Fabrinet (FN) 2014 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Fabrinet's fourth quarter 2014 financial results call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. I would like to turn the call over to your host, John Marchetti. Please go ahead.

女士們先生們，美好的一天，歡迎來到 Fabrinet 2014 年第四季度財務業績電話會議。此時，所有參與者都處於只聽模式。稍後，我們將進行問答環節，屆時將進行說明。我想將電話轉給您的主持人 John Marchetti。請繼續。

Thank you, operator, and good afternoon everyone. Thank you for joining us on today's conference call to discuss Fabrinet's financial and operating results for the fourth quarter and FY14, which ended June 27, 2014. With me on the call today are Tom Mitchell, Chief Executive Officer and Chairman of the Board of Directors of Fabrinet; and TS Ng, our Chief Financial Officer. This call is being webcast, and a replay will be available on the investor section of our website, located at Investor.Fabrinet.com. Please refer to our website for important information, including our earnings press release and our non-GAAP to GAAP reconciliation.

謝謝接線員，大家下午好。感謝您參加今天的電話會議，討論 Fabrinet 截至 2014 年 6 月 27 日的第四季度和 2014 財年的財務和運營業績。今天和我一起參加電話會議的有首席執行官兼董事會主席 Tom Mitchell法布里內特；以及我們的首席財務官 TS Ng。此電話會議正在進行網絡直播，我們網站的投資者部分將提供重播，網址為 Investor.Fabrinet.com。請參閱我們的網站以獲取重要信息，包括我們的收益新聞稿和我們的非 GAAP 與 GAAP 對賬。

I would like to remind you that today's discussion will contain forward-looking statements, including our expected financial results for the first quarter of FY15, our market and growth opportunities, demand for our products, and our investment strategies. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from Management's current expectations. For discussion of such risks and uncertainties that may affect our results, please refer to our recent SEC filings, in particular the section captioned risk factors in our annual report on form 10-K, filed on October 16, 2014.

我想提醒您，今天的討論將包含前瞻性陳述，包括我們 2015 財年第一季度的預期財務業績、我們的市場和增長機會、對我們產品的需求以及我們的投資策略。前瞻性陳述受風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與管理層當前的預期存在重大差異。有關可能影響我們結果的此類風險和不確定性的討論，請參閱我們最近提交給美國證券交易委員會的文件，尤其是我們於 2014 年 10 月 16 日提交的 10-K 表格年度報告中標題為風險因素的部分。

These forward-looking statements reflect our opinions only as of the date of this presentation, and we undertake no obligation to revise them in light of new information or future events, except as required by law. Before I turn the call over to Tom for his remarks, I want to comment on our audit committee investigation, which was previously disclosed and is now concluded. Prior to the completion of Fabrinet's FY14 financial results, management identified potential accounting violations with respect to consignment shipments and inventory. Subsequently, the audit committee of Fabrinet's Board of Directors initiated an internal investigation concerning various accounting cutoff issues in FY14, specifically, the shipment of unfinished goods to consignment inventory and other inventory cutoff considerations.

這些前瞻性陳述僅反映我們截至本演示文稿之日的觀點，除法律要求外，我們不承擔根據新信息或未來事件修改這些陳述的義務。在我將電話轉給湯姆徵求他的意見之前，我想對我們的審計委員會調查發表評論，該調查先前已披露，現已結束。在 Fabrinet 完成 2014 財年財務業績之前，管理層發現了與寄售和庫存有關的潛在會計違規行為。隨後，Fabrinet 董事會的審計委員會針對 2014 財年的各種會計截止問題啟動了內部調查，具體而言，將未完成的貨物裝運到寄售庫存和其他庫存截止考慮因素。

The investigation found certain process weaknesses concerning the potential to invoice unfinished goods held under consignment arrangements, and the need for certain remedial measures including: process improvements, personnel training regarding revenue recognition policies and inventory management techniques, and their relevant accounting considerations, and certain personnel disciplinary actions. The audit committee provided these findings to the Company's management so they can determine the potential impact on the Company's disclosure controls and procedures, and internal control over financial report.

調查發現，在可能對寄售安排下持有的未完成貨物開具發票方面存在某些流程缺陷，需要採取某些補救措施，包括：流程改進、有關收入確認政策和庫存管理技術的人員培訓，以及相關的會計考慮因素，以及某些人員紀律處分。審計委員會向公司管理層提供了這些調查結果，以便他們確定對公司的披露控制和程序以及財務報告內部控制的潛在影響。

Subsequent to the completion of the audit committee's investigation, the Company evaluated its accounting practices surrounding consignment inventory and consignment revenue. Based on that evaluation, the Company determined that, for certain volume supply [remnants] with its customers, not all the revenue recognition criteria prescribed by the relevant accounting literature had been met at the time revenue was recorded. Specifically, the Company misapplied the guidance for assessing the terms of these arrangements, with respect to when title and risk of loss transfers to its customers.

在審計委員會完成調查後，公司評估了其圍繞寄售存貨和寄售收入的會計實務。根據該評估，公司確定，對於其客戶的某些數量供應[剩餘]，在記錄收入時並未滿足相關會計文獻規定的所有收入確認標準。具體而言，公司在所有權和損失風險何時轉移給客戶方面誤用了評估這些安排條款的指南。

As a result, the Company determined that certain sales previously recognized did not qualify for revenue recognition in the periods in which they were recognized. The Company has evaluated the impact of the errors on both a quantitative and qualitative basis, under the relevant accounting guidance, and determine that the errors did not have a material impact to the previously issued consolidated financial statements.

因此，公司確定之前確認的某些銷售不符合在確認期間確認收入的條件。本公司已根據相關會計準則從定量和定性的基礎上評估了錯誤的影響，並確定錯誤對先前發布的合併財務報表沒有重大影響。

Accordingly, previously issued financial statements for FY13 and FY12 were not revised or restated. For additional information on the audit committee's investigation and the Company's accounting practices surrounding consignment inventory and consignment revenue, and the corresponding impact of the Company's disclosure controls and procedures, and internal control over financial reporting, please see the Company's annual report on form 10-K for the fiscal year ended June 27, 2014, filed on October 16, 2014.

因此，之前發布的 2013 財年和 2012 財年的財務報表沒有被修改或重述。有關審計委員會調查和公司圍繞寄售庫存和寄售收入的會計實務的更多信息，以及公司披露控制和程序以及財務報告內部控制的相應影響，請參閱公司 10-K 表年度報告截至 2014 年 6 月 27 日的財政年度，於 2014 年 10 月 16 日提交。

I would now like to turn the call over to Fabrinet's CEO and Chairman, Tom Mitchell.

我現在想把電話轉給 Fabrinet 的首席執行官兼董事長湯姆米切爾。

Thank you, John, and good afternoon everyone. FY14 was another strong year for Fabrinet, with strong growth in both revenue and earnings per share. With the audit committee's investigation behind us, I am optimistic on FY15.

謝謝約翰，大家下午好。 2014 財年對於 Fabrinet 來說又是強勁的一年，收入和每股收益都強勁增長。隨著審計委員會的調查結束，我對 FY15 持樂觀態度。

Our relationships with customers have never been stronger, and our pipeline of new engagement continues to grow. Despite a challenging environment, I am confident that our focus will enable us to deliver another year of profitable growth.

我們與客戶的關係從未如此牢固，我們的新參與渠道也在不斷增長。儘管環境充滿挑戰，但我相信我們的專注將使我們能夠實現又一年的盈利增長。

I will now turn the call back to John for a discussion on the markets we serve.

我現在將把電話轉回給約翰，討論我們所服務的市場。

Thanks, Tom. FY14 was a solid year for Fabrinet, despite a demand environment that remains stubbornly choppy. Our optical communications business performed well, up nearly 8% year over year, while our non-optical business was a bit lumpy, but did post better 4Q results, growing in the mid-single digits both sequentially and year over year. In optical communications, we experienced a modest increase relative to our expectations in the quarter, primarily in the datacom portion of our business, with the telco side essentially in line with our expectations.

謝謝，湯姆。 2014 財年對 Fabrinet 來說是穩健的一年，儘管需求環境依然動盪不安。我們的光通信業務表現良好，同比增長近 8%，而我們的非光通信業務表現不佳，但確實公佈了更好的第四季度業績，環比和同比均實現中等個位數增長。在光通信方面，我們在本季度經歷了相對於我們預期的適度增長，主要是在我們業務的數據通信部分，電信方面基本符合我們的預期。

For the fiscal year, our datacom business more than doubled, while our telco business contracted on inconsistent demand trends throughout the year. We anticipate that these inconsistent demand trends in our optical communications business are likely to continue through the remainder of the calendar year.

在本財年，我們的數據通信業務增長了一倍多，而我們的電信業務因全年需求趨勢不一致而收縮。我們預計我們的光通信業務中這些不一致的需求趨勢可能會持續到日曆年的剩餘時間。

Throughout the fiscal year, we saw a focus on the more advanced components and modules, while demand for older products was more variable. We expect these trends to continue, and believe the intermediate to long term demand environment for optical communications products continues to be favorable, and we expect to benefit through our customers as spending on optical equipment accelerates.

在整個財政年度，我們看到了對更先進的組件和模塊的關注，而對舊產品的需求變化更大。我們預計這些趨勢將持續下去，並相信光通信產品的中長期需求環境將繼續有利，我們預計隨著光設備支出的加速增長，我們的客戶將從中受益。

Our non-optical business showed signs of improvement in the fourth quarter, driven by modest increases in all of our non-optical segments. For the year, the non-optical business posted growth of roughly 1%, as demand within the segment was mixed, and new programs are still in the early stages of ramping. As Tom has mentioned on several occasions, this continues to be an important piece of our long-term growth strategy, and we will continue to explore ways to accelerate our diversification efforts in these and potentially other new markets.

我們的非光學業務在第四季度顯示出改善的跡象，這得益於我們所有非光學部門的適度增長。全年，非光學業務增長約 1%，因為該領域內的需求喜憂參半，而且新項目仍處於發展的早期階段。正如湯姆多次提到的那樣，這仍然是我們長期增長戰略的重要組成部分，我們將繼續探索加速我們在這些市場和其他潛在新市場的多元化努力的方法。

In terms of our new business efforts, FY14 was a successful year, with several new accounts signed across multiple revenue segments. Our new customer acquisition efforts are a vital part of our overall growth strategy. And while these new wins always take time to generate meaningful revenue, we believe the pipeline for this new business remains strong. And combined with new business from existing customers, gives us confidence in the long-term growth opportunities for the Company.

就我們的新業務努力而言，2014 財年是成功的一年，在多個收入部門簽署了多個新客戶。我們的新客戶獲取工作是我們整體增長戰略的重要組成部分。雖然這些新的勝利總是需要時間來產生有意義的收入，但我們相信這項新業務的管道仍然很強大。結合現有客戶的新業務，我們對公司的長期增長機會充滿信心。

As we enter FY15, we are encouraged by the overall growth prospects for our business. We continue to work closely with our customers to ensure that we are aligning our resources to meet their current and future production needs. To that end, we are planning to increase our CapEx spending over the next several quarters to expand our NPI and engineering facilities and capabilities, and accelerate our advanced optical packaging efforts.

進入 2015 財年，我們對業務的整體增長前景感到鼓舞。我們繼續與客戶密切合作，以確保我們調整資源以滿足他們當前和未來的生產需求。為此，我們計劃在未來幾個季度增加我們的資本支出，以擴大我們的 NPI 和工程設施和能力，並加速我們先進的光學封裝工作。

We believe that these investments, along with our focus on world-class customer service and manufacturing quality, and a growing pipeline of new engagements, positions us well for growth in the coming fiscal year and beyond.

我們相信，這些投資，連同我們對世界級客戶服務和製造質量的關注，以及不斷增加的新業務，將使我們在下一財年及以後的增長中處於有利地位。

With that, I would now like to turn the call over to TS, our CFO, for a report on our financial results.

有了這個，我現在想把電話轉給我們的首席財務官 TS，以獲得我們財務業績的報告。

Thanks, John. Good afternoon, everyone. Before I begin, just a reminder that although we finished the initial recovery process last quarter, and our fiscal fourth quarter results do not have any insurance of flat impacts included in the numbers, our FY14 and FY13 GAAP results do reflect the impacts of the flats on our operations, as subsequent ensuring recovery efforts.

謝謝，約翰。大家下午好。在我開始之前，提醒一下，雖然我們在上個季度完成了初步的恢復過程，並且我們的第四財季業績沒有任何數字中包含持平影響的保險，但我們的 2014 財年和 2013 財年公認會計原則結果確實反映了持平的影響我們的運營，作為後續確保恢復工作。

With that, I will now like to review the results for the fourth quarter in FY14. Please know that our numbers are GAAP, unless stated otherwise. Our total revenue for the quarter was $160.1 million, down 4.5% sequentially, and an increase of less than 1% compared to the fourth quarter of FY13. As John mentioned earlier, revenue was negatively impacted by $16.5 million in fiscal fourth quarter, as we determined that certain consignment sales did not qualify for revenue recognition in the quarter, due to lack of clarity of the associated contracts concerning delivery terms, the transfers of titles, and the risk of loss. This amount will be recognized in subsequent quarters in FY15, as these consigned goods are shipped, all ambiguous terms in the contracts are revised.

有了這個，我現在想回顧一下 2014 財年第四季度的結果。請注意，除非另有說明，否則我們的數字是公認會計原則。我們本季度的總收入為 1.601 億美元，環比下降 4.5%，與 2013 財年第四季度相比增長不到 1%。正如 John 之前提到的，第四財季收入受到 1650 萬美元的負面影響，因為我們確定某些寄售銷售不符合本季度收入確認的條件，因為相關合同對交付條款、所有權和丟失的風險。該金額將在 2015 財年的後續季度確認，因為這些寄售貨物已經裝運，合同中所有不明確的條款都將被修改。

From an EPS standpoint, the $16.5 million reduction in fiscal fourth quarter revenue have a negative impact of approximately $0.04 per share on both a GAAP and a non-GAAP basis. On an end market basis, revenue from optical communications in the fourth quarter was $110 million, or 69% of total revenues for the quarter, while our non-optical communications revenue was $50.1 million, the remaining 31%.

從每股收益的角度來看，第四財季收入減少 1650 萬美元，在 GAAP 和非 GAAP 基礎上產生每股約 0.04 美元的負面影響。在終端市場方面，第四季度光通信收入為 1.1 億美元，佔本季度總收入的 69%，而非光通信收入為 5010 萬美元，佔其餘 31%。

For the fiscal year, our total revenue was $677.9 million, an increase of approximately 6% compared to FY13, primarily as a result of improved demand in our optical communications segment. For the fiscal year, revenues on optical communications was $484.1 million, or 71% of total revenues, while our non-optical communications revenue was $193.8 million, the remaining 39%.

本財年，我們的總收入為 6.779 億美元，與 2013 財年相比增長約 6%，這主要是由於光通信部門的需求增加。本財年，光通信收入為 4.841 億美元，佔總收入的 71%，而非光通信收入為 1.938 億美元，佔總收入的 39%。

GAAP gross margin for the fourth quarter was 11.1%, up 80 basis points sequentially. Please remember that last quarter, we had a customer reserve issues that had a negatively impacts of approximately 40 basis points on our gross margin, GAAP-wise. For fiscal first-quarter 2015, we anticipate gross margin to be remain essentially flat, as we offset employee merit increases made at the start of each fiscal year, with ongoing cost reduction programs. Excluding share-based compensation expenses, non-GAAP gross margin was 11.3% in the fourth quarter, and 11.1% for FY14.

第四季度 GAAP 毛利率為 11.1%，比上一季度上升 80 個基點。請記住，上個季度，我們的客戶儲備金問題對我們的毛利率產生了大約 40 個基點的負面影響，按 GAAP 計算。對於 2015 財年第一季度，我們預計毛利率將基本持平，因為我們通過持續的成本削減計劃抵消了每個財年開始時員工績效的增長。不包括股權激勵費用，第四季度非美國通用會計準則毛利率為 11.3%，2014 財年為 11.1%。

Our share-based compensation expenses for the quarter were $1 million, of which roughly $700,000 was included in SG&A. For FY14, our share-based compensation expenses were $5.5 million, of which approximately $4.4 million was included in SG&A.

本季度我們基於股份的薪酬支出為 100 萬美元，其中約 700,000 美元包含在 SG&A 中。 2014 財年，我們的股權補償費用為 550 萬美元，其中約 440 萬美元包含在 SG&A 中。

For FY14, our flood-related income was $44.7 million, which consisted of final issue payments receipt of $45.2 million, offset with expenses from final payments to customers of roughly $0.5 million. These compare to flood-related income of $27.2 million in FY13, which consisted of final issuance payments received from our insurer of approximately $39.4 million, offset with additional expenses in connection to liabilities to third parties, due to flood losses of $2.2 million.

2014 財年，我們與洪水相關的收入為 4,470 萬美元，其中包括 4,520 萬美元的最終發行付款收據，抵消了大約 50 萬美元的最終客戶付款費用。相比之下，2013 財年與洪水相關的收入為 2,720 萬美元，其中包括從我們的保險公司收到的約 3,940 萬美元的最終發行付款，因洪水損失 220 萬美元而與第三方負債相關的額外費用被抵消。

These amounts are included in our results as other income, and excluded from our non-GAAP results. In total, we have received payments against our claims in the amount of approximately $74.7 million, and we estimate that the overall cost of the flood, less the insurance proceeds and other government grants, was approximately $34.7 million.

這些金額作為其他收入包含在我們的業績中，不包括在我們的非 GAAP 業績中。我們總共收到了約 7470 萬美元的索賠付款，我們估計洪水的總成本減去保險收益和其他政府補助金後約為 3470 萬美元。

Our effective tax rate for the quarter was approximately 11%, which is above our normalized range of 5% to 6%. This is because we took a $550,000 provision relating to the expected end of our tax holiday, also say that we're building [fi] at our Pinehurst campus. Without this item, our normalized tax rate would have been 6.4%. As we enter FY15, we expect that our effective tax rate will remain in a 5% to 6% range.

我們本季度的有效稅率約為 11%，高於我們 5% 至 6% 的正常範圍。這是因為我們為預計的免稅期結束提取了 550,000 美元的準備金，還說我們正在 Pinehurst 校區建設 [fi]。如果沒有這個項目，我們的標準化稅率將是 6.4%。隨著我們進入 2015 財年，我們預計我們的有效稅率將保持在 5% 至 6% 的範圍內。

On a non-GAAP basis, though the net income for the quarter was $12.1 million, or $0.34 per diluted share. Non-GAAP net income was down from $12.3 million last quarter, due to the revenue exclusions of these consigned shipments, and declined 2.4% compared to non-GAAP net incomes of $12.4 million, or $0.35 per diluted share in the same period last year.

按非美國通用會計準則計算，本季度的淨收入為 1210 萬美元，即每股攤薄收益 0.34 美元。非 GAAP 淨收入低於上一季度的 1230 萬美元，原因是這些寄售貨物的收入被排除在外，與去年同期的非 GAAP 淨收入 1240 萬美元或攤薄後每股收益 0.35 美元相比下降了 2.4%。

For the fiscal year, non-GAAP net income was $54.6 million, or $1.53 per diluted share, an increase of 8.1% compared to non-GAAP net income of $50.5 million, or $1.44 per diluted share in FY13, mainly due to higher revenue. On a GAAP basis, including share-based compensation expenses, executive separation caused income related to our insurance recovery and other one-time items, our net income was $10.3 million, or $0.39 per diluted share in the quarter, compared to GAAP net incomes of $15.1 million, or $0.43 per diluted share, in the fourth quarter of FY13.

本財年，非美國通用會計準則淨收入為 5460 萬美元，或攤薄後每股收益 1.53 美元，相比 2013 財年非美國通用會計準則淨收入 5050 萬美元，或攤薄後每股收益 1.44 美元，增長 8.1%，主要原因是收入增加。根據 GAAP，包括基於股份的補償費用、高管離職導致的與我們的保險追償和其他一次性項目相關的收入，我們本季度的淨收入為 1030 萬美元，或每股攤薄收益 0.39 美元，而 GAAP 淨收入為2013 財年第四季度為 1510 萬美元，或攤薄後每股 0.43 美元。

For the fiscal year, GAAP net income was $91.7 million, or $2.58 per diluted share, compared to GAAP net incomes of $69 million, or $1.98 per diluted share in FY13. We ended FY14 with a cash balance of $233.5 million. Cash increased by approximately $84 million over FY13, mainly due to the receipt of the final insurance payments and increased revenues.

本財年，GAAP 淨收入為 9170 萬美元，或每股攤薄收益 2.58 美元，而 2013 財年的 GAAP 淨收入為 6900 萬美元，或每股攤薄收益 1.98 美元。截至 2014 財年，我們的現金餘額為 2.335 億美元。現金比 2013 財年增加了約 8400 萬美元，主要是由於收到最終保險金和收入增加。

Also during the quarter, we entered into a credit facility that includes a $150 million revolving loan, and a $50 million delayed draw term loan. We enter into this agreement, as we believe that, with the flood recovery efforts behind us, the timing was right to add some financial flexibility to our balance sheet. We also expect that this loan will allow us to lower our [boring] cost when we began construction on our next manufacturing facility, which we anticipate will be some time in the next 12 to 18 months. In summary, we believe we enter FY15 with a very healthy balance sheet and financial position.

同樣在本季度，我們簽訂了一項信貸安排，其中包括 1.5 億美元的循環貸款和 5000 萬美元的延遲提款期限貸款。我們簽訂這項協議是因為我們相信，隨著洪水恢復工作的結束，為我們的資產負債表增加一些財務靈活性的時機是正確的。我們還預計，這筆貸款將使我們能夠在開始建設下一個製造工廠時降低我們的 [無聊] 成本，我們預計這將在未來 12 到 18 個月內進行。總而言之，我們相信我們以非常健康的資產負債表和財務狀況進入 2015 財年。

Now, I would like to discuss our expectations for fiscal first quarter 2015. We expect to report revenues of approximately $189 million, which includes approximately $3 million of consigned shipments revenue excluded from FY14. GAAP net income per share is expected to be approximately $0.30, and non-GAAP net income per share approximately $0.40, based on roughly 36 million fully diluted shares outstanding.

現在，我想討論一下我們對 2015 財年第一季度的預期。我們預計報告的收入約為 1.89 億美元，其中包括約 300 萬美元的寄售收入，不計入 2014 財年。基於約 3600 萬股完全稀釋的流通股，預計 GAAP 每股淨收入約為 0.30 美元，非 GAAP 每股淨收入約為 0.40 美元。

That concludes our prepared remarks. At this point, I would like to turn the call over for questions. Operator?

我們準備好的發言到此結束。在這一點上，我想把電話轉過來提問。操作員？

(Operator Instructions)

（操作員說明）

Our first question comes from Sherri Scribner with Deutsche Bank. Your line is open.

我們的第一個問題來自德意志銀行的 Sherri Scribner。你的線路是開放的。

I just wanted to understand a little bit the accounting adjustment made this quarter. Should we think about total revenue as being the $160 million plus $16.5 million, which was the impact from the accounting issue that you guys have talked about? And then for the guidance, I just wanted to understand that $3 million -- is it the reverse impact? Or just trying to understand that. Thanks.

我只是想稍微了解一下本季度所做的會計調整。我們是否應該將總收入視為 1.6 億美元加上 1650 萬美元，這是你們談到的會計問題的影響？然後對於指導，我只想了解那 300 萬美元——它是反向影響嗎？或者只是想了解這一點。謝謝。

Sure, Sherri. I think you've generally got it correct. And then I'll throw it over to TS so he can go through the numbers a little bit. But essentially, we took everything there in 4Q. So all else being equal, that $16.6 million would've been in the 4Q number, and we would've reported roughly a $176.5 million. And then as you look at the 1Q, we would have, without that same translation, we would be looking at a number roughly around the $186 million range. TS, maybe it's helpful if you go a little bit more into this specifics of that.

當然，雪莉。我認為你通常是正確的。然後我會把它交給 TS，這樣他就可以稍微檢查一下這些數字。但從本質上講，我們在第四季度把所有東西都拿走了。因此，在其他條件相同的情況下，第四季度的數字為 1660 萬美元，我們報告的數字約為 1.765 億美元。然後當你看第一季度時，如果沒有同樣的翻譯，我們會看到一個大約在 1.86 億美元左右的數字。 TS，如果你更深入地了解這些細節，也許會有所幫助。

Yes, I think, John, you are right. Sherri is also right. It's all about timing. We -- unable to recognize $16 million in last year at Q4, and all these will probably come back in this year, as John alluded to earlier. So it's always about timing. I think Sherri and John got it right

是的，我認為，約翰，你是對的。雪莉也是對的。這完全取決於時間。我們 - 去年第四季度無法確認 1600 萬美元，所有這些可能會在今年回歸，正如約翰早些時候提到的那樣。所以它總是關於時間。我認為雪莉和約翰做對了

Okay. And then TS, just thinking about the gross margin guidance, I think you said gross margins should be about flat going forward. How should we think about that through the rest of FY15? Does anything help that gross margin get a little bit higher? Because historically, I know you have had a better gross margin then 11%. Just trying to understand, is there a different mix now? Thank you.

好的。然後 TS，只是考慮毛利率指導，我認為你說毛利率應該在未來持平。在 2015 財年剩下的時間裡，我們應該如何考慮這個問題？有什麼可以幫助毛利率提高一點嗎？因為從歷史上看，我知道你的毛利率高於 11%。只是想了解，現在有不同的組合嗎？謝謝。

Yes, okay. Good question, Sherri. I think if you look at Q1, we mentioned in the prepared remarks that typically, beginning of the fiscal year, we give a merit increase. And John also talked about, we want to beef up our advanced engineering spending. Some of these are printers, circuit boards,things like that. So I think absorbed the challenge of depreciation at the beginning of the year, plus the merit increase once a year. So I think all this (inaudible) gross margin. So as time go by during the fiscal year, we be expect a cost reduction would be able to offset that.

是的，好的。問得好，雪莉。我想如果你看一下第一季度，我們在準備好的評論中提到，通常在財政年度開始時，我們會加薪。約翰還談到，我們想增加我們的高級工程支出。其中一些是打印機、電路板之類的東西。所以我認為在年初吸收了折舊的挑戰，再加上每年一次的功績增長。所以我認為所有這些（聽不清）毛利率。因此，隨著本財年時間的推移，我們預計成本降低將能夠抵消這一影響。

So right now, we are looking at 11%, 11.3% gross margin, as you see from Q4 non-GAAP basis. And as you ramp to $190 million to $200 million revenue level, we still expect to reach that 12% long-term goal we are targeting all along.

所以現在，我們看到的是 11%、11.3% 的毛利率，正如您從第四季度非 GAAP 基礎上看到的那樣。當您的收入水平上升到 1.9 億至 2 億美元時，我們仍然希望達到我們一直設定的 12% 的長期目標。

Great, thank you.

太好了謝謝。

Our next question comes from Patrick Newton with Stifel. Your line is open

我們的下一個問題來自 Stifel 的 Patrick Newton。你的線路是開放的

Thank you for taking my questions. This is Rob on for Patrick today.

謝謝你回答我的問題。這是今天帕特里克的羅布。

First off, just wanted to ask about inventory. It looks like there's a sequential increase of about 16% in the quarter. Just wondering if you could help me understand what drove that increase? Does that have some sort of impact from the consignment? And do you expect that inventory to remain elevated?

首先，只是想問一下庫存。看起來本季度環比增長約 16%。只是想知道您是否可以幫助我了解是什麼推動了這種增長？這對寄售有某種影響嗎？你預計庫存會保持高位嗎？

Sure, Rob. The short answer to your question is, a lot of what we've been talking about around the accounting issue is reflected in that elevated inventory number at the end of the June quarter or the fiscal year. As we clean this up over the next couple quarters, as TS indicated, you should see that come back down to more a historic level, where we've been over the last two or three quarters. And then obviously, it will move along with your revenue line, as well. TS, I don't know if you have got anything extra that you want to add there, in terms of the actual mechanics of how that changed from say, 3Q to 4Q.

當然，羅伯。對你的問題的簡短回答是，我們一直在談論的很多關於會計問題的內容都反映在 6 月季度末或本財年末的庫存數量增加上。當我們在接下來的幾個季度清理它時，正如 TS 所指出的那樣，你應該看到它回到了歷史水平，我們在過去兩三個季度一直處於這個水平。然後很明顯，它也會隨著你的收入線而變化。 TS，我不知道你是否有任何額外的東西要添加到那裡，就從 3Q 到 4Q 的實際機製而言。

Yes, I think we mentioned in your prepared remarks also that, of the $189 millionwe expect at Q1, there's about $3 million -- approximately $3 million from the rollover, from the revenue we couldn't recognize last year. So if you look, without the $3 million to $185 million or $186 million on the old basis. So from there, I think, Rob, you can then look at the growth from $176 million on the old basis in that Q4.

是的，我想我們在你準備好的發言中也提到了，在我們預計第一季度的 1.89 億美元中，有大約 300 萬美元——大約 300 萬美元來自展期，來自我們去年無法確認的收入。因此，如果您看一下，在舊基礎上沒有 300 萬至 1.85 億美元或 1.86 億美元。所以從那裡，我認為，Rob，你可以看看第四季度從舊基礎上的 1.76 億美元的增長。

Okay, thank you for that. And then, as while you talked about some increased CapEx spending. I was hoping to get a sense of what kind of a run rate you're thinking? Or do you have an annual target?

好的，謝謝你。然後，當你談到一些增加的資本支出時。我希望了解您在想什麼樣的運行率？或者你有年度目標嗎？

TS, why don't you go ahead and just give them some sense of where we are going with those Cap Ex figures this fiscal year?

TS，你為什麼不繼續讓他們了解我們本財年的 Cap Ex 數字？

Yes. If you look at the 10-K from the cash flow statement, you pretty much realize that the FY14, our Cap Ex is about $11 million. Okay? And we spent about $11 million depreciation. So how we spend to offset the depreciation. Now moving forward to FY15, as John alluded, our CapEx will be probably 30%, 40% higher than that, so -- because of the -- invest in the future.

是的。如果您查看現金流量表中的 10-K，您幾乎會意識到我們的 2014 財年資本支出約為 1100 萬美元。好的？我們花費了大約 1100 萬美元的折舊費。那麼我們如何花費來抵消折舊。現在進入 2015 財年，正如 John 所暗示的那樣，我們的資本支出可能會比這高出 30%、40%，因此——因為——投資於未來。

Okay, great, appreciate that And this is my last question. How should we think about SG&A going forward? I know you talked about some merit increases in the first quarter. Also talked about gross margin being flat. Just wondering what you're going to see? Or any insight into operating expenses?

好的，非常感謝，這是我的最後一個問題。我們應該如何考慮未來的 SG&A？我知道你在第一季度談到了一些加薪。還談到毛利率持平。只是想知道你會看到什麼？或者對運營費用有什麼了解？

Okay. I'll answer that, John. Most of the merit increases, once a year, go into cost of goods sold. On the SG&A, we have mostly executive salary and payroll and executive is paid based on pro forma basis. So it is not based on the fixed time basis on the merit increase. So those, I just explain, that's right the gross margin, as you say, 11%, 11.3%, because once a year, we have that merit increase. Moving forward, the SG&A operating expense in total, we're still looking at probably less than $6 million per quarter, based on a non-GAAP basis.

好的。我來回答，約翰。大部分功績增加，每年一次，進入銷售商品的成本。在 SG&A 方面，我們主要有高管薪水和工資單，而高管是根據預估基礎支付的。所以它不是建立在功德增長上的固定時間基礎上的。因此，我只是解釋說，這就是毛利率，正如你所說，11%、11.3%，因為每年一次，我們的業績會增加。展望未來，SG&A 總運營費用，根據非公認會計原則，我們仍然認為每季度可能不到 600 萬美元。

Okay. Great. Appreciate you answering my questions.

好的。偉大的。感謝您回答我的問題。

Sure thing.

當然可以。

Our next question comes from Paul Coster with JPMorgan. Your line is open

我們的下一個問題來自摩根大通的保羅科斯特。你的線路是開放的

Thanks for taking my questions. First off, the Cap Ex, which you talked about, I didn't really understand. It doesn't sound like it is focused on expanding capacity in any way. It's more R&D focused. Is that correct? So what is the nature of this? Perhaps you can give us some color there?

感謝您回答我的問題。首先，你談到的 Cap Ex，我不太明白。聽起來它並不專注於以任何方式擴大產能。它更注重研發。那是對的嗎？那麼這是什麼性質呢？也許你可以給我們一些顏色？

Sure thing, Paul. It is capacity-related in some extent. It is not specifically, say, a new building construction, which is something that we undertake when we start to feel capacity constrained on the white space for our customers' manufacturing. But we are, obviously, responding to increased levels for NPI capabilities, or new product introduction capabilities.

當然可以，保羅。它在某種程度上與容量相關。它不是具體的，比如說，新建築，當我們開始感到客戶製造的空白空間的容量受到限制時，我們就會進行這種建設。但顯然，我們正在響應 NPI 能力或新產品引入能力水平的提高。

We are expanding some of our PCB and PCBA capabilities, specifically along those lines, as well. And we're making investments, as you correctly pointed out, in some of the new advanced optical packaging areas, which is probably a little bit more R&D-type spending, but still focused, obviously, on our customers' needs, not something we are necessarily doing for our own product.

我們正在擴展我們的一些 PCB 和 PCBA 能力，特別是沿著這些方向。正如您正確指出的那樣，我們正在一些新的先進光學封裝領域進行投資，這可能是研髮型支出的一部分，但顯然仍然關注我們客戶的需求，而不是我們的需求一定是在為我們自己的產品做。

Got it. Just on this consign -- I'm sorry to flog a dead horse here. But on the consignment sales, can you explain to me what they are? And is there any risk at all that they just simply cannot be sold in the future quarters? That they cannot be recognized?

知道了。就在這個托運上——我很抱歉在這裡鞭打一匹死馬。但是關於寄售，你能解釋一下它們是什麼嗎？是否存在任何風險，即它們在未來幾個季度根本無法出售？他們無法被識別？

Sure. Yes, I'll take a stab at that, and then I'll certainly pass it over to TS, probably for some -- the technical explanation there. But the thing here for us is, a lot of this is determined by when the customer wants it shipped.

當然。是的，我會嘗試一下，然後我一定會把它傳遞給 TS，可能是為了一些 -- 那裡的技術解釋。但對我們來說，這在很大程度上取決於客戶希望何時發貨。

So for us, we only build product that we have a purchase order for. So it's not like we built extra units and then squirreled them away, so that when the customer asked for them, we can deliver them. These are all based on purchased orders.

所以對我們來說，我們只生產我們有採購訂單的產品。所以這不像是我們建造了額外的單元然後把它們藏起來，這樣當客戶需要它們時，我們就可以交付它們。這些都是基於採購訂單。

So what it really comes down to is the ship date. And if the ship date is, say, not immediately when the product is done, then we will put it into consignment. Because we have built that product for the customer, based on their purchased order request.

所以真正歸結為發貨日期。如果發貨日期不是在產品完成後立即發貨，那麼我們將把它放入寄售中。因為我們已經根據他們購買的訂單請求為客戶構建了該產品。

So specifically, to your question about whether or not that revenue won't be recognized in future periods, again, we have built those products based on the customers' PO. So ultimately, that product will ship to the customer at the period of time and then we will recognize revenue then. TS, I don't know if there's anything there you want to add to that.

因此，具體來說，對於您關於該收入是否不會在未來期間確認的問題，我們再次根據客戶的 PO 構建了這些產品。所以最終，該產品將在一段時間內運送給客戶，然後我們將確認收入。 TS，我不知道你是否還有什麼要補充的。

No, I think you explained very well, John. The only thing I want to add is that we account (inaudible) with the US GAAP accounting general as accounting principle. And again, as you probably know, that US GAAP is very, very complex -- complicated. So I think this is all timing. It is not like we take a $16.5 million write off, going to the comprehensive income. No, it's not the case. I believe that most of the $16.5 million will eventually swing back

不，我認為你解釋得很好，約翰。我唯一想補充的是，我們以美國 GAAP 會計準則作為會計原則進行會計核算（聽不清）。而且，正如您可能知道的那樣，美國公認會計原則非常非常複雜。所以我認為這一切都是時機。這不像我們要註銷 1650 萬美元，用於綜合收益。不，不是這樣的。我相信這 1650 萬美元中的大部分最終都會回流

Isn't there an obsolescence risk here? That it's product that, by the time it is delivered, it's just not right for the market any more? And the client doesn't take it?

這裡不存在過時的風險嗎？是不是產品在交付時就不再適合市場了？而客戶不接受？

I cannot see that happen. Because the customer pretty much already accepted -- in fact, most of these products already in the customer hand. So -- excuse me, in the customer control.

我看不到這種情況發生。因為客戶幾乎已經接受了——事實上，這些產品中的大部分已經在客戶手中。所以 - 對不起，在客戶控制中。

Okay. All right, fine. The last question was -- the sales cycle, development of new customers and sales cycle for the laser and sensors segment just seems to be very, very long. Is there any signs of it -- of this pipeline actually being closed out some time soon? I guess we have been waiting a long time for some payback on that.

好的。好吧，很好。最後一個問題是——激光和傳感器領域的銷售週期、新客戶的開發和銷售週期似乎非常非常長。是否有任何跡象表明這條管道實際上很快就會關閉？我想我們已經等待了很長時間才能得到回報。

And I think we are seeing that, to be fair, Paul. The issue here is that there's not a lot of transfer opportunity in the new markets that we're going after. Meaning, established large revenue streams that we can, say, pick up out of a customer and transfer to Thailand and keep them going at, say, and already asked at high revenue rate. So what's happening with the bulk of our new business is, they are not just new business for us, but new programs for the customers themselves. So they are going to start off on small revenue streams, and then slowly but surely grow over time.

我認為我們正在看到這一點，公平地說，保羅。這裡的問題是，在我們追求的新市場中，沒有太多的轉會機會。意思是，建立大量的收入流，我們可以從客戶那裡提取並轉移到泰國，並讓他們繼續保持高收入率。因此，我們的大部分新業務正在發生的事情是，它們不僅是我們的新業務，而且是針對客戶本身的新計劃。所以他們將從小收入流開始，然後隨著時間的推移緩慢但穩步增長。

I think that specifically, in the auto business, we've seen that really start to happen for us now, as we moved some of the critical mass, which gets lumped in with some the sensor and other segments. The laser business had been a little bit lumpier overall from a demand perspective, but I think we feel very good about where we are, in terms of bringing in new programs along with new customers. And I think that is slowly but surely ramping for us, as well.

我認為，具體來說，在汽車行業，我們已經看到這真的開始發生在我們身上，因為我們移動了一些臨界質量，這些臨界質量與一些傳感器和其他部分混為一談。從需求的角度來看，激光業務總體上有點不穩定，但我認為我們對我們所處的位置感到非常滿意，在引入新項目和新客戶方面。而且我認為這對我們來說也在緩慢但肯定地增加。

So I think that for us, this year in particular, FY14, if you will, was a little bit more about some of the recovery going on in optical. But I think we still saw some decent growth in the underlying non-optical business. And I think that's going to continue to expand as we go into FY15 and beyond.

所以我認為對我們來說，特別是今年，如果您願意的話，2014 財年更多地是關於光學領域正在發生的一些復甦。但我認為我們仍然看到了基礎非光學業務的一些可觀增長。而且我認為隨著我們進入 2015 財年及以後，這種情況將繼續擴大。

Got it. All right, that's helpful. Thank you so much, John.

知道了。好吧，這很有幫助。非常感謝你，約翰。

Our next question comes from Dave Kang with B Riley. Your line is open

我們的下一個問題來自 Dave Kang 和 B Riley。你的線路是開放的

Thank you, good afternoon. First question is, I wanted to clarify, John, regarding your fiscal first quarter outlook. So you're basically going from 176 in fourth quarter to 186 in first quarter. That's a pretty big jump, especially considering the data points from some of your top customers. Just wondering where the sources of strength was? And did I hear correctly, that you basically, this fourth quarter to first quarter, a lot of that is non-optical?

謝謝，下午好。第一個問題是，約翰，我想澄清一下你的第一季度財政展望。所以你基本上是從第四季度的 176 上升到第一季度的 186。這是一個相當大的飛躍，尤其是考慮到一些頂級客戶的數據點。只是想知道力量的來源在哪裡？我沒聽錯嗎，基本上，從第四季度到第一季度，很多都是非光學的？

No, we didn't say that it was non-optical. And to answer your first question, Dave, I think on a normalized basis, you're looking at it correctly. All else being equal, we would've been roughly at $176 million, maybe about $176.5 million this fiscal Q4, going to roughly $185 million, $186 million in fiscal 1Q.

不，我們沒有說它是非光學的。回答你的第一個問題，戴夫，我認為在標準化的基礎上，你的看法是正確的。在其他條件相同的情況下，本財年第四季度我們的收入約為 1.76 億美元，可能約為 1.765 億美元，第一財季約為 1.85 億美元，1.86 億美元。

We are seeing increases, I think, in terms of that sequential uptick, in both the optical and non-optical businesses. So I wouldn't say that it is necessarily outsized. And obviously, when we get back on a call here in a few weeks to go through that Q1, we can certainly get into that a little bit more.

我認為，就光學和非光學業務的連續上升而言，我們正在看到增長。所以我不會說它一定是超大的。顯然，當我們在幾週後回到這裡進行電話會議以完成第一季度時，我們當然可以多談一點。

Your top customers, we all know who they are. And they already gave their outlook for the September quarter. And they have been pretty much flattish. And yet you're looking for about 5%, 6% sequential growth. So does that mean that you're gaining more share? They're outsourcing more. Is that the trend here?

您的頂級客戶，我們都知道他們是誰。他們已經給出了對 9 月季度的展望。他們一直很平淡。然而你正在尋找大約 5%、6% 的連續增長。那麼這是否意味著您獲得了更多份額？他們外包更多。這是這裡的趨勢嗎？

I think there is certainly some new programs, like I said, that have come on. But I think in any given quarter, as well, there's always timing issues, and things like that, that can affect the revenue number that we actually put up. So I think that, for us, as we go through and close out the books on 1Q, we are not seeing anything that I think is terribly divergent from what's going on in the industry, if we look at it on an individual, customer by customer basis. But, obviously, as we are rolling things up, we are seeing some growth expected in that September quarter, where maybe some others are looking for something a little bit less than that.

我認為肯定有一些新計劃，就像我說的那樣，已經開始了。但我認為在任何給定的季度，總是存在時間問題，諸如此類的事情會影響我們實際提出的收入數字。所以我認為，對於我們來說，當我們在第一季度完成並結賬時，如果我們從個人、客戶身上看，我們沒有看到任何我認為與行業發生的事情有很大不同的東西客戶基礎。但是，很明顯，隨著我們的進展，我們看到了 9 月那個季度的預期增長，而其他一些人可能正在尋找比這少一點的增長。

Got it, got it. And then, in the K, you have provided the percentage of your top customers. Were they comparable in the fourth quarter, as well? Or any differences?

明白了，明白了。然後，在 K 中，您提供了頂級客戶的百分比。他們在第四季度也具有可比性嗎？或者有什麼區別？

I don't think that they were, TS. I don't know if you have got a comment there. But I think in general, the numbers that we typically put out in the K for those top customers are pretty consistent quarter to quarter. There is not going to be any big variations to that

我不認為他們是，TS。我不知道你是否有評論。但我認為總的來說，我們通常在 K 中為那些頂級客戶提供的數字在每個季度都非常一致。不會有任何大的變化

Got it.

知道了。

Yes, the only thing I want to say is that (inaudible) can force you to the same to customer. But the only things that you know are ClearOs diversify some of their sales to Two Six. So I think, at fiscal Q4, we don't recover Two Six. But for the year, we still have a ClearOs -- we have a piece of those -- that business.

是的，我唯一想說的是（聽不清）會迫使您對客戶採取同樣的做法。但你唯一知道的是 ClearOs 將他們的一些銷售多樣化到二六。所以我認為，在第四財季，我們不會恢復二六。但就這一年而言，我們仍然有 ClearOs——我們有其中的一部分——那項業務。

So just wanted to clarify that. I think it was like 22%, something like. That includes part of a Two Six numbers as well, then, for FY14?

所以只是想澄清一下。我認為它大約是 22%，大約是這樣。那麼，對於 2014 財年，這也包括部分二六數字嗎？

Yes, they sold the business TwoSix sometime in February. (multiple speakers) So before that, it was all ClearOs. So we count it as all ClearOs.

是的，他們在 2 月的某個時候出售了 TwoSix 業務。 （多個揚聲器）所以在那之前，都是 ClearOs。所以我們把它算作所有 ClearO。

Okay. And I'm assuming you're going to break Two Six out separately starting, I guess, this quarter?

好的。而且我假設您將在本季度開始分別打破“二六”？

Absolutely, Dave

當然，戴夫

Okay. And do you think Two Six will be like a 10% customer or --

好的。你認為二六會像 10% 的顧客還是——

I think they're certainly been a good customer for us since they've acquired that business, Dave. But until we actually put those numbers out, we are not going to talk about where any specific customer is.

戴夫，我認為自從他們收購了那項業務以來，他們肯定是我們的好客戶。但在我們真正公佈這些數字之前，我們不會談論任何特定客戶的位置。

Fair enough. And then I thought you said, John, that datacom certainly felt better than telecom. Can you give us the latest mix in the fourth quarter, what the datacom/telecom mix was?

很公平。然後我想你說，約翰，數據通信肯定比電信感覺更好。你能給我們介紹第四季度的最新組合嗎？數據通信/電信組合是什麼？

Yes, you know what? I'd have to take a look. I apologize. I don't have the number directly.

是的，你知道嗎？我得去看看。我道歉。我沒有直接的號碼。

Wasn't that like around 80/20? Something like that? 70/30, historically?

那不是大約 80/20 嗎？像那樣的東西？ 70/30，歷史上？

Historically, it is right around that range. And I think it probably was that quarter. TS, I don't know if you have the number right in front.

從歷史上看，它就在這個範圍內。我認為可能是那個季度。 TS，不知道你有沒有前面的號碼。

Yes, it's 70/30 (multiple speakers). Yes.

是的，它是 70/30（多個揚聲器）。是的。

Okay. And last question is -- I know it is early, but just visibility going into the December quarter? Any color or any comments you can make?

好的。最後一個問題是——我知道現在還早，但只是進入 12 月季度的能見度？您可以提出任何顏色或任何評論？

No, I think that again, we've gotten those conversations certainly going with customers now, given where we are in this -- now that we've started our fiscal 2Q here. I think it is still a little early for that. And obviously, when we get back in front of folks in the next couple weeks, we will be able to give a little bit more color around how we expect the December quarter to play out.

不，我再次認為，考慮到我們所處的位置，我們現在肯定已經與客戶進行了這些對話——現在我們已經在這裡開始了我們的第二財季。我認為現在還為時過早。顯然，當我們在接下來的幾週內回到人們面前時，我們將能夠為我們對 12 月季度的預期結果給出更多的顏色。

But I just want to make sure this $189 million for first quarter is not like a fluke. That sales fall off in the December quarter, that is not the case. This is a real, sustainable number.

但我只想確保第一季度的這 1.89 億美元不是僥倖。銷售額在 12 月季度下降，但事實並非如此。這是一個真實的、可持續的數字。

It's certainly not our expectation at this point.

在這一點上，這當然不是我們的期望。

Okay, thank you very much.

好的，非常感謝。

Our next question comes from Troy Jensen with Piper Jaffray. Your line is open

我們的下一個問題來自 Piper Jaffray 的 Troy Jensen。你的線路是開放的

Maybe two quick questions for John. So sounded like datacom was stronger than telco in the current quarter. Can you comment on September? Where do you think the strength? It sounds like you're expecting some sequential growth in optics. Is it expected to be datacom again? Maybe telco business still stagnant?

也許有兩個簡單的問題要問約翰。聽起來數據通信在本季度強於電信。你能對九月發表評論嗎？你覺得強在哪裡？聽起來您似乎在期待光學領域的連續增長。是否有望再次成為datacom？也許電信業務仍然停滯不前？

I think for us, Troy, is we're looking at that September -- and we will wrap it up here. But -- as we get back in front of folks in a few weeks. But I think we are expecting that September quarter number to really see some growth in both datacom and telco. I don't -- we haven't wrapped it up completely to where I can say, for sure, whether one is stronger than the other. But both were up in September.

我想對我們來說，特洛伊，我們正在關注那個九月——我們將在這裡結束。但是 - 當我們在幾週後回到人們面前時。但我認為我們預計 9 月季度的數據確實會在數據通信和電信領域出現一些增長。我不——我們還沒有完全總結到我可以肯定地說，一個是否比另一個更強大。但兩者都在 9 月份上漲。

Okay, that's good to hear. And then my second question is just, there's been a lot of chatter lately about industry consolidation, and we may finally see it. So just curious to know your thoughts. Obviously, it would be healthy for the industry, but it depends on who is the consolidator. So what is your message here on industry consolidation?

好的，很高興聽到這個消息。然後我的第二個問題是，最近有很多關於行業整合的討論，我們可能最終會看到它。所以只是想知道你的想法。顯然，這對行業來說是健康的，但這取決於誰是整合者。那麼，您對行業整合有何看法？

Sure. We've seen, I think, this optical market, and the component industry in particular, over the last decade, go through a few different waves of this. And in general, it has always worked out pretty positively for Fabrinet. You can go back and look at [Eclaro] that was a combination of some optical assets and some others in there over our history. And we've had -- we've run the full spectrum, where we've had customers that were acquired by non-customers in that business not only stayed with us, but grew. We've had two key customers come together, and that business continues to thrive. So we've run the whole gamut there. And in general, it's always worked out pretty well for us.

當然。我認為，在過去十年中，我們已經看到這個光學市場，尤其是組件行業，經歷了幾次不同的浪潮。總的來說，它對 Fabrinet 來說總是非常積極的。你可以回去看看 [Eclaro]，它是我們歷史上一些光學資產和其他一些資產的組合。而且我們已經 - 我們已經運行了整個範圍，我們已經擁有該業務中非客戶獲得的客戶不僅留在我們身邊，而且還在增長。我們有兩個主要客戶走到了一起，並且該業務繼續蓬勃發展。所以我們在那裡運行了整個範圍。總的來說，它對我們來說總是很順利。

And I think, as you say, consolidation, for the industry as a whole, I do think is healthy, and can help our customers get a little bit of pricing power and some things along those lines. So to the extent that, with some of the things that are going on right now, that that maybe accelerates it, we'll have to wait and see, to your point, who the acquirers are. And how it all shakes out. But I think in general, we feel pretty comfortable with our position within that optical component food chain, as being the manufacturer's choice, if you well. And I think that, as the industry looks at those options to consolidate, I think we will still be considered the premier choice for outsourced manufacturing.

而且我認為，正如你所說，整合對於整個行業來說是健康的，並且可以幫助我們的客戶獲得一點定價權以及類似的一些東西。因此，就目前正在發生的一些事情而言，這可能會加速它的發展，我們將不得不拭目以待，就你的觀點而言，收購方是誰。以及這一切是如何發生的。但我認為總的來說，我們對我們在光學元件食物鏈中的地位感到非常滿意，因為這是製造商的選擇，如果你願意的話。而且我認為，隨著行業著眼於整合這些選擇，我認為我們仍將被視為外包製造的首選。

Perfect. All right. Good luck

完美的。好的。祝你好運

Thanks, Troy

謝謝，特洛伊

And that ends the Q&A session for today. I'll turn it back to Management for closing remarks.

今天的問答環節到此結束。我會把它轉回給管理層作結束語。

Thank you, everybody, for joining us. We look forward to speaking again here in the not-too-distant future, as we are get our fiscal Q1 results out to everyone. Thanks very much.

謝謝大家加入我們。我們期待在不久的將來再次在這裡發言，因為我們正在向所有人公佈我們的第一季度財報。非常感謝。

Thank you.

謝謝。

Ladies and gentlemen, thanks for participating in today's program. This concludes the program. You may all disconnect.

女士們，先生們，感謝您參加今天的節目。程序到此結束。你們都可以斷開連接。