Lumentum Holdings Inc. (LITE) 2026 Q4 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Holdings fourth-quarter And 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 會計年度第四季暨全年財報電話會議。(接線員指示) 另請注意，今日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, Matthew, and welcome to Lumentum's fiscal fourth-quarter and full 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，Matthew，並歡迎各位參加 Lumentum 2026 會計年度第四季暨全年財報電話會議。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. We encourage you to review our most recent filings with the SEC, particularly the risks described under Risk Factors and elsewhere in our 10-Q for the fiscal quarter ended March 28, 2026, and in our most recent 10-K for the fiscal year ended June 27, 2026, to be filed by Lumentum with the SEC.

今日電話會議將包含前瞻性陳述，包括但不限於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等陳述；此等陳述係依據 1995 年《私人證券訴訟改革法案》(Securities Litigation Reform Act of 1995) 的安全港條款作出。這些陳述受風險與不確定性影響，可能導致實際結果與我們目前預期有重大差異。我們鼓勵各位查閱我們最近向美國證券交易委員會（SEC）提交的文件，特別是截至 2026 年 3 月 28 日止會計季度之 10-Q 中「風險因素」及其他章節所述風險，以及截至 2026 年 6 月 27 日止會計年度之最新 10-K（將由 Lumentum 向 SEC 提交）。

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. 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 and are not to be considered in isolation form or as a substitute for or superior to financials prepared in accordance with GAAP.

本次電話會議中所提供的前瞻性陳述，係基於 Lumentum 截至今日之合理信念與預期。除非適用法律另有要求，Lumentum 不承擔更新或修訂此等陳述之義務。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 財務指標具有固有限制，不應單獨視之，亦不應作為依 GAAP 編製之財務資訊的替代、或被視為優於 GAAP 財務資訊。

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 fourth quarter and full year 2026 results and accompanying supplemental slides are available on our website at investor.lumentum.com. We encourage you to review these materials carefully.

您可在我們的新聞稿及向 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 指標之相關資訊與可能影響我們財務結果的因素。Lumentum 2026 會計年度第四季暨全年業績新聞稿與隨附補充簡報投影片，可於我們網站 investor.lumentum.com 取得。我們鼓勵各位仔細閱讀這些資料。

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

接下來，我把電話交給 Michael。

Thank you, Kathy, and good afternoon, everyone. Lumentum is positioned at the heart of a secular industry shift. As AI compute workloads increased in both speed and bandwidth, data center architects are turning to optical links as a primary means of connectivity. Our fourth quarter results reflect the early stages of this transition, driven by broad-based momentum across our scale-out and sell across product lines. Revenue surged 109% year-over-year to $1.01 billion, marking our eighth consecutive quarter of top line growth.

謝謝你，Kathy，各位下午好。Lumentum 站在一場長期結構性產業轉變的核心位置。隨著 AI 運算工作負載在速度與頻寬上同步提升，資料中心架構師正轉向以光學連結作為主要的連線方式。我們第四季的業績反映了這項轉變的早期階段，動能來自我們 scale-out 與 sell across 產品線的廣泛推進。營收年增 109% 至 10.1 億美元，為我們連續第八個季度營收成長。

Additionally, we are maintaining revenue velocity as we saw our third consecutive quarter of greater than 20% sequential growth notable as the compare point is getting ever larger. While we experienced broad-based success, some of our previously highlighted growth drivers are just starting to layer in. Notably, in cloud transceivers, we achieved record 800 gig shipments, while initiating production of our next-generation 1.6T modules.

此外，我們持續維持營收成長動能，連續第三個季度季增超過 20%，且值得注意的是比較基期正變得愈來愈大。雖然我們在多個面向都取得成功，但先前我們強調的部分成長動能才剛開始逐步疊加。尤其在雲端收發器方面，我們達成 800G 出貨量創新高，同時啟動下一代 1.6T 模組的量產。

In OCS, we successfully navigated supply chain constraints to meet steep customer demand, ramping internal manufacturing shipments according to plan. In addition to strong top line performance, non-GAAP gross margin crossed 50%. We had originally targeted this threshold at a $2 billion quarterly run rate. So this milestone came quite a bit sooner than expectations. We expect gross margin expansion to continue driven by product mix and tight operational execution. Non-GAAP operating margins expanded by more than 2,150 basis points year-over-year. These results prove two things: Our differentiated technology commands premium value and our operating model delivers outsized leverage. Driven by sharp acceleration in AI revenue, the midpoint of our Q1 revenue guidance reaches our $1.25 billion target more than 1 quarter ahead of schedule. Additionally, our Q1 non-GAAP operating margin guidance exceeds the high end of our target model that we associated with this revenue level.

在 OCS 方面，我們成功克服供應鏈限制以滿足客戶強勁需求，並依計畫提升內部製造出貨。除營收表現強勁外，非 GAAP 毛利率也突破 50%。我們原先是以單季 20 億美元的營收年化水準作為達成此門檻的目標。因此，這項里程碑比預期提早了不少。我們預期在產品組合與嚴謹的營運執行帶動下，毛利率擴張將持續。非 GAAP 營業利益率年增超過 2,150 個基點。這些結果證明兩件事：我們差異化的技術具備溢價價值，而我們的營運模式能帶來更高的槓桿效益。在 AI 營收大幅加速的帶動下，我們第一季營收指引的中位數將達到 12.5 億美元目標，較原計畫提前超過一個季度。此外，我們第一季非 GAAP 營業利益率指引也高於我們在此營收水準所對應之目標模型上緣。

I'd like to address some recent market noise around co-packaged and near-packaged optics. First, our lead CPO customers' production plans remain very much on track and their demand signal has increased since our last update. Our visibility into the timing of CPO scale-up deployments is also sharpened. We remain confident in a demand ramp for our ultra high-power laser chips in the second half of calendar 2027 ahead of customer scale up deployments in calendar 2028. Because the first phase of scale-up optical connections will span across compute racks within the cluster, this demand ramp applies to any topology larger than one rack. Adding to our confidence, we have recently given our first external line source or ELS module purchase for delivery by the second half of calendar 2027.

我想回應近期市場對共封裝（co-packaged）與近封裝（near-packaged）光學的一些雜音。首先，我們主要 CPO 客戶的量產計畫仍然非常按部就班，且自上次更新以來，其需求訊號有所提升。我們對 CPO 規模化部署（scale-up deployments）時程的能見度也更加清晰。我們仍有信心，超高功率雷射晶片的需求將於 2027 年下半年開始爬升，並在客戶於 2028 年進行規模化部署之前先行發生。由於規模化光學連結的第一階段將跨越叢集內的運算機架（compute racks），因此，只要拓撲結構大於單一機架，這波需求爬升就適用。進一步強化我們信心的是，我們近期已取得第一筆外部光源（external line source，或 ELS）模組採購訂單，預計於 2027 年下半年交付。

Second, the rest of our customer base is currently prioritizing near-packaged architectures as an intermediate step to the eventual adoption of CPO. The NPO opportunity is completely additive for us, significantly increasing optical TAM. We're seeing strong NPO momentum across multiple high-velocity engagements using our differentiated laser chips. Even our largest CPO customer is looking at NPO for specific new use cases further increasing the optical TAM at that account. These architectural shifts represent a major market inflection that plays directly to our core strengths as a premier laser chip manufacturer, benefiting us as optics begin to penetrate the copper domain.

第二，我們其餘客戶目前正將近封裝架構（NPO）視為最終採用 CPO 前的中間步驟並優先推進。NPO 的機會對我們而言是完全增量的，將顯著擴大光學的可服務市場總量（TAM）。我們看到多個高速度合作案正使用我們差異化的雷射晶片，NPO 動能強勁。即便是我們最大的 CPO 客戶，也正針對特定新使用情境評估 NPO，進一步擴大該客戶的光學 TAM。這些架構轉變代表市場的重要拐點，正好契合我們作為頂尖雷射晶片製造商的核心優勢；隨著光學開始滲透原本由銅互連主導的領域，我們將因此受益。

NPO offers a faster time-to-market option by placing optical engines on the board right next to the XPO accelerator, training power and costs for simplicity and optical scale-up applications. Customers are evaluating two types of laser chips for NPO. In mid-power laser integrated directly with the optical engine and a high-power laser used in an external light source module.

NPO 透過將光學引擎放置在電路板上、緊鄰 XPO 加速器，提供更快的上市時間選項，並在簡化與光學 scale-up 應用上，於功耗與成本之間取得權衡。客戶正在為 NPO 評估兩種類型的雷射晶片。一種是中功率雷射，直接整合於光學引擎；另一種是高功率雷射，用於外部光源模組。

Our mid-power lasers inherent the reliability and engineering of our flagship high-power platform. Our family of NPO and CPO lasers utilizes common design and process know-how to achieve industry-leading efficiency across 120 milliwatt, 150-milliwatt and 400-milliwatt output levels. Looking ahead, CPO continues to be viewed as the natural end state on the technology road map, placing optics directly on the substrate or interposer for maximum power efficiency through foundry-level advanced packaging.

我們的中功率雷射承襲了旗艦高功率平台的可靠性與工程設計。我們的 NPO 與 CPO 雷射產品家族採用共通的設計與製程 know-how，在 120 毫瓦、150 毫瓦與 400 毫瓦輸出等級上達成業界領先的效率。展望未來，CPO 仍被視為技術路線圖上的自然終局狀態，透過晶圓代工等級的先進封裝，將光學直接置於基板或中介層（interposer）上，以達到最高的功率效率。

Now let's look closer at the metrics to define our fourth quarter, starting with the components product category. Components revenue for the fourth quarter was $649 million, reflecting 22% sequential and 103% year-over-year growth increases. Our laser portfolio continues to demonstrate strong momentum across every vector. Shipments of our narrow linewidth laser assemblies grew sequentially for the tenth consecutive quarter, and we were up over 130% year-over-year. Pump laser shipments surged more than 80% year-over-year, and we will remain effectively sold out for the foreseeable future despite our rapid capacity expansion.

現在讓我們更仔細地檢視用以界定第四季表現的各項指標，先從元件產品類別開始。第四季元件營收為6.49億美元，較前一季成長22%，較去年同期成長103%。我們的雷射產品組合在各個面向持續展現強勁動能。我們的窄線寬雷射組件出貨量已連續第十個季度呈現季增，且較去年同期成長超過130%。泵浦雷射出貨量較去年同期大增逾80%，儘管我們正快速擴充產能，未來可預見的一段時間內仍將維持幾乎全數售罄的狀態。

Expanding, inferencing and training applications are driving full rate connectivity between data centers, while political and regulatory constraints favor smaller, more modular builds. These two factors among others are substantially increasing the demand for our pump laser solutions. To put this in perspective, for one major hyperscaler, the network capacity connecting just two AI data center sites could double the total global backbone capacity they built over the entirety of the last decade.

擴展（scaling）、推論與訓練等應用正推動資料中心之間以滿載速率進行互連，同時政治與監管限制則偏好更小型、更模組化的建置。上述兩項因素及其他因素，正大幅提升市場對我們泵浦雷射解決方案的需求。為了具體說明，對某一家主要超大規模雲端業者而言，僅連接兩個AI資料中心站點的網路容量，就可能相當於他們在過去十年所建置的全球骨幹總容量的兩倍。

To support the growth and scale across deployments, we have secured multiple long-term customer agreements that helped offset our planned capital expenditures. We continue to expect a fourfold increase in our pump laser shipments over the next several quarters to meet this escalating demand.

為支援各項部署的成長與規模化，我們已取得多項長期客戶協議，有助於抵銷我們規劃中的資本支出。我們仍預期在未來數個季度內，泵浦雷射出貨量將增加至目前的四倍，以滿足這項持續升溫的需求。

Turning to laser chips. We delivered another record-breaking quarter for EMLs, primarily driven by strong demand for 100-gig per lane devices. Momentum for our 200-gig EMLs is also accelerating rapidly, now accounting for over 25% of total EML revenue. Simultaneously, we are expanding our laser chip strategy to capture broader market opportunities in ways that aligned with our financial model. A key example is our CW laser chip for 200 gig per lane applications, which delivers high yield, proven reliability and industry-leading performance in a compact form factor to a multitude of customers.

接著談雷射晶片。我們的EML再度交出破紀錄的一季，主要受每通道100G元件的強勁需求帶動。我們200G EML的動能也正快速加速，目前已占EML總營收超過25%。同時，我們也在擴展雷射晶片策略，以符合我們財務模型的方式把握更廣泛的市場機會。其中一個關鍵例子是我們用於每通道200G應用的CW雷射晶片，能以緊湊的外形尺寸，為眾多客戶提供高良率、經驗證的可靠性與業界領先的效能。

Internal deployment of these lasers reinforces what our customers regularly confirm. We have a distinctive ability to deliver at scale to a very tight set of specifications, which enables superior yields in transceiver manufacturing. Importantly, these new CW laser products will deliver margins that are accretive to our long-term financial targets.

這些雷射在內部部署的結果，進一步印證了客戶一再向我們確認的事實。我們具備在極為嚴格的規格要求下進行大規模交付的獨特能力，進而使收發器製造能達到更優異的良率。重要的是，這些新的CW雷射產品將帶來有助於提升（accretive to）我們長期財務目標的利潤率。

Looking ahead, we expect demand for both EML and CW lasers to grow significantly through the second half of calendar '26 and into 2027. To capture the coming 200-gig and 300-gig lane speed opportunities, we are expanding capacity across our two indium phosphide wafer fabs in Japan, qualifying both CW and EML process flows on our newest tools as they come online. Even as we allocate additional capacity to CW lasers, we remain on track to deliver over 50% EML unit growth by December 2026 quarter compared to the year ago quarter. Wrapping up our components commentary, we have visibility to an expanding set of 3D sensing applications. These new opportunities are expected to drive growth in upcoming product cycles with our primary customer.

展望未來，我們預期EML與CW雷射的需求將在2026年下半年並延續至2027年顯著成長。為把握即將到來的每通道200G與300G速率機會，我們正擴充日本兩座磷化銦晶圓廠的產能，並在最新設備陸續上線時，同步完成CW與EML製程流程的認證。即使我們將額外產能分配給CW雷射，我們仍按計畫在2026年12月季度相較去年同期實現超過50%的EML單位出貨成長。在結束元件業務的說明前，我們已能掌握一系列正在擴大的3D感測應用。預期這些新機會將在未來的產品週期中，帶動我們與主要客戶的成長。

Now I will move to our systems product category. Systems fourth quarter revenue reached $357 million, representing a 30% sequential and 123% year-over-year increase. Both cloud transceivers and OCS were major drivers of the revenue growth quarter-over-quarter. While pockets of supply chain tightness for certain components capped shipments below total market demand, our factories executed to our aggressive plan for both product lines. The bulk of our cloud transceiver shipments in the quarter were at 800 gig speeds, and we began shipping 1.6T transceivers as planned.

接下來我將談到系統產品類別。第四季系統營收達3.57億美元，較前一季成長30%，較去年同期成長123%。雲端收發器與OCS皆是本季營收季增的主要推動力。儘管部分元件供應鏈仍有吃緊情況，使出貨量低於整體市場需求，我們的工廠仍依照兩條產品線的積極計畫確實執行。本季雲端收發器出貨主力為800G速率，且我們也如期開始出貨1.6T收發器。

Meanwhile, profitability across our transceiver lines continues to improve, driven by gains in both yield and capacity utilization as well as the initial rollout of higher ASP 1.6T transceivers. Our visibility into future cloud transceiver demand is clearer than ever. In fact, we expect the 1.6T transceiver uptake to intensify starting in fiscal Q1 and sustain through calendar 2027. This momentum is anchored by our lead Tier 1 hyperscale customers whose strong rollouts of custom AI clusters are driving a rapid transition from 800 gig to 1.6T technology. Through the use of improved design engineering techniques, we appear to be first to market in many instances ahead of larger competitors, giving us a market share advantage that we should be able to maintain through the cycle. The degree of difficulty with 1.6T designs, again, is playing to our strengths as our Signal Integrity team is widely acknowledged as the best in a competitive field.

同時，我們各條收發器產品線的獲利能力持續改善，主要受良率與產能利用率提升，以及較高ASP的1.6T收發器初期導入所帶動。我們對未來雲端收發器需求的能見度比以往任何時候都更清晰。事實上，我們預期1.6T收發器的採用將自財年Q1起加速，並一路延續至2027年。這股動能以我們領先的第一線（Tier 1）超大規模雲端客戶為核心，他們強力推進客製化AI叢集的部署，正驅動市場從800G快速轉向1.6T技術。透過採用改良的設計工程技術，我們在許多情況下似乎能比規模更大的競爭對手更早上市，因而取得市占優勢，並有望在整個週期中維持。再次強調，1.6T設計的高難度正好發揮我們的強項，因為我們的訊號完整性（Signal Integrity）團隊在競爭激烈的領域中被廣泛公認為最佳。

Turning to OCS. Our internal manufacturing expansion is progressing smoothly. After doubling shipments from fiscal Q3 to Q4, our guidance includes our first triple-digit OCS revenue quarter. The demand signal for 2027 continues to be incredibly strong, and we have started the initial work to add capacity with contract manufacturers as well as continuing to increase output in our internal factories. Since our last call, the road map for OCS has also come into better view.

接著談OCS。我們的內部製造擴產正順利推進。在財年Q3到Q4出貨量翻倍之後，我們的指引已包含首個OCS營收達三位數（以百萬美元計）的季度。2027年的需求訊號依然極為強勁，我們已開始初步工作，透過委外代工廠增加產能，同時也持續提升內部工廠的產出。自上次電話會議以來，OCS的產品路線圖也變得更加清晰。

We are now planning higher and lower port count products, including specialized in-tray offerings. Rounding out our systems category performance in industrial lasers and cable access strengthened quarter-over-quarter. Within industrial lasers, we are seeing increased adoption of our ultrafast lasers targeting high-density PCB via drilling that supports advanced AI XPU boards and 1.6T optical modules.

我們目前正規劃更高與更低埠數的產品，包括專門的in-tray產品方案。在系統類別的其他表現方面，工業雷射與線纜接入（cable access）業務較前一季走強。在工業雷射方面，我們看到用於高密度PCB微孔鑽孔的超快雷射採用率提升，該應用可支援先進AI XPU板卡與1.6T光模組。

Looking ahead to Q1. We expect to set another quarterly record and as stated earlier, reach our $1.25 billion revenue target more than one quarter ahead of the plan outlined at the last OFC. We anticipate that approximately half of the sequential growth will stem for our components portfolio driven by continued expansion in scale-out and scale-across applications. The other half will be powered by the ongoing ramp of our systems portfolio of about 1.6T transceivers and accelerating OCS deliveries.

展望Q1。我們預期將再創單季新高，並如先前所述，將比上次OFC所提出的計畫提前超過一個季度達成12.5億美元的營收目標。我們預期約一半的季增成長將來自元件產品組合，主要由scale-out與scale-across應用持續擴張所帶動。另一半則將由系統產品組合的持續放量所驅動，包括約1.6T收發器以及加速的OCS交付。

Now I'll hand the call over to Wajid. Mr. Ali?

現在我把電話交給Wajid。Ali先生？

Thank you, Michael. Fourth quarter revenue of $1.01 billion was at the high end of our guidance range and non-GAAP EPS of $3.23 was well above our prior expected range, demonstrating the leverage of our business model. GAAP gross margin for the fourth quarter was 47.4% and GAAP operating margin was 27.8%. Both metrics exemplify the company's exceptional performance.

謝謝你，Michael。第四季營收10.1億美元位於我們指引區間的高端，而非GAAP每股盈餘（EPS）3.23美元也遠高於我們先前預期的區間，展現了我們商業模式的槓桿效應。第四季GAAP毛利率為47.4%，GAAP營業利益率為27.8%。這兩項指標都體現了公司卓越的表現。

As disclosed previously, in the fourth quarter, we proactively equitized a portion of our convertible notes, which were in the money following the appreciation of our stock over the past year. This action reduces our debt by $1.1 billion or approximately 35% of our outstanding convertible debt. This transaction resulted in a one-time non-cash GAAP charge of $7.8 billion, bringing our fourth quarter GAAP net loss to $7.2 billion.

如先前揭露，第四季我們主動將部分可轉換公司債進行權益化（equitize），由於過去一年股價上漲，這些可轉債已處於價內（in the money）。此舉使我們的負債減少11億美元，約占未償可轉債總額的35%。該交易導致一次性、非現金的GAAP費用7.8億美元，使我們第四季GAAP淨損達72億美元。

Turning to our non-GAAP results. Fourth quarter gross margin was 50.4%, which was up 250 basis points sequentially and up 1,260 basis points year-on-year due to better manufacturing utilization, favorable mix and increased pricing on select products. Fourth quarter non-GAAP operating margin was 36.6%, which was up 440 basis points sequentially and up 2,160 basis points year-on-year. We continue to invest in critical R&D programs serving cloud and AI customers while maintaining the rigorous cost controls necessary to optimize our business model. Fourth quarter non-GAAP operating profit was $368.8 million and adjusted EBITDA was $406.4 million. Fourth quarter non-GAAP operating expenses totaled $138.1 million or 13.7% revenue, an increase of $11.9 million from the third quarter and an increase of $28.8 million from the same quarter last year in support of expanding cloud and AI opportunities.

接著談我們的非 GAAP 結果。第四季毛利率為 50.4%，較前一季提升 250 個基點，較去年同期提升 1,260 個基點，主要受惠於更佳的製造產能利用率、有利的產品組合，以及對部分產品提高售價。第四季非 GAAP 營業利益率為 36.6%，較前一季提升 440 個基點，較去年同期提升 2,160 個基點。我們在維持嚴格成本控管、以優化商業模式的同時，持續投資於服務雲端與 AI 客戶的關鍵研發計畫。第四季非 GAAP 營業利益為 3.688 億美元，調整後 EBITDA 為 4.064 億美元。第四季非 GAAP 營業費用合計 1.381 億美元，約占營收 13.7%，較第三季增加 1,190 萬美元，較去年同期同季增加 2,880 萬美元，以支援擴大的雲端與 AI 機會。

Q4 non-GAAP SG&A expenses were $50.6 million. Non-GAAP R&D expenses were $87.5 million. Total interest and other income net was $22 million on a non-GAAP basis. Fourth quarter non-GAAP net income was $326.3 million and non-GAAP net income per share was $3.23. Our diluted weighted shares for the fourth quarter were 101.1 million on a non-GAAP basis.

第四季非 GAAP 銷售、一般及行政（SG&A）費用為 5,060 萬美元。非 GAAP 研發費用為 8,750 萬美元。以非 GAAP 基礎計，利息及其他收入淨額為 2,200 萬美元。第四季非 GAAP 淨利為 3.263 億美元，非 GAAP 每股淨利為 3.23 美元。第四季以非 GAAP 基礎計的稀釋加權平均股數為 1.011 億股。

I will now turn to the balance sheet. During the fourth quarter, our cash and short-term investments decreased by $0.43 billion to $2.74 billion, with the decrease primarily driven by convertible debt conversions. Our inventory levels increased by $59 million sequentially to support the expected growth in our cloud and AI related revenue. In Q4, we spent $167 million in CapEx, primarily focused on manufacturing capacity to support cloud and AI customers. Turning to revenue details. Components revenue of $649.4 million increased 22% sequentially in Q4 and 103% year-on-year. Systems revenue of $356.9 million increased 30% sequentially in Q4 and 123% year-on-year.

我現在轉到資產負債表。第四季期間，我們的現金及短期投資減少 4.3 億美元至 27.4 億美元，減少主要由可轉換公司債轉換所致。我們的存貨水位較前一季增加 5,900 萬美元，以支援預期的雲端與 AI 相關營收成長。第四季我們資本支出（CapEx）為 1.67 億美元，主要投入於製造產能，以支援雲端與 AI 客戶。接著看營收細項。零組件營收 6.494 億美元，第四季較前一季成長 22%，較去年同期成長 103%。系統營收 3.569 億美元，第四季較前一季成長 30%，較去年同期成長 123%。

Now let me move to our guidance for the first quarter of fiscal year '27, which is on a non-GAAP basis and is based on our assumptions as of today. We anticipate net revenue for the first quarter of fiscal year '27 to be in the range of $1.225 billion to $1.275 billion. The $1.25 billion midpoint reflects more than 130% year-over-year growth, setting yet another all-time quarterly revenue record for Lumentum. We project first quarter non-GAAP operating margin to be in the range of 39.5% to 40.5% and diluted net income per share to be in the range of $4.05 to $4.35. At the midpoint, this operating margin represents an expansion of more than 2,100 basis points year-over-year. Our non-GAAP EPS guidance is based on a non-GAAP and annual effective tax rate of 16.5%. These projections assume shares used for non-GAAP diluted earnings of approximately 102 million.

接下來我說明 27 會計年度第一季的財測指引，以下皆為非 GAAP 基礎，並以我們截至今日的假設為依據。我們預期 27 會計年度第一季淨營收將落在 12.25 億至 12.75 億美元之間。以 12.5 億美元的中位數來看，代表年增超過 130%，並為 Lumentum 再創單季營收歷史新高。我們預估第一季非 GAAP 營業利益率將落在 39.5% 至 40.5% 之間，稀釋後每股淨利將落在 4.05 至 4.35 美元之間。以中位數來看，該營業利益率較去年同期擴張超過 2,100 個基點。我們的非 GAAP EPS 指引係以非 GAAP 及年度有效稅率 16.5% 為基礎。上述預估假設用於非 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?

接下來我把電話交回 Kathy，開始問答環節。Kathy？

Thank you, Wajid. (Operator Instructions)

謝謝你，Wajid。（接線員指示）

(Operator Instructions) Joseph Cardoso, JPMorgan.

（接線員指示）Joseph Cardoso，摩根大通（JPMorgan）。

Maybe for the first one, obviously, you highlighted you're tracking to hit the $1.25 billion revenue target a quarter early and are already running well ahead of your high end of margin targets here. Just given both the stronger demand and maybe the more favorable mix, how should we be thinking about the read-through to the next set of financial targets, particularly given what looks like incremental opportunities forming relative to the framework, including ELS, NPO engagements. And I think you even mentioned scale up OCS as well. Just curious in terms of how we should be thinking about the next set at this here?

也許先問第一個，顯然你們強調正朝著提前一季達成 12.5 億美元營收目標前進，而且目前的毛利率目標也已經明顯高於你們原先設定的上緣。考量到需求更強、以及可能更有利的產品組合，我們該如何看待對下一組財務目標的推導，特別是相較於既有框架，似乎正在形成一些增量機會，包括 ELS、NPO 專案合作。我想你甚至也提到 scale-up OCS。想請教我們應該如何看待你們接下來這一組目標？

Joe, this is Michael. Firstly, thanks for your continued support. Look, we'll come out with some new financial targets, probably at the next OFC. We're obviously running well ahead on almost every metric on revenue, on margin, on operating margin. We seem to be doing quite a bit better. And you're right. Look, I think there are some new things that we didn't factor into our discussion at OFS. NPO, we spent a bit of time on the -- in the prepared remarks on NPO. CW lasers, we think that that's an incremental opportunity for us that we would probably not spend a lot of time on before.

Joe，我是 Michael。首先，感謝你持續的支持。我們會提出一些新的財務目標，可能會在下一次 OFC。很明顯地，我們在幾乎每一項指標上都大幅超前，包括營收、毛利率、營業利益率。我們看起來做得更好。你說得沒錯。我認為有一些新事項，是我們在 OFS 討論時沒有納入的。NPO，我們在事先準備的講稿中也花了一些時間談 NPO。CW 雷射，我們認為那是我們的增量機會，過去可能不會花太多時間談。

And you're right, OCS, I think, as we've discussed, but it seems to be doing a bit better than expected. So we feel like we're executing. We're trying to keep our head down and run and obviously adding nearly $250 million incrementally into the guide is pretty impressive, and we think we have the opportunity to do that more as we look out in future quarters.

你說得對，OCS 我想我們之前也討論過，但它的表現似乎比預期更好一些。所以我們覺得我們正在有效執行。我們努力保持專注、全力衝刺；而在指引中增量上調將近 2.5 億美元確實相當亮眼，我們也認為隨著展望未來幾季，還有機會做得更多。

Got it. Fair. And then maybe just a follow-up and specifically on the NPO. Curious if you could provide any further details there, specifically how you're thinking about the time here, just given that it does sound like some of these opportunities are forming a little bit earlier than expected. And I know you talked about the different form factors or the different kind of content opportunities as it relates to the laser opportunities there.

了解。合理。那接著追問一下，特別是關於 NPO。想請你們提供更多細節，尤其是你們對時程的看法，因為聽起來其中一些機會形成得比預期稍早。我知道你們也談到不同的外形規格（form factors）或不同類型的內容機會，與那邊的雷射機會相關。

But any way to kind of flesh out like where you guys are seeing maybe the architecture of choice by your customers and is that biased in any direction? And how we should think about content as it at least relates to maybe your large customer on the CPO side relative to the ultra-high power laser.

不過，有沒有辦法更具體說明一下：你們看到客戶偏好的架構選擇是什麼，是否有偏向某一方向？以及我們該如何看待內容價值（content），至少就你們在 CPO 端的大客戶而言，相較於超高功率雷射的部分。

Yes. I'm going to say a couple of things and then actually ask Wupen to comment a little bit on the differentiation in mid-power. Certainly, the timing of these opportunities is plus or minus what we have talked about for our lead CPO customer. Our lead CPO customer, we just said in the prepared remarks, we would expect to start shipping in high volume for scale-up. We're already, of course, shipping for scale-out. For scale-up, we expect to be shipping in the second half of calendar '27 for their deliveries in '28.

是的。我先說幾點，然後我會請 Wupen 也補充一下中功率產品的差異化。就我們主要的 CPO 客戶而言，這些機會的時程大致與我們先前談到的相差不大。我們在事先準備的講稿中也提到，預期會開始為 scale-up 進行大量出貨。當然，我們已經在為 scale-out 出貨。至於 scale-up，我們預期會在 2027 年下半年開始出貨，以配合他們在 2028 年的交付。

Our leading customers on NPO, plus or minus, probably maybe minus a quarter, are in that ZIP code. The first couple of those are more -- is the same kind of ELS high-powered laser and then maybe followed by a couple that are integrated where the optical engine of a mid-power laser is integrated inside the optical engine, and it's all one unit. So I would say that the ones that we have the best line of sight on and that are sooner are more of the high-powered laser type, very consistent with what we've been talking about for our largest CPO customer.

我們在 NPO 的主要客戶，大概就在那個區間，上下浮動，可能略低約四分之一。其中前幾個更多是——同樣類型的 ELS 高功率雷射，接著可能有幾個是整合式的，也就是把中功率雷射的光學引擎整合到光學引擎內，全部做成一個單元。所以我會說，我們能見度最高、而且時程更近的，更多是高功率雷射類型，這與我們一直在談的、針對最大 CPO 客戶的方向非常一致。

With that said, I wanted Wupen, maybe to give a few seconds of color because I think there's a little bit of a mischaracterization. We think that these mid-power lasers that are going inside the OE, lot of things going on there in terms of differentiation. Do you want to give two seconds on that?

話雖如此，我想請 Wupen 也許補充幾秒鐘的說明，因為我認為這裡有一點被誤解了。我們認為，這些要放進 OE 的中功率雷射，在差異化方面有很多事情正在發生。你要不要用兩秒鐘談一下？

Yes, definitely. Thanks, Michael. So definitely, the -- it is the -- to do the kind of the NPO optical engine, imagine these NPOs set at about 6.4T of bandwidth, which is really equivalent to 4 times that of a local CC module. The level of integration and the power density that's required and efficiency required to fit everything to a small optical engine is immense. Therefore, you need really the best laser technology and the best efficiencies in order to really fit everything in a small package.

是的，當然。謝謝，Michael。所以確實——要做這種 NPO 光學引擎，想像這些 NPO 的頻寬大約在 6.4T，基本上相當於本地 CC 模組的 4 倍。要把所有東西塞進一個小型光學引擎所需的整合程度、功率密度，以及所需的效率都非常驚人。因此，你真的需要最好的雷射技術與最高的效率，才能把所有東西裝進小封裝裡。

So Lumentum's advantage here really is to leverage our 400-milliwatt kind of design principle and leverage the high efficiencies of the intrinsic design process and scale it to an application, right, around 150, 200-milliwatt range, that enables that application. This is actually based on our ultra-high power technology that we uniquely positioned to address this market, and we believe that by late 2027-2028 timeframe, that NPO will hit the market to enable optical scale-up, and this becomes an interesting opportunity for us to increase our laser business.

因此，Lumentum 在這裡的優勢，真正是在於運用我們 400 毫瓦等級的設計原則，並利用內在設計流程的高效率，把它擴展到一個應用上——也就是大約 150、200 毫瓦範圍——以滿足該應用需求。這其實是基於我們的超高功率技術，我們具備獨特的市場定位來因應這個市場；我們相信在 2027 年底到 2028 年的時間框架內，NPO 會進入市場以支援光學 scale-up，而這將成為我們擴大雷射業務的一個有趣機會。

Simon Leopold, Raymond James.

Simon Leopold，Raymond James。

First thing I wanted to try to ask is, to what extent we're able to reprice backlog with your customers? And how did that affect this quarter's gross margin as well as your gross margin outlook? And then I've got a quick follow-up.

我第一個想問的是，我們在多大程度上能夠與客戶重新議價在手訂單（backlog）？這對本季的毛利率以及你們對毛利率的展望有何影響？然後我還有一個簡短的追問。

Yes. Thanks, Simon. Look, we did reprice a little bit. I think most of our sort of LTAs are more forward-looking in terms of the price impact. We saw some benefit, as Wajid said in his prepared remarks, on the gross margin line on pricing. We think that, that still has some room to play through. But I'd say the long pole this quarter was more on mix, right, where we were shipping a lot more of our high mix components and I think as we said, we'd expect that to continue to play through as well. So we think we have some room to run on gross margin line side.

是的。謝謝你，Simon。你看，我們確實有小幅重新議價。我想我們大多數的長期協議（LTA）在價格影響方面更偏向前瞻性。正如 Wajid 在事先準備的發言中所說，我們在毛利率項目上從定價方面看到了一些好處。我們認為這仍有一些空間可以繼續反映出來。但我會說，本季更長的那根「長竿」其實是產品組合（mix），對吧？因為我們出貨了更多高組合的元件；而且如我們所說，我們預期這也會持續反映出來。所以我們認為毛利率這一端仍有上行空間。

Great. Appreciate that. And the other thing I've been hoping to ask you about is we've been hearing more about Chinese-based companies coming to market with new indium phosphide fabs. What's your take on this developing and future competition?

很好。感謝說明。另外一件我一直想問的是，我們聽到越來越多中國公司以新的磷化銦（InP）晶圓廠進入市場。你們如何看待這種正在形成以及未來的競爭？

Yes. Look, I mean, I think we're hearing the same thing. We obviously haven't seen any impact on our numbers as yet, and I don't expect there to be any impact. We think we have differentiation, obviously, on EMLs. We were very strong there. And these high and mid power lasers that are necessary for NPO and CPO, again, very strong differentiation there. And then even in CW, we've been surprised at our ability to price up given what we said in the prepared remarks that customers are seeing far better yields given our ability to deliver consistent performance on our lasers. They just simply don't deviate. The width of the spec is very narrow, and that results in far better transceiver yields for the customers that we've actually started shipping CW lasers to.

是的。你看，我的意思是，我們聽到的也差不多。顯然到目前為止我們還沒有看到對我們數字的任何影響，而且我也不預期會有影響。我們認為我們在 EML 上有差異化優勢。我們在那方面非常強。而且這些 NPO 與 CPO 所必需的高功率與中功率雷射，我們同樣具備非常強的差異化。甚至在 CW 方面，考量到我們在事先準備的發言中提到的內容，我們也對自己能夠提高價格感到驚訝，因為客戶看到更好的良率——這得益於我們能提供一致的雷射性能。它們就是不會偏移。規格的寬度非常窄，這使得我們已開始出貨 CW 雷射的客戶，其收發器良率顯著提升。

And so as a result, we are able to command a nice price premium that we'd expect to sustain as these Chinese -- if these Chinese guys come online. I caution people also -- I think people are -- some of these Chinese laser suppliers are not delivering in the market today. So they have very -- there's no recourse when they throw out these big numbers. We have not seen anything like that to date in terms of their output.

因此，我們能夠取得不錯的溢價，而且我們預期即使這些中國——如果這些中國廠商上線，我們也能維持這個溢價。我也提醒大家——我認為外界對此有些——其中一些中國雷射供應商目前其實並沒有在市場上交付。所以當他們拋出這些很大的數字時，幾乎沒有任何追索或驗證。就他們的產出而言，到目前為止我們還沒有看到任何類似的情況。

Mike Genovese, Rosenblatt Securities.

Mike Genovese，Rosenblatt Securities。

Really good to see the guide for a triple-digit OCS revenue quarter, I think, in the current quarter, I think is what you said. So could you just confirm that? But also the question is, any comment on when we could expect to see that happen for ultra high-powered CW scale-out lasers where we'd get triple-digit quarter?

很高興看到你們指引顯示 OCS 單季營收將達到三位數，我想是在本季，也就是你剛才說的當期。所以你能否確認一下？另外問題是，對於超高功率的 CW scale-out 雷射，我們何時可能看到單季也達到三位數？有沒有任何評論？

Yes, Mike, again, first, I want to thank you for the support of the company and really following our details really well. Yes, you've got it right. So in the guide, which is the first quarter, we expect our first triple-digit OCS revenue quarter, we'd expect to be meaningfully above the three-digit mark. We're executing well on OCS, as I said.

是的，Mike，再次先感謝你對公司的支持，也非常感謝你把我們的細節追得很仔細。是的，你理解得沒錯。所以在指引中，也就是第一季，我們預期會出現我們第一個 OCS 單季營收達三位數的季度，而且我們預期會明顯高於三位數門檻。如我所說，我們在 OCS 的執行表現很好。

And then for ultra-power lasers, we have said, hey, we expect by the end of the year to be sort of in the $50 million mark. I think the third quarter is when you'd see the first triple digit quarter for ultra-high powered lasers. So we are executing. We're shipping today. We had a good shipments in this -- in the reported quarter, Q4. We'd expect that to build somewhere in the $50 million range by the end of the calendar year, and then to really meaningful impact in fiscal Q3.

至於超高功率雷射，我們已經說過，年底前我們預期大概會到 5,000 萬美元左右。我認為第三季會是你看到超高功率雷射第一個單季三位數的時點。所以我們正在執行。我們今天就已在出貨。在這個——在已報告的季度 Q4，我們出貨表現不錯。我們預期到曆年年底會累積到約 5,000 萬美元的水準，然後在會計年度 Q3 產生真正有意義的影響。

Great. Perfect. And then finally, for Greensboro. Just any -- is there any update on the expectation for sort of half of the capacity of Greensboro being there in calendar '28, the other half in calendar '29? Is that still the schedule? And I know it's early, but any kind of color you could give us on the progress there would be great.

很好。完美。最後，關於 Greensboro。有沒有任何更新：先前預期 Greensboro 產能的一半在曆年 2028 年到位，另一半在曆年 2029 年到位。這個時程仍然不變嗎？我知道還很早，但如果你能就目前進度提供一些說明會很棒。

Yes. Look, progressing super well. I'm actually very pleased that the team that we got in Greensboro is first rate. As you know, we inherited a fully functioning fab. So the switch that we need to throw is to convert it from gallium arsenide indium phosphide. That is well underway. Some of the long haul items, reactors and things like that, our team has gotten out in front of. I think we continue to say revenue -- first revenue out of that in early 2028 and ramping through calendar 2028 into kind of a full pitch by the end of '28 and into '29. So really no change in that, Mike.

是的。你看，進展非常順利。我其實非常滿意我們在格林斯伯勒組建的團隊是一流的。如你所知，我們接手的是一座完全可運作的晶圓廠。因此我們需要做的切換，是把它從砷化鎵轉換為磷化銦。這項工作正在順利推進中。一些長交期項目，例如反應器之類的設備，我們的團隊已經提前著手處理。我想我們仍然維持原先的說法：該廠的第一筆營收會在2028年初出現，並在2028曆年期間逐步爬坡，到28年底、並延續到29年達到接近滿載的狀態。所以這方面真的沒有變化，Mike。

Papa Sylla, Citi.

Papa Sylla，花旗。

Congrats on the strong results as well. Michael, I was kind of double clicking on the OCS. I was hoping perhaps you can refresh us. I know this quarter, you mentioned it hit triple digits, but if you can refresh us on the $400 million plus OCS guide for the second half of 2026. Are you running well ahead of it or just any update on that side? And perhaps tied to that, how should we think about your key OCS customers build versus buying from you calculus? Do you expect Lumentum to eventually absorb most of their internal programs? If so, any timeline in mind?

也恭喜你們交出強勁的成果。Michael，我想更深入追問一下OCS。我希望你能幫我們回顧一下。我知道你提到本季已達到三位數，但想請你更新一下：2026年下半年OCS指引為4億美元以上。你們目前是明顯超前，還是就這部分有任何最新進展？另外也想連帶請教，你們如何看待主要OCS客戶在「自建」與「向你們採購」之間的取捨？你預期Lumentum最終會承接他們大部分的內部專案嗎？如果是的話，有沒有大概的時間表？

Yes, Papa, look, what I'd say is we're definitely tracking to the $400 million. I would not say tracking ahead. I mean, we definitely, as you know, had some problems early on in the ramp with supply chain. We're out of that now. I think we're executing, as I said, to plan. We are plus or minus about where I would have expected to be for the guide, right? So that contributes -- takes a dent out of the $400 million and that leaves us some room to run in the fourth quarter -- fourth calendar quarter.

是的，Papa，我想我會這麼說：我們確實正朝著4億美元的目標推進。但我不會說是超前。如你所知，我們在爬坡初期確實遇到一些供應鏈問題。現在已經走出那段狀況了。我認為我們正在如我所說，按計畫執行。就指引而言，我們大致在我原本預期的位置上下浮動，對吧？因此這會對4億美元目標造成一些影響，也讓我們在第四季——曆年第四季——還留有一些衝刺空間。

Relative to one customer that apparently has an internal source of supply, we are, I think, executing extremely well. I don't think we -- I think they'll continue to use an internal version. But I think as they ship more and more OCSs, we will absorb the vast majority of that. So I would expect sometime in early '27 that we cross over and be the number one supplier and actually have momentum from there in terms of our OCS shipments.

就某一家顯然有內部供應來源的客戶而言，我認為我們的執行表現非常好。我不認為他們——我想他們會繼續使用內部版本。但我認為隨著他們出貨越來越多OCS，我們將會承接其中絕大多數。所以我預期在27年初的某個時間點，我們會跨越那個門檻，成為第一大供應商，並且在OCS出貨動能方面從那裡開始持續增強。

So we definitely, I think we surprised the customers. We are continuing to ship to a number of different customers. Our execution back on track, but most importantly, like on software and things like that, where I had expected us to have more difficulty, Papa, we've done well. So I think our customers, in general, if you talk to them, would say, we've been an incredibly, incredibly strong supplier.

所以我認為我們確實讓客戶感到驚喜。我們也持續向多家不同客戶出貨。我們的執行已回到正軌，但更重要的是，例如軟體等我原本預期我們會更吃力的部分，Papa，我們做得很好。因此我想整體而言，如果你去跟客戶聊，他們會說我們一直是非常、非常強的供應商。

No, that's great to hear. And Michael, for my follow-up, just curious on the -- any update on the supply/demand kind of imbalance? I believe last quarter you mentioned 30% plus. Where are we now? And how do you see that improving? Or how do you see that going into fiscal '27 and beyond?

不，這真的很棒。Michael，我的追問是想了解——供需失衡的情況有沒有更新？我記得上季你提到是30%以上。現在是多少？你怎麼看它會如何改善？或者你怎麼看它在27財年及之後的走勢？

Yes. So I would say on EML, probably no change, right? So I don't think that it's gone up, but it hasn't come down. We're still shipping behind customer demand on EML. I think what surprised us is high-powered lasers, right? High-powered lasers, again, there's been a lot of noise in the system on what's happening on various co-packaged and near-packaged opportunities. We are way behind.

是的。所以我會說在EML方面，大概沒有變化，對吧？我不認為它變得更嚴重，但也沒有緩解。我們在EML的出貨仍然落後於客戶需求。我想讓我們意外的是高功率雷射，對吧？高功率雷射方面，關於各種共封裝與近封裝機會的進展，系統裡一直有很多雜訊。我們嚴重落後。

Our shipments, unfortunately, on high-powered lasers. So we -- if one vector has really changed since the last time you and I talked, I'd say it's your high-powered lasers, and we are very much further behind. The demand signals increased and we are very much further behind relative to our ability to supply.

很遺憾，我們在高功率雷射的出貨落後。所以——如果說自從上次你我交談以來，有哪個向量真的改變了，我會說就是高功率雷射，而我們落後得更多。需求訊號增加了，而相對於我們的供應能力，我們落後得更多。

Yes. I think just to clarify -- yes, just to clarify, our execution of the ramp is on track, right? We're further behind because our -- the demand has accelerated. That, as Michael said in the prepared script.

是的。我想只是澄清一下——是的，澄清一下，我們的爬坡執行是按計畫進行的，對吧？我們之所以更落後，是因為——需求加速了。正如Michael在事先準備的講稿中所說。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

My question, in your press release, it sounds like you were selling not just ELS lasers, perhaps ELS modules as well. And I was wondering if you could speak a little bit more about that opportunity and what the economics look like beyond just lasers and for the full module?

我的問題是，在你們的新聞稿中，聽起來你們賣的不只是ELS雷射，可能也包括ELS模組。我想請你多談一點這個機會，以及不僅是雷射、而是整個模組層級的經濟性大概會是什麼樣子？

Yes, Chris. Yes. No, we -- again, first, appreciate how much time you're spending on the company. Yes, we've got our first ELS module order right? Which from an ASP standpoint is meaningfully higher than the set of lasers that we ship in. So we're very excited about the revenue opportunity, small to start, right? And we said that we'd be shipping sometime midyear, early second half of '27 to be honest, a little bit later. We felt like we'd see more opportunity on sort of scale-out applications than we have to date.

是的，Chris。是的。不，我們——再次先感謝你在這家公司上投入這麼多時間。是的，我們拿到了第一筆ELS模組訂單，對吧？從ASP角度來看，這個價格明顯高於我們所出貨的那一組雷射。所以我們對營收機會非常興奮，一開始規模會比較小，對吧？我們也說過會在年中某個時間出貨，坦白說是在27年下半年初，稍微晚一些。我們原本以為在所謂scale-out應用上會看到更多機會，但到目前為止還沒有。

But we're very pleased to be participating in the early phases of scale up with both lasers and now with the ELS module. As I said a minute ago, the ELS module meaningfully higher from an ASP standpoint, but the margins are not quite as good. Above corporate average, but not quite as good as the lasers. So we're trading a little bit of margin to get some revenue bump. We think -- I think Simon asked earlier in the call, we think we have enough drivers on the margin side that we can keep the margin vector moving, but help our revenue acceleration.

但我們很高興能在scale-up的早期階段參與其中，既有雷射，現在也有ELS模組。如我剛才提到，從ASP角度看，ELS模組明顯更高，但毛利率沒有那麼好。高於公司平均，但不如雷射那麼好。所以我們是用一點毛利去換取一些營收增量。我們認為——我想Simon在電話會議較早時問過，我們在毛利端有足夠的驅動因素，能讓毛利向量持續改善，同時也幫助營收加速。

Also just a bit to add, right? If you recall that we've positioned our ELS module to be really enabling the customers who don't want to deal with individual laser chips. So this is really a very first step for us to take to ship to one customer and then go from there, we enable other end users to use the ELS, enable their CPO and NPO systems.

另外再補充一點，對吧？如果你還記得，我們把ELS模組定位為真正能讓那些不想處理單顆雷射晶片的客戶得以導入。所以這對我們而言真的是第一步：先對一家客戶出貨，然後從那裡往外擴展，讓其他終端用戶也能使用ELS，並支援他們的CPO與NPO系統。

Excellent. Maybe as a follow-on, I think, Michael, you've talked about, I think it's the 1.6T cycle or 200 gig per lane and perhaps CW and SiPHo working into the supply chain maybe earlier and being a larger part of transceiver shipments ultimately.

太好了。也許作為延伸追問，我想，Michael，你談到過，我想是 1.6T 週期或每通道 200G，以及可能 CW 與 SiPHo 更早進入供應鏈，並最終在收發器出貨中占比更大。

I guess, first of all, where are we on that? Is this on the SiPHo CW side accelerated even faster than you originally spoke about. And can you kind of describe the difference in economics for you between CW lasers and EMLs, which would be, I think, larger because they contain the modulators as well. That will be great.

我想先問，這方面目前進展到哪裡了？這在 SiPHo 的 CW 端是否比你原先提到的還要更快加速？另外你能否大致說明一下，對你們而言，CW 雷射與 EML 之間的經濟性差異？我想 EML 的差異會更大，因為它們也包含調變器。那就太好了。

Okay, Chris, yes, good question, and I'll give some commentary, and then have Wupen comment as well.

好的，Chris，是的，問得很好。我先做一些評論，然後也請 Wupen 一起補充。

So one, no slowdown in our EML demand. I mean we are -- I think it was Papa that asked a minute ago, we see still a significant supply-demand imbalance on CW or EMLs. As Kathy put in the prepared remarks, we're still very much on track to increase our EML output year-over-year. But even at the end of the year, we'd expect to be significantly behind demand. So no slowdown at all in the demand that we're seeing from EML.

第一，我們的 EML 需求沒有放緩。我的意思是，我們——我想剛剛 Papa 問到，我們仍然看到 CW 或 EML 存在顯著的供需失衡。正如 Kathy 在事先準備的發言中提到的，我們仍然非常按計畫在年對年提升 EML 產出。但即使到年底，我們預期仍會明顯落後於需求。所以我們看到的 EML 需求完全沒有放緩。

We acknowledge and we've said this before, that we would expect and are seeing CW lasers take a significant portion of transceiver output. Silicon photonics is a viable solution at 1.6T. Of course, we've also said, and it also seems to be bearing out that as we think about 3.2T, silicon photonics loses some of its advantages, and we'd expect to see EMLs come back in a meaningful way. What I comment is, a little bit of a shift in stance is that we are allocating some of our output now because we're actually doing quite a bit better in Japan than we expected in terms of output.

我們承認，而且之前也說過，我們預期並且也正在看到 CW 雷射將占收發器產出的相當大一部分。矽光子在 1.6T 是可行的解決方案。當然，我們也說過，而且看起來也正在被驗證的是，當我們思考 3.2T 時，矽光子會失去部分優勢，我們預期 EML 會以有意義的方式回歸。我想補充的是，我們的立場有一點點轉變：我們現在正在分配部分產出，因為就產出而言，我們在日本的表現其實比預期好很多。

And so what we're doing is part of that is allocating some of this excess output to CW lasers and we're now shipping CW lasers in a relatively meaningful way in this 200-gig per lane silicon photonics opportunity. What's also changed for us is we have significantly reduced the die size of our CW laser.

因此我們正在做的是，把其中一部分多出來的產出分配給 CW 雷射，而我們現在也在這個每通道 200G 的矽光子機會中，以相對有意義的規模出貨 CW 雷射。另外對我們而言也有變化的是，我們已大幅縮小 CW 雷射的晶粒（die）尺寸。

So before when you and I talked, we said, hey, probably from a margin standpoint, EML is better. Now we brought things much more in line. CW lasers are smaller. They're better performing. We are commanding a significant price premium, as I said in a previous question, against what we view as the market price because of the performance of these lasers. And as such, the margin opportunity is still better EMLs, but that gap has closed considerably, I think since the last time we talked. Wupen, do you want to talk a little bit about the dynamic that you're seeing on CW and EML?

所以之前你我討論時，我們說，嘿，從毛利角度看，EML 可能更好。現在我們已把兩者拉得更接近。CW 雷射更小。效能更好。如我在前一個問題中所說，因為這些雷射的效能，我們相較於我們所認定的市場價格，能取得顯著的溢價。因此，毛利機會仍是 EML 較佳，但我認為自從上次我們談到現在，這個差距已大幅縮小。Wupen，你要不要談談你看到的 CW 與 EML 的動態？

Yes, Michael, I think I hope we're accurate, right? Just a couple of things to add to that. Number one, if you look at the application today, there's a lot of 200 G per lane volume that's on 800 gig. And then in that, we actually see a much higher EML share versus CW laser share. So Michael, talked about dynamics. I think this will continue. EML will remain a very important player in 200 G per lane. But as 1.6T ramps up, I think we will see more CW lasers as Michael talked about, our new design of 200 G CW laser is much more efficient, therefore smaller. It gave us a much better gross margin profile.

好的，Michael，我想希望我們的判斷是準確的，對吧？我再補充幾點。第一，如果你看目前的應用，很多每通道 200G 的量是在 800G 上。而在那裡，我們實際上看到 EML 的占比遠高於 CW 雷射的占比。所以 Michael 談到動態。我認為這會持續。EML 在每通道 200G 仍會是非常重要的角色。但隨著 1.6T 放量，我想我們會看到更多 CW 雷射，正如 Michael 所說，我們新的 200G CW 雷射設計效率更高，因此更小。這讓我們的毛利率結構明顯更好。

Another thing also of note, really, dynamics here is that in a constrained environment, we'll also see customers' behavior as wherever they can get the laser source, they will use that solution to support their build-out. So the dynamics of EML/CW lasers is not only a technical one, but also a supply versus demand situation.

另外也值得注意的是，這裡的動態其實是在受限的環境下，我們也會看到客戶的行為：只要他們能取得雷射光源，就會採用那個方案來支援他們的建置。所以 EML/CW 雷射的動態不僅是技術面的，也同時是供給與需求的情況。

Vijay Rakesh, Mizuho.

Vijay Rakesh，Mizuho。

A good quarter and guide here. Just a quick question on the 200 gig per lane EML and CW, -- it looks like that's ramping very nicely. Is it fair to assume both the 200 gig EML and CW laser should be accretive to your margins? And when do you see this 1.6T crossover, it looks like it's already greater than 25% revenues. But when do you see that crossing over with the [800 G], I guess, and a follow-up.

這一季以及指引都不錯。我快速問一下每通道 200G 的 EML 與 CW——看起來放量得很順利。是否可以合理假設，200G EML 與 CW 雷射都會對你們的毛利率有正向貢獻（accretive）？另外你們何時看到 1.6T 的交叉點？看起來它已經超過 25% 的營收。但你們何時看到它與 [800G] 交叉，我想，然後再一個追問。

Yes. Mr. Rakesh. Good to hear from you, my friend. Look, no change really in the forecast on the crossover. What we said is -- and I think you're referring to 200 gig per lane lasers. We have said that for us, we'd expect 200 gig EMLs to be the majority volume shipments by the middle of 2027. We just said in the prepared remarks that now 200 gig per lane EMLs are 25% of our mix. We'd expect it to be 50% or more of volume by midyear of 2027. So we seem to be tracking to that. No real change in that. I think generally speaking, yes, you're right, lasers are one of our better businesses, and the lasers are more than -- our corporate accretive, the CW or EML. And as I said to Chris a minute ago, we've closed the margin gap quite considerably since our last call, on EMLs versus CW by shrinking the die size of the CW laser. So EMLs are still better, but we've closed the margin gap quite considerably.

是的。Rakesh 先生。很高興聽到你的聲音，我的朋友。你提到的交叉點預測基本上沒有變。我們說的是——我想你指的是每通道 200G 的雷射。我們一直說，對我們而言，我們預期到 2027 年年中，200G EML 會成為出貨量的主要部分。我們剛在事先準備的發言中也提到，現在每通道 200G 的 EML 已占我們組合的 25%。我們預期到 2027 年年中，它會占出貨量的 50% 或以上。所以看起來我們正按這個節奏推進。這方面沒有實質變化。一般來說，是的，你說得對，雷射是我們較好的業務之一，而雷射——無論是 CW 或 EML——對公司整體毛利是增益的（accretive）。而且如我剛剛對 Chris 說的，我們透過縮小 CW 雷射的晶粒尺寸，已把 EML 相對於 CW 的毛利差距大幅縮小，相較於上次電話會議。所以 EML 仍然更好，但我們已把毛利差距相當程度地縮小。

Got it. Very helpful. And then on the operating leverage side, Wajid, it looks like solid improvement there year-on-year, you already at your 40% target. How should we look at -- how should we think about it as you go through fiscal '27?

了解。非常有幫助。另外在營運槓桿方面，Wajid，看起來年對年有很扎實的改善，你們已經達到 40% 的目標。我們應該如何看待——在你們走到 2027 財年期間，我們應該怎麼思考這件事？

Yes. Thanks, Vijay. So the guideline that we have given at $2 billion of revenue was 38% to 42%, like Michael said in his prepared remarks. We're already at the midpoint of that at much lower revenue levels. And so with gross margins improving as we approach $2 billion, we'll see some improvement on the operating margin line as well that corresponds to those gross margin improvement. So think of the 42% outlier more as a midpoint with the range, probably moving up 100 to 200 basis points versus what we showed at OFC.

是的。謝謝，Vijay。所以我們在營收 20 億美元時給出的指引是 38% 到 42%，如 Michael 在事先準備的發言中所說。我們在更低的營收水準下就已經在這個區間的中點。因此，隨著我們接近 20 億美元、毛利率改善，我們也會在營業利益率那一行看到一些改善，並與這些毛利率改善相對應。所以把 42% 這個上緣更視為區間內的中點來看，整個區間可能會比我們在 OFC 展示的上移約 100 到 200 個基點。

George Notter, Wolfe Research.

George Notter，Wolfe Research。

Congrats on all the success here. I guess I wanted to ask about indium phosphide substrate supply. I was really intrigued by the deal you guys signed in the quarter with AXT. Because I think a quarter ago, you actually said that you were doing pretty well on indium phosphide substrate. And so it feels like there's a bit of a change here.

恭喜你們在這裡取得的所有成功。我想我想問的是關於磷化銦（InP）基板供應。我對你們本季與 AXT 簽署的協議非常感興趣。因為我記得大概一季前，你們其實說過你們在磷化銦基板方面做得相當不錯。所以感覺這裡似乎有一些變化。

I guess I'm wondering like what you guys are seeing longer term here in terms of your need for more indium phosphide substrate. And as I extrapolate that kind of look at Greensboro, are you making more progress towards filling the rest of that facility looking forward?

我想知道你們從較長期來看，對於更多磷化銦基板的需求會看到什麼樣的趨勢。另外，當我把這種觀察延伸到 Greensboro 的情況，你們是否正朝著未來把該廠其餘產能填滿的方向取得更多進展？

George, yes, look, I would agree. I mean I think what we tried to hint to in a previous question is the ultra-high-powered laser demand has surprised us, and that cuts across a couple of customers. So what we're trying to do, I think really in the last three months is secured even more substrate supply. We were doing well. We felt like we had given the baseline of demand that we were seeing from ultra-high-powered and then, of course, the EMLs, the CW lasers that go into our scale-out products. We felt pretty good, right, as you said.

George，是的，你看，我同意。我的意思是，我想我們在前一個問題中試圖暗示的是，超高功率雷射的需求讓我們感到意外，而且這橫跨了幾個客戶。所以我想我們在過去三個月真正努力做的，是確保更多的基板供應。我們原本做得不錯。我們覺得，基於我們看到的超高功率需求基準，當然還有 EML、以及用於我們 scale-out 產品的 CW 雷射，我們的供應是足夠的。如你所說，我們當時感覺相當不錯。

But I think we've seen a pretty big surge in demand, as we said. And in order to respond to that, we went out and we found additional substrate help from AXTI. They are a great partner. Wupen has worked with them for a good number of years. And we think we're going to need their help just given the surge in demand.

但我想我們已經看到需求出現相當大的激增，如我們所說。為了回應這點，我們外出尋找 AXTI 提供額外的基板支援。他們是很棒的合作夥伴。Wupen 與他們合作已經很多年了。而且考量到需求的激增，我們認為我們會需要他們的協助。

So that's what drove that deal. If this vector continues, we're probably going to need to look for more help on substrate. We feel we're good at this moment. We're probably pretty comfortable just given our lead in arrangement with the Japanese supplier and now of the announced deal with AXTI. But given the rate of change in the demand vector that we're seeing, that may not be true a quarter or two from now either.

所以這就是促成那筆交易的原因。如果這個需求向量持續下去，我們可能還需要尋求更多基板方面的支援。就目前而言，我們覺得是足夠的。考量到我們與日本供應商的先行安排，以及現在已公告與 AXTI 的協議，我們大概相當有把握。但就我們看到的需求向量變化速度而言，一兩季之後可能就未必仍然如此。

Got it. And then do you think it's likely that we could see you sign some LTAs for more of the capacity in Greensboro. Is that a possibility?

了解。那你覺得我們是否有可能看到你們為 Greensboro 的更多產能簽署一些長期協議（LTA）？這有可能嗎？

Yes. Look, we're looking to do that. I think we've sort of reported consistently that we have capacity in Greensboro. We have room there and Wupen has been out talking to a number of customers about helping them with their laser demands, which are, again, changing minute by minute is that everybody starts to look to adopt near-packaged or co-packaged solutions. And so I would expect that we have some things to talk about over the next couple of quarters relative to new arrangements in Greensboro that speak to more of this capacity we have there.

是的。你看，我們正在尋求這麼做。我想我們一直都有持續對外說明，我們在 Greensboro 有產能。那裡還有空間，而 Wupen 也一直在與多位客戶洽談，協助他們滿足雷射需求——而這些需求同樣在每分每秒地變化，因為大家都開始考慮採用 near-packaged 或 co-packaged 的解決方案。因此，我預期在接下來幾季，我們會有一些事情可以談，關於 Greensboro 的新安排，來對應我們在那裡更多的產能。

Tom O'Malley, Barclays.

Tom O'Malley，Barclays。

My first is on the NPO side where you spend a little more time on the preamble talking about the technology. I was curious, when you look at ASIC and GPU road maps, when you see the intersection of NPO, does that need to be with a new generation of silicon or can you intersect an existing ramp. If you were to see a big customer today ramping in the beginning of next year, were you able to ship NPO solutions where they originally started off as electrical-only solutions just for the timing aspect of your ramp, that would be super helpful.

我的第一個問題是關於 NPO 這一端，你在開場花了更多時間談技術。我很好奇，當你看 ASIC 和 GPU 的路線圖時，看到 NPO 的交會點時，是否需要搭配新一代的矽（silicon），還是可以在既有的量產爬坡中導入？如果你看到某個大客戶今天開始在明年初爬坡量產，從你們爬坡時程的角度，你們是否能出貨 NPO 解決方案——即便他們原本是以純電（electrical-only）方案起步？這會非常有幫助。

Yes. Tom, super to speak to you again. We really appreciate this chat, as always, Tom, as always. Look, I think what we're seeing now is an inflection in the ASICs and in the SerDes speed, and that's driving the need for NPO and CPO. I don't know, and Wupen can comment a little bit on this. I don't think there are existing TPUs, XPUs, GPUs that are shipping that have a fast enough SerDes speed that we could suddenly plop in an NPO or CPO solution, which I think is what you're asking.

是的。Tom，很高興再次和你交流。我們一如既往地很感謝這次對話，Tom，一如既往。你看，我想我們現在看到的是 ASIC 與 SerDes 速度的拐點，而這正在推動對 NPO 與 CPO 的需求。我不確定，Wupen 也可以補充一下。我不認為目前正在出貨的既有 TPU、XPU、GPU，其 SerDes 速度快到我們可以突然就把 NPO 或 CPO 解決方案直接塞進去——我想你問的是這個。

But as these new generations come online, really seeing silicon in mid-'27 toward the end of '27 and early '28 all those new silicon solutions, again, GPUs, XPUs, TPUs all seem to be driving SerDes speeds that are consistent with the adoption of NPO or CPO.

但隨著這些新世代上線，真正看到矽在 2027 年中到 2027 年底、以及 2028 年初陸續推出——所有這些新的矽解決方案，同樣地，GPU、XPU、TPU 似乎都在推動與採用 NPO 或 CPO 相一致的 SerDes 速度。

Wupen, any color you can add for Tom?

Wupen，你能為 Tom 補充一些看法嗎？

Thank you, Michael. I think that's very accurate. Really, I don't think, Tom, we are not seeing kind of the retrofit of NPO onto the current XPUs. We're seeing really, like as Michael talk about, there is a broad momentum towards the '28, kind of '28 ramp of NPO and CPO and really driven by optical scale-up. So it's not -- this is beyond just the XPU itself. This also goes into a rack-based multi-rack system that requires optical scale-up, right? Therefore, we believe this is going to be new processor, new racks and there's 2028 event for optical scale-up from the industry's evolution point of view.

謝謝你，Michael。我認為這非常準確。確實，我不認為，Tom，我們看到的是把 NPO 改裝（retrofit）到目前的 XPUs 上。我們看到的是，正如 Michael 所說，整體動能正朝向 2028 年——大概是 2028 年的 NPO 與 CPO 量產爬坡——而且主要由光學 scale-up 所驅動。所以這不只是 XPU 本身。這也延伸到以機櫃（rack）為基礎、跨多機櫃的系統，這需要光學 scale-up，對吧？因此，我們相信這將會是新處理器、新機櫃，並且從產業演進的角度來看，2028 年會是光學 scale-up 的一個事件節點。

Super helpful. And then on the other side of things on OCS, you talked about in-tray OCS. I was curious, is the competitive dynamic there similar for you guys? In terms of the timing, is that in your current TAM? Or would that be additive to the TAM? And when do you see that intersecting in terms of that technology hitting the market?

非常有幫助。那另外一邊關於 OCS，你提到了 in-tray OCS。我很好奇，那裡的競爭態勢對你們來說是否類似？就時程而言，那是在你們目前的 TAM 裡嗎？還是會對 TAM 有增量貢獻？以及你們認為那項技術何時會在市場上交會、也就是導入市場？

Tom, additive, right? So anything that Kathy's presented at OFC, it's above and beyond that. It's a very new set of opportunities. We've come to find out there are a number of different folks that are looking at this kind of approach, and it's all very additive. It would hit for us '28 timeframe, Tom. It's not something that's super imminent, but it's imminent enough that we're working on it aggressively. It requires a lot of redesign on our -- from our engineers. But look, we're the only guy shipping.

Tom，是增量的，對吧？所以 Kathy 在 OFC 上展示的任何內容，都是在那之上、超出那個範圍的。那是一組非常新的機會。我們也發現，有不少不同的團隊在看這種方法，而這些全都是增量機會。對我們而言會落在 2028 年的時間框架，Tom。這不是什麼迫在眉睫的事情，但也已經近到足以讓我們積極投入。這需要我們工程師在我們的——方面做大量重新設計。但你看，我們是唯一在出貨的。

I mean I know a lot of people are talking about OCS a lot of start-ups for us to be now at $100 million and beyond types of quarters, we're the only ones that have a track record outside of a contract manufacturing relationship with a large OCS users. So we're really the only merchant supplier today of OCS. And by virtue of that, we're going to get every single call and have the first look, I think, in every single opportunity out there.

我的意思是，我知道很多人都在談 OCS，也有很多新創；但對我們來說，現在已經做到每季 1 億美元、甚至更高的規模，我們是唯一一家在與大型 OCS 使用者的委外製造（contract manufacturing）關係之外，擁有實績紀錄的公司。所以我們今天真的是唯一的 OCS 商用（merchant）供應商。也正因如此，我認為我們會接到每一通電話，並在每一個機會中優先獲得第一手評估的機會。

And Matthew, it looks like we have time for just one more question.

Matthew，看起來我們只剩下時間再回答最後一個問題。

Ruben Roy, Stifel.

Stifel 的 Ruben Roy。

Great. Thanks for sticking me in here. Michael, maybe just to drill into the Pump Laser commentary a bit, growing quite nicely. I think you said 80% year-over-year for the second consecutive quarter and fourfold increase coming still effectively sold out. Can you talk a little bit about where you are in the Rose Orchard ramp and what exit capacity looks like. And then you talked about some long-term supply agreements that you're putting into place for scale across. Can you characterize maybe high level, what the structure of those agreements are and the duration?

太好了。謝謝讓我插進來提問。Michael，我想再深入追問一下你對泵浦雷射（Pump Laser）的評論，成長相當不錯。我記得你說連續第二個季度年增 80%，而且出貨量仍有四倍成長，基本上等於仍是全數售罄。你能談談 Rose Orchard 的擴產爬坡目前進度，以及退出（run-rate）產能大概會是什麼樣子嗎？另外你也提到正在建立一些長期供應協議以支援規模化。你能否從高層次描述一下這些協議的架構與期限？

Yes, Ruben, best for last. We really always appreciate your questions. I think this is an area of incredible strength for us, right, which really I think is underappreciated. We have a very large market share here. And what we've done is really worked hard with, for example, a lot of the NEMs, the network equipment manufacturers to form strategic partners. And we're super pleased with how people have come to work with us on helping offset some of the CapEx, and it's considerable that we have to put out to ramp in Rose Orchard. You got it right, and to then bring that into our Thailand manufacturing for packaging and tests.

是的，Ruben，把最精彩的留到最後。我們一直都非常感謝你的提問。我認為這對我們來說是一個極具實力的領域，坦白說我覺得外界對此低估了。我們在這裡擁有非常高的市占率。我們所做的，是與例如許多 NEM（網路設備製造商）密切合作，建立策略夥伴關係。我們也非常高興看到大家願意與我們合作，協助分攤我們在 Rose Orchard 擴產爬坡所需投入的部分資本支出（CapEx），而那筆投入相當可觀。你說得沒錯，接著再把這些導入我們泰國的製造端進行封裝與測試。

We formed a series of arrangements that for the most part, our three year arrangements. And those arrangements -- as our normal arrangements, have pricing built into them, there are pricing levers that we can exercise if certain conditions are met. So we think we have some room there on the price line. But these are giving us a lot of surety in terms of that demand not evaporating.

我們建立了一系列安排，多數是三年期的安排。而這些安排——如同我們一般的安排——內含定價機制；若符合特定條件，我們可以啟動一些價格槓桿。因此我們認為在價格線上仍有一些空間。但這些安排也讓我們在需求不會突然消失這件事上，獲得很高的確定性。

And in most instances, I think they're take-or-pay, Wupen, comment since you have been the middle of that. But we feel really, really good about where we're sitting, Ruben, on the pumps. Again, rough order, we're somewhere between 70%, 80% share. And we believe we have a technology road map that our customers want to engage in that will afford us the opportunity to work on price to further increase output. But this is a darn exciting area for us.

而且在多數情況下，我想它們是「照付不議（take-or-pay）」的；Wupen，你一直在其中協調，可以補充一下。但就泵浦產品而言，Ruben，我們對目前的位置感到非常、非常有信心。再給個粗略數字，我們的市占大約在 70% 到 80% 之間。我們也相信我們的技術路線圖是客戶願意投入合作的，這將讓我們有機會在價格上做文章，以進一步提升產出。總之，這對我們來說真的是一個非常令人振奮的領域。

Wupen, any additional color?

Wupen，還有什麼補充說明嗎？

No, thank you.

沒有，謝謝。

That's really helpful. For the last 30 seconds here, a lot of discussion on NPO. My quick follow-up on that is, are the discussions, engagements, that type of thing associated with some of the open or standards-based NPO kind of, yes, I guess the standard-based NPO versus custom. And I'm asking, I'm just wondering if there's a better alternative for you given your technology and positioning. Does that matter --

這非常有幫助。最後 30 秒，大家談了很多 NPO。我對此的快速追問是：這些討論、互動之類的，是否與一些開放或基於標準的 NPO 有關——也就是我想說，基於標準的 NPO 相對於客製化的。我之所以問，是想知道以你們的技術與定位，是否有更好的選擇。這會有影響嗎--

Look, I'll have Wupen to comment just in the interest of time. I mean there are OCI, like different standards that are coming out that are talking about the way the interface between the ASIC and the optical engine, for example, that's great for us because that opens up switch opportunities, for example, that may not be open to us before. So the standards-based approach is -- opens up optical TAM. But we are engaged to be honest with you on both, right? There are a lot of custom, very specific types of implementations that our customers are driving to. And we are -- that's really going to be our first wave of NPO engagement moment, Ruben.

你看，為了節省時間，我請 Wupen 來回應。我的意思是，像 OCI 這類不同的標準正在出來，討論例如 ASIC 與光引擎之間的介面該如何定義；這對我們很有利，因為這會打開例如交換器（switch）的機會，而這些機會過去可能不對我們開放。所以，基於標準的方法——會擴大光學的 TAM（總可服務市場）。但老實說，我們兩邊都有參與，對吧？有很多客製化、非常特定的實作是由客戶推動的。而我們——Ruben，這將會是我們 NPO 參與的第一波重點。

Any color?

有什麼補充說明嗎？

Maybe a little bit of color. I think just the -- to the extent what Michael just talked about, right, there is actually two things. One is that today, right, the physical level, the optical level, they're all so called fast narrow, 200 gig per lane, massive lanes. And the next generation, right, as Michael talked about will be like OCI/MSA based, right? So that's on the optical side.

我補充一點。我想就 Michael 剛才提到的部分而言，實際上有兩件事。第一是目前在實體層、光學層，都是所謂的高速窄線寬（fast narrow），每通道 200G、而且是大量通道。而下一代，如 Michael 所說，會是以 OCI/MSA 為基礎。這是光學端的部分。

But on the form factor side, it is very much proprietary, right? Everybody has a different design. Again, we talked about earlier, matched to their rack design, their system design, and that actually is different from customer to customer, right? So again, optically, they are kind of standard based, but then on the competition side, they're different between different customers.

但在外形規格（form factor）方面，則非常偏向專有設計。每一家都有不同的設計。如同我們先前提到的，會去匹配他們的機櫃（rack）設計、系統設計，而這在不同客戶之間其實都不一樣。所以總結來說，光學上比較偏向標準化，但在外形規格與競爭面向上，不同客戶之間仍然存在差異。

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

謝謝你的提問。我現在把電話交回給 Kathy 做結語。

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

謝謝你，Matthew。我們的提問時間到此為止，我們也期待在本季度接下來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. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以中斷連線。