EMCORE Corp (EMKR) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to the EMCORE Corporation, fiscal 2024 third quarter conference call. (Operator Instructions). And, finally, I would like to advise all participants that this call is being recorded. Thank you.

感謝您的耐心等待，歡迎參加 EMCORE Corporation 2024 財年第三季電話會議。（操作員說明）。最後，我想告知所有參與者，本次通話正在錄音。謝謝。

I'd now like to welcome EMCORE's Chief Financial Officer, Tom Minichiello. Please go ahead.

現在我要歡迎 EMCORE 的財務長 Tom Minichiello。請繼續。

Thank you. Good morning, everyone and welcome to our conference call to discuss EMCORE's fiscal 2024 third quarter results. The news release we issued yesterday afternoon is posted on our website, emcore.com. On this call, Matt Vargas, EMCORE's Interim Chief Executive Officer, will begin with a discussion of our business highlights. I will then update you on our financial results, and we'll conclude by taking questions.

謝謝。大家早安，歡迎參加我們的電話會議，討論 EMCORE 2024 財年第三季業績。我們昨天下午發布的新聞稿發佈在我們的網站 emcore.com 上。在本次電話會議上，EMCORE 臨時執行長 Matt Vargas 將首先討論我們的業務亮點。然後我將向您介紹我們的財務表現的最新情況，最後我們將回答問題。

Before we begin, we'd like to remind you that the information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. These forward-looking statements are largely based on our current expectations and projections about future events and trends affecting the business.

在開始之前，我們想提醒您，本文提供的資訊可能包括 1933 年證券法第 27A 條和 1934 年交易法第 21E 條含義內的前瞻性陳述。這些前瞻性陳述主要基於我們目前對影響業務的未來事件和趨勢的預期和預測。

Such forward-looking statements include projections about future results, statements about plans, strategies, business prospects and changes in trends in the business and the markets in which we operate. Management cautions that these forward-looking statements relate to future events or future financial performance and are subject to business, economic and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements of the business or in the industry to be materially different from those expressed or implied by any forward-looking statements.

此類前瞻性陳述包括對未來業績的預測、有關計劃、策略、業務前景以及業務和我們經營所在市場趨勢變化的陳述。管理層警告說，這些前瞻性陳述與未來事件或未來財務表現有關，並受到已知和未知的商業、經濟和其他風險和不確定性的影響，可能會導致實際結果、活動水平、業績或業務成就或在業界與任何前瞻性陳述所明示或暗示的內容有重大差異。

We caution you not to rely on these statements and to also consider the risks and uncertainties associated with these statements and the business, which are included in the company's filings available on the SEC's website located at sec.gov, including the sections entitled Risk Factors in the company's annual report on Form 10-K. The company assumes no obligation to update any forward-looking statements to conform such statements to actual results or to changes in our expectations, except as required by applicable law or regulation.

我們提醒您不要依賴這些聲明，並考慮與這些聲明和業務相關的風險和不確定性，這些風險和不確定性包含在SEC 網站sec.gov 上提供的公司文件中，包括標題為“風險因素”的部分公司年報表格 10-K。本公司不承擔更新任何前瞻性陳述以使此類陳述符合實際結果或我們期望的變更的義務，除非適用法律或法規要求。

In addition, references will be made during this call to non-GAAP financial measures, which we believe provide meaningful supplemental information to both management and investors. The non-GAAP measures reflect the company's core ongoing operating performance and facilitates comparisons across reporting periods. Investors are encouraged to review these non-GAAP measures as well as the explanation and reconciliation of these measures to the most comparable GAAP measures included in our news release.

此外，本次電話會議還將提及非公認會計準則財務指標，我們認為這些指標為管理階層和投資者提供了有意義的補充資訊。非公認會計準則指標反映了公司核心的持續經營業績，並有助於跨報告期間進行比較。我們鼓勵投資者審查這些非公認會計準則衡量標準，以及這些衡量標準與我們新聞稿中最具可比性的公認會計準則衡量標準的解釋和調節。

I'll now turn the call over to Matt.

我現在將電話轉給馬特。

Thank you, Tom, and good morning, everyone. The Board of Directors and the office of the CEO have been working lot step executing the restructuring plan. While there is much more work to be done, the team is confident that the undertaking so far demonstrate progress towards our goal stated and lasted operating cash flow breakeven, exclusive of restructuring costs by September 30.

謝謝你，湯姆，大家早安。董事會和執行長辦公室一直在努力執行重組計劃。雖然還有很多工作要做，但團隊相信，迄今為止的工作表明我們在實現既定目標方面取得了進展，並在 9 月 30 日之前實現了營運現金流盈虧平衡（不包括重組成本）。

I wanted to call out a couple of key progress by the restructuring committee and the office of the CEO and associated cost savings. As previously announced, headcount reductions enacted beginning in May are estimated to result in approximately $17 million of annualized payroll savings and we are on track to complete the full Alhambra site closure by the end of August. Also, the team has identified additional expense savings in several categories that are currently in process.

我想指出重組委員會和執行長辦公室取得的一些關鍵進展以及相關的成本節約。正如先前宣布的那樣，從 5 月開始實施的裁員預計將節省約 1700 萬美元的年度工資，我們預計在 8 月底之前完成 Alhambra 工廠的全面關閉。此外，該團隊還確定了目前正在處理的幾個類別的額外費用節省。

Additionally, the Board’s restructuring committee retained FTI Consulting to serve as the company’s Chief Restructuring Officer, CRO, to augment cash management and modeling in support of the restructuring efforts. The FTI team has provided immediate impact and will continue to support our efforts in the upcoming quarter.

此外，董事會重組委員會聘請 FTI Consulting 擔任公司首席重組長 (CRO)，以加強現金管理和建模，以支援重組工作。FTI 團隊立即產生了影響，並將在下一季繼續支持我們的努力。

From a top line revenue perspective, the revenue figure and billings were securely within the projected range. The book-to-bill was also well over at [1.24] with 2 armored vehicle orders above $2 million and continued growth in our European portfolio. Current backlog has increased over $60 million, and the sales funnel continues to be strong with diverse domestic and international opportunities and an improved product mix in the manufacturing build plan.

從營收角度來看，收入數字和帳單都安全地在預計範圍內。訂單出貨比也遠高於 [1.24]，有 2 輛裝甲車訂單超過 200 萬美元，我們的歐洲投資組合持續成長。目前的積壓訂單已增加超過 6000 萬美元，銷售管道繼續保持強勁，擁有多樣化的國內和國際機會以及製造構建計劃中改進的產品組合。

For guidance, we are expecting revenue in the September quarter to be in the range of $20 million to $22 million. The team is committed to pursuing operational efficiencies and the office of the CEO is working to overlay common operating systems across the 3 remaining production sites.

作為指導，我們預計 9 月季度的營收將在 2,000 萬美元至 2,200 萬美元之間。該團隊致力於追求營運效率，執行長辦公室正在努力在其餘 3 個生產基地覆蓋通用作業系統。

Sustained improvement in gross margin in Concord is a key pillar of the company’s strategy and will be a continued area of focus in the current quarter. While some progress was made in the June quarter, more work remains to be done. The entire EMCORE team will continue to work in a coordinated fashion in the current quarter to meet our stated goals.

Concord 毛利率的持續改善是該公司策略的關鍵支柱，並將成為本季持續關注的領域。雖然六月季度取得了一些進展，但仍有更多工作要做。整個 EMCORE 團隊將在本季度繼續協調一致地工作，以實現我們既定的目標。

Before turning the call back over to Tom, I’d like to mention a recent and positive development that has a significant go-forward impact for EMCORE. Earlier this week, we paid off all outstanding obligations under our credit agreement with Hale Capital. This was made possible by successfully renegotiating customer payment terms on one of our existing programs of record, along with reaching a settlement on a former program with the same customer.

在將電話轉回給 Tom 之前，我想提一下最近對 EMCORE 產生重大影響的積極進展。本週早些時候，我們還清了與 Hale Capital 的信貸協議項下的所有未償債務。這是透過成功地重新協商我們現有記錄項目之一的客戶付款條款以及與同一客戶就前一個項目達成和解而實現的。

This change eliminates the senior security interest on our assets and frees us up to explore an expanded range of alternatives to shore up the company’s liquidity, including the possibility of a new, more favorable credit facility. With that, I will turn the call back over to Tom.

這項變更消除了我們資產的優先擔保權益，使我們能夠自由地探索更多替代方案來支撐公司的流動性，包括可能提供新的、更優惠的信貸安排。這樣，我會將電話轉回給湯姆。

Thank you, Matt. Starting with the restructuring plan announced during the June quarter, this plan included personnel reductions of approximately 120 employees or about 40% of the workforce across all locations, resulting in annualized savings of approximately $17 million or $4.25 million per quarter. I can now report that all actions related to these reductions were completed by the end of July.

謝謝你，馬特。從 6 月季度宣布的重組計劃開始，該計劃包括在所有地點裁減約 120 名員工或約 40% 的員工，從而每年節省約 1700 萬美元或每季 425 萬美元。我現在可以報告，與這些削減相關的所有行動均已於 7 月底完成。

From a time line perspective, about 2/3 of the personnel reductions were completed in late May with the remaining 1/3 done in late July. Headcount, which stood at 315 at March 31, was lowered to 235 at the end of June and is now at 190. Associated expense savings, which are split just about evenly between cost of goods sold and OpEx were approximately $1.1 million in the June quarter.

從時間上看，5月下旬完成了約2/3的裁員，7月下旬完成了剩餘的1/3。截至 3 月 31 日，員工人數為 315 人，6 月底減少至 235 人，目前為 190 人。六月季度的相關費用節省約為 110 萬美元，在銷售成本和營運支出之間平均分配。

Going forward, all but about $600,000 of the rest of the quarterly savings should benefit the September quarter and then be fully realized in the P&L by the December quarter. The restructuring plan also included the full closure of the Alhambra, California site. And as Matt noted, we are working on additional expense management actions aimed at lowering overall operating costs further.

展望未來，其餘季度節省中除約 60 萬美元外的所有資金都應在 9 月季度受益，然後在 12 月季度在損益表中完全實現。重組計劃還包括全面關閉加州阿罕布拉工廠。正如馬特指出的那樣，我們正在採取額外的費用管理行動，旨在進一步降低整體營運成本。

In Alhambra, you may recall, we exited 3 of the 5 buildings last year when we shut down EMCORE’s legacy operations. We are now in the process of exiting the remaining buildings which we expect to be completed by the end of August. Restructuring and restructuring-related charges in our fiscal 3Q GAAP results included a $1.86 million charge for employee severance as well as a total of $4.3 million related to the Alhambra shutdown, which included asset impairment charges of $2.9 million, primarily for leasehold improvements.

您可能還記得，去年我們關閉了阿罕布拉的 5 座建築中的 3 座，當時我們關閉了 EMCORE 的遺留業務。我們現在正在拆除剩餘的建築物，預計在八月底完工。我們第三季 GAAP 業績中的重組和重組相關費用包括 186 萬美元的員工遣散費以及與 Alhambra 關閉相關的總計 430 萬美元，其中包括 290 萬美元的資產減值費用，主要用於租賃權益改良。

Also in the GAAP results was a $5.1 million non-cash item in other expense for the loss on extinguishment of debt, which represents the fair value of the warrants granted to Hale Capital in connection with their assumption of our debt during the June quarter.

GAAP 業績中還有一項510 萬美元的非現金項目，用於債務清償損失的其他費用，這代表了授予Hale Capital 的認股權證的公允價值，該認股權證與他們在6 月份季度承擔我們的債務有關。

Revenue for fiscal 3Q was $20.4 million, a 4% increase when compared to the $19.6 million in fiscal 2Q. The improved top line was led by record quarterly revenue for our Concord-based QMEMS product line. Additionally, the strong bookings quarter, particularly for our Tinley Park and Concord sites, resulted in a book-to-bill of [1.24].

第三財季的營收為 2,040 萬美元，比第二財季的 1,960 萬美元成長了 4%。營收的改善得益於我們基於 Concord 的 QMEMS 產品線創紀錄的季度收入。此外，強勁的預訂季度，尤其是我們的廷利公園和康科德網站，導致預訂到帳單[1.24]。

I’ll now go over the rest of the operating results, which will be on a non-GAAP basis. Gross margin was 24% for the June quarter, significantly better when compared to 15% the quarter before. The gross margin improvement was primarily attributable to better production yields in Concord, cost reductions and a more favorable mix. OpEx was $9.1 million in fiscal 3Q compared to $9.8 million in fiscal 2Q as both R&D and SG&A expenses benefited by the partial quarter impact of the restructuring.

現在我將回顧其餘的經營業績，這些業績將基於非公認會計準則 (Non-GAAP) 計算。六月季度的毛利率為 24%，明顯優於上一季的 15%。毛利率的提高主要歸功於康科德工廠產量的提高、成本的降低和更有利的產品組合。第三財季的營運支出為 910 萬美元，而第二財季的營運支出為 980 萬美元，因為研發和銷售、一般管理費用均受益於重組的部分季度影響。

The higher revenue and gross profit and reduced OpEx lowered the operating loss in the June quarter by $2.6 million when compared to the March quarter. Negative adjusted EBITDA was reduced to $3.6 million compared to $5.8 million the quarter before. Net loss was $4.4 million or $0.49 per share. Turning to the balance sheet. The cash balance was $9 million at June 30 compared to $12 million at March 31. The $3 million cash decrease was net of $1.9 million in cash proceeds associated with the April 30, sale of the chips business line and Alhambra indium phosphide wafer fab.

與 3 月份季度相比，收入和毛利的增加以及營運支出的減少使 6 月份季度的營運虧損減少了 260 萬美元。負調整 EBITDA 從上一季的 580 萬美元減少至 360 萬美元。淨虧損為 440 萬美元，即每股 0.49 美元。轉向資產負債表。截至 6 月 30 日，現金餘額為 900 萬美元，而 3 月 31 日為 1,200 萬美元。現金減少額為 300 萬美元，扣除了與 4 月 30 日出售晶片業務線和 Alhambra 磷化銦晶圓廠相關的 190 萬美元現金收益。

Taking that into account, the resulting $4.9 million cash used during the quarter was down significantly compared to $8 million in the prior quarter and included the following: $3.2 million related to normal operating activities, $600,000 for severance, $300,000 for financing activities and a combined total of $800,000 for non-routine legal expenses, discontinued operations and CapEx.

考慮到這一點，本季使用的現金為490 萬美元，與上一季的800 萬美元相比大幅下降，其中包括：與正常經營活動相關的320 萬美元、60 萬美元的遣散費、30 萬美元的融資活動以及總計800,000 美元用於非常規法律費用、終止營運和資本支出。

We are intently focused on continued working capital management, rightsizing the cost structure of the business and operational execution with the goal of achieving adjusted operating cash flow breakeven in fiscal 4Q. With that, we are now ready to open up the call for your questions.

我們專注於持續的營運資本管理、調整業務成本結構和營運執行，目標是在第四財季實現調整後的營運現金流量損益平衡。這樣，我們現在就可以開始電話詢問您的問題了。

(Operator Instructions) Richard Shannon, Craig-Hallum.

（操作員說明）Richard Shannon，Craig-Hallum。

Well, hi, Matt and Tom. Thanks for taking my questions. And -- let’s see, I guess maybe I just want to parse your language here on the goals that you said last quarter and what you’re repeating as a goal. It doesn’t sound like it’s something you’re strongly committed to making happen or meaning getting to that cash flow breakeven for this quarter. Is that something you’re going to be able to do or not certain yet?

嗯，嗨，馬特和湯姆。感謝您回答我的問題。而且 - 讓我們看看，我想也許我只是想根據您上季度所說的目標以及您重複的目標來解析您的語言。聽起來這並不是您堅定致力於實現的事情，也不是意味著在本季實現現金流收支平衡。這是您能夠做的事情還是還不確定的事情？

Yes, hey, good morning, Richard. Tom here. It’s going to come down to executing on our P&L and our working capital management. which if we continue with the progress we’ve already made in the -- up until this point, it puts us in a good position to achieve the goal.

是的，嘿，早安，理查德。湯姆在這裡。這將歸結為執行我們的損益表和營運資金管理。如果我們繼續保持迄今為止已經取得的進展，那麼我們將處於實現這一目標的有利位置。

And how much benefit do we need from working capital to make that reality? In other words, what will it look like here?

為了實現這一目標，我們需要從營運資本中獲得多少收益？換句話說，這裡會是什麼樣子？

Yeah, it will go hand-in-hand with the P&L. Our adjusted EBITDA will likely be a lot lower, negatively lower, getting closer to that breakeven point. And then working capital management which was actually on a normalized basis was a source of cash in the June quarter, just a pretty tight cash management, and that is not something that we’re stopping and will continue on. So between the combination of the 2, again, it puts us in a position to hit the target.

是的，它將與損益表齊頭並進。我們調整後的 EBITDA 可能會低很多，負向降低，越來越接近損益平衡點。然後，實際上標準化的營運資本管理是六月季度的現金來源，只是相當嚴格的現金管理，這不是我們正在停止並將繼續進行的事情。因此，兩者的結合再次使我們能夠實現目標。

Okay. Fair enough, then obviously, this cash breakeven target is obviously excluding other restructuring expenses here. So I think the last question you were to think of just kind of tactically is what do we think about the cash burn or the cash position ending the quarter then you had?

好的。公平地說，顯然，這個現金損益平衡目標顯然不包括其他重組費用。因此，我認為您在戰術上要考慮的最後一個問題是，我們如何看待當時季度末的現金消耗或現金頭寸？

Yeah, good question, Richard, and it’s an important point because restructuring is not free, right? So we’ve got probably the bulk of our restructuring costs in terms of -- we took the charges in the quarter, but in terms of cash, we’ll be paying for a lot of that in the September quarter. It will peak in terms of employee severance, some payments we have to make in relation to the shutdown and the exit out of the Alhambra facility and then some other items.

是的，問得好，理查德，這一點很重要，因為重組不是免費的，對嗎？因此，我們可能已經獲得了大部分重組成本——我們在本季度收取了費用，但就現金而言，我們將在九月份的季度支付其中的大部分費用。在員工遣散費、我們必須支付的與關閉和退出阿罕布拉工廠有關的一些款項以及其他一些項目方面，它將達到頂峰。

Financing and CapEx, of course, are not part of the operating activities. So we’ll be using cash in the quarter. And the bulk of it, as we see it right now, will be towards those types of items with -- again, if we hit the breakeven on normalized adjusted cash flow from an operating standpoint, then almost all of the cash use would be towards these items that we would adjust out to get to that target.

當然，融資和資本支出不屬於營運活動的一部分。因此，我們將在本季使用現金。正如我們現在所看到的，其中大部分將用於那些類型的項目——同樣，如果我們從運營的角度達到正常化調整現金流的盈虧平衡，那麼幾乎所有現金使用都將用於我們將調整這些項目以實現該目標。

And Richard, I can add a little more color. I think it’s really important to think about this in a phased approach. It’s by no means the cash flow -- adjusted cash flow breakeven goal as part of a phased approach with much larger strategic objectives to get to profitability, right?

理查德，我可以添加更多的色彩。我認為分階段思考這個問題非常重要。這絕不是現金流——調整後的現金流損益平衡目標，作為分階段方法的一部分，具有更大的策略目標以實現盈利，對嗎？

So it’s certainly a great short-term target that to Tom’s point, if we execute to plan we can certainly achieve. But we are monitoring the cash burn very closely as part of sort of the cultural change within the organization now.

因此，對湯姆來說，這無疑是一個偉大的短期目標，如果我們按計劃執行，我們肯定可以實現。但我們正在非常密切地監控現金消耗情況，作為組織內部文化變革的一部分。

So it’s something that’s top of mind for us and it’s definitely part of our battle rhythm so to speak, now more than it ever has been. So very top of mind in terms of the go forward and bringing on the FTI team in that CRO role has helped us immensely with getting a little bit more (inaudible) familiar with the cash management on a day-to-day basis. So your point is noted, Richard.

因此，這是我們最關心的事情，可以說，它絕對是我們戰鬥節奏的一部分，現在比以往任何時候都更重要。因此，就前進而言，讓 FTI 團隊擔任 CRO 角色是我們最關心的事情，這極大地幫助我們更加熟悉了日常現金管理（聽不清楚）。所以你的觀點已經被注意到了，理查。

Okay, great.

好的，太好了。

And maybe just one last one. Richard, Tom again, just one more thing to add. You know, after the September quarter, are those expenses related to restructuring and shutting down Alhambra it moderate and trail off in a significant way. It's going to be mostly severance that will continue on for a few more quarters after the September quarter.

也許只是最後一件。理查德，又是湯姆，還有一件事要補充。您知道，在 9 月季度之後，與重組和關閉 Alhambra 相關的費用會大幅減少。這將主要是遣散費，並將在九月季度之後的幾個季度內持續下去。

Okay. Two last questions for me, 1 for Tom, which is kind of taking all the stuff in here. And obviously, we’ll try to go into this a little bit afterwards here. But just kind of high level here, how do we think about a breakeven model here? Obviously, you’ve engaged FTI Consulting to help 2 things here and probably have some sort of model in mind here, and we’ve asked this in the past, and obviously, things have changed. But Tom, maybe you can update us on what that breakeven model might look like.

好的。最後兩個問題問我，第一個問題問湯姆，這有點把所有的東西都包含在這裡。顯然，我們稍後會嘗試在這裡討論這個問題。但這裡只是高水平，我們如何看待這裡的損益平衡模型？顯然，您已經聘請 FTI Consulting 來幫助解決兩件事，並且可能已經想到了某種模型，我們過去曾問過這個問題，顯然，情況已經發生了變化。但是湯姆，也許你可以向我們介紹一下損益平衡模型的最新情況。

Yes, sure. So let’s just start with OpEx. The OpEx came down in large part because we got some benefit basically in the month of June, in the June quarter, because the actions were taken near the end of May. As you get into the September quarter, we’ll get a pretty significant boost from the restructuring actions. And so we expect the operating expense number, the non-GAAP operating expense number to be likely under [8] could even be closer to mid-7s.

是的，當然。那麼，就讓我們從營運支出開始吧。營運支出下降很大程度上是因為我們基本上在六月、六月季度獲得了一些好處，因為這些行動是在五月底附近採取的。當進入九月季度時，我們將從重組行動中獲得相當大的推動。因此，我們預計營運費用數字（非 GAAP 營運費用數字）可能低於 [8]，甚至可能接近 7 左右。

And so if you think about it that way, Richard, you’re going to need -- with depreciation running at around $700,000 a quarter you’re going to need about $6.7 million, $6.8 million in gross profit dollars to get to that breakeven on an adjusted EBITDA basis. So I hope that helps kind of guide you to where we think we need to get to in order to break even.

因此，如果你這樣想，理查德，你將需要 - 由於每季度折舊約為 70 萬美元，你將需要約 670 萬美元，即 680 萬美元的毛利才能實現這一目標在調整後的EBITDA基礎上達到損益平衡。因此，我希望這有助於引導您了解我們認為需要達到的目標才能達到收支平衡。

Okay. That's fair enough. I’ll do the math and follow up with any more questions on that. Maybe 1 last one for Matt here and probably kind of a two-parter Obviously, some nice bookings in the quarter, [1.24] is a great book-to-bill number. I think you mentioned a couple of programs.

好的。這很公平。我將進行數學計算，並跟進任何有關此問題的問題。也許是馬特的最後一個，可能是兩部分顯然，本季度有一些不錯的預訂，[1.24] 是一個很好的訂單到賬單數字。我想你提到了幾個程式。

I think some armored vehicle, which I didn’t recognize before maybe can detail where those are coming from and then, obviously, going back to the last quarter, Matt, with the delays in 2 different Torpedo programs, I want to get any update on where we sit in terms of seeing that come back to a normal run rate.

我認為一些我以前不認識的裝甲車可能可以詳細說明它們的來源，然後，顯然，回到上個季度，馬特，由於兩個不同的魚雷計劃的延誤，我想得到任何更新我們在恢復正常運行率方面的情況。

No, great point. So the strong bookings quarter was really, really holistic and those are great callouts and armored vehicle programs. Those are programs of records that we are on with a large US. Army contract that I’ll leave non-attributional for now, but that contract has viability through 3 more fiscal years sort of get into full rate production and actively getting those orders has been a fantastic outcome.

不，很好的一點。因此，強勁的預訂季度確實非常全面，這些都是很棒的標註和裝甲車計劃。這些是我們與美國合作的記錄項目。我暫時不考慮陸軍合同，但該合約在 3 個以上的財年中具有可行性，可以進入全速生產，並積極獲得這些訂單，這是一個了不起的結果。

In addition, we had an armored vehicle opportunity emerge in and around the effort in Ukraine, which was also a really positive windfall, in -- something that we have been working on since sort of the advent of the conflict. So those were 2 programs that we’ve been working with in the pipeline that came to fruition that were certainly notable.

此外，我們在烏克蘭的努力中和周圍出現了裝甲車的機會，這也是一筆非常積極的意外之財，這是自衝突爆發以來我們一直在努力的事情。這就是我們一直在醞釀中的兩個項目，它們最終取得了成果，當然值得注意。

That being said, we did discuss the Torpedo mix falling a bit short of projections in the last earnings call. Certainly, that has been the case. What we did have in this quarter is we got a much clearer picture of the delivery schedule on one of the programs.

話雖這麼說，我們確實討論了魚雷組合略低於上次財報電話會議的預測。當然，情況確實如此。我們在本季所做的是，我們對其中一個專案的交付時間表有了更清晰的了解。

Which was hugely edifying both for our build plan and for our go-forward projections. We continue to have an elusive schedule in and around the second program, but we continue to work with Navy leadership directly as a crucial supplier and an essential to even out that demand to get some clear projections as we go.

這對於我們的建置計劃和未來的預測都非常有啟發。我們在第二個項目及其周圍仍然有一個難以捉摸的時間表，但我們繼續作為關鍵供應商直接與海軍領導層合作，並且對於平衡這一需求以獲得一些清晰的預測至關重要。

Positively, Richard, we’ve we filled out the quarterly projections with a lot more non-Torpedo orders to help with the product mix, just knowing the fact pattern that we have, right? We have to deal with the hand that we’re dealt. So we’re modeling the build plan in and around that, at least the demand signal that 1 program that has become much more clear.

理查德，積極地，我們已經用更多的非魚雷訂單填寫了季度預測，以幫助產品組合，只要知道我們所擁有的事實模式，對吧？我們必須處理我們收到的牌。因此，我們正在圍繞這一點對建置計劃進行建模，至少需求訊號顯示 1 個程式已經變得更加清晰。

Okay. Fair enough. Thanks for that update. That's all for me.

好的。很公平。感謝您的更新。這就是我的全部。

Thank you, Richard.

謝謝你，理查。

(Operator Instructions) Brian Kintslinger, AGP.

（操作員說明）Brian Kintslinger，AGP。

Great. Thanks so much. And can you talk about the pipeline or thoughts on sustainability of bookings on a go-forward basis?

偉大的。非常感謝。您能否談談關於未來預訂永續性的管道或想法？

Absolutely. So the early indications this quarter are outpacing actually the quarter that we just reported on. So the pipeline continues to be really strong. The sales team has put an inordinate amount of effort into the international and domestic mix of the pipeline. And we have seen, as I stated previously, a lot of demand outside of the conflict in Ukraine in Turkey, Israel and a couple of other European countries.

絕對地。因此，本季度的早期跡象實際上超過了我們剛剛報告的季度。因此，管道仍然非常強大。銷售團隊在國際和國內通路的組合上投入了大量的精力。正如我之前所說，我們已經看到，除了烏克蘭衝突之外，土耳其、以色列和其他幾個歐洲國家也存在大量需求。

So the European portfolio continues to be strong and then the domestic portfolio continues to deliver well within our pipeline model. So no signs of letting up from where I sit, the team is working hard to sustain that. Obviously, book-to-bill ratio is the lifeblood of the growth.

因此，歐洲投資組合繼續強勁，然後國內投資組合繼續在我們的管道模型中表現良好。因此，從我坐的位置來看，沒有任何放鬆的跡象，團隊正在努力維持這一點。顯然，訂單出貨比是成長的命脈。

So we’re working with the FTI team to model that a little bit more closely. That’s a clear next step to look a little bit further on the horizon, in some of those projections. So -- but the outlook has been very positive.

因此，我們正在與 FTI 團隊合作，對其進行更緊密的建模。在其中一些預測中，下一步顯然是要進一步展望未來。所以——但前景非常樂觀。

It seems the market -- sorry, it seems your bookings trends in this most recent quarter as well as the one coming up, seems to have shifted for the positive. Is that the function of the market improving because of war-related regions? Is that what’s changed in the market?

看來市場——抱歉，最近一個季度以及即將到來的季度的預訂趨勢似乎已經轉向積極的方向。這是否是因為戰爭地區而導致市場功能的改善？這就是市場的變化嗎？

I think it’s a combination of factors. I think the geopolitical situation globally certainly plays a role in a positive direction. I also think the current sales team has been in place now not for a full two years, but at least for 18 months.

我認為這是多種因素綜合作用的結果。我認為全球地緣政治局勢肯定會朝著正面的方向發揮作用。我也認為目前的銷售團隊已經就位了，不是整整兩年，而是至少 18 個月。

And obviously, given the cyclical nature of this business, that team and their associated contacts and funnels have really started to come to fruition, given how long it takes, especially on the armored vehicle side and in some of these larger curated platforms and some of these gimbal programs, the qualification effort can be lengthy.

顯然，考慮到這項業務的周期性，該團隊及其相關的聯絡人和管道已經真正開始取得成果，考慮到需要多長時間，特別是在裝甲車方面以及在一些較大的策劃平台和一些這些萬向節專案的認證工作可能會很漫長。

So we’re starting to see a material benefit of some good seed work that was laid down early on in the sales team kind of getting their footing as a combined entity.

因此，我們開始看到一些良好的種子工作帶來的物質利益，這些工作是銷售團隊早期奠定的基礎，作為一個合併的實體奠定了基礎。

And then lastly, can you talk about the mix of backlog? You said the June quarter had a favorable mix. Is the mix of the backlog similar, better, worse? And how should we think about the long-term potential gross margin as a result of that plus the cuts?

最後，可以談談積壓的情況嗎？您說過六月季度的組合不錯。待辦事項的組合是否相似、更好還是更差？我們該如何考慮由此加上削減所帶來的長期潛在毛利率？

The mix has improved greatly, especially the mix is a much more sensitive analysis in and around the Concord facility. And that mix, I would contest has improved the most among the group. That said, on a go-forward basis, managing that mix is something we have to pay attention to every day.

混合已經有了很大的改善，特別是混合是在康科德工廠及其周圍進行更敏感的分析。我認為這種組合在小組中進步最大。也就是說，從長遠來看，管理這種組合是我們每天必須關注的事情。

And getting the right mix of products in the build plan so that we can operate within a much more narrow band of gross margin, that’s why it’s a key pillar of our company strategy, right? So as we manage the Concord facility, we have to manage to an improved margin profile to get the financial outcomes that we’ve stated.

在建構計畫中獲得正確的產品組合，以便我們能夠在更窄的毛利率範圍內運營，這就是為什麼它是我們公司策略的關鍵支柱，對吧？因此，當我們管理康科德工廠時，我們必須設法改善利潤狀況，以獲得我們所謂的財務成果。

So the team is working very closely, not only on the mix, but improving the yield dynamics in and around the facilities so that we have a little bit more latitude, but at the same time, getting the right product mix in the quarter, working with the associated customers. getting longer-term demand signals from a few customers that order quarterly or operate under a renewal framework, reengaging those customers and some different frameworks that can help all parties has been effective as well in the short term.

因此，團隊正在非常密切地合作，不僅在產品組合上，而且還提高設施內部和周圍的產量動態，以便我們有更多的自由度，但同時，在本季度獲得正確的產品組合，工作與相關客戶。從一些按季度訂購或在更新框架下運營的客戶那裡獲取長期需求訊號，重新吸引這些客戶和一些可以幫助各方的不同框架在短期內也是有效的。

Great. Thanks. Nice progress in a short period.

偉大的。謝謝。短時間內取得了不錯的進展。

Thank you.

謝謝。

Thanks, Brian.

謝謝，布萊恩。

And this concludes today's Q&A session. And I would like to hand back over to Interim Chief Executive Officer, Matthew Vargas, for closing remarks.

今天的問答環節到此結束。我想請臨時執行長馬修‧巴爾加斯 (Matthew Vargas) 致閉幕詞。

Thank you all for making the time today. I really appreciate it, and thank you for your interest in EMCORE. I wanted to emphatically recognize our team for their perseverance as we build on the solid progress we’ve achieved thus far and continue to work to achieve our stated goals. Thank you very much.

感謝大家今天抽出時間。我真的很感激，也感謝您對 EMCORE 的興趣。我想特別感謝我們的團隊在我們迄今為止的堅實進展的基礎上堅持不懈，並繼續努力實現我們既定的目標。非常感謝。

This concludes today's conference call. Enjoy the rest of your day. You may now disconnect.

今天的電話會議到此結束。享受你一天剩下的時間。您現在可以斷開連線。