(COHR) 2021 Q3 法說會逐字稿

Good day, and welcome to II-VI Fiscal Q3 Earnings Conference Call.

美好的一天，歡迎來到 II-VI 財政第三季度收益電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Mary Jane Raymond, Chief Financial Officer.

此時，我想將會議轉交給首席財務官 Mary Jane Raymond。

Please go ahead.

請繼續。

Thank you, Shelby, and good morning.

謝謝你，謝爾比，早上好。

I'm Mary Jane Raymond, the Chief Financial Officer here at II-VI Incorporated.

我是 II-VI Incorporated 的首席財務官 Mary Jane Raymond。

Welcome to our earnings call today for the third quarter of fiscal year 2021.

歡迎參加今天的 2021 財年第三季度財報電話會議。

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 Semiconductor segment.

今天與我通話的是我們的首席執行官 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。

This call is being recorded on Thursday, May 6, 2021.

此電話將於 2021 年 5 月 6 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.

提醒一下，我們今天在本次電話會議期間可能做出的任何前瞻性陳述僅在今天的背景下給出。

They are subject to various risk factors and are subject to change, possibly materially.

它們受到各種風險因素的影響，並且可能會發生重大變化。

We do not undertake any obligation to update these statements to reflect events subsequent to today, except as required by law.

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。

A list of our known risk factors can be found in our Form 10-K, for the year ended June 30, 2020, filed in August of 2020 as well as the Form S-4 filed on May 4, 2021.

可在 2020 年 8 月提交的截至 2020 年 6 月 30 日止年度的 10-K 表格以及 2021 年 5 月 4 日提交的 S-4 表格中找到我們已知風險因素的列表。

Our remarks today do not constitute an offer to sell or the solicitation of an offer to buy any securities.

我們今天的言論不構成出售要約或購買任何證券的要約邀請。

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.

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 includes 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 it over to Dr. Chuck Mattera.

有了這個，讓我把它交給查克馬特拉博士。

Thanks, Mary Jane.

謝謝，瑪麗珍。

I would like to thank you all for joining us today and for your interest in II-VI.

我要感謝大家今天加入我們並感謝您對 II-VI 的興趣。

It's a time of great challenge for our world in a time of great need, too.

對於我們的世界來說，這也是一個非常需要的時代，也是一個充滿挑戰的時代。

We are well aware of the opportunity we have to enable so much change and that there's nothing more difficult to take on than to lead the introduction of a new order of things.

我們很清楚我們必須實現如此多的變革的機會，沒有什麼比領導引入新秩序更困難的了。

That is precisely what we have charted our course to do, consistent with our vision of a world transformed through innovative materials vital to a better life today and the sustainability of future generations.

這正是我們計劃要做的事情，這與我們通過創新材料改造世界的願景相一致，這對當今更美好的生活和子孫後代的可持續性至關重要。

In short, we are committed to changing our world and delivering long-term stakeholder value along the way.

簡而言之，我們致力於改變我們的世界，並在此過程中為利益相關者提供長期價值。

I would like to recognize our global pandemic response team and all of the II-VI employees who once again mitigated the impact to our people and facilities during the quarter as the vaccines and the viruses squared off.

我要感謝我們的全球大流行應對團隊和所有 II-VI 員工，他們在本季度再次減輕了疫苗和病毒對我們人員和設施的影響。

The safety of our employees remains our top priority.

員工的安全仍然是我們的首要任務。

With the incalculable toll and suffering from COVID-19, I am grateful to the entire scientific community, who developed the vaccines and to a battling heart, this global pandemic now surging in India.

鑑於 COVID-19 造成的無法估量的損失和痛苦，我感謝開發疫苗的整個科學界，感謝這場全球大流行正在印度肆虐的一顆戰鬥的心。

We will keep all of the people of the world in our prayers.

我們將讓世界上所有的人都在我們的祈禱中。

I also want to recognize our II-VI employees who have been enabling PCR testing throughout the pandemic by supplying vital optical filters and thermal management components to makers of life science diagnostic instruments used around the world for COVID-19 testing and for vaccine development.

我還想感謝我們的 II-VI 員工，他們通過向全球用於 COVID-19 測試和疫苗開發的生命科學診斷儀器製造商提供重要的濾光片和熱管理組件，在整個大流行期間實現 PCR 測試。

Now turning to the business.

現在轉向業務。

Q3 was a very exciting quarter in which we continue to focus on the growth drivers of our business.

第三季度是一個非常令人興奮的季度，我們繼續關注我們業務的增長動力。

As you know, on March 25, we were selected as the successful bidder for Coherent.

如您所知，3 月 25 日，我們被選為 Coherent 的中標者。

We have known and regarded Coherent for years as pioneers of industrial laser processing.

多年來，我們一直知道相干公司並將其視為工業激光加工的先驅。

And as you can see in the S-4, we had been discussing a possible strategic combination with them for some time.

正如您在 S-4 中看到的那樣，我們已經與他們討論可能的戰略組合已經有一段時間了。

Coherent will add complementary strengths to II-VI with their expertise in industrial laser solutions for precision manufacturing and to focus on the markets and applications for life sciences, semi-cap equipment and aerospace and defense, 3 of II-VI's important emerging markets.

相干公司將憑藉其在精密製造工業激光解決方案方面的專業知識為 II-VI 增添互補優勢，並專注於 II-VI 重要新興市場中的 3 個生命科學、半封裝設備以及航空航天和國防的市場和應用。

We are excited about expanding our technical resources with deep domain knowledge in laser technologies to continue to bring breakthrough solutions to the market.

我們很高興能夠利用激光技術領域的深厚知識來擴展我們的技術資源，從而繼續為市場帶來突破性的解決方案。

The combination will also expand our access to new markets and provide us an unmatched opportunity to expand our sales, service and supply chain teams to best serve customers around the world, while delivering on a synergy plan.

此次合併還將擴大我們進入新市場的渠道，並為我們提供無與倫比的機會來擴大我們的銷售、服務和供應鏈團隊，從而為全球客戶提供最佳服務，同時實施協同計劃。

Coherent will be our largest acquisition to date and partnering with Bain Capital will be a great endeavor.

Coherent 將是我們迄今為止最大的收購，與貝恩資本合作將是一項偉大的努力。

Our Q3 revenue was $783 million.

我們第三季度的收入為 7.83 億美元。

We exceeded the top end of our guidance of $780 million.

我們超過了 7.8 億美元的指導上限。

Our revenue grew 25% year-over-year.

我們的收入同比增長 25%。

We recorded a book-to-bill ratio of 1.08 for the quarter.

我們錄得本季度的訂單出貨比為 1.08。

And we ended the quarter with a record $1.13 billion backlog.

我們在本季度結束時積壓了創紀錄的 11.3 億美元。

We saw no signs of weakness in the demand for our optical communications products and our current industry checks, supported by our strong backlog, underscore our view that demand will remain strong for our datacom transceivers, coherent optics and ROADM products.

我們看到對我們的光通信產品的需求沒有疲軟的跡象，我們當前的行業檢查在我們強大的積壓訂單的支持下，強調了我們的觀點，即我們的數據通信收發器、相干光學和 ROADM 產品的需求將保持強勁。

Although we continue to sense increased stress in our supply chain, our global supply chain team continue to do a fantastic job of managing risk and mitigating the impact of reported supply chain shortages.

儘管我們繼續感覺到我們的供應鏈壓力越來越大，但我們的全球供應鏈團隊繼續在管理風險和減輕報告的供應鏈短缺的影響方面做得非常出色。

Even in the face of increased demand, our shipments of transceivers, Coherent optics and ROADM products were basically unaffected by shortages, as we missed less than 1% of our original sales plan for the quarter due to the supply chain.

即使在需求增加的情況下，我們的收發器、相干光學和 ROADM 產品的出貨量也基本沒有受到短缺的影響，因為由於供應鏈的原因，我們錯過了本季度原定銷售計劃的不到 1%。

Our relatively wide Q4 guidance range for revenue reflects that the output of our transceiver business may begin to be affected by supply chain shortages.

我們相對較寬的第四季度收入指導範圍反映了我們收發器業務的產出可能開始受到供應鏈短缺的影響。

Also, we will continue to operate with an abundance of caution regarding COVID-19 and our locations throughout the world.

此外，對於 COVID-19 和我們在世界各地的位置，我們將繼續謹慎行事。

In some countries, including the U.S., our safety protocols may constrain our output at least through Q4 in certain facilities.

在包括美國在內的某些國家/地區，我們的安全協議可能會限制我們至少在第四季度之前在某些設施中的輸出。

I believe that the scale that we have been able to achieve in the supply chain, as a result of the synergies that we continue to deliver from the Finisar acquisition are serving us well.

我相信，由於我們從 Finisar 收購中繼續提供的協同效應，我們能夠在供應鏈中實現的規模對我們很有幫助。

We will maintain a relentless focus on costs, quality and lead times as well as on risk management within our diversified footprint, and we will maintain a discipline about building increased redundancy and resiliency into our distributed supply chains for the long term.

我們將堅持不懈地關注成本、質量和交貨時間以及我們多元化業務範圍內的風險管理，我們將保持紀律，從長遠來看，在我們的分佈式供應鏈中增加冗餘和彈性。

We are exposed to strong growth drivers implied by the mega market trends that we are enabling.

我們面臨著我們正在實現的巨大市場趨勢所暗示的強勁增長動力。

In addition to the accelerating pace of the emerging digital transformation that we are enabling, we are pleased with the progress and positive news on many fronts, including the redefinition of a new normal in the face of COVID-19, increased GDP forecasts, and evidence of an economic recovery well underway.

除了我們正在推動的新興數字化轉型步伐加快之外，我們對許多方面的進展和積極消息感到高興，包括面對 COVID-19 重新定義新常態、增加 GDP 預測和證據經濟復甦進展順利。

Looking ahead to the impact of announcements of infrastructure stimulus investments, the start of an apparent multiyear cycle in semi cap equipment, along with the other irreversible megatrends that underpin mobile, intelligent and electric, we continue to be very excited.

展望基礎設施刺激投資公告的影響，半導體設備明顯多年周期的開始，以及支撐移動、智能和電動的其他不可逆轉的大趨勢，我們仍然感到非常興奮。

As one example of a possible leading indicator, during the quarter, we saw particular strength from the industrial laser aftermarket whose revenues were at the same all-time record level of the March quarter of 2018.

作為可能的領先指標的一個例子，在本季度，我們看到工業激光售後市場的特別強勁，其收入與 2018 年 3 月季度的歷史記錄水平相同。

In addition, several of the AI-era megatrends, including the computing end markets are very healthy, and the demand drivers continue to emerge with a proliferation of new use cases and the buildup of new fabs that have been recently announced are expected to drive the growth of our semicap businesses.

此外，包括計算終端市場在內的幾個人工智能時代的大趨勢非常健康，隨著新用例的激增，需求驅動力不斷湧現，而最近宣布的新晶圓廠的建設預計將推動我們的半導體業務的增長。

Finally, I'm proud to note that our 50th anniversary will take place on June 22, and so the end of an extraordinary beginning for II-VI will be here before long.

最後，我很自豪地指出，我們的 50 週年紀念日將在 6 月 22 日舉行，因此 II-VI 非凡的開端很快就會結束。

With all that excitement soon behind us, I believe that the best is yet to come, as we continue to reinvent the enterprise in the face of irreversible and accelerating change.

所有這些興奮很快就過去了，我相信最好的還沒有到來，因為面對不可逆轉和加速的變化，我們將繼續重塑企業。

We are proud to be serving so many large innovators like Apple that are also committed to having a profoundly positive impact on the world.

我們很自豪能夠為像 Apple 這樣的眾多大型創新者提供服務，這些創新者也致力於對世界產生深遠的積極影響。

Their announcement yesterday about our relationship should help clarify our sense of the importance of our long-term strategic investments in disruptive technologies and products that can be manufactured at scale.

他們昨天關於我們關係的聲明應該有助於闡明我們對可以大規模生產的顛覆性技術和產品進行長期戰略投資的重要性的認識。

The announcement by Apple yesterday, focused on an award from Apple to II-VI of up to $410 million in future business from their advanced manufacturing fund.

Apple 昨天宣布的重點是 Apple 從其先進製造基金中向 II-VI 提供高達 4.1 億美元的未來業務獎勵。

As Apple stated in their announcement, this will accelerate II-VI's delivery of future components for iPhones.

正如蘋果在公告中所說，這將加速 II-VI 為 iPhone 交付未來組件。

We are enthusiastic about expanding our partnerships with market leaders like Apple to enable many of the positive changes through the adoption of new technologies that we expect to unfold over the years ahead.

我們熱衷於擴大與 Apple 等市場領導者的合作夥伴關係，通過採用我們期望在未來幾年內展開的新技術來實現許多積極的變化。

We are honored to be Apple's trusted partner, and we look forward to continuing our long standing relationship.

我們很榮幸成為 Apple 值得信賴的合作夥伴，我們期待繼續我們的長期合作關係。

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

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。

Giovanni will detail Q3 and some of the key drivers of our Q4.

Giovanni 將詳細介紹 Q3 和我們 Q4 的一些關鍵驅動因素。

Giovanni?

喬瓦尼？

Thank you, Chuck.

謝謝你，查克。

The Apple announcement was indeed very exciting.

蘋果的公告確實非常令人興奮。

We are proud that our VCSEL technology is enabling many iPhone features, including face ID, Memoji, Animoji and portrait mode selfies.

我們很自豪我們的 VCSEL 技術支持許多 iPhone 功能，包括面容 ID、擬我表情、動話表情和人像模式自拍。

In addition, as the Apple announcement stated, the LiDAR scanner allows cameras to create a 3D map of the environment, which improves low-light photography and enables more realistic augmented reality experiences.

此外，正如蘋果公告所述，激光雷達掃描儀允許相機創建環境的 3D 地圖，從而改善低光攝影並實現更逼真的增強現實體驗。

We are proud of creating hundreds of high-tech jobs in the U.S. through our long-standing collaboration with Apple.

通過與 Apple 的長期合作，我們為在美國創造了數百個高科技工作崗位而感到自豪。

As for our global 3D sensing business this quarter, it almost doubled over the same quarter last year with a typical seasonal pattern.

至於本季度我們的全球 3D 傳感業務，它幾乎是去年同期的兩倍，具有典型的季節性模式。

All facilities are qualified and shipping to multiple customers.

所有設施均合格並運送給多個客戶。

And we are in a great position for new design wins with current and future components for the global market.

我們處於有利位置，通過面向全球市場的當前和未來組件贏得新設計。

In fact, we are working on expanding the technology platforms for sensing with electronics drivers, and the recently introduced multi-junction VCSEL and flood illumination module platforms.

事實上，我們正在努力擴展電子驅動器傳感技術平台，以及最近推出的多結 VCSEL 和泛光照明模塊平台。

We expect the revenue for 3D sensing in Q4 of FY '21 to follow the usual seasonal pattern, while we are squarely focused on preparing for the ramp that will begin in calendar Q3.

我們預計 21 財年第四季度的 3D 傳感收入將遵循通常的季節性模式，而我們則完全專注於為將於第三季度開始的坡道做準備。

Turning to the rest of our business in the quarter.

轉向我們本季度的其他業務。

Aerospace and Defense grew 16% year-over-year and 11% sequentially, driven by the increasing adoptions of lasers and advanced optics for a diverse set of emerging applications.

航空航天和國防同比增長 16%，環比增長 11%，這主要得益於激光器和先進光學器件越來越多地應用於各種新興應用。

Our sales in communication saw a strong customer pull across both telecom and datacom, particularly from our web scale customers.

我們在通信領域的銷售看到了電信和數據通信領域的強大客戶拉動，特別是來自我們的網絡規模客戶。

For example, Q3 was the second quarter we doubled the revenue for our 200 and 400G transceivers.

例如，第三季度是我們將 200 和 400G 收發器的收入翻倍的第二季度。

These are products which are experiencing a strong pool, resulting in a book-to-bill ratio of almost 5 and which will continue to drive our growth as the web scalers continue to move to higher data rates.

這些產品正在經歷一個強大的池，導致近 5 的訂單出貨比，隨著網絡擴展器繼續轉向更高的數據速率，這將繼續推動我們的增長。

At the same time, we are positioned to lead the deployment of next-generation optical interfaces at 800G by leveraging our enabling photonic integrated service platforms on both indium phosphide and silicon, which are capable of supporting 200G data rates per wave length.

同時，我們的定位是通過利用我們在磷化銦和矽上支持 200G 數據速率的光子集成服務平台，引領 800G 下一代光接口的部署。

The transformation of the optical communication market continues with carriers and data center operators, accelerating the revolution towards disaggregated optical networks, in order to keep pace with the forecasted market demands for bandwidth.

光通信市場的轉型與運營商和數據中心運營商一起繼續，加速了向分解光網絡的革命，以跟上預測的市場對帶寬的需求。

We are excited by the market expansion opportunities for our key enabling components, modules and integrated solutions, and we believe that we are in a leading position to continue to need enable this fast-growing market.

我們對關鍵支持組件、模塊和集成解決方案的市場擴張機會感到興奮，我們相信我們處於領先地位，繼續需要支持這個快速增長的市場。

Industrial market also experienced exciting growth during the quarter.

工業市場在本季度也經歷了令人興奮的增長。

Our revenue in this market grew across all types of laser systems, 24% year-over-year and sequentially, and we reached an all-time high revenue for our aftermarket optics in the Americas.

我們在這個市場的收入在所有類型的激光系統上都增長了 24%，同比和環比增長，我們在美洲的售後光學系統的收入達到了歷史最高水平。

Globally, our aftermarket revenue reached pre-pandemic records, driven by growth in fiber laser optics, CO2 laser components and customized beam delivery systems for the assembly of batteries for the largest electric vehicle manufacturers in the world.

在全球範圍內，我們的售後市場收入達到了大流行前的記錄，這得益於光纖激光光學器件、CO2 激光組件和用於為全球最大的電動汽車製造商組裝電池的定制光束傳輸系統的增長。

Our life sciences business grew sequentially for the fourth consecutive quarter, driven by demand for our optical filters, discrete optics and thermal management solutions for a portfolio of applications, including PCR testing.

我們的生命科學業務連續第四個季度實現連續增長，這得益於對我們用於包括 PCR 測試在內的一系列應用的濾光片、分立光學器件和熱管理解決方案的需求。

This business nearly doubled year-over-year, increasing from about 2% of total revenue a year ago to 4% this year.

該業務同比幾乎翻了一番，從一年前佔總收入的約 2% 增加到今年的 4%。

Sales of silicon carbide substrates grew over 50% in Q3 compared to last year, with sales to over 30 customers in various end markets, while we continue to make steady progress in building our device and module business and accelerating our multiyear capacity expansion.

第三季度碳化矽襯底銷售額同比增長超過 50%，向各個終端市場的 30 多家客戶銷售，同時我們繼續穩步推進器件和模塊業務建設，加快多年產能擴張。

Our semiconductor capital equipment product lines are sold out, on all of our engineered materials products for both the front end and the back end of the line.

我們的半導體資本設備產品線已售罄，我們所有用於生產線前端和後端的工程材料產品均已售罄。

And our sales into this market grew 15% sequentially.

我們在這個市場的銷售額環比增長了 15%。

We continue to expand our manufacturing capacity ahead of the accelerating demand deriving from the multiyear investment cycle, which is globally underway.

我們將繼續擴大我們的製造能力，以應對全球正在進行的多年投資週期帶來的需求加速。

The GDP growth that Chuck referenced earlier is coming from both North American and Asian markets.

Chuck 之前提到的 GDP 增長來自北美和亞洲市場。

To support this growth, we opened a new technology and added a center in Shanghai, which we inaugurated last month.

為了支持這種增長，我們在上海開設了一項新技術並增加了一個中心，我們於上個月成立了該中心。

We also opened our applications lab for laser material processing in Suzhou, to better serve a growing number of industrial customers in China.

我們還在蘇州開設了激光材料加工應用實驗室，以更好地服務於中國越來越多的工業客戶。

Finally, we expected our global silicon company wafer processing operations by opening a wafer finishing line on our Suzhou campus to better sell the globin -- electric vehicle market globally, including in China, which is expected to be the largest market for electric vehicles.

最後，我們預計我們的全球矽公司晶圓加工業務將通過在蘇州園區開設晶圓精加工線來更好地銷售全球電動汽車市場，包括中國，預計中國將成為最大的電動汽車市場。

Finally, many of our large strategic customers are asking us to accelerate our investments in compound semiconductor innovations, including for our exciting silicon carbide-based wide bank platforms.

最後，我們的許多大型戰略客戶要求我們加快對化合物半導體創新的投資，包括我們令人興奮的基於碳化矽的寬銀行平台。

Accordingly, we anticipate adding over 300 jobs to our global R&D team over the next 12 to 18 months with over 150 of those positions in the U.S.

因此，我們預計在未來 12 到 18 個月內，我們的全球研發團隊將增加 300 多個工作崗位，其中 150 多個職位在美國。

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

有了這個，讓我把它交給瑪麗珍。

Mary Jane?

瑪麗珍？

Thank you, Giovanni, and good morning.

謝謝你，喬瓦尼，早上好。

First, in case you missed it, II-VI was recently recognized by Forbes as one of the best mid-sized companies in America.

首先，萬一你錯過了，II-VI 最近被福布斯評為美國最好的中型公司之一。

Thank you, Forbes.

謝謝你，福布斯。

I'd also like to thank my colleagues around the world for their remarkable efforts to keep our factories and fab humming in these challenging times.

我還要感謝我在世界各地的同事為在這個充滿挑戰的時代保持我們的工廠和晶圓廠運轉而付出的巨大努力。

Thank you very much.

非常感謝。

Turning to the quarter.

轉向季度。

Our non-GAAP gross margin was 38.9%, and the non-GAAP operating margin was 18%.

我們的非美國通用會計準則毛利率為 38.9%，非美國通用會計準則營業利潤率為 18%。

The non-GAAP gross margin and the non-GAAP operating margin remain well ahead of the margins II-VI reported right before the acquisition of Finisar closed.

非 GAAP 毛利率和非 GAAP 營業利潤率仍遠高於收購 Finisar 之前報告的利潤率 II-VI。

COVID expenses incurred in the quarter to maintain safe workplaces were $5.5 million, of which about $2 million is included in non-GAAP.

本季度為維護安全工作場所而發生的 COVID 費用為 550 萬美元，其中約 200 萬美元包含在非公認會計原則中。

This total includes lost work time, and collectively, these costs put downward pressure on the margins in the quarter.

這一總數包括損失的工作時間，這些成本共同對本季度的利潤率造成了下行壓力。

At the segment level, the non-GAAP operating margins were 14.7% for Photonics and 24.2% for compound semiconductors.

在細分市場層面，光子學的非 GAAP 營業利潤率為 14.7%，化合物半導體為 24.2%。

Similar to last quarter, compound semis margins were driven by strong mix.

與上一季度類似，複合半成品利潤率受到強勁組合的推動。

Our record backlog of $1.13 billion consists of $750 million in Photonics and $380 million in compound semiconductors.

我們創紀錄的 11.3 億美元的積壓訂單包括 7.5 億美元的光子學和 3.8 億美元的化合物半導體。

The backlog contains orders that will ship over the next 12 months.

積壓訂單包含將在未來 12 個月內發貨的訂單。

GAAP operating expenses, which are SG&A plus R&D, were $214 million.

GAAP 運營費用（SG&A 加研發）為 2.14 億美元。

Excluding $21 million of amortization, $14 million of stock comp and $17 million of M&A and integration costs.

不包括 2100 萬美元的攤銷、1400 萬美元的股票補償以及 1700 萬美元的併購和整合成本。

Non-GAAP OpEx was $163 million or 21% of revenue, over and over 500 basis points below the OpEx percent of revenue just prior to the close of the acquisition when it was nearly 26% for II-VI and Finisar combined, excluding amortization, stock comp and transaction costs.

Non-GAAP OpEx 為 1.63 億美元，佔收入的 21%，比收購結束前的 OpEx 收入百分比低 500 多個基點，當時 II-VI 和 Finisar 的總和接近 26%，不包括攤銷，股票補償和交易成本。

These improvements are driven by our accelerated achievement of synergies and our ongoing cost control.

這些改進是由我們加速實現協同效應和我們持續的成本控制推動的。

Quarterly GAAP EPS was $0.66, and non-GAAP EPS was $0.91 with after-tax non-GAAP adjustments of $30 million in total.

季度 GAAP 每股收益為 0.66 美元，非 GAAP 每股收益為 0.91 美元，稅後非 GAAP 調整總額為 3000 萬美元。

The diluted share count for the GAAP results was 116 million shares.

GAAP 結果的稀釋股數為 1.16 億股。

For non-GAAP, the diluted share count was 125 million shares.

對於非公認會計原則，稀釋後的股票數量為 1.25 億股。

The GAAP and non-GAAP EPS calculations are in the last 2 tables of the press release.

GAAP 和非 GAAP 每股收益計算在新聞稿的最後 2 個表格中。

Stock comp was $17 million for the quarter, $3 million in COGS and $14 million in OpEx.

本季度的股票補償為 1700 萬美元，銷貨成本為 300 萬美元，運營支出為 1400 萬美元。

We expect stock comp for Q4 to be $18 million.

我們預計第四季度的股票補償為 1800 萬美元。

Cash flow from operations in the quarter was $91 million, and free cash flow was $64 million.

本季度運營現金流為 9100 萬美元，自由現金流為 6400 萬美元。

We paid down $75 million of our debt in addition to the required payment of $15 million.

除了需要支付的 1500 萬美元外，我們還償還了 7500 萬美元的債務。

In Q3, our net debt position moved to a net cash position of $79 million.

在第三季度，我們的淨債務頭寸變為淨現金頭寸 7900 萬美元。

The interest expense in the quarter was $13 million.

本季度的利息支出為 1300 萬美元。

Capital expenditures this quarter were $26 million.

本季度的資本支出為 2600 萬美元。

For the year, we expect CapEx to be between $170 million to $190 million to support our forecasted growth, particularly in compound semiconductors.

今年，我們預計資本支出將在 1.7 億美元至 1.9 億美元之間，以支持我們預測的增長，尤其是在化合物半導體領域。

Depreciation was $47 million in the quarter, and we expect our forward depreciation expense to be about $48 million a quarter.

本季度折舊為 4700 萬美元，我們預計每季度的遠期折舊費用約為 4800 萬美元。

FX was a gain in the quarter of $7.9 million, primarily driven by the Swiss franc and the Malaysian ringgit.

外彙在本季度增長了 790 萬美元，主要受瑞士法郎和馬來西亞林吉特的推動。

This is a reversal of the first half of fiscal year '21 trading in these 2 currencies.

這是 21 財年上半年以這兩種貨幣進行交易的逆轉。

The effective tax rate in the quarter was 13% due to receiving renewed hi-tech status in several countries.

由於在幾個國家獲得了新的高科技地位，本季度的有效稅率為 13%。

We expect the tax rate to be between 16% and 19% for the year, making the Q4 tax rate between 20% and 22%.

我們預計今年的稅率在 16% 到 19% 之間，使得第四季度的稅率在 20% 到 22% 之間。

The tax rate to be used for the non-GAAP items is 19%.

用於非公認會計原則項目的稅率為 19%。

The tax rate expectation is reduced from our prior range of 18% to 22% due to renewals of hi-tech status, which we cannot include until they are in hand, super R&D deductions, increased stock option exercises and changes in mix and income around the world.

由於高科技狀態的更新、超級研發扣除、股票期權行使的增加以及組合和收入的變化，我們無法將稅率預期從我們之前的 18% 降低到 22%。世界。

We had $18.5 million in total costs for M&A, integration and other costs, largely for Coherent and Finisar.

我們在併購、整合和其他成本方面的總成本為 1850 萬美元，主要用於 Coherent 和 Finisar。

With respect to our Series B preferred stock issuance, we are very, very happy for our new partnership with Bain.

關於我們的 B 系列優先股發行，我們非常非常高興與貝恩建立新的合作夥伴關係。

We look forward to their advice and counsel as we go forward.

在我們前進的過程中，我們期待他們的建議和建議。

II-VI has already received $750 million of the committed Bain Capital investment of $1.8 billion in the form of preferred equity.

II-VI 已經以優先股的形式收到了貝恩資本 18 億美元的承諾投資中的 7.5 億美元。

This investment carries a 5% annual dividend paid in cash and capitalized to the principal for the first 4 years.

這項投資每年以現金支付 5% 的股息，並在前 4 年資本化為本金。

This drives a $10.2 million dividend in Q4 that will be deducted from the net income in the same manner that the $6.9 million dividend is deducted for the Series A preferred stock.

這推動了第四季度的 1020 萬美元股息，該股息將從淨收入中扣除，方式與 A 系列優先股的 690 萬美元股息扣除方式相同。

In Q3, the Bain investment had a mark to market gain of $11 million for the changes in our stock price during the period between the signing of our agreement and the receipt of the funds.

在第三季度，貝恩投資在我們的協議簽署和收到資金期間的股價變化中獲得了 1100 萬美元的市值收益。

Now that the first tranche of funds has been received, this will not repeat.

既然第一筆資金已經收到，就不再重複了。

Turning to the outlook on Q4.

轉向第四季度的前景。

Our record backlog and yesterday's announcement by Apple indicate continued strong demand trends.

我們創紀錄的積壓訂單和蘋果昨天的聲明表明需求趨勢持續強勁。

Our fiscal year '21 outlook is ahead of our original budget, including our having to replace about 5% of our budgeted consolidated revenues for the whole year due to the restrictions on Huawei.

我們的 21 財年展望超出了我們最初的預算，包括由於對華為的限制，我們不得不更換全年預算合併收入的約 5%。

We did that within 3 quarters.

我們在 3 個季度內做到了這一點。

For Q4, our wider guidance range simply reflects an extra measure of caution related to the supply chain risks, which have increased in the last few months and the potential impact of our continued rigorous COVID-19 protocols, which could affect our ability to convert some of our work in process inventory to finished goods by year-end.

對於第四季度，我們更廣泛的指導範圍只是反映了與供應鏈風險相關的額外謹慎措施，供應鏈風險在過去幾個月有所增加，以及我們持續嚴格的 COVID-19 協議的潛在影響，這可能會影響我們轉換一些到年底我們的在製品庫存到製成品。

Our outlook for revenue for the fourth quarter ending June 30, 2021, is expected to be $752 million to $802 million and earnings per share on a non-GAAP basis at $0.63 to $0.83 at 118 million shares.

我們對截至 2021 年 6 月 30 日的第四季度的收入預期為 7.52 億美元至 8.02 億美元，按非公認會計原則計算的每股收益為 0.63 美元至 0.83 美元，每股收益為 1.18 億股。

For Q4, we expect both the Series A and the Series B preferred stock to be antidilutive.

對於第四季度，我們預計 A 系列和 B 系列優先股都具有抗稀釋性。

This EPS range includes the deduction of the $10.2 million of the Bain dividend from the net income and accounts for about $0.09.

這個每股收益範圍包括從淨收入中扣除貝恩股息的 1020 萬美元，約為 0.09 美元。

This is at today's exchange rate and an estimated tax rate of 21%.

這是按照今天的匯率和 21% 的估計稅率計算的。

For the non-GAAP earnings per share, we add back to the GAAP earnings pretax amount of $21 million in amortization, $18 million in stock comp and $12 million in transaction and integration costs.

對於非 GAAP 每股收益，我們將 2100 萬美元的攤銷、1800 萬美元的股票補償以及 1200 萬美元的交易和整合成本加回 GAAP 稅前收益。

The estimated Q4 share count is 111 million shares for GAAP and 118 million for non-GAAP.

估計第四季度的股票數量為 GAAP 1.11 億股和非 GAAP 1.18 億股。

The actual dollar amount of non-GAAP items, the tax rate, the exchange rates and the share count are all subject to change.

非公認會計原則項目的實際美元金額、稅率、匯率和股票數量都可能發生變化。

Before we go to the Q&A, just as a reminder, our answers today may contain forecasts from which our actual results may differ due to a variety of factors, including, but not limited to changes in product mix, customer orders, supply chain shortages, both upstream and downstream, competition, changes in regulations, ongoing requirements to combat COVID-19 virus and general 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、供應鏈短缺、上游和下游、競爭、法規變化、對抗 COVID-19 病毒的持續要求以及總體經濟狀況。

(Operator Instructions) We expect to end this call at 10:00 a.m.

（操作員說明）我們預計在上午 10:00 結束本次通話。

Shelby, you may open the line for questions.

謝爾比，你可以打開電話提問。

(Operator Instructions) We'll take our first question from Jed Dorsheimer with Canaccord Genuity.

（操作員說明）我們將用 Canaccord Genuity 向 Jed Dorsheimer 提出第一個問題。

I guess, given that I only have one question and assuming somebody else will ask on the impact in quantifying on the supply chain.

我想，鑑於我只有一個問題，並假設其他人會詢問量化對供應鏈的影響。

I guess my question would be more strategic around the value proposition on the both the gallium nitride as well as that of the indium phosphide.

我想我的問題將圍繞氮化鎵和磷化銦的價值主張更具戰略意義。

And specifically, it seems for indium phosphide that most of the driving force is in optical and yet the [1550] presents an opportunity from a near-eye application.

具體來說，似乎磷化銦的大部分驅動力來自光學，但 [1550] 提供了近眼應用的機會。

So when do you see that starting to materialize?

那麼你什麼時候看到它開始實現呢？

And similarly on the gallium nitride, the value proposition moving from PAs and base stations to lower voltage devices?

同樣在氮化鎵上，價值主張從功率放大器和基站轉移到低壓設備？

Jed, thanks for your question.

傑德，謝謝你的提問。

This is Giovanni.

這是喬瓦尼。

Absolutely.

絕對地。

The indium phosphide was one of the hidden gems in Finisar, which made the really our acquisition is so valuable.

磷化銦是 Finisar 中隱藏的寶石之一，這使得我們的收購變得非常有價值。

And we expect the indium phosphide to take off, I would say at least a year from now, maybe 1.5 years from now, with a number of applications.

我們預計磷化銦會起飛，我會說至少從現在開始一年，也許從現在開始 1.5 年，並有大量應用。

And we are working very hard on them.

我們正在為他們努力。

We're actually investing heavily in, as I mentioned in R&D.

正如我在研發中提到的那樣，我們實際上正在大力投資。

Also with respect to that platform.

也關於那個平台。

And likewise, gallium nitride, we continue with our partnership with Sumitomo to make progress to qualify our 6-inch line in Warren, New Jersey.

同樣，氮化鎵，我們將繼續與住友商事合作，以取得進展，以使我們在新澤西州沃倫的 6 英寸生產線獲得資格。

So we think that by the mid of next fiscal year, we'll see some impact on our growth.

因此，我們認為到下個財政年度年中，我們會看到對我們的增長產生一些影響。

Actually, for all of you, just before we turn to the second question, please let me correct something.

實際上，對於大家來說，在我們轉向第二個問題之前，請讓我更正一些事情。

I had a small misspeak.

我有一個小錯誤。

With respect to the Series B preferred stock, the investment carries a 5% dividend that's paid in stock and capitalized to the principal for the first 4 years.

對於 B 系列優先股，該投資帶有 5% 的股息，該股息以股票形式支付，並在前 4 年資本化為本金。

So sorry for that misspeak.

很抱歉說錯話了。

Okay.

好的。

Go ahead, Shelby.

來吧，謝爾比。

We'll take our next question from Paul Silverstein with Cowen.

我們將與 Cowen 一起向 Paul Silverstein 提出下一個問題。

Guys, the numbers you all put in the proxy that you showed Coherent for fiscal '22, in particular, if I remember, it's about 4% top line growth that the revenue represented.

伙計們，你們在 22 財年向 Coherent 展示的代理中的數字，特別是，如果我記得的話，收入代表的收入增長約為 4%。

Any insight you can give that lies behind what would seem to be, given all the drivers you're looking at in their impact.

考慮到您正在研究的所有驅動因素的影響，您可以提供的任何見解都隱藏在看似真實的背後。

But on its face, it appears to be a very soft number.

但從表面上看，它似乎是一個非常軟的數字。

Any insight you can provide?

您可以提供任何見解嗎？

Sure.

當然。

Paul, it's Mary Jane.

保羅，我是瑪麗珍。

First of all, we -- our S-4 projection includes lots of evaluations of opportunities and risk, whether it be the pandemic, supply chain shortages, trade restrictions and several other things like that.

首先，我們——我們的 S-4 預測包括對機會和風險的大量評估，無論是大流行、供應鏈短缺、貿易限制還是其他類似的事情。

All of those factors were present this year and present when we did our budget.

所有這些因素今年都存在，並且在我們制定預算時也存在。

For fiscal year '21, it would be fair to say that we have probably successfully offset several of those, but all of them have not gone away.

對於 21 財年，可以公平地說，我們可能已經成功抵消了其中的幾個，但所有這些都沒有消失。

And so we have many of these risks, if not other ones, presenting themselves in fiscal year 2022.

因此，我們在 2022 財年會面臨許多此類風險，如果不是其他風險的話。

As we are working on the '22 budget now, and we, like our colleagues, give quarterly guidance.

由於我們現在正在製定 '22 預算，我們和我們的同事一樣，提供季度指導。

This is why the projections are not meant to be guidance.

這就是為什麼這些預測並不意味著指導。

And I would say, as the company looks at those risks going forward, we will be doing our very best to be seeing what we can do to offset them as we go forward as we did in '21.

我想說的是，隨著公司著眼於未來的這些風險，我們將盡最大努力看看我們能做些什麼來抵消它們，就像我們在 21 年所做的那樣。

We'll take our next question from Ananda Baruah with Loop Capital.

我們將向 Loop Capital 的 Ananda Baruah 提出下一個問題。

This may end up being more of a clarification of Giovanni's earlier remarks.

這最終可能更像是對喬瓦尼先前言論的澄清。

But just the conversation that's begun around 3D sensing, VCSEL technology becoming more integrated, the use of integrated VCSEL technology.

但只是圍繞 3D 傳感開始的對話，VCSEL 技術變得更加集成，集成 VCSEL 技術的使用。

Would love to get your perspective on how the company's use integrated VCSEL technology and if you view involvement of this favorably?

希望了解您對公司如何使用集成 VCSEL 技術的看法，以及您是否認為參與其中？

And if so, what your perspective on-road map for marketplace involvement may be.

如果是這樣，您對市場參與路線圖的看法可能是什麼。

Giovanni, made a remark that I missed partially about a flood illuminator and it sounds like maybe integration, but I wanted to just sort of clarify that and get your thoughts on that.

Giovanni，說我錯過了部分關於泛光照明器的評論，聽起來可能是集成，但我想澄清一下，讓你對此有想法。

Really appreciate it.

真的很感激。

Thanks, Ananda.

謝謝，阿難。

This is Giovanni here.

這是喬瓦尼。

Thanks for your question.

謝謝你的問題。

Obviously, this -- the investment we started years ago with our vertically integrated 6-inch platform on gallium arsenide for VCSEL, meant to be just the beginning of a journey to enable next-generation of augmented reality, virtuality and generally speaking, new applications for consumer electronics products.

顯然，這是我們多年前開始投資的垂直集成 6 英寸 VCSEL 砷化鎵平台，這只是實現下一代增強現實、虛擬和一般來說新應用的旅程的開始用於消費電子產品。

And we -- as I said in the prepared remarks, we doubled the revenue this quarter over last year.

而且我們 - 正如我在準備好的評論中所說，我們本季度的收入比去年翻了一番。

And as you know, the market is not double.

如你所知，市場不是雙倍的。

So clearly, we have been gaining share.

很明顯，我們一直在獲得份額。

We are gaining share.

我們正在獲得份額。

And we will continue -- I expect to continue share -- to grow share -- to gain share over the next few quarters in the next years.

我們將繼續 - 我希望繼續分享 - 增加份額 - 在未來幾年的未來幾個季度中獲得份額。

And that will derive essentially from really innovation.

這將主要來自真正的創新。

We have announced a multi-junction VCSEL family of products.

我們宣布推出多結 VCSEL 系列產品。

We started with 2, we go to 3. We'll eventually go a larger number of junctions to increase the power of the VCSEL's.

我們從 2 開始，然後到 3。我們最終會使用更多的結來增加 VCSEL 的功率。

We have announced illumination modules, platforms as where we can integrate the VCSEL with some refractive optics that we make in-house.

我們已經宣布了照明模塊和平台，我們可以在其中將 VCSEL 與我們內部製造的一些折射光學器件集成在一起。

So we have a very attractive road map.

所以我們有一個非常有吸引力的路線圖。

So it should come, clearly, as a no surprise, when you see Apple announcing a collaboration and making it public, with regard to future components.

因此，當您看到 Apple 宣布與未來組件進行合作並將其公開時，這顯然不足為奇。

And we'll take our next question from Harsh Kumar with Piper Sandler.

我們將帶著 Piper Sandler 向 Harsh Kumar 提出下一個問題。

Yes, Mary Jane, I wanted to clarify something.

是的，瑪麗·簡，我想澄清一些事情。

You said that the Series A and B also was antidilutive.

你說A系列和B系列也是抗稀釋的。

Did I hear that correctly?

我沒聽錯嗎？

How does that -- we don't see these things very often on roads.

那是怎麼回事——我們在路上並不經常看到這些東西。

How does that work?

這是如何運作的？

And then is that $0.09 sort of partly built into the $0.63 non-GAAP guidance?

那麼，0.09 美元是否部分包含在 0.63 美元的非 GAAP 指導中？

How is that guidance reflecting that?

該指導如何反映這一點？

So the -- first of all, the way that the EPS calculation goes for Q3 from an actuals point of view is in the press release.

所以——首先，從實際情況的角度來看，第三季度每股收益計算的方式在新聞稿中。

And so when we have a security and then the Q4 guidance, we do expect the Series A and the Series B to be anti-dilutive.

因此，當我們有證券和第四季度指引時，我們確實希望 A 系列和 B 系列具有反稀釋性。

What happens then is that you deduct the dividend from the net income to reach net income available to the common shareholders.

然後發生的事情是您從淨收入中扣除股息以達到普通股股東可獲得的淨收入。

And then you -- the shares that are used are the ones that are the common shares outstanding, plus any other shares, for example, stock comp or the convertible debt that are dilutive.

然後你——使用的股票是流通在外的普通股，加上任何其他股票，例如，股票補償或稀釋性可轉換債務。

And so in this case, in the third quarter, for example, on the Series A, because it was dilutive, you add back to 6.9, and you add the shares.

所以在這種情況下，例如在第三季度，在 A 系列中，因為它是稀釋性的，所以你加回 6.9，然後你增加了份額。

So that's why the shares are 125.

所以這就是為什麼股票是125。

When it's anti-dilutive, you do not add back the dividend and you do not add in the shares.

當它具有反稀釋性時，您不會加回股息，也不會增加股票。

So that's why the non-GAAP shares for Q4 are at 118.

這就是為什麼第四季度的非公認會計原則股票為 118 的原因。

And yes, the $0.09 is in the guidance range.

是的，0.09 美元在指導範圍內。

We'll take our next question from John Marchetti with Stifel.

我們將向 Stifel 提出 John Marchetti 的下一個問題。

Mary Jane, if you could just spend a moment or 2 going through some of the puts and takes in the gross margin line this quarter, down a little bit more sequentially than certainly we had expected.

瑪麗·簡，如果你能花一兩分鐘時間看一看本季度的一些看跌期權併計算毛利率線，那麼連續下降比我們預期的要多一點。

You did mention some of the charges that you took around some of the COVID-related issues.

你確實提到了你對一些與 COVID 相關的問題提出的一些指控。

Curious if that whole $2 million that you mentioned in non-GAAP is in that line.

好奇你在非公認會計原則中提到的那整整 200 萬美元是否在這一行。

But just any color that you can give us on gross margin would be helpful.

但是，您可以為我們提供毛利率的任何顏色都會有所幫助。

Yes.

是的。

So first of all, the total amount of cost, if I look across the whole company at everything we're doing, including how if we have a person unfortunately testing positive, we ask them to quarantine, which leads to lost time.

首先，總成本，如果我縱觀整個公司我們正在做的一切，包括如果我們有一個人不幸檢測出陽性，我們如何要求他們隔離，這會導致浪費時間。

Those total costs were about $5.5 million.

這些總成本約為 550 萬美元。

And that -- I would say that the vast majority of that, at least 90% of it is in the gross margin because in our company, every factory, I believe it would be correct to say that our colleagues that are working every day in the operations are considered essential.

而且——我想說的是，其中絕大多數，至少 90% 是毛利率，因為在我們公司，每家工廠，我相信說我們每天都在工作的同事是正確的這些操作被認為是必不可少的。

So they are actually coming into work.

所以他們實際上正在開始工作。

And interacting with others whereas most of the people in G&A and R&D are working from home still.

並與他人互動，而 G&A 和 R&D 的大多數人仍然在家工作。

So that, I would say, did have some -- the entire $5.5 million had downward pressure on the gross margin, the $2 million that we non-GAAP, was an attempt to try and look at what do we think is the unusual amount in the quarter because there probably is an amount of COVID costs that will go on for some time.

所以，我想說，確實有一些——整個 550 萬美元對毛利率有下行壓力，我們非 GAAP 的 200 萬美元是試圖嘗試看看我們認為不尋常的金額本季度，因為可能會有一定數量的 COVID 成本會持續一段時間。

So that is one thing that is -- was increased in the quarter, that's a fair thing to say.

所以這是一件事 - 在本季度有所增加，這是一個公平的說法。

I think the second thing is that notwithstanding that compound semiconductors had a very nice mix in the quarter.

我認為第二件事是，儘管化合物半導體在本季度的組合非常好。

At the end of the day, they certainly had some somewhat lower mix in the quarter and so did Photonics.

歸根結底，他們在本季度的組合肯定有所降低，Photonics 也是如此。

So mix had a lot to do with the quarter.

所以混合與這個季度有很大關係。

If you remember, last quarter, a significant part of the revenue wasn't 3D sensing because that's the high quarter for 3D sensing.

如果你還記得，上個季度，收入的很大一部分不是 3D 傳感，因為那是 3D 傳感的高季度。

And in this quarter, we had, I would say, more of a more moderated mix of everything in the quarter, notwithstanding that we're also seeing industrial pickup.

在本季度，我想說，儘管我們也看到工業回升，但我們在本季度的所有方面都更加溫和。

So those are really the main puts and takes, I would say, for the third quarter.

因此，我想說，這些確實是第三季度的主要看跌期權。

We'll take our next question from Simon Leopold with Raymond James.

我們將接聽西蒙利奧波德和雷蒙德詹姆斯的下一個問題。

I wanted to see if I could get a little bit more help understanding the Apple announcement yesterday in terms of the commitment and appreciate what you've laid out.

我想看看我能否在昨天的承諾方面獲得更多幫助來理解 Apple 的聲明，並感謝您所闡述的內容。

I wonder if maybe you could compare and contrast the announcement they made yesterday to what they announced with Finisar back in December 2017, how are these different?

我想知道您是否可以將他們昨天發布的聲明與他們在 2017 年 12 月與 Finisar 發布的聲明進行比較和對比，這些有何不同？

And I guess what I'm -- the conclusion I'm leaping to is that this should be thought of as a promise or a purchase order commitment.

我猜我是什麼——我要得出的結論是，這應該被認為是一個承諾或採購訂單承諾。

And so it does outline some sense of what they'll buy from you in the future over some undetermined time.

因此，它確實概述了他們將來會在不確定的時間內從你那裡購買什麼。

If you could help us with that.

如果你能幫助我們。

Simon, thanks for your question.

西蒙，謝謝你的提問。

This is Giovanni.

這是喬瓦尼。

Yes, absolutely.

是的，一點沒錯。

As the announcement I clearly say, it's for the future components for iPhone.

正如我在公告中明確表示的那樣，它是針對 iPhone 的未來組件。

So clearly, there is -- clearly, there is a commitment for future business.

很明顯，有 - 很明顯，有對未來業務的承諾。

And again, it's around specifically future components.

再說一次，它專門針對未來的組件。

So I think the -- if you want, is a continuation of what was done with Finisar in a way.

所以我認為——如果你願意的話，在某種程度上是對 Finisar 所做工作的延續。

But I think this announcement probably a little bit more clear than the previous announcement.

但我認為這個公告可能比之前的公告更清楚一點。

And so I think the -- we are really thankful to the Apple leadership to announced this in the public domain and give us the ability to talk about it.

所以我認為——我們非常感謝蘋果領導層在公共領域宣布了這一點，並讓我們有能力談論它。

We'll take our next question from Mark Miller with Benchmark Company.

我們將向 Benchmark Company 的 Mark Miller 提出下一個問題。

--

--

Just curious about the increases in SG&A and also other income.

只是對 SG&A 和其他收入的增長感到好奇。

Was that the gain from the Bain investment?

這是貝恩投資的收益嗎？

Yes.

是的。

So first of all, let's do the latter.

所以首先，讓我們做後者。

In other income and expense, this quarter, we had 2 positives, both of which come out in non-GAAP.

在其他收入和支出方面，本季度我們有 2 個積極因素，這兩個因素都以非公認會計原則計算。

One, the FX was positive in the quarter after 2 quarters of being negative.

一，外彙在兩個季度為負後，本季度為正。

The second one was the $11 million increase for mark-to-market recording for the Bain security.

第二個是貝恩證券的按市值計價記錄增加了 1100 萬美元。

So that's correct, Mark.

所以這是正確的，馬克。

Then with respect to the increase in SG&A.

然後是關於 SG&A 的增加。

If you remember last quarter, from an M&A point of view, we did not have to too much in our integration costs coming out.

如果您還記得上個季度，從併購的角度來看，我們不需要太多的整合成本。

But this quarter, we had just for Coherent alone, almost $15 million of cost for that pending acquisition.

但本季度，僅 Coherent 一項就為即將進行的收購付出了近 1500 萬美元的成本。

We'll take our next question from Dave Kang with B. Riley.

我們將回答 Dave Kang 和 B. Riley 的下一個問題。

My question is going back to the proxies or forecast.

我的問題是回到代理或預測。

So what about fiscal '23, fiscal '22, you're providing a fairly conservative forecast, but '23, I believe, it's like 20%.

那麼，'23 財年，'22 財年，你提供了一個相當保守的預測，但 '23，我相信，它就像 20%。

So what's driving that 20% type of -- I'm not saying 20%, but much stronger growth in fiscal '23 versus '22?

那麼是什麼推動了 20% 的增長——我不是說 20%，而是 23 財年比 22 財年更強勁的增長？

So again, let's just review this.

所以再一次，讓我們回顧一下。

First of all, with respect to the end markets we are serving, all of our comments that we said today remain in place.

首先，關於我們服務的終端市場，我們今天所說的所有評論仍然有效。

We are seeing ourselves right at the cusp of serving some really wonderful future mega revenue trends.

我們看到自己正處於服務於一些非常美妙的未來巨額收入趨勢的風口浪尖。

So in the preparation for the 5-year plan for the forecast that were done, one of the things we looked at when we were preparing these just say take the '21 budget as a part of that, we had a lot of things moving in the world, whether that be COVID just starting, trade restrictions that were new and growing and on certain election, et cetera, et cetera.

因此，在為已完成的預測準備 5 年計劃時，我們在準備這些時看到的其中一件事就是將 21 年的預算作為其中的一部分，我們有很多事情要做世界，無論是剛剛開始的COVID，新的和不斷增長的貿易限制，以及某些選舉等等。

And as I said, we said that we expect -- we did successfully offset those pretty well in fiscal year '21.

正如我所說，我們說我們期望 - 我們確實在 21 財年成功地抵消了這些。

But our thinking is that those do not really go away and could present themselves in this near-term as in '22.

但我們的想法是，這些並沒有真正消失，並且可能會在短期內出現，就像在 22 年一樣。

And so we have work underway, and that's what's going on right now to figure out how we will deal with that and continue to deliver for II-VI.

所以我們正在進行工作，這就是現在正在發生的事情，以弄清楚我們將如何處理這個問題並繼續為 II-VI 提供服務。

That said, we still see very, very strong growth drivers going forward.

也就是說，我們仍然看到非常非常強勁的增長動力。

So when you look at the projections, if you think about them in terms of the opportunities that are available to II-VI, we have a lot of very wonderful opportunities ahead of us.

因此，當您查看預測時，如果您根據 II-VI 可用的機會來考慮它們，我們面前有很多非常好的機會。

We'll take our next question from Richard Shannon with Craig-Hallum.

我們將向理查德·香農和克雷格-哈勒姆提出下一個問題。

Maybe a 2-part within communications.

也許是通信中的兩部分。

A couple of comments, very interesting ones from Giovanni.

一些評論，來自 Giovanni 的非常有趣的評論。

You called out some strength here in Datacom, which is not necessarily surprising, but a very strong book-to-bill.

您在 Datacom 中提到了一些實力，這並不一定令人驚訝，但非常強大的賬面價值。

I think I heard you say 5x.

我想我聽到你說 5x。

If you can confirm that, that would be helpful and helping to understand where that's coming from, including share gains.

如果您能確認這一點，那將很有幫助，並有助於了解其來源，包括股票收益。

And then telecom seems to be a little bit softer and you get II-VI is doing well here.

然後電信似乎有點軟，你會發現 II-VI 在這裡做得很好。

Can you help us understand where you're seeing that different than others?

你能幫助我們了解你在哪裡看到了與其他人不同的地方嗎？

This is Giovanni.

這是喬瓦尼。

Thanks for your question.

謝謝你的問題。

Yes, absolutely.

是的，一點沒錯。

We -- I did say 5 specific to the 200G and 400G transceivers.

我們——我確實說過 5 個特定於 200G 和 400G 收發器。

So clearly, I think we are getting back on track after the -- almost a year of standby of the Finisar team, waiting for the Chinese approval, all our customers remain on the sideline, waiting for the combination to take place.

很明顯，我認為在 Finisar 團隊待命將近一年後，我們正在重回正軌，等待中國的批准，我們所有的客戶都處於觀望狀態，等待合併發生。

And I think now we are gearing up and growing much faster than the market, right, because clearly, the book-to-bill ratio is an indication of that.

而且我認為現在我們正在加速增長，並且比市場增長得更快，對，因為很明顯，訂單出貨比表明了這一點。

So it's an indication of -- yes, I believe, gaining share is an indication of the performance, the differentiation of the platforms and the strength, as I said in the prepared remarks, it's actually across the board.

所以這表明 - 是的，我相信，獲得份額表明了性能、平台的差異化和實力，正如我在準備好的評論中所說，它實際上是全面的。

So I just want to highlight those 2 because those are really enabling the next-generation deployment in -- particularly for the web scale customers.

所以我只想強調這兩個，因為它們確實支持下一代部署——尤其是對於網絡規模的客戶。

We'll take our next question from Jim Ricchiuti with Needham & Company.

我們將向 Needham & Company 的 Jim Ricchiuti 提出下一個問題。

I just wanted to follow-up on some of the comments on component constraints.

我只是想跟進有關組件約束的一些評論。

I'm wondering how you're thinking about supply chain issues, potentially looking out beyond the June quarter.

我想知道你是如何考慮供應鏈問題的，可能會在六月季度之後。

Are you more concerned by what you're seeing out there?

你更關心你在外面看到的東西嗎？

And do you see any signs of potential double ordering in this kind of environment?

在這種環境下，您是否看到任何潛在的雙重訂購跡象？

Okay.

好的。

Jim, this is Chuck.

吉姆，這是查克。

Thanks for your question.

謝謝你的問題。

And coming back to some of the related questions about the future and the demand, we feel like the demand is continuing to be strong.

回到一些關於未來和需求的相關問題，我們覺得需求繼續強勁。

As far as the supply chain goes, when we put our long-range plan together, and while we're currently reevaluating even in the near term, we've taken a very cautious assessment about the near term.

就供應鏈而言，當我們將我們的長期計劃放在一起時，雖然我們目前正在重新評估甚至在短期內，但我們對近期的評估非常謹慎。

And we think that we're justified to do that, and we must do that.

我們認為我們有理由這樣做，而且我們必須這樣做。

We've been operating very successfully inside the bounds of a once in 100-year global pandemic.

在 100 年一次的全球大流行病的範圍內，我們一直非常成功地運作。

We've also done one heck of a job managing the supply chain, but it's not only our ability to manage the supply chain that we have to stay focused on.

我們還完成了一項管理供應鏈的工作，但我們必須關注的不僅僅是我們管理供應鏈的能力。

We're looking 1 and 2 steps downstream from us.

我們正在尋找我們下游的 1 和 2 步。

And we have to be mindful that even though the demand environment is feeling very, very strong that our customers and their customers also have to operate inside this very complex global supply chain.

我們必須注意，即使需求環境感覺非常非常強勁，我們的客戶和他們的客戶也必須在這個非常複雜的全球供應鏈中運作。

And by the way, when the Intel CEO says that chip shortages will persist for a couple of years, we have to pay attention to that.

順便說一句，當英特爾首席執行官說芯片短缺將持續幾年時，我們必須注意這一點。

And so our ability to manage through this, I feel very confident we have the very best team in the world to do it.

因此，我們有能力度過難關，我非常有信心我們擁有世界上最好的團隊來做到這一點。

And I think that we can begin to feel -- as we started the quarter, we had a little bit more of a challenge as we started the quarter -- this quarter than we had the last couple of quarters.

而且我認為我們可以開始感覺到 - 當我們開始本季度時，我們在本季度開始時面臨更多挑戰 - 本季度比過去幾個季度要多。

I got great confidence in our team.

我對我們的團隊充滿信心。

But there's only so much that they can do.

但他們能做的只有這麼多。

And so we will play this every quarter.

所以我們每個季度都會玩這個。

We will do a very, very aggressive look.

我們會做一個非常非常激進的外觀。

We manage this business day by day, month by month, and we have our heads on a swipe about what we need to do to keep everything on the track that we're on.

我們日復一日、月復一月地管理這個業務，並且我們對我們需要做些什麼來保持一切正常進行。

Okay.

好的。

I'm really excited about it, Jim.

我真的很興奮，吉姆。

It's going to be a challenge, but I think there's no better team in the industry to work through it.

這將是一個挑戰，但我認為業內沒有比這更好的團隊來解決它。

We'll take our next question from Christopher Rolland with Susquehanna.

我們將回答克里斯托弗·羅蘭和薩斯奎漢納的下一個問題。

And Chuck, this might be a follow-up for you.

Chuck，這可能是你的後續行動。

I'm trying to put all the pieces together here.

我正在嘗試將所有部分放在一起。

Your backlog was fairly flat here.

你的積壓在這里相當平坦。

It sounds like you have some additional constraints that would grow backlog stuff like Finisar, transceivers.

聽起來您有一些額外的限制會增加諸如 Finisar、收發器之類的積壓工作。

I think if you want to talk about any other areas of constraint, growing backlog, that would be great.

我認為，如果您想談論任何其他限制領域、不斷增長的積壓，那就太好了。

But then given your fairly flat backlog, what areas are actually loosening up for you as well that you're able to fill?

但是，鑑於您的積壓工作相當平坦，您能夠填補哪些領域實際上正在放鬆？

Yes, just that high-level perspective of backlog, just where you still have constraints and where you're able to fulfill fully?

是的，只是從高層次的角度來看積壓工作，你仍然有限制並且你能夠完全實現嗎？

Well, every manufacturing line has constraints, whoever runs the constraints and controls and runs the business.

嗯，每條生產線都有約束，誰運行約束、控制和運行業務。

So our whole ability to be able to maximize the yielded throughput through the constraints is our main focus.

因此，我們能夠通過約束最大化產出吞吐量的整體能力是我們的主要關注點。

We have lots of factories, lots of manufacturing lines.

我們有很多工廠，很多生產線。

We have a common discipline toward constraint management across the company.

我們對整個公司的約束管理有共同的紀律。

I don't think I'm going to be able to articulate for you, every one of the constraints.

我認為我無法為您闡明每一個限制條件。

If you say where do we have any excess capacity, there's not a lot of it.

如果你說我們哪裡有多餘的產能，那就不多了。

There's not a lot of it hanging around.

周圍沒有很多東西。

And that's why we have been investing in capital, and we will continue to invest in capital and capacity to enable us both to breakthrough constraints and to be ready to launch new products and new platforms to drive the growth from 2022 and beyond.

這就是為什麼我們一直在投資資本，我們將繼續投資於資本和產能，以使我們能夠突破限制，並準備推出新產品和新平台，以推動 2022 年及以後的增長。

We'll take our next question from Meta Marshall with Morgan Stanley.

我們將向摩根士丹利的 Meta Marshall 提出我們的下一個問題。

Great.

偉大的。

And congrats on the quarter.

並祝賀本季度。

Mary Jane, I just wanted to spend a second on the EPS outlook, on a similar kind of volume to fiscal Q3.

瑪麗·簡，我只是想花一秒鐘的時間來了解每股收益的前景，其數量與第三財季類似。

And so I understand the commentary you gave around the preferred shares and some of the COVID costs.

所以我理解你對優先股和一些 COVID 成本的評論。

But are there any other factors we should be considering that are more fiscal Q4 specific, like bonus true-ups?

但是，我們是否應該考慮其他更具體的第四季度財政因素，比如獎金調整？

Or is some of this just mix of the business as we step from fiscal Q3 to fiscal Q4?

或者當我們從第三財季進入第四財季時，其中一些只是業務的混合？

Sure.

當然。

Well, I think if you think about our remarks, on the one hand, with respect to various things about supply chain, COVID, et cetera, we are probably taking a bit of a conservative approach as we look at Q4, given the various things we could encounter, and the EPS is a little bit of a reflection of also the wide range we have in the revenue guidance.

好吧，我認為，如果您考慮我們的言論，一方面，關於供應鏈、COVID 等的各種事情，考慮到各種事情，我們在看第四季度時可能會採取一些保守的方法我們可能會遇到，每股收益有點反映了我們在收入指導中的廣泛範圍。

It is true, Meta, that it is our year-end.

沒錯，Meta，這是我們的年終。

We do sometimes have true-ups of that for, say, compensation.

我們有時會為了補償而對它進行校正。

We recognize, for example, that happened last year.

例如，我們承認去年發生了這種情況。

So we have been working to not have that be too remarkable.

所以我們一直在努力讓這不要太引人注目。

But at the end of the day, there could be a little bit of that, certainly as we finish out the year.

但在一天結束時，可能會有一點，當然當我們結束這一年時。

I would say the main thing, though, really is that should we see spikes from a COVID point of view, that drives cost, but it's really more of the shortages that could just drive inefficiency in the company in Q4.

不過，我想說的是，從 COVID 的角度來看，如果我們看到峰值，這確實會推動成本，但實際上更多的短缺可能只會導致公司在第四季度的效率低下。

Now having said that, as you can see for all of our other cores, we worked very, very hard to offset those.

話雖如此，你可以看到我們所有其他的核心，我們非常非常努力地抵消了這些。

We also try our very best to anticipate by being extremely paranoid before it even starts.

我們也盡最大努力在事情開始之前就變得非常偏執。

But there are, as Chuck was indicating, growing shortages in some parts of our components that could make it a little bit challenging, as I noted, in terms of just the basic move in work in process inventory to finished goods to be able to sell it.

但是，正如 Chuck 所指出的，我們組件的某些部分日益短缺，這可能會使它有點挑戰，正如我所指出的，就在製品庫存到成品以便能夠銷售的基本轉變而言它。

And notwithstanding Chris' comment earlier that the backlog was pretty flat, there's certainly people in our company that think that backlog contains revenue, we should be shipping already.

儘管 Chris 早些時候評論說積壓非常平，但我們公司肯定有人認為積壓包含收入，我們應該已經發貨了。

So our focus is to really deliver to our customers' needs.

因此，我們的重點是真正滿足客戶的需求。

We'll take our last question from Michael Genovese with WestPark Capital.

我們將回答 WestPark Capital 的 Michael Genovese 的最後一個問題。

It doesn't sound like there's been a change, but I just would like any comments on expected regulatory approval for the Coherent deal, how that process is going.

聽起來好像沒有變化，但我只想對預期的監管部門批准 Coherent 交易以及該過程的進展情況發表評論。

And then if you could just clarify for me, I'm confused about the preferred dividend, if it repeats beyond the fourth quarter?

然後，如果您能為我澄清一下，我對優先股股息感到困惑，如果它在第四季度之後重複？

And if it does, how often?

如果有，多久一次？

Right.

正確的。

So first of all, with respect to the filings going as planned, we're already filed in the United States.

首先，關於按計劃提交的文件，我們已經在美國提交了文件。

We're in process for the other jurisdictions.

我們正在處理其他司法管轄區。

The S-4 is out as you've all already seen that.

正如你們都已經看到的那樣，S-4 已經推出。

And then with respect to the dividend, oh, certainly.

然後關於股息，哦，當然。

It's a quarterly dividend.

這是季度股息。

So it's 5% a year and is calculated and accumulated quarterly and as I said, it's stock paid and capitalized for the principal for the first 4 years.

所以它是每年 5%，每季度計算和累積，正如我所說，它是前 4 年本金支付和資本化的股票。

So yes, the dividend is every quarter in the series B, same as it is for the Series A.

所以是的，股息是 B 系列的每個季度，與 A 系列相同。

That concludes today's question-and-answer session.

今天的問答環節到此結束。

At this time, I will turn the conference back over to the speakers for any additional or closing remarks.

此時，我會將會議轉回給演講者，以獲取任何補充或結束語。

Thank you, Shelby, very, very much.

謝謝你，謝爾比，非常非常非常。

Before we end our call today, we'd like to invite all of you to the II-VI advanced markets and technologies event to be held virtually on May 20, from 10:00 in the morning to noon Eastern U.S. time.

在今天結束電話會議之前，我們想邀請大家參加將於 5 月 20 日（美國東部時間上午 10:00 至中午）虛擬舉行的 II-VI 先進市場和技術活動。

We'd love to have all of you there.

我們希望你們所有人都在那裡。

Thank you so much for joining us today, and have a good day.

非常感謝您今天加入我們，祝您有美好的一天。

This concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。