(COHR) 2022 Q1 法說會逐字稿

Good day.

再會。

Thank you for standing by, and welcome to II-VI Incorporated Fiscal Year '22 First Quarter Earnings Call.

感謝您的支持，歡迎參加 II-VI 公司 '22 財年第一季度收益電話會議。

(Operator Instructions) I would now like to hand the conference over to your speaker today, Ms. Mary Jane Raymond, Chief Financial Officer.

（操作員說明）我現在想將會議交給您今天的演講者，首席財務官 Mary Jane Raymond 女士。

The floor is yours.

地板是你的。

Thank you, Alex, and good morning.

謝謝你，亞歷克斯，早上好。

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

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

Welcome to our earnings call today for the first quarter of fiscal year 2022.

歡迎參加今天的 2022 財年第一季度財報電話會議。

With me today on the call are Dr. Chuck Mattera, our Chief Executive Officer; and Dr. Giovanni Barbarossa, our Chief Strategy Officer and the President of the Compound Semiconductor segment.

今天與我通話的是我們的首席執行官 Chuck Mattera 博士；我們的首席戰略官兼化合物半導體部門總裁 Giovanni Barbarossa 博士。

This call is being recorded on Tuesday, November 9, 2021.

此電話將於 2021 年 11 月 9 日星期二錄音。

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

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

Just as a reminder, our remarks today may contain forward-looking statements.

提醒一下，我們今天的言論可能包含前瞻性陳述。

These remarks are given in the context of today only.

這些評論僅在今天的背景下給出。

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

它們受到各種風險因素的影響，並且可能會發生重大變化。

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

我們不承擔更新這些聲明以反映今天之後發生的事件的任何義務，除非法律要求。

A list of our known 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.

我們的已知重大風險因素列表可在我們截至 2021 年 6 月 30 日的年度的 10-K 表格中找到，以及我們隨後向美國證券交易委員會提交的文件。

Our remarks today do not constitute an offer to sell nor do they constitute a solicitation of an offer to buy any securities.

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。

No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the United States Securities Act of 1933 as amended.

除非通過符合經修訂的 1933 年美國證券法第 10 條要求的招股說明書，否則不得發行證券。

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

最後，關於今天的電話會議，我們還將介紹一些非 GAAP 措施，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。

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

有了這個，讓我把電話轉給 Chuck Mattera 博士。

Thank you, Mary Jane.

謝謝你，瑪麗珍。

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.

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.

2022 財年開局非常強勁。

Our backlog increased sequentially from $1.25 billion to $1.4 billion.

我們的積壓訂單從 12.5 億美元連續增加到 14 億美元。

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.

與 21 財年第一季度相比，我們 7.95 億美元的收入增長非常強勁，增長了 9%，並且完全在我們的收入指導範圍內，儘管供應鏈逆風對我們的 ROADM 業務影響最大。

The shipments of those affected products have been rescheduled to subsequent quarters, and we are working to accelerate our recovery plans.

這些受影響產品的發貨已被重新安排到隨後的幾個季度，我們正在努力加快我們的恢復計劃。

Part of our action planning is to expand our investments in analog and digital ICs to improve the resiliency of our supply chains.

我們行動計劃的一部分是擴大我們對模擬和數字 IC 的投資，以提高我們供應鏈的彈性。

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.

這也將有助於保持我們在下一代高速數據通信收發器的市場和技術領先地位，同時降低我們採購的材料成本，並為我們建立新的組件 OEM 市場渠道。

Our gross margin for the quarter was 40%, up year-over-year and sequentially.

我們本季度的毛利率為 40%，同比和環比增長。

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.

這是通過推出具有更高利潤、提高生產力和持續效率的新產品來實現的，這得益於我們對員工健康和安全的持續關注。

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.

這些改進是由於我們的員工與客戶和供應商的主要同行的同步努力，將夥伴關係的意義提升到了一個新的水平。

We are experiencing sustained and sustainable demand.

我們正在經歷持續和可持續的需求。

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.

在第一季度，收入增長來自我們幾乎所有終端市場的貢獻和在消費市場的領導地位，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.

我們有機增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和我們在整個市場看到的持續增長。

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.

在我們今天最大的市場通信領域，我們進一步看到了 200G 和 400G 數據通信收發器、400G 和 800G 相干電信收發器的超級週期以及我們客戶配置的開放線路和光傳輸解決方案的加速發展的進一步證據。

Our results this quarter were achieved through a relentless amount of hard work and preparation that accompanies the sustained intensity of a winning team.

我們本季度的成績是通過不懈的努力和準備取得的，伴隨著獲勝團隊的持續強度。

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.

面對市場現實，我們進行了調整，因為我們繼續平衡原材料成本上漲與產品價格上漲以及長期和更高的份額承諾。

Taken all together, these extraordinary efforts enabled us to deliver $0.87 non-GAAP EPS at the high end of our EPS guidance range.

總而言之，這些非凡的努力使我們能夠在每股收益指導範圍的高端提供 0.87 美元的非公認會計原則每股收益。

Turning now to the future.

現在轉向未來。

I believe Q2 should be another strong quarter for us.

我相信第二季度對我們來說應該是另一個強勁的季度。

And as you can tell from our guidance, we are still planning on growing sequentially in the quarter.

從我們的指導中可以看出，我們仍計劃在本季度按順序增長。

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.

我對我們今年的潛力感到興奮，展望第一季度，我們看到了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對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.

我們在研發和資本方面的目標投資正在加速，以支持我們從 23 財年和 24 財年開始的激動人心的增長計劃。

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.

特別是，我們正在加大對碳化矽和磷化銦的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.

與這些投資一起，我們的計劃要求我們投資新設施和資本設備，隨著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，我們將在本季度開始增加成本在美國和歐洲的這些新的和擴展的生產線中。

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.

我相信，這些戰略投資的共同作用將使我們能夠在未來幾年內尋求令人興奮的新增長機會。

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.

當我回顧我們在本季度取得的所有成就時，我也回顧了自完成對 Finisar 的收購以來的 2 年，我對我們的員工高效整合、實現積極的成本協同效應和利用槓桿的能力感到驚訝我們的優勢互補，以及組合實現力量的結合。

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.

我相信，我們已經通過我們的新產品領導力、卓越運營和客戶親密關係證明了我們在過去 2 年中取得了截然不同的規模和勢頭。

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.

但一個很好的例子是，我們收購 Finisar 的成本協同效應最初的目標是在 3 年內交付 1.5 億美元，而現在在 2 年後已超過 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.

我們在化合物半導體領域的增長戰略的另一個例子是我們對碳化矽材料和設備的大膽投資，這將在未來十年進行大規模需求。

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.

我們正處於大規模多年投資的下一階段，我們的目標是在我們認為到 2030 年將成為一個價值 300 億美元的潛在市場中建立有意義的地位，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.

因此，我們有一個令人興奮的有機投資論文，專注於解決支撐移動、智能和電動的大市場趨勢。

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.

我們將利用我們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。

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.

這些努力將在未來幾年為我們提供令人興奮且持續的有機增長機會，讓我們擁有市場領先和創新的客戶，並使我們能夠在 22 財年之後進一步加強我們的多元化基礎。

Turning now to the Coherent acquisition.

現在轉向相干公司的收購。

We believe Coherent is the gold standard of laser technologies.

我們相信相干公司是激光技術的黃金標準。

And like II-VI has really great people and the unique position in the diversified markets it serves.

就像 II-VI 擁有真正優秀的人才和在其服務的多元化市場中的獨特地位一樣。

Coherent is highly complementary and extremely valuable.

Coherent 具有高度互補性且極具價值。

I believe that the auction process revealed that the high stakes were clearly understood by all 3 bidders.

我相信拍賣過程表明，所有 3 位競標者都清楚地了解了高額賭注。

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.

我們已經開始著手進行整合規劃過程，在此過程中，我和我的團隊能夠與 100 多位相干公司的高級領導會面，我們的參與以及價值觀和文化的共同點使我們充滿活力。

These engagements have given me extra confidence that we are in the process of creating something really special, really unique and really valuable.

這些參與讓我更加自信，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。

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.

通過合併，它不僅將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，同時讓我們的互補性成為一種可以利用的優勢。

Indeed, we have a lot to learn above and from each other.

確實，我們有很多東西要相互學習。

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.

Coherent 具有與 II-VI 互補的商業模式，它將使我們能夠多樣化，降低我們對任何一個市場週期的敞口，並使我們能夠在周期內維持對研發和資本的穩定投資。

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.

關閉後，我們將能夠忙於尋找收入協同機會，因為我們努力利用我們擴大的規模和互補能力來利用我們市場的新機會。

I am very confident in our people's ability to create real value in the years ahead.

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。

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.

有了這個，讓我把它交給我們的首席戰略官兼複合半導體部門總裁 Giovanni Barbarossa 博士，為我們提供最新的結果。

Giovanni?

喬瓦尼？

Thank you, Chuck, and good morning.

謝謝你，查克，早上好。

In Q4, we delivered growth across our commercial end markets despite supply chain challenges.

在第四季度，儘管供應鏈面臨挑戰，我們的商業終端市場仍實現了增長。

In Q1, we continue to build on that momentum.

在第一季度，我們繼續鞏固這一勢頭。

And as a result, our fiscal year 2022 is off to a strong start.

因此，我們的 2022 財年開局良好。

All of our operations, including our global wafer fabs are running as planned, producing high yields and quality output.

我們所有的業務，包括我們的全球晶圓廠都按計劃運行，生產出高產量和高質量的產品。

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.

事實上，我很高興地報告，在上個季度，我們所有用於 3D 傳感的激光器都實現了零缺陷，這是我們一直在努力為化合物半導體行業設定的最高質量基準。

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.

這是多年來對卓越運營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整合晶圓廠生產的激光器數量大幅增加。

Our communications revenue grew 4% year-over-year with most of the growth from datacom.

我們的通信收入同比增長 4%，其中大部分增長來自數據通信。

Our 200, 400 and 800G products now represent 25% of our transceivers revenue from about 2% a year ago and grew nearly 70% sequentially.

我們的 200、400 和 800G 產品現在占我們收發器收入的 25%，高於一年前的 2%，環比增長近 70%。

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.

得益於我們市場領先的平台，我們預計到 22 財年末，我們數據通信業務的這一部分將增長到總數的 1/3。

It is worth noting that our optoelectronic components for datacom transceivers enjoy an all-time external revenue record in this quarter.

值得注意的是，我們用於數據通信收發器的光電組件在本季度創下歷史新高。

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.

我很高興地報告，我們的 IC-TROSA 最近在歐洲光通信會議上獲得了光集成方面最具創新性的產品獎，展示了我們在相干技術方面的領先創新。

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.

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，它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.

我們基於磷化銦的可調諧激光器和調製器技術實現了我們非常高的輸出功率。

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.

它真正改變了遊戲規則，因為它支持 IP over DWDM 網絡，通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 和數據中心運營商等網絡服務提供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，同時顯著降低成本、功耗和網絡複雜性。

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，我們通過 Finisar 獲得的可調諧相干組件和模塊的外部收入使我們的相干收發器成為可能，環比增長 16%，比 21 財年第一季度增長了一倍以上，這清楚地表明了我們的可調諧激光器的競爭力平台和我們成功的市場滲透。

Moving to the industrial market.

轉向工業市場。

Our revenue grew 53% over Q1 fiscal year '21 and was flat sequentially, following a strong Q4.

我們的收入比 21 財年第一季度增長了 53%，並且在第四季度強勁之後環比持平。

Growth was across all industrial applications, and our revenue from components for 1 micron of fiber lasers are now 50% of our industrial business.

所有工業應用都實現了增長，我們來自 1 微米光纖激光器組件的收入現在占我們工業業務的 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.

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泵浦激光總功率比世界上任何其他光纖激光器組件或系統製造商都多。

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.

這部分是由於我們通過服務於多個市場（包括工業、通信、汽車和消費電子產品）而利用我們的 6 英寸砷化鎵平台實現了規模經濟。

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.

我們消費電子市場的收入（其中大部分是 3D 傳感）是第一季度的創紀錄水平，與 21 財年第一季度相比增長了 7%，環比增長超過 30%。

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.

在本季度，我們對今年全球 3D 傳感需求的預測增長了 19%，因此要求我們以高水平的 VCSEL 生產利用率來運營我們所有的 3D 傳感晶圓廠。

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，由於被我們的幾位客戶選為首選合作夥伴，我們正在增加我們的投資，特別是在研究、開發、製造方面，包括招聘近 500 個專門的工作崗位，以支持未來產品的增量增長，我們相信這將使我們客戶的產品具有新的功能。

Components for the semiconductor capital equipment market grew 18% year-over-year.

半導體資本設備市場的組件同比增長 18%。

And the demand for these products continues to remain strong.

對這些產品的需求繼續保持強勁。

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.

這也是我們成功提高價格以支持我們為應對強勁市場需求而擴大產能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 COVID 限制放鬆以及全球晶圓廠運營商可以恢復生產和調試新系統（包括 EUV），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.

在我們的碳化矽業務中，與 21 財年第一季度相比，收入增長了 50%，環比增長了 4%。

As Chuck mentioned earlier, our investments in silicon carbide are underway and encompass a variety of applications and vertical end markets.

正如 Chuck 之前提到的，我們對碳化矽的投資正在進行中，涵蓋了各種應用和垂直終端市場。

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.

我們預計我們的子業務將繼續增長，並自豪地報告我們開始在新澤西州沃倫工廠的 150 毫米基板上在碳化矽上預生產氮化鎵，併計劃在日曆年的第一季度全面投產'22.

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

有了這個，讓我把它交給瑪麗珍。

Mary Jane?

瑪麗珍？

Thank you, Giovanni, and good morning.

謝謝你，喬瓦尼，早上好。

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.

我們第一季度 7.95 億美元的收入在地理上分佈如下：北美 50%，中國 21%，歐洲 20%，日本 6%，世界其他地區 3%。

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.

終端市場收入分佈為：通信佔 67%，工業佔 13%，消費佔 7%，航空航天和國防佔 6%，其他終端市場佔 7%。

Our non-GAAP gross margin was 40%, and the non-GAAP operating margin was 18.9%.

我們的非美國通用會計準則毛利率為 40%，非美國通用會計準則營業利潤率為 18.9%。

None of the supply chain costs or COVID costs were excluded at -- in arriving at non-GAAP results.

在得出非公認會計原則的結果時，沒有任何供應鏈成本或 COVID 成本被排除在外。

We incurred $4 million of COVID expenses in the quarter and $2 million of costs to secure parts for our customers.

我們在本季度發生了 400 萬美元的 COVID 費用和 200 萬美元的成本來為我們的客戶確保零件。

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.

該公司已承諾支付約 1700 萬美元的額外成本，以確保與供應商的零件安全，這些成本預計將在未來 3 至 5 個季度內實現，具體取決於合同組件的可用性。

At the segment level, the non-GAAP operating margins were 15.7% for photonics and 25.6% for compound semiconductors.

在細分市場層面，光子學的非公認會計原則營業利潤率為 15.7%，化合物半導體為 25.6%。

New products were instrumental in these sustained good margins.

新產品在這些持續的良好利潤率中發揮了重要作用。

Our record backlog of $1.4 billion consists of $914 million for photonics and $483 million for compound semiconductors.

我們創紀錄的 14 億美元的積壓訂單包括 9.14 億美元的光子學和 4.83 億美元的化合物半導體。

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

積壓的訂單包括將在未來 12 個月內發貨的訂單。

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.

我們繼續有許多超過 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。

GAAP operating expenses, which are SG&A plus R&D, were $221 million in Q1.

GAAP 運營費用，即 SG&A 加上研發，在第一季度為 2.21 億美元。

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.

不包括 2000 萬美元的攤銷、2300 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 1.68 億美元，佔收入的 21%。

This includes our silicon carbide investments.

這包括我們的碳化矽投資。

Cost synergies for the Finisar acquisition originally targeted at $150 million have now reached $180 million at the year 2 mark.

最初目標為 1.5 億美元的 Finisar 收購的成本協同效應現在已在第 2 年達到 1.8 億美元。

In addition, we have formally launched the Coherent synergy planning process.

此外，我們正式啟動了 Coherent 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.

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 調整總計 4300 萬美元，包括 500 萬美元的正外匯沖銷。

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

GAAP 結果的稀釋股數為 1.16 億股。

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

對於非公認會計原則結果，稀釋後的股票數量為 1.25 億股。

The GAAP and non-GAAP EPS calculations are in the ending tables of our press release.

GAAP 和非 GAAP 每股收益計算在我們新聞稿的結尾表格中。

Stock comp was $23 million for the quarter, $4 million in COGS and $19 million in OpEx.

本季度的股票補償為 2300 萬美元，COGS 為 400 萬美元，運營支出為 1900 萬美元。

We expect stock comp for Q2 to be $19 million.

我們預計第二季度的股票補償為 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.

對於營業外收入或費用，該公司本季度的營業外收入為 800 萬美元，其中包括前面提到的 500 萬美元的正外匯或 300 萬美元的營業外收入，不包括外匯。

We expect the normal run rate of nonoperating income or expense to be $1 million of nonoperating income going forward.

我們預計未來營業外收入或費用的正常運行率為 100 萬美元。

Pretax interest was $12.2 million.

稅前利息為 1220 萬美元。

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.

這比 6 月 30 日之前盛行的 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。

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.

僅對於可轉換債券，EPS 計算的加回現在應該是稅後 600,000 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.

這不會影響每股收益的計算，因為加回只是 600,000 美元，而不是 3.1 美元，起始收入也高出 250 萬美元，因為按運行利率計算的前進利息是 1120 萬美元，而不是 1400 萬美元。

This quarter also has approximately $700,000 of a onetime interest charge that will not recur.

本季度還有大約 700,000 美元的一次性利息費用，不會再發生。

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.

可轉換債務會計的這種變化也使我們在當前收入水平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.

本季度運營現金流為 5200 萬美元，自由現金流為 500 萬美元。

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.

我們有意識地決定建立大約 5000 萬美元的庫存，其中包括幾乎完成的產品，在某些情況下，還包括關鍵部件，以便能夠在延遲的關鍵部件可用時立即將貨物運送給客戶。

We paid down $16 million of our debt in Q1, and our net cash position is $184 million.

我們在第一季度償還了 1600 萬美元的債務，我們的淨現金頭寸為 1.84 億美元。

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.

在 9 月 30 日，我們的可轉換債務的價值在 2022 年 9 月到期時轉移到長期債務的當前部分。

The company's liquidity at September 30 was $2 billion.

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.

本季度的資本支出為 4800 萬美元。

For fiscal year '22, we expect CapEx to be between $325 million and $375 million or about $70 million to $100 million per quarter.

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，即每季度約 7000 萬美元至 1 億美元。

Thus far, we have committed $95 million of CapEx for silicon carbide.

到目前為止，我們已承諾為碳化矽提供 9500 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.

本季度折舊為 4900 萬美元，我們預計我們的遠期季度折舊費用約為 5000 萬至 5500 萬美元。

FX was a gain of $5 million, primarily driven by the Swiss franc.

外匯收益為 500 萬美元，主要受瑞士法郎推動。

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.

本季度的有效稅率為 18%，原因是在幾個國家重新獲得高科技地位的持續好處以及使用的可用性——使用其他稅收抵免和 FDII 扣除來抵消 GILTI 收入的能力。

We expect the tax rate to be between 18% and 20% for fiscal year '22.

我們預計 22 財年的稅率在 18% 到 20% 之間。

We had $12 million in total cost for M&A, integration and other costs, largely for Coherent with some for Finisar.

我們在併購、整合和其他成本方面的總成本為 1200 萬美元，主要用於 Coherent，部分用於 Finisar。

Turning to the outlook for Q2 FY '22.

轉向 22 財年第二季度的前景。

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.

我們對截至 2021 年 12 月 31 日的第二財季的收入預期為 7.9 億美元至 8.4 億美元，按非公認會計原則計算的每股收益為 0.75 美元至 0.95 美元。

The share count is 116 million for the low end and 125 million for both the midpoint and the high end.

低端股票數量為 1.16 億股，中高端股票為 1.25 億股。

The EPS calculation, including the dividend treatment is detailed on Page 16 of the press release.

包括股息處理在內的每股收益計算詳見新聞稿第 16 頁。

This is at today's exchange rate and an estimated tax rate of 19%.

這是按照今天的匯率和 19% 的估計稅率計算的。

For the non-GAAP earnings per share, we add back to the GAAP earnings pretax amounts of $21 million in amortization, $19 million in stock compensation and $21 million to $26 million in transaction, integration and other related costs.

對於非 GAAP 每股收益，我們將 2100 萬美元的攤銷、1900 萬美元的股票薪酬以及 2100 萬至 2600 萬美元的交易、整合和其他相關成本加回 GAAP 稅前收益。

The transaction costs are expected to be higher as we accelerate the planning for Coherent, including placing the debt.

隨著我們加快 Coherent 的規劃，包括發行債務，交易成本預計會更高。

And we complete the final year 3 synergies for Finisar.

我們完成了 Finisar 的最後一年 3 協同效應。

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

非公認會計原則項目的實際美元金額、稅率、匯率和股票數量都可能發生變化。

Before we go to the Q&A, just as a reminder, our answers today may contain forecasts from which our actual results may differ due to a variety of factors, including, but not limited to, changes in product mix, customer orders, supply chain shortages, both 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，我們的實際結果可能會因多種因素而有所不同，包括但不限於產品組合的變化、客戶訂單、供應鏈短缺，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.

我們還要求每家公司將其問題限制為 1 個問題，不進行後續跟進，因為我們希望在今天的電話會議中讓每個人都參與進來。

We expect to end this call not later than 10:15 a.m.

我們預計不遲於上午 10 點 15 分結束本次通話。

Alex, you may open the line for questions.

亞歷克斯，你可以打開電話提問。

(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.

並祝賀所有進展。

And a lot of -- all the exciting stuff that's going on.

還有很多——所有正在發生的令人興奮的事情。

So I guess, Chuck, I wanted to ask -- any of you jump in on that one, obviously.

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。

But in the prepared remarks, you had mentioned along with some ASP increase implementation, something about longer term and higher share commitments.

但在準備好的評論中，你提到了一些 ASP 增加的實施，關於更長期和更高份額的承諾。

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?

所以我只是想看看——我想獲得更多的背景信息，看看我們在考慮前進的時候是否應該牢記這一點？

Ananda, thank you for your question.

阿難，謝謝你的提問。

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.

好吧，我們一直在努力為客戶定位，通過安排長期承諾和更高的份額獎勵來繼續為他們創造價值，我們可以代表他們最有效地利用我們的工廠。

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?

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一切，以及我們可以在長期更大的客戶中所處的最佳位置訂單，好嗎？

I got it.

我得到了它。

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

我們是否應該認為這可能會增加這些業務當前的收入運行率？

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.

我想我會關注供應鏈的影響。

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.

感謝你們在電話會議中討論過這個問題，但我希望查克、瑪麗·簡你們都可以量化一下對收入的影響有多大。

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.

考慮到 55% 的積壓同比增長和 12% 的環比增長以及您極其強勁的預訂量，這似乎意義重大。

But let me ask you the direct question, how much of an impact was there on revenue?

但是讓我問你一個直接的問題，對收入有多大影響？

How much of an impact are you expecting in this December quarter?

您預計 12 月季度會產生多大影響？

And same question with respect to margins.

關於利潤的同樣問題。

Okay.

好的。

Paul, thanks for your question.

保羅，謝謝你的提問。

If you see the high end of the guidance that we gave for Q1, we were sure aiming to do the maximum.

如果您看到我們為第一季度提供的指導的高端，我們肯定會盡力做到最大。

And I would say that we had a few contributors to it, but number one was our supply chain.

我會說我們有一些貢獻者，但排名第一的是我們的供應鏈。

Number two was the supply chain of our customers.

第二是我們客戶的供應鏈。

So it's a balancing act.

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.

但說這一切都只是供應鍊是不合理的。

It's just the overall logistics of scheduling and running complicated and complex factories that we do.

這只是我們所做的調度和運行複雜工廠的整體物流。

And I think we did a great job on it.

我認為我們在這方面做得很好。

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.

就本季度而言，我們正在與我們的供應鏈合作夥伴努力合作，以盡我們所能縮小差距。

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.

我們所有人，包括我在內，都是全力以赴的努力，與我們近六家主要供應商、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.

我們將盡最大努力推動事情向前發展。

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.

但是不確定性仍然存在，我們要等到至少在 12 月初到中旬真正度過這個季度之後才能知道它對我們的影響。

But we've given our best shot at the guidance.

但是我們已經盡力提供了指導。

And just like we did in the first quarter, we're aiming to get to the high end.

就像我們在第一季度所做的那樣，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?

因此，我能否要求對 43% 的預訂量增長做出澄清，是否有任何顧慮——您認為這是否準確反映了需求趨勢？

Or is there any concern that, that reflects over ordering on the part of customers?

或者是否有任何顧慮反映了客戶的過度訂購？

Well, Mary Jane can add to it.

好吧，瑪麗珍可以添加它。

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.

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。

Would you like to add to that, Mary Jane?

你想補充一下嗎，瑪麗·簡？

I think that's really right.

我認為這真的是對的。

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.

我的意思是我們之前談過，我們會觀察預訂中的某些模式，以確保我們可以檢測到可能重複訂購的商品。

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.

正如查克所說的最重要的評論，我們與客戶和供應商一起花費的時間，以確保在供應鏈短缺的情況下，我們能夠向他們運送一切可能的東西。

There is, I think, a good sense on our part that we are not experiencing double ordering.

我認為，我們有一種很好的感覺，即我們沒有經歷雙重訂購。

All right.

好的。

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.

以及預訂增長和您的收入之間的差異——您在收入增長方面的指導，我認為這顯然是供應鏈驅動的影響。

Yes, we need to move on.

是的，我們需要繼續前進。

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.

但正如我們也多次提到的那樣，預訂量的增加並不能準確說明我們將在下一季度發貨。

We do try to indicate that it's over 12 months for a reason.

我們確實試圖表明它超過 12 個月是有原因的。

So -- but yes, you have that right.

所以 - 但是是的，你有這個權利。

we should probably move on.

我們可能應該繼續前進。

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.

這是 Samik 的 Joe Cardoso。

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.

是的，所以對我來說，第一個問題是——你在準備好的評論中強調了很多投資，特別是圍繞模擬和數字 IC 以及碳化矽和磷化銦。

I was just curious if you could talk on the level of investment that's necessary to drive those plans?

我只是想知道您是否可以談談推動這些計劃所需的投資水平？

And how should investors think about the time line of when those investments begin to materialize?

投資者應該如何考慮這些投資開始實現的時間線？

Thank you for the question.

感謝你的提問。

This is Giovanni here.

這是喬瓦尼。

So we have 2 main investment directions, as we said in the prepared remarks, really around silicon carbide and indium phosphide.

因此，正如我們在準備好的評論中所說，我們有兩個主要投資方向，真正圍繞碳化矽和磷化銦。

Both of them are intended to support the multiple markets and multiple applications.

它們都旨在支持多個市場和多個應用程序。

This has always been our strategy to diversify our investments to have -- to lower the risk of our investments.

這一直是我們多元化投資的策略——以降低我們的投資風險。

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.

正如我在準備好的評論中所說，將會有資本和人力資源的結合，為我所說的跨平台和跨多個市場的增量增長做準備。

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.

而且我們不認為投資會在兩個季度之前實現，所以在開始時，比如說，2023 財年中期，我們將看到這些投資的影響實現。

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.

我想知道您是否可以評論您在中國境內外的工業領域所看到的情況，只是因為中國境內的工業激光業務顯然存在一些混合信號。

So if you could maybe comment on that and just the outlook for that part of the business.

因此，如果您可以對此發表評論，以及這部分業務的前景。

Jim, this is Giovanni.

吉姆，這是喬瓦尼。

Thanks for your questions.

感謝您的提問。

Our industrial business has been very strong.

我們的工業業務非常強勁。

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.

正如我在準備好的評論中提到的，我們看到對我們泵浦激光器的需求大幅增加，尤其是來自中國，我們為許多光纖激光器製造商提供了支持。

We've been able to accumulate the demand over a number of years.

多年來，我們已經能夠積累需求。

We're probably very close to more than twice the pump power of the fiber laser incumbent out there, #1 share.

我們可能非常接近現有光纖激光器泵浦功率的兩倍多，#1 份額。

And so we are enjoying a very strong demand for our components.

因此，我們對我們的組件有著非常強勁的需求。

So -- but the -- clearly, some companies may lose share in some geographies.

所以 - 但是 - 很明顯，一些公司可能會在某些地區失去份額。

And so we -- that means for us gaining share on the chip supply as these companies do take share from the incumbents.

所以我們 - 這意味著我們在芯片供應上獲得份額，因為這些公司確實從現有企業那裡獲得了份額。

So we see it as a benefit to us.

所以我們認為它對我們有利。

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.

喬瓦尼，我想跟進您的評論，即您正在從謝爾曼運送所有可能的東西。

And just clarify whether you were kind of qualified on all kind of current platforms of the major 3D sensing customer?

並澄清一下您是否有資格使用主要 3D 傳感客戶的所有當前平台？

Yes, we are.

是的，我們是的。

We are shipping all products that we've been asked to ship and qualify and so forth.

我們正在運送我們被要求運送和合格的所有產品等等。

So that's absolutely the case.

所以絕對是這樣。

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.

我猜——如果你願意的話，可能是查克或喬瓦尼——如果你不介意只討論磷化銦的話。

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.

似乎該技術和平台從平台方面的較低成熟度開始，但特別是對於 Coherent，它似乎對於 1550 及更高版本可能是一項非常關鍵的技術。

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?

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 中的相對重要性？

Thanks, Jed.

謝謝，傑德。

Thanks for the question.

謝謝你的問題。

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.

好吧，我們實際上 - 如果你還記得，當我們宣布與 Finisar 的交易時，我們確實強調了 Finisar 已經工作了 20 多年的磷化銦平台對我們來說確實具有戰略意義。

And we mentioned a number of applications in markets that technology was going to be very powerful for.

我們提到了技術將非常強大的市場中的許多應用程序。

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.

所以當然，當我們收購它們時，重點是數據通信和電信激光器、光電二極管、調製器、光子集成電路等，它們已經啟用了許多模塊和子系統，例如 IC-TROSA，它我在準備好的評論中提到。

However, indium phosphide has a very unique wavelength, as you know, longer wavelength than gallium arsenide.

然而，磷化銦有一個非常獨特的波長，如您所知，它比砷化鎵的波長更長。

So it's very useful in a number of optical applications where eye safety is important.

因此，它在許多對眼睛安全很重要的光學應用中非常有用。

So that's one.

所以這是一個。

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.

所以這可能是在通信中——抱歉，在汽車、激光雷達應用中，可能是在消費應用中，也可能是在工業傳感應用中等等。

So there's a number of markets, but that platform is very powerful.

所以有很多市場，但這個平台非常強大。

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.

另一件事是我們要提到的是——隨著基站電子設備的進步以及從 4G 到 5G 的速度和頻率，最終 6G 的進步，我們認為磷化銦是兩種技術中的一種。

It's probably the best technology that we'll be counting on for 6G amplifiers.

這可能是我們為 6G 放大器所指望的最佳技術。

So this is an effort we have to focus on that.

所以這是我們必須關注的努力。

Of course, it's going to happen 6, 7 years from now, whenever that will take place, but we need to start now.

當然，這將在 6、7 年後發生，無論何時發生，但我們需要從現在開始。

And so it's a very important investment for us.

所以這對我們來說是一項非常重要的投資。

Again, it goes across multiple markets, multiple applications leveraging our wafer fabs to reach a scale, unique, probably, hopefully, the largest in the world.

同樣，它跨越多個市場、多個應用，利用我們的晶圓廠達到一個規模、獨特的、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.

我猜我的是 3D 傳感和 VCSEL 提升。

I think you are talking about some investments here, both in capacity and R&D and kind of implying a growth track here.

我認為您在這裡談論的是一些投資，包括產能和研發方面的投資，並且暗示了這裡的增長軌道。

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?

我認為大多數人從長遠來看會看到這一點，但我想知道你多久會看到這種情況，以及在哪些應用程序中，你是否會立即看到移動設備？

And to what period, what timing do you see in other applications like automotive as an example.

以汽車等其他應用為例，您會看到什麼時期、什麼時間。

Richard, thanks.

理查德，謝謝。

This is Giovanni.

這是喬瓦尼。

Thanks for your questions.

感謝您的提問。

So I was -- I want to make sure that we don't get confused.

所以我是——我想確保我們不會感到困惑。

I did talk about incremental opportunity.

我確實談到了增量機會。

This is unrelated to VCSEL's.

這與 VCSEL 無關。

So I think I want to make sure that it is the case.

所以我想我想確定是這樣的。

And we have several applications that we are trying to target across multiple markets again.

我們有幾個應用程序，我們正試圖再次針對多個市場。

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.

正如我向阿南達提到的那樣，我們只需要為需求的到來做好準備，也許從現在起 3 個季度後，我們將看到這些投資的效果實現。

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.

您表示新產品有助於提高您的利潤。

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?

而且我只是想知道就現有積壓而言，該利潤率概況與您最近發布的利潤率相比如何？

I would say that the backlog is generally positive to margins.

我會說積壓通常對利潤率有利。

Not -- I don't take that as 200 basis points.

不——我不認為這是 200 個基點。

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.

但我想說，作為一般問題，特別是如果您考慮到大多數供應鏈影響都在 ROADM 方面，它可能對利潤率的積極影響有所貢獻。

But again, it's not an enormous number, but more skewing in that direction than not.

但同樣，這不是一個巨大的數字，但更傾向於這個方向。

Next is from Amanda Scarnati from Citi.

接下來是來自花旗的 Amanda Scarnati。

Can we just talk a little bit about the new silicon carbide deal that was announced yesterday.

我們能否談談昨天宣布的新碳化矽交易。

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?

您能否確定這看起來像什麼，或者就那裡的機會以及您開始在碳化矽中看到的其他機會提供更多細節？

Okay.

好的。

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.

阿曼達，這是我們營銷和定位自己的能力的另一個例子，我們認為這將是一個龐大且不斷增長的供應鏈。

They've gone through a usual process of evaluating a number of suppliers.

他們經歷了評估許多供應商的常規流程。

And we understand from the feedback that we received on our 150-millimeter substrates that we're best-in-class.

我們從收到的關於 150 毫米基板的反饋中了解到，我們是一流的。

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.

因此，我們相信，基於我們正在實施的性能和規模以及我們以多層次集成服務市場的絕對決心，客戶來到我們這裡是為了能夠產生長期和安全的供應鏈。

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.

我想看看您是否可以深入了解數據通信趨勢。

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.

我認為在過去，您曾表示數據通信、電信和通信之間的比例大致為 50-50，但聽起來它正在朝著相反的方向發展。

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.

在此範圍內，如果您可以突出對超大規模的曝光，這聽起來像是一個有趣的趨勢，我想了解更多。

Simon, thanks for your question.

西蒙，謝謝你的提問。

You got it.

你說對了。

Absolutely.

絕對地。

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.

我認為我們真的在獲得——我們相信我們在超大規模生產商中獲得了這 200 和 400 的份額，並最終繼續發展到 800。

It's a really great trend.

這是一個非常好的趨勢。

It was really one of the reasons we're really interested in the Finisar platform.

這確實是我們對 Finisar 平台真正感興趣的原因之一。

And the team is really doing a fantastic job of gaining share back.

團隊在重新獲得份額方面做得非常出色。

And so it's a really, really great momentum for us.

所以這對我們來說是一個非常非常好的勢頭。

I think you got the picture.

我想你得到了圖片。

I'd like to add to that, Giovanni.

我想補充一點，喬瓦尼。

Simon, since we acquired Finisar, we've not only been able to optimize our global footprint.

西蒙，自從我們收購了 Finisar，我們不僅能夠優化我們的全球足跡。

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.

但基於全球足蹟的多樣性，我們多元化的客戶要求我們為他們調整來自多個不同工廠的產出。

And I think there's really been a very strong attraction to these large and growing customers at II-VI.

而且我認為 II-VI 的這些龐大且不斷增長的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.

我還有一個關於數據通信的問題要跟進，西蒙。

So which looks to be kind of your single biggest business right now.

所以這看起來是你現在最大的單一業務。

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.

那麼，一方面，您能否確認數據通信現在是通信/光子業務的絕大多數或至少是相當大的多數。

And as you look at that 200, 400-gig growth, 60% last quarter, 70% sequential this quarter.

當您查看 200、400 gig 的增長時，上個季度增長了 60%，本季度環比增長了 70%。

Do you expect those type of trends to continue?

你認為這種趨勢會持續下去嗎？

And it looks like 100 gig hanging in there?

看起來有 100 個演出掛在那裡？

Or do you expect that to remain stable?

還是您希望它保持穩定？

Tim, this is Giovanni.

蒂姆，這是喬瓦尼。

Well, we hope we'll continue to grow 70% sequentially forever, but it's not going to likely happen.

好吧，我們希望我們將永遠持續增長 70%，但這不太可能發生。

So I think the growth rate will remain strong as we get more and more slots designed in.

所以我認為隨著我們設計的插槽越來越多，增長率將保持強勁。

And I think 100G is pretty stable.

而且我認為100G相當穩定。

I think the 200G, there is not really many players, so we kind of probably have for sure, the largest share there.

我認為 200G 的玩家並不多，所以我們可能肯定擁有最大的份額。

And 400G is the beginning.

而400G是開始。

We're trying to -- we are catching up.

我們正在努力——我們正在迎頭趕上。

There is no doubt.

毫無疑問。

That's why the growth rate is higher than the market.

這就是為什麼增長率高於市場。

So we believe we're gaining share.

所以我們相信我們正在獲得份額。

So it's a very, very strong momentum.

所以這是一個非常非常強大的勢頭。

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.

正如我對 Simon 所說，團隊在執行和交付質量方面確實做得非常出色，僅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.

這是 Vivek 的布萊克弗里德曼。

This builds off a previous question.

這建立在前面的問題之上。

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.

但正如您在電話會議上強調的那樣，未來有幾項新的戰略舉措，以及來自提供協同效應的收購的持續整合。

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.

因此，展望未來，我只是對長期毛利率的看法感到好奇，它們是否可能處於高端或高於 38% 至 42% 的歷史範圍。

That's sustainable.

這是可持續的。

So the company is very, very focused on improving its gross margin.

因此，該公司非常非常專注於提高其毛利率。

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.

從長遠來看，因為大多數產品——或者大多數終端市場有可能真正改變它們在公司總 100% 中的百分比。

The ones most likely to change their percentage tend to have a higher gross margin.

最有可能改變其百分比的公司往往具有更高的毛利率。

I do think that in the fullness of time, the company will probably move its margin range at the present moment up.

我確實認為，隨著時間的推移，該公司目前可能會將其利潤率範圍上調。

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就您在數據通信、電信、工業和消費趨勢方面的第二財季收入假設獲得更多色彩，無論它們是按順序上升還是下降？

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.

一般來說，我們預計幾乎所有這些都比第一季度呈上升趨勢，因為從歷史上看，第一季度一直是一年中最低的季度。

We may see some, as we've said earlier, supply chain or interesting seasonality in that 12/31 quarter.

正如我們之前所說，我們可能會在 12/31 季度看到一些供應鍊或有趣的季節性。

Sometimes there's a little bit of a toss-up whether Christmas is a bigger effect than Chinese New Year.

有時，聖誕節是否比農曆新年的影響更大，人們會有點懷疑。

But generally speaking, I would say that we're expecting to see all of them generally moving sequentially up.

但總的來說，我會說我們希望看到所有這些都普遍按順序向上移動。

Next is from Christopher Rolland from Susquehanna.

接下來是來自 Susquehanna 的 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.

我也確實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，對於一個非常大的 2020 年，人們越來越樂觀。

Can you talk about your supply situation there, in particular?

你能談談你們那裡的供應情況嗎？

Do you have enough to support kind of outsized demand into next year?

您是否有足夠的資金來支持明年的超大需求？

I know Lumentum was out saying they were internally constrained on this side.

我知道 Lumentum 說他們在這方面受到內部限制。

So I was wondering on that.

所以我想知道這一點。

And then on the supply front, in general, what are the kind of biggest self-inflicted constraints that you see across your product set?

然後在供應方面，一般來說，您在產品系列中看到的最大的自我造成的限制是什麼？

Thank you for your question.

謝謝你的問題。

So honestly, I don't believe there is any self-inflicted constraint.

所以老實說，我不相信有任何自我約束。

I think we have capacity for our products, whether they are at component level, subsystem level or system level.

我認為我們有能力生產我們的產品，無論是在組件級別、子系統級別還是系統級別。

As Chuck mentioned earlier, we have a big advantage, which we are leveraging right now, having a diversity of supply locations.

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。

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.

例如，我們在馬來西亞有我們的大批量製造團隊，這是一些超大規模製造商的首選，尤其是在北美，因為他們希望避開來自中國的供應鏈。

And so that's a big advantage.

所以這是一個很大的優勢。

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.

但是，我們採購的組件、設備的意圖，我想提醒你，我們基本上是垂直整合的，包括我們設計的 IC。

Of course, there are some challenges getting ICs from foundries that are our suppliers.

當然，從作為我們供應商的代工廠獲取 IC 存在一些挑戰。

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.

而且——但到目前為止，正如我們在準備好的評論中所說，受影響最大的產品實際上主要是電信產品，沒有數據通信產品。

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.

正如西蒙——嗯，前面提到的某人在數據通信和電信之間有點轉變，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中——這以某種方式緩解了供應的挑戰影響電信產品的鏈條。

So I hope this gives you a better picture.

所以我希望這能給你一個更好的畫面。

Next is from Tom O'Malley from Barclays.

接下來是來自巴克萊的 Tom O'Malley。

In the prepared remarks, Chuck, you talked about digital IC investment.

在準備好的講話中，查克，您談到了數字 IC 投資。

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?

Giovanni，在回答其中一個問題時，您談到了以 400 倍的速度加速股票收益，你們中的任何一個，您能談談擁有更高速度的 DSP 的重要性嗎？

Is that something that you guys want to do internally?

這是你們內部想要做的事情嗎？

Or do you think you can continue to gain share being a customer of a merchant vendor?

還是您認為作為商家供應商的客戶，您可以繼續獲得份額？

Tom, thanks for the question.

湯姆，謝謝你的問題。

Both -- I would say that our approach is both.

兩者——我會說我們的方法是兩者兼而有之。

We'll make or buy.

我們將製造或購買。

We have some programs with some partners to develop our own DSP when it makes sense.

我們與一些合作夥伴有一些計劃，以便在有意義的時候開發我們自己的 DSP。

And in some other cases, it's better to buy.

在其他一些情況下，最好購買。

So like for any -- almost anything we make, if we have a better solution out there, which is attractive, then we'll just buy.

所以就像任何 - 幾乎我們製造的任何東西，如果我們有更好的解決方案，這是有吸引力的，那麼我們就會購買。

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.

所以我認為——我們的重點一直是光學引擎，比如我提到的 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，比如最高輸出功率，最終啟用架構，否則無法啟用。

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.

因此，由於我們內部有磷化銦，我們內部有自動化和完整的裝配線等等，我們不僅可以具有成本競爭力，而且我們還可以向大量客戶、大型競爭對手供應，我們真正看到我們的產品令人難以置信的差異化。

So this has been really our focus.

所以這一直是我們的重點。

On DSP, as I said, will approach, depending on the applications, both make or buy decision, depending on timing, cost and other factors.

關於 DSP，正如我所說，將根據應用程序的不同來做出或購買決定，這取決於時間、成本和其他因素。

That ends our question-and-answer session.

我們的問答環節到此結束。

I'll turn the call back over to the presenters for closing remarks.

我會將電話轉回給演示者以進行結束髮言。

Thank you very much, Alex.

非常感謝，亞歷克斯。

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.

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就我們的各種互動進行交流。

We want to wish you all a very good day.

我們希望祝大家有個美好的一天。

Thank you so much for joining us.

非常感謝您加入我們。

Bye-bye.

再見。

That concludes this conference call.

本次電話會議到此結束。

Thank you all for participating.

謝謝大家的參與。

You may now disconnect.

您現在可以斷開連接。