Lumentum Holdings Inc (LITE) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to Lumentum's Holdings second quarter fiscal year 2025 earnings call. (Operator Instructions) Please also note, today's event is being recorded for replay purposes. At this time, I would like to turn the conference over to Kathy Ta, Vice President of Investor Relations. Ms. Ta, go ahead.

大家好，歡迎參加 Lumentum 控股 2025 財年第二季財報電話會議。（操作員指示）另請注意，今天的活動將被錄製以供重播。現在，我想將會議交給投資者關係副總裁 Kathy Ta。Ta小姐，請說。

Thank you, and welcome to Lumentum's Fiscal second quarter 2025 earnings call. This is Kathy Ta, Lumentum's Vice President of Investor Relations.

謝謝，歡迎參加 Lumentum 2025 財年第二季財報電話會議。我是 Lumentum 投資者關係副總裁 Kathy Ta。

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.

今天與我一起參加的是總裁兼執行長 Alan Lowe；瓦吉德‧阿里 (Wajid Ali)，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 strategies, trends and expectations for our products and technologies, including demand, our customers, our end markets and 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，包括有關我們的產品和技術的策略、趨勢和期望的陳述，包括需求、我們的客戶、我們的終端市場和市場機會、我們對最近的收購（包括 Cloud Light）的期望和信念、宏觀經濟趨勢以及我們預期的財務和營運業績，包括我們的指引以及有關我們未來收入、財務模型和利潤目標的陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risk factors described in our SEC filings. We encourage you to review our most recent filings with the SEC, particularly the risk factors described in our most recent 10-K and in our 10-Q that will be filed soon. The forward-looking statements provided during this call are based on momentum's reasonable beliefs and expectations as of today. Lumentum undertakes no obligation to update these statements, except as required by applicable law.

這些聲明受到風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異，特別是我們向美國證券交易委員會提交的文件中所述的風險因素。我們鼓勵您查看我們最近向美國證券交易委員會提交的文件，特別是我們最近的 10-K 和即將提交的 10-Q 中描述的風險因素。本次電話會議中提供的前瞻性陳述是基於動量截至今天的合理信念和預期。Lumentum 不承擔更新這些聲明的義務，除非適用法律要求。

Please also note that unless otherwise stated, all financial results and projections discussed in this call are non-GAAP. Non-GAAP financials are not to be considered as a substitute for or superior to financials prepared in accordance with GAAP.

另請注意，除非另有說明，本次電話會議中討論的所有財務結果和預測均為非 GAAP。非 GAAP 財務報表不能被視為替代或優於依照 GAAP 編製的財務報表。

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

Lumentum 的第二財季業績新聞稿和隨附的補充幻燈片可在我們網站 www.lumentum.com 的「投資者」部分找到。

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

說完這些，我會把電話轉給艾倫。

Thank you, Kathy, and good afternoon, everyone. Before reviewing our second quarter results, I want to address the leadership transition announced earlier this week. After a decade as Lumentum CEO, I am retiring from my role effective tomorrow, and Michael Hurlston is succeeding me and joining our Board of Directors.

謝謝你，凱西，大家下午好。在回顧我們的第二季業績之前，我想談談本週稍早宣布的領導層變動。在擔任 Lumentum 執行長十年後，我將於明天退休，Michael Hurlston 將接替我並加入我們的董事會。

Leading Lumentum over the past 18 years, first at our predecessor company and then as a stand-alone public company has been a privilege. I am proud of our market-leading innovations, strong customer relationships and best-in-class manufacturing. We have transformed Lumentum and the photonics industry, positioning the company for continued growth.

過去 18 年來，我一直領導 Lumentum，首先是在我們的前身公司，然後是作為一家獨立的上市公司，這是一種榮幸。我為我們市場領先的創新、牢固的客戶關係和一流的製造技術感到自豪。我們改變了 Lumentum 和光子學產業，為公司的持續成長做好了準備。

The Board and I believe that this is the right time for a leadership transition and that Michael is the right leader for the next chapter at Lumentum. His global experience, semiconductor and optical communications background and track record of driving sustained profitable growth, make him uniquely qualified to lead Lumentum forward. He steps in at a time of financial and operational strength and I am confident in his ability to build upon our momentum.

董事會和我都認為，現在是領導層過渡的最佳時機，而麥可正是 Lumentum 開啟新篇章的最佳領導者。他的全球經驗、半導體和光通訊背景以及推動持續獲利成長的記錄，使他有資格帶領 Lumentum 向前發展。他在我們財務和營運實力雄厚的時候接手，我相信他有能力延續我們的發展勢頭。

Serving as Lumentum's CEO has been the highlight of my career, and I am deeply grateful to our talented team who has positioned us for sustained growth. I look forward to continuing my role on Lumentum's Board and to serving as an adviser to the company to ensure a smooth transition.

擔任 Lumentum 的執行長是我職業生涯的亮點，我非常感謝我們才華橫溢的團隊，他們為我們實現了持續成長奠定了基礎。我期待繼續擔任 Lumentum 董事會成員並擔任公司顧問，確保順利過渡。

With that, I'd like to turn to the second quarter. In the second quarter, we exceeded the high end of our guidance range for both revenue and earnings per share. This level of performance was driven by robust demand from cloud customers both inside the data centers as well as interconnecting data centers, along with an overall improving networking market, and we're just getting started.

說完這些，我想談談第二季。在第二季度，我們的營收和每股盈餘都超出了預期範圍的上限。這種性能水平是由數據中心內部和互連數據中心的雲端客戶的強勁需求以及整體改善的網路市場推動的，而我們才剛剛起步。

This is an exciting time for Lumentum as we position ourselves to capitalize on the rapidly expanding cloud market, where our photonics technologies play a vital role. Our photonics innovations are clearly essential to scaling compute capacity within data centers for the AI era today and into the future. Optical links enable ultra-high speed low latency and energy-efficient data transmission in today's scale out networks.

對於 Lumentum 來說，這是一個令人興奮的時刻，因為我們準備好利用快速擴張的雲端市場，而我們的光子技術在其中發揮著至關重要的作用。顯然，我們的光子學創新對於擴展當今和未來人工智慧時代的資料中心運算能力至關重要。在現今的橫向擴展網路中，光纖鏈路可實現超高速、低延遲且節能的資料傳輸。

In the coming years, we believe transitioning to optical links will be essential to meeting the rapidly growing needs of scale up networks where data bandwidths are significantly larger than scale-out networks. The rapid growth of compute capacity inside data centers will also drive rapid growth in data center interconnects or DCI. Cloud operators are increasingly building and planning many more and geographically dispersed interconnected data centers to address space and power availability. These require high-capacity long-distance optical links, which leverage the same core technologies we have developed over several decades for telecom networks.

在未來幾年，我們相信過渡到光纖鏈路對於滿足擴展網路快速增長的需求至關重要，因為擴展網路的資料頻寬明顯大於擴展網路。資料中心內部運算能力的快速成長也將推動資料中心互連或DCI的快速成長。雲端營運商正在不斷建置和規劃更多地理位置分散的互聯資料中心，以解決空間和電力可用性問題。這些需要大容量長距離光纖鏈路，它利用了我們幾十年來為電信網路開發的相同核心技術。

As we indicated on our last call, demand for our components and subsystems for data center interconnect is strengthening, and we have been ramping production to fulfill this strong demand. We are making significant progress in advancing our cloud business through our 3-pronged strategy.

正如我們在上次電話會議中所指出的，對資料中心互連組件和子系統的需求正在增強，我們一直在增加產量以滿足強勁的需求。我們透過三管齊下的策略在推進雲端業務方面取得了重大進展。

First, we are successfully expanding our customer base in the cloud and AI markets. Second, we are scaling capacity for our highly differentiated laser transmitter chips in our indium phosphide wafer fabs and optical circuit switch and transceiver production capacity in our proven factories outside of China to meet the rising demand. And third, we are partnering with our cloud operator and AI infrastructure customers to develop game-changing optical solutions that shape their long-term technology road maps.

首先，我們成功擴大了雲端和人工智慧市場的客戶群。其次，我們正在擴大磷化銦晶圓廠的高度差異化雷射發射器晶片的產能，以及中國境外成熟工廠的光路開關和收發器生產能力，以滿足不斷增長的需求。第三，我們正在與雲端營運商和人工智慧基礎設施客戶合作，開發改變遊戲規則的光學解決方案，以塑造他們的長期技術路線圖。

With this focused approach, we are uniquely positioned to drive growth and deliver sustained value in the rapidly accelerating AI cloud era.

透過這種專注的方法，我們在快速發展的人工智慧雲端時代擁有獨特的優勢來推動成長並提供持續的價值。

Before discussing the second quarter details, I want to address the recent news related to DeepSeek. Discussions with cloud customers reinforce that advancements in software efficiency are key to the long-term viability of the AI business model just as efficiency gains in optical data transmission are essential for enabling AI in data centers. These reports on improved efficiencies highlight a positive trend that strengthens the AI market for both our customers and our business.

在討論第二季的細節之前，我想先談談與 DeepSeek 相關的最新消息。與雲端客戶的討論強調，軟體效率的進步是人工智慧商業模式長期可行性的關鍵，就像光學資料傳輸效率的提高對於資料中心實現人工智慧至關重要一樣。這些有關效率提高的報告強調了一個積極的趨勢，這將為我們的客戶和我們的業務增強人工智慧市場。

Now let me move to additional fiscal second quarter revenue and product highlights, starting with Cloud & Networking. Our second quarter Cloud & Networking segment revenue grew 20% sequentially and 18% year-over-year, primarily driven by strong end market demand from cloud hyperscale customers. We saw sequential increases in nearly all of our Cloud & Networking product lines.

現在，讓我來談談第二財季的其他營收和產品亮點，從雲端和網路開始。我們第二季的雲端和網路部門營收季增 20%，年增 18%，主要受來自雲端超大規模客戶的強勁終端市場需求推動。我們看到幾乎所有雲端和網路產品線都實現了連續成長。

In Q2, Datacom transceiver revenue grew sequentially as expected driven by an increase in shipments to our largest cloud hyperscale customer and the start of volume production shipments to one of our new customers we highlighted on prior calls. We continue qualification work with the other new customer and expect to start initial volume production during the fourth quarter, continuing to ramp through the first half of fiscal '26.

在第二季度，數據通訊收發器收入按預期環比增長，這得益於我們向最大的雲端超大規模客戶發貨量增加，以及向我們在之前的電話會議中重點介紹的一位新客戶開始批量生產發貨。我們繼續與其他新客戶進行資格認證工作，預計在第四季度開始初步大量生產，並在 26 財年上半年繼續實現產量提升。

Transceiver manufacturing capacity expansion is also progressing as planned. Complementing our existing production lines in Thailand, construction of our large new 3-story facility and clean room on the same campus is well underway, with the first floor completed and ready for tool installation.

收發器製造產能擴張也正在按計畫進行。作為我們在泰國現有生產線的補充，我們在同一園區內新建的大型三層廠房和潔淨室的建設正在順利進行中，其中一樓已完工並準備進行工具安裝。

We achieved another record for EML unit shipments in Q2 and began delivering 200G Lane speed EMLs to multiple customers. Based on the breadth of our 200G EML design wins, we expect to gain additional laser transmitter market share in the upcoming wave of 800G and 1.6T transceivers utilizing the more efficient 200G EMLs for AI applications. Complementing our EMLs are our new 200G lens integrated photodetector arrays which adds to our content opportunity in next-generation 800G and 1.6T transceivers as well as strengthens our vertical integration strategy for our own cloud modules.

我們在第二季度創下了 EML 單位出貨量的另一項紀錄，並開始向多個客戶交付 200G 通道速度的 EML。基於我們在 200G EML 設計方面的成功，我們預計在即將到來的 800G 和 1.6T 收發器浪潮中，利用更高效的 200G EML 實現 AI 應用，獲得額外的雷射發射器市場份額。我們的 EML 是由我們的新型 200G 鏡頭整合光電探測器陣列補充的，它增加了我們在下一代 800G 和 1.6T 收發器中的內容機會，並加強了我們自己的雲端模組的垂直整合策略。

Our wafer fab expansion plans to enable higher volumes of EMLs and other indium phosphide lasers and photodetectors continues to be on track. We still anticipate that demand for our EML chips will continue to exceed supply at least into calendar year 2026.

我們的晶圓廠擴建計畫旨在提高 EML 和其他磷化銦雷射和光電探測器的產量，該計畫正在繼續順利進行。我們仍然預計，至少到 2026 年，我們的 EML 晶片的需求將繼續超過供應。

The -- we are experiencing strengthening demand for our DCI products as well as long-haul transmission and transport solutions. These product lines historically classified as telecom products are increasingly utilized by cloud customers, often indirectly through our network equipment manufacturing customers. Engagement with cloud customers and AI infrastructure providers on their long-term technology and product road map has reached an all-time high.

我們的 DCI 產品以及長途傳輸和傳輸解決方案的需求正在不斷增強。這些歷史上被歸類為電信產品的產品線越來越多地被雲端客戶所採用，通常是透過我們的網路設備製造客戶間接採用。與雲端客戶和人工智慧基礎設施供應商在其長期技術和產品路線圖上的合作達到了歷史最高水準。

As part of one collaboration, we began shipping preproduction volumes of our unique ultra-high power lasers to an AI infrastructure customer for a proprietary interconnect solution in Q2, we -- and have received follow-on orders as well as excellent feedback on the product's performance. This is a very exciting opportunity.

作為合作的一部分，我們在第二季度開始向 AI 基礎設施客戶運送獨特的超高功率雷射的預生產量，用於專有互連解決方案，並且收到了後續訂單以及對產品性能的出色反饋。這是一個非常令人興奮的機會。

Looking ahead to Q3, we anticipate strong sequential growth in our Cloud & Networking revenue, primarily driven by capacity additions, ramping up new customer programs and improving demand from network equipment manufacturers.

展望第三季度，我們預期雲端和網路收入將實現強勁的環比成長，主要得益於產能增加、新客戶計畫的增加以及網路設備製造商需求的增加。

Now let me move to our Industrial Tech segment. Industrial Tech segment revenue increased 15% sequentially, while being down 21% from the same quarter last year. The sequential increase was driven by higher industrial laser shipments, partially offset by seasonally lower 3D sensing shipments. The year-over-year revenue trend reflects that demand continues to be challenged due to the weak industrial end market.

現在讓我轉到我們的工業技術部門。工業技術部門營收季增 15%，但較去年同期下降 21%。連續成長主要是由於工業雷射出貨量增加，但被季節性 3D 感測出貨量下降部分抵消。與去年同期相比，收入趨勢反映出由於工業終端市場疲軟，需求持續面臨挑戰。

In industrial Tech, we remain committed to developing innovative laser solutions that address customers' growing demand for high precision and speed. Our latest generation of 26-kilowatt fiber lasers are most powerful yet delivers cutting speeds up to 3 times faster than its predecessor. We have shipped sample units to a key customer and are receiving very positive feedback.

在工業技術方面，我們始終致力於開發創新的雷射解決方案，以滿足客戶對高精度和高速度日益增長的需求。我們最新一代的 26 千瓦光纖雷射功能最強大，但切割速度卻比上一代產品快 3 倍。我們已經將樣品發送給一個重要客戶，並收到了非常正面的回饋。

In Q2, ultrafast laser shipments reached a new record driven primarily by growing demand from a leading tool supplier for high-volume solar cell manufacturing. We are also actively engaged with customers on new ultrafast laser opportunities as this technology gains traction in advanced packaging, displays and emerging semiconductor processes. Looking ahead to fiscal Q3, we anticipate a sequential decline in Industrial Tech revenue due to the challenging macroeconomic environment affecting industrial laser demand as well as a seasonal decline in 3D sensing revenue.

第二季度，超快雷射出貨量創下新高，主要原因是領先的工具供應商對大量太陽能電池製造的需求不斷增長。隨著超快雷射技術在先進封裝、顯示器和新興半導體製程領域越來越受到關注，我們也積極與客戶合作探索新的超快雷射機會。展望第三財季，我們預計工業技術收入將環比下降，原因是嚴峻的宏觀經濟環境影響了工業雷射需求，以及 3D 感測收入的季節性下降。

In summary, we have made significant progress in executing our strategy to grow our cloud business. In Q2, we began to ramp our cloud transceiver volumes to our largest customer and one of our new customers, and we set another new record for EML shipments, including new 200G lane speed variants. We are working diligently to further expand capacity for many of our products over the next several quarters and to complete qualifications on key new customer programs.

總而言之，我們在執行雲端業務發展策略方面取得了重大進展。在第二季度，我們開始為我們最大的客戶和我們的一個新客戶增加雲端收發器的數量，並且我們為 EML 出貨量創造了另一個新紀錄，包括新的 200G 通道速度變體。我們正在努力在接下來的幾季進一步擴大我們許多產品的產能，並完成主要新客戶計畫的資格認證。

Our robust pipeline of cloud customer engagements coupled with improving trends with our network equipment manufacturing customers strengthens our confidence in achieving our previously stated goal of reaching $500 million in quarterly revenue by the end of calendar 2025. Looking beyond, we expect significant growth in the years ahead as we capitalize on emerging opportunities in cloud and AI.

我們強大的雲端客戶參與管道，加上我們與網路設備製造客戶的不斷改善趨勢，增強了我們實現先前提出的到 2025 年底實現 5 億美元季度收入的目標的信心。展望未來，隨著我們利用雲端運算和人工智慧領域的新興機遇，我們預計未來幾年將實現顯著成長。

Before I hand the call over to Wajid, I want to take a moment to express my sincere gratitude to all of our employees for their unwavering focus and dedication and to our customers worldwide for their trust, partnership and collaboration. With that, Wajid?

在將電話交給 Wajid 之前，我想花點時間向我們所有員工的堅定專注和奉獻精神表示誠摯的感謝，並向我們全球客戶的信任、合作與協作表示誠摯的感謝。就這樣，瓦吉德？

Thank you, Alan. Second quarter revenue of $402.2 million and non-GAAP EPS of $0.42 and were above the high end of our guidance ranges. GAAP gross margin for the second quarter was 24.8%, GAAP operating loss was 12.8% and GAAP net loss per share was $0.88.

謝謝你，艾倫。第二季營收為 4.022 億美元，非 GAAP 每股收益為 0.42 美元，高於我們預期範圍的高端。第二季 GAAP 毛利率為 24.8%，GAAP 營業虧損為 12.8%，GAAP 每股淨虧損為 0.88 美元。

Turning to our non-GAAP results. Second quarter non-GAAP gross margin was 32.3%, which was slightly down sequentially, but up year-on-year due to product mix. In future quarters, we anticipate company gross margins will sequentially increase as manufacturing utilization improves as well as an increase in Datacom laser shipments.

轉向我們的非公認會計準則結果。第二季非公認會計準則毛利率為 32.3%，較上季略有下降，但由於產品結構原因較去年同期成長。在未來幾個季度，我們預計隨著製造利用率的提高以及數據通訊雷射出貨量的增加，公司的毛利率將連續增加。

Second quarter non-GAAP operating margin was 7.9%, which was up 490 basis points sequentially and up 600 basis points year-on-year, primarily driven by improved Cloud & Networking profitability and lower SG&A expenses. Second quarter non-GAAP operating profit was $31.7 million, and adjusted EBITDA was $57.6 million.

第二季非公認會計準則營業利潤率為 7.9%，比上一季成長 490 個基點，比去年同期成長 600 個基點，主要得益於雲端運算和網路獲利能力的提高以及銷售、一般和行政費用的降低。第二季非公認會計準則營業利潤為 3,170 萬美元，調整後 EBITDA 為 5,760 萬美元。

Second quarter non-GAAP operating expenses totaled $98.3 million or 24.4% of revenue, a decrease of $2.1 million from the first quarter and a decrease of $9.9 million from the year ago quarter. This substantial reduction in operating expenses was achieved, driven by the restructuring actions that were taken during fiscal 2024 as well as overall stringent cost controls across the company, and despite increased investment in our expanding cloud opportunities.

第二季非 GAAP 營業費用總計 9,830 萬美元，佔營收的 24.4%，較第一季減少 210 萬美元，較去年同期減少 990 萬美元。儘管我們在不斷擴大的雲端電腦會方面增加了投資，但營運費用仍大幅下降，這得益於 2024 財年採取的重組措施以及整個公司整體嚴格的成本控制。

Q2 non-GAAP SG&A expense was $35.9 million, non-GAAP R&D expense was $62.4 million, interest and other income was $4.2 million on a non-GAAP basis. Second quarter non-GAAP net income was $30 million and non-GAAP diluted net income per share was $0.42. Our fully diluted share count for the second quarter was 71.6 million shares on a non-GAAP basis.

第二季非公認會計準則銷售、一般及行政支出為 3,590 萬美元，非公認會計準則研發支出為 6,240 萬美元，非公認會計準則下的利息和其他收入為 420 萬美元。第二季非公認會計準則淨收入為 3,000 萬美元，非公認會計準則每股攤薄淨收入為 0.42 美元。根據非公認會計準則，我們第二季的全面稀釋股票數量為 7,160 萬股。

During the second quarter, our cash and short-term investments decreased by $19 million to $897 million. Our inventory levels were approximately flat sequentially despite the expected growth in our Cloud & Networking revenue. In Q2, we invested $65 million in CapEx, primarily focused on expanding clean room capacity at our Thailand manufacturing site and increasing equipment capacity for indium phosphide wafer production to support EML chip manufacturing. Nearly all of our CapEx investment was directed toward our Cloud & Networking business.

第二季度，我們的現金和短期投資減少了 1,900 萬美元，至 8.97 億美元。儘管我們的雲端和網路收入預計會成長，但我們的庫存水準與上一季基本持平。第二季度，我們投資了 6,500 萬美元的資本支出，主要用於擴大泰國製造工廠的無塵室容量以及增加磷化銦晶圓生產的設備容量，以支援 EML 晶片製造。我們幾乎所有的資本支出都投向了雲端運算和網路業務。

Turning to segment details. Second quarter Cloud & Networking segment revenue at $339.2 million increased 20% sequentially and 18% year-on-year. Cloud & Networking segment profit at 16.2% increased 330 basis points sequentially and increased 610 basis points year-on-year on higher revenue.

轉向片段細節。第二季雲端和網路部門營收為 3.392 億美元，季增 20%，年增 18%。雲端運算和網路部門利潤為 16.2%，比上一季增加 330 個基點，比去年同期增加 610 個基點，原因是收入增加。

Our second quarter Industrial Tech segment revenue at $63 million was up 15% sequentially and -- and down 21% year-on-year. Second quarter Industrial Tech segment profit of 6.2% increased sequentially on higher revenue and decreased year-on-year on lower revenue.

我們第二季的工業技術部門營收為 6,300 萬美元，季增 15%，年減 21%。第二季工業技術部門利潤因收入增加而較上季成長 6.2%，因收入下降而較去年同期下降。

Now let me move to our guidance for the third quarter of fiscal '25, which is on a non-GAAP basis and is based on our assumptions as of today. We expect net revenue for the third quarter of fiscal '25 to be in the range of $410 million to $425 million. This Q3 revenue forecast includes the following assumptions: Cloud & Networking to be up sequentially with strong growth in products addressing cloud applications and improving network customer demand and Industrial Tech to be down sequentially by approximately $10 million with declines in both commercial lasers and 3D sensing.

現在，讓我來談談我們對 25 財年第三季的指引，該指引基於非 GAAP 基礎並基於我們截至今天的假設。我們預計25財年第三季的淨收入將在4.1億美元至4.25億美元之間。第三季營收預測包括以下假設：雲端和網路業務將季增，因為針對雲端應用的產品將強勁成長，網路客戶需求也將改善；工業技術業務將季減約 1,000 萬美元，因為商用雷射和 3D 感測業務將會下滑。

In Q3, operating expenses are expected to increase sequentially based on our typical annual fringe rate increase. Based on this, we project third quarter non-GAAP operating margin to be in the range of 9.5% to 10.5% and diluted net income per share to be in the range of $0.47 to $0.53. And our non-GAAP EPS guidance for the third quarter is based on a non-GAAP annual effective tax rate of 16.5%. The -- these projections also assume an approximate share count of 73 million shares.

在第三季度，根據我們典型的年度福利費率成長，預計營運費用將較上季增加。基於此，我們預測第三季非 GAAP 營業利潤率將在 9.5% 至 10.5% 之間，每股攤薄淨利潤將在 0.47 美元至 0.53 美元之間。我們對第三季的非公認會計準則每股收益指引是基於 16.5% 的非公認會計準則年度有效稅率。這些預測也假設股數約為 7,300 萬股。

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

說完這些，我會把電話轉回給 Cathy，開始問答環節。凱西？

Thank you, Wajid. To allow everyone an opportunity to ask questions, we ask that you please keep to one question and one follow-up. Sierra, let's begin the Q&A session.

謝謝你，瓦吉德。為了讓每個人都有機會提問，我們要求您只提出一個問題和一個後續問題。塞拉，我們開始問答環節。

Absolutely. We will now begin the Q&A session. (Operator Instructions)

絕對地。我們現在開始問答環節。（操作員指令）

Samik Chatterjee, JPMorgan

Samik Chatterjee，摩根大通

Hi, thank you for taking my question. Maybe for the first one, and was it you did mention this in your prepared box, but maybe I need to sort of, a clarification on this in terms of the sequential revenue increase from December to March, cloud and networking is a segment that's driving that by about $25 million or so quarter-over-quarter at the midpoint.

你好，謝謝你回答我的問題。也許對於第一個問題，您是否在準備好的框中提到了這一點，但也許我需要就從 12 月到 3 月的連續收入增長進行某種澄清，雲和網絡是一個部門，推動該部門在中點環比增長約 2500 萬美元左右。

Can you just outline the drivers there between Cloud Light or Transceivers versus Datacom chips versus telecom? Just wanted to get a relatively sort of ballpark in terms of how should we rank out of those three in relation to contribution to the sequential increase that you're expecting? I know you mentioned this in the remarks, maybe I missed it. Thank you and I have a follow-up.

您能否概述一下雲光或收發器、數據通訊晶片和電信之間的驅動因素？只是想得到一個相對的大概數字，即在對您預期的連續增長的貢獻方面，我們在這三者中的排名應該如何？我知道您在評論中提到了這一點，也許我錯過了。謝謝您，我會跟進的。

Yeah, Sure, Samik. So yes, so your math is correct. We are increasing -- or expected to increase by $25 million in our Cloud & Networking business. And actually, we have demand that far surpasses that. We're actually having some supply chain shortages on some critical components that's keeping that a little bit lower, we could have probably seen a double-digit increase sequentially quarter-over-quarter had we not had some of those supply chain shortages.

是的，當然了，薩米克。是的，所以你的計算是正確的。我們的雲端和網路業務正在增加——或預計將增加 2500 萬美元。而實際上，我們的需求遠遠超過了這個數字。事實上，我們的一些關鍵零件的供應鏈出現了短缺，這使得銷售額略低一些，如果我們沒有出現這些供應鏈短缺的情況，我們可能已經看到季度環比增長兩位數。

In terms of rank ordering, the Datacom business is really what's driving the growth quarter-over-quarter, both Datacom chips and Transceivers. We've got some new products, both on the chip side as well as the transceiver side that are going to be ramping through the quarter. So it's difficult to kind of split out which one will do more or less, but both of them are growing sequentially.

就排名順序而言，數據通訊業務才是真正推動季度環比成長的動力，包括數據通訊晶片和收發器。我們有一些新產品，包括晶片方面以及收發器方面的產品，這些產品將在本季陸續推出。因此很難分辨哪一個會做得更多或更少，但它們都在連續成長。

We are seeing some inventory drawdowns as well in the overall telecom business. So that's adding a little bit of growth as well. And then on the Industrial Tech segment, like we prepared in our -- like we mentioned in our prepared remarks, we're expecting to come down by about $10 million, driven by both 3D sensing as well as industrial lasers.

我們也看到整個電信業務的庫存下降。所以這也增加了一點成長。然後，在工業技術領域，正如我們在準備好的評論中提到的那樣，我們預計將下降約 1000 萬美元，這得益於 3D 感測和工業雷射的發展。

Got it. Yes, please. For my follow-up, you mentioned the 200-gig EML, you can see sort of demand being ahead of capacity or supply by -- even by end of calendar '26. Just wondering if you can -- I know you're doing capacity expansion on that front. Can you give us a reference point of where you expect your capacity to be by the end of calendar '26, maybe in reference to either end of 2024 calendar year or like the June '24, fiscal '24 end? Like how should we think about the pace of capacity increase that you're planning and demand sort of still outstripping that? And what do you expect to sort of see in 100-gig EML and demand for 100 gig as you ramp to 200-gig at that point? Thank you.

知道了。是的，請。我的後續問題是，您提到了 200Gig EML，您可以看到，到 26 年底，需求將超過容量或供應。只是想知道您是否可以——我知道您正在進行這方面的產能擴張。您能否給我們一個參考點，即您預計到 26 年末您的產能將達到什麼水平，可能是參考 2024 年末，或者是 2024 年 6 月，即 24 財年末？例如，我們應該如何看待您規劃的產能增加速度以及需求是否仍超過這一速度？當您將規模擴大到 200G 時，您預計 100G EML 和 100G 的需求會如何？謝謝。

Yeah, Samik. This is Alan. We're still on track to what we've been saying, which was 40% or higher growth from the June quarter of calendar '24 to the June quarter of calendar '25 and then another 40% by the end of calendar '25. So that's for all 100 and 200 gig.

是的，薩米克。這是艾倫。我們仍在按照我們所說的目標前進，從24年6月季度到25年6月季度實現40%或更高的成長率，然後在25年底再實現40%的成長率。這就是所有 100 和 200 千兆的情況。

I think we were -- in our prepared remarks, we talked about being overall supply constrained, not 200-gig because we can start a 200-gig wafer or a 100-gig wafer just the same. So we're just overall, the demand is outstripping even that 40% compounded twice in an 18-month period of time.

我認為，在我們準備好的評論中，我們談論的是整體供應受限，而不是 200gig，因為我們可以同樣開始生產 200gig 晶圓或 100gig 晶圓。因此，整體而言，需求甚至超過了 18 個月內兩次複合成長的 40%。

We do have additional capacity expansion beyond the end of calendar '25, obviously. And those are investments that we've made over the past several quarters have come online in calendar '26, which will give us increased capacity as well. So I'm not going to get into the details of that because we're going to monitor the demand outlook, but suffice it to say, we're expediting tool deliveries so that we can bring up tools as well as move to larger wafer sizes. So everything is on track and going very well.

顯然，在 25 年末之後我們確實還有額外的產能擴張。這些都是我們在過去幾個季度進行的投資，並在 26 年投入使用，這也將提高我們的產能。因此，我不會詳細討論這個問題，因為我們將監控需求前景，但可以說，我們正在加快工具交付，以便我們能夠提供工具並轉向更大的晶圓尺寸。所以一切都在按計劃進行並且進展順利。

Got it. Alan, congrats on the return.

知道了。艾倫，祝賀你回歸。

Thank you so much.

太感謝了。

Tom O'Malley, Barclay.

巴克萊的湯姆·奧馬利。

Hey guys, thanks for taking my question. I wanted to echo the congrats to Alan. Go Rader, hopefully, you have a little more time and retirement to watch, hopefully, it's a better football than you did for the last 10 years. .

嘿夥計們，謝謝你們回答我的問題。我想向艾倫表示祝賀。加油，雷德，希望你有更多的時間和退休生活可以觀看比賽，希望這比過去 10 年的足球比賽更精彩。。

So with that, I'll keep come on the business side. I wanted to I wanted to start with your comments on Q2. So you talked about shipping to a proprietary interconnect customer and an exciting opportunity. I think you've hinted at this a little bit in the past, but maybe could you just explore that a bit more? Is that on the laser side? Is that on the module side? Any additional color there would be helpful.

因此，我將繼續致力於業務方面。我想從你對 Q2 的評論開始。所以您談到了向專有互連客戶發貨以及一個令人興奮的機會。我認為您過去曾暗示過這一點，但也許您可以進一步探討嗎？那是在雷射方面嗎？那是在模組方面嗎？任何額外的顏色都會有幫助。

Yeah, I'm not going to give too much color on it, Tom, just because it is proprietary, as we said in the prepared remarks. But suffice it to say, it's a ultra-high-power lasers. So you can imagine a larger indium phosphide chip and placed on a carrier. So it's between a chip and a module and that it's today, the product that we're shipping is a chip on carrier with very high power and a unique technology that we had developed over the years and are now shipping.

是的，湯姆，我不會對此進行過多的闡述，因為它是專有的，正如我們在準備好的評論中所說的那樣。但可以說，它是一種超高功率雷射。因此你可以想像一個更大的磷化銦晶片並放置在載體上。因此，它介於晶片和模​​組之間，而今天，我們運送的產品是載體上的晶片，具有非常高的功率和獨特的技術，這是我們多年來開發的，現在正在運送。

I would say preproduction volume with forecast for more meaningful volume throughout calendar '25 and then real -- extremely high volume in calendar 2026. So feedback is very positive, the performance is very unique and the line width that we produced with the laser is superior to anything in the market. So we're very excited to be working with a very leading-edge customer and I think I'll just leave it at that.

我想說的是，預生產量預計在 2025 年將達到更有意義的產量，然後是 2026 年真正的極高產量。因此回饋非常積極，性能非常獨特，我們用雷射產生的線寬優於市場上的任何產品。因此，我們非常高興能夠與這樣一位非常前衛的客戶合作，我想我就到此為止了。

Helpful. And then you talked about so you have one customer that's ramping already in December. You have another customer that's coming online and closer to the end of the fiscal year. This opportunity sounds like there's some goodness in '25, but really more of a '26 story. You guys kept the commentary around the $500 million at some point in the calendar year '25, was that just you regurgitating that statement? Does it mean Q4? Or could you possibly get there earlier? I was just surprised you kind of kept the same language as you did before. Thank you.

很有幫助。然後您談到，您有一位客戶在 12 月已經開始加量生產。您有另一個客戶即將上線並且接近財政年度結束。這個機會聽起來像是在 1925 年有一些好處，但實際上更像是 1926 年的故事。你們一直在評論 25 年某個時候的 5 億美元，這只是你們在重複那句話嗎？是指Q4嗎？或者你能早點到那裡嗎？我只是很驚訝你仍然使用和以前相同的語言。謝謝。

Well, we don't want to get you guys ahead of our expectations. And so we've been consistent. So I don't know not regurgitating it, but we've been repeating it. And so I think as we've shown in the December quarter, we exceeded our guidance range. And I think with the pipeline of new products and the capacity that's coming online, absent the -- what Wajid talked about, which is supply constraints from our suppliers, we just wanted to reiterate that we're well on track to be able to achieve $500 million by the end of the calendar year. And if Michael comes in, it does better than that get for Michael.

好吧，我們不想讓你們超出我們的預期。我們一直保持一致。所以我不知道這不是在重複，但我們一直在重複。因此我認為，正如我們在 12 月季度所顯示的那樣，我們超出了我們的預期範圍。我認為，隨著新產品的推出和產能的提高，再加上 Wajid 提到的供應商的供應限制，我們只是想重申，我們預計在年底前實現 5 億美元的目標。如果邁克爾加入的話，這對邁克爾來說會更好。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Great, thank you very much for taking the question. I've got two. First one is, I wanted to -- if you could speak a little bit to your thoughts and comments on the prospects for co-packaged optics or CPO, thinking about really an intermediate and long term because obviously, it's not going to affect Lumentum in the near term. And then I've got a follow-up.

非常好，非常感謝您回答這個問題。我有兩個。首先，我想——如果您可以談談您對共封裝光學元件或 CPO 前景的想法和評論，請真正考慮中期和長期的情況，因為很明顯，它不會在短期內影響 Lumentum。然後我有一個後續行動。

Sure, Simon. I'll take a stab at it, and then Alan can come in as well. Co-packaged optics. I think maybe important to highlight is it's really a solution to scaling short distance, frankly, electrical links to speeds beyond 200 gig per link. That's really where the value comes in that being able to drive the switch silicon or even GPU, TPU out from where it is on the circuit board out to the edge of the circuit for where pluggable transceivers would typically be -- is very challenging at those speeds.

當然，西蒙。我會嘗試一下，然後艾倫也可以加入。共同封裝的光學元件。我認為也許需要強調的是，這確實是一種擴展短距離解決方案，坦白說，電氣鏈路的速度超過每條鏈路 200Gb。這才是其真正的價值所在，因為能夠將交換矽片甚至 GPU、TPU 從電路板上的位置驅動到可插拔收發器通常所在的電路邊緣——在這種速度下是非常具有挑戰性的。

So if you can move the optics in close proximity, that enables overcoming electrical speed scaling in that process, obviously, you're still not going to need lasers. You're still going to need optics, so we don't see the optical content going down and as to the prior question that Alan addressed our unique capabilities in high-power lasers to enable CPO, we believe this is actually an opportunity for us.

因此，如果您可以將光學元件移動至近距離，從而能夠克服該過程中的電速度縮放問題，顯然，您仍然不需要雷射。你仍然需要光學元件，因此我們不認為光學內容會減少，至於艾倫之前提到的我們在高功率雷射方面的獨特能力以實現 CPO 的問題，我們相信這實際上是我們的一個機會。

I know folks are concerned, hey, does that reduce or cannibalize transceiver volumes over time. I think the reality is enabling scaling from a power consumption and speed standpoint, ultimately, just like to comment on DeepSeek, just like similar questions on optical circuit switches, if we can make data centers more efficient. We can live within power envelopes, data centers can get bigger and then there are more optics overall. So I think it's a good thing.

我知道大家很擔心，隨著時間的推移，這是否會減少或削弱收發器的數量。我認為現實是從功耗和速度的角度實現擴展，最終，就像對 DeepSeek 的評論一樣，就像對光路交換器的類似問題一樣，如果我們能夠提高資料中心的效率。我們可以在功率範圍內生存，資料中心可以變得更大，然後整體上會有更多的光學設備。所以我認為這是一件好事。

But I'd also highlight for Lumentum, a little bit of a unique situation where we're more modest share on transceivers today and share gaining, if you will, over time. So even if there is some cannibalization in the mid- to long term, we don't think it impacts our transceiver opportunity and creates an expanded opportunity for high-power lasers.

但我還想強調 Lumentum 的特殊情況，我們目前在收發器上的份額比較適中，但隨著時間的推移，我們的份額會逐漸增加。因此，即使中長期出現一些蠶食，我們也不認為這會影響我們的收發器機會，並為高功率雷射創造擴大的機會。

Great thanks. And then just just as a follow up, we've had a number of data points recently that the telco demand is recovering and you mentioned inventory drawdowns. It it sounds to us like that business was probably over $200 million for you in the December quarter and I guess I'm just looking for maybe a little bit more of a drill down in that. I interpreted your comment on your outlook to be more about inventory normalizing, whereas some of the others in the supply chain have sounded a little bit more upbeat and maybe that's that's nuanced, but how are you thinking about that and maybe any quantification you can offer on telco. Thank you.

非常感謝。然後作為後續問題，我們最近得到了一些數據點，表明電信需求正在復蘇，並且您提到了庫存減少。在我們看來，這項業務在 12 月季度的收入可能超過 2 億美元，我想我只是想對此進行更深入的了解。我認為您對前景的評論更多是關於庫存正常化，而供應鏈中的其他一些人聽起來更樂觀一些，也許這是微妙的，但您是如何看待這一點的，您能否對電信公司提供任何量化的信息。謝謝。

Yeah, I'd say that you know the past two years of talking about inventory in the channel and at our customers and at their customers, I think that discussion is over. So I'd say we're shipping in what they're shipping out today. .

是的，我想說，你知道過去兩年關於渠道庫存、我們客戶庫存以及他們的客戶的庫存討論已經結束了。所以我想說，我們今天運送的是他們要運送的東西。。

That said, I'd say what we have typically called telecom is also interconnecting data centers. And so the data center interconnect and the networks that are interconnecting these data centers is showing very, very strong demand. And so DCIs and the components as well as ROADMs amplifiers and longer haul coherent transmission connecting further part data centers is very strong.

話雖如此，我想說我們通常所說的電信也是互連的資料中心。因此，資料中心互連以及連接這些資料中心的網路顯示出非常強勁的需求。因此，DCI 和元件以及 ROADM 放大器和連接其他資料中心的長距離相干傳輸非常強大。

So I would say that we did see an uptick, obviously, in telecom or to what we traditionally have called telecom and see strong demand going forward. It's just not getting back to the peak levels that we had early in the pandemic when I think we were over shipping at the time. So we're excited. We think it's a good opportunity for us. And as more and more data centers get built, more and more submarine cables are being laid and more and more data center interconnects and longer-haul terrestrial networks are being deployed to connect those.

因此我想說，我們確實看到了電信業或我們傳統上所說的電信業的顯著增長，並且未來需求強勁。我認為，現在我們還沒有恢復到疫情初期的峰值水平，當時我們的出貨量過剩了。所以我們很興奮。我們認為這對我們來說是一個很好的機會。隨著越來越多的資料中心的建設，越來越多的海底電纜被鋪設，越來越多的資料中心互連和更長距離的地面網路被部署來連接這些資料中心。

Thank you. and congratulations. We will miss you.

謝謝。並表示祝賀。我們會想念你的。

Thanks, Simon.

謝謝，西蒙。

George Notter, Jefferies.

傑富瑞的喬治諾特 (George Notter)。

Hi, thanks a lot guys. Alan, congratulations, well deserved, looking forward to working with Michael here also. All right. So on the question I have is just on the transceiver business. your largest transceiver customer, are you now fully through that product transition? And was that fully in the quarter?

嗨，非常感謝大家。艾倫，祝賀你，當之無愧，我也期待與邁克爾在這裡合作。好的。我的問題只是關於收發器業務。作為您最大的收發器客戶，您現在是否已經完全完成了產品轉型？這完全是在本季嗎？

No, I'd say that there's a pipeline of new products. So some are coming up in the December quarter, some are coming up this quarter and next. And so I wouldn't say we're done with it. We're making progress. And as new products get introduced into the factory and we start ramping them, we'll see the revenue continue to grow at our largest transceiver customers. So still a lot of work to do on new products and new developments, but we're encouraged by the progress to date.

不，我想說的是，有一系列新產品。有些將在 12 月季度推出，有些將在本季和下個季度推出。所以我不會說我們已經完成了。我們正在取得進展。隨著新產品進入工廠並開始大量生產，我們將看到我們最大的收發器客戶的收入持續成長。因此，在新產品和新開發方面仍有許多工作要做，但我們對迄今為止的進展感到鼓舞。

Got it. And then could you just give us a sense on the milestones for the additional cloud provider customers you guys have won? I heard what you said certainly about shipping to one of those new customers. But is there -- what's gating your ability to ship to that customer? And then the third customer win, again, what do the milestones look like in terms of going from here to more significant volumes? Thanks.

知道了。那麼您能否向我們介紹一下你們贏得的其他雲端供應商客戶的里程碑？我當然聽到了您所說的有關向其中一位新客戶發貨的事情。但是，是什麼阻礙了您向該客戶發貨的能力？然後是第三個客戶的勝利，從現在到更大批量的里程碑是什麼樣的？謝謝。

Yeah, I'd say we started shipping in the December quarter, as we talked about in the earlier scripts, and are working on additional products with that customer and are in qualification efforts there. So we expect to grow that business with that first customer that we started shipping in December, over the calendar year.

是的，我想說的是，正如我們在之前的腳本中所討論的那樣，我們在 12 月季度開始發貨，並且正在與該客戶合作開發其他產品，並正在進行資格認證工作。因此，我們希望隨著 12 月開始發貨的第一位客戶的到來，以及全年的發展，業務能夠不斷擴大。

I'd say the other customers that we haven't started shipping that we talked about beginning to ship production in the fourth fiscal quarter is just time. I mean you do a set of qualification builds and you start testing them and you put them in chambers and really stress them for several hundreds, if not thousands of hours, and that's what we're waiting through to get through.

我想說的是，我們尚未開始出貨的其他客戶，我們談到的在第四財季開始出貨生產只是時間問題。我的意思是，您要進行一系列的資格認證構建，然後開始測試它們，並將它們放入室內並對它們施加數百甚至數千小時的壓力，這就是我們正在等待的。

So just nothing off track there. Customers still pulling hard and hoping the clock goes faster than normal, but you can't make the clock go faster. So I think from our perspective, exciting times, additional opportunities at those customers, but as well working with other customers that we really haven't talked about at this phase. But I think over the calendar year, we'll talk about a fourth customer, hopefully, a fifth customer.

因此，沒有什麼偏離軌道的事情。顧客仍然在努力拉動並希望時鐘走得比平常更快，但你無法讓時鐘走得更快。因此，我認為從我們的角度來看，這是一個令人興奮的時刻，為這些客戶帶來了更多機會，同時也讓我們能夠與現階段我們還沒有談論過的其他客戶合作。但我認為，在今年，我們將談論第四個客戶，希望是第五個客戶。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great thanks. Maybe just a question on gross margins, you watch, you gave some detail, but just, should we consider kind of the sequential down takech more mixed or just, kind of working through yields. As you expand capacity, and then just maybe as a second question, building on what George just asked, just how should we think about kind of the relative size of customer in two and three as they ramp, maybe in comparison to one. Thank you.

非常感謝。也許只是一個關於毛利率的問題，你看一下，你給了一些細節，但是，我們是否應該考慮連續下降的混合方式，或者只是透過收益率來考慮。當您擴大產能時，那麼也許作為第二個問題，基於喬治剛才提出的問題，我們應該如何看待第二和第三客戶的相對規模，也許是與第一位客戶相比。謝謝。

Sure, So Meta, so gross margins actually were favorable from a product mix standpoint because of the incremental EMLs that we shipped in fiscal Q2. And actually, as part of our guide into Q3, the increased shipments of EMLs are certainly helping us.

當然，Meta，由於我們在第二財季發貨了增量 EML，所以從產品組合的角度來看，毛利率實際上是有利的。實際上，作為我們第三季指南的一部分，EML 出貨量的增加無疑對我們有幫助。

In contrast to that, we were ramping up new products both in Thailand and in Dongguan related to current customers and future customers for the transceiver part of our business. And we had initial ramp-up yield issues that occurred there that we're working through. And so that was a headwind to us during the quarter. We think we're behind that. And so we should see a sequential increase in gross margins moving into Q3.

與此形成對比的是，我們在泰國和東莞都加大了針對收發器業務現有客戶和未來客戶的新產品的研發力度。我們在初始產量提升過程中遇到了一些問題，目前正在努力解決。所以這對我們本季來說是一個阻力。我們認為我們已經落後了。因此，我們應該會看到第三季的毛利率連續增加。

And then as capacity improves, again, in our June quarter, we should see a tailwind related to increased EML shipments on our gross margins as well. So generally, we should be moving up. But during the quarter, initial yield issues related to new products was a headwind for us.

然後，隨著產能的提高，在 6 月季度，我們應該會看到 EML 出貨量增加對我們的毛利率產生的順風作用。所以整體來說，我們應該進步。但在本季度，與新產品相關的初始產量問題對我們來說是一個阻力。

Yeah, I'd say just to add to that, I'd say that the start-up costs in Thailand, where we have large infrastructure and production lines going in are highly underutilized. And so there's a headwind with respect to that. And as that utilization rate of those equipment and production lines increases, that should help dramatically there.

是的，我想補充一點，我想說的是，在泰國，我們擁有大型基礎設施和生產線，但啟動成本卻未充分利用。因此，在這方面存在阻力。隨著這些設備和生產線的利用率提高，這將會帶來很大的幫助。

And so we're actually getting ready for the new products and new customers, but also putting in place infrastructure in Thailand to actually move production out of China into Thailand. So once that happens, we'll be in a much, much better position to increase gross margins, as Wajid said.

因此，我們實際上正在為新產品和新客戶做準備，同時也在泰國建立基礎設施，將生產從中國轉移到泰國。因此，一旦發生這種情況，我們將處於更有利的位置來提高毛利率，正如瓦吉德所說的。

And just on the thinking about. Maybe have more visibility of a customer, yeah.

只是思考而已。是的，也許可以更了解客戶。

Yeah. Relative size, sorry, Yes. So I would say, that certainly, the opportunity at customer two and three are large. They certainly could be as big, if not larger than or opportunity that we have with our first customer. So I'd say these are very, very large customers that are deploying very large and many, many data centers. And so I'm not so concerned about overall demand. We need to get through the qualifications and ramp them up throughout the calendar year.

是的。相對大小，抱歉，是的。所以我想說，第二和第三位客戶的機會一定很大。它們肯定會和我們第一位客戶一樣大，甚至更大，或比我們第一位客戶的機會更大。所以我想說，這些都是非常非常大的客戶，他們正在部署非常大的、很多的資料中心。所以我不太擔心整體需求。我們需要通過資格審核，並在全年內持續提升資格審核水準。

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

Thank you. Congrats, Congrats, Alan. First question for Alan or Wajid on the supply chain commentary. What's your line of sight on that? Can you give us any more details on what it is the short? Is it related to transceiver specifically, the ingredients at short? Or is it more widespread? And you see that kind of constraint extending further into the year beyond the March quarter?

謝謝。恭喜，恭喜，艾倫。第一個問題是關於艾倫 (Alan) 或瓦吉德 (Wajid) 對供應鏈的評論。您對此有何看法？您能提供我們更多關於這個簡短內容的細節嗎？這是否與收發器具體相關，簡而言之，就是成分？或者說它更普遍？您認為這種限制會延續到三月季度之後嗎？

Yeah, So it doesn't have to do with transceivers. It has to do with some telecom products. And the situation is over the last two plus years as we've been throttling back our production, our suppliers throttle back their production and shuttered factories. And so a couple of quarters ago as the demand started picking up, they try to add capacity and try to meet the demand, but it far outstripped their ability in their smaller footprint.

是的，所以它與收發器無關。這與一些電信產品有關。過去兩年多來，情況是這樣的，我們一直在減少產量，我們的供應商也在減少產量，並關閉了工廠。因此，幾個季度前，隨著需求開始回升，他們試圖增加產能並滿足需求，但這遠遠超出了他們較小規模工廠的能力。

So we're working with our suppliers to help them get up the curve as well as qualify other alternative suppliers. But the worldwide shortage of things like hermetic packages is creating a challenge for the kinds of volumes that our customers are looking for, especially in coherent components and narrow line with lasers. And so if we have those packages and we could get them more readily, we could grow, as Wajid said, double digits quarter-on-quarter.

因此，我們正在與供應商合作，幫助他們提升競爭力，並確定其他替代供應商的資格。但全球範圍內密封封裝等產品的短缺對我們的客戶所尋求的批量生產帶來了挑戰，特別是在相干元件和雷射窄線方面。所以如果我們有這些方案，而且能夠更容易獲得它們，那麼我們就可以像瓦吉德所說的那樣，實現季度環比兩位數的增長。

It is going to hamper us in both the March quarter as well as the June quarter, and we're working diligently to minimize that impact in the June quarter, but the March quarter is what it is because we need those deliveries now in order to turn products for the quarter, and we have a limited supply and ability to get that, for example. Does that answer your question, Ruben?

這將對我們 3 月份季度和 6 月份季度造成阻礙，我們正在努力將對 6 月份季度的影響降至最低，但 3 月份季度之所以如此，是因為我們現在需要這些交付來為本季度提供產品，而我們的供應和獲取能力有限。這回答了你的問題嗎，魯本？

Yeah, absolutely. Just a quick follow-up. Just thinking through the ramp of 200 gig per lane EML lasers for this year and maybe beyond this year. I would assume there's demand for those lasers in 800 gig transceivers as well as obviously 1.6. Is that the right way to think about it? Or is that going to be sort of more of a production ramp for you as we get to 1.6T transceivers?

是的，絕對是如此。只是一個快速的跟進。只是考慮今年以及今年以後每通道 200G 的 EML 雷射器的產量增長。我認為 800GbE 收發器以及 1.6GbE 收發器對這些雷射有需求。這是正確的思考方式嗎？或者當我們獲得 1.6T 收發器時，這對您來說是否意味著更多的生產提升？

Yeah, there's designs that we're working on that have 200-gig lane speeds at 800 gig as well as 1.6T as well as working with our module customers to provide that technology to them for the first generation of 200-gig lane speeds. And so I'd say that's step one, and those products are in the qualification phase today and should ramp up in the second half more meaningfully of the calendar year. .

是的，我們正在設計 200 千兆通道速度為 800 千兆以及 1.6T，同時我們正在與模組客戶合作，為他們提供第一代 200 千兆通道速度的技術。所以我想說這是第一步，這些產品今天處於資格認證階段，應該會在今年下半年得到更有意義的提升。。

Right behind that, we're working on and sampling customers with our differential 200-gig EMLs and the feedback has been very positive, as that's another avenue for our customers and the data centers to drive down power consumption. And so that is really a winning product and that I think we're in a leadership position there to really take advantage of the years and years of technology development that we have in our EML business in Japan.

緊接著，我們正在研究並向客戶抽樣我們的差異化 200gig EML，反饋非常積極，因為這是我們的客戶和資料中心降低功耗的另一種途徑。所以這確實是一款成功的產品，而且我認為我們處於領導地位，可以真正利用我們在日本 EML 業務中多年的技術開發經驗。

Yes. Sorry, just one thing to add, Ruben. We're also in the works to create high-power CW lasers to address the silicon photonics market and our internal consumption which most all of our transceivers we build today are silicon photonics and need those high-power CW lasers. And so we're working on that as well. And as we grow our wafer fabs, in Japan, we'll be able to continue with the 200-gig EMLs, the CW lasers. And as I talked about, the photodetector arrays that will really give us a lot of content for our customers but also for our internal vertical integration.

是的。抱歉，魯本，我只想補充一點。我們也致力於製造高功率連續雷射器，以滿足矽光子學市場和我們的內部消費需求，我們今天製造的大多數收發器都是矽光子學，需要這些高功率連續雷射。我們也正在致力於此。隨著我們在日本的晶圓廠的擴張，我們將能夠繼續使用 200 千兆 EML，即 CW 雷射。正如我所說的，光電探測器陣列不僅能為我們的客戶提供大量內容，還能為我們的內部垂直整合提供大量內容。

Perfect. Great. Thank you, Alan. I guess if you added that, and maybe I'll sneak in. What's your expectations for mix as we progress through this year on EML versus Sipho?

完美的。偉大的。謝謝你，艾倫。我想如果你添加了那個，也許我就會潛入。今年 EML 與 Sipho 的混音進展如何，您對混音有何期待？

From a chip standpoint, very little CW lasers for Sipho because of the strong demand in from a consumption standpoint in our transceivers, vast majority is CW lasers or so Photonics, but we are designing EML-based transceivers there will probably be more late calendar year than anything before that. So the vast majority of our designs that are in production and about to enter production are silicon photonic based.

從晶片的角度來看，由於我們的收發器的消費角度需求強勁，因此 Sipho 的 CW 雷射非常少，絕大多數是 CW 雷射或光子學，但我們正在設計基於 EML 的收發器，今年稍後的產品可能比之前的任何產品都多。因此，我們正在生產和即將投入生產的設計絕大多數都是基於矽光子的。

Thank you.

謝謝。

David Vogt, UBS.

瑞銀的戴維沃格特（David Vogt）。

Great, thanks guys for taking my question and Alan, we wish you well in your next endeavor. Wajid, can I go back to gross margin for a second. So it sounds like, obviously, Industrial is much stronger, which carries a stronger gross margin. I guess I'm trying to understand the mix comment on why gross margins were down sequentially. Does that mean are you firing that the transceiver business grew significantly faster than Datacom in the quarter? Just trying to figure out kind of the stack ranking of how that played out. And I'll give you my second question, because it's more thematic .

太好了，感謝你們回答我的問題，艾倫，我們祝你在接下來的努力中一切順利。Wajid，我可以稍微回到毛利率的話題嗎？因此聽起來，工業顯然更加強勁，其毛利率也更高。我想了解毛利率為何連續下降的混合評論。這是否意味著本季收發器業務的成長速度明顯快於數據通訊業務？只是想弄清楚事情的堆疊排名是如何發生的。我來回答你的第二個問題，因為它更有主題性。

We haven't heard anything about tariffs recently from a lot of companies. I know things are paused. I'd just love to kind of get your perspective, maybe not so much from the China Thailand dynamic other markets that may be affected like Mexico. So just kind of what your thoughts are there and how you guys are thinking about that as we move through the early part of '25. Thanks.

最近我們沒有聽到很多公司有關關稅的消息。我知道一切都暫停了。我只是想了解您的看法，可能不太關注中國泰國的動態，也不太關注可能受到影響的其他市場，例如墨西哥。那麼，當我們進入 25 年代初時，您對此有何想法以及您對此有何看法。謝謝。

Sure. I'll get started and then Alan, is welcome to chipping. So yes, so during the quarter, we had some yield issues related to new product ramps within our transceiver business. That probably was a headwind of anywhere from 100 to 150 basis points.

當然。我先開始了，然後歡迎艾倫來切。是的，在本季度，我們的收發器業務中遇到了一些與新產品成長相關的產量問題。這可能是 100 到 150 個基點的阻力。

In addition to that, as Alan mentioned, we had quite a bit of infrastructure that we're putting in inside of Thailand that also negatively impacted us because the utilization is not there, and we're expecting that utilization to improve in the back half of the fiscal year. So that's really what happened. And in Q2. And had that not happened, we would have actually seen gross margins improve in Q2 sequentially versus Q1.

除此之外，正如艾倫所提到的，我們在泰國境內投入了相當多的基礎設施，這也對我們產生了負面影響，因為那裡的利用率不夠高，我們預計這種利用率將在本財年下半年得到改善。事實就是這樣的。在第二季也是如此。如果沒有發生這種情況，我們實際上會看到第二季的毛利率比第一季增加。

Moving into Q3, as some of those ramp issues are behind us, we expect that gross margins will improve into Q3, primarily because of the increased supply we have of EMLs. We won't be actually able to even meet all the allocation of demand throughout the calendar year. So really, it's all about what our Sagamihara facility in Japan can actually produce from a supply standpoint as much as they can produce. That's as much as our gross margins will improve quarter-over-quarter, and we expect that to happen both in March and in June.

進入第三季度，由於一些產能問題已經解決，我們預計毛利率將在第三季度有所改善，這主要是因為我們的 EML 供應量增加。我們實際上甚至無法滿足全年的所有需求分配。因此，實際上，從供應的角度來看，我們位於日本相模原的工廠實際上可以生產多少，這取決於他們能生產多少。這意味著我們的毛利率將環比提高，我們預計三月和六月都會出現這種情況。

As far as your questions on tariffs are concerned. So we've taken a look at the impact of tariffs, both from a supply chain standpoint as well as the impact to our customers, we've incorporated a very nominal impact in our operating margin guidance that we provided for Q3. And the primary reason for that is because our footprint in China is quite minimal, right?

關於您提到的關稅問題。因此，我們從供應鏈的角度以及對客戶的影響來研究了關稅的影響，我們在為第三季度提供的營業利潤率指引中納入了非常名義上的影響。主要原因是我們在中國的業務範圍很小，對嗎？

We have some production that happens in China and then those components are integrated into bigger components -- bigger products at our Thailand facility. And then most of the shipments happen from Thailand, even if they are to the US or to Mexico as well. And then much of the growth that we're seeing is shipments that are coming from Japan as well as from Caswell for the transmission products that we have.

我們在中國進行一些生產，然後在泰國工廠將這些零件組裝成更大的零件——更大的產品。大多數貨物都是從泰國發貨，即使運往美國或墨西哥。我們看到的大部分成長是來自日本以及卡斯韋爾的傳動產品的出貨量。

So because of that, at least in the short to midterm, unless policy changes, happen at a government level, we're not expecting much of an impact. Obviously, our customers that are importers of records we'll see some impact, and that may have some longer-term consequences for the industry worldwide, but at least for this fiscal year, given what we know, we don't expect much impact from tariffs.

因此，至少在短期到中期內，除非政府層級的政策發生變化，否則我們預計不會產生太大的影響。顯然，我們的客戶（唱片進口商）會看到一些影響，這可能會對全球產業產生一些長期影響，但至少就本財年而言，根據我們已知的情況，我們預計關稅不會產生太大影響。

Thanks.

謝謝。

Thanks, David. Good luck.

謝謝，大衛。祝你好運。

Ryan Koontz, Needham & Company.

瑞安·孔茨 (Ryan Koontz)，Needham & Company。

Great, thanks for the question. I wanted to follow back up on your comments around DCI. We heard some pretty frothy numbers from others reporting over the last couple of months about volumes picking up there, and it seems like we're well on our way to kind of see some substitution from traditional systems over to pluggables.

非常好，謝謝您的提問。我想跟進您對 DCI 的評論。在過去的幾個月裡，我們從其他人的報告中聽到了一些關於那裡的交易量回升的相當誇張的數字，似乎我們即將看到從傳統系統到可插入式系統的替代。

I wonder if you can comment on your CapEx exposure, your BOM exposure as it relates to systems versus pluggables. And do you feel like that can provide a tailwind to revenue growth even if CapEx numbers aren't going up as fast?

我想知道您是否可以評論一下您的資本支出風險和與系統和可插拔設備相關的 BOM 風險。您是否認為即使資本支出數字沒有快速成長，這也可以為收入成長提供助力？

Yeah. I actually don't think it's cannibalizing as much as it is adding to the coherent transmission in the market. And you're right, I think the boom of today, 400 gig and soon to be 800-gig ZR is phenomenal. And we're adding or in our factory, capital to be able to meet the demand from our customers who make the ZR modules.

是的。事實上，我認為它不會對市場產生太大的蠶食作用，反而會增強市場連貫性的傳輸。你說得對，我認為當今的 400Gig 以及即將達到 800Gig 的 ZR 的繁榮是驚人的。我們正在為工廠增加資本，以滿足生產 ZR 模組的客戶的需求。

So a lot of our components are critically enabling the ZR market and we just don't have enough capacity, and we're being impacted by the supplier shortages that I talked about earlier. So I'd say, from our perspective, it's additive. We have, we do have a strong position with what you call traditional coherent in the very, very high-speed stuff that we're seeing actually strengthening of the very high gigabyte both modulators and tunable lasers to address that market.

因此，我們的許多組件對於 ZR 市場至關重要，但我們的產能不足，而且我們也受到我之前提到的供應商短缺的影響。所以我想說，從我們的角度來看，它具有附加效果。我們在所謂傳統相干技術的超高速領域確實佔據著強勢地位，我們看到我們實際上正在加強超高千兆位元組的調製器和可調式雷射器以滿足該市場的需求。

So I'd say across the board, new products are doing well. ZRs are doing very well. we're having to add capital to our factories to be able to meet the needs of both markets that are growing.

因此我想說，整體而言，新產品的表現都很好。ZR 表現非常好。我們必須為工廠增加資本，才能滿足兩個市場不斷成長的需求。

That's great. And a quick follow if I could, around the space industry. Are you seeing much interest in these kind of space satellite communications for free space optics?

那太棒了。如果可以的話，我想快速跟進航太工業的情況。您是否看到人們對這種用於自由空間光學的太空衛星通訊有很大興趣？

We do have some business with the satellite customers. It's relatively small, but growing. And I think we have an opportunity to expand our footprint there. I think it's relatively small, though based relative to data centers, and in fact, data center interconnect or any of the other product lines that we have. .

我們確實與衛星客戶有一些生意往來。它相對較小，但正在增長。我認為我們有機會在那裡擴大我們的足跡。我認為它相對較小，儘管相對於資料中心而言，事實上，資料中心互連或我們擁有的任何其他產品線。。

Sure. Congrats on the retirement.

當然。恭喜你退休。

Great. Thanks, Ryan.

偉大的。謝謝，瑞安。

Karl Ackerman, BNP.

英國國家銀行的卡爾·阿克曼。

Yeah. And Alan, congrats on the next opportunity in front of you. I was hoping you kind of remind us whether the Sure. I was hoping you could remind us where the new Datacom transceiver wins you have from 2 additional hyperscalers are only 800G? Or could they be early samples of 1.6T?

是的。艾倫，恭喜你獲得下一次機會。我希望你能提醒我們是否可以。我希望您能提醒我們，您從另外 2 個超大規模器獲得的新型數據通訊收發器只有 800G？或者它們可能是1.6T的早期樣品？

And I was hoping, as you addressed that question, whether your datacom opportunity is inhibited just in the March quarter from AML bottlenecks, like you noted, Wajid, or if it's a an issue that could persist through the first half of the year.

我希望，正如您所回答的這個問題，您的數據通信機會是否僅在 3 月份季度受到反洗錢瓶頸的抑制，就像您所說，Wajid，或者這個問題是否會持續到今年上半年。

Yeah, Karl, I'll take the first part. new customers that we're talking about are slower speeds than 1.6T. So I'd say 1.6T for most of the hyperscalers is really late this year, if not calendar 2026.

是的，卡爾，我會選擇第一部分。我們正在談論的新客戶的速度比1.6T慢。因此我想說，對於大多數超大規模企業來說，今年推出 1.6T 確實有點晚了，如果不是在 2026 年的話。

We are working on 1.6T with multiple customers, but that's really not what we're talking about when we talk about customer number two and customer number three.

我們正在與多個客戶合作開發 1.6T，但這並不是我們在談論第二號客戶和第三號客戶時所談論的內容。

To your second question, we're gating our module customers ability to grow their transceiver business by the lack of worldwide indium phosphide for EMLs and CW lasers, quite frankly, we're having challenges actually getting enough CW lasers for our own transceivers. So that is actually impacting us on the short-term this quarter, hope to have that resolved in the June quarter. So we're feeling the impact, and that's why we're now working more diligently to get CW lasers up in our factory so we can control that supply chain more effectively. So did that answer your question? Or was it a different question around EMLs.

對於您的第二個問題，由於全球範圍內缺乏用於 EML 和 CW 雷射的磷化銦，我們的模組客戶無法發展其收發器業務，坦率地說，我們在為我們自己的收發器獲取足夠的 CW 雷射器方面遇到了挑戰。所以這其實對我們本季的短期影響很大，希望能在 6 月季度得到解決。所以我們感受到了影響，這就是為什麼我們現在更加努力地在我們的工廠中安裝連續雷射器，以便我們能夠更有效地控制供應鏈。這回答了你的問題嗎？或者這是有關 EML 的一個不同問題。

It did. If I may sneak it in, then that's tangential to that. Just I guess, how to think about CapEx. On 1 hand, the first half of this year, you've spent the same amount of CapEx you spent all of last year. And so as you contemplate building out the remaining area of Thailand, how should we think about the CapEx trajectory from here?

確實如此。如果我可以偷偷地把它帶進去，那麼這與此無關。我只是猜測，如何看待資本支出。一方面，今年上半年你花費的資本支出和去年全年一樣多。那麼，當您考慮建造泰國剩餘地區時，我們應該如何看待未來的資本支出軌跡？

Yeah. So great question. So probably in the back half of our fiscal year, we will spend about the same amount in CapEx that we did in the first part of the fiscal year. In terms of our ordering patterns, the cash out might be a little bit later.

是的。這個問題問得真好。因此，可能在財政年度的後半年，我們的資本支出將與財政年度上半年大致相同。就我們的訂購模式而言，現金支出可能會稍微晚一點。

Most of those investments will be around expanding our capacity for Datacom chips. So for EML shipments. We're well on our way to the infrastructure builds that we need for our transceiver production. We have some equipment that we need to order against that. But most of that CapEx that we're going to buy in the back half of this fiscal year will be related to EML capacity expansion.

大部分投資將用於擴大我們的數據通訊晶片產能。對於 EML 出貨也是如此。我們正在順利建造收發器生產所需的基礎設施。我們有一些設備需要訂購。但我們將在本財年下半年購買的大部分資本支出將與 EML 產能擴張有關。

Because as you asked earlier, we're expecting to be in allocation to our customers all the way through this calendar year. And so in order to mitigate that as we move into calendar '26, we're starting the purchases of CapEx for -- to expand that capacity further.

因為正如您之前所問的，我們預計今年全年都會向客戶提供分配。因此，為了在進入 26 年時緩解這種情況，我們將開始購買資本支出以進一步擴大產能。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Alan, we'll miss working with you. Congrats on retirement. Two, I guess real quick, and I can ask them both at the same time. Yes, you're welcome, Alan. I'll ask those at the same time.

艾倫，我們會懷念與你共事的時光。恭喜退休。二，我想真的很快，我可以同時問他們兩個。是的，別客氣，艾倫。我會同時問這些問題。

On the new ramping customer, can you give us some sense of time frame when you think that it hits run rate and -- or any context around what run rate -- I know this is probably kind of somewhat project-based, but when you think it hits run rate, what time frame?

對於新增加的客戶，您能否給我們介紹一下您認為達到運行率的時間範圍以及 - 或者有關運行率的任何背景 - 我知道這可能有點基於項目，但是當您認為達到運行率時，時間範圍是什麼？

And then the second one is sounds like this year, calendar year '25, you're not going to run into sort of congestion between your AML chips add your own transceivers since they're largely Sipho-based right now. But how do you think maybe in 26 calendar about balancing out EML -- sort of like third-party EML selling and your own transceiver like Lumentum Cloud Light branded transceiver shipments? Some context there would be great.

然後第二個聽起來像是今年，也就是 25 年，你不會在 AML 晶片添加自己的收發器之間遇到擁塞，因為它們現在主要是基於 Sipho 的。但您如何看待在 26 個日曆年內平衡 EML——有點像第三方 EML 銷售和您自己的收發器（例如 Lumentum Cloud Light 品牌收發器的出貨量）？有些背景就很棒了。

Sure. As far as the new customer reaching run rate, I'd say that's going to take some time. So don't be raising your projections for that customer. But as I said earlier, we're qualifying a second product there that should come on by the end of the calendar year.

當然。至於新客戶達到運行率，我認為這還需要一些時間。因此，不要提高對該客戶的預測。但正如我之前所說，我們正在對第二款產品進行認證，該產品應該會在今年年底前推出。

So I'd say around the end of the calendar year, we should be in full motion with that customer and then as we talked about in the script, the third customer start production in fiscal Q4 and really hit run rate, I'd say, by the fall time. So September, October. That product is scheduled to ramp significantly faster. So that's the ramp color.

因此我想說，在日曆年結束前後，我們應該與該客戶全面展開合作，然後正如我們在腳本中所討論的那樣，第三個客戶將在財政第四季度開始生產，並真正達到運行率，我想，到秋天的時候。那麼九月、十月。該產品預計將以更快的速度發展。這就是坡道顏色。

As far as -- yes, we don't have any conflict of interest with respect to where do we allocate EMLs, although between our customers, there's a challenge for sure. But I'd say as we add additional capacity and we're doing that aggressively, we should be able to, number one, get CW lasers internally produced for our new products. as well as the photodetectors, which are critically enabling and in shortage today at 200 gig. And so that should become easier for us.

就 - 是的，我們在分配 EML 方面沒有任何利益衝突，但在我們的客戶之間肯定存在挑戰。但我想說，隨著我們增加額外的產能，而且我們正在積極地做這件事，首先，我們應該能夠為我們的新產品內部生產連續雷射。以及光電探測器，它們至關重要，目前短缺量為 200G。這對我們來說應該會變得更容易。

I would say that we won't go backwards with respect to what we're supplying externally. We'll continue to grow that as we bring on more capacity and that incremental capacity we can use internally. So we've mapped it out. I think we have a good plan, and we're probably not going to use too much of our own indium phosphide, frankly, in calendar '25 at all, and we'll start using it more meaningful in '26 as the 200 gig per lane really start taking off.

我想說的是，我們在對外供應方面不會倒退。隨著我們帶來更多的容量以及可供內部使用的增量容量，我們將繼續發展這項業務。我們已經將其繪製出來了。我認為我們有一個很好的計劃，坦白說，在 25 年我們可能不會使用太多自己的磷化銦，而隨著每個通道 200G 的容量真正開始起飛，我們將在 26 年開始更有意義地使用它。

That's super helpful context on both. Really appreciate it.

這對兩者都是非常有幫助的。真的很感激。

Yeah. Thanks, Ananda. And unfortunately, that is all the time we have for questions. So with that, I'd like to thank you for joining us today, and we look forward to connecting with you at upcoming investor conferences and meetings this quarter. You may now disconnect.

是的。謝謝，阿南達。不幸的是，我們回答問題的時間已經夠多了。因此，我要感謝您今天的加入，我們期待在本季即將召開的投資者會議和會議上與您建立聯繫。您現在可以斷開連線。