Viavi Solutions Inc. (VIAV) 2026 Q4 法說會逐字稿

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

下午好。我叫 Kendra，今天將擔任本次會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Viavi Solutions 會計年度第四季及 2026 會計年度財報電話會議。今天的會議將被錄音。(接線員指示)

Thank you, Kendra. Good afternoon, everyone, and welcome to Viavi Solutions fourth quarter and fiscal 2026 earnings call. My name is Vibhuti Nayar, Head of Investor Relations of Viavi Solutions. With me on today's call is Oleg Khaykin, our President and CEO; and Ilan Daskal, our CFO.

謝謝你，Kendra。各位下午好，歡迎參加 Viavi Solutions 第四季及 2026 會計年度財報電話會議。我叫 Vibhuti Nayar，是 Viavi Solutions 的投資人關係主管。今天與我一同出席的有我們的總裁兼執行長 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存在重大差異。我們鼓勵各位查閱我們最新的年度報告與向 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併購業務的預期，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 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，除非我們另有說明，本次電話會議中討論的所有結果（營收除外）均為非 GAAP。我們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，並說明其有用性與限制。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。

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

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。

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

現在我想把電話交給 Ilan。Ilan？

Thank you, Vibhuti. Good afternoon, everyone. Now I would like to review the results of the fourth quarter of fiscal year 2026. Net revenue for the quarter was $443.1 million, which is above the high end of our guidance range of $427 million to $437 million. Revenue was up 8.9% sequentially and on a year-over-year basis was up 52.5%. Operating margin for the fourth fiscal quarter was 24% and above the high end of our guidance range of 22.2% to 23.2%. Operating margin increased 280 basis points from the prior quarter and on a year-over-year basis was up 960 basis points.

謝謝你，Vibhuti。各位下午好。現在我想回顧 2026 會計年度第四季的業績。本季淨營收為 4.431 億美元，高於我們指引區間 4.27 億至 4.37 億美元的上緣。營收較前一季成長 8.9%，年增 52.5%。2026 會計年度第四季營業利益率為 24%，亦高於我們指引區間 22.2% 至 23.2% 的上緣。營業利益率較前一季提升 280 個基點，年增 960 個基點。

During the quarter, we received $1.5 million tariffs refund, which slightly benefited operating margin. Also during the quarter, we completed a follow-on offering and issued approximately 12.78 million shares at a share price of $45 for a total gross amount of $575 million. The proceeds were used to pay off the remaining balance of the term loan B and the excess amount is included in the cash balance at the end of the quarter.

本季我們收到 150 萬美元的關稅退稅，對營業利益率略有助益。同樣在本季，我們完成一次後續發行，以每股 45 美元發行約 1,278 萬股，募集總額（毛額）為 5.75 億美元。所得款項用於償還 B 期定期貸款（term loan B）的剩餘餘額，超出部分則計入季末現金餘額。

EPS at $0.34 was above the high end of our guidance range of $0.29 and $0.31, and was up $0.07 sequentially. On a year-over-year basis, EPS was up $0.21. The lower interest expenses in the quarter as well as the tariffs refund in the quarter contributed about $0.02 to the EPS. Moving on to our Q4 results by business segment. NSE revenue for the fourth fiscal quarter came in at $353.9 million, which is above the high end of our guidance range of $340 million to $348 million.

每股盈餘（EPS）為 0.34 美元，高於我們指引區間 0.29 至 0.31 美元的上緣，並較前一季增加 0.07 美元。以年增來看，EPS 增加 0.21 美元。本季較低的利息費用以及本季的關稅退稅，合計對 EPS 貢獻約 0.02 美元。接下來按業務部門說明我們第四季的結果。NSE 在 2026 會計年度第四季的營收為 3.539 億美元，高於我們指引區間 3.40 億至 3.48 億美元的上緣。

Revenue from Spirent product lines was $47.7 million. On a year-over-year basis, NSE revenue was up 69.2% as a result of continued strong demand for our lab and production and steel products, driven by the data center ecosystem as well as the acquisition of Spirent product lines. We also saw strong demand for our aerospace and defense products.

Spirent 產品線的營收為 4,770 萬美元。以年增來看，NSE 營收成長 69.2%，主要因我們實驗室與量產以及現場產品需求持續強勁，受資料中心生態系帶動，並包含併購 Spirent 產品線的貢獻。我們也看到航太與國防產品需求強勁。

NSE gross margin for the quarter was 64.1%, which is 190 basis points higher on a year-over-year basis and was mainly driven by higher volume and favorable product mix. NSE's operating margin for the quarter was 20% versus 4.6% during the same quarter last year. NSE operating margin was above our guidance range of 18.2% to 19.2%, mainly as a result of higher fall-through.

本季 NSE 毛利率為 64.1%，年增 190 個基點，主要由更高出貨量與有利的產品組合所帶動。NSE 本季營業利益率為 20%，相較去年同期為 4.6%。NSE 營業利益率高於我們指引區間 18.2% 至 19.2%，主要因落底轉換率（fall-through）較高。

OSP revenue for the fourth fiscal quarter came in at $89.2 million, which is at the high end of our guidance range of $87 million to $89 million. On a year-over-year basis, OSP revenue was up 9.6%, driven by strength in 3D sensing and anticounterfeiting and other products. OSP gross margin was 55.2%, up 50 basis points on a year-over-year basis, primarily driven by higher volume and favorable product mix. OSP's operating margin was 40%, which is above our guidance range of 38% to 38.8% as a result of higher fall-through. OSP operating margin increased 40 basis points on a year-over-year basis.

OSP 在 2026 會計年度第四季的營收為 8,920 萬美元，位於我們指引區間 8,700 萬至 8,900 萬美元的上緣。以年增來看，OSP 營收成長 9.6%，主要由 3D 感測、防偽及其他產品的強勁表現帶動。OSP 毛利率為 55.2%，年增 50 個基點，主要由更高出貨量與有利的產品組合所驅動。OSP 營業利益率為 40%，高於我們指引區間 38% 至 38.8%，原因是落底轉換率（fall-through）較高。OSP 營業利益率年增 40 個基點。

Moving on to the full year results of fiscal year 2026. For the full fiscal year, revenue was $1.518 billion, which is up 40% on a year-over-year basis. Spirent product lines that were acquired in the second quarter of fiscal 2026 contributed $145 million to the full fiscal year revenue.

接下來說明 2026 會計年度的全年結果。全年營收為 15.18 億美元，年增 40%。於 2026 會計年度第二季併購的 Spirent 產品線，對全年營收貢獻 1.45 億美元。

The revenue growth was mainly driven by lab and production and field products, primarily from the data center ecosystem as well as demand for our aerospace and defense products and also included the contribution from the acquisitions of Spirent Product Lines and Inertial labs. For OSP, we saw year-over-year growth across all of its product lines.

營收成長主要由實驗室與量產以及現場產品所帶動，主要來自資料中心生態系；同時也受航太與國防產品需求推動，並包含併購 Spirent 產品線與 Inertial Labs 的貢獻。就 OSP 而言，我們看到其所有產品線均呈現年增成長。

Full year operating margin for Viavi was 20.6%, up 630 basis points from fiscal year 2025 and was a result of higher fall-through driven by higher revenue and favorable product mix. Full EPS full year EPS was $1 versus $0.47 in the prior year. Moving on to the balance sheet and cash flow. Total cash and short-term investments at the end of Q4 were $656.7 million, compared to $508 million in the third fiscal quarter of 2026.

Viavi 全年營業利益率為 20.6%，較 2025 會計年度提升 630 個基點，主要由更高營收與有利的產品組合帶動較高的落底轉換率（fall-through）所致。全年 EPS 為 1 美元，前一年為 0.47 美元。接下來說明資產負債表與現金流。第四季末現金及短期投資總額為 6.567 億美元，相較 2026 會計年度第三季末為 5.08 億美元。

Cash flow from operating activities for the quarter was $66.7 million versus $23.8 million in the same period last year and was driven by higher net income and timing of working capital. CapEx for the quarter was $11.1 million versus $5.5 million in the same period last year. CapEx for the full fiscal year was $31.1 million versus $27.8 million in the prior year.

本季營運活動現金流為 6,670 萬美元，去年同期為 2,380 萬美元，主要由較高的淨利以及營運資金時點所帶動。本季資本支出（CapEx）為 1,110 萬美元，去年同期為 550 萬美元。全年資本支出為 3,110 萬美元，前一年為 2,780 萬美元。

During the fourth quarter, we did not purchase any shares of our stock as we prioritize debt management. During the full fiscal year of 2026, we purchased approximately 2.7 million shares of our stock for about $30 million. This repurchase was in conjunction with the exchange of our convertible notes that we completed during the first fiscal quarter of 2026.

在第四季期間，因我們優先進行債務管理，未回購任何公司股票。在 2026 會計年度全年，我們以約 3,000 萬美元回購約 270 萬股公司股票。此回購係配合我們於 2026 會計年度第一季完成的可轉換公司債交換交易一併進行。

We have almost $170 million remaining under our current authorized share repurchase program. The fully diluted share count for the quarter was 261 million shares, up from 227 million shares in the prior year and versus 256.1 million shares in our guidance for the fourth fiscal quarter.

我們在目前已核准的庫藏股回購計畫下，尚餘近1.70億美元可用額度。本季完全稀釋後股數為2.61億股，高於去年同期的2.27億股，也高於我們對第四財季所提供指引的2.561億股。

Moving on to our guidance for the first quarter of fiscal year 2027. Viavi typically operates on a 13 week fiscal quarter. This requires us to add one week to the first fiscal quarter every five or six years. We are adding one week to the first quarter of fiscal year 2027. Hence, it will include some elevated variable costs. In addition, we received approximately $11 million tariffs refund in July of 2026 that will primarily benefit our Q1 cost of goods sold.

接下來談我們對2027財年第一季的展望。Viavi通常採用13週的財務季度。這使得我們每隔五到六年需要在第一財季額外增加一週。我們將在2027財年第一季增加一週。因此，將包含一些較高的變動成本。此外，我們在2026年7月收到約1,100萬美元的關稅退稅，將主要有利於我們第一季的銷貨成本。

We expect the first fiscal quarter revenue for Viavi to be up sequentially, driven by continued strength in many of our end markets. For NSE, we expect first fiscal quarter revenue to be up relative to the prior quarter, which reflects a seasonally strong quarter across many of our end markets. For OSB, we also expect the quarter-over-quarter revenue to be higher, driven by stronger demand for 3D sensing products.

我們預期Viavi第一財季營收將較前一季成長，主要受惠於多個終端市場持續強勁。就NSE而言，我們預期第一財季營收將高於前一季，反映出我們多個終端市場在季節性上屬於強勁的一季。就OSB而言，我們也預期營收將季對季提高，主要由3D感測產品需求轉強所帶動。

For the first fiscal quarter of 2027, we expect Viavi revenue in the range of $450 million and $460 million. We expect NSE revenue between $360 million and $368 million. OSP revenue is expected to be in the range of $90 million and $92 million.

2027年第一財季，我們預期Viavi營收介於4.50億至4.60億美元。我們預期NSE營收介於3.60億至3.68億美元。OSP營收預期介於9,000萬至9,200萬美元。

Operating margin for Viavi is expected to be 27.1% plus or minus 40 basis points. The operating margin includes a net benefit of about 100 basis points from the tariffs refund, which will be offset by the additional one week of variable costs, and it will primarily benefit NSE's operating margins. NSE operating margin is expected to be 23.1%, plus or minus 50 basis points. OSP operating margin is expected to be 43.2%, plus or minus 20 basis points. And EPS is expected to be between $0.40 and $0.42.

Viavi的營業利益率預期為27.1%，上下浮動40個基點。該營業利益率包含關稅退稅帶來約100個基點的淨利多，但將被額外增加一週的變動成本所抵銷，且主要將有利於NSE的營業利益率。NSE營業利益率預期為23.1%，上下浮動50個基點。OSP營業利益率預期為43.2%，上下浮動20個基點。每股盈餘（EPS）預期介於0.40至0.42美元。

This includes a net benefit of about $0.02 from tariff refunds and from the additional one week of variable expenses that I mentioned earlier. Our tax expenses for the first quarter are expected to be around $12 million, plus or minus $500,000 as a result of jurisdictional mix. We expect other income and expenses to reflect a net expense of approximately $2.5 million and the share count is expected to be around 268 million shares.

其中包含約0.02美元的淨利多，來自關稅退稅以及我先前提到的額外一週變動費用的影響。由於各司法管轄區組合的影響，我們第一季的所得稅費用預期約為1,200萬美元，上下浮動50萬美元。我們預期其他收益與費用將反映約250萬美元的淨費用，股數預期約為2.68億股。

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

接下來，我把電話交給Oleg。Oleg？

Thank you, Ilan. Fiscal 2026 ended on a strong note with Viavi's financial performance in the fourth quarter exceeding expectations. The year-on-year performance was driven by strong growth in many of our end markets. NSE revenue in fiscal Q4 grew approximately 70% year-over-year, primarily driven by continued strong demand from the data center ecosystem and aerospace and defense customers.

謝謝你，Ilan。2026財年以強勁表現作結，Viavi第四季的財務表現超出預期。年對年表現主要由我們多個終端市場的強勁成長所帶動。NSE在2026財年第四季營收年增約70%，主要受惠於資料中心生態系以及航太與國防客戶持續強勁的需求。

More specifically, the data center ecosystem, which includes high-performance semis, optical modules, NAMs and hyperscalers drove strong demand for lab and production and field instruments in support of data center build-out, maintenance and monitoring.

更具體而言，資料中心生態系（包括高效能半導體、光學模組、NAMs以及超大規模雲端業者）帶動了對實驗室、量產與現場儀器的強勁需求，以支援資料中心建置、維護與監控。

The recently acquired Spirent high-speed Ethernet product lines are performing well and have also contributed to our growth this quarter. We have recently extended our leadership in this segment with the launch of industry's first validation solution for ultra Ethernet transport, which is purpose built to support large-scale AI and high-performance computing workloads. The data center ecosystem customer demand for our products remains very strong, and we expect continued robust growth in this segment for the next several quarters.

近期收購的Spirent高速乙太網路產品線表現良好，也為本季成長做出貢獻。我們近期推出業界首個用於超乙太網路傳輸（ultra Ethernet transport）的驗證解決方案，進一步擴大我們在此領域的領先地位；該方案為支援大規模AI與高效能運算工作負載而量身打造。資料中心生態系客戶對我們產品的需求仍然非常強勁，我們預期未來幾季該領域將持續強勁成長。

Our aerospace and defense business also saw another quarter of strong year-on-year growth, driven by strong demand for our positioning, navigation and timing products. We expect P&C to be a multiyear growth driver for our A&D business. The service providers business, which includes field instruments, wireless and service enablement products was up driven by stronger seasonal demand.

我們的航太與國防業務也再度呈現強勁的年對年成長，主要由定位、導航與授時（PNT）產品的強勁需求所帶動。我們預期P&C將成為A&D業務的多年成長動能。服務供應商業務（包括現場儀器、無線與服務啟用產品）在季節性需求較強的帶動下成長。

The highlights included increased demand for our fiber monitoring solutions in support of fiber build-outs and for our cable instruments in support of DAA cable architecture migration. Conversely, our wireless products continue to see anemic to the same anemic although stable customer demand. That said, we made optimistic regarding the longer-term demand for our wireless product.

亮點包括：為支援光纖建置而帶動對我們光纖監測解決方案的需求增加，以及為支援DAA有線架構遷移而帶動對我們有線儀器的需求增加。相對地，我們的無線產品持續面臨疲弱（同樣疲弱但仍穩定）的客戶需求。儘管如此，對於無線產品的長期需求，我們仍保持樂觀。

Now turning to OSP. OSP saw strong year-on-year growth, driven by strength in 3D sensing and anticounterfeiting and other products. Looking ahead to Q1. Historically, Q1 has been a softer quarter for NSE. However, this time around, we expect NSE revenue to be up quarter-on-quarter, driven by strong and growing demand from data center and aerospace and defense customers.

接著談OSP。OSP年對年成長強勁，主要受惠於3D感測、防偽及其他產品的強勢表現。展望第一季。歷史上，第一季對NSE而言通常較為疲弱。然而這次我們預期NSE營收將季對季成長，主要由資料中心以及航太與國防客戶強勁且持續成長的需求所帶動。

We also expect OSP to be up quarter-on-quarter, driven by seasonally stronger demand for 3D sensing products. Our diversification strategy into data center ecosystem and aerospace and defense end markets has been a key growth driver for us during fiscal '26. We expect this strategy to continue driving our growth for the next several quarters.

我們也預期OSP將季對季成長，主要由3D感測產品季節性較強的需求所帶動。我們在資料中心生態系以及航太與國防終端市場的多元化策略，是2026財年期間帶動成長的關鍵動能。我們預期該策略在未來幾季將持續推動成長。

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

最後，我要感謝Viavi團隊在創新與執行上的優異表現，也感謝客戶與股東持續的支持。

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

接下來，我把電話交回給主持人進行問答。

(Operator Instructions)

（主持人指示）

Ryan Koontz, Needham & Company.

Ryan Koontz，Needham & Company。

Great. Appreciate that. Look, maybe you can help out a little bit and understand this a terrific quarter you had, obviously, data center and optical a big part there. Can you give us an idea of the scale of optical and data center within your NFC domain? What kind of growth rate you're seeing there now for those products?

很好。感謝。我想也許你可以再協助我們多理解一些：你們這一季表現非常出色，顯然資料中心與光學是其中很大一部分。你能否讓我們了解一下，在你們的NFC領域中，光學與資料中心業務的規模大概有多大？目前這些產品的成長率大概是多少？

Well, I mean, pretty much when we talk about data center, it's all optical, right? It's both optical on the R&D side, the website, it's optical for the production test. It's optical for fiber monitoring and the data cell build-out. So in that respect, it's, I mean, pretty much all optical products, there's very little copper or anything like if anything at all. And I mean the growth is --

嗯，我的意思是，基本上當我們談到資料中心時，幾乎全部都是光學，對吧？研發端是光學，網站端也是光學；量產測試也是光學。光纖監測以及資料中心建置也都是光學。所以就這點而言，幾乎都是光學產品，銅纜或其他的占比非常少，甚至可以說幾乎沒有。至於成長是--

Scale of that -- sorry, you're saying.

規模方面——抱歉，你剛剛是說。

Okay. Scale. I mean, in terms of revenue you're talking about? I mean...

好的。規模。你的意思是以營收來看嗎？我的意思是……

Rough percentage within the NSE bucket?

在NSE這個類別中大概占比多少？

Well, I think the -- I think as we're saying, I mean I mean our data center is now running at about 50% and the NSE revenue. A&D is, I would say, probably about 17%, and the rest is a service provider business.

嗯，我想——我想如同我們所說的，我們的資料中心業務目前大約占NSE營收的50%。航太與國防（A&D）我會說大概約17%，其餘則是服務供應商業務。

Great. And maybe as a follow-up, we're on the verge of this 1.6T cycle here with some new Broadcom switches coming to market and obviously, kind of the optical layer go that way in a hurry here. Where do you feel like we are in that cycle for 1.6T adoption as it relates to your business? Obviously, you sell into the lab in the early part and then the production and then field. But how long does it take you -- or how long do you think it will be until you see a peak in 1.6T demand for your products?

很好。另外作為追問，我們正處於這個 1.6T 週期的門檻上，隨著一些新的 Broadcom 交換器即將上市，顯然光學層也會很快朝那個方向發展。就 1.6T 導入、並與你們業務的關聯而言，你覺得我們目前在這個週期的哪個階段？顯然你們在早期會先賣到實驗室，接著是量產，然後是現場。但你們需要多久——或者你認為還要多久——才會看到你們產品的 1.6T 需求達到高峰？

I mean if I look at today in terms of share volume, 800 is still the biggest driver, but 1.6% is ramping very quickly. And that's mainly a lot of the production, things moving to production. And I would say probably, I mean, in '27, it may get to probably parity between 800 million and 1.6 and then 1.6 will continue to get bigger while 800 gig may pullback.

我的意思是，如果以今天的占比與出貨量來看，800 仍然是最大的驅動因素，但 1.6T 正在非常快速地爬升。而這主要是因為很多案子正在轉入量產。我會說大概在 2027 年，800G 與 1.6T 可能會達到大致持平，之後 1.6T 會持續變大，而 800G 可能會回落。

But I think 800 gig will be a big driver for a long time because a lot of the data centers are 800 gig. Only the new stop is going to be 1.6. So there's big installed base that's being upgraded as well. So I mean, it's still very much -- but 1.6 is really what's kind of the primary performance driver today.

但我認為 800G 仍會在很長一段時間內是重要的驅動因素，因為很多資料中心都是 800G。只有新的建置才會是 1.6T。所以也有很大的既有裝機基礎正在升級。所以我的意思是，它仍然非常——但 1.6T 確實是目前主要的效能驅動因素。

Got it. Sounds like it could be a couple of years though, until you have a peak and maybe a shift --

了解。聽起來可能還要幾年，才會看到高峰，並且可能出現轉換--

We will -- I think -- look, we're still seeing a lot of -- there's going to be multiple nodes in parallel running and the mix gradually shifting to 1.6, taking the lead followed by 800. I mean 400 gig is going to be around for quite a while as well. They just don't go away.

我們會——我認為——你看，我們仍然看到很多——會有多個節點並行運作，而組合會逐步轉向 1.6T 取得領先，其次是 800。我的意思是，400G 也會存在相當長一段時間。它們不會就此消失。

Ruben Roy, Stifel.

Ruben Roy，Stifel。

Yeah. Hi. Thanks for taking my questions. I have a quick clarification question and then a follow-up. Ilan, I know you mentioned the 14 week quarter and the costs associated with that. Does the extra week have any meaningful revenue contribution? I'm just trying to put apples-to-apples together on the September guide, especially given that traditionally, your service provider is seasonally weaker. I'm just trying to understand the moving parts for the September quarter given that you have the extra week.

是的。嗨。謝謝讓我提問。我有一個快速釐清的問題，然後再一個追問。Ilan，我知道你提到 14 週的季度以及相關成本。多出來的那一週對營收有任何實質貢獻嗎？我只是想把 9 月的指引做同口徑比較，尤其考量到傳統上你們的服務供應商業務在季節性上較弱。我想了解在多一週的情況下，9 月季度有哪些變動因素。

Yeah, I would say revenue, if there is any, it's de minimis, it's very small. The revenue shipments are nonlinear in the quarter anyhow. And generally, revenue is linked to the customers end of the quarter. whereas our OpEx is linked to a number of weeks in the quarter for us.

是的，我會說營收即便有，也是微不足道，非常小。而且我們季度內的出貨帶來的營收本來就不是線性的。一般而言，營收是跟客戶的季末節奏連動；而我們的營業費用（OpEx）則是跟我們這個季度有多少週數連動。

So in that respect, I mean, whether you have one week more or less, it really doesn't make a difference. Most of our revenue is shipped in the last weeks of the quarter? I mean just kind of you're keeping up with the customers' end quarter revenue requirements. So in that respect, I don't think there is any revenue swing 1 way or the other. With the like one week more, one week less, it's really more linked to the calendar quarter.

所以在這方面，我的意思是，不管多一週或少一週，其實差異不大。我們大部分營收都在季度最後幾週出貨。也就是說，你是在配合客戶季末的營收需求。因此在這方面，我不認為營收會因為多一週或少一週而有任何一邊的明顯波動。這更多是跟曆法季度有關。

And Ruben, I can add also that without guiding anything in terms of the December quarter. If it was impacting or sheeting, then it would impact the December quarter, but that's not the trajectory that we see for the December quarter.

Ruben，我也補充一下，在不對 12 月季度做任何指引的前提下。如果這件事有影響或造成移轉，那它會影響到 12 月季度，但那不是我們對 12 月季度所看到的走勢。

Right. There will be an extra week of incremental shipping capacity into December. Okay. That's really helpful, guys. And then I guess for both of you, just thinking through the margin structure of the business now that the data center strategy is continuing to sort of ramp here.

對。12 月會多出一週的增量出貨產能。好的。這真的很有幫助，各位。接著我想對你們兩位提問，從目前資料中心策略持續拉升的角度來看，思考一下你們業務的利潤結構。

So you're guiding 27.1% and operating margin, it seems like you're getting a better view on field production or sorry, lab and production versus field. And I'm just wondering if you could talk a little bit about how you're thinking about longer-term operating margins as some of the new programs ramp 1.6T and otherwise on as well, the R&D fell in absolute dollars here and with other things that you guys are working on, whether it's CTO, OCS, AI RAN 3.2T, you name it. what's sort of the sustainable investment level? And I guess, if you could tie that back to the operating margin view longer term, that would be helpful.

你們指引營業利益率為 27.1%，看起來你們對現場、量產——抱歉，是實驗室與量產相對於現場——的能見度更好了。我想請你們談談，隨著一些新專案（包含 1.6T 等）持續爬升，你們如何看待長期的營業利益率？另外，這季研發費用以絕對金額來看下降了，但你們還有其他在做的事情，不論是 CTO、OCS、AI RAN、3.2T 等等。可持續的投資水準大概會是什麼？如果你們能把這點連結回長期營業利益率的看法，會很有幫助。

Sure. So I mean, the thing I would say, clearly, all these -- there's some product lines are higher, some are lower. But generally, NSE is north of 60%, right? An annual from, I'd say, low 60s on some of the field instruments into the high 70s on some of the lab products, right? So as that becomes bigger and bigger share of revenue vis-a-vis, let's say, the gross margin will keep trending up.

當然。我的意思是，我會說很清楚，這些——有些產品線毛利較高，有些較低。但整體而言，NSE 的毛利率在 60% 以上，對吧？以年度來看，我會說某些現場儀器大概在 60% 出頭，而某些實驗室產品可到 70% 後段，對吧？因此，當這部分相對於其他業務的營收占比愈來愈大時，例如相較之下，整體毛利率就會持續上升。

Now there's clearly some headwinds on let's say, the semiconductor pricing, it can obviously slow down some of the growth because your cost of goods. But so far, we've been just passing all those increases to our customers as part of the price adjustment.

當然也有一些逆風，例如半導體定價，顯然可能會因為你們的銷貨成本而放慢部分成長。但到目前為止，我們都把這些增加作為價格調整的一部分轉嫁給客戶。

So in that respect, it's going to be really a weighting average between -- on a gross margin between NSE and OSP as since is growing much faster the gross margin will continue to creep up. Now when it comes to OpEx, our OpEx is scaling very well. I mean clearly, we are putting some money into reinvestment, but relatively speaking, I mean, our OpEx is growing much slower than our revenue. As a result, it all drops to the operating margin. So I would say if we continue on a certain trajectory, I think high mid- to high 20 percent operating margin in a not-too-distant future is probably the expectation.

所以在這方面，毛利率基本上會是 NSE 與 OSP 之間的加權平均；由於 NSE 成長快得多，整體毛利率會持續緩步上升。至於營業費用（OpEx），我們的 OpEx 擴張得非常好。很明顯我們有投入一些資金再投資，但相對而言，我們的 OpEx 成長速度遠低於營收成長。因此，這些都會反映到營業利益率上。所以我會說，如果我們沿著某個軌跡持續下去，我認為在不久的將來，營業利益率落在 20% 中後段到接近 30%（high 20s）大概是可以期待的。

Ruben, I will echo what Oleg just said in terms of the continued leverage that we expect in terms of the operating expenses. And specifically, you'll ask about the R&D, it's not going to be materially higher. I mean, there is always the marginal commissions, et cetera. But the leverage kind of will continue to play in favor of the operating margin. And again, it can continue throughout the fiscal year to, as Oleg mentioned, from the mid to the high 20s.

Ruben，我呼應 Oleg 剛才所說的，我們預期營業費用會持續產生槓桿效益。特別是你問到研發（R&D），它不會顯著提高。我的意思是，總會有一些邊際性的佣金等等。但這種槓桿效益會持續對營業利益率有利。同樣地，它可以在整個會計年度持續發生，如 Oleg 所提到的，從 20% 中段到接近 30%（high 20s）。

And what's really good is on R&D, we're actually getting a bigger operating leverage because the volumes in lab and production are just such higher than what we've been used to in field instruments. So you spend the R&D, but you get much more margin dollars within a fairly short period of time. And there is really no up and down.

而研發方面真正很棒的是，我們其實正在取得更大的營運槓桿，因為實驗室與量產的出貨量遠高於我們過去在現場儀器所習慣的量。所以你投入研發，但在相當短的時間內就能獲得更多的毛利金額。而且基本上沒有什麼上上下下的波動。

And before just as you start reaching the peak of the one technology cycle, the next one starts ramping up. And then all of the technology actually flows down to some field instruments, which needs relatively little investment to incorporate it all. So it's just basically better leverage of the R&D all around.

而且就在你開始接近某一個技術週期的高峰之前，下一個週期又開始加速爬升。接著，所有這些技術實際上會下沉到一些現場儀器上，而要把這些技術整合進去所需的投資相對不高。所以基本上就是讓整體研發（R&D）得到更好的槓桿效益。

Yeah. It's what we like to hear. Congrats on the continued momentum.

是的。這正是我們喜歡聽到的。恭喜你們動能持續。

Thank you, sir. Thanks.

謝謝您，先生。謝謝。

Andrew Spinola, UBS.

UBS 的 Andrew Spinola。

Thank you. I wanted to ask, Oleg, you typically described the data center business growing about 50%. I was wondering if you could just give us an update on how it grew in the fourth quarter? And what's in your Q1 guide in terms of expectations for that business?

謝謝。我想請教一下，Oleg，你通常形容資料中心業務大約成長 50%。我想知道你能否更新一下第四季的成長情況？以及你們對 Q1 指引中，對這項業務的預期是什麼？

Well, I mean the -- it is growing very rapidly. And I think we're cases in the early stages of penetration. I mean, today, it's mostly high-performance semis in the lab. But what's growing really, really fast is the production piece of it. And it's everything from making fiber optic modules to making fiber optic cables, to now getting into the CPO testing, where we where we are entering the semiconductor traditional semiconductor test, but we play the optical plane of the semiconductor. And that's a completely new market. So I don't want to give out percentages, but let's put it this way. I think that business, even if I take out Spirent, it's more than doubled for us year-over-year.

嗯，我是說——它確實成長非常快。而且我認為我們還處在滲透的早期階段。我的意思是，今天主要還是實驗室裡的高效能半導體。但真正、非常非常快速成長的是量產那一塊。涵蓋從製造光纖模組、製造光纖線纜，到現在進入 CPO 測試；在那裡我們正在切入傳統的半導體測試，但我們扮演的是半導體的光學層面。那是一個全新的市場。所以我不想給出百分比，但換個說法。我認為這項業務，即便把 Spirent 排除在外，我們的年增也已經超過翻倍。

Makes sense. And just a follow-up on that. I guess one of the reasons I was asking is it looks like your guide at NSE is something like 3% sequentially to the midpoint. So I was just -- I've been thinking about 2027 as the year where things or fiscal '27, is where things will accelerate is 1.6T, earlier questions mentioned, accelerates and then just looking at the supply chain and some of the numbers that are there for '27, in terms of compute growth, et cetera. Is there anything slowing in your business that you're going to grow 3% here sequentially? Or is this just the trend?

了解。再追問一下。我想我之所以問，是因為看起來你們在 NSE 的指引到中位數大概是季增 3% 左右。所以我一直在想 2027 年或 27 財年會是加速的一年，因為前面提到的 1.6T 會加速，然後再看供應鏈以及一些對 27 年的數字，例如算力成長等等。你們的業務是否有任何放緩因素，才會讓你們這裡只做出季增 3%？還是這就是趨勢使然？

Well, I think you have to remember, September quarter generally for us was a down quarter for NSE. The mere fact it's up, it means the 11 production piece in aerospace and defense is more than offsetting any kind of the service provider, wireless customer, right? So you got to look at the you got to deleverage the growth, right?

嗯，我想你得記得，對我們來說，9 月季度通常是 NSE 的淡季。它能夠成長這件事本身，就代表航太與國防的量產部分，已經足以抵消任何來自服務供應商、無線客戶那邊的影響，對吧？所以你得把成長拆開來看、去分解成長來源，對吧？

In terms of the 1.6, it it's growing great. But remember, some of that is going to be substitution against 800. What's really going to be driving the growth is the broader and broader adoption of the technology and the volumes of production scaling, right?

至於 1.6，它成長得很好。但要記得，其中一部分會是對 800 的替代。真正驅動成長的，會是這項技術被越來越廣泛採用，以及量產規模的放大，對吧？

So for example, for production, you're looking really at the capacity being in place or capacity being replaced because that's what's ultimately driving your dollars, right? So if you go for, let's say, from if you tell me somebody is spent this year, $600 billion and next year, they're going to spend $1 trillion, I should expect at least that kind of growth, right?

所以以量產為例，你真正要看的是產能是否到位，或是產能是否在被汰換，因為那才是最終驅動你營收金額的因素，對吧？所以如果你告訴我某家公司今年花了 6,000 億美元，明年要花 1 兆美元，我至少會預期有那樣幅度的成長，對吧？

Now currently, some of it is construction and digging trenches, but there is the CapEx that is equipment. So that ultimately will translate to us. And in some of these cases, we're not even present, but we will be present at 1.6, so that our market actually going to expand. So I think on this particular product lines, we should do better than the purely CapEx growth. But then there is, of course, the base business service provider that's growing 1%, 2%. So you have to take the weighted average of the two to calculate the total growth.

現在其中一部分是建設、挖溝之類的工程，但也有屬於設備的資本支出（CapEx）。那最終會轉化成我們的機會。而且在某些情況下，我們目前甚至還沒有參與，但在 1.6 的世代我們會參與，因此我們的市場其實會擴大。所以我認為在這些特定產品線上，我們應該能做得比單純的 CapEx 成長更好。但當然也有基礎業務，也就是服務供應商那塊，只成長 1%、2%。所以你必須把兩者做加權平均，才能算出總成長。

Understood. Appreciate the color. Thank you.

了解。謝謝你提供的補充說明。謝謝。

Michael Genovese, Rosenblatt Securities.

Rosenblatt Securities 的 Michael Genovese。

Great, thanks. Oleg, can we give an update on you from the timing of what's going on with OCS and then what's going on with CPO? So one OCS question, one CPO question.

很好，謝謝。Oleg，能否就 OCS 的進展時程，以及 CPO 的進展，給我們更新一下？所以一個 OCS 問題、一個 CPO 問題。

Well, there's been a lot of industry talk like because the yield is going to be slower, that's all nonsense. CPO and all that thing is moving forward. Are there issues? Of course, there are. But if you look at the reason people are doing CPO and all these other things, it's all about performance and power.

嗯，業界有很多說法，例如因為良率會比較慢，所以進度會慢，那些都是胡扯。CPO 以及相關的一切都在往前推進。有沒有問題？當然有。但如果你看大家為什麼要做 CPO 和其他這些事情，核心都在於效能與功耗。

And to manage yields, you just do more tests. You do more of a known good die, non good optical engine, nongood substrate and all these kind of things, which means a lot of testing, which ultimately pretty good for us. But also at the same time, the process is being improved and things are getting better. And it's -- from my perspective, it's progressing and I have POs to show for that.

至於要管理良率，你就做更多測試。你會做更多「已知良品晶粒」（known good die）、已知良品光學引擎、已知良品基板等等，這代表需要大量測試，而這對我們最終其實相當有利。但同時，製程也在改善，事情也在變得更好。以我的角度來看，這在推進中，而且我手上也有採購訂單（PO）可以證明。

So just in terms of like if we -- I'm going to come back to CPO. But if we just look at OCS, is there -- are there already OCS revenues in the numbers? And what is the step up of that like expected to look like over the next couple of quarters?

那就時程上來說——我會再回到 CPO。但如果我們先看 OCS，現在的數字裡是否已經有 OCS 的營收？而未來幾個季度，預期會是怎樣的階梯式成長？

There is some OCS, but I think majority of OCS probably will be coming in the next revenue -- coming in the next several quarters. I mean there is already some installed capacity. And remember, we've been selling equipment to a big OCS vendor, hyperscaler who makes their own stuff.

目前有一些 OCS，但我認為大部分 OCS 可能會在接下來幾個季度開始反映在營收上——在接下來幾個季度進來。我的意思是，已經有一些已安裝的產能。而且要記得，我們一直在賣設備給一家大型 OCS 供應商／超大規模業者（hyperscaler），他們自己也會做一些東西。

But now it's becoming broader and going into the other companies introducing OCS. And many other companies are looking to more optical switching in their core. So I see this demand as being very healthy.

但現在它正在變得更普及，其他公司也開始導入 OCS。而且還有許多公司在其核心網路中尋求更多光學交換。所以我認為這個需求非常健康。

And I think previously, you said CPO revenues begin in the fall. Is that commentary still relatively on track?

我記得你之前說過 CPO 營收會在秋季開始出現。這個說法目前仍大致符合進度嗎？

Yeah. We're already getting some this quarter and probably in December, it will start accelerating.

是的。我們這一季已經開始有一些，而且大概到 12 月會開始加速。

And then finally for me, in the past or last quarter, right, you started to mention when in the future, you could see a $500 million plus revenue quarter. And has -- could you just remind us of that language? And then has anything like as this beaten raise here? Has that increased the confidence? Or any thing -- any kind of update to that at all?

最後一個問題：過去或上一季，你開始提到未來你們可能會看到單季營收超過 5 億美元。你能否提醒我們當時的措辭是怎麼說的？然後這次的 beat 與上修，是否提高了信心？或是對那個看法有任何更新？

I would say, if I kind of take my tone from before $500 million. I think I would say this quarter, I think the $500 million will likely come a bit sooner than what we were originally thinking, given the trajectory and the growth.

我會說，如果我沿用之前談到 5 億美元時的語氣。我想我會說，考量到目前的軌跡與成長，單季 5 億美元很可能會比我們原先想的更早到來。

Can you just remind me --

你可以再提醒我一下嗎--

We were talking about the end of next calendar year. Exiting fiscal '28, I think we may see $500 million in the next calendar year.

我們剛才在談的是下一個曆年的年底。在 2028 財年結束時，我想我們可能會在下一個曆年看到 5 億美元。

Sorry, it was originally exiting '28, or exiting --

抱歉，原本是 2028 年結束時，或是結束於--

Exiting fiscal '28, -- it was -- originally, we talked in fiscal '28. I think we are now looking like calendar sometime in calendar 2027. And so if you look at calendar, instead of being, let's say, exiting like a June quarter '29, -- '28, June calendar '28, you're looking at some time and during calendar '27.

在 2028 財年結束時，-- 當時 -- 原本我們談的是在 2028 財年。我想我們現在看起來會落在 2027 年曆年的某個時間點。所以如果你用曆年來看，而不是例如在 29 年 6 月季度結束時，-- 28 年，28 年 6 月曆年結束，你現在看的是在 27 年曆年的某個時間點、並且是在 27 年曆年期間。

Yes, perfect. Okay, great. Thanks so much. Appreciate it. Yes.

是的，完美。好的，很棒。非常感謝。感激不盡。是的。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

Hey, good afternoon. Congrats on the results. Had a question around Spirent. You saw a pretty decent decline there from Q3, and yet we're able to grow NSE pretty substantially despite that. I wonder if you can talk about what may have accelerated in the organic business to enable that in the quarter.

嗨，下午好。恭喜這次的成果。我有個關於 Spirent 的問題。你們看到那邊相較 Q3 有相當明顯的下滑，但即便如此，NSE 仍能相當大幅成長。想請你談談，本季有什麼有機業務可能加速，才能促成這樣的表現。

And I assume what most of Spirent is also cloud driven. So we can get an update on that. You made a comment kind of about growth excluding Spirent. And then what might you expect for Spirent here in your fiscal Q1 guide?

另外我假設 Spirent 大部分也都是雲端驅動。所以也想請你更新一下那部分。你提到一個大概是排除 Spirent 的成長評論。那你對 Spirent 在你們財年 Q1 指引中有什麼預期？

Well, I think the -- remember, we actually felt Spirent did pretty well. Remember, the first half of the calendar year is the about 45% of their revenue and 55% of revenues in the second half. So in the March quarter, they had some carryover die. But I mean June quarter came in pretty much as we expected. And as a lot of it is enterprise driven.

嗯，我想 -- 記得，我們其實覺得 Spirent 表現相當不錯。記得，曆年上半年大約占他們營收的 45%，下半年占 55%。所以在 3 月季度，他們有一些遞延的（carryover）die。但我的意思是，6 月季度基本上如我們預期。而且其中很大一部分是由企業端帶動。

I mean they were the -- like I know, for example, September quarter, they're going to be up around 10% in revenue and December is usually their strongest quarter, probably now they're up 10%. But Spirent aside, really the biggest growth was very much lab and production, followed by aerospace and defense. And lab and production, I mean, it's just ticking up double-digit revenue growth in the absolute dollars quarter-over-quarter.

我的意思是，他們 -- 例如我知道，9 月季度他們的營收大概會年增約 10%，而 12 月通常是他們最強的季度，現在可能也會年增 10%。但撇開 Spirent 不談，最大的成長主要來自實驗室與量產（lab and production），其次是航太與國防。而實驗室與量產方面，我的意思是，就絕對金額而言，季度對季度的營收成長以雙位數在往上走。

Okay. Great. And back to co-packaged optics. I mean talk about the testing intensity. But do you have any metrics for us as regards kind of how CPO looks relative to pluggables from a test perspective and what that might mean for Viavi?

好的。很棒。再回到共封裝光學（CPO）。你提到測試強度。但你們是否有任何指標，說明從測試角度來看 CPO 相對於可插拔（pluggables）是什麼樣子，以及這對 Viavi 可能意味著什麼？

Well, I mean, listen, pluggables is clearly a simpler architecture. And why would you want to do CPO? You want to do CPO I mean, I would say maybe without literally exaggerating here. But if you have a co-packaged optics, your 3-nanometer silicon performs as a 2-nanometer silicon. So you are getting almost a whole node of advantage by co-packaging the optics, right?

嗯，我的意思是，聽著，可插拔顯然是更簡單的架構。那為什麼你會想做 CPO？你想做 CPO，我會說也許我不是在誇張。但如果你採用共封裝光學，你的 3 奈米矽晶效能會表現得像 2 奈米矽晶。所以透過把光學共封裝，你幾乎獲得整整一個製程節點的優勢，對吧？

That's really it. So you can take it either in performance or you can take it in the cost. So you can use a 3-nanometer silicon and get a 2-nanometer performance with co-packaged optics we have a 2-nanometer silicon and have a pluggable. Now you combine these things together, you get lower power and higher performance, right? I mean that's really what everybody why would anybody go to the length of complexity and yield and all these difficulties to implement this new technology.

這就是重點。所以你可以把它用在效能上，或用在成本上。所以你可以用 3 奈米矽晶，透過共封裝光學得到 2 奈米的效能；或者你用 2 奈米矽晶並採用可插拔。現在你把這些結合起來，就能得到更低功耗與更高效能，對吧？我的意思是，這就是為什麼大家會願意承受複雜度、良率以及所有這些困難去導入這項新技術。

It's purely because it cuts down on power and, or you can get yourself more performance out of the silicon. So it's really the optimization game that everybody is playing. Now it comes at a much higher cost. But relatively speaking, if you the same performance with the older silicon node then it's worth it.

純粹是因為它能降低功耗，並且／或者讓你從矽晶中榨出更多效能。所以這真的是大家都在玩的最佳化遊戲。現在它的成本會高很多。但相對而言，如果你用較舊的製程節點也能達到同樣效能，那就值得。

Okay. And finally, on the back to Spirent, I guess, a little bit. But wondering if we can get an update on where you are synergy-wise with that transaction and how you expect that to sort of flow through the income statement or OpEx over the next few quarters here?

好的。最後，再回到 Spirent 一下。想請問你們在這筆交易的協同效益（synergy）方面目前進度如何，以及你們預期未來幾個季度它會如何反映在損益表或營運費用（OpEx）上？

It's already all done and implemented and accounted for. We are done with the integration as of June quarter. And we did it not just pin general, both Viavi and Spirent. We rationalized go-to-market and the R&D during the first two calendar quarters. And exiting June, we are all set.

都已經全部完成、落地並入帳了。截至 6 月季度，我們已完成整合。而且我們做的不只是一般性的整合，Viavi 和 Spirent 兩邊都做了。我們在前兩個曆年季度中，精簡了市場推進（go-to-market）與研發。在 6 月結束時，我們都已就緒。

Yeah. I mean the savings from the restructuring are being realized. And also to your prior comment, Tim, actually, Spirent does grow kind of a single-digit year-over-year. As Oleg mentioned earlier, the core of level production is the main growth there. And seasonality for Spirent remains the same.

是的。我的意思是，重組帶來的節省正在實現。另外回到你先前的評論，Tim，其實 Spirent 的年增大概是個位數成長。如 Oleg 先前提到，核心的量產（production）是那邊的主要成長動能。而 Spirent 的季節性仍維持不變。

In the first half of the calendar year is usually weaker and the second half of the calendar year is usually much stronger. So June is traditionally a little bit weaker. But we as Oleg mentioned, we see at least percent quarter-over-quarter growth from June to September with another probably good quarter we expect in December. So I don't think that trajectory for Spirent overall changed. I think it performs really well with good margins, and we are very, very pleased with this.

曆年上半年通常較弱，曆年下半年通常強很多。所以 6 月傳統上會稍微弱一些。但如 Oleg 提到，我們至少看到從 6 月到 9 月有百分比的季增成長，並且我們預期 12 月還會有另一個相當不錯的季度。所以我不認為 Spirent 整體的走勢有改變。我認為它表現非常好、毛利率也不錯，我們對此非常、非常滿意。

And if anything, we are ahead of schedule on the road integration. I mean as I mentioned, we just released the first the ultra Ethernet transport testing, which is what you'd use for AI and high-performance compute workloads simulation. So it's actually been much better than I expected.

而且如果有什麼的話，我們在路線圖整合上是超前進度的。我的意思是，如我提到的，我們剛發布了第一個超乙太網傳輸測試（ultra Ethernet transport testing），這是用於 AI 與高效能運算工作負載模擬的。所以實際上比我預期的好很多。

Okay, great. Thanks very much.

好的，很棒。非常感謝。

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

謝謝你，Kendra。今天的法說會到此結束。感謝各位參與。祝各位晚安。