(COHR) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the II-VI Fourth Quarter 2021 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Mary Jane Raymond, II-VI Chief Financial Officer. Please go ahead.

美好的一天，感謝您的支持。歡迎來到 II-VI 2021 年第四季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想將會議交給 II-VI 首席財務官 Mary Jane Raymond。請繼續。

Thank you, Regina, and good morning. I'm Mary Jane Raymond, the Chief Financial Officer here at II-VI Incorporated. Welcome to our earnings call today for the fourth quarter of fiscal year 2021.

謝謝你，里賈納，早上好。我是 II-VI Incorporated 的首席財務官 Mary Jane Raymond。歡迎參加今天的 2021 財年第四季度財報電話會議。

With me today on the call are Dr. Chuck Mattera, our Chief Executive Officer; Dr. Giovanni Barbarossa, our Chief Strategy Officer and the President of the Compound Semiconductor segment; and our President, Bob Bashaw. This call is being recorded on Tuesday, August 10, 2021.

今天與我通話的是我們的首席執行官 Chuck Mattera 博士； Giovanni Barbarossa 博士，我們的首席戰略官兼化合物半導體部門總裁；和我們的總裁鮑勃·巴肖。此通話將於 2021 年 8 月 10 日星期二進行錄音。

Our press release and our updated investor presentation are available on the Investor Relations tab of the website, ii-vi.com. Just as a reminder, any forward-looking statements we may make today during this teleconference are given in the context of today only. They are subject to various risk factors and are subject to change, possibly materially. We do not undertake any obligation to update these statements to reflect events subsequent to today, except as required by law. Our list of known material risk factors can be found in our Form 10-K for the year ended June 30, 2020, together with our subsequent filings with the SEC, and the Form 10-K for fiscal year 2021 is expected to be filed on or about August 20.

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。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。它們受到各種風險因素的影響，並且可能會發生重大變化。我們不承擔更新這些聲明以反映今天之後發生的事件的任何義務，除非法律要求。我們的已知重大風險因素清單可在截至 2020 年 6 月 30 日止年度的 10-K 表格以及我們隨後向 SEC 提交的文件中找到，2021 財年的 10-K 表格預計將於或大約 8 月 20 日。

Our remarks today do not constitute an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the United States Securities Act of 1933 as amended.

我們今天的言論不構成出售要約或購買任何證券的要約邀請。除非通過符合經修訂的 1933 年美國證券法第 10 條要求的招股說明書，否則不得發行證券。

Finally, with respect to today's call, we will also present some non-GAAP measures for which the reconciliations to GAAP are found at the end of each document that includes those measures such as the press release or the investor presentation. With that, let me turn it over to Dr. Chuck Mattera. Chuck?

最後，關於今天的電話會議，我們還將介紹一些非 GAAP 措施，在每個文件的末尾都可以找到與 GAAP 的對賬，其中包括新聞稿或投資者介紹等措施。有了這個，讓我把它交給查克馬特拉博士。查克？

Thanks, Mary Jane. Thank you all for joining us today and for your interest in II-VI. With the fourth surge of COVID clearly upon us, we remain focused on the basics to ensure employee and workplace safety.

謝謝，瑪麗珍。感謝大家今天加入我們並感謝您對 II-VI 的興趣。隨著第四次新冠疫情的爆發，我們仍然專注於確保員工和工作場所安全的基礎。

During the quarter, our supply chain and operations teams collaborated and again averted the potential impact of protracted supply chain issues. Once again, our employees made things happen and got the job done. Indeed, we delivered a great quarter and a great fiscal year.

在本季度，我們的供應鍊和運營團隊合作並再次避免了長期供應鏈問題的潛在影響。再一次，我們的員工讓事情發生並完成了工作。事實上，我們交付了一個偉大的季度和一個偉大的財政年度。

During today's call, we will elaborate on the excitement of last year and our strong long-term opportunities. Since we signed the merger agreement with Coherent and started our flywheels turning, I have met, individually, with over 25 of the senior leaders at Coherent. I am deeply impressed by their core competencies and long-standing contributions to the laser and photonics industries, their respect for the challenges that had to be overcome with each successive generation of technology, their team orientation around innovation, and their sense of excitement about the opportunities to continue to transform the world are similar to II-VI, making the ingredients great ingredients for a great start.

在今天的電話會議中，我們將詳細說明去年的興奮和我們強大的長期機會。自從我們與相干公司簽署合併協議並開始我們的飛輪轉動以來，我單獨會見了相干公司超過 25 位高級領導。我對他們的核心競爭力和對激光和光子行業的長期貢獻印象深刻，他們對每一代技術都必須克服的挑戰的尊重，他們圍繞創新的團隊定位，以及他們對創新的興奮感。繼續改變世界的機會類似於 II-VI，讓原料成為偉大的原料，開啟美好的開始。

During fiscal year 2021, we celebrated the 50th anniversary since our founding and we passed another important operating milestone having achieved $3 billion in revenue only 1 year after passing the $2 billion mark, an amazing accomplishment despite the challenges, including those associated with operating during a pandemic.

在 2021 財年，我們慶祝了成立 50 週年，我們通過了另一個重要的運營里程碑，在超過 20 億美元大關僅一年後就實現了 30 億美元的收入，儘管面臨挑戰，包括與在大流行。

Our revenues and our non-GAAP net income both grew just over 30% over fiscal year 2020 and we exited fiscal year '21 with a record $1.25 billion backlog. Our growth is a testament to our market-focused strategy, our diversified global footprint, the endowment of acquired and developed technology, our agility around large customer intimacy, our ability to operate at scale, a disciplined approach to productivity improvements, and a focus on our talent.

與 2020 財年相比，我們的收入和非 GAAP 淨收入均增長了 30% 以上，我們以創紀錄的 12.5 億美元積壓退出了 21 財年。我們的增長證明了我們以市場為中心的戰略、我們多元化的全球足跡、獲得和開發技術的禀賦、我們圍繞大客戶親密關係的敏捷性、我們大規模運營的能力、提高生產力的嚴謹方法以及專注於我們的才華。

Now turning from a summary of the last quarter and last year to a long-term view of our opportunity in the silicon carbide market. We are excited to announce the acceleration of our investments to scale and manufacturing of our silicon carbide substrates, devices, and modules to enable the acceleration of the electrification of the global transportation infrastructure.

現在從上一季度和去年的總結轉向對我們在碳化矽市場機會的長期看法。我們很高興地宣布我們將加速投資以擴大和製造我們的碳化矽基板、設備和模塊，以加速全球交通基礎設施的電氣化。

In fiscal year 2022, we plan to increase our investments to about $200 million in R&D and capital, to continue to lay the foundation on which to grow the business to the next level. Our silicon carbide business, which today is less than 5% of our revenue is targeted to become one of the largest businesses in our company inside 10 years. We believe that our investments and opportunities, combined with our ability to execute, will allow us to become well positioned in this large market with attractive growth dynamics.

在 2022 財年，我們計劃將研發和資本投資增加到約 2 億美元，繼續為將業務發展到新的水平奠定基礎。我們的碳化矽業務目前不到我們收入的 5%，目標是在 10 年內成為我們公司最大的業務之一。我們相信，我們的投資和機會，加上我們的執行能力，將使我們能夠在這個具有吸引力的增長動力的大市場中處於有利地位。

Accordingly, we are planning incremental R&D investments of about 2% to 3% of revenue for the next few years. We anticipate investing around $1 billion over the next decade as generation 3 semiconductors fabricated from wide-bandgap materials including the silicon carbide grow to underpin a number of important industry transformations, and we are planning to establish a leadership position long term.

因此，我們計劃在未來幾年內增加約 2% 至 3% 的研發投資。我們預計在未來十年內投資約 10 億美元，因為由包括碳化矽在內的寬帶隙材料製造的第 3 代半導體將發展為支持許多重要的行業轉型，並且我們計劃建立長期的領導地位。

Giovanni, Bob, and Mary Jane will walk through the details of the quarter. And with that, I will turn it over to Dr. Giovanni Barbarossa, our Chief Strategy Officer and President of the Compound Semiconductors segment. Giovanni?

Giovanni、Bob 和 Mary Jane 將介紹本季度的詳細信息。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. Despite all challenges we faced during the past 12 months, FY '21 was an exciting year for us, having experienced growth in all of our markets. 3D Sensing posted the highest annual growth, more than doubling to just under 10% of sales, which allowed us to achieve our market penetration and share gain about 1 year ahead of plan. This journey will continue as we accelerate our innovation road map, including multi-junction VCSELs, photodiodes, metalenses, and driver electronics and delivering new module functionalities to wafer-scale co-packaging.

謝謝你，查克。儘管我們在過去 12 個月中面臨所有挑戰，但 21 財年對我們來說是令人興奮的一年，我們在所有市場都經歷了增長。 3D Sensing 的年增長率最高，翻了一番還不到銷售額的 10%，這使我們提前約 1 年實現了市場滲透和份額增長。隨著我們加快我們的創新路線圖，包括多結 VCSEL、光電二極管、超透鏡和驅動電子產品，以及為晶圓級聯合封裝提供新的模塊功能，這一旅程將繼續進行。

These modules will provide a compelling value proposition in multiple end markets, including in automotive, where driver and occupancy monitoring systems are increasingly recommended or acquired by U.S. and European transportation safety regulators. The momentum in the communications market continued with a strong 6% growth sequentially and strong bookings in the quarter.

這些模塊將在包括汽車在內的多個終端市場中提供引人注目的價值主張，在這些市場中，美國和歐洲交通安全監管機構越來越多地推薦或收購駕駛員和占用監控系統。通信市場繼續保持強勁勢頭，環比增長 6%，本季度預訂量強勁。

In datacom, products for 200G and 400G grew 60% in Q4 sequentially, driven by hyperscale data center upgrades. As the super-cycle unfolds, we expect the demand for higher speed transceivers to be strong for the next 5 years. We believe the super-cycle will benefit those of us who've been investing for decades and can continue to sustain investments required to remain competitive and complex optoelectronic subsystems.

在數據通信領域，受超大規模數據中心升級的推動，200G 和 400G 產品在第四季度環比增長 60%。隨著超級週期的展開，我們預計未來 5 年對更高速收發器的需求將保持強勁。我們相信，超級週期將使我們這些已經投資了數十年的人受益，並且可以繼續維持保持競爭力和復雜光電子系統所需的投資。

At OFC 2021, we demonstrated our 400G and 800G transceivers for next-generation 25.6 and 51.2 terabit per second switches, respectively. While we continue to contribute to industry standards, we are already engaged with strategic customers for the development of 1.6-terabit per second transceivers, which will rely on our breakthrough semiconductor laser technologies capable of operating at 200G per lane for all standard datacom breaches.

在 OFC 2021 上，我們展示了我們的 400G 和 800G 收發器，分別用於下一代 25.6 和 51.2 太比特每秒的交換機。在我們繼續為行業標準做出貢獻的同時，我們已經與戰略客戶合作開發每秒 1.6 太比特的收發器，這將依靠我們能夠以每通道 200G 運行的突破性半導體激光技術來應對所有標準數據通信漏洞。

The Q4 bookings for ROADM products were a record and critical IC shortages for older modules and line cards were overcome during Q4 to post a 9% sequential increase in revenue. Our telecom 980nm pump lasers also experienced record sales in FY '21. Demonstrating the resilience of our diversification strategy, our industrial laser optics businesses hit an all-time record high for quarterly revenue growing by 50% in Q4 over the prior year and accounted for 11% of our consolidated revenue.

ROADM 產品的第 4 季度預訂量創歷史新高，舊模塊和線路卡的嚴重 IC 短缺問題在第 4 季度得到解決，收入環比增長 9%。我們的電信 980nm 泵浦激光器在 21 財年也創下了銷售記錄。展示了我們多元化戰略的彈性，我們的工業激光光學業務在第四季度的季度收入比去年同期增長了 50%，並占我們綜合收入的 11%，創下歷史新高。

Growth was strong in both CO2 and fiber laser components. Our aftermarket business for industrial lasers posted the highest revenue month in June in our entire 50 years history and presently holds a record backlog with bookings back to pre-COVID levels.

CO2 和光纖激光器組件的增長強勁。我們的工業激光器售後市場業務在 6 月份創下了我們整個 50 年曆史中最高的收入月份，並且目前的訂單積壓量創歷史新高，預訂量回到了 COVID 之前的水平。

The record growth in industrial was enabled by a number of factors, including the recovery of the global industrial market, our market leader optics, the competitiveness of our 6-inch semiconductor laser platform, and the collaboration that we began with Coherent in December of 2020.

工業的創紀錄增長是由多種因素促成的，包括全球工業市場的複蘇、我們的市場領導者光學、我們的 6 英寸半導體激光平台的競爭力以及我們於 2020 年 12 月開始與相干公司的合作.

Our partnership with Coherent core markets, their adjustable ring mode fiber lasers with our remote laser processing heads, 2 best-in-class products that together provide state-of-the-art performance for welding of batteries for electric vehicles. While global IC shortages have been constraining the record growth of some of our product lines they have, on the other hand, become a multiyear tailwind for our semiconductor capital equipment business.

我們與 Coherent 核心市場的合作夥伴關係，他們的可調環模光纖激光器與我們的遠程激光加工頭，2 種一流的產品共同為電動汽車電池的焊接提供最先進的性能。雖然全球 IC 短缺一直在限制我們的一些產品線的創紀錄增長，但另一方面，它們已成為我們半導體資本設備業務多年的順風。

Our semi cap revenue grew 12% sequentially in the quarter. With the super-strong bookings and multi-year visibility, we recently increased our forecast for fiscal year 2022 and beyond with corresponding investments in capacity. This is driven by our expectation of a sustained supercycle build-out of wafer fab capacity over the next few years to enable supply, to catch up with demand, and to support increased investments in the onshoring our wafer fab capacity.

我們的半市值收入在本季度環比增長了 12%。憑藉超強的預訂量和多年的知名度，我們最近提高了對 2022 財年及以後的預測，並相應地投資了產能。這是由於我們對未來幾年晶圓廠產能的持續超級週期建設的預期推動的，以實現供應，趕上需求，並支持增加對本土晶圓廠產能的投資。

We witnessed a healthy demand in this market with customers offering substantial price premiums to secure capacity of our metal matrix composite and ceramic-based products and to help us accelerate our new product developments. We expect this market to contribute significantly to our growth for the next few years. And so we are committed to supporting our customers through continued investments in R&D and capacity.

我們見證了這個市場的健康需求，客戶提供大量溢價以確保我們的金屬基複合材料和陶瓷基產品的產能，並幫助我們加快新產品的開發。我們預計這個市場將為我們未來幾年的增長做出重大貢獻。因此，我們致力於通過對研發和產能的持續投資來支持我們的客戶。

Our revenue in Aerospace and Defense, despite the backdrop of moderating market demand hit a record in FY '21 and in Q4, with about 15% annual growth in a down market. With the new defense budget, we expect that the demand for components for new systems to address emerging threats will be increasing.

儘管市場需求放緩，但我們在航空航天和國防領域的收入在 21 財年和第四季度創下歷史新高，在低迷的市場中年增長率約為 15%。隨著新的國防預算，我們預計對新系統組件的需求將增加以應對新出現的威脅。

Regarding silicon carbide, as we expand our capacity, we expect to take a meaningful share of the market by introducing products that are competitive in cost, performance, and reliability while investing to expand our product offering from substrates to epitaxial wafers to chips, devices, and ultimately, modules over the next few years.

關於碳化矽，隨著我們擴大產能，我們希望通過推出在成本、性能和可靠性方面具有競爭力的產品，同時投資擴大我們的產品範圍，從襯底到外延片，再到芯片、設備、最終，未來幾年的模塊。

Any which way we look at it, FY '21 was just an amazing year. We look forward to what's to come in FY '22 as we start our next 50 years and soon to be joined by our Coherent colleagues who are alike mind in believing that the best is yet to come. With that, let me turn it over to Bob. Bob?

無論我們怎麼看，21 財年都是了不起的一年。我們期待在 22 財年會發生什麼，因為我們開始了下一個 50 年，很快我們的 Coherent 同事也將加入我們的行列，他們同樣相信最好的尚未到來。有了這個，讓我把它交給鮑勃。鮑勃？

Thank you, Giovanni. I will give you a short update on our COVID protocols, supply chain management, facilities planning and our coherent integration planning. Our global pandemic response teams our corporate and business leadership and all of our worldwide employees are doing a great job maintaining their vigilance and ensuring the safety of all of our employees.

謝謝你，喬瓦尼。我將向您簡要介紹我們的 COVID 協議、供應鏈管理、設施規劃和我們的連貫整合規劃。我們的全球大流行應對團隊我們的企業和業務領導層以及我們在全球的所有員工都在保持警惕並確保我們所有員工的安全方面做得很好。

Among our many safety protocols that we have had in place since the beginning of the pandemic, we have continued regular PCR and antigen testing of all on-site employees. We require employees and visitors to wear masks in all of our facilities and we maintain social distancing and cleaning protocols in all our operations worldwide.

在我們自大流行開始以來製定的眾多安全協議中，我們繼續對所有現場員工進行定期 PCR 和抗原檢測。我們要求員工和訪客在我們所有的設施中佩戴口罩，並且我們在全球所有運營中都保持社交距離和清潔規程。

Our worldwide local pandemic response teams meet regularly at all of our 70-plus facilities worldwide and our corporate pandemic response teams meet at least weekly with our site leaders to offer information, provide guidance and ensure that all of our facilities and people have the resources that they need. We have also retained and consult regularly with health care professionals in an effort to understand the current dynamics associated with this terrible disease. Because all of our operating plants are considered essential, we remain fully operational in all locations in the world, while most of our administrative staff are still working from home.

我們的全球本地大流行應對團隊定期在我們全球 70 多家工廠舉行會議，我們的企業大流行應對團隊至少每週與我們的現場領導會面，以提供信息、提供指導並確保我們所有的工廠和人員擁有能夠滿足他們需要。我們還保留並定期諮詢醫療保健專業人員，以了解與這種可怕疾病相關的當前動態。因為我們所有的運營工廠都被認為是必不可少的，所以我們在世界各地都保持全面運營，而我們的大多數行政人員仍然在家工作。

Supply chain challenges remain daunting and we are being managed 24/7 as an all-hands-on-deck effort to secure our fair shares of capacity at our suppliers. Thanks in part to some of our strategic suppliers, who have worked very closely with us during Q4, we overcame the effects of shortages that could have affected revenue as much as $40 million by our estimates.

供應鏈挑戰仍然令人生畏，我們正在 24/7 全天候進行管理，全力以赴，確保我們在供應商處的公平份額。部分感謝我們的一些戰略供應商，他們在第四季度與我們密切合作，我們克服了短缺的影響，據我們估計，這種影響可能會影響高達 4000 萬美元的收入。

We have been a good customer for many years and actually contributed to the development of many of our strategic suppliers whom we brought together in January to lay out our requirements in anticipation of the current challenge. As we confront the challenges of the fourth surge, our operations in Asia, particularly in the Philippines, Vietnam and Malaysia are experiencing extended quarantine and isolation periods, which, in addition to supply chain constraints, could have an impact on near-term production capacity, including Q1 FY '22.

多年來，我們一直是一個很好的客戶，實際上為我們的許多戰略供應商的發展做出了貢獻，我們在一月份召集了這些供應商，為應對當前的挑戰提出了我們的要求。隨著我們面臨第四次激增的挑戰，我們在亞洲的業務，特別是在菲律賓、越南和馬來西亞的業務正在經歷延長的檢疫和隔離期，除了供應鏈限制外，這可能會對近期產能產生影響，包括 22 財年第一季度。

Besides the potential COVID impacts on our ability to produce, we are absorbing about an additional $3 million per quarter than our baseline supply chain costs for components and freight. With respect to our expected growth, we have been actively evaluating our global footprint to accommodate, among other initiatives, the forecasted growth in our silicon carbide electronics business.

除了 COVID 對我們生產能力的潛在影響之外，我們每季度額外吸收約 300 萬美元，這比我們的零部件和運費基準供應鏈成本還要高。關於我們的預期增長，我們一直在積極評估我們的全球足跡，以適應我們碳化矽電子業務的預期增長等舉措。

As we approach the end of the second year of the Finisar integration, we achieved 16% top-line growth, advanced the margins from our Finisar stand-alone position and delivered $165 million of cost and expense synergies on an annualized basis a year sooner than planned at less than half of the anticipated investment costs to achieve them. We are excited to apply our playbook now as we turn to the coherent acquisition for which planning has commenced in earnest.

隨著我們接近 Finisar 整合的第二年年底，我們實現了 16% 的收入增長，提高了我們的 Finisar 獨立頭寸的利潤率，並在一年前一年實現了 1.65 億美元的成本和費用協同效應。計劃以不到預期投資成本的一半來實現這些目標。我們現在很高興能夠應用我們的劇本，因為我們已經開始認真規劃的連貫收購。

With respect to the regulatory process, the applicable antitrust waiting period in the U.S. has already expired and all of our other regulatory filings are submitted in the required countries, with caseworkers having been assigned to all. Our exchanges of information have been constructive and typical of our experience. We expect the processes to conclude in an orderly manner. Our current view is that our closing will be during the first fiscal calendar quarter of year 2022 as opposed to the fourth quarter of calendar year 2021. This is based on a better understanding of the agency's current caseloads and their time lines.

在監管程序方面，美國適用的反壟斷等待期已經到期，我們所有其他監管文件均已在要求的國家/地區提交，案件工作人員已分配給所有人。我們的信息交流是建設性的，是我們經驗的典型代表。我們希望這些過程能夠有條不紊地結束。我們目前的觀點是，我們將在 2022 年的第一個財政日曆季度而不是 2021 年的第四季度結束。這是基於對該機構當前的工作量及其時間線的更好理解。

We have also begun our integration and synergy planning. The top U.S.-based leaders from both companies have been meeting. We've learned a lot about each other's jobs, and we are planning to conduct similar networking events in Europe and Asia in the next few months. Throughout II-VI and Coherent, we are excited for the promise that this combination will realize.

我們也開始了整合和協同規劃。兩家公司在美國的最高領導人一直在會面。我們對彼此的工作了解了很多，我們計劃在接下來的幾個月內在歐洲和亞洲舉辦類似的社交活動。在整個 II-VI 和 Coherent，我們對這種組合將實現的承諾感到興奮。

With that, I will turn it over to Mary Jane. Mary Jane?

有了這個，我會把它交給瑪麗珍。瑪麗珍？

Thank you, Bob, and good morning. First of all, a sincere thank you to all of our customers whose faith in II-VI is the underlying driver of our growth. We are honored to support your strategic goals. Our Q4 revenue was -- of $808 million was geographically distributed as follows: 48% in North America, 23% in China, 20% in Europe, 6% in Japan and 3% in the rest of the world.

謝謝你，鮑勃，早上好。首先，衷心感謝我們所有的客戶，他們對 II-VI 的信任是我們成長的根本動力。我們很榮幸能夠支持您的戰略目標。我們第四季度的收入為 8.08 億美元，地理分佈如下：北美 48%，中國 23%，歐洲 20%，日本 6%，世界其他地區 3%。

For the full year, the geographic distribution was 50% North America, 22% China, 18% Europe, 7% Japan and 3% for the rest of the world. In the quarter, end market revenue distribution was 67% in communications, 13% in industrial, including automotive, 7% in aerospace and defense, 5% in consumer, 4% for semiconductor capital equipment, 3% in life sciences and the remainder is in other end markets.

全年的地理分佈為北美 50%、中國 22%、歐洲 18%、日本 7% 和世界其他地區 3%。本季度，終端市場收入分佈為：通信佔 67%，工業（包括汽車）佔 13%，航空航天和國防佔 7%，消費者佔 5%，半導體資本設備佔 4%，生命科學佔 3%，其餘為在其他終端市場。

Our non-GAAP gross margin was 38.6% and the non-GAAP operating margin was 18.4%. The non-GAAP gross margin and the non-GAAP operating margin remained well ahead of the margins II-VI achieved right before the acquisition of Finisar closed. We incurred $4 million of COVID expenses in the quarter, of which $2 million is included in the non-GAAP. This total includes lost work time and overtime and collectively, these costs put downward pressure on the gross and operating margins in the quarter.

我們的非美國通用會計準則毛利率為 38.6%，非美國通用會計準則營業利潤率為 18.4%。非美國通用會計準則毛利率和非美國通用會計準則營業利潤率仍遠高於收購 Finisar 之前取得的利潤率 II-VI。我們在本季度發生了 400 萬美元的 COVID 費用，其中 200 萬美元包含在非公認會計原則中。這一總數包括損失的工作時間和加班時間，這些成本共同對本季度的毛利率和營業利潤率造成了下行壓力。

We also incurred $3.3 million of costs to deal with supply chain shortages, including expedited freight and unusual price increases above our costs in the ordinary course. This $3.3 million is included in the non-GAAP adjustments. At the segment level, the non-GAAP operating margins were 15.9% for Photonics and 23.7% for compound semiconductors. Similar to last quarter, comp semi's margins were driven by a strong mix and optimized capacity utilization. Our record backlog of $1.25 billion consists of $827 million for Photonics and $425 million for compound semiconductors. The backlog consists of orders that will ship over the next 12 months.

我們還產生了 330 萬美元的成本來應對供應鏈短缺，包括加急運費和超出正常成本的異常價格上漲。這 330 萬美元包含在非公認會計原則調整中。在細分市場層面，光子學的非 GAAP 營業利潤率為 15.9%，化合物半導體為 23.7%。與上一季度類似，comp semi 的利潤率受到強勁組合和優化產能利用率的推動。我們創紀錄的 12.5 億美元的積壓訂單包括 8.27 億美元的光子學和 4.25 億美元的化合物半導體。積壓的訂單包括將在未來 12 個月內發貨的訂單。

We have, of course, many orders that extend beyond 12 months as customers attempt to secure capacity for what many consider to be a super cycle. GAAP operating expenses, which are SG&A plus R&D, were $211 million in Q4. Excluding $21 million of amortization, $16 million of stock comp and $12 million of M&A and integration costs, non-GAAP OpEx was $162 million or 20% of revenue and 600 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.

當然，我們有許多超過 12 個月的訂單，因為客戶試圖確保許多人認為是超級週期的產能。 GAAP 運營費用（即 SG&A 加研發）在第四季度為 2.11 億美元。不計 2100 萬美元的攤銷、1600 萬美元的股票補償以及 1200 萬美元的併購和整合成本，非 GAAP 運營支出為 1.62 億美元，佔收入的 20%，比運營支出佔收入的百分比低 600 個基點，就在本次交易結束前II-VI 和 Finisar 合併後的收購率接近 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, including productivity improvements and moving manufacturing to lower-cost areas of operation. Quarterly GAAP EPS was $0.59 and non-GAAP EPS was $0.88 with after-tax non-GAAP adjustments of $35 million in total, including the reversal of the positive investment gains.

這些改進是由我們加速實現協同效應推動的，包括提高生產力和將製造轉移到成本更低的運營領域。季度 GAAP 每股收益為 0.59 美元，非 GAAP 每股收益為 0.88 美元，稅後非 GAAP 調整總額為 3500 萬美元，包括正投資收益的逆轉。

The diluted share count for GAAP results is 116 million shares. For non-GAAP results, the diluted share count was 125 million shares. The GAAP and non-GAAP EPS calculations are in the last 2 tables of our press release. Stock comp was $19 million for the quarter, $3 million in cost and $16 million in OpEx. We expect stock comp for Q1 to be $22 million.

公認會計原則結果的稀釋股數為 1.16 億股。對於非公認會計原則結果，稀釋後的股票數量為 1.25 億股。 GAAP 和非 GAAP 每股收益計算在我們新聞稿的最後兩個表格中。本季度的股票補償為 1900 萬美元，成本為 300 萬美元，運營支出為 1600 萬美元。我們預計第一季度的股票補償為 2200 萬美元。

Cash flow from operations in the quarter was $127 million and free cash flow was $83 million. We paid down $15 million of our debt in Q4 and our net cash position is $175 million. The interest expense in the quarter was $14 million. For the full year, Cash flow from operations was $574 million. Free cash flow was $428 million. DSO was 68 days, and the company's liquidity at June 30 was $2 billion. Capital expenditures this quarter were $42 million. For the year, CapEx was $146 million. For fiscal year '22, we expect CapEx to be between $325 million and $375 million.

本季度運營現金流為 1.27 億美元，自由現金流為 8300 萬美元。我們在第四季度償還了 1500 萬美元的債務，我們的淨現金頭寸為 1.75 億美元。本季度的利息支出為 1400 萬美元。全年運營現金流為 5.74 億美元。自由現金流為 4.28 億美元。 DSO 為 68 天，公司在 6 月 30 日的流動性為 20 億美元。本季度的資本支出為 4200 萬美元。這一年，資本支出為 1.46 億美元。對於 22 財年，我們預計資本支出在 3.25 億美元至 3.75 億美元之間。

As part of the management of our strategic equity investment portfolio, the company reported a gain of $7 million on the sale of an equity investment in Sweden and a $3.9 million gain on the IPO of a portion of another investment, this one in China. The $3.9 million gain relates to a minority position we took over a decade ago.

作為我們戰略股權投資組合管理的一部分，該公司報告稱，出售在瑞典的一項股權投資獲得了 700 萬美元的收益，而另一項投資的一部分在中國的首次公開募股獲得了 390 萬美元的收益。 390 萬美元的收益與我們十多年前獲得的少數股權有關。

Depreciation was $50 million in the quarter and we expect our forward depreciation expense to be about $50 million to $55 million a quarter. FX was a loss of $1.3 million, primarily driven by the Swiss franc and the RMB. The effective tax rate in the quarter was 12% and due to ongoing benefits of renewed high-tech status in several countries, lower GILTI income due to the favorable mix of earnings around the world and increased stock compensation exercises.

本季度折舊為 5,000 萬美元，我們預計我們的遠期折舊費用約為每季度 5,000 萬美元至 5,500 萬美元。外匯虧損 130 萬美元，主要受瑞士法郎和人民幣影響。本季度的有效稅率為 12%，並且由於幾個國家重新獲得高科技地位的持續好處，由於全球收入的有利組合以及股票薪酬活動增加導致 GILTI 收入下降。

We expect the tax rate to be between 19% and 21% for fiscal year '22. We had $12 million in cost for M&A, integration and other costs largely for Coherent and Finisar. With respect to our Series B preferred stock issuance, we recorded a $10 million dividend in Q4 that will be deducted from net income in the same manner that the $6.9 million dividend is deducted for the Series A preferred stock.

我們預計 22 財年的稅率將在 19% 至 21% 之間。我們為 Coherent 和 Finisar 支付了 1200 萬美元的併購、整合和其他成本。關於我們的 B 系列優先股發行，我們在第四季度記錄了 1000 萬美元的股息，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。

Turning to the outlook for Q1 fiscal year '22. Our outlook for revenue for the first fiscal quarter ending September 30, 2021, is expected to be $780 million to $830 million and earnings per share on a non-GAAP basis at $0.75 to $0.90 and at 118 million shares. For Q1, we expect both the Series A and the Series B preferred stock to be anti-dilutive so you should deduct $7 million from your calculated non-GAAP net income to arrive at net income available to common shareholders, then divide that by 118 million shares to arrive at non-GAAP EPS. This is how the above EPS range is calculated.

轉向'22財年第一季度的前景。我們對截至 2021 年 9 月 30 日的第一財季的收入預期為 7.8 億美元至 8.3 億美元，按非公認會計原則計算的每股收益為 0.75 美元至 0.90 美元，每股收益為 1.18 億股。對於第一季度，我們預計 A 系列和 B 系列優先股都具有抗稀釋性，因此您應該從計算的非公認會計原則淨收入中扣除 700 萬美元，以得出普通股股東可獲得的淨收入，然後除以 1.18 億美元股票達到非公認會計原則每股收益。這就是上述 EPS 範圍的計算方式。

This is at today's exchange rate and an estimated tax rate of 20%. The EPS range also includes our investment of up to $20 million for silicon carbide expansion. For the non-GAAP earnings per share, we add back to the GAAP earnings pretax amounts of $21 million in amortization, $22 million in stock comp and $11 million to $15 million in transaction and integration costs.

這是按照今天的匯率和 20% 的估計稅率計算的。每股收益範圍還包括我們為碳化矽擴張投資的高達 2000 萬美元的投資。對於非 GAAP 每股收益，我們將 2100 萬美元的攤銷、2200 萬美元的股票補償以及 1100 萬至 1500 萬美元的交易和整合成本加回 GAAP 稅前收益。

The estimated Q1 share count is 111 million shares for GAAP and 118 million shares for non-GAAP. The actual dollar amount of non-GAAP items, the exchange rate, the tax rate and the share count are all subject to change.

估計第一季度的股票數量為 1.11 億股（美國通用會計準則）和 1.18 億股（非美國通用會計準則）。非 GAAP 項目的實際美元金額、匯率、稅率和股份數量都可能發生變化。

Before we go to 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, product mix, customer orders, supply chain shortages, both upstream and downstream, competition changes in regulation, ongoing requirements to combat the COVID-19 virus and general economic conditions. We would also ask that each firm limit its questions to 1 question with no follow-up as we would like to try to get everyone in during this call. We expect to end this call, not later than 10:15 a.m. Regina, you may open the line for questions.

在我們進行問答之前，提醒一下，我們今天的答案可能包含預測，我們的實際結果可能會因多種因素而有所不同，包括但不限於上游的產品組合、客戶訂單、供應鏈短缺和下游，監管的競爭變化、對抗 COVID-19 病毒的持續要求以及總體經濟狀況。我們還要求每家公司將其問題限制為 1 個問題，沒有後續行動，因為我們希望在這次電話會議期間讓每個人都參與進來。我們希望在上午 10 點 15 分之前結束本次通話。里賈納，您可以撥打電話提問。

(Operator Instructions) Our first question will come from the line of Paul Silverstein with Cowen.

（操作員說明）我們的第一個問題來自 Paul Silverstein 和 Cowen 的台詞。

I was hoping you could give us some insight on what you're seeing in China during the quarter, more importantly, looking forward, given some concerns out there in the marketplace.

我希望您能給我們一些關於您在本季度在中國看到的情況的見解，更重要的是，鑑於市場存在一些擔憂，展望未來。

Paul, your question was, you'd like to have us give you some insight on what we are seeing in China? And the second part was, in particular, in light of?

保羅，你的問題是，你想讓我們了解一下我們在中國看到的情況嗎？第二部分特別是根據？

There have been concerns of the market risk by some of your peers.

一些同行對市場風險表示擔憂。

Yes. So Paul, thanks for your question. This is Giovanni here. So let me comment on the industrial, if that's what you're referring to. But generally speaking, China has been a strong market for us, particularly industrial.

是的。所以保羅，謝謝你的問題。這是喬瓦尼。所以讓我評論一下工業，如果這就是你所指的。但總的來說，中國對我們來說是一個強大的市場，尤其是工業市場。

We have seen pretty much all of our fiber lasers customers as an example, very strong demand. We believe they are gaining share on the world market and has been -- as I explained in my commentary, has been the, really, record numbers in many ways, from the optics, for the pumps. And so we've been benefiting from those customers taking share. And so China has been very strong for us.

我們以幾乎所有光纖激光器客戶為例，需求非常強勁。我們相信他們在世界市場上獲得了份額，並且一直——正如我在評論中解釋的那樣，在許多方面，從光學到泵，一直是創紀錄的數字。因此，我們一直從這些客戶分享中受益。所以中國對我們來說非常強大。

Now moving forward, of course, there is some uncertainty about the evolution of the virus like everywhere else. But the -- we have not seen so far any slowdown in their demand for components, particularly for fiber lasers.

當然，現在向前推進，與其他地方一樣，病毒的演變也存在一些不確定性。但是——到目前為止，我們還沒有看到他們對組件的需求有任何放緩，特別是對光纖激光器的需求。

And guys, on the optics side, I assume with the 5G awards now having been made, are you expecting a pickup in demand in your comms business in China?

伙計們，在光學方面，我假設現在已經獲得了 5G 獎項，您是否期望您在中國的通信業務需求回升？

Yes. Likewise. Yes, absolutely. Same, very similar.

是的。同樣地。是的，一點沒錯。一樣，非常相似。

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

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

Congrats on the strong execution this quarter, and I appreciate you taking the question. I mean, somewhat related, just in general core business shows really good momentum this quarter. And it sounds -- it feels like there might be a pickup in some of those end markets a little bit sooner than expected. Is that accurate? I guess, is that your guys' core view as we head into September quarter here? And if so, what do you see as the key drivers as we go through the next 6 months of the year? Appreciate it.

祝賀本季度的強勁執行，感謝您提出這個問題。我的意思是，有點相關，只是總體而言，本季度核心業務表現出非常好的勢頭。聽起來 - 感覺其中一些終端市場的回升可能比預期的要早一點。那準確嗎？我想，當我們進入 9 月季度時，這是你們的核心觀點嗎？如果是這樣，您認為我們在今年接下來的 6 個月中的主要驅動因素是什麼？欣賞它。

Well, there's definitely -- thanks, Ananda. So there is definitely a supercycle unfolding for upgrades across the world, particularly in North America to which we are participating, as I explained in my commentary about with the 200, 400, next-generation 800 and even 1.6 terabits per second transceivers. So that demand will continue at least for the next 5 years. The cycle will continue for quite a long time.

嗯，肯定有——謝謝，阿南達。因此，正如我在關於 200、400、下一代 800 甚至每秒 1.6 TB 收發器的評論中所解釋的那樣，肯定會在全球範圍內展開升級的超級週期，尤其是在我們正在參與的北美。因此，這種需求至少會持續 5 年。這個循環會持續很長時間。

I think industrial is coming back pretty strong. We have seen a pickup in general demand for our laser components, again, particularly fiber lasers. And same in power electronics driven by electric vehicles, adoption silicon carbide devices and modules. And so I think those are going to be the strongest that we see.

我認為工業正在強勢回歸。我們再次看到對我們的激光組件（尤其是光纖激光器）的總體需求有所回升。與電動汽車驅動的電力電子一樣，採用碳化矽器件和模塊。所以我認為這些將是我們所看到的最強大的。

Also, as I mentioned in the prepared remarks, we think that despite the defense budget is kind of almost flat year-over-year, but we think that there's going to be an increase, nevertheless, in demand for new designs, new products for emerging threat. And so we'll participate to that growth in demand, too.

此外，正如我在準備好的評論中提到的那樣，我們認為儘管國防預算與去年同期相比幾乎持平，但我們認為對新設計、新產品的需求將會增加新出現的威脅。因此，我們也將參與到需求的增長中。

Giovanni, are you seeing it, like, is demand backdrop a little bit stronger today than maybe you thought it would have been 90 days ago?

喬瓦尼，你看到了嗎，今天的需求背景是否比你認為的 90 天前要強一些？

Yes. But I'm sorry, we need to move to the next analyst. Thank you.

是的。但我很抱歉，我們需要轉到下一位分析師。謝謝你。

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

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

I think I heard in your opening presentation that you overcame some of the component issues that would have impacted revenues by about $40 million. I'm wondering if there's -- if you can give us any sense as to what you might have been able to ship in terms of revenue had it not been for the component constraints? And with respect to your fiscal Q1 guidance, what type of revenue headwind are you assuming for components and some of the supply chain constraints?

我想我在您的開幕演講中聽說您克服了一些可能會影響收入約 4000 萬美元的組件問題。我想知道如果沒有組件限制，您是否可以讓我們了解您可能能夠在收入方面交付什麼？關於您的第一季度財政指導，您對組件和一些供應鏈限制假設了哪種類型的收入逆風？

So for Q1 guidance, I'd say that we're looking at probably the same quantum in the first quarter that we were looking at in the fourth quarter. So that's one thing to answer. And I think secondly, as Bob has already said, overcoming $40 million in pretty much a day-to-day hand-to-hand combat, it's -- certainly, the demand is there. You can see that really in the book-to-bill. Would you have a view on this, Bob?

因此，對於第一季度的指導，我想說我們在第一季度看到的可能與我們在第四季度看到的相同。所以這是一回事。其次，我認為，正如鮑勃已經說過的那樣，在幾乎每天的肉搏戰中克服了 4000 萬美元，這是——當然，需求就在那裡。你可以在帳單上看到這一點。鮑勃，你對此有什麼看法嗎？

No, I agree completely, Mary Jane. A lot of the supply chain challenges really come from the integrated circuit supply chain constraints. And the team's really done a nice job outside of ICs and a real nice job with getting our IC supply chain requirements coming in. So I agree completely.

不，我完全同意，瑪麗·簡。許多供應鏈挑戰確實來自集成電路供應鏈的限制。並且團隊在 IC 之外確實做得很好，並且在滿足我們的 IC 供應鏈要求方面做得很好。所以我完全同意。

Do you see any improvement as you look out over the balance of fiscal '22 from the standpoint of supply chain?

從供應鏈的角度看 22 財年的餘額時，您是否看到任何改善？

I'm sorry...

抱歉...

Jim, your question was, do we see any operation of the supply chain challenges forward?

吉姆，您的問題是，我們是否看到供應鏈運營面臨任何挑戰？

Yes. Do you see any improvement?

是的。你看到有什麼改善嗎？

Yes. Thank you, Jim. This is Chuck. Jim, we don't have a crystal ball, and the challenge associated with it is it's not only affecting us but of course, it's affecting our customers. And we have to take it. We have a long-term view. We have actions consistent with that long-term view. We have backup plans that we're trying to execute and keep in place. And at the end of the day, this is a job that has to be done every single day. And so I'm optimistic that it will eventually clear out. But at the moment, it's not looking like anybody is going to be able to call exactly when.

是的。謝謝你，吉姆。這是查克。吉姆，我們沒有水晶球，與之相關的挑戰是它不僅會影響我們，當然也會影響我們的客戶。我們必須接受它。我們有長遠的眼光。我們的行動符合這一長期觀點。我們有備份計劃，我們正在努力執行並保持原狀。歸根結底，這是一項每天都必須完成的工作。所以我樂觀地認為它最終會消失。但目前，看起來沒有人能夠準確地打電話給他們。

And just -- Sure. No problem. Just for our leader board, I'm sorry to have to ask you this, but just to try and get everyone in on the call, we probably can't have follow-ups, but feel free to jump back in line. And if we can do a second round, we'd be happy to.

只是——當然。沒問題。只是為了我們的排行榜，很抱歉不得不問你這個問題，但只是為了讓每個人都參與進來，我們可能無法跟進，但請隨時重新排隊。如果我們可以進行第二輪比賽，我們會很高興。

Your next question will come from the line of John Marchetti with Stifel.

您的下一個問題將來自 John Marchetti 與 Stifel 的對話。

Mary Jane, I just wanted to ask, in terms of the fiscal 1Q guidance, when we look at the midpoint of the ranges, we've got revenue essentially flattish. We got EPS down but on a lower share count. Can you help us just understand what we're thinking about in terms of gross margin and/or the higher OpEx that you referenced in some of the prepared remarks?

瑪麗·簡，我只是想問一下，就第一季度財報指導而言，當我們查看範圍的中點時，我們的收入基本上持平。我們降低了每股收益，但股票數量減少了。您能否幫助我們了解我們在毛利率和/或您在一些準備好的評論中提到的更高運營支出方面的想法？

Sure. So first of all, John, being a little newer to our company, the fact that the midpoint would be flat to Q4. Q4 has historically been our largest quarter and largest by a good mile. So historically, we have had Q1 down even in very strong markets. In 2016 -- '17 and '18, Q1 was down of those years on the prior Q4. So first of all, the revenue is probably holding in very, very well.

當然。所以首先，約翰，對我們公司來說有點新，中點將與第四季度持平。第四季度歷來是我們最大的季度，也是最大的一英里。因此，從歷史上看，即使在非常強勁的市場中，我們的第一季度也出現下滑。在 2016 年 - '17 和 '18 年，第一季度比前一個第四季度有所下降。所以首先，收入可能非常非常好。

And then with respect to the midpoint of the guidance, as we described, we did not take out of the non-GAAP range roughly about $20 million that will be spent on the investments for silicon carbide. So if you tax effect that and do it, it's in the neighborhood of $0.12, $0.14. So that is really the major difference going forward. And as well as we do expect, as Bob has already said, to continue to have cost to try and battle supply chain storages as well as dealing with COVID. But the major difference, when you look at midpoint to what we delivered in Q4, was the silicon carbide investment.

然後關於指導的中點，正如我們所描述的，我們沒有將大約 2000 萬美元用於碳化矽投資的非 GAAP 範圍內。因此，如果您對它徵稅並執行此操作，則大約為 0.12 美元，0.14 美元。所以這確實是未來的主要區別。正如鮑勃已經說過的那樣，正如我們所期望的那樣，在嘗試與供應鏈存儲以及與 COVID 打交道方面繼續付出成本。但是，當您查看我們在第四季度交付的中點時，主要區別在於碳化矽投資。

Your next question will come from the line of Mark Miller with the Benchmark Company.

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

Congratulations on your record results. What can you say about -- you had very strong 200G, 400G transceiver sales. What about pricing in that market? Is that pricing improvement with a strong demand?

祝賀你創紀錄的成績。你能說什麼 - 你有非常強勁的 200G、400G 收發器銷售。那個市場的定價呢？需求強勁的情況下是否會提高定價？

No, pricing is the typical communication market. Pricing were seen for the past 20 years, but we try to really focus on the high-end products. For example, on the ZR format, we are focusing on the high-power version, so we can eliminate, for example, the entire layer 2, doing basically IP over DWDM. So when you -- and that's enabled by our indium phosphide technology.

不，定價是典型的通信市場。在過去的 20 年中，我們看到了定價，但我們試圖真正專注於高端產品。例如，在 ZR 格式上，我們專注於高功率版本，因此我們可以消除例如整個第 2 層，基本上做 IP over DWDM。因此，當您使用我們的磷化銦技術時。

So we are trying to focus on those faction, segment of the market that offer the best margins and pricing. But the dynamic ASP reduction over time and so forth is pretty much unchanged, still lower pressure. But as I said, by focusing on the high end of the market, we can do better than average, I would say.

因此，我們正試圖專注於那些提供最佳利潤和定價的市場部分。但隨著時間的推移，動態平均售價下降等幾乎沒有變化，壓力仍然較低。但正如我所說，通過專注於高端市場，我們可以做得比平均水平更好，我會說。

Your next question will come from the line of Richard Shannon with Craig Hallum.

您的下一個問題將來自 Richard Shannon 和 Craig Hallum。

A question for either Chuck or Giovanni on silicon carbide here. You've listed out some -- what looks like a pretty strong increased investment in silicon carbide, where you've already talked about this market for years here. You've built up a capability across the stack here. Can you talk about and characterize what's driven you to put in this increased amount of investment? Has this been improvements in internal products, technology milestones or conversations with customers, et cetera? Maybe you can just characterize why you're making an increased level of investment on top of what's already been strong.

在這裡向 Chuck 或 Giovanni 詢問關於碳化矽的問題。你列出了一些——看起來對碳化矽的投資增長相當強勁，你已經在這裡談論這個市場多年了。您已經在此處建立了跨堆棧的功能。你能談談和描述是什麼促使你投入如此多的投資嗎？這是否是內部產品、技術里程碑或與客戶對話等方面的改進？也許你可以描述為什麼你在已經很強大的基礎上增加投資水平。

Thanks, Richard. Yes, actually, it's all of those things. Our confidence in the quality of our material, at this point in time, combined with the investments that we've recently announced in the last 12 months and a very apparent acceleration in the need for silicon carbide and the demand that's coming here inside the next 5 years. And we would like to be well positioned, as I said in my remarks, to lead in this market. And so we are stepping it up and it couldn't be more exciting for us. Okay?

謝謝，理查德。是的，實際上，就是這些。目前，我們對材料質量的信心，加上我們最近在過去 12 個月中宣布的投資，以及對碳化矽的需求明顯加速，以及未來即將到來的需求5年。正如我在講話中所說，我們希望能夠在這個市場上處於領先地位。所以我們正在加緊努力，這對我們來說再刺激不過了。好的？

Your next question will come from the line of Tom Diffely with D.A. Davidson.

您的下一個問題將來自 Tom Diffely 與 D.A.戴維森。

On those same lines, when you look at the $1 billion investment projected over the next 10 years, from a big picture point of view, is the main focus going to be on increasing your capacity in the space. Or is it going to be more on the R&D productization of different silicon carbide pieces?

同樣，當你從宏觀的角度來看未來 10 年預計的 10 億美元投資時，主要關注點將是增加你在該領域的產能。還是會更多地關注不同碳化矽片的研發產品化？

Both, Tom. Thanks for your question, Tom. We have to do both. The demands over the next 5 to 10 years are going to grow exponentially. And so we need to be in a position to be able to scale everything that we're doing, but we need to get the device and the module technology and all the process technology that we have in place. We need to get that organized. We need to get it qualified and we need to get the platform in place to scale. And in the meanwhile, we'll be making a large -- even larger investment than what we have been planning to get the silicon carbide substrate capacity in place for what we need and for also what the market needs as well, okay?

兩個，湯姆。謝謝你的問題，湯姆。我們必須兩者都做。未來 5 到 10 年的需求將呈指數級增長。因此，我們需要能夠擴展我們正在做的所有事情，但我們需要獲得設備和模塊技術以及我們擁有的所有工藝技術。我們需要把它組織起來。我們需要讓它合格，我們需要讓平台到位以擴大規模。與此同時，我們將進行比我們計劃的更大的投資，以使碳化矽襯底產能到位，以滿足我們的需求以及市場的需求，好嗎？

I would say on balance, in the $1 billion, it probably leaves more to capital than R&D, but Chuck is perfectly correct that we need both of them.

總的來說，我想說的是，在這 10 億美元中，留給資本的可能比 R&D 更多，但 Chuck 完全正確，我們兩者都需要。

Your next question will come from the line of Chris Rolland with Susquehanna.

您的下一個問題將來自 Chris Rolland 和 Susquehanna。

Regarding consumer, it was great doubling for the year that you guys had there, but perhaps you guys can give us a little bit more color on some near-term trends and then your expectation as we move into the back half of the calendar year.

關於消費者，你們在那裡度過的這一年翻了一番很棒，但也許你們可以給我們一些近期趨勢的更多顏色，然後在我們進入日曆年後半段時給我們更多的期望。

Chris, thanks. This is Giovanni. Thanks for your question. So we expect the typical seasonality in the market. And we also expect to materialize some new design wins that will add up to design wins we're currently selling. And so I think that there will be a pressure on price for sure. Like typically, there having formed a combination of improvements in the experience curve as well as design improvements, and I expect that over time -- as I mentioned in my prepared remarks, over time, the market, that market will continue to be a close driver for us.

克里斯，謝謝。這是喬瓦尼。謝謝你的問題。因此，我們預計市場會出現典型的季節性。我們還希望實現一些新的設計勝利，這些勝利將加起來我們目前銷售的設計勝利。所以我認為肯定會有價格壓力。像通常一樣，體驗曲線的改進和設計改進已經形成了組合，我預計隨著時間的推移——正如我在準備好的評論中提到的那樣，隨著時間的推移，市場將繼續收盤我們的司機。

So in the second half of the year, we'll -- of the calendar year, we'll experience the typical seasonality trend, and then we'll continue to grow year-over-year as a result of our leadership in a number of parts that support the market lasers, metalenses, drivers, modules and so forth.

因此，在今年下半年，我們將 - 在日曆年中，我們將體驗典型的季節性趨勢，然後由於我們在許多方面的領先地位，我們將繼續同比增長支持市場激光器、超透鏡、驅動器、模塊等的零件。

Your next question comes from the line of Samik Chatterjee with JPMorgan.

您的下一個問題來自摩根大通的 Samik Chatterjee。

I had a quick one for Mary Jane. Thanks for your comments about the incremental investment in the first quarter. Just wondering if you can give us some direction on the magnitude of incremental investments acquired in fiscal year '22 as we start to think about the margin progression here, particularly if you can also comment on what levers do you have to drive margin progression as you offset some of these incremental investments as well.

我為瑪麗珍準備了一份快件。感謝您對第一季度增量投資的評論。只是想知道當我們開始考慮此處的保證金進展時，您是否可以就 22 財年獲得的增量投資的規模給我們一些方向，特別是如果您還可以評論您必須使用哪些槓桿來推動保證金增長也抵消了其中一些增量投資。

Right. So first of all, with respect to fiscal year '22, Chuck spoke to about $200 million. The way that breaks down is around about $60 million to $70 million in the R&D, particularly with respect to the design for manufacturability and around about the balance of that $200 million that is CapEx, okay? So that's for this year.

對。所以首先，關於 22 財年，查克談了大約 2 億美元。分解的方式大約是研發中的 6000 萬到 7000 萬美元，特別是在可製造性設計方面，以及大約 2 億美元的餘額，即資本支出，好嗎？這就是今年。

With respect to margin improvement overall, I mean, certainly, one of the things we've seen through fiscal year '21, particularly in Giovanni's segment, is the manifestation of growth in many of the markets in which we had been investing for a long time, whether that be consumer or silicon carbide, et cetera. So as those laser-based and material businesses -- growing material businesses accelerate through growth, we will see better air cover, so to speak. And better mix as we -- as it affects the gross margin.

關於整體利潤率的提高，我的意思是，我們在 21 財年看到的一件事，特別是在喬瓦尼的細分市場，是我們長期投資的許多市場的增長表現時間，無論是消費者還是碳化矽等。因此，隨著那些以激光為基礎的材料業務——不斷增長的材料業務通過增長加速，我們將看到更好的空氣覆蓋，可以這麼說。並且像我們一樣更好地混合 - 因為它會影響毛利率。

For sure, I don't think our company has any less focus on the ongoing relentless focus on OpEx, particularly as with respect to G&A. That, I think, will continue to work to keep that flattish, so to speak, on growing revenue that also allows -- if you just think about percent of sales, that, to not increase and maybe decrease a little bit as a percent of sales, this is the G&A. As the R&D is increasing, that will help deliver overall decent results for the company.

當然，我認為我們公司對運營支出的持續關注並沒有減少，特別是在 G&A 方面。我認為，這將繼續努力保持這種平穩，可以這麼說，增加收入，這也允許 - 如果你只考慮銷售額的百分比，那就是不增加甚至可能減少一點點銷售，這是 G&A。隨著研發的增加，這將有助於為公司帶來整體不錯的成果。

Your next question will come from the line of Amanda Scarnati with Citi.

您的下一個問題將來自花旗銀行的 Amanda Scarnati。

Just a follow-up question on margin accretion and how -- what's the bigger driver here of growing margins. Is it sort of fixing some of these supply chain issues that are somewhat out of your control? Or is it more of a mix scenario? And does it look like the December quarter could be a step-up in margins?

只是一個關於利潤增長的後續問題，以及如何——增長利潤的更大驅動力是什麼。是否可以解決一些您無法控制的供應鏈問題？或者它更像是一個混合場景？看起來 12 月季度的利潤率可能會提高嗎？

Well, first of all, make no mistake about -- mix makes a big difference. And you can see that if you look at the margin profile across the 4 quarters of the year, whether you look at the gross margin or you look at the segment margins. So mix makes a big difference. I will say that certainly the fact that we are seeing a very nice renaissance here in industrial will continue to help. I mean as much as we might think that's the oldest business II-VI, it retains one of the best margins in the whole company. So that's a very positive thing. So any of the drivers using our growing materials or laser diodes are very positive additions to the mix. With -- so that's probably the largest driver of the margin.

好吧，首先，不要搞錯——混合會有很大的不同。您可以看到，如果您查看一年中 4 個季度的利潤率概況，無論您是查看毛利率還是查看細分市場的利潤率。所以混合有很大的不同。我會說，我們在工業領域看到了非常好的複興這一事實肯定會繼續提供幫助。我的意思是，儘管我們可能認為這是最古老的業務 II-VI，但它保留了整個公司中利潤率最高的業務之一。所以這是一件非常積極的事情。因此，任何使用我們不斷增長的材料或激光二極管的驅動器都是非常積極的補充。與 - 所以這可能是利潤率的最大驅動因素。

With respect to the supply chain shortages, while we can obviously estimate increased freight or premium pricing or increased long-term commitments to customers, those are things that are very easy to calculate. What isn't as easy to calculate is the literal all-hands-on-deck, where people are coming out of other functions to work on this that potentially take them away from other improvements that they may have made -- been able to make.

關於供應鏈短缺，雖然我們顯然可以估計運費增加或溢價或增加對客戶的長期承諾，但這些都是很容易計算的。不那麼容易計算的是字面上的全員參與，人們從其他職能部門出來從事這方面的工作，這可能會使他們遠離他們可能已經做出的其他改進——能夠做出.

So I think as the supply chain eases and there's more focus on than just being able to ship product, I think that absolutely does help. We will always keep our employees safe. We could see an easing, over time, of the COVID cost. But generally speaking, I think that's probably not happening anytime soon. Ultimately, it really does come down to mix and operating efficiency.

因此，我認為隨著供應鏈的放鬆，人們更加關注能夠運送產品，我認為這絕對有幫助。我們將始終確保員工的安全。隨著時間的推移，我們可以看到 COVID 成本的緩和。但總的來說，我認為這可能不會很快發生。歸根結底，它確實歸結為混合和運營效率。

Your next question will come from the line of Simon Leopold with Raymond James.

您的下一個問題將來自 Simon Leopold 和 Raymond James 的觀點。

Just a very, very quick clarification for Mary Jane and then the question. I wasn't clear if you excluded some charges in your pro forma related to the COVID expenses or you just were highlighting those. But the question I really would like to ask is to get a little bit of quantification around the hyperscale business you've been doing. It sounds like that's been growing nicely. I just want to get a better idea what portion of the revenue are you getting from hyperscale now. And how does it compare to a year ago?

只是對瑪麗珍的一個非常非常快速的澄清，然後是問題。我不清楚您是否在備考中排除了與 COVID 費用相關的一些費用，或者您只是在強調這些費用。但我真正想問的問題是對你一直在做的超大規模業務進行一些量化。聽起來這發展得很好。我只是想更好地了解您現在從超大規模中獲得了哪些收入。它與一年前相比如何？

So with respect to COVID, we incurred about $4 million or so and we non-GAAP $2 million of it. So the goal was to try and non-GAAP kind of the surge of it, and that's the same exact thing we did last quarter. With respect to the hyperscale, Giovanni?

因此，就 COVID 而言，我們產生了大約 400 萬美元左右，我們非 GAAP 產生了 200 萬美元。因此，我們的目標是嘗試非 GAAP 的激增，這與我們上個季度所做的完全相同。關於超大規模，喬瓦尼？

Yes. I would say that the number -- the ratio's increasing. As we mentioned in the past, I think as a result, all the combination with Finisar and the deal pending, meaning customers kind of waited for the combination to happen. So they were on the sideline, and we are kind of gaining share back because of that.

是的。我會說這個數字 - 比率在增加。正如我們過去提到的那樣，我認為結果是，與 Finisar 的所有組合以及待處理的交易，這意味著客戶有點等待組合的發生。所以他們處於觀望狀態，因此我們正在重新獲得份額。

Now obviously, we are working together as 1 company, and there is a very high confidence in the team, which is doing a fantastic job of gaining share, particularly as I mentioned earlier, we have the high-end side of the products. And I would say that of the communication they've built -- let's say, the transceiver business, I would say that the number is close to 30% and growing. And over time, there may be a balance between maybe datacom telecom or hyperscale or super-scale, however you want to define them, over time. But I think it just depends on what the definition of hyperscale is, but I think 30% is a good guess.

現在很明顯，我們作為一家公司一起工作，並且對團隊非常有信心，他們在獲得份額方面做得非常出色，特別是正如我之前提到的，我們擁有產品的高端一面。我想說的是他們建立的通信——比如說收發器業務，我想說這個數字接近 30% 並且還在增長。隨著時間的推移，數據通信電信、超大規模或超大規模之間可能會出現平衡，但隨著時間的推移，你想定義它們。但我認為這僅取決於超大規模的定義是什麼，但我認為 30% 是一個很好的猜測。

Your next question will come from the line of Tim Savageaux with Northland Capital Markets.

您的下一個問題將來自 Northland Capital Markets 的 Tim Savageaux。

I wanted to come back on the kind of question about the fiscal Q1 guide on a sequential basis. Because you're -- while appreciating historic seasonality, your seasonality has changed a bit, right? You should be seeing at least some degree of uplift in consumer.

我想按順序回到關於第一季度財政指南的問題。因為你——在欣賞歷史季節性的同時，你的季節性發生了一些變化，對吧？你應該看到消費者至少有一定程度的提升。

And it sounds like, from a booking standpoint and just the overall tone of business, that datacom and comms should be growing as well. So I guess I got a couple of questions. Should we look at kind of historic seasonality in industrial and other parts of the business as kind of seasonal offsets to that? And perhaps more importantly, are you building in that $40 million component headwind to the guide and to overcome it as you've done this quarter would represent upside.

聽起來，從預訂的角度和整體業務基調來看，數據通信和通信也應該增長。所以我想我有幾個問題。我們是否應該將工業和業務其他部分的歷史季節性視為一種季節性抵消？也許更重要的是，您是否正在為該指南構建 4000 萬美元的逆風，並像您在本季度所做的那樣克服它，這將代表上行空間。

So yes to the last question, because obviously, the EPS guide goes with the revenue guide, right, on the same kind of range basis. So yes, if we were to be at the top end or over-deliver that by some excellent amount of work by our guys, I would imagine that we would be at the top end of the EPS as well.

所以最後一個問題是肯定的，因為顯然，每股收益指南與收入指南是在相同的範圍基礎上進行的。所以，是的，如果我們要處於最高端或通過我們的員工的一些出色工作來超額交付，我想我們也會處於每股收益的最高端。

Second of all, while you are correct that the second half of the calendar year, our Q1 and 2 are stronger on consumer, there is still a seasonal downtick. And we had a very, very good consumer quarter last year, and it was still down on Q4.

其次，雖然您認為日曆年下半年是正確的，但我們的第一季度和第二季度在消費者方面表現強勁，但仍存在季節性下滑。去年我們有一個非常非常好的消費季度，但在第四季度仍然下降。

So -- but all that to say that generally, we do see a little bit of a step down in industrial. But at the end of the day, I think no matter how you cut it, we're probably looking at a pretty decent Q1 from a top line perspective with the excellent work of all of our colleagues around the world. So I hope that answers the composite of your questions, Tim.

所以——但總的來說，我們確實看到了工業方面的一些下降。但歸根結底，我認為無論你如何削減它，我們可能從頂線的角度來看一個相當不錯的第一季度，以及我們在世界各地所有同事的出色工作。所以我希望這能回答你的問題，蒂姆。

(Operator Instructions) Your next question will come from the line of Meta Marshall with Morgan Stanley.

（操作員說明）您的下一個問題將來自摩根士丹利的 Meta Marshall。

Giovanni, I just wanted to circle back to your commentary on the 3D sensing market. And just as you talk about growth in fiscal year '22, is that design -- like, just what drives that? Is it design wins outside of kind of your lead customers' ecosystem? Is that product expansion within that ecosystem or share gains? Like, I know, obviously, it's tough to parse out, but if there was a leading factor and what would lead to the growth, that would be helpful.

Giovanni，我只是想回到您對 3D 傳感市場的評論。就像您談到 22 財年的增長一樣，這種設計是什麼——就像是什麼驅動了它？設計是否在您的主要客戶生態系統之外獲勝？是該生態系統內的產品擴展還是分享收益？就像，我知道，很明顯，很難分析出來，但如果有一個主導因素以及什麼會導致增長，那將是有幫助的。

Thanks, Meta, for the question. It's a combination. Yes, there is not a single reason. I think the share gains will continue. It will eventually stabilize over time in the next few quarters. And then there is new opportunities in, in-cabin sensing for automotive, and then, as I said, new design wins.

謝謝，Meta，這個問題。這是一個組合。是的，沒有一個原因。我認為股票收益將繼續。在接下來的幾個季度中，它最終會隨著時間的推移而穩定下來。然後，汽車的車內感應出現了新的機會，然後，正如我所說，新設計獲勝。

I think there is an expectation that over time, the -- that specific market will continue to grow for us. And it's also -- and there is another factor, which I mentioned in my remarks, which is really what we are selling, not only -- so we're moving -- we are increasing the offering from just lasers and filters, which we did in the past to optics, IC drivers and modules. So altogether, the addressable market is expanding for us and therefore, we expect the revenue to grow, too.

我認為隨著時間的推移，這個特定市場將繼續為我們增長。這也是 - 我在講話中提到的另一個因素，這就是我們真正銷售的東西，不僅 - 所以我們正在移動 - 我們正在增加激光器和濾光片的產品，我們過去做光學、IC 驅動器和模塊。因此，總體而言，我們的目標市場正在擴大，因此，我們預計收入也會增長。

And I will now turn the conference back over to management for any further remarks.

我現在將把會議轉回給管理層，以便發表任何進一步的評論。

Thank you very much, Regina, and thank you to all of you who joined us today. We know this is a busy earnings season for you, and we look forward to talking with all of you as time goes on here. So thank you very much, and have a good day.

非常感謝里賈納，感謝今天加入我們的所有人。我們知道這對您來說是一個繁忙的收益季節，我們期待隨著時間的推移與大家交談。非常感謝您，祝您有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們先生們，今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開連接。