Samik Chatterjee
JPMorgan Chase & Co, Research Division

Good morning, everyone. Welcome to one of the first fireside chats for our annual tech conference. It's quite appropriate that from a hardware and networking coverage standpoint that we do the first fireside chat with the company we spend the most time talking with investors about over 2025, 2026. So Michael, thanks for being here. As an introduction, Michael Hurlston, President and CEO of Lumentum. Thank you. Kathy, thank you for the time at the conference as well.

Samik Chatterjee
JPMorgan Chase & Co, Research Division

I'll start off with a few questions, maybe more broader and looking at the industry a bit more broadly. Historically, and I go back to the time I started covering the sector, investors consider optical companies to be cyclical. What has changed in the industry to change that outlook? What's driving your confidence that it is not the same as the previous cycles?

Michael E. Hurlston
President, CEO & Director

Yes, Samik, first of all, thanks for having us. And you and I are spending a lot of time together. Rumors are going to start. You've got to be careful, okay? Look, I think everybody loves the phrase this time is different, but it does feel like this time is different. Our customers historically in optical have been the telecom customers, AT&T, Deutsche Telekom, Verizon. And the fiber build-outs were indeed very cyclical. There was a boom and bust period. We had a huge run-up in the 2000 periods. We had another good run in 2014, 2015, but it was really driven by the