Fabrinet (FN) 2015 Q2 法說會逐字稿

Good day, ladies and gentlemen and thank you for standing by. Welcome to the Fabrinet's second-quarter 2015 financial results conference call.

女士們先生們，美好的一天，感謝你們的支持。歡迎參加 Fabrinet 2015 年第二季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

Please note, today's conference is being recorded. I would now like to hand the conference over to Fabrinet's Chief Strategy Officer, John Marchetti. Sir, please go ahead.

請注意，今天的會議正在錄製中。我現在想將會議交給 Fabrinet 的首席戰略官 John Marchetti。先生，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 second quarter of FY15, which ended December 26, 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.

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 12 月 26 日的 2015 財年第二季度的財務和運營業績。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。

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 reconciliations.

此電話會議正在進行網絡直播，重播將在我們網站 investor.Fabrinet.com 的投資者部分提供。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 about the future financial performance of the Company. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from management's current expectations. These 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. For a description of the risk factors that may affect our results, please refer to our recent SEC filings, in particular the section captioned Risk Factors in our Form 10-Q filed on November 5, 2014.

我想提醒您，今天的討論將包含有關公司未來財務業績的前瞻性陳述。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。這些陳述僅反映我們截至本演示文稿之日的意見，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。有關可能影響我們結果的風險因素的說明，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 2014 年 11 月 5 日提交的 10-Q 表格中標題為“風險因素”的部分。

We will begin the call with brief remarks by Tom, myself and TS, followed by time for questions. I would now like to turn the call over to Fabrinet's CEO and Chairman, Tom Mitchell.

我們將以 Tom、我本人和 TS 的簡短髮言開始電話會議，然後是提問時間。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. Second-quarter results were solid, with both revenue and earnings per share above our guidance range.

謝謝約翰，大家下午好。第二季度業績穩健，收入和每股收益均高於我們的指導範圍。

Our results also demonstrated our commitment to profitably grow our business, while making new customer investments. These investments are beginning to bear fruit, as we had another quarter of strong revenue growth from new customers.

我們的業績還證明了我們致力於實現業務盈利增長，同時進行新的客戶投資。這些投資開始見效，我們的新客戶收入又實現了四分之一的強勁增長。

I will now turn the call to John for a discussion of the markets we serve. John?

我現在將電話轉給約翰，討論我們所服務的市場。約翰？

Thanks, Tom. Our second-quarter results were ahead of our expectations, particularly in optical communications, where despite not being able to recognize all of the consigned shipment revenue that we expected, the business grew on both a sequential and year-over-year basis. While the demand environment remains somewhat uncertain, our new programs continue to ramp and add visibility to our near-term outlook, giving us confidence that our fiscal third-quarter sales, excluding any contribution from the remaining consignment revenue, should increase sequentially in both our optical and non-optical segments on a normalized basis.

謝謝，湯姆。我們第二季度的業績超出了我們的預期，尤其是在光通信領域，儘管無法確認我們預期的所有寄售收入，但該業務在連續和同比增長的基礎上都有增長。雖然需求環境仍然有些不確定，但我們的新計劃繼續增加並增加我們近期前景的可見度，使我們相信我們第三財季的銷售額（不包括剩餘寄售收入的任何貢獻）應該會在我們的兩個方面連續增加標準化基礎上的光學和非光學部分。

Our optical communications business performed a bit better than expected in the quarter, decreasing only 1% sequentially and increasing 3% year-over-year. On a normalized basis, excluding the impact of the consignment revenue on our operations, the optical communications business decreased 5% quarter-over-quarter, and 2% year-over-year.

我們的光通信業務在本季度的表現好於預期，環比僅下降 1%，同比增長 3%。在正常基礎上，剔除代銷收入對我們運營的影響，光通信業務環比下降 5%，同比下降 2%。

Our split between telecom and datacom in the quarter was approximately 71% to 29%, with the telecom segment up on both a sequential and year-over-year basis, while the datacom segment decreased quarter-over-quarter, but grew compared to the same period a year ago. Similar to other quarters, growth in our optical communications business was driven by advanced optical components and modules, including 100 gig while the improvements in our datacom business were driven by 10 and 40 gig solutions. As we look into the March quarter, we are expecting both our telecom and datacom businesses to increase modestly on a sequential basis.

本季度我們在電信和數據通信之間的比例約為 71% 至 29%，其中電信部門環比和同比均有所增長，而數據通信部門環比下降，但與一年前的同一時期。與其他季度類似，我們的光通信業務的增長是由先進的光學組件和模塊推動的，包括 100 gig，而我們的數據通信業務的改進是由 10 和 40 gig 解決方案推動的。當我們展望 3 月季度時，我們預計我們的電信和數據通信業務都將環比小幅增長。

Our non-optical business performed pretty much in line with expectations, up 11% year-over-year and 1% sequentially, driven by increases in our automotive and sensor segments. Similar to our optical business, we are expecting the non-optical portion of our fiscal 3Q revenue to increase modestly, at a quarter-over-quarter basis. We continue to win new programs from existing customers in both our auto and laser businesses, and remain encouraged by the long-term outlook for this segment.

我們的非光學業務表現基本符合預期，同比增長 11%，環比增長 1%，這主要得益於我們的汽車和傳感器領域的增長。與我們的光學業務類似，我們預計我們第三財季收入的非光學部分將環比小幅增長。我們繼續從我們的汽車和激光業務的現有客戶那裡贏得新項目，並繼續對該領域的長期前景感到鼓舞。

In terms of our new business efforts, revenue from new accounts again represented more than 10% of revenue in the quarter, up from approximately 4% of revenue in the same quarter last year, and increasing by more than 30% sequentially. Year-over-year growth in this category was driven by contributions from both new optical and non-optical programs. As Tom mentioned in his opening remarks, we are encouraged by the increased visibility that we are beginning to see in terms of the sustainability and predictability of this revenue contribution, and we are continuing to make new investments in this area, to help drive additional opportunities.

在我們的新業務方面，新客戶收入再次佔本季度收入的 10% 以上，高於去年同期約 4% 的收入，環比增長超過 30%。這一類別的同比增長是由新的光學和非光學項目的貢獻推動的。正如湯姆在開場白中提到的那樣，我們開始看到這種收入貢獻的可持續性和可預測性方面的知名度提高，這讓我們感到鼓舞，我們將繼續在這一領域進行新的投資，以幫助推動更多機會.

In order to better lead these efforts we've added two new executives to our ranks. Todd Baggett has joined the Company as Executive Vice President of Global Sales and Marketing. Todd brings more than 25 years of experience in electronics manufacturing to Fabrinet, including senior sales roles at Jabil Circuit and EPIC Technologies. He will lead our worldwide sales and marketing efforts, and oversee the expansion of our existing sales force and marketing efforts over the coming quarters.

為了更好地領導這些工作，我們增加了兩名新高管。 Todd Baggett 已加入公司，擔任全球銷售和營銷執行副總裁。 Todd 為 Fabrinet 帶來了超過 25 年的電子製造經驗，包括在 Jabil Circuit 和 EPIC Technologies 擔任高級銷售職務。他將領導我們的全球銷售和營銷工作，並在未來幾個季度監督我們現有銷售團隊和營銷工作的擴展。

We've also pleased to have Bobby Singh join us as Executive Vice President of US operations. Bobby brings more than 19 years of EMS operations experience to Fabrinet, with senior operations roles at Jabil and Flextronics. He has led operations teams in different parts of the globe, and will lead our US operations and oversee our efforts to establish a world-class NPI center, and contract manufacturing operations in the US.

我們也很高興 Bobby Singh 加入我們，擔任美國業務執行副總裁。 Bobby 為 Fabrinet 帶來了超過 19 年的 EMS 運營經驗，他曾在 Jabil 和 Flextronics 擔任高級運營職務。他領導過全球不同地區的運營團隊，並將領導我們在美國的運營，並監督我們在美國建立世界級 NPI 中心和合同製造業務的努力。

We're excited to have Bobby and Todd join the Fabrinet team, and believe the establishment of a world-class US-based NPI center, along with the expansion of our sales force, are critical to the long-term success and growth of Fabrinet. With that, I would now like to turn the call over to TS for a review of the financial results.

我們很高興 Bobby 和 Todd 加入 Fabrinet 團隊，並相信在美國建立世界級的 NPI 中心，以及擴大我們的銷售隊伍，對於 Fabrinet 的長期成功和發展至關重要.有了這個，我現在想把電話轉給 TS 來審查財務結果。

Thanks, John and good afternoon, everyone. As in the past, all numbers presented here are GAAP, unless stated otherwise. Total revenue for the second quarter was $188.4 million, an increase of 5.5%, compared to total revenues of $178.6 million in the second quarter of last fiscal year, and down less than 1% compared to last quarter.

謝謝，約翰，大家下午好。與過去一樣，除非另有說明，否則此處顯示的所有數字均為 GAAP。第二季度的總收入為 1.884 億美元，與上一財年第二季度的總收入 1.786 億美元相比增長了 5.5%，與上一季度相比下降了不到 1%。

Please note that revenue in the quarter included approximately $8.4 million in consigned shipment revenue excluded from FY14, which was below our expectations of $13 million, as we continue to work with customers to address the language in our contracts. Today we have recognized approximately $11.7 million of the total $16.5 million in consigned shipment revenue excluded from FY14. We expect to recognize the remaining $4.8 million in our current fiscal year.

請注意，本季度的收入包括約 840 萬美元的 2014 財年不包括的托運收入，這低於我們預期的 1300 萬美元，因為我們繼續與客戶合作解決我們合同中的語言問題。今天，我們已經確認了 2014 財年排除在外的總計 1650 萬美元的托運收入中的約 1170 萬美元。我們希望在當前財政年度確認剩餘的 480 萬美元。

On an end market basis, revenue from optical communications was $133.8 million, or 71% of total revenue for the quarter, while revenue from our non-optical businesses was $54.5 million the remaining 29%. GAAP gross margin for the second quarter was 11.2%, an increase of 40 basis points sequentially. Excluding share-based compensation expenses, non-GAAP gross margin was 11.4% in the fiscal second quarter, up 40 basis points quarter-over-quarter. For fiscal third-quarter we are focusing a slight sequential increase in gross margin.

在終端市場方面，光通信收入為 1.338 億美元，佔本季度總收入的 71%，而非光業務收入為 5450 萬美元，佔其餘 29%。第二季度美國通用會計準則毛利率為 11.2%，比上一季度增長 40 個基點。不計入股權激勵費用，第二財季非美國通用會計準則毛利率為 11.4%，環比上升 40 個基點。對於第三財季，我們關注毛利率的小幅環比增長。

Our total share-based compensation expense for the quarter were $1.9 million, of which roughly $1.6 million was included in SG&A. As we move forward, we expect our SG&A expenses to increase, as we have added new executive level talent, and look for further expand our sales and marketing activity. In the March quarter, we expect non-GAAP operating expenses to be in the range of $8 million, and anticipate that this will remain in the range through the remainder of the fiscal year.

本季度我們基於股份的薪酬總支出為 190 萬美元，其中約 160 萬美元包含在 SG&A 中。隨著我們向前邁進，我們預計我們的 SG&A 費用會增加，因為我們增加了新的行政級別人才，並尋求進一步擴大我們的銷售和營銷活動。在 3 月季度，我們預計非 GAAP 運營費用將在 800 萬美元左右，並預計在本財年剩餘時間裡這一數字將保持在該範圍內。

Our taxes in the quarter were a net expense of approximately $1 million, and our effective tax rate was 10.5%, above our expected range of 6% to 7%. On a normalized basis, our effective tax rate would have been 7%, if you exclude a one-time expense related to the investigation costs booked in this quarter. We anticipate that our effective tax rate will continue to be in the range of 6% to 7% moving forward, until building six is substantially occupied.

我們在本季度的稅收是大約 100 萬美元的淨支出，我們的有效稅率為 10.5%，高於我們 6% 至 7% 的預期範圍。在正常情況下，如果您排除與本季度記錄的調查費用相關的一次性費用，我們的實際稅率將為 7%。我們預計我們的有效稅率將繼續保持在 6% 至 7% 的範圍內，直到 6 號樓被大量佔用。

On a non-GAAP basis, net income totaled $14.4 million for the quarter, or $0.40 per diluted share. Non-GAAP net income was essentially flat with last quarter.

按非美國通用會計準則計算，本季度淨收入總計 1,440 萬美元，或每股攤薄收益 0.40 美元。非 GAAP 淨收入與上一季度基本持平。

On a GAAP basis, including share-based compensation expenses and expenses related to the accounting investigation, our net income was $8.7 million or $0.24 per diluted share, compared to GAAP net income of $19.8 million or $0.55 per diluted share in the second quarter of FY14. Please note that our GAAP net income in the second quarter of FY14 was positively impacted by $6.6 million or $0.19 per diluted share due to [flat] insurance proceeds.

根據 GAAP，包括基於股份的薪酬費用和與會計調查相關的費用，我們的淨收入為 870 萬美元或攤薄後每股 0.24 美元，而 2014 財年第二季度的 GAAP 淨收入為 1980 萬美元或攤薄後每股 0.55 美元.請注意，由於 [持平] 保險收益，我們 2014 財年第二季度的 GAAP 淨收入受到 660 萬美元或每股攤薄收益 0.19 美元的積極影響。

Moving onto the balance sheet and cash flow statement. We ended the quarter with a cash and investment balance of $253 million. Total cash increased by approximately $8 million sequentially primarily from our operations. During the March quarter, we expect a cash outlook in the range of $40 million to $45 million, which represents the purchase of the Santa Clara facility, as well as the initial equipment purchase.

轉到資產負債表和現金流量表。本季度末，我們的現金和投資餘額為 2.53 億美元。現金總額增加了約 800 萬美元，主要來自我們的運營。在 3 月季度，我們預計現金前景在 4000 萬至 4500 萬美元之間，這代表了對聖克拉拉工廠的購買以及初始設備的購買。

I would now like to discuss guidance for next quarter. We expect revenues of between $181 million and $185 million, which does not include any contribution from the consigned revenue excluded from FY14. GAAP net income per share is expected to be in the range of $0.27 to $0.29, and non-GAAP net income per share of $0.33 to $0.35 based on approximately 36 million fully diluted shares outstanding.

我現在想討論下一季度的指導。我們預計收入在 1.81 億美元至 1.85 億美元之間，其中不包括 2014 財年以外的任何寄售收入。基於約 3600 萬股完全稀釋的已發行股票，預計 GAAP 每股淨收入在 0.27 美元至 0.29 美元之間，非 GAAP 每股淨收入為 0.33 美元至 0.35 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）

Patrick Newton, Stifel.

帕特里克·牛頓，Stifel。

If we normalize for the $8.4 million in consignment revenue, it looks like you're actually guiding for a sequential revenue increase of 2% in the March quarter. I wanted, did I hear correctly that this does not include the remaining consignment revenue, number one? Two should we think about either optical or non-optical portions of the businesses as having an outsized sequential impact to normal seasonality? And then should we think about new customer contributions to the mix as also contributing to the outsized growth?

如果我們將 840 萬美元的寄售收入標準化，看起來您實際上是在指導 3 月季度收入連續增長 2%。我想，我沒聽錯嗎，這不包括剩餘的寄售收入，第一？第二，我們是否應該考慮業務的光學或非光學部分對正常季節性產生巨大的連續影響？那麼我們是否應該考慮新客戶對組合的貢獻也有助於超額增長？

Patrick, this is TS. Thanks for the question. Yes. That does not include consignment revenue, our guidance.

帕特里克，這是 TS。謝謝你的問題。是的。這不包括寄售收入，我們的指導。

So as we're looking into the March quarter, we don't have any expected impact from that remaining $5 million to $5.5 million or so of consigned revenue. We do expect that this fiscal year, but we just wanted to make sure we didn't start into the quarter and have it not come through, as we continue to work through the last one or two agreements that we have to revise with customers.

因此，在我們研究 3 月季度時，我們對剩餘的 500 萬至 550 萬美元左右的寄售收入沒有任何預期影響。我們確實預計本財年會如此，但我們只是想確保我們沒有從本季度開始並且沒有通過，因為我們將繼續努力完成我們必須與客戶修改的最後一兩個協議。

As to the others, Patrick we are expecting some modest increases in both the optical and non-optical businesses, as we look into the March quarter. But I would say, relative to prior years, that's probably a bigger departure from what we've typically seen in the optical market, as opposed to our non-optical businesses. And then on the last portion of your question, absolutely, the new businesses or some of the new wins that we've had and that we've talked about over the last several quarters are now starting to ramp, and really contribute to some of that growth, which is normally down seasonal quarter for us as you're looking to the March quarter.

至於其他人，帕特里克，我們預計在展望 3 月季度時，光學和非光學業務都會出現適度增長。但我想說，相對於前幾年，這可能與我們通常在光學市場看到的情況有更大的差異，而不是我們的非光學業務。然後關於你問題的最後一部分，絕對是，我們在過去幾個季度中討論過的新業務或一些新的勝利現在開始增加，並且確實有助於一些這種增長，對於我們來說通常是季節性的季度，因為你正在尋找三月份的季度。

And given that you expect this consignment revenue to be recognized in the fiscal year, is there any reason why you're not prorating a certain amount in your guidance for the March quarter, or can you help us understand the thought process, why you're pushing it all into June?

鑑於您希望在本財年確認寄售收入，您是否有任何理由不在 3 月季度的指導中按比例分配一定數量，或者您能否幫助我們理解思考過程，為什麼您'把這一切都推到六月？

I think the biggest reason, Patrick we had expected it all to be in the -- in this past December quarter, the one that we're reporting here today. If you go back to the guidance, we gave, we anticipated that would all be in December. So as we are continuing to work through the individual contracts with the different customers, some have proved a little bit more challenging to reword, if you will, than some others. And so, rather than put those numbers in necessarily the 3Q results, which they very well may be, we just decided to guide without it, and if it shows up, that will be some upside to the quarter that we will clearly call out when we report our results.

我認為最大的原因，帕特里克，我們曾預計這一切都會發生在 - 在過去的 12 月這個季度，我們今天在這里報告的那個。如果你回到我們給出的指導，我們預計那將是在 12 月。因此，隨著我們繼續與不同客戶簽訂單獨的合同，如果您願意的話，有些合同比其他合同更難改寫。因此，我們沒有將這些數字必然放在第三季度的結果中，它們很可能是這樣，我們只是決定在沒有它的情況下進行指導，如果它出現，那將是我們將明確指出的季度的一些上行空間我們報告我們的結果。

Okay. And just given the modest downtick in revenue outlook for the March quarter, what's driving the larger downtick in earnings expectations? Is there anything on the gross margin front we should think about or is it purely -- I think, TS, you said $8 million is the normalized way to think about OpEx on a go-forward basis. Is that the key driver?

好的。考慮到 3 月季度的收入前景溫和下滑，是什麼導致盈利預期出現更大的下滑？在毛利率方面有什麼我們應該考慮的，或者純粹是 - 我認為，TS，你說 800 萬美元是在前進的基礎上考慮 OpEx 的標準化方式。那是關鍵驅動力嗎？

So if you look at the sequentially last quarter we included $13.3 million. The consigned revenue. So in fact, if you normalize it revenue guidance up a little, like you said earlier, 2%.

所以如果你看看上個季度的順序，我們包括了 1330 萬美元。委託收入。所以事實上，如果你將它的收入指導正常化一點，就像你之前說的，2%。

As far as the P&L model is concerned, other than the USA start up which John alluded to, the Asia manufacturing side of the business, the model we guided before remained intact. Okay? I looked at sales return of 0.5%, and when you reach $195 million to $200 million revenue level, 9% to 9.5% operating margin, I look at it through impact.

就損益模型而言，除了約翰提到的美國初創企業，業務的亞洲製造方面，我們之前指導的模型保持不變。好的？我看的是 0.5% 的銷售回報率，當你的收入達到 1.95 億美元到 2 億美元的水平，營業利潤率達到 9% 到 9.5% 時，我通過影響來看待它。

The only thing this time coming up is $1.7 million of the start up expenses below margin -- gross margin level, that's why the earnings per share guidance is affected. So other than that, our Asia manufacturing model remained intact from what we discussed before.

這次唯一出現的是 170 萬美元的啟動費用低於毛利率——毛利率水平，這就是每股收益指引受到影響的原因。因此，除此之外，我們的亞洲製造模式與我們之前討論的內容保持一致。

So to be clear, Patrick, it is on the SG&A expense lines, not on the gross margin line. TS made a comment in his prepared remarks, where we are expecting a little bit of an increase in gross margin on a sequential basis in fiscal 3Q.

所以要明確一點，帕特里克，這是在 SG&A 費用線上，而不是在毛利率線上。 TS 在他準備好的評論中發表了評論，我們預計第三財季的毛利率將環比增長一點點。

Great. Just one last one, if I may, on utilization. Can you remind us what your current building and equipment utilization stands? And then, does your opening of USA operations have any impact as to the timing or plans around capacity expansion in Thailand?

偉大的。最後一個，如果可以的話，關於利用率。你能提醒我們你目前的建築和設備利用率嗎？然後，您在美國開設業務是否對泰國產能擴張的時間或計劃有任何影響？

Sure. So from a space available perspective, we're somewhere around 70% in terms of space that's occupied. We expected that will continue to ramp up here over the next quarter or two. Wouldn't surprise us if we are 80% space at some point, certainly in this calendar year, and the maybe even by the end of this fiscal year.

當然。因此，從可用空間的角度來看，我們的佔用空間約為 70%。我們預計在接下來的一兩個季度內，這種情況將繼續增加。如果我們在某個時候有 80% 的空間，當然是在這個日曆年，甚至可能在本財政年度結束時，我們也不會感到驚訝。

On an equipment basis, it's probably a solid 10 points or so below that, somewhere in the high 60s low 70s range, in terms of equipment utilization. That has ticked up a little bit over the last quarter or so. But I think if you are looking at what we're looking to do, in the US operations on the West Coast, that's more of an NPI center and a feeder into the Thai-based operations, so that's really -- doesn't have a big impact on whether or not we would need building seven. Our expectation is that probably at some point of this calendar year, we'll be breaking ground on that new facility.

在設備基礎上，就設備利用率而言，它可能比它低 10 點左右，在 60 多歲低 70 多歲的範圍內。這在過去一個季度左右有所上升。但我認為，如果你正在看我們正在尋找的東西，在美國西海岸的業務中，那更像是一個 NPI 中心和泰國業務的支線，所以這真的 - 沒有對我們是否需要建造七座建築產生重大影響。我們的期望是，可能在本日曆年的某個時候，我們將在該新設施上破土動工。

Great. Thank you for taking my questions.

偉大的。謝謝你回答我的問題。

Sherri Scribner, Deutsche Bank.

Sherri Scribner，德意志銀行。

Thanks, I'm sorry, I just want to go through the P&L again. I'm a little bit confused about how you get to the EPS number. I understood the SG&A to be about $8 million, and then gross margin to tick up a little bit, but I'm still not getting a number as low as your EPS guidance, so I'm just trying to understand if there's some piece that I'm missing here.

謝謝，對不起，我只是想再過一遍損益表。我對如何獲得 EPS 編號感到有點困惑。我知道 SG&A 約為 800 萬美元，然後毛利率略有上升，但我仍然沒有得到像你的 EPS 指引那麼低的數字，所以我只是想了解是否有一些東西我在這裡失踪了。

Is there something on the other line? I think the tax rate is going to be 6% to 7%. I'm just getting an EPS number that's a bit higher, so I want to make sure I understood the numbers correctly.

另一條線上有東西嗎？我認為稅率將是 6% 到 7%。我只是得到了一個稍高一點的 EPS 數字，所以我想確保我正確理解了這些數字。

All right, Sherri. In the past we talked about in this earnings call, the non-GAAP SG&A operating expense about $6 million, $5.5 million to $6 million, and we kind of inch up to $6.2 million and then we've guided next quarter will be $8 million.

好的，雪莉。過去我們在本次財報電話會議上談到，非 GAAP SG&A 運營費用約為 600 萬美元，550 萬至 600 萬美元，我們有點上升到 620 萬美元，然後我們指導下個季度將達到 800 萬美元。

So the increase of $1.7 million, $1.8 million because of the new business, supporting the new USA operations, and also the hiring of two executives John was talking to, that costs us about $0.05. Okay? That alone if you carve that out, our Asia manufacturing business model will probably generate more than $0.35, $0.34 at the midpoint. So $0.34 plus $0.05 would be $0.39.

因此，增加 170 萬美元，180 萬美元是因為新業務，支持新的美國業務，以及約翰正在與之交談的兩名高管的聘用，這使我們花費了大約 0.05 美元。好的？如果你把它分開，我們的亞洲製造業務模式可能會產生超過 0.35 美元，中點為 0.34 美元。所以 0.34 美元加上 0.05 美元就是 0.39 美元。

If you look at it, last quarter we did $0.40, next quarter without the new business, new executive cost would be around 40%. Excuse me, $0.40 with the lower revenue. So.

如果你看一下，上個季度我們做了 0.40 美元，下個季度沒有新業務，新的執行成本將在 40% 左右。對不起，0.40 美元，收入較低。所以。

Okay. Actually, that's very helpful. Thank you. And then I'm just curious about the new product introduction center that you guys are building out in California, and the new hires.

好的。實際上，這非常有幫助。謝謝。然後我只是對你們在加利福尼亞建立的新產品介紹中心和新員工感到好奇。

What was the motivation for building the facility there? Is this something that your customers were saying, that made sense to them? They thought that you should have something there to better work with them in California? Or is this something you feel will help grow your business more quickly, and expand your production, or help you fill out your production in Thailand?

在那裡建造設施的動機是什麼？這是您的客戶所說的話，對他們來說有意義嗎？他們認為你應該在那裡有一些東西可以更好地與他們在加利福尼亞合作？還是您覺得這會幫助您更快地發展業務、擴大生產或幫助您在泰國完成生產？

Sure, Sherri. The short answer is yes to both. We have been in discussions with customers, existing customers, for some period of time. And they have made it clear that they would like us to have something a little bit closer to their engineering capabilities, to do some of the earlier stage stuff in terms of alpha and beta, and doing those early stage production runs for them, in a place where the engineers would have the capability to be a little bit more hands-on, on a more realtime basis.

當然，雪莉。簡短的回答是肯定的。一段時間以來，我們一直在與客戶、現有客戶進行討論。他們已經明確表示，他們希望我們有一些更接近他們工程能力的東西，在 alpha 和 beta 方面做一些早期階段的事情，並為他們做那些早期的生產運行，在一個工程師將有能力在更實時的基礎上更加親力親為的地方。

But we also, as we have been out talking obviously with new customers, see this as an opportunity to really seed business that than can transition to Thailand over time, as that production scale starts to move up a little bit. So the short answer to your question is, we see it as an opportunity to do both.

但我們也，因為我們一直在與新客戶進行明顯的交談，認為這是一個真正播種業務的機會，隨著時間的推移，隨著生產規模開始略有上升，這些業務可以轉移到泰國。所以對你的問題的簡短回答是，我們認為這是一個同時做這兩件事的機會。

Okay. Great. Just looking at the non-GAAP items, it looks like there's still some investigation costs. How much longer will we have investigation costs in the P&L? Thanks.

好的。偉大的。只看非 GAAP 項目，似乎仍有一些調查成本。損益表中的調查成本還要多長時間？謝謝。

I think I saw today we had booked or accrued most of the investigation costs, and those are GAAP numbers, and the non-GAAP we count half that out as a one-time event.

我想我今天看到我們已經預訂或應計了大部分調查成本，這些是 GAAP 數字，我們將其中一半計為一次性事件的非 GAAP 數字。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Alex Henderson, Needham.

亞歷克斯亨德森，李約瑟。

While we're on the subject of the increase sequentially in the OpEx costs associated with the new facilities coming on, is that a step up in paying [eighty], or does it a step up to eight and then have a gradual increase in costs as it becomes fully operational, and you continue to produce additional capabilities in the facility?

雖然我們的主題是與新設施相關的 OpEx 成本依次增加，但支付 [80] 的費用會增加，還是會增加到 8，然後成本會逐漸增加當它全面投入運營時，您會繼續在該設施中生產其他功能嗎？

I would say Alex, certainly through the rest of this fiscal year, we see it as being a step up and then it flattens out. And then as we get a little bit further into the process, and we start to add additional lines and some additional capabilities to that factory, it is likely to tick up over time, but at that point we expect that there'll be some matching revenue for it.

我會說亞歷克斯，當然在本財政年度的剩餘時間裡，我們認為這是一個進步，然後它趨於平緩。然後隨著我們進一步深入到這個過程中，我們開始向該工廠添加額外的生產線和一些額外的功能，它可能會隨著時間的推移而增加，但到那時我們預計會有一些匹配它的收入。

Here early on in the process, we're obviously front-loading some of the expenses, and we don't really have that corresponding upside to revenue to offset any of that. But I think as we move forward, especially as we're getting into FY16, as those expenses start to tick up a little bit more, our goal is certainly to be growing revenue faster than anything we're growing on the expense line.

在這個過程的早期，我們顯然是在提前支付一些費用，而且我們並沒有相應的收入增長來抵消這些費用。但我認為，隨著我們向前邁進，尤其是進入 2016 財年，隨著這些支出開始增加一點，我們的目標肯定是收入增長速度超過我們在支出線上的任何增長速度。

So the benefit from this facility coming on in terms of the revenue uptick, that would be a couple of quarters lagged?

那麼，從收入增長的角度來看，該設施帶來的好處會滯後幾個季度嗎？

Well because today, we still don't have -- in fact we don't even own the building yet, we're still in that negotiation here. We wanted to highlight it, especially because we do expect the cash outlay along with some of the higher expenses going forward. We expect to begin production during fiscal 4Q, and at that point, we would expect to have some revenue associated with that facility. But then that will continue to ramp up from there, and then we would be making additional investments over time, that match the opportunities that we see out there, specifically for that facility.

好吧，因為今天，我們仍然沒有——事實上，我們甚至還沒有擁有這座建築，我們仍在談判中。我們想強調這一點，特別是因為我們確實預計未來會有現金支出以及一些更高的支出。我們預計在第四財季開始生產，到那時，我們預計會有一些與該設施相關的收入。但隨後這將繼續從那裡增加，然後我們將隨著時間的推移進行額外的投資，以匹配我們在那裡看到的機會，特別是針對該設施。

And the revenue scale of what you're talking about pulling out as a result of that facility would be bigger than a bread box? Bigger than a Volkswagen? Can you give us --?4

你所說的由於該設施而退出的收入規模會比麵包盒大嗎？比大眾還大？你能給我們——？4

Certainly as we're getting into FY16, we are expecting to be able to measure that in the tens of millions of dollars.

當然，隨著我們進入 2016 財年，我們預計能夠以數千萬美元來衡量這一點。

Great. And then could you talk a little bit about, on the product side the growth rate in the coherent market and the rate of decline and the scaling of the direct-detect 40 gig market?

偉大的。然後你能談談，在產品方面，相干市場的增長率和下降率以及直接檢測 40 gig 市場的規模嗎？

For us, Alex, we've seen -- certainly on the coherent market, we continue to see good demand from a number of different customers across the spectrum. We saw that in 4Q, where results were certainly ahead of our expectations at least where we were when we were midway through the quarter, and gave guidance back in November. So that turned out to be a little bit stronger than we were originally anticipating. We continue to see a lot of focus, and expect good growth in that market, certainly as we're going through the remainder of the fiscal year.

對於我們，亞歷克斯，我們已經看到 - 當然在連貫的市場上，我們繼續看到來自各個領域的許多不同客戶的良好需求。我們在第四季度看到了這一點，結果肯定超出了我們的預期，至少是在本季度中期時的水平，並在 11 月給出了指導。所以結果證明比我們最初預期的要強一點。我們繼續看到很多關注點，並預計該市場將有良好的增長，當然，因為我們正在經曆本財年的剩餘時間。

On the 40 gig side, our exposure there is a little bit more limited. On the datacom side, we continue to see some pretty good traction with customers in that market. But again as we've talked about on a number of different occasions, we certainly aren't the best read on the industry in that datacom market, given our skew a little bit more towards the telco side.

在 40 場演出方面，我們的曝光度有限。在數據通信方面，我們繼續看到對該市場客戶的一些相當好的吸引力。但正如我們在許多不同的場合所談到的那樣，鑑於我們更傾向於電信方面，我們當然不是該數據通信市場行業的最佳讀物。

Right. But 40 gig direct-detect though is a declining market. I assume that you have declines in that business. Is that not accurate?

正確的。但是 40 gig 直接檢測雖然是一個衰退的市場。我假設你的業務有所下滑。那不准確嗎？

We certainly saw some of that, certainly in the December quarter. Here in our March quarter, on a sequential basis, that's probably flattening out a little bit, but I certainly wouldn't expect that it's a growth market, as we're going through the calendar year.

我們當然看到了其中的一些，當然是在 12 月季度。在我們的 3 月季度，在連續的基礎上，這可能會稍微趨於平緩，但我當然不會期望這是一個增長市場，因為我們正在經歷這個日曆年。

And did you qualify the scale of the coherent piece at all?

你是否完全限定了連貫作品的規模？

We haven't, Alex. I would say it's probably, on the telco business, it's probably somewhere in the order of 15% to 20% of our telco business.

我們沒有，亞歷克斯。我想說的是，在電信業務中，它可能占我們電信業務的 15% 到 20%。

It was a comment made about a large player in the category building out some capacity in Thailand for coherent modulators. Just to be clear, that's not at your facility, as I understand it. Is that correct?

這是關於該類別中的一家大型企業在泰國建設相干調製器的一些能力的評論。需要說明的是，據我了解，這不在您的工廠。那是對的嗎？

Alex, we don't comment on our customers' production like that, and certainly not by product. I know what's out there, but it's not something that I can confirm or deny for our customer.

亞歷克斯，我們不會那樣評論客戶的生產，當然也不會按產品來評論。我知道那裡有什麼，但這不是我可以為我們的客戶確認或否認的事情。

Okay. One last question. On the coherent piece, is it being driven off of China growth or is it reasonably distributed in terms of where the end market demand is, as best as you can tell?

好的。最後一個問題。就連貫性而言，它是被中國經濟增長所驅動，還是根據終端市場需求合理分配，據您所知？

Again with the caveat that I don't always see exactly where this is going from an end market basis, it does look fairly broad. It doesn't seem like it's driven solely by the China or the Asian market.

再次提醒一下，我並不總是從終端市場的基礎上準確地看到它的發展方向，它看起來確實相當廣泛。它似乎並不完全由中國或亞洲市場驅動。

Okay. I'll cede the floor. Thanks.

好的。我讓出發言權。謝謝。

Subu Subrahmanyan, The Juda Group.

Subu Subrahmanyan，Juda 集團。

Two questions. First, John, given that OpEx related to this new facility is almost a 40% uptick from run rate, just trying to get more detail around, is it more the optical com side or non-com side? And should we think about the opportunity, revenue opportunity, in the tens of millions of dollars you talked about for 2016 being mostly incremental, or is it just geographically being where you need to be for your existing customers?

兩個問題。首先，約翰，考慮到與這個新設施相關的運營支出幾乎比運行率提高了 40%，只是想了解更多細節，它更多的是光學 com 端還是非 com 端？我們是否應該考慮您談到的 2016 年數千萬美元的機會，收入機會主要是增量的，還是只是在地理上是您現有客戶需要的地方？

Sure, Subu. I think early on, we're probably likely to see more of a focus on the optical component side, just because part of the big push certainly early will be for existing customers, in terms of what they've already indicated that they would like us to be doing in that region. Over time, we do anticipate that we'll be able to use that again, as a bit of a feeder into the Thailand manufacturing campus, for much more than just, obviously, optical communications.

當然，蘇布。我認為在早期，我們可能會看到更多的注意力集中在光學元件方面，只是因為早期的部分大推動肯定會針對現有客戶，就他們已經表示他們想要的東西而言我們要在那個地區做。隨著時間的推移，我們確實預計我們將能夠再次使用它，作為泰國製造園區的一個饋線，顯然不僅僅是光通信。

And I would say that some of the expenses aren't solely dedicated to the new factory and what's being worked up there. We mentioned we also brought on a new head of sales. We are broadening out that overall capability, not just in regards to what we are trying to do here on the West Coast, but also more broadly speaking, in terms of just trying to make sure that some of the momentum that we've started to gain in the new business, that we've been winning with new customers; we continue to feed that beast, so to speak, and make sure that there's a broad enough pipeline behind that, to make sure we can keep this momentum going.

我要說的是，有些費用並不僅僅用於新工廠以及那裡正在進行的工作。我們提到我們還聘請了一位新的銷售主管。我們正在擴大整體能力，不僅僅是關於我們在西海岸試圖做的事情，而且更廣泛地說，只是試圖確保我們已經開始的一些勢頭獲得新業務，我們一直在贏得新客戶；可以這麼說，我們繼續餵養那隻野獸，並確保其背後有足夠廣泛的管道，以確保我們能夠保持這種勢頭。

If I could follow-up, what I'm trying to understand is, to think about this generating some incremental opportunities over and above the run rate you've seen, or is it part of the expansion that you are in the process of seeing, that you have to invest in? Trying to understand the --

如果我可以跟進，我想了解的是，考慮這會產生一些超出您所看到的運行率的增量機會，或者它是否是您正在看到的擴展的一部分，你必須投資？試圖理解——

I'm sorry Subu, but we do anticipate that all of this will be incremental.

對不起 Subu，但我們確實預計所有這些都是漸進的。

And the other question I had is trendline, as to the business. You had some counter seasonal business sometimes given the lead and lag effects between what your customers have seen and what you're seeing. With March flat to up, do you think more of a seasonality offset between your customers and you, or do you think there is a broader improvement in the market? When you look at it?

我的另一個問題是關於業務的趨勢線。考慮到客戶所見和您所見之間的超前和滯後效應，您有時會遇到一些反季節性業務。隨著 3 月持平到上漲，您認為您和客戶之間的季節性抵消更多，還是您認為市場有更廣泛的改善？什麼時候看？

I think it's hard for us to tell where we're sitting right now to be fair, Subu. I will say that December was also a little atypical for us, in terms of the seasonality of that quarter. Usually that's a little bit stronger than what we wound up putting up there, so it may be just March now is a little bit better, because that wasn't quite as strong as it typically is, so therefore the sequentials coming off that aren't as pronounced.

Subu，我認為我們很難說出我們現在所處的位置是公平的。我要說的是，就那個季度的季節性而言，12 月對我們來說也有點不典型。通常這比我們最後放在那裡的要強一點，所以現在可能只是三月好一點，因為它不像通常那樣強，所以連續出現的不是t 如發音。

But I think for us, it's also a little bit of some of the new business that's coming on and ramping, that's helping push through some of that typical seasonality. So it's probably a combination of both, but it's unclear, if I look out two quarters from now, exactly how that seasonality will continue to play out as we go through the rest of the calendar year.

但我認為對我們來說，這也是一些正在興起和發展的新業務的一部分，這有助於推動一些典型的季節性。所以它可能是兩者的結合，但目前還不清楚，如果我從現在開始看兩個季度，那麼在我們度過日曆年的剩餘時間時，這種季節性將如何繼續發揮作用。

And final question on datacom, you did mention that was down a little bit quarter-over-quarter. How do you see the trendline on datacom going to next quarter?

關於數據通信的最後一個問題，你確實提到了環比下降了一點。您如何看待下個季度數據通信的趨勢線？

We said a little bit, we do expect it up a little bit sequentially here in March. Again, for us, it tends to be a little bit more customer-specific as opposed to industry-specific there. Where the telco business is a fair bit broader. So we tend to be a little bit more industry-driven if you will. But we are anticipating that it's up modestly on a sequential basis here in the March quarter.

我們說過一點，我們確實預計 3 月份這裡會按順序上漲一點。同樣，對我們來說，它往往更針對特定客戶，而不是針對特定行業。電信業務範圍更廣。因此，如果您願意的話，我們傾向於更多地以行業為導向。但我們預計它在 3 月季度的連續基礎上會小幅上漲。

Got it. Thank you.

知道了。謝謝。

Dave King, B. Riley.

戴夫·金、B·萊利。

First question is regarding OpEx of $8 million. I'm assuming that's a GAAP number?

第一個問題是關於 800 萬美元的運營支出。我假設這是一個 GAAP 數字？

No. That's a non-GAAP, Dave.

不，那是非公認會計原則，戴夫。

Okay. Non-GAAP. Got it. And then, can you talk about the pricing environment?

好的。非公認會計原則。知道了。然後，你能談談定價環境嗎？

Sure. What I would say, Dave, at least in the discussions that we've had with customers, our sense is that it went pretty much in line with their expectations. We're continuing to work with all of them, and we always have the conversations at the beginning of the calendar year, where we then set out plans as we go through the year, to help them recoup some of those costs. But I would say that there was nothing that we saw that was terribly unusual in this pricing year relative to certainly what we saw last year.

當然。我要說的是，戴夫，至少在我們與客戶的討論中，我們的感覺是它非常符合他們的期望。我們將繼續與他們所有人合作，我們總是在日曆年開始時進行對話，然後我們制定全年的計劃，以幫助他們收回部分成本。但我要說的是，相對於我們去年所看到的情況，我們在這個定價年度看到的沒有什麼是非常不尋常的。

Got it. And I was wondering if you can provide some customer, since you do have some major customers, and their percentages during the quarter?

知道了。我想知道您是否可以提供一些客戶，因為您確實有一些主要客戶，以及他們在本季度的百分比？

We typically only do that once a year, when we file the 10-K, but I would say that as we're -- in the December quarter, there were probably no surprises relative to what we did report on the 10-K back at the end of the fiscal year.

我們通常每年只做一次，當我們提交 10-K 時，但我會說，在 12 月的那個季度，相對於我們在 10-K 上所做的報告，可能沒有什麼意外在財政年度結束時。

Got it. I was wondering if you can expand a little bit more on new programs. Are they -- any more color as far as what kind of products you are making? Is it components or systems? That kind of stuff.

知道了。我想知道您是否可以在新程序上多擴展一點。就您生產的產品而言，它們是否有更多顏色？是組件還是系統？那種東西。

We're still primarily doing components, certainly on the optical side. On the non-optical side, we managed to continue to win some new auto business, and that continues to be a good area of expected growth over the next year or two in the non-optical portion of our business. But at least quarter-over-quarter, the biggest increase was probably in those two categories, in both optical, and then in the automotive business.

我們仍然主要做組件，當然是在光學方面。在非光學方面，我們設法繼續贏得一些新的汽車業務，並且在未來一兩年內，這仍然是我們非光學業務部分預期增長的良好領域。但至少與上一季度相比，增幅最大的可能是這兩個類別，包括光學業務，然後是汽車業務。

And lastly, can you give us a little bit more color what's going on in the commercial leisure segment?

最後，你能給我們更多一點關於商業休閒領域正在發生的事情的顏色嗎？

It's early in the calendar year. I think most customers, at least from what they've talked about publicly, they're starting to see some certain signs of optimism out there. I think fiber laser continues to be the biggest driver of growth, expected for the entire calendar year.

現在是公曆年初。我認為大多數客戶，至少從他們公開談論的內容來看，他們開始看到一些樂觀的跡象。我認為光纖激光器將繼續成為增長的最大推動力，預計整個日曆年都是如此。

And I would anticipate that our business would mimic that, as we are going through the calendar year. So we'll have to see how some of the reduced oil and some of the China production numbers play out on the industry, but I think in general, we're certainly looking at calendar 2015 as a growth year for that laser business.

我預計我們的業務會模仿這一點，因為我們正在經歷這個日曆年。所以我們必須看看一些減少的石油和一些中國生產數據如何影響該行業，但我認為總的來說，我們肯定將 2015 年視為激光業務增長的一年。

Actually that was my question, is regarding fiber lasers. So what's your exposure there? Exposure there, I mean, in terms of percentage of your, say, laser business or non-optical business? Is it fairly meaningful?

其實那是我的問題，是關於光纖激光器的。那麼你在那裡的曝光率是多少？那裡的曝光率，我的意思是，就激光業務或非光學業務的百分比而言？是不是比較有意義？

Our laser business is probably about two-thirds or so of that, maybe 70% of that non-optical portion of our revenue. And within that, I would say fiber is certainly not the largest, but it's the fastest-growing, and I think it's certainly expected to be the biggest driver of growth, as we go through this calendar year.

我們的激光業務可能佔其中的三分之二左右，可能占我們收入的非光學部分的 70%。其中，我想說光纖肯定不是最大的，但它是增長最快的，而且我認為它肯定會成為增長的最大驅動力，因為我們將經歷這個日曆年。

Is it over, with the laser revenue, is it over 50%? Or if not, then can it get over 50% by sometime this year?

完了，激光收入，是不是超過50%了？或者，如果不能，那麼它能否在今年某個時候超過 50%？

It is not over 50% today. Could it get there? It certainly could, but we would need some industry help to get there.

今天不超過50%。它能到達那裡嗎？它當然可以，但我們需要一些行業幫助才能實現這一目標。

Got it. Thank you.

知道了。謝謝。

Matt Lebo, Piper Jaffray.

馬特·萊博、派珀·杰弗裡。

I just had one brief modeling question. I think earlier you said you expected the tax rate to drop back between the 6% and 7% level, and then it could tick higher at some point when this new factory comes under greater utilization. Is there some sort of timing on that, or just a little clarity there would be very helpful.

我只有一個簡短的建模問題。我想早些時候你說過你預計稅率會回落到 6% 到 7% 的水平，然後當這個新工廠的利用率更高時，它可能會在某個時候上升。是否有某種時間安排，或者只是稍微澄清一下會非常有幫助。

Okay. This is TS. I say when building six is fully occupied, I expect the tax rate to go down, because building six is tax-protected. New building we should get seven-year tax rate in Thailand.

好的。這是TS。我說當六號樓滿員時，我預計稅率會下降，因為六號樓是免稅的。新建築我們應該在泰國享受七年的稅率。

Most of our buildings in Thailand now has already come out of the tax holiday. So, right now I'm guiding 6% to 7%, we're looking at close to 7%, but the building six is fully ramped and fully occupied, as the product come off of those buildings, the building six will be tax-free, so the effective tax rate will be lower.

我們在泰國的大部分建築現在已經結束了免稅期。所以，現在我指導 6% 到 7%，我們正在尋找接近 7%，但是六號樓已經完全傾斜並完全佔用，因為這些建築物的產品脫落，六號樓將被徵稅-免費，所以有效稅率會更低。

Okay. Would that be closer to 6%, and as a follow-up is there any rough timing when we should expect that?

好的。那會接近 6% 嗎？作為後續行動，我們應該預期什麼時候有任何粗略的時間？

Well, when building six is fully occupied, yes, it be closer to 6%. You're right.

好吧，當六號樓滿員時，是的，接近 6%。你說得對。

Okay. Thank you very much.

好的。非常感謝。

(Operator Instructions)

（操作員說明）

Alex Henderson, Needham.

亞歷克斯亨德森，李約瑟。

Just want to be clear. The tax rate guidance you're giving here is non-GAAP, correct?

只是想說清楚。您在此處提供的稅率指導是非公認會計原則，對嗎？

Let me think. Normalized. In other words, if you as far as have other income or losses we cut that out. So for example, [FQ2] if you look at my tax rate 10.5%, but because I got investigation costs, so I cut that out and normalized, it would be 6% to 7%.

讓我想想。歸一化。換句話說，如果您有其他收入或損失，我們將其剔除。例如，[FQ2] 如果你看我的稅率是 10.5%，但因為我有調查成本，所以我把它去掉並標準化，它會是 6% 到 7%。

Okay. And then second, I'm a little -- haven't gone through too many of your new buildings ramping up. From the time you break ground on that facility, say it's midsummer, just to choose a window, how long before it starts to become a cost that's run through the income statement, and be a potential for revenue sources?

好的。其次，我有點——還沒有經歷過太多你的新建築的建設。從你在那個設施破土動工的時候開始，比如說是仲夏，只是為了選擇一個窗口，它要多久才能開始成為貫穿損益表的成本，並成為潛在的收入來源？

So Alex, the way it typically works, as soon as we turn the lights on in that factory, we start, say, depreciating it so it hits the P&L. So it essentially takes us 12 months, so to use your timeline, if we were to start at the beginning of FY16, in the beginning of FY17 it would hit the P&L from a depreciation standpoint. In terms of revenue contribution, a lot of that's going to depend on the queue customers we have to move into that space, but typically, when we are turning on the lights of that building, we've got customers at some point moving in. It may only be to occupy 10% or 15% of that space, but we will have revenue contributions typically for that building when we turn it on.

所以亞歷克斯，它通常的工作方式是，一旦我們打開那家工廠的燈，我們就開始對其進行折舊，使其達到損益表。所以它基本上需要我們 12 個月，所以使用你的時間表，如果我們要在 2016 財年年初開始，那麼從折舊的角度來看，它會在 2017 財年年初達到損益。就收入貢獻而言，這在很大程度上取決於我們必須進入該空間的隊列客戶，但通常情況下，當我們打開該建築物的燈時，我們會在某個時候讓客戶進入。它可能只佔用該空間的 10% 或 15%，但當我們打開它時，我們通常會為該建築物提供收入貢獻。

Just to add on to what John said, we turn on depreciation on day one we occupy the building. If you looked at the last couple of quarters we've been carrying building six costs in terms of full-blown fully-loaded costs. Obviously, some of the area you don't use. We can save on utility and so on, but the depreciation turn on, on day one.

補充一下 John 所說的，我們在入住大樓的第一天就啟用了折舊。如果你看看過去幾個季度，我們一直在承擔建設六項完全成熟的滿載成本。顯然，有些區域您不使用。我們可以節省公用事業等，但折舊在第一天就開始了。

Going back to the capacity utilization commentary, if it's going to take essentially a year for that facility to go from groundbreaking to first occupancy, should we anticipate that the utilization rate on your existing plant ticks up consistently between now and the end of FY16; and helps your gross margins improve as a result of improved utilization on both the equipment and on the facilities?

回到產能利用率的評論，如果該設施從破土動工到首次入住基本上需要一年的時間，我們是否應該預計從現在到 2016 財年末，您現有工廠的利用率會持續上升？並通過提高設備和設施的利用率來幫助您提高毛利率？

Yes. That's what I say. When building six is fully occupied, and that's why we get to the $200 million level, and at the 12% to 12.5% margin we're predicting.

是的。這就是我說的。當 6 號樓完全被佔用時，這就是為什麼我們達到 2 億美元的水平，並且我們預測的利潤率為 12% 到 12.5%。

Alex, you should see that as that building continues to fill up, we would anticipate that to continue here through construction if you will, of building seven, whenever we do break ground on that. And as a result of that increased utilization, that should be a tailwind to the gross margin.

亞歷克斯，你應該看到，隨著那棟建築繼續被填滿，我們預計，如果你願意的話，我們會繼續在這裡建造，七號樓，只要我們破土動工。由於利用率提高，這應該對毛利率有利。

So the magnitude of the benefit of that would be what? About half a point?

那麼，這樣做的好處有多大？大約半分？

Somewhere in that range.

在那個範圍內的某個地方。

Yes.

是的。

Okay. Thanks.

好的。謝謝。

That concludes our question-and-answer session for today. I would like to turn the conference back to management for any closing comments.

今天的問答環節到此結束。我想將會議轉回管理層徵求任何結束意見。

Thank you, everybody, for joining us today. We look forward to speaking with you all soon. Thanks very much.

謝謝大家今天加入我們。我們期待很快與大家交談。非常感謝。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program, and you may now disconnect. Everyone, have a good day.

謝謝。女士們，先生們，感謝你們參加今天的會議。這確實結束了程序，您現在可以斷開連接。大家，祝你有個美好的一天。