Fabrinet (FN) 2023 Q2 法說會逐字稿

Good afternoon. Welcome to Fabrinet's Financial Results Conference Call for the Second Quarter of Fiscal Year 2023. (Operator Instructions) As a reminder, today's call is being recorded.

午安.歡迎參加 Fabrinet 2023 財年第二季財務業績電話會議。

I would now like to turn the call over to your host, Garo Toomajanian, Vice President of Investor Relations. You may begin.

現在我想將電話轉給主持人投資者關係副總裁 Garo Toomajanian。你可以開始了。

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 fiscal year 2023, which ended December 30, 2022.

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 2022 年 12 月 30 日的 2023 財年第二季度的財務和營運業績。

With me on the call today are Seamus Grady, Chief Executive Officer; and Csaba Sverha, Chief Financial Officer.

今天與我一起參加電話會議的是執行長 Seamus Grady；和財務長 Csaba Sverha。

This call is being webcast, and a replay will be available on the Investors section of our website located at investor.fabrinet.com.

本次電話會議正在進行網路直播，我們網站的投資者部分將提供重播，網址為investor.fabrinet.com。

During this call, we will present both GAAP and non-GAAP financial measures. Please refer to the Investors section of our website for important information, including our earnings press release and investor presentation, which include our GAAP to non-GAAP reconciliation.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。請參閱我們網站的投資者部分以了解重要訊息，包括我們的收益新聞稿和投資者演示，其中包括我們的 GAAP 與非 GAAP 調節表。

In addition, 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 8, 2022.

此外，今天的討論將包含有關公司未來財務表現的前瞻性陳述。前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與管理階層目前的預期有重大差異。這些陳述僅反映我們截至本簡報發布之日的觀點，我們不承擔根據新資訊或未來事件對其進行修改的義務，除非法律要求。有關可能影響我們結果的風險因素的說明，請參閱我們最近向 SEC 提交的文件，特別是我們於 2022 年 11 月 8 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 remarks from Seamus and Csaba followed by time for questions. I would now like to turn the call over to Fabrinet's CEO, Seamus Grady. Seamus?

我們將首先由 Seamus 和 Csaba 發表講話，然後是提問時間。我現在想將電話轉給 Fabrinet 的執行長 Seamus Grady。西莫？

Thank you, Garo. Good afternoon, everyone, and thank you for joining us on our call today. We had a strong second quarter with revenue above our guidance range at $668.7 million. This new quarterly record was an increase of 18% from a year ago and 2% from the first quarter. After adjusting for the 14-week period in Q1, revenue would have grown 5% sequentially.

謝謝你，加羅。大家下午好，感謝您今天加入我們的電話會議。我們第二季表現強勁，營收達到 6.687 億美元，高於我們的指導範圍。這一季度新紀錄較去年同期成長18%，較第一季成長2%。在第一季 14 週期間進行調整後，營收將季增 5%。

Supply constraints continue to act as a revenue headwind. While we continue to see pockets of relief in some areas, we have also seen increasing supply constraints in other areas. In aggregates, the revenue impact of supply constraints during the second quarter was approximately $20 million, a little smaller than anticipated. That said, we continue to face supply issues with certain commodity components. While these supply constraints could worsen before they get better, we continue to anticipate a better supply environment later this calendar year.

供應限制繼續成為收入的阻力。雖然我們繼續看到一些地區的情況有所緩解，但我們也看到其他地區的供應限制日益增加。總體而言，第二季供應限制對營收的影響約為 2,000 萬美元，略小於預期。儘管如此，我們仍面臨某些商品成分的供應問題。雖然這些供應限制在改善之前可能會惡化，但我們仍然預計今年稍後供應環境會更好。

Our team executed very well in the second quarter, delivering non-GAAP operating margins of 10.9%, setting a new quarterly performance record. Including the impact of an $0.11 foreign currency loss, non-GAAP EPS of $1.90 was in the upper end of our guidance and would have been well above the range were it not for the foreign exchange impact.

我們的團隊在第二季度表現非常出色，非 GAAP 營業利潤率為 10.9%，創下了新的季度業績記錄。考慮到 0.11 美元的外匯損失的影響，非 GAAP 每股收益為 1.90 美元，處於我們指導的上限，如果沒有外匯影響，本應遠高於該範圍。

Looking at the quarter in more detail, both optical and nonoptical communications saw quarterly and year-over-year revenue increases to new record levels. Within optical communications, telecom demand continues to be strong, but revenue decreased slightly sequentially, primarily due to recent component shortages.

更詳細地觀察本季度，光通訊和非光通訊的季度和年比收入均成長至新紀錄水準。在光通訊領域，電信需求持續強勁，但營收季比略有下降，主要是由於近期組件短缺。

On the other hand, in datacom, we reached a new quarterly revenue record and also experienced our fastest sequential growth in 10 years.

另一方面，在數據通訊領域，我們創下了新的季度收入記錄，並經歷了 10 年來最快的連續成長。

Turning to nonoptical communications. We had another record quarter for automotive revenue as supply improvements from the first quarter continued driving strong growth in newer automotive programs. This growth in automotive more than offset declines in industrial laser revenue in the quarter.

轉向非光通信。由於第一季的供應改善持續推動新汽車專案的強勁成長，我們的汽車營收季度再創新高。汽車領域的成長足以抵消本季工業雷射收入的下降。

Investing in our long-term growth remains a top priority for Fabrinet. As you know, our recently opened Building 9 provides us with significant capacity to continue to scale our business over the next several years, and we continue to ramp new programs for our customers in this state-of-the-art 1 million square foot facility.

投資我們的長期成長仍然是 Fabrinet 的首要任務。如您所知，我們最近開業的 9 號大樓為我們提供了在未來幾年繼續擴大業務的強大能力，我們將繼續在這座佔地 100 萬平方英尺的先進設施中為客戶推出新項目。

Looking ahead to the third quarter, we remain optimistic that the industries we serve can remain relatively resilient despite broader global economic trends and this is reflected in healthy demand trends that we continue to see across our business. As I noted earlier, the supply environment is still challenging. Even though we continue to successfully mitigate the impact of supply shortages, we do expect greater revenue impact from supply headwinds in the third quarter than in Q2, and this is reflected in the guidance that Csaba will detail in a moment.

展望第三季度，我們仍然樂觀地認為，儘管全球經濟趨勢更廣泛，但我們所服務的行業仍能保持相對彈性，這反映在我們在整個業務中繼續看到的健康需求趨勢中。正如我之前指出的，供應環境仍然充滿挑戰。儘管我們繼續成功減輕供應短缺的影響，但我們確實預計第三季度供應逆風對收入的影響將比第二季度更大，這反映在 Csaba 稍後將詳細說明的指導中。

Our business model remains very agile, flexible, and resilient. Over the years, our ability to respond quickly to changing market dynamics has helped us to optimize our business in the face of changes in supply or demand. As such, we're confident that we can continue to operate very effectively in a dynamic global environment to the benefit of all our stakeholders.

我們的業務模式仍然非常敏捷、靈活且有彈性。多年來，我們對不斷變化的市場動態做出快速反應的能力幫助我們在面對供應或需求的變化時優化我們的業務。因此，我們有信心能夠在充滿活力的全球環境中繼續高效地運營，造福所有利害關係人。

In summary, we delivered strong second quarter results with revenue above guidance and record operating margins. While the supply environment remains volatile, our demonstrated ability to execute, reinforces our optimism that we remain well positioned to continue producing strong financial results as we look ahead.

總而言之，我們第二季業績強勁，營收高於預期，營業利潤率創歷史新高。儘管供應環境仍然不穩定，但我們所表現出的執行能力增強了我們的樂觀態度，即我們仍處於有利位置，可以在未來繼續創造強勁的財務表現。

Now I'd like to turn the call over to Csaba for additional financial details on our second quarter and our guidance for the third quarter of fiscal 2023. Csaba?

現在我想將電話轉給 Csaba，了解我們第二季的更多財務細節以及 2023 財年第三季的指導。

Thank you, Seamus, and good afternoon, everyone. We delivered record revenue in the second quarter that was above our guidance. Revenue was $668.7 million, which was up 18% from a year ago and up 2% from the first quarter, which you will recall was a 14-week quarter with an extra $20 million revenue contribution. Adjusting for this extra week, sequential revenue growth would have been 5%.

謝謝你，Seamus，大家下午好。我們在第二季度實現了創紀錄的收入，高於我們的指導。營收為 6.687 億美元，比去年同期成長 18%，比第一季成長 2%，您會記得這是一個為期 14 週的季度，額外貢獻了 2000 萬美元的收入。調整這額外一週後，營收季增將為 5%。

After delivering record operating margin in Q1, we again reached a new high point with non-GAAP operating margin of 10.9% in the second quarter. Our foreign currency hedging program continues to dampen the impact of FX fluctuation on operating margins, but our bottom line results were negatively impacted by foreign exchange revaluation loss of $3.9 million or $0.11 per share in the second quarter. As a result, non-GAAP earnings per share was $1.90 in the upper half of our guidance range. Without this $0.11 foreign exchange loss, non-GAAP EPS would have been well above our guidance.

繼第一季營業利潤率創歷史新高後，第二季非 GAAP 營業利潤率再次創下新高，達到 10.9%。我們的外匯對沖計畫持續抑制外匯波動對營業利潤的影響，但我們的獲利結果受到第二季外匯重估損失 390 萬美元或每股 0.11 美元的負面影響。因此，非 GAAP 每股收益為 1.90 美元，處於我們指導範圍的上半部分。如果沒有這 0.11 美元的匯兌損失，非 GAAP 每股盈餘將遠高於我們的指引。

Looking at the revenue in more detail. Optical communications revenue was $506.1 million, up both sequentially and from a year ago to a new record. Within optical, telecom revenue was $392.9 million, which was up 11% from a year ago, but a decline of 3% from the first quarter, primarily due to increased supply constraints for certain commodity semiconductors used in these products.

更詳細地查看收入。光通訊收入為 5.061 億美元，環比和去年同期均成長，創下新紀錄。在光學領域，電信收入為 3.929 億美元，年增 11%，但較第一季下降 3%，主要是由於這些產品中使用的某些商品半導體的供應限制增加。

Datacom revenue, on the other hand, was very strong at $113.2 million. This record datacom revenue was up 15% from a year ago and 22% from Q1 due to a combination of continued positive demand trends and better component availability for these products.

另一方面，數據通訊收入非常強勁，達到 1.132 億美元。由於持續積極的需求趨勢和這些產品更好的組件可用性，這項創紀錄的數據通訊收入比一年前增長了 15%，比第一季度增長了 22%。

By technology, silicon photonics revenue was $123.4 million, an 11% sequential decrease due to the same supply constraints that impacted telecom revenue. The impacted telecom products were also primarily newer, faster speed rated products, and as a result, revenue from products rated at 400 gig or more also declined 11% sequentially to $173.6 million. I want to emphasize that we believe demand for this product remains robust and that this decline was primarily supply related.

按技術劃分，矽光子收入為 1.234 億美元，環比下降 11%，原因與影響電信收入的供應限制相同。受影響的電信產品也主要是更新、速度更快的產品，因此，400G 或以上產品的收入也較上季下降 11%，至 1.736 億美元。我想強調的是，我們認為對該產品的需求仍然強勁，這種下降主要與供應有關。

Revenue from 100 gig products, on the other hand, was the highest we have seen in over 2 years at $153.4 million, up 10%, both from a year ago and from Q1.

另一方面，100 種零工產品的收入是兩年多來的最高水平，達到 1.534 億美元，比一年前和第一季成長 10%。

Nonoptical communications revenue was also another record at $162.6 million and represented 24% of total revenue. As in Q1, growth in nonoptical communications was driven primarily by automotive revenue, which was a record $94.8 million, more than doubled from a year ago and up 9% from Q1. In addition to a better supply environment for these products, they also benefited from continued demand trends for newer automotive products.

非光通訊收入也再創新高，達到 1.626 億美元，佔總收入的 24%。與第一季一樣，非光通訊的成長主要由汽車收入推動，達到創紀錄的 9,480 萬美元，比去年同期成長一倍多，比第一季成長 9%。除了這些產品更好的供應環境外，它們還受益於新型汽車產品的持續需求趨勢。

Industrial laser revenue was $30.9 million, down 13% sequentially.

工業雷射收入為 3,090 萬美元，比上一季下降 13%。

Other nonoptical Communications revenue increased from a year ago and from last quarter to $36.8 million.

其他非光通訊收入較上年同期和上季增加至 3,680 萬美元。

As I discussed the details of our P&L, expense and profitability metrics provided are on a non-GAAP basis, unless otherwise noted. A reconciliation of GAAP to non-GAAP measures is included in our earnings press release and investor presentation, which you can find in the Investor Relations section of our website.

正如我討論的損益表的詳細信息，除非另有說明，否則提供的費用和盈利指標均基於非公認會計原則。我們的收益新聞稿和投資者介紹中包含了 GAAP 與非 GAAP 衡量標準的對賬，您可以在我們網站的投資者關係部分找到這些內容。

Our execution was very strong in the second quarter as reflected in our gross margins, which tied our prior record of 13%. Tailwinds from foreign exchange hedges contributed approximately 20 basis points to this performance. And based on current FX levels, we anticipate that these tailwinds could turn into mild headwinds over the next few quarters.

正如我們的毛利率所反映的那樣，我們第二季的執行力非常強勁，與之前 13% 的記錄持平。外匯對沖的推動因素為此業績貢獻了約 20 個基點。根據目前的外匯水平，我們預計這些有利因素可能會在未來幾季變成溫和的不利因素。

Operating expenses in the quarter were $13.7 million or 2.1% of revenue. This produced record operating income of $73.1 million or 10.9% of revenue. As I indicated in my introduction, a strong Thai baht and weaker U.S. dollar resulted in a foreign exchange loss of $3.9 million, $0.11 per share, primarily due to asset and liability revaluations at the end of the quarter.

本季營運費用為 1,370 萬美元，佔營收的 2.1%。這創造了創紀錄的營業收入 7,310 萬美元，佔總收入的 10.9%。正如我在介紹中指出的那樣，泰銖堅挺和美元疲軟導致外匯損失 390 萬美元，即每股 0.11 美元，這主要是由於季度末的資產和負債重估。

Thanks to our strong balance sheet, we continue to benefit from a higher interest rate environment, with net interest income of $2 million or approximately $0.05 per diluted share, which partially offset FX losses.

由於我們強大的資產負債表，我們繼續受益於較高的利率環境，淨利息收入為 200 萬美元，或稀釋後每股約 0.05 美元，部分抵消了外匯損失。

Non-GAAP net income was $70 million or $1.90 per diluted share. On a GAAP basis, net income was $1.71 per diluted share.

非 GAAP 淨利潤為 7,000 萬美元，即稀釋後每股收益 1.90 美元。以 GAAP 計算，攤薄後每股淨利為 1.71 美元。

Effective tax rate was 1.7% in the second quarter, and we continue to anticipate an effective tax rate in the low to mid-single digits for the year.

第二季的有效稅率為 1.7%，我們繼續預期今年的有效稅率將維持在中低個位數。

Turning to the balance sheet and cash flow statements. At the end of the second quarter, cash, cash equivalents, restricted cash and short-term investments were $527.6 million, up $27.7 million from the end of the first quarter. Operating cash flow was $44.5 million, with CapEx of $13.4 million, free cash flow was $31.1 million.

轉向資產負債表和現金流量表。第二季末，現金、現金等價物、限制性現金和短期投資為5.276億美元，比第一季末增加2,770萬美元。營運現金流為 4,450 萬美元，資本支出為 1,340 萬美元，自由現金流為 3,110 萬美元。

We will continue to execute on our plan to return surplus cash to shareholders, though buyback activity was low during the quarter. Approximately $94.9 million remains in our share repurchase authorization.

儘管本季回購活動較低，但我們將繼續執行向股東返還剩餘現金的計畫。我們的股票回購授權中仍有約 9,490 萬美元。

On an operational note, earlier in the third quarter, we made the decision to exit our business in the U.K. Unlike our new product introduction facilities at Fabrinet West and Fabrinet Israel, our U.K. operation has not become a meaningful or ramp the volume manufacturing in Thailand. Since the U.K. facility also operates at a relatively small scale, serving mostly local customers, we estimate that the impact on non-GAAP financial results will be immaterial. We expect the ramp down to be substantially completed by the end of the fiscal year, during which we will help ensure a smooth transition for our customers.

在營運方面，第三季早些時候，我們決定退出在英國的業務。生產。由於英國工廠的營運規模也相對較小，主要為當地客戶提供服務，因此我們估計對非公認會計準則財務表現的影響並不重大。我們預計降幅將在本財政年度結束時基本完成，在此期間我們將協助確保客戶順利過渡。

We expect to incur restructuring costs of approximately $3.5 million, which will be excluded from our non-GAAP results.

我們預計將產生約 350 萬美元的重組成本，該成本將不包括在我們的非 GAAP 業績中。

Now I will turn to our guidance for the third quarter. We remain optimistic about the long-term demand trends across our business and our ability to manage supply constraints as effectively as possible. At the same time, our general supply environment has improved, the availability of certain components worsened in Q2, impacting telecom revenue.

現在我將談談我們對第三季的指導。我們對整個業務的長期需求趨勢以及我們盡可能有效管理供應限制的能力保持樂觀。同時，我們的整體供應環境有所改善，第二季某些組件的可用性惡化，影響了電信收入。

From what we are currently seeing, we expect these constraints to be even tighter in Q3. Therefore, our guidance assumes a supply chain headwind of $30 million to $35 million, which is about $10 million to $15 million greater than what we saw in Q2. With these incremental supply constraints and typical Q3 seasonality in mind, we anticipate revenue in the range of $640 million to $660 million. We anticipate non-GAAP net income to be in the range of $1.86 to $1.93 per diluted share.

從我們目前所看到的情況來看，我們預計這些限制在第三季會更加嚴格。因此，我們的指導假設供應鏈逆風為 3000 萬至 3500 萬美元，比我們在第二季度看到的情況高出約 1000 萬至 1500 萬美元。考慮到這些增量供應限制和典型的第三季季節性，我們預計營收在 6.4 億美元至 6.6 億美元之間。我們預計非 GAAP 攤薄後每股淨利潤將在 1.86 美元至 1.93 美元之間。

In summary, we had a strong second quarter performance with record revenue and margins. While the supply environment is gradually improving, a small number of components continue to constrain our ability to meet customer demand. Nevertheless, we remain confident in our ability to continue to execute value in Q3 and over the long term.

總而言之，我們第二季業績強勁，營收和利潤創歷史新高。雖然供應環境逐漸改善，但零件數量較少仍限制我們滿足客戶需求的能力。儘管如此，我們仍然對我們在第三季和長期內繼續執行價值的能力充滿信心。

Operator, we are now ready to open the call for questions.

接線員，我們現在準備開始提問。

(Operator Instructions) Our first question comes from the line of Samik Chatterjee with JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Samik Chatterjee。

I have a couple. Maybe if we can start with the telecom and the supply constraints you're seeing there. Wondering if you can give us a bit more details about the kind of components you're seeing sort of the more worsening constraints on, because it seems like it's a bit countered to what investor expectations are at this point for a more broader sort of easing of the supply chain. So definitely, we would be curious about sort of where you're seeing these incremental constraints?

我有一對。也許我們可以從電信和您所看到的供應限制開始。想知道您是否可以向我們提供更多有關您所看到的限制更加惡化的組成部分的詳細信息，因為這似乎與投資者目前對更廣泛的寬鬆政策的預期有些背道而馳供應鏈的。因此，我們肯定會好奇您在哪裡看到這些增量約束？

And is it more about not really buying from those sort of broker market? Or just sort of not -- the part not being available or the supply and not being able to ship to it? And I have a follow-up.

更重要的是不真正從這類經紀商市場購買嗎？或者只是有點不——零件不可用或供應但無法運送？我有一個後續行動。

Yes, Samik. Yes, it's an unusual situation. I mean, overall, we're seeing the supply situation begin to improve in certain areas with certain suppliers who have been, let's say, problematic historically for the last several quarters. But we've also seen some new suppliers pop up and because the majority of our business is telecom, it's about 75% telecom, 25% datacom, the shortages that we're seeing are in about the same proportion.

是的，薩米克。是的，這是一個不尋常的情況。我的意思是，總體而言，我們看到某些供應商的供應狀況開始改善，這些供應商在過去幾個季度中一直存在問題。但我們也看到一些新的供應商湧現，因為我們的大部分業務是電信，大約 75% 是電信，25% 是數據通信，我們看到的短缺比例大致相同。

The devices, the specific devices or components that we see in short supply, they also support very specific products used in certain telecom transceivers where demand continues to be healthy, but we still have a couple of outlier components. So I know it's a bit of a mixed message. Overall, we see things improving, and we especially see things improving, as we said before, in the second half of this year. But last quarter, we did have some and this quarter, again, we continue to have some component shortages that are specific to telecom.

這些設備、我們看到供應短缺的特定設備或組件，它們還支援某些電信收發器中使用的非常特定的產品，這些收發器的需求持續健康，但我們仍然有一些異常組件。所以我知道這有點複雜。總體而言，我們看到情況有所改善，特別是正如我們之前所說，今年下半年情況有所改善。但上個季度，我們確實出現了一些短缺，而本季度，我們仍然出現一些電信特有的零件短缺。

For my follow-up, maybe you can spend a bit more time on the datacom side. I understand you're still supply constrained there, but we've seen a lot more sort of pullback in the big customers in their CapEx sort of their overall spending plan. So when you think about sort of the current sort of pipeline there, are you seeing any softening of the pipeline outside of the supply constraints that you are still sort of navigating when you sort of look 3 to 6 months out? Are you seeing any softening of the demand pipeline?

對於我的後續內容，也許您可以在數據通訊方面多花一些時間。我知道那裡的供應仍然受到限制，但我們已經看到大客戶在其總體支出計劃中的資本支出出現了更多的回調。因此，當您考慮當前的管道類型時，您是否會看到供應限制之外的管道是否有任何軟化，而當您展望 3 到 6 個月時，您仍然在導航？您是否看到需求管道有任何疲軟？

So, I mean, as you know, Samik, we guide 1 quarter at a time, so we don't comment really on 6 months out in our guidance. While we -- we haven't seen any particular softening. We're still primarily supply constrained on the datacom side. Obviously, we grew very nicely in the quarter, and our datacom business remains quite strong. So we're primarily a supply constraint on the datacom side. And our business there continues to grow nicely. We had some good strong results for 100-gig products. So 400 gig remains strong, again, somewhat supply constrained. But the demand remains strong for -- across the product categories that we serve in the datacom side of the business.

所以，我的意思是，正如你所知，Samik，我們一次指導一個季度，所以我們不會在指導中真正評論 6 個月的情況。雖然我們沒有看到任何特別的軟化。我們仍然主要在數據通訊方面受到供應限制。顯然，我們在本季成長得非常好，我們的數據通訊業務仍然相當強勁。因此，我們主要是數據通訊方面的供應限制。我們在那裡的業務繼續良好成長。我們在 100 場產品方面取得了一些良好的表現。因此，400 份演出仍然強勁，但供應仍然受到一定程度的限制。但我們在數據通訊業務領域提供的所有產品類別的需求仍然強勁。

Our next question comes from the line of Alex Henderson with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Alex Henderson。

I'm definitely equally puzzled on the supply side because we had expected it to improve, not erode here. There's clearly a semiconductor company or two from the United States that are cited frequently as the source of a lot of the consternation in the supply chain. Is it that typical source that is now improving and we're seeing a shift to a different geography, perhaps the COVID lockdowns or other issues shifting it to a different geography? Is that -- where is the -- where is the nexus of this particular supply chain located?

我對供應方面也同樣感到困惑，因為我們原本預計供應方面會有所改善，而不是受到侵蝕。顯然有一兩家來自美國的半導體公司經常被認為是供應鏈中許多恐慌的根源。是不是那個典型的來源現在正在改善，我們看到它正在轉移到不同的地理位置，也許是因為新冠疫情封鎖或其他問題將其轉移到了不同​​的地理位置？這個特定供應鏈的連結在哪裡？

It's really twofold. Some of it is, again, we've called out a slightly higher supply headwind number in Q3. I think we've called it $30 million, $35 million versus $20 million of about actual in Q2. Some of that is -- it's a combination of really 2 areas. One is supply constraints that are COVID related, I would say, in China. So some of the suppliers who had gone through some lockdowns and whatnot in China, we are seeing a slight, not huge, but a slight headwind due to component-related supply constraints coming out of China this quarter.

這確實是雙重的。其中一些原因是，我們再次指出第三季的供應逆風數字略高。我認為我們將其稱為 3000 萬美元、3500 萬美元，而第二季的實際成本約為 2000 萬美元。其中一些是——它實際上是兩個領域的組合。我想說，其中之一是在中國與新冠疫情相關的供應限制。因此，一些在中國經歷了一些封鎖之類的供應商，由於本季來自中國的零件相關供應限制，我們看到了輕微的、不是巨大的、但輕微的阻力。

And then secondly, we have a couple of -- some of the -- and again, I really don't want to get into naming specific suppliers, but some of the component manufacturers who historically, certainly for the last several quarters have been problematic have really improved, and we are actually back to more normal lead times with many of the suppliers who historically were problematic. But unfortunately, 1 or 2 new ones have popped up.

其次，我們有幾個——其中一些——再說一次，我真的不想透露具體供應商的名字，但一些零件製造商在歷史上，當然在過去的幾個季度裡一直存在問題確實有所改善，而且我們實際上已經與許多歷史上存在問題的供應商恢復了更正常的交貨時間。但不幸的是，有一兩個新的出現了。

And I think they'll go through the same cycle as the other ones. They'll increase capacity, they'll improve output, and they'll get things improved, but we are seeing that supply headwind this quarter. So I understand, Alex, it's a kind of a confusing message. On the one hand, we have -- we have certain commodities where things have improved, things have stabilized and we're back to more normal lead times. But unfortunately, we have, as I say, some of these new component suppliers who have cropped up as problematic, coupled with a certain amount of supply headwind coming out of China because of COVID.

我認為他們會經歷與其他人相同的週期。他們將增加產能，提高產量，並改善情況，但我們在本季看到供應逆風。所以我明白，亞歷克斯，這是一個令人困惑的訊息。一方面，我們擁有某些商品，情況有所改善，情況已經穩定，我們回到了更正常的交貨時間。但不幸的是，正如我所說，我們有一些新的零件供應商突然出現了問題，再加上由於新冠疫情，中國帶來了一定的供應逆風。

So if I'm looking at the guide for the upcoming quarter, could you give us any granularity on the assumptions between datacom and telecom sequential or year-over-year growth or sequentially any way you want to phrase it?

因此，如果我正在查看下一季度的指南，您能否為我們提供有關數據通訊和電信連續增長或同比增長或連續增長或您想要的任何方式之間的假設的任何粒度？

Do you mean in terms of the component headwinds or...

您的意思是組件逆風還是...

No, in terms of the aggregate, what are you assuming in terms of the revenue growth by segment?

不，就整體而言，您對各細分市場的收入成長有何假設？

Yes, go ahead, Csaba.

是的，繼續吧，Csaba。

Alex, we typically don't break this out in our guidance. But as you can see, we are calling out slight downward trends on a quarter-on-quarter basis. So the headwind is primarily supply related as we have discussed. So we will expect telecom to be moderating slightly and also datacom while -- has been very strong in the last quarter, it's going to probably moderate slightly quarter-on-quarter basis. But both segments are -- continue to be strong from a demand perspective. Nevertheless, the incremental headwinds are mostly concentrated around these 2 segments.

亞歷克斯，我們通常不會在我們的指導中詳細說明這一點。但正如您所看到的，我們指出季度環比略有下降的趨勢。因此，正如我們所討論的，不利因素主要與供應有關。因此，我們預計電信業務和數據通訊業務將略有放緩，而上一季的表現非常強勁，但季度環比可能會略有放緩。但從需求角度來看，這兩個細分市場仍然強勁。然而，增量阻力主要集中在這兩個領域。

Overall demand side seems to be strong and robust, but our ability to fill that demand is really constrained around the material. So in both cases, I think we would expect a slight moderation or flat quarter-on-quarter in these 2 segments.

整體需求面似乎強勁且穩健，但我們滿足需求的能力確實受到材料的限制。因此，在這兩種情況下，我認為我們預計這兩個細分市場將略有放緩或季度環比持平。

The $30 million to $35 million, is that all in the optical piece? And is it evenly split between the 2 categories?

3000萬到3500萬美元都是光學部分嗎？這兩個類別之間平均分配嗎？

Yes. It's primarily around optical communication. Our automotive and laser segment have been somewhat stable in the last 2 quarters. There has been significant improvement on the supply side in those segments. The $30 million to $35 million is mostly around optical communication and split around as a proportion of the range, probably 75% is telecom, about 25% is datacom-related.

是的。它主要圍繞光通信。我們的汽車和雷射領域在過去兩個季度中一直保持穩定。這些細分市場的供應方面已有顯著改善。 3000萬至3500萬美元主要圍繞光通信，並按比例劃分，大概75%與電信相關，大約25%與數據通信相關。

Our next question comes from the line of Fahad Najam with Loop Capital.

我們的下一個問題來自 Fahad Najam 和 Loop Capital 的對話。

So for the needling more specifics on the headwind on components. If I look at your sub-100 gig revenue, it's growing pretty nicely in the quarter, even 100 gig. So is the 75% of the $30 million headwind mostly of 400 gig and above speeds?

因此，對於組件逆風的針刺更多細節。如果我看看你們的 100 場演出收入以下，就會發現該季度的成長相當不錯，甚至達到了 100 場演出。那麼，3000 萬美元逆風中的 75% 是否主要來自 400 gig 及以上的速度？

That is correct, Fahad. In the last quarter, it was mostly in the higher data rates (inaudible).

這是正確的，法赫德。上個季度，主要是數據速率較高（聽不清楚）。

I don't know if it was my end, but I couldn't make out what you said, Csaba. Can you please repeat again?

我不知道這是否就是我的結局，但我聽不懂你說的話，Csaba。您能再說一次嗎？

I'm sorry. So yes, the impact was in last quarter and this quarter, mostly in our 400 gig and above product segments in the higher data rate segment. So both in Q2 and Q3, the expected headwinds are mostly going to be in that area -- in that space. Again, these are very specific components impacting a couple of -- handful of products in that range.

對不起。所以，是的，影響發生在上個季度和本季度，主要是在我們的 400 GB 及以上的更高數據速率領域的產品領域。因此，在第二季度和第三季度，預期的阻力主要將出現在該領域—該領域。同樣，這些是非常具體的組件，影響該系列中的少數產品。

All right. And my next question was I know in the past, you've said that 400-gig ZR was at the high single low digit percent of your revenue. One, does this component headwind impact, 400-gig ZR modules versus line cards or systems and second is, can you also update us on the 400ZR revenue like (inaudible) of revenue?

好的。我的下一個問題是，據我所知，您過去曾說過 400 台 ZR 佔您收入的高個位數百分比。第一，這個組件的逆風是否會影響 400-g ZR 模組與線路卡或系統的比較；第二，您能否向我們介紹 400ZR 收入的最新情況，例如（聽不清楚）收入？

So, Fahad, yes, 400ZR, we're quite happy with the progress we've made there. We -- we think we're a leader in our industry in supporting 400ZR. So we're very happy with, let's say, our penetration rate in 400ZR and our ability to grow our business with our customers in 400ZR. The shortages we talked about, as Csaba said, they break out approximately. So first of all, let's say, the automotive and the laser business, I don't want to say the shortages are behind us because it's too early to declare victory. But certainly, they've become much more predictable and the improvements we made, especially in automotive in the prior quarter seems to have continued in Q3.

所以，Fahad，是的，400ZR，我們對我們在這方面的進展感到非常滿意。我們認為我們是支持 400ZR 的產業領導者。因此，我們對 400ZR 的滲透率以及與 400ZR 客戶一起發展業務的能力感到非常滿意。我們談到的短缺，正如 Csaba 所說，它們大約爆發了。首先，就汽車和雷射業務而言，我不想說短缺已經過去，因為現在宣布勝利還為時過早。但可以肯定的是，它們已經變得更加可預測，而且我們所做的改進，尤其是上一季在汽車領域所做的改進似乎在第三季度仍在繼續。

So the shortages we've called out in Q3 are primarily related to optical communications. And that breaks out 75% Telecom, approximately 25% datacom. 400ZR, depending on the application, a lot of our 400ZR business is categorized in our telecom number. So yes, 400ZR would be impacted. But again, we wouldn't be quite -- wouldn't be prepared to break out the split between 400ZR and other types of products that we make.

因此，我們在第三季指出的短缺主要與光通訊有關。其中電信佔 75%，數據通訊佔約 25%。 400ZR，根據應用的不同，我們許多400ZR業務都屬於我們電信號碼。所以，是的，400ZR 會受到影響。但同樣，我們不會完全準備好打破 400ZR 和我們生產的其他類型產品之間的分歧。

But again, the DCI data center interconnect, products would be categorized in our telecom business. So they will be included in that 75% number.

但同樣，DCI 資料中心互連產品將歸入我們的電信業務。所以他們將被包含在 75% 的數字中。

Got it. If I could also ask you, you had previously mentioned that you had 1 prominent customer for 400-gig ZR. I think you most recently said it was 2. Any color on how many customers are now ramping 400-gig ZR volume?

知道了。如果我還可以問您的話，您之前曾提到您有 1 位 400-gig ZR 的知名客戶。我想您最近說的是 2。

We have more than 2. We have 2 who are, I would say, ramping nicely. We have another couple of customers who are still in the earlier stages, new product introduction stages. But we have more than 2 customers, I would say, more than 2, less than 5. But it's -- we feel we have a very good selection of customers there, and we're very happy with the growth in that business.

我們有兩個以上的人。我們還有另外幾位客戶仍處於早期階段，即新產品推出階段。但我們有超過 2 個客戶，我想說，超過 2 個，少於 5 個。

Our next question comes from the line of Tim Savageaux with Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Tim Savageaux。

A nice quarter. A question on your kind of nonspeed rated portion of your business, which is at least the way I'm looking at, the number's up pretty nicely, both sequentially and year-over-year, something like 45% year-over-year. And I think historically, we might associate that with kind of optical telecom, ROADM and amplifiers. But currently, I think you've got something else to add to the mix in terms of the PON business.

一個美好的季度。一個關於你們業務中非速度評級部分的問題，至少我是這麼看的，無論是連續還是同比，這個數字都增長得相當不錯，大約同比增長了 45%。我認為從歷史上看，我們可能會將其與光通訊、ROADM 和擴大機聯繫起來。但目前，我認為在 PON 業務方面還需要添加其他內容。

So that's a long way for me of looking for an update on the recent relationship with DZS. To what extent was that a major contributor to that growth in nonspeed rated business or sub-100 gig, however, you want to call it? And what is your current assessment there in terms of getting up to kind of an initial full run rate? And has your perception of the opportunity at DZS changed at all over the last little while?

因此，對我來說，尋找最近與 DZS 關係的最新情況還有很長的路要走。然而，這在多大程度上對非速度評級業務或低於 100 的零工成長做出了主要貢獻，你想稱之為？您目前對達到初始滿載運轉率的評估是什麼？在過去一段時間裡，您對 DZS 機會的看法是否改變了？

So Tim, I'll let Csaba go through the specifics in a moment, but overall, in relation to DZS, we're very happy with the relationship, very happy with the pace that which the business is moving, and we're just looking forward to doing a very good job for DZS. They're a great company, and we're very happy to be participating in their supply chain.

提姆，我稍後會讓 Csaba 介紹一下具體細節，但總的來說，就 DZS 而言，我們對這種關係非常滿意，對業務發展的速度非常滿意，我們只是期待為 DZS 做好工作。他們是一家很棒的公司，我們很高興參與他們的供應鏈。

Certainly, in terms of transfer activity, we're nicely along and we've completed the bulk of the transfer, the transfers, I would say, and we're really looking to start ramping to volume now. So we're probably a little bit ahead of -- even though the total revenue, let's say, last quarter was not so huge from DZS, but we're happy with the progress we're making on the transfers and really looking forward to ramping that over the next few quarters.

當然，就轉讓活動而言，我們進展順利，我們已經完成了大部分轉讓，我想說的是，我們真的希望現在就開始擴大規模。所以我們可能有點領先——儘管 DZS 上個季度的總收入並沒有那麼大，但我們對轉賬方面取得的進展感到滿意，並且非常期待在接下來的幾個季度中將繼續加大力度。

As you rightly point out, the nonspeed rated business, it's an eclectic mix of several type of products, and maybe I'll let Csaba talk to the details of that.

正如您正確指出的那樣，非速度評級業務是多種類型產品的折衷組合，也許我會讓 Csaba 詳細討論這一點。

Tim, this is Csaba. Again, on the nonspeed rated business, we don't break it out. So it is a combination of lower than 100 gig products and nonspeed data rate amplifier ROADM type of business. And we also have some other category there. So what we have seen particularly on a year-on-year basis, I think it's mostly a supply-related situation have improved significantly if you look at year-on-year basis. So the growth is really in the amplifier space that I would say if I look back a year ago, probably that area was (inaudible) in the year ago.

提姆，這是 Csaba。再次強調，對於非速度評級業務，我們不會對其進行詳細說明。因此它是低於100G產品和非高速資料速率放大器ROADM類型業務的組合。我們還有其他一些類別。因此，我們特別是在同比基礎上看到的情況，我認為主要是與供應相關的情況在同比基礎上有了顯著改善。因此，成長實際上是在擴大機領域，如果我回顧一年前，我會說，該領域可能是在一年前（聽不清楚）。

And since then, I think the supply situation has significantly improved in that space. So again, the growth is indeed coming from -- on the ROADM and amplifier space. And the other category of below [sub-100] products remain stable. That's pretty much the color I can offer in this area.

從那時起，我認為該領域的供應狀況已顯著改善。再說一遍，成長確實來自 ROADM 和擴大機領域。而其他類別[sub-100]以下的產品則保持穩定。這幾乎就是我在這個領域可以提供的顏色。

Well, if I can follow up on that briefly, since you kind of pointed to the year-on-year compare as being driven by ROADM and amplifiers. Does that imply that there's some other driver of the sequential compare? And I'll leave it there.

好吧，我可以簡單地跟進一下，因為您指出同比比較是由 ROADM 和擴大機驅動的。這是否意味著順序比較還有其他一些驅動因素？我會把它留在那裡。

I think it's the -- on the -- what we see is really the supply environment has been, again, I think it's -- overall, the team has been over the last year. This business has been probably harder hit in the early part of the last couple of quarters. So the situation has been somewhat improving, but I wouldn't want to speak on behalf of our customers, how these businesses breaks out on a sequential basis. We do see supply constraints improving and the demand seems to be robust, again, both sequentially and on a year-on-year basis.

我認為，我們所看到的供應環境確實是，我認為，總的來說，團隊在過去的一年裡一直如此。在過去幾個季度的初期，這項業務可能受到了更嚴重的打擊。因此，情況有所改善，但我不想代表我們的客戶談論這些業務如何按順序爆發。我們確實看到供應限制有所改善，而需求似乎再次強勁，無論是連續還是同比。

We have a follow-up from Fahad Najam.

我們有 Fahad Najam 的後續報導。

I wanted to clarify because a number of investors couldn't understand the response to my earlier question. So more explicitly, the telecom component shortages that you're seeing on the 400 gig, are they more on the ZR side versus non-ZR. Can you clarify?

我想澄清一下，因為許多投資者無法理解對我之前問題的回答。更明確地說，您在 400 gig 上看到的電信組件短缺情況是 ZR 方面與非 ZR 方面更多。你能澄清一下嗎？

I think Fahad, what I said was we're not going to break that out any further than we have already. We're not going to specify whether it's ZR or other products. It's approximately -- of the $30 million to $35 million we've called out, approximately 75% of that is telecom products. And I was just pointing out that telecom includes, obviously, pure telecom products, but also our DCI or data center interconnect products, which will include 400ZR.

我認為法赫德，我所說的是我們不會再進一步解決這個問題。我們不會具體說明它是 ZR 還是其他產品。在我們籌集的 3,000 萬至 3,500 萬美元中，約 75% 是電信產品。我只是指出，電信顯然包括純電信產品，但也包括我們的 DCI 或資料中心互連產品，其中包括 400ZR。

I'm showing no further questions in the queue. I would now like to turn the call back over to Seamus for closing remarks.

我在隊列中沒有顯示任何其他問題。我現在想將電話轉回給謝莫斯進行總結演講。

Thank you. Thank you for joining our call today. We delivered strong second quarter results. As we look ahead, we remain confident that we can continue to perform well based on strong broad-based demand and our demonstrated ability to execute through all kinds of market conditions. We look forward to speaking with you again soon and seeing those of you who will be attending the OFC Conference in San Diego next month. Goodbye.

謝謝。感謝您今天加入我們的電話會議。我們交付了強勁的第二季業績。展望未來，我們仍然有信心，基於強勁的廣泛需求以及我們在各種市場條件下表現出的執行能力，我們能夠繼續表現良好。我們期待很快再次與您交談，並見到即將參加下個月在聖地牙哥舉行的 OFC 會議的各位。再見。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。