROADMs clearly our challenge there as well.

在 ROADM 以外，不會，我不擔心。我想我們——先把海底（submarine）市場放一邊，因為我認為上季可能有一些出貨被客戶接受，是為了因應這次製造（安排），這也是我們認為本季海底業務會下滑的原因。我沒有看到庫存增加，事實上我看到的是相反的情況，因為如我所說，我們仍然無法滿足 ACO 與相干元件在 ROADM 的需求，顯然那也是我們的挑戰。

That concludes our time today. I will now turn the call back to Alan Lowe for closing remarks.

我們今天的時間到此結束。我現在把電話會議交回給 Alan Lowe 做結語。

Thank you, operator. I want to thank our customers for their business and partnership. I also want to thank our employees for their hard work in putting us into an excellent position in the markets -- in the market for the long-term growth. We regularly discuss our business and 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，接線員。我要感謝我們的客戶給予的業務與合作夥伴關係。我也要感謝我們的員工辛勤工作，使我們在市場上——在市場中——處於極佳的位置，以支撐長期成長。我們會在各項業務與投資人關係活動中定期討論我們的業務。這些活動列在我們網站的投資人關係專區，並會定期更新。今天的電話會議到此結束。感謝各位與會，我們期待在幾個月後再次與各位交流。謝謝。

You may disconnect at this time.

您現在可以掛線。