Lumentum Holdings Inc (LITE) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Holdings Third Quarter Fiscal Year 2024 Earnings Call. (Operator Instructions) Please also note, today's event is being recorded for replay purposes. At this time, I would now like to turn the conference call over to Kathy Ta, Vice President of Investor Relations. Ms. Ta, please go ahead.

大家好，歡迎參加 Lumentum Holdings 2024 財年第三季財報電話會議。 （操作員說明）也請注意，今天的活動正在錄製以供重播之用。現在，我想將電話會議轉交給投資人關係副總裁 Kathy Ta。塔女士，請講。

Thank you, and welcome to Lumentum's Fiscal Third Quarter 2024 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, Executive Vice President and Chief Financial Officer; and Chris Coldren, Senior Vice President and Chief Strategy and Corporate Development Officer.

謝謝，歡迎參加 Lumentum 的 2024 年第三季財報電話會議。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；以及資深副總裁兼首席策略和企業發展長 Chris Coldren。

Today's call will include forward-looking statements, including statements regarding our expectations and beliefs regarding recent acquisitions, including Cloud Light and NeoPhotonics; macroeconomic trends; trends and expectations for our products and technologies; our end markets; market opportunities and customers; and our expected financial and operating 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）的期望和信念的陳述；宏觀經濟趨勢；我們的產品和技術的趨勢和期望；我們的終端市場；市場機會和客戶；我們的預期財務和經營業績，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 those factors described in our most recent 10-Q and in our 10-Q that will be filed soon. 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.

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，特別是我們最近的 10-Q 和即將提交的 10-Q 中所述的因素。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, 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 accordance with GAAP. Lumentum's press release with the fiscal third 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 包含第三財季業績的新聞稿以及隨附的補充幻燈片可在我們網站 www.lumentum.com 的「投資者」部分查看。

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 afternoon, everyone. This is a very exciting time for Lumentum. We are making excellent progress on the huge opportunities that long demand for data center photonics creates for us, driven by the exponentially increasing compute requirements of artificial intelligence, machine learning and advanced data centers. High-performance photonics are absolutely critical to enabling networks both within and beyond there to keep pace with these demands.

謝謝凱西，大家下午好。對於 Lumentum 來說，這是一個非常令人興奮的時刻。在人工智慧、機器學習和先進資料中心呈指數級增長的運算需求的推動下，資料中心光子學的長期需求為我們創造了巨大的機遇，我們正在取得巨大的進展。高性能光子學對於使內部和外部的網路跟上這些需求絕對至關重要。

Lumentum is pursuing a three-pronged strategy to drive significant growth in our cloud data center revenue. First, we are executing on our compelling new product road map that expands our offerings and market opportunities. We have multiple waves of product releases beginning later this calendar year and continuing into calendar 2025. This includes new 1.6 terabit intra data center optical transceivers, optical switching products and 800G coherent pluggables for Data Center Interconnect, or DCI. This portfolio expansion is a result of our offerings, spanning not only leading data center optical components at both 100G and 200G per lane speed, but also high-speed 800G and 1.6 terabit transceivers that leverage these components across a range of customers.

Lumentum 正在推行三管齊下的策略，以推動我們的雲端資料中心營收的顯著成長。首先，我們正在執行引人注目的新產品路線圖，以擴大我們的產品和市場機會。從今年稍後開始，我們將發布多波產品，一直持續到2025 年。可插拔產品。這個產品組合的擴展是我們產品的結果，不僅涵蓋每通道速度 100G 和 200G 的領先資料中心光學組件，還包括在眾多客戶中利用這些組件的高速 800G 和 1.6 太比特收發器。

These transceiver product lines address a range of requirements from multiple market-leading customers, from short reach to long reach within their data center optic fabric. Our 800ZR and 800ZR+ coherent transceivers utilized our photonic integrated circuit technology and deliver differentiated transmission performance and power consumption, critical factors for data center applications. We have already begun product sampling with key customers, and our demos and customer discussions at the recent OFC trade show went very well. Given challenges in powering data centers, we expect to accelerate growth of our DCI products over the coming years. In this prong of our data center strategy, we are significantly expanding our manufacturing capacity in our proven wafer fabs and back-end factories to ensure a secure high-volume supply of our differentiated products to address our cloud customers' strong demand now and into the future.

這些收發器產品線滿足多個市場領先客戶的一系列需求，從資料中心光纖結構中的短距離到長距離。我們的 800ZR 和 800ZR+ 相干收發器利用我們的光子積體電路技術，提供差異化的傳輸性能和功耗，這是資料中心應用的關鍵因素。我們已經開始向主要客戶提供產品樣品，並且我們在最近的 OFC 貿易展上的演示和客戶討論進展順利。鑑於資料中心供電方面的挑戰，我們預計未來幾年將加速我們的 DCI 產品的成長。在我們資料中心策略的這一方面，我們正在顯著擴大我們成熟的晶圓廠和後端工廠的製造能力，以確保我們差異化產品的安全大批量供應，以滿足我們的雲端客戶現在和未來的強勁需求。

Two weeks ago, I visited our state-of-the-art manufacturing facility in Thailand. I'm pleased to report that our expansion plans are progressing very well and remain on track. We expect to provide customers with qualification units, including 1.6T modules, from this facility this summer, and based on current customer time lines, we expect volume production to start later this calendar year and accelerate into calendar 2025 in a meaningful way. Further, based on progress with new customer opportunities since our last call, we have ratcheted up the magnitude of our expansion plans to prepare for continued success in winning new sockets and customers in calendar 2025 and beyond.

兩週前，我參觀了我們在泰國最先進的製造工廠。我很高興地報告，我們的擴張計劃進展順利，並保持在正軌上。我們預計今年夏天將從該工廠向客戶提供包括1.6T 模組在內的合格單元，並且根據當前客戶的時間表，我們預計量產將於今年晚些時候開始，並以有意義的方式加速到2025年。此外，根據自上次通話以來在新客戶機會方面取得的進展，我們加大了擴張計劃的力度，為在 2025 年及以後繼續成功贏得新插座和客戶做好準備。

The third prong of our strategy focuses on partnering with cloud and AI infrastructure customers on new innovative solutions to scale data center infrastructure that uses our extensive portfolio of in-house photonics and manufacturing technologies. For example, power consumption will continue to be a key limiter in further scaling of compute power in the future. To address this, we are focused on enabling innovative photonic approaches to more energy-efficient data center networks. These include supporting optical switching to replace certain electronic packet switches and new optical transceiver and link architectures, which will reduce the amount of power needed and will move photonics even closer to the processor and the switch chips. By implementing this three-pronged cloud strategy, Lumentum is well positioned to capitalize on the tremendous growth potential in data center photonics as compute and data center infrastructures increasingly rely on photonics to scale.

我們策略的第三個面向重點是與雲端和人工智慧基礎設施客戶合作開發新的創新解決方案，以擴展使用我們廣泛的內部光子學和製造技術組合的資料中心基礎設施。例如，功耗將繼續成為未來運算能力進一步擴展的關鍵限制因素。為了解決這個問題，我們致力於採用創新的光子方法來實現更節能的資料中心網路。其中包括支援光交換來取代某些電子分組交換器以及新的光收發器和鏈路架構，這將減少所需的功率並使光子學更靠近處理器和交換晶片。隨著運算和資料中心基礎設施越來越依賴光子學來擴展，透過實施這一三管齊下的雲端策略，Lumentum 能夠充分利用資料中心光子學的巨大成長潛力。

In our recent OFC Lumentum Investor Technology event, we highlighted our current view that our cloud photonics opportunity in calendar year 2028 could be approximately $16 billion. Based on this and the progress we've made with leading customers we believe we can expand our cloud revenue to multibillions of dollars in the years ahead.

在我們最近的 OFC Lumentum 投資者技術活動中，我們強調了我們目前的觀點，即 2028 年我們的雲端光子學機會可能約為 160 億美元。基於這一點以及我們與領先客戶的進展，我們相信我們可以在未來幾年將雲端收入擴大到數十億美元。

Outside of the cloud, we continue to be focused on helping customers scale Internet optical network infrastructure. Over many years, we have solidified good share and technology leadership positions in this important market. We are addressing the growing bandwidth needs with our high-speed components, but physical constraints such as the Shannon's limit are impacting the ability to scale capacity by increasing speed alone. Further, networks will need to utilize increased parallelism with more wavelength channels and more fiber transmission bands and more fibers carrying data. These challenges create growth opportunities for Lumentum, as higher volumes of leading-edge coherent components and more advanced and complex ROADMs and optical amplifiers are required to enable further network capacity scaling. For example, our high port count and end-by-end ROADMs are addressing the growing number of wavelength channels, fibers and degrees of connectivity. And our latest ROADM design integrates C+ L-band capability, enabling customers to better maximize the available bandwidth in a single fiber.

在雲端之外，我們繼續專注於幫助客戶擴展互聯網光網路基礎設施。多年來，我們在這個重要市場中鞏固了良好的市場份額和技術領先地位。我們正在利用高速組件來滿足不斷增長的頻寬需求，但香農極限等物理限制正在影響僅透過提高速度來擴展容量的能力。此外，網路需要利用更多波長通道、更多光纖傳輸頻帶以及更多承載資料的光纖來提高並行性。這些挑戰為 Lumentum 創造了成長機會，因為需要更多數量的領先相干組件以及更先進、更複雜的 ROADM 和光放大器來實現進一步的網路容量擴展。例如，我們的高連接埠數和端對端 ROADM 正在解決不斷增長的波長通道、光纖和連接程度的問題。我們最新的 ROADM 設計整合了 C+ L 波段功能，使客戶能夠更好地最大化單一光纖的可用頻寬。

Now let me move to our fiscal third quarter revenue and product highlights. Our Cloud & Networking revenue grew 9% sequentially and 7% year-over-year, driven by strong data center demand and the contribution from the Cloud Light acquisition. Our revenue from 100G EML laser chips nearly tripled in fiscal Q3 compared to Q2, driven by the expansion of output capacity at our Japanese wafer fab. Our earlier investments in this fab have proven to have been the right decision. As we ramp up production of 100G EMLs with market-leading customers, we are also qualifying our 200G EMLs for use in both 1.6 terabit and lower-powered 800G transceivers. Early customer feedback on our 200G EML is excellent, positioning this product line to be a key contributor to growth in calendar 2025.

現在讓我談談我們第三財季的營收和產品亮點。在強勁的資料中心需求以及收購 Cloud Light 的貢獻的推動下，我們的雲端和網路營收季增 9%，年增 7%。在我們日本晶圓廠產能擴張的推動下，我們第三財季 100G EML 雷射晶片的營收比第二季成長了近兩倍。事實證明，我們早期對該工廠的投資是正確的決定。隨著我們與市場領先的客戶一起提高 100G EML 的產量，我們還對 200G EML 進行資格認證，以用於 1.6 太比特和較低功率的 800G 收發器。早期客戶對我們的 200G EML 的回饋非常好，使該產品線成為 2025 年成長的關鍵貢獻者。

Data center demand is also increasing for 400ZR and ZR+ modules for DCI. In addition to providing these modules, we are a market leader in the narrow line width tunable laser used in ZR modules. We are encouraged by a notable uptick in demand for our tunable lasers in Q3 as customer inventory of these products appears to be normalizing. We expect these strong cloud demand trends to continue based on the robust double-digit CapEx projections for calendar '24 coming from cloud data center operators.

資料中心對 DCI 400ZR 和 ZR+ 模組的需求也在增加。除了提供這些模組外，我們還是 ZR 模組中使用的窄線寬可調諧雷射的市場領導者。隨著這些產品的客戶庫存似乎正在正常化，第三季對我們的可調諧雷射的需求顯著上升，這令我們感到鼓舞。基於雲端資料中心營運商對 24 日曆年兩位數資本支出的強勁預測，我們預期這些強勁的雲端需求趨勢將持續下去。

All that said, in the next few quarters, revenue will continue to be burdened by telecom customer inventory challenges. The pace of telco carrier spending has slowed more than previously anticipated. Because we continue to ship below end market demand, customer inventory of our products is decreasing, indicating that we are getting closer to the end of this lower demand phase in our industry. We remain highly confident in our market position and the future recovery and growth of our telecom business. Network bandwidth growth continues unabated, requiring network capacity additions. As fiber transmission approaches its physical limits, network providers increasingly recognize the value proposition of our technologies which enable continued network scaling. This reinforces our long-term optimism for our opportunities in this market.

儘管如此，在未來幾個季度，營收將繼續受到電信客戶庫存挑戰的影響。電信業者支出的步伐比之前預期的要慢得多。由於我們的出貨量持續低於終端市場需求，我們產品的客戶庫存正在減少，這表明我們正在接近產業需求較低階段的結束。我們對我們的市場地位以及電信業務的未來復甦和成長仍然充滿信心。網路頻寬持續成長，需要增加網路容量。隨著光纖傳輸接近其物理極限，網路供應商越來越認識到我們技術的價值主張，這些技術可實現持續的網路擴展。這增強了我們對這個市場機會的長期樂觀態度。

In contrast to the extended inventory correction, I'm very pleased with the adoption and early ramp-up and growth potential of our newest telecom products by our customers. For example, we are ramping up shipments of our new 130 and 200 gigabaud coherent components. These enable the next generation of high-performance coherent transmission systems at 1.2 and 1.6 terabits per second. We have also seen increased customer activity in next-generation high port count and integrated extended C- and extended L-band ROADMs.

與擴大庫存調整相反，我對客戶對我們最新電信產品的採用、早期提升和成長潛力感到非常滿意。例如，我們正在增加新的 130 和 200 吉博相干組件的出貨量。這些使下一代高性能相干傳輸系統能夠達到每秒 1.2 和 1.6 太比特的速度。我們還發現，客戶對下一代高連接埠數以及整合擴展 C 波段和擴展 L 波段 ROADM 的活動有所增加。

Customers are not burdened with excess inventory of these products, and increasing shipments highlight growing end market needs that will drive growth on top of the eventual market recovery.

客戶不會承受這些產品過多庫存的負擔，而且出貨量的增加凸顯了終端市場需求的成長，這將在最終市場復甦的基礎上推動成長。

Turning to Industrial Tech. Fiscal Q3 revenue was down 34% sequentially and down 42% year-over-year, driven by expected seasonality and increased competition in our 3D sensing business as well as inventory consumption at our largest industrial laser customer. This decline masks the success we are having on new industrial laser platforms for emerging applications, particularly ultrafast lasers, which experienced a more than 40% sequential growth in Q3. These lasers serve key micromachining applications in industries like semiconductor, EV batteries, displays, PCBs and solar cell manufacturing.

轉向工業技術。由於預期的季節性因素、我們 3D 感測業務的競爭加劇以及我們最大的工業雷射客戶的庫存消耗，第三財季收入環比下降 34%，同比下降 42%。這種下降掩蓋了我們在新興應用的新型工業雷射平台上所取得的成功，特別是超快雷射器，第三季的季增超過 40%。這些雷射服務於半導體、電動車電池、顯示器、印刷電路板和太陽能電池製造等行業的關鍵微加工應用。

We anticipate an improved revenue profile for the Industrial Tech platform in the quarters to come. This is due to 2 factors: one, the smaller size of our 3D sensing business will have a less significant impact on our overall revenue profile. And two, we expect an uptick in industrial fiber laser shipments after the severe inventory correction experienced during Q3.

我們預計未來幾季工業技術平台的收入狀況將有所改善。這是由於兩個因素：第一，我們的 3D 感測業務規模較小，對我們整體營收狀況的影響較小。第二，在第三季經歷了嚴重的庫存調整之後，我們預計工業光纖雷射的出貨量將會上升。

To summarize, the combination of explosive growth in cloud data center and AI-driven demand, our customer traction and capacity additions for new data center products, and strong early demand for our new telecom products makes me confident and bullish about calendar 2025. We expect significant growth next calendar year as our investments in new data center products and manufacturing capacity this year translates into significant new revenues. This, combined with the telecom industry inventory correction abating, makes the outlook for calendar 2025 and beyond very promising. We have multiple cloud customer engagements which will drive meaningful revenue growth and drive total company quarterly revenue to exceed $500 million exiting calendar 2025. Additionally, we expect that significant growth will continue into 2026 and 2027. We are working on several significant opportunities today that we expect will propel our cloud business into a multibillion-dollar annual run rate business in the coming years. Given all of this, it's clear that the future is bright for Lumentum.

總而言之，雲端資料中心和人工智慧驅動的需求的爆炸性增長、我們對新資料中心產品的客戶吸引力和容量增加以及對我們新電信產品的強勁早期需求相結合，使我對2025 年充滿信心和樂觀。 我們預計由於我們今年對新資料中心產品和製造能力的投資轉化為可觀的新收入，因此明年將出現顯著增長。再加上電信業庫存調整的減弱，2025 年及以後的前景非常樂觀。我們擁有多個雲端客戶合作夥伴，這將推動有意義的營收成長，並推動公司季度總收入在2025 年結束時超過5 億美元。年。鑑於這一切，Lumentum 的未來顯然是光明的。

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. With that, Wajid.

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。就這樣，瓦吉德。

Thank you, Alan. Third quarter revenue and non-GAAP EPS results were above the midpoint of our guidance ranges, with revenue of $366.5 million and non-GAAP EPS of $0.29. We're 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. We recognized a record revenue quarter in our cloud data center business, fueled in part by a full quarter of Cloud Light revenue contribution.

謝謝你，艾倫。第三季營收和非 GAAP 每股盈餘高於我們指引範圍的中點，營收為 3.665 億美元，非 GAAP 每股盈餘為 0.29 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學市場的技術和能力，我們對 Cloud Light 收購在本季度和未來做出的貢獻感到非常興奮。我們的雲端資料中心業務季度營收創歷史新高，這在一定程度上得益於 Cloud Light 整個季度的營收貢獻。

Q3 gross margins were in line with expectations as the overall product mix included a full quarter of transceiver revenue from the Cloud Light acquisition, while operating margin saw a modest improvement due to lower operating expenses in the quarter as we continue to execute on synergy actions. We remain confident in our market position and compelling growth opportunities across our served markets that Alan discussed earlier, and we are focused on continuing to lower our fixed cost base to accelerate operating margin expansion as revenue recovers. To achieve this, we've made significant progress on manufacturing synergies.

第三季毛利率符合預期，因為整體產品組合包括收購 Cloud Light 的整個季度收發器收入，而由於我們繼續執行協同行動，本季營運費用較低，營運利潤率略有改善。我們對我們的市場地位和艾倫之前討論過的我們所服務的市場中引人注目的增長機會仍然充滿信心，我們致力於繼續降低我們的固定成本基礎，以隨著收入的恢復而加速營業利潤率的擴張。為了實現這一目標，我們在製造協同效應方面取得了重大進展。

Following the closure of 2 factories in China last December, we have transferred those products to our infrastructure in Thailand. Our Japan wafer fab consolidation plans are on track for execution in the first half of fiscal '25. This will unlock significant synergies in both manufacturing and operating expenses starting in fiscal Q3 2025. In addition, we have implemented initiatives to capture synergy and efficiency opportunities within our operating expenses. Our strong financial discipline drove a $2.4 million sequential decrease in company-wide non-GAAP operating expenses, despite Q3 being the quarter where the annual payroll tax and employee fringe rates reset. Our non-GAAP operating expenses will step down further in Q4 with the actions we have already taken.

去年 12 月關閉中國的 2 家工廠後，我們已將這些產品轉移到泰國的基礎設施。我們的日本晶圓廠整合計畫預計在 25 財年上半年執行。這將從 2025 財年第三季開始在製造和營運支出方面釋放顯著的協同效應。儘管第三季度是年度工資稅和員工附加費率重置的季度，但我們嚴格的財務紀律推動全公司非 GAAP 營運費用環比減少了 240 萬美元。透過我們已經採取的行動，我們的非公認會計準則營運費用將在第四季進一步下降。

As I have mentioned in previous earnings calls, we had prebuilt product inventory from these 2 factories in China to facilitate these transitions. In Q3, we achieved a $51 million sequential reduction in Lumentum's overall inventory levels, and we plan to continue to increase our inventory turns during the next several quarters. We are confident that our combined focus on manufacturing efficiency, inventory management and cost control will pave the way for improvement in gross and operating margins as telecom revenue recovers and cloud revenue grows.

正如我在先前的財報電話會議中提到的，我們已經從中國的這兩家工廠預先建立了產品庫存，以促進這些轉變。在第三季度，我們實現了 Lumentum 整體庫存水準連續減少 5,100 萬美元，並且我們計劃在接下來的幾個季度繼續提高庫存週轉率。我們相信，隨著電信收入的復甦和雲端收入的成長，我們對製造效率、庫存管理和成本控制的綜合關注將為毛利率和營業利潤率的提高鋪平道路。

We are on track to achieve our $100 million annualized synergy target from the NeoPhotonics acquisition. To date, we have secured approximately $70 million in annual run rate savings and expect to capture the balance of the $30 million as we execute the remaining actions of our plan. We will continue to provide updates as we reach key milestones.

我們預計透過收購 NeoPhotonics 實現 1 億美元的年度協同目標。迄今為止，我們已確保每年節省約 7000 萬美元的運行費用，並預計在執行計劃的其餘行動時獲得 3000 萬美元的餘額。當我們達到關鍵里程碑時，我們將繼續提供更新。

Net revenue for the third quarter was $366.5 million, which was approximately flat sequentially and down 4.4% year-on-year. GAAP gross margin for the third quarter was 16.2%. GAAP operating loss was 31.3%, and GAAP diluted net loss per share was $1.88, with a large portion of the GAAP net loss due to acquisition-related charges, restructuring charges and amortization of acquired intangibles. Third quarter non-GAAP gross margin was 32.6%, which was flat sequentially and down year-on-year, driven by product mix. Third quarter non-GAAP operating margin was 4.1%, which was up 60 basis points sequentially and down year-on-year. Third quarter non-GAAP operating income was $15 million and adjusted EBITDA was $41 million. Third quarter non-GAAP operating expenses totaled $104.3 or 28.5% of revenue, down $2.4 million from Q2 and down $0.6 million from the year ago quarter despite the additional operating expenses from the Cloud Light acquisition due to tight expense controls and continued synergy attainment.

第三季淨收入為 3.665 億美元，與上一季基本持平，年減 4.4%。第三季 GAAP 毛利率為 16.2%。 GAAP 營運虧損為 31.3%，GAAP 攤薄後每股淨虧損為 1.88 美元，其中很大一部分 GAAP 淨虧損是由於收購相關費用、重組費用和所收購無形資產攤銷造成的。第三季非 GAAP 毛利率為 32.6%，與上一季持平，但受產品組合的推動，年比有所下降。第三季非 GAAP 營運利潤率為 4.1%，季增 60 個基點，較去年同期下降。第三季非 GAAP 營業收入為 1,500 萬美元，調整後 EBITDA 為 4,100 萬美元。儘管由於嚴格的費用控制和持續的協同效應，收購Cloud Light 帶來了額外的營運費用，但第三季非GAAP 營運費用總計104.3 美元，佔收入的28.5%，比第二季減少240 萬美元，比去年同期減少60 萬美元。

Q3 non-GAAP SG&A expense was $38.1 million. Non-GAAP R&D expense was $66.2 million. Interest and other income was $8 million on a non-GAAP basis, driven by interest earned on our cash and investments. Third quarter non-GAAP net income was $19.6 million and non-GAAP diluted net income per share was $0.29. Our fully diluted share count for the third quarter was 68.1 million shares on a non-GAAP basis. Our cash and short-term investments decreased by $353.1 million during the quarter to $870.9 million. This was primarily due to the $323 million in cash used for the repayment of our 2024 convertible notes, which matured in March. In addition, we incurred approximately $30 million in restructuring, integration and manufacturing consolidation charges in the quarter as well as $23.8 million in CapEx.

第三季非 GAAP SG&A 費用為 3,810 萬美元。非 GAAP 研發費用為 6,620 萬美元。以非公認會計準則計算，利息和其他收入為 800 萬美元，主要由我們的現金和投資所賺取的利息所推動。第三季非 GAAP 淨利為 1,960 萬美元，非 GAAP 攤薄後每股淨利為 0.29 美元。以非公認會計準則計算，我們第三季完全稀釋後的股票數量為 6,810 萬股。本季我們的現金和短期投資減少了 3.531 億美元，至 8.709 億美元。這主要是由於我們使用 3.23 億美元現金償還 3 月到期的 2024 年可轉換票據。此外，本季我們還產生了約 3,000 萬美元的重組、整合和製造整合費用以及 2,380 萬美元的資本支出。

Turning to segment details. Third quarter Cloud & Networking segment revenue at $313.8 million increased 9.5% sequentially and increased 7.1% year-on-year. Cloud & Networking segment non-GAAP operating profit at 14.6% increased sequentially and decreased year-on-year. Our third quarter Industrial Tech segment revenue at $52.7 million was down 34.2% sequentially and down 41.7% year-on-year. Third quarter Industrial Tech non-GAAP reporting loss was 5.1%, which was driven by declines in our 3D sensing business and a fiber laser inventory correction at our largest industrial laser customer, as expected.

轉向細分細節。第三季雲端和網路部門營收為 3.138 億美元，季增 9.5%，年增 7.1%。雲端和網路部門的非 GAAP 營運利潤季增 14.6%，年減。我們第三季工業技術部門的營收為 5,270 萬美元，季減 34.2%，年減 41.7%。第三季工業技術非 GAAP 報告虧損為 5.1%，這是由於我們的 3D 感測業務下降以及我們最大的工業雷射器客戶的光纖雷射庫存調整（如預期）所致。

Now let me move to our guidance for the fourth 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 fourth quarter of fiscal '24 to be in the range of $290 million to $315 million. This Q4 revenue forecast includes the following assumptions: Cloud & Networking to be down sequentially. This decline includes an approximate incremental $40 million reduction at the midpoint due to the recent broad-based demand softness in telecom. And Industrial Tech to be up slightly sequentially with increased industrial laser shipments, partially offset by typical 3D sensing seasonality.

現在讓我談談我們對 24 財年第四季的指導，該指導基於非 GAAP 基礎，並且基於我們截至目前的假設。我們預計 24 財年第四季的淨收入將在 2.9 億美元至 3.15 億美元之間。第四季營收預測包括以下假設： 雲端和網路收入將連續下降。由於近期電信業廣泛的需求疲軟，這一下降包括中間約 4,000 萬美元的增量減少。隨著工業雷射出貨量的增加，工業技術將連續小幅增長，但部分被典型的 3D 感測季節性所抵消。

Based on this, we project fourth quarter non-GAAP operating margin to be in the range of negative 3% to positive 1% and diluted net income per share to be in the range of negative $0.05 to positive $0.10. Our non-GAAP EPS guidance for the fourth quarter is based on a non-GAAP annual effective tax rate of 14.5%. These projections also assume an approximate share count of 68.5 million shares.

據此，我們預計第四季非 GAAP 營業利潤率將在負 3% 至正 1% 之間，攤薄後每股淨利潤將在負 0.05 美元至正 0.10 美元之間。我們第四季的非 GAAP 每股盈餘指引是基於 14.5% 的非 GAAP 年度有效稅率。這些預測也假設股數約為 6850 萬股。

These projections also exclude certain unusual expenses, including factory underabsorption due to factory consolidations and transitions, restructuring, other synergy attainment and integration activities, and inventory reduction activities related to prior acquisitions and the COVID-19 pandemic. These expenses are related to onetime events, and we expect these will, in general, decline over the coming quarters. These expenses for our third fiscal quarter can be found in our GAAP to non-GAAP reconciliation tables.

這些預測還排除了某些不尋常的費用，包括由於工廠合併和轉型、重組、其他協同效應實現和整合活動以及與先前收購和COVID-19 大流行相關的庫存減少活動而導致的工廠吸收不足的費用。這些費用與一次性事件有關，我們預計這些費用將總體上在未來幾季下降。我們第三財季的這些費用可以在我們的 GAAP 與非 GAAP 調整表中找到。

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. Before we start the Q&A session, I'd like to ask everyone to keep to one question and one 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，我想請大家堅持一問一跟進。這應該有助於我們在分配的時間結束之前吸引盡可能多的參與者。現在我們開始問答環節。

Of course. We will now begin the question-and-answer session. (Operator Instructions) Our first question comes from the line of Simon Leopold with Raymond James.

當然。我們現在開始問答環節。 （操作員說明）我們的第一個問題來自西蒙·利奧波德（Simon Leopold）和雷蒙德·詹姆斯（Raymond James）的線路。

First thing, I wanted to see if you could clarify the commentary on the Cloud & Networking incremental $40 million reduction, because in the prior quarter, you talked about roughly $30 million decline due to a product transition that was occurring in the Cloud Light business. And I want to understand, is that $30 million part of the new $40 million number you cited today? Just help us unpack that a little bit. And then I've got a follow-up.

首先，我想看看您是否可以澄清對雲端和網路增量 4000 萬美元減少的評論，因為在上一季度，您談到由於 Cloud Light 業務中發生的產品轉型而減少了大約 3000 萬美元。我想知道，這 3000 萬美元是您今天引用的 4000 萬美元新數字的一部分嗎？請幫我們稍微解開一下。然後我有後續行動。

Sure, Simon. This is incremental to the datacom module transition we talked about on the last call. So this is a change in the outlook for telecom spending -- carrier spending that happened over the last 3 months that are impacting our ability to burn off inventory in the channel and at our customers, so this is incremental to what we talked about last time.

當然，西蒙。這是我們在上次通話中討論的數據通訊模組轉換的增量。因此，這是電信支出前景的變化 - 過去 3 個月發生的營運商支出正在影響我們消耗通路和客戶庫存的能力，因此這是我們上次討論的增量。

And then in terms of your ZR business, it sounds like that's gotten better, but I think we don't really have a good sense of what the baseline is. So could you help us understand how much revenue are you generating through ZR and ZR-related sales, selling lasers to others as well as your own products? And where do you see that going over the next, let's say, 2 to 4 quarters?

然後就你們的 ZR 業務而言，聽起來好像已經好多了，但我認為我們並沒有真正了解基準是什麼。那麼您能否幫助我們了解您透過 ZR 和 ZR 相關銷售（向他人銷售雷射以及您自己的產品）產生了多少收入？您認為接下來的 2 到 4 個季度會發生什麼？

Yes. The narrow line with tunable lasers was up dramatically last quarter, as we talked about in the prerecorded or in the script, rather, that we believe that inventory in many of our customers has been depleted as the strength in ZR has really picked up over the last several quarters and burned off that inventory. So we're back to where kind of we were prepandemic on the narrow line with tunable lasers, and then on the ZR, ZR+, it's still in the single digits of overall revenue. But we expect as we are getting a lot of traction on the 800 gig ZR and ZR+ that, that should grow as we start deploying those in a meaningful way.

是的。上個季度，可調諧雷射的窄線急劇上升，正如我們在預先錄製或腳本中談到的那樣，我們相信許多客戶的庫存已經耗盡，因為 ZR 的實力確實超過了過去幾個季度並燒掉了庫存。因此，我們又回到了大流行前的可調諧雷射窄線，然後在 ZR、ZR+ 上，它仍然處於總體收入的個位數。但我們預計，隨著我們在 800 gig ZR 和 ZR+ 上獲得很大的吸引力，隨著我們開始以有意義的方式部署這些產品，這種吸引力應該會成長。

Our next question comes from the line of Samik Chatterjee with JPMorgan.

我們的下一個問題來自 Samik Chatterjee 與摩根大通的對話。

Yes. I think, Victoria, we can take the next question, unless Samik says something right now.

是的。我想，維多利亞，我們可以回答下一個問題，除非薩米克現在說些什麼。

Our next question comes from the line of George Notter with Jefferies.

我們的下一個問題來自喬治·諾特和傑弗里斯的對話。

Guys, can you hear me?

夥計們，你聽得到我說話嗎？

Yes, we can.

是的，我們可以。

Can you guys hear me, hello? Okay. Great. All right. Look, I am interested in better understanding the manufacturing expansions here. Alan, I think you said that just in the last 3 months, you guys have increased your expectation for the size of the manufacturing operation. Can you talk a little bit more about what you're doing down in Thailand? How much capacity are you adding? What's driving that incremental requirement to expand manufacturing more than you previously thought? I think obviously, a lot of folks are looking for the opportunity to win additional cloud customers with the Cloud Light business. Is that an element of what's driving the incremental outlook there?

你們聽得到我說話嗎，哈嘍？好的。偉大的。好的。看，我有興趣更了解這裡的製造業擴張。 Alan，我想你說過，就在過去的三個月裡，你們增加了對製造業規模的期望。您能多談談您在泰國所做的事情嗎？您要增加多少容量？是什麼推動了製造業擴張的增量需求超越了您之前的想像？我認為顯然，很多人都在尋找機會透過 Cloud Light 業務贏得更多雲端客戶。這是推動那裡增量前景的因素嗎？

Yes, absolutely. And as I said, I was in Thailand to see how things were progressing. And we're setting up today the qualification line in Thailand. And today, we make transceivers in China. But most of our customers are very interested in building up capacity outside of China. So that's what we have done there. A qualification line is going in. The first 4 of our existing building that had not been used yet for some of our other products is being facilitized.

是的，絕對是。正如我所說，我在泰國是為了了解事情的進展。今天我們將在泰國設立資格賽。今天，我們在中國生產收發器。但我們的大多數客戶對在中國境外建立產能非常感興趣。這就是我們在那裡所做的。一條資格認證線正在投入使用。

And then through this quarter, based on the traction and the interest and the pull that we're getting from cloud and AI infrastructure customers, we started construction on a new building that we can phase in over time. So basically, a building that will have 3 stories and we can -- we're planning on facilitizing the first floor and have the capability to size the second and third floor as we see fit. So it's really a change in traction and customer demand that has given us confidence that we're building the right level of infrastructure for them.

然後在本季度，基於我們從雲端和人工智慧基礎設施客戶那裡獲得的吸引力、興趣和拉力，我們開始建造一座新建築，我們可以隨著時間的推移逐步投入使用。所以基本上，一棟三層樓的建築我們可以——我們計劃對一樓進行改造，並有能力按照我們認為合適的方式調整二樓和三樓的大小。因此，這確實是牽引力和客戶需求的變化，這讓我們有信心為他們建立適當水準的基礎設施。

Got it. And then are you adding that floor space on spec? Or are you adding it based on new customer wins? What's driving the incremental investment?

知道了。然後您是否按照規格添加佔地面積？或者您是根據新客戶的勝利添加它嗎？增量投資的驅動因素是什麼？

What do you mean by spec? Speculation. I mean is that what you mean? Well, do you want to clarify, George?

規格是什麼意思？猜測。我的意思是你的意思是這樣嗎？好吧，你想澄清一下嗎，喬治？

Sure. Correct. Specifically, I'd like to know if you're adding the additional floor space, adding the new building. Is that based on contracts or wins that you've got incrementally on the cloud provider side of the business?

當然。正確的。具體來說，我想知道您是否要增加額外的佔地面積，並添加新建築。這是基於您在業務的雲端提供者方面逐漸獲得的合約或勝利嗎？

No. I think with -- I mean we have certainly some orders and some customers today that we're working on bringing up capacity for in Thailand. That said, a lot of this incremental capacity is really is really new customers and diversified customers, both in the cloud space as well as the AI infrastructure space. And so the challenge is, it's a chicken and egg thing in that if you don't have the floor space and capacity, you're not going to get the orders. And if you don't have the orders -- and if you have the orders and you don't have the floor space, you're not going to be able to perform. So we're working hand-in-hand with our customers to make sure that we're pulling the trigger at the right time to not have too much capacity, but at the same time, to build confidence that our -- we're making the investments on behalf of them and the growth that they see in calendar 2025 and beyond.

不，我認為——我的意思是我們今天肯定有一些訂單和一些客戶，我們正在努力提高泰國的產能。也就是說，許多增量容量確實是新客戶和多元化客戶，無論是在雲端領域還是在人工智慧基礎設施領域。因此，挑戰在於，這是先有雞還是先有蛋的問題，如果你沒有佔地面積和產能，你就不會獲得訂單。如果你沒有訂單——如果你有訂單但沒有佔地面積，你將無法執行任務。因此，我們正在與客戶攜手合作，以確保我們在正確的時間扣動扳機，避免產能過多，但同時，建立我們的信心：代表他們進行投資以及他們在 2025 年及以後看到的增長。

Yes. Yes, just to -- we are having customers visit and see for themselves what we're doing. And so far, the feedback has been extremely positive with respect to facilitization, the line setup, the level of automation. So we're pretty happy and confident in our future expectations there.

是的。是的，只是為了——我們讓客戶來參觀並親眼看看我們正在做什麼。到目前為止，在便利化、生產線設定和自動化層面方面的回饋非常積極。因此，我們對未來的期望感到非常高興和充滿信心。

So our next question will be from the line of Samik Chatterjee with JPMorgan.

因此，我們的下一個問題將來自摩根大通的 Samik Chatterjee。

Can you hear me? No?

你聽得到我嗎？不？

We can hear you.

我們能聽到你的聲音。

Okay. Great. Sorry about that. So I had a couple on datacom, and I'll start with a more near-term question, if you don't mind. I know you've talked about the product transition for Cloud Light with its primary customer with revenues in the March quarter about sort of $90 million, going to $60 million in June. Just want to clarify if that's still holding true in terms of your engagement with your customers there? And any thoughts in terms of the magnitude of the rebound as you ramp with the new product in the September quarter? And I have a longer-term question here to come after that.

好的。偉大的。對此感到抱歉。我有一些關於數據通訊的問題，如果您不介意的話，我將從一個更近期的問題開始。我知道您曾與主要客戶談論過 Cloud Light 的產品轉型，其 3 月份季度的營收約為 9,000 萬美元，6 月份將達到 6,000 萬美元。只是想澄清一下，就您與那裡的客戶的互動而言，這是否仍然成立？隨著您在九月季度推出新產品，您對反彈的幅度有什麼想法嗎？之後我還有一個更長期的問題要問。

Yes. I'm not going to comment on any specific customer, but I'd say that the transition is playing out as we had expected in the last call.

是的。我不會對任何特定客戶發表評論，但我想說的是，過渡正在按照我們在上次通話中的預期進行。

Okay. Okay. I know (inaudible) being...

好的。好的。我知道（聽不清楚）是...

Now I was going to answer the second part of your question about September. Yes. We expect some incremental increase in the December quarter, but that's still yet to be seen on datacom.

現在我要回答你關於九月的問題的第二部分。是的。我們預計 12 月季度會出現一些增量成長，但這在數據通訊領域尚未看到。

Okay. And for my longer-term question, and I know you talked about the datacom business being a multibillion business in the future. I'm wondering if you can give us a few more milestones to your medium-term milestones to track that by. For example, like when you think about fiscal '25 or '24, does this business double in size? Or even when you reference the $500 million of revenue for the aggregate company exiting calendar '25, how much of datacom business should we expect in that mix? Any thoughts just to give us more medium-term milestones on that ramp?

好的。對於我的長期問題，我知道您談到數據通訊業務未來將成為價值數十億美元的業務。我想知道您是否可以為我們提供更多中期里程碑的里程碑來追蹤這一情況。例如，當您考慮 25 財年或 24 財年時，該業務的規模是否會擴大一倍？或者，即使您參考 25 年曆中退出的總公司的 5 億美元收入，我們應該期望在該組合中獲得多少數據通訊業務？有什麼想法可以讓我們在這個斜坡上實現更多的中期里程碑嗎？

Yes. I'll give you my thoughts on it and then I'll ask Chris to chime in. I'd say that the milestones are really the qualification samples that I talked about earlier, getting them into our customers' hands and having them test them. So we're in control of a lot of that. But at the same time, we're still relying on third-party suppliers of DSPs and other components. And so that's a little bit out of our control. And so I'd say summertime qualification samples, qualification sometime in the December quarter and ramp starting really in the December quarter and into calendar 2025.

是的。我會告訴你我對此的想法，然後我會請克里斯插話。所以我們可以控制很多事情。但同時，我們仍然依賴 DSP 和其他元件的第三方供應商。所以這有點超出我們的控制範圍。因此，我想說夏季資格樣品，在 12 月季度的某個時間進行資格認證，並在 12 月季度真正開始並進入 2025 年。

As far as your question on $500 million by the end of next calendar year, I would say that we would certainly be disappointed if we don't more than double our datacom business by then from today's -- or from the Q3 run rate.

至於你關於明年年底前 5 億美元的問題，我想說，如果到那時我們的數據通訊業務沒有比今天或第三季的運行率增加一倍以上，我們肯定會感到失望。

Yes, I think the only thing I would add is just to highlight that each of the individual customer opportunities we're chasing are very significant so that 1 or 2 customers, sockets essentially, can double revenue. And so that's what confidence that, as we win, there's a lot more than 1 or 2 customers or 1 or 2 sockets out. So our ability to win new and materially move the revenue upwards is ample as opposed to a type of application or market where we need [to land] hundreds of customers, for example.

是的，我想我唯一要補充的就是強調我們正在追逐的每個客戶機會都非常重要，因此 1 或 2 個客戶（本質上是插座）可以使收入翻倍。這就是我們的信心，當我們獲勝時，不僅僅是 1 或 2 個客戶或 1 或 2 個插座被淘汰。因此，與我們需要[吸引]數百名客戶的應用程式或市場類型相比，我們贏得新的並實質增加收入的能力是充足的。

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

我們的下一個問題來自梅塔·馬歇爾與摩根士丹利的對話。

Great. Maybe building on Simon's question from earlier. Just getting a sense of kind of the $40 million headwind from telco and just what that conversation is like with customers. Like do you have a greater sense of where their inventory levels are, or are there areas where they've worked down inventory more than others? Just trying to get a sense of do you have more clarity on when some of that business could come back? And then maybe just a specific question on did you outline what the Cloud Light specific contribution was to the quarter? That's it for me.

偉大的。也許是在西蒙之前提出的問題的基礎上。只是了解電信公司帶來的 4000 萬美元的逆風以及與客戶的對話是什麼樣的。例如，您是否更了解他們的庫存水平，或者他們是否在某些領域比其他人更能減少庫存？只是想了解您是否更清楚地知道部分業務何時可以恢復？然後也許只是一個具體問題，您是否概述了 Cloud Light 對本季的具體貢獻？對我來說就是這樣。

Yes. So on the $40 million headwind, really, the -- it's a combination of 2 things, one of which is the slowdown in carrier spending and the duration of the inventory burn off that will take longer since they're not spending quite as much. So I'd say that as we've seen in the March quarter, we saw our inventory at our customers coming down but still pockets of inventory of -- that's still going to take at least this quarter and probably into the September quarter before it's all consumed. And again, it has to do with product by product and which customers they're selling to. I would say that the cloud -- the products that are destined for the cloud are burning off certainly faster than the ones that are going to the carriers. So I'd say that's kind of the only different dynamic, that the telco carriers are slower than what we thought 3 months ago.

是的。因此，在4000 萬美元的逆風中，實際上，這是兩件事的結合，其中之一是運營商支出放緩，以及庫存消耗的持續時間將需要更長的時間，因為他們的支出沒有那麼多。因此，我想說，正如我們在 3 月季度所看到的那樣，我們看到客戶的庫存有所下降，但仍有少量庫存——這至少需要本季度，可能要到 9 月季度才能恢復。全部消耗掉。再說一遍，這與產品的具體情況以及產品的銷售對像有關。我想說的是，雲端——面向雲端的產品的消耗速度肯定比面向營運商的產品消耗得更快。所以我想說，這是唯一不同的動態，電信業者的速度比我們三個月前想像的還要慢。

And whether there was a Cloud Light specific contribution you guys were calling out as part of datacom?

作為資料通訊的一部分，你們是否提出了 Cloud Light 的具體貢獻？

Yes. No,. We're not going to break out the specific products. Certainly, it was a full quarter of production and so it was more than the prior partial quarter.

是的。不，。我們不會透露具體的產品。當然，這是整個季度的產量，因此比之前的部分季度要多。

Our next question comes from the line of Christopher Rolland with SIG.

我們的下一個問題來自 Christopher Rolland 與 SIG 的對話。

Mine's around DC, so the 200 gig laser market, it seems like there's a bunch of things that might be slowing that down now. Can you remind us when you would be capable of supplying 200 gig lasers, I assume EML, at launch, and then when you think others in the supply chain might be able to ramp? I'm just trying to get a sense of what a realistic timetable for this true 200-gig lane ramp might be?

我的在 DC 附近，所以 200 gig 雷射市場，現在似乎有很多因素可能會減慢這一速度。您能否提醒我們，您何時能夠在發射時提供 200 兆兆雷射（我猜是 EML），然後您認為供應鏈中的其他人何時能夠提供產能？我只是想了解這個真正的 200 場演出的車道坡道的實際時間表可能是什麼？

Yes. We're shipping qualification units. Last quarter, the feedback from customers was extremely strong and very positive. So they need to then take those lasers and put them into transceivers, and again, they rely on third-party DSPs in most cases. So that's going to take a couple of quarters. And so I would say that by the December quarter, those should all be in place, and ramp-up of those EML chips should begin really in our fiscal Q2 and then in a meaningful way into calendar '25.

是的。我們是運輸資格單位。上季度，客戶的回饋非常強烈且非常正面。因此，他們需要將這些雷射放入收發器中，並且在大多數情況下，他們再次依賴第三方 DSP。所以這將需要幾個季度的時間。因此，我想說，到 12 月季度，這些都應該就位，並且這些 EML 晶片的提升應該在我們的第二財季真正開始，然後以有意義的方式進入日曆 '25。

Excellent. And then, Alan, while I have you, you said a meaningful increase in your calendar 2025 revenue. What -- maybe you could put a finer point on meaningful. Are we talking single digit, double digits? And any color there would be great.

出色的。然後，艾倫，當我有你的時候，你說你的日曆 2025 年收入有了有意義的成長。什麼——也許你可以對有意義提出更明確的觀點。我們說的是個位數還是兩位數？任何顏色都會很棒。

Yes. I mean I think what we said is we expect to exit the calendar year 2025 at greater than $500 million of company revenue. So if you look at where we are today, midpoint of just over $300 million to exit rate of calendar '25 of $500 million, that's a meaningful increase, and it won't be linear between now and then because I think we still have a couple of quarters of inventory burn-off in telecom and the qualification work that has to happen in new sockets for datacom.

是的。我的意思是，我認為我們所說的是，我們預計 2025 年結束時公司收入將超過 5 億美元。因此，如果你看看我們今天所處的位置，25 日曆年退出率的中點為3 億多美元，退出率為5 億美元，這是一個有意義的增長，而且從現在到那時，它不會是線性的，因為我認為我們仍然有電信業幾個季度的庫存消耗以及數據通訊新插座必須進行的資格認證工作。

And as you're -- from your first question on the 200 gig per lane, a lot of the products we're going to launch are going to be 200 gig per lane out of our [Nava] facility. So that's really a late calendar '24 and into calendar 2025. So not a lot of big volume in the December quarter, but more meaningful in the March and June quarter as we ramp up those qualified products. Does that answer your question, Christopher?

正如您所說，從您關於每個通道 200 G 的第一個問題來看，我們將要推出的許多產品將在我們的 [Nava] 設施中每通道 200 G。因此，這實際上是 24 世紀末到 2025 年的日曆。這能回答你的問題嗎，克里斯多福？

That does.

確實如此。

The next question comes from the line of David Vogt with UBS.

下一個問題來自瑞銀集團 (UBS) 的大衛沃格特 (David Vogt)。

Great. Can you guys hear me?

偉大的。你們聽得到我說話嗎？

Yes, we can.

是的，我們可以。

So I have 2 questions. One, longer term in terms of this trajectory to get to this $500 million run rate, just kind of the way that we're trying to pencil in the numbers. Obviously, it looks like your telco business needs obviously a steep recovery as well. And given that the customers are taking longer to place orders and digest, I'm just trying to get a sense for where are you going to see the growth. Or how are you thinking about the growth to come back in the core telecom side? And given the strength -- the second question, given the strength in the datacom that you just laid out, how does it affect gross margin given the manufacturing capacity that you're adding is clearly skewed towards datacom -- potential datacom customers going forward. Are we still thinking about this consistent with what Wajid laid out at OFC? I'm just trying to get a sense for how you're thinking about that.

所以我有兩個問題。一，從長遠來看，達到 5 億美元的運行率軌跡，就像我們試圖用鉛筆記錄數字的方式一樣。顯然，您的電信業務顯然也需要大幅復甦。鑑於客戶下訂單和消化的時間更長，我只是想了解您將在哪裡看到增長。或者您如何看待核心電信方面的成長？考慮到實力——第二個問題，考慮到您剛剛提出的數據通信領域的實力，鑑於您正在增加的製造能力明顯偏向數據通信——未來潛在的數據通信客戶，它對毛利率有何影響。我們是否仍在考慮這與 Wajid 在 OFC 的佈局是否一致？我只是想了解一下你是如何看待這個問題的。

Yes, I'll take the telecom question and I'll let Wajid comment on the gross margins. Yes, as I said, I think we have a couple of quarters at a minimum of burn-off of telecom inventory and really exacerbated by the slower telco spend. That said, on the new products like the higher speed, 130 gigabaud, 200 gigabaud and highly integrated ROADMs, there is no inventory. So as, for instance, the 3 China carriers deploy their next-generation networks, those are sort of well underway today and don't have that burden of inventory. So I'd say, there's really 2 aspects of our telecom business, all those new products that are ramping today, but from a small base and then growing fast. But -- and then those other products that are still in the channel, by the end of the calendar year, I'd say that those are probably taken care of and that gives us confidence in the strength of telecom in calendar 2025 as that inventory is burned off. Wajid, do you want to comment on that?

是的，我將回答電信問題，然後讓瓦吉德評論毛利率。是的，正如我所說，我認為我們至少有幾個季度會消耗掉電信庫存，而且電信支出放緩確實加劇了這種情況。也就是說，對於更高速度、130G、200G以及高度整合的ROADM等新產品，沒有庫存。例如，隨著中國三大營運商部署下一代網絡，這些網路目前正在順利進行，並且沒有庫存負擔。所以我想說，我們的電信業務實際上有兩個方面，所有這些新產品今天都在蓬勃發展，但基數很小，然後快速成長。但是，到今年年底，通路中仍然存在的其他產品，我想說這些產品可能會得到處理，這讓我們對 2025 年電信的實力充滿信心，因為該庫存被燒掉了。 Wajid，你想對此發表評論嗎？

Yes. No. From a gross margin standpoint, pretty much what we laid out at OFC, contemplated the type of product mix we were expecting to get to a nearer-term model as well as a longer-term model. So I think that those gross margins that we laid out pretty well hold under what Alan spoke about with the $500 million a quarter exiting run rate for next year.

是的。不。因此，我認為我們制定的毛利率在艾倫所說的明年每季 5 億美元的現有運行率下保持得很好。

So the shift in telco out a little bit doesn't have an impact? Just trying to think through that.

那麼電信公司的稍微轉移不會產生影響嗎？只是想思考一下。

Well, it's -- I think that the timing of the telco return as well as the step function increases we're expecting to see on the datacom side will line up together. Now we'll probably have a little bit of a tailwind because 200G revenues will come in before -- 200G EML chip revenues will come in before some of the transceiver revenue will just given where we are in the qualification cycle between the 2 products. So there might be a quarter or 2 where we're on the higher end of that model because of that. But when the revenues do kick in for those transceiver products, we will start to see a normalization of the margins back to the model we presented at OFC.

嗯，我認為電信公司返回的時間以及我們期望在數據通信方面看到的階躍函數的增加將一致。現在我們可能會有一點順風，因為 200G 收入將先於 200G EML 晶片收入出現，然後一些收發器收入將剛剛給出我們在兩種產品之間的資格週期中的位置。因此，可能有四分之一或兩個季度我們處於該模型的高端。但當這些收發器產品的收入確實開始成長時，我們將開始看到利潤率正常化回到我們在 OFC 上展示的模型。

Yes. I think just to echo what you said earlier, Wajid, the consolidation of our 2 Japanese wafer fabs in the first half of fiscal '25 will certainly help gross margins as well.

是的。我認為，正如您之前所說的那樣，Wajid，我們在 25 財年上半年整合兩家日本晶圓廠肯定也會有助於提高毛利率。

The next question comes from the line of Ananda Baruah with Loop Capital.

下一個問題來自 Ananda Baruah 與 Loop Capital 的對話。

I guess, yes, 2 on datacom quickly if I could. With the expansion of this year -- the capacity expansion in your Japan fab, at least anecdotally, any context you can share with regards to where you think that business ultimately can go relative to what you were thinking prior to inventory digesting a couple of years ago? And then I have a quick follow-up.

我想，是的，如果可以的話，很快就會有 2 個數據通訊。隨著今年的擴張——你的日本工廠的產能擴張，至少從傳聞來看，你可以分享任何關於你認為業務最終會走向哪裡的背景，相對於你在消化庫存幾年之前的想法前？然後我會進行快速跟進。

Yes. We're still adding capacity. We had a record EML shipment last quarter. And then as we ramp the 200 gig per lane product, that certainly will grow the revenue without necessarily growing units, although we do plan on growing units further. So I think that there's no reason that, that couldn't be a $300 million a year type run rate and more, given that we'll be providing both EMLs as well as CW lasers and VCSELs, datacom VCSELs for the multi-mode transceivers.

是的。我們仍在增加產能。上季我們的 EML 出貨量創歷史新高。然後，當我們增加每通道 200 演出的產品時，收入肯定會增加，但不一定會增加單位，儘管我們確實計劃進一步增加單位。因此，我認為，考慮到我們將提供 EML 以及 CW 雷射和 VCSEL、用於多模收發器的數據通訊 VCSEL，因此沒有理由不實現每年 3 億美元甚至更多的運行率。

That's more context than I had even hoped for, Alan. I appreciate that. And the follow-up is, for the $500 million kind of December '25 kind of guide, or at least guidelines, how many -- all things with [EE], you said it was terabits on the telco business, how many qualifications with Tier 1 through Tier 2, I guess, whichever way you think is useful to think about it, would be necessary? I'm just trying to gauge how conservative your qualification assumptions might be in that $500 million.

這比我所希望的還要豐富，艾倫。我很欣賞這一點。後續是，對於 25 年 12 月那種 5 億美元的指南，或至少是指導方針，有多少——所有與 [EE] 相關的東西，你說它是電信業務的太比特，有多少資格與我想，從第1 層到第2 層，無論您認為哪種方式有用，是否有必要？我只是想評估您對這 5 億美元的資格假設可能有多保守。

Are you talking about datacom or telecom?

你說的是數據通訊還是電信？

Datacom. Yes, how many incremental hyperscalers or Tier 2, but yes, yes.

數據通訊。是的，有多少增量超大規模或第 2 層，但是是的，是的。

I mean it doesn't take many. If we land 3, I'd be very, very happy, and we're working with more than that. So I think from my perspective, we have to bet $500 million on the engagements that we're in. And I think we're positioned to do quite a bit better than that given the customer pull and the desire to have a U.S. headquartered company with manufacturing outside of China. That's why we're being aggressive with respect to putting in place the capacity needed for these customers.

我的意思是這並不需要很多。如果我們能達到 3，我會非常非常高興，而且我們正在合作的不僅僅是這個。因此，我認為，從我的角度來看，我們必須在我們參與的業務上投入5 億美元。得更好。這就是為什麼我們積極為這些客戶提供所需的容量。

The next question comes from the line of Tom O'Malley with Barclays.

下一個問題來自湯姆·奧馬利與巴克萊銀行的對話。

I wanted to focus on just what's been to the ramp here on the datacom side. So you guys have talked about some big opportunities that you could potentially win that gets you to that $500 million run rate through the end of this year and into next year. But I want to understand what you have visibility to right now. You talked on the last call about a transition at your existing customer, and I know that you're saying the datacom downtick is related to telecom. But are you seeing further weakness there? And are you baking in a return to growth with that customer? And how good is your visibility with the existing customers such that you get comfortable around the growth profile that you're laying out already?

我想重點關注數據通訊方面的情況。你們已經討論了一些可能贏得的重大機會，這些機會可以讓你們在今年年底和明年達到 5 億美元的運行率。但我想了解您現在可以看到什麼。您在上次通話中談到了現有客戶的轉型，我知道您是說數據通訊的下滑與電信有關。但您是否看到了進一步的疲軟？您是否正在與該客戶一起恢復成長？您對現有客戶的了解程度如何，以便您對已經制定的成長概況感到滿意？

Yes, Tom. We're not going to comment on specific customers, but I'd say, as I mentioned earlier, our expectations are a slight uptick in datacom revenues in the September quarter and then a more rapid increase in December and into calendar 2025 as the new products at 1.6T really start ramping into very late this year and into calendar 2025.

是的，湯姆。我們不會對特定客戶發表評論，但我想說，正如我之前提到的，我們的預期是9 月份季度的數據通信收入略有上升，然後在12 月份和2025 年出現更快的增長，因為新的1.6T 的產品在今年稍後和 2025 年才真正開始投入使用。

I wouldn't say that we have everything locked up. But certainly, indications of interest and customers spending time with our engineering teams, customers taking visits to Thailand and to our wafer fab in Sagamihara, Japan, and they don't do that if they're not intending to not intending to partner with us. And so that's what gives me confidence. And when I have purchase orders, I'll have a lot more confidence, but that's where we are today.

我不會說我們把所有東西都鎖起來了。但當然，有興趣的跡象和客戶花時間與我們的工程團隊在一起，客戶參觀泰國和我們在日本相模原的晶圓廠，如果他們不打算不打算與我們合作，他們就不會這樣做。這就是給我信心的原因。當我收到採購訂單時，我會更有信心，但這就是我們今天的處境。

Helpful. And then my second one is kind of a broader question just on the evolution of 200G per lane and 1.6T. So you're talking about the lasers coming first, which kind of aligns with what we've been hearing. But like in terms of the broader systems, it seems like it's more middle of '25, maybe even second half of '25. And there's really only 2 customers that can do that, even in that time frame. So can you talk about why you would be able to ship in the kind of December quarter? Do you see actual production shipments of 200G per lane in Q1 of '25? Or are you just seeing kind of token shipments in Q4 that really get to volume maybe in the second half of '25? I just want to understand your view of the timing of 200G per lane.

有幫助。我的第二個問題是一個更廣泛的問題，涉及每個通道 200G 和 1.6T 的演變。所以你說的是雷射優先，這與我們所聽到的一致。但就更廣泛的系統而言，似乎是 25 年中期，甚至可能是 25 年下半年。即使在那個時間範圍內，實際上也只有 2 個客戶可以做到這一點。那麼您能談談為什麼您能夠在 12 月季度發貨嗎？您認為 25 年第一季每頻道的實際產量出貨量是否達到 200G？或者您只是在第四季度看到某種代幣出貨量，可能在 25 年下半年才真正達到數量？我只是想了解一下您對每個頻道 200G 時序的看法。

Yes, Tom, let me try to help out here, and maybe confusion in fiscal year, calendar year here. Certainly, we have today, as we've highlighted, the laser components, other optical components that are in qualification with other either transceiver manufacturers or AI infrastructure providers. Those qualifications will continue, and we expect that those customers will be in a position later this calendar year. So i.e., the beginning of our fiscal '25, they will be in a position if all other parts of the ecosystem are able to start ramping up. Even if they do start ramping up in that time frame, obviously, it doesn't overnight become the predominant set of volumes. And so we do expect through calendar '25, a continual ramp of both the components and the transceivers.

是的，湯姆，讓我嘗試在這裡提供幫助，也許這裡的財政年度、日曆年度有些混亂。當然，正如我們所強調的，我們今天擁有經過其他收發器製造商或人工智慧基礎設施提供者認證的雷射組件和其他光學組件。這些資格將繼續存在，我們預計這些客戶將在今年稍後就職。因此，即在我們的 25 財年開始時，如果生態系統的所有其他部分都能夠開始成長，他們將處於有利位置。即使它們確實在那個時間範圍內開始增加，顯然，它也不會在一夜之間成為主要的交易量。因此，我們確實預計到 25 日曆年，組件和收發器都會持續增加。

The components may lead transceivers for 2 reasons. One is you're earlier in supply chains in general. So you're shipping a quarter or 2 ahead ultimately of when transceivers are shipping. But secondly, the nature of who the customers are, maybe the -- most early leading adopters may be folks that build transceivers themselves and need components.

這些組件可能因兩個原因而領先於收發器。一是您總體上處於供應鏈的早期。因此，您的發貨時間比收發器最終發貨時間提前了四分之一或兩個季度。但其次，客戶的本質可能是——最早期的領先採用者可能是自己建造收發器並需要組件的人。

And I think as Alan alluded to, all these time lines are clearly dependent on whether it be DSPs, switching silicon, processor silicon, things that are beyond our control. We're closely monitoring. We are unaware of anything that impacts the time lines that we're outlining here based on those other elements becoming available either late this calendar year or the beginning of this -- calendar '25.

我認為正如 Alan 所提到的，所有這些時間軸顯然都取決於 DSP、交換晶片、處理器晶片，以及我們無法控制的東西。我們正在密切監視。我們不知道有任何事情會影響我們在此概述的時間線，這些時間線是基於今年晚些時候或今年日曆 '25 年初可用的其他元素。

The next question comes from the line of Karl Ackerman with BNP Paribas.

下一個問題來自卡爾阿克曼 (Karl Ackerman) 與法國巴黎銀行 (BNP Paribas) 的對話。

I have a clarification question and a follow-up. For the clarification question, does the $40 million headwind from telco reflect any broadening impact from the chip supply ban beyond the initial telecom products you outlined last quarter?

我有一個澄清問題和後續行動。對於澄清問題，來自電信公司的 4000 萬美元阻力是否反映出晶片供應禁令對您上季度概述的最初電信產品之外的任何擴大影響？

Chip supply. Are you referring to restriction on the customers in China?

晶片供應。您指的是對中國客戶的限制嗎？

That is correct.

這是正確的。

Somewhat. As of today, we're not shipping to that large customer, and there were some shipments in the March quarter so that has some impact, but not a meaningfully large impact relative to quarter-to-quarter. Now year-over-year, major impact of the U.S. restrictions on our ability to sell to that customer.

有些。截至今天，我們還沒有向該大客戶發貨，並且三月份季度有一些發貨，因此會產生一些影響，但相對於季度而言，影響並不大。與去年同期相比，美國的限制對我們向該客戶銷售的能力產生了重大影響。

Yes. Okay. Understood. And then you spoke about some of the views on the timing of EML shipments. Would you have any update on the timing of 100-gig VCSELs? I think last quarter, you indicated that you would start production in the second half of 2024. I'm just curious if there's any update on that.

是的。好的。明白了。然後您談到了對於EML發貨時間的一些看法。您能否了解 100 級 VCSEL 的最新進展？我想上個季度，你們表示將在 2024 年下半年開始生產。

Yes. We're making continued progress on our 100 gig VCSEL. Now with having Cloud Light be part of the Lumentum team, we have an in-house way of getting our VCSELs tested in transceivers and hopefully qualified in, as you said, in the second half of the calendar year in these multi-mode transceivers. So continued progress, but I'd say we're still on track for really the end -- second half of the calendar year for 100-gig VCSELs and VCSEL arrays.

是的。我們在 100 G VCSEL 方面不斷取得進展。現在，隨著 Cloud Light 成為 Lumentum 團隊的一員，我們有一種內部方法可以在收發器中測試我們的 VCSEL，並希望如您所說，在這些多模收發器中於今年下半年獲得資格。進展仍在繼續，但我想說，我們仍然預計在年底實現 100 兆 VCSEL 和 VCSEL 陣列的下半年。

Thanks, Karl. Victoria, I think we have time for just one more question.

謝謝，卡爾。維多利亞，我想我們還有時間再問一個問題。

Of course. Our next question comes from the line of Tim Savageaux with Northland Capital Markets.

當然。我們的下一個問題來自 Northland Capital Markets 的 Tim Savageaux。

Great. I snuck in there. So I want to compare your 1.6 terabit opportunity or at least ask a question about for 800 gig, we seem to have seen the very short reach kind of within the rack connectivity market developed first, and then a broader market maybe for switch-to-switch transceivers inside the data appears to be developing now. As you look at the 1.6T opportunity, I guess is there any reason that would develop differently? It seems like most of what you're targeting are traditional transceivers versus short-reach cables or what have you. But I'd just be interested in your perspective on comparing and contrasting what we've seen at 800G and what you expect at 1.6 terabits.

偉大的。我偷偷溜進去了。因此，我想比較您的1.6 太比特機會，或者至少問一個有關800 gig 的問題，我們似乎已經看到了機架連接市場中最短距離的類型首先發展起來，然後是更廣泛的市場可能用於切換到-交換器裡面的資料收發器現在似乎正在發展中。當你看到 1.6T 的機會時，我想是否有任何原因會導致不同的發展？看起來您的目標大部分是傳統收發器而不是短距離電纜或您擁有的東西。但我只是對您對我們所看到的 800G 和您期望的 1.6 太比特進行比較和對比的看法感興趣。

Yes, Tim, it's a little bit of nuance, but I would say that's something we highlighted at the OFC presentation and point to investors. There's a little more detail in that slide deck that we had shared. And the key point is that as you go to higher speeds, the distances you can go decrease very rapidly. So we do anticipate as we move to 1.6T and beyond that you'll see more single mode in the mix than you've seen historically. Maybe these are simple or single mode, the DR-type spec transceivers, whether they're using silicon photonics or EMLs. And so therefore, a lot more single mode where maybe perhaps there would have been multi-mode historically. Doesn't mean multi-mode's going away, it just means that we will see more single mode in sockets and therefore, right out of the gate.

是的，蒂姆，這有點細微差別，但我想說這是我們在 OFC 演講中向投資者強調的內容。我們分享的幻燈片中有更多細節。關鍵是，當你的速度更高時，你可以走的距離會很快減少。因此，我們確實預計，當我們轉向 1.6T 及更高版本時，您將看到比以往更多的單一模式。也許這些是簡單模式或單模式、DR 型規格收發器，無論它們使用矽光子學還是 EML。因此，歷史上可能會有更多的單一模式，而可能會有多模式。並不意味著多模式會消失，它只是意味著我們將在套接字中看到更多的單模式，因此，即將出現。

Tim, did you have a follow-up?

提姆，你有後續行動嗎？

Sure, I do. And I don't want to misinterpret this. Alan, did you say you're targeting 50% share of this 1.6 terabit market to kind of get where you need to be? Or was that 50% comment around something else?

當然，我願意。我不想誤解這一點。艾倫，您是否說過您的目標是在這個 1.6 太比特市場中佔據 50% 的份額，以達到您需要達到的目標？或者這 50% 的評論是圍繞著其他什麼內容的？

No, that was a comment around -- we don't need to hit -- we don't need to hit on all of the sockets. And any given socket, we're not going to get 100% of. So I'm just -- I was indicating that we have a lot of qualification work and customer interaction going on today in order to achieve what we talked about. At $500 million exiting calendar 2025, we don't need to be successful in all of those slots that we're engaged with today. Now if we're more successful than half of them, then it will be more revenue than that. And I think that will come down to us executing better than our competitors and having a value proposition that makes it compelling for our customers to buy more from us.

不，這是一個評論——我們不需要點擊——我們不需要點擊所有的插座。對於任何給定的套接字，我們都不會 100% 獲得。所以我只是——我表示我們今天正在進行大量的資格認證工作和客戶互動，以實現我們所說的目標。到 2025 年，我們的收入將達到 5 億美元，我們不需要在今天參與的所有這些領域都取得成功。現在，如果我們比其中一半更成功，那麼收入就會比這更多。我認為這將取決於我們比競爭對手執行得更好，並擁有吸引客戶向我們購買更多產品的價值主張。

Thank you for your question. There are no additional questions waiting at this time. I would now like to pass the conference back to Alan Lowe for any closing remarks.

謝謝你的提問。目前沒有其他問題等待。現在我想將會議轉交艾倫·洛 (Alan Lowe) 發表閉幕詞。

Great. Thank you, Victoria. I would like to leave you with a few thoughts as we wrap up this call. Our agility and leadership position gives us confidence in navigating the current market environment. Lumentum stands at the forefront of the data center revolution, pioneering advancements in chip scale photonics, automated manufacturing and partnerships with hyperscale cloud customers. To capitalize on these compelling cloud opportunities, we are rapidly deploying both manufacturing capacity and R&D capabilities. This ensures we are well positioned to help customers meet the escalating data rate demands of AI architectures.

偉大的。謝謝你，維多利亞。在我們結束這次電話會議時，我想留下一些想法。我們的敏捷性和領導地位使我們有信心應對當前的市場環境。 Lumentum 站在資料中心革命的最前沿，在晶片級光子學、自動化製造以及與超大規模雲端客戶的合作夥伴關係方面開創了先河。為了利用這些引人注目的雲端機會，我們正在快速部署製造能力和研發能力。這確保我們能夠很好地幫助客戶滿足人工智慧架構不斷增長的資料速率需求。

The Cloud Light acquisition has been a resounding success. Our combined teams has propelled our high-speed transceiver production plans forward, enabling us to meet the surging market demand which we expect will drive our cloud revenue into a multibillion dollar run rate in the coming years.

Cloud Light 的收購取得了巨大成功。我們的合併團隊推動了我們的高速收發器生產計劃的發展，使我們能夠滿足不斷增長的市場需求，我們預計這將在未來幾年將我們的雲端收入推向數十億美元的運行速度。

Thank you for joining our call today. We look forward to seeing you again at investor conferences and upcoming meetings later this quarter.

感謝您今天加入我們的電話會議。我們期待在本季稍後的投資者會議和即將舉行的會議上再次見到您。

That concludes today's call. Thank you for your participation, and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您有個愉快的一天。