datacenter mix
Datacenter optical mix is now over half of revenue and growing fastest.
Datacenter mix dilution and opex floor: rising mix squeezes margin and turns growth into negative free cash flow, so reported EPS overstates distributable cash revenue core products datacenter mix 1 gross margin pool gross margin 2 opex ~1% operating margin 3 operating cash cash pool FCF 5 Thailand capex 4 working capital reported EPS growth distributable cash reported EPS growth overstates distributable cash 6