Lumentum Holdings Inc (LITE) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Holdings fourth-quarter fiscal year 2024 earnings call.

大家好，歡迎參加 Lumentum Holdings 2024 財年第四季財報電話會議。

(Operator instructions) Please also note today's event is being recorded for replay purposes.

（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)

（操作員說明）

At this time, I would like to turn the conference call over to Kathy Ta, Vice President of Investor Relations.

現在，我想將電話會議轉交給投資人關係副總裁 Kathy Ta。

Ms. Ta, please go ahead.

塔女士，請講。

Thank you, and welcome to the Lumentum's fiscal fourth-quarter and full-year 2024 earnings call.

謝謝，歡迎參加 Lumentum 第​​四財季和 2024 年全年財報電話會議。

This is Kathy Ta, Lumentum's Vice President of Investor Relations.

我是 Kathy Ta，Lumentum 投資者關係副總裁。

Joining me today are Alan Lowe, President and Chief Executive Officer; Wajid Ali, Executive Vice President and Chief Financial Officer; Officer, Chris Coldren, Senior Vice President and Chief Strategy and Corporate Development Officer.

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 strategies, trends and expectations for our products and technologies, including demand; our customers; our end markets; end-market opportunities; our expectations and beliefs regarding recent acquisitions, including Cloud Light; macroeconomic trends; 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，包括有關我們的策略、趨勢以及對我們的產品和技術的期望（包括需求）的陳述；我們的客戶；我們的終端市場；終端市場機會；我們對最近收購（包括 Cloud Light）的期望和信念；宏觀經濟趨勢；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.

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。

We encourage you to review our most recent filings with the SEC, particularly the risks factors described in our most recent 10-Q and in our 10-K that will be filed soon.

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-K 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.

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。

Lumentum undertakes no obligation to update these statements, except as required by applicable law.

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.

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。

Non-GAAP financials are not to be considered as a substitute for or superior to financials prepared accordance with GAAP.

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's press release with the fiscal fourth quarter results and fiscal 2024 results and accompanying supplemental slides are available on our website at www.lumentum.com under the Investors section.

Lumentum 發布的包含第四財季業績和 2024 財年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.

謝謝凱西，大家下午好。

We exceeded the midpoint of our guidance for both revenue and EPS for the fourth quarter.

我們第四季的營收和每股盈餘都超過了指引的中點。

We booked record orders for datacom chips used in data center applications and saw emerging positive trends in the broader traditional networking market.

我們預訂了用於資料中心應用的資料通訊晶片的創紀錄訂單，並看到了更廣泛的傳統網路市場中出現的正面趨勢。

We made significant progress in executing our strategy to grow our cloud business and broaden our customer base, including in new and substantial cloud and AI module opportunities.

我們在執行發展雲端業務和擴大客戶群的策略方面取得了重大進展，包括新的大量雲端和人工智慧模組機會。

Lumentum is emerging as a leading provider of photonic solutions for cloud data center operators and AI infrastructure providers.

Lumentum 正成為為雲端資料中心營運商和人工智慧基礎設施供應商提供光子解決方案的領先供應商。

Our comprehensive photonics portfolio built on differentiated in-house technology and proven volume manufacturing delivers innovative solutions that address the critical challenges of connectivity, bottlenecks, and power consumption.

我們全面的光子產品組合建立在差異化的內部技術和經過驗證的批量製造基礎上，提供創新的解決方案，解決連接、瓶頸和功耗的關鍵挑戰。

To achieve our cloud and AI goals, we are implementing a three-pronged strategy.

為了實現我們的雲端和人工智慧目標，我們正在實施三管齊下的策略。

First, we are focused on expanding our customer base to include multiple data center operators and AI infrastructure providers as they migrate to higher speeds.

首先，我們致力於擴大我們的客戶群，以包括多個資料中心營運商和人工智慧基礎設施供應商，因為他們正在向更高的速度遷移。

Second, we are scaling up capacity for component and module production at established Lumentum facilities outside of China.

其次，我們正在擴大中國境外已建立的 Lumentum 工廠的組件和模組生產能力。

And third, we are executing on our differentiated technology roadmaps to support data center compute scaling across future generations of optical interconnect technologies and data center architectures.

第三，我們正在執行差異化的技術路線圖，以支援未來幾代光互連技術和資料中心架構的資料中心運算擴展。

I would like to elaborate on our progress in each of these areas.

我想詳細說明我們在每個領域的進展。

Our first priority is to expand our customer base within the data center market by leveraging our advanced high-speed optical transceiver capabilities and proven laser transmitter components.

我們的首要任務是利用我們先進的高速光收發器功能和經過驗證的雷射發射器組件來擴大資料中心市場的客戶群。

As the industry transitions to higher speeds, our differentiated technology becomes increasingly valuable to these customers.

隨著產業向更高速度轉型，我們的差異化技術對這些客戶來說變得越來越有價值。

Within data centers, the shift to 200G lane speed, particularly in 1.6T optical transceivers plays to our strength.

在資料中心內，向 200G 通道速度的轉變，尤其是 1.6T 光收發器，發揮了我們的優勢。

The growing importance of single-mode optics and indium phosphide lasers, driven by the limitations in multimode optics aligns well with our market and technology leadership positions.

由於多模光學元件的局限性，單模光學元件和磷化銦雷射的重要性與日俱增，這與我們的市場和技術領先地位非常吻合。

Our industry-leading 100G EML transmitter components have established a strong reputation for performance, quality, and reliability and are currently shipping in record volumes.

我們業界領先的 100G EML 發射器組件在性能、品質和可靠性方面建立了良好的聲譽，目前的出貨量創歷史新高。

Our proven capabilities position us favorably as the industry adopts 200G per lane technologies.

隨著業界採用每通道 200G 技術，我們經過驗證的能力使我們處於有利地位。

Our 200G EMLs are being qualified by multiple customers for integration into their transceivers and subsequent deployment in a wide range of cloud and AI infrastructures.

我們的 200G EML 已獲得多個客戶的認證，可以整合到他們的收發器中，並隨後部署在各種雲端和人工智慧基礎設施中。

We anticipate being a key laser supplier in initial 1.6T transceiver deployments as we ramp up 200G EMLs later this fiscal year.

隨著本財年晚些時候我們增加 200G EML，我們預計將成為初始 1.6T 收發器部署的主要雷射供應商。

In Q4, we achieved record volume shipments of EMLs and secured substantial bookings, which we will be working to fulfill throughout fiscal 2025.

第四季度，我們實現了創紀錄的 EML 出貨量並獲得了大量訂單，我們將努力在 2025 財年實現這一目標。

This includes initial orders for 200G EMLs from leading AI customers.

這包括來自領先 AI 客戶的 200G EML 的初始訂單。

Based on this momentum, we foresee continued strong EML shipments throughout fiscal 2025 and into fiscal 2026.

基於這一勢頭，我們預計 2025 財年和 2026 財年 EML 出貨量將持續強勁。

Additionally, we are supplying differentiated laser sources for silicon photonics-based transceivers, further broadening our content opportunity within the data center market.

此外，我們也為基於矽光子的收發器提供差異化的雷射光源，進一步擴大我們在資料中心市場的內容機會。

We have also made significant progress on our newest 800G and initial 1.6T transceiver product developments.

我們在最新的 800G 和最初的 1.6T 收發器產品開發方面也取得了重大進展。

We are deeply engaged with multiple customers, and we have received favorable feedback after providing product samples to these customers.

我們與多個客戶進行了深度接觸，在向這些客戶提供產品樣品後，我們得到了良好的回饋。

We have secured a major award with one new customer and are actively working to finalize additional awards with multiple customers.

我們已經獲得了一位新客戶的重要獎項，並正在積極努力與多個客戶敲定更多獎項。

The second prong of our cloud strategy involves expanding manufacturing capacity for both optical transceivers and optical components at established Lumentum facilities outside of China.

我們雲端策略的第二個面向是擴大在中國境外已建立的 Lumentum 工廠的光收發器和光組件的製造能力。

This expansion is critical to supporting our cloud customers' growing AI and cloud workloads while ensuring supply chain security.

這種擴展對於支援我們的雲端客戶不斷增長的人工智慧和雲端工作負載，同時確保供應鏈安全至關重要。

As mentioned earlier, indium phosphide lasers are essential for scaling data center infrastructure.

如前所述，磷化銦雷射對於擴展資料中心基礎設施至關重要。

Due to overwhelming demand for our critical technology, our indium phosphide capacity is fully subscribed to at least the end of calendar 2025, and therefore, we can only meet this demand by growing capacity.

由於對我們關鍵技術的巨大需求，我們的磷化銦產能至少到2025年底就已全部認購，因此，我們只能透過增加產能來滿足這一需求。

In the current fiscal first quarter, we have already invested $43 million in our indium phosphide wafer fab facilities, and we expect to continue to invest in our indium phosphide capacity over the next several quarters to keep up with the growing demand of these enabling laser technologies.

在目前的第一財季，我們已經在磷化銦晶圓廠設施上投資了4,300 萬美元，我們預計將在未來幾個季度繼續投資我們的磷化銦產能，以滿足這些雷射技術不斷增長的需求。

Although the industry faces a broad shortage of indium phosphide lasers, over time, our capacity additions will help mitigate these constraints.

儘管該行業面臨磷化銦雷射的廣泛短缺，但隨著時間的推移，我們產能的增加將有助於緩解這些限制。

However, we anticipate that our production output will remain on allocation through at least the end of calendar 2025.

然而，我們預計至少到 2025 年底我們的產量仍將維持分配狀態。

Our significant capacity expansion for optical transceivers in our facility in Thailand is progressing as planned, with the first production line scheduled to start operations this quarter.

我們泰國工廠的光收發器產能大幅擴張正在按計劃進行，第一條生產線計劃於本季開始運作。

Based on current engagements with multiple hyperscale cloud operators and AI infrastructure customers, we expect to complete additional phases of our manufacturing capacity expansion over the next 18 months to keep up with the expected strong demand.

根據目前與多個超大規模雲端營運商和人工智慧基礎設施客戶的合作，我們預計在未來 18 個月內完成製造產能擴張的其他階段，以滿足預期的強勁需求。

Finally, the third prong of our cloud strategy focuses on delivering differentiated technologies to address the evolving challenges of data center scaling encompassing both increased data link capacity and enhanced energy efficiency.

最後，我們雲端策略的第三個面向著重於提供差異化技術，以應對資料中心擴展不斷變化的挑戰，包括增加資料鏈路容量和提高能源效率。

We are actively collaborating with leading-edge customers to deliver breakthrough technologies that will support multiyear cloud and AI infrastructure roadmaps.

我們正在與領先的客戶積極合作，提供突破性技術，支援多年的雲端和人工智慧基礎設施路線圖。

Optical switching, a critical component of future cloud and AI networking architectures, presents a significant opportunity for us at Lumentum.

光交換是未來雲端和 AI 網路架構的關鍵組成部分，為 Lumentum 提供了重大機會。

Our optical switch products in development offer advantages in power efficiency, increased bandwidth, reduced latency, flexibility, and agility.

我們正在開發的光開關產品在功效、增加頻寬、減少延遲、靈活性和敏捷性方面具有優勢。

We have shipped evaluation units to multiple customers and the initial feedback has been overwhelmingly positive.

我們已將評估單元發送給多個客戶，初步回饋非常正面。

Another key technology area is enabling the transition to high-density, low-power optical links for future generations.

另一個關鍵技術領域是為下一代實現向高密度、低功耗光鏈路的過渡。

Our ultra-high-power laser technologies have attracted considerable interest from cloud and AI infrastructure customers, developing high density optical interconnects.

我們的超高功率雷射技術吸引了雲端和人工智慧基礎設施客戶的極大興趣，並開發高密度光學互連。

Our heritage of delivering high-performance, high-reliability lasers and high-volume production environment position us favorably for this emerging market.

我們提供高性能、高可靠性雷射和大批量生產環境的傳統使我們在這個新興市場中處於有利地位。

Lastly, we are focused on enabling the shift to speeds beyond 200G per lane, such as the 400G per lane generation.

最後，我們致力於實現每個通道 200G 以上的速度轉變，例如每通道 400G 世代。

Our advanced indium phosphide and photonic integrated circuit capabilities honed through years of experience in data center and high-performance telecom applications are essential to meeting future demands.

我們透過多年在資料中心和高效能電信應用領域的經驗磨練出先進的磷化銦和光子積體電路能力，這對於滿足未來的需求至關重要。

While the deployment of these products and technologies is a few years away, these are long-term developments requiring early investment and close customer collaboration.

雖然這些產品和技術的部署還需要幾年時間，但這些都是長期發展，需要早期投資和密切的客戶合作。

We are actively engaged with customers and their R&D teams.

我們積極與客戶及其研發團隊合作。

And together, we are shaping the future of optical technology.

我們正在共同塑造光學技術的未來。

Now let me move to additional fiscal fourth-quarter revenue and product highlights.

現在讓我談談第四財季的額外收入和產品亮點。

As expected, our cloud and networking segment had a challenging quarter, with revenue declining 19% sequentially and 11% year over year.

正如預期的那樣，我們的雲端和網路部門度過了一個充滿挑戰的季度，營收環比下降 19%，年減 11%。

While overall demand for telecom products was soft in the quarter, as expected, we are encouraged by several positive trends emerging within this part of our business.

儘管本季電信產品的整體需求如預期疲軟，但我們對這部分業務中出現的一些正面趨勢感到鼓舞。

We saw an increase in shipments for narrow linewidth tunable lasers used in 400ZR modules for data center interconnect applications.

我們看到用於資料中心互連應用的 400ZR 模組的窄線寬可調諧雷射的出貨量有所增加。

With our design wins, we anticipate maintaining a leading market share position in laser components for ZR and ZR+ applications this fiscal year and in the coming years.

憑藉我們的設計成果，我們預計本財年和未來幾年將在 ZR 和 ZR+ 應用雷射組件領域保持領先的市場份額地位。

While there is still lingering industry inventory challenges, we are encouraged by recent indications of improvement in the traditional networking market.

儘管行業庫存挑戰仍然揮之不去，但傳統網路市場最近的改善跡象令我們感到鼓舞。

Recent weeks have brought increased customer demand to our newest leading-edge coherent transmission and next-generation transport products, along with continued signs of customer inventory normalization.

最近幾週，客戶對我們最新的領先相干傳輸和下一代傳輸產品的需求不斷增加，且客戶庫存持續正常化的跡像也不斷增加。

Consistent with this, advanced rhodium demand is showing promise with growing demand for integrated C+L-band solutions and high port count rhodium products.

與此一致的是，隨著對整合 C+L 波段解決方案和高連接埠數銠產品的需求不斷增長，先進的銠需求正在顯現出希望。

In leading edge coherent transmission, we are seeing excellent demand trends for 130 gigabaud coherent products and encouraging early traction with our 200 gigabaud products.

在領先的相干傳輸領域，我們看到了對 130 吉博相干產品的良好需求趨勢，並鼓勵我們的 200 吉博產品儘早受到關注。

This is driven by customer demand for increased capacity and spectral efficiency, fueled by continued bandwidth demand growth.

這是由客戶對增加容量和頻譜效率的需求所推動的，而頻寬需求的持續成長又推動了這一趨勢。

Our broad set of design wins and differentiated technology and manufacturing capabilities position us for continued leadership in these important products in the coming years.

我們廣泛的設計勝利以及差異化的技術和製造能力使我們能夠在未來幾年在這些重要產品中繼續保持領先地位。

We expect our cloud and networking business to show sequential improvement in fiscal Q1.

我們預計我們的雲端和網路業務將在第一財季出現環比改善。

Now let me move to our industrial tech segment.

現在讓我談談我們的工業技術部分。

Our industrial tech segment revenue increased 2% sequentially but declined 36% year over year, as expected.

如預期，我們的工業技術部門營收季增 2%，但年減 36%。

Like others in this space, we continue to face challenges due to the weak end market demand and high levels of customer inventory.

與該領域的其他公司一樣，由於終端市場需求疲軟和客戶庫存水平較高，我們繼續面臨挑戰。

In industrial tech, we continue to focus on developing innovative industrial laser products that address rapidly growing applications.

在工業技術領域，我們持續專注於開發創新的工業雷射產品，以滿足快速成長的應用需求。

The growing demand for higher precision is driving a transition from picosecond to femtosecond lasers.

對更高精度的需求不斷增長，正在推動從皮秒雷射到飛秒雷射的轉變。

These lasers with their extremely short pulses offer more precise material processing without significant heat damage opening new possibilities in sensitive applications such as semiconductors, displays, and advanced chip packaging.

這些雷射具有極短的脈衝，可提供更精確的材料加工，而不會產生明顯的熱損傷，從而為半導體、顯示器和先進晶片封裝等敏感應用開闢了新的可能性。

These market areas are, in turn, driven by the growth of AI.

這些市場領域反過來又受到人工智慧成長的推動。

The immense computational demands of AI requires significant advancements in semiconductors and innovative packaging technologies to support high-performance computing.

人工智慧龐大的運算需求需要半導體和創新封裝技術的顯著進步來支援高效能運算。

We are actively collaborating with leading semiconductor equipment manufacturers to develop ultrafast lasers for interposer and advanced semiconductor packaging.

我們正在積極與領先的半導體設備製造商合作，開發用於中介層和先進半導體封裝的超快雷射。

In the fourth quarter, we also successfully delivered both high- and low-power FemtoBlade demo units for advanced display applications.

在第四季度，我們還成功交付了用於高級顯示應用的高功率和低功率 FemtoBlade 演示單元。

Looking to fiscal Q1, we expect industrial tech to be down sequentially due to continued weak end-market demand and ongoing customer inventory adjustments with a modest seasonal increase in 3D sensing revenue.

展望第一財季，我們預計，由於終端市場需求持續疲軟以及客戶庫存持續調整，以及 3D 感測收入季節性小幅增長，工業技術將環比下滑。

To summarize, we have made significant progress in executing our strategy to grow our cloud business.

總而言之，我們在執行發展雲端業務的策略方面取得了重大進展。

We booked record orders for datacom chips and are investing in additional production capacity to help us meet the customer demand.

我們預訂了創紀錄的數據通訊晶片訂單，並正在投資額外的產能，以幫助我們滿足客戶需求。

We have made excellent progress with multiple new high-speed optical transceiver customer engagements, including securing a major transceiver award with one new customer.

我們在多個新的高速光收發器客戶合作中取得了巨大進展，包括與一個新客戶一起獲得了重要的收發器獎項。

We are actively working to secure additional awards from other new customers.

我們正在積極努力，爭取其他新客戶的額外獎勵。

Our robust pipeline of cloud customer engagements and improving trends in the traditional networking market reinforce our confidence in the target we highlighted on our last earnings call.

我們強大的雲端客戶參與管道和傳統網路市場不斷改善的趨勢增強了我們對上次財報電話會議上強調的目標的信心。

This is to grow quarterly revenue to $500 million by the end of calendar 2025.

到 2025 年底，季度營收將增至 5 億美元。

We foresee continued significant growth into 2026 and 2027.

我們預計 2026 年和 2027 年將持續顯著成長。

We are executing on new cloud and AI opportunities that we expect will elevate our cloud business to a multi-billion dollar annual run rate in the coming years.

我們正在利用新的雲端和人工智慧機會，預計這些機會將在未來幾年將我們的雲端業務年運行率提升至數十億美元。

Before turning the call over to Wajid, I want to express my sincere gratitude to all our employees and customers worldwide for their unwavering focus, dedication, and collaborative spirit.

在將電話轉接給 Wajid 之前，我想對我們全球所有員工和客戶堅定不移的專注、奉獻和協作精神表示誠摯的謝意。

With that, Wajid?

就這樣，瓦吉德？

Thank you, Alan.

謝謝你，艾倫。

Fourth-quarter revenue of $308.3 million and non-GAAP EPS of $0.06 were above the midpoint of our guidance ranges.

第四季營收為 3.083 億美元，非 GAAP 每股收益為 0.06 美元，高於我們指引範圍的中點。

GAAP gross margin for the fourth quarter was 16.6%.

第四季 GAAP 毛利率為 16.6%。

GAAP operating loss was 43.3%.

GAAP 營運虧損為 43.3%。

And GAAP diluted net loss per share was $3.72 with a large portion of the GAAP net loss, primarily driven by restructuring charges, amortization of acquired intangibles, and a valuation allowance related to certain tax assets.

GAAP 攤薄後每股淨虧損為 3.72 美元，其中很大一部分 GAAP 淨虧損主要是由重組費用、收購的無形資產攤銷以及與某些稅務資產相關的估值津貼造成的。

Due to the historical GAAP losses of the company and a backward-looking calculation to determine the requirement for valuation allowances on deferred tax assets, the company determined the need to record a valuation allowance of $139.8 million to its US deferred tax assets on the company's balance sheet as of the most recent fiscal period.

由於公司歷史公認會計準則虧損以及在確定遞延稅資產估值備抵要求時採用回溯計算，公司確定需要在公司餘額中記錄其美國遞延稅資產1.398億美元的估值備抵截至最近一個會計期間的表。

Given the business opportunities ahead and the growth expectations Alan highlighted, we believe, in the future, we will be in a position to release this allowance and use the related assets.

鑑於未來的商機和艾倫強調的成長預期，我們相信，未來我們將有能力釋放這筆津貼並使用相關資產。

To increase investments in programs that accelerate our exposure to significant new AI opportunities, we decided to stop our in-house development of certain communications ASICs, including coherent DSPs and RFICs.

為了增加對加速我們獲得重大新人工智慧機會的專案的投資，我們決定停止某些通訊 ASIC 的內部開發，包括相干 DSP 和 RFIC。

We believe we can meet customer needs using ASICs from third-party partners while reallocating significant R&D spending towards new cloud and AI customer programs.

我們相信，我們可以使用第三方合作夥伴提供的 ASIC 來滿足客戶需求，同時將大量研發支出重新分配給新的雲端和人工智慧客戶項目。

As a result of this decision.

由於這個決定。

In Q4, we recorded $35.8 million of restructuring and related charges, including a $29.1 million write-off of in-process research and development intangible assets.

第四季度，我們記錄了 3,580 萬美元的重組和相關費用，其中包括註銷正在進行的研發無形資產 2,910 萬美元。

Turning to our non-GAAP results, fourth-quarter non-GAAP gross margin was 32.2%, which was down sequentially and year on year on lower revenue.

轉向我們的非 GAAP 業績，第四季度非 GAAP 毛利率為 32.2%，由於收入下降而環比和同比下降。

In future quarters, we anticipate company gross margin will sequentially increase as manufacturing utilization improves due to an improved telecom outlook as well as an increase in datacom laser shipments.

在未來幾個季度，我們預計，隨著電信前景改善以及數據通訊雷射出貨量增加，製造利用率提高，公司毛利率將持續成長。

Fourth-quarter non-GAAP operating loss was 0.3%, which was down sequentially and year on year on lower revenue.

第四季非 GAAP 營運虧損為 0.3%，因營收下降而季減。

Fourth-quarter non-GAAP operating loss was $0.8 million and adjusted EBITDA was $25.9 million.

第四季非 GAAP 營運虧損為 80 萬美元，調整後 EBITDA 為 2,590 萬美元。

Fourth-quarter non-GAAP

第四季非公認會計準則

operating expenses totaled $100 million or 32.4% of revenue, a decrease of $4.3 million from the third quarter and down $2.4 million from the year-ago quarter.

營運費用總計 1 億美元，佔營收的 32.4%，比第三季減少 430 萬美元，比去年同期減少 240 萬美元。

The lower operating expense in Q4 was achieved despite increased R&D spending on our datacom transceivers, given the strong customer traction that Alan spoke of earlier.

儘管我們的數據通訊收發器的研發支出有所增加，但考慮到艾倫之前提到的強大的客戶吸引力，第四季度的營運費用仍然較低。

Q4 non-GAAP SG&A expense was $35.1 million. Non-GAAP R&D

第四季非 GAAP SG&A 費用為 3,510 萬美元。非公認會計準則研發

expense was $64.9 million.

費用為 6,490 萬美元。

Interest and other income was $5.4 million on a non-GAAP basis, driven by interest earned on our cash and investments.

以非公認會計準則計算，利息和其他收入為 540 萬美元，主要由我們的現金和投資所賺取的利息所推動。

Fourth-quarter non-GAAP net income was $4 million, and non-GAAP diluted net income per share was $0.06. Our fully diluted share count for the fourth quarter was 68.3 million shares on a non-GAAP basis.

第四季非 GAAP 淨利為 400 萬美元，非 GAAP 攤薄後每股淨利為 0.06 美元。以非公認會計準則計算，我們第四季完全攤薄後的股票數量為 6,830 萬股。

Turning to the full-year results.

轉向全年業績。

Fiscal '24 net revenue was $1.36 billion, which was down 23.1% from fiscal '23.

24 財年淨收入為 13.6 億美元，比 23 財年下降 23.1%。

GAAP gross margin for fiscal '24 was 18.5%.

24 財年的 GAAP 毛利率為 18.5%。

GAAP operating loss was 31.9%.

GAAP 營運虧損為 31.9%。

And GAAP diluted net loss per share was $8.12.

GAAP 攤薄後每股淨虧損為 8.12 美元。

Full-year fiscal '24 non-GAAP gross margin was 33%, which was down relative to fiscal '23 due to a lower overall demand and factory utilization.

24 財年全年非公認會計準則毛利率為 33%，由於整體需求和工廠利用率較低，較 23 財年下降。

Fiscal year '24 non-GAAP operating margin was 2.8%, down from fiscal '23 due to lower gross margin.

由於毛利率較低，24 財年非 GAAP 營業利益率為 2.8%，低於 23 財年。

Fiscal '24 non-GAAP operating income was $37.8 million and adjusted EBITDA was $140.5 million.

24 財年非 GAAP 營業收入為 3,780 萬美元，調整後 EBITDA 為 1.405 億美元。

For fiscal '24, our fully diluted share count on a non-GAAP basis was 67.7 million shares.

24 財年，我們以非公認會計準則計算的完全稀釋後股票數量為 6,770 萬股。

Non-GAAP net income was $68.7 million and non-GAAP diluted net income per share was $1.01.

非 GAAP 淨利潤為 6870 萬美元，非 GAAP 攤薄後每股淨利潤為 1.01 美元。

Turning to the balance sheet, during the fourth quarter, our cash and short-term investments increased by $16 million to $887 million.

轉向資產負債表，第四季我們的現金和短期投資增加了 1,600 萬美元，達到 8.87 億美元。

This increase was primarily due to improved working capital performance as we achieved our $22 million sequential reduction and momentum's overall inventory levels.

這一增長主要是由於我們實現了 2200 萬美元的連續減少和動量的整體庫存水平，從而改善了營運資金績效。

In Q4, we invested $24 million in CapEx, primarily driven by high-speed transceiver capacity additions at our Thailand manufacturing site.

第四季度，我們在資本支出上投資了 2,400 萬美元，這主要是由我們泰國製造基地的高速收發器產能增加所推動的。

As we move through fiscal '25 and beyond, we're focused on expanding our high-speed transceiver capabilities and capacity in Thailand to support 800G, 1.6T, and eventually 3.2T transceivers.

在 25 財年及以後，我們致力於擴展我們在泰國的高速收發器能力和容量，以支援 800G、1.6T 以及最終的 3.2T 收發器。

We anticipate an elevated level of capital expenditures in fiscal '25 to proactively meet the anticipated surge in demand for high-speed transceivers and datacom components.

我們預計 25 財年的資本支出水準將會提高，以主動滿足高速收發器和資料通訊組件預期激增的需求。

Turning to segment details, fourth-quarter cloud and networking segment revenue at $254.7 million decreased 18.8% sequentially and decreased 11.1% year on year.

轉向細分市場細節，第四季雲端和網路細分市場收入為 2.547 億美元，季減 18.8%，年減 11.1%。

Cloud and networking segment profit at 10.1% decreased sequentially and decreased year on year.

雲端和網路業務利潤季減10.1%，年減。

Our fourth-quarter industrial tech segment revenue at $53.6 million was up 1.7% sequentially and down 36.4% year on year.

我們第四季工業技術部門的營收為 5,360 萬美元，季增 1.7%，年減 36.4%。

Fourth-quarter industrial tech segment loss of 0.4% improved sequentially.

第四季工業技術部門虧損季減 0.4%。

Year on year, segment profit declined.

分部利潤較去年同期下降。

Now let me move to our guidance for the first quarter of fiscal '25, which is on a non-GAAP basis and is based on our assumptions as of today.

現在讓我談談我們對 25 財年第一季的指導，該指導基於非 GAAP 基礎，並且基於我們截至目前的假設。

We expect net revenue for the first quarter of fiscal '25 to be in the range of $315 million to $335 million.

我們預計 25 財年第一季的淨收入將在 3.15 億美元至 3.35 億美元之間。

At the midpoint, we expect to show year-over-year revenue growth when compared to Q1 of fiscal 2024.

在中點，我們預計與 2024 財年第一季相比，營收將出現年增。

This Q1 revenue forecast includes the following assumptions: cloud and networking to be up sequentially, primarily driven by an improvement in telecom networking demand and industrial tech to be approximately flat sequentially with decreased industrial laser shipments, offset by a modest uptick in 3D sensing due to typical seasonality.

第一季營收預測包括以下假設：雲端和網路業務將持續成長，主要是由於電信網路需求的改善，工業技術將持續成長，工業雷射出貨量下降，但被 3D 感測的小幅成長所抵消。典型的季節性。

Based on this, we project first-quarter non-GAAP operating margin to be in the range of 0% to 3% and diluted net income per share to be in the range of $0.07 to $0.17. Our non-GAAP EPS guidance for the first quarter is based on a non-GAAP annual effective tax rate of 16.5%.

據此，我們預計第一季非 GAAP 營業利潤率將在 0% 至 3% 之間，攤薄後每股淨利潤將在 0.07 美元至 0.17 美元之間。我們第一季的非 GAAP 每股盈餘指引是基於 16.5% 的非 GAAP 年度有效稅率。

These projections also assume an approximate share count of 68.8 million shares.

這些預測也假設股數約為 6,880 萬股。

Please note this guidance includes certain expenses that were previously excluded from our non-GAAP presentation, namely those related to abnormal excess capacity that in Q4 and prior periods were excluded from our non-GAAP results.

請注意，本指引包括先前從我們的非 GAAP 報告中排除的某些費用，即與第四季度和前期的異常產能過剩相關的費用，這些費用被排除在我們的非 GAAP 業績中。

This change in presentation reduces our Q1 EPS guidance by approximately $0.05 compared with our prior presentation methodology.

與我們先前的表述方法相比，這種表述方式的變化使我們的第一季 EPS 指導減少了約 0.05 美元。

For clarity, our Q1 non-GAAP EPS guidance of $0.07 to $0.17 includes the impact of the new presentation.

為清楚起見，我們第一季非 GAAP 每股盈餘指引為 0.07 美元至 0.17 美元，包括新簡報的影響。

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

之後，我會將電話轉回給 Kathy，開始問答環節。

Thank you, Wajid.

謝謝你，瓦吉德。

(Event Instructions)

（活動須知）

(Operator Instructions) Samik Chatterjee, JPMorgan.

（操作員指示）Samik Chatterjee，摩根大通。

Hey.

嘿。

Thanks for taking my questions and I'll ask both of my questions at the same go.

感謝您提出我的問題，我將同時提出我的兩個問題。

So I guess the first one was in relation to the new customer announcement that you highlighted in your prepared remarks.

所以我想第一個與您在準備好的評論中強調的新客戶公告有關。

Can you give us a bit more color in condition to the type of customer whether it's [Webstealer] or how should we think about the type of the customer?

您能否給我們更多關於客戶類型的情況（無論是[Webstealer]）還是我們應該如何考慮客戶類型？

And how are you thinking about the magnitude of the opportunity relative to the run rate of your module business at this time?

您如何看待當前機會相對於您的模組業務運作率的大小？

And for my follow-up, just in terms of Q4 to Q1, I think you mentioned sequential growth in telecom.

對於我的後續行動，就第四季到第一季而言，我認為您提到了電信業的連續成長。

Didn't really hear you talk about any guidance on the datacom side.

沒有真正聽到您談論數據通信方面的任何指導。

So if you can just help us how to think about datacom between Q4 and Q1 because -- and also if it's not growing sequentially, then what is driving the sequential decline in revenue in the datacom business between Q4 and Q1?

因此，如果您能幫助我們如何思考第四季度和第一季度之間的數據通信，因為——而且如果它沒有連續增長，那麼是什麼推動了第四季度和第一季度數據通信業務收入的連續下降？

Thank you.

謝謝。

Yeah, Thanks so much.

是的，非常感謝。

I'd say -- we don't want to comment too much on what type of customer, but you can imagine we used the word major and big, so it's big.

我想說——我們不想對什麼類型的客戶過多評論，但你可以想像我們使用了“主要”和“大”這個詞，所以它很大。

I would say that run rate wise, I think it comes down to how well we execute.

我想說的是，就運行率而言，我認為這取決於我們的執行情況。

And so we will earn as much businesses we earn from our customer given our execution.

因此，只要我們執行力強，我們就能從客戶身上賺到盡可能多的業務。

And so far, we're off to a good start.

到目前為止，我們有了一個好的開始。

And as I said in the prepared remarks, our operation in Thailand, first production line is ready this quarter, so we'll be shipping first units out of Thailand this quarter with qualifications happening and ramp beginning early part of calendar 2025.

正如我在準備好的發言中所說，我們在泰國的運營，第一條生產線已於本季度準備就緒，因此我們將在本季度將第一批設備從泰國運出，並在2025 年年初開始進行資格認證和產能提升。

So consistent with what we've said in the past.

與我們過去所說的一致。

So as far as comparison to run rate stuff, that's really going to be very variable given we have to earn it and we have to execute well with good quality and performance and delivery.

因此，就與運行率相比，這確實是非常可變的，因為我們必須贏得它，並且我們必須以良好的品質、性能和交付良好地執行。

So I hesitate to comment more on that, but certainly, the customer that we have said we've gotten the award on certainly consumes a lot and certainly could be as big if not bigger.

因此，我猶豫是否對此發表更多評論，但可以肯定的是，我們所說的獲獎客戶肯定消費很多，而且肯定可能同樣大，甚至更大。

On the second question (multiple speakers) yeah, we're not going to break out datacom versus telecom.

關於第二個問題（多位發言者），是的，我們不會區分資料通訊與電信。

What we did say was that we are seeing some improvements in telecom, so you can expect that that's going to grow quarter on quarter.

我們確實說過，我們看到電信領域取得了一些進步，因此您可以預期電信業務將會逐季成長。

And as we said in the last earnings call, we're in a product transition.

正如我們在上次財報電話會議中所說，我們正在進行產品轉型。

And so the Q4, Q1 numbers are depressed.

因此，第四季、第一季的數字都在下降。

And so that's coming to fruition.

這一切即將實現。

We expect that pickup in our fiscal second quarter.

我們預計第二財季會有所回升。

Alex Henderson, Needham & Company.

亞歷克斯·亨德森，李約瑟公司。

So, I was hoping you could talk about the capacity, ramp timing on both the chips business and as well as the transceiver business at Cloud Light.

因此，我希望您能談談 Cloud Light 的晶片業務和收發器業務的產能、成長時間。

My understanding is that coming out of the June quarter, you should be fairly flattish in that business in terms of available capacity and that new capacity should be coming on stream in the December quarter and ramping starting kind of to the first half of calendar year '25.

我的理解是，在 6 月季度結束後，該業務的可用產能應該相當平穩，而新產能應該在 12 月季度投產，並在日曆年上半年開始增加。

Can you give us any sense of that cadence and what those plants might look like now versus what they look like, say, three months ago?

您能否讓我們了解一下這種節奏以及這些植物現在的樣子與三個月前的樣子？

Yeah, as we said, again in the prepared remarks, we had record bookings for our chip business, and we invested $43 million already this quarter in our fab capacity to address that it.

是的，正如我們在準備好的發言中所說的那樣，我們的晶片業務預訂量創歷史新高，本季度我們已經在晶圓廠產能上投資了 4300 萬美元來解決這個問題。

So you're right.

所以你是對的。

It takes time for that to come online, but we should see incremental capacity in the first half of calendar '25, where -- but in the short term, it's relatively fixed given the cycle time with the fab, et cetera.

這需要時間才能上線，但我們應該會在 25 年上半年看到產能增量，但在短期內，考慮到晶圓廠等的週期時間，產能相對固定。

So I'd say on the chip business, we're attacking all CapEx.

所以我想說，在晶片業務上，我們正​​在攻擊所有資本支出。

We meet monthly and evaluate if we need to order more or less or hold off.

我們每月會面一次，評估是否需要增加或減少訂購或延遲訂購。

And so that's the discipline we're trying to put into the process to make sure that we have the capacity when our customers need it and that we don't have too much idle capacity that are increasing our fixed costs with that business.

因此，這就是我們試圖在流程中加入的規則，以確保我們在客戶需要時擁有足夠的產能，並且我們沒有太多的閒置產能，從而增加了我們該業務的固定成本。

On the transceiver side, as I said before, the initial line is up in Thailand this quarter.

在收發器方面，正如我之前所說，本季度泰國的初始生產線已上線。

So we'll be shipping samples, but we won't really get any volume shipments out of Thailand until the first calendar quarter of '25 when the qualifications that our customers have been done and the ramp up starts there.

因此，我們將運送樣品，但直到 25 年第一個日曆季度我們的客戶已經完成資格審查並開始增加產量時，我們才會真正從泰國發貨。

But we'll have growing capacity through calendar '25, and that's why we said about our confidence in that achieving the $500 million per quarter by the end of 2025 calendar-wise.

但我們的產能將在 25 日曆年之前持續成長，這就是為什麼我們表示有信心在 2025 日曆年底之前實現每季 5 億美元的目標。

Thanks, Alex.

謝謝，亞歷克斯。

Did you have a follow-up question?

您還有後續問題嗎？

Yeah, just to follow up on the telecom side.

是的，只是為了跟進電信方面的情況。

I'm a little surprised that telecom components spaces recovering in the September quarter, given the high level of capacities that is or the inventories that are out of the customers, the OEMs.

考慮到客戶（原始設備製造商）的高產能或庫存水平，電信零件市場在第二季度恢復，令我有點驚訝。

Can you talk a little bit about where -- what product areas that you're seeing that?

您能談談您在哪些產品領域看到了這種情況嗎？

And how fast do you think that the inventories are going to come down based on the demand you're seeing?

根據您所看到的需求，您認為庫存會以多快的速度下降？

Yeah.

是的。

You're right, Alex.

你是對的，亞歷克斯。

There is still inventory in our customers and beyond.

我們的客戶及其他地方仍然有庫存。

We've seen strength in products that we weren't shipping a year ago or two years ago during the pandemic.

我們看到了在一年前或兩年前大流行期間我們沒有發貨的產品的實力。

And so therefore, there's no inventory built up of these products.

因此，這些產品沒有庫存。

So the 130 gigabaud coherent components, the 200 gigabyte coherent components are just starting today.

因此，130 GB 相干組件、200 GB 相干組件今天才剛開始。

And then this -- our new road on products that we weren't shipping a year ago are seeing strong demand in our integrated C+L as well as new and differentiated high port count WSS.

然後，我們一年前未發貨的產品的新道路看到了對我們的整合 C+L 以及新的差異化高端口數 WSS 的強勁需求。

So that's kind of what we're seeing.

這就是我們所看到的。

We are seeing strength in the narrow linewidth tunable lasers as that is -- I think, the data center interconnect businesses firmed up a lot of the inventory, given people are having to place data centers further apart and no longer can connect them within a campus because of the power requirement.

我們看到了窄線寬可調諧雷射的優勢，因為我認為，資料中心互連業務鞏固了大量庫存，因為人們不得不將資料中心放置得更遠，並且不再能夠在園區內連接它們因為電源要求。

So I think that's in general where we're seeing the strength in telecom.

所以我認為這就是我們在電信領域看到的整體優勢。

Thank you, Alex.

謝謝你，亞歷克斯。

Yeah, so new products as opposed to old products.

是的，新產品而不是舊產品。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

First, what I wanted to ask is maybe if you could give us a little bit more color on the products associated with the new datacom award.

首先，我想問的是，您是否可以給我們更多關於與新數據通訊獎相關的產品的資訊。

Specifically, I think these would be 800 gig and I'm guessing single-mode product, but wondering whether or not there is more to it than a single product line.

具體來說，我認為這些將是 800 gig，我猜測是單模產品，但想知道它是否除了單一產品線之外還有更多內容。

Any color there?

那裡有什麼顏色嗎？

And as a follow-up, I also wanted to understand on your telecom business in the June quarter, you had originally talked about a $30 million sequential decline.

作為後續行動，我還想了解您在六月季度的電信業務，您最初談到了 3000 萬美元的環比下降。

So I'm trying to get a better understanding of did that occur.

所以我試著更了解這種情況是否發生了。

And when we think about the recovery sequential growth in September, are we -- how close are we getting back to sort of the prior run rates before the June quarter?

當我們考慮 9 月的復甦性環比成長時，我們是否能回到 6 月季度之前的運行速度？

Thank you.

謝謝。

Thanks, Simon.

謝謝，西蒙。

I don't want to comment too much about specific customers, but I would say that you're right.

我不想對特定客戶過多評論，但我想說你是對的。

People aren't designing new products to hope to deal with old technology.

人們設計新產品並不是為了應對舊技術。

So this is the leading edge 800 gig single mode transceiver that we feel very, very confident in our ability to develop and to ship to and qualify for this customer.

因此，這是領先的 800 gig 單模收發器，我們對我們開發、向該客戶發貨並符合該客戶資格的能力非常非常有信心。

On the telecom question, Chris, you want to take that one?

關於電信問題，克里斯，你想接受那個嗎？

The revenue coming down, June quarter -- that happened in the June quarter for telecom.

六月季度的收入下降——這發生在電信業的六月季度。

Your question was telecom, right, Simon?

你的問題是電信，對吧，西蒙？

Yeah.

是的。

I wanted to understand, if you go up $30 million and you go up $5 million, well, that's still a big difference from where you used to be?

我想知道，如果你漲了 3000 萬美元，又漲了 500 萬美元，那麼，這和以前的情況還是有很大的不同嗎？

Yeah, I don't know the specifics.

是的，我不知道具體情況。

I would say that as we said the telecom and datacom businesses up mostly from the telecom strength.

我想說，正如我們所說，電信和數據通訊業務的成長主要來自電信實力。

And so as we said before, the transition period for our datacom transceiver business is happening Q4 and Q1, and we expect that to grow in Q4.

正如我們之前所說，我們的數據通訊收發器業務的過渡期發生在第四季度和第一季度，我們預計該業務將在第四季度成長。

Most of the growth in datacom and telecom is coming from telecom bounce back from a really a low point in the June quarter.

數據通訊和電信的大部分成長來自於電信從六月季度的低點反彈。

George Notter, Jefferies.

喬治諾特，傑弗里斯。

Hi.

你好。

Thanks very much.

非常感謝。

I'm just curious if you guys have an Nvidia qualification on this 800 gig single-mode transceiver?

我只是好奇你們是否擁有這款 800 gig 單模收發器的 Nvidia 資格？

Yeah, we're not going to comment on who the customer is, George.

是的，我們不會評論客戶是誰，喬治。

I would say that as I said before, most customers are working with us on products they don't already have.

我想說，正如我之前所說，大多數客戶正在與我們合作開發他們尚未擁有的產品。

And so, for instance, we are designing 1.6 terabit transceivers and performance is quite good.

例如，我們正在設計 1.6 太比特收發器，效能相當不錯。

And we plan on sampling customers this quarter on 1.6T. So there's a few leaders that would be consuming that until you can imply what you want from that.

我們計劃在本季對 1.6T 的客戶進行抽樣。因此，有一些領導者會消耗它，直到你能從中暗示你想要什麼。

But we're not going to speak specifically about any individual customer.

但我們不會具體談論任何個人客戶。

Got it.

知道了。

Okay.

好的。

And then, this transceiver customer, I guess I'm -- based on something you said, I was curious about whether or not this contractor relationship is just a framework arrangement or are there certain minimum volumes or minimum market share that you're being given by this customer?

然後，這個收發器客戶，我想我是——根據你所說的，我很好奇這種承包商關係是否只是一個框架安排，或者是否有一定的最低數量或最低市場份額。 ？

Anything you can say in terms of your first source, second source, third source.

您可以就您的第一來源、第二來源、第三來源所說的任何內容。

I'd love any more details you can provide.

我希望您能提供更多詳細資訊。

Thanks.

謝謝。

Well, this is a new product, right?

嗯，這是一個新產品，對嗎？

And so on, it comes down to our ability to execute.

等等，歸根究底還是要看我們的執行力。

And so we will earn share or earn more share, I should say, as we execute.

因此，我應該說，當我們執行時，我們將贏得份額或贏得更多份額。

And I think the combination of US headquartered company, manufacturing in Thailand, there's certainly fear of what happens in the next election and the tariffs impact the ability to be competitive when shipping out of China.

我認為，總部位於美國的公司在泰國製造，肯定會擔心下一次選舉中會發生什麼，而關稅會影響從中國發貨時的競爭力。

So I think we've got a lot of good things going in our favor and then it'll come down to know how well we execute the ramp and I think we're very well positioned to capture a significant amount of share there.

因此，我認為我們已經得到了很多對我們有利的好處，然後就會知道我們執行斜坡的情況如何，我認為我們處於非常有利的位置，可以在那裡獲得大量份額。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great, thanks.

太好了，謝謝。

Don't know if I'll get an answer here, but it's worth an ask.

不知道我是否能在這裡得到答案，但值得一問。

You've mentioned kind of the $500 million quarterly run rate exiting calendar '25, but just how should we think about kind of datacom capacity between chips and transceivers you would have exiting fiscal '25?

您提到了 25 財年季度運行率約為 5 億美元，但我們應該如何考慮 25 財年晶片和收發器之間的數據通訊容量？

And then maybe just the second question there, has anything changed with kind of the ramp patterns of kind of your lead customer today on transceivers and their design shift as we exit kind of calendar '24?

然後也許只是第二個問題，當我們退出日曆「24」時，今天您的主要客戶在收發器上的斜坡模式及其設計轉變是否發生了變化？

Thanks

謝謝

Yeah, I would say -- let me start with the chip adding capacity.

是的，我會說——讓我從增加晶片容量開始。

We are adding capacity.

我們正在增加產能。

We should see significant growth above market growth in our chip output over the next 12 months.

未來 12 個月，我們的晶片產量應該會顯著高於市場成長。

And I think that's why we are -- and we have more orders than that, so it's really constrained by our ability to add capacity, improve yields, and then transition to 200 gig per lane chips.

我認為這就是我們的原因——而且我們的訂單比這個多，所以它確實受到我們增加產能、提高產量、然後過渡到每通道 200 GB 晶片的能力的限制。

And so I would say that as the shift from 100 gig to 200 gig kicks in, there's a pickup in revenue per chip on that we should experience as well.

因此，我想說，隨著從 100 G 到 200 G 的轉變開始，我們也應該經歷每晶片收入的成長。

On the transceivers, as I said before, the monthly capital meetings where we determine how much capacity to put in place is what we're going through.

在收發器方面，正如我之前所說，我們正在每月召開資本會議，以確定要投入多少容量。

And it's based on traction with customers and qualifications and awards and things like that.

它基於對客戶的吸引力、資格和獎項以及類似的東西。

So we're certainly making sure we put the infrastructure in place, the facilities in place to support well over -- I'm talking about for the $500 million per quarter in overall revenue.

因此，我們當然要確保基礎設施到位，設施到位，以支持我所說的每季 5 億美元的總收入。

So I think it comes down to execution and our ability to win the mind share and market share for each customer we're working with.

因此，我認為這取決於執行力以及我們為每個合作客戶贏得心智份額和市場份額的能力。

As far as the lead customer, I really don't want to talk specifics about customers, but I would just reiterate what I said before, which was product transitions happening in Q4 and Q1 and then we expect a pickup in revenue and datacom the December quarter.

As far as the lead customer, I really don't want to talk specifics about customers, but I would just reiterate what I said before, which was product transitions happening in Q4 and Q1 and then we expect a pickup in revenue and datacom the December四分之一.

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Hey, Alan.

嘿，艾倫。

Thanks for taking my question.

感謝您提出我的問題。

I just wanted to get a clarification on the new major transceiver award with a new customer.

我只是想向新客戶澄清新的主要收發器獎。

So can you just explain to me the difference with what you kind of define as an award versus a win versus a qualification?

那麼你能向我解釋一下你所定義的獎項、勝利和資格的差異嗎？

Because I just -- correct me if I'm wrong, I think you said that qualification would happen in Q1 and it would be out of the Taiwan facility.

因為我只是——如果我錯了，請糾正我，我想你說過資格賽將在第一季進行，並且將在台灣工廠進行。

And I believe you said that also the Thailand facility wouldn't be ready until calendar Q1.

我相信您說過泰國工廠要到第一季才能準備就緒。

So if the product is getting qualified in Q1.

因此，如果產品在第一季獲得合格資格。

Can you talk about the timeframe that that would launch and what is an award versus what is a qualified product just because you would imagine that it's hard to have revenue from something until it's actually qualified.

您能否談談該產品推出的時間框架以及什麼是獎項與什麼是合格產品，因為您會想像在某些產品真正合格之前很難從它中獲得收入。

So am I making a mistake here in the timeframe that I'm laying out?

那麼我在設定的時間範圍內犯了錯嗎？

Well, you're generally accurate, I'd say.

嗯，我想說，你通常是準確的。

Just a correction.

只是一個更正。

Our first production line in Thailand is operational this quarter and we plan to build and ship product this quarter for the qualification.

我們在泰國的第一條生產線將於本季度投入運營，我們計劃在本季度生產和運輸產品以獲得資格。

Now it takes them months to get their qualification work done.

現在他們需要幾個月的時間才能完成資格認證工作。

And so it's not done until it's done, to your point.

因此，就您的觀點而言，直到完成才完成。

Absolutely.

絕對地。

Now we're staging material because we're confident in our ability to perform.

現在我們正在準備材料，因為我們對自己的表演能力充滿信心。

We're staging capital and to be able to support the volumes they're talking about.

我們正在籌措資金，以便能夠支持他們所說的數量。

So I'd say from that perspective, it really gets down to us performing.

所以我想說，從這個角度來看，這真的取決於我們的表現。

Now if the product doesn't work, they're not going to buy product that doesn't work.

現在，如果產品不起作用，他們就不會購買不起作用的產品。

So you're right, we have to be qualified.

所以你是對的，我們必須有資格。

We have to have quality and we have to have the ability to ramp.

我們必須有品質，我們必須有能力提升。

We're making sure that we are controlling what we can control, which is the product quality, the design, the capacity, and the materials to support this customer who's critically important for us.

我們確保控制我們能控制的東西，即產品品質、設計、產能和材料，以支援對我們至關重要的客戶。

So I guess the follow-up is what would be different from an award versus the -- yeah, thank you, Kathy.

所以我想後續行動與頒獎和頒獎不同——是的，謝謝你，凱西。

Yeah, what would be the difference between an award and what you're doing with other hyperscale or potential customers like are you committing more capital to them?

是的，獎勵與您對其他超大規模或潛在客戶所做的事情（例如您是否向他們投入更多資金）之間有什麼區別？

Because it sounds like if you're not qualified, isn't this just kind of R&D work on a potential future customer, which all other kind of development would kind of fall under.

因為聽起來如果你不合格，這不就是針對潛在未來客戶的研發工作嗎，所有其他類型的開發都屬於這種類型。

Not really.

並不真地。

I mean each of these customers don't want to work with eight suppliers, right?

我的意思是每個客戶都不想與八個供應商合作，對嗎？

So they have to down select to the ones they're going to spend their engineering time with and they have chosen us.

因此，他們必須選擇那些他們將花費工程時間的人，然後他們選擇了我們。

And so we're not the only person, for sure.

所以我們肯定不是唯一的人。

But it's the choice that they've made and they've given us something that says we're awarded the business that we have to earn it and we have to perform as with anything that we develop for customers.

但這是他們做出的選擇，他們給了我們一些東西，表明我們獲得了我們必須贏得的業務，我們必須像我們為客戶開發的任何東西一樣執行。

So I'd say it's different than just working with the customers.

所以我想說這與僅僅與客戶合作不同。

If I've chosen you out of the suppliers that I can, choose, and again, for multiple reasons, proven technology, proven vertical integration, US headquarter, outside of China manufacturing.

如果我從我可以選擇的供應商中選擇了您，那麼出於多種原因，我會再次選擇您，即經過驗證的技術、經過驗證的垂直整合、美國總部、中國以外的製造。

So there's a lot of reasons that this customer chose us and now we just have to perform out of Thailand, which it is new to us, but I have confidence in the team to be able to execute.

因此，該客戶選擇我們的原因有很多，現在我們只需在泰國之外執行，這對我們來說是新的，但我對團隊能夠執行充滿信心。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂菲爾。

Thank you, Alan.

謝謝你，艾倫。

I was wondering if you could comment a little bit on how you're thinking about 1.6 terabit timing. 90 days ago, we talked about, in back half of this year, perhaps into next year.

我想知道您是否可以評論一下您對 1.6 太比特計時的看法。 90天前，我們談到，今年下半年，也許到明年。

But any changes on sort of on the timing of ramps?

但是坡道的時間有變化嗎？

I think there's something that's dependent on switch availability and a limited number of customers potentially ramping in 2025.

我認為這取決於交換器的可用性以及 2025 年可能增加的有限客戶數量。

So any detail on how you're thinking about that would be helpful you.

因此，任何有關您如何思考這一問題的細節都會對您有所幫助。

Yeah, I think our focus is really controlling what we can control, which is providing customer samples this quarter with high-quality, high-reliability, high-performing 1.6T transceivers.

是的，我認為我們的重點實際上是控制我們能控制的，即本季為客戶提供高品質、高可靠性、高性能的 1.6T 收發器樣品。

And so we have multiple designs in the works that look very promising.

因此，我們正在開發多種看起來非常有前途的設計。

And we're working hand-in-hand with, as you say, the few customers that would be interested in this today because most are still working to get to 800 gig.

正如您所說，我們正在與今天對此感興趣的少數客戶攜手合作，因為大多數客戶仍在努力實現 800 演出。

So that's our focus.

這就是我們的重點。

When the customers need it, we will have it.

當客戶需要時，我們就會提供。

And whether there's a switch silicon issue or other issues.

以及是否有開關晶片問題或其他問題。

We're not going to be shipping transceivers, unless everything is ready to go.

除非一切準備就緒，否則我們不會發貨收發器。

But that said, we want to be ready when they say go.

但話雖如此，我們希望在他們說走的時候做好準備。

And so that's why we're working on it now and have multiple designs working with multiple customers to get that done.

這就是為什麼我們現在正在研究這個問題，並與多個客戶合作進行多種設計來完成這項工作。

Got it.

知道了。

Thank you.

謝謝。

Do you have a follow yup, Ruben?

你有後續嗎，魯本？

Yeah, just a quick follow-up for Wajid on the gross margin comment and just around anything through record shipments of EML lasers and sort of expectations for that ramp to continue into year end.

是的，Wajid 就毛利率評論以及 EML 雷射創紀錄的出貨量以及對這種增長將持續到年底的預期進行了快速跟進。

If you can give us any more detail on how you're thinking about the gross margin progression as you get into fiscal '25?

您能否向我們提供更多有關您如何看待進入 25 財年毛利率進展的詳細資訊？

Yeah.

是的。

Thanks, Ruben.

謝謝，魯本。

Yeah.

是的。

So as we mentioned in our prepared remarks, both the benefit of an improved telecom outlook, giving us better manufacturing utilization across our multiple factories is certainly giving us a tailwind on gross margins moving into the new fiscal year.

因此，正如我們在準備好的發言中提到的那樣，電信前景改善的好處以及我們多個工廠的製造利用率提高，無疑都為我們進入新財年的毛利率帶來了推動力。

Along with that, the record datacom shipments that Alan talked in fulfilling that backlog is going to also give us a tailwind given that it's chip business, as you know, and then the transition over into 200G EMLs being a larger part of that mix will also provide a tailwind for us.

除此之外，艾倫在履行積壓訂單時談到的創紀錄的數據通訊出貨量也將為我們帶來順風，因為它是晶片業務，如你所知，然後過渡到200G EML 成為該組合的較大部分也將為我們帶來推動力。

So that will progress through the quarters as those shipments happen.

因此，隨著這些出貨量的發生，這將在整個季度取得進展。

Vivek Arya, Bank of America.

維韋克·阿里亞 (Vivek Arya)，美國銀行。

Thanks for taking my question.

感謝您提出我的問題。

So Alan, in this path towards getting to $500 million, what is your telco business need to be as part of that $500 million, i.e., what assumptions are you making for the recovery in telco to get to that landmark by the end of next calendar year?

因此，艾倫，在邁向5 億美元的道路上，您的電信業務需要成為這5 億美元的一部分，也就是說，您對電信公司的復甦做出了哪些假設，以便在下一個日曆年底之前達到這里程碑年？

We don't see much growth in telecom.

我們沒有看到電信業有太大成長。

It doesn't -- we're not counting on that recovering back to pandemic levels because I think that was overstated in shipments.

事實並非如此——我們並不指望恢復到大流行水平，因為我認為發貨量被誇大了。

So certainly, higher than we were in the June quarter because that I think is probably the low point for us for telecom shipments.

當然，高於六月季度的水平，因為我認為這可能是我們電信出貨量的最低點。

So we expect some improvement throughout calendar 2025, but not huge growth in telecom.

因此，我們預計 2025 年會出現一些改善，但電信業不會出現巨大成長。

Most of it's coming from EML chips transitioning to 200 gig, optical -- datacom optical switching that should kick in by calendar 2025 as well as one or two transceiver wins.

其中大部分來自 EML 晶片，該晶片正在過渡到 200 GB 光纖數據通訊光纖交換，預計將於 2025 年啟動，並且一兩個收發器將獲勝。

And that's really all we need to be able to get there to $500 million

這確實是我們達到 5 億美元所需的全部

For my follow-up on the transceiver side, how substitutable do you think are products from the different suppliers?

後續我在收發器方面，您認為不同供應商的產品的可替代性如何？

Like how do you think the customer will allocate share, right?

例如你認為客戶會如何分配份額，對吧？

What's going to be the level of visibility that -- are your products better suited for some specific accelerator or switch combination?

您的產品是否更適合某些特定的加速器或開關組合？

How would you know what your share could be potentially next year?

您怎麼知道明年您的市佔率可能是多少？

Yes.

是的。

I think it comes down to the performance and security supply.

我認為這取決於性能和安全供應。

And so again, back to having manufacturing outside of China.

如此，又回到了在中國境外進行製造的問題。

And I know a lot of our partners who buy our chips are moving outside of China, but we have an established footprint with thousands of employees there and good engineers.

我知道很多購買我們晶片的合作夥伴都轉移到了中國以外的地方，但我們在中國擁有數千名員工和優秀的工程師，已經建立了足跡。

So we have credibility in our site in Thailand to be able to ramp up high-quality product and earn share.

因此，我們在泰國的網站有信譽，能夠提高高品質的產品並贏得份額。

And I think that it gets back to -- I think where a lot of these questions are going, how much are we going to get?

我認為這又回到了——我想很多這些問題都會去哪裡，我們會得到多少？

We're going to get what we earn and we plan to earn a lot.

我們將得到我們所賺的錢，我們計劃賺很多錢。

So I think it comes down to being able to provide what they need when they need it and make sure we have the capacity and the materials and the people and the engineers to be able to drive high-quality product and earn their business.

因此，我認為歸根結底是能夠在他們需要時提供他們所需的東西，並確保我們有能力、材料、人員和工程師來推動高品質的產品並贏得他們的業務。

Now, there is interoperability and we have to work with the various switch providers to make sure there is but the specs are pretty consistent and clear.

現在，存在互通性，我們必須與各個交換機提供者合作以確保存在，但規格非常一致且清晰。

So we know we need to do to be able to interop as needed.

所以我們知道我們需要做什麼才能根據需要進行互通。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes, thank you.

是的，謝謝。

First off, could you discuss why you are stopping in-house development of coherent DSPs?

首先，您能否討論為什麼要停止內部開發相干 DSP？

Is that related to limited uptake for 100 gig coherent in the Asics market?

這是否與 Asics 市場上 100 gighero 的使用有限有關？

Or are there other factors you consider?

或者您還有其他考慮因素嗎？

As you address that question, are you seeing any pause in coherent optics demand, probably, at least for DCI applications?

當您回答這個問題時，您是否發現相干光學需求有任何停頓，至少對於 DCI 應用而言？

Thank you.

謝謝。

Yeah, I'd say that we have a fixed amount of R&D we can spend and we're shifting to where we can make a big difference and to markets that are growing faster and so combination of that.

是的，我想說的是，我們可以投入固定數量的研發資金，我們正在轉向能夠產生巨大影響的領域以及成長更快的市場，等等。

So we're adding more to the datacom transceiver business, a combination of that, and the partnering with third parties, both from our customers as well as from third-party independent chip manufacturers, allows us that ability to get what we think we need to get at an overall cost of ownership that's less than developing a 3 nanometer DSP.

因此，我們正在增加更多的數據通訊收發器業務，結合這些業務，以及與來自我們的客戶以及第三方獨立晶片製造商的第三方合作，使我們能夠獲得我們認為我們需要的東西總體擁有成本低於開發3 奈米DSP。

So from that perspective, I have confidence in our ability to secure DSPs at competitive prices to be able to address the data center interconnect market.

因此，從這個角度來看，我對我們以有競爭力的價格確保 DSP 的能力充滿信心，從而能夠滿足資料中心互連市場的需求。

But that said, we believe -- I believe that pivoting from spending to -- on DSPs to spending on higher growth markets like inside the data center, it will pay off and pay dividends.

但話雖如此，我們相信，我相信，從 DSP 支出轉向資料中心等更高成長市場的支出，將會得到回報並帶來紅利。

Do you have a follow-up, Karl?

卡爾，你有後續嗎？

Operator, can we take our next question, please?

接線員，我們可以回答下一個問題嗎？

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Yeah, thanks, guys.

是的，謝謝，夥計們。

Congrats on the progress.

祝賀取得的進展。

Thanks for taking the questions.

感謝您提出問題。

I just have just one here and then maybe a follow-up as a clarification category, but you're Alan, with the new win in the way that you're talking about, you've been shipping this quarter, are you guys tracking ahead on the data center call [stood] a dynamic that you began to talk about, I think, (inaudible) I guess just as I recall it, it was mostly quals to going to take place kind of around the beginning of the year.

我這裡只有一個，然後可能是後續作為澄清類別，但你是艾倫，以你所說的方式取得了新的勝利，你本季度一直在發貨，你們在跟踪嗎在數據中心電話會議之前，我認為您開始談論的動態，（聽不清楚）我想，正如我所記得的那樣，它基本上有資格在今年年初左右發生。

And I know, as Tom talked about, there's some there's some language here.

我知道，正如湯姆所說，這裡有一些語言。

But just let me just ask it that way.

但讓我這樣問吧。

Are you tracking ahead of some recall activity.

您是否正在追蹤某些召回活動？

That'd be helpful.

那會有幫助的。

Thanks a lot, guys.

非常感謝，夥計們。

Yeah, thanks.

是的，謝謝。

And I'd say we're tracking right on schedule.

我想說我們正在按計劃進行。

We had to finish out a clean room.

我們必須完成一個乾淨的房間。

We've done that in our Taiwan facility.

我們已經在台灣工廠做到了這一點。

We've now equipped it.

現在我們已經裝備好了。

We're ready to start building qualification units.

我們已準備好開始建造資質單位。

And so that's right on track.

所以一切都步入正軌了。

And as you say, the qualification won't be done until late this calendar year.

正如你所說，資格認證要到今年年底才能完成。

It will allow us to ramp production into the January timeframe.

這將使我們能夠在一月份的時間內提高產量。

So that's right on track to what, at least, our internal plan has been and what I thought we had discussed at OFC earlier this year.

因此，至少我們的內部計劃以及我認為我們今年早些時候在 OFC 討論過的內容是正確的。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北國資本市場。

Hey, good afternoon.

嘿，下午好。

I'm going to focus back on capacity from a couple of different perspectives.

我將從幾個不同的角度重新關注容量。

Maybe relative to what you've got now, you've mentioned you're at capacity in indium phosphide or EMLs.

也許相對於您現在所擁有的，您提到您的磷化銦或 EML 產能已滿。

I mean, can you quantify us the extent of the planned capacity addition there over, I don't know, the next year?

我的意思是，您能否量化我們明年計劃產能增加的程度，我不知道？

Are you doubling, tripling capacity, what have you?

你的能力加倍、三倍嗎？

And really same question relative to your current run rate on the module side.

相對於模組端目前的運作速率，確實有同樣的問題。

I think that was expected to come down this quarter with the product transition.

我認為隨著產品轉型，這一數字預計會在本季下降。

What sort of capacity are you looking to add in Thailand there relative to that.

相對於此，您希望在泰國增加什麼樣的產能？

And it sounds like it's a fluid situation, but over what timeframe, I guess.

聽起來情況不穩定，但我猜是在什麼時間範圍內。

Sure.

當然。

Tim, chip one is easy because equipment has to be there today for it to make much of a difference this calendar year or this fiscal year.

提姆，晶片一很容易，因為今天必須有設備才能在今年或本財年發揮很大作用。

But as I said earlier, we're planning on growing capacity faster than the market growing -- is growing and the market is expected to grow 30% to 40% this year.

但正如我之前所說，我們計劃以快於市場成長的速度成長產能，預計今年市場將成長 30% 至 40%。

So it's not doubling.

所以不是翻倍。

That would take a lot of effort and a lot of capital and probably would distract the team if we try to double in 12 months.

這將需要大量的努力和大量的資金，如果我們試圖在 12 個月內翻一番，可能會分散團隊的注意力。

It just not feasible.

這是不可行的。

I'd say that on the chip side, it's -- you can think of something north of 40% from the June quarter to next June quarter.

我想說的是，在晶片方面，你可以想像從 6 月季度到下一個 6 月季度的成長率超過 40%。

And then on the run rate for transceivers, we are -- as you say, we're down from where we were in the March quarter.

然後，就收發器的運行率而言，正如您所說，我們比三月季度的水平有所下降。

We're putting capacity in as the opportunities come to fruition.

隨著機會的實現，我們正在投入產能。

And as I said before, we've made sure we have the shell construction of clean rooms ready and that's kind of the cheaper thing that needs to happen.

正如我之前所說，我們已經確保潔淨室的外殼結構準備就緒，這是需要發生的更便宜的事情。

And then we can put equipment in much more rapidly like we talked about with this first win, we're putting capacity in place that will be ready to go in the end of this year to ramp production into early part of next year.

然後我們可以更快地投入設備，就像我們在第一次勝利中談到的那樣，我們正在將產能到位，這些產能將在今年年底準備就緒，以便在明年初提高產量。

So I hesitate to say we're going to go from X dollars to 2X dollars.

所以我猶豫是否要從 X 美元增加到 2X 美元。

But on the transceivers, it's certainly -- certainly, we're able to do more than 2 to 3x of what we've done in the past in the next 12 months.

但在收發器方面，我們確實能夠在接下來的 12 個月內完成過去 2 到 3 倍以上的工作。

Got it.

知道了。

Understood.

明白了。

And for a quick follow-up on, would that capacity in Thailand be entirely incremental or are you moving capacity over from China effectively or shutting that down at all or you maintaining that as a base and I'll leave it there.

快速跟進一下，泰國的產能是否完全增量，或者您是否有效地將產能從中國轉移或完全關閉，或者您將其保留為基地，我將其留在那裡。

Don't want to get greedy here.

不想在這裡貪心。

Yes, that's a good question.

是的，這是一個好問題。

I'd say that initially, it's incremental because customers don't want us to move existing products.

我想說，最初，它是增量的，因為客戶不希望我們移動現有產品。

But as we bring on new products, we'll be ramping them more up outside of China than adding more capacity inside of China.

但當我們推出新產品時，我們將在中國境外增加更多產能，而不是在中國境內增加更多產能。

So that over time, over the next couple of years, there will be a transition to mainly in Thailand, or I should say, outside of China because that's what our customers want and I think having a center of excellence in Thailand gives us that capability to move capacity and add capacity in Thailand with our workforce that we've got there.

因此，隨著時間的推移，在接下來的幾年裡，我們將主要在泰國，或者我應該說，在中國以外的地區進行轉型，因為這是我們的客戶想要的，我認為在泰國擁有一個卓越中心可以讓我們有這種能力利用我們現有的勞動力轉移泰國的產能並增加產能。

Thanks, Tim.

謝謝，蒂姆。

Joel, I'd like to be able to squeeze in one more question, if we could.

喬爾，如果可以的話，我希望能夠再問一個問題。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Thanks for taking my question.

感謝您提出我的問題。

I think I'm going to spend most of my questions on one multi-parter here on the topic that was asked earlier here about how to think about your path from current guidance revenues to the $500 million plus level ending next calendar year.

我想我將把我的大部分問題花在一個多方參與者身上，這個主題是早些時候被問到的，關於如何思考從當前指導收入到下一個日曆年結束的5 億美元以上水平的路徑。

And your response to that question is pretty interesting in a number of ways, Alan.

艾倫，你對這個問題的回答在很多方面都非常有趣。

And maybe I'll approach two or three of them here.

也許我會在這裡接觸其中的兩三個。

Where you said you didn't need much telecom to get there, expecting most of that from EML chips also transitioned 200 gig EMLs, datacom optical switching, and some transceiver stuff here.

你說你不需要太多電信就能到達那裡，預計 EML 晶片中的大部分也會轉變為 200 gig EML、數據通訊光交換和一些收發器。

I'm not sure if that last part was intended to be ascending or descending order of contribution.

我不確定最後一部分是按貢獻的升序還是降序排列。

Maybe you could comment on that.

也許你可以對此發表評論。

That would be great.

那太好了。

And I guess, specifically, I'm quite interested in two aspects of this.

我想，具體來說，我對這兩個方面非常感興趣。

One of which is the optical switching.

其中之一是光開關。

Is that expected to be a meaningful contributor to this growth to get to $500 million?

預計這會對成長至 5 億美元做出有意義的貢獻嗎？

And then also, are you not expecting much from telecom or is that just upside if you get it?

另外，您是否對電信沒有太多期望，或者如果您得到它，這只是好處嗎？

Thank you.

謝謝。

That is a multi-part question.

這是一個由多個部分組成的問題。

I'm glad I wrote it down.

我很高興我把它寫下來了。

Thanks, Richard.

謝謝，理查。

I'd say there was no method in my rambling of priorities.

我想說的是，我漫無目的的優先事項沒有任何方法。

I'd say if you wanted me to do that, I'd say transceivers would be number one growth area.

我想說，如果您希望我這樣做，我會說收發器將是第一大成長領域。

I'd say that optical switching is probably bigger in calendar '26 and less -- I would say, less meaningful because I think we're counting on meaningful revenue in '25, but really setting this up for significant growth in '26 on the optical switching inside the data center.

我想說的是，光交換在26 年曆中可能會更大，甚至更少——我會說，意義不大，因為我認為我們指望在25 年獲得有意義的收入，但實際上是為了在26 年實現顯著成長。

I already talked about EMLs, you know, north of 40% growth over the next 12 months.

我已經談到了 EML，你知道，未來 12 個月的成長將超過 40%。

And then I'd say that I've been hoping that telecom will be bouncing back to the last year.

然後我想說，我一直希望電信業能恢復到去年的水準。

And so I'm not counting on that anymore.

所以我不再指望這一點了。

Although we are seeing some growth in the short term, I do think that we don't need to get back to the pandemic levels.

儘管短期內我們看到了一些成長，但我確實認為我們不需要回到大流行的水平。

And we're not counting on that when we give you that projection for $500 million per quarter.

當我們為您提供每季 5 億美元的預測時，我們並沒有指望這一點。

So I'd say it's really all about execution and transceivers and awards and EMLs and the transition to 200 gig where the revenue per unit is more than it is for the 100 gig.

所以我想說，這實際上與執行、收發器、獎項和 EML 以及向 200 GB 的過渡有關，其中每單位的收入高於 100 GB。

I hope that answered your question.

我希望這回答了你的問題。

So with that, I think we're going to wrap the Q&A portion of the call, and I'll pass the call back over to Alan for some concluding remarks.

因此，我想我們將結束電話的問答部分，我會將電話轉回給艾倫以進行一些總結性發言。

Thanks, Kathy, and thank you, everyone.

謝謝凱西，謝謝大家。

I'd like to just leave you with a few thoughts as we wrap up the call.

在我們結束通話時，我想留下一些想法。

Our agility and photonics leadership position equip us to navigate current market challenges and opportunities.

我們的敏捷性和光子學領先地位使我們能夠應對當前的市場挑戰和機會。

Momentum is at the forefront of the data center revolution, driving chip-scale photonics, automated manufacturing, and hyperscale cloud partnerships.

Momentum 處於資料中心革命的前沿，推動晶片級光子學、自動化製造和超大規模雲端合作夥伴關係。

We are rapidly scaling manufacturing and R&D to capitalize on cloud opportunities and to meet surging data rate demands.

我們正在快速擴大製造和研發規模，以利用雲端機會並滿足不斷增長的數據速率需求。

As we discussed in prior quarters, the Cloud Light acquisition is accelerating.

正如我們在前幾季所討論的，Cloud Light 的收購正在加速。

Our high-speed transceiver qualifications and production positioning us for multi-billion dollar cloud revenue and over $500 million quarterly revenue by the end of calendar 2025.

我們的高速收發器資格和生產使我們能夠在 2025 年底之前實現數十億美元的雲端收入和超過 5 億美元的季度收入。

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

感謝大家今天加入我們的電話會議，我們期待在本季的投資者會議和即將召開的會議上再次見到您。

Have a great day.

祝你有美好的一天。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路。