(COHR) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome for the II-VI Incorporated FY '22 second quarter earnings call. (Operator Instructions) I would now like to turn the call host Mary Jane Raymond, you may begin.

女士們，先生們，謝謝你們的支持。歡迎參加 II-VI Incorporated FY '22 第二季度財報電話會議。 （操作員說明）我現在想轉為呼叫主持人瑪麗·簡·雷蒙德，您可以開始了。

Thank you, Kevin, and good morning. I'm Mary Jane Raymond, the Chief Financial Officer here at II-VI Incorporated . Welcome to our earnings call today for the second quarter of fiscal year 2022. With me today on the call are Dr. Chuck Mattera, our Chair and Chief Executive Officer; and Dr. Giovanni Barbarossa, our Chief Strategy Officer and the President of the Compound Semiconductor segment. This call is being recorded on Wednesday, February 9, 2022. Our press release and our updated investor presentation are available on the Investor Relations tab of the website, ii-vi.com.

謝謝你，凱文，早上好。我是 II-VI Incorporated 的首席財務官 Mary Jane Raymond。歡迎參加今天的 2022 財年第二季度財報電話會議。今天與我一起參加電話會議的是我們的主席兼首席執行官 Chuck Mattera 博士；我們的首席戰略官兼化合物半導體部門總裁 Giovanni Barbarossa 博士。本次電話會議於 2022 年 2 月 9 日星期三錄製。我們的新聞稿和更新的投資者演示文稿可在網站 ii-vi.com 的“投資者關係”選項卡上找到。

As a reminder, our remarks today may contain forward-looking statements. These remarks are given in the context of today only. They are subject to various risk factors and subject to change, possibly materially. We do not undertake any obligation to update these statements to reflect the events subsequent to today, except as required by law. A list of our known material risk factors can be found in our Form 10-K for the year ended June 30, 2021, together with our subsequent filings with the SEC.

提醒一下，我們今天的言論可能包含前瞻性陳述。這些評論僅在今天的背景下給出。它們受到各種風險因素的影響，並且可能會發生重大變化。我們不承擔更新這些聲明以反映今天之後發生的事件的任何義務，除非法律要求。我們的已知重大風險因素列表可在我們截至 2021 年 6 月 30 日的年度的 10-K 表格中找到，以及我們隨後向美國證券交易委員會提交的文件。

Our remarks today do not constitute an offer to sell, nor do they constitute as solicitation of an offer to buy any security. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the United States Securities Act of 1933 as amended. Finally, with respect to today's call, we will also present some non-GAAP measures, for which to the reconciliations to GAAP are found at the end of each document that includes those measures such as the press release or the investor presentation.

我們今天的言論不構成出售要約，也不構成購買任何證券的要約邀請。除非通過符合經修訂的 1933 年美國證券法第 10 條要求的招股說明書，否則不得發行證券。最後，關於今天的電話會議，我們還將介紹一些非 GAAP 措施，在每個文件的末尾都可以找到與 GAAP 的對賬，其中包括新聞稿或投資者介紹等措施。

With that, let me turn the call over to Dr. Chuck Mattera. Chuck?

有了這個，讓我把電話轉給 Chuck Mattera 博士。查克？

Thanks, Mary Jane. Good morning, everyone, and thanks for joining. During the quarter, we were once again able to look beyond the well-known challenges of the day and got the job done. Clearly, our application-specific materials, components and subsystem technologies underpinning multiple growth drivers intersected perfectly with a sustained demand that resulted from a strong market momentum.

謝謝，瑪麗珍。大家早上好，感謝您的加入。在本季度，我們再次能夠超越當今眾所周知的挑戰並完成工作。顯然，我們支撐多種增長驅動力的特定應用材料、組件和子系統技術與強勁的市場動力所帶來的持續需求完美相交。

We delivered a solid second quarter, as we helped our global customers accelerate their additions of capacity and enable the availability of new features for mobile, intelligent and electric infrastructures. Among those drivers, we are underpinning the conversions of communications, computing and connected consumer and automotive devices. These are revolutionizing how we interact with each other at work, at leisure and while learning through the Internet of Things and the metaverse. I will have more to say about how we are enabling the electrification of transportation as well as our vital contributions the resolution of the IC shortages later in my remarks.

我們在第二季度實現了穩健的表現，因為我們幫助我們的全球客戶加快了產能的增加，並為移動、智能和電力基礎設施提供了新功能。在這些驅動因素中，我們正在支持通信、計算以及連接的消費和汽車設備的轉換。這些正在徹底改變我們在工作、休閒和通過物聯網和元宇宙學習時的互動方式。關於我們如何實現交通電氣化，以及我們為解決 IC 短缺問題做出的重要貢獻，我將在後面的發言中更多地談一談。

Now, to provide further color on the quarter, for the first time in our history, we booked over $1 billion in orders. Our backlog grew 58% year-over-year to a record $1.7 billion and was up $300 million sequentially and $600 million year-over-year. This backlog is supported by our capacity additions, along with the planned launches of new products from both segments. This gives us confidence in our double-digit growth projections beyond this fiscal year that we will refer to in today's call.

現在，為了為本季度提供更多色彩，我們歷史上第一次預訂了超過 10 億美元的訂單。我們的積壓訂單同比增長 58%，達到創紀錄的 17 億美元，環比增長 3 億美元，同比增長 6 億美元。我們增加的產能以及計劃推出的兩個細分市場的新產品支持了這一積壓工作。這使我們對我們將在今天的電話會議中提及的本財年之後的兩位數增長預測充滿信心。

Our revenues were $807 million, within our guidance and -- but for increased supply line and COVID-related constraints that accelerated throughout the quarter, we would have cleared the high end of our revenue guidance. The 2 largest drivers of the revenue gaps were from ROADMs and transceivers. Our non-GAAP EPS of $0.92 was at the top end of our guidance. This was enabled by a strong focus on controlling cost increases and on ratcheting of factory utilization and output. This cost control in turn required a continuous optimization of the supply chain, including building inventories at strategic points along our vertically integrated supply chain. This resulted in our inventory levels increasing again in the quarter, as we continued our focus on serving our customers in the face of COVID and to mitigate the impact of the extended lead times and other related disruptions from the supply chain.

在我們的指導範圍內，我們的收入為 8.07 億美元，如果不是供應線增加和 COVID 相關限制在整個季度加速，我們將清除收入指導的高端。收入差距的兩大驅動因素來自 ROADM 和收發器。我們的 0.92 美元的非公認會計原則每股收益處於我們指導的最高端。這是由於對控製成本增加以及工廠利用率和產量的高度關注而實現的。這種成本控制反過來需要不斷優化供應鏈，包括在我們垂直整合的供應鏈的戰略點建立庫存。這導致我們的庫存水平在本季度再次增加，因為我們繼續專注於為面對 COVID 的客戶提供服務，並減輕交貨時間延長和供應鏈其他相關中斷的影響。

In communications, we experienced increased demand for datacom transceivers and open line systems driven by the cloud and large enterprise customers. We continue to make inroads into serving the hyperscalers with our exceptional progress on 200G and 400G output and our early ramps for 800G for a very large and growing strategic customers.

在通信方面，我們經歷了由雲和大型企業客戶驅動的對數據通信收發器和開放線路系統的需求增加。我們繼續通過我們在 200G 和 400G 輸出方面取得的非凡進展以及我們為一個非常龐大且不斷增長的戰略客戶提供 800G 的早期坡道來為超大規模用戶提供服務。

We also saw a strong increase in demand from the telecom equipment customers and a clear sign of the start of a ROADM demand ramp that we expect will accelerate during calendar year '22 as the increased availability of ICs materializes from legacy supply lines and new ones that we are collaborating with closely along with our customers to accelerate qualification.

我們還看到電信設備客戶的需求強勁增長，並且顯示 ROADM 需求增長的明顯跡象，我們預計隨著傳統供應線和新供應線的 IC 可用性增加，ROADM 需求增長將在 22 日曆年加速。我們正在與我們的客戶密切合作，以加快認證。

The beginning of a multi-year upgrade of the U.S. cable TV infrastructure provided for a large and long-term contract, and this also, among our exciting growth drivers, based on major fiber-deep initiatives to improve rural broadband access in the U.S.

美國有線電視基礎設施多年升級的開始提供了一份大型長期合同，這也是我們令人興奮的增長動力之一，基於主要的光纖深度計劃，以改善美國農村寬帶接入。

Turning to the rest of the business. We believe that we are still in the early part of broad and multiyear adoption cycles across all of our other end markets, too. Increasingly, our customers are leveraging our breakthrough solutions, our large and resilient footprint, and our manufacturing expertise at scale. Our ongoing investments in R&D facilities expansions and capital equipment reflect our confidence in the long-term nature of our opportunity and our relentless focus on tying together our strategy with our execution. Our capital allocation of R&D and CapEx this year is more heavily weighted to the compound semiconductor segment, given our growth aspirations for FY '23 and '24.

轉向其他業務。我們相信，我們仍處於所有其他終端市場廣泛和多年採用周期的早期階段。我們的客戶越來越多地利用我們的突破性解決方案、我們龐大而有彈性的足跡以及我們大規模的製造專業知識。我們對研發設施擴建和資本設備的持續投資反映了我們對機會的長期性質的信心，以及我們對將戰略與執行相結合的不懈關注。鑑於我們對 23 財年和 24 財年的增長期望，我們今年對研發和資本支出的資本配置更側重於化合物半導體領域。

Now, in Industrial, again, this quarter, we experienced sustained increases in orders and demand for our laser components, including for CO2 lasers and fiber lasers. We experienced explosive increases in orders from the semi cap equipment ecosystem, including from equipment OEMs and their Tier 1 suppliers. Our differentiated position met accelerated demand from the OEMs in the semi cap equipment front-end and back-end wafer fab and laser-based inspection platforms. These expansions have spurred further increases in our already large manufacturing capacity investments, and these will accelerate throughout calendar year '22. We maintain intimate partnerships with leading companies up and down this ecosystem, where we are providing unique and vital components, which are sourced solely from II-VI, including and especially for the EUV lithography tool supply chain. This is helping the leading IC producers have confidence in the returns on their investments, as they expand the much-needed capacity in order to eventually clear the current IC supply chain shortages.

現在，在工業領域，本季度我們的激光組件（包括 CO2 激光器和光纖激光器）的訂單和需求再次持續增長。我們經歷了來自半帽設備生態系統的訂單爆炸式增長，包括來自設備 OEM 及其一級供應商的訂單。我們的差異化定位滿足了原始設備製造商在半帽設備前端和後端晶圓廠以及基於激光的檢測平台方面的加速需求。這些擴張刺激了我們本已龐大的製造能力投資的進一步增加，這些投資將在 22 日曆年加速。我們與這個生態系統上下的領先公司保持密切的合作夥伴關係，我們提供獨特而重要的組件，這些組件完全來自 II-VI，包括並且特別是用於 EUV 光刻工具供應鏈。這有助於領先的 IC 生產商對其投資回報充滿信心，因為他們擴大了急需的產能，以最終解決當前的 IC 供應鏈短缺問題。

Let me spend a minute on our recent success qualifying 1,200-volt silicon carbide MOSFETs for automotive applications using our substrates in the device technology we licensed from GE. I am excited about this important milestone that we met ahead of an aggressive schedule. I am pleased that we also entered into a new agreement with GE to deepen our relationship in order to accelerate the adoption of our silicon carbide technology and products. We will continue to focus on shortening our time to market and underpinning this platform with capacity and diameter expansions to help position our company as a market leader.

讓我花一點時間來談談我們最近在我們從 GE 獲得許可的設備技術中使用我們的基板成功地為汽車應用程序合格的 1,200 伏碳化矽 MOSFET。我對我們在積極的日程安排之前遇到的這個重要里程碑感到興奮。我很高興我們還與 GE 簽訂了一項新協議，以加深我們的關係，以加速採用我們的碳化矽技術和產品。我們將繼續專注於縮短我們的上市時間，並通過容量和直徑的擴展來支持這個平台，以幫助我們將公司定位為市場領導者。

The electrification of transportation will contribute substantially to the world's net zero sustainability goals. And as part of our corporate social responsibility, we are proudly positioning ourselves to substantially contribute to it. Looking ahead, we expect the totality of the company's investments to contribute to the sustained growth in FY '22, and we expect to significantly drive our target of double-digit organic growth in both 2023 and in 2024 by a combination of continued market growth and share gains across our Photonics Solutions and Compound Semiconductors customers.

交通電氣化將大大有助於實現世界淨零可持續發展目標。作為我們企業社會責任的一部分，我們自豪地將自己定位為為此做出重大貢獻。展望未來，我們預計公司的全部投資將為 22 財年的持續增長做出貢獻，我們預計將通過持續的市場增長和 2024 年的兩位數有機增長目標顯著推動我們的目標。在我們的光子學解決方案和化合物半導體客戶中分享收益。

We will continue to work tirelessly to mitigate the impact to our customers and differentiate ourselves with capacity additions, while we maintain a good balance with our short-term cash management objectives. We expect the stress on our supply chain to continue to constrain our output and will have the effect of increasing some of our costs. Therefore, we have a major initiative across the company to increase prices, at least as a partial offset.

我們將繼續不懈努力，以減輕對客戶的影響，並通過增加產能使自己與眾不同，同時我們與短期現金管理目標保持良好平衡。我們預計供應鏈上的壓力將繼續限制我們的產量，並將增加我們的一些成本。因此，我們在全公司範圍內採取了一項重大舉措來提高價格，至少作為部分抵消。

Finally, on the pending acquisition of Coherent. Nearly a year ago, we announced that our analysis pointed to the long-term value of acquiring Coherent. This was part of a strategy to accelerate our penetration into new markets and sustain our profitable revenue growth. We envisioned a combined company that would have access to complementary growth drivers, a broader endowment of innovations in scale, and productivity and efficiency gains captured as going forward synergies. This is only one part of the rewards that I believe lie ahead. Pre-closing planning has proceeded nicely, and we are working with the final details necessary for a successful integration. The pending acquisition of Coherent has received the approval or indication of imminent approval from 3 out of 4 global antitrust regulatory authorities, which approvals are conditions to the closing of the transaction.

最後，關於即將收購的相干公司。大約一年前，我們宣布我們的分析指出了收購 Coherent 的長期價值。這是加速我們進入新市場和維持盈利收入增長戰略的一部分。我們設想了一家合併後的公司，它將獲得互補的增長動力、更廣泛的規模創新禀賦，以及作為未來協同效應的生產力和效率提升。這只是我相信未來回報的一部分。交割前的計劃進展順利，我們正在處理成功整合所需的最終細節。待收購的相干公司已獲得全球 4 個反壟斷監管機構中 3 個的批准或即將批准的跡象，這些批准是完成交易的條件。

In China, the remaining jurisdiction, II-VI and Coherent are continuing to work constructively, with the state administration for market regulation or SAMR, and we now anticipate closing the acquisition by the middle of the second calendar quarter of 2022. It is a time of great anticipation and responsibility for us, and we are ready and set to go as we gear up to start our engines.

在中國，其餘司法管轄區 II-VI 和相干公司繼續與國家市場監管局或 SAMR 進行建設性合作，我們現在預計在 2022 年第二季度中期完成收購。現在是時候對我們充滿期待和責任，我們已準備好並準備好啟動引擎。

With that, I will turn it over to Dr. Giovanni Barbarossa. Giovanni?

有了這個，我會把它交給喬瓦尼·巴巴羅薩博士。喬瓦尼？

Thank you, Chuck. Our revenue in the industrial market grew 47% over Q2 FY '21 and 6% sequentially. We saw strong growth across all industrial applications, particularly in silicon carbide power electronics and fiber lasers. In the quarter, we shipped about 100 megawatts of pump laser power for fiber lasers, setting a new quarterly output and utilization record for our 6-inch wafer platform. We were excited to receive the 2021 Supplier Award from Han's Laser in recognition of our world-class products for fiber laser applications, which will continue to drive our growth, particularly after the merger with Coherent.

謝謝你，查克。我們在工業市場的收入比 21 財年第二季度增長了 47%，環比增長了 6%。我們看到所有工業應用的強勁增長，特別是在碳化矽電力電子和光纖激光器方面。本季度，我們為光纖激光器出貨了約 100 兆瓦的泵浦激光功率，為我們的 6 英寸晶圓平台創造了新的季度產量和利用率記錄。我們很高興獲得大族激光頒發的 2021 年供應商獎，以表彰我們用於光纖激光應用的世界級產品，這將繼續推動我們的增長，特別是在與相干公司合併後。

Our communications revenue grew 6% year-over-year, with most of the growth from datacom and more specifically, from our high-data-rate transceivers. Our datacom business experienced exceptional growth and 9% sequentially and our transceivers at 200, 400 and 800 gigabits per second grew 25% sequentially and now represents 30% of our datacom revenue from about 2% a year ago, a clear sign of share gain across all high-data-rate transceivers.

我們的通信收入同比增長 6%，其中大部分增長來自數據通信，更具體地說，來自我們的高數據速率收發器。我們的數據通信業務經歷了驚人的增長，環比增長 9%，我們的收發器以 200、400 和 800 Gb/秒的速度環比增長 25%，現在占我們數據通信收入的 30%，高於一年前的 2%，這清楚地表明了我們的份額增長所有高數據速率收發器。

We are very excited to be able to best support our customers with higher data rates, particularly hyperscalers in their build-out of AI superclusters in a market which industry analysts are projecting to grow by 20% in calendar '22, and we continue to experience double-digit growth for at least another 3 to 5 years. In the same market, we are pleased to report our first design win and revenue from our differentiated clock and data recovery IC, a clear sign of the competitiveness of our captive IC platform, which we made available to the merchant market as part of our integration of Finisar.

我們很高興能夠以更高的數據速率為我們的客戶提供最佳支持，尤其是超大規模企業在構建 AI 超級集群的市場中，行業分析師預計該市場在 22 年日曆上將增長 20%，我們將繼續體驗兩位數的增長至少再持續 3 到 5 年。在同一市場，我們很高興地報告我們從我們的差異化時鐘和數據恢復 IC 中獲得的第一個設計勝利和收入，這是我們專屬 IC 平台競爭力的明顯標誌，作為我們整合的一部分，我們將其提供給商業市場菲尼薩。

With regard to transport networks, last quarter, we announced our engagement with Windstream Wholesale. In this quarter, we are pleased to report the initial shipments of our 400G-ZR plus Digital Coherent Optics in the QSFP-DD form factor, the first of its kind to enable IP over DWDM, thanks to its 0 dBm out power performed by our indium phosphide component technology.

關於運輸網絡，上個季度，我們宣布與 Windstream Wholesale 合作。在本季度，我們很高興地報告我們的 400G-ZR 以及 QSFP-DD 外形的數字相干光學器件的首次出貨量，這是第一個支持 IP over DWDM 的同類產品，這要歸功於我們的 0 dBm 輸出功率。磷化銦組分技術。

Our consumer market revenue grew 23% sequentially. The competitiveness of our VCSEL platform continues to be a winning factor in the market, and we are pleased to report the third consecutive quarter of 0 defect parts per million shipped, a world-class quality performance achieved by our team in Sherman, Texas.

我們的消費市場收入環比增長 23%。我們的 VCSEL 平台的競爭力繼續成為市場的製勝因素，我們很高興地報告，我們在德克薩斯州謝爾曼的團隊連續第三個季度實現了百萬分之零缺陷，這是我們的世界級質量表現。

On the sensing technology front, we've always emphasized the advantages of indium phosphide over gallium arsenide for some application-specific optoelectronics products. And we believe we are leading the consumer electronics and automotive market development with significant customer commitments and investment to date in our indium phosphide fabs.

在傳感技術方面，對於某些特定應用的光電產品，我們一直強調磷化銦相對於砷化鎵的優勢。而且我們相信，我們正在引領消費電子和汽車市場的發展，迄今為止我們對磷化銦工廠的重大客戶承諾和投資。

In the emerging metaverse or virtual and augmented reality applications, customer engagements are gaining momentum, opening up exciting opportunities for our broad spectrum of technology platforms. Specifically, we are very pleased to report that a new customer for AR/VR applications has committed to fund us with about $50 million for the development and production of a broad range of new products, including lasers, diffractive optics and advanced materials. Several strategic customers are beginning to realize the unique value of the one-stop-shop offering we provide with the depth and breadth of our portfolio and the promise of our long-range road maps.

在新興的元界或虛擬和增強現實應用程序中，客戶參與度越來越高，為我們廣泛的技術平台開闢了令人興奮的機會。具體來說，我們非常高興地報告說，AR/VR 應用的新客戶已承諾為我們提供約 5000 萬美元的資金，用於開發和生產各種新產品，包括激光器、衍射光學器件和先進材料。一些戰略客戶開始意識到我們提供的一站式服務的獨特價值，以及我們的產品組合的深度和廣度以及我們的長期路線圖的承諾。

Our revenue in the semiconductor capital equipment market grew 34% year-over-year. The demand for our products is strengthening as we expected, because of the massive investments underway in new semiconductor wafer fabs worldwide. The industry relies strongly on our highly differentiated materials, including polycrystalline diamond, reaction bonded ceramics, and metal matrix composite for extreme UV and deep UV lithography as well as wafer stages and chucks for front-end fab equipment and specialty thermal management components, enabling advanced packaging and testing capabilities.

我們在半導體資本設備市場的收入同比增長 34%。正如我們預期的那樣，由於對全球新半導體晶圓廠的大規模投資，對我們產品的需求正在增強。該行業強烈依賴我們高度差異化的材料，包括用於極紫外和深紫外光刻的多晶金剛石、反應粘合陶瓷和金屬基複合材料，以及用於前端晶圓廠設備和專業熱管理組件的晶圓載物台和卡盤，從而實現先進的封裝和測試能力。

Our silicon carbide revenue grew 11%, both year-over-year and sequentially. We saw very strong demand for power electronics applications, with revenue doubling sequentially and increasing by an order of magnitude compared to the same quarter in FY '21.

我們的碳化矽收入同比和環比增長了 11%。我們看到對電力電子應用的需求非常強勁，與 21 財年同期相比，收入環比翻番，增長了一個數量級。

As Chuck mentioned earlier, our investments in silicon carbide are underway and encompass a variety of applications and vertical end markets. We expect to see our subset business continue to grow, and I'm proud to report that we have started preproduction of gallium nitride on silicon carbide amplifiers on our 16 substrates in our Warren, New Jersey fab, with full production planned by the end of March.

正如 Chuck 之前提到的，我們對碳化矽的投資正在進行中，涵蓋了各種應用和垂直終端市場。我們希望看到我們的子業務繼續增長，我很自豪地報告說，我們已經開始在我們位於新澤西州沃倫的工廠的 16 個基板上在碳化矽放大器上預生產氮化鎵，併計劃在年底前全面生產行進。

Last but not least, we are pleased to have recently kicked off an exciting partnership with Element Six to complement our world-leading polycrystalline diamond platform with a single crystal capability that will considerably broaden the range of advanced applications we will be able to sell.

最後但同樣重要的是，我們很高興最近與元素六建立了令人興奮的合作夥伴關係，為我們世界領先的多晶金剛石平台提供單晶能力，這將大大拓寬我們能夠銷售的先進應用的範圍。

With that, let me turn it over to Mary Jane Raymond. Mary Jane?

有了這個，讓我把它交給瑪麗·簡·雷蒙德。瑪麗珍？

Thank you, Giovanni, and good morning. The end market and geographic breakdown of our $807 million of revenue can be found on the fourth page of the investor presentation. Our Q2 non-GAAP gross margin was 40.3%, and the non-GAAP operating margin was 19.7%. Supply chain costs and COVID costs, a total of $9.5 million are not excluded to arrive at non-GAAP results. At the segment level, the non-GAAP operating margins were 14.6% for photonics and 29.2% for compound semiconductors. Our record backlog of $1.7 billion consists of $1.22 billion for photonics and $484 million for compound semiconductors. As we have stated, this increase in backlog is a function of demand, particularly from the industrial end market and across the communications end market.

謝謝你，喬瓦尼，早上好。我們 8.07 億美元收入的終端市場和地域分佈可以在投資者介紹的第四頁找到。我們第二季度非 GAAP 毛利率為 40.3%，非 GAAP 營業利潤率為 19.7%。不排除供應鏈成本和 COVID 成本總計 950 萬美元，以得出非公認會計原則的結果。在細分市場層面，光子學的非公認會計原則營業利潤率為 14.6%，化合物半導體為 29.2%。我們創紀錄的 17 億美元的積壓訂單包括 12.2 億美元的光子學和 4.84 億美元的化合物半導體。正如我們所說，積壓的增加是需求的函數，特別是來自工業終端市場和整個通信終端市場。

GAAP operating expenses, SG&A plus R&D, were $213 million in Q2. Excluding $10 million of amortization, $17 million of stock comp, $10 million in start-up costs and $10 million of M&A and integration costs, non-GAAP OpEx was $166 million or 21% of revenue. Cost synergies for the Finisar acquisition, originally targeted at $150 million, have now reached nearly the $200 million stretch target 6 months early. Savings in both the cost of sales and OpEx contributed to our over-delivery and contributed to the margins this year so far.

GAAP 運營費用、SG&A 加上研發在第二季度為 2.13 億美元。不包括 1000 萬美元的攤銷、1700 萬美元的股票補償、1000 萬美元的啟動成本以及 1000 萬美元的併購和整合成本，非 GAAP 運營支出為 1.66 億美元，佔收入的 21%。收購 Finisar 的成本協同效應最初目標為 1.5 億美元，現在已經提前 6 個月達到了近 2 億美元的延伸目標。銷售成本和運營支出的節省導致了我們的超額交付，並為今年迄今為止的利潤率做出了貢獻。

Quarterly, GAAP EPS was $0.44, and non-GAAP EPS was $0.92, with after tax non-GAAP adjustments of $57 million in total. The increase in non-GAAP adjustments compared to last quarter includes the initial debt costs, largely related to the completion of the placement of the financing for the Coherent transaction. The diluted share count for GAAP results was 116 million shares, and for non-GAAP, the share count was 125 million shares. The GAAP and non-GAAP EPS calculations are in the ending tables of the press release.

季度，GAAP 每股收益為 0.44 美元，非 GAAP 每股收益為 0.92 美元，稅後非 GAAP 調整總額為 5700 萬美元。與上一季度相比，非公認會計原則調整的增加包括初始債務成本，主要與完成 Coherent 交易的融資安排有關。 GAAP 結果的稀釋股數為 1.16 億股，非 GAAP 的稀釋股數為 1.25 億股。 GAAP 和非 GAAP 每股收益計算在新聞稿的結尾表格中。

For the nonoperating income or expense, the company has $2 million of nonoperating expense this quarter, largely due to a $2 million write-off of disposed equipment. This -- we still expect the normal run rate, nonoperating income or expense to be $1 million of nonoperating income going forward. Pretax interest expense was $17 million. This includes $10 million of our underlying interest and $7 million of interest and fees on the debt for the transaction. Cash flow from operations in the quarter was $188 million, and free cash flow was $133 million, including CapEx of $55 million and a strategic inventory build of $50 million in the quarter, $100 million for the first half of the fiscal year to support our growth beginning in the second half of fiscal year '22.

對於營業外收入或費用，該公司本季度的營業外費用為 200 萬美元，主要是由於核銷了 200 萬美元的處置設備。這——我們仍然預計正常運行率、營業外收入或費用將是未來 100 萬美元的營業外收入。稅前利息支出為 1700 萬美元。這包括我們 1000 萬美元的基礎利息和 700 萬美元的交易債務利息和費用。本季度運營現金流為 1.88 億美元，自由現金流為 1.33 億美元，其中包括 5500 萬美元的資本支出和 5000 萬美元的戰略庫存建設，以及本財年上半年的 1 億美元以支持我們的增長從 22 財年下半年開始。

For fiscal year '22, we now expect CapEx to be $325 million to $375 million, driven largely by our expansion of silicon carbide and indium phosphide to address the growth in power devices, communications and consumer applications. We paid down $30 million of our debt in Q2, retired the remainder of the Finisar 2036 notes and our net cash position is $329 million. The company's liquidity at December 31 was $3.1 billion. The effective tax rate in the quarter was 15% due to ongoing benefits of R&D tax credits and other investment credits. We expect the tax rate to be between 18% and 20% for fiscal year '22.

對於 22 財年，我們現在預計資本支出將在 3.25 億美元至 3.75 億美元之間，這主要是由於我們擴大碳化矽和磷化銦以應對功率設備、通信和消費應用的增長。我們在第二季度償還了 3000 萬美元的債務，將剩餘的 Finisar 2036 票據退還，我們的淨現金頭寸為 3.29 億美元。該公司截至 12 月 31 日的流動資金為 31 億美元。由於研發稅收抵免和其他投資抵免的持續收益，本季度的有效稅率為 15%。我們預計 22 財年的稅率在 18% 到 20% 之間。

Turning to the outlook for Q3 FY '22. Our outlook for revenue for the third fiscal quarter ending March 31, 2022, is expected to be $785 million to $825 million and earnings per share on a non-GAAP basis at $0.75 to $0.95. The share count is 116 million for the low end and 125 million for both the midpoint and the high end. The EPS calculation, including the dividend treatment is detailed on Table 8 of the press release for the low, mid and high points of the guidance. This is at today's exchange rate and an estimated tax rate of 19%.

轉向 22 財年第三季度的前景。我們對截至 2022 年 3 月 31 日的第三財季的收入預期為 7.85 億美元至 8.25 億美元，按非公認會計原則計算的每股收益為 0.75 美元至 0.95 美元。低端股票數量為 1.16 億股，中高端股票為 1.25 億股。包括股息處理在內的每股收益計算在新聞稿的表 8 中詳細說明了指引的低點、中點和高點。這是按照今天的匯率和 19% 的估計稅率計算的。

For the non-GAAP earnings per share, we add back to GAAP earnings the pretax amounts of $20 million in amortization, $20 million in stock compensation and $21 million to $26 million in transaction, integration and other related costs. The transaction costs are expected to be higher, as we accelerate the planning for Coherent, complete the final year 3 synergies for Finisar, including our startup costs. The actual dollar amount of non-GAAP items, the tax rate, the exchange rates and the share counts are all subject to change.

對於非 GAAP 每股收益，我們將 2000 萬美元的攤銷、2000 萬美元的股票薪酬以及 2100 萬至 2600 萬美元的交易、整合和其他相關成本的稅前金額加回到 GAAP 收益中。隨著我們加快 Coherent 的規劃，完成 Finisar 的最後第 3 年協同效應，包括我們的啟動成本，交易成本預計會更高。非公認會計原則項目的實際美元金額、稅率、匯率和股票數量都可能發生變化。

Before we go to the Q&A, just as a reminder, our answers today may contain forecasts from which our actual results may differ due to a variety of factors, including, but not limited to, changes in mix, customer changes, supply chain shortages, both upstream and downstream, competition, changes in regulations, COVID-19 protocols and general economic conditions. We welcome your questions and expect to end this call, not later than 10:00 a.m. You may open the line for questions.

在我們進行問答之前，提醒一下，我們今天的答案可能包含預測，我們的實際結果可能會因多種因素而有所不同，包括但不限於組合變化、客戶變化、供應鏈短缺、上游和下游、競爭、法規變化、COVID-19 協議和一般經濟狀況。我們歡迎您提出問題，並希望在上午 10:00 之前結束本次電話會議。您可以撥打電話提問。

(Operator Instructions) Our first question comes from Ananda Baruah with Loop Capital.

（操作員說明）我們的第一個問題來自 Loop Capital 的 Ananda Baruah。

I guess 2 if I could. The first one, Chuck, is to your long-term organic growth rate, kind of, provision. I don't know if it's quite a guide, but the commentary, thanks for that. Does that include -- clearly, it's sort of II-VI's current structure, but does that also include double-digit post the closing of Coherent, let's call it, organic apples. And then, I have a quick follow-up.

如果可以的話，我猜2個。第一個，查克，是為你的長期有機增長率提供的。我不知道這是否是一個指南，但是評論，謝謝。這是否包括 - 顯然，這是 II-VI 的當前結構，但這是否還包括 Coherent 關閉後的兩位數，我們稱之為有機蘋果。然後，我有一個快速跟進。

Thanks for your question. My commentary is based on and is reference to the organic growth rate of II-VI as it's configured today. Would you like to add to that, Mary Jane?

謝謝你的問題。我的評論基於並參考了今天配置的 II-VI 的有機增長率。你想補充一下嗎，瑪麗·簡？

Okay.

好的。

Cool. And then my follow-up is on the transceiver business, really good progress getting to 1/3 of revenue on greater than 100G. It sounds like you're constrained there still as well. But in spite of that, and here's really the question is, I believe that your goal was to get to 1/3 of revenue by midyear this year. So is it also accurate that you're overachieving your goal?

涼爽的。然後我跟進的是收發器業務，在超過 100G 的情況下取得了 1/3 的收入的進展非常好。聽起來你仍然被限制在那裡。但儘管如此，真正的問題是，我相信你的目標是在今年年中之前達到收入的 1/3。那麼你超額完成目標也準確嗎？

And you mentioned market share gains, so I would just love to get some context around what you're seeing there. And is it accurate that you're kind of like tracking stronger than you had thought previously to greater than 100G?

你提到了市場份額的增長，所以我很想了解一下你在那裡看到的情況。而且，您的追踪能力比您之前想像的要強到超過 100G，這是否準確？

And then also, any concept, guys, on the 100G market? Because we have been hearing that, that might kind of be where more of the constraints are taking place, just industry-wide. So would love any context on 100G also.

然後還有，關於 100G 市場的任何概念，伙計們？因為我們一直聽說，這可能是更多限制發生的地方，只是在整個行業範圍內。所以也會喜歡 100G 的任何上下文。

Ananda, this is Giovanni. Thanks for your question. So let's say that the supply chain has not impaired, by any means, our ability to get new design wins and get traction for these higher-speed higher-data rate transceivers. So the 2 are definitely decoupled in a way that all depends ultimately on the differentiation and the performance, power consumption and so forth, advantages that we offer to the customer for this higher data rate transceivers. So even if there is, clearly, a market-wide constraint on the supply chain, I think customers still see the ability of II-VI to provide a broader offering than most can, and they see that very valuable. So that explains our ability to get to 1/3 of the total for higher data rate transceiver faster ahead of our plans.

阿難，這是喬凡尼。謝謝你的問題。因此，假設供應鏈無論如何都沒有削弱我們獲得新設計的能力，並為這些更高速、更高數據速率的收發器獲得牽引力。因此，兩者肯定會以某種方式解耦，最終取決於差異化和性能、功耗等，以及我們為客戶提供的更高數據速率收發器的優勢。因此，即使供應鏈顯然存在市場範圍的限制，我認為客戶仍然看到 II-VI 提供比大多數人更廣泛的產品的能力，他們認為這非常有價值。這就解釋了我們有能力比我們的計劃更快地達到更高數據速率收發器總數的 1/3。

And then, I mean, the 100G is as any other speed. It's definitely affected by the supply chain, but the reason really -- as you know, the market for 100G, substantially, is still dominant. And so clearly, from a dollar perspective, proportionally, there is a larger impact there. But I think the good news is that, as I said, the ability to gain share in such a complex situation, from a supply chain standpoint, I think, comes a long way, demonstrating our -- the strength of our platforms.

然後，我的意思是，100G 與任何其他速度一樣。它肯定受到供應鏈的影響，但真正的原因——如你所知，100G 市場仍然佔據主導地位。很明顯，從美元的角度來看，按比例計算，那裡的影響更大。但我認為好消息是，正如我所說，從供應鏈的角度來看，在如此復雜的情況下獲得份額的能力還有很長的路要走，展示了我們平台的實力。

Our next question comes from Meta Marshall of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Meta Marshall。

Great. Congrats on the quarter. A couple of questions. One, Mary Jane, if you could just give some context for the add-back of the start-up costs and just kind of what that related to and rationale for kind of backing that out of non-GAAP.

偉大的。祝賀本季度。幾個問題。一，瑪麗·簡，如果你能提供一些背景來說明啟動成本的增加，以及與非公認會計原則相關的內容和支持它的理由。

And then second, you guys had mentioned that you were putting into place some pricing increases. Could you just give a sense of whether those are across the board or where those price increases are kind of being applied and when we should expect to see some of that impact?

其次，你們提到你們正在實施一些價格上漲。您能否大致了解一下這些是否是全面的，或者這些價格上漲適用於哪些地方，以及我們何時應該看到其中的一些影響？

Sure. So let's take the second part first. So price increases probably have a couple of different flavors. As Giovanni said, both this quarter and last quarter in the semi cap equipment market, our components for that are obviously in very high demand. And so that's one area more due to demand and the rapid acceleration of designs there. And then in the industrial space, in some of the end markets of our industrial end market, we have had pricing ability for many, many years. So there is a sort of typical pricing ability that the company is able to exercise and in some cases, is doing so.

當然。所以讓我們先來看第二部分。所以價格上漲可能有幾種不同的口味。正如喬瓦尼所說，無論是本季度還是上一季度的半帽設備市場，我們的組件顯然都處於非常高的需求量。由於需求和設計的快速加速，這又是一個領域。然後在工業領域，在我們工業終端市場的一些終端市場，我們已經有很多很多年的定價能力。因此，公司能夠行使一種典型的定價能力，在某些情況下，正在這樣做。

The second flavor is actually related to more in communications where we are incurring additional costs for purposes of trying to get components to meet our customers' needs. In that case, I would say, what the company is actually doing is really trying to achieve best value with customers. So in other words, we are not whole-cloth passing through those price increases.

第二種風格實際上與更多的通信有關，我們為試圖獲得滿足客戶需求的組件而產生額外的成本。在這種情況下，我想說的是，公司實際上在做的是真正努力為客戶實現最大價值。所以換句話說，我們並不是通過那些價格上漲的整塊布。

We are working with each customer individually and in some cases, working with customers to actually get more share of wallet of their business rather than pass along a price increase for today. So when I say we are looking to achieve the best value creation with our customers, that's what I mean. It's not really ever a simple matter of we incurred this much, so therefore, we're taking prices up to customers this much. And I think that, actually, that has served us very well during this time for the efforts we've had now for over a year and trying to secure short parts.

我們正在與每個客戶單獨合作，在某些情況下，與客戶合作以實際獲得他們業務的更多份額，而不是通過今天的價格上漲。因此，當我說我們希望與客戶一起實現最佳價值創造時，這就是我的意思。我們付出了這麼多，這並不是一件簡單的事情，因此，我們向客戶收取了這麼多的價格。而且我認為，實際上，這在這段時間內對我們非常有用，因為我們現在已經進行了一年多的努力並試圖確保短零件的安全。

With respect to the question on the start-up costs, so the company is starting up new products in the U.K. fab. And those are being excluded from non-GAAP because they're all being excluded to achieve the non-GAAP, because they're also expected to be short term. Giovanni mentioned that we expect to start to ship those products somewhere in the middle of the year. So that's the rationale on that.

關於啟動成本的問題，公司正在英國晶圓廠啟動新產品。這些被排除在非公認會計原則之外，因為它們都被排除在實現非公認會計原則之外，因為它們也被認為是短期的。 Giovanni 提到，我們預計將在年中的某個地方開始運送這些產品。這就是理由。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

Your line is open. You can ask your question. Do you want me to go ahead and move on to the next question? (technical difficulty)

你的線路是開放的。你可以問你的問題。你想讓我繼續下一個問題嗎？ （技術難度）

Sure. Samik, we'll come back to you if you're having a little technical problem. Samik's analyst name is Joe. If Joe's on, Joe can also ask. Joe, are you wanting to ask? Otherwise, we'll circle back to you.

當然。 Samik，如果您有一點技術問題，我們會回复您。 Samik 的分析師名叫 Joe。如果喬在，喬也可以問。喬，你想問嗎？否則，我們會轉回給你。

Our next question comes from Paul Silverstein with Cowen.

我們的下一個問題來自 Paul Silverstein 和 Cowen。

Mary Jane, I apologize. I think you said it during the call, but can you repeat what was the impact on both revenue and on margins of supply chain? And more importantly, any thoughts you can share with us as you look forward more distantly into the future in terms of where margins can go?

瑪麗珍，我很抱歉。我想你在電話會議上說過，但你能重複一下對收入和供應鏈利潤率的影響嗎？更重要的是，當您展望未來的利潤可以去哪裡時，您可以與我們分享任何想法嗎？

So with respect to the effect of revenue on the supply chain, actually, it was Chuck. If we had not had the supply chain constraints that we did in the quarter, we think we would have been able to clear the top end of the guidance. So if you look at the top end of our guidance, having been a 40%, you can back into roughly what was the same number last quarter in the mid-30s.

所以關於收入對供應鏈的影響，實際上是查克。如果我們沒有像本季度那樣受到供應鏈限制，我們認為我們本可以清除指引的上限。因此，如果您查看我們指導的上限，即 40%，您可以回到 30 年代中期上個季度大致相同的數字。

With respect to the margin, well, certainly, we would have lost the margin on that volume, but the additional cost to secure parts that are still sitting in the margin, just that cost for supply chain shortages, $5.5 million. So it's about 3/4, 75 basis points in round numbers.

就利潤而言，當然，我們會失去該數量的利潤，但確保仍處於利潤中的零件的額外成本，僅是供應鏈短缺的成本，即 550 萬美元。所以它大約是整數的 3/4，75 個基點。

With respect to the question of going forward, what do we expect to see? Let me just answer the margin question for that, and then Giovanni and Chuck can probably talk about supply chain generally. But with respect to where margins can go, you can already see, looking at the segment margins and then seeing their effect either with constrained supply chain and COVID and all that jazz, the company achieving 40%. That is largely because of the ongoing strength out of Giovanni's segment, which is really 3D sensing, silicon carbide.

關於前進的問題，我們期待看到什麼？讓我回答一下邊際問題，然後 Giovanni 和 Chuck 大概可以談論供應鏈。但是關於利潤率的去向，您已經可以看到，查看細分市場的利潤率，然後看到它們在供應鏈受限和 COVID 以及所有爵士樂的情況下的影響，該公司實現了 40%。這主要是因為 Giovanni 的細分市場（真正的 3D 傳感碳化矽）的持續實力。

So as we've said for a while now, those markets, which are really in their infancy, they carry very nice margins. So the growth in those markets tends to be accretive to margin. I'd say -- in addition, we've also -- we said last year, don't discount industrial. Industrial is a very strong margin end market for us. And is also contributing very, very well. I think, as we continue to have the higher speed, transceivers make up more of our transceiver content, we have the benefit of those early higher margins as well there.

因此，正如我們剛才所說，那些真正處於起步階段的市場，它們的利潤非常可觀。因此，這些市場的增長往往會增加利潤率。我會說 - 此外，我們還 - 我們去年說過，不要打折工業。對我們來說，工業是一個非常強大的利潤終端市場。而且也做出了非常非常好的貢獻。我認為，隨著我們繼續擁有更高的速度，收發器在我們的收發器內容中佔據了更多的份額，我們也從早期更高的利潤率中受益。

And as the component shortages lessen on ROADMs, which is probably the highest margin group of products inside of Photonics, those also come back. So while the company's margin range is still 38% to 42%, as I've said before, we're looking forward to big 40s sustainably and then going up from there. So I think ultimately, we've probably all talked about this in the past, the highest gross margin the company ever reported was 45, and there is not a soul in this company that has ever forgotten that.

隨著 ROADM 的組件短缺減少，ROADM 可能是 Photonics 內部利潤率最高的產品組，這些也回來了。因此，儘管該公司的利潤率範圍仍為 38% 至 42%，正如我之前所說，我們期待著 40 年代可持續發展，然後從那裡上升。所以我認為最終，我們過去可能都討論過這個問題，該公司報告的最高毛利率是 45，而且這家公司沒有一個人會忘記這一點。

Mary Jane, just to be clear, given what you just articulated and the fact that you're currently at 40% and have been for the past several quarters, won't those higher-margin young early products that are not contributing very much today but will contribute more in the future, why wouldn't that drive upside to that 40%?

瑪麗·簡（Mary Jane），要明確一點，考慮到您剛剛闡述的內容以及您目前的 40% 並且在過去幾個季度中一直如此的事實，那些利潤率較高的年輕早期產品今天貢獻不大但未來會做出更多貢獻，為什麼不推動那 40% 的上漲呢？

Yes. So I'm sorry, I do think there is upside to the 40%. I'm just not exactly sure what quarter exactly that will land in. And I do think that notwithstanding that we are already getting that and that's achieving in the 40s, the pressure on the ROADM side from a short parts point of view, the ROADM parts do carry a nice margin in Photonics. And I think that 3D sensing and silicon carbide still are really only in the first inning. So oh, yes, indeed. I do think there is a positive upward movement in our margins. I just would not say it's quarter-on-quarter-on-quarter. But I do think that we will see that, probably an improvement or a good sustaining over the next, say, 18 months as those markets come into their own.

是的。所以我很抱歉，我確實認為 40% 有上升空間。我只是不完全確定這將落在哪個季度。而且我確實認為，儘管我們已經做到了這一點並且在 40 年代實現了這一點，但從短期的角度來看，ROADM 方面的壓力，ROADM零件在光子學中確實有很大的優勢。而且我認為 3D 傳感和碳化矽仍然只是第一局。所以哦，是的，確實。我確實認為我們的利潤率出現了積極的上升趨勢。我只是不會說這是季度環比。但我確實認為，隨著這些市場的發展，我們會看到這一點，可能會在接下來的 18 個月內有所改善或維持良好。

I appreciate that. One follow-up, Chuck and Giovanni, any insight you could share with us on what's going on in your telecom business? Is that simply supply constraints for the lack of growth? Or is there something else going on there?

我很感激。一位跟進者，查克和喬瓦尼，您可以與我們分享您的電信業務正在發生的事情嗎？這僅僅是缺乏增長的供應限制嗎？還是那裡發生了其他事情？

Paul, thanks for your question. Paul, it's exactly dominated by supply chain dynamics. And the health of the business and the launch of the new products, the desire for more of what we make is all very clear. Our dashboard is lit up across the board on demand, and we're working the constraints as they relate to the supply chain. That is our focus.

保羅，謝謝你的提問。保羅，它完全由供應鏈動態主導。業務的健康和新產品的推出，對我們製造更多產品的渴望都非常清楚。我們的儀表板根據需要全麵點亮，我們正在處理與供應鏈相關的限制。這是我們的重點。

That's what I would have expected given the strong demand in the market.

鑑於市場需求強勁，這就是我的預期。

Our next question comes from Mark Miller with The Benchmark Company.

我們的下一個問題來自 Benchmark Company 的 Mark Miller。

You posted a very impressive increase in your backlog, yet midpoint of your guidance for sales for the March quarter is kind of flattish with December. I'm just wondering how does that backlog -- is it in terms of shipping? Is it more back end in terms of shipments on your backlog?

您的積壓訂單出現了令人印象深刻的增長，但您對 3 月季度的銷售指導的中點與 12 月持平。我只是想知道積壓是怎麼回事——是在運輸方面嗎？就您的積壓貨物而言，它是不是更多的後端？

I think this is the way you want to think about it, Mark, especially given the $1 billion bookings for this quarter. We have some significant increases in demand from customers. In order for us to make the commitment to build out capital, and frankly, the engineering, we are increasingly asking customers for not only longer-term views of their strategy, we are asking them for longer-term orders. And that is what we are seeing here.

我認為這是你想要考慮的方式，馬克，特別是考慮到本季度 10 億美元的預訂量。我們的客戶需求顯著增加。為了讓我們承諾建設資本，坦率地說，工程建設，我們越來越多地要求客戶不僅對他們的戰略有更長期的看法，我們也在要求他們提供更長期的訂單。這就是我們在這裡看到的。

Consequently, the answer to your question is, yes, it is more back-end loaded than if you were to assume that the bookings of 1 quarter are immediately revenue in the next quarter. That's actually not been the case from us for a year, as you already know. I would say that we are looking at that backlog certainly being timed across the year. It's probably fair to say that more than half of it is in the next 6 months, but a nontrivial amount is still in that latter 6 months. And if you then think about that in the context of our CapEx, they kind of go together, right, because that is what's allowing us to see that we need to. And we have the ability with the customer backing to put that capital in place.

因此，您的問題的答案是，是的，與您假設第一季度的預訂立即成為下一季度的收入相比，它的後端負載更多。正如您已經知道的那樣，我們已經有一年沒有這樣做了。我想說的是，我們正在查看該積壓工作肯定會在一年中計時。可以公平地說，其中一半以上是在未來 6 個月內，但在後 6 個月內仍有相當大的一部分。然後，如果您在我們的資本支出的背景下考慮這一點，它們就會結合在一起，對，因為這讓我們看到我們需要這樣做。我們有能力在客戶的支持下將資金到位。

My second question, I was wondering if you can comment about pricing in both transceiver, the high-end transceiver and also, the VCSEL markets?

我的第二個問題，我想知道您能否評論一下收發器、高端收發器以及 VCSEL 市場的定價？

Mark, this is Giovanni. Thanks for your question. The -- we have not seen any unusual ASP pressure as we have seen it in the past. I mean, it was pretty much the similar competitiveness around the -- all of the data rates. The major difference, of course, is that as you go up in data rates, you go to the higher speed transceivers. There is substantially less price pressure then for the 100 and, let's say, the legacy products. So that's pretty much the environment we're in. So when you're actually saying that we have seen over the past few years, so there will be -- constraints of the supply chain have not changed. The outlook in terms of ASP changes over time.

馬克，這是喬瓦尼。謝謝你的問題。 - 我們沒有看到任何不尋常的 ASP 壓力，就像我們過去看到的那樣。我的意思是，這幾乎是圍繞所有數據速率的類似競爭力。當然，主要區別在於，當您提高數據速率時，您會使用更高速的收發器。與 100 和比方說傳統產品相比，價格壓力要小得多。所以這幾乎就是我們所處的環境。所以當你實際上說我們在過去幾年中已經看到時，供應鏈的限制並沒有改變。 ASP 的前景會隨著時間而變化。

Our next question comes from Tom O'Malley with Barclays.

我們的下一個問題來自巴克萊銀行的 Tom O'Malley。

My first question is on the cadence of CapEx in the back half of the year. You're sticking with your guidance for, I believe, $325 million to $375 million for the entire fiscal year. But coming off of December quarter, where you did, I think, around $60 million or so, that implies a big acceleration in the back half. Can you give us a little color on the cadence of that? Is that evenly spread across the margin June quarter?

我的第一個問題是關於今年下半年資本支出的節奏。我相信，您在整個財政年度的預算為 3.25 億至 3.75 億美元。但從 12 月季度開始，我認為大約 6000 萬美元左右，這意味著後半部分將大幅加速。你能給我們一點關於它的節奏的顏色嗎？這是否均勻分佈在 6 月季度的保證金中？

And then how do you think of that in terms of free cash flow just given the midpoint of guidance in March? It looks like with that CapEx spend, free cash flow's potentially negative. Would you see the free cash flow going negative? Or just any color on the cadence of that CapEx.

那麼，在 3 月份指導值的中點給出的自由現金流方面，您如何看待這一點？看起來，隨著資本支出的支出，自由現金流可能是負數。你會看到自由現金流變成負數嗎？或者只是該資本支出節奏上的任何顏色。

Right. So first of all, the CapEx in the cash flow statement, right, it's the capital that's already been paid for. So we probably have on a -- if we just talk about the capital itself being in place, we probably have about another $50 million of perceived equipment where the bills are in AP right now. So that comes through the operating cash flow. I think we -- it is a little bit more back-end loaded because it was planned that way, actually. I mean, we were looking for getting the long lead times out there, getting the capacity in place.

正確的。所以首先，現金流量表中的資本支出，對，它是已經支付的資本。所以我們可能有一個 - 如果我們只是談論資本本身已經到位，我們可能還有大約 5000 萬美元的感知設備，現在賬單在 AP。所以這是通過經營現金流來的。我認為我們 - 它的後端負載要多一些，因為實際上是這樣計劃的。我的意思是，我們一直在尋求獲得較長的交貨時間，使產能到位。

Is it possible that in 1 quarter that the free cash flow could go negative? Potentially, it could, but I'm not sure that we would. I'm pretty sure we would be working pretty hard not to have that be the case. But at the end of the day, we are looking to be shipping off some of this capital relatively shortly in the back -- in the middle of the year, which could technically span the last quarter of fiscal year '22, the first quarter of '21, and we're looking forward to being able to get those products delivered to customers.

自由現金流是否有可能在 1 季度變為負數？可能，它可以，但我不確定我們會。我很確定我們會非常努力地避免出現這種情況。但歸根結底，我們希望在較短時間內——在年中——從技術上講，這可能跨越 22 財年的最後一個季度，即 2019 年的第一季度。 '21，我們期待能夠將這些產品交付給客戶。

That's helpful. And then this one's for you, Giovanni. You -- obviously, some really exciting growth in the high-speed transceivers. On the last call, I believe you mentioned some additional investment, potentially in digital silicon. Are you still pursuing that road map? Is digital silicon important for you guys at higher speeds? And is that something that you think that you need to have in the future as we move to higher speeds?

這很有幫助。然後這個是給你的，喬瓦尼。你——顯然，高速收發器的一些真正令人興奮的增長。在上次電話會議上，我相信您提到了一些額外的投資，可能是在數字芯片方面。你還在追求那張路線圖嗎？高速數字矽對你們來說很重要嗎？當我們向更高的速度發展時，您認為您將來需要擁有這些東西嗎？

Tom, thanks for the question. Absolutely.

湯姆，謝謝你的問題。絕對地。

That question...

那個問題...

No, Tom, go ahead. The answer is yes. But was there was something else you wanted to ask about? Please go ahead.

不，湯姆，繼續。答案是肯定的。但是你還有什麼想問的嗎？請繼續。

No, go ahead. Just if that was something that you're continuing to invest in. So I guess, with -- absolutely, there's continued investment there.

沒有，繼續。如果那是你繼續投資的東西。所以我想，當然，那裡有持續的投資。

Tom, we absolutely are. And we have some very major mileposts and they're exciting, and we're right on track.

湯姆，我們絕對是。我們有一些非常重要的里程碑，它們令人興奮，我們正走在正軌上。

Our next question comes from Simon Leopold with Raymond James.

我們的下一個問題來自 Simon Leopold 和 Raymond James。

First, a quick clarification and then my question. On the start-up costs that you excluded from the pro forma this quarter, I just wanted to check back whether this was related to the expenses you talked about on the August earnings call. You had mentioned a $60 million to $70 million investment in R&D related primarily in the silicon carbide. I want to see if this was the same topic. That's my clarification.

首先，快速澄清一下，然後是我的問題。關於您在本季度的備考中排除的啟動成本，我只是想檢查一下這是否與您在 8 月財報電話會議上談到的費用有關。您提到了主要與碳化矽相關的研發投資 6000 萬至 7000 萬美元。我想看看這是不是同一個話題。這是我的澄清。

In terms of the trending question. I'd like to see if you could elaborate a bit on your hyperscale exposure, given the really impressive numbers, the 1/3 of the transceivers -- datacom transceivers coming from 200 to 800 gig. I'm assuming that's heavily biased towards hyperscalers. If you could confirm that assumption and discuss how you see that trending for the full calendar year, I'd like to hear that.

就趨勢問題而言。我想看看你是否可以詳細說明你的超大規模曝光，考慮到真正令人印象深刻的數字，1/3 的收發器——數據通信收發器來自 200 到 800 gig。我假設這嚴重偏向於超大規模。如果您可以確認該假設並討論您如何看待整個日曆年的趨勢，我想听聽。

So I'll answer the first one. So first of all, No, it is not related to it. So in the first quarter -- in the June quarter, we talked about roughly $60 million to $70 million for silicon carbide. By the time we got to reporting at the 9/30 quarter, instead of being about $20 million a quarter in engineering, it was actually closer to $10 million. That is actually a function of how we were able to use the time of the manufacturing engineers that do the design for manufacturability.

所以我會回答第一個。所以首先，不，它與它無關。所以在第一季度 - 在六月季度，我們談到了大約 6000 萬到 7000 萬美元的碳化矽。到 9/30 季度我們開始報告時，工程部門每季度的收入不是大約 2000 萬美元，而是接近 1000 萬美元。這實際上是我們如何利用製造工程師的時間進行可製造性設計的一個功能。

When we were estimating that cost, we thought we would be taking those guys out of their jobs pretty much full time. And as it turned out, we were able to use their time a lot more efficiently than that, and they could continue to cover off other manufacturing that they were doing. But we do use, on the shop floor, manufacturing engineers, to do design for manufacturability in the new product. So for silicon carbide, that number has moderated to something more like $35 million or $40 million, and that is still the run rate, and that is inside the OpEx. It's not excluded. The exclusion of the start-up cost is really for one of the last synergies really with Finisar, which is the expansion of the indium phosphide line for other markets.

當我們估算這個成本時，我們認為我們會讓這些人幾乎全職失業。事實證明，我們能夠比這更有效地利用他們的時間，他們可以繼續掩蓋他們正在進行的其他製造。但我們確實在車間使用製造工程師來設計新產品的可製造性。因此，對於碳化矽，這個數字已經放緩到 3500 萬美元或 4000 萬美元左右，這仍然是運行速度，這在運營支出範圍內。它不被排除在外。排除啟動成本實際上是與 Finisar 的最後協同效應之一，即為其他市場擴展磷化銦生產線。

And then for the hyperscalers, Giovanni's got that.

然後對於超大規模生產商來說，喬瓦尼做到了。

Yes. Simon, this is Giovanni here. Yes, definitely. The hyperscalers are, for sure, focus and driving the demand for these higher data rate transceivers. And I want to emphasize that we're not done yet in the sense that there is still 1 or 2 where we had to keep working and penetrate those accounts, where over the past few years, maybe for a number of reasons, we didn't pay attention to them. And now, I think the team is really focused on penetrating those accounts, where we are not -- we don't really have a large share of these products. So that's going to be a focus. What I'm trying to say is that we can see that number easily. I mean, the percentage of the total easily increasing beyond 1/3 of the total with higher data rates.

是的。西蒙，這裡是喬瓦尼。當然是。毫無疑問，超大規模生產商關注並推動了對這些更高數據速率收發器的需求。而且我想強調的是，我們還沒有完成，因為我們仍然需要繼續工作並滲透這些帳戶的一兩個地方，在過去幾年中，也許出於多種原因，我們沒有不要注意他們。現在，我認為團隊真正專注於滲透那些我們沒有的客戶 - 我們並沒有真正擁有這些產品的大部分份額。所以這將是一個焦點。我想說的是，我們可以很容易地看到這個數字。我的意思是，隨著數據速率的提高，總數的百分比很容易增加到總數的 1/3 以上。

On the other hand, of course, this requires substantial investments from our side because we expect those higher data rates to continue to drive the growth and then at some point, represent, obviously, the largest portion of the total. And so we'll continue to invest, but on the other hand, we know that there is a supply chain challenge that will somehow make that growth, will be more challenging than maybe we would like. But just to summarize, answer to your question, definitely. Hyperscalers, particularly those that are building these AI superclusters, really focused on higher data rates that fit very well in the architectures for next generation data centers.

另一方面，當然，這需要我們方面的大量投資，因為我們預計這些更高的數據速率將繼續推動增長，然後在某個時候，顯然佔總數的最大部分。所以我們將繼續投資，但另一方面，我們知道供應鏈的挑戰會以某種方式實現增長，這可能比我們想要的更具挑戰性。但只是總結一下，肯定地回答你的問題。超大規模，特別是那些正在構建這些人工智能超級集群的人，真正專注於非常適合下一代數據中心架構的更高數據速率。

And that would put it in excess of 15% of total revenue, if I'm doing my math correct. Is that right?

如果我的數學計算正確，那將超過總收入的 15%。那正確嗎？

Let's see. I think -- yes. Just a second. Yes. About 18%, actually.

讓我們來看看。我想是的。等一下。是的。實際上，大約 18%。

That was my guess.

那是我的猜測。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

Okay. Great. And sorry about earlier. I guess I wanted to just -- if I can ask you about the 1,200-volt silicon carbide MOSFET product platform. And if you can sort of walk me through how the road map, in terms of getting the product, now to different customers looks like and eventually getting this on a vehicle.

好的。偉大的。對早些時候感到抱歉。我想我只是想 - 如果我可以問你關於 1,200 伏碳化矽 MOSFET 產品平台的信息。如果你能帶我了解一下路線圖，在獲得產品方面，現在不同客戶的樣子，並最終在車輛上實現這一點。

Is it now that you're qualified -- I know a typical vehicle takes about like 5 years to design and get it out on the road, but is this now a catalyst for you to go meet customers with this product? Or also, are you looking for more partners outside of GE? So just maybe lay out the road map for me a bit in terms of how do we get from here to actually seeing material revenue from this? And I have a quick follow-up.

現在您是否已經合格了——我知道一輛典型的汽車需要大約 5 年的時間來設計並投入使用，但現在這是否是您通過該產品與客戶見面的催化劑？或者，您是否正在尋找通用電氣以外的更多合作夥伴？因此，也許就我們如何從這裡實際看到從中獲得實質性收入而言，為我制定路線圖？我有一個快速跟進。

Okay. Thank you, Samik, for your question. We have a -- on the basis of achieving this milestone, we've really ratcheted up the effort that we have, the agreement that we just announced with GE, brings additional resource to the table for us to be ready to address the customer, the qualification and the application engineering that will be required. I'm fully expecting that as a result of the increase in the number of fab starts, the work that we're doing now to shake out the overall process capability and process control, getting the sigmas tied down to where we need them to be, that we'll have the ability, by the end of the calendar year. Surely, as we head into the second half of '23, we should be in a real good position to be entering as a launch point into the marketplace.

好的。謝謝你，薩米克，你的問題。我們有 - 在實現這一里程碑的基礎上，我們確實加大了我們的努力，我們剛剛宣布與 GE 達成的協議，為我們提供了額外的資源，以便我們準備好應對客戶，所需的資格和應用工程。我完全期待由於晶圓廠開工數量的增加，我們現在正在做的工作是擺脫整體工藝能力和工藝控制，將 sigma 綁定到我們需要它們的位置，我們將有能力，到日曆年年底。當然，當我們進入 23 年下半年時，我們應該處於一個真正的有利位置，可以作為進入市場的起點。

And we will go to those places where, number one, there is a real value proposition for high-voltage, high-reliability devices. And whereas we will have a longer-term approach to the automotive market, we will also be targeting other applications early on, as well as the automotive applications that we know will take us a little more time, but I'm fully expecting that the revenues will begin to accrue in the early part of 2023 based on our design-ins and our design wins that we'll target in the second half of this calendar year. I hope that helps you.

我們將前往那些對高壓、高可靠性設備具有真正價值主張的地方。雖然我們將對汽車市場採取更長期的方法，但我們也將儘早瞄准其他應用，以及我們知道的汽車應用，我們知道這將花費我們更多時間，但我完全期待收入將在 2023 年初開始累積，這取決於我們的設計和我們將在本日曆年下半年瞄準的設計勝利。我希望這對你有幫助。

Yes. No, great. And just a quick follow-up. Just wanted to see what you're seeing in the pipeline for industrial lasers. What have recent trends been? And how much -- are you -- how are you thinking, just in terms of how sort of think about how long the cycle is on the industrial laser side? Particularly, do we get to a point where this can be a materially stronger growth business given the higher use of optical equipment across manufacturing?

是的。不，太好了。只是一個快速的跟進。只是想看看你在工業激光器的管道中看到了什麼。最近的趨勢是什麼？多少——你——你是怎麼想的，只是就工業激光方面的周期有多長而言，你是怎麼想的？特別是，鑑於整個製造業中光學設備的使用率更高，我們是否達到了可以成為實質上更強勁的增長業務的地步？

Samik, this is Giovanni. Thanks for your questions. So first of all, the welding, battery welding is a substantial driver for our industrial demand, whether we participate directly with our beam delivery systems or we participate to the market indirectly with the sales of pumps and other optics for our fiber laser customers. So it's a really, really strong market right now. And as you know, it's just the very beginning, considering the trends in demand for batteries that we see in the next 10, 20 years is going to be monotonically going. We see those applications to be really driving a lot of demand, and so that's one.

薩米克，這是喬瓦尼。感謝您的提問。因此，首先，焊接、電池焊接是我們工業需求的重要驅動力，無論我們是直接參與我們的光束傳輸系統，還是間接參與市場，為我們的光纖激光器客戶銷售泵和其他光學器件。所以它現在是一個非常非常強大的市場。如您所知，這只是一個開始，考慮到我們在未來 10 年、20 年內看到的電池需求趨勢將是單調的。我們認為這些應用程序確實推動了很多需求，這就是其中之一。

With regard to the -- we reached this kind of record, really, of 100 megawatt. And that's pump laser shipped, right? And that's really across all of the applications and they go to a very broad set of fiber laser customers. And I would like to put that in perspective. We think that the leaders in the market for fiber lasers typically would consume no more than 100 megawatts in a year of pump power. So that gives you an order of magnitude of the scale of our pump supply that is required to support tens of fiber laser customers globally, most of which are actually in China, so -- which is really extremely good market for us.

關於——我們真的達到了 100 兆瓦的這種記錄。那是泵浦激光器，對吧？這實際上涵蓋了所有應用程序，它們面向非常廣泛的光纖激光器客戶。我想正確看待這一點。我們認為，光纖激光器市場的領導者通常在一年的泵浦功率消耗不超過 100 兆瓦。因此，這為您提供了支持全球數十家光纖激光器客戶所需的泵供應規模的數量級，其中大多數實際上在中國，所以 - 這對我們來說確實是一個非常好的市場。

As we emphasize the supply award from Han's Laser, it's the demonstration of the competitiveness of our platform, deriving from scale, deriving from the wafer size. We believe we are the only one, the only supplier of 6-inch, while most are 4. Some -- most are 3, some are at 4-inch. And then, of course, the fact that we utilize a fab that works also on data complex, so the works on telecom pumps and other parts is very well utilized fabs, makes us incredibly competitive from a dollar per watt perspective. So the trends are battery welding and cutting, incredibly strong demand.

我們強調大族激光的供應獎，是我們平台競爭力的體現，源於規模，源於晶圓尺寸。我們相信我們是唯一的，唯一的 6 英寸供應商，而大多數是 4。有些——大多數是 3，有些是 4 英寸。當然，事實上，我們使用的工廠也可以處理數據複雜性，因此電信泵和其他部件的工作是非常充分利用的工廠，這使得我們從每瓦特美元的角度來看具有令人難以置信的競爭力。所以趨勢是電池焊接和切割，需求非常強勁。

All right. We know we have several of you waiting. We'll try and see if we can get all of you before we close. Go ahead for the next question.

好的。我們知道我們有幾個在等著你。我們會試著在關閉之前看看是否能得到你們所有人。繼續下一個問題。

Our next question comes from Richard Shannon with Craig-Hallum.

我們的下一個問題來自 Richard Shannon 和 Craig-Hallum。

I guess 2 quick ones here. First of all, just trying to characterize the sales guidance for the March quarter here, and I apologize, I got dropped off the line, so maybe the question was asked here. But maybe, you could characterize the amount of supply constraints affecting sales here relative to the effect that you already saw in the December quarter. Any way you can characterize that would be great.

我猜這裡有2個快速的。首先，只是想在這裡描述 3 月季度的銷售指導，我很抱歉，我下線了，所以也許這裡問了這個問題。但也許，您可以描述影響銷售的供應限制數量相對於您在 12 月季度已經看到的影響。任何你可以描述的方式都會很棒。

It's pretty consistent. Maybe it's actually as high as $50 million. So it's probably at least as high as the last 2 quarters, which is in the mid-30s and as high as $50 million.

這是相當一致的。也許它實際上高達5000萬美元。因此，它可能至少與過去兩個季度一樣高，即 30 年代中期，高達 5000 萬美元。

Okay. Perfect. Second question is in the Photonics group here, looking at your EBIT and EBIT margin here, it's been kind of flat to maybe, actually, slightly down the last couple of quarters. Kind of a 2-part question here. Is it fair to assume that most of the margin impact from supply constraints, the expedited, et cetera, have been in the Photonics business? And then as we look a little bit longer term, is this a business you think can get to the higher teens or even 20% in a non-supply-constrained environment?

好的。完美的。第二個問題是在這裡的光子學組，看看你的息稅前利潤和息稅前利潤率，在過去的幾個季度中，實際上可能略有下降。這裡有一個兩部分的問題。假設供應限制、加急等因素對利潤的影響大部分都在光子業務中，這是否公平？然後，從長遠來看，您認為這是一項可以在非供應受限的環境中達到青少年甚至 20% 的企業嗎？

Well, I -- first of all, yes, they are the ones who are enduring most of the supply issues. And as we said earlier, we are not taking those out and getting to their adjusted margin. So that's 5.5%. I would also say that they probably are carrying the larger portion of the 4 that is for COVID. If by no other reason than they have more people.

嗯，我——首先，是的，他們是忍受大部分供應問題的人。正如我們之前所說，我們不會將它們剔除並達到調整後的利潤率。所以這是 5.5%。我還要說，他們可能攜帶了 4 個用於 COVID 的較大部分。如果沒有其他原因，就是他們有更多的人。

In terms of getting to the 20s, we have net or held that we thought Photonics actually would be in the 20s. I think in some demand schemes, it could be possible. But generally, I do think that they have the ability to be in the middle-upper teens, so to speak, and have been before. But again, as you hit it correctly, it's really the effects of the supply chain and most of the COVID costs, which has got to be more than about 125 points of margin for them and ROADMs are the most affected. So we're also losing the ROADM margin.

在進入 20 多歲方面，我們已經確定或認為我們認為光子學實際上將在 20 多歲。我認為在某些需求計劃中，這是可能的。但總的來說，我確實認為他們有能力成為中上青少年，可以這麼說，而且以前也有過。但同樣，當你正確地擊中它時，這確實是供應鍊和大部分 COVID 成本的影響，這對他們來說必須超過大約 125 個點的利潤，而 ROADM 受到的影響最大。所以我們也失去了 ROADM 利潤。

Our next question comes from Jim...

我們的下一個問題來自吉姆……

So...

所以...

Sorry.

對不起。

Operator, keep on -- we'll try and finish all the questions before we end the call. Go ahead.

接線員，繼續——我們會在結束通話之前嘗試完成所有問題。前進。

Our next question comes from Jim Ricchiuti with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Jim Ricchiuti。

Did you provide a percent of revenue that you generated from the quarter in silicon carbide? I may have missed it. And just a quick follow-up.

您是否提供了該季度產生的碳化矽收入的百分比？我可能錯過了。只是一個快速的跟進。

Ask your second question, I'll give you the number in a second here.

問你的第二個問題，我馬上給你電話號碼。

Okay. Chuck, thanks for that commentary about organic growth, double-digit fiscal '23, fiscal '24. Talk about, if you would, what you see as the biggest drivers to getting to those growth rates, presumably silicon carbide being one of them.

好的。查克，感謝您對有機增長、兩位數的 23 財年和 24 財年的評論。如果你願意的話，談談你認為實現這些增長率的最大驅動力，大概碳化矽就是其中之一。

Yes. Jim, the answer to your first question was just between 4% and 5% in that range, okay?

是的。吉姆，你第一個問題的答案只是在這個範圍內的 4% 到 5% 之間，好嗎？

Okay.

好的。

Yes. As far as the drivers go, well, we have -- in both of the segments, we have a lot of interesting opportunities in the Photonics Solutions segment, which is driven by communications. I think Giovanni's provided great color here this morning with his dialogue with other analysts to give you a sense for where we're headed.

是的。就驅動因素而言，我們在這兩個領域都有很多有趣的機會，我們在由通信驅動的光子學解決方案領域擁有很多有趣的機會。我認為喬瓦尼今天早上在這裡與其他分析師的對話提供了很好的色彩，讓您了解我們的發展方向。

In the Compound Semiconductor segment, I'll turn it to Giovanni and just let him make an overall -- a broad-based comment about the opportunities that he sees there, which are really exciting and for which we're investing both R&D and capital this year to drive.

在化合物半導體領域，我將把它交給喬瓦尼，讓他做一個整體 - 一個關於他在那裡看到的機會的廣泛評論，這真的很令人興奮，我們正在為此投資研發和資本今年開車。

Yes. Thanks, Jim, for the question. So definitely, silicon carbide, as you mentioned, is going to be a driver for the years to come. We are investing capital, both for the substrate as well as our ability to make devices, starting with the AP up to making devices eventually. So we are investing, and I think this will drive growth. We have talked many times about our belief that indium phosphide is a very important platform in a number of applications and both communications and sensing, whether it's sensing for automotive, sensing for consumer, essentially for industrial. And that's for sure, it's one very strong driver.

是的。謝謝吉姆的問題。因此，正如您所提到的，碳化矽無疑將成為未來幾年的驅動力。我們正在為基板和我們製造設備的能力投資，從 AP 開始直到最終製造設備。所以我們正在投資，我認為這將推動增長。我們多次談到我們的信念，即磷化銦在許多應用以及通信和傳感中都是一個非常重要的平台，無論是汽車傳感、消費傳感，還是工業傳感。可以肯定的是，它是一個非常強大的驅動程序。

The last one -- another one which represent a substantial increase versus last year is really in the semi-cap equipment world. So we make a lot of parts. I mean, we have over 100 sole-sourced parts to the EUV tool. And those tools -- the demand for those tools, keeps increasing. And we are very happy to support the code, but it does require investments, which explain also the capital needed that the management talked about. And so semi-cap equipment, with parts with subsystems, primarily parts that go into tools, whether it's for inspection, whether it's for fabrication, whether it's for packaging. There is a very broad demand. There's a very healthy environment. Customers offer us price increases to get products as we are sold out. It's a really, really healthy growth for us.

最後一個——與去年相比大幅增長的另一個是在半帽設備領域。所以我們做了很多零件。我的意思是，我們有超過 100 個用於 EUV 工具的獨家採購零件。而這些工具——對這些工具的需求，不斷增加。我們很高興支持該代碼，但它確實需要投資，這也解釋了管理層談到的所需資金。所以半帽設備，帶有子系統的零件，主要是進入工具的零件，無論是用於檢查，是否用於製造，是否用於包裝。需求非常廣泛。有一個非常健康的環境。當我們售罄時，客戶向我們提供價格上漲以獲得產品。這對我們來說是一個非常非常健康的增長。

And last but not least, I think the general communication, as a component supplier. My larger customer is still Sonny, my friend Sonny leading the Photonics segment. But we also sell to a lot of transceivers and telecom gear suppliers around the world. Lasers, optics and photodiodes and so forth. That's also very, very healthy as we continue to drive the growth in the global communications business.

最後但並非最不重要的一點是，我認為作為組件供應商的一般溝通。我的大客戶仍然是 Sonny，我的朋友 Sonny 領導著光子學部門。但我們也向世界各地的許多收發器和電信設備供應商銷售產品。激光器、光學器件和光電二極管等。隨著我們繼續推動全球通信業務的增長，這也是非常非常健康的。

The next question comes from Harsh Kumar with Piper Sandler.

下一個問題來自 Harsh Kumar 和 Piper Sandler。

Chuck, I had 2 questions. First, on silicon carbide. I was hoping you could explain to us commercialization by the end of the year versus, I think, in the commentary, you mentioned that you're basically getting to production by end of March. So I guess I wanted to understand what the difference was and then I had a follow-up.

查克，我有兩個問題。首先，關於碳化矽。我希望你能在今年年底前向我們解釋商業化，而我認為，在評論中，你提到你基本上會在 3 月底前投入生產。所以我想我想了解區別是什麼，然後我進行了跟進。

Okay. Harsh, I'm not sure what part of the commentary that may have been misunderstood. So we have been, with our own press release now designed, what I was referring to in my earlier comments was, number one, let me just repeat what I said. We're in the process now of doing the final manufacturing shakedown so that we can have high confidence and our customers can as well, in our quality, our reliability, and as measured by all the details of the manufacturing line, that work is going on in -- with a huge increase in effort right now.

好的。苛刻，我不確定評論的哪一部分可能被誤解了。因此，我們現在設計了我們自己的新聞稿，我在之前的評論中所指的是，第一，讓我重複我所說的話。我們現在正在進行最後的製造調整，這樣我們就可以有很高的信心，我們的客戶也可以在我們的質量、可靠性以及生產線的所有細節上進行衡量，這項工作正在進行中繼續——現在正在大力增加努力。

I'm expecting that the prototypes and the models that we are already beginning to build will be available in the second half of this calendar year to be going directly to customers with and engaging them in designing and design-win activities. I think that will take us, knowing the process and the back and forth that has to go on. That's going to be an ongoing process. it's already started by discussion, but I think the models and prototypes that we will generate in the second half of the year should be sufficient for us to begin to generate enough enthusiasm to have orders so that we can begin shipping in the first half of the calendar year next year. We'll try to go as faster wherever we can, but that's the plan.

我預計我們已經開始建造的原型和模型將在本日曆年的下半年推出，直接面向客戶並讓他們參與設計和設計獲勝活動。我認為這將需要我們了解過程和必須進行的來回。這將是一個持續的過程。已經開始討論了，但是我認為我們將在下半年產生的模型和原型應該足以讓我們開始產生足夠的熱情來獲得訂單，以便我們可以在上半年開始出貨明年日曆年。我們會盡量加快速度，但這是我們的計劃。

Chuck, that clarifies that situation. And then my second question was on price increases. At this point, is the plan just to pass on the cost increases? Or you guys -- you think you can selectively, like, raise prices above and beyond the costs that you're seeing to be able to help with margins?

查克，這澄清了這種情況。然後我的第二個問題是關於價格上漲的。在這一點上，計劃只是為了轉嫁成本增加嗎？或者你們——你認為你可以有選擇地，比如，將價格提高到超出你認為能夠幫助提高利潤的成本？

Well, I think I answered that before. In some markets, we do have pricing power and are exercising it. That's not new to today. We've probably had that in the past. And so in that case, we are, in cases where the question is relating to -- and that's probably across our end markets. In cases where the question is relating to the pass-through of these excess supply chain costs, we are looking to achieve the best outcome with customers, which, in some cases, could be trading off a price increase for greater share.

好吧，我想我之前已經回答過了。在某些市場，我們確實擁有定價權並且正在行使它。這對今天來說並不新鮮。我們過去可能有過這種情況。因此，在這種情況下，如果問題與 - 這可能涉及我們的終端市場，我們就是這樣。如果問題與這些超額供應鏈成本的轉嫁有關，我們希望與客戶達成最佳結果，在某些情況下，這可能會以價格上漲換取更大的份額。

Next question comes from Sidney Ho with Deutsche Bank.

下一個問題來自德意志銀行的 Sidney Ho。

A couple of questions on -- just a follow-up on the silicon carbide question earlier. I understand it takes time to [just fully] design-in and production RAM and whatnot. What is the realistic revenue target we should be thinking about over the next 2 to 3 years or maybe whatever time frame you want to talk about? And how is the revenue profile going to change over time in terms of substrates versus modules?

幾個問題——只是前面碳化矽問題的後續。我知道 [完全] 設計和生產 RAM 之類的東西需要時間。在接下來的 2 到 3 年或者您想談論的任何時間範圍內，我們應該考慮的現實收入目標是什麼？隨著時間的推移，基板與模塊的收入狀況將如何變化？

Well, speaking to the larger question. I think what we've said is as we make these investments in silicon carbide, silicon carbide-based products, which would include the substrates, in, say, over the next 4, 5 years, is probably the business that has the most ability to change as a percentage of our revenue. So if it's about 4 today, it would probably start to exceed, let's just say, for the second discussion, possibly 10% of the revenue, something like that. So it will move as a percentage of revenue.

好吧，談到更大的問題。我認為我們所說的是，當我們對碳化矽進行這些投資時，基於碳化矽的產品，其中包括基板，比如說，在未來 4、5 年內，可能是最有能力的業務改變為我們收入的百分比。因此，如果今天大約是 4，它可能會開始超過，讓我們說，對於第二次討論，可能是收入的 10%，類似這樣。因此，它將作為收入的百分比移動。

And then the second part of your question was, what is the split between substrates and devices. It really depends on how the market develops. And so I'm not sure that, that's a clear prediction we could give right this minute. But the substrate is quite essential for the device being good, and we are very, very good with the substrate. So we do not intend not to keep making that. In other words, we will always make the substrate.

然後你問題的第二部分是，基板和設備之間的區別是什麼。這真的取決於市場如何發展。所以我不確定，這是我們現在可以給出的明確預測。但是基闆對於設備的良好性能非常重要，我們對基板非常非常好。所以我們不打算繼續這樣做。換句話說，我們將始終製作基板。

I would just add, Sydney, that as it relates to our FY '23 capital investments in this business, they are 80% or more focused on increasing our capacity for substrate growth and fabrication. And then right on the heels of that, for facilities to allow us in the next fiscal year to be adding in MOCVD capability so that we can begin adding to the portfolio epitaxial wafers in addition to our power electronic devices. Okay.

悉尼，我只想補充一點，因為這與我們在 23 財年對該業務的資本投資有關，他們 80% 或更多專注於提高我們的基板增長和製造能力。緊隨其後的是，設施允許我們在下一個財政年度增加 MOCVD 能力，以便我們可以開始在我們的電力電子設備之外添加外延片產品組合。好的。

That's helpful. Really quick one. On the consumer business, it has grown sequentially in the December quarter, but not as much as a year ago. Can you give us a little more color on that? Was that business also supply-constrained? And how should we think about seasonality impacting the next couple of quarters?

這很有幫助。真的很快。在消費者業務方面，它在 12 月季度環比增長，但不如一年前。你能給我們更多的顏色嗎？該業務是否也受到供應限制？我們應該如何考慮影響未來幾個季度的季節性因素？

Yes. So Sydney, this is Giovanni. Thanks for your question. The -- when we say consumer, the vast -- the greatest portion of the consumer is sensing and a greater portion of the sensing is 3D sensing. Actually, we like to look at the calendar year because that's where the -- typically the cycle of the products are linked to. So we go by calendar year. Our -- we had an ASP decline in 3D sensing, which we kind of discussed in the past due to shrinkage of die size.

是的。悉尼，這是喬瓦尼。謝謝你的問題。當我們說消費者時，廣大消費者的最大部分是感測，而感測的更大部分是3D感測。實際上，我們喜歡查看日曆年，因為這通常與產品週期相關聯。所以我們按日曆年。我們 - 我們在 3D 傳感方面的 ASP 有所下降，我們過去曾討論過這是由於芯片尺寸的縮小。

However, when we couple 3D sensing with sensing, actually, the calendar year '20 to '21 was flat. So we're able -- and as you know, the last quarter of calendar '21 is the Q2 -- our fiscal Q2 for '22. We actually saw it's very flat demand in terms of units. But because of the ASP decline, we saw only a 10% decline, dollar-wise calendar to calendar, which is actually remarkable, in my opinion, considering what maybe others were expecting.

然而，當我們將 3D 傳感與傳感結合起來時，實際上，20 年到 21 年的日曆年是平的。因此，我們能夠——如你所知，21 年日曆的最後一個季度是第二季度——我們 22 年的第二財季。我們實際上看到它在單位方面的需求非常平穩。但由於 ASP 下降，我們只看到了 10% 的下降，按美元計算，考慮到其他人的預期，在我看來，這實際上是了不起的。

And the -- and then the 3D -- the sensing, in general, was actually as I said, totally in terms of revenue was actually flat. So in other words, if we add non-3D sensing to sensing and which, as I said, is the vast majority of consumer. The calendar to calendar was actually fat, which again is remarkable, considering the ASP decline due to die shrinkage.

而且——然後是3D——一般來說，傳感實際上就像我說的那樣，就收入而言，實際上是持平的。換句話說，如果我們將非 3D 傳感添加到傳感中，並且正如我所說，這是絕大多數消費者。日曆到日曆實際上是胖的，考慮到由於模具收縮導致的平均售價下降，這再次引人注目。

Next question comes from Vivek Arya with Bank of America.

下一個問題來自美國銀行的 Vivek Arya。

I had 2 as well. So I believe Mary Jane, you mentioned there's about $100 million of strategic inventory build to support growth in the back half, did you mean in the back half of the calendar year? How much growth? And importantly, where will inventory days go over the next several quarters?

我也有2個。所以我相信瑪麗·簡，你提到有大約 1 億美元的戰略庫存建設來支持下半年的增長，你是說在日曆年的下半年嗎？增長多少？重要的是，未來幾個季度的庫存天數會去哪裡？

So I don't know that we can speak about inventory over several quarters. But generally speaking, I would say that this build of inventory is really effectively waiting on these short parts. We would expect to see that inventory start to ship out over the next few quarters. But the company, for other reasons, on other products, may decide that it will build some strategic inventory. But generally speaking, what we are really trying to do is be very, very prepared to ship to our customers when these short parts and integrated circuits come in.

所以我不知道我們可以談論幾個季度的庫存。但總的來說，我會說這種庫存構建確實有效地等待這些短零件。我們希望看到庫存在接下來的幾個季度開始出貨。但出於其他原因，該公司可能會決定在其他產品上建立一些戰略庫存。但總的來說，我們真正想做的是非常非常準備在這些短零件和集成電路進來時將其運送給我們的客戶。

But I thought I heard there was some growth coming in the back half? Did you mean in the back half of the calendar year? Like, for example, could we see II-VI potentially exiting this calendar year at -- Chuck, at a double-digit kind of growth rate that you alluded to?

但我想我聽說後半部分有一些增長？你的意思是在日曆年的後半段？例如，我們是否可以看到 II-VI 在本日曆年以您提到的兩位數增長率退出 - Chuck？

We are expecting to see growth in the back half of the year. I'm not -- and I do think that we will see some good growth, but I'm not sure whether or not that will achieve double digit for the entire year just from this inventory. But generally speaking, we are expecting growth to accelerate as the year goes on.

我們預計下半年會出現增長。我不是 - 我確實認為我們會看到一些良好的增長，但我不確定僅從這個庫存來看，這是否會在全年實現兩位數。但總的來說，我們預計隨著時間的推移，增長將加速。

Our next question comes from Christopher Rolland with Susquehanna.

我們的下一個問題來自 Christopher Rolland 和 Susquehanna。

First is a clarification on the question. In the press release, you had $0.90 as the high end of March EPS, but Mary Jane, you mentioned $0.95 on the call. So just some clarification there.

首先是對問題的澄清。在新聞稿中，您的 3 月每股收益上限為 0.90 美元，但瑪麗·簡，您在電話會議上提到了 0.95 美元。所以這裡只是一些澄清。

And then secondly, for the VR/AR opportunity that you mentioned on the call, I think you also mentioned a $50 million -- I don't know if it was a prepayment or an NRE or a preorder. I don't know exactly what that $50 million was. I'm assuming it's for VCSELs or time of flight. And perhaps you can talk about either what's different in the architecture that it would require an NRE and also, any timing on the product launch would be great, too.

其次，對於你在電話會議中提到的 VR/AR 機會，我想你也提到了 5000 萬美元——我不知道這是預付款、NRE 還是預購。我不知道那 5000 萬美元到底是什麼。我假設它用於 VCSEL 或飛行時間。也許您可以談論架構中需要 NRE 的不同之處，並且產品發布的任何時機也都很好。

Thanks, Chris, for the question. This is Giovanni here. So we didn't say NRE, by the way. So I just want to make sure that this $50 million includes a number of funds. And as I said in my prepared remarks, it is for an AR/VR application. But I want to emphasize, as I said in the prepared remarks, it's not just about lasers, it's not just about diffractive optics, includes materials -- and that's what we offer.

謝謝，克里斯，這個問題。這是喬瓦尼。順便說一句，所以我們沒有說 NRE。所以我只想確保這 5000 萬美元包括一些資金。正如我在準備好的評論中所說，它是針對 AR/VR 應用程序的。但我想強調，正如我在準備好的評論中所說，這不僅僅是關於激光，不僅僅是關於衍射光學，包括材料——這就是我們提供的。

And I think it's probably time that the customers, several customers are recognizing how unique, in a way, is the breadth of the product portfolio that we offer, right? So it goes well beyond laser, it goes well beyond diffractive optics and so forth. So you need to put together several of our competitors to come up with the same type of offerings that we have.

而且我認為現在可能是客戶，一些客戶認識到我們提供的產品組合的廣度在某種程度上是多麼獨特的時候了，對吧？所以它遠遠超出了激光，遠遠超出了衍射光學等等。因此，您需要將我們的幾個競爭對手放在一起，以提供與我們相同類型的產品。

And it's very exciting because it's a new customer, it's a large customer and it's for AR/VR applications. I can't go into the details, but it's very exciting. It's going to take some time for revenue to materialize, but we think it's a very large opportunity in the future for us.

這非常令人興奮，因為它是一個新客戶，它是一個大客戶，而且它適用於 AR/VR 應用程序。我無法詳細說明，但它非常令人興奮。實現收入需要一些時間，但我們認為這對我們來說是一個非常大的未來機會。

And thanks for pointing out the typo, Chris. It's $0.75 to $0.95 in the table in the back is the same way. So we'll fix that.

感謝您指出錯字，克里斯。 0.75 美元到 0.95 美元在後面的表格中是一樣的。所以我們會解決這個問題。

And then on the CDR comments, is this a new product for you guys? I haven't heard you talk about this before. When might that come to market? Or is this the type of CDR that we compete with, let's say, a Semtech for example? And how big do you think that opportunity could be?

然後在 CDR 評論中，這對你們來說是新產品嗎？我以前沒聽你談過這個。什麼時候可以上市？或者這是我們與之競爭的 CDR 類型，比如 Semtech？你認為這個機會有多大？

No. Just -- Chris, just to be clear, it's in the market now -- what we said in the script, we are selling it. We're recognizing revenue. And it's a product with Finisar. I mean, sorry, it's a platform that Finisar had for a very long time. The one we are selling is a new design, and we're selling to the metro market and it's part of a portfolio of ICs, which were kept captive for the entire lifespan of Finisar, and we decided to strategically make available on the metro market as part of our integration with Finisar. It was with Finisar. Correct. So we -- it's a product that's already there. We are selling it. We are recognizing revenue. It's the first design win of hopefully, over a long list because we have also drivers, we TIAs. We have complex ICs that we are trying to design in around the globe with transceivers and even, for example, in the 3D sensing world. So anywhere there is a need for IC to drive lasers to amplify detected signals and so forth, we're trying to penetrate the market. And yes, the competitors are pretty much those I had mentioned.

不。只是——克里斯，要明確一點，它現在已經上市了——我們在劇本中所說的，我們正在出售它。我們正在確認收入。它是 Finisar 的產品。我的意思是，抱歉，這是 Finisar 長期以來一直擁有的平台。我們銷售的是一種新設計，我們正在向地鐵市場銷售，它是 IC 產品組合的一部分，這些產品在 Finisar 的整個生命週期內都被保留，我們決定戰略性地在地鐵市場上銷售作為我們與 Finisar 集成的一部分。這是與Finisar。正確的。所以我們 - 這是一個已經存在的產品。我們正在出售它。我們正在確認收入。這是希望在很長的列表中的第一個設計勝利，因為我們也有驅動程序，我們 TIA。我們有復雜的 IC，我們正嘗試在全球範圍內設計帶有收發器的 IC，甚至例如在 3D 傳感領域。因此，任何需要 IC 來驅動激光器以放大檢測到的信號等的地方，我們都在努力打入市場。是的，競爭對手幾乎就是我提到的那些。

And I'm not showing any further questions at this time. I'd like to turn the call over to our host for any closing remarks.

我目前沒有提出任何進一步的問題。我想將電話轉給我們的主持人，以聽取任何結束語。

All right. Thank you so much all for joining us today. Thanks for hanging in there for a few extra minutes and we hope you all have a good day. See you soon.

好的。非常感謝大家今天加入我們。感謝您在那兒多呆了幾分鐘，我們希望你們都有美好的一天。再見。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接並度過美好的一天。