Viavi Solutions Inc (VIAV) 2026 Q2 法說會逐字稿

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

女士們、先生們，午安。我叫艾比，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 財年第二季財報電話會議。今天的會議正在錄影。（操作說明）

And 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, Abby. Good afternoon, everyone, and welcome to Viavi Solutions fiscal second quarter 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，艾比。各位下午好，歡迎參加 Viavi Solutions 2026 財年第二季財報電話會議。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. 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.

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。包括我們在本次電話會議中提供的指導意見以及我們對收購業務的預期在內的前瞻性聲明，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。

Finally, we are recording today's call and will make the recording available on our website by 4:30 PM Pacific Time this evening.

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。

Now I would like to turn the call over to Ilan. Ilan?

現在我想把電話交給伊蘭。伊蘭？

Thank you, Vibhuti. Good afternoon, everyone. Now I would like to review the results of the second quarter of fiscal year 2026.

謝謝你，維布蒂。大家下午好。現在我想回顧一下2026財年第二季的業績。

Net revenue for the quarter was $369.3 million which is at the high end of our guidance range of $360 million and $370 million. Revenue was up 23.5% sequentially and on a year over year basis was up 36.4%. Operating margin for the second fiscal quarter was 19.3%, above the high end of our guidance range of 17.3% to 18.5%. Operating margin increased 360 basis points from the prior quarter and on a year-over-year basis, was up 440 basis points.

本季淨收入為 3.693 億美元，處於我們先前預期的 3.6 億美元至 3.7 億美元區間的高端。營收季增 23.5%，年增 36.4%。第二財季的營業利潤率為 19.3%，高於我們先前預期的 17.3% 至 18.5% 的上限。營業利益率較上一季成長 360 個基點，較上年同期成長 440 個基點。

EPS at $0.22 was also above the high end of our guidance range of $0.18 to $0.20 and was up $0.07 sequentially. On a year over year basis, EPS was up $0.09.

每股收益為 0.22 美元，也高於我們先前預測的 0.18 美元至 0.20 美元區間的上限，並且比上一季度增長了 0.07 美元。與去年同期相比，每股收益成長了 0.09 美元。

Moving on to our Q2 results by business segment. NSE revenue for the second fiscal quarter came in at $291.5 million, which is at the high end of our guidance range of $283 million to $293 million. Revenue from Spirent was $43 million, which was slightly below our expectation of $45 million to $55 million due to timing of certain opportunities. On a year-over-year basis, NSE revenue was up 45.8% as a result of the acquisitions of financial apps and Spirent product lines. We also saw strong demand for lead and production and field products driven by the data center ecosystem.

接下來，我們來看看以業務部門劃分的第二季業績。NSE 第二財季的營收為 2.915 億美元，處於我們先前預測的 2.83 億美元至 2.93 億美元區間的高端。Spirent 的收入為 4300 萬美元，略低於我們預期的 4500 萬美元至 5500 萬美元，這是由於某些機會的時機。由於收購了金融應用程式和 Spirent 產品線，NSE 的營收年增了 45.8%。我們也看到，受資料中心生態系統的驅動，對鉛、生產和現場產品有著強勁的需求。

NSE gross margin for the quarter was 64.7% which is 10 basis points lower on a year-over-year basis. NSE's operating margin for the quarter was 15.6% compared to 8.7% during the same quarter last year. NSE operating margin was above the high end of our guidance range of 12.9% to 14.3%, primarily driven by higher fall through.

NSE本季毛利率為64.7%，較去年同期下降10個基點。NSE本季的營業利益率為15.6%，而去年同期為8.7%。NSE 的營業利潤率高於我們先前預期的 12.9% 至 14.3% 的上限，主要原因是跌幅較大。

OSP revenue for the second fiscal quarter came in at $77.8 million, slightly above our guidance range -- sorry, guidance of about $77 million and was up 9.7% on a year-over-year basis. The increase in revenue for the quarter was primarily a result of strength in anticounterfeiting and other products. OSP gross margin was 50.8%, up 20 basis points from the same period last year. OSP's operating margin was 33.4% an increase of 100 basis points on a year-over-year basis. OSP operating margin came in slightly below our guidance range of 33.5% to 34.5% due to slightly higher variable costs.

第二財季 OSP 營收為 7,780 萬美元，略高於我們先前的預期範圍——抱歉，預期約為 7,700 萬美元，年增 9.7%。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50.8%，較去年同期成長20個基點。OSP 的營業利潤率為 33.4%，比去年同期成長了 100 個基點。由於變動成本略高，OSP 的營業利潤率略低於我們先前預期的 33.5% 至 34.5% 的範圍。

Moving on to the balance sheet and cash flow. Total cash and short-term investments at the end of Q2 were $772.1 million compared to $549.1 million in the first quarter of fiscal 2026. Cash flow from operating activities for the quarter was $42.5 million versus $44.7 million in the same period last year, mainly due to timing of working capital. CapEx for the quarter was $5.6 million versus $8.2 million in the same period last year.

接下來來看資產負債表和現金流量表。截至第二季末，現金及短期投資總額為 7.721 億美元，而 2026 財年第一季為 5.491 億美元。本季經營活動產生的現金流量為 4,250 萬美元，而去年同期為 4,470 萬美元，主要原因是營運資金到位時間不同。本季資本支出為 560 萬美元，而去年同期為 820 萬美元。

During the quarter, we successfully exchanged principal amount of about $100 million, 1.625% convertible notes due in March of 2026 for 7.9 million shares of Viavi's common shares at a price per share of $17.88. We have remaining principal amount of about $50 million on these notes which will be paid in cash. The associated premium on these convertible notes will be settled in shares. Additionally, we prepaid in January of 2026, $100 million of the $600 million term loan B. This is in line with our continued financial discipline.

本季度，我們成功地將約1億美元的1.625%可轉換債券（2026年3月到期）兌換為Viavi的790萬股普通股，每股價格為17.88美元。這些債券的剩餘本金約為5,000萬美元，將以現金支付。這些可轉換債券的相關溢價將以股份結算。此外，我們在 2026 年 1 月提前償還了 6 億美元 B 類定期貸款的 1 億美元。這符合我們一貫的財務紀律。

During the quarter, we did not purchase any shares of our stock as we prioritize our capital allocation towards debt management. The fully diluted share count for the quarter was 233.4 million shares, up from 224.8 million shares in the prior year and versus 228.7 million shares in our guidance for the second fiscal quarter.

本季我們沒有購買任何公司股票，因為我們優先將資本配置用於債務管理。本季完全稀釋後的股份數量為 2.334 億股，高於去年同期的 2.248 億股，也高於我們對第二財季的預期 2.287 億股。

Last week, we approved a restructuring and workforce reduction plan to improve operational efficiencies and better align workforce and resources with our current business needs and strategic priorities. We expect approximately 5% of our global workforce to be impacted and estimate to incur approximately $32 million of restructuring charges in connection with this plan. Upon completion of this initiative, we expect annual savings of about $30 million, which will mainly benefit our operating expenses. We intend to reinvest a portion of these savings with higher growth areas of our business.

上週，我們批准了一項重組和裁員計劃，以提高營運效率，並更好地使員工和資源與我們當前的業務需求和策略重點保持一致。我們預計全球約 5% 的員工將受到影響，並估計將因此計劃產生約 3,200 萬美元的重組費用。該計劃完成後，我們預計每年可節省約 3000 萬美元，這將主要惠及我們的營運支出。我們計劃將部分節省的資金再投資到公司成長速度更快的領域。

We expect to recognize majority of these charges by the end of June of 2026 with a plan to be substantially completed by the end of December of 2026. The savings of about $30 million include previously communicated $16 million of synergies from the acquisition of Spirent's product lines.

我們預計將在 2026 年 6 月底前確認這些費用的大部分，並計劃在 2026 年 12 月底前基本完成。節省的約 3000 萬美元包括先前公佈的收購 Spirent 產品線帶來的 1600 萬美元協同效應。

Moving on to our guidance for the third quarter of fiscal 2026. We expect the third fiscal quarter revenue for Viavi to be up sequentially as a result of continued strength in many of our end markets. For NSE, we expect quarter-over-quarter revenue to be higher as a result of continued strong demand for lead and production and field products, which is driven by the data center ecosystem as well as aerospace and defense customers.

接下來，我們展望一下2026財年第三季的業績。由於我們許多終端市場的持續強勁表現，我們預計 Viavi 第三財季的營收將季增。對於 NSE 而言，我們預計季度環比收入將有所增長，這得益於對鉛、生產和現場產品的持續強勁需求，而這種需求又是由數據中心生態系統以及航空航天和國防客戶推動的。

Our guidance for the third quarter also includes full 13 weeks of Spirent's product lines versus 10 weeks in the prior quarter. For OSP, we expect quarter-over-quarter revenue to be higher, in line with seasonality of higher demand for anti-counterfeiting and other products.

我們對第三季的預期還包括Spirent產品線13週的完整供應，而上一季為10週。對於 OSP 業務，我們預計季度環比收入將有所成長，這與防偽產品和其他產品需求旺盛的季節性因素相符。

For the third fiscal quarter of 2026, we expect Viavi revenue in the range of $386 million and $400 million. We expect total NSE revenue between $304 million and $316 million. OSP revenue is expected to be in the range of $82 million and $84 million. Operating margin for Viavi is expected to be 19.7%, plus or minus 50 basis points. NSE operating margin is expected to be 15.5%, plus or minus 50 basis points.

我們預計 Viavi 在 2026 年第三財季的營收將在 3.86 億至 4 億美元之間。我們預計NSE總收入將在3.04億美元至3.16億美元之間。OSP 收入預計在 8,200 萬美元至 8,400 萬美元之間。Viavi 的營業利潤率預計為 19.7%，上下浮動 50 個基點。NSE 的營業利潤率預計為 15.5%，上下浮動 50 個基點。

OSP operating margin is expected to be 35.3%, plus or minus 50 basis points. EPS is expected to be between $0.22 and $0.24. Our tax expense for the third quarter is expected to be around $9 million, plus or minus $500,000 as a result of jurisdictional mix.

OSP 的營業利潤率預計為 35.3%，上下浮動 50 個基點。預計每股收益在 0.22 美元至 0.24 美元之間。由於不同司法管轄區的影響，我們第三季的稅項支出預計約為 900 萬美元，上下浮動 50 萬美元。

Our acquisition of Spirent product lines as well as Inertial Labs has resulted in greater profits in the US, which allows us to benefit from our NOLs. As a result, we now expect our tax rate to be in the mid-teens on a go-forward basis.

我們收購 Spirent 產品線以及 Inertial Labs 後，在美國獲得了更高的利潤，這使我們能夠從淨經營虧損中受益。因此，我們預期未來我們的稅率將維持在十幾個百分點點左右。

We expect other income and expense to reflect a net expense of approximately $12.5 million, and the share count is expected to be around 245 million shares. During the third quarter, we expect to pay earn-out liability for Inertial Labs of about $75 million as a result of their strong performance in calendar 2025.

我們預計其他收入和支出將反映約 1,250 萬美元的淨支出，預計股份數量約為 2.45 億股。第三季度，由於 Inertial Labs 在 2025 年的強勁業績，我們預計將支付約 7,500 萬美元的或有收益負債。

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

接下來，我將把電話交給奧列格。奧列格？

Thank you, Ilan. The second quarter of fiscal '26 came in at the high end of our guidance driven by strong growth in many of our end markets. The results were significantly up both year on year and quarter on quarter.

謝謝你，伊蘭。2026 財年第二季業績達到預期上限，這主要得益於我們許多終端市場的強勁成長。業績年比及環比均有顯著成長。

NSE revenue in Q2 grew approximately 46% year over year, primarily driven by strong demand from the data center ecosystem and aerospace and defense customers. The data center ecosystem, which includes high-performance semis, optical modules, and NAMs, drove strong demand for 11 production products in support of AI data center build-out. In addition, we are now also seeing emerging strong demand for our fiber field instruments by hyperscalers and service providers to build, operate, and optimize the next generation of fiber networks to interconnected data centers.

NSE 第二季度營收年增約 46%，主要得益於資料中心生態系統以及航空航太和國防客戶的強勁需求。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 11 種生產產品的強勁需求，以支援人工智慧資料中心的建置。此外，我們現在也看到超大規模資料中心營運商和服務供應商對我們的光纖現場儀器的需求日益強勁，他們希望利用這些儀器來建置、營運和優化下一代光纖網絡，從而連接資料中心。

The Q2 quarter on quarter and year-on-year growth was also helped by the acquisition of Spirent's HSC product line, which came in slightly below our expectations due to the timing of several opportunities. Given strong and growing customer demand, we expect the data center ecosystem revenue momentum to continue through the calendar 2026.

第二季環比和年增速也得益於 Spirent HSC 產品線的收購，但由於幾個機會的時機不同，此次收購略低於我們的預期。鑑於客戶需求強勁且不斷成長，我們預期資料中心生態系統的營收成長動能將持續到 2026 年。

Our Aerospace and Defense business also saw another strong quarter of growth, driven by continued high demand for our positioning, navigation, and timing products. We expect this trend to continue through the rest of the calendar year. The service providers business was generally stable during the quarter. We are seeing some opportunistic demand from the cable operators as they transition to new DAA architecture and DOCSIS 4.0 standard. The demand for wireless infrastructure test continues to be weak but stable.

在市場對我們的定位、導航和授時產品持續旺盛的需求推動下，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。我們預計這一趨勢將在今年餘下的時間裡持續下去。本季度服務提供商業務整體保持穩定。我們看到，隨著有線電視營運商向新的 DAA 架構和 DOCSIS 4.0 標準過渡，他們出現了一些投機性的需求。對無線基礎設施測試的需求仍然疲軟但穩定。

Looking ahead to Q3, we expect NSE revenue to be countercyclically up quarter on quarter, driven by continued strong and growing demand from data center and aerospace and defense customers.

展望第三季度，我們預計 NSE 的營收將逆週期環比成長，這主要得益於資料中心、航空航太和國防客戶持續強勁且不斷增長的需求。

Now turning to OSP. OSP saw strong year-on-year growth, driven mostly by recovery in anti-counterfeiting and other products, 3D sensing demand was in line with seasonal expectations. We expect fiscal Q3 to be up quarter on quarter, in line with the seasonally higher demand for anti-counterfeiting and other products.

現在轉向OSP。OSP 實現了強勁的同比增長，主要得益於防偽和其他產品的復甦，3D 感測需求符合季節性預期。我們預計第三財季業績將環比成長，這與防偽產品和其他產品季節性需求增加的情況相符。

In summary, calendar 2025 was a pivotal year for Viavi. Our diversification and investment strategy over the past five years, focused on data center and aerospace and defense P&C applications has positioned us well to ride strong growth in both of these markets. We have exited calendar 2025 with robust bookings and revenue momentum and anticipate these trends to continue through the calendar year.

總而言之，2025 年是 Viavi 的關鍵一年。過去五年，我們專注於資料中心、航空航太和國防財產保險應用領域的多元化和投資策略，使我們能夠很好地掌握這兩個市場的強勁成長機會。2025 年即將結束，我們的預訂量和收入勢頭強勁，預計這些趨勢將在今年繼續保持。

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

最後，我要感謝Viavi團隊持續的創新和執行力，並感謝我們的客戶和股東們一直以來的支持。

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

接下來，我將把問答環節交還給操作員。

(Operator Instructions) Ruben Roy, Stifel.

（操作說明）魯本·羅伊，斯蒂費爾。

Congrats on the continued progress and results. Oleg to start, last quarter, you broke out for us a little bit sort of a mix as your NSE business continues to evolve. So thinking about it in terms of data center (inaudible) events and telco. If you could give us an update on what the mix looks like? And then as we think about the guidance, if you could kind of dial in a little bit into the moving parts on the growth for the March quarter, that would be great.

祝賀你們取得持續進步和成果。首先是奧列格，上個季度，隨著你的NSE業務不斷發展，你為我們帶來了一些突破，情況有點複雜。所以，從資料中心（聽不清楚）事件和電信的角度來看這個問題。您能否向我們介紹一下目前混音的進度？然後，當我們考慮業績指引時，如果您能稍微深入分析一下三月季度成長的各個環節，那就太好了。

Sure. So I think last quarter, we kind of talked 45% service provider, 40% data center, 15% aerospace and defense. I think with the significant growth in data center, right? And the other -- I think we are now, I'd say, closer the other way around 40% service provider, 45% data center, around 15% aerospace and defense. To be more precise, I think we're going to see a service provider to kind of trend a little bit below 40%.

當然。所以我覺得上個季度，我們大致談到了服務供應商佔 45%，資料中心佔 40%，航空航太和國防佔 15%。我認為隨著資料中心的顯著增長，對吧？而另一方面——我認為我們現在的情況恰恰相反，大約 40% 是服務供應商，45% 是資料中心，15% 左右是航空航太和國防。更準確地說，我認為我們會看到服務提供者的比例略低於 40%。

The Aerospace and Defense turned up about 15% and the data center trend up about 45%.

航空航太和國防產業成長約 15%，資料中心產業成長約 45%。

And it's not because the service provider is going down. Actually, it's steady and showing slight recovery is just fundamentally the percentage allocation and the growth across different segments is vastly different. So that's kind of the mix. So I think now we are, I would say, we are net of it, we're now only about 40%, a little bit under 40% exposed to service provider, additional telecom service provider. And I'd say 60% is driven by the data center ecosystem and the aerospace and defense.

而且這並不是因為服務提供者宕機了。實際上，市場保持穩定，略有復甦的跡象，這主要是由於不同細分市場的百分比分配和成長差異巨大。這就是大致的組合情況。所以我覺得現在，我可以說，我們已經淨賺了，我們現在只有大約 40%，略低於 40% 的風險敞口給服務提供商，也就是額外的電信服務提供商。我認為其中 60% 是由資料中心生態系統以及航空航太和國防領域所驅動的。

In terms of the guidance on the Q3 that you've seen pretty strong numbers, it's continued very strong growth in the data center ecosystem that's, again, semis, modules, systems and the NAMs, but also it includes a growing component of our traditional field instruments, and it's actually a meaningful pop in that we are now seeing what I call next-gen service providers who are called doing interconnective data centers and the data center operators themselves investing into our fiber monitoring and fiber measurement systems to monitor and optimize performance of their data centers.

就第三季的業績指引而言，我們看到了相當強勁的數據，資料中心生態系統持續強勁成長，這包括半導體、模組、系統和網路應用管理（NAM），但也包括我們傳統現場儀器的成長。事實上，這是一個意義重大的成長，因為我們現在看到我稱之為下一代服務供應商的互聯資料中心，以及資料中心營運商本身都在投資我們的光纖監控和光纖測量系統，以監控和優化其資料中心的效能。

And I mean if I looked at a year ago, you might have been single digits data center for our traditional field instruments. I think we are now looking at about a third of our revenue in the field instruments coming out from data centers. So it's been a truly amazing turnaround. And I think the recognition is growing that the fiber networks are generally c**** and they need to be significantly improved. And we are seeing a lot of pressure from the hyperscalers on service providers to improve the performance, but they're also going further and they're putting a lot of what we call monitoring and policing on their networks to ensure that they pay for what they get what they pay for.

我的意思是，如果我回顧一年前，你們可能只是我們傳統現場儀器的個位數資料中心。我認為我們現在大約三分之一的收入來自數據中心提供的現場儀器。所以這真是一個驚人的轉變。而且我認為人們越來越認識到，光纖網路總體上很糟糕，需要大幅改進。我們看到超大規模資料中心營運商給服務提供者施加了很大的壓力，要求他們提高效能，但他們也在進一步加強對網路的監控和監管，以確保他們為所支付的費用得到相應的服務。

So it's actually been another very positive development for us. the fiber instruments. That's on the NSE.

所以，這對我們來說其實又是一個非常積極的進展，那就是光纖儀器。那是在印度國家證券交易所（NSE）上。

Yes. Yes. I guess I had a follow-up on that. Obviously, with Corning and Meta sort of expanding their partnership and $6 billion commitment on new fiber. I would imagine that, that's something that would play into your longer-term opportunity set for the field instruments.

是的。是的。我想我還需要跟進一下。顯然，康寧和Meta正在擴大合作關係，並承諾在新光纖領域投資60億美元。我想，這應該會影響您在現場儀器方面的長期發展機會。

But I guess if I think about that, and you made a statement, leg, on your prepared remarks regarding your expectations for DC growth to continue through '26. I mean, are things like that and like the scale across opportunities that you just mentioned, giving you extended visibility on demand relative to sort of what the order book might have looked like 12 months ago? I mean, are you getting a longer look on backlog and bookings at this point?

但我想，如果我仔細想想，你之前在準備好的演講稿中表達了對華盛頓特區增長持續到 2026 年的預期。我的意思是，像您剛才提到的這些情況以及各種機會的規模，是否讓您對需求有了更清晰的了解，這與 12 個月前的訂單情況相比有何不同？我的意思是，目前你們是否能更詳細地查看積壓訂單和預訂情況？

The answer is yes. I think on this truly big ones. I mean, as you've seen with the Corning deal, right, it's another example of what I've been talking about that the hyperscalers are no longer content pay you the money and you deliver the services and products. They are vertically integrating all the way back into their supply chain through either partnerships or strategic alliances like what you've seen with Corning and Meta. And we're seeing similar things happening with us, where you have a at the very least multi-quarter commitments and multiyear engagements.

答案是肯定的。我認為這才是真正的大事。我的意思是，就像你從康寧的交易中看到的那樣，對吧，這又是一個例子，印證了我一直說的，那就是超大規模數據中心運營商不再滿足於只付錢給你，然後你提供服務和產品。他們正透過合作或策略聯盟（例如康寧和Meta的合作）進行垂直整合，一直延伸到他們的供應鏈。我們也看到了類似的情況，至少有多個季度的承諾和多年的合作。

And so when it comes to data center, I would say, for us, traditionally, we only had like maybe 1, 1.5 quarter visibility. We have a pretty good view at least on the base demand from these type of activities up to three quarters ahead.

所以就資料中心而言，我想說，對我們來說，傳統上，我們可能只有 1 到 1.5 個季度的可見度。至少在未來三個季度內，我們對這類活動的基本需求都有相當清晰的了解。

Got it. If I could sneak one in for Ilan, just on the restructuring, Ilan. Is that impacting any specific product area or group? Or is this just sort of your annual look at the business. And obviously, there's a lot going on in DC and aerospace and defense that maybe you want to focus more on? Maybe if you could just help us out on how to think about that restructuring, that would be great.

知道了。如果我能替伊蘭偷偷提一句，就關於重組的事，伊蘭。這是否對任何特定產品領域或產品組產生影響？或者這只是你們每年一次的商業回顧？顯然，華盛頓特區、航空航太和國防領域有很多事情正在發生，也許您想更多地關注這些領域？如果您能幫我們考慮一下重組方案，那就太好了。

Yes. So Ruben, thanks for the question. Generally, it's across multiple functions, just to make sure that we have operated under a much higher efficiency. So it's not targeting specific areas. And I wanted also to highlight that some of these savings, we do plan to reinvest in those higher-growth areas that Oleg just discussed.

是的。魯本，謝謝你的提問。通常情況下，我們會跨多個職能部門進行調整，以確保我們能夠以更高的效率運作。所以它並非針對特定地區。我還想強調，我們計劃將部分節省下來的資金再投資到奧列格剛才提到的那些高成長領域。

So some of it will be a trade of.

所以其中一些會以物易物的方式進行交換。

Yes. I think clearly, if we look at where most of the cost is coming out, it's coming out of the slower or stagnant product segments. So it's really a point here is to free up resources and take some of it as the financial leverage, but others has the ability to invest and grow the -- could move wood behind the era on things like data center ecosystem, aerospace and defense things like that.

是的。我認為很明顯，如果我們看一下大部分成本都花在了哪裡，我們會發現它們都花在了成長緩慢或停滯不前的產品領域。所以，這裡的重點是釋放資源，並將其中的一部分作為財務槓桿，而其他人則有能力投資和發展——可以推動資料中心生態系統、航空航太和國防等領域的時代發展。

Right. And in addition to some support function optimization.

正確的。此外，也進行了一些支援功能優化。

Ryan Koontz, Needham.

Ryan Koontz，Needham。

A lot of activity in Defense and Aerospace of late, Oleg, I hope you could double-click on what you see as exciting defense programs, aerospace programs that you're involved in with your product lines and how you think about that business going forward?

奧列格，最近國防和航空航天領域非常活躍，我希望你能重點介紹一下你認為令人興奮的國防項目和航空航天項目，以及你參與的產品線，還有你對未來業務發展的看法？

Sure. I think the biggest driver is what we call resilient P&T Position and Navigation timing. In essence, it's alternative GNSS. So everything that allows you to operate in the absence of GPS signal. And as you can imagine, it's drones, drones and more drones.

當然。我認為最大的驅動因素是我們所謂的彈性 P&T 位置和導航時間。從本質上講，它是替代的全球導航衛星系統（GNSS）。所以，所有讓你在沒有 GPS 訊號的情況下也能運作的東西。如你所想，到處都是無人機、無人機，還是無人機。

It's very much targeting all autonomous systems like drones, aboveground, robotic vehicles surveillance heavy industrial machinery, underseas and seaborne drones. So it's pretty much anything that's aboveground, underground, underwater, in the air robotic systems. So that's mainly where a lot of these products are going to. On the other hand is also our P&C timing is we are seeing emerging opportunities in data centers because we're seeing more and more. As you increase the speeds in the data centers you need accurate timing for synchronization.

它主要針對所有自主系統，例如地面無人機、機器人車輛、監控重型工業機械、水下無人機和海上無人機。所以基本上包括地上、地下、水下、空中的機器人系統。所以這些產品主要都銷往那裡。另一方面，我們的財產和意外保險時機也表明，我們看到資料中心領域湧現出越來越多的機會。隨著資料中心速度的提升，需要精確的計時來進行同步。

And if you think about traditional distributed clock model from one end goes across all the racks, that may be fine when you're 100 gig data center when you're going to 1.6, 3.2, the latency becomes unbearable. So we are looking -- we are seeing demand for timing at multiple entry points into the data center, so you almost delivered a precise timing directly to the rack or the individual server banks.

如果你考慮傳統的分散式時脈模型，從一端到所有機架，這在 100G 資料中心可能沒問題，但當你升級到 1.6G、3.2G 時，延遲就會變得無法忍受。所以我們看到——我們看到資料中心的多個入口點對時間控制的需求，這樣幾乎可以直接將精確的時間控制傳遞到機架或各個伺服器群組。

So we see that business as, I would say, gaining longer-term momentum, particularly in the data center, but I would say short term and near-term opportunities is a very strong growth in the drone systems. But also our traditional Avionics communication and the spectrum management is also seeing a lot of opportunities.

因此，我認為該業務正在獲得長期發展勢頭，尤其是在資料中心領域，但我認為短期和近期機會在於無人機系統領域非常強勁的成長。但傳統的航空電子通訊和頻譜管理也看到了許多機會。

Great. And in the optical domain, you talked a lot about strength in data center, driving outperformance here. Any evidence you can share with us around cadence of optical innovation, getting to 1.60 broadly within the data center, between the data centers. Where are you seeing the most demand for your products? And what are maybe some new areas of growth, some green shoots that you're excited about in the optical data center domain?

偉大的。在光領域，您談到了很多關於資料中心優勢、推動卓越效能的內容。您能否與我們分享光纖創新節奏的證據，以便在資料中心內部和資料中心之間大致達到 1.60？您發現您的產品在哪些地區需求量最大？那麼，在光數據中心領域，有哪些新的成長點或發展趨勢讓您感到興奮呢？

Well, I'd say every segment, we see growing. I mean, clearly, the semiconductors or memory vendors that they are driven by speed and the version of PCI Express, which is chip-to-thip interconnect, right? So -- and I mean, today, we are moving from 800 to 1.6, from PCIe 5.0 to 6.0 and then 7.0. So there is a very heavy engagement with the semiconductor vendors from big ASICs to optical ICs development.

嗯，我覺得每個細分市場都在成長。我的意思是，很明顯，半導體或記憶體供應商都是由速度和 PCI Express 的版本（即晶片到晶片的互連）驅動的，對吧？所以——我的意思是，如今我們正在從 800 過渡到 1.6，從 PCIe 5.0 過渡到 6.0，然後再過渡到 7.0。因此，從大型 ASIC 到光 IC 開發，半導體供應商都參與其中，合作非常密切。

Then -- so that's kind of where you bring in the bleeding edge product for lab. And then the volume really comes in as those things go into production into the -- with the module vendors. Your (inaudible) so companies in Asia making pluggables and of course, the big leaders in North America for (inaudible) points, which is optical switches and various modules. And then all the NAMs who are providing equipment into these data centers.

然後——所以這就是你需要引入實驗室最前沿產品的地方。然後，隨著這些產品投入生產，模組供應商就會真正開始生產，產量也會大幅增加。你們（聽不清楚）所以亞洲的公司生產可插拔元件，當然還有北美的大型領導者生產（聽不清楚）點，也就是光開關和各種模組。還有所有向這些資料中心提供設備的網路資產管理公司（NAM）。

So I would say there's 2 groups. One is the lab, heavily driven, I'd say, everything to do with 1.6 and PCI Express 6.0. And in production heavily with all of our things making anything from testing passive and active components to the final product but also including testing fiber as we're now seeing emergence of [hole-core] fiber and multiple fiber. And this is a whole new thing, and that's why part of the reason you see companies like matter investing directly in the -- I'm making long-term agreements with fiber providers. is to exactly develop these kind of products.

所以我認為可以分為兩大類。一個是實驗室，可以說，它主要致力於 1.6 和 PCI Express 6.0 相關的一切。另一個是生產部門，它負責我們所有產品的生產，從被動和主動元件的測試到最終產品，還包括光纖測試，因為我們現在看到了[孔芯]光纖和多芯光纖的出現。這是一個全新的領域，這也是為什麼你會看到像 Matter 這樣的公司直接投資於光纖領域——我正在與光纖供應商簽訂長期協議——的部分原因正是為了開發這類產品。

And those things require a lot of testing and monitoring and in production and final test. So it's a -- I mean the -- it's -- I would say every cylinder in this whole fiber value chain is, say, firing on all at full speed.

這些都需要大量的測試、監控、生產測試和最終測試。所以，我的意思是，整個纖維價值鏈中的每個環節都在全速運轉。

And that's broadly stronger in the lab today than field?

而且，目前實驗室研究的結果普遍比實地研究的結果更強？

We call lab and production. But I would say starting last quarter, we are seeing what we normally call field is becoming a I mean the hyperscalers themselves. So it's the actual data center is becoming a huge user of field instrumentation. I mean, for example, when you would go to the traditional fiber service providers, they never really care about putting in monitoring of the fiber. Well, if you go to one of these AI data centers, you see at the edge, they want to monitor every incoming wavelength, right?

我們稱之為實驗室和生產部門。但我想說，從上個季度開始，我們看到我們通常所說的領域正在變成，我的意思是超大規模資料中心本身。所以，資料中心本身正成為現場儀表的巨大使用者。我的意思是，例如，當你選擇傳統的光纖服務提供者時，他們從來不會真正關心對光纖進行監控。如果你去參觀這些人工智慧資料中心，你會發現，在邊緣端，他們想要監控每一個傳入的波長，對吧？

And were they light up or a dark fiber. So they know as they turn on up the bandwidth, they know exactly characterization and bandwidth and latency, they're going to get out of each fiber strength.

它們是發光的還是暗的纖維？因此，當他們提高頻寬時，他們就知道每種光纖強度能提供怎樣的特性、頻寬和延遲。

And of course, there is an SLA agreements, service level agreements there. They signed with the service providers. So they're monitoring that these things are coming in within a very narrow spec, and they maintain the narrow stack of performance in every fiber. And that's a big departure from the old fashioned while it works, it's good enough. If it's a little bit low see or has a higher latency, so what?

當然，這裡還有服務等級協定（SLA）。他們與服務提供者簽訂了合約。所以他們監控這些產品是否符合非常嚴格的規格，並且保持每根光纖的性能穩定。這與過去那種「只要能用就好」的傳統觀念截然不同。如果解析度稍微低一點或延遲稍微高一點，那又怎樣？

Well, that's not something that these guys accept. And the beauty of it is they're deploying these things directly. It's using the same fiber tools, which were developed for traditional service providers, they are really finding converts among the hyperscalers. And that usually means when they deploy it, there's a lag, maybe by a couple of quarters before the service providers recognize, "Wait a second, I'm not being measured. So I better measure myself before I get nailed for my performance problem." So we see it as a very positive trend to ensure a very high resilient fiber network interconnecting the data centers.

嗯，這些人可不會接受這種事。而它的妙處在於，他們正在直接部署這些東西。它使用與傳統服務供應商相同的光纖工具，這些工具確實贏得了超大規模資料中心營運商的青睞。這通常意味著當他們部署它時，會有一個滯後，可能要過幾個季度，服務提供者才會意識到，“等等，我沒有被衡量。”所以，我最好在因為表現問題被批評之前好好反省一下自己。因此，我們認為確保資料中心之間建立高彈性的光纖網路是一個非常積極的趨勢。

Andrew Spinola, UBS.

瑞銀集團的安德魯·斯皮諾拉。

Oleg, can you expand on that a little and give us maybe some color on how your data center business breaks down across lab production in the field?

奧列格，你能否再詳細解釋一下，並給我們介紹一下你的資料中心業務在實驗室生產和現場生產方面的組成？

We don't break those things individually because given any quarter, the mix may be a bit up or down because think about it, right, if you're really launching 1.6 let's say, or PCIe 6.0, 7.0, you will see initially big mix in the -- towards the lab instruments. As these chips get rolled out and they go into production, you're going to see a lot more production. So it's kind of a tick-tock type of things. So it makes -- that's why we don't really break these things down within that category. We just call it generally a data center ecosystem, which includes semis modules, systems and field instruments that are used in data centers themselves.

我們不單獨分析這些產品，因為在任何一個季度，產品組合都可能略有上升或下降，想想看，對吧，如果你真的推出了 1.6 版本，或者 PCIe 6.0、7.0，你會看到最初在實驗室儀器領域佔據很大的份額。隨著這些晶片陸續推出並投入生產，你會看到產量大幅增加。所以事情就像滴答作響一樣，有時間流逝。所以，這就是為什麼我們不會在那個類別裡進一步細分這些東西的原因。我們通常稱之為資料中心生態系統，其中包括資料中心本身使用的半成品模組、系統和現場儀器。

Makes sense. I'm thinking about how to model that business into like fiscal '27 and beyond. And I wanted to ask you, I might be wrong based on what you just said, but I thought would think about lab as being maybe more consistent as the customers continue to invest in the next generation fiber monitoring, growing as the number of data centers grow. But maybe production being more cyclical and having some bigger swings up and down as various generations get introduced, trying to think about how I should think about production assuming that's a bigger growth driver right now, how to think about how that evolves over a cycle?

有道理。我正在思考如何將該業務模式應用到 2027 財年及以後。我想問你，根據你剛才所說，我可能錯了，但我認為隨著客戶不斷投資下一代光纖監控，隨著資料中心數量的增長，實驗室可能會變得更加穩定。但也許生產更具週期性，隨著不同世代的引入，生產會有更大的波動，我正在思考，假設生產是目前更大的成長驅動力，我應該如何看待生產，以及如何看待它在一個週期中如何演變？

So it's a good question. So lab instruments are driven by a number of customers and a number of projects, right? And ultimately, the relates -- best way to look at is the R&D CapEx at semis system vendors and module vendors, right? The production is heavily driven by volume that is demanded, right? And you can see the volume of pluggables and the racks and all this -- I mean that is -- if I look at the where you going to see higher percentage of growth, it's clearly going to be the production because it's -- as you increase the number of units you build in every generation and that's every node.

所以，這確實是個好問題。所以實驗室儀器的需求是由許多客戶和許多專案驅動的，對嗎？最終，相關的——最好的看待方式是關注半導體系統供應商和模組供應商的研發資本支出，對吧？生產很大程度取決於市場需求量，對吧？你可以看到可插拔設備、機架等等的數量——我的意思是——如果我觀察增長百分比更高的領域，很明顯是生產，因為——隨著每一代產品中構建的單元數量增加，每個節點都會增加。

And that's -- you need to basically for every tranche of volume, you need to increase capacity.

也就是說——基本上每增加一批貨量，你就需要增加產能。

So it's heavily linked to the, I would say, a production run rate, okay? And the, I would say, field instruments is, let's say, linked to the number of data centers being built.

所以它與生產運行率密切相關，對吧？而且，我認為現場儀表與正在建造的資料中心數量有關。

Probably we think about the longevity of this cycle is probably...

我們或許會認為這個週期能持續多久…

Yes. From what I see in terms of the pretty much every ounce of capacity that was kind of abandoned by service providers when they cut back about 3 years ago in investment, it's been totally repurposed into the data center and it's a fraction of what they need and where they -- if you take all their announcements, how much they're going to spend, how much they're going to invest, what you have in terms of production capacity, you're going to see significant growth over the next 2 years, right?

是的。就我所見，服務提供者在大約 3 年前削減投資時幾乎放棄的每一分每一毫的容量，都已完全重新用於資料中心，而這只是他們所需容量的一小部分。如果你把他們所有的公告、他們將要花費的金額、他們將要投資的金額，以及他們現有的生產能力都考慮進去，你會發現未來兩年將會出現顯著增長，對吧？

And of course, to keep up with it, you need to keep introducing. We now see the new -- each technology node turning over every two years. So you no longer, let's say, between 100 gig and 400 gig, you have 6 years, you really now have two years between 1.6 and 3.2.

當然，為了跟上時代的步伐，你需要不斷推出新產品。我們現在看到的是新的——每個技術節點每兩年更新一次。所以，你不再像以前那樣，比如說，在 100 GB 到 400 GB 之間有 6 年的時間，現在實際上只有 1.6 到 3.2 之間的兩年時間。

Got it. Makes sense. And I want to ask one financial question. Just on the NSE op margin guide, I guess, it's roughly flat from fiscal Q2 to Q3. Could you give me maybe some of the push and pulls on that given the revenues up $20 million?

知道了。有道理。我想問一個關於財務方面的問題。單就 NSE 的營業利潤率指引來看，我認為從第二財季到第三財季大致持平。鑑於營收成長了 2000 萬美元，您能否談談其中的一些推動因素和阻力因素？

Are you asking gross margin, operating margin or?

您問的是毛利率、營業利益率還是其他？

I'm sorry. The guide for the NSE op margin Ilan were essentially flat sequentially from Q2 to Q3?

對不起。NSE op margin Ilan 的指引值從第二季到第三季基本持平？

He talks operating. It is yes.

他談論手術。是的。

Right. So your question, the dynamic of the higher operating margin?

正確的。所以你的問題是，更高的營業利益率背後的動態？

I guess the guide for the NSE op margin is 15.

我猜NSE的營運保證金指導價是15。

Right.

正確的。

Revenue is up $20 million. I was just curious if there are some mix or anything.

營收成長2000萬美元。我只是好奇裡面有沒有混搭之類的。

So there is some, obviously, mix associated with it, but also in terms of the operating expenses, remember that in the first calendar quarter, all the kind of what we call fringe expenses, like social security, et cetera, get reinstated. So you get a higher operating expenses in the first calendar.

所以，顯然其中存在一些混合因素，但就營運費用而言，請記住，在第一季度，所有我們稱之為附加費用的支出，如社會安全等，都會恢復。因此，第一個日曆年的營運費用會更高。

We approve the statutory cost.

我們批准法定費用。

(inaudible) to December. So that's a major kind of get between the last quarter and this quarter. It (inaudible) seasonality.

（聽不清楚）至十二月。所以這是上一季和本季之間的一個重大差距。它（聽不清楚）季節性。

Statutory costs.

法定費用。

(Operator Instructions) Tim Savageaux, Northland Capital Markets.

（操作員說明）蒂姆·薩瓦戈，北地資本市場。

Congrats on the results and especially the guide, and I wanted to kind of focus in on that a bit. I guess I like you described is countercyclical, you usually see declines. But I guess I'd like to try and parse out you got 13 weeks aspiring at your Q1 run rate -- or sorry, December quarter, I'll just say run rate, that gets you to about, I don't know, $55 million sort of the high end of where you were, where you guided last quarter. Is that a reasonable assumption to try and get to Spirent contribution versus organic growth in fiscal Q3?

恭喜你取得好成績，尤其要恭喜你寫了這份指南，我想重點談談這方面。我想正如你所描述的，它是反週期的，通常表現為下跌。但我想試著分析一下，如果你按照第一季的運行速度（或者抱歉，是十二月季度，我就說運行速度吧）來計算，那麼 13 週的時間裡，你的收入大概會達到，我不知道，5500 萬美元左右，這差不多是你上個季度預期收入的上限。在第三財季，試圖將 Spirent 的貢獻與內生成長進行比較，這種假設是否合理？

So Tim, I can chime in here in terms of the thinking. So first, for last quarter, in the very first few weeks of the quarter, they actually did not have much revenue. The second aspect to call out, and I think we did discuss it in the past several times. When you think about the seasonality for the spring business, usually, the first half of the calendar year is the weaker part and their stronger part is the second half of the calendar year. So it's a little bit lower than you're thinking for Spirent for the March quarter.

所以提姆，我也可以就我的想法發表一下看法。首先，就上個季度而言，在季度初的幾周里，他們的收入實際上並不多。第二個需要指出的方面，我認為我們過去已經討論過好幾次了。當你考慮春季業務的季節性時，通常來說，上半年是淡季，下半年是旺季。所以Spirent三月季度的業績比你預想的要低一些。

But again, that does not change our full year thinking about the revenue for Spirent. So not much has changed in terms of what we see in the dynamics of the forecast and thinking.

但即便如此，這也不會改變我們對 Spirent 全年收入的看法。所以，就預測和思考的動態而言，我們看到的情況並沒有太大變化。

Yes. Generally, they always said first half of the calendar year was lower, second half was stronger. Now last quarter, there were some government orders that got pushed out into this quarter between the shutdown and of course, this onetime grant to the government employees of Christmas holidays, I mean there basically was fewer days between middle of December and the end of December to get the orders placed. So some of the volume actually pushed out into the March quarter, as a result, we expect March quarter relatively to be stronger for them than it normally would have been, and the December quarter was a bit weaker than it normally would have been.

是的。他們通常都說，上半年經濟較差，下半年經濟較強。上個季度，由於政府停擺以及政府僱員在聖誕節假期期間獲得的一次性補助，一些政府訂單被推遲到了本季度。我的意思是，從 12 月中旬到 12 月底，留給下訂單的時間基本上就少了。因此，部分交易量實際上推遲到了 3 月份的季度，因此，我們預計 3 月份的季度業績相對而言會比正常情況強，而 12 月份的季度業績則會比正常情況稍弱一些。

Right. That's kind of what I'm trying to get to is to the continuation of this organic growth, and it sounds like I'm a little high with my first pass and I think it was a $200 million run rate you were looking for. And if it's stronger in the first and the second. I'd imagine it's below that $50 million level. And if that's the case, you're looking at mid-single-digit sequential growth organically for Viavi in Q1 in a normally seasonally down quarter and coming off 15% sequential growth in the December quarter.

正確的。這正是我想要達到的目標，就是維持這種自然成長動能。聽起來我第一次的預測有點高估了，我想你想要的是 2 億美元的年化收入。如果它在前兩者中更強。我估計低於5000萬美元。如果情況屬實，那麼在通常屬於季節性淡季的第一季度，Viavi 的有機環比增長預計為個位數中段，而其在 12 月季度的環比增長為 15%。

So that's pretty extraordinary. What's driving all that? And am I looking at that right number one? And...

這真是非同尋常。這一切的背後是什麼原因造成的？我看的對嗎，第一名？和...

You're looking exactly right. So remember, the old -- I'd say old Viavi before data center, aerospace and defense, we were heavily influenced by service provider dynamics. And the days 1 service providers were over 80% of NSE. Remember, first quarter is they don't release their budgets for the year until the end of February. So as a result, you would have a very weak NSE quarter.

你看起來完全正確。所以請記住，以前的Viavi——我指的是在資料中心、航空航天和國防領域之前——我們深受服務提供者動態的影響。而第 1 天的服務提供者佔 NSE 的 80% 以上。記住，第一季是他們公佈年度預算的時候，要到二月底才會公佈。因此，NSE季度表現會非常疲軟。

By the way, service provider is no different again than it was normally. There's always it is seasonally weaker. But the strength in the data center, aerospace, defense and also the Spirent business is not only offsetting, it's actually more than offsetting. That's why the net-net, the quarter is going to be up for NSE.

順便說一句，服務提供者和往常一樣，沒有任何不同。總會有季節性的減弱現象。但是，資料中心、航空航太、國防以及 Spirent 業務的優勢不僅可以抵消，而且實際上還超過了抵消作用。所以總的來說，NSE本季股價將會上漲。

Okay. Makes sense. And one final piece of that question, which is the -- again, going back historically, you typically see a nice seasonal uptick at least on the service provider side in your fiscal Q4. Should we assume that a (inaudible) directionally true for the business? Are there any changes as your mix and exposure becomes more aerospace, defense and AI data center driven what does that do to that normally stronger Q2 -- sorry, fiscal Q4, especially in light of the strength of your March quarter guide.

好的。有道理。這個問題還有最後一部分，那就是——同樣，回顧歷史，你通常會在第四財季看到至少服務提供者方面出現一個不錯的季節性增長。我們是否應該假設（聽不清楚）對企業而言是方向正確的？隨著您的投資組合和業務更多地轉向航空航太、國防和人工智慧資料中心領域，這對通常較為強勁的第二季度（抱歉，是第四財季）有何影響？尤其是在您三月季度業績指引強勁的情況下。

That's right. So actually, as much as though maybe the service providers a bit of a headwind this quarter, they're going to be tailwind next quarter. So with the continued strength in data center and aerospace and defense, you're actually going to have a tailwind also on the service provider. Our expectation that the June quarter is going to be stronger than the March quarter.

這是正確的。所以實際上，儘管服務提供者本季可能面臨一些不利因素，但下個季度他們將成為順風。因此，隨著資料中心、航空航太和國防領域的持續強勁發展，服務供應商實際上也將受益。我們預計六月季度業績將強於三月季度。

And that concludes our question-and-answer session. I will now turn the conference back over to Vibhuti Nayar 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·納亞爾，請他作閉幕致詞。

Thank you, Abby. This concludes our earnings call for today. Thank you for joining, and have a good afternoon.

謝謝你，艾比。今天的財報電話會議到此結束。感謝您的參與，祝您下午愉快。

Ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝各位的參與。您現在可以斷開連線了。