Lumentum Holdings Inc (LITE) 2022 Q3 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Holdings Third Quarter Fiscal Year 2022 Earnings Call. (Operator Instructions) Please also note today's event is being recorded for replay purposes.

大家好，歡迎參加 Lumentum Holdings 2022 財年第三季財報電話會議。 （操作員說明）也請注意，今天的活動正在錄製以供重播之用。

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

現在，我想將電話會議轉交給投資人關係副總裁 Kathy Ta。塔女士，請。

Thank you, operator. Welcome to Lumentum's Fiscal Third Quarter 202 Earnings Call. This is Kathy Ta, Lumentum's Vice President of Investor Relations. Joining me today are Alan Lowe, President and Chief Executive Officer; Wajid Ali, Chief Financial Officer; and Chris Coldren, Senior Vice President and Chief Strategy and Corporate Development Officer.

謝謝你，接線生。歡迎參加 Lumentum 202 年第三季財報電話會議。我是 Kathy Ta，Lumentum 投資者關係副總裁。今天與我一起出席的有總裁兼執行長艾倫‧洛 (Alan Lowe)；瓦吉德·阿里，財務長；以及資深副總裁兼首席策略和企業發展長 Chris Coldren。

Today's call will include forward-looking statements, including statements regarding our expectations regarding the pending acquisition of NeoPhotonics, including market opportunity, expected synergies, financial and operating results and expectations regarding accretion, time to close, strategies of the combined company and benefits to customers and the markets in which we operate. As well as the impact of COVID-19 on our business and continuing uncertainty in this regard, trends and expectations for our products and technology, our markets, market opportunity and customers. And our expected financial performance, including our guidance as well as statements regarding our future revenues, our financial model and our margin target.

今天的電話會議將包括前瞻性陳述，包括有關我們對即將收購NeoPhotonics 的預期的陳述，包括市場機會、預期協同效應、財務和營運業績以及對成長、關閉時間、合併後公司的策略以及對客戶的利益的預期以及我們經營所在的市場。以及 COVID-19 對我們業務的影響和這方面持續的不確定性、我們的產品和技術、我們的市場、市場機會和客戶的趨勢和期望。以及我們的預期財務業績，包括我們的指導以及有關我們未來收入、財務模型和利潤目標的聲明。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risk factors described in our SEC filings. We encourage you to review our most recent filings with the SEC, particularly the risk factors described in the quarterly report on Form 10-Q for the quarter ended January 1, 2022. And those in the 10-Q for the quarter ended April 2, 2022, to be filed by Lumentum with the SEC today. 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 these statements, except as required by applicable law.

這些陳述存在風險和不確定性，可能導致實際結果與我們目前的預期有重大差異，特別是我們向 SEC 文件中描述的風險因素。我們鼓勵您查看我們最近向SEC 提交的文件，特別是截至2022 年1 月1 日的季度10-Q 表格季度報告中描述的風險因素。 ， 2022 年，Lumentum 將於今天向 SEC 提交。本次電話會議中提供的前瞻性陳述是基於 Lumentum 截至目前的合理信念和預期。除適用法律要求外，Lumentum 不承擔更新這些聲明的義務。

Please also note, unless otherwise stated, all results and projections discussed in this call are non-GAAP. Non-GAAP financials are not to be considered as a substitute for or superior to financials prepared in accordance with GAAP. Lumentum's press release with the fiscal third quarter 2022 results and accompanying supplemental slides are available on our website at www.lumentum.com under the Investors section. This includes additional details about our non-GAAP financial measures and a reconciliation between our historical GAAP and non-GAAP results.

另請注意，除非另有說明，本次電話會議中討論的所有結果和預測均為非公認會計準則。非 GAAP 財務數據不應被視為替代或優於根據 GAAP 編制的財務數據。 Lumentum 發布的包含 2022 年第三季業績的新聞稿以及隨附的補充幻燈片可在我們的網站 www.lumentum.com 的「投資者」部分查看。這包括有關我們的非公認會計原則財務指標的更多詳細資訊以及我們歷史公認會計原則和非公認會計原則結果之間的調節。

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

這樣，我會將電話轉給艾倫。

Thank you, Kathy, and good morning, everyone. Strong demand and solid execution by our team around the world resulted in all third quarter financial metrics being at the high end of our guidance range. We are in an excellent position to grow revenue in Q4 and in fiscal '23, and we believe we will see continued revenue growth beyond 2023. Long-term tailwinds are driving our markets and demand for our differentiated products is already strong and growing. Unrelenting growth in data generation and consumption is driving the cloud and networking markets we address.

謝謝你，凱西，大家早安。我們全球團隊的強勁需求和堅定執行力導致第三季所有財務指標都處於我們指導範圍的高端。我們在第四季度和23 財年的收入成長方面處於有利地位，我們相信我們將在2023 年後看到收入持續增長。並且不斷成長。數據生成和消費的持續成長正在推動我們所關注的雲端和網路市場。

Our customers are just beginning multiyear infrastructure upgrades that require our leading-edge photonics. Use cases for our high-performance lasers for 3D sensing and LiDAR are expanding beyond mobile handsets. And in Q3, we announced a new reference design in building automation. New automotive customers are turning to our lasers for LiDAR, and we are engaged with more customers on extended reality applications. Demand for our commercial lasers also continues to grow as industrial and microelectronic factories and semiconductor fabs expand and upgrade their capabilities and increasingly utilize the leading-edge lasers we supply.

我們的客戶剛開始多年的基礎設施升級，需要我們領先的光子學。我們用於 3D 感測和 LiDAR 的高性能雷射的用例正在擴展到手機之外。在第三季度，我們宣布了樓宇自動化的新參考設計。新的汽車客戶正在轉向我們的雷射雷達雷射器，並且我們正在與更多客戶合作開發擴展現實應用。隨著工業和微電子工廠以及半導體工廠擴大和升級其能力，並越來越多地利用我們提供的尖端雷射器，對我們的商用雷射的需求也在持續增長。

Near term, telecom customer demand is outpacing the supply of third-party components, most notably semiconductors that we need to build many of our products. Our supply chain team is making excellent progress to alleviate component shortages, which we expect will drive strong sequential growth in telecom revenues in the fourth quarter. We expect this telecom growth combined with the increased output from our recently commissioned datacom capacity will more than offset normal 3D sensing seasonality in Q4.

短期內，電信客戶的需求將超過第三方組件的供應，尤其是我們製造許多產品所需的半導體。我們的供應鏈團隊在緩解零件短缺方面取得了巨大進展，我們預計這將推動第四季度電信收入的強勁連續成長。我們預計，電信的成長加上我們最近投產的數據通訊容量的產出增加將足以抵消第四季度正常的 3D 感測季節性。

We expect Q4 revenue will increase sequentially and year-on-year. Our Q4 revenue outlook would result in a new company high for a fourth quarter. Though component supply is increasing, demand is growing even faster. We expect more than a $100 million revenue impact as a result of the gap between demand and supply in Q4. This is up significantly when compared with an approximate $65 million gap we saw in the third quarter. While we expect these supply shortages to continue to improve with the diligent work of our team and our suppliers, given the accelerating demand environment, we will likely see customer demand outpacing third-party material supply into calendar 2023.

我們預計第四季營收將環比和同比增長。我們對第四季營收的預期將創下公司第四季的新高。儘管零件供應量不斷增加，但需求成長速度更快。我們預計第四季的供需缺口將對收入產生超過 1 億美元的影響。與我們在第三季度看到的約 6500 萬美元的缺口相比，這一數字顯著上升。雖然我們預計，隨著我們團隊和供應商的辛勤工作，這些供應短缺問題將繼續得到改善，但鑑於需求環境不斷加速，我們很可能會在 2023 年看到客戶需求超過第三方材料供應。

The NeoPhotonics acquisition remains on track for the previously announced time line of closing in the second half of calendar 2022. We are working diligently with antitrust authorities in China with their approval being the final key closing condition for the transaction. Integration planning with the NeoPhotonics team gives me strong conviction that the combination will create value for our customers, our suppliers and our shareholders through a more comprehensive portfolio of differentiated products for our cloud, networking and automotive customers as well as meaningful cost synergies.

NeoPhotonics 的收購仍在按先前宣布的 2022 年下半年完成的時間表進行。與NeoPhotonics 團隊的整合規劃讓我堅信，此次合併將透過為我們的雲端、網路和汽車客戶提供更全面的差異化產品組合以及有意義的成本協同效應，為我們的客戶、供應商和股東創造價值。

Now let me provide some detail on our third quarter results. As expected, telecom and datacom revenue was down quarter-on-quarter due to supply constraints despite very strong demand. New applications for our 10G tunable transmission products are accelerating. These include metro access and fiber deep applications for cable MSO and networking customers as well as wireless fronthaul for mobile networking customers. The wireless fronthaul application is just starting to be deployed and is expected to deliver meaningful revenue by the end of the calendar year.

現在讓我提供有關我們第三季業績的一些詳細資訊。正如預期的那樣，儘管需求非常強勁，但由於供應限制，電信和數據通訊收入環比下降。我們的10G可調諧傳輸產品的新應用正在加速。其中包括有線 MSO 和網路客戶的城域存取和光纖深度應用，以及面向行動網路客戶的無線前傳。無線前傳應用程式剛開始部署，預計到今年年底將帶來可觀的收入。

We are increasing our manufacturing capacity for our 10G and soon-to-be released 25G tunable products in our wafer fab and our back-end assembly and test factories to address the rapid adoption of this differentiated and enabling technology. Pump laser sales are robust and grew more than 50% from the same quarter last year. As we have mentioned previously, elevated pump shipments frequently have been a leading indicator of future telecom demand.

我們正在晶圓廠以及後端組裝和測試工廠提高 10G 和即將發布的 25G 可調諧產品的製造能力，以應對這種差異化的支援技術的快速採用。泵浦雷射銷售強勁，比去年同期成長了 50% 以上。正如我們之前提到的，泵浦出貨量的增加往往是未來電信需求的領先指標。

In addition, submarine cable suppliers are deploying subsea cables at record levels, driven by the robust demand from hyperscale data center operators. This is another leading indicator of future telecom demand. We expect these infrastructure investments will help propel Lumentum into double-digit growth starting in fiscal '23 for multiple years.

此外，在超大規模資料中心營運商的強勁需求推動下，海底電纜供應商正在以創紀錄的水平部署海底電纜。這是未來電信需求的另一個領先指標。我們預計這些基礎設施投資將有助於推動 Lumentum 從 23 財年開始連續多年實現兩位數成長。

EMLs serving high-speed cloud data center applications reached a new record in revenue. New EML manufacturing capacity will allow us to ramp our datacom shipments even more to help us better fulfill strong customer demand for our differentiated products. Accordingly, we expect fourth quarter EMO revenue to increase significantly from the third quarter.

服務高速雲端資料中心應用的EML收入創下新紀錄。新的 EML 製造能力將使我們能夠進一步提高數據通訊出貨量，從而幫助我們更好地滿足客戶對我們差異化產品的強勁需求。因此，我們預期第四季EMO營收將較第三季大幅成長。

Looking ahead to the fourth quarter, we expect telecom and datacom revenue to be up strongly quarter-on-quarter due to the improvements in IC component supply, but still significantly below the level of customer demand. We continue to work diligently with our suppliers and on alternative sources of supply to alleviate shortages.

展望第四季度，由於IC元件供應改善，我們預期電信和數據通訊收入將環比強勁成長，但仍顯著低於客戶需求水準。我們繼續與供應商努力合作，尋找替代供應來源，以緩解短缺問題。

Turning to industrial and consumer. Third quarter revenue was down from last quarter as expected due to 3D sensing seasonality. We are expanding our 3D sensing and LiDAR platforms into new applications in the industrial market. In the third quarter, we announced a reference design with Ambarella for building automation and occupancy sensor systems. The design uses Lumentum's flood illuminator module for high accuracy time-of-flight 3D sensing together with Ambarella's AI system on a chip, enabling the application of small sensors with local processing for occupancy monitoring, intelligence space management and smart retail.

轉向工業和消費。由於 3D 感測季節性因素，第三季營收較上季下降，符合預期。我們正在將 3D 感測和 LiDAR 平台擴展到工業市場的新應用。在第三季度，我們宣布與 Ambarella 合作推出用於樓宇自動化和佔用感測器系統的參考設計。設計採用 Lumentum 的泛光照明器模組進行高精度飛行時間 3D 感測，並結合 Ambarella 的 AI 系統單晶片，支援將具有本地處理功能的小型感測器應用於佔用監控、智慧空間管理和智慧零售。

In automotive, we have expanded our development activities with new LiDAR customers, and we are very pleased to have entered into a customer-supported development agreement for a long-range LiDAR with a market leader in the ADAS space. In addition, we have begun our production ramp of our multi-junction VCSEL arrays for Hesai. The customer pipeline for our products serving in-cabin driver monitoring systems is also growing.

在汽車領域，我們擴大了與新 LiDAR 客戶的開發活動，我們很高興與 ADAS 領域的市場領導者簽訂了客戶支援的遠端 LiDAR 開發協議。此外，我們已經開始為禾賽生產多結 VCSEL 陣列。我們為車內駕駛員監控系統提供服務的產品的客戶管道也在不斷增長。

In addition, we have early product traction with multiple customers who are developing extended reality solutions, which we expect will come to market in 2023. We expect fourth quarter industrial and consumer revenue to be down sequentially with typical consumer product seasonality.

此外，我們的早期產品吸引了多個正在開發擴展現實解決方案的客戶，我們預計該解決方案將於2023 年上市。連續下降。

Our commercial laser revenue was up again quarter-on-quarter as expected, achieving near-record levels, primarily driven by fiber lasers serving automotive and industrial applications. Ultrafast lasers for manufacturing of semiconductors and consumer electronics also grew sequentially.

我們的商用雷射收入再次按預期季度環比增長，達到接近歷史最高水平，這主要是由服務於汽車和工業應用的光纖雷射推動的。用於半導體和消費性電子產品製造的超快雷射也持續成長。

Looking ahead to the fourth quarter, we expect laser revenue to grow again quarter-on-quarter, driven by new products and the overall market. We expect laser quarterly revenue to surpass our previous record as this business grows over the coming quarters.

展望第四季度，我們預計在新產品和整體市場的推動下，雷射收入將環比再次成長。隨著雷射業務在未來幾季的成長，我們預計雷射季度收入將超過我們先前的記錄。

Before turning it over to Wajid to run through the numbers, I'd like to acknowledge our employees' commitment to implement sustainable practices. To meet our company-wide goal of net zero carbon emissions by 2030, we have transitioned more sites to renewable energy. Since January, our site in Ottawa holds a renewable energy certificate, and we installed solar panels in our site in Slovenia.

在將其交給瓦吉德查看這些數字之前，我要感謝我們的員工對實施永續實踐的承諾。為了實現 2030 年全公司淨零碳排放的目標，我們已將更多場所改用再生能源。自一月以來，我們位於渥太華的工廠持有再生能源證書，並且我們在斯洛維尼亞的工廠安裝了太陽能電池板。

Our sites in the United Kingdom started procuring 100% renewable electricity in May, and our San Jose headquarter has achieved the Lead Silver Certification, another step forward in our goal of net zero emissions. We are also very proud to have achieved the EcoVadis Gold Rating for Lumentum's advanced performance and sustainability. In addition to our progress in sustainability initiatives, I would like to thank our employees around the world for all of their hard work and resilience during such challenging times.

我們位於英國的工廠於 5 月開始採購 100% 可再生電力，我們的聖荷西總部已獲得鉛銀認證，這是我們向淨零排放目標又邁進了一步。我們也非常自豪 Lumentum 的先進性能和永續性獲得了 EcoVadis 金級評級。除了我們在永續發展措施方面取得的進展之外，我還要感謝我們世界各地的員工在這個充滿挑戰的時期所做的辛勤工作和堅韌不拔的精神。

With that, I'll turn it over to Wajid.

有了這個，我會把它交給瓦吉德。

Thank you, Alan. Net revenue for the third quarter was $395.4 million, which exceeded the midpoint of our guidance range. Net revenue was down 11.5% sequentially and down 5.7% year-on-year. GAAP gross margin for the third quarter was 42.3%. GAAP operating margin was 11.8%, and GAAP diluted net income per share was $0.35. Third quarter non-GAAP gross margin was 49.5%, which was down sequentially and year-on-year, primarily driven by lower revenue and higher supplier costs.

謝謝你，艾倫。第三季淨收入為 3.954 億美元，超出了我們指引範圍的中位數。淨收入季減 11.5%，年減 5.7%。第三季 GAAP 毛利率為 42.3%。 GAAP 營業利益率為 11.8%，GAAP 攤薄後每股淨利為 0.35 美元。第三季非 GAAP 毛利率為 49.5%，季減和年減，主要是因為收入下降和供應商成本上升。

Third quarter non-GAAP operating margin was 26.5%, which decreased sequentially and year-on-year due to lower revenue. However, non-GAAP operating margin was above the high end of our guidance range. Third quarter non-GAAP operating income was $104.9 million and adjusted EBITDA was $125.1 million. Third quarter non-GAAP operating expenses totaled $90.7 million or 22.9% of revenue.

第三季非 GAAP 營運利潤率為 26.5%，由於收入下降而環比和同比下降。然而，非公認會計原則營業利益率高於我們指導範圍的上限。第三季非 GAAP 營業收入為 1.049 億美元，調整後 EBITDA 為 1.251 億美元。第三季非 GAAP 營運費用總計 9,070 萬美元，佔營收的 22.9%。

SG&A expense was $40 million. R&D expense was $50.7 million. Other income and expense was a net expense of $0.9 million on a non-GAAP basis. Third quarter non-GAAP net income was $88.9 million and non-GAAP diluted net income per share was $1.19 and was at the top of our guidance range provided on our last call. Our fully diluted share count for the third quarter was 74.5 million. Our non-GAAP tax rate remains at 14.5%.

SG&A 費用為 4000 萬美元。研發費用為 5,070 萬美元。以非公認會計準則計算，其他收入和支出的淨支出為 90 萬美元。第三季非 GAAP 淨利潤為 8,890 萬美元，非 GAAP 攤薄後每股淨利潤為 1.19 美元，處於我們上次電話會議中提供的指導範圍的頂部。第三季完全稀釋後的股票數量為 7,450 萬股。我們的非 GAAP 稅率仍為 14.5%。

On the balance sheet, cash and short-term investments increased $542 million sequentially to $2.6 billion, primarily driven by our convertible note offering. During the third quarter, we generated $76.6 million in cash from operations and purchased 3.3 million shares or $324 million, which includes 2 million shares repurchased concurrent with the issuance of our 2028 convertible notes. As of the end of Q3, we have purchased a total of 7.8 million shares, of which 5.8 million shares were purchased for $487 million under our $1 billion share buyback program. In Q3, we also funded a $30 million loan to NeoPhotonics to support their revenue growth. This loan is consistent with the terms of our merger agreement.

在資產負債表上，現金和短期投資連續增加 5.42 億美元，達到 26 億美元，這主要是由我們的可轉換票據發行推動的。第三季度，我們從營運中產生了 7,660 萬美元的現金，並購買了 330 萬股股票（約 3.24 億美元），其中包括在發行 2028 年可轉換票據的同時回購的 200 萬股股票。截至第三季末，我們總共購買了 780 萬股股票，其中 580 萬股是根據我們 10 億美元的股票回購計畫以 4.87 億美元的價格購買的。在第三季度，我們也向 NeoPhotonics 提供了 3,000 萬美元的貸款，以支持他們的營收成長。這筆貸款符合我們合併協議的條款。

Turning to segment details. Third quarter optical communications segment revenue at $344.2 million decreased 13% sequentially due to the expected seasonality in industrial and consumer and continued material and component shortages in our telecom business. Optical communications segment gross margin at 49% decreased sequentially and year-on-year primarily due to lower revenue and product mix. Our third quarter laser segment revenue at $51.2 million increased 4% sequentially and 62% year-on-year. Third quarter laser's gross margin at 52.9% was approximately flat sequentially but up year-on-year due to higher volumes.

轉向細分細節。第三季光通訊部門營收為 3.442 億美元，季減 13%，原因是工業和消費者的預期季節性以及我們電信業務的材料和零件持續短缺。光通訊業務毛利率為 49%，環比和年比下降，主要是由於收入和產品組合下降。我們第三季雷射業務收入為 5,120 萬美元，季增 4%，年增 62%。第三季雷射的毛利率為 52.9%，與上一季基本持平，但由於銷量增加，較去年同期有所上升。

Now on to our guidance for the fourth quarter of fiscal 2022, which is on a non-GAAP basis and is based on our assumptions as of today. We expect net revenue for the fourth quarter of fiscal '22 to be in the range of $405 million to $430 million. Our telecom and datacom revenue is expected to grow by approximately $50 million sequentially in Q4. As Alan indicated earlier, due to the accelerating demand, this Q4 guidance also reflects over $100 million of impact to revenue, driven by shortages of third-party components.

現在談談我們對 2022 財年第四季度的指導，該指導基於非 GAAP 基礎，並基於我們截至目前的假設。我們預計 22 財年第四季的淨收入將在 4.05 億美元至 4.3 億美元之間。我們的電信和數據通訊收入預計第四季將環比成長約 5,000 萬美元。正如艾倫早些時候指出的那樣，由於需求不斷增長，第四季度的指導也反映出第三方組件短缺對收入造成的超過 1 億美元的影響。

However, we believe this demand is durable due to customers being at the initial stages of their network upgrades. Based on this, we project fourth quarter operating margin to be in the range of 26.5% to 28% and diluted net income per share to be in the range of $1.25 to $1.40. The midpoints of these guidance ranges reflect our expectation of record revenue, operating margin and diluted net income per share for a fourth quarter.

然而，我們相信這種需求是持久的，因為客戶正處於網路升級的初始階段。據此，我們預計第四季營業利潤率將在 26.5% 至 28% 之間，攤薄後每股淨利潤將在 1.25 美元至 1.40 美元之間。這些指導範圍的中點反映了我們對第四季度創紀錄的收入、營業利潤率和稀釋後每股淨利潤的預期。

Our non-GAAP EPS guidance for the fourth quarter is based on a non-GAAP annual effective tax rate of 14.5%. These projections assume an approximate share count of 72.5 million and interest and other income and expense that is a net expense of approximately $1 million.

我們第四季的非 GAAP 每股盈餘指引是基於 14.5% 的非 GAAP 年度有效稅率。這些預測假設股票數量約為 7,250 萬股，利息和其他收入和支出的淨支出約為 100 萬美元。

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

之後，我會將電話轉回給 Kathy，開始問答環節。凱西？

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

謝謝你，瓦吉德。 （操作員指示） 操作員，我們開始問答環節。

(Operator Instructions) And our first question comes from Simon Leopold from Raymond James.

（操作員說明）我們的第一個問題來自 Raymond James 的 Simon Leopold。

First, just a very quick clarification. On the value you've highlighted the effect of the shortages, $65 million in the reported quarter and $100 million in the coming quarter. Are those cumulative numbers or specific to the quarter? And then my question is, you had previously moved operations out of China and reduced your exposure to China. I'm sure you've got some sourcing from China. And so I'm looking for a little bit of insight in terms of whether you have and if you can quantify your risk from the China lockdowns. And on this topic, have you gained share from competitors because you have less direct China exposure?

首先，快速澄清一下。關於價值，您強調了短缺的影響，報告季度為 6500 萬美元，下一季為 1 億美元。這些數字是累積數字還是特定季度的數字？然後我的問題是，您之前已將業務移出中國並減少了對中國的投資。我確信你有一些來自中國的採購。因此，我正在尋找一些關於您是否有以及是否可以量化中國封鎖帶來的風險的見解。在這個主題上，您是否因為在中國的直接接觸較少而從競爭對手那裡獲得了份額？

Thanks, Simon. So specific to the quarter, the $65 million and $100 million, it's basically, as we enter the quarter, what do we see as a shortfall based on customer demand and what we're able to supply. So I guess you'd say it's specific to the quarter, meaning while we're growing telecom and datacom revenue by $50 million from Q3 to Q4, the gap between our ability to supply and the customer demand has moved from $65 million at the beginning of Q3 to $100 million in Q4.

謝謝，西蒙。具體到本季度，6500 萬美元和 1 億美元，基本上，當我們進入本季度時，我們根據客戶需求和我們能夠提供的供應量來判斷哪些缺口。所以我猜你會說這是特定於本季度的，這意味著雖然我們的電信和數據通信收入從第三季度到第四季度增長了5000 萬美元，但我們的供應能力和客戶需求之間的差距已經從一開始的6500 萬美元轉移到了第三季的銷售額達到第四季的 1 億美元。

So I hope that answers your question. Meaning as we look at today, we're not able to satisfy $100 million of customer demand, some of that which rolled over from last quarter, of course. Does that answer your question, Simon?

所以我希望這能回答你的問題。這意味著，正如我們今天所看到的，我們無法滿足 1 億美元的客戶需求，當然，其中一些需求是從上個季度延續下來的。這能回答你的問題嗎，西蒙？

Yes. So it's basically $65 million plus an additional $35 million. So it's building because you hadn't met the demand in March quarter, and you can't meet an incremental $35 million?

是的。所以基本上是 6500 萬美元加上額外的 3500 萬美元。所以它正在建設，因為您沒有滿足 3 月份季度的需求，並且您無法滿足 3500 萬美元的增量？

Yes. I mean you could look at that -- yes, at the same time, we're eating away at some of it given that we are growing our telecom and datacom revenue by approximately $50 million from Q3 to Q4. So what we're trying to say is while we're able to grow that business by 20% quarter-on-quarter, the demand is growing even faster than that from Q3 to Q4.

是的。我的意思是你可以看看——是的，與此同時，考慮到我們的電信和數據通信收入從第三季度到第四季度增長了約 5000 萬美元，我們正在蠶食其中的一部分。因此，我們想說的是，雖然我們能夠使該業務季度環比成長 20%，但需求成長速度甚至比第三季到第四季還要快。

As for your China sourcing impact in -- on our business, we do have a factory in China still, and it was shut down during the lockdowns in the end of March for 13 days. So that did impact slightly our Q3 revenue and more importantly impacted our ability to supply into our other factories for Q4. And that's factored into our guidance in Q4.

至於你們在中國採購對我們業務的影響，我們在中國確實還有一家工廠，但在 3 月底的封鎖期間被關閉了 13 天。因此，這確實對我們第三季的收入產生了輕微影響，更重要的是影響了我們在第四季度向其他工廠供貨的能力。這已納入我們第四季度的指導中。

On a component standpoint, we have been working diligently over the last couple of years to sole -- eliminate sole sourcing and get the ability to have dual sources and assurance of supply in situations like we're having today. So as we look forward, minimal impact to -- from the lockdowns on suppliers impacted by shutdowns. And as far as share gains are concerned, it's really hard to say because I think if we were able to satisfy the demand, yes, we'd be gaining a lot of share. It's hard for me to tell without looking at what our competitors are announcing to know if we're gaining share. But I'd say we probably are.

從組件的角度來看，我們在過去幾年中一直在努力消除單一採購，並在像我們今天這樣的情況下獲得雙重來源和供應保證的能力。因此，正如我們預期的那樣，受停工影響的供應商的封鎖所產生的影響微乎其微。就份額收益而言，這真的很難說，因為我認為如果我們能夠滿足需求，是的，我們將獲得很多份額。如果不看我們的競爭對手所宣布的內容，我很難判斷我們是否正在獲得份額。但我想說我們可能是。

Our next question comes from Samik Chatterjee from JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess for my first one, I see you decided to exclude the $5.8 million of expense related to buying broker parts in the quarter from your non-GAAP numbers, if I'm reading it correctly, which does suggest that you think it's a bit more temporary and you talked about sort of improving IT supply. So I just wanted to see -- I mean, if I'm interpreting it right, are you thinking it's a bit more of a temporary sort of even for you where you're going -- buying from brokers at higher prices? And what's maybe embedded in your fourth quarter guide relative to broker purchases? Or is that really moderating very quickly. That's why you're treating it as temporary? And then I have a follow-up.

我想對於我的第一個，我看到你決定從你的非 GAAP 數據中排除本季度與購買經紀人零件相關的 580 萬美元費用，如果我沒看錯的話，這確實表明你認為這有點更臨時，您談到了改善IT 供應的問題。所以我只是想看看——我的意思是，如果我的解釋正確的話，你是否認為即使對於你要去的地方來說，這也只是暫時的——以更高的價格從經紀人那裡購買？您的第四季有關經紀商購買的指南中可能包含哪些內容？或者說這種情況真的會很快緩解嗎？這就是為什麼你把它當作暫時的？然後我有一個後續行動。

Yes, I'll start off with that one. Yes. So on some very specific products, we are taking a look at some exception buys for components in order to meet our customer demand that we're seeing out there. We're seeing normal price increases on components for kind of what I would call regular standard products. We are including that in our non-GAAP numbers because we're seeing that not being temporary, to use your words. But yes, where we are seeing some temporary spot buy opportunities that help us meet customer demand for specific products. We are pulling that out to show, hey, this is what we think is temporarily impacting us.

是的，我將從那個開始。是的。因此，對於一些非常特定的產品，我們正在考慮一些組件的例外購買，以滿足我們所看到的客戶需求。我們看到我稱之為常規標準產品的組件價格正常上漲。我們將其納入我們的非公認會計原則數字中，用您的話來說，是因為我們發現這不是暫時的。但是，是的，我們看到了一些臨時的現貨購買機會，可以幫助我們滿足客戶對特定產品的需求。我們把它拿出來是為了表明，嘿，這就是我們認為暫時影響我們的東西。

We do think that will continue to impact us in Q4. I don't have a specific number because we are continuing some purchases in the month of April and the month of May. But yes, we're continuing that in our fiscal Q4. And like Alan mentioned earlier, we're expecting this -- some of these supply shortages to continue to impact us throughout the calendar year and where we see specific opportunities to go and meet customer demand. And the opportunities there from a spot buy standpoint, we will continue to do that.

我們確實認為這將在第四季度繼續影響我們。我沒有具體數字，因為我們在四月和五月繼續進行一些採購。但是，是的，我們將在第四財季繼續這樣做。正如艾倫之前提到的，我們預計，其中一些供應短缺將在整個日曆年中繼續影響我們，並且我們看到了滿足客戶需求的特定機會。從現貨購買的角度來看，我們將繼續這樣做。

For my follow-up, you guided to a $50 million increase quarter-over-quarter in telecom and datacom revenue. And Alan, you talked about the EML capacity increase. Just wanted to see if you can split that out a bit further of how much of the $50 million increase is coming from datacom. And is this sort of step 1 in terms of EML capacity and use -- maybe we get the full sort of benefit of this in the next quarter. Just wanted to think if this is the new run rate in terms of revenue for EML in 4Q? Or is there another sort of leg up in terms of capacity?

在我的後續行動中，您指導電信和數據通訊收入季度環比增長 5000 萬美元。 Alan，您談到了 EML 容量的增加。只是想看看您是否可以進一步拆分一下，5000 萬美元的成長中有多少來自數據通訊。就 EML 容量和使用而言，這是第一步——也許我們會在下個季度獲得全部好處。只是想知道這是否是 EML 第四季營收的新運行率？或者在容量方面還有其他的優勢嗎？

Yes. Well, of the $50 million, maybe perhaps I should say, on a percentage growth basis, the EMLs are growing faster than the telecom business. And so if you look at it as a whole, the $50 million represents about 20% of that business in Q3 going into Q4. So EMLs are growing faster than 20% and telecom growing slower than 20% to get to that $50 million. We do have additional EML capacity coming online. This is pretty much the implementation of what we've been talking about over the last 1.5 years, coming online really in full course in Q4. We do have more coming online that will impact really calendar '23.

是的。嗯，在 5000 萬美元中，也許我應該說，從成長百分比來看，EML 的成長速度快於電信業務。因此，如果從整體來看，這 5,000 萬美元約佔第三季到第四季業務的 20%。因此，EML 的成長速度超過 20%，電信的成長速度低於 20%，才能達到 5,000 萬美元。我們確實有額外的 EML 容量上線。這幾乎是我們在過去 1.5 年裡一直在談論的內容的實現，並在第四季度真正全面上線。我們確實有更多內容即將上線，這將真正影響日曆 '23。

And so we're -- we'll get incremental improvements of capacity through efficiencies and productivity, but this is pretty much the incremental capacity that we've added that we've been talking about for the last 18 months.

因此，我們將透過提高效率和生產力來逐步提高產能，但這幾乎是我們過去 18 個月一直在談論的增量產能。

Our next question comes from Alex Henderson from Needham.

我們的下一個問題來自尼達姆的亞歷克斯·亨德森。

Great. Just on that last question, you said incremental capacity in Q4. Do you mean fiscal Q4 or calendar Q4, just to clarify.

偉大的。關於最後一個問題，您提到了第四季的增量產能。您是指第四季財務季度還是第四季日曆季度，只是為了澄清。

For the EMLs, Alex?

對於 EML，亞歷克斯？

Yes. You were talking about EML capacity coming on additionally in Q4, but it wasn't clear whether you meant yearly or calendar.

是的。您談到第四季度將額外增加 EML 容量，但不清楚您指的是每年還是日曆。

I meant fiscal. So we saw some of the improvement coming in Q3 as a result of that capacity coming online. And in Q4, this quarter, we have a full quarter of that capacity, and that's why we're seeing a very large step-up in our ability to ramp EMLs in the June quarter.

我指的是財政。因此，由於產能上線，我們在第三季看到了一些改善。在本季度的第四季度，我們擁有該產能的整整四分之一，這就是為什麼我們在六月季度看到 EML 能力大幅提升的原因。

Is there additional capacity coming on in the back half of the calendar year?

下半年是否會有額外產能？

I would say that capacity is being installed in the back half of the calendar year that will impact our ability to grow EML capacity in calendar '23. But between now and really calendar '23, it will all come through yield improvements, productivity improvements and things like that. It will be more incremental as opposed to the step function that we saw in our fiscal Q3 and now in our fiscal Q4.

我想說的是，產能將在今年下半年安裝，這將影響我們在 23 年增加 EML 產能的能力。但從現在到 23 年，這一切都將透過產量提高、生產力提高等來實現。與我們在第三財季和現在第四財季看到的階梯函數相比，它將更具增量性。

I see. My question that I wanted to address as opposed to tailing on to the last one was you talked about double-digit growth in '23 and beyond -- fiscal year '23 and beyond. Can you give us some -- a little bit more granularity on the assumptions embedded in that, is you talked about the 3D sensing business as kind of flat -- up 5%, down 5%, kind of flattish in previous conversations. Is that the assumption in the double-digit growth in '23 and beyond embedded in those -- in that guidance?

我懂了。我想解決的問題不是尾隨最後一個問題，而是您談到了「23 年及以後」——「23 財年及以後」的兩位數增長。您能否給我們一些——關於其中嵌入的假設的更詳細的信息，您是否談到 3D 感測業務持平——增長 5%，下降 5%，在之前的對話中有點持平。這是 23 年及以後實現兩位數成長的假設嗎？

Alex, this is Chris. Let me maybe take a crack at that. I would first reference folks listening, too. We detailed this in our presentation at OFC, where we highlighted our assumptions over the next 3 years. And as you highlighted, the industrial and consumer minus 5% to plus 5%. And -- but telecom and datacom being up into the double digits and same with lasers. I would say, nearer term in fiscal '23, the reason for the minus 5% to plus 5% on the industrial and consumer is we do expect that there is the possibility of share normalization.

亞歷克斯，這是克里斯。也許讓我試試看。我首先會提到人們也在聽。我們在 OFC 的演講中詳細介紹了這一點，並強調了我們對未來 3 年的假設。正如您所強調的，工業和消費領域的成長率為負 5% 至正 5%。而且，電信和數據通訊的成長達到了兩位數，雷射也是如此。我想說，在 23 財年的近期，工業和消費者的負 5% 到正 5% 的原因是我們確實預期存在份額正常化的可能性。

We've had a very outsized share in 3D sensing. That share normalization being offset by new applications in the automotive, industrial, extended reality markets, if you will. But nearer term, that's an evolving market. So we'll probably see more than the minus 5% in fiscal '23 by industrial and consumer. But reciprocally, the telecom and datacom lasers will probably be at the high end or above the estimated CAGRs that we highlighted in that OFC presentation. So current situation in 3D sensing or industrial and consumer is well incorporated in our assumption of fiscal '23 revenue growth.

我們在 3D 感測領域佔有非常大的份額。如果你願意的話，這種份額的正常化會被汽車、工業、擴展現實市場的新應用所抵消。但從近期來看，這是一個不斷發展的市場。因此，我們可能會在 23 財年看到工業和消費者的成長超過負 5%。但相反，電信和數據通訊雷射可能會處於高端或高於我們在 OFC 演示中強調的估計複合年增長率。因此，3D 感測或工業和消費者領域的現狀很好地融入了我們對 23 財年收入成長的假設中。

As a follow-up question, there was no mention of ROADMs so far in the call, at least not that I heard. Could you talk a little bit about the situation in the ROADM market relative to how much it's being impacted by supply constraints, what the underlying demand feels like and your ability to sell and install those products in customer systems.

作為一個後續問題，到目前為止，電話會議中還沒有提到 ROADM，至少我沒有聽到。您能否談談 ROADM 市場的情況，包括供應限制對它的影響有多大、潛在需求如何以及您在客戶系統中銷售和安裝這些產品的能力。

Yes. Good question, Alex. And we're not forgetting ROADMs, ROADMs are critically important to us and to our customers and to their customers. I'd say that ROADMs and ROADM line cards have been impacted significantly by the IC shortages and where we've seen extremely strong demand. So if you go back and look at our pump shipments year-on-year up 50-some percent, ROADMs are the other direction.

是的。好問題，亞歷克斯。我們不會忘記 ROADM，ROADM 對我們、我們的客戶以及他們的客戶至關重要。我想說的是，ROADM 和 ROADM 線路卡受到 IC 短缺和需求極其強勁的顯著影響。因此，如果您回頭看看我們的泵浦出貨量年增 50% 左右，ROADM 是另一個方向。

And that's really because of constraints, not because of demand. So demand is extremely strong. And as the IC shortages improve and we're seeing it in Q4, ROADMs will increase as a result of that. So a lot of pent-up demand for ROADMs. That's why in Wajid's prepared remarks, we think it's durable because in a lot of cases, we're sole-sourced in these advanced ROADMs and customers critically rely on our technology and products for these next generation of networks. So ROADMs are very, very strong. I wish I had more ICs because I'd be able to ship a whole lot more in Q4 and beyond.

這其實是因為限制，而不是因為需求。所以需求是極為旺盛的。隨著 IC 短缺情況的改善（我們將在第四季度看到這一情況），ROADM 將因此而增加。因此，對 ROADM 的大量被壓抑的需求。這就是為什麼在 Wajid 準備好的演講中，我們認為它是持久的，因為在許多情況下，我們是這些先進 ROADM 的獨家採購商，客戶非常依賴我們的下一代網路技術和產品。所以 ROADM 非常非常強大。我希望我有更多的 IC，因為我能夠在第四季及以後出貨更多的 IC。

So if the ROADM accelerates at some future period, does that then result in a reduction in the growth in pumps because you're sucking the pump volume into your amps into the ROADMs?

因此，如果 ROADM 在未來某個時期加速，是否會導致泵浦的成長減少，因為您將擴大機的泵浦體積吸入 ROADM？

I think that kind of goes back to history, yes. We internally supply into our ROADMs. So there could be some reduction in pump revenue, but we've added a lot of capacity over the past several years in pumps. So I'm not sure that will be that significant of an impact to revenue.

我認為這可以追溯到歷史，是的。我們內部供應到我們的 ROADM。因此，泵浦的收入可能會減少，但在過去幾年中，我們增加了大量泵浦的容量。所以我不確定這會對收入產生那麼大的影響。

And we're continuing to add pump capacity as we speak. So as we defer more of those pumps to our internal consumption, it probably ties pretty well with our added capacity that we're adding over the next few quarters.

正如我們所說，我們正在繼續增加泵浦的容量。因此，當我們將更多的泵浦推遲到我們的內部消耗時，它可能與我們在未來幾季增加的產能密切相關。

Our next question comes from George Notter from Jefferies.

我們的下一個問題來自傑富瑞集團的喬治諾特。

Maybe just extending the conversation on ROADMs. I think you guys were working to qualify alternate suppliers on componentry into your ROADM products. Can you tell us where you are in that qualification process and when that might help alleviate some of your supply constraints?

也許只是擴展 ROADM 上的對話。我認為你們正在努力為你們的 ROADM 產品尋找組件替代供應商。您能否告訴我們您在資格認證過程中處於什麼階段以及何時可以幫助緩解您的一些供應限制？

Yes. Well, I mean, across the board, we've been looking at alternative sources that are plug compatible. And those certainly have gone a lot smoother than ones that require a Board respin. And so those Board respins have been challenging, as you can imagine, but we're confident that they're going to continue to progress and alleviate some of these concerns on some of some of our component shortages.

是的。嗯，我的意思是，我們一直在尋找與插頭相容的替代來源。這些肯定比需要重新調整董事會的那些順利得多。因此，正如您可以想像的那樣，這些董事會的重新調整一直具有挑戰性，但我們相信他們將繼續取得進展並減輕對我們的一些組件短缺的一些擔憂。

But I'd say that for more of the common parts, we've made more progress than on some of the complex parts that require both a PCB spend as well as firmware changes, and that's just taking more time. But we expect that to really come to closure over the next few months so that we'll see some ability to get these complex ICs in early calendar -- early fiscal '23.

但我想說的是，對於更多的通用零件，我們比一些需要 PCB 支出和韌體更改的複雜部件取得了更多的進展，而這只是需要更多的時間。但我們預計這將在未來幾個月內真正結束，以便我們能夠在早期日曆（23 財年早期）看到獲得這些複雜 IC 的能力。

Got it. And then the other one I had was on DMLs. I think if I go back over the last few quarters, you guys were working off some inventory in China. I'd love to get an update there.

知道了。然後我的另一個項目是關於 DML 的。我想如果我回顧過去幾個季度，你們正在清理中國的一些庫存。我很想在那裡得到更新。

Yes. Thanks, George. Good question. We have seen some of the DMLs that we -- if you recall, over a year ago or so, we reversed some revenue, deferred some revenue. That has been slowly starting to be recognized as those DMLs are being consumed by our customers and their customers. Still some inventory to go, but I'd say it's encouraging that there is movement. So I guess you can translate that into 5G base stations being deployed again in China, not nearly to the pace that they were 2 years ago. But certainly a signal that they are being deployed, which I think is a good sign for the future.

是的。謝謝，喬治。好問題。我們已經看到了一些 DML，如果您還記得的話，大約一年前，我們沖銷了一些收入，遞延了一些收入。隨著我們的客戶及其客戶正在使用這些 DML，這一點已經慢慢開始被認識到。仍有一些庫存需要去化，但我想說的是，有進展是令人鼓舞的。所以我想你可以將其轉化為5G基站在中國的再次部署，而不是像兩年前那樣。但這肯定是一個信號，表明它們正在部署，我認為這對未來來說是一個好兆頭。

Our next question comes from Meta Marshall from Morgan Stanley.

我們的下一個問題來自摩根士丹利的梅塔·馬歇爾。

A couple of questions for me. Just one, you kind of noted progress on the wireless fronthaul opportunity. I just wanted to get a sense for how large you think that opportunity could be as it ramps kind of next year? And then second, just as you look to size kind of the $100 million difference between kind of supply and demand, just how are you guys thinking about how much is forward ordering versus kind of how much is equipment that they would have actually wanted in that quarter?

有幾個問題問我。只有一件事，您注意到無線前傳機會的進展。我只是想了解您認為明年機會有多大？ And then second, just as you look to size kind of the $100 million difference between kind of supply and demand, just how are you guys thinking about how much is forward ordering versus kind of how much is equipment that they would have actually wanted in that四分之一?

Well, I'll answer the second question first and then ask Chris to tackle the fronthaul and the 10G and 25G tunable stuff. I'd say that we have long lead time purchase orders from customers for requests outside of the existing quarter. We don't count that into $100 million. This is for orders that customers have said they want in either this quarter or prior quarters. And so from that perspective, I think the demand is real. Now if we got all the ICs that we could ever imagine tomorrow when our customers want them all immediately, probably not because they're reliant on other supplies and other suppliers to satisfy those network build-outs.

好吧，我將首先回答第二個問題，然後請 Chris 解決前傳以及 10G 和 25G 可調問題。我想說的是，我們有很長的交貨時間來自客戶的採購訂單，以滿足當前季度之外的請求。我們沒有將其計入 1 億美元。這是針對客戶在本季或前幾季表示想要的訂單。所以從這個角度來看，我認為需求是真的。現在，如果我們能想像到明天我們的客戶立即需要的所有 IC，可能不是因為他們依賴其他供應商和其他供應商來滿足這些網路擴建的需求。

So I think it's real. I think it's durable, and I think it will bleed off over time as the worldwide semiconductor situation gets better, but we don't see that being alleviated until calendar 2023. Chris, do you want to take the wireless fronthaul question?

所以我認為這是真的。我認為它是持久的，而且隨著全球半導體形勢的好轉，它會隨著時間的推移而逐漸消失，但我們認為這種情況要到2023 年才會得到緩解。問題嗎？

Sure. And I'd also like to tag on to the $100 million piece. I think there's something important to highlight, right, that it's not $100 million a little bit across every product line, product lines that are not constrained or up tens of percent year-over-year, whereas as Alan highlighted earlier on the question on ROADMs, ROADMs are the other direction. But as they're integral to the network and systems, we expect they should be running at comparable rates at the other product lines that are not constrained at the present time. And lo and behold, the $100 million kind of reflects that when we -- if you were to sort of hypothetically add that back to existing or our guidance, then all of a sudden -- all the product lines are up in similar tens of percent year-over-year kind of basis.

當然。我還想標明這件價值 1 億美元的作品。我認為有一些重要的事情需要強調，對吧，並不是每個產品線都投入1 億美元，這些產品線不受限製或同比增長百分之幾十，而正如Alan 之前在ROADM 問題上所強調的那樣、ROADM 是另一個方向。但由於它們是網路和系統的組成部分，我們預計它們應該在目前不受限制的其他產品線上以相當的速率運作。你瞧，這 1 億美元反映出，當我們假設將其加回到現有或我們的指導中時，那麼突然之間，所有產品線都增加了類似的百分之幾十年復一年的基礎。

Turning back to the wireless fronthaul. We participate in 2 ways, specifically in wireless fronthaul today. One is, as we've talked about in prior calls, supplying the DML lasers or 10 gig going to 25 gig lasers in our -- what we would call datacom, even though it's a telecom application. But very analogous to the kind of lasers we supply into hyperscale data centers. That business has been stressed as we talked about earlier.

回到無線前傳。我們以兩種方式參與，特別是今天的無線前傳。一是，正如我們在之前的電話中談到的，在我們所謂的數據通信中提供 DML 激光器或 10 gig 到 25 gig 激光器，即使它是電信應用。但與我們為超大規模資料中心提供的雷射非常相似。正如我們之前談到的，這項業務一直受到壓力。

But it has run at several tens of millions of dollars per quarter, and we believe that over time, it can get back to that. So several tens of millions of dollars per quarter opportunity. The other way we play is, as Alan alluded to, 10 gig and 25 gig tunable lasers as WDM approaches start to penetrate wireless fronthaul as well as in the cable MSO fiber deep architectures.

但它已經達到了每季數千萬美元的水平，我們相信隨著時間的推移，它可以回到這個水平。因此每季有數千萬美元的機會。正如 Alan 所提到的，我們的另一種方式是使用 10 GB 和 25 GB 可調諧雷射器，因為 WDM 方法開始滲透到無線前傳以及電纜 MSO 光纖深度架構中。

Collectively, those -- we expect very early stages but are starting to ramp up to be multi-hundred million dollar a year market opportunity. So a very exciting leg to our story in that over the past a number of years, our telecom transmission has been reserved, if you will, to metro, longhaul coherent applications, and we haven't participated more in access or edge applications where the volumes are quite high. And now with the adoption of fiber deep and WDM architectures in 5G fronthaul, a very large market opened up that's very unique to our kind of tunable laser technology.

總的來說，我們預計這些還處於早期階段，但已經開始成為每年數億美元的市場機會。因此，我們的故事非常令人興奮，因為在過去的幾年裡，如果您願意的話，我們的電信傳輸一直保留在城域、長途相干應用中，並且我們沒有更多地參與接入或邊緣應用，其中數量相當高。現在，隨著 5G 前傳中採用深光纖和 WDM 架構，一個非常大的市場打開了，這對於我們的可調諧雷射技術來說是非常獨特的。

Our next question comes from Tom O'Malley.

我們的下一個問題來自湯姆·奧馬利。

My first one is just on the current reported quarter. If you look at telecom and datacom, it's down about 9% sequentially. You gave some breadcrumbs on the pump lasers being better, ROADMs having some component constraints. But could you just give us a little more color on the split between datacom and telecom as you look from the December to March quarter and how you get to that minus 9% overall?

我的第一個報告是關於當前報告的季度的。如果你看看電信和數據通訊領域，你會發現它比上一季下降了約 9%。您給了一些關於泵浦雷射更好的麵包屑，ROADM 有一些組件限制。但是，從 12 月到 3 月這個季度的情況來看，您能否給我們更多關於數據通信和電信之間的差距的信息，以及您是如何實現總體負 9% 的？

Well, I don't think we want to get into specifics on exact revenue levels, but I think what you can assume, as Alan highlighted, we've been in Datacom capacity constrained and got a little bit of extra capacity in the March quarter, so you can assume datacom was relatively flattish quarter-over-quarter and that any of the decline was driven by COVID-19 surge driven supply constraints somewhat unique in this case due to the surge in December and January time frame hitting the telecom almost entirely.

好吧，我認為我們不想詳細了解確切的收入水平，但我認為你可以假設，正如艾倫強調的那樣，我們的數據通信容量受到限制，並在三月份季度獲得了一些額外的容量，因此您可以假設數據通訊季度環比相對持平，並且任何下降都是由COVID-19 激增驅動的供應限製造成的，在這種情況下有些獨特，因為12 月和1 月時間範圍內的激增幾乎完全影響了電信。

Helpful. And then my other one is just on the datacom side. So you're giving EML stats year-over-year now, and it looks like those are growing quite nicely. Could you just help level set how big EMLs are part of that datacom business now? You just talked about how EMLs were running tens of millions of dollars at the peak, but they're lower than that. Any kind of help with the split out there just so we have some feel for how big that business is getting.

有幫助。然後我的另一個就在數據通訊方面。因此，您現在逐年提供 EML 統計數據，看起來這些數據成長得相當不錯。您能否協助確定 EML 現在在資料通訊業務中的佔比有多大？您剛才談到了 EML 在高峰期的營運金額達到了數千萬美元，但實際情況卻比這要低。任何形式的拆分幫助都是為了讓我們對業務的規模有一定的了解。

I think the best way to say is it is in the range of 75% -- 70%, 75% of our total datacom business at present, EMLs that is.

我認為最好的說法是它目前占我們資料通訊總業務的 75% - 70%、75%，即 EML。

Our next question comes from Rod Hall from Goldman Sachs.

我們的下一個問題來自高盛的羅德·霍爾。

I wanted to come back to the comment that I think you said industrial and consumer will be down more than 5% in fiscal '23. I kind of wanted to dive into that a little bit and understand at least from a qualitative point of view, do you think that is mainly due to the end market and kind of normalization of the end market? Is it share related? Is it content related? Maybe could you dig into that a little bit? And then I have a follow-up.

我想回到您所說的 23 財年工業和消費者將下降 5% 以上的評論。我有點想深入探討這一點，至少從定性的角度來理解，您認為這主要是由於終端市場和終端市場的正常化嗎？與份額有關嗎？與內容相關嗎？也許你可以深入研究一下嗎？然後我有一個後續行動。

Yes, Rod, I think this is our expectations with regard to share normalization or equalization for the past 5.5 or over 5 years, we've had a very, very large share of our leading-edge customer. And we expect that at some point in time, share will normalize. And that's why we're setting an expectation that it could be down more than 5% from fiscal '22 to '23. Not anything to do with the market or device numbers or growth at our end customer. This is really more as we look at share specifically.

是的，Rod，我認為這是我們對過去 5.5 年或超過 5 年的份額正常化或均等化的期望，我們擁有非常非常大的領先客戶份額。我們預計在某個時間點，份額將會正常化。這就是為什麼我們設定的預期是，從 22 財年到 23 財年，該數字可能會下降 5% 以上。與我們最終客戶的市場或設備數量或成長無關。當我們具體觀察份額時，這確實更重要。

Alan, you guys on content, you're not really expecting much change?

艾倫，你們這些關於內容的人，你們真的不期待太多改變嗎？

Sorry about that. Well, I was asking if that answers your first...

對此感到抱歉。好吧，我問的是這是否回答了你的第一個問題...

I just -- Alan, I wanted to follow that up and just say you're not expecting much of a change on content. It sounds like, I mean, just normal kind of maybe declines in pricing, but otherwise not much of a content change.

我只是 - 艾倫，我想跟進並只是說你並不期望內容有太大變化。我的意思是，這聽起來像是正常的價格下降，但除此之外內容並沒有太大變化。

I think it could in the coming years. We're working on many different lasers of different types and until they go into a product. It's hard to say how much, what models they go into and things like that. We're not counting on in that guidance any Android business, and that could be an upside. But I'd say we've been working with Android for years, and it had its day when we were shipping meaningful revenue to Huawei on their handsets. But I'd say as far as content at our leading customer, there may be some increased content, but some of that will be offset by, as you say, price reductions over time.

我認為未來幾年可能會發生。我們正在研究許多不同類型的雷射器，直到它們進入產品。很難說他們有多少、採用什麼模型等等。我們並不指望該指南會涉及任何 Android 業務，這可能是一個好處。但我想說的是，我們與 Android 合作已經很多年了，當我們透過華為的手機為華為帶來可觀的收入時，它也迎來了輝煌的一天。但我想說，就我們主要客戶的內容而言，可能會增加一些內容，但正如您所說，隨著時間的推移，其中一些內容將被降價所抵消。

Okay. And then my follow-up was just on the new applications, XR and automotive. I wondered if -- I thought on automotive, your commentary suggested maybe external sensing is coming a little closer. You've got a little more visibility, but I don't know if I misinterpreted your comments there. But I wonder, could you just talk a little bit about XR when roughly timing on that. Is it early part of the calendar year? And then automotive, is that right? Or are you getting a little bit more visibility on application for external sensing?

好的。然後我的後續行動只是關於新應用、XR 和汽車。我想知道 - 我想到了汽車，你的評論表明外部感測可能會更接近一些。你的知名度更高了，但我不知道我是否誤解了你的評論。但我想知道，您能否在大概的時間安排上談談 XR。現在是年初嗎？然後是汽車，對嗎？或者您對外部感測應用有更多了解嗎？

Rod, this is Chris. I would say that what we're highlighting is a lot of design win activity, if you will, both in the automotive and the extended reality applications. So very strong customer traction, design wins racking up with multiple customers and more importantly, meaningful customers in those spaces. From a timing standpoint, I think as we've been clear, automotive is a very long-term market. So it will start small and increment upwards steadily.

羅德，這是克里斯。我想說的是，如果你願意的話，我們強調的是汽車和擴展現實應用中的大量設計獲勝活動。如此強大的客戶吸引力，設計贏得了多個客戶的青睞，更重要的是，贏得了這些空間中有意義的客戶。從時機的角度來看，我認為正如我們已經明確的那樣，汽車是一個非常長期的市場。所以它會從小處開始，然後穩定地向上增加。

Extended reality has probably more opportunity in nearer term, but we still think -- I think we said this in the prepared remarks, that we expect customer products to be launched probably calendar '23 time frame would be our expectation. But they don't -- customers don't share with us their exact timing around product launches and what they're going to be per se.

擴展現實在短期內可能有更多機會，但我們仍然認為 - 我認為我們在準備好的評論中說過這一點，我們預計客戶產品可能會在 23 年的時間框架內推出。但他們沒有——客戶不會與我們分享他們產品發布的確切時間以及產品本身的內容。

As you can imagine, these customers are very secretive in this space about what they're doing. But I would say as we know that certain numbers have been shipped this year and -- or sorry, in calendar '21 and expectations of growth into '22 and more meaningful growth in '23.

正如您可以想像的那樣，這些客戶在這個領域對他們所做的事情非常保密。但我想說的是，據我們所知，今年和——或者抱歉，在日曆“21”中已經發貨了某些數字，並且預計“22”將出現增長，“23”將出現更有意義的增長。

Our next question comes from Christopher Rolland from Susquehanna.

我們的下一個問題來自薩斯奎哈納的克里斯多福羅蘭。

My question is around comms. I guess there's a couple of parts to the equation here, supply and demand for that $100 million supply shortfall, I was wondering if you could kind of break that up between ROADMs, TC and DC. And conversely, from the demand picture, which of those 3 are you seeing kind of the biggest surprise in demand versus your expectation?

我的問題是關於通訊的。我想這裡有幾個部分，即 1 億美元供應缺口的供需關係，我想知道您是否可以在 ROADM、TC 和 DC 之間進行分解。相反，從需求情況來看，您認為這 3 個哪一個的需求與您的預期相比最大？

Yes. I would say the shortfall is primarily telecom. So if you say it's all on telecom or 95% of it is in telecom, the split between ROADMs and transmission products is pretty close. I'd say ROADMs have been impacted most in the past. And as we -- and the March quarter was impacted significantly and where we're seeing some relief in the June quarter. So I think as we get the semiconductors and we're working diligently, and I wanted to say thank you to the supply chain team. They've just done a fantastic job. But I'd say ROADMs are the biggest hit as an individual product line, but then it goes into amplifiers, blades and transmission products as well.

是的。我想說，短缺主要是電信方面的。因此，如果你說全部是電信或 95% 是電信，那麼 ROADM 和傳輸產品之間的差距就非常接近。我想說 ROADM 在過去受到的影響最大。由於我們在三月季度受到了重大影響，而我們在六月季度看到了一些緩解。因此，我認為當我們獲得半導體並且我們正在努力工作時，我想對供應鏈團隊表示感謝。他們剛剛做得非常出色。但我想說的是，ROADM 作為單一產品線是最熱門的，但它也適用於擴大機、刀片和傳輸產品。

Great. And then on the 3D sensing side, just to follow up there and get my head around it. If I'm doing the numbers right, we're down almost 30% year-on-year for the June quarter. I know this is a small base in June. But as we look out into next year, could we be down -- how would you put the odds at being down significantly more than 5% year-on-year? Could there be a situation in which we're down 20% or something like that? Or in your best view, are we just looking to fall kind of much more modestly here?

偉大的。然後在 3D 感測方面，我只是跟進並了解它。如果我的數字正確的話，我們 6 月季度同比下降了近 30%。我知道這是六月的一個小基地。但當我們展望明年時，我們是否會下滑——您如何看待同比大幅下滑 5% 以上的可能性？是否會出現我們下降 20% 或類似情況的情況？或者在你看來，我們只是想在這裡更謙虛地跌倒嗎？

I would say first that we didn't give a specific 3D sensing number for the June quarter guide. I would say that I guess it was a year ago or so, we said that the overall markets due to chip size reductions would be down 20%, 25%, something like that. And what we've seen is, in fact, exactly that. And hence, that's why you're seeing the year-over-year decline in 3D sensing, for example, in the June quarter.

我首先要說的是，我們沒有給出 6 月季度指南的具體 3D 感測數據。我想說的是，我猜大約一年前，我們說過由於晶片尺寸縮小，整個市場將下降 20%、25% 之類的。事實上，我們所看到的正是如此。因此，這就是為什麼您會看到 3D 感測同比下降，例如在六月季度。

What the market or what our -- or more specifically what our revenue is going to be in our next fiscal year, we're not providing guidance much more beyond what we've said. But certainly, the color we're providing is that minus 5% to plus 5% 3-year CAGR, you could imagine it being a little more V or U-shaped, if you were to look at it on an individual '23, '24, '25 basis as Alan alluded to, share normalization. If it happens, it's happening, at least from a model standpoint, assume next year and then new applications come in and offset that in '24 and '25 time frame.

市場或我們的——或者更具體地說，我們下一個財政年度的收入將是多少，我們不會提供超出我們所說的更多指導。但當然，我們提供的顏色是負 5% 到正 5% 的 3 年複合年增長率，你可以想像它更像 V 形或 U 形，如果你在個人 '23 上看它，正如艾倫提到的，'24、'25 基礎上，份額正常化。如果它發生了，它就會發生，至少從模型的角度來看，假設明年，然後新的應用程式進入並在 24 和 25 年的時間範圍內抵消它。

So I don't want to get into specifics of how much of a decline, but certainly more than the 5%, but on a 3-year basis being somewhere flattish to slightly up, slightly down in aggregate.

因此，我不想詳細說明下降幅度，但肯定會超過 5%，但從 3 年的角度來看，總體上是持平到小幅上升，小幅下降。

Our next question comes from Michael Genovese from Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的麥可·吉諾維斯。

A lot of good questions have been asked. So I'll just ask a quick one question. You've got the $50 million sequential increase in telecom and datacom revenues this quarter. And just looking at your operating margin and EPS guidance, it seems like that actually is coming at a pretty decent gross margin. So can you just talk about how you did that in this environment? Are you avoiding expedites on this incremental amount? And talk about how you're -- have solid gross margins even in the supply chain, please?

已經提出了很多好問題。所以我只想問一個簡單的問題。本季電信和數據通訊收入較上季成長了 5,000 萬美元。只要看看你們的營業利潤率和每股盈餘指引，看起來毛利率其實相當不錯。那麼您能談談在這種環境下您是如何做到這一點的嗎？您是否在避免加快這筆增量金額？請談談您的情況—即使在供應鏈中也擁有穩定的毛利率，好嗎？

Yes. So I'll start off. So I think you've seen for a number of quarters, we've been talking about our overall company margin model. And for 2 years in a row on a fiscal year basis, we've been fairly consistent in achieving or exceeding our model both from a gross margin standpoint and from an operating margin standpoint. And actually, if you take a look at the midpoint of our fiscal Q4, we will actually improve gross margins year-over-year.

是的。那我就開始吧。因此，我認為您已經看到幾個季度以來，我們一直在討論我們公司的整體利潤率模型。從毛利率和營業利潤率的角度來看，我們連續兩年在實現或超過我們的模型方面都相當一致。事實上，如果你看一下我們第四財季的中點，我們的毛利率實際上會比去年同期增加。

And one of the biggest drivers for us is really operating leverage. And so when our lasers business is growing as it has year-over-year and sequentially, that's covering a lot of manufacturing overhead for us, and that's helping us drop more to the bottom line. In addition to that, where we're seeing a lot of growth, both in our transmission and our telecom business, the margins for those products are quite good relative to historically what we've seen. Our 10G tunable products are doing quite well in transmission, and we're seeing the benefit of that fall to the bottom line.

對我們來說最大的驅動力之一是真正的營運槓桿。因此，當我們的雷射業務逐年連續成長時，這將為我們帶來大量製造費用，這有助於我們進一步降低利潤。除此之外，我們在傳輸和電信業務方面都看到了很大的成長，這些產品的利潤率相對於我們歷史上看到的水平相當高。我們的 10G 可調式產品在傳輸方面表現得相當好，我們看到了下降到底線的好處。

Our operating expenses have stayed fairly consistent as we've continued to invest in R&D. And so that's been helping us, too. Yes, we're expecting some expedite fees to happen. When we have one component left and the only way to get the product to the end customer is to do a spot buy, we'll continue to do that. And we think it will help our overall customer satisfaction. And our main goal is to meet or exceed our customer expectations, and that's how we're running the company, and that's how we're driving our financial model as well.

由於我們持續投資於研發，我們的營運支出保持相當穩定。這也對我們有幫助。是的，我們預計會收取一些加急費用。當我們剩下一個組件並且將產品交付給最終客戶的唯一方法是進行現貨購買時，我們將繼續這樣做。我們認為這將有助於我們的整體客戶滿意度。我們的主要目標是滿足或超越客戶的期望，這就是我們經營公司的方式，也是我們推動財務模式的方式。

So yes, I mean it's really just the leverage we're seeing on our telecom and our lasers business. As well as our datacom business improving quarter-over-quarter. We posted some EML numbers, as Chris said earlier, and that's really helping us as well. So it's really those things.

所以，是的，我的意思是，這實際上只是我們在電信和雷射業務上看到的槓桿作用。我們的數據通訊業務也逐季改善。正如 Chris 之前所說，我們發布了一些 EML 數據，這對我們也很有幫助。所以確實是這些事情。

Our next question comes from Ananda Baruah from Loop Capital.

我們的下一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on the strong results. Just 2 quick ones, if I could. I guess the first is with demand continues to accelerate, how -- any context you can share with us about how this impacts second half of calendar year seasonality?

祝賀取得強勁的成果。如果可以的話，就只有 2 個快速的。我想第一個是需求持續加速，您可以與我們分享這如何影響日曆年下半年的季節性嗎？

And then just a clarification. Do you guys -- is it accelerating at a faster pace today than you thought it might have been 90 days ago? 90 days ago, you guys were quite positive as well. And then I have a quick follow-up.

然後只是澄清一下。你們今天加速的速度是否比你們想像的 90 天前更快？ 90天前，你們也很積極。然後我會進行快速跟進。

Yes. Thanks for the question. I would say it's accelerating as we expected, given we've been signaling the transition to 400, 600, 800G coming and the new network architectures focused on our leading edge ROADM technology. So I'd say the demand is coming into play as expected. The supply, on the other hand, is tougher. And so I'd say we're not lacking demand. And I don't think we're going to be lacking demand for several quarters.

是的。謝謝你的提問。我想說，鑑於我們一直在發出向 400、600、800G 過渡的信號，並且新的網路架構專注於我們領先的 ROADM 技術，所以它正在加速正如我們預期的那樣。所以我想說需求正在按預期發揮作用。另一方面，供應更加困難。所以我想說我們不缺乏需求。我認為我們不會在幾個季度內缺乏需求。

It's a matter of what does the semiconductor situation look like in the second half of the calendar year, and that will really dictate what the telecom revenue looks like in our fiscal Q1 and fiscal Q2. So we're working diligently to continue to try to improve that. But the situation is not totally solved yet.

問題在於今年下半年的半導體情況如何，這將真正決定我們第一財季和第二財季的電信收入。因此，我們正在努力工作，並繼續努力改進這一點。但情況還沒有完全解決。

And so that's a challenge for Q1 and Q2. And we're only going to guide one quarter at a time because the visibility is a little bit top beyond the short-term horizon and what's going to happen with semiconductors.

所以這對第一季和第二季來說是一個挑戰。我們一次只會指導一個季度，因為可見性有點超出短期視野以及半導體將發生的情況。

That's super helpful. And then Wajid, just a quick follow-up on the previous operating margin question. Is that to say that we should expect good leverage going forward? You mentioned you're putting up good leverage in the June quarter, you have been in recent quarters. So should that be something we should expect as well going forward?

這非常有幫助。然後是瓦吉德（Wajid），這是對之前營業利潤率問題的快速跟進。這是否意味著我們應該期待未來良好的槓桿作用？您提到您在六月季度建立了良好的槓桿作用，最近幾季都是如此。那麼這應該是我們未來該期待的事嗎？

Yes. No, certainly, we're expecting to have continued leverage as we move into fiscal year '23. I think the one point of caution is, is we are seeing increased component costs that are impacting us. And as that continues to happen in fiscal year '22 with the supply shortages that Alan talked about, we're going to continue with our target model, but we're not going to communicate any changes to it. In addition to that, just as a reminder, our expectation on NeoPhotonics is that, that closes in the second half of our calendar year. And as that comes on board, we're going to have a lot of work to do from some of the synergies commitments that we've made to all of you. And that's going to have some transitional impact on our overall gross margin model as well. So I just want to make sure that we all keep that in front of us.

是的。不，當然，隨著我們進入 23 財年，我們預計將繼續發揮槓桿作用。我認為需要注意的一點是，我們看到零件成本的增加正在影響我們。隨著艾倫談到的供應短缺，這種情況在 22 財年繼續發生，我們將繼續我們的目標模型，但我們不會傳達任何變化。除此之外，提醒一下，我們對 NeoPhotonics 的期望是，它會在我們日曆年的下半年結束。隨著這一點的出現，我們將根據我們向大家做出的一些協同承諾進行大量工作。這也將對我們的整體毛利率模型產生一些過渡性影響。所以我只是想確保我們都把它放在我們面前。

Thanks, Ananda. Victoria, I'd like to squeeze in one more question, if we could.

謝謝，阿難。維多利亞，如果可以的話，我想再問一個問題。

Our final question comes from Dave Kang from B. Riley.

我們的最後一個問題來自 B. Riley 的 Dave Kang。

I have 2 questions. First one is regarding China. What's the situation with Shenzhen factory? How much revenue does it generate? And is it running 100% or partially? And my follow-up is regarding the supply chain impact, it was $65 million now. This quarter, it will be $100 million. When do you think it will inflect?

我有 2 個問題。第一個是關於中國的。深圳工廠情況如何？它產生多少收入？它是 100% 運行還是部分運行？我的後續行動是關於供應鏈的影響，現在是 6500 萬美元。本季將達到 1 億美元。您認為什麼時候會改變？

Okay. So China, Shenzhen is back running full force, and it's hard to say how much revenue it generates because it makes components to go into other factories. And it primarily produces subassemblies and components for our telecom transmission business. So a large percentage of our telecom transmission business goes through that factory. And as I said earlier, we were shut down for 13 days in March.

好的。因此，中國深圳正在全面恢復運轉，很難說它能產生多少收入，因為它生產的零件要進入其他工廠。它主要為我們的電信傳輸業務生產組件和組件。所以我們的電信傳輸業務很大一部分是經過那個工廠的。正如我之前所說，我們在 3 月關閉了 13 天。

That impacted our revenue in the Q3 numbers as well as the components that flowed into other factories in Q4, and that's factored into our guidance. The -- when does the supply chain -- the question on the -- your second question on supply chain, when does it inflect. Is that the...

這影響了我們第三季度的收入以及第四季度流入其他工廠的零件，這已納入我們的指導中。供應鏈什麼時候發生－關於供應鏈的第二個問題，它什麼時候會改變。難道是那個…

Yes. So it's been going up. When do you think it will start to come down?

是的。所以一直在漲。您認為什麼時候會開始下降？

It's hard to say. If you could tell me when the semiconductor shortages could end, I can tell you the answer to that. But I'd say, we believe that the demand for our telecom products and our leading edge ROADMs and high-speed transmission products is extremely robust, and it's going to continue to be robust. And that's why it gives us confidence in the double-digit growth in fiscal '23 over '22 and beyond.

很難說。如果你能告訴我半導體短缺何時結束，我就能告訴你答案。但我想說的是，我們相信對我們的電信產品以及領先的 ROADM 和高速傳輸產品的需求非常強勁，並且將繼續保持強勁。這就是為什麼它讓我們對 23 財年比 22 財年及以後的兩位數成長充滿信心。

So I'd say demand is going to continue to be strong. We're going to have component challenges into calendar '23. And when does that go away is a little bit of a hard question to answer. But I'd say that demand is, again, not our problem in the short term, and I don't think it's our problem to calendar through fiscal '23.

所以我想說需求將持續強勁。我們將在 23 年曆中面臨組件挑戰。這種情況何時消失是一個很難回答的問題。但我想說，短期內需求不是我們的問題，而且我認為 23 財年的日曆也不是我們的問題。

Now I'd like to just pass the call back over to Alan for some closing remarks.

現在我想將電話轉回給艾倫，讓他做一些結束語。

Great. Thank you, Kathy. I want to thank our customers and suppliers for their partnership in these challenging times. I would also like to leave you with a few thoughts as we wrap up this call. I am very excited about the accelerating customer demand in telecom, datacom and lasers and the work our team continues to do to improve our supply of third-party ICs and to increase our manufacturing capacity to support this ongoing demand strength.

偉大的。謝謝你，凱西。我要感謝我們的客戶和供應商在這個充滿挑戰的時期所提供的合作關係。在我們結束這次電話會議時，我還想留給您一些想法。我對電信、數據通訊和雷射領域不斷增長的客戶需求以及我們的團隊為改善第三方 IC 的供應並提高我們的製造能力以支持這種持續的需求強度而繼續開展的工作感到非常興奮。

Additionally, the opportunities we have in automotive, extended reality and industrial applications, which increasingly leverage 3D sensing and LiDAR capabilities at Lumentum are emerging and will drive diversification and growth. Our market-leading products and technologies positions us well for these opportunities ahead.

此外，我們在汽車、擴展現實和工業應用方面的機會正在不斷湧現，這些機會越來越多地利用 Lumentum 的 3D 感測和 LiDAR 功能，並將推動多元化和成長。我們市場領先的產品和技術使我們能夠很好地抓住這些未來的機會。

With that, I would like to thank everyone for attending, and we look forward to talking with you again during upcoming investor events, which you will find posted on our website. Thank you for attending.

在此，我要感謝大家參加，我們期待在即將舉行的投資者活動期間再次與您交談，您可以在我們的網站上找到這些活動。感謝您的出席。