Fabrinet (FN) 2022 Q2 法說會逐字稿

Good afternoon. Welcome to Fabrinet's financial results conference call for the second quarter of fiscal year 2022. (Operator Instructions) As a reminder, today's call is being recorded.

午安.歡迎參加 Fabrinet 2022 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, Investor Relations.

現在我想將電話轉給主持人投資者關係部門的 Garo Toomajanian。

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 2022, which ended December 24, 2021.

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 2021 年 12 月 24 日的 2022 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 2, 2021.

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 2021 年 11 月 2 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.

我們將首先由 Seamus 和 Csaba 發表講話，然後是提問時間。

I would now like to turn the call over to Fabrinet's CEO, Seamus Grady. Seamus?

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 today's conference call.

謝謝你，加羅。大家下午好，感謝您參加今天的電話會議。

We are very pleased with our results for the second quarter of fiscal 2022. Revenue was $566.6 million, and non-GAAP net income was $1.50 per share, both above the top end of our guidance ranges.

我們對 2022 財年第二季的業績感到非常滿意。

I am particularly pleased with our team's ability to continue to manage through ongoing industry-wide supply constraints, and we are confident that we can continue to deliver strong performance levels as we look ahead.

我對我們的團隊能夠繼續管理當前全行業供應限制的能力感到特別滿意，並且我們有信心在展望未來時能夠繼續提供強勁的績效水平。

Looking at the quarter in more detail, revenue headwinds from supply chain constraints were within our expected range of $25 million to $30 million. I'm impressed with our team's ability to navigate these constraints to drive continued growth.

更詳細地觀察本季度，供應鏈限制帶來的收入阻力在我們預期的 2500 萬美元至 3000 萬美元範圍內。我們團隊克服這些限制以推動持續成長的能力給我留下了深刻的印象。

By end market, we had another strong quarter for optical communications. Both telecom and datacom revenue increased sequentially and year-over-year. Nonoptical communications revenue was essentially flat from the first quarter, with newer programs offsetting small declines in industrial laser and automotive where supply chain constraints primarily impacted traditional automotive products.

到終端市場，光通訊領域又迎來了一個強勁的季度。電信和數據通訊收入均環比和同比增長。非光通訊收入與第一季基本持平，新計劃抵消了工業雷射和汽車領域的小幅下滑，這兩個領域的供應鏈限制主要影響了傳統汽車產品。

Looking forward, we don't see signs of any meaningful relief from component shortages in the near term, but we continue to mitigate these impacts to the best of our ability.

展望未來，我們沒有看到短期內零件短缺問題有任何實質緩解的跡象，但我們將繼續盡最大努力減輕這些影響。

To support our growth well into the future, the expansion underway at our Chonburi facility remains on track for completion at the end of our fiscal year. Given the strong demand trends we are seeing, the opening of our new 1 million square foot building will be well timed to meet customer needs for additional space.

為了支持我們未來的成長，我們春武里工廠正在進行的擴建工作仍有望在本財政年度結束時完成。鑑於我們看到的強勁需求趨勢，我們新的 100 萬平方英尺大樓的開幕將恰逢其時，以滿足客戶對額外空間的需求。

In summary, we're very pleased with our execution, which helped produce another record quarter for the company. With continued strong demand trends and effective supply management, we're optimistic we'll be able to deliver another strong performance in Q3.

總而言之，我們對我們的執行情況感到非常滿意，這幫助公司創造了另一個創紀錄的季度業績。憑藉持續強勁的需求趨勢和有效的供應管理，我們樂觀地認為，我們將能夠在第三季再創強勁業績。

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 2022. 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 2022 財年第三季的指導。

Thank you, Seamus, and good afternoon, everyone. We are very excited to report another quarter with record revenue and non-GAAP profitability that exceeded our guidance ranges. Revenue of $566.6 million increased 4% from the first quarter and 25% from a year ago. Revenue upside drove strong non-GAAP earnings of $1.50 per diluted share.

謝謝你，Seamus，大家下午好。我們非常高興地報告另一個季度的收入和非公認會計準則獲利能力都超出了我們的指導範圍。營收為 5.666 億美元，較第一季成長 4%，較去年同期成長 25%。營收成長推動非公認會計原則每股攤薄收益強勁成長 1.50 美元。

Looking at revenue in a little more detail. Optical communications represented 80% of total revenue at $450.8 million, up 5% from the first quarter. Within optical communications, we saw growth in both telecom and datacom revenue to record levels. Telecom revenue increased 4% from the first quarter to $352.7 million, and datacom revenue increased 11% sequentially to $98.1 million. By technology, silicon photonics products increased 16% sequentially to $157 million or 28% of total revenue, a new record.

更詳細地看看收入。光通訊佔總營收的 80%，為 4.508 億美元，比第一季成長 5%。在光通訊領域，我們看到電信和數據通訊收入均成長至創紀錄水準。電信收入較第一季成長 4%，達到 3.527 億美元，數據通訊收入較第一季成長 11%，達到 9,810 萬美元。依技術劃分，矽光子產品較上季成長 16%，達到 1.57 億美元，佔總營收的 28%，創下新紀錄。

Revenue from products rated at speed of 400 gig or higher grew 8% from the prior quarter to $187.5 million. Revenue from 100 gig products increased 3% from Q1 to $139.8 million. Nonoptical communications revenue was $115.9 million, essentially flat from the first quarter. Within nonoptical, automotive revenue was $47 million, down 3% from last quarter; and industrial laser revenue of $35.6 million decreased 5%. Other nonoptical communications revenue increased 10% from the first quarter to $33.3 million with contribution to growth from our new product introduction facilities in Santa Clara and Israel.

額定速度為 400 gig 或更高的產品的收入較上一季增長 8%，達到 1.875 億美元。 100 種零工產品的營收較第一季成長 3%，達到 1.398 億美元。非光通訊收入為 1.159 億美元，與第一季基本持平。在非光學領域，汽車收入為 4,700 萬美元，較上季下降 3%；工業雷射收入為 3,560 萬美元，下降 5%。其他非光通訊收入較第一季成長 10%，達到 3,330 萬美元，這得益於我們位於聖克拉拉和以色列的新產品引進工廠的成長。

As I turn to 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 our Investor Relations sections of our website.

當我談到損益表的詳細資訊時，除非另有說明，否則所提供的費用和獲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。

Operationally, we continue to run very efficiently. Gross margin was 12.5%, up 40 basis points from Q1 and at the upper end of our target range.

在營運方面，我們繼續非常有效率地運作。毛利率為 12.5%，比第一季上升 40 個基點，處於我們目標範圍的上限。

Operating expenses in the quarter were $12.1 million or 2.1% of revenue. This resulted in operating income of $58.7 million.

本季營運費用為 1,210 萬美元，佔營收的 2.1%。這帶來了 5,870 萬美元的營業收入。

Non-GAAP operating margin was a record 10.4%. While we continue to expect positive operating leverage trends in the near term, we anticipate returning to operating margins in the 9.5% to 10% range.

非 GAAP 營業利潤率為創紀錄的 10.4%。雖然我們繼續預期短期內營運槓桿率將呈現正面趨勢，但我們預計營運利潤率將恢復到 9.5% 至 10% 的範圍內。

Effective tax rate was 2.4% in the second quarter, and we continue to anticipate that our tax rate for the fiscal year will be approximately 3%.

第二季的有效稅率為 2.4%，我們繼續預期本會計年度的稅率約為 3%。

Non-GAAP net income was a record at $56.2 million or $1.50 per diluted share. On a GAAP basis, net income was $1.30 per diluted share.

非 GAAP 淨利潤達到創紀錄的 5,620 萬美元，即稀釋後每股收益 1.50 美元。以 GAAP 計算，攤薄後每股淨利為 1.30 美元。

Turning to the balance sheet and cash flow statement. At the end of the second quarter, cash, restricted cash and investments were $520.2 million, down $8.4 million from the end of the first quarter. Operating cash flow was $18.6 million. With CapEx of $17.3 million, free cash flow was $1.3 million in the quarter. Cash balances at the end of the quarter also reflect the repurchase of 38,300 shares at an average price of $115.82 for a total cash outlay of $4.2 million. As a result, $76.7 million remain in our share repurchase authorization.

轉向資產負債表和現金流量表。第二季末，現金、限制性現金和投資為 5.202 億美元，比第一季末減少 840 萬美元。營運現金流為 1860 萬美元。本季資本支出為 1,730 萬美元，自由現金流為 130 萬美元。本季末的現金餘額也反映了以平均價格 115.82 美元回購 38,300 股股票，現金支出總額為 420 萬美元。因此，我們的股票回購授權中仍有 7,670 萬美元。

Now I will turn to our guidance for the third quarter of fiscal year 2022. Based on continued strong demand largely across the board, we are expecting revenue from both optical and nonoptical communications to be flat to up in the third quarter. This includes the impact of slightly higher supply chain headwinds, which we estimate will be $30 million to $35 million in the third quarter. For the third quarter, we anticipate revenue to be in the range of $560 million and $580 million. We anticipate non-GAAP net income to be in the range of $1.48 to $1.55 per diluted share.

現在我將談談我們對 2022 財年第三季的指導。這包括供應鏈不利因素略有增加的影響，我們估計第三季的影響將達到 3,000 萬至 3,500 萬美元。我們預計第三季的營收將在 5.6 億美元至 5.8 億美元之間。我們預計非 GAAP 攤薄後每股淨利潤將在 1.48 美元至 1.55 美元之間。

In summary, we are very pleased with our results for the second quarter. We are optimistic that increased demand levels and strong execution will again produce a strong performance in the third quarter.

總而言之，我們對第二季的業績非常滿意。我們樂觀地認為，需求水準的提高和強勁的執行力將在第三季再次帶來強勁的業績。

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 Alex Henderson of Needham.

（操作員說明）我們的第一個問題來自 Needham 的 Alex Henderson。

Nice quarter. Thanks for the print. So when you talk about your headwind of $30 million to $35 million, I'm looking at the supply chain all the way up and down from the systems to the components to the contract manufacturer. And it seems pretty clear to me that, that may be what you're seeing in terms of orders in-house. But the systems companies are running backlogs of 30% to 50% of a full year's product sales. Obviously, they're not passing that on through. Can you talk a little bit about how we measure the $30 million to $35 million versus the implied order growth up the chain that is so much significantly larger than what you're talking about? I mean 30% to 50% of the full year's backlog will eventually find its way into your revenues, right?

不錯的季度。謝謝你的列印。因此，當您談論 3000 萬至 3500 萬美元的逆風時，我會審視從系統到組件再到合約製造商的整個供應鏈。在我看來，很明顯，這可能是您在內部訂單方面看到的情況。但係統公司的積壓訂單佔全年產品銷售額的 30% 至 50%。顯然，他們並沒有將其傳遞出去。您能否談談我們如何衡量 3000 萬至 3500 萬美元以及比您所說的要大得多的鏈條上隱含訂單增長？我的意思是，全年積壓訂單的 30% 到 50% 最終會轉化為您的收入，對吧？

Alex, yes, I think kind of a message around -- the demand remains quite strong, so it, to a certain extent, is kind of a mixed message. The demand, as you rightly point out, is very strong, which is good news, but that increased demand is putting increased pressure on the limited component supplies that are out there. What we've been seeing -- we've heard some people say that the demand -- I'm sorry, that the supply constraints are set to ease. We haven't seen the evidence of that thus far. If anything, it is tightening. As you can see in our guidance, we've increased the amount of the impact due to component constraints.

亞歷克斯，是的，我認為這是一個訊息——需求仍然相當強勁，所以在某種程度上，這是一個混合的訊息。正如您正確指出的那樣，需求非常強勁，這是個好消息，但需求的增加給有限的零件供應帶來了更大的壓力。我們所看到的——我們聽到一些人說需求——我很抱歉，供應限制將會緩解。到目前為止我們還沒有看到這方面的證據。如果說有什麼不同的話，那就是情況正在收緊。正如您在我們的指南中看到的，由於組件限制，我們增加了影響程度。

And that's really driven by a couple of factors. One is, like I said, the demand is very robust, so that's putting increased pressure on the limited supply of components that are out there. And secondly, any surplus components that were out there in the broader supply chain, in the distribution market or in the broker market, that's drying up now. So we're really dealing directly with manufacturers at this point. And like I said, demand is quite strong and any surplus parts or alternate parts that were in the supply chain, they've been shaking out at this point. So we do see it continuing to be a pressure point for some time to come.

這實際上是由幾個因素驅動的。一是，正如我所說，需求非常強勁，這給有限的零件供應帶來了更大的壓力。其次，更廣泛的供應鏈、分銷市場或經紀市場中存在的任何過剩組件現在都在枯竭。所以我們現在實際上是在直接與製造商打交道。正如我所說，需求非常強勁，供應鏈中的任何過剩零件或替代零件此時都已被淘汰。因此，我們確實認為它在未來一段時間內仍將是一個壓力點。

Just going back to the question, Seamus. So the question really is when you talk about $30 million to $35 million, that's firm orders for the current quarter. That doesn't reflect anything that might be in the backlog on the systems basis at the OEMs that are ultimately the end users of the product. Is that a fair way to think about it? So that there's actually a much larger pent-up demand than what's captured by the $30 million to $35 million?

回到問題上來，Seamus。因此，真正的問題是，當您談論 3000 萬至 3500 萬美元時，這就是當前季度的確定訂單。這並不反映原始設備製造商（最終是產品的最終用戶）的系統積壓中可能存在的任何情況。這是一個公平的思考方式嗎？那麼實際上被壓抑的需求比 3000 萬至 3500 萬美元所捕獲的需求要大得多？

Yes, I think that's a fair way to look at it. That $30 million to $35 million, that's the headwind that we see on our ability to deliver the demand, the commitment for this quarter. It doesn't look, therefore, beyond this quarter. So yes, I think your statement is very fair. The demand is very strong, and the demand continues to be very strong from the broader customer base.

是的，我認為這是一種公平的看法。 3000 萬至 3500 萬美元是我們在滿足本季的需求和承諾的能力方面看到的阻力。因此，看起來不會超出本季。所以是的，我認為你的說法非常公平。需求非常強勁，而且更廣泛的客戶群的需求仍然非常強勁。

If I could, on a somewhat different subject, the Thai baht has been giving you a nice advantage to your cost structure for a while now as a result of it really kind of falling off the table. And if I look at the income statement, you've had much better-than-expected gross margins and much better-than-expected OpEx hitting double-digit operating margins, which is certainly at the upper end of your traditional band. How do we think about that aspect of it? I mean the baht seems to have stabilized in this range after coming down pretty much over the summer and into the fall. Do we look at it as, to get a little bit of upside to the revenues, your ability to buy parts and that helped you on the gross margins? And does the 2.1% down from 2.3%, 2.4%, is that the sustainable level at this point on OpEx?

如果可以的話，在一個稍微不同的主題上，泰銖已經為你的成本結構帶來了很大的優勢，因為它確實有點從桌面上掉了下來。如果我看一下損益表，你的毛利率和營運支出都比預期，達到兩位數的營業利潤率，這肯定處於傳統範圍的上限。我們如何看待這方面的問題？我的意思是，在經歷了夏季和秋季的大幅下跌之後，泰銖似乎已經穩定在這個範圍內。我們是否認為，為了讓收入上升，你購買零件的能力會幫助你提高毛利率？從 2.3%、2.4% 下降到 2.1% 是否是目前營運支出的可持續水準？

Alex, this is Csaba. So let me take it one by one. So indeed, the Thai baht has been somewhat stable in the last 6 months. So we did start to see the pick-up in our cost structure, both in COGS and OpEx in the last quarter. So as you know, we have our hedging program in place, so that kind of gives us a pretty stable impact going forward. So I anticipate that it's going to be somewhat stable in the next 6 months. Secondly, our cost structure and baht spending is primarily on our labor and overhead side. So in terms of material, we are really buying in U.S. dollars mostly, so there is no impact or whatsoever or no, we cannot use the leverage of the baht to buy in advance. So that's definitely impacting our COGS and OpEx line from a labor perspective.

亞歷克斯，這是 Csaba。那就讓我一一來說吧。事實上，泰銖在過去 6 個月裡一直保持穩定。因此，我們確實開始看到上個季度的成本結構有所回升，包括銷貨成本和營運支出。如您所知，我們制定了對沖計劃，因此這給我們帶來了相當穩定的未來影響。所以我預計未來 6 個月會保持穩定。其次，我們的成本結構和泰銖支出主要集中在勞動力和管理費用方面。所以說在物資方面，我們其實大部分都是用美元買的，所以沒有什麼影響或沒有什麼影響，我們不能利用泰銖的槓桿來提前買。因此，從勞動力角度來看，這肯定會影響我們的銷貨成本和營運支出。

In terms of operating expense, yes, it was down sequentially. And obviously, it's also part -- Thai baht play in that. So we also have some seasonality tailwinds in the OpEx structure. So in the longer term, we anticipate it to be returning to the 2.5% to 3% range going forward. So I think that's pretty much it. I think I summarized all your questions.

就營運費用而言，是的，它是連續下降的。顯然，這也是泰銖的一部分。因此，我們在營運支出結構中也存在一些季節性因素。因此，從長遠來看，我們預計未來將回到 2.5% 至 3% 的範圍。所以我認為差不多就是這樣了。我想我總結了你所有的問題。

All right. And then just below the line, you had a little bit of an unusual swing where all of the interest income and interest and ForEx all going negative. Can you give us any sense of what you think that's going to look like in the March quarter if you aggregate them all?

好的。然後就在該線下方，出現了一點不尋常的波動，所有利息收入、利息和外匯都變成負數。如果將所有這些數據匯總起來，您能否告訴我們您認為三月季度的情況會是什麼樣子？

We are typically not guiding below-the-line numbers. So it's always a function of the exchange rate and the Thai baht assets that we have on hand. So that's basically what you would see. I would expect and anticipate a neutral line in there going forward.

我們通常不會指導線下數字。因此，它始終是匯率和我們手頭泰銖資產的函數。這基本上就是您所看到的。我預計並預計未來會有一條中性線。

(Operator Instructions) Our next question comes from Samik Chatterjee of JPMorgan.

（操作員指示）我們的下一個問題來自摩根大通的 Samik Chatterjee。

A quick question. So first on a clarification, I think you mentioned you expect the operating margins -- which, by the way, congrats on the strong gross margin and operating margin this quarter. Do you expect them to sort of come back in a bit and you said longer term? But I just want to clarify, are you saying those come back more in line with your historical levels from the third quarter itself? Or maybe if you can just clarify that comment for me first.

一個簡單的問題。首先需要澄清的是，我認為您提到了您對營業利潤率的預期——順便說一句，祝賀本季度強勁的毛利率和營業利潤率。您是否希望他們稍後會回來（您說的是長期計劃）？但我只是想澄清一下，你是說這些數據更符合第三季的歷史水準嗎？或者你可以先幫我澄清一下這個評論嗎？

Samik, this is Csaba. So yes, we indeed had a record low 2.1% OpEx. So it's primarily due to, obviously, one of the factors, the operating leverage that we see on the strong top line growth as well as, I had indicated earlier, we had some seasonal tailwinds as well. So when it comes to longer term, we are anticipating it to be somewhere around 2.5% to 3% range going forward. So I think historically, we'll be running into that range. So if I set aside the exchange rate and seasonalities, we anticipate to stay in the 2.5% to 3% range going forward.

薩米克，這是 Csaba。是的，我們的營運支出確實創下了 2.1% 的歷史新低。因此，顯然，這主要是由於因素之一，即我們在強勁的營收成長中看到的營運槓桿，以及我之前指出的，我們也有一些季節性的推動因素。因此，就長期而言，我們預計未來的增幅將在 2.5% 至 3% 左右。所以我認為從歷史上看，我們將會進入這個範圍。因此，如果拋開匯率和季節性因素，我們預計未來將維持在 2.5% 至 3% 的範圍內。

Got it. Got it. Okay. So that leads me to my question essentially on the gross margin, I mean you had really strong gross margin this quarter. That is despite all the supply headwinds you're navigating through. How should we think about sustainability of these kind of gross margins, particularly as the volume leverage seems to be quite well assured as you'll continue to kind of benefit from the strong demand, as you've talked about?

知道了。知道了。好的。因此，這引出了我的問題，主要是關於毛利率，我的意思是，本季的毛利率非常高。儘管你正在經歷所有的供應逆風，但情況還是如此。我們應該如何考慮這種毛利率的可持續性，特別是因為銷售槓桿似乎很有保證，因為正如您所說，您將繼續從強勁的需求中受益？

So yes, indeed, we had a very strong 12.5% gross margin quarter. So we feel pretty good about sustainability. So we have always said that our target range is somewhere between 12% to 12.5%. So when it comes to operating leverage, our fixed cost base is not that high. So I think we would see more benefit on the OpEx line and operating margin line as we grow organically. That's what we have been seeing over the last couple of quarters. So with regards to gross margin, we anticipate to hold and maintain our target range of 12% to 12.5% as we look ahead. We continue to execute very efficiently. And as you may remember, we had some onetime headwinds in the last quarter. So sequentially, we obviously grew this quarter, and we continue to expect to stay in our target range, 12% to 12.5%.

所以，是的，確實，我們的季度毛利率非常強勁，達到 12.5%。所以我們對可持續性感覺很好。所以我們一直說我們的目標範圍在12%到12.5%之間。因此，就營運槓桿而言，我們的固定成本基礎並沒有那麼高。因此，我認為隨著我們的有機成長，我們會在營運支出線和營運利潤率線上看到更多的好處。這就是我們在過去幾季所看到的情況。因此，就毛利率而言，展望未來，我們預計將維持 12% 至 12.5% 的目標範圍。我們繼續非常有效率地執行。您可能還記得，我們​​在上個季度遇到了一些一次性的阻力。因此，本季我們明顯成長，我們繼續預計將保持在 12% 至 12.5% 的目標範圍內。

Okay. And I don't know if you guys will allow me to squeeze in one more here. But like as we look at the first 3 quarters here, particularly with your guidance for March, you're doing above 20% year-on-year growth, which is a step function up from the 15% growth that you did in fiscal '21. Clearly looks like we are sort of going through a high point in the cycle in terms of optical. So maybe if you can share your thoughts, particularly as you now think about the capacity expansion and the capacity coming through as well, how sustainable are these sort of 20%-plus growth levels and in terms of what you're hearing from your customers?

好的。我不知道你們是否允許我再在這裡擠一擠。但就像我們在這裡看到的前三個季度一樣，特別是根據你們對 3 月份的指導，你們的同比增長超過 20%，這比你們在財政年度 15% 的增長要高出一步。顯然，我們正在經歷光學週期中的一個高點。因此，也許您可以分享您的想法，特別是當您現在考慮產能擴張和即將到來的產能時，根據您從客戶那裡聽到的情況，這種 20% 以上的增長水平有多可持續？

Yes. I think it's a tough one to answer accurately, Samik. I think if you look at the last couple of years, we have had, you're right, this outsized growth, a lot of which is driven by, if you like, the underlying growth in the business. It's quite strong. I think we're servicing the right customers and building the best products with really good growth for those customers. But also, we've had some large wins, and we've been able to deliver outsized growth the last couple of years.

是的。我認為要準確回答這個問題很難，Samik。我認為，如果你看看過去幾年，你是對的，我們已經實現了這種巨大的成長，如果你願意的話，其中很大一部分是由業務的潛在成長所推動的。是相當強的。我認為我們正在為正確的客戶提供服務，並打造最好的產品，為這些客戶帶來真正良好的成長。而且，我們也取得了一些重大勝利，並且在過去幾年中我們實現了大幅成長。

If you look back last year, we had the big win from Cisco. The prior year, we had the big win from the Korean business from Infinera. So we have had -- the underlying growth has been very strong, and then we supplemented that with these large complete network system wins. We've been able to do that without negatively impacting our gross margin. So we're very focused on just continuing on that path, winning the right products from our customers, making sure that we're building -- that we're always working on the next-generation products and also continuing to work on these larger opportunities. They don't come along easily. They take a long time to secure, but we continue to work very hard on those.

如果你回顧去年，我們從思科獲得了巨大的勝利。去年，我們從英飛朗 (Infinera) 的韓國業務中獲得了巨大勝利。因此，我們的潛在成長非常強勁，然後我們透過這些大型完整網路系統的勝利來補充這一成長。我們能夠做到這一點，而不會對我們的毛利率產生負面影響。因此，我們非常專注於繼續沿著這條道路前進，從客戶那裡贏得合適的產品，確保我們正在建立 - 我們始終致力於下一代產品，並繼續致力於這些更大的產品機會。他們並不容易相處。它們需要很長時間才能確保安全，但我們將繼續努力。

So obviously, we're not going to give multiyear growth projections, but we feel good about the trajectory that we're on. We have our new capacity expansion coming online at the end of the fiscal year. In the kind of June, July time frame, we should be opening our new facility in Chonburi, which is an additional 1 million square feet. So it's an exciting time. We feel good about the products we're making for our customers, the customers we have and the business wins we've been able to secure and also these large expansions that we've been able to secure with our customers. So we feel good about the growth path that we're on.

顯然，我們不會給出多年成長預測，但我們對目前的發展軌跡感到滿意。我們的新產能擴張將在本財年末上線。在六月、七月的時間範圍內，我們應該在春武里開設新工廠，面積將增加 100 萬平方英尺。所以這是一個令人興奮的時刻。我們對我們為客戶生產的產品、我們擁有的客戶、我們能夠獲得的業務勝利以及我們能夠與客戶一起獲得的這些大規模擴張感到滿意。因此，我們對目前的成長道路感到滿意。

Thank you. At this time, I'd like to turn the call back over to Seamus Grady for any closing remarks. Sir?

謝謝。此時，我想將電話轉回給謝默斯·格雷迪，讓其結束語。先生？

Thank you. Thank you for joining our call today. We delivered a very strong second quarter, reflecting the combination of strong demand trends and effective navigation of component charges. With both of these trends continuing into the third quarter, we're optimistic that we can again deliver excellent financial results in Q3.

謝謝。感謝您今天加入我們的電話會議。我們第二季的業績非常強勁，反映出強勁的需求趨勢和有效的零件費用控制相結合。隨著這兩個趨勢持續到第三季度，我們樂觀地認為我們可以在第三季度再次實現出色的財務表現。

We look forward to speaking with you again. Goodbye.

我們期待再次與您交談。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。