Lumentum Holdings Inc (LITE) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Holdings Second Quarter Fiscal Year 2023 Earnings Call. (Operator Instructions) Please also note, today's event is being recorded for replay purposes. (Operator Instructions) At this time, I'd like to turn the conference call over to Kathy Ta, Vice President of Investor Relations. Ms. Ta, please go ahead.

大家好，歡迎來到 Lumentum Holdings 2023 財年第二季度財報電話會議。 （操作員說明）另請注意，今天的活動正在錄製以供重播之用。 （操作員說明）此時，我想將電話會議轉交給投資者關係副總裁 Kathy Ta。 Ta女士，請繼續。

Welcome to Lumentum's Fiscal Second Quarter 2023 Earnings Call. This is Kathy Ta, Lumentum's Vice President of Investor Relations. Joining me today are Alan Lowe, President and Chief Executive Officer; Wajid Ali, Chief Financial Officer; and Chris Coldren, Senior Vice President and Chief Strategy and Corporate Development Officer. Today's call will include forward-looking statements, including statements regarding our expectations, regarding our recent acquisitions, including NeoPhotonics, such as expected synergies and financial and operating results, macroeconomic trends, trends and expectations for our products and technology, our markets, market opportunity and customers and our expected financial performance, including our guidance as well as statements regarding our future revenues, our financial model and our margin targets.

歡迎來到 Lumentum 2023 財年第二季度財報電話會議。我是 Lumentum 的投資者關係副總裁 Kathy Ta。今天加入我的是總裁兼首席執行官 Alan Lowe； Wajid Ali，首席財務官；高級副總裁兼首席戰略和企業發展官 Chris Coldren。今天的電話會議將包括前瞻性陳述，包括關於我們預期的陳述，關於我們最近的收購，包括 NeoPhotonics，例如預期的協同效應以及財務和經營業績、宏觀經濟趨勢、我們的產品和技術的趨勢和預期、我們的市場、市場機會和客戶以及我們預期的財務業績，包括我們的指導以及關於我們未來收入、我們的財務模型和我們的利潤率目標的聲明。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risk factors described in our SEC filings. We encourage you to review our most recent filings with the SEC, including the risk factors described in the quarterly report on Form 10-Q to be filed for the quarter ended December 31, 2022, and those in the 10-K for the fiscal year ended July 2, 2022.

這些聲明受風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與我們當前的預期存在重大差異，尤其是我們在 SEC 備案文件中描述的風險因素。我們鼓勵您查看我們最近向美國證券交易委員會提交的文件，包括將於 2022 年 12 月 31 日結束的季度提交的 10-Q 表季度報告中描述的風險因素，以及本財年 10-K 中的風險因素截至 2022 年 7 月 2 日。

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 financial results and projections discussed in this call are non-GAAP. Non-GAAP financials are not to be considered as a substitute for or superior to financials prepared in accordance with GAAP. Lumentum's press release with the fiscal second quarter 2023 results and accompanying supplemental slides are available on our website at www.lumentum.com under the Investors section. This includes additional details about our non-GAAP financial measures and a reconciliation between our historical GAAP and non-GAAP results.

本次電話會議期間提供的前瞻性陳述基於 Lumentum 截至今日的合理信念和預期。 Lumentum 不承擔更新這些聲明的義務，除非適用法律要求。另請注意，除非另有說明，否則本次電話會議中討論的所有財務結果和預測均為非 GAAP。非 GAAP 財務報表不應被視為替代或優於根據 GAAP 編制的財務報表。 Lumentum 的新聞稿以及 2023 財年第二季度的業績和隨附的補充幻燈片可在我們網站 www.lumentum.com 的“投資者”部分下獲取。這包括有關我們的非 GAAP 財務措施的更多詳細信息以及我們的歷史 GAAP 和非 GAAP 結果之間的調節。

With that, I'll turn the call over to Alan.

有了這個，我會把電話轉給艾倫。

Thank you, Kathy, and good morning, everyone. Our second quarter financial and operational performance was very strong, led by robust demand from our telecom and commercial lasers customers. Operating margin and earnings per share were both above the high end of our guidance range with revenue above the midpoint. Wajid will cover this more in detail in the next section.

謝謝你，凱西，大家早上好。我們第二季度的財務和運營業績非常強勁，這得益於我們的電信和商用激光客戶的強勁需求。營業利潤率和每股收益均高於我們指導範圍的高端，收入高於中點。 Wajid 將在下一節中更詳細地介紹這一點。

As expected, sequentially higher revenue from telecom and commercial lasers customers in the quarter offset the anticipated reduction in revenue from certain cloud customers due to inventory digestion and [add] a major consumer customer due to reduced smartphone unit production. As discussed over the past several years, share normalization has occurred in our consumer business, lessening our exposure to this cyclical market. Nearly 90% of our total revenue is now derived from infrastructure markets, which are driven by durable long-term secular trends in which we serve with highly differentiated products and technologies.

正如預期的那樣，本季度來自電信和商業激光客戶的收入連續增加抵消了由於庫存消化導致的某些雲客戶收入的預期減少，以及由於智能手機產量下降而[增加]一個主要消費客戶的收入減少。正如過去幾年所討論的那樣，我們的消費者業務發生了股票正常化，減少了我們在這個週期性市場中的風險敞口。我們總收入的近 90% 現在來自基礎設施市場，這些市場受到持久的長期趨勢的推動，在這些趨勢中，我們提供高度差異化的產品和技術。

Lumentum lights up the optical fiber of the most advanced cloud carrier, submarine and 5G mobile networks across the globe. The technology we provide enables compute data and communications infrastructure to scale from a performance, cost and power consumption standpoint. We enable higher precision, new materials and cleaner and more energy-efficient processes to be used in the microelectronics industry. The type of lasers we supply are key to manufacturing of electric vehicles, energy storage solutions and solar cells. Our technology leadership position is stronger than ever due to successful investments in developing new products and technologies as well as the 2 acquisitions we closed this past August.

Lumentum 點亮了全球最先進的雲運營商、海底和 5G 移動網絡的光纖。我們提供的技術使計算數據和通信基礎設施能夠從性能、成本和功耗的角度進行擴展。我們使微電子行業能夠使用更高精度、新材料和更清潔、更節能的工藝。我們提供的激光器類型是電動汽車、儲能解決方案和太陽能電池製造的關鍵。由於在開發新產品和技術方面的成功投資以及我們在去年 8 月完成的 2 次收購，我們的技術領導地位比以往任何時候都更加強大。

We are now 6 months into integrating these acquisitions and tracking ahead of plan and realizing overall cost synergies, which contributed to our profitability and earnings per share results being above our guidance ranges. Our technology capabilities and manufacturing scale makes Lumentum, the innovation partner of choice for our customers. We have the communication industry's broadest photonic capabilities, including high-bandwidth coherent and direct detect optical components and modules, ultra narrow-linewidth tunable lasers, advanced optical amplification and ROADM solutions, coherent DSPs and RF integrated circuits as well as silicon and indium phosphide photonic integrated circuit.

我們現在用 6 個月的時間整合這些收購併提前跟踪計劃並實現整體成本協同效應，這有助於我們的盈利能力和每股收益超出我們的指導範圍。我們的技術能力和製造規模使 Lumentum 成為我們客戶的首選創新合作夥伴。我們擁有通信行業最廣泛的光子能力，包括高帶寬相干和直接檢測光學元件和模塊、超窄線寬可調諧激光器、先進的光放大和 ROADM 解決方案、相干 DSP 和射頻集成電路以及矽和磷化銦光子集成電路。

In close partnership with our customers, we enable the deployment of the industry's latest high-capacity 400, 600 and 800G cloud and core network solutions. In addition, due to the escalating data traffic at the edge of the network, customers are deploying our products originally developed for core network applications at the edge or access part of the network. Revenue from edge networking products was up 40% year-on-year in the second quarter and is now a major component of our telecom business. We are confident that our technology leadership position and solutions for advanced compute data and communication infrastructure will continue to provide a tailwind for Lumentum's long-term growth.

通過與我們的客戶密切合作，我們能夠部署業界最新的大容量 400、600 和 800G 雲和核心網絡解決方案。此外，由於網絡邊緣的數據流量不斷增加，客戶正在將我們最初為核心網絡應用開發的產品部署在網絡的邊緣或接入部分。邊緣網絡產品的收入在第二季度同比增長 40%，現在是我們電信業務的主要組成部分。我們相信，我們在先進計算數據和通信基礎設施方面的技術領先地位和解決方案將繼續為 Lumentum 的長期增長提供助力。

Now let me provide some detail on our second quarter results. Telecom and Datacom revenue was up 44% year-on-year, driven by organic and inorganic growth in telecom. Within this, Growth from telecom customers was substantially higher, but partially offset by inventory digestion at certain cloud customers. Revenue growth continues to be limited by supply shortages of ICs from third parties. We have made significant progress over the last year on closing supply gaps, which has enabled our growth to date. At the end of the second quarter, remaining IC supply shortages resulted in approximately $60 million of unsatisfied customer demand. This is a modest improvement from the $80 million gap articulated in our last call.

現在讓我提供一些關於我們第二季度業績的細節。在電信的有機和無機增長的推動下，電信和數據通信收入同比增長 44%。其中，電信客戶的增長大幅提高，但部分被某些雲客戶的庫存消化所抵消。收入增長繼續受到第三方 IC 供應短缺的限制。過去一年，我們在縮小供應缺口方面取得了重大進展，這使我們實現了迄今為止的增長。在第二季度末，剩餘的 IC 供應短缺導致約 6000 萬美元的客戶需求未得到滿足。與我們上次電話會議中闡明的 8000 萬美元缺口相比，這是一個適度的改善。

Revenue was especially strong in products, which play into the industry's transition to 400G and above speeds in next-generation networks, including narrow-linewidth tunable lasers, tunable transceivers for network edge applications, high-speed coherent components and modules as well as our latest ROADMs. We achieved a new quarterly revenue record in narrow-linewidth tunable lasers which are key enablers of all coherent transmission solutions, including 400-gig ZR and ZR+ modules and our customers' latest 600-gig and 800-gig transmission systems.

產品的收入尤其強勁，這些產品有助於行業在下一代網絡中向 400G 及以上速度過渡，包括窄線寬可調諧激光器、用於網絡邊緣應用的可調諧收發器、高速相干組件和模塊以及我們最新的ROADM。我們在窄線寬可調諧激光器領域創造了新的季度收入記錄，這些激光器是所有相干傳輸解決方案的關鍵推動力，包括 400-gig ZR 和 ZR+ 模塊以及我們客戶最新的 600-gig 和 800-gig 傳輸系統。

We also set a quarterly revenue record with our tunable transceivers for network edge applications where a growing set of cable, MSO and wireless network operator customers use our modules to expand data bandwidth in metro access, fiber deep and wireless 5G Fronthaul applications. Coherent components serving 400G and above applications also achieved record revenue with approximately half of the quarterly revenue in coherent components coming from the highest data rate applications at 600 and 800 gig.

我們還創造了用於網絡邊緣應用的可調諧收發器的季度收入記錄，越來越多的有線、MSO 和無線網絡運營商客戶使用我們的模塊來擴展城域接入、光纖深度和無線 5G 前傳應用中的數據帶寬。服務於 400G 及以上應用的相干組件也實現了創紀錄的收入，相干組件季度收入的大約一半來自 600 和 800 gig 的最高數據速率應用。

Second quarter ROADM revenue grew 45% in the same quarter last year due to continued strong demand and improved access to critical ICs. Shipments of MxN ROADMs grew 78% and high port count ROADMs grew over 70% from the same quarter last year, representing a broader adoption of these next-generation ROADMs with market-leading customers.

由於持續強勁的需求和改善對關鍵 IC 的訪問，第二季度 ROADM 收入比去年同期增長了 45%。 MxN ROADM 的出貨量與去年同期相比增長了 78%，高端口數 ROADM 增長了 70% 以上，這表明市場領先的客戶更廣泛地採用了這些下一代 ROADM。

As anticipated, inventory digestion at certain cloud customers and their module manufacturers resulted in a sequential decline in datacom laser chip revenue. As highlighted on our last call, we expected the hyperscale customers to reduce their inventories of our laser chips during the second quarter. And now we expect that this will continue throughout most of calendar '23. Looking ahead on the technology road map, cloud data centers will be designed for artificial intelligence and machine learning applications which bodes very well for us as we extend our technology leadership to even higher-speed laser chips.

正如預期的那樣，某些雲客戶及其模塊製造商的庫存消化導致數據通信激光芯片收入環比下降。正如我們在上次電話會議中強調的那樣，我們預計超大規模客戶將在第二季度減少我們激光芯片的庫存。現在我們預計這將在 23 年日曆的大部分時間裡持續下去。展望未來的技術路線圖，雲數據中心將專為人工智能和機器學習應用而設計，這對我們來說是個好兆頭，因為我們將技術領先地位擴展到更高速的激光芯片。

We are on track with our 200 gig per lane EMLs for 1.6 terabit per second application and expect to enter production as we exit fiscal '23. We are also broadening and diversifying our product portfolio for intra-data center applications with differentiated high-speed VCSELs, DMLs and high-power CW lasers and receiver photodiodes for Silicon Photonic Solutions.

我們正在為每秒 1.6 太比特的應用程序提供每通道 200 gig EML，並期望在我們退出 23 財年時投入生產。我們還通過差異化的高速 VCSEL、DML 和高功率 CW 激光器以及適用於矽光子解決方案的接收器光電二極管，擴大和豐富我們用於數據中心內應用的產品組合。

For example, we expect to ramp production of our new 100-gig per lane VCSELs during fiscal '24. This is a major new opportunity for us and addresses the accelerating transition from copper to optical fiber and shorter reach data center applications, especially those for machine learning and artificial intelligence. Turning to Industrial and Consumer. Q2 was down from Q1 as expected. During the quarter, we saw incrementally weaker overall demand for consumer VCSELs. We continue to focus on ramping new automotive and industrial sensing applications for our technology.

例如，我們希望在 24 財年期間提高我們新的每通道 100-gig VCSEL 的產量。這對我們來說是一個重要的新機遇，它解決了從銅纜到光纖的加速過渡和更短距離的數據中心應用，尤其是那些用於機器學習和人工智能的應用。轉向工業和消費品。正如預期的那樣，第二季度低於第一季度。在本季度，我們看到消費者 VCSEL 的整體需求逐漸減弱。我們繼續專注於為我們的技術開發新的汽車和工業傳感應用。

In the second quarter, we recognized approximately $3 million in revenue from automotive and IoT applications, and we expect this revenue to grow significantly in the coming years as these opportunities ramp. At this year's CES show we had strong customer engagement across all applications of 3D sensing and LiDAR, including from numerous automotive customers. We have a broad, multipronged approach to solid-state LiDAR in automotive with a wide range of design wins with market-leading customers who are pursuing a variety of in-cabin and LiDAR approaches.

在第二季度，我們從汽車和物聯網應用中確認了大約 300 萬美元的收入，我們預計隨著這些機會的增加，這一收入在未來幾年將大幅增長。在今年的 CES 展會上，我們在 3D 傳感和 LiDAR 的所有應用中獲得了廣泛的客戶參與，其中包括眾多汽車客戶。我們擁有廣泛的、多管齊下的汽車固態 LiDAR 方法，並贏得了追求各種車內和 LiDAR 方法的市場領先客戶的廣泛設計。

In the second quarter, Commercial lasers revenue was up 7% sequentially and 16% from the same quarter last year. While fiber lasers for metal cutting and welding continue to be our largest commercial lasers product line, products for emerging high-growth applications in solar, display and electric vehicle manufacturing are becoming more meaningful, and we now expect them to increase in our mix in the coming quarters. Underscoring this, ultrafast laser revenue in the quarter more than doubled from the same period last year due to expanded use cases.

第二季度，商用激光器收入環比增長 7%，比去年同期增長 16%。雖然用於金屬切割和焊接的光纖激光器仍然是我們最大的商用激光器產品線，但用於太陽能、顯示器和電動汽車製造中新興高增長應用的產品正變得越來越有意義，我們現在預計它們將在我們的組合中增加即將到來的宿舍。突顯這一點的是，由於使用案例的擴大，本季度超快激光器的收入比去年同期增長了一倍多。

Our FemtoBlade laser was recognized with the 2022 Innovators Award at Laser Focus World due to our innovative design, which enables faster processing time in micromachining applications for OLED displays, semiconductor ICs, printed circuit boards and solar cells. We are very excited about our lasers' product road map, which will expand our addressable market further in the coming years.

由於我們的創新設計，我們的 FemtoBlade 激光器獲得了 Laser Focus World 的 2022 年創新者獎，該設計能夠在 OLED 顯示器、半導體 IC、印刷電路板和太陽能電池的微加工應用中實現更快的處理時間。我們對我們激光器的產品路線圖感到非常興奮，這將在未來幾年進一步擴大我們的潛在市場。

I'm very confident about Lumentum's future given our differentiated portfolio of innovative products and technologies, our strong foundation of intellectual property and our significant opportunities for long-term growth in the cloud, networking and advanced manufacturing markets. I am also very confident in our ability to grow into adjacent markets, extend product leadership and expand profitability over the long term.

鑑於我們差異化的創新產品和技術組合、我們強大的知識產權基礎以及我們在雲、網絡和先進製造市場長期增長的重要機會，我對 Lumentum 的未來充滿信心。我也對我們進入鄰近市場、擴大產品領導地位和擴大長期盈利能力的能力充滿信心。

In addition, we have made tremendous progress towards achieving our corporate responsibility goals, including our drive to a net 0 carbon footprint by 2030. Lumentum has also been named by Newsweek as 1 of America's most responsible companies for a second consecutive year in recognition of our achievements in ESG. Finally, I would like to thank all of our employees around the world for all their hard work and resilience as they continue to execute upon our strategy.

此外，我們在實現企業責任目標方面取得了巨大進展，包括我們到 2030 年實現淨零碳足蹟的目標。Lumentum 還連續第二年被《新聞周刊》評為美國最負責任的公司之一，以表彰我們ESG 方面的成就。最後，我要感謝我們在世界各地的所有員工，感謝他們在繼續執行我們的戰略時所付出的辛勤工作和堅韌不拔的精神。

With that, I'll turn it over to Wajid.

有了這個，我會把它交給瓦吉德。

Thank you, Alan. Net revenue for the second quarter was $506 million, which was above the midpoint of our guidance range. Net revenue was flat sequentially and up 13.3% year-on-year. GAAP gross margin for the second quarter was 32.8%. GAAP operating margin was negative 4.3%, and GAAP diluted net income per share was a net loss of $0.46, primarily driven by onetime charges related to acquisitions and restructuring activities.

謝謝你，艾倫。第二季度的淨收入為 5.06 億美元，高於我們指導範圍的中點。淨收入環比持平，同比增長 13.3%。第二季度的 GAAP 毛利率為 32.8%。 GAAP 營業利潤率為負 4.3%，GAAP 攤薄後每股淨收益為淨虧損 0.46 美元，主要原因是與收購和重組活動相關的一次性費用。

Second quarter non-GAAP gross margin was 44.9%, which was down sequentially and year-on-year as expected, primarily driven by product mix, including NeoPhotonics revenue. During the quarter, we incurred $11.7 million in extraordinary charges to acquire IC components from various brokers to satisfy customer demand. These incremental charges were excluded from non-GAAP gross margin, as disclosed in our filings.

第二季度非 GAAP 毛利率為 44.9%，如預期的那樣環比和同比下降，主要受產品組合的推動，包括 NeoPhotonics 收入。本季度，我們產生了 1,170 萬美元的特別費用，用於從各種經紀人那裡購買 IC 組件以滿足客戶需求。正如我們的文件中所披露的，這些增量費用被排除在非 GAAP 毛利率之外。

Second quarter non-GAAP operating margin was 23.1%, which decreased sequentially and year-on-year due to product mix, including from our recent acquisitions, but was above the high end of our second quarter guidance range. Second quarter non-GAAP operating income was $116.7 million, and adjusted EBITDA was $133.4 million. Second quarter non-GAAP operating expenses totaled $110.3 million or 21.8% of revenue. SG&A expense was $45.9 million, R&D expense was $64.4 million. Interest and other income was $5.1 million on a non-GAAP basis due to higher interest rates on our cash and investments. Second quarter non-GAAP net income was $104.1 million and non-GAAP diluted net income per share was $1.52, both of which were above the high end of our guidance range provided on our last call.

第二季度非 GAAP 營業利潤率為 23.1%，由於產品組合（包括我們最近的收購）導致環比和同比下降，但高於我們第二季度指導範圍的高端。第二季度非美國通用會計準則營業收入為 1.167 億美元，調整後的 EBITDA 為 1.334 億美元。第二季度非 GAAP 運營費用總計 1.103 億美元，佔收入的 21.8%。 SG&A 費用為 4590 萬美元，研發費用為 6440 萬美元。由於我們的現金和投資利率較高，按非美國通用會計準則計算，利息和其他收入為 510 萬美元。第二季度非 GAAP 淨收入為 1.041 億美元，非 GAAP 每股攤薄淨收入為 1.52 美元，均高於我們在上次電話會議上提供的指導範圍的高端。

Net income per share performance was in part driven by accelerated acquisition synergy attainment and cost savings action taken late in Q2 and higher interest income on our cash and investments. I will provide more color on our structural cost improvements in the guidance section of my prepared remarks. Our fully diluted share count for the second quarter was 68.6 million on a non-GAAP basis. Our non-GAAP tax rate remains at 14.5%.

每股淨收益的部分錶現是由於加速收購協同效應的實現和第二季度末採取的成本節約行動以及我們現金和投資的更高利息收入。我將在我準備好的評論的指導部分提供更多關於我們結構成本改進的顏色。按非美國通用會計準則計算，我們第二季度的完全攤薄股票數量為 6860 萬股。我們的非 GAAP 稅率保持在 14.5%。

Moving to the balance sheet. We ended the quarter with $1.68 billion in cash and short-term investments, which was up $55.5 million from Q1. During the quarter, we had some onetime restructuring costs as we accelerated the attainment of acquisition synergies and drove some structural cost reductions. Turning to segment details. Second quarter Optical Communications segment revenue at $448.8 million, decreased 1% sequentially, primarily driven by a decline in industrial and consumer, which was mostly offset by growth in telecom and datacom. Optical Communications segment non-GAAP gross margin at 43.9%, decreased sequentially and year-on-year, primarily due to product mix and the impact of the NeoPhotonics acquisition.

轉到資產負債表。我們以 16.8 億美元的現金和短期投資結束了本季度，比第一季度增加了 5550 萬美元。在本季度，我們有一些一次性重組成本，因為我們加快了收購協同效應的實現並推動了一些結構性成本削減。轉向細分細節。第二季度光通信部門收入為 4.488 億美元，環比下降 1%，這主要是受工業和消費業務下滑的推動，但大部分被電信和數據通信業務的增長所抵消。光通信部門的非美國通用會計準則毛利率為 43.9%，環比和同比下降，這主要是由於產品組合和收購 NeoPhotonics 的影響。

Our second quarter laser segment revenue at $57.2 million, was up 7.1% sequentially and up 16% year-on-year. Second quarter lasers gross margin of 52.4% was approximately flat sequentially. Now let me move to our guidance for the third quarter of fiscal '23, which is on a non-GAAP basis and is based on our assumptions as of today. When we acquired NeoPhotonics, we highlighted $50 million in synergy opportunities with $20 million in annual operating expense opportunities within the first fiscal year and then another $30 million cost of sales synergies as we exit the second fiscal year.

我們第二季度激光業務收入為 5720 萬美元，環比增長 7.1%，同比增長 16%。第二季度激光器毛利率為 52.4%，與上一季度基本持平。現在讓我轉到我們對 23 財年第三季度的指導，該指導基於非公認會計原則，並基於我們截至今天的假設。當我們收購 NeoPhotonics 時，我們在第一個財政年度強調了 5000 萬美元的協同效應機會和 2000 萬美元的年度運營費用機會，然後在我們退出第二個財政年度時又增加了 3000 萬美元的銷售協同效應成本。

We have already exceeded our $20 million cost savings target in annual operating expense synergies. Over the last 6 months of integration activity, we have executed well on our operating expense reduction plans and are confident we will exceed our initial synergy targets. In December, we took additional actions that will structurally improve the long-term operating cost of the company. The benefits of these actions is reflected in our diluted net income per share guidance for Q3.

在年度運營費用協同效應方面，我們已經超過了 2000 萬美元的成本節約目標。在過去 6 個月的整合活動中，我們很好地執行了我們的運營費用削減計劃，並且有信心我們將超過我們最初的協同目標。 12 月，我們採取了額外措施，從結構上改善公司的長期運營成本。這些行動的好處反映在我們對第三季度的稀釋後每股淨收益指引中。

As we execute on our integration and synergy plans, I will provide more details in future quarters. Our Q3 guidance reflects our expectation of reduced cloud and consumer end-market revenue, supply constraints on telecom products and a few million dollar sequential decline in lasers revenue. We expect net revenue for the third quarter of fiscal '23 to be in the range of $430 million to $460 million. Our Q3 guidance incorporates approximately $60 million of impact to revenue driven by continued shortages of third-party components. Based on this, we project third quarter operating margin to be in the range of 17% to 19% and diluted net income per share to be in the range of $1 to $1.15.

在我們執行整合和協同計劃時，我將在未來幾個季度提供更多細節。我們的第三季度指引反映了我們對雲和消費者終端市場收入減少、電信產品供應限制以及激光器收入連續下降數百萬美元的預期。我們預計 23 財年第三季度的淨收入將在 4.3 億美元至 4.6 億美元之間。我們的第三季度指南包含了第三方組件持續短缺對收入產生的約 6000 萬美元的影響。基於此，我們預計第三季度營業利潤率在 17% 至 19% 之間，每股攤薄淨收益在 1 美元至 1.15 美元之間。

Our non-GAAP EPS guidance for the third quarter is based on a non-GAAP annual effective tax rate of 14.5%. These projections also assume an approximate share count of 69.4 million shares. Turning to our annual outlook. Due to substantial structural improvements in our operating expenses and tight cost controls, we anticipate fiscal '23 EPS will be above the midpoint of our previous fiscal '23 outlook of $4.65 to $5.65 per share to a new range of $5.15 to $5.45 per share. We expect that our fiscal '23 revenue will be at the low end of our previously articulated annual outlook of $1.9 billion to $2.05 billion. This implies Q4 revenue will be approximately flat from Q3, given our assumption of growth in our telecom and datacom business, offset by seasonally lower consumer revenue, we expect that Q4 will still be constrained by IC supply.

我們對第三季度的非 GAAP 每股收益指引基於 14.5% 的非 GAAP 年度有效稅率。這些預測還假設股票數量約為 6940 萬股。轉向我們的年度展望。由於我們運營支出的結構性顯著改善和嚴格的成本控制，我們預計 23 財年每股收益將高於我們之前 23 財年每股 4.65 美元至 5.65 美元的預期中點，達到每股 5.15 美元至 5.45 美元的新範圍。我們預計我們的 23 財年收入將處於我們之前明確的年度展望 19 億美元至 20.5 億美元的低端。這意味著第四季度的收入將與第三季度大致持平，鑑於我們假設電信和數據通信業務的增長被季節性較低的消費者收入所抵消，我們預計第四季度仍將受到 IC 供應的限制。

I am extremely pleased with the progress our team has made in synergy attainment, and we are now in an excellent position to exceed our $50 million synergy savings target. With that, I'll turn the call back to Kathy to start the Q&A session. Kathy?

我對我們的團隊在實現協同效應方面取得的進展感到非常高興，我們現在處於超越 5000 萬美元協同效應節省目標的絕佳位置。有了這個，我會把電話轉回凱西開始問答環節。凱西？

Thank you, Wajid. Before we start the Q&A session, I'd like to ask everyone to keep to 1 question and 1 follow-up. This should help us get to as many participants as possible before the end of our allotted time. Now let's begin the Q&A session.

謝謝你，瓦吉德。在我們開始問答環節之前，我想請大家保持 1 個問題和 1 個跟進。這應該有助於我們在分配的時間結束前吸引盡可能多的參與者。現在讓我們開始問答環節。

(Operator Instructions) Our first question comes from Simon Leopold of Raymond James.

（操作員說明）我們的第一個問題來自 Raymond James 的 Simon Leopold。

I wanted to see if maybe you could build a bridge or unpack a little bit more the outlook for the telecom and datacom segment being down in the March quarter because I guess there are a handful of things I'm contemplating as factors, but just want to understand better in that -- I know you've got some seasonal slowing from the Chinese New Year, simply the factory workers going home. I'm wondering if maybe there's incremental supply chain issues baked in or whether we can attribute the decline more to the weakness you're seeing from hyperscale? Just looking unpack the drivers.

我想看看你是否可以建造一座橋樑或更多地拆解電信和數據通信部門在 3 月季度下滑的前景，因為我想我正在考慮一些因素，但只是想為了更好地理解這一點——我知道中國新年有一些季節性放緩，只是工廠工人回家了。我想知道是否可能存在增量供應鏈問題，或者我們是否可以將下降更多地歸因於您從超大規模中看到的弱點？只是看看解壓驅動程序。

Yes. Thanks for the question, Simon. Yes, our guidance for Q3 has telecom, datacom coming down really mostly because of the slowing end cloud customer and the supply chain that goes into the cloud. And we are still continuing to have challenges with semiconductors, as we indicated in the script, that we still anticipate $60 million of unsatisfied demand primarily in telecom as we exit the third quarter.

是的。謝謝你的問題，西蒙。是的，我們對第三季度的指導是電信、數據通信下降，這主要是因為終端雲客戶和進入雲的供應鏈放緩。正如我們在腳本中指出的那樣，我們仍然繼續面臨半導體方面的挑戰，我們仍然預計在第三季度結束時主要是電信領域的 6000 萬美元未滿足需求。

Simon, did you have a followup.

西蒙，你有後續行動嗎？

Yes. And it's pretty simple. You did mention earlier cost synergies coming out from the acquisition. And you exceeded your own guidance on earnings. I'm just wondering what you had baked in when you provided the original forecast for the synergies and how much you exceeded them by roughly, you were about $11 million, $12 million below our OpEx assumptions, and I'm trying to just make sure I understand where it's coming from?

是的。這很簡單。您確實提到了收購帶來的早期成本協同效應。而且你超出了你自己的收入指導。我只是想知道當你提供最初的協同效應預測時你考慮了什麼，以及你大致超過了多少，你大約 1100 萬美元，比我們的 OpEx 假設低 1200 萬美元，我只是想確保我明白它是從哪裡來的？

Simon. Yes. So probably for the fiscal quarter Q2, we were able to impact operating expenses by about $5 million to $7 million, incrementally better in the quarter than we had thought coming into the quarter. From a total synergy standpoint, basically, what's happening is that the first-year synergy targets that we had set for ourselves have gotten pulled into the first 6 months. And so we're being able to see the benefit of that in -- not only in our fiscal Q2, but in the fiscal Q3 and fiscal Q4 outlook, we've provided given that we've got a lower revenue level or we're at the low end of our previously announced outlook on revenue. So that's really what's happening from a synergy standpoint.

西蒙。是的。因此，可能在第二季度財政季度，我們能夠將運營支出影響約 500 萬至 700 萬美元，比我們本季度預期的要好得多。從總體協同的角度來看，基本上，發生的事情是我們為自己設定的第一年協同目標已經被拉入前 6 個月。因此，我們能夠看到這樣做的好處——不僅在我們的第二財季，而且在第三財季和第四財季的展望中，我們已經提供了收入水平較低的情況，或者我們' re 處於我們先前宣布的收入展望的低端。因此，從協同作用的角度來看，這確實是正在發生的事情。

Our next question comes from Tom O'Malley of Barclays.

我們的下一個問題來自巴克萊銀行的 Tom O'Malley。

I just wanted to ask on the industrial consumer, in particularly the 3D sensing side in December. When you look at that market, you have talked about a normalization of share for a while now. But I just wanted to get an update there. In terms of normalization, do you view that market as split equally or do you see yourselves losing additional share there just because if you look at the numbers between the 2 of you, it looks like shares moved away. Just any comments on what is the normalization of share and where that stands today?

我只是想問一下工業消費者，特別是 12 月份的 3D 傳感方面。當你看那個市場時，你已經談論了一段時間的份額正常化。但我只是想在那裡獲得更新。在正常化方面，您是否認為該市場是平分的，或者您是否認為自己在那裡失去了額外的份額，只是因為如果您查看你們兩個之間的數字，看起來份額已經轉移了。關於什麼是共享正常化以及今天的情況有什麼評論嗎？

Yes. I'll give you my thoughts on it, and then Chris can chime in as well. We've been talking about share normalization for years now, and it's finally come. And if you look at our reduction in 3D sensing revenue year-on-year, we were cut in about half. And so that's what we would have expected. I can't comment on what our competitor is saying or doing. But everything is coming in as we expected. Chris, you have additional comments on that.

是的。我會告訴你我的想法，然後 Chris 也可以插話。我們多年來一直在談論股票正常化，它終於來了。如果你看看我們的 3D 傳感收入同比減少，我們減少了大約一半。這就是我們所期望的。我無法評論我們的競爭對手在說什麼或在做什麼。但一切都如我們所料。克里斯，你對此還有其他意見。

Yes. I would just echo it's difficult to compare to competitors, but certainly, they sell more than VCSELs and sell into more than just 3D sensing in the sensing application universe. And as Alan highlighted, we expected 50% down in the first half of this year, and that's what's happened and that baked in our expectations around share as well as other normal year-over-year price downs and things like that.

是的。我只想說，很難與競爭對手進行比較，但可以肯定的是，他們的銷量超過了 VCSEL，並且在傳感應用領域的銷量不僅僅是 3D 傳感。正如艾倫所強調的那樣，我們預計今年上半年會下降 50%，這就是發生的事情，並且反映在我們對股票以及其他正常的同比價格下降和類似情況的預期中。

Got it. And then just as a follow-up, through the December quarter, you saw some of your end customers actually beat estimates quite robustly. And they called out supply chain kind of work throughs. Could you just talk about you're guiding that telecom business down into the March quarter? Can you talk about what the supply chain looks like with your end customers? Do you see inventory on their balance sheet? Obviously, they're beating on the revenue side, but they're talking about backlog coming down. Just any update on the health there of that ecosystem just given the fact that you're kind of seeing March down and then you're indicating June flattish from a total company perspective. So any comments there would be helpful.

知道了。然後作為後續行動，在整個 12 月季度，您看到您的一些最終客戶實際上非常強勁地超出了預期。他們呼籲通過供應鏈進行工作。你能談談你正在引導電信業務進入三月季度嗎？你能和你的終端客戶談談供應鍊是什麼樣子的嗎？你在他們的資產負債表上看到存貨了嗎？顯然，他們在收入方面表現出色，但他們談論的是積壓訂單的減少。鑑於您看到 3 月下降的事實，然後從整個公司的角度來看，您表示 6 月持平，只是關於該生態系統健康狀況的任何更新。所以那裡的任何意見都會有所幫助。

Yes, sure, Tom. I'd say our network equipment manufacturing customers backlog are continuing to be very robust. Of course, their inventory is growing, as you say, and we can see it on their balance sheet, but their demand on us is extremely strong. I would say the soft part of the market that we see is where the end customer is the cloud service provider. But given the backlog at our customers, I don't see that as a huge concern over the long term as the carriers are continuing to have to invest to meet the ongoing continued growth in bandwidth demands.

是的，當然，湯姆。我想說我們的網絡設備製造客戶積壓將繼續非常強勁。當然，正如你所說，他們的庫存在增加，我們可以在他們的資產負債表上看到，但他們對我們的需求非常強烈。我會說我們看到的市場的軟性部分是最終客戶是雲服務提供商。但考慮到我們客戶的積壓，從長遠來看，我認為這不是一個大問題，因為運營商將繼續投資以滿足帶寬需求的持續增長。

Yes. And I'd add only that Tom, your suggestion that while revenue going into the fourth quarter maybe at the company level flat as we said in the prepared remarks. Obviously, there's additional seasonality in 3D sensing and -- so we expect telecom to go up into the fourth quarter or telecom and datacom...

是的。我只想補充一點，湯姆，你的建議是，雖然進入第四季度的收入可能在公司層面持平，正如我們在準備好的評論中所說的那樣。顯然，3D 傳感還有額外的季節性——所以我們預計電信將進入第四季度，或者電信和數據通信……

Our next question comes from Christopher Rolland of SIG.

我們的下一個問題來自 SIG 的 Christopher Rolland。

I guess my first question is around gross margin. So if I look at optical comms in particular, you guys were kind of mid-50s, a little over a year ago, mid-40s now. Can you talk about the trajectory as we look forward? Is this now the trough? And what is that kind of recovery in gross margin look like? And when might we be able to get north of 50% again for that business?

我想我的第一個問題是關於毛利率。因此，如果我特別關注光通信，你們大概是 50 多歲，一年多以前，現在是 40 多歲。你能談談我們期待的軌跡嗎？現在是低谷嗎？毛利率的複蘇是什麼樣的？我們什麼時候才能再次達到該業務的 50% 以上？

It's Wajid. I'll start off on that. Yes, so you're absolutely right. Our gross margins have come down year-over-year, primarily because our chip businesses, both our datacom business and our 3D sensing businesses have historically had higher gross margins than the rest of our telecom and transmission product lines. And so as we've seen a mix shift, we had highlighted very early on with the NeoPhotonics acquisition that we would see a shift from a gross margin standpoint. Now we've been able to offset some of that as we've started going through our synergy actions. And as we go through the $30 million of synergy actions that we had highlighted at the onset of the acquisition, and we've highlighted it on every call after that, we expect that most, if not all, of that benefit will actually come through in our OpComm gross margins with the factory consolidations and the back-end consolidations that we see happening and executing on throughout.

是瓦吉德。我將從那開始。是的，所以你完全正確。我們的毛利率同比下降，主要是因為我們的芯片業務、數據通信業務和 3D 傳感業務的毛利率歷來高於我們其他電信和傳輸產品線。因此，當我們看到混合轉變時，我們很早就強調了對 NeoPhotonics 的收購，我們會從毛利率的角度看到轉變。現在，隨著我們開始採取協同行動，我們已經能夠抵消其中的一部分。當我們完成我們在收購開始時強調的 3000 萬美元的協同行動，並且我們在之後的每次電話會議上都強調了這一點，我們預計大部分（如果不是全部）收益將真正實現在我們的 OpComm 毛利率中，我們看到工廠整合和後端整合在整個過程中發生和執行。

We've actually already begun most of the planning on it. But as we execute on it in fiscal '24, we'll see the benefit of that come through. As well, you've noted that we've talked about the inventory digestion happening over the next couple of quarters within our datacom product lines and as that recovers, we should see a favorable impact as those revenue levels increase as well. So that's really our path to increasing our gross margins in our OpComm business.

我們實際上已經開始了大部分計劃。但是當我們在 24 財年執行它時，我們將看到它帶來的好處。同樣，您已經註意到我們已經討論了未來幾個季度我們的數據通信產品線中發生的庫存消化，隨著這種情況的恢復，我們應該會看到有利的影響，因為這些收入水平也會增加。因此，這確實是我們提高 OpComm 業務毛利率的途徑。

That's fantastic. And then just following up OpComms as well, 2 other kind of lines of questioning. First of all, I wanted to follow up on your datacom. So I believe you pushed out that weakness from the first half to the full year, I was wondering, did you just get a fresh view on the amount of inventory at cloud customers? I'd like to know why that was pushed out. And then also, if you could perhaps talk about this migration from 400 to 800, does that play into this as well? And then finally, in OpComms, ROADM, anything on that market? And would you believe your supply normalized with demand at this point?

這太妙了。然後也只是跟進 OpComms，還有 2 種其他類型的提問。首先，我想跟進您的數據通信。所以我相信你將這種疲軟從上半年推到了全年，我想知道，你是否剛剛對雲客戶的庫存量有了新的看法？我想知道為什麼它被推出了。然後，如果你能談談從 400 到 800 的遷移，這是否也有影響？最後，在 OpComms、ROADM 中，那個市場上有什麼嗎？您是否相信此時您的供應已隨需求正常化？

Yes, that's quite a follow-on. So I'd say the change in datacom outlook in the duration of the digestion is twofold. One is inventory. We knew the inventory was there. Secondly is the cloud growth and the CapEx spending of the cloud providers as their growth slows, their need to deploy more data centers and the interconnections of those data centers lessens. And so that's why we wanted to set expectations that it's going to take a few quarters to get through that inventory. I'd say that the migration to 800 gig is just economically the right thing to do for those cloud providers. And so they're very excited to make that transition. And as we said, that transition will happen late this fiscal year and ramp through fiscal '24. And then on ROADM supply, I'd say that's the primary area, ROADMs and ROADM line cards where we're being impacted the most with respect to the supply chain challenges and ICs that we have.

是的，這是一個很好的後續行動。所以我想說在消化期間數據通信前景的變化是雙重的。一是庫存。我們知道庫存在那裡。其次是雲增長和雲供應商的資本支出支出，因為他們的增長放緩，他們部署更多數據中心的需求以及這些數據中心的互連減少。因此，這就是為什麼我們要設定需要幾個季度才能完成庫存的預期。我想說遷移到 800 gig 對那些雲提供商來說在經濟上是正確的選擇。因此，他們非常高興能夠實現這一轉變。正如我們所說，這種轉變將在本財年晚些時候發生，並在 24 財年結束。然後在 ROADM 供應方面，我想說這是主要領域，ROADM 和 ROADM 線卡，我們在供應鏈挑戰和我們擁有的 IC 方面受到的影響最大。

So I'd say 70% year-over-year growth on high-end and contentionless MxN is a pretty good indicator that those are the products that are leading the market, and we expect continued growth in that market as new networks get deployed. So we're really excited about the progress on ROADMs and next-generation ROADMs that we expect to come out in fiscal '24. Chris, do you have anything to add on any of those topics?

所以我想說高端和無爭議的 MxN 同比增長 70% 是一個很好的指標，表明這些產品正在引領市場，我們預計隨著新網絡的部署，該市場將繼續增長。因此，我們對我們預計將在 24 財年推出的 ROADM 和下一代 ROADM 的進展感到非常興奮。克里斯，你對這些話題有什麼要補充的嗎？

Yes. I mean I would say that the transition or I wouldn't call it transition, the add of 800 gig because I think 400 gig is still going to grow over the next end number of years, and as 800 gig is added, that only adds to the opportunity. And as we've highlighted in the script, that's an exciting opportunity for us. We're participating today in some certain 800 gig architectures that are just beginning to hit the market. But as we introduce the 200-gig EML that enables an even more cost-effective 800-gig architecture. And so a great opportunity for us. And there's not a lot of inventory of that given that's brand new, right? So that should be something that's incremental.

是的。我的意思是我會說過渡，或者我不會稱之為過渡，即增加 800 人，因為我認為 400 人在接下來的幾年內仍會增長，而隨著 800 人的增加，這只會增加的機會。正如我們在劇本中強調的那樣，這對我們來說是一個令人興奮的機會。我們今天參與了某些剛剛開始投放市場的 800 演出架構。但隨著我們推出 200-gig EML，它可以實現更具成本效益的 800-gig 架構。這對我們來說是一個很好的機會。鑑於這是全新的，所以沒有很多庫存，對吧？所以這應該是漸進的。

Our next question comes from Samik Chatterjee of JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I have a couple -- maybe if we can start on supply, and I'm curious, as you indicated the supply backdrop improving modestly as you look at the March quarter. The feedback that you've seen from the industry is that even though the broader sort of supply environment is improving, the problems, particularly on ICs might be broadening to more suppliers than before. Just wondering what are you seeing -- are you generally seeing this sort of consistent improvement across your supply base? Or is it sort of similar to what the others -- other feedback that you've received that the problems might be broadening across more suppliers? And I have a follow-up.

我有幾個 - 也許如果我們可以開始供應，我很好奇，因為你表示在你看三月季度時供應背景略有改善。您從業界看到的反饋是，儘管更廣泛的供應環境正在改善，但問題，尤其是 IC 方面的問題可能會擴大到比以前更多的供應商。只是想知道您看到了什麼——您是否通常在您的供應基礎上看到這種持續改進？或者它是否與其他人類似 - 您收到的其他反饋表明問題可能會擴大到更多供應商？我有一個後續行動。

Yes, I'd say in general, things are better. But as we've said all along, we need all of the parts to be able to ship a product. And so as we see analog ICs and even passives become a problem or a decommitment, we've seen surprisingly more decommitments last minute due to factory issues or COVID issues or what have you. So it's not behind us by any means. And so I'd say we're seeing exactly what you said, Samik, which is general improvement, but still have problems that we're working through and surprises that we've incorporated it into our guidance.

是的，總的來說，情況好多了。但正如我們一直所說的那樣，我們需要所有部件才能運送產品。因此，當我們看到模擬 IC 甚至無源器件成為問題或退役時，由於工廠問題或 COVID 問題或您遇到的問題，我們在最後一刻看到了令人驚訝的更多退役。所以它無論如何都不在我們身後。所以我想說我們確實看到了你所說的，Samik，這是普遍的改進，但我們仍然存在我們正在努力解決的問題，並且令人驚訝的是我們已將其納入我們的指南。

Got it. Got it. Okay. Helpful. And just to follow up on datacom. I think some of the other module makers that have reported have indicated that the 200 gig plus modules are doing well with cloud customers still and there seems to be a ramp on that front. Just wondering sort of if we should be thinking about your datacom business being positioned differently with the module makers, automotive maker customers that you work with? And could you sort of -- also sort of give us some guidance in terms of -- is there sort of another leg down when we think about datacom revenues from these levels that you're seeing as you indicated sort of draws out through the end of the year? Are there -- do you see more risk in terms of additional step-downs given sort of what you're seeing with inventory with the customer?

知道了。知道了。好的。有幫助。並且只是跟進數據通信。我認為其他一些已報告的模塊製造商表示，200 gig plus 模塊在雲客戶中仍然表現良好，並且在這方面似乎有一個增長點。只是想知道我們是否應該考慮與您合作的模塊製造商、汽車製造商客戶不同地定位您的數據通信業務？你能不能——也可以給我們一些指導——當我們從你所看到的這些水平上考慮數據通信收入時，是否還有另一條腿，正如你所說的那樣，直到最後才結束今年的？是否有 - 考慮到您在客戶庫存中看到的情況，您是否看到額外降壓方面的風險更大？

Yes. I think, Samik, this is Chris. I'd clarify that the module makers are our customers. And so I think as we maybe alluded to in the prepared remarks that our view is that there's inventory digestion both at the cloud operator buying transceivers, but as well the transceiver manufacturers that are our direct customers also have high levels of inventory. So you can imagine a scenario where they are continuing to ship at -- using or leveraging chips that we've already provided. In terms of a leg down, I think, and we've highlighted this previously that the March quarter time frame is where we see the low point for us in the datacom chip business. I think the new development is just -- the ramp back up from that point is probably going to be a little more gradual based on the latest discussions with industry participants.

是的。我想，薩米克，這是克里斯。我要澄清的是，模塊製造商是我們的客戶。因此，我認為正如我們在準備好的發言中提到的那樣，我們的觀點是，雲運營商購買收發器，以及作為我們直接客戶的收發器製造商，都存在庫存消化，庫存水平也很高。所以你可以想像他們繼續發貨的場景——使用或利用我們已經提供的芯片。我認為，就下跌而言，我們之前已經強調過，3 月季度的時間框架是我們在數據通信芯片業務中看到的低點。我認為新的發展只是——根據與行業參與者的最新討論，從那時起的回升可能會更加漸進。

Our next question comes from Alex Henderson of Needham.

我們的下一個問題來自 Needham 的 Alex Henderson。

I was hoping you could talk through the dynamics around pricing. Typically, the March quarter has 10% to 15% type price declines in it. Are we seeing any of that, I've heard that pricing is much flatter this year than traditional? And similarly, on the flip side of that, what are you seeing on the supply chain side, pricing to you is -- obviously, you've talked about the $60 million in constraints, but what about on the pricing side and the margin impact of the supply chain piece of the equation? Can you give us some guidance on that? And as you're looking out into the June quarter, do you expect this inventory correction to result in some nonseasonal pricing changes?

我希望你能談談定價的動態。通常，三月季度的價格下跌 10% 至 15%。我們看到了嗎，我聽說今年的定價比傳統的定價要低得多？同樣，另一方面，你在供應鏈方面看到的是——顯然，你已經談到了 6000 萬美元的限制，但在定價方面和利潤率影響方面呢？等式的供應鏈部分？你能給我們一些指導嗎？當您展望 6 月季度時，您是否預計這種庫存調整會導致一些非季節性價格變化？

Yes, Alex, I'd say that you're right, the pricing environment with -- between us and our customers is very different than the 10% to 15% and in some cases, prices are actually going up. But overall, we're in this for the long term with our customers. And so we're trying not to take advantage of the short term with really focusing on helping them win in the market and helping us have long-term supply agreements with our customers. So the price dynamics are very, very different and you're right, it's much flatter than traditionally. I'd say pricing to us from our suppliers has moderated with respect to the price increases we saw a year or so ago. That said, we're still going out to the broker market when we need to, to satisfy our customer demand, and we're having to pay spot buy premiums that impact our cash significantly. We're seeing less of that.

是的，亞歷克斯，我會說你是對的，我們和我們的客戶之間的定價環境與 10% 到 15% 非常不同，在某些情況下，價格實際上在上漲。但總的來說，我們與客戶長期合作。因此，我們盡量不利用短期優勢，而是真正專注於幫助他們贏得市場，並幫助我們與客戶達成長期供應協議。所以價格動態非常非常不同，你是對的，它比傳統的要平坦得多。我想說，相對於我們大約一年前看到的價格上漲，我們的供應商給我們的定價已經有所緩和。也就是說，我們仍然會在需要時進入經紀商市場，以滿足客戶的需求，並且我們不得不支付對我們的現金產生重大影響的現貨購買溢價。我們看到的越來越少了。

Frankly, more recently, but we're still in that game for some period of time. And then in the June quarter, your inventory digestion question, is that around datacom or is that something else?

坦率地說，最近，但我們仍然在那個遊戲中有一段時間了。然後在 6 月季度，您的庫存消化問題是圍繞數據通信還是其他？

Well, the question is ultimately, as things start to normalize, given the flatness of pricing over the last 2 years, does that pricing start to creep back into the equation as a downward pressure maybe on a nonseasonal basis but rather on a cyclical basis?

好吧，問題最終是，隨著事情開始正常化，鑑於過去 2 年的定價持平，定價是否開始重新回到等式中，因為下行壓力可能是非季節性的，而是周期性的？

I see. Okay. Yes. Like I said earlier, we're working with our customers to try to satisfy their short-term needs for price reductions, but also our longer-term needs to have agreements in place that extend a year or 2. And that's what we're working on a win-win solution with our customers that would then ensure that we have set prices with them and we have set share agreements with them that extend beyond the short term. So I'd say that as inventory or as supply becomes available, that $60 million or $70 million of unsatisfied backlog will be satisfied, but we don't see that happening in the June quarter. We see continued challenges as we need to get the semiconductors in-house by April in order to make the shipments for June. And so we're still seeing challenges and think it's going to go into -- early into the second half of the calendar year.

我懂了。好的。是的。就像我之前說的，我們正在與客戶合作，努力滿足他們對降價的短期需求，但我們的長期需求也需要簽訂延長一兩年的協議。這就是我們的目標與我們的客戶一起制定雙贏的解決方案，這將確保我們與他們一起制定價格，並與他們制定超越短期的共享協議。所以我想說，隨著庫存或供應的出現，6000 萬或 7000 萬美元未滿足的積壓訂單將得到滿足，但我們認為這種情況不會在 6 月季度發生。我們看到持續的挑戰，因為我們需要在 4 月之前在內部獲得半導體，以便在 6 月發貨。因此，我們仍然看到挑戰，並認為它會進入 - 進入日曆年下半年的早期。

Second, the follow-up question is on the technology front. There are a couple of moving pieces that I was hoping you could address. The first 1 is that we've heard that there's a new module going into the primary 3D sensing customer that in the new additions that, that is pretty meaningfully changed from the prior module. And I'm wondering if that is a function of your design or somebody else's? And then second, you talked about delays in the timing and the ramp on the datacom. I'm assuming that, that is not a relation to any missed windows on getting the new products up. And then third, off of this -- a broader question, AI is taking off in most of the cloud customers. Is there an impact from changing the architecture of the datacom, telecom network for AI impacting your business? So can you address the technology side of those key pieces.

第二，後續問題是技術方面的。我希望你能解決幾個感人的問題。第一個是我們聽說有一個新模塊進入主要 3D 傳感客戶，在新添加的模塊中，它與之前的模塊相比發生了非常有意義的變化。我想知道這是您的設計功能還是其他人的功能？其次，你談到了數據通信的時間延遲和斜坡。我假設，這與啟動新產品時錯過的任何窗口無關。第三，除此之外——一個更廣泛的問題，人工智能正在大多數雲客戶中起飛。為 AI 改變數據通信、電信網絡的架構是否會對您的業務產生影響？那麼你能解決這些關鍵部分的技術方面嗎？

Yes. Thanks, Alex. Great question. Maybe kind of start with the datacom and then circle back around the 3D sensing. So in the datacom side of things, the period of extended digestion is not driven by any -- missing any product window. I think it just is generally driven by cloud CapEx trends and perceived probably economic outlook by customers or end customers. In terms of the AI architecture, yes, I think the -- it's a tremendous opportunity for Lumentum and folks like Lumentum because not only you talk about transitioning to higher speeds, but you're looking at copper move to optical and it's a very interconnect dense or rich architecture. And therefore, we expect an acceleration in volumes. And as we highlighted in the prepared remarks, we're broadening our technology or product offering within the datacom portion of our telecom and datacom business.

是的。謝謝，亞歷克斯。很好的問題。也許從數據通信開始，然後繞回 3D 傳感。因此，在數據通信方面，延長消化期不受任何產品驅動 - 缺少任何產品窗口。我認為這通常是由雲資本支出趨勢和客戶或最終客戶可能認為的經濟前景所驅動的。在 AI 架構方面，是的，我認為 - 這對 Lumentum 和像 Lumentum 這樣的人來說是一個巨大的機會，因為你不僅談論過渡到更高的速度，而且你正在考慮銅線轉向光學，這是一個非常互連的密集或豐富的建築。因此，我們預計銷量會加速增長。正如我們在準備好的評論中強調的那樣，我們正在擴大我們在電信和數據通信業務的數據通信部分內的技術或產品供應。

We've been really focused on EMLs and DMLs, that's what we had when we got out of the module business but over the past couple of years expanding VCSEL to diode high-power lasers for Silicon Photonics and CPO architectures. So we'll have a broader product offering that plays into this very rapidly expanding interconnect dense or rich AI architecture. Circling around the 3D sensing, not sure what is being referenced, but I don't think it's appropriate to comment or speculate on a specific customer program or what's going to happen next year. We remain focused on being the innovation partner and the best-proven supply partner for our customers, and we remain very competitive in that space.

我們一直專注於 EML 和 DML，這就是我們退出模塊業務時所擁有的，但在過去幾年中，我們將 VCSEL 擴展到用於矽光子學和 CPO 架構的二極管高功率激光器。因此，我們將提供更廣泛的產品，以適應這種快速擴展的互連密集或豐富的 AI 架構。繞著 3D 傳感轉，不確定參考的是什麼，但我認為不適合評論或推測特定的客戶計劃或明年會發生什麼。我們仍然專注於成為客戶的創新合作夥伴和最佳供應合作夥伴，並且我們在該領域仍然非常有競爭力。

Our next question comes from Meta Marshall of Morgan Stanley.

我們的下一個問題來自摩根士丹利的元馬歇爾。

Great. I know we've kind of circled around it, but I guess I was just surprised to see the broker fees increase kind of pretty meaningfully this quarter from the past couple of quarters. And so just wanted to get a sense of was that some acute increase in fees towards the end of the quarter, just as some of the China reopening pieces made the environment a little bit more acute or just kind of what led to kind of that pretty dramatic step up? And then just it seems as if you're saying they'll step down, but just we expect to kind of go back to some of the more normalized, like when is your view that we get back to less dramatic broker fees being paid? And then maybe just a follow-up question for me. Just any update on kind of the DSP development efforts.

偉大的。我知道我們有點繞過了它，但我想我只是驚訝地看到本季度的經紀人費用比過去幾個季度大幅增加。所以只是想了解一下，在本季度末費用急劇增加，就像中國的一些重新開放的部分使環境變得更加嚴峻或者只是導致那種漂亮的東西一樣戲劇性的進步？然後就好像你在說他們會下台，但我們只是希望回到一些更正常化的狀態，比如你認為我們什麼時候會回到不那麼引人注目的經紀人費用？然後可能只是我的後續問題。只是關於 DSP 開發工作的任何更新。

Meta, I'll start off with the broker fees, and then Alan can talk about the DSP side of it. Basically, what you saw happening is as inventory was being flushed out with the increased supply, the broker charges were a little bit higher. And so the reason they were lower last quarter is not because our purchases were lower, but it was really just the time that it took for it to go through the lead time offsets in our manufacturing process, pick up the rest of the components that were needed in order to ship the final product. And so with the improvements we saw in fiscal Q2 and our ability to actually deliver to our customers, you would see a corresponding increase in that charge simply because of us flowing from inventory into cost of sales. So it's more of an accounting matter rather than a business issue. We have actually seen our purchases for broker bought inventory decrease, and we expect it to decrease in the coming quarters as well as it's just a couple of component suppliers that we are now struggling with to fulfill our demand. Alan, DSP.

Meta，我將從經紀人費用開始，然後 Alan 可以談談它的 DSP 方面。基本上，您所看到的情況是，隨著供應量的增加，庫存被沖走，經紀人費用略高。因此，上個季度它們較低的原因不是因為我們的採購量較低，而實際上只是它在我們的製造過程中經歷了交貨時間抵消所花費的時間，拿起了其餘的組件需要以運送最終產品。因此，隨著我們在第二財季看到的改進以及我們實際向客戶交付的能力，您會看到該費用相應增加，僅僅是因為我們從庫存流入銷售成本。所以這更像是一個會計問題，而不是一個商業問題。實際上，我們已經看到我們為經紀人購買的庫存減少了，我們預計它在未來幾個季度會減少，而且我們現在正在努力滿足我們的需求的只是幾個組件供應商。艾倫，DSP。

Yes. Thanks for the question. Yes, very excited about the team that we brought on from the IPG acquisition, not only on DSPs, but also RF ICs from NeoPhotonics and what both companies -- both acquisitions bring to us on silicon photonics. But on the DSP front, we're focused primarily on getting the tape-out done for our first DSP and continuing to drive our road map. But primary focus is get the tape-out done, get the product into our ZR and ZR+ module and then we'll see what happens from there. Our primary focus for the DSP is internal consumption to really drive the cost of the ZR type module down to the lowest possible cost point. And the DSP was the last piece that we needed. So we have all of the other components. If you look at the ZR, the tunable laser, the modulator, the receiver, the RF ICs and the DSP, we've got it all. So we are the broadest range or broadest provider vertically integrated on that -- on those modules. And so as we finish up that DSP, I think we'll have a very, very competitive offering at 400G.

是的。謝謝你的問題。是的，對我們從 IPG 收購中帶來的團隊感到非常興奮，不僅是 DSP，還有來自 NeoPhotonics 的 RF IC 以及兩家公司——兩次收購都給我們帶來了矽光子學。但在 DSP 方面，我們主要專注於為我們的第一個 DSP 完成流片並繼續推動我們的路線圖。但主要重點是完成流片，將產品放入我們的 ZR 和 ZR+ 模塊，然後我們將看看那裡會發生什麼。我們對 DSP 的主要關注點是內部消耗，以真正將 ZR 型模塊的成本降低到盡可能低的成本點。而 DSP 是我們需要的最後一塊。所以我們擁有所有其他組件。如果您查看 ZR、可調諧激光器、調製器、接收器、RF IC 和 DSP，我們已經擁有了一切。因此，我們是在這些模塊上垂直集成的範圍最廣或最廣泛的供應商。因此，當我們完成該 DSP 時，我認為我們將在 400G 上提供非常非常有競爭力的產品。

And then we're going to continue to work with the merchant market on next-generation DSPs, but we are filling out our road map and building up the team to be able to do more than 1 DSP at a time. So very, very exciting time.

然後我們將繼續與下一代 DSP 的商業市場合作，但我們正在填寫我們的路線圖並建立團隊，以便能夠同時處理超過 1 個 DSP。非常非常激動人心的時刻。

Our next question comes from George Notter of Jefferies.

我們的下一個問題來自 Jefferies 的 George Notter。

You mentioned you made some organic cost reductions in the business. I guess I'm just curious about what segments of the business you're taking cost out, what types of costs? Anything you can tell us there would be great.

您提到您在業務中進行了一些有機成本削減。我想我只是想知道您要削減哪些業務部門的成本，哪些類型的成本？你能告訴我們的任何事情都會很棒。

George, it's mostly on the G&A side, a little bit on SG&A, but primarily the reductions that we saw during the quarter were on the G&A side. Where we see a little bit of opportunities from a product rationalization standpoint, we're doing that as well, but any savings that we're getting from that, we're reinvesting into R&D. So that's really the way to think about it.

喬治，主要是在 G&A 方面，在 SG&A 方面有一點，但我們在本季度看到的主要減少是在 G&A 方面。從產品合理化的角度來看，我們看到了一些機會，我們也在這樣做，但我們從中獲得的任何節省，我們都在重新投資於研發。所以這才是真正的思考方式。

Got it. Okay. And then any sense for what the NeoPhotonics contribution was in the quarter in terms of revenue impact? I know you guys gave us the number for last quarter, I think it was $73 million over 2 months, but just curious what that looks like now?

知道了。好的。那麼，就收入影響而言，NeoPhotonics 在本季度的貢獻有何意義？我知道你們給了我們上個季度的數字，我認為 2 個月內是 7300 萬美元，但只是好奇現在是什麼樣子？

George, this is Chris. Yes, as well along in many of our integration plans, we're not going to be breaking out any separate NeoPhotonics contribution. The teams are 1 team working together, products beginning to be rationalized. So it's a little difficult to say what is NeoPhotonics, what is momentum at this point for all Lumentum.

喬治，這是克里斯。是的，以及在我們的許多集成計劃中，我們不會打破任何單獨的 NeoPhotonics 貢獻。團隊是1個團隊一起工作，產品開始合理化。所以很難說什麼是 NeoPhotonics，在這一點上所有 Lumentum 的勢頭是什麼。

Our next question comes from Ruben Roy of Stifel.

我們的下一個問題來自 Stifel 的 Ruben Roy。

A couple of questions here. I had a follow-up for Chris on the commentary around 3D sensing. I just wanted to make sure I understood this correctly, Chris. When you think about the drivers of the downtick in the business. You've got overall demand; you've got share which you talked about in pricing. I believe you said pricing and pricing environment is normal. And you did talk about the share kind of being kind of where you thought it was going to be. So the way to think about it, I guess, for this fiscal year is demand obviously lower. But as you look ahead with consumer now down around 10% or so of revenue, do you think the pricing environment is going to be similar for next year? Do you think we're going to grow off of that level? Any detail there would be helpful.

這裡有幾個問題。我跟進了 Chris 關於 3D 傳感的評論。我只是想確保我理解正確，克里斯。當您考慮業務下滑的驅動因素時。你有整體需求；你有你在定價中談到的份額。我相信你說定價和定價環境是正常的。你確實談到了你認為它會成為什麼樣的份額。因此，我猜想，本財年的需求明顯下降。但當你展望未來時，消費者現在的收入下降了 10% 左右，你認為明年的定價環境會相似嗎？你認為我們會超越那個水平嗎？那裡的任何細節都會有所幫助。

Yes. I would say, as you highlighted, the year-over-year performance is primarily driven by the share normalizations we've talked about. We've had an outsized share position for many years and so it was really just a question of when and how steep that reduction would come. Now that we're more normalized, I think that is largely behind us. Pricing, as you indicated, is normal. There's nothing unusual going on there over the past 5 years of this, prices have come down in general, unless there's a change in architecture, if you will, where a chip gets bigger or smaller, that causes an adjustment in price.

是的。正如您強調的那樣，我想說的是，同比表現主要是由我們談到的股票正常化推動的。多年來，我們一直擁有超大的股票頭寸，所以這實際上只是一個時間和幅度下降幅度的問題。現在我們更加正常化，我認為這在很大程度上已經過去了。正如您所說，定價是正常的。在過去的 5 年裡，沒有什麼不尋常的事情發生，價格總體上已經下降，除非架構發生變化，如果你願意的話，芯片變大或變小，這會導致價格調整。

And then from that point forward, there tends to be more year-over-year price downs like we get from our IC suppliers and very normal as volumes go up. This year, obviously, in the past near term, the last quarter and looking ahead, there's obviously more going on there with regards to supply chain disruptions at our customer and perhaps lower consumer demand.

然後從那時起，價格往往會比去年同期下降更多，就像我們從 IC 供應商那裡得到的那樣，並且隨著銷量的增加而非常正常。顯然，今年，在過去的近期，上個季度和展望未來，顯然有更多關於我們客戶的供應鏈中斷以及可能較低的消費者需求的事情發生。

But I think as we look ahead, our focus is on, one, continuing to do well and be a customer's innovation partner of choice in the consumer space but as well broadening out into other new applications. We've got extended reality. We've got automotive and then what's perhaps even more exciting over a longer time frame is in the industrial markets where sensing technologies will impact manufacturing, factories, warehouses.

但我認為，展望未來，我們的重點是，一個，繼續做好並成為客戶在消費領域的首選創新合作夥伴，同時擴大到其他新應用。我們有擴展現實。我們有汽車，然後在更長的時間範圍內更令人興奮的可能是工業市場，傳感技術將影響製造、工廠、倉庫。

And that's an area where not only can we supply lasers, but we can supply modules and subsystems leveraging a much broader base of technologies that Lumentum offers. So I think there's a lot of tailwinds more broadly when we start talking about these expanded use cases in new applications, these new applications, perhaps a higher dollar content and things like automobiles, as an example or even extended reality headsets tend to have more sensors per a given device so that amplifies the dollar count opportunity per unit. Does that answer your question?

在這個領域，我們不僅可以提供激光器，還可以提供利用 Lumentum 提供的更廣泛技術基礎的模塊和子系統。所以我認為，當我們開始談論新應用中的這些擴展用例時，有很多更廣泛的順風，這些新應用，可能是更高的美元內容和汽車之類的東西，例如，甚至擴展現實耳機往往有更多的傳感器每個給定的設備，以便擴大每單位的美元計數機會。這是否回答你的問題？

It really does. Chris, if I could just ask a very, I hope, a quick follow-up. In terms of the initial revenues being recognized out of auto, IoT, et cetera. How would you characterize those revenues? Are those sort of still proof-of-concept revenues? I guess what I'm trying to get at is, is there a line of sight to an inflection in some of those nonconsumer markets for 3D?

確實如此。克里斯，我希望能快速跟進一下。就從汽車、物聯網等領域確認的初始收入而言。您如何描述這些收入？那些仍然是概念驗證收入嗎？我想我想表達的是，是否存在一些 3D 非消費市場的拐點？

I'd say it's more than proof-of-concept as -- especially in China, the adoption of LiDAR is becoming a reality. And so I'd say that the inflection point isn't in the very short term with respect to ramping, but I would say that these are going into vehicles that are going out on the road. And so I'd say that fiscal -- by the end of fiscal '24, we should see a meaningful pickup in that business. And we're excited about the broad range of customer engagements that we have and the design wins that we've been awarded. So it's more of a long-term investment that we continue to make. And in the coming years, it should be more meaningful.

我想說這不僅僅是概念驗證——尤其是在中國，採用 LiDAR 正在成為現實。因此，我想說的是，拐點不會在短期內出現，但我會說這些拐點將進入正在行駛的車輛。所以我想說，到 24 財年結束時，我們應該會看到該業務出現有意義的回升。我們對廣泛的客戶參與以及我們獲得的設計大獎感到興奮。因此，這更像是我們繼續進行的一項長期投資。在未來幾年，它應該更有意義。

Our next question comes from Ananda Baruah of Loop Capital.

我們的下一個問題來自 Loop Capital 的 Ananda Baruah。

I guess 2 quick ones, if I could. Chris, you had mentioned with -- it was mentioned in the slide deck with regards to 3D sensing that the demand was softer than anticipated. So was there a production component to that as well (inaudible) end market component to that as well? And then just a quick follow-up.

如果可以的話，我想 2 個快速的。克里斯，你提到過 - 在幻燈片中提到 3D 傳感的需求比預期的要疲軟。那麼是否也有生產組件以及（聽不清）終端市場組件呢？然後只是快速跟進。

Yes. On our end, I don't think there was any production component limiting us. It was generally focused on customer demand. And I think the factors that we've highlighted are around customer supply chain disruptions that really impacted, the second quarter being a little bit below where we had originally thought. If you recall, these disruptions maybe began slightly before our last earnings call, but they continued, if you will, through the remainder of the year.

是的。在我們這邊，我認為沒有任何生產組件限制我們。它通常專注於客戶需求。而且我認為我們強調的因素是真正影響的客戶供應鏈中斷，第二季度略低於我們最初的預期。如果你還記得的話，這些中斷可能在我們上次財報電話會議之前就開始了，但如果你願意的話，它們會持續到今年餘下的時間。

Got it. Helpful. And how would you guys characterize the transceiver business right now? And sort of demand of transceivers into end customers? And I guess, any impact from transceiver inventory that you're seeing at end customers. And that's it for me.

知道了。有幫助。你們現在如何描述收發器業務？以及最終客戶對收發器的需求？我想，您在終端客戶處看到的收發器庫存的任何影響。對我來說就是這樣。

Ananda, are you referencing datacom transceivers, telecom transceivers?

阿南達，你指的是數據通信收發器、電信收發器嗎？

Well to be clear...

好吧，要清楚...

Go ahead.

前進。

Oh! Am I back? Yes, I was trying to get it NeoPhotonics specifically.

哦！我回來了嗎是的，我正在嘗試專門獲取它 NeoPhotonics。

Yes. So I would say that -- so you're probably referencing Z -- yes, the ZR transceivers coming out of and DCO-type modules and things are going well on that front. We participate in the transceiver market, both by supplying to other transceiver vendors, and that's the bulk of the revenue participating in that market today, but as Alan highlighted, we have our own ZR, ZR+ business with the NeoPhotonics acquisition. Good design wins and our big focus today is leveraging the combined company's capabilities to bring costs down and drive more design wins, and we anticipate that will be a tremendous growth opportunity for us over the next couple of years given that, that ZR, ZR+ markets going to be a multibillion-dollar market and especially as a transition to 800-gig long-term tailwinds.

是的。所以我會說 - 所以你可能會引用 Z - 是的，ZR 收發器和 DCO 型模塊在這方面進展順利。我們通過向其他收發器供應商提供產品來參與收發器市場，這是當今參與該市場的大部分收入，但正如艾倫強調的那樣，我們通過收購 NeoPhotonics 擁有自己的 ZR、ZR+ 業務。良好的設計獲勝，我們今天的重點是利用合併後公司的能力來降低成本並推動更多的設計獲勝，我們預計這將在未來幾年內為我們帶來巨大的增長機會，因為 ZR、ZR+ 市場將成為一個價值數十億美元的市場，尤其是作為向 800 兆字節的長期順風過渡。

Our next question comes from Vivek Arya of Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Vivek Arya。

I'm trying to understand whether your commentary about datacom demand being soft. Is that Lumentum specific, a single customer, a single-product type thing? Or is it a broad commentary on datacom demand being softer as an industry across the board for most of the year?

我想了解您對數據通信需求的評論是否溫和。 Lumentum 是特定的、單一客戶、單一產品類型的東西嗎？或者這是對數據通信需求在一年中的大部分時間裡作為一個行業整體疲軟的廣泛評論？

I would say that it's more end market softness in the cloud providers. And so for Lumentum, we sell datacom chips to both the cloud providers as well as the module manufacturers. And as the cloud -- as the cloud providers slow the deployments of data centers, they slow the deployment of -- or consumption of datacom modules. And so what we're seeing is -- is that inventory being depleted, but the slower growth of cloud that has been very public from those end customers basically slows the consumption of what was originally thought to be much stronger. And so our view on this is it's a temporary issue that we'll get through and very excited about the broadening of products as we address AI and machine learning. So I wouldn't say it's a momentum specific. It's more of an end market change that we've seen, that's temporary.

我想說的是雲提供商的終端市場更加疲軟。因此，對於 Lumentum，我們向雲提供商和模塊製造商銷售數據通信芯片。隨著雲——隨著雲供應商減緩數據中心的部署，他們減緩了部署——或數據通信模塊的消耗。因此，我們所看到的是——庫存正在耗盡，但這些終端客戶公開的雲增長放緩基本上減緩了原本被認為更強勁的消費。因此，我們對此的看法是，這是一個暫時的問題，我們將解決這個問題，並且在我們解決人工智能和機器學習問題時對產品的擴展感到非常興奮。所以我不會說這是一個特定的動量。我們所看到的更多是終端市場的變化，那是暫時的。

Understood. And for my follow-up, realistically, does your 3D sensing business start to grow with a normal seasonal pattern from September onwards? Or we should still be looking out for any sequential share shift that could prevent that from happening. I just want to make sure that at this point from what you see, has share normalized? Or is there any more to go on a sequential basis as we get to the better second half, calendar half of the year?

明白了。對於我的後續行動，實際上，您的 3D 傳感業務是否從 9 月開始以正常的季節性模式開始增長？或者，我們仍應留意任何可能阻止這種情況發生的連續份額轉移。我只想確定，從您所看到的這一點來看，份額是否已正常化？或者隨著我們進入更好的下半年，即今年的日曆半年，是否還有更多的事情要做？

Yes. I mean I think that, that business will continue to be seasonal, if you will. So we expect going from third quarter into the fourth quarter would decline and then fourth quarter going to the first quarter would grow. So yes, we would expect that seasonal factors will become more significant than they have in the last couple of quarters where the normalization process has unfolded.

是的。我的意思是，我認為，如果您願意，該業務將繼續是季節性的。因此，我們預計從第三季度到第四季度將會下降，然後從第四季度到第一季度將會增長。所以是的，我們預計季節性因素將變得比正常化進程展開的最後幾個季度更為重要。

Our next question comes from Mike Genovese of Rosenblatt.

我們的下一個問題來自 Rosenblatt 的 Mike Genovese。

Okay. Fantastic. Best for last. I wanted to ask somebody else has asked about the commercial lasers business. It was up to $57 million, all-time record, guiding it sequentially down. Can it get bigger than this? Can it eventually get into the [60s?] What's the medium-term outlook for commercial lasers?

好的。極好的。最適合最後。我想問問別人問過商業激光業務。它高達 5700 萬美元，創歷史新高，導致它連續下降。它能變得比這更大嗎？它最終能否進入 [60 年代？] 商用激光器的中期前景如何？

Yes. We're very excited about lasers and the growth. Year-on-year, our laser business grew 30% in the trailing 12 months. And so we're gaining share in lasers, and that's really due to the innovation and new product introduction as we talked about the new markets that we're getting in. So I would fully expect us to continue to be able to grow over the long term as we introduce new products, especially in our ultra-fast lasers, which is getting great adoption by these new markets. So yes, we're excited about the long-term outlook of organic growth in our lasers business.

是的。我們對激光及其增長感到非常興奮。與去年同期相比，我們的激光業務在過去 12 個月中增長了 30%。因此，我們在激光領域的份額正在增加，這實際上是由於創新和新產品的推出，因為我們談到了我們正在進入的新市場。所以我完全希望我們能夠在未來繼續增長隨著我們推出新產品，特別是在我們的超快激光器中，這些新產品正在被這些新市場廣泛採用。所以是的，我們對激光業務有機增長的長期前景感到興奮。

Okay. Great. And (technical difficulty) question is just on telecom, as you think about, again, the medium term or a couple of year 2, 3-year outlook for telecom, is there still a confidence that this is a sustainable double-digit growth market for multiple years?

好的。偉大的。而且（技術困難）問題只是關於電信，正如你再次考慮的中期或幾年 2、3 年的電信前景，是否仍有信心認為這是一個可持續的兩位數增長市場多年？

Yes, I will (inaudible) Chris to chime in. Well, I think certainly, macro headwinds and uncertainty have us not thinking that every year we're going to be 10% every year, I'd say, long-term growth of bandwidth requirements. And if you look at over time, it grows at 10%. And so I think over the midterm, to your point, setting aside what happens in the economy, the trend rate or the growth rate should be 10% in telecom. Chris, do you have anything to add?

是的，我會（聽不清）克里斯插話。好吧，我認為當然，宏觀逆風和不確定性讓我們不認為每年我們都會每年增長 10%，我會說，長期增長帶寬要求。如果你看隨著時間的推移，它會以 10% 的速度增長。所以我認為在中期，就你的觀點而言，撇開經濟中發生的事情不談，電信的趨勢率或增長率應該是 10%。克里斯，你有什麼要補充的嗎？

Yes. I mean I think the only thing I'd add is that on a pro forma basis, the Lumentum plus Neo had we been together a year earlier, the telecom and datacom business is certainly up in the teens percent, if you will, in the first half of our fiscal '23 compared to the first half of fiscal '22. So the growth has been there despite the supply chain challenges and softening or the digestion of inventory coming from the cloud end markets. So I think that's demonstrated and our customers having tremendous backlog is also very encouraging. So I think that opportunity is there. But obviously, as you pointed out, there's macro factors that loom out there that I don't think anybody has seen impact at our customer level at this point. But very difficult to handicap as we look out the next year or next 2 years.

是的。我的意思是，我認為我唯一要補充的是，在備考基礎上，Lumentum 加上 Neo 如果我們一年前在一起，電信和數據通信業務肯定會以百分之十幾的速度增長，如果你願意的話，在我們 23 財年上半年與 22 財年上半年的對比。因此，儘管供應鏈面臨挑戰和疲軟或消化來自云端市場的庫存，但增長仍然存在。所以我認為這已經得到證明，我們的客戶積壓了大量訂單也非常令人鼓舞。所以我認為機會就在那裡。但很明顯，正如你所指出的，有一些宏觀因素隱約可見，我認為目前還沒有人在我們的客戶層面看到影響。但在我們展望明年或未來 2 年時，很難阻止。

Unfortunately, this is all the time we have for the Q&A session today. So I'll hand back over to Alan Lowe for any closing remarks.

不幸的是，這是我們今天問答環節的全部時間。因此，我將把任何結束語交還給 Alan Lowe。

Great. Thank you, Charlie. I would like to leave you with a few thoughts as we wrap up the call. I'm very excited about the tremendous opportunities ahead of us as we scale our business to serve the exponential growth in network bandwidth in the artificial intelligence, machine learning, mobile carrier and cloud computing markets.

偉大的。謝謝你，查理。在我們結束電話會議時，我想給您留下一些想法。隨著我們擴展業務以服務人工智能、機器學習、移動運營商和雲計算市場中網絡帶寬的指數級增長，我們面臨著巨大的機遇，我感到非常興奮。

We have a proven playbook to win with our best-in-class products and technologies and to leverage these technologies in other markets. We are committed to investing deeply in innovation and our manufacturing capabilities to deliver on customer needs today and into the future.

我們有一套行之有效的策略，可以憑藉我們一流的產品和技術取勝，並在其他市場利用這些技術。我們致力於深入投資於創新和我們的製造能力，以滿足當今和未來客戶的需求。

With that, I would like to thank everyone for attending and we look forward to talking with you again at LITE 2023, Lumentum's Investor Technology event on March 7 at the OFC trade show. You will find registration information about this event and other upcoming investor events on our website. Thank you very much for attending.

在此，我要感謝大家的出席，我們期待在 3 月 7 日在 OFC 貿易展上舉辦的 Lumentum 投資者技術活動 LITE 2023 上與您再次交談。您可以在我們的網站上找到有關此活動和其他即將舉行的投資者活動的註冊信息。非常感謝您的出席。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。