Viavi Solutions Inc. (VIAV) 2026 Q3 法說會逐字稿

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

下午好。我叫 Hilary，今天將擔任各位的電話會議接線員。此刻，我謹代表主辦方歡迎各位參加 Viavi Solutions 2026 會計年度第三季財報電話會議。今天的會議將被錄音。(接線員指示)

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

現在，我想將會議交給投資人關係主管 Vibhuti Nayar。請開始。

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

謝謝你，Hilary。各位下午好，歡迎參加 Viavi Solutions 2026 會計年度第三季財報電話會議。我叫 Vibhuti Nayar，是 Viavi Solutions 的投資人關係主管。今天與我一同出席電話會議的還有我們的總裁暨執行長 Oleg Khaykin，以及財務長 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公司財務表現的前瞻性陳述。這些陳述受到各種風險與不確定性影響，可能導致實際結果與我們目前的預期與估計出現重大差異。我們建議您查閱我們最新的年度報告與向美國證券交易委員會（SEC）提交的文件，特別是其中所述的風險因素。

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

前瞻性陳述（包括我們在本次電話會議中提供的指引，以及我們對終端市場與收購業務的預期）僅以今日為準。Viavi 不承擔更新這些陳述的任何義務。

Please also note that unless we state otherwise, all results discussed on today's 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，除非我們另有說明，今天電話會議中討論的所有結果（營收除外）均為非 GAAP 指標。我們已在今日的財報新聞稿中，將這些非 GAAP 結果與初步 GAAP 財務數據進行調節，並說明其用途與限制。該新聞稿以及我們的補充財報簡報（包含歷史財務表格）可於 Viavi 網站 www.investor.viavisolutions.com 取得。

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

最後，我們正在錄製今天的電話會議，並將於今晚太平洋時間 4:30 前在我們的網站提供錄音回放。接下來，我想把電話會議交給 Ilan。

Thank you, Vibhuti. Good afternoon, everyone. Now I would like to review the results of the third quarter of fiscal year 2026. Net revenue for the quarter was $406.8 million, which is above the high end of our guidance range of $386 million and $400 million. Revenue was up 10.2% sequentially and on a year-over-year basis was up 42.8%. Operating margin for the third fiscal quarter was 21%, above the high end of our guidance range of 19.2% and 20.2%.

謝謝你，Vibhuti。各位下午好。接下來我將回顧 2026 會計年度第三季的業績。本季淨營收為 4.068 億美元，高於我們指引區間 3.86 億至 4.00 億美元的上緣。營收季增 10.2%，年增 42.8%。第三會計季營業利益率為 21%，高於我們指引區間 19.2% 至 20.2% 的上緣。

Operating margin increased 170 basis points from the prior quarter and on a year-over-year basis was up 430 basis points. EPS at $0.27 was also above the high end of our guidance range of $0.22 to $0.24 and was up $0.05 sequentially. On a year-over-year basis, EPS was up $0.12.

營業利益率較前一季提升 170 個基點，年增 430 個基點。每股盈餘（EPS）為 0.27 美元，同樣高於我們指引區間 0.22 至 0.24 美元的上緣，且較前一季增加 0.05 美元。以年對年來看，EPS 增加 0.12 美元。

Moving on to our Q3 results by business segment. NSE revenue for the third fiscal quarter came in at $321.5 million, which is above the high end of our guidance range of $304 million and $316 million. Revenue from Spirent product lines was $54.2 million, which was in line with our expectations and included a few opportunities that were pushed out from the prior quarter.

接下來按業務部門說明第三季表現。NSE 部門第三會計季營收為 3.215 億美元，高於我們指引區間 3.04 億至 3.16 億美元的上緣。Spirent 產品線營收為 5,420 萬美元，符合我們的預期，並包含幾個自前一季遞延的機會案。

On a year-over-year basis, NSE revenue was up 54.4%, primarily driven by the acquisition of Spirent product lines. We also saw strong demand for our lab and production and field products, driven by the data center ecosystem as well as for our aerospace and defense products. NSE gross margin for the quarter was 65.3%, which is 220 basis points higher on a year-over-year basis and was primarily driven by higher volume and favorable product mix.

以年對年來看，NSE 營收成長 54.4%，主要由收購 Spirent 產品線所帶動。我們也看到實驗室、量產與現場產品需求強勁，主要受資料中心生態系帶動；同時航太與國防產品亦表現強勁。NSE 本季毛利率為 65.3%，年增 220 個基點，主要由較高出貨量與有利的產品組合所驅動。

NSE's operating margin for the quarter was 17.2%, an increase of 680 basis points on a year-over-year basis. NSE's operating margin was also above the high end of our guidance range of 15% to 16% as a result of a higher fall-through. OSP revenue for the third fiscal quarter came in at $85.3 million, also above our guidance range of $82 million to $84 million. On a year-over-year basis, OSP revenue was up 11.4%, primarily driven by strong demand for 3D sensing and anti-counterfeiting and other products. OSP gross margin was 50.3%, down 130 basis points on a year-over-year basis, and it was mainly due to unfavorable product mix.

NSE 本季營業利益率為 17.2%，年增 680 個基點。由於較高的落底率（fall-through），NSE 的營業利益率亦高於我們指引區間 15% 至 16% 的上緣。OSP 部門第三會計季營收為 8,530 萬美元，同樣高於我們 8,200 萬至 8,400 萬美元的指引區間。以年對年來看，OSP 營收成長 11.4%，主要由 3D 感測、防偽及其他產品的強勁需求所帶動。OSP 毛利率為 50.3%，年減 130 個基點，主要因產品組合不利所致。

OSP's operating margin was 35.3%, an increase of 140 basis points on a year-over-year basis. OSP's operating margin was in line with our guidance range of 34.8% to 35.8%. Moving on to the balance sheet and cash flow. Total cash and short-term investments at the end of Q3 were $508 million compared to $772.1 million in the second quarter of fiscal 2026. Cash flow from operating activities for the quarter was a use of $26.3 million versus $7.8 million that we generated in the same period last year.

OSP 的營業利益率為 35.3%，年增 140 個基點。OSP 的營業利益率符合我們 34.8% 至 35.8% 的指引區間。接下來談資產負債表與現金流。第三季期末現金及短期投資總額為 5.08 億美元，較 2026 會計年度第二季的 7.721 億美元下降。本季營運活動現金流為淨流出 2,630 萬美元，相較去年同期我們產生的 780 萬美元淨流入。

The cash flow was mainly impacted by the earn-out payment to Inertial Labs, timing of working capital and employee variable costs. CapEx for the quarter was $5.9 million versus $6.8 million in the same period last year. During the quarter, we successfully paid $49 million in cash for the remaining principal of the convertible notes due in March 2026, and we issued about 1.8 million shares for the conversion premium above par. We also prepaid during the quarter $150 million of the Term Loan B.

現金流主要受到支付給 Inertial Labs 的或有對價（earn-out）款項、營運資金時點，以及員工變動薪酬成本的影響。本季資本支出（CapEx）為 590 萬美元，去年同期為 680 萬美元。本季我們成功以現金支付 4,900 萬美元，用於清償 2026 年 3 月到期之可轉換公司債的剩餘本金，並就面額以上的轉換溢價發行約 180 萬股。我們亦於本季提前償還 1.5 億美元的 B 期定期貸款（Term Loan B）。

We currently have $450 million remaining for that loan. The prepayment is in line with our capital allocation priorities. During the quarter, we did not purchase any shares of our stock as we prioritized our capital allocation towards debt management. The fully diluted share count for the quarter was 249.5 million shares, up from 226.9 million shares in the prior year and versus 245 million shares in our guidance for the third fiscal quarter.

目前該筆貸款尚餘 4.5 億美元。此次提前償還符合我們的資本配置優先順序。本季我們未回購任何公司股票，因我們將資本配置優先用於債務管理。本季完全稀釋後股數為 2.495 億股，高於去年同期的 2.269 億股，亦高於我們對第三會計季指引中的 2.45 億股。

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

接下來說明 2026 會計年度第四季的指引。我們預期 Viavi 第四會計季營收將較前一季成長，主要由 NSE 與 OSP 多個終端市場的持續強勁表現所帶動。就 NSE 而言，我們預期季對季營收將更高，原因是資料中心生態系帶動的實驗室、量產與現場產品需求持續強勁，以及航太與國防產品需求強勁。就 OSP 而言，我們預期季對季營收將更高，並由各產品線的全面走強所帶動。

For the fourth fiscal quarter of 2026, we expect Viavi revenue in the range of $427 million and $437 million. We expect NSE revenue between $340 million and $348 million. OSP revenue is expected to be in the range of $87 million and $89 million. Operating margin for Viavi is expected to be 22.7%, plus or minus 50 basis points. NSE operating margin is expected to be 18.7%, plus or minus 50 basis points. OSP operating margin is expected to be 38.4%, plus or minus 40 basis points. And EPS is expected to be between $0.29 and $0.31.

針對 2026 會計年度第四季，我們預期 Viavi 營收將落在 4.27 億至 4.37 億美元之間。我們預期 NSE 營收介於 3.40 億至 3.48 億美元。OSP 營收預期將落在 8,700 萬至 8,900 萬美元之間。Viavi 的營業利益率預期為 22.7%，上下浮動 50 個基點。NSE 的營業利益率預期為 18.7%，上下浮動 50 個基點。OSP 的營業利益率預期為 38.4%，上下浮動 40 個基點。而每股盈餘（EPS）預期介於 0.29 至 0.31 美元之間。

Our tax expenses for the fourth quarter is expected to be about $10 million, plus or minus $500,000 as a result of jurisdictional mix. We expect other income and expense to reflect a net expense of approximately $12 million, and the share count is expected to be around 256 million shares.

由於各司法管轄區組合的影響，我們預期第四季的稅費約為 1,000 萬美元，上下浮動 50 萬美元。我們預期其他收益與費用將反映約 1,200 萬美元的淨費用，且流通股數預期約為 2.56 億股。

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

接下來，我把電話會議交給 Oleg。

Oleg?

Oleg？

Thank you, Ilan. The results of the third quarter of fiscal '26 exceeded our expectations and came in above the high end of our guidance. The strong year-on-year and quarter-on-quarter performance was driven by strong growth in many of our end markets. NSE revenue in Q3 grew approximately 54% year-over-year, primarily driven by strong demand from the data center ecosystem and aerospace and defense customers.

謝謝你，Ilan。2026 會計年度第三季的結果超出我們預期，並高於我們指引區間的上緣。強勁的年增與季增表現，主要由我們多個終端市場的強勁成長所帶動。第三季 NSE 營收年增約 54%，主要受資料中心生態系與航太及國防客戶的強勁需求所驅動。

The data center ecosystem, which includes high-performance semis, optical modules, NEMs and hyperscalers drove strong demand for lab and production and field instruments in support of AI data center build-out. We are seeing strong demand across all data center segments, scale up, scale out and scale across. Acceleration of industry investment in ever greater communication speeds and chip-to-chip interconnect technologies are the principal drivers of strong demand for our optical transport, silicon photonics and communication protocol and high-speed Ethernet test equipment.

資料中心生態系包含高效能半導體、光學模組、NEM（網路設備製造商）以及超大規模業者（hyperscalers），為支援 AI 資料中心建置，帶動實驗室、量產與現場儀器的強勁需求。我們看到資料中心各個區段皆有強勁需求，包括 scale up、scale out 與 scale across。產業投資加速、追求更高通訊速度與晶片對晶片互連技術，是推動我們光傳輸、矽光子、通訊協定與高速乙太網測試設備強勁需求的主要驅動因素。

The Q3 growth was also helped by recently acquired Spirent high-speed Ethernet product lines, which gave us access to a large installed base of enterprise customers. HSE performance came in line with our expectations. Given strong and growing customer demand, we expect the data center ecosystem revenue momentum to continue through the calendar 2026. Our Aerospace and Defense business also saw another strong quarter-on-quarter growth, driven by continued growth demand for our positioning, navigation and timing products.

第三季的成長也受惠於近期併購的 Spirent 高速乙太網產品線，使我們得以接觸到龐大的企業客戶既有裝機基礎。HSE 的表現符合我們的預期。鑑於客戶需求強勁且持續成長，我們預期資料中心生態系的營收動能將延續至 2026 日曆年。我們的航太與國防業務也再度呈現強勁的季增成長，主要由我們定位、導航與授時（PNT）產品需求持續成長所帶動。

We expect this trend to continue through the calendar year. The service provider business, which includes field instruments, wireless and service enablement, was in line with seasonality. As you may recall, the service provider business is seasonally weaker during the March and September quarters and seasonally stronger during the June and December quarters. Some notable -- on the service provider dynamics during the March quarter included early orders from cable operators relating to the new DAA architecture and continued weak but stable demand for wireless test products. We do not expect recovery in growth in the near term for wireless business.

我們預期此趨勢將延續至整個日曆年度。服務供應商業務（包含現場儀器、無線與服務啟用）符合季節性表現。如各位所記得，服務供應商業務在 3 月與 9 月季度通常較弱，在 6 月與 12 月季度通常較強。在 3 月季度，服務供應商動態中較值得注意的包括：有線電視業者針對新 DAA 架構的提前下單，以及無線測試產品需求持續疲弱但趨於穩定。我們不預期無線業務在短期內會出現成長復甦。

Now turning to OSP. OSP saw strong year-on-year growth driven by strong demand for 3D sensing and anti-counterfeiting products. Looking ahead to Q4, we expect NSE revenue to be up quarter-on-quarter, driven by continued strong and growing demand from the data center and aerospace and defense customers and seasonally stronger service provider spend.

接著談 OSP。OSP 的年增成長強勁，主要由 3D 感測與防偽產品的強勁需求所帶動。展望第四季，我們預期 NSE 營收將季增，主要受資料中心與航太及國防客戶需求持續強勁且成長，以及服務供應商支出季節性轉強所驅動。

We expect OSP to be up also quarter-on-quarter, driven by strength across all product lines. In conclusion, we expect our data center and aerospace and defense end markets to be strong drivers for the foreseeable future. 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.

我們也預期 OSP 將季增，主要由所有產品線的強勢表現所帶動。總結而言，我們預期資料中心以及航太與國防終端市場在可預見的未來將持續成為強勁的驅動力。我要感謝 Viavi 團隊持續強勁的創新與執行力，也感謝我們的客戶與股東持續的支持。

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

接下來，我把會議交回主持人進行問答。

(Operator Instructions)

（接線員指示）

of Ruben Roy, Stifel.

Ruben Roy，Stifel。

Thank you. Hi, Oleg and Elon. Congrats on the momentum here in the business. I guess to start, Oleg, maybe we could just drill into the data center momentum. And if you think about sort of the first half of the year and what you're seeing here with the beat here in the March quarter and the guidance for June, can you detail out sort of a little more detail around the drivers by production field?

謝謝。嗨，Oleg 和 Elon。恭喜你們業務動能表現出色。我想先從資料中心的動能深入談起，Oleg。如果你回顧上半年，以及你們在 3 月季度的超預期表現與對 6 月的指引，能否更詳細說明一下，按量產與現場（field）等面向來看，背後的驅動因素是什麼？

And maybe just kind of what you're seeing in terms of visibility from your customers. Obviously, a lot going on with AI infrastructure networks and that type of thing. But just trying to get to a little more detail around lab, production and field and how you see that sort of trending from here as you look ahead?

另外，也想請你談談你從客戶端看到的能見度。顯然 AI 基礎設施網路等方面有很多進展。但我想更具體了解實驗室、量產與現場這三個部分，以及你展望未來時，認為它們的趨勢會如何發展？

Sure. Well, I mean, the -- on the lab side, it's your classical optical transport and PCIe express test product. So as you develop all these new AI chips for inference or the training, it requires, as you can imagine, very high speeds for all the ports and the overall traffic. So I mean, everybody who is working on any kind of product out there that's going to go into these next-generation systems, be it for AI training or AI inference, is buying our optical transport and our protocol test solutions. So that's primarily lab, but also exactly same equipment is being bought by NEMs for building optical switches and all the other gear that goes into the systems. And that's kind of on the lab side.

當然。嗯，實驗室端主要是傳統的光傳輸與 PCIe Express 測試產品。因此，當你開發這些用於推論或訓練的新 AI 晶片時，如你所想像，所有連接埠以及整體流量都需要非常高的速度。所以，凡是正在開發任何將導入下一代系統的產品（不論是 AI 訓練或 AI 推論），都在採購我們的光傳輸與協定測試解決方案。這主要屬於實驗室端，但同樣的設備也會被 NEM 採購，用於打造光交換器以及系統中其他各類設備。這就是實驗室端的情況。

On the production, we are seeing a lot of momentum on this whole co-packaged optic area, and that plays extremely well to the traditional Viavi strength with the old JDS Uniphase products that go into the production line where you are measuring spectral performance, the optical performance of all the various optics. But it's also -- we are selling now a lot of that equipment to the semiconductor vendors as they develop their integrated packaged optic solutions. So I mean it's pretty much everything we do in that area relating to the advanced silicon for both training and inference applications and all the optical gear that goes into these data centers is playing perfectly aligned to our portfolio.

在量產端，我們看到整個共封裝光學（co-packaged optics）領域動能很強，這與 Viavi 的傳統優勢高度契合，也就是過去 JDS Uniphase 的產品，會用在量產線上，用於量測光譜表現與各種光學元件的光學性能。此外，我們現在也把大量這類設備賣給半導體供應商，因為他們正在開發整合式封裝光學解決方案。所以我認為，無論是與訓練與推論應用相關的先進矽技術，或是資料中心內的各種光學設備，我們在這個領域所做的幾乎所有事情，都與我們的產品組合完美對齊。

Now on the field instrumentation side, as all these data centers come up, they are putting a lot of investment into ensuring peak performance. And I tell you, I mean, I've never seen so much demand for our fiber monitoring solutions. I mean, I'd say these data centers buying more equipment than regular service providers for the whole big network. So that is obviously driving the whole field instrument side of the business, I mean it's now approaching close to, I'd say, 40%, 45%, pretty soon, probably maybe 50% of the field instruments is actually driven by the data center. So in that respect, it's a very good alignment between what the market needs and what we actually have.

至於現場儀器端，隨著這些資料中心陸續建置，他們投入大量資本以確保峰值效能。我跟你說，我從未見過對我們光纖監測解決方案有如此強勁的需求。我會說，這些資料中心採購的設備量，甚至比一般服務供應商為其整個大型網路採購的還多。因此，這顯然正在帶動整個現場儀器業務；目前資料中心驅動的比重已接近約 40% 到 45%，很快可能到 50% 的現場儀器需求其實是由資料中心所帶動。就這點而言，市場需求與我們所具備的能力之間有非常好的契合度。

That's great detail. I guess for a follow-up on that, you had started to see some hyperscaler activity around 800 gig, I would assume last year. Some of these things that you're talking about in answer to the question and on the call today, things like 1.6T co-packaged optics, they're actually just starting, it seems like. Is that the right way to think about it? And I guess the question for that is -

這些細節很棒。我想就此追問一下：你們去年應該已開始看到一些超大規模業者在 800G 方面的活動。而你今天在回答與電話會議中提到的某些事情，例如 1.6T 共封裝光學，看起來才剛開始。這樣理解對嗎？我想針對這點的問題是-

Go ahead.

請繼續。

I was just going to ask the question would be sort of in terms of your mix here, is it -- I would assume it's still more weighted towards some of the older generation technology? Or is that the wrong way to think about it? And kind of how do you think 1.6T and some of these new products layer in, I guess, is the question?

我只是想問一下，從你們這裡的產品組合來看，是不是——我會假設目前仍然比較偏重於一些較舊世代的技術？還是這樣想不對？另外我想問的是，你們如何看待 1.6T 以及這些新產品的導入與疊加？

Yeah, it's all. I mean the 800 is still very much a high-volume driver, but a lot of the new development is using our 1.6. By the way, we released 1.6, 1.5 years ago. So you just see -- actually, ironically, it was initially the NEMs, the optical equipment vendors who deployed it first in development. And now it's spreading to the semis and the whole co-packaged optics.

是的，兩者都有。我的意思是，800 仍然是非常重要的高出貨量驅動因素，但許多新的開發都在使用我們的 1.6。順帶一提，我們在 1.5 年前就發布了 1.6。所以你會看到——其實有點諷刺的是，一開始是 NEM（網路設備製造商）、光學設備供應商先在開發中部署它。而現在它正在擴展到半導體，以及整個共封裝光學（co-packaged optics）。

So yes, I mean, 1.6 is ramping in a lab, and we're also having some of the early production products to the module vendors. But there's no like one way or the other. It's actually both of these are in -- one is ramping into volume. The other one continues to be strong in the volume.

所以是的，1.6 正在實驗室端爬坡，我們也已經把一些早期量產產品提供給模組供應商。但並不是非此即彼。其實兩者都在進行——一個正在走向量產爬坡。另一個在量產端仍然維持強勁。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Yes, thanks for taking my question. Oleg, congrats on the execution. I want to get a bigger picture and looking more longer term. I see your midpoint of your June quarter guide implying annualized earnings of $1.20, which is much higher than the prior peak from FY '22. And with that as a context, how should we think about company's earning power over the next one or two years? And I'm not asking for a guide. I just want to get a better picture how these -- the new vector -- the demand vectors that are materializing are going to enable you with longer-term earning power. And I have a follow-up.

是的，謝謝讓我提問。Oleg，恭喜你們執行得很到位。我想從更宏觀、也更長期的角度來看。我看到你們 6 月季度指引的中位數，換算成年化每股盈餘約為 1.20 美元，這比 FY '22 之前的高峰還高很多。在這樣的背景下，我們應該如何看待公司未來一到兩年的獲利能力？我不是在要你們給指引。我只是想更清楚了解，這些正在成形的新向量——需求向量——將如何讓你們具備更長期的獲利能力。我還有一個追問。

No, it's a great question. So I think clearly, I would say our NSE business is now getting very close to 20% operating profit. it's all volume driven. So for every incremental dollar in NSE, I mean, you're getting about, what, $0.40 to $0.45 dropping to bottom line. Ilan can give you a lot more detail on that. So clearly, that's driving up the operating margin. Our OSP has always had pretty high operating margin, but also with the higher revenue, it's now going from like was in the mid-60s to low 70s. Now it's moving to high 80s to maybe low 90s.

不，這是個很好的問題。我想很明顯地說，我們的 NSE 業務現在已非常接近 20% 的營業利益率。這完全是由出貨量驅動的。所以 NSE 每增加 1 美元的收入，我的意思是，你大概會有 0.40 到 0.45 美元直接落到淨利。Ilan 可以給你更多細節。所以很明顯，這正在推升營業利益率。我們的 OSP 一直都有相當高的營業利益率，而隨著營收提高，它現在從原本的 60% 中段到 70% 初段，正在往 80% 高段、甚至可能到 90% 初段移動。

While that gets you a couple of percentage points higher gross margin, which then obviously drops right down to the couple of percentage points higher operating margin. So already at the blended average, we are like we're at 23%, 24%. And as NSE keeps getting stronger, that will keep moving into the mid-20s and maybe higher. So in that respect, there is a tremendous operating leverage that comes with volume. And also, we've been able to weather pretty well any kind of the price increases due to components and component shortages.

這會讓毛利率提高幾個百分點，而這當然也會直接反映為營業利益率提高幾個百分點。所以以目前的綜合平均來看，我們大概在 23%、24%。而隨著 NSE 持續走強，這會往 20% 中段、甚至更高移動。因此，在這方面，隨著出貨量增加會帶來非常可觀的營運槓桿。另外，我們也相當成功地消化了因零組件與零組件短缺所造成的各種漲價。

And as we probably will try to pass some of that increases to our customers, that will be an additional mitigation of the cost, which will probably give us a little bit more expansion on the gross margin. So clearly, a combination of keeping up with the price increases and passing it on, maintaining healthy gross margins, volume growing, driving significant operating leverage. And fundamentally, it scales very nicely from this point on. I mean, as our fixed costs fully covered, every incremental dollar is what, about 40%, 45%.

而且如同我們可能會嘗試把部分漲幅轉嫁給客戶，這將進一步抵銷成本上升，並可能讓毛利率再多一些擴張。所以很明顯，這是多重因素的組合：跟上漲價並加以轉嫁、維持健康的毛利率、出貨量成長帶來顯著的營運槓桿。從根本上來說，從現在起它的規模化非常順暢。我的意思是，當固定成本完全被覆蓋後，每增加 1 美元收入，大概有 40%、45% 會貢獻出來。

Yes. So for modeling, Mehdi, so on the NSE side, it's around today, the 40% level. And obviously, the top line, we assume will continue to drive as it continues to grow. So when you think about the operating leverage and the operating income, for NSE and the company, I mean -

是的。所以在建模方面，Mehdi，就 NSE 這邊來看，目前大約是在 40% 的水準。而且很明顯地，我們假設營收會隨著持續成長而帶動。所以當你思考 NSE 與公司整體的營運槓桿與營業利益時，我的意思是-

And I'll say last but not the least, we've talked a lot about our NOLs. Well, guess what? Now that we are generating a lot of profit and a lot of it falls in the US jurisdiction because of where our IP and R&D is, I mean, all that incremental profit comes in at virtually zero tax in North America.

另外最後但同樣重要的是，我們談過很多關於我們的 NOL（淨營業損失結轉）。那你猜怎麼著？現在我們正在產生大量利潤，而且其中很大一部分落在美國稅務管轄範圍內，因為我們的 IP 與研發所在地——也就是說，這些新增利潤在北美幾乎是以零稅負進來。

This quarter, for example, the effective tax rate is about 12%. So definitely another tax benefit there.

例如本季，有效稅率大約是 12%。所以這裡確實還有另一個稅務上的好處。

Yes. I mean the only little headwind you have is with the converts, you get a little bit dilution as your price -- stock price goes up. So you got to factor a bit higher share count in your calculations.

是的。我的意思是，你唯一的小逆風在於可轉債，隨著你的價格——股價上升，你會有一點稀釋。所以你在計算時必須把稍高的股數納入考量。

Okay. And as my second question or follow-up, I want to come back to scaling right now, again, midpoint of the June quarter implies about a 25% growth from the prior peak from mid-'22. And back then, 5G wireless was a big factor. I'm under assumption that wireline, especially as we roll out 1.6 and subsequent to that 3.2 offers a bigger TAM.

好的。那作為我的第二個問題或追問，我想再回到目前的規模化。再次強調，6 月季度的中位數意味著相較於 2022 年中期前一個高峰約有 25% 的成長。而在當時，5G 無線是一個很大的因素。我假設有線（wireline），尤其是隨著我們推出 1.6、以及後續的 3.2，會帶來更大的 TAM（總可服務市場）。

And given that setup, yes, you have been able to scale revenue through acquisition organic growth. But where do we go from here? Is there any way you can help me understand the growth from here, especially catalyzed by 1.6 and 3.2?

在這樣的前提下，是的，你們已經能透過併購與有機成長來擴大營收規模。但接下來我們要往哪裡走？你能否幫我理解從現在起的成長動能，特別是由 1.6 與 3.2 所催化的部分？

Well, so I think the intensity of our equipment increases as you go into higher speeds for both not only the networking speed of bandwidth, but also with a chip-to-chip interconnect. And then on top of it, you throw in things like co-packaged optics or near packaged optics and all that. So actually, you're not only growing with the market, you're also having a broadening of areas where our equipment is being bought. I mean, for example, when you start making manufacturing multimode and hollow core fiber, you now -- before we never really sold into the manufacturing lines. Now the level of complexity in these products requires our instruments.

嗯，我認為當你往更高速率走時，我們設備的使用強度會提高，不僅是在網路速度/頻寬方面，也包括晶片對晶片（chip-to-chip）的互連。再加上共封裝光學（co-packaged optics）或近封裝光學（near packaged optics）等因素。所以其實你不只是跟著市場成長，你的設備被採購的應用領域也在擴大。例如，當你開始製造多模與空心芯光纖（hollow core fiber）時，你現在——以前我們幾乎不會賣到製造產線。而現在這些產品的複雜度需要用到我們的儀器。

So we are now seeing opportunities emerging where we will be selling into the production environment on things like fiber manufacturing, right? Things like people making co-packaged optics or integrated optics. Well, now you are selling optical equipment into the lab that before you only used for maybe fiber optic modules. Now they need to characterize and design these optical components. And then all these optical components need to be tested in like multiple insertions because the yield is so critical when you build this whole module, I mean, if you have one device that is bad, you throw away the entire.

所以我們現在看到一些新機會正在浮現，例如我們會把產品賣進生產環境，像是光纖製造這類應用，對吧？還有像是做共封裝光學或整合光學（integrated optics）的人。那麼你現在是在實驗室裡銷售光學設備——以前這些設備可能只用在光纖模組上。現在他們需要對這些光學元件做特性分析與設計。而且這些光學元件在製造過程中需要在多個插入點進行測試，因為當你組裝整個模組時，良率非常關鍵；我的意思是，如果其中有一個器件是壞的，你就得把整個都丟掉。

Once it's completely sealed, you can't rework it. So you have to test every component that goes into the module, then you test it again once you mount it. And only at the end, you put an ASIC onto the module. So in that respect, it drives a tremendous amount of test requirements in the manufacturing process.

一旦完全封裝後，就無法返工。所以你必須測試每一個要放進模組的元件，然後在你把它裝上去之後再測一次。而且只有在最後，你才會把 ASIC 放到模組上。因此，這會在製造流程中帶來非常大量的測試需求。

Sure. I completely understand. I think your booth at OFC in March was illustrative of the increased test insertion points. But I guess back to my question, could these opportunities help you with the $500 million of a quarterly revenue? And I'm not asking for a specific timing, but is the $500 million of a quarter revenue a realistic target?

好的。我完全理解。我認為你們三月在 OFC 的展位，確實很能說明測試插入點增加的趨勢。不過回到我的問題，這些機會是否能幫助你們達到單季 5 億美元的營收？我不是在問具體時間點，但單季 5 億美元營收是一個現實的目標嗎？

I think it's entirely realistic. I mean, look, I think this quarter, we are at midpoint is what around [$232 million] I mean, so it's moving in that direction. Remember, it's not only -- it's -- I'd say it's early on. We're seeing a lot of that early demand in this truly as a lot of the next-generation optical equipment and components come into being. I mean you look at some of these new high-power Ethernet switches and they're embedding like optical photonic integrated circuits into substrates and all that. So it's -- the scope of the market is expanding tremendously.

我認為這完全是現實的。我的意思是，你看，本季我們在中位數大概是[2.32 億美元]左右，所以正朝那個方向前進。記住，這不只是——我會說現在還在早期。我們看到很多早期需求，確實是因為大量下一代光學設備與元件正在成形。你看一些新的高功率乙太網交換器，它們把光子整合電路（PIC）嵌入到基板裡等等。所以——市場的範疇正在大幅擴張。

And let's not forget our aerospace and defense business, it's also growing very nicely. So we don't talk much about it, but that business is like also driving the wave. And last but not the least, wireless will not be down forever. Eventually, we do need to consume all the data and all the through our wireless devices. So I think eventually, either the service providers or some other money will come in to take the wireless infrastructure and make it AI RAN, which will rebound the spend in that market. And today, our wireless business is down about 40%, 45%, depending on the quarter. And that alone could drive $20 million to $30 million additional quarterly revenue.

另外別忘了我們的航太與國防業務，也成長得非常好。所以我們不太常談它，但那塊業務也在推動這一波。最後但同樣重要的是，無線業務不會永遠低迷。最終，我們仍需要透過無線裝置來消耗所有資料與流量。所以我認為最終，不論是電信服務商或其他資金，會投入無線基礎建設並把它做成 AI RAN，這將帶動該市場的支出回升。而目前我們的無線業務大約下滑 40% 到 45%，視季度而定。光是這一項，就可能帶來每季額外 2,000 萬到 3,000 萬美元的營收。

And Mehdi, I assume just to make sure that we are level setting kind of the expectations here, I assume first, you referred on the $500 million to the NSE piece and not total Viavi, but it's also not -

Mehdi，我想確認一下，為了讓大家對預期有一致的基準，我假設你提到的單季 5 億美元，是指 NSE 那一塊，而不是 Viavi 的總體，但也不是-

No I think he's talking about total Viavi.

不，我認為他講的是 Viavi 的總體。

So that's why I wasn't sure. But in any case, this is not necessarily kind of immediate next fiscal year. This is over kind of the next kind of up cycle.

所以我才不太確定。但無論如何，這不一定是下一個會計年度就立刻達成。這是放在接下來的一個上行週期來看。

Ryan Koontz, Needham.

Ryan Koontz，Needham。

Great. Thanks for the question. Terrific results, guys. Just excellent. Maybe just a quick clarification on the data center customer mix there. It sounds pretty broad and diversified. But as you think about the different types, the semis, the optical, the NEMs, the operators, can you give us maybe an order of kind of which one of those customer segments is driving the -- are the biggest within the data center mix today?

很好。謝謝讓我提問。各位的成果非常出色。真的很棒。我想先快速釐清一下資料中心客戶組合。聽起來相當廣泛且多元。但當你們看不同類型——半導體、光學、NEM（網路設備製造商）、營運商——能否大致按順序說明一下，目前在資料中心組合中，哪些客戶區隔的占比最大、最主要在驅動成長？

It's fairly well -- it varies quarter-by-quarter. I mean, let's put it this way, the actual data centers are buying quite a bit. I mean, so it's a -- if you only just take the one single segment, I would say it would be -- hyperscalers would be a biggest bucket because they not only buy equipment for data centers, but they also run their own R&D, developing their own processors and modules and the optics, right?

這相當——會隨季度而變。我的意思是，這樣說吧，資料中心本身的採購量其實相當大。也就是說——如果只看單一區隔，我會說——超大規模客戶（hyperscalers）會是最大的一桶，因為他們不只為資料中心購買設備，他們也做自己的研發，開發自家的處理器、模組以及光學元件，對吧？

So -- and within the hyperscalers, I'd say there is -- the ones who are much more into doing their own stuff are actually much bigger and some that are not so big. But it's percolating across, right? And the next big bucket would be the modules, module makers and the system makers, right? People making optical modules and optical systems. And I would say the next bucket is the silicon vendors. And I mean, I haven't really looked at it, but it's a fairly even balanced distribution.

所以——而且在 hyperscalers 裡，我會說——那些更深入自研的其實規模更大，也有一些沒那麼大。但這股趨勢正在各處發酵，對吧？下一個大桶會是模組廠與系統廠，對吧？也就是做光學模組與光學系統的人。再下一桶我會說是矽晶片供應商。我的意思是，我沒有特別去細看，但整體分布算是相當平均、平衡。

That's great color. And maybe switching gears to Spirent. Obviously, they're a big part of your success here in data center as you build that momentum. Can you maybe talk about the synergies you're seeing with that business as it relates to both the product side of the house as well as the sales side?

這些說明很有幫助。那我想換個話題談 Spirent。顯然，隨著你們在資料中心建立動能，他們是你們成功的重要一環。你能否談談你們在這項業務上看到的綜效，包含產品端以及銷售端各自的綜效？

I would say the -- I mean, clearly, they come with a pretty big established customer base. I would say we are really upgrading the hardware performance of their products, which makes them much more competitive. But they have a very good established reputation and the -- I would call it application-hardened software for all kinds of Ethernet traffic. So in a way, it's a good combination, accelerating our hardware development to the ever higher speeds and bringing their software and combining it together.

我會說——我的意思是，很明顯，他們帶來了一個相當龐大且既有的客戶基礎。我會說我們正在大幅提升他們產品的硬體效能，讓它們更具競爭力。但他們本來就有很好的既有口碑，以及——我會稱之為針對各種乙太網流量、經過實務淬鍊的應用級軟體。所以某種程度上，這是很好的組合：我們加速硬體開發以支援更高的速率，同時把他們的軟體帶進來並整合在一起。

I'd say the first truly integrated product that we're going to have between them and us is 3.2 terabits, but we are doing very well already leveraging our 800-gig position with their 800-gig Ethernet test and obviously expanding it to our customers who they did not have, but also getting access into their customers, which drives broader discussion and more strategic discussion around not only high-speed Ethernet, but all the other products that we bring into the mix.

我會說第一個真正由他們與我們共同整合的產品會是 3.2 Tbps，但我們已經在利用我們的 800G 優勢，結合他們的 800G 乙太網測試做得很好；而且很明顯，我們也把它擴展到他們原本沒有的客戶，同時也取得進入他們客戶群的機會，進而帶動更廣泛、也更具策略性的討論，不僅是高速乙太網，還包括我們帶入組合的其他所有產品。

That's great. It sounds like the cross-selling is already beginning there. And maybe just some of the emerging -- if I could one last one in here around emerging product areas. Obviously, defense is one. How would you characterize where you are in winning share for this P&T with the growth in all the drones? And would you touch on maybe what you're doing in wireless in the satellite arena, you see that as emerging opportunity for LEOs? Thank you.

很好。聽起來交叉銷售已經開始了。最後我想再問一題，關於新興產品領域。顯然國防是一個。隨著各種無人機的成長，你會如何描述你們在這個 P&T（定位與授時）領域的市占提升進展？另外也請談談你們在衛星領域的無線業務在做什麼，你是否把它視為 LEO（低軌道衛星）的新興機會？謝謝。

Sure. So the positioning navigation timing, actually, a lot of the revenue what we're seeing today and driving today, most of it was actually designs that were won before we acquired them. But we're now starting to see even things coming -- ramping up ever since we acquired it. But if I look at the funnel of wins in the last, say, 12 months, as these things kick in, that momentum will continue to drive that business. So it's all goodness and it's -- clearly, drones is a big one, but pretty much anything autonomous, I mean, whether it's air, land, sea or undersea vehicles is -- creates a great pull. And we are now winning some of the US Tier 1s. I mean, traditionally, we were very strong with Tier 2s and a lot of international.

當然。所以在定位、導航與授時（PNT）方面，我們今天看到並推動的營收中，有很大一部分其實是我們收購之前就已經贏得的設計案。但自從我們收購之後，我們也開始看到更多案子陸續進來——並且持續放量。如果我看過去大約 12 個月的得標漏斗，隨著這些案子開始啟動，那股動能會持續推動這項業務。所以整體都是正向的——很明顯無人機是一大項，但基本上任何自主化的東西，不管是空中、地面、海上或水下載具——都會帶來很強的拉動。而我們現在也開始贏得一些美國的一級供應商（Tier 1）。我的意思是，過去我們在二級供應商（Tier 2）以及許多國際市場一直很強。

And I would say in the past year, we have really -- as we brought in a lot of the kind of discipline regarding around the implementing ITAR and various secure access systems, we are now being considered by US Tier 1 players, and we are starting to play in much bigger leagues in that respect. So that was the aerospace defense.

我會說在過去一年，我們確實——隨著我們導入許多在落實 ITAR（國際武器貿易條例）以及各種安全存取系統方面的紀律與流程，我們現在已被美國 Tier 1 業者納入考量，並且開始在這方面參與更高層級的競爭。以上是航太國防的部分。

Your satellite question on wireless. Well, as I tell my wireless team, when the market is awful, focus on the next generation, and it's 6G, it's NTN and all these kind of applications. And we are very heavily involved with kind of the 5G plus 5G plus plus 6G. And a lot of it is really focusing on the two types of communication, the AI RAN, which is basically running AI traffic through the advanced wireless network and the ground to satellite communication. So this is what a lot of our advanced wireless applications are focused on today.

您關於無線的衛星問題。嗯，正如我跟我的無線團隊說的，當市場很糟時，就專注於下一代，也就是 6G、NTN 以及這類應用。而我們非常深度參與所謂的 5G 加上 5G++ 再到 6G。其中很大一部分其實是聚焦在兩種通訊型態：AI RAN，基本上是在先進無線網路上承載 AI 流量，以及地面到衛星的通訊。所以，這就是我們目前許多先進無線應用所聚焦的方向。

Terrific. Thanks, Oleg. Congrats again.

太棒了。謝謝你，Oleg。再次恭喜。

Andrew Spinola, UBS.

UBS 的 Andrew Spinola。

Thank you. I wanted to ask on the component shortages and some of the supply constraints. I'm just wondering if during the quarter, you were able to meet all of the supply or all of the demand rather or the supply constraints limited you. And as a part -- sort of like an addendum to that question, we're starting to see a lot of long-term supply agreements in other areas in this industry to meet the hyperscaler demand and sort of increases in visibility a couple of years out. So I'm wondering what your visibility is like. Have you started to enter into any long-term supply agreements with some of your bigger customers? What's evolving on that side? Thanks.

謝謝。我想問一下元件短缺以及一些供應限制的情況。我想了解在本季期間，你們是否能滿足所有供應——更正，是所有需求，還是說供應限制對你們造成了限制。另外，作為這個問題的補充，我們開始看到這個產業其他領域出現許多長期供應協議，以滿足超大規模客戶（hyperscaler）的需求，並提升未來兩三年的可見度。所以我想問你們的可見度如何。你們是否已開始與一些較大的客戶簽訂任何長期供應協議？這方面有什麼進展？謝謝。

Thank you, Andrew. Well, I mean, I don't think -- we don't have the volumes to enter into long-term supply agreements. And remember, test and measurement, usually, it's -- you are leading a lot of the value market. So you have to buy the latest and greatest. So what's more important for you is not necessarily supply agreement, but the early access. it means you're accessing alpha silicon or beta silicon well before it's released. So you can develop the products that are available even before the qualified silicon is released to the market. So that is where we focus on. In terms of the availability, in test and measurement, you generally pay the highest ASP of their price distribution. So it's never a problem to get it.

謝謝你，Andrew。嗯，我的意思是，我不認為——我們沒有那樣的量能去簽長期供應協議。而且請記得，測試與量測通常——你是在引領價值市場的很大一部分。所以你必須採購最新、最好的。因此對你而言，更重要的不一定是供應協議，而是提早取得（early access）。也就是說，你能在正式發布前很早就取得 alpha silicon 或 beta silicon。如此你就能在合格（qualified）的晶片釋出到市場之前，就先把產品開發出來並可供使用。所以這是我們的重點。就可取得性而言，在測試與量測領域，你通常會支付其價格分布中最高的 ASP（平均售價）。所以取得供應從來不是問題。

You just got to make sure you give them -- you get enough notice. So when you -- I would say, if we say supply shortage would not be because we could not get the material. We just didn't get -- we get an upside order with too little lead time to get it in. But generally, you pay more money, you always get the product. So -- and the nice part about being at the bleeding edge of the test and measurement, people need the product that works and pricing is secondary in that respect.

你只需要確保——你要給他們——你要提前給足通知。所以當你——我會說，如果我們遇到供應短缺，通常不是因為我們拿不到料。而是我們收到追加（upside）訂單時，前置時間太短，來不及把料拉進來。但一般來說，你付更多錢，就總是拿得到產品。所以——而且在測試與量測的最前沿（bleeding edge），好處在於大家需要的是能運作的產品，價格在這方面是次要的。

Now as you get into more mature products like field instruments, handhelds, yes, their cost is very important. And there, we generally maintain inventory. I mean we got a lot of headache from my CFO and our Audit Committee a few quarters back because we went in and put some product on the shelf because we anticipated the shortage coming in. And today, we look pretty smart as a result of it, and nobody is complaining.

但當你進入更成熟的產品，例如現場儀器、手持式設備時，是的，成本就非常重要。而在那裡，我們通常會維持庫存。我的意思是，幾個季度前，因為我們預期短缺將至，所以先把一些產品放到貨架上，為此我從 CFO 和審計委員會那裡吃了不少苦頭。而今天回頭看，因為那樣做我們看起來相當聰明，結果也沒有人抱怨了。

So in the end, I mean, you got to manage your supply chain. And last thing you want to do is be a penny-wise and pound foolish. And I mean, if you don't pay, then don't complain, nobody is going to give you any availability.

所以歸根結底，你必須管理好你的供應鏈。你最不想做的就是小聰明省小錢、結果吃大虧。而且我的意思是，如果你不願意付錢，那就別抱怨，沒有人會給你任何供應可用性。

So far, we have -- I mean, clearly, there is a supply shortage, especially memories. I mean, listen, I think memory is going to be a deficit for the next -- until 2030, according to some of the studies I've seen. But given our volume requirements, it's not such a big deal. I think having product available ahead of everybody else and having early access is probably what's more important.

到目前為止，我們——我的意思是，很明顯確實有供應短缺，尤其是記憶體。我的意思是，聽著，根據我看過的一些研究，我認為記憶體在未來——直到 2030 年之前都會是供給缺口。但以我們的用量需求來看，這不是什麼大問題。我認為比起其他事情，更重要的可能是比所有人更早拿到產品、以及提早取得（early access）。

Andrew, I can add to that. Also, if you look at our balance sheet for March, you will see on the inventory level, it's up single-digit million. The majority of it was to secure some additional components for the upcoming minimum.

Andrew，我可以補充一下。另外，如果你看我們 3 月的資產負債表，你會看到庫存水位增加了數百萬美元、屬於個位數百萬的增幅。其中大部分是為了確保即將到來的最低需求（minimum）所需的一些額外元件。

And I mean -- and we look two, three, four quarters out, and we make some bets because it's not the issue if we don't get the product. It's really the lead time and making sure we give adequate notice to the vendors.

而我的意思是——我們會往後看兩季、三季、四季，然後做一些押注，因為問題不在於我們拿不到產品。真正的關鍵是前置時間，以及確保我們給供應商足夠的提前通知。

I appreciate that color. One follow-up. I wanted to ask -- you talked about incremental margins earlier on the call of 40% to 45%. I think that makes a lot of sense. It looks like that's what's in your numbers for Q4 in your guide. And I'm trying to think about how to think about fiscal '27. And so my assumption is that you've got the 40% to 45% incrementals on the core business as you scale. But what I'm really asking about is you announced last quarter, I think it was about $30 million of restructuring. I think you acknowledge some of that will probably get reinvested.

我很感謝這些補充說明。我有一個追問。我想問——你們先前在電話會議中談到增量毛利率（incremental margins）為 40% 到 45%。我覺得這很合理。看起來你們在 Q4 指引中的數字也是如此。我在思考該如何看待 2027 財年。所以我的假設是，隨著你們規模擴大，核心業務的增量會落在 40% 到 45%。但我真正想問的是，你們上季宣布了大約 3,000 萬美元的重組。我想你們也承認其中一部分可能會再投入（reinvest）。

But I'm wondering at this point, if you could give us any color on maybe how much of that is going to drop to the bottom line, how much of that is going to be reinvested. And frankly, my assumption would be a good chunk of that is going to hit the bottom line. So maybe incrementals in fiscal '27 are closer to 50%. So I wonder if you could comment on that.

但我想知道，就目前而言，你們是否能提供一些說明：其中大概有多少會直接反映到淨利（drop to the bottom line），多少會被再投入。坦白說，我的假設是其中相當大一部分會落到淨利。所以也許 2027 財年的增量更接近 50%。想請你們對此評論一下。

Well, maybe I'll start and then Ilan will give you details. So we're going to implement most of it by the end of our fiscal year, so the June quarter. And there's some remainder that probably will go through the end of the calendar year. And I think, Ilan, what is it, roughly one-third of it gets reinvested.

嗯，也許我先開始，然後 Ilan 會給你細節。我們會在本財年結束前、也就是 6 月季度，完成大部分的執行。另外還有一些剩餘部分，可能會延續到年底。我想，Ilan，大概是三分之一會被再投入，對吧？

Yeah, and Andrew, the 40% fall-through that we see right now, probably -- and there is a good reason to assume that it can go higher. Specifically, if you think about the second half of the fiscal year next year, meaning '27, there is still the seasonality that Oleg mentioned in the prepared remarks. So if you think about the September quarter, usually it's a down quarter for us, et cetera.

是的，Andrew，我們目前看到的 40% 利潤承接率（fall-through），可能——而且有充分理由可以假設它會更高。特別是如果你看明年財年的下半年，也就是 '27，仍然存在 Oleg 在事先準備講稿中提到的季節性。所以如果你看 9 月季度，通常對我們來說是較弱的一季，等等。

And we need all the restructuring to materialize, and that will take also until the end of the calendar year, this calendar year. So the increase in the fall-through from the 40% level is fair to assume that with the top line kind of growth will be more visible in the second half of the fiscal year of next fiscal year, meaning it's the first half of the calendar year of '27.

而且我們需要讓所有重組效益完全顯現，這也會需要時間，直到今年的年底。因此，從 40% 水準往上提升的利潤承接率，是可以合理假設的；同時，營收端的成長在下一財年的下半年會更清楚可見，也就是 '27 年曆年的上半年。

So one thing I just want to clarify, when Ilan says September quarter is a seasonally down quarter for us. For Service Provider segment, that's what it is. So if you think about it, in the old days, before we had this whole data center and aerospace and defense, if you look at the old Viavi, it's like March and September quarter would be the down quarters because that's the type of spending that of service providers.

所以我想澄清一點，當 Ilan 說 9 月季度對我們而言是季節性較弱的一季。那是針對服務供應商（Service Provider）部門而言。所以你可以這樣想，在過去、在我們還沒有現在這些資料中心以及航太與國防業務之前，如果你看舊的 Viavi，3 月和 9 月季度會是較弱的季度，因為那就是服務供應商的支出型態。

By the way, that pattern is still there, except now it's on a much smaller scale. But because of the aerospace and defense and our data center business is growing so strongly, it's more than offset, but you still have that -- underneath it, you have that up and down. So you would see like a much bigger jump between March and June quarter because you have a tailwind from service providers. Conversely, you'll have a smaller increase in the September quarter because you have a headwind from the service providers. Then in December, you'll have a tailwind again. So I mean, this thing is still there. It's just becoming more and more muted from impact on overall Viavi.

順帶一提，那個模式仍然存在，只是現在規模小得多。但因為航太與國防，以及我們資料中心業務成長非常強勁，已經足以完全抵銷，不過你仍然會看到——在其底層，仍有那種上上下下的波動。所以你會看到例如 3 月到 6 月季度之間會有更大的跳升，因為你有來自服務供應商的順風。相反地，9 月季度的增幅會比較小，因為你會受到服務供應商的逆風影響。然後到 12 月，你又會再度有順風。所以我的意思是，這個現象仍然存在。只是它對 Viavi 整體的影響正變得越來越不明顯。

Right. And on a quarter-on-quarter kind of trajectory overall, December is stronger versus September and September is still more muted relative to June...

對。而就整體的季對季走勢來看，12 月會比 9 月強，9 月相較於 6 月仍然比較溫和……

That's right. Understood. Thanks for taking my question.

沒錯。了解。謝謝你回答我的問題。

Michael Genovese, Rosenblatt Securities.

Michael Genovese，Rosenblatt Securities。

Great, thanks, Ben. Exciting times, guys. Congratulations for being right in the middle of it. Oleg, I keep hearing now as we go to silicon -- more silicon photonics and more co-packaged optics that the bottlenecks to the whole thing are moving to the packaging from the foundry players and to the test and measurement for the electronics, the optics, the engines and the ASICs. It seems like there's so much testing to be done with co-packaged optics. So my first question is, do you agree that testing is a bottleneck? And if so, how will you address that over time to take advantage of that?

很好，謝謝你，Ben。各位，這真是令人振奮的時刻。恭喜你們正好站在浪潮中心。Oleg，我一直聽到，隨著我們走向更多矽化——更多矽光子與更多共封裝光學（co-packaged optics），整個系統的瓶頸正從晶圓代工端移到封裝端，以及移到電子、光學、光引擎與 ASIC 的測試與量測。看起來共封裝光學需要做的測試非常多。所以我的第一個問題是，你同意測試是一個瓶頸嗎？如果是，你們會如何隨時間推進來因應，並把握這個機會？

I'll say, Amen, brother, you're absolutely right. So I mean, the whole test packaging used to be kind of a back-end afterthought. It is now the system. It's now a strategic asset. So you look at companies like -- well, I don't want to name names, but all the leading semiconductor companies, the packaging expertise, package is now the system. And you're looking at integrating glass substrate. You're looking putting photonic integrated circuits next to the electronic integrating circuits embedded into the -- this whole CoWoS chip on wafer on substrate, right? You're building this really complex thing. And then if you look at -- you're putting now all these co-packaged optics in the periphery of the chip.

我只能說，阿們，兄弟，你完全說對了。也就是說，過去整個測試與封裝有點像是後段的事後補充。但現在它就是系統本身。它現在是一項策略性資產。所以你看像——我不想點名，但所有領先的半導體公司，封裝專業能力，封裝現在就是系統。你會看到整合玻璃基板。你會看到把光子積體電路放在電子積體電路旁邊，並嵌入到——這整個 CoWoS（chip on wafer on substrate），對吧？你正在打造一個非常複雜的東西。然後你再看——你現在把所有這些共封裝光學放在晶片周邊。

This thing is starting to look more like a brick and some of them weigh -- I mean, we're talking about kilos of weight, right? So to me, that's like music to my ears because as you probably know, I started in this industry, I ran Amcor. So it was like -- it's like old Rodney Dangerfield, you got no respect. Well, now the respect is like hugely.

這東西開始看起來更像一塊磚，有些甚至重——我是說，我們談的是以公斤計的重量，對吧？所以對我來說，這簡直是悅耳的音樂，因為如你可能知道的，我一開始就是在這個產業，我曾經經營 Amcor。所以就像——就像老笑匠 Rodney Dangerfield 說的，你得不到尊重。但現在，這份尊重是大幅提升。

And I mean, we are seeing now our technologies and our capabilities are being dragged into the straight into this whole value chain of testing from the individual optical components to wafer level packaging to the heterogeneous integration packaging, all the way down to being integrated into major test platforms. And that's like a whole new business that we did not even have. And then last but not the least, this whole rack-mounted systems that are being built as custom test by leading players, we're supplying a lot of the guts and a lot of hardware that goes into those systems.

而且我的意思是，我們現在看到，我們的技術與能力正被直接拉進這整條測試價值鏈：從單一光學元件、到晶圓層級封裝、到異質整合封裝，一直到整合進主要測試平台。而那是一個我們以前甚至沒有的新業務。最後但同樣重要的是，這些由領先業者打造、以機櫃式（rack-mounted）系統形式提供的客製化測試系統，我們供應了其中很多核心零組件與大量硬體。

So as I was saying, I think it's like it's from the old JDS Uniphase days, we still have all these products. And now there's a whole new life being injected into those products. And that's something we didn't even think about, I would say, three quarters ago.

所以如我所說，我認為這就像從早期 JDS Uniphase 的年代，我們仍然保有所有這些產品。而現在，有一股全新的生命力正注入到這些產品中。而這是我們甚至在——我會說，三個季度前都沒想到的事。

Great. And then just as a follow-up, just with newer things like OCS, where I think you're probably going to have very high market share for testing. And then for co-packaged optics, I mean, are these in the numbers at all yet? Or is this is all in this future, I assume? And I guess maybe my question would be, how do you define the foreseeable future when you're saying that you feel great about the foreseeable future, like how far out is that?

很好。接著追問一下，像 OCS 這類較新的東西，我想你們在測試方面可能會有非常高的市占。那至於共封裝光學，我是說，這些現在已經反映在數字裡了嗎？還是說這都還在未來，我猜是這樣？我想我的問題可能是，當你說你對「可預見的未來」感到非常樂觀時，你怎麼定義可預見的未來，大概是多遠？

I would say it's -- in the current numbers, it's kind of the early sales. But I'd say foreseeable future, you probably -- you're talking two to three quarters when it starts ramping up. The future is not that far off. But -- we're selling right now is the early innings.

我會說——在目前的數字裡，算是早期銷售。但我說的可預見的未來，你大概——是指再過兩到三個季度就會開始放量爬升。未來其實不遠。但——我們現在賣的還是在早期階段。

Right. Well just to clarify the foreseeable future question. I mean in the press release, you said something like we feel great about growth into the foreseeable future. So is that multiple years that we're talking about?

對。我只是想釐清一下「可預見的未來」這個問題。我是說，在新聞稿裡你提到類似「我們對可預見的未來的成長感到非常樂觀」。所以我們談的是好幾年嗎？

No, no. I mean, generally, we, as a practice, don't want to go beyond end of the calendar year. So when I say foreseeable future, it's like next three quarters.

不，不是。我的意思是，一般來說，我們的慣例是不想談到超過曆年年底。所以我說的可預見的未來，就是接下來三個季度。

Perfect. Again, congrats.

完美。再次恭喜。

Sure. Thank you.

當然。謝謝。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

Hey, good afternoon, and congrats on some pretty spectacular results. A pretty simple question to start with. Well, actually a confirmation then a question, and maybe I'll get a little more complex from there. So Spirent was $54.2 million in the quarter. Is that right?

嗨，午安，恭喜你們交出相當驚人的成績。我先從一個很簡單的問題開始。嗯，其實先確認一下再問一個問題，之後我可能會再變得稍微複雜一點。所以 Spirent 本季是 5,420 萬美元。對嗎？

Correct. That's correct.

正確。沒錯。

Okay. So I guess the simple question is, what do you expect for next quarter for Spirent?

好。那我想簡單的問題是，你們對 Spirent 下個季度的預期是什麼？

So Spirent benefited from a few orders that we mentioned already in the last quarter that got pushed out to this quarter. So this quarter, that's the reason that it's a little bit stronger than seasonality. We still expect on an annual basis, calendar annual basis, a similar run rate of around about the $200 million that we said with a split of around 45%, 55%. So that takes you, if you normalize everything, still back to just shy of the $50 million, maybe $48 million for the June quarter.

Spirent 受惠於幾筆我們在上一季已經提過、但被延後到本季的訂單。所以本季之所以比季節性稍強，就是這個原因。我們仍預期以年度基礎、以曆年計算，會維持我們所說的大約 2 億美元左右的類似 run rate，分拆大約是 45%、55%。所以如果你把所有因素正常化，回推到 6 月季度大概仍會略低於 5,000 萬美元，可能是 4,800 萬美元。

Okay. Well, that's a good answer because that speaks to higher levels of organic growth in your NSE business, which I see approaching 40% here in Q4, the way I'm dicing things up here and over 30% for the year. So I guess I'll try to tie the last question to this one and say, when we see this type of environment for the foreseeable future, do you think you can see those type of organic growth rates, 30%, 40% for, call it, organic NSE continue over the next couple of three quarters?

好。這回答很好，因為這代表你們 NSE 業務的有機成長更高；照我這裡的拆分方式來看，你們在第四季的有機成長率接近 40%，全年也超過 30%。所以我想把上一個問題跟這個問題連在一起問：當我們在可預見的未來看到這種環境時，你認為未來兩三個季度，你們有可能看到這種有機成長率——比如說有機 NSE 30%、40%——持續下去嗎？

Well, I mean, one thing about percentages, it's very hard to maintain the same percentage. I mean, because 30% on one number is much smaller than 30% on a much bigger number. So -- but I think if you look about growth in the absolute dollars, I mean, that's what we're striving to try to maintain.

嗯，我的意思是，關於百分比有一點，就是很難維持相同的百分比。我的意思是，因為同樣是 30%，用在一個數字上，會比用在更大的數字上的 30% 小得多。所以——但我認為如果你看的是以絕對美元計的成長，我的意思是，那才是我們努力要維持的。

And I'll add also, Oleg just mentioned earlier, the service providers, which is part of the core NSE. And so if you think again, the seasonality, so September traditionally does not enjoy the same growth rate if you bundle everything together. So I'm not sure that our assumption is exactly, I mean, right? I mean it's-

我再補充一點，Oleg 剛才也提到服務供應商，這是核心 NSE 的一部分。所以如果你再想一下季節性，9 月傳統上如果把所有東西綁在一起看，成長率通常不會一樣。所以我不確定我們的假設是否完全——我的意思是——正確？我的意思是——

I think you're talking about year-on-year Year-on-year, when you have -- when you look at quarter -- same quarter, same dynamics, I wouldn't say I don't think you could say like, okay, 40%, but I think still a high number should be realistic because 40% on $400 million is one number, 40% on $200 million is a very different number, right?

我想你是在談年對年（YoY）。年對年，當你——當你看季度——同一季度、同樣的動態，我不會說我不認為你可以說像是，好吧，40%，但我認為仍然應該是個高數字才合理，因為 4 億美元的 40% 是一個數字，2 億美元的 40% 又是非常不同的數字，對吧？

I got it. Although I'd say consensus probably has you high single digits right now given what you reported. So you can probably do a little bit better than that or -- for full year '27. I'm just making extemporaneous comments. I'm not asking you to guide anything. You've been very helpful in giving the breakdown, at least some -- I'll ask for either one of two ways, which is kind of the data center defense and service provider breakdown, if we can get an update there and/or growth rates in those categories estimated for what you saw here in fiscal Q3?

了解。不過我會說，根據你們已公布的結果，目前市場共識大概是高個位數成長。所以你們可能可以做得比那更好一些，或者——就 2027 全年而言。我只是即興評論。我不是要你們提供任何指引。你們在拆分上已經非常有幫助了，至少在某些部分——我會用兩種方式之一來問，就是資料中心/國防與服務供應商的拆分，如果可以的話請更新一下，和/或 你們在本財年第三季看到的這些類別的成長率估計？

Well, I'd tell you, if everybody spends what they've claimed they're going to spend, I mean, we still got a lot of growth to go on, right? So I mean, if you take those assumptions, I think we're -- I mean, the momentum, I'd say we are still in the fairly early segment of the ramp.

嗯，我會告訴你，如果大家都按他們聲稱要花的金額去花，我的意思是，我們仍然還有很多成長空間，對吧？所以我的意思是，如果採用那些假設，我認為我們——我的意思是，就動能而言，我會說我們仍然處在爬坡相當早期的階段。

Message received there, would you say data center, and again, this kind of with and without Spirent confuses thing. I assume with data centers saw solidly more than 50% of NSE revenue. But what I was looking for is however you want to break it down, I think you'd said 45%, 15% before.

收到這個訊息。你會說資料中心——而且再說一次，這種有無 Spirent 的口徑會讓事情變得有點混淆。我假設資料中心占 NSE 營收的比例明顯超過 50%。但我想要的是，不管你想怎麼拆，我記得你之前說過 45%、15% 之類的。

Yeah, I think yes, I think right now, the data center is -- I mean, the exit velocity this year is inching to the high 40s. The service provider are inching towards mid-30s and aerospace and defense is a little over 15%. So I wouldn't be surprised if data center in a not-too-distant future gets up to about 50% of our NSE revenue.

對，我想是的。我想目前資料中心——我的意思是，今年的退出速度正逐步接近高 40% 區間。服務供應商正逐步接近 30% 中段，而航太與國防略高於 15%。所以我不會意外在不久的將來，資料中心占我們 NSE 營收的比重會上升到大約 50%。

Got it. Thanks.

了解。謝謝。

of Andrew Spinola with a follow-up from UBS.

UBS 的 Andrew Spinola 追問。

Thank you. I just wanted to ask a higher-level question about your drone business, your module business from Inertial. How is that business performing? Obviously, there's a lot of demand and new programs in that space. And I'm just wondering what you're seeing in terms of opportunities? How is that business positioned? Do you have all of the approvals and the ability to sell into all of the customers? How should we think about that opportunity over the medium term?

謝謝。我想問一個更高層次的問題，關於你們的無人機業務，也就是 Inertial 的模組業務。那個業務表現如何？顯然那個領域有很多需求和新專案。我只是想了解你們看到的機會是什麼？那個業務的定位如何？你們是否已取得所有核准，並具備向所有客戶銷售的能力？我們應該如何看待中期的機會？

That's a good question, Andrew. I mean, so you can judge from it. The mere fact, Ilan said that we just paid out -- you can look at our balance sheet, we paid out a pretty big earnout. means these guys have exceeded every forecast that they've given us. And as I tell you, in my career, I've made about close to 40 acquisitions. There's been only two of them have exceeded their first year forecast, okay?

這是個好問題，Andrew。我的意思是，你可以從這點來判斷。僅僅是 Ilan 說我們剛剛支付了——你可以看我們的資產負債表——我們支付了一筆相當大的或有對價（earnout）。這表示這些人超越了他們給我們的每一個預測。而且我跟你說，在我的職涯中，我做了將近 40 起併購。其中只有兩起在第一年就超過他們的預測，好嗎？

This is the only one at Viavi. I mean that business is doing extremely well. And they make products anything from the basic sensors that go into the inertial navigation system to fully blown inertial navigation system that does a sensor fusion of GNSS, the location, the ground speed, the LiDAR and all these other things.

這是 Viavi 唯一的一起。我的意思是，那個業務做得非常好。他們的產品從用於慣性導航系統的基本感測器，一直到完整的慣性導航系統，能把 GNSS、位置、地面速度、LiDAR 以及所有其他東西做感測器融合。

So -- and we are engaged with pretty much every drone, munitions, subsystem vendor of interest out there, both in US as well as in the rest of the world. Now clearly, there's a clear guidelines, what constitutes controlled versus not controlled. When you have a sensor and it's within a certain level of accuracy, that for that, you need export approval.

所以——而且我們幾乎與所有值得關注的無人機、彈藥與子系統供應商都有合作接觸，涵蓋美國以及世界其他地區。當然，對於哪些屬於受管制、哪些不受管制，有明確的指引。當你有一個感測器且其精度在某個水準以內時，針對那種情況，你需要出口核准。

If you're making a product that is more commercial, let's say, you're doing a surveillance drone or agricultural drone or something for mining industry, those things are deemed to be commercial. So we have a very clear boundaries and how we define the products, how we grade them and obviously, how we price them. So all these things are -- some products that you can only export through the US government export license. Others, you can just sell as a commercial product.

如果你做的是更偏商用的產品，例如監視無人機、農業無人機或礦業用途之類的，這些會被視為商用品。所以我們在如何定義產品、如何分級，以及當然如何定價方面，都有非常清楚的界線。因此，這些事情——有些產品只能透過美國政府的出口許可來出口。其他的，你就可以作為商用品直接銷售。

And just one follow-up on that. It sounds like there's particularly strong growth in demand for lower-cost drones. And I'm just wondering, without knowing that market all that well, would the inertial modules or some of those gyroscopes or sensors that Inertial sells, would they be applicable for the lower-end drones for that opportunity?

再追問一點。聽起來低成本無人機的需求成長特別強。我對那個市場不算很熟，但我想問，Inertial 銷售的慣性模組或其中一些陀螺儀或感測器，是否適用於較低端無人機的那個機會？

When you say lower-end drones, if you're talking something like $3,000, then no. If you're talking something like $30,000, then yes.

你說的較低端無人機，如果是像 3,000 美元那種，那就不適用。如果是像 30,000 美元那種，那就適用。

Okay, perfect. Thank you, Ola.

好，完美。謝謝你，Ola。

There are no further questions at this time. I will now turn the call back to Vibhuti Nayar for closing remarks.

目前沒有其他問題。我現在把電話交回給 Vibhuti Nayar 做結語。

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

謝謝你，Hilary。今天的法說會到此結束。感謝各位參與，祝大家下午愉快。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。