(COHR) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the II-VI Incorporated Fiscal Year 2022 Third Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Mary Jane, Chief Financial Officer. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 II-VI 公司 2022 財年第三季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您今天的發言人，首席財務官 Mary Jane。請繼續。

Thank you, 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 third 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 Tuesday, May 10, 2022.

謝謝你，早上好。我是 II-VI Incorporated 的首席財務官 Mary Jane Raymond。歡迎參加我們今天召開的 2022 財年第三季度財報電話會議。今天和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。此電話將於 2022 年 5 月 10 日星期二錄音。

Our press release and our updated investor presentation are available on the Investor Relations tab of the website, ii-vi.com.

我們的新聞稿和更新的投資者介紹可在網站 ii-vi.com 的投資者關係選項卡上找到。

As a reminder, our remarks today may contain certain 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 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 to the SEC.

提醒一下，我們今天的言論可能包含某些前瞻性陳述。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 a solicitation of an offer to buy any securities. 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.

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。

Finally, with respect to today's call, we will also present some non-GAAP measures for which the reconciliations to GAAP are found at the end of each document that contains those measures such as the press release or the investor presentation.

最後，關於今天的電話會議，我們還將介紹一些非 GAAP 措施，這些措施與 GAAP 的對賬可以在包含這些措施的每個文件的末尾找到，例如新聞稿或投資者介紹。

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 thank you for joining. This past quarter and indeed the past couple of years have been exceptional in every conceivable way. While we continue to face unprecedented and dynamic challenges, relentless dedication to operational excellence is paying tremendous dividends. Our one II-VI team around the world continues to rise to the occasion every day and performs with extraordinary effort, resilience, determination and success.

謝謝，瑪麗珍。大家早上好，感謝您的加入。過去的這個季度，甚至過去的幾年，在所有可以想像的方面都非常出色。雖然我們繼續面臨前所未有的動態挑戰，但對卓越運營的不懈努力正在帶來巨大的回報。我們在世界各地的一支 II-VI 團隊每天都在繼續迎接這一時刻，並以非凡的努力、韌性、決心和成功表現。

In addition to our focus on operational excellence, our strategy of participating in markets underpinned by large mega market trends continues to lead to long-term, transformative and sustainable growth. An unwavering commitment to our customers who serve these markets is creating deeper intimacy and even more opportunities yet for growth.

除了我們專注於卓越運營之外，我們參與以大型大型市場趨勢為基礎的市場的戰略繼續帶來長期、變革性和可持續的增長。對服務於這些市場的客戶的堅定承諾正在創造更深層次的親密關係，甚至更多的增長機會。

From a financial point of view, in short, we delivered another exceptional quarter with $828 million of revenue, a 6% increase year-over-year and above the top end of our guidance.

從財務角度來看，簡而言之，我們實現了另一個出色的季度，收入為 8.28 億美元，同比增長 6%，高於我們的指導上限。

Our customers clearly want even more of what we offer. This was evident by the tremendous surge in demand as our global sales team again booked a record quarter with an amazing $1.2 billion of new orders. This represents an increase of 48% compared to a year ago. And our backlog of $2.1 billion grew 88% year-over-year with a substantial increase in bookings contributed by both segments.

我們的客戶顯然想要更多我們提供的產品。隨著我們的全球銷售團隊再次以驚人的 12 億美元的新訂單預訂了創紀錄的季度，需求的巨大增長就證明了這一點。這比一年前增加了 48%。我們 21 億美元的積壓訂單同比增長 88%，這兩個部門貢獻的預訂量大幅增加。

Looking at the quarter in more detail. We continue our disciplined cost controls and productivity improvements, which contributed to our solid non-GAAP earnings per share that was at the top end of our guidance.

更詳細地查看該季度。我們繼續嚴格控製成本並提高生產力，這有助於我們實現穩健的非公認會計原則每股收益，這是我們指導的最高端。

Driven by strength in our datacom networking business for large enterprises as well as for hyperscale data centers and supercomputing clusters that underpin the cloud and the metaverse, Photonics Solutions increased revenue to $568 million or 12% compared to last year. Our growth was led mostly by datacom, which was 40% of our business in Q3. Datacom grew 15% sequentially and 26% year-over-year. Most of our datacom revenue comes from transceivers and of those, just under half or now 200G and above with 800G now just beginning to ramp meaningfully.

在我們為大型企業以及支持雲和元界的超大規模數據中心和超級計算集群提供強大數據通信網絡業務的推動下，Photonics Solutions 的收入比去年增加了 5.68 億美元或 12%。我們的增長主要由數據通信引領，在第三季度占我們業務的 40%。數據通信環比增長 15%，同比增長 26%。我們的大部分數據通信收入來自收發器，其中只有不到一半或現在 200G 及以上，而 800G 現在才開始有意義地增長。

I'm thrilled with the momentum that we've built since we acquired the transceiver platform more than 2.5 years ago. As we envisioned at that time, it has become an outstanding engine of growth for our business. The datacom business is driven by the growing footprint of cloud computing, sustained by large-scale investments that our customers continue to pour in.

自 2.5 多年前收購收發器平台以來，我們所建立的勢頭讓我感到非常興奮。正如我們當時所設想的那樣，它已成為我們業務增長的傑出引擎。數據通信業務由不斷增長的雲計算足跡推動，並由我們的客戶持續投入的大規模投資所支撐。

Computing is moving to the cloud to a degree that is profoundly transforming many industries. It is enabled by high-speed optical networks carrying data to and from consumer devices at the edge of the network and that are themselves increasing in computer power and sensing capabilities. We are witnessing the convergence of communications, computing and consumer electronics which is at the core of the megatrends driving our growth.

計算向雲遷移的程度正在深刻地改變許多行業。它是由高速光網絡實現的，該網絡在網絡邊緣的消費設備之間傳輸數據，並且這些設備本身的計算機能力和傳感能力也在增加。我們正在見證通信、計算和消費電子產品的融合，這是推動我們增長的大趨勢的核心。

As you know, II-VI plays a leading role in the buildup of the global optical communications network. As a result, our broad portfolio of products remains in high demand and is growing. Currently, our ability to ship such products is highly constrained by the availability of semiconductors. Over time, we expect these constraints to ease. In the meantime, we continue to work hard in collaboration with our supply chain partners and our customers to mitigate the impact of these shortages, including focused product, technology and manufacturing innovation efforts.

如您所知，II-VI在全球光通信網絡的建設中發揮著主導作用。因此，我們廣泛的產品組合仍然需求旺盛，並且還在不斷增長。目前，我們運送此類產品的能力受到半導體可用性的高度限制。隨著時間的推移，我們預計這些限制會有所緩解。與此同時，我們將繼續與我們的供應鏈合作夥伴和客戶合作，努力減輕這些短缺的影響，包括專注於產品、技術和製造創新工作。

We continue to advance our telecom transceiver technology and we are also executing on a multisite capacity expansion plan, including significant capital investments to enable our future growth. We fully expect the super cycle to continue in the face of broader economic challenges impacting other industries, and these capacity expansion capital investments position us very well as the worldwide supply chain pressure eases.

我們繼續推進我們的電信收發器技術，我們還在執行多站點容量擴展計劃，包括大量資本投資以實現我們的未來增長。面對影響其他行業的更廣泛的經濟挑戰，我們完全預計超級週期將繼續下去，這些產能擴張資本投資使我們在全球供應鏈壓力緩解時處於非常有利的地位。

In coherent transceiver technology, we continue to make great progress. In April, Windstream announced the completion of the industry's first 400G ZR+ interoperability trials enabled by our pluggable transceivers, which impressed with its industry-leading output power, thanks to its underlying indium phosphide device technology.

在相干收發器技術方面，我們不斷取得長足進步。 4 月，Windstream 宣布通過我們的可插拔收發器完成業界首個 400G ZR+ 互操作性試驗，得益於其底層的磷化銦器件技術，該收發器以其行業領先的輸出功率令人印象深刻。

Earlier today, we announced that we are first to market with a new node-on-blade platform that integrates an entire ROADM node into a single subsystem based on a unique wavelength selective switch, amplifier and high-resolution channel monitor technologies. This new platform promises to transform ROADM networks by enabling them to be more compact, consume less power, be more flexible and enable lower-cost networks.

今天早些時候，我們宣布我們率先推出一種新的刀片式節點平台，該平台基於獨特的波長選擇開關、放大器和高分辨率通道監控技術，將整個 ROADM 節點集成到單個子系統中。這個新平台承諾通過使 ROADM 網絡更緊湊、功耗更低、更靈活並支持成本更低的網絡來改變 ROADM 網絡。

Connected to the access network is the vast Internet of Things, where an increasing number of sensors can sense the world around them. Optical sensing and consumer electronics is especially exciting with the coming of extended reality in the metaverse. These are also driving new use cases for our broad portfolio of products in the compound semiconductor segment that includes semiconductor lasers, driver electronics, metalenses, high index waveguides and advanced materials.

連接到接入網絡的是龐大的物聯網，越來越多的傳感器可以感知周圍的世界。隨著虛擬世界中擴展現實的到來，光學傳感和消費電子產品尤其令人興奮。這些也推動了我們在化合物半導體領域的廣泛產品組合的新用例，包括半導體激光器、驅動電子器件、超透鏡、高折射率波導和先進材料。

In 3D sensing for smartphones, on the heels of a substantial increase in share over the last 2 years, we are on track to achieve design-ins with new customers.

在智能手機的 3D 傳感領域，在過去 2 年份額大幅增長之後，我們有望實現新客戶的設計導入。

While our revenues in consumer electronics were down in Q3 as expected due to seasonality, it was offset by the explosive revenue growth in semiconductor capital equipment and industrial markets that include silicon carbide.

儘管由於季節性因素，我們在第三季度的消費電子產品收入如預期下降，但被包括碳化矽在內的半導體資本設備和工業市場的收入爆炸式增長所抵消。

In the semicap market, global shortages in semiconductors have become a meaningful opportunity for us as well. Revenues in semicap grew 34% year-over-year. The tens of billions of dollars that the industry is investing to build new fabs are driving the increased demand for immersion lithography tools as well as the most advanced semiconductor fab technology such as EUV lithography.

在半導體市場，全球半導體短缺對我們來說也是一個有意義的機會。 semicap 的收入同比增長 34%。該行業為建設新晶圓廠投資的數百億美元正在推動對浸沒式光刻工具以及最先進的半導體晶圓廠技術（如 EUV 光刻）的需求增加。

We are aware of our responsibility as an extremely important part of the supply chain, and so we are investing in manufacturing capacity to keep with the pace of demand. Our revenue in industrial grew 13% year-over-year, fueled by silicon carbide. Our silicon carbide wafer finishing line in Fuzhou is now operating at full capacity, and our vision of establishing a leadership position in Wide-Bandgap Electronics is on track.

我們意識到我們的責任是供應鏈中極其重要的一部分，因此我們正在投資製造能力以跟上需求的步伐。在碳化矽的推動下，我們的工業收入同比增長 13%。我們在福州的碳化矽晶圓精加工生產線現已滿負荷運轉，我們在寬帶隙電子領域確立領先地位的願景正在步入正軌。

Thanks to our customer engagements that are expanding rapidly in the U.S., Europe and Asia, we are becoming increasingly embedded in the global automotive supply chains as the transition to electric vehicles paves the highways with green and clean transportation networks.

得益於我們在美國、歐洲和亞洲迅速擴大的客戶參與度，我們正越來越多地融入全球汽車供應鏈，因為向電動汽車的過渡為高速公路鋪設了綠色和清潔的交通網絡。

Now I would like to conclude with a few comments specifically about our supply chain and our pending merger with Coherent. First, on the supply chain. Revenues in the third quarter were $65 million lower due to the supply chain constraints. Our Q4 guidance anticipates the gap growing to about $100 million as the rate of demand accelerates even faster than our increased rate of supply. In fact, we expect that our full demand for semiconductors will continue to outstrip our suppliers' capability at least through this calendar year even as they add capacity.

現在，我想特別針對我們的供應鏈以及我們即將與 Coherent 的合併發表一些評論。首先，在供應鏈上。由於供應鏈限制，第三季度的收入減少了 6500 萬美元。我們的第四季度指導預計，隨著需求速度的加快甚至快於我們增加的供應速度，差距將擴大到約 1 億美元。事實上，我們預計我們對半導體的全部需求將繼續超過我們的供應商的能力，至少在本日曆年是這樣，即使他們增加了產能。

I would like to acknowledge all of the hard work by our one II-VI team, our suppliers and our customers in mitigating the impact of unprecedented supply chain challenges. Thanks to our close collaboration with our strategic supply chain partners, extensive coordination with our customers and the strong dedication of our global operations teams, we continue to effectively manage our way through these complex challenges.

我要感謝我們一個 II-VI 團隊、我們的供應商和我們的客戶在減輕前所未有的供應鏈挑戰的影響方面所做的所有辛勤工作。由於我們與戰略供應鏈合作夥伴的密切合作、與客戶的廣泛協調以及我們全球運營團隊的強大奉獻精神，我們將繼續有效地應對這些複雜的挑戰。

Regarding the Coherent acquisition, we have completed our major integration planning tasks. As you have seen by now, we refiled the U.S. Hart-Scott-Rodino clearance on May 2, and continued to have cooperative discussions with SAMR. We anticipate closing the acquisition before the end of June.

關於相干公司的收購，我們已經完成了主要的整合規劃任務。如您所見，我們於5月2日重新提交了美國Hart-Scott-Rodino許可，並繼續與市場監管總局進行合作討論。我們預計在 6 月底之前完成收購。

Like the II-VI people, the Coherent team is truly exceptional. It has been a pleasure to work with them as we have planned our future together. We really look forward to the combination and the opportunities to unlock value.

與 II-VI 人一樣，Coherent 團隊確實非常出色。很高興與他們合作，因為我們共同規劃了我們的未來。我們非常期待這種結合以及釋放價值的機會。

With that, let me turn it over to Dr. Giovanni Barbarossa. Giovanni?

有了這個，讓我把它交給喬瓦尼·巴巴羅薩博士。喬瓦尼？

Thank you, Chuck, and good morning, everyone. We are pleased to report that we continue to make progress with our silicon carbide-based devices for power electronics, and our engagements with customers in the U.S. and Asia are expanding rapidly.

謝謝你，查克，大家早上好。我們很高興地報告，我們在基於碳化矽的電力電子設備方面繼續取得進展，我們與美國和亞洲客戶的合作也在迅速擴大。

We sampled our first automotive qualified MOSFET devices, and we are working relentlessly to secure our first design wins. We have also begun shipments of gallium nitride on silicon carbide devices for wireless applications.

我們對我們的第一個符合汽車標準的 MOSFET 器件進行了採樣，並且我們正在不懈地努力以確保我們的第一個設計勝利。我們還開始出貨用於無線應用的碳化矽器件上的氮化鎵。

Our substrate sales were robust for both power and communications applications, where about 70% and 30% of the substrate sales in the quarter, respectively. Sales for power electronics increased 17% sequentially.

我們的基板銷售在電力和通信應用方面都很強勁，分別佔本季度基板銷售額的 70% 和 30%。電力電子產品的銷售額環比增長 17%。

Our expansion in capacity for the manufacturing of indium phosphide-based devices, including EMLs and DMLs for datacom and telecom is proceeding according to plan to support both internal and external customers. As a result of this expansion, we expect to start generating incremental revenue from our newly expanded sites in the second half of the calendar year.

我們正在按計劃擴大基於磷化銦的設備的製造能力，包括用於數據通信和電信的 EML 和 DML，以支持內部和外部客戶。由於此次擴張，我們預計將在日曆年下半年開始從我們新擴張的網站中產生增量收入。

During the quarter, we sustained a high level of production for the 980-nanometer pump product line to support the current demand and the strong forecast for ROADM and amplifier products in the second half of the calendar year. Revenue in industrial market grew 13% year-over-year. And aftermarket sales for laser components reached an all-time record in Q3 in North America, while sales in March were an all-time record globally, indicating a high level of laser usage in the installed base, a good proxy for industrial activity overall.

在本季度，我們維持了 980 納米泵產品線的高產量，以支持當前的需求以及對 ROADM 和放大器產品在下半年的強勁預測。工業市場收入同比增長 13%。北美第三季度激光組件的售後市場銷售額創下歷史新高，而 3 月份的銷售額創下全球歷史新高，這表明已安裝基地的激光使用率很高，是整體工業活動的良好代表。

In Q3, we experienced again what we believe is evidence of a multiyear demand cycle for semiconductor capital equipment, enabled by our differentiated composite materials and diamond-based products. Tens of new wafer fabs being built around the world are driving our customers to request incremental output and to continue to expand our manufacturing capacity, which generated record bookings and revenues last quarter.

在第三季度，我們再次經歷了我們認為的半導體資本設備多年需求週期的證據，這得益於我們差異化的複合材料和金剛石產品。全球正在建設的數十家新晶圓廠正在推動我們的客戶要求增加產量並繼續擴大我們的製造能力，這在上個季度創造了創紀錄的預訂量和收入。

We are proud to be doing our part to help the semiconductor electronics industry to increase production worldwide as part of the global effort to eliminate the integrated circuit shortage.

作為全球消除集成電路短缺努力的一部分，我們很自豪能夠儘自己的一份力量幫助半導體電子行業提高全球產量。

While our consumer business sales were typical for the seasonally low Q3, the qualification of all new products is on track. And we expect a strong revenue growth in the second half of the calendar year as a result of the incremental investments in technology and CapEx we have been making to scale new platforms for new applications.

雖然我們的消費者業務銷售額在第三季度的季節性低迷中是典型的，但所有新產品的資格都在正軌上。由於我們一直在為新應用擴展新平台而對技術和資本支出進行增量投資，我們預計該日曆年下半年的收入將出現強勁增長。

Clearly, our results this quarter demonstrate that our strategically diversified product portfolio offers long-term resilience to market dynamics and generates multiple vectors of growth in fast-growing segments of the markets we sell.

顯然，我們本季度的業績表明，我們戰略性多元化的產品組合提供了對市場動態的長期彈性，並在我們銷售的快速增長的市場領域產生了多個增長向量。

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 $828 million of revenue can be found on the fourth page of the investor presentation. Our Q3 non-GAAP gross margin was 40.6% and the non-GAAP operating margin was 20.8%.

謝謝你，喬瓦尼，早上好。我們 8.28 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。我們第三季度非 GAAP 毛利率為 40.6%，非 GAAP 營業利潤率為 20.8%。

The results include approximately $7.5 million of progress payments on development programs being partially supported by customers. Supply chain costs and COVID costs, a total of $14.5 million, are not excluded to arrive at non-GAAP results.

結果包括大約 750 萬美元的部分由客戶支持的開發計劃的進度付款。不排除供應鏈成本和 COVID 成本總計 1450 萬美元，以得出非公認會計原則的結果。

At the segment level, the non-GAAP operating margins were 14.4% for Photonics and 34.7% for Compound Semiconductors. Our record backlog of $2.1 billion consist of $1.57 billion for Photonics and $560 million for Compound Semiconductors. As we have stated, this increase in backlog is a function of demand, partly from the industrial, semiconductor capital equipment and communications end markets.

在分部層面，光子學的非公認會計準則營業利潤率為 14.4%，化合物半導體為 34.7%。我們創紀錄的 21 億美元的積壓訂單包括 15.7 億美元的光子學和 5.6 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，部分來自工業、半導體資本設備和通信終端市場。

GAAP operating expenses, SG&A plus R&D were $215 million in Q3. Excluding $10 million of amortization, $17 million of stock compensation, $13 million in start-up costs and $12 million of M&A and integration costs, non-GAAP OpEx was $163 million or 20% of revenue.

GAAP 運營費用、SG&A 加上研發在第三季度為 2.15 億美元。不包括 1000 萬美元的攤銷、1700 萬美元的股票薪酬、1300 萬美元的啟動成本以及 1200 萬美元的併購和整合成本，非公認會計準則運營支出為 1.63 億美元，佔收入的 20%。

Quarterly GAAP EPS was $0.28 and non-GAAP EPS was $0.95 was after-tax non-GAAP adjustments of $80 million in total. The increase in the non-GAAP adjustments compared to last quarter include a whole quarter of interest and fees of $33 million related to the placed debt to finance the Coherent transaction. The diluted share count for the GAAP results was 117 million shares. And for non-GAAP, the share count was 126 million shares. The GAAP and non-GAAP EPS calculations are in the ending tables of our press release.

季度 GAAP 每股收益為 0.28 美元，非 GAAP 每股收益為 0.95 美元，稅後非 GAAP 調整總額為 8000 萬美元。與上一季度相比，非 GAAP 調整的增加包括與為 Coherent 交易融資的已發行債務相關的整個季度 3300 萬美元的利息和費用。 GAAP 結果的稀釋股數為 1.17 億股。對於非公認會計原則，股票數量為 1.26 億股。 GAAP 和非 GAAP 每股收益計算在我們新聞稿的結尾表格中。

Pretax interest was $43 million. This includes $10 million of our underlying interest and $33 million of interest and fees on the debt for the Coherent transaction. Cash flow from operations in the quarter was $36 million, and free cash flow was a use of cash of $59 million, including CapEx of $94 million and a build of strategic inventory of $60 million in the quarter, $183 million for the first 9 months of the fiscal year to support our growth and customer requests to accelerate deliveries from the backlog.

稅前利息為 4300 萬美元。這包括我們 1000 萬美元的基礎利息和 3300 萬美元的 Coherent 交易債務利息和費用。本季度運營現金流為 3600 萬美元，自由現金流為使用現金 5900 萬美元，包括 9400 萬美元的資本支出和本季度 6000 萬美元的戰略庫存，前 9 個月為 1.83 億美元支持我們的增長和客戶要求的財政年度，以加快積壓交付。

For FY '22, we now expect CapEx to be at or above the top end of our range of $325 million to $375 million, driven by our expansion in silicon carbide and indium phosphide. We paid down $16 million of our debt in Q3, and our net cash position is $288 million.

對於 22 財年，我們現在預計資本支出將達到或高於我們 3.25 億美元至 3.75 億美元範圍的上限，這主要得益於我們在碳化矽和磷化銦領域的擴張。我們在第三季度償還了 1600 萬美元的債務，淨現金頭寸為 2.88 億美元。

The company's liquidity at March 31 was $3.1 billion. The effective tax rate in the quarter was 22%, and we expect the tax rate to be between 18% and 20% for fiscal year '22.

該公司截至 3 月 31 日的流動資金為 31 億美元。本季度的有效稅率為 22%，我們預計 22 財年的稅率將在 18% 至 20% 之間。

Turning to the outlook for Q4 fiscal year '22. Our outlook for revenue for the fourth fiscal quarter ending June 30, 2022, is expected to be $840 million to $880 million and earnings per share on a non-GAAP basis of $0.85 to $1. The share count is 126 million shares for the whole of the guidance range. 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財年第四季度的前景。我們對截至 2022 年 6 月 30 日的第四財季的收入預期為 8.4 億美元至 8.8 億美元，按非公認會計原則計算的每股收益為 0.85 美元至 1 美元。在整個指導範圍內，股票數量為 1.26 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 the GAAP earnings, pretax amounts of $19 million in amortization, $17 million in stock comp, $48 million in transaction, integration, start-up and other related 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，我們在 GAAP 收益中加上 1900 萬美元的稅前攤銷、1700 萬美元的股票補償、4800 萬美元的交易、整合、啟動和其他相關成本。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 certain 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 global economic conditions.

在我們進行問答之前，提醒一下，我們今天的答案可能包含某些預測，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 協議和全球經濟狀況。

We welcome your questions and expect to end this call not later than 10:00 this morning. You may open the line for questions. Thank you.

我們歡迎您提出問題，並希望在今天早上 10:00 之前結束本次通話。您可以打開專線提問。謝謝你。

(Operator Instructions) Our first question comes from the line of Ananda Baruah from Loop Capital.

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

Yes. Listen, congrats on the strong execution and on the nice results. A couple, if I could. Chuck, just in the press release and in your prepared remarks, you characterized what you saw as a tremendous surge in demand. And so we just love kind of context around sort of is that stronger than you thought it would be 90 days ago? And did you see it like, I guess, any context around sort of the linearities you went through the quarter. And that would be great. And then I have a quick follow-up.

是的。聽著，祝賀強大的執行力和不錯的結果。一對，如果可以的話。查克，就在新聞稿和您準備好的講話中，您將您所看到的需求描述為巨大的需求激增。所以我們只是喜歡這種背景比你認為的 90 天前更強大嗎？你有沒有看到它，我猜，任何關於你在本季度經歷的線性的任何背景。那會很棒。然後我有一個快速跟進。

Thanks, Ananda. Yes, indeed, it was stronger than we forecasted and that accelerated throughout the quarter.

謝謝，阿難。是的，確實，它比我們預期的要強，並且在整個季度都在加速。

And Chuck, to the backlog, I mean, tremendous strength in new orders and tremendous growth in backlog. I know that -- I believe it was in sort of like second half of last year when backlog became sort of a hot topic. You guys gave us some context around why you thought the backlog was of high quality. I'm going to sort of paraphrase this maybe poorly, but you were sort of building -- you're shipping the capability to build. And as a result of that, you felt that was like a pretty solid way to sort of check the backlog quality. Could you just speak to the backlog quality now that it's as substantive as it is and how you guys feel about that? That's it for me.

Chuck，對於積壓，我的意思是，新訂單的巨大實力和積壓的巨大增長。我知道——我相信在去年下半年，積壓成為一個熱門話題。你們給了我們一些關於為什麼你認為積壓是高質量的背景信息。我打算解釋一下這可能很糟糕，但你是在建造——你正在交付建造的能力。因此，您覺得這是檢查積壓質量的一種非常可靠的方法。你能不能談談積壓的質量，因為它是實質性的，你們對此有何看法？對我來說就是這樣。

First of all -- thanks, Ananda. Yes, first of all, on the one hand, with the supply chain storage is accelerating, the -- many of our customers have increased the visibility that they are giving us in order to allow us to put longer-term orders on our suppliers. So that's the first thing.

首先——謝謝，阿難。是的，首先，一方面，隨著供應鏈存儲的加速，我們的許多客戶提高了他們為我們提供的可見性，以便我們向供應商下達長期訂單。所以這是第一件事。

And then when we receive those longer-term orders, we do verify with them what they are expecting in terms of deployments on their side. And we particularly do that if there is a capital investment required because we wouldn't put the capital in if we thought we were just building for somebody's inventory, not to be deployed.

然後，當我們收到這些長期訂單時，我們會與他們核實他們在部署方面的期望。如果需要資本投資，我們尤其會這樣做，因為如果我們認為我們只是為某人的庫存而建，而不是為了部署，我們就不會投入資本。

Beyond that, of course, we also watch the backlog. We watch the dates to see if the dates are moving. That is a very early sign. We obviously look at debookings very, very carefully and debookings are reported every day. There aren't that many of them.

當然，除此之外，我們還關注積壓工作。我們觀察日期以查看日期是否在移動。這是一個非常早的跡象。顯然，我們非常非常仔細地查看取消預訂，並且每天都會報告取消預訂。他們沒有那麼多。

And then finally, in cases where we have inventory as part of an agreement that's gone on for years, it's a normal practice to have some of our inventory sitting at the customer site. We watch that area that's typically referred to as a cage. We watch the cage to be sure that we understand whether that is moving, that inventory is actually moving. And those are the main signs that we use. But the main reason that the backlog is growing, as I indicated, is really demand. And in order to give the correct picture of demand to the supply chain, many of our customers have worked collaboratively with us to have a longer-dated visibility.

最後，如果我們有庫存作為多年協議的一部分，將我們的一些庫存放在客戶現場是一種正常的做法。我們觀察通常被稱為籠子的那個區域。我們觀察籠子以確保我們了解它是否在移動，庫存是否真的在移動。這些是我們使用的主要標誌。但正如我所指出的，積壓工作增加的主要原因確實是需求。為了準確了解供應鏈的需求情況，我們的許多客戶都與我們合作，以獲得更長期的可見性。

And then just before we go to the next question, I just want to let you all know, Chuck will be with us until about 10 minutes of 10, and then Giovanni and I will be here through to 10:00.

然後就在我們進入下一個問題之前，我只想讓大家知道，Chuck 將和我們在一起直到 10 點的 10 分鐘左右，然後喬瓦尼和我會一直到 10:00。

Our next question comes from the line of Paul Silverstein from Cowen.

我們的下一個問題來自 Cowen 的 Paul Silverstein。

I apologize if you said it, I missed it, but what was the margin impact from supply chain in March? And what do you expect it to be in June? I heard your comment about revenue.

如果你這麼說，我很抱歉，我錯過了，但是 3 月份供應鏈對利潤的影響是什麼？你預計六月會是什麼？我聽到了你關於收入的評論。

So the supply chain cost this quarter were about $8.5 million. The COVID costs were about $6 million, so that's the composite of the $14.5 million. So it's about a little about 1 percentage point.

因此，本季度的供應鏈成本約為 850 萬美元。 COVID 成本約為 600 萬美元，這是 1450 萬美元的總和。所以大約是1個百分點左右。

And that's what you're expecting to get as well for June?

這就是您期望在 6 月獲得的結果？

And with respect to June -- I'm sorry?

至於六月——我很抱歉？

That's what you're expecting for June?

這就是你對六月的期待？

I would say that it's probably not less than that. It could be higher, but it's probably not less than $8.5 million.

我會說它可能不會少於那個。它可能會更高，但可能不少於 850 萬美元。

Mary Jane, I think virtually every company in networking, comm equipment and optical component this quarter cited and in fact, somewhere in the 200 to 300 basis point range in average impact to margins, some somewhat better, some somewhat worse. Any thoughts for -- you seem to have done a very fine job. Any thoughts for where margins can go, given the significant increase in costs over the past -- what appears to be over the past 90 days? Any thoughts to where your margin structure can go over the next year?

瑪麗·簡，我認為本季度幾乎所有網絡、通信設備和光學元件公司都提到，事實上，對利潤率的平均影響在 200 到 300 個基點範圍內，有些更好，有些更差。任何想法 - 你似乎做得非常好。考慮到過去成本的顯著增加——過去 90 天的情況如何？您對明年的保證金結構有何想法？

Well, first of all, I think when comparing supply chain costs between any of the companies in our sector, I'm sure that everyone who is giving you a number is giving it to you very accurately, but it may not actually be the same content. So in our case, we just gave the actual excess cost to try and get parts above what it would have normally cost to try and get them in the door.

嗯，首先，我認為在比較我們行業中任何一家公司之間的供應鏈成本時，我確信每個給你數字的人都非常準確地給你，但實際上可能並不相同內容。因此，在我們的案例中，我們只是給出了實際的超額成本，以嘗試獲得高於嘗試將它們送上門的正常成本的零件。

Other people may be including, we didn't, but we could also do it. They may be including what's the revenue they couldn't just ship and the margin impact of that, which is also not trivial. But in any event, if you did that for us, that's probably another at least 1 basis point, if not 2.

其他人可能包括，我們沒有，但我們也可以這樣做。他們可能會包括他們無法交付的收入以及由此產生的利潤影響，這也不是微不足道的。但無論如何，如果你為我們這樣做，那可能至少再增加 1 個基點，如果不是 2 個。

So just so that when you hear the different numbers from people you just check the content. But as for where the margins will go, I mean, first of all, the demand has remained very, very strong. Mix obviously always can affect us, and we're not completely out of the woods either on supply chain or plants that could be temporarily shut down by us or by customers due to COVID. For example, the COVID issues that we saw during the calendar first quarter, I don't think we expected necessarily. So while we may be able to ship, they may not be able to receive. That's what I mean about customers having plants effect.

因此，當您從人們那裡聽到不同的數字時，您只需檢查內容。但至於利潤將何去何從，我的意思是，首先，需求仍然非常非常強勁。顯然，混合總是會影響我們，而且我們還沒有完全擺脫供應鍊或工廠的困境，這些工廠可能會因新冠疫情而被我們或客戶暫時關閉。例如，我們在日曆第一季度看到的 COVID 問題，我認為我們不一定預期。因此，雖然我們可能能夠發貨，但他們可能無法接收。這就是我所說的客戶有植物效應的意思。

But generally speaking, I would say that given the great work of all of our colleagues around the world, I think we still could continue to see the margins inch forward. But I would say, as we've said before, every day is a new day and it's kind of hand-to-hand combat on supply chain, which we expect is going to continue for the rest of this calendar year.

但總的來說，我會說，鑑於我們在世界各地所有同事的出色工作，我認為我們仍然可以繼續看到微不足道的進步。但我想說，正如我們之前所說，每一天都是新的一天，這是供應鏈上的肉搏戰，我們預計這將在本日曆年的剩餘時間裡持續下去。

And Mary Jane, just to clarify, you're not expecting a meaningful average impact in June?

瑪麗·簡，澄清一下，你預計 6 月份不會有有意義的平均影響？

I don't know that we aren't. I mean we could have an adverse impact in June. I mean first of all, again, just normal things in the margins such as mix could affect it. But I would say that we will do what we did this quarter, which is fight very hard because I probably gave the same answer last quarter when we reported that, yes. I mean I didn't think necessarily the margin we were on was the absolute floor. I think we're just going to work very, very hard to try and offset that, which is why I say it's hand-to-hand combat every day.

我不知道我們不是。我的意思是我們可能會在六月產生不利影響。我的意思是，首先，邊緣中的正常事物（例如混合）可能會影響它。但我想說，我們將做我們本季度所做的事情，這是非常努力的，因為我可能在上個季度報告時給出了相同的答案，是的。我的意思是，我認為我們所處的邊緣不一定是絕對底線。我認為我們將非常非常努力地嘗試抵消這一點，這就是為什麼我說這是每天的肉搏戰。

Our next question comes from the line Mark Miller from Benchmark Company.

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

Congratulations on another great quarter. I just was wondering in terms of the supply chain impact. Specifically, what's the major components that are being impacted? Is it ROADMs? And what else in terms of the...

祝賀另一個偉大的季度。我只是想知道供應鏈的影響。具體來說，受到影響的主要組件是什麼？是 ROADM 嗎？還有什麼...

So the main part that is sure is integrated circuit. And the primary end product for us that's being affected, yes, is in the ROADM area though this quarter, we did have some impacts in the transceiver area.

所以確定的主要部分是集成電路。對我們來說，受到影響的主要最終產品是在 ROADM 領域，儘管本季度我們確實在收發器領域產生了一些影響。

Okay. Backlog, is it pretty linear? Is it back-end loaded backlog? And what about the margin profile of the backlog, is this similar to what you're seeing?

好的。積壓，是不是很線性？是後端加載的積壓嗎？積壓的保證金情況如何，這與您所看到的相似嗎？

I would say that the margin profile is similar to what we're seeing. And when you talk about the backlog being back-end loaded, I would say, if you're asking about how is the entire backlog timed, we do have more that might be in the third and fourth quarter than perhaps we would have seen a year ago. But generally speaking, the backlog tends to be more weighted to the first and second quarters immediately following the reporting here.

我會說利潤率概況與我們所看到的相似。當你談到後端加載的積壓工作時，我想說，如果你問的是整個積壓工作是如何計時的，我們在第三和第四季度確實有比我們看到的更多一年前。但一般來說，積壓往往更多地集中在此處報告之後的第一季度和第二季度。

Okay. What about transceiver margins? Are you seeing some progress there? Or have they been fairly stable?

好的。收發器裕量如何？你看到那裡有一些進展嗎？還是他們相當穩定？

Well, I mean, considering the tremendous progress the company made on the transceiver margins in the last 3 years, I think they are as affected by -- or they are now being affected by supply chain shortages as well.

好吧，我的意思是，考慮到該公司在過去 3 年中在收發器利潤率方面取得的巨大進步，我認為它們同樣受到影響——或者他們現在也受到供應鏈短缺的影響。

Our next question comes from the line of Richard Shannon from Craig-Hallum.

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

Mary Jane, maybe the first one is for you. Looking at the operating margins for compound semis, both before and after the adjustments for start-up costs, are pretty impressive here. Maybe if I can look at it, even exclude -- or including the start-up costs that you're reporting in the press release, you did about 29% in the just reported quarter with revenues that aren't record. And those margins are well above what you've reported in the last few quarters even with the investments going on here. Can you describe what's going on here? Is this mostly from gross margins or other dynamics coming in here? And what does it say about the future margin structure for this segment?

瑪麗珍，也許第一個適合你。在調整啟動成本之前和之後，看看複合半成品的營業利潤率，在這裡都非常令人印象深刻。也許如果我可以看看它，甚至排除 - 或包括您在新聞稿中報告的啟動成本，您在剛剛報告的季度中做了大約 29% 的收入沒有記錄。即使在這裡進行投資，這些利潤率也遠高於您在過去幾個季度報告的水平。你能描述一下這裡發生了什麼嗎？這主要來自毛利率或其他動態嗎？它對這一細分市場的未來利潤率結構有何影響？

Well, I think, first of all, when we have talked about the advancement of the margins in general, we have talked about pretty consistently that as some of the newer growth areas, whether it be silicon carbide, the sensing market and even the return of industrial, which is hardly a new market. Return to the new markets plus the return of industrial, that Giovanni's segment had the best ability to really expand its margins. And that's actually what we're seeing here.

嗯，我認為，首先，當我們談到整體利潤率的提高時，我們一直在談論作為一些較新的增長領域，無論是碳化矽、傳感市場，甚至是回報工業，這幾乎不是一個新市場。回到新市場加上工業的回歸，喬瓦尼的部門最有能力真正擴大其利潤。這實際上就是我們在這裡看到的。

So with the color, I think, on the quarter and what we saw in Giovanni's margins in the comp semi margins even from last quarter is the return of industrial, which just keep in mind, is a very, very, very strong margin end market.

因此，我認為本季度的顏色以及我們在上一季度的半成品利潤率中看到的喬瓦尼利潤率是工業的回歸，請記住，這是一個非常、非常、非常強勁的利潤率終端市場.

The sensing market, the ongoing probably efficiency is really what's being done kind of here in the off-season and then the advancements in silicon carbide, indium phosphide, et cetera, since the margins of comp semi as a general matter tend to be above the corporate average.

傳感市場，持續的可能效率實際上是淡季期間正在做的事情，然後是碳化矽、磷化銦等方面的進步，因為一般而言，comp semi 的利潤率往往高於企業平均水平。

With respect to the source of them, as we all know, if you don't make money at the gross margin, everything else is a deduction. So gross margins do need to be strong, but Chuck mentioned this in his remarks, which is I think the ongoing cost control is actually very helpful for both segments.

關於它們的來源，眾所周知，如果你不以毛利率賺錢，其他一切都是扣除。所以毛利率確實需要強勁，但查克在他的講話中提到了這一點，我認為持續的成本控制實際上對這兩個領域都非常有幫助。

Okay. Perfect. That's great. Mary Jane, my follow-on question is on 3D sensing. I'm not sure if Giovanni or Chuck from March were suggesting a better-than-seasonal pattern here in this back half of the year. But maybe you can discuss what you're thinking there, even throwing in thoughts on share, share position would be great, please.

好的。完美的。那太棒了。 Mary Jane，我的後續問題是關於 3D 傳感的。我不確定三月份的 Giovanni 或 Chuck 是否在今年下半年提出了一個優於季節性的模式。但也許你可以在那裡討論你的想法，甚至提出關於分享的想法，分享位置會很棒，拜託。

Richard, thanks for the question. Well, if you keep design -- sorry, you keep winning new design wins and you add applications and new products, obviously, that offset the seasonality positively, right?

理查德，謝謝你的問題。好吧，如果你繼續設計——對不起，你繼續贏得新設計的勝利，你添加應用程序和新產品，顯然，這正抵消了季節性，對吧？

In other words, if you're stuck with your current design wins, there are seasonality. But if you increase your footprint and the market share with some important design wins, as we said, we expect strong growth in the second half of the year, that obviously, they will improve or at least will increase the seasonality. I don't know how to say, but in relative terms still seasonal, but the bar is higher because we are adding new products for new applications, as I said in my prepared remarks.

換句話說，如果您堅持當前的設計勝利，則存在季節性。但是，如果您通過一些重要的設計勝利來增加您的足跡和市場份額，正如我們所說，我們預計下半年會有強勁的增長，很明顯，它們會改善或至少會增加季節性。我不知道怎麼說，但相對而言仍然是季節性的，但標準更高，因為我們正在為新應用添加新產品，正如我在準備好的評論中所說的那樣。

Okay. Can you discuss whether those are with current or new customers, Giovanni?

好的。 Giovanni，您能討論一下這些是針對現有客戶還是新客戶？

No. Sometimes, as you know, we don't even know what the application is because they don't tell us. But we expect it's only in sensing for sure, not necessarily 3D sensing. So I would talk about sensing in general, including 3D sensing.

不。如您所知，有時我們甚至不知道應用程序是什麼，因為他們沒有告訴我們。但我們希望它肯定只是在傳感中，不一定是 3D 傳感。所以我會談論一般的傳感，包括 3D 傳感。

Our next question comes from the line of Samik Chatterjee from JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess if I can first just start on the supply side and if I can get an update on your facilities in China. I remembered last time, sort of there was a COVID outbreak. Mary Jane, you had mentioned some inefficiencies coming into some of the facilities despite not being directly impacted. So I just wanted to check sort of how are things on the ground there? Any quick updates in terms of what you're seeing in relation to efficiencies as well? And then I have a follow-up.

我想我是否可以先從供應方面開始，如果我能了解你們在中國的設施的最新情況。我記得上次，有點像COVID爆發了。 Mary Jane，您提到了一些設施的效率低下，儘管沒有受到直接影響。所以我只是想檢查一下那裡的情況如何？關於您所看到的與效率相關的任何快速更新？然後我有一個跟進。

Samik, thanks for your question. This is Chuck. Samik, as it relates to the situation in China, as you know, we have a great team in China, and they have done an extraordinary job here since the situation changed in the last month or 2.

Samik，謝謝你的提問。這是查克。 Samik，因為它與中國的情況有關，如你所知，我們在中國有一支很棒的團隊，自從上一兩個月情況發生變化以來，他們在這裡做得非常出色。

We've been moving forward with very little impact to no impact in our factories in China. At our design center in Shanghai, we've had some impact. But even in the case where people have been working from home, we've been allowed to have people go into the facility, and we're right on track for the milestones that we've laid out for the quarter.

我們一直在向前推進，對我們在中國的工廠幾乎沒有影響。在我們位於上海的設計中心，我們產生了一些影響。但即使在人們在家工作的情況下，我們也被允許讓人們進入工廠，我們正朝著本季度製定的里程碑走上正軌。

Our employees have done an extraordinary job. And if you ask me, has there been an impact? I would say, for all intents and purposes, no.

我們的員工完成了非凡的工作。如果你問我，有影響嗎？我會說，出於所有意圖和目的，不。

For my follow-up, I know Mary Jane mentioned in relation to the composition or growth of the backlog, industrial is a big portion of that. But when you take into automotive, in particular, particularly in relation to sort of the opportunity that you're seeing and the backlog that you might be seeing from both materials processing as well as silicon carbide opportunities, if you could delve into that a bit.

對於我的後續行動，我知道 Mary Jane 提到了與積壓的構成或增長有關的問題，工業是其中很大一部分。但是當你進入汽車行業時，特別是與你看到的機會以及你可能從材料加工和碳化矽機會看到的積壓有關，如果你能深入研究一下的話.

Sorry, is your question what are the components of the backlog?

抱歉，您的問題是積壓的組成部分是什麼？

No, sorry. What are you seeing in relation to backlog from the automotive markets?

不，對不起。您對汽車市場的積壓有什麼看法？

We don't tend to specify the backlog by end markets. I would say that, generally speaking, from an industrial point of view, it's up across all markets that do any form of cutting, welding and pricing. And we have other components that do go into some of these end markets, but we didn't really break the backlog down by the -- by end industry.

我們不傾向於按終端市場指定積壓。我想說，一般來說，從工業的角度來看，所有市場都在進行任何形式的切割、焊接和定價。我們還有其他組件確實進入了其中一些終端市場，但我們並沒有真正按終端行業分解積壓。

Yes. Having said that, I mean, Samik, our automotive in terms of share, it's below 10% of the total company footprint. So you could assume that the majority of the backlog is around datacom, telecom and then maybe semicap equipment and industrial. I mean those are the major components. Definitely datacom and telecom.

是的。話雖如此，我的意思是，就份額而言，我們的汽車 Samik 不到公司總足蹟的 10%。因此，您可以假設大部分積壓訂單圍繞數據通信、電信，然後可能是半導體設備和工業。我的意思是這些是主要的組成部分。絕對是數據通信和電信。

Our next question comes from the line of Dave Kang from B. Riley.

我們的下一個問題來自 B. Riley 的 Dave Kang。

First question on 3DS. Just wondering customer concentration, is the lead customer over maybe 90% of 3DS revenue? And how should we think about fiscal '23 growth?

3DS的第一個問題。只是想知道客戶集中度，主要客戶是否超過 3DS 收入的 90%？我們應該如何看待 23 財年的增長？

Okay. Dave, thanks for the question. So I would say that our leading customer is definitely the majority of the 3D sensing revenue. But I want to make sure that we expand that general market to sensing moving forward because I think we are seeing more and more sensing applications in proximity, presence, depth, skin sensing and so forth.

好的。戴夫，謝謝你的問題。所以我想說，我們的主要客戶絕對是 3D 傳感收入的大部分。但我想確保我們將整個市場擴展到傳感向前發展，因為我認為我們在接近、存在、深度、皮膚傳感等方面看到越來越多的傳感應用。

So the mark is growing beyond 3D. And of course, 3D still for us is still a large portion of it. But I would like to kind of move on from 3D to a much larger market, which is the sensing market for us. And yes, our leading customer will be the majority of that for -- in the next few quarters.

因此，該標記正在超越 3D。當然，3D 對我們來說仍然是其中的很大一部分。但我想從 3D 轉向更大的市場，這就是我們的傳感市場。是的，我們的主要客戶將在接下來的幾個季度中佔據大部分。

Got it. And then regarding CapEx, how should we think about for next fiscal year?

知道了。然後關於資本支出，我們應該如何考慮下一個財政年度？

I would imagine that we would expect to see next fiscal year also being a year of investment. So if we think about this year in that kind of $350 million to $375 million range, I think it's probably not less than that going forward. At least that's our current view at the present moment.

我想我們會期望看到下一個財政年度也是投資的一年。因此，如果我們考慮今年在 3.5 億美元到 3.75 億美元的範圍內，我認為這可能不會少於未來。至少這是我們目前的看法。

It could be higher as well. I mean I think it could be $400 million. And of course, keep in mind as the company progresses and is possibly larger, that's speaking just to the II-IV-based platform, not the combined company that we potentially could have by then.

它也可能更高。我的意思是，我認為可能是 4 億美元。當然，請記住，隨著公司的發展和規模的擴大，這只是針對基於 II-IV 的平台，而不是我們屆時可能擁有的合併後的公司。

Our next question comes from the line of Jim Ricchiuti from Needham.

我們的下一個問題來自 Needham 的 Jim Ricchiuti。

Just a question on the booking strength that you saw. The book-to-bill, obviously, very high. Can you give any color on the book-to-bill Photonics versus the compound semi?

只是關於您看到的預訂強度的問題。顯然，賬面比賬單非常高。您能否在按單計費的光子學與復合半導體之間給出任何顏色？

Sure. The book-to-bill was good in both of our segments. As Chuck said in his remarks, both of the segments contributed to the increase in the book-to-bill for the company for the quarter.

當然。在我們的兩個部分中，帳單到帳單都很好。正如查克在他的講話中所說，這兩個部門都促成了該季度公司賬面出貨量的增加。

And as -- Giovanni did make mention the fact that probably numerically speaking, the largest increase in the backlog was in datacom and telecom. But generally speaking, proportionately, both of them were very strong.

正如——喬瓦尼確實提到了這樣一個事實，即可能從數字上講，積壓的最大增幅是在數據通信和電信領域。但總的來說，從比例上來說，他們倆都很強。

And on the industrial side, I think you said up 13%, and that was driven by silicon carbide. Clearly, that was strong. Is it still around 5% of revenues? What are you seeing -- Giovanni, you alluded to some of the activity you're seeing in the aftermarket. But just in general, if you were to parse out that part of the business, what are you seeing in the market right now?

在工業方面，我認為你說增長了 13%，這是由碳化矽推動的。顯然，這很強大。它仍然是收入的 5% 左右嗎？你看到了什麼——喬瓦尼，你提到了你在售後市場看到的一些活動。但總的來說，如果你要分析這部分業務，你現在在市場上看到了什麼？

Yes. Well, Jim, thanks for the question. Basically, our industrial definition encompasses a pretty broad set of applications and including laser-driven applications, specifically fiber lasers like welding, cutting and so forth.

是的。好吧，吉姆，謝謝你的問題。基本上，我們的工業定義涵蓋了相當廣泛的應用，包括激光驅動的應用，特別是光纖激光器，如焊接、切割等。

For example, we had record bookings for our cutting heads, as an example. We mentioned silicon carbide being the largest in that the industrial definition in decades. So silicon carbide, is silicon carbide used for power electronics that goes into industrial applications, right?

例如，我們的切割頭預訂量創下記錄。我們提到碳化矽是幾十年來工業定義中最大的。那麼碳化矽，是用於工業應用的電力電子設備的碳化矽，對嗎？

So we distinguish from power form that goes into electric cars versus power that goes into industrial application. We make that distinction, depending on what the customers ultimately are going to use the wide-bandgap materials for.

因此，我們將電動汽車的動力形式與工業應用的動力區分開來。我們根據客戶最終將寬帶隙材料用於什麼目的來做出區分。

And -- but the industrial generally speaking, on the, let's say, manufacturing of durable goods, if you want to define that way, it's very strong for us. And we continue to enjoy the advantages of our scale for our pump production of our optics and so forth, particularly in China.

而且 - 但一般來說，工業，比如說，耐用品的製造，如果你想這樣定義，它對我們來說非常強大。我們繼續享受我們在光學泵生產等方面的規模優勢，特別是在中國。

So we are -- and then the other one is the welding applications for battery is still strong even if -- we probably will continue to grow. We're not at the record numbers, but we expect a new record in the second half of the year with welding, particularly on battery welding applications.

所以我們是 - 然後另一個是電池的焊接應用仍然很強大，即使 - 我們可能會繼續增長。我們沒有達到創紀錄的數字，但我們預計下半年的焊接將創下新紀錄，特別是在電池焊接應用方面。

Our next question comes from the line of Simon Leopold from Raymond James.

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

First, just I wanted to clarify Giovanni's comments on the sensing growth in the second half of the year, whether that was a reference to first half over second half? Or whether that was year-over-year or both of those? And then the question I wanted to ask was, particularly on the 200 gig and above rates for data center transceivers, I want to get an understanding of whether or not those in particular are supply chain constrained. And how big is your hyperscale exposure as a percent of total revenue today?

首先，我想澄清一下喬瓦尼對下半年傳感增長的評論，這是否是指上半年超過下半年？或者是年復一年還是兩者兼而有之？然後我想問的問題是，特別是關於數據中心收發器的 200 gig 及以上速率，我想了解這些收發器是否特別受到供應鏈的限制。您的超大規模風險敞口占今天總收入的百分比有多大？

Simon, thanks for the question. So first, yes, to respond the -- your first question, it's both. So with respect to year-over-year and then first half versus second half of the calendar year. So it's both.

西蒙，謝謝你的提問。所以首先，是的，回答你的第一個問題，兩者都是。因此，就同比而言，然後是日曆年的上半年與下半年。所以兩者兼而有之。

The second question is, as we've said, the majority of our supply chain challenges are really around telecom, not datacom. Now having said that, there are some for datacom.

第二個問題是，正如我們所說，我們供應鏈的大部分挑戰實際上都與電信有關，而不是數據通信。話雖如此，有一些用於數據通信。

And you had a third question, which was around the presence, our presence with web scale and so forth. I would say that 1/3 of the total datacom is concentrated in 1 or 2 hyperscalers. And then 1/3 is about let's say, other cloud service providers and so forth with, I would say, it's something like maybe 20 to 30 customers. And then once there, it actually is a very long tail of over a couple of hundred, maybe 300 customers -- and so which are mostly enterprise small customers and so forth. So that's the kind of the distribution of the data on numbers.

你還有第三個問題，關於存在，我們在網絡規模上的存在等等。我想說總數據通信的 1/3 集中在 1 或 2 個超大規模器上。然後 1/3 是指其他雲服務提供商等等，我想說，大概是 20 到 30 個客戶。然後到了那裡，它實際上是一個非常長的尾巴，有幾百個，也許是 300 個客戶——所以主要是企業小客戶等等。這就是數字數據的分佈。

Our next question comes from the line of Harsh Kumar from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Harsh Kumar。

Question for Giovanni. Giovanni, you mentioned the commentary that you're sampling your first MOSFET device for automotive. I was curious -- that's exciting stuff. I was curious if you could give us an idea of kind of what kind of interest and design win level activity or sampling are you seeing? And then my second question, I'll ask that upfront, Mary Jane or Chuck, maybe you guys could clarify with respect to guidance, how are you thinking about your 2 segments? Just color that you might be able to provide on those.

喬瓦尼的問題。 Giovanni，您提到了您正在對您的第一個汽車 MOSFET 器件進行採樣的評論。我很好奇——這是令人興奮的事情。我很好奇你是否可以告訴我們你看到什麼樣的興趣和設計獲勝級別的活動或採樣？然後我的第二個問題，我先問一下，瑪麗·簡或查克，也許你們可以澄清一下指導，你們如何看待你們的兩個細分市場？只是你可以提供的顏色。

Well, with respect to the second one, I think both -- I would expect both segments to contribute positively to the growth in the upcoming fourth quarter. Over to you.

好吧，關於第二個，我認為兩者都 - 我預計這兩個部分都將對即將到來的第四季度的增長做出積極貢獻。交給你。

Yes. I think the -- obviously, it's a new market for us. So we have no design wins at this point in time. So everything that we'll be able to accomplish will be in a way a market share gain for us. So we're looking forward to that.

是的。我認為——顯然，這對我們來說是一個新市場。所以我們目前沒有設計勝利。因此，我們能夠完成的一切都將在某種程度上為我們贏得市場份額。所以我們很期待。

We definitely increased with the qualified power, it's easier to engage customers and increase our chances. So there was the first step, which announced last time -- last quarter. And this quarter, we are saying, well, now we have samples in the hands of our -- some automotive makers which, again, it's pretty exciting, considering that we are a newcomer.

我們肯定增加了合格的力量，更容易吸引客戶並增加我們的機會。所以這是第一步，上次宣布 - 上個季度。本季度，我們說，好吧，現在我們手中有一些樣品 - 一些汽車製造商，考慮到我們是新來者，這再次令人興奮。

So yes, I think it all goes without saying that the reason they are interested is because of our performance and the quality that we have demonstrated deriving from, as you know, mostly from avionics applications, given our collaboration with GE, which were really the original market for those designs.

所以是的，我認為他們感興趣的原因不言而喻是因為我們的性能和我們所展示的質量，正如你所知，主要來自航空電子應用，因為我們與 GE 合作，這確實是這些設計的原始市場。

So it's a really, really great exchange with these automotive makers, and we hopefully will get the design win sometime soon.

因此，與這些汽車製造商進行了非常非常棒的交流，我們希望很快就能在設計上獲勝。

Our next question comes from Meta Marshall with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Meta Marshall。

A couple of questions. Maybe to start with, Mary Jane, you're continuing to find a lot of OpEx efficiency, maybe kind of beyond where you guys guided to CapEx. It seems as if you're making some of the capital investments that you wanted to on silicon carbide. So just trying to get a sense of should we expect a step-up in OpEx at some point as you kind of fill those facilities? Or are you just kind of finding more efficiency with kind of some of the investments that you wanted to make there? And then I have a follow-up.

幾個問題。也許首先，瑪麗·簡，你繼續發現很多運營支出效率，也許有點超出你們指導資本支出的地方。似乎您正在對碳化矽進行一些您想要的資本投資。因此，只是想了解一下，當您填補這些設施時，我們是否應該期望在某個時候提高運營支出？或者你只是想通過一些你想在那裡進行的投資來提高效率？然後我有一個跟進。

Okay. So overall, we are making all the investments that we had planned to make. With respect to OpEx, I do think that it will probably trend up. And while we had indicated that it could go as high as 23%, I think from the beginning, I've indicated that it could go to say, 21% to 21.5%, which if you think about this is actually kind of a lot of money.

好的。所以總的來說，我們正在進行我們計劃進行的所有投資。關於運營支出，我確實認為它可能會呈上升趨勢。雖然我們曾表示它可能高達 23%，但我認為從一開始，我就表示它可能會達到 21% 到 21.5%，如果你考慮一下，這實際上是很多的錢。

With respect to OpEx efficiencies though, we are never going to stop looking for those. I mean I didn't necessarily expect that we would have $14.5 million this quarter between COVID and supply chain, but we did. And because that number is a snitch away from our -- it feels the money off the margin line, the numbers we can control are in the OpEx. And so those are the ones we're really going after.

不過，就運營支出效率而言，我們永遠不會停止尋找那些。我的意思是，我不一定期望本季度在 COVID 和供應鏈之間有 1450 萬美元，但我們做到了。而且因為這個數字離我們很遠——感覺錢超出了邊際線，我們可以控制的數字在 OpEx 中。所以這些才是我們真正要追求的。

I would say that the directives that Chuck and Giovanni and Sunny have set out for their segments and for the company are really primarily focused in G&A. But nonetheless, our CTO and Giovanni spend quite a lot of time really making sure that we're spending our R&D as efficiently as possible, which has always been kind of a hallmark of the company.

我想說，查克、喬瓦尼和桑尼為他們的部門和公司製定的指令實際上主要集中在 G&A。但儘管如此，我們的 CTO 和 Giovanni 花了很多時間真正確保我們盡可能高效地進行研發，這一直是公司的標誌。

Great. And then maybe just as a follow-up. You guys had noted some select price increases that you were looking to put in place last quarter. Just an update on how those negotiations went or just if there's any, when we should see some of the impact? Or if we can quantify the impact of those price increases? And that's it for me.

偉大的。然後也許只是作為後續行動。你們已經註意到上個季度您希望實施的一些精選價格上漲。只是關於這些談判如何進行的更新，或者如果有的話，我們什麼時候應該看到一些影響？或者我們是否可以量化這些價格上漲的影響？對我來說就是這樣。

Thank you, Meta. This is Chuck. It's going very well. And we're beginning to see the effect of it in this quarter for those conversations and those negotiations that were settled 2 or 3 quarters ago.

謝謝你，梅塔。這是查克。進展非常順利。我們開始在本季度看到它對那些對話和 2 或 3 個季度前解決的談判的影響。

So we're in the process of continuing this. We've been selective about it in terms of our priority and in terms of the value equation that we offer the customers. The conversations have gone very, very well. And when you look at the size of our backlog, on the other hand, we have agreements and contracts and purchase orders that were committed to certain pricing that are part of this backlog that we reported today.

所以我們正在繼續這個過程。就我們的優先級和我們為客戶提供的價值等式而言，我們一直在選擇它。談話進行得非常非常好。另一方面，當您查看我們積壓的規模時，我們有協議、合同和採購訂單，它們承諾以某些價格作為我們今天報告的積壓的一部分。

So is this working out and working its way through? I expect the impact to accelerate over the next, let's call it, the next 3 to 4 quarters.

那麼這是否正在解決並通過它的方式？我預計影響會在接下來的 3 到 4 個季度加速。

Our next question comes from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

I'm curious, Mary Jane, how should we think about gross margins heading into fiscal '23 relative to what you're expecting this year? What would be the moving pieces and interplay between your segment mix? And where I'm particularly interested in is the depreciation from this rising CapEx. So just high-level puts and takes of how we should think about gross margins going into the next year.

我很好奇，瑪麗·簡，相對於你今年的預期，我們應該如何看待進入 23 財年的毛利率？您的細分市場組合之間的移動部分和相互作用是什麼？我特別感興趣的是這種不斷上升的資本支出的貶值。所以只是高水平的看跌期權，我們應該如何考慮明年的毛利率。

Well, I think the gross margin, the range that we have out is $38 million to $42 million. While I don't know that it's impossible that someday it could have a $39 million handle, just in a quarter, in a given quarter, I would expect that we would continue to work on the gross margin. But the main things that affect the gross margin in the Photonic side would be, for example, the ability to relieve the supply chain shortages of integrated circuits, which help the ROADM products and the ROADM products tend to be the more valuable among all of those in Photonics.

好吧，我認為我們的毛利率範圍是 3800 萬美元到 4200 萬美元。雖然我不知道有一天它不可能在一個季度內達到 3900 萬美元，但我預計我們將繼續努力提高毛利率。但影響 Photonic 毛利率的主要因素是，例如緩解集成電路供應鏈短缺的能力，這有助於 ROADM 產品和 ROADM 產品在所有這些產品中往往更有價值。在光子學中。

With respect to Compound Semiconductors, as we see the increase in the newer areas, both sensing and silicon carbide as well as continue to see strength on the industrial side as well as the semiconductor capital equipment side to which we sell components, all those tend to have positive effects on the margin.

關於化合物半導體，隨著我們看到傳感和碳化矽等較新領域的增長，以及繼續在工業方面以及我們向其銷售組件的半導體資本設備方面看到實力，所有這些都傾向於對邊際產生積極影響。

So I think those are the main things. With respect to the CapEx, most of the CapEx probably is following a 7-year depreciation cycle. But there is probably at least $50 million of it, I would say, as a rough average that is more infrastructure related and therefore, probably follows about a 10- to 15-year depreciation cycle.

所以我認為這些是主要的事情。關於資本支出，大部分資本支出可能遵循 7 年的折舊週期。但我想說，其中可能至少有 5000 萬美元，作為與基礎設施相關的粗略平均值，因此可能遵循大約 10 到 15 年的折舊週期。

All right. Very helpful. And then for my follow-up, I'm curious about what your ambitions are longer term in the silicon carbide space. Because there is a very large competitor who is investing $500 million or $600 million annually in their substrate capacity, building out a new fab and so forth, and there are a ton of incumbents on the device side. So you're coming at it from a very strong IP base. But I'm curious that in terms of just your ambitions about market share and so forth, how will this play out over the next 2 to 3 years?

好的。很有幫助。然後對於我的後續行動，我很好奇您在碳化矽領域的長期抱負。因為有一個非常大的競爭對手每年在基板產能上投資 5 億美元或 6 億美元，建造新的晶圓廠等等，而且在設備方面有大量的老牌企業。所以你來自一個非常強大的 IP 基礎。但我很好奇，就您對市場份額等方面的野心而言，未來 2 到 3 年會如何發展？

Yes. Thanks for the question. Well, obviously, we have a lot of work to do, but we are investing $1 billion over the next 5 years. As I said earlier, we're considering our footprint today in the device space. It's incredible that we've been able to get the attention of automotive makers, which are currently testing our device products.

是的。謝謝你的問題。嗯，很明顯，我們還有很多工作要做，但我們將在未來 5 年內投資 10 億美元。正如我之前所說，我們正在考慮我們今天在設備領域的足跡。令人難以置信的是，我們能夠引起汽車製造商的注意，這些製造商目前正在測試我們的設備產品。

So clearly, there's a lot of upside for us in front of us in terms of gaining share in the market, as I said earlier. And I think the market is a very long 50, 100 years long market. So there is a room for many of us, and I think we'll have to play on differentiation. Obviously, having a silicon carbide subset platform as competitive as the one that we have is going to be very important to ultimately be price competitive in the market.

很明顯，正如我之前所說，就獲得市場份額而言，我們面前有很多上升空間。我認為這個市場是一個很長的 50 年、100 年的市場。所以我們中的許多人都有一個空間，我認為我們必鬚髮揮差異化。顯然，擁有與我們現有的一樣具有競爭力的碳化矽子平台對於最終在市場上具有價格競爭力非常重要。

So we began -- we have made a lot of good progress. We have -- we are sampling products. We expect some design wins in the near future. So it's all an upside for us in the next few years. And as I said, market is large enough and will be even larger that there is room for us too.

所以我們開始了——我們取得了很多良好的進展。我們有——我們正在抽樣產品。我們預計在不久的將來會取得一些設計勝利。所以在接下來的幾年裡，這對我們來說都是一個好處。正如我所說，市場足夠大，而且會更大，我們也有空間。

Our next question comes from Sidney Ho with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Sidney Ho。

This is [Jean-Marc Covalon] for Sidney. My first question is about supply constraints. I know in the past, you mentioned transceivers and ROADMs business as being highly constrained. Are you seeing anything different this time around in terms of particular products or end markets as being mostly impacted?

這是 Sidney 的 [Jean-Marc Covalon]。我的第一個問題是關於供應限制。我知道過去，您提到收發器和 ROADM 業務受到高度限制。就特定產品或終端市場而言，您這次是否發現受到的影響最大？

I think what we said is that it's ROADMs that are particularly constrained. And commencing this quarter, we are seeing more on the transceiver side.

我認為我們所說的是 ROADM 尤其受到限制。從本季度開始，我們在收發器方面看到了更多。

That's helpful. And then my follow-up is regarding your investments in silicon carbide and indium phosphide. In previous quarters, you also mentioned that you expect these expansions to sort of materialize towards the mid fiscal 2023. And can you provide an update on the progress of these expansions? And have supply chain disruptions have any impact on the time line of these ramps?

這很有幫助。然後我的後續行動是關於您對碳化矽和磷化銦的投資。在前幾個季度，您還提到您預計這些擴張將在 2023 財年中期實現。您能否提供這些擴張的最新進展？供應鏈中斷對這些斜坡的時間線有什麼影響嗎？

So for silicon carbide that we said, the product is probably coming to market actually in 2024. And at the present moment, supply chain is not affecting those.

因此，對於我們所說的碳化矽，該產品實際上可能會在 2024 年上市。而目前，供應鏈並未影響這些產品。

Our next question comes from Christopher Rolland with Susquehanna.

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

And congrats on the strong results and guidance here. My question is around the hyperscale datacom business. I would love to know is this kind of broad-based cloud or are these more AI applications? And what is the technology involved here? Are we beginning to see kind of the inflection for PAM-4? Or is this something else?

並祝賀這裡的強大結果和指導。我的問題是關於超大規模數據通信業務。我很想知道是這種基礎廣泛的雲還是這些更多的人工智能應用程序？這裡涉及的技術是什麼？我們是否開始看到 PAM-4 的變化？或者這是別的什麼？

Yes. No, definitely all of that. I mean there is no -- I wouldn't say there is a majority in cloud versus AI. I mean I don't even know where do you put the limit between the 2. I mean anyway, I think it's across the board, very strong demand.

是的。不，絕對是所有這些。我的意思是沒有——我不會說云計算與人工智能相比佔多數。我的意思是我什至不知道你在 2 之間的限制在哪裡。我的意思是無論如何，我認為這是全面的，非常強勁的需求。

In terms of the technology, definitely, PAM is still very, very much preferred modulation format that is increasing the number of bits per board. And that will continue for quite some time, driving ultimately the reduction in dollar per bit transmitted.

就技術而言，毫無疑問，PAM 仍然是非常非常受歡迎的調製格式，它正在增加每塊板的位數。這將持續相當長的一段時間，最終推動每比特傳輸的美元減少。

So that's something we have, and we're very competitive from that standpoint and the share gains. I mean if you think about the growth rate of the market and the growth that we have reported, we are clearly claiming a substantial market share back. And I think that's helping the growth of the entire company.

這就是我們所擁有的東西，從這個角度來看，我們非常具有競爭力和份額收益。我的意思是，如果您考慮市場的增長率和我們報告的增長，我們顯然正在奪回可觀的市場份額。我認為這有助於整個公司的發展。

My second one is around 3D sensing. So your competitor talked about having majority share and then moving to a 50-50 split, but we haven't seen that in your numbers yet. And I know you said it's a back-end loaded year, of course, with seasonality. But do you think we could get back to perhaps a quarter, whether September, December in which you guys are doing north of $100 million quarterly with this 50-50 split?

我的第二個是圍繞 3D 傳感。因此，您的競爭對手談到擁有多數份額，然後以 50-50 的比例進行拆分，但我們尚未在您的數據中看到這一點。我知道你說這是一個後端負載的年份，當然，有季節性。但是你認為我們可以回到一個季度，無論是 9 月，12 月，在這個 50-50 的比例下，你們每個季度的收入都超過了 1 億美元？

Well, I don't know what the split is. It could be different than 50-50. But what I want to emphasize is the fact that ultimately, we are playing in the sensing market. And again, 3D is only a part of that. So maybe even if we put 3D, we may have close to 50-50 split may not be the same for the sensing market.

好吧，我不知道分裂是什麼。它可能與 50-50 不同。但我想強調的是，我們最終是在傳感市場上玩的。再說一次，3D 只是其中的一部分。所以也許即使我們放 3D，我們也可能有接近 50-50 的分割，對於傳感市場來說可能不一樣。

So I will look into that. I already said earlier that we expect a strong growth in the second half of the calendar year. And as I said, driven by new products for new applications, we think that is going to definitely offset the share to a larger number for us, I suspect. But we'll see.

所以我會調查一下。我之前已經說過，我們預計日曆年下半年將出現強勁增長。正如我所說，在新應用的新產品的推動下，我們認為這肯定會抵消我們更大的份額，我懷疑。但我們會看到的。

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

我們的最後一個問題來自巴克萊銀行的 Tom O'Malley。

I appreciate it. Giovanni, this is more of just a clarification. I think you said this quarter that datacom as a percentage of comm was 40%, and then it was up 15% quarter-over-quarter. I think last quarter, you said it was 60%. Did I hear that wrong? Could you just level set us on what datacom was as a percentage of comm last quarter?

我很感激。喬瓦尼，這更像是一個澄清。我想你本季度說過數據通信佔通信的百分比為 40%，然後環比增長了 15%。我想上個季度，你說是 60%。我聽錯了嗎？您能否簡單地讓我們了解上個季度數據通信佔通信的百分比？

First of all, first of all, Giovanni's comment that it was 40%, it's 40% of the whole company, not 40% of datacom.

首先，首先，Giovanni 的評論是 40%，是整個公司的 40%，而不是數據通信的 40%。

Yes. I think, Tom, the comment on the [50%], I think there was about the high-speed transceiver, 200, 400, 800. They now represent 50% of the total transceiver datacom business, right? So we are shifting from, let's say, 100G being more than 50% to 100 -- sorry, 100G and below being more than 50% to 100G below being less than 50%. Therefore, the higher speed, the higher data rate transceivers. Now they are close to 50%, so there's kind of a shift in mix.

是的。我想，湯姆，關於 [50%] 的評論，我認為是關於高速收發器，200、400、800。它們現在佔收發器數據通信業務總量的 50%，對吧？因此，我們正在從 100G 超過 50% 轉變為 100 - 抱歉，100G 及以下超過 50% 到 100G 以下低於 50%。因此，速度越高，收發器的數據速率越高。現在他們接近 50%，所以組合發生了變化。

Got you. Yes. No, the 40% as a function of the total business makes a lot more sense. Then just a follow-up, just on the stuff that's below 200G speeds, I think Mary Jane called out that there was a lot of -- on the transition side, a little more supply chain shortages. How would you kind of characterize overall demand there, just given the fact that it sounds like a lot of people can't get product? Has that continued to improve throughout the year? Or is that seeing any pockets of weakness? That would be really helpful.

得到你。是的。不，佔總業務量的 40% 更有意義。然後只是跟進，只是關於速度低於 200G 的東西，我認為 Mary Jane 指出，在過渡方面，存在很多 - 供應鏈短缺。鑑於聽起來很多人無法獲得產品，你會如何描述那裡的整體需求？全年是否繼續改善？還是看到任何弱點？那真的很有幫助。

Yes. No, the demand is very strong. As I said, the only challenge is we -- as Mary Jane just said, again, we experienced supply chain challenges on the ROADM, telecom mostly. Now we're seeing a little bit of challenges also for the -- in the transceiver space. And as you can imagine that the volumes are typically higher at the lower speed, right? So -- and the -- as Chuck said, we think the number could be anywhere between $75 million up to $100 million better, our guidance would have been $100 million better if it wasn't for the supply chain. And of course, datacom being the largest portion of our revenue as a single market, as a single application, then obviously, that those $100 million are mostly around transceivers.

是的。不，需求非常強烈。正如我所說，唯一的挑戰是我們——正如瑪麗簡剛才所說，我們在 ROADM 上遇到了供應鏈挑戰，主要是電信。現在我們在收發器領域也看到了一些挑戰。正如您可以想像的那樣，音量通常在較低的速度下較高，對吧？所以——而且——正如查克所說，我們認為這個數字可能在 7500 萬美元到 1 億美元之間，如果不是供應鏈，我們的指導會高出 1 億美元。當然，數據通信是我們作為單一市場、單一應用程序收入的最大部分，那麼很明顯，這 1 億美元主要用於收發器。

This does conclude today's question-and-answer session. I would like to hand the call back to Mary Jane for any closing remarks.

今天的問答環節到此結束。我想將電話轉回給 Mary Jane 以作結束語。

Thank you very much, everyone, for joining us this morning, and we'll talk to you all soon. So have a good day. Bye-bye.

非常感謝大家今天早上加入我們，我們很快就會與大家交談。所以祝你有美好的一天。再見。

Thank you. This does conclude today's conference. You may now disconnect.

謝謝你。今天的會議到此結束。您現在可以斷開連接。