Lumentum Holdings Inc. (LITE) 2026 Q3 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Holdings third-quarter fiscal year 2026 earnings call. (Operator Instructions) Please also note today's event is being recorded for replay purposes. (Operator Instructions)

各位好，歡迎參加 Lumentum Holdings 2026 會計年度第三季財報電話會議。(接線員指示) 也請注意，今天的活動將錄音以供重播之用。(接線員指示)

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.

此刻，我想將電話會議交給投資人關係副總裁 Kathy Ta。Ta 女士，請開始。

Thank you, Melissa, and welcome to Lumentum's third-quarter 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.

謝謝你，Melissa，並歡迎參加 Lumentum 2026 會計年度第三季財報電話會議。我是 Kathy Ta，Lumentum 投資人關係副總裁。今天與我一同出席的有總裁暨執行長 Michael Hurlston；執行副總裁暨財務長 Wajid Ali；以及全球事業群總裁 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陳述，包括但不限於在 1995 年《證券訴訟改革法案》安全港條款下所作、關於我們未來營運結果、策略、趨勢，以及對我們產品與技術之預期的陳述。這些陳述存在風險與不確定性，可能導致實際結果與我們目前預期有重大差異，特別是我們向 SEC 提交文件中「風險因素」及其他部分所列之風險。

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 December 27, 2025, and in our most recent 10-Q for the fiscal quarter ended March 28, 2026, to be filed by Lumentum with the SEC.

我們鼓勵您查閱我們最近向 SEC 提交的文件，特別是截至 2025 年 12 月 27 日之會計季度 10-Q 中所描述的風險因素，以及 Lumentum 將向 SEC 提交、截至 2026 年 3 月 28 日之會計季度最新 10-Q 中所描述的風險因素。

The forward-looking statements provided during this call are based on Lumentum's reasonable beliefs and expectations as of today. Lumentum undertakes no obligation to update or revise these statements, except as required by applicable law.

本次電話會議中提供的前瞻性陳述係基於 Lumentum 截至今日之合理信念與預期。除非適用法律要求，Lumentum 不承擔更新或修訂這些陳述之義務。

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.

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與預測均為非 GAAP。非 GAAP 財務指標具有內在限制，不應孤立地看待，也不應視為依 GAAP 編製之財務資訊的替代品或更優者。您可在我們的新聞稿與向 SEC 提交的文件中，找到非 GAAP 與 GAAP 指標之間的調節表，以及我們使用非 GAAP 指標的相關資訊與可能影響我們財務結果的因素。

Lumentum's press release with the fiscal third-quarter results and the company's supplemental slides are available on our website at www.lumentum.com under the Investors section. We encourage you to review these materials carefully.

Lumentum 公布 2026 會計年度第三季業績的新聞稿以及公司的補充簡報投影片，可於我們網站 www.lumentum.com 的 Investors（投資人）專區取得。我們鼓勵您仔細閱讀這些資料。

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

接下來，我將把電話會議交給 Michael。

Thank you, Kathy, and good afternoon, everyone. Lumentum delivered an exceptional third quarter with revenue growing 90% year over year to a record $808 million. Top-line growth was primarily driven by our transceiver business and laser chips.

謝謝你，Kathy，各位下午好。Lumentum 在第三季交出卓越表現，營收年增 90% 至創紀錄的 8.08 億美元。營收成長主要由我們的收發器業務與雷射晶片所帶動。

Our revenue growth was impressive. Our non-GAAP operating margin was more so, expanding by over 2,100 basis points year over year, fueled by a rich product mix and strong operating leverage. The margin expansion was primarily driven by our industry-leading scale out portfolio.

我們的營收成長令人印象深刻。我們的非 GAAP 營業利益率更為亮眼，年增擴張超過 2,100 個基點，受惠於優質的產品組合與強勁的營運槓桿。此一利潤率擴張主要由我們具產業領先地位的 scale out 產品組合所驅動。

But another part of our story was our broad array of scale across products. As hyperscalers exhaust the power and space limits of individual data center buildings they are shifting to distributed architectures that link commute domains across disparate geographies. These scale across networks require high bandwidth synchronization across multiple data centers. To enable this we provide critical hardware components that provide high-density optical interconnects, while meeting aggressive power and performance targets.

但我們故事的另一部分，是我們在多項產品上的廣泛「跨域擴展（scale across）」能力。當超大規模雲端業者（hyperscalers）逐漸耗盡單一資料中心建築的電力與空間上限時，正轉向分散式架構，將跨不同地理區域的通訊域（commute domains）連結起來。這些跨域擴展網路需要在多個資料中心之間進行高頻寬同步。為了實現此目標，我們提供關鍵硬體元件，在達成嚴苛的功耗與效能目標的同時，提供高密度光互連。

Our pump lasers allow scale across architectures to amplify the light signal over 4, 8 or 16 fiber pairs simultaneously. Complementing this, our narrow linewidth lasers assemblies provide the precision required for 1.6T speeds and a higher order modulation, all within highly compact, pluggable form factors.

我們的泵浦雷射可讓跨域擴展架構同時在 4、8 或 16 對光纖上放大光訊號。與此互補的是，我們的窄線寬雷射組件可提供 1.6T 速度與更高階調變所需的精準度，且皆整合於高度緊湊、可插拔的外形規格中。

To manage all of this traffic, our wavelength selectable switches, or WSS, function as the optical traffic cops. WSS keeps traffic in the optical domain, bypassing the latency of electrical buffers while enabling the high port count essential for massive fiber routing between data center buildings. Looking forward, our emerging multi-rail technology will be vital for the increased parallel required by the massive fiber counts and scale across networks.

為了管理所有這些流量，我們的可選波長交換器（wavelength selectable switches，WSS）扮演光學交通警察的角色。WSS 讓流量維持在光域中，繞過電緩衝所帶來的延遲，同時支援資料中心建築之間大量光纖路由所必需的高埠數。展望未來，我們新興的 multi-rail 技術將對於因龐大光纖數量與跨域擴展網路所需的更高並行度至關重要。

While we have spent the last few calls, detailing our revenue growth drivers, it is important to outline the considerable role to scale across portfolio will play in our ability to expand gross and operating margins. As we look forward, we expect this part of our business to grow appreciably and with the supply/demand imbalance likely improve profitability at the same time.

雖然在過去幾次電話會議中，我們已詳細說明營收成長的驅動因素，但同樣重要的是，必須闡明 scale across 產品組合在我們擴大毛利率與營業利益率能力上將扮演的關鍵角色。展望未來，我們預期這部分業務將顯著成長，且在供需失衡可能持續的情況下，有望同時提升獲利能力。

Now let's look closer at the metrics to define our third quarter, starting with the components product category. Components revenue for the quarter was $533 million, reflecting a 20% sequential increase and 77% year-over-year growth. Shipments of our narrow linewidth laser assemblies grew for the ninth consecutive quarter, rising over 120% year over year, while pump laser shipments grew 80% year over year. These components remain effectively sold out for the foreseeable future and we are actively working to secure long-term agreements that will help offset anticipated capital expenditures.

現在讓我們更仔細檢視定義第三季表現的各項指標，先從元件產品類別開始。本季元件營收為 5.33 億美元，季增 20%，年增 77%。我們的窄線寬雷射組件出貨連續第九季成長，年增超過 120%；同時泵浦雷射出貨年增 80%。在可預見的未來，這些元件基本上仍處於供不應求、幾乎全數售罄的狀態；我們也正積極推動簽訂長期協議，以協助抵銷預期的資本支出。

Turning to laser chips. We achieved another quarterly company record in EML shipments led by 100 gig lane speeds. 200 gig EML revenue more than doubled sequentially. We continue to ship CW laser to 800 gig transceiver manufacturers. And starting in fiscal Q3, we began supplying CW lasers for internal use in our cloud transceiver business.

接著談雷射晶片。我們在 EML 出貨量方面再創公司單季紀錄，主要由 100G 單通道速率所帶動。200G EML 營收較前一季成長逾一倍。我們持續向 800G 收發器製造商出貨 CW 雷射。並且自會計年度第三季起，我們開始供應 CW 雷射供內部用於雲端收發器業務。

Our wafer capacity -- wafer fab capacity in Japan remains at a premium and is fully allocated to meet surging customer demand. We shipped twice the number of laser chips as we did in the same quarter last year and we are on track to achieve more than 50% growth in EML units by the December quarter of 2026 as compared to the December quarter of 2025.

我們在日本的晶圓產能——晶圓廠產能仍然非常吃緊，並已全數分配以滿足激增的客戶需求。我們本季雷射晶片出貨量為去年同期的兩倍，並且正按計畫在 2026 年 12 月季度達成 EML 單位數較 2025 年 12 月季度成長超過 50%。

Our ultra high power laser chip manufacturing ramp for CPO applications is also proceeding according to plan. We achieved sequential growth this quarter and are on schedule to both deliver meaningful revenue in our December quarter and fulfill the multi-hundred million dollar purchase order slated for the first half of calendar year 2027. In addition, our development work continues with multiple CPO customers through collaborations that leverage our laser chip technologies within a pluggable turnkey ELS module solution.

我們用於 CPO 應用的超高功率雷射晶片製造擴產爬坡也正按計畫進行。本季我們達成季增成長，並按進度在 12 月季度帶來具規模的營收，同時履行預計於 2027 年上半年（曆年）交付的數億美元採購訂單。此外，我們也持續透過合作案與多家 CPO 客戶推進研發工作，運用我們的雷射晶片技術，整合於可插拔的一站式 ELS 模組解決方案中。

In mid-March, we announced our acquisition of a fifth indium phosphide fab in Greensboro, North Carolina, which provides the capacity needed for years of future growth. At our grand opening ceremony held just days ago, we highlighted our commitment to US manufacturing and the significant job creation we expect to generate in the state.

在 3 月中旬，我們宣布收購位於北卡羅來納州格林斯伯勒（Greensboro）的第五座磷化銦（indium phosphide）晶圓廠，提供未來多年成長所需的產能。在幾天前舉行的盛大開幕典禮上，我們強調對美國製造的承諾，以及我們預期將在該州創造的可觀就業機會。

We onboarded the plant's team and plants to convert the facility from gallium arsenide to indium phosphide are well underway. Another positive note is that we expect to take advantage of a significant number of the tools that already exist in our Greensboro site.

我們已完成該廠團隊的導入，而將該設施由砷化鎵（gallium arsenide）轉換為磷化銦的工廠改造也正如火如荼進行中。另一項正面因素是，我們預期可善用格林斯伯勒廠區既有的相當數量設備工具。

Now I'll move to our systems product category. Systems revenue reached $275 million, representing a 24% sequential and 121% year-over-year increase. Cloud transceivers accounted for the lion's share of this growth, increasing over 40% sequentially as we successfully leveraged our expanded manufacturing footprint in Thailand.

接下來談系統產品類別。系統營收達 2.75 億美元，季增 24%，年增 121%。雲端收發器貢獻了此一成長的大部分，季增超過 40%，我們成功運用在泰國擴增的製造版圖。

In addition, we are poised to ramp 1.6T speed transceiver shipments in fiscal Q4 with a portion of this volume leveraging our own CW lasers. We are improving transceiver profitability through better yields and lower scrap rates. Despite these gains, supply constraints on critical components keep our shipments well below customer demand.

此外，我們已準備在會計年度第四季加速提升 1.6T 速度收發器的出貨，其中一部分出貨量將採用我們自有的 CW 雷射。我們正透過提升良率與降低報廢率來改善收發器獲利能力。儘管有這些進展，關鍵元件的供應限制仍使我們的出貨量遠低於客戶需求。

In OCS, the multiyear, multibillion-dollar purchase agreement we recently announced ensures sustained long-term growth. Our OCS ramp is largely on track, although our pace and slope are gained by the supply chain. We are experiencing considerable tightness in this product area due largely to the significant step-up in requested output. On the other hand, the number of new opportunities we are seeing for optical switches is putting tension on our road map, and we're having to make choices across the company in order to service them.

在 OCS 方面，我們近期宣布的多年期、數十億美元採購協議，確保了可持續的長期成長。我們的 OCS 擴產爬坡大致按計畫進行，但我們的速度與爬坡斜率受到供應鏈的限制。由於客戶要求的產出大幅提升，我們在該產品領域正面臨相當程度的供給吃緊。另一方面，我們看到光學交換器的新機會數量增加，正對我們的產品路線圖造成壓力；為了能夠服務這些機會，我們不得不在全公司範圍內做出取捨。

Rounding out our systems business, performance industrial lasers and cable access remains unit. Industrial lasers were approximately flat sequentially, and while cable access shipments declined on quarter due to customer and timing factors.

在系統業務方面，績效型工業雷射與有線接入維持穩定。工業雷射環比大致持平；而有線接入出貨量則因客戶因素與時點因素，較上季下滑。

Looking ahead to Q4, we expect to set another quarterly revenue record. We anticipate that over half of the sequential growth will stem from our components business. The remainder will be driven by the continued ramp of our systems portfolio, primarily through high-speed transceivers and additional contributions from OCS.

展望第四季，我們預期將再創單季營收新高。我們預期環比成長中，超過一半將來自元件業務。其餘成長將由系統產品組合持續放量所帶動，主要來自高速收發器，以及 OCS 的額外貢獻。

Our current numbers and guidance reflect continued success in EML lasers and our scale across components. We are seeing improved performance in our cloud modules business, which has grown significantly across the last few quarters.

我們目前的數字與財測反映出 EML 雷射的持續成功，以及我們在元件領域的規模優勢。我們看到雲端模組業務的表現有所改善，且在過去幾個季度已顯著成長。

In addition, while we are seeing initial contributions from both scale-out CPO and OCS, they are still relatively modest. Furthermore, our largest single growth driver, scale-up CPO, is still very much in its infancy. Taken together, this gives us confidence that we are very much on track to reach our $2 billion quarterly revenue goal as we articulated at our OFC events.

此外，雖然我們已看到 scale-out CPO 與 OCS 的初步貢獻，但目前仍相對有限。同時，我們最大的單一成長驅動力——scale-up CPO——仍處於非常早期的階段。綜合來看，這讓我們有信心：我們正如同在 OFC 活動中所闡述的，穩步朝著單季 20 億美元營收目標前進。

Now I'll hand the call over to Wajid.

接下來我把電話交給 Wajid。

Thank you, Michael. Third-quarter revenue of $808.4 million was above the midpoint of our guidance range and non-GAAP EPS of $2.37 was above our prior expectation range, demonstrating the leverage of our business model. GAAP gross margin for the third quarter was 44.2%. GAAP operating margin was 21.6%. GAAP net income was $144.2 million, and GAAP net income per share was $1.50.

謝謝你，Michael。第三季營收 8.084 億美元，高於我們財測區間的中點；非 GAAP 每股盈餘（EPS）為 2.37 美元，也高於我們先前的預期區間，展現了我們商業模式的槓桿效應。第三季 GAAP 毛利率為 44.2%。GAAP 營業利益率為 21.6%。GAAP 淨利為 1.442 億美元，GAAP 每股淨利為 1.50 美元。

Turning to our non-GAAP results. Third-quarter gross margin was 47.9%, which was up 540 basis points sequentially and up 1,270 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. The improvement in product mix was primarily driven by growth in data center laser chips.

接著看我們的非 GAAP 結果。第三季毛利率為 47.9%，環比提升 540 個基點、年增提升 1,270 個基點，主要受惠於我們多數產品線的製造稼動率提升、部分產品提價，以及有利的產品組合。產品組合的改善主要由資料中心雷射晶片的成長所帶動。

Third-quarter non-GAAP operating margin was 32.2%, which was up 700 basis points sequentially and up 2,140 basis points year on year, primarily driven by revenue growth in 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.

第三季非 GAAP 營業利益率為 32.2%，環比提升 700 個基點、年增提升 2,140 個基點，主要由元件產品的營收成長所驅動。在持續投資於服務雲端與 AI 客戶的關鍵研發計畫之際，我們也維持了優化商業模式所需的嚴格成本控管。

Third-quarter non-GAAP operating profit was $260.7 million, and adjusted EBITDA was $293.5 million. Third-quarter non-GAAP operating expenses totaled $126.2 million or 15.6% of revenue, an increase of $11.3 million from the second quarter and an increase of $22.8 million from the same quarter last year in support of expanding cloud opportunities.

第三季非 GAAP 營業利益為 2.607 億美元，調整後 EBITDA 為 2.935 億美元。第三季非 GAAP營業費用合計 1.262 億美元，占營收 15.6%；較第二季增加 1,130 萬美元，較去年同期增加 2,280 萬美元，以支援擴大的雲端機會。

Q3 non-GAAP SG&A expense was $47.8 million. Non-GAAP R&D expense was $78.4 million. Interest and other income was $9.6 million on a non-GAAP basis. Third-quarter non-GAAP net income was $225.7 million and non-GAAP net income per share was $2.37. Our diluted weighted shares for the third quarter was $95.2 million on a non-GAAP basis.

第三季非 GAAP 銷售、一般及行政（SG&A）費用為 4,780 萬美元。非 GAAP 研發（R&D）費用為 7,840 萬美元。以非 GAAP 基礎計算，利息及其他收益為 960 萬美元。第三季非 GAAP 淨利為 2.257 億美元，非 GAAP 每股淨利為 2.37 美元。我們第三季的稀釋加權股數為 9,520 萬股（非 GAAP 基礎）。

Turning to the balance sheet. During the third quarter, our cash and short-term investments increased by $2.02 billion to $3.17 billion, with the increase primarily driven by NVIDIA's direct investment in Lumentum. Our inventory levels increased by $62 million sequentially to support the expected growth in our cloud and AI-related revenue. In Q3, we spent $125 million in CapEx primarily focused on manufacturing capacity to support cloud and AI customers.

接著看資產負債表。第三季期間，我們的現金及短期投資增加 20.2 億美元至 31.7 億美元，增加主要來自 NVIDIA 對 Lumentum 的直接投資。我們的存貨水位環比增加 6,200 萬美元，以支援預期的雲端與 AI 相關營收成長。第三季我們的資本支出（CapEx）為 1.25 億美元，主要聚焦於製造產能，以支援雲端與 AI 客戶。

Turning to revenue details. Components revenue of $533.3 million increased 20% sequentially in Q3 and 77% year on year. Systems revenue of $275.1 million increased 24% sequentially in Q3 and 121% year on year.

接著看營收細項。元件營收為 5.333 億美元，第三季環比成長 20%，年增 77%。系統營收為 2.751 億美元，第三季環比成長 24%，年增 121%。

Now let me move to our guidance for the fourth quarter of fiscal '26, which is on a non-GAAP basis and is based on our assumptions as of today. We anticipate net revenue for the fourth quarter of fiscal year '26 to be in the range of $960 million to $1.01 billion. The $985 million midpoint would represent another new all-time quarterly revenue record for Lumentum.

接下來我說明 2026 會計年度第四季的財測；以下皆以非 GAAP 基礎呈現，並以我們截至今日的假設為基礎。我們預期 2026 會計年度第四季淨營收將落在 9.6 億至 10.1 億美元之間。以中點 9.85 億美元計算，將代表 Lumentum 再創歷史新高的單季營收紀錄。

We project fourth-quarter non-GAAP operating margin to be in the range of 35% to 36% and diluted net income per share to be in the range of $2.85 to $3.05. 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 102 million shares.

我們預估第四季非 GAAP 營業利益率將落在 35% 至 36% 之間，稀釋後每股淨利將落在 2.85 至 3.05 美元之間。我們的非 GAAP EPS 指引係以非 GAAP 年度有效稅率 16.5% 為基礎。上述預估亦假設用於非 GAAP 稀釋後盈餘計算的股數約為 1.02 億股。

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

以上，我把電話交回給 Kathy，開始問答環節。Kathy？

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

謝謝你，Wajid。（接線員指示）現在我們開始問答。

(Operator Instructions) Samik Chatterjee, JPMorgan. (Operator Instructions)

（接線員指示）Samik Chatterjee，摩根大通。（接線員指示）

Ryan Koontz, Needham & Co.

Ryan Koontz，Needham & Co.。

Can you hear me?

你們聽得到我嗎？

Yes, we can.

是的，聽得到。

Yes.

是的。

We do. Great. Maybe let's start with your strength in EMLs and laser supply. Clearly, demand is not a concern here, and you guys have just done an incredible job of executing.

聽得到。很好。或許先從你們在 EML 與雷射供應方面的強勁表現談起。顯然，需求不是這裡的疑慮，而你們在執行上做得非常出色。

What are the dynamics, both on the supply side as well as your ability to ramp production? Maybe give some color on kind of where you are in meeting demand, what the gap looks like as well as what are some of the puts and takes that you're battling with on a quarter-to-quarter basis?

在供給端的動態，以及你們提升產能、擴產爬坡的能力方面，情況如何？能否補充一些細節：你們目前在滿足需求上處於什麼位置、缺口大概長什麼樣子，以及你們在每一季之間需要應對的主要拉鋸因素有哪些？

Ryan, thanks for the question. Look, I think we're still chasing behind relative to demand. We are steadily increasing supply. I think we just gave the benchmark that we'd expect our supply line to increase 50% on year, meaning as measured from the December quarter to December quarter. So we're actually stepping up our supply in a pretty significant way.

Ryan，謝謝你的提問。我認為相對於需求，我們仍在後面追趕。我們正在穩步提升供給。我想我們剛才也給了一個基準：我們預期供應產線將年增 50%，也就是以 12 月季度到 12 月季度來衡量。因此，我們確實正以相當顯著的幅度提升供給。

That being said, as we said, kind of over and over again, we continue to lag demand. The supply-demand imbalance is probably even higher than we reported in our last call, somewhere greater than 30%. I think last time we gave a metric of 25% to 30%. We still seem to be behind significantly.

即便如此，正如我們一再提到的，我們仍持續落後於需求。供需失衡的程度可能甚至高於我們在上次電話會議中所提到的數字，可能超過 30%。上次我們給的指標是 25% 到 30%。目前看起來我們仍明顯落後。

We had conversations today with customers -- significant customers looking to really up their demand and get output from us, and we simply can't service that. So we are stepping up and doing everything we can to step that up. I think you know that story pretty well, but we continue to lag demand.

我們今天也與客戶——一些重要客戶——進行了對話，他們希望大幅提高需求並從我們這裡取得更多產出，但我們就是無法滿足。因此我們正在加快腳步，並盡一切所能來提升供給。我想你對這個故事已經很熟悉了，但我們仍持續落後於需求。

And is that largely in your own control? Sorry, Michael, largely in your own control in terms of executing against that and getting the equipment you need? Or do you have input that is a big challenge?

而這在很大程度上是在你們自己的掌控之中嗎？抱歉，Michael，我是指在執行這件事以及取得你們所需設備方面，是否主要由你們自己掌控？還是你們也面臨一些非常大的挑戰？

Yeah. Right now, it's largely within our own control. So some of these, for example, substrate shortages that's been reported out I think you know our story better than most, and that is that we've executed to long-term agreements that we feel leave us in pretty good shape on substrates.

是的。目前來看，這在很大程度上都在我們自己的掌控之中。所以其中一些，例如外界所報導的基板短缺，我想你比大多數人更了解我們的情況；我們的做法是簽訂了我們認為能讓我們在基板供應上保持相當良好狀態的長期協議。

That being said, I mean, the number of lasers that we're going to have to output, for example, at 2027, is really a massive step up just given the scale out and scale up demands that we're seeing in that timeframe. So it's -- certainly, near term, it's mostly on us. I think as we head into 2027, we're going to continue to have to work the substrates. I think we have that mostly under control. But we've got a lot of work to do to sort of catch up to demand at this point.

話雖如此，我是說，例如到2027年我們需要出貨的雷射數量，考量到我們在那個時間點看到的橫向擴展與縱向擴展需求規模，確實會是非常大幅度的提升。所以——當然，短期內主要取決於我們自己。我認為隨著我們邁向2027年，我們仍將需要持續處理基板供應。我想我們大致上已經把這部分掌控住了。但就目前而言，為了追上需求，我們還有很多工作要做。

That's great. And maybe on the scale across part, you really highlighted that as I think something that's -- the market opportunity is probably less appreciated with Lumentum. Obviously, you've got the kind of the components there among lasers, and you talked about the multi-rail opportunity.

很好。另外也許談談你提到的 scale across（跨向擴展）部分；我認為你把它強調為一個——市場對 Lumentum 的機會可能還沒有充分認知的領域。顯然，你們在雷射等元件方面具備基礎，而且你也談到了 multi-rail 的機會。

Can we expand on that in terms of where you fit in that supply chain, in that value chain? And then how big you size that opportunity as it moves to multi-rail application densification?

我們能否就此延伸一下，談談你們在那條供應鏈、價值鏈中所處的位置？以及當它走向 multi-rail 應用的密度提升時，你們如何評估這個機會的規模？

Yeah. Look, it's a significant opportunity. I think we chose this call to talk about it because I think it's a significant contributor to our margin enhancement. So we focused very much on sort of the four main growth drivers. I think you know those well. The transceiver business, OCS, optical scale-out and optical scale-up. We spend less time, I think, on our scale-across components, and they are actually big, big contributors to the gross margin line.

可以。你看，這是一個相當可觀的機會。我想我們選擇在這通電話中談它，是因為我認為它對我們毛利率提升會有顯著貢獻。因此我們非常聚焦在四個主要成長驅動因素上。我想你很清楚那些。收發器業務、OCS、光學 scale-out（橫向擴展）以及光學 scale-up（縱向擴展）。相較之下，我們花較少時間談 scale-across 元件，但它們其實是毛利率線上的重大、重大貢獻者。

As we look out right now, we are probably more constrained in this area than even EMLs, particularly on things like pump lasers, narrow linewidth lasers for sure. And both of those are going into the coherent subassemblies that drive a lot of the scale-across activity, the synchronization and high bandwidth that we mentioned in the prepared remarks.

就目前來看，我們在這個領域的產能限制，可能甚至比 EML 更嚴重，特別是在像是泵浦雷射、以及確定是窄線寬雷射這些項目上。而這兩者都會用在相干（coherent）子組件中，這些子組件驅動了我們在事先準備講稿中提到的許多 scale-across 活動、同步與高頻寬需求。

A multi-rail increases that content, right, because you've got more pumps that need to go into those. We are focused right now on ramping our pump capacity. We expect to make pretty appreciable step-ups. And at the right time, we'll give you some color around that. But those numbers are going up, from an output perspective, actually to a much greater degree than either EML output but we would expect to output a lot more of these here in the near term because there's a little bit less constraint on the fab that puts these out. So we have a little more ability to inflect that line.

multi-rail 會提高其中的內容量，對吧？因為你需要更多泵浦來放進去。我們目前正專注於提升泵浦產能。我們預期會有相當明顯的躍升。在適當的時機，我們會提供一些相關細節。但從出貨量的角度來看，這些數字的成長幅度其實遠大於 EML 的出貨增幅；而且我們預期在短期內會出貨更多這類產品，因為生產這些產品的晶圓廠（fab）限制相對較少。因此我們在推動這條產品線的成長拐點上，有更大的操作空間。

Wupen Yuen anymore on the sort of the multi-rail and how you think about it?

Wupen Yuen，你對 multi-rail 以及你們如何看待它，還有什麼補充嗎？

Yeah. So a couple of things, right? So first of all, the pump lasers actually goes into the optical amplifiers, right, at the -- we call it in client amplifiers at the sites. And that's where a lot of the traffic and then the density has to really increase, right, to get the traffic through. So that's one big areas of growth.

有的。所以有幾點，對吧？首先，泵浦雷射其實是用在光學放大器裡，對吧——在我們所說的客戶端放大器（client amplifiers）端點。而那裡正是大量流量匯聚之處，密度也必須大幅提升，對吧，才能把流量傳輸過去。所以那是一個很大的成長領域。

And frankly, the multi-rail opportunities are huge. And then with all the session plants that Michael talked about just now, the -- our view actually is that the material could be even bigger in that. So we don't yet have a full quantification. We'll share that when we are more ready. But we believe there's a huge opportunity for Lumentum to grow our business and gross margins.

坦白說，multi-rail 的機會非常巨大。再加上 Michael 剛才提到的所有 session plants（會話節點/站點）——我們的看法其實是，相關材料（用量/內容價值）可能會更大。所以我們目前還沒有完整量化。等我們準備得更充分時會再分享。但我們相信，這對 Lumentum 來說是推動營收成長與毛利率提升的巨大機會。

Samik Chatterjee, JPMorgan.

接下來是 JPMorgan 的 Samik Chatterjee。

Can you hear me now?

你們現在聽得到我嗎？

We can hear you now.

我們現在聽得到你了。

Samik you figure it out. You figured out the new button. Good, good. We know you're a smart guy.

Samik，你搞定了。你找到新的按鈕了。很好、很好。我們知道你很聰明。

Still learning. Still learning, Michael. Maybe on OCS, I know you mentioned sort of multiple customers that you're still working with and you had the customer announcement at OFC. Can you just talk about sort of where maybe the engagements are in terms of how close you are to finalizing additional sort of award wins on the OCS front?

還在學習。還在學習，Michael。也許談談 OCS。我知道你提到你仍在與多個客戶合作，而且你們在 OFC 做了客戶公告。你能否談談目前這些合作進展到什麼程度——在 OCS 方面，你們距離敲定更多新增的得標（award wins）大概有多近？

And do you see some of the wins being sizable compared to the -- what you announced at OFC, how should we think about the additional wins that you can sort of lock in? And how should we size them relative to the win that you announced at OFC? And I have a follow-up.

另外，你是否看到某些得標的規模會相較於——你們在 OFC 公布的那個更大？我們應該如何看待你們可能鎖定的其他得標？以及相對於你們在 OFC 公布的那個得標，我們應該如何評估其規模？我還有一個追問。

Yeah. I mean I think, look, we continue to work with the three customers that we've been talking to. Two of those three are making up the majority of the volume, as we've been saying.

好的。我是說，我想你看，我們持續與我們一直在談的那三家客戶合作。如同我們所說，其中三家裡的兩家占了大部分的量。

I think that we are really making progress now on sort of additional wins. I think it's too early to call when we would be able to talk to those. But I would say that they're quite sizable. We really are, as I said in the remarks, working the road map to add differentiation different port counts, different configurations to service these multiple opportunities, and these multiple opportunities are substantial.

我認為我們現在在推進更多新增得標方面確實有進展。我想現在要說我們何時能對外談這些，還太早。但我會說，這些案子規模相當可觀。正如我在講稿中提到的，我們正在推動產品路線圖以增加差異化——不同的埠數（port counts）、不同的配置——來服務這些多元機會，而這些機會的規模都很大。

They're on the order of what we've talked to relative to this backlog that we're seeing for 2027. So it is our biggest area. Wupen and the engineering teams are working aggressively to drive those new designs.

其量級大致與我們談到的、相對於我們看到的2027年積壓訂單（backlog）的規模相當。所以這是我們最大的領域。Wupen 和工程團隊正積極推動這些新設計。

Got it. Got it. Okay. Great. And for my follow-up, maybe I can ask you on the revenue guide a bit. You did deliver when I look quarter to quarter, like a $140 million increase and you're expecting that to accelerate as you get into the June quarter, which is in the backdrop of sort of the supply constraints that you're also dealing with.

了解。了解。好。很好。那我的追問，想請教一下你們的營收指引。如果我看你們逐季表現，你們確實交出了約1.4億美元的增量，而且你們預期進入6月季度時會加速成長；而同時你們也正面臨一些供應限制的背景。

So maybe if you can just sort of highlight which of the areas you see accelerating compared to the March quarter itself as you go into June? And where are the supply constraints may be impacting you more than others if you can sort of highlight that?

所以也許你可以說明一下，當你們進入6月季度時，相較於3月季度本身，你們看到哪些領域會加速？以及如果可以的話，哪些供應限制對你們的影響相對更大，能否也請你點出來？

Yeah. I think in the guide is contemplated, obviously sort of the basic business, meaning EMLs, we'd expect to go up. We'd expect to scale-across components to go up. We continue to increment OCS, so that will go up.

好的。我認為在指引中已經納入考量的，當然包括所謂的基本業務，也就是 EML，我們預期會上升。我們預期 scale-across 元件會上升。我們也會持續逐步增加 OCS，因此那也會上升。

But really, the big story is transceivers, right? That is going to be quite strong. And I think it's impressive to note that as you and I have talked about, our margins there are relatively challenged, but we expect to see margin improvement in the face of a growing transceiver business. So I think that's important to highlight.

但其實，最大的重點是收發器，對吧？那一塊會相當強勁。而且我覺得值得注意的是，正如你我先前討論過的，我們那邊的毛利率相對承壓，但我們預期在收發器業務成長的同時，毛利率會有所改善。所以我認為這點很重要，值得強調。

As we go into the back half of the year, that's one you're going to start seeing a much bigger contributions from OCS. In the fourth calendar quarter, you're going to see more contributions from the scale-out CPO. So there's a lot of things that begin to layer in.

隨著我們進入下半年，你會開始看到 OCS 的貢獻大幅增加。在曆年第四季，你會看到更多來自 scale-out CPO 的貢獻。所以有很多事情會開始一層一層疊加進來。

But specific to your question on the guide, I think the big headline is going to be transfers. We appear to be ahead on 1.6T. We see we executing relatively well. I think Wupen and the team have done a really, really good job turning around our designs.

但就你關於財測指引的問題而言，我認為最大的標題會是收發器。我們看起來在 1.6T 上進度領先。我們看到我們的執行相對到位。我認為 Wupen 和團隊在扭轉我們的設計方面做得非常、非常好。

Our constraint is going to be on transceivers. So we are -- we could ship quite a bit more in the guide, actually quite a bit more this quarter in the quarter we just completed. Certainly, quite a bit more in the guide have we not the supply constraints that we see. And as we detailed, there's electrical components are driving that, laser diodes are in that mix, right, which is necessitating the switch to our internal laser diodes.

我們的限制會在收發器上。所以我們——其實在指引中我們本可以出貨更多，甚至在我們剛結束的這一季也本可以出貨多得多。當然，如果沒有我們所看到的供應限制，我們在指引中本可以出貨多得多。而如我們所詳述的，是電性元件在驅動這個問題，雷射二極體也在其中，對吧？這也促使我們轉向使用自製的雷射二極體。

So there's quite a few things that are contributing there. But the main headline is we're under-shipping demand there quite significantly.

所以有相當多因素在其中造成影響。但主要重點是：我們在那裡的出貨量明顯低於需求。

Vijay Rakesh, Mizuho.

Vijay Rakesh，瑞穗。

Just a question on -- question back to the pump laser side on a scale across. Just wondering, given that demand pickup, obviously, it looks like those will be pretty hyper lasers as well. Just wondering, what is the mix of demand you're seeing going to scale across?

我有個問題——回到泵浦雷射那一端、關於 scale across 的擴展。想請教一下，考量到需求回升，顯然看起來那些也會是相當高功率的雷射。想了解你們看到的、用於 scale across 的需求組合是什麼？

And does that imply, given the significant pickup in demand with that and 1.6T is that you continue to see this supply-demand imbalance of 30% as you go through into next year as well? And I have a follow-up.

另外，鑑於那邊需求大幅回升以及 1.6T 的推進，這是否意味著你們在進入明年時也仍會看到約 30% 的供需失衡？我還有一個追問。

Yeah, Vijay, I mean, a couple of things I'd say. One, the constraints on lasers -- pumps are probably the biggest that we are -- it's somewhat unanticipated. I mean we haven't talked to you about this in the last couple of quarters, but it's somewhat unanticipated. It's hit us relatively suddenly and I don't even -- I don't think we've given a number of the supply demand imbalance, but it's certainly greater than that 30% number.

是的，Vijay，我想我會說幾點。第一，雷射——泵浦的限制可能是我們目前面臨的最大限制，而且有點出乎意料。我的意思是，我們在過去幾季沒有跟你談到這件事，但它確實有點出乎意料。它相對突然地衝擊到我們。我甚至——我不認為我們給過供需失衡的數字，但它肯定高於 30% 這個數字。

We are significantly under shipping demand. And we're having to make choices as to who we support. We're trying to be as fair and reasonable as possible, but we are having any choices as to how we allocate our pump demand.

我們的出貨量明顯低於需求。而且我們必須在支持哪些客戶上做出取捨。我們盡量做到公平合理，但我們確實必須在如何分配泵浦需求上做出選擇。

That being said, I think we're trying to ramp capacity here quickly. We have a plan to ramp capacity over the next four quarters that's coming out of our local facility here in the United States, our Rose Orchard facility. And we think we have room there to build some significant capacity. And we're obviously spending a lot of money on CapEx to try to enable that, as Wajid highlighted. So hopefully, that caught the gist of your question, Vijay.

話雖如此，我認為我們正試圖在這裡快速提升產能。我們有一個在未來四個季度提升產能的計畫，將由我們在美國本地的廠區——Rose Orchard 廠——來推動。我們認為那裡有空間建立相當可觀的產能。而且如 Wajid 所強調的，我們顯然正在投入大量資本支出（CapEx）來促成這件事。所以希望這有回答到你問題的要點，Vijay。

Yeah, sure. Just a quick follow-up, too. Back on the OCS side, and obviously, it looks like Google is now talking the V8 inference back with 1,152 TPUs and the trading back with 130,000 TPUs. Does that drive your OCS -- should drive a pretty nice uptick back to like the 300 radix, the 500 radix OCS racks into next year, right?

好的，當然。再快速追問一下。回到 OCS 這邊，顯然看起來 Google 現在在談 V8 推論，配置 1,152 顆 TPU，還有訓練端配置 130,000 顆 TPU。這是否會帶動你們的 OCS——應該會帶來相當不錯的上行，讓明年回到像 300 radix、500 radix 的 OCS 機櫃規模，對吧？

And it looks like you and Anthropic announcing a massive potential -- not Anthropic, but it looks like there's some information [noting] Anthropic could do $200 billion with Google, positive for you guys. But just wondering how you're looking at OCS into '27. '28.

而且看起來你們與 Anthropic 宣布了一個巨大的潛在——不是 Anthropic，但看起來有一些資訊[指出] Anthropic 可能與 Google 做到 2,000 億美元，對你們是正面。但想請教你們怎麼看 OCS 到 2027 年、2028 年。

Yeah. Look, I mean, we're not sort of commenting on specific customers and specific customer architectures. Based on what we know, I would say that Google is obviously doing very, very well in the market. I would say that Google is driving a lot of demand on our business, right? They're they are certainly one of our largest customers, and we benefited greatly from that relationship.

是的。你看，我們不太會評論特定客戶以及特定客戶的架構。就我們所知，我會說 Google 顯然在市場上表現非常、非常好。我會說 Google 正在為我們的業務帶來大量需求，對吧？他們當然是我們最大的客戶之一，而我們也從這段合作關係中獲益良多。

As we know it, as we understand it, the sort of the difference in V7 and V8, in terms of OCS goal, is a little bit. It's incremental. It's not that big, but we would expect, as you are correctly saying, that they are doing (technical difficulty) Look, hopefully, we can get engaged. I think it would drive significant upside for us, just given the expansion of our business as they look at V8.

就我們所知、就我們的理解，V7 和 V8 在 OCS 目標方面的差異不大。是增量式的。沒有那麼大，但我們預期，正如你說得沒錯，他們正在做（技術問題）你看，希望我們能夠參與其中。我認為這會為我們帶來顯著的上行空間，考量到他們在看 V8 時我們業務的擴張。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Maybe a couple of questions. Just you're expecting to supply some of the CW lasers into the transceivers, into the quarter. Just any kind of further commentary there on just the path and progression the in-sourcing of your own lasers into that piece of the transceiver portfolio? And then maybe just as a follow-up, just any kind of disclosure we could have in terms of obviously a great step-up in the gross margins, just on kind of like rough mix of pricing yield mix and kind of the contributions there.

很好。我可能有幾個問題。你們預期在本季會供應部分 CW 雷射到收發器中。想請你再多評論一下：把自家雷射內製導入到收發器產品組合那一塊的路徑與進展如何？然後作為追問，關於毛利率顯著跳升，是否能提供一些揭露，例如大致上價格、良率、產品組合等因素的粗略占比與貢獻？

Yeah. I mean I would say, Meta, maybe to the second question, on mix, it's sort of all of the above. I think the headline has been better factory absorption. I mean that helps I think our mix. And we made some big decisions here throughout the last year to drop certain product lines that are not margin beneficial. So we really worked on the portfolio to a great degree. And I think that helps considerably.

是的。Meta，我想就第二個問題、關於組合而言，算是以上皆是。我認為主要重點是工廠吸收率（factory absorption）更好。我的意思是，這我認為有助於我們的組合。而且在過去一年裡，我們做了一些重大決策，砍掉某些對毛利不利的產品線。所以我們在產品組合上做了很大程度的調整。我認為這有相當大的幫助。

And then, of course, there is price increases. Obviously, pricing, with this kind of supply-demand imbalance, is something that we consider, is something that where we see biggest areas of constraints, we have applied and we continue to think about applying. We think there's continued room, right? Gross margin is something that, as a management team, we have focused on tremendously.

然後，當然也有漲價。顯然，在這種供需失衡下，定價是我們會考量的事情；在我們看到限制最嚴重的領域，我們已經採取、也持續在思考採取相關措施。我們認為仍有持續的空間，對吧？毛利率是我們管理團隊極度聚焦的一件事。

And look, I think people have followed my history know that gross margin is super, super important. And although we're trailing what we've done in our previous instantiations. I do think there's a lot of room for improvement on the gross margin line.

而且你看，我想大家如果追蹤過我的經歷就知道，毛利率非常、非常重要。雖然我們目前仍落後於我們過去幾次的表現水準。但我確實認為毛利率這條線還有很大的改善空間。

Relative to the in-sourcing of the lasers, that's something that's driven by a margin, right? But we are forced to do that probably faster than -- and that forecast oscillated, as you know. I mean, you follow our story extremely closely.

至於雷射的內製，這是由毛利率所驅動的，對吧？但我們可能被迫比——而且如你所知，那個預測一直在擺盪。我的意思是，你非常密切地追蹤我們的故事。

We had initially forecasted some timing calendar Q2. We'd be introducing the lasers, then we backed off. You're seeing so much tension on the EML line but now we've seen a little bit of tension in our own supply line externally to get lasers from the external market, CW lasers. And as such, now we've allocated more of our fab capacity to CW lasers.

我們起初預測時程會落在日曆年第二季左右。我們原本會導入雷射，之後又先暫緩。你看到 EML 產線有很大的緊張，但現在我們也看到在我們自身對外供應鏈上出現一些緊張，因為要從外部市場取得雷射，也就是 CW 雷射。因此，我們現在已把更多晶圓廠產能分配給 CW 雷射。

I think in our mix, roughly as we think about it in this -- in the guide, it would be about 20% of our modules would have our own CW lasers. It still minority, but we'd expect to step that up through time and see some of the associated margin benefit as a result.

我想以我們的組合來看，大致上在這份指引中，我們約有 20% 的模組會採用我們自製的 CW 雷射。目前仍是少數，但我們預期會隨時間逐步提高，並因此看到一些相關的毛利率效益。

Papa Sylla, Citi.

Papa Sylla，花旗。

Congrats on the very strong results. Michael, I guess one -- a little bit longer-term question kind of on the CPO/scale-up opportunity. It seems like even at kind of you mentioned kind of the longer-term target and most of it may be more ultra-high-power lasers. But at a high level, it seems like there is also a real opportunity into becoming more kind of vertical and doing some more ELS type program (technical difficulty)

恭喜你們交出非常強勁的成果。Michael，我想問一個稍微偏長期、關於 CPO／擴產機會的問題。看起來即便是你提到的長期目標，其中大部分可能會是更偏向超高功率雷射。但從更高層次來看，似乎也有一個很實質的機會，朝更垂直整合的方向發展，並做更多類似 ELS 的專案。(技術問題)

Papa, I don't know -- hopefully, it's not us, but at least your line seems to be cutting out a bit. I didn't catch the last part of your question. Sorry for that.

Papa，我不確定——希望不是我們這邊的問題，但至少你的線路似乎有點斷斷續續。我沒有聽到你問題的最後一段。抱歉。

Is it better now?

現在有比較好嗎？

It's better now. We can hear you.

現在比較好了。我們聽得到你。

Yeah. Sorry about that. Yeah, I was just asking on just the opportunity around the kind of CPO kind of market. Most of it, it seems like you're mostly around the ultra high power lasers looking into maybe the second half of the year in 2027?

好。抱歉剛剛那樣。我主要是在問 CPO 這個市場周邊的機會。看起來你們大多聚焦在超高功率雷射，可能要到 2027 年下半年？

I'm just curious on the opportunity around kind of being more vertically integrated as well kind of providing more ELS type of product. I'm curious if you are also getting engagement from the same customers you are providing ultrahigh power lasers opportunities?

我也想了解在更垂直整合、同時提供更多 ELS 類型產品方面的機會。我好奇的是，你們是否也從同一批客戶那邊獲得互動與接洽——也就是那些你們正在提供超高功率雷射機會的客戶？

Yeah. Great question, Papa. And of course, I continue to thank you for following the company. Look, I think that on ELS we definitely have a very significant opportunity. And we have not -- we've only talked about opportunity there. I think we're getting ever closer to being able to convert and start thinking about that as part of our numbers.

是的。好問題，Papa。當然，也再次感謝你持續關注我們公司。你看，我認為在 ELS 方面我們確實有非常重大的機會。而我們目前還沒有——我們只談過那裡的機會。我覺得我們正越來越接近能夠把它轉化，並開始把它納入我們的數字來思考。

As we've outlined on previous calls, what I would say with ELS in particular, is the non-primary customer engagements are largely driven by ELS. Simply, the engineering teams there are less flier with optics. Although frankly, everybody is becoming a lot more conversed on optics. But our currency to engage those customers, at least initially, will be the ELS.

如同我們在先前的電話會議中所說，特別是在 ELS 上，我會說非主要客戶的接洽在很大程度上是由 ELS 所驅動。簡單來說，那些工程團隊對光學比較不那麼陌生。雖然坦白說，大家對光學的熟悉度都在大幅提升。但至少在初期，我們用來與那些客戶互動的「貨幣」，會是 ELS。

And so again, we've not really talked about as yet any significant wins there. I feel that's just around the corner, quite frankly, and it's something that at the right time, we'll be able to articulate more deeply. But in particular, as we expand the CPO horizon, we are going to need that vertical integration strategy that you asked in your question.

所以再說一次，我們目前還沒有談到任何在那方面的重大勝利。但坦白說，我覺得那已近在眼前，並且在適當的時間點，我們會能更深入地說明。尤其是，當我們擴展 CPO 的視野時，我們將需要你在問題中提到的那種垂直整合策略。

Got it. That's very helpful. And for my follow-up, maybe for you, again, Michael, as well. On the kind of supply front, kind of EML capacity, it seems like across the board, demand continues to be the strongest despite kind of the very strong effort you're making on raising supply, but we are also hearing kind of a lot of competitors also providing very large growth numbers.

了解。這非常有幫助。那我追問一下，也許同樣問你，Michael。在供應面、也就是 EML 產能方面，看起來整體需求仍然是最強的，儘管你們在提升供給上投入了非常大的努力，但我們也聽到很多競爭對手也在給出非常大的成長數字。

I'm just curious on the risk of oversupply, if any, I guess, where would you put the risk? Is it still very low at this point?

我想了解是否有供給過剩的風險；如果有的話，你會把風險放在哪裡？目前看起來風險仍然很低嗎？

I mean I feel it's low. We are engaging all sorts of transceiver customers right now. Wupen teams out doing that actually, as we speak, I just got a report in this morning from our sales leader and the discussion is merits around extending the long-term agreements that we already have. So if there was an expectation from our customers that they see a an oversupply of any kind of laser, whether the EML or CW laser, I just think there'll be a lot more reticence to engage in the kind of conversations we're having.

我的意思是，我覺得風險很低。我們現在正與各式各樣的收發器客戶接洽。Wupen 的團隊此刻也正在外面做這件事；我今天早上剛收到我們銷售主管的報告，討論重點是在延長我們既有的長期協議。所以如果客戶預期會出現任何雷射的供給過剩——不論是 EML 或 CW 雷射——我認為他們在參與我們目前這類對話時，會更為保留。

So yes, we're hearing the same things. I mean, we know that all -- everybody is trying to add supply, but the reality on the ground now seems to be quite a bit different. We definitely have some pricing flexibility, which would indicate that, that supply/demand imbalance isn't going to solve for a while. And we certainly are engaging and extending some of these long-term agreements that we currently have.

所以是的，我們也聽到同樣的說法。我們知道大家——所有人都在嘗試增加供給，但目前第一線的實際情況似乎差異很大。我們確實有一些定價彈性，這表示供需失衡短期內不會解決。而且我們確實正在洽談並延長目前的一些長期協議。

Ruben Roy, Stifel.

Ruben Roy，Stifel。

This is Sahej Singh on for Ruben Roy. Maybe just, Michael, tagging on to the LTAs that you're mentioning there. Even on the scale-across portfolio, you sort of outlined that pump lasers, narrow linewidth lasers, WSS. These are not only supply constrained, but real margin levers for you guys distinct from the four growth levers and nine consecutive quarter of narrow linewidth, I think you said 120% year on year and pump lasers at 80%. That's impressive, and you're still describing this as sort of an unanticipated bump up.

我是代 Ruben Roy 發言的 Sahej Singh。Michael，我想接著你剛提到的 LTA（長期協議）再問一下。即便在你所說的 scale-across 產品組合上，你概述了泵浦雷射、窄線寬雷射、WSS。這些不僅供應受限，對你們而言也是實質的毛利率槓桿，且不同於那四個成長槓桿；而且你提到窄線寬已連續九季，我記得你說年增 120%，泵浦雷射年增 80%。這很令人印象深刻，而你仍把這描述為某種未預期的上修。

And so you're talking about these LTAs. Maybe we can dive a little deeper there. You mentioned that the long-term agreements being negotiated are helping in some sense to offset CapEx. And I think that was what scale cross, but it sounds like more broadly.

因此你談到這些 LTA。也許我們可以更深入一點。你提到正在談的長期協議在某種程度上有助於抵銷資本支出（CapEx）。我想那是針對 scale-across，但聽起來更廣泛也是如此。

So could you maybe give us a sense of the structure? Are these prepayment sales in events maybe similar in maybe spirit, I would say, to the NVIDIA agreement? Or are they take-or-pay capacity reservations? Or are they volume commitments tied to ASP floors? How should we be thinking about the CapEx for the build by offshore? These agreements are effectively underwriting. I'll stop there, and I have one other.

所以你能否讓我們了解一下結構？這些是否是預付款式的銷售安排，在精神上可能類似 NVIDIA 的協議？或者是 take-or-pay 的產能預留？或者是與 ASP 底線綁定的量的承諾？我們應該如何看待為離岸建置所需的 CapEx？這些協議等於是在為其承作／背書。我先到這裡，我還有另一個問題。

Yeah, look, I mean, it's all of the above. We're in active discussions right now on our pump lasers. And again, we have sort of a finite amount of capacity and we're being asked to put on considerably more. And so we are talking to the major customers around trying to help, right, and put some skin in the game around the CapEx that we're going to try to lay out one.

是的，你看，我的意思是，上述都有。我們目前正就泵浦雷射進行積極討論。同樣地，我們的產能某種程度上是有限的，但客戶要求我們增加相當多的產能。因此我們正與主要客戶討論，嘗試讓他們協助——也就是在我們將要投入的 CapEx 上一起承擔一些責任。

That can entail prepayment. That can entail take-or-pay. That entail price increases. And Wupen's team is in active negotiation with all of the scale-across suppliers on how that looks. And again, as I say, we're -- we have some really big customers and important historical customers of ours involved in that, and we want to treat them obviously as fairly as we can. But it's really coming down to how these discussions play out as to how I think Wupen and his team think about the allocation.

這可能包含預付款。也可能包含 take-or-pay。也可能包含漲價。Wupen 的團隊正與所有 scale-across 的供應客戶積極協商，具體會是什麼樣子。再重申一次，我們有一些非常大的客戶、也是我們重要的長期歷史客戶參與其中，我們當然希望盡可能公平地對待他們。但最終還是取決於這些討論如何進展，Wupen 和他的團隊才會決定如何思考產能分配。

Understood. And for the second, as I read through the brand, the beat was really margin to beat and system sales, as you mentioned, was a driver and then seems to be so. And this is happening all while sort of the capacity story is happening and new programs are ramping. And then as we look to the next quarter, I think the margin story kind of gets a little washed out with the diluted shares jumping up. So maybe could you help frame the waterfall dynamics on margins right now?

了解。至於第二點，當我通讀品牌表現時，如你所提到的，超預期主要來自毛利率超預期以及系統銷售額，而這似乎確實是驅動因素。而這一切發生的同時，產能的故事也在推進，新專案也在爬坡。接著看下一季，我覺得毛利率的敘事可能會因為稀釋後股數跳升而有點被沖淡。所以你能否幫忙說明一下目前毛利率的瀑布圖（waterfall）變動動態？

I mean you set out the targets that you did during OFC and I think this sort of ties into, I believe, Meta asked a question around this as well. But the waterfall dynamics may be more across a matrix of product mix and the program ramps within those segments. How CapEx is dragging on that again on the build buy offshore sort of dynamic? And then maybe also on the volume versus ASP conversation that is becoming more and more prevalent on the supply constraint?

我的意思是，你們在 OFC 期間提出了你們設定的目標，我想這也和我相信 Meta 也問過的相關問題連在一起。但瀑布圖的動態可能更像是跨越產品組合矩陣，以及各細分領域內專案爬坡的情況。資本支出（CapEx）如何再次在其中形成拖累，尤其是在自建、外購、離岸等動態之下？另外，隨著供給受限的情況愈來愈普遍，關於出貨量相對於 ASP（平均售價）的討論，你也能談談嗎？

Yeah. Look, I mean, as we said, there are many, many contributing factors to our margin improvement. I think we've had a big step up. It's an area of focus for us. I think we're going to continue to work the margin line. It obviously comes from mix, and we keep making mixed decisions every single day, allocating for the most margin-rich parts of the portfolio. It comes from factory utilization, right? We've historically been underutilized. We're just now getting our utilization up to where it needs to be.

是的。你看，正如我們所說，有非常非常多的因素共同促成我們的毛利率改善。我認為我們已經有了很大幅度的提升。這是我們的重點關注領域。我認為我們會持續在毛利率這條線上努力。這顯然來自組合（mix），而且我們每天都在做組合決策，把資源配置到產品組合中毛利率最豐厚的部分。也來自工廠稼動率，對吧？我們過去一直稼動不足。我們現在才剛把稼動率提升到應有的水準。

As we've outlined, we have some of our fabs that are still underutilized. Some of the -- for example, our fab in the United Kingdom that now Wupen has put products in that we expect to see margin-contributing output from them and fixing some of the underutilization.

如同我們所說明的，我們有一些晶圓廠仍然稼動不足。例如，我們在英國的晶圓廠，現在 Wupen 已經把產品導入其中，我們預期會看到它們產出對毛利率有貢獻的出貨，並改善部分稼動不足的問題。

And then as we said, there are some price dynamics that are working in our favor. So we think there's a lot of room on the margin line. We gave a long-term target. We feel very comfortable with that. I think there is room from here to continue to really step up margin. We've been surprised to a certain extent, by how quickly we've been able to move up that margin line.

然後如我們所說，也有一些價格動態正朝對我們有利的方向發展。所以我們認為毛利率這條線仍有很大的提升空間。我們給出了長期目標。我們對此非常有信心。我認為從現在開始仍有空間持續大幅拉升毛利率。在某種程度上，我們也對毛利率提升的速度之快感到驚訝。

And again, people who know my history know that we had 30%-type moves in my last company. So it's not a total surprise that you'd be seeing this kind of step up on our margin line.

而且，再次強調，了解我過往經歷的人都知道，我在上一家公司曾經出現過 30% 這種幅度的提升。所以看到我們毛利率線出現這樣的躍升，其實也不算完全意外。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

Thanks for the question. And Michael, I am familiar with the margin focus you have. My question is actually, I think in your prepared remarks. You might have also mentioned some constraints around OCS. So I guess, first of all, I wanted to dig a little bit more into that.

謝謝讓我提問。Michael，我也知道你們對毛利率的重視。我的問題其實是，我想在你們的事先準備講稿裡。你們也提到 OCS 方面有一些限制。所以我想，首先我想再深入了解一下這部分。

But also at OFC, there were some Chinese competitors showing off some OCS boxes. I was wondering if you could speak to competition there, whether you think it's viable or whether you think the MEMS market might be yours for quite some time?

另外，在 OFC 上，有一些中國競爭對手展示了一些 OCS 盒子。我想請你談談那邊的競爭情況：你認為它是否可行？或者你認為 MEMS 市場可能在相當一段時間內都會是你們的天下？

Yeah, Chris. I appreciate that. Look, one, my colleague to the right, Wajid Ali, is personally responsible for getting the supply chain right on OCS. We've assigned that to one of the most important people in the company.

是的，Chris。謝謝你。你看，第一，我右手邊的同事 Wajid Ali，親自負責把 OCS 的供應鏈做到位。我們把這件事交給公司裡最重要的人之一來負責。

It's a challenge. Look, I mean, it's a big step up, right? We've gone in many instances, really from zero to a significant number very, very quickly. We think we have things under control. We've outlined this sort of $400 million that we could ship in the back half of the year. We think we have that under control.

這確實是個挑戰。你看，這是一個很大的躍升，對吧？在很多情況下，我們真的在非常短的時間內從零做到相當可觀的數量。我們認為我們已經把事情掌控住了。我們也說過，下半年我們可以出貨大約 4 億美元。我們認為這部分我們能掌控。

As we look into 2027 that number continues to step up. We think we have that under control, but we are definitely on a tight rope on this product line, right? It's probably our biggest ramp now, honestly, pump lasers, CPO, all of these things are keeping us away. The big three ramps are these pumps, right, OCS and the high-powered lasers. So we've got a lot of work on our hands. And the biggest single tight rope that we're walking probably is OCS.

展望 2027 年，這個數字還會持續往上。我們認為我們能掌控，但我們在這條產品線上確實是在走鋼索，對吧？老實說，這可能是我們目前最大的爬坡；泵浦雷射、CPO，所有這些事情都在牽動我們的注意力。三大爬坡就是這些泵浦、OCS，以及高功率雷射。所以我們手上有很多工作要做。而我們走得最緊的一條鋼索，可能就是 OCS。

I think relative to competition, we feel pretty good about our position. We really do. I think we feel like we're in a very, very strong position. That's not going to last forever, right? We know that. But I think certainly, in the next year, it's hard for me to imagine anybody is going to be able to ship one of these very innovative solutions.

至於競爭，我們對自己的位置感覺相當不錯。確實如此。我認為我們覺得自己處於非常非常強勢的位置。這不可能永遠持續，對吧？我們知道。但我認為至少在接下來一年，很難想像有人能夠出貨這類非常創新的解決方案。

We are also not standing still. We are working on cost reducing. We are working on some innovative solutions in our OCS, which increases the complexity of the decisions that I was outlining relative to what Wupen is facing, right? Because we've got a lot of new customer demands coming on.

我們也沒有停下腳步。我們正在做成本降低。我們也在 OCS 上推進一些創新方案，這也提高了我先前提到、相對於 Wupen 所面臨的決策複雜度，對吧？因為我們有很多新的客戶需求正在湧入。

And meanwhile, we are trying to focus on new architectures that would keep us in a leading position with MEPS, right? We do believe that, that's the right technology for us long term, but we do believe that there's cost we can take out, some litigations we make to continue to compete with these very innovative solutions.

同時，我們也在聚焦新的架構，以便讓我們在 MEPS 上保持領先地位，對吧？我們確實相信那是我們長期而言正確的技術路線，但我們也相信我們可以把成本再降下來，並做一些調整，持續與這些非常創新的解決方案競爭。

Excellent. And I do know you have your hands full with those three very large opportunities. But are there some more adjacencies for you guys to pursue?

很好。我也知道你們在那三個非常大的機會上已經忙得不可開交。但你們是否還有一些相鄰領域可以去追求？

I think it OCS, you talked about maybe full module design and assembly. I don't know if this would involve silicon photonics, chips, PICs, EICs, et cetera. Are there any other adjacencies or components that you may be able to absorb or organically create that you can bring into the organization as you look forward?

我想在 OCS 方面，你提到可能會做完整模組的設計與組裝。我不確定這是否會涉及矽光子、晶片、PIC、EIC 等等。往前看，還有沒有其他相鄰領域或元件，你們可能可以吸收進來，或以內生成長的方式打造，並納入組織之中？

Look, there's a ton of stuff that goes into these transceivers or into a CPO-based solution that say hey, we don't ship, right? PICs, photo diodes, right, laser drivers. There's a ton of stuff to your point. And we're looking at all of these areas. I mean, I think we have road maps that contemplate all sorts of different things around our strength in lasers. And I think there is quite a bit more that we can do around that.

你看，這些收發器或基於 CPO 的解決方案裡面，有非常多的東西是我們目前沒有出貨的，對吧？PIC、光電二極體、雷射驅動器。如你所說，確實有很多。我們正在評估所有這些領域。我的意思是，我認為我們有一些路線圖，會圍繞我們在雷射方面的優勢，去規劃各式各樣不同的事情。而我認為我們在這方面還能做得更多。

A previous question asked. And I'd say, again, on ELS, which is a vertically integrated module that your question sort of led to, we believe that there is significant opportunity there, right? We think that we can integrate up and take more of the dollars by generating a vertically integrated ELS. And I think as we engage on CPO, we're finding that to be a more convincing and shorter path to market than is just supplying lasers.

前面有人問到一個問題。我想再說一次，關於 ELS——這是一個垂直整合的模組，你的問題某種程度上也引導到這裡——我們相信那裡有很大的機會，對吧？我們認為透過打造垂直整合的 ELS，我們可以往上整合，取得更多的價值份額。而且我認為，當我們在 CPO 上進行合作時，我們發現這比起只供應雷射，是一條更有說服力、也更短的上市路徑。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券。

This is Michael Mani on for Vivek Arya. My first question is on the transceiver business. Number one, how large would it have been if you had been able to address all the demand that you saw in the quarter? Or if you could peg that number relative to the 30% overall imbalance for the entire company.

我是代替 Vivek Arya 的 Michael Mani。我的第一個問題是關於收發器業務。第一，如果你們能夠滿足本季看到的所有需求，規模會有多大？或者，若以全公司整體 30% 的供需失衡來對照，你們會如何量化這個數字？

And then on 1.6T specifically, you talked about how the margin structure is a bit challenged and it's a work in progress. But as we move into 1.6T, what we're hearing from many of the suppliers in the ecosystem, is that the margins are just significantly better maybe led by pricing. So to what extent does that transition that's happening in the next quarter or two help your margin structure for transceivers?

接著針對 1.6T，你提到毛利結構有些吃緊，仍在改善中。但隨著我們邁向 1.6T，我們從生態系許多供應商那裡聽到的是，毛利其實顯著更好，可能主要由定價帶動。那麼，未來一到兩季正在發生的這個轉換，在多大程度上能改善你們收發器的毛利結構？

Yeah. I mean, on the first one, I don't think that we've given a figure of merit around our own transceiver imbalance. It was significant. I mean, we had a lot of demand that was placed on us, and we simply weren't able to ship largely due to supply constraints.

是的。就第一個問題而言，我不認為我們曾就自身收發器的供需失衡提供過一個量化指標。但確實很顯著。我們收到大量需求，但由於供應受限，我們基本上無法出貨。

The 30% number that I gave is on our EMLs, right? So it's a supply and imbalance not relative to our whole business, it's on that particular line of business. I would say here, the supply-demand imbalance on our own transceivers were somewhere in that ZIP code, but it was definitely appreciable though I don't know that we've calculated that.

我提到的 30% 是針對我們的 EML（電吸收調變雷射），對吧？所以那是供應與需求的失衡，並不是相對於我們整體業務，而是針對那一條產品線。我會說，我們自家收發器的供需失衡大概也在那個範圍內，但確實相當明顯，只是我不確定我們是否有精算過。

I think the second part of your question, we -- what was the second part was 1.6T. No doubt, right? The margins are definitely better. I would say that, too.

我想你問題的第二部分，我們——第二部分是 1.6T 對吧。毫無疑問。毛利確實更好。我也會這麼說。

When I said the margins are challenging our transceiver business, as we've outlined over and over at is definitely a challenge for us on the margin line. I think we are underperforming peers. We have room to grow. We're getting better.

當我說我們收發器業務的毛利具挑戰性時，正如我們一再說明的，毛利線確實是我們的挑戰。我認為我們的表現落後同業。我們還有成長空間。我們正在變得更好。

I think we are -- we've certainly gotten the lead in terms of design. And now in terms of margin, I think we're improving, we still try. That being said, to your point, 1.6T definitely better structurally from a margin standpoint, is definitely better than 800 gig. So there's definitely -- we will see a step-up in our margin line. We have room as a unique Lumentum entity to do better and we will do better.

我認為我們——在設計方面我們確實已取得領先。而在毛利方面，我認為我們正在改善，但仍在努力。不過如你所說，從毛利結構來看，1.6T 的確更好，確實優於 800G。因此我們的毛利線一定會看到一個上台階的提升。作為獨特的 Lumentum 主體，我們還有空間做得更好，而且我們會做得更好。

And for my follow-up on OCS specifically. You said you're still constrain maybe that's more due to your current output right now relative demand. How do you think about engaging with more contract manufacturers? I know you mentioned that on the OFC, but where are you in that process? Maybe not just for OCS before other product areas as well?

我追問一下，特別是關於 OCS。你說你們仍然受限，可能更多是因為目前產出相對於需求。你們如何看待與更多代工製造商合作？我知道你在 OFC 有提到，但你們目前進展到哪一步？也許不只針對 OCS，其他產品領域也是？

And then within OCS specifically, how do you think getting the demand you're seeing for multiple customers, maybe multiple different applications and multiple types of products between medium radix, high radix products, how do you think about prioritizing all those different sources of demand, right, or applications based on your own competitiveness or share?

另外在 OCS 方面，面對你們看到的多家客戶需求、可能多種不同應用，以及介於中等 radix、高 radix 產品等多種產品類型之間，你們如何思考在這些不同需求來源或應用之間做優先排序？也就是說，基於你們自身競爭力或市占的考量？

Yeah. Look, I'm going to answer the first part of it, right, just in the interest of time and to get some more questions. I think one of the levers we do have is contract manufacturing. We have historically in-sourced everything. And we found that working with good contract manufacturers of which there are several, we can actually improve our margins.

是的。你看，為了時間起見、也讓大家能多問幾個問題，我先回答第一部分。我認為我們確實有一個槓桿是委外代工（contract manufacturing）。我們過去一直把所有事情都內製。而我們發現，與幾家優質的代工製造商合作，實際上可以提升我們的毛利。

So as we have started to shift, and we're early in those innings, back to a contract manufacturing base we would actually expect to see improvement in our margins. The margins that we pay to those contract manufacturers are more than offset by the efficiency and cost benefit that they can drive on common components. So that ends up being a lever for us.

因此，當我們開始轉向——而且我們才剛進入早期階段——回到以代工製造為基礎時，我們預期毛利會有所改善。我們支付給代工製造商的毛利，會被他們在共通元件上帶來的效率與成本效益所抵銷，甚至超過。所以這對我們而言是一個槓桿。

So Melissa, I think we have time for one more question.

所以 Melissa，我想我們還有時間再問一個問題。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

I guess I have to say apologies if this part have been asked. Hopefully, it hasn't been. But Michael, you announced -- I think it was last week, the opening of the Greensboro -- new Greensborough facility that you recently purchased. I think it was also in the press release that, that capacity was new.

如果這部分已經有人問過，我先說聲抱歉。希望還沒有被問到。不過 Michael，你上週宣布——我想是上週——你們最近買下的 Greensboro——新的 Greensborough 設施正式啟用。我也記得新聞稿提到，那個產能是新增的。

And I think it -- this is a clarification. Is it also incremental to the revenue projections that you gave at OFC. So could you clarify that? And then also, what's a good way to think about the capacity potential coming out of Greensboro.

我想確認一下。這是否也會增量反映在你們在 OFC 提供的營收預測之上？所以能否請你澄清？另外，該如何理解 Greensboro 可帶來的產能潛力？

Yeah. I mean, look, that is not in our numbers, right? It is very, very significant. I think what we've said is that we will have a massive supply/demand imbalance on CPO. It's going to be very, very significant.

是的。我的意思是，你看，那並沒有包含在我們的數字裡，對吧？那是非常、非常重大的。我想我們說過，在 CPO 上我們會面臨巨大的供需失衡。那會非常、非常顯著。

We've seen multibillion-dollar orders that we've characterized on previous calls, come in mostly on scale-out. We expect to scale up to be significantly more than that in terms of revenue opportunity. I think it's going to be somewhere greater than $5 billion of incremental revenue that we can add if we execute properly.

我們已看到我們在先前電話會議中提到的、數十億美元規模的訂單進來，主要是在 scale-out。我們預期在營收機會方面，scale-up 會顯著高於那個水準。我認為如果我們執行得當，我們可以新增某個高於 50 億美元的增量營收。

Now what I would say is the Greensboro fab is not going to come online until 2028. So we've sort of set expectations that sort of in the early 2028 line. We start to be adding that incremental revenue. So we're still six or so quarters away from seeing significant contribution from Greensboro.

不過我要說的是，Greensboro 的晶圓廠要到 2028 年才會上線。所以我們已經設定了預期，大概是在 2028 年初那個時間點。我們才會開始加入那部分的增量營收。因此，距離看到 Greensboro 的顯著貢獻，還大約有六個季度左右。

Thank you for your questions. I will now turn the call back to Kathy for closing remarks.

感謝各位的提問。我現在把電話交回 Kathy 做結語。

Thank you, Melissa. That is all the time we have for questions, and we look forward to connecting with you at upcoming investor conferences and meetings throughout this next quarter. And with that, I'd like to thank you for joining us today.

謝謝你，Melissa。我們的提問時間就到這裡，並期待在接下來這一季的投資人會議與各項會面中與各位交流。最後，感謝各位今天加入我們。

This concludes today's call. Thank you for attending.

今天的電話會議到此結束。感謝各位出席。