Viavi Solutions Inc (VIAV) 2026 Q1 法說會逐字稿

Good afternoon. My name is Jale, and I will be your conference operator today. At this time, I would like to welcome everyone to the Viavi Solutions fiscal first quarter 2026 earnings call. Today's conference is being recorded. (Operator Instructions)

午安.我叫傑爾，今天我將擔任你們的會議接線生。在此，我謹代表 Viavi Solutions 公司，歡迎各位參加 2026 財年第一季財報電話會議。今天的會議正在錄影。（操作說明）

At this time, I would like to turn the conference over to Vibhuti Nayar, Head of Investor Relations. Please go ahead.

此時，我謹將會議交給投資人關係主管維布蒂‧納亞爾先生。請繼續。

Thank you, Jale. Good afternoon, everyone. And welcome to Viavi Solutions Fiscal First Quarter of 2026 Earnings Call. My name is Vibhuti Nayar, Head of Investor Relations for Viavi Solutions. With me on today's call is Oleg Khaykin, our President and CEO; and Ilan Daskal, our CFO.

謝謝你，傑爾。大家下午好。歡迎參加 Viavi Solutions 2026 財年第一季財報電話會議。我叫 Vibhuti Nayar，是 Viavi Solutions 的投資人關係主管。今天和我一起參加電話會議的還有我們的總裁兼執行長 Oleg Khaykin，以及我們的財務長 Ilan Daskal。

Please note this call will include forward-looking statements about the company's financial performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations and estimations. We encourage you to review our most recent annual report and SEC filings, particularly the risk factors described in those filings.

請注意，本次電話會議將包含有關本公司財務表現的前瞻性陳述。這些聲明存在風險和不確定性，可能導致實際結果與我們目前的預期和估計有重大差異。我們建議您查閱我們最新的年度報告和提交給美國證券交易委員會的文件，特別是這些文件中所述的風險因素。

The forward-looking statements including the guidance that we provide during this call and our expectations regarding the acquired business are valid only as of today. Viavi undertakes no obligation to update these statements.

本次電話會議中提供的前瞻性聲明，包括我們的指導意見以及我們對收購業務的預期，僅截至今日有效。Viavi不承擔更新這些聲明的義務。

Please also note that unless we state otherwise, all results discussed on this call, except revenue, are non-GAAP. We reconcile these non-GAAP results to our preliminary GAAP financials and discuss their usefulness and limitations in today's earnings release. The release as well as our supplemental earnings slides, which include historical financial tables, are available on Viavi's website at www.investor.viavisolutions.com.

另請注意，除非另有說明，本次電話會議討論的所有結果（收入除外）均為非GAAP結果。我們在今天的獲利報告中將這些非GAAP結果與我們的初步GAAP財務數據進行核對，並討論它們的用途和局限性。新聞稿以及我們的補充收益幻燈片（包括歷史財務表格）可在 Viavi 的網站 www.investor.viavisolutions.com 上找到。

Lastly, we are recording today's call and will make the recording available on our website by 4:30 p.m. Pacific Time this evening. With that, I would now like to turn the call over to Ilan.

最後，我們將錄製今天的電話會議，並將於太平洋時間今晚下午 4:30 之前在我們的網站上提供錄音。接下來，我將把電話交給伊蘭。

Thank you, Vibhuti. Good afternoon, everyone. Now I would like to review the results of the first quarter of fiscal year 2026. Net revenue for the quarter was $299.1 million, which is above the high end of our guidance range of $290 million and $298 million. Revenue was up 3% sequentially and on a year-over-year basis was up 25.6%. Operating margin for the first fiscal quarter was 15.7%, above the high end of our guidance range of 14.6% to 15.4%.

謝謝你，維布蒂。大家下午好。現在我想回顧一下2026財年第一季的業績。本季淨收入為 2.991 億美元，高於我們先前預測的 2.9 億美元至 2.98 億美元區間的上限。營收季增 3%，年增 25.6%。第一財季的營業利潤率為 15.7%，高於我們先前預期的 14.6% 至 15.4% 的上限。

Operating margin increased 130 basis points from the prior quarter and on a year-over-year basis was up 570 basis points. EPS at $0.15 was also above the high end of our guidance range of $0.13 to $0.14, and was up $0.02 sequentially. On a year-over-year basis, EPS was up $0.09.

營業利益率較上一季成長 130 個基點，較上年同期成長 570 個基點。每股收益為 0.15 美元，也高於我們先前預測的 0.13 美元至 0.14 美元區間的上限，並且比上一季度增長了 0.02 美元。與去年同期相比，每股收益成長了 0.09 美元。

Moving on to our Q1 results by business segment. NSE revenue for the first fiscal quarter came in at $216 million, which is above the high end of our guidance range of $208 million to $214 million. On a year-over-year basis, NSE revenue was up 35.5% as a result of strong demand for lab and production as well as field products and was mainly driven by data center ecosystem as well as the acquisition of Inertial Labs.

接下來，我們來看看以業務部門劃分的第一季業績。NSE第一財季的營收為2.16億美元，高於我們先前預測的2.08億美元至2.14億美元的上限。與去年同期相比，由於實驗室和生產以及現場產品的強勁需求，NSE 的收入增長了 35.5%，這主要得益於數據中心生態系統以及對 Inertial Labs 的收購。

NSE gross margin for the quarter was 63%, which is 210 basis points higher on a year-over-year basis and primarily driven by higher volume and favourable product mix. NSE's operating margin for the quarter was 7.5% compared to negative 4.6% during the same quarter last year. NSE operating margin was above the high end of our guidance range of 5.4% to 6.2% primarily driven by higher fall-through.

NSE 本季毛利率為 63%，較上年同期成長 210 個基點，主要得益於銷售成長和產品組合優化。NSE本季的營業利益率為7.5%，而去年同期為負4.6%。NSE 的營業利潤率高於我們先前預期的 5.4% 至 6.2% 的上限，主要原因是較高的跌幅。

OSP revenue for the first fiscal quarter came in at $83.1 million, which is in line of our guidance range of $82 million to $84 million, and was up 5.5% on a year-over-year basis. The increase in revenue for the quarter was primarily a result of strength in Anti-Counterfeiting and Other products. OSP gross margin was 52.3%, down 300 basis points from the same period last year and was mainly due to unfavourable product mix. OSP's operating margin was 37.1%, which is below our guidance range of 38.1% to 38.5% due to product mix and higher manufacturing costs. The operating margin decreased 250 basis points on a year-over-year basis.

第一財季 OSP 營收為 8,310 萬美元，符合我們先前 8,200 萬美元至 8,400 萬美元的預期範圍，年增 5.5%。本季營收成長主要得益於防偽產品和其他產品的強勁表現。OSP毛利率為52.3%，較去年同期下降300個基點，主要原因是產品組合不利。由於產品組合和製造成本較高，OSP 的營業利潤率為 37.1%，低於我們先前 38.1% 至 38.5% 的預期範圍。營業利益率較去年同期下降 250 個基點。

Moving on to the balance sheet and cash flow. Total cash and short-term investments at the end of Q1 were $549.1 million compared to $429 million in the fourth quarter of fiscal 2025. Cash flow from operating activities for the quarter was $31 million versus $13.5 million in the same period last year. Capex for the quarter was $8.5 million versus $7.3 million in the same period last year.

接下來來看資產負債表和現金流量表。截至第一季末，現金及短期投資總額為 5.491 億美元，而 2025 財年第四季為 4.29 億美元。本季經營活動產生的現金流量為 3,100 萬美元，而去年同期為 1,350 萬美元。本季資本支出為 850 萬美元，而去年同期為 730 萬美元。

During the quarter, we successfully refinanced our $250 million, 1.625%, 3-year convertible notes due in March 2026, with $250 million, 0.625% 5.5 years convertible notes due in March 2031. As part of this transaction, existing convert holders exchanged about $100 million for the new convert and the remaining $150 million raised will serve to pay off the balance of the March 2026 convert.

本季度，我們成功地將 2.5 億美元、1.625%、3 年期、2026 年 3 月到期的可轉換票據，換成了 2.5 億美元、0.625%、5.5 年期、2031 年 3 月到期的可轉換票據。作為此交易的一部分，現有可轉換債券持有人以約 1 億美元換取了新的可轉換債券，籌集的剩餘 1.5 億美元將用於支付 2026 年 3 月可轉換債券的餘額。

This remaining $150 million is included in the cash balance of $549 million at the end of the first fiscal quarter of 2026. In conjunction with this transaction, we purchased approximately 2.7 million shares of our stock for about $30 million. We have almost $170 million remaining under our current authorized share repurchase program. The fully diluted share count for the quarter was 227.9 million shares up from 224 million shares in the prior quarter and versus 228.6 million shares in our guidance for the first fiscal quarter.

剩餘的 1.5 億美元包含在 2026 年第一財季末的 5.49 億美元現金餘額中。同時，我們斥資約 3,000 萬美元購買了約 270 萬股公司股票。我們目前授權的股票回購計畫下還剩餘近 1.7 億美元。本季完全稀釋後的股份數量為 2.279 億股，高於上一季的 2.24 億股，也高於我們對第一季的預期 2.286 億股。

Moving on to our guidance for the second quarter of fiscal 2026. In mid-October, we successfully closed the acquisition of Spirent's high-speed ethernet, network security and channel emulation business lines from Keysight. The acquisition of these business lines is expected to add about $200 million of annual revenue run rate, which is above our prior estimate of around $188 million.

接下來，我們展望一下 2026 財年第二季的業績。10 月中旬，我們成功完成了對 Keysight 旗下 Spirent 高速乙太網路、網路安全和通道模擬業務線的收購。收購這些業務線預計將增加約 2 億美元的年收入，高於我們先前估計的約 1.88 億美元。

We also concurrently closed the previously announced $600 million Term Loan B, which was used to fund the transaction at close as well as general corporate purposes. In addition to the acquisition of Spirent's business lines, we expect the second fiscal quarter revenue for Viavi to reflect continued strength in many of our end markets. Our guidance includes financial performance of Spirent's business line for approximately 10 weeks.

同時，我們也完成了先前宣布的 6 億美元 B 類定期貸款，該貸款用於在交易完成時提供資金以及用於一般公司用途。除了收購 Spirent 的業務線之外，我們預計 Viavi 第二財季的營收將反映出我們在許多終端市場的持續強勁成長。我們的預測包括Spirent業務線約10週的財務表現。

For NSE, we expect continued strong demand for lab and production as well as field products driven by the data center ecosystem. For OSP, we expect quarter-over-quarter revenue to be lower, in line with seasonality of lower demand for both anti-counterfeiting and 3D sensing. For the second fiscal quarter of 2026, we expect Viavi revenue in the range of $360 million and $370 million. We expect total NSE revenue between $283 million and $293 million, including revenue from Spirent between $45 million and $55 million. OSP revenue is expected to be approximately $77 million. Operating margin for Viavi is expected to be 17.9%, plus or minus 60 basis points.

對於 NSE，我們預計在資料中心生態系統的驅動下，實驗室和生產以及現場產品的需求將繼續保持強勁。對於 OSP 業務，我們預計季度將季比收入將下降，這與防偽和 3D 感測技術需求季節性下降的情況相符。我們預計 Viavi 在 2026 年第二財季的營收將在 3.6 億至 3.7 億美元之間。我們預計 NSE 總收入在 2.83 億美元至 2.93 億美元之間，其中包括 Spirent 的收入在 4,500 萬美元至 5,500 萬美元之間。OSP收入預計約7,700萬美元。Viavi 的營業利潤率預計為 17.9%，上下浮動 60 個基點。

Total NSE operating margin is expected to be 13.6%, plus or minus 70 basis points. This includes Spirent's contribution, which is expected to be slightly accretive to existing NSE margin for this quarter. OSP operating margin is expected to be 34%, plus or minus 50 basis points. EPS is expected to be between $0.18 and $0.20. Viavi stand-alone EPS is expected to be about $0.18 and we estimate Spirent contribution to EPS is in the range of $0.00 to $0.02 after allocating pro rata interest on debt.

NSE 總營業利潤率預計為 13.6%，上下浮動 70 個基點。這其中包括 Spirent 的貢獻，預計將略微提高本季度 NSE 的現有利潤率。OSP 的營業利潤率預計為 34%，上下浮動 50 個基點。預計每股收益在 0.18 美元至 0.20 美元之間。 Viavi 獨立營運的每股盈餘預計約為 0.18 美元，我們估計在按比例分配債務利息後，Spirent 對每股盈餘的貢獻在 0.00 美元至 0.02 美元之間。

Historically, Spirent's agency revenue has been stronger in the second half of the calendar year. This strength in revenue is reflected in the guidance for the fiscal second quarter. We currently plan to leverage the complementary product portfolio and capabilities and record NSE as one business segment going forward. Our tax expense for the second quarter are expected to be around $10 million, plus or minus $500,000 as a result of jurisdictional mix.

從歷史數據來看，Spirent 的代理收入在下半年更為強勁。營收的強勁成長反映在第二財季的業績預期。我們目前計劃利用互補的產品組合和能力，並將NSE作為一個業務部門進行記錄。由於不同司法管轄區組合的影響，我們預計第二季的稅收支出約為 1000 萬美元，上下浮動 50 萬美元。

We expect other income and expense to reflect a net expense of approximately $12.2 million, which increased mainly due to the interest on the TLB, and the share count is expected to be around 228.7 million shares.

我們預計其他收入和支出將反映約 1,220 萬美元的淨支出，這主要是由於 TLB 的利息增加，預計股份數量約為 2.287 億股。

With that, I will turn the call over to Oleg.

接下來，我將把電話交給奧列格。

Thank you, Ilan. The first quarter of fiscal '26 saw the continuation of strong momentum from the fourth quarter of fiscal '25 coming in above the high end of our guidance. It was also significantly up year-on-year and countercyclically up quarter-on-quarter.

謝謝你，伊蘭。2026 財年第一季延續了 2025 財年第四季的強勁勢頭，業績超過了我們預期的上限。與去年同期相比也大幅成長，與上一季相比則是逆週期成長。

NSE revenue in Q1 grew approximately 35% year-on-year, primarily driven by strong demand from the data center ecosystem in aerospace and defense customers. The data center ecosystem, which includes high-performance semis, optical modules and NAMs drove strong demand for lab and production products in support of the AI data center build-out.

NSE 第一季營收年增約 35%，主要得益於航太和國防客戶資料中心生態系統的強勁需求。資料中心生態系統（包括高效能半導體、光模組和網路應用模組）推動了對實驗室和生產產品的強勁需求，以支援人工智慧資料中心的建置。

We saw strong demand across all optical networking product lines, the 800-gig and 1.6 terabit Ethernet test, chip-to-chip interconnect and protocol test and a broad range of production test equipment. In addition, we are now also seeing a growing demand for our traditional field instruments by hyperscalers as they build out and operate their new AI data centers. We expect this strong momentum to continue well into fiscal 2026.

我們看到所有光網路產品線、800G 和 1.6T 乙太網路測試、晶片間互連和協定測試以及各種生產測試設備都得到了強勁的需求。此外，隨著超大規模資料中心的建設和運營，我們也看到對我們傳統現場儀器的需求不斷增長。我們預計這一強勁勢頭將持續到 2026 財年。

Lastly, with the recent acquisition of the highly complementary Spirent's high-speed ethernet product line, we have further strengthened our position in the data center ecosystem, significantly increasing our business footprint there.

最後，隨著近期收購了與我們高度互補的 Spirent 高速乙太網路產品線，我們進一步鞏固了在資料中心生態系統中的地位，顯著擴大了我們在該領域的商業版圖。

Our aerospace and defense business also saw another strong quarter of growth, driven by continued high-end demand for our positioning, navigation and timing products. We expect the strong demand to continue throughout fiscal 2026. The service provider business was generally stable during the quarter. The gradual recovery in fiber was mostly offset by the continued soft demand for wireless products. We expect this trend to continue in the medium term.

在市場對我們定位、導航和授時產品的高端需求持續推動下，我們的航空航太和國防業務也實現了另一個強勁的季度成長。我們預計強勁的需求將持續到 2026 財年。本季度服務提供商業務整體保持穩定。光纖市場的逐步復甦基本上被無線產品需求的持續疲軟所抵消。我們預計這一趨勢在中期內將持續。

Looking ahead, we expect strong quarter-on-quarter growth in NSE driven by both the continued strong demand from the data center ecosystem and aerospace and defense customers for Viavi classic products and the incremental revenue from the recently acquired Spirent product lines.

展望未來，我們預期NSE將實現強勁的季度環比成長，這主要得益於資料中心生態系統以及航空航太和國防客戶對Viavi經典產品的持續強勁需求，以及最近收購的Spirent產品線帶來的增量收入。

Now turning to OSP. OSP saw strong year-on-year revenue growth, driven mostly by recovery in anti-counterfeiting in other products. The 3D sensing demand was in line with seasonal expectations. We expect fiscal Q2 to be down quarter-on-quarter, in line with the seasonally lower demand for both anti-counterfeiting and 3D sensing products.

現在轉向OSP。OSP 的營收年增強勁，主要得益於其他產品防偽業務的復甦。3D感測需求符合季節性預期。我們預計第二財季業績將環比下降，這與防偽產品和 3D 感測產品季節性需求下降的情況相符。

In summary, we expect the strong start in Q1 to continue throughout fiscal '26, supported by the stabilization and recovery of our mature end markets, including the service providers, anti-counterfeiting pigments and 3D sensing. And the continued strong demand by the data center ecosystem and aerospace and defense customers.

總而言之，我們預計在成熟終端市場（包括服務提供者、防偽顏料和 3D 感測）的穩定和復甦的支持下，第一季強勁的開局將在整個 2026 財年持續下去。資料中心生態系統以及航空航太和國防客戶的持續強勁需求。

In conclusion, I would like to welcome our new employees to Viavi and thank the Viavi team for its continued strong innovation and execution. Lastly, I would also like to thank our customers and shareholders for their continued support.

最後，我謹代表Viavi歡迎新員工加入我們的團隊，並感謝Viavi團隊持續不斷的創新與執行力。最後，我還要感謝我們的客戶和股東們一直以來的支持。

With that, I will now turn it back to the operator for the Q&A.

接下來，我將把問答環節交還給接線員。

(Operator Instructions)

（操作說明）

Ruben Roy, Stifel.

魯本·羅伊，斯蒂費爾。

Hi Oleg and Ilan, Great to see the progress and congrats on the closing of the Spirent business. I guess the first question, like would be as you continue down the road of diversifying your revenue. Maybe you can give us an update of what the mix is--. If you think about your kind of core telecom service provider revenue in NSE versus some of the new products that you're selling into hyperscale.

嗨，Oleg 和 Ilan，很高興看到進展，並祝賀你們成功關閉 Spirent 公司。我想第一個問題應該是，隨著你繼續推動收入多元化進程。或許您可以為我們更新一下配比情況—。如果你想想你在NSE的核心電信服務供應商收入，再比較一下你向超大規模企業銷售的一些新產品。

And then obviously, you've been talking a lot about aerospace and defense doing very well with expectations of continued growth. So maybe if you could just give us the mix as the first question.

顯然，您一直在談論航空航天和國防領域發展良好，並預計該領域將持續成長。所以，或許您可以先把混音版本告訴我們。

Sure. Thanks. So I would say if we look at our exit of the fiscal year, we did about 50-30-20, so 50% service provider, 30% data center ecosystem and 20% aerospace and defense. And as we close the Spirent business, it's about, what, 45%, about 40% and then the remainder. So 45% is service provider, 40% data center and 15% aerospace and defense, purely as you average it out.

當然。謝謝。所以，如果我們回顧一下本財年的結束情況，我認為我們的業務組成大約是 50-30-20，即 50% 的服務提供商，30% 的數據中心生態系統，以及 20% 的航空航天和國防。隨著我們關閉 Spirent 業務，大約佔 45% 或 40%，剩下的就是剩餘部分了。因此，平均而言，服務供應商佔 45%，資料中心佔 40%，航空航太和國防佔 15%。

So we are now getting to the point where the data center revenue is almost approaching the traditional service provider, which significantly derisks the volatility of the service provider spend and the aerospace and defense continues to grow as well.

因此，我們現在正處於資料中心收入幾乎接近傳統服務提供者收入的階段，這大大降低了服務提供者支出的波動風險，而航空航太和國防領域也持續成長。

So I think as we look forward, we are going to probably, I would say, exiting this year when we see data center ecosystem so fast a service provider and service provider will still grow, but it's growing at a much lower rate than data center and our aerospace defense will also continue to grow. So we'll have a much more balanced portfolio and less, I would say, dependent on the neurotic service provider spend.

所以我認為，展望未來，我們可能會在今年結束這一階段，屆時我們將看到資料中心生態系統發展如此迅速，服務供應商雖然仍會成長，但其成長速度遠低於資料中心，而我們的航空航太國防也將繼續成長。因此，我們將擁有一個更平衡的投資組合，並且，我認為，對過度依賴服務提供者支出的依賴程度會降低。

Great. And if I take Spirent out of the guidance, it looks like my math is right, you're still growing around 10% sequentially on that core NSE business, almost 20% year-over-year. And I was wondering if you could maybe break out given that service providers still sort of mix with wireless still having some headwinds, et cetera. If you think about that growth on the core business, can you break it out between sort of what you're seeing in data center versus the aerospace and defense business?

偉大的。如果將 Spirent 從業績指引中剔除，我的計算似乎是正確的，你們的核心 NSE 業務仍然保持著約 10% 的環比增長，同比增長近 20%。我想知道，鑑於服務提供者仍然混雜在一起，無線業務仍然面臨一些不利因素等等，您是否有可能脫穎而出。如果考慮核心業務的成長，你能否將其細分為資料中心業務的成長與航空航太和國防業務的成長？

Sure. So I think the -- when we look at data center, we look at everything that pulls into data centers. So we're going to see a very strong demand, believe it or not for our field instruments, but it's a field instrument by the data center ecosystem. It's these specialist fiber companies that are doing now interconnect. I mean, you probably saw some very interesting dynamics with NVIDIA investing in the Nokia, I can elaborate on that.

當然。所以我認為——當我們審視資料中心時，我們審視的是所有接入資料中心的事物。所以，不管你信不信，我們將會看到對我們的現場儀器的強勁需求，但它是資料中心生態系統中的現場儀器。現在進行互連的是這些專業的光纖公司。我的意思是，你可能已經看到了英偉達投資諾基亞的一些非常有趣的動態，我可以詳細闡述一下。

But what we are seeing is, initially, it was all about building our data center, then they realized the fiber interconnect between data center is (inaudible). So they said, okay, we cannot accept the traditional fiber network providers. So there's been a significant investment and emergence of the specialist fiber interconnect companies that are now spending quite a bit of money really improving the reliability and performance of the fiber networks. And we're actually seeing that is driving also the revenue of our traditional, what we call field instrument business.

但我們看到的情況是，最初一切都圍繞著建設資料中心展開，後來他們意識到資料中心之間的光纖互連至關重要。（聽不清楚）所以他們說，好吧，我們不能接受傳統的光纖網路供應商。因此，出現了大量的投資，也湧現了許多專業的光纖互連公司，它們現在投入大量資金來真正提高光纖網路的可靠性和效能。我們實際上看到，這也推動了我們傳統的現場儀表業務的收入成長。

Then, of course, the classical data center, the 1.6 terabit, 800-gig, the production -- optical production test equipment continues to grow very nicely into the December quarter. And there's going to be an additional momentum building as far further into the March quarter. And aerospace defense will continue to gradually grow on a continued basis that he has been doing.

當然，傳統的資料中心，1.6太比特、800G的生產型光纖生產測試設備，在12月季度繼續保持非常好的成長動能。而且，隨著三月季度的深入，這種勢頭還會繼續增強。航空航太防禦領域將繼續以他一直以來的方式逐步發展。

And the only, I would say, kind of the cylinder in our engine that is still fairly weak is the wireless business due to the wireless spend dynamics by the major wireless carriers. But you saw a very interesting thing. Just as we said about two-years ago that eventually somebody will wake up that the fiber is awful, and they'll start investing in fiber, and that's already happening now.

我認為，我們這台機器中唯一還比較薄弱的環節就是無線業務，這是由於主要無線營運商的無線支出動態所致。但你看到了非常有趣的事。正如我們大約兩年前所說，總有一天會有人意識到光纖有多糟糕，然後開始投資光纖，而這種情況現在已經發生了。

So this whole thing is trickling down from data center into fiber networks. Well the next bottleneck that is not ready for the whole AI ecosystem is the wireless RAN. And that's why, actually, we were not surprised at all that NVIDIA put in $1 billion into AI-RAN in Nokia, and we do hope -- I mean, we are seeing -- that's really accelerating the 5G advanced and 6G development, we will likely pull this in closer. And we know the others are seeing it and they're also going to be start scaling their investments.

所以，這一切都是從資料中心向下滲透到光纖網路的。下一個尚未準備好支援整個人工智慧生態系統的瓶頸是無線無線存取網路 (RAN)。所以，實際上，NVIDIA 向諾基亞的 AI-RAN 投資 10 億美元，我們一點也不感到驚訝。我們希望——我的意思是，我們看到——這確實加速了 5G 先進技術和 6G 的發展，我們可能會更進一步。我們知道其他投資者也看到了這一點，他們也將開始擴大投資規模。

So we do think our wireless business probably would be kind of the last cylinder in the engine to turn on into the next calendar year. So that's kind of hopefully gives you a good color on all the elements of the NSE business.

所以我們認為，無線業務可能是下一個日曆年最後一個啟動的引擎汽缸。希望以上內容能讓您對NSE業務的各個方面有大致的了解。

Yes, absolutely. If I could sneak one in for Ilan. Great to see the operating margin guidance for NSE, obviously, Spirent's starting to contribute there. But can you give us maybe how you're thinking about operating margins as you sort of run rate the business to full quarter, kind of exiting fiscal '26 and into fiscal '27?

是的，絕對的。如果我能偷偷給伊蘭也弄一個就好了。很高興看到NSE的營業利潤率預期，顯然，Spirent已經開始為此做出貢獻。但是，您能否談談您在將業務按季度逐步推進，從 2026 財年結束到 2027 財年開始之際，是如何考慮營業利潤率的？

Sure. Thanks for the question, Ruben. So currently, including Spirent, we are towards kind of the $160 million a quarter. I believe that, obviously, we are still working on or just starting to work on integration, et cetera. So probably for the early part of 2026 calendar it can reach maybe $5 million higher or so at around the $165 million range.

當然。謝謝你的提問，魯本。所以目前，包括 Spirent 在內，我們每季的營收大約是 1.6 億美元。我認為，很顯然，我們仍在進行或剛開始進行整合等工作。因此，到 2026 年初，票房可能會比去年同期高出 500 萬美元左右，達到 1.65 億美元左右。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Two from my end. Oleg, let's assume wireless doesn't come back. It was kind of a worst case scenario. Given the Spirent and the baseline assumption that it would be $0.08 accretive and the strength in fiber and perhaps a slightly higher growth rate for smartphone next year. It seems to me that you should be exiting calendar year '26 at close to like $1 annualized EPS. And if wireless were to come back, there will be growth above that target. And I'm not asking for a guide, but given the scenario you laid out, wireless could come back and just be extra and help you with a higher earning power. Any thoughts here would be great.

我這邊有兩個。奧列格，我們假設無線網路不會恢復。這算是最糟糕的情況了。考慮到Spirent的推出以及其基本假設（即每股收益增加0.08美元），再加上光纖業務的強勁表現，以及明年智慧型手機市場可能略微更高的成長率。依我看，到 2026 年底，你們的年化每股盈餘應該接近 1 美元。如果無線通訊產業復甦，成長速度將會超過這個目標。我並不是尋求指導，但根據你描述的情況，無線連線可能會回歸，成為額外的收入來源，幫助你獲得更高的收入。歡迎大家提出任何想法。

Well, so I mean, as you can see, we -- just as our business started thinking from the cutback in service providers in 2022, I mean, we had a significant operating deleverage. Well, now that we're going in the other direction, we're getting significant operating leverage where every incremental dollar just drops right to the big chunk of it drops to the bottom line. So I mean you're right. I mean getting up to -- if things continue as they are, I mean, it's entirely possible we'll be running around close to $1 a share next year. I mean your words in [god ears].

嗯，我的意思是，正如你所看到的，就在我們公司開始考慮 2022 年服務提供者削減的問題時，我的意思是，我們經歷了嚴重的營運去槓桿化。現在我們朝著相反的方向發展，獲得了顯著的經營槓桿效應，每一美元的增量都會直接轉化為利潤的大部分。所以我的意思是，你是對的。我的意思是，如果情況繼續這樣發展下去，明年我們的股價很有可能接近每股 1 美元。我的意思是，你的話[神耳]

And you're right, wireless is a significant incremental catalyst once it gets going because it's really been one of the segments that's kind of been left behind in this whole recovery. And I mean clearly, as it starts turning around, it will be a major contributor to the bottom line.

你說得對，無線業務一旦發展起來，就會成為一個重要的成長催化劑，因為它確實是整個經濟復甦過程中被遺忘的領域之一。很明顯，隨著情況開始好轉，它將成為公司盈利的主要貢獻者。

Okay. Great. And just double clicking on the OSP and given the upcoming changes to the form factor for a smartphone application, should I assume that some of the past pricing pressure is going to abate and go away? And at least you should have some operating leverage there without contemplating what the real smartphone unit growth would be?

好的。偉大的。只需雙擊 OSP，考慮到智慧型手機應用程式外形尺寸即將發生變化，我是否可以假設過去某些價格壓力將會減輕並消失？至少你應該能獲得一些營運槓桿，而無需考慮智慧型手機的實際銷售成長情況？

Sure. I think you're right. I mean it's a more maturing segment. I mean, the volumes, I mean, we're fairly saturated in that market. So the only incremental growth comes from the unit growth and maybe greater adoption of the world-facing 3D cameras. But we are seeing actually also incremental upticking of the facial recognition technologies with the Android players in Asia. Not the big ones like Samsung, but it's mostly the Chinese. So we do think it will provide some additional growth. And there, we sell wafers to module integrators. And so it provides a bit more leverage there. But also the automotive market with LiDAR and Asia is becoming a big consumer of the 3D sensing filters.

當然。我覺得你說得對。我的意思是，這是一個更成熟的細分市場。我的意思是，就銷售量而言，我們在這個市場已經相當飽和了。因此，唯一的增量增長來自單位數量的增長，以及面向世界的 3D 相機的更廣泛應用。但我們看到，亞洲安卓手機廠商也逐步推廣人臉辨識技術。不是像三星這樣的大公司，而是大部分中國公司。所以我們認為這將帶來一些額外的成長。然後，我們在那裡向模組整合商出售晶圓。因此，它在這方面提供了更大的優勢。此外，汽車市場（包括雷射雷達）和亞洲市場也正在成為 3D 感測濾波器的大消費市場。

Now we got to put it in perspective. It's kind of hard to compete with 300-plus million units. I mean, automotive is like maybe $10 million. But let's say, it's a nice welcome growth in the unit volume. And in terms of the ASP erosion, I think it's fairly stabilized at this point. And I'd say the volume is the only thing that matters right now in terms of growing the revenue in that segment.

現在我們需要正確看待這件事。要跟超過3億台的銷售量競爭，確實很難。我的意思是，汽車業大概值1000萬美元吧。但可以說，這是銷量的一個令人欣喜的成長。至於ASP侵蝕，我認為目前已經相當穩定了。我認為，就目前該細分市場的收入成長而言，銷量是唯一重要的因素。

Ryan Koontz, Needham & Company.

Ryan Koontz，Needham & Company。

If we could double-click on the data center opportunity. I think that's been a little bit of a quiet market for you in terms of, I think, investors understanding your exposure there. Great to hear your working that up. Look, do you feel like your execution in that customer segment is where it needs to be today? Do you invest more in go-to-market and do those customers have different product requirements that you might need to re-spin new products for data center? Or is it largely the same products as your traditional OSPs?

如果我們能雙擊資料中心的機會就好了。我認為就投資人了解你在該領域的投資而言，這個市場對你來說一直比較平靜。很高興聽到你正在著手處理這件事。你覺得目前在該客戶群中的執行力是否達到了應有的水準？您是否加大了市場推廣的投入？這些客戶是否有不同的產品需求，以至於您可能需要為資料中心重新設計新產品？或者說，它基本上與你們傳統的線上銷售產品相同？

Well, it's a great question. We've been investing in this business for the last three-years. And the term that I've borrowed from distribution business is turns and earns, and let me just clarify what I mean.

這是一個很好的問題。過去三年，我們一直在投資這項業務。我從分銷行業借用了一個術語，稱為“週轉率和收益”，讓我來解釋一下我的意思。

So what we're seeing today, as we shifted from telecom service providers driving the road map to the data center driving our road map, you're going from anywhere six to eight years between the generations of products to about two to three years, see a very much faster turnover of the technologies. It means you got to deliver your products now every two to three years but also because it is driven by engineering labs and new product development, it comes in at a much higher margin.

因此，我們今天看到的是，隨著電信服務供應商主導路線圖轉變為資料中心主導路線圖，產品世代之間的時間間隔從六到八年縮短到兩到三年，技術更迭速度大大加快。這意味著你現在需要每兩到三年交付一次產品，而且由於它是工程實驗室和新產品開發的驅動力，因此利潤率要高得多。

So you are turning the product portfolio much faster, which means you don't have this like a long value of waiting for the next generation, and you're earning higher percentage gross profits because it's a first to market always wins big.

因此，你們的產品組合週轉速度更快，這意味著你們無需長時間等待下一代產品，而且由於率先進入市場總是能獲得巨大成功，你們可以獲得更高的毛利潤率。

So in that respect, we really like it because it's increasingly the size of the market for us and it's accelerating the revenue velocity for us, and we get paid for the value we deliver by being always the leader in this market. So today, I mean, the reason I use word the data center ecosystem is because our products don't just address a particular segment to address everything along the entire value chain.

所以從這個角度來看，我們非常喜歡它，因為它對我們的市場規模越來越大，加快了我們的收入成長速度，而且我們透過始終保持市場領先地位來獲得我們所創造的價值的回報。所以今天，我之所以使用「資料中心生態系統」這個詞，是因為我們的產品不僅針對某個特定領域，而是要涵蓋整個價值鏈上的所有環節。

It's your processor companies. You all know who they are. It's your physical layer, communication companies like SerDes and the module integrators. It's your system companies, optical gear, like Ciena (inaudible) Cisco and so on and so forth.

是你們的處理器公司。你們都知道他們是誰。這是你的實體層，通訊公司（如 SerDes）和模組整合商。就是你們的系統公司、光纖設備，例如 Ciena（聽不清楚）、思科等等。

And it's actually ultimately the actual hyperscaler who have extensive internal R&D, developing anything from optical modules to MEMS switches to full-blown data center equipment. So I mean, this is like the best thing you can have and you're dealing with engineering budgets and the intense competition where everybody is trying to be first to market with a better technology. So, I mean, this is like truly living inside of tornado and our team loves it because that's actually plays very well to our traditional strength to be at the bleeding edge of bringing leading-edge technology to the optical networking.

實際上，真正擁有廣泛內部研發能力的超大規模資料中心營運商，開發的產品涵蓋從光模組到 MEMS 開關，再到完整的資料中心設備。我的意思是，這已經是你能擁有的最好的東西了，但你還要應對工程預算和激烈的競爭，每個人都想率先將更好的技術推向市場。所以，我的意思是，這就像真正生活在龍捲風裡一樣，我們的團隊很喜歡這種感覺，因為這實際上很好地發揮了我們一直以來的優勢，即在光網絡領域保持領先技術。

That's super helpful. Would you say like -

這太有幫助了。你會說像-

And actually, I would add one more thing -- I would add one more thing. We talk always about speeds of 400, 800, 1.6, 3.2, that's a network speed. What you also have in parallel is chip-to-chip interconnect. You go from PCIe 3.0, 4.0, 5.0 today is 6.0 and then will be next year 7.0. So every time you move to a higher speed, you need a corresponding PCI Express next tender as well. So your -- it's a TikTok. You deliver your network speed, which immediately needs wholesale replacement of all the chip-to-chip interconnect. So that's a force multiplier on the whole data center growth.

實際上，我還要補充一點——我還要補充一點。我們總是談論 400、800、1.6、3.2 的速度，那指的是網路速度。同時，晶片間的互連也是並行的。PCIe 從 3.0、4.0、5.0 發展到今天的 6.0，明年就會是 7.0。所以每次升級到更高的速度，都需要對應的下一代 PCI Express 規格。所以你的——這是一個TikTok。你提供的是網路速度，但這需要立即對所有晶片間互連進行全面更換。因此，這將對整個資料中心的成長起到倍增作用。

Yes. That's really great. And would you say you have a similar set of competitors and similar share in the data center relative to your legacy customer base?

是的。那真是太好了。那麼，您認為您的競爭對手與您現有的客戶群在資料中心領域擁有相似的市場佔有率嗎？

Well, I would actually say, where we play at a purely the Layer 0 Layer 1, we have a significantly greater share because that's traditional strength of JDS Uniphase, Viavi, we are very strong in it. With acquisition of Spirent, we have now added Layer 2 to Layer 7 capability as well. And there it's a -- there's two major competitors in that space. I mean, clearly, one was Spirent and the other one is Keysight through their acquisition of [Ixia].

實際上，我想說，如果我們只專注於第 0 層和第 1 層，我們的市場份額要大得多，因為那是 JDS Uniphase 和 Viavi 的傳統優勢，我們在這一領域非常強大。透過收購 Spirent，我們現在也具備了從第 2 層到第 7 層的網路傳輸能力。而且，在這個領域有兩個主要的競爭對手。我的意思是，很明顯，一個是 Spirent，另一個是 Keysight 透過收購而成立的。[Ixia]。

So I would say, today, it's Viavi and Keysight, there are big players in that space. And there's about maybe four or five additional smaller players playing in individual layers kind of all over the world. But it's very much, I would say, a major players because the level of intensity and speed with which you have to bring out the products. It's not a low-budget game. It drives quite a significant R&D spend. So I would say, in that particular space, I'd say it's Keysight and Viavi.

所以我覺得，目前這個領域的主要參與者是 Viavi 和 Keysight。此外，可能還有四、五個規模較小的玩家在世界各地以各種形式參與遊戲。但我認為它絕對是主要參與者之一，因為你必須以極高的強度和速度推出產品。這不是一款低成本遊戲。它帶動了相當可觀的研發投入。所以，在這個特定領域，我會說是 Keysight 和 Viavi。

Great. And maybe just a follow-up, if I could, on the aerospace and defense area. Can you kind of characterize those products are those P&T like modules you're selling in typically? Or what's the fulfillment model look like? You're selling to drone companies and the like or defense companies?

偉大的。如果可以的話，我想就航空航太和國防領域再補充一點。您能否大致描述一下您通常銷售的那些P&T類模組的產品特性？或者說，具體的執行模式是怎麼樣的？你們是把產品賣給無人機公司之類的企業，還是國防公司？

Yes. So it goes into everything. So we have a smorgasbord. We can sell you inertial measurement unit. It looks like a chip in a specialized package then we can sell you a module that has multiple of these chips with our controller and logic that does the inertial navigation system or we can sell you a full-blown inertial navigation system with sensor fusion receiving sensor data from cameras, the satellite antennas and everything else.

是的。所以它滲透到方方面面。所以我們這裡有自助餐。我們可以出售慣性測量單元。它看起來像一個封裝在特殊封裝中的晶片，我們可以向您出售一個包含多個此類晶片以及我們控制器和邏輯的模組，該控制器和邏輯用於慣性導航系統；或者我們可以向您出售一個完整的慣性導航系統，該系統具有感測器融合功能，可接收來自攝影機、衛星天線和其他所有感測器的資料。

So we have a full solution and depending which customer we engage and what their relative capabilities are, we'll sell them individual components, we sell them the modules or we sell them the complete solution. So if you're looking at the -- some of these drone companies, I would say, in Central and Eastern Europe. I mean, you may -- they may buy the entire solution. If you're dealing with a more sophisticated U.S. companies, I mean, they may be buying modules or individual components that go into their critical systems.

因此，我們擁有完整的解決方案，根據我們接觸的客戶及其相對能力，我們會向他們出售單一元件、模組或完整的解決方案。所以，如果你關注的是──一些無人機公司，我會說，它們位於中歐和東歐。我的意思是，他們可能會購買整個解決方案。如果你面對的是更成熟的美國公司，我的意思是，他們可能會購買用於其關鍵系統的模組或單一組件。

But it's all about autonomous vehicles, payers, ground, sea or undersea. I mean, you name it, that's what we are servicing. And the nice thing about it, it's the same platform that can address all these different markets, including the mining, agricultural and surveillance drones and all these things that you need. If you think about the fully GPS independent autonomous kind of robotic vehicles.

但這一切都與自動駕駛汽車、支付方式、陸地、海洋或水下有關。我的意思是，你能想到的，我們都能提供服務。而它的好處在於，同一個平台可以滿足所有這些不同的市場需求，包括採礦、農業和監控無人機以及您需要的所有這些領域。如果你想想完全無需GPS的自主式機器人車輛。

(Operator Instructions) Michael Genovese, Rosenblatt Securities.

（操作說明）邁克爾·傑諾維斯，羅森布拉特證券。

Look, I think my phone broke up because I think you gave a new annual revenue number for the HSE acquisition, but I just didn't hear what it was.

你看，我覺得我的手機壞了，因為我覺得你公佈了 HSE 收購案的最新年度收入數字，但我沒聽清楚具體是多少。

Yes. So Ilan, go ahead.

是的。伊蘭，你開始吧。

So basically, currently, once we close the transaction, we got a little bit more insight. Currently on an annual run rate, we believe it's about $200 million, including the emulation piece, the channel emulation. And prior to that, we thought more about $188 million. So yes, it is higher right now.

所以基本上，目前一旦我們完成交易，我們就能獲得更多資訊。目前按年計算，我們認為其價值約為 2 億美元，其中包括模擬部分和頻道模擬部分。而在此之前，我們更考慮的是 1.88 億美元。是的，現在價格更高了。

Okay. So, I guess my question is.

好的。所以，我想問的是…

Spirent business, right?

Spirent公司，對吧？

Yes, yes, yes. And so my question has to do with, does that change on higher revenue or any other reason kind of bring an accretion date sooner than 12 months? Or are we still thinking 12 months before it becomes accretive?

是的，是的，是的。所以我的問題是，更高的收入或其他任何原因是否會導致增值日期提前到 12 個月之前？還是我們仍然認為它需要12個月才能產生收益？

So it depends also on seasonality. Remember that there are stronger half fees on the second calendar half. So that's the reason that this quarter, we see some positive EPS, most likely in the first calendar half, it's a little bit softer. But when you think about it from a full calendar year, yes, it's slightly higher, but when you compare it to our fiscal year, the dynamic changes a little bit.

所以這也取決於季節性因素。請注意，下半年的學費會更高。所以這就是為什麼本季我們看到一些正的每股盈餘，很可能在上半年，情況會稍微疲軟一些。但從整個日曆年來看，是的，它略高一些；但如果與我們的財政年度相比，情況就略有不同了。

Yes. But net-net, clearly higher revenue makes the accretion sooner rather than later.

是的。但總而言之，顯然更高的收入會使成長更快到來。

And then I think most of my questions were asked, but I just want to ask specifically on large service provider like AT&T, Verizon or the cable companies. If we look at the wireline part of the network. We heard weak wireless from you on that. But and then it sounds like a lot of the optical activity is being done by optical specialists. But is there anything to say about the Tier 1 large cable and telcos on the wireline side? Is there any trend there that you can call.

我覺得我的問題大部分都問完了，但我還想具體問一下像 AT&T、Verizon 或有線電視公司這樣的大型服務提供者。如果我們看一下網路的有線部分。我們收到的回饋是你的無線網路訊號不太好。但是，聽起來很多光學活動都是由光學專家完成的。但是，對於一級大型電纜和電信業者在有線網路方面的情況，有什麼可說的嗎？你能指出其中是否存在某種趨勢嗎？

I would say gradual recovery. I mean fiber is growing. But we do know there's going to be some big RFPs coming out from major cable operators and the service providers. And it's more -- now when I look at the fiber, we are now starting to segment them into professional grade fiber operators and kind of consumer grade. So AT&T is more of consumer grade. So they just continue like -- they keep talking about adding a lot of fiber customers. And that ultimately is great news to us, and I just want to hear -- when I see the money, I'll believe it.

我認為是逐步恢復。我的意思是纖維產業正在發展。但我們知道，主要的有線電視營運商和服務供應商將會發布一些大型的招標書。而且，現在當我審視光纖時，我們開始將它們細分為專業級光纖營運商和消費級光纖營運商。所以AT&T比較像是面向消費者的品牌。所以他們就一直這樣——他們一直在談論要增加很多光纖用戶。這最終對我們來說是個好消息，但我只有親眼看到錢才會相信。

I mean they did make some pretty bullish announcements. And we do think next year, there will be accelerating some buying. So it all plays very well.

我的意思是，他們的確發布了一些相當樂觀的公告。我們認為明年購買力將會加速提升。所以一切都進行得很順利。

But then there is also this whole category of what I call professional grade fiber operators, emerging companies like [ Lumen] similar companies in Europe who all they focus on is interconnecting all these data centers. And I'd say the next one will be, how do you connect them all to the wireless baseband -- I mean, base stations to the towers because you now need to bring a reliable 10-gig, 100-gig traffic to the -- all the towers. So we do expect the combination between the traditional and the professional grade fiber operators continue to grow nicely into next year.

但還有一類我稱之為專業級光纖營運商的公司，像 [Lumen] 這樣的新興公司，以及歐洲類似的公司，他們專注於將所有這些資料中心互連起來。我認為下一個問題是如何將它們全部連接到無線基頻——我的意思是，基地台連接到塔架，因為現在需要為所有塔架提供可靠的 10G、100G 流量。因此，我們預計傳統光纖營運商和專業級光纖營運商的結合將在明年繼續保持良好的成長勢頭。

But even -- I'd say, take the base, the base business, the traditional service providers it's all goodness because it's a high tide that raises all the boats. So we cannot call it as a base business and all these other companies who call them speedboats. So it's your profession grade fiber operators the semis, modules, NEMs, these are all kind of speedboats that are growing much faster than the overall market. But I mean, it is encouraging to see even the -- your base service providers starting to spend more money.

但即便如此——我想說，就基礎產業、基礎業務、傳統服務提供者而言，一切都是好事，因為漲潮會使所有船隻都受益。所以我們不能稱它為基礎業務，而其他所有公司都稱它們為快艇。所以，專業級光纖業者的半成品、模組、NEM 等設備，就像快艇一樣，成長速度遠超過整個市場。但我的意思是，令人鼓舞的是，就連你們的基礎服務提供者也開始投入更多資金。

Andrew Spinola, UBS.

瑞銀集團的安德魯·斯皮諾拉。

Just one for me. Wondering if you could provide a little bit more color on the business -- the Spirent business that you acquired. With the margin profile on that business consistent with the overall business, was it better or worse? And when I'm thinking about modeling that post the 12 months when it turns accretive, do you think you can drive the margin in that acquired business in line with maybe your targeted 20% for NSE? Or do you think you can do better? How should I think about that?

我只留一個。想請您詳細介紹一下您收購的 Spirent 公司的情況。該業務的利潤率與整體業務的利潤率一致，那麼它是更好還是更差？當我考慮在收購業務實現盈利後的 12 個月內對其進行建模時，您認為您能否將收購業務的利潤率提升到您為 NSE 設定的 20% 的目標水平？或者你認為自己可以做得更好？我該如何看待這件事？

Well, so I think this -- that business is both higher gross margin than the average NSE and it's higher operating profit than average NSE. So it's net-net accretive and I do believe that through integration and greater efficiency, we can actually expand their margins further. And I think we do have -- I think, on cost of goods, we should be doing a lot better because we have now greater scale in the parts procurement and greater leverage of engineering and sales resources.

所以我認為，這家公司的毛利率和營業利潤都高於NSE的平均值。所以總體而言，這是有利的，而且我相信，透過整合和提高效率，我們實際上可以進一步擴大他們的利潤率。我認為，就商品成本而言，我們應該做得更好，因為我們現在在零件採購方面規模更大，並且在工程和銷售資源方面擁有更大的槓桿作用。

And Andrew just specifically on the gross margin, we see it from the mid- to high 60s, which is, as Oleg mentioned, definitely above our corporate average. So it's a nice contribution there.

安德魯特別提到毛利率，我們看到它在 60% 到 70% 之間，正如奧列格所提到的，這肯定高於我們公司的平均水平。所以這算是個不錯的貢獻。

Got it. And is that business seeing the same acceleration that you're seeing in the rest of your data center business?

知道了。該業務是否也像您資料中心其他業務一樣出現了同樣的加速成長？

Yes. Well, I mean, probably not the same percentage because it's a much bigger -- from a much bigger base. But absolutely, they have a very exciting product called -- there's a traditional HSE high-speed Ethernet test that you sell to chip companies, the modules and systems and enterprise data centers. And then there's a whole different flavor called AI, HSE, which just generates AI workloads so you can test your network on how good it is to run the AI traffic and AI data. So that piece is growing even faster.

是的。嗯，我的意思是，可能不會有相同的百分比，因為它的基數要大得多。但確實，他們有一款非常令人興奮的產品，叫做——這是一款傳統的 HSE 高速乙太網路測試儀，可以賣給晶片公司、模組、系統和企業資料中心。還有一種完全不同的類型叫做 AI、HSE，它只是產生 AI 工作負載，這樣你就可以測試你的網路運行 AI 流量和 AI 資料的效能如何。所以那部分內容成長得更快了。

I see. And I wanted to ask one last question actually on the data center business. I'm trying to think about that business in terms of units versus what other growth drivers you might have. So how much of that business is -- so if the number of switches being produced doubling, tripling, what have you, how does that translate to benefits for you? Are you seeing most of your growth because of the growth in units in these products? Or is it that there's just a lot more investment in R&D, new SKUs, new players in the space? How should I think of that?

我懂了。最後，我還想問一個關於資料中心業務的問題。我正在嘗試從銷量和其他成長驅動因素的角度來思考這項業務。那麼，如果交換器的產量增加一倍、三倍，或更多，這能為你帶來多少好處呢？你們的成長主要來自這些產品銷售的成長嗎？還是只是因為研發投入增加、新產品推出、新玩家湧入這個領域？我該怎麼看待這件事？

It's a combination. So when we talk about sales to the lab, i.e., to the R&D equipment, it's a number of companies, number of projects, number of chips. And remember, I also said the very fast product turn cycle, right? Like every 2, 3 years, next generation. So that drives the more like the lab sales are driven by projects, right? So it's a number of companies, number of projects and how quickly one generation transitions to the next.

這是兩者的結合。所以，當我們談到向實驗室銷售產品，也就是向研發設備銷售產品時，涉及到許多公司、許多專案、許多晶片。還記得我之前說過產品週轉週期非常快嗎？就像每隔兩三年一樣，下一代。所以實驗室的銷售額比較多是由專案驅動的，對嗎？所以，這取決於公司數量、專案數量以及一代人過渡到下一代的速度。

And when we talk about production, that is driven purely by units. So the more units you're producing, the more you're shipping, the more you need to buy to set up more production lines. So this is more like if you think about contract manufacturers, the more lines they add, the more equipment they need to buy.

而當我們談到生產時，那完全是由銷售所驅動的。因此，你的產量越高，出貨量越大，你就需要購買更多設備來建立更多的生產線。所以，如果你考慮合約製造商，你會發現他們增加的生產線越多，需要購買的設備就越多。

What's the split in your business between unit-driven business versus project-driven business on the data center side, roughly?

在資料中心方面，貴公司以單元驅動型業務和以專案驅動型業務的比例大致是多少？

We don't really split it. That's dicing it everything because it's effectively the same product, the same technology packaged into different box.

我們其實不分開。這完全是混淆視聽，因為實際上產品是一樣的，技術也是一樣的，只是包裝不同而已。

Tim Savageaux, Northland Capital.

蒂姆·薩瓦戈，北地資本。

Hey, good afternoon, and congrats on the results and the guide. And I want to focus in on there, in particular. First, on Spirent, you mentioned a larger base interested in what context you meant that. But it sounds like given what you're guiding to, and I don't know if you're 50-30-20 going to 45, 40 15, I'll just assume that's fiscal '25 versus fiscal '26. But it seems like Spirent's going to be well above 50% exposed to data center. Is that fair to say -- go ahead.

嘿，下午好，恭喜你取得好成績，也祝賀你獲得了這份指南。我想重點關注這一點。首先，在 Spirent 上，你提到了一個更大的群體，我想知道你指的是什麼背景。但聽起來，根據你給的指導方向，我不知道你是打算從 50-30-20 調整到 45、40-15，我就假設這是 2025 財年與 2026 財年的差別。但Spirent似乎有超過50%的業務將依賴資料中心。這樣說公平嗎？ ——請繼續。

Yes. So I mean the percentage just gave you, that's exiting this calendar year. It's like exiting December, the mix, including now the new Spirent business. Now in terms of their exposure, I would say, if I define the data center ecosystem, I'm in line's share of their business is data center ecosystem. But they also have enterprise and enterprise data center. So I mean -- when I say data center ecosystem, it's chips, modules, systems and hyperscalers. They also have the enterprise, like, say, financial insurance and other companies we their own -- we test their own firewalls and things like that. So that's -- I would say probably it's an 80/20 split probably.

是的。所以我的意思是，剛才給你的百分比，指的是今年結束時的百分比。就像告別十二月一樣，各種組合，包括現在的新 Spirent 業務。就他們的業務範圍而言，如果我定義資料中心生態系統，那麼我認為他們業務的份額就是資料中心生態系統。但他們也有企業和企業資料中心。所以我的意思是——當我說資料中心生態系統時，它包括晶片、模組、系統和超大規模資料中心。他們也有自己的企業，像是金融保險和其他公司——我們會測試他們自己的防火牆等等。所以，我估計大概是 80/20 的比例吧。

Okay. That makes sense. And looking at the organic guide, which is still pretty impressive, I guess, [$310 million to $320 million] and understanding you're getting a healthier Spirent contribution despite the shortened time period and you explained that. But as you look at that, and kind of asked this a little bit before, but we've seen some pretty good numbers in terms of what some of the big U.S. carriers are looking to spend in Q4. I might have looked at that organic number and thought an old-fashioned budget flush. Apparently not, it doesn't look like you're building much in there. Am I right, for the traditional Tier 1 telecom providers, are you looking at that to be flat (inaudible) Q3 to Q4?

好的。這很有道理。看看有機食品指南，我覺得仍然相當令人印象深刻（3.1 億美元至 3.2 億美元），而且了解到儘管時間縮短，Spirent 的貢獻卻更加健康，你也解釋了這一點。但正如你之前稍微問過的，我們已經看到一些美國大型航空公司在第四季度計劃支出的相當不錯的數字。我當時可能看了那個有機產品的數據，然後想到要進行一次老式的預算調整。顯然不是，看起來你在那裡並沒有建造什麼。我理解的對嗎，對於傳統的一級電信業者來說，您認為第三季到第四季會持平嗎？ （聽不清楚）

No, there is some incremental traditional. Sorry. So for the traditional. Sorry, guys, for traditional, there is some incremental growth, but I mean, I won't say budget flash, I mean the incremental demand is coming from what I call the professional grade kind of Tier 2, Tier 3 focused players. I mean you can call it budget flash, you can call it. But I think their stuff is driven by projects that they and contracts that they signed with hyperscalers.

不，其中也包含一些漸進式的傳統。對不起。所以，對於傳統方式來說。抱歉各位，傳統遊戲市場確實有一些成長，但我的意思是，我不會說是廉價版的Flash遊戲，我的意思是，這種成長的需求主要來自我所說的專業級二線、三線玩家。我的意思是，你可以稱它為廉價閃光燈，你可以這麼稱呼它。但我認為他們的行為是由他們與超大規模資料中心營運商簽訂的專案和合約所驅動的。

And what we are seeing now increasingly I mean what we used to call -- you have field instruments where we would sell 90-plus percent to service providers, we are now seeing like a 1/4 up to 1/3 of revenue is going into the whole data center-driven service provider ecosystem.

我們現在越來越看到的是，我們過去稱之為現場儀器的產品，我們過去會將 90% 以上的產品賣給服務提供商，而現在我們看到大約 1/4 到 1/3 的收入都流向了整個數據中心驅動的服務提供商生態系統。

Okay. So you look at that organic growth going September to December.

好的。所以你要觀察的是9月到12月的自然成長情況。

Yes. So we've all seen the Verizon, AT&T saying that next year, they're going to expand. Hey, if that happens, that will be just like a further tide that will raise all the boats.

是的。我們都看到 Verizon 和 AT&T 都表示，明年他們將進行擴張。嘿，如果這種情況發生，那就好比是潮水上漲，把所有的船都抬高了一樣。

Got it. So it looks like anything -

知道了。所以它看起來像任何東西-

Tim also for -- we're not guiding for March, but it's not that we see anything materially different going into March.

Tim 也表示——我們沒有對三月的情況做出預測，但這並不意味著我們認為三月的情況會有任何實質性的不同。

So I mean the one the only thing I'd say about Tier 1, every 0.25% drop in interest rate, for example, for a lot of cash for them to do things, and there's a lot of pent-up demand. I mean basically, it's like they've been sweating the assets for the last 3 to 4 years. And these things like anything else, it wears out, it needs to be updated. And so I do think as they're getting a little bit -- they're feeling better and more comfortable with the debt load, the interest load.

所以我的意思是，關於一級資本，我唯一想說的是，例如，利率每下降 0.25%，他們就能獲得大量現金來開展業務，而且存在很多被壓抑的需求。我的意思是，基本上，他們過去三、四年一直在榨取這些資產的價值。這些東西和其他東西一樣，都會磨損，需要更新換代。所以我認為，隨著他們逐漸減輕一些負擔，他們對​​債務負擔和利息負擔的感覺也越來越好，越來越能承受。

And I mean, they've all been sending all the right signals. So that's actually quite encouraging, and that's a positive thing for us. It will be further, I would say, accelerator or a boost to the overall demand.

我的意思是，他們都發出了所有正確的信號。所以這其實相當令人鼓舞，對我們來說是件好事。這將進一步加速或促進整體需求。

That concludes our Q&A session. I will now turn the conference back over to Vibhuti for closing remarks.

我們的問答環節到此結束。現在我將把會議交還給維布蒂，請他作閉幕致詞。

Thank you, Jale. This concludes our earnings call for today. Thank you for joining. Have a good evening.

謝謝你，傑爾。今天的財報電話會議到此結束。感謝您的參與。祝你晚上愉快。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。