Lumentum Holdings Inc (LITE) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Holdings Second Quarter Fiscal Year 2024 Earnings Call. (Operator Instructions) Please also note that today's event is being recorded for replay purposes.

大家好，歡迎參加 Lumentum Holdings 2024 財年第二季財報電話會議。 （操作員說明）也請注意，今天的活動正在錄製以供重播之用。

(Operator Instructions) At this time, I would like to turn the call over to Kathy Ta, Vice President of Investor Relations. Ms. Ta, please go ahead.

（接線生指示） 現在，我想將電話轉給投資人關係副總裁 Kathy Ta。塔女士，請講。

This is Kathy Ta, Lumentum's Vice President of Investor Relations. Joining me today are Alan Lowe, President, and Chief Executive Officer; Wajid Ali, Executive Vice President and Chief Financial Officer; and Chris Coldren, Senior Vice President and Chief Strategy and Corporate Development Officer.

我是 Kathy Ta，Lumentum 投資者關係副總裁。今天與我一起出席的有總裁兼執行長艾倫‧洛 (Alan Lowe)；瓦吉德·阿里，執行副總裁兼財務長；克里斯‧科爾德倫 (Chris Coldren)，資深副總裁兼首席策略與企業發展長。

Today's call will include forward-looking statements, including statements regarding our expectations and beliefs regarding recent acquisitions, including Cloud Light and NeoPhotonics, financial and operating results, macroeconomic trends, trends and expectations for our products and technologies, our end markets, market opportunities and customers and our expected financial performance, including our guidance as well as statements regarding our future revenues, financial model and margin targets.

今天的電話會議將包括前瞻性陳述，包括有關我們對最近收購（包括Cloud Light 和NeoPhotonics）的預期和信念的陳述、財務和營運業績、宏觀經濟趨勢、我們的產品和技術的趨勢和預期、我們的終端市場、市場機會和客戶和我們的預期財務業績，包括我們的指導以及有關我們未來收入、財務模型和利潤目標的聲明。

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, particularly the risk factors described in the 10-K for the fiscal year ended July 1, 2023, and our 10-Q that will be filed soon.

這些陳述存在風險和不確定性，可能導致實際結果與我們目前的預期有重大差異，特別是我們向 SEC 文件中描述的風險因素。我們鼓勵您查看我們最近向 SEC 提交的文件，特別是截至 2023 年 7 月 1 日的財年 10-K 以及即將提交的 10-Q 中所述的風險因素。

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.

本次電話會議中提供的前瞻性陳述是基於 Lumentum 截至目前的合理信念和預期。除適用法律要求外，Lumentum 不承擔更新這些聲明的義務。

Please also note that 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 results and accompanying supplemental slides are available on our website at www.lumentum.com, under the Investors section.

另請注意，除非另有說明，本次電話會議中討論的所有財務表現和預測均為非公認會計準則。非 GAAP 財務數據不應被視為替代或優於根據 GAAP 編制的財務數據。 Lumentum 包含第二財季業績的新聞稿以及隨附的補充幻燈片可在我們的網站 www.lumentum.com 的「投資者」部分下取得。

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

這樣，我會將電話轉給艾倫。

Thank you, Kathy, and good morning, everyone. Lumentum stands the leading edge of Photonics innovation, partnering with customers to enable the future of data centers and the networks that connect them. We equip our customers with the industry's most comprehensive Photonics portfolio, enabling them to unlock unparalleled performance and efficiency, from pluggable high-speed transceivers to enabling customers AI optimized architectures with industry-leading transmitters and photonics. We are at the forefront of data centers' needs.

謝謝你，凱西，大家早安。 Lumentum 處於光子學創新的前沿，與客戶合作，實現資料中心和連接資料中心的網路的未來。我們為客戶提供業界最全面的光子學產品組合，使他們能夠釋放無與倫比的性能和效率，從可插拔高速收發器到透過業界領先的發射器和光子學為客戶提供人工智慧優化架構。我們處於資料中心需求的最前線。

Together with our cloud customers, we are shaping the future of data transmission through pioneering technologies, such as chip scale photonics and advanced data transmission protocols, as well as highly efficient and automated manufacturing at scale. It has been just 3 months since we acquired Cloud Light, and we are thrilled with the team that has joined us and the many opportunities that lie ahead. In this brief period, we have had meaningful traction with customers on new data center opportunities, which we expect will drive significant additional growth as we complete the development of the new products and receive customer qualifications.

我們與雲端客戶一起，透過晶片級光子學和先進數據傳輸協議等開創性技術，以及高效、自動化的大規模製造，塑造數據傳輸的未來。距離我們收購 Cloud Light 才過去 3 個月，我們對加入我們的團隊以及未來的許多機會感到非常興奮。在這短暫的時期內，我們在新的資料中心機會上對客戶產生了有意義的吸引力，我們預計，隨著我們完成新產品的開發並獲得客戶資格，這將推動顯著的額外成長。

The market opportunity is accelerating, and we expect broader customer adoption of 800G technology as these qualifications finalize. Additionally, the initial ramp-up of 1.6 terabit products by early technology adopters is creating a lot of pull from customers, and we expect to have a first-to-market advantage given our vertical integration and test results from our labs.

市場機會正在加速湧現，我們預計隨著這些資格的最終確定，800G 技術將得到更廣泛的客戶採用。此外，早期技術採用者對 1.6 太比特產品的初步提升正在對客戶產生很大的吸引力，鑑於我們的垂直整​​合和實驗室的測試結果，我們預計將擁有率先上市的優勢。

Cloud Light transceiver shipments were very strong in the December quarter, contributing $59.5 million during the approximately 8 weeks after the acquisition. We expect our shipments will be even stronger in the March quarter.

Cloud Light 收發器出貨量在 12 月季度非常強勁，在收購後的大約 8 週內貢獻了 5,950 萬美元。我們預計三月季度的出貨量將更加強勁。

Given a mid-calendar year product transition planned by our largest data center customer, we expect revenue from data center transceivers to temporarily dip in the June and September quarters, and then grow significantly through the end of the year and into calendar year '25 as this transition completes and other new customer programs start to ramp. Given the surge in data demand of AI data centers and our strong traction on new transceiver opportunities, we are strategically expanding our leading-edge transceiver manufacturing capacity.

鑑於我們最大的資料中心客戶計劃在日曆年中進行產品過渡，我們預計資料中心收發器的收入將在 6 月和 9 月季度暫時下降，然後在年底和 25 日曆年大幅增長這一轉變完成，其他新客戶計劃開始啟動。鑑於人工智慧資料中心的資料需求激增以及我們對新收發器機會的強烈吸引力，我們正在策略性地擴大我們領先的收發器製造能力。

As a key part of this expansion, we are investing in state-of-the-art production lines at our manufacturing facility in Thailand. Our Thai factory has proven photonics manufacturing capabilities and has received numerous customer accolades, giving us confidence in our ability to ramp rapidly. This capacity will come online this summer, and we expect to lead the first wave of 1.6 terabit transceivers for multiple customers at this site.

作為這項擴張的關鍵部分，我們正在泰國的製造工廠投資最先進的生產線。我們的泰國工廠擁有成熟的光子製造能力，並獲得了許多客戶的讚譽，這讓我們對自己快速發展的能力充滿信心。該容量將於今年夏天上線，我們預計將在此網站為多個客戶引領第一波 1.6 太比特收發器。

In addition to this new capacity expansion in Thailand, we will be leveraging Lumentum's components in new Cloud Light transceiver designs. We believe the combination of our established history of customer partnership, proven manufacturing leadership, and unrivaled breadth of differentiated photonic component capabilities puts us at an excellent position to accelerate top line revenue growth and margins in this rapidly growing cloud transceiver market. While cloud data centers are forecasting double-digit CapEx growth in calendar '24, we are navigating challenging market conditions in other parts of our business. Based on sluggish carrier CapEx spending and our latest customer discussions, we now expect customer inventory digestion to extend through the balance of fiscal '24.

除了泰國的新產能擴張之外，我們還將在新的 Cloud Light 收發器設計中利用 Lumentum 的組件。我們相信，我們悠久的客戶合作歷史、久經考驗的製造領導力以及無與倫比的差異化光子元件能力的廣度相結合，使我們處於有利地位，可以在這個快速增長的雲收發器市場中加速營收成長和利潤率。雖然雲端資料中心預計 24 年資本支出將實現兩位數成長，但我們業務的其他部分正在應對充滿挑戰的市場條件。根據營運商資本支出疲軟和我們最新的客戶討論，我們現在預計客戶庫存消化將持續到 24 財年的餘額。

Nevertheless, we are highly confident in our market position and the ultimate recovery and growth of this business. As fiber transmission reaches its physical capacity, network providers increasingly recognize the value of technologies like ours that enable continued network scaling, reinforcing our long-term confidence in this business.

儘管如此，我們對我們的市場地位以及該業務的最終復甦和成長充滿信心。隨著光纖傳輸達到其物理容量，網路供應商越來越認識到像我們這樣的技術的價值，這些技術可以實現持續的網路擴展，從而增強了我們對此業務的長期信心。

Moving to our Industrial Tech segment. We are very excited about our traction on new products, serving new applications, particularly for our ultrafast lasers. These are ramping up and are adding to our customer and market diversification in our Industrial Tech segment. That said, we do expect a period of lower demand over the coming quarters driven by typical seasonality in our consumer business and by macro softness in the industrial market, along with elevated customer inventory levels at one of our large laser customers.

轉向我們的工業技術領域。我們對新產品、新應用的吸引力感到非常興奮，特別是我們的超快雷射。這些正在增加，並增加了我們工業技術領域的客戶和市場多元化。也就是說，我們確實預計，由於我們的消費業務的典型季節性和工業市場的宏觀疲軟，以及我們的大型雷射客戶之一的客戶庫存水準上升，未來幾季的需求將會下降。

We expect the industrial laser inventory to be corrected over the next 6 months, around the same time frame as the seasonal uptick in our consumer business. This combined with our wins at new customers in new markets should lead to an Industrial Tech segment recovery during the second half of the calendar year.

我們預計工業雷射庫存將在未來 6 個月內得到糾正，與我們消費業務的季節性成長大致相同。再加上我們在新市場中贏得新客戶，應該會導致工業技術部門在今年下半年復甦。

Moving on to fiscal second quarter results. Second quarter revenue and EPS results were above the midpoint of our guidance ranges, with revenue of $366.8 million and EPS of $0.32. I'm very excited about the contribution that our Cloud Light acquisition had on the quarter and will have in the future, given the technology and capability of the combined companies to address the rapidly growing AI and ML photonics market.

接下來是第二財季業績。第二季營收和每股盈餘結果高於我們指引範圍的中點，營收為 3.668 億美元，每股盈餘為 0.32 美元。鑑於合併後的公司擁有應對快速成長的人工智慧和機器學習光子市場的技術和能力，我對 Cloud Light 收購在本季和未來所做的貢獻感到非常興奮。

We have continued to drive acquisition synergies to drive down our fixed costs, and Wajid will provide more color on this shortly. The combination of these lower fixed costs and the rebound in revenue will result in an accelerated expansions in our margins during fiscal '25.

我們繼續推動收購協同效應，以降低我們的固定成本，Wajid 很快就會就此提供更多資訊。固定成本的降低和收入的反彈將導致我們的利潤率在 25 財年加速擴張。

Cloud and networking revenue was up 25% sequentially, driven by strong cloud data center demand and the contribution from the Cloud Light acquisition, but down 25% year-on-year, given broad-based softness across most of our telecom networking product lines due to the continued inventory correction at our network equipment customers.

受強勁的雲端資料中心需求和收購 Cloud Light 的貢獻推動，雲端和網路營收季增 25%，但由於我們大多數電信網路產品線普遍疲軟，較去年同期下降 25%。 。

The future is bright for our cloud technology road map. In the second half of calendar '24, we expect to qualify the industry's first power-efficient 800G transceivers that employ 4 by 200 gig lanes of traffic using silicon photonics technologies.

我們的雲端技術路線圖的未來是光明的。在 24 年下半年，我們預計將驗證業界首款高能源效率 800G 收發器，該收發器採用矽光子技術，採用 4 x 200 GB 的流量通道。

As I mentioned earlier, we expect to ramp capacity this summer at our campus in Thailand and expect to lead the first wave of 1.6 terabit transceivers for multiple customers in this facility. These ultra high-speed transceivers provide additional bandwidth needed for AI workloads, while also alleviating data bottlenecks with lower power consumption and latency as customers move to 200 gig per lane technology.

正如我之前提到的，我們預計今年夏天將提高泰國園區的產能，並有望在該設施中為多個客戶提供第一批 1.6 太比特收發器。這些超高速收發器提供了人工智慧工作負載所需的額外頻寬，同時隨著客戶轉向每通道 200 GB 技術，還可以透過降低功耗和延遲來緩解資料瓶頸。

We expect that 200 gig per lane optics using not only photonics technology, but also our vertically integrated EML lasers, will be the workhorse of the next generation of hyperscale data centers once these new products are qualified at leading cloud and cloud infrastructure customers.

我們預計，一旦這些新產品在領先的雲端和雲端基礎設施客戶中獲得認可，不僅使用光子技術，而且使用我們的垂直整​​合EML 雷射器的每通道200 GB 光學元件將成為下一代超大規模資料中心的主力。

We have been receiving positive customer feedback about our 100 gig VCSEL performance for short distance data center applications, and expect to start ramping production in the second half of calendar '24. We will qualify our VCSELs in Cloud Light's active optical cables and transceiver platforms in the coming quarters.

我們已經收到了客戶對我們用於短距離資料中心應用的 100 gig VCSEL 表現的正面回饋，並預計在 2024 年下半年開始提高產量。我們將在未來幾季在 Cloud Light 的主動光纜和收發器平台中驗證我們的 VCSEL。

We are also working closely with cloud infrastructure providers on novel components and modules that leverage our unique technology capabilities to enable new future AI hardware architectures for higher bandwidth, lower power density and low-latency optical interconnects essential for training and inference applications.

我們也與雲端基礎設施供應商密切合作，開發新穎的組件和模組，利用我們獨特的技術能力，實現新的未來人工智慧硬體架構，以實現訓練和推理應用所必需的更高頻寬、更低功率密度和低延遲光學互連。

With the rapid build-out of AI and ML data centers, connecting those data centers with high speed, power and cost-efficient interconnects is becoming even more important. To that end, we continue to have success in our 400 gig ZR module business, where in Q2, we grew over 30% sequentially.

隨著人工智慧和機器學習資料中心的快速建設，以高速、強大且經濟高效的互連方式連接這些資料中心變得更加重要。為此，我們的 400 兆 ZR 模組業務繼續取得成功，第二季度我們的環比成長超過 30%。

Additionally, we are receiving positive customer feedback on our 800 gig ZR modules, and we are on track to be the first to market with customer samples this year. These modules will enable even higher speed, extended reach data center interconnects to help keep pace with rapidly expanding data center infrastructure.

此外，我們還收到了客戶對 800 gig ZR 模組的正面回饋，我們預計將成為今年第一個向市場提供客戶樣品的公司。這些模組將實現速度更快、覆蓋範圍更廣的資料中心互連，以幫助跟上快速擴展的資料中心基礎設施的步伐。

Our coherent transmission products outside of the data center are receiving positive customer feedback and traction on our next-generation 130 and 200 gigabaud data rate technologies that enable next-generation coherent applications at 800G, 1.2T and 1.6T. These high-speed products are available in both discrete and integrated form factors to enable enhanced performance in next-generation metro and long-haul applications.

我們的資料中心外相干傳輸產品正在獲得客戶的正面回饋，並受到我們下一代 130 和 200 吉波特資料速率技術的關注，這些技術可實現 800G、1.2T 和 1.6T 的下一代相干應用。這些高速產品有分立式和整合式兩種外形尺寸，可增強下一代城域和長途應用的效能。

As we move through calendar '24, we believe we are at the forefront of 200 gigabaud optical technology with our first-to-market and first-to-volume products. Turning to Industrial Tech. Fiscal Q2 was down 9% sequentially as expected, driven by seasonality in our 3D sensing business and inventory consumption at one of our large industrial lasers customers.

當我們進入 24 日曆年時，我們相信憑藉我們率先推向市場和率先量產的產品，我們處於 200 GB 光學技術的前沿。轉向工業技術。由於我們的 3D 感測業務的季節性以及我們大型工業雷射客戶之一的庫存消耗，第二財季按預期下降了 9%。

Industrial Tech was down 35% year-over-year, primarily due to increased competition for market share on a certain 3D sensing socket that we have discussed previously and overall macroeconomic softness. We expect revenue of 3D sensing for consumer applications to contribute approximately 5% or less of company revenue in Q3 and Q4 of fiscal '24.

工業技術年減 35%，主要是由於我們之前討論過的某個 3D 感測插座市場份額的競爭加劇以及整體宏觀經濟疲軟。我們預計 24 財年第三季和第四季消費應用 3D 感測的營收將占公司營收的約 5% 或更少。

As the shift to Industry 4.0 and 5.0 drives demand for greater automation and precision manufacturing, our laser products are well positioned to address evolving industrial needs. With precise control and pulse parameters, beam quality and stability, we are seeing growing opportunities for our ultrafast and solid-state lasers across key micromachining applications in semiconductor, EV batteries, displays, PCBs and solar cell manufacturing. Growth in new micromachining applications will help to partially offset the near-term headwinds I mentioned earlier.

隨著向工業 4.0 和 5.0 的轉變推動了對更高自動化和精密製造的需求，我們的雷射產品能夠很好地滿足不斷變化的工業需求。憑藉精確的控制和脈衝參數、光束品質和穩定性，我們看到超快固態雷射在半導體、電動車電池、顯示器、印刷電路板和太陽能電池製造等關鍵微加工應用中擁有越來越多的機會。新微加工應用的成長將有助於部分抵消我之前提到的近期不利因素。

To summarize, high-speed data center demand is skyrocketing, and we are accelerating product development and production to capture this growth, armed with long-standing customer partnerships, industry-leading manufacturing, and an unmatched portfolio of advanced photonic components, we are positioned to capture market share in the surging cloud transceiver market, driving significant top line and margin growth for Lumentum.

總而言之，高速資料中心的需求正在猛增，我們正在加速產品開發和生產以抓住這一增長，憑藉長期的客戶合作夥伴關係、行業領先的製造以及無與倫比的先進光子組件組合，我們的定位正在蓬勃發展的雲端收發器市場中佔領市場份額，推動Lumentum 的營收和利潤率顯著增長。

Before turning it over to Wajid, I would like to thank our employees and our customers around the world for their focus and dedication as they continue to collaborate and partner with Lumentum.

在將其交給 Wajid 之前，我要感謝我們的員工和世界各地的客戶在繼續與 Lumentum 合作和合作的過程中所表現出的專注和奉獻精神。

With that, Wajid?

就這樣，瓦吉德？

Thank you, Alan. As Alan mentioned, we are confident about our market position and growth opportunities across our served markets. We are focused on lowering our fixed cost base so that as revenue recovers, operating margin dollars will expand faster than revenue.

謝謝你，艾倫。正如艾倫所提到的，我們對我們所服務的市場的市場地位和成長機會充滿信心。我們專注於降低固定成本基礎，以便隨著收入的恢復，營業利潤率的成長速度將快於收入的成長。

To this end, we've made significant progress on manufacturing synergies by hitting key milestones on closing 2 NeoPhotonics factories in China this past December. The benefit will accrue to our financial position as we ramp production of most of those products at our Thailand facility.

為此，我們在去年 12 月關閉了位於中國的 2 家 NeoPhotonics 工廠，實現了關鍵里程碑，在製造協同效應方面取得了重大進展。隨著我們在泰國工廠提高大部分產品的產量，我們的財務狀況將受益匪淺。

Additionally, our Japan wafer fab consolidation plans are progressing well, and we expect to execute this plan by the first half of fiscal '25, allowing us to attain significant additional synergies in both manufacturing and operating expenses beginning in the fiscal third quarter of 2025.

此外，我們的日本晶圓廠整合計劃進展順利，我們預計將在25 財年上半年執行該計劃，使我們能夠從2025 財年第三季度開始在製造和運營費用方面實現顯著的額外協同效應。

As well, we continue to see incremental synergy and efficiency opportunities within our operating expenses. Consequently, we are increasing our synergy attainment expectations to $100 million, up from the prior target of $80 million. To date, we have achieved approximately $60 million in annual run rate savings, and expect to achieve the remaining $40 million as we execute against our plan. We will provide you with further updates as we achieve critical milestones.

此外，我們繼續在營運支出中看到增量協同和效率機會。因此，我們將綜效實現預期從先前的 8,000 萬美元目標提高到 1 億美元。迄今為止，我們已實現了約 6000 萬美元的年度運行率節省，並預計在執行計劃時實現剩餘的 4000 萬美元。當我們實現關鍵里程碑時，我們將為您提供進一步的更新。

As I have mentioned previously, we had prebuilt inventory of NeoPhotonics products to enable these factory transitions. In Q2, we reduced Lumentum's overall inventory levels by approximately $20 million sequentially, excluding the increase in inventory related to Cloud Light.

正如我之前提到的，我們預先建立了 NeoPhotonics 產品庫存，以實現這些工廠轉型。第二季度，我們將 Lumentum 的整體庫存水準較上月減少了約 2,000 萬美元，不包括與 Cloud Light 相關的庫存增加。

In addition, despite incorporating the operational expenses of our recent acquisition of Cloud Light in Q2, our tight financial discipline drove company-wide operating expenses down by $4 million on a year-over-year basis.

此外，儘管在第二季納入了我們最近收購 Cloud Light 的營運費用，但我們嚴格的財務紀律使全公司營運費用比去年同期下降了 400 萬美元。

We're confident that our combined efforts on manufacturing efficiency, inventory management and cost control will pave the way for continued improvements in gross and operating margins as telecom revenue recovers and our cloud revenue continues to grow. Net revenue for the second quarter was $366.8 million, which was up 15.5% sequentially and down 27.5% year-on-year. As Alan mentioned, during the quarter, we recognized $59.5 million in revenue from a partial quarter of Cloud Light. The majority of this revenue came from 800G transceiver shipments.

我們相信，隨著電信收入的復甦和雲端收入的持續增長，我們在製造效率、庫存管理和成本控制方面的共同努力將為毛利率和營業利潤率的持續改善鋪平道路。第二季淨收入為3.668億美元，季增15.5%，年減27.5%。正如 Alan 所提到的，在本季度，我們從 Cloud Light 的部分季度中確認了 5,950 萬美元的收入。其中大部分收入來自 800G 收發器出貨量。

GAAP gross margin for the second quarter was 17.4%, GAAP operating loss was 28.7%, and GAAP diluted net loss per share was $1.47, with a large portion of the GAAP net loss due to acquisition-related charges and amortization.

第二季 GAAP 毛利率為 17.4%，GAAP 營運虧損為 28.7%，GAAP 攤薄後每股淨虧損為 1.47 美元，其中很大一部分 GAAP 淨虧損來自收購相關費用和攤銷。

Second quarter non-GAAP gross margin was 32.6%, which was down sequentially and down year-on-year, driven by product mix and factory underutilization. Second quarter non-GAAP operating margin was 3.5%, which was up sequentially and down year-on-year. Second quarter non-GAAP operating income was $13 million, and adjusted EBITDA was $39 million.

第二季非 GAAP 毛利率為 32.6%，受產品結構和工廠利用率不足的影響，較上季下降，較去年同期下降。第二季非 GAAP 營運利潤率為 3.5%，季減，年減。第二季非 GAAP 營業收入為 1,300 萬美元，調整後 EBITDA 為 3,900 萬美元。

Second quarter non-GAAP operating expenses totaled $106.7 million or 29.1% of revenue, up $6.6 million from Q1 due in part to the acquisition of Cloud Light, and down $3.6 million from the year ago quarter due to tight expense controls and continued synergy attainment.

第二季非GAAP 營運費用總計1.067 億美元，佔營收的29.1%，較第一季增加660 萬美元，部分原因是收購Cloud Light，較去年同期減少360 萬美元，原因是嚴格的費用控制和持續實現的協同效應。

Q2 non-GAAP SG&A expense was $38.4 million. Non-GAAP R&D expense was $68.3 million. Interest and other income was $12.3 million on a non-GAAP basis due to interest earned on our cash and investments. Second quarter non-GAAP net income was $21.7 million, and non-GAAP diluted net income per share was $0.32.

第二季非 GAAP SG&A 費用為 3,840 萬美元。非 GAAP 研發費用為 6,830 萬美元。由於我們的現金和投資賺取利息，以非公認會計準則計算，利息和其他收入為 1,230 萬美元。第二季非 GAAP 淨利為 2,170 萬美元，非 GAAP 攤薄後每股淨利為 0.32 美元。

Our fully diluted share count for the second quarter was 67.4 million shares on a non-GAAP basis. Our cash position decreased by $720 million during the quarter to $1.22 billion. This was primarily due to the $705 million in cash used for the purchase of Cloud Light. In addition, we incurred approximately $8 million of normal course expenses associated with the transaction.

以非公認會計準則計算，我們第二季完全稀釋後的股票數量為 6,740 萬股。本季我們的現金部位減少了 7.2 億美元，至 12.2 億美元。這主要是由於用於購買 Cloud Light 的 7.05 億美元現金。此外，我們還支付了約 800 萬美元的與此交易相關的正常費用。

Turning to segment details. Second quarter Cloud and Networking segment revenue at $286.7 million increased 24.8% sequentially, and was down 25.1% year-on-year. Cloud and Networking segment non-GAAP reporting profit at 10.1% decreased sequentially and year-on-year.

轉向細分細節。第二季雲端和網路部門營收為 2.867 億美元，季增 24.8%，年減 25.1%。雲端和網路部門的非 GAAP 報告利潤環比和年減 10.1%。

Our second quarter Industrial Tech segment revenue at $80.1 million was down 8.9% sequentially, and down 34.9% year-on-year. Second quarter Industrial Tech non-GAAP reporting profit of 15.9% was down sequentially and year-on-year.

我們第二季工業技術部門的營收為 8,010 萬美元，季減 8.9%，年減 34.9%。第二季工業科技非公認會計準則報告利潤季減 15.9%。

Before I move to our guidance, I would like to add some context to an impact to our revenue related to export regulations. Late last year, we were notified by certain critical IC suppliers that service the industry broadly, that their products do not comply with the latest export regulations. Consequently, in December, we stopped the majority of our product shipments to the largest networking equipment manufacturer in China.

在開始我們的指導之前，我想補充一些有關出口法規對我們收入的影響的背景資訊。去年年底，我們接到某些廣泛為該行業提供服務的重要 IC 供應商的通知，稱他們的產品不符合最新的出口法規。因此，我們在 12 月停止了向中國最大的網路設備製造商發貨的大部分產品。

Our assumption is that these export regulations will continue indefinitely, and result in an approximate $40 million to $50 million reduction in calendar year '24 revenue from our prior expectations. Longer term, we believe geopolitical factors could pose a benefit to our revenue opportunity, given our larger product footprint within other customers who are expected to be end market share gainers over time.

我們的假設是，這些出口法規將無限期地持續下去，並導致 24 年日曆年的收入比我們之前的預期減少約 4,000 萬至 5,000 萬美元。從長遠來看，我們認為地緣政治因素可能會為我們的收入機會帶來好處，因為我們在其他客戶中的產品足跡更大，預計隨著時間的推移，這些客戶將成為最終市場份額的獲得者。

Now, let me move to our guidance for the third quarter of fiscal '24, which is on a non-GAAP basis and is based on our assumptions as of today. We expect net revenue for the third quarter of fiscal '24 to be in the range of $350 million to $380 million. This Q3 revenue forecast includes the following assumptions: Cloud and Networking to be up, driven by strong cloud demand, and a full quarter of Cloud Light despite more than a $10 million impact from the export regulations just mentioned, and Industrial Tech to be down nearly $40 million sequentially at the midpoint due to 3D sensing seasonality and share dynamics as well as industrial laser customer inventory digestion that Alan mentioned earlier.

現在，讓我談談我們對 24 財年第三季的指導，該指導基於非 GAAP 基礎，並且基於我們截至今天的假設。我們預計 24 財年第三季的淨收入將在 3.5 億美元至 3.8 億美元之間。第三季營收預測包括以下假設：雲端和網路業務將在強勁雲端需求的推動下成長，儘管剛才提到的出口法規影響超過1000 萬美元，但Cloud Light 的整個季度營收將成長，工業技術業務將下降近100 萬美元。

Based on this, we project third quarter non-GAAP operating margin to be in the range of 2% to 5%, and diluted net income per share to be in the range of $0.20 to $0.35. 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 account of 67.8 million shares.

據此，我們預計第三季非 GAAP 營業利潤率將在 2% 至 5% 之間，攤薄後每股淨利潤將在 0.20 美元至 0.35 美元之間。我們第三季的非 GAAP 每股盈餘指引是基於 14.5% 的非 GAAP 年度有效稅率。這些預測也假設股票帳戶大約為 6780 萬股。

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

之後，我會將電話轉回給 Kathy，開始問答環節。凱西？

Thank you, Wajid. (Operator Instructions) Now let's begin the Q&A session.

謝謝你，瓦吉德。 （操作員說明） 現在讓我們開始問答環節。

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

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

I will try to keep to that one. So I just wonder if you could maybe talk a little bit about your customer mix, customer concentration in this quarter. I'm wondering if you did have a new 10% customer? And how you see that particular concentration changing or evolving both sequentially and then longer term? And then I've got a quick follow-up.

我會盡力堅持這一點。所以我想知道您是否可以談談本季的客戶組合和客戶集中度。我想知道你們是否有新的 10% 客戶？您如何看待特定濃度的連續變化或演變以及長期變化？然後我會進行快速跟進。

Yes. Thanks, Simon. Yes, we did have a new 10% customer primarily due to the Cloud Light addition to revenue to that customer.

是的。謝謝，西蒙。是的，我們確實有了一個新的 10% 客戶，主要是因為 Cloud Light 增加了該客戶的收入。

And I'd say that, as we talked about on the scripts, we expect that diversification around our transceiver business will grow rapidly towards the end of this calendar year and into '25 as new 800 gig and 1.6T products are qualified with other hyperscalers as well as AI infrastructure companies. So we're very excited about that and the diversification of the customers around our transceiver business.

我想說的是，正如我們在腳本中討論的那樣，我們預計隨著新的800 gig 和1.6T 產品獲得其他超大規模提供商的認證，我們的收發器業務的多元化將在本日曆年年底和25 世紀快速成長以及人工智慧基礎設施公司。因此，我們對此以及收發器業務客戶的多元化感到非常興奮。

I would say that -- one of the things we did talk about was the less dependency on our consumer business. And that's why we gave specifics around 5% or less of our revenue in the next 2 quarters. And I think that's a healthy place to be with our consumer business.

我想說的是——我們確實討論過的事情之一是減少對我們消費者業務的依賴。這就是為什麼我們給出了未來 2 個季度收入的 5% 或更少的具體資訊。我認為這對我們的消費者業務來說是一個健康的地方。

Did I answer your question, Simon?

我回答你的問題了嗎，西蒙？

And then -- it does. And you sort of teed up my follow-up nicely in that. In the deck, the footnote mentions that Industrial Tech is expected to decline approximately $40 million sequentially. And I'm still sort of adjusting to this new segmentation. And I'm just wondering whether that implies, 3D is essentially dropping to 0. I know you said less than 5% of 0 is also less than 5%, or whether there's a significant portion of that $40 million coming out of this inventory adjustment, product cycle angle on your industrial lasers. So just looking for a little bit more help how to split that $40 million.

然後——確實如此。你在這方面很好地準備了我的後續行動。在幻燈片中，腳註提到工業技術預計將連續下降約 4000 萬美元。我仍在適應這種新的細分。我只是想知道這是否意味著 3D 基本上會下降到 0。 ，工業雷射上的產品週期角度。所以只是尋求更多幫助來分配這 4000 萬美元。

Yes. I would say that we're pretty confident in that 5-ish percent for consumer in Q3. So the balance would come from what we mentioned on the call around the inventory reduction efforts by one of our largest laser customers. So that's how you could kind of split up that $40 million.

是的。我想說，我們對第三季消費者的 5% 左右的成長非常有信心。因此，平衡將來自我們在電話會議中提到的關於我們最大的雷射客戶之一的庫存削減工作。這就是你如何分配這 4000 萬美元的方式。

Our next question comes from Alex Henderson from Needham.

我們的下一個問題來自尼達姆的亞歷克斯·亨德森。

Great. I wanted to dig into the Cloud Light business a little bit, and understand some of the dynamics there. But I also wanted to understand whether Cloud Light's technology in selling transceivers has changed the dynamics around your chip sales to other transceiver companies at all.

偉大的。我想深入了解 Cloud Light 業務，並了解其中的一些動態。但我還想了解 Cloud Light 銷售收發器的技術是否完全改變了您向其他收發器公司銷售晶片的動態。

First question is the 800 gig products that you're talking about ramping in VCSELs, is there a 1.6 terabit product coming down the pipe for that? Because we just heard from Fabrinet that they're expecting some impact on their business because of a product transition. I would assume that, that is in the AOC segment because they don't really do much in the InfiniBand segment. And I'm not aware of anybody having a 200 gig VCSEL product to ramp.

第一個問題是您所說的 VCSEL 中的 800 兆位元產品，是否有 1.6 太比特產品即將推出？因為我們剛從 Fabrinet 得知，他們預期產品轉型會對他們的業務產生一些影響。我認為，這是在 AOC 領域，因為他們在 InfiniBand 領域並沒有真正做太多事情。據我所知，沒有人擁有 200 G VCSEL 產品可供升級。

So can you talk about whether you -- that technology is out there and whether that's something that's in your cards on the AOC side?

那麼您能否談談您是否已經擁有該技術以及 AOC 方面是否已考慮到該技術？

Let me address your first question first, which is around the dynamics of our chip sales. And I would say, certainly, our chip customers had some concern around us being a competitor, but we assured them that we are their partners, and we really treat those 2 businesses very separately with a wall between our chip development team and our transceiver team, so there's no cross-contamination or concerns.

讓我先回答你的第一個問題，這是關於我們晶片銷售的動態。我想說，當然，我們的晶片客戶對我們成為競爭對手有些擔心，但我們向他們保證，我們是他們的合作夥伴，我們確實非常分開地對待這兩個業務，我們的晶片開發團隊和收發器團隊之間有一面牆，因此不存在交叉污染或擔憂。

And I think we've alleviated a lot of those concerns to the point where I am sold out on datacom chips today and through next quarter, and we're adding capacity to meet the demands of our EML business and bringing up our CW laser business in a rapid way.

我認為我們已經緩解了很多這些擔憂，以至於今天和下個季度我的數據通訊晶片都被賣光了，我們正在增加產能以滿足 EML 業務的需求並發展我們的 CW 雷射器業務以快速的方式。

On the VCSELs, we talked about the 100 gig VCSEL being released in the second half of this year. Very positive results, just going through final qualifications. And that would be more of an 800 gig AOC or 800 gig SR, multi-mode transceiver.

在VCSEL方面，我們談到了今年下半年發布的100G VCSEL。非常積極的結果，剛剛通過最終資格。這更像是 800 gig AOC 或 800 gig SR 多模收發器。

As far as 200 gig VCSELs, that's a little bit out for us and I think for the industry. So 1.6T would be more of a silicon photonics or EML-based transceiver. But I'll let Chris talk a little bit more about his thoughts on 200-gig VCSELs or 1.60T. Chris?

就 200 台 VCSEL 而言，這對我們和整個產業來說有點困難。因此 1.6T 更像矽光子或基於 EML 的收發器。但我會讓 Chris 多談談他對 200 場 VCSEL 或 1.60T 的想法。克里斯？

Yes. I mean, as you alluded to Alan, we are focused -- initial products of 1.6 terabit will be silicon photonic based. The industry is, however, developing 200 gig VCSELs on our road map developing, other third-party suppliers developing 200 gig VCSELs. So those will feather in overtime as well. And the Cloud Light transceiver platform has multimode transceivers, single-mode transceivers. So we're well positioned to participate in both opportunities.

是的。我的意思是，正如您提到艾倫那樣，我們的重點是——1.6 太比特的初始產品將基於矽光子。然而，該行業正在按照我們的開發路線圖開發 200 G VCSEL，其他第三方供應商也在開發 200 G VCSEL。所以這些也會在加時賽中體現。而Cloud Light收發器平台有多模收發器、單模收發器。因此，我們有能力參與這兩個機會。

So just that I understand, then if there is a 1.6 terabit product coming in the June quarter, it would have to be 16 lanes of 100? Because I mean, there's clearly an implication that there is something of that sort of coming down the pike in the June quarter and by other people's commentary. Is that not true?

據我了解，如果 6 月季度推出 1.6 太比特產品，它必須是 16 個通道，每通道 100 個？因為我的意思是，從其他人的評論來看，很明顯，六月季度會出現類似的情況。這不是真的嗎？

I can comment on what our plans are, which involve silicon photonics-based approaches. I think we also have alluded to on the call that 200 gig per lane technology is also on the horizon, let's say, and will be coming out over the next year. So I think you can put those facts together.

我可以評論我們的計劃，其中涉及基於矽光子的方法。我想我們也在電話會議中提到，每通道 200 GB 技術也即將出現，並且將於明年推出。所以我認為你可以把這些事實放在一起。

Yes. But just to be clear, we have 1.6 terabit silicon photonics in our labs today, and we have 200 gig EMLs that we have qualified internally that are ready to go and waiting for both internal qualification at the transceiver level as well as our customers' transceivers qualification using 200 gig EMLs that I think will come out later this year.

是的。但需要明確的是，我們今天的實驗室擁有 1.6 太比特矽光子裝置，並且擁有 200 GB EML，這些 EML 已通過內部認證，已準備就緒，正在等待收發器等級以及客戶收發器的內部認證使用200場EML 進行資格認證，我認為該資格將於今年稍後推出。

Just for clarification, that would then be an InfiniBand related product, not AOCs, right?

澄清一下，那將是 InfiniBand 相關產品，而不是 AOC，對嗎？

Well, it would be the Ethernet or InfiniBand. However, customers use our datacom chips. It's really up to them. And we're kind of -- we don't really care whether it's InfiniBand or otherwise.

嗯，那就是乙太網路或 InfiniBand。然而，客戶使用我們的數據通訊晶片。這真的取決於他們。我們並不真正關心它是 InfiniBand 還是其他。

So Chris, do you have any other comments on InfiniBand?

Chris，您對 InfiniBand 還有其他評論嗎？

Nothing to add. That certainly, we have both capabilities in both end development.

沒什麼好補充的。當然，我們在兩端開發方面都有能力。

Our next question today comes from Samik Chatterjee from JPMorgan.

今天我們的下一個問題來自摩根大通的 Samik Chatterjee。

Maybe just not to sort of keep going on datacom, but to just make sure I'm not confused. You talked about the product transition that your primary customer there for Cloud Light is undergoing. Maybe you can flesh that out a bit in your own words, what's the transition? And more curious to hear what's your visibility in terms of market share with the customer following that transition? Any thoughts or any color on whether you expect any changes in relation to market share? And then I have a quick follow-up.

也許只是不是為了繼續進行數據通信，而是為了確保我不會感到困惑。您談到了您的 Cloud Light 主要客戶正在經歷的產品轉型。也許你可以用自己的話來具體說明一下，過渡期是什麼？更想知道轉型後您在客戶中的市場佔有率的可見度如何？對於您預計市場佔有率是否會發生任何變化，您有什麼想法或看法嗎？然後我會進行快速跟進。

Yes, I'll comment on product transition. Certainly, we have to be a little careful, customer sensitivity, but you can imagine that as 800 gig is launched, there are subsequent generations of 800 gig, whether that be a different form factor or transitioning from 100 gig to 200 gig per lane. So there are range of changes, as you get further into technology maturity to reduce power consumption and power density challenges in your systems.

是的，我將對產品過渡發表評論。當然，我們必須小心一點，考慮到客戶的敏感性，但您可以想像，隨著800 gig 的推出，還會有後續幾代800 gig，無論是不同的外形規格還是從每通道100 gig 過渡到200 gig。因此，隨著技術的進一步成熟，會發生一系列的變化，以降低系統中的功耗和功率密度挑戰。

I think with regard to market share, we're very excited and believe that we have lots of opportunity to gain share, and that's why, as we talked about in our prepared remarks, that we're expanding capacity very significantly so that we can come out and really accelerate growth later this calendar year and into calendar '25.

我認為就市場份額而言，我們非常興奮，並相信我們有很多機會獲得份額，這就是為什麼，正如我們在準備好的發言中談到的那樣，我們正在大幅擴大產能，以便我們能夠出來並在今年晚些時候和進入日曆“25”時真正加速增長。

And maybe just for my follow-up. On the telecom segment, your primary competitor of your company is calling out a recovery in demand in China, which I'm assuming you're not able to capitalize on because of the trade regulations.

也許只是為了我的後續行動。在電信領域，你們公司的主要競爭對手正在呼籲中國的需求復甦，但我認為由於貿易法規的原因，你們無法利用這一點。

But just curious if this is a situation where you would sort of just go rework the product and get through some of the supply chain reorganization to still try to address that market with a different customer? Or is this sort of an area where you really don't have an option to go around and capitalize on that demand recovery in the China market?

但只是好奇在這種情況下，您是否會重新設計產品並完成一些供應鏈重組，以便仍然嘗試與不同的客戶一起解決該市場問題？或者說在這個領域你真的沒有選擇利用中國市場的需求復甦？

Yes. Samik, there are deployments about to happen in China that we're part of through non-Huawei customers. And we're, in a meaningful way, a very large part of the share of non-Huawei in China network equipment manufacturers. And in fact, that's one of the areas of strong strength.

是的。 Samik，我們將透過非華為客戶參與中國的一些部署。從某種意義上說，我們在中國網路設備製造商中佔據了非華為份額的很大一部分。事實上，這是我們的強項領域之一。

We stopped shipping due to the need to follow regulations, obviously. And I think that will trickle down eventually to the point where share will shift from network equipment manufacturers that we have a higher share of wallet on that over the long term, we believe, will be a tailwind for us.

顯然，由於需要遵守規定，我們停止了發貨。我認為這最終會逐漸減少，以至於份額將從網路設備製造商轉移，因為我們擁有更高的錢包份額，從長遠來看，我們相信這將成為我們的順風車。

Our next question today comes from Christopher Rolland from SIG.

今天我們的下一個問題來自 SIG 的 Christopher Rolland。

Mine is about Cloud Light. So first of all, you talked about maybe the end of a program and a dip in June and September. If you could kind of describe why that program just ends and why there isn't something fluid into the next segment of AI or what have you?

我的主題是關於雲光的。首先，您談到了可能會結束一個項目以及六月和九月的下滑。如果你能描述為什麼該程式剛結束以及為什麼沒有任何東西進入人工智慧的下一個部分，或者你有什麼？

And then you talked about a broadening into new customers. How many are you thinking? And how large do you think they may be versus your primary customer?

然後您談到了擴大新客戶範圍。你在想多少？與您的主要客戶相比，您認為他們的規模有多大？

Yes, Chris. I mean, we do, as you're alluding to, have a degree of customer concentration in the Cloud Light business. So the customer that's driven a lot of 800 gig growth over the past several quarters, there's a time to ramp down of the current generation of product and takes time to ramp up the next generation of products. So while there are other customers and other customers are growing, they're not sufficient to offset that product transition, if you will. And as Alan alluded to, we are, through the capacity expansions as well as new product activities, expanding the number of sockets that we have with multiple customers so that such product transitions, which do occur time to time, will be more smoothed out as the revenue base grows and diversifies in terms of the magnitude of other customer opportunities.

是的，克里斯。我的意思是，正如您所提到的，我們確實在一定程度上將客戶集中在 Cloud Light 業務上。因此，在過去幾個季度推動了 800 份工作成長的客戶需要一段時間來減少當前世代產品的數量，並需要時間來增加下一代產品的數量。因此，儘管有其他客戶並且其他客戶正在成長，但它們不足以抵消產品轉型（如果您願意的話）。正如艾倫所提到的，我們正在透過產能擴張和新產品活動，擴大我們與多個客戶的插座數量，以便時不時發生的產品轉換將更加順利，收入基礎隨著其他客戶機會的大小而增長和多樣化。

Certainly, as we talked about when we announced the acquisition of Cloud Light, I mean, this is a very large market. And so the opportunity to add multiples of current revenue in the coming years is certainly well ahead of us, and we're very well positioned with both the Cloud Light capabilities, then you add what Lumentum brings to the table. Customers to date are very encouraged by the possibilities, and are working closely with us to bring that to a reality over the coming years.

當然，正如我們在宣布收購Cloud Light時所談到的，我的意思是，這是一個非常大的市場。因此，未來幾年將當前收入增加數倍的機會肯定就在我們面前，而且我們在 Cloud Light 功能方面處於非常有利的位置，然後您可以添加 Lumentum 帶來的功能。迄今為止，客戶對這些可能性感到非常鼓舞，並正在與我們密切合作，以在未來幾年內將其變為現實。

We have to -- you can't develop a product, qualify it, and ramp it in a few quarters. That does take a little bit of time. And so that's why we're talking about having significant capacity additions and revenue growth later this calendar year.

我們必須——你不可能在幾個季度內開發出產品、對其進行資格認證並進行升級。這確實需要一點時間。這就是為什麼我們談論今年稍後產能大幅增加和收入成長的原因。

Yes. Maybe I can add to that as well. .

是的。也許我也可以補充一下。 。

Yes.

是的。

Just to add to that. I think given that we're a U.S. headquartered company and now investing heavily outside of China, is a very attractive alternative U.S. partner to all the cloud customers as well as the cloud infrastructure companies. And so that's what's really got our traction with, I'd say, every one of the customers, and that's why we're investing strongly in Thailand, and we'll continue to invest to meet the needs of the demands that our customers are asking for, because when they say go, they want to make sure we have the capacity in place. And so that's what gives us confidence and why we're investing so strongly.

只是補充一下。我認為，鑑於我們是一家總部位於美國的公司，現在在中國境外大力投資，對於所有雲端客戶以及雲端基礎設施公司來說，是一個非常有吸引力的替代美國合作夥伴。我想說，這就是我們真正吸引每位客戶的原因，這就是我們在泰國大力投資的原因，我們將繼續投資以滿足客戶的需求。有足夠的能力。這就是給我們信心的原因，也是我們如此大力投資的原因。

Maybe as a follow-up. Just to understand some of these moving product dynamics. When will 100 gig VCSELs be meaningful for you in terms of revenue? And then it sounds like you don't have a road map for 200 gig VCSELs, you'll have a hard cut to [SiPh] or EMLs for 200 gig, and that will be going into Cloud Light products as well. Did I get that transition correct?

也許作為後續行動。只是為了了解其中一些行動產品動態。就收入而言，100 台 VCSEL 何時對您有意義？然後，聽起來您沒有 200 GB VCSEL 的路線圖，您將很難削減到 200 GB 的 [SiPh] 或 EML，這也將進入 Cloud Light 產品。我的轉換正確嗎？

Sort of. I would say today our 100 gig VCSELs have a lot of positive feedback, will start revenue in the second half of the calendar year, will be meaningful in calendar '25, both from an AOC standpoint as well as a multi-mode SR transceiver.

有點像。我想說，今天我們的 100 gig VCSEL 獲得了很多積極的反饋，將在今年下半年開始收入，在 25 年日曆中將有意義，無論是從 AOC 角度還是從多模 SR 收發器角度來看。

We do have 200 gig on our road map. We are doing development work. And the progress that we made over the last year on 100 gig gives us a lot of confidence that we will have a 200 gig at the right time and that's probably end of '25 and into '26.

我們的路線圖上確實有 200 場。我們正在做開發工作。去年我們在 100 場演出上取得的進展給了我們很大的信心，我們將在正確的時間擁有 200 場演出，這可能是 25 年底到 26 年。

So 100 gig VCSELs have a very nice runway through '25. And I think our confidence in our 200 gig road map is very strong.

因此，到 25 年，100 台 VCSEL 的發展前景非常好。我認為我們對 200 場演出路線圖充滿信心。

So we will have both silicon photonics that will hit first. Silicon photonics first, EMLs as well around the same time at the 200 gig per line, and then VCSELs, 200 gig will come after them.

因此，我們將擁有首先出現的矽光子學。首先是矽光子學，大約在同一時間，EML 的產量達到每條線 200 GB，然後是 VCSEL，每條線的產量將達到 200 GB。

Our next question comes from Meta Marshall from Morgan Stanley.

我們的下一個問題來自摩根士丹利的梅塔·馬歇爾。

Great. It's been touched on a couple of questions, but just wanted to kind of narrow down into kind of the process or timeline of bringing your lasers into the Cloud Light portfolio. Just kind of what the timing of that vertical integration would be?

偉大的。它涉及到幾個問題，但只是想縮小範圍，將您的雷射納入 Cloud Light 產品組合的過程或時間表。垂直整合的時機是什麼？

And then maybe, just as a second question, more on the 3D sensing side of the portfolio, there are new kind of devices out from your major customer. Just anything in terms of kind of contextualizing how big that opportunity either is or could contribute to the year?

然後，正如第二個問題一樣，在產品組合的 3D 感測方面，您的主要客戶可能會推出新型設備。是否有任何關於這一機會對今年有多大貢獻或可能對這一年做出多大貢獻的背景信息？

Yes. So the timing of our lasers into Cloud Light's portfolio in the lab, certainly, they're already there in the short period that we've been one company, both on 100 gig VCSELs as well as EMLs. So then it's just a matter of customers don't want to do changes in existing product. And so it will come up as we get new product qualifications in new customers and new opportunities. And so I would say that it's all dependent upon how fast those qualifications happen. But I would say that, that would be really a second half of calendar '24 and into '25 in a more meaningful way.

是的。因此，我們的雷射在實驗室中進入 Cloud Light 產品組合的時機，當然，在我們成為一家公司的短時間內，它們就已經存在了，無論是 100 G VCSEL 還是 EML。那麼這只是客戶不想對現有產品進行更改的問題。因此，當我們在新客戶和新機會中獲得新產品資格時，它就會出現。所以我想說，這完全取決於這些資格發生的速度。但我想說的是，這實際上是 24 日曆的後半部分，並以更有意義的方式進入 25。

3D sensing, new devices, they're very secretive. We believe we are in some of their new devices. But quite frankly, the volumes of those devices are very small relative to handsets. So I don't think you should model any meaningful contribution on those new devices in the short term.

3D感測，新設備，它們非常保密。我們相信我們正在使用他們的一些新設備。但坦白說，這些設備的體積相對於手機來說非常小。因此，我認為您不應該在短期內對這些新設備做出任何有意義的貢獻。

Our next question today is from Karl Ackerman BNP Paribas.

今天我們的下一個問題來自法國巴黎銀行卡爾·阿克曼。

I have a question for Alan and one for Wajid. Wajid, within telecom, 130 and 200 gigabaud and Coherent optics would eventually, your own Coherent DSPs appear to be growth drivers for you.

我有一個問題想問艾倫，也有一個問題想問瓦吉德。 Wajid，在電信領域，130 和 200 吉波特以及相干光學器件最終將成為您自己的相干 DSP 的成長動力。

But where do you think your customers are on digesting inventory? I know you indicated it may not recover until September quarter. But have you seen book-to-bill trough in that area of business? Any color on that would be helpful as we think about the recovery in telecom?

但您認為您的客戶在消化庫存方面處於什麼狀態？我知道您表示它可能要到九月季度才能恢復。但您是否看到該業務領域的訂單到帳單低谷？當我們考慮電信業的復甦時，任何顏色都會有幫助嗎？

Yes. So on the high gigabaud products, those are constrained by our ability to meet customer demand today. And you're right, I think the combination of 130 gigabaud, 200 gigabaud and our own DSP is a real winning solution to meet the needs of next-generation ZR products as well as the long-haul and metro products.

是的。因此，在高千兆波特產品上，這些都受到我們今天滿足客戶需求的能力的限制。你是對的，我認為 130 GB、200 GB 和我們自己的 DSP 的結合是一個真正成功的解決方案，可以滿足下一代 ZR 產品以及長途和城域產品的需求。

So today, our 200 gigabaud and 130 gigabaud are going into more metro and long-haul applications, just as prior products, and prior generations, as then they cost reduce over time and get into a smaller form factor into ZR products. So that is often to the races, and it feels like the old times, the number of e-mails I get from executives asking us to ramp up faster and work with our suppliers to get product to them when they need it. So that's a very, very strong positive.

因此，今天，我們的200 GB 和130 GB 正在進入更多的城域和長途應用，就像之前的產品和前幾代產品一樣，隨著時間的推移，它們的成本會降低，並且ZR 產品的外形尺寸會更小。因此，這通常是為了競爭，感覺就像過去一樣，我從高階主管收到的電子郵件數量要求我們加快速度並與我們的供應商合作，在他們需要時向他們提供產品。所以這是一個非常非常強烈的正面因素。

As far as digestion is concerned, I'd say that we have a lot of single source or primary source products that during the pandemic, we're in short supply, where customers ordered in anticipation. For example, our tunable laser that came from NeoPhotonics is the workhorse of the industry, and there's inventory at many of our customers of those products as the anticipation of ZR demand was very, very strong, and it became less so over the horizon. So inventory needs to be digested out tunable lasers and when that goes away, and we believe that will take another quarter and a half or so that -- those products will ramp back up.

就消化而言，我想說，我們有很多單一來源或一手來源的產品，在疫情期間，我們供不應求，客戶在預期中訂購。例如，我們來自 NeoPhotonics 的可調諧雷射是該行業的主力，由於 ZR 需求的預期非常非常強烈，我們的許多客戶都有這些產品的庫存，但在未來，這種情況會變得不那麼明顯。因此，需要消化可調諧雷射的庫存，當庫存消失時，我們相信還需要四分之一半左右的時間，這些產品才會回升。

So I think putting aside the short-term inventory glut, we're very well positioned on existing products on new products and the new product demand is very strong. So I think from that perspective, we're very confident in our position, and the share -- market share today and going forward.

因此，我認為，拋開短期庫存過剩，我們在現有產品上對新產品的定位非常好，而且新產品的需求非常強勁。因此，我認為從這個角度來看，我們對我們的地位以及當前和未來的市場份額非常有信心。

Maybe a follow-up. You indicated how you are expanding production capacity in Thailand for high-speed laser components. At the same time, there seems to be quite a strong willingness by your customers to accept that. So are you seeing a willingness across the supply chain for your customers to co-invest in your capacity as they ready some of these very highly capable products really for AI clusters and next-generation AI networks as they ready for that demand?

也許是後續行動。您介紹如何擴大泰國高速雷射組件的生產能力。同時，您的客戶似乎非常願意接受這一點。那麼，您是否看到整個供應鏈中的客戶願意共同投資您的產能，因為他們為人工智慧叢集和下一代人工智慧網路準備了一些非常強大的產品，並準備好滿足這一需求？

I would say, on existing capacity and short-term growth of capacity, that's on our dime and our customers are encouraging us and will reward us over time with orders. They're investing their R&D and engineering resources to qualify our products in the short term.

我想說，就現有產能和短期產能成長而言，這是我們的責任，我們的客戶正在鼓勵我們，並將隨著時間的推移透過訂單獎勵我們。他們正在投資研發和工程資源，以在短期內驗證我們的產品。

I would say that we are getting co-investment on development projects to develop unique alternatives to transceivers. So for the long term, I think we have share of mind with some of the AI infrastructure companies around what does the next generation of datacom or optical interconnect or GPUs, et cetera? What does it look like? And they're willing to help us make those investments that will turn into revenue a little bit further out.

我想說的是，我們正在開發項目上進行共同投資，以開發收發器的獨特替代品。因此，從長遠來看，我認為我們與一些人工智慧基礎設施公司在下一代數據通訊、光學互連或 GPU 等方面有共同的想法？它看起來像什麼？他們願意幫助我們進行這些投資，這些投資將進一步轉化為收入。

But they're clearly partnering with us because they see the breadth of technology and capabilities that we have. So I'd say that's kind of the answer both from the short term as well as longer term. Does that answer your question, Karl?

但他們顯然正在與我們合作，因為他們看到了我們擁有的技術和能力的廣度。所以我想說，這既是短期也是長期的答案。這能回答你的問題嗎，卡爾？

Yes, it does.

是的，確實如此。

Our next question comes from Dave Kang from B. Riley.

我們的下一個問題來自 B. Riley 的 Dave Kang。

Just more question on the datacom segment. So with that fall or dip in June and September, how should we think about the datacom revenue for those 2 respective quarters?

關於數據通訊領域的更多問題。那麼，隨著 6 月和 9 月的下降或下降，我們應該如何看待這兩個季度的數據通訊收入？

Yes, Dave it's -- go ahead. Okay. Yes, let me take that. I'd say it -- we're still working on what that dip looks like. And clearly, our customer is looking to help us smooth that dip. And so I would think from a modeling standpoint, it could be down 30% through that transition period. But again, that's a matter of still working through?

是的，戴夫，是——繼續吧。好的。是的，讓我接受。我想說的是──我們仍在研究這種下降的情況。顯然，我們的客戶希望幫助我們緩解這種下滑。因此，我認為從建模的角度來看，在過渡期內可能會下降 30%。但話又說回來，這仍然是一個問題嗎？

And then can we pull in the new products into the September quarter, that would make that June quarter the low. And I think that's probably the case as we have made tremendous progress on the new products, and the demand for those new products are strong. So I'd say you can model kind of a dip in the June quarter with a slight pickup in the September quarter, but that's a little bit dynamic.

然後我們可以將新產品引入九月季度，這將使六月季度達到最低點。我認為情況可能就是這樣，因為我們在新產品方面取得了巨大進展，而且對這些新產品的需求也很強勁。因此，我想說，您可以模擬 6 月季度的下滑和 9 月季度的小幅回升，但這有點動態。

Got it. And then my second question is on the telecom. Just wondering, you talked about tunable lasers. Just wondering how big that business is? And also, can you -- any update on the ROADM segment?

知道了。我的第二個問題是關於電信的。只是想知道，您談到了可調諧雷射。只是想知道這個生意有多大？另外，您能了解 ROADM 領域的任何更新嗎？

Yes, Dave, we don't break those products out specifically, but I think maybe a key point, as Alan highlighted on the call or in the previous question, is both of those products are ones where there are more inventory out there, given the position we have and the criticality we are to our customers and the supply challenges around semiconductors or ICs a year ago or so. That's an area where inventory was built quite heavily. So for example, as our ZR modules ourselves are ramping up, tunable lasers aren't yet. So will be a time lag here a quarter or two before they starts to recover, given the amount of inventory that's out there.

是的，戴夫，我們不會具體分解這些產品，但我認為也許一個關鍵點，正如艾倫在電話會議或上一個問題中強調的那樣，這兩種產品的庫存都較多，因為我們的地位、我們對客戶的重要性以及一年前圍繞半導體或IC 的供應挑戰。這是一個庫存量相當大的領域。例如，當我們的 ZR 模組不斷增加時，可調諧雷射器卻還沒有增加。因此，考慮到現有的庫存量，它們開始恢復之前將存在一兩個季度的延遲時間。

So unfortunately, the situation is that some of the major product lines that we have, that have driven a lot of our historical revenue are the ones where there are high levels of inventory that are remaining to burn off in the coming couple of quarters.

不幸的是，情況是，我們擁有的一些主要產品線為我們帶來了大量的歷史收入，但這些產品線的庫存水平很高，在未來幾個季度仍有待消耗。

Our next question today comes from Ruben Roy from Stifel.

今天我們的下一個問題來自 Stifel 的 Ruben Roy。

I hope my first question is quick because you guys talked about this quite a bit. But Chris, I think this is for you, an answer to a previous question, just around this a little bit of a pause in the June and September quarters on the transceiver technology. I just wanted to make sure I understood. That's a design change 100% related to kind of your product and not because of other network elements. Is that the right way to think about it?

我希望我的第一個問題很快，因為你們已經討論了很多這個問題。但是克里斯，我認為這是對你之前問題的回答，就在六月和九月季度收發器技術方面的一些暫停。我只是想確保我理解了。這是一個 100% 與您的產品類型相關的設計變更，而不是因為其他網路元素。這是正確的思考方式嗎？

I would say, well, maybe a slightly different, which is to say that the customer wants to purchase different products that then we have to make a new product. And so there is a period of ramping down the old before we ramp up the new, and that's what presents the dip. The customer is trying to improve system or network performance, if you will, through a different sort of product design, if you will.

我想說，好吧，也許略有不同，也就是說，客戶想要購買不同的產品，然後我們必須製造新產品。因此，在我們增加新產品之前，有一段時期是要減少舊產品，這就是下降的原因。如果您願意，客戶正在嘗試透過不同類型的產品設計來提高系統或網路效能（如果您願意的話）。

Okay. And then on the industrial side, you have -- outside of 3D sensing, you've got the inventory consumption at a large customer and obviously, macro weakness ongoing.

好的。然後在工業方面，除了 3D 感測之外，還有大客戶的庫存消耗，顯然，宏觀疲軟仍在持續。

I'm wondering if you could kind of sort out the macro side of it? Are you -- how has design activity been, Alan? I know you've gotten some new products out there with some of the fast industrial lasers. Are you seeing any sort of pickup in design activity or discussions around either additive manufacturing or otherwise? Just curious how you're thinking about that over the next 12 to 18 months?

我想知道你是否可以從宏觀角度來解決這個問題？艾倫，你的設計活動怎麼樣？我知道你們已經推出了一些帶有一些快速工業雷射的新產品。您是否看到設計活動或圍繞增材製造或其他方面的討論出現任何形式的回升？只是好奇您在接下來的 12 到 18 個月內會如何考慮這個問題？

Yes. Good question. I'd say, as we said in the script, a lot of new applications, I'd say the one that we are ramping today is primarily around solar processing and manufacturing, and our laser gives them a differentiated efficiency of the solar cell. So it's -- as you can imagine, 1% efficiency or even a fraction of a percent efficiency for solar cells is a big deal. And so for whatever reason, our unique capability in our ultrafast laser has a lot of traction in that space.

是的。好問題。我想說，正如我們在腳本中所說，有很多新應用，我想說我們今天正在推進的應用主要是圍繞太陽能加工和製造，我們的雷射為它們提供了差異化的太陽能電池效率。所以，正如你可以想像的那樣，對於太陽能電池來說，1% 甚至百分之一的效率是一件大事。因此，無論出於何種原因，我們在超快雷射方面的獨特能力在該領域具有很大的吸引力。

And similarly, we are seeing a lot of design activity around other applications. And we talked about those on the call around EV batteries and PCBs and displays that are coming to fruition, and will turn into business really in the second half of calendar '24 and into '25.

同樣，我們也看到許多圍繞其他應用程式的設計活動。我們在電話會議上討論了有關電動車電​​池、PCB 和顯示器的內容，這些內容即將取得成果，並將在 24 年下半年和 25 年真正轉化為業務。

So yes, a lot of activity and a lot of success with respect to our femtosecond and picosecond lasers.

所以，是的，我們的飛秒和皮秒雷射器開展了很多活動並取得了很多成功。

Our next question today comes from Vivek Arya from Bank of America.

今天我們的下一個問題來自美國銀行的 Vivek Arya。

I just wanted to nail down what we have heard so far about June and September. So it seems like June is at least $30 million below March levels, all else being equal. And then September, it recovers, but maybe it doesn't get back to March levels, but I wanted to confirm that. And if June and September are both below March levels, then what happens to gross margins? Are they also below March levels. I just wanted to make sure that we just connect all the dots that we have heard so far on the call.

我只是想確定到目前為止我們所聽到的六月和九月的情況。因此，在其他條件相同的情況下，6 月的價格似乎比 3 月的水平低至少 3,000 萬美元。然後九月，它恢復了，但也許不會回到三月的水平，但我想確認這一點。如果 6 月和 9 月都低於 3 月的水平，那麼毛利率會發生什麼變化？它們是否也低於三月的水平？我只是想確保我們能夠將迄今為止在電話會議中聽到的所有要點聯繫起來。

Wajid, I think you're on mute.

瓦吉德，我認為你處於靜音狀態。

Sorry. Vivek, so I think that sounds about right. We do try to guide one quarter at a time, just given the number of customers that we have that are over 10%, and the type of volatility we can see. But based on the information we've provided, that's probably about the right math.

對不起。 Vivek，所以我認為這聽起來不錯。考慮到我們擁有超過 10% 的客戶數量以及我們可以看到的波動類型，我們確實嘗試一次指導一個季度。但根據我們提供的信息，這可能是正確的數學計算。

Gross margins were going -- well, gross and operating margins, we should be able to see some of the synergies flowing through in our June and September quarter that we talked about earlier. We've achieved $60 million exiting the December quarter, and we're expecting additional synergies to help us a little bit in March and probably more in June. And so we should be able to see the benefit of that flowing through. And so gross margin should be probably about flat at least into the June quarter with some improvement into the September quarter.

毛利率正在上升——嗯，毛利率和營業利潤率，我們應該能夠看到我們之前談到的六月和九月季度的一些協同效應。從 12 月的季度來看，我們已經實現了 6,000 萬美元的收入，我們預計額外的協同效應將在 3 月為我們帶來一些幫助，甚至在 6 月可能會帶來更多幫助。所以我們應該要能夠看到這種流動的好處。因此，毛利率至少在 6 月季度可能會持平，而到 9 月季度會有所改善。

So some of the new programs that Alan talked about do require some incremental R&D expenses for those large hyperscale customers. And so we won't be backing off on those. And so OpEx will modulate between June and September as well. But I think that's the right way to think about it.

因此，艾倫談到的一些新計劃確實需要為那些大型超大規模客戶增加一些研發費用。所以我們不會在這些方面退縮。因此，營運支出也將在 6 月至 9 月之間進行調整。但我認為這是正確的思考方式。

But just for -- sorry, just sort of clarification. 30% datacom down, not the company down in the June quarter, right?

但只是為了——抱歉，只是澄清一下。數據通訊下降了 30%，不是公司在 6 月季度下降，對嗎？

So $30 million, that's about $30-ish million, yes.

所以 3000 萬美元，大約是 3000 萬美元左右，是的。

My follow-up, how do you think about your balance sheet right now? Net leverage is, it's kind of higher than peers. And so how do you think about the balance sheet track now? Do you think you need to do anything extraordinary to shore it up? And in general, how should we think about just cash flow generation this year? So just any comment on the balance sheet would be helpful.

我的後續問題，您現在如何看待您的資產負債表？淨槓桿率略高於同業。那麼您現在如何看待資產負債表的軌跡？你認為你需要做一些非凡的事情來支撐它嗎？總的來說，我們該如何考慮今年的現金流產生？因此，對資產負債表的任何評論都會有所幫助。

Yes. So we exited the December quarter with a little over $1.2 billion in cash. Our expectation is that we'll continue to generate cash flow from operations both in the March quarter and in the June quarter as well. We are making some incremental investments in capital in our Thailand facility that Alan talked about. And so that will modulate between March and June, just depending on when the CapEx comes in and when we pay for it.

是的。因此，我們在 12 月季度結束時擁有略高於 12 億美元的現金。我們的預期是，我們將在三月季度和六月季度繼續從營運中產生現金流。我們正在對艾倫談到的泰國工廠進行一些增量投資。因此，這將在三月到六月之間進行調整，僅取決於資本支出何時進入以及我們何時支付。

We have a convertible debt due in March -- in the middle of March. And so our expectation is, is that we'll be able to pay that off from the cash that we have on the balance sheet. And that still leaves us with a comfortable level of cash exiting that payoff. So we're quite comfortable with the level of debt we have both on a gross and a net basis, just kind of given those dynamics.

我們的可轉換債務將於三月中旬到期。因此，我們的期望是，我們將能夠用資產負債表上的現金來償還這筆費用。這仍然給我們留下了可觀的現金退出回報水平。因此，考慮到這些動態，我們對總債務水準和淨債務水準都感到非常滿意。

So [Drew], I think we have time just for one more question.

[德魯]，我想我們還有時間再問一個問題。

Okay. Our next question comes from Ananda Baruah from Loop Capital.

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

Just sort of going back to the transceiver complex. Alan, Chris, what's the good way to think about overall Gen AI for you right now? I guess, how big would you size your kind of Gen AI-related business in the December quarter?

有點回到收發器複合體。艾倫、克里斯，你們現在考慮整體人工智慧的好方法是什麼？我想，您在 12 月季度的 Gen AI 相關業務規模有多大？

And I guess, what's a good way to think about -- and if you can include ZR in there if you think that, that belongs. Sounds like Alan, you, in your prior remarks, you think to some degree, you think it belongs.

我想，什麼是一個好的思考方式 - 如果你認為可以將 ZR 包含在其中，那就屬於。聽起來像艾倫，你在之前的言論中，你認為在某種程度上，你認為它屬於。

And then what's a good way to think about sort of, I guess, kind of like the growth rate of those? How you size that Gen AI related business over the next 12 to 24 months? There are a lot of moving parts with new customers and programs and stuff like that coming on. But any context on both of those questions would be probably pretty useful for us. Appreciate it.

然後，我想，思考這些成長率的好方法是什麼？您如何規劃未來 12 至 24 個月內與 Gen AI 相關的業務規模？有很多新的客戶和專案以及類似的事情正在發生。但關於這兩個問題的任何背景可能對我們都非常有用。欣賞它。

Sure. I would say, as we highlighted on the call, the Cloud Light revenue around $60 million, and will be going up significantly here in the March quarter with a full quarter of it. I think the vast, vast majority of that, given the vast, vast majority of that is 800 gig, is going into AI platforms.

當然。我想說，正如我們在電話會議上所強調的那樣，Cloud Light 的收入約為 6000 萬美元，並將在 3 月份季度大幅增長，佔整個季度的比例。我認為，鑑於其中絕大多數是 800 兆，其中絕大多數都將進入人工智慧平台。

If you were to look beyond that then obviously, we've got our datacom chip business, which is several tens of millions of dollars a quarter. As well, adding into that, I would be cautious to start throwing in some of the telecom revenue at this point, certainly, data going in and out of the data centers is relevant, but I think that's more of a longer-term story as more data centers are built -- purpose-built and spread out further for power consumption reasons that will start to really drive the telecom space.

如果你想超越這一點，那麼顯然，我們有數據通訊晶片業務，每季價值數千萬美元。此外，我會謹慎地開始投入一些電信收入，當然，進出資料中心的資料是相關的，但我認為這更多的是一個長期的故事，因為更多的資料中心被建造——出於功耗原因而專門建造和進一步擴展，這將開始真正推動電信領域的發展。

Now, going back to the revenue pieces that I highlighted between the Cloud Light transceivers and our datacom chips, I expect -- I mean, obviously, we've talked about kind of the dip here over the coming quarters, but if we were to look at that over a several year period to smooth those out, I think the industry is expecting that AI is growing at a 50% CAGR or something like that over the next 3-plus years.

現在，回到我強調的 Cloud Light 收發器和我們的數據通訊晶片之間的收入部分，我預計 - 我的意思是，顯然，我們已經討論了未來幾個季度的收入下降，但如果我們看看幾年後的情況，我認為業界預計人工智慧在未來3 年多的時間裡將以50% 的複合年增長率或類似的速度成長。

So I think we've got an opportunity to grow at least as fast as that, if not faster, given our more modest overall market share, but having all of the essential ingredients to be able to be a share gainer.

因此，我認為，考慮到我們整體市佔率較小，但我們擁有成為份額成長者的所有基本要素，我們有機會至少以同樣的速度成長，甚至更快。

And now I think we're going to turn the call back over to Alan for some closing remarks.

現在我想我們將把電話轉回給艾倫做一些結束語。

Great. Thank you, Kathy. I would like to leave everybody with a few thoughts as we wrap up the call. We are confident in our agility and leadership position to navigate the current market environment. Lumentum stands at the forefront of the data center revolution from pioneering chip-scale photonics to automated manufacturing, and to new and growing partnerships with hyperscale cloud customers and infrastructure providers.

偉大的。謝謝你，凱西。在我們結束通話時，我想留給大家一些想法。我們對自己駕馭當前市場環境的敏捷性和領導地位充滿信心。從開創性的晶片級光子學到自動化製造，再到與超大規模雲端客戶和基礎設施供應商建立的新的、不斷增長的合作夥伴關係，Lumentum 站在資料中心革命的最前沿。

Our Cloud Light acquisition has already proven to be a success with a fantastic team and valuable insight propelling our high-speed transceiver production to meet surging demand.

事實證明，我們對 Cloud Light 的收購是成功的，擁有出色的團隊和寶貴的洞察力，推動我們的高速收發器生產以滿足不斷增長的需求。

With that, I would like to thank you for attending today's call, and we look forward to meeting you again at investor conferences, upcoming meetings and at the OFC show in San Diego. Thank you.

在此，我要感謝您參加今天的電話會議，我們期待在投資者會議、即將舉行的會議以及聖地牙哥 OFC 展會上再次與您見面。謝謝。

That concludes today's 2024 Lumentum Earnings Conference Call. You may now disconnect your lines.

今天的 2024 年 Lumentum 財報電話會議到此結束。現在您可以斷開線路。