Coherent Corp (COHR) 2022 Q1 法說會逐字稿

Good day. Thank you for standing by, and welcome to II-VI Incorporated Fiscal Year '22 First Quarter Earnings Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Ms. Mary Jane Raymond, Chief Financial Officer. The floor is yours.

再會。感謝您的耐心等待，歡迎參加 II-VI Incorporated '22 財年第一季財報電話會議。（操作員指示）我現在想將會議交給今天的發言人，財務長瑪麗·簡·雷蒙德女士。地板是你的。

Thank you, Alex, 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 first quarter of fiscal year 2022.

謝謝你，亞歷克斯，早安。我是瑪麗·簡·雷蒙德，II-VI 公司的財務長。歡迎參加今天的 2022 財年第一季財報電話會議。

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. This call is being recorded on Tuesday, November 9, 2021. Our press release and our updated investor presentation are available on the Investor Relations tab of the website, ii-vi.com.

今天與我一起參加電話會議的是我們的執行長 Chuck Mattera 博士；以及我們的首席策略長兼化合物半導體部門總裁 Giovanni Barbarossa 博士。本次通話錄音時間為 2021 年 11 月 9 日星期二。我們的新聞稿和更新的投資者介紹可在網站 ii-vi.com 的投資者關係標籤上取得。

Just as a reminder, our remarks today may contain forward-looking statements. These remarks are given in the context of today only. They are subject to various risk factors and 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. A list of our known material risk factors can be found in our Form 10-K for the year ended June 30, 2021, together with our subsequent filings with the SEC. Our remarks today do not constitute an offer to sell nor do they constitute a solicitation of an offer to buy any securities. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the United States Securities Act of 1933 as amended.

提醒一下，我們今天的言論可能包含前瞻性陳述。這些言論僅在今天的背景下發表。它們受到各種風險因素的影響，並且可能會發生變化，甚至可能發生重大變化。除非法律要求，否則我們不承擔更新這些聲明以反映今天之後發生的事件的義務。我們已知的重大風險因素清單可以在截至 2021 年 6 月 30 日的年度 10-K 表格以及我們隨後向 SEC 提交的文件中找到。我們今天的言論不構成出售要約，也不構成購買任何證券的要約邀請。除非透過符合經修訂的 1933 年美國證券法第 10 條要求的招股說明書，否則不得發行任何證券。

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，我們還將提出一些非公認會計原則措施，這些措施與公認會計原則的調節可在包含這些措施（例如新聞稿或投資者簡報）的每個文件的末尾找到。

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

現在，讓我把電話轉給查克·馬泰拉醫生。

Thank you, Mary Jane. Good morning, afternoon and evening to all of our stakeholders from around the world, including our equity and debt investors, our dedicated employees and our valued customers and suppliers.

謝謝你，瑪麗珍。早上好，下午好，晚上好，來自世界各地的所有利益相關者，包括我們的股權和債務投資者、我們敬業的員工以及我們尊貴的客戶和供應商。

Fiscal year 2022 is off to a very strong start. Our backlog increased sequentially from $1.25 billion to $1.4 billion. Our revenue of $795 million represents very strong growth at 9% compared to Q1 FY '21 and was squarely inside our revenue guidance range, despite continuing supply chain headwinds which affected our ROADM business the most.

2022 財年有一個非常強勁的開局。我們的積壓訂單連續從 12.5 億美元增加到 14 億美元。儘管持續的供應鏈逆風對我們的 ROADM 業務影響最大，但我們的收入為 7.95 億美元，與 21 財年第一季相比增長了 9%，完全在我們的收入指導範圍內。

The shipments of those affected products have been rescheduled to subsequent quarters, and we are working to accelerate our recovery plans. Part of our action planning is to expand our investments in analog and digital ICs to improve the resiliency of our supply chains.

這些受影響產品的出貨已重新安排到後續季度，我們正在努力加快恢復計劃。我們行動計畫的一部分是擴大對類比和數位 IC 的投資，以提高供應鏈的彈性。

This will also help to maintain our market and technology leadership in the next generations of high-speed datacom transceivers while lowering our purchased material cost and establishing new component OEM market channels for us as well. Our gross margin for the quarter was 40%, up year-over-year and sequentially.

這也將有助於維持我們在下一代高速數據通訊收發器的市場和技術領先地位，同時降低我們的採購材料成本並為我們建立新的組件 OEM 市場管道。我們本季的毛利率為 40%，較去年同期成長。

This was achieved through the launch of new products with higher margins, improved productivity and ongoing efficiency and it benefited from our sustained focus on the health and safety of our people first. These improvements are due to the well-synchronized efforts of our employees with key counterparts at customers and suppliers, taking the meaning of partnership to new levels.

這是透過推出利潤更高的新產品、提高生產力和持續效率而實現的，並且得益於我們對員工健康和安全的持續關注。這些改進歸功於我們的員工與客戶和供應商的主要同行的協調一致的努力，將合作夥伴關係的意義提升到了新的水平。

We are experiencing sustained and sustainable demand. In Q1, revenue grew from contributions from virtually all of our end markets and leadership in the consumer market, where we saw the revenues increase 30% sequentially and 7% year-over-year.

我們正在經歷持續且可持續的需求。第一季度，營收的成長得益於我們幾乎所有終端市場的貢獻以及消費市場的領先地位，我們看到收入環比增長 30%，同比增長 7%。

Two important indicators of the strength of our organic growth are our fourth consecutive quarter of record backlog and the sustained growth we are seeing across our markets. I believe one of our most important core strengths is the unique diversity of the market segments in which we have chosen to operate.

我們有機成長實力的兩個重要指標是我們連續第四個季度創紀錄的積壓以及我們在整個市場看到的持續成長。我相信我們最重要的核心優勢之一是我們選擇經營的細分市場的獨特多樣性。

In communications, our largest market today, we saw further evidence of a super cycle well underway for 200G and 400G datacom transceivers, 400G and 800G coherent telecom transceivers and acceleration of our customer-configured open line and optical transport solutions. Our results this quarter were achieved through a relentless amount of hard work and preparation that accompanies the sustained intensity of a winning team.

在我們當今最大的市場通訊領域，我們看到了 200G 和 400G 資料通訊收發器、400G 和 800G 相干電信收發器以及我們客戶配置的開放線路和光傳輸解決方案加速發展的超級週期的進一步證據。我們本季的成績是透過不懈的努力和準備以及獲勝團隊的持續強度來取得的。

We made adjustments in the face of market realities as we continue to balance our raw materials cost increases against product price increases with longer-term and higher share commitments. Taken all together, these extraordinary efforts enabled us to deliver $0.87 non-GAAP EPS at the high end of our EPS guidance range.

我們根據市場現實進行了調整，繼續透過長期和更高的份額承諾來平衡原材料成本上漲和產品價格上漲。總而言之，這些非凡的努力使我們能夠實現 0.87 美元的非 GAAP 每股收益，處於每股收益指引範圍的高端。

Turning now to the future. I believe Q2 should be another strong quarter for us. And as you can tell from our guidance, we are still planning on growing sequentially in the quarter. I am excited about our potential this year and looking out past Q1, we see continued market momentum and strong interest from existing and target customers in our capacity expansions and R&D investments in technology and our new products.

現在轉向未來。我相信第二季度對我們來說應該是另一個強勁的季度。正如您從我們的指導中可以看出的那樣，我們仍計劃在本季度實現環比增長。我對我們今年的潛力感到興奮，展望過去的第一季度，我們看到持續的市場勢頭以及現有和目標客戶對我們的產能擴張以及技術和新產品的研發投資的濃厚興趣。

Our targeted investments in R&D and capital are accelerating to support our exciting growth plans beginning in FY '23 and FY '24. In particular, we are stepping up our investments in important compound semiconductor platforms with silicon carbide and indium phosphide, which leverage core strengths of II-VI and the former Finisar.

我們正在加速對研發和資本的有針對性的投資，以支持我們從 23 財年和 24 財年開始的令人興奮的成長計畫。特別是，我們正在增加對碳化矽和磷化銦重要化合物半導體平台的投資，這些平台利用了 II-VI 和前 Finisar 的核心優勢。

In conjunction with these investments, our plans call for us to invest in new facilities and capital equipment, and we will incur increased costs beginning this quarter as we begin to hire a few hundred engineers and operators along with the start-up, proven and qualification of these new and expanded lines in the U.S. and in Europe.

與這些投資相結合，我們的計劃要求我們投資新的設施和資本設備，從本季度開始，我們將增加成本，因為我們開始僱用數百名工程師和操作員，以及啟動、驗證和資格認證。在美國和歐洲新建和擴建的線路。

I believe that collectively these strategic investments will enable us to be very well positioned to pursue exciting new growth opportunities in the years ahead. When I reflect on all we accomplished in the quarter, I also look back on the 2 years since we closed the Finisar acquisition, and I'm amazed by the ability of our people to efficiently integrate, deliver on the aggressive cost synergies, and leverage our complementary strengths, and portfolios to realize the power of the combination.

我相信，這些策略投資將使我們處於有利地位，在未來幾年尋求令人興奮的新成長機會。當我回顧我們在本季度取得的所有成就時，我還回顧了自完成 Finisar 收購以來的兩年，我對我們的員工有效整合、實現積極的成本協同效應和槓桿作用的能力感到驚訝我們的優勢互補，並進行投資組合，以實現組合的力量。

I believe that we've demonstrated through our new product leadership, operational excellence, and customer intimacy that we have achieved a substantially different scale and momentum during the last 2 years. But a good example of this is that our cost synergies for the Finisar acquisition originally targeted delivering $150 million in 3 years, and that has now exceeded $180 million after 2 years.

我相信，透過新產品的領先地位、卓越的營運和與客戶的親密關係，我們已經證明我們在過去兩年中取得了截然不同的規模和勢頭。但一個很好的例子是，我們收購 Finisar 的成本綜效最初目標是在 3 年內實現 1.5 億美元，而現在 2 年後已經超過 1.8 億美元。

Another example of our growth strategy in compound semiconductors is our bold investment in silicon carbide materials and devices that will be required at a mega scale during the next decade. We're in the next phase of a large multiyear investment and aim to build a meaningful position in what we believe will become a $30 billion addressable market by 2030 while contributing to the carbon neutrality goals of the world.

我們化合物半導體成長策略的另一個例子是我們對碳化矽材料和裝置的大膽投資，這些材料和裝置將在未來十年內大規模需求。我們正處於一項多年期大型投資的下一個階段，目標是在我們認為到 2030 年將成為 300 億美元的潛在市場中佔據有意義的地位，同時為世界的碳中和目標做出貢獻。

So we have an exciting organic investment thesis focused on addressing the mega market trends underpinning mobile, intelligent, and electric. We will leverage our endowments from the past acquisitions and investments, combine with those we're making now, and we plan to make in the future. These efforts should provide us with exciting and sustained organic growth opportunities with market leading and innovative customers over the next few years and enable us to further strengthen our diversified base as we move beyond FY '22.

因此，我們有一個令人興奮的有機投資論文，重點關注支撐移動、智慧和電動的大市場趨勢。我們將利用過去收購和投資的捐贈，結合我們現在正在做的以及我們計劃在未來做的事情。這些努力將為我們在未來幾年內與市場領先和創新的客戶提供令人興奮和持續的有機成長機會，並使我們能夠在 22 財年過後進一步加強我們的多元化基礎。

Turning now to the Coherent acquisition. We believe Coherent is the gold standard of laser technologies. And like II-VI has really great people and the unique position in the diversified markets it serves. Coherent is highly complementary and extremely valuable.

現在談談相干公司的收購。我們相信相干公司是雷射技術的黃金標準。II-VI 擁有非常優秀的人才，並且在其所服務的多元化市場中擁有獨特的地位。Coherent 具有很強的互補性，極具價值。

I believe that the auction process revealed that the high stakes were clearly understood by all 3 bidders. We have begun to work on the integration planning process, during which my team and I have been able to meet well over 100 of Coherent's senior leaders, and we're energized by the engagements and the common denominators of values and culture.

我相信拍賣過程表明，所有 3 個競標者都清楚地了解高額賭注。我們已經開始致力於整合規劃流程，在此期間，我和我的團隊會見了 100 多位 Coherent 的高級領導，我們因參與以及價值觀和文化的共同點而充滿活力。

These engagements have given me extra confidence that we are in the process of creating something really special, really unique and really valuable. With the combination, it's not only going to be a bigger company, but we set our course on building an even better company together, aimed at accelerating the new opportunities that lie ahead, while we make our complementarities a strength to be leveraged.

這些活動給了我額外的信心，讓我相信我們正在創造一些非常特別、非常獨特和非常有價值的東西。透過合併，它不僅會成為一家更大的公司，而且我們將共同打造一家更好的公司，旨在加速未來的新機遇，同時使我們的互補性成為可利用的優勢。

Indeed, we have a lot to learn above and from each other. Coherent has a complementary business model to II-VI, and it will allow us to diversify, lower our exposure to any one of our market cycles and allow us to sustain a steady investment in R&D and capital over the cycle. After closing, we will be able to get busy on targeting revenue synergy opportunities as we work to leverage our increased scale and complementary capabilities to capitalize on new opportunities across our markets.

事實上，我們有很多東西需要向對方學習。相干公司擁有與 II-VI 互補的業務模式，它將使我們能夠實現多元化，降低對任何一個市場週期的敞口，並使我們能夠在整個週期內維持對研發和資本的穩定投資。交易完成後，我們將能夠忙於瞄準收入協同機會，努力利用我們不斷擴大的規模和互補能力來利用整個市場的新機會。

I am very confident in our people's ability to create real value in the years ahead. With that, let me turn it over to Dr. Giovanni Barbarossa, our Chief Strategy Officer and the President of our Compound Semiconductor segment to provide us with an update on our results. Giovanni?

我對我們的員工在未來幾年創造真正價值的能力充滿信心。接下來，讓我將其轉交給我們的首席策略長兼化合物半導體部門總裁 Giovanni Barbarossa 博士，為我們提供最新的結果。喬瓦尼？

Thank you, Chuck, and good morning. In Q4, we delivered growth across our commercial end markets despite supply chain challenges. In Q1, we continue to build on that momentum. And as a result, our fiscal year 2022 is off to a strong start. All of our operations, including our global wafer fabs are running as planned, producing high yields and quality output.

謝謝你，查克，早安。儘管供應鏈面臨挑戰，第四季我們的商業終端市場仍實現了成長。在第一季度，我們繼續鞏固這一勢頭。因此，我們的 2022 財政年度有了一個好的開始。我們的所有業務，包括我們的全球晶圓廠都按計劃運行，生產高產量和高品質的產品。

In fact, I'm pleased to report that for the last quarter, we shipped all of our lasers for 3D sensing with 0 defects, our benchmark for the highest quality that we have been striving to set for the compound semiconductor industry. This is the result of a relentless multiyear investment in operational excellence, supporting the substantial increase in the volume of lasers that we are producing at our vertically integrated wafer fabs in Sherman, Texas and Warren, New Jersey.

事實上，我很高興地向大家報告，上個季度，我們所有用於 3D 感測的雷射都實現了 0 缺陷，這是我們一直努力為化合物半導體行業設定的最高品質基準。這是多年來對卓越營運進行不懈投資的結果，支持我們在德克薩斯州謝爾曼和新澤西州沃倫的垂直一體化晶圓廠生產的雷射產量大幅增加。

Our communications revenue grew 4% year-over-year with most of the growth from datacom. Our 200, 400 and 800G products now represent 25% of our transceivers revenue from about 2% a year ago and grew nearly 70% sequentially. Thanks to our market-leading platforms, we expect to grow this portion of our datacom business to 1/3 of the total by the end of fiscal year '22.

我們的通訊收入年增 4%，其中大部分成長來自數據通訊。我們的 200、400 和 800G 產品目前占我們收發器收入的 25%，而一年前約為 2%，環比增長了近 70%。由於我們市場領先的平台，我們預計到 22 財年末，我們的數據通訊業務的這一部分將成長到總量的 1/3。

It is worth noting that our optoelectronic components for datacom transceivers enjoy an all-time external revenue record in this quarter. I'm pleased to report that our IC-TROSA recently won the award for the most innovative product in optical integration at the European Conference on Optical Communications, demonstrating our leading innovations in coherent technology. Our IC-TROSA is the core engine of our 400G QSFP-DD coherent transceivers, which to the best of our knowledge, have the highest output power in the market.

值得注意的是，我們的數據通訊收發器光電組件在本季創下了歷史最高的外部收入記錄。我很高興地向大家報告，我們的IC-TROSA最近在歐洲光通訊大會上獲得了光整合最具創新產品獎，展示了我們在相干技術方面的領先創新。我們的 IC-TROSA 是我們 400G QSFP-DD 相干收發器的核心引擎，據我們所知，該收發器具有市場上最高的輸出功率。

Our remarkably high output power is enabled by our tunable laser and modulator technology based on indium phosphide. And it is truly game changing as it enables IP over DWDM networks, which significantly reduced cost of ownership by eliminating an entire layer of equipment.

我們基於磷化銦的可調諧雷射和調製器技術實現了極高的輸出功率。它真正改變了遊戲規則，因為它支援 DWDM 網路上的 IP，透過消除整個設備層顯著降低了擁有成本。

Network service providers such as Windstream and data center operators have already started to take advantage of our differentiated offering to streamline their deployment of 400G services with significantly less cost, power consumption and network complexity.

Windstream 等網路服務供應商和資料中心營運商已經開始利用我們的差異化產品來簡化其 400G 服務的部署，同時大幅降低成本、功耗和網路複雜性。

It is worth noting that the external revenue for our tunable coherent components and modules acquired through Finisar and which enables our coherent transceivers, increased 16% sequentially and more than doubled versus Q1 fiscal year '21, a clear sign of the competitiveness of our tunable laser platform and our successful market penetration.

值得注意的是，我們透過Finisar 獲得的可調諧相干組件和模組的外部收入使我們的相干收發器成為可能，環比增長了16%，與21 財年第一季相比增加了一倍多，這清楚地表明了我們可調諧雷射的競爭力平台和我們成功的市場滲透。

Moving to the industrial market. Our revenue grew 53% over Q1 fiscal year '21 and was flat sequentially, following a strong Q4. Growth was across all industrial applications, and our revenue from components for 1 micron of fiber lasers are now 50% of our industrial business.

轉向工業市場。我們的營收比 21 財年第一季成長了 53%，在第四季表現強勁後，與上一季持平。所有工業應用領域都實現了成長，我們來自 1 微米光纖雷射組件的收入目前占我們工業業務的 50%。

As I noted in the last call, we believe we are now delivering more aggregate pump laser power than any other maker of fiber laser components or systems in the world. This is due in part to the economies of scale that we have achieved with our 6-inch gallium arsenide platform by serving multiple markets, including industrial, communications, automotive and consumer electronics.

正如我在上次電話會議中指出的那樣，我們相信我們現在提供的總泵浦雷射功率比世界上任何其他光纖雷射組件或系統製造商都要多。這在一定程度上歸功於我們透過 6 吋砷化鎵平台服務多個市場（包括工業、通訊、汽車和消費性電子產品）所實現的規模經濟。

Revenue from our consumer electronics market, most of which is 3D sensing was a record for Q1 as it grew 7% compared to Q1 of fiscal year '21 and more than 30% sequentially. During the quarter, the forecast for our global 3D sensing demand increased by 19% for the year, therefore requiring us to operate all of our fabs for 3D sensing at a high level of utilization for VCSEL production.

我們的消費性電子市場（其中大部分是 3D 感測）的收入在第一季創下了紀錄，與 21 財年第一季相比增長了 7%，比上一財年增長了 30% 以上。本季度，我們對全年全球 3D 感測需求的預測增長了 19%，因此要求我們以高利用率運營所有 3D 感測工廠，以進行 VCSEL 生產。

In addition, having been selected as a partner of choice by several of our customers, we are in the process of increasing our investments, particularly in research, development, manufacturing, including hiring for nearly 500 dedicated jobs to support the incremental growth from future products, which we believe will enable novel functionalities in our customers' products.

此外，被多家客戶選為首選合作夥伴後，我們正在增加投資，特別是在研究、開發、製造方面，包括招聘近 500 個專門工作崗位，以支持未來產品的增量增長，我們相信這將為我們客戶的產品帶來新穎的功能。

Components for the semiconductor capital equipment market grew 18% year-over-year. And the demand for these products continues to remain strong. This is partly why we've been successful in increasing prices to support our investments required to expand capacity in response to the strong market demand.

半導體資本設備市場的零件年增 18%。對這些產品的需求持續保持強勁。這就是我們成功提高價格以支持我們擴大產能以應對強勁市場需求所需的投資的部分原因。

We expect to see the demand expand as COVID restrictions relax and global fab operators can resume production and commissioning of new systems, including for EUV as we expect to see these numbers of those systems nearly double over the next 24 months.

我們預計，隨著新冠疫情限制的放鬆以及全球晶圓廠營運商可以恢復新系統（包括EUV）的生產和調試，需求將會擴大，因為我們預計這些系統的數量在未來24 個月內將幾乎翻倍。

In our silicon carbide business, revenue grew 50% compared to Q1 of fiscal year '21 and 4% sequentially. As Chuck mentioned earlier, our investments in silicon carbide are underway and encompass a variety of applications and vertical end markets. We expect to see our subset business to continue to grow and are proud to report that we started preproduction of gallium nitride on silicon carbide on our 150-millimeter substrates at our Warren fab in New Jersey with full production planned for the first quarter of calendar year '22.

在我們的碳化矽業務中，營收比 21 財年第一季成長了 50%，比上一季成長了 4%。正如查克之前提到的，我們對碳化矽的投資正在進行中，涵蓋各種應用和垂直終端市場。我們預計我們的子業務將繼續成長，並自豪地報告，我們已開始在新澤西州沃倫工廠的 150 毫米基板上進行碳化矽氮化鎵的預生產，計劃於今年第一季全面投產'22。

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

現在，讓我把它交給瑪麗珍。瑪麗珍？

Thank you, Giovanni, and good morning. Our Q1 revenue of $795 million was geographically distributed as follows: 50% in North America, 21% in China, 20% in Europe, 6% in Japan and 3% in the rest of the world.

謝謝你，喬瓦尼，早安。我們第一季的營收為 7.95 億美元，地理分佈如下：50% 在北美，21% 在中國，20% 在歐洲，6% 在日本，3% 在世界其他地區。

The end market revenue distribution was 67% in Communications, 13% in Industrial, 7% in Consumer, 6% in Aerospace and Defense and 7% for other end markets. Our non-GAAP gross margin was 40%, and the non-GAAP operating margin was 18.9%.

終端市場收入分佈為：通訊領域佔 67%，工業領域佔 13%，消費領域佔 7%，航空航太和國防領域佔 6%，其他終端市場領域佔 7%。我們的非 GAAP 毛利率為 40%，非 GAAP 營業利益率為 18.9%。

None of the supply chain costs or COVID costs were excluded at -- in arriving at non-GAAP results. We incurred $4 million of COVID expenses in the quarter and $2 million of costs to secure parts for our customers. The company has committed about $17 million of additional cost to secure parts with suppliers, and these costs are expected to be realized over the next 3 to 5 quarters, depending on the availability of contracted components.

在得出非公認會計原則結果時，沒有排除任何供應鏈成本或新冠疫情成本。本季我們產生了 400 萬美元的新冠肺炎費用，以及 200 萬美元的為客戶取得零件的成本。該公司已承諾增加約 1700 萬美元的額外成本，以確保與供應商合作獲得零件，這些成本預計將在未來 3 至 5 個季度內實現，具體取決於合約零件的供應情況。

At the segment level, the non-GAAP operating margins were 15.7% for photonics and 25.6% for compound semiconductors. New products were instrumental in these sustained good margins. Our record backlog of $1.4 billion consists of $914 million for photonics and $483 million for compound semiconductors. The backlog consists of orders that will ship over the next 12 months.

在分部層面，光子學的非 GAAP 營運利潤率為 15.7%，化合物半導體為 25.6%。新產品對這些持續的良好利潤發揮了重要作用。我們創紀錄的 14 億美元積壓訂單包括 9.14 億美元用於光子學和 4.83 億美元用於化合物半導體。積壓訂單包括將在未來 12 個月內出貨的訂單。

We continue to have many orders that extend beyond 12 months as customers attempt to secure capacity for what many consider to be a super cycle well underway. GAAP operating expenses, which are SG&A plus R&D, were $221 million in Q1. Excluding $20 million of amortization, $23 million of stock comp and $12 million of M&A and integration costs, non-GAAP OpEx was $168 million or 21% of revenue.

我們仍然有許多超過 12 個月的訂單，因為客戶試圖確保產能，以應對許多人認為正在進行的超級週期。第一季的 GAAP 營運費用（SG&A 加上研發費用）為 2.21 億美元。不包括 2,000 萬美元的攤銷、2,300 萬美元的股票補償以及 1,200 萬美元的併購和整合成本，非 GAAP 營運支出為 1.68 億美元，佔收入的 21%。

This includes our silicon carbide investments. Cost synergies for the Finisar acquisition originally targeted at $150 million have now reached $180 million at the year 2 mark. In addition, we have formally launched the Coherent synergy planning process.

這包括我們的碳化矽投資。Finisar 收購最初目標為 1.5 億美元，第二年的成本綜效現已達到 1.8 億美元。此外，我們也正式啟動了相干協同規劃流程。

Quarterly GAAP EPS was $0.50 and non-GAAP EPS was $0.87, with after-tax non-GAAP adjustments of $43 million in total, including the reversal of positive FX of $5 million. The diluted share count for the GAAP results was 116 million shares. For the non-GAAP results, the diluted share count was 125 million shares.

季度 GAAP 每股收益為 0.50 美元，非 GAAP 每股收益為 0.87 美元，稅後非 GAAP 調整總額為 4,300 萬美元，其中包括 500 萬美元的正匯率逆轉。GAAP 業績的稀釋後股票數量為 1.16 億股。對於非 GAAP 業績，稀釋後的股數為 1.25 億股。

The GAAP and non-GAAP EPS calculations are in the ending tables of our press release. Stock comp was $23 million for the quarter, $4 million in COGS and $19 million in OpEx. We expect stock comp for Q2 to be $19 million.

公認會計原則和非公認會計原則每股收益計算請參閱我們新聞稿的尾表。該季度的庫存補償為 2,300 萬美元，COGS 為 400 萬美元，營運支出為 1,900 萬美元。我們預計第二季的股票補償為 1900 萬美元。

For nonoperating income or expense, the company had $8 million of nonoperating income in this quarter, including $5 million of the previously mentioned positive foreign exchange or $3 million of nonop income, excluding FX. We expect the normal run rate of nonoperating income or expense to be $1 million of nonoperating income going forward.

對於營業外收入或支出，該公司本季營業外收入為 800 萬美元，其中包括前面提到的 500 萬美元的正外匯或 300 萬美元的非營業收入（不包括外匯）。我們預計未來非營業收入或支出的正常運作率為 100 萬美元。

Pretax interest was $12.2 million. This is a decline from the previously prevailing $14 million at June 30 due primarily to a change in how convertible debt is accounted for. For the convertible debt only, the add back for the EPS calculation should now be $600,000 after tax instead of the $3.1 million after tax we've used before.

稅前利息為 1,220 萬美元。這比之前截至 6 月 30 日的 1400 萬美元有所下降，主要是由於可轉換債務的核算方式發生了變化。僅對於可轉換債務，EPS 計算的加回現在應為稅後 60 萬美元，而不是我們之前使用的稅後 310 萬美元。

This doesn't affect the EPS calculation since the add-back is only $600,000, not 3.1, the starting income is also $2.5 million higher because the go-forward interest on a run rate basis is $11.2 million, not $14 million.

這不會影響 EPS 計算，因為加回僅 60 萬美元，而不是 3.1，起始收入也高出 250 萬美元，因為以運行利率計算的遠期利息為 1,120 萬美元，而不是 1,400 萬美元。

This quarter also has approximately $700,000 of a onetime interest charge that will not recur. This change in accounting for the convertible debt also makes our standard diluted share count for EPS 116 million shares at our current levels of income.

本季還有大約 70 萬美元的一次性利息費用，不會重複發生。可轉換債務會計處理的這種變化也使得我們目前的收入水準下的標準攤薄後每股收益為 1.16 億股。

Cash flow from operations in the quarter was $52 million and free cash flow was $5 million. We made a conscious decision to build about $50 million of inventory, consisting of nearly finished goods and, in some cases, critical components to be able to ship goods to customers as soon as delayed critical parts are available.

本季營運現金流為 5,200 萬美元，自由現金流為 500 萬美元。我們有意識地決定建立約 5000 萬美元的庫存，其中包括接近成品，在某些情況下還包括關鍵部件，以便在關鍵部件到位後能夠盡快將貨物運送給客戶。

We paid down $16 million of our debt in Q1, and our net cash position is $184 million. At September 30, the value of our convertible debt moved to the current portion of long-term debt as it matures in September of 2022. The company's liquidity at September 30 was $2 billion.

我們在第一季償還了 1,600 萬美元的債務，我們的淨現金部位為 1.84 億美元。截至 9 月 30 日，我們的可轉換債務價值已轉為長期債務的當期部分，因為長期債務將於 2022 年 9 月到期。截至9月30日，該公司的流動資金為20億美元。

Capital expenditures this quarter were $48 million. For fiscal year '22, we expect CapEx to be between $325 million and $375 million or about $70 million to $100 million per quarter. Thus far, we have committed $95 million of CapEx for silicon carbide.

本季的資本支出為 4800 萬美元。對於 22 財年，我們預計資本支出將在 3.25 億美元至 3.75 億美元之間，即每季約 7,000 萬美元至 1 億美元。到目前為止，我們已承諾為碳化矽投入 9,500 萬美元的資本支出。

Depreciation was $49 million in the quarter, and we expect our forward quarterly depreciation expense to be about $50 million to $55 million. FX was a gain of $5 million, primarily driven by the Swiss franc. The effective tax rate in the quarter was 18% due to ongoing benefits of renewed high-tech status in several countries and the availability to use -- the ability to use other tax credits and FDII deductions to offset GILTI income.

本季折舊為 4,900 萬美元，我們預計未來季度折舊費用約為 5,000 萬至 5,500 萬美元。外匯收益為 500 萬美元，主要由瑞士法郎推動。本季度的有效稅率為 18%，原因是多個國家更新的高科技地位帶來了持續的好處，並且可以使用其他稅收抵免和 FDII 扣除來抵消 GILTI 收入。

We expect the tax rate to be between 18% and 20% for fiscal year '22. We had $12 million in total cost for M&A, integration and other costs, largely for Coherent with some for Finisar.

我們預計 22 財年的稅率將在 18% 至 20% 之間。我們的併購、整合和其他成本總成本為 1,200 萬美元，其中大部分用於 Coherent，還有一些用於 Finisar。

Turning to the outlook for Q2 FY '22. Our outlook for revenue for the second fiscal quarter ending December 31, 2021, is expected to be $790 million to $840 million and earnings per share on a non-GAAP basis at $0.75 to $0.95. The share count is 116 million for the low end and 125 million for both the midpoint and the high end.

轉向 22 財年第二季的展望。我們截至 2021 年 12 月 31 日的第二財季收入預計為 7.9 億美元至 8.4 億美元，以非公認會計準則計算的每股收益為 0.75 美元至 0.95 美元。低端份額為 1.16 億股，中階和高階份額均為 1.25 億股。

The EPS calculation, including the dividend treatment is detailed on Page 16 of the press release. This is at today's exchange rate and an estimated tax rate of 19%. For the non-GAAP earnings per share, we add back to the GAAP earnings pretax amounts of $21 million in amortization, $19 million in stock compensation and $21 million to $26 million in transaction, integration and other related costs.

每股盈餘計算（含股利處理）詳見新聞稿第 16 頁。這是按今天的匯率和 19% 的估計稅率計算的。對於非 GAAP 每股收益，我們在 GAAP 稅前收益中加上 2,100 萬美元的攤銷、1,900 萬美元的股票補償以及 2,100 萬至 2,600 萬美元的交易、整合和其他相關成本。

The transaction costs are expected to be higher as we accelerate the planning for Coherent, including placing the debt. And we complete the final year 3 synergies for Finisar. The actual dollar amount of non-GAAP items, the tax rate, the exchange rates and the share count are all subject to change.

隨著我們加快相干公司的規劃（包括發行債務），預計交易成本將會更高。我們完成了 Finisar 最後第三年的綜效。非公認會計準則項目的實際金額、稅率、匯率和股份數量均可能變更。

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 onstream and downstream, competition, changes in regulation, ongoing requirements to combat the 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，由於多種因素，包括但不限於產品結構的變化、客戶訂單、供應鏈短缺，我們的實際結果可能與實際結果有所不同，包括上游和下游、競爭、監管變化、對抗COVID-19 病毒的持續要求以及總體經濟狀況。

We would also ask that each firm limit its questions to 1 question with no follow-ups as we would like to try to get everyone in during today's call. We expect to end this call not later than 10:15 a.m. Alex, you may open the line for questions.

我們還要求每家公司將其問題限制為 1 個問題，並且不進行後續跟進，因為我們希望在今天的電話會議中嘗試讓每個人都參與其中。我們預計在上午 10:15 之前結束本次通話。亞歷克斯，你可以打開提問專線。

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

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

And congrats on all the progress. And a lot of -- all the exciting stuff that's going on. So I guess, Chuck, I wanted to ask -- any of you jump in on that one, obviously. But in the prepared remarks, you had mentioned along with some ASP increase implementation, something about longer term and higher share commitments. And so I just wanted to see if -- I want to get more context on that and see if that's something that we should keep in mind as we think about the go forward?

並祝賀所有的進展。還有很多——所有令人興奮的事情正在發生。所以我想，查克，我想問一下——顯然，你們中的任何人都參與其中。但在準備好的發言中，您提到了一些有關平均售價增加實施的內容，以及有關長期和更高份額承諾的內容。所以我只是想看看——我想了解更多相關背景，看看我們在考慮未來發展時是否應該牢記這一點？

Ananda, thank you for your question. Well, we're always trying to position ourselves with customers to continue to drive value for them too by scheduling long-term commitments and higher share awards that we can make the most efficient use of our factories on their behalf. And I think that as we continue to feel the pressure of increasing costs, as Mary Jane referred to in the supply chain, we're trying to balance all of that out with the best position we can be in with customers for long-term larger orders, okay?

阿難，謝謝你的提問。嗯，我們一直在努力將自己定位在客戶，透過安排長期承諾和更高的份額獎勵，繼續為他們創造價值，這樣我們就可以代表他們最有效地利用我們的工廠。我認為，正如瑪麗簡在供應鏈中提到的那樣，隨著我們繼續感受到成本增加的壓力，我們正在努力平衡所有這些因素，並與客戶保持最佳地位，以獲得長期更大的利益。

I got it. And should we think of this as being potentially incremental to the current revenue run rate across those businesses?

我得到了它。我們是否應該認為這可能會增加這些企業目前的收入運作率？

Yes.

是的。

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

您的下一個問題來自 Cowen 的 Paul Silverstein。

I guess I'll focus on supply chain impacts. And I appreciate you discussed it during the call, but I'm hoping Chuck, Mary Jane that you all can give us some quantification of how much was the impact on revenue. It would seem to be significant given the 55% year-over-year growth in backlog and 12% sequential growth along with your extremely strong bookings. But let me ask you the direct question, how much of an impact was there on revenue? How much of an impact are you expecting in this December quarter? And same question with respect to margins.

我想我會關注供應鏈的影響。我很感謝你們在電話會議中討論了這個問題，但我希望查克、瑪麗·簡你們都能給我們一些量化數據，說明這對收入的影響有多大。考慮到積壓訂單年增 55%、環比增長 12% 以及極其強勁的預訂量，這似乎意義重大。但讓我問你一個直接的問題，這對收入有多大影響？您預計這個 12 月季度會產生多大的影響？關於利潤率也有同樣的問題。

Okay. Paul, thanks for your question. If you see the high end of the guidance that we gave for Q1, we were sure aiming to do the maximum. And I would say that we had a few contributors to it, but number one was our supply chain. Number two was the supply chain of our customers. So it's a balancing act.

好的。保羅，謝謝你的提問。如果您看到我們為第一季提供的指導的高端，我們肯定會盡力做到最大。我想說，我們有一些貢獻者，但首要的是我們的供應鏈。第二是我們客戶的供應鏈。所以這是一個平衡的行為。

But it would not be reasonable to say that all of it was just the supply chain. It's just the overall logistics of scheduling and running complicated and complex factories that we do. And I think we did a great job on it. As far as this quarter goes, we are working diligently with our supply chain partners to be able to do the very best we can to close the gap. All of us, it's been an all-hands-on-deck effort, including me, with discussions with the CEO of nearly half a dozen of our key suppliers, electronics and integrated circuit suppliers.

但如果說這一切都只是供應鏈的話，那就不太合理了。我們所做的只是調度和運行複雜工廠的整體物流。我認為我們在這方面做得很好。就本季而言，我們正在與供應鏈合作夥伴努力合作，以盡最大努力縮小差距。我們所有人，包括我在內，都全力以赴，與近六家主要供應商、電子和集成電路供應商的首席執行官進行了討論。

We're going to do the best we can to pull things forward. But the uncertainty still exists, and we're not going to know about it until we actually get through at least through the early part to the middle of December as to how it's going to affect us this quarter. But we've given our best shot at the guidance. And just like we did in the first quarter, we're aiming to get to the high end.

我們將盡最大努力推動事情向前發展。但不確定性仍然存在，直到我們真正度過至少 12 月初到中旬之前，我們才會知道它對本季的影響。但我們已經盡力提供指導。就像我們在第一季所做的那樣，我們的目標是達到高端。

So can I just ask for a clarification relative to the 43% bookings growth, is there any concern -- do you feel that's an accurate reflection of demand trends? Or is there any concern that, that reflects over ordering on the part of customers?

那麼我能否要求澄清一下相對於 43% 的預訂量增長，是否存在任何擔憂 - 您認為這是否準確反映了需求趨勢？或者是否有任何擔憂反映了客戶的過度訂購？

Well, Mary Jane can add to it. I'm not sensing or assessing any over ordering in the patterns that we have been able to observe and in discussions with customers, there's no indication of that whatsoever. Would you like to add to that, Mary Jane?

好吧，瑪麗簡可以補充一下。我沒有感覺到或評估我們能夠觀察到的模式中的任何過度訂購，並且在與客戶的討論中，沒有任何跡象表明這一點。瑪麗簡，你想補充一下嗎？

I think that's really right. I mean we've talked before, we watch certain patterns in our bookings to be sure that we can detect items that could be double ordering. And as Chuck made the most important comment, the amount of time that we have spent both with our customers and suppliers to be sure that we're shipping everything we can to them amid the supply chain shortages. There is, I think, a good sense on our part that we are not experiencing double ordering.

我認為這確實是對的。我的意思是，我們之前已經談過，我們會觀察預訂中的某些模式，以確保我們能夠檢測到可能重複訂購的商品。正如查克（Chuck）發表的最重要的評論一樣，我們與客戶和供應商一起花費了大量的時間，以確保在供應鏈短缺的情況下，我們能夠向他們運送所有的東西。我認為，我們很清楚我們沒有經歷雙重訂購。

All right. And the difference between that bookings growth and your revenue -- your guidance in terms of revenue growth, I assume that clearly is a supply chain-driven impact.

好的。預訂成長和收入之間的差異——你對收入成長的指導，我認為這顯然是供應鏈驅動的影響。

Yes, we need to move on. But as we've also mentioned a few times, the increase in bookings is not an indicator of exactly what we'll ship in the next quarter. We do try to indicate that it's over 12 months for a reason. So -- but yes, you have that right. we should probably move on.

是的，我們需要繼續前進。但正如我們也多次提到的那樣，預訂量的增加並不能準確表明我們下一季的出貨量。我們確實試圖表明它已經超過 12 個月是有原因的。所以——但是，是的，你有這個權利。我們或許應該繼續前進。

Your next question is from Samik Chatterjee from JPMorgan.

您的下一個問題來自摩根大通的 Samik Chatterjee。

This is Joe Cardoso on for Samik. Yes, so the 1 question for me is just -- you highlighted a lot of investments in your prepared remarks, specifically around analog and digital ICs as well as silicon carbide and indium phosphide. I was just curious if you could talk on the level of investment that's necessary to drive those plans? And how should investors think about the time line of when those investments begin to materialize?

我是喬·卡多佐 (Joe Cardoso) 替補薩米克 (Samik)。是的，所以我的第一個問題是——您在準備好的演講中強調了很多投資，特別是圍繞模擬和數位 IC 以及碳化矽和磷化銦。我只是好奇您能否談談推動這些計劃所需的投資水平？投資人應該如何考慮這些投資何時開始實現？

Thank you for the question. This is Giovanni here. So we have 2 main investment directions, as we said in the prepared remarks, really around silicon carbide and indium phosphide. Both of them are intended to support the multiple markets and multiple applications. This has always been our strategy to diversify our investments to have -- to lower the risk of our investments.

謝謝你的提問。這是喬瓦尼。因此，正如我們在準備好的發言中所說，我們有兩個主要投資方向，即碳化矽和磷化銦。它們都旨在支援多個市場和多個應用程式。這一直是我們實現投資多元化的策略—降低投資風險。

And there will be -- as I said in the prepared remarks, there will be a combination of capital as well as human resources, investments to prepare for what I said was an incremental growth across both platforms and across multiple markets. And we don't believe that investments will materialize sooner than 2 quarters, so will be in the beginning, let's say, mid of fiscal year 2023, that we will see the effects for these investments materializing.

正如我在準備好的演講中所說，將會有資本、人力資源和投資的結合，為我所說的跨平台和跨多個市場的增量成長做好準備。我們認為投資不會在兩個季度內實現，因此我們將在 2023 財年年初（例如 2023 財年中期）看到這些投資的效果實現。

Your next question is from Jim Ricchiuti from Needham & Company.

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

I was wondering if you could comment on the -- what you're seeing in the industrial segment of the business, both inside China and outside China only because there's been some mixed signals, obviously, in the industrial laser business inside China. So if you could maybe comment on that and just the outlook for that part of the business.

我想知道您是否可以對您在中國境內和境外的工業領域所看到的情況發表評論，只是因為中國境內的工業雷射業務顯然存在一些混合信號。因此，您是否可以對此發表評論以及該部分業務的前景。

Jim, this is Giovanni. Thanks for your questions. Our industrial business has been very strong. As I mentioned in the prepared remarks, we have seen a substantial increase in demand for our pump lasers particularly from China, where we enable a number of fiber laser makers.

吉姆，這是喬瓦尼。感謝您的提問。我們的工業業務一直非常強勁。正如我在準備好的演講中提到的，我們看到對我們的泵浦雷射器的需求大幅增加，特別是來自中國，我們為許多光纖雷射製造商提供了支援。

We've been able to accumulate the demand over a number of years. We're probably very close to more than twice the pump power of the fiber laser incumbent out there, #1 share. And so we are enjoying a very strong demand for our components. So -- but the -- clearly, some companies may lose share in some geographies. And so we -- that means for us gaining share on the chip supply as these companies do take share from the incumbents. So we see it as a benefit to us.

我們多年來已經累積了需求。我們可能非常接近現有光纖雷射泵浦功率的兩倍以上，份額第一。因此，我們的組件需求非常強勁。因此，但顯然，一些公司可能會失去某些地區的份額。因此，這對我們來說意味著獲得晶片供應的份額，因為這些公司確實從現有企業手中奪取了份額。所以我們認為這對我們有好處。

Next is from Meta Marshall from Morgan Stanley.

接下來是來自摩根士丹利的 Meta Marshall。

Giovanni, I wanted to follow up on your comments that you were shipping everything you could out of Sherman. And just clarify whether you were kind of qualified on all kind of current platforms of the major 3D sensing customer?

喬瓦尼，我想跟進你的評論，即你正在從謝爾曼運出所有可以運出的東西。請澄清一下您是否具備主要 3D 感測客戶目前所有平台的資格？

Yes, we are. We are shipping all products that we've been asked to ship and qualify and so forth. So that's absolutely the case.

是的，我們是。我們正在運送所有被要求運送並符合資格等的產品。所以情況絕對是如此。

Next question is from Jed Dorsheimer from Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Jed Dorsheimer。

I guess -- and maybe either Chuck or Giovanni, if you want to -- if you wouldn't mind just addressing on indium phosphide. It seems like that technology and the platform, starting from a lower level of maturity in terms of the platform, yet particularly with Coherent seems like it might be a very critical technology for 1550 and beyond. So I was wondering if you might just provide some details in terms of how you see the scalability of that critical technology in the relative importance inside II-VI?

我想——如果你願意的話，也許查克或喬瓦尼——如果你不介意只討論磷化銦的話。看起來該技術和平台從平台成熟度較低的水平開始，但特別是對於 Coherent 而言，它似乎對於 1550 及更高版本來說可能是一項非常關鍵的技術。所以我想知道您是否可以提供一些細節，說明您如何看待該關鍵技術的可擴展性在 II-VI 內部的相對重要性？

Thanks, Jed. Thanks for the question. Well, we actually -- if you recall, when we announced the deal with Finisar, we did emphasize how the indium phosphide platform, the Finisar had worked down for more than 20 years was really strategic to us. And we mentioned a number of applications in markets that technology was going to be very powerful for.

謝謝，傑德。謝謝你的提問。好吧，實際上，如果您還記得的話，當我們宣布與 Finisar 達成交易時，我們確實強調了已經運行了 20 多年的磷化銦平台 Finisar 對我們來說確實具有戰略意義。我們提到了技術將非常強大的市場中的許多應用。

So of course, the -- when we acquired them, the focus was on datacom and telecom lasers, photodiodes, modulators, photonic integrated circuits and so forth, which have enabled a number of modules and subsystems, such as the IC-TROSA, which I mentioned in the prepared remarks.

當然，當我們收購它們時，重點是數據通訊和電信雷射、光電二極管、調製器、光子積體電路等，這些模組和子系統啟用了許多模組和子系統，例如 IC-TROSA，我在準備好的演講中提到過。

However, indium phosphide has a very unique wavelength, as you know, longer wavelength than gallium arsenide. So it's very useful in a number of optical applications where eye safety is important. So that's one. And so that could be in communication -- sorry, in automotive, LiDAR application, could be in consumer applications, can be in industrial sensing applications and so forth.

然而，磷化銦具有非常獨特的波長，如您所知，比砷化鎵的波長更長。因此，它在許多注重眼睛安全的光學應用中非常有用。這就是其中之一。因此，這可能是在通訊中——抱歉，在汽車、雷射雷達應用中，可能在消費性應用中，可能在工業感測應用中等等。

So there's a number of markets, but that platform is very powerful. The other thing is that we want to mention is the -- as the electronics for base stations progress and the speed and the frequency of going from 4G to 5G, eventually 6G progress we believe that indium phosphide is 1 of the 2 technologies. It's probably the best technology that we'll be counting on for 6G amplifiers.

所以市場很多，但這個平台非常強大。我們要提到的另一件事是——隨著基地台電子設備的進步以及從 4G 到 5G 的速度和頻率的進步，最終 6G 的進步，我們相信磷化銦是這兩種技術之一。這可能是我們 6G 擴大機所依賴的最佳技術。

So this is an effort we have to focus on that. Of course, it's going to happen 6, 7 years from now, whenever that will take place, but we need to start now. And so it's a very important investment for us. Again, it goes across multiple markets, multiple applications leveraging our wafer fabs to reach a scale, unique, probably, hopefully, the largest in the world.

所以這是我們必須專注於的一項努力。當然，這將在六、七年後發生，無論何時發生，但我們需要現在就開始。所以這對我們來說是一項非常重要的投資。同樣，它跨越多個市場、多個應用程序，利用我們的晶圓廠達到獨特的規模，可能是世界上最大的。

Next question is from Richard Shannon from Craig-Hallum.

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

I guess mine is on 3D sensing and the VCSEL raise. I think you are talking about some investments here, both in capacity and R&D and kind of implying a growth track here. I think most people see that in longer term, but I want to get your sense of how soon you're seeing that picking up and in what applications, are you seeing an immediate one to mobile? And to what period, what timing do you see in other applications like automotive as an example.

我猜我的是 3D 感測和 VCSEL 提升。我認為您在這裡談論的是產能和研發方面的一些投資，這在某種程度上暗示了這裡的成長軌道。我認為大多數人從長遠來看都會看到這一點，但我想了解一下您多久會看到這種情況的出現，以及在哪些應用程式中，您是否會立即看到行動應用程式的出現？以汽車等其他應用為例，您會看到什麼時期、什麼時間點。

Richard, thanks. This is Giovanni. Thanks for your questions. So I was -- I want to make sure that we don't get confused. I did talk about incremental opportunity. This is unrelated to VCSEL's. So I think I want to make sure that it is the case. And we have several applications that we are trying to target across multiple markets again. And we just need to get ready for the demand to come as I mentioned to Ananda, maybe 3 quarters from now, we'll see the effect of those investments materializing.

理查德，謝謝。這是喬瓦尼。感謝您的提問。所以我——我想確保我們不會感到困惑。我確實談到了增量機會。這與 VCSEL 無關。所以我想我想確保情況確實如此。我們有幾個應用程式正在嘗試再次瞄準多個市場。我們只需要為需求的到來做好準備，正如我向阿南達提到的那樣，也許從現在起三個季度後，我們就會看到這些投資的效果顯現出來。

Next question is from Mark Miller from Benchmark Company.

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

You indicated that new products helped boost your margins. And I'm just wondering in terms of the existing backlog, how does that margin profile compare to what you've been posting in recent margins?

您表示新產品有助於提高您的利潤。我只是想知道就現有的積壓而言，該保證金情況與您最近發布的保證金情況相比如何？

I would say that the backlog is generally positive to margins. Not -- I don't take that as 200 basis points. But I would say, as a general matter, especially if you think about most of the supply chain effects being on the ROADM side, it's probably contributory to the positive a little bit on margins. But again, it's not an enormous number, but more skewing in that direction than not.

我想說，積壓訂單通常對利潤率有利。不——我不認為這是 200 個基點。但我想說，一般而言，特別是如果您考慮到大部分供應鏈影響都在 ROADM 方面，那麼它可能會對利潤率產生一定的積極影響。但同樣，這不是一個巨大的數字，但更偏向這個方向。

Next is from Amanda Scarnati from Citi.

接下來是來自花旗銀行的阿曼達·斯卡納蒂 (Amanda Scarnati)。

Can we just talk a little bit about the new silicon carbide deal that was announced yesterday. Can you maybe size what this looks like or give a little bit more detail on the opportunity there and other opportunities that you're starting to see within silicon carbide?

我們能簡單談談昨天宣布的新碳化矽交易嗎？您能否評估一下這個情況，或者提供更多有關那裡的機會以及您在碳化矽中開始看到的其他機會的更多細節？

Okay. Amanda, it's another example of our ability both to market and position ourselves into what we think will be a large and growing supply chain. They've gone through a usual process of evaluating a number of suppliers. And we understand from the feedback that we received on our 150-millimeter substrates that we're best-in-class. And so we believe that on the basis of performance and scale that we're putting in place and our absolute determination to serve the market at multiple levels of integration that customers have come to us to be able to generate a long-term and secure supply chain.

好的。阿曼達，這是我們在我們認為將是一個龐大且不斷增長的供應鏈中進行行銷和定位的能力的另一個例子。他們已經完成了評估多家供應商的常規流程。從我們收到的有關 150 毫米基板的回饋中我們了解到，我們是一流的。因此，我們相信，基於我們正在實施的績效和規模，以及我們在多個整合層面為市場提供服務的絕對決心，客戶來找我們是為了能夠產生長期、安全的供應。

Next is from Simon Leopold from Raymond James.

接下來是雷蒙德詹姆斯的西蒙利奧波德。

I want to see if maybe you could drill down a little bit on the datacom trends. I think in the past, you've indicated roughly a 50-50 split between datacom and telecom and the communications, but it sounds like it's moving the other way. And within this, if you could highlight the exposure to the hyperscalers, that sounds like an interesting trend I'd like to hear more about.

我想看看您是否可以深入了解數據通訊趨勢。我認為過去，您曾指出數據通訊、電信和通訊之間大約有 50-50 的比例，但聽起來似乎正在朝相反的方向發展。在這之中，如果你能強調對超大規模企業的關注，這聽起來像是一個有趣的趨勢，我想聽到更多關於它的資訊。

Simon, thanks for your question. You got it. Absolutely. I think we're really gaining -- we believe we're gaining share at the hyperscalers with this 200, 400 and eventually work going on 800. It's a really great trend.

西蒙，謝謝你的提問。你明白了。絕對地。我認為我們確實在取得進展——我們相信我們正在通過 200、400 並最終在 800 上獲得超大規模的份額。這確實是一個很棒的趨勢。

It was really one of the reasons we're really interested in the Finisar platform. And the team is really doing a fantastic job of gaining share back. And so it's a really, really great momentum for us. I think you got the picture.

這確實是我們對 Finisar 平台真正感興趣的原因之一。該團隊在奪回份額方面確實做得非常出色。所以這對我們來說是一個非常非常巨大的動力。我想你已經明白了。

I'd like to add to that, Giovanni. Simon, since we acquired Finisar, we've not only been able to optimize our global footprint. But based on the diversity of that global footprint, our diverse customers have asked us to align our output from multiple different factories for them. And I think there's really been a very strong attraction to these large and growing customers at II-VI.

我想補充一點，喬瓦尼。Simon，自從我們收購 Finisar 以來，我們不僅能夠優化我們的全球足跡。但基於全球足跡的多樣性，我們的多元化客戶要求我們為他們調整多個不同工廠的產量。我認為 II-VI 對這些不斷成長的大型客戶確實具有非常強大的吸引力。

Next question is from Tim Savageaux from Northland Capital.

下一個問題來自 Northland Capital 的 Tim Savageaux。

I had a question on datacom as well to follow up, Simon. So which looks to be kind of your single biggest business right now. So can you confirm that datacom is now a solid majority or at least a decent majority of the communications/photonics business, on the one hand. And as you look at that 200, 400-gig growth, 60% last quarter, 70% sequential this quarter. Do you expect those type of trends to continue? And it looks like 100 gig hanging in there? Or do you expect that to remain stable?

我還有一個關於數據通訊的問題需要跟進，西蒙。所以這看起來是你們目前最大的事業。那麼，您能否確認，一方面，數據通訊現在在通訊/光子業務中佔據了絕對多數，或至少是相當大的多數。當你看到 200、400 兆的成長時，上季成長 60%，本季環比成長 70%。您預計這種趨勢會持續下去嗎？看起來還有 100 場？或者您預計這種情況會保持穩定嗎？

Tim, this is Giovanni. Well, we hope we'll continue to grow 70% sequentially forever, but it's not going to likely happen. So I think the growth rate will remain strong as we get more and more slots designed in. And I think 100G is pretty stable. I think the 200G, there is not really many players, so we kind of probably have for sure, the largest share there. And 400G is the beginning.

提姆，這是喬瓦尼。好吧，我們希望我們能夠永遠繼續實現 70% 的環比增長，但這不太可能發生。因此，我認為隨著我們設計越來越多的老虎機，成長率將保持強勁。而且我覺得100G還是很穩定的。我認為 200G 的玩家不多，所以我們可能肯定擁有最大的份額。而400G只是一個開始。

We're trying to -- we are catching up. There is no doubt. That's why the growth rate is higher than the market. So we believe we're gaining share. So it's a very, very strong momentum. And as I said to Simon, the team has really done a fantastic job executing and delivering really best performance quality-wise, from just a functionality standpoint and delivery standpoint really doing a great job.

我們正在努力——我們正在迎頭趕上。毫無疑問。這就是為什麼成長率高於市場。所以我們相信我們正在獲得份額。所以這是一個非常非常強勁的勢頭。正如我對西蒙所說，該團隊在執行和交付品質方面確實做得非常出色，從功能的角度和交付的角度來看，確實做得很好。

Next is from Vivek Arya from Bank of America.

接下來是來自美國銀行的 Vivek Arya。

This is Blake Friedman on for Vivek. This builds off a previous question. But as you've highlighted on the call, there are several new strategic initiatives ahead as well as continued integration from acquisitions that are providing synergies. So moving forward, I was just curious on the view on long-term gross margins if they can potentially be at the high end or above the 38% to 42% historical range. That's sustainable.

我是維韋克的布萊克‧弗里德曼 (Blake Friedman)。這是建立在前一個問題的基礎上的。但正如您在電話會議上所強調的那樣，未來將有幾項新的策略舉措以及來自收購的持續整合，從而產生協同效應。因此，展望未來，我只是好奇對長期毛利率的看法，是否有可能達到高端或高於 38% 至 42% 的歷史範圍。這是可持續的。

So the company is very, very focused on improving its gross margin. In the long term since most of the products that -- or most of the end markets that have the potential to really change their percentage in the total 100% of the company. The ones most likely to change their percentage tend to have a higher gross margin. I do think that in the fullness of time, the company will probably move its margin range at the present moment up.

因此，該公司非常非常注重提高毛利率。從長遠來看，因為大多數產品——或者說大多數終端市場有潛力真正改變它們在公司 100% 總份額中所佔的比例。最有可能改變其百分比的企業往往具有更高的毛利率。我確實認為，在時機成熟時，該公司可能會提高目前的利潤率範圍。

Next question is from Dave Kang from B. Riley.

下一個問題來自 B. Riley 的 Dave Kang。

Just wondering if I could get some more color as far as your fiscal second quarter revenue assumptions in terms of datacom, telecom, industrial and consumer trends whether they can be up or down sequentially?

只是想知道我是否可以獲得更多關於數據通信、電信、工業和消費者趨勢方面的第二財季收入假設的信息，無論它們是連續上升還是下降？

Generally speaking, we would expect to see nearly all of them trending up from the first quarter because historically, the first quarter has been the lowest quarter of the year. We may see some, as we've said earlier, supply chain or interesting seasonality in that 12/31 quarter. Sometimes there's a little bit of a toss-up whether Christmas is a bigger effect than Chinese New Year. But generally speaking, I would say that we're expecting to see all of them generally moving sequentially up.

一般來說，我們預計幾乎所有這些都將從第一季開始呈上升趨勢，因為從歷史上看，第一季是一年中最低的季度。正如我們之前所說，我們可能會在 12/31 季度看到一些供應鏈或有趣的季節性。有時，聖誕節的影響是否比農曆新年的影響更大，這有點難以確定。但總的來說，我想說我們預計所有這些都會依次上升。

Next is from Christopher Rolland from Susquehanna.

接下來是來自薩斯奎哈納的克里斯多福羅蘭 (Christopher Rolland)。

I did want to follow up on the datacom angle too because I think there is some growing optimism around a really big 2020 here for everyone playing in the space. Can you talk about your supply situation there, in particular? Do you have enough to support kind of outsized demand into next year? I know Lumentum was out saying they were internally constrained on this side. So I was wondering on that. And then on the supply front, in general, what are the kind of biggest self-inflicted constraints that you see across your product set?

我確實也想跟進數據通信的角度，因為我認為對於這個領域的每個人來說，2020 年將是一個非常重要的一年，人們對此越來越樂觀。能具體談談你們那裡的供應情況嗎？您是否有足夠的資金來支持明年的龐大需求？我知道 Lumentum 曾說過他們在這一邊受到內在約束。所以我想知道這一點。然後在供應方面，一般來說，您在整個產品集中看到的最大的自我施加的限制是什麼？

Thank you for your question. So honestly, I don't believe there is any self-inflicted constraint. I think we have capacity for our products, whether they are at component level, subsystem level or system level. As Chuck mentioned earlier, we have a big advantage, which we are leveraging right now, having a diversity of supply locations. So for example, we have our high-volume manufacturing team in Malaysia, which is preferred by some of the hyperscalers, particularly in North America, as they want to avoid supply chain from China.

謝謝你的提問。老實說，我不認為有任何自我施加的限制。我認為我們的產品有能力，無論是組件級、子系統級或系統級。正如查克之前提到的，我們有一個很大的優勢，我們現在正在利用這一優勢，擁有多樣化的供應地點。例如，我們在馬來西亞擁有大批量製造團隊，這是一些超大規模企業的首選，特別是在北美，因為他們希望避免來自中國的供應鏈。

And so that's a big advantage. But the intents of components, devices, which we procure, I want to remind you that we are substantially vertically integrated, including ICs, which we design. Of course, there are some challenges getting ICs from foundries that are our suppliers. And -- but so far, as we said in the prepared remarks, the products which have been impacted the most are actually mostly telecom products, no datacom products. And as Simon -- well, someone mentioned earlier is kind of shifting a little bit between datacom and telecom as datacom is growing probably faster than telecom, primarily because we are gaining share particularly at hyperscalers than -- that somehow mitigates the challenge of the supply chain affecting the telecom products. So I hope this gives you a better picture.

這是一個很大的優勢。但我想提醒您的是，我們購買的組件、設備的意圖是，我們基本上是垂直整合的，包括我們設計的 IC。當然，從我們的供應商代工廠取得 IC 存在一些挑戰。但到目前為止，正如我們在準備好的發言中所說，受影響最大的產品實際上主要是電信產品，沒有數據通訊產品。正如西蒙——嗯，前面提到的有人在數據通信和電信之間進行了一些轉變，因為數據通信的增長速度可能比電信快，主要是因為我們正在獲得份額，特別是在超大規模企業——這在某種程度上減輕了供應的挑戰影響電信產品的產業鏈。所以我希望這能給你一個更好的畫面。

Next is from Tom O'Malley from Barclays.

接下來是巴克萊銀行的湯姆·奧馬利 (Tom O'Malley)。

In the prepared remarks, Chuck, you talked about digital IC investment. And Giovanni, to -- in response to one of the questions, you talked about accelerating share gains at 400, either one of you, could you just talk about the importance of having a DSP at higher speeds? Is that something that you guys want to do internally? Or do you think you can continue to gain share being a customer of a merchant vendor?

Chuck，在準備好的發言中，您談到了數位 IC 投資。Giovanni，在回答其中一個問題時，您談到了將份額增長加速到 400，你們中的任何一位能否談談擁有更高速度 DSP 的重要性？這是你們想要在內部做的事情嗎？或者您認為作為商家供應商的客戶可以繼續獲得份額嗎？

Tom, thanks for the question. Both -- I would say that our approach is both. We'll make or buy. We have some programs with some partners to develop our own DSP when it makes sense. And in some other cases, it's better to buy. So like for any -- almost anything we make, if we have a better solution out there, which is attractive, then we'll just buy. So I think the -- our focus has really been on optical engines, such as the IC-TROSA, which I mentioned, which can work with any DSP and offer very differentiated optical performance, as I mentioned, like the highest output power, which ultimately enable architectures, which cannot be enabled otherwise.

湯姆，謝謝你的提問。兩者兼而有之——我想說，我們的方法是兩者兼而有之。我們將製造或購買。我們與一些合作夥伴制定了一些計劃，在有意義的情況下開發我們自己的 DSP。在其他一些情況下，最好購買。因此，就像我們製造的任何東西一樣，如果我們有更好的、有吸引力的解決方案，那麼我們就會購買。因此，我認為，我們的重點實際上是光學引擎，例如我提到的IC-TROSA，它可以與任何DSP 配合使用，並提供非常差異化的光學性能，正如我所提到的，例如最高輸出功率，最終啟用否則無法啟用的架構。

And so since we have indium phosphide in-house, we have automation and full assembly lines in-house and so forth, we can be not only cost competitive, but we can also supply to a large set of customers, large competitors, which we really see our products incredibly differentiated. So this has been really our focus. On DSP, as I said, will approach, depending on the applications, both make or buy decision, depending on timing, cost and other factors.

因此，由於我們內部擁有磷化銦，我們內部擁有自動化和完整的裝配線等，我們不僅可以具有成本競爭力，而且還可以向大量客戶、大型競爭對手供貨，我們真正看到我們的產品令人難以置信的差異化。所以這確實是我們的重點。關於DSP，正如我所說，將根據應用程式的方式，做出或購買決定，取決於時序、成本和其他因素。

That ends our question-and-answer session. I'll turn the call back over to the presenters for closing remarks.

我們的問答環節到此結束。我會將電話轉回給主持人進行結束語。

Thank you very much, Alex. We want to thank everyone for joining us today, and we look forward to talking to you as time goes on here on our various interactions. We want to wish you all a very good day. Thank you so much for joining us. Bye-bye.

非常感謝你，亞歷克斯。我們要感謝大家今天加入我們，我們期待隨著時間的推移與您討論我們的各種互動。我們祝福大家有美好的一天。非常感謝您加入我們。再見。

That concludes this conference call. Thank you all for participating. You may now disconnect.

本次電話會議到此結束。感謝大家的參與。您現在可以斷開連線。