Lumentum Holdings Inc (LITE) 2026 Q2 法說會逐字稿

Good day everyone and welcome to the Lumentum Holdings second-quarter fiscal year 2026 earnings call. All participants will be in a listen-only mode. Please also note this event is being recorded for replay purposes. After today's prepared remarks, will host a question-and-answer session. (Operator Instructions)

大家好，歡迎參加 Lumentum Holdings 2026 財年第二季財報電話會議。所有參與者將處於唯讀模式。另請注意，本次活動將被錄像，以便回放。在今天的演講結束後，將舉行問答環節。（操作說明）

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

此時，我謹將電話會議交給投資人關係副總裁凱西‧塔 (Kathy Ta)。塔女士，請繼續。

Thank you, Kevin, and welcome to Lumentum's second quarter of fiscal year 2026 earnings call. This is Kathy Ta, Lumentum's Vice President of Investor Relations. Joining me today are Michael Hurlston, President and Chief Executive Officer; Wajid Ali, Executive Vice President and Chief Financial Officer; and Wupen Yuen, President, Global Business Units.

謝謝凱文，歡迎參加 Lumentum 2026 財年第二季財報電話會議。這是 Lumentum 公司投資者關係副總裁 Kathy Ta。今天與我一同出席的有：總裁兼執行長 Michael Hurlston；執行副總裁兼財務長 Wajid Ali；以及全球業務部門總裁 Wupen Yuen。

Today's call will include forward-looking statements, including, without limitation, statements regarding our future operating results, strategies, trends, and expectations for our products and technologies that are being made under the Safe Harbor of the Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risks set forth in our SEC filings under risk factors and elsewhere.

今天的電話會議將包含前瞻性聲明，包括但不限於有關我們未來經營業績、策略、趨勢以及對我們產品和技術的預期的聲明，這些聲明是根據 1995 年證券訴訟改革法案的安全港條款作出的。這些聲明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，特別是我們在提交給美國證券交易委員會的文件「風險因素」部分和其他地方列出的風險。

We encourage you to review our most recent filings with the SEC, particularly the risk factors described in our 10-Q for the fiscal quarter ended September 27, 2025, and in our most recent 10-Q for the fiscal quarter ended December 27, 2025, to be filed by momentum with the SEC. The forward-looking statements provided during this call are based on the momentum's reasonable beliefs and expectations as of today. Lumentum undertakes no obligation to update or revise these statements, except as required by applicable law.

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，特別是截至 2025 年 9 月 27 日的季度 10-Q 報告以及 Momentum 即將向美國證券交易委員會提交的截至 2025 年 12 月 27 日的最新季度 10-Q 報告中描述的風險因素。本次電話會議中提供的前瞻性陳述是基於 Motelling 目前合理的信念和預期。除適用法律要求外，Lumentum 不承擔更新或修改這些聲明的義務。

Please also note that unless otherwise stated, all financial results and projections discussed in this call are non-GAAP. Non-GAAP financials have inherent limitations that are not to be considered, in isolation from or as a substitute for or superior to, financials prepared in accordance with GAAP. You can find a reconciliation between non-GAAP and GAAP measures and information about our use of non-GAAP measures and factors that could impact our financial results in our press release and our filings with the SEC. 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. We encourage you to review these materials carefully.

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財務結果。非公認會計準則財務報表有固有的局限性，不應將其與按照公認會計準則編制的財務報表割裂開來考慮，也不應將其視為替代或優於後者。您可以在我們的新聞稿和提交給美國證券交易委員會的文件中找到非GAAP指標與GAAP指標之間的調節表，以及有關我們使用非GAAP指標和可能影響我們財務表現的因素的資訊。Lumentum 的第二財季業績新聞稿及相關補充投影片可在本公司網站 www.lumentum.com 的「投資者」欄位下查看。我們建議您仔細閱讀這些資料。

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

接下來，我將把電話交給麥可。

Thank you, Kathy, and good afternoon, everyone. Lumentum delivered a standout second quarter with over 65% year-over-year revenue growth and non-GAAP operating margin increasing by greater than 1,700 basis points. At $665.5 million, we set a company record for quarterly revenue for the second reporting period in a row. We are now recognized as a foundational engine of the AI revolution.

謝謝你，凱西，大家下午好。Lumentum 第​​五季業績表現突出，營收年增超過 65%，非 GAAP 營業利潤率成長超過 1700 個基點。本季營收達 6.655 億美元，連續第二個報告期創下公司季度營收紀錄。我們現在被公認為人工智慧革命的奠基引擎。

Virtually every AI network is powered by Lumentum technology, either through our direct hyperscaler partnerships or is a critical component supplier that enables our network equipment manufacturer customers. Our momentum is accelerating. While we previously projected crossing $750 million in quarterly revenue by mid-2026, we now expect to comfortably surpass that milestone next quarter. Our March revenue guidance with an $805 million midpoint represents an impressive 85%-plus year-over-year increase.

幾乎所有 AI 網路都由 Lumentum 技術驅動，要么是透過我們與超大規模資料中心的直接合作，要么是作為關鍵組件供應商，為我們的網路設備製造商客戶提供支援。我們的發展勢頭正在加速。雖然我們之前預測到 2026 年年中季度營收將超過 7.5 億美元，但我們現在預計下個季度就能輕鬆超過這一里程碑。我們3月份的營收預期中位數為8.05億美元，年增超過85%，令人矚目。

We previously identified three primary catalysts for Lumentum's future growth: cloud transceivers, optical circuit switches or OCS and co-packaged optics or CPO. The headline for this quarter is that the vast majority of this growth is still ahead of us, and we have increased confidence as to the timing and magnitude of the ramps.

我們先前確定了 Lumentum 未來成長的三大主要催化劑：雲收發器、光路開關或 OCS 以及共封裝光元件或 CPO。本季的重點是，絕大部分成長仍未實現，我們對成長的時機和規模更有信心。

While our Q2 results and Q3 guidance reflect meaningful contributions from cloud transceivers, we are only just beginning to unlock the massive potential of OCS and CPO. Beyond these high-growth drivers, our Q2 performance was anchored by sustained execution on our foundational components business, specifically in laser chips for cloud applications and in specialized components for DCI.

雖然我們的第二季業績和第三季業績預期反映了雲端收發器的顯著貢獻，但我們才剛開始釋放 OCS 和 CPO 的巨大潛力。除了這些高成長驅動因素之外，我們第二季的業績還得益於基礎組件業務的持續執行，特別是用於雲端應用的雷射晶片和用於資料中心基礎設施的專用組件。

I will now break down our Q2 performance, starting with execution in our primary growth drivers. Our OCS business is exceeding internal expectations. While we originally targeted our first $10 million quarter for fiscal Q3, we cleared that bar three months ahead of schedule. This outperformance is a direct result of the seamless collaboration between our engineering and operations teams, proving our ability to scale complex technology at pace.

接下來，我將詳細分析我們第二季的業績，首先從我們主要成長驅動因素的執行情況開始。我們的OCS業務超出了內部預期。雖然我們最初的目標是在第三財季實現首個 1000 萬美元的季度營收目標，但我們提前三個月就達到了這個目標。這項優異表現直接得益於我們工程團隊和營運團隊之間的無縫協作，證明了我們能夠快速擴展複雜技術的能力。

Customer demand for OCS is intensifying. Our order backlog now has surged well past $400 million, the majority of which is slated for shipment in the second half of this calendar year. Barring any unforeseen manufacturing or supply chain disruptions, we are well positioned to deliver on this substantial pipeline.

客戶對OCS的需求日益增長。我們的訂單積壓額已超過 4 億美元，其中大部分計劃在今年下半年出貨。如果沒有不可預見的生產或供應鏈中斷，我們完全有能力交付這龐大的專案。

Our execution in cloud transceivers has reached a definitive turning point. In Q2, transceiver revenue grew significantly and outperformed the legacy cloud-like run rate, and we expect continued growth in Q3. We have focused on time to market in the business and have greatly improved our execution through the design cycle. As a result, we are now in the lead pack of transceiver suppliers as customers transition their networks to 1.6T speeds.

我們在雲端收發器領域的執行已經達到了一個決定性的轉折點。第二季度，收發器收入大幅成長，超過了傳統雲端業務的運行速度，我們預計第三季將繼續成長。我們一直專注於縮短產品上市時間，並在設計週期中大大提高了執行力。因此，隨著客戶將其網路過渡到 1.6T 速度，我們現在已成為領先的收發器供應商之一。

Beyond design execution, we are also improving the profitability of our transceiver business with better yields and lower scrap rates.

除了設計執行之外，我們還透過提高良率和降低廢品率來提高收發器業務的獲利能力。

Turning to CPO. We have secured an additional multi-hundred-million-dollar purchase order for our ultra-high-power lasers that support optical scale-out applications. We expect shipments for this incremental order in the first half of calendar 2027. Meanwhile, we continue to execute on the initial orders we have discussed previously and remain firmly on track for material shipment inflection of UHP chips in the second half of this calendar year.

轉向首席產品長。我們已獲得一份價值數億美元的超高功率雷射採購訂單，該雷射器支援光學擴展應用。我們預計這批新增訂單將於 2027 年上半年出貨。同時，我們繼續執行先前討論過的初始訂單，並堅定地朝著今年下半年超高性能晶片的材料出貨拐點邁進。

Furthermore, we have established a clear line of sight into the broader external light source for ELS market, which would enable us to participate more holistically than as a stand-alone laser chip supplier. By expanding into pluggable external length source modules, we would dramatically increase our serviceable market. In addition, the ELS allows us to diversify our customer base, has several new partners adopting next-generation scale-out architectures are looking for more turnkey solutions.

此外，我們已經對更廣泛的 ELS 外部光源市場建立了清晰的認識，這將使我們能夠比作為獨立的雷射晶片供應商更全面地參與其中。透過拓展可插拔的外部長度源模組，我們將大幅擴大我們的服務市場。此外，ELS 使我們能夠實現客戶群多元化，一些採用下一代橫向擴展架構的新合作夥伴正在尋找更多交鑰匙解決方案。

We have built significant momentum through our leadership in cloud transceiver, OCS, and scale-out CPO. Now a fourth growth driver is taking shape, one poised to be a generational game changer for the industry: optical scale-out.

我們在雲端收發器、OCS 和橫向擴展 CPO 領域的領先地位，為我們累積了巨大的發展勢頭。現在，第四個成長驅動力正在形成，它有望成為改變產業的一代：光學橫向擴展。

Today, data center architectures have a clear divide. Optical links handle scale-out networking, connecting relatively longer links within the data center. Conversely, copper links dominates scale-out connectivity, referring to the ultra-short-reach high-speed pass within a single rack or a cluster. While copper has long been the gold standard for scale-out for simplicity and cost, it is hitting a physical wall. An industry pivot is underway to bypass the scaling limits of copper.

如今，資料中心架構呈現出明顯的差異。光鏈路用於橫向擴展網絡，連接資料中心內相對較長的鏈路。相反，銅纜鏈路在橫向擴展連接中佔據主導地位，指的是單一機架或集群內的超短距離高速傳輸。雖然銅因其簡單性和成本優勢，長期以來一直是橫向擴展的黃金標準，但它正面臨物理上的瓶頸。為了繞過銅的規模限制，產業正在轉型。

By late calendar 2027, we would expect our first scale-out CPO shipments, replacing longer copper connections. We are already deeply embedded in design-in cycles for this, leveraging our ultra-high power lasers and external light source modules. As we look into the not-so-distant future, it is only right to assume that optics begins to capture more and more of the connectivity, eventually subsuming copper.

到 2027 年底，我們預計將首次推出橫向擴展的 CPO 產品，取代更長的銅纜連接。我們已經深度參與這方面的設計流程中，利用我們的超高功率雷射和外部光源模組。展望不久的將來，我們有理由相信，光纖將逐漸佔據越來越多的連接領域，最終取代銅纜。

In response to these demand projections, we've initiated proactive capacity planning. Given the sheer magnitude of the scale-up optics market, we are carefully assessing our projected wafer output plans. We are in active negotiations with leading customers to offset our capital requirements in exchange for long-term supply assurances. These discussions underscore the critical nature of our technology and their road maps.

為了因應這些需求預測，我們已啟動積極主動的產能規劃。鑑於光學元件市場規模龐大，我們正在認真評估我們預期的晶圓產量計畫。我們正在與主要客戶積極談判，以抵消我們的資金需求，換取長期供應保證。這些討論凸顯了我們技術及其發展路線圖的關鍵性。

Now, let's look closer at the key performance metrics to define in our second quarter. In our last earnings call, we introduced two primary product categories: components, the foundational building block for larger solutions; and systems, which are stand-alone products, providing full functionality, such as optical transceivers, optical circuit switches, and industrial lasers.

現在，讓我們更仔細地看一下第二季需要定義的關鍵績效指標。在上次財報電話會議上，我們介紹了兩大主要產品類別：組件，即大型解決方案的基礎構建模組；以及系統，即獨立產品，提供完整的功能，例如光收發器、光路開關和工業激光器。

Components revenue for the quarter reached $444 million, representing a 17% sequential increase and 68% year-over-year growth. This performance was fueled by broad-based demand across laser chips, laser assemblies, and in-line subsystems going primarily into inter data center, DCI, and long-haul applications. Our laser chip business, serving cloud transceiver customers drove outsized sequential growth this quarter. We achieved another quarterly company record in EML laser shipments led by 100-gig line speeds and bolstered by a ramp in 200-gig devices.

本季零件營收達到 4.44 億美元，季增 17%，年增 68%。這項業績得益於雷射晶片、雷射組件和線上子系統的廣泛需求，這些產品主要用於資料中心間通訊、資料中心互連和長途傳輸應用。我們的雷射晶片業務，為雲端收發器客戶提供服務，本季實現了超乎尋常的環比增長。在 100 千兆線速雷射的帶動下，以及 200 千兆設備銷量的提升，我們實現了 EML 雷射出貨量季度公司紀錄的又一突破。

Simultaneously, we expanded our footprint in next-generation architectures shipping CW lasers for 800-gig manufacturers and increased volumes of ultra-high-power laser shipments for CPO applications. Our indium phosphide wafer fab capacity remains at a premium, fully allocated to meet surging customer demand. We have front-loaded our 40% expansion target delivering on over half of that this past quarter. We are scaling rapidly through precision tool optimization and yield gains. This execution will help to ensure that additional capacity comes online as planned over the next two quarters and beyond.

同時，我們擴大了在下一代架構領域的業務範圍，為 800G 製造商提供 CW 雷射器，並增加了用於 CPO 應用的超高功率雷射的出貨量。我們的磷化銦晶圓製造產能仍然非常緊張，並且已全部投入使用以滿足不斷增長的客戶需求。我們已提前實現了 40% 的擴張目標，上個季度已完成超過一半。我們正透過精密工具優化和提高產量來快速擴大規模。此次執行將有助於確保未來兩個季度及以後，新增產能按計畫投入使用。

While not able to size it, we now have line of sight to a significant block of additional capacity starting in the second half of 2026, both recurrent activities in Sagamihara and better utilization of our Caswell, United Kingdom and Takao, Japan fabs.

雖然目前還無法確定具體規模，但我們現在可以預見，從 2026 年下半年開始，將有相當數量的額外產能投入使用，其中包括相模原工廠的常規生產活動以及我們在英國卡斯韋爾和日本高尾工廠的更高效利用。

Beyond share volume, our Q2 revenue was propelled by a favorable mix shift toward 200-gig line speeds, which provide a meaningful ASP uplift. While these high-speed devices represented approximately 5% of unit volume, they contributed roughly 10% of data center laser chip revenue.

除了市佔率成長外，我們第二季的營收成長還得益於向 200 Gbps 線路速度的有利組合轉變，這帶來了顯著的平均售價提升。雖然這些高速設備僅佔設備總銷量的約 5%，但它們貢獻了資料中心雷射晶片收入的約 10%。

Moving to our scale across business. We continue to see sustained momentum in components, supporting optical links ranging from intercampus to longer-reach topologies. Shipments of our narrow line with laser assemblies grew for the eighth consecutive quarter, a clear proof point of robust market demand and our successful manufacturing expansion. Our long-haul portfolio also saw gains, with both coherent components and aligning subsystem products growing sequentially and year over year.

逐步擴大我們的業務規模。我們看到，支援從校園間到遠距離拓撲結構的光鏈路的各種組件持續保持成長勢頭。我們的窄頻雷射組件出貨量連續第八個季度成長，這清楚地證明了強勁的市場需求和我們成功的生產擴張。我們的長途運輸產品組合也取得了成長，無論是組件還是子系統產品，都實現了環比和同比增長。

In addition, we achieved another record quarter for our pump lasers, supporting not only long-haul terrestrial and subsea networks but also new scale across architectures with revenue in this product line surging over 90% compared to the prior year.

此外，我們的泵浦雷射又創下了季度新紀錄，不僅支援長途陸地和海底網絡，而且支援跨架構的新規模，該產品線的收入與前一年相比增長了 90% 以上。

Finally, 3D sensing grew modestly, following a new smartphone launch and some incremental share gains.

最後，隨著新款智慧型手機的發布和市場份額的逐步成長，3D 感測技術實現了小幅成長。

In systems, revenue reached $222 million, representing a significant 43% sequential and 60% year-over-year increase. Cloud transceivers accounted for the lion's share of this growth, increasing by approximately $50 million on quarter as we successfully leveraged our expanded manufacturing capacity in Thailand. As noted last quarter, we have moved past the production volatility seen in earlier calendar 2025, and are now on a sustainable growth trajectory.

系統業務收入達 2.22 億美元，季增 43%，年增 60%。雲端收發器佔據了這一增長的大部分份額，隨著我們成功利用在泰國擴大的製造能力，其季度收入增加了約 5000 萬美元。正如上個季度所指出的，我們已經度過了 2025 年年初的生產波動期，現在正處於可持續成長的軌道上。

Our Q3 guidance reflects this momentum as we begin to see the revenue layering benefits typically enjoyed by larger transceiver makers. As noted earlier, optical circuit switches continue to grow and were the good news story of the last quarter.

我們的第三季業績預期反映了這一勢頭，我們開始看到大型收發器製造商通常享有的收入分層優勢。如前所述，光路開關持續成長，是上個季度的好消息。

On the other hand, as our cloud-related business continues to accelerate, we see a different dynamic in the industrial end market. Here, shipments remain roughly flat sequentially in Q2. This performance reflects the persistent cyclical softness we continue to see in the broader industrial market.

另一方面，隨著我們與雲端相關的業務不斷加速發展，我們在工業終端市場看到了不同的動態。第二季度，該地區的出貨量較上季基本持平。這一表現反映了我們在更廣泛的工業市場中持續看到的周期性疲軟。

With that said, we have an increasing design win funnel for our newly introduced PicoBlade Compact line of products.

也就是說，我們新推出的 PicoBlade Compact 系列產品的設計得標管道正在不斷擴大。

Looking ahead to Q3, we expect to achieve a new quarterly revenue record with our guidance midpoint exceeding historical revenue levels by a substantial margin. Within this outlook, we anticipate that approximately two-thirds of the sequential increase in revenue will be driven by our component's portfolio, reflecting broad-based strength across cloud applications. The remaining one-third will stem from systems, fueled by the continued ramp of high-speed transceivers and additional contributions from OCS.

展望第三季度，我們預計將實現新的季度營收紀錄，我們的預期中位數將大幅超過歷史營收水準。在此展望中，我們預計營收環比成長的約三分之二將由我們的組件產品組合推動，這反映了雲端應用領域的廣泛強勁勢頭。剩餘的三分之一將來自系統，這得益於高速收發器的持續普及以及 OCS 的額外貢獻。

In summary, Lumentum has established itself as a market leader in transformative optical technologies. Our position across OCS, optical scale-out and optical scale-up is the envy of the industry. Furthermore, we are now meaningfully participating in the well-documented growth in the optical transceiver market.

總而言之，Lumentum 已成為變革性光學技術的市場領導者。我們在 OCS、光學橫向擴展和光學縱向擴展的地位令業界羨慕不已。此外，我們現在正積極參與光收發器市場蓬勃發展的進程。

With all that said, we continue to believe that our current performance is only a precursor of things to come. Now I'll hand the call over to Wajid.

儘管如此，我們仍然相信，我們目前的表現只是未來輝煌的序幕。現在我把電話交給瓦吉德。

Thank you, Michael. Second quarter revenue of $665.5 million was at the high end of our guidance, and non-GAAP EPS of $1.67 was well above our prior expectations, demonstrating the leverage of our business model.

謝謝你，麥可。第二季營收為 6.655 億美元，達到我們預期的上限；非 GAAP 每股盈餘為 1.67 美元，遠遠超出我們先前的預期，證明了我們商業模式的槓桿作用。

GAAP gross margin for the second quarter was 36.1%, GAAP operating margin was 9.7%, GAAP net income was [$78.2 million], and GAAP net income per share was $0.89.

第二季 GAAP 毛利率為 36.1%，GAAP 營業利益率為 9.7%，GAAP 淨利潤為 7,820 萬美元，GAAP 每股淨利潤為 0.89 美元。

Turning to our non-GAAP results. Second-quarter gross margin was 42.5%, which was up 310 basis points sequentially and up 1,020 basis points year on year, due to better manufacturing utilization across the majority of our product lines, increased pricing on select products, and favorable product mix. Mix improvement was primarily driven by our ramp in data center laser chips.

接下來來看看我們的非GAAP業績。第二季毛利率為 42.5%，季增 310 個基點，年增 1020 個基點，這得益於我們大部分產品線的生產利用率提高、部分產品價格上漲以及有利的產品組合。產品組合的改善主要得益於資料中心雷射晶片的快速成長。

Second quarter non-GAAP operating margin was 25.2%, which was up 650 basis points sequentially and up 1,730 basis points year on year, primarily driven by revenue growth and components products. While continuing to invest in critical R&D programs serving cloud and AI customers, we have maintained the rigorous cost controls necessary to optimize our business model.

第二季非GAAP營業利益率為25.2%，較上季成長650個基點，較去年同期成長1,730個基點，主要得益於營收成長和零件產品。在繼續投資服務於雲端和人工智慧客戶的關鍵研發項目的同時，我們保持了嚴格的成本控制，以優化我們的商業模式。

Second quarter non-GAAP operating profit was $167.7 million, and adjusted EBITDA was $198.3 million. Second quarter non-GAAP operating expenses totaled $114.9 million or 17.3% of revenue, an increase of $4.4 million from the first quarter, and an increase of $16.6 million from the same quarter last year in order to support our expanding cloud opportunities.

第二季非GAAP營業利潤為1.677億美元，調整後EBITDA為1.983億美元。第二季非GAAP營運支出總計1.149億美元，佔營收的17.3%，比第一季增加440萬美元，比去年同期增加1,660萬美元，以支援我們不斷擴大的雲端業務機會。

Q2 non-GAAP SG&A expense was $45 million. Non-GAAP R&D expense was $69.9 million. Interest and other income was $4.6 million on a non-GAAP basis.

第二季非GAAP銷售、管理及行政費用為4,500萬美元。非GAAP研發費用支出為6990萬美元。以非GAAP準則計算，利息和其他收入為460萬美元。

Second quarter non-GAAP net income was $143.9 million, and non-GAAP net income per share was $1.67. Our diluted weighted shares for the second quarter was $86.1 million on a non-GAAP basis.

第二季非GAAP淨利為1.439億美元，非GAAP每股淨利為1.67美元。第二季非GAAP稀釋加權股份價值為8,610萬美元。

Turning to the balance sheet. During the second quarter, our cash and short-term investments increased by $33 million to $1.16 billion. Our inventory levels increased by $39 million sequentially to support the expected growth in our cloud and AI revenue.

接下來看一下資產負債表。第二季度，我們的現金和短期投資增加了 3,300 萬美元，達到 11.6 億美元。為支援雲端運算和人工智慧收入的預期成長，我們的庫存水準較上季增加了 3,900 萬美元。

In Q2, we spent $84 million in CapEx primarily focused on manufacturing capacity to support cloud and AI customers.

第二季度，我們在資本支出方面投入了 8,400 萬美元，主要用於提升製造能力，以支援雲端和人工智慧客戶。

Turning to revenue details. Components revenue was $443.7 million, which increased 17% sequentially in Q2 and 68% year on year. Systems revenue of $221.8 million, increased 43% sequentially in Q2 and 60% year on year.

接下來來看看收入詳情。零件營收為 4.437 億美元，較第二季較上季成長 17%，較去年同期成長 68%。系統營收為 2.218 億美元，比第二季季增 43%，年增 60%。

Now let me move to our guidance for the third quarter of fiscal year '26, which is on a non-GAAP basis and is based on our assumptions as of today. We anticipate net revenue for the third quarter of fiscal year '26 to be in the range of $780 million to $830 million. The $805 million midpoint would represent another new all-time quarterly revenue record for Lumentum.

現在讓我來談談我們對 2026 財年第三季的業績指引，該指引採用非 GAAP 準則，並基於我們截至目前的假設。我們預計 2026 財年第三季的淨收入將在 7.8 億美元至 8.3 億美元之間。8.05億美元的中點價值將代表Lumentum公司創下又一個新的季度營收紀錄。

We project third quarter non-GAAP operating margin to be in the range of 30% to 31% and diluted net income per share to be in the range of $2.15 to $2.35. Our non-GAAP EPS guidance is based on a non-GAAP annual effective tax rate of 16.5%. These projections also assume shares used for non-GAAP diluted earnings of approximately 92 million shares.

我們預計第三季非GAAP營業利潤率將在30%至31%之間，稀釋後每股淨收益將在2.15美元至2.35美元之間。我們的非GAAP每股盈餘預期是基於16.5%的非GAAP年度有效稅率計算的。這些預測也假設用於計算非GAAP稀釋收益的股份約為9,200萬股。

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

接下來，我將把電話轉回給凱西，開始問答環節。凱西？

Thank you, Ajit. To allow as many people as possible an opportunity to ask questions, please keep to one question and one follow-up. Kevin, let's now begin the Q&A session.

謝謝你，阿吉特。為了讓盡可能多的人有機會提問，請每人只提一個問題，並提出一個後續問題。凱文，現在我們開始問答環節。

(Operator Instructions) Simon Leopold, Raymond James.

（操作說明）西蒙·利奧波德，雷蒙德·詹姆斯。

Great, thank you for taking the question. Hopefully, you can hear me okay.

太好了，謝謝你回答這個問題。希望你能聽清楚我說話。

Yeah, we can hear you, Simon.

是的，我們能聽到你說話，西蒙。

Yay, I can work Zoom. So I just wanted to see if you could maybe double-click on the OCS market, which sounds quite a bit better than what you discussed last quarter. So maybe if we could hear a little bit more color in terms of how you're seeing the market, the exit rate and the customer diversification. And I'll give you my follow-up, because it's relatively quick in that you've raised prices, is there any way you can help us quantify what impact your price increases have had on the growth? Thank you.

太好了，我可以用Zoom工作了。所以我想看看您是否可以雙擊查看 OCS 市場，這聽起來比您上個季度討論的內容要好得多。所以，如果我們能聽到您更詳細地談談您對市場、退出率和客戶多元化的看法就好了。我將盡快向您提出後續問題，因為您已經提高了價格，您能否幫助我們量化價格上漲對成長的影響？謝謝。

Yeah, hey, Simon. Yes, the OCS market is definitely developing a lot better than we believed. It's accelerating certainly from a time standpoint. So the data point we gave today is that our backlog has increased to well in excess of $400 million, most of which is going to be shipped in the first two quarters of fiscal 2027. So we're really going to exit the calendar year on quite an increased philosophy.

嗨，西蒙。是的，OCS市場的發展確實比我們預想的要好得多。從時間角度來看，這一進程無疑地正在加速。我們今天公佈的數據是，我們的積壓訂單已增加超過 4 億美元，其中大部分將在 2027 財年的前兩個季度交付。所以，我們將以更積極的理念來結束這一年。

If you remember, you and I discussed last time, we believed our calendar Q4 would be around $100 million. It looks like it will be quite a bit higher than that, although we're not breaking up that $400 million between the two quarters. So we -- it's a broad-based -- there's multiple customers making up that backlog. We've talked about shipping to three customers, and that continues -- but those customers are increasing their demands rather significantly.

如果你還記得的話，你我上次討論過，我們認為第四季（日曆年）的營收將在 1 億美元左右。看起來實際數字會比這高得多，儘管我們不會將這 4 億美元分攤到兩個季度。所以，這是一個廣泛的問題——積壓訂單是由多個客戶造成的。我們已經討論過向三位客戶發貨，而且這種情況還在繼續——但是這些客戶的需求正在大幅增加。

And thus, the demand on us has gone up quite appreciably. So we feel pretty good about that. I think as we enter calendar year 2027, it should go up from there in terms of what we see in our backlog and in terms of our revenue.

因此，對我們的要求顯著提高了。所以我們對此感覺相當不錯。我認為，進入 2027 年，無論從積壓訂單還是收入來看，都應該會有所增長。

On the second question, obviously, price increases are definitely having an impact both on top line and gross margin. They are starting to flow through in the Q1 or the March guide, right, where we're seeing a lot more of that. As we said last quarter to you and to others, we'd expect a little bit of an impact in the December quarter, and we've had a little bit, but not a lot.

關於第二個問題，很顯然，價格上漲肯定會對營收和毛利率產生影響。它們開始在第一季或三月的業績指南中有所體現，對吧，我們在那裡看到了更多這樣的情況。正如我們上個季度對您和其他人所說的那樣，我們預計 12 月季度會受到一些影響，而我們也確實受到了一些影響，但影響不大。

We see a little bit more in March. I don't know if we've quantified how much of it is. I think it's relatively modest in terms of the overall revenue impact margin, certainly a little bit more, but we're doing a lot of things to benefit margin, including cost down, a lot of work on manufacturing scrap and yield. There's just been a lot of intense focus from myself, Wupen, Wajid, on the gross margin line. So a lot of things are contributing to that.

三月我們會看到更多進展。我不知道我們是否已經量化了它的具體數量。我認為就整體收入影響而言，這相對來說比較溫和，當然可能稍微多一點，但我們正在做很多事情來提高利潤率，包括降低成本，在生產廢料和提高產量方面做了很多工作。我和 Wupen、Wajid 一直都非常關注毛利率。很多因素都導致了這種情況。

And for the first time, we're moving up into the 40s.

我們首次進入了40歲以上的行列。

Thank you.

謝謝。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Thanks for taking my questions. Michael, Wajid, Kathy, good to speak to you. Maybe I'll start off on the indium phosphide capacity ramp. And just to clarify what you said in your prepared remarks, you pulled forward or front-end loaded some of that capacity increase that you've planned and we're going to see the effect of that in the March quarter guide, just to confirm that?

謝謝您回答我的問題。Michael、Wajid、Kathy，很高興能和你們交談。或許我會先從提高磷化銦產能開始。為了澄清您在準備好的發言稿中所說的內容，您提前或提前實施了部分計劃中的產能增長，我們將在3月份的季度業績指引中看到其影響，請確認這一點？

And then what does it mean for the end state in terms of the sort of 40%, 50% capacity increase that you have planned? Does that change the end stat, in terms of how much capacity you can add those existing fabs? And as you're talking about alternatives with your customers, does it really sort of focus on the existing fab or are you assessing sort of new fabs? And then I have a quick follow-up. Thank you.

那麼，對於您計劃的 40%、50% 的產能成長，最終結果又意味著什麼呢？這樣會改變最終統計數據嗎？例如，現有晶圓廠可以增加多少產能？當您與客戶討論替代方案時，您是主要專注於現有的晶圓廠，還是也在評估新的晶圓廠？然後我還有一個簡短的後續問題。謝謝。

Yes, Samik. Look, we're definitely doing better than expected. I think that we characterized in the last call that we see a 40% impact from our September quarter over the next three.

是的，薩米克。你看，我們做得比預期好得多。我認為我們在上次電話會議中已經指出，我們預計9月份的季度業績將對未來三個月產生40%的影響。

So December, March, and June. What we're saying here is that we probably got somewhere a little bit north of 20% in the December quarter alone. So in the results in the December quarter and the guide, we're not necessarily saying how much of the increase is there.

所以是十二月、三月和六月。我們想說的是，光是 12 月的季度，我們的成長率可能就略高於 20%。因此，在 12 月季度業績和指導意見中，我們並不一定說明成長了多少。

There's obviously more. I would expect at this point that given that we see kind of half of the impact in the first of the three periods that we had outlined that we were going to do a little bit better than 40%, but we haven't quantified that. What we are saying is now we have line of sight to more capacity increases grew the next four quarters, meaning, probably the second half of 2026, calendar 2026 into early 2027, by virtue of the improvements that we continue to see in Sagamihara.

顯然還有更多。鑑於我們在三個階段中的第一個階段就看到了大約一半的影響，我預計我們目前的成果會略好於 40%，但我們還沒有量化這一點。我們想說的是，由於我們在相模原市持續看到的改進，我們現在可以看到未來四個季度產能將進一步成長，這意味著可能在 2026 年下半年，也就是 2026 年到 2027 年初。

So the 40% is all Sagamihara, but we would now start to see some impact from our Caswell facility in the United Kingdom and also contributions from our second fab in Japan, Takao. So all of these things together say that we have line of sight to do a little bit better than we outlined on the last call and certainly extend the ramp more appreciably than perhaps we said on the last call.

所以這 40% 的產量全部來自相模原工廠，但我們現在開始看到英國 Caswell 工廠的一些影響，以及我們在日本的第二家工廠高尾工廠的貢獻。綜上所述，我們有望比上次會議中概述的做得更好一些，並且肯定可以比上次會議中所說的更顯著地擴展坡道。

Got it. And Michael, I mean, just following up on that, any new fabs being considered when you're sort of talking to your customers? And then for my second question on transceivers, I mean, you took a sizable step up here in the December quarter. I think you're taking another bit of a step-up into March. You had previously indicated you sort of want to maybe manage that business to $250 million a quarter run rate. I mean, is that still sort of how you're thinking about it? Or because most of the demand is from our customer, you sort of can't scale further than that? Any updated thoughts on that?

知道了。邁克爾，我的意思是，接著剛才的話題，你在和客戶交流的時候，有沒有考慮過新的工廠？至於我的第二個問題，關於收發器，我的意思是，你們在 12 月的季度中取得了相當大的進步。我認為你在三月又向前邁進了一步。你之前曾表示，你希望將這家公司的季度營業額控制在 2.5 億美元。我的意思是，你現在還是這麼想的嗎？或者說，因為大部分需求都來自我們的客戶，所以你們的規模也就無法再擴大了？關於這個問題，您有什麼最新的想法嗎？

Thank you. Yeah, I mean, on the transceiver question, I do think that it's going to be more difficult than we outlined in the last call to sort of cap that to $1 billion. We're definitely seeing a lot of demand for our transceiver products, not only from the primary customer, but from other customers as well. So suddenly, as I said, we've turned a bit of a corner.

謝謝。是的，我的意思是，關於收發器的問題，我認為要將其限制在 10 億美元以內，比我們在上次電話會議中概述的要困難得多。我們確實看到市場對我們的收發器產品有很大的需求，不僅來自主要客戶，也來自其他客戶。所以，正如我所說，我們突然間迎來了一個轉折。

Wupen is here, and I think he's done a super job with the transceiver business, improving margins, improving execution, primarily improving our design time, our time to sample. And as I said, we've actually got into the front of the pack as a result of that. So I feel a lot better about the transceiver business.

Wupen 來了，我認為他在收發器業務方面做得非常出色，提高了利潤率，提高了執行力，最重要的是提高了我們的設計時間和樣品製作時間。正如我所說，正因如此，我們才得以躋身前列。所以我對收發器業務感覺好多了。

That being said, still a margin headwind, right? So no change from where we are before. A little bit less of a margin headwind because we made these improvements, but still a margin headwind.

也就是說，仍然存在著一定的不利因素，對吧？所以和以前一樣，沒有任何改變。由於我們做出了這些改進，利潤率面臨的阻力有所減輕，但仍存在阻力。

I think, however, it will be a challenge. We are seeing appreciable growth in the demand of our transceiver products. Wajid is here. I think we can manage the portfolio to increasing gross margins and increasing operating margins in the face of a business that might be greater than $1 billion. Am I wrong?

但我認為這將是一個挑戰。我們看到市場對我們收發器產品的需求出現了顯著成長。瓦吉德來了。我認為，即使業務規模可能超過 10 億美元，我們也可以透過管理投資組合來提高毛利率和營業利潤率。我錯了嗎？

Yeah. No, that's fair. I mean, I think -- when we made the comments about $250 million a quarter or $1 billion that Michael alluded to, our thinking on the rest of the business probably wasn't as large as how we're thinking about it today. Certainly, OCS, CPO, the multi-hundred-million-dollar order that Michael talked about in his prepared remarks, all of those things are contributing to a larger pie for Lumentum. And so as part of our operating margin profile is revenues growth.

是的。不，這很合理。我的意思是，我認為——當我們談到每季 2.5 億美元或 10 億美元（邁克爾提到的數字）時，我們對其他業務的思考可能沒有我們今天思考的那麼宏大。當然，OCS、CPO，以及邁克爾在準備好的演講稿中提到的數億美元訂單，所有這些都為 Lumentum 創造了更大的蛋糕。因此，收入成長是我們營運利潤率的一部分。

So the fact that the rest of the business is growing faster than we expected allows us to grow the transceiver business. And then because 1.60 margins are significantly better than 800 g, that's also helping us say yes to more orders that are coming in. And Michael, your --

因此，其他業務的成長速度超過預期，這使我們能夠發展收發器業務。而且，由於 1.60 克的利潤率明顯高於 800 克，這也有助於我們接受更多訂單。還有邁克爾，你的--

Kathy, what was Samik's first part of the question?

凱西，薩米克問題的第一部分是什麼？

News fabs.

新聞製造者。

New fabs. Okay. Yeah, Samik. I mean, to that question, yes, that is an active investigation. We're certainly looking at how we can bring on more capacity, whether it be creatively in the current fabs that we have or bringing on new fab capacity by acquisition or something of that nature. So it's an active discussion in the company. Nothing to talk about at this particular point, but it is certainly something that's top of mind for us.

新工廠。好的。是的，薩米克。我的意思是，對於這個問題，是的，這是一項正在進行的調查。我們當然正在研究如何增加產能，無論是透過創意地改造我們現有的晶圓廠，還是透過收購或其他類似方式增加新的晶圓廠產能。所以這是公司內部正在積極討論的議題。目前沒什麼好說的，但這確實是我們非常在意的事情。

Thank you. Thanks for taking my questions.

謝謝。謝謝您回答我的問題。

Yeah. Thanks, Samik.

是的。謝謝你，薩米克。

Ryan Coots, Needham and Co.

Ryan Coots，Needham and Co.

Great, thank you. I want to double-click on the transceiver market, if we could and the transition to 1.6T. Obviously, some great progress at 800 here. Is that primarily being driven by emails today? How do you see the readiness of sipho at 1.6T being prepared? And then what are your kind of derivative laser supplier opportunities? How are they stacking up overall for the 1.6T transition? Thank you.

太好了，謝謝。我想重點談談收發器市場，以及向 1.6T 的過渡。顯然，800MHz 頻段已經取得了巨大的進展。如今，這種現象主要由電子郵件驅動嗎？您認為 1.6T 的 sipho 準備工作進度如何？那麼，你們有哪些衍生雷射供應商方面的機會呢？整體而言，它們在1.6T過渡階段的表現如何？謝謝。

Yeah, right. Let me talk a little bit to the laser part of the market and then maybe throw the ball to Wupen. It's two separate things. And certainly, for our business, the transceivers as we've characterized a couple of times, our transceivers are mostly silicon photonics. But what we're seeing right now from our customers is a strong EML demand.

是啊，沒錯。讓我先跟雷射市場那部分人聊聊，然後再把話題拋給 Wupen。這是兩件不同的事。當然，就我們的業務而言，正如我們之前幾次提到的，我們的收發器大多是矽光子裝置。但我們目前從客戶那裡看到的是強勁的 EML 需求。

Most of the initial transceivers that are going to 1.6T are based on EMLs and that's good. Our 200-gig line speed, as we said, is actually doing a little bit better than we expected. I think on the last call, we had said that the 5% revenue of -- 5% of mix would be this quarter. It was a quarter earlier than we had expected, and that's primarily because 1.6T is coming on, I think, faster than we initially anticipated, and that is heavily being driven by 200-gig EMLs.

大多數即將達到 1.6T 的初始收發器都是基於 EML 的，這很好。正如我們所說，我們的 200G 線路速度實際上比我們預期的還要好一些。我認為在上次電話會議上，我們說過本季營收將達到 5%，產品組合佔比將達到 5%。比我們預期的提前了一個季度，我認為這主要是因為 1.6T 的到來速度比我們最初預期的要快，而這很大程度上是由 200G EML 推動的。

That being said, I still think, consistent with what we've said over the past, we would expect silicon photonics to be the majority of the transceiver shipments in -- at the 1.6T node. We think the numbers are so large based on what we're seeing in terms of the demand from our customers, that our EML shipments even in the face of a mix shift toward silicon photonics.

也就是說，我仍然認為，與我們過去所說的一致，我們預計在 1.6T 節點上，矽光子學將佔據收發器出貨量的大部分。根據我們從客戶看到的需求來看，我們認為這個數字非常大，即使面對矽光子學產品組合的轉變，我們的 EML 出貨量也不會下降。

The absolute number of EMLs will go up for us and rather appreciably. So we feel really, really good about the way the market is shaping up. Our lead on EMLs is second to none. We're introducing 200-gig differential EMLs now to give us another leg up in that market. So we feel pretty good about the way that's setting up.

我們的 EML 絕對數量將會增加，而且增幅相當可觀。所以我們對市場的發展前景感到非常非常樂觀。我們在EML領域的領先地位無人能及。我們現在推出 200G 差分 EML，以進一步提升我們在該市場上的競爭力。所以我們對目前的安排感覺相當不錯。

Wupen, on the transceiver side. You want to talk about our transceivers and how we're thinking about 1.6T?

Wupen，在收發器方面。你想談談我們的收發器以及我們對 1.6T 技術的思考嗎？

Yeah. Thanks, Michael. So on the [tranceiver, 1.6T] product, there's still really, by and large, two groups of applications. One group requires WDM-based solutions, one requires basically a parallel fiber-based solutions. And therefore, you will see that EML is pretty dominant in the WDM-based architectures.

是的。謝謝你，麥可。所以，對於[收發器，1.6T]產品而言，整體上仍然有兩類應用。其中一組需要基於 WDM 的解決方案，另一組基本上需要基於平行光纖的解決方案。因此，你會發現 EML 在基於 WDM 的架構中佔據主導地位。

And then the silicon photonics are starting to take more share on the kind of parallel fiber applications. We see these kind of hand-in-hand grow at a similar pace. And that's why Michael was talking about EML continue to grow despite the fact Silicon Photonics will take more share in 1.6T generation. But overall, as Wajid talked about, we see 1.6T generation of products having a higher gross margin at a margin level. And then of course, we'll benefit continuously on the laser front, in generation as well.

然後，矽光子技術開始在平行光纖應用領域佔據更大的份額。我們看到這類攜手並進的發展速度相近。這就是為什麼麥可說，儘管矽光子技術將在 1.6T 世代中佔據更大的市場份額，但 EML 仍將繼續成長。但總的來說，正如Wajid所說，我們看到1.6T世代產品的毛利率更高。當然，在雷射技術方面，我們也會在生產方面持續受益。

Right. Any update on your plans on vertically integrated -- your own CW lasers at 1.6T. Is that still the plan?

正確的。關於您垂直整合的計畫——即您自主研發的1.6T連續波雷射器——有任何最新進展嗎？這個計劃還在進行中嗎？

It's still the plan. Yeah. We shipped CW lasers to the external market for the first time, Ryan. Last quarter. Those shipments continue to sort of help us develop and improve our CW laser technology. I would say our timeline is pushed out a bit.

計劃依舊如此。是的。瑞安，我們首次向外部市場出貨了連續波雷射。上個季度。這些貨物的交付持續幫助我們開發和改進連續波雷射技術。我認為我們的時間表要稍微延後一些。

In terms of that introduction, we were talking about introducing that our own CW lasers and our own transceivers kind of cater to us, and I think it's probably pushed out to late Q2, early Q3. It's probably been a two- to three-month push out relative to that introduction, but still very much part of the plan to continue to increase the gross margin in our transceiver business.

關於產品引進，我們之前討論過引進我們自己的 CW 雷射和收發器，這些產品都是為我們自己服務的，我認為可能會推遲到第二季末或第三季初。相對於最初的推出時間，這可能推遲了兩到三個月，但這仍然是我們繼續提高收發器業務毛利率計劃的重要組成部分。

Great, thanks. And maybe just a quick follow-up on the laser opportunity in CPO, do you view that competitive landscape any different than you view the transceiver laser market? Are there nuances there that investors should be aware of relative to bigger barriers to entry or your capabilities relative to the overall market for CPO?

太好了，謝謝。或許可以快速跟進 CPO 的雷射市場機遇，您認為該市場的競爭格局與您看待收發器雷射市場有何不同？與更大的進入障礙或您相對於整個 CPO 市場的能力相比，投資者應該注意哪些細微差別？

I mean, look, I think on CPO, we feel really good about our position. I mean certainly, for EMLs, we also feel very good about our position, but I think we feel even better about our position on high-powered lasers going into CPO.

我的意思是，你看，我認為在 CPO 方面，我們對自己的地位感到非常滿意。我的意思是，當然，對於 EML，我們也對自己的立場感到非常滿意，但我認為我們對高功率雷射進入 CPO 領域的立場更有信心。

Remember, a couple of things, right? One, the power level that needs to be delivered here 400 milliwatts is not something that many people could do. But perhaps, more importantly, remember you and I have talked about this, and the technology has been proven out in our subsea applications.

記住幾件事，對吧？第一，這裡需要提供的功率等級是 400 毫瓦，這不是很多人能夠做到的。但或許更重要的是，請記住你我曾討論過這個問題，而且這項技術已在我們的海底應用中得到驗證。

One of the big issues with CPO has always been reliability and I think now we've regained real customer confidence. I mean, it is much more broad-based. I think that people think in terms of customer engagement now on and that is primarily driven by the reliability that we're able to prove out.

CPO 的一大問題一直是可靠性，我認為現在我們重新贏得了客戶的真正信任。我的意思是，它的基礎要廣泛得多。我認為人們現在更注重客戶參與度，而這主要取決於我們能夠證明的可靠性。

Perfect. Thanks for the commentary.

完美的。感謝您的評論。

Thanks, Ryan. Good question.

謝謝你，瑞恩。問得好。

Thanks, Ryan.

謝謝你，瑞恩。

Vijay Rakesh.

維傑·拉凱什。

Yeah, hi. Thanks, Michael, Wajid, and Kathy. This is Vijay from Mizuho. Congrats on a great set -- a fantastic set of numbers here. Just a quick question. I know you on CPO, you mentioned another multi-hundred-million-dollar order there and also your own CPO ramping well. Can you size what the CPO quarterly run rate would be with the new multimillion or multi-hundred million order? And also, I believe CPO for scale up, as you mentioned.

嗨，你好。謝謝麥可、瓦吉德和凱西。這位是來自瑞穗銀行的Vijay。恭喜你取得如此優異的成績——這是一組非常棒的數據。問個小問題。我知道你在 CPO 工作，你提到那裡還有一筆數億美元的訂單，而且你自己的 CPO 業務也發展得很好。您能否估算一下，如果新增數百萬或數億美元的訂單，CPO 的季度運行率會是多少？而且，正如你所提到的，我認為 CPO 也適用於規模化發展。

Yeah. I mean what we're talking about now is mostly scale out, right? So what we've said in the past is that we would expect somewhere around $50 million in the fourth calendar quarter, perhaps more, but we're kind of pegging it there. And then this multi-hundred-million-dollar order, while we're not prepared to give the size, really is clicking in in the first half of 2027. So it kind of gives you a rough feel.

是的。我的意思是，我們現在討論的主要是規模擴展，對吧？所以我們過去說過，我們預計第四季營收會在 5,000 萬美元左右，也許更多，但我們暫且把它定在這個範圍內。而且，這筆數億美元的訂單，雖然我們現在還不方便透露具體金額，但確實將在 2027 年上半年完成。所以它給人的感覺有點粗糙。

This is definitely ramping. It's ramping across, not just one customer, multiple customers. The strain on our fab is high, right? We're very much sold out in our high-powered laser fab. And this is one of actually Wupen's primary task is to figure out how we can bring more capacity online much more quickly.

這絕對是在加速發展。它正在逐步蔓延，不只是影響一個客戶，而是影響多個客戶。我們工廠的壓力很大，對吧？我們的高功率雷射加工設備已經全部售罄。而這其實是 Wupen 的首要任務之一，那就是弄清楚如何才能更快地將更多產能投入使用。

I mean, this ramp is hitting us probably faster than we forecast even last quarter. So we have a lot of confidence in the ramp, we have a lot of confidence in the demand and backlog that we see. Now it's going to be really a matter of servicing now.

我的意思是，這種成長勢頭可能比我們上個季度預測的還要強勁。因此，我們對產能爬坡充滿信心，對我們所看到的需求和積壓訂單也充滿信心。現在真正的問題在於售後服務。

Got it. And then on the indium EMLphosphide side, I know you said a lot of the capacity is sold out. You're adding some 40% capacity more front-end loaded. But as you look through into '26, '27 given this very strong ramp on EML -- [on EML], and also what you're seeing on the transceiver side, would you expect pricing to be a tailwind for most of this year and into next year too? Thanks.

知道了。至於銦EML磷化物方面，我知道您說過很多產能都已售罄。你們增加了大約 40% 的前端裝載容量。但展望 2026 年和 2027 年，考慮到 EML 的強勁成長勢頭——以及收發器方面的情況，您是否預計價格將在今年大部分時間以及明年成為利好因素？謝謝。

Yes. I mean look, we really are sold out. I mean, I think that we've talked about sort of trailing demand, even as we add capacity, it seems that the demand-supply imbalance increases. We talked about that last quarter. And I'd say again, even as we've added this 20% additional capacity, the demand, supply imbalance has increased. And Wupen comment, I think his team is spending a tremendous amount of time trying to squeeze product into our allocation bucket. It's really like a jigsaw puzzle for these guys to figure it out.

是的。你看，我們真的已經售罄了。我的意思是，我認為我們已經討論過某種滯後需求的問題，即使我們增加了產能，供需失衡的情況似乎也會加劇。我們上個季度討論過這個問題。我再次強調，即使我們增加了這 20% 的產能，供需失衡的情況仍然加劇。Wupen評論說，我認為他的團隊花了大量時間試圖將產品擠進我們的分配池。對這些人來說，這就像拼圖一樣，需要花一番功夫才能解開。

The good news for us is that we'd expect now to increase supply throughout the calendar year. We've obviously sort of indicated that we have another 20% to go over the next couple of quarters. That probably is going to come up a bit just given our current trajectory. And now what we're saying is we have line of sight for additional capacity in the last two quarters of the calendar year.

對我們來說的好消息是，我們預計今年全年供應量將會增加。我們已經明確表示，在接下來的幾個季度裡，我們還有 20% 的目標要實現。鑑於我們目前的發展趨勢，這個問題很可能會反覆出現。現在我們想說的是，我們預計在今年最後兩個季度將增加產能。

In that, we obviously have this mix issue where our 200-gig lasers are a big portion of the mix, today, small, 5%. We've said that by the end of the calendar year, we'd expect to be 25% of our mix to be 200 gig. And you can see in the prepared remarks, roughly on the pricing. So our ASP will increase, margins will increase in that balance as we get more and more 200 gig.

顯然，我們存在這樣的混合問題，即我們的 200 吉雷射在混合產品中佔很大比例，而如今，它們只佔很小一部分，只有 5%。我們曾表示，到今年年底，我們預計 25% 的音樂組合將達到 200 吉比特。從準備好的發言稿中，你可以大致了解定價狀況。因此，隨著我們獲得越來越多的 200G 容量，我們的平均售價 (ASP) 將會提高，利潤率也會隨之提高。

The really good news story for us, I think, is the differential 200 gig, which offers significant price power reductions for customers, that isn't yet another tailwind on ASP that we'd expect to see and another big, big enhancer on gross margin. Wupen, how are you thinking about it?

我認為，對我們來說真正的好消息是 200 G 的差異化，它為客戶提供了顯著的價格優勢，這不僅不會像我們預期的那樣進一步推高 ASP，還會大大提升毛利率。吳彭，你覺得怎麼樣？

Yes, that's Michael. So yes, this is what I could describe, right, in terms of capacity increase. And I think our team continues to really drive the yield out and reduce the die size of the chips, for example. Definitely, we're trying to squeeze every bit of the capacity output that we can get of our current fabs.

是的，那是麥可。所以，是的，這就是我可以用產能提升來描述的。我認為我們的團隊一直在努力提高良率，並不斷縮小晶片的面積。當然，我們正在努力榨乾現有晶圓廠的每一分產能。

As Michael already pointed out, the demand-supply imbalance continue to increase. And therefore, we're doing everything we can, trying to grow that supply base and then continue to drive the yield up. So all very good, but very challenging. We look forward to serving the market with better [relatives and watches].

正如邁克爾已經指出的那樣，供需失衡的情況仍在加劇。因此，我們正在盡一切努力擴大供應基礎，並繼續提高產量。一切都很好，但也極具挑戰性。我們期待以更好的服務回饋市場。[親戚和手錶]

Got it. Thanks. Fantastic. Thanks Michael, Wajid, Wupen, and Kathy. Thank you.

知道了。謝謝。極好的。謝謝 Michael、Wajid、Wupen 和 Kathy。謝謝。

Thank you, Vijay. Good speaking. Thanks.

謝謝你，維傑。口才很好。謝謝。

Papa Sylla, Citi.

Papa Sylla，花旗銀行。

Thank you for taking my questions and congrats on the impressive results. So Michael, I guess for my first question, it is on visibility. I'm curious if you continue to see further visibility from your key AI customers on the EML front? I think previously, you quantified for us that the supply-demand gap has moved from 20% to 25% to 30%. Has that gap extended?

感謝您回答我的問題，並祝賀您取得如此優異的成績。所以邁克爾，我想我的第一個問題是關於可見性的。我很想知道，您的主要人工智慧客戶是否繼續關注EML方面的問題？我認為之前您已經向我們量化了供需缺口從 20% 到 25% 再到 30% 的情況。這一差距是否擴大了？

And tied to that, it will be helpful to understand how has your longer-term contract or commitment with customers change now versus one to two years ago, for instance, kind of longer in duration? Are we able to add more pricing versus before? Just any color.

與此相關的是，了解您與客戶的長期合約或承諾與一兩年前相比發生了哪些變化（例如，期限更長的合約），將會很有幫助。我們能否增加更多價格資訊？任何顏色都可以。

Yeah, Papa. Look, first, I want to thank you for some of the insightful notes you've written over the last couple of weeks. We certainly appreciate the diligence you're doing on the business. Number one, Obviously, the supply imbalance -- supply-demand imbalance is still very much there. I would say that it's about the same this quarter as last quarter, even in the face of adding the 20% and what we anticipate in the March guide.

是的，爸爸。首先，我要感謝你在過去幾週寫下的那些富有洞見的筆記。我們非常欣賞您對這項業務所做的盡職調查。第一，很明顯，供給失衡——供需失衡仍然存在。我認為，即使考慮到 20% 的成長以及我們在 3 月業績指引中的預期，本季的情況也與上季大致相同。

If anything, it's incrementally up, but I'd still say it's roughly 25% to 30% off, we're undershipping our customers' demand by somewhere around 30%. So it's a relatively big gap. And again, tremendous pressure on Wupen's team.

如果有什麼變化的話，那就是略有增長，但我仍然認為實際交付量比預期少了大約 25% 到 30%，我們的交付量比客戶的需求少了大約 30%。所以差距相對較大。伍彭的球隊再次面臨巨大的壓力。

With respect to the long-term agreements, I mean, frankly, and I'll have Wajid comment, the company never had these long-term agreements. I mean, it was a very tactical business until Wajid and I got involved in the business and started seeing that there was a lot of opportunity to institute these long-term agreements. We -- all of our capacity, just to be very clear, on EML is spoken for.

至於長期協議，坦白說，我會讓瓦吉德評論一下，公司從來沒有這些長期協議。我的意思是，在瓦吉德和我參與這項業務之前，這完全是一項戰術性很強的業務，我們開始意識到有很多機會可以建立這些長期協議。坦白說，我們所有在 EML 方面的能力都已被佔用。

In these LTAs, we have very tight LTAs that run through the balance of calendar 2027. And even as we increase the capacity that -- everything is spoken for. So we projected out what we can do. Look, if we do better in capacity, we might have a little more to sell, but that is really spoken for.

在這些長期協議中，我們有非常嚴格的長期協議，一直持續到 2027 年底。即使我們增加了產能——所有東西都已預訂。於是我們預測了我們能做的事情。你看，如果我們產能利用率更高，我們或許可以多賣一些，但這部分產能其實已經被預訂了。

We're really proud of the LTAs that we were able to get it in place and look, our customers are very happy. We do have pricing leeway in there. I mean, I think as conditions change, Wajid, Wupen, and I will continue to look at the pricing.

我們為能夠落實 LTA 感到非常自豪，而且你看，我們的客戶非常滿意。我們在這方面有一定的定價空間。我的意思是，隨著情況的變化，Wajid、Wupen 和我會繼續關注價格。

As you know, we've done a couple of step-ups and our products are just in high demand, right, across the board. So I think it gives us some pricing latitude, and we'll certainly look at that. I mean, Wajid, any comments from you on this?

如您所知，我們已經進行了幾次升級，我們的產品現在非常搶手，對吧？所以我認為這給了我們一定的定價空間，我們肯定會考慮這一點。瓦吉德，你對此有什麼看法？

No. I mean I think you've captured it. Actually, the whole LTA process has actually helped us from a pricing standpoint overall because then there aren't those same types of quarterly negotiations for price downs, if anything, prices are holding or they're increasing for what customers want. And what we're actually seeing is that customers are coming back and asking for even more capacity and more products than we had agreed to in the LTA. And that's actually allowing us to have incremental pricing discussions around those incremental units that they're asking for.

不。我的意思是，我覺得你已經抓住精髓了。實際上，從定價的角度來看，整個長期協議流程實際上對我們整體上有所幫助，因為這樣一來，就不需要每季度進行降價談判了，相反，價格要么保持不變，要么會根據客戶的需求而上漲。而我們實際看到的是，客戶回來後要求的產能和產品數量甚至超過了我們在長期協議中約定的數量。這樣一來，我們就可以圍繞他們要求的增量單位進行增量定價討論。

So the LTAs are serving as a nice baseline and if customers want more than that, then it allows for a discussion with Wupen's team and our sales team to ask for incremental pricing optimization. So it's worked out very well for us from a process standpoint. And for those customers that are not willing to sign an LTA are having concerns about their continuity of supply, because we are allocating to those partners that are committing to us first and then whatever is left over, then we can talk to those that are not.

因此，LTA 可以作為一個很好的基準，如果客戶想要更多，那麼就可以與 Wupen 的團隊和我們的銷售團隊進行討論，要求進行增量定價優化。所以從流程角度來看，這對我們來說非常有利。對於那些不願意簽署長期協議的客戶，我們擔心他們的供應能否持續，因為我們首先會將供應分配給那些承諾與我們合作的合作夥伴，然後剩餘的供應才會與那些沒有承諾的合作夥伴進行洽談。

Got it. Thank you. That's very helpful. And Michael, for the feedback.

知道了。謝謝。那很有幫助。感謝邁克爾的回饋。

Just quickly on the follow-up, and apologies if it's a little bit of a long-winded type of question. But I just wanted to double down on the CPO opportunity, particularly if we contrast it with the opportunity you have on the EML/transceiver front?

簡單跟進一下，如果問題有點冗長，請見諒。但我只是想強調一下首席產品長 (CPO) 的機會，特別是如果我們將其與你們在 EML/收發器方面的機會進行對比的話？

I think previously you discussed in terms of content per accelerator or content per AI server, the two opportunities are mostly on par and you really benefit from having a higher market share on the CPO side versus the transceiver front. Now that I guess you have more cells you have more visibility, any change on how you are thinking about content for CPO versus the transceiver business?

我認為之前你們討論過每個加速器的內容或每個 AI 伺服器的內容，這兩個機會基本上相當，而且在 CPO 方面擁有更高的市場份額比在收發器方面擁有更高的市場份額更有利。現在我想你們擁有了更多的基地台，視野也更開闊了，你們對於CPO的內容和收發器業務的內容有什麼看法上的變化嗎？

Yeah. I mean, it's exactly as you said. I mean, obviously, the dollars are lower for our lasers than they all would be if we were able to sell a transceiver. But given the strength of our product in the laser products, we have quite high market share. So in general, and Kathy's run the numbers for us a number of times, the math works out very favorably for us as CPO comes online.

是的。我的意思是，正如你所說。我的意思是，很顯然，如果我們能賣收發器的話，我們雷射的價格會比所有雷射的價格都低。但鑑於我們在雷射產品領域的優勢，我們擁有相當高的市場份額。所以總的來說，Kathy 已經幫我們計算過很多次了，隨著 CPO 上線，對我們來說，計算結果非常有利。

What I'll say, and I want to highlight again, what we said in our prepared remarks, which is new. There is an opportunity for us to participate now in something that looks like a module. This ELS, external like source and that is obviously a much higher ASP. Wupen and team are looking at that now. It looks like we can preserve very decent margins and attack that market at another step-up in terms of ASP. It's somewhere around 2, 2.5x content gain from a revenue standpoint as compared to just our lasers. Do you want to give two seconds of color?

我要說的是，而且我想再次強調，我們在準備好的演講稿中提到的內容是新的。現在我們有機會參與一個類似模組的專案。這個 ELS 是外部資源，顯然平均售價要高得多。吳彭和他的團隊正在研究這個問題。看來我們可以保持相當不錯的利潤率，並以更高的平均售價進入市場。從收入角度來看，與我們的雷射相比，內容增益約為 2 倍、2.5 倍。你想讓色彩閃耀兩秒鐘嗎？

Yeah. Certainly, thanks, Michael. Not only the pluggable ASP opportunity. But as we talked about earlier, actually the scale-up opportunity there, I think that's brand new, right? When we compare before the margin opportunity is [double] module opportunity versus CPO opportunity, it was a wash just from a scale out kind of a comparison.

是的。當然，謝謝你，麥可。不只是可插拔ASP的機會。但正如我們之前討論的那樣，實際上，那裡的規模化機會，我認為這是全新的，對吧？當我們比較先前利潤機會是[雙倍]模組機會與CPO機會時，僅從規模擴張的角度來看，兩者是持平的。

But now in a scale up opportunity here is a brand-new market that didn't exist before. So therefore, I would say that our overall market share on the scale out market, we'll be improving because our position in the laser front, and then by extension, the pluggable light source market. And then on top of that, when the scale up actually happens, then that's another big chunk of TAM that didn't exist before.

但現在，規模擴大的機會來了，這是一個以前不存在的全新市場。因此，我認為我們在橫向擴展市場上的整體市場份額將會提高，因為我們在雷射領域的地位，進而，在可插拔光源市場的地位也會提高。而且，當規模真正擴大時，那又會佔據之前不存在的另一大塊潛在市場規模。

And therefore, overall, I think this scale out and scale up with CPO will benefit us meaningfully going forward.

因此，總的來說，我認為與 CPO 合作進行規模擴張和規模化發展，將對我們未來的發展大有裨益。

Very helpful. Thank you so much.

很有幫助。太感謝了。

Thanks, Papa.

謝謝爸爸。

Thank you, Papa.

謝謝爸爸。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂費爾。

Yeah, thank you. Michael, apologies if you answered this already, but I just wanted to go back to the OCS momentum. And just thinking through the order backlog improving, is that still sort of relegated to a single customer and just sort of momentum at that customer? Are you seeing a broadening of orders from multiple customers?

是啊，謝謝。Michael，如果你已經回答過這個問題，我先道個歉，但我只是想回到 OCS 的話題。仔細想想訂單積壓情況的改善，這是否仍然局限於單一客戶，並且只是在該客戶那裡保持某種勢頭？您是否發現訂單越來越多來自多個客戶？

And I guess a follow-up for Wupen on that topic is just in terms of applications, what are some of the new applications for OCS that are coming up? And have you seen actual orders for things outside of maybe spine switch replacement and some of the other applications that you've already been delivering to? Thank you.

我想就此主題向 Wupen 提出一個後續問題，就應用方面而言，OCS 有哪些新的應用前景？除了脊椎開關更換以及你已經交付的其他一些應用之外，你有沒有看到其他實際訂單？謝謝。

Yes. Ruben, and thanks again for your support over the quarter. Appreciate some of the things you've helped us with. Number one, the strength in the backlog, and we did answer this previously, it is coming from multiple customers, not just one. We feel very good about our volumes in the business. This $400 million that we're talking about primarily deliverable in the back half of the year sets us up well above what we previously outlined, which was sort of $100 million exiting calendar Q4.

是的。魯本，再次感謝你本季以來的支持。感謝您在許多方面給予我們的幫助。第一，積壓訂單數量充足，我們之前也回答過這個問題，這些訂單來自多個客戶，而不僅僅是一個客戶。我們對目前的業務量非常滿意。我們所說的 4 億美元主要將在今年下半年實現，這使我們遠遠超過了先前概述的目標，即在第四季末實現 1 億美元。

So our run rate going into 2027 is quite a bit higher, and we would expect, obviously, in 2027 to do better again. So it is setting up for us nicely, it's broad-based, right? It's three customers are making up that backlog. And we are -- definitely have stepped on the accelerator relative to deliveries even this quarter to all three of those customers.

因此，我們2027年的運行率要高得多，而且我們顯然預計2027年會做得更好。所以這對我們來說是個不錯的開端，基礎很廣泛，對吧？積壓的訂單是由三位顧客造成的。而且，我們確實——在本季度加快了向這三位客戶的交付速度。

Wupen, on the applications, right? Again, fairly broad-based, but why don't you give some color to Ruben?

Wupen，是在申請方面，對吧？雖然範圍相當廣泛，但為什麼不給魯本加點色彩呢？

Yeah. I would say no changes to the applications. As you recall, I think we talked about before, they were primarily four different applications, right? One is the spine replacement, as you mentioned. One is the scale across applications we also talk about and two more are really the optical scale-up application and the full protection or redundancy in the network.

是的。我認為申請流程無需任何更改。你應該還記得，我們​​之前好像討論過，它們主要是四種不同的應用程序，對吧？正如你所提到的，其中之一是脊椎置換手術。一是跨應用的規模，我們還在討論；另外兩點是光纖擴展應用和網路中的全面保護或冗餘。

Actually, we see these applications in all the customers to different degrees. And therefore, I would say that these multiple customers are covering these four different use cases in the applications. I think there may be some other potential scenarios showing up. I would have been watching very, very closely. But these four to us today, they're the dominant application scenarios.

事實上，我們在所有客戶身上都不同程度地看到了這些應用。因此，我認為這些眾多客戶涵蓋了應用程式中的這四種不同的使用場景。我認為可能還會出現其他一些潛在情況。我會非常非常仔細地觀察。但對我們今天而言，這四個應用場景是主流的。

Great, thanks. Great. Just a very quick follow-up. Has anything changed with the way you guys are thinking about 800 gig versus 1.6 terabit module mix this year one way or the other? Is it accelerated towards 1.6T for any reason in terms of volumes from a single customer or multiple customers? Or is it relatively unchanged from how you're thinking about it 90 days ago? Thanks.

太好了，謝謝。偉大的。簡單跟進一下。今年你們對於 800G 與 1.6T 模組的組合方案，思路是否有所改變？是否有任何原因導致產量加速達到 1.6T？這種加速是基於單一客戶還是多個客戶的產量？或者說，你現在的想法和90天前相比，基本上沒有改變？謝謝。

Yeah, 1.6T is definitely stronger than we felt than we felt 90 days ago. So 1.6T is definitely accelerating. Our 800-gig volume actually is doing better than we would have expected. So an 800 gig that what you're seeing right now from us is an acceleration in revenue on our 800-gig shipments. But in the market, to your question, Ruben, 1.6T is definitely going better.

是的，1.6T 的效力確實比我們 90 天前感覺到的要強得多。所以1.6T肯定是在加速發展。我們800G的儲存空間實際運作情況比我們預期的要好。所以，您現在看到的是我們800G產品出貨量的收入正在加速成長。但就市場而言，魯本，回答你的問題，1.6T引擎的表現肯定更好。

We have exposure to a couple of customers, a couple of large customers on 1.6T. And we've been surprised by how quickly they're trying to push us to deliver and their forecast to us relative to the different SKUs that we're being asked to deploy. I mean, any different thoughts, Wupen?

我們接觸到幾個客戶，其中幾個是規模較大的客戶，訂單量達 1.6T。他們催促我們快速交付，並根據我們被要求部署的不同 SKU 向我們做出預測，這讓我們感到驚訝。我的意思是，Wupen，你還有其他想法嗎？

Yeah. Definitely, I think there are two factors there, right? So one is the -- it's still a very large market today. However, our market share of 1.6T, as Michael talked about earlier, is actually higher as we kind of get our act together on the development side. So we definitely are seeing for our business, 1.6T trend -- growth trend is a lot stronger than 800G, even though the 100G continue to be going forward, but the surge 1.6T business is coming our way for this calendar year.

是的。我覺得肯定有兩個因素，對吧？所以，第一點是──它仍然是一個非常大的市場。然而，正如邁克爾之前提到的，隨著我們在研發方面步入正軌，我們1.6兆美元的市佔率實際上更高。因此，就我們的業務而言，1.6T 的成長趨勢比 800G 的成長趨勢要強勁得多，儘管 100G 仍在繼續發展，但 1.6T 的業務激增將在今年到來。

Very helpful. Thank you, guys.

很有幫助。謝謝大家。

Thanks, Ruben.

謝謝你，魯本。

Thanks, Ruben. Kevin, I think we have time for just one more question.

謝謝你，魯本。凱文，我想我們還有時間再問最後一個問題。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

Hi, guys, thanks very much. I just wanted to kind of get in here and ask some questions about supply. It just seems like -- obviously, there's a tremendous amount of demand here. I know you guys have been trying to consolidate more and more of your manufacturing into the Nava facility down in Thailand. And I'm just curious about what that looks like right now, in terms of capacity -- available capacity in Nava.

嗨，各位，非常感謝。我只是想進來問一些關於供應方面的問題。顯然，這裡的需求非常巨大。我知道你們一直在努力將越來越多的生產環節整合到位於泰國的納瓦工廠。我只是好奇目前納瓦的可用產能情況如何。

Is it possible that you guys would look to outsource more given the demand you're seeing? Just walk us through kind of how you plan to ship all this product?

鑑於目前的需求情況，你們是否有可能考慮增加外包業務？請您簡要介紹一下您計劃如何運送所有這些產品？

Thanks. Yes, George, that is the right question. I mean, we have pivoted from a manufacturing strategy to really look at more contract manufacturing. We have stepped on the gas at Nava. We're doing everything we can to clear out some of our factory footprint actually in China to help us with some of the most important SKUs that we're going to be able to deliver to. So we've really tried to work to optimize our floor space that we have for the high-value products that we think we need to deliver.

謝謝。是的，喬治，你問對了問題。我的意思是，我們已經從以製造為主的策略轉向更多地關注合約製造。我們在納瓦站加大了油門。我們正在盡一切努力清理我們在中國的部分工廠，以幫助我們交付一些最重要的 SKU。因此，我們一直在努力優化現有的場地空間，以便更好地展示我們認為需要交付的高價值產品。

That being said, we simply don't have enough. I mean, right now, one of the significant challenges we're facing is in addition to fab capacity, which is well documented, there's our factory capacity and there, we're starting to look a lot more to contract manufacturers than we have in the past.

也就是說，我們根本就不夠用。我的意思是，目前我們面臨的一個重大挑戰是，除了晶圓廠產能（這一點已得到充分證實）之外，還有我們的工廠產能，因此，我們開始比以往更多地尋求代工製造商的幫助。

We did hire a new leader for our back-end operations that came from [Jabil]. He is very familiar with the contract manufacturing community. He and Wupen were actually meeting last week in Thailand, outlining a strategy by which we can move a lot more of our products to CM just to help us accelerate these various ramps.

我們確實為後端營運聘請了一位新的負責人，他來自…[捷普]他對代工製造業非常熟悉。他和 Wupen 上週在泰國會面，概述了一項策略，透過這項策略，我們可以將更多產品轉移到 CM，以幫助我們加快這些不同的產能爬坡。

We're facing so many challenges right now from a ramp perspective that to not rely on partnerships would be stupid.

從坡道建設的角度來看，我們現在面臨著許多挑戰，如果不依靠合作關係，那就太愚蠢了。

Got it. Then just one quick follow up. You mentioned the LTAs, I think more in the context of the EML supply that you have. if I look at the telecom business, I look at transceivers, other components in the business that are really sort of asymmetric in terms of supply and demand. Are you also putting LTAs into those product lines as well? I'm just curious, like, how much of the business is now covered with LTAs? Thanks a lot, guys.

知道了。然後還有一個簡短的後續問題。您提到了LTA，我認為您更多的是在討論您現有的EML供應情況。如果我審視電信業，我會關注收發器以及其他一些在供需方面存在嚴重不對稱的組件。你們是否也在這些產品線中加入了長期協議（LTA）？我只是好奇，現在有多少業務是透過長期協議（LTA）覆蓋的？非常感謝各位。

Yeah, we are. I mean, that is definitely been a pain point, because I think that there's been a lack of recognition from the historical telecom customers as to, you know, right now it's a seller's market. And so A couple of our key customers have been problematic around the LTAs and Wupen and I have been able to sort of get to a reasonable compromise with those customers.

是的，我們是。我的意思是，這絕對是一個痛點，因為我認為，傳統的電信客戶並沒有意識到，現在是賣方市場。因此，我們的一些主要客戶在 LTA 和 Wupen 方面遇到了一些問題，但我已經能夠與這些客戶達成某種合理的妥協。

But honestly, we'd like to do more there. I think there's more opportunity for us to increase price on the telecom customers than we have in the past. And we're going to look at that and pick some partners that really are working with us, quite frankly, better. And those customers, think, we're going to treat favorably. And we'll figure out how to service the rest with the volume that's left over.

但說實話，我們希望在那裡投入更多精力。我認為我們現在比過去更有機會提高電信客戶的價格。我們會認真考慮這一點，並挑選一些真正與我們合作得更好的合作夥伴。而這些顧客會認為，我們會給予他們優待。剩下的流量，我們會想辦法滿足其他顧客的需求。

Thank you.

謝謝。

Thank you, George.

謝謝你，喬治。

And that is all the time we have for questions. I will now turn the call back to Ms. Kathy Ta for closing remarks.

提問時間到此結束。現在我將把電話轉回給凱西·塔女士，請她作總結發言。

Thank you, Kevin. We look forward to connecting with you at upcoming investor conferences and meetings this quarter. I would also like to invite all of you to please take a moment to register for our upcoming investor briefing at OFC, which is taking place in Los Angeles on March 17. Whether you can join us in person or via our live virtual webcast, we look forward to seeing you there.

謝謝你，凱文。我們期待在本季即將舉行的投資者會議和洽談會上與您交流。我也想邀請各位抽出一點時間報名參加我們即將於 3 月 17 日在洛杉磯舉行的 OFC 投資者簡報會。無論您是親臨現場還是透過我們的線上虛擬直播參與，我們都期待與您相見。

And with that, I'd like to thank you for joining us today. This concludes today's call. Thank you for attending. You may now disconnect.

最後，感謝各位今天收看我們的節目。今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。