(COHR) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the II-VI First Quarter FY '21 Earnings Call. (Operator Instructions) Please be advised that today's call is being recorded. (Operator Instructions) I would now like to hand the conference over to Ms. Mary Jane Raymond, Chief Financial Officer. Thank you. Please go ahead, ma'am.

女士們，先生們，感謝您的支持，歡迎參加 II-VI 21 財年第一季度財報電話會議。 （操作員說明）請注意，今天的通話正在錄音中。 （操作員說明）我現在想將會議交給首席財務官 Mary Jane Raymond 女士。謝謝你。請繼續，女士。

Thank you, Marsha, and good morning. I'm Mary Jane Raymond, the Chief Financial Officer here at II-VI Inc. to our earnings call today for the first quarter of FY '21. With me today on the call are Dr. Chuck Mattera, our Chief Executive Officer; and Dr. Giovanni Barbarossa, our Chief Strategy Officer and the President of the Compound Semiconductors segment. This call is being recorded on Thursday, November 5, 2020.

謝謝你，瑪莎，早上好。我是 II-VI Inc. 的首席財務官 Mary Jane Raymond，今天參加我們 21 財年第一季度的財報電話會議。今天與我通話的是我們的首席執行官 Chuck Mattera 博士；以及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 2020 年 11 月 5 日星期四進行錄音。

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。

Just as a reminder, any forward-looking. Statements we may make today during this teleconference are given in the context of today only. They contain risk factors that are subject to change, possibly material. 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 risk factors can be found in our Form 10-K for the year ended June 30, 2020, filed in August.

只是提醒一下，任何前瞻性。我們今天可能在這次電話會議上發表的聲明僅在今天的背景下給出。它們包含可能發生變化的風險因素，可能是重大的。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。我們的風險因素列表可在我們於 8 月提交的截至 2020 年 6 月 30 日止年度的 10-K 表格中找到。

We will also present some non-GAAP measures for which 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.

我們還將介紹一些非 GAAP 措施，這些措施與 GAAP 的對賬可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？

Thank you, Mary Jane. Good morning, everyone, and thank you for joining us today. I am pleased to report that our fiscal year 2021 started off very strong, led by demand at our Photonics Solutions segment. Despite the impact of our fully compliant reactions to the government orders against Huawei, we delivered revenue of $728 million at the midpoint of our guidance. Our consolidated revenue grew 114% year-over-year on a reported basis.

謝謝你，瑪麗珍。大家早上好，感謝您今天加入我們。我很高興地報告，我們的 2021 財年開局非常強勁，這主要得益於我們光子學解決方案部門的需求。儘管我們對政府針對華為的命令做出了完全合規的反應，但我們在指導值的中點實現了 7.28 億美元的收入。根據報告，我們的綜合收入同比增長 114%。

Among the many highlights this quarter were sustained bookings that reflected expanding trends in all of our end markets, while the continued drive by our Compound Semiconductors segment to achieve a greater share of the consumer electronics market opportunity was evidenced by our tremendous growth in 3D sensing during the quarter, both sequentially and year-over-year.

本季度的眾多亮點之一是持續的預訂，這反映了我們所有終端市場的擴張趨勢，而我們的化合物半導體部門繼續推動在消費電子市場機會中獲得更大份額，這體現在我們在 3D 傳感方面的巨大增長本季度，環比和同比。

In addition to a continued strong market pull and our firing on all cylinders, the main highlights of this quarter were our continued focus on the safety of our One II-VI family in the face of the pandemic. The successful completion of the first 12 months of our Finisar acquisition and our rapid and agile response to the increased trade restrictions, while successfully positioning II-VI to lead in the growth markets we have chosen to serve.

除了持續強勁的市場拉動和我們全力以赴之外，本季度的主要亮點是我們在面對大流行時繼續關注我們的 One II-VI 家庭的安全。我們成功完成了對 Finisar 的前 12 個月的收購，以及我們對日益增加的貿易限制的快速而敏捷的反應，同時成功地將 II-VI 定位為在我們選擇服務的增長市場中處於領先地位。

September 24 was the 12-month anniversary of the largest and most bold transaction thus far in our history, the merger of 2 great companies into One II-VI. We brought together 2 incredible teams with best-in-class IP, technology and manufacturing assets, leveraged our collective experience of integrating over 20 acquisitions prior to the Finisar acquisition and proved our ability to identify and execute on even large opportunities in the market at scale.

9 月 24 日是迄今為止我們歷史上最大、最大膽的交易的 12 個月週年紀念日，兩家偉大的公司合併為 One II-VI。我們匯集了擁有一流知識產權、技術和製造資產的 2 個令人難以置信的團隊，利用我們在 Finisar 收購之前整合 20 多項收購的集體經驗，並證明了我們能夠大規模識別和執行市場中的重大機會.

Our combined teams went right to work on September 24, 2019, and collaborated with one another while aiming to over-deliver on the synergies that we envisioned when we started this historic journey, including addressing the dual challenges of declining revenues and margins that Finisar had begun to experience before the acquisition. I am pleased to declare that so far, so good as we have together, improved margins significantly over Finisar's last reported (inaudible) by delivering synergies ahead of schedule, and by increasing share and improving operational excellence.

我們的合併團隊於 2019 年 9 月 24 日開始工作，並相互協作，同時旨在實現我們在開始這一歷史性旅程時所設想的協同效應，包括解決 Finisar 面臨的收入和利潤率下降的雙重挑戰收購前開始體驗。我很高興地宣布，到目前為止，我們一起做得很好，通過提前提供協同效應、增加份額和改善運營，利潤率比 Finisar 上次報告的（聽不清）顯著提高。

We have integrated the operations and through our business management structure, driving accountability for performance throughout the company while engaging a wide group of leaders in business management decision-making, we delivered $80 million of synergies compared to the first 12-month target of $35 million, and those synergies are detailed in today's investor presentation.

我們整合了運營，並通過我們的業務管理結構，推動整個公司的績效問責制，同時讓廣泛的領導者參與業務管理決策，我們實現了 8000 萬美元的協同效應，而前 12 個月的目標是 3500 萬美元，這些協同作用在今天的投資者介紹中詳細介紹。

I would like to point out that one important derivative is our constant attention on productivity as our first 12-month pro forma revenues increased by 18%, while our headcount for the combined company decreased by 7.5%. During Q1, we also adopted to the new rules further restricting trade with Huawei, ensuring that we meet our goals of full compliance with laws and while serving our markets to the best of our ability.

我想指出，一個重要的衍生因素是我們對生產力的持續關注，因為我們前 12 個月的備考收入增長了 18%，而合併後公司的員工人數減少了 7.5%。在第一季度，我們還通過了新規則，進一步限制了與華為的貿易，確保我們實現完全遵守法律的目標，同時盡我們所能為我們的市場服務。

We delivered slightly ahead of our guidance -- we delivered slightly ahead of our guidance at that midpoint, with continued good margins. We did ship all we had planned through September 14 and can still make some shipments on a more limited basis.

我們的交付略高於我們的指導——我們在那個中點的交付略高於我們的指導，利潤率持續良好。我們確實在 9 月 14 日之前完成了所有計劃，並且仍然可以在更有限的基礎上進行一些發貨。

We expect Huawei to move from being a less than 10% customer now to a less than 3% customer from Q2 forward. I expect that our ability to identify and deliver on unbudgeted revenue synergies should allow us to fully mitigate the impact of the loss of that Huawei revenue to our fiscal year budget we set out to achieve. In fact, based on our customer intimacy, combined with our operational agility and speed, we expect to continue to serve -- to continue very strong communications end market worldwide, irrespective of how the value chain shifts.

我們預計華為將從現在的不到 10% 客戶轉變為從第二季度開始不到 3% 的客戶。我預計，我們識別和實現未預算收入協同效應的能力應該使我們能夠充分減輕華為收入損失對我們計劃實現的財政年度預算的影響。事實上，基於我們與客戶的親密關係，再加上我們的運營敏捷性和速度，我們希望繼續為全球通信終端市場提供服務——無論價值鏈如何轉變。

Data center and 5G demand both continued to be strong, and cable TV was also strong in the quarter as well. Additionally, our coherent modules and optical engines continue to gain market share with 30% quarter-over-quarter revenue growth.

數據中心和 5G 需求繼續強勁，有線電視在本季度也表現強勁。此外，我們的相干模塊和光學引擎繼續以 30% 的季度環比收入增長獲得市場份額。

In addition to focusing on executing on our business and near-term operating performance, we are also continuing to plan our growth strategies as we look into the future of all of the markets we currently serve. We are a technology company serving mega markets of today, and we're also investing to lead in the service of mega markets of the future.

除了專注於執行我們的業務和近期經營業績外，我們還在展望我們目前服務的所有市場的未來時繼續規劃我們的增長戰略。我們是一家服務於當今大型市場的技術公司，我們也在投資以引領未來大型市場的服務。

As a result of our relentless pursuit of excellence and our balanced focus on short-term and long-term shareholder value, we established a New Ventures group to ensure the right level of focus on important areas of growth, including silicon carbide for power and wireless applications. This New Ventures group and its leader, Sohail Khan, were tasked with the important responsibility of working under the direction of our Chief Strategy and Chief Technology officers to identify market and technology opportunities and execute relentlessly.

由於我們對卓越的不懈追求以及對短期和長期股東價值的平衡關注，我們成立了一個新風險投資集團，以確保正確關注重要的增長領域，包括用於電力和無線的碳化矽應用程序。這個 New Ventures 集團及其領導者 Sohail Khan 肩負著在我們的首席戰略官和首席技術官的指導下工作的重要職責，以發現市場和技術機會並堅持不懈地執行。

I'm extremely excited about the effort -- and humbled, to have Sohail join our industry-leading team.

我為 Sohail 加入我們行業領先的團隊所做的努力感到非常興奮 - 並且感到謙卑。

We closed and began integrating our 2 new acquisitions, Ascatron and INNOViON and look forward to their contributions to our ongoing success. We are managing through the ongoing effects of COVID-19 on our supply chain. The challenges associated with this pandemic are not over by any means. Nevertheless, we've made great progress with our suppliers with whom we are working around the clock to assure the continuity of supply.

我們結束並開始整合我們的兩項新收購，即 Ascatron 和 INNOViON，並期待他們為我們的持續成功做出貢獻。我們正在應對 COVID-19 對我們供應鏈的持續影響。與這種流行病相關的挑戰無論如何都沒有結束。儘管如此，我們與我們的供應商取得了很大進展，我們正在與他們一起工作以確保供應的連續性。

The effect of the supply chain caused us to not being able to produce about $40 million of finished goods during Q1. At our own factories, our actions to ensure the health and safety of our employees continue undaunted, and, we expect to remain vigilant around the world.

供應鏈的影響導致我們無法在第一季度生產約 4000 萬美元的成品。在我們自己的工廠，我們確保員工健康和安全的行動繼續堅定不移，我們希望在世界各地保持警惕。

Regarding our drive for diversification and the composition of the Q1 revenue, 50% was in North America, 22% in China, 19% in Europe, 6% in Japan and the remainder in the rest of the world. We've also worked hard on our customer and market diversification and this quarter's results are a good example of our resilience.

關於我們對多元化的推動和第一季度收入的構成，北美佔 50%，中國占 22%，歐洲佔 19%，日本佔 6%，其餘在世界其他地區。我們還努力實現客戶和市場多元化，本季度的業績是我們韌性的一個很好的例子。

Our differentiated semiconductor laser platforms, engineered materials and Compound Semiconductor platforms are valued highly by our customers worldwide and irrespective of how market share of our customers may shift, we are well positioned to serve increased demand for our products.

我們的差異化半導體激光平台、工程材料和化合物半導體平台受到全球客戶的高度評價，無論我們客戶的市場份額如何變化，我們都能很好地滿足對我們產品不斷增長的需求。

Our manufacturing footprint is geographically diverse as well. And this, too, is by design. For example, our Compound Semiconductors device fabs are located in the United States, Switzerland, Sweden and in the U.K. For component and subsystem assembly and testing, we are expanding our operations, not only in China, but also in Malaysia, Vietnam and in the Philippines. Our unique position in this regard in the photonics industry brings an unparalleled level of supply chain diversity and stability to our customers in the current geopolitical environment. This is also true for our technology centers, located in the U.S., Europe, China, Malaysia and India. As we continue to move along the value chains, we will leverage our geographic options.

我們的製造足跡在地理上也是多樣化的。這也是設計使然。例如，我們的化合物半導體器件工廠位於美國、瑞士、瑞典和英國。對於組件和子系統的組裝和測試，我們正在擴大我們的業務，不僅在中國，而且在馬來西亞、越南和菲律賓。在當前的地緣政治環境中，我們在這方面的獨特地位為我們的客戶帶來了無與倫比的供應鏈多樣性和穩定性。我們位於美國、歐洲、中國、馬來西亞和印度的技術中心也是如此。隨著我們繼續沿著價值鏈移動，我們將利用我們的地理選擇。

Finally, let me say a word about our values of integrity, collaboration, accountability, respect and enthusiasm that underpin our culture of doing things right and doing the right things. Taken together, they stand for I CARE, a powerful commitment of every employee that underpins the progress that we've seen in our business again this quarter. It's a reflection of the nearly 50 years of II-VI culture of integrity, pragmatism, professionalism, skill and determination to succeed that's part of our One II-VI DNA that's embedded in world-class and worldwide technical and business professionals who think and act like owners.

最後，讓我談談我們的誠信、協作、責任、尊重和熱情的價值觀，這些價值觀支撐著我們做正確的事情和做正確的事情的文化。總而言之，它們代表 I CARE，這是每位員工的有力承諾，是本季度我們在業務中再次看到的進步的基礎。它反映了近 50 年的誠信、務實、專業、技能和成功決心的 II-VI 文化，這是我們 One II-VI DNA 的一部分，它植根於世界級和全球技術和商業專業人士的思考和行動像業主一樣。

While there's always much more to be done, I'm humbled and proud of the efforts, the speed of the progress we continue to make as we work together to build a company that's not only bigger and better, but to enable the world to be safer, healthier, closer and more efficient, among the highest callings of this age.

雖然總是有更多的工作要做，但我為我們的努力和進步的速度感到謙卑和自豪，因為我們共同努力建立一家不僅更大更好，而且讓世界變得更好的公司更安全、更健康、更緊密、更高效，是這個時代的最高要求之一。

Finally, with the U.S. elections this week and Veterans Day coming up next week, I want to take this moment to thank all of our employees, our Board members and our shareholders who are veterans for your service.

最後，隨著本周美國大选和下週退伍軍人節的臨近，我想藉此機會感謝我們所有的員工、董事會成員和退伍軍人股東為您提供的服務。

With that, I'll turn it over to our Chief Strategy Officer and President of the Compound Semiconductors segment, Dr. Giovanni Barbarossa. Giovanni?

有了這個，我將把它交給我們的首席戰略官兼化合物半導體部門總裁 Giovanni Barbarossa 博士。喬瓦尼？

Thank you, Chuck. I'm pleased to report that 3D sensing grew more than 200% year-over-year and over 160% organically. We believe this is significantly faster than the market growth rate. The combined company 3D Sensing grew sequentially 20% for the second quarter in a row.

謝謝你，查克。我很高興地報告，3D 傳感同比增長超過 200%，有機增長超過 160%。我們認為這明顯快於市場增長率。合併後的公司 3D Sensing 連續第二季度環比增長 20%。

Our Sherman fab, along with our other 3D sensing fabs are operating as planned due to some very solid execution. We have recently secured multiple VCSEL design wins for Android smartphones and laptop applications, which will complement our existing design wins.

由於一些非常紮實的執行，我們的謝爾曼工廠以及我們的其他 3D 傳感工廠正在按計劃運行。我們最近為 Android 智能手機和筆記本電腦應用贏得了多項 VCSEL 設計，這將補充我們現有的設計勝利。

Starting in 2016, we invested strategically in our on gallium arsenide AP, fab, assembly and test operations in North America and Europe to create the worldwide first, and we believe only vertically integrated VCSEL manufacturing operations on the 6-inch. We did this with a conviction that we would have produced the results that we have been enjoying so far. And we believe we will continue to enjoy as 3D sensing functionalities are further deployed in the consumer electronics, automotive and industrial market.

從 2016 年開始，我們戰略性地投資於北美和歐洲的砷化鎵 AP、晶圓廠、組裝和測試業務，以創造全球第一，我們相信只有在 6 英寸上垂直整合的 VCSEL 製造業務。我們這樣做的信念是，我們會產生迄今為止我們一直享受的結果。我們相信，隨著 3D 傳感功能在消費電子、汽車和工業市場的進一步部署，我們將繼續享受。

In addition to shipping production quantities of laser for LIDAR sensing for smartphones, we've been shipping lasers for in-cabin automotive uses such as driver monitoring and finger navigation for several years now from our fabs, which are also automotive certified. We expect these products to be increasingly required for Europe's 5-Star safety rating over the next 3 to 5 years.

除了出貨量產的用於智能手機 LIDAR 感應的激光器外，幾年來我們一直在從我們的晶圓廠出貨用於車內汽車用途的激光器，例如駕駛員監控和手指導航，這些晶圓廠也獲得了汽車認證。我們預計這些產品在未來 3 到 5 年內將越來越多地成為歐洲 5 星級安全評級的要求。

As 3D sensing expands beyond smartphones into tablets, laptops, cars and other products, we are poised to take advantage of those trends not only with our Compound Semiconductors optoelectronic components, but also with our brand, broad and market-leading portfolio of passive components, including Diffractive Optical Elements, diffusers, filters, mirrors and lenses. In fact, we expect these technologies to be used in the future for biosensing as well as augmented virtual and mixed reality applications.

隨著 3D 傳感從智能手機擴展到平板電腦、筆記本電腦、汽車和其他產品，我們準備利用這些趨勢，不僅通過我們的化合物半導體光電元件，而且通過我們品牌、廣泛和市場領先的無源元件組合，包括衍射光學元件、漫射器、濾光片、鏡子和透鏡。事實上，我們預計這些技術將在未來用於生物傳感以及增強虛擬和混合現實應用。

We delivered another great quarter in the communications market, where our business is split about 50-50 between the datacom and telecom segments, both of which continue to be strong. We believe that the acceleration of the world's digital transformation will continue to require investments in the data center infrastructure, driven by growth in artificial intelligence and machine learning and by the advent of 5G wireless, which will enable next-generation consumer applications.

我們在通信市場實現了又一個出色的季度，我們的業務在數據通信和電信領域之間的比例約為 50-50，這兩個領域都繼續保持強勁勢頭。我們認為，在人工智能和機器學習的增長以及 5G 無線技術的出現推動下一代消費應用的推動下，世界數字化轉型的加速將繼續需要對數據中心基礎設施的投資。

We are in the early stages of this build out, and revenues driven by the investment of cloud service providers are expected to continue to grow at a rapid pace each quarter. Long term, the datacom components and transceiver market could grow at a 17% compound annual growth rate over the next 5 years. And our goal is to grow faster than the market with our combined component capability in indium phosphide, gallium arsenide and integrated circuits.

我們正處於此構建的早期階段，預計雲服務提供商投資推動的收入將在每個季度繼續快速增長。從長遠來看，數據通信組件和收發器市場在未來 5 年可能以 17% 的複合年增長率增長。我們的目標是利用我們在磷化銦、砷化鎵和集成電路方面的綜合組件能力，實現比市場更快的增長。

We're very excited by the ongoing 200- and 400G redeployment opportunities in the market. The importance of high-speed transceiver design cannot be overemphasized, especially with respect to the integration of lasers, electronics and passive optics into the transceiver subsystem for high-performance interoperability and reliability.

我們對市場上正在進行的 200 和 400G 重新部署機會感到非常興奮。高速收發器設計的重要性怎麼強調都不過分，尤其是在將激光器、電子器件和無源光學器件集成到收發器子系統中以實現高性能互操作性和可靠性方面。

Our vertical integration, combined with our decades-long history of design and manufacturing expertise are critical success factors in achieving data rate increases at competitive performance. Our 200- and 400G modules are currently shipping in volume to web scale customers and are being qualified as service providers in all major system OEMs.

我們的垂直整合，加上我們數十年的設計和製造專業知識，是在競爭性能下實現數據速率提高的關鍵成功因素。我們的 200 和 400G 模塊目前正在向網絡規模的客戶批量發貨，並已成為所有主要係統 OEM 的服務提供商。

Our in-house, optical and electronic component expertise and our proven track record to rapidly scale enables us to compete well in this long upgrade cycle. As the #1 optical transceiver component and module manufacturer in the world, we are well positioned to grow our 200- and 400G module business while we continue to innovate in component technologies, enabling next-generation optical interfaces, including at 800G data rates.

我們在內部、光學和電子組件方面的專業知識以及我們在快速擴展方面的可靠記錄使我們能夠在這個漫長的升級週期中競爭激烈。作為全球排名第一的光收發器組件和模塊製造商，我們有能力發展我們的 200 和 400G 模塊業務，同時我們繼續在組件技術方面進行創新，以實現包括 800G 數據速率在內的下一代光接口。

Upon closing our combination with Finisar, we successfully executed our strategy to become a merchant component supplier of technologies that were not previously marketed to external customers. In Q1, our indium phosphide external component revenue nearly doubled from Q4, while we continue to support the internal demand, which we believe represents the largest captive volume in the industry. We are receiving great reviews from our external customers. And after just 1 year, we have a book-to-bill ratio greater than 4.

在完成與 Finisar 的合併後，我們成功執行了我們的戰略，成為以前未向外部客戶銷售的技術的商業組件供應商。在第一季度，我們的磷化銦外部組件收入比第四季度幾乎翻了一番，同時我們繼續支持內部需求，我們認為這是行業中最大的自保量。我們收到了來自外部客戶的好評。僅僅一年之後，我們的訂單出貨比就超過了 4。

Aerospace and Defense grew 5% sequentially and 25% year-over-year. We continue to see good growth in high-energy lasers and contested space applications and a great deal of advanced development in other strategic areas such as hypersonics. Irrespective of the outcome of the election, we believe that the long-term prospects to our Aerospace and Defense business are very strong as they are based on our competitive portfolio of differentiated technologies, and evolving geopolitical dynamics that mandate a modernization of the U.S. military assets.

航空航天和國防環比增長 5%，同比增長 25%。我們繼續看到高能激光器和有爭議的空間應用的良好增長，以及高超音速等其他戰略領域的大量先進發展。無論選舉結果如何，我們認為我們的航空航天和國防業務的長期前景非常強勁，因為它們基於我們具有競爭力的差異化技術組合，以及不斷發展的地緣政治動態，要求美國軍事資產現代化.

Our silicon carbide business also had a great quarter, growing 50% compared to the same period a year ago. We are particularly excited as we have begun to increase our investments in the device and module markets. We've already formed a new organization to focus on the technical development as we close both the Ascatron and INNOViON acquisitions and added over 500 [many] years of technical experience in device and model technology.

我們的碳化矽業務也有一個很好的季度，與去年同期相比增長了 50%。當我們開始增加對器件和模塊市場的投資時，我們感到特別興奮。隨著我們完成對 Ascatron 和 INNOViON 的收購，我們已經成立了一個新的組織來專注於技術開發，並在設備和模型技術方面增加了 500 [多年] 的技術經驗。

Components for the semiconductor capital equipment market grew 11% compared to last year and were relatively flat sequentially. EUV was the major share of the growth, driven by both memory and logic market demand. According to reported news, there are today 75 installed EUV systems worldwide, with nearly 50 systems in backlog. Since 2018, more wafers were processed with EUV than from 2011 to 2017 combined. We continue to have 1% of the value of the EUV system at the time of shipment and another 1% in spares and replacement parts, generating a revenue stream that has already begun.

半導體資本設備市場的零部件與去年相比增長了 11%，環比持平。在內存和邏輯市場需求的推動下，EUV 是增長的主要份額。據報導，目前全球安裝的 EUV 系統有 75 台，積壓的系統有近 50 台。自 2018 年以來，使用 EUV 處理的晶圓比 2011 年至 2017 年的總和還要多。在發貨時，我們繼續擁有 EUV 系統價值的 1%，另外還有 1% 的備件和更換零件，產生了已經開始的收入流。

In the industrial market, we are seeing a strong growth in China as the transformation of the Chinese economy resumes. We are seeing extreme pricing pressure as China focuses on its domestic infrastructure in the weight of a strong economy recovery post COVID. This market relies on our components, whether we make them inside or outside of China. Even as domestic production expands, we believe that we will remain a key supplier because of our leading-edge performance, which we have sustained over time through relentless innovation, and we expect to continue to do so.

在工業市場，隨著中國經濟轉型的恢復，我們看到中國的強勁增長。我們看到巨大的定價壓力，因為中國在 COVID 後經濟強勁復甦的重壓下專注於國內基礎設施。這個市場依賴於我們的組件，無論我們是在中國境內還是境外製造。即使國內生產擴大，我們相信我們仍將是主要供應商，因為我們領先的性能，隨著時間的推移，我們通過不懈的創新維持了這一點，我們希望繼續這樣做。

In addition, we recently announced that our entire product line of high-power semiconductor lasers is now available on 6-inch and is achieving economy of scales with volume shipments, just in time to meet the rapidly growing and cost-sensitive demand for fiber laser pump chips. There are very few 6-inch gallium arsenide wafer fabs for optoelectronics in the world. And II-VI already operates 3 fabs at scale: 2 in the U.S. and 1 in Switzerland. We believe we are the first and only company in the world to produce highly reliable, high-power pump lasers on 6-inch, which complements our 3D sensing (inaudible) VCSEL production lines also in 6-inch.

此外，我們最近宣布，我們的整個高功率半導體激光器產品線現已推出 6 英寸尺寸，並通過批量出貨實現規模經濟，及時滿足對光纖激光器快速增長和成本敏感的需求泵芯片。世界上用於光電子的6英寸砷化鎵晶圓廠很少。 II-VI 已經大規模運營 3 家晶圓廠：2 家在美國，1 家在瑞士。我們相信我們是世界上第一家也是唯一一家在 6 英寸上生產高度可靠、高功率泵浦激光器的公司，這補充了我們也在 6 英寸上的 3D 傳感（聽不清）VCSEL 生產線。

Finally, our life sciences business grew 17% sequentially. II-VI's optical and thermal management solutions are integrated into several PCR test systems, which are the gold standard for COVID diagnostics, with over 1 billion tests performed globally to date. We expect this need to continue to grow for the next 3 to 4 years as testing requirements become ubiquitous. And therefore, we're expanding our investments in life sciences, including the manufacturing capacity of high-performance optical filters in Santa Rosa, California, which continue to be sold out.

最後，我們的生命科學業務環比增長 17%。 II-VI 的光學和熱管理解決方案已集成到多個 PCR 測試系統中，這是 COVID 診斷的黃金標準，迄今為止在全球進行了超過 10 億次測試。隨著測試要求變得無處不在，我們預計這種需求將在未來 3 到 4 年內繼續增長。因此，我們正在擴大對生命科學的投資，包括在加利福尼亞州聖羅莎的高性能光學濾光片的製造能力，這些濾光片繼續售罄。

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

有了這個，讓我把它交給瑪麗珍。瑪麗珍？

Thanks, Giovanni, and good morning. During the quarter, the total revenue of $728 million was split 70% in communications, 9% in industrial, 7% in Aerospace and Defense, 7% in consumer, 4% in semiconductor capital equipment and the rest is in other markets.

謝謝，喬瓦尼，早上好。本季度，總收入 7.28 億美元，其中 70% 來自通信，9% 來自工業，7% 來自航空航天和國防，7% 來自消費者，4% 來自半導體資本設備，其餘來自其他市場。

Let me review a few highlights of the first 12 months of the Finisar acquisition. The underlying inorganic growth for the Finisar business was 18% year-over-year on a pro forma basis in the September 30 quarter. As a reminder, pro forma refers to the full quarter of Finisar revenue in Q1 FY '20, not just 6 days, so that we can show growth on a comparable basis. We are now delivering non-GAAP gross margins well above Finisar's last independently reported non-GAAP gross margin of 31%. We delivered $80 million of cost synergies in our first 12 months when we expect to reach the $150 million target in 30 months instead of $36 million. We spent $32 million to achieve these synergies, less than half of our anticipated first year spend.

讓我回顧一下 Finisar 收購前 12 個月的一些亮點。在 9 月 30 日的季度，Finisar 業務的潛在無機增長在備考基礎上同比增長 18%。提醒一下，備考是指 Finisar 在 20 財年第一季度的整個季度收入，而不僅僅是 6 天，因此我們可以在可比的基礎上顯示增長。我們現在提供的非 GAAP 毛利率遠高於 Finisar 上次獨立報告的 31% 的非 GAAP 毛利率。我們在前 12 個月實現了 8000 萬美元的成本協同效應，我們預計在 30 個月內達到 1.5 億美元的目標，而不是 3600 萬美元。我們花費了 3200 萬美元來實現這些協同效應，不到我們第一年預期支出的一半。

The 1-year measurement period for purchase accounting for the acquisition ended on September 23, and with no significant changes from the June 30 position.

此次收購的 1 年採購會計計量期於 9 月 23 日結束，與 6 月 30 日的情況相比無重大變化。

With respect to consolidated II-VI, 1 year into the integration, we are already exceeding the last standalone stand-alone legacy II-VI margins, the margins we last reported on June 30, 2019. Our non-GAAP gross margin at that time was 38.2%, and the non-GAAP operating margin was 15.7%.

對於整合後的 II-VI，在整合 1 年後，我們已經超過了最後一個獨立的獨立遺留 II-VI 利潤率，即我們上次於 2019 年 6 月 30 日報告的利潤率。我們當時的非公認會計原則毛利率為 38.2%，非公認會計準則營業利潤率為 15.7%。

As of today, the consolidated II-VI non-GAAP gross margin was 39.6% for Q1 of fiscal year '21, 140 basis points ahead of our last independent report. The non-GAAP operating margin for Q1 was 19.1%, compared to our last independently reported 15.7%. At the segment level, the non-GAAP operating margins were 15.7% for Photonics, and 26.4% for Compound Semiconductors. Compound semis' margins improved from Q4 due to strength in 3D sensing shipments and increased fab utilization.

截至今天，21 財年第一季度的綜合 II-VI 非公認會計準則毛利率為 39.6%，比我們上一份獨立報告提前 140 個基點。第一季度的非公認會計原則營業利潤率為 19.1%，而我們上次獨立報告的為 15.7%。在細分市場層面，光子學的非 GAAP 營業利潤率為 15.7%，化合物半導體為 26.4%。由於 3D 傳感出貨量的強勁和晶圓廠利用率的提高，Compound semis 的利潤率較第四季度有所提高。

Our backlog of $899 million consists of $533 million in Photonics and $366 million in Compound Semiconductors. The backlog contains orders that will ship over the next 12 months. Operating expenses which are SG&A plus R&D were $183 million in total, excluding the transaction cost of $2 million, and $163 million, further excluding amortization of $20 million. The OpEx was 22.4% of revenue, was a 500 basis points below the OpEx percent of the revenue. OpEx percent of revenue prior to the close of the acquisition when it was close to 28% for the 2 companies combined.

我們積壓的 8.99 億美元包括 5.33 億美元的光子學和 3.66 億美元的化合物半導體。積壓訂單包含將在未來 12 個月內發貨的訂單。 SG&A 加上研發的運營費用總計為 1.83 億美元，不包括 200 萬美元的交易成本，以及 1.63 億美元，進一步不包括 2000 萬美元的攤銷。運營支出佔收入的 22.4%，比運營支出佔收入的百分比低 500 個基點。收購結束前運營支出佔收入的百分比，這兩家公司的總和接近 28%。

We had a successful public offering of $920 million, netting about $885 million. We retired the Term Loan B debt of $715 million and we paid $25 million to the revolver in addition to our required quarterly payment of $17 million.

我們成功進行了 9.2 億美元的公開募股，淨收入約 8.85 億美元。我們償還了 7.15 億美元的定期貸款 B 債務，除了我們要求的 1700 萬美元的季度付款外，我們還向左輪手槍支付了 2500 萬美元。

Our outstanding debt at September 30 was $1.6 billion. Net debt was $0.9 billion, and our net debt leverage ratio was approximately 1.3x. The interest expense for the quarter was $17 million, and the write-off of the Term Loan B debt issuance cost was just under $25 million. Those costs are included in other income and expense.

截至 9 月 30 日，我們的未償債務為 16 億美元。淨債務為 9 億美元，我們的淨債務槓桿率約為 1.3 倍。本季度的利息支出為 1700 萬美元，定期貸款 B 債務發行成本的沖銷略低於 2500 萬美元。這些費用包含在其他收入和費用中。

We delivered $100 million of free cash flow in Q1, paid $37 million for the Ascatron acquisition and ended the quarter with a cash balance of $684 million, an increase of just over $190 million from the balance at June 30, 2020. The quarterly GAAP EPS was $0.38 and non-GAAP EPS was $0.84, with after tax non-GAAP adjustments of $54 million in total.

我們在第一季度實現了 1 億美元的自由現金流，為收購 Ascatron 支付了 3700 萬美元，本季度末現金餘額為 6.84 億美元，比 2020 年 6 月 30 日的餘額增加了 1.9 億多美元。季度 GAAP 每股收益為 0.38 美元，非 GAAP 每股收益為 0.84 美元，稅後非 GAAP 調整總額為 5400 萬美元。

The share count for the GAAP results was 105 million shares. In Q1, neither the convertible debt nor the preferred stock were dilutive for GAAP. For non-GAAP the share count was $123 million. Stronger earnings resulted in making both the convertible debt and the preferred stock dilutive. The investor presentation on the website presents the EPS calculation. They're also in the last 2 tables of the earnings release. For the rest of the year, we expect convertible debt to be dilutive for GAAP and both the convertible debt and the preferred stock to be dilutive for non-GAAP EPS.

GAAP 結果的股票數量為 1.05 億股。在第一季度，可轉換債務和優先股都沒有稀釋公認會計原則。對於非公認會計原則，股票數量為 1.23 億美元。強勁的收益導致可轉換債券和優先股都具有稀釋性。網站上的投資者介紹介紹了每股收益的計算。它們也在收益發布的最後兩張表格中。在今年餘下的時間裡，我們預計可轉換債務將對 GAAP 產生稀釋作用，而可轉換債務和優先股對非 GAAP 每股收益都有稀釋作用。

Stock comp was $50.5 million. Stock comp for fiscal year '21 is expected to be about $68 million or approximately $17 million a quarter, though this value may vary with our stock price. Capital expenditures this quarter were $34 million. For the year, we expect CapEx to be between $180 million and $220 million. Depreciation was $44 million in the quarter, and we expect our forward depreciation expense to be about $46 million to $50 million a quarter.

股票補償為 5050 萬美元。 '21 財年的股票補償預計約為 6800 萬美元或每季度約 1700 萬美元，儘管這個價值可能會隨我們的股價而變化。本季度的資本支出為 3400 萬美元。今年，我們預計資本支出將在 1.8 億美元至 2.2 億美元之間。本季度折舊為 4400 萬美元，我們預計每季度的遠期折舊費用約為 4600 萬美元至 5000 萬美元。

The FX loss in the quarter was $4.7 million. The tax rate in the quarter was 22%. We expect the tax rate to be between 22% and 26% for the year. The tax rate to be used for non-GAAP items was 19%.

本季度的外匯損失為 470 萬美元。本季度的稅率為 22%。我們預計今年的稅率將在 22% 至 26% 之間。用於非公認會計原則項目的稅率為 19%。

The Ascatron acquisition closed on August '20, and and the preliminary allocation of purchase price accounting is included in the Q1 results. INNOViON closed on October 1 and will be included in the results of the December 31st quarter. Both acquisitions will be consolidated into the Compound Semiconductors segment and the revenue is immaterial for both for fiscal year '21.

Ascatron 收購於 20 年 8 月結束，收購價格核算的初步分配包含在第一季度業績中。 INNOViON 於 10 月 1 日結束，並將包含在 12 月 31 日季度的業績中。兩項收購都將合併到化合物半導體部門，並且在 21 財年兩者的收入都無關緊要。

Turning to the outlook. Revenue for the second fiscal quarter ended December 31, 2020, a $750 million to $780 million and earnings per share on a non-GAAP basis, or $0.86 to $0.95. This is at today's exchange rate, an estimated tax rate of 24% and 124 million shares. For the non-GAAP earnings per share, we add back to GAAP earnings the pretax amounts of $21 million in amortization, $17 million in stock comp and $2 million in transaction costs.

轉向前景。截至 2020 年 12 月 31 日的第二財季收入為 7.5 億美元至 7.8 億美元，按非公認會計原則計算的每股收益為 0.86 美元至 0.95 美元。這是按今天的匯率計算，估計稅率為 24% 和 1.24 億股。對於非 GAAP 每股收益，我們將 2100 萬美元的攤銷稅前金額、1700 萬美元的股票補償和 200 萬美元的交易成本加回 GAAP 收益。

The estimated Q2 share count is 116 million shares for GAAP and 124 million shares for non-GAAP. The actual dollar amount of non-GAAP items, the tax rate and the exchange rates are all subject to change.

估計第二季度的股票數量為 1.16 億股（美國通用會計準則）和 1.24 億股（非美國通用會計準則）。非公認會計原則項目的實際美元金額、稅率和匯率都可能發生變化。

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 the product mix, customer orders, competition, changes in regulations and general economic conditions. (Operator Instructions)

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，包括但不限於產品組合的變化、客戶訂單、競爭、法規和總體經濟狀況的變化。 （操作員說明）

We expect to conclude this call at 10:00 this morning. Marsha, you may open the line for questions.

我們預計將在今天上午 10:00 結束本次電話會議。瑪莎，你可以打開電話提問。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Jed Dorsheimer with Canaccord Genuity.

您的第一個問題來自於 Canaccord Genuity 的 Jed Dorsheimer。

Congratulations on the quarter as well as the integration of Finisar. First question for you guys. I guess, if I look at the silicon carbide business, pre-Ascatron and INNOViON, I'm just curious, you had talked about sort of a 5% to 10% increase of capacity over the next 5 years. Has anything changed with respect to that? And is there an update on your thinking now that you have these assets in the business? And then I have a follow-up.

祝賀本季度以及 Finisar 的整合。給你們的第一個問題。我想，如果我看一下 Ascatron 和 INNOViON 之前的碳化矽業務，我只是好奇，你曾談到未來 5 年產能將增加 5% 到 10%。這方面有什麼變化嗎？既然您在業務中擁有這些資產，您的想法是否有更新？然後我有一個跟進。

Jed, thanks for the question. This is Giovanni. No, we see no change. We continue to increase our production capacity as required by the market. And those 2 acquisitions are complementary to the silicon carbide growth infrastructure that we have.

傑德，謝謝你的問題。這是喬瓦尼。不，我們看不到任何變化。我們繼續根據市場需要增加我們的生產能力。這兩項收購是對我們擁有的碳化矽增長基礎設施的補充。

Got it, thanks. And then just as my follow-up. I was wondering if you could maybe talk about some of the differences in the 5G market from a technology perspective between China as well as the U.S. I mean, we're aware that there's differences in tower design and capabilities. What does that mean in terms of chip architecture and sort of how are you positioned with respect to that?

知道了謝謝。然後就像我的後續行動一樣。我想知道您是否可以從中國和美國之間的技術角度談談 5G 市場的一些差異。我的意思是，我們知道塔的設計和功能存在差異。就芯片架構而言，這意味著什麼？您對此有何定位？

And what I'm getting at is, does that, for example, shift in terms of a hemp device in one market versus another? How should we be thinking about that as your product portfolio is set up.

我的意思是，例如，在一個市場與另一個市場的大麻設備方面，這是否會發生變化？當您的產品組合建立時，我們應該如何考慮這一點。

Jed, this is Giovanni. Thanks again for the question. When it comes to high-performance applications, such as in 4G, 5G and eventually, in the future, 6G, it's all about physics. And as far as we know, the performance that you can achieve with gallium nitride and silicon carbide can't be achieved with other material platforms. So of course, there are competitive technologies, which are not mutually exclusive. So we believe that our investment for gallium nitride and silicon carbide, together with our partner, Sumitomo Electric Device Innovations, continue to be a great opportunity for our growth.

傑德，這是喬瓦尼。再次感謝您的提問。當談到高性能應用時，例如在 4G、5G 以及未來的 6G 中，一切都與物理有關。而據我們所知，氮化鎵和碳化矽所能達到的性能是其他材料平台無法達到的。所以當然，有競爭的技術，它們不是相互排斥的。因此，我們相信，我們與合作夥伴住友電工器件創新公司一起對氮化鎵和碳化矽的投資，將繼續為我們的發展帶來巨大機遇。

As you said, we do see differences between maybe China, some OEMs choices, and some other OEM choices in Europe. We're also selling in the United States. But for us, that's -- we're quite far from where we are, at chip level, and as far as we see -- right now, we don't see any effect on our short- and long-term plan.

正如您所說，我們確實看到了中國、一些 OEM 選擇和歐洲其他一些 OEM 選擇之間的差異。我們也在美國銷售。但對我們來說，那是——在芯片層面，就我們所見，我們離現在的位置還很遠——現在，我們看不到對我們的短期和長期計劃有任何影響。

Your question comes from the line of Paul Silverstein with Cowen.

您的問題來自 Paul Silverstein 與 Cowen 的對話。

Chuck and Giovanni, I was hoping you could give some incremental color on the health of the market in demand. Obviously, we're all aware of Ciena's comments from roughly 90 days ago. It doesn't sound like you're seeing any weakness or at least meaningful weakness. But any granularity you can provide would be appreciated.

Chuck 和 Giovanni，我希望你們能對需求市場的健康狀況進行一些補充說明。顯然，我們都知道大約 90 天前 Ciena 的評論。聽起來你沒有看到任何弱點或至少是有意義的弱點。但是您可以提供的任何粒度都將不勝感激。

I'm sorry, Paul, this is Giovanni. So you talk about any market in particular or in general?

對不起，保羅，這是喬瓦尼。所以你特別或一般地談論任何市場？

Communication?

溝通？

Well, I'm talking about the telecom piece of the market, in general, given Ciena's comments, but I'd ask you to address both telecom and datacom.

好吧，鑑於 Ciena 的評論，我說的是市場中的電信市場，但我希望您同時解決電信和數據通信問題。

Yes. I think they are both pretty solid. I don't think we have seen a nice comeback of a number of customers, which I think, like very normally, we're on the sideline doing the transaction, whenever there is an acquisition, a merger of the size that we just went through. Some customers were waiting to see a combination and so forth. And so those customers are coming back to us. So there is, for sure, a customer intimacy that we had with these customers is helping a lot. And then I think the general cloud infrastructure upgrades, as well as the -- all of the telecom infrastructure upgrades to support 5G deployment, we are benefiting for both at the same time. So I think it's a pretty healthy demand right now.

是的。我覺得他們倆都挺靠譜的。我認為我們並沒有看到一些客戶很好的回歸，我認為，就像通常一樣，我們在進行交易時處於觀望狀態，無論何時進行收購，我們剛剛進行的規模合併通過。一些客戶正在等待查看組合等等。所以那些客戶又回來找我們了。因此，可以肯定的是，我們與這些客戶建立的客戶親密關係對我們有很大幫助。然後我認為一般的雲基礎設施升級，以及所有支持 5G 部署的電信基礎設施升級，我們都同時受益。所以我認為現在這是一個非常健康的需求。

Okay. And then on the compound semi side, I think last quarter and preceding quarters, not surprisingly you had referenced relative weakness in the automotive market, given what was going on relative to the pandemic. That market is obviously picking up. Are you starting to see that come back meaningfully, what are you looking at over the next...

好的。然後在復合半導體方面，我認為上個季度和前幾個季度，考慮到與大流行相關的情況，您提到汽車市場的相對疲軟並不奇怪。這個市場顯然正在回暖。您是否開始看到有意義的回歸，接下來您在看什麼...

Yes. I'm sorry, Paul. Sorry to interrupt. Yes, absolutely, Paul. Absolutely, yes. In fact, I have to say that, I guess with no supplies, China is coming as much faster than anybody else. So the demand from China for our Compound Semiconductors products, as well as our passive optics products is very strong. And so it's a very competitive environment. There is a price pressure. And as I mentioned in my prepared remarks, I think our investments, particularly on the 6-inch gallium arsenide production line to basically accumulate a demand of semiconductor laser chips, which can go well beyond the demand -- the internal demand of any fiber laser manufacturer that is vertically integrated.

是的。對不起，保羅。抱歉打擾了。是的，當然，保羅。絕對沒錯。事實上，我不得不說，我猜在沒有供應的情況下，中國來的速度比其他任何人都快。因此，中國對我們的化合物半導體產品以及我們的無源光學產品的需求非常強勁。所以這是一個競爭非常激烈的環境。有價格壓力。而且正如我在準備發言中提到的，我認為我們的投資，特別是在 6 英寸砷化鎵生產線上，基本積累了半導體激光器芯片的需求，這可以遠遠超出需求——任何光纖激光器的內部需求。垂直整合的製造商。

As that demand accumulates, I think we can be as competitive, no, actually more competitive with the cost structure of the individual chips.

隨著需求的積累，我認為我們可以與單個芯片的成本結構一樣具有競爭力，不，實際上更具競爭力。

So in other words, our customers that are not vertically integrated are benefiting from our cumulative demand. And therefore, they end up with a cost structure as if they are actually vertically integrated because we have such a large scale, particularly on 6-inch, which, as I mentioned earlier, we believe we are the only one in the world to have such a capability. So going back to the industrial market, I think is definitely much healthier than it was in the past few quarters.

換句話說，我們沒有垂直整合的客戶正在從我們的累積需求中受益。因此，它們最終的成本結構就好像它們實際上是垂直整合的，因為我們的規模如此之大，尤其是在 6 英寸上，正如我之前提到的，我們相信我們是世界上唯一擁有這樣的能力。所以回到工業市場，我認為肯定比過去幾個季度要健康得多。

Your next question comes from the line of Vivek Arya with Bank of America Securities.

您的下一個問題來自美國銀行證券公司的 Vivek Arya。

Congratulations on the strong results. First question, Mary Jane, for you. Good to see the OpEx discipline OpEx around 20%, 21% of sales. I'm curious what drove this low OpEx? Can you maintain this kind of OpEx intensity, right? What are you thinking about OpEx in Q2?

祝賀你取得了不錯的成績。第一個問題，瑪麗·簡，給你。很高興看到 OpEx 紀律 OpEx 大約佔銷售額的 20% 和 21%。我很好奇是什麼導致瞭如此低的運營支出？你能保持這種 OpEx 強度，對嗎？您如何看待第二季度的運營支出？

And just what would be the puts and takes as we try to model out expenses for the next several quarters?

當我們試圖模擬未來幾個季度的費用時，看跌期權會是什麼？

So first of all, I think we have made the OpEx a very significant priority for the company as evidenced in the fact that we delivered in the first year, acquisition synergies that were twice the first year target. I do think that the correct way to look at OpEx is as a function of the sales level. Because, obviously, there are some costs that are associated with growing those sales.

因此，首先，我認為我們已將運營支出作為公司的一個非常重要的優先事項，這一點可以從我們在第一年交付的事實證明，收購協同效應是第一年目標的兩倍。我確實認為看待 OpEx 的正確方法是銷售水平的函數。因為，顯然，增加這些銷售額會產生一些成本。

But generally speaking, we would expect to be able to hold as we go forward, inclusive of investments that I think are important as we go forward between, say, 22% and 25% of sales. Some examples of the investments that we have started this quarter and will continue are the investments for silicon carbide modules and devices. But there are a few that we will add. For example, the company is going to undertake at least in the United States, and I imagine that might expand COVID testing in the company to continue to ensure the health and safety of all of our staff.

但總的來說，我們希望能夠在我們前進的過程中持有，包括我認為在我們前進時很重要的投資，比如銷售額的 22% 到 25%。我們本季度開始並將繼續進行的一些投資示例是對碳化矽模塊和設備的投資。但是我們會添加一些。例如，該公司將至少在美國進行，我想這可能會擴大公司的 COVID 測試，以繼續確保我們所有員工的健康和安全。

Got it. And one question for Giovanni or Chuck, which is as we are at the start of calendar '21, I'm just curious to hear your thoughts on the 1 or 2 things you're most excited about, and also 1 or 2 things that perhaps concern you. And where I'm coming from is that was any part of the growth or the market trends you saw this year was just there because of COVID? And do they perhaps decelerate next year? Or were some of these changes more structural in nature and can actually continue into next year?

知道了。還有一個關於喬瓦尼或查克的問題，就像我們在日曆 '21 開始時一樣，我很想听聽您對您最興奮的一兩件事的看法，以及一兩件事也許關心你。我從哪裡來，是因為COVID，你今年看到的增長或市場趨勢的任何一部分？他們明年可能會減速嗎？還是其中一些變化在本質上更具結構性，並且實際上可以持續到明年？

Okay. Thank you for the question. So I think in general, the -- our investments in Compound Semiconductors platforms, whether gallium arsenide, indium phosphide, silicon carbide, I think it's probably where most of the excitement is. Not only because, obviously, we are merchant suppliers or components, they rely on those platform, but also we are the direct beneficiaries for our subsystems and modules, which are basically integrated around those technologies.

好的。感謝你的提問。所以我認為總的來說，我們對化合物半導體平台的投資，無論是砷化鎵、磷化銦還是碳化矽，我認為這可能是最令人興奮的地方。顯然，不僅因為我們是商家供應商或組件，他們依賴這些平台，而且我們是我們的子系統和模塊的直接受益者，這些子系統和模塊基本上是圍繞這些技術集成的。

So we have a very fruitful discussion with our module and subsystem designs internally, as well as our customers, they rely on those platforms to differentiate their products.

因此，我們在內部與我們的模塊和子系統設計以及我們的客戶進行了非常富有成果的討論，他們依靠這些平台來區分他們的產品。

So I just want for them, maybe one detail about indium phosphide, as I mentioned in my prepared remarks. We are very excited about it because we are relying on 20-plus years of investment made by Finisar on the platform, which we believe it's really world-class, and we'll continue to invest in it as we see an array of customers really interested in scaling up the capability to leverage the performance of the individual lasers and photodiodes that we make for the internal demand as well as external demand. So that's probably where we see the greatest upside because we're starting from 0. We started from 0 when we closed. And so now that's growing rapidly, and we see that eventually to become a major portion of our market places in the optoelectronics Compound Semiconductors technologies.

所以我只想要他們，也許是關於磷化銦的一個細節，正如我在準備好的評論中提到的那樣。我們對此感到非常興奮，因為我們依靠 Finisar 在該平台上 20 多年的投資，我們相信它確實是世界級的，我們將繼續投資，因為我們真的看到了一系列客戶有興趣擴大利用我們為內部需求和外部需求製造的單個激光器和光電二極管的性能的能力。所以這可能是我們看到最大優勢的地方，因為我們是從 0 開始的。當我們關閉時，我們從 0 開始。所以現在它正在迅速增長，我們看到它最終將成為我們光電子化合物半導體技術市場的主要部分。

Your next question comes from the line of Mark Miller with The Benchmark Company.

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

Congratulations on your results. Just got a question. Did you say what the bookings were for the quarter?

祝賀你的結果。剛收到一個問題。你有沒有說本季度的預訂量是多少？

We haven't reported bookings in the quarter for a while. The backlog, as I said, remains very, very strong at $899 million and the rolling 12 months, bookings is still over 1.

我們已經有一段時間沒有報告本季度的預訂情況了。正如我所說，積壓訂單仍然非常非常強勁，達到 8.99 億美元，連續 12 個月的預訂量仍然超過 1。

Okay. One of your competitors indicated they were seeing some delays in 5G for certain type chips. Have you seen anything like that? This is in China?

好的。您的一位競爭對手錶示，他們發現某些類型的芯片在 5G 方面出現了一些延遲。你見過這樣的事嗎？這是在中國？

Mark, this is Chuck. No, we have not.

馬克，這是查克。不，我們沒有。

Your next question comes from the line of Ananda Baruah with Loop Capital.

您的下一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on the strong execution. I guess just 2 quick ones, if I could. Can you talk a little bit about what your expectations are for 3D Sensing for the December quarter relative to the September quarter. And congrats on the strong performance there. And then I have a quick follow-up after that.

祝賀強大的執行力。如果可以的話，我想只有 2 個快速的。您能否談談您對 12 月季度相對於 9 月季度的 3D 傳感的期望。並祝賀那裡的強勁表現。然後我有一個快速跟進。

Ananda, this is Giovanni. Thanks for your questions. So we expect the -- our Q2 3D sensing revenue to be higher than Q1. And I think we'll -- we believe we'll continue to gain share in the market like we have done for the past few quarters. And I'm sorry, what was the second question?

阿難，這是喬凡尼。感謝您的提問。因此，我們預計第二季度的 3D 傳感收入將高於第一季度。而且我認為我們會 - 我們相信我們將像過去幾個季度一樣繼續在市場上獲得份額。對不起，第二個問題是什麼？

Actually, I didn't ask it yet. But I'll ask it in a moment, Giovanni, but I appreciate the context. Any guys, any -- this is not the second one, just following the first. Any chance you could give some -- it sounds like you're gaining momentum there. I mean, would you expect, with the staggered rollout of certain phones, that you could be up -- potential for it to be up sequentially in March quarter as well?

其實我還沒問。但是我稍後會問，喬瓦尼，但我很欣賞上下文。任何人，任何——這不是第二個，只是在第一個之後。任何你可以給的機會——聽起來你在那裡獲得了動力。我的意思是，您是否期望隨著某些手機的交錯推出，您可能會上升 - 它也有可能在 3 月季度連續上升？

We'll have to see. We have forecast, but we don't have the visibility in terms of orders. So I think we have to wait.

我們得看看。我們有預測，但我們沒有訂單方面的可見性。所以我認為我們必須等待。

Got it. And then Mary Jane, my follow-up was on the operating margin. How much of the expansion you saw this quarter was from the work that you've talked about with Finisar? And it's a decent amount, meaningful amount from the 3D sensing ramp as well. And if there's anything else (inaudible) Finisar, would love to know about it.

知道了。然後瑪麗珍，我的後續行動是關於營業利潤的。您在本季度看到的擴展有多少來自您與 Finisar 討論過的工作？這也是 3D 傳感斜坡的一個可觀的、有意義的數量。如果還有其他（聽不清）Finisar，很想知道。

Sure. Well, we've talked in the past that, if any time we launch a new product that the single biggest driver of change in operating margin is anything that has newly begun, ramping. So sure, the fact that we are seeing 3D sensing ramping is really very, very good.

當然。好吧，我們過去曾說過，如果任何時候我們推出新產品，營業利潤率變化的最大驅動力就是任何新開始的東西，即不斷增加。可以肯定的是，我們看到 3D 傳感加速這一事實真的非常非常好。

Now a lot of excellent work has been going on at Sherman since the March quarter. But the truth is, across all of our operations, not the least of which, as Giovanni talked earlier about the automotive and industrial market coming back, that also leads to greater fab utilization, for example, and in the Zurich fab. So all of that, I think, is really a function of what drove it.

現在，自三月季度以來，Sherman 已經開展了許多出色的工作。但事實是，在我們所有的業務中，正如喬瓦尼早些時候談到的汽車和工業市場的回歸，這也導致了更高的晶圓廠利用率，例如蘇黎世晶圓廠。所以所有這一切，我認為，實際上是驅動它的功能。

And 3D sensing probably was the kind of last one out there to start to move, and it did in the March quarter, and that's been very, very good. But I would take nothing away from the OpEx intensity that has been going on in the company since the acquisition closed.

3D 傳感可能是最後一個開始移動的類型，它在 3 月季度就開始了，這非常非常好。但我不會從收購結束以來公司一直在進行的運營支出強度中拿走任何東西。

Your next question comes from the line of Jim Ricchiuti with Needham & Company.

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

I was wondering if you can go back to an earlier comment that you made about if I -- hopefully, I heard this correctly that you were unable to ship a -- roughly about $40 million of finished goods. Can you elaborate on that? Where -- what areas? And where are you in terms of some of those supply chain challenges?

我想知道如果我 - 希望我沒聽錯你無法運送大約 4000 萬美元的成品，你是否可以回到之前的評論。你能詳細說明一下嗎？哪裡——什麼區域？就這些供應鏈挑戰而言，您在哪裡？

Okay. Jim, this is Chuck. Jim, the bulk of it is in the Photonics Solutions business. And that's the first part of your question. What's the second part of your question?

好的。吉姆，這是查克。吉姆，其中大部分是在光子解決方案業務中。這是你問題的第一部分。你問題的第二部分是什麼？

Just in terms of where are you in terms of those supply chain challenges, is this something that you expect is going to persist?

就這些供應鏈挑戰而言，您在哪裡？您期望這會持續下去嗎？

I would say that it came up. I think we did a -- we did one heck of a job. First of all, even in this quarter, our supply chain team, global supply chain team is just fantastic. I think what began to happen is that as the industrial markets, automotive markets and the markets in China began to heat up and became kind of back on to the track they were on, I think that the supply chains were generally under pressure.

我會說它出現了。我認為我們做了一個 - 我們做了一個非常好的工作。首先，即使在這個季度，我們的供應鏈團隊，全球供應鏈團隊也很棒。我認為開始發生的事情是，隨著工業市場、汽車市場和中國市場開始升溫並回到原來的軌道，我認為供應鏈普遍面臨壓力。

We were able to mitigate everything that we needed to be able to deliver strongly on this quarter. But as you can tell from our guidance, we thought there was a possibility that we could hit $750 million. And what our supply chain people have been able to do is not only mitigate the impact in this quarter, but also, I'm expecting the impact to Q2 to be immaterial.

我們能夠減輕我們在本季度能夠強勁交付所需的一切。但正如你從我們的指導中可以看出的那樣，我們認為我們有可能達到 7.5 億美元。我們的供應鏈人員能夠做的不僅是減輕本季度的影響，而且我預計對第二季度的影響並不重要。

That's helpful. And Chuck, the follow-up question is just with respect to the announcement, on the 6-inch fab for the laser diodes for industrial applications. I'm wondering what does this do for the customers that you deal with in China, on the fiber laser side in terms of their ability to perhaps move up market to higher kilowatt class fiber lasers?

這很有幫助。 Chuck，後續問題只是關於公告，關於用於工業應用的激光二極管的 6 英寸晶圓廠。我想知道這對您在中國打交道的客戶有什麼影響，在光纖激光器方面，就他們可能將市場推向更高千瓦級光纖激光器的能力而言？

That's pretty simple. It [enables it].

這很簡單。它[啟用它]。

Your next question comes from the line of Sidney Ho with Deutsche Bank.

您的下一個問題來自德意志銀行的 Sidney Ho。

A couple of them. First question is regarding the inventory at your customers on the supply chain, what's your updated view on that, in terms of just the supply chain inventory or any prepurchases that is happening, especially given the strength that you are seeing in China?

其中幾個。第一個問題是關於供應鏈上客戶的庫存，就供應鏈庫存或正在發生的任何預購而言，您對此有何最新看法，特別是考慮到您在中國看到的實力？

Sidney, is your question, can we comment on whether the shipments we've made are going into inventory and what the customers' level of inventories? Is that it?

Sidney，您的問題是，我們能否評論一下我們發出的貨物是否進入庫存以及客戶的庫存水平如何？是這樣嗎？

Yes, customer level of inventory, or the supply chain.

是的，客戶級別的庫存或供應鏈。

Well, let me -- Sidney, we're not going to be able to give you anatomically precise answer. Let me just comment about inventory in general. I mean, we are focused on our operating performance at every level and in every comp, on our cost, on our working capital on our inventory management. But the world has just gone through a number of climate-based challenges, the virus itself. And our customers and our suppliers are shifting, I think, conversations a little more from just in time to just in case. And so we need to stay focused on that because we're expecting to grow. And we just -- we have to be really smart about it.

好吧，讓我 - 西德尼，我們無法給你解剖學上精確的答案。讓我來評論一下一般的庫存。我的意思是，我們專注於我們在每個級別和每個組合中的運營績效，我們的成本，我們的庫存管理營運資金。但世界剛剛經歷了一系列基於氣候的挑戰，即病毒本身。我認為，我們的客戶和供應商正在將對話從及時轉變為以防萬一。所以我們需要保持專注，因為我們期待增長。我們只是 - 我們必須對此非常聰明。

And we're engaged with customers where we're trying to win share, serve their un-forecasted needs, and inventory is a part of the conversation, meaning our ability to produce it, our ability to procure it. It's a balancing act. And we're not going to get carried away, but by all means, we intend to continue to grow and inventory is a strategic part of that equation, okay?

我們與客戶打交道，我們試圖贏得份額，滿足他們無法預料的需求，庫存是對話的一部分，這意味著我們生產它的能力，我們採購它的能力。這是一個平衡的行為。我們不會得意忘形，但無論如何，我們打算繼續增長，庫存是這個等式的戰略部分，好嗎？

Okay. That's helpful. Maybe my follow-up question is, can you talk about what portion of your revenue is coming from 3D Sensing and from silicon carbide today or last quarter?

好的。這很有幫助。也許我的後續問題是，您能否談談您今天或上個季度的收入中哪一部分來自 3D 傳感和碳化矽？

So yes. So the consumer part of the company was about 7%, I think -- 7% of the total. And then the portion that is silicon carbide is probably in the neighborhood of 4%, 5%.

所以是的。所以公司的消費者部分大約是 7%，我認為 - 佔總數的 7%。然後是碳化矽的部分可能在4％，5％左右。

okay. And then maybe one last question for me. Thank you for the gross margin guidance for the year in the slide deck. I think you guys are expecting 38% to 42% for the fiscal year. What are the major factors you see driving margins towards the high end versus low end, recognizing you're already at kind of like the midpoint of that range right now?

好的。然後也許是我的最後一個問題。感謝您在幻燈片中提供的年度毛利率指導。我認為你們預計本財年的增長率為 38% 至 42%。您認為將利潤率推向高端和低端的主要因素是什麼，認識到您現在已經處於該範圍的中點？

Well, obviously, as Chuck and Giovanni both commented on, in an engineered materials company volume is pretty critical. The margins are very affected by the extent to which the [gallium] materials are in demand and sold. That is going very, very nicely right now, as Giovanni commented on the variances across the board, whether that be EUV, industrial, 3D sensing, et cetera. So that's the first one.

嗯，顯然，正如 Chuck 和 Giovanni 都評論的那樣，在工程材料公司中，數量非常關鍵。利潤率受 [鎵] 材料的需求和銷售程度的影響很大。現在情況非常非常好，正如 Giovanni 評論全面的差異，無論是 EUV、工業、3D 傳感等等。所以這是第一個。

The second one is, from an operating efficiency point of view on the ground, we have worked very hard in II-VI to put capacity in when we need it and to add capacity by breaking line bottlenecks. So when we need a new line, the first thing we do is to figure out whether we can make a new line of an old line by breaking bottlenecks and putting in, say, different metrology equipment.

二是從實地運營效率的角度來看，II-VI我們非常努力地在需要的時候投入產能，通過打破生產線瓶頸來增加產能。因此，當我們需要一條新生產線時，我們首先要做的是弄清楚我們是否可以通過打破瓶頸並投入不同的計量設備來製造一條舊生產線的新生產線。

We will continue to do that and as that is further deployed in the combined company, that also has significant benefits as well. Chuck is correct that the supply chain teams continue to be relentless on the goals that they have taken on for themselves.

我們將繼續這樣做，並且隨著合併後公司的進一步部署，這也具有顯著的好處。 Chuck 是正確的，供應鏈團隊繼續堅持不懈地為自己制定的目標。

And then I think really, finally, the last point is being sure that we're really in lockstep with the customer on their timing, what they're taking when, what they really need. And that we're really right there with them on their forward-looking, strategical, so that the portions of the engineering guys that might come off the line to do the design for manufacturability is also used to the most efficient extent. So those are the main things that tend to drive the gross margin. But at the end of the day, volume is very important.

然後我真的認為，最後一點是要確保我們在客戶的時間安排、他們何時服用什麼、他們真正需要什麼方面真正與客戶保持同步。並且我們真的與他們在他們的前瞻性和戰略性方面站在一起，因此可能會下線進行可製造性設計的工程人員部分也可以最有效地使用。因此，這些是推動毛利率的主要因素。但歸根結底，數量非常重要。

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

您的下一個問題來自 Richard Shannon 與 Craig-Hallum 的對話。

I think my first one is on the Compound Semi segment from Mary Jane here. Your operating margins are up very nicely. In the September quarter versus June. I wonder if you could describe qualitatively how much of that is due to gross margins versus OpEx efficiencies? And then kind of simultaneously here, well you've never given us the gross margin level there. What kind of opportunity do you see for growth in Compound Semi gross margins over the next few quarters or a couple of years or whatever time frame you choose, it's like?

我想我的第一個是瑪麗珍在這裡的複合半部分。您的營業利潤率上升得非常好。在 9 月季度與 6 月相比。我想知道您是否可以定性地描述其中有多少是由於毛利率與運營支出效率的關係？然後有點同時在這裡，你從來沒有給我們那裡的毛利率水平。在接下來的幾個季度或幾年或您選擇的任何時間範圍內，您認為 Compound Semi 毛利率增長的機會是什麼？

Right. So a couple of things. One, the operating margins in the segment tend to be, for Compound Semi, I'd say -- they're have -- we've said before, their gross margin tends to be above the corporate average and in Photonics, it tends to be slightly below. Comp Semi's game really is almost [won or lost] on the gross margin because we make every [gallium] material except 1 in that segment.

正確的。所以有幾件事。一，該部門的營業利潤率往往是，對於 Compound Semi，我想說——他們有——我們之前說過，他們的毛利率往往高於公司平均水平，而在光子學領域，它往往略低於。 Comp Semi 的遊戲在毛利率上確實幾乎[贏或輸]，因為我們製作了該細分市場中除 1 之外的所有 [鎵] 材料。

All the laser diodes are made in that segment. It is the classic situation where the volume and the efficiency of the growth process is really, really important. So having said that, Giovanni has been very, very diligent in the OpEx as we look at, for example, where do we make sense? And our company has never had a situation where we make the same thing in a lot of places. But he does continue to work very hard of, really what is the footprint we have, and then that also affects his OpEx footprint.

所有的激光二極管都是在那個領域製造的。這是典型的情況，增長過程的數量和效率非常非常重要。話雖如此，喬瓦尼在運營支出方面一直非常非常勤奮，例如，我們在哪裡有意義？而且我們公司從來沒有出現過在很多地方做同樣的東西的情況。但他確實繼續非常努力地工作，真的是我們擁有的足跡，然後這也影響了他的運營支出足跡。

In Photonics. Photonics, it tends to have quite a bit more people in it, right, and a little bit more assembly, so the supply chain has a huge effect there. As Chuck's already said, they're already doing a wonderful job. And in their case, just efficiency of line flow tends to have the biggest effect. So any way you cut it inside the segment, the gross margin is a big deal.

在光子學中。光子學，它往往有更多的人，對，還有更多的組裝，所以供應鏈在那裡產生了巨大的影響。正如查克已經說過的，他們已經做得很好了。在他們的情況下，只有線路流動的效率往往會產生最大的影響。因此，無論您以何種方式將其切入細分市場，毛利率都是一個大問題。

And then second part of your question was, do I think Compound Semi could go up. So if you all would have asked me before what I thought the [rest in] margin for Comp Semi was, I probably would have said between 18% and 21%. So then as usual, Giovanni just flows that out of the water and so I do think that they are at a pretty nice level at this point. But at the end of the day, they do have the highest margin products in the company. And I think we really need to see how the demand develops over time, how we see various design shifts going.

然後你問題的第二部分是，我認為 Compound Semi 會上漲嗎？因此，如果你們在我認為 Comp Semi 的 [rest in] 利潤率是多少之前問我，我可能會說在 18% 到 21% 之間。所以像往常一樣，喬瓦尼只是把它從水里流出來，所以我確實認為它們在這一點上處於一個相當不錯的水平。但歸根結底，他們確實擁有公司中利潤率最高的產品。我認為我們真的需要看看需求如何隨著時間的推移而發展，我們如何看待各種設計轉變。

But I'm sure that Giovanni's own segment has not given up on whatever progress they can make in the segment. But generally, I'd say that I was very proud of them for what they achieved in this quarter, and that was not easy.

但我敢肯定，喬瓦尼自己的部門並沒有放棄他們在該部門所能取得的任何進展。但總的來說，我會說我為他們在本季度取得的成就感到非常自豪，這並不容易。

Great, Mary Jane, for the detail there. My second question is on datacom here. Wondering if you could give us sense of your -- how long your visibility within cloud looks like relative to normal or whatever normal is. And also, have you seen any potential share gains at the 100-gig speed? And what's your position in 400-gig so far.

太好了，瑪麗珍，那裡的細節。我的第二個問題是關於這裡的數據通信。想知道您是否可以讓我們了解您在雲中的能見度相對於正常情況或正常情況有多長時間。此外，您是否看到以 100 gig 的速度有任何潛在的份額增長？到目前為止，您在 400 演出中的職位是什麼。

This is Giovanni here. So as I said earlier, we have seen a nice pickup on those sales. And I think it's a combination, as I said earlier, to between customers engaging the combined team, which probably took a pause of 12, 18 months not only because we're going through the deal, but also because probably some deployments were kind of slowed down. So I think it's -- they're both coming back, the demand just from the market as well as the customers we engage with us. So I think we're pretty positive about the EMEA outlook to continue that plan.

這是喬瓦尼。因此，正如我之前所說，我們已經看到這些銷售額有了不錯的回升。而且我認為這是一種組合，正如我之前所說，客戶之間與合併後的團隊合作，這可能需要 12 到 18 個月的暫停，不僅因為我們正在完成交易，還因為可能有些部署有點像慢下來。所以我認為是——他們都回來了，只是來自市場的需求以及我們與我們接觸的客戶。因此，我認為我們對繼續該計劃的歐洲、中東和非洲前景非常樂觀。

And then -- I'm sorry, what was the second part?

然後 - 對不起，第二部分是什麼？

A potential -- have you seen a potential share gains in 100-gig and where do you sit in terms of like design win share in 400?

潛力——您是否看到 100 gig 的潛在份額增長以及您在 400 的類似設計贏得份額方面處於什麼位置？

So 400, we are shipping in volume, as I said in my prepared remarks today, we are already shipping in volume. We believe that with quite a cycle around 400, we think that, for example, until 2025, less than 50% of the market would be at 400, right, and with -- I mean, 400G. So we have plenty of time to grow and gain share, while we continue to be a leader, we think, at 200G.

所以 400，我們正在批量發貨，正如我今天在準備好的評論中所說，我們已經在批量發貨。我們認為，在 400 左右的相當長的周期內，我們認為，例如，到 2025 年，不到 50% 的市場將達到 400，對，而且——我的意思是 400G。因此，我們有足夠的時間來增長和獲得份額，同時我們認為，我們仍然是 200G 的領導者。

And of course, the 100G is still going to be more than 40% of the total addressable demand until 2024. So we have to have multiple platforms ready and competitive. And I think of over time, eventually 400G could be -- will become the largest, the dominant segment of the market. But even in 2025, we'll still be maybe 45% of the total still less than 50%. So it's important that we sell all of them.

當然，到 2024 年，100G 仍將佔總可尋址需求的 40% 以上。因此，我們必須準備好多個具有競爭力的平台。我認為隨著時間的推移，最終 400G 可能會成為市場中最大、占主導地位的部分。但即使在 2025 年，我們仍然可能佔總數的 45%，但仍不到 50%。所以重要的是我們把它們全部賣掉。

And while we lead the 200G, we'll grow the 400G in parallel.

在我們領先 200G 的同時，我們將同時發展 400G。

Okay. Your next question comes from the line of Tom Diffely with D.A. Davidson.

好的。你的下一個問題來自 Tom Diffely 和 D.A.戴維森。

A question on the indium phosphide opportunity. What is the length of the design cycle, the sales cycle for the components or subsystems in that space?

關於磷化銦機會的問題。該空間中組件或子系統的設計週期、銷售週期有多長？

Thanks, thanks for the question, Tom. This is Giovanni. So it really dependent on the customer needs. We have shipped products, which wasn't even qualified. So much was the demand for our lasers, which is really -- at least for me, this is always the first time in your life. I just couldn't believe the laser, with where its performance, that we got POs and we shipped even before the qualification cycle was completed.

謝謝，謝謝你的問題，湯姆。這是喬瓦尼。所以它真的取決於客戶的需求。我們運送的產品甚至不合格。對我們的激光器的需求如此之大，這真的是——至少對我來說，這總是你生命中的第一次。我簡直不敢相信，我們甚至在認證週期完成之前就獲得了採購訂單並且我們已經發貨了，其性能表現如何。

I think that the whole design cycle for some of these devices can be as short as 6 months and as long as maybe 18 months. So it really depends on the application. But there is no doubt that the fact that we made available to a number of customers a platform in which, as I said earlier, Finisar invested for a very long time. I think it was really, really attractive to several of them.

我認為其中一些設備的整個設計週期可能短至 6 個月，也可能長達 18 個月。所以這真的取決於應用程序。但毫無疑問，我們為許多客戶提供了一個平台，正如我之前所說，Finisar 在其中投資了很長時間。我認為這對他們中的幾個人來說真的非常有吸引力。

And not only in terms of performance. But as I said earlier, also in terms of scale, right? So we have a cost structure with a very well utilized spots between Fremont, California, Jarfalla, Sweden and we think those parts are doing extremely well. And so the internal volume helps utilizing those fabs, and therefore, providing a very competitive platform to our external customers, too.

而且不僅在性能方面。但正如我之前所說，在規模方面也是如此，對吧？所以我們有一個成本結構，在加利福尼亞州弗里蒙特、瑞典賈法拉之間有一個很好的利用點，我們認為這些部分做得非常好。因此，內部容量有助於利用這些晶圓廠，因此也為我們的外部客戶提供了一個極具競爭力的平台。

Great. And then as a follow-up, what are you seeing in the EUV market? Are you seeing a near-term pause and has your long-term outlook changed?

偉大的。然後作為後續行動，您在 EUV 市場上看到了什麼？您是否看到近期的停頓並且您的長期前景發生了變化？

No, really. No, I think we are proceeding as planned. As more and more systems are deployed and operational. Obviously, the percentage of spare replacement as a total of the EUV business for us increases, right, because that's a -- it's a nice and steady, eventually, over time, growing demand for components.

不完全是。不，我認為我們正在按計劃進行。隨著越來越多的系統被部署和運行。顯然，備用更換占我們 EUV 業務的百分比增加了，對，因為這是一個良好而穩定的結果，最終，隨著時間的推移，對組件的需求不斷增長。

So short term, no, I don't think we have seen any change in the deployment. I think we are benefiting from the incredible need for these tools. That, as you know, they are 7 years behind in terms of the promised deployment. So everybody is really looking forward to deploying more and more tools in the field. And we are so [sourced] on over 100 piece parts, a unique parts that go into the system, so I think we are well positioned to take advantage of that -- those deployments over time.

所以短期，不，我認為我們沒有看到部署有任何變化。我認為我們正在從對這些工具的巨大需求中受益。如您所知，就承諾的部署而言，他們落後了 7 年。因此，每個人都非常期待在該領域部署越來越多的工具。而且我們非常[採購] 100 多個零件，這是進入系統的獨特零件，所以我認為我們有能力利用這一點 - 隨著時間的推移這些部署。

This concludes the Q&A portion of today's call. I will now hand it back over to Ms. Mary Jane Raymond for closing remarks.

今天電話會議的問答部分到此結束。我現在將把它交還給 Mary Jane Raymond 女士做閉幕詞。

Thank you, Marsha. Thank you all for joining us today. Once again, thank you to all the veterans that we are talking to. We thank you for your service, and we will talk to you again in 1 quarter, if not before. Thanks again.

謝謝你，瑪莎。感謝大家今天加入我們。再次感謝與我們交談的所有退伍軍人。我們感謝您的服務，如果不是之前，我們將在 1 季度再次與您交談。再次感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。